# EDGAR Filing Document

**Accession Number:** 0001479360
**File Stem:** 0001193125-25-196854
**Filing Date:** 2025-9
**Character Count:** 1952301
**Document Hash:** a043a06cc27b5742a79331a227a249f8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-196854.hdr.sgml**: 20250905

**ACCESSION NUMBER**: 0001193125-25-196854

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 69

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250905

**DATE AS OF CHANGE**: 20250905

**EFFECTIVENESS DATE**: 20250905

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PIMCO Equity Series
- **CENTRAL INDEX KEY:** 0001479360

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22375
- **FILM NUMBER:** 251295542

**BUSINESS ADDRESS:**
- **STREET 1:** 650 NEWPORT CENTER DRIVE
- **CITY:** NEWPORT BEACH
- **STATE:** CA
- **ZIP:** 92660
- **BUSINESS PHONE:** 949-720-6000

**MAIL ADDRESS:**
- **STREET 1:** 650 NEWPORT CENTER DRIVE
- **CITY:** NEWPORT BEACH
- **STATE:** CA
- **ZIP:** 92660

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PIMCO Funds Equity Trust
- **DATE OF NAME CHANGE:** 20091223

## Series and Classes Contracts Data

### PIMCO Dividend and Income Fund (Series ID: S000034646)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000106724 | Institutional Class | PQIIX           |
| C000106725 | I-2                 | PQIPX           |
| C000106728 | Class A             | PQIZX           |
| C000106729 | Class C             | PQICX           |

### PIMCO REALPATH Blend Income Fund (Series ID: S000047744)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000150029 | Institutional Class | PBRNX           |
| C000150033 | Class A             | PBRAX           |

### PIMCO REALPATH Blend 2025 Fund (Series ID: S000047746)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000150043 | Institutional Class | PPZRX           |
| C000150047 | Class A             | PPZAX           |

### PIMCO REALPATH Blend 2030 Fund (Series ID: S000047747)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000150050 | Institutional Class | PBPNX           |
| C000150054 | Class A             | PBPAX           |

### PIMCO REALPATH Blend 2035 Fund (Series ID: S000047748)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000150057 | Institutional Class | PDGZX           |
| C000150061 | Class A             | PDGAX           |

### PIMCO REALPATH Blend 2040 Fund (Series ID: S000047749)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000150064 | Institutional Class | PVPNX           |
| C000150068 | Class A             | PVPAX           |

### PIMCO REALPATH Blend 2045 Fund (Series ID: S000047750)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000150071 | Institutional Class | PVQNX           |
| C000150075 | Class A             | PVQAX           |

### PIMCO REALPATH Blend 2050 Fund (Series ID: S000047751)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000150078 | Institutional Class | PPQZX           |
| C000150082 | Class A             | PPQAX           |

### PIMCO REALPATH Blend 2055 Fund (Series ID: S000047752)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000150085 | Institutional Class | PRQZX           |
| C000150089 | Class A             | PRQAX           |

### PIMCO RAE Emerging Markets Fund (Series ID: S000048952)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000154250 | Institutional Class | PEIFX           |
| C000154251 | I-2                 | PEPFX           |
| C000154254 | Class A             | PEAFX           |

### PIMCO RAE Global ex-US Fund (Series ID: S000048954)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000154264 | Institutional Class | PZRIX           |
| C000154265 | I-2                 | PZRPX           |
| C000154268 | Class A             | PZRAX           |

### PIMCO RAE International Fund (Series ID: S000048955)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000154271 | Institutional Class | PPYIX           |
| C000154272 | I-2                 | PPYPX           |
| C000154275 | Class A             | PPYAX           |

### PIMCO RAE US Fund (Series ID: S000048956)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000154278 | Institutional Class | PKAIX           |
| C000154279 | I-2                 | PKAPX           |
| C000154282 | Class A             | PKAAX           |

### PIMCO RAE US Small Fund (Series ID: S000048957)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000154285 | Institutional Class | PMJIX           |
| C000154286 | I-2                 | PMJPX           |
| C000154289 | Class A             | PMJAX           |

### PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF (Series ID: S000057223)

| Class ID   | Class Name                                                  | Ticker Symbol   |
|:---|:---|:---|
| C000182353 | PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF | MFEM            |

### PIMCO RAFI Dynamic Multi-Factor International Equity ETF (Series ID: S000057224)

| Class ID   | Class Name                                               | Ticker Symbol   |
|:---|:---|:---|
| C000182354 | PIMCO RAFI Dynamic Multi-Factor International Equity ETF | MFDX            |

### PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF (Series ID: S000057225)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000182355 | PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF | MFUS            |

### PIMCO RAFI ESG U.S. ETF (Series ID: S000066985)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000215599 | PIMCO RAFI ESG U.S. ETF | RAFE            |

### PIMCO REALPATH Blend 2060 Fund (Series ID: S000067033)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000215695 | Institutional Class | PRBMX           |
| C000215697 | Class A             | PRBAX           |

### PIMCO REALPATH Blend 2065 Fund (Series ID: S000078149)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000238901 | Class A             | PBLLX           |
| C000238902 | Institutional Class | PBLIX           |

?xml version='1.0' encoding='ASCII'? 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, 2025

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, 100 F Street, NE, Washington, DC 20549-1090. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

------

**Item 1.** **Reports to Stockholders.** <br>

(a) The following is a copy of the reports transmitted to stockholders 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 Class A

● PIMCO Dividend and Income Fund Class C

● PIMCO Dividend and Income Fund I-2

● PIMCO Dividend and Income Fund Institutional Class

● PIMCO RAE Emerging Markets Fund Class A

● PIMCO RAE Emerging Markets Fund I-2

● PIMCO RAE Emerging Markets Fund Institutional Class

● PIMCO RAE Global ex-US Fund Class A

● PIMCO RAE Global ex-US Fund I-2

● PIMCO RAE Global ex-US Fund Institutional Class

● PIMCO RAE International Fund Class A

● PIMCO RAE International Fund I-2

● PIMCO RAE International Fund Institutional Class

● PIMCO RAE US Fund Class A

● PIMCO RAE US Fund I-2

● PIMCO RAE US Fund Institutional Class

● PIMCO RAE US Small Fund Class A

● PIMCO RAE US Small Fund I-2

● PIMCO RAE US Small Fund Institutional Class

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

● PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF

● PIMCO RAFI Dynamic Multi-Factor International Equity ETF

● PIMCO RAFI ESG U.S. ETF

● PIMCO REALPATH<sup>®</sup> Blend 2030 Fund Class A

● PIMCO REALPATH<sup>®</sup> Blend 2030 Fund Institutional Class

● PIMCO REALPATH<sup>®</sup> Blend 2035 Fund Class A

● PIMCO REALPATH<sup>®</sup> Blend 2035 Fund Institutional Class

● PIMCO REALPATH<sup>®</sup> Blend 2040 Fund Class A

● PIMCO REALPATH<sup>®</sup> Blend 2040 Fund Institutional Class

● PIMCO REALPATH<sup>®</sup> Blend 2045 Fund Class A

● PIMCO REALPATH<sup>®</sup> Blend 2045 Fund Institutional Class

● PIMCO REALPATH<sup>®</sup> Blend 2050 Fund Class A

● PIMCO REALPATH<sup>®</sup> Blend 2050 Fund Institutional Class

● PIMCO REALPATH<sup>®</sup> Blend 2055 Fund Class A

● PIMCO REALPATH<sup>®</sup> Blend 2055 Fund Institutional Class

● PIMCO REALPATH<sup>®</sup> Blend 2060 Fund Class A

● PIMCO REALPATH<sup>®</sup> Blend 2060 Fund Institutional Class

● PIMCO REALPATH<sup>®</sup> Blend 2065 Fund Class A

● PIMCO REALPATH<sup>®</sup> Blend 2065 Fund Institutional Class

● PIMCO REALPATH<sup>®</sup> Blend 2070 Fund Class A

● PIMCO REALPATH<sup>®</sup> Blend 2070 Fund Institutional Class

● PIMCO REALPATH<sup>®</sup> Blend Income Fund Class A

● PIMCO REALPATH<sup>®</sup> Blend Income Fund Institutional Class

(b) Not applicable to the Registrant.

# Class A: PQIZX

# PIMCO Dividend and Income Fund

#### Annual Shareholder Report \| June 30, 2025
![Image](g946521g90b93.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO Dividend and Income Fund (the "Fund") for the period of July 1, 2024 to June 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

#### This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $136 | 1.27% |

---

## How did the Fund perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Long exposure to U.S. equities contributed to performance, as U.S. equities had positive returns during the reporting period. 

* Exposure to the cash interest rate in the U.S. contributed to performance, as the currency outperformed the relevant yield differentials during the reporting period. 

* Long exposure to eurozone equities contributed to performance, as eurozone equities had positive returns during the reporting period. 

* Long exposure to agency mortgage-backed securities, particularly 30-year fixed rate securities, detracted from performance, as U.S. 30-year Treasury yields rose during the reporting period. 

* Long exposure to Taiwanese equities detracted from performance, as Taiwanese equities had negative returns during the reporting period. 

* U.K. duration and curve positioning, particularly long exposure to the 12-year and 15-year portions of the curve over most of the reporting period, detracted from performance, as these interest rates rose during the reporting period.

## Fund Performance
In addition to the Fund's performance, the graph and the table in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Bloomberg U.S. Aggregate Index replaced the MSCI ACWI High Dividend Yield Net USD as the Fund's regulatory index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended June 30, 2025 or the life of the Fund, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g946521g50z09.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A (including sales charge)** | **Bloomberg U.S. Aggregate Index** | **50% MSCI ACWI High Dividend Yield Index / 50% Bloomberg U.S. Aggregate Index** | **MSCI ACWI High Dividend Yield Net USD** |
| **6/30/15** | $9447 | $10000 | $10000 | $10000 |
| **7/31/15** | $9402 | $10070 | $10068 | $10066 |
| **8/31/15** | $8728 | $10055 | $9732 | $9409 |
| **9/30/15** | $8355 | $10123 | $9619 | $9127 |
| **10/31/15** | $8854 | $10125 | $9984 | $9818 |
| **11/30/15** | $8701 | $10098 | $9885 | $9650 |
| **12/31/15** | $8363 | $10065 | $9793 | $9500 |
| **1/31/16** | $8014 | $10204 | $9680 | $9151 |
| **2/29/16** | $7985 | $10276 | $9739 | $9198 |
| **3/31/16** | $8422 | $10371 | $10129 | $9850 |
| **4/30/16** | $8591 | $10410 | $10248 | $10043 |
| **5/31/16** | $8641 | $10413 | $10221 | $9988 |
| **6/30/16** | $8561 | $10600 | $10379 | $10118 |
| **7/31/16** | $8793 | $10667 | $10552 | $10390 |
| **8/31/16** | $8810 | $10655 | $10540 | $10379 |
| **9/30/16** | $8879 | $10649 | $10582 | $10468 |
| **10/31/16** | $8810 | $10567 | $10408 | $10203 |
| **11/30/16** | $8957 | $10317 | $10272 | $10178 |
| **12/31/16** | $9163 | $10332 | $10419 | $10455 |
| **1/31/17** | $9303 | $10352 | $10514 | $10624 |
| **2/28/17** | $9372 | $10422 | $10707 | $10943 |
| **3/31/17** | $9483 | $10416 | $10774 | $11086 |
| **4/30/17** | $9509 | $10497 | $10857 | $11172 |
| **5/31/17** | $9658 | $10577 | $11042 | $11466 |
| **6/30/17** | $9720 | $10567 | $11032 | $11458 |
| **7/31/17** | $9948 | $10612 | $11165 | $11685 |
| **8/31/17** | $9921 | $10707 | $11246 | $11750 |
| **9/30/17** | $10191 | $10656 | $11331 | $11982 |
| **10/31/17** | $10315 | $10663 | $11376 | $12072 |
| **11/30/17** | $10438 | $10649 | $11465 | $12275 |
| **12/31/17** | $10605 | $10698 | $11562 | $12427 |
| **1/31/18** | $11025 | $10575 | $11754 | $12982 |
| **2/28/18** | $10578 | $10474 | $11424 | $12376 |
| **3/31/18** | $10494 | $10542 | $11368 | $12169 |
| **4/30/18** | $10610 | $10463 | $11341 | $12209 |
| **5/31/18** | $10432 | $10538 | $11299 | $12031 |
| **6/30/18** | $10361 | $10525 | $11272 | $11988 |
| **7/31/18** | $10648 | $10527 | $11495 | $12459 |
| **8/31/18** | $10550 | $10595 | $11530 | $12455 |
| **9/30/18** | $10653 | $10527 | $11564 | $12609 |
| **10/31/18** | $10128 | $10444 | $11237 | $11996 |
| **11/30/18** | $10209 | $10506 | $11400 | $12273 |
| **12/31/18** | $9646 | $10699 | $11166 | $11543 |
| **1/31/19** | $10210 | $10813 | $11566 | $12246 |
| **2/28/19** | $10348 | $10806 | $11713 | $12566 |
| **3/31/19** | $10345 | $11014 | $11878 | $12678 |
| **4/30/19** | $10529 | $11017 | $11987 | $12907 |
| **5/31/19** | $10039 | $11212 | $11806 | $12289 |
| **6/30/19** | $10528 | $11353 | $12264 | $13087 |
| **7/31/19** | $10416 | $11378 | $12226 | $12978 |
| **8/31/19** | $10135 | $11673 | $12279 | $12754 |
| **9/30/19** | $10547 | $11611 | $12457 | $13192 |
| **10/31/19** | $10734 | $11646 | $12667 | $13598 |
| **11/30/19** | $10866 | $11640 | $12745 | $13772 |
| **12/31/19** | $11105 | $11632 | $12985 | $14300 |
| **1/31/20** | $10770 | $11855 | $12905 | $13849 |
| **2/29/20** | $9986 | $12069 | $12477 | $12681 |
| **3/31/20** | $8350 | $11998 | $11674 | $11124 |
| **4/30/20** | $8857 | $12211 | $12243 | $12010 |
| **5/31/20** | $9135 | $12268 | $12357 | $12177 |
| **6/30/20** | $9294 | $12345 | $12468 | $12320 |
| **7/31/20** | $9342 | $12530 | $12778 | $12748 |
| **8/31/20** | $9697 | $12428 | $12900 | $13093 |
| **9/30/20** | $9392 | $12422 | $12742 | $12781 |
| **10/31/20** | $9209 | $12366 | $12527 | $12406 |
| **11/30/20** | $10509 | $12488 | $13361 | $13937 |
| **12/31/20** | $10916 | $12505 | $13663 | $14547 |
| **1/31/21** | $11093 | $12415 | $13565 | $14444 |
| **2/28/21** | $11711 | $12236 | $13572 | $14667 |
| **3/31/21** | $12177 | $12083 | $13837 | $15422 |
| **4/30/21** | $12324 | $12178 | $14043 | $15759 |
| **5/31/21** | $12679 | $12218 | $14251 | $16171 |
| **6/30/21** | $12630 | $12304 | $14232 | $16019 |
| **7/31/21** | $12501 | $12442 | $14339 | $16081 |
| **8/31/21** | $12560 | $12418 | $14420 | $16293 |
| **9/30/21** | $12444 | $12310 | $14058 | $15615 |
| **10/31/21** | $12554 | $12307 | $14199 | $15932 |
| **11/30/21** | $12394 | $12343 | $14023 | $15491 |
| **12/31/21** | $12890 | $12312 | $14518 | $16625 |
| **1/31/22** | $12798 | $12047 | $14323 | $16536 |
| **2/28/22** | $12605 | $11912 | $14122 | $16257 |
| **3/31/22** | $12670 | $11581 | $14003 | $16435 |
| **4/30/22** | $12231 | $11142 | $13467 | $15800 |
| **5/31/22** | $12405 | $11214 | $13594 | $15996 |
| **6/30/22** | $11599 | $11038 | $13010 | $14873 |
| **7/31/22** | $11958 | $11307 | $13313 | $15202 |
| **8/31/22** | $11651 | $10988 | $12879 | $14639 |
| **9/30/22** | $10984 | $10513 | $12102 | $13505 |
| **10/31/22** | $11428 | $10377 | $12423 | $14397 |
| **11/30/22** | $12152 | $10759 | $13176 | $15612 |
| **12/31/22** | $12051 | $10710 | $13047 | $15379 |
| **1/31/23** | $12501 | $11040 | $13449 | $15852 |
| **2/28/23** | $12126 | $10754 | $13053 | $15328 |
| **3/31/23** | $12298 | $11027 | $13358 | $15656 |
| **4/30/23** | $12417 | $11094 | $13542 | $15992 |
| **5/31/23** | $12147 | $10973 | $13151 | $15243 |
| **6/30/23** | $12582 | $10934 | $13432 | $15948 |
| **7/31/23** | $12865 | $10927 | $13683 | $16555 |
| **8/31/23** | $12669 | $10857 | $13462 | $16127 |
| **9/30/23** | $12401 | $10581 | $13118 | $15713 |
| **10/31/23** | $12192 | $10414 | $12767 | $15121 |
| **11/30/23** | $12929 | $10886 | $13472 | $16105 |
| **12/31/23** | $13467 | $11302 | $14026 | $16812 |
| **1/31/24** | $13501 | $11271 | $14019 | $16842 |
| **2/29/24** | $13624 | $11112 | $13989 | $17008 |
| **3/31/24** | $14030 | $11215 | $14322 | $17653 |
| **4/30/24** | $13656 | $10931 | $13948 | $17183 |
| **5/31/24** | $14087 | $11117 | $14246 | $17627 |
| **6/30/24** | $14099 | $11222 | $14257 | $17488 |
| **7/31/24** | $14511 | $11484 | $14725 | $18226 |
| **8/31/24** | $14866 | $11649 | $15073 | $18828 |
| **9/30/24** | $15083 | $11805 | $15315 | $19179 |
| **10/31/24** | $14783 | $11512 | $14901 | $18617 |
| **11/30/24** | $15036 | $11634 | $15061 | $18822 |
| **12/31/24** | $14680 | $11444 | $14629 | $18050 |
| **1/31/25** | $14974 | $11504 | $14880 | $18572 |
| **2/28/25** | $15386 | $11757 | $15244 | $19073 |
| **3/31/25** | $15474 | $11762 | $15264 | $19116 |
| **4/30/25** | $15498 | $11808 | $15252 | $19012 |
| **5/31/25** | $15748 | $11723 | $15377 | $19459 |
| **6/30/25** | $16140 | $11904 | $15655 | $19864 |

---

The table below shows the average annual total returns of the Fund, a regulatory index, and one or more supplemental index(es) for certain periods ended June 30, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Class A (excluding sales charge) | 14.47% | 11.67% | 5.50% |
| Class A (including sales charge) | 8.15% | 10.42% | 4.90% |
| Bloomberg U.S. Aggregate Index | 6.08% | (0.73%) | 1.76% |
| 50% MSCI ACWI High Dividend Yield Index / 50% Bloomberg U.S. Aggregate Index | 9.81% | 4.66% | 4.58% |
| MSCI ACWI High Dividend Yield Net USD | 13.58% | 10.02% | 7.10% |

---

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.

**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 an 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 Cumulative Returns graph and Average Annual Total Returns 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 graph. 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. For performance current to the most recent month-end, visit **www.pimco.com/literature** or via **888.87.PIMCO (888.877.4626)**.

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $197166 |
| # of Portfolio Holdings | 1206 |
| Portfolio Turnover Rate | 436% |
| Total Net Advisory Fees Paid During the Reporting Period | $795 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Common Stocks | 45.9% |
| U.S. Government Agencies | 28.0% |
| Asset-Backed Securities | 14.1% |
| Non-Agency Mortgage-Backed Securities | 10.5% |
| U.S. Treasury Obligations | 10.5% |
| Corporate Bonds & Notes | 5.4% |
| Real Estate Investment Trusts | 5.0% |
| Sovereign Issues | 3.5% |
| Loan Participations and Assignments | 0.6% |
| Preferred Stocks | 0.4% |
| Other Investments | 0.2% |
| Short-Term Instruments | 0.5% |
| Affiliated Investments | 2.3% |
| Financial Derivative Instruments | (0.2%) |
| Other Assets and Liabilities, Net | (26.7%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Material Fund Changes
This is a summary of certain changes and planned changes of the Fund since the beginning of the reporting period. For more information, you may refer to the Fund's next prospectus, which we expect to be available by October 31, 2025 or upon request at **888.87.PIMCO (888.877.4626)**.

Changes to Total Annual Fund Operating Expenses. Annual fund operating expenses increased during the year by 0.10% as a result of higher expenses related to interest.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g946521g31n56.jpg)

For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.** 

# Class A: PQIZX
![Image](g946521g28k42.jpg)

# PIMCO Dividend and Income Fund
Annual Shareholder Report \|

June 30, 2025

PES6036TSRAR_063025

# Class C: PQICX

# PIMCO Dividend and Income Fund

#### Annual Shareholder Report \| June 30, 2025
![Image](g946521g90b93.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO Dividend and Income Fund (the "Fund") for the period of July 1, 2024 to June 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

#### This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class C | $216 | 2.02% |

---

## How did the Fund perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Long exposure to U.S. equities contributed to performance, as U.S. equities had positive returns during the reporting period. 

* Exposure to the cash interest rate in the U.S. contributed to performance, as the currency outperformed the relevant yield differentials during the reporting period. 

* Long exposure to eurozone equities contributed to performance, as eurozone equities had positive returns during the reporting period. 

* Long exposure to agency mortgage-backed securities, particularly 30-year fixed rate securities, detracted from performance, as U.S. 30-year Treasury yields rose during the reporting period. 

* Long exposure to Taiwanese equities detracted from performance, as Taiwanese equities had negative returns during the reporting period. 

* U.K. duration and curve positioning, particularly long exposure to the 12-year and 15-year portions of the curve over most of the reporting period, detracted from performance, as these interest rates rose during the reporting period.

## Fund Performance
In addition to the Fund's performance, the graph and the table in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Bloomberg U.S. Aggregate Index replaced the MSCI ACWI High Dividend Yield Net USD as the Fund's regulatory index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended June 30, 2025 or the life of the Fund, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g946521g13l62.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class C (excluding sales charge)** | **Bloomberg U.S. Aggregate Index** | **50% MSCI ACWI High Dividend Yield Index / 50% Bloomberg U.S. Aggregate Index** | **MSCI ACWI High Dividend Yield Net USD** |
| **6/30/15** | $10000 | $10000 | $10000 | $10000 |
| **7/31/15** | $9946 | $10070 | $10068 | $10066 |
| **8/31/15** | $9226 | $10055 | $9732 | $9409 |
| **9/30/15** | $8824 | $10123 | $9619 | $9127 |
| **10/31/15** | $9346 | $10125 | $9984 | $9818 |
| **11/30/15** | $9187 | $10098 | $9885 | $9650 |
| **12/31/15** | $8815 | $10065 | $9793 | $9500 |
| **1/31/16** | $8440 | $10204 | $9680 | $9151 |
| **2/29/16** | $8405 | $10276 | $9739 | $9198 |
| **3/31/16** | $8860 | $10371 | $10129 | $9850 |
| **4/30/16** | $9041 | $10410 | $10248 | $10043 |
| **5/31/16** | $9080 | $10413 | $10221 | $9988 |
| **6/30/16** | $8993 | $10600 | $10379 | $10118 |
| **7/31/16** | $9228 | $10667 | $10552 | $10390 |
| **8/31/16** | $9247 | $10655 | $10540 | $10379 |
| **9/30/16** | $9310 | $10649 | $10582 | $10468 |
| **10/31/16** | $9238 | $10567 | $10408 | $10203 |
| **11/30/16** | $9373 | $10317 | $10272 | $10178 |
| **12/31/16** | $9589 | $10332 | $10419 | $10455 |
| **1/31/17** | $9735 | $10352 | $10514 | $10624 |
| **2/28/17** | $9799 | $10422 | $10707 | $10943 |
| **3/31/17** | $9909 | $10416 | $10774 | $11086 |
| **4/30/17** | $9927 | $10497 | $10857 | $11172 |
| **5/31/17** | $10074 | $10577 | $11042 | $11466 |
| **6/30/17** | $10135 | $10567 | $11032 | $11458 |
| **7/31/17** | $10364 | $10612 | $11165 | $11685 |
| **8/31/17** | $10327 | $10707 | $11246 | $11750 |
| **9/30/17** | $10602 | $10656 | $11331 | $11982 |
| **10/31/17** | $10722 | $10663 | $11376 | $12072 |
| **11/30/17** | $10851 | $10649 | $11465 | $12275 |
| **12/31/17** | $11012 | $10698 | $11562 | $12427 |
| **1/31/18** | $11449 | $10575 | $11754 | $12982 |
| **2/28/18** | $10975 | $10474 | $11424 | $12376 |
| **3/31/18** | $10882 | $10542 | $11368 | $12169 |
| **4/30/18** | $10993 | $10463 | $11341 | $12209 |
| **5/31/18** | $10798 | $10538 | $11299 | $12031 |
| **6/30/18** | $10715 | $10525 | $11272 | $11988 |
| **7/31/18** | $11014 | $10527 | $11495 | $12459 |
| **8/31/18** | $10902 | $10595 | $11530 | $12455 |
| **9/30/18** | $11002 | $10527 | $11564 | $12609 |
| **10/31/18** | $10458 | $10444 | $11237 | $11996 |
| **11/30/18** | $10533 | $10506 | $11400 | $12273 |
| **12/31/18** | $9943 | $10699 | $11166 | $11543 |
| **1/31/19** | $10516 | $10813 | $11566 | $12246 |
| **2/28/19** | $10660 | $10806 | $11713 | $12566 |
| **3/31/19** | $10641 | $11014 | $11878 | $12678 |
| **4/30/19** | $10832 | $11017 | $11987 | $12907 |
| **5/31/19** | $10316 | $11212 | $11806 | $12289 |
| **6/30/19** | $10808 | $11353 | $12264 | $13087 |
| **7/31/19** | $10693 | $11378 | $12226 | $12978 |
| **8/31/19** | $10397 | $11673 | $12279 | $12754 |
| **9/30/19** | $10812 | $11611 | $12457 | $13192 |
| **10/31/19** | $10995 | $11646 | $12667 | $13598 |
| **11/30/19** | $11129 | $11640 | $12745 | $13772 |
| **12/31/19** | $11367 | $11632 | $12985 | $14300 |
| **1/31/20** | $11015 | $11855 | $12905 | $13849 |
| **2/29/20** | $10205 | $12069 | $12477 | $12681 |
| **3/31/20** | $8525 | $11998 | $11674 | $11124 |
| **4/30/20** | $9033 | $12211 | $12243 | $12010 |
| **5/31/20** | $9316 | $12268 | $12357 | $12177 |
| **6/30/20** | $9472 | $12345 | $12468 | $12320 |
| **7/31/20** | $9521 | $12530 | $12778 | $12748 |
| **8/31/20** | $9863 | $12428 | $12900 | $13093 |
| **9/30/20** | $9556 | $12422 | $12742 | $12781 |
| **10/31/20** | $9361 | $12366 | $12527 | $12406 |
| **11/30/20** | $10682 | $12488 | $13361 | $13937 |
| **12/31/20** | $11082 | $12505 | $13663 | $14547 |
| **1/31/21** | $11261 | $12415 | $13565 | $14444 |
| **2/28/21** | $11879 | $12236 | $13572 | $14667 |
| **3/31/21** | $12337 | $12083 | $13837 | $15422 |
| **4/30/21** | $12477 | $12178 | $14043 | $15759 |
| **5/31/21** | $12836 | $12218 | $14251 | $16171 |
| **6/30/21** | $12771 | $12304 | $14232 | $16019 |
| **7/31/21** | $12630 | $12442 | $14339 | $16081 |
| **8/31/21** | $12680 | $12418 | $14420 | $16293 |
| **9/30/21** | $12566 | $12310 | $14058 | $15615 |
| **10/31/21** | $12667 | $12307 | $14199 | $15932 |
| **11/30/21** | $12495 | $12343 | $14023 | $15491 |
| **12/31/21** | $12987 | $12312 | $14518 | $16625 |
| **1/31/22** | $12894 | $12047 | $14323 | $16536 |
| **2/28/22** | $12689 | $11912 | $14122 | $16257 |
| **3/31/22** | $12741 | $11581 | $14003 | $16435 |
| **4/30/22** | $12299 | $11142 | $13467 | $15800 |
| **5/31/22** | $12464 | $11214 | $13594 | $15996 |
| **6/30/22** | $11651 | $11038 | $13010 | $14873 |
| **7/31/22** | $12001 | $11307 | $13313 | $15202 |
| **8/31/22** | $11672 | $10988 | $12879 | $14639 |
| **9/30/22** | $11008 | $10513 | $12102 | $13505 |
| **10/31/22** | $11444 | $10377 | $12423 | $14397 |
| **11/30/22** | $12160 | $10759 | $13176 | $15612 |
| **12/31/22** | $12052 | $10710 | $13047 | $15379 |
| **1/31/23** | $12493 | $11040 | $13449 | $15852 |
| **2/28/23** | $12117 | $10754 | $13053 | $15328 |
| **3/31/23** | $12282 | $11027 | $13358 | $15656 |
| **4/30/23** | $12390 | $11094 | $13542 | $15992 |
| **5/31/23** | $12109 | $10973 | $13151 | $15243 |
| **6/30/23** | $12540 | $10934 | $13432 | $15948 |
| **7/31/23** | $12812 | $10927 | $13683 | $16555 |
| **8/31/23** | $12606 | $10857 | $13462 | $16127 |
| **9/30/23** | $12332 | $10581 | $13118 | $15713 |
| **10/31/23** | $12112 | $10414 | $12767 | $15121 |
| **11/30/23** | $12836 | $10886 | $13472 | $16105 |
| **12/31/23** | $13375 | $11302 | $14026 | $16812 |
| **1/31/24** | $13397 | $11271 | $14019 | $16842 |
| **2/29/24** | $13509 | $11112 | $13989 | $17008 |
| **3/31/24** | $13900 | $11215 | $14322 | $17653 |
| **4/30/24** | $13518 | $10931 | $13948 | $17183 |
| **5/31/24** | $13933 | $11117 | $14246 | $17627 |
| **6/30/24** | $13939 | $11222 | $14257 | $17488 |
| **7/31/24** | $14347 | $11484 | $14725 | $18226 |
| **8/31/24** | $14687 | $11649 | $15073 | $18828 |
| **9/30/24** | $14879 | $11805 | $15315 | $19179 |
| **10/31/24** | $14583 | $11512 | $14901 | $18617 |
| **11/30/24** | $14822 | $11634 | $15061 | $18822 |
| **12/31/24** | $14460 | $11444 | $14629 | $18050 |
| **1/31/25** | $14751 | $11504 | $14880 | $18572 |
| **2/28/25** | $15145 | $11757 | $15244 | $19073 |
| **3/31/25** | $15219 | $11762 | $15264 | $19116 |
| **4/30/25** | $15231 | $11808 | $15252 | $19012 |
| **5/31/25** | $15465 | $11723 | $15377 | $19459 |
| **6/30/25** | $15846 | $11904 | $15655 | $19864 |

---

The table below shows the average annual total returns of the Fund, a regulatory index, and one or more supplemental index(es) for certain periods ended June 30, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Class C (excluding sales charge) | 13.68% | 10.84% | 4.71% |
| Class C (including sales charge) | 12.68% | 10.84% | 4.71% |
| Bloomberg U.S. Aggregate Index | 6.08% | (0.73%) | 1.76% |
| 50% MSCI ACWI High Dividend Yield Index / 50% Bloomberg U.S. Aggregate Index | 9.81% | 4.66% | 4.58% |
| MSCI ACWI High Dividend Yield Net USD | 13.58% | 10.02% | 7.10% |

---

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.

**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 an 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 Cumulative Returns graph and Average Annual Total Returns table reflect 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 graph. Class C shares are subject to a CDSC, which may apply if the shares are redeemed in the first year. For performance current to the most recent month-end, visit **www.pimco.com/literature** or via **888.87.PIMCO (888.877.4626)**.

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $197166 |
| # of Portfolio Holdings | 1206 |
| Portfolio Turnover Rate | 436% |
| Total Net Advisory Fees Paid During the Reporting Period | $795 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Common Stocks | 45.9% |
| U.S. Government Agencies | 28.0% |
| Asset-Backed Securities | 14.1% |
| Non-Agency Mortgage-Backed Securities | 10.5% |
| U.S. Treasury Obligations | 10.5% |
| Corporate Bonds & Notes | 5.4% |
| Real Estate Investment Trusts | 5.0% |
| Sovereign Issues | 3.5% |
| Loan Participations and Assignments | 0.6% |
| Preferred Stocks | 0.4% |
| Other Investments | 0.2% |
| Short-Term Instruments | 0.5% |
| Affiliated Investments | 2.3% |
| Financial Derivative Instruments | (0.2%) |
| Other Assets and Liabilities, Net | (26.7%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Material Fund Changes
This is a summary of certain changes and planned changes of the Fund since the beginning of the reporting period. For more information, you may refer to the Fund's next prospectus, which we expect to be available by October 31, 2025 or upon request at **888.87.PIMCO (888.877.4626)**.

Changes to Total Annual Fund Operating Expenses. Annual fund operating expenses increased during the year by 0.10% as a result of higher expenses related to interest.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g946521g31n56.jpg)

For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.** 

# Class C: PQICX
![Image](g946521g28k42.jpg)

# PIMCO Dividend and Income Fund
Annual Shareholder Report \|

June 30, 2025

PES6236TSRAR_063025

# Institutional Class: PQIIX

# PIMCO Dividend and Income Fund

#### Annual Shareholder Report \| June 30, 2025
![Image](g946521g90b93.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO Dividend and Income Fund (the "Fund") for the period of July 1, 2024 to June 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

#### This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $99 | 0.92% |

---

## How did the Fund perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Long exposure to U.S. equities contributed to performance, as U.S. equities had positive returns during the reporting period. 

* Exposure to the cash interest rate in the U.S. contributed to performance, as the currency outperformed the relevant yield differentials during the reporting period. 

* Long exposure to eurozone equities contributed to performance, as eurozone equities had positive returns during the reporting period. 

* Long exposure to agency mortgage-backed securities, particularly 30-year fixed rate securities, detracted from performance, as U.S. 30-year Treasury yields rose during the reporting period. 

* Long exposure to Taiwanese equities detracted from performance, as Taiwanese equities had negative returns during the reporting period. 

* U.K. duration and curve positioning, particularly long exposure to the 12-year and 15-year portions of the curve over most of the reporting period, detracted from performance, as these interest rates rose during the reporting period.

## Fund Performance
In addition to the Fund's performance, the graph and the table in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Bloomberg U.S. Aggregate Index replaced the MSCI ACWI High Dividend Yield Net USD as the Fund's regulatory index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended June 30, 2025 or the life of the Fund, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g946521g60q86.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Institutional Class** | **Bloomberg U.S. Aggregate Index** | **50% MSCI ACWI High Dividend Yield Index / 50% Bloomberg U.S. Aggregate Index** | **MSCI ACWI High Dividend Yield Net USD** |
| **6/30/15** | $1000000 | $1000000 | $1000000 | $1000000 |
| **7/31/15** | $995563 | $1006951 | $1006756 | $1006560 |
| **8/31/15** | $924555 | $1005505 | $973220 | $940946 |
| **9/30/15** | $885357 | $1012307 | $961886 | $912666 |
| **10/31/15** | $938492 | $1012475 | $998417 | $981834 |
| **11/30/15** | $923313 | $1009800 | $988542 | $965008 |
| **12/31/15** | $886717 | $1006537 | $979282 | $950046 |
| **1/31/16** | $850232 | $1020388 | $967982 | $915050 |
| **2/29/16** | $847442 | $1027626 | $973918 | $919779 |
| **3/31/16** | $894003 | $1037055 | $1012903 | $984979 |
| **4/30/16** | $912210 | $1041035 | $1024786 | $1004307 |
| **5/31/16** | $917835 | $1041302 | $1022103 | $998791 |
| **6/30/16** | $909432 | $1060012 | $1037940 | $1011797 |
| **7/31/16** | $935050 | $1066714 | $1055160 | $1038972 |
| **8/31/16** | $937794 | $1065494 | $1054028 | $1037929 |
| **9/30/16** | $945114 | $1064870 | $1058216 | $1046788 |
| **10/31/16** | $937794 | $1056725 | $1040767 | $1020275 |
| **11/30/16** | $953348 | $1031729 | $1027191 | $1017787 |
| **12/31/16** | $975165 | $1033185 | $1041903 | $1045508 |
| **1/31/17** | $990923 | $1035212 | $1051350 | $1062415 |
| **2/28/17** | $998339 | $1042169 | $1070681 | $1094344 |
| **3/31/17** | $1010781 | $1041623 | $1077362 | $1108577 |
| **4/30/17** | $1013573 | $1049661 | $1085718 | $1117216 |
| **5/31/17** | $1030326 | $1057741 | $1104155 | $1146564 |
| **6/30/17** | $1036875 | $1056676 | $1103235 | $1145802 |
| **7/31/17** | $1061184 | $1061223 | $1116522 | $1168470 |
| **8/31/17** | $1058379 | $1070742 | $1124623 | $1174951 |
| **9/30/17** | $1087874 | $1065642 | $1133078 | $1198211 |
| **10/31/17** | $1101049 | $1066260 | $1137634 | $1207152 |
| **11/30/17** | $1115165 | $1064891 | $1146489 | $1227496 |
| **12/31/17** | $1133147 | $1069778 | $1156225 | $1242710 |
| **1/31/18** | $1178931 | $1057458 | $1175376 | $1298189 |
| **2/28/18** | $1131239 | $1047434 | $1142360 | $1237560 |
| **3/31/18** | $1122201 | $1054151 | $1136830 | $1216945 |
| **4/30/18** | $1135561 | $1046311 | $1134138 | $1220932 |
| **5/31/18** | $1116476 | $1053778 | $1129880 | $1203055 |
| **6/30/18** | $1108268 | $1052482 | $1127177 | $1198777 |
| **7/31/18** | $1139960 | $1052732 | $1149455 | $1245878 |
| **8/31/18** | $1130356 | $1059506 | $1152973 | $1245486 |
| **9/30/18** | $1142141 | $1052683 | $1156412 | $1260938 |
| **10/31/18** | $1085034 | $1044365 | $1123736 | $1199641 |
| **11/30/18** | $1094713 | $1050599 | $1140038 | $1227289 |
| **12/31/18** | $1033612 | $1069900 | $1116592 | $1154260 |
| **1/31/19** | $1094936 | $1081262 | $1156565 | $1224644 |
| **2/28/19** | $1110761 | $1080635 | $1171330 | $1256622 |
| **3/31/19** | $1110551 | $1101385 | $1187806 | $1267845 |
| **4/30/19** | $1130347 | $1101667 | $1198661 | $1290693 |
| **5/31/19** | $1077888 | $1121224 | $1180598 | $1228880 |
| **6/30/19** | $1131074 | $1135304 | $1226369 | $1308737 |
| **7/31/19** | $1120034 | $1137801 | $1222612 | $1297838 |
| **8/31/19** | $1088922 | $1167284 | $1227876 | $1275382 |
| **9/30/19** | $1133796 | $1161067 | $1245704 | $1319209 |
| **10/31/19** | $1154979 | $1164564 | $1266740 | $1359791 |
| **11/30/19** | $1169102 | $1163971 | $1274513 | $1377174 |
| **12/31/19** | $1195094 | $1163160 | $1298511 | $1429995 |
| **1/31/20** | $1160096 | $1185544 | $1290545 | $1384930 |
| **2/29/20** | $1075688 | $1206882 | $1247728 | $1268105 |
| **3/31/20** | $899158 | $1199780 | $1167435 | $1112361 |
| **4/30/20** | $953809 | $1221108 | $1224345 | $1201037 |
| **5/31/20** | $984743 | $1226793 | $1235699 | $1217722 |
| **6/30/20** | $1002337 | $1234521 | $1246843 | $1232011 |
| **7/31/20** | $1007498 | $1252961 | $1277812 | $1274812 |
| **8/31/20** | $1045693 | $1242847 | $1289953 | $1309329 |
| **9/30/20** | $1013483 | $1242166 | $1274227 | $1278120 |
| **10/31/20** | $993774 | $1236619 | $1252692 | $1240627 |
| **11/30/20** | $1134852 | $1248753 | $1336144 | $1393750 |
| **12/31/20** | $1178906 | $1250474 | $1366301 | $1454745 |
| **1/31/21** | $1197972 | $1241508 | $1356549 | $1444409 |
| **2/28/21** | $1265762 | $1223580 | $1357202 | $1466654 |
| **3/31/21** | $1315733 | $1208302 | $1383703 | $1542248 |
| **4/30/21** | $1332737 | $1217847 | $1404288 | $1575950 |
| **5/31/21** | $1370998 | $1221826 | $1425086 | $1617053 |
| **6/30/21** | $1365869 | $1230411 | $1423230 | $1601907 |
| **7/31/21** | $1352984 | $1244168 | $1433918 | $1608052 |
| **8/31/21** | $1359427 | $1241799 | $1442021 | $1629291 |
| **9/30/21** | $1347714 | $1231048 | $1405783 | $1561513 |
| **10/31/21** | $1359602 | $1230708 | $1419856 | $1593209 |
| **11/30/21** | $1342310 | $1234349 | $1402324 | $1549147 |
| **12/31/21** | $1397195 | $1231191 | $1451814 | $1662451 |
| **1/31/22** | $1387270 | $1204666 | $1432318 | $1653619 |
| **2/28/22** | $1367420 | $1191226 | $1412238 | $1625703 |
| **3/31/22** | $1374093 | $1158132 | $1400342 | $1643484 |
| **4/30/22** | $1326634 | $1114183 | $1346722 | $1579989 |
| **5/31/22** | $1346501 | $1121367 | $1359430 | $1599623 |
| **6/30/22** | $1259923 | $1103775 | $1301036 | $1487293 |
| **7/31/22** | $1298775 | $1130745 | $1331344 | $1520246 |
| **8/31/22** | $1264363 | $1098794 | $1287873 | $1463920 |
| **9/30/22** | $1192789 | $1051319 | $1210174 | $1350534 |
| **10/31/22** | $1242114 | $1037702 | $1242306 | $1439745 |
| **11/30/22** | $1321708 | $1075864 | $1317567 | $1561241 |
| **12/31/22** | $1309907 | $1071012 | $1304734 | $1537870 |
| **1/31/23** | $1359975 | $1103960 | $1344873 | $1585179 |
| **2/28/23** | $1319222 | $1075417 | $1305280 | $1532829 |
| **3/31/23** | $1338952 | $1102735 | $1335820 | $1565624 |
| **4/30/23** | $1351871 | $1109418 | $1354178 | $1599163 |
| **5/31/23** | $1322508 | $1097338 | $1315098 | $1524278 |
| **6/30/23** | $1370870 | $1093425 | $1343169 | $1594789 |
| **7/31/23** | $1401676 | $1092662 | $1368278 | $1655521 |
| **8/31/23** | $1380349 | $1085683 | $1346202 | $1612674 |
| **9/30/23** | $1351979 | $1058094 | $1311818 | $1571279 |
| **10/31/23** | $1329247 | $1041396 | $1276746 | $1512057 |
| **11/30/23** | $1409408 | $1088557 | $1347234 | $1610542 |
| **12/31/23** | $1469458 | $1130226 | $1402588 | $1681236 |
| **1/31/24** | $1473119 | $1127122 | $1401886 | $1684171 |
| **2/29/24** | $1487765 | $1111198 | $1398903 | $1700797 |
| **3/31/24** | $1531852 | $1121459 | $1432159 | $1765258 |
| **4/30/24** | $1491150 | $1093132 | $1394754 | $1718320 |
| **5/31/24** | $1539252 | $1111664 | $1424578 | $1762674 |
| **6/30/24** | $1540644 | $1122189 | $1425721 | $1748810 |
| **7/31/24** | $1586801 | $1148400 | $1472460 | $1822622 |
| **8/31/24** | $1626721 | $1164902 | $1507335 | $1882774 |
| **9/30/24** | $1650257 | $1180499 | $1531483 | $1917888 |
| **10/31/24** | $1617529 | $1151224 | $1490064 | $1861710 |
| **11/30/24** | $1646481 | $1163396 | $1506142 | $1882206 |
| **12/31/24** | $1607999 | $1144356 | $1462936 | $1805019 |
| **1/31/25** | $1641419 | $1150427 | $1487973 | $1857228 |
| **2/28/25** | $1686407 | $1175739 | $1524416 | $1907340 |
| **3/31/25** | $1695986 | $1176181 | $1526418 | $1911627 |
| **4/30/25** | $1698583 | $1180804 | $1525243 | $1901176 |
| **5/31/25** | $1727152 | $1172349 | $1537743 | $1945946 |
| **6/30/25** | $1770210 | $1190376 | $1565536 | $1986369 |

---

The table below shows the average annual total returns of the Fund, a regulatory index, and one or more supplemental index(es) for certain periods ended June 30, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 14.90% | 12.05% | 5.88% |
| Bloomberg U.S. Aggregate Index | 6.08% | (0.73%) | 1.76% |
| 50% MSCI ACWI High Dividend Yield Index / 50% Bloomberg U.S. Aggregate Index | 9.81% | 4.66% | 4.58% |
| MSCI ACWI High Dividend Yield Net USD | 13.58% | 10.02% | 7.10% |

---

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.

**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 an 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. For performance current to the most recent month-end, visit **www.pimco.com/literature** or via **888.87.PIMCO (888.877.4626)**.

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $197166 |
| # of Portfolio Holdings | 1206 |
| Portfolio Turnover Rate | 436% |
| Total Net Advisory Fees Paid During the Reporting Period | $795 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Common Stocks | 45.9% |
| U.S. Government Agencies | 28.0% |
| Asset-Backed Securities | 14.1% |
| Non-Agency Mortgage-Backed Securities | 10.5% |
| U.S. Treasury Obligations | 10.5% |
| Corporate Bonds & Notes | 5.4% |
| Real Estate Investment Trusts | 5.0% |
| Sovereign Issues | 3.5% |
| Loan Participations and Assignments | 0.6% |
| Preferred Stocks | 0.4% |
| Other Investments | 0.2% |
| Short-Term Instruments | 0.5% |
| Affiliated Investments | 2.3% |
| Financial Derivative Instruments | (0.2%) |
| Other Assets and Liabilities, Net | (26.7%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Material Fund Changes
This is a summary of certain changes and planned changes of the Fund since the beginning of the reporting period. For more information, you may refer to the Fund's next prospectus, which we expect to be available by October 31, 2025 or upon request at **888.87.PIMCO (888.877.4626)**.

Changes to Total Annual Fund Operating Expenses. Annual fund operating expenses increased during the year by 0.10% as a result of higher expenses related to interest.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g946521g31n56.jpg)

For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.** 

# Institutional Class: PQIIX
![Image](g946521g28k42.jpg)

# PIMCO Dividend and Income Fund
Annual Shareholder Report \|

June 30, 2025

PES2042TSRAR_063025

# I-2: PQIPX

# PIMCO Dividend and Income Fund

#### Annual Shareholder Report \| June 30, 2025
![Image](g946521g90b93.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO Dividend and Income Fund (the "Fund") for the period of July 1, 2024 to June 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

#### This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-2 | $110 | 1.02% |

---

## How did the Fund perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Long exposure to U.S. equities contributed to performance, as U.S. equities had positive returns during the reporting period. 

* Exposure to the cash interest rate in the U.S. contributed to performance, as the currency outperformed the relevant yield differentials during the reporting period. 

* Long exposure to eurozone equities contributed to performance, as eurozone equities had positive returns during the reporting period. 

* Long exposure to agency mortgage-backed securities, particularly 30-year fixed rate securities, detracted from performance, as U.S. 30-year Treasury yields rose during the reporting period. 

* Long exposure to Taiwanese equities detracted from performance, as Taiwanese equities had negative returns during the reporting period. 

* U.K. duration and curve positioning, particularly long exposure to the 12-year and 15-year portions of the curve over most of the reporting period, detracted from performance, as these interest rates rose during the reporting period.

## Fund Performance
In addition to the Fund's performance, the graph and the table in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Bloomberg U.S. Aggregate Index replaced the MSCI ACWI High Dividend Yield Net USD as the Fund's regulatory index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended June 30, 2025 or the life of the Fund, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g946521g09e43.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **I-2** | **Bloomberg U.S. Aggregate Index** | **50% MSCI ACWI High Dividend Yield Index / 50% Bloomberg U.S. Aggregate Index** | **MSCI ACWI High Dividend Yield Net USD** |
| **6/30/15** | $1000000 | $1000000 | $1000000 | $1000000 |
| **7/31/15** | $995478 | $1006951 | $1006756 | $1006560 |
| **8/31/15** | $924451 | $1005505 | $973220 | $940946 |
| **9/30/15** | $885206 | $1012307 | $961886 | $912666 |
| **10/31/15** | $938207 | $1012475 | $998417 | $981834 |
| **11/30/15** | $922157 | $1009800 | $988542 | $965008 |
| **12/31/15** | $885763 | $1006537 | $979282 | $950046 |
| **1/31/16** | $848892 | $1020388 | $967982 | $915050 |
| **2/29/16** | $846925 | $1027626 | $973918 | $919779 |
| **3/31/16** | $893361 | $1037055 | $1012903 | $984979 |
| **4/30/16** | $911460 | $1041035 | $1024786 | $1004307 |
| **5/31/16** | $916101 | $1041302 | $1022103 | $998791 |
| **6/30/16** | $909482 | $1060012 | $1037940 | $1011797 |
| **7/31/16** | $935050 | $1066714 | $1055160 | $1038972 |
| **8/31/16** | $936876 | $1065494 | $1054028 | $1037929 |
| **9/30/16** | $944181 | $1064870 | $1058216 | $1046788 |
| **10/31/16** | $937789 | $1056725 | $1040767 | $1020275 |
| **11/30/16** | $952399 | $1031729 | $1027191 | $1017787 |
| **12/31/16** | $974404 | $1033185 | $1041903 | $1045508 |
| **1/31/17** | $990120 | $1035212 | $1051350 | $1062415 |
| **2/28/17** | $997516 | $1042169 | $1070681 | $1094344 |
| **3/31/17** | $1009732 | $1041623 | $1077362 | $1108577 |
| **4/30/17** | $1012516 | $1049661 | $1085718 | $1117216 |
| **5/31/17** | $1029221 | $1057741 | $1104155 | $1146564 |
| **6/30/17** | $1035557 | $1056676 | $1103235 | $1145802 |
| **7/31/17** | $1059792 | $1061223 | $1116522 | $1168470 |
| **8/31/17** | $1056996 | $1070742 | $1124623 | $1174951 |
| **9/30/17** | $1086214 | $1065642 | $1133078 | $1198211 |
| **10/31/17** | $1099346 | $1066260 | $1137634 | $1207152 |
| **11/30/17** | $1113416 | $1064891 | $1146489 | $1227496 |
| **12/31/17** | $1131044 | $1069778 | $1156225 | $1242710 |
| **1/31/18** | $1176666 | $1057458 | $1175376 | $1298189 |
| **2/28/18** | $1129143 | $1047434 | $1142360 | $1237560 |
| **3/31/18** | $1120155 | $1054151 | $1136830 | $1216945 |
| **4/30/18** | $1132516 | $1046311 | $1134138 | $1220932 |
| **5/31/18** | $1113498 | $1053778 | $1129880 | $1203055 |
| **6/30/18** | $1106004 | $1052482 | $1127177 | $1198777 |
| **7/31/18** | $1137577 | $1052732 | $1149455 | $1245878 |
| **8/31/18** | $1127052 | $1059506 | $1152973 | $1245486 |
| **9/30/18** | $1138568 | $1052683 | $1156412 | $1260938 |
| **10/31/18** | $1082652 | $1044365 | $1123736 | $1199641 |
| **11/30/18** | $1091329 | $1050599 | $1140038 | $1227289 |
| **12/31/18** | $1031159 | $1069900 | $1116592 | $1154260 |
| **1/31/19** | $1092221 | $1081262 | $1156565 | $1224644 |
| **2/28/19** | $1106994 | $1080635 | $1171330 | $1256622 |
| **3/31/19** | $1106736 | $1101385 | $1187806 | $1267845 |
| **4/30/19** | $1127432 | $1101667 | $1198661 | $1290693 |
| **5/31/19** | $1075199 | $1121224 | $1180598 | $1228880 |
| **6/30/19** | $1127118 | $1135304 | $1226369 | $1308737 |
| **7/31/19** | $1116136 | $1137801 | $1222612 | $1297838 |
| **8/31/19** | $1085188 | $1167284 | $1227876 | $1275382 |
| **9/30/19** | $1129689 | $1161067 | $1245704 | $1319209 |
| **10/31/19** | $1150758 | $1164564 | $1266740 | $1359791 |
| **11/30/19** | $1164804 | $1163971 | $1274513 | $1377174 |
| **12/31/19** | $1191266 | $1163160 | $1298511 | $1429995 |
| **1/31/20** | $1155446 | $1185544 | $1290545 | $1384930 |
| **2/29/20** | $1071525 | $1206882 | $1247728 | $1268105 |
| **3/31/20** | $895842 | $1199780 | $1167435 | $1112361 |
| **4/30/20** | $950167 | $1221108 | $1224345 | $1201037 |
| **5/31/20** | $979892 | $1226793 | $1235699 | $1217722 |
| **6/30/20** | $997237 | $1234521 | $1246843 | $1232011 |
| **7/31/20** | $1003393 | $1252961 | $1277812 | $1274812 |
| **8/31/20** | $1041354 | $1242847 | $1289953 | $1309329 |
| **9/30/20** | $1009163 | $1242166 | $1274227 | $1278120 |
| **10/31/20** | $989578 | $1236619 | $1252692 | $1240627 |
| **11/30/20** | $1129768 | $1248753 | $1336144 | $1393750 |
| **12/31/20** | $1173151 | $1250474 | $1366301 | $1454745 |
| **1/31/21** | $1193142 | $1241508 | $1356549 | $1444409 |
| **2/28/21** | $1259428 | $1223580 | $1357202 | $1466654 |
| **3/31/21** | $1309849 | $1208302 | $1383703 | $1542248 |
| **4/30/21** | $1325681 | $1217847 | $1404288 | $1575950 |
| **5/31/21** | $1364733 | $1221826 | $1425086 | $1617053 |
| **6/30/21** | $1359217 | $1230411 | $1423230 | $1601907 |
| **7/31/21** | $1345358 | $1244168 | $1433918 | $1608052 |
| **8/31/21** | $1351755 | $1241799 | $1442021 | $1629291 |
| **9/30/21** | $1339860 | $1231048 | $1405783 | $1561513 |
| **10/31/21** | $1352733 | $1230708 | $1419856 | $1593209 |
| **11/30/21** | $1335569 | $1234349 | $1402324 | $1549147 |
| **12/31/21** | $1389671 | $1231191 | $1451814 | $1662451 |
| **1/31/22** | $1379823 | $1204666 | $1432318 | $1653619 |
| **2/28/22** | $1359032 | $1191226 | $1412238 | $1625703 |
| **3/31/22** | $1365581 | $1158132 | $1400342 | $1643484 |
| **4/30/22** | $1319588 | $1114183 | $1346722 | $1579989 |
| **5/31/22** | $1338204 | $1121367 | $1359430 | $1599623 |
| **6/30/22** | $1251389 | $1103775 | $1301036 | $1487293 |
| **7/31/22** | $1289944 | $1130745 | $1331344 | $1520246 |
| **8/31/22** | $1256896 | $1098794 | $1287873 | $1463920 |
| **9/30/22** | $1185655 | $1051319 | $1210174 | $1350534 |
| **10/31/22** | $1234593 | $1037702 | $1242306 | $1439745 |
| **11/30/22** | $1312451 | $1075864 | $1317567 | $1561241 |
| **12/31/22** | $1301339 | $1071012 | $1304734 | $1537870 |
| **1/31/23** | $1350991 | $1103960 | $1344873 | $1585179 |
| **2/28/23** | $1310576 | $1075417 | $1305280 | $1532829 |
| **3/31/23** | $1329836 | $1102735 | $1335820 | $1565624 |
| **4/30/23** | $1342645 | $1109418 | $1354178 | $1599163 |
| **5/31/23** | $1313533 | $1097338 | $1315098 | $1524278 |
| **6/30/23** | $1361149 | $1093425 | $1343169 | $1594789 |
| **7/31/23** | $1391684 | $1092662 | $1368278 | $1655521 |
| **8/31/23** | $1370545 | $1085683 | $1346202 | $1612674 |
| **9/30/23** | $1342277 | $1058094 | $1311818 | $1571279 |
| **10/31/23** | $1319748 | $1041396 | $1276746 | $1512057 |
| **11/30/23** | $1399193 | $1088557 | $1347234 | $1610542 |
| **12/31/23** | $1458235 | $1130226 | $1402588 | $1681236 |
| **1/31/24** | $1461862 | $1127122 | $1401886 | $1684171 |
| **2/29/24** | $1476372 | $1111198 | $1398903 | $1700797 |
| **3/31/24** | $1520962 | $1121459 | $1432159 | $1765258 |
| **4/30/24** | $1479426 | $1093132 | $1394754 | $1718320 |
| **5/31/24** | $1527070 | $1111664 | $1424578 | $1762674 |
| **6/30/24** | $1528131 | $1122189 | $1425721 | $1748810 |
| **7/31/24** | $1573839 | $1148400 | $1472460 | $1822622 |
| **8/31/24** | $1613370 | $1164902 | $1507335 | $1882774 |
| **9/30/24** | $1636371 | $1180499 | $1531483 | $1917888 |
| **10/31/24** | $1603968 | $1151224 | $1490064 | $1861710 |
| **11/30/24** | $1632632 | $1163396 | $1506142 | $1882206 |
| **12/31/24** | $1594132 | $1144356 | $1462936 | $1805019 |
| **1/31/25** | $1627210 | $1150427 | $1487973 | $1857228 |
| **2/28/25** | $1671739 | $1175739 | $1524416 | $1907340 |
| **3/31/25** | $1680937 | $1176181 | $1526418 | $1911627 |
| **4/30/25** | $1683507 | $1180804 | $1525243 | $1901176 |
| **5/31/25** | $1711780 | $1172349 | $1537743 | $1945946 |
| **6/30/25** | $1755234 | $1190376 | $1565536 | $1986369 |

---

The table below shows the average annual total returns of the Fund, a regulatory index, and one or more supplemental index(es) for certain periods ended June 30, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| I-2 | 14.86% | 11.97% | 5.79% |
| Bloomberg U.S. Aggregate Index | 6.08% | (0.73%) | 1.76% |
| 50% MSCI ACWI High Dividend Yield Index / 50% Bloomberg U.S. Aggregate Index | 9.81% | 4.66% | 4.58% |
| MSCI ACWI High Dividend Yield Net USD | 13.58% | 10.02% | 7.10% |

---

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.

**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 an 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. For performance current to the most recent month-end, visit **www.pimco.com/literature** or via **888.87.PIMCO (888.877.4626)**.

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $197166 |
| # of Portfolio Holdings | 1206 |
| Portfolio Turnover Rate | 436% |
| Total Net Advisory Fees Paid During the Reporting Period | $795 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Common Stocks | 45.9% |
| U.S. Government Agencies | 28.0% |
| Asset-Backed Securities | 14.1% |
| Non-Agency Mortgage-Backed Securities | 10.5% |
| U.S. Treasury Obligations | 10.5% |
| Corporate Bonds & Notes | 5.4% |
| Real Estate Investment Trusts | 5.0% |
| Sovereign Issues | 3.5% |
| Loan Participations and Assignments | 0.6% |
| Preferred Stocks | 0.4% |
| Other Investments | 0.2% |
| Short-Term Instruments | 0.5% |
| Affiliated Investments | 2.3% |
| Financial Derivative Instruments | (0.2%) |
| Other Assets and Liabilities, Net | (26.7%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Material Fund Changes
This is a summary of certain changes and planned changes of the Fund since the beginning of the reporting period. For more information, you may refer to the Fund's next prospectus, which we expect to be available by October 31, 2025 or upon request at **888.87.PIMCO (888.877.4626)**.

Changes to Total Annual Fund Operating Expenses. Annual fund operating expenses increased during the year by 0.10% as a result of higher expenses related to interest.

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g946521g31n56.jpg)

For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.** 

# I-2: PQIPX
![Image](g946521g28k42.jpg)

# PIMCO Dividend and Income Fund
Annual Shareholder Report \|

June 30, 2025

PES2043TSRAR_063025

# Class A: PEAFX

# PIMCO RAE Emerging Markets Fund

#### Annual Shareholder Report \| June 30, 2025
![Image](g946521g90b93.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO RAE Emerging Markets Fund (the "Fund") for the period of July 1, 2024 to June 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $116 | 1.10% |

---

## How did the Fund perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Security selection in the industrials sector contributed to relative returns, as the Fund's holdings outperformed the MSCI Emerging Markets Value Index (the "Index").

* Underweight exposure to the information technology sector contributed to relative returns, as the sector underperformed the Index.

* Security selection in the consumer staples sector contributed to relative returns, as the Fund's holdings outperformed the Index.

* Underweight exposure to, and security selection in, the consumer discretionary sector detracted from relative returns, as the sector outperformed the Index and the Fund's holdings underperformed the Index.

* Underweight exposure to, and security selection in, the financials sector detracted from relative returns, as the sector outperformed the Index and the Fund's holdings underperformed the Index.

* Overweight exposure to the energy sector detracted from relative returns, as the sector underperformed the Index.

## Fund Performance
In addition to the Fund's performance, the graph and the table in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Fund's regulatory index is the MSCI Emerging Markets Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended June 30, 2025 or the life of the Fund, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g946521g32h37.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A (including sales charge)** | **MSCI Emerging Markets Index** | **MSCI Emerging Markets Value Index** |
| **6/30/15** | $9623 | $10000 | $10000 |
| **7/31/15** | $8899 | $9307 | $9267 |
| **8/31/15** | $8087 | $8465 | $8381 |
| **9/30/15** | $7671 | $8210 | $8085 |
| **10/31/15** | $8164 | $8796 | $8651 |
| **11/30/15** | $7787 | $8453 | $8182 |
| **12/31/15** | $7410 | $8264 | $7969 |
| **1/31/16** | $7035 | $7728 | $7453 |
| **2/29/16** | $7144 | $7716 | $7493 |
| **3/31/16** | $8287 | $8737 | $8589 |
| **4/30/16** | $8730 | $8784 | $8705 |
| **5/31/16** | $7922 | $8457 | $8205 |
| **6/30/16** | $8602 | $8795 | $8559 |
| **7/31/16** | $9272 | $9237 | $9019 |
| **8/31/16** | $9381 | $9467 | $9188 |
| **9/30/16** | $9538 | $9588 | $9258 |
| **10/31/16** | $9913 | $9611 | $9395 |
| **11/30/16** | $9696 | $9169 | $9086 |
| **12/31/16** | $9787 | $9189 | $9156 |
| **1/31/17** | $10566 | $9692 | $9574 |
| **2/28/17** | $10879 | $9989 | $9922 |
| **3/31/17** | $10940 | $10241 | $10086 |
| **4/30/17** | $10990 | $10465 | $10170 |
| **5/31/17** | $10919 | $10774 | $10395 |
| **6/30/17** | $10930 | $10883 | $10406 |
| **7/31/17** | $11658 | $11531 | $10956 |
| **8/31/17** | $12001 | $11789 | $11191 |
| **9/30/17** | $11809 | $11742 | $10975 |
| **10/31/17** | $12143 | $12153 | $11340 |
| **11/30/17** | $12022 | $12178 | $11253 |
| **12/31/17** | $12613 | $12615 | $11726 |
| **1/31/18** | $13863 | $13666 | $12749 |
| **2/28/18** | $13129 | $13036 | $12154 |
| **3/31/18** | $13008 | $12794 | $11916 |
| **4/30/18** | $12975 | $12737 | $12021 |
| **5/31/18** | $12372 | $12286 | $11442 |
| **6/30/18** | $11704 | $11775 | $10851 |
| **7/31/18** | $12109 | $12034 | $11290 |
| **8/31/18** | $11693 | $11709 | $11051 |
| **9/30/18** | $11824 | $11647 | $11224 |
| **10/31/18** | $10915 | $10632 | $10402 |
| **11/30/18** | $11298 | $11070 | $10709 |
| **12/31/18** | $10990 | $10777 | $10467 |
| **1/31/19** | $11902 | $11721 | $11315 |
| **2/28/19** | $11793 | $11747 | $11275 |
| **3/31/19** | $11647 | $11846 | $11288 |
| **4/30/19** | $11805 | $12095 | $11421 |
| **5/31/19** | $11282 | $11217 | $10819 |
| **6/30/19** | $11963 | $11918 | $11398 |
| **7/31/19** | $11562 | $11772 | $11091 |
| **8/31/19** | $10917 | $11198 | $10428 |
| **9/30/19** | $11221 | $11412 | $10659 |
| **10/31/19** | $11647 | $11893 | $11026 |
| **11/30/19** | $11647 | $11876 | $10948 |
| **12/31/19** | $12450 | $12763 | $11719 |
| **1/31/20** | $11502 | $12168 | $10929 |
| **2/29/20** | $10605 | $11526 | $10231 |
| **3/31/20** | $8325 | $9751 | $8437 |
| **4/30/20** | $9060 | $10644 | $9152 |
| **5/31/20** | $9197 | $10725 | $9119 |
| **6/30/20** | $9658 | $11514 | $9604 |
| **7/31/20** | $10082 | $12543 | $10215 |
| **8/31/20** | $10157 | $12820 | $10290 |
| **9/30/20** | $9920 | $12614 | $10051 |
| **10/31/20** | $9895 | $12874 | $10092 |
| **11/30/20** | $11403 | $14065 | $11388 |
| **12/31/20** | $12517 | $15099 | $12361 |
| **1/31/21** | $12669 | $15562 | $12455 |
| **2/28/21** | $13466 | $15681 | $12801 |
| **3/31/21** | $13897 | $15444 | $12869 |
| **4/30/21** | $14542 | $15829 | $13164 |
| **5/31/21** | $15011 | $16196 | $13676 |
| **6/30/21** | $15011 | $16223 | $13599 |
| **7/31/21** | $14656 | $15132 | $12953 |
| **8/31/21** | $14947 | $15528 | $13310 |
| **9/30/21** | $14416 | $14911 | $12908 |
| **10/31/21** | $14378 | $15058 | $12950 |
| **11/30/21** | $13694 | $14444 | $12415 |
| **12/31/21** | $14442 | $14715 | $12855 |
| **1/31/22** | $14691 | $14437 | $12760 |
| **2/28/22** | $13890 | $14005 | $12550 |
| **3/31/22** | $13862 | $13689 | $12415 |
| **4/30/22** | $13103 | $12927 | $11716 |
| **5/31/22** | $13421 | $12984 | $11817 |
| **6/30/22** | $12012 | $12121 | $11070 |
| **7/31/22** | $12206 | $12092 | $10970 |
| **8/31/22** | $12468 | $12142 | $10982 |
| **9/30/22** | $11239 | $10719 | $9858 |
| **10/31/22** | $11598 | $10386 | $9685 |
| **11/30/22** | $12965 | $11926 | $10987 |
| **12/31/22** | $12892 | $11759 | $10821 |
| **1/31/23** | $13569 | $12687 | $11601 |
| **2/28/23** | $12938 | $11864 | $10974 |
| **3/31/23** | $13400 | $12224 | $11244 |
| **4/30/23** | $13800 | $12085 | $11289 |
| **5/31/23** | $13554 | $11882 | $11077 |
| **6/30/23** | $14216 | $12333 | $11527 |
| **7/31/23** | $15325 | $13101 | $12279 |
| **8/31/23** | $14740 | $12294 | $11555 |
| **9/30/23** | $14493 | $11973 | $11437 |
| **10/31/23** | $13708 | $11507 | $10985 |
| **11/30/23** | $14786 | $12428 | $11728 |
| **12/31/23** | $15762 | $12914 | $12359 |
| **1/31/24** | $15762 | $12315 | $11911 |
| **2/29/24** | $16275 | $12900 | $12390 |
| **3/31/24** | $16419 | $13220 | $12521 |
| **4/30/24** | $16692 | $13279 | $12603 |
| **5/31/24** | $17317 | $13354 | $12733 |
| **6/30/24** | $17285 | $13881 | $13157 |
| **7/31/24** | $17333 | $13922 | $13240 |
| **8/31/24** | $17574 | $14147 | $13446 |
| **9/30/24** | $18327 | $15092 | $14225 |
| **10/31/24** | $17285 | $14421 | $13466 |
| **11/30/24** | $17076 | $13902 | $13009 |
| **12/31/24** | $16804 | $13883 | $12915 |
| **1/31/25** | $16821 | $14131 | $13108 |
| **2/28/25** | $16719 | $14200 | $13264 |
| **3/31/25** | $17299 | $14290 | $13473 |
| **4/30/25** | $17179 | $14478 | $13563 |
| **5/31/25** | $18083 | $15095 | $14113 |
| **6/30/25** | $19022 | $16003 | $14822 |

---

The table below shows the average annual total returns of the Fund, a regulatory index, and one or more supplemental index(es) for certain periods ended June 30, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Class A (excluding sales charge) | 10.05% | 14.52% | 7.05% |
| Class A (including sales charge) | 5.92% | 13.65% | 6.64% |
| MSCI Emerging Markets Index | 15.29% | 6.81% | 4.81% |
| MSCI Emerging Markets Value Index | 12.66% | 9.07% | 4.01% |

---

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.

**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 an 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 Cumulative Returns graph and Average Annual Total Returns 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 graph. 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. For performance current to the most recent month-end, visit **www.pimco.com/literature** or via **888.87.PIMCO (888.877.4626)**.

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $2360499 |
| # of Portfolio Holdings | 369 |
| Portfolio Turnover Rate | 48% |
| Total Net Advisory Fees Paid During the Reporting Period | $10463 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Geographic Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| China | 26.8% |
| Brazil | 17.6% |
| South Korea | 14.2% |
| India | 9.7% |
| Taiwan | 8.1% |
| Thailand | 6.1% |
| South Africa | 6.1% |
| Hong Kong | 2.1% |
| Indonesia | 1.9% |
| Mexico | 1.5% |
| Chile | 1.2% |
| Other Countries | 3.7% |
| Short-Term Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Affiliated Investments | 0.7% |
| Other Assets and Liabilities, Net | 0.3% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g946521g31n56.jpg)

For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.** 

# Class A: PEAFX
![Image](g946521g28k42.jpg)

# PIMCO RAE Emerging Markets Fund
Annual Shareholder Report \|

June 30, 2025

PES8022TSRAR_063025

# Institutional Class: PEIFX

# PIMCO RAE Emerging Markets Fund

#### Annual Shareholder Report \| June 30, 2025
![Image](g946521g90b93.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO RAE Emerging Markets Fund (the "Fund") for the period of July 1, 2024 to June 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $79 | 0.75% |

---

## How did the Fund perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Security selection in the industrials sector contributed to relative returns, as the Fund's holdings outperformed the MSCI Emerging Markets Value Index (the "Index").

* Underweight exposure to the information technology sector contributed to relative returns, as the sector underperformed the Index.

* Security selection in the consumer staples sector contributed to relative returns, as the Fund's holdings outperformed the Index.

* Underweight exposure to, and security selection in, the consumer discretionary sector detracted from relative returns, as the sector outperformed the Index and the Fund's holdings underperformed the Index.

* Underweight exposure to, and security selection in, the financials sector detracted from relative returns, as the sector outperformed the Index and the Fund's holdings underperformed the Index.

* Overweight exposure to the energy sector detracted from relative returns, as the sector underperformed the Index.

## Fund Performance
In addition to the Fund's performance, the graph and the table in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Fund's regulatory index is the MSCI Emerging Markets Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended June 30, 2025 or the life of the Fund, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g946521g16a29.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **MSCI Emerging Markets Index** | **MSCI Emerging Markets Value Index** |
| **6/30/15** | $1000000 | $1000000 | $1000000 |
| **7/31/15** | $925628 | $930681 | $926723 |
| **8/31/15** | $841206 | $846503 | $838068 |
| **9/30/15** | $797990 | $821038 | $808549 |
| **10/31/15** | $850251 | $879604 | $865129 |
| **11/30/15** | $810050 | $845293 | $818228 |
| **12/31/15** | $771489 | $826450 | $796856 |
| **1/31/16** | $733480 | $772836 | $745267 |
| **2/29/16** | $743753 | $771571 | $749269 |
| **3/31/16** | $863945 | $873670 | $858939 |
| **4/30/16** | $910173 | $878419 | $870506 |
| **5/31/16** | $824908 | $845652 | $820538 |
| **6/30/16** | $896818 | $879450 | $855941 |
| **7/31/16** | $966673 | $923706 | $901879 |
| **8/31/16** | $979001 | $946662 | $918792 |
| **9/30/16** | $995437 | $958835 | $925785 |
| **10/31/16** | $1034474 | $961121 | $939491 |
| **11/30/16** | $1012901 | $916880 | $908568 |
| **12/31/16** | $1022234 | $918904 | $915618 |
| **1/31/17** | $1104604 | $969190 | $957435 |
| **2/28/17** | $1137340 | $998858 | $992173 |
| **3/31/17** | $1144733 | $1024073 | $1008620 |
| **4/30/17** | $1150013 | $1046492 | $1016984 |
| **5/31/17** | $1142621 | $1077431 | $1039507 |
| **6/30/17** | $1143677 | $1088278 | $1040571 |
| **7/31/17** | $1219710 | $1153150 | $1095636 |
| **8/31/17** | $1256671 | $1178871 | $1119105 |
| **9/30/17** | $1236607 | $1174184 | $1097536 |
| **10/31/17** | $1271456 | $1215346 | $1133968 |
| **11/30/17** | $1259840 | $1217785 | $1125271 |
| **12/31/17** | $1322130 | $1261501 | $1172611 |
| **1/31/18** | $1453770 | $1366642 | $1274920 |
| **2/28/18** | $1377075 | $1303613 | $1215381 |
| **3/31/18** | $1364483 | $1279374 | $1191585 |
| **4/30/18** | $1362194 | $1273714 | $1202101 |
| **5/31/18** | $1299236 | $1228581 | $1144247 |
| **6/30/18** | $1229409 | $1177537 | $1085072 |
| **7/31/18** | $1272907 | $1203405 | $1128986 |
| **8/31/18** | $1228264 | $1170865 | $1105111 |
| **9/30/18** | $1242001 | $1164652 | $1122404 |
| **10/31/18** | $1145846 | $1063230 | $1040211 |
| **11/30/18** | $1187055 | $1107047 | $1070856 |
| **12/31/18** | $1154871 | $1077719 | $1046694 |
| **1/31/19** | $1251322 | $1172082 | $1131486 |
| **2/28/19** | $1239900 | $1174716 | $1127518 |
| **3/31/19** | $1224671 | $1184574 | $1128842 |
| **4/30/19** | $1242438 | $1209514 | $1142080 |
| **5/31/19** | $1187867 | $1121748 | $1081944 |
| **6/30/19** | $1258936 | $1191759 | $1139760 |
| **7/31/19** | $1218326 | $1177186 | $1109070 |
| **8/31/19** | $1149795 | $1119791 | $1042842 |
| **9/30/19** | $1181522 | $1141167 | $1065922 |
| **10/31/19** | $1227209 | $1189287 | $1102644 |
| **11/30/19** | $1228478 | $1187649 | $1094812 |
| **12/31/19** | $1312960 | $1276254 | $1171917 |
| **1/31/20** | $1212565 | $1216762 | $1092880 |
| **2/29/20** | $1119993 | $1152597 | $1023054 |
| **3/31/20** | $877480 | $975073 | $843736 |
| **4/30/20** | $957014 | $1064363 | $915225 |
| **5/31/20** | $971356 | $1072539 | $911907 |
| **6/30/20** | $1020901 | $1151381 | $960402 |
| **7/31/20** | $1065232 | $1254269 | $1021459 |
| **8/31/20** | $1073055 | $1281995 | $1029047 |
| **9/30/20** | $1048282 | $1261432 | $1005124 |
| **10/31/20** | $1045674 | $1287421 | $1009247 |
| **11/30/20** | $1206046 | $1406491 | $1138833 |
| **12/31/20** | $1324386 | $1509887 | $1236080 |
| **1/31/21** | $1341620 | $1556178 | $1245490 |
| **2/28/21** | $1426466 | $1568081 | $1280071 |
| **3/31/21** | $1472865 | $1544397 | $1286924 |
| **4/30/21** | $1541802 | $1582850 | $1316444 |
| **5/31/21** | $1592179 | $1619556 | $1367639 |
| **6/30/21** | $1593505 | $1622348 | $1359860 |
| **7/31/21** | $1556385 | $1513165 | $1295268 |
| **8/31/21** | $1588202 | $1552775 | $1330978 |
| **9/30/21** | $1531197 | $1491066 | $1290838 |
| **10/31/21** | $1527220 | $1505772 | $1294984 |
| **11/30/21** | $1455631 | $1444410 | $1241512 |
| **12/31/21** | $1535125 | $1471509 | $1285547 |
| **1/31/22** | $1561144 | $1443655 | $1276037 |
| **2/28/22** | $1477305 | $1400504 | $1254971 |
| **3/31/22** | $1474414 | $1368873 | $1241535 |
| **4/30/22** | $1393466 | $1292727 | $1171563 |
| **5/31/22** | $1428158 | $1298419 | $1181661 |
| **6/30/22** | $1279271 | $1212139 | $1107040 |
| **7/31/22** | $1299508 | $1209160 | $1096986 |
| **8/31/22** | $1326973 | $1214209 | $1098224 |
| **9/30/22** | $1198323 | $1071864 | $985767 |
| **10/31/22** | $1237351 | $1038586 | $968454 |
| **11/30/22** | $1381902 | $1192625 | $1098732 |
| **12/31/22** | $1374864 | $1175863 | $1082061 |
| **1/31/23** | $1447395 | $1268711 | $1160061 |
| **2/28/23** | $1381311 | $1186444 | $1097430 |
| **3/31/23** | $1431277 | $1222379 | $1124355 |
| **4/30/23** | $1473184 | $1208527 | $1128885 |
| **5/31/23** | $1447395 | $1188227 | $1107722 |
| **6/30/23** | $1519926 | $1233343 | $1152750 |
| **7/31/23** | $1639199 | $1310120 | $1227927 |
| **8/31/23** | $1576339 | $1229416 | $1155505 |
| **9/30/23** | $1550550 | $1197265 | $1143743 |
| **10/31/23** | $1466737 | $1150747 | $1098519 |
| **11/30/23** | $1582786 | $1242840 | $1172759 |
| **12/31/23** | $1686829 | $1291427 | $1235850 |
| **1/31/24** | $1686829 | $1231463 | $1191052 |
| **2/29/24** | $1742217 | $1290046 | $1239036 |
| **3/31/24** | $1759002 | $1322013 | $1252092 |
| **4/30/24** | $1787535 | $1327928 | $1260313 |
| **5/31/24** | $1854672 | $1335428 | $1273271 |
| **6/30/24** | $1852994 | $1388103 | $1315685 |
| **7/31/24** | $1859708 | $1392232 | $1323998 |
| **8/31/24** | $1886563 | $1414712 | $1344609 |
| **9/30/24** | $1967128 | $1509178 | $1422537 |
| **10/31/24** | $1856351 | $1442060 | $1346574 |
| **11/30/24** | $1832853 | $1390246 | $1300917 |
| **12/31/24** | $1804640 | $1388338 | $1291538 |
| **1/31/25** | $1806425 | $1413149 | $1310759 |
| **2/28/25** | $1797500 | $1419995 | $1326391 |
| **3/31/25** | $1858191 | $1428982 | $1347279 |
| **4/30/25** | $1845695 | $1447763 | $1356344 |
| **5/31/25** | $1945656 | $1509527 | $1411336 |
| **6/30/25** | $2047401 | $1600290 | $1482239 |

---

The table below shows the average annual total returns of the Fund, a regulatory index, and one or more supplemental index(es) for certain periods ended June 30, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 10.49% | 14.93% | 7.43% |
| MSCI Emerging Markets Index | 15.29% | 6.81% | 4.81% |
| MSCI Emerging Markets Value Index | 12.66% | 9.07% | 4.01% |

---

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.

**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 an 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. For performance current to the most recent month-end, visit **www.pimco.com/literature** or via **888.87.PIMCO (888.877.4626)**.

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $2360499 |
| # of Portfolio Holdings | 369 |
| Portfolio Turnover Rate | 48% |
| Total Net Advisory Fees Paid During the Reporting Period | $10463 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Geographic Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| China | 26.8% |
| Brazil | 17.6% |
| South Korea | 14.2% |
| India | 9.7% |
| Taiwan | 8.1% |
| Thailand | 6.1% |
| South Africa | 6.1% |
| Hong Kong | 2.1% |
| Indonesia | 1.9% |
| Mexico | 1.5% |
| Chile | 1.2% |
| Other Countries | 3.7% |
| Short-Term Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Affiliated Investments | 0.7% |
| Other Assets and Liabilities, Net | 0.3% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g946521g31n56.jpg)

For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.** 

# Institutional Class: PEIFX
![Image](g946521g28k42.jpg)

# PIMCO RAE Emerging Markets Fund
Annual Shareholder Report \|

June 30, 2025

PES2143TSRAR_063025

# I-2: PEPFX

# PIMCO RAE Emerging Markets Fund

#### Annual Shareholder Report \| June 30, 2025
![Image](g946521g90b93.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO RAE Emerging Markets Fund (the "Fund") for the period of July 1, 2024 to June 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-2 | $89 | 0.85% |

---

## How did the Fund perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Security selection in the industrials sector contributed to relative returns, as the Fund's holdings outperformed the MSCI Emerging Markets Value Index (the "Index").

* Underweight exposure to the information technology sector contributed to relative returns, as the sector underperformed the Index.

* Security selection in the consumer staples sector contributed to relative returns, as the Fund's holdings outperformed the Index.

* Underweight exposure to, and security selection in, the consumer discretionary sector detracted from relative returns, as the sector outperformed the Index and the Fund's holdings underperformed the Index.

* Underweight exposure to, and security selection in, the financials sector detracted from relative returns, as the sector outperformed the Index and the Fund's holdings underperformed the Index.

* Overweight exposure to the energy sector detracted from relative returns, as the sector underperformed the Index.

## Fund Performance
In addition to the Fund's performance, the graph and the table in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Fund's regulatory index is the MSCI Emerging Markets Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended June 30, 2025 or the life of the Fund, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g946521g86b48.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **I-2** | **MSCI Emerging Markets Index** | **MSCI Emerging Markets Value Index** |
| **6/30/15** | $1000000 | $1000000 | $1000000 |
| **7/31/15** | $924699 | $930681 | $926723 |
| **8/31/15** | $840361 | $846503 | $838068 |
| **9/30/15** | $797189 | $821038 | $808549 |
| **10/31/15** | $849398 | $879604 | $865129 |
| **11/30/15** | $808233 | $845293 | $818228 |
| **12/31/15** | $770172 | $826450 | $796856 |
| **1/31/16** | $732126 | $772836 | $745267 |
| **2/29/16** | $742408 | $771571 | $749269 |
| **3/31/16** | $861687 | $873670 | $858939 |
| **4/30/16** | $907959 | $878419 | $870506 |
| **5/31/16** | $823641 | $845652 | $820538 |
| **6/30/16** | $894592 | $879450 | $855941 |
| **7/31/16** | $964514 | $923706 | $901879 |
| **8/31/16** | $975825 | $946662 | $918792 |
| **9/30/16** | $993305 | $958835 | $925785 |
| **10/31/16** | $1031351 | $961121 | $939491 |
| **11/30/16** | $1009758 | $916880 | $908568 |
| **12/31/16** | $1019738 | $918904 | $915618 |
| **1/31/17** | $1101106 | $969190 | $957435 |
| **2/28/17** | $1132807 | $998858 | $992173 |
| **3/31/17** | $1140205 | $1024073 | $1008620 |
| **4/30/17** | $1145488 | $1046492 | $1016984 |
| **5/31/17** | $1138091 | $1077431 | $1039507 |
| **6/30/17** | $1140205 | $1088278 | $1040571 |
| **7/31/17** | $1215232 | $1153150 | $1095636 |
| **8/31/17** | $1251160 | $1178871 | $1119105 |
| **9/30/17** | $1232139 | $1174184 | $1097536 |
| **10/31/17** | $1267011 | $1215346 | $1133968 |
| **11/30/17** | $1254331 | $1217785 | $1125271 |
| **12/31/17** | $1315780 | $1261501 | $1172611 |
| **1/31/18** | $1447472 | $1366642 | $1274920 |
| **2/28/18** | $1370747 | $1303613 | $1215381 |
| **3/31/18** | $1358150 | $1279374 | $1191585 |
| **4/30/18** | $1355860 | $1273714 | $1202101 |
| **5/31/18** | $1294022 | $1228581 | $1144247 |
| **6/30/18** | $1223022 | $1177537 | $1085072 |
| **7/31/18** | $1266538 | $1203405 | $1128986 |
| **8/31/18** | $1221877 | $1170865 | $1105111 |
| **9/30/18** | $1235619 | $1164652 | $1122404 |
| **10/31/18** | $1140572 | $1063230 | $1040211 |
| **11/30/18** | $1180652 | $1107047 | $1070856 |
| **12/31/18** | $1148413 | $1077719 | $1046694 |
| **1/31/19** | $1244961 | $1172082 | $1131486 |
| **2/28/19** | $1233528 | $1174716 | $1127518 |
| **3/31/19** | $1218283 | $1184574 | $1128842 |
| **4/30/19** | $1236068 | $1209514 | $1142080 |
| **5/31/19** | $1180172 | $1121748 | $1081944 |
| **6/30/19** | $1252583 | $1191759 | $1139760 |
| **7/31/19** | $1210661 | $1177186 | $1109070 |
| **8/31/19** | $1143331 | $1119791 | $1042842 |
| **9/30/19** | $1175091 | $1141167 | $1065922 |
| **10/31/19** | $1219554 | $1189287 | $1102644 |
| **11/30/19** | $1219554 | $1187649 | $1094812 |
| **12/31/19** | $1303908 | $1276254 | $1171917 |
| **1/31/20** | $1205206 | $1216762 | $1092880 |
| **2/29/20** | $1111699 | $1152597 | $1023054 |
| **3/31/20** | $871437 | $975073 | $843736 |
| **4/30/20** | $950658 | $1064363 | $915225 |
| **5/31/20** | $963645 | $1072539 | $911907 |
| **6/30/20** | $1012996 | $1151381 | $960402 |
| **7/31/20** | $1057153 | $1254269 | $1021459 |
| **8/31/20** | $1064945 | $1281995 | $1029047 |
| **9/30/20** | $1041568 | $1261432 | $1005124 |
| **10/31/20** | $1037672 | $1287421 | $1009247 |
| **11/30/20** | $1196115 | $1406491 | $1138833 |
| **12/31/20** | $1314458 | $1509887 | $1236080 |
| **1/31/21** | $1331615 | $1556178 | $1245490 |
| **2/28/21** | $1414758 | $1568081 | $1280071 |
| **3/31/21** | $1460949 | $1544397 | $1286924 |
| **4/30/21** | $1529575 | $1582850 | $1316444 |
| **5/31/21** | $1578406 | $1619556 | $1367639 |
| **6/30/21** | $1579726 | $1622348 | $1359860 |
| **7/31/21** | $1542773 | $1513165 | $1295268 |
| **8/31/21** | $1573127 | $1552775 | $1330978 |
| **9/30/21** | $1517698 | $1491066 | $1290838 |
| **10/31/21** | $1512419 | $1505772 | $1294984 |
| **11/30/21** | $1442473 | $1444410 | $1241512 |
| **12/31/21** | $1522132 | $1471509 | $1285547 |
| **1/31/22** | $1546613 | $1443655 | $1276037 |
| **2/28/22** | $1463090 | $1400504 | $1254971 |
| **3/31/22** | $1460210 | $1368873 | $1241535 |
| **4/30/22** | $1381007 | $1292727 | $1171563 |
| **5/31/22** | $1415568 | $1298419 | $1181661 |
| **6/30/22** | $1267243 | $1212139 | $1107040 |
| **7/31/22** | $1287404 | $1209160 | $1096986 |
| **8/31/22** | $1314765 | $1214209 | $1098224 |
| **9/30/22** | $1186601 | $1071864 | $985767 |
| **10/31/22** | $1224042 | $1038586 | $968454 |
| **11/30/22** | $1368047 | $1192625 | $1098732 |
| **12/31/22** | $1361834 | $1175863 | $1082061 |
| **1/31/23** | $1432495 | $1268711 | $1160061 |
| **2/28/23** | $1366652 | $1186444 | $1097430 |
| **3/31/23** | $1416436 | $1222379 | $1124355 |
| **4/30/23** | $1458190 | $1208527 | $1128885 |
| **5/31/23** | $1432495 | $1188227 | $1107722 |
| **6/30/23** | $1503156 | $1233343 | $1152750 |
| **7/31/23** | $1620390 | $1310120 | $1227927 |
| **8/31/23** | $1559364 | $1229416 | $1155505 |
| **9/30/23** | $1533669 | $1197265 | $1143743 |
| **10/31/23** | $1451766 | $1150747 | $1098519 |
| **11/30/23** | $1565788 | $1242840 | $1172759 |
| **12/31/23** | $1667384 | $1291427 | $1235850 |
| **1/31/24** | $1669057 | $1231463 | $1191052 |
| **2/29/24** | $1722574 | $1290046 | $1239036 |
| **3/31/24** | $1739298 | $1322013 | $1252092 |
| **4/30/24** | $1767728 | $1327928 | $1260313 |
| **5/31/24** | $1834625 | $1335428 | $1273271 |
| **6/30/24** | $1831280 | $1388103 | $1315685 |
| **7/31/24** | $1837969 | $1392232 | $1323998 |
| **8/31/24** | $1864728 | $1414712 | $1344609 |
| **9/30/24** | $1943331 | $1509178 | $1422537 |
| **10/31/24** | $1832952 | $1442060 | $1346574 |
| **11/30/24** | $1811211 | $1390246 | $1300917 |
| **12/31/24** | $1782186 | $1388338 | $1291538 |
| **1/31/25** | $1785744 | $1413149 | $1310759 |
| **2/28/25** | $1775072 | $1419995 | $1326391 |
| **3/31/25** | $1835545 | $1428982 | $1347279 |
| **4/30/25** | $1823095 | $1447763 | $1356344 |
| **5/31/25** | $1920919 | $1509527 | $1411336 |
| **6/30/25** | $2020523 | $1600290 | $1482239 |

---

The table below shows the average annual total returns of the Fund, a regulatory index, and one or more supplemental index(es) for certain periods ended June 30, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| I-2 | 10.33% | 14.81% | 7.29% |
| MSCI Emerging Markets Index | 15.29% | 6.81% | 4.81% |
| MSCI Emerging Markets Value Index | 12.66% | 9.07% | 4.01% |

---

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.

**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 an 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. For performance current to the most recent month-end, visit **www.pimco.com/literature** or via **888.87.PIMCO (888.877.4626)**.

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $2360499 |
| # of Portfolio Holdings | 369 |
| Portfolio Turnover Rate | 48% |
| Total Net Advisory Fees Paid During the Reporting Period | $10463 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Geographic Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| China | 26.8% |
| Brazil | 17.6% |
| South Korea | 14.2% |
| India | 9.7% |
| Taiwan | 8.1% |
| Thailand | 6.1% |
| South Africa | 6.1% |
| Hong Kong | 2.1% |
| Indonesia | 1.9% |
| Mexico | 1.5% |
| Chile | 1.2% |
| Other Countries | 3.7% |
| Short-Term Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Affiliated Investments | 0.7% |
| Other Assets and Liabilities, Net | 0.3% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g946521g31n56.jpg)

For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.** 

# I-2: PEPFX
![Image](g946521g28k42.jpg)

# PIMCO RAE Emerging Markets Fund
Annual Shareholder Report \|

June 30, 2025

PES2144TSRAR_063025

# Class A: PZRAX

# PIMCO RAE Global ex-US Fund

#### Annual Shareholder Report \| June 30, 2025
![Image](g946521g90b93.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO RAE Global ex-US Fund (the "Fund") for the period of July 1, 2024 to June 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $38 | 0.35% |

---

## How did the Fund perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Security selection in the consumer staples sector contributed to relative returns, as the Fund's holdings outperformed the MSCI ACWI ex US Value Index (the "Index").

* Security selection in the information technology sector contributed to relative returns, as the Fund's holdings outperformed the Index.

* Overweight exposure to, and security selection in, the communication services sector contributed to relative returns, as the sector and the Fund's holdings outperformed the Index.

* Underweight exposure to, and security selection in, the financials sector detracted from relative returns, as the sector outperformed the Index and the Fund's holdings underperformed the Index.

* Overweight exposure to, and security selection in, the consumer discretionary sector detracted from relative returns, as the sector and the Fund's holdings underperformed the Index.

* Security selection in the utilities sector detracted from relative returns, as the Fund's holdings underperformed the Index.

## Fund Performance
In addition to the Fund's performance, the graph and the table in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Fund's regulatory index is the MSCI All Country World Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended June 30, 2025 or the life of the Fund, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g946521g56d13.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A (including sales charge)** | **MSCI All Country World Index** | **MSCI All Country World ex US Index** | **MSCI All Country World ex US Value Index** |
| **6/30/15** | $9629 | $10000 | $10000 | $10000 |
| **7/31/15** | $9482 | $10087 | $9972 | $9917 |
| **8/31/15** | $8760 | $9395 | $9210 | $9146 |
| **9/30/15** | $8291 | $9055 | $8783 | $8640 |
| **10/31/15** | $8857 | $9766 | $9437 | $9272 |
| **11/30/15** | $8643 | $9685 | $9242 | $8987 |
| **12/31/15** | $8364 | $9510 | $9068 | $8764 |
| **1/31/16** | $7871 | $8937 | $8451 | $8111 |
| **2/29/16** | $7753 | $8875 | $8355 | $8028 |
| **3/31/16** | $8473 | $9533 | $9034 | $8728 |
| **4/30/16** | $8887 | $9674 | $9272 | $9058 |
| **5/31/16** | $8562 | $9686 | $9115 | $8810 |
| **6/30/16** | $8542 | $9627 | $8976 | $8574 |
| **7/31/16** | $8936 | $10042 | $9419 | $9010 |
| **8/31/16** | $9005 | $10076 | $9479 | $9159 |
| **9/30/16** | $9134 | $10138 | $9596 | $9242 |
| **10/31/16** | $9222 | $9966 | $9458 | $9293 |
| **11/30/16** | $9153 | $10041 | $9239 | $9214 |
| **12/31/16** | $9419 | $10258 | $9476 | $9546 |
| **1/31/17** | $9864 | $10539 | $9811 | $9841 |
| **2/28/17** | $9904 | $10834 | $9968 | $9959 |
| **3/31/17** | $10137 | $10967 | $10220 | $10183 |
| **4/30/17** | $10269 | $11138 | $10439 | $10327 |
| **5/31/17** | $10471 | $11384 | $10778 | $10541 |
| **6/30/17** | $10562 | $11436 | $10811 | $10599 |
| **7/31/17** | $11027 | $11755 | $11210 | $11013 |
| **8/31/17** | $11108 | $11800 | $11269 | $11018 |
| **9/30/17** | $11341 | $12028 | $11478 | $11234 |
| **10/31/17** | $11523 | $12278 | $11694 | $11386 |
| **11/30/17** | $11553 | $12516 | $11789 | $11444 |
| **12/31/17** | $11826 | $12717 | $12052 | $11709 |
| **1/31/18** | $12552 | $13435 | $12723 | $12404 |
| **2/28/18** | $11910 | $12871 | $12123 | $11789 |
| **3/31/18** | $11752 | $12595 | $11910 | $11534 |
| **4/30/18** | $11931 | $12715 | $12100 | $11818 |
| **5/31/18** | $11468 | $12731 | $11820 | $11337 |
| **6/30/18** | $11163 | $12662 | $11598 | $11091 |
| **7/31/18** | $11542 | $13044 | $11876 | $11434 |
| **8/31/18** | $11163 | $13147 | $11627 | $11081 |
| **9/30/18** | $11310 | $13204 | $11680 | $11281 |
| **10/31/18** | $10479 | $12214 | $10730 | $10506 |
| **11/30/18** | $10574 | $12393 | $10832 | $10546 |
| **12/31/18** | $10033 | $11520 | $10341 | $10073 |
| **1/31/19** | $10778 | $12430 | $11123 | $10830 |
| **2/28/19** | $10854 | $12762 | $11340 | $10961 |
| **3/31/19** | $10789 | $12923 | $11407 | $10912 |
| **4/30/19** | $11005 | $13359 | $11709 | $11143 |
| **5/31/19** | $10400 | $12567 | $11080 | $10517 |
| **6/30/19** | $10951 | $13390 | $11748 | $11083 |
| **7/31/19** | $10670 | $13429 | $11605 | $10831 |
| **8/31/19** | $10357 | $13110 | $11247 | $10346 |
| **9/30/19** | $10746 | $13386 | $11536 | $10772 |
| **10/31/19** | $11102 | $13752 | $11939 | $11131 |
| **11/30/19** | $11167 | $14088 | $12044 | $11152 |
| **12/31/19** | $11582 | $14584 | $12566 | $11656 |
| **1/31/20** | $11053 | $14423 | $12228 | $11139 |
| **2/29/20** | $10169 | $13258 | $11262 | $10188 |
| **3/31/20** | $8146 | $11468 | $9631 | $8328 |
| **4/30/20** | $8640 | $12697 | $10361 | $8857 |
| **5/31/20** | $8962 | $13249 | $10700 | $9033 |
| **6/30/20** | $9307 | $13672 | $11184 | $9391 |
| **7/31/20** | $9422 | $14395 | $11682 | $9589 |
| **8/31/20** | $9881 | $15277 | $12182 | $10020 |
| **9/30/20** | $9560 | $14784 | $11883 | $9605 |
| **10/31/20** | $9341 | $14425 | $11627 | $9357 |
| **11/30/20** | $10961 | $16203 | $13191 | $10958 |
| **12/31/20** | $11744 | $16955 | $13904 | $11566 |
| **1/31/21** | $11861 | $16878 | $13935 | $11546 |
| **2/28/21** | $12552 | $17269 | $14210 | $12047 |
| **3/31/21** | $12903 | $17730 | $14390 | $12383 |
| **4/30/21** | $13208 | $18505 | $14814 | $12661 |
| **5/31/21** | $13735 | $18793 | $15277 | $13141 |
| **6/30/21** | $13442 | $19041 | $15178 | $12919 |
| **7/31/21** | $13325 | $19172 | $14928 | $12689 |
| **8/31/21** | $13383 | $19652 | $15212 | $12882 |
| **9/30/21** | $13032 | $18840 | $14725 | $12619 |
| **10/31/21** | $13149 | $19802 | $15076 | $12827 |
| **11/30/21** | $12412 | $19325 | $14397 | $12130 |
| **12/31/21** | $13119 | $20098 | $14992 | $12775 |
| **1/31/22** | $13211 | $19111 | $14440 | $12889 |
| **2/28/22** | $12883 | $18617 | $14154 | $12734 |
| **3/31/22** | $12752 | $19020 | $14176 | $12792 |
| **4/30/22** | $12056 | $17498 | $13286 | $12129 |
| **5/31/22** | $12476 | $17518 | $13382 | $12392 |
| **6/30/22** | $11309 | $16042 | $12230 | $11269 |
| **7/31/22** | $11584 | $17162 | $12649 | $11420 |
| **8/31/22** | $11243 | $16530 | $12242 | $11134 |
| **9/30/22** | $10167 | $14948 | $11019 | $10093 |
| **10/31/22** | $10705 | $15850 | $11348 | $10501 |
| **11/30/22** | $12004 | $17079 | $12688 | $11675 |
| **12/31/22** | $11883 | $16407 | $12593 | $11678 |
| **1/31/23** | $12698 | $17583 | $13614 | $12585 |
| **2/28/23** | $12412 | $17079 | $13136 | $12240 |
| **3/31/23** | $12583 | $17606 | $13458 | $12280 |
| **4/30/23** | $12883 | $17859 | $13691 | $12585 |
| **5/31/23** | $12326 | $17668 | $13194 | $12017 |
| **6/30/23** | $13069 | $18693 | $13786 | $12643 |
| **7/31/23** | $13740 | $19378 | $14346 | $13282 |
| **8/31/23** | $13340 | $18836 | $13698 | $12761 |
| **9/30/23** | $13026 | $18057 | $13265 | $12634 |
| **10/31/23** | $12512 | $17514 | $12718 | $12084 |
| **11/30/23** | $13469 | $19131 | $13863 | $13011 |
| **12/31/23** | $14129 | $20050 | $14559 | $13698 |
| **1/31/24** | $13942 | $20167 | $14415 | $13529 |
| **2/29/24** | $14239 | $21033 | $14780 | $13687 |
| **3/31/24** | $14582 | $21693 | $15242 | $14165 |
| **4/30/24** | $14442 | $20977 | $14968 | $14060 |
| **5/31/24** | $15114 | $21829 | $15403 | $14508 |
| **6/30/24** | $14598 | $22316 | $15388 | $14343 |
| **7/31/24** | $15145 | $22675 | $15744 | $14864 |
| **8/31/24** | $15489 | $23251 | $16193 | $15237 |
| **9/30/24** | $15911 | $23791 | $16629 | $15671 |
| **10/31/24** | $15020 | $23257 | $15813 | $14931 |
| **11/30/24** | $14942 | $24127 | $15670 | $14784 |
| **12/31/24** | $14551 | $23556 | $15365 | $14526 |
| **1/31/25** | $14935 | $24347 | $15984 | $15079 |
| **2/28/25** | $15285 | $24200 | $16206 | $15490 |
| **3/31/25** | $15585 | $23244 | $16169 | $15773 |
| **4/30/25** | $16001 | $23461 | $16753 | $16271 |
| **5/31/25** | $16601 | $24810 | $17521 | $16942 |
| **6/30/25** | $17118 | $25923 | $18115 | $17416 |

---

The table below shows the average annual total returns of the Fund, a regulatory index, and one or more supplemental index(es) for certain periods ended June 30, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Class A (excluding sales charge) | 17.26% | 12.96% | 5.92% |
| Class A (including sales charge) | 12.91% | 12.09% | 5.52% |
| MSCI All Country World Index | 16.17% | 13.65% | 9.99% |
| MSCI All Country World ex US Index | 17.72% | 10.13% | 6.12% |
| MSCI All Country World ex US Value Index | 21.42% | 13.15% | 5.70% |

---

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

**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 an 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 Cumulative Returns graph and Average Annual Total Returns 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 graph. 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. For performance current to the most recent month-end, visit **www.pimco.com/literature** or via **888.87.PIMCO (888.877.4626)**.

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $113626 |
| # of Portfolio Holdings | 3 |
| Portfolio Turnover Rate | 12% |
| Total Net Advisory Fees Paid During the Reporting Period | $0 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Geographic Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Short-Term Instruments | 0.2% |
| United States | 99.8% |
| Other Assets and Liabilities, Net | 0.0%<sup>Footnote Reference^</sup> |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

### Top Holdings (% of Net Asset Value)<sup>**Footnote Reference \*\***</sup>

---

| | |
|:---|:---|
| PIMCO RAE International Fund | 73.8% |
| PIMCO RAE Emerging Markets Fund | 26.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*\*</sup> | &nbsp;&nbsp;Short-Term Instruments/Foreign Currency Contracts are not included in Top Holdings table. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g946521g31n56.jpg)

# Class A: PZRAX
![Image](g946521g28k42.jpg)

# PIMCO RAE Global ex-US Fund
Annual Shareholder Report \|

June 30, 2025

PES8027TSRAR_063025

# Institutional Class: PZRIX

# PIMCO RAE Global ex-US Fund

#### Annual Shareholder Report \| June 30, 2025
![Image](g946521g90b93.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO RAE Global ex-US Fund (the "Fund") for the period of July 1, 2024 to June 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $0 | 0.00% |

---

## How did the Fund perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Security selection in the consumer staples sector contributed to relative returns, as the Fund's holdings outperformed the MSCI ACWI ex US Value Index (the "Index").

* Security selection in the information technology sector contributed to relative returns, as the Fund's holdings outperformed the Index.

* Overweight exposure to, and security selection in, the communication services sector contributed to relative returns, as the sector and the Fund's holdings outperformed the Index.

* Underweight exposure to, and security selection in, the financials sector detracted from relative returns, as the sector outperformed the Index and the Fund's holdings underperformed the Index.

* Overweight exposure to, and security selection in, the consumer discretionary sector detracted from relative returns, as the sector and the Fund's holdings underperformed the Index.

* Security selection in the utilities sector detracted from relative returns, as the Fund's holdings underperformed the Index.

## Fund Performance
In addition to the Fund's performance, the graph and the table in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Fund's regulatory index is the MSCI All Country World Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended June 30, 2025 or the life of the Fund, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g946521g95r70.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Institutional Class** | **MSCI All Country World Index** | **MSCI All Country World ex US Index** | **MSCI All Country World ex US Value Index** |
| **6/30/15** | $1000000 | $1000000 | $1000000 | $1000000 |
| **7/31/15** | $985801 | $1008685 | $997221 | $991737 |
| **8/31/15** | $910751 | $939539 | $921001 | $914603 |
| **9/30/15** | $862069 | $905501 | $878297 | $864038 |
| **10/31/15** | $920892 | $976566 | $943679 | $927154 |
| **11/30/15** | $899594 | $968503 | $924200 | $898746 |
| **12/31/15** | $870194 | $951038 | $906793 | $876413 |
| **1/31/16** | $818885 | $893681 | $845111 | $811097 |
| **2/29/16** | $807597 | $887528 | $835452 | $802783 |
| **3/31/16** | $882508 | $953303 | $903382 | $872755 |
| **4/30/16** | $925607 | $967376 | $927154 | $905774 |
| **5/31/16** | $891743 | $968598 | $911507 | $880958 |
| **6/30/16** | $890717 | $962730 | $897561 | $857369 |
| **7/31/16** | $931764 | $1004221 | $941949 | $900969 |
| **8/31/16** | $938947 | $1007598 | $947906 | $915885 |
| **9/30/16** | $953314 | $1013772 | $959595 | $924181 |
| **10/31/16** | $961523 | $996567 | $945798 | $929298 |
| **11/30/16** | $954340 | $1004139 | $923921 | $921405 |
| **12/31/16** | $983233 | $1025831 | $947554 | $954584 |
| **1/31/17** | $1029552 | $1053881 | $981121 | $984081 |
| **2/28/17** | $1033763 | $1083443 | $996766 | $995889 |
| **3/31/17** | $1059028 | $1096697 | $1022035 | $1018321 |
| **4/30/17** | $1072713 | $1113789 | $1043915 | $1032658 |
| **5/31/17** | $1094820 | $1138385 | $1077790 | $1054119 |
| **6/30/17** | $1104295 | $1143561 | $1081136 | $1059879 |
| **7/31/17** | $1152719 | $1175519 | $1120985 | $1101310 |
| **8/31/17** | $1162194 | $1180024 | $1126851 | $1101770 |
| **9/30/17** | $1187459 | $1202822 | $1147769 | $1123377 |
| **10/31/17** | $1206408 | $1227798 | $1169362 | $1138551 |
| **11/30/17** | $1209566 | $1251566 | $1178861 | $1144437 |
| **12/31/17** | $1238624 | $1271744 | $1205210 | $1170913 |
| **1/31/18** | $1315352 | $1343491 | $1272335 | $1240395 |
| **2/28/18** | $1248489 | $1287067 | $1212341 | $1178899 |
| **3/31/18** | $1232047 | $1259515 | $1190960 | $1153372 |
| **4/30/18** | $1250681 | $1271543 | $1209974 | $1181776 |
| **5/31/18** | $1202451 | $1273131 | $1182035 | $1133672 |
| **6/30/18** | $1170664 | $1266237 | $1159818 | $1109053 |
| **7/31/18** | $1211220 | $1304421 | $1187557 | $1143389 |
| **8/31/18** | $1171760 | $1314669 | $1162702 | $1108064 |
| **9/30/18** | $1188202 | $1320391 | $1167999 | $1128083 |
| **10/31/18** | $1100512 | $1221442 | $1072996 | $1050594 |
| **11/30/18** | $1111473 | $1239307 | $1083152 | $1054575 |
| **12/31/18** | $1053888 | $1152017 | $1034095 | $1007310 |
| **1/31/19** | $1132789 | $1242979 | $1112262 | $1082974 |
| **2/28/19** | $1141806 | $1276226 | $1133995 | $1096087 |
| **3/31/19** | $1135043 | $1292275 | $1140749 | $1091173 |
| **4/30/19** | $1157586 | $1335909 | $1170886 | $1114284 |
| **5/31/19** | $1094466 | $1256665 | $1108043 | $1051696 |
| **6/30/19** | $1153078 | $1338951 | $1174763 | $1108260 |
| **7/31/19** | $1123772 | $1342875 | $1160545 | $1083093 |
| **8/31/19** | $1089957 | $1311018 | $1124701 | $1034629 |
| **9/30/19** | $1132789 | $1338604 | $1153644 | $1077220 |
| **10/31/19** | $1169985 | $1375240 | $1193898 | $1113085 |
| **11/30/19** | $1177875 | $1408812 | $1204423 | $1115236 |
| **12/31/19** | $1221826 | $1458423 | $1256581 | $1165609 |
| **1/31/20** | $1165471 | $1442313 | $1222824 | $1113936 |
| **2/29/20** | $1073144 | $1325818 | $1126166 | $1018786 |
| **3/31/20** | $859715 | $1146828 | $963103 | $832835 |
| **4/30/20** | $912472 | $1269681 | $1036089 | $885730 |
| **5/31/20** | $947245 | $1324902 | $1069997 | $903327 |
| **6/30/20** | $983216 | $1367237 | $1118353 | $939131 |
| **7/31/20** | $995206 | $1439545 | $1168214 | $958928 |
| **8/31/20** | $1044367 | $1527652 | $1218220 | $1002010 |
| **9/30/20** | $1010794 | $1478395 | $1188274 | $960502 |
| **10/31/20** | $989211 | $1442459 | $1162727 | $935663 |
| **11/30/20** | $1159476 | $1620260 | $1319130 | $1095754 |
| **12/31/20** | $1243021 | $1695487 | $1390431 | $1156609 |
| **1/31/21** | $1256479 | $1687777 | $1393455 | $1154622 |
| **2/28/21** | $1328662 | $1726871 | $1421038 | $1204672 |
| **3/31/21** | $1366589 | $1772995 | $1439008 | $1238289 |
| **4/30/21** | $1399622 | $1850515 | $1481366 | $1266065 |
| **5/31/21** | $1455901 | $1879313 | $1527701 | $1314119 |
| **6/30/21** | $1425315 | $1904080 | $1517811 | $1291861 |
| **7/31/21** | $1413080 | $1917199 | $1492790 | $1268865 |
| **8/31/21** | $1419197 | $1965185 | $1521167 | $1288217 |
| **9/30/21** | $1382494 | $1884003 | $1472459 | $1261929 |
| **10/31/21** | $1395952 | $1980170 | $1507605 | $1282734 |
| **11/30/21** | $1317651 | $1932487 | $1439720 | $1212962 |
| **12/31/21** | $1393717 | $2009786 | $1499220 | $1277541 |
| **1/31/22** | $1404680 | $1911081 | $1443973 | $1288890 |
| **2/28/22** | $1369050 | $1861723 | $1415392 | $1273386 |
| **3/31/22** | $1355345 | $1902046 | $1417648 | $1279225 |
| **4/30/22** | $1281343 | $1749803 | $1328629 | $1212869 |
| **5/31/22** | $1326567 | $1751850 | $1338162 | $1239157 |
| **6/30/22** | $1203229 | $1604176 | $1223045 | $1126938 |
| **7/31/22** | $1232008 | $1716199 | $1264916 | $1141950 |
| **8/31/22** | $1197747 | $1653018 | $1224233 | $1113412 |
| **9/30/22** | $1082632 | $1494776 | $1101893 | $1009311 |
| **10/31/22** | $1140189 | $1584981 | $1134822 | $1050128 |
| **11/30/22** | $1278602 | $1707918 | $1268783 | $1167453 |
| **12/31/22** | $1266263 | $1640710 | $1259299 | $1167796 |
| **1/31/23** | $1354260 | $1758310 | $1361438 | $1258513 |
| **2/28/23** | $1324430 | $1707918 | $1313649 | $1223963 |
| **3/31/23** | $1342328 | $1760576 | $1345761 | $1228034 |
| **4/30/23** | $1373649 | $1785881 | $1369141 | $1258476 |
| **5/31/23** | $1315482 | $1766752 | $1319361 | $1201692 |
| **6/30/23** | $1394530 | $1869333 | $1378560 | $1264297 |
| **7/31/23** | $1466121 | $1937764 | $1434604 | $1328170 |
| **8/31/23** | $1425851 | $1883616 | $1369813 | $1276092 |
| **9/30/23** | $1391547 | $1805726 | $1326548 | $1263382 |
| **10/31/23** | $1337854 | $1751434 | $1271817 | $1208371 |
| **11/30/23** | $1439274 | $1913085 | $1386299 | $1301135 |
| **12/31/23** | $1510558 | $2004978 | $1455949 | $1369845 |
| **1/31/24** | $1492614 | $2016730 | $1441485 | $1352934 |
| **2/29/24** | $1523609 | $2103276 | $1477981 | $1368731 |
| **3/31/24** | $1559497 | $2169312 | $1524180 | $1416459 |
| **4/30/24** | $1544815 | $2097739 | $1496812 | $1405987 |
| **5/31/24** | $1618222 | $2182937 | $1540264 | $1450828 |
| **6/30/24** | $1564390 | $2231555 | $1538800 | $1434349 |
| **7/31/24** | $1621485 | $2267545 | $1574427 | $1486408 |
| **8/31/24** | $1659004 | $2325133 | $1619268 | $1523706 |
| **9/30/24** | $1704680 | $2379147 | $1662870 | $1567108 |
| **10/31/24** | $1611697 | $2325743 | $1581278 | $1493102 |
| **11/30/24** | $1603541 | $2412735 | $1566965 | $1478378 |
| **12/31/24** | $1560505 | $2355621 | $1536523 | $1452615 |
| **1/31/25** | $1602258 | $2434691 | $1598430 | $1507868 |
| **2/28/25** | $1642271 | $2420023 | $1620617 | $1548954 |
| **3/31/25** | $1673585 | $2324420 | $1616941 | $1577255 |
| **4/30/25** | $1717078 | $2346100 | $1675318 | $1627105 |
| **5/31/25** | $1783186 | $2480951 | $1752065 | $1694208 |
| **6/30/25** | $1838856 | $2592348 | $1811505 | $1741616 |

---

The table below shows the average annual total returns of the Fund, a regulatory index, and one or more supplemental index(es) for certain periods ended June 30, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 17.54% | 13.34% | 6.28% |
| MSCI All Country World Index | 16.17% | 13.65% | 9.99% |
| MSCI All Country World ex US Index | 17.72% | 10.13% | 6.12% |
| MSCI All Country World ex US Value Index | 21.42% | 13.15% | 5.70% |

---

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

**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 an 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. For performance current to the most recent month-end, visit **www.pimco.com/literature** or via **888.87.PIMCO (888.877.4626)**.

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $113626 |
| # of Portfolio Holdings | 3 |
| Portfolio Turnover Rate | 12% |
| Total Net Advisory Fees Paid During the Reporting Period | $0 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Geographic Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Short-Term Instruments | 0.2% |
| United States | 99.8% |
| Other Assets and Liabilities, Net | 0.0%<sup>Footnote Reference^</sup> |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

### Top Holdings (% of Net Asset Value)<sup>**Footnote Reference \*\***</sup>

---

| | |
|:---|:---|
| PIMCO RAE International Fund | 73.8% |
| PIMCO RAE Emerging Markets Fund | 26.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*\*</sup> | &nbsp;&nbsp;Short-Term Instruments/Foreign Currency Contracts are not included in Top Holdings table. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g946521g31n56.jpg)

# Institutional Class: PZRIX
![Image](g946521g28k42.jpg)

# PIMCO RAE Global ex-US Fund
Annual Shareholder Report \|

June 30, 2025

PES2146TSRAR_063025

# I-2: PZRPX

# PIMCO RAE Global ex-US Fund

#### Annual Shareholder Report \| June 30, 2025
![Image](g946521g90b93.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO RAE Global ex-US Fund (the "Fund") for the period of July 1, 2024 to June 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-2 | $11 | 0.10% |

---

## How did the Fund perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Security selection in the consumer staples sector contributed to relative returns, as the Fund's holdings outperformed the MSCI ACWI ex US Value Index (the "Index").

* Security selection in the information technology sector contributed to relative returns, as the Fund's holdings outperformed the Index.

* Overweight exposure to, and security selection in, the communication services sector contributed to relative returns, as the sector and the Fund's holdings outperformed the Index.

* Underweight exposure to, and security selection in, the financials sector detracted from relative returns, as the sector outperformed the Index and the Fund's holdings underperformed the Index.

* Overweight exposure to, and security selection in, the consumer discretionary sector detracted from relative returns, as the sector and the Fund's holdings underperformed the Index.

* Security selection in the utilities sector detracted from relative returns, as the Fund's holdings underperformed the Index.

## Fund Performance
In addition to the Fund's performance, the graph and the table in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Fund's regulatory index is the MSCI All Country World Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended June 30, 2025 or the life of the Fund, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g946521g76b48.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **I-2** | **MSCI All Country World Index** | **MSCI All Country World ex US Index** | **MSCI All Country World ex US Value Index** |
| **6/30/15** | $1000000 | $1000000 | $1000000 | $1000000 |
| **7/31/15** | $984787 | $1008685 | $997221 | $991737 |
| **8/31/15** | $910751 | $939539 | $921001 | $914603 |
| **9/30/15** | $861055 | $905501 | $878297 | $864038 |
| **10/31/15** | $920892 | $976566 | $943679 | $927154 |
| **11/30/15** | $898580 | $968503 | $924200 | $898746 |
| **12/31/15** | $869770 | $951038 | $906793 | $876413 |
| **1/31/16** | $818486 | $893681 | $845111 | $811097 |
| **2/29/16** | $807204 | $887528 | $835452 | $802783 |
| **3/31/16** | $882078 | $953303 | $903382 | $872755 |
| **4/30/16** | $925156 | $967376 | $927154 | $905774 |
| **5/31/16** | $891309 | $968598 | $911507 | $880958 |
| **6/30/16** | $889258 | $962730 | $897561 | $857369 |
| **7/31/16** | $931310 | $1004221 | $941949 | $900969 |
| **8/31/16** | $937464 | $1007598 | $947906 | $915885 |
| **9/30/16** | $951824 | $1013772 | $959595 | $924181 |
| **10/31/16** | $960029 | $996567 | $945798 | $929298 |
| **11/30/16** | $953875 | $1004139 | $923921 | $921405 |
| **12/31/16** | $981569 | $1025831 | $947554 | $954584 |
| **1/31/17** | $1027859 | $1053881 | $981121 | $984081 |
| **2/28/17** | $1032068 | $1083443 | $996766 | $995889 |
| **3/31/17** | $1056265 | $1096697 | $1022035 | $1018321 |
| **4/30/17** | $1069942 | $1113789 | $1043915 | $1032658 |
| **5/31/17** | $1092035 | $1138385 | $1077790 | $1054119 |
| **6/30/17** | $1101503 | $1143561 | $1081136 | $1059879 |
| **7/31/17** | $1149898 | $1175519 | $1120985 | $1101310 |
| **8/31/17** | $1159366 | $1180024 | $1126851 | $1101770 |
| **9/30/17** | $1183564 | $1202822 | $1147769 | $1123377 |
| **10/31/17** | $1203553 | $1227798 | $1169362 | $1138551 |
| **11/30/17** | $1205657 | $1251566 | $1178861 | $1144437 |
| **12/31/17** | $1234214 | $1271744 | $1205210 | $1170913 |
| **1/31/18** | $1310873 | $1343491 | $1272335 | $1240395 |
| **2/28/18** | $1244070 | $1287067 | $1212341 | $1178899 |
| **3/31/18** | $1227643 | $1259515 | $1190960 | $1153372 |
| **4/30/18** | $1246261 | $1271543 | $1209974 | $1181776 |
| **5/31/18** | $1198075 | $1273131 | $1182035 | $1133672 |
| **6/30/18** | $1166316 | $1266237 | $1159818 | $1109053 |
| **7/31/18** | $1206836 | $1304421 | $1187557 | $1143389 |
| **8/31/18** | $1167411 | $1314669 | $1162702 | $1108064 |
| **9/30/18** | $1183838 | $1320391 | $1167999 | $1128083 |
| **10/31/18** | $1096227 | $1221442 | $1072996 | $1050594 |
| **11/30/18** | $1107179 | $1239307 | $1083152 | $1054575 |
| **12/31/18** | $1049792 | $1152017 | $1034095 | $1007310 |
| **1/31/19** | $1128555 | $1242979 | $1112262 | $1082974 |
| **2/28/19** | $1136431 | $1276226 | $1133995 | $1096087 |
| **3/31/19** | $1129680 | $1292275 | $1140749 | $1091173 |
| **4/30/19** | $1153309 | $1335909 | $1170886 | $1114284 |
| **5/31/19** | $1090299 | $1256665 | $1108043 | $1051696 |
| **6/30/19** | $1147683 | $1338951 | $1174763 | $1108260 |
| **7/31/19** | $1118428 | $1342875 | $1160545 | $1083093 |
| **8/31/19** | $1085798 | $1311018 | $1124701 | $1034629 |
| **9/30/19** | $1127430 | $1338604 | $1153644 | $1077220 |
| **10/31/19** | $1164561 | $1375240 | $1193898 | $1113085 |
| **11/30/19** | $1172437 | $1408812 | $1204423 | $1115236 |
| **12/31/19** | $1215310 | $1458423 | $1256581 | $1165609 |
| **1/31/20** | $1160286 | $1442313 | $1222824 | $1113936 |
| **2/29/20** | $1068181 | $1325818 | $1126166 | $1018786 |
| **3/31/20** | $855263 | $1146828 | $963103 | $832835 |
| **4/30/20** | $907894 | $1269681 | $1036089 | $885730 |
| **5/31/20** | $942583 | $1324902 | $1069997 | $903327 |
| **6/30/20** | $978468 | $1367237 | $1118353 | $939131 |
| **7/31/20** | $990430 | $1439545 | $1168214 | $958928 |
| **8/31/20** | $1038277 | $1527652 | $1218220 | $1002010 |
| **9/30/20** | $1005980 | $1478395 | $1188274 | $960502 |
| **10/31/20** | $984449 | $1442459 | $1162727 | $935663 |
| **11/30/20** | $1154306 | $1620260 | $1319130 | $1095754 |
| **12/31/20** | $1238023 | $1695487 | $1390431 | $1156609 |
| **1/31/21** | $1250172 | $1687777 | $1393455 | $1154622 |
| **2/28/21** | $1323069 | $1726871 | $1421038 | $1204672 |
| **3/31/21** | $1359517 | $1772995 | $1439008 | $1238289 |
| **4/30/21** | $1392320 | $1850515 | $1481366 | $1266065 |
| **5/31/21** | $1449422 | $1879313 | $1527701 | $1314119 |
| **6/30/21** | $1417834 | $1904080 | $1517811 | $1291861 |
| **7/31/21** | $1405684 | $1917199 | $1492790 | $1268865 |
| **8/31/21** | $1411759 | $1965185 | $1521167 | $1288217 |
| **9/30/21** | $1375311 | $1884003 | $1472459 | $1261929 |
| **10/31/21** | $1388675 | $1980170 | $1507605 | $1282734 |
| **11/30/21** | $1310919 | $1932487 | $1439720 | $1212962 |
| **12/31/21** | $1386141 | $2009786 | $1499220 | $1277541 |
| **1/31/22** | $1395663 | $1911081 | $1443973 | $1288890 |
| **2/28/22** | $1360296 | $1861723 | $1415392 | $1273386 |
| **3/31/22** | $1348053 | $1902046 | $1417648 | $1279225 |
| **4/30/22** | $1274597 | $1749803 | $1328629 | $1212869 |
| **5/31/22** | $1319487 | $1751850 | $1338162 | $1239157 |
| **6/30/22** | $1197060 | $1604176 | $1223045 | $1126938 |
| **7/31/22** | $1224266 | $1716199 | $1264916 | $1141950 |
| **8/31/22** | $1190259 | $1653018 | $1224233 | $1113412 |
| **9/30/22** | $1075994 | $1494776 | $1101893 | $1009311 |
| **10/31/22** | $1133126 | $1584981 | $1134822 | $1050128 |
| **11/30/22** | $1270516 | $1707918 | $1268783 | $1167453 |
| **12/31/22** | $1259140 | $1640710 | $1259299 | $1167796 |
| **1/31/23** | $1344957 | $1758310 | $1361438 | $1258513 |
| **2/28/23** | $1315365 | $1707918 | $1313649 | $1223963 |
| **3/31/23** | $1333120 | $1760576 | $1345761 | $1228034 |
| **4/30/23** | $1364192 | $1785881 | $1369141 | $1258476 |
| **5/31/23** | $1306487 | $1766752 | $1319361 | $1201692 |
| **6/30/23** | $1386386 | $1869333 | $1378560 | $1264297 |
| **7/31/23** | $1457406 | $1937764 | $1434604 | $1328170 |
| **8/31/23** | $1415978 | $1883616 | $1369813 | $1276092 |
| **9/30/23** | $1381947 | $1805726 | $1326548 | $1263382 |
| **10/31/23** | $1328681 | $1751434 | $1271817 | $1208371 |
| **11/30/23** | $1429294 | $1913085 | $1386299 | $1301135 |
| **12/31/23** | $1500871 | $2004978 | $1455949 | $1369845 |
| **1/31/24** | $1481463 | $2016730 | $1441485 | $1352934 |
| **2/29/24** | $1512192 | $2103276 | $1477981 | $1368731 |
| **3/31/24** | $1549390 | $2169312 | $1524180 | $1416459 |
| **4/30/24** | $1534834 | $2097739 | $1496812 | $1405987 |
| **5/31/24** | $1605996 | $2182937 | $1540264 | $1450828 |
| **6/30/24** | $1552625 | $2231555 | $1538800 | $1434349 |
| **7/31/24** | $1610848 | $2267545 | $1574427 | $1486408 |
| **8/31/24** | $1646429 | $2325133 | $1619268 | $1523706 |
| **9/30/24** | $1691714 | $2379147 | $1662870 | $1567108 |
| **10/31/24** | $1597910 | $2325743 | $1581278 | $1493102 |
| **11/30/24** | $1591440 | $2412735 | $1566965 | $1478378 |
| **12/31/24** | $1548469 | $2355621 | $1536523 | $1452615 |
| **1/31/25** | $1589854 | $2434691 | $1598430 | $1507868 |
| **2/28/25** | $1627789 | $2420023 | $1620617 | $1548954 |
| **3/31/25** | $1658828 | $2324420 | $1616941 | $1577255 |
| **4/30/25** | $1703661 | $2346100 | $1675318 | $1627105 |
| **5/31/25** | $1767462 | $2480951 | $1752065 | $1694208 |
| **6/30/25** | $1822641 | $2592348 | $1811505 | $1741616 |

---

The table below shows the average annual total returns of the Fund, a regulatory index, and one or more supplemental index(es) for certain periods ended June 30, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| I-2 | 17.39% | 13.25% | 6.19% |
| MSCI All Country World Index | 16.17% | 13.65% | 9.99% |
| MSCI All Country World ex US Index | 17.72% | 10.13% | 6.12% |
| MSCI All Country World ex US Value Index | 21.42% | 13.15% | 5.70% |

---

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

**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 an 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. For performance current to the most recent month-end, visit **www.pimco.com/literature** or via **888.87.PIMCO (888.877.4626)**.

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $113626 |
| # of Portfolio Holdings | 3 |
| Portfolio Turnover Rate | 12% |
| Total Net Advisory Fees Paid During the Reporting Period | $0 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Geographic Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Short-Term Instruments | 0.2% |
| United States | 99.8% |
| Other Assets and Liabilities, Net | 0.0%<sup>Footnote Reference^</sup> |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

### Top Holdings (% of Net Asset Value)<sup>**Footnote Reference \*\***</sup>

---

| | |
|:---|:---|
| PIMCO RAE International Fund | 73.8% |
| PIMCO RAE Emerging Markets Fund | 26.1% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*\*</sup> | &nbsp;&nbsp;Short-Term Instruments/Foreign Currency Contracts are not included in Top Holdings table. |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g946521g31n56.jpg)

# I-2: PZRPX
![Image](g946521g28k42.jpg)

# PIMCO RAE Global ex-US Fund
Annual Shareholder Report \|

June 30, 2025

PES2147TSRAR_063025

# Class A: PPYAX

# PIMCO RAE International Fund

#### Annual Shareholder Report \| June 30, 2025
![Image](g946521g90b93.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO RAE International Fund (the "Fund") for the period of July 1, 2024 to June 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $93 | 0.85% |

---

## How did the Fund perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Security selection in the consumer staples sector contributed to relative returns, as the Fund's holdings outperformed the MSCI EAFE Value Index (the "Index").

* Underweight exposure to, and security selection in, the energy sector contributed to relative returns, as the sector underperformed the Index and the Fund's holdings outperformed the Index.

* Overweight exposure to the communication services sector contributed to relative returns, as the sector outperformed the Index.

* Underweight exposure to, and security selection in, the financials sector detracted from relative returns, as the sector outperformed the Index and the Fund's holdings underperformed the Index.

* Security selection in the industrials sector detracted from relative returns, as the Fund's holdings underperformed the Index.

* Security selection in the utilities sector detracted from relative returns, as the Fund's holdings underperformed the Index.

## Fund Performance
In addition to the Fund's performance, the graph and the table in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Fund's regulatory index is the MSCI EAFE Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended June 30, 2025 or the life of the Fund, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g946521g20l97.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A (including sales charge)** | **MSCI EAFE Index** | **MSCI EAFE Value Index** |
| **6/30/15** | $9628 | $10000 | $10000 |
| **7/31/15** | $9677 | $10208 | $10174 |
| **8/31/15** | $8991 | $9457 | $9409 |
| **9/30/15** | $8501 | $8977 | $8823 |
| **10/31/15** | $9099 | $9678 | $9472 |
| **11/30/15** | $8942 | $9528 | $9237 |
| **12/31/15** | $8684 | $9399 | $9059 |
| **1/31/16** | $8152 | $8720 | $8322 |
| **2/29/16** | $7972 | $8560 | $8161 |
| **3/31/16** | $8594 | $9117 | $8700 |
| **4/30/16** | $9005 | $9381 | $9043 |
| **5/31/16** | $8804 | $9296 | $8899 |
| **6/30/16** | $8574 | $8984 | $8457 |
| **7/31/16** | $8894 | $9439 | $8902 |
| **8/31/16** | $8945 | $9446 | $9046 |
| **9/30/16** | $9075 | $9562 | $9133 |
| **10/31/16** | $9075 | $9366 | $9155 |
| **11/30/16** | $9045 | $9179 | $9098 |
| **12/31/16** | $9362 | $9493 | $9514 |
| **1/31/17** | $9721 | $9769 | $9749 |
| **2/28/17** | $9690 | $9908 | $9815 |
| **3/31/17** | $9956 | $10181 | $10090 |
| **4/30/17** | $10110 | $10440 | $10302 |
| **5/31/17** | $10376 | $10823 | $10540 |
| **6/30/17** | $10489 | $10804 | $10572 |
| **7/31/17** | $10888 | $11116 | $10926 |
| **8/31/17** | $10919 | $11112 | $10858 |
| **9/30/17** | $11247 | $11388 | $11192 |
| **10/31/17** | $11400 | $11561 | $11279 |
| **11/30/17** | $11462 | $11682 | $11380 |
| **12/31/17** | $11657 | $11870 | $11555 |
| **1/31/18** | $12267 | $12465 | $12178 |
| **2/28/18** | $11647 | $11903 | $11600 |
| **3/31/18** | $11489 | $11688 | $11320 |
| **4/30/18** | $11710 | $11955 | $11669 |
| **5/31/18** | $11279 | $11686 | $11163 |
| **6/30/18** | $11069 | $11544 | $11022 |
| **7/31/18** | $11436 | $11828 | $11338 |
| **8/31/18** | $11079 | $11599 | $10926 |
| **9/30/18** | $11237 | $11700 | $11152 |
| **10/31/18** | $10417 | $10769 | $10411 |
| **11/30/18** | $10438 | $10755 | $10353 |
| **12/31/18** | $9820 | $10233 | $9847 |
| **1/31/19** | $10510 | $10906 | $10506 |
| **2/28/19** | $10644 | $11184 | $10681 |
| **3/31/19** | $10599 | $11254 | $10627 |
| **4/30/19** | $10833 | $11570 | $10874 |
| **5/31/19** | $10210 | $11015 | $10245 |
| **6/30/19** | $10733 | $11668 | $10790 |
| **7/31/19** | $10477 | $11520 | $10548 |
| **8/31/19** | $10243 | $11222 | $10114 |
| **9/30/19** | $10666 | $11543 | $10603 |
| **10/31/19** | $11011 | $11958 | $10985 |
| **11/30/19** | $11089 | $12093 | $11029 |
| **12/31/19** | $11408 | $12486 | $11431 |
| **1/31/20** | $10991 | $12225 | $11018 |
| **2/29/20** | $10111 | $11120 | $9975 |
| **3/31/20** | $8142 | $9636 | $8208 |
| **4/30/20** | $8570 | $10258 | $8647 |
| **5/31/20** | $8952 | $10705 | $8910 |
| **6/30/20** | $9277 | $11069 | $9228 |
| **7/31/20** | $9288 | $11327 | $9246 |
| **8/31/20** | $9879 | $11910 | $9787 |
| **9/30/20** | $9531 | $11600 | $9338 |
| **10/31/20** | $9265 | $11137 | $8962 |
| **11/30/20** | $10921 | $12864 | $10659 |
| **12/31/20** | $11610 | $13462 | $11131 |
| **1/31/21** | $11728 | $13318 | $11044 |
| **2/28/21** | $12391 | $13617 | $11570 |
| **3/31/21** | $12710 | $13930 | $11960 |
| **4/30/21** | $12912 | $14349 | $12188 |
| **5/31/21** | $13480 | $14817 | $12610 |
| **6/30/21** | $13089 | $14650 | $12320 |
| **7/31/21** | $13042 | $14761 | $12289 |
| **8/31/21** | $13018 | $15021 | $12429 |
| **9/30/21** | $12734 | $14585 | $12201 |
| **10/31/21** | $12900 | $14944 | $12395 |
| **11/30/21** | $12142 | $14248 | $11649 |
| **12/31/21** | $12840 | $14978 | $12343 |
| **1/31/22** | $12885 | $14254 | $12472 |
| **2/28/22** | $12688 | $14002 | $12302 |
| **3/31/22** | $12537 | $14092 | $12384 |
| **4/30/22** | $11855 | $13180 | $11758 |
| **5/31/22** | $12309 | $13279 | $12047 |
| **6/30/22** | $11203 | $12047 | $10848 |
| **7/31/22** | $11491 | $12647 | $11074 |
| **8/31/22** | $10975 | $12047 | $10700 |
| **9/30/22** | $9929 | $10920 | $9741 |
| **10/31/22** | $10521 | $11507 | $10369 |
| **11/30/22** | $11809 | $12803 | $11509 |
| **12/31/22** | $11683 | $12813 | $11654 |
| **1/31/23** | $12542 | $13851 | $12554 |
| **2/28/23** | $12348 | $13562 | $12378 |
| **3/31/23** | $12445 | $13898 | $12346 |
| **4/30/23** | $12705 | $14290 | $12744 |
| **5/31/23** | $12056 | $13686 | $12057 |
| **6/30/23** | $12818 | $14308 | $12735 |
| **7/31/23** | $13370 | $14771 | $13314 |
| **8/31/23** | $13029 | $14205 | $12920 |
| **9/30/23** | $12689 | $13720 | $12810 |
| **10/31/23** | $12267 | $13164 | $12246 |
| **11/30/23** | $13192 | $14386 | $13217 |
| **12/31/23** | $13766 | $15150 | $13863 |
| **1/31/24** | $13533 | $15237 | $13853 |
| **2/29/24** | $13748 | $15516 | $13878 |
| **3/31/24** | $14160 | $16027 | $14484 |
| **4/30/24** | $13909 | $15616 | $14336 |
| **5/31/24** | $14590 | $16221 | $14900 |
| **6/30/24** | $13963 | $15959 | $14486 |
| **7/31/24** | $14625 | $16427 | $15165 |
| **8/31/24** | $15001 | $16962 | $15553 |
| **9/30/24** | $15341 | $17118 | $15774 |
| **10/31/24** | $14500 | $16187 | $15033 |
| **11/30/24** | $14446 | $16095 | $14917 |
| **12/31/24** | $14015 | $15729 | $14651 |
| **1/31/25** | $14525 | $16556 | $15398 |
| **2/28/25** | $15015 | $16877 | $15972 |
| **3/31/25** | $15211 | $16809 | $16345 |
| **4/30/25** | $15799 | $17579 | $17007 |
| **5/31/25** | $16289 | $18383 | $17690 |
| **6/30/25** | $16701 | $18788 | $17997 |

---

The table below shows the average annual total returns of the Fund, a regulatory index, and one or more supplemental index(es) for certain periods ended June 30, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Class A (excluding sales charge) | 19.61% | 12.48% | 5.66% |
| Class A (including sales charge) | 15.18% | 11.63% | 5.26% |
| MSCI EAFE Index | 17.73% | 11.16% | 6.51% |
| MSCI EAFE Value Index | 24.24% | 14.29% | 6.05% |

---

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.

**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 an 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 Cumulative Returns graph and Average Annual Total Returns 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 graph. 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. For performance current to the most recent month-end, visit **www.pimco.com/literature** or via **888.87.PIMCO (888.877.4626)**.

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $594270 |
| # of Portfolio Holdings | 278 |
| Portfolio Turnover Rate | 76% |
| Total Net Advisory Fees Paid During the Reporting Period | $1596 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Geographic Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Japan | 21.6% |
| United Kingdom | 17.2% |
| Germany | 8.7% |
| Switzerland | 8.2% |
| Netherlands | 6.7% |
| Canada | 5.1% |
| Hong Kong | 3.6% |
| France | 3.1% |
| Denmark | 3.1% |
| Spain | 3.0% |
| Other Countries | 18.6% |
| Short-Term Instruments | 0.2% |
| Affiliated Investments | 7.6% |
| Other Assets and Liabilities, Net | (6.7%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g946521g31n56.jpg)

For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.** 

# Class A: PPYAX
![Image](g946521g28k42.jpg)

# PIMCO RAE International Fund
Annual Shareholder Report \|

June 30, 2025

PES8025TSRAR_063025

# Institutional Class: PPYIX

# PIMCO RAE International Fund

#### Annual Shareholder Report \| June 30, 2025
![Image](g946521g90b93.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO RAE International Fund (the "Fund") for the period of July 1, 2024 to June 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $55 | 0.50% |

---

## How did the Fund perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Security selection in the consumer staples sector contributed to relative returns, as the Fund's holdings outperformed the MSCI EAFE Value Index (the "Index").

* Underweight exposure to, and security selection in, the energy sector contributed to relative returns, as the sector underperformed the Index and the Fund's holdings outperformed the Index.

* Overweight exposure to the communication services sector contributed to relative returns, as the sector outperformed the Index.

* Underweight exposure to, and security selection in, the financials sector detracted from relative returns, as the sector outperformed the Index and the Fund's holdings underperformed the Index.

* Security selection in the industrials sector detracted from relative returns, as the Fund's holdings underperformed the Index.

* Security selection in the utilities sector detracted from relative returns, as the Fund's holdings underperformed the Index.

## Fund Performance
In addition to the Fund's performance, the graph and the table in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Fund's regulatory index is the MSCI EAFE Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended June 30, 2025 or the life of the Fund, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g946521g82o76.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **MSCI EAFE Index** | **MSCI EAFE Value Index** |
| **6/30/15** | $1000000 | $1000000 | $1000000 |
| **7/31/15** | $1006104 | $1020763 | $1017398 |
| **8/31/15** | $934893 | $945673 | $940916 |
| **9/30/15** | $884028 | $897656 | $882288 |
| **10/31/15** | $946083 | $967825 | $947224 |
| **11/30/15** | $929807 | $952769 | $923722 |
| **12/31/15** | $903404 | $939931 | $905929 |
| **1/31/16** | $848051 | $871961 | $832235 |
| **2/29/16** | $830296 | $855986 | $816145 |
| **3/31/16** | $895049 | $911683 | $869973 |
| **4/30/16** | $937869 | $938077 | $904277 |
| **5/31/16** | $916981 | $929555 | $889899 |
| **6/30/16** | $894004 | $898352 | $845723 |
| **7/31/16** | $927425 | $943882 | $890166 |
| **8/31/16** | $932647 | $944552 | $904574 |
| **9/30/16** | $946224 | $956155 | $913319 |
| **10/31/16** | $947269 | $936597 | $915450 |
| **11/30/16** | $944135 | $917944 | $909800 |
| **12/31/16** | $977758 | $949332 | $951448 |
| **1/31/17** | $1015159 | $976870 | $974876 |
| **2/28/17** | $1011953 | $990839 | $981541 |
| **3/31/17** | $1040805 | $1018115 | $1008993 |
| **4/30/17** | $1056834 | $1044021 | $1030163 |
| **5/31/17** | $1085686 | $1082341 | $1054020 |
| **6/30/17** | $1097440 | $1080427 | $1057203 |
| **7/31/17** | $1140184 | $1111592 | $1092567 |
| **8/31/17** | $1142321 | $1111173 | $1085750 |
| **9/30/17** | $1177584 | $1138820 | $1119236 |
| **10/31/17** | $1193613 | $1156113 | $1127904 |
| **11/30/17** | $1200025 | $1168240 | $1138013 |
| **12/31/17** | $1221155 | $1186991 | $1155459 |
| **1/31/18** | $1285830 | $1246530 | $1217847 |
| **2/28/18** | $1221155 | $1190267 | $1159975 |
| **3/31/18** | $1204712 | $1168814 | $1132028 |
| **4/30/18** | $1228828 | $1195501 | $1166901 |
| **5/31/18** | $1183885 | $1168628 | $1116328 |
| **6/30/18** | $1161961 | $1154351 | $1102172 |
| **7/31/18** | $1201424 | $1182766 | $1133812 |
| **8/31/18** | $1163057 | $1159923 | $1092571 |
| **9/30/18** | $1180596 | $1169990 | $1115158 |
| **10/31/18** | $1095093 | $1076868 | $1041116 |
| **11/30/18** | $1097286 | $1075511 | $1035323 |
| **12/31/18** | $1031693 | $1023302 | $984704 |
| **1/31/19** | $1105965 | $1090553 | $1050610 |
| **2/28/19** | $1119891 | $1118353 | $1068081 |
| **3/31/19** | $1115249 | $1125405 | $1062651 |
| **4/30/19** | $1140780 | $1157046 | $1087409 |
| **5/31/19** | $1074631 | $1101478 | $1024464 |
| **6/30/19** | $1130336 | $1166824 | $1079045 |
| **7/31/19** | $1103644 | $1152009 | $1054778 |
| **8/31/19** | $1079274 | $1122165 | $1011448 |
| **9/30/19** | $1124533 | $1154322 | $1060256 |
| **10/31/19** | $1160509 | $1195796 | $1098509 |
| **11/30/19** | $1169793 | $1209276 | $1102855 |
| **12/31/19** | $1202800 | $1248577 | $1143128 |
| **1/31/20** | $1159281 | $1222497 | $1101792 |
| **2/29/20** | $1067409 | $1111986 | $997524 |
| **3/31/20** | $859488 | $963571 | $820789 |
| **4/30/20** | $905424 | $1025820 | $864720 |
| **5/31/20** | $945316 | $1070490 | $891024 |
| **6/30/20** | $980372 | $1106939 | $922794 |
| **7/31/20** | $982790 | $1132741 | $924585 |
| **8/31/20** | $1044441 | $1190976 | $978710 |
| **9/30/20** | $1008176 | $1160031 | $933769 |
| **10/31/20** | $980372 | $1113712 | $896167 |
| **11/30/20** | $1155655 | $1286352 | $1065879 |
| **12/31/20** | $1230302 | $1346162 | $1113093 |
| **1/31/21** | $1241430 | $1331820 | $1104414 |
| **2/28/21** | $1311910 | $1361692 | $1157027 |
| **3/31/21** | $1346531 | $1393002 | $1195963 |
| **4/30/21** | $1368788 | $1434917 | $1218798 |
| **5/31/21** | $1429376 | $1481711 | $1261008 |
| **6/30/21** | $1388572 | $1465036 | $1231958 |
| **7/31/21** | $1383626 | $1476067 | $1228949 |
| **8/31/21** | $1382389 | $1502104 | $1242869 |
| **9/30/21** | $1351477 | $1458511 | $1220056 |
| **10/31/21** | $1368788 | $1494384 | $1239513 |
| **11/30/21** | $1288416 | $1424829 | $1164938 |
| **12/31/21** | $1364353 | $1497786 | $1234324 |
| **1/31/22** | $1370670 | $1425407 | $1247187 |
| **2/28/22** | $1348562 | $1400204 | $1230236 |
| **3/31/22** | $1332771 | $1409204 | $1238443 |
| **4/30/22** | $1260132 | $1318036 | $1175788 |
| **5/31/22** | $1309084 | $1327917 | $1204733 |
| **6/30/22** | $1192230 | $1204702 | $1084778 |
| **7/31/22** | $1223812 | $1264733 | $1107370 |
| **8/31/22** | $1170122 | $1204665 | $1070005 |
| **9/30/22** | $1058005 | $1091972 | $974076 |
| **10/31/22** | $1121170 | $1150692 | $1036903 |
| **11/30/22** | $1260132 | $1280302 | $1150872 |
| **12/31/22** | $1246386 | $1281330 | $1165411 |
| **1/31/23** | $1337832 | $1385089 | $1255369 |
| **2/28/23** | $1317511 | $1356187 | $1237778 |
| **3/31/23** | $1327672 | $1389798 | $1234574 |
| **4/30/23** | $1356461 | $1429036 | $1274357 |
| **5/31/23** | $1288722 | $1368562 | $1205731 |
| **6/30/23** | $1370008 | $1430845 | $1273518 |
| **7/31/23** | $1429279 | $1477142 | $1331427 |
| **8/31/23** | $1393717 | $1420549 | $1291953 |
| **9/30/23** | $1356461 | $1372027 | $1280991 |
| **10/31/23** | $1310737 | $1316402 | $1224649 |
| **11/30/23** | $1410651 | $1438588 | $1321697 |
| **12/31/23** | $1472768 | $1515019 | $1386261 |
| **1/31/24** | $1448501 | $1523737 | $1385331 |
| **2/29/24** | $1472768 | $1551629 | $1387848 |
| **3/31/24** | $1515700 | $1602661 | $1448377 |
| **4/30/24** | $1489567 | $1561619 | $1433565 |
| **5/31/24** | $1564232 | $1622108 | $1490049 |
| **6/30/24** | $1495167 | $1595921 | $1448568 |
| **7/31/24** | $1567966 | $1642740 | $1516473 |
| **8/31/24** | $1609031 | $1696155 | $1555293 |
| **9/30/24** | $1644497 | $1711818 | $1577366 |
| **10/31/24** | $1554899 | $1618728 | $1503279 |
| **11/30/24** | $1551166 | $1609544 | $1491700 |
| **12/31/24** | $1504903 | $1572940 | $1465054 |
| **1/31/25** | $1558137 | $1655601 | $1539795 |
| **2/28/25** | $1611372 | $1687708 | $1597216 |
| **3/31/25** | $1633894 | $1680900 | $1634455 |
| **4/30/25** | $1697366 | $1757894 | $1700741 |
| **5/31/25** | $1752649 | $1838322 | $1769007 |
| **6/30/25** | $1795646 | $1878827 | $1799743 |

---

The table below shows the average annual total returns of the Fund, a regulatory index, and one or more supplemental index(es) for certain periods ended June 30, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 20.10% | 12.87% | 6.03% |
| MSCI EAFE Index | 17.73% | 11.16% | 6.51% |
| MSCI EAFE Value Index | 24.24% | 14.29% | 6.05% |

---

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.

**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 an 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. For performance current to the most recent month-end, visit **www.pimco.com/literature** or via **888.87.PIMCO (888.877.4626)**.

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $594270 |
| # of Portfolio Holdings | 278 |
| Portfolio Turnover Rate | 76% |
| Total Net Advisory Fees Paid During the Reporting Period | $1596 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Geographic Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Japan | 21.6% |
| United Kingdom | 17.2% |
| Germany | 8.7% |
| Switzerland | 8.2% |
| Netherlands | 6.7% |
| Canada | 5.1% |
| Hong Kong | 3.6% |
| France | 3.1% |
| Denmark | 3.1% |
| Spain | 3.0% |
| Other Countries | 18.6% |
| Short-Term Instruments | 0.2% |
| Affiliated Investments | 7.6% |
| Other Assets and Liabilities, Net | (6.7%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g946521g31n56.jpg)

For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.** 

# Institutional Class: PPYIX
![Image](g946521g28k42.jpg)

# PIMCO RAE International Fund
Annual Shareholder Report \|

June 30, 2025

PES2152TSRAR_063025

# I-2: PPYPX

# PIMCO RAE International Fund

#### Annual Shareholder Report \| June 30, 2025
![Image](g946521g90b93.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO RAE International Fund (the "Fund") for the period of July 1, 2024 to June 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-2 | $66 | 0.60% |

---

## How did the Fund perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Security selection in the consumer staples sector contributed to relative returns, as the Fund's holdings outperformed the MSCI EAFE Value Index (the "Index").

* Underweight exposure to, and security selection in, the energy sector contributed to relative returns, as the sector underperformed the Index and the Fund's holdings outperformed the Index.

* Overweight exposure to the communication services sector contributed to relative returns, as the sector outperformed the Index.

* Underweight exposure to, and security selection in, the financials sector detracted from relative returns, as the sector outperformed the Index and the Fund's holdings underperformed the Index.

* Security selection in the industrials sector detracted from relative returns, as the Fund's holdings underperformed the Index.

* Security selection in the utilities sector detracted from relative returns, as the Fund's holdings underperformed the Index.

## Fund Performance
In addition to the Fund's performance, the graph and the table in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Fund's regulatory index is the MSCI EAFE Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended June 30, 2025 or the life of the Fund, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g946521g85a93.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **I-2** | **MSCI EAFE Index** | **MSCI EAFE Value Index** |
| **6/30/15** | $1000000 | $1000000 | $1000000 |
| **7/31/15** | $1006104 | $1020763 | $1017398 |
| **8/31/15** | $934893 | $945673 | $940916 |
| **9/30/15** | $884028 | $897656 | $882288 |
| **10/31/15** | $946083 | $967825 | $947224 |
| **11/30/15** | $929807 | $952769 | $923722 |
| **12/31/15** | $903455 | $939931 | $905929 |
| **1/31/16** | $848099 | $871961 | $832235 |
| **2/29/16** | $829299 | $855986 | $816145 |
| **3/31/16** | $894055 | $911683 | $869973 |
| **4/30/16** | $936878 | $938077 | $904277 |
| **5/31/16** | $915989 | $929555 | $889899 |
| **6/30/16** | $893011 | $898352 | $845723 |
| **7/31/16** | $926434 | $943882 | $890166 |
| **8/31/16** | $931656 | $944552 | $904574 |
| **9/30/16** | $945234 | $956155 | $913319 |
| **10/31/16** | $946278 | $936597 | $915450 |
| **11/30/16** | $943145 | $917944 | $909800 |
| **12/31/16** | $976686 | $949332 | $951448 |
| **1/31/17** | $1014128 | $976870 | $974876 |
| **2/28/17** | $1010919 | $990839 | $981541 |
| **3/31/17** | $1038732 | $1018115 | $1008993 |
| **4/30/17** | $1055848 | $1044021 | $1030163 |
| **5/31/17** | $1083662 | $1082341 | $1054020 |
| **6/30/17** | $1095429 | $1080427 | $1057203 |
| **7/31/17** | $1138219 | $1111592 | $1092567 |
| **8/31/17** | $1140359 | $1111173 | $1085750 |
| **9/30/17** | $1175661 | $1138820 | $1119236 |
| **10/31/17** | $1191707 | $1156113 | $1127904 |
| **11/30/17** | $1198126 | $1168240 | $1138013 |
| **12/31/17** | $1219686 | $1186991 | $1155459 |
| **1/31/18** | $1283303 | $1246530 | $1217847 |
| **2/28/18** | $1218589 | $1190267 | $1159975 |
| **3/31/18** | $1202137 | $1168814 | $1132028 |
| **4/30/18** | $1226267 | $1195501 | $1166901 |
| **5/31/18** | $1181297 | $1168628 | $1116328 |
| **6/30/18** | $1159360 | $1154351 | $1102172 |
| **7/31/18** | $1198846 | $1182766 | $1133812 |
| **8/31/18** | $1161553 | $1159923 | $1092571 |
| **9/30/18** | $1178006 | $1169990 | $1115158 |
| **10/31/18** | $1092453 | $1076868 | $1041116 |
| **11/30/18** | $1094646 | $1075511 | $1035323 |
| **12/31/18** | $1030173 | $1023302 | $984704 |
| **1/31/19** | $1103342 | $1090553 | $1050610 |
| **2/28/19** | $1117279 | $1118353 | $1068081 |
| **3/31/19** | $1112634 | $1125405 | $1062651 |
| **4/30/19** | $1138185 | $1157046 | $1087409 |
| **5/31/19** | $1071984 | $1101478 | $1024464 |
| **6/30/19** | $1127732 | $1166824 | $1079045 |
| **7/31/19** | $1099858 | $1152009 | $1054778 |
| **8/31/19** | $1076630 | $1122165 | $1011448 |
| **9/30/19** | $1120764 | $1154322 | $1060256 |
| **10/31/19** | $1156767 | $1195796 | $1098509 |
| **11/30/19** | $1166059 | $1209276 | $1102855 |
| **12/31/19** | $1199262 | $1248577 | $1143128 |
| **1/31/20** | $1155697 | $1222497 | $1101792 |
| **2/29/20** | $1063725 | $1111986 | $997524 |
| **3/31/20** | $856789 | $963571 | $820789 |
| **4/30/20** | $901565 | $1025820 | $864720 |
| **5/31/20** | $941500 | $1070490 | $891024 |
| **6/30/20** | $976594 | $1106939 | $922794 |
| **7/31/20** | $977804 | $1132741 | $924585 |
| **8/31/20** | $1039522 | $1190976 | $978710 |
| **9/30/20** | $1003217 | $1160031 | $933769 |
| **10/31/20** | $976594 | $1113712 | $896167 |
| **11/30/20** | $1150856 | $1286352 | $1065879 |
| **12/31/20** | $1223638 | $1346162 | $1113093 |
| **1/31/21** | $1236011 | $1331820 | $1104414 |
| **2/28/21** | $1306534 | $1361692 | $1157027 |
| **3/31/21** | $1339940 | $1393002 | $1195963 |
| **4/30/21** | $1360973 | $1434917 | $1218798 |
| **5/31/21** | $1421598 | $1481711 | $1261008 |
| **6/30/21** | $1382006 | $1465036 | $1231958 |
| **7/31/21** | $1375820 | $1476067 | $1228949 |
| **8/31/21** | $1374582 | $1502104 | $1242869 |
| **9/30/21** | $1343651 | $1458511 | $1220056 |
| **10/31/21** | $1360973 | $1494384 | $1239513 |
| **11/30/21** | $1281789 | $1424829 | $1164938 |
| **12/31/21** | $1357071 | $1497786 | $1234324 |
| **1/31/22** | $1363383 | $1425407 | $1247187 |
| **2/28/22** | $1342869 | $1400204 | $1230236 |
| **3/31/22** | $1325512 | $1409204 | $1238443 |
| **4/30/22** | $1254502 | $1318036 | $1175788 |
| **5/31/22** | $1303420 | $1327917 | $1204733 |
| **6/30/22** | $1185070 | $1204702 | $1084778 |
| **7/31/22** | $1216630 | $1264733 | $1107370 |
| **8/31/22** | $1162979 | $1204665 | $1070005 |
| **9/30/22** | $1052519 | $1091972 | $974076 |
| **10/31/22** | $1114061 | $1150692 | $1036903 |
| **11/30/22** | $1252924 | $1280302 | $1150872 |
| **12/31/22** | $1238400 | $1281330 | $1165411 |
| **1/31/23** | $1329757 | $1385089 | $1255369 |
| **2/28/23** | $1309455 | $1356187 | $1237778 |
| **3/31/23** | $1319606 | $1389798 | $1234574 |
| **4/30/23** | $1348367 | $1429036 | $1274357 |
| **5/31/23** | $1280695 | $1368562 | $1205731 |
| **6/30/23** | $1360209 | $1430845 | $1273518 |
| **7/31/23** | $1419423 | $1477142 | $1331427 |
| **8/31/23** | $1383895 | $1420549 | $1291953 |
| **9/30/23** | $1348367 | $1372027 | $1280991 |
| **10/31/23** | $1302688 | $1316402 | $1224649 |
| **11/30/23** | $1402504 | $1438588 | $1321697 |
| **12/31/23** | $1462218 | $1515019 | $1386261 |
| **1/31/24** | $1439837 | $1523737 | $1385331 |
| **2/29/24** | $1462218 | $1551629 | $1387848 |
| **3/31/24** | $1506980 | $1602661 | $1448377 |
| **4/30/24** | $1479004 | $1561619 | $1433565 |
| **5/31/24** | $1553607 | $1622108 | $1490049 |
| **6/30/24** | $1484599 | $1595921 | $1448568 |
| **7/31/24** | $1555472 | $1642740 | $1516473 |
| **8/31/24** | $1596504 | $1696155 | $1555293 |
| **9/30/24** | $1631940 | $1711818 | $1577366 |
| **10/31/24** | $1544282 | $1618728 | $1503279 |
| **11/30/24** | $1538686 | $1609544 | $1491700 |
| **12/31/24** | $1493422 | $1572940 | $1465054 |
| **1/31/25** | $1546612 | $1655601 | $1539795 |
| **2/28/25** | $1599802 | $1687708 | $1597216 |
| **3/31/25** | $1620260 | $1680900 | $1634455 |
| **4/30/25** | $1683680 | $1757894 | $1700741 |
| **5/31/25** | $1736870 | $1838322 | $1769007 |
| **6/30/25** | $1779831 | $1878827 | $1799743 |

---

The table below shows the average annual total returns of the Fund, a regulatory index, and one or more supplemental index(es) for certain periods ended June 30, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| I-2 | 19.89% | 12.75% | 5.93% |
| MSCI EAFE Index | 17.73% | 11.16% | 6.51% |
| MSCI EAFE Value Index | 24.24% | 14.29% | 6.05% |

---

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.

**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 an 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. For performance current to the most recent month-end, visit **www.pimco.com/literature** or via **888.87.PIMCO (888.877.4626)**.

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $594270 |
| # of Portfolio Holdings | 278 |
| Portfolio Turnover Rate | 76% |
| Total Net Advisory Fees Paid During the Reporting Period | $1596 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Geographic Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Japan | 21.6% |
| United Kingdom | 17.2% |
| Germany | 8.7% |
| Switzerland | 8.2% |
| Netherlands | 6.7% |
| Canada | 5.1% |
| Hong Kong | 3.6% |
| France | 3.1% |
| Denmark | 3.1% |
| Spain | 3.0% |
| Other Countries | 18.6% |
| Short-Term Instruments | 0.2% |
| Affiliated Investments | 7.6% |
| Other Assets and Liabilities, Net | (6.7%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g946521g31n56.jpg)

For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.** 

# I-2: PPYPX
![Image](g946521g28k42.jpg)

# PIMCO RAE International Fund
Annual Shareholder Report \|

June 30, 2025

PES2153TSRAR_063025

# Class A: PKAAX

# PIMCO RAE US Fund

#### Annual Shareholder Report \| June 30, 2025
![Image](g946521g90b93.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO RAE US Fund (the "Fund") for the period of July 1, 2024 to June 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $82 | 0.80% |

---

## How did the Fund perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Overweight exposure to, and security selection in, the consumer staples sector contributed to relative returns, as the sector and the Fund's holdings outperformed the Russell 1000<sup>®</sup> Value Index (the "Index").

* Security selection in the utilities sector contributed to relative returns, as the Fund's holdings outperformed the Index.

* Security selection in the healthcare sector contributed to relative returns, as the Fund's holdings outperformed the Index.

* Overweight exposure to, and security selection in, the information technology sector detracted from relative returns, as the sector and the Fund's holdings underperformed the Index.

* Underweight exposure to, and security selection in, the financials sector detracted from relative returns, as the sector outperformed the Index and the Fund's holdings underperformed the Index.

* Overweight exposure to, and security selection in, the energy sector detracted from relative returns, as the sector and the Fund's holdings underperformed the Index.

## Fund Performance
In addition to the Fund's performance, the graph and the table in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Fund's regulatory index is the S&P 500 Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended June 30, 2025 or the life of the Fund, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g946521g18r61.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A (including sales charge)** | **S&P 500 Index** | **Russell 1000<sup>®</sup> Value Index** |
| **6/30/15** | $9629 | $10000 | $10000 |
| **7/31/15** | $9678 | $10210 | $10044 |
| **8/31/15** | $9131 | $9594 | $9446 |
| **9/30/15** | $8916 | $9356 | $9161 |
| **10/31/15** | $9531 | $10145 | $9852 |
| **11/30/15** | $9521 | $10176 | $9889 |
| **12/31/15** | $9341 | $10015 | $9677 |
| **1/31/16** | $8937 | $9518 | $9177 |
| **2/29/16** | $8967 | $9505 | $9174 |
| **3/31/16** | $9644 | $10150 | $9835 |
| **4/30/16** | $9715 | $10189 | $10042 |
| **5/31/16** | $9816 | $10372 | $10198 |
| **6/30/16** | $9886 | $10399 | $10286 |
| **7/31/16** | $10199 | $10783 | $10585 |
| **8/31/16** | $10189 | $10798 | $10666 |
| **9/30/16** | $10220 | $10800 | $10644 |
| **10/31/16** | $9987 | $10603 | $10479 |
| **11/30/16** | $10553 | $10996 | $11078 |
| **12/31/16** | $10730 | $11213 | $11355 |
| **1/31/17** | $10836 | $11426 | $11436 |
| **2/28/17** | $11166 | $11879 | $11847 |
| **3/31/17** | $11102 | $11893 | $11726 |
| **4/30/17** | $11070 | $12015 | $11704 |
| **5/31/17** | $11028 | $12184 | $11692 |
| **6/30/17** | $11155 | $12260 | $11883 |
| **7/31/17** | $11346 | $12512 | $12041 |
| **8/31/17** | $11272 | $12551 | $11901 |
| **9/30/17** | $11623 | $12810 | $12254 |
| **10/31/17** | $11803 | $13109 | $12343 |
| **11/30/17** | $12217 | $13511 | $12721 |
| **12/31/17** | $12462 | $13661 | $12906 |
| **1/31/18** | $13069 | $14443 | $13405 |
| **2/28/18** | $12564 | $13911 | $12765 |
| **3/31/18** | $12260 | $13557 | $12541 |
| **4/30/18** | $12339 | $13609 | $12582 |
| **5/31/18** | $12507 | $13937 | $12657 |
| **6/30/18** | $12575 | $14023 | $12688 |
| **7/31/18** | $13036 | $14544 | $13190 |
| **8/31/18** | $13384 | $15018 | $13385 |
| **9/30/18** | $13440 | $15104 | $13412 |
| **10/31/18** | $12665 | $14072 | $12717 |
| **11/30/18** | $12822 | $14358 | $13097 |
| **12/31/18** | $11537 | $13062 | $11839 |
| **1/31/19** | $12461 | $14109 | $12761 |
| **2/28/19** | $12832 | $14562 | $13168 |
| **3/31/19** | $12844 | $14845 | $13252 |
| **4/30/19** | $13240 | $15446 | $13722 |
| **5/31/19** | $12209 | $14464 | $12840 |
| **6/30/19** | $13108 | $15483 | $13762 |
| **7/31/19** | $13240 | $15706 | $13876 |
| **8/31/19** | $12748 | $15457 | $13468 |
| **9/30/19** | $13276 | $15746 | $13948 |
| **10/31/19** | $13492 | $16087 | $14143 |
| **11/30/19** | $13936 | $16671 | $14580 |
| **12/31/19** | $14344 | $17175 | $14981 |
| **1/31/20** | $13980 | $17168 | $14659 |
| **2/29/20** | $12546 | $15755 | $13239 |
| **3/31/20** | $10334 | $13809 | $10977 |
| **4/30/20** | $11503 | $15579 | $12211 |
| **5/31/20** | $11880 | $16321 | $12629 |
| **6/30/20** | $12006 | $16645 | $12546 |
| **7/31/20** | $12433 | $17584 | $13042 |
| **8/31/20** | $13100 | $18848 | $13581 |
| **9/30/20** | $12697 | $18132 | $13247 |
| **10/31/20** | $12509 | $17650 | $13073 |
| **11/30/20** | $14319 | $19582 | $14832 |
| **12/31/20** | $14853 | $20334 | $15400 |
| **1/31/21** | $15359 | $20129 | $15259 |
| **2/28/21** | $15864 | $20684 | $16181 |
| **3/31/21** | $16940 | $21590 | $17134 |
| **4/30/21** | $17329 | $22742 | $17819 |
| **5/31/21** | $17808 | $22901 | $18235 |
| **6/30/21** | $17821 | $23436 | $18026 |
| **7/31/21** | $17653 | $23993 | $18170 |
| **8/31/21** | $18106 | $24722 | $18530 |
| **9/30/21** | $17329 | $23572 | $17885 |
| **10/31/21** | $17821 | $25224 | $18793 |
| **11/30/21** | $17770 | $25049 | $18131 |
| **12/31/21** | $18895 | $26172 | $19275 |
| **1/31/22** | $18823 | $24817 | $18826 |
| **2/28/22** | $18494 | $24074 | $18608 |
| **3/31/22** | $19023 | $24968 | $19133 |
| **4/30/22** | $18180 | $22791 | $18054 |
| **5/31/22** | $18623 | $22833 | $18405 |
| **6/30/22** | $16477 | $20948 | $16797 |
| **7/31/22** | $17564 | $22879 | $17911 |
| **8/31/22** | $17379 | $21946 | $17377 |
| **9/30/22** | $15920 | $19925 | $15853 |
| **10/31/22** | $18222 | $21538 | $17478 |
| **11/30/22** | $19252 | $22742 | $18571 |
| **12/31/22** | $18184 | $21432 | $17822 |
| **1/31/23** | $19142 | $22778 | $18746 |
| **2/28/23** | $18385 | $22223 | $18085 |
| **3/31/23** | $18616 | $23038 | $18001 |
| **4/30/23** | $18462 | $23398 | $18273 |
| **5/31/23** | $17828 | $23500 | $17568 |
| **6/30/23** | $18987 | $25053 | $18735 |
| **7/31/23** | $19682 | $25857 | $19394 |
| **8/31/23** | $19497 | $25446 | $18870 |
| **9/30/23** | $19064 | $24232 | $18142 |
| **10/31/23** | $18601 | $23723 | $17502 |
| **11/30/23** | $19868 | $25889 | $18822 |
| **12/31/23** | $21198 | $27066 | $19865 |
| **1/31/24** | $21380 | $27520 | $19885 |
| **2/29/24** | $22289 | $28990 | $20619 |
| **3/31/24** | $23827 | $29923 | $21650 |
| **4/30/24** | $22091 | $28700 | $20725 |
| **5/31/24** | $23149 | $30124 | $21382 |
| **6/30/24** | $23298 | $31204 | $21181 |
| **7/31/24** | $23992 | $31584 | $22263 |
| **8/31/24** | $23844 | $32350 | $22861 |
| **9/30/24** | $24158 | $33041 | $23178 |
| **10/31/24** | $23381 | $32742 | $22923 |
| **11/30/24** | $24952 | $34664 | $24387 |
| **12/31/24** | $23482 | $33837 | $22719 |
| **1/31/25** | $24574 | $34780 | $23770 |
| **2/28/25** | $24463 | $34326 | $23867 |
| **3/31/25** | $23407 | $32392 | $23204 |
| **4/30/25** | $22611 | $32172 | $22497 |
| **5/31/25** | $23611 | $34197 | $23287 |
| **6/30/25** | $24685 | $35936 | $24083 |

---

The table below shows the average annual total returns of the Fund, a regulatory index, and one or more supplemental index(es) for certain periods ended June 30, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Class A (excluding sales charge) | 5.95% | 15.51% | 9.87% |
| Class A (including sales charge) | 1.97% | 14.63% | 9.46% |
| S&P 500 Index | 15.16% | 16.64% | 13.65% |
| Russell 1000<sup>®</sup> Value Index | 13.70% | 13.93% | 9.19% |

---

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

**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 an 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 Cumulative Returns graph and Average Annual Total Returns 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 graph. 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. For performance current to the most recent month-end, visit **www.pimco.com/literature** or via **888.87.PIMCO (888.877.4626)**.

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $1388310 |
| # of Portfolio Holdings | 143 |
| Portfolio Turnover Rate | 57% |
| Total Net Advisory Fees Paid During the Reporting Period | $3603 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Sector Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Information Technology | 22.5% |
| Health Care | 17.2% |
| Consumer Staples | 12.6% |
| Financials | 9.2% |
| Energy | 8.2% |
| Industrials | 8.0% |
| Consumer Discretionary | 7.7% |
| Communication Services | 7.4% |
| Materials | 2.8% |
| Utilities | 2.2% |
| Real Estate | 1.9% |
| Short-Term Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Affiliated Investments | 1.8% |
| Other Assets and Liabilities, Net | (1.5%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g946521g31n56.jpg)

For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.** 

# Class A: PKAAX
![Image](g946521g28k42.jpg)

# PIMCO RAE US Fund
Annual Shareholder Report \|

June 30, 2025

PES8024TSRAR_063025

# Institutional Class: PKAIX

# PIMCO RAE US Fund

#### Annual Shareholder Report \| June 30, 2025
![Image](g946521g90b93.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO RAE US Fund (the "Fund") for the period of July 1, 2024 to June 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $41 | 0.40% |

---

## How did the Fund perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Overweight exposure to, and security selection in, the consumer staples sector contributed to relative returns, as the sector and the Fund's holdings outperformed the Russell 1000<sup>®</sup> Value Index (the "Index").

* Security selection in the utilities sector contributed to relative returns, as the Fund's holdings outperformed the Index.

* Security selection in the healthcare sector contributed to relative returns, as the Fund's holdings outperformed the Index.

* Overweight exposure to, and security selection in, the information technology sector detracted from relative returns, as the sector and the Fund's holdings underperformed the Index.

* Underweight exposure to, and security selection in, the financials sector detracted from relative returns, as the sector outperformed the Index and the Fund's holdings underperformed the Index.

* Overweight exposure to, and security selection in, the energy sector detracted from relative returns, as the sector and the Fund's holdings underperformed the Index.

## Fund Performance
In addition to the Fund's performance, the graph and the table in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Fund's regulatory index is the S&P 500 Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended June 30, 2025 or the life of the Fund, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g946521g48s00.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **S&P 500 Index** | **Russell 1000<sup>®</sup> Value Index** |
| **6/30/15** | $1000000 | $1000000 | $1000000 |
| **7/31/15** | $1006091 | $1020951 | $1004384 |
| **8/31/15** | $949239 | $959353 | $944567 |
| **9/30/15** | $927919 | $935615 | $916050 |
| **10/31/15** | $991878 | $1014539 | $985166 |
| **11/30/15** | $990863 | $1017556 | $988939 |
| **12/31/15** | $972813 | $1001507 | $967667 |
| **1/31/16** | $930791 | $951808 | $917668 |
| **2/29/16** | $934993 | $950524 | $917439 |
| **3/31/16** | $1005380 | $1015006 | $983531 |
| **4/30/16** | $1012734 | $1018940 | $1004195 |
| **5/31/16** | $1024290 | $1037239 | $1019790 |
| **6/30/16** | $1031644 | $1039926 | $1028611 |
| **7/31/16** | $1065261 | $1078267 | $1058482 |
| **8/31/16** | $1064211 | $1079781 | $1066643 |
| **9/30/16** | $1067363 | $1079985 | $1064424 |
| **10/31/16** | $1044250 | $1060285 | $1047947 |
| **11/30/16** | $1103081 | $1099552 | $1107795 |
| **12/31/16** | $1122676 | $1121286 | $1135479 |
| **1/31/17** | $1133737 | $1142553 | $1143564 |
| **2/28/17** | $1169131 | $1187919 | $1184652 |
| **3/31/17** | $1162495 | $1189305 | $1172580 |
| **4/30/17** | $1159177 | $1201519 | $1170376 |
| **5/31/17** | $1154752 | $1218428 | $1169229 |
| **6/30/17** | $1169131 | $1226033 | $1188346 |
| **7/31/17** | $1189041 | $1251243 | $1204139 |
| **8/31/17** | $1181298 | $1255074 | $1190111 |
| **9/30/17** | $1220011 | $1280963 | $1225362 |
| **10/31/17** | $1238815 | $1310855 | $1234258 |
| **11/30/17** | $1281952 | $1351059 | $1272051 |
| **12/31/17** | $1308420 | $1366081 | $1290623 |
| **1/31/18** | $1371674 | $1444294 | $1340518 |
| **2/28/18** | $1320134 | $1391062 | $1276509 |
| **3/31/18** | $1288507 | $1355710 | $1254055 |
| **4/30/18** | $1296706 | $1360912 | $1258193 |
| **5/31/18** | $1315448 | $1393686 | $1265667 |
| **6/30/18** | $1323648 | $1402264 | $1268806 |
| **7/31/18** | $1372845 | $1454447 | $1319025 |
| **8/31/18** | $1409158 | $1501841 | $1338520 |
| **9/30/18** | $1416186 | $1510389 | $1341170 |
| **10/31/18** | $1334190 | $1407154 | $1271725 |
| **11/30/18** | $1351761 | $1435829 | $1309698 |
| **12/31/18** | $1216698 | $1306187 | $1183928 |
| **1/31/19** | $1314134 | $1410859 | $1276073 |
| **2/28/19** | $1352858 | $1456159 | $1316844 |
| **3/31/19** | $1355356 | $1484455 | $1325219 |
| **4/30/19** | $1397828 | $1544560 | $1372224 |
| **5/31/19** | $1289150 | $1446406 | $1283990 |
| **6/30/19** | $1385337 | $1548343 | $1376155 |
| **7/31/19** | $1399078 | $1570597 | $1387563 |
| **8/31/19** | $1347861 | $1545718 | $1346755 |
| **9/30/19** | $1404074 | $1574639 | $1394807 |
| **10/31/19** | $1427809 | $1608745 | $1414307 |
| **11/30/19** | $1475277 | $1667141 | $1458037 |
| **12/31/19** | $1519287 | $1717458 | $1498148 |
| **1/31/20** | $1481272 | $1716785 | $1465923 |
| **2/29/20** | $1330523 | $1575461 | $1323948 |
| **3/31/20** | $1095879 | $1380871 | $1097699 |
| **4/30/20** | $1219100 | $1557890 | $1221102 |
| **5/31/20** | $1261047 | $1632089 | $1262949 |
| **6/30/20** | $1274156 | $1664547 | $1254563 |
| **7/31/20** | $1320036 | $1758403 | $1304156 |
| **8/31/20** | $1390822 | $1884798 | $1358083 |
| **9/30/20** | $1348875 | $1813182 | $1324728 |
| **10/31/20** | $1329212 | $1764962 | $1307321 |
| **11/30/20** | $1521908 | $1958162 | $1483169 |
| **12/31/20** | $1579050 | $2033450 | $1540034 |
| **1/31/21** | $1633173 | $2012921 | $1525927 |
| **2/28/21** | $1688650 | $2068427 | $1618139 |
| **3/31/21** | $1802309 | $2159015 | $1713350 |
| **4/30/21** | $1844254 | $2274239 | $1781867 |
| **5/31/21** | $1895671 | $2290123 | $1823456 |
| **6/30/21** | $1898378 | $2343585 | $1802577 |
| **7/31/21** | $1882141 | $2399257 | $1816980 |
| **8/31/21** | $1930852 | $2472208 | $1853011 |
| **9/30/21** | $1848313 | $2357226 | $1788507 |
| **10/31/21** | $1901084 | $2522377 | $1879328 |
| **11/30/21** | $1895671 | $2504900 | $1813100 |
| **12/31/21** | $2017638 | $2617160 | $1927489 |
| **1/31/22** | $2010177 | $2481730 | $1882597 |
| **2/28/22** | $1975853 | $2407423 | $1860759 |
| **3/31/22** | $2032562 | $2496810 | $1913288 |
| **4/30/22** | $1943022 | $2279083 | $1805379 |
| **5/31/22** | $1990776 | $2283265 | $1840476 |
| **6/30/22** | $1762449 | $2094795 | $1679673 |
| **7/31/22** | $1878851 | $2287945 | $1791052 |
| **8/31/22** | $1860943 | $2194638 | $1737679 |
| **9/30/22** | $1704248 | $1992515 | $1585302 |
| **10/31/22** | $1951976 | $2153832 | $1747843 |
| **11/30/22** | $2062408 | $2274196 | $1857066 |
| **12/31/22** | $1949527 | $2143170 | $1782207 |
| **1/31/23** | $2052642 | $2277834 | $1874561 |
| **2/28/23** | $1972083 | $2222257 | $1808464 |
| **3/31/23** | $1997862 | $2303845 | $1800127 |
| **4/30/23** | $1981750 | $2339805 | $1827255 |
| **5/31/23** | $1914081 | $2349975 | $1756778 |
| **6/30/23** | $2039753 | $2505250 | $1873481 |
| **7/31/23** | $2113867 | $2585731 | $1939352 |
| **8/31/23** | $2094533 | $2544562 | $1886990 |
| **9/30/23** | $2049420 | $2423243 | $1814171 |
| **10/31/23** | $2001084 | $2372291 | $1750167 |
| **11/30/23** | $2136423 | $2588941 | $1882217 |
| **12/31/23** | $2282240 | $2706559 | $1986473 |
| **1/31/24** | $2301201 | $2752040 | $1988539 |
| **2/29/24** | $2399454 | $2898987 | $2061896 |
| **3/31/24** | $2566658 | $2992260 | $2164970 |
| **4/30/24** | $2380493 | $2870043 | $2072483 |
| **5/31/24** | $2495984 | $3012353 | $2138180 |
| **6/30/24** | $2511498 | $3120443 | $2118060 |
| **7/31/24** | $2587343 | $3158426 | $2226335 |
| **8/31/24** | $2573553 | $3235039 | $2286068 |
| **9/30/24** | $2608028 | $3304130 | $2317799 |
| **10/31/24** | $2525288 | $3274166 | $2292280 |
| **11/30/24** | $2694215 | $3466363 | $2438665 |
| **12/31/24** | $2537497 | $3383732 | $2271884 |
| **1/31/25** | $2655027 | $3477960 | $2377027 |
| **2/28/25** | $2645394 | $3432579 | $2386678 |
| **3/31/25** | $2533644 | $3239172 | $2320400 |
| **4/30/25** | $2446941 | $3217208 | $2249674 |
| **5/31/25** | $2554838 | $3419714 | $2328683 |
| **6/30/25** | $2672368 | $3593616 | $2408277 |

---

The table below shows the average annual total returns of the Fund, a regulatory index, and one or more supplemental index(es) for certain periods ended June 30, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 6.41% | 15.97% | 10.33% |
| S&P 500 Index | 15.16% | 16.64% | 13.65% |
| Russell 1000<sup>®</sup> Value Index | 13.70% | 13.93% | 9.19% |

---

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

**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 an 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. For performance current to the most recent month-end, visit **www.pimco.com/literature** or via **888.87.PIMCO (888.877.4626)**.

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $1388310 |
| # of Portfolio Holdings | 143 |
| Portfolio Turnover Rate | 57% |
| Total Net Advisory Fees Paid During the Reporting Period | $3603 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Sector Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Information Technology | 22.5% |
| Health Care | 17.2% |
| Consumer Staples | 12.6% |
| Financials | 9.2% |
| Energy | 8.2% |
| Industrials | 8.0% |
| Consumer Discretionary | 7.7% |
| Communication Services | 7.4% |
| Materials | 2.8% |
| Utilities | 2.2% |
| Real Estate | 1.9% |
| Short-Term Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Affiliated Investments | 1.8% |
| Other Assets and Liabilities, Net | (1.5%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g946521g31n56.jpg)

For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.** 

# Institutional Class: PKAIX
![Image](g946521g28k42.jpg)

# PIMCO RAE US Fund
Annual Shareholder Report \|

June 30, 2025

PES2155TSRAR_063025

# I-2: PKAPX

# PIMCO RAE US Fund

#### Annual Shareholder Report \| June 30, 2025
![Image](g946521g90b93.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO RAE US Fund (the "Fund") for the period of July 1, 2024 to June 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-2 | $52 | 0.50% |

---

## How did the Fund perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Overweight exposure to, and security selection in, the consumer staples sector contributed to relative returns, as the sector and the Fund's holdings outperformed the Russell 1000<sup>®</sup> Value Index (the "Index").

* Security selection in the utilities sector contributed to relative returns, as the Fund's holdings outperformed the Index.

* Security selection in the healthcare sector contributed to relative returns, as the Fund's holdings outperformed the Index.

* Overweight exposure to, and security selection in, the information technology sector detracted from relative returns, as the sector and the Fund's holdings underperformed the Index.

* Underweight exposure to, and security selection in, the financials sector detracted from relative returns, as the sector outperformed the Index and the Fund's holdings underperformed the Index.

* Overweight exposure to, and security selection in, the energy sector detracted from relative returns, as the sector and the Fund's holdings underperformed the Index.

## Fund Performance
In addition to the Fund's performance, the graph and the table in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Fund's regulatory index is the S&P 500 Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended June 30, 2025 or the life of the Fund, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g946521g22o56.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **I-2** | **S&P 500 Index** | **Russell 1000<sup>®</sup> Value Index** |
| **6/30/15** | $1000000 | $1000000 | $1000000 |
| **7/31/15** | $1006091 | $1020951 | $1004384 |
| **8/31/15** | $949239 | $959353 | $944567 |
| **9/30/15** | $926904 | $935615 | $916050 |
| **10/31/15** | $991878 | $1014539 | $985166 |
| **11/30/15** | $990863 | $1017556 | $988939 |
| **12/31/15** | $972058 | $1001507 | $967667 |
| **1/31/16** | $930023 | $951808 | $917668 |
| **2/29/16** | $934226 | $950524 | $917439 |
| **3/31/16** | $1004635 | $1015006 | $983531 |
| **4/30/16** | $1011991 | $1018940 | $1004195 |
| **5/31/16** | $1023551 | $1037239 | $1019790 |
| **6/30/16** | $1030907 | $1039926 | $1028611 |
| **7/31/16** | $1063484 | $1078267 | $1058482 |
| **8/31/16** | $1063484 | $1079781 | $1066643 |
| **9/30/16** | $1066636 | $1079985 | $1064424 |
| **10/31/16** | $1043517 | $1060285 | $1047947 |
| **11/30/16** | $1101315 | $1099552 | $1107795 |
| **12/31/16** | $1121054 | $1121286 | $1135479 |
| **1/31/17** | $1132120 | $1142553 | $1143564 |
| **2/28/17** | $1166427 | $1187919 | $1184652 |
| **3/31/17** | $1160894 | $1189305 | $1172580 |
| **4/30/17** | $1157574 | $1201519 | $1170376 |
| **5/31/17** | $1153147 | $1218428 | $1169229 |
| **6/30/17** | $1166427 | $1226033 | $1188346 |
| **7/31/17** | $1187454 | $1251243 | $1204139 |
| **8/31/17** | $1179707 | $1255074 | $1190111 |
| **9/30/17** | $1217334 | $1280963 | $1225362 |
| **10/31/17** | $1236147 | $1310855 | $1234258 |
| **11/30/17** | $1279307 | $1351059 | $1272051 |
| **12/31/17** | $1305218 | $1366081 | $1290623 |
| **1/31/18** | $1368487 | $1444294 | $1340518 |
| **2/28/18** | $1316935 | $1391062 | $1276509 |
| **3/31/18** | $1285300 | $1355710 | $1254055 |
| **4/30/18** | $1293502 | $1360912 | $1258193 |
| **5/31/18** | $1312248 | $1393686 | $1265667 |
| **6/30/18** | $1319278 | $1402264 | $1268806 |
| **7/31/18** | $1368487 | $1454447 | $1319025 |
| **8/31/18** | $1404808 | $1501841 | $1338520 |
| **9/30/18** | $1411838 | $1510389 | $1341170 |
| **10/31/18** | $1329823 | $1407154 | $1271725 |
| **11/30/18** | $1346226 | $1435829 | $1309698 |
| **12/31/18** | $1212266 | $1306187 | $1183928 |
| **1/31/19** | $1309747 | $1410859 | $1276073 |
| **2/28/19** | $1348490 | $1456159 | $1316844 |
| **3/31/19** | $1350989 | $1484455 | $1325219 |
| **4/30/19** | $1392231 | $1544560 | $1372224 |
| **5/31/19** | $1284752 | $1446406 | $1283990 |
| **6/30/19** | $1379734 | $1548343 | $1376155 |
| **7/31/19** | $1394731 | $1570597 | $1387563 |
| **8/31/19** | $1343491 | $1545718 | $1346755 |
| **9/30/19** | $1397230 | $1574639 | $1394807 |
| **10/31/19** | $1422225 | $1608745 | $1414307 |
| **11/30/19** | $1468466 | $1667141 | $1458037 |
| **12/31/19** | $1512171 | $1717458 | $1498148 |
| **1/31/20** | $1474137 | $1716785 | $1465923 |
| **2/29/20** | $1324625 | $1575461 | $1323948 |
| **3/31/20** | $1091176 | $1380871 | $1097699 |
| **4/30/20** | $1213146 | $1557890 | $1221102 |
| **5/31/20** | $1255115 | $1632089 | $1262949 |
| **6/30/20** | $1268230 | $1664547 | $1254563 |
| **7/31/20** | $1314133 | $1758403 | $1304156 |
| **8/31/20** | $1383643 | $1884798 | $1358083 |
| **9/30/20** | $1341674 | $1813182 | $1324728 |
| **10/31/20** | $1322002 | $1764962 | $1307321 |
| **11/30/20** | $1513482 | $1958162 | $1483169 |
| **12/31/20** | $1571350 | $2033450 | $1540034 |
| **1/31/21** | $1624135 | $2012921 | $1525927 |
| **2/28/21** | $1679626 | $2068427 | $1618139 |
| **3/31/21** | $1791962 | $2159015 | $1713350 |
| **4/30/21** | $1833919 | $2274239 | $1781867 |
| **5/31/21** | $1885350 | $2290123 | $1823456 |
| **6/30/21** | $1886703 | $2343585 | $1802577 |
| **7/31/21** | $1870462 | $2399257 | $1816980 |
| **8/31/21** | $1919186 | $2472208 | $1853011 |
| **9/30/21** | $1836626 | $2357226 | $1788507 |
| **10/31/21** | $1889410 | $2522377 | $1879328 |
| **11/30/21** | $1883996 | $2504900 | $1813100 |
| **12/31/21** | $2003721 | $2617160 | $1927489 |
| **1/31/22** | $1996255 | $2481730 | $1882597 |
| **2/28/22** | $1963407 | $2407423 | $1860759 |
| **3/31/22** | $2020144 | $2496810 | $1913288 |
| **4/30/22** | $1930559 | $2279083 | $1805379 |
| **5/31/22** | $1978338 | $2283265 | $1840476 |
| **6/30/22** | $1749896 | $2094795 | $1679673 |
| **7/31/22** | $1866357 | $2287945 | $1791052 |
| **8/31/22** | $1848440 | $2194638 | $1737679 |
| **9/30/22** | $1691666 | $1992515 | $1585302 |
| **10/31/22** | $1938025 | $2153832 | $1747843 |
| **11/30/22** | $2048513 | $2274196 | $1857066 |
| **12/31/22** | $1934735 | $2143170 | $1782207 |
| **1/31/23** | $2037921 | $2277834 | $1874561 |
| **2/28/23** | $1957307 | $2222257 | $1808464 |
| **3/31/23** | $1983103 | $2303845 | $1800127 |
| **4/30/23** | $1966981 | $2339805 | $1827255 |
| **5/31/23** | $1899265 | $2349975 | $1756778 |
| **6/30/23** | $2023410 | $2505250 | $1873481 |
| **7/31/23** | $2097575 | $2585731 | $1939352 |
| **8/31/23** | $2078228 | $2544562 | $1886990 |
| **9/30/23** | $2033084 | $2423243 | $1814171 |
| **10/31/23** | $1984716 | $2372291 | $1750167 |
| **11/30/23** | $2120147 | $2588941 | $1882217 |
| **12/31/23** | $2263539 | $2706559 | $1986473 |
| **1/31/24** | $2282517 | $2752040 | $1988539 |
| **2/29/24** | $2380857 | $2898987 | $2061896 |
| **3/31/24** | $2544757 | $2992260 | $2164970 |
| **4/30/24** | $2360154 | $2870043 | $2072483 |
| **5/31/24** | $2474021 | $3012353 | $2138180 |
| **6/30/24** | $2489548 | $3120443 | $2118060 |
| **7/31/24** | $2565460 | $3158426 | $2226335 |
| **8/31/24** | $2551658 | $3235039 | $2286068 |
| **9/30/24** | $2584438 | $3304130 | $2317799 |
| **10/31/24** | $2501625 | $3274166 | $2292280 |
| **11/30/24** | $2670700 | $3466363 | $2438665 |
| **12/31/24** | $2514433 | $3383732 | $2271884 |
| **1/31/25** | $2630216 | $3477960 | $2377027 |
| **2/28/25** | $2620568 | $3432579 | $2386678 |
| **3/31/25** | $2508644 | $3239172 | $2320400 |
| **4/30/25** | $2423736 | $3217208 | $2249674 |
| **5/31/25** | $2529871 | $3419714 | $2328683 |
| **6/30/25** | $2647584 | $3593616 | $2408277 |

---

The table below shows the average annual total returns of the Fund, a regulatory index, and one or more supplemental index(es) for certain periods ended June 30, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| I-2 | 6.35% | 15.86% | 10.23% |
| S&P 500 Index | 15.16% | 16.64% | 13.65% |
| Russell 1000<sup>®</sup> Value Index | 13.70% | 13.93% | 9.19% |

---

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

**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 an 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. For performance current to the most recent month-end, visit **www.pimco.com/literature** or via **888.87.PIMCO (888.877.4626)**.

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $1388310 |
| # of Portfolio Holdings | 143 |
| Portfolio Turnover Rate | 57% |
| Total Net Advisory Fees Paid During the Reporting Period | $3603 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Sector Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Information Technology | 22.5% |
| Health Care | 17.2% |
| Consumer Staples | 12.6% |
| Financials | 9.2% |
| Energy | 8.2% |
| Industrials | 8.0% |
| Consumer Discretionary | 7.7% |
| Communication Services | 7.4% |
| Materials | 2.8% |
| Utilities | 2.2% |
| Real Estate | 1.9% |
| Short-Term Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Affiliated Investments | 1.8% |
| Other Assets and Liabilities, Net | (1.5%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g946521g31n56.jpg)

For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.** 

# I-2: PKAPX
![Image](g946521g28k42.jpg)

# PIMCO RAE US Fund
Annual Shareholder Report \|

June 30, 2025

PES2156TSRAR_063025

# Class A: PMJAX

# PIMCO RAE US Small Fund

#### Annual Shareholder Report \| June 30, 2025
![Image](g946521g90b93.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO RAE US Small Fund (the "Fund") for the period of July 1, 2024 to June 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $92 | 0.90% |

---

## How did the Fund perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Overweight exposure to, and security selection in, the consumer staples sector contributed to relative returns, as the sector and the Fund's holdings outperformed the Russell 2000<sup>®</sup> Value Index (the "Index").

* Underweight exposure to, and security selection in, the energy sector contributed to relative returns, as the sector underperformed the Index and the Fund's holdings outperformed the Index.

* Overweight exposure to, and security selection in, the industrials sector contributed to relative returns, as the sector and the Fund's holdings outperformed the Index.

* Overweight exposure to, and security selection in, the consumer discretionary sector detracted from relative returns, as the sector and the Fund's holdings underperformed the Index.

* Security selection in the materials sector detracted from relative returns, as the Fund's holdings underperformed the Index.

* Security selection in the communication services sector detracted from relative returns, as the Fund's holdings underperformed the Index.

## Fund Performance
In addition to the Fund's performance, the graph and the table in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Fund's regulatory index is the S&P 500 Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended June 30, 2025 or the life of the Fund, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g946521g61s90.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Class A (including sales charge)** | **S&P 500 Index** | **Russell 2000<sup>®</sup> Value Index** | **Russell 2000<sup>®</sup> Index** |
| **6/30/15** | $9622 | $10000 | $10000 | $10000 |
| **7/31/15** | $9408 | $10210 | $9724 | $9884 |
| **8/31/15** | $8982 | $9594 | $9247 | $9263 |
| **9/30/15** | $8506 | $9356 | $8927 | $8808 |
| **10/31/15** | $9011 | $10145 | $9426 | $9305 |
| **11/30/15** | $9214 | $10176 | $9694 | $9607 |
| **12/31/15** | $8717 | $10015 | $9183 | $9125 |
| **1/31/16** | $8128 | $9518 | $8566 | $8322 |
| **2/29/16** | $8226 | $9505 | $8625 | $8322 |
| **3/31/16** | $8904 | $10150 | $9340 | $8986 |
| **4/30/16** | $9071 | $10189 | $9537 | $9127 |
| **5/31/16** | $9081 | $10372 | $9712 | $9333 |
| **6/30/16** | $9130 | $10399 | $9742 | $9327 |
| **7/31/16** | $9621 | $10783 | $10267 | $9884 |
| **8/31/16** | $9798 | $10798 | $10522 | $10059 |
| **9/30/16** | $9887 | $10800 | $10605 | $10171 |
| **10/31/16** | $9513 | $10603 | $10257 | $9687 |
| **11/30/16** | $10693 | $10996 | $11618 | $10767 |
| **12/31/16** | $11045 | $11213 | $12098 | $11069 |
| **1/31/17** | $11015 | $11426 | $12012 | $11113 |
| **2/28/17** | $11084 | $11879 | $12185 | $11327 |
| **3/31/17** | $10985 | $11893 | $12082 | $11342 |
| **4/30/17** | $11055 | $12015 | $12130 | $11466 |
| **5/31/17** | $10707 | $12184 | $11752 | $11233 |
| **6/30/17** | $10985 | $12260 | $12163 | $11622 |
| **7/31/17** | $11064 | $12512 | $12240 | $11708 |
| **8/31/17** | $10796 | $12551 | $11939 | $11559 |
| **9/30/17** | $11581 | $12810 | $12785 | $12280 |
| **10/31/17** | $11651 | $13109 | $12801 | $12385 |
| **11/30/17** | $12039 | $13511 | $13172 | $12742 |
| **12/31/17** | $12017 | $13661 | $13046 | $12690 |
| **1/31/18** | $12163 | $14443 | $13207 | $13022 |
| **2/28/18** | $11539 | $13911 | $12546 | $12518 |
| **3/31/18** | $11747 | $13557 | $12702 | $12680 |
| **4/30/18** | $11882 | $13609 | $12922 | $12789 |
| **5/31/18** | $12506 | $13937 | $13673 | $13566 |
| **6/30/18** | $12724 | $14023 | $13756 | $13663 |
| **7/31/18** | $12984 | $14544 | $13999 | $13901 |
| **8/31/18** | $13389 | $15018 | $14333 | $14500 |
| **9/30/18** | $13057 | $15104 | $13977 | $14152 |
| **10/31/18** | $11882 | $14072 | $12726 | $12615 |
| **11/30/18** | $12017 | $14358 | $12931 | $12815 |
| **12/31/18** | $10578 | $13062 | $11368 | $11293 |
| **1/31/19** | $11727 | $14109 | $12611 | $12563 |
| **2/28/19** | $12162 | $14562 | $13101 | $13216 |
| **3/31/19** | $11772 | $14845 | $12724 | $12940 |
| **4/30/19** | $12140 | $15446 | $13205 | $13379 |
| **5/31/19** | $11057 | $14464 | $12126 | $12339 |
| **6/30/19** | $11827 | $15483 | $12899 | $13211 |
| **7/31/19** | $11950 | $15706 | $12919 | $13287 |
| **8/31/19** | $11325 | $15457 | $12198 | $12631 |
| **9/30/19** | $11861 | $15746 | $12825 | $12894 |
| **10/31/19** | $12073 | $16087 | $13135 | $13233 |
| **11/30/19** | $12352 | $16671 | $13443 | $13778 |
| **12/31/19** | $12668 | $17175 | $13914 | $14175 |
| **1/31/20** | $12136 | $17168 | $13163 | $13721 |
| **2/29/20** | $10869 | $15755 | $11884 | $12566 |
| **3/31/20** | $7929 | $13809 | $8952 | $9836 |
| **4/30/20** | $9003 | $15579 | $10056 | $11187 |
| **5/31/20** | $9512 | $16321 | $10345 | $11915 |
| **6/30/20** | $9817 | $16645 | $10644 | $12336 |
| **7/31/20** | $10179 | $17584 | $10864 | $12677 |
| **8/31/20** | $10734 | $18848 | $11449 | $13391 |
| **9/30/20** | $10145 | $18132 | $10916 | $12944 |
| **10/31/20** | $10383 | $17650 | $11307 | $13215 |
| **11/30/20** | $12430 | $19582 | $13490 | $15651 |
| **12/31/20** | $13484 | $20334 | $14559 | $17005 |
| **1/31/21** | $14746 | $20129 | $15324 | $17860 |
| **2/28/21** | $16243 | $20684 | $16764 | $18974 |
| **3/31/21** | $17010 | $21590 | $17640 | $19164 |
| **4/30/21** | $17356 | $22742 | $17997 | $19567 |
| **5/31/21** | $18445 | $22901 | $18557 | $19607 |
| **6/30/21** | $19323 | $23436 | $18445 | $19987 |
| **7/31/21** | $17838 | $23993 | $17785 | $19265 |
| **8/31/21** | $18333 | $24722 | $18261 | $19696 |
| **9/30/21** | $18457 | $23572 | $17895 | $19115 |
| **10/31/21** | $19310 | $25224 | $18577 | $19929 |
| **11/30/21** | $18197 | $25049 | $17943 | $19098 |
| **12/31/21** | $18844 | $26172 | $18675 | $19525 |
| **1/31/22** | $18574 | $24817 | $17586 | $17645 |
| **2/28/22** | $19281 | $24074 | $17877 | $17833 |
| **3/31/22** | $19738 | $24968 | $18227 | $18055 |
| **4/30/22** | $18553 | $22791 | $16812 | $16266 |
| **5/31/22** | $18969 | $22833 | $17135 | $16290 |
| **6/30/22** | $16621 | $20948 | $15442 | $14951 |
| **7/31/22** | $18138 | $22879 | $16937 | $16512 |
| **8/31/22** | $17722 | $21946 | $16402 | $16174 |
| **9/30/22** | $15624 | $19925 | $14730 | $14624 |
| **10/31/22** | $18366 | $21538 | $16585 | $16234 |
| **11/30/22** | $19301 | $22742 | $17091 | $16613 |
| **12/31/22** | $17885 | $21432 | $15970 | $15535 |
| **1/31/23** | $19596 | $22778 | $17494 | $17049 |
| **2/28/23** | $18774 | $22223 | $17091 | $16761 |
| **3/31/23** | $17976 | $23038 | $15865 | $15960 |
| **4/30/23** | $17428 | $23398 | $15469 | $15673 |
| **5/31/23** | $16927 | $23500 | $15165 | $15528 |
| **6/30/23** | $18774 | $25053 | $16370 | $16791 |
| **7/31/23** | $20097 | $25857 | $17605 | $17817 |
| **8/31/23** | $19550 | $25446 | $16758 | $16926 |
| **9/30/23** | $19253 | $24232 | $15885 | $15930 |
| **10/31/23** | $18272 | $23723 | $14938 | $14843 |
| **11/30/23** | $19459 | $25889 | $16282 | $16187 |
| **12/31/23** | $21416 | $27066 | $18309 | $18164 |
| **1/31/24** | $21323 | $27520 | $17477 | $17458 |
| **2/29/24** | $22526 | $28990 | $18049 | $18445 |
| **3/31/24** | $23775 | $29923 | $18840 | $19105 |
| **4/30/24** | $22572 | $28700 | $17640 | $17761 |
| **5/31/24** | $24006 | $30124 | $18465 | $18652 |
| **6/30/24** | $23497 | $31204 | $18154 | $18479 |
| **7/31/24** | $25255 | $31584 | $20366 | $20357 |
| **8/31/24** | $24677 | $32350 | $19984 | $20053 |
| **9/30/24** | $25301 | $33041 | $19996 | $20193 |
| **10/31/24** | $24977 | $32742 | $19684 | $19901 |
| **11/30/24** | $27822 | $34664 | $21582 | $22084 |
| **12/31/24** | $26013 | $33837 | $19784 | $20260 |
| **1/31/25** | $26800 | $34780 | $20190 | $20791 |
| **2/28/25** | $24893 | $34326 | $19417 | $19679 |
| **3/31/25** | $23820 | $32392 | $18252 | $18340 |
| **4/30/25** | $22771 | $32172 | $17519 | $17916 |
| **5/31/25** | $23701 | $34197 | $18255 | $18873 |
| **6/30/25** | $24392 | $35936 | $19158 | $19899 |

---

The table below shows the average annual total returns of the Fund, a regulatory index, and one or more supplemental index(es) for certain periods ended June 30, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Class A (excluding sales charge) | 3.81% | 19.96% | 9.75% |
| Class A (including sales charge) | (0.12%) | 19.05% | 9.33% |
| S&P 500 Index | 15.16% | 16.64% | 13.65% |
| Russell 2000<sup>®</sup> Value Index | 5.54% | 12.47% | 6.72% |
| Russell 2000<sup>®</sup> Index | 7.68% | 10.04% | 7.12% |

---

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.

**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 an 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 Cumulative Returns graph and Average Annual Total Returns 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 graph. 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. For performance current to the most recent month-end, visit **www.pimco.com/literature** or via **888.87.PIMCO (888.877.4626)**.

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $1981345 |
| # of Portfolio Holdings | 320 |
| Portfolio Turnover Rate | 59% |
| Total Net Advisory Fees Paid During the Reporting Period | $5808 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Sector Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Financials | 18.4% |
| Industrials | 17.9% |
| Consumer Discretionary | 16.6% |
| Information Technology | 12.4% |
| Real Estate | 10.4% |
| Health Care | 5.7% |
| Consumer Staples | 4.6% |
| Materials | 4.3% |
| Communication Services | 4.1% |
| Utilities | 2.7% |
| Energy | 1.9% |
| Short-Term Instruments | 0.1% |
| Affiliated Investments | 1.8% |
| Financial Derivative Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (0.9%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g946521g31n56.jpg)

For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.** 

# Class A: PMJAX
![Image](g946521g28k42.jpg)

# PIMCO RAE US Small Fund
Annual Shareholder Report \|

June 30, 2025

PES8023TSRAR_063025

# Institutional Class: PMJIX

# PIMCO RAE US Small Fund

#### Annual Shareholder Report \| June 30, 2025
![Image](g946521g90b93.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO RAE US Small Fund (the "Fund") for the period of July 1, 2024 to June 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $51 | 0.50% |

---

## How did the Fund perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Overweight exposure to, and security selection in, the consumer staples sector contributed to relative returns, as the sector and the Fund's holdings outperformed the Russell 2000<sup>®</sup> Value Index (the "Index").

* Underweight exposure to, and security selection in, the energy sector contributed to relative returns, as the sector underperformed the Index and the Fund's holdings outperformed the Index.

* Overweight exposure to, and security selection in, the industrials sector contributed to relative returns, as the sector and the Fund's holdings outperformed the Index.

* Overweight exposure to, and security selection in, the consumer discretionary sector detracted from relative returns, as the sector and the Fund's holdings underperformed the Index.

* Security selection in the materials sector detracted from relative returns, as the Fund's holdings underperformed the Index.

* Security selection in the communication services sector detracted from relative returns, as the Fund's holdings underperformed the Index.

## Fund Performance
In addition to the Fund's performance, the graph and the table in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Fund's regulatory index is the S&P 500 Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended June 30, 2025 or the life of the Fund, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g946521g03v85.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Institutional Class** | **S&P 500 Index** | **Russell 2000<sup>®</sup> Value Index** | **Russell 2000<sup>®</sup> Index** |
| **6/30/15** | $1000000 | $1000000 | $1000000 | $1000000 |
| **7/31/15** | $977845 | $1020951 | $972416 | $988380 |
| **8/31/15** | $933535 | $959353 | $924661 | $926270 |
| **9/30/15** | $884189 | $935615 | $892652 | $880827 |
| **10/31/15** | $937563 | $1014539 | $942631 | $930453 |
| **11/30/15** | $959718 | $1017556 | $969428 | $960721 |
| **12/31/15** | $908136 | $1001507 | $918325 | $912483 |
| **1/31/16** | $846706 | $951808 | $856633 | $832248 |
| **2/29/16** | $856944 | $950524 | $862475 | $832215 |
| **3/31/16** | $927589 | $1015006 | $933962 | $898634 |
| **4/30/16** | $944994 | $1018940 | $953744 | $912734 |
| **5/31/16** | $947041 | $1037239 | $971226 | $933289 |
| **6/30/16** | $953184 | $1039926 | $974178 | $932701 |
| **7/31/16** | $1004376 | $1078267 | $1026735 | $988392 |
| **8/31/16** | $1023828 | $1079781 | $1052249 | $1005867 |
| **9/30/16** | $1032019 | $1079985 | $1060541 | $1017072 |
| **10/31/16** | $994137 | $1060285 | $1025681 | $968721 |
| **11/30/16** | $1118021 | $1099552 | $1161820 | $1076743 |
| **12/31/16** | $1154619 | $1121286 | $1209791 | $1106913 |
| **1/31/17** | $1151510 | $1142553 | $1201154 | $1111274 |
| **2/28/17** | $1158765 | $1187919 | $1218534 | $1132722 |
| **3/31/17** | $1149437 | $1189305 | $1208213 | $1134206 |
| **4/30/17** | $1156692 | $1201519 | $1212974 | $1146648 |
| **5/31/17** | $1121453 | $1218428 | $1175202 | $1123325 |
| **6/30/17** | $1150473 | $1226033 | $1216310 | $1162158 |
| **7/31/17** | $1159802 | $1251243 | $1224009 | $1170793 |
| **8/31/17** | $1131817 | $1255074 | $1193923 | $1155901 |
| **9/30/17** | $1214734 | $1280963 | $1278453 | $1228041 |
| **10/31/17** | $1221989 | $1310855 | $1280128 | $1238504 |
| **11/30/17** | $1263448 | $1351059 | $1317175 | $1274197 |
| **12/31/17** | $1261664 | $1366081 | $1304609 | $1269049 |
| **1/31/18** | $1276865 | $1444294 | $1320682 | $1302210 |
| **2/28/18** | $1212805 | $1391062 | $1254648 | $1251788 |
| **3/31/18** | $1233434 | $1355710 | $1270167 | $1267974 |
| **4/30/18** | $1248635 | $1360912 | $1292179 | $1278942 |
| **5/31/18** | $1314867 | $1393686 | $1367346 | $1356573 |
| **6/30/18** | $1338754 | $1402264 | $1375632 | $1366300 |
| **7/31/18** | $1365898 | $1454447 | $1399925 | $1390115 |
| **8/31/18** | $1409329 | $1501841 | $1433272 | $1450043 |
| **9/30/18** | $1374584 | $1510389 | $1397712 | $1415169 |
| **10/31/18** | $1250806 | $1407154 | $1272575 | $1261453 |
| **11/30/18** | $1266007 | $1435829 | $1293089 | $1281498 |
| **12/31/18** | $1114532 | $1306187 | $1136780 | $1129269 |
| **1/31/19** | $1235651 | $1410859 | $1261121 | $1256311 |
| **2/28/19** | $1282236 | $1456159 | $1310141 | $1321627 |
| **3/31/19** | $1241474 | $1484455 | $1272370 | $1293965 |
| **4/30/19** | $1281071 | $1544560 | $1320491 | $1337921 |
| **5/31/19** | $1166939 | $1446406 | $1212633 | $1233871 |
| **6/30/19** | $1248462 | $1548343 | $1289866 | $1321081 |
| **7/31/19** | $1262437 | $1570597 | $1291942 | $1328691 |
| **8/31/19** | $1197219 | $1545718 | $1219839 | $1263093 |
| **9/30/19** | $1254285 | $1574639 | $1282478 | $1289378 |
| **10/31/19** | $1277577 | $1608745 | $1313539 | $1323340 |
| **11/30/19** | $1306693 | $1667141 | $1344289 | $1377809 |
| **12/31/19** | $1339905 | $1717458 | $1391353 | $1417531 |
| **1/31/20** | $1284322 | $1716785 | $1316303 | $1372071 |
| **2/29/20** | $1150686 | $1575461 | $1188398 | $1256570 |
| **3/31/20** | $839658 | $1380871 | $895197 | $983568 |
| **4/30/20** | $954372 | $1557890 | $1005628 | $1118661 |
| **5/31/20** | $1007590 | $1632089 | $1034490 | $1191452 |
| **6/30/20** | $1040703 | $1664547 | $1064438 | $1233570 |
| **7/31/20** | $1079729 | $1758403 | $1086397 | $1267715 |
| **8/31/20** | $1138860 | $1884798 | $1144922 | $1339138 |
| **9/30/20** | $1077364 | $1813182 | $1091648 | $1294411 |
| **10/31/20** | $1103382 | $1764962 | $1130697 | $1321516 |
| **11/30/20** | $1320983 | $1958162 | $1349000 | $1565098 |
| **12/31/20** | $1432099 | $2033450 | $1455854 | $1700479 |
| **1/31/21** | $1567935 | $2012921 | $1532447 | $1786047 |
| **2/28/21** | $1727058 | $2068427 | $1676420 | $1897371 |
| **3/31/21** | $1809853 | $2159015 | $1764030 | $1916421 |
| **4/30/21** | $1847369 | $2274239 | $1799717 | $1956666 |
| **5/31/21** | $1963800 | $2290123 | $1855724 | $1960696 |
| **6/30/21** | $2056945 | $2343585 | $1844478 | $1998675 |
| **7/31/21** | $1900410 | $2399257 | $1778464 | $1926503 |
| **8/31/21** | $1953451 | $2472208 | $1826091 | $1969599 |
| **9/30/21** | $1967681 | $2357226 | $1789515 | $1911535 |
| **10/31/21** | $2058239 | $2522377 | $1857749 | $1992852 |
| **11/30/21** | $1940514 | $2504900 | $1794288 | $1909809 |
| **12/31/21** | $2010196 | $2617160 | $1867459 | $1952475 |
| **1/31/22** | $1982277 | $2481730 | $1758586 | $1764510 |
| **2/28/22** | $2057444 | $2407423 | $1787691 | $1783337 |
| **3/31/22** | $2106840 | $2496810 | $1822676 | $1805540 |
| **4/30/22** | $1982277 | $2279083 | $1681218 | $1626593 |
| **5/31/22** | $2027377 | $2283265 | $1713481 | $1629049 |
| **6/30/22** | $1776103 | $2094795 | $1544206 | $1495076 |
| **7/31/22** | $1939324 | $2287945 | $1693716 | $1651162 |
| **8/31/22** | $1896371 | $2194638 | $1640161 | $1617379 |
| **9/30/22** | $1670868 | $1992515 | $1473028 | $1462369 |
| **10/31/22** | $1965096 | $2153832 | $1658468 | $1623362 |
| **11/30/22** | $2066035 | $2274196 | $1709134 | $1661283 |
| **12/31/22** | $1916850 | $2143170 | $1596998 | $1553466 |
| **1/31/23** | $2100529 | $2277834 | $1749399 | $1704882 |
| **2/28/23** | $2011044 | $2222257 | $1709058 | $1676087 |
| **3/31/23** | $1928625 | $2303845 | $1586502 | $1596004 |
| **4/30/23** | $1869753 | $2339805 | $1546934 | $1567307 |
| **5/31/23** | $1815592 | $2349975 | $1516506 | $1552826 |
| **6/30/23** | $2013399 | $2505250 | $1636977 | $1679070 |
| **7/31/23** | $2159400 | $2585731 | $1760504 | $1781745 |
| **8/31/23** | $2098174 | $2544562 | $1675823 | $1692605 |
| **9/30/23** | $2067561 | $2423243 | $1588547 | $1592961 |
| **10/31/23** | $1963947 | $2372291 | $1493790 | $1484321 |
| **11/30/23** | $2091109 | $2588941 | $1628246 | $1618667 |
| **12/31/23** | $2301437 | $2706559 | $1830897 | $1816436 |
| **1/31/24** | $2294268 | $2752040 | $1747738 | $1745795 |
| **2/29/24** | $2423320 | $2898987 | $1804906 | $1844502 |
| **3/31/24** | $2559543 | $2992260 | $1884015 | $1910535 |
| **4/30/24** | $2430490 | $2870043 | $1763966 | $1776071 |
| **5/31/24** | $2585831 | $3012353 | $1846467 | $1865177 |
| **6/30/24** | $2533254 | $3120443 | $1815354 | $1847924 |
| **7/31/24** | $2722053 | $3158426 | $2036591 | $2035673 |
| **8/31/24** | $2662307 | $3235039 | $1998364 | $2005260 |
| **9/30/24** | $2729223 | $3304130 | $1999643 | $2019277 |
| **10/31/24** | $2695765 | $3274166 | $1968369 | $1990119 |
| **11/30/24** | $3004057 | $3466363 | $2158237 | $2208415 |
| **12/31/24** | $2809524 | $3383732 | $1978392 | $2026022 |
| **1/31/25** | $2895782 | $3477960 | $2019028 | $2079144 |
| **2/28/25** | $2688764 | $3432579 | $1941739 | $1967931 |
| **3/31/25** | $2572933 | $3239172 | $1825216 | $1833974 |
| **4/30/25** | $2462031 | $3217208 | $1751915 | $1791609 |
| **5/31/25** | $2565539 | $3419714 | $1825513 | $1887281 |
| **6/30/25** | $2639474 | $3593616 | $1915839 | $1989854 |

---

The table below shows the average annual total returns of the Fund, a regulatory index, and one or more supplemental index(es) for certain periods ended June 30, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 4.19% | 20.46% | 10.19% |
| S&P 500 Index | 15.16% | 16.64% | 13.65% |
| Russell 2000<sup>®</sup> Value Index | 5.54% | 12.47% | 6.72% |
| Russell 2000<sup>®</sup> Index | 7.68% | 10.04% | 7.12% |

---

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.

**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 an 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. For performance current to the most recent month-end, visit **www.pimco.com/literature** or via **888.87.PIMCO (888.877.4626)**.

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $1981345 |
| # of Portfolio Holdings | 320 |
| Portfolio Turnover Rate | 59% |
| Total Net Advisory Fees Paid During the Reporting Period | $5808 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Sector Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Financials | 18.4% |
| Industrials | 17.9% |
| Consumer Discretionary | 16.6% |
| Information Technology | 12.4% |
| Real Estate | 10.4% |
| Health Care | 5.7% |
| Consumer Staples | 4.6% |
| Materials | 4.3% |
| Communication Services | 4.1% |
| Utilities | 2.7% |
| Energy | 1.9% |
| Short-Term Instruments | 0.1% |
| Affiliated Investments | 1.8% |
| Financial Derivative Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (0.9%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g946521g31n56.jpg)

For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.** 

# Institutional Class: PMJIX
![Image](g946521g28k42.jpg)

# PIMCO RAE US Small Fund
Annual Shareholder Report \|

June 30, 2025

PES2158TSRAR_063025

# I-2: PMJPX

# PIMCO RAE US Small Fund

#### Annual Shareholder Report \| June 30, 2025
![Image](g946521g90b93.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO RAE US Small Fund (the "Fund") for the period of July 1, 2024 to June 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| I-2 | $61 | 0.60% |

---

## How did the Fund perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Overweight exposure to, and security selection in, the consumer staples sector contributed to relative returns, as the sector and the Fund's holdings outperformed the Russell 2000<sup>®</sup> Value Index (the "Index").

* Underweight exposure to, and security selection in, the energy sector contributed to relative returns, as the sector underperformed the Index and the Fund's holdings outperformed the Index.

* Overweight exposure to, and security selection in, the industrials sector contributed to relative returns, as the sector and the Fund's holdings outperformed the Index.

* Overweight exposure to, and security selection in, the consumer discretionary sector detracted from relative returns, as the sector and the Fund's holdings underperformed the Index.

* Security selection in the materials sector detracted from relative returns, as the Fund's holdings underperformed the Index.

* Security selection in the communication services sector detracted from relative returns, as the Fund's holdings underperformed the Index.

## Fund Performance
In addition to the Fund's performance, the graph and the table in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Fund's regulatory index is the S&P 500 Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended June 30, 2025 or the life of the Fund, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g946521g67f72.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **I-2** | **S&P 500 Index** | **Russell 2000<sup>®</sup> Value Index** | **Russell 2000<sup>®</sup> Index** |
| **6/30/15** | $1000000 | $1000000 | $1000000 | $1000000 |
| **7/31/15** | $978831 | $1020951 | $972416 | $988380 |
| **8/31/15** | $933468 | $959353 | $924661 | $926270 |
| **9/30/15** | $884073 | $935615 | $892652 | $880827 |
| **10/31/15** | $937500 | $1014539 | $942631 | $930453 |
| **11/30/15** | $959677 | $1017556 | $969428 | $960721 |
| **12/31/15** | $907995 | $1001507 | $918325 | $912483 |
| **1/31/16** | $846506 | $951808 | $856633 | $832248 |
| **2/29/16** | $856754 | $950524 | $862475 | $832215 |
| **3/31/16** | $927467 | $1015006 | $933962 | $898634 |
| **4/30/16** | $944889 | $1018940 | $953744 | $912734 |
| **5/31/16** | $945914 | $1037239 | $971226 | $933289 |
| **6/30/16** | $952063 | $1039926 | $974178 | $932701 |
| **7/31/16** | $1003304 | $1078267 | $1026735 | $988392 |
| **8/31/16** | $1021751 | $1079781 | $1052249 | $1005867 |
| **9/30/16** | $1030974 | $1079985 | $1060541 | $1017072 |
| **10/31/16** | $993056 | $1060285 | $1025681 | $968721 |
| **11/30/16** | $1116035 | $1099552 | $1161820 | $1076743 |
| **12/31/16** | $1153315 | $1121286 | $1209791 | $1106913 |
| **1/31/17** | $1150203 | $1142553 | $1201154 | $1111274 |
| **2/28/17** | $1157463 | $1187919 | $1218534 | $1132722 |
| **3/31/17** | $1147092 | $1189305 | $1208213 | $1134206 |
| **4/30/17** | $1154352 | $1201519 | $1212974 | $1146648 |
| **5/31/17** | $1119089 | $1218428 | $1175202 | $1123325 |
| **6/30/17** | $1148129 | $1226033 | $1216310 | $1162158 |
| **7/31/17** | $1157463 | $1251243 | $1224009 | $1170793 |
| **8/31/17** | $1129460 | $1255074 | $1193923 | $1155901 |
| **9/30/17** | $1211395 | $1280963 | $1278453 | $1228041 |
| **10/31/17** | $1219692 | $1310855 | $1280128 | $1238504 |
| **11/30/17** | $1260141 | $1351059 | $1317175 | $1274197 |
| **12/31/17** | $1257825 | $1366081 | $1304609 | $1269049 |
| **1/31/18** | $1273032 | $1444294 | $1320682 | $1302210 |
| **2/28/18** | $1208946 | $1391062 | $1254648 | $1251788 |
| **3/31/18** | $1230670 | $1355710 | $1270167 | $1267974 |
| **4/30/18** | $1244790 | $1360912 | $1292179 | $1278942 |
| **5/31/18** | $1311049 | $1393686 | $1367346 | $1356573 |
| **6/30/18** | $1334945 | $1402264 | $1375632 | $1366300 |
| **7/31/18** | $1361014 | $1454447 | $1399925 | $1390115 |
| **8/31/18** | $1404462 | $1501841 | $1433272 | $1450043 |
| **9/30/18** | $1369704 | $1510389 | $1397712 | $1415169 |
| **10/31/18** | $1246963 | $1407154 | $1272575 | $1261453 |
| **11/30/18** | $1261083 | $1435829 | $1293089 | $1281498 |
| **12/31/18** | $1110683 | $1306187 | $1136780 | $1129269 |
| **1/31/19** | $1231890 | $1410859 | $1261121 | $1256311 |
| **2/28/19** | $1277343 | $1456159 | $1310141 | $1321627 |
| **3/31/19** | $1236552 | $1484455 | $1272370 | $1293965 |
| **4/30/19** | $1276178 | $1544560 | $1320491 | $1337921 |
| **5/31/19** | $1163128 | $1446406 | $1212633 | $1233871 |
| **6/30/19** | $1243545 | $1548343 | $1289866 | $1321081 |
| **7/31/19** | $1257530 | $1570597 | $1291942 | $1328691 |
| **8/31/19** | $1192265 | $1545718 | $1219839 | $1263093 |
| **9/30/19** | $1248207 | $1574639 | $1282478 | $1289378 |
| **10/31/19** | $1271516 | $1608745 | $1313539 | $1323340 |
| **11/30/19** | $1300652 | $1667141 | $1344289 | $1377809 |
| **12/31/19** | $1334269 | $1717458 | $1391353 | $1417531 |
| **1/31/20** | $1278675 | $1716785 | $1316303 | $1372071 |
| **2/29/20** | $1145011 | $1575461 | $1188398 | $1256570 |
| **3/31/20** | $836284 | $1380871 | $895197 | $983568 |
| **4/30/20** | $948656 | $1557890 | $1005628 | $1118661 |
| **5/31/20** | $1003068 | $1632089 | $1034490 | $1191452 |
| **6/30/20** | $1036188 | $1664547 | $1064438 | $1233570 |
| **7/31/20** | $1074039 | $1758403 | $1086397 | $1267715 |
| **8/31/20** | $1132000 | $1884798 | $1144922 | $1339138 |
| **9/30/20** | $1071674 | $1813182 | $1091648 | $1294411 |
| **10/31/20** | $1096514 | $1764962 | $1130697 | $1321516 |
| **11/30/20** | $1312978 | $1958162 | $1349000 | $1565098 |
| **12/31/20** | $1424613 | $2033450 | $1455854 | $1700479 |
| **1/31/21** | $1557887 | $2012921 | $1532447 | $1786047 |
| **2/28/21** | $1717040 | $2068427 | $1676420 | $1897371 |
| **3/31/21** | $1798557 | $2159015 | $1764030 | $1916421 |
| **4/30/21** | $1836081 | $2274239 | $1799717 | $1956666 |
| **5/31/21** | $1951240 | $2290123 | $1855724 | $1960696 |
| **6/30/21** | $2044403 | $2343585 | $1844478 | $1998675 |
| **7/31/21** | $1887838 | $2399257 | $1778464 | $1926503 |
| **8/31/21** | $1940889 | $2472208 | $1826091 | $1969599 |
| **9/30/21** | $1955122 | $2357226 | $1789515 | $1911535 |
| **10/31/21** | $2045697 | $2522377 | $1857749 | $1992852 |
| **11/30/21** | $1927950 | $2504900 | $1794288 | $1909809 |
| **12/31/21** | $1995624 | $2617160 | $1867459 | $1952475 |
| **1/31/22** | $1969735 | $2481730 | $1758586 | $1764510 |
| **2/28/22** | $2043088 | $2407423 | $1787691 | $1783337 |
| **3/31/22** | $2092709 | $2496810 | $1822676 | $1805540 |
| **4/30/22** | $1969735 | $2279083 | $1681218 | $1626593 |
| **5/31/22** | $2012884 | $2283265 | $1713481 | $1629049 |
| **6/30/22** | $1764779 | $2094795 | $1544206 | $1495076 |
| **7/31/22** | $1926586 | $2287945 | $1693716 | $1651162 |
| **8/31/22** | $1881280 | $2194638 | $1640161 | $1617379 |
| **9/30/22** | $1659065 | $1992515 | $1473028 | $1462369 |
| **10/31/22** | $1950318 | $2153832 | $1658468 | $1623362 |
| **11/30/22** | $2051717 | $2274196 | $1709134 | $1661283 |
| **12/31/22** | $1903415 | $2143170 | $1596998 | $1553466 |
| **1/31/23** | $2085707 | $2277834 | $1749399 | $1704882 |
| **2/28/23** | $1998112 | $2222257 | $1709058 | $1676087 |
| **3/31/23** | $1912885 | $2303845 | $1586502 | $1596004 |
| **4/30/23** | $1856066 | $2339805 | $1546934 | $1567307 |
| **5/31/23** | $1801615 | $2349975 | $1516506 | $1552826 |
| **6/30/23** | $1998112 | $2505250 | $1636977 | $1679070 |
| **7/31/23** | $2142526 | $2585731 | $1760504 | $1781745 |
| **8/31/23** | $2080972 | $2544562 | $1675823 | $1692605 |
| **9/30/23** | $2050196 | $2423243 | $1588547 | $1592961 |
| **10/31/23** | $1948396 | $2372291 | $1493790 | $1484321 |
| **11/30/23** | $2073870 | $2588941 | $1628246 | $1618667 |
| **12/31/23** | $2282094 | $2706559 | $1830897 | $1816436 |
| **1/31/24** | $2274887 | $2752040 | $1747738 | $1745795 |
| **2/29/24** | $2402204 | $2898987 | $1804906 | $1844502 |
| **3/31/24** | $2536727 | $2992260 | $1884015 | $1910535 |
| **4/30/24** | $2409410 | $2870043 | $1763966 | $1776071 |
| **5/31/24** | $2563151 | $3012353 | $1846467 | $1865177 |
| **6/30/24** | $2510303 | $3120443 | $1815354 | $1847924 |
| **7/31/24** | $2697675 | $3158426 | $2036591 | $2035673 |
| **8/31/24** | $2637620 | $3235039 | $1998364 | $2005260 |
| **9/30/24** | $2702479 | $3304130 | $1999643 | $2019277 |
| **10/31/24** | $2671251 | $3274166 | $1968369 | $1990119 |
| **11/30/24** | $2976330 | $3466363 | $2158237 | $2208415 |
| **12/31/24** | $2781966 | $3383732 | $1978392 | $2026022 |
| **1/31/25** | $2868670 | $3477960 | $2019028 | $2079144 |
| **2/28/25** | $2663057 | $3432579 | $1941739 | $1967931 |
| **3/31/25** | $2549103 | $3239172 | $1825216 | $1833974 |
| **4/30/25** | $2440104 | $3217208 | $1751915 | $1791609 |
| **5/31/25** | $2539194 | $3419714 | $1825513 | $1887281 |
| **6/30/25** | $2613512 | $3593616 | $1915839 | $1989854 |

---

The table below shows the average annual total returns of the Fund, a regulatory index, and one or more supplemental index(es) for certain periods ended June 30, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| I-2 | 4.11% | 20.33% | 10.08% |
| S&P 500 Index | 15.16% | 16.64% | 13.65% |
| Russell 2000<sup>®</sup> Value Index | 5.54% | 12.47% | 6.72% |
| Russell 2000<sup>®</sup> Index | 7.68% | 10.04% | 7.12% |

---

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.

**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 an 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. For performance current to the most recent month-end, visit **www.pimco.com/literature** or via **888.87.PIMCO (888.877.4626)**.

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $1981345 |
| # of Portfolio Holdings | 320 |
| Portfolio Turnover Rate | 59% |
| Total Net Advisory Fees Paid During the Reporting Period | $5808 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Sector Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Financials | 18.4% |
| Industrials | 17.9% |
| Consumer Discretionary | 16.6% |
| Information Technology | 12.4% |
| Real Estate | 10.4% |
| Health Care | 5.7% |
| Consumer Staples | 4.6% |
| Materials | 4.3% |
| Communication Services | 4.1% |
| Utilities | 2.7% |
| Energy | 1.9% |
| Short-Term Instruments | 0.1% |
| Affiliated Investments | 1.8% |
| Financial Derivative Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (0.9%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

## Additional Information
![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g946521g31n56.jpg)

For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.** 

# I-2: PMJPX
![Image](g946521g28k42.jpg)

# PIMCO RAE US Small Fund
Annual Shareholder Report \|

June 30, 2025

PES2159TSRAR_063025

# PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF

## MFEM \| Principal Listing Exchange: NYSE Arca

#### Annual Shareholder Report \| June 30, 2025
![Image](g946521g90b93.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF (the "Fund") for the period of July 1, 2024 to June 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.400.4ETF (888.400.4383)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF | $51 | 0.49% |

---

## How did the Fund perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Security selection in the financials sector contributed to relative returns, as the Fund's holdings outperformed the MSCI Emerging Markets Index (the "Index"). 

* Security selection in the industrials sector contributed to relative returns, as the Fund's holdings outperformed the Index. 

* Security selection in the consumer discretionary sector detracted from relative returns, as the Fund's holdings underperformed the Index. 

* Security selection in the information technology sector detracted from relative returns, as the Fund's holdings underperformed the Index. 

* Overweight exposure to, and security selection in, the materials sector detracted from relative returns, as the sector and the Fund's holdings underperformed the Index.

## Fund Performance
In addition to the Fund's performance, the graph and the table in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Fund's regulatory index is the MSCI Emerging Markets Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended June 30, 2025 or the life of the Fund, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g946521g57i22.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF (at NAV)** | **MSCI Emerging Markets Index** | **RAFI Dynamic Multi-Factor Emerging Markets Index** |
| **8/31/17** | $10000 | $10000 | $10000 |
| **9/30/17** | $9812 | $9960 | $9826 |
| **10/31/17** | $10052 | $10309 | $10094 |
| **11/30/17** | $10052 | $10330 | $10077 |
| **12/31/17** | $10434 | $10701 | $10479 |
| **1/31/18** | $11163 | $11593 | $11211 |
| **2/28/18** | $10654 | $11058 | $10744 |
| **3/31/18** | $10534 | $10853 | $10524 |
| **4/30/18** | $10367 | $10805 | $10453 |
| **5/31/18** | $10003 | $10422 | $10063 |
| **6/30/18** | $9601 | $9989 | $9652 |
| **7/31/18** | $9993 | $10208 | $10038 |
| **8/31/18** | $9670 | $9932 | $9714 |
| **9/30/18** | $9795 | $9879 | $9848 |
| **10/31/18** | $9027 | $9019 | $9063 |
| **11/30/18** | $9271 | $9391 | $9295 |
| **12/31/18** | $9105 | $9142 | $9136 |
| **1/31/19** | $9798 | $9942 | $9802 |
| **2/28/19** | $9707 | $9965 | $9754 |
| **3/31/19** | $9716 | $10048 | $9757 |
| **4/30/19** | $9879 | $10260 | $9928 |
| **5/31/19** | $9502 | $9515 | $9558 |
| **6/30/19** | $10036 | $10109 | $10085 |
| **7/31/19** | $9790 | $9986 | $9901 |
| **8/31/19** | $9382 | $9499 | $9451 |
| **9/30/19** | $9598 | $9680 | $9668 |
| **10/31/19** | $9897 | $10088 | $9984 |
| **11/30/19** | $9814 | $10074 | $9899 |
| **12/31/19** | $10470 | $10826 | $10536 |
| **1/31/20** | $9836 | $10321 | $9968 |
| **2/29/20** | $9130 | $9777 | $9148 |
| **3/31/20** | $7393 | $8271 | $7481 |
| **4/30/20** | $8158 | $9029 | $8263 |
| **5/31/20** | $8438 | $9098 | $8470 |
| **6/30/20** | $8845 | $9767 | $8907 |
| **7/31/20** | $9587 | $10640 | $9702 |
| **8/31/20** | $9673 | $10875 | $9791 |
| **9/30/20** | $9579 | $10700 | $9659 |
| **10/31/20** | $9630 | $10921 | $9717 |
| **11/30/20** | $10654 | $11931 | $10780 |
| **12/31/20** | $11728 | $12808 | $11903 |
| **1/31/21** | $12017 | $13201 | $12238 |
| **2/28/21** | $12276 | $13302 | $12487 |
| **3/31/21** | $12440 | $13101 | $12616 |
| **4/30/21** | $12885 | $13427 | $13185 |
| **5/31/21** | $13230 | $13738 | $13646 |
| **6/30/21** | $13412 | $13762 | $13670 |
| **7/31/21** | $12956 | $12836 | $13207 |
| **8/31/21** | $13238 | $13172 | $13565 |
| **9/30/21** | $12839 | $12648 | $13241 |
| **10/31/21** | $12940 | $12773 | $13215 |
| **11/30/21** | $12332 | $12252 | $12639 |
| **12/31/21** | $13032 | $12482 | $13418 |
| **1/31/22** | $12842 | $12246 | $13107 |
| **2/28/22** | $12169 | $11880 | $12622 |
| **3/31/22** | $11838 | $11612 | $12315 |
| **4/30/22** | $11201 | $10966 | $11719 |
| **5/31/22** | $11325 | $11014 | $11795 |
| **6/30/22** | $10327 | $10282 | $10682 |
| **7/31/22** | $10436 | $10257 | $10787 |
| **8/31/22** | $10453 | $10300 | $10918 |
| **9/30/22** | $9468 | $9092 | $9886 |
| **10/31/22** | $9501 | $8810 | $9859 |
| **11/30/22** | $10734 | $10117 | $11087 |
| **12/31/22** | $10502 | $9974 | $10937 |
| **1/31/23** | $11145 | $10762 | $11553 |
| **2/28/23** | $10598 | $10064 | $11037 |
| **3/31/23** | $10863 | $10369 | $11297 |
| **4/30/23** | $10953 | $10252 | $11386 |
| **5/31/23** | $10669 | $10079 | $11118 |
| **6/30/23** | $11152 | $10462 | $11588 |
| **7/31/23** | $11916 | $11113 | $12418 |
| **8/31/23** | $11261 | $10429 | $11756 |
| **9/30/23** | $11102 | $10156 | $11608 |
| **10/31/23** | $10605 | $9761 | $11053 |
| **11/30/23** | $11475 | $10543 | $12016 |
| **12/31/23** | $12009 | $10955 | $12634 |
| **1/31/24** | $11652 | $10446 | $12279 |
| **2/29/24** | $12115 | $10943 | $12763 |
| **3/31/24** | $12240 | $11214 | $12907 |
| **4/30/24** | $12259 | $11264 | $12978 |
| **5/31/24** | $12675 | $11328 | $13322 |
| **6/30/24** | $12934 | $11775 | $13657 |
| **7/31/24** | $12915 | $11810 | $13583 |
| **8/31/24** | $12959 | $12001 | $13761 |
| **9/30/24** | $13558 | $12802 | $14475 |
| **10/31/24** | $12967 | $12233 | $13819 |
| **11/30/24** | $12790 | $11793 | $13492 |
| **12/31/24** | $12600 | $11777 | $13415 |
| **1/31/25** | $12607 | $11987 | $13422 |
| **2/28/25** | $12494 | $12045 | $13247 |
| **3/31/25** | $12660 | $12122 | $13365 |
| **4/30/25** | $12752 | $12281 | $13514 |
| **5/31/25** | $13346 | $12805 | $14209 |
| **6/30/25** | $14159 | $13575 | $15021 |

---

The table below shows the average annual total returns of the Fund, a regulatory index, and one or more supplemental index(es) for certain periods ended June 30, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Fund/Index Name** | **1 Year** | **5 Years** | **Since Inception 8/31/17** |
| PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF (at NAV) | 9.47% | 9.87% | 4.54% |
| MSCI Emerging Markets Index | 15.29% | 6.81% | 3.98% |
| RAFI Dynamic Multi-Factor Emerging Markets Index | 9.99% | 11.02% | 5.33% |

---

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.

**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 an 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. For performance current to the most recent month-end, visit **www.pimco.com/literature** or via **888.400.4ETF (888.400.4383)**.

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $108739 |
| # of Portfolio Holdings | 755 |
| Portfolio Turnover Rate | 40% |
| Total Net Management Fees Paid During the Reporting Period | $490 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Geographic Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

---

| | |
|:---|:---|
| China | 28.1% |
| Taiwan | 18.2% |
| India | 12.4% |
| South Korea | 9.9% |
| Brazil | 6.5% |
| South Africa | 4.2% |
| Thailand | 2.9% |
| Mexico | 2.7% |
| Hong Kong | 2.4% |
| Saudi Arabia | 2.4% |
| Malaysia | 2.1% |
| Other Countries | 7.4% |
| Short-Term Instruments | 0.5% |
| Affiliated Investments | 0.0%<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | 0.3% |
| Total | 100.0% |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.400.4ETF (888.400.4383).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g946521g31n56.jpg)

# PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF
![Image](g946521g28k42.jpg)

Annual Shareholder Report \|

June 30, 2025

## MFEM \| Principal Listing Exchange: NYSE Arca
RAFI15672TSRAR_063025

# PIMCO RAFI Dynamic Multi-Factor International Equity ETF

## MFDX \| Principal Listing Exchange: NYSE Arca

#### Annual Shareholder Report \| June 30, 2025
![Image](g946521g90b93.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO RAFI Dynamic Multi-Factor International Equity ETF (the "Fund") for the period of July 1, 2024 to June 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.400.4ETF (888.400.4383)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| PIMCO RAFI Dynamic Multi-Factor International Equity ETF | $43 | 0.39% |

---

## How did the Fund perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Underweight exposure to, and security selection in, the healthcare sector contributed to relative returns, as the sector underperformed the MSCI EAFE Index (the "Index") and the Fund's holdings outperformed the Index. 

* Underweight exposure to, and security selection in, the information technology sector contributed to relative returns, as the sector underperformed the Index and the Fund's holdings outperformed the Index. 

* Security selection in the consumer staples sector contributed to relative returns, as the Fund's holdings outperformed the Index. 

* Security selection in the utilities sector detracted from relative returns, as the Fund's holdings underperformed the Index. 

* There were no other material detractors for this Fund.

## Fund Performance
In addition to the Fund's performance, the graph and the table in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Fund's regulatory index is the MSCI EAFE Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended June 30, 2025 or the life of the Fund, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g946521g37n92.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **PIMCO RAFI Dynamic Multi-Factor International Equity ETF (at NAV)** | **MSCI EAFE Index** | **RAFI Dynamic Multi-Factor Developed Ex-U.S. Index** |
| **8/31/17** | $10000 | $10000 | $10000 |
| **9/30/17** | $10276 | $10249 | $10294 |
| **10/31/17** | $10440 | $10404 | $10457 |
| **11/30/17** | $10544 | $10514 | $10587 |
| **12/31/17** | $10716 | $10682 | $10800 |
| **1/31/18** | $11220 | $11218 | $11292 |
| **2/28/18** | $10664 | $10712 | $10794 |
| **3/31/18** | $10600 | $10519 | $10602 |
| **4/30/18** | $10777 | $10759 | $10876 |
| **5/31/18** | $10596 | $10517 | $10681 |
| **6/30/18** | $10422 | $10389 | $10509 |
| **7/31/18** | $10647 | $10644 | $10708 |
| **8/31/18** | $10440 | $10439 | $10520 |
| **9/30/18** | $10558 | $10529 | $10630 |
| **10/31/18** | $9759 | $9691 | $9826 |
| **11/30/18** | $9772 | $9679 | $9808 |
| **12/31/18** | $9263 | $9209 | $9317 |
| **1/31/19** | $9876 | $9814 | $9938 |
| **2/28/19** | $10045 | $10065 | $10130 |
| **3/31/19** | $10128 | $10128 | $10198 |
| **4/30/19** | $10294 | $10413 | $10349 |
| **5/31/19** | $9858 | $9913 | $9929 |
| **6/30/19** | $10361 | $10501 | $10443 |
| **7/31/19** | $10172 | $10367 | $10339 |
| **8/31/19** | $10096 | $10099 | $10184 |
| **9/30/19** | $10360 | $10388 | $10443 |
| **10/31/19** | $10673 | $10762 | $10785 |
| **11/30/19** | $10791 | $10883 | $10893 |
| **12/31/19** | $11087 | $11237 | $11227 |
| **1/31/20** | $10852 | $11002 | $11040 |
| **2/29/20** | $9982 | $10007 | $10014 |
| **3/31/20** | $8468 | $8672 | $8588 |
| **4/30/20** | $9049 | $9232 | $9198 |
| **5/31/20** | $9555 | $9634 | $9630 |
| **6/30/20** | $9804 | $9962 | $9884 |
| **7/31/20** | $10067 | $10194 | $10187 |
| **8/31/20** | $10533 | $10718 | $10694 |
| **9/30/20** | $10356 | $10440 | $10483 |
| **10/31/20** | $10006 | $10023 | $10127 |
| **11/30/20** | $11289 | $11577 | $11505 |
| **12/31/20** | $11889 | $12115 | $12084 |
| **1/31/21** | $11758 | $11986 | $12015 |
| **2/28/21** | $11989 | $12255 | $12226 |
| **3/31/21** | $12327 | $12536 | $12565 |
| **4/30/21** | $12654 | $12914 | $12911 |
| **5/31/21** | $13146 | $13335 | $13387 |
| **6/30/21** | $12928 | $13185 | $13161 |
| **7/31/21** | $12998 | $13284 | $13198 |
| **8/31/21** | $13192 | $13518 | $13432 |
| **9/30/21** | $12880 | $13126 | $13182 |
| **10/31/21** | $13206 | $13449 | $13429 |
| **11/30/21** | $12562 | $12823 | $12749 |
| **12/31/21** | $13193 | $13479 | $13424 |
| **1/31/22** | $13028 | $12828 | $13137 |
| **2/28/22** | $12804 | $12601 | $13072 |
| **3/31/22** | $12750 | $12682 | $13105 |
| **4/30/22** | $12094 | $11862 | $12422 |
| **5/31/22** | $12436 | $11951 | $12672 |
| **6/30/22** | $11299 | $10842 | $11461 |
| **7/31/22** | $11713 | $11382 | $11859 |
| **8/31/22** | $11190 | $10841 | $11451 |
| **9/30/22** | $10113 | $9827 | $10330 |
| **10/31/22** | $10710 | $10356 | $10906 |
| **11/30/22** | $11939 | $11522 | $11951 |
| **12/31/22** | $11824 | $11531 | $12018 |
| **1/31/23** | $12663 | $12465 | $12825 |
| **2/28/23** | $12428 | $12205 | $12682 |
| **3/31/23** | $12681 | $12507 | $12868 |
| **4/30/23** | $13014 | $12861 | $13205 |
| **5/31/23** | $12402 | $12316 | $12539 |
| **6/30/23** | $13019 | $12877 | $13175 |
| **7/31/23** | $13441 | $13294 | $13652 |
| **8/31/23** | $13047 | $12784 | $13248 |
| **9/30/23** | $12667 | $12348 | $12878 |
| **10/31/23** | $12233 | $11847 | $12318 |
| **11/30/23** | $13207 | $12947 | $13396 |
| **12/31/23** | $13851 | $13634 | $14068 |
| **1/31/24** | $13760 | $13713 | $14114 |
| **2/29/24** | $14027 | $13964 | $14246 |
| **3/31/24** | $14541 | $14423 | $14797 |
| **4/30/24** | $14111 | $14054 | $14400 |
| **5/31/24** | $14814 | $14598 | $14961 |
| **6/30/24** | $14426 | $14362 | $14641 |
| **7/31/24** | $15007 | $14784 | $15244 |
| **8/31/24** | $15453 | $15265 | $15683 |
| **9/30/24** | $15666 | $15406 | $15915 |
| **10/31/24** | $14883 | $14568 | $15116 |
| **11/30/24** | $15000 | $14485 | $15167 |
| **12/31/24** | $14497 | $14156 | $14726 |
| **1/31/25** | $15096 | $14900 | $15349 |
| **2/28/25** | $15498 | $15189 | $15644 |
| **3/31/25** | $15689 | $15127 | $15825 |
| **4/30/25** | $16549 | $15820 | $16757 |
| **5/31/25** | $17265 | $16544 | $17485 |
| **6/30/25** | $17715 | $16908 | $17886 |

---

The table below shows the average annual total returns of the Fund, a regulatory index, and one or more supplemental index(es) for certain periods ended June 30, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Fund/Index Name** | **1 Year** | **5 Years** | **Since Inception 8/31/17** |
| PIMCO RAFI Dynamic Multi-Factor International Equity ETF (at NAV) | 22.80% | 12.56% | 7.58% |
| MSCI EAFE Index | 17.73% | 11.16% | 6.94% |
| RAFI Dynamic Multi-Factor Developed Ex-U.S. Index | 22.17% | 12.59% | 7.71% |

---

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

**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 an 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. For performance current to the most recent month-end, visit **www.pimco.com/literature** or via **888.400.4ETF (888.400.4383)**.

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $358495 |
| # of Portfolio Holdings | 1195 |
| Portfolio Turnover Rate | 37% |
| Total Net Management Fees Paid During the Reporting Period | $1121 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Geographic Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

---

| | |
|:---|:---|
| Japan | 22.7% |
| United Kingdom | 14.9% |
| Canada | 7.9% |
| Switzerland | 7.3% |
| Germany | 7.1% |
| France | 7.0% |
| Australia | 4.4% |
| Spain | 4.3% |
| Italy | 4.0% |
| Netherlands | 3.9% |
| Sweden | 2.3% |
| Other Countries | 13.4% |
| Other Assets and Liabilities, Net | 0.8% |
| Total | 100.0% |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.400.4ETF (888.400.4383).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g946521g31n56.jpg)

# PIMCO RAFI Dynamic Multi-Factor International Equity ETF
![Image](g946521g28k42.jpg)

Annual Shareholder Report \|

June 30, 2025

## MFDX \| Principal Listing Exchange: NYSE Arca
RAFI15673TSRAR_063025

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

## MFUS \| Principal Listing Exchange: NYSE Arca

#### Annual Shareholder Report \| June 30, 2025
![Image](g946521g90b93.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF (the "Fund") for the period of July 1, 2024 to June 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.400.4ETF (888.400.4383)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF | $31 | 0.29% |

---

## How did the Fund perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

* Security selection in the information technology sector contributed to relative returns, as the Fund's holdings outperformed the S&P 500 Index (the "Index").

* Security selection in the communication services sector contributed to relative returns, as the Fund's holdings outperformed the Index.

* Security selection in the utilities sector contributed to relative returns, as the Fund's holdings outperformed the Index.

* Security selection in the consumer discretionary sector detracted from relative returns, as the Fund's holdings underperformed the Index.

* Security selection in the industrials sector detracted from relative returns, as the Fund's holdings underperformed the Index.

* Security selection in the real estate sector detracted from relative returns, as the Fund's holdings underperformed the Index.

## Fund Performance
In addition to the Fund's performance, the graph and the table in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Fund's regulatory index is the S&P 500 Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended June 30, 2025 or the life of the Fund, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g946521g02s80.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF (at NAV)** | **S&P 500 Index** | **RAFI Dynamic Multi-Factor U.S. Index** |
| **8/31/17** | $10000 | $10000 | $10000 |
| **9/30/17** | $10332 | $10206 | $10337 |
| **10/31/17** | $10516 | $10444 | $10524 |
| **11/30/17** | $10940 | $10765 | $10955 |
| **12/31/17** | $11111 | $10884 | $11135 |
| **1/31/18** | $11721 | $11508 | $11748 |
| **2/28/18** | $11240 | $11084 | $11268 |
| **3/31/18** | $11030 | $10802 | $11056 |
| **4/30/18** | $11103 | $10843 | $11137 |
| **5/31/18** | $11334 | $11104 | $11370 |
| **6/30/18** | $11443 | $11173 | $11483 |
| **7/31/18** | $11746 | $11589 | $11793 |
| **8/31/18** | $12092 | $11966 | $12145 |
| **9/30/18** | $12153 | $12034 | $12210 |
| **10/31/18** | $11317 | $11212 | $11368 |
| **11/30/18** | $11472 | $11440 | $11526 |
| **12/31/18** | $10379 | $10407 | $10432 |
| **1/31/19** | $11174 | $11241 | $11234 |
| **2/28/19** | $11524 | $11602 | $11587 |
| **3/31/19** | $11660 | $11828 | $11733 |
| **4/30/19** | $11969 | $12307 | $12047 |
| **5/31/19** | $11312 | $11524 | $11389 |
| **6/30/19** | $12073 | $12337 | $12160 |
| **7/31/19** | $12222 | $12514 | $12315 |
| **8/31/19** | $12201 | $12316 | $12295 |
| **9/30/19** | $12450 | $12546 | $12551 |
| **10/31/19** | $12513 | $12818 | $12616 |
| **11/30/19** | $12845 | $13283 | $12959 |
| **12/31/19** | $13103 | $13684 | $13221 |
| **1/31/20** | $12910 | $13679 | $13030 |
| **2/29/20** | $11756 | $12553 | $11865 |
| **3/31/20** | $9929 | $11002 | $10009 |
| **4/30/20** | $11083 | $12413 | $11187 |
| **5/31/20** | $11650 | $13004 | $11758 |
| **6/30/20** | $11735 | $13263 | $11850 |
| **7/31/20** | $12314 | $14010 | $12440 |
| **8/31/20** | $13051 | $15017 | $13194 |
| **9/30/20** | $12698 | $14447 | $12837 |
| **10/31/20** | $12450 | $14063 | $12593 |
| **11/30/20** | $13982 | $15602 | $14149 |
| **12/31/20** | $14485 | $16202 | $14669 |
| **1/31/21** | $14434 | $16038 | $14619 |
| **2/28/21** | $14918 | $16481 | $15117 |
| **3/31/21** | $15579 | $17202 | $15791 |
| **4/30/21** | $16211 | $18120 | $16438 |
| **5/31/21** | $16598 | $18247 | $16838 |
| **6/30/21** | $16783 | $18673 | $17033 |
| **7/31/21** | $16791 | $19116 | $17046 |
| **8/31/21** | $17115 | $19698 | $17383 |
| **9/30/21** | $16597 | $18782 | $16856 |
| **10/31/21** | $17454 | $20097 | $17735 |
| **11/30/21** | $17138 | $19958 | $17415 |
| **12/31/21** | $17953 | $20853 | $18255 |
| **1/31/22** | $17435 | $19774 | $17728 |
| **2/28/22** | $17305 | $19182 | $17600 |
| **3/31/22** | $17931 | $19894 | $18246 |
| **4/30/22** | $17066 | $18159 | $17372 |
| **5/31/22** | $17350 | $18192 | $17667 |
| **6/30/22** | $15834 | $16691 | $16114 |
| **7/31/22** | $16816 | $18230 | $17125 |
| **8/31/22** | $16456 | $17486 | $16758 |
| **9/30/22** | $15003 | $15876 | $15274 |
| **10/31/22** | $16904 | $17161 | $17226 |
| **11/30/22** | $17796 | $18120 | $18139 |
| **12/31/22** | $16943 | $17076 | $17268 |
| **1/31/23** | $17668 | $18149 | $18006 |
| **2/28/23** | $17108 | $17706 | $17442 |
| **3/31/23** | $17032 | $18356 | $17365 |
| **4/30/23** | $17116 | $18643 | $17452 |
| **5/31/23** | $16429 | $18724 | $16752 |
| **6/30/23** | $17608 | $19961 | $17959 |
| **7/31/23** | $18164 | $20602 | $18528 |
| **8/31/23** | $17886 | $20274 | $18257 |
| **9/30/23** | $17221 | $19308 | $17578 |
| **10/31/23** | $16694 | $18902 | $17042 |
| **11/30/23** | $17989 | $20628 | $18371 |
| **12/31/23** | $19014 | $21565 | $19428 |
| **1/31/24** | $19418 | $21927 | $19846 |
| **2/29/24** | $20493 | $23098 | $20945 |
| **3/31/24** | $21386 | $23841 | $21859 |
| **4/30/24** | $20276 | $22868 | $20730 |
| **5/31/24** | $21113 | $24001 | $21588 |
| **6/30/24** | $21582 | $24863 | $22072 |
| **7/31/24** | $22231 | $25165 | $22737 |
| **8/31/24** | $22715 | $25776 | $23253 |
| **9/30/24** | $23089 | $26326 | $23639 |
| **10/31/24** | $22760 | $26087 | $23294 |
| **11/30/24** | $24061 | $27619 | $24623 |
| **12/31/24** | $22838 | $26960 | $23372 |
| **1/31/25** | $23828 | $27711 | $24400 |
| **2/28/25** | $24067 | $27350 | $24645 |
| **3/31/25** | $23114 | $25809 | $23670 |
| **4/30/25** | $22860 | $25634 | $23410 |
| **5/31/25** | $23849 | $27247 | $24424 |
| **6/30/25** | $24700 | $28633 | $25294 |

---

The table below shows the average annual total returns of the Fund, a regulatory index, and one or more supplemental index(es) for certain periods ended June 30, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Fund/Index Name** | **1 Year** | **5 Years** | **Since Inception 8/31/17** |
| PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF (at NAV) | 14.45% | 16.05% | 12.24% |
| S&P 500 Index | 15.16% | 16.64% | 14.38% |
| RAFI Dynamic Multi-Factor U.S. Index | 14.59% | 16.37% | 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.

**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 an 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. For performance current to the most recent month-end, visit **www.pimco.com/literature** or via **888.400.4ETF (888.400.4383)**.

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $182658 |
| # of Portfolio Holdings | 861 |
| Portfolio Turnover Rate | 40% |
| Total Net Management Fees Paid During the Reporting Period | $481 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Sector Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

---

| | |
|:---|:---|
| Financials | 16.9% |
| Health Care | 14.6% |
| Consumer Staples | 14.4% |
| Information Technology | 14.1% |
| Industrials | 11.4% |
| Consumer Discretionary | 10.2% |
| Communication Services | 8.0% |
| Energy | 3.3% |
| Materials | 2.5% |
| Real Estate | 2.2% |
| Utilities | 1.9% |
| Short-Term Instruments | 0.4% |
| Other Assets and Liabilities, Net | 0.1% |
| Total | 100.0% |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.400.4ETF (888.400.4383).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g946521g31n56.jpg)

# PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF
![Image](g946521g28k42.jpg)

Annual Shareholder Report \|

June 30, 2025

## MFUS \| Principal Listing Exchange: NYSE Arca
RAFI15671TSRAR_063025

# PIMCO RAFI ESG U.S. ETF

## RAFE \| Principal Listing Exchange: NYSE Arca

#### Annual Shareholder Report \| June 30, 2025
![Image](g946521g90b93.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO RAFI ESG U.S. ETF (the "Fund") for the period of July 1, 2024 to June 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.400.4ETF (888.400.4383)**.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| PIMCO RAFI ESG U.S. ETF | $30 | 0.29% |

---

## How did the Fund perform during the reporting period and what affected its performance?
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 Fund's holdings outperformed the S&P 500 Index (the "Index"). 

* No exposure to the energy sector contributed to relative returns, as the sector underperformed the Index. 

* Security selection in the communication services sector contributed to relative returns, as the Fund's holdings outperformed the Index.

* Security selection in the information technology sector detracted from relative returns, as the Fund's holdings underperformed the Index. 

* Security selection in the consumer staples sector detracted from relative returns, as the Fund's holdings underperformed the Index. 

* Security selection in the consumer discretionary sector detracted from relative returns, as the Fund's holdings underperformed the Index.

## Fund Performance
In addition to the Fund's performance, the graph and the table in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Fund's regulatory index is the S&P 500 Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended June 30, 2025 or the life of the Fund, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g946521g65s90.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **PIMCO RAFI ESG U.S. ETF (at NAV)** | **S&P 500 Index** | **RAFI ESG US Index** |
| **12/18/19** | $10000 | $10000 | $10000 |
| **12/31/19** | $10100 | $10129 | $10099 |
| **1/31/20** | $9796 | $10125 | $9799 |
| **2/29/20** | $8859 | $9292 | $8861 |
| **3/31/20** | $7510 | $8144 | $7508 |
| **4/30/20** | $8335 | $9188 | $8335 |
| **5/31/20** | $8650 | $9626 | $8657 |
| **6/30/20** | $8658 | $9817 | $8666 |
| **7/31/20** | $8931 | $10371 | $8943 |
| **8/31/20** | $9375 | $11116 | $9392 |
| **9/30/20** | $9180 | $10694 | $9197 |
| **10/31/20** | $8979 | $10409 | $8998 |
| **11/30/20** | $10216 | $11549 | $10247 |
| **12/31/20** | $10647 | $11993 | $10683 |
| **1/31/21** | $10655 | $11872 | $10694 |
| **2/28/21** | $11223 | $12199 | $11270 |
| **3/31/21** | $12010 | $12733 | $12069 |
| **4/30/21** | $12432 | $13413 | $12498 |
| **5/31/21** | $12791 | $13507 | $12863 |
| **6/30/21** | $12696 | $13822 | $12770 |
| **7/31/21** | $12833 | $14150 | $12912 |
| **8/31/21** | $13090 | $14581 | $13172 |
| **9/30/21** | $12596 | $13902 | $12678 |
| **10/31/21** | $13291 | $14876 | $13385 |
| **11/30/21** | $13083 | $14773 | $13174 |
| **12/31/21** | $13866 | $15435 | $13973 |
| **1/31/22** | $13481 | $14637 | $13586 |
| **2/28/22** | $13025 | $14198 | $13125 |
| **3/31/22** | $13180 | $14726 | $13289 |
| **4/30/22** | $12415 | $13441 | $12515 |
| **5/31/22** | $12600 | $13466 | $12708 |
| **6/30/22** | $11588 | $12355 | $11682 |
| **7/31/22** | $12229 | $13494 | $12334 |
| **8/31/22** | $11786 | $12943 | $11887 |
| **9/30/22** | $10725 | $11751 | $10813 |
| **10/31/22** | $11870 | $12703 | $11981 |
| **11/30/22** | $12626 | $13413 | $12751 |
| **12/31/22** | $11947 | $12640 | $12065 |
| **1/31/23** | $12545 | $13434 | $12666 |
| **2/28/23** | $12156 | $13106 | $12271 |
| **3/31/23** | $12362 | $13588 | $12488 |
| **4/30/23** | $12512 | $13800 | $12643 |
| **5/31/23** | $12310 | $13860 | $12439 |
| **6/30/23** | $13058 | $14775 | $13203 |
| **7/31/23** | $13468 | $15250 | $13620 |
| **8/31/23** | $13057 | $15007 | $13209 |
| **9/30/23** | $12557 | $14292 | $12703 |
| **10/31/23** | $12353 | $13991 | $12500 |
| **11/30/23** | $13468 | $15269 | $13619 |
| **12/31/23** | $14183 | $15963 | $14349 |
| **1/31/24** | $14323 | $16231 | $14494 |
| **2/29/24** | $14903 | $17098 | $15080 |
| **3/31/24** | $15496 | $17648 | $15687 |
| **4/30/24** | $14563 | $16927 | $14746 |
| **5/31/24** | $15132 | $17766 | $15331 |
| **6/30/24** | $15430 | $18404 | $15639 |
| **7/31/24** | $15778 | $18628 | $15991 |
| **8/31/24** | $16082 | $19080 | $16303 |
| **9/30/24** | $16381 | $19487 | $16609 |
| **10/31/24** | $16063 | $19310 | $16281 |
| **11/30/24** | $16868 | $20444 | $17100 |
| **12/31/24** | $16125 | $19956 | $16343 |
| **1/31/25** | $16676 | $20512 | $16908 |
| **2/28/25** | $16876 | $20245 | $17114 |
| **3/31/25** | $16152 | $19104 | $16378 |
| **4/30/25** | $15670 | $18974 | $15897 |
| **5/31/25** | $16246 | $20169 | $16487 |
| **6/30/25** | $17022 | $21194 | $17274 |

---

The table below shows the average annual total returns of the Fund, a regulatory index, and one or more supplemental index(es) for certain periods ended June 30, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Fund/Index Name** | **1 Year** | **5 Years** | **Since Inception 12/18/19** |
| PIMCO RAFI ESG U.S. ETF (at NAV) | 10.32% | 14.48% | 10.09% |
| S&P 500 Index | 15.16% | 16.64% | 14.54% |
| RAFI ESG US Index | 10.46% | 14.79% | 10.38% |

---

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.

**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 an 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. For performance current to the most recent month-end, visit **www.pimco.com/literature** or via **888.400.4ETF (888.400.4383)**.

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $91550 |
| # of Portfolio Holdings | 267 |
| Portfolio Turnover Rate | 22% |
| Total Net Management Fees Paid During the Reporting Period | $205 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Sector Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

---

| | |
|:---|:---|
| Information Technology | 30.6% |
| Health Care | 21.1% |
| Financials | 15.0% |
| Communication Services | 7.8% |
| Consumer Staples | 7.6% |
| Consumer Discretionary | 6.3% |
| Industrials | 4.4% |
| Materials | 4.2% |
| Real Estate | 2.2% |
| Utilities | 0.4% |
| Other Assets and Liabilities, Net | 0.4% |
| Total | 100.0% |

---

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.400.4ETF (888.400.4383).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g946521g31n56.jpg)

# PIMCO RAFI ESG U.S. ETF
![Image](g946521g28k42.jpg)

Annual Shareholder Report \|

June 30, 2025

## RAFE \| Principal Listing Exchange: NYSE Arca
RAFI15670TSRAR_063025

# Class A: PBPAX

# PIMCO REALPATH<sup>®</sup> Blend 2030 Fund

#### Annual Shareholder Report \| June 30, 2025
![Image](g946521g90b93.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO REALPATH<sup>®</sup> Blend 2030 Fund (the "Fund") for the period of July 1, 2024 to June 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

#### This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $50 | 0.48% |

---

## How did the Fund perform during the reporting period and what affected its performance?
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. core bonds contributed to absolute performance, as U.S. core bonds posted positive returns.

* There were no material detractors from absolute performance for this Fund.

## Fund Performance
In addition to the Fund's performance, the graph and the table in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Fund's regulatory index is the S&P 500 Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended June 30, 2025 or the life of the Fund, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g946521g48m46.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A (including sales charge)** | **S&P 500 Index** | **S&P Target Date 2030 Index** |
| **6/30/15** | $9452 | $10000 | $10000 |
| **7/31/15** | $9471 | $10210 | $10113 |
| **8/31/15** | $9017 | $9594 | $9636 |
| **9/30/15** | $8828 | $9356 | $9432 |
| **10/31/15** | $9225 | $10145 | $9926 |
| **11/30/15** | $9131 | $10176 | $9928 |
| **12/31/15** | $8985 | $10015 | $9751 |
| **1/31/16** | $8745 | $9518 | $9407 |
| **2/29/16** | $8716 | $9505 | $9380 |
| **3/31/16** | $9299 | $10150 | $9899 |
| **4/30/16** | $9395 | $10189 | $9977 |
| **5/31/16** | $9414 | $10372 | $10056 |
| **6/30/16** | $9560 | $10399 | $10098 |
| **7/31/16** | $9870 | $10783 | $10386 |
| **8/31/16** | $9899 | $10798 | $10408 |
| **9/30/16** | $9939 | $10800 | $10440 |
| **10/31/16** | $9774 | $10603 | $10262 |
| **11/30/16** | $9755 | $10996 | $10389 |
| **12/31/16** | $9901 | $11213 | $10564 |
| **1/31/17** | $10088 | $11426 | $10737 |
| **2/28/17** | $10326 | $11879 | $10960 |
| **3/31/17** | $10365 | $11893 | $11034 |
| **4/30/17** | $10484 | $12015 | $11161 |
| **5/31/17** | $10623 | $12184 | $11306 |
| **6/30/17** | $10673 | $12260 | $11366 |
| **7/31/17** | $10880 | $12512 | $11562 |
| **8/31/17** | $10950 | $12551 | $11579 |
| **9/30/17** | $11077 | $12810 | $11775 |
| **10/31/17** | $11226 | $13109 | $11946 |
| **11/30/17** | $11385 | $13511 | $12152 |
| **12/31/17** | $11544 | $13661 | $12275 |
| **1/31/18** | $11897 | $14443 | $12665 |
| **2/28/18** | $11484 | $13911 | $12270 |
| **3/31/18** | $11423 | $13557 | $12158 |
| **4/30/18** | $11423 | $13609 | $12213 |
| **5/31/18** | $11484 | $13937 | $12347 |
| **6/30/18** | $11458 | $14023 | $12329 |
| **7/31/18** | $11669 | $14544 | $12574 |
| **8/31/18** | $11750 | $15018 | $12725 |
| **9/30/18** | $11727 | $15104 | $12717 |
| **10/31/18** | $11120 | $14072 | $12005 |
| **11/30/18** | $11262 | $14358 | $12168 |
| **12/31/18** | $10770 | $13062 | $11539 |
| **1/31/19** | $11410 | $14109 | $12236 |
| **2/28/19** | $11578 | $14562 | $12489 |
| **3/31/19** | $11796 | $14845 | $12623 |
| **4/30/19** | $12028 | $15446 | $12927 |
| **5/31/19** | $11680 | $14464 | $12425 |
| **6/30/19** | $12177 | $15483 | $13014 |
| **7/31/19** | $12219 | $15706 | $13067 |
| **8/31/19** | $12219 | $15457 | $12939 |
| **9/30/19** | $12348 | $15746 | $13127 |
| **10/31/19** | $12540 | $16087 | $13358 |
| **11/30/19** | $12732 | $16671 | $13588 |
| **12/31/19** | $13004 | $17175 | $13890 |
| **1/31/20** | $13047 | $17168 | $13828 |
| **2/29/20** | $12526 | $15755 | $13092 |
| **3/31/20** | $11159 | $13809 | $11754 |
| **4/30/20** | $12016 | $15579 | $12704 |
| **5/31/20** | $12429 | $16321 | $13134 |
| **6/30/20** | $12713 | $16645 | $13393 |
| **7/31/20** | $13234 | $17584 | $13879 |
| **8/31/20** | $13690 | $18848 | $14359 |
| **9/30/20** | $13409 | $18132 | $14065 |
| **10/31/20** | $13235 | $17650 | $13879 |
| **11/30/20** | $14311 | $19582 | $15058 |
| **12/31/20** | $14787 | $20334 | $15544 |
| **1/31/21** | $14754 | $20129 | $15503 |
| **2/28/21** | $14899 | $20684 | $15762 |
| **3/31/21** | $15055 | $21590 | $16047 |
| **4/30/21** | $15563 | $22742 | $16538 |
| **5/31/21** | $15755 | $22901 | $16712 |
| **6/30/21** | $15959 | $23436 | $16836 |
| **7/31/21** | $16130 | $23993 | $16962 |
| **8/31/21** | $16369 | $24722 | $17227 |
| **9/30/21** | $15843 | $23572 | $16759 |
| **10/31/21** | $16368 | $25224 | $17289 |
| **11/30/21** | $16174 | $25049 | $17016 |
| **12/31/21** | $16618 | $26172 | $17504 |
| **1/31/22** | $15985 | $24817 | $16794 |
| **2/28/22** | $15622 | $24074 | $16548 |
| **3/31/22** | $15679 | $24968 | $16641 |
| **4/30/22** | $14659 | $22791 | $15650 |
| **5/31/22** | $14624 | $22833 | $15714 |
| **6/30/22** | $13658 | $20948 | $14775 |
| **7/31/22** | $14410 | $22879 | $15579 |
| **8/31/22** | $13893 | $21946 | $15105 |
| **9/30/22** | $12724 | $19925 | $14039 |
| **10/31/22** | $13149 | $21538 | $14611 |
| **11/30/22** | $14092 | $22742 | $15432 |
| **12/31/22** | $13659 | $21432 | $15059 |
| **1/31/23** | $14506 | $22778 | $15871 |
| **2/28/23** | $14046 | $22223 | $15529 |
| **3/31/23** | $14389 | $23038 | $15839 |
| **4/30/23** | $14522 | $23398 | $16003 |
| **5/31/23** | $14291 | $23500 | $15808 |
| **6/30/23** | $14792 | $25053 | $16345 |
| **7/31/23** | $15108 | $25857 | $16700 |
| **8/31/23** | $14731 | $25446 | $16405 |
| **9/30/23** | $14157 | $24232 | $15858 |
| **10/31/23** | $13766 | $23723 | $15479 |
| **11/30/23** | $14744 | $25889 | $16543 |
| **12/31/23** | $15464 | $27066 | $17288 |
| **1/31/24** | $15402 | $27520 | $17301 |
| **2/29/24** | $15663 | $28990 | $17640 |
| **3/31/24** | $16004 | $29923 | $18024 |
| **4/30/24** | $15455 | $28700 | $17520 |
| **5/31/24** | $15979 | $30124 | $18058 |
| **6/30/24** | $16170 | $31204 | $18282 |
| **7/31/24** | $16560 | $31584 | $18691 |
| **8/31/24** | $16887 | $32350 | $19039 |
| **9/30/24** | $17242 | $33041 | $19374 |
| **10/31/24** | $16773 | $32742 | $18943 |
| **11/30/24** | $17154 | $34664 | $19419 |
| **12/31/24** | $16660 | $33837 | $18999 |
| **1/31/25** | $17008 | $34780 | $19389 |
| **2/28/25** | $17252 | $34326 | $19474 |
| **3/31/25** | $16917 | $32392 | $19094 |
| **4/30/25** | $16879 | $32172 | $19208 |
| **5/31/25** | $17266 | $34197 | $19777 |
| **6/30/25** | $17823 | $35936 | $20360 |

---

The table below shows the average annual total returns of the Fund, a regulatory index, and one or more supplemental index(es) for certain periods ended June 30, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Class A (excluding sales charge) | 10.22% | 6.99% | 6.55% |
| Class A (including sales charge) | 4.15% | 5.79% | 5.95% |
| S&P 500 Index | 15.16% | 16.64% | 13.65% |
| S&P Target Date 2030 Index | 11.37% | 8.74% | 7.37% |

---

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.

**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 an 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 Cumulative Returns graph and Average Annual Total Returns 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 graph. 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. For performance current to the most recent month-end, visit **www.pimco.com/literature** or via **888.87.PIMCO (888.877.4626)**.

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $580331 |
| # of Portfolio Holdings | 25 |
| Portfolio Turnover Rate | 16% |
| Total Net Advisory Fees Paid During the Reporting Period | $60 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Mutual Funds | 48.9% |
| Short-Term Instruments | 0.2% |
| Affiliated Investments | 50.5% |
| Financial Derivative Instruments | (0.1%) |
| Other Assets and Liabilities, Net | 0.5% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

### Top Holdings (% of Net Asset Value)<sup>**Footnote Reference \*\***</sup>

---

| | |
|:---|:---|
| Vanguard Institutional Index Fund 'Institutional Plus' | 30.6% |
| Vanguard Developed Markets Index Fund 'Institutional' | 12.5% |
| PIMCO Total Return Fund | 11.0% |
| PIMCO Long-Term Real Return Fund | 9.0% |
| PIMCO Long-Term U.S. Government Fund | 8.2% |
| PIMCO Income Fund | 7.6% |
| PIMCO Real Return Fund | 4.9% |
| Vanguard Emerging Markets Stock Index Fund 'Institutional' | 4.2% |
| PIMCO Emerging Markets Local Currency and Bond Fund | 2.7% |
| PIMCO International Bond Fund (U.S. Dollar-Hedged) | 1.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*\*</sup> | &nbsp;&nbsp;Short-Term Instruments/Foreign Currency Contracts are not included in Top Holdings table. |

---

## Material Fund Changes
This is a summary of certain changes and planned changes of the Fund since the beginning of the reporting period. For more information, you may refer to the Fund's next prospectus, which we expect to be available by October 31, 2025 or upon request at **888.87.PIMCO (888.877.4626)**.

Change to REALPATH Blend Glide Path. Effective February 28, 2025, the Fund's REALPATH Blend Glide Path, which forms the basis of the Fund's long-term asset allocations, was changed based on data relating to risk metrics, long-term market trends, correlation of asset types and actuarial assumptions of life expectancy and retirement.

Changes to Total Annual Fund Operating Expenses. Annual fund operating expenses increased during the year by 0.15% as a result of the Fund's exposure to fees and expenses related to the Fund's investment in underlying funds.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g946521g31n56.jpg)

# Class A: PBPAX
![Image](g946521g28k42.jpg)

# PIMCO REALPATH<sup>®</sup> Blend 2030 Fund
Annual Shareholder Report \|

June 30, 2025

PES8015TSRAR_063025

# Institutional Class: PBPNX

# PIMCO REALPATH<sup>®</sup> Blend 2030 Fund

#### Annual Shareholder Report \| June 30, 2025
![Image](g946521g90b93.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO REALPATH<sup>®</sup> Blend 2030 Fund (the "Fund") for the period of July 1, 2024 to June 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

#### This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $3 | 0.03% |

---

## How did the Fund perform during the reporting period and what affected its performance?
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. core bonds contributed to absolute performance, as U.S. core bonds posted positive returns.

* There were no material detractors from absolute performance for this Fund.

## Fund Performance
In addition to the Fund's performance, the graph and the table in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Fund's regulatory index is the S&P 500 Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended June 30, 2025 or the life of the Fund, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g946521g70v40.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **S&P 500 Index** | **S&P Target Date 2030 Index** |
| **6/30/15** | $1000000 | $1000000 | $1000000 |
| **7/31/15** | $1003000 | $1020951 | $1011297 |
| **8/31/15** | $955000 | $959353 | $963567 |
| **9/30/15** | $935837 | $935615 | $943169 |
| **10/31/15** | $977919 | $1014539 | $992578 |
| **11/30/15** | $968902 | $1017556 | $992816 |
| **12/31/15** | $953457 | $1001507 | $975051 |
| **1/31/16** | $927936 | $951808 | $940701 |
| **2/29/16** | $925895 | $950524 | $937962 |
| **3/31/16** | $987718 | $1015006 | $989864 |
| **4/30/16** | $998965 | $1018940 | $997672 |
| **5/31/16** | $1001010 | $1037239 | $1005591 |
| **6/30/16** | $1016745 | $1039926 | $1009842 |
| **7/31/16** | $1050739 | $1078267 | $1038561 |
| **8/31/16** | $1053830 | $1079781 | $1040764 |
| **9/30/16** | $1057466 | $1079985 | $1044042 |
| **10/31/16** | $1041991 | $1060285 | $1026240 |
| **11/30/16** | $1039928 | $1099552 | $1038864 |
| **12/31/16** | $1056298 | $1121286 | $1056430 |
| **1/31/17** | $1076308 | $1142553 | $1073672 |
| **2/28/17** | $1101583 | $1187919 | $1095956 |
| **3/31/17** | $1105796 | $1189305 | $1103434 |
| **4/30/17** | $1118434 | $1201519 | $1116125 |
| **5/31/17** | $1134231 | $1218428 | $1130571 |
| **6/30/17** | $1140814 | $1226033 | $1136599 |
| **7/31/17** | $1161920 | $1251243 | $1156214 |
| **8/31/17** | $1170363 | $1255074 | $1157948 |
| **9/30/17** | $1183978 | $1280963 | $1177548 |
| **10/31/17** | $1200938 | $1310855 | $1194609 |
| **11/30/17** | $1218957 | $1351059 | $1215231 |
| **12/31/17** | $1236411 | $1366081 | $1227453 |
| **1/31/18** | $1274074 | $1444294 | $1266493 |
| **2/28/18** | $1231031 | $1391062 | $1227028 |
| **3/31/18** | $1224574 | $1355710 | $1215833 |
| **4/30/18** | $1225651 | $1360912 | $1221350 |
| **5/31/18** | $1232107 | $1393686 | $1234726 |
| **6/30/18** | $1229866 | $1402264 | $1232851 |
| **7/31/18** | $1253621 | $1454447 | $1257384 |
| **8/31/18** | $1262259 | $1501841 | $1272458 |
| **9/30/18** | $1259694 | $1510389 | $1271666 |
| **10/31/18** | $1195733 | $1407154 | $1200486 |
| **11/30/18** | $1211994 | $1435829 | $1216789 |
| **12/31/18** | $1158901 | $1306187 | $1153903 |
| **1/31/19** | $1227535 | $1410859 | $1223591 |
| **2/28/19** | $1246663 | $1456159 | $1248881 |
| **3/31/19** | $1270303 | $1484455 | $1262262 |
| **4/30/19** | $1296320 | $1544560 | $1292743 |
| **5/31/19** | $1258992 | $1446406 | $1242455 |
| **6/30/19** | $1313930 | $1548343 | $1301399 |
| **7/31/19** | $1318485 | $1570597 | $1306735 |
| **8/31/19** | $1319623 | $1545718 | $1293863 |
| **9/30/19** | $1333535 | $1574639 | $1312748 |
| **10/31/19** | $1355302 | $1608745 | $1335776 |
| **11/30/19** | $1375924 | $1667141 | $1358832 |
| **12/31/19** | $1405906 | $1717458 | $1389021 |
| **1/31/20** | $1411754 | $1716785 | $1382776 |
| **2/29/20** | $1356781 | $1575461 | $1309237 |
| **3/31/20** | $1208941 | $1380871 | $1175388 |
| **4/30/20** | $1302567 | $1557890 | $1270434 |
| **5/31/20** | $1347039 | $1632089 | $1313401 |
| **6/30/20** | $1378232 | $1664547 | $1339264 |
| **7/31/20** | $1435658 | $1758403 | $1387885 |
| **8/31/20** | $1484881 | $1884798 | $1435886 |
| **9/30/20** | $1455736 | $1813182 | $1406466 |
| **10/31/20** | $1436953 | $1764962 | $1387939 |
| **11/30/20** | $1554351 | $1958162 | $1505805 |
| **12/31/20** | $1606736 | $2033450 | $1554436 |
| **1/31/21** | $1604320 | $2012921 | $1550286 |
| **2/28/21** | $1620025 | $2068427 | $1576227 |
| **3/31/21** | $1638581 | $2159015 | $1604738 |
| **4/30/21** | $1693608 | $2274239 | $1653802 |
| **5/31/21** | $1715618 | $2290123 | $1671174 |
| **6/30/21** | $1738497 | $2343585 | $1683629 |
| **7/31/21** | $1758239 | $2399257 | $1696159 |
| **8/31/21** | $1785384 | $2472208 | $1722707 |
| **9/30/21** | $1728578 | $2357226 | $1675939 |
| **10/31/21** | $1785537 | $2522377 | $1728905 |
| **11/30/21** | $1765725 | $2504900 | $1701571 |
| **12/31/21** | $1814946 | $2617160 | $1750381 |
| **1/31/22** | $1746265 | $2481730 | $1679363 |
| **2/28/22** | $1706838 | $2407423 | $1654807 |
| **3/31/22** | $1714753 | $2496810 | $1664088 |
| **4/30/22** | $1602561 | $2279083 | $1564989 |
| **5/31/22** | $1600011 | $2283265 | $1571366 |
| **6/30/22** | $1495592 | $2094795 | $1477474 |
| **7/31/22** | $1577472 | $2287945 | $1557924 |
| **8/31/22** | $1521180 | $2194638 | $1510459 |
| **9/30/22** | $1395007 | $1992515 | $1403898 |
| **10/31/22** | $1441251 | $2153832 | $1461060 |
| **11/30/22** | $1545298 | $2274196 | $1543201 |
| **12/31/22** | $1497660 | $2143170 | $1505945 |
| **1/31/23** | $1591346 | $2277834 | $1587114 |
| **2/28/23** | $1541204 | $2222257 | $1552852 |
| **3/31/23** | $1579986 | $2303845 | $1583939 |
| **4/30/23** | $1594578 | $2339805 | $1600341 |
| **5/31/23** | $1570699 | $2349975 | $1580784 |
| **6/30/23** | $1625804 | $2505250 | $1634544 |
| **7/31/23** | $1661726 | $2585731 | $1669950 |
| **8/31/23** | $1620482 | $2544562 | $1640503 |
| **9/30/23** | $1557777 | $2423243 | $1585817 |
| **10/31/23** | $1514988 | $2372291 | $1547947 |
| **11/30/23** | $1624634 | $2588941 | $1654322 |
| **12/31/23** | $1702909 | $2706559 | $1728783 |
| **1/31/24** | $1697477 | $2752040 | $1730122 |
| **2/29/24** | $1727353 | $2898987 | $1764015 |
| **3/31/24** | $1765037 | $2992260 | $1802449 |
| **4/30/24** | $1704881 | $2870043 | $1752009 |
| **5/31/24** | $1763670 | $3012353 | $1805833 |
| **6/30/24** | $1786500 | $3120443 | $1828183 |
| **7/31/24** | $1829298 | $3158426 | $1869099 |
| **8/31/24** | $1866575 | $3235039 | $1903892 |
| **9/30/24** | $1907287 | $3304130 | $1937398 |
| **10/31/24** | $1854384 | $3274166 | $1894287 |
| **11/30/24** | $1898934 | $3466363 | $1941860 |
| **12/31/24** | $1844453 | $3383732 | $1899894 |
| **1/31/25** | $1884028 | $3477960 | $1938918 |
| **2/28/25** | $1910882 | $3432579 | $1947409 |
| **3/31/25** | $1874471 | $3239172 | $1909450 |
| **4/30/25** | $1871633 | $3217208 | $1920836 |
| **5/31/25** | $1914203 | $3419714 | $1977654 |
| **6/30/25** | $1976247 | $3593616 | $2035970 |

---

The table below shows the average annual total returns of the Fund, a regulatory index, and one or more supplemental index(es) for certain periods ended June 30, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 10.62% | 7.47% | 7.05% |
| S&P 500 Index | 15.16% | 16.64% | 13.65% |
| S&P Target Date 2030 Index | 11.37% | 8.74% | 7.37% |

---

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.

**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 an 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. For performance current to the most recent month-end, visit **www.pimco.com/literature** or via **888.87.PIMCO (888.877.4626)**.

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $580331 |
| # of Portfolio Holdings | 25 |
| Portfolio Turnover Rate | 16% |
| Total Net Advisory Fees Paid During the Reporting Period | $60 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Mutual Funds | 48.9% |
| Short-Term Instruments | 0.2% |
| Affiliated Investments | 50.5% |
| Financial Derivative Instruments | (0.1%) |
| Other Assets and Liabilities, Net | 0.5% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

### Top Holdings (% of Net Asset Value)<sup>**Footnote Reference \*\***</sup>

---

| | |
|:---|:---|
| Vanguard Institutional Index Fund 'Institutional Plus' | 30.6% |
| Vanguard Developed Markets Index Fund 'Institutional' | 12.5% |
| PIMCO Total Return Fund | 11.0% |
| PIMCO Long-Term Real Return Fund | 9.0% |
| PIMCO Long-Term U.S. Government Fund | 8.2% |
| PIMCO Income Fund | 7.6% |
| PIMCO Real Return Fund | 4.9% |
| Vanguard Emerging Markets Stock Index Fund 'Institutional' | 4.2% |
| PIMCO Emerging Markets Local Currency and Bond Fund | 2.7% |
| PIMCO International Bond Fund (U.S. Dollar-Hedged) | 1.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*\*</sup> | &nbsp;&nbsp;Short-Term Instruments/Foreign Currency Contracts are not included in Top Holdings table. |

---

## Material Fund Changes
This is a summary of certain changes and planned changes of the Fund since the beginning of the reporting period. For more information, you may refer to the Fund's next prospectus, which we expect to be available by October 31, 2025 or upon request at **888.87.PIMCO (888.877.4626)**.

Change to REALPATH Blend Glide Path. Effective February 28, 2025, the Fund's REALPATH Blend Glide Path, which forms the basis of the Fund's long-term asset allocations, was changed based on data relating to risk metrics, long-term market trends, correlation of asset types and actuarial assumptions of life expectancy and retirement.

Changes to Total Annual Fund Operating Expenses. Annual fund operating expenses increased during the year by 0.15% as a result of the Fund's exposure to fees and expenses related to the Fund's investment in underlying funds.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g946521g31n56.jpg)

# Institutional Class: PBPNX
![Image](g946521g28k42.jpg)

# PIMCO REALPATH<sup>®</sup> Blend 2030 Fund
Annual Shareholder Report \|

June 30, 2025

PES2122TSRAR_063025

# Class A: PDGAX

# PIMCO REALPATH<sup>®</sup> Blend 2035 Fund

#### Annual Shareholder Report \| June 30, 2025
![Image](g946521g90b93.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO REALPATH<sup>®</sup> Blend 2035 Fund (the "Fund") for the period of July 1, 2024 to June 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

#### This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $52 | 0.49% |

---

## How did the Fund perform during the reporting period and what affected its performance?
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 equities contributed to absolute performance, as emerging market equities posted positive returns.

* There were no material detractors from absolute performance for this Fund.

## Fund Performance
In addition to the Fund's performance, the graph and the table in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Fund's regulatory index is the S&P 500 Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended June 30, 2025 or the life of the Fund, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g946521g33x15.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A (including sales charge)** | **S&P 500 Index** | **S&P Target Date 2035 Index** |
| **6/30/15** | $9453 | $10000 | $10000 |
| **7/31/15** | $9463 | $10210 | $10117 |
| **8/31/15** | $8944 | $9594 | $9602 |
| **9/30/15** | $8735 | $9356 | $9380 |
| **10/31/15** | $9178 | $10145 | $9911 |
| **11/30/15** | $9084 | $10176 | $9916 |
| **12/31/15** | $8929 | $10015 | $9726 |
| **1/31/16** | $8624 | $9518 | $9346 |
| **2/29/16** | $8595 | $9505 | $9310 |
| **3/31/16** | $9228 | $10150 | $9862 |
| **4/30/16** | $9314 | $10189 | $9944 |
| **5/31/16** | $9343 | $10372 | $10030 |
| **6/30/16** | $9473 | $10399 | $10061 |
| **7/31/16** | $9780 | $10783 | $10370 |
| **8/31/16** | $9799 | $10798 | $10396 |
| **9/30/16** | $9837 | $10800 | $10429 |
| **10/31/16** | $9674 | $10603 | $10241 |
| **11/30/16** | $9693 | $10996 | $10397 |
| **12/31/16** | $9863 | $11213 | $10587 |
| **1/31/17** | $10048 | $11426 | $10774 |
| **2/28/17** | $10302 | $11879 | $11013 |
| **3/31/17** | $10351 | $11893 | $11096 |
| **4/30/17** | $10467 | $12015 | $11229 |
| **5/31/17** | $10614 | $12184 | $11384 |
| **6/30/17** | $10673 | $12260 | $11454 |
| **7/31/17** | $10887 | $12512 | $11672 |
| **8/31/17** | $10956 | $12551 | $11683 |
| **9/30/17** | $11096 | $12810 | $11909 |
| **10/31/17** | $11263 | $13109 | $12102 |
| **11/30/17** | $11439 | $13511 | $12335 |
| **12/31/17** | $11596 | $13661 | $12469 |
| **1/31/18** | $11993 | $14443 | $12929 |
| **2/28/18** | $11566 | $13911 | $12488 |
| **3/31/18** | $11477 | $13557 | $12352 |
| **4/30/18** | $11496 | $13609 | $12422 |
| **5/31/18** | $11566 | $13937 | $12563 |
| **6/30/18** | $11533 | $14023 | $12539 |
| **7/31/18** | $11771 | $14544 | $12820 |
| **8/31/18** | $11860 | $15018 | $12983 |
| **9/30/18** | $11841 | $15104 | $12980 |
| **10/31/18** | $11173 | $14072 | $12169 |
| **11/30/18** | $11342 | $14358 | $12349 |
| **12/31/18** | $10753 | $13062 | $11611 |
| **1/31/19** | $11453 | $14109 | $12388 |
| **2/28/19** | $11651 | $14562 | $12677 |
| **3/31/19** | $11851 | $14845 | $12804 |
| **4/30/19** | $12124 | $15446 | $13151 |
| **5/31/19** | $11683 | $14464 | $12551 |
| **6/30/19** | $12242 | $15483 | $13212 |
| **7/31/19** | $12274 | $15706 | $13267 |
| **8/31/19** | $12211 | $15457 | $13081 |
| **9/30/19** | $12366 | $15746 | $13307 |
| **10/31/19** | $12589 | $16087 | $13571 |
| **11/30/19** | $12811 | $16671 | $13835 |
| **12/31/19** | $13127 | $17175 | $14186 |
| **1/31/20** | $13105 | $17168 | $14081 |
| **2/29/20** | $12468 | $15755 | $13203 |
| **3/31/20** | $10946 | $13809 | $11676 |
| **4/30/20** | $11853 | $15579 | $12723 |
| **5/31/20** | $12296 | $16321 | $13201 |
| **6/30/20** | $12603 | $16645 | $13491 |
| **7/31/20** | $13132 | $17584 | $14030 |
| **8/31/20** | $13651 | $18848 | $14611 |
| **9/30/20** | $13348 | $18132 | $14261 |
| **10/31/20** | $13142 | $17650 | $14051 |
| **11/30/20** | $14331 | $19582 | $15425 |
| **12/31/20** | $14854 | $20334 | $16001 |
| **1/31/21** | $14810 | $20129 | $15962 |
| **2/28/21** | $15029 | $20684 | $16308 |
| **3/31/21** | $15276 | $21590 | $16677 |
| **4/30/21** | $15830 | $22742 | $17252 |
| **5/31/21** | $16052 | $22901 | $17454 |
| **6/30/21** | $16254 | $23436 | $17586 |
| **7/31/21** | $16410 | $23993 | $17708 |
| **8/31/21** | $16701 | $24722 | $18037 |
| **9/30/21** | $16118 | $23572 | $17479 |
| **10/31/21** | $16734 | $25224 | $18129 |
| **11/30/21** | $16476 | $25049 | $17784 |
| **12/31/21** | $17013 | $26172 | $18389 |
| **1/31/22** | $16335 | $24817 | $17569 |
| **2/28/22** | $15933 | $24074 | $17285 |
| **3/31/22** | $16071 | $24968 | $17465 |
| **4/30/22** | $14967 | $22791 | $16325 |
| **5/31/22** | $14967 | $22833 | $16395 |
| **6/30/22** | $13903 | $20948 | $15273 |
| **7/31/22** | $14755 | $22879 | $16213 |
| **8/31/22** | $14202 | $21946 | $15669 |
| **9/30/22** | $12942 | $19925 | $14434 |
| **10/31/22** | $13495 | $21538 | $15137 |
| **11/30/22** | $14534 | $22742 | $16091 |
| **12/31/22** | $14049 | $21432 | $15633 |
| **1/31/23** | $14971 | $22778 | $16583 |
| **2/28/23** | $14498 | $22223 | $16191 |
| **3/31/23** | $14869 | $23038 | $16522 |
| **4/30/23** | $15023 | $23398 | $16712 |
| **5/31/23** | $14798 | $23500 | $16486 |
| **6/30/23** | $15404 | $25053 | $17163 |
| **7/31/23** | $15795 | $25857 | $17604 |
| **8/31/23** | $15380 | $25446 | $17250 |
| **9/30/23** | $14761 | $24232 | $16625 |
| **10/31/23** | $14345 | $23723 | $16188 |
| **11/30/23** | $15439 | $25889 | $17405 |
| **12/31/23** | $16196 | $27066 | $18233 |
| **1/31/24** | $16148 | $27520 | $18257 |
| **2/29/24** | $16534 | $28990 | $18726 |
| **3/31/24** | $16939 | $29923 | $19187 |
| **4/30/24** | $16346 | $28700 | $18611 |
| **5/31/24** | $16952 | $30124 | $19244 |
| **6/30/24** | $17176 | $31204 | $19489 |
| **7/31/24** | $17579 | $31584 | $19936 |
| **8/31/24** | $17945 | $32350 | $20329 |
| **9/30/24** | $18341 | $33041 | $20708 |
| **10/31/24** | $17849 | $32742 | $20231 |
| **11/30/24** | $18341 | $34664 | $20789 |
| **12/31/24** | $17810 | $33837 | $20309 |
| **1/31/25** | $18224 | $34780 | $20782 |
| **2/28/25** | $18411 | $34326 | $20819 |
| **3/31/25** | $17988 | $32392 | $20339 |
| **4/30/25** | $17975 | $32172 | $20480 |
| **5/31/25** | $18527 | $34197 | $21215 |
| **6/30/25** | $19181 | $35936 | $21906 |

---

The table below shows the average annual total returns of the Fund, a regulatory index, and one or more supplemental index(es) for certain periods ended June 30, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Class A (excluding sales charge) | 11.67% | 8.76% | 7.33% |
| Class A (including sales charge) | 5.52% | 7.54% | 6.73% |
| S&P 500 Index | 15.16% | 16.64% | 13.65% |
| S&P Target Date 2035 Index | 12.40% | 10.18% | 8.16% |

---

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.

**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 an 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 Cumulative Returns graph and Average Annual Total Returns 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 graph. 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. For performance current to the most recent month-end, visit **www.pimco.com/literature** or via **888.87.PIMCO (888.877.4626)**.

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $638497 |
| # of Portfolio Holdings | 21 |
| Portfolio Turnover Rate | 18% |
| Total Net Advisory Fees Paid During the Reporting Period | $128 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Mutual Funds | 60.3% |
| Short-Term Instruments | 0.2% |
| Affiliated Investments | 40.0% |
| Financial Derivative Instruments | (0.1%) |
| Other Assets and Liabilities, Net | (0.4%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

### Top Holdings (% of Net Asset Value)<sup>**Footnote Reference \*\***</sup>

---

| | |
|:---|:---|
| Vanguard Institutional Index Fund 'Institutional Plus' | 36.2% |
| Vanguard Developed Markets Index Fund 'Institutional' | 15.6% |
| PIMCO Total Return Fund | 8.6% |
| PIMCO Long-Term Real Return Fund | 6.8% |
| PIMCO Long-Term U.S. Government Fund | 5.9% |
| PIMCO Income Fund | 5.8% |
| Vanguard Emerging Markets Stock Index Fund 'Institutional' | 5.7% |
| PIMCO Real Return Fund | 3.7% |
| Vanguard Small-Cap Index Fund 'Institutional' | 2.7% |
| PIMCO Emerging Markets Local Currency and Bond Fund | 2.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*\*</sup> | &nbsp;&nbsp;Short-Term Instruments/Foreign Currency Contracts are not included in Top Holdings table. |

---

## Material Fund Changes
This is a summary of certain changes and planned changes of the Fund since the beginning of the reporting period. For more information, you may refer to the Fund's next prospectus, which we expect to be available by October 31, 2025 or upon request at **888.87.PIMCO (888.877.4626)**.

Change to REALPATH Blend Glide Path. Effective February 28, 2025, the Fund's REALPATH Blend Glide Path, which forms the basis of the Fund's long-term asset allocations, was changed based on data relating to risk metrics, long-term market trends, correlation of asset types and actuarial assumptions of life expectancy and retirement.

Changes to Total Annual Fund Operating Expenses. Annual fund operating expenses increased during the year by 0.10% as a result of the Fund's exposure to fees and expenses related to the Fund's investment in underlying funds.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g946521g31n56.jpg)

# Class A: PDGAX
![Image](g946521g28k42.jpg)

# PIMCO REALPATH<sup>®</sup> Blend 2035 Fund
Annual Shareholder Report \|

June 30, 2025

PES8016TSRAR_063025

# Institutional Class: PDGZX

# PIMCO REALPATH<sup>®</sup> Blend 2035 Fund

#### Annual Shareholder Report \| June 30, 2025
![Image](g946521g90b93.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO REALPATH<sup>®</sup> Blend 2035 Fund (the "Fund") for the period of July 1, 2024 to June 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

#### This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $4 | 0.04% |

---

## How did the Fund perform during the reporting period and what affected its performance?
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 equities contributed to absolute performance, as emerging market equities posted positive returns.

* There were no material detractors from absolute performance for this Fund.

## Fund Performance
In addition to the Fund's performance, the graph and the table in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Fund's regulatory index is the S&P 500 Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended June 30, 2025 or the life of the Fund, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g946521g73g72.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **S&P 500 Index** | **S&P Target Date 2035 Index** |
| **6/30/15** | $1000000 | $1000000 | $1000000 |
| **7/31/15** | $1001992 | $1020951 | $1011688 |
| **8/31/15** | $947211 | $959353 | $960231 |
| **9/30/15** | $925970 | $935615 | $937957 |
| **10/31/15** | $972868 | $1014539 | $991102 |
| **11/30/15** | $963887 | $1017556 | $991632 |
| **12/31/15** | $946579 | $1001507 | $972646 |
| **1/31/16** | $915128 | $951808 | $934649 |
| **2/29/16** | $912084 | $950524 | $930996 |
| **3/31/16** | $979398 | $1015006 | $986214 |
| **4/30/16** | $989558 | $1018940 | $994422 |
| **5/31/16** | $992606 | $1037239 | $1002997 |
| **6/30/16** | $1006430 | $1039926 | $1006090 |
| **7/31/16** | $1041241 | $1078267 | $1036989 |
| **8/31/16** | $1043288 | $1079781 | $1039552 |
| **9/30/16** | $1048042 | $1079985 | $1042945 |
| **10/31/16** | $1030609 | $1060285 | $1024086 |
| **11/30/16** | $1032660 | $1099552 | $1039732 |
| **12/31/16** | $1051146 | $1121286 | $1058745 |
| **1/31/17** | $1072002 | $1142553 | $1077380 |
| **2/28/17** | $1099115 | $1187919 | $1101311 |
| **3/31/17** | $1104329 | $1189305 | $1109631 |
| **4/30/17** | $1116843 | $1201519 | $1122942 |
| **5/31/17** | $1133528 | $1218428 | $1138399 |
| **6/30/17** | $1140141 | $1226033 | $1145391 |
| **7/31/17** | $1164177 | $1251243 | $1167248 |
| **8/31/17** | $1171492 | $1255074 | $1168336 |
| **9/30/17** | $1186643 | $1280963 | $1190905 |
| **10/31/17** | $1204480 | $1310855 | $1210244 |
| **11/30/17** | $1224415 | $1351059 | $1233520 |
| **12/31/17** | $1241702 | $1366081 | $1246941 |
| **1/31/18** | $1285402 | $1444294 | $1292889 |
| **2/28/18** | $1239571 | $1391062 | $1248789 |
| **3/31/18** | $1231044 | $1355710 | $1235159 |
| **4/30/18** | $1233176 | $1360912 | $1242179 |
| **5/31/18** | $1240636 | $1393686 | $1256329 |
| **6/30/18** | $1237691 | $1402264 | $1253913 |
| **7/31/18** | $1264412 | $1454447 | $1281952 |
| **8/31/18** | $1274031 | $1501841 | $1298301 |
| **9/30/18** | $1272990 | $1510389 | $1298024 |
| **10/31/18** | $1202149 | $1407154 | $1216910 |
| **11/30/18** | $1220396 | $1435829 | $1234904 |
| **12/31/18** | $1157716 | $1306187 | $1161144 |
| **1/31/19** | $1233170 | $1410859 | $1238836 |
| **2/28/19** | $1255694 | $1456159 | $1267650 |
| **3/31/19** | $1277420 | $1484455 | $1280394 |
| **4/30/19** | $1306890 | $1544560 | $1315121 |
| **5/31/19** | $1260418 | $1446406 | $1255119 |
| **6/30/19** | $1320265 | $1548343 | $1321151 |
| **7/31/19** | $1324825 | $1570597 | $1326709 |
| **8/31/19** | $1317985 | $1545718 | $1308092 |
| **9/30/19** | $1335999 | $1574639 | $1330712 |
| **10/31/19** | $1361228 | $1608745 | $1357091 |
| **11/30/19** | $1385310 | $1667141 | $1383463 |
| **12/31/19** | $1420207 | $1717458 | $1418640 |
| **1/31/20** | $1417867 | $1716785 | $1408122 |
| **2/29/20** | $1350015 | $1575461 | $1320295 |
| **3/31/20** | $1184789 | $1380871 | $1167612 |
| **4/30/20** | $1284302 | $1557890 | $1272322 |
| **5/31/20** | $1332302 | $1632089 | $1320056 |
| **6/30/20** | $1366089 | $1664547 | $1349149 |
| **7/31/20** | $1423546 | $1758403 | $1403047 |
| **8/31/20** | $1481004 | $1884798 | $1461057 |
| **9/30/20** | $1449403 | $1813182 | $1426101 |
| **10/31/20** | $1427087 | $1764962 | $1405083 |
| **11/30/20** | $1556288 | $1958162 | $1542460 |
| **12/31/20** | $1615224 | $2033450 | $1600075 |
| **1/31/21** | $1610442 | $2012921 | $1596154 |
| **2/28/21** | $1635549 | $2068427 | $1630793 |
| **3/31/21** | $1662925 | $2159015 | $1667677 |
| **4/30/21** | $1724515 | $2274239 | $1725164 |
| **5/31/21** | $1747460 | $2290123 | $1745422 |
| **6/30/21** | $1771584 | $2343585 | $1758575 |
| **7/31/21** | $1789860 | $2399257 | $1770751 |
| **8/31/21** | $1821539 | $2472208 | $1803740 |
| **9/30/21** | $1759384 | $2357226 | $1747853 |
| **10/31/21** | $1826630 | $2522377 | $1812893 |
| **11/30/21** | $1799732 | $2504900 | $1778395 |
| **12/31/21** | $1858384 | $2617160 | $1838891 |
| **1/31/22** | $1784249 | $2481730 | $1756882 |
| **2/28/22** | $1741528 | $2407423 | $1728516 |
| **3/31/22** | $1757156 | $2496810 | $1746511 |
| **4/30/22** | $1637664 | $2279083 | $1632498 |
| **5/31/22** | $1638922 | $2283265 | $1639472 |
| **6/30/22** | $1523070 | $2094795 | $1527329 |
| **7/31/22** | $1615110 | $2287945 | $1621300 |
| **8/31/22** | $1555851 | $2194638 | $1566858 |
| **9/30/22** | $1418787 | $1992515 | $1443366 |
| **10/31/22** | $1479483 | $2153832 | $1513693 |
| **11/30/22** | $1594554 | $2274196 | $1609125 |
| **12/31/22** | $1541120 | $2143170 | $1563323 |
| **1/31/23** | $1643602 | $2277834 | $1658284 |
| **2/28/23** | $1591712 | $2222257 | $1619110 |
| **3/31/23** | $1632623 | $2303845 | $1652162 |
| **4/30/23** | $1650836 | $2339805 | $1671222 |
| **5/31/23** | $1626119 | $2349975 | $1648569 |
| **6/30/23** | $1694526 | $2505250 | $1716310 |
| **7/31/23** | $1737541 | $2585731 | $1760399 |
| **8/31/23** | $1693222 | $2544562 | $1724978 |
| **9/30/23** | $1625246 | $2423243 | $1662461 |
| **10/31/23** | $1580719 | $2372291 | $1618825 |
| **11/30/23** | $1701204 | $2588941 | $1740519 |
| **12/31/23** | $1785546 | $2706559 | $1823325 |
| **1/31/24** | $1780224 | $2752040 | $1825681 |
| **2/29/24** | $1824131 | $2898987 | $1872601 |
| **3/31/24** | $1869205 | $2992260 | $1918666 |
| **4/30/24** | $1805026 | $2870043 | $1861091 |
| **5/31/24** | $1871879 | $3012353 | $1924395 |
| **6/30/24** | $1897352 | $3120443 | $1948921 |
| **7/31/24** | $1943201 | $3158426 | $1993590 |
| **8/31/24** | $1983656 | $3235039 | $2032927 |
| **9/30/24** | $2027758 | $3304130 | $2070810 |
| **10/31/24** | $1974789 | $3274166 | $2023061 |
| **11/30/24** | $2030474 | $3466363 | $2078922 |
| **12/31/24** | $1971693 | $3383732 | $2030913 |
| **1/31/25** | $2018837 | $3477960 | $2078167 |
| **2/28/25** | $2039635 | $3432579 | $2081869 |
| **3/31/25** | $1993271 | $3239172 | $2033943 |
| **4/30/25** | $1991881 | $3217208 | $2047956 |
| **5/31/25** | $2055821 | $3419714 | $2121542 |
| **6/30/25** | $2127721 | $3593616 | $2190643 |

---

The table below shows the average annual total returns of the Fund, a regulatory index, and one or more supplemental index(es) for certain periods ended June 30, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 12.14% | 9.27% | 7.84% |
| S&P 500 Index | 15.16% | 16.64% | 13.65% |
| S&P Target Date 2035 Index | 12.40% | 10.18% | 8.16% |

---

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.

**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 an 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. For performance current to the most recent month-end, visit **www.pimco.com/literature** or via **888.87.PIMCO (888.877.4626)**.

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $638497 |
| # of Portfolio Holdings | 21 |
| Portfolio Turnover Rate | 18% |
| Total Net Advisory Fees Paid During the Reporting Period | $128 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Mutual Funds | 60.3% |
| Short-Term Instruments | 0.2% |
| Affiliated Investments | 40.0% |
| Financial Derivative Instruments | (0.1%) |
| Other Assets and Liabilities, Net | (0.4%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

### Top Holdings (% of Net Asset Value)<sup>**Footnote Reference \*\***</sup>

---

| | |
|:---|:---|
| Vanguard Institutional Index Fund 'Institutional Plus' | 36.2% |
| Vanguard Developed Markets Index Fund 'Institutional' | 15.6% |
| PIMCO Total Return Fund | 8.6% |
| PIMCO Long-Term Real Return Fund | 6.8% |
| PIMCO Long-Term U.S. Government Fund | 5.9% |
| PIMCO Income Fund | 5.8% |
| Vanguard Emerging Markets Stock Index Fund 'Institutional' | 5.7% |
| PIMCO Real Return Fund | 3.7% |
| Vanguard Small-Cap Index Fund 'Institutional' | 2.7% |
| PIMCO Emerging Markets Local Currency and Bond Fund | 2.2% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*\*</sup> | &nbsp;&nbsp;Short-Term Instruments/Foreign Currency Contracts are not included in Top Holdings table. |

---

## Material Fund Changes
This is a summary of certain changes and planned changes of the Fund since the beginning of the reporting period. For more information, you may refer to the Fund's next prospectus, which we expect to be available by October 31, 2025 or upon request at **888.87.PIMCO (888.877.4626)**.

Change to REALPATH Blend Glide Path. Effective February 28, 2025, the Fund's REALPATH Blend Glide Path, which forms the basis of the Fund's long-term asset allocations, was changed based on data relating to risk metrics, long-term market trends, correlation of asset types and actuarial assumptions of life expectancy and retirement.

Changes to Total Annual Fund Operating Expenses. Annual fund operating expenses increased during the year by 0.10% as a result of the Fund's exposure to fees and expenses related to the Fund's investment in underlying funds.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g946521g31n56.jpg)

# Institutional Class: PDGZX
![Image](g946521g28k42.jpg)

# PIMCO REALPATH<sup>®</sup> Blend 2035 Fund
Annual Shareholder Report \|

June 30, 2025

PES2123TSRAR_063025

# Class A: PVPAX

# PIMCO REALPATH<sup>®</sup> Blend 2040 Fund

#### Annual Shareholder Report \| June 30, 2025
![Image](g946521g90b93.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO REALPATH<sup>®</sup> Blend 2040 Fund (the "Fund") for the period of July 1, 2024 to June 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

#### This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $53 | 0.50% |

---

## How did the Fund perform during the reporting period and what affected its performance?
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 equities contributed to absolute performance, as emerging market equities posted positive returns.

* There were no material detractors from absolute performance for this Fund.

## Fund Performance
In addition to the Fund's performance, the graph and the table in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Fund's regulatory index is the S&P 500 Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended June 30, 2025 or the life of the Fund, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g946521g78s80.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A (including sales charge)** | **S&P 500 Index** | **S&P Target Date 2040 Index** |
| **6/30/15** | $9447 | $10000 | $10000 |
| **7/31/15** | $9456 | $10210 | $10119 |
| **8/31/15** | $8931 | $9594 | $9577 |
| **9/30/15** | $8724 | $9356 | $9340 |
| **10/31/15** | $9175 | $10145 | $9898 |
| **11/30/15** | $9100 | $10176 | $9906 |
| **12/31/15** | $8936 | $10015 | $9706 |
| **1/31/16** | $8594 | $9518 | $9301 |
| **2/29/16** | $8565 | $9505 | $9258 |
| **3/31/16** | $9196 | $10150 | $9834 |
| **4/30/16** | $9282 | $10189 | $9919 |
| **5/31/16** | $9310 | $10372 | $10009 |
| **6/30/16** | $9437 | $10399 | $10032 |
| **7/31/16** | $9754 | $10783 | $10356 |
| **8/31/16** | $9773 | $10798 | $10384 |
| **9/30/16** | $9808 | $10800 | $10420 |
| **10/31/16** | $9635 | $10603 | $10224 |
| **11/30/16** | $9674 | $10996 | $10402 |
| **12/31/16** | $9842 | $11213 | $10602 |
| **1/31/17** | $10036 | $11426 | $10799 |
| **2/28/17** | $10299 | $11879 | $11050 |
| **3/31/17** | $10347 | $11893 | $11139 |
| **4/30/17** | $10464 | $12015 | $11276 |
| **5/31/17** | $10620 | $12184 | $11437 |
| **6/30/17** | $10686 | $12260 | $11514 |
| **7/31/17** | $10910 | $12512 | $11746 |
| **8/31/17** | $10968 | $12551 | $11751 |
| **9/30/17** | $11124 | $12810 | $11998 |
| **10/31/17** | $11290 | $13109 | $12207 |
| **11/30/17** | $11485 | $13511 | $12461 |
| **12/31/17** | $11638 | $13661 | $12602 |
| **1/31/18** | $12085 | $14443 | $13107 |
| **2/28/18** | $11628 | $13911 | $12633 |
| **3/31/18** | $11529 | $13557 | $12483 |
| **4/30/18** | $11558 | $13609 | $12563 |
| **5/31/18** | $11638 | $13937 | $12715 |
| **6/30/18** | $11596 | $14023 | $12688 |
| **7/31/18** | $11864 | $14544 | $12990 |
| **8/31/18** | $11953 | $15018 | $13159 |
| **9/30/18** | $11948 | $15104 | $13160 |
| **10/31/18** | $11220 | $14072 | $12284 |
| **11/30/18** | $11409 | $14358 | $12475 |
| **12/31/18** | $10751 | $13062 | $11669 |
| **1/31/19** | $11491 | $14109 | $12497 |
| **2/28/19** | $11721 | $14562 | $12807 |
| **3/31/19** | $11901 | $14845 | $12932 |
| **4/30/19** | $12204 | $15446 | $13306 |
| **5/31/19** | $11681 | $14464 | $12645 |
| **6/30/19** | $12290 | $15483 | $13355 |
| **7/31/19** | $12322 | $15706 | $13412 |
| **8/31/19** | $12206 | $15457 | $13183 |
| **9/30/19** | $12388 | $15746 | $13434 |
| **10/31/19** | $12642 | $16087 | $13720 |
| **11/30/19** | $12885 | $16671 | $14008 |
| **12/31/19** | $13241 | $17175 | $14395 |
| **1/31/20** | $13154 | $17168 | $14259 |
| **2/29/20** | $12409 | $15755 | $13281 |
| **3/31/20** | $10821 | $13809 | $11626 |
| **4/30/20** | $11783 | $15579 | $12738 |
| **5/31/20** | $12247 | $16321 | $13251 |
| **6/30/20** | $12557 | $16645 | $13563 |
| **7/31/20** | $13108 | $17584 | $14136 |
| **8/31/20** | $13691 | $18848 | $14782 |
| **9/30/20** | $13355 | $18132 | $14396 |
| **10/31/20** | $13128 | $17650 | $14173 |
| **11/30/20** | $14415 | $19582 | $15678 |
| **12/31/20** | $14990 | $20334 | $16319 |
| **1/31/21** | $14936 | $20129 | $16287 |
| **2/28/21** | $15220 | $20684 | $16696 |
| **3/31/21** | $15538 | $21590 | $17124 |
| **4/30/21** | $16123 | $22742 | $17757 |
| **5/31/21** | $16367 | $22901 | $17982 |
| **6/30/21** | $16563 | $23436 | $18115 |
| **7/31/21** | $16719 | $23993 | $18236 |
| **8/31/21** | $17042 | $24722 | $18612 |
| **9/30/21** | $16416 | $23572 | $17989 |
| **10/31/21** | $17097 | $25224 | $18727 |
| **11/30/21** | $16773 | $25049 | $18328 |
| **12/31/21** | $17381 | $26172 | $19020 |
| **1/31/22** | $16657 | $24817 | $18120 |
| **2/28/22** | $16244 | $24074 | $17817 |
| **3/31/22** | $16428 | $24968 | $18063 |
| **4/30/22** | $15268 | $22791 | $16820 |
| **5/31/22** | $15291 | $22833 | $16891 |
| **6/30/22** | $14148 | $20948 | $15623 |
| **7/31/22** | $15044 | $22879 | $16663 |
| **8/31/22** | $14470 | $21946 | $16074 |
| **9/30/22** | $13134 | $19925 | $14713 |
| **10/31/22** | $13767 | $21538 | $15525 |
| **11/30/22** | $14882 | $22742 | $16581 |
| **12/31/22** | $14340 | $21432 | $16061 |
| **1/31/23** | $15328 | $22778 | $17108 |
| **2/28/23** | $14834 | $22223 | $16689 |
| **3/31/23** | $15209 | $23038 | $17037 |
| **4/30/23** | $15386 | $23398 | $17247 |
| **5/31/23** | $15162 | $23500 | $16995 |
| **6/30/23** | $15846 | $25053 | $17798 |
| **7/31/23** | $16306 | $25857 | $18322 |
| **8/31/23** | $15858 | $25446 | $17911 |
| **9/30/23** | $15202 | $24232 | $17223 |
| **10/31/23** | $14776 | $23723 | $16734 |
| **11/30/23** | $15947 | $25889 | $18077 |
| **12/31/23** | $16738 | $27066 | $18979 |
| **1/31/24** | $16690 | $27520 | $19004 |
| **2/29/24** | $17170 | $28990 | $19593 |
| **3/31/24** | $17630 | $29923 | $20122 |
| **4/30/24** | $17016 | $28700 | $19490 |
| **5/31/24** | $17690 | $30124 | $20203 |
| **6/30/24** | $17939 | $31204 | $20477 |
| **7/31/24** | $18351 | $31584 | $20959 |
| **8/31/24** | $18739 | $32350 | $21392 |
| **9/30/24** | $19160 | $33041 | $21807 |
| **10/31/24** | $18661 | $32742 | $21301 |
| **11/30/24** | $19246 | $34664 | $21965 |
| **12/31/24** | $18699 | $33837 | $21421 |
| **1/31/25** | $19171 | $34780 | $21971 |
| **2/28/25** | $19283 | $34326 | $21949 |
| **3/31/25** | $18759 | $32392 | $21352 |
| **4/30/25** | $18772 | $32172 | $21498 |
| **5/31/25** | $19493 | $34197 | $22399 |
| **6/30/25** | $20234 | $35936 | $23198 |

---

The table below shows the average annual total returns of the Fund, a regulatory index, and one or more supplemental index(es) for certain periods ended June 30, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Class A (excluding sales charge) | 12.79% | 10.01% | 7.91% |
| Class A (including sales charge) | 6.60% | 8.77% | 7.30% |
| S&P 500 Index | 15.16% | 16.64% | 13.65% |
| S&P Target Date 2040 Index | 13.28% | 11.33% | 8.78% |

---

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.

**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 an 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 Cumulative Returns graph and Average Annual Total Returns 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 graph. 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. For performance current to the most recent month-end, visit **www.pimco.com/literature** or via **888.87.PIMCO (888.877.4626)**.

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $575615 |
| # of Portfolio Holdings | 20 |
| Portfolio Turnover Rate | 15% |
| Total Net Advisory Fees Paid During the Reporting Period | $171 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Mutual Funds | 71.5% |
| Short-Term Instruments | 0.1% |
| Affiliated Investments | 29.3% |
| Financial Derivative Instruments | (0.1%) |
| Other Assets and Liabilities, Net | (0.8%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

### Top Holdings (% of Net Asset Value)<sup>**Footnote Reference \*\***</sup>

---

| | |
|:---|:---|
| Vanguard Institutional Index Fund 'Institutional Plus' | 42.9% |
| Vanguard Developed Markets Index Fund 'Institutional' | 18.4% |
| Vanguard Emerging Markets Stock Index Fund 'Institutional' | 7.2% |
| PIMCO Total Return Fund | 5.9% |
| PIMCO Long-Term Real Return Fund | 4.8% |
| PIMCO Income Fund | 3.8% |
| PIMCO Long-Term U.S. Government Fund | 3.5% |
| Vanguard Small-Cap Index Fund 'Institutional' | 3.0% |
| PIMCO Real Return Fund | 2.6% |
| PIMCO Emerging Markets Local Currency and Bond Fund | 1.7% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*\*</sup> | &nbsp;&nbsp;Short-Term Instruments/Foreign Currency Contracts are not included in Top Holdings table. |

---

## Material Fund Changes
This is a summary of certain changes and planned changes of the Fund since the beginning of the reporting period. For more information, you may refer to the Fund's next prospectus, which we expect to be available by October 31, 2025 or upon request at **888.87.PIMCO (888.877.4626)**.

Change to REALPATH Blend Glide Path. Effective February 28, 2025, the Fund's REALPATH Blend Glide Path, which forms the basis of the Fund's long-term asset allocations, was changed based on data relating to risk metrics, long-term market trends, correlation of asset types and actuarial assumptions of life expectancy and retirement.

Changes to Total Annual Fund Operating Expenses. Annual fund operating expenses increased during the year by 0.05% as a result of the Fund's exposure to fees and expenses related to the Fund's investment in underlying funds.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g946521g31n56.jpg)

# Class A: PVPAX
![Image](g946521g28k42.jpg)

# PIMCO REALPATH<sup>®</sup> Blend 2040 Fund
Annual Shareholder Report \|

June 30, 2025

PES8017TSRAR_063025

# Institutional Class: PVPNX

# PIMCO REALPATH<sup>®</sup> Blend 2040 Fund

#### Annual Shareholder Report \| June 30, 2025
![Image](g946521g90b93.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO REALPATH<sup>®</sup> Blend 2040 Fund (the "Fund") for the period of July 1, 2024 to June 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

#### This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $5 | 0.05% |

---

## How did the Fund perform during the reporting period and what affected its performance?
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 equities contributed to absolute performance, as emerging market equities posted positive returns.

* There were no material detractors from absolute performance for this Fund.

## Fund Performance
In addition to the Fund's performance, the graph and the table in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Fund's regulatory index is the S&P 500 Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended June 30, 2025 or the life of the Fund, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g946521g42m91.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **S&P 500 Index** | **S&P Target Date 2040 Index** |
| **6/30/15** | $1000000 | $1000000 | $1000000 |
| **7/31/15** | $1001986 | $1020951 | $1011922 |
| **8/31/15** | $946375 | $959353 | $957734 |
| **9/30/15** | $925435 | $935615 | $934031 |
| **10/31/15** | $973200 | $1014539 | $989817 |
| **11/30/15** | $965239 | $1017556 | $990572 |
| **12/31/15** | $948447 | $1001507 | $970637 |
| **1/31/16** | $913095 | $951808 | $930117 |
| **2/29/16** | $910065 | $950524 | $925838 |
| **3/31/16** | $977986 | $1015006 | $983448 |
| **4/30/16** | $987097 | $1018940 | $991935 |
| **5/31/16** | $990135 | $1037239 | $1000882 |
| **6/30/16** | $1004823 | $1039926 | $1003216 |
| **7/31/16** | $1038521 | $1078267 | $1035643 |
| **8/31/16** | $1040563 | $1079781 | $1038439 |
| **9/30/16** | $1045341 | $1079985 | $1042000 |
| **10/31/16** | $1027953 | $1060285 | $1022449 |
| **11/30/16** | $1031022 | $1099552 | $1040233 |
| **12/31/16** | $1049429 | $1121286 | $1060199 |
| **1/31/17** | $1071205 | $1142553 | $1079908 |
| **2/28/17** | $1099204 | $1187919 | $1104974 |
| **3/31/17** | $1105426 | $1189305 | $1113908 |
| **4/30/17** | $1118907 | $1201519 | $1127612 |
| **5/31/17** | $1135498 | $1218428 | $1143698 |
| **6/30/17** | $1142811 | $1226033 | $1151353 |
| **7/31/17** | $1167745 | $1251243 | $1174559 |
| **8/31/17** | $1175018 | $1255074 | $1175112 |
| **9/30/17** | $1191727 | $1280963 | $1199822 |
| **10/31/17** | $1210494 | $1310855 | $1220728 |
| **11/30/17** | $1231347 | $1351059 | $1246073 |
| **12/31/17** | $1248237 | $1366081 | $1260212 |
| **1/31/18** | $1297104 | $1444294 | $1310696 |
| **2/28/18** | $1248237 | $1391062 | $1263347 |
| **3/31/18** | $1238676 | $1355710 | $1248320 |
| **4/30/18** | $1241863 | $1360912 | $1256296 |
| **5/31/18** | $1250362 | $1393686 | $1271545 |
| **6/30/18** | $1247564 | $1402264 | $1268755 |
| **7/31/18** | $1276329 | $1454447 | $1298952 |
| **8/31/18** | $1286983 | $1501841 | $1315916 |
| **9/30/18** | $1286427 | $1510389 | $1315951 |
| **10/31/18** | $1209306 | $1407154 | $1228362 |
| **11/30/18** | $1229657 | $1435829 | $1247453 |
| **12/31/18** | $1158618 | $1306187 | $1166877 |
| **1/31/19** | $1239295 | $1410859 | $1249693 |
| **2/28/19** | $1263946 | $1456159 | $1280657 |
| **3/31/19** | $1284571 | $1484455 | $1293158 |
| **4/30/19** | $1318375 | $1544560 | $1330558 |
| **5/31/19** | $1262034 | $1446406 | $1264491 |
| **6/30/19** | $1327944 | $1548343 | $1335495 |
| **7/31/19** | $1332480 | $1570597 | $1341196 |
| **8/31/19** | $1320006 | $1545718 | $1318267 |
| **9/30/19** | $1340745 | $1574639 | $1343430 |
| **10/31/19** | $1368131 | $1608745 | $1371966 |
| **11/30/19** | $1395516 | $1667141 | $1400820 |
| **12/31/19** | $1433465 | $1717458 | $1439548 |
| **1/31/20** | $1426473 | $1716785 | $1425883 |
| **2/29/20** | $1346059 | $1575461 | $1328103 |
| **3/31/20** | $1173193 | $1380871 | $1162592 |
| **4/30/20** | $1278151 | $1557890 | $1273838 |
| **5/31/20** | $1329464 | $1632089 | $1325107 |
| **6/30/20** | $1364588 | $1664547 | $1356310 |
| **7/31/20** | $1424172 | $1758403 | $1413558 |
| **8/31/20** | $1487261 | $1884798 | $1478242 |
| **9/30/20** | $1452184 | $1813182 | $1439617 |
| **10/31/20** | $1428781 | $1764962 | $1417252 |
| **11/30/20** | $1569202 | $1958162 | $1567827 |
| **12/31/20** | $1631346 | $2033450 | $1631948 |
| **1/31/21** | $1627784 | $2012921 | $1628742 |
| **2/28/21** | $1658654 | $2068427 | $1669561 |
| **3/31/21** | $1693578 | $2159015 | $1712430 |
| **4/30/21** | $1759499 | $2274239 | $1775655 |
| **5/31/21** | $1785868 | $2290123 | $1798193 |
| **6/30/21** | $1808131 | $2343585 | $1811543 |
| **7/31/21** | $1826261 | $2399257 | $1823605 |
| **8/31/21** | $1861312 | $2472208 | $1861223 |
| **9/30/21** | $1793632 | $2357226 | $1798913 |
| **10/31/21** | $1868872 | $2522377 | $1872742 |
| **11/30/21** | $1834893 | $2504900 | $1832791 |
| **12/31/21** | $1902148 | $2617160 | $1902001 |
| **1/31/22** | $1823464 | $2481730 | $1812023 |
| **2/28/22** | $1778502 | $2407423 | $1781738 |
| **3/31/22** | $1800103 | $2496810 | $1806270 |
| **4/30/22** | $1673934 | $2279083 | $1682007 |
| **5/31/22** | $1676432 | $2283265 | $1689105 |
| **6/30/22** | $1551438 | $2094795 | $1562343 |
| **7/31/22** | $1650279 | $2287945 | $1666318 |
| **8/31/22** | $1587721 | $2194638 | $1607373 |
| **9/30/22** | $1442042 | $1992515 | $1471258 |
| **10/31/22** | $1512263 | $2153832 | $1552542 |
| **11/30/22** | $1635150 | $2274196 | $1658064 |
| **12/31/22** | $1575704 | $2143170 | $1606127 |
| **1/31/23** | $1684861 | $2277834 | $1710826 |
| **2/28/23** | $1632209 | $2222257 | $1668916 |
| **3/31/23** | $1673336 | $2303845 | $1703711 |
| **4/30/23** | $1693947 | $2339805 | $1724654 |
| **5/31/23** | $1669472 | $2349975 | $1699515 |
| **6/30/23** | $1746135 | $2505250 | $1779846 |
| **7/31/23** | $1796430 | $2585731 | $1832158 |
| **8/31/23** | $1748714 | $2544562 | $1791089 |
| **9/30/23** | $1677073 | $2423243 | $1722277 |
| **10/31/23** | $1630452 | $2372291 | $1673360 |
| **11/30/23** | $1761251 | $2588941 | $1807723 |
| **12/31/23** | $1847540 | $2706559 | $1897855 |
| **1/31/24** | $1843595 | $2752040 | $1900408 |
| **2/29/24** | $1897509 | $2898987 | $1959271 |
| **3/31/24** | $1948344 | $2992260 | $2012168 |
| **4/30/24** | $1882299 | $2870043 | $1949017 |
| **5/31/24** | $1956270 | $3012353 | $2020306 |
| **6/30/24** | $1985724 | $3120443 | $2047749 |
| **7/31/24** | $2030975 | $3158426 | $2095907 |
| **8/31/24** | $2076226 | $3235039 | $2139218 |
| **9/30/24** | $2123019 | $3304130 | $2180735 |
| **10/31/24** | $2069442 | $3274166 | $2130055 |
| **11/30/24** | $2133735 | $3466363 | $2196527 |
| **12/31/24** | $2073675 | $3383732 | $2142100 |
| **1/31/25** | $2126952 | $3477960 | $2197078 |
| **2/28/25** | $2140612 | $3432579 | $2194870 |
| **3/31/25** | $2083616 | $3239172 | $2135162 |
| **4/30/25** | $2084986 | $3217208 | $2149822 |
| **5/31/25** | $2167180 | $3419714 | $2239903 |
| **6/30/25** | $2249720 | $3593616 | $2319750 |

---

The table below shows the average annual total returns of the Fund, a regulatory index, and one or more supplemental index(es) for certain periods ended June 30, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 13.29% | 10.52% | 8.45% |
| S&P 500 Index | 15.16% | 16.64% | 13.65% |
| S&P Target Date 2040 Index | 13.28% | 11.33% | 8.78% |

---

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.

**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 an 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. For performance current to the most recent month-end, visit **www.pimco.com/literature** or via **888.87.PIMCO (888.877.4626)**.

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $575615 |
| # of Portfolio Holdings | 20 |
| Portfolio Turnover Rate | 15% |
| Total Net Advisory Fees Paid During the Reporting Period | $171 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Mutual Funds | 71.5% |
| Short-Term Instruments | 0.1% |
| Affiliated Investments | 29.3% |
| Financial Derivative Instruments | (0.1%) |
| Other Assets and Liabilities, Net | (0.8%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

### Top Holdings (% of Net Asset Value)<sup>**Footnote Reference \*\***</sup>

---

| | |
|:---|:---|
| Vanguard Institutional Index Fund 'Institutional Plus' | 42.9% |
| Vanguard Developed Markets Index Fund 'Institutional' | 18.4% |
| Vanguard Emerging Markets Stock Index Fund 'Institutional' | 7.2% |
| PIMCO Total Return Fund | 5.9% |
| PIMCO Long-Term Real Return Fund | 4.8% |
| PIMCO Income Fund | 3.8% |
| PIMCO Long-Term U.S. Government Fund | 3.5% |
| Vanguard Small-Cap Index Fund 'Institutional' | 3.0% |
| PIMCO Real Return Fund | 2.6% |
| PIMCO Emerging Markets Local Currency and Bond Fund | 1.7% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*\*</sup> | &nbsp;&nbsp;Short-Term Instruments/Foreign Currency Contracts are not included in Top Holdings table. |

---

## Material Fund Changes
This is a summary of certain changes and planned changes of the Fund since the beginning of the reporting period. For more information, you may refer to the Fund's next prospectus, which we expect to be available by October 31, 2025 or upon request at **888.87.PIMCO (888.877.4626)**.

Change to REALPATH Blend Glide Path. Effective February 28, 2025, the Fund's REALPATH Blend Glide Path, which forms the basis of the Fund's long-term asset allocations, was changed based on data relating to risk metrics, long-term market trends, correlation of asset types and actuarial assumptions of life expectancy and retirement.

Changes to Total Annual Fund Operating Expenses. Annual fund operating expenses increased during the year by 0.05% as a result of the Fund's exposure to fees and expenses related to the Fund's investment in underlying funds.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g946521g31n56.jpg)

# Institutional Class: PVPNX
![Image](g946521g28k42.jpg)

# PIMCO REALPATH<sup>®</sup> Blend 2040 Fund
Annual Shareholder Report \|

June 30, 2025

PES2124TSRAR_063025

# Class A: PVQAX

# PIMCO REALPATH<sup>®</sup> Blend 2045 Fund

#### Annual Shareholder Report \| June 30, 2025
![Image](g946521g90b93.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO REALPATH<sup>®</sup> Blend 2045 Fund (the "Fund") for the period of July 1, 2024 to June 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

#### This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $53 | 0.50% |

---

## How did the Fund perform during the reporting period and what affected its performance?
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 equities contributed to absolute performance, as emerging market equities posted positive returns.

* There were no material detractors from absolute performance for this Fund.

## Fund Performance
In addition to the Fund's performance, the graph and the table in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Fund's regulatory index is the S&P 500 Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended June 30, 2025 or the life of the Fund, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g946521g64g27.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A (including sales charge)** | **S&P 500 Index** | **S&P Target Date 2045 Index** |
| **6/30/15** | $9448 | $10000 | $10000 |
| **7/31/15** | $9448 | $10210 | $10121 |
| **8/31/15** | $8886 | $9594 | $9556 |
| **9/30/15** | $8676 | $9356 | $9307 |
| **10/31/15** | $9145 | $10145 | $9887 |
| **11/30/15** | $9060 | $10176 | $9896 |
| **12/31/15** | $8897 | $10015 | $9689 |
| **1/31/16** | $8527 | $9518 | $9263 |
| **2/29/16** | $8489 | $9505 | $9215 |
| **3/31/16** | $9137 | $10150 | $9810 |
| **4/30/16** | $9222 | $10189 | $9898 |
| **5/31/16** | $9241 | $10372 | $9990 |
| **6/30/16** | $9371 | $10399 | $10006 |
| **7/31/16** | $9696 | $10783 | $10343 |
| **8/31/16** | $9705 | $10798 | $10373 |
| **9/30/16** | $9740 | $10800 | $10410 |
| **10/31/16** | $9568 | $10603 | $10209 |
| **11/30/16** | $9596 | $10996 | $10406 |
| **12/31/16** | $9765 | $11213 | $10613 |
| **1/31/17** | $9978 | $11426 | $10819 |
| **2/28/17** | $10239 | $11879 | $11080 |
| **3/31/17** | $10297 | $11893 | $11174 |
| **4/30/17** | $10414 | $12015 | $11314 |
| **5/31/17** | $10568 | $12184 | $11480 |
| **6/30/17** | $10636 | $12260 | $11559 |
| **7/31/17** | $10868 | $12512 | $11801 |
| **8/31/17** | $10917 | $12551 | $11805 |
| **9/30/17** | $11078 | $12810 | $12062 |
| **10/31/17** | $11262 | $13109 | $12280 |
| **11/30/17** | $11456 | $13511 | $12542 |
| **12/31/17** | $11614 | $13661 | $12689 |
| **1/31/18** | $12087 | $14443 | $13221 |
| **2/28/18** | $11614 | $13911 | $12730 |
| **3/31/18** | $11506 | $13557 | $12570 |
| **4/30/18** | $11536 | $13609 | $12657 |
| **5/31/18** | $11634 | $13937 | $12810 |
| **6/30/18** | $11595 | $14023 | $12779 |
| **7/31/18** | $11870 | $14544 | $13092 |
| **8/31/18** | $11969 | $15018 | $13265 |
| **9/30/18** | $11969 | $15104 | $13266 |
| **10/31/18** | $11207 | $14072 | $12353 |
| **11/30/18** | $11405 | $14358 | $12549 |
| **12/31/18** | $10697 | $13062 | $11707 |
| **1/31/19** | $11469 | $14109 | $12562 |
| **2/28/19** | $11709 | $14562 | $12884 |
| **3/31/19** | $11893 | $14845 | $13006 |
| **4/30/19** | $12218 | $15446 | $13394 |
| **5/31/19** | $11641 | $14464 | $12699 |
| **6/30/19** | $12276 | $15483 | $13437 |
| **7/31/19** | $12308 | $15706 | $13494 |
| **8/31/19** | $12139 | $15457 | $13242 |
| **9/30/19** | $12351 | $15746 | $13508 |
| **10/31/19** | $12616 | $16087 | $13809 |
| **11/30/19** | $12871 | $16671 | $14110 |
| **12/31/19** | $13249 | $17175 | $14519 |
| **1/31/20** | $13130 | $17168 | $14365 |
| **2/29/20** | $12309 | $15755 | $13326 |
| **3/31/20** | $10655 | $13809 | $11593 |
| **4/30/20** | $11660 | $15579 | $12741 |
| **5/31/20** | $12158 | $16321 | $13271 |
| **6/30/20** | $12477 | $16645 | $13598 |
| **7/31/20** | $13040 | $17584 | $14192 |
| **8/31/20** | $13645 | $18848 | $14882 |
| **9/30/20** | $13288 | $18132 | $14473 |
| **10/31/20** | $13061 | $17650 | $14239 |
| **11/30/20** | $14413 | $19582 | $15822 |
| **12/31/20** | $15017 | $20334 | $16502 |
| **1/31/21** | $14962 | $20129 | $16473 |
| **2/28/21** | $15290 | $20684 | $16917 |
| **3/31/21** | $15655 | $21590 | $17382 |
| **4/30/21** | $16284 | $22742 | $18051 |
| **5/31/21** | $16526 | $22901 | $18291 |
| **6/30/21** | $16724 | $23436 | $18426 |
| **7/31/21** | $16879 | $23993 | $18546 |
| **8/31/21** | $17213 | $24722 | $18950 |
| **9/30/21** | $16561 | $23572 | $18288 |
| **10/31/21** | $17296 | $25224 | $19080 |
| **11/30/21** | $16940 | $25049 | $18650 |
| **12/31/21** | $17588 | $26172 | $19393 |
| **1/31/22** | $16821 | $24817 | $18448 |
| **2/28/22** | $16409 | $24074 | $18133 |
| **3/31/22** | $16638 | $24968 | $18419 |
| **4/30/22** | $15435 | $22791 | $17116 |
| **5/31/22** | $15470 | $22833 | $17187 |
| **6/30/22** | $14267 | $20948 | $15818 |
| **7/31/22** | $15195 | $22879 | $16922 |
| **8/31/22** | $14577 | $21946 | $16309 |
| **9/30/22** | $13208 | $19925 | $14868 |
| **10/31/22** | $13907 | $21538 | $15767 |
| **11/30/22** | $15065 | $22742 | $16885 |
| **12/31/22** | $14487 | $21432 | $16321 |
| **1/31/23** | $15518 | $22778 | $17432 |
| **2/28/23** | $15026 | $22223 | $17003 |
| **3/31/23** | $15401 | $23038 | $17354 |
| **4/30/23** | $15601 | $23398 | $17576 |
| **5/31/23** | $15366 | $23500 | $17311 |
| **6/30/23** | $16117 | $25053 | $18198 |
| **7/31/23** | $16622 | $25857 | $18777 |
| **8/31/23** | $16153 | $25446 | $18325 |
| **9/30/23** | $15473 | $24232 | $17592 |
| **10/31/23** | $15037 | $23723 | $17068 |
| **11/30/23** | $16274 | $25889 | $18496 |
| **12/31/23** | $17084 | $27066 | $19444 |
| **1/31/24** | $17025 | $27520 | $19472 |
| **2/29/24** | $17597 | $28990 | $20144 |
| **3/31/24** | $18095 | $29923 | $20719 |
| **4/30/24** | $17460 | $28700 | $20049 |
| **5/31/24** | $18179 | $30124 | $20818 |
| **6/30/24** | $18449 | $31204 | $21098 |
| **7/31/24** | $18859 | $31584 | $21602 |
| **8/31/24** | $19292 | $32350 | $22062 |
| **9/30/24** | $19721 | $33041 | $22510 |
| **10/31/24** | $19213 | $32742 | $21964 |
| **11/30/24** | $19842 | $34664 | $22665 |
| **12/31/24** | $19282 | $33837 | $22084 |
| **1/31/25** | $19803 | $34780 | $22692 |
| **2/28/25** | $19877 | $34326 | $22638 |
| **3/31/25** | $19304 | $32392 | $21987 |
| **4/30/25** | $19341 | $32172 | $22163 |
| **5/31/25** | $20197 | $34197 | $23176 |
| **6/30/25** | $21005 | $35936 | $24045 |

---

The table below shows the average annual total returns of the Fund, a regulatory index, and one or more supplemental index(es) for certain periods ended June 30, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Class A (excluding sales charge) | 13.85% | 10.98% | 8.32% |
| Class A (including sales charge) | 7.60% | 9.73% | 7.70% |
| S&P 500 Index | 15.16% | 16.64% | 13.65% |
| S&P Target Date 2045 Index | 13.97% | 12.08% | 9.17% |

---

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.

**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 an 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 Cumulative Returns graph and Average Annual Total Returns 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 graph. 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. For performance current to the most recent month-end, visit **www.pimco.com/literature** or via **888.87.PIMCO (888.877.4626)**.

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $572723 |
| # of Portfolio Holdings | 23 |
| Portfolio Turnover Rate | 16% |
| Total Net Advisory Fees Paid During the Reporting Period | $164 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Mutual Funds | 80.1% |
| Short-Term Instruments | 0.1% |
| Affiliated Investments | 20.1% |
| Financial Derivative Instruments | (0.1%) |
| Other Assets and Liabilities, Net | (0.2%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

### Top Holdings (% of Net Asset Value)<sup>**Footnote Reference \*\***</sup>

---

| | |
|:---|:---|
| Vanguard Institutional Index Fund 'Institutional Plus' | 47.3% |
| Vanguard Developed Markets Index Fund 'Institutional' | 22.3% |
| Vanguard Emerging Markets Stock Index Fund 'Institutional' | 7.5% |
| PIMCO Total Return Fund | 3.7% |
| Vanguard Small-Cap Index Fund 'Institutional' | 3.0% |
| PIMCO Long-Term U.S. Government Fund | 2.6% |
| PIMCO Long-Term Real Return Fund | 2.6% |
| PIMCO Real Return Fund | 2.1% |
| PIMCO Income Fund | 1.7% |
| PIMCO Emerging Markets Local Currency and Bond Fund | 1.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*\*</sup> | &nbsp;&nbsp;Short-Term Instruments/Foreign Currency Contracts are not included in Top Holdings table. |

---

## Material Fund Changes
This is a summary of certain changes and planned changes of the Fund since the beginning of the reporting period. For more information, you may refer to the Fund's next prospectus, which we expect to be available by October 31, 2025 or upon request at **888.87.PIMCO (888.877.4626)**.

Change to REALPATH Blend Glide Path. Effective February 28, 2025, the Fund's REALPATH Blend Glide Path, which forms the basis of the Fund's long-term asset allocations, was changed based on data relating to risk metrics, long-term market trends, correlation of asset types and actuarial assumptions of life expectancy and retirement.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g946521g31n56.jpg)

# Class A: PVQAX
![Image](g946521g28k42.jpg)

# PIMCO REALPATH<sup>®</sup> Blend 2045 Fund
Annual Shareholder Report \|

June 30, 2025

PES8018TSRAR_063025

# Institutional Class: PVQNX

# PIMCO REALPATH<sup>®</sup> Blend 2045 Fund

#### Annual Shareholder Report \| June 30, 2025
![Image](g946521g90b93.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO REALPATH<sup>®</sup> Blend 2045 Fund (the "Fund") for the period of July 1, 2024 to June 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

#### This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $5 | 0.05% |

---

## How did the Fund perform during the reporting period and what affected its performance?
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 equities contributed to absolute performance, as emerging market equities posted positive returns.

* There were no material detractors from absolute performance for this Fund.

## Fund Performance
In addition to the Fund's performance, the graph and the table in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Fund's regulatory index is the S&P 500 Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended June 30, 2025 or the life of the Fund, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g946521g68b03.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **S&P 500 Index** | **S&P Target Date 2045 Index** |
| **6/30/15** | $1000000 | $1000000 | $1000000 |
| **7/31/15** | $999010 | $1020951 | $1012080 |
| **8/31/15** | $941584 | $959353 | $955633 |
| **9/30/15** | $919353 | $935615 | $930742 |
| **10/31/15** | $968941 | $1014539 | $988689 |
| **11/30/15** | $961007 | $1017556 | $989628 |
| **12/31/15** | $943026 | $1001507 | $968906 |
| **1/31/16** | $904781 | $951808 | $926304 |
| **2/29/16** | $900756 | $950524 | $921495 |
| **3/31/16** | $970407 | $1015006 | $981039 |
| **4/30/16** | $979485 | $1018940 | $989755 |
| **5/31/16** | $981503 | $1037239 | $998988 |
| **6/30/16** | $995503 | $1039926 | $1000646 |
| **7/31/16** | $1031093 | $1078267 | $1034329 |
| **8/31/16** | $1032110 | $1079781 | $1037336 |
| **9/30/16** | $1036616 | $1079985 | $1041039 |
| **10/31/16** | $1018287 | $1060285 | $1020950 |
| **11/30/16** | $1022360 | $1099552 | $1040582 |
| **12/31/16** | $1040890 | $1121286 | $1061320 |
| **1/31/17** | $1063585 | $1142553 | $1081936 |
| **2/28/17** | $1091439 | $1187919 | $1107952 |
| **3/31/17** | $1098660 | $1189305 | $1117408 |
| **4/30/17** | $1112071 | $1201519 | $1131426 |
| **5/31/17** | $1128576 | $1218428 | $1148027 |
| **6/30/17** | $1136018 | $1226033 | $1155934 |
| **7/31/17** | $1161837 | $1251243 | $1180055 |
| **8/31/17** | $1168034 | $1255074 | $1180464 |
| **9/30/17** | $1185318 | $1280963 | $1206212 |
| **10/31/17** | $1206040 | $1310855 | $1227987 |
| **11/30/17** | $1227799 | $1351059 | $1254233 |
| **12/31/17** | $1245227 | $1366081 | $1268940 |
| **1/31/18** | $1295795 | $1444294 | $1322112 |
| **2/28/18** | $1246281 | $1391062 | $1272987 |
| **3/31/18** | $1234693 | $1355710 | $1257042 |
| **4/30/18** | $1238907 | $1360912 | $1265680 |
| **5/31/18** | $1248388 | $1393686 | $1280965 |
| **6/30/18** | $1244721 | $1402264 | $1277877 |
| **7/31/18** | $1275337 | $1454447 | $1309246 |
| **8/31/18** | $1286950 | $1501841 | $1326466 |
| **9/30/18** | $1286966 | $1510389 | $1326583 |
| **10/31/18** | $1206331 | $1407154 | $1235256 |
| **11/30/18** | $1227551 | $1435829 | $1254935 |
| **12/31/18** | $1152375 | $1306187 | $1170670 |
| **1/31/19** | $1236449 | $1410859 | $1256237 |
| **2/28/19** | $1262231 | $1456159 | $1288367 |
| **3/31/19** | $1282153 | $1484455 | $1300561 |
| **4/30/19** | $1318270 | $1544560 | $1339407 |
| **5/31/19** | $1256194 | $1446406 | $1269918 |
| **6/30/19** | $1324962 | $1548343 | $1343716 |
| **7/31/19** | $1329504 | $1570597 | $1349389 |
| **8/31/19** | $1311338 | $1545718 | $1324164 |
| **9/30/19** | $1335306 | $1574639 | $1350840 |
| **10/31/19** | $1363862 | $1608745 | $1380877 |
| **11/30/19** | $1392419 | $1667141 | $1410971 |
| **12/31/19** | $1433966 | $1717458 | $1451895 |
| **1/31/20** | $1422307 | $1716785 | $1436463 |
| **2/29/20** | $1333705 | $1575461 | $1332565 |
| **3/31/20** | $1154935 | $1380871 | $1159276 |
| **4/30/20** | $1263429 | $1557890 | $1274122 |
| **5/31/20** | $1318260 | $1632089 | $1327116 |
| **6/30/20** | $1353527 | $1664547 | $1359772 |
| **7/31/20** | $1415476 | $1758403 | $1419186 |
| **8/31/20** | $1482100 | $1884798 | $1488176 |
| **9/30/20** | $1443528 | $1813182 | $1447281 |
| **10/31/20** | $1418983 | $1764962 | $1423866 |
| **11/30/20** | $1567426 | $1958162 | $1582212 |
| **12/31/20** | $1633885 | $2033450 | $1650221 |
| **1/31/21** | $1627969 | $2012921 | $1647341 |
| **2/28/21** | $1664646 | $2068427 | $1691738 |
| **3/31/21** | $1704834 | $2159015 | $1738247 |
| **4/30/21** | $1774175 | $2274239 | $1805117 |
| **5/31/21** | $1801672 | $2290123 | $1829117 |
| **6/30/21** | $1822810 | $2343585 | $1842598 |
| **7/31/21** | $1842112 | $2399257 | $1854605 |
| **8/31/21** | $1879509 | $2472208 | $1895012 |
| **9/30/21** | $1807820 | $2357226 | $1828773 |
| **10/31/21** | $1890104 | $2522377 | $1907998 |
| **11/30/21** | $1851382 | $2504900 | $1865035 |
| **12/31/21** | $1923210 | $2617160 | $1939254 |
| **1/31/22** | $1839754 | $2481730 | $1844837 |
| **2/28/22** | $1794913 | $2407423 | $1813286 |
| **3/31/22** | $1821070 | $2496810 | $1841866 |
| **4/30/22** | $1690282 | $2279083 | $1711565 |
| **5/31/22** | $1695265 | $2283265 | $1718660 |
| **6/30/22** | $1563399 | $2094795 | $1581820 |
| **7/31/22** | $1665630 | $2287945 | $1692213 |
| **8/31/22** | $1598307 | $2194638 | $1630862 |
| **9/30/22** | $1447857 | $1992515 | $1486811 |
| **10/31/22** | $1525309 | $2153832 | $1576724 |
| **11/30/22** | $1653980 | $2274196 | $1688496 |
| **12/31/22** | $1590770 | $2143170 | $1632107 |
| **1/31/23** | $1704487 | $2277834 | $1743176 |
| **2/28/23** | $1650823 | $2222257 | $1700330 |
| **3/31/23** | $1693221 | $2303845 | $1735360 |
| **4/30/23** | $1716293 | $2339805 | $1757604 |
| **5/31/23** | $1690657 | $2349975 | $1731073 |
| **6/30/23** | $1774188 | $2505250 | $1819798 |
| **7/31/23** | $1829311 | $2585731 | $1877690 |
| **8/31/23** | $1779316 | $2544562 | $1832501 |
| **9/30/23** | $1705100 | $2423243 | $1759249 |
| **10/31/23** | $1657486 | $2372291 | $1706782 |
| **11/30/23** | $1793894 | $2588941 | $1849588 |
| **12/31/23** | $1883559 | $2706559 | $1944447 |
| **1/31/24** | $1878337 | $2752040 | $1947189 |
| **2/29/24** | $1942298 | $2898987 | $2014438 |
| **3/31/24** | $1998517 | $2992260 | $2071919 |
| **4/30/24** | $1929015 | $2870043 | $2004937 |
| **5/31/24** | $2009008 | $3012353 | $2081786 |
| **6/30/24** | $2039505 | $3120443 | $2109829 |
| **7/31/24** | $2085708 | $3158426 | $2160167 |
| **8/31/24** | $2133230 | $3235039 | $2206163 |
| **9/30/24** | $2182134 | $3304130 | $2250954 |
| **10/31/24** | $2127713 | $3274166 | $2196403 |
| **11/30/24** | $2198062 | $3466363 | $2266451 |
| **12/31/24** | $2136690 | $3383732 | $2208433 |
| **1/31/25** | $2195210 | $3477960 | $2269235 |
| **2/28/25** | $2204737 | $3432579 | $2263841 |
| **3/31/25** | $2141131 | $3239172 | $2198741 |
| **4/30/25** | $2146583 | $3217208 | $2216267 |
| **5/31/25** | $2241986 | $3419714 | $2317640 |
| **6/30/25** | $2331923 | $3593616 | $2404541 |

---

The table below shows the average annual total returns of the Fund, a regulatory index, and one or more supplemental index(es) for certain periods ended June 30, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 14.34% | 11.49% | 8.84% |
| S&P 500 Index | 15.16% | 16.64% | 13.65% |
| S&P Target Date 2045 Index | 13.97% | 12.08% | 9.17% |

---

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.

**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 an 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. For performance current to the most recent month-end, visit **www.pimco.com/literature** or via **888.87.PIMCO (888.877.4626)**.

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $572723 |
| # of Portfolio Holdings | 23 |
| Portfolio Turnover Rate | 16% |
| Total Net Advisory Fees Paid During the Reporting Period | $164 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Mutual Funds | 80.1% |
| Short-Term Instruments | 0.1% |
| Affiliated Investments | 20.1% |
| Financial Derivative Instruments | (0.1%) |
| Other Assets and Liabilities, Net | (0.2%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

### Top Holdings (% of Net Asset Value)<sup>**Footnote Reference \*\***</sup>

---

| | |
|:---|:---|
| Vanguard Institutional Index Fund 'Institutional Plus' | 47.3% |
| Vanguard Developed Markets Index Fund 'Institutional' | 22.3% |
| Vanguard Emerging Markets Stock Index Fund 'Institutional' | 7.5% |
| PIMCO Total Return Fund | 3.7% |
| Vanguard Small-Cap Index Fund 'Institutional' | 3.0% |
| PIMCO Long-Term U.S. Government Fund | 2.6% |
| PIMCO Long-Term Real Return Fund | 2.6% |
| PIMCO Real Return Fund | 2.1% |
| PIMCO Income Fund | 1.7% |
| PIMCO Emerging Markets Local Currency and Bond Fund | 1.4% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*\*</sup> | &nbsp;&nbsp;Short-Term Instruments/Foreign Currency Contracts are not included in Top Holdings table. |

---

## Material Fund Changes
This is a summary of certain changes and planned changes of the Fund since the beginning of the reporting period. For more information, you may refer to the Fund's next prospectus, which we expect to be available by October 31, 2025 or upon request at **888.87.PIMCO (888.877.4626)**.

Change to REALPATH Blend Glide Path. Effective February 28, 2025, the Fund's REALPATH Blend Glide Path, which forms the basis of the Fund's long-term asset allocations, was changed based on data relating to risk metrics, long-term market trends, correlation of asset types and actuarial assumptions of life expectancy and retirement.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g946521g31n56.jpg)

# Institutional Class: PVQNX
![Image](g946521g28k42.jpg)

# PIMCO REALPATH<sup>®</sup> Blend 2045 Fund
Annual Shareholder Report \|

June 30, 2025

PES2125TSRAR_063025

# Class A: PPQAX

# PIMCO REALPATH<sup>®</sup> Blend 2050 Fund

#### Annual Shareholder Report \| June 30, 2025
![Image](g946521g90b93.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO REALPATH<sup>®</sup> Blend 2050 Fund (the "Fund") for the period of July 1, 2024 to June 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

#### This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $54 | 0.50% |

---

## How did the Fund perform during the reporting period and what affected its performance?
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 equities contributed to absolute performance, as emerging market equities posted positive returns.

* There were no material detractors from absolute performance for this Fund.

## Fund Performance
In addition to the Fund's performance, the graph and the table in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Fund's regulatory index is the S&P 500 Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended June 30, 2025 or the life of the Fund, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g946521g10x25.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A (including sales charge)** | **S&P 500 Index** | **S&P Target Date 2050 Index** |
| **6/30/15** | $9448 | $10000 | $10000 |
| **7/31/15** | $9439 | $10210 | $10124 |
| **8/31/15** | $8887 | $9594 | $9536 |
| **9/30/15** | $8676 | $9356 | $9277 |
| **10/31/15** | $9154 | $10145 | $9877 |
| **11/30/15** | $9069 | $10176 | $9892 |
| **12/31/15** | $8904 | $10015 | $9678 |
| **1/31/16** | $8514 | $9518 | $9231 |
| **2/29/16** | $8467 | $9505 | $9177 |
| **3/31/16** | $9131 | $10150 | $9792 |
| **4/30/16** | $9216 | $10189 | $9878 |
| **5/31/16** | $9235 | $10372 | $9973 |
| **6/30/16** | $9364 | $10399 | $9982 |
| **7/31/16** | $9698 | $10783 | $10332 |
| **8/31/16** | $9708 | $10798 | $10361 |
| **9/30/16** | $9748 | $10800 | $10398 |
| **10/31/16** | $9567 | $10603 | $10192 |
| **11/30/16** | $9605 | $10996 | $10407 |
| **12/31/16** | $9778 | $11213 | $10621 |
| **1/31/17** | $9991 | $11426 | $10836 |
| **2/28/17** | $10253 | $11879 | $11105 |
| **3/31/17** | $10311 | $11893 | $11206 |
| **4/30/17** | $10437 | $12015 | $11349 |
| **5/31/17** | $10582 | $12184 | $11520 |
| **6/30/17** | $10650 | $12260 | $11602 |
| **7/31/17** | $10892 | $12512 | $11848 |
| **8/31/17** | $10940 | $12551 | $11851 |
| **9/30/17** | $11110 | $12810 | $12117 |
| **10/31/17** | $11294 | $13109 | $12341 |
| **11/30/17** | $11498 | $13511 | $12614 |
| **12/31/17** | $11660 | $13661 | $12763 |
| **1/31/18** | $12143 | $14443 | $13313 |
| **2/28/18** | $11660 | $13911 | $12808 |
| **3/31/18** | $11541 | $13557 | $12644 |
| **4/30/18** | $11581 | $13609 | $12734 |
| **5/31/18** | $11669 | $13937 | $12894 |
| **6/30/18** | $11630 | $14023 | $12862 |
| **7/31/18** | $11926 | $14544 | $13184 |
| **8/31/18** | $12034 | $15018 | $13358 |
| **9/30/18** | $12023 | $15104 | $13360 |
| **10/31/18** | $11241 | $14072 | $12418 |
| **11/30/18** | $11439 | $14358 | $12621 |
| **12/31/18** | $10707 | $13062 | $11750 |
| **1/31/19** | $11512 | $14109 | $12626 |
| **2/28/19** | $11763 | $14562 | $12955 |
| **3/31/19** | $11942 | $14845 | $13076 |
| **4/30/19** | $12278 | $15446 | $13474 |
| **5/31/19** | $11669 | $14464 | $12754 |
| **6/30/19** | $12327 | $15483 | $13509 |
| **7/31/19** | $12359 | $15706 | $13566 |
| **8/31/19** | $12158 | $15457 | $13298 |
| **9/30/19** | $12384 | $15746 | $13573 |
| **10/31/19** | $12660 | $16087 | $13880 |
| **11/30/19** | $12926 | $16671 | $14189 |
| **12/31/19** | $13326 | $17175 | $14611 |
| **1/31/20** | $13174 | $17168 | $14445 |
| **2/29/20** | $12308 | $15755 | $13375 |
| **3/31/20** | $10609 | $13809 | $11607 |
| **4/30/20** | $11637 | $15579 | $12776 |
| **5/31/20** | $12146 | $16321 | $13318 |
| **6/30/20** | $12470 | $16645 | $13651 |
| **7/31/20** | $13044 | $17584 | $14251 |
| **8/31/20** | $13672 | $18848 | $14962 |
| **9/30/20** | $13304 | $18132 | $14542 |
| **10/31/20** | $13055 | $17650 | $14303 |
| **11/30/20** | $14441 | $19582 | $15933 |
| **12/31/20** | $15068 | $20334 | $16637 |
| **1/31/21** | $15014 | $20129 | $16611 |
| **2/28/21** | $15363 | $20684 | $17077 |
| **3/31/21** | $15769 | $21590 | $17564 |
| **4/30/21** | $16408 | $22742 | $18252 |
| **5/31/21** | $16673 | $22901 | $18501 |
| **6/30/21** | $16848 | $23436 | $18632 |
| **7/31/21** | $17015 | $23993 | $18751 |
| **8/31/21** | $17359 | $24722 | $19171 |
| **9/30/21** | $16686 | $23572 | $18484 |
| **10/31/21** | $17454 | $25224 | $19308 |
| **11/30/21** | $17075 | $25049 | $18858 |
| **12/31/21** | $17766 | $26172 | $19630 |
| **1/31/22** | $16974 | $24817 | $18659 |
| **2/28/22** | $16537 | $24074 | $18338 |
| **3/31/22** | $16801 | $24968 | $18646 |
| **4/30/22** | $15573 | $22791 | $17307 |
| **5/31/22** | $15607 | $22833 | $17377 |
| **6/30/22** | $14367 | $20948 | $15963 |
| **7/31/22** | $15331 | $22879 | $17096 |
| **8/31/22** | $14688 | $21946 | $16471 |
| **9/30/22** | $13288 | $19925 | $14994 |
| **10/31/22** | $14035 | $21538 | $15928 |
| **11/30/22** | $15230 | $22742 | $17076 |
| **12/31/22** | $14636 | $21432 | $16494 |
| **1/31/23** | $15693 | $22778 | $17637 |
| **2/28/23** | $15188 | $22223 | $17202 |
| **3/31/23** | $15571 | $23038 | $17551 |
| **4/30/23** | $15782 | $23398 | $17778 |
| **5/31/23** | $15547 | $23500 | $17504 |
| **6/30/23** | $16347 | $25053 | $18438 |
| **7/31/23** | $16864 | $25857 | $19050 |
| **8/31/23** | $16394 | $25446 | $18574 |
| **9/30/23** | $15709 | $24232 | $17819 |
| **10/31/23** | $15237 | $23723 | $17273 |
| **11/30/23** | $16523 | $25889 | $18748 |
| **12/31/23** | $17356 | $27066 | $19725 |
| **1/31/24** | $17308 | $27520 | $19751 |
| **2/29/24** | $17929 | $28990 | $20469 |
| **3/31/24** | $18453 | $29923 | $21070 |
| **4/30/24** | $17805 | $28700 | $20381 |
| **5/31/24** | $18573 | $30124 | $21179 |
| **6/30/24** | $18853 | $31204 | $21481 |
| **7/31/24** | $19263 | $31584 | $21999 |
| **8/31/24** | $19709 | $32350 | $22469 |
| **9/30/24** | $20153 | $33041 | $22930 |
| **10/31/24** | $19632 | $32742 | $22391 |
| **11/30/24** | $20311 | $34664 | $23159 |
| **12/31/24** | $19719 | $33837 | $22546 |
| **1/31/25** | $20267 | $34780 | $23176 |
| **2/28/25** | $20317 | $34326 | $23090 |
| **3/31/25** | $19692 | $32392 | $22376 |
| **4/30/25** | $19754 | $32172 | $22527 |
| **5/31/25** | $20701 | $34197 | $23596 |
| **6/30/25** | $21544 | $35936 | $24510 |

---

The table below shows the average annual total returns of the Fund, a regulatory index, and one or more supplemental index(es) for certain periods ended June 30, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Class A (excluding sales charge) | 14.27% | 11.56% | 8.59% |
| Class A (including sales charge) | 7.99% | 10.30% | 7.98% |
| S&P 500 Index | 15.16% | 16.64% | 13.65% |
| S&P Target Date 2050 Index | 14.10% | 12.42% | 9.38% |

---

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.

**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 an 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 Cumulative Returns graph and Average Annual Total Returns 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 graph. 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. For performance current to the most recent month-end, visit **www.pimco.com/literature** or via **888.87.PIMCO (888.877.4626)**.

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $534823 |
| # of Portfolio Holdings | 19 |
| Portfolio Turnover Rate | 16% |
| Total Net Advisory Fees Paid During the Reporting Period | $150 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Mutual Funds | 85.9% |
| Short-Term Instruments | 0.1% |
| Affiliated Investments | 14.2% |
| Financial Derivative Instruments | (0.1%) |
| Other Assets and Liabilities, Net | (0.1%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

### Top Holdings (% of Net Asset Value)<sup>**Footnote Reference \*\***</sup>

---

| | |
|:---|:---|
| Vanguard Institutional Index Fund 'Institutional Plus' | 49.7% |
| Vanguard Developed Markets Index Fund 'Institutional' | 24.7% |
| Vanguard Emerging Markets Stock Index Fund 'Institutional' | 8.0% |
| Vanguard Small-Cap Index Fund 'Institutional' | 3.5% |
| PIMCO Total Return Fund | 2.5% |
| PIMCO Long-Term U.S. Government Fund | 1.7% |
| PIMCO Long-Term Real Return Fund | 1.5% |
| PIMCO Real Return Fund | 1.4% |
| PIMCO Income Fund | 1.1% |
| PIMCO Emerging Markets Local Currency and Bond Fund | 0.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*\*</sup> | &nbsp;&nbsp;Short-Term Instruments/Foreign Currency Contracts are not included in Top Holdings table. |

---

## Material Fund Changes
This is a summary of certain changes and planned changes of the Fund since the beginning of the reporting period. For more information, you may refer to the Fund's next prospectus, which we expect to be available by October 31, 2025 or upon request at **888.87.PIMCO (888.877.4626)**.

Change to REALPATH Blend Glide Path. Effective February 28, 2025, the Fund's REALPATH Blend Glide Path, which forms the basis of the Fund's long-term asset allocations, was changed based on data relating to risk metrics, long-term market trends, correlation of asset types and actuarial assumptions of life expectancy and retirement.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g946521g31n56.jpg)

# Class A: PPQAX
![Image](g946521g28k42.jpg)

# PIMCO REALPATH<sup>®</sup> Blend 2050 Fund
Annual Shareholder Report \|

June 30, 2025

PES8019TSRAR_063025

# Institutional Class: PPQZX

# PIMCO REALPATH<sup>®</sup> Blend 2050 Fund

#### Annual Shareholder Report \| June 30, 2025
![Image](g946521g90b93.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO REALPATH<sup>®</sup> Blend 2050 Fund (the "Fund") for the period of July 1, 2024 to June 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

#### This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $5 | 0.05% |

---

## How did the Fund perform during the reporting period and what affected its performance?
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 equities contributed to absolute performance, as emerging market equities posted positive returns.

* There were no material detractors from absolute performance for this Fund.

## Fund Performance
In addition to the Fund's performance, the graph and the table in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Fund's regulatory index is the S&P 500 Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended June 30, 2025 or the life of the Fund, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g946521g14k97.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **S&P 500 Index** | **S&P Target Date 2050 Index** |
| **6/30/15** | $1000000 | $1000000 | $1000000 |
| **7/31/15** | $999011 | $1020951 | $1012401 |
| **8/31/15** | $940653 | $959353 | $953585 |
| **9/30/15** | $918771 | $935615 | $927721 |
| **10/31/15** | $970309 | $1014539 | $987741 |
| **11/30/15** | $961389 | $1017556 | $989158 |
| **12/31/15** | $945162 | $1001507 | $967828 |
| **1/31/16** | $903936 | $951808 | $923115 |
| **2/29/16** | $899914 | $950524 | $917650 |
| **3/31/16** | $970078 | $1015006 | $979186 |
| **4/30/16** | $979144 | $1018940 | $987809 |
| **5/31/16** | $982166 | $1037239 | $997342 |
| **6/30/16** | $995982 | $1039926 | $998152 |
| **7/31/16** | $1031480 | $1078267 | $1033159 |
| **8/31/16** | $1033509 | $1079781 | $1036093 |
| **9/30/16** | $1037811 | $1079985 | $1039803 |
| **10/31/16** | $1019533 | $1060285 | $1019171 |
| **11/30/16** | $1023595 | $1099552 | $1040686 |
| **12/31/16** | $1042580 | $1121286 | $1062051 |
| **1/31/17** | $1065245 | $1142553 | $1083590 |
| **2/28/17** | $1094091 | $1187919 | $1110531 |
| **3/31/17** | $1101302 | $1189305 | $1120598 |
| **4/30/17** | $1114695 | $1201519 | $1134936 |
| **5/31/17** | $1131179 | $1218428 | $1152029 |
| **6/30/17** | $1139447 | $1226033 | $1160242 |
| **7/31/17** | $1165226 | $1251243 | $1184838 |
| **8/31/17** | $1171413 | $1255074 | $1185053 |
| **9/30/17** | $1189571 | $1280963 | $1211686 |
| **10/31/17** | $1209225 | $1310855 | $1234122 |
| **11/30/17** | $1231982 | $1351059 | $1261386 |
| **12/31/17** | $1249806 | $1366081 | $1276346 |
| **1/31/18** | $1302407 | $1444294 | $1331343 |
| **2/28/18** | $1250858 | $1391062 | $1280802 |
| **3/31/18** | $1239286 | $1355710 | $1264398 |
| **4/30/18** | $1243494 | $1360912 | $1273375 |
| **5/31/18** | $1254014 | $1393686 | $1289394 |
| **6/30/18** | $1249904 | $1402264 | $1286166 |
| **7/31/18** | $1281521 | $1454447 | $1318376 |
| **8/31/18** | $1294167 | $1501841 | $1335830 |
| **9/30/18** | $1294064 | $1510389 | $1335971 |
| **10/31/18** | $1209346 | $1407154 | $1241798 |
| **11/30/18** | $1231584 | $1435829 | $1262093 |
| **12/31/18** | $1152832 | $1306187 | $1174971 |
| **1/31/19** | $1240218 | $1410859 | $1262558 |
| **2/28/19** | $1268227 | $1456159 | $1295503 |
| **3/31/19** | $1287617 | $1484455 | $1307551 |
| **4/30/19** | $1324825 | $1544560 | $1347444 |
| **5/31/19** | $1259429 | $1446406 | $1275404 |
| **6/30/19** | $1331643 | $1548343 | $1350934 |
| **7/31/19** | $1335046 | $1570597 | $1356631 |
| **8/31/19** | $1314629 | $1545718 | $1329763 |
| **9/30/19** | $1338907 | $1574639 | $1357256 |
| **10/31/19** | $1369725 | $1608745 | $1387954 |
| **11/30/19** | $1398261 | $1667141 | $1418934 |
| **12/31/19** | $1442088 | $1717458 | $1461097 |
| **1/31/20** | $1426945 | $1716785 | $1444515 |
| **2/29/20** | $1333757 | $1575461 | $1337514 |
| **3/31/20** | $1150403 | $1380871 | $1160714 |
| **4/30/20** | $1262296 | $1557890 | $1277565 |
| **5/31/20** | $1317077 | $1632089 | $1331774 |
| **6/30/20** | $1353703 | $1664547 | $1365079 |
| **7/31/20** | $1415607 | $1758403 | $1425099 |
| **8/31/20** | $1485686 | $1884798 | $1496244 |
| **9/30/20** | $1445975 | $1813182 | $1454223 |
| **10/31/20** | $1419111 | $1764962 | $1430343 |
| **11/30/20** | $1570950 | $1958162 | $1593325 |
| **12/31/20** | $1639947 | $2033450 | $1663690 |
| **1/31/21** | $1634044 | $2012921 | $1661139 |
| **2/28/21** | $1673006 | $2068427 | $1707695 |
| **3/31/21** | $1718517 | $2159015 | $1756377 |
| **4/30/21** | $1788879 | $2274239 | $1825184 |
| **5/31/21** | $1817501 | $2290123 | $1850057 |
| **6/30/21** | $1838590 | $2343585 | $1863237 |
| **7/31/21** | $1856639 | $2399257 | $1875071 |
| **8/31/21** | $1896347 | $2472208 | $1917092 |
| **9/30/21** | $1822436 | $2357226 | $1848427 |
| **10/31/21** | $1908127 | $2522377 | $1930839 |
| **11/30/21** | $1867092 | $2504900 | $1885841 |
| **12/31/21** | $1943322 | $2617160 | $1963010 |
| **1/31/22** | $1856121 | $2481730 | $1865859 |
| **2/28/22** | $1810030 | $2407423 | $1833759 |
| **3/31/22** | $1839927 | $2496810 | $1864583 |
| **4/30/22** | $1705389 | $2279083 | $1730655 |
| **5/31/22** | $1710372 | $2283265 | $1737741 |
| **6/30/22** | $1575834 | $2094795 | $1596301 |
| **7/31/22** | $1680475 | $2287945 | $1709609 |
| **8/31/22** | $1611960 | $2194638 | $1647109 |
| **9/30/22** | $1458593 | $1992515 | $1499362 |
| **10/31/22** | $1540943 | $2153832 | $1592829 |
| **11/30/22** | $1673202 | $2274196 | $1707624 |
| **12/31/22** | $1607246 | $2143170 | $1649447 |
| **1/31/23** | $1724600 | $2277834 | $1763676 |
| **2/28/23** | $1669750 | $2222257 | $1720167 |
| **3/31/23** | $1712822 | $2303845 | $1755102 |
| **4/30/23** | $1737126 | $2339805 | $1777778 |
| **5/31/23** | $1710264 | $2349975 | $1750354 |
| **6/30/23** | $1800041 | $2505250 | $1843820 |
| **7/31/23** | $1858891 | $2585731 | $1904974 |
| **8/31/23** | $1806438 | $2544562 | $1857426 |
| **9/30/23** | $1730707 | $2423243 | $1781888 |
| **10/31/23** | $1680635 | $2372291 | $1727324 |
| **11/30/23** | $1823148 | $2588941 | $1874787 |
| **12/31/23** | $1914722 | $2706559 | $1972506 |
| **1/31/24** | $1910815 | $2752040 | $1975127 |
| **2/29/24** | $1981151 | $2898987 | $2046910 |
| **3/31/24** | $2039850 | $2992260 | $2107001 |
| **4/30/24** | $1967932 | $2870043 | $2038052 |
| **5/31/24** | $2052926 | $3012353 | $2117914 |
| **6/30/24** | $2084391 | $3120443 | $2148100 |
| **7/31/24** | $2131763 | $3158426 | $2199901 |
| **8/31/24** | $2181768 | $3235039 | $2246882 |
| **9/30/24** | $2232139 | $3304130 | $2293013 |
| **10/31/24** | $2175211 | $3274166 | $2239087 |
| **11/30/24** | $2250674 | $3466363 | $2315901 |
| **12/31/24** | $2186145 | $3383732 | $2254606 |
| **1/31/25** | $2248800 | $3477960 | $2317602 |
| **2/28/25** | $2254249 | $3432579 | $2308956 |
| **3/31/25** | $2185254 | $3239172 | $2237599 |
| **4/30/25** | $2193438 | $3217208 | $2252692 |
| **5/31/25** | $2298472 | $3419714 | $2359623 |
| **6/30/25** | $2394603 | $3593616 | $2450963 |

---

The table below shows the average annual total returns of the Fund, a regulatory index, and one or more supplemental index(es) for certain periods ended June 30, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 14.88% | 12.08% | 9.12% |
| S&P 500 Index | 15.16% | 16.64% | 13.65% |
| S&P Target Date 2050 Index | 14.10% | 12.42% | 9.38% |

---

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.

**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 an 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. For performance current to the most recent month-end, visit **www.pimco.com/literature** or via **888.87.PIMCO (888.877.4626)**.

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $534823 |
| # of Portfolio Holdings | 19 |
| Portfolio Turnover Rate | 16% |
| Total Net Advisory Fees Paid During the Reporting Period | $150 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Mutual Funds | 85.9% |
| Short-Term Instruments | 0.1% |
| Affiliated Investments | 14.2% |
| Financial Derivative Instruments | (0.1%) |
| Other Assets and Liabilities, Net | (0.1%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

### Top Holdings (% of Net Asset Value)<sup>**Footnote Reference \*\***</sup>

---

| | |
|:---|:---|
| Vanguard Institutional Index Fund 'Institutional Plus' | 49.7% |
| Vanguard Developed Markets Index Fund 'Institutional' | 24.7% |
| Vanguard Emerging Markets Stock Index Fund 'Institutional' | 8.0% |
| Vanguard Small-Cap Index Fund 'Institutional' | 3.5% |
| PIMCO Total Return Fund | 2.5% |
| PIMCO Long-Term U.S. Government Fund | 1.7% |
| PIMCO Long-Term Real Return Fund | 1.5% |
| PIMCO Real Return Fund | 1.4% |
| PIMCO Income Fund | 1.1% |
| PIMCO Emerging Markets Local Currency and Bond Fund | 0.6% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*\*</sup> | &nbsp;&nbsp;Short-Term Instruments/Foreign Currency Contracts are not included in Top Holdings table. |

---

## Material Fund Changes
This is a summary of certain changes and planned changes of the Fund since the beginning of the reporting period. For more information, you may refer to the Fund's next prospectus, which we expect to be available by October 31, 2025 or upon request at **888.87.PIMCO (888.877.4626)**.

Change to REALPATH Blend Glide Path. Effective February 28, 2025, the Fund's REALPATH Blend Glide Path, which forms the basis of the Fund's long-term asset allocations, was changed based on data relating to risk metrics, long-term market trends, correlation of asset types and actuarial assumptions of life expectancy and retirement.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g946521g31n56.jpg)

# Institutional Class: PPQZX
![Image](g946521g28k42.jpg)

# PIMCO REALPATH<sup>®</sup> Blend 2050 Fund
Annual Shareholder Report \|

June 30, 2025

PES2126TSRAR_063025

# Class A: PRQAX

# PIMCO REALPATH<sup>®</sup> Blend 2055 Fund

#### Annual Shareholder Report \| June 30, 2025
![Image](g946521g90b93.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO REALPATH<sup>®</sup> Blend 2055 Fund (the "Fund") for the period of July 1, 2024 to June 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

#### This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $54 | 0.50% |

---

## How did the Fund perform during the reporting period and what affected its performance?
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 equities contributed to absolute performance, as emerging market equities posted positive returns.

* There were no material detractors from absolute performance for this Fund.

## Fund Performance
In addition to the Fund's performance, the graph and the table in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Fund's regulatory index is the S&P 500 Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended June 30, 2025 or the life of the Fund, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g946521g50x05.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A (including sales charge)** | **S&P 500 Index** | **S&P Target Date 2055 Index** |
| **6/30/15** | $9448 | $10000 | $10000 |
| **7/31/15** | $9438 | $10210 | $10124 |
| **8/31/15** | $8876 | $9594 | $9522 |
| **9/30/15** | $8661 | $9356 | $9257 |
| **10/31/15** | $9139 | $10145 | $9870 |
| **11/30/15** | $9064 | $10176 | $9884 |
| **12/31/15** | $8893 | $10015 | $9665 |
| **1/31/16** | $8514 | $9518 | $9207 |
| **2/29/16** | $8466 | $9505 | $9148 |
| **3/31/16** | $9129 | $10150 | $9774 |
| **4/30/16** | $9205 | $10189 | $9862 |
| **5/31/16** | $9234 | $10372 | $9959 |
| **6/30/16** | $9359 | $10399 | $9962 |
| **7/31/16** | $9684 | $10783 | $10319 |
| **8/31/16** | $9694 | $10798 | $10350 |
| **9/30/16** | $9732 | $10800 | $10388 |
| **10/31/16** | $9550 | $10603 | $10180 |
| **11/30/16** | $9588 | $10996 | $10408 |
| **12/31/16** | $9763 | $11213 | $10626 |
| **1/31/17** | $9975 | $11426 | $10847 |
| **2/28/17** | $10246 | $11879 | $11122 |
| **3/31/17** | $10295 | $11893 | $11226 |
| **4/30/17** | $10420 | $12015 | $11371 |
| **5/31/17** | $10566 | $12184 | $11545 |
| **6/30/17** | $10634 | $12260 | $11627 |
| **7/31/17** | $10866 | $12512 | $11876 |
| **8/31/17** | $10915 | $12551 | $11878 |
| **9/30/17** | $11088 | $12810 | $12148 |
| **10/31/17** | $11263 | $13109 | $12376 |
| **11/30/17** | $11467 | $13511 | $12650 |
| **12/31/17** | $11625 | $13661 | $12801 |
| **1/31/18** | $12101 | $14443 | $13361 |
| **2/28/18** | $11625 | $13911 | $12853 |
| **3/31/18** | $11516 | $13557 | $12685 |
| **4/30/18** | $11546 | $13609 | $12776 |
| **5/31/18** | $11635 | $13937 | $12935 |
| **6/30/18** | $11596 | $14023 | $12902 |
| **7/31/18** | $11883 | $14544 | $13226 |
| **8/31/18** | $11982 | $15018 | $13401 |
| **9/30/18** | $11980 | $15104 | $13402 |
| **10/31/18** | $11205 | $14072 | $12453 |
| **11/30/18** | $11404 | $14358 | $12657 |
| **12/31/18** | $10673 | $13062 | $11781 |
| **1/31/19** | $11464 | $14109 | $12661 |
| **2/28/19** | $11714 | $14562 | $12993 |
| **3/31/19** | $11893 | $14845 | $13112 |
| **4/30/19** | $12237 | $15446 | $13514 |
| **5/31/19** | $11622 | $14464 | $12788 |
| **6/30/19** | $12275 | $15483 | $13550 |
| **7/31/19** | $12307 | $15706 | $13607 |
| **8/31/19** | $12108 | $15457 | $13333 |
| **9/30/19** | $12340 | $15746 | $13613 |
| **10/31/19** | $12603 | $16087 | $13925 |
| **11/30/19** | $12876 | $16671 | $14237 |
| **12/31/19** | $13272 | $17175 | $14665 |
| **1/31/20** | $13121 | $17168 | $14494 |
| **2/29/20** | $12252 | $15755 | $13405 |
| **3/31/20** | $10547 | $13809 | $11609 |
| **4/30/20** | $11555 | $15579 | $12788 |
| **5/31/20** | $12049 | $16321 | $13332 |
| **6/30/20** | $12380 | $16645 | $13670 |
| **7/31/20** | $12949 | $17584 | $14278 |
| **8/31/20** | $13582 | $18848 | $15003 |
| **9/30/20** | $13206 | $18132 | $14576 |
| **10/31/20** | $12949 | $17650 | $14332 |
| **11/30/20** | $14345 | $19582 | $15983 |
| **12/31/20** | $14973 | $20334 | $16697 |
| **1/31/21** | $14908 | $20129 | $16672 |
| **2/28/21** | $15264 | $20684 | $17147 |
| **3/31/21** | $15682 | $21590 | $17644 |
| **4/30/21** | $16335 | $22742 | $18344 |
| **5/31/21** | $16597 | $22901 | $18597 |
| **6/30/21** | $16770 | $23436 | $18730 |
| **7/31/21** | $16924 | $23993 | $18847 |
| **8/31/21** | $17276 | $24722 | $19271 |
| **9/30/21** | $16606 | $23572 | $18579 |
| **10/31/21** | $17378 | $25224 | $19410 |
| **11/30/21** | $16981 | $25049 | $18954 |
| **12/31/21** | $17682 | $26172 | $19734 |
| **1/31/22** | $16879 | $24817 | $18755 |
| **2/28/22** | $16449 | $24074 | $18432 |
| **3/31/22** | $16732 | $24968 | $18745 |
| **4/30/22** | $15499 | $22791 | $17396 |
| **5/31/22** | $15544 | $22833 | $17468 |
| **6/30/22** | $14300 | $20948 | $16033 |
| **7/31/22** | $15261 | $22879 | $17177 |
| **8/31/22** | $14628 | $21946 | $16550 |
| **9/30/22** | $13239 | $19925 | $15060 |
| **10/31/22** | $13986 | $21538 | $16010 |
| **11/30/22** | $15186 | $22742 | $17170 |
| **12/31/22** | $14583 | $21432 | $16583 |
| **1/31/23** | $15645 | $22778 | $17737 |
| **2/28/23** | $15149 | $22223 | $17301 |
| **3/31/23** | $15536 | $23038 | $17648 |
| **4/30/23** | $15744 | $23398 | $17876 |
| **5/31/23** | $15502 | $23500 | $17598 |
| **6/30/23** | $16322 | $25053 | $18540 |
| **7/31/23** | $16866 | $25857 | $19156 |
| **8/31/23** | $16380 | $25446 | $18678 |
| **9/30/23** | $15700 | $24232 | $17917 |
| **10/31/23** | $15236 | $23723 | $17368 |
| **11/30/23** | $16523 | $25889 | $18853 |
| **12/31/23** | $17352 | $27066 | $19836 |
| **1/31/24** | $17305 | $27520 | $19863 |
| **2/29/24** | $17964 | $28990 | $20587 |
| **3/31/24** | $18500 | $29923 | $21193 |
| **4/30/24** | $17851 | $28700 | $20498 |
| **5/31/24** | $18618 | $30124 | $21303 |
| **6/30/24** | $18906 | $31204 | $21606 |
| **7/31/24** | $19321 | $31584 | $22130 |
| **8/31/24** | $19771 | $32350 | $22610 |
| **9/30/24** | $20219 | $33041 | $23080 |
| **10/31/24** | $19707 | $32742 | $22525 |
| **11/30/24** | $20409 | $34664 | $23300 |
| **12/31/24** | $19807 | $33837 | $22677 |
| **1/31/25** | $20369 | $34780 | $23327 |
| **2/28/25** | $20393 | $34326 | $23233 |
| **3/31/25** | $19744 | $32392 | $22505 |
| **4/30/25** | $19805 | $32172 | $22669 |
| **5/31/25** | $20794 | $34197 | $23776 |
| **6/30/25** | $21675 | $35936 | $24711 |

---

The table below shows the average annual total returns of the Fund, a regulatory index, and one or more supplemental index(es) for certain periods ended June 30, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Class A (excluding sales charge) | 14.64% | 11.85% | 8.66% |
| Class A (including sales charge) | 8.33% | 10.60% | 8.04% |
| S&P 500 Index | 15.16% | 16.64% | 13.65% |
| S&P Target Date 2055 Index | 14.37% | 12.57% | 9.47% |

---

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.

**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 an 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 Cumulative Returns graph and Average Annual Total Returns 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 graph. 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. For performance current to the most recent month-end, visit **www.pimco.com/literature** or via **888.87.PIMCO (888.877.4626)**.

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $460383 |
| # of Portfolio Holdings | 21 |
| Portfolio Turnover Rate | 16% |
| Total Net Advisory Fees Paid During the Reporting Period | $130 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Mutual Funds | 88.6% |
| Short-Term Instruments | 0.1% |
| Affiliated Investments | 11.2% |
| Financial Derivative Instruments | (0.1%) |
| Other Assets and Liabilities, Net | 0.2% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

### Top Holdings (% of Net Asset Value)<sup>**Footnote Reference \*\***</sup>

---

| | |
|:---|:---|
| Vanguard Institutional Index Fund 'Institutional Plus' | 51.1% |
| Vanguard Developed Markets Index Fund 'Institutional' | 25.1% |
| Vanguard Emerging Markets Stock Index Fund 'Institutional' | 8.5% |
| Vanguard Small-Cap Index Fund 'Institutional' | 4.0% |
| PIMCO Total Return Fund | 1.8% |
| PIMCO Real Return Fund | 1.1% |
| PIMCO Long-Term Real Return Fund | 1.0% |
| PIMCO Long-Term U.S. Government Fund | 1.0% |
| PIMCO Income Fund | 0.7% |
| PIMCO Emerging Markets Local Currency and Bond Fund | 0.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*\*</sup> | &nbsp;&nbsp;Short-Term Instruments/Foreign Currency Contracts are not included in Top Holdings table. |

---

## Material Fund Changes
This is a summary of certain changes and planned changes of the Fund since the beginning of the reporting period. For more information, you may refer to the Fund's next prospectus, which we expect to be available by October 31, 2025 or upon request at **888.87.PIMCO (888.877.4626)**.

Change to REALPATH Blend Glide Path. Effective February 28, 2025, the Fund's REALPATH Blend Glide Path, which forms the basis of the Fund's long-term asset allocations, was changed based on data relating to risk metrics, long-term market trends, correlation of asset types and actuarial assumptions of life expectancy and retirement.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g946521g31n56.jpg)

# Class A: PRQAX
![Image](g946521g28k42.jpg)

# PIMCO REALPATH<sup>®</sup> Blend 2055 Fund
Annual Shareholder Report \|

June 30, 2025

PES8020TSRAR_063025

# Institutional Class: PRQZX

# PIMCO REALPATH<sup>®</sup> Blend 2055 Fund

#### Annual Shareholder Report \| June 30, 2025
![Image](g946521g90b93.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO REALPATH<sup>®</sup> Blend 2055 Fund (the "Fund") for the period of July 1, 2024 to June 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

#### This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $5 | 0.05% |

---

## How did the Fund perform during the reporting period and what affected its performance?
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 equities contributed to absolute performance, as emerging market equities posted positive returns.

* There were no material detractors from absolute performance for this Fund.

## Fund Performance
In addition to the Fund's performance, the graph and the table in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Fund's regulatory index is the S&P 500 Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended June 30, 2025 or the life of the Fund, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g946521g50j32.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **S&P 500 Index** | **S&P Target Date 2055 Index** |
| **6/30/15** | $1000000 | $1000000 | $1000000 |
| **7/31/15** | $1000000 | $1020951 | $1012397 |
| **8/31/15** | $940653 | $959353 | $952233 |
| **9/30/15** | $918788 | $935615 | $925688 |
| **10/31/15** | $969336 | $1014539 | $986955 |
| **11/30/15** | $961407 | $1017556 | $988383 |
| **12/31/15** | $944682 | $1001507 | $966511 |
| **1/31/16** | $903434 | $951808 | $920691 |
| **2/29/16** | $899409 | $950524 | $914848 |
| **3/31/16** | $969776 | $1015006 | $977410 |
| **4/30/16** | $978848 | $1018940 | $986220 |
| **5/31/16** | $981873 | $1037239 | $995852 |
| **6/30/16** | $995322 | $1039926 | $996155 |
| **7/31/16** | $1030869 | $1078267 | $1031888 |
| **8/31/16** | $1032900 | $1079781 | $1035015 |
| **9/30/16** | $1037114 | $1079985 | $1038831 |
| **10/31/16** | $1018812 | $1060285 | $1017968 |
| **11/30/16** | $1022879 | $1099552 | $1040775 |
| **12/31/16** | $1041955 | $1121286 | $1062569 |
| **1/31/17** | $1064629 | $1142553 | $1084683 |
| **2/28/17** | $1093486 | $1187919 | $1112204 |
| **3/31/17** | $1100700 | $1189305 | $1122603 |
| **4/30/17** | $1114098 | $1201519 | $1137094 |
| **5/31/17** | $1130588 | $1218428 | $1154478 |
| **6/30/17** | $1138101 | $1226033 | $1162713 |
| **7/31/17** | $1163920 | $1251243 | $1187615 |
| **8/31/17** | $1170117 | $1255074 | $1187799 |
| **9/30/17** | $1187671 | $1280963 | $1214835 |
| **10/31/17** | $1208398 | $1310855 | $1237590 |
| **11/30/17** | $1230162 | $1351059 | $1264972 |
| **12/31/17** | $1246665 | $1366081 | $1280136 |
| **1/31/18** | $1299670 | $1444294 | $1336125 |
| **2/28/18** | $1248785 | $1391062 | $1285302 |
| **3/31/18** | $1237124 | $1355710 | $1268534 |
| **4/30/18** | $1240305 | $1360912 | $1277646 |
| **5/31/18** | $1250906 | $1393686 | $1293487 |
| **6/30/18** | $1246899 | $1402264 | $1290161 |
| **7/31/18** | $1278762 | $1454447 | $1322595 |
| **8/31/18** | $1290445 | $1501841 | $1340070 |
| **9/30/18** | $1290259 | $1510389 | $1340187 |
| **10/31/18** | $1207154 | $1407154 | $1245348 |
| **11/30/18** | $1229529 | $1435829 | $1265740 |
| **12/31/18** | $1150910 | $1306187 | $1178056 |
| **1/31/19** | $1236865 | $1410859 | $1266127 |
| **2/28/19** | $1264773 | $1456159 | $1299270 |
| **3/31/19** | $1284128 | $1484455 | $1311244 |
| **4/30/19** | $1322226 | $1544560 | $1351385 |
| **5/31/19** | $1254994 | $1446406 | $1278757 |
| **6/30/19** | $1326786 | $1548343 | $1355023 |
| **7/31/19** | $1331287 | $1570597 | $1360666 |
| **8/31/19** | $1309906 | $1545718 | $1333290 |
| **9/30/19** | $1334897 | $1574639 | $1361277 |
| **10/31/19** | $1365441 | $1608745 | $1392520 |
| **11/30/19** | $1394854 | $1667141 | $1423742 |
| **12/31/19** | $1438277 | $1717458 | $1466511 |
| **1/31/20** | $1422090 | $1716785 | $1449443 |
| **2/29/20** | $1328441 | $1575461 | $1340473 |
| **3/31/20** | $1143743 | $1380871 | $1160891 |
| **4/30/20** | $1254876 | $1557890 | $1278752 |
| **5/31/20** | $1308127 | $1632089 | $1333204 |
| **6/30/20** | $1344490 | $1664547 | $1367018 |
| **7/31/20** | $1407133 | $1758403 | $1427830 |
| **8/31/20** | $1476735 | $1884798 | $1500260 |
| **9/30/20** | $1436134 | $1813182 | $1457555 |
| **10/31/20** | $1409453 | $1764962 | $1433152 |
| **11/30/20** | $1561418 | $1958162 | $1598326 |
| **12/31/20** | $1629590 | $2033450 | $1669718 |
| **1/31/21** | $1624911 | $2012921 | $1667186 |
| **2/28/21** | $1664685 | $2068427 | $1714694 |
| **3/31/21** | $1710462 | $2159015 | $1764408 |
| **4/30/21** | $1781289 | $2274239 | $1834437 |
| **5/31/21** | $1810800 | $2290123 | $1859749 |
| **6/30/21** | $1830517 | $2343585 | $1872988 |
| **7/31/21** | $1848428 | $2399257 | $1884735 |
| **8/31/21** | $1887833 | $2472208 | $1927117 |
| **9/30/21** | $1815396 | $2357226 | $1857867 |
| **10/31/21** | $1900418 | $2522377 | $1941006 |
| **11/30/21** | $1858506 | $2504900 | $1895445 |
| **12/31/21** | $1934869 | $2617160 | $1973391 |
| **1/31/22** | $1848766 | $2481730 | $1875520 |
| **2/28/22** | $1802024 | $2407423 | $1843199 |
| **3/31/22** | $1832775 | $2496810 | $1874481 |
| **4/30/22** | $1698699 | $2279083 | $1739616 |
| **5/31/22** | $1703620 | $2283265 | $1746756 |
| **6/30/22** | $1568314 | $2094795 | $1603324 |
| **7/31/22** | $1674098 | $2287945 | $1717680 |
| **8/31/22** | $1605216 | $2194638 | $1655050 |
| **9/30/22** | $1452772 | $1992515 | $1505971 |
| **10/31/22** | $1536563 | $2153832 | $1600987 |
| **11/30/22** | $1668409 | $2274196 | $1717031 |
| **12/31/22** | $1603692 | $2143170 | $1658295 |
| **1/31/23** | $1720667 | $2277834 | $1773690 |
| **2/28/23** | $1666581 | $2222257 | $1730076 |
| **3/31/23** | $1710268 | $2303845 | $1764798 |
| **4/30/23** | $1734214 | $2339805 | $1787644 |
| **5/31/23** | $1707747 | $2349975 | $1759801 |
| **6/30/23** | $1798621 | $2505250 | $1854037 |
| **7/31/23** | $1859121 | $2585731 | $1915629 |
| **8/31/23** | $1806184 | $2544562 | $1867797 |
| **9/30/23** | $1730844 | $2423243 | $1791667 |
| **10/31/23** | $1681500 | $2372291 | $1736761 |
| **11/30/23** | $1824471 | $2588941 | $1885320 |
| **12/31/23** | $1917162 | $2706559 | $1983580 |
| **1/31/24** | $1912022 | $2752040 | $1986306 |
| **2/29/24** | $1985265 | $2898987 | $2058737 |
| **3/31/24** | $2045405 | $2992260 | $2119290 |
| **4/30/24** | $1974473 | $2870043 | $2049845 |
| **5/31/24** | $2059591 | $3012353 | $2130323 |
| **6/30/24** | $2091886 | $3120443 | $2160566 |
| **7/31/24** | $2138545 | $3158426 | $2213007 |
| **8/31/24** | $2189092 | $3235039 | $2260969 |
| **9/30/24** | $2239946 | $3304130 | $2307957 |
| **10/31/24** | $2185218 | $3274166 | $2252467 |
| **11/30/24** | $2262098 | $3466363 | $2330024 |
| **12/31/24** | $2197616 | $3383732 | $2267654 |
| **1/31/25** | $2261819 | $3477960 | $2332685 |
| **2/28/25** | $2264494 | $3432579 | $2323339 |
| **3/31/25** | $2192715 | $3239172 | $2250455 |
| **4/30/25** | $2200752 | $3217208 | $2266940 |
| **5/31/25** | $2311928 | $3419714 | $2377597 |
| **6/30/25** | $2409698 | $3593616 | $2471120 |

---

The table below shows the average annual total returns of the Fund, a regulatory index, and one or more supplemental index(es) for certain periods ended June 30, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 15.19% | 12.38% | 9.19% |
| S&P 500 Index | 15.16% | 16.64% | 13.65% |
| S&P Target Date 2055 Index | 14.37% | 12.57% | 9.47% |

---

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.

**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 an 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. For performance current to the most recent month-end, visit **www.pimco.com/literature** or via **888.87.PIMCO (888.877.4626)**.

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $460383 |
| # of Portfolio Holdings | 21 |
| Portfolio Turnover Rate | 16% |
| Total Net Advisory Fees Paid During the Reporting Period | $130 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Mutual Funds | 88.6% |
| Short-Term Instruments | 0.1% |
| Affiliated Investments | 11.2% |
| Financial Derivative Instruments | (0.1%) |
| Other Assets and Liabilities, Net | 0.2% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

### Top Holdings (% of Net Asset Value)<sup>**Footnote Reference \*\***</sup>

---

| | |
|:---|:---|
| Vanguard Institutional Index Fund 'Institutional Plus' | 51.1% |
| Vanguard Developed Markets Index Fund 'Institutional' | 25.1% |
| Vanguard Emerging Markets Stock Index Fund 'Institutional' | 8.5% |
| Vanguard Small-Cap Index Fund 'Institutional' | 4.0% |
| PIMCO Total Return Fund | 1.8% |
| PIMCO Real Return Fund | 1.1% |
| PIMCO Long-Term Real Return Fund | 1.0% |
| PIMCO Long-Term U.S. Government Fund | 1.0% |
| PIMCO Income Fund | 0.7% |
| PIMCO Emerging Markets Local Currency and Bond Fund | 0.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*\*</sup> | &nbsp;&nbsp;Short-Term Instruments/Foreign Currency Contracts are not included in Top Holdings table. |

---

## Material Fund Changes
This is a summary of certain changes and planned changes of the Fund since the beginning of the reporting period. For more information, you may refer to the Fund's next prospectus, which we expect to be available by October 31, 2025 or upon request at **888.87.PIMCO (888.877.4626)**.

Change to REALPATH Blend Glide Path. Effective February 28, 2025, the Fund's REALPATH Blend Glide Path, which forms the basis of the Fund's long-term asset allocations, was changed based on data relating to risk metrics, long-term market trends, correlation of asset types and actuarial assumptions of life expectancy and retirement.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g946521g31n56.jpg)

# Institutional Class: PRQZX
![Image](g946521g28k42.jpg)

# PIMCO REALPATH<sup>®</sup> Blend 2055 Fund
Annual Shareholder Report \|

June 30, 2025

PES2127TSRAR_063025

# Class A: PRBAX

# PIMCO REALPATH<sup>®</sup> Blend 2060 Fund

#### Annual Shareholder Report \| June 30, 2025
![Image](g946521g90b93.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO REALPATH<sup>®</sup> Blend 2060 Fund (the "Fund") for the period of July 1, 2024 to June 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

#### This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $54 | 0.50% |

---

## How did the Fund perform during the reporting period and what affected its performance?
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 equities contributed to absolute performance, as emerging market equities posted positive returns.

* There were no material detractors from absolute performance for this Fund.

## Fund Performance
In addition to the Fund's performance, the graph and the table in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Fund's regulatory index is the S&P 500 Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended June 30, 2025 or the life of the Fund, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g946521g78e08.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A (including sales charge)** | **S&P 500 Index** | **S&P Target Date 2060 Index** |
| **12/31/19** | $9452 | $10000 | $10000 |
| **1/31/20** | $9348 | $9996 | $9884 |
| **2/29/20** | $8724 | $9173 | $9137 |
| **3/31/20** | $7495 | $8040 | $7914 |
| **4/30/20** | $8223 | $9071 | $8725 |
| **5/31/20** | $8573 | $9503 | $9101 |
| **6/30/20** | $8809 | $9692 | $9333 |
| **7/31/20** | $9216 | $10238 | $9747 |
| **8/31/20** | $9669 | $10974 | $10240 |
| **9/30/20** | $9409 | $10557 | $9950 |
| **10/31/20** | $9230 | $10277 | $9784 |
| **11/30/20** | $10232 | $11402 | $10911 |
| **12/31/20** | $10675 | $11840 | $11399 |
| **1/31/21** | $10627 | $11720 | $11382 |
| **2/28/21** | $10884 | $12044 | $11703 |
| **3/31/21** | $11173 | $12571 | $12038 |
| **4/30/21** | $11632 | $13242 | $12513 |
| **5/31/21** | $11823 | $13334 | $12688 |
| **6/30/21** | $11954 | $13646 | $12776 |
| **7/31/21** | $12069 | $13970 | $12853 |
| **8/31/21** | $12319 | $14395 | $13143 |
| **9/30/21** | $11834 | $13725 | $12670 |
| **10/31/21** | $12393 | $14687 | $13236 |
| **11/30/21** | $12104 | $14585 | $12922 |
| **12/31/21** | $12609 | $15239 | $13456 |
| **1/31/22** | $12033 | $14450 | $12786 |
| **2/28/22** | $11740 | $14017 | $12567 |
| **3/31/22** | $11960 | $14538 | $12780 |
| **4/30/22** | $11080 | $13270 | $11860 |
| **5/31/22** | $11133 | $13294 | $11908 |
| **6/30/22** | $10243 | $12197 | $10929 |
| **7/31/22** | $10923 | $13322 | $11709 |
| **8/31/22** | $10473 | $12778 | $11281 |
| **9/30/22** | $9483 | $11602 | $10263 |
| **10/31/22** | $10017 | $12541 | $10912 |
| **11/30/22** | $10866 | $13242 | $11704 |
| **12/31/22** | $10437 | $12479 | $11302 |
| **1/31/23** | $11190 | $13263 | $12088 |
| **2/28/23** | $10840 | $12939 | $11791 |
| **3/31/23** | $11111 | $13414 | $12032 |
| **4/30/23** | $11260 | $13624 | $12190 |
| **5/31/23** | $11101 | $13683 | $12002 |
| **6/30/23** | $11685 | $14587 | $12649 |
| **7/31/23** | $12079 | $15056 | $13071 |
| **8/31/23** | $11739 | $14816 | $12742 |
| **9/30/23** | $11250 | $14109 | $12222 |
| **10/31/23** | $10920 | $13813 | $11844 |
| **11/30/23** | $11846 | $15074 | $12858 |
| **12/31/23** | $12456 | $15759 | $13533 |
| **1/31/24** | $12424 | $16024 | $13548 |
| **2/29/24** | $12908 | $16880 | $14044 |
| **3/31/24** | $13300 | $17423 | $14460 |
| **4/30/24** | $12836 | $16711 | $13985 |
| **5/31/24** | $13387 | $17540 | $14534 |
| **6/30/24** | $13595 | $18169 | $14741 |
| **7/31/24** | $13899 | $18390 | $15104 |
| **8/31/24** | $14224 | $18836 | $15429 |
| **9/30/24** | $14538 | $19238 | $15755 |
| **10/31/24** | $14190 | $19064 | $15378 |
| **11/30/24** | $14691 | $20183 | $15920 |
| **12/31/24** | $14266 | $19702 | $15487 |
| **1/31/25** | $14677 | $20251 | $15932 |
| **2/28/25** | $14688 | $19986 | $15857 |
| **3/31/25** | $14200 | $18860 | $15350 |
| **4/30/25** | $14244 | $18732 | $15453 |
| **5/31/25** | $14978 | $19911 | $16216 |
| **6/30/25** | $15596 | $20924 | $16858 |

---

The table below shows the average annual total returns of the Fund, a regulatory index, and one or more supplemental index(es) for certain periods ended June 30, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **Since Inception 12/31/19** |
| Class A (excluding sales charge) | 14.71% | 12.10% | 9.54% |
| Class A (including sales charge) | 8.40% | 10.85% | 8.42% |
| S&P 500 Index | 15.16% | 16.64% | 14.37% |
| S&P Target Date 2060 Index | 14.36% | 12.55% | 9.96% |

---

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

**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 an 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 Cumulative Returns graph and Average Annual Total Returns 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 graph. 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. For performance current to the most recent month-end, visit **www.pimco.com/literature** or via **888.87.PIMCO (888.877.4626)**.

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $205871 |
| # of Portfolio Holdings | 22 |
| Portfolio Turnover Rate | 18% |
| Total Net Advisory Fees Paid During the Reporting Period | $53 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Mutual Funds | 89.8% |
| Short-Term Instruments | 0.4% |
| Affiliated Investments | 11.2% |
| Financial Derivative Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (1.4%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

### Top Holdings (% of Net Asset Value)<sup>**Footnote Reference \*\***</sup>

---

| | |
|:---|:---|
| Vanguard Institutional Index Fund 'Institutional' | 52.2% |
| Vanguard Developed Markets Index Fund 'Institutional' | 25.0% |
| Vanguard Emerging Markets Stock Index Fund 'Institutional' | 8.4% |
| Vanguard Small-Cap Index Fund 'Institutional' | 4.2% |
| PIMCO Total Return Fund | 1.3% |
| PIMCO Real Return Fund | 1.1% |
| PIMCO Long-Term Real Return Fund | 0.8% |
| PIMCO Long-Term U.S. Government Fund | 0.7% |
| PIMCO Income Fund | 0.6% |
| PIMCO Emerging Markets Local Currency and Bond Fund | 0.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*\*</sup> | &nbsp;&nbsp;Short-Term Instruments/Foreign Currency Contracts are not included in Top Holdings table. |

---

## Material Fund Changes
This is a summary of certain changes and planned changes of the Fund since the beginning of the reporting period. For more information, you may refer to the Fund's next prospectus, which we expect to be available by October 31, 2025 or upon request at **888.87.PIMCO (888.877.4626)**.

Change to REALPATH Blend Glide Path. Effective February 28, 2025, the Fund's REALPATH Blend Glide Path, which forms the basis of the Fund's long-term asset allocations, was changed based on data relating to risk metrics, long-term market trends, correlation of

asset types and actuarial assumptions of life expectancy and retirement.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g946521g31n56.jpg)

# Class A: PRBAX
![Image](g946521g28k42.jpg)

# PIMCO REALPATH<sup>®</sup> Blend 2060 Fund
Annual Shareholder Report \|

June 30, 2025

PES8088TSRAR_063025

# Institutional Class: PRBMX

# PIMCO REALPATH<sup>®</sup> Blend 2060 Fund

#### Annual Shareholder Report \| June 30, 2025
![Image](g946521g90b93.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO REALPATH<sup>®</sup> Blend 2060 Fund (the "Fund") for the period of July 1, 2024 to June 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

#### This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $5 | 0.05% |

---

## How did the Fund perform during the reporting period and what affected its performance?
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 equities contributed to absolute performance, as emerging market equities posted positive returns.

* There were no material detractors from absolute performance for this Fund.

## Fund Performance
In addition to the Fund's performance, the graph and the table in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Fund's regulatory index is the S&P 500 Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended June 30, 2025 or the life of the Fund, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g946521g70n36.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **S&P 500 Index** | **S&P Target Date 2060 Index** |
| **12/31/19** | $1000000 | $1000000 | $1000000 |
| **1/31/20** | $989000 | $999608 | $988414 |
| **2/29/20** | $924000 | $917321 | $913747 |
| **3/31/20** | $794000 | $804020 | $791444 |
| **4/30/20** | $871000 | $907090 | $872480 |
| **5/31/20** | $909000 | $950293 | $910056 |
| **6/30/20** | $935000 | $969192 | $933318 |
| **7/31/20** | $978000 | $1023840 | $974688 |
| **8/31/20** | $1026000 | $1097434 | $1024037 |
| **9/30/20** | $999240 | $1055735 | $995048 |
| **10/31/20** | $980217 | $1027659 | $978365 |
| **11/30/20** | $1087350 | $1140151 | $1091113 |
| **12/31/20** | $1134171 | $1183988 | $1139901 |
| **1/31/21** | $1130135 | $1172035 | $1138169 |
| **2/28/21** | $1157380 | $1204353 | $1170323 |
| **3/31/21** | $1189119 | $1257099 | $1203826 |
| **4/30/21** | $1238835 | $1324188 | $1251256 |
| **5/31/21** | $1260142 | $1333437 | $1268763 |
| **6/30/21** | $1273249 | $1364566 | $1277551 |
| **7/31/21** | $1286523 | $1396981 | $1285307 |
| **8/31/21** | $1313070 | $1439457 | $1314268 |
| **9/30/21** | $1262576 | $1372508 | $1266997 |
| **10/31/21** | $1323040 | $1468669 | $1323645 |
| **11/30/21** | $1293321 | $1458492 | $1292205 |
| **12/31/21** | $1346436 | $1523856 | $1345618 |
| **1/31/22** | $1286298 | $1445001 | $1278597 |
| **2/28/22** | $1255115 | $1401736 | $1256748 |
| **3/31/22** | $1278502 | $1453782 | $1278029 |
| **4/30/22** | $1186067 | $1327009 | $1185953 |
| **5/31/22** | $1191635 | $1329444 | $1190842 |
| **6/30/22** | $1095859 | $1219707 | $1092935 |
| **7/31/22** | $1170475 | $1332169 | $1170939 |
| **8/31/22** | $1122587 | $1277841 | $1128100 |
| **9/30/22** | $1015860 | $1160153 | $1026343 |
| **10/31/22** | $1073846 | $1254081 | $1091162 |
| **11/30/22** | $1165284 | $1324164 | $1170371 |
| **12/31/22** | $1119976 | $1247873 | $1130226 |
| **1/31/23** | $1201429 | $1326282 | $1208826 |
| **2/28/23** | $1164096 | $1293922 | $1179062 |
| **3/31/23** | $1193993 | $1341427 | $1203203 |
| **4/30/23** | $1211001 | $1362365 | $1218986 |
| **5/31/23** | $1192859 | $1368286 | $1200232 |
| **6/30/23** | $1256830 | $1458696 | $1264850 |
| **7/31/23** | $1299935 | $1505557 | $1307149 |
| **8/31/23** | $1262502 | $1481586 | $1274206 |
| **9/30/23** | $1211340 | $1410947 | $1222226 |
| **10/31/23** | $1176080 | $1381280 | $1184423 |
| **11/30/23** | $1277309 | $1507426 | $1285847 |
| **12/31/23** | $1343071 | $1575909 | $1353284 |
| **1/31/24** | $1339621 | $1602391 | $1354801 |
| **2/29/24** | $1392516 | $1687952 | $1404391 |
| **3/31/24** | $1434719 | $1742261 | $1445970 |
| **4/30/24** | $1385007 | $1671099 | $1398470 |
| **5/31/24** | $1446280 | $1753960 | $1453373 |
| **6/30/24** | $1469015 | $1816895 | $1474134 |
| **7/31/24** | $1501531 | $1839012 | $1510449 |
| **8/31/24** | $1537531 | $1883620 | $1542901 |
| **9/30/24** | $1572481 | $1923849 | $1575476 |
| **10/31/24** | $1535152 | $1906402 | $1537824 |
| **11/30/24** | $1591146 | $2018310 | $1592034 |
| **12/31/24** | $1545332 | $1970197 | $1548683 |
| **1/31/25** | $1590608 | $2025062 | $1593204 |
| **2/28/25** | $1590608 | $1998639 | $1585698 |
| **3/31/25** | $1539682 | $1886027 | $1534971 |
| **4/30/25** | $1545649 | $1873238 | $1545331 |
| **5/31/25** | $1624424 | $1991148 | $1621625 |
| **6/30/25** | $1692511 | $2092403 | $1685800 |

---

The table below shows the average annual total returns of the Fund, a regulatory index, and one or more supplemental index(es) for certain periods ended June 30, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **Since Inception 12/31/19** |
| Institutional Class | 15.21% | 12.60% | 10.04% |
| S&P 500 Index | 15.16% | 16.64% | 14.37% |
| S&P Target Date 2060 Index | 14.36% | 12.55% | 9.96% |

---

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

**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 an 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. For performance current to the most recent month-end, visit **www.pimco.com/literature** or via **888.87.PIMCO (888.877.4626)**.

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $205871 |
| # of Portfolio Holdings | 22 |
| Portfolio Turnover Rate | 18% |
| Total Net Advisory Fees Paid During the Reporting Period | $53 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Mutual Funds | 89.8% |
| Short-Term Instruments | 0.4% |
| Affiliated Investments | 11.2% |
| Financial Derivative Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | (1.4%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

### Top Holdings (% of Net Asset Value)<sup>**Footnote Reference \*\***</sup>

---

| | |
|:---|:---|
| Vanguard Institutional Index Fund 'Institutional' | 52.2% |
| Vanguard Developed Markets Index Fund 'Institutional' | 25.0% |
| Vanguard Emerging Markets Stock Index Fund 'Institutional' | 8.4% |
| Vanguard Small-Cap Index Fund 'Institutional' | 4.2% |
| PIMCO Total Return Fund | 1.3% |
| PIMCO Real Return Fund | 1.1% |
| PIMCO Long-Term Real Return Fund | 0.8% |
| PIMCO Long-Term U.S. Government Fund | 0.7% |
| PIMCO Income Fund | 0.6% |
| PIMCO Emerging Markets Local Currency and Bond Fund | 0.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*\*</sup> | &nbsp;&nbsp;Short-Term Instruments/Foreign Currency Contracts are not included in Top Holdings table. |

---

## Material Fund Changes
This is a summary of certain changes and planned changes of the Fund since the beginning of the reporting period. For more information, you may refer to the Fund's next prospectus, which we expect to be available by October 31, 2025 or upon request at **888.87.PIMCO (888.877.4626)**.

Change to REALPATH Blend Glide Path. Effective February 28, 2025, the Fund's REALPATH Blend Glide Path, which forms the basis of the Fund's long-term asset allocations, was changed based on data relating to risk metrics, long-term market trends, correlation of

asset types and actuarial assumptions of life expectancy and retirement.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g946521g31n56.jpg)

# Institutional Class: PRBMX
![Image](g946521g28k42.jpg)

# PIMCO REALPATH<sup>®</sup> Blend 2060 Fund
Annual Shareholder Report \|

June 30, 2025

PES2216TSRAR_063025

# Class A: PBLLX

# PIMCO REALPATH<sup>®</sup> Blend 2065 Fund

#### Annual Shareholder Report \| June 30, 2025
![Image](g946521g90b93.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO REALPATH<sup>®</sup> Blend 2065 Fund (the "Fund") for the period of July 1, 2024 to June 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

#### This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $54 | 0.50% |

---

## How did the Fund perform during the reporting period and what affected its performance?
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 equities contributed to absolute performance, as emerging market equities posted positive returns.

* There were no material detractors from absolute performance for this Fund.

## Fund Performance
In addition to the Fund's performance, the graph and the table in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Fund's regulatory index is the S&P 500 Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended June 30, 2025 or the life of the Fund, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g946521g90i66.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A (including sales charge)** | **S&P 500 Index** | **S&P Target Date 2065+ Index** |
| **12/30/22** | $9452 | $10000 | $10000 |
| **12/31/22** | $9452 | $10000 | $10000 |
| **1/31/23** | $10142 | $10628 | $10694 |
| **2/28/23** | $9811 | $10369 | $10429 |
| **3/31/23** | $10056 | $10750 | $10641 |
| **4/30/23** | $10198 | $10917 | $10777 |
| **5/31/23** | $10046 | $10965 | $10613 |
| **6/30/23** | $10585 | $11689 | $11192 |
| **7/31/23** | $10935 | $12065 | $11570 |
| **8/31/23** | $10623 | $11873 | $11280 |
| **9/30/23** | $10176 | $11307 | $10816 |
| **10/31/23** | $9873 | $11069 | $10484 |
| **11/30/23** | $10716 | $12080 | $11387 |
| **12/31/23** | $11255 | $12629 | $11984 |
| **1/31/24** | $11226 | $12841 | $12003 |
| **2/29/24** | $11676 | $13527 | $12453 |
| **3/31/24** | $12021 | $13962 | $12823 |
| **4/30/24** | $11590 | $13392 | $12399 |
| **5/31/24** | $12098 | $14056 | $12893 |
| **6/30/24** | $12289 | $14560 | $13088 |
| **7/31/24** | $12558 | $14737 | $13402 |
| **8/31/24** | $12847 | $15095 | $13695 |
| **9/30/24** | $13136 | $15417 | $13984 |
| **10/31/24** | $12818 | $15277 | $13653 |
| **11/30/24** | $13290 | $16174 | $14144 |
| **12/31/24** | $12894 | $15788 | $13762 |
| **1/31/25** | $13272 | $16228 | $14162 |
| **2/28/25** | $13262 | $16016 | $14093 |
| **3/31/25** | $12826 | $15114 | $13628 |
| **4/30/25** | $12885 | $15011 | $13721 |
| **5/31/25** | $13541 | $15956 | $14412 |
| **6/30/25** | $14111 | $16768 | $14994 |

---

The table below shows the average annual total returns of the Fund, a regulatory index, and one or more supplemental index(es) for certain periods ended June 30, 2025.

## Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **Since Inception 12/30/22** |
| Class A (excluding sales charge) | 14.82% | 17.39% |
| Class A (including sales charge) | 8.53% | 14.78% |
| S&P 500 Index | 15.16% | 22.98% |
| S&P Target Date 2065+ Index | 14.57% | 17.60% |

---

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.

**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 an 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 Cumulative Returns graph and Average Annual Total Returns 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 graph. 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. For performance current to the most recent month-end, visit **www.pimco.com/literature** or via **888.87.PIMCO (888.877.4626)**.

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $39537 |
| # of Portfolio Holdings | 19 |
| Portfolio Turnover Rate | 28% |
| Total Net Advisory Fees Paid During the Reporting Period | $8 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Mutual Funds | 95.2% |
| Short-Term Instruments | 0.4% |
| Affiliated Investments | 9.7% |
| Financial Derivative Instruments | (0.1%) |
| Other Assets and Liabilities, Net | (5.2%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

### Top Holdings (% of Net Asset Value)<sup>**Footnote Reference \*\***</sup>

---

| | |
|:---|:---|
| Vanguard Institutional Index Fund 'Institutional' | 55.5% |
| Vanguard Developed Markets Index Fund 'Institutional' | 26.1% |
| Vanguard Emerging Markets Stock Index Fund 'Admiral' | 8.9% |
| Vanguard Small-Cap Index Fund 'Admiral' | 4.7% |
| PIMCO Real Return Fund | 1.1% |
| PIMCO Long-Term Real Return Fund | 0.7% |
| PIMCO Total Return Fund | 0.7% |
| PIMCO Long-Term U.S. Government Fund | 0.7% |
| PIMCO Emerging Markets Local Currency and Bond Fund | 0.3% |
| PIMCO Income Fund | 0.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*\*</sup> | &nbsp;&nbsp;Short-Term Instruments/Foreign Currency Contracts are not included in Top Holdings table. |

---

## Material Fund Changes
This is a summary of certain changes and planned changes of the Fund since the beginning of the reporting period. For more information, you may refer to the Fund's next prospectus, which we expect to be available by October 31, 2025 or upon request at **888.87.PIMCO (888.877.4626)**.

Change to REALPATH Blend Glide Path. Effective February 28, 2025, the Fund's REALPATH Blend Glide Path, which forms the basis of the Fund's long-term asset allocations, was changed based on data relating to risk metrics, long-term market trends, correlation of asset types and actuarial assumptions of life expectancy and retirement.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g946521g31n56.jpg)

# Class A: PBLLX
![Image](g946521g28k42.jpg)

# PIMCO REALPATH<sup>®</sup> Blend 2065 Fund
Annual Shareholder Report \|

June 30, 2025

PES8091TSRAR_063025

# Institutional Class: PBLIX

# PIMCO REALPATH<sup>®</sup> Blend 2065 Fund

#### Annual Shareholder Report \| June 30, 2025
![Image](g946521g90b93.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO REALPATH<sup>®</sup> Blend 2065 Fund (the "Fund") for the period of July 1, 2024 to June 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

#### This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $5 | 0.05% |

---

## How did the Fund perform during the reporting period and what affected its performance?
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 equities contributed to absolute performance, as emerging market equities posted positive returns.

* There were no material detractors from absolute performance for this Fund.

## Fund Performance
In addition to the Fund's performance, the graph and the table in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Fund's regulatory index is the S&P 500 Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended June 30, 2025 or the life of the Fund, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g946521g57s45.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **S&P 500 Index** | **S&P Target Date 2065+ Index** |
| **12/30/22** | $1000000 | $1000000 | $1000000 |
| **12/31/22** | $1000000 | $1000000 | $1000000 |
| **1/31/23** | $1074000 | $1062834 | $1069371 |
| **2/28/23** | $1039000 | $1036902 | $1042922 |
| **3/31/23** | $1065771 | $1074971 | $1064104 |
| **4/30/23** | $1079794 | $1091750 | $1077664 |
| **5/31/23** | $1064769 | $1096495 | $1061302 |
| **6/30/23** | $1122866 | $1168946 | $1119242 |
| **7/31/23** | $1159927 | $1206499 | $1157010 |
| **8/31/23** | $1127874 | $1187289 | $1127983 |
| **9/30/23** | $1080337 | $1130682 | $1081587 |
| **10/31/23** | $1048208 | $1106907 | $1048414 |
| **11/30/23** | $1138571 | $1207996 | $1138742 |
| **12/31/23** | $1195719 | $1262876 | $1198363 |
| **1/31/24** | $1192674 | $1284098 | $1200269 |
| **2/29/24** | $1241396 | $1352663 | $1245321 |
| **3/31/24** | $1279266 | $1396184 | $1282304 |
| **4/30/24** | $1233432 | $1339158 | $1239941 |
| **5/31/24** | $1287414 | $1405560 | $1289252 |
| **6/30/24** | $1308033 | $1455994 | $1308753 |
| **7/31/24** | $1337691 | $1473717 | $1340244 |
| **8/31/24** | $1369395 | $1509464 | $1369494 |
| **9/30/24** | $1400326 | $1541702 | $1398408 |
| **10/31/24** | $1367522 | $1527721 | $1365348 |
| **11/30/24** | $1417753 | $1617400 | $1414434 |
| **12/31/24** | $1376367 | $1578844 | $1376219 |
| **1/31/25** | $1416568 | $1622811 | $1416227 |
| **2/28/25** | $1416568 | $1601636 | $1409279 |
| **3/31/25** | $1370318 | $1511393 | $1362770 |
| **4/30/25** | $1377737 | $1501145 | $1372072 |
| **5/31/25** | $1447683 | $1595634 | $1441219 |
| **6/30/25** | $1508778 | $1676776 | $1499384 |

---

The table below shows the average annual total returns of the Fund, a regulatory index, and one or more supplemental index(es) for certain periods ended June 30, 2025.

## Average Annual Total Returns (%)

---

| | | |
|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **Since Inception 12/30/22** |
| Institutional Class | 15.35% | 17.89% |
| S&P 500 Index | 15.16% | 22.98% |
| S&P Target Date 2065+ Index | 14.57% | 17.60% |

---

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.

**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 an 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. For performance current to the most recent month-end, visit **www.pimco.com/literature** or via **888.87.PIMCO (888.877.4626)**.

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $39537 |
| # of Portfolio Holdings | 19 |
| Portfolio Turnover Rate | 28% |
| Total Net Advisory Fees Paid During the Reporting Period | $8 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Mutual Funds | 95.2% |
| Short-Term Instruments | 0.4% |
| Affiliated Investments | 9.7% |
| Financial Derivative Instruments | (0.1%) |
| Other Assets and Liabilities, Net | (5.2%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

### Top Holdings (% of Net Asset Value)<sup>**Footnote Reference \*\***</sup>

---

| | |
|:---|:---|
| Vanguard Institutional Index Fund 'Institutional' | 55.5% |
| Vanguard Developed Markets Index Fund 'Institutional' | 26.1% |
| Vanguard Emerging Markets Stock Index Fund 'Admiral' | 8.9% |
| Vanguard Small-Cap Index Fund 'Admiral' | 4.7% |
| PIMCO Real Return Fund | 1.1% |
| PIMCO Long-Term Real Return Fund | 0.7% |
| PIMCO Total Return Fund | 0.7% |
| PIMCO Long-Term U.S. Government Fund | 0.7% |
| PIMCO Emerging Markets Local Currency and Bond Fund | 0.3% |
| PIMCO Income Fund | 0.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*\*</sup> | &nbsp;&nbsp;Short-Term Instruments/Foreign Currency Contracts are not included in Top Holdings table. |

---

## Material Fund Changes
This is a summary of certain changes and planned changes of the Fund since the beginning of the reporting period. For more information, you may refer to the Fund's next prospectus, which we expect to be available by October 31, 2025 or upon request at **888.87.PIMCO (888.877.4626)**.

Change to REALPATH Blend Glide Path. Effective February 28, 2025, the Fund's REALPATH Blend Glide Path, which forms the basis of the Fund's long-term asset allocations, was changed based on data relating to risk metrics, long-term market trends, correlation of asset types and actuarial assumptions of life expectancy and retirement.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g946521g31n56.jpg)

# Institutional Class: PBLIX
![Image](g946521g28k42.jpg)

# PIMCO REALPATH<sup>®</sup> Blend 2065 Fund
Annual Shareholder Report \|

June 30, 2025

PES2241TSRAR_063025

# Class A: PAJEX

# PIMCO REALPATH<sup>®</sup> Blend 2070 Fund

#### Annual Shareholder Report \| June 30, 2025
![Image](g946521g90b93.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO REALPATH<sup>®</sup> Blend 2070 Fund (the "Fund") for the period of December 31, 2024 to June 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

#### This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $26 | 0.50%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. The Fund commenced operations on December 31, 2024. |

---

## How did the Fund perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

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

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

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

* There were no material detractors from absolute performance for this Fund.

## Fund Performance
In addition to the Fund's performance, the graph and the table in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Fund's regulatory index is the S&P 500 Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended June 30, 2025 or the life of the Fund, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g946521g49b73.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A (including sales charge)** | **S&P 500 Index** | **S&P Target Date 2065+ Index** |
| **12/31/24** | $9452 | $10000 | $10000 |
| **1/31/25** | $9716 | $10278 | $10291 |
| **2/28/25** | $9716 | $10144 | $10240 |
| **3/31/25** | $9395 | $9573 | $9902 |
| **4/30/25** | $9414 | $9508 | $9970 |
| **5/31/25** | $9896 | $10106 | $10472 |
| **6/30/25** | $10321 | $10620 | $10895 |

---

The table below shows the average annual total returns of the Fund, a regulatory index, and one or more supplemental index(es) for certain periods ended June 30, 2025.

## Average Annual Total Returns (%)

---

| | |
|:---|:---|
| **Class/Index Name** | **Since Inception 12/31/24** |
| Class A (excluding sales charge) | 9.20% |
| Class A (including sales charge) | 3.21% |
| S&P 500 Index | 6.20% |
| S&P Target Date 2065+ Index | 8.95% |

---

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.

**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 an 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 Cumulative Returns graph and Average Annual Total Returns 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 graph. 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. For performance current to the most recent month-end, visit **www.pimco.com/literature** or via **888.87.PIMCO (888.877.4626)**.

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $3350 |
| # of Portfolio Holdings | 14 |
| Portfolio Turnover Rate | 23% |
| Total Net Advisory Fees Paid During the Reporting Period | $1 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Mutual Funds | 91.4% |
| Affiliated Investments | 4.3% |
| Financial Derivative Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | 4.3% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

### Top Holdings (% of Net Asset Value)<sup>**Footnote Reference \*\***</sup>

---

| | |
|:---|:---|
| Vanguard S&P 500 ETF | 53.4% |
| Vanguard Developed Markets Index Fund 'Admiral' | 25.0% |
| Vanguard Emerging Markets Stock Index Fund 'Admiral' | 8.4% |
| Vanguard Small-Cap Index Fund 'Admiral' | 4.5% |
| PIMCO Real Return Fund | 1.1% |
| PIMCO Long-Term Real Return Fund | 0.8% |
| PIMCO Long-Term U.S. Government Fund | 0.7% |
| PIMCO Total Return Fund | 0.7% |
| PIMCO Emerging Markets Local Currency and Bond Fund | 0.3% |
| PIMCO Income Fund | 0.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*\*</sup> | &nbsp;&nbsp;Short-Term Instruments/Foreign Currency Contracts are not included in Top Holdings table. |

---

## Material Fund Changes
This is a summary of certain changes and planned changes of the Fund since the beginning of the reporting period. For more information, you may refer to the Fund's next prospectus, which we expect to be available by October 31, 2025 or upon request at **888.87.PIMCO (888.877.4626)**.

Change to REALPATH Blend Glide Path. Effective February 28, 2025, the Fund's REALPATH Blend Glide Path, which forms the basis of the Fund's long-term asset allocations, was changed based on data relating to risk metrics, long-term market trends, correlation of asset types and actuarial assumptions of life expectancy and retirement.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g946521g31n56.jpg)

# Class A: PAJEX
![Image](g946521g28k42.jpg)

# PIMCO REALPATH<sup>®</sup> Blend 2070 Fund
Annual Shareholder Report \|

June 30, 2025

PES8093TSRAR_063025

# Institutional Class: PAJDX

# PIMCO REALPATH<sup>®</sup> Blend 2070 Fund

#### Annual Shareholder Report \| June 30, 2025
![Image](g946521g90b93.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO REALPATH<sup>®</sup> Blend 2070 Fund (the "Fund") for the period of December 31, 2024 to June 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

#### This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $3 | 0.05%<sup>Footnote Reference1</sup> |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>1</sup> | &nbsp;&nbsp;Annualized. The Fund commenced operations on December 31, 2024. |

---

## How did the Fund perform during the reporting period and what affected its performance?
The following affected performance (on a gross basis) during the reporting period:

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

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

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

* There were no material detractors from absolute performance for this Fund.

## Fund Performance
In addition to the Fund's performance, the graph and the table in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Fund's regulatory index is the S&P 500 Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended June 30, 2025 or the life of the Fund, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g946521g55h82.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **S&P 500 Index** | **S&P Target Date 2065+ Index** |
| **12/31/24** | $1000000 | $1000000 | $1000000 |
| **1/31/25** | $1029000 | $1027847 | $1029072 |
| **2/28/25** | $1029000 | $1014436 | $1024023 |
| **3/31/25** | $995000 | $957278 | $990228 |
| **4/30/25** | $998000 | $950787 | $996987 |
| **5/31/25** | $1049000 | $1010634 | $1047231 |
| **6/30/25** | $1094000 | $1062027 | $1089495 |

---

The table below shows the average annual total returns of the Fund, a regulatory index, and one or more supplemental index(es) for certain periods ended June 30, 2025.

## Average Annual Total Returns (%)

---

| | |
|:---|:---|
| **Class/Index Name** | **Since Inception 12/31/24** |
| Institutional Class | 9.40% |
| S&P 500 Index | 6.20% |
| S&P Target Date 2065+ Index | 8.95% |

---

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.

**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 an 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. For performance current to the most recent month-end, visit **www.pimco.com/literature** or via **888.87.PIMCO (888.877.4626)**.

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $3350 |
| # of Portfolio Holdings | 14 |
| Portfolio Turnover Rate | 23% |
| Total Net Advisory Fees Paid During the Reporting Period | $1 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Mutual Funds | 91.4% |
| Affiliated Investments | 4.3% |
| Financial Derivative Instruments | 0.0%<sup>Footnote Reference^</sup> |
| Other Assets and Liabilities, Net | 4.3% |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |
| &nbsp;&nbsp;Footnote<sup>^</sup> | &nbsp;&nbsp;Rounded value of investments is less than 0.1% of net assets. |

---

### Top Holdings (% of Net Asset Value)<sup>**Footnote Reference \*\***</sup>

---

| | |
|:---|:---|
| Vanguard S&P 500 ETF | 53.4% |
| Vanguard Developed Markets Index Fund 'Admiral' | 25.0% |
| Vanguard Emerging Markets Stock Index Fund 'Admiral' | 8.4% |
| Vanguard Small-Cap Index Fund 'Admiral' | 4.5% |
| PIMCO Real Return Fund | 1.1% |
| PIMCO Long-Term Real Return Fund | 0.8% |
| PIMCO Long-Term U.S. Government Fund | 0.7% |
| PIMCO Total Return Fund | 0.7% |
| PIMCO Emerging Markets Local Currency and Bond Fund | 0.3% |
| PIMCO Income Fund | 0.3% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*\*</sup> | &nbsp;&nbsp;Short-Term Instruments/Foreign Currency Contracts are not included in Top Holdings table. |

---

## Material Fund Changes
This is a summary of certain changes and planned changes of the Fund since the beginning of the reporting period. For more information, you may refer to the Fund's next prospectus, which we expect to be available by October 31, 2025 or upon request at **888.87.PIMCO (888.877.4626)**.

Change to REALPATH Blend Glide Path. Effective February 28, 2025, the Fund's REALPATH Blend Glide Path, which forms the basis of the Fund's long-term asset allocations, was changed based on data relating to risk metrics, long-term market trends, correlation of asset types and actuarial assumptions of life expectancy and retirement.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g946521g31n56.jpg)

# Institutional Class: PAJDX
![Image](g946521g28k42.jpg)

# PIMCO REALPATH<sup>®</sup> Blend 2070 Fund
Annual Shareholder Report \|

June 30, 2025

PES2246TSRAR_063025

# Class A: PBRAX

# PIMCO REALPATH<sup>®</sup> Blend Income Fund

#### Annual Shareholder Report \| June 30, 2025
![Image](g946521g90b93.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO REALPATH<sup>®</sup> Blend Income Fund (the "Fund") for the period of July 1, 2024 to June 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

#### This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Class A | $50 | 0.48% |

---

## How did the Fund perform during the reporting period and what affected its performance?
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. core bonds contributed to absolute performance, as U.S. core bonds posted positive returns.

* There were no material detractors from absolute performance for this Fund.

## Fund Performance
In addition to the Fund's performance, the graph and the table in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Fund's regulatory index is the S&P 500 Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended June 30, 2025 or the life of the Fund, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $10,000 Investment
![Growth of 10K Chart](g946521g85t89.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Class A (including sales charge)** | **S&P 500 Index** | **S&P Target Date Retirement Income Index** |
| **6/30/15** | $9449 | $10000 | $10000 |
| **7/31/15** | $9506 | $10210 | $10080 |
| **8/31/15** | $9221 | $9594 | $9862 |
| **9/30/15** | $9100 | $9356 | $9791 |
| **10/31/15** | $9338 | $10145 | $10015 |
| **11/30/15** | $9281 | $10176 | $9997 |
| **12/31/15** | $9174 | $10015 | $9902 |
| **1/31/16** | $9078 | $9518 | $9813 |
| **2/29/16** | $9068 | $9505 | $9849 |
| **3/31/16** | $9453 | $10150 | $10119 |
| **4/30/16** | $9550 | $10189 | $10170 |
| **5/31/16** | $9569 | $10372 | $10201 |
| **6/30/16** | $9709 | $10399 | $10307 |
| **7/31/16** | $9944 | $10783 | $10451 |
| **8/31/16** | $9963 | $10798 | $10455 |
| **9/30/16** | $10013 | $10800 | $10477 |
| **10/31/16** | $9905 | $10603 | $10373 |
| **11/30/16** | $9836 | $10996 | $10317 |
| **12/31/16** | $9945 | $11213 | $10398 |
| **1/31/17** | $10075 | $11426 | $10482 |
| **2/28/17** | $10263 | $11879 | $10603 |
| **3/31/17** | $10287 | $11893 | $10627 |
| **4/30/17** | $10387 | $12015 | $10716 |
| **5/31/17** | $10497 | $12184 | $10800 |
| **6/30/17** | $10523 | $12260 | $10817 |
| **7/31/17** | $10673 | $12512 | $10924 |
| **8/31/17** | $10753 | $12551 | $10970 |
| **9/30/17** | $10827 | $12810 | $11040 |
| **10/31/17** | $10927 | $13109 | $11119 |
| **11/30/17** | $11027 | $13511 | $11209 |
| **12/31/17** | $11141 | $13661 | $11286 |
| **1/31/18** | $11353 | $14443 | $11421 |
| **2/28/18** | $11080 | $13911 | $11222 |
| **3/31/18** | $11060 | $13557 | $11196 |
| **4/30/18** | $11029 | $13609 | $11197 |
| **5/31/18** | $11050 | $13937 | $11278 |
| **6/30/18** | $11039 | $14023 | $11274 |
| **7/31/18** | $11161 | $14544 | $11383 |
| **8/31/18** | $11192 | $15018 | $11473 |
| **9/30/18** | $11166 | $15104 | $11449 |
| **10/31/18** | $10789 | $14072 | $11115 |
| **11/30/18** | $10881 | $14358 | $11207 |
| **12/31/18** | $10629 | $13062 | $11000 |
| **1/31/19** | $11084 | $14109 | $11359 |
| **2/28/19** | $11197 | $14562 | $11471 |
| **3/31/19** | $11370 | $14845 | $11613 |
| **4/30/19** | $11505 | $15446 | $11752 |
| **5/31/19** | $11391 | $14464 | $11610 |
| **6/30/19** | $11730 | $15483 | $11941 |
| **7/31/19** | $11761 | $15706 | $11982 |
| **8/31/19** | $11886 | $15457 | $12038 |
| **9/30/19** | $11930 | $15746 | $12097 |
| **10/31/19** | $12046 | $16087 | $12215 |
| **11/30/19** | $12161 | $16671 | $12327 |
| **12/31/19** | $12335 | $17175 | $12466 |
| **1/31/20** | $12464 | $17168 | $12535 |
| **2/29/20** | $12206 | $15755 | $12279 |
| **3/31/20** | $11152 | $13809 | $11633 |
| **4/30/20** | $11819 | $15579 | $12193 |
| **5/31/20** | $12141 | $16321 | $12431 |
| **6/30/20** | $12399 | $16645 | $12584 |
| **7/31/20** | $12840 | $17584 | $12883 |
| **8/31/20** | $13141 | $18848 | $13043 |
| **9/30/20** | $12947 | $18132 | $12927 |
| **10/31/20** | $12818 | $17650 | $12830 |
| **11/30/20** | $13626 | $19582 | $13358 |
| **12/31/20** | $13983 | $20334 | $13564 |
| **1/31/21** | $13950 | $20129 | $13524 |
| **2/28/21** | $13972 | $20684 | $13531 |
| **3/31/21** | $14032 | $21590 | $13569 |
| **4/30/21** | $14407 | $22742 | $13797 |
| **5/31/21** | $14578 | $22901 | $13884 |
| **6/30/21** | $14720 | $23436 | $13984 |
| **7/31/21** | $14880 | $23993 | $14101 |
| **8/31/21** | $15029 | $24722 | $14195 |
| **9/30/21** | $14669 | $23572 | $13980 |
| **10/31/21** | $14980 | $25224 | $14176 |
| **11/30/21** | $14853 | $25049 | $14089 |
| **12/31/21** | $15161 | $26172 | $14258 |
| **1/31/22** | $14676 | $24817 | $13876 |
| **2/28/22** | $14368 | $24074 | $13728 |
| **3/31/22** | $14321 | $24968 | $13613 |
| **4/30/22** | $13528 | $22791 | $13057 |
| **5/31/22** | $13492 | $22833 | $13102 |
| **6/30/22** | $12747 | $20948 | $12621 |
| **7/31/22** | $13317 | $22879 | $13063 |
| **8/31/22** | $12901 | $21946 | $12760 |
| **9/30/22** | $11946 | $19925 | $12119 |
| **10/31/22** | $12185 | $21538 | $12324 |
| **11/30/22** | $12948 | $22742 | $12821 |
| **12/31/22** | $12660 | $21432 | $12665 |
| **1/31/23** | $13332 | $22778 | $13136 |
| **2/28/23** | $12941 | $22223 | $12901 |
| **3/31/23** | $13241 | $23038 | $13152 |
| **4/30/23** | $13339 | $23398 | $13255 |
| **5/31/23** | $13130 | $23500 | $13127 |
| **6/30/23** | $13459 | $25053 | $13362 |
| **7/31/23** | $13668 | $25857 | $13528 |
| **8/31/23** | $13373 | $25446 | $13366 |
| **9/30/23** | $12893 | $24232 | $13013 |
| **10/31/23** | $12571 | $23723 | $12781 |
| **11/30/23** | $13364 | $25889 | $13472 |
| **12/31/23** | $13976 | $27066 | $13975 |
| **1/31/24** | $13926 | $27520 | $13991 |
| **2/29/24** | $14039 | $28990 | $14080 |
| **3/31/24** | $14285 | $29923 | $14300 |
| **4/30/24** | $13828 | $28700 | $13977 |
| **5/31/24** | $14234 | $30124 | $14304 |
| **6/30/24** | $14388 | $31204 | $14461 |
| **7/31/24** | $14735 | $31584 | $14743 |
| **8/31/24** | $14991 | $32350 | $14976 |
| **9/30/24** | $15290 | $33041 | $15207 |
| **10/31/24** | $14864 | $32742 | $14895 |
| **11/30/24** | $15148 | $34664 | $15140 |
| **12/31/24** | $14733 | $33837 | $14889 |
| **1/31/25** | $15008 | $34780 | $15105 |
| **2/28/25** | $15284 | $34326 | $15272 |
| **3/31/25** | $15061 | $32392 | $15129 |
| **4/30/25** | $15022 | $32172 | $15213 |
| **5/31/25** | $15245 | $34197 | $15435 |
| **6/30/25** | $15680 | $35936 | $15779 |

---

The table below shows the average annual total returns of the Fund, a regulatory index, and one or more supplemental index(es) for certain periods ended June 30, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Class A (excluding sales charge) | 8.97% | 4.81% | 5.20% |
| Class A (including sales charge) | 3.00% | 3.63% | 4.60% |
| S&P 500 Index | 15.16% | 16.64% | 13.65% |
| S&P Target Date Retirement Income Index | 9.12% | 4.63% | 4.67% |

---

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.

**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 an 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 Cumulative Returns graph and Average Annual Total Returns 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 graph. 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. For performance current to the most recent month-end, visit **www.pimco.com/literature** or via **888.87.PIMCO (888.877.4626)**.

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $666921 |
| # of Portfolio Holdings | 23 |
| Portfolio Turnover Rate | 14% |
| Total Net Advisory Fees Paid During the Reporting Period | $49 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Mutual Funds | 34.6% |
| Short-Term Instruments | 0.2% |
| Affiliated Investments | 65.4% |
| Financial Derivative Instruments | (0.1%) |
| Other Assets and Liabilities, Net | (0.1%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

### Top Holdings (% of Net Asset Value)<sup>**Footnote Reference \*\***</sup>

---

| | |
|:---|:---|
| Vanguard Institutional Index Fund 'Institutional Plus' | 22.3% |
| PIMCO Total Return Fund | 18.1% |
| PIMCO Income Fund | 11.4% |
| PIMCO Long-Term Real Return Fund | 9.4% |
| Vanguard Developed Markets Index Fund 'Institutional' | 8.5% |
| PIMCO Long-Term U.S. Government Fund | 8.2% |
| PIMCO Real Return Fund | 6.1% |
| PIMCO Emerging Markets Local Currency and Bond Fund | 3.3% |
| Vanguard Emerging Markets Stock Index Fund 'Institutional' | 3.0% |
| PIMCO International Bond Fund (U.S. Dollar-Hedged) | 2.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*\*</sup> | &nbsp;&nbsp;Short-Term Instruments/Foreign Currency Contracts are not included in Top Holdings table. |

---

## Material Fund Changes
This is a summary of certain changes and planned changes of the Fund since the beginning of the reporting period. For more information, you may refer to the Fund's next prospectus, which we expect to be available by October 31, 2025 or upon request at **888.87.PIMCO (888.877.4626)**.

Change to REALPATH Blend Glide Path. Effective February 28, 2025, the Fund's REALPATH Blend Glide Path, which forms the basis of the Fund's long-term asset allocations, was changed based on data relating to risk metrics, long-term market trends, correlation of asset types and actuarial assumptions of life expectancy and retirement.

Changes to Total Annual Fund Operating Expenses. Annual fund operating expenses increased during the year by 0.11% as a result of the Fund's exposure to fees and expenses related to the Fund's investment in underlying funds.

Reorganization. On January 10, 2025, the PIMCO REALPATH<sup>®</sup> Blend 2025 Fund (the "Target Fund") was reorganized with and into the PIMCO REALPATH<sup>®</sup> Blend Income Fund (the "Acquiring Fund") and holders of the Institutional Class shares of the Target Fund received Institutional Class shares of the Acquiring Fund (the "Reorganization"). As part of the Reorganization, the Acquiring Fund acquired all of the assets and liabilities of the Target Fund.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g946521g31n56.jpg)

# Class A: PBRAX
![Image](g946521g28k42.jpg)

# PIMCO REALPATH<sup>®</sup> Blend Income Fund
Annual Shareholder Report \|

June 30, 2025

PES8012TSRAR_063025

# Institutional Class: PBRNX

# PIMCO REALPATH<sup>®</sup> Blend Income Fund

#### Annual Shareholder Report \| June 30, 2025
![Image](g946521g90b93.jpg)

## Fund Performance
This annual shareholder report contains important information about the PIMCO REALPATH<sup>®</sup> Blend Income Fund (the "Fund") for the period of July 1, 2024 to June 30, 2025 (the "reporting period"). You can find additional information about the Fund at **www.pimco.com/literature**. You can also request this information by contacting us at **888.87.PIMCO (888.877.4626)**.

#### This report describes changes to the Fund that occurred during the reporting period.

## What were the Fund costs for the reporting period?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Class Name** | **Cost of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Institutional Class | $3 | 0.03% |

---

## How did the Fund perform during the reporting period and what affected its performance?
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. core bonds contributed to absolute performance, as U.S. core bonds posted positive returns.

* There were no material detractors from absolute performance for this Fund.

## Fund Performance
In addition to the Fund's performance, the graph and the table in this section include performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) one or more supplemental index(es). Effective July 24, 2024, the Fund's regulatory index is the S&P 500 Index. The Fund's regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance.

The graph below illustrates cumulative returns for the 10-year period ended June 30, 2025 or the life of the Fund, if shorter. Cumulative returns are based on a hypothetical initial investment equal to the greater of either $10,000 or the investment minimum applicable to the share class.

### Cumulative Returns Based on $1,000,000 Investment
![Growth of 10K Chart](g946521g63s00.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **S&P 500 Index** | **S&P Target Date Retirement Income Index** |
| **6/30/15** | $1000000 | $1000000 | $1000000 |
| **7/31/15** | $1007035 | $1020951 | $1007975 |
| **8/31/15** | $976884 | $959353 | $986197 |
| **9/30/15** | $965087 | $935615 | $979058 |
| **10/31/15** | $990246 | $1014539 | $1001505 |
| **11/30/15** | $985214 | $1017556 | $999664 |
| **12/31/15** | $973362 | $1001507 | $990229 |
| **1/31/16** | $964131 | $951808 | $981275 |
| **2/29/16** | $963105 | $950524 | $984942 |
| **3/31/16** | $1003947 | $1015006 | $1011855 |
| **4/30/16** | $1015250 | $1018940 | $1017016 |
| **5/31/16** | $1017305 | $1037239 | $1020083 |
| **6/30/16** | $1033255 | $1039926 | $1030685 |
| **7/31/16** | $1058253 | $1078267 | $1045104 |
| **8/31/16** | $1061378 | $1079781 | $1045453 |
| **9/30/16** | $1066533 | $1079985 | $1047746 |
| **10/31/16** | $1056087 | $1060285 | $1037282 |
| **11/30/16** | $1048775 | $1099552 | $1031652 |
| **12/31/16** | $1059943 | $1121286 | $1039825 |
| **1/31/17** | $1075826 | $1142553 | $1048176 |
| **2/28/17** | $1094886 | $1187919 | $1060251 |
| **3/31/17** | $1098529 | $1189305 | $1062720 |
| **4/30/17** | $1109143 | $1201519 | $1071565 |
| **5/31/17** | $1121880 | $1218428 | $1079987 |
| **6/30/17** | $1124731 | $1226033 | $1081695 |
| **7/31/17** | $1141805 | $1251243 | $1092418 |
| **8/31/17** | $1150342 | $1255074 | $1097012 |
| **9/30/17** | $1158401 | $1280963 | $1103971 |
| **10/31/17** | $1170188 | $1310855 | $1111939 |
| **11/30/17** | $1181976 | $1351059 | $1120932 |
| **12/31/17** | $1195032 | $1366081 | $1128646 |
| **1/31/18** | $1217764 | $1444294 | $1142139 |
| **2/28/18** | $1188538 | $1391062 | $1122217 |
| **3/31/18** | $1187455 | $1355710 | $1119613 |
| **4/30/18** | $1184208 | $1360912 | $1119708 |
| **5/31/18** | $1187455 | $1393686 | $1127778 |
| **6/30/18** | $1186797 | $1402264 | $1127413 |
| **7/31/18** | $1199839 | $1454447 | $1138286 |
| **8/31/18** | $1203099 | $1501841 | $1147328 |
| **9/30/18** | $1201256 | $1510389 | $1144878 |
| **10/31/18** | $1161906 | $1407154 | $1111471 |
| **11/30/18** | $1171744 | $1435829 | $1120708 |
| **12/31/18** | $1145491 | $1306187 | $1099980 |
| **1/31/19** | $1194282 | $1410859 | $1135902 |
| **2/28/19** | $1206480 | $1456159 | $1147134 |
| **3/31/19** | $1226249 | $1484455 | $1161269 |
| **4/30/19** | $1241842 | $1544560 | $1175165 |
| **5/31/19** | $1229590 | $1446406 | $1161045 |
| **6/30/19** | $1266305 | $1548343 | $1194120 |
| **7/31/19** | $1270795 | $1570597 | $1198234 |
| **8/31/19** | $1284266 | $1545718 | $1203762 |
| **9/30/19** | $1290006 | $1574639 | $1209710 |
| **10/31/19** | $1302443 | $1608745 | $1221494 |
| **11/30/19** | $1316010 | $1667141 | $1232739 |
| **12/31/19** | $1334244 | $1717458 | $1246612 |
| **1/31/20** | $1349314 | $1716785 | $1253541 |
| **2/29/20** | $1321493 | $1575461 | $1227935 |
| **3/31/20** | $1207422 | $1380871 | $1163253 |
| **4/30/20** | $1281654 | $1557890 | $1219299 |
| **5/31/20** | $1317610 | $1632089 | $1243076 |
| **6/30/20** | $1344299 | $1664547 | $1258433 |
| **7/31/20** | $1393056 | $1758403 | $1288254 |
| **8/31/20** | $1426722 | $1884798 | $1304316 |
| **9/30/20** | $1406884 | $1813182 | $1292749 |
| **10/31/20** | $1392920 | $1764962 | $1283024 |
| **11/30/20** | $1481359 | $1958162 | $1335807 |
| **12/31/20** | $1520534 | $2033450 | $1356446 |
| **1/31/21** | $1518113 | $2012921 | $1352388 |
| **2/28/21** | $1520534 | $2068427 | $1353074 |
| **3/31/21** | $1528585 | $2159015 | $1356871 |
| **4/30/21** | $1570397 | $2274239 | $1379685 |
| **5/31/21** | $1588843 | $2290123 | $1388363 |
| **6/30/21** | $1604756 | $2343585 | $1398392 |
| **7/31/21** | $1623387 | $2399257 | $1410066 |
| **8/31/21** | $1640776 | $2472208 | $1419545 |
| **9/30/21** | $1601784 | $2357226 | $1398000 |
| **10/31/21** | $1636741 | $2522377 | $1417607 |
| **11/30/21** | $1623008 | $2504900 | $1408862 |
| **12/31/21** | $1657198 | $2617160 | $1425755 |
| **1/31/22** | $1604527 | $2481730 | $1387600 |
| **2/28/22** | $1572411 | $2407423 | $1372798 |
| **3/31/22** | $1567144 | $2496810 | $1361263 |
| **4/30/22** | $1479724 | $2279083 | $1305674 |
| **5/31/22** | $1477152 | $2283265 | $1310217 |
| **6/30/22** | $1396504 | $2094795 | $1262075 |
| **7/31/22** | $1459805 | $2287945 | $1306345 |
| **8/31/22** | $1414590 | $2194638 | $1276040 |
| **9/30/22** | $1310453 | $1992515 | $1211926 |
| **10/31/22** | $1336428 | $2153832 | $1232430 |
| **11/30/22** | $1420848 | $2274196 | $1282052 |
| **12/31/22** | $1390381 | $2143170 | $1266455 |
| **1/31/23** | $1464890 | $2277834 | $1313615 |
| **2/28/23** | $1422314 | $2222257 | $1290149 |
| **3/31/23** | $1456238 | $2303845 | $1315250 |
| **4/30/23** | $1466966 | $2339805 | $1325457 |
| **5/31/23** | $1444170 | $2349975 | $1312714 |
| **6/30/23** | $1480371 | $2505250 | $1336159 |
| **7/31/23** | $1504596 | $2585731 | $1352788 |
| **8/31/23** | $1473642 | $2544562 | $1336562 |
| **9/30/23** | $1421172 | $2423243 | $1301321 |
| **10/31/23** | $1385947 | $2372291 | $1278098 |
| **11/30/23** | $1474009 | $2588941 | $1347238 |
| **12/31/23** | $1541581 | $2706559 | $1397473 |
| **1/31/24** | $1537448 | $2752040 | $1399055 |
| **2/29/24** | $1549846 | $2898987 | $1408006 |
| **3/31/24** | $1578183 | $2992260 | $1429992 |
| **4/30/24** | $1526826 | $2870043 | $1397667 |
| **5/31/24** | $1574019 | $3012353 | $1430377 |
| **6/30/24** | $1589928 | $3120443 | $1446051 |
| **7/31/24** | $1629324 | $3158426 | $1474294 |
| **8/31/24** | $1658871 | $3235039 | $1497583 |
| **9/30/24** | $1693062 | $3304130 | $1520673 |
| **10/31/24** | $1646308 | $3274166 | $1489524 |
| **11/30/24** | $1677477 | $3466363 | $1513979 |
| **12/31/24** | $1632811 | $3383732 | $1488881 |
| **1/31/25** | $1664516 | $3477960 | $1510465 |
| **2/28/25** | $1694780 | $3432579 | $1527151 |
| **3/31/25** | $1671824 | $3239172 | $1512905 |
| **4/30/25** | $1667482 | $3217208 | $1521340 |
| **5/31/25** | $1692089 | $3419714 | $1543466 |
| **6/30/25** | $1741700 | $3593616 | $1577862 |

---

The table below shows the average annual total returns of the Fund, a regulatory index, and one or more supplemental index(es) for certain periods ended June 30, 2025.

## Average Annual Total Returns (%)

---

| | | | |
|:---|:---|:---|:---|
| **Class/Index Name** | **1 Year** | **5 Years** | **10 Years** |
| Institutional Class | 9.55% | 5.32% | 5.71% |
| S&P 500 Index | 15.16% | 16.64% | 13.65% |
| S&P Target Date Retirement Income Index | 9.12% | 4.63% | 4.67% |

---

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.

**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 an 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. For performance current to the most recent month-end, visit **www.pimco.com/literature** or via **888.87.PIMCO (888.877.4626)**.

## Key Fund Statistics<sup>**Footnote Reference †**</sup> (as of the end of the reporting period)

---

| | |
|:---|:---|
| Total Net Assets | $666921 |
| # of Portfolio Holdings | 23 |
| Portfolio Turnover Rate | 14% |
| Total Net Advisory Fees Paid During the Reporting Period | $49 |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>†</sup> | &nbsp;&nbsp;Dollar amounts displayed in 000's |

---

## What did the Fund invest in?

### Security Type Breakdown (% of Net Asset Value)<sup>**Footnote Reference \***</sup>

---

| | |
|:---|:---|
| Mutual Funds | 34.6% |
| Short-Term Instruments | 0.2% |
| Affiliated Investments | 65.4% |
| Financial Derivative Instruments | (0.1%) |
| Other Assets and Liabilities, Net | (0.1%) |
| Total | 100.0% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*</sup> | &nbsp;&nbsp;% of Net Asset Value includes derivatives instruments, if any, valued at the value used for determining the Fund's net asset value. The notional exposure of such derivatives investments therefore may be greater than what is depicted. |

---

### Top Holdings (% of Net Asset Value)<sup>**Footnote Reference \*\***</sup>

---

| | |
|:---|:---|
| Vanguard Institutional Index Fund 'Institutional Plus' | 22.3% |
| PIMCO Total Return Fund | 18.1% |
| PIMCO Income Fund | 11.4% |
| PIMCO Long-Term Real Return Fund | 9.4% |
| Vanguard Developed Markets Index Fund 'Institutional' | 8.5% |
| PIMCO Long-Term U.S. Government Fund | 8.2% |
| PIMCO Real Return Fund | 6.1% |
| PIMCO Emerging Markets Local Currency and Bond Fund | 3.3% |
| Vanguard Emerging Markets Stock Index Fund 'Institutional' | 3.0% |
| PIMCO International Bond Fund (U.S. Dollar-Hedged) | 2.9% |

---

---

| | |
|:---|:---|
| Footnote | Description |
| &nbsp;&nbsp;Footnote<sup>\*\*</sup> | &nbsp;&nbsp;Short-Term Instruments/Foreign Currency Contracts are not included in Top Holdings table. |

---

## Material Fund Changes
This is a summary of certain changes and planned changes of the Fund since the beginning of the reporting period. For more information, you may refer to the Fund's next prospectus, which we expect to be available by October 31, 2025 or upon request at **888.87.PIMCO (888.877.4626)**.

Change to REALPATH Blend Glide Path. Effective February 28, 2025, the Fund's REALPATH Blend Glide Path, which forms the basis of the Fund's long-term asset allocations, was changed based on data relating to risk metrics, long-term market trends, correlation of asset types and actuarial assumptions of life expectancy and retirement.

Changes to Total Annual Fund Operating Expenses. Annual fund operating expenses increased during the year by 0.11% as a result of the Fund's exposure to fees and expenses related to the Fund's investment in underlying funds.

Reorganization. On January 10, 2025, the PIMCO REALPATH<sup>®</sup> Blend 2025 Fund (the "Target Fund") was reorganized with and into the PIMCO REALPATH<sup>®</sup> Blend Income Fund (the "Acquiring Fund") and holders of the Institutional Class shares of the Target Fund received Institutional Class shares of the Acquiring Fund (the "Reorganization"). As part of the Reorganization, the Acquiring Fund acquired all of the assets and liabilities of the Target Fund.

## Additional Information
For additional information about the Fund, including the Fund's prospectus, financial information, holdings and proxy voting information, please visit **www.pimco.com/literature** or contact **888.87.PIMCO (888.877.4626).** For tax information about the Fund, please visit: **www.pimco.com/tax.**![An image of a QR code that, when scanned, navigates the user to the following URL: http://www.pimco.com/literature](g946521g31n56.jpg)

# Institutional Class: PBRNX
![Image](g946521g28k42.jpg)

# PIMCO REALPATH<sup>®</sup> Blend Income Fund
Annual Shareholder Report \|

June 30, 2025

PES2119TSRAR_063025

------

**Item 2.** **Code of Ethics.** <br>

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.** <br>

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.** <br>

---

| | | |
|:---|:---|:---|
| (a) | <u>Fiscal Year Ended</u> | <u>Audit Fees</u> |
|  | June 30, 2025 | $813623 |
|  | June 30, 2024 | $766978 |
| (b) | <u>Fiscal Year Ended</u> | <u>Audit-Related Fees</u> |
|  | June 30, 2025 | $16600 |
|  | June 30, 2024 | $— |
| (c) | <u>Fiscal Year Ended</u> | <u>Tax Fees</u> |
|  | June 30, 2025 | $5200 |
|  | June 30, 2024 | $110292 |
| (d) | <u>Fiscal Year Ended</u> | <u>All Other Fees<sup>(1)</sup></u> |
|  | June 30, 2025 | $— |
|  | June 30, 2024 | $— |

---

"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.

<sup>(1)</sup> There were no "All Other Fees" for the last two fiscal years.

(e) Pre-approval policies and procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 | Aggregate Non-Audit Fees Billed to Entity |
| Entity | June 30, 2025 | June 30, 2024 |
|  PIMCO Equity Series | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21800 | $110292 |
|  Pacific Investment Management Company LLC ("PIMCO") | 37929836 | 23072979 |
|  Totals | $37951636 | $23183271 |

---

(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.** <br>

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:

Michael J. Berchtold

Jennifer Holden Dunbar

Kym M. Hubbard

Gary F. Kennedy Anne K. Kratky Steven Lipiner

Peter B. McCarthy (Chair)

Ronald C. Parker

**Item 6.** **Investments.** <br>

The information required by this Item 6 is included as part of the annual Financial Statements and Financial Highlights filed under Item 7(a) of this Form N-CSR.

**Item 7.** **Financial Statements and Financial Highlights for Open-End Management Investment Companies.** <br>

(a) The following is a copy of the report(s) of the Funds' Financial Statements and Financial Highlights.

PIMCO Equity Series

Equity Exchange-Traded Funds

REALPATH <sup>®</sup> Blend Funds

(b) Not applicable.

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![LOGO](g946806g13e39.jpg)

PIMCO EQUITY SERIES<sup>®</sup>

## Annual Financial and Other Information
June 30, 2025

#### PIMCO Equity Series
PIMCO Dividend and Income Fund

PIMCO RAE Emerging Markets Fund

PIMCO RAE Global ex-US Fund

PIMCO RAE International Fund

PIMCO RAE US Fund

PIMCO RAE US Small Fund

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#### **Table of Contents**

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| | |
|:---|:---|
|  | Page |
| &nbsp;&nbsp; [Important Information About the Funds](#tx946806_1) | 2 |
| &nbsp;&nbsp; [Financial Highlights (N-CSR Item 7)](#tx946806_2) | 6 |
| &nbsp;&nbsp; [Statements of Assets and Liabilities (N-CSR Item 7)](#tx946806_3) | 12 |
| &nbsp;&nbsp; [Statements of Operations (N-CSR Item 7)](#tx946806_4) | 14 |
| &nbsp;&nbsp; [Statements of Changes in Net Assets (N-CSR Item 7)](#tx946806_5) | 16 |
| &nbsp;&nbsp; [Notes to Financial Statements (N-CSR Item 7)](#tx946806_6) | 63 |
| &nbsp;&nbsp; [Remuneration Paid to Directors, Officers and Others (N-CSR Item 10)](#tx946806_7) | 85 |
| &nbsp;&nbsp; [Report of Independent Registered Public Accounting Firm (N-CSR Item 7)](#tx946806_7a) | 91 |
| &nbsp;&nbsp; [Glossary](#tx946806_8) | 92 |
| &nbsp;&nbsp; [Distribution Information](#tx946806_9) | 93 |
| &nbsp;&nbsp; [Federal Income Tax Information](#tx946806_9a) | 94 |
| &nbsp;&nbsp; [Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8)](#tx946806_10) | 95 |
| &nbsp;&nbsp; [Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9)](#tx946806_11) | 96 |
| &nbsp;&nbsp; [Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11)](#tx946806_12) | 97 |
| Fund | Schedule of<br>Investments<br>(N-CSR Item 6) |
| &nbsp;&nbsp; [PIMCO Dividend and Income Fund](#tx946806_18) | 18 |
| &nbsp;&nbsp; [PIMCO RAE Emerging Markets Fund](#tx946806_19) | 41 |
| &nbsp;&nbsp; [PIMCO RAE Global ex-US Fund](#tx946806_20) | 48 |
| &nbsp;&nbsp; [PIMCO RAE International Fund](#tx946806_21) | 49 |
| &nbsp;&nbsp; [PIMCO RAE US Fund](#tx946806_22) | 55 |
| &nbsp;&nbsp; [PIMCO RAE US Small Fund](#tx946806_23) | 58 |

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This material is authorized for use only when preceded or accompanied by the current PIMCO Equity Series prospectus.

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Important Information About the Funds

PIMCO Equity Series (the "Trust") is an open-end management investment company that includes PIMCO Dividend and Income Fund, 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 PIMCO RAE International Fund ("International Fund") and the PIMCO RAE Emerging Markets Fund ("Emerging Markets Fund") (together referred to as the "RAE Underlying Funds"), 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, as amended (the "Act") (together with the RAE Underlying Funds, "RAE Acquired Funds"). The cost of investing in these Funds will generally be higher than the cost of investing in a mutual fund that only invests directly in individual stocks and bonds.

The value of equity securities, such as common stocks and preferred securities, has 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 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. All Funds are 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 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, including the United States' enforcement of sanctions or other similar measures on various Russian entities and persons, and the Russian government's response, have had and may continue to have an adverse effect on the Russian, Belarusian and other securities, instruments 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.

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| | |
|:---|:---|
| **2** | **PIMCO EQUITY SERIES** |

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The United States' enforcement of restrictions on U.S. investments in certain issuers and tariffs on goods from certain other countries has contributed to and may continue to contribute to international trade tensions and may impact portfolio securities (and/or portfolio securities of RAE Underlying PIMCO Funds or RAE Acquired Funds, as applicable or of Underlying PIMCO Funds or Acquired Funds, as applicable). The U.S. government has indicated an intent to alter its approach to international trade policy, including in some cases renegotiating, modifying or terminating certain bilateral or multi-lateral trade arrangements with foreign countries, and it has proposed to take and/or taken related actions, including the imposition of or stated potential imposition of a broad range of tariffs. The imposition of tariffs, trade restrictions, currency restrictions or similar actions (or retaliatory measures taken in response) could lead to, for example, price volatility, reduced market sentiment, and changes in inflation expectations. These and other geopolitical events may contribute to increased instability in the U.S. and global economies and markets, which may have an adverse effect on the performance of the Funds and their investments.

U.S. and global markets have experienced increased volatility, including as a result of the failures of certain U.S. and non-U.S. banks in 2023, 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, 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. Potential impacts to the Funds and issuers resulting from changes in the banking sector, market conditions and 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.

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:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Fund Name | Fund<br>Inception | Institutional<br>Class | I-2 | I-3 | Class A | Class C | Diversification<br>Status |
|  PIMCO Dividend and Income Fund | 12/14/11 | 12/14/11 | 12/14/11 | – | 12/14/11 | 12/14/11 | Diversified |
|  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 |

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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

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| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025<sub>3</sub> |

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Important Information About the Funds (Cont.)

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 the Funds. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of each Fund, and information about how each Fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at (888) 87-PIMCO, on the Funds' 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. In August 2024, the SEC adopted amendments to Form N-PORT requiring funds to file Form N-PORT reports on a monthly basis and within 30 days of month end, with each report being made public

60 days after month end. On April 16, 2025, the SEC extended the compliance date for Form N-PORT amendments and fund groups with $1 billion or more in net assets will be required to comply with the amendments for reports filed on or after November 17, 2027.

Paper copies of the Funds' shareholder reports are required to be provided free of charge by the Fund or financial intermediary upon request.

In September 2023, the SEC adopted amendments to Rule 35d-1 under the Act, the rule governing fund naming conventions (the "Names Rule"). In general, the Names 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 amendments expand the scope of the current rule to include any term used in a fund name that suggests the fund makes investments that have, or whose issuers have, particular characteristics. Additionally, the amendments modify the circumstances under which a fund may deviate from its 80% investment policy and address the calculation methodology of derivatives instruments for purposes of the rule. Changes to a fund's calculation methodology for derivatives instruments for purposes of Rule 35d-1 consistent with such amendments and applicable regulatory interpretations thereof will not constitute a change to a fund's policy adopted pursuant to Rule 35d-1 and will not require notice or shareholder approval. The amendments became effective on December 11, 2023. On March 14, 2025, the SEC extended the compliance date from December 11, 2025 to June 11, 2026 for fund groups with $1 billion or more in net assets and modified the operation of the compliance dates to allow for compliance based on the timing of certain annual disclosure and reporting obligations that are tied to a fund's fiscal year-end.

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| | |
|:---|:---|
| **4** | **PIMCO EQUITY SERIES** |

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| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025<sub>5</sub> |

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Financial Highlights

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year or Period Ended^**:** | **<br>Net Asset Value<br>Beginning of<br>Year or<br>Period<sup>(a)</sup>** | **Net Investment<br>Income (Loss)<sup>(b)</sup>** | **Net Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital Gains** | **Total** |
|  **PIMCO Dividend and Income Fund** |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2025 | $12.35 | $0.55 | $1.25 | $1.80 | $(0.67) | $0.00 | $(0.67) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2024 | 11.57 | 0.48 | 0.92 | 1.40 | (0.62) | 0.00 | (0.62) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2023 | 11.35 | 0.46 | 0.51 | 0.97 | (0.75) | 0.00 | (0.75) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2022 | 12.72 | 0.47 | (1.42) | (0.95) | (0.42) | 0.00 | (0.42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2021 | 9.71 | 0.44 | 3.03 | 3.47 | (0.46) | 0.00 | (0.46) |
| I-2 |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2025 | 12.37 | 0.54 | 1.25 | 1.79 | (0.65) | 0.00 | (0.65) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2024 | 11.59 | 0.47 | 0.92 | 1.39 | (0.61) | 0.00 | (0.61) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2023 | 11.37 | 0.45 | 0.50 | 0.95 | (0.73) | 0.00 | (0.73) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2022 | 12.74 | 0.48 | (1.44) | (0.96) | (0.41) | 0.00 | (0.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2021 | 9.72 | 0.41 | 3.06 | 3.47 | (0.45) | 0.00 | (0.45) |
| Class A |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2025 | 12.32 | 0.50 | 1.24 | 1.74 | (0.62) | 0.00 | (0.62) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2024 | 11.54 | 0.44 | 0.92 | 1.36 | (0.58) | 0.00 | (0.58) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2023 | 11.33 | 0.42 | 0.50 | 0.92 | (0.71) | 0.00 | (0.71) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2022 | 12.71 | 0.43 | (1.42) | (0.99) | (0.39) | 0.00 | (0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2021 | 9.70 | 0.39 | 3.04 | 3.43 | (0.42) | 0.00 | (0.42) |
| Class C |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2025 | 12.30 | 0.40 | 1.25 | 1.65 | (0.53) | 0.00 | (0.53) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2024 | 11.53 | 0.35 | 0.91 | 1.26 | (0.49) | 0.00 | (0.49) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2023 | 11.32 | 0.33 | 0.51 | 0.84 | (0.63) | 0.00 | (0.63) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2022 | 12.72 | 0.34 | (1.43) | (1.09) | (0.31) | 0.00 | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2021 | 9.70 | 0.27 | 3.07 | 3.34 | (0.32) | 0.00 | (0.32) |
|  **PIMCO RAE Emerging Markets Fund** |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2025 | $11.04 | $0.59 | $0.49 | $1.08 | $(0.55) | $(0.10) | $(0.65) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2024 | 9.43 | 0.38 | 1.64 | 2.02 | (0.41) | 0.00 | (0.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2023 | 8.85 | 0.42 | 1.13 | 1.55 | (0.05) | (0.92) | (0.97) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2022 | 12.02 | 0.55 | (2.76) | (2.21) | (0.96) | 0.00 | (0.96) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2021 | 7.83 | 0.27 | 4.09 | 4.36 | (0.17) | 0.00 | (0.17) |
| I-2 |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2025 | 10.95 | 0.58 | 0.48 | 1.06 | (0.55) | (0.10) | (0.65) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2024 | 9.36 | 0.37 | 1.62 | 1.99 | (0.40) | 0.00 | (0.40) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2023 | 8.80 | 0.41 | 1.11 | 1.52 | (0.04) | (0.92) | (0.96) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2022 | 11.97 | 0.50 | (2.71) | (2.21) | (0.96) | 0.00 | (0.96) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2021 | 7.80 | 0.30 | 4.03 | 4.33 | (0.16) | 0.00 | (0.16) |
| Class A |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2025 | 10.78 | 0.49 | 0.52 | 1.01 | (0.54) | (0.10) | (0.64) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2024 | 9.23 | 0.33 | 1.61 | 1.94 | (0.39) | 0.00 | (0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2023 | 8.70 | 0.41 | 1.07 | 1.48 | (0.03) | (0.92) | (0.95) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2022 | 11.86 | 0.47 | (2.68) | (2.21) | (0.95) | 0.00 | (0.95) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2021 | 7.75 | 0.23 | 4.03 | 4.26 | (0.15) | 0.00 | (0.15) |
|  **PIMCO RAE Global ex-US Fund** |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2025 | $9.59 | $0.43 | $1.15 | $1.58 | $(0.48) | $(0.12) | $(0.60) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2024 | 9.35 | 0.57 | 0.52 | 1.09 | (0.48) | (0.37) | (0.85) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2023 | 8.78 | 0.17 | 1.15 | 1.32 | (0.15) | (0.60) | (0.75) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2022 | 11.65 | 1.15 | (2.80) | (1.65) | (1.22) | 0.00 | (1.22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2021 | 8.20 | 0.21 | 3.45 | 3.66 | (0.21) | 0.00 | (0.21) |
| I-2 |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2025 | 9.60 | 0.34 | 1.23 | 1.57 | (0.48) | (0.12) | (0.60) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2024 | 9.37 | 0.58 | 0.50 | 1.08 | (0.48) | (0.37) | (0.85) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2023 | 8.80 | 0.16 | 1.16 | 1.32 | (0.15) | (0.60) | (0.75) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2022 | 11.67 | 1.39 | (3.04) | (1.65) | (1.22) | 0.00 | (1.22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2021 | 8.18 | 0.02 | 3.63 | 3.65 | (0.16) | 0.00 | (0.16) |

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| | | |
|:---|:---|:---|
| **6** | **PIMCO EQUITY SERIES** | See Accompanying Notes |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | |
| **Net Asset<br>Value End of<br>Year or<br>Period<sup>(a)</sup>** | **Total Return<sup>(d)</sup>** | **Net Assets<br>End of Year or<br>Period (000s)** | **Expenses** | **Expenses<br>Excluding<br>Waivers** | **Expenses<br>Excluding<br>Interest<br>Expense** | **Expenses<br>Excluding<br>Interest<br>Expense and<br>Waivers** | **Net<br>Investment<br>Income (Loss)** | **Portfolio<br>Turnover<br>Rate** |
| $13.48 | 14.90% | $21512 | 0.92% | 0.93% | 0.69% | 0.70% | 4.24% | 436% |
| 12.35 | 12.38 | 14161 | 0.82 | 0.83 | 0.71 | 0.72 | 4.02 | 408 |
| 11.57 | 8.81 | 18032 | 0.75 | 0.76 | 0.69 | 0.70 | 4.05 | 344 |
| 11.35 | (7.76) | 12660 | 0.71 <sup>(f)(g)</sup> | 0.72 <sup>(f)(g)</sup> | 0.71 <sup>(f)(g)</sup> | 0.72 <sup>(f)(g)</sup> | 3.80 | 254 |
| 12.72 | 36.27 | 32512 | 0.79 <sup>(h)</sup> | 0.80 <sup>(h)</sup> | 0.77 <sup>(h)</sup> | 0.78 <sup>(h)</sup> | 3.79 | 218 |
| 13.51 | 14.86 | 24161 | 1.02 | 1.03 | 0.79 | 0.80 | 4.15 | 436 |
| 12.37 | 12.27 | 17267 | 0.92 | 0.93 | 0.81 | 0.82 | 3.97 | 408 |
| 11.59 | 8.68 | 15876 | 0.85 | 0.86 | 0.79 | 0.80 | 3.88 | 344 |
| 11.37 | (7.78) | 17950 | 0.81 <sup>(f)(i)</sup> | 0.82 <sup>(f)(i)</sup> | 0.81 <sup>(f)(i)</sup> | 0.82 <sup>(f)(i)</sup> | 3.83 | 254 |
| 12.74 | 36.19 | 19919 | 0.89 <sup>(h)</sup> | 0.90 <sup>(h)</sup> | 0.87 <sup>(h)</sup> | 0.88 <sup>(h)</sup> | 3.64 | 218 |
| 13.44 | 14.47 | 141811 | 1.27 | 1.28 | 1.04 | 1.05 | 3.87 | 436 |
| 12.32 | 12.06 | 129723 | 1.17 | 1.18 | 1.06 | 1.07 | 3.72 | 408 |
| 11.54 | 8.37 | 122269 | 1.10 | 1.11 | 1.04 | 1.05 | 3.65 | 344 |
| 11.33 | (8.08) | 120215 | 1.06 <sup>(f)(i)</sup> | 1.07 <sup>(f)(i)</sup> | 1.06 <sup>(f)(i)</sup> | 1.07 <sup>(f)(i)</sup> | 3.47 | 254 |
| 12.71 | 35.89 | 136346 | 1.14 <sup>(h)</sup> | 1.15 <sup>(h)</sup> | 1.12 <sup>(h)</sup> | 1.13 <sup>(h)</sup> | 3.41 | 218 |
| 13.42 | 13.68 | 9682 | 2.02 | 2.03 | 1.79 | 1.80 | 3.11 | 436 |
| 12.30 | 11.16 | 10259 | 1.92 | 1.93 | 1.81 | 1.82 | 2.95 | 408 |
| 11.53 | 7.63 | 13403 | 1.85 | 1.86 | 1.79 | 1.80 | 2.88 | 344 |
| 11.32 | (8.76) | 15021 | 1.81 <sup>(f)(i)</sup> | 1.82 <sup>(f)(i)</sup> | 1.81 <sup>(f)(i)</sup> | 1.82 <sup>(f)(i)</sup> | 2.73 | 254 |
| 12.72 | 34.82 | 18882 | 1.89 <sup>(h)</sup> | 1.90 <sup>(h)</sup> | 1.87 <sup>(h)</sup> | 1.88 <sup>(h)</sup> | 2.52 | 218 |
| $11.47 | 10.49% | $2077645 | 0.75% | 0.76% | 0.75% | 0.76% | 5.48% | 48% |
| 11.04 | 21.91 | 1626359 | 0.77 | 0.78 | 0.75 | 0.76 | 3.77 | 67 |
| 9.43 | 18.81 | 1262012 | 0.76 | 0.77 | 0.75 | 0.76 | 4.72 | 65 |
| 8.85 | (19.72) | 1247735 | 0.76 | 0.77 | 0.75 | 0.76 | 5.13 | 109 |
| 12.02 | 56.09 | 1716375 | 0.79 <sup>(j)</sup> | 0.85 <sup>(j)</sup> | 0.78 <sup>(j)</sup> | 0.84 <sup>(j)</sup> | 2.66 | 79 |
| 11.36 | 10.33 | 245867 | 0.85 | 0.86 | 0.85 | 0.86 | 5.41 | 48 |
| 10.95 | 21.83 | 189683 | 0.87 | 0.88 | 0.85 | 0.86 | 3.72 | 67 |
| 9.36 | 18.62 | 95565 | 0.86 | 0.87 | 0.85 | 0.86 | 4.55 | 65 |
| 8.80 | (19.78) | 69156 | 0.86 | 0.87 | 0.85 | 0.86 | 4.73 | 109 |
| 11.97 | 55.95 | 59609 | 0.89 <sup>(k)</sup> | 0.95 <sup>(k)</sup> | 0.88 <sup>(k)</sup> | 0.94 <sup>(k)</sup> | 2.71 | 79 |
| 11.15 | 10.05 | 36987 | 1.10 | 1.11 | 1.10 | 1.11 | 4.69 | 48 |
| 10.78 | 21.59 | 29125 | 1.12 | 1.13 | 1.10 | 1.11 | 3.34 | 67 |
| 9.23 | 18.35 | 25955 | 1.11 | 1.12 | 1.10 | 1.11 | 4.63 | 65 |
| 8.70 | (19.97) | 12611 | 1.11 | 1.12 | 1.10 | 1.11 | 4.43 | 109 |
| 11.86 | 55.42 | 15798 | 1.14 <sup>(k)</sup> | 1.20 <sup>(k)</sup> | 1.13 <sup>(k)</sup> | 1.19 <sup>(k)</sup> | 2.24 | 79 |
| $10.57 | 17.54% | $96986 | 0.00% | 0.55% | 0.00% | 0.55% | 4.42% | 12% |
| 9.59 | 12.18 | 90712 | 0.00 | 0.55 | 0.00 | 0.55 | 6.07 | 10 |
| 9.35 | 15.90 | 76470 | 0.00 | 0.56 | 0.00 | 0.56 | 1.86 | 14 |
| 8.78 | (15.58) | 69094 | 0.00 | 0.56 | 0.00 | 0.56 | 10.87 | 7 |
| 11.65 | 44.96 | 80502 | 0.02 <sup>(l)</sup> | 0.63 <sup>(l)</sup> | 0.02 <sup>(l)</sup> | 0.63 <sup>(l)</sup> | 2.08 | 18 |
| 10.57 | 17.39 | 108 | 0.10 | 0.65 | 0.10 | 0.65 | 3.42 | 12 |
| 9.60 | 11.99 | 114 | 0.10 | 0.65 | 0.10 | 0.65 | 6.19 | 10 |
| 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 <sup>(j)</sup> | 0.73 <sup>(j)</sup> | 0.12 <sup>(j)</sup> | 0.73 <sup>(j)</sup> | 0.18 | 18 |

---

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| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025<sub>7</sub> |

---

------

Financial Highlights (Cont.)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year or Period Ended^**:** | **<br>Net Asset Value<br>Beginning of<br>Year or<br>Period<sup>(a)</sup>** | **Net Investment<br>Income (Loss)<sup>(b)</sup>** | **Net Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital Gains** | **Total** |
|  **PIMCO RAE Global ex-US Fund (Cont.)** |  |  |  |  |  |  |  |
| Class A |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2025 | $9.34 | $0.39 | $1.13 | $1.52 | $(0.47) | $(0.12) | $(0.59) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2024 | 9.15 | 0.50 | 0.53 | 1.03 | (0.47) | (0.37) | (0.84) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2023 | 8.62 | 0.15 | 1.12 | 1.27 | (0.14) | (0.60) | (0.74) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2022 | 11.48 | 1.08 | (2.74) | (1.66) | (1.20) | 0.00 | (1.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2021 | 8.10 | 0.18 | 3.39 | 3.57 | (0.19) | 0.00 | (0.19) |
|  **PIMCO RAE International Fund** |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2025 | $8.01 | $0.33 | $1.16 | $1.49 | $(0.25) | $(0.48) | $(0.73) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2024 | 8.09 | 0.27 | 0.44 | 0.71 | (0.47) | (0.32) | (0.79) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2023 | 7.55 | 0.25 | 0.82 | 1.07 | (0.17) | (0.36) | (0.53) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2022 | 11.23 | 0.36 | (1.69) | (1.33) | (0.46) | (1.89) | (2.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2021 | 8.11 | 0.27 | 3.08 | 3.35 | (0.23) | 0.00 | (0.23) |
| I-2 |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2025 | 7.96 | 0.33 | 1.14 | 1.47 | (0.25) | (0.48) | (0.73) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2024 | 8.04 | 0.24 | 0.47 | 0.71 | (0.47) | (0.32) | (0.79) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2023 | 7.51 | 0.26 | 0.80 | 1.06 | (0.17) | (0.36) | (0.53) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2022 | 11.17 | 0.35 | (1.69) | (1.34) | (0.43) | (1.89) | (2.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2021 | 8.07 | 0.40 | 2.92 | 3.32 | (0.22) | 0.00 | (0.22) |
| Class A |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2025 | 7.80 | 0.27 | 1.15 | 1.42 | (0.22) | (0.48) | (0.70) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2024 | 7.90 | 0.23 | 0.45 | 0.68 | (0.46) | (0.32) | (0.78) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2023 | 7.39 | 0.19 | 0.82 | 1.01 | (0.14) | (0.36) | (0.50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2022 | 11.06 | 0.32 | (1.66) | (1.34) | (0.44) | (1.89) | (2.33) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2021 | 8.01 | 0.30 | 2.96 | 3.26 | (0.21) | 0.00 | (0.21) |
|  **PIMCO RAE US Fund** |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2025 | $14.57 | $0.27 | $0.66 | $0.93 | $(0.25) | $(1.38) | $(1.63) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2024 | 12.66 | 0.25 | 2.55 | 2.80 | (0.40) | (0.49) | (0.89) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2023 | 11.81 | 0.29 | 1.53 | 1.82 | (0.14) | (0.83) | (0.97) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2022 | 14.03 | 0.26 | (1.13) | (0.87) | (0.17) | (1.18) | (1.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2021 | 9.72 | 0.25 | 4.44 | 4.69 | (0.28) | (0.10) | (0.38) |
| I-2 |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2025 | 14.43 | 0.25 | 0.66 | 0.91 | (0.24) | (1.38) | (1.62) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2024 | 12.55 | 0.23 | 2.54 | 2.77 | (0.40) | (0.49) | (0.89) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2023 | 11.72 | 0.28 | 1.52 | 1.80 | (0.14) | (0.83) | (0.97) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2022 | 13.94 | 0.25 | (1.13) | (0.88) | (0.16) | (1.18) | (1.34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2021 | 9.67 | 0.23 | 4.41 | 4.64 | (0.27) | (0.10) | (0.37) |
| Class A |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2025 | 14.09 | 0.20 | 0.64 | 0.84 | (0.22) | (1.38) | (1.60) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2024 | 12.29 | 0.19 | 2.48 | 2.67 | (0.38) | (0.49) | (0.87) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2023 | 11.52 | 0.23 | 1.49 | 1.72 | (0.12) | (0.83) | (0.95) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2022 | 13.75 | 0.21 | (1.11) | (0.90) | (0.15) | (1.18) | (1.33) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2021 | 9.55 | 0.19 | 4.37 | 4.56 | (0.26) | (0.10) | (0.36) |
|  **PIMCO RAE US Small Fund** |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2025 | $10.60 | $0.18 | $0.30 | $0.48 | $(0.10) | $(0.27) | $(0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2024 | 8.55 | 0.12 | 2.08 | 2.20 | (0.15) | 0.00 | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2023 | 8.27 | 0.17 | 0.91 | 1.08 | (0.11) | (0.69) | (0.80) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2022 | 15.90 | 0.15 | (1.62) | (1.47) | (0.20) | (5.96) | (6.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2021 | 8.80 | 0.09 | 8.05 | 8.14 | (0.17) | (0.87) | (1.04) |
| I-2 |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2025 | 10.45 | 0.17 | 0.30 | 0.47 | (0.10) | (0.27) | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2024 | 8.44 | 0.10 | 2.05 | 2.15 | (0.14) | 0.00 | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2023 | 8.18 | 0.14 | 0.92 | 1.06 | (0.11) | (0.69) | (0.80) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2022 | 15.80 | 0.15 | (1.61) | (1.46) | (0.20) | (5.96) | (6.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2021 | 8.76 | 0.02 | 8.06 | 8.08 | (0.17) | (0.87) | (1.04) |

---

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| | | |
|:---|:---|:---|
| **8** | **PIMCO EQUITY SERIES** | See Accompanying Notes |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | |
| **Net Asset<br>Value End of<br>Year or<br>Period<sup>(a)</sup>** | **Total Return<sup>(d)</sup>** | **Net Assets<br>End of Year or<br>Period (000s)** | **Expenses** | **Expenses<br>Excluding<br>Waivers** | **Expenses<br>Excluding<br>Interest<br>Expense** | **Expenses<br>Excluding<br>Interest<br>Expense and<br>Waivers** | **Net<br>Investment<br>Income (Loss)** | **Portfolio<br>Turnover<br>Rate** |
| $10.27 | 17.26% | $16532 | 0.35% | 0.90% | 0.35% | 0.90% | 4.11% | 12% |
| 9.34 | 11.70 | 16445 | 0.35 | 0.90 | 0.35 | 0.90 | 5.47 | 10 |
| 9.15 | 15.57 | 15625 | 0.35 | 0.91 | 0.35 | 0.91 | 1.72 | 14 |
| 8.62 | (15.87) | 9334 | 0.35 | 0.91 | 0.35 | 0.91 | 10.37 | 7 |
| 11.48 | 44.43 | 11523 | 0.37 <sup>(j)</sup> | 0.98 <sup>(j)</sup> | 0.37 <sup>(j)</sup> | 0.98 <sup>(j)</sup> | 1.88 | 18 |
| $8.77 | 20.10% | $581678 | 0.50% | 0.51% | 0.50% | 0.51% | 4.08% | 76% |
| 8.01 | 9.14 | 474743 | 0.51 | 0.52 | 0.50 | 0.51 | 3.32 | 49 |
| 8.09 | 14.91 | 561420 | 0.51 | 0.52 | 0.50 | 0.51 | 3.29 | 94 |
| 7.55 | (14.14) | 503685 | 0.51 | 0.52 | 0.50 | 0.51 | 3.77 | 58 |
| 11.23 | 41.64 | 1025896 | 0.51 <sup>(m)</sup> | 0.55 <sup>(m)</sup> | 0.51 <sup>(m)</sup> | 0.55 <sup>(m)</sup> | 2.79 | 87 |
| 8.70 | 19.89 | 9419 | 0.60 | 0.61 | 0.60 | 0.61 | 4.07 | 76 |
| 7.96 | 9.14 | 7785 | 0.61 | 0.62 | 0.60 | 0.61 | 3.00 | 49 |
| 8.04 | 14.78 | 10660 | 0.61 | 0.62 | 0.60 | 0.61 | 3.36 | 94 |
| 7.51 | (14.25) | 11264 | 0.61 | 0.62 | 0.60 | 0.61 | 3.44 | 58 |
| 11.17 | 41.51 | 25494 | 0.61 <sup>(n)</sup> | 0.65 <sup>(n)</sup> | 0.61 <sup>(n)</sup> | 0.65 <sup>(n)</sup> | 3.66 | 87 |
| 8.52 | 19.61 | 3173 | 0.85 | 0.86 | 0.85 | 0.86 | 3.34 | 76 |
| 7.80 | 8.93 | 5292 | 0.86 | 0.87 | 0.85 | 0.86 | 2.98 | 49 |
| 7.90 | 14.42 | 5285 | 0.86 | 0.87 | 0.85 | 0.86 | 2.51 | 94 |
| 7.39 | (14.41) | 21550 | 0.86 | 0.87 | 0.85 | 0.86 | 3.49 | 58 |
| 11.06 | 41.10 | 25298 | 0.86 <sup>(n)</sup> | 0.90 <sup>(n)</sup> | 0.86 <sup>(n)</sup> | 0.90 <sup>(n)</sup> | 2.87 | 87 |
| $13.87 | 6.41% | $1336939 | 0.40% | 0.41% | 0.40% | 0.41% | 1.96% | 57% |
| 14.57 | 23.13 | 1372233 | 0.40 | 0.41 | 0.40 | 0.41 | 1.84 | 73 |
| 12.66 | 15.73 | 1091632 | 0.40 | 0.41 | 0.40 | 0.41 | 2.33 | 77 |
| 11.81 | (7.16) | 778671 | 0.40 | 0.41 | 0.40 | 0.41 | 1.94 | 69 |
| 14.03 | 48.99 | 915231 | 0.40 <sup>(o)</sup> | 0.44 <sup>(o)</sup> | 0.40 <sup>(o)</sup> | 0.44 <sup>(o)</sup> | 2.06 | 54 |
| 13.72 | 6.35 | 25597 | 0.50 | 0.51 | 0.50 | 0.51 | 1.84 | 57 |
| 14.43 | 23.04 | 38700 | 0.50 | 0.51 | 0.50 | 0.51 | 1.76 | 73 |
| 12.55 | 15.63 | 56292 | 0.50 | 0.51 | 0.50 | 0.51 | 2.23 | 77 |
| 11.72 | (7.25) | 44350 | 0.50 | 0.51 | 0.50 | 0.51 | 1.87 | 69 |
| 13.94 | 48.77 | 39056 | 0.50 <sup>(p)</sup> | 0.54 <sup>(p)</sup> | 0.50 <sup>(p)</sup> | 0.54 <sup>(p)</sup> | 1.92 | 54 |
| 13.33 | 5.95 | 25774 | 0.80 | 0.81 | 0.80 | 0.81 | 1.51 | 57 |
| 14.09 | 22.70 | 49038 | 0.80 | 0.81 | 0.80 | 0.81 | 1.44 | 73 |
| 12.29 | 15.23 | 19529 | 0.80 | 0.81 | 0.80 | 0.81 | 1.92 | 77 |
| 11.52 | (7.54) | 15623 | 0.80 | 0.81 | 0.80 | 0.81 | 1.57 | 69 |
| 13.75 | 48.44 | 12212 | 0.80 <sup>(n)</sup> | 0.84 <sup>(n)</sup> | 0.80 <sup>(n)</sup> | 0.84 <sup>(n)</sup> | 1.65 | 54 |
| $10.71 | 4.19% | $1424492 | 0.50% | 0.50% | 0.50% | 0.50% | 1.64% | 59% |
| 10.60 | 25.82 | 837907 | 0.50 | 0.51 | 0.50 | 0.51 | 1.27 | 62 |
| 8.55 | 13.36 | 440423 | 0.50 | 0.51 | 0.50 | 0.51 | 1.95 | 92 |
| 8.27 | (13.65) | 274652 | 0.50 | 0.51 | 0.50 | 0.51 | 1.33 | 131 |
| 15.90 | 97.65 | 331165 | 0.53 <sup>(o)</sup> | 0.56 <sup>(o)</sup> | 0.51 <sup>(o)</sup> | 0.54 <sup>(o)</sup> | 0.79 | 118 |
| 10.55 | 4.11 | 344452 | 0.60 | 0.60 | 0.60 | 0.60 | 1.54 | 59 |
| 10.45 | 25.63 | 199705 | 0.60 | 0.61 | 0.60 | 0.61 | 1.10 | 62 |
| 8.44 | 13.22 | 87529 | 0.60 | 0.61 | 0.60 | 0.61 | 1.72 | 92 |
| 8.18 | (13.68) | 47933 | 0.60 | 0.61 | 0.60 | 0.61 | 1.39 | 131 |
| 15.80 | 97.30 | 6427 | 0.63 <sup>(p)</sup> | 0.66 <sup>(p)</sup> | 0.61 <sup>(p)</sup> | 0.64 <sup>(p)</sup> | 0.17 | 118 |

---

---

| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025<sub>9</sub> |

---

------

Financial Highlights (Cont.)

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year or Period Ended^**:** | **<br>Net Asset Value<br>Beginning of<br>Year or<br>Period<sup>(a)</sup>** | **Net Investment<br>Income (Loss)<sup>(b)</sup>** | **Net Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital Gains** | **Total** |
|  **PIMCO RAE US Small Fund (Cont.)** |  |  |  |  |  |  |  |
| Class A |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2025 | $10.16 | $0.13 | $0.29 | $0.42 | $(0.08) | $(0.27) | $(0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2024 | 8.23 | 0.08 | 1.98 | 2.06 | (0.13) | 0.00 | (0.13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2023 | 8.00 | 0.13 | 0.89 | 1.02 | (0.10) | (0.69) | (0.79) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2022 | 15.62 | 0.12 | (1.60) | (1.48) | (0.18) | (5.96) | (6.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2021 | 8.68 | (0.04) | 8.01 | 7.97 | (0.16) | (0.87) | (1.03) |

---

---

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

---

<sup>(a)</sup> Net asset value includes adjustments required by U.S. GAAP. These values, and other performance figures relying on them, such as average annual total return data included in the Funds' prospectus and in any shareholder reports, may differ from net asset values and performance reported elsewhere with respect to the Funds. 

<sup>(b)</sup> Per share amounts based on average number of shares outstanding during the year or period. 

<sup>(c)</sup> 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.

<sup>(d)</sup> Total return figures include adjustments required by U.S. GAAP. These values, and other performance figures relying on them, such as average annual total return data included in the Funds' prospectus and in any shareholder reports, may differ from net asset values and performance reported elsewhere with respect to the Funds. Additionally, excludes applicable initial sales charges and contingent deferred sales charges. 

<sup>(e)</sup> 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.

<sup>(f)</sup> Effective November 1, 2021, the Fund's Investment advisory fee was decreased by 0.01% to an annual rate of 0.44%. 

<sup>(g)</sup> Effective November 1, 2021, the Class's Supervisory and Administrative fees was decreased by 0.05% to an annual rate of 0.25%. 

<sup>(h)</sup> Effective October 1, 2020, the Fund's Investment advisory fee was decreased by 0.04% to an annual rate of 0.45%. 

<sup>(i)</sup> Effective November 1, 2021, the Class's Supervisory and Administrative fees was decreased by 0.05% to an annual rate of 0.35%. 

<sup>(j)</sup> Effective November 1, 2020, the Class's Supervisory and Administrative fee was decreased by 0.20% to an annual rate of 0.25%. 

<sup>(k)</sup> Effective November 1, 2020, the Class's Supervisory and Administrative fee was decreased by 0.20% to an annual rate of 0.35%. 

<sup>(l)</sup> Effective November 1, 2020, the Class's Supervisory and Administrative fee was decreased by 0.20% to an annual rate of 0.15%. 

<sup>(m)</sup> Effective November 1, 2020, the Class's Supervisory and Administrative fee was decreased by 0.10% to an annual rate of 0.20%. 

<sup>(n)</sup> Effective November 1, 2020, the Class's Supervisory and Administrative fee was decreased by 0.10% to an annual rate of 0.30%. 

<sup>(o)</sup> Effective November 1, 2020, the Class's Supervisory and Administrative fee was decreased by 0.10% to an annual rate of 0.15%. 

<sup>(p)</sup> Effective November 1, 2020, the Class's Supervisory and Administrative fee was decreased by 0.10% to an annual rate of 0.25%. 

---

| | | |
|:---|:---|:---|
| **10** | **PIMCO EQUITY SERIES** | See Accompanying Notes |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | |
| **Net Asset<br>Value End of<br>Year or<br>Period<sup>(a)</sup>** | **Total Return<sup>(d)</sup>** | **Net Assets<br>End of Year or<br>Period (000s)** | **Expenses** | **Expenses<br>Excluding<br>Waivers** | **Expenses<br>Excluding<br>Interest<br>Expense** | **Expenses<br>Excluding<br>Interest<br>Expense and<br>Waivers** | **Net<br>Investment<br>Income (Loss)** | **Portfolio<br>Turnover<br>Rate** |
| $10.23 | 3.81% | $212401 | 0.90% | 0.90% | 0.90% | 0.90% | 1.23% | 59% |
| 10.16 | 25.16 | 149065 | 0.90 | 0.91 | 0.90 | 0.91 | 0.87 | 62 |
| 8.23 | 12.95 | 83456 | 0.90 | 0.91 | 0.90 | 0.91 | 1.53 | 92 |
| 8.00 | (13.98) | 73766 | 0.90 | 0.91 | 0.90 | 0.91 | 1.11 | 131 |
| 15.62 | 96.82 | 46113 | 0.93 <sup>(n)</sup> | 0.96 <sup>(n)</sup> | 0.91 <sup>(n)</sup> | 0.94 <sup>(n)</sup> | (0.27) | 118 |

---

---

| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025<sub>11</sub> |

---

------

Statements of Assets and Liabilities

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| (Amounts in thousands<sup>†</sup>, except per share amounts) | **PIMCO<br>Dividend and<br>Income Fund** | **PIMCO<br>RAE Emerging<br>Markets Fund** | **PIMCO<br>RAE Global<br>ex-US Fund** | **PIMCO<br>RAE<br>International<br>Fund** | **PIMCO<br>RAE US Fund** | **PIMCO<br>RAE US Small<br>Fund** |
|  **Assets:** |  |  |  |  |  |  |
|  *Investments, at value* |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities<sup>^</sup> | $245684 | $2338218 | $179 | $588389 | $1384019 | $1963450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 4466 | 16118 | 113456 | 45568 | 25273 | 36533 |
|  *Financial Derivative Instruments* |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 191 | 0 | 0 | 0 | 0 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 396 | 0 | 0 | 0 | 0 | 0 |
|  Cash | 0 | 5 | 0 | 0 | 1879 | 0 |
|  Deposits with counterparty | 2583 | 0 | 0 | 0 | 0 | 3273 |
|  Foreign currency, at value | 564 | 9129 | 0 | 0 | 0 | 0 |
|  Receivable for investments sold | 24 | 0 | 0 | 77 | 146 | 0 |
|  Receivable for TBA investments sold | 81631 | 0 | 0 | 0 | 0 | 0 |
|  Receivable for Fund shares sold | 221 | 2086 | 1 | 105 | 540 | 32316 |
|  Interest and/or dividends receivable | 1337 | 22548 | 0 | 5912 | 1943 | 3140 |
|  Dividends receivable from Affiliates | 11 | 10 | 0 | 13 | 17 | 23 |
|  Reimbursement receivable from PIMCO | 2 | 16 | 50 | 4 | 12 | 14 |
|  **Total Assets** | 337110 | 2388130 | 113686 | 640068 | 1413829 | 2038750 |
|  **Liabilities:** |  |  |  |  |  |  |
|  *Borrowings & Other Financing Transactions* |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for reverse repurchase agreements | $1334 | $0 | $0 | $0 | $0 | $0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for sale-buyback transactions | 1019 | 0 | 0 | 0 | 0 | 0 |
|  *Financial Derivative Instruments* |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 198 | 0 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 810 | 0 | 0 | 0 | 0 | 0 |
|  Payable for investments purchased | 321 | 439 | 0 | 27790 | 0 | 23545 |
|  Payable for investments in Affiliates purchased | 12 | 11 | 7 | 13 | 17 | 24 |
|  Payable for investments purchased on a delayed-delivery basis | 12 | 0 | 0 | 0 | 0 | 0 |
|  Payable for TBA investments purchased | 135748 | 0 | 0 | 0 | 0 | 0 |
|  Payable for unfunded loan commitments | 200 | 0 | 0 | 0 | 0 | 0 |
|  Payable upon return of securities loaned | 0 | 11576 | 0 | 17425 | 24272 | 29595 |
|  Deposits from counterparty | 5 | 6662 | 0 | 0 | 0 | 0 |
|  Payable for Fund shares redeemed | 94 | 698 | 0 | 166 | 784 | 2131 |
|  Overdraft due to custodian | 34 | 0 | 0 | 179 | 0 | 0 |
|  Accrued investment advisory fees | 67 | 925 | 35 | 133 | 272 | 530 |
|  Accrued supervisory and administrative fees | 52 | 485 | 15 | 89 | 169 | 279 |
|  Accrued distribution fees | 6 | 0 | 0 | 0 | 0 | 0 |
|  Accrued servicing fees | 29 | 8 | 3 | 1 | 5 | 42 |
|  Accrued taxes payable | 0 | 6768 | 0 | 0 | 0 | 0 |
|  Foreign capital gains tax payable | 3 | 0 | 0 | 0 | 0 | 0 |
|  Other liabilities | 0 | 59 | 0 | 2 | 0 | 1259 |
|  **Total Liabilities** | 139944 | 27631 | 60 | 45798 | 25519 | 57405 |
|  **Commitments and Contingent Liabilities<sup>^^</sup>** |  |  |  |  |  |  |
|  **Net Assets** | $197166 | $2360499 | $113626 | $594270 | $1388310 | $1981345 |
|  **Net Assets Consist of:** |  |  |  |  |  |  |
|  Paid in capital | $260178 | $2203293 | $105743 | $492148 | $1041617 | $1789561 |
|  Distributable earnings (accumulated loss) | (63012) | 157206 | 7883 | 102122 | 346693 | 191784 |
|  **Net Assets** | $197166 | $2360499 | $113626 | $594270 | $1388310 | $1981345 |
|  Cost of investments in securities | $232260 | $2053825 | $179 | $490642 | $1131784 | $1795332 |
|  Cost of investments in Affiliates | $4466 | $16119 | $101767 | $45568 | $25272 | $36533 |
|  Cost of foreign currency held | $556 | $8990 | $0 | $0 | $0 | $0 |
|  Cost or premiums of financial derivative instruments, net | $(11) | $0 | $0 | $0 | $0 | $0 |
|  <sup>^</sup> Includes securities on loan of: | $0 | $11078 | $0 | $16349 | $23739 | $28971 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>^^</sup> See Note 9, Fees and Expenses, in the Notes to Financial Statements for more information.

---

| | | |
|:---|:---|:---|
| **12** | **PIMCO EQUITY SERIES** | See Accompanying Notes |

---

------

June 30, 2025

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **PIMCO<br>Dividend and<br>Income Fund** | **PIMCO<br>RAE Emerging<br>Markets Fund** | **PIMCO<br>RAE Global<br>ex-US Fund** | **PIMCO<br>RAE<br>International<br>Fund** | **PIMCO<br>RAE US Fund** | **PIMCO<br>RAE US Small<br>Fund** |
|  **Net Assets:** |  |  |  |  |  |  |
|  Institutional Class | $21512 | $2077645 | $96986 | $581678 | $1336939 | $1424492 |
|  I-2 | 24161 | 245867 | 108 | 9419 | 25597 | 344452 |
|  Class A | 141811 | 36987 | 16532 | 3173 | 25774 | 212401 |
|  Class C | 9682 | N/A | N/A | N/A | N/A | N/A |
|  **Shares Issued and Outstanding:** |  |  |  |  |  |  |
|  Institutional Class | 1595 | 181209 | 9172 | 66332 | 96368 | 133035 |
|  I-2 | 1789 | 21637 | 10 | 1082 | 1866 | 32661 |
|  Class A | 10551 | 3317 | 1610 | 372 | 1934 | 20765 |
|  Class C | 722 | N/A | N/A | N/A | N/A | N/A |
|  **Net Asset Value Per Share Outstanding<sup>(a)</sup>:** |  |  |  |  |  |  |
|  Institutional Class | $13.48 | $11.47 | $10.57 | $8.77 | $13.87 | $10.71 |
|  I-2 | 13.51 | 11.36 | 10.57 | 8.70 | 13.72 | 10.55 |
|  Class A | 13.44 | 11.15 | 10.27 | 8.52 | 13.33 | 10.23 |
| Class C | 13.42 | N/A | N/A | N/A | N/A | N/A |

---

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

---

| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025<sub>13</sub> |

---

------

Statements of Operations

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Year Ended June 30, 2025 | Year Ended June 30, 2025 | Year Ended June 30, 2025 | Year Ended June 30, 2025 | Year Ended June 30, 2025 | Year Ended June 30, 2025 | Year Ended June 30, 2025 |
| (Amounts in thousands<sup>†</sup>) | **PIMCO<br>Dividend and<br>Income Fund** | **PIMCO<br>RAE Emerging<br>Markets Fund** | **PIMCO<br>RAE Global<br>ex-US Fund** | **PIMCO**<br> **RAE<br>International<br>Fund** | **PIMCO<br>RAE US Fund** | **PIMCO<br>RAE US Small<br>Fund** |
|  **Investment Income:** |  |  |  |  |  |  |
|  Interest, net of foreign taxes\* | $5200 | $24 | $3 | $61 | $51 | $99 |
|  Dividends, net of foreign taxes\* | 4022 | 129508 | 1 | 23748 | 33816 | 34996 |
|  Dividends from Investments in Affiliates | 89 | 472 | 4838 | 73 | 179 | 369 |
|  Securities lending income | 0 | 375 | 0 | 525 | 69 | 161 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Income | 9311 | 130379 | 4842 | 24407 | 34115 | 35625 |
|  **Expenses:** |  |  |  |  |  |  |
|  Investment advisory fees | 795 | 10463 | 438 | 1596 | 3603 | 5808 |
|  Supervisory and administrative fees | 616 | 5482 | 181 | 1076 | 2241 | 3073 |
|  Distribution and/or servicing fees - Class A | 336 | 97 | 41 | 10 | 72 | 507 |
|  Distribution and/or servicing fees - Class C | 98 | N/A | N/A | N/A | N/A | N/A |
|  Trustee fees | 10 | 111 | 6 | 30 | 82 | 82 |
|  Interest expense | 415 | 4 | 0 | 0 | 0 | 0 |
|  Miscellaneous expense | 11 | 103 | 5 | 26 | 71 | 82 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 2281 | 16260 | 671 | 2738 | 6069 | 9552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waiver and/or Reimbursement by PIMCO | (10) | (111) | (610) | (30) | (82) | (82) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 2271 | 16149 | 61 | 2708 | 5987 | 9470 |
|  **Net Investment Income (Loss)** | 7040 | 114230 | 4781 | 21699 | 28128 | 26155 |
|  **Net Realized Gain (Loss):** |  |  |  |  |  |  |
|  Investments in securities, net of foreign capital gains tax\*\* | 9577 | 95199 | 0 | 41203 | 166508 | 58589 |
|  Investments in Affiliates | 2 | 10 | (2502) | 1 | 0 | 9 |
|  Net capital gain distributions received from Affiliate investments | 0 | 0 | 4081 | 0 | 0 | 0 |
|  Exchange-traded or centrally cleared financial derivative instruments | 815 | 190 | 0 | 0 | 48 | 6 |
|  Over the counter financial derivative instruments | 19 | (20) | 0 | 0 | 0 | 0 |
|  Foreign currency | (17) | (3386) | 0 | (126) | 0 | 0 |
|  **Net Realized Gain (Loss)** | 10396 | 91993 | 1579 | 41078 | 166556 | 58604 |
|  **Net Change in Unrealized Appreciation (Depreciation):** |  |  |  |  |  |  |
|  Investments in securities, net of foreign capital gains tax\*\*\* | 7430 | 14699 | 0 | 33157 | (105497) | (54775) |
|  Investments in Affiliates | (1) | (1) | 11436 | 0 | 0 | 0 |
|  Exchange-traded or centrally cleared financial derivative instruments | 10 | 0 | 0 | 0 | 0 | 22 |
|  Over the counter financial derivative instruments | (248) | 0 | 0 | 0 | 0 | 0 |
|  Foreign currency assets and liabilities | 21 | 666 | 0 | 338 | 0 | 0 |
|  **Net Change in Unrealized Appreciation (Depreciation)** | 7212 | 15364 | 11436 | 33495 | (105497) | (54753) |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $24648 | $221587 | $17796 | $96272 | $89187 | $30006 |
|  \* Foreign tax withholdings - Interest | $3 | $0 | $0 | $0 | $0 | $0 |
|  \* Foreign tax withholdings - Dividends | $264 | $18276 | $0 | $2928 | $0 | $0 |
|  \*\* Foreign capital gains tax | $0 | $12216 | $0 | $0 | $0 | $0 |
|  \*\*\* Foreign capital gains tax | $0 | $12230 | $0 | $0 | $0 | $0 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

---

| | | |
|:---|:---|:---|
| **14** | **PIMCO EQUITY SERIES** | See Accompanying Notes |

---

------

(THIS PAGE INTENTIONALLY LEFT BLANK)

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **15** |

---

------

Statements of Changes in Net Assets

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **PIMCO**<br> **Dividend and Income Fund** | **PIMCO**<br> **Dividend and Income Fund** | **PIMCO**<br> **RAE Emerging Markets Fund** | **PIMCO**<br> **RAE Emerging Markets Fund** | **PIMCO**<br> **RAE Global ex-US Fund** | **PIMCO**<br> **RAE Global ex-US Fund** |
| (Amounts in thousands<sup>†</sup>) | **Year Ended<br>June 30, 2025** | **Year Ended<br>June 30, 2024** | **Year Ended<br>June 30, 2025** | **Year Ended<br>June 30, 2024** | **Year Ended<br>June 30, 2025** | **Year Ended<br>June 30, 2024** |
|  **Increase (Decrease) in Net Assets from:** |  |  |  |  |  |  |
|  **Operations:** |  |  |  |  |  |  |
|  Net investment income (loss) | $7040 | $6309 | $114230 | $59121 | $4781 | $5885 |
|  Net realized gain (loss) | 10396 | 6082 | 91993 | 110355 | 1579 | 733 |
|  Net change in unrealized appreciation (depreciation) | 7212 | 7083 | 15364 | 149680 | 11436 | 5107 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | 24648 | 19474 | 221587 | 319156 | 17796 | 11725 |
|  **Distributions to Shareholders:** |  |  |  |  |  |  |
|  From net investment income and/or net realized capital gains |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (859) | (817) | (113702) | (56778) | (5662) | (7467) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | (1045) | (837) | (12624) | (5137) | (6) | (11) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (6452) | (6217) | (2878) | (837) | (1010) | (1363) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (400) | (475) | N/A | N/A | N/A | N/A |
|  **Total Distributions<sup>(a)</sup>** | (8756) | (8346) | (129204) | (62752) | (6678) | (8841) |
|  **Fund Share Transactions:** |  |  |  |  |  |  |
|  Net increase (decrease) resulting from Fund share transactions\* | 9864 | (9298) | 422949 | 205231 | (4763) | 12175 |
|  **Total Increase (Decrease) in Net Assets** | 25756 | 1830 | 515332 | 461635 | 6355 | 15059 |
|  **Net Assets:** |  |  |  |  |  |  |
|  Beginning of year | 171410 | 169580 | 1845167 | 1383532 | 107271 | 92212 |
|  End of year | $197166 | $171410 | $2360499 | $1845167 | $113626 | $107271 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | 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.

<sup>(a)</sup> 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.

---

| | | |
|:---|:---|:---|
| **16** | **PIMCO EQUITY SERIES** | See Accompanying Notes |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PIMCO**<br> **RAE International Fund** | **PIMCO**<br> **RAE International Fund** | **PIMCO**<br> **RAE US Fund** | **PIMCO**<br> **RAE US Fund** | **PIMCO**<br> **RAE US Small Fund** | **PIMCO**<br> **RAE US Small Fund** |
| **Year Ended<br>June 30, 2025** | **Year Ended<br>June 30, 2024** | **Year Ended<br>June 30, 2025** | **Year Ended<br>June 30, 2024** | **Year Ended<br>June 30, 2025** | **Year Ended<br>June 30, 2024** |
| $21699 | $16385 | $28128 | $22944 | $26155 | $9867 |
| 41078 | 66664 | 166556 | 122618 | 58604 | 50339 |
| 33495 | (37480) | (105497) | 116685 | (54753) | 126561 |
| 96272 | 45569 | 89187 | 262247 | 30006 | 186767 |
| (50998) | (45132) | (156331) | (71487) | (37928) | (8806) |
| (645) | (1028) | (4138) | (3871) | (8991) | (1752) |
| (396) | (522) | (3177) | (1394) | (6810) | (1443) |
| N/A | N/A | N/A | N/A | N/A | N/A |
| (52039) | (46682) | (163646) | (76752) | (53729) | (12001) |
| 62217 | (88432) | 2798 | 107023 | 818391 | 400503 |
| 106450 | (89545) | (71661) | 292518 | 794668 | 575269 |
| 487820 | 577365 | 1459971 | 1167453 | 1186677 | 611408 |
| $594270 | $487820 | $1388310 | $1459971 | $1981345 | $1186677 |

---

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **17** |

---

------

Schedule of Investments PIMCO Dividend and Income Fund

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

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 124.6% | INVESTMENTS IN SECURITIES 124.6% | INVESTMENTS IN SECURITIES 124.6% |
| ASSET-BACKED SECURITIES 14.1% | ASSET-BACKED SECURITIES 14.1% | ASSET-BACKED SECURITIES 14.1% |
| CAYMAN ISLANDS 3.4% | CAYMAN ISLANDS 3.4% | CAYMAN ISLANDS 3.4% |
|  522 Funding CLO Ltd. | 522 Funding CLO Ltd. | 522 Funding CLO Ltd. |
|  5.479% due 10/23/2034 •  | 400 | 400 |
|  Anchorage Credit Funding Ltd. | Anchorage Credit Funding Ltd. | Anchorage Credit Funding Ltd. |
|  3.900% due 07/28/2037 | 434 | 426 |
|  3.928% due 04/25/2038 | 400 | 393 |
|  4.620% due 04/25/2037 | 362 | 360 |
|  4.430% due 07/25/2037 | 430 | 426 |
|  Atlas Senior Loan Fund Ltd. | Atlas Senior Loan Fund Ltd. | Atlas Senior Loan Fund Ltd. |
|  5.499% due 10/23/2032 •  | 321 | 322 |
|  Centerbridge Credit Funding Ltd. | Centerbridge Credit Funding Ltd. | Centerbridge Credit Funding Ltd. |
|  3.164% due 07/25/2039 | 450 | 433 |
|  CIFC Funding Ltd. | CIFC Funding Ltd. | CIFC Funding Ltd. |
|  5.658% due 07/15/2036 •  | 400 | 401 |
|  LCM Ltd. | LCM Ltd. | LCM Ltd. |
|  5.549% due 07/20/2034 •  | 400 | 400 |
|  Newark BSL CLO Ltd. | Newark BSL CLO Ltd. | Newark BSL CLO Ltd. |
|  5.513% due 07/25/2030 •  | 168 | 168 |
|  Ocean Trails CLO | Ocean Trails CLO | Ocean Trails CLO |
|  5.546% due 07/15/2034 •  | 400 | 401 |
|  Palmer Square CLO Ltd. | Palmer Square CLO Ltd. | Palmer Square CLO Ltd. |
|  5.592% due 04/20/2035 •  | 800 | 801 |
|  PFP Ltd. | PFP Ltd. | PFP Ltd. |
|  6.144% due 09/17/2039 •  | 353 | 354 |
|  TIAA CLO Ltd. | TIAA CLO Ltd. | TIAA CLO Ltd. |
|  5.409% due 01/20/2032 •  | 300 | 300 |
|  Tralee CLO Ltd. | Tralee CLO Ltd. | Tralee CLO Ltd. |
|  5.502% due 10/25/2032 •  | 291 | 291 |
|  Voya CLO Ltd. | Voya CLO Ltd. | Voya CLO Ltd. |
|  5.621% due 10/17/2032 •  | 782 | 783 |
|  Total Cayman Islands |  | 6659 |
| IRELAND 0.6% | IRELAND 0.6% | IRELAND 0.6% |
|  Arbour CLO DAC | Arbour CLO DAC | Arbour CLO DAC |
|  3.155% due 12/15/2038 •  | 400 | 472 |
|  Invesco Euro CLO DAC | Invesco Euro CLO DAC | Invesco Euro CLO DAC |
|  3.296% due 10/30/2038 •  | 400 | 470 |
|  Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC | Palmer Square European Loan Funding DAC |
|  3.113% due 05/15/2033 •  | 288 | 340 |
|  Total Ireland |  | 1282 |
| ITALY 0.2% | ITALY 0.2% | ITALY 0.2% |
|  Golden Bar Securitisation SRL | Golden Bar Securitisation SRL | Golden Bar Securitisation SRL |
|  3.086% due 09/22/2043 •  | 316 | 374 |
|  Total Italy |  | 374 |
| JERSEY, CHANNEL ISLANDS 0.2% | JERSEY, CHANNEL ISLANDS 0.2% | JERSEY, CHANNEL ISLANDS 0.2% |
|  37 Capital CLO Ltd. | 37 Capital CLO Ltd. | 37 Capital CLO Ltd. |
|  5.546% due 07/15/2034 •  | 400 | 400 |
|  Total Jersey, Channel Islands |  | 400 |
| UNITED STATES 9.7% | UNITED STATES 9.7% | UNITED STATES 9.7% |
|  Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust | Bear Stearns Asset-Backed Securities Trust |
|  5.789% due 12/25/2034 •  | 717 | 716 |
|  Bridgecrest Lending Auto Securitization Trust | Bridgecrest Lending Auto Securitization Trust | Bridgecrest Lending Auto Securitization Trust |
|  5.540% due 02/16/2027 | 70 | 70 |
|  Carvana Auto Receivables Trust | Carvana Auto Receivables Trust | Carvana Auto Receivables Trust |
|  6.160% due 10/10/2028 | 348 | 352 |
|  5.820% due 08/10/2028 | 331 | 334 |
|  Chase Auto Owner Trust | Chase Auto Owner Trust | Chase Auto Owner Trust |
|  5.250% due 09/27/2027 | 198 | 198 |
|  Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. | Citigroup Mortgage Loan Trust, Inc. |
|  5.064% due 02/25/2035 •  | 789 | 743 |
|  Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. |
|  4.562% due 01/25/2032 •  | 327 | 320 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  ECMC Group Student Loan Trust | ECMC Group Student Loan Trust | ECMC Group Student Loan Trust |
|  5.570% due 11/25/2069 •  | 606 | 609 |
|  EMC Mortgage Loan Trust | EMC Mortgage Loan Trust | EMC Mortgage Loan Trust |
|  5.734% due 02/25/2041 •  | 16 | 17 |
|  Ent Auto Receivables Trust | Ent Auto Receivables Trust | Ent Auto Receivables Trust |
|  6.240% due 01/16/2029 | 392 | 395 |
|  Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust | Exeter Automobile Receivables Trust |
|  5.600% due 05/17/2027 | 61 | 61 |
|  FBR Securitization Trust | FBR Securitization Trust | FBR Securitization Trust |
|  5.139% due 11/25/2035 •  | 529 | 525 |
|  First Investors Auto Owner Trust | First Investors Auto Owner Trust | First Investors Auto Owner Trust |
|  6.440% due 10/16/2028 | 133 | 134 |
|  GLS Auto Receivables Issuer Trust | GLS Auto Receivables Issuer Trust | GLS Auto Receivables Issuer Trust |
|  4.760% due 10/15/2027 | 257 | 257 |
|  GLS Auto Select Receivables Trust | GLS Auto Select Receivables Trust | GLS Auto Select Receivables Trust |
|  6.370% due 06/15/2028 | 137 | 138 |
|  5.590% due 10/15/2029 | 304 | 308 |
|  GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust | GM Financial Consumer Automobile Receivables Trust |
|  5.130% due 04/16/2029 | 800 | 809 |
|  GreenSky Home Improvement Issuer Trust | GreenSky Home Improvement Issuer Trust | GreenSky Home Improvement Issuer Trust |
|  5.250% due 10/27/2059 | 197 | 197 |
|  5.320% due 03/25/2060 | 400 | 408 |
|  GreenSky Home Improvement Trust | GreenSky Home Improvement Trust | GreenSky Home Improvement Trust |
|  5.880% due 06/25/2059 | 59 | 59 |
|  Home Equity Asset Trust | Home Equity Asset Trust | Home Equity Asset Trust |
|  5.139% due 01/25/2036 •  | 92 | 88 |
|  Lendmark Funding Trust | Lendmark Funding Trust | Lendmark Funding Trust |
|  5.530% due 06/21/2032 | 200 | 204 |
|  Morgan Stanley Home Equity Loan Trust | Morgan Stanley Home Equity Loan Trust | Morgan Stanley Home Equity Loan Trust |
|  4.534% due 12/25/2036 •  | 1234 | 590 |
|  Navient Private Education Refi Loan Trust | Navient Private Education Refi Loan Trust | Navient Private Education Refi Loan Trust |
|  1.330% due 04/15/2069 | 154 | 142 |
|  Navient Student Loan Trust | Navient Student Loan Trust | Navient Student Loan Trust |
|  5.320% due 08/26/2069 •  | 513 | 512 |
|  Nelnet Student Loan Trust | Nelnet Student Loan Trust | Nelnet Student Loan Trust |
|  4.874% due 09/27/2066 •  | 66 | 66 |
|  Octane Receivables Trust | Octane Receivables Trust | Octane Receivables Trust |
|  4.940% due 05/20/2030 | 381 | 382 |
|  Option One Mortgage Loan Trust | Option One Mortgage Loan Trust | Option One Mortgage Loan Trust |
|  4.654% due 04/25/2037 •  | 1638 | 1160 |
|  Pagaya AI Debt Grantor Trust | Pagaya AI Debt Grantor Trust | Pagaya AI Debt Grantor Trust |
|  5.183% due 06/15/2032 | 184 | 184 |
|  5.092% due 07/15/2032 | 223 | 223 |
|  Pagaya AI Debt Selection Trust | Pagaya AI Debt Selection Trust | Pagaya AI Debt Selection Trust |
|  6.117% due 12/15/2031 | 165 | 167 |
|  Pagaya AI Debt Trust | Pagaya AI Debt Trust | Pagaya AI Debt Trust |
|  5.373% due 01/17/2033 | 400 | 401 |
|  PRET LLC | PRET LLC | PRET LLC |
|  6.996% due 07/25/2054 þ | 706 | 707 |
|  5.925% due 10/25/2054 þ | 374 | 373 |
|  Reach ABS Trust | Reach ABS Trust | Reach ABS Trust |
|  6.300% due 02/18/2031 | 32 | 32 |
|  5.880% due 07/15/2031 | 172 | 172 |
|  Research-Driven Pagaya Motor Asset Trust | Research-Driven Pagaya Motor Asset Trust | Research-Driven Pagaya Motor Asset Trust |
|  7.130% due 01/26/2032 | 375 | 377 |
|  Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust | Residential Asset Mortgage Products Trust |
|  5.499% due 05/25/2035 •  | 993 | 965 |
|  Residential Asset Securities Corp. Trust | Residential Asset Securities Corp. Trust | Residential Asset Securities Corp. Trust |
|  5.319% due 01/25/2034 •  | 43 | 44 |
|  Santander Bank Auto Credit-Linked Notes | Santander Bank Auto Credit-Linked Notes | Santander Bank Auto Credit-Linked Notes |
|  4.965% due 01/18/2033 | 250 | 251 |
|  SCCU Auto Receivables Trust | SCCU Auto Receivables Trust | SCCU Auto Receivables Trust |
|  5.110% due 06/15/2029 | 400 | 402 |
|  SLM Private Credit Student Loan Trust | SLM Private Credit Student Loan Trust | SLM Private Credit Student Loan Trust |
|  4.910% due 06/15/2039 •  | 513 | 500 |
|  SLM Student Loan Trust | SLM Student Loan Trust | SLM Student Loan Trust |
|  5.220% due 03/25/2026 •  | 589 | 586 |
|  SMB Private Education Loan Trust | SMB Private Education Loan Trust | SMB Private Education Loan Trust |
|  5.754% due 02/16/2055 •  | 480 | 483 |
|  5.403% due 07/15/2053 •  | 711 | 712 |
|  5.060% due 03/16/2054 | 365 | 369 |
|  Soundview Home Loan Trust | Soundview Home Loan Trust | Soundview Home Loan Trust |
|  5.434% due 09/25/2037 •  | 1698 | 1233 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  4.839% due 12/25/2036 •  | 668 | 665 |
|  Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust | Structured Asset Investment Loan Trust |
|  4.584% due 09/25/2036 •  | 82 | 81 |
|  Tesla Sustainable Energy Trust | Tesla Sustainable Energy Trust | Tesla Sustainable Energy Trust |
|  5.080% due 06/21/2050 | 387 | 388 |
|  Total United States |  | 19109 |
|  Total Asset-Backed Securities (Cost $28,364) | Total Asset-Backed Securities (Cost $28,364) | 27824 |
| LOAN PARTICIPATIONS AND ASSIGNMENTS 0.6% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.6% | LOAN PARTICIPATIONS AND ASSIGNMENTS 0.6% |
| FRANCE 0.1% | FRANCE 0.1% | FRANCE 0.1% |
|  Altice France SA | Altice France SA | Altice France SA |
|  9.756% (TSFR3M + 5.500%) due 08/15/2028 ~ | 99 | 90 |
| Total France |  | 90 |
| JERSEY, CHANNEL ISLANDS 0.2% | JERSEY, CHANNEL ISLANDS 0.2% | JERSEY, CHANNEL ISLANDS 0.2% |
|  Softbank Vision Fund | Softbank Vision Fund | Softbank Vision Fund |
|  TBD% due 12/23/2029 «µ | 200 | 200 |
|  6.000% due 12/23/2025 « | 251 | 251 |
| Total Jersey, Channel Islands |  | 451 |
| NETHERLANDS 0.0% | NETHERLANDS 0.0% | NETHERLANDS 0.0% |
|  Lealand Finance Co. BV | Lealand Finance Co. BV | Lealand Finance Co. BV |
|  7.441% (TSFR1M + 3.000%) due 06/30/2027 ~ | 1 | 1 |
|  Lealand Finance Co. BV (5.441% Cash and 3.000% PIK) | Lealand Finance Co. BV (5.441% Cash and 3.000% PIK) | Lealand Finance Co. BV (5.441% Cash and 3.000% PIK) |
|  8.441% (TSFR1M + 1.000%) due 12/31/2027 ~(b) | 3 | 1 |
| Total Netherlands |  | 2 |
| UNITED STATES 0.3% | UNITED STATES 0.3% | UNITED STATES 0.3% |
|  Envision Healthcare Corp. | Envision Healthcare Corp. | Envision Healthcare Corp. |
|  11.110% (TSFR3M + 6.750%) due 07/20/2026 « | 124 | 124 |
|  12.235% (TSFR3M + 7.875%) due 11/03/2028 « | 481 | 495 |
|  Mercury Aggregator LP (13.500% PIK) | Mercury Aggregator LP (13.500% PIK) | Mercury Aggregator LP (13.500% PIK) |
|  13.500% due 04/03/2026 «(b) | 20 | 14 |
|  Mercury Aggregator LP (3.500% PIK) | Mercury Aggregator LP (3.500% PIK) | Mercury Aggregator LP (3.500% PIK) |
|  3.500% due 04/03/2026 «(b) | 11 | 7 |
|  Syniverse Holdings, Inc. | Syniverse Holdings, Inc. | Syniverse Holdings, Inc. |
|  11.296% (TSFR3M + 7.000%) due 05/13/2027 ~ | 8 | 8 |
|  U.S. Renal Care, Inc. | U.S. Renal Care, Inc. | U.S. Renal Care, Inc. |
|  9.441% (TSFR1M + 5.000%) due 06/20/2028 ~ | 13 | 12 |
|  Westmoreland Coal Co. | Westmoreland Coal Co. | Westmoreland Coal Co. |
|  8.000% due 03/15/2029 « | 2 | 1 |
|  Total United States |  | 661 |
|  Total Loan Participations and Assignments<br>(Cost $1,182) | Total Loan Participations and Assignments<br>(Cost $1,182) | 1204 |
|  | **SHARES** |  |
| COMMON STOCKS 45.9% | COMMON STOCKS 45.9% | COMMON STOCKS 45.9% |
| AUSTRALIA 0.6% | AUSTRALIA 0.6% | AUSTRALIA 0.6% |
| INDUSTRIALS 0.4% | INDUSTRIALS 0.4% | INDUSTRIALS 0.4% |
|  Brambles Ltd. | 29749 | 459 |
|  Computershare Ltd. | 11497 | 302 |
|  |  | 761 |
| MATERIALS 0.2% | MATERIALS 0.2% | MATERIALS 0.2% |
|  Fortescue Ltd. | 35614 | 358 |
| Total Australia |  | 1119 |

---

18 PIMCO EQUITY SERIES See Accompanying Notes

------

June 30, 2025

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
| AUSTRIA 0.1% | AUSTRIA 0.1% | AUSTRIA 0.1% |
| ENERGY 0.1% | ENERGY 0.1% | ENERGY 0.1% |
|  OMV AG | 3160 | 172 |
| Total Austria |  | 172 |
| BELGIUM 0.1% | BELGIUM 0.1% | BELGIUM 0.1% |
| FINANCIALS 0.1% | FINANCIALS 0.1% | FINANCIALS 0.1% |
|  Ageas SA | 3150 | 213 |
| Total Belgium |  | 213 |
| BRAZIL 0.7% | BRAZIL 0.7% | BRAZIL 0.7% |
| CONSUMER STAPLES 0.1% | CONSUMER STAPLES 0.1% | CONSUMER STAPLES 0.1% |
|  Ambev SA | 102700 | 252 |
| ENERGY 0.3% | ENERGY 0.3% | ENERGY 0.3% |
|  Petroleo Brasileiro SA - Petrobras | 81500 | 511 |
| FINANCIALS 0.1% | FINANCIALS 0.1% | FINANCIALS 0.1% |
|  Banco do Brasil SA | 36900 | 150 |
|  BB Seguridade Participacoes SA | 19700 | 130 |
|  |  | 280 |
| MATERIALS 0.2% | MATERIALS 0.2% | MATERIALS 0.2% |
|  Vale SA | 41600 | 403 |
| Total Brazil |  | 1446 |
| CANADA 1.4% | CANADA 1.4% | CANADA 1.4% |
| CONSUMER DISCRETIONARY 0.1% | CONSUMER DISCRETIONARY 0.1% | CONSUMER DISCRETIONARY 0.1% |
|  Canadian Tire Corp. Ltd. 'A' | 1117 | 152 |
| ENERGY 1.0% | ENERGY 1.0% | ENERGY 1.0% |
|  ARC Resources Ltd. | 12832 | 270 |
|  Enbridge, Inc. | 4670 | 212 |
|  Pembina Pipeline Corp. | 3175 | 119 |
|  South Bow Corp. | 2114 | 55 |
|  Suncor Energy, Inc. | 27094 | 1015 |
|  TC Energy Corp. | 4225 | 206 |
|  Whitecap Resources, Inc. | 27021 | 182 |
|  |  | 2059 |
| MATERIALS 0.3% | MATERIALS 0.3% | MATERIALS 0.3% |
|  Barrick Mining Corp. | 23865 | 497 |
| Total Canada |  | 2708 |
| CHILE 0.1% | CHILE 0.1% | CHILE 0.1% |
| FINANCIALS 0.1% | FINANCIALS 0.1% | FINANCIALS 0.1% |
|  Banco de Chile | 956555 | 145 |
| Total Chile |  | 145 |
| CHINA 1.9% | CHINA 1.9% | CHINA 1.9% |
| COMMUNICATION SERVICES 0.5% | COMMUNICATION SERVICES 0.5% | COMMUNICATION SERVICES 0.5% |
|  NetEase, Inc. | 38100 | 1027 |
| CONSUMER DISCRETIONARY 0.7% | CONSUMER DISCRETIONARY 0.7% | CONSUMER DISCRETIONARY 0.7% |
|  Alibaba Group Holding Ltd. | 13700 | 194 |
|  Haier Smart Home Co. Ltd. 'H' | 51000 | 147 |
|  JD.com, Inc.'A' | 53400 | 872 |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  Yum China Holdings, Inc. | 4706 | 210 |
|  |  | 1423 |
| ENERGY 0.1% | ENERGY 0.1% | ENERGY 0.1% |
|  China Shenhua Energy Co. Ltd. 'H' | 72000 | 280 |
| FINANCIALS 0.3% | FINANCIALS 0.3% | FINANCIALS 0.3% |
|  China Pacific Insurance Group Co. Ltd. 'H' | 55400 | 191 |
|  PICC Property & Casualty Co. Ltd. 'H' | 152000 | 295 |
|  |  | 486 |
| INDUSTRIALS 0.2% | INDUSTRIALS 0.2% | INDUSTRIALS 0.2% |
|  Yangzijiang Shipbuilding Holdings Ltd. | 76100 | 133 |
|  ZTO Express Cayman, Inc. | 9050 | 160 |
|  |  | 293 |
| MATERIALS 0.1% | MATERIALS 0.1% | MATERIALS 0.1% |
|  China Hongqiao Group Ltd. | 73000 | 168 |
| Total China |  | 3677 |
| CZECH REPUBLIC 0.1% | CZECH REPUBLIC 0.1% | CZECH REPUBLIC 0.1% |
| UTILITIES 0.1% | UTILITIES 0.1% | UTILITIES 0.1% |
|  CEZ AS | 3455 | 203 |
| Total Czech Republic |  | 203 |
| DENMARK 0.1% | DENMARK 0.1% | DENMARK 0.1% |
| INDUSTRIALS 0.1% | INDUSTRIALS 0.1% | INDUSTRIALS 0.1% |
|  AP Moller - Maersk AS 'B' | 92 | 171 |
| Total Denmark |  | 171 |
| FINLAND 0.4% | FINLAND 0.4% | FINLAND 0.4% |
| INDUSTRIALS 0.1% | INDUSTRIALS 0.1% | INDUSTRIALS 0.1% |
|  Wartsila Oyj Abp | 6174 | 146 |
| INFORMATION TECHNOLOGY 0.3% | INFORMATION TECHNOLOGY 0.3% | INFORMATION TECHNOLOGY 0.3% |
|  Nokia Oyj | 115292 | 598 |
| Total Finland |  | 744 |
| FRANCE 1.6% | FRANCE 1.6% | FRANCE 1.6% |
| CONSUMER DISCRETIONARY 0.3% | CONSUMER DISCRETIONARY 0.3% | CONSUMER DISCRETIONARY 0.3% |
|  Cie Generale des Etablissements Michelin SCA | 14695 | 546 |
| INDUSTRIALS 0.9% | INDUSTRIALS 0.9% | INDUSTRIALS 0.9% |
|  Bouygues SA | 3958 | 179 |
|  Vinci SA | 10734 | 1583 |
|  |  | 1762 |
| UTILITIES 0.4% | UTILITIES 0.4% | UTILITIES 0.4% |
|  Engie SA | 39902 | 938 |
| Total France |  | 3246 |
| GREECE 0.3% | GREECE 0.3% | GREECE 0.3% |
| CONSUMER DISCRETIONARY 0.1% | CONSUMER DISCRETIONARY 0.1% | CONSUMER DISCRETIONARY 0.1% |
|  OPAP SA | 6039 | 137 |

---

---

| | | |
|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) |
| FINANCIALS 0.2% | FINANCIALS 0.2% | FINANCIALS 0.2% |
|  Eurobank Ergasias Services & Holdings SA 'A' | 55518 | 191 |
|  National Bank of Greece SA | 18991 | 242 |
|  |  | 433 |
| Total Greece |  | 570 |
| HONG KONG 0.6% | HONG KONG 0.6% | HONG KONG 0.6% |
| CONSUMER STAPLES 0.1% | CONSUMER STAPLES 0.1% | CONSUMER STAPLES 0.1% |
|  WH Group Ltd. | 179500 | 173 |
| INDUSTRIALS 0.1% | INDUSTRIALS 0.1% | INDUSTRIALS 0.1% |
|  SITC International Holdings Co. Ltd. | 44000 | 141 |
| REAL ESTATE 0.3% | REAL ESTATE 0.3% | REAL ESTATE 0.3% |
|  China Resources Land Ltd. | 69500 | 237 |
|  Sun Hung Kai Properties Ltd. | 31500 | 363 |
|  |  | 600 |
| UTILITIES 0.1% | UTILITIES 0.1% | UTILITIES 0.1% |
|  CLP Holdings Ltd. | 35000 | 295 |
| Total Hong Kong |  | 1209 |
| INDONESIA 0.4% | INDONESIA 0.4% | INDONESIA 0.4% |
| COMMUNICATION SERVICES 0.1% | COMMUNICATION SERVICES 0.1% | COMMUNICATION SERVICES 0.1% |
|  Telkom Indonesia Persero Tbk PT | 1056500 | 181 |
| FINANCIALS 0.2% | FINANCIALS 0.2% | FINANCIALS 0.2% |
|  Bank Mandiri Persero Tbk PT | 807900 | 243 |
|  Bank Rakyat Indonesia Persero Tbk PT | 1458100 | 336 |
|  |  | 579 |
| INDUSTRIALS 0.1% | INDUSTRIALS 0.1% | INDUSTRIALS 0.1% |
|  Astra International Tbk PT | 431400 | 119 |
| Total Indonesia |  | 879 |
| IRELAND 0.9% | IRELAND 0.9% | IRELAND 0.9% |
| FINANCIALS 0.2% | FINANCIALS 0.2% | FINANCIALS 0.2% |
|  AIB Group PLC | 44909 | 370 |
| HEALTH CARE 0.7% | HEALTH CARE 0.7% | HEALTH CARE 0.7% |
|  Medtronic PLC | 15094 | 1316 |
| Total Ireland |  | 1686 |
| ISRAEL 0.7% | ISRAEL 0.7% | ISRAEL 0.7% |
| FINANCIALS 0.7% | FINANCIALS 0.7% | FINANCIALS 0.7% |
|  Bank Hapoalim BM | 27028 | 519 |
|  Bank Leumi Le-Israel BM | 32705 | 608 |
|  Mizrahi Tefahot Bank Ltd. | 3321 | 217 |
| Total Israel |  | 1344 |
| ITALY 1.0% | ITALY 1.0% | ITALY 1.0% |
| FINANCIALS 0.6% | FINANCIALS 0.6% | FINANCIALS 0.6% |
|  BPER Banca SpA | 21329 | 194 |
|  Intesa Sanpaolo SpA | 182840 | 1053 |
|  |  | 1247 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| JUNE 30, 2025 19

------

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
| UTILITIES 0.4% | UTILITIES 0.4% | UTILITIES 0.4% |
|  Enel SpA | 74217 | 704 |
| Total Italy |  | 1951 |
| JAPAN 2.6% | JAPAN 2.6% | JAPAN 2.6% |
| CONSUMER DISCRETIONARY 0.2% | CONSUMER DISCRETIONARY 0.2% | CONSUMER DISCRETIONARY 0.2% |
|  Subaru Corp. | 12700 | 220 |
|  Yamaha Motor Co. Ltd. | 19100 | 143 |
|  |  | 363 |
| CONSUMER STAPLES 0.3% | CONSUMER STAPLES 0.3% | CONSUMER STAPLES 0.3% |
|  Japan Tobacco, Inc. | 20400 | 601 |
| FINANCIALS 1.3% | FINANCIALS 1.3% | FINANCIALS 1.3% |
|  MS&AD Insurance Group Holdings, Inc. | 27900 | 624 |
|  Sompo Holdings, Inc. | 19500 | 588 |
|  Tokio Marine Holdings, Inc. | 30500 | 1292 |
|  |  | 2504 |
| HEALTH CARE 0.1% | HEALTH CARE 0.1% | HEALTH CARE 0.1% |
|  Shionogi & Co. Ltd. | 16400 | 295 |
| INDUSTRIALS 0.2% | INDUSTRIALS 0.2% | INDUSTRIALS 0.2% |
|  Nippon Yusen KK | 9200 | 331 |
| INFORMATION TECHNOLOGY 0.3% | INFORMATION TECHNOLOGY 0.3% | INFORMATION TECHNOLOGY 0.3% |
|  Canon, Inc. | 6300 | 183 |
|  Murata Manufacturing Co. Ltd. | 36600 | 541 |
|  |  | 724 |
| REAL ESTATE 0.1% | REAL ESTATE 0.1% | REAL ESTATE 0.1% |
|  Daito Trust Construction Co. Ltd. | 1300 | 142 |
| UTILITIES 0.1% | UTILITIES 0.1% | UTILITIES 0.1% |
|  Osaka Gas Co. Ltd. | 8000 | 205 |
| Total Japan |  | 5165 |
| LUXEMBOURG 0.2% | LUXEMBOURG 0.2% | LUXEMBOURG 0.2% |
| ENERGY 0.1% | ENERGY 0.1% | ENERGY 0.1% |
|  Tenaris SA | 8768 | 164 |
| FINANCIALS 0.1% | FINANCIALS 0.1% | FINANCIALS 0.1% |
|  Intelsat Emergence SA «(i) | 2890 | 100 |
| INDUSTRIALS 0.0% | INDUSTRIALS 0.0% | INDUSTRIALS 0.0% |
|  Foresea Holdings SA « | 2200 | 45 |
| Total Luxembourg |  | 309 |
| MALAYSIA 0.1% | MALAYSIA 0.1% | MALAYSIA 0.1% |
| UTILITIES 0.1% | UTILITIES 0.1% | UTILITIES 0.1% |
|  Tenaga Nasional Bhd | 39400 | 135 |
| Total Malaysia |  | 135 |
| MEXICO 0.2% | MEXICO 0.2% | MEXICO 0.2% |
| CONSUMER DISCRETIONARY 0.0% | CONSUMER DISCRETIONARY 0.0% | CONSUMER DISCRETIONARY 0.0% |
|  Desarrolladora Homex SAB de CV «(d) | 41996 | 0 |

---

---

| | | |
|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) |
| MATERIALS 0.2% | MATERIALS 0.2% | MATERIALS 0.2% |
|  Grupo Mexico SAB de CV 'B' | 69400 | 420 |
| Total Mexico |  | 420 |
| NETHERLANDS 0.5% | NETHERLANDS 0.5% | NETHERLANDS 0.5% |
| COMMUNICATION SERVICES 0.2% | COMMUNICATION SERVICES 0.2% | COMMUNICATION SERVICES 0.2% |
|  Koninklijke KPN NV | 83354 | 407 |
| CONSUMER STAPLES 0.3% | CONSUMER STAPLES 0.3% | CONSUMER STAPLES 0.3% |
|  Koninklijke Ahold Delhaize NV | 12674 | 529 |
| Total Netherlands |  | 936 |
| NORWAY 0.3% | NORWAY 0.3% | NORWAY 0.3% |
| ENERGY 0.3% | ENERGY 0.3% | ENERGY 0.3% |
|  Aker BP ASA | 6712 | 172 |
|  Equinor ASA | 18020 | 455 |
|  |  | 627 |
| Total Norway |  | 627 |
| POLAND 0.6% | POLAND 0.6% | POLAND 0.6% |
| ENERGY 0.1% | ENERGY 0.1% | ENERGY 0.1% |
|  ORLEN SA | 12567 | 286 |
| FINANCIALS 0.5% | FINANCIALS 0.5% | FINANCIALS 0.5% |
|  Bank Polska Kasa Opieki SA | 3937 | 203 |
|  Powszechna Kasa Oszczednosci Bank Polski SA | 18734 | 391 |
|  Powszechny Zaklad Ubezpieczen SA | 13030 | 228 |
|  Santander Bank Polska SA | 1068 | 147 |
|  |  | 969 |
| Total Poland |  | 1255 |
| SINGAPORE 0.2% | SINGAPORE 0.2% | SINGAPORE 0.2% |
| FINANCIALS 0.1% | FINANCIALS 0.1% | FINANCIALS 0.1% |
|  Singapore Exchange Ltd. | 18400 | 216 |
| INDUSTRIALS 0.1% | INDUSTRIALS 0.1% | INDUSTRIALS 0.1% |
|  Singapore Airlines Ltd. | 32100 | 176 |
| Total Singapore |  | 392 |
| SOUTH AFRICA 0.8% | SOUTH AFRICA 0.8% | SOUTH AFRICA 0.8% |
| FINANCIALS 0.7% | FINANCIALS 0.7% | FINANCIALS 0.7% |
|  Absa Group Ltd. | 18385 | 183 |
|  FirstRand Ltd. | 108695 | 465 |
|  Nedbank Group Ltd. | 9804 | 135 |
|  Sanlam Ltd. | 38621 | 193 |
|  Standard Bank Group Ltd. | 28449 | 365 |
|  |  | 1341 |
| MATERIALS 0.1% | MATERIALS 0.1% | MATERIALS 0.1% |
|  Gold Fields Ltd. | 9491 | 225 |
| Total South Africa |  | 1566 |
| SOUTH KOREA 0.5% | SOUTH KOREA 0.5% | SOUTH KOREA 0.5% |
| CONSUMER DISCRETIONARY 0.2% | CONSUMER DISCRETIONARY 0.2% | CONSUMER DISCRETIONARY 0.2% |
|  Kia Corp. | 5182 | 371 |

---

---

| | | |
|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) |
| CONSUMER STAPLES 0.1% | CONSUMER STAPLES 0.1% | CONSUMER STAPLES 0.1% |
|  KT&G Corp. | 2038 | 193 |
| FINANCIALS 0.1% | FINANCIALS 0.1% | FINANCIALS 0.1% |
|  Meritz Financial Group, Inc. | 1822 | 152 |
|  Samsung Fire & Marine Insurance Co. Ltd. | 669 | 214 |
|  |  | 366 |
| INFORMATION TECHNOLOGY 0.1% | INFORMATION TECHNOLOGY 0.1% | INFORMATION TECHNOLOGY 0.1% |
|  Samsung Electronics Co. Ltd. | 3331 | 147 |
| Total South Korea |  | 1077 |
| SPAIN 1.9% | SPAIN 1.9% | SPAIN 1.9% |
| CONSUMER DISCRETIONARY 0.3% | CONSUMER DISCRETIONARY 0.3% | CONSUMER DISCRETIONARY 0.3% |
|  Industria de Diseno Textil SA | 10177 | 531 |
| ENERGY 0.2% | ENERGY 0.2% | ENERGY 0.2% |
|  Repsol SA | 24774 | 362 |
| FINANCIALS 1.2% | FINANCIALS 1.2% | FINANCIALS 1.2% |
|  Banco Bilbao Vizcaya Argentaria SA | 121302 | 1868 |
|  Banco de Sabadell SA | 111830 | 356 |
|  Banco Santander SA | 30774 | 255 |
|  |  | 2479 |
| INDUSTRIALS 0.1% | INDUSTRIALS 0.1% | INDUSTRIALS 0.1% |
|  ACS Actividades de Construccion y Servicios SA | 3778 | 263 |
| UTILITIES 0.1% | UTILITIES 0.1% | UTILITIES 0.1% |
|  Endesa SA | 6962 | 220 |
| Total Spain |  | 3855 |
| SWEDEN 0.5% | SWEDEN 0.5% | SWEDEN 0.5% |
| CONSUMER DISCRETIONARY 0.1% | CONSUMER DISCRETIONARY 0.1% | CONSUMER DISCRETIONARY 0.1% |
|  Evolution AB | 3248 | 258 |
| INDUSTRIALS 0.1% | INDUSTRIALS 0.1% | INDUSTRIALS 0.1% |
|  Skanska AB 'B' | 7357 | 171 |
| INFORMATION TECHNOLOGY 0.3% | INFORMATION TECHNOLOGY 0.3% | INFORMATION TECHNOLOGY 0.3% |
|  Telefonaktiebolaget LM Ericsson 'B' | 59887 | 512 |
| Total Sweden |  | 941 |
| SWITZERLAND 2.7% | SWITZERLAND 2.7% | SWITZERLAND 2.7% |
| CONSUMER STAPLES 0.3% | CONSUMER STAPLES 0.3% | CONSUMER STAPLES 0.3% |
|  Nestle SA | 5200 | 517 |
| FINANCIALS 0.7% | FINANCIALS 0.7% | FINANCIALS 0.7% |
|  Swiss Re AG | 4819 | 834 |
|  Zurich Insurance Group AG | 818 | 572 |
|  |  | 1406 |
| HEALTH CARE 1.5% | HEALTH CARE 1.5% | HEALTH CARE 1.5% |
|  Novartis AG | 13455 | 1633 |
|  Roche Holding AG | 3985 | 1301 |
|  |  | 2934 |

---

20 PIMCO EQUITY SERIES See Accompanying Notes

------

June 30, 2025

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
| MATERIALS 0.2% | MATERIALS 0.2% | MATERIALS 0.2% |
|  Holcim AG | 5891 | 437 |
| Total Switzerland |  | 5294 |
| TAIWAN 1.0% | TAIWAN 1.0% | TAIWAN 1.0% |
| INFORMATION TECHNOLOGY 1.0% | INFORMATION TECHNOLOGY 1.0% | INFORMATION TECHNOLOGY 1.0% |
|  Lite-On Technology Corp. | 44000 | 167 |
|  MediaTek, Inc. | 33000 | 1414 |
|  Novatek Microelectronics Corp. | 12000 | 224 |
|  Realtek Semiconductor Corp. | 11000 | 213 |
| Total Taiwan |  | 2018 |
| UNITED KINGDOM 3.2% | UNITED KINGDOM 3.2% | UNITED KINGDOM 3.2% |
| COMMUNICATION SERVICES 0.1% | COMMUNICATION SERVICES 0.1% | COMMUNICATION SERVICES 0.1% |
|  Vodafone Group PLC | 135852 | 145 |
| CONSUMER DISCRETIONARY 0.1% | CONSUMER DISCRETIONARY 0.1% | CONSUMER DISCRETIONARY 0.1% |
|  Kingfisher PLC | 36853 | 147 |
| CONSUMER STAPLES 1.6% | CONSUMER STAPLES 1.6% | CONSUMER STAPLES 1.6% |
|  Associated British Foods PLC | 7049 | 199 |
|  British American Tobacco PLC | 43417 | 2064 |
|  Imperial Brands PLC | 17145 | 678 |
|  Tesco PLC | 42248 | 233 |
|  |  | 3174 |
| ENERGY 0.3% | ENERGY 0.3% | ENERGY 0.3% |
|  Shell PLC | 18076 | 631 |
| FINANCIALS 0.3% | FINANCIALS 0.3% | FINANCIALS 0.3% |
|  3i Group PLC | 8113 | 459 |
|  Admiral Group PLC | 3394 | 152 |
|  |  | 611 |
| INDUSTRIALS 0.2% | INDUSTRIALS 0.2% | INDUSTRIALS 0.2% |
|  BAE Systems PLC | 6255 | 162 |
|  Intertek Group PLC | 3460 | 226 |
|  |  | 388 |
| MATERIALS 0.5% | MATERIALS 0.5% | MATERIALS 0.5% |
|  Rio Tinto PLC | 16436 | 957 |
| UTILITIES 0.1% | UTILITIES 0.1% | UTILITIES 0.1% |
|  National Grid PLC | 20620 | 303 |
| Total United Kingdom |  | 6356 |
| UNITED STATES 19.6% | UNITED STATES 19.6% | UNITED STATES 19.6% |
| COMMUNICATION SERVICES 2.5% | COMMUNICATION SERVICES 2.5% | COMMUNICATION SERVICES 2.5% |
|  Clear Channel Outdoor Holdings, Inc. (d) | 29821 | 35 |
|  Comcast Corp. 'A' | 34462 | 1230 |
|  Electronic Arts, Inc. | 5279 | 843 |
|  iHeartMedia, Inc. 'A' (d) | 6979 | 12 |
|  iHeartMedia, Inc. 'B' «(d) | 5486 | 8 |
|  Verizon Communications, Inc. | 65468 | 2833 |
|  Windstream Services LLC «(d) | 40 | 1 |
|  |  | 4962 |
| CONSUMER DISCRETIONARY 1.3% | CONSUMER DISCRETIONARY 1.3% | CONSUMER DISCRETIONARY 1.3% |
|  Best Buy Co., Inc. | 4334 | 291 |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  Booking Holdings, Inc. | 32 | 185 |
|  eBay, Inc. | 9821 | 731 |
|  Expedia Group, Inc. | 2695 | 455 |
|  Home Depot, Inc. | 2015 | 739 |
|  Williams-Sonoma, Inc. | 753 | 123 |
|  |  | 2524 |
| CONSUMER STAPLES 3.8% | CONSUMER STAPLES 3.8% | CONSUMER STAPLES 3.8% |
|  Altria Group, Inc. | 36929 | 2165 |
|  Colgate-Palmolive Co. | 6837 | 622 |
|  Kimberly-Clark Corp. | 7250 | 935 |
|  Philip Morris International, Inc. | 14415 | 2625 |
|  Procter & Gamble Co. | 929 | 148 |
|  Target Corp. | 9964 | 983 |
|  |  | 7478 |
| ENERGY 1.4% | ENERGY 1.4% | ENERGY 1.4% |
|  Antero Midstream Corp. | 1572 | 30 |
|  Cheniere Energy, Inc. | 473 | 115 |
|  Devon Energy Corp. | 13502 | 429 |
|  DTE Midstream, Inc. | 1452 | 160 |
|  EOG Resources, Inc. | 9137 | 1093 |
|  Hess Midstream LP 'A' | 2193 | 84 |
|  Kinder Morgan, Inc. | 9025 | 265 |
|  Kinetik Holdings, Inc. | 651 | 29 |
|  ONEOK, Inc. | 2322 | 190 |
|  Targa Resources Corp. | 655 | 114 |
|  Williams Cos., Inc. | 3612 | 227 |
|  |  | 2736 |
| FINANCIALS 1.8% | FINANCIALS 1.8% | FINANCIALS 1.8% |
|  Bank of New York Mellon Corp. | 2217 | 202 |
|  CME Group, Inc. | 3074 | 847 |
|  Hartford Insurance Group, Inc. | 2168 | 275 |
|  Northern Trust Corp. | 4268 | 541 |
|  State Street Corp. | 6320 | 672 |
|  Synchrony Financial | 8397 | 561 |
| T. Rowe Price Group, Inc. | 4781 | 461 |
|  |  | 3559 |
| HEALTH CARE 3.5% | HEALTH CARE 3.5% | HEALTH CARE 3.5% |
|  AbbVie, Inc. | 7734 | 1435 |
|  Amsurg Equity «(d)(i) | 4188 | 189 |
|  Johnson & Johnson | 18476 | 2822 |
|  Merck & Co., Inc. | 16544 | 1310 |
|  Pfizer, Inc. | 46045 | 1116 |
|  |  | 6872 |
| INDUSTRIALS 1.3% | INDUSTRIALS 1.3% | INDUSTRIALS 1.3% |
|  EMCOR Group, Inc. | 981 | 525 |
|  Lockheed Martin Corp. | 4512 | 2090 |
|  Westmoreland Mining Holdings «(d)(i) | 52 | 0 |
|  Westmoreland Mining LLC «(d)(i) | 165 | 0 |
|  |  | 2615 |
| INFORMATION TECHNOLOGY 3.3% | INFORMATION TECHNOLOGY 3.3% | INFORMATION TECHNOLOGY 3.3% |
|  Apple, Inc. | 3093 | 635 |
|  Cisco Systems, Inc. | 39960 | 2772 |
|  Microsoft Corp. | 2042 | 1016 |
|  NVIDIA Corp. | 7854 | 1241 |
|  QUALCOMM, Inc. | 5736 | 913 |
|  |  | 6577 |

---

---

| | | |
|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) |
| MATERIALS 0.3% | MATERIALS 0.3% | MATERIALS 0.3% |
|  Amrize Ltd. (d) | 5891 | 294 |
|  CF Industries Holdings, Inc. | 3645 | 335 |
|  |  | 629 |
| UTILITIES 0.4% | UTILITIES 0.4% | UTILITIES 0.4% |
|  DTE Energy Co. | 2459 | 326 |
|  Edison International | 8315 | 429 |
|  |  | 755 |
| Total United States |  | 38707 |
| Total Common Stocks (Cost $76,882) | Total Common Stocks (Cost $76,882) | 90536 |
|  | PRINCIPAL<br>AMOUNT<br>(000S) |  |
| CORPORATE BONDS & NOTES 5.4% | CORPORATE BONDS & NOTES 5.4% | CORPORATE BONDS & NOTES 5.4% |
| BERMUDA 0.1% | BERMUDA 0.1% | BERMUDA 0.1% |
| INDUSTRIALS 0.1% | INDUSTRIALS 0.1% | INDUSTRIALS 0.1% |
|  Essent Group Ltd. | Essent Group Ltd. | Essent Group Ltd. |
|  6.250% due 07/01/2029 | 200 | 207 |
| Total Bermuda |  | 207 |
| FRANCE 0.4% | FRANCE 0.4% | FRANCE 0.4% |
| BANKING & FINANCE 0.3% | BANKING & FINANCE 0.3% | BANKING & FINANCE 0.3% |
|  BPCE SA | BPCE SA | BPCE SA |
|  6.714% due 10/19/2029 •  | 250 | 265 |
|  Societe Generale SA | Societe Generale SA | Societe Generale SA |
|  6.691% due 01/10/2034 •  | 400 | 427 |
|  |  | 692 |
| INDUSTRIALS 0.1% | INDUSTRIALS 0.1% | INDUSTRIALS 0.1% |
|  Altice France SA | Altice France SA | Altice France SA |
|  8.125% due 02/01/2027 | 200 | 180 |
| Total France |  | 872 |
| GERMANY 0.1% | GERMANY 0.1% | GERMANY 0.1% |
| BANKING & FINANCE 0.1% | BANKING & FINANCE 0.1% | BANKING & FINANCE 0.1% |
|  Deutsche Bank AG | Deutsche Bank AG | Deutsche Bank AG |
|  3.547% due 09/18/2031 •  | 200 | 187 |
| Total Germany |  | 187 |
| IRELAND 0.1% | IRELAND 0.1% | IRELAND 0.1% |
| INDUSTRIALS 0.1% | INDUSTRIALS 0.1% | INDUSTRIALS 0.1% |
|  Russian Railways Via RZD Capital PLC | Russian Railways Via RZD Capital PLC | Russian Railways Via RZD Capital PLC |
|  7.487% due 03/25/2031 ^(c) | 300 | 288 |
| Total Ireland |  | 288 |
| ITALY 0.1% | ITALY 0.1% | ITALY 0.1% |
| BANKING & FINANCE 0.1% | BANKING & FINANCE 0.1% | BANKING & FINANCE 0.1% |
|  Intesa Sanpaolo SpA | Intesa Sanpaolo SpA | Intesa Sanpaolo SpA |
|  7.200% due 11/28/2033 | 200 | 225 |
| Total Italy |  | 225 |
| JAPAN 0.4% | JAPAN 0.4% | JAPAN 0.4% |
| INDUSTRIALS 0.4% | INDUSTRIALS 0.4% | INDUSTRIALS 0.4% |
|  Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. | Nissan Motor Co. Ltd. |
|  4.810% due 09/17/2030 | 868 | 797 |
| Total Japan |  | 797 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| JUNE 30, 2025 21

------

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

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| LUXEMBOURG 0.1% | LUXEMBOURG 0.1% | LUXEMBOURG 0.1% |
| INDUSTRIALS 0.1% | INDUSTRIALS 0.1% | INDUSTRIALS 0.1% |
|  Intelsat Jackson Holdings SA |  |  |
|  6.500% due 03/15/2030 | 208 | 213 |
| UTILITIES 0.0% | UTILITIES 0.0% | UTILITIES 0.0% |
|  FORESEA Holding SA | FORESEA Holding SA | FORESEA Holding SA |
|  7.500% due 06/15/2030 | 27 | 26 |
| Total Luxembourg |  | 239 |
| SAUDI ARABIA 0.1% | SAUDI ARABIA 0.1% | SAUDI ARABIA 0.1% |
| INDUSTRIALS 0.1% | INDUSTRIALS 0.1% | INDUSTRIALS 0.1% |
|  Saudi Arabian Oil Co. | Saudi Arabian Oil Co. | Saudi Arabian Oil Co. |
|  4.750% due 06/02/2030 | 200 | 201 |
| Total Saudi Arabia |  | 201 |
| SPAIN 0.2% | SPAIN 0.2% | SPAIN 0.2% |
| BANKING & FINANCE 0.2% | BANKING & FINANCE 0.2% | BANKING & FINANCE 0.2% |
|  Banco Santander SA | Banco Santander SA | Banco Santander SA |
|  6.607% due 11/07/2028 | 400 | 427 |
| Total Spain |  | 427 |
| SWITZERLAND 0.7% | SWITZERLAND 0.7% | SWITZERLAND 0.7% |
| BANKING & FINANCE 0.7% | BANKING & FINANCE 0.7% | BANKING & FINANCE 0.7% |
|  UBS Group AG | UBS Group AG | UBS Group AG |
|  5.959% due 01/12/2034 •  | 637 | 671 |
|  3.091% due 05/14/2032 •  | 673 | 611 |
| Total Switzerland |  | 1282 |
| UNITED KINGDOM 0.8% | UNITED KINGDOM 0.8% | UNITED KINGDOM 0.8% |
| BANKING & FINANCE 0.5% | BANKING & FINANCE 0.5% | BANKING & FINANCE 0.5% |
|  Barclays PLC | Barclays PLC | Barclays PLC |
|  7.437% due 11/02/2033 •  | 700 | 795 |
|  Nationwide Building Society | Nationwide Building Society | Nationwide Building Society |
|  6.557% due 10/18/2027 •  | 200 | 205 |
|  Thames SSNM | Thames SSNM | Thames SSNM |
|  9.750% due 10/10/2027 « | 9 | 12 |
|  |  | 1012 |
| INDUSTRIALS 0.3% | INDUSTRIALS 0.3% | INDUSTRIALS 0.3% |
|  Marston's Issuer PLC | Marston's Issuer PLC | Marston's Issuer PLC |
|  6.986% due 07/16/2035 ~ | 200 | 244 |
|  Mitchells & Butlers Finance PLC | Mitchells & Butlers Finance PLC | Mitchells & Butlers Finance PLC |
|  4.808% (BP0003M + 0.450%) due 12/15/2030 ~ | 51 | 70 |
|  Thames Water Super Senior Issuer PLC | Thames Water Super Senior Issuer PLC | Thames Water Super Senior Issuer PLC |
|  9.750% due 10/10/2027 | 9 | 14 |
|  Thames Water Utilities Finance PLC | Thames Water Utilities Finance PLC | Thames Water Utilities Finance PLC |
|  2.375% due 04/22/2042 | 100 | 91 |
|  0.875% due 01/31/2030 | 100 | 75 |
|  Thames Water Utilities Ltd. | Thames Water Utilities Ltd. | Thames Water Utilities Ltd. |
|  0.000% due 03/22/2027 (f) | 1 | 1 |
|  |  | 495 |
| Total United Kingdom |  | 1507 |
| UNITED STATES 2.3% | UNITED STATES 2.3% | UNITED STATES 2.3% |
| BANKING & FINANCE 0.3% | BANKING & FINANCE 0.3% | BANKING & FINANCE 0.3% |
|  Credit Suisse AG AT1 Claim | 365 | 44 |
|  EPR Properties | EPR Properties | EPR Properties |
|  4.950% due 04/15/2028 | 2 | 2 |
|  4.750% due 12/15/2026 | 2 | 2 |
|  Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC | Ford Motor Credit Co. LLC |
|  4.271% due 01/09/2027 | 460 | 454 |

---

---

| | | | |
|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  GLP Capital LP | GLP Capital LP | GLP Capital LP | GLP Capital LP |
|  5.300% due 01/15/2029 | $| 19 | 19 |
|  |  |  | 521 |
| INDUSTRIALS 1.4% | INDUSTRIALS 1.4% | INDUSTRIALS 1.4% | INDUSTRIALS 1.4% |
|  American Airlines Pass-Through Trust | American Airlines Pass-Through Trust | American Airlines Pass-Through Trust | American Airlines Pass-Through Trust |
|  3.350% due 04/15/2031 |  | 6 | 6 |
|  Boeing Co. | Boeing Co. | Boeing Co. | Boeing Co. |
|  2.750% due 02/01/2026 |  | 60 | 59 |
|  2.196% due 02/04/2026 |  | 10 | 10 |
|  6.259% due 05/01/2027 |  | 400 | 412 |
|  6.298% due 05/01/2029 |  | 10 | 10 |
|  CVS Pass-Through Trust | CVS Pass-Through Trust | CVS Pass-Through Trust | CVS Pass-Through Trust |
|  8.353% due 07/10/2031 |  | 297 | 322 |
|  DISH DBS Corp. | DISH DBS Corp. | DISH DBS Corp. | DISH DBS Corp. |
|  5.250% due 12/01/2026 |  | 490 | 446 |
|  5.750% due 12/01/2028 |  | 200 | 173 |
|  Energy Transfer LP | Energy Transfer LP | Energy Transfer LP | Energy Transfer LP |
|  4.950% due 05/15/2028 |  | 4 | 4 |
|  Exela Intermediate LLC  | Exela Intermediate LLC  | Exela Intermediate LLC  | Exela Intermediate LLC  |
|  11.500% due 04/15/2026 |  | 11 | 1 |
|  Hyundai Capital America | Hyundai Capital America | Hyundai Capital America | Hyundai Capital America |
|  4.300% due 09/24/2027 |  | 400 | 397 |
|  Topaz Solar Farms LLC | Topaz Solar Farms LLC | Topaz Solar Farms LLC | Topaz Solar Farms LLC |
|  5.750% due 09/30/2039 |  | 58 | 57 |
|  4.875% due 09/30/2039 |  | 8 | 7 |
|  U.S. Renal Care, Inc. | U.S. Renal Care, Inc. | U.S. Renal Care, Inc. | U.S. Renal Care, Inc. |
|  10.625% due 06/28/2028 |  | 2 | 2 |
|  Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC |
|  3.875% due 08/15/2029 |  | 230 | 217 |
|  Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. | Venture Global LNG, Inc. |
|  9.875% due 02/01/2032 |  | 150 | 162 |
|  7.000% due 01/15/2030 |  | 140 | 142 |
|  Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC | Venture Global Plaquemines LNG LLC |
|  6.500% due 01/15/2034 (a) |  | 230 | 230 |
|  |  |  | 2657 |
| UTILITIES 0.6% | UTILITIES 0.6% | UTILITIES 0.6% | UTILITIES 0.6% |
|  Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. | Pacific Gas & Electric Co. |
|  3.300% due 03/15/2027 |  | 20 | 20 |
|  3.750% due 07/01/2028 |  | 110 | 107 |
|  3.250% due 06/01/2031 |  | 559 | 502 |
|  4.200% due 03/01/2029 |  | 200 | 195 |
|  2.500% due 02/01/2031 |  | 500 | 434 |
|  |  |  | 1258 |
| Total United States |  |  | 4436 |
| VENEZUELA 0.0% | VENEZUELA 0.0% | VENEZUELA 0.0% | VENEZUELA 0.0% |
| INDUSTRIALS 0.0% | INDUSTRIALS 0.0% | INDUSTRIALS 0.0% | INDUSTRIALS 0.0% |
|  Petroleos de Venezuela SA | Petroleos de Venezuela SA | Petroleos de Venezuela SA | Petroleos de Venezuela SA |
|  6.000% due 11/15/2026 ^(c) |  | 300 | 38 |
|  9.750% due 05/17/2035 ^(c) |  | 20 | 3 |
| Total Venezuela |  |  | 41 |
|  Total Corporate Bonds & Notes (Cost $10,840) | Total Corporate Bonds & Notes (Cost $10,840) | Total Corporate Bonds & Notes (Cost $10,840) | 10709 |
| NON-AGENCY MORTGAGE-BACKED SECURITIES 10.5% | NON-AGENCY MORTGAGE-BACKED SECURITIES 10.5% | NON-AGENCY MORTGAGE-BACKED SECURITIES 10.5% | NON-AGENCY MORTGAGE-BACKED SECURITIES 10.5% |
| IRELAND 0.9% | IRELAND 0.9% | IRELAND 0.9% | IRELAND 0.9% |
|  Kinbane DAC | Kinbane DAC | Kinbane DAC | Kinbane DAC |
|  2.739% due 09/25/2062 ~ | EUR | 405 | 484 |
|  Lugo Funding DAC | Lugo Funding DAC | Lugo Funding DAC | Lugo Funding DAC |
|  3.049% due 05/26/2066 •  |  | 366 | 432 |
|  Merrion Square Residential DAC | Merrion Square Residential DAC | Merrion Square Residential DAC | Merrion Square Residential DAC |
|  2.999% due 03/24/2081 •  |  | 674 | 795 |
| Total Ireland |  |  | 1711 |
| UNITED KINGDOM 1.7% | UNITED KINGDOM 1.7% | UNITED KINGDOM 1.7% | UNITED KINGDOM 1.7% |
|  Avon Finance | Avon Finance | Avon Finance | Avon Finance |
|  5.139% due 12/28/2049 •  | GBP | 493 | 677 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Bridgegate Funding PLC | Bridgegate Funding PLC | Bridgegate Funding PLC |
|  6.564% due 10/16/2062 •  | 1330 | 1842 |
|  Eurosail-U.K. PLC | Eurosail-U.K. PLC | Eurosail-U.K. PLC |
|  5.058% due 09/13/2045 •  | 168 | 229 |
|  5.308% due 06/13/2045 •  | 157 | 215 |
|  Grifonas Finance PLC | Grifonas Finance PLC | Grifonas Finance PLC |
|  2.669% due 08/28/2039 •  | 109 | 124 |
|  Towd Point Mortgage Funding | Towd Point Mortgage Funding | Towd Point Mortgage Funding |
|  5.223% due 07/20/2053 •  | 232 | 319 |
| Total United Kingdom |  | 3406 |
| UNITED STATES 7.9% | UNITED STATES 7.9% | UNITED STATES 7.9% |
|  AG Trust | AG Trust | AG Trust |
|  6.327% due 07/15/2041 •  | 190 | 191 |
|  Banc of America Alternative Loan Trust | Banc of America Alternative Loan Trust | Banc of America Alternative Loan Trust |
|  6.000% due 07/25/2046 | 33 | 29 |
|  Banc of America Funding Trust | Banc of America Funding Trust | Banc of America Funding Trust |
|  4.846% due 05/20/2036 ~ | 4 | 3 |
|  Banc of America Mortgage Trust | Banc of America Mortgage Trust | Banc of America Mortgage Trust |
|  3.645% due 11/20/2046 ~ | 2 | 2 |
|  6.000% due 10/25/2036 | 6 | 5 |
|  BBCCRE Trust | BBCCRE Trust | BBCCRE Trust |
|  3.966% due 08/10/2033 | 400 | 370 |
|  Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust | Chase Home Lending Mortgage Trust |
|  3.250% due 09/25/2064 ~ | 840 | 749 |
|  3.500% due 06/25/2062 ~ | 1421 | 1307 |
|  Chase Mortgage Finance Trust | Chase Mortgage Finance Trust | Chase Mortgage Finance Trust |
|  4.443% due 09/25/2036 ~ | 14 | 12 |
|  CIM Trust | CIM Trust | CIM Trust |
|  4.750% due 06/25/2064 ~ | 344 | 341 |
|  5.000% due 05/25/2062 ~ | 1199 | 1202 |
|  COMM Mortgage Trust | COMM Mortgage Trust | COMM Mortgage Trust |
|  3.140% due 10/10/2036 | 400 | 372 |
|  Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust | Countrywide Alternative Loan Trust |
|  6.000% due 06/25/2036 | 74 | 39 |
|  6.000% due 02/25/2037 | 49 | 18 |
|  6.250% due 12/25/2036 •  | 20 | 8 |
|  Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust | Countrywide Home Loan Mortgage Pass-Through Trust |
|  4.934% due 07/25/2037 •  | 14 | 5 |
|  Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. |
|  6.000% due 01/25/2036 | 28 | 17 |
|  Credit Suisse First Boston Mortgage-Backed Pass-Through Certificates | Credit Suisse First Boston Mortgage-Backed Pass-Through Certificates | Credit Suisse First Boston Mortgage-Backed Pass-Through Certificates |
|  6.000% due 11/25/2035 | 308 | 70 |
|  Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust | Credit Suisse Mortgage Capital Mortgage-Backed Trust |
|  3.904% due 04/25/2062 ~ | 1253 | 1193 |
|  4.307% due 12/29/2037 ~ | 97 | 51 |
|  DBGS Mortgage Trust | DBGS Mortgage Trust | DBGS Mortgage Trust |
|  7.076% due 10/15/2036 •  | 900 | 826 |
|  First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust | First Horizon Alternative Mortgage Securities Trust |
|  5.138% due 06/25/2036 ~ | 90 | 72 |
|  GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust | GS Mortgage-Backed Securities Trust |
|  3.900% due 09/25/2061 | 826 | 803 |
|  HSI Asset Loan Obligation Trust | HSI Asset Loan Obligation Trust | HSI Asset Loan Obligation Trust |
|  6.000% due 06/25/2037 | 1 | 1 |
|  JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust | JP Morgan Alternative Loan Trust |
|  5.843% due 05/26/2037 ~ | 32 | 25 |
|  JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust | JP Morgan Chase Commercial Mortgage Securities Trust |
|  5.158% due 04/15/2037 •  | 391 | 386 |
|  7.091% due 11/15/2038 •  | 967 | 955 |
|  7.235% due 10/05/2040 | 400 | 426 |
|  JP Morgan Mortgage Trust | JP Morgan Mortgage Trust | JP Morgan Mortgage Trust |
|  6.500% due 07/25/2036 | 75 | 24 |
|  Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust | Merrill Lynch Mortgage Investors Trust |
|  4.448% due 03/25/2036 ~ | 7 | 4 |
|  MFA Trust | MFA Trust | MFA Trust |
|  4.250% due 02/25/2066 ~ | 361 | 346 |
|  4.400% due 03/25/2068 þ | 1194 | 1186 |
|  PRPM Trust | PRPM Trust | PRPM Trust |
|  6.327% due 06/25/2069 þ | 324 | 330 |
|  RCKT Mortgage Trust | RCKT Mortgage Trust | RCKT Mortgage Trust |
|  5.158% due 10/25/2044 þ | 730 | 729 |
|  5.846% due 08/25/2044 þ | 325 | 327 |

---

---

| | | |
|:---|:---|:---|
| **22** | **PIMCO EQUITY SERIES** | See Accompanying Notes |

---

------

June 30, 2025

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust | Residential Accredit Loans, Inc. Trust |
|  5.234% due 10/25/2045 •  | 40 | 28 |
|  5.500% due 03/25/2037 | 173 | 142 |
|  6.250% due 03/25/2037 | 16 | 13 |
|  Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust | Structured Adjustable Rate Mortgage Loan Trust |
|  4.600% due 10/25/2036 ~ | 1072 | 534 |
|  Towd Point Mortgage Trust | Towd Point Mortgage Trust | Towd Point Mortgage Trust |
|  4.518% due 10/25/2064 ~ | 362 | 361 |
|  5.107% due 07/25/2065 ~ | 656 | 670 |
|  Verus Securitization Trust | Verus Securitization Trust | Verus Securitization Trust |
|  5.799% due 07/25/2069 | 649 | 654 |
|  Wells Fargo Alternative Loan Trust | Wells Fargo Alternative Loan Trust | Wells Fargo Alternative Loan Trust |
|  6.520% due 07/25/2037 ~ | 347 | 322 |
|  WSTN Trust | WSTN Trust | WSTN Trust |
|  6.518% due 07/05/2037 ~ | 500 | 508 |
| Total United States |  | 15656 |
|  Total Non-Agency Mortgage-Backed Securities (Cost $20,573) | Total Non-Agency Mortgage-Backed Securities (Cost $20,573) | 20773 |
|  | **SHARES** |  |
| MASTER LIMITED PARTNERSHIPS 0.1% | MASTER LIMITED PARTNERSHIPS 0.1% | MASTER LIMITED PARTNERSHIPS 0.1% |
| UNITED STATES 0.1% | UNITED STATES 0.1% | UNITED STATES 0.1% |
| ENERGY 0.1% | ENERGY 0.1% | ENERGY 0.1% |
|  Plains GP Holdings LP | 7339 | 143 |
| Total Master Limited Partnerships (Cost $151) | Total Master Limited Partnerships (Cost $151) | 143 |
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |
| MUNICIPAL BONDS & NOTES 0.1% | MUNICIPAL BONDS & NOTES 0.1% | MUNICIPAL BONDS & NOTES 0.1% |
| ILLINOIS 0.0% | ILLINOIS 0.0% | ILLINOIS 0.0% |
|  Illinois State General Obligation Bonds, (BABs), Series 2010 | Illinois State General Obligation Bonds, (BABs), Series 2010 | Illinois State General Obligation Bonds, (BABs), Series 2010 |
|  6.630% due 02/01/2035 | 12 | 12 |
|  7.350% due 07/01/2035 | 4 | 4 |
| Total Illinois |  | 16 |
| NEW YORK 0.1% | NEW YORK 0.1% | NEW YORK 0.1% |
|  New York City, New York General Obligation Bonds, Series 2025 | New York City, New York General Obligation Bonds, Series 2025 | New York City, New York General Obligation Bonds, Series 2025 |
|  6.385% due 02/01/2055 | 100 | 104 |
| Total New York |  | 104 |
| PUERTO RICO 0.0% | PUERTO RICO 0.0% | PUERTO RICO 0.0% |
|  Puerto Rico Electric Power Authority Revenue Bonds, (BABs), Series 2010 | Puerto Rico Electric Power Authority Revenue Bonds, (BABs), Series 2010 | Puerto Rico Electric Power Authority Revenue Bonds, (BABs), Series 2010 |
|  6.125% due 07/01/2040 ^(c) | 100 | 49 |
| Total Puerto Rico |  | 49 |
| Total Municipal Bonds & Notes (Cost $146) | Total Municipal Bonds & Notes (Cost $146) | 169 |
|  | **SHARES** |  |
| PREFERRED STOCKS 0.4% | PREFERRED STOCKS 0.4% | PREFERRED STOCKS 0.4% |
| BRAZIL 0.3% | BRAZIL 0.3% | BRAZIL 0.3% |
| UTILITIES 0.3% | UTILITIES 0.3% | UTILITIES 0.3% |
|  Petroleo Brasileiro SA - Petrobras | 101600 | 587 |
| Total Brazil |  | 587 |
| SOUTH KOREA 0.1% | SOUTH KOREA 0.1% | SOUTH KOREA 0.1% |
| INDUSTRIALS 0.1% | INDUSTRIALS 0.1% | INDUSTRIALS 0.1% |
|  Samsung Electronics Co. Ltd. | 2728 | 100 |
| Total South Korea |  | 100 |

---

---

| | | |
|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) |
| UNITED KINGDOM 0.0% | UNITED KINGDOM 0.0% | UNITED KINGDOM 0.0% |
| BANKING & FINANCE 0.0% | BANKING & FINANCE 0.0% | BANKING & FINANCE 0.0% |
|  Nationwide Building Society  | Nationwide Building Society  | Nationwide Building Society  |
|  10.250% ~ | 380 | 68 |
| Total United Kingdom |  | 68 |
| Total Preferred Stocks (Cost $729) |  | 755 |
| REAL ESTATE INVESTMENT TRUSTS 5.0% | REAL ESTATE INVESTMENT TRUSTS 5.0% | REAL ESTATE INVESTMENT TRUSTS 5.0% |
| FRANCE 0.1% | FRANCE 0.1% | FRANCE 0.1% |
| REAL ESTATE 0.1% | REAL ESTATE 0.1% | REAL ESTATE 0.1% |
|  Klepierre SA | 4589 | 181 |
| Total France |  | 181 |
| HONG KONG 0.1% | HONG KONG 0.1% | HONG KONG 0.1% |
| REAL ESTATE 0.1% | REAL ESTATE 0.1% | REAL ESTATE 0.1% |
|  Link REIT | 56700 | 304 |
| Total Hong Kong |  | 304 |
| JAPAN 0.1% | JAPAN 0.1% | JAPAN 0.1% |
| REAL ESTATE 0.1% | REAL ESTATE 0.1% | REAL ESTATE 0.1% |
|  Nippon Building Fund, Inc. | 162 | 150 |
| Total Japan |  | 150 |
| SINGAPORE 0.1% | SINGAPORE 0.1% | SINGAPORE 0.1% |
| REAL ESTATE 0.1% | REAL ESTATE 0.1% | REAL ESTATE 0.1% |
|  CapitaLand Ascendas REIT | 82000 | 173 |
| Total Singapore |  | 173 |
| UNITED STATES 4.6% | UNITED STATES 4.6% | UNITED STATES 4.6% |
| REAL ESTATE 4.6% | REAL ESTATE 4.6% | REAL ESTATE 4.6% |
|  Net Lease, Inc. | 41897 | 672 |
|  Digital Realty Trust, Inc. | 861 | 150 |
|  EPR Properties | 9327 | 543 |
|  Equinix, Inc. | 252 | 201 |
|  Equity Residential | 4399 | 297 |
|  Federal Realty Investment Trust | 3106 | 295 |
|  Gaming & Leisure Properties, Inc. | 3172 | 148 |
|  Healthpeak Properties, Inc. | 14830 | 260 |
|  Host Hotels & Resorts, Inc. | 30662 | 471 |
|  Invitation Homes, Inc. | 6834 | 224 |
|  Kimco Realty Corp. | 17937 | 377 |
|  Kite Realty Group Trust | 16650 | 377 |
|  National Health Investors, Inc. | 4230 | 297 |
|  NNN REIT, Inc. | 8938 | 386 |
|  Omega Healthcare Investors, Inc. | 18575 | 681 |
|  Realty Income Corp. | 5289 | 305 |
|  Sabra Health Care REIT, Inc. | 35647 | 657 |
|  Sila Realty Trust, Inc. | 26294 | 622 |
|  Simon Property Group, Inc. | 4586 | 737 |
|  UDR, Inc. | 7319 | 299 |
|  Uniti Group, Inc. | 28 | 0 |
|  VICI Properties, Inc. | 17530 | 571 |
|  Welltower, Inc. | 1018 | 157 |
|  WP Carey, Inc. | 6462 | 403 |
|  |  | 9130 |
| Total United States |  | 9130 |
| Total Real Estate Investment Trusts (Cost $9,212) | Total Real Estate Investment Trusts (Cost $9,212) | 9938 |

---

---

| | | |
|:---|:---|:---|
|  | PRINCIPAL<br>AMOUNT<br>(000S) | MARKET<br>VALUE<br>(000S) |
| SOVEREIGN ISSUES 3.5% | SOVEREIGN ISSUES 3.5% | SOVEREIGN ISSUES 3.5% |
| ARGENTINA 0.4% | ARGENTINA 0.4% | ARGENTINA 0.4% |
|  Argentina Government International Bond | Argentina Government International Bond | Argentina Government International Bond |
|  0.750% due 07/09/2030 | 160 | 127 |
|  0.750% due 07/09/2030 þ | 103 | 70 |
|  1.000% due 07/09/2029 | 28 | 24 |
|  3.500% due 07/09/2041 | 196 | 122 |
|  4.125% due 07/09/2035 | 167 | 112 |
|  4.125% due 07/09/2035 þ | 206 | 134 |
|  5.000% due 01/09/2038 | 269 | 192 |
| Total Argentina |  | 781 |
| BRAZIL 0.6% | BRAZIL 0.6% | BRAZIL 0.6% |
|  Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional | Brazil Letras do Tesouro Nacional |
|  0.000% due 07/01/2025 (f) | 500 | 92 |
|  0.000% due 04/01/2026 (f) | 5900 | 978 |
| Total Brazil |  | 1070 |
| EGYPT 0.1% | EGYPT 0.1% | EGYPT 0.1% |
|  Egypt Government International Bond | Egypt Government International Bond | Egypt Government International Bond |
|  21.954% due 03/04/2028 | 11400 | 227 |
| Total Egypt |  | 227 |
| ISRAEL 0.2% | ISRAEL 0.2% | ISRAEL 0.2% |
|  Israel Government International Bond | Israel Government International Bond | Israel Government International Bond |
|  1.750% due 08/31/2025 | 1000 | 296 |
| Total Israel |  | 296 |
| JAPAN 0.0% | JAPAN 0.0% | JAPAN 0.0% |
|  Japan Government International Bond | Japan Government International Bond | Japan Government International Bond |
|  2.400% due 03/20/2045 | 9000 | 63 |
|  2.400% due 03/20/2055 | 2000 | 13 |
| Total Japan |  | 76 |
| MEXICO 0.7% | MEXICO 0.7% | MEXICO 0.7% |
|  Mexican Bonos | Mexican Bonos | Mexican Bonos |
|  7.500% due 05/26/2033 | 400 | 20 |
|  7.750% due 05/29/2031 | 2200 | 112 |
|  7.750% due 11/23/2034 | 3880 | 189 |
|  8.500% due 03/01/2029 | 2500 | 133 |
|  8.500% due 05/31/2029 | 1700 | 90 |
|  Mexican Udibonos | Mexican Udibonos | Mexican Udibonos |
|  2.750% due 11/27/2031 (g) | 6971 | 329 |
|  3.000% due 12/03/2026 (g) | 8841 | 461 |
|  4.000% due 11/30/2028 (g) | 510 | 27 |
|  4.000% due 08/24/2034 (g) | 2040 | 101 |
| Total Mexico |  | 1462 |
| PERU 0.6% | PERU 0.6% | PERU 0.6% |
|  Peru Government International Bond | Peru Government International Bond | Peru Government International Bond |
|  5.400% due 08/12/2034 | 100 | 27 |
|  6.150% due 08/12/2032 | 1424 | 415 |
|  6.900% due 08/12/2037 | 153 | 44 |
|  6.950% due 08/12/2031 | 1283 | 394 |
|  7.300% due 08/12/2033 | 700 | 216 |
|  7.600% due 08/12/2039 | 300 | 90 |
| Total Peru |  | 1186 |
| ROMANIA 0.3% | ROMANIA 0.3% | ROMANIA 0.3% |
|  Romania Government International Bond | Romania Government International Bond | Romania Government International Bond |
|  5.125% due 09/24/2031 | 200 | 233 |
|  5.625% due 05/30/2037 | 100 | 111 |
|  6.250% due 09/10/2034 | 200 | 238 |
| Total Romania |  | 582 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| JUNE 30, 2025 23

------

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

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| SOUTH AFRICA 0.4% | SOUTH AFRICA 0.4% | SOUTH AFRICA 0.4% |
|  Republic of South Africa Government International Bond | Republic of South Africa Government International Bond | Republic of South Africa Government International Bond |
|  7.000% due 02/28/2031 | 3200 | 166 |
|  8.000% due 01/31/2030 | 300 | 17 |
|  8.500% due 01/31/2037 | 900 | 44 |
|  8.875% due 02/28/2035 | 6100 | 322 |
|  9.000% due 01/31/2040 | 200 | 10 |
|  10.500% due 12/21/2026 | 4100 | 240 |
| Total South Africa |  | 799 |
| TURKEY 0.2% | TURKEY 0.2% | TURKEY 0.2% |
|  Turkiye Government International Bond | Turkiye Government International Bond | Turkiye Government International Bond |
|  5.250% due 03/13/2030 | 200 | 191 |
|  47.469% due 09/06/2028 ~ | 300 | 7 |
|  49.053% due 05/17/2028 ~ | 6400 | 156 |
| Total Turkey |  | 354 |
| VENEZUELA 0.0% | VENEZUELA 0.0% | VENEZUELA 0.0% |
|  Venezuela Government International Bond | Venezuela Government International Bond | Venezuela Government International Bond |
|  7.000% due 03/31/2038 ^(c) | 2 | 0 |
|  7.650% due 04/21/2035 ^(c) | 3 | 1 |
|  9.250% due 09/15/2027 ^(c) | 44 | 9 |
| Total Venezuela |  | 10 |
|  Total Sovereign Issues (Cost $6,579) | Total Sovereign Issues (Cost $6,579) | 6843 |
| U.S. GOVERNMENT AGENCIES 28.0% | U.S. GOVERNMENT AGENCIES 28.0% | U.S. GOVERNMENT AGENCIES 28.0% |
| UNITED STATES 28.0% | UNITED STATES 28.0% | UNITED STATES 28.0% |
|  Ginnie Mae, TBA | Ginnie Mae, TBA | Ginnie Mae, TBA |
|  3.000% due 08/01/2055 | 200 | 177 |
|  3.500% due 07/01/2055 | 100 | 91 |
|  4.000% due 07/01/2055 | 300 | 279 |
|  4.500% due 07/01/2055 | 1700 | 1627 |
|  5.000% due 08/01/2055 | 400 | 393 |
|  5.500% due 07/01/2055 | 100 | 100 |
|  Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security | Uniform Mortgage-Backed Security |
|  3.000% due 11/01/2029 - 05/01/2052 | 303 | 264 |
|  3.500% due 02/01/2050 | 25 | 22 |
|  4.000% due 08/01/2042 - 10/01/2042 | 83 | 80 |
|  Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA | Uniform Mortgage-Backed Security, TBA |
|  3.000% due 07/01/2055 | 2900 | 2510 |
|  3.500% due 08/01/2055 | 1300 | 1170 |
|  4.000% due 07/01/2055 | 7400 | 6882 |
|  4.500% due 08/01/2055 | 3200 | 3060 |
|  5.000% due 08/01/2055 | 8800 | 8620 |
|  5.500% due 08/01/2055 | 4800 | 4796 |
|  6.000% due 08/01/2055 | 11500 | 11676 |
|  6.500% due 08/01/2055 | 11900 | 12270 |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  7.000% due 08/01/2055 - 09/01/2055 | 1100 | 1154 |
|  Total U.S. Government Agencies (Cost $54,583) | Total U.S. Government Agencies (Cost $54,583) | 55171 |
| U.S. TREASURY OBLIGATIONS 10.5% | U.S. TREASURY OBLIGATIONS 10.5% | U.S. TREASURY OBLIGATIONS 10.5% |
| UNITED STATES 10.5% | UNITED STATES 10.5% | UNITED STATES 10.5% |
|  U.S. Treasury Bonds | U.S. Treasury Bonds | U.S. Treasury Bonds |
|  2.875% due 11/15/2046 | 600 | 442 |
|  3.000% due 02/15/2049 | 1133 | 835 |
|  4.250% due 08/15/2054 | 100 | 92 |
|  4.375% due 08/15/2043 | 300 | 286 |
|  4.500% due 11/15/2054 | 1000 | 953 |
|  4.625% due 05/15/2054 | 800 | 777 |
|  U.S. Treasury Inflation Protected Securities (g) | U.S. Treasury Inflation Protected Securities (g) | U.S. Treasury Inflation Protected Securities (g) |
|  0.125% due 04/15/2026 | 978 | 968 |
|  0.125% due 07/15/2030 | 350 | 329 |
|  0.125% due 07/15/2031 | 2549 | 2347 |
|  0.125% due 02/15/2051 | 370 | 201 |
|  0.250% due 07/15/2029 (l) | 900 | 865 |
|  0.375% due 01/15/2027 | 42 | 42 |
|  0.375% due 07/15/2027 | 13 | 13 |
|  0.625% due 07/15/2032 | 662 | 618 |
|  0.750% due 07/15/2028 | 268 | 265 |
|  0.875% due 01/15/2029 | 441 | 434 |
|  1.000% due 02/15/2048 | 130 | 96 |
|  1.000% due 02/15/2049 | 127 | 93 |
|  1.375% due 07/15/2033 | 1901 | 1847 |
|  1.750% due 01/15/2034 | 104 | 103 |
|  1.875% due 07/15/2034 (j) | 1022 | 1024 |
|  U.S. Treasury Notes | U.S. Treasury Notes | U.S. Treasury Notes |
|  0.500% due 10/31/2027 (n) | 100 | 93 |
|  0.625% due 11/30/2027 (n) | 550 | 511 |
|  0.625% due 12/31/2027 (n) | 220 | 204 |
|  0.750% due 01/31/2028 (n) | 110 | 102 |
|  2.375% due 03/31/2029 (j) | 2800 | 2668 |
|  4.000% due 10/31/2029 (l)(n) | 800 | 808 |
|  4.500% due 03/31/2026 | 1800 | 1805 |
|  4.500% due 04/15/2027 | 1800 | 1823 |
|  Total U.S. Treasury Obligations (Cost $22,003) | Total U.S. Treasury Obligations (Cost $22,003) | 20644 |
|  | **SHARES** |  |
| WARRANTS 0.0% | WARRANTS 0.0% | WARRANTS 0.0% |
| LUXEMBOURG 0.0% | LUXEMBOURG 0.0% | LUXEMBOURG 0.0% |
| FINANCIALS 0.0% | FINANCIALS 0.0% | FINANCIALS 0.0% |
|  Intelsat Emergence SA - Exp. 02/17/2027 « | 132 | 0 |
| Total Luxembourg |  | 0 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| UNITED STATES 0.0% | UNITED STATES 0.0% | UNITED STATES 0.0% | UNITED STATES 0.0% |
| COMMUNICATION SERVICES 0.0% | COMMUNICATION SERVICES 0.0% | COMMUNICATION SERVICES 0.0% | COMMUNICATION SERVICES 0.0% |
|  Windstream - Exp. 12/31/2099 « | 6 | $— | 0 |
| Total United States |  |  | 0 |
|  Total Warrants (Cost $53) | Total Warrants (Cost $53) |  | 0 |
| SHORT-TERM INSTRUMENTS 0.5% | SHORT-TERM INSTRUMENTS 0.5% | SHORT-TERM INSTRUMENTS 0.5% | SHORT-TERM INSTRUMENTS 0.5% |
| MUTUAL FUNDS 0.4% | MUTUAL FUNDS 0.4% | MUTUAL FUNDS 0.4% | MUTUAL FUNDS 0.4% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class |
|  4.380% (h) | 744464 |  | 744 |
|  | PRINCIPAL<br>AMOUNT<br>(000S) |  |  |
| NIGERIA TREASURY BILLS 0.1% | NIGERIA TREASURY BILLS 0.1% | NIGERIA TREASURY BILLS 0.1% | NIGERIA TREASURY BILLS 0.1% |
|  31.666% due 06/11/2026 - 06/29/2026 (e)(f)<br> NGN | 438670 |  | 231 |
|  Total Short-Term Instruments (Cost $963) | Total Short-Term Instruments (Cost $963) |  | 975 |
| Total Investments in Securities (Cost $232,260) | Total Investments in Securities (Cost $232,260) |  | 245684 |
|  | SHARES |  |  |
| INVESTMENTS IN AFFILIATES 2.3% | INVESTMENTS IN AFFILIATES 2.3% | INVESTMENTS IN AFFILIATES 2.3% | INVESTMENTS IN AFFILIATES 2.3% |
| SHORT-TERM INSTRUMENTS 2.3% | SHORT-TERM INSTRUMENTS 2.3% | SHORT-TERM INSTRUMENTS 2.3% | SHORT-TERM INSTRUMENTS 2.3% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 2.3% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 2.3% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 2.3% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 2.3% |
|  PIMCO Short-Term Floating NAV Portfolio III | 458635 |  | 4466 |
| Total Short-Term Instruments<br>(Cost $4,466) | Total Short-Term Instruments<br>(Cost $4,466) |  | 4466 |
| Total Investments in Affiliates<br>(Cost $4,466) | Total Investments in Affiliates<br>(Cost $4,466) |  | 4466 |
| Total Investments 126.9%<br>(Cost $236,726) | Total Investments 126.9%<br>(Cost $236,726) | $— | 250150 |
|  Financial Derivative Instruments (k)(m) (0.2)%<br> (Cost or Premiums, net $(11)) | Financial Derivative Instruments (k)(m) (0.2)%<br> (Cost or Premiums, net $(11)) |  | (421) |
| Other Assets and Liabilities, net (26.7)% | Other Assets and Liabilities, net (26.7)% |  | (52563) |
| Net Assets 100.0% |  | $— | 197166 |

---

#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

^ Security is in default.

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

---

| | |
|:---|:---|
| µ | All or a portion of this amount represents unfunded loan commitments. The interest rate for the unfunded portion will be determined at the time of funding. See Note 4, Securities and Other Investments, in the Notes to Financial Statements for more information regarding unfunded loan commitments.  |

---

---

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

---

• 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) When-issued security.

(b) Payment in-kind security.

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

---

| | | |
|:---|:---|:---|
| **24** | **PIMCO EQUITY SERIES** | See Accompanying Notes |

---

------

June 30, 2025

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

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

(f) Zero coupon security.

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

(h) Coupon represents a 7-Day Yield.

&nbsp;&nbsp;&nbsp;&nbsp;(i) RESTRICTED SECURITIES:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Issuer Description | Acquisition<br>Date | Cost | Market<br>Value | Market Value<br>as Percentage<br>of Net Assets |
|  Amsurg Equity | 11/02/2023 - 11/06/2023 | $175 | $189 | 0.10% |
|  Intelsat Emergence SA | 06/19/2017 - 07/03/2023 | 208 | 100 | 0.05 |
|  Westmoreland Mining Holdings | 03/26/2019 | 0 | 0 | 0.00 |
|  Westmoreland Mining LLC | 06/30/2023 - 02/03/2025 | 1 | 0 | 0.00 |
|  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289 | 0.15% |

---

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS

#### REVERSE REPURCHASE AGREEMENTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Borrowing<br>Rate<sup>(1)</sup> | Settlement<br>Date | Maturity<br>Date | Amount<br>Borrowed<sup>(1)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements |
|  JPS | 4.440% | 06/18/2025 | 07/16/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1332) | $(1334) |
|  Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | Total Reverse Repurchase Agreements | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1334) |

---

#### SALE-BUYBACK TRANSACTIONS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Borrowing<br>Rate<sup>(1)</sup> | Borrowing<br>Date | Maturity<br>Date | Amount<br>Borrowed<sup>(1)</sup> | Payable for<br>Sale-Buyback<br>Transactions<sup>(2)</sup> |
|  TDM | 4.440% | 06/20/2025 | 07/18/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1017) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1019) |
|  Total Sale-Buyback Transactions | Total Sale-Buyback Transactions | Total Sale-Buyback Transactions | Total Sale-Buyback Transactions | Total Sale-Buyback Transactions | $(1019) |

---

#### 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, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Sale-Buyback<br>Transactions<sup>(2)</sup> | Total<br>Borrowings and<br>Other Financing<br>Transactions | Collateral<br>Pledged/(Received) | Net Exposure<sup>(3)</sup> |
|  Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement | Global/Master Repurchase Agreement |
|  JPS | $0 | $(1334) | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1334) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1334 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
|  Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement |
|  TDM | 0 | 0 | (1019) | (1019) | 1024 | 5 |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1334) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1019) |  |  |  |

---

#### CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS

#### Remaining Contractual Maturity of the Agreements

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Overnight and<br>Continuous | Up to 30 days | 31-90 days | Greater Than 90 days | Total |
|  Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements | Reverse Repurchase Agreements |
|  U.S. Treasury Obligations | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(1334) | $0 | $0 | $(1334) |
|  Total | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1334) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1334) |
|  Sale-Buyback Transactions | Sale-Buyback Transactions | Sale-Buyback Transactions | Sale-Buyback Transactions | Sale-Buyback Transactions | Sale-Buyback Transactions |
|  U.S. Treasury Obligations | 0 | (1019) | 0 | 0 | (1019) |
|  Total | $0 | $(1019) | $0 | $0 | $(1019) |
|  Total Borrowings | $0 | $(2353) | $0 | $0 | $(2353) |
|  Payable for reverse repurchase agreements and sale-buyback financing transactions  | Payable for reverse repurchase agreements and sale-buyback financing transactions  | Payable for reverse repurchase agreements and sale-buyback financing transactions  | Payable for reverse repurchase agreements and sale-buyback financing transactions  | Payable for reverse repurchase agreements and sale-buyback financing transactions  | $(2353) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| JUNE 30, 2025 25

------

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

(j) Securities with an aggregate market value of $2,358 have been pledged as collateral under the terms of the above master agreements as of June 30, 2025.

<sup>(1)</sup> The average amount of borrowings outstanding during the period ended June 30, 2025 was $(8005) at a weighted average interest rate of 4.695%. Average borrowings may include reverse repurchase agreements and sale-buyback transactions, if held during the period. 

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

<sup>(3)</sup> 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. 

&nbsp;&nbsp;&nbsp;&nbsp;(k) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

#### WRITTEN OPTIONS:

#### FUTURE STYLED OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Strike<br>Price | Expiration<br>Date | # of<br>Contracts | Notional<br>Amount | Premiums<br>(Received) | Market<br>Value |
|  Put - CBOE U.S. Treasury 10-Year Note August Futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110.750 | 07/25/2025 | 1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $0 | $0 |
|  Call - CBOE U.S. Treasury 10-Year Note August Futures | 113.250 | 07/25/2025 | 1 | 1 | 0 | (1) |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |

---

#### OPTIONS ON EXCHANGE-TRADED FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Strike<br>Price | Expiration<br>Date | # of<br>Contracts | Notional<br>Amount | Premiums<br>(Received) | Market<br>Value |
|  Put - CBOE U.S. Treasury 10-Year Note August Futures | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108.500 | 07/25/2025 | 1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $0 | $0 |
|  Put - CBOE U.S. Treasury 10-Year Note August Futures | 109.000 | 07/25/2025 | 1 | 1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | 0 |
|  Put - CBOE U.S. Treasury 10-Year Note August Futures | 109.500 | 07/25/2025 | 1 | 1 | 0 | 0 |
|  Put - CBOE U.S. Treasury 10-Year Note August Futures | 110.250 | 07/25/2025 | 1 | 1 | 0 | 0 |
|  Call - CBOE U.S. Treasury 10-Year Note August Futures | 112.500 | 07/25/2025 | 2 | 2 | (1) | (1) |
|  Call - CBOE U.S. Treasury 10-Year Note August Futures | 112.750 | 07/25/2025 | 1 | 1 | 0 | 0 |
|  Call - CBOT U.S. Treasury 10-Year Note August Futures | 112.000 | 07/25/2025 | 1 | 1 | (1) | (1) |
|  |  |  |  |  | $(3) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) |
|  Total Written Options |  |  |  |  | $(3) | $(3) |

---

#### FUTURES CONTRACTS:

#### LONG FUTURES CONTRACTS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| **Description** | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  U.S. Treasury 2-Year Note September Futures  | 09/2025 | 1 | $208 | $1 | $0 | $0 |
|  U.S. Treasury 5-Year Note September Futures  | 09/2025 | 124 | 13516 | 146 | 16 | 0 |
|  U.S. Treasury 10-Year Note September Futures  | 09/2025 | 157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17604 | 341 | 49 | 0 |
|  U.S. Treasury Ultra Long-Term Bond September Futures  | 09/2025 | 6 | 715 | 22 | 8 | 0 |
|  United Kingdom Long Gilt September Futures  | 09/2025 | 57 | 7279 | 154 | 8 | (25) |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;664 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS | SHORT FUTURES CONTRACTS |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| Description | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  3-Month SOFR Active Contract December Futures  | 03/2026 | 1 | $(241) | $4 | $0 | $0 |
|  3-Month SOFR Active Contract June Futures  | 09/2025 | 10 | (2392) | 27 | 0 | 0 |
|  3-Month SOFR Active Contract March Futures  | 06/2026 | 1 | (242) | 3 | 0 | 0 |
|  3-Month SOFR Active Contract September Futures  | 12/2025 | 1 | (240) | 5 | 0 | 0 |
|  Australia Government 10-Year Bond September Futures  | 09/2025 | 9 | (679) | (6) | 3 | 0 |
|  Euro-Bobl September Futures  | 09/2025 | 7 | (970) | 4 | 2 | (1) |
|  Euro-Bund September Futures  | 09/2025 | 12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1840) | 15 | 6 | 0 |
|  U.S. Treasury 10-Year Ultra Long-Term Bond September Futures  | 09/2025 | 14 | (1600) | (41) | 0 | (7) |
|  U.S. Treasury Long-Term Bond September Futures  | 09/2025 | 15 | (1732) | (76) | 0 | (15) |
|  |  |  |  | $(65) | $11 | $(23) |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;599 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48) |

---

26 PIMCO EQUITY SERIES See Accompanying Notes

------

June 30, 2025

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - BUY PROTECTION<sup>(1)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference Entity | Fixed<br>(Pay) Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>June 30, 2025<sup>(3)</sup> | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(5)</sup> | Variation Margin | Variation Margin |
| Reference Entity | Fixed<br>(Pay) Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>June 30, 2025<sup>(3)</sup> | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(5)</sup> | Asset | Liability |
|  Ford Motor Co. | (5.000)% | Quarterly | 06/20/2026 | 0.799% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>June 30, 2025<sup>(3)</sup> | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(5)</sup> | Variation Margin | Variation Margin |
| Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>June 30, 2025<sup>(3)</sup> | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(5)</sup> | Asset | Liability |
|  AT&T, Inc. | 1.000% | Quarterly | 06/20/2028 | 0.431% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | $(5) | $15 | $10 | $1 | $0 |
|  Ford Motor Co. | 5.000 | Quarterly | 06/20/2027 | 1.088 | 200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
|  Verizon Communications, Inc. | 1.000 | Quarterly | 06/20/2026 | 0.277 | 500 | 11 | (7) | 4 | 0 | 0 |
|  Verizon Communications, Inc. | 1.000 | Quarterly | 06/20/2028 | 0.416 | 250 | 0 | 4 | 4 | 0 | 0 |
|  |  |  |  |  |  | $30 | $2 | $32 | $1 | $0 |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(2)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(5)</sup> | Variation Margin | Variation Margin |
| Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value<sup>(5)</sup> | Asset | Liability |
|  CDX.EM-36 5-Year Index | 1.000% | Quarterly | 12/20/2026 | $552 | $(21) | $24 | $3 | $1 | $0 |
|  CDX.EM-40 5-Year Index | 1.000 | Quarterly | 12/20/2028 | 200 | (10) | 9 | (1) | 1 | 0 |
|  CDX.EM-42 5-Year Index | 1.000 | Quarterly | 12/20/2029 | 200 | (6) | 3 | (3) | 0 | 0 |
|  CDX.EM-43 5-Year Index | 1.000 | Quarterly | 06/20/2030 | 200 | (7) | 2 | (5) | 0 | 0 |
|  CDX.HY-43 5-Year Index | 5.000 | Quarterly | 12/20/2029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2300 | 165 | 7 | 172 | 8 | 0 |
|  CDX.HY-44 5-Year Index | 5.000 | Quarterly | 06/20/2030 | 4100 | 194 | 121 | 315 | 14 | 0 |
|  CDX.IG-44 5-Year Index | 1.000 | Quarterly | 06/20/2030 | 1900 | 33 | 10 | 43 | 1 | 0 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### INTEREST RATE SWAPS

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Pay/Receive<br>Floating Rate | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Variation Margin | Variation Margin |
| Pay/Receive<br>Floating Rate | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | Market<br>Value | Asset | Liability |
|  Pay | 1-Day GBP-SONIO Compounded-OIS | 3.500% | Annual | 03/19/2030 | 2200 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26) | $(1) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
|  Receive | 1-Day GBP-SONIO Compounded-OIS | 3.500 | Annual | 03/19/2035 | 1300 | 81 | (8) | 73 | 1 | 0 |
|  Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 0.176 | Annual | 04/27/2027 | 30000 | 0 | (2) | (2) | 0 | 0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.020 | Semi-Annual | 09/20/2028 | 210000 | 4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | 44 | 1 | 0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.000 | Semi-Annual | 03/15/2029 | 641000 | 45 | 109 | 154 | 3 | 0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.700 | Annual | 09/18/2029 | 130000 | 2 | 2 | 4 | 1 | 0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.400 | Annual | 06/15/2032 | 90200 | 2 | 24 | 26 | 1 | 0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 1.000 | Annual | 09/18/2034 | 70000 | 4 | 1 | 5 | 1 | 0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 1.250 | Annual | 06/18/2035 | 30000 | (7) | 6 | (1) | 1 | 0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.500 | Annual | 03/15/2042 | 48000 | 13 | 47 | 60 | 2 | 0 |
|  Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.711 | Annual | 04/27/2042 | 9000 | 0 | 9 | 9 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.600 | Annual | 01/16/2026 | $1200 | 15 | 17 | 32 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.300 | Annual | 01/17/2026 | 1000 | 0 | 20 | 20 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 0.928 | Semi-Annual | 05/06/2026 | 100 | 0 | 3 | 3 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 0.940 | Semi-Annual | 06/08/2026 | 100 | 0 | 3 | 3 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 0.500 | Semi-Annual | 06/16/2026 | 1000 | 9 | 27 | 36 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Semi-Annual | 06/19/2026 | 2300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(188) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215 | 27 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 06/21/2026 | 170 | 1 | 0 | 1 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.250 | Semi-Annual | 12/15/2026 | 100 | (2) | 6 | 4 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.740 | Semi-Annual | 12/16/2026 | 100 | (5) | 8 | 3 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.380 | Semi-Annual | 01/04/2027 | 100 | 0 | (4) | (4) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.570 | Semi-Annual | 01/11/2027 | 200 | 0 | (7) | (7) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.425 | Semi-Annual | 01/18/2027 | 100 | 0 | (4) | (4) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.443 | Semi-Annual | 01/18/2027 | 100 | 0 | (4) | (4) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.350 | Semi-Annual | 01/20/2027 | 500 | 0 | 21 | 21 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.550 | Semi-Annual | 01/20/2027 | 2400 | (6) | (83) | (89) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.580 | Semi-Annual | 02/16/2027 | 200 | 0 | (7) | (7) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.450 | Semi-Annual | 02/17/2027 | 1200 | 0 | 46 | 46 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.700 | Semi-Annual | 02/17/2027 | 4900 | (13) | (150) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(163) | 2 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.928 | Annual | 03/25/2027 | 200 | (1) | (6) | (7) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.000 | Annual | 06/15/2027 | 200 | 8 | 2 | 10 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 2.850 | Annual | 08/30/2027 | 200 | (1) | (5) | (6) | 0 | 0 |

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| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **27** |

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

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 2.900% | Annual | 10/04/2027 | $900 | $(7) | $(15) | $(22) | $1 | $0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.000 | Annual | 12/21/2027 | 200 | 14 | (5) | 9 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.800 | Annual | 03/10/2028 | 100 | 0 | 1 | 1 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.280 | Semi-Annual | 03/24/2028 | 400 | 0 | (24) | (24) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.235 | Semi-Annual | 05/12/2028 | 100 | 0 | 7 | 7 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 0.500 | Semi-Annual | 06/16/2028 | 1610 | (67) | (79) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(146) | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.250 | Semi-Annual | 06/20/2028 | 4900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(419) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.250 | Annual | 06/21/2028 | 2110 | 2 | 7 | 9 | 0 | (2) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.800 | Annual | 09/05/2028 | 200 | (2) | 3 | 1 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.265 | Semi-Annual | 09/28/2028 | 100 | 0 | (8) | (8) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.515 | Annual | 11/30/2028 | 110 | 0 | 0 | 0 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.500 | Semi-Annual | 12/15/2028 | 422 | 9 | (39) | (30) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/20/2028 | 1690 | 10 | (24) | (14) | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.379 | Semi-Annual | 12/22/2028 | 100 | 0 | 8 | 8 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.500 | Semi-Annual | 01/12/2029 | 55 | 0 | 4 | 4 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.700 | Semi-Annual | 01/12/2029 | 200 | (1) | (12) | (13) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.940 | Annual | 02/22/2029 | 200 | (1) | 4 | 3 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.970 | Annual | 02/27/2029 | 100 | 0 | 2 | 2 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.300 | Annual | 02/28/2029 | 220 | 0 | 1 | 1 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.250 | Annual | 03/20/2029 | 180 | (6) | 1 | (5) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.000 | Annual | 06/15/2029 | 220 | (9) | (11) | (20) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.000 | Annual | 06/15/2029 | 310 | 18 | 10 | 28 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2029 | 282 | 16 | 1 | 17 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2029 | 3540 | (61) | 15 | (46) | 0 | (5) |
|  Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.620 | Annual | 11/30/2029 | 1617 | (2) | (15) | (17) | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.000 | Semi-Annual | 12/10/2029 | 100 | (9) | 16 | 7 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.500 | Semi-Annual | 12/18/2029 | 200 | (11) | 29 | 18 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2029 | 4460 | (69) | 21 | (48) | 0 | (7) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.000 | Annual | 12/21/2029 | 1370 | 120 | (23) | 97 | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Semi-Annual | 01/15/2030 | 300 | (22) | 47 | 25 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.000 | Semi-Annual | 02/12/2030 | 200 | (18) | 32 | 14 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.470 | Annual | 02/22/2030 | 100 | 0 | 0 | 0 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.340 | Annual | 02/23/2030 | 200 | (1) | 0 | (1) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.842 | Annual | 03/04/2030 | 100 | 0 | (2) | (2) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.000 | Semi-Annual | 03/10/2030 | 100 | (9) | 16 | 7 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.250 | Semi-Annual | 06/17/2030 | 2400 | (97) | 367 | 270 | 0 | (4) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.000 | Annual | 06/21/2030 | 2460 | 35 | 13 | 48 | 0 | (4) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 06/22/2030 | 200 | (1) | 2 | 1 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.000 | Semi-Annual | 12/16/2030 | 127 | 0 | 17 | 17 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/20/2030 | 2120 | 46 | (41) | 5 | 0 | (4) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.250 | Annual | 03/20/2031 | 280 | (13) | 2 | (11) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.431 | Annual | 04/30/2031 | 110 | 0 | 0 | 0 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 0.750 | Semi-Annual | 06/16/2031 | 2600 | 174 | 248 | 422 | 0 | (5) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 0.750 | Semi-Annual | 06/16/2031 | 663 | (49) | (59) | (108) | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2031 | 1560 | 31 | (54) | (23) | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.300 | Annual | 06/30/2031 | 110 | 0 | 2 | 2 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.450 | Semi-Annual | 07/16/2031 | 100 | 0 | 13 | 13 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.370 | Semi-Annual | 07/19/2031 | 100 | 0 | 13 | 13 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.360 | Semi-Annual | 07/20/2031 | 100 | 0 | 13 | 13 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.405 | Semi-Annual | 09/07/2031 | 100 | (1) | 14 | 13 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.500 | Semi-Annual | 10/05/2031 | 100 | 0 | (13) | (13) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.535 | Semi-Annual | 10/15/2031 | 100 | 0 | (13) | (13) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.545 | Semi-Annual | 10/26/2031 | 100 | 0 | (13) | (13) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2031 | 500 | (2) | (3) | (5) | 0 | (1) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.768 | Semi-Annual | 02/02/2032 | 100 | 0 | (12) | (12) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 2.000 | Semi-Annual | 02/18/2032 | 200 | (1) | (20) | (21) | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.817 | Annual | 04/05/2032 | 400 | (2) | (41) | (43) | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.872 | Annual | 04/06/2032 | 200 | (1) | (20) | (21) | 1 | 0 |
|  Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 05/15/2032 | 1923 | (2) | (27) | (29) | 0 | (5) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.250 | Annual | 06/15/2032 | 210 | (21) | (9) | (30) | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2032 | 280 | (24) | (7) | (31) | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2032 | 399 | 35 | 9 | 44 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.000 | Annual | 12/21/2032 | 2100 | 246 | (4) | 242 | 0 | (6) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.430 | Annual | 02/27/2033 | 100 | (1) | 0 | (1) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.370 | Annual | 03/01/2033 | 100 | (1) | (1) | (2) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.405 | Annual | 03/01/2033 | 100 | (1) | 0 | (1) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.425 | Annual | 03/01/2033 | 100 | 0 | (1) | (1) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.300 | Annual | 03/06/2033 | 100 | 0 | (2) | (2) | 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 | 6420 | 63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23) | 40 | 0 | (19) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.700 | Annual | 06/06/2033 | 3870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) |

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| | | |
|:---|:---|:---|
| **28** | **PIMCO EQUITY SERIES** | See Accompanying Notes |

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June 30, 2025

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  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 | 20 | 30 | 0 | (2) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 06/21/2033 | 100 | (1) | 0 | (1) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.650 | Annual | 07/10/2033 | 100 | 0 | (1) | (1) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 07/12/2033 | 100 | 0 | 0 | 0 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.760 | Annual | 08/23/2033 | 100 | (1) | 1 | 0 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.800 | Annual | 08/30/2033 | 100 | 0 | 1 | 1 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.900 | Annual | 08/30/2033 | 100 | 0 | 2 | 2 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.950 | Annual | 09/13/2033 | 100 | 0 | 2 | 2 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.165 | Annual | 09/27/2033 | 200 | (1) | 9 | 8 | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.155 | Annual | 10/02/2033 | 100 | 0 | 4 | 4 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.170 | Annual | 10/03/2033 | 100 | 0 | 4 | 4 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.030 | Annual | 10/04/2033 | 100 | 0 | 3 | 3 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.175 | Annual | 10/10/2033 | 100 | 0 | 4 | 4 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.150 | Annual | 10/12/2033 | 100 | (1) | 5 | 4 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.220 | Annual | 10/20/2033 | 100 | 0 | 4 | 4 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.450 | Annual | 10/31/2033 | 100 | 0 | 6 | 6 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.450 | Annual | 11/01/2033 | 100 | (1) | 7 | 6 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.250 | Annual | 11/22/2033 | 100 | (1) | (4) | (5) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.030 | Annual | 12/15/2033 | 100 | (1) | (2) | (3) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.950 | Annual | 12/19/2033 | 100 | (1) | (1) | (2) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.500 | Annual | 12/20/2033 | 40 | 0 | (1) | (1) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.684 | Annual | 01/03/2034 | 100 | (1) | 1 | 0 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.648 | Annual | 01/08/2034 | 100 | (1) | 1 | 0 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.670 | Annual | 01/08/2034 | 100 | (1) | 1 | 0 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.594 | Annual | 01/09/2034 | 100 | 0 | 1 | 1 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.665 | Annual | 01/24/2034 | 100 | (1) | 1 | 0 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.685 | Annual | 01/24/2034 | 100 | (1) | 1 | 0 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.725 | Annual | 02/07/2034 | 100 | (1) | 2 | 1 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.860 | Annual | 02/21/2034 | 200 | (1) | 4 | 3 | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.650 | Annual | 03/05/2034 | 100 | (1) | 1 | 0 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.710 | Annual | 03/05/2034 | 100 | 0 | 0 | 0 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.900 | Annual | 04/10/2034 | 100 | 0 | 2 | 2 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.950 | Annual | 04/16/2034 | 100 | 0 | 2 | 2 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.080 | Annual | 04/17/2034 | 100 | 0 | 3 | 3 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.085 | Annual | 04/22/2034 | 100 | (1) | 4 | 3 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.150 | Annual | 04/22/2034 | 100 | 0 | 4 | 4 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.105 | Annual | 04/24/2034 | 100 | 0 | 4 | 4 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.078 | Annual | 04/29/2034 | 100 | 0 | 3 | 3 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.090 | Annual | 04/30/2034 | 200 | (1) | 8 | 7 | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.130 | Annual | 05/03/2034 | 100 | 0 | 4 | 4 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.200 | Annual | 05/06/2034 | 100 | 0 | 4 | 4 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.080 | Annual | 06/05/2034 | 100 | (1) | (2) | (3) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 06/20/2034 | 760 | (20) | 26 | 6 | 3 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.994 | Annual | 07/02/2034 | 100 | 0 | (2) | (2) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 4.060 | Annual | 07/02/2034 | 100 | 0 | (3) | (3) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.880 | Annual | 07/10/2034 | 100 | 0 | (1) | (1) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.885 | Annual | 07/12/2034 | 100 | 0 | (1) | (1) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.850 | Annual | 08/05/2034 | 100 | 0 | (1) | (1) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.795 | Annual | 08/06/2034 | 100 | (1) | 1 | 0 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.645 | Annual | 08/07/2034 | 100 | 0 | 1 | 1 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.715 | Annual | 08/07/2034 | 100 | (1) | 1 | 0 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.679 | Annual | 08/13/2034 | 100 | 0 | 1 | 1 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.569 | Annual | 08/14/2034 | 100 | 0 | 2 | 2 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.586 | Annual | 08/19/2034 | 100 | 0 | 1 | 1 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.532 | Annual | 08/20/2034 | 100 | 0 | 2 | 2 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.550 | Annual | 08/21/2034 | 100 | 0 | 2 | 2 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.558 | Annual | 08/21/2034 | 100 | 0 | 2 | 2 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.613 | Annual | 08/22/2034 | 100 | 0 | 1 | 1 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.555 | Annual | 08/28/2034 | 100 | 0 | 2 | 2 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.565 | Annual | 08/28/2034 | 100 | 0 | 2 | 2 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.599 | Annual | 08/28/2034 | 100 | 0 | 1 | 1 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.600 | Annual | 08/28/2034 | 100 | (1) | 2 | 1 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.611 | Annual | 08/28/2034 | 100 | (1) | 2 | 1 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.643 | Annual | 08/28/2034 | 100 | 0 | 1 | 1 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.514 | Annual | 09/04/2034 | 100 | 0 | 2 | 2 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.525 | Annual | 09/04/2034 | 100 | 0 | 2 | 2 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.232 | Annual | 09/10/2034 | 50 | 0 | 2 | 2 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.280 | Annual | 09/16/2034 | 100 | (1) | 5 | 4 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.231 | Annual | 09/18/2034 | 100 | 0 | 4 | 4 | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.248 | Annual | 09/18/2034 | 100 | 0 | 4 | 4 | 0 | 0 |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **29** |

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------

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

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.450% | Annual | 10/11/2034 | $100 | $0 | $(2) | $(2) | $1 | $0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.375 | Annual | 10/15/2034 | 100 | 0 | (3) | (3) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.385 | Annual | 10/17/2034 | 100 | 0 | (3) | (3) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.395 | Annual | 10/17/2034 | 100 | 0 | (3) | (3) | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.446 | Annual | 10/23/2034 | 100 | 0 | (2) | (2) | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.463 | Annual | 10/23/2034 | 100 | 0 | (2) | (2) | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.481 | Annual | 10/29/2034 | 100 | 0 | (2) | (2) | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.465 | Annual | 10/30/2034 | 100 | 0 | (2) | (2) | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.485 | Annual | 10/30/2034 | 100 | 0 | (2) | (2) | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.495 | Annual | 10/30/2034 | 100 | 0 | (2) | (2) | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.455 | Annual | 11/01/2034 | 100 | 0 | (2) | (2) | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.470 | Annual | 11/01/2034 | 100 | 0 | (2) | (2) | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.435 | Annual | 11/05/2034 | 100 | 0 | (2) | (2) | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.535 | Annual | 11/06/2034 | 200 | (1) | (2) | (3) | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.860 | Annual | 11/14/2034 | 100 | (1) | 2 | 1 | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.793 | Annual | 11/19/2034 | 100 | (1) | 2 | 1 | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 12/18/2034 | 10 | 0 | 0 | 0 | 0 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 4.015 | Annual | 12/30/2034 | 100 | 0 | 3 | 3 | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.933 | Annual | 01/06/2035 | 100 | 0 | 2 | 2 | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.840 | Annual | 01/08/2035 | 100 | 0 | 1 | 1 | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.890 | Annual | 01/08/2035 | 100 | 0 | 2 | 2 | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.896 | Annual | 01/08/2035 | 100 | 0 | 2 | 2 | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.880 | Annual | 01/13/2035 | 100 | 0 | 2 | 2 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.890 | Annual | 03/03/2035 | 50 | 0 | (1) | (1) | 0 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.908 | Annual | 03/04/2035 | 100 | 0 | (2) | (2) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.874 | Annual | 03/05/2035 | 100 | 0 | (1) | (1) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.905 | Annual | 03/12/2035 | 100 | 0 | (2) | (2) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.975 | Annual | 03/21/2035 | 100 | 0 | (2) | (2) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.930 | Annual | 03/24/2035 | 200 | (1) | (3) | (4) | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.884 | Annual | 03/25/2035 | 100 | 0 | (2) | (2) | 0 | (1) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.750 | Annual | 05/07/2035 | 100 | (1) | 2 | 1 | 1 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.910 | Semi-Annual | 10/17/2049 | 100 | (22) | 59 | 37 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.895 | Semi-Annual | 10/18/2049 | 100 | (21) | 58 | 37 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.368 | Annual | 11/15/2049 | 140 | 0 | 14 | 14 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 3.464 | Annual | 11/15/2049 | 140 | 0 | 12 | 12 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.250 | Semi-Annual | 12/11/2049 | 900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(269) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.000 | Semi-Annual | 01/15/2050 | 100 | (24) | 59 | 35 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.625 | Semi-Annual | 01/16/2050 | 100 | (15) | 57 | 42 | 0 | (1) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Semi-Annual | 01/22/2050 | 500 | (89) | 286 | 197 | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.625 | Semi-Annual | 02/03/2050 | 300 | (44) | 168 | 124 | 0 | (2) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 2.250 | Semi-Annual | 03/12/2050 | 600 | (183) | 370 | 187 | 0 | (3) |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.250 | Semi-Annual | 12/16/2050 | 400 | 38 | 155 | 193 | 0 | (2) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.491 | Semi-Annual | 01/21/2051 | 100 | (1) | (44) | (45) | 1 | 0 |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 1.590 | Semi-Annual | 02/09/2051 | 900 | (7) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(379) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(386) | 5 | 0 |
|  Receive | 1-Day USD-SOFR Compounded-OIS | 1.785 | Semi-Annual | 08/12/2051 | 100 | (1) | 41 | 40 | 0 | (1) |
|  Receive<sup>(6)</sup> | 1-Day USD-SOFR Compounded-OIS | 4.100 | Annual | 11/15/2052 | 300 | (1) | (7) | (8) | 0 | (3) |
|  Pay | 1-Day USD-SOFR Compounded-OIS | 3.370 | Annual | 07/12/2053 | 100 | (1) | (10) | (11) | 1 | 0 |
|  Pay | 1-Year BRL-CDI | 9.874 | Maturity | 01/02/2026 | 500 | 0 | (5) | (5) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 9.899 | Maturity | 01/02/2026 | 200 | 0 | (2) | (2) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 9.939 | Maturity | 01/02/2026 | 400 | 0 | (4) | (4) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 10.052 | Maturity | 01/02/2026 | 1000 | 0 | (10) | (10) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 10.085 | Maturity | 01/02/2026 | 900 | 0 | (9) | (9) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 10.105 | Maturity | 01/02/2026 | 900 | 0 | (9) | (9) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 9.998 | Maturity | 01/04/2027 | 700 | 0 | (10) | (10) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 10.037 | Maturity | 01/04/2027 | 200 | 0 | (3) | (3) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 10.041 | Maturity | 01/04/2027 | 800 | 0 | (11) | (11) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 10.072 | Maturity | 01/04/2027 | 400 | 0 | (5) | (5) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 10.090 | Maturity | 01/04/2027 | 1500 | 0 | (20) | (20) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 10.098 | Maturity | 01/04/2027 | 1190 | 0 | (14) | (14) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 10.138 | Maturity | 01/04/2027 | 400 | 0 | (5) | (5) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 10.165 | Maturity | 01/04/2027 | 610 | 0 | (7) | (7) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 10.170 | Maturity | 01/04/2027 | 1010 | 0 | (11) | (11) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 10.183 | Maturity | 01/04/2027 | 1810 | 0 | (20) | (20) | 1 | 0 |
|  Pay | 1-Year BRL-CDI | 10.203 | Maturity | 01/04/2027 | 1410 | 0 | (16) | (16) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 10.210 | Maturity | 01/04/2027 | 200 | 0 | (2) | (2) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 10.256 | Maturity | 01/04/2027 | 1410 | 0 | (15) | (15) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 10.328 | Maturity | 01/04/2027 | 1040 | 0 | (11) | (11) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 11.250 | Maturity | 01/04/2027 | 100 | 0 | (1) | (1) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 11.290 | Maturity | 01/04/2027 | 100 | 0 | (1) | (1) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 11.746 | Maturity | 01/04/2027 | 100 | 0 | (1) | (1) | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 11.901 | Maturity | 01/04/2027 | 300 | 0 | (2) | (2) | 0 | 0 |

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| | | |
|:---|:---|:---|
| **30** | **PIMCO EQUITY SERIES** | See Accompanying Notes |

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------

June 30, 2025

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/Receive<br>Floating Rate** | **Floating Rate Index** | **Fixed Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
|  Pay | 1-Year BRL-CDI | 13.927% | Maturity | 01/04/2027 | BRL | 1600 | $0 | $(1) | $(1) | $0 | $0 |
|  Pay | 1-Year BRL-CDI | 14.009 | Maturity | 01/04/2027 |  | 1100 | 0 | 0 | 0 | 0 | 0 |
|  Pay | 1-Year BRL-CDI | 13.291 | Maturity | 01/02/2029 |  | 1000 | 0 | 2 | 2 | 2 | 0 |
|  Pay | 1-Year BRL-CDI | 13.354 | Maturity | 01/02/2029 |  | 2200 | 0 | 3 | 3 | 2 | 0 |
|  Pay | 3-Month AUD-BBR-BBSW | 4.000 | Semi-Annual | 09/18/2029 | AUD | 2200 | 23 | 2 | 25 | 0 | (1) |
|  Pay | 3-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 06/18/2035 |  | 2800 | 39 | 27 | 66 | 0 | (5) |
|  Pay | 3-Month EUR-EURIBOR | 2.770 | Annual | 04/16/2029 | EUR | 100 | 0 | 3 | 3 | 0 | 0 |
|  Pay | 3-Month EUR-EURIBOR | 2.860 | Annual | 04/24/2029 |  | 100 | 0 | 3 | 3 | 0 | 0 |
|  Pay | 3-Month EUR-EURIBOR | 2.780 | Annual | 05/02/2029 |  | 100 | 0 | 3 | 3 | 0 | 0 |
|  Pay | 3-Month EUR-EURIBOR | 2.827 | Annual | 05/06/2029 |  | 100 | 0 | 3 | 3 | 0 | 0 |
|  Receive | 3-Month EUR-EURIBOR | 2.300 | Annual | 09/25/2029 |  | 100 | 0 | (2) | (2) | 0 | 0 |
|  Receive | 3-Month EUR-EURIBOR | 2.400 | Annual | 04/09/2030 |  | 100 | 0 | (1) | (1) | 0 | 0 |
|  Receive | 3-Month EUR-EURIBOR | 2.510 | Annual | 04/09/2035 |  | 100 | 0 | 1 | 1 | 0 | 0 |
|  Receive | 3-Month EUR-EURIBOR | 2.530 | Annual | 04/23/2035 |  | 100 | (1) | 2 | 1 | 0 | 0 |
|  Pay | 3-Month NZD-BBR | 4.750 | Semi-Annual | 06/19/2029 | NZD | 300 | 2 | 7 | 9 | 0 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.410 | Quarterly | 07/31/2028 | ZAR | 400 | 0 | 1 | 1 | 0 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.415 | Quarterly | 07/31/2028 |  | 400 | 0 | 1 | 1 | 0 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.420 | Quarterly | 07/31/2028 |  | 1300 | 0 | 3 | 3 | 0 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.428 | Quarterly | 07/31/2028 |  | 900 | 0 | 2 | 2 | 0 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.426 | Quarterly | 08/01/2028 |  | 500 | 0 | 1 | 1 | 0 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.460 | Quarterly | 08/01/2028 |  | 900 | 0 | 2 | 2 | 0 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.460 | Quarterly | 08/02/2028 |  | 900 | 0 | 2 | 2 | 0 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.464 | Quarterly | 08/02/2028 |  | 900 | 0 | 2 | 2 | 0 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.550 | Quarterly | 08/03/2028 |  | 900 | 0 | 2 | 2 | 0 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.380 | Quarterly | 08/04/2028 |  | 400 | 0 | 1 | 1 | 0 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.410 | Quarterly | 08/04/2028 |  | 1100 | 0 | 2 | 2 | 0 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.415 | Quarterly | 08/04/2028 |  | 400 | 0 | 1 | 1 | 0 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.421 | Quarterly | 08/04/2028 |  | 500 | 0 | 1 | 1 | 0 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.543 | Quarterly | 08/04/2028 |  | 500 | 0 | 1 | 1 | 0 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.360 | Quarterly | 08/07/2028 |  | 900 | 0 | 2 | 2 | 0 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.400 | Quarterly | 08/07/2028 |  | 900 | 0 | 2 | 2 | 0 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.410 | Quarterly | 08/07/2028 |  | 200 | 0 | 0 | 0 | 0 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.000 | Quarterly | 01/03/2031 |  | 300 | 0 | 0 | 0 | 0 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.001 | Quarterly | 01/06/2031 |  | 300 | 0 | 0 | 0 | 0 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.010 | Quarterly | 01/07/2031 |  | 300 | 0 | 0 | 0 | 0 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.030 | Quarterly | 01/07/2031 |  | 300 | 0 | 0 | 0 | 0 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.053 | Quarterly | 01/07/2031 |  | 300 | 0 | 0 | 0 | 0 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.058 | Quarterly | 01/07/2031 |  | 300 | 0 | 1 | 1 | 0 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.063 | Quarterly | 01/08/2031 |  | 800 | 0 | 1 | 1 | 0 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.080 | Quarterly | 01/08/2031 |  | 400 | 0 | 1 | 1 | 0 | 0 |
|  Pay | 3-Month ZAR-JIBAR | 8.203 | Quarterly | 01/10/2031 |  | 1400 | 0 | 3 | 3 | 0 | 0 |
|  Pay | 6-Month AUD-BBR-BBSW | 2.750 | Semi-Annual | 06/17/2026 | AUD | 5080 | 483 | (510) | (27) | 0 | 0 |
|  Receive | 6-Month AUD-BBR-BBSW | 3.000 | Semi-Annual | 03/21/2027 |  | 80 | (9) | 10 | 1 | 0 | 0 |
|  Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 09/20/2033 |  | 1300 | (3) | 38 | 35 | 0 | (2) |
|  Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 03/20/2034 |  | 600 | (2) | 18 | 16 | 0 | (1) |
|  Pay | 6-Month AUD-BBR-BBSW | 4.500 | Semi-Annual | 09/18/2034 |  | 400 | 5 | 5 | 10 | 0 | (1) |
|  Pay | 6-Month EUR-EURIBOR | 3.370 | Annual | 10/09/2028 | EUR | 100 | 0 | 7 | 7 | 0 | 0 |
|  Pay | 6-Month EUR-EURIBOR | 3.450 | Annual | 10/20/2028 |  | 100 | 0 | 7 | 7 | 0 | 0 |
|  Receive | 6-Month EUR-EURIBOR | 2.360 | Annual | 10/07/2029 |  | 100 | 0 | (2) | (2) | 0 | 0 |
|  Pay<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2030 |  | 5900 | (84) | 74 | (10) | 0 | (7) |
|  Pay | 6-Month EUR-EURIBOR | 2.000 | Annual | 09/21/2032 |  | 680 | 8 | (25) | (17) | 0 | (1) |
|  Pay | 6-Month EUR-EURIBOR | 3.300 | Annual | 10/03/2033 |  | 100 | 0 | 9 | 9 | 0 | 0 |
|  Pay<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2035 |  | 200 | (6) | (2) | (8) | 0 | (1) |
|  Receive<sup>(6)</sup> | 6-Month EUR-EURIBOR | 0.830 | Annual | 12/09/2052 |  | 1500 | 9 | 166 | 175 | 1 | 0 |
|  Receive<sup>(6)</sup> | 6-Month EUR-EURIBOR | 2.250 | Annual | 09/17/2055 |  | 2210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178 | 93 | 271 | 9 | 0 |
|  Pay | 28-Day MXN-TIIE | 9.020 | Lunar | 12/17/2029 | MXN | 900 | 0 | 3 | 3 | 0 | 0 |
|  Pay | 28-Day MXN-TIIE | 8.990 | Lunar | 12/18/2029 |  | 700 | 0 | 2 | 2 | 0 | 0 |
|  Pay | 28-Day MXN-TIIE | 9.135 | Lunar | 12/27/2029 |  | 900 | 0 | 3 | 3 | 0 | 0 |
|  Pay | 28-Day MXN-TIIE | 9.150 | Lunar | 12/31/2029 |  | 1100 | 0 | 3 | 3 | 0 | 0 |
|  Pay | 28-Day MXN-TIIE | 9.108 | Lunar | 03/13/2030 |  | 2200 | 0 | 7 | 7 | 0 | 0 |
|  Pay | CAONREPO | 3.750 | Semi-Annual | 12/20/2025 | CAD | 1200 | (20) | 25 | 5 | 0 | 0 |
|  Pay | UKRPI | 4.000 | Maturity | 09/15/2031 | GBP | 100 | 0 | (14) | (14) | 1 | 0 |
|  Pay | UKRPI | 4.140 | Maturity | 10/15/2031 |  | 100 | 0 | (11) | (11) | 1 | 0 |
|  Pay | UKRPI | 4.250 | Maturity | 11/15/2031 |  | 100 | (1) | (8) | (9) | 1 | 0 |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(267) | $2585 | $2318 | $73 | $(147) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  | $106 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2764 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2870 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(147) |

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See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| JUNE 30, 2025 31

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Schedule of Investments PIMCO Dividend and 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, 2025:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset | Variation Margin<br>Asset | |  | Variation Margin<br>Liability | Variation Margin<br>Liability | |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | Total |  | Futures | Swap<br>Agreements | Total |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191 | $(3) | $(48) | $(147) | $(198) |

---

(l) Securities with an aggregate market value of $863 and cash of $2,583 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of June 30, 2025. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.

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

<sup>(2)</sup> 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. 

<sup>(3)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(4)</sup> 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. 

<sup>(5)</sup> 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. 

<sup>(6)</sup> 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.

&nbsp;&nbsp;&nbsp;&nbsp;(m) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

#### FORWARD FOREIGN CURRENCY CONTRACTS:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | **Unrealized Appreciation/**<br> (Depreciation) | **Unrealized Appreciation/**<br> (Depreciation) |
| Counterparty | Settlement<br>Month | Currency to<br>be Delivered | Currency to<br>be Received | Asset | Liability |
|  AZD | 07/2025 | 1021 | $142 | $0 | $(1) |
|  | 07/2025 | 42 | 49 | 0 | 0 |
|  | 07/2025 | $398 | 612 | 5 | 0 |
|  | 07/2025 | 28 | 47 | 0 | 0 |
|  | 08/2025 | 612 | $398 | 0 | (5) |
|  | 08/2025 | 1347 | 187 | 0 | (2) |
|  | 08/2025 | 47 | 28 | 0 | 0 |
|  | 08/2025 | $49 | 42 | 0 | 0 |
|  BOA | 07/2025 | 3774 | $4291 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(154) |
|  | 07/2025 | $45 | 61127 | 0 | 0 |
|  | 07/2025 | 16 | 20 | 0 | 0 |
|  | 07/2025 | 56 | 984 | 0 | 0 |
|  | 08/2025 | 20 | $16 | 0 | 0 |
|  | 08/2025 | 31 | 1 | 0 | 0 |
|  BPS | 07/2025 | 223 | 41 | 0 | 0 |
|  | 07/2025 | 133 | 4 | 0 | 0 |
|  | 07/2025 | 977 | 24 | 0 | 0 |
|  | 07/2025 | 4372 | 135 | 0 | (16) |
|  | 07/2025 | $40 | 223 | 1 | 0 |
|  | 07/2025 | 94 | 1535878 | 1 | 0 |
|  | 07/2025 | 10 | 328 | 0 | 0 |
|  | 07/2025 | 23 | 691 | 1 | 0 |
|  | 08/2025 | 289 | $40 | 0 | 0 |
|  | 08/2025 | 857 | 21 | 0 | 0 |
|  | 08/2025 | 3500 | 107 | 0 | (14) |
|  | 08/2025 | $41 | 3598 | 1 | 0 |
|  | 08/2025 | 6 | 797 | 0 | 0 |
|  | 09/2025 | 994 | $272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | (24) |

---

---

| | | |
|:---|:---|:---|
| **32** | **PIMCO EQUITY SERIES** | See Accompanying Notes |

---

------

June 30, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/**<br> (Depreciation) | **Unrealized Appreciation/**<br> (Depreciation) |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 05/2026 | $15 | 5 | $0 | $0 |
|  | 06/2026 | 11 | 3 | 0 | 0 |
|  | 06/2027 | 5 | 2 | 0 | 0 |
|  | 05/2029 | 23 | $80 | 4 | 0 |
|  | 07/2029 | 3 | 10 | 0 | 0 |
|  | 05/2030 | 17 | 59 | 2 | 0 |
|  BRC | 07/2025 | 860 | 247 | 0 | (8) |
|  | 07/2025 | 5834 | 4 | 0 | 0 |
|  | 07/2025 | 2588 | 63 | 0 | (1) |
|  | 07/2025 | $3969 | 2917 | 35 | 0 |
|  | 07/2025 | 122 | 414 | 0 | 0 |
|  | 07/2025 | 4 | 513 | 0 | 0 |
|  | 07/2025 | 8 | 32 | 0 | 0 |
|  | 07/2025 | 324 | 13260 | 6 | 0 |
|  | 07/2025 | 1258 | $69 | 0 | (2) |
|  | 08/2025 | 2917 | 3969 | 0 | (35) |
|  | 08/2025 | $266 | 11098 | 3 | 0 |
|  | 09/2025 | 22 | 80 | 0 | 0 |
|  BSH | 07/2025 | 3592 | $652 | 0 | (9) |
|  | 07/2025 | 534 | 145 | 0 | (5) |
|  | 07/2025 | $658 | 3592 | 3 | 0 |
|  | 07/2025 | 137 | 493 | 2 | 0 |
|  | 08/2025 | 652 | 3620 | 9 | 0 |
|  | 09/2025 | 1853 | $506 | 0 | (16) |
|  | 09/2025 | $14 | 50 | 0 | 0 |
|  | 12/2025 | 495 | $137 | 0 | (2) |
|  CBK | 07/2025 | 377137 | 275 | 0 | (4) |
|  | 07/2025 | 474 | 128 | 0 | (6) |
|  | 07/2025 | 1302 | 39 | 0 | (1) |
|  | 07/2025 | 7982 | 245 | 0 | (30) |
|  | 07/2025 | $311 | 271 | 8 | 0 |
|  | 07/2025 | 33 | 531331 | 0 | 0 |
|  | 07/2025 | 155 | 551 | 1 | 0 |
|  | 07/2025 | 411 | 12229 | 10 | 0 |
|  | 08/2025 | 325 | $45 | 0 | 0 |
|  | 08/2025 | 20 | 5 | 0 | 0 |
|  | 08/2025 | 7813 | 240 | 0 | (32) |
|  | 08/2025 | $310 | 26715 | 1 | 0 |
|  | 08/2025 | 30 | 108 | 0 | 0 |
|  | 09/2025 | 170 | $48 | 0 | 0 |
|  | 01/2026 | 219 | 62 | 0 | 0 |
|  | 02/2026 | 220 | 60 | 0 | (2) |
|  DUB | 07/2025 | 418 | 120 | 0 | (4) |
|  | 07/2025 | 13636 | 10 | 0 | 0 |
|  | 07/2025 | $3462 | 2984 | 53 | 0 |
|  | 07/2025 | 6 | 90533 | 0 | 0 |
|  | 07/2025 | 22 | 665 | 1 | 0 |
|  | 08/2025 | 2978 | $3462 | 0 | (53) |
|  | 08/2025 | $144 | 12397 | 1 | 0 |
|  | 09/2025 | 205 | $56 | 0 | (2) |
|  FAR | 07/2025 | 612 | 395 | 0 | (8) |
|  | 07/2025 | 8272 | 1511 | 0 | (11) |
|  | 07/2025 | 253 | 307 | 0 | (12) |
|  | 07/2025 | 519 | 72 | 0 | 0 |
|  | 07/2025 | 161720 | 1111 | 0 | (12) |
|  | 07/2025 | $1447 | 8272 | 76 | 0 |
|  | 07/2025 | 316 | 253 | 3 | 0 |
|  | 07/2025 | 1974 | 283178 | 0 | (8) |
|  | 07/2025 | 107 | 393 | 2 | 0 |
|  | 07/2025 | 13 | 16 | 0 | 0 |
|  | 08/2025 | 252 | $316 | 0 | (3) |
|  | 08/2025 | 305 | 43 | 0 | 0 |
|  | 08/2025 | 16 | 13 | 0 | 0 |
|  | 08/2025 | $69 | 5937 | 0 | 0 |
|  | 08/2025 | 1111 | 161126 | 12 | 0 |
|  | 09/2025 | 235 | $12 | 0 | 0 |
|  | 09/2025 | $380 | 2132 | 6 | 0 |
|  | 09/2025 | 0 | 1 | 0 | 0 |
|  | 11/2025 | 755 | $206 | 0 | (7) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **33** |

---

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Unrealized Appreciation/**<br> (Depreciation) | **Unrealized Appreciation/**<br> (Depreciation) |
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  GLM | 07/2025 | 8697 | $1482 | $0 | $(119) |
|  | 07/2025 | 2486 | 76 | 0 | (9) |
|  | 07/2025 | $1590 | 8697 | 11 | 0 |
|  | 07/2025 | 8 | 125797 | 0 | 0 |
|  | 07/2025 | 5 | 6 | 0 | 0 |
|  | 08/2025 | 6 | $5 | 0 | 0 |
|  | 09/2025 | $414 | 2332 | 9 | 0 |
|  | 04/2026 | 2300 | $390 | 0 | (6) |
|  JPM | 07/2025 | 3600 | 660 | 0 | (3) |
|  | 07/2025 | 984 | 136 | 0 | (1) |
|  | 07/2025 | 12621 | 9 | 0 | 0 |
|  | 07/2025 | 47 | 28 | 0 | (1) |
|  | 07/2025 | 142 | 111 | 0 | (1) |
|  | 07/2025 | 4426 | 136 | 0 | (16) |
|  | 07/2025 | $650 | 3600 | 12 | 0 |
|  | 07/2025 | 282 | 1048 | 9 | 0 |
|  | 07/2025 | 10 | 13 | 0 | 0 |
|  | 07/2025 | 24 | 726 | 1 | 0 |
|  | 07/2025 | 726 | $41 | 0 | 0 |
|  | 08/2025 | 1240 | 172 | 0 | (2) |
|  | 08/2025 | 13 | 10 | 0 | 0 |
|  | 08/2025 | 5010 | 154 | 0 | (21) |
|  | 08/2025 | $59 | 50 | 0 | 0 |
|  | 08/2025 | 46 | 4013 | 0 | 0 |
|  | 04/2026 | 3600 | $607 | 0 | (12) |
|  MBC | 07/2025 | 664 | 483 | 0 | (4) |
|  | 07/2025 | 472 | 65 | 0 | (1) |
|  | 07/2025 | 341 | 266 | 0 | (3) |
|  | 07/2025 | 650 | 20 | 0 | (1) |
|  | 07/2025 | 2032 | 62 | 0 | (8) |
|  | 07/2025 | $483 | 664 | 5 | 0 |
|  | 07/2025 | 708 | 611 | 12 | 0 |
|  | 07/2025 | 3 | 51073 | 0 | 0 |
|  | 07/2025 | 86 | 12422 | 0 | 0 |
|  | 07/2025 | 65 | 242 | 3 | 0 |
|  | 07/2025 | 274 | 354 | 5 | 0 |
|  | 07/2025 | 65 | 2071 | 6 | 0 |
|  | 08/2025 | 663 | $483 | 0 | (5) |
|  | 08/2025 | 1197 | 166 | 0 | (2) |
|  | 08/2025 | 354 | 274 | 0 | (5) |
|  | 08/2025 | 5176 | 161 | 0 | (19) |
|  | 08/2025 | $111 | 804 | 2 | 0 |
|  | 08/2025 | 30 | 4238 | 0 | 0 |
|  MYI | 07/2025 | 125781 | $868 | 0 | (6) |
|  | 07/2025 | $44 | 6397 | 0 | 0 |
|  | 07/2025 | 1 | 2 | 0 | 0 |
|  | 08/2025 | 311 | $43 | 0 | 0 |
|  | 08/2025 | $868 | 125319 | 6 | 0 |
|  NGF | 07/2025 | 92 | 1505549 | 0 | 0 |
|  RBC | 08/2025 | 57 | 419 | 1 | 0 |
|  SCX | 07/2025 | 6 | $2 | 0 | 0 |
|  | 07/2025 | 14131 | 98 | 0 | 0 |
|  | 07/2025 | 296 | 10 | 0 | 0 |
|  | 07/2025 | $36 | 585005 | 0 | 0 |
|  | 07/2025 | 55 | 71 | 1 | 0 |
|  | 07/2025 | 206 | 6023 | 2 | 0 |
|  | 08/2025 | 536 | $75 | 0 | 0 |
|  | 08/2025 | 70 | 55 | 0 | (1) |
|  | 08/2025 | 1160 | 36 | 0 | (5) |
|  | 08/2025 | $249 | 1805 | 4 | 0 |
|  | 08/2025 | 48 | 4159 | 0 | 0 |
|  | 08/2025 | 98 | 14079 | 0 | 0 |
|  SSB | 07/2025 | 2917 | $3950 | 0 | (54) |
|  | 12/2025 | 210 | 57 | 0 | (2) |
|  UAG | 07/2025 | 63 | 18 | 0 | (1) |
|  | 07/2025 | $29 | 4174 | 0 | 0 |
|  | 08/2025 | 121 | 876 | 2 | 0 |
|  Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | Total Forward Foreign Currency Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(797) |

---

34 PIMCO EQUITY SERIES See Accompanying Notes

------

June 30, 2025

#### PURCHASED OPTIONS:

#### FOREIGN CURRENCY OPTIONS

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Description | Strike<br>Price | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Cost | Market<br>Value |
| GLM | Put - OTC EUR versus USD | $1.150 | 08/27/2025 | 500 | $3 | $2 |
|  | Put - OTC EUR versus USD | 1.150 | 08/29/2025 | 1900 | 12 | 9 |
|  Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 |

---

#### WRITTEN OPTIONS:

#### INTEREST RATE SWAPTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Floating Rate Index | Pay/Receive<br>Floating Rate | Exercise<br>Rate | Expiration<br>Date | Notional<br>Amount<sup>(1)</sup> | Premiums<br>(Received) | Market<br>Value |
| BOA Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.770% | 07/09/2025 | 100 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.120 | 07/09/2025 | 100 | 0 | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.637 | 07/18/2025 | 100 | 0 | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.037 | 07/18/2025 | 100 | 0 | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.700 | 07/21/2025 | 100 | 0 | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.050 | 07/21/2025 | 100 | 0 | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.555 | 07/24/2025 | 100 | 0 | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.905 | 07/24/2025 | 100 | 0 | 0 |
| CBK Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.605 | 07/23/2025 | 100 | (1) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.955 | 07/23/2025 | 100 | (1) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.564 | 07/24/2025 | 100 | (1) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.914 | 07/24/2025 | 100 | 0 | 0 |
| FAR Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.750 | 07/03/2025 | 100 | (1) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.100 | 07/03/2025 | 100 | (1) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.790 | 07/09/2025 | 100 | 0 | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.140 | 07/09/2025 | 100 | 0 | 0 |
| GLM Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.775 | 07/07/2025 | 100 | 0 | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.125 | 07/07/2025 | 100 | 0 | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.653 | 07/14/2025 | 100 | 0 | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.053 | 07/14/2025 | 100 | 0 | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.695 | 07/17/2025 | 100 | 0 | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.095 | 07/17/2025 | 100 | 0 | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.525 | 07/28/2025 | 100 | (1) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.875 | 07/28/2025 | 100 | (1) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.555 | 07/30/2025 | 100 | 0 | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.905 | 07/30/2025 | 100 | 0 | 0 |
| MYC Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.715 | 07/02/2025 | 100 | (1) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.065 | 07/02/2025 | 100 | (1) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.725 | 07/03/2025 | 100 | (1) | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.075 | 07/03/2025 | 100 | (1) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.669 | 07/07/2025 | 100 | (1) | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.019 | 07/07/2025 | 100 | (1) | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.664 | 07/14/2025 | 100 | 0 | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.064 | 07/14/2025 | 100 | 0 | 0 |
| Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.697 | 07/16/2025 | 100 | 0 | (1) |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 4.097 | 07/16/2025 | 100 | 0 | 0 |
| NGF Call - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Receive | 3.545 | 07/28/2025 | 100 | 0 | 0 |
| Put - OTC 10-Year Interest Rate Swap  | 3-Month USD-SOFR | Pay | 3.895 | 07/28/2025 | 100 | 0 | 0 |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) |

---

#### SWAP AGREEMENTS:

#### CREDIT DEFAULT SWAPS ON CORPORATE AND SOVEREIGN ISSUES - SELL PROTECTION<sup>(</sup><sup>2)</sup>

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>June 30, 2025<sup>(</sup><sup>3)</sup> |  | Notional<br>Amount<sup>(</sup><sup>4)</sup> | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(</sup><sup>5)</sup> | Swap Agreements,<br>at Value<sup>(</sup><sup>5)</sup> |
| Counterparty | Reference Entity | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Implied<br>Credit Spread at<br>June 30, 2025<sup>(</sup><sup>3)</sup> |  | Notional<br>Amount<sup>(</sup><sup>4)</sup> | **Premiums<br>Paid/(Received)** | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| CBK | Israel Government International Bond | 1.000% | Quarterly | 06/20/2027 | 0.603 | % | $100 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
|  | Israel Government International Bond | 1.000 | Quarterly | 06/20/2030 | 0.908 |  | 200 | (2) | 3 | 1 | 0 |
| DUB | Petroleos Mexicanos « | 4.750 | Monthly | 07/06/2026 |  | <sup>¨</sup> | 306 | 0 | 2 | 2 | 0 |
|  | Petroleos Mexicanos « | 4.850 | Monthly | 07/06/2026 |  | <sup>¨</sup> | 76 | 0 | 0 | 0 | 0 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **35** |

---

------

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

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>June 30, 2025<sup>(</sup><sup>3)</sup>** | **Notional<br>Amount<sup>(</sup><sup>4)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Swap Agreements,<br>at Value<sup>(</sup><sup>5)</sup>** | **Swap Agreements,<br>at Value<sup>(</sup><sup>5)</sup>** |
| **Counterparty** | **Reference Entity** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit Spread at<br>June 30, 2025<sup>(</sup><sup>3)</sup>** | **Notional<br>Amount<sup>(</sup><sup>4)</sup>** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
| GST | Colombia Government International Bond | 1.000% | Quarterly | 12/20/2027 | 1.337% | $100 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |
|  | Soft Bank Group,Inc. | 1.000 | Quarterly | 06/20/2026 | 1.490 | 100 | (1) | 1 | 0 | 0 |
| JPM | Israel Government International Bond | 1.000 | Quarterly | 06/20/2030 | 0.908 | 100 | (1) | 1 | 0 | 0 |
| MYC | Mexico Government International Bond | 1.000 | Quarterly | 06/20/2027 | 0.538 | 100 | 0 | 1 | 1 | 0 |
|  | Mexico Government International Bond | 1.000 | Quarterly | 06/20/2028 | 0.674 | 100 | (2) | 3 | 1 | 0 |
|  | Mexico Government International Bond | 1.000 | Quarterly | 12/20/2028 | 0.784 | 300 | (3) | 5 | 2 | 0 |
|  | South Africa Government International Bond | 1.000 | Quarterly | 12/20/2026 | 0.750 | 200 | (9) | 10 | 1 | 0 |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |

---

#### CREDIT DEFAULT SWAPS ON CREDIT INDEXES - SELL PROTECTION<sup>(</sup><sup>2)</sup>

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(</sup><sup>4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value<sup>(</sup><sup>5)</sup> | Swap Agreements,<br>at Value<sup>(</sup><sup>5)</sup> |
| Counterparty | Index/Tranches | Fixed<br>Receive Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount<sup>(</sup><sup>4)</sup> | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| GST | CMBX.NA.AAA.10 Index | 0.500% | Monthly | 11/17/2059 | $4000 | $(86) | $103 | $17 | $0 |
| MYC | CMBX.NA.AAA.13 Index | 0.500 | Monthly | 12/16/2072 | 5700 | (2) | 23 | 21 | 0 |
|  |  |  |  |  |  | $(88) | $126 | $38 | $0 |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(116) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of June 30, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(6)</sup> |
|  AZD | $5 | $0 | $0 | $5 | $(8) | $0 | $0 | $(8) | $(3) | $0 | $(3) |
|  BOA | 0 | 0 | 0 | 0 | (154) | (3) | 0 | (157) | (157) | 112 | (45) |
|  BPS | 10 | 0 | 0 | 10 | (54) | 0 | 0 | (54) | (44) | 0 | (44) |
|  BRC | 44 | 0 | 0 | 44 | (46) | 0 | 0 | (46) | (2) | 0 | (2) |
|  BSH | 14 | 0 | 0 | 14 | (32) | 0 | 0 | (32) | (18) | 0 | (18) |
|  CBK | 20 | 0 | 2 | 22 | (75) | (1) | 0 | (76) | (54) | 0 | (54) |
|  DUB | 55 | 0 | 2 | 57 | (59) | 0 | 0 | (59) | (2) | 0 | (2) |
|  FAR | 99 | 0 | 0 | 99 | (61) | (2) | 0 | (63) | 36 | 0 | 36 |
|  GLM | 20 | 11 | 0 | 31 | (134) | (3) | 0 | (137) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(106) | 63 | (43) |
|  GST | 0 | 0 | 17 | 17 | 0 | 0 | (1) | (1) | 16 | 0 | 16 |
|  JPM | 22 | 0 | 0 | 22 | (57) | 0 | 0 | (57) | (35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253 |
|  MBC | 33 | 0 | 0 | 33 | (48) | 0 | 0 | (48) | (15) | 0 | (15) |
|  MYC | 0 | 0 | 26 | 26 | 0 | (3) | 0 | (3) | 23 | 0 | 23 |
|  MYI | 6 | 0 | 0 | 6 | (6) | 0 | 0 | (6) | 0 | 0 | 0 |
|  RBC | 1 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 1 | 0 | 1 |
|  SCX | 7 | 0 | 0 | 7 | (6) | 0 | 0 | (6) | 1 | 0 | 1 |
|  SSB | 0 | 0 | 0 | 0 | (56) | 0 | 0 | (56) | (56) | 0 | (56) |
|  UAG | 2 | 0 | 0 | 2 | (1) | 0 | 0 | (1) | 1 | 0 | 1 |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(797) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(810) |  |  |  |

---

(n) Securities with an aggregate market value of $463 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of June 30, 2025.

<sup>¨</sup> Implied credit spread is not available due to significant unobservable inputs being used in the fair valuation.

<sup>(1)</sup> Notional Amount represents the number of contracts. 

<sup>(2)</sup> 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. 

<sup>(3)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate or sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(4)</sup> 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. 

---

| | | |
|:---|:---|:---|
| **36** | **PIMCO EQUITY SERIES** | See Accompanying Notes |

---

------

June 30, 2025

<sup>(5)</sup> 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. 

<sup>(6)</sup> 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, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $92 | $92 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 26 | 0 | 0 | 73 | 99 |
|  | $0 | $26 | $0 | $0 | $165 | $191 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $338 | $0 | $338 |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | 11 | 0 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 47 | 0 | 0 | 0 | 47 |
|  | $0 | $47 | $0 | $349 | $0 | $396 |
|  | $0 | $73 | $0 | $349 | $165 | $587 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $3 | $3 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 48 | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 0 | 0 | 0 | 147 | 147 |
|  | $0 | $0 | $0 | $0 | $198 | $198 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $797 | $0 | $797 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 12 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 1 | 0 | 0 | 0 | 1 |
|  | $0 | $1 | $0 | $797 | $12 | $810 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;797 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1008 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $15 | $15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(532) | (532) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 453 | 0 | 0 | 879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1332 |
|  | $0 | $453 | $0 | $0 | $362 | $815 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $(157) | $0 | $(157) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 2 | 83 | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 91 | 0 | 0 | 0 | 91 |
|  | $0 | $91 | $0 | $(155) | $83 | $19 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;544 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(155) | $445 | $834 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| JUNE 30, 2025 37

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** |
|  | **Commodity<br>Contracts** | **Credit<br>Contracts** | **Equity<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Interest<br>Rate Contracts** | **Total** |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $508 | $508 |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 20 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(518) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(498) |
|  | $0 | $20 | $0 | $0 | $(10) | $10 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $(340) | $0 | $(340) |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | 0 | 0 | 0 | (4) | 0 | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | (3) | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 99 | 0 | 0 | 0 | 99 |
|  | $0 | $99 | $0 | $(344) | $(3) | $(248) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(344) | $(13) | $(238) |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of June 30, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>06/30/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities | Asset-Backed Securities |
| &nbsp;&nbsp; Cayman Islands | $0 | $6659 | $0 | $6659 |
| &nbsp;&nbsp; Ireland | 0 | 1282 | 0 | 1282 |
| &nbsp;&nbsp; Italy | 0 | 374 | 0 | 374 |
| &nbsp;&nbsp; Jersey, Channel Islands | 0 | 400 | 0 | 400 |
| &nbsp;&nbsp; United States | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19109 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19109 |
|  Loan Participations and Assignments | Loan Participations and Assignments | Loan Participations and Assignments | Loan Participations and Assignments | Loan Participations and Assignments |
| &nbsp;&nbsp; France | 0 | 90 | 0 | 90 |
| &nbsp;&nbsp; Jersey, Channel Islands | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451 | 451 |
| &nbsp;&nbsp; Netherlands | 0 | 2 | 0 | 2 |
| &nbsp;&nbsp; United States | 0 | 20 | 641 | 661 |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp; Australia | &nbsp;&nbsp; Australia | &nbsp;&nbsp; Australia | &nbsp;&nbsp; Australia | &nbsp;&nbsp; Australia |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 761 | 0 | 761 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 0 | 358 | 0 | 358 |
| &nbsp;&nbsp; Austria | &nbsp;&nbsp; Austria | &nbsp;&nbsp; Austria | &nbsp;&nbsp; Austria | &nbsp;&nbsp; Austria |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 0 | 172 | 0 | 172 |
| &nbsp;&nbsp; Belgium | &nbsp;&nbsp; Belgium | &nbsp;&nbsp; Belgium | &nbsp;&nbsp; Belgium | &nbsp;&nbsp; Belgium |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 0 | 213 | 0 | 213 |
| &nbsp;&nbsp; Brazil | &nbsp;&nbsp; Brazil | &nbsp;&nbsp; Brazil | &nbsp;&nbsp; Brazil | &nbsp;&nbsp; Brazil |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 252 | 0 | 0 | 252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 511 | 0 | 0 | 511 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 280 | 0 | 0 | 280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 403 | 0 | 0 | 403 |
| &nbsp;&nbsp; Canada | &nbsp;&nbsp; Canada | &nbsp;&nbsp; Canada | &nbsp;&nbsp; Canada | &nbsp;&nbsp; Canada |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 152 | 0 | 0 | 152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2059 | 0 | 0 | 2059 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 497 | 0 | 0 | 497 |
| &nbsp;&nbsp; Chile | &nbsp;&nbsp; Chile | &nbsp;&nbsp; Chile | &nbsp;&nbsp; Chile | &nbsp;&nbsp; Chile |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 145 | 0 | 0 | 145 |
| &nbsp;&nbsp; China | &nbsp;&nbsp; China | &nbsp;&nbsp; China | &nbsp;&nbsp; China | &nbsp;&nbsp; China |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 0 | 1027 | 0 | 1027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 210 | 1213 | 0 | 1423 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 0 | 280 | 0 | 280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 0 | 486 | 0 | 486 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 293 | 0 | 293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 0 | 168 | 0 | 168 |
| &nbsp;&nbsp; Czech Republic | &nbsp;&nbsp; Czech Republic | &nbsp;&nbsp; Czech Republic | &nbsp;&nbsp; Czech Republic | &nbsp;&nbsp; Czech Republic |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 203 | 0 | 0 | 203 |
| &nbsp;&nbsp; Denmark | &nbsp;&nbsp; Denmark | &nbsp;&nbsp; Denmark | &nbsp;&nbsp; Denmark | &nbsp;&nbsp; Denmark |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 171 | 0 | 171 |
| &nbsp;&nbsp; Finland | &nbsp;&nbsp; Finland | &nbsp;&nbsp; Finland | &nbsp;&nbsp; Finland | &nbsp;&nbsp; Finland |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 146 | 0 | 146 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 0 | 598 | 0 | 598 |
| &nbsp;&nbsp; France | &nbsp;&nbsp; France | &nbsp;&nbsp; France | &nbsp;&nbsp; France | &nbsp;&nbsp; France |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 0 | 546 | 0 | 546 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 1762 | 0 | 1762 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>06/30/2025** |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | $0 | $938 | $0 | $938 |
| &nbsp;&nbsp; Greece | &nbsp;&nbsp; Greece | &nbsp;&nbsp; Greece | &nbsp;&nbsp; Greece | &nbsp;&nbsp; Greece |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 137 | 0 | 0 | 137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 0 | 433 | 0 | 433 |
| &nbsp;&nbsp; Hong Kong | &nbsp;&nbsp; Hong Kong | &nbsp;&nbsp; Hong Kong | &nbsp;&nbsp; Hong Kong | &nbsp;&nbsp; Hong Kong |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 0 | 173 | 0 | 173 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 141 | 0 | 0 | 141 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 0 | 600 | 0 | 600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 0 | 295 | 0 | 295 |
| &nbsp;&nbsp; Indonesia | &nbsp;&nbsp; Indonesia | &nbsp;&nbsp; Indonesia | &nbsp;&nbsp; Indonesia | &nbsp;&nbsp; Indonesia |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 0 | 181 | 0 | 181 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 0 | 579 | 0 | 579 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 119 | 0 | 119 |
| &nbsp;&nbsp; Ireland | &nbsp;&nbsp; Ireland | &nbsp;&nbsp; Ireland | &nbsp;&nbsp; Ireland | &nbsp;&nbsp; Ireland |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 0 | 370 | 0 | 370 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1316 | 0 | 0 | 1316 |
| &nbsp;&nbsp; Israel | &nbsp;&nbsp; Israel | &nbsp;&nbsp; Israel | &nbsp;&nbsp; Israel | &nbsp;&nbsp; Israel |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1344 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1344 |
| &nbsp;&nbsp; Italy | &nbsp;&nbsp; Italy | &nbsp;&nbsp; Italy | &nbsp;&nbsp; Italy | &nbsp;&nbsp; Italy |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 0 | 1247 | 0 | 1247 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 0 | 704 | 0 | 704 |
| &nbsp;&nbsp; Japan | &nbsp;&nbsp; Japan | &nbsp;&nbsp; Japan | &nbsp;&nbsp; Japan | &nbsp;&nbsp; Japan |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 0 | 363 | 0 | 363 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 0 | 601 | 0 | 601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 0 | 2504 | 0 | 2504 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 0 | 295 | 0 | 295 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 331 | 0 | 331 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 0 | 724 | 0 | 724 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 0 | 142 | 0 | 142 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 0 | 205 | 0 | 205 |
| &nbsp;&nbsp; Luxembourg | &nbsp;&nbsp; Luxembourg | &nbsp;&nbsp; Luxembourg | &nbsp;&nbsp; Luxembourg | &nbsp;&nbsp; Luxembourg |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 0 | 164 | 0 | 164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100 | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 0 | 45 | 45 |
| &nbsp;&nbsp; Malaysia | &nbsp;&nbsp; Malaysia | &nbsp;&nbsp; Malaysia | &nbsp;&nbsp; Malaysia | &nbsp;&nbsp; Malaysia |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 0 | 135 | 0 | 135 |
| &nbsp;&nbsp; Mexico | &nbsp;&nbsp; Mexico | &nbsp;&nbsp; Mexico | &nbsp;&nbsp; Mexico | &nbsp;&nbsp; Mexico |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 420 | 0 | 0 | 420 |
| &nbsp;&nbsp; Netherlands | &nbsp;&nbsp; Netherlands | &nbsp;&nbsp; Netherlands | &nbsp;&nbsp; Netherlands | &nbsp;&nbsp; Netherlands |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 0 | 407 | 0 | 407 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 0 | 529 | 0 | 529 |
| &nbsp;&nbsp; Norway | &nbsp;&nbsp; Norway | &nbsp;&nbsp; Norway | &nbsp;&nbsp; Norway | &nbsp;&nbsp; Norway |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 0 | 627 | 0 | 627 |
| &nbsp;&nbsp; Poland | &nbsp;&nbsp; Poland | &nbsp;&nbsp; Poland | &nbsp;&nbsp; Poland | &nbsp;&nbsp; Poland |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 0 | 286 | 0 | 286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 0 | 969 | 0 | 969 |
| &nbsp;&nbsp; Singapore | &nbsp;&nbsp; Singapore | &nbsp;&nbsp; Singapore | &nbsp;&nbsp; Singapore | &nbsp;&nbsp; Singapore |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 0 | 216 | 0 | 216 |

---

---

| | | |
|:---|:---|:---|
| **38** | **PIMCO EQUITY SERIES** | See Accompanying Notes |

---

------

June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>06/30/2025** |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | $0 | $176 | $0 | $176 |
| &nbsp;&nbsp; South Africa | &nbsp;&nbsp; South Africa | &nbsp;&nbsp; South Africa | &nbsp;&nbsp; South Africa | &nbsp;&nbsp; South Africa |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 328 | 1013 | 0 | 1341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 0 | 225 | 0 | 225 |
| &nbsp;&nbsp; South Korea | &nbsp;&nbsp; South Korea | &nbsp;&nbsp; South Korea | &nbsp;&nbsp; South Korea | &nbsp;&nbsp; South Korea |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 0 | 371 | 0 | 371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 0 | 193 | 0 | 193 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 0 | 366 | 0 | 366 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 0 | 147 | 0 | 147 |
| &nbsp;&nbsp; Spain | &nbsp;&nbsp; Spain | &nbsp;&nbsp; Spain | &nbsp;&nbsp; Spain | &nbsp;&nbsp; Spain |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 0 | 531 | 0 | 531 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 0 | 362 | 0 | 362 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 0 | 2479 | 0 | 2479 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 263 | 0 | 263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 220 | 0 | 0 | 220 |
| &nbsp;&nbsp; Sweden | &nbsp;&nbsp; Sweden | &nbsp;&nbsp; Sweden | &nbsp;&nbsp; Sweden | &nbsp;&nbsp; Sweden |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 0 | 258 | 0 | 258 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 171 | 0 | 171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 0 | 512 | 0 | 512 |
| &nbsp;&nbsp; Switzerland | &nbsp;&nbsp; Switzerland | &nbsp;&nbsp; Switzerland | &nbsp;&nbsp; Switzerland | &nbsp;&nbsp; Switzerland |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 0 | 517 | 0 | 517 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1406 | 0 | 1406 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 0 | 2934 | 0 | 2934 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 0 | 437 | 0 | 437 |
| &nbsp;&nbsp; Taiwan | &nbsp;&nbsp; Taiwan | &nbsp;&nbsp; Taiwan | &nbsp;&nbsp; Taiwan | &nbsp;&nbsp; Taiwan |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 0 | 2018 | 0 | 2018 |
| &nbsp;&nbsp; United Kingdom | &nbsp;&nbsp; United Kingdom | &nbsp;&nbsp; United Kingdom | &nbsp;&nbsp; United Kingdom | &nbsp;&nbsp; United Kingdom |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 0 | 145 | 0 | 145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 0 | 147 | 0 | 147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 0 | 3174 | 0 | 3174 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 0 | 631 | 0 | 631 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 0 | 611 | 0 | 611 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 388 | 0 | 388 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 0 | 957 | 0 | 957 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 0 | 303 | 0 | 303 |
| &nbsp;&nbsp; United States | &nbsp;&nbsp; United States | &nbsp;&nbsp; United States | &nbsp;&nbsp; United States | &nbsp;&nbsp; United States |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4953 | 0 | 9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4962 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 2524 | 0 | 0 | 2524 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 7478 | 0 | 0 | 7478 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 2736 | 0 | 0 | 2736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 3559 | 0 | 0 | 3559 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 6683 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189 | 6872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 2615 | 0 | 0 | 2615 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6577 | 0 | 0 | 6577 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 629 | 0 | 0 | 629 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 755 | 0 | 0 | 755 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp; Bermuda | &nbsp;&nbsp; Bermuda | &nbsp;&nbsp; Bermuda | &nbsp;&nbsp; Bermuda | &nbsp;&nbsp; Bermuda |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 207 | 0 | 207 |
| &nbsp;&nbsp; France | &nbsp;&nbsp; France | &nbsp;&nbsp; France | &nbsp;&nbsp; France | &nbsp;&nbsp; France |
| &nbsp;&nbsp;&nbsp;&nbsp; Banking & Finance | 0 | 692 | 0 | 692 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 180 | 0 | 180 |
| &nbsp;&nbsp; Germany | &nbsp;&nbsp; Germany | &nbsp;&nbsp; Germany | &nbsp;&nbsp; Germany | &nbsp;&nbsp; Germany |
| &nbsp;&nbsp;&nbsp;&nbsp; Banking & Finance | 0 | 187 | 0 | 187 |
| &nbsp;&nbsp; Ireland | &nbsp;&nbsp; Ireland | &nbsp;&nbsp; Ireland | &nbsp;&nbsp; Ireland | &nbsp;&nbsp; Ireland |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 288 | 0 | 288 |
| &nbsp;&nbsp; Italy | &nbsp;&nbsp; Italy | &nbsp;&nbsp; Italy | &nbsp;&nbsp; Italy | &nbsp;&nbsp; Italy |
| &nbsp;&nbsp;&nbsp;&nbsp; Banking & Finance | 0 | 225 | 0 | 225 |
| &nbsp;&nbsp; Japan | &nbsp;&nbsp; Japan | &nbsp;&nbsp; Japan | &nbsp;&nbsp; Japan | &nbsp;&nbsp; Japan |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 797 | 0 | 797 |
| &nbsp;&nbsp; Luxembourg | &nbsp;&nbsp; Luxembourg | &nbsp;&nbsp; Luxembourg | &nbsp;&nbsp; Luxembourg | &nbsp;&nbsp; Luxembourg |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 213 | 0 | 213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 0 | 26 | 0 | 26 |
| &nbsp;&nbsp; Saudi Arabia | &nbsp;&nbsp; Saudi Arabia | &nbsp;&nbsp; Saudi Arabia | &nbsp;&nbsp; Saudi Arabia | &nbsp;&nbsp; Saudi Arabia |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 201 | 0 | 201 |
| &nbsp;&nbsp; Spain | &nbsp;&nbsp; Spain | &nbsp;&nbsp; Spain | &nbsp;&nbsp; Spain | &nbsp;&nbsp; Spain |
| &nbsp;&nbsp;&nbsp;&nbsp; Banking & Finance | 0 | 427 | 0 | 427 |
| &nbsp;&nbsp; Switzerland | &nbsp;&nbsp; Switzerland | &nbsp;&nbsp; Switzerland | &nbsp;&nbsp; Switzerland | &nbsp;&nbsp; Switzerland |
| &nbsp;&nbsp;&nbsp;&nbsp; Banking & Finance | 0 | 1282 | 0 | 1282 |
| &nbsp;&nbsp; United Kingdom | &nbsp;&nbsp; United Kingdom | &nbsp;&nbsp; United Kingdom | &nbsp;&nbsp; United Kingdom | &nbsp;&nbsp; United Kingdom |
| &nbsp;&nbsp;&nbsp;&nbsp; Banking & Finance | 0 | 1000 | 12 | 1012 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>06/30/2025** |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | $0 | $495 | $0 | $495 |
| &nbsp;&nbsp; United States | &nbsp;&nbsp; United States | &nbsp;&nbsp; United States | &nbsp;&nbsp; United States | &nbsp;&nbsp; United States |
| &nbsp;&nbsp;&nbsp;&nbsp; Banking & Finance | 0 | 521 | 0 | 521 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2427 | 0 | 2657 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 0 | 1258 | 0 | 1258 |
| &nbsp;&nbsp; Venezuela | &nbsp;&nbsp; Venezuela | &nbsp;&nbsp; Venezuela | &nbsp;&nbsp; Venezuela | &nbsp;&nbsp; Venezuela |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 41 | 0 | 41 |
|  Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities | Non-Agency Mortgage-Backed Securities |
| &nbsp;&nbsp; Ireland | 0 | 1711 | 0 | 1711 |
| &nbsp;&nbsp; United Kingdom | 0 | 3406 | 0 | 3406 |
| &nbsp;&nbsp; United States | 0 | 15656 | 0 | 15656 |
|  Master Limited Partnerships | Master Limited Partnerships | Master Limited Partnerships | Master Limited Partnerships | Master Limited Partnerships |
| &nbsp;&nbsp; United States | &nbsp;&nbsp; United States | &nbsp;&nbsp; United States | &nbsp;&nbsp; United States | &nbsp;&nbsp; United States |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 143 | 0 | 0 | 143 |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp; Illinois | 0 | 16 | 0 | 16 |
| &nbsp;&nbsp; New York | 0 | 104 | 0 | 104 |
| &nbsp;&nbsp; Puerto Rico | 0 | 49 | 0 | 49 |
|  Preferred Stocks | Preferred Stocks | Preferred Stocks | Preferred Stocks | Preferred Stocks |
| &nbsp;&nbsp; Brazil | &nbsp;&nbsp; Brazil | &nbsp;&nbsp; Brazil | &nbsp;&nbsp; Brazil | &nbsp;&nbsp; Brazil |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 587 | 0 | 0 | 587 |
| &nbsp;&nbsp; South Korea | &nbsp;&nbsp; South Korea | &nbsp;&nbsp; South Korea | &nbsp;&nbsp; South Korea | &nbsp;&nbsp; South Korea |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 100 | 0 | 100 |
| &nbsp;&nbsp; United Kingdom | &nbsp;&nbsp; United Kingdom | &nbsp;&nbsp; United Kingdom | &nbsp;&nbsp; United Kingdom | &nbsp;&nbsp; United Kingdom |
| &nbsp;&nbsp;&nbsp;&nbsp; Banking & Finance | 0 | 68 | 0 | 68 |
|  Real Estate Investment Trusts | Real Estate Investment Trusts | Real Estate Investment Trusts | Real Estate Investment Trusts | Real Estate Investment Trusts |
| &nbsp;&nbsp; France | &nbsp;&nbsp; France | &nbsp;&nbsp; France | &nbsp;&nbsp; France | &nbsp;&nbsp; France |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 0 | 181 | 0 | 181 |
| &nbsp;&nbsp; Hong Kong | &nbsp;&nbsp; Hong Kong | &nbsp;&nbsp; Hong Kong | &nbsp;&nbsp; Hong Kong | &nbsp;&nbsp; Hong Kong |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 0 | 304 | 0 | 304 |
| &nbsp;&nbsp; Japan | &nbsp;&nbsp; Japan | &nbsp;&nbsp; Japan | &nbsp;&nbsp; Japan | &nbsp;&nbsp; Japan |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 0 | 150 | 0 | 150 |
| &nbsp;&nbsp; Singapore | &nbsp;&nbsp; Singapore | &nbsp;&nbsp; Singapore | &nbsp;&nbsp; Singapore | &nbsp;&nbsp; Singapore |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 0 | 173 | 0 | 173 |
| &nbsp;&nbsp; United States | &nbsp;&nbsp; United States | &nbsp;&nbsp; United States | &nbsp;&nbsp; United States | &nbsp;&nbsp; United States |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 9130 | 0 | 0 | 9130 |
|  Sovereign Issues | Sovereign Issues | Sovereign Issues | Sovereign Issues | Sovereign Issues |
| &nbsp;&nbsp; Argentina | 0 | 781 | 0 | 781 |
| &nbsp;&nbsp; Brazil | 0 | 1070 | 0 | 1070 |
| &nbsp;&nbsp; Egypt | 0 | 227 | 0 | 227 |
| &nbsp;&nbsp; Israel | 0 | 296 | 0 | 296 |
| &nbsp;&nbsp; Japan | 0 | 76 | 0 | 76 |
| &nbsp;&nbsp; Mexico | 0 | 1462 | 0 | 1462 |
| &nbsp;&nbsp; Peru | 0 | 1186 | 0 | 1186 |
| &nbsp;&nbsp; Romania | 0 | 582 | 0 | 582 |
| &nbsp;&nbsp; South Africa | 0 | 799 | 0 | 799 |
| &nbsp;&nbsp; Turkey | 0 | 354 | 0 | 354 |
| &nbsp;&nbsp; Venezuela | 0 | 10 | 0 | 10 |
|  U.S. Government Agencies | U.S. Government Agencies | U.S. Government Agencies | U.S. Government Agencies | U.S. Government Agencies |
| &nbsp;&nbsp; United States | 0 | 55171 | 0 | 55171 |
|  U.S. Treasury Obligations | U.S. Treasury Obligations | U.S. Treasury Obligations | U.S. Treasury Obligations | U.S. Treasury Obligations |
| &nbsp;&nbsp; United States | 0 | 20644 | 0 | 20644 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 0 | 744 | 0 | 744 |
| &nbsp;&nbsp; Nigeria Treasury Bills | 0 | 231 | 0 | 231 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55873 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188364 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1447 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245684 |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | 4466 | 0 | 0 | 4466 |
|  Total Investments | $60339 | $188364 | $1447 | $250150 |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | $19 | $172 | $0 | $191 |
|  Over the counter | 0 | 394 | 2 | 396 |
|  | $19 | $566 | $2 | $587 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| JUNE 30, 2025 39

------

Schedule of Investments PIMCO Dividend and Income Fund (Cont.) June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>06/30/2025** |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | $(26) | $(172) | $0 | $(198) |
|  Over the counter | 0 | (810) | 0 | (810) |
|  | $(26) | $(982) | $0 | $(1008) |
|  Total Financial Derivative Instruments | $(7) | $(416) | $2 | $(421) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60332 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187948 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1449 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249729 |

---

There were no significant transfers into or out of Level 3 during the period ended June 30, 2025.

---

| | | |
|:---|:---|:---|
| **40** | **PIMCO EQUITY SERIES** | See Accompanying Notes |

---

------

Schedule of Investments PIMCO RAE Emerging Markets Fund June 30, 2025

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 99.0% | INVESTMENTS IN SECURITIES 99.0% | INVESTMENTS IN SECURITIES 99.0% |
| COMMON STOCKS 90.7% | COMMON STOCKS 90.7% | COMMON STOCKS 90.7% |
| BRAZIL 9.8% | BRAZIL 9.8% | BRAZIL 9.8% |
| COMMUNICATION SERVICES 0.4% | COMMUNICATION SERVICES 0.4% | COMMUNICATION SERVICES 0.4% |
|  Telefonica Brasil SA | 1273660 | 7241 |
|  TIM SA | 726300 | 2948 |
|  |  | 10189 |
| CONSUMER DISCRETIONARY 0.6% | CONSUMER DISCRETIONARY 0.6% | CONSUMER DISCRETIONARY 0.6% |
|  Vibra Energia SA | 3424900 | 13654 |
| CONSUMER STAPLES 2.3% | CONSUMER STAPLES 2.3% | CONSUMER STAPLES 2.3% |
|  Ambev SA | 8890400 | 21796 |
|  JBS NV (a) | 1804400 | 25975 |
|  Marfrig Global Foods SA | 1153600 | 4862 |
|  Natura & Co. Holding SA (a) | 963700 | 1960 |
|  |  | 54593 |
| FINANCIALS 1.7% | FINANCIALS 1.7% | FINANCIALS 1.7% |
|  B3 SA - Brasil Bolsa Balcao | 7146800 | 19179 |
|  Banco do Brasil SA | 3216780 | 13079 |
|  Banco Santander Brasil SA | 1440900 | 7874 |
|  |  | 40132 |
| INDUSTRIALS 0.1% | INDUSTRIALS 0.1% | INDUSTRIALS 0.1% |
|  Motiva Infraestrutura de Mobilidade SA | 729200 | 1851 |
| MATERIALS 4.4% | MATERIALS 4.4% | MATERIALS 4.4% |
|  Cia Siderurgica Nacional SA | 2993200 | 4099 |
|  CSN Mineracao SA | 357800 | 326 |
|  Vale SA | 10313300 | 99942 |
|  |  | 104367 |
| UTILITIES 0.3% | UTILITIES 0.3% | UTILITIES 0.3% |
|  Cia de Saneamento Basico do Estado de Sao Paulo SABESP | 183200 | 4017 |
|  CPFL Energia SA | 222400 | 1673 |
|  Engie Brasil Energia SA | 182100 | 1522 |
|  Neoenergia SA | 72800 | 342 |
|  |  | 7554 |
|  Total Brazil |  | 232340 |
| CHILE 1.1% | CHILE 1.1% | CHILE 1.1% |
| CONSUMER DISCRETIONARY 0.0% | CONSUMER DISCRETIONARY 0.0% | CONSUMER DISCRETIONARY 0.0% |
|  Empresas Copec SA | 97511 | 664 |
| CONSUMER STAPLES 0.5% | CONSUMER STAPLES 0.5% | CONSUMER STAPLES 0.5% |
|  Cencosud SA | 3410685 | 11605 |
|  Cia Cervecerias Unidas SA | 47816 | 311 |
|  |  | 11916 |
| FINANCIALS 0.4% | FINANCIALS 0.4% | FINANCIALS 0.4% |
|  Banco de Chile | 38756942 | 5862 |
|  Banco Itau Chile SA | 17041 | 236 |
|  Banco Santander Chile | 43681191 | 2743 |
|  |  | 8841 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| UTILITIES 0.2% | UTILITIES 0.2% | UTILITIES 0.2% | UTILITIES 0.2% |
|  Colbun SA | 11863415 | $— | 1909 |
|  Enel Chile SA | 31820070 |  | 2356 |
|  |  |  | 4265 |
|  Total Chile |  |  | 25686 |
| CHINA 26.8% | CHINA 26.8% | CHINA 26.8% | CHINA 26.8% |
| COMMUNICATION SERVICES 0.8% | COMMUNICATION SERVICES 0.8% | COMMUNICATION SERVICES 0.8% | COMMUNICATION SERVICES 0.8% |
|  China Tower Corp. Ltd. 'H' | 3677300 |  | 5272 |
|  China United Network Communications Ltd. 'A' | 17412500 |  | 12985 |
|  |  |  | 18257 |
| CONSUMER DISCRETIONARY 2.9% | CONSUMER DISCRETIONARY 2.9% | CONSUMER DISCRETIONARY 2.9% | CONSUMER DISCRETIONARY 2.9% |
|  Alibaba Group Holding Ltd. | 291600 |  | 4128 |
|  BAIC Motor Corp. Ltd. 'H' | 14782000 |  | 3659 |
|  China Yongda Automobiles Services Holdings Ltd. | 1307500 |  | 375 |
|  Dongfeng Motor Group Co. Ltd. 'H' | 17652000 |  | 7772 |
|  Gree Electric Appliances, Inc. of Zhuhai (a) | 643000 |  | 4033 |
|  Huayu Automotive Systems Co. Ltd. 'A' | 1366637 |  | 3365 |
|  JD.com, Inc.'A' | 245800 |  | 4014 |
|  SAIC Motor Corp. Ltd. 'A' | 1956600 |  | 4382 |
|  Tianneng Power International Ltd. | 816000 |  | 655 |
|  Topsports International Holdings Ltd. | 9155000 |  | 3583 |
|  Vipshop Holdings Ltd. | 1976518 |  | 29747 |
|  Zhongsheng Group Holdings Ltd. | 1160000 |  | 1794 |
|  |  |  | 67507 |
| CONSUMER STAPLES 0.5% | CONSUMER STAPLES 0.5% | CONSUMER STAPLES 0.5% | CONSUMER STAPLES 0.5% |
|  China Feihe Ltd. | 2636000 |  | 1923 |
|  Hengan International Group Co. Ltd. | 686000 |  | 1974 |
|  Tingyi Cayman Islands Holding Corp. | 2954000 |  | 4337 |
|  Uni-President China Holdings Ltd. | 1886000 |  | 2285 |
|  Yonghui Superstores Co. Ltd. 'A' (a) | 2083700 |  | 1430 |
|  |  |  | 11949 |
| ENERGY 5.6% | ENERGY 5.6% | ENERGY 5.6% | ENERGY 5.6% |
|  China Petroleum & Chemical Corp. 'H' | 172780400 |  | 90644 |
|  PetroChina Co. Ltd. 'H' | 49412000 |  | 42582 |
|  |  |  | 133226 |
| FINANCIALS 10.9% | FINANCIALS 10.9% | FINANCIALS 10.9% | FINANCIALS 10.9% |
|  Bank of China Ltd. 'H' | 73847000 |  | 42991 |
|  Bank of Guiyang Co. Ltd. 'A' | 564000 |  | 491 |
|  China Cinda Asset Management Co. Ltd. 'H' | 7991000 |  | 1371 |
|  China CITIC Bank Corp. Ltd. 'H' | 3313000 |  | 3159 |
|  China Construction Bank Corp. 'H' | 48535000 |  | 49115 |
|  China Minsheng Banking Corp. Ltd. 'H' | 23317000 |  | 13227 |
|  China Reinsurance Group Corp. 'H' | 4532000 |  | 707 |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  CNPC Capital Co. Ltd. 'A' | 1145400 | 1168 |
|  Huaxia Bank Co. Ltd. 'A' | 691500 | 763 |
|  Industrial Bank Co. Ltd. 'A' | 984000 | 3206 |
|  Lufax Holding Ltd. ADR | 1257797 | 3509 |
|  Minmetals Capital Co. Ltd. 'A' | 987900 | 804 |
|  PICC Property & Casualty Co. Ltd. 'H' | 12918000 | 25102 |
|  Ping An Bank Co. Ltd. 'A' | 1479900 | 2494 |
|  Ping An Insurance Group Co. of China Ltd. 'H' | 16139000 | 103020 |
|  SDIC Capital Co. Ltd. (a) | 443900 | 466 |
|  Shanghai Pudong Development Bank Co. Ltd. 'A' | 3248500 | 6296 |
|  |  | 257889 |
| HEALTH CARE 0.7% | HEALTH CARE 0.7% | HEALTH CARE 0.7% |
|  China Resources Pharmaceutical Group Ltd. | 6262500 | 4088 |
|  Sinopharm Group Co. Ltd. 'H' | 5225600 | 12267 |
|  |  | 16355 |
| INDUSTRIALS 1.6% | INDUSTRIALS 1.6% | INDUSTRIALS 1.6% |
|  Bohai Leasing Co. Ltd. 'A' (a) | 1591200 | 740 |
|  China Communications Services Corp. Ltd. 'H' | 9614000 | 5219 |
|  China International Marine Containers Group Co. Ltd. 'H' | 2601800 | 2060 |
|  China Lesso Group Holdings Ltd. 'L' | 2583000 | 1382 |
|  China State Construction Engineering Corp. Ltd. 'A' | 2440100 | 1966 |
|  CITIC Ltd. | 10521000 | 14486 |
|  Fosun International Ltd. | 1455000 | 867 |
|  Shanghai Construction Group Co. Ltd. 'A' (a) | 1588400 | 530 |
|  Shanxi Coal International Energy Group Co. Ltd. | 267500 | 326 |
|  Sinopec Engineering Group Co. Ltd. 'H' | 2213000 | 1688 |
|  Sinotrans Ltd. 'H' | 1872000 | 950 |
|  Sinotruk Hong Kong Ltd. | 1387000 | 4052 |
|  Xiamen ITG Group Corp. Ltd. 'A' | 2465800 | 2083 |
|  Xinte Energy Co. Ltd. 'H' (a) | 298400 | 203 |
|  YUNDA Holding Group Co. Ltd. 'A' | 325400 | 304 |
|  |  | 36856 |
| INFORMATION TECHNOLOGY 2.2% | INFORMATION TECHNOLOGY 2.2% | INFORMATION TECHNOLOGY 2.2% |
|  AAC Technologies Holdings, Inc. | 1888000 | 9823 |
|  Avary Holding Shenzhen Co. Ltd. 'A' | 206100 | 922 |
|  BOE Technology Group Co. Ltd. 'A' | 6414500 | 3573 |
|  Lenovo Group Ltd. | 26610000 | 32150 |
|  Lingyi iTech Guangdong Co. 'A' | 1076500 | 1292 |
|  Tongwei Co. Ltd. | 705000 | 1649 |
|  Wingtech Technology Co. Ltd. 'A' | 357100 | 1675 |
|  |  | 51084 |
| MATERIALS 1.3% | MATERIALS 1.3% | MATERIALS 1.3% |
|  Angang Steel Co. Ltd. 'H' | 8936000 | 1883 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **41** |

---

------

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  Anhui Conch Cement Co. Ltd. 'H' | 4554500 | 11603 |
|  Baoshan Iron & Steel Co. Ltd. 'A' | 3755400 | 3454 |
|  China Hongqiao Group Ltd. | 1683000 | 3875 |
|  China National Building Material Co. Ltd. 'H' | 12496000 | 5981 |
|  Luxi Chemical Group Co. Ltd. 'A' | 1009100 | 1451 |
|  Sinopec Shanghai Petrochemical Co. Ltd. 'H' | 17450000 | 2826 |
|  |  | 31073 |
| REAL ESTATE 0.3% | REAL ESTATE 0.3% | REAL ESTATE 0.3% |
|  Gemdale Corp. 'A' | 4767500 | 2525 |
|  Longfor Group Holdings Ltd. | 1369500 | 1623 |
|  Seazen Group Ltd. (a) | 12130000 | 3608 |
|  Seazen Holdings Co. Ltd. 'A' (a) | 258000 | 493 |
|  Shenzhen Overseas Chinese Town Co. Ltd. 'A' (a) | 698547 | 220 |
|  |  | 8469 |
|  Total China |  | 632665 |
| GREECE 0.8% | GREECE 0.8% | GREECE 0.8% |
| COMMUNICATION SERVICES 0.3% | COMMUNICATION SERVICES 0.3% | COMMUNICATION SERVICES 0.3% |
|  Hellenic Telecommunications Organization SA | 418313 | 7953 |
| CONSUMER DISCRETIONARY 0.0% | CONSUMER DISCRETIONARY 0.0% | CONSUMER DISCRETIONARY 0.0% |
|  Jumbo SA | 9238 | 319 |
| ENERGY 0.2% | ENERGY 0.2% | ENERGY 0.2% |
|  HELLENiQ ENERGY Holdings SA (c) | 180133 | 1747 |
|  Motor Oil Hellas Corinth Refineries SA | 56485 | 1575 |
|  |  | 3322 |
| INDUSTRIALS 0.3% | INDUSTRIALS 0.3% | INDUSTRIALS 0.3% |
|  Star Bulk Carriers Corp. (c) | 395270 | 6818 |
|  Total Greece |  | 18412 |
| HONG KONG 2.1% | HONG KONG 2.1% | HONG KONG 2.1% |
| FINANCIALS 0.5% | FINANCIALS 0.5% | FINANCIALS 0.5% |
|  BOC Hong Kong Holdings Ltd. | 1082000 | 4710 |
|  China Taiping Insurance Holdings Co. Ltd. | 3520000 | 6889 |
|  Far East Horizon Ltd. | 571000 | 496 |
|  |  | 12095 |
| INDUSTRIALS 0.6% | INDUSTRIALS 0.6% | INDUSTRIALS 0.6% |
|  China Everbright Environment Group Ltd. | 8455000 | 4118 |
|  China State Construction International Holdings Ltd. | 592000 | 894 |
|  Orient Overseas International Ltd. | 312500 | 5319 |
|  Shanghai Industrial Holdings Ltd. | 1041000 | 1801 |
|  Shenzhen International Holdings Ltd. | 2816500 | 2780 |
|  |  | 14912 |

---

---

| | | |
|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) |
| MATERIALS 0.0% | MATERIALS 0.0% | MATERIALS 0.0% |
|  China Resources Building Materials Technology Holdings Ltd. | 2584000 | 554 |
| UTILITIES 1.0% | UTILITIES 1.0% | UTILITIES 1.0% |
|  Beijing Enterprises Holdings Ltd. | 537500 | 2216 |
|  Beijing Enterprises Water Group Ltd. | 6434000 | 1943 |
|  China Resources Power Holdings Co. Ltd. | 524000 | 1266 |
|  Guangdong Investment Ltd. | 3198000 | 2680 |
|  Kunlun Energy Co. Ltd. | 15460000 | 15027 |
|  |  | 23132 |
|  Total Hong Kong |  | 50693 |
| INDIA 9.7% | INDIA 9.7% | INDIA 9.7% |
| COMMUNICATION SERVICES 0.4% | COMMUNICATION SERVICES 0.4% | COMMUNICATION SERVICES 0.4% |
|  Indus Towers Ltd. (a) | 1725893 | 8465 |
|  Zee Entertainment Enterprises Ltd. (a) | 833215 | 1421 |
|  |  | 9886 |
| CONSUMER DISCRETIONARY 0.1% | CONSUMER DISCRETIONARY 0.1% | CONSUMER DISCRETIONARY 0.1% |
|  Hero MotoCorp Ltd. | 29349 | 1450 |
|  Rajesh Exports Ltd. | 659874 | 1549 |
|  |  | 2999 |
| ENERGY 3.3% | ENERGY 3.3% | ENERGY 3.3% |
|  Bharat Petroleum Corp. Ltd. | 1913623 | 7410 |
|  Coal India Ltd. | 761284 | 3481 |
|  Great Eastern Shipping Co. Ltd. 'F' | 67256 | 768 |
|  Hindustan Petroleum Corp. Ltd. | 2515861 | 12857 |
|  Indian Oil Corp. Ltd. | 14257296 | 24443 |
|  Oil & Natural Gas Corp. Ltd. | 6479898 | 18456 |
|  Oil India Ltd. | 821225 | 4159 |
|  Petronet LNG Ltd. | 1564671 | 5509 |
|  |  | 77083 |
| FINANCIALS 1.9% | FINANCIALS 1.9% | FINANCIALS 1.9% |
|  Bandhan Bank Ltd. | 286871 | 634 |
|  General Insurance Corp. of India | 184243 | 826 |
|  Housing & Urban Development Corp. Ltd. | 341812 | 948 |
|  Power Finance Corp. Ltd. | 3851712 | 19217 |
|  REC Ltd. | 1342568 | 6308 |
|  Sammaan Capital Ltd. | 10489663 | 17426 |
|  |  | 45359 |
| HEALTH CARE 0.1% | HEALTH CARE 0.1% | HEALTH CARE 0.1% |
|  Glenmark Pharmaceuticals Ltd. | 67108 | 1373 |
| INDUSTRIALS 0.1% | INDUSTRIALS 0.1% | INDUSTRIALS 0.1% |
|  Bharat Heavy Electricals Ltd. | 425671 | 1322 |
| INFORMATION TECHNOLOGY 0.0% | INFORMATION TECHNOLOGY 0.0% | INFORMATION TECHNOLOGY 0.0% |
|  Redington Ltd. | 292617 | 1111 |

---

---

| | | |
|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) |
| MATERIALS 3.2% | MATERIALS 3.2% | MATERIALS 3.2% |
|  Chambal Fertilisers & Chemicals Ltd. | 353267 | 2329 |
|  Gujarat State Fertilizers & Chemicals Ltd. 'F' | 714928 | 1704 |
|  Jindal Saw Ltd. | 756948 | 2127 |
|  Jindal Steel & Power Ltd. | 413828 | 4548 |
|  National Aluminium Co. Ltd. | 9352660 | 21076 |
|  Vedanta Ltd. | 8110407 | 43671 |
|  |  | 75455 |
| UTILITIES 0.6% | UTILITIES 0.6% | UTILITIES 0.6% |
|  GAIL India Ltd. | 2840232 | 6323 |
|  PTC India Ltd. | 1514263 | 3186 |
|  Reliance Power Ltd. (a) | 5141389 | 4217 |
|  |  | 13726 |
|  Total India |  | 228314 |
| INDONESIA 1.9% | INDONESIA 1.9% | INDONESIA 1.9% |
| COMMUNICATION SERVICES 0.4% | COMMUNICATION SERVICES 0.4% | COMMUNICATION SERVICES 0.4% |
|  Telkom Indonesia Persero Tbk PT | 54490000 | 9322 |
| CONSUMER STAPLES 0.1% | CONSUMER STAPLES 0.1% | CONSUMER STAPLES 0.1% |
|  Gudang Garam Tbk PT (a) | 1158700 | 653 |
|  Hanjaya Mandala Sampoerna Tbk PT | 19459400 | 719 |
|  Indofood Sukses Makmur Tbk PT | 1811000 | 907 |
|  Unilever Indonesia Tbk PT | 2857500 | 255 |
|  |  | 2534 |
| ENERGY 0.7% | ENERGY 0.7% | ENERGY 0.7% |
|  Alamtri Resources Indonesia Tbk PT | 40447300 | 4566 |
|  Bukit Asam Tbk PT | 10997100 | 1667 |
|  Indo Tambangraya Megah Tbk PT | 3459000 | 4687 |
|  United Tractors Tbk PT | 3442600 | 4548 |
|  |  | 15468 |
| FINANCIALS 0.3% | FINANCIALS 0.3% | FINANCIALS 0.3% |
|  Bank Negara Indonesia Persero Tbk PT | 7812700 | 1983 |
|  Bank Rakyat Indonesia Persero Tbk PT | 21480100 | 4952 |
|  |  | 6935 |
| HEALTH CARE 0.0% | HEALTH CARE 0.0% | HEALTH CARE 0.0% |
|  Kalbe Farma Tbk PT | 2372300 | 223 |
| INDUSTRIALS 0.2% | INDUSTRIALS 0.2% | INDUSTRIALS 0.2% |
|  Astra International Tbk PT | 15836500 | 4392 |
| MATERIALS 0.0% | MATERIALS 0.0% | MATERIALS 0.0% |
|  Indocement Tunggal Prakarsa Tbk PT | 2820900 | 926 |
| UTILITIES 0.2% | UTILITIES 0.2% | UTILITIES 0.2% |
|  Perusahaan Gas Negara Tbk PT | 45563100 | 4535 |
|  Total Indonesia |  | 44335 |

---

42 PIMCO EQUITY SERIES See Accompanying Notes

------

June 30, 2025

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
| KUWAIT 0.0% | KUWAIT 0.0% | KUWAIT 0.0% |
| COMMUNICATION SERVICES 0.0% | COMMUNICATION SERVICES 0.0% | COMMUNICATION SERVICES 0.0% |
|  Mobile Telecommunications Co. KSCP | 368758 | 583 |
|  Total Kuwait |  | 583 |
| MALAYSIA 0.7% | MALAYSIA 0.7% | MALAYSIA 0.7% |
| CONSUMER DISCRETIONARY 0.1% | CONSUMER DISCRETIONARY 0.1% | CONSUMER DISCRETIONARY 0.1% |
|  Genting Bhd | 2066200 | 1497 |
| ENERGY 0.0% | ENERGY 0.0% | ENERGY 0.0% |
|  Petronas Dagangan Bhd | 83200 | 425 |
| FINANCIALS 0.3% | FINANCIALS 0.3% | FINANCIALS 0.3% |
|  Alliance Bank Malaysia Bhd | 708000 | 725 |
|  Malayan Banking Bhd | 2293200 | 5283 |
|  RHB Bank Bhd | 536200 | 802 |
|  |  | 6810 |
| HEALTH CARE 0.3% | HEALTH CARE 0.3% | HEALTH CARE 0.3% |
|  Hartalega Holdings Bhd | 2293500 | 893 |
|  Kossan Rubber Industries Bhd | 2345000 | 825 |
|  Supermax Corp. Bhd (a) | 3722280 | 522 |
|  Top Glove Corp. Bhd (a) | 23179000 | 3911 |
|  |  | 6151 |
| INDUSTRIALS 0.0% | INDUSTRIALS 0.0% | INDUSTRIALS 0.0% |
|  Sime Darby Bhd | 2748700 | 1077 |
| UTILITIES 0.0% | UTILITIES 0.0% | UTILITIES 0.0% |
|  Tenaga Nasional Bhd | 300200 | 1026 |
|  Total Malaysia |  | 16986 |
| MEXICO 1.4% | MEXICO 1.4% | MEXICO 1.4% |
| COMMUNICATION SERVICES 0.4% | COMMUNICATION SERVICES 0.4% | COMMUNICATION SERVICES 0.4% |
|  America Movil SAB de CV 'B' | 9458500 | 8458 |
|  Grupo Televisa SAB | 2206500 | 982 |
|  |  | 9440 |
| CONSUMER DISCRETIONARY 0.0% | CONSUMER DISCRETIONARY 0.0% | CONSUMER DISCRETIONARY 0.0% |
|  Nemak SAB de CV (a) | 3123100 | 536 |
| CONSUMER STAPLES 0.7% | CONSUMER STAPLES 0.7% | CONSUMER STAPLES 0.7% |
|  Alfa SAB de CV 'A' | 11334207 | 8372 |
|  Arca Continental SAB de CV | 361600 | 3822 |
|  Coca-Cola Femsa SAB de CV | 193500 | 1875 |
|  Gruma SAB de CV 'B' | 55930 | 965 |
|  |  | 15034 |
| FINANCIALS 0.1% | FINANCIALS 0.1% | FINANCIALS 0.1% |
|  Grupo Financiero Inbursa SAB de CV 'O' | 1032798 | 2666 |
| MATERIALS 0.2% | MATERIALS 0.2% | MATERIALS 0.2% |
|  Alpek SAB de CV (c) | 1105306 | 602 |
|  Grupo Mexico SAB de CV 'B' | 471700 | 2857 |
|  Orbia Advance Corp. SAB de CV | 2551600 | 1777 |
|  |  | 5236 |
|  Total Mexico |  | 32912 |

---

---

| | | |
|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) |
| PHILIPPINES 0.2% | PHILIPPINES 0.2% | PHILIPPINES 0.2% |
| COMMUNICATION SERVICES 0.1% | COMMUNICATION SERVICES 0.1% | COMMUNICATION SERVICES 0.1% |
|  PLDT, Inc. | 71860 | 1554 |
| ENERGY 0.1% | ENERGY 0.1% | ENERGY 0.1% |
|  Semirara Mining & Power Corp. | 2737300 | 1604 |
| FINANCIALS 0.0% | FINANCIALS 0.0% | FINANCIALS 0.0% |
|  Metropolitan Bank & Trust Co. | 1590 | 2 |
| INDUSTRIALS 0.0% | INDUSTRIALS 0.0% | INDUSTRIALS 0.0% |
|  DMCI Holdings, Inc. | 7951200 | 1539 |
|  Total Philippines |  | 4699 |
| POLAND 0.8% | POLAND 0.8% | POLAND 0.8% |
| COMMUNICATION SERVICES 0.2% | COMMUNICATION SERVICES 0.2% | COMMUNICATION SERVICES 0.2% |
|  Cyfrowy Polsat SA (a) | 687366 | 3373 |
| ENERGY 0.3% | ENERGY 0.3% | ENERGY 0.3% |
|  ORLEN SA | 266019 | 6063 |
| FINANCIALS 0.2% | FINANCIALS 0.2% | FINANCIALS 0.2% |
|  Powszechny Zaklad Ubezpieczen SA | 310336 | 5427 |
| INFORMATION TECHNOLOGY 0.0% | INFORMATION TECHNOLOGY 0.0% | INFORMATION TECHNOLOGY 0.0% |
|  Asseco Poland SA | 6312 | 354 |
| UTILITIES 0.1% | UTILITIES 0.1% | UTILITIES 0.1% |
|  PGE Polska Grupa Energetyczna SA (a) | 786948 | 2491 |
|  Tauron Polska Energia SA (a) | 286150 | 668 |
|  |  | 3159 |
|  Total Poland |  | 18376 |
| QATAR 0.2% | QATAR 0.2% | QATAR 0.2% |
| COMMUNICATION SERVICES 0.1% | COMMUNICATION SERVICES 0.1% | COMMUNICATION SERVICES 0.1% |
|  Ooredoo QPSC | 377012 | 1325 |
| FINANCIALS 0.1% | FINANCIALS 0.1% | FINANCIALS 0.1% |
|  Commercial Bank PSQC | 456010 | 570 |
|  Qatar Islamic Bank QPSC | 76577 | 466 |
|  Qatar National Bank QPSC | 352808 | 1681 |
|  |  | 2717 |
|  Total Qatar |  | 4042 |
| RUSSIA 0.0% | RUSSIA 0.0% | RUSSIA 0.0% |
| COMMUNICATION SERVICES 0.0% | COMMUNICATION SERVICES 0.0% | COMMUNICATION SERVICES 0.0% |
|  Mobile TeleSystems PJSC «(c) | 290070 | 0 |
|  Rostelecom PJSC «(c) | 341490 | 0 |
|  Sistema AFK PAO « | 1963160 | 0 |
|  |  | 0 |
| ENERGY 0.0% | ENERGY 0.0% | ENERGY 0.0% |
|  Gazprom PJSC «(a) | 3725600 | 0 |
|  LUKOIL PJSC « | 254140 | 0 |
|  |  | 0 |

---

---

| | | |
|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) |
| FINANCIALS 0.0% | FINANCIALS 0.0% | FINANCIALS 0.0% |
|  Sberbank of Russia PJSC « | 4916745 | 0 |
|  VTB Bank PJSC «(a) | 4772724 | 0 |
|  |  | 0 |
| MATERIALS 0.0% | MATERIALS 0.0% | MATERIALS 0.0% |
|  Alrosa PJSC « | 2122120 | 0 |
|  GMK Norilskiy Nickel PAO «(a) | 379700 | 0 |
|  Magnitogorsk Iron & Steel Works PJSC « | 6974129 | 0 |
|  Novolipetsk Steel PJSC « | 3113725 | 0 |
|  Severstal PAO « | 339609 | 0 |
|  |  | 0 |
| UTILITIES 0.0% | UTILITIES 0.0% | UTILITIES 0.0% |
|  Federal Grid Co. - Rosseti PJSC «(a) | 591291707 | 1 |
|  Inter RAO UES PJSC «(a) | 15264000 | 0 |
|  Unipro PJSC «(a) | 3938000 | 0 |
|  |  | 1 |
|  Total Russia |  | 1 |
| SAUDI ARABIA 0.4% | SAUDI ARABIA 0.4% | SAUDI ARABIA 0.4% |
| FINANCIALS 0.1% | FINANCIALS 0.1% | FINANCIALS 0.1% |
|  Banque Saudi Fransi | 278919 | 1328 |
| MATERIALS 0.2% | MATERIALS 0.2% | MATERIALS 0.2% |
|  Sahara International Petrochemical Co. | 180583 | 954 |
|  Saudi Basic Industries Corp. | 226787 | 3305 |
|  Yanbu National Petrochemical Co. | 126255 | 1017 |
|  |  | 5276 |
| REAL ESTATE 0.0% | REAL ESTATE 0.0% | REAL ESTATE 0.0% |
|  Arabian Centres Co. | 57061 | 296 |
| UTILITIES 0.1% | UTILITIES 0.1% | UTILITIES 0.1% |
|  Saudi Electricity Co. | 363635 | 1424 |
|  Total Saudi Arabia |  | 8324 |
| SOUTH AFRICA 5.8% | SOUTH AFRICA 5.8% | SOUTH AFRICA 5.8% |
| COMMUNICATION SERVICES 0.7% | COMMUNICATION SERVICES 0.7% | COMMUNICATION SERVICES 0.7% |
|  MTN Group Ltd. | 1337196 | 10644 |
|  MultiChoice Group (a) | 201773 | 1343 |
|  Telkom SA SOC Ltd. (a) | 1766520 | 5400 |
|  |  | 17387 |
| CONSUMER DISCRETIONARY 0.2% | CONSUMER DISCRETIONARY 0.2% | CONSUMER DISCRETIONARY 0.2% |
|  Motus Holdings Ltd. | 502365 | 2663 |
|  Woolworths Holdings Ltd. | 440578 | 1288 |
|  |  | 3951 |
| CONSUMER STAPLES 0.3% | CONSUMER STAPLES 0.3% | CONSUMER STAPLES 0.3% |
|  SPAR Group Ltd. (a) | 213458 | 1300 |
|  Tiger Brands Ltd. | 310613 | 5595 |
|  |  | 6895 |
| ENERGY 0.1% | ENERGY 0.1% | ENERGY 0.1% |
|  Exxaro Resources Ltd. (c) | 241771 | 2006 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **43** |

---

------

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  Thungela Resources Ltd. | 88665 | 425 |
|  |  | 2431 |
| FINANCIALS 1.9% | FINANCIALS 1.9% | FINANCIALS 1.9% |
|  Absa Group Ltd. | 478035 | 4758 |
|  Investec Ltd. | 170085 | 1271 |
|  Momentum Group Ltd. | 2328719 | 4511 |
|  Nedbank Group Ltd. | 1170277 | 16066 |
|  Old Mutual Ltd. | 7775639 | 5301 |
|  Standard Bank Group Ltd. | 967381 | 12421 |
|  |  | 44328 |
| HEALTH CARE 0.1% | HEALTH CARE 0.1% | HEALTH CARE 0.1% |
|  Life Healthcare Group Holdings Ltd. (c) | 2687216 | 2168 |
| INDUSTRIALS 0.1% | INDUSTRIALS 0.1% | INDUSTRIALS 0.1% |
|  Barloworld Ltd. | 480705 | 3066 |
| MATERIALS 2.4% | MATERIALS 2.4% | MATERIALS 2.4% |
|  African Rainbow Minerals Ltd. | 78115 | 763 |
|  Impala Platinum Holdings Ltd. (a) | 1368048 | 12292 |
|  Kumba Iron Ore Ltd. | 67903 | 1093 |
|  Sappi Ltd. | 495151 | 833 |
|  Sibanye Stillwater Ltd. | 18377114 | 33467 |
|  Valterra Platinum Ltd. | 186725 | 8314 |
|  |  | 56762 |
|  Total South Africa |  | 136988 |
| SOUTH KOREA 14.2% | SOUTH KOREA 14.2% | SOUTH KOREA 14.2% |
| COMMUNICATION SERVICES 2.1% | COMMUNICATION SERVICES 2.1% | COMMUNICATION SERVICES 2.1% |
|  KT Corp. | 746513 | 30556 |
|  LG Uplus Corp. | 744517 | 7882 |
|  NCSoft Corp. | 20094 | 3069 |
|  SK Telecom Co. Ltd. | 223394 | 9399 |
|  |  | 50906 |
| CONSUMER DISCRETIONARY 1.5% | CONSUMER DISCRETIONARY 1.5% | CONSUMER DISCRETIONARY 1.5% |
|  Hankook Tire & Technology Co. Ltd. | 76200 | 2239 |
|  Hyundai Mobis Co. Ltd. | 26194 | 5557 |
|  Kia Corp. | 133921 | 9582 |
|  LG Electronics, Inc. | 251356 | 13708 |
|  Lotte Shopping Co. Ltd. | 60744 | 3335 |
|  |  | 34421 |
| CONSUMER STAPLES 0.9% | CONSUMER STAPLES 0.9% | CONSUMER STAPLES 0.9% |
|  E-MART, Inc. | 20559 | 1300 |
|  KT&G Corp. | 160775 | 15175 |
|  LG H&H Co. Ltd. | 23120 | 5462 |
|  |  | 21937 |
| ENERGY 0.1% | ENERGY 0.1% | ENERGY 0.1% |
|  S-Oil Corp. | 63022 | 2794 |
| FINANCIALS 3.0% | FINANCIALS 3.0% | FINANCIALS 3.0% |
|  BNK Financial Group, Inc. | 328277 | 3021 |
|  DB Insurance Co. Ltd. | 88997 | 8121 |
|  Hana Financial Group, Inc. | 22699 | 1446 |
|  Hanwha Life Insurance Co. Ltd. | 2013361 | 4908 |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  Hyundai Marine & Fire Insurance Co. Ltd. | 249712 | 4892 |
|  KB Financial Group, Inc. | 64060 | 5264 |
|  Samsung Card Co. Ltd. | 87307 | 3191 |
|  Samsung Fire & Marine Insurance Co. Ltd. | 34864 | 11179 |
|  Samsung Life Insurance Co. Ltd. | 12282 | 1157 |
|  Shinhan Financial Group Co. Ltd. | 396628 | 17982 |
|  Woori Financial Group, Inc. | 552231 | 9189 |
|  |  | 70350 |
| INDUSTRIALS 4.6% | INDUSTRIALS 4.6% | INDUSTRIALS 4.6% |
|  CJ Corp. | 112208 | 13323 |
|  CJ Logistics Corp. | 16448 | 1063 |
|  Daewoo Engineering & Construction Co. Ltd. (a) | 788700 | 2442 |
|  DL E&C Co. Ltd. | 102297 | 3914 |
|  Doosan Bobcat, Inc. | 29714 | 1277 |
|  Doosan Co. Ltd. | 18069 | 8747 |
|  GS Engineering & Construction Corp. | 228564 | 3506 |
|  GS Holdings Corp. | 84102 | 2900 |
|  Hanwha Corp. | 268663 | 18725 |
|  Hyundai Engineering & Construction Co. Ltd. | 482404 | 28010 |
|  Hyundai Glovis Co. Ltd. | 135301 | 13471 |
|  Korean Air Lines Co. Ltd. | 46538 | 786 |
|  LX International Corp. | 196764 | 4532 |
|  SK, Inc. | 37083 | 5601 |
|  |  | 108297 |
| INFORMATION TECHNOLOGY 0.2% | INFORMATION TECHNOLOGY 0.2% | INFORMATION TECHNOLOGY 0.2% |
|  LG Display Co. Ltd. (a) | 905282 | 6004 |
| MATERIALS 0.8% | MATERIALS 0.8% | MATERIALS 0.8% |
|  Hyundai Steel Co. | 123635 | 2680 |
|  Kumho Petrochemical Co. Ltd. | 23971 | 1990 |
|  POSCO Holdings, Inc. | 70880 | 13655 |
|  |  | 18325 |
| UTILITIES 1.0% | UTILITIES 1.0% | UTILITIES 1.0% |
|  Korea Electric Power Corp. | 719654 | 20796 |
|  Korea Gas Corp. | 70660 | 2176 |
|  |  | 22972 |
|  Total South Korea |  | 336006 |
| TAIWAN 8.1% | TAIWAN 8.1% | TAIWAN 8.1% |
| COMMUNICATION SERVICES 0.1% | COMMUNICATION SERVICES 0.1% | COMMUNICATION SERVICES 0.1% |
|  Far EasTone Telecommunications Co. Ltd. | 284000 | 871 |
| CONSUMER DISCRETIONARY 0.4% | CONSUMER DISCRETIONARY 0.4% | CONSUMER DISCRETIONARY 0.4% |
|  Cheng Shin Rubber Industry Co. Ltd. | 918000 | 1187 |
|  China Motor Corp. | 894000 | 1881 |
|  Pou Chen Corp. | 5856000 | 6210 |
|  |  | 9278 |
| INDUSTRIALS 5.3% | INDUSTRIALS 5.3% | INDUSTRIALS 5.3% |
|  Evergreen Marine Corp. Taiwan Ltd. | 11290000 | 76881 |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  Far Eastern New Century Corp. | 1937000 | 2182 |
|  Wan Hai Lines Ltd. | 1988000 | 6046 |
|  Yang Ming Marine Transport Corp. | 16645000 | 40463 |
|  |  | 125572 |
| INFORMATION TECHNOLOGY 2.3% | INFORMATION TECHNOLOGY 2.3% | INFORMATION TECHNOLOGY 2.3% |
|  Catcher Technology Co. Ltd. | 960000 | 6971 |
|  Compal Electronics, Inc. | 15762000 | 15678 |
|  FLEXium Interconnect, Inc. | 736000 | 1416 |
|  General Interface Solution GIS Holding Ltd. | 590871 | 813 |
|  Innolux Corp. | 3081800 | 1234 |
|  Micro-Star International Co. Ltd. | 190000 | 934 |
|  Novatek Microelectronics Corp. | 105000 | 1958 |
|  Pegatron Corp. | 6096000 | 16059 |
|  Powertech Technology, Inc. | 509000 | 2291 |
|  Primax Electronics Ltd. | 995000 | 2484 |
|  Radiant Opto-Electronics Corp. | 793000 | 3656 |
|  Supreme Electronics Co. Ltd. | 515000 | 794 |
|  TPK Holding Co. Ltd. (a) | 557000 | 595 |
|  |  | 54883 |
| REAL ESTATE 0.0% | REAL ESTATE 0.0% | REAL ESTATE 0.0% |
|  Farglory Land Development Co. Ltd. | 303000 | 665 |
|  Total Taiwan |  | 191269 |
| THAILAND 6.1% | THAILAND 6.1% | THAILAND 6.1% |
| CONSUMER DISCRETIONARY 0.1% | CONSUMER DISCRETIONARY 0.1% | CONSUMER DISCRETIONARY 0.1% |
|  Sri Trang Agro-Industry PCL | 5879000 | 2154 |
| CONSUMER STAPLES 0.2% | CONSUMER STAPLES 0.2% | CONSUMER STAPLES 0.2% |
|  Charoen Pokphand Foods PCL | 4707800 | 3334 |
|  Thai Union Group PCL 'F' | 743600 | 236 |
|  |  | 3570 |
| ENERGY 0.9% | ENERGY 0.9% | ENERGY 0.9% |
|  IRPC PCL | 34918800 | 817 |
|  PTT PCL | 19254500 | 17780 |
|  Star Petroleum Refining PCL | 17759800 | 2760 |
|  |  | 21357 |
| FINANCIALS 4.4% | FINANCIALS 4.4% | FINANCIALS 4.4% |
|  Bangkok Bank PCL | 902800 | 3863 |
|  Kasikornbank PCL | 7230000 | 34152 |
|  Kiatnakin Phatra Bank PCL | 167700 | 233 |
|  Krung Thai Bank PCL | 16891100 | 11080 |
|  SCB X PCL | 9874200 | 35708 |
|  Thai Life Insurance PCL | 6238500 | 1923 |
|  Thanachart Capital PCL | 8390804 | 11819 |
|  Tisco Financial Group PCL | 2026500 | 6034 |
|  |  | 104812 |
| HEALTH CARE 0.0% | HEALTH CARE 0.0% | HEALTH CARE 0.0% |
|  Sri Trang Gloves Thailand PCL | 2263700 | 422 |
| INDUSTRIALS 0.1% | INDUSTRIALS 0.1% | INDUSTRIALS 0.1% |
|  Regional Container Lines PCL | 2252500 | 1785 |

---

44 PIMCO EQUITY SERIES See Accompanying Notes

------

June 30, 2025

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
| MATERIALS 0.3% | MATERIALS 0.3% | MATERIALS 0.3% |
|  Indorama Ventures PCL | 3789600 | 2369 |
|  PTT Global Chemical PCL | 7210300 | 4427 |
|  |  | 6796 |
| REAL ESTATE 0.1% | REAL ESTATE 0.1% | REAL ESTATE 0.1% |
|  3BB Internet Infrastructure Fund | 3228800 | 582 |
|  Land & Houses PCL | 14446200 | 1521 |
|  Supalai PCL | 2403000 | 1072 |
|  |  | 3175 |
|  Total Thailand |  | 144071 |
| TURKEY 0.3% | TURKEY 0.3% | TURKEY 0.3% |
| FINANCIALS 0.3% | FINANCIALS 0.3% | FINANCIALS 0.3% |
|  Is Yatirim Menkul Degerler AS 'A' | 7777797 | 7130 |
| INDUSTRIALS 0.0% | INDUSTRIALS 0.0% | INDUSTRIALS 0.0% |
|  AG Anadolu Grubu Holding AS | 81129 | 530 |
|  Total Turkey |  | 7660 |
| UNITED ARAB EMIRATES 0.3% | UNITED ARAB EMIRATES 0.3% | UNITED ARAB EMIRATES 0.3% |
| FINANCIALS 0.2% | FINANCIALS 0.2% | FINANCIALS 0.2% |
|  Dubai Islamic Bank PJSC | 1165068 | 2876 |
|  Emirates NBD Bank PJSC | 124810 | 775 |
|  |  | 3651 |
| REAL ESTATE 0.1% | REAL ESTATE 0.1% | REAL ESTATE 0.1% |
|  Emaar Properties PJSC | 880855 | 3268 |
|  Total United Arab Emirates |  | 6919 |
|  Total Common Stocks (Cost $1,841,466) | Total Common Stocks (Cost $1,841,466) | 2141281 |
| PREFERRED STOCKS 7.9% | PREFERRED STOCKS 7.9% | PREFERRED STOCKS 7.9% |
| BRAZIL 7.8% | BRAZIL 7.8% | BRAZIL 7.8% |
| BANKING & FINANCE 1.1% | BANKING & FINANCE 1.1% | BANKING & FINANCE 1.1% |
|  Banco Bradesco SA | 7298700 | 22609 |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  Itau Unibanco Holding SA | 426100 | 2898 |
|  |  | 25507 |
| INDUSTRIALS 1.3% | INDUSTRIALS 1.3% | INDUSTRIALS 1.3% |
|  Braskem SA | 928100 | 1549 |
|  Gerdau SA | 7453700 | 21951 |
|  Metalurgica Gerdau SA | 4588600 | 7542 |
|  Usinas Siderurgicas de Minas Gerais SA Usiminas | 1246500 | 945 |
|  |  | 31987 |
| UTILITIES 5.4% | UTILITIES 5.4% | UTILITIES 5.4% |
|  Cia Energetica de Minas Gerais | 7691070 | 15289 |
|  Cia Paranaense de Energia - Copel | 2680400 | 6147 |
|  Petroleo Brasileiro SA - Petrobras | 18317100 | 105794 |
|  |  | 127230 |
|  Total Brazil |  | 184724 |
| CHILE 0.1% | CHILE 0.1% | CHILE 0.1% |
| INDUSTRIALS 0.1% | INDUSTRIALS 0.1% | INDUSTRIALS 0.1% |
|  Embotelladora Andina SA | 759400 | 3098 |
|  Total Chile |  | 3098 |
| RUSSIA 0.0% | RUSSIA 0.0% | RUSSIA 0.0% |
| UTILITIES 0.0% | UTILITIES 0.0% | UTILITIES 0.0% |
|  Bashneft PJSC « | 31237 | 0 |
|  Transneft PJSC « | 81000 | 0 |
|  |  | 0 |
|  Total Russia |  | 0 |
|  Total Preferred Stocks (Cost $204,080) | Total Preferred Stocks (Cost $204,080) | 187822 |
| REAL ESTATE INVESTMENT TRUSTS 0.4% | REAL ESTATE INVESTMENT TRUSTS 0.4% | REAL ESTATE INVESTMENT TRUSTS 0.4% |
| MEXICO 0.1% | MEXICO 0.1% | MEXICO 0.1% |
| REAL ESTATE 0.1% | REAL ESTATE 0.1% | REAL ESTATE 0.1% |
|  Fibra Uno Administracion SA de CV | 1390300 | 1920 |
|  Total Mexico |  | 1920 |

---

---

| | | |
|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) |
| SOUTH AFRICA 0.3% | SOUTH AFRICA 0.3% | SOUTH AFRICA 0.3% |
| REAL ESTATE 0.3% | REAL ESTATE 0.3% | REAL ESTATE 0.3% |
|  Growthpoint Properties Ltd. | 7497376 | 5668 |
|  Redefine Properties Ltd. | 3894988 | 1009 |
|  |  | 6677 |
|  Total South Africa |  | 6677 |
|  Total Real Estate Investment Trusts (Cost $7,761) | Total Real Estate Investment Trusts (Cost $7,761) | 8597 |
| SHORT-TERM INSTRUMENTS 0.0% | SHORT-TERM INSTRUMENTS 0.0% | SHORT-TERM INSTRUMENTS 0.0% |
| MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class |
|  4.380% (d) | 518356 | 518 |
|  Total Mutual Funds (Cost $518) | Total Mutual Funds (Cost $518) | 518 |
|  Total Short-Term Instruments (Cost $518) | Total Short-Term Instruments (Cost $518) | 518 |
|  Total Investments in Securities (Cost $2,053,825) | Total Investments in Securities (Cost $2,053,825) | 2338218 |
| INVESTMENTS IN AFFILIATES 0.7% | INVESTMENTS IN AFFILIATES 0.7% | INVESTMENTS IN AFFILIATES 0.7% |
| SHORT-TERM INSTRUMENTS 0.7% | SHORT-TERM INSTRUMENTS 0.7% | SHORT-TERM INSTRUMENTS 0.7% |
| MUTUAL FUNDS 0.5% | MUTUAL FUNDS 0.5% | MUTUAL FUNDS 0.5% |
|  PIMCO Government Money Market Fund | PIMCO Government Money Market Fund | PIMCO Government Money Market Fund |
|  4.480% (b)(c)(d) | 11572133 | 11572 |
|  Total Mutual Funds (Cost $11,572) |  | 11572 |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.2% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.2% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.2% |
|  PIMCO Short-Term Floating NAV Portfolio III | 466853 | 4546 |
| Total Short-Term Instruments (Cost $16,119) | Total Short-Term Instruments (Cost $16,119) | 16118 |
| Total Investments in Affiliates (Cost $16,119) | Total Investments in Affiliates (Cost $16,119) | 16118 |
| Total Investments 99.7% (Cost $2,069,944) | Total Investments 99.7% (Cost $2,069,944) | 2354336 |
| Other Assets and Liabilities, net 0.3% | Other Assets and Liabilities, net 0.3% | 6163 |
| Net Assets 100.0% | Net Assets 100.0% | 2360499 |

---

#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

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

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

(b) Institutional Class Shares of each Fund.

(c) Securities with an aggregate market value of $11,078 were out on loan in exchange for $11,576 of cash collateral as of June 30, 2025. The collateral was invested in a cash collateral reinvestment vehicle as described in Note 5, Securities Lending, in the Notes to Financial Statements.

(d) Coupon represents a 7-Day Yield.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **45** |

---

------

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

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of June 30, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Sale-Buyback<br>Transactions | **Securities**<br> **Out on Loan** | Total<br>Borrowings and<br>Other Financing<br>Transactions | Collateral<br>Pledged/(Received) | Net Exposure<sup>(1)</sup> |
|  Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement |
|  BPG | $0 | $0 | $0 | $1678 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1678 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1715) | $(37) |
|  BOS | 0 | 0 | 0 | 1452 | 1452 | (1484) | (32) |
|  BSN | 0 | 0 | 0 | 41 | 41 | (52) | (11) |
|  BZW | 0 | 0 | 0 | 1559 | 1559 | (1654) | (95) |
|  IBD | 0 | 0 | 0 | 3784 | 3784 | (3982) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(198) |
|  SAL | 0 | 0 | 0 | 280 | 280 | (308) | (28) |
|  UBS | 0 | 0 | 0 | 1428 | 1428 | (1506) | (78) |
|  WFS | 0 | 0 | 0 | 856 | 856 | (875) | (19) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11078 |  |  |  |

---

#### CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS

#### Remaining Contractual Maturity of the Agreements

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Overnight and<br>Continuous | Up to 30 days | 31-90 days | Greater Than 90 days | Total |
|  Securities Lending Transactions<sup>(2)</sup> | Securities Lending Transactions<sup>(2)</sup> | Securities Lending Transactions<sup>(2)</sup> | Securities Lending Transactions<sup>(2)</sup> | Securities Lending Transactions<sup>(2)</sup> | Securities Lending Transactions<sup>(2)</sup> |
|  Common Stocks | $11576 | $0 | $0 | $0 | $11576 |
|  Total Borrowings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11576 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11576 |
|  Payable for securities on loan - cash collateral  | Payable for securities on loan - cash collateral  | Payable for securities on loan - cash collateral  | Payable for securities on loan - cash collateral  | Payable for securities on loan - cash collateral  | $11576 |

---

<sup>(1)</sup> 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. 

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

#### FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Fund's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $190 | $0 | $0 | $190 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $(20) | $0 | $(20) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;190 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170 |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of June 30, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>06/30/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp; Brazil | &nbsp;&nbsp; Brazil | &nbsp;&nbsp; Brazil | &nbsp;&nbsp; Brazil | &nbsp;&nbsp; Brazil |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | $10189 | $0 | $0 | $10189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 13654 | 0 | 0 | 13654 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 54593 | 0 | 0 | 54593 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 40132 | 0 | 0 | 40132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 1851 | 0 | 0 | 1851 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104367 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>06/30/2025** |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | $7554 | $0 | $0 | $7554 |
| &nbsp;&nbsp; Chile | &nbsp;&nbsp; Chile | &nbsp;&nbsp; Chile | &nbsp;&nbsp; Chile | &nbsp;&nbsp; Chile |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 664 | 0 | 0 | 664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 11916 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11916 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 8841 | 0 | 0 | 8841 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 4265 | 0 | 0 | 4265 |
| &nbsp;&nbsp; China | &nbsp;&nbsp; China | &nbsp;&nbsp; China | &nbsp;&nbsp; China | &nbsp;&nbsp; China |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 0 | 18257 | 0 | 18257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37760 | 0 | 67507 |

---

---

| | | |
|:---|:---|:---|
| **46** | **PIMCO EQUITY SERIES** | See Accompanying Notes |

---

------

June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>06/30/2025** |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | $0 | $11949 | $0 | $11949 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 0 | 133226 | 0 | 133226 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 3509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257889 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 0 | 16355 | 0 | 16355 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 36856 | 0 | 36856 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 0 | 51084 | 0 | 51084 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 0 | 31073 | 0 | 31073 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 0 | 8469 | 0 | 8469 |
| &nbsp;&nbsp; Greece | &nbsp;&nbsp; Greece | &nbsp;&nbsp; Greece | &nbsp;&nbsp; Greece | &nbsp;&nbsp; Greece |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 7953 | 0 | 0 | 7953 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 319 | 0 | 0 | 319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 0 | 3322 | 0 | 3322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 6818 | 0 | 0 | 6818 |
| &nbsp;&nbsp; Hong Kong | &nbsp;&nbsp; Hong Kong | &nbsp;&nbsp; Hong Kong | &nbsp;&nbsp; Hong Kong | &nbsp;&nbsp; Hong Kong |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 496 | 11599 | 0 | 12095 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 14912 | 0 | 14912 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 0 | 554 | 0 | 554 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 0 | 23132 | 0 | 23132 |
| &nbsp;&nbsp; India | &nbsp;&nbsp; India | &nbsp;&nbsp; India | &nbsp;&nbsp; India | &nbsp;&nbsp; India |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 0 | 9886 | 0 | 9886 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 0 | 2999 | 0 | 2999 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 0 | 77083 | 0 | 77083 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 0 | 45359 | 0 | 45359 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 0 | 1373 | 0 | 1373 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 1322 | 0 | 1322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 0 | 1111 | 0 | 1111 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 0 | 75455 | 0 | 75455 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 0 | 13726 | 0 | 13726 |
| &nbsp;&nbsp; Indonesia | &nbsp;&nbsp; Indonesia | &nbsp;&nbsp; Indonesia | &nbsp;&nbsp; Indonesia | &nbsp;&nbsp; Indonesia |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 0 | 9322 | 0 | 9322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 1372 | 1162 | 0 | 2534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 0 | 15468 | 0 | 15468 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 0 | 6935 | 0 | 6935 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 0 | 223 | 0 | 223 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 4392 | 0 | 4392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 0 | 926 | 0 | 926 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 0 | 4535 | 0 | 4535 |
| &nbsp;&nbsp; Kuwait | &nbsp;&nbsp; Kuwait | &nbsp;&nbsp; Kuwait | &nbsp;&nbsp; Kuwait | &nbsp;&nbsp; Kuwait |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 0 | 583 | 0 | 583 |
| &nbsp;&nbsp; Malaysia | &nbsp;&nbsp; Malaysia | &nbsp;&nbsp; Malaysia | &nbsp;&nbsp; Malaysia | &nbsp;&nbsp; Malaysia |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 0 | 1497 | 0 | 1497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 0 | 425 | 0 | 425 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 0 | 6810 | 0 | 6810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 0 | 6151 | 0 | 6151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 1077 | 0 | 1077 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 0 | 1026 | 0 | 1026 |
| &nbsp;&nbsp; Mexico | &nbsp;&nbsp; Mexico | &nbsp;&nbsp; Mexico | &nbsp;&nbsp; Mexico | &nbsp;&nbsp; Mexico |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 9440 | 0 | 0 | 9440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 536 | 0 | 0 | 536 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15034 | 0 | 0 | 15034 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 2666 | 0 | 0 | 2666 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 5236 | 0 | 0 | 5236 |
| &nbsp;&nbsp; Philippines | &nbsp;&nbsp; Philippines | &nbsp;&nbsp; Philippines | &nbsp;&nbsp; Philippines | &nbsp;&nbsp; Philippines |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 0 | 1554 | 0 | 1554 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 1604 | 0 | 0 | 1604 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 0 | 2 | 0 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 1539 | 0 | 1539 |
| &nbsp;&nbsp; Poland | &nbsp;&nbsp; Poland | &nbsp;&nbsp; Poland | &nbsp;&nbsp; Poland | &nbsp;&nbsp; Poland |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 0 | 3373 | 0 | 3373 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 0 | 6063 | 0 | 6063 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 0 | 5427 | 0 | 5427 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 0 | 354 | 0 | 354 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 0 | 3159 | 0 | 3159 |
| &nbsp;&nbsp; Qatar | &nbsp;&nbsp; Qatar | &nbsp;&nbsp; Qatar | &nbsp;&nbsp; Qatar | &nbsp;&nbsp; Qatar |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 0 | 1325 | 0 | 1325 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 466 | 2251 | 0 | 2717 |
| &nbsp;&nbsp; Russia | &nbsp;&nbsp; Russia | &nbsp;&nbsp; Russia | &nbsp;&nbsp; Russia | &nbsp;&nbsp; Russia |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 0 | 0 | 1 | 1 |
| &nbsp;&nbsp; Saudi Arabia | &nbsp;&nbsp; Saudi Arabia | &nbsp;&nbsp; Saudi Arabia | &nbsp;&nbsp; Saudi Arabia | &nbsp;&nbsp; Saudi Arabia |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 0 | 1328 | 0 | 1328 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>06/30/2025** |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | $3305 | $1971 | $0 | $5276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 0 | 296 | 0 | 296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 0 | 1424 | 0 | 1424 |
| &nbsp;&nbsp; South Africa | &nbsp;&nbsp; South Africa | &nbsp;&nbsp; South Africa | &nbsp;&nbsp; South Africa | &nbsp;&nbsp; South Africa |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 0 | 17387 | 0 | 17387 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 1288 | 2663 | 0 | 3951 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 6895 | 0 | 0 | 6895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 2006 | 425 | 0 | 2431 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 25878 | 18450 | 0 | 44328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 2168 | 0 | 0 | 2168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 3066 | 0 | 3066 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 1926 | 54836 | 0 | 56762 |
| &nbsp;&nbsp; South Korea | &nbsp;&nbsp; South Korea | &nbsp;&nbsp; South Korea | &nbsp;&nbsp; South Korea | &nbsp;&nbsp; South Korea |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 0 | 50906 | 0 | 50906 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 0 | 34421 | 0 | 34421 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 0 | 21937 | 0 | 21937 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 0 | 2794 | 0 | 2794 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 0 | 70350 | 0 | 70350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 108297 | 0 | 108297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 0 | 6004 | 0 | 6004 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 0 | 18325 | 0 | 18325 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 0 | 22972 | 0 | 22972 |
| &nbsp;&nbsp; Taiwan | &nbsp;&nbsp; Taiwan | &nbsp;&nbsp; Taiwan | &nbsp;&nbsp; Taiwan | &nbsp;&nbsp; Taiwan |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 0 | 871 | 0 | 871 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 0 | 9278 | 0 | 9278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 125572 | 0 | 125572 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 0 | 54883 | 0 | 54883 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 0 | 665 | 0 | 665 |
| &nbsp;&nbsp; Thailand | &nbsp;&nbsp; Thailand | &nbsp;&nbsp; Thailand | &nbsp;&nbsp; Thailand | &nbsp;&nbsp; Thailand |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 0 | 2154 | 0 | 2154 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 0 | 3570 | 0 | 3570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 0 | 21357 | 0 | 21357 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 0 | 104812 | 0 | 104812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 0 | 422 | 0 | 422 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 1785 | 0 | 1785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 0 | 6796 | 0 | 6796 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 0 | 3175 | 0 | 3175 |
| &nbsp;&nbsp; Turkey | &nbsp;&nbsp; Turkey | &nbsp;&nbsp; Turkey | &nbsp;&nbsp; Turkey | &nbsp;&nbsp; Turkey |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 7130 | 0 | 0 | 7130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 530 | 0 | 530 |
| &nbsp;&nbsp; United Arab Emirates | &nbsp;&nbsp; United Arab Emirates | &nbsp;&nbsp; United Arab Emirates | &nbsp;&nbsp; United Arab Emirates | &nbsp;&nbsp; United Arab Emirates |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 775 | 2876 | 0 | 3651 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 0 | 3268 | 0 | 3268 |
|  Preferred Stocks | Preferred Stocks | Preferred Stocks | Preferred Stocks | Preferred Stocks |
| &nbsp;&nbsp; Brazil | &nbsp;&nbsp; Brazil | &nbsp;&nbsp; Brazil | &nbsp;&nbsp; Brazil | &nbsp;&nbsp; Brazil |
| &nbsp;&nbsp;&nbsp;&nbsp; Banking & Finance | 25507 | 0 | 0 | 25507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 31987 | 0 | 0 | 31987 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 127230 | 0 | 0 | 127230 |
| &nbsp;&nbsp; Chile | &nbsp;&nbsp; Chile | &nbsp;&nbsp; Chile | &nbsp;&nbsp; Chile | &nbsp;&nbsp; Chile |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 3098 | 0 | 0 | 3098 |
|  Real Estate Investment Trusts | Real Estate Investment Trusts | Real Estate Investment Trusts | Real Estate Investment Trusts | Real Estate Investment Trusts |
| &nbsp;&nbsp; Mexico | &nbsp;&nbsp; Mexico | &nbsp;&nbsp; Mexico | &nbsp;&nbsp; Mexico | &nbsp;&nbsp; Mexico |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 1920 | 0 | 0 | 1920 |
| &nbsp;&nbsp; South Africa | &nbsp;&nbsp; South Africa | &nbsp;&nbsp; South Africa | &nbsp;&nbsp; South Africa | &nbsp;&nbsp; South Africa |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 0 | 6677 | 0 | 6677 |
|  Rights | Rights | Rights | Rights | Rights |
| &nbsp;&nbsp;&nbsp;&nbsp; Malaysia | 0 | 0 | 0 | 0 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp;&nbsp;&nbsp; Mutual Funds | 0 | 518 | 0 | 518 |
|  | $584335 | $1753882 | $1 | $2338218 |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 11572 | 0 | 0 | 11572 |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | 4546 | 0 | 0 | 4546 |
|  | $16118 | $0 | $0 | $16118 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600453 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1753882 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2354336 |

---

There were no significant transfers into or out of Level 3 during the period ended June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **47** |

---

------

Schedule of Investments PIMCO RAE Global ex-US Fund June 30, 2025

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

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 0.2% | INVESTMENTS IN SECURITIES 0.2% | INVESTMENTS IN SECURITIES 0.2% | INVESTMENTS IN SECURITIES 0.2% |
| SHORT-TERM INSTRUMENTS 0.2% | SHORT-TERM INSTRUMENTS 0.2% | SHORT-TERM INSTRUMENTS 0.2% | SHORT-TERM INSTRUMENTS 0.2% |
| MUTUAL FUNDS 0.2% | MUTUAL FUNDS 0.2% | MUTUAL FUNDS 0.2% | MUTUAL FUNDS 0.2% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class |
| 4.380 (b) | 179133 | $— | 179 |
| Total Short-Term Instruments<br>(Cost $179) | Total Short-Term Instruments<br>(Cost $179) |  | 179 |
| Total Investments in Securities<br>(Cost $179) | Total Investments in Securities<br>(Cost $179) |  | 179 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| INVESTMENTS IN AFFILIATES 99.8% | INVESTMENTS IN AFFILIATES 99.8% | INVESTMENTS IN AFFILIATES 99.8% | INVESTMENTS IN AFFILIATES 99.8% |
| MUTUAL FUNDS (a) 99.8% | MUTUAL FUNDS (a) 99.8% | MUTUAL FUNDS (a) 99.8% | MUTUAL FUNDS (a) 99.8% |
| UNITED STATES 99.8% | UNITED STATES 99.8% | UNITED STATES 99.8% | UNITED STATES 99.8% |
|  PIMCO RAE Emerging Markets Fund | 2582167 | $— | 29618 |
|  PIMCO RAE International Fund | 9559650 |  | 83838 |
| Total Mutual Funds (Cost $101,767) | Total Mutual Funds (Cost $101,767) |  | 113456 |
| Total Investments in Affiliates<br>(Cost $101,767) | Total Investments in Affiliates<br>(Cost $101,767) |  | 113456 |
| Total Investments 100.0%<br>(Cost $101,946) | Total Investments 100.0%<br>(Cost $101,946) | $— | 113635 |
| Other Assets and Liabilities, net 0.0% | Other Assets and Liabilities, net 0.0% |  | (9) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 113626 |

---

#### 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) Coupon represents a 7-Day Yield.

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of June 30, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>06/30/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | $0 | $179 | $0 | $179 |
|  | $0 | $179 | $0 | $179 |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Mutual Funds | Mutual Funds | Mutual Funds | Mutual Funds | Mutual Funds |
| &nbsp;&nbsp; United States | 113456 | 0 | 0 | 113456 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113456 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113635 |

---

There were no significant transfers into or out of Level 3 during the period ended June 30, 2025.

---

| | | |
|:---|:---|:---|
| **48** | **PIMCO EQUITY SERIES** | See Accompanying Notes |

---

------

Schedule of Investments PIMCO RAE International Fund June 30, 2025

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 99.1% | INVESTMENTS IN SECURITIES 99.1% | INVESTMENTS IN SECURITIES 99.1% |
| COMMON STOCKS 96.5% | COMMON STOCKS 96.5% | COMMON STOCKS 96.5% |
| AUSTRALIA 2.8% | AUSTRALIA 2.8% | AUSTRALIA 2.8% |
| COMMUNICATION SERVICES 0.1% | COMMUNICATION SERVICES 0.1% | COMMUNICATION SERVICES 0.1% |
|  Telstra Group Ltd. | 170826 | 545 |
| CONSUMER DISCRETIONARY 0.3% | CONSUMER DISCRETIONARY 0.3% | CONSUMER DISCRETIONARY 0.3% |
|  JB Hi-Fi Ltd. | 26849 | 1951 |
| ENERGY 0.1% | ENERGY 0.1% | ENERGY 0.1% |
|  Viva Energy Group Ltd. | 175306 | 249 |
| FINANCIALS 0.3% | FINANCIALS 0.3% | FINANCIALS 0.3% |
|  Suncorp Group Ltd. | 125350 | 1786 |
| INDUSTRIALS 0.4% | INDUSTRIALS 0.4% | INDUSTRIALS 0.4% |
|  Aurizon Holdings Ltd. | 482457 | 962 |
|  Brambles Ltd. | 36508 | 564 |
|  Downer EDI Ltd. | 204681 | 851 |
|  |  | 2377 |
| MATERIALS 0.6% | MATERIALS 0.6% | MATERIALS 0.6% |
|  BlueScope Steel Ltd. | 49356 | 752 |
|  Rio Tinto Ltd. | 36160 | 2560 |
|  Sims Ltd. | 32917 | 333 |
|  |  | 3645 |
| UTILITIES 1.0% | UTILITIES 1.0% | UTILITIES 1.0% |
|  AGL Energy Ltd. | 913177 | 5856 |
|  Total Australia |  | 16409 |
| AUSTRIA 0.9% | AUSTRIA 0.9% | AUSTRIA 0.9% |
| ENERGY 0.3% | ENERGY 0.3% | ENERGY 0.3% |
|  OMV AG | 30854 | 1678 |
| FINANCIALS 0.1% | FINANCIALS 0.1% | FINANCIALS 0.1% |
|  Raiffeisen Bank International AG | 25045 | 766 |
| INDUSTRIALS 0.0% | INDUSTRIALS 0.0% | INDUSTRIALS 0.0% |
|  Strabag SE | 1706 | 163 |
| MATERIALS 0.5% | MATERIALS 0.5% | MATERIALS 0.5% |
|  voestalpine AG | 95825 | 2702 |
|  Total Austria |  | 5309 |
| BELGIUM 1.0% | BELGIUM 1.0% | BELGIUM 1.0% |
| COMMUNICATION SERVICES 0.3% | COMMUNICATION SERVICES 0.3% | COMMUNICATION SERVICES 0.3% |
|  Proximus SADP | 193315 | 1886 |
| CONSUMER STAPLES 0.1% | CONSUMER STAPLES 0.1% | CONSUMER STAPLES 0.1% |
|  Colruyt Group NV | 7871 | 341 |
| FINANCIALS 0.5% | FINANCIALS 0.5% | FINANCIALS 0.5% |
|  Ageas SA | 46696 | 3159 |
| MATERIALS 0.1% | MATERIALS 0.1% | MATERIALS 0.1% |
|  Bekaert SA | 12317 | 509 |
|  Total Belgium |  | 5895 |

---

---

| | | |
|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) |
| CANADA 5.0% | CANADA 5.0% | CANADA 5.0% |
| CONSUMER DISCRETIONARY 1.9% | CONSUMER DISCRETIONARY 1.9% | CONSUMER DISCRETIONARY 1.9% |
|  BRP, Inc. | 14200 | 689 |
|  Canadian Tire Corp. Ltd. 'A' | 2951 | 402 |
|  Magna International, Inc. | 261267 | 10100 |
|  |  | 11191 |
| CONSUMER STAPLES 0.5% | CONSUMER STAPLES 0.5% | CONSUMER STAPLES 0.5% |
|  Empire Co. Ltd. 'A' | 35200 | 1461 |
|  George Weston Ltd. | 3661 | 734 |
|  Loblaw Cos., Ltd. | 4000 | 662 |
|  |  | 2857 |
| ENERGY 0.1% | ENERGY 0.1% | ENERGY 0.1% |
|  Imperial Oil Ltd. | 10900 | 866 |
| FINANCIALS 0.3% | FINANCIALS 0.3% | FINANCIALS 0.3% |
|  IGM Financial, Inc. | 16500 | 521 |
|  Onex Corp. | 13710 | 1129 |
|  |  | 1650 |
| HEALTH CARE 0.0% | HEALTH CARE 0.0% | HEALTH CARE 0.0% |
|  Bausch Health Cos., Inc. (a) | 44300 | 295 |
| INDUSTRIALS 0.1% | INDUSTRIALS 0.1% | INDUSTRIALS 0.1% |
|  Finning International, Inc. | 17100 | 731 |
| INFORMATION TECHNOLOGY 0.1% | INFORMATION TECHNOLOGY 0.1% | INFORMATION TECHNOLOGY 0.1% |
|  CGI, Inc. | 3700 | 388 |
| MATERIALS 1.8% | MATERIALS 1.8% | MATERIALS 1.8% |
|  Canfor Corp. (a) | 28200 | 293 |
|  Nutrien Ltd. (c) | 123300 | 7185 |
|  West Fraser Timber Co. Ltd. | 42400 | 3109 |
|  |  | 10587 |
| UTILITIES 0.2% | UTILITIES 0.2% | UTILITIES 0.2% |
|  Atco Ltd. 'I' | 37081 | 1383 |
|  Total Canada |  | 29948 |
| DENMARK 3.1% | DENMARK 3.1% | DENMARK 3.1% |
| HEALTH CARE 0.2% | HEALTH CARE 0.2% | HEALTH CARE 0.2% |
|  H Lundbeck AS | 146716 | 843 |
|  H Lundbeck AS 'A' | 315 | 1 |
|  |  | 844 |
| INDUSTRIALS 2.9% | INDUSTRIALS 2.9% | INDUSTRIALS 2.9% |
|  AP Moller - Maersk AS 'B' | 9010 | 16756 |
|  D/S Norden AS | 18049 | 573 |
|  |  | 17329 |
|  Total Denmark |  | 18173 |
| FINLAND 2.4% | FINLAND 2.4% | FINLAND 2.4% |
| CONSUMER STAPLES 0.1% | CONSUMER STAPLES 0.1% | CONSUMER STAPLES 0.1% |
|  Kesko Oyj 'B' | 29858 | 736 |
| FINANCIALS 0.6% | FINANCIALS 0.6% | FINANCIALS 0.6% |
|  Sampo Oyj 'A' | 338113 | 3639 |

---

---

| | | |
|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) |
| INDUSTRIALS 0.2% | INDUSTRIALS 0.2% | INDUSTRIALS 0.2% |
|  Kone Oyj 'B' | 20815 | 1371 |
| INFORMATION TECHNOLOGY 0.7% | INFORMATION TECHNOLOGY 0.7% | INFORMATION TECHNOLOGY 0.7% |
|  Nokia Oyj | 830101 | 4307 |
| MATERIALS 0.3% | MATERIALS 0.3% | MATERIALS 0.3% |
|  Outokumpu Oyj (c) | 431559 | 1785 |
| UTILITIES 0.5% | UTILITIES 0.5% | UTILITIES 0.5% |
|  Fortum Oyj | 140703 | 2639 |
|  Total Finland |  | 14477 |
| FRANCE 3.1% | FRANCE 3.1% | FRANCE 3.1% |
| COMMUNICATION SERVICES 0.2% | COMMUNICATION SERVICES 0.2% | COMMUNICATION SERVICES 0.2% |
|  Orange SA | 78437 | 1195 |
| CONSUMER DISCRETIONARY 1.0% | CONSUMER DISCRETIONARY 1.0% | CONSUMER DISCRETIONARY 1.0% |
|  Cie Generale des Etablissements Michelin SCA | 42609 | 1585 |
|  Renault SA | 22224 | 1025 |
|  Valeo SE | 333330 | 3659 |
|  |  | 6269 |
| CONSUMER STAPLES 0.1% | CONSUMER STAPLES 0.1% | CONSUMER STAPLES 0.1% |
|  Carrefour SA | 26025 | 367 |
| ENERGY 0.3% | ENERGY 0.3% | ENERGY 0.3% |
|  TotalEnergies SE | 29367 | 1795 |
| HEALTH CARE 1.5% | HEALTH CARE 1.5% | HEALTH CARE 1.5% |
|  Sanofi SA | 90527 | 8764 |
|  Total France |  | 18390 |
| GERMANY 6.5% | GERMANY 6.5% | GERMANY 6.5% |
| CONSUMER DISCRETIONARY 0.5% | CONSUMER DISCRETIONARY 0.5% | CONSUMER DISCRETIONARY 0.5% |
|  Bayerische Motoren Werke AG | 34050 | 3033 |
| HEALTH CARE 2.8% | HEALTH CARE 2.8% | HEALTH CARE 2.8% |
|  Bayer AG | 380065 | 11450 |
|  BioNTech SE (a) | 19243 | 2049 |
|  Fresenius Medical Care AG | 7371 | 423 |
|  Fresenius SE & Co. KGaA | 50705 | 2552 |
|  |  | 16474 |
| INDUSTRIALS 0.1% | INDUSTRIALS 0.1% | INDUSTRIALS 0.1% |
|  Deutsche Post AG | 9514 | 441 |
|  Hapag-Lloyd AG | 1504 | 225 |
|  |  | 666 |
| MATERIALS 3.1% | MATERIALS 3.1% | MATERIALS 3.1% |
|  BASF SE | 273748 | 13539 |
|  Heidelberg Materials AG | 19868 | 4679 |
|  |  | 18218 |
|  Total Germany |  | 38391 |
| HONG KONG 3.6% | HONG KONG 3.6% | HONG KONG 3.6% |
| COMMUNICATION SERVICES 0.0% | COMMUNICATION SERVICES 0.0% | COMMUNICATION SERVICES 0.0% |
|  PCCW Ltd. | 307000 | 209 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| JUNE 30, 2025 49

------

Schedule of Investments PIMCO RAE International Fund (Cont.)

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
| CONSUMER DISCRETIONARY 0.2% | CONSUMER DISCRETIONARY 0.2% | CONSUMER DISCRETIONARY 0.2% |
|  Skyworth Group Ltd. (c) | 1362215 | 533 |
|  Yue Yuen Industrial Holdings Ltd. | 580500 | 891 |
|  |  | 1424 |
| CONSUMER STAPLES 0.9% | CONSUMER STAPLES 0.9% | CONSUMER STAPLES 0.9% |
|  First Pacific Co. Ltd. | 228000 | 162 |
|  Want Want China Holdings Ltd. | 173000 | 121 |
|  WH Group Ltd. | 4995000 | 4814 |
|  |  | 5097 |
| INDUSTRIALS 0.8% | INDUSTRIALS 0.8% | INDUSTRIALS 0.8% |
|  CTF Services Ltd. | 102000 | 97 |
|  Hutchison Port Holdings Trust | 2422500 | 422 |
|  Jardine Matheson Holdings Ltd. | 25200 | 1211 |
|  SITC International Holdings Co. Ltd. | 234000 | 749 |
|  Swire Pacific Ltd. 'A' | 228500 | 1959 |
|  Xinyi Glass Holdings Ltd. | 172000 | 166 |
|  |  | 4604 |
| INFORMATION TECHNOLOGY 0.3% | INFORMATION TECHNOLOGY 0.3% | INFORMATION TECHNOLOGY 0.3% |
|  Kingboard Holdings Ltd. | 331000 | 1060 |
|  Kingboard Laminates Holdings Ltd. | 700500 | 856 |
|  |  | 1916 |
| REAL ESTATE 1.3% | REAL ESTATE 1.3% | REAL ESTATE 1.3% |
|  CK Asset Holdings Ltd. | 449500 | 1986 |
|  Hang Lung Properties Ltd. | 207000 | 198 |
|  Hopson Development Holdings Ltd. (a) | 132800 | 56 |
|  Kerry Properties Ltd. | 252000 | 652 |
|  New World Development Co. Ltd. | 538000 | 393 |
|  Sino Land Co. Ltd. | 294000 | 313 |
|  Sun Hung Kai Properties Ltd. | 268000 | 3088 |
|  Wharf Holdings Ltd. | 240000 | 731 |
|  Wharf Real Estate Investment Co. Ltd. | 48000 | 136 |
|  |  | 7553 |
| UTILITIES 0.1% | UTILITIES 0.1% | UTILITIES 0.1% |
|  China Gas Holdings Ltd. | 403200 | 377 |
|  Total Hong Kong |  | 21180 |
| IRELAND 0.1% | IRELAND 0.1% | IRELAND 0.1% |
| HEALTH CARE 0.1% | HEALTH CARE 0.1% | HEALTH CARE 0.1% |
|  Medtronic PLC | 5834 | 509 |
|  Total Ireland |  | 509 |
| ISRAEL 1.9% | ISRAEL 1.9% | ISRAEL 1.9% |
| COMMUNICATION SERVICES 0.1% | COMMUNICATION SERVICES 0.1% | COMMUNICATION SERVICES 0.1% |
|  Bezeq The Israeli Telecommunication Corp. Ltd. | 435302 | 744 |
| ENERGY 0.1% | ENERGY 0.1% | ENERGY 0.1% |
|  Delek Group Ltd. | 1 | 0 |
|  Oil Refineries Ltd. | 1886954 | 509 |
|  Paz Retail & Energy Ltd. | 1425 | 261 |
|  |  | 770 |

---

---

| | | |
|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) |
| FINANCIALS 0.2% | FINANCIALS 0.2% | FINANCIALS 0.2% |
|  Plus500 Ltd. | 25042 | 1168 |
| INDUSTRIALS 1.1% | INDUSTRIALS 1.1% | INDUSTRIALS 1.1% |
|  ZIM Integrated Shipping Services Ltd. (c) | 397673 | 6399 |
| INFORMATION TECHNOLOGY 0.2% | INFORMATION TECHNOLOGY 0.2% | INFORMATION TECHNOLOGY 0.2% |
|  Check Point Software Technologies Ltd. (a) | 5857 | 1296 |
| MATERIALS 0.2% | MATERIALS 0.2% | MATERIALS 0.2% |
|  ICL Group Ltd. | 113029 | 776 |
| REAL ESTATE 0.0% | REAL ESTATE 0.0% | REAL ESTATE 0.0% |
|  G City Ltd. | 38061 | 151 |
|  Total Israel |  | 11304 |
| ITALY 0.9% | ITALY 0.9% | ITALY 0.9% |
| COMMUNICATION SERVICES 0.5% | COMMUNICATION SERVICES 0.5% | COMMUNICATION SERVICES 0.5% |
|  Telecom Italia SpA (a) | 6143505 | 3036 |
| ENERGY 0.1% | ENERGY 0.1% | ENERGY 0.1% |
|  Eni SpA | 27062 | 437 |
| UTILITIES 0.3% | UTILITIES 0.3% | UTILITIES 0.3% |
|  Enel SpA | 214901 | 2039 |
|  Total Italy |  | 5512 |
| JAPAN 21.6% | JAPAN 21.6% | JAPAN 21.6% |
| COMMUNICATION SERVICES 0.9% | COMMUNICATION SERVICES 0.9% | COMMUNICATION SERVICES 0.9% |
|  Hakuhodo DY Holdings, Inc. | 49100 | 407 |
|  KDDI Corp. | 179600 | 3084 |
|  Nippon Telegraph & Telephone Corp. | 548600 | 586 |
|  Nippon Television Holdings, Inc. | 11900 | 276 |
|  Square Enix Holdings Co. Ltd. | 11800 | 882 |
|  |  | 5235 |
| CONSUMER DISCRETIONARY 2.9% | CONSUMER DISCRETIONARY 2.9% | CONSUMER DISCRETIONARY 2.9% |
|  Bandai Namco Holdings, Inc. | 56700 | 2032 |
|  Bridgestone Corp. | 19400 | 793 |
|  EDION Corp. | 84400 | 1235 |
|  Iida Group Holdings Co. Ltd. | 10400 | 146 |
|  Isuzu Motors Ltd. | 120200 | 1523 |
|  Izumi Co. Ltd. | 16700 | 385 |
|  JTEKT Corp. | 38400 | 316 |
|  K's Holdings Corp. | 151100 | 1536 |
|  Nikon Corp. | 97200 | 997 |
|  PALTAC Corp. | 12500 | 350 |
|  Panasonic Holdings Corp. | 194200 | 2078 |
|  Sharp Corp. (a) | 32300 | 157 |
|  Shimamura Co. Ltd. | 14200 | 996 |
|  Subaru Corp. | 52600 | 912 |
|  Sumitomo Rubber Industries Ltd. | 47400 | 538 |
|  Tokai Rika Co. Ltd. | 12900 | 199 |
|  Toyoda Gosei Co. Ltd. | 5100 | 100 |
|  Toyota Boshoku Corp. | 5500 | 75 |
|  TS Tech Co. Ltd. | 20200 | 237 |
|  Yamada Holdings Co. Ltd. | 702500 | 2211 |
|  Yamaha Corp. | 35800 | 259 |
|  |  | 17075 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| CONSUMER STAPLES 1.7% | CONSUMER STAPLES 1.7% | CONSUMER STAPLES 1.7% | CONSUMER STAPLES 1.7% |
|  Arcs Co. Ltd. | 14100 | $— | 292 |
|  Coca-Cola Bottlers Japan Holdings, Inc. | 68100 |  | 1100 |
|  Itoham Yonekyu Holdings, Inc. | 19280 |  | 656 |
|  Kao Corp. | 20200 |  | 905 |
|  Kewpie Corp. | 14800 |  | 346 |
|  Lion Corp. | 17800 |  | 184 |
|  MatsukiyoCocokara & Co. | 36000 |  | 741 |
|  MEIJI Holdings Co. Ltd. | 93900 |  | 2076 |
|  Mitsubishi Shokuhin Co. Ltd. | 12200 |  | 536 |
|  Morinaga Milk Industry Co. Ltd. | 14000 |  | 315 |
|  Nichirei Corp. | 30600 |  | 400 |
|  Sugi Holdings Co. Ltd. | 43500 |  | 994 |
|  Tsuruha Holdings, Inc. | 16400 |  | 1280 |
|  United Super Markets Holdings, Inc. | 29800 |  | 189 |
|  Welcia Holdings Co. Ltd. | 12900 |  | 227 |
|  |  |  | 10241 |
| ENERGY 0.1% | ENERGY 0.1% | ENERGY 0.1% | ENERGY 0.1% |
|  Idemitsu Kosan Co. Ltd. | 84600 |  | 513 |
| FINANCIALS 3.8% | FINANCIALS 3.8% | FINANCIALS 3.8% | FINANCIALS 3.8% |
|  Japan Post Holdings Co. Ltd. | 1957800 |  | 18133 |
|  Japan Post Insurance Co. Ltd. | 17500 |  | 396 |
|  MS&AD Insurance Group Holdings, Inc. | 176000 |  | 3935 |
|  |  |  | 22464 |
| HEALTH CARE 1.1% | HEALTH CARE 1.1% | HEALTH CARE 1.1% | HEALTH CARE 1.1% |
|  Alfresa Holdings Corp. | 98500 |  | 1347 |
|  Astellas Pharma, Inc. | 56400 |  | 552 |
|  Medipal Holdings Corp. | 95600 |  | 1551 |
|  Sumitomo Pharma Co. Ltd. | 180100 |  | 1210 |
|  Suzuken Co. Ltd. | 54400 |  | 1967 |
|  Toho Holdings Co. Ltd. | 2200 |  | 71 |
|  |  |  | 6698 |
| INDUSTRIALS 3.5% | INDUSTRIALS 3.5% | INDUSTRIALS 3.5% | INDUSTRIALS 3.5% |
|  AGC, Inc. (c) | 60700 |  | 1781 |
|  Amada Co. Ltd. | 54500 |  | 595 |
|  COMSYS Holdings Corp. | 41200 |  | 953 |
|  Dai Nippon Printing Co. Ltd. | 141800 |  | 2152 |
|  EXEO Group, Inc. | 7900 |  | 101 |
|  Furukawa Electric Co. Ltd. | 28500 |  | 1391 |
|  Hino Motors Ltd. (a) | 286100 |  | 711 |
|  Kamigumi Co. Ltd. | 9500 |  | 264 |
|  Kandenko Co. Ltd. | 34900 |  | 806 |
|  Nagase & Co. Ltd. | 13600 |  | 262 |
|  Nippon Express Holdings, Inc. | 26900 |  | 540 |
|  Nisshinbo Holdings, Inc. | 28300 |  | 181 |
|  NSK Ltd. | 57200 |  | 269 |
|  Persol Holdings Co. Ltd. | 912700 |  | 1781 |
|  Sankyu, Inc. | 16800 |  | 901 |
|  Seino Holdings Co. Ltd. | 54400 |  | 836 |
|  Sekisui Chemical Co. Ltd. | 86200 |  | 1561 |
|  SG Holdings Co. Ltd. | 52300 |  | 583 |
|  Sohgo Security Services Co. Ltd. | 20900 |  | 146 |
|  Sumitomo Heavy Industries Ltd. | 6900 |  | 141 |
|  TOPPAN Holdings, Inc. | 40500 |  | 1100 |
|  TOTO Ltd. | 21600 |  | 544 |
|  Yamato Holdings Co. Ltd. | 241500 |  | 3232 |
|  |  |  | 20831 |

---

50 PIMCO EQUITY SERIES See Accompanying Notes

------

June 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INFORMATION TECHNOLOGY 4.8% | INFORMATION TECHNOLOGY 4.8% | INFORMATION TECHNOLOGY 4.8% | INFORMATION TECHNOLOGY 4.8% |
|  Alps Alpine Co. Ltd. | 169000 | $— | 1818 |
|  Brother Industries Ltd. | 86600 |  | 1494 |
|  Canon Marketing Japan, Inc. | 21400 |  | 784 |
|  Canon, Inc. | 212050 |  | 6150 |
|  Fujitsu Ltd. | 470500 |  | 11414 |
|  Konica Minolta, Inc. (a) | 306800 |  | 998 |
|  Nippon Electric Glass Co. Ltd. | 11700 |  | 278 |
|  Omron Corp. | 20900 |  | 563 |
|  Otsuka Corp. | 8000 |  | 163 |
|  Ricoh Co. Ltd. | 120900 |  | 1141 |
|  Seiko Epson Corp. | 116500 |  | 1531 |
|  Taiyo Yuden Co. Ltd. | 65300 |  | 1143 |
|  TIS, Inc. | 24700 |  | 828 |
|  |  |  | 28305 |
| MATERIALS 1.6% | MATERIALS 1.6% | MATERIALS 1.6% | MATERIALS 1.6% |
|  Daicel Corp. | 64400 |  | 540 |
|  Denka Co. Ltd. | 31700 |  | 435 |
|  Dowa Holdings Co. Ltd. | 10100 |  | 327 |
|  JFE Holdings, Inc. | 34000 |  | 395 |
|  Kaneka Corp. | 10600 |  | 292 |
|  Kansai Paint Co. Ltd. | 19400 |  | 266 |
|  Mitsubishi Chemical Group Corp. | 391500 |  | 2058 |
|  Mitsubishi Gas Chemical Co., Inc. | 19900 |  | 306 |
|  Mitsubishi Materials Corp. | 40900 |  | 646 |
|  Mitsui Mining & Smelting Co. Ltd. | 7800 |  | 272 |
|  Nippon Paper Industries Co. Ltd. 'L' | 9000 |  | 65 |
|  Nippon Shokubai Co. Ltd. | 50100 |  | 571 |
|  Nitto Denko Corp. | 44000 |  | 850 |
|  Sumitomo Chemical Co. Ltd. | 398700 |  | 964 |
|  Teijin Ltd. | 20200 |  | 164 |
|  Toyo Seikan Group Holdings Ltd. | 66000 |  | 1292 |
|  UBE Corp. | 18400 |  | 289 |
|  |  |  | 9732 |
| REAL ESTATE 0.5% | REAL ESTATE 0.5% | REAL ESTATE 0.5% | REAL ESTATE 0.5% |
|  Daito Trust Construction Co. Ltd. | 29400 |  | 3202 |
| UTILITIES 0.7% | UTILITIES 0.7% | UTILITIES 0.7% | UTILITIES 0.7% |
|  Chubu Electric Power Co., Inc. | 71700 |  | 887 |
|  Electric Power Development Co. Ltd. 'C' | 78800 |  | 1345 |
|  Toho Gas Co. Ltd. | 12400 |  | 346 |
|  Tokyo Gas Co. Ltd. | 37700 |  | 1254 |
|  |  |  | 3832 |
|  Total Japan |  |  | 128128 |
| LUXEMBOURG 2.5% | LUXEMBOURG 2.5% | LUXEMBOURG 2.5% | LUXEMBOURG 2.5% |
| MATERIALS 2.5% | MATERIALS 2.5% | MATERIALS 2.5% | MATERIALS 2.5% |
|  ArcelorMittal SA | 468817 |  | 14887 |
|  Total Luxembourg |  |  | 14887 |
| NETHERLANDS 6.7% | NETHERLANDS 6.7% | NETHERLANDS 6.7% | NETHERLANDS 6.7% |
| CONSUMER DISCRETIONARY 0.1% | CONSUMER DISCRETIONARY 0.1% | CONSUMER DISCRETIONARY 0.1% | CONSUMER DISCRETIONARY 0.1% |
|  Stellantis NV | 60006 |  | 601 |
| CONSUMER STAPLES 4.2% | CONSUMER STAPLES 4.2% | CONSUMER STAPLES 4.2% | CONSUMER STAPLES 4.2% |
|  Koninklijke Ahold Delhaize NV | 599817 |  | 25052 |

---

---

| | | |
|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) |
| FINANCIALS 0.9% | FINANCIALS 0.9% | FINANCIALS 0.9% |
|  NN Group NV | 82847 | 5513 |
| INDUSTRIALS 1.0% | INDUSTRIALS 1.0% | INDUSTRIALS 1.0% |
|  Randstad NV | 108970 | 5037 |
|  Signify NV | 27754 | 753 |
|  |  | 5790 |
| MATERIALS 0.5% | MATERIALS 0.5% | MATERIALS 0.5% |
|  Akzo Nobel NV | 44144 | 3097 |
|  Total Netherlands |  | 40053 |
| NEW ZEALAND 0.0% | NEW ZEALAND 0.0% | NEW ZEALAND 0.0% |
| INDUSTRIALS 0.0% | INDUSTRIALS 0.0% | INDUSTRIALS 0.0% |
|  Air New Zealand Ltd. | 202808 | 73 |
|  Fletcher Building Ltd. (a) | 70502 | 124 |
|  |  | 197 |
|  Total New Zealand |  | 197 |
| NORWAY 2.8% | NORWAY 2.8% | NORWAY 2.8% |
| COMMUNICATION SERVICES 0.4% | COMMUNICATION SERVICES 0.4% | COMMUNICATION SERVICES 0.4% |
|  Telenor ASA | 161322 | 2512 |
| CONSUMER STAPLES 0.1% | CONSUMER STAPLES 0.1% | CONSUMER STAPLES 0.1% |
|  Leroy Seafood Group ASA | 42027 | 200 |
| ENERGY 1.2% | ENERGY 1.2% | ENERGY 1.2% |
|  DNO ASA | 344176 | 439 |
|  Equinor ASA | 261795 | 6611 |
|  |  | 7050 |
| MATERIALS 1.1% | MATERIALS 1.1% | MATERIALS 1.1% |
|  Elkem ASA | 30181 | 71 |
|  Yara International ASA | 177397 | 6546 |
|  |  | 6617 |
|  Total Norway |  | 16379 |
| RUSSIA 0.0% | RUSSIA 0.0% | RUSSIA 0.0% |
| MATERIALS 0.0% | MATERIALS 0.0% | MATERIALS 0.0% |
|  Evraz PLC «(a) | 238175 | 0 |
|  Total Russia |  | 0 |
| SINGAPORE 0.5% | SINGAPORE 0.5% | SINGAPORE 0.5% |
| COMMUNICATION SERVICES 0.3% | COMMUNICATION SERVICES 0.3% | COMMUNICATION SERVICES 0.3% |
|  JOYY, Inc. ADR | 28627 | 1457 |
| INDUSTRIALS 0.2% | INDUSTRIALS 0.2% | INDUSTRIALS 0.2% |
|  ComfortDelGro Corp. Ltd. | 830800 | 935 |
|  Jardine Cycle & Carriage Ltd. | 25700 | 493 |
|  |  | 1428 |
| INFORMATION TECHNOLOGY 0.0% | INFORMATION TECHNOLOGY 0.0% | INFORMATION TECHNOLOGY 0.0% |
|  Venture Corp. Ltd. | 27300 | 245 |
| REAL ESTATE 0.0% | REAL ESTATE 0.0% | REAL ESTATE 0.0% |
|  UOL Group Ltd. | 33100 | 161 |
|  Total Singapore |  | 3291 |

---

---

| | | |
|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) |
| SPAIN 3.0% | SPAIN 3.0% | SPAIN 3.0% |
| COMMUNICATION SERVICES 2.3% | COMMUNICATION SERVICES 2.3% | COMMUNICATION SERVICES 2.3% |
|  Telefonica SA | 2624870 | 13815 |
| FINANCIALS 0.5% | FINANCIALS 0.5% | FINANCIALS 0.5% |
|  Mapfre SA | 666478 | 2730 |
| UTILITIES 0.2% | UTILITIES 0.2% | UTILITIES 0.2% |
|  Endesa SA (c) | 21135 | 669 |
|  Naturgy Energy Group SA | 17725 | 564 |
|  |  | 1233 |
|  Total Spain |  | 17778 |
| SWEDEN 2.7% | SWEDEN 2.7% | SWEDEN 2.7% |
| COMMUNICATION SERVICES 0.6% | COMMUNICATION SERVICES 0.6% | COMMUNICATION SERVICES 0.6% |
|  Tele2 AB 'B' | 197820 | 2888 |
|  Telia Co. AB | 125987 | 453 |
|  |  | 3341 |
| CONSUMER DISCRETIONARY 0.3% | CONSUMER DISCRETIONARY 0.3% | CONSUMER DISCRETIONARY 0.3% |
|  Electrolux AB 'B' (a) | 172784 | 1229 |
|  H & M Hennes & Mauritz AB 'B' | 59307 | 835 |
|  |  | 2064 |
| INDUSTRIALS 0.3% | INDUSTRIALS 0.3% | INDUSTRIALS 0.3% |
|  Peab AB 'B' | 98398 | 806 |
|  Skanska AB 'B' | 40272 | 938 |
|  |  | 1744 |
| INFORMATION TECHNOLOGY 1.3% | INFORMATION TECHNOLOGY 1.3% | INFORMATION TECHNOLOGY 1.3% |
|  Telefonaktiebolaget LM Ericsson 'B' | 898470 | 7677 |
| MATERIALS 0.2% | MATERIALS 0.2% | MATERIALS 0.2% |
|  SSAB AB 'A' | 246797 | 1485 |
|  Total Sweden |  | 16311 |
| SWITZERLAND 8.2% | SWITZERLAND 8.2% | SWITZERLAND 8.2% |
| CONSUMER STAPLES 0.1% | CONSUMER STAPLES 0.1% | CONSUMER STAPLES 0.1% |
|  Nestle SA | 7998 | 795 |
| FINANCIALS 0.3% | FINANCIALS 0.3% | FINANCIALS 0.3% |
|  Swiss Life Holding AG | 250 | 253 |
|  Zurich Insurance Group AG | 1808 | 1265 |
|  |  | 1518 |
| HEALTH CARE 4.9% | HEALTH CARE 4.9% | HEALTH CARE 4.9% |
|  Novartis AG | 34658 | 4207 |
|  Roche Holding AG | 76029 | 24817 |
|  |  | 29024 |
| INDUSTRIALS 0.4% | INDUSTRIALS 0.4% | INDUSTRIALS 0.4% |
|  Adecco Group AG | 71725 | 2138 |
| MATERIALS 2.5% | MATERIALS 2.5% | MATERIALS 2.5% |
|  Glencore PLC | 3858409 | 15035 |
|  Total Switzerland |  | 48510 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| JUNE 30, 2025 51

------

Schedule of Investments PIMCO RAE International Fund (Cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| UNITED KINGDOM 17.2% | UNITED KINGDOM 17.2% | UNITED KINGDOM 17.2% | UNITED KINGDOM 17.2% |
| COMMUNICATION SERVICES 4.9% | COMMUNICATION SERVICES 4.9% | COMMUNICATION SERVICES 4.9% | COMMUNICATION SERVICES 4.9% |
|  BT Group PLC | 455610 | $— | 1213 |
|  Vodafone Group PLC | 26046650 |  | 27882 |
|  |  |  | 29095 |
| CONSUMER DISCRETIONARY 1.6% | CONSUMER DISCRETIONARY 1.6% | CONSUMER DISCRETIONARY 1.6% | CONSUMER DISCRETIONARY 1.6% |
|  Currys PLC (a) | 796593 |  | 1332 |
|  Kingfisher PLC | 1119729 |  | 4472 |
|  Pearson PLC | 16461 |  | 242 |
|  Persimmon PLC | 164777 |  | 2931 |
|  Taylor Wimpey PLC | 459472 |  | 749 |
|  |  |  | 9726 |
| CONSUMER STAPLES 5.6% | CONSUMER STAPLES 5.6% | CONSUMER STAPLES 5.6% | CONSUMER STAPLES 5.6% |
|  British American Tobacco PLC | 522596 |  | 24847 |
|  Imperial Brands PLC | 208137 |  | 8224 |
|  Tesco PLC | 46819 |  | 258 |
|  |  |  | 33329 |
| FINANCIALS 3.2% | FINANCIALS 3.2% | FINANCIALS 3.2% | FINANCIALS 3.2% |
|  Aberdeen Group PLC | 678551 |  | 1747 |
|  M&G PLC | 1210521 |  | 4279 |
|  NatWest Group PLC | 1818753 |  | 12773 |
|  |  |  | 18799 |
| HEALTH CARE 1.1% | HEALTH CARE 1.1% | HEALTH CARE 1.1% | HEALTH CARE 1.1% |
|  GSK PLC | 332779 |  | 6345 |
| MATERIALS 0.1% | MATERIALS 0.1% | MATERIALS 0.1% | MATERIALS 0.1% |
|  Johnson Matthey PLC | 20131 |  | 480 |
| UTILITIES 0.7% | UTILITIES 0.7% | UTILITIES 0.7% | UTILITIES 0.7% |
|  Centrica PLC | 2028990 |  | 4502 |
|  Total United Kingdom |  |  | 102276 |
|  Total Common Stocks (Cost $477,605) | Total Common Stocks (Cost $477,605) |  | 573307 |

---

---

| | | |
|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) |
| PREFERRED STOCKS 2.2% | PREFERRED STOCKS 2.2% | PREFERRED STOCKS 2.2% |
| GERMANY 2.2% | GERMANY 2.2% | GERMANY 2.2% |
| INDUSTRIALS 2.2% | INDUSTRIALS 2.2% | INDUSTRIALS 2.2% |
|  Volkswagen AG | 125146 | 13229 |
|  Total Preferred Stocks (Cost $11,264) | Total Preferred Stocks (Cost $11,264) | 13229 |
| REAL ESTATE INVESTMENT TRUSTS 0.2% | REAL ESTATE INVESTMENT TRUSTS 0.2% | REAL ESTATE INVESTMENT TRUSTS 0.2% |
| AUSTRALIA 0.1% | AUSTRALIA 0.1% | AUSTRALIA 0.1% |
| REAL ESTATE 0.1% | REAL ESTATE 0.1% | REAL ESTATE 0.1% |
|  Scentre Group | 116088 | 273 |
|  Total Australia |  | 273 |
| CANADA 0.1% | CANADA 0.1% | CANADA 0.1% |
| REAL ESTATE 0.1% | REAL ESTATE 0.1% | REAL ESTATE 0.1% |
|  RioCan Real Estate Investment Trust (c) | 43842 | 570 |
|  Total Canada |  | 570 |
|  Total Real Estate Investment Trusts (Cost $763) | Total Real Estate Investment Trusts (Cost $763) | 843 |
| SHORT-TERM INSTRUMENTS 0.2% | SHORT-TERM INSTRUMENTS 0.2% | SHORT-TERM INSTRUMENTS 0.2% |
| MUTUAL FUNDS 0.2% | MUTUAL FUNDS 0.2% | MUTUAL FUNDS 0.2% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class |
|  4.380% (d) | 1010129 | 1010 |
| Total Mutual Funds (Cost $1,010) | Total Mutual Funds (Cost $1,010) | 1010 |
| Total Short-Term Instruments<br>(Cost $1,010) | Total Short-Term Instruments<br>(Cost $1,010) | 1010 |
| Total Investments in Securities (Cost $490,642) | Total Investments in Securities (Cost $490,642) | 588389 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| INVESTMENTS IN AFFILIATES 7.6% | INVESTMENTS IN AFFILIATES 7.6% | INVESTMENTS IN AFFILIATES 7.6% | INVESTMENTS IN AFFILIATES 7.6% |
| SHORT-TERM INSTRUMENTS 7.6% | SHORT-TERM INSTRUMENTS 7.6% | SHORT-TERM INSTRUMENTS 7.6% | SHORT-TERM INSTRUMENTS 7.6% |
| MUTUAL FUNDS 2.9% | MUTUAL FUNDS 2.9% | MUTUAL FUNDS 2.9% | MUTUAL FUNDS 2.9% |
|  PIMCO Government Money Market Fund |  |  |  |
|  4.480% (b)(c)(d) | 17424980 | $— | 17425 |
|  Total Mutual Funds (Cost $17,425) |  |  | 17425 |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.7% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.7% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.7% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.7% |
|  PIMCO Short-Term Floating NAV Portfolio III | 2890303 |  | 28143 |
| Total Short-Term Instruments<br> (Cost $45,568) | Total Short-Term Instruments<br> (Cost $45,568) |  | 45568 |
| Total Investments in Affiliates<br> (Cost $45,568) | Total Investments in Affiliates<br> (Cost $45,568) |  | 45568 |
| Total Investments 106.7%<br> (Cost $536,210) | Total Investments 106.7%<br> (Cost $536,210) | $— | 633957 |
| Other Assets and Liabilities, net (6.7)% | Other Assets and Liabilities, net (6.7)% |  | (39687) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 594270 |

---

#### 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 $16,349 were out on loan in exchange for $17,425 of cash collateral as of June 30, 2025. The collateral was invested in a cash collateral reinvestment vehicle as described in Note 5, Securities Lending, in the Notes to Financial Statements.

(d) Coupon represents a 7-Day Yield.

---

| | | |
|:---|:---|:---|
| **52** | **PIMCO EQUITY SERIES** | See Accompanying Notes |

---

------

June 30, 2025

#### 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, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Sale-Buyback<br>Transactions | **Securities**<br> **out on loan** | Total<br>Borrowings and<br>Other Financing<br>Transactions | Collateral<br>Pledged/(Received) | Net Exposure<sup>(1)</sup> |
|  Master Securities Lending Agreement | Master Securities Lending Agreement | Master Securities Lending Agreement | Master Securities Lending Agreement | Master Securities Lending Agreement | Master Securities Lending Agreement | Master Securities Lending Agreement | Master Securities Lending Agreement |
|  BMO | $0 | $0 | $0 | $3548 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3548 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3646) | $(98) |
|  BSN | 0 | 0 | 0 | 7321 | 7321 | (7696) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(375) |
|  BZW | 0 | 0 | 0 | 1287 | 1287 | (1353) | (66) |
|  GSC | 0 | 0 | 0 | 1624 | 1624 | (1702) | (78) |
|  HSL | 0 | 0 | 0 | 352 | 352 | (378) | (26) |
|  UBS | 0 | 0 | 0 | 2217 | 2217 | (2650) | (433) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16349 |  |  |  |

---

#### CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS

#### Remaining Contractual Maturity of the Agreements

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Overnight and<br>Continuous | Up to 30 days | 31-90 days | Greater Than 90 days | Total |
|  Securities Lending Transactions<sup>(2)</sup> | Securities Lending Transactions<sup>(2)</sup> | Securities Lending Transactions<sup>(2)</sup> | Securities Lending Transactions<sup>(2)</sup> | Securities Lending Transactions<sup>(2)</sup> | Securities Lending Transactions<sup>(2)</sup> |
|  Common Stocks | $16840 | $0 | $0 | $0 | $16840 |
|  Real Estate | 585 | 0 | 0 | 0 | 585 |
|  Total Borrowings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17425 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17425 |
|  Payable for securities on loan - cash collateral  | Payable for securities on loan - cash collateral  | Payable for securities on loan - cash collateral  | Payable for securities on loan - cash collateral  | Payable for securities on loan - cash collateral  | $17425 |

---

<sup>(1)</sup> 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. 

<sup>(2)</sup> Includes cash 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, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>06/30/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp; Australia | &nbsp;&nbsp; Australia | &nbsp;&nbsp; Australia | &nbsp;&nbsp; Australia | &nbsp;&nbsp; Australia |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | $0 | $545 | $0 | $545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 0 | 1951 | 0 | 1951 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 0 | 249 | 0 | 249 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 0 | 1786 | 0 | 1786 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2377 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | 2377 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 0 | 3645 | 0 | 3645 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 0 | 5856 | 0 | 5856 |
| &nbsp;&nbsp; Austria | &nbsp;&nbsp; Austria | &nbsp;&nbsp; Austria | &nbsp;&nbsp; Austria | &nbsp;&nbsp; Austria |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 0 | 1678 | 0 | 1678 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 0 | 766 | 0 | 766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 163 | 0 | 163 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 0 | 2702 | 0 | 2702 |
| &nbsp;&nbsp; Belgium | &nbsp;&nbsp; Belgium | &nbsp;&nbsp; Belgium | &nbsp;&nbsp; Belgium | &nbsp;&nbsp; Belgium |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 0 | 1886 | 0 | 1886 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 0 | 341 | 0 | 341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 0 | 3159 | 0 | 3159 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 0 | 509 | 0 | 509 |
| &nbsp;&nbsp; Canada | &nbsp;&nbsp; Canada | &nbsp;&nbsp; Canada | &nbsp;&nbsp; Canada | &nbsp;&nbsp; Canada |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 11191 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11191 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 2857 | 0 | 0 | 2857 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 866 | 0 | 0 | 866 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 1650 | 0 | 0 | 1650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 295 | 0 | 0 | 295 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 731 | 0 | 0 | 731 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 388 | 0 | 0 | 388 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10587 | 0 | 0 | 10587 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 1383 | 0 | 0 | 1383 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>06/30/2025** |
| &nbsp;&nbsp; Denmark | &nbsp;&nbsp; Denmark | &nbsp;&nbsp; Denmark | &nbsp;&nbsp; Denmark | &nbsp;&nbsp; Denmark |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | $0 | $844 | $0 | $844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 17329 | 0 | 17329 |
| &nbsp;&nbsp; Finland | &nbsp;&nbsp; Finland | &nbsp;&nbsp; Finland | &nbsp;&nbsp; Finland | &nbsp;&nbsp; Finland |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 0 | 736 | 0 | 736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 0 | 3639 | 0 | 3639 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 1371 | 0 | 1371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 0 | 4307 | 0 | 4307 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 0 | 1785 | 0 | 1785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 0 | 2639 | 0 | 2639 |
| &nbsp;&nbsp; France | &nbsp;&nbsp; France | &nbsp;&nbsp; France | &nbsp;&nbsp; France | &nbsp;&nbsp; France |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 0 | 1195 | 0 | 1195 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 0 | 6269 | 0 | 6269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 0 | 367 | 0 | 367 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 0 | 1795 | 0 | 1795 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 0 | 8764 | 0 | 8764 |
| &nbsp;&nbsp; Germany | &nbsp;&nbsp; Germany | &nbsp;&nbsp; Germany | &nbsp;&nbsp; Germany | &nbsp;&nbsp; Germany |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 0 | 3033 | 0 | 3033 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16474 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 666 | 0 | 666 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 0 | 18218 | 0 | 18218 |
| &nbsp;&nbsp; Hong Kong | &nbsp;&nbsp; Hong Kong | &nbsp;&nbsp; Hong Kong | &nbsp;&nbsp; Hong Kong | &nbsp;&nbsp; Hong Kong |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 0 | 209 | 0 | 209 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 0 | 1424 | 0 | 1424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 0 | 5097 | 0 | 5097 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 749 | 3855 | 0 | 4604 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 0 | 1916 | 0 | 1916 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 731 | 6822 | 0 | 7553 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 0 | 377 | 0 | 377 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **53** |

---

------

Schedule of Investments PIMCO RAE International Fund (Cont.) June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>06/30/2025** |
| &nbsp;&nbsp; Ireland | &nbsp;&nbsp; Ireland | &nbsp;&nbsp; Ireland | &nbsp;&nbsp; Ireland | &nbsp;&nbsp; Ireland |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | $509 | $0 | $0 | $509 |
| &nbsp;&nbsp; Israel | &nbsp;&nbsp; Israel | &nbsp;&nbsp; Israel | &nbsp;&nbsp; Israel | &nbsp;&nbsp; Israel |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 0 | 744 | 0 | 744 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 0 | 770 | 0 | 770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 0 | 1168 | 0 | 1168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 6399 | 0 | 0 | 6399 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 1296 | 0 | 0 | 1296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 0 | 776 | 0 | 776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 0 | 151 | 0 | 151 |
| &nbsp;&nbsp; Italy | &nbsp;&nbsp; Italy | &nbsp;&nbsp; Italy | &nbsp;&nbsp; Italy | &nbsp;&nbsp; Italy |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 0 | 3036 | 0 | 3036 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 0 | 437 | 0 | 437 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 0 | 2039 | 0 | 2039 |
| &nbsp;&nbsp; Japan | &nbsp;&nbsp; Japan | &nbsp;&nbsp; Japan | &nbsp;&nbsp; Japan | &nbsp;&nbsp; Japan |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 0 | 5235 | 0 | 5235 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 0 | 17075 | 0 | 17075 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 0 | 10241 | 0 | 10241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 0 | 513 | 0 | 513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 0 | 22464 | 0 | 22464 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 0 | 6698 | 0 | 6698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 20831 | 0 | 20831 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 0 | 28305 | 0 | 28305 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 0 | 9732 | 0 | 9732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 0 | 3202 | 0 | 3202 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 0 | 3832 | 0 | 3832 |
| &nbsp;&nbsp; Luxembourg | &nbsp;&nbsp; Luxembourg | &nbsp;&nbsp; Luxembourg | &nbsp;&nbsp; Luxembourg | &nbsp;&nbsp; Luxembourg |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 0 | 14887 | 0 | 14887 |
| &nbsp;&nbsp; Netherlands | &nbsp;&nbsp; Netherlands | &nbsp;&nbsp; Netherlands | &nbsp;&nbsp; Netherlands | &nbsp;&nbsp; Netherlands |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 0 | 601 | 0 | 601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25052 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 0 | 5513 | 0 | 5513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 5790 | 0 | 5790 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 0 | 3097 | 0 | 3097 |
| &nbsp;&nbsp; New Zealand | &nbsp;&nbsp; New Zealand | &nbsp;&nbsp; New Zealand | &nbsp;&nbsp; New Zealand | &nbsp;&nbsp; New Zealand |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 73 | 124 | 0 | 197 |
| &nbsp;&nbsp; Norway | &nbsp;&nbsp; Norway | &nbsp;&nbsp; Norway | &nbsp;&nbsp; Norway | &nbsp;&nbsp; Norway |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 0 | 2512 | 0 | 2512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 0 | 200 | 0 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 0 | 7050 | 0 | 7050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 0 | 6617 | 0 | 6617 |
| &nbsp;&nbsp; Singapore | &nbsp;&nbsp; Singapore | &nbsp;&nbsp; Singapore | &nbsp;&nbsp; Singapore | &nbsp;&nbsp; Singapore |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1457 | 0 | 0 | 1457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 1428 | 0 | 1428 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 0 | 245 | 0 | 245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 0 | 161 | 0 | 161 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>06/30/2025** |
| &nbsp;&nbsp; Spain | &nbsp;&nbsp; Spain | &nbsp;&nbsp; Spain | &nbsp;&nbsp; Spain | &nbsp;&nbsp; Spain |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | $0 | $13815 | $0 | $13815 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 0 | 2730 | 0 | 2730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 1233 | 0 | 0 | 1233 |
| &nbsp;&nbsp; Sweden | &nbsp;&nbsp; Sweden | &nbsp;&nbsp; Sweden | &nbsp;&nbsp; Sweden | &nbsp;&nbsp; Sweden |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 0 | 3341 | 0 | 3341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 0 | 2064 | 0 | 2064 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 1744 | 0 | 1744 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 0 | 7677 | 0 | 7677 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 0 | 1485 | 0 | 1485 |
| &nbsp;&nbsp; Switzerland | &nbsp;&nbsp; Switzerland | &nbsp;&nbsp; Switzerland | &nbsp;&nbsp; Switzerland | &nbsp;&nbsp; Switzerland |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 0 | 795 | 0 | 795 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 0 | 1518 | 0 | 1518 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 0 | 29024 | 0 | 29024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 2138 | 0 | 2138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 0 | 15035 | 0 | 15035 |
| &nbsp;&nbsp; United Kingdom | &nbsp;&nbsp; United Kingdom | &nbsp;&nbsp; United Kingdom | &nbsp;&nbsp; United Kingdom | &nbsp;&nbsp; United Kingdom |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 0 | 29095 | 0 | 29095 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 0 | 9726 | 0 | 9726 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 0 | 33329 | 0 | 33329 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 0 | 18799 | 0 | 18799 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 0 | 6345 | 0 | 6345 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 0 | 480 | 0 | 480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 0 | 4502 | 0 | 4502 |
|  Preferred Stocks | Preferred Stocks | Preferred Stocks | Preferred Stocks | Preferred Stocks |
| &nbsp;&nbsp; Germany | &nbsp;&nbsp; Germany | &nbsp;&nbsp; Germany | &nbsp;&nbsp; Germany | &nbsp;&nbsp; Germany |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 13229 | 0 | 13229 |
|  Real Estate Investment Trusts | Real Estate Investment Trusts | Real Estate Investment Trusts | Real Estate Investment Trusts | Real Estate Investment Trusts |
| &nbsp;&nbsp; Australia | &nbsp;&nbsp; Australia | &nbsp;&nbsp; Australia | &nbsp;&nbsp; Australia | &nbsp;&nbsp; Australia |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 0 | 273 | 0 | 273 |
| &nbsp;&nbsp; Canada | &nbsp;&nbsp; Canada | &nbsp;&nbsp; Canada | &nbsp;&nbsp; Canada | &nbsp;&nbsp; Canada |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 570 | 0 | 0 | 570 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 0 | 1010 | 0 | 1010 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45014 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;543375 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;588389 |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 17425 | 0 | 0 | 17425 |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | 28143 | 0 | 0 | 28143 |
|  | $45568 | $0 | $0 | $45568 |
|  Total Investments | $90582 | $543375 | $0 | $633957 |

---

There were no significant transfers into or out of Level 3 during the period ended June 30, 2025.

---

| | | |
|:---|:---|:---|
| **54** | **PIMCO EQUITY SERIES** | See Accompanying Notes |

---

------

Schedule of Investments PIMCO RAE US Fund June 30, 2025

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

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 99.7% | INVESTMENTS IN SECURITIES 99.7% | INVESTMENTS IN SECURITIES 99.7% | INVESTMENTS IN SECURITIES 99.7% |
| COMMON STOCKS 98.8% | COMMON STOCKS 98.8% | COMMON STOCKS 98.8% | COMMON STOCKS 98.8% |
| UNITED KINGDOM 0.1% | UNITED KINGDOM 0.1% | UNITED KINGDOM 0.1% | UNITED KINGDOM 0.1% |
| COMMUNICATION SERVICES 0.1% | COMMUNICATION SERVICES 0.1% | COMMUNICATION SERVICES 0.1% | COMMUNICATION SERVICES 0.1% |
|  Liberty Global Ltd. 'C' (a) | 121780 | $— | 1255 |
|  Total United Kingdom |  |  | 1255 |
| UNITED STATES 98.7% | UNITED STATES 98.7% | UNITED STATES 98.7% | UNITED STATES 98.7% |
| COMMUNICATION SERVICES 7.3% | COMMUNICATION SERVICES 7.3% | COMMUNICATION SERVICES 7.3% | COMMUNICATION SERVICES 7.3% |
|  Alphabet, Inc. 'A' | 32555 |  | 5737 |
|  Altice USA, Inc. 'A' (a) | 58235 |  | 124 |
|  AT&T, Inc. | 77354 |  | 2239 |
|  Charter Communications, Inc. 'A' (a) | 105947 |  | 43312 |
|  Comcast Corp. 'A' | 128517 |  | 4587 |
|  Electronic Arts, Inc. | 41940 |  | 6698 |
|  Fox Corp. 'A' | 210007 |  | 11769 |
|  Lumen Technologies, Inc. (a) | 2004964 |  | 8782 |
|  Paramount Global 'B' (c) | 668614 |  | 8625 |
|  Verizon Communications, Inc. | 43120 |  | 1866 |
|  Warner Bros Discovery, Inc. (a) | 714643 |  | 8190 |
|  |  |  | 101929 |
| CONSUMER DISCRETIONARY 7.7% | CONSUMER DISCRETIONARY 7.7% | CONSUMER DISCRETIONARY 7.7% | CONSUMER DISCRETIONARY 7.7% |
|  Advance Auto Parts, Inc. (c) | 97785 |  | 4546 |
|  AutoNation, Inc. (a) | 27916 |  | 5545 |
|  Best Buy Co., Inc. | 276224 |  | 18543 |
|  Dick's Sporting Goods, Inc. | 12293 |  | 2432 |
|  eBay, Inc. | 307773 |  | 22917 |
|  Foot Locker, Inc. (a) | 108658 |  | 2662 |
|  Home Depot, Inc. | 2569 |  | 942 |
|  Kohl's Corp. (c) | 918418 |  | 7788 |
|  Lowe's Cos., Inc. | 21903 |  | 4860 |
|  Macy's, Inc. | 662546 |  | 7725 |
|  MGM Resorts International (a) | 97949 |  | 3368 |
|  Newell Brands, Inc. | 151265 |  | 817 |
|  NVR, Inc. (a) | 444 |  | 3279 |
|  PVH Corp. | 44848 |  | 3077 |
|  Ralph Lauren Corp. | 8274 |  | 2269 |
|  Tapestry, Inc. | 104191 |  | 9149 |
|  VF Corp. | 152385 |  | 1791 |
|  Whirlpool Corp. | 50102 |  | 5081 |
|  |  |  | 106791 |
| CONSUMER STAPLES 12.6% | CONSUMER STAPLES 12.6% | CONSUMER STAPLES 12.6% | CONSUMER STAPLES 12.6% |
|  Altria Group, Inc. | 556585 |  | 32633 |
|  Archer-Daniels-Midland Co. | 110029 |  | 5807 |
|  Dollar General Corp. | 138494 |  | 15841 |
|  Kroger Co. | 442099 |  | 31712 |
|  Target Corp. | 185746 |  | 18324 |
|  Tyson Foods, Inc. 'A' | 94603 |  | 5292 |
|  Walgreens Boots Alliance, Inc. | 1171344 |  | 13447 |
|  Walmart, Inc. | 536226 |  | 52432 |
|  |  |  | 175488 |
| ENERGY 8.2% | ENERGY 8.2% | ENERGY 8.2% | ENERGY 8.2% |
|  Chevron Corp. | 21967 |  | 3145 |
|  Marathon Petroleum Corp. | 328745 |  | 54608 |
|  Phillips 66 | 126300 |  | 15068 |
|  Valero Energy Corp. | 301628 |  | 40545 |
|  World Kinect Corp. | 24352 |  | 690 |
|  |  |  | 114056 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| FINANCIALS 9.2% | FINANCIALS 9.2% | FINANCIALS 9.2% | FINANCIALS 9.2% |
|  Aflac, Inc. | 30205 | $— | 3185 |
|  Ally Financial, Inc. | 283225 |  | 11032 |
|  American Financial Group, Inc. | 25767 |  | 3252 |
|  American International Group, Inc. | 168036 |  | 14382 |
|  Capital One Financial Corp. | 11375 |  | 2420 |
|  Comerica, Inc. | 32033 |  | 1911 |
|  Corebridge Financial, Inc. | 76015 |  | 2699 |
|  First American Financial Corp. | 42139 |  | 2587 |
|  Franklin Resources, Inc. | 136493 |  | 3255 |
|  Invesco Ltd. | 236065 |  | 3723 |
|  Jefferies Financial Group, Inc. | 4581 |  | 251 |
|  Old Republic International Corp. | 52266 |  | 2009 |
|  OneMain Holdings, Inc. | 62424 |  | 3558 |
|  PayPal Holdings, Inc. (a) | 202509 |  | 15050 |
|  Principal Financial Group, Inc. | 6345 |  | 504 |
|  Synchrony Financial | 519940 |  | 34701 |
| T. Rowe Price Group, Inc. | 111943 |  | 10802 |
|  Travelers Cos., Inc. | 24046 |  | 6433 |
|  Unum Group | 37633 |  | 3039 |
|  Zions Bancorp NA | 52224 |  | 2713 |
|  |  |  | 127506 |
| HEALTH CARE 17.2% | HEALTH CARE 17.2% | HEALTH CARE 17.2% | HEALTH CARE 17.2% |
|  Abbott Laboratories | 5647 |  | 768 |
|  AbbVie, Inc. | 3542 |  | 658 |
|  Biogen, Inc. (a) | 75296 |  | 9456 |
|  Bristol-Myers Squibb Co. | 625189 |  | 28940 |
|  Cardinal Health, Inc. | 109738 |  | 18436 |
|  Centene Corp. (a) | 119147 |  | 6467 |
|  Cigna Group | 21123 |  | 6983 |
|  CVS Health Corp. | 12600 |  | 869 |
|  DaVita, Inc. (a) | 68996 |  | 9829 |
|  Gilead Sciences, Inc. | 539434 |  | 59807 |
|  Humana, Inc. | 76817 |  | 18780 |
|  Johnson & Johnson | 161237 |  | 24629 |
|  Labcorp Holdings, Inc. | 28309 |  | 7431 |
|  Organon & Co. | 277682 |  | 2688 |
|  Pfizer, Inc. | 1129299 |  | 27374 |
|  Quest Diagnostics, Inc. | 26018 |  | 4674 |
|  Solventum Corp. (a) | 17811 |  | 1351 |
|  Universal Health Services, Inc. 'B' | 52413 |  | 9495 |
|  |  |  | 238635 |
| INDUSTRIALS 8.0% |  |  |  |
|  3M Co. | 217266 |  | 33077 |
|  Avis Budget Group, Inc. (a) | 37162 |  | 6282 |
|  CH Robinson Worldwide, Inc. | 97280 |  | 9334 |
|  CSX Corp. | 291787 |  | 9521 |
|  Expeditors International of Washington, Inc. | 77292 |  | 8831 |
|  FedEx Corp. | 4179 |  | 950 |
|  Hertz Global Holdings, Inc. (a)(c) | 337755 |  | 2307 |
|  Honeywell International, Inc. | 3539 |  | 824 |
|  Leidos Holdings, Inc. | 25460 |  | 4016 |
|  Lockheed Martin Corp. | 48244 |  | 22344 |
|  ManpowerGroup, Inc. | 108175 |  | 4370 |
|  Masco Corp. | 22469 |  | 1446 |
|  Norfolk Southern Corp. | 18385 |  | 4706 |
|  Robert Half, Inc. | 71495 |  | 2935 |
|  |  |  | 110943 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| INFORMATION TECHNOLOGY 22.5% | INFORMATION TECHNOLOGY 22.5% | INFORMATION TECHNOLOGY 22.5% | INFORMATION TECHNOLOGY 22.5% |
|  Amdocs Ltd. | 43339 | $— | 3954 |
|  Apple, Inc. | 265013 |  | 54373 |
|  Applied Materials, Inc. | 33240 |  | 6085 |
|  Arrow Electronics, Inc. (a) | 69180 |  | 8816 |
|  Avnet, Inc. | 108912 |  | 5781 |
|  Cisco Systems, Inc. | 995579 |  | 69073 |
|  Cognizant Technology Solutions Corp. 'A' | 215118 |  | 16786 |
|  DXC Technology Co. (a) | 147938 |  | 2262 |
|  Hewlett Packard Enterprise Co. | 945756 |  | 19341 |
|  HP, Inc. | 800274 |  | 19575 |
|  Intel Corp. | 523118 |  | 11718 |
|  Juniper Networks, Inc. | 210953 |  | 8423 |
|  Kyndryl Holdings, Inc. (a) | 142690 |  | 5987 |
|  Lam Research Corp. | 58628 |  | 5707 |
|  NetApp, Inc. | 93636 |  | 9977 |
|  Oracle Corp. | 19820 |  | 4333 |
|  Qorvo, Inc. (a) | 113082 |  | 9602 |
|  QUALCOMM, Inc. | 45767 |  | 7289 |
|  Seagate Technology Holdings PLC | 137922 |  | 19906 |
|  Skyworks Solutions, Inc. | 82295 |  | 6133 |
|  Teradyne, Inc. | 64272 |  | 5779 |
|  Western Digital Corp. | 152327 |  | 9747 |
|  Xerox Holdings Corp. (c) | 366988 |  | 1934 |
|  |  |  | 312581 |
| MATERIALS 2.8% | MATERIALS 2.8% | MATERIALS 2.8% | MATERIALS 2.8% |
|  CF Industries Holdings, Inc. | 39049 |  | 3593 |
|  Cleveland-Cliffs, Inc. (a) | 386930 |  | 2941 |
|  DuPont de Nemours, Inc. | 40141 |  | 2753 |
|  Eastman Chemical Co. | 34213 |  | 2554 |
|  Huntsman Corp. | 133051 |  | 1386 |
|  International Paper Co. | 73672 |  | 3450 |
|  LyondellBasell Industries NV 'A' | 100071 |  | 5790 |
|  Mosaic Co. | 173316 |  | 6323 |
|  Olin Corp. | 27972 |  | 562 |
|  Reliance, Inc. | 14117 |  | 4431 |
|  Steel Dynamics, Inc. | 35138 |  | 4498 |
|  |  |  | 38281 |
| REAL ESTATE 1.0% | REAL ESTATE 1.0% | REAL ESTATE 1.0% | REAL ESTATE 1.0% |
|  CBRE Group, Inc. 'A' (a) | 52353 |  | 7336 |
|  Jones Lang LaSalle, Inc. (a) | 25802 |  | 6599 |
|  |  |  | 13935 |
| UTILITIES 2.2% | UTILITIES 2.2% | UTILITIES 2.2% | UTILITIES 2.2% |
|  Consolidated Edison, Inc. | 27195 |  | 2729 |
|  Evergy, Inc. | 140459 |  | 9682 |
|  NRG Energy, Inc. | 9081 |  | 1458 |
|  PPL Corp. | 156615 |  | 5308 |
|  Southern Co. | 21832 |  | 2005 |
|  UGI Corp. | 130868 |  | 4766 |
|  WEC Energy Group, Inc. | 37265 |  | 3883 |
|  |  |  | 29831 |
|  Total United States |  |  | 1369976 |
|  Total Common Stocks (Cost $1,117,251) | Total Common Stocks (Cost $1,117,251) |  | 1371231 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| JUNE 30, 2025 55

------

Schedule of Investments PIMCO RAE US Fund (Cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| REAL ESTATE INVESTMENT TRUSTS 0.9% | REAL ESTATE INVESTMENT TRUSTS 0.9% | REAL ESTATE INVESTMENT TRUSTS 0.9% | REAL ESTATE INVESTMENT TRUSTS 0.9% |
| UNITED STATES 0.9% | UNITED STATES 0.9% | UNITED STATES 0.9% | UNITED STATES 0.9% |
| REAL ESTATE 0.9% | REAL ESTATE 0.9% | REAL ESTATE 0.9% | REAL ESTATE 0.9% |
|  Host Hotels & Resorts, Inc. | 299993 | $— | 4608 |
|  Weyerhaeuser Co. | 312500 |  | 8028 |
|  |  |  | 12636 |
|  Total Real Estate Investment Trusts<br>(Cost $14,381) | Total Real Estate Investment Trusts<br>(Cost $14,381) |  | 12636 |
| SHORT-TERM INSTRUMENTS 0.0% | SHORT-TERM INSTRUMENTS 0.0% | SHORT-TERM INSTRUMENTS 0.0% | SHORT-TERM INSTRUMENTS 0.0% |
| MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% |
|  State Street Institutional U.S.Government Money Market Fund, Premier Class | State Street Institutional U.S.Government Money Market Fund, Premier Class | State Street Institutional U.S.Government Money Market Fund, Premier Class | State Street Institutional U.S.Government Money Market Fund, Premier Class |
|  4.380% (d) | 152308 |  | 152 |
|  Total Mutual Funds (Cost $152) |  |  | 152 |
|  Total Short-Term Instruments<br> (Cost $152) | Total Short-Term Instruments<br> (Cost $152) |  | 152 |
|  Total Investments in Securities<br> (Cost $1,131,784) | Total Investments in Securities<br> (Cost $1,131,784) |  | 1384019 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| INVESTMENTS IN AFFILIATES 1.8% | INVESTMENTS IN AFFILIATES 1.8% | INVESTMENTS IN AFFILIATES 1.8% | INVESTMENTS IN AFFILIATES 1.8% |
| SHORT-TERM INSTRUMENTS 1.8% | SHORT-TERM INSTRUMENTS 1.8% | SHORT-TERM INSTRUMENTS 1.8% | SHORT-TERM INSTRUMENTS 1.8% |
| MUTUAL FUNDS 1.6% | MUTUAL FUNDS 1.6% | MUTUAL FUNDS 1.6% | MUTUAL FUNDS 1.6% |
|  PIMCO Government Money Market Fund | PIMCO Government Money Market Fund |  |  |
|  4.480% (b)(c)(d) | 22393277 | $— | 22393 |
|  Total Mutual Funds (Cost $22,393) | Total Mutual Funds (Cost $22,393) |  | 22393 |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.2% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.2% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.2% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.2% |
|  PIMCO Short-Term Floating NAV Portfolio III | 295713 | $— | 2880 |
| Total Short-Term Instruments<br>(Cost $25,272) | Total Short-Term Instruments<br>(Cost $25,272) |  | 25273 |
| Total Investments in Affiliates<br>(Cost $25,272) | Total Investments in Affiliates<br>(Cost $25,272) |  | 25273 |
| Total Investments 101.5%<br>(Cost $1,157,056) | Total Investments 101.5%<br>(Cost $1,157,056) | $— | 1409292 |
| Other Assets and Liabilities, net (1.5)% | Other Assets and Liabilities, net (1.5)% |  | (20982) |
| Net Assets 100.0% |  | $— | 1388310 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

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

(b) Institutional Class Shares of each Fund.

(c) Securities with an aggregate market value of $23,739 were out on loan in exchange for $24,272 of cash collateral as of June 30, 2025. The collateral was invested in a cash collateral reinvestment vehicle as described in Note 5, Securities Lending, in the Notes to Financial Statements.

(d) Coupon represents a 7-Day Yield.

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY
The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of June 30, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Sale-Buyback<br>Transactions | **Securities**<br> **Out on Loan** | Total<br>Borrowings and<br>Other Financing<br>Transactions | Collateral<br>Pledged/(Received) | Net Exposure<sup>(1)</sup> |
|  Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement |
|  BOS | $0 | $0 | $0 | $10823 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10823 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11071) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(248) |
|  BSN | 0 | 0 | 0 | 92 | 92 | (95) | (3) |
|  GSC | 0 | 0 | 0 | 8323 | 8323 | (8492) | (169) |
|  MSB | 0 | 0 | 0 | 4501 | 4501 | (4614) | (113) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23739 |  |  |  |

---

#### CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS

#### Remaining Contractual Maturity of the Agreements

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Overnight and<br>Continuous | Up to 30 days | 31-90 days | Greater Than 90 days | Total |
|  Securities Lending Transactions<sup>(2)</sup> | Securities Lending Transactions<sup>(2)</sup> | Securities Lending Transactions<sup>(2)</sup> | Securities Lending Transactions<sup>(2)</sup> | Securities Lending Transactions<sup>(2)</sup> | Securities Lending Transactions<sup>(2)</sup> |
|  Common Stocks | $24272 | $0 | $0 | $0 | $24272 |
|  Total Borrowings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24272 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $24272 |
|  Payable for securities on loan - cash collateral  | Payable for securities on loan - cash collateral  | Payable for securities on loan - cash collateral  | Payable for securities on loan - cash collateral  | Payable for securities on loan - cash collateral  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24272 |

---

<sup>(1)</sup> 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. 

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

---

| | | |
|:---|:---|:---|
| **56** | **PIMCO EQUITY SERIES** | See Accompanying Notes |

---

------

June 30, 2025

#### 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, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of June 30, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>06/30/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp; United Kingdom | &nbsp;&nbsp; United Kingdom | &nbsp;&nbsp; United Kingdom | &nbsp;&nbsp; United Kingdom | &nbsp;&nbsp; United Kingdom |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | $1255 | $0 | $0 | $1255 |
| &nbsp;&nbsp; United States | &nbsp;&nbsp; United States | &nbsp;&nbsp; United States | &nbsp;&nbsp; United States | &nbsp;&nbsp; United States |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101929 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 106791 | 0 | 0 | 106791 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 175488 | 0 | 0 | 175488 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 114056 | 0 | 0 | 114056 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 127506 | 0 | 0 | 127506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 238635 | 0 | 0 | 238635 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 110943 | 0 | 0 | 110943 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 312581 | 0 | 0 | 312581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 38281 | 0 | 0 | 38281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 13935 | 0 | 0 | 13935 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 29831 | 0 | 0 | 29831 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>06/30/2025** |
|  Real Estate Investment Trusts | Real Estate Investment Trusts | Real Estate Investment Trusts | Real Estate Investment Trusts | Real Estate Investment Trusts |
| &nbsp;&nbsp; United States | &nbsp;&nbsp; United States | &nbsp;&nbsp; United States | &nbsp;&nbsp; United States | &nbsp;&nbsp; United States |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | $12636 | $0 | $0 | $12636 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 0 | 152 | 0 | 152 |
|  | $1383867 | $152 | $0 | $1384019 |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 22393 | 0 | 0 | 22393 |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | 2880 | 0 | 0 | 2880 |
|  | $25273 | $0 | $0 | $25273 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1409140 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1409292 |

---

There were no significant transfers into or out of Level 3 during the period ended June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **57** |

---

------

Schedule of Investments PIMCO RAE US Small Fund

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 99.1% | INVESTMENTS IN SECURITIES 99.1% | INVESTMENTS IN SECURITIES 99.1% |
| COMMON STOCKS 89.3% | COMMON STOCKS 89.3% | COMMON STOCKS 89.3% |
| IRELAND 0.7% | IRELAND 0.7% | IRELAND 0.7% |
| HEALTH CARE 0.7% | HEALTH CARE 0.7% | HEALTH CARE 0.7% |
|  Jazz Pharmaceuticals PLC (a) | 138969 | 14747 |
|  Total Ireland |  | 14747 |
| UNITED KINGDOM 2.8% | UNITED KINGDOM 2.8% | UNITED KINGDOM 2.8% |
| COMMUNICATION SERVICES 0.0% | COMMUNICATION SERVICES 0.0% | COMMUNICATION SERVICES 0.0% |
|  IHS Holding Ltd. (a) | 35607 | 198 |
| CONSUMER DISCRETIONARY 0.8% | CONSUMER DISCRETIONARY 0.8% | CONSUMER DISCRETIONARY 0.8% |
|  Capri Holdings Ltd. (a) | 850481 | 15053 |
| CONSUMER STAPLES 0.1% | CONSUMER STAPLES 0.1% | CONSUMER STAPLES 0.1% |
|  Nomad Foods Ltd. | 129090 | 2193 |
| FINANCIALS 1.8% | FINANCIALS 1.8% | FINANCIALS 1.8% |
|  Janus Henderson Group PLC | 931714 | 36188 |
| INDUSTRIALS 0.1% | INDUSTRIALS 0.1% | INDUSTRIALS 0.1% |
|  Pentair PLC | 11444 | 1175 |
|  Total United Kingdom |  | 54807 |
| UNITED STATES 85.8% | UNITED STATES 85.8% | UNITED STATES 85.8% |
| COMMUNICATION SERVICES 4.1% | COMMUNICATION SERVICES 4.1% | COMMUNICATION SERVICES 4.1% |
|  AMC Networks, Inc. 'A' (a) | 41508 | 260 |
|  Angi, Inc. (a) | 106471 | 1625 |
|  Cargurus, Inc. (a) | 80303 | 2688 |
|  Gray Media, Inc. | 106594 | 483 |
|  John Wiley & Sons, Inc. 'A' | 159179 | 7104 |
|  Liberty Latin America Ltd. 'C' (a) | 751952 | 4677 |
|  Nexstar Media Group, Inc. | 142180 | 24590 |
|  NII Holdings, Inc. «(a) | 22836 | 0 |
|  Scholastic Corp. | 233442 | 4898 |
|  Sinclair, Inc. | 30485 | 421 |
|  TEGNA, Inc. | 234099 | 3923 |
|  Telephone & Data Systems, Inc. | 274331 | 9761 |
|  Yelp, Inc. (a) | 500148 | 17140 |
|  Ziff Davis, Inc. (a) | 140671 | 4258 |
|  |  | 81828 |
| CONSUMER DISCRETIONARY 15.8% | CONSUMER DISCRETIONARY 15.8% | CONSUMER DISCRETIONARY 15.8% |
|  Abercrombie & Fitch Co. 'A' (a) | 67447 | 5588 |
|  Academy Sports & Outdoors, Inc. | 146495 | 6564 |
|  Adient PLC (a) | 124395 | 2421 |
|  ADT, Inc. | 218339 | 1849 |
|  Adtalem Global Education, Inc. (a) | 114060 | 14512 |
|  Boyd Gaming Corp. | 72926 | 5705 |
|  Brunswick Corp. | 52057 | 2876 |
|  Buckle, Inc. | 50554 | 2293 |
|  Carter's, Inc. | 611584 | 18427 |
|  Columbia Sportswear Co. | 90303 | 5516 |
|  Cracker Barrel Old Country Store, Inc. | 200103 | 12222 |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  Crocs, Inc. (a) | 10210 | 1034 |
|  Designer Brands, Inc. 'A' (c) | 149218 | 355 |
|  Dillard's, Inc. 'A' (c) | 130811 | 54657 |
|  Etsy, Inc. (a) | 29647 | 1487 |
|  G-III Apparel Group Ltd. (a) | 43241 | 969 |
|  Genesco, Inc. (a) | 28998 | 571 |
|  GoPro, Inc. 'A' (a) | 462474 | 350 |
|  Grand Canyon Education, Inc. (a) | 68138 | 12878 |
|  H&R Block, Inc. | 69618 | 3821 |
|  Hanesbrands, Inc. (a) | 4738479 | 21702 |
|  Hasbro, Inc. | 36208 | 2673 |
|  Helen of Troy Ltd. (a) | 205404 | 5829 |
|  iRobot Corp. (a)(c) | 137726 | 431 |
|  Jack in the Box, Inc. (c) | 70519 | 1231 |
|  KB Home | 18604 | 985 |
|  La-Z-Boy, Inc. | 32418 | 1205 |
|  Laureate Education, Inc. (a) | 47761 | 1117 |
|  LCI Industries | 16151 | 1473 |
|  Leggett & Platt, Inc. | 490134 | 4372 |
|  Marriott Vacations Worldwide Corp. | 55990 | 4049 |
|  Monro, Inc. | 59387 | 885 |
|  Murphy USA, Inc. | 81717 | 33242 |
|  ODP Corp. (a) | 622827 | 11292 |
|  Oxford Industries, Inc. | 39747 | 1600 |
|  Patrick Industries, Inc. | 11607 | 1071 |
|  Penn Entertainment, Inc. (a) | 84384 | 1508 |
|  Phinia, Inc. | 51199 | 2278 |
|  Polaris, Inc. | 145441 | 5912 |
|  Pool Corp. | 3701 | 1079 |
|  RH (a) | 6647 | 1256 |
|  Sally Beauty Holdings, Inc. (a) | 531640 | 4923 |
|  Signet Jewelers Ltd. | 18745 | 1491 |
|  Sleep Number Corp. (a) | 57084 | 386 |
|  Smith & Wesson Brands, Inc. | 31339 | 272 |
|  Sonic Automotive, Inc. 'A' | 45678 | 3651 |
|  Sonos, Inc. (a) | 146770 | 1587 |
|  Steven Madden Ltd. | 77300 | 1854 |
|  Sturm Ruger & Co., Inc. | 8217 | 295 |
|  Taylor Morrison Home Corp. (a) | 107025 | 6573 |
|  Travel & Leisure Co. | 40467 | 2089 |
|  Tri Pointe Homes, Inc. (a) | 484657 | 15485 |
|  United Parks & Resorts, Inc. (a) | 21855 | 1030 |
|  Vail Resorts, Inc. | 7600 | 1194 |
|  Valvoline, Inc. (a) | 31427 | 1190 |
|  Victoria's Secret & Co. (a) | 341722 | 6329 |
|  Winnebago Industries, Inc. | 30297 | 879 |
|  Wyndham Hotels & Resorts, Inc. | 48610 | 3948 |
|  Zumiez, Inc. (a) | 31237 | 414 |
|  |  | 312875 |
| CONSUMER STAPLES 4.5% | CONSUMER STAPLES 4.5% | CONSUMER STAPLES 4.5% |
|  B&G Foods, Inc. (c) | 154049 | 652 |
|  Cal-Maine Foods, Inc. | 32513 | 3239 |
|  Clorox Co. | 13320 | 1599 |
|  Flowers Foods, Inc. | 329475 | 5265 |
|  Fresh Del Monte Produce, Inc. | 212332 | 6884 |
|  Hain Celestial Group, Inc. (a) | 138631 | 211 |
|  Ingles Markets, Inc. 'A' | 110256 | 6988 |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  Ingredion, Inc. | 23404 | 3174 |
|  Medifast, Inc. (a) | 15920 | 224 |
|  Nu Skin Enterprises, Inc. 'A' | 44283 | 354 |
|  SpartanNash Co. | 22629 | 599 |
|  Spectrum Brands Holdings, Inc. | 14447 | 766 |
|  Sprouts Farmers Market, Inc. (a) | 270275 | 44498 |
|  United Natural Foods, Inc. (a) | 44981 | 1049 |
|  Universal Corp. | 84299 | 4910 |
|  USANA Health Sciences, Inc. (a) | 14493 | 442 |
|  Weis Markets, Inc. | 122092 | 8850 |
|  |  | 89704 |
| ENERGY 1.9% | ENERGY 1.9% | ENERGY 1.9% |
|  California Resources Corp. | 26148 | 1194 |
|  CNX Resources Corp. (a) | 250177 | 8426 |
|  CVR Energy, Inc. | 197574 | 5305 |
|  Delek U.S. Holdings, Inc. | 768502 | 16277 |
|  Helmerich & Payne, Inc. | 83966 | 1273 |
|  Murphy Oil Corp. | 102162 | 2298 |
|  Peabody Energy Corp. | 212672 | 2854 |
|  |  | 37627 |
| FINANCIALS 16.6% | FINANCIALS 16.6% | FINANCIALS 16.6% |
|  Acadian Asset Management, Inc. | 23767 | 838 |
|  Affiliated Managers Group, Inc. | 161323 | 31744 |
|  Artisan Partners Asset Management, Inc. 'A' | 16372 | 726 |
|  BankUnited, Inc. | 228606 | 8136 |
|  Banner Corp. | 43345 | 2781 |
|  Bread Financial Holdings, Inc. | 456634 | 26083 |
|  CNO Financial Group, Inc. | 562940 | 21718 |
|  Credit Acceptance Corp. (a) | 17576 | 8954 |
|  Eagle Bancorp, Inc. | 31277 | 609 |
|  Employers Holdings, Inc. | 11171 | 527 |
|  Encore Capital Group, Inc. (a) | 126229 | 4886 |
|  Euronet Worldwide, Inc. (a) | 9647 | 978 |
|  Evercore, Inc. 'A' | 10600 | 2862 |
|  Federated Hermes, Inc. | 285939 | 12673 |
|  First Hawaiian, Inc. | 108594 | 2710 |
|  Flagstar Financial, Inc. | 101131 | 1072 |
|  Genworth Financial, Inc. (a) | 1116772 | 8688 |
|  Globe Life, Inc. | 7764 | 965 |
|  Hanover Insurance Group, Inc. | 46533 | 7905 |
|  Hilltop Holdings, Inc. | 77782 | 2361 |
|  Jackson Financial, Inc. 'A' | 185791 | 16496 |
|  MGIC Investment Corp. | 750977 | 20907 |
|  Navient Corp. | 351793 | 4960 |
|  Nelnet, Inc. 'A' | 7117 | 862 |
|  PennyMac Financial Services, Inc. | 53892 | 5370 |
|  PROG Holdings, Inc. | 515612 | 15133 |
|  Radian Group, Inc. | 379693 | 13677 |
|  SEI Investments Co. | 99962 | 8983 |
|  SLM Corp. | 1559008 | 51120 |
|  Stewart Information Services Corp. | 26979 | 1756 |
|  Synovus Financial Corp. | 22345 | 1156 |

---

---

| | | |
|:---|:---|:---|
| **58** | **PIMCO EQUITY SERIES** | See Accompanying Notes |

---

------

June 30, 2025

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  Virtu Financial, Inc. 'A' | 448317 | 20080 |
|  Walker & Dunlop, Inc. | 21240 | 1497 |
|  Western Union Co. | 2162823 | 18211 |
|  World Acceptance Corp. (a) | 2584 | 427 |
|  |  | 327851 |
| HEALTH CARE 5.0% | HEALTH CARE 5.0% | HEALTH CARE 5.0% |
|  AdaptHealth Corp. (a) | 117620 | 1109 |
|  Amedisys, Inc. (a) | 29288 | 2882 |
|  AMN Healthcare Services, Inc. (a) | 349332 | 7221 |
|  Avanos Medical, Inc. (a) | 28569 | 350 |
|  Bio-Rad Laboratories, Inc. 'A' (a) | 39585 | 9553 |
|  BrightSpring Health Services, Inc. (a) | 93265 | 2200 |
|  Claritev Corp. (a) | 9050 | 408 |
|  Community Health Systems, Inc. (a) | 195953 | 666 |
|  Cross Country Healthcare, Inc. (a) | 21560 | 281 |
|  Dentsply Sirona, Inc. | 602520 | 9568 |
|  Embecta Corp. | 35542 | 344 |
|  Emergent BioSolutions, Inc. (a) | 82326 | 525 |
|  Envista Holdings Corp. (a) | 343479 | 6712 |
|  Exelixis, Inc. (a) | 185703 | 8185 |
|  Fortrea Holdings, Inc. (a) | 182315 | 901 |
|  Fulgent Genetics, Inc. (a) | 30128 | 599 |
|  GRAIL, Inc. (a)(c) | 87080 | 4478 |
|  ICU Medical, Inc. (a) | 23718 | 3134 |
|  Innoviva, Inc. (a) | 59888 | 1203 |
|  Integra LifeSciences Holdings Corp. (a) | 168419 | 2066 |
|  Novavax, Inc. (a)(c) | 393082 | 2476 |
|  Owens & Minor, Inc. (a) | 894576 | 8141 |
|  Pediatrix Medical Group, Inc. (a) | 42070 | 604 |
|  Premier, Inc. 'A' | 540023 | 11843 |
|  QuidelOrtho Corp. (a) | 169729 | 4892 |
|  Revvity, Inc. | 15572 | 1506 |
|  Select Medical Holdings Corp. | 42778 | 649 |
|  Teladoc Health, Inc. (a) | 408107 | 3555 |
|  Tenet Healthcare Corp. (a) | 7406 | 1303 |
|  Vir Biotechnology, Inc. (a) | 236685 | 1193 |
|  |  | 98547 |
| INDUSTRIALS 17.8% | INDUSTRIALS 17.8% | INDUSTRIALS 17.8% |
|  A.O. Smith Corp. | 138015 | 9050 |
|  ABM Industries, Inc. | 27475 | 1297 |
|  ACCO Brands Corp. | 73002 | 261 |
|  Acuity, Inc. | 141771 | 42296 |
|  Allison Transmission Holdings, Inc. | 498903 | 47391 |
|  Apogee Enterprises, Inc. | 145287 | 5899 |
|  ArcBest Corp. | 23516 | 1811 |
|  BlueLinx Holdings, Inc. (a) | 7748 | 576 |
|  Boise Cascade Co. | 58761 | 5102 |
|  Booz Allen Hamilton Holding Corp. | 9471 | 986 |
|  Brady Corp. 'A' | 77484 | 5267 |
|  CACI International, Inc. 'A' (a) | 8110 | 3866 |
|  CoreCivic, Inc. (a) | 1194176 | 25161 |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  CSG Systems International, Inc. | 82434 | 5384 |
|  Deluxe Corp. | 27047 | 430 |
|  DNOW, Inc. (a) | 554322 | 8221 |
|  Donaldson Co., Inc. | 16624 | 1153 |
|  EnerSys | 46976 | 4029 |
|  Forward Air Corp. (a) | 232214 | 5698 |
|  Genpact Ltd. | 381577 | 16793 |
|  GEO Group, Inc. (a) | 927213 | 22207 |
|  Healthcare Services Group, Inc. (a) | 36510 | 549 |
|  HNI Corp. | 21600 | 1062 |
|  Hub Group, Inc. 'A' | 33464 | 1119 |
|  JELD-WEN Holding, Inc. (a) | 269519 | 1056 |
|  JetBlue Airways Corp. (a) | 328410 | 1389 |
|  Kelly Services, Inc. 'A' | 26629 | 312 |
|  Kennametal, Inc. | 242032 | 5557 |
|  Kforce, Inc. | 9155 | 377 |
|  Korn Ferry | 45633 | 3346 |
|  Landstar System, Inc. | 143998 | 20019 |
|  Lincoln Electric Holdings, Inc. | 5679 | 1177 |
|  Marten Transport Ltd. | 33749 | 438 |
|  Masterbrand, Inc. (a) | 138251 | 1511 |
|  Matson, Inc. | 17228 | 1918 |
|  Maximus, Inc. | 144304 | 10130 |
|  Middleby Corp. (a) | 8186 | 1179 |
|  MSC Industrial Direct Co., Inc. 'A' | 62699 | 5331 |
|  Resideo Technologies, Inc. (a) | 58204 | 1284 |
|  Schneider National, Inc. 'B' | 86950 | 2100 |
|  Science Applications International Corp. | 90464 | 10187 |
|  Sensata Technologies Holding PLC | 536965 | 16168 |
|  SkyWest, Inc. (a) | 202250 | 20826 |
|  Steelcase, Inc. 'A' | 509021 | 5309 |
|  Toro Co. | 19492 | 1378 |
|  TransUnion | 13849 | 1219 |
|  TriNet Group, Inc. | 46042 | 3367 |
|  UFP Industries, Inc. | 14341 | 1425 |
|  UniFirst Corp. | 2021 | 380 |
|  Valmont Industries, Inc. | 21134 | 6902 |
|  Vestis Corp. | 414028 | 2372 |
|  Wabash National Corp. | 227616 | 2420 |
|  Werner Enterprises, Inc. | 273631 | 7486 |
|  WillScot Holdings Corp. | 49052 | 1344 |
|  |  | 353515 |
| INFORMATION TECHNOLOGY 12.4% | INFORMATION TECHNOLOGY 12.4% | INFORMATION TECHNOLOGY 12.4% |
|  Amkor Technology, Inc. | 198772 | 4172 |
|  ASGN, Inc. (a) | 107394 | 5362 |
|  Belden, Inc. | 34752 | 4024 |
|  Benchmark Electronics, Inc. | 252408 | 9801 |
|  Ciena Corp. (a) | 36315 | 2954 |
|  Cirrus Logic, Inc. (a) | 222782 | 23226 |
|  CommScope Holding Co., Inc. (a) | 433658 | 3591 |
|  Diodes, Inc. (a) | 83290 | 4405 |
|  Dolby Laboratories, Inc. 'A' | 45750 | 3398 |
|  Dropbox, Inc. 'A' (a) | 782073 | 22367 |
|  F5, Inc. (a) | 43443 | 12786 |
|  InterDigital, Inc. | 39010 | 8747 |
|  IPG Photonics Corp. (a) | 101053 | 6937 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  LiveRamp Holdings, Inc. (a) | 118992 | $— | 3932 |
|  MaxLinear, Inc. (a) | 113537 |  | 1613 |
|  NETGEAR, Inc. (a) | 29266 |  | 851 |
|  NetScout Systems, Inc. (a) | 601940 |  | 14934 |
|  PC Connection, Inc. | 36127 |  | 2377 |
|  Power Integrations, Inc. | 23472 |  | 1312 |
|  Progress Software Corp. | 49728 |  | 3175 |
|  Sanmina Corp. (a) | 494909 |  | 48417 |
|  Silicon Laboratories, Inc. (a) | 88116 |  | 12985 |
|  Teradata Corp. (a) | 796563 |  | 17771 |
|  TTM Technologies, Inc. (a) | 99141 |  | 4047 |
|  Viavi Solutions, Inc. (a) | 732404 |  | 7375 |
|  Vishay Intertechnology, Inc. | 857195 |  | 13612 |
|  Zebra Technologies Corp. 'A' (a) | 4312 |  | 1330 |
|  |  |  | 245501 |
| MATERIALS 4.3% |  |  |  |
|  Alpha Metallurgical Resources, Inc. (a) | 8056 |  | 906 |
|  Avery Dennison Corp. | 6245 |  | 1096 |
|  Chemours Co. | 343569 |  | 3934 |
|  Commercial Metals Co. | 45568 |  | 2229 |
|  Ecovyst, Inc. (a) | 68189 |  | 561 |
|  Greif, Inc. 'A' | 71133 |  | 4623 |
|  Louisiana-Pacific Corp. | 24817 |  | 2134 |
|  NewMarket Corp. | 6088 |  | 4206 |
|  RPM International, Inc. | 14393 |  | 1581 |
|  Ryerson Holding Corp. | 125481 |  | 2707 |
|  Schnitzer Steel Industries, Inc. 'A' | 66799 |  | 1983 |
|  Sonoco Products Co. | 39153 |  | 1705 |
|  Sylvamo Corp. | 261761 |  | 13114 |
|  Warrior Met Coal, Inc. | 966612 |  | 44300 |
|  |  |  | 85079 |
| REAL ESTATE 0.7% |  |  |  |
|  Anywhere Real Estate, Inc. (a) | 91050 |  | 330 |
|  Cushman & Wakefield PLC (a) | 598766 |  | 6628 |
|  eXp World Holdings, Inc. | 268580 |  | 2444 |
|  New York REIT, Inc. « | 4082 |  | 0 |
|  Newmark Group, Inc. 'A' | 317790 |  | 3861 |
|  |  |  | 13263 |
| UTILITIES 2.7% |  |  |  |
|  ALLETE, Inc. | 29691 |  | 1902 |
|  Black Hills Corp. | 21079 |  | 1183 |
|  Clearway Energy, Inc. 'C' | 142104 |  | 4547 |
|  Hawaiian Electric Industries, Inc. (a) | 702436 |  | 7467 |
|  IDACORP, Inc. | 30710 |  | 3545 |
|  National Fuel Gas Co. | 87378 |  | 7402 |
|  New Jersey Resources Corp. | 19482 |  | 873 |
|  OGE Energy Corp. | 362528 |  | 16089 |
|  ONE Gas, Inc. | 60552 |  | 4351 |
|  Portland General Electric Co. | 130409 |  | 5299 |
|  Spire, Inc. | 14050 |  | 1026 |
|  |  |  | 53684 |
|  Total United States |  |  | 1699474 |
|  Total Common Stocks<br>(Cost $1,592,707) |  |  | 1769028 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **59** |

---

------

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

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| REAL ESTATE INVESTMENT TRUSTS 9.7% | REAL ESTATE INVESTMENT TRUSTS 9.7% | REAL ESTATE INVESTMENT TRUSTS 9.7% | REAL ESTATE INVESTMENT TRUSTS 9.7% |
| UNITED STATES 9.7% |  |  |  |
| REAL ESTATE 9.7% |  |  |  |
|  Alexander & Baldwin, Inc. | 340181 | $— | 6065 |
|  Apollo Commercial Real Estate Finance, Inc. | 101509 |  | 983 |
|  Apple Hospitality REIT, Inc. | 550084 |  | 6420 |
|  Brandywine Realty Trust | 202431 |  | 868 |
|  BrightSpire Capital, Inc. | 68406 |  | 346 |
|  Brixmor Property Group, Inc. | 54526 |  | 1420 |
|  Camden Property Trust | 8595 |  | 969 |
|  Chimera Investment Corp. | 1006855 |  | 13965 |
|  COPT Defense Properties | 208174 |  | 5741 |
|  DiamondRock Hospitality Co. | 472337 |  | 3618 |
|  Douglas Emmett, Inc. | 243327 |  | 3660 |
|  EPR Properties | 188112 |  | 10959 |
|  Essex Property Trust, Inc. | 5036 |  | 1427 |
|  Global Net Lease, Inc. | 119388 |  | 901 |
|  Healthcare Realty Trust, Inc. | 124220 |  | 1970 |
|  Highwoods Properties, Inc. | 153301 |  | 4766 |
|  Hudson Pacific Properties, Inc. | 770781 |  | 2112 |
|  JBG SMITH Properties | 357361 |  | 6182 |
|  Ladder Capital Corp. | 303652 |  | 3264 |
|  Macerich Co. | 138836 |  | 2246 |
|  Medical Properties Trust, Inc. (c) | 4710129 |  | 20301 |
|  MFA Financial, Inc. | 573776 |  | 5428 |
|  National Health Investors, Inc. | 22873 |  | 1604 |
|  Omega Healthcare Investors, Inc. | 23762 |  | 871 |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  Outfront Media, Inc. | 96210 | 1570 |
|  Park Hotels & Resorts, Inc. | 2065926 | 21134 |
|  Pebblebrook Hotel Trust | 199040 | 1988 |
|  Rithm Capital Corp. | 888247 | 10028 |
|  RLJ Lodging Trust | 1158034 | 8431 |
|  Sabra Health Care REIT, Inc. | 299214 | 5518 |
|  SBA Communications Corp. | 4708 | 1106 |
|  Service Properties Trust | 1795554 | 4291 |
|  SL Green Realty Corp. | 259464 | 16061 |
|  Sunstone Hotel Investors, Inc. | 421298 | 3657 |
|  Vornado Realty Trust | 185922 | 7110 |
|  WP Carey, Inc. | 19037 | 1188 |
|  Xenia Hotels & Resorts, Inc. | 408814 | 5139 |
|  |  | 193307 |
|  Total Real Estate Investment Trusts<br>(Cost $201,511) | Total Real Estate Investment Trusts<br>(Cost $201,511) | 193307 |
| SHORT-TERM INSTRUMENTS 0.1% | SHORT-TERM INSTRUMENTS 0.1% | SHORT-TERM INSTRUMENTS 0.1% |
| MUTUAL FUNDS 0.1% |  |  |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class |
|  4.380% (d) | 1114538 | 1115 |
|  Total Mutual Funds (Cost $1,114) | Total Mutual Funds (Cost $1,114) | 1115 |
|  Total Short-Term Instruments<br> (Cost $1,114) | Total Short-Term Instruments<br> (Cost $1,114) | 1115 |
|  Total Investments in Securities<br> (Cost $1,795,332) | Total Investments in Securities<br> (Cost $1,795,332) | 1963450 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN AFFILIATES 1.8% | INVESTMENTS IN AFFILIATES 1.8% | INVESTMENTS IN AFFILIATES 1.8% | INVESTMENTS IN AFFILIATES 1.8% |
| SHORT-TERM INSTRUMENTS 1.8% | SHORT-TERM INSTRUMENTS 1.8% | SHORT-TERM INSTRUMENTS 1.8% | SHORT-TERM INSTRUMENTS 1.8% |
| MUTUAL FUNDS 1.5% |  |  |  |
|  PIMCO Government Money Market Fund | PIMCO Government Money Market Fund | PIMCO Government Money Market Fund | PIMCO Government Money Market Fund |
|  4.480% (b)(c)(d) | 30854787 | $— | 30855 |
|  Total Mutual Funds (Cost $30,855) | Total Mutual Funds (Cost $30,855) |  | 30855 |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.3% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.3% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.3% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.3% |
|  PIMCO Short-Term<br>Floating NAV Portfolio III | 583198 |  | 5678 |
| Total Short-Term Instruments<br>(Cost $36,533) | Total Short-Term Instruments<br>(Cost $36,533) |  | 36533 |
| Total Investments in Affiliates<br>(Cost $36,533) | Total Investments in Affiliates<br>(Cost $36,533) |  | 36533 |
| Total Investments 100.9%<br>(Cost $1,831,865) | Total Investments 100.9%<br>(Cost $1,831,865) | $— | 1999983 |
|  Financial Derivative<br>Instruments (e) 0.0%<br> (Cost or Premiums, net $0) | Financial Derivative<br>Instruments (e) 0.0%<br> (Cost or Premiums, net $0) |  | 1 |
| Other Assets and Liabilities, net (0.9)% | Other Assets and Liabilities, net (0.9)% |  | (18639) |
| Net Assets 100.0% |  | $— | 1981345 |

---

#### 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 $28,971 were out on loan in exchange for $29,595 of cash collateral as of June 30, 2025. The collateral was invested in a cash collateral reinvestment vehicle as described in Note 5, Securities Lending, in the Notes to Financial Statements.

(d) Coupon represents a 7-Day Yield.

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Sale-Buyback<br>Transactions | **<br>Securities**<br> **Out on Loan** | Total<br>Borrowings and<br>Other Financing<br>Transactions | Collateral<br>Pledged/(Received) | Net Exposure<sup>(1)</sup> |
|  Master Securities Lending Agreement |  |  |  |  |  |  |  |
|  BOS | $0 | $0 | $0 | $7409 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7409 | $(7559) | $(150) |
|  BMO | 0 | 0 | 0 | 1632 | 1632 | (1666) | (34) |
|  BPG | 0 | 0 | 0 | 2163 | 2163 | (2231) | (68) |
|  GSC | 0 | 0 | 0 | 9936 | 9936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10136) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(200) |
|  MSB | 0 | 0 | 0 | 7831 | 7831 | (8003) | (172) |
|  Total Borrowings and Other Financing Transactions | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28971 |  |  |  |

---

60 PIMCO EQUITY SERIES See Accompanying Notes

------

June 30, 2025

#### CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS

#### Remaining Contractual Maturity of the Agreements

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Overnight and<br>Continuous | Up to 30 days | 31-90 days | Greater Than 90 days | Total |
|  Securities Lending Transactions<sup>(2)</sup> | Securities Lending Transactions<sup>(2)</sup> | Securities Lending Transactions<sup>(2)</sup> |  |  |  |
|  Common Stocks | $9924 | $0 | $0 | $0 | $9924 |
|  Real Estate Investment Trusts | 19671 | 0 | 0 | 0 | 19671 |
|  Total Borrowings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29595 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29595 |
|  Payable for securities on loan - cash collateral  | Payable for securities on loan - cash collateral  | Payable for securities on loan - cash collateral  | Payable for securities on loan - cash collateral  | Payable for securities on loan - cash collateral  | $29595 |

---

<sup>(1)</sup> 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. 

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

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

#### FUTURES CONTRACTS:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| LONG FUTURES CONTRACTS | LONG FUTURES CONTRACTS | LONG FUTURES CONTRACTS | LONG FUTURES CONTRACTS | LONG FUTURES CONTRACTS | LONG FUTURES CONTRACTS | LONG FUTURES CONTRACTS |
| **Description** | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Variation Margin | Variation Margin |
| **Description** | Expiration<br>Month | # of<br>Contracts | Notional<br>Amount | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  E-Mini Russell 2000 Index September Futures  | 09/2025 | 9 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;986 | $22 | $1 | $0 |
|  Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | Total Futures Contracts | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY
The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of June 30, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset | Variation Margin<br>Asset | **Total** | Market Value | Variation Margin<br>Liability | Variation Margin<br>Liability | **Total** |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | **Total** | Written<br>Options | Futures | Swap<br>Agreements | **Total** |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

Cash of $3,273 has been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of June 30, 2025. 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, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |

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See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| JUNE 30, 2025 61

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Schedule of Investments PIMCO RAE US Small Fund (Cont.) June 30, 2025

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2025: | The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2025: | The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2025: | The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2025: | The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2025: | The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2025: | The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2025: |
|  | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** | **Derivatives not accounted for as hedging instruments** |
|  | **Commodity<br>Contracts** | **Credit<br>Contracts** | **Equity<br>Contracts** | **Foreign<br>Exchange<br>Contracts** | **Interest<br>Rate Contracts** | **Total** |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $6 | $0 | $0 | $6 |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 |

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#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of June 30, 2025 in valuing the Fund's assets and liabilities:

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| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | **Fair**<br> **Value at<br>06/30/2025** |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp; Ireland | &nbsp;&nbsp; Ireland | &nbsp;&nbsp; Ireland | &nbsp;&nbsp; Ireland | &nbsp;&nbsp; Ireland |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | $14747 | $0 | $0 | $14747 |
| &nbsp;&nbsp; United Kingdom | &nbsp;&nbsp; United Kingdom | &nbsp;&nbsp; United Kingdom | &nbsp;&nbsp; United Kingdom | &nbsp;&nbsp; United Kingdom |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 198 | 0 | 0 | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 15053 | 0 | 0 | 15053 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 2193 | 0 | 0 | 2193 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 36188 | 0 | 0 | 36188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 1175 | 0 | 0 | 1175 |
| &nbsp;&nbsp; United States | &nbsp;&nbsp; United States | &nbsp;&nbsp; United States | &nbsp;&nbsp; United States | &nbsp;&nbsp; United States |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 81828 | 0 | 0 | 81828 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 312875 | 0 | 0 | 312875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 89704 | 0 | 0 | 89704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 37627 | 0 | 0 | 37627 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 327851 | 0 | 0 | 327851 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 98547 | 0 | 0 | 98547 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353515 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 245501 | 0 | 0 | 245501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 85079 | 0 | 0 | 85079 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 13263 | 0 | 0 | 13263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 53684 | 0 | 0 | 53684 |
|  Real Estate Investment Trusts | Real Estate Investment Trusts | Real Estate Investment Trusts | Real Estate Investment Trusts | Real Estate Investment Trusts |
| &nbsp;&nbsp; United States | &nbsp;&nbsp; United States | &nbsp;&nbsp; United States | &nbsp;&nbsp; United States | &nbsp;&nbsp; United States |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 193307 | 0 | 0 | 193307 |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair**<br> **Value at<br>06/30/2025** |
|  Short-Term Instruments |  |  |  |  |
| &nbsp;&nbsp; Mutual Funds | $0 | $1115 | $0 | $1115 |
|  | $1962335 | $1115 | $0 | $1963450 |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 30855 | 0 | 0 | 30855 |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | 5678 | 0 | 0 | 5678 |
|  | $36533 | $0 | $0 | $36533 |
|  Total Investments | $1998868 | $1115 | $0 | $1999983 |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | $1 | $0 | $0 | $1 |
|  Total Financial Derivative Instruments | $1 | $0 | $0 | $1 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1998869 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1115 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1999984 |

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There were no significant transfers into or out of Level 3 during the period ended June 30, 2025.

---

| | | |
|:---|:---|:---|
| **62** | **PIMCO EQUITY SERIES** | See Accompanying Notes |

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Notes to Financial Statements June 30, 2025

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 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 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.

The PIMCO Dividend and Income 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 (collectively, the "Underlying PIMCO Funds"), and may also invest in other unaffiliated funds and exchange-traded funds (collectively, the "Acquired Funds").

The PIMCO RAE Global ex-US Fund may invest substantially all of its assets in Institutional Class shares of the PIMCO RAE International Fund (the "International Fund") and PIMCO RAE Emerging Markets Fund (the "Emerging Markets Fund") (together referred to as the "RAE Underlying Funds") 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 RAE Underlying Funds, "RAE Acquired Funds").

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

Each Fund has adopted the Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280) — Improvements to Reportable Segment Disclosures. Adoption of the new standard impacted financial statement disclosures only and did not affect the Funds' financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the

public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and to assess its performance, and has discrete financial information available. The Officers, as listed in the Management of the Trust section of the most recent Statement of Additional Information, act as the Funds' CODM. Each Fund represents a single operating segment, as the CODM monitors the operating results of the Funds as a whole and each Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Funds' portfolio managers as a team. The financial information in the form of each Fund's portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus each Fund's comparative benchmarks and to make resource allocation decisions for each Fund's single segment, is consistent with that presented within the Funds' financial statements. Segment assets are reflected on the accompanying Statements of Assets and Liabilities as "total assets" and significant segment expenses are listed on the accompanying Statements of Operations.

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, including but not limited to ASC 946. 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

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **63** |

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------

Notes to Financial Statements (Cont.)

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. A debt obligation may be granted, in certain situations, a contractual or non-contractual forbearance for interest payments that are expected to be paid after agreed upon pay dates.

(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 a 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, 2025, 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 realized gain (loss) and net change in unrealized appreciation (depreciation) from investments on the Statements of Operations. The Funds may invest in (PIMCO RAE Global ex-US Fund may invest directly or indirectly through investments in RAE Underlying Funds or RAE Acquired Funds, as applicable, and PIMCO Dividend and Income Fund may invest directly or indirectly through investments in Underlying PIMCO Funds or Acquired Funds, as applicable) 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.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Distribution Frequency | Distribution Frequency | Distribution Frequency | Distribution Frequency |
| Fund Name | Declared | Declared | Distributed | Distributed |
|  PIMCO Dividend and Income Fund |  | Quarterly |  | Quarterly |
|  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 |

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| | |
|:---|:---|
| **64** | **PIMCO EQUITY SERIES** |

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June 30, 2025

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.

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.

(f) New Accounting Pronouncements and Regulatory Updates In September 2023, the U.S. Securities and Exchange Commission ("SEC") adopted amendments to Rule 35d-1 under the Act, the rule governing fund naming conventions (the "Names Rule"). In general, the Names 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 amendments expand the scope of the current rule to include any term used in a fund name that suggests the fund makes investments that have, or whose issuers have, particular characteristics. Additionally, the amendments modify the circumstances under which a fund may deviate from its 80% investment policy and address the calculation methodology of derivatives instruments for purposes of the rule. Changes to a fund's calculation methodology for derivatives instruments for purposes of Rule 35d-1 consistent with such amendments and applicable regulatory interpretations thereof will not constitute a change to a fund's policy adopted pursuant to Rule 35d-1 and will not require notice or shareholder approval. The amendments became effective December 11, 2023. On March 14, 2025, the SEC extended the compliance date from December 11, 2025 to June 11, 2026 for fund groups with $1 billion or more in net assets and modified the operation of the compliance dates to allow for compliance based on the timing of certain annual disclosure and reporting obligations that are tied to a fund's fiscal year-end. At this time, management is evaluating the implications of these changes on the financial statements.

In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280)". ASU 2023-07 requires public entities to provide disclosure of significant segment expenses that are regularly provided to the CODM. ASU 2023-07, among other things, (i) requires a single segment public entity to provide all necessary disclosures required by Topic 280, (ii) mandates the disclosure of the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit and loss to assess segment performance and to decide how to allocate resources and (iii) provides the ability for a public entity to elect more than one performance measure. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Management has implemented changes in connection with the amendments and has determined that there was no material impact to the Funds' financial statements.

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **65** |

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------

Notes to Financial Statements (Cont.)

In December 2023, FASB issued ASU 2023-09, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. The ASU is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. 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, each 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 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 a 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 portfolio 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. Common stocks, exchange-traded funds ("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. Exchange-traded options, except equity options, futures and options on futures, are valued at the settlement price determined by the relevant exchange. Swap agreements and swaptions 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

---

| | |
|:---|:---|
| **66** | **PIMCO EQUITY SERIES** |

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June 30, 2025

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. An alternative exchange rate may be obtained from a Pricing Source or an exchange rate may otherwise be determined if believed to be more reflective of the rates at which a Fund may transact.

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 a Fund normally will be taken into account in calculating the NAV. A 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.

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:

<sup>∎</sup> Level 1 — Quoted prices (unadjusted) in active markets or exchanges for identical assets and liabilities.

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| <sup>∎</sup> | 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. |

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<sup>∎</sup> 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,

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|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **67** |

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Notes to Financial Statements (Cont.)

accrued discounts (premiums), and transfers into and out of the Level 3 category during the period. The end of period value is used for the transfers between fair value 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, non-U.S. bonds and short-term debt instruments (such as commercial paper, time deposits and certificates of deposit) 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 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, indexes, 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).

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| **68** | **PIMCO EQUITY SERIES** |

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June 30, 2025

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, indexes, 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, indexes, 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, 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, time deposits and certificates of deposit) 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 funds for the period ended June 30, 2025 (amounts in thousands<sup>†</sup>):

#### Investments in PIMCO Government Money Market Fund

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fund Name | Market Value<br>06/30/2024 | Purchases<br>at Cost | Proceeds<br>from Sales | Net<br>Realized<br>Gain (Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Market Value<br>06/30/2025 | Dividend<br>Income<sup>(1)</sup> | Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup> |
|  PIMCO RAE Emerging Markets Fund | $5565 | $160898 | $(154891) | $0 | $0 | $11572 | $619 | $0 |
|  PIMCO RAE International Fund | 16688 | 264108 | (263371) | 0 | 0 | 17425 | 661 | 0 |
|  PIMCO RAE US Fund | 327 | 67927 | (45861) | 0 | 0 | 22393 | 365 | 0 |
|  PIMCO RAE US Small Fund | 9797 | 303439 | (282381) | 0 | 0 | 30855 | 1027 | 0 |

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|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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<sup>(1)</sup> 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 certain RAE Acquired Funds (except the PIMCO RAE US Fund) and securities that are eligible investments for the International Fund and Emerging Markets Fund. The RAE 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, rules thereunder or exemptive relief therefrom. 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

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|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **69** |

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Notes to Financial Statements (Cont.)

for the first and third quarters of each fiscal year on Form N-PORT and is available at the SEC's website at www.sec.gov. A copy of each Acquired Fund's shareholder report is also available at the SEC's website at www.sec.gov, and a copy of each affiliate fund's shareholder report is available on the Funds' website at www.pimco.com, or upon request, as applicable. The tables below show the Funds' transactions in and earnings from investments in the affiliated funds for the period ended June 30, 2025 (amounts in thousands<sup>†</sup>):

#### Investments in PIMCO Short-Term Floating NAV Portfolio III

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fund Name | Market Value<br>06/30/2024 | Purchases<br>at Cost | Proceeds<br>from Sales | Net<br>Realized<br>Gain (Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Market Value<br>06/30/2025 | Dividend<br>Income<sup>(1)</sup> | Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup> |
|  PIMCO Dividend and Income Fund | $5168 | $65087 | $(65790) | $2 | $(1) | $4466 | $89 | $0 |
|  PIMCO RAE Emerging Markets Fund | 0 | 525440 | (520903) | 10 | (1) | 4546 | 472 | 0 |
|  PIMCO RAE International Fund | 0 | 164972 | (136830) | 1 | 0 | 28143 | 73 | 0 |
|  PIMCO RAE US Fund | 0 | 142980 | (140100) | 0 | 0 | 2880 | 179 | 0 |
|  PIMCO RAE US Small Fund | 0 | 379070 | (373401) | 9 | 0 | 5678 | 369 | 0 |

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#### PIMCO RAE Global ex-US Fund

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fund Name | Market Value<br>06/30/2024 | Purchases<br>at Cost | Proceeds<br>from Sales | Net<br>Realized<br>Gain (Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Market Value<br>06/30/2025 | Dividend<br>Income<sup>(1)</sup> | Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup> |
|  PIMCO RAE Emerging Markets Fund | $27581 | $4485 | $(3691) | $31 | $1212 | $29618 | $1399 | $252 |
|  PIMCO RAE International Fund | 79469 | 8994 | (12316) | (2533) | 10224 | 83838 | 3439 | 3829 |
|  **Totals** | $107050 | $13479 | $(16007) | $(2502) | $11436 | $113456 | $4838 | $4081 |

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| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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<sup>(1)</sup> 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 RAE Acquired Funds and RAE Underlying Funds for PIMCO RAE Global ex-US Fund and where applicable, certain Acquired Funds and Underlying PIMCO Funds for PIMCO Dividend and Income Fund) may utilize the investments and strategies described below to the extent permitted by each Fund's respective investment policies.

Delayed-Delivery Transactions involve a commitment by a 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, a 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, a Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its NAV. A Fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, which may result in a realized gain (loss). When a 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 according to the rate of inflation. The interest rate on these bonds is generally fixed at issuance at a rate lower than typical bonds. Over the life of an inflation-indexed bond, however, interest will be paid based on a principal value which is adjusted for inflation. Any increase or decrease in the principal amount of an inflation-indexed bond will be included as interest income on the Statements of Operations, even though investors do not receive their principal until maturity. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed in the case of U.S. Treasury Inflation-Protected Securities ("TIPS"). For bonds that do not provide a similar guarantee, the adjusted principal value of the bond repaid at maturity may be less than the original principal.

Loans and Other Indebtedness, Loan Participations and Assignments are direct debt instruments which are interests in amounts owed to lenders or lending syndicates by corporate, governmental or other borrowers. A Fund's investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties or investments in or originations of loans by a Fund. A loan is often administered by a bank or other financial institution (the "agent") that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. A Fund may invest in multiple series or tranches of a loan,

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| **70** | **PIMCO EQUITY SERIES** |

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June 30, 2025

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

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

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

Master Limited Partnerships ("MLPs") are generally publicly traded entities that are organized as limited partnerships or limited liability companies and are treated as partnerships under the Internal Revenue Code. Currently, most MLPs operate in the energy and/or natural resources sectors. The only asset of an MLP is most commonly the ownership of the limited liability company or limited partnership known as the operating entity, which in turn owns subsidiaries and operating assets. The ownership of an MLP is split between the public and a sponsor. Interests in MLPs ("units") are often traded on securities

exchanges like shares of corporate stock. An MLP consists of a general partner and limited partners (or in the case of MLPs organized as limited liability companies, a managing member and members). The general partner or managing member typically controls the operations and management of the MLP and has an ownership stake in the MLP. The limited partners or members, through their ownership of limited partner or member interests, provide capital to the entity, and are intended to receive cash distributions and to have no role in the operation and management of the entity. MLP cash distributions are not guaranteed and depend on each partnership's or limited liability company's ability to generate adequate cash flow. The partnership or operating agreements of MLPs determine how cash distributions will be made to general partners and limited partners or to managing members and members, as applicable.

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 interests in 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 payments. 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, syndicated bank loans, peer-to-peer loans and litigation finance loans.

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **71** |

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Notes to Financial Statements (Cont.)

Collateralized Debt Obligations ("CDOs") include Collateralized Bond Obligations ("CBOs"), Collateralized Loan Obligations ("CLOs") and other similarly structured securities. CBOs, CLOs and other CDOs 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. Other CDOs are trusts backed by other types of assets representing obligations of various parties. 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) risks related to the capability of the servicer of the securitized assets, (iv) the risk that a Fund may invest in CBOs, CLOs, or other CDOs that are subordinate to other classes, (v) the structure and complexity of the transaction and the legal documents may not be fully understood at the time of investment and could lead to disputes with the issuer or among investors regarding the characterization of proceeds or unexpected investment results, and (vi) the CDO's manager may perform poorly.

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

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

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 a 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, as amended. 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, 2025, as applicable, are disclosed in the Notes to Schedules of Investments.

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

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| **72** | **PIMCO EQUITY SERIES** |

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June 30, 2025

payment of principal and interest by FNMA, but are not backed by the full faith and credit of the U.S. Government. FHLMC is a government sponsored corporation that 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 a Fund seeks to extend the expiration or maturity of a position, such as a TBA security on an underlying asset, by closing out the position before expiration and contemporaneously opening a new position with respect to substantially the same underlying asset with a later expiration date. TBA securities purchased or sold are reflected on the Statements of Assets and Liabilities as an asset or liability, respectively. Recently finalized FINRA rules include mandatory margin requirements for the TBA market that require the Funds to post collateral in connection with their TBA transactions. There is no similar requirement applicable to the Funds' TBA counterparties. The required collateralization of TBA trades could increase the cost of TBA transactions to the Funds 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 they do not represent any rights in the assets of the issuer. In addition, their value does not necessarily change with the value of the underlying securities, and they cease to have value if they are not exercised on or before their expiration date. If the market price of the underlying stock does not exceed the exercise price during the life of the warrant, the warrant will expire worthless. Warrants may increase the potential profit or loss to be realized from the investment as compared with investing the same amount in the underlying securities. Similarly, the percentage increase or decrease in the value of an equity security warrant may be greater than the percentage increase or decrease in the value of the underlying

common stock. Warrants may relate to the purchase of equity or debt securities. Debt obligations with warrants attached to purchase equity securities have many characteristics of convertible securities and their prices may, to some degree, reflect the performance of the underlying stock. Debt obligations also may be issued with warrants attached to purchase additional debt securities at the same coupon rate. A decline in interest rates would permit a Fund to sell such warrants at a profit. If interest rates rise, these warrants would generally expire with no value.

When-Issued Transactions 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 RAE Acquired Funds and RAE Underlying Funds for PIMCO RAE Global ex-US Fund and where applicable, certain Acquired Funds and Underlying PIMCO Funds for PIMCO Dividend and Income Fund) 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) Reverse Repurchase Agreements In a reverse repurchase agreement, a Fund delivers a security in exchange for cash to a financial institution, the counterparty, with a simultaneous agreement to repurchase the same or substantially the same security at an agreed-upon price and date. In an open maturity reverse repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by a Fund or counterparty at any time. A Fund is entitled to receive principal and interest payments, if any, made on the security delivered to the counterparty during the term of the agreement. Cash received in exchange for securities delivered plus accrued interest payments to be made by a Fund to counterparties are reflected as a liability on the Statements of Assets and Liabilities. Interest payments made by a Fund to counterparties are recorded as a component of interest expense on the Statements of Operations. In periods of increased demand for the security, a Fund may receive a fee

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **73** |

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Notes to Financial Statements (Cont.)

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

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

(c) 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.

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| |
|:---|
| 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 |

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Securities on loan are required to be fully collateralized. 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<sup>1</sup>/<sub>3</sub>% of total assets (including the value of collateral).

The loans are subject to termination at the option of the borrower or a 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, a 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.

(d) 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, 2025, the Funds did not participate in the Interfund Lending Program.

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| | |
|:---|:---|
| **74** | **PIMCO EQUITY SERIES** |

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June 30, 2025

6. FINANCIAL DERIVATIVE INSTRUMENTS

The Funds (and where applicable, certain RAE Acquired Funds and RAE Underlying Funds for PIMCO RAE Global ex-US Fund and where applicable, certain Acquired Funds and Underlying PIMCO Funds for PIMCO Dividend and Income Fund) may enter into the financial derivative instruments described below to the extent permitted by each Fund's respective investment policies.

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

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

(b) Futures Contracts are agreements to buy or sell a security or other asset for a set price on a future date and are traded on an exchange. A Fund may use futures contracts to manage its exposure to the securities markets or to movements in interest rates and currency values. The primary risks associated with the use of futures contracts are the

imperfect correlation between the change in market value of the securities held by a Fund and the prices of futures contracts and the possibility of an illiquid market. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, a Fund is required to deposit with its futures broker an amount of cash, U.S. Government and Agency Obligations, or select sovereign debt, in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and based on such movements in the price of the contracts, an appropriate payable or receivable for the change in value may be posted or collected by a Fund ("Futures Variation Margin"). Futures Variation Margins, if any, are disclosed within centrally cleared financial derivative instruments on the Statements 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 Statements of Assets and Liabilities.

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

Purchasing call options tends to increase a Fund's exposure to the underlying instrument. Purchasing put options tends to decrease a Fund's exposure to the underlying instrument. A Fund pays a premium which is included as an asset on the Statements of Assets and Liabilities and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **75** |

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Notes to Financial Statements (Cont.)

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

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

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

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

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

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

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, a Fund will value the credit default swap at its notional value or its full exposure value (i.e., the sum of the notional amount for the contract plus the market value), but may value the credit default swap at market value for purposes of applying certain of 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

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| | |
|:---|:---|
| **76** | **PIMCO EQUITY SERIES** |

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June 30, 2025

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.

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

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

of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash, 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. 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 indexes 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 indexes 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 indexes 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 indexes 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 indexes changes periodically, usually every six months, and for most indexes, each name has an equal weight in the index. Credit default swaps on credit indexes 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 indexes are instruments for protecting investors owning bonds against default, and traders use them to speculate on changes in credit quality.

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

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **77** |

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Notes to Financial Statements (Cont.)

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 indexes, the quoted market prices and resulting values serve as the indicator of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

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

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

7. PRINCIPAL AND OTHER RISKS

(a) Principal Risks

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

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Risks | PIMCO<br>Dividend and<br>Income Fund | **PIMCO**<br> **RAE Emerging<br>Markets**<br> **Fund** | **PIMCO**<br> **RAE Global<br>ex-US**<br> **Fund** | **PIMCO**<br> **RAE<br>International<br>Fund** | PIMCO<br>RAE US<br>Fund | PIMCO<br>RAE US Small<br>Fund |
|  Allocation | X |  | X |  |  |  |
|  Acquired Fund | X |  | X |  |  |  |
|  Equity | X | X | X | X | X | X |
|  Dividend-Oriented Stocks | X |  |  |  |  |  |
|  Value Investing | X | X | X | X | X | X |
|  Foreign (Non-U.S.) Investment | X | X | X | X |  |  |
|  Emerging Markets | X | X | X | X |  |  |
|  China |  | X |  |  |  |  |
|  Sovereign Debt | X |  |  |  |  |  |
|  Market | X | X | X | X | X | X |
|  Issuer | X | X | X | X | X | X |
|  Interest Rate | X |  |  |  |  |  |
|  Call | X |  |  |  |  |  |
|  Credit | X | X | X | X | X | X |
|  High Yield and Distressed Company | X |  |  |  |  |  |
|  Distressed Company |  |  | X |  |  | X |
|  Currency | X | X | X | X |  |  |

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|:---|:---|
| **78** | **PIMCO EQUITY SERIES** |

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June 30, 2025

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Risks** | **PIMCO<br>Dividend and<br>Income Fund** | **PIMCO<br>Dividend and<br>Income Fund** | **PIMCO**<br> **RAE Emerging<br>Markets**<br> **Fund** | **PIMCO**<br> **RAE Emerging<br>Markets**<br> **Fund** | **PIMCO**<br> **RAE Global<br>ex-US**<br> **Fund** | **PIMCO**<br> **RAE Global<br>ex-US**<br> **Fund** | **PIMCO**<br> **RAE<br>International<br>Fund** | **PIMCO**<br> **RAE<br>International<br>Fund** | **PIMCO<br>RAE US<br>Fund** | **PIMCO<br>RAE US<br>Fund** | **PIMCO<br>RAE US Small<br>Fund** | **PIMCO<br>RAE US Small<br>Fund** |
|  Real Estate |  | X |  | X |  | X |  | X |  | X |  | X |
|  Liquidity |  | X |  | X |  | X |  | X |  | X |  | X |
|  Leveraging |  | X |  | X |  | X |  | X |  | X |  | X |
|  Management |  | X |  | X |  | X |  | X |  | X |  | X |
|  Small Company |  |  |  |  |  | X |  |  |  |  |  | X |
|  Small-Cap and Mid-Cap Company |  | X |  |  |  |  |  |  |  |  |  |  |
|  Derivatives |  | X |  | X |  | X |  | X |  | X |  | X |
|  Model |  | X |  | X |  | X |  | X |  | X |  | X |
|  Mortgage-Related and Other Asset-Backed Securities |  | X |  |  |  |  |  |  |  |  |  |  |
|  Short Exposure |  | X |  |  |  |  |  |  |  |  |  |  |
|  Exchange-Traded Fund |  | X |  |  |  |  |  |  |  |  |  |  |
|  Tracking Error |  | X |  |  |  |  |  |  |  |  |  |  |
|  Indexing |  | X |  |  |  |  |  |  |  |  |  |  |
|  Collateralized Loan Obligations |  | X |  |  |  |  |  |  |  |  |  |  |

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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.

Allocation Risk is the risk that a Fund could experience losses 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. Investments in Acquired Funds that are exchange-traded funds are also subject to market risk, tracking error, the potential for trading at a discount or premium to their net asset value, bid/ask spread risk as well as the risks of the underlying securities they hold. 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 or equity-related 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 or equity-related securities generally have greater price volatility than fixed income securities. In addition, preferred securities may be subject to greater credit risk or other risks, such as risks related to

deferred and omitted distributions, limited voting rights, liquidity, interest rates, regulatory changes and special redemption rights.

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 or 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, corporate governance and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable U.S. or foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, political changes, diplomatic

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **79** |

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Notes to Financial Statements (Cont.)

developments, trade restrictions (including tariffs) 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.

China Risk is the risk of investing in securities and instruments economically tied to the People's Republic of China (excluding Hong Kong, Macau and Taiwan for the purpose of this disclosure) ("PRC"). These investments subject a Fund to the risks of investing in foreign (non-U.S.) securities and emerging market securities, as well as other risks including, without limitation, inefficiencies resulting from erratic growth, the unavailability of consistently-reliable economic or financial data, dependence on exports and international trade, asset price volatility, potential shortage of liquidity and limited accessibility by foreign (non-U.S.) investors (including as a result of sanctions), fluctuations in currency exchange rates, currency devaluation, the relatively small size and absence of operating history of many PRC companies, and the developing nature of the legal and regulatory framework for securities markets, custody arrangements and commerce.

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

Market Risk is the risk that the value of securities owned by a Fund may fluctuate, 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 reasons related to the issuer, such as management performance, changes in financial condition or credit rating, financial leverage, reputation or 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. Factors such as government policy, inflation, the economy, and market for bonds can impact interest rates and yields.

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 including 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 a Fund could experience losses if the issuer or guarantor of a fixed income security, or 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 market, 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 by ratings agencies with respect to the issuer's continuing ability to make principal and interest payments. Distressed companies may be engaged in restructurings or bankruptcy proceedings.

Distressed Company Risk is the risk that securities of distressed companies may be subject to greater levels of market, credit, 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 risks related to losses from casualty or condemnation, 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, REITs that are privately held or not traded on a national securities exchange may 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 investments at an advantageous time or price or achieve its desired level of exposure to a certain sector.

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| | |
|:---|:---|
| **80** | **PIMCO EQUITY SERIES** |

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June 30, 2025

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. The use of leverage may also increase a Fund's sensitivity to interest rate risks.

Management Risk is the risk that the investment techniques and risk analyses applied by PIMCO or the sub-adviser, including the use of quantitative models or methods, will not produce the desired results and that actual or potential conflicts of interest, legislative, regulatory or tax restrictions, policies or developments may affect the investment techniques available to PIMCO or the sub-adviser and the individual portfolio managers in connection with managing a Fund and may cause PIMCO or 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.

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, options, 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. 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. Non-centrally-cleared 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 non-centrally-cleared 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, or 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. The performance of the investment models may be impacted by software or other technology malfunctions, human error, programming inaccuracies, power loss, and other events or circumstances, which may be difficult to detect and may be beyond the control of a 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. A Fund may invest in any tranche of mortgage-related and other asset-backed securities, including junior and/or equity tranches (to the extent consistent with the Fund's guidelines), which generally carry higher levels of the foregoing risks. 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.

Exchange-Traded Fund Risk is the risk that an exchange-traded fund may not achieve its investment objective, among other reasons, because of regulatory restrictions including, for example, 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 the Fund that seeks to track the investment results of an underlying index may not closely track the underlying index for a number of reasons. For example, 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

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **81** |

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Notes to Financial Statements (Cont.)

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, the 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.

Collateralized Loan Obligations Risk is the risk that investing in collateralized loan obligations ("CLOs") and other similarly structured investments exposes the Fund to heightened credit risk, interest rate risk, liquidity risk, market risk and prepayment and extension risk, as well as the risk of default on the underlying asset. In addition, investments in CLOs 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) risks related to the capability of the servicer of the securitized assets; (iv) the risk that the Fund may invest in tranches of CLOs that are subordinate to other tranches; (v) the structure and complexity of the transaction and the legal documents may not be fully understood at the time of investment and could lead to disputes with the issuer or among investors regarding the characterization of proceeds or unexpected investment results; and (vi) the CLO's manager may perform poorly.

(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 Disruptions Risk A Fund is subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from actual or threatened war or armed conflicts, military conflicts, terrorism, market manipulation, government interventions, defaults and shutdowns, political and regulatory changes or diplomatic developments or the imposition of sanctions and other measures, including the imposition of tariffs, or other U.S. economic policies and

any related public health emergencies (such as the spread of infectious diseases, pandemics and epidemics), bank failures and natural/environmental disasters, which can all negatively impact the securities markets and cause a Fund to lose value. These events can also impair the technology and other operational systems upon which a Fund's service providers, including PIMCO as a Fund's investment adviser, rely, and could otherwise disrupt a Fund's service providers' ability to fulfill their obligations to a Fund.

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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| | |
|:---|:---|
| **82** | **PIMCO EQUITY SERIES** |

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June 30, 2025

Cyber Security Risk As the use of complex information technology and communication systems, including cloud-based technology, has become more prevalent and interconnected in the course of business, the Funds have become potentially more susceptible to operational and information security risks resulting from breaches in cyber security despite the efforts of PIMCO, a Fund, or their service providers to adopt technologies, processes, and practices intended to mitigate these risks. 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. Geopolitical tensions can increase the scale and sophistication of deliberate cybersecurity attacks, particularly those from nation-states or from entities with nation-state backing, who may desire to use cybersecurity attacks to cause damage or create leverage against geopolitical rivals. 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.

Certain of the Funds may lend securities through Securities Finance Trust Company ("Securities Lending Agent"), an unaffiliated securities lending agent, and receives collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day, and any increases or decreases in the required collateral are exchanged between a Fund and the counterparty on the next business day. Cash collateral received is invested in the PIMCO Government Money Market Fund or another cash sweep vehicle agreed by a Fund. The Securities Lending Agent administers the Funds' securities lending program, providing services that include marketing the Funds' available securities, soliciting bids from potential borrowers, monitoring the daily value of the loaned securities, and investing cash collateral in accordance with specific instructions provided by the Funds. Any securities on loan will be subject to the relevant Fund's agreement with Securities Lending Agent along with any master lending agreement entered into by the Securities Lending Agent on behalf of the Fund with any permitted borrowers.

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,

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|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **83** |

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Notes to Financial Statements (Cont.)

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. FCM customers, such as the Funds, are permitted to transfer their customer account (and cleared derivative transactions held in such customer account) from one FCM to another FCM. Upon completion of the transfer, the customer maintains the same economic position with respect to the outstanding exposure. As such, these transfers are not recognized as dispositions and reacquisitions of the affected derivative positions. 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 porting of exposure between FCMs has no impact on the market value or accumulated unrealized appreciation (depreciation), initial margin posted, and any unsettled variation margin; these values as of period end are disclosed in the Notes to Schedules of Investments.

Prime Broker Arrangements may be entered into to facilitate execution and/or clearing of listed equity option transactions or short sales of equity securities between a Fund and selected counterparties. The arrangements provide guidelines surrounding the rights, obligations and other events, including, but not limited to, margin, execution and settlement. These agreements maintain provisions for, among other things, payments, maintenance of collateral, events of default and termination. Margin and other assets delivered as collateral are

typically in the possession of the prime broker and would offset any obligations due to the prime broker. The market values of listed options and securities sold short and related collateral are disclosed in the Notes to Schedules of Investments.

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

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| | |
|:---|:---|
| **84** | **PIMCO EQUITY SERIES** |

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June 30, 2025

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):

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|:---|:---|:---|:---|:---|:---|:---|
| | Investment Advisory Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee |
| Fund Name | All Classes | Institutional<br>Class | I-2 | I-3 | Class A | Class C |
|  PIMCO Dividend and Income Fund | 0.44% | 0.25% | 0.35% | 0.45% \*<sup>(1)</sup> | 0.35% | 0.35% |
|  PIMCO RAE Emerging Markets Fund | 0.50% | 0.25% | 0.35% | N/A | 0.35% | N/A |
|  PIMCO RAE Global ex-US Fund | 0.40% | 0.15% | 0.25% | N/A | 0.25% | N/A |
|  PIMCO RAE International Fund | 0.30% | 0.20% | 0.30% | N/A | 0.30% | N/A |
|  PIMCO RAE US Fund | 0.25% | 0.15% | 0.25% | 0.35% \*<sup>(1)</sup> | 0.30% | N/A |
|  PIMCO RAE US Small Fund | 0.35% | 0.15% | 0.25% | N/A | 0.30% | N/A |

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<sup>(1)</sup> PIMCO has contractually agreed, through October 31, 2025, 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, 2025.

(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 each Fund's average daily net assets attributable to each class):

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| | | |
|:---|:---|:---|
| | Allowable Rate | Allowable Rate |
|  | Distribution Fee | Servicing Fee |
|  **Class A** |  | 0.25% |
|  **Class C** | 0.75% | 0.25% |

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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, 2025, the Distributor retained $50,871 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: (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.

(e) Remuneration Paid to Directors, Officers and Others (N-CSR Item 10) 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. The pro rata share of Trustee fees for each Fund is reflected on the Statements of Operations as Trustee fees.

(f) Expense Limitation Pursuant to the Expense Limitation Agreement, PIMCO has contractually agreed, through October 31, 2025, to waive a portion of each Fund's 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

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **85** |

---

------

Notes to Financial Statements (Cont.)

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 pursuant to the Expense Limitation Agreement (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 recoverable amounts to PIMCO (from the Fee Waiver Agreement and Expense Limitation Agreement combined) as of June 30, 2025 were (amounts in thousands<sup>†</sup>):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Expiring within | Expiring within | Expiring within | |
| Fund Name | 12 months | 13-24 months | 25-36 months | Total |
|  PIMCO Dividend and Income Fund | $10 | $10 | $10 | $30 |
|  PIMCO RAE Emerging Markets Fund | 80 | 82 | 111 | 273 |
|  PIMCO RAE Global ex-US Fund | 6 | 6 | 6 | 18 |
|  PIMCO RAE International Fund | 49 | 29 | 30 | 108 |
|  PIMCO RAE US Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216 |
|  PIMCO RAE US Small Fund | 0 | 11 | 82 | 93 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | 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, 2025, 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 Dividend and Income Fund and 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.

Pursuant to the Expense Limitation Agreement and Fee Waiver Agreement, waiver amounts are reflected on the Statements of Operations as a component of Waiver and/or Reimbursement by PIMCO. As of June 30, 2025, the amounts waived and/or reimbursed were (in thousands<sup>†</sup>):

---

| | |
|:---|:---|
| Fund Name | Waived Fees |
|  PIMCO Dividend and Income Fund | $10 |
|  PIMCO RAE Emerging Markets Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111 |
|  PIMCO RAE Global ex-US Fund | 6 |
|  PIMCO RAE International Fund | 30 |
|  PIMCO RAE US Fund | 82 |
|  PIMCO RAE US Small Fund | 82 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

(g) 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 and RAE 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 and RAE 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, 2025, to waive, first, the Investment Advisory Fee and, second, to the extent necessary, the Supervisory and Administrative Fee it receives from the PIMCO Dividend and Income Fund in an amount equal to the expenses attributable to the advisory fees and the supervisory and administrative fees from the Underlying PIMCO Funds ("Underlying PIMCO Fund Fees") indirectly incurred by the Fund in connection with its investments in Underlying PIMCO Funds up to a maximum waived amount that is equal to the Fund's aggregate Investment Advisory Fee and Supervisory and Administrative Fee. This waiver will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term.

PIMCO has contractually agreed, through October 31, 2025, to waive, first, the Investment Advisory Fee and, second, to the extent necessary,

---

| | |
|:---|:---|
| **86** | **PIMCO EQUITY SERIES** |

---

------

June 30, 2025

the Supervisory and Administrative Fee it receives from the PIMCO RAE Global ex-US Fund in an amount equal to the expenses attributable to the advisory fees and the supervisory and administrative fees from the RAE Underlying Funds ("RAE Underlying Fund Fees") indirectly incurred by the Fund in connection with its investments in RAE Underlying Funds up to a maximum waived amount that is equal to the Fund's aggregate Investment Advisory Fee and Supervisory and Administrative Fee. 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 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, 2025, the amounts waived and/or reimbursed were (in thousands<sup>†</sup>):

---

| | |
|:---|:---|
| Fund Name | Waived Fees |
|  PIMCO Dividend and Income Fund | $0 |
|  PIMCO RAE Emerging Markets Fund | 0 |
|  PIMCO RAE Global ex-US Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;604 |
|  PIMCO RAE International Fund | 0 |
|  PIMCO RAE US Fund | 0 |
|  PIMCO RAE US Small Fund | 0 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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 a Fund. Frequent and active trading of a Fund's portfolio holdings may cause adverse tax consequences for shareholders due to an increase in short-term capital gains and may also adversely impact the Fund's after-tax returns. 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, 2025 were as follows (amounts in thousands<sup>†</sup>):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | U.S. Government/Agency | U.S. Government/Agency | All Other | All Other |
| Fund Name | Purchases | Sales | Purchases | Sales |
|  PIMCO Dividend and Income Fund | $945147 | $940625 | $108388 | $90760 |
|  PIMCO RAE Emerging Markets Fund | 0 | 0 | 1384601 | 994414 |
|  PIMCO RAE Global ex-US Fund | 0 | 0 | 13480 | 16007 |
|  PIMCO RAE International Fund | 0 | 0 | 436865 | 403925 |
|  PIMCO RAE US Fund | 0 | 0 | 816372 | 948426 |
|  PIMCO RAE US Small Fund | 0 | 0 | 1769451 | 985640 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **87** |

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------

Notes to Financial Statements (Cont.)

13. SHARES OF BENEFICIAL INTEREST

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

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | PIMCO Dividend and Income Fund | PIMCO Dividend and Income Fund | PIMCO Dividend and Income Fund | PIMCO Dividend and Income Fund | PIMCO RAE Emerging Markets Fund | PIMCO RAE Emerging Markets Fund | PIMCO RAE Emerging Markets Fund | PIMCO RAE Emerging Markets Fund | PIMCO RAE Global ex-US Fund | PIMCO RAE Global ex-US Fund | PIMCO RAE Global ex-US Fund | PIMCO RAE Global ex-US Fund |
|  | Year Ended<br>06/30/2025 | Year Ended<br>06/30/2025 | Year Ended<br>06/30/2024 | Year Ended<br>06/30/2024 | Year Ended<br>06/30/2025 | Year Ended<br>06/30/2025 | Year Ended<br>06/30/2024 | Year Ended<br>06/30/2024 | Year Ended<br>06/30/2025 | Year Ended<br>06/30/2025 | Year Ended<br>06/30/2024 | Year Ended<br>06/30/2024 |
|  | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount |
|  **Receipts for shares sold** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 617 | $8015 | 477 | $5704 | 67549 | $727292 | 82830 | $833296 | 250 | $2441 | 1237 | $11474 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 652 | 8471 | 393 | 4744 | 10912 | 116918 | 9814 | 99733 | 47 | 493 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 1330 | 17201 | 1353 | 15963 | 3274 | 35652 | 1615 | 16021 | 153 | 1414 | 143 | 1306 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 175 | 2253 | 257 | 3016 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
|  **Issued as reinvestment of distributions** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 66 | 856 | 68 | 812 | 10083 | 104030 | 5439 | 53467 | 621 | 5662 | 804 | 7467 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 62 | 799 | 54 | 648 | 944 | 9656 | 426 | 4155 | 1 | 6 | 2 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 436 | 5593 | 446 | 5344 | 270 | 2719 | 82 | 787 | 114 | 1010 | 150 | 1363 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | 29 | 373 | 36 | 436 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
|  **Cost of shares redeemed** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (234) | (3022) | (958) | (11431) | (43767) | (463109) | (74820) | (753528) | (1159) | (11347) | (757) | (7192) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | (320) | (4143) | (422) | (5027) | (7541) | (80239) | (3128) | (31494) | (50) | (501) | (2) | (16) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (1745) | (22457) | (1863) | (22189) | (2929) | (29970) | (1806) | (17206) | (417) | (3941) | (241) | (2238) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (317) | (4075) | (622) | (7318) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
|  **Net increase (decrease) resulting from Fund share transactions** | 751 | $9864 | (781) | $(9298) | 38795 | $422949 | 20452 | $205231 | (440) | $(4763) | 1336 | $12175 |
|  | PIMCO RAE International Fund | PIMCO RAE International Fund | PIMCO RAE International Fund | PIMCO RAE International Fund | PIMCO RAE US Fund | PIMCO RAE US Fund | PIMCO RAE US Fund | PIMCO RAE US Fund | PIMCO RAE US Small Fund | PIMCO RAE US Small Fund | PIMCO RAE US Small Fund | PIMCO RAE US Small Fund |
|  | Year Ended<br>06/30/2025 | Year Ended<br>06/30/2025 | Year Ended<br>06/30/2024 | Year Ended<br>06/30/2024 | Year Ended<br>06/30/2025 | Year Ended<br>06/30/2025 | Year Ended<br>06/30/2024 | Year Ended<br>06/30/2024 | Year Ended<br>06/30/2025 | Year Ended<br>06/30/2025 | Year Ended<br>06/30/2024 | Year Ended<br>06/30/2024 |
|  | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount |
|  **Receipts for shares sold** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 28625 | $238335 | 8394 | $67062 | 22954 | $327892 | 35580 | $473882 | 83724 | $927442 | 48663 | $469830 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 274 | 2092 | 222 | 1756 | 600 | 8236 | 1324 | 17679 | 23374 | 252601 | 13329 | 130322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 82 | 650 | 58 | 449 | 576 | 7844 | 2200 | 29462 | 13322 | 142609 | 7791 | 72559 |
|  **Issued as reinvestment of distributions** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 6580 | 50852 | 5627 | 44736 | 11046 | 154624 | 5391 | 70218 | 3134 | 37521 | 887 | 8668 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 59 | 451 | 94 | 746 | 299 | 4138 | 300 | 3870 | 686 | 8098 | 157 | 1516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 50 | 380 | 65 | 506 | 235 | 3172 | 110 | 1392 | 579 | 6647 | 148 | 1394 |
|  **Cost of shares redeemed** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (28116) | (225334) | (24218) | (197540) | (31825) | (448249) | (33019) | (438759) | (32899) | (362471) | (21968) | (207603) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | (229) | (1844) | (664) | (5265) | (1715) | (22322) | (3427) | (45218) | (10516) | (112166) | (4740) | (44951) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (439) | (3365) | (113) | (882) | (2359) | (32537) | (417) | (5503) | (7807) | (81890) | (3414) | (31232) |
|  **Net increase (decrease) resulting from Fund share transactions** | 6886 | $62217 | (10535) | $(88432) | (189) | $2798 | 8042 | $107023 | 73597 | $818391 | 40853 | $400503 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

---

| | |
|:---|:---|
| **88** | **PIMCO EQUITY SERIES** |

---

------

June 30, 2025

The following table discloses the number of persons who owned of record or beneficially 10% or more of the outstanding shares of a Fund along with their respective percent ownership, if any, as of June 30, 2025. 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<br>outstanding shares | Shareholders that own 10% or more of<br>outstanding shares | Total percentage of portfolio held by<br>shareholders that own 10% or more of<br>outstanding shares | Total percentage of portfolio held by<br>shareholders that own 10% or more of<br>outstanding shares |
|  | Non-Related Parties | Related Parties | Non-Related Parties | Related Parties |
|  PIMCO Dividend and Income Fund | 1 | 0 | 11% | 0% |
|  PIMCO RAE Emerging Markets Fund | 2 | 1 | 44% | 16% |
|  PIMCO RAE Global ex-US Fund | 4 | 0 | 96% | 0% |
|  PIMCO RAE International Fund | 2 | 2 | 36% | 40% |
|  PIMCO RAE US Fund | 2 | 0 | 60% | 0% |
|  PIMCO RAE US Small Fund | 2 | 0 | 37% | 0% |

---

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, 2025, 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, 2025, the components of distributable taxable earnings are as follows (amounts in thousands<sup>†</sup>):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Undistributed<br>Ordinary<br>Income<sup>(1)</sup> | Undistributed<br>Long-Term<br>Capital Gains | Net Tax Basis<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(2)</sup> | Other<br>Book-to-Tax<br>Accounting<br>Differences<sup>(3)</sup> | Accumulated<br>Capital<br>Losses<sup>(4)</sup> | Qualified<br>Late-Year<br>Loss<br>Deferral -<br>Capital<sup>(5)</sup> | Qualified<br>Late-Year<br>Loss<br>Deferral -<br>Ordinary<sup>(6)</sup> | Total<br>Components<br>of Distributable<br>Earnings |
|  PIMCO Dividend and Income Fund | $268 | $0 | $14632 | $(2) | $(77910) | $0 | $0 | $(63012) |
|  PIMCO RAE Emerging Markets Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(169712) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157206 |
|  PIMCO RAE Global ex-US Fund | 608 | 2085 | 5191 | (1) | 0 | 0 | 0 | 7883 |
|  PIMCO RAE International Fund | 11272 | 22268 | 77414 | (3) | (8829) | 0 | 0 | 102122 |
|  PIMCO RAE US Fund | 16866 | 120003 | 209830 | (6) | 0 | 0 | 0 | 346693 |
|  PIMCO RAE US Small Fund | 11332 | 63954 | 129353 | (1) | (12854) | 0 | 0 | 191784 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(1)</sup> Includes undistributed short-term capital gains, if any.

<sup>(2)</sup> 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), adjustments for real estate investment trusts, and interest accrued on defaulted securities. 

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

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

<sup>(5)</sup> Capital losses realized during the period November 1, 2024 through June 30, 2025, which the Funds elected to defer to the following taxable year pursuant to income tax regulations.

<sup>(6)</sup> Specified losses realized during the period November 1, 2024 through June 30, 2025 and Ordinary losses realized during the period January 1, 2025 through June 30, 2025, which the Funds elected to defer to the following taxable year pursuant to income tax regulations.

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **89** |

---

------

Notes to Financial Statements (Cont.) June 30, 2025

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, 2025, the Funds had the following post-effective capital losses with no expiration (amounts in thousands<sup>†</sup>):

---

| | | |
|:---|:---|:---|
|  | Short-Term | Long-Term |
|  PIMCO Dividend and Income Fund | $65107 | $12803 |
|  PIMCO RAE Emerging Markets Fund\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101809 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67903 |
|  PIMCO RAE Global ex-US Fund | 0 | 0 |
|  PIMCO RAE International Fund\* | 4363 | 4466 |
|  PIMCO RAE US Fund | 0 | 0 |
|  PIMCO RAE US Small Fund\* | 8979 | 3875 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | 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, 2025, the aggregate cost and the net unrealized appreciation/(depreciation) of investments for Federal income tax purposes are as follows (amounts in thousands<sup>†</sup>):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Federal<br>Tax Cost | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation/<br>(Depreciation)<sup>(7)</sup> |
|  PIMCO Dividend and Income Fund | $238576 | $24699 | $(10072) | $14627 |
|  PIMCO RAE Emerging Markets Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2196961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(175213) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157375 |
|  PIMCO RAE Global ex-US Fund | 108445 | 5190 | 0 | 5190 |
|  PIMCO RAE International Fund | 556788 | 86801 | (9632) | 77169 |
|  PIMCO RAE US Fund | 1199463 | 291305 | (81476) | 209829 |
|  PIMCO RAE US Small Fund | 1870653 | 269965 | (140613) | 129352 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(7)</sup> 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), adjustments for real estate investment trusts, and interest accrued on defaulted securities. 

For the fiscal years ended June 30, 2025 and June 30, 2024, respectively, the Funds made the following tax basis distributions (amounts in thousands<sup>†</sup>):

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | June 30, 2025 | June 30, 2025 | June 30, 2025 | June 30, 2024 | June 30, 2024 | June 30, 2024 |
|  | Ordinary<br>Income<br>Distributions<sup>(8)</sup> | Long-Term<br>Capital Gain<br>Distributions | Return of<br>Capital<sup>(9)</sup> | Ordinary<br>Income<br>Distributions<sup>(8)</sup> | Long-Term<br>Capital Gain<br>Distributions | Return of<br>Capital<sup>(9)</sup> |
|  PIMCO Dividend and Income Fund | $8756 | $0 | $0 | $8346 | $0 | $0 |
|  PIMCO RAE Emerging Markets Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62752 | 0 | 0 |
|  PIMCO RAE Global ex-US Fund | 5412 | 1266 | 0 | 5101 | 3740 | 0 |
|  PIMCO RAE International Fund | 23695 | 28344 | 0 | 31862 | 14820 | 0 |
|  PIMCO RAE US Fund | 69562 | 94084 | 0 | 36551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
|  PIMCO RAE US Small Fund | 29974 | 23755 | 0 | 12001 | 0 | 0 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(8)</sup> Includes short-term capital gains distributed, if any.

<sup>(9)</sup> 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.

---

| | |
|:---|:---|
| **90** | **PIMCO EQUITY SERIES** |

---

------

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of PIMCO Equity Series and Shareholders of PIMCO Dividend and Income Fund, 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 Dividend and Income Fund, 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, 2025, the related statements of operations for the year ended June 30, 2025, the statements of changes in net assets for each of the two years in the period ended June 30, 2025, including the related notes, and the financial highlights for each of the five years in the period ended June 30, 2025 (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, 2025, 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, 2025 and each of the financial highlights for each of the five years in the period ended June 30, 2025 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, 2025 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 opinions.

/s/ PricewaterhouseCoopers LLP

Kansas City, Missouri

August 27, 2025

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

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **91** |

---

------

---

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

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  Counterparty Abbreviations: | Counterparty Abbreviations: |  |  |  |  |
| AZD | Australia and New Zealand Banking Group | DUB | Deutsche Bank AG | MYC | Morgan Stanley Capital Services LLC |
| BMO | BMO Capital Markets Corporation | FAR | Wells Fargo Bank National Association | MYI | Morgan Stanley & Co. International PLC |
| BOA | Bank of America N.A. | GLM | Goldman Sachs Bank USA | NGF | Nomura Global Financial Products, Inc. |
| BOS | BofA Securities, Inc. | GSC | Goldman Sachs & Co. LLC | RBC | Royal Bank of Canada |
| BPG | BNP Paribas Securities Corp. | GST | Goldman Sachs International | SAL | Citigroup Global Markets, Inc. |
| BPS | BNP Paribas S.A. | HSL | HSBC Bank Plc | SCX | Standard Chartered Bank, London |
| BRC | Barclays Bank PLC | IBD | ING Bank N.V. - Amsterdam | SSB | State Street Bank and Trust Co. |
| BSH | Banco Santander S.A. - New York Branch | JPM | JP Morgan Chase Bank N.A. | TDM | TD Securities (USA) LLC |
| BSN | The Bank of Nova Scotia - Toronto | JPS | J.P. Morgan Securities LLC | UAG | UBS AG Stamford |
| BZW | Barclays Capital Securities Limited | MBC | HSBC Bank Plc | UBS | UBS Securities LLC |
| CBK | Citibank N.A. | MSB | Morgan Stanley Bank, N.A | WFS | Wells Fargo Securities, LLC |
|  Currency Abbreviations: | Currency Abbreviations: |  |  |  |  |
| AUD | Australian Dollar | ILS | Israeli Shekel | PEN | Peruvian New Sol |
| BRL | Brazilian Real | INR | Indian Rupee | PLN | Polish Zloty |
| CAD | Canadian Dollar | JPY | Japanese Yen | SGD | Singapore Dollar |
| CHF | Swiss Franc | KRW | South Korean Won | THB | Thai Baht |
| CNH | Chinese Renminbi (Offshore) | KWD | Kuwaiti Dinar | TRY | Turkish New Lira |
| EGP | Egyptian Pound | MXN | Mexican Peso | TWD | Taiwanese Dollar |
| EUR | Euro | NGN | Nigerian Naira | USD (or $) | United States Dollar |
| GBP | British Pound | NZD | New Zealand Dollar | ZAR | South African Rand |
| IDR | Indonesian Rupiah |  |  |  |  |
|  Exchange Abbreviations: | Exchange Abbreviations: |  |  |  |  |
| CBOE | Chicago Board Options Exchange | CBOT | Chicago Board of Trade | OTC | Over the Counter |
|  Index/Spread Abbreviations: | Index/Spread Abbreviations: |  |  |  |  |
| Bobl | Bundesobligation, the German word for federal government bond | CDX.IG | Credit Derivatives Index - Investment Grade | SONIO | Sterling Overnight Interbank Average Rate |
| BP0003M | 3 Month GBP-LIBOR | CMBX | Commercial Mortgage-Backed Index | TSFR1M | Term SOFR 1-Month |
| CAONREPO | Canadian Overnight Repo Rate Average | MUTKCALM | Tokyo Overnight Average Rate | TSFR3M | Term SOFR 3-Month |
| CDX.EM | Credit Derivatives Index - Emerging Markets | SOFR | Secured Overnight Financing Rate | UKRPI | United Kingdom Retail Prices Index |
| CDX.HY | Credit Derivatives Index - High Yield |  |  |  |  |
|  Other Abbreviations: | Other Abbreviations: |  |  |  |  |
| ABS | Asset-Backed Security | CMBS | Collateralized Mortgage-Backed Security | PIK | Payment-in-Kind |
| ADR | American Depositary Receipt | DAC | Designated Activity Company | REIT | Real Estate Investment Trust |
| BABs | Build America Bonds | EURIBOR | Euro Interbank Offered Rate | TBA | To-Be-Announced |
| BBR | Bank Bill Rate | JIBAR | Johannesburg Interbank Agreed Rate | TBD | To-Be-Determined |
| BBSW | Bank Bill Swap Reference Rate | Lunar | Monthly payment based on 28-day periods. One year consists of 13 periods. | TBD% | Interest rate to be determined when loan settles or at the time of funding |
| BRL-CDI | Brazil Interbank Deposit Rate | OIS | Overnight Index Swap | TIIE | Tasa de Interés Interbancaria de Equilibrio "Equilibrium Interbank Interest Rate" |
| CLO | Collateralized Loan Obligation |  |  |  |  |

---

---

| | |
|:---|:---|
| **92** | **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, 2025 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.

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| | | | | |
|:---|:---|:---|:---|:---|
| PIMCO Dividend and Income Fund | PIMCO Dividend and Income Fund | PIMCO Dividend and Income Fund | PIMCO Dividend and Income Fund | PIMCO Dividend and Income Fund |
| Institutional Class | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  March 2025 | $0.1332 | $0.0000 | $0.0000 | $0.1332 |
|  June 2025 | $0.1503 | $0.0000 | $0.0000 | $0.1503 |
| I-2 | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  March 2025 | $0.1310 | $0.0000 | $0.0000 | $0.1310 |
|  June 2025 | $0.1468 | $0.0000 | $0.0000 | $0.1468 |
| Class A | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  March 2025 | $0.1235 | $0.0000 | $0.0000 | $0.1235 |
|  June 2025 | $0.1386 | $0.0000 | $0.0000 | $0.1386 |
| Class C | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  March 2025 | $0.1025 | $0.0000 | $0.0000 | $0.1025 |
|  June 2025 | $0.1148 | $0.0000 | $0.0000 | $0.1148 |

---

\* 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 FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **93** |

---

------

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 2025 ordinary income dividend that qualifies for the corporate dividend received deduction is set forth below.

Qualified Dividend Income. Under the Jobs and Growth Tax Relief Reconciliation Act of 2003, the following percentage of ordinary dividends paid during the fiscal year ended June 30, 2025 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 2025.

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, 2025 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, 2025 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).

Section 199A Dividends. The Funds intend to pass through the maximum amount allowable as Section 199A Dividends defined in Proposed Treasury Section 199A-3(d).

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<br>Received<br>Deduction% | Qualified<br>Dividend<br>Income% | Qualified<br>Interest<br>Income<br>(000s)<sup>†</sup> | Qualified<br>Short-Term<br>Capital Gains<br>(000s)<sup>†</sup> | Foreign<br>Source<br>Income<br>(000s)<sup>†</sup> | Foreign<br>Taxes Pass<br>Through<br>(000s)<sup>†</sup> |
|  PIMCO Dividend and Income Fund | 15.28% | 36.85% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8622 | $0 | $0 | $0 |
|  PIMCO RAE Emerging Markets Fund | 0.00% | 100.00% | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29866 |
|  PIMCO RAE Global ex-US Fund | 0.00% | 62.96% | 0 | 36 | 3622 | 448 |
|  PIMCO RAE International Fund | 0.00% | 100.00% | 0 | 6227 | 23198 | 1918 |
|  PIMCO RAE US Fund | 100.00% | 100.00% | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43152 | 0 | 0 |
|  PIMCO RAE US Small Fund | 100.00% | 100.00% | 0 | 15118 | 0 | 0 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | 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 2026, 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 2025.

---

| | |
|:---|:---|
| **94** | **PIMCO EQUITY SERIES** |

---

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Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8) (Unaudited)

Not applicable.

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **95** |

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------

Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9) (Unaudited)

A special meeting of shareholders was held on December 6, 2024. The results of votes taken among shareholders on the proposal before them are reported below.

Proposal — Election of Ten Trustees to the Board of Trustees

The purpose of this proposal was to elect ten nominees to the Board of Trustees, three of whom did not currently serve as Trustees of the Trust.

---

| | | |
|:---|:---|:---|
| Trustee | Number of<br>Votes For | Number of<br>Votes Withheld |
|  Peter G. Strelow<sup>†</sup> | 318532120.05 | 7468814.30 |
|  Kimberley G. Stafford<sup>†</sup> | 318656349.02 | 7344585.33 |
|  Michael J. Berchtold | 318646270.46 | 7354663.89 |
|  Jennifer Holden Dunbar | 318371137.81 | 7629796.54 |
|  Kym M. Hubbard | 318394314.09 | 7606620.26 |
|  Gary F. Kennedy | 309620914.42 | 16380019.92 |
|  Anne K. Kratky | 318578763.98 | 7422170.36 |
|  Steven Lipiner | 318529349.02 | 7471585.33 |
|  Peter B. McCarthy | 318223376.49 | 7777557.86 |
|  Ronald C. Parker | 318587534.91 | 7413399.44 |

---

<sup>†</sup> Interested Trustee

---

| | |
|:---|:---|
| **96** | **PIMCO EQUITY SERIES** |

---

------

Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Unaudited)

Not applicable.

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **97** |

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#### 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

660 Newport Center Drive, Suite 300

Newport Beach, CA 92660

Distributor

PIMCO Investments LLC

1633 Broadway

New York, NY 10019

Custodian

State Street Bank & Trust Co.

2323 Grand Boulevard, 5th Floor

Kansas City, MO 64108

Transfer Agent

SS&C Global Investor & Distribution Solutions, Inc.

80 Lamberton Road

Windsor, CT 06095

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.

------

![LOGO](g946806g75h91.jpg)

PESRAEFSTMAR_063025

------

![LOGO](g908530g13e39.jpg)

PIMCO EQUITY SERIES<sup>®</sup>

## Annual Financial and Other Information
June 30, 2025

**REALPATH<sup>®</sup> Blend Funds**

PIMCO REALPATH<sup>®</sup> Blend 2030 Fund

PIMCO REALPATH<sup>®</sup> Blend 2035 Fund

PIMCO REALPATH<sup>®</sup> Blend 2040 Fund

PIMCO REALPATH<sup>®</sup> Blend 2045 Fund

PIMCO REALPATH<sup>®</sup> Blend 2050 Fund

PIMCO REALPATH<sup>®</sup> Blend 2055 Fund

PIMCO REALPATH<sup>®</sup> Blend 2060 Fund

PIMCO REALPATH<sup>®</sup> Blend 2065 Fund

PIMCO REALPATH<sup>®</sup> Blend 2070 Fund

PIMCO REALPATH<sup>®</sup> Blend Income Fund

------

#### **Table of Contents**

---

| | |
|:---|:---|
|  | Page |
| &nbsp;&nbsp; [Important Information About the Funds](#tx908530_1) | 2 |
| &nbsp;&nbsp; [Financial Highlights (N-CSR Item 7)](#tx908530_2) | 6 |
| &nbsp;&nbsp; [Statements of Assets and Liabilities (N-CSR Item 7)](#tx908530_3) | 12 |
| &nbsp;&nbsp; [Statements of Operations (N-CSR Item 7)](#tx908530_4) | 16 |
| &nbsp;&nbsp; [Statements of Changes in Net Assets (N-CSR Item 7)](#tx908530_5) | 18 |
| &nbsp;&nbsp; [Notes to Financial Statements (N-CSR Item 7)](#tx908530_6) | 47 |
| &nbsp;&nbsp; [Remuneration Paid to Directors, Officers and Others (N-CSR Item 10)](#tx908530_7) | 65 |
| &nbsp;&nbsp; [Report of Independent Registered Public Accounting Firm (N-CSR Item 7)](#tx908530_7a) | 72 |
| &nbsp;&nbsp; [Glossary](#tx908530_8) | 73 |
| &nbsp;&nbsp; [Distribution Information](#tx908530_9) | 74 |
| &nbsp;&nbsp; [Federal Income Tax Information](#tx908530_9a) | 77 |
| &nbsp;&nbsp; [Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8)](#tx908530_10) | 78 |
| &nbsp;&nbsp; [Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9)](#tx908530_11) | 79 |
| &nbsp;&nbsp; [Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11)](#tx908530_12) | 80 |
| Fund | Schedule of<br>Investments<br>(N-CSR Item 6) |
| &nbsp;&nbsp; [PIMCO REALPATH<sup>®</sup> Blend 2030 Fund](#tx908530_14) | 20 |
| &nbsp;&nbsp; [PIMCO REALPATH<sup>®</sup> Blend 2035 Fund](#tx908530_15) | 23 |
| &nbsp;&nbsp; [PIMCO REALPATH<sup>®</sup> Blend 2040 Fund](#tx908530_16) | 26 |
| &nbsp;&nbsp; [PIMCO REALPATH<sup>®</sup> Blend 2045 Fund](#tx908530_17) | 29 |
| &nbsp;&nbsp; [PIMCO REALPATH<sup>®</sup> Blend 2050 Fund](#tx908530_18) | 32 |
| &nbsp;&nbsp; [PIMCO REALPATH<sup>®</sup> Blend 2055 Fund](#tx908530_19) | 34 |
| &nbsp;&nbsp; [PIMCO REALPATH<sup>®</sup> Blend 2060 Fund](#tx908530_20) | 37 |
| &nbsp;&nbsp; [PIMCO REALPATH<sup>®</sup> Blend 2065 Fund](#tx908530_21) | 40 |
| &nbsp;&nbsp; [PIMCO REALPATH<sup>®</sup> Blend 2070 Fund](#tx908530_22) | 42 |
| &nbsp;&nbsp; [PIMCO REALPATH<sup>®</sup> Blend Income Fund](#tx908530_23) | 44 |

---

This material is authorized for use only when preceded or accompanied by the current PIMCO Equity Series prospectus.

------

Important Information About the Funds

PIMCO Equity Series (the "Trust") is an open-end management investment company that includes PIMCO REALPATH<sup>®</sup> Blend 2030 Fund, PIMCO REALPATH<sup>®</sup> Blend 2035 Fund, PIMCO REALPATH<sup>®</sup> Blend 2040 Fund, PIMCO REALPATH<sup>®</sup> Blend 2045 Fund, PIMCO REALPATH<sup>®</sup> Blend 2050 Fund, PIMCO REALPATH<sup>®</sup> Blend 2055 Fund, PIMCO REALPATH<sup>®</sup> Blend 2060 Fund, PIMCO REALPATH<sup>®</sup> Blend 2065 Fund, PIMCO REALPATH<sup>®</sup> Blend 2070 Fund and PIMCO REALPATH<sup>®</sup> 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 (the "Act"), 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 Act (collectively, "Acquired Funds"). The risks and strategies associated with an investment in a 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 investment 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 value of equity securities, such as common stocks and preferred securities, has 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 or yields of U.S. Treasury securities (or yields of other types of bonds) 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 Fund management will anticipate such movement accurately. The Funds may lose money as a result of movements in interest rates.

As of the date of this report, interest rates in the United States and many parts of the world, including certain European countries, remain high. In efforts to combat inflation, the U.S. Federal Reserve (the "Fed") raised interest rates multiple times in 2022 and 2023. In September 2024, the Fed lowered interest rates for the first time since March 2020. It is uncertain whether rates will remain steady, increase or decrease in the future. As such, the Funds may face a heightened level of risk associated with changing 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 certain types of bonds or bonds generally. 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 funds or securities 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 a Fund to incur losses. As a result, a Fund may experience

---

| | |
|:---|:---|
| **2** | **PIMCO EQUITY SERIES** |

---

------

increased shareholder redemptions, which, among other things, could further reduce the net assets of a Fund.

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

Classifications of the Funds' portfolio holdings in this report are made according to financial reporting standards. The classification of a particular portfolio holding as shown in the 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. All Funds are 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 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, including the United States' enforcement of sanctions or other similar measures on various Russian entities and persons, and the Russian government's response, have had and may continue to have an adverse effect on the Russian, Belarusian and other securities, instruments 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.

The United States' enforcement of restrictions on U.S. investments in certain issuers and tariffs on goods from certain other countries has contributed to and may continue to contribute to international trade

tensions and may impact portfolio securities (and/or portfolio securities of Underlying PIMCO Funds or Acquired Funds, as applicable). The U.S. government has indicated an intent to alter its approach to international trade policy, including in some cases renegotiating, modifying or terminating certain bilateral or multi-lateral trade arrangements with foreign countries, and it has proposed to take and/or taken related actions, including the imposition of or stated potential imposition of a broad range of tariffs. The imposition of tariffs, trade restrictions, currency restrictions or similar actions (or retaliatory measures taken in response) could lead to, for example, price volatility, reduced market sentiment, and changes in inflation expectations. These and other geopolitical events may contribute to increased instability in the U.S. and global economies and markets, which may have an adverse effect on the performance of the Funds and their investments.

The PIMCO REALPATH<sup>®</sup> 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<sup>®</sup> 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<sup>®</sup> 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<sup>®</sup> 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<sup>®</sup> 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<sup>®</sup> Blend Fund's name.

U.S. and global markets have experienced increased volatility, including as a result of the failures of certain U.S. and non-U.S. banks in 2023, 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.

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| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025<sub>3</sub> |

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Important Information About the Funds (Cont.)

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, 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. Potential impacts to the Funds and issuers resulting from changes in the banking sector, market conditions and 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.

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:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Fund Name | Fund<br>Inception | Institutional<br>Class | Class A | Class R | Diversification<br>Status |
|  PIMCO REALPATH<sup>®</sup> Blend 2030 Fund | 12/31/14 | 12/31/14 | 12/31/14 | – | Diversified |
|  PIMCO REALPATH<sup>®</sup> Blend 2035 Fund | 12/31/14 | 12/31/14 | 12/31/14 | – | Diversified |
|  PIMCO REALPATH<sup>®</sup> Blend 2040 Fund | 12/31/14 | 12/31/14 | 12/31/14 | – | Diversified |
|  PIMCO REALPATH<sup>®</sup> Blend 2045 Fund | 12/31/14 | 12/31/14 | 12/31/14 | – | Diversified |
|  PIMCO REALPATH<sup>®</sup> Blend 2050 Fund | 12/31/14 | 12/31/14 | 12/31/14 | – | Diversified |
|  PIMCO REALPATH<sup>®</sup> Blend 2055 Fund | 12/31/14 | 12/31/14 | 12/31/14 | – | Diversified |
|  PIMCO REALPATH<sup>®</sup> Blend 2060 Fund | 12/31/19 | 12/31/19 | 12/31/19 | – | Diversified |
|  PIMCO REALPATH<sup>®</sup> Blend 2065 Fund | 12/30/22 | 12/30/22 | 12/30/22 | – | Diversified |
|  PIMCO REALPATH<sup>®</sup> Blend 2070 Fund | 12/31/24 | 12/31/24 | 12/31/24 | – | Diversified |
|  PIMCO REALPATH<sup>®</sup> Blend Income Fund | 12/31/14 | 12/31/14 | 12/31/14 | – | Diversified |

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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 the Funds. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of each Fund, and information about how each Fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at (888) 87-PIMCO, on the Funds' 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

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|:---|:---|
| **4** | **PIMCO EQUITY SERIES** |

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made available, upon request, by calling PIMCO at (888) 87-PIMCO. In August 2024, the SEC adopted amendments to Form N-PORT requiring funds to file Form N-PORT reports on a monthly basis and within 30 days of month end, with each report being made public 60 days after month end. On April 16, 2025, the SEC extended the compliance date for Form N-PORT amendments and fund groups with $1 billion or more in net assets will be required to comply with the amendments for reports filed on or after November 17, 2027.

Paper copies of the Funds' shareholder reports are required to be provided free of charge by the Fund or financial intermediary upon request.

In September 2023, the SEC adopted amendments to Rule 35d-1 under the Investment Company Act of 1940, as amended, the rule governing fund naming conventions (the "Names Rule"). In general, the Names 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 amendments expand the scope of the current rule to include any term used in a fund name that suggests the fund makes investments that have, or whose issuers have, particular characteristics. Additionally, the amendments modify the circumstances under which a fund may deviate from its 80% investment policy and address the calculation methodology of derivatives instruments for purposes of the rule. Changes to a fund's calculation methodology for derivatives instruments for purposes of Rule 35d-1 consistent with such amendments and applicable regulatory interpretations thereof will not constitute a change to a fund's policy adopted pursuant to Rule 35d-1 and will not require notice or shareholder approval. The amendments became effective on December 11, 2023. On March 14, 2025, the SEC extended the compliance date from December 11, 2025 to June 11, 2026 for fund groups with $1 billion or more in net assets and modified the operation of the compliance dates to allow for compliance based on the timing of certain annual disclosure and reporting obligations that are tied to a fund's fiscal year-end.

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| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025<sub>5</sub> |

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Financial Highlights

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year or Period<br>Ended^**:** | **Net Asset<br>Value<br>Beginning of<br>Year or<br>Period<sup>(a)</sup>** | **Net<br>Investment<br>Income<br>(Loss)<sup>(b)</sup>** | **Net Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital**<br> **Gains** | **Tax Basis<br>Return of<br>Capital** | **Total** |
|  **PIMCO REALPATH<sup>®</sup> Blend 2030 Fund** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2025 | $12.94 | $0.43 | $0.92 | $1.35 | $(0.41) | $0.00 | $0.00 | $(0.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2024 | 12.22 | 0.41 | 0.78 | 1.19 | (0.47) | 0.00 | 0.00 | (0.47) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2023 | 11.69 | 0.41 | 0.58 | 0.99 | (0.28) | (0.18) | 0.00 | (0.46) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2022 | 14.09 | 0.41 | (2.30) | (1.89) | (0.34) | (0.17) | 0.00 | (0.51) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2021 | 11.76 | 0.34 | 2.69 | 3.03 | (0.55) | (0.15) | 0.00 | (0.70) |
| Class A |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2025 | 12.85 | 0.37 | 0.92 | 1.29 | (0.35) | 0.00 | 0.00 | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2024 | 12.15 | 0.36 | 0.76 | 1.12 | (0.42) | 0.00 | 0.00 | (0.42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2023 | 11.62 | 0.36 | 0.58 | 0.94 | (0.23) | (0.18) | 0.00 | (0.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2022 | 14.02 | 0.35 | (2.30) | (1.95) | (0.28) | (0.17) | 0.00 | (0.45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2021 | 11.71 | 0.27 | 2.68 | 2.95 | (0.49) | (0.15) | 0.00 | (0.64) |
|  **PIMCO REALPATH<sup>®</sup> Blend 2035 Fund** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2025 | $14.07 | $0.43 | $1.24 | $1.67 | $(0.43) | $(0.05) | $0.00 | $(0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2024 | 13.00 | 0.42 | 1.11 | 1.53 | (0.46) | 0.00 | 0.00 | (0.46) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2023 | 12.08 | 0.39 | 0.94 | 1.33 | (0.25) | (0.16) | 0.00 | (0.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2022 | 14.54 | 0.39 | (2.34) | (1.95) | (0.34) | (0.17) | 0.00 | (0.51) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2021 | 11.65 | 0.31 | 3.11 | 3.42 | (0.44) | (0.09) | 0.00 | (0.53) |
| Class A |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2025 | 14.07 | 0.37 | 1.24 | 1.61 | (0.37) | (0.05) | 0.00 | (0.42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2024 | 13.00 | 0.35 | 1.13 | 1.48 | (0.41) | 0.00 | 0.00 | (0.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2023 | 12.08 | 0.33 | 0.95 | 1.28 | (0.20) | (0.16) | 0.00 | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2022 | 14.55 | 0.32 | (2.34) | (2.02) | (0.28) | (0.17) | 0.00 | (0.45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2021 | 11.67 | 0.24 | 3.11 | 3.35 | (0.38) | (0.09) | 0.00 | (0.47) |
|  **PIMCO REALPATH<sup>®</sup> Blend 2040 Fund** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2025 | $14.92 | $0.41 | $1.54 | $1.95 | $(0.46) | $(0.03) | $0.00 | $(0.49) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2024 | 13.54 | 0.40 | 1.43 | 1.83 | (0.45) | 0.00 | 0.00 | (0.45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2023 | 12.40 | 0.37 | 1.15 | 1.52 | (0.22) | (0.16) | 0.00 | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2022 | 14.96 | 0.38 | (2.42) | (2.04) | (0.35) | (0.17) | 0.00 | (0.52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2021 | 11.68 | 0.30 | 3.46 | 3.76 | (0.41) | (0.07) | 0.00 | (0.48) |
| Class A |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2025 | 14.80 | 0.35 | 1.51 | 1.86 | (0.39) | (0.03) | 0.00 | (0.42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2024 | 13.44 | 0.34 | 1.41 | 1.75 | (0.39) | 0.00 | 0.00 | (0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2023 | 12.32 | 0.31 | 1.14 | 1.45 | (0.17) | (0.16) | 0.00 | (0.33) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2022 | 14.88 | 0.30 | (2.39) | (2.09) | (0.30) | (0.17) | 0.00 | (0.47) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2021 | 11.62 | 0.22 | 3.45 | 3.67 | (0.34) | (0.07) | 0.00 | (0.41) |
|  **PIMCO REALPATH<sup>®</sup> Blend 2045 Fund** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2025 | $15.45 | $0.39 | $1.78 | $2.17 | $(0.42) | $(0.12) | $0.00 | $(0.54) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2024 | 13.84 | 0.39 | 1.65 | 2.04 | (0.43) | 0.00 | 0.00 | (0.43) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2023 | 12.54 | 0.35 | 1.31 | 1.66 | (0.20) | (0.16) | 0.00 | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2022 | 15.11 | 0.36 | (2.42) | (2.06) | (0.32) | (0.19) | 0.00 | (0.51) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2021 | 11.58 | 0.29 | 3.69 | 3.98 | (0.38) | (0.07) | 0.00 | (0.45) |
| Class A |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2025 | 15.32 | 0.33 | 1.76 | 2.09 | (0.36) | (0.12) | 0.00 | (0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2024 | 13.73 | 0.33 | 1.63 | 1.96 | (0.37) | 0.00 | 0.00 | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2023 | 12.46 | 0.28 | 1.31 | 1.59 | (0.16) | (0.16) | 0.00 | (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2022 | 15.05 | 0.29 | (2.42) | (2.13) | (0.27) | (0.19) | 0.00 | (0.46) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2021 | 11.54 | 0.21 | 3.69 | 3.90 | (0.32) | (0.07) | 0.00 | (0.39) |

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|:---|:---|:---|
| **6** | **PIMCO EQUITY SERIES** | See Accompanying Notes |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | |
| **Net Asset<br>Value End of<br>Year or<br>Period<sup>(a)</sup>** | **Total Return<sup>(d)</sup>** | **Net Assets<br>End of Year or<br>Period (000s)** | **Expenses** | **Expenses<br>Excluding<br>Waivers** | **Expenses<br>Excluding<br>Interest<br>Expense** | **Expenses<br>Excluding<br>Interest<br>Expense and<br>Waivers** | **Net<br>Investment<br>Income (Loss)** | **Portfolio<br>Turnover<br>Rate** |
| $13.88 | 10.62% | $572283 | 0.03% | 0.04% | 0.03% | 0.04% | 3.26% | 16% |
| 12.94 | 9.88 | 610590 | 0.03 | 0.04 | 0.03 | 0.04 | 3.36 | 22 |
| 12.22 | 8.71 | 510421 | 0.03 | 0.03 | 0.03 | 0.03 | 3.46 | 18 |
| 11.69 | (13.97) | 239698 | 0.04 | 0.04 | 0.04 | 0.04 | 3.04 | 22 |
| 14.09 | 26.14 | 239041 | 0.04 | 0.04 | 0.04 | 0.04 | 2.59 | 26 |
| 13.79 | 10.22 | 8048 | 0.48 | 0.49 | 0.48 | 0.49 | 2.82 | 16 |
| 12.85 | 9.31 | 8506 | 0.48 | 0.49 | 0.48 | 0.49 | 2.91 | 22 |
| 12.15 | 8.30 | 8479 | 0.48 | 0.48 | 0.48 | 0.48 | 3.02 | 18 |
| 11.62 | (14.42) | 7847 | 0.51 <sup>(f)</sup> | 0.51 <sup>(f)</sup> | 0.51 <sup>(f)</sup> | 0.51 <sup>(f)</sup> | 2.56 | 22 |
| 14.02 | 25.53 | 9243 | 0.54 | 0.54 | 0.54 | 0.54 | 2.04 | 26 |
| $15.26 | 12.14% | $629640 | 0.04% | 0.05% | 0.04% | 0.05% | 2.98% | 18% |
| 14.07 | 11.97 | 640041 | 0.04 | 0.05 | 0.04 | 0.05 | 3.14 | 14 |
| 13.00 | 11.26 | 488420 | 0.04 | 0.04 | 0.04 | 0.04 | 3.16 | 18 |
| 12.08 | (14.03) | 215450 | 0.05 | 0.05 | 0.05 | 0.05 | 2.78 | 17 |
| 14.54 | 29.68 | 193069 | 0.04 | 0.05 | 0.04 | 0.05 | 2.32 | 21 |
| 15.26 | 11.67 | 8857 | 0.49 | 0.50 | 0.49 | 0.50 | 2.52 | 18 |
| 14.07 | 11.51 | 8897 | 0.49 | 0.50 | 0.49 | 0.50 | 2.68 | 14 |
| 13.00 | 10.79 | 8308 | 0.49 | 0.49 | 0.49 | 0.49 | 2.69 | 18 |
| 12.08 | (14.46) | 6983 | 0.52 <sup>(f)</sup> | 0.52 <sup>(f)</sup> | 0.52 <sup>(f)</sup> | 0.52 <sup>(f)</sup> | 2.29 | 17 |
| 14.55 | 28.97 | 7914 | 0.54 | 0.55 | 0.54 | 0.55 | 1.80 | 21 |
| $16.38 | 13.29% | $564753 | 0.05% | 0.06% | 0.05% | 0.06% | 2.68% | 15% |
| 14.92 | 13.72 | 565112 | 0.06 | 0.07 | 0.05 | 0.06 | 2.91 | 19 |
| 13.54 | 12.55 | 452132 | 0.05 | 0.05 | 0.05 | 0.05 | 2.89 | 16 |
| 12.40 | (14.20) | 224639 | 0.06 | 0.06 | 0.06 | 0.06 | 2.59 | 17 |
| 14.96 | 32.50 | 212568 | 0.05 | 0.06 | 0.05 | 0.06 | 2.20 | 26 |
| 16.24 | 12.79 | 10862 | 0.50 | 0.51 | 0.50 | 0.51 | 2.25 | 15 |
| 14.80 | 13.21 | 9527 | 0.51 | 0.52 | 0.50 | 0.51 | 2.47 | 19 |
| 13.44 | 12.00 | 8655 | 0.50 | 0.50 | 0.50 | 0.50 | 2.40 | 16 |
| 12.32 | (14.58) | 7441 | 0.53 <sup>(f)</sup> | 0.53 <sup>(f)</sup> | 0.53 <sup>(f)</sup> | 0.53 <sup>(f)</sup> | 2.08 | 17 |
| 14.88 | 31.91 | 9024 | 0.55 | 0.56 | 0.55 | 0.56 | 1.66 | 26 |
| $17.08 | 14.34% | $564090 | 0.05% | 0.06% | 0.05% | 0.06% | 2.46% | 16% |
| 15.45 | 14.95 | 527937 | 0.05 | 0.06 | 0.05 | 0.06 | 2.74 | 20 |
| 13.84 | 13.48 | 426393 | 0.05 | 0.05 | 0.05 | 0.05 | 2.68 | 11 |
| 12.54 | (14.23) | 207869 | 0.06 | 0.06 | 0.06 | 0.06 | 2.47 | 13 |
| 15.11 | 34.67 | 200184 | 0.05 | 0.06 | 0.05 | 0.06 | 2.13 | 22 |
| 16.93 | 13.85 | 8633 | 0.50 | 0.51 | 0.50 | 0.51 | 2.05 | 16 |
| 15.32 | 14.47 | 6582 | 0.50 | 0.51 | 0.50 | 0.51 | 2.34 | 20 |
| 13.73 | 12.97 | 4749 | 0.50 | 0.50 | 0.50 | 0.50 | 2.19 | 11 |
| 12.46 | (14.69) | 3967 | 0.53 <sup>(f)</sup> | 0.53 <sup>(f)</sup> | 0.53 <sup>(f)</sup> | 0.53 <sup>(f)</sup> | 1.97 | 13 |
| 15.05 | 34.03 | 4593 | 0.55 | 0.56 | 0.55 | 0.56 | 1.57 | 22 |

---

---

| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025<sub>7</sub> |

---

------

Financial Highlights (Cont.)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year or Period<br>Ended^**:** | **Net Asset<br>Value<br>Beginning of<br>Year or<br>Period<sup>(a)</sup>** | **Net<br>Investment<br>Income<br>(Loss)<sup>(b)</sup>** | **Net Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital**<br> **Gains** | **Tax Basis<br>Return of<br>Capital** | **Total** |
|  **PIMCO REALPATH<sup>®</sup> Blend 2050 Fund** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2025 | $15.84 | $0.38 | $1.93 | $2.31 | $(0.42) | $(0.20) | $0.00 | $(0.62) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2024 | 14.07 | 0.38 | 1.81 | 2.19 | (0.42) | 0.00 | 0.00 | (0.42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2023 | 12.65 | 0.34 | 1.43 | 1.77 | (0.19) | (0.16) | 0.00 | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2022 | 15.28 | 0.36 | (2.44) | (2.08) | (0.34) | (0.21) | 0.00 | (0.55) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2021 | 11.59 | 0.29 | 3.83 | 4.12 | (0.36) | (0.07) | 0.00 | (0.43) |
| Class A |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2025 | 15.64 | 0.31 | 1.88 | 2.19 | (0.35) | (0.20) | 0.00 | (0.55) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2024 | 13.90 | 0.32 | 1.79 | 2.11 | (0.37) | 0.00 | 0.00 | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2023 | 12.51 | 0.27 | 1.43 | 1.70 | (0.15) | (0.16) | 0.00 | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2022 | 15.16 | 0.29 | (2.43) | (2.14) | (0.30) | (0.21) | 0.00 | (0.51) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2021 | 11.51 | 0.21 | 3.81 | 4.02 | (0.30) | (0.07) | 0.00 | (0.37) |
|  **PIMCO REALPATH<sup>®</sup> Blend 2055 Fund** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2025 | $16.14 | $0.38 | $2.02 | $2.40 | $(0.43) | $(0.14) | $0.00 | $(0.57) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2024 | 14.27 | 0.39 | 1.90 | 2.29 | (0.40) | (0.02) | 0.00 | (0.42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2023 | 12.75 | 0.34 | 1.50 | 1.84 | (0.19) | (0.13) | 0.00 | (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2022 | 15.33 | 0.37 | (2.48) | (2.11) | (0.30) | (0.17) | 0.00 | (0.47) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2021 | 11.59 | 0.29 | 3.87 | 4.16 | (0.38) | (0.04) | 0.00 | (0.42) |
| Class A |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2025 | 15.96 | 0.31 | 1.98 | 2.29 | (0.36) | (0.14) | 0.00 | (0.50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2024 | 14.12 | 0.33 | 1.87 | 2.20 | (0.34) | (0.02) | 0.00 | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2023 | 12.64 | 0.26 | 1.50 | 1.76 | (0.15) | (0.13) | 0.00 | (0.28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2022 | 15.24 | 0.29 | (2.45) | (2.16) | (0.27) | (0.17) | 0.00 | (0.44) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2021 | 11.53 | 0.21 | 3.86 | 4.07 | (0.32) | (0.04) | 0.00 | (0.36) |
|  **PIMCO REALPATH<sup>®</sup> Blend 2060 Fund** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2025 | $12.65 | $0.30 | $1.59 | $1.89 | $(0.32) | $(0.06) | $0.00 | $(0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2024 | 11.08 | 0.30 | 1.55 | 1.85 | (0.28) | 0.00 | 0.00 | (0.28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2023 | 9.84 | 0.26 | 1.16 | 1.42 | (0.12) | (0.06) | 0.00 | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2022 | 12.47 | 0.30 | (1.85) | (1.55) | (0.27) | (0.81) | 0.00 | (1.08) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2021 | 9.35 | 0.24 | 3.12 | 3.36 | (0.24) | 0.00 | 0.00 | (0.24) |
| Class A |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2025 | 12.54 | 0.24 | 1.58 | 1.82 | (0.27) | (0.06) | 0.00 | (0.33) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2024 | 10.99 | 0.24 | 1.54 | 1.78 | (0.23) | 0.00 | 0.00 | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2023 | 9.78 | 0.20 | 1.16 | 1.36 | (0.09) | (0.06) | 0.00 | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2022 | 12.43 | 0.24 | (1.84) | (1.60) | (0.24) | (0.81) | 0.00 | (1.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2021 | 9.32 | 0.20 | 3.11 | 3.31 | (0.20) | 0.00 | 0.00 | (0.20) |

---

---

| | | |
|:---|:---|:---|
| **8** | **PIMCO EQUITY SERIES** | See Accompanying Notes |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | |
| **Net Asset<br>Value End of<br>Year or<br>Period<sup>(a)</sup>** | **Total Return<sup>(d)</sup>** | **Net Assets<br>End of Year or<br>Period (000s)** | **Expenses** | **Expenses<br>Excluding<br>Waivers** | **Expenses<br>Excluding<br>Interest<br>Expense** | **Expenses<br>Excluding<br>Interest<br>Expense and<br>Waivers** | **Net<br>Investment<br>Income (Loss)** | **Portfolio<br>Turnover<br>Rate** |
| $17.53 | 14.88% | $522303 | 0.05% | 0.06% | 0.05% | 0.06% | 2.33% | 16% |
| 15.84 | 15.80 | 470653 | 0.05 | 0.06 | 0.05 | 0.06 | 2.61 | 29 |
| 14.07 | 14.23 | 397754 | 0.05 | 0.05 | 0.05 | 0.05 | 2.55 | 9 |
| 12.65 | (14.29) | 206038 | 0.06 | 0.06 | 0.06 | 0.06 | 2.43 | 9 |
| 15.28 | 35.82 | 200851 | 0.05 | 0.06 | 0.05 | 0.06 | 2.08 | 19 |
| 17.28 | 14.27 | 12520 | 0.50 | 0.51 | 0.50 | 0.51 | 1.92 | 16 |
| 15.64 | 15.33 | 9886 | 0.50 | 0.51 | 0.50 | 0.51 | 2.23 | 29 |
| 13.90 | 13.78 | 4854 | 0.50 | 0.50 | 0.50 | 0.50 | 2.08 | 9 |
| 12.51 | (14.73) | 3704 | 0.53 <sup>(f)</sup> | 0.53 <sup>(f)</sup> | 0.53 <sup>(f)</sup> | 0.53 <sup>(f)</sup> | 1.93 | 9 |
| 15.16 | 35.11 | 4896 | 0.55 | 0.56 | 0.55 | 0.56 | 1.51 | 19 |
| $17.97 | 15.19% | $450377 | 0.05% | 0.06% | 0.05% | 0.06% | 2.26% | 16% |
| 16.14 | 16.30 | 401820 | 0.05 | 0.06 | 0.05 | 0.06 | 2.60 | 21 |
| 14.27 | 14.69 | 289834 | 0.05 | 0.05 | 0.05 | 0.05 | 2.51 | 8 |
| 12.75 | (14.32) | 145097 | 0.06 | 0.06 | 0.06 | 0.06 | 2.47 | 9 |
| 15.33 | 36.15 | 122612 | 0.06 | 0.06 | 0.06 | 0.06 | 2.11 | 14 |
| 17.75 | 14.64 | 10006 | 0.50 | 0.51 | 0.50 | 0.51 | 1.89 | 16 |
| 15.96 | 15.83 | 6817 | 0.50 | 0.51 | 0.50 | 0.51 | 2.22 | 21 |
| 14.12 | 14.14 | 3320 | 0.50 | 0.50 | 0.50 | 0.50 | 1.99 | 8 |
| 12.64 | (14.73) | 2622 | 0.53 <sup>(f)</sup> | 0.53 <sup>(f)</sup> | 0.53 <sup>(f)</sup> | 0.53 <sup>(f)</sup> | 1.92 | 9 |
| 15.24 | 35.46 | 3159 | 0.56 | 0.56 | 0.56 | 0.56 | 1.52 | 14 |
| $14.16 | 15.21% | $204710 | 0.05% | 0.06% | 0.05% | 0.06% | 2.24% | 18% |
| 12.65 | 16.88 | 158655 | 0.05 | 0.06 | 0.05 | 0.06 | 2.61 | 12 |
| 11.08 | 14.69 | 84966 | 0.05 | 0.05 | 0.05 | 0.05 | 2.52 | 11 |
| 9.84 | (13.93) | 22421 | 0.06 | 0.06 | 0.06 | 0.06 | 2.60 | 50 |
| 12.47 | 36.18 | 11451 | 0.06 | 0.07 | 0.06 | 0.07 | 2.10 | 20 |
| 14.03 | 14.71 | 1161 | 0.50 | 0.51 | 0.50 | 0.51 | 1.80 | 18 |
| 12.54 | 16.35 | 823 | 0.50 | 0.51 | 0.50 | 0.51 | 2.10 | 12 |
| 10.99 | 14.09 | 802 | 0.50 | 0.50 | 0.50 | 0.50 | 1.99 | 11 |
| 9.78 | (14.32) | 536 | 0.53 <sup>(f)</sup> | 0.53 <sup>(f)</sup> | 0.53 <sup>(f)</sup> | 0.53 <sup>(f)</sup> | 2.05 | 50 |
| 12.43 | 35.70 | 834 | 0.56 | 0.57 | 0.56 | 0.57 | 1.72 | 20 |

---

---

| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025<sub>9</sub> |

---

------

Financial Highlights (Cont.)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year or Period<br>Ended^**:** | **Net Asset<br>Value<br>Beginning of<br>Year or<br>Period<sup>(a)</sup>** | **Net<br>Investment<br>Income<br>(Loss)<sup>(b)</sup>** | **Net Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital**<br> **Gains** | **Tax Basis**<br> **Return of**<br> **Capital** | **Total** |
|  **PIMCO REALPATH<sup>®</sup> Blend 2065 Fund** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2025 | $12.79 | $0.30 | $1.62 | $1.92 | $(0.44) | $(0.17) | $(0.06) | $(0.67) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2024 | 11.21 | 0.31 | 1.52 | 1.83 | (0.23) | (0.02) | 0.00 | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/30/2022 - 06/30/2023 | 10.00 | 0.12 | 1.11 | 1.23 | (0.02) | 0.00 | 0.00 | (0.02) |
| Class A |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2025 | 12.77 | 0.24 | 1.62 | 1.86 | (0.39) | (0.17) | (0.06) | (0.62) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2024 | 11.19 | 0.23 | 1.55 | 1.78 | (0.18) | (0.02) | 0.00 | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/30/2022 - 06/30/2023 | 10.00 | 0.08 | 1.12 | 1.20 | (0.01) | 0.00 | 0.00 | (0.01) |
|  **PIMCO REALPATH<sup>®</sup> Blend 2070 Fund<sup>(g)</sup>** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2024 - 06/30/2025 | $10.00 | $0.09 | $0.85 | $0.94 | $0.00 | $0.00 | $0.00 | $0.00 |
| Class A |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2024 - 06/30/2025 | 10.00 | 0.09 | 0.83 | 0.92 | 0.00 | 0.00 | 0.00 | 0.00 |
|  **PIMCO REALPATH<sup>®</sup> Blend Income Fund** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2025 | $11.30 | $0.44 | $0.62 | $1.06 | $(0.38) | $0.00 | $0.00 | $(0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2024 | 11.00 | 0.41 | 0.39 | 0.80 | (0.50) | 0.00 | 0.00 | (0.50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2023 | 10.81 | 0.45 | 0.18 | 0.63 | (0.34) | (0.10) | 0.00 | (0.44) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2022 | 12.92 | 0.43 | (2.04) | (1.61) | (0.37) | (0.13) | 0.00 | (0.50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2021 | 11.58 | 0.36 | 1.84 | 2.20 | (0.68) | (0.18) | 0.00 | (0.86) |
| Class A |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2025 | 11.21 | 0.38 | 0.61 | 0.99 | (0.33) | 0.00 | 0.00 | (0.33) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2024 | 10.92 | 0.36 | 0.38 | 0.74 | (0.45) | 0.00 | 0.00 | (0.45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2023 | 10.73 | 0.40 | 0.18 | 0.58 | (0.29) | (0.10) | 0.00 | (0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2022 | 12.84 | 0.37 | (2.03) | (1.66) | (0.32) | (0.13) | 0.00 | (0.45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2021 | 11.53 | 0.30 | 1.82 | 2.12 | (0.63) | (0.18) | 0.00 | (0.81) |

---

---

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

---

\* Annualized, except for organizational expense, if any.

<sup>(a)</sup> Net asset value includes adjustments required by U.S. GAAP. These values, and other performance figures relying on them, such as average annual total return data included in the Funds' prospectus and in any shareholder reports, may differ from net asset values and performance reported elsewhere with respect to the Funds. 

<sup>(b)</sup> Per share amounts based on average number of shares outstanding during the year or period. 

<sup>(c)</sup> 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.

<sup>(d)</sup> Total return figures include adjustments required by U.S. GAAP. These values, and other performance figures relying on them, such as average annual total return data included in the Funds' prospectus and in any shareholder reports, may differ from net asset values and performance reported elsewhere with respect to the Funds. Additionally, excludes applicable initial sales charges and contingent deferred sales charges. 

<sup>(e)</sup> 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.

<sup>(f)</sup> Effective November 1, 2021, the Class's Supervisory and Administrative fees was decreased by 0.05% to an annual rate of 0.22%. 

<sup>(g)</sup> Inception date of the Fund was December 31, 2024.

---

| | | |
|:---|:---|:---|
| **10** | **PIMCO EQUITY SERIES** | See Accompanying Notes |

---

------

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** | **Ratios to Average Net Assets<sup>(e)</sup>** |  | |
| **Net Asset<br>Value End of<br>Year or<br>Period<sup>(a)</sup>** | **Total Return<sup>(d)</sup>** | **Net Assets<br>End of Year or<br>Period (000s)** | **Expenses** |  | **Expenses<br>Excluding<br>Waivers** |  | **Expenses<br>Excluding<br>Interest<br>Expense** |  | **Expenses<br>Excluding<br>Interest<br>Expense and<br>Waivers** |  | **Net<br>Investment<br>Income (Loss)** |  | **Portfolio<br>Turnover<br>Rate** |
| $14.04 | 15.35% | $39161 | 0.05 | % | 0.06 | % | 0.05 | % | 0.06 | % | 2.27 | % | 28% |
| 12.79 | 16.49 | 18944 | 0.05 |  | 0.05 |  | 0.05 |  | 0.05 |  | 2.59 |  | 16 |
| 11.21 | 12.29 | 4889 | 0.05 | \* | 3.49 | \* | 0.05 | \* | 3.49 | \* | 2.21 | \* | 8 |
| 14.01 | 14.82 | 376 | 0.50 |  | 0.51 |  | 0.50 |  | 0.51 |  | 1.84 |  | 28 |
| 12.77 | 16.09 | 208 | 0.50 |  | 0.50 |  | 0.50 |  | 0.50 |  | 1.96 |  | 16 |
| 11.19 | 11.99 | 112 | 0.50 | \* | 3.94 | \* | 0.50 | \* | 3.94 | \* | 1.48 | \* | 8 |
| $10.94 | 9.40% | $3294 | 0.05 | %\* | 4.66 | %\* | 0.05 | %\* | 4.66 | %\* | 1.70 | %\* | 23% |
| 10.92 | 9.20 | 56 | 0.50 | \* | 5.11 | \* | 0.50 | \* | 5.11 | \* | 1.85 | \* | 23 |
| $11.98 | 9.55% | $644349 | 0.03 | % | 0.04 | % | 0.03 | % | 0.04 | % | 3.75 | % | 14% |
| 11.30 | 7.40 | 317089 | 0.03 |  | 0.04 |  | 0.03 |  | 0.04 |  | 3.75 |  | 27 |
| 11.00 | 6.01 | 297254 | 0.03 |  | 0.03 |  | 0.03 |  | 0.03 |  | 4.14 |  | 29 |
| 10.81 | (12.98) | 170997 | 0.03 |  | 0.04 |  | 0.03 |  | 0.04 |  | 3.49 |  | 18 |
| 12.92 | 19.37 | 191873 | 0.03 |  | 0.04 |  | 0.03 |  | 0.04 |  | 2.88 |  | 17 |
| 11.87 | 8.97 | 22572 | 0.48 |  | 0.49 |  | 0.48 |  | 0.49 |  | 3.26 |  | 14 |
| 11.21 | 6.90 | 17913 | 0.48 |  | 0.49 |  | 0.48 |  | 0.49 |  | 3.30 |  | 27 |
| 10.92 | 5.59 | 21344 | 0.48 |  | 0.48 |  | 0.48 |  | 0.48 |  | 3.70 |  | 29 |
| 10.73 | (13.41) | 28738 | 0.50 | <sup>(f)</sup> | 0.51 | <sup>(f)</sup> | 0.50 | <sup>(f)</sup> | 0.51 | <sup>(f)</sup> | 3.03 |  | 18 |
| 12.84 | 18.71 | 30699 | 0.53 |  | 0.54 |  | 0.53 |  | 0.54 |  | 2.39 |  | 17 |

---

---

| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025<sub>11</sub> |

---

------

Statements of Assets and Liabilities

---

| | | | | |
|:---|:---|:---|:---|:---|
| (Amounts in thousands<sup>†</sup>, except per share amounts) | **PIMCO<br>REALPATH<sup>®</sup> Blend<br>2030**<br> **Fund** | **PIMCO<br>REALPATH<sup>®</sup> Blend<br>2035**<br> **Fund** | **PIMCO<br>REALPATH<sup>®</sup> Blend<br>2040**<br> **Fund** | **PIMCO<br>REALPATH<sup>®</sup> Blend<br>2045**<br> **Fund** |
|  **Assets:** |  |  |  |  |
|  *Investments, at value* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities | $284503 | $385840 | $411985 | $459536 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 293322 | 255467 | 168647 | 114887 |
|  *Financial Derivative Instruments* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 142 | 0 | 0 | 0 |
|  Cash | 0 | 0 | 0 | 0 |
|  Receivable for investments sold | 15204 | 16811 | 13981 | 14659 |
|  Receivable for investments in Affiliates sold | 7802 | 3983 | 679 | 0 |
|  Receivable for Fund shares sold | 156 | 239 | 280 | 490 |
|  Interest and/or dividends receivable | 33 | 61 | 60 | 61 |
|  Dividends receivable from Affiliates | 1210 | 1032 | 668 | 440 |
|  Reimbursement receivable from PIMCO | 5 | 4 | 4 | 4 |
|  **Total Assets** | 602377 | 663437 | 596304 | 590077 |
|  **Liabilities:** |  |  |  |  |
|  *Financial Derivative Instruments* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | $48 | $0 | $0 | $0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 451 | 451 | 385 | 378 |
|  Payable for investments purchased | 271 | 162 | 146 | 146 |
|  Payable for investments in Affiliates purchased | 1252 | 1067 | 691 | 455 |
|  Payable for Fund shares redeemed | 20006 | 23236 | 19440 | 16349 |
|  Accrued investment advisory fees | 5 | 10 | 14 | 14 |
|  Accrued supervisory and administrative fees | 11 | 12 | 11 | 10 |
|  Accrued servicing fees | 2 | 2 | 2 | 2 |
|  **Total Liabilities** | 22046 | 24940 | 20689 | 17354 |
|  **Commitments and Contingent Liabilities^** |  |  |  |  |
|  **Net Assets** | $580331 | $638497 | $575615 | $572723 |
|  **Net Assets Consist of:** |  |  |  |  |
|  Paid in capital | $496380 | $515213 | $437058 | $421827 |
|  Distributable earnings (accumulated loss) | 83951 | 123284 | 138557 | 150896 |
|  **Net Assets** | $580331 | $638497 | $575615 | $572723 |
|  Cost of investments in securities | $184781 | $262600 | $278191 | $314496 |
|  Cost of investments in Affiliates | $307552 | $265214 | $175912 | $119326 |
|  Cost or premiums of financial derivative instruments, net | $813 | $0 | $0 | $0 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

^ See Note 9, Fees and Expenses, in the Notes to Financial Statements for more information.

---

| | | |
|:---|:---|:---|
| **12** | **PIMCO EQUITY SERIES** | See Accompanying Notes |

---

------

June 30, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PIMCO<br>REALPATH<sup>®</sup> Blend<br>2050**<br> **Fund** | **PIMCO<br>REALPATH<sup>®</sup> Blend<br>2055**<br> **Fund** | **PIMCO<br>REALPATH<sup>®</sup> Blend<br>2060**<br> **Fund** | **PIMCO<br>REALPATH<sup>®</sup> Blend<br>2065**<br> **Fund** | **PIMCO<br>REALPATH<sup>®</sup> Blend<br>2070**<br> **Fund** | **PIMCO<br>REALPATH<sup>®</sup> Blend<br>Income**<br> **Fund** |
| $459848 | $408509 | $186059 | $37788 | $3060 | $232281 |
| 75971 | 51401 | 22762 | 3857 | 145 | 435945 |
| 0 | 0 | 0 | 0 | 0 | 74 |
| 0 | 0 | 0 | 0 | 156 | 0 |
| 16320 | 12507 | 6135 | 0 | 0 | 12804 |
| 0 | 0 | 0 | 0 | 0 | 11579 |
| 267 | 428 | 430 | 66 | 0 | 132 |
| 66 | 65 | 31 | 7 | 6 | 21 |
| 280 | 182 | 77 | 13 | 1 | 1806 |
| 4 | 3 | 1 | 0 | 3 | 5 |
| 552756 | 473095 | 215495 | 41731 | 3371 | 694647 |
| $0 | $0 | $0 | $0 | $0 | $25 |
| 326 | 255 | 111 | 22 | 1 | 562 |
| 162 | 152 | 154 | 11 | 13 | 144 |
| 290 | 1379 | 720 | 14 | 7 | 1867 |
| 17129 | 10904 | 8631 | 2145 | 0 | 25104 |
| 13 | 11 | 5 | 1 | 0 | 6 |
| 11 | 9 | 3 | 1 | 0 | 14 |
| 2 | 2 | 0 | 0 | 0 | 4 |
| 17933 | 12712 | 9624 | 2194 | 21 | 27726 |
| $534823 | $460383 | $205871 | $39537 | $3350 | $666921 |
| $380184 | $339400 | $161953 | $34010 | $3058 | $620431 |
| 154639 | 120983 | 43918 | 5527 | 292 | 46490 |
| $534823 | $460383 | $205871 | $39537 | $3350 | $666921 |
| $311180 | $291042 | $144453 | $32184 | $2835 | $140406 |
| $79285 | $52958 | $22851 | $3836 | $142 | $452543 |
| $(3) | $0 | $0 | $0 | $0 | $424 |

---

---

| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025<sub>13</sub> |

---

------

Statements of Assets and Liabilities (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PIMCO<br>REALPATH<sup>®</sup> Blend<br>2030**<br> **Fund** | **PIMCO<br>REALPATH<sup>®</sup> Blend<br>2035**<br> **Fund** | **PIMCO<br>REALPATH<sup>®</sup> Blend<br>2040**<br> **Fund** | **PIMCO<br>REALPATH<sup>®</sup> Blend<br>2045**<br> **Fund** |
|  **Net Assets** |  |  |  |  |
|  Institutional Class | $572283 | $629640 | $564753 | $564090 |
|  Class A | 8048 | 8857 | 10862 | 8633 |
|  **Shares Issued and Outstanding:** |  |  |  |  |
|  Institutional Class | 41221 | 41255 | 34488 | 33022 |
|  Class A | 584 | 581 | 669 | 510 |
|  **Net Asset Value Per Share Outstanding<sup>(a)</sup>:** |  |  |  |  |
|  Institutional Class | $13.88 | $15.26 | $16.38 | $17.08 |
|  Class A | 13.79 | 15.26 | 16.24 | 16.93 |

---

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

---

| | | |
|:---|:---|:---|
| **14** | **PIMCO EQUITY SERIES** | See Accompanying Notes |

---

------

June 30, 2025

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PIMCO<br>REALPATH<sup>®</sup> Blend<br>2050**<br> **Fund** | **PIMCO<br>REALPATH<sup>®</sup> Blend<br>2055**<br> **Fund** | **PIMCO<br>REALPATH<sup>®</sup> Blend<br>2060**<br> **Fund** | **PIMCO<br>REALPATH<sup>®</sup> Blend<br>2065**<br> **Fund** | **PIMCO<br>REALPATH<sup>®</sup> Blend<br>2070**<br> **Fund** | **PIMCO<br>REALPATH<sup>®</sup> Blend<br>Income**<br> **Fund** |
| $522303 | $450377 | $204710 | $39161 | $3294 | $644349 |
| 12520 | 10006 | 1161 | 376 | 56 | 22572 |
| 29803 | 25065 | 14456 | 2788 | 301 | 53800 |
| 724 | 564 | 83 | 27 | 5 | 1902 |
| $17.53 | $17.97 | $14.16 | $14.04 | $10.94 | $11.98 |
| 17.28 | 17.75 | 14.03 | 14.01 | 10.92 | 11.87 |

---

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **15** |

---

------

Statements of Operations

---

| | | | | |
|:---|:---|:---|:---|:---|
| Year Ended June 30, 2025 | Year Ended June 30, 2025 | Year Ended June 30, 2025 | Year Ended June 30, 2025 | Year Ended June 30, 2025 |
| (Amounts in thousands<sup>†</sup>) | **PIMCO<br>REALPATH<sup>®</sup> Blend<br>2030**<br> **Fund** | **PIMCO<br>REALPATH<sup>®</sup> Blend<br>2035**<br> **Fund** | **PIMCO<br>REALPATH<sup>®</sup> Blend<br>2040**<br> **Fund** | **PIMCO<br>REALPATH<sup>®</sup> Blend<br>2045**<br> **Fund** |
|  **Investment Income:** |  |  |  |  |
|  Interest | $72 | $72 | $63 | $61 |
|  Dividends | 5964 | 7890 | 8255 | 8926 |
|  Dividends from Investments in Affiliates | 13586 | 11338 | 7258 | 4763 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Income | 19622 | 19300 | 15576 | 13750 |
|  **Expenses:** |  |  |  |  |
|  Investment advisory fees | 60 | 128 | 171 | 164 |
|  Supervisory and administrative fees | 136 | 146 | 134 | 124 |
|  Distribution and/or servicing fees - Class A | 21 | 23 | 25 | 19 |
|  Trustee fees | 34 | 36 | 32 | 30 |
|  Interest expense | 14 | 14 | 12 | 11 |
|  Organizational expense  | 0 | 0 | 0 | 0 |
|  Expense reimbursements recouped | 29 | 31 | 28 | 27 |
|  Miscellaneous expense | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 294 | 378 | 402 | 375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waiver and/or Reimbursement by PIMCO | (34) | (36) | (32) | (31) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 260 | 342 | 370 | 344 |
|  **Net Investment Income (Loss)** | 19362 | 18958 | 15206 | 13406 |
|  **Net Realized Gain (Loss):** |  |  |  |  |
|  Investments in securities | 14207 | 15131 | 13511 | 8979 |
|  Investments in Affiliates | (9044) | (4554) | (1726) | (914) |
|  Net capital gain distributions received from investments | 1901 | 2474 | 2595 | 2780 |
|  Net capital gain distributions received from Affiliate investments | 66 | 51 | 38 | 25 |
|  Exchange-traded or centrally cleared financial derivative instruments | (2916) | 0 | 0 | 0 |
|  Over the counter financial derivative instruments | 1282 | 1239 | 1107 | 1035 |
|  **Net Realized Gain (Loss)** | 5496 | 14341 | 15525 | 11905 |
|  **Net Change in Unrealized Appreciation (Depreciation):** |  |  |  |  |
|  Investments in securities | 23055 | 33939 | 38019 | 47100 |
|  Investments in Affiliates | 12821 | 7514 | 3632 | 2376 |
|  Exchange-traded or centrally cleared financial derivative instruments | 894 | 0 | 0 | 0 |
|  Over the counter financial derivative instruments | (338) | (335) | (282) | (282) |
|  **Net Change in Unrealized Appreciation (Depreciation)** | 36432 | 41118 | 41369 | 49194 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $61290 | $74417 | $72100 | $74505 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(a)</sup> Inception date of the Fund was December 31, 2024.

---

| | | |
|:---|:---|:---|
| **16** | **PIMCO EQUITY SERIES** | See Accompanying Notes |

---

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PIMCO<br>REALPATH<sup>®</sup> Blend<br>2050**<br> **Fund** | **PIMCO<br>REALPATH<sup>®</sup> Blend<br>2055**<br> **Fund** | **PIMCO<br>REALPATH<sup>®</sup> Blend<br>2060**<br> **Fund** | **PIMCO<br>REALPATH<sup>®</sup> Blend<br>2065**<br> **Fund** | **PIMCO<br>REALPATH<sup>®</sup> Blend<br>2070**<br> **Fund<sup>(a)</sup>** | **PIMCO<br>REALPATH<sup>®</sup> Blend<br>Income**<br> **Fund** |
| $61 | $50 | $22 | $7 | $0 | $48 |
| 8770 | 7810 | 3228 | 488 | 23 | 3232 |
| 3135 | 2175 | 800 | 107 | 4 | 15389 |
| 11966 | 10035 | 4050 | 602 | 27 | 18669 |
| 150 | 130 | 53 | 8 | 1 | 49 |
| 123 | 104 | 37 | 6 | 0 | 139 |
| 29 | 21 | 2 | 1 | 0 | 50 |
| 28 | 24 | 9 | 1 | 3 | 28 |
| 10 | 8 | 2 | 0 | 0 | 11 |
| 0 | 0 | 0 | 0 | 138 | 0 |
| 24 | 21 | 9 | 1 | 0 | 24 |
| 0 | 0 | 2 | 0 | 0 | 0 |
| 364 | 308 | 114 | 17 | 142 | 301 |
| (28) | (24) | (10) | (1) | (141) | (28) |
| 336 | 284 | 104 | 16 | 1 | 273 |
| 11630 | 9751 | 3946 | 586 | 26 | 18396 |
| 6296 | 3388 | 846 | 162 | 40 | 11452 |
| (218) | (215) | (23) | (1) | 0 | (20348) |
| 2702 | 2438 | 993 | 131 | 0 | 811 |
| 14 | 7 | 2 | 0 | 0 | 57 |
| 0 | 0 | (1) | 0 | 0 | (1694) |
| 872 | 726 | 297 | 37 | (1) | 1163 |
| 9666 | 6344 | 2114 | 329 | 39 | (8559) |
| 48926 | 45052 | 20293 | 3499 | 226 | 41794 |
| 856 | 595 | 155 | 25 | 3 | 6349 |
| 0 | 0 | 0 | 0 | 0 | 590 |
| (236) | (179) | (82) | (18) | (2) | (501) |
| 49546 | 45468 | 20366 | 3506 | 227 | 48232 |
| $70842 | $61563 | $26426 | $4421 | $292 | $58069 |

---

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **17** |

---

------

Statements of Changes in Net Assets

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **PIMCO<br>REALPATH<sup>®</sup> Blend**<br> **2030**<br> **Fund** | **PIMCO<br>REALPATH<sup>®</sup> Blend**<br> **2030**<br> **Fund** | **PIMCO<br>REALPATH<sup>®</sup> Blend**<br> **2035<br>Fund** | **PIMCO<br>REALPATH<sup>®</sup> Blend**<br> **2035<br>Fund** | **PIMCO<br>REALPATH<sup>®</sup> Blend**<br> **2040**<br> **Fund** | **PIMCO<br>REALPATH<sup>®</sup> Blend**<br> **2040**<br> **Fund** | **PIMCO<br>REALPATH<sup>®</sup> Blend**<br> **2045**<br> **Fund** | **PIMCO<br>REALPATH<sup>®</sup> Blend**<br> **2045**<br> **Fund** |
| (Amounts in thousands<sup>†</sup>) | **Year Ended<br>June 30, 2025** | **Year Ended<br>June 30, 2024** | **Year Ended<br>June 30, 2025** | **Year Ended<br>June 30, 2024** | **Year Ended<br>June 30, 2025** | **Year Ended<br>June 30, 2024** | **Year Ended<br>June 30, 2025** | **Year Ended<br>June 30, 2024** |
|  **Increase (Decrease) in Net Assets from:** |  |  |  |  |  |  |  |  |
|  **Operations:** |  |  |  |  |  |  |  |  |
|  Net investment income (loss) | $19362 | $19012 | $18958 | $18060 | $15206 | $15176 | $13406 | $13669 |
|  Net realized gain (loss) | 5496 | 682 | 14341 | 2676 | 15525 | 3082 | 11905 | 4165 |
|  Net change in unrealized appreciation (depreciation) | 36432 | 34914 | 41118 | 47598 | 41369 | 51815 | 49194 | 55226 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | 61290 | 54608 | 74417 | 68334 | 72100 | 70073 | 74505 | 73060 |
|  **Distributions to Shareholders:** |  |  |  |  |  |  |  |  |
|  From net investment income and/or net realized capital gains |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (17683) | (21140) | (20563) | (19763) | (17042) | (16476) | (17670) | (14675) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | N/A | (128)<sup>(b)</sup> | N/A | (141)<sup>(b)</sup> | N/A | (80)<sup>(b)</sup> | N/A | (99)<sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (225) | (282) | (276) | (247) | (278) | (245) | (223) | (151) |
|  Tax basis return of capital |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | N/A | 0 | N/A | 0 | N/A | 0 | N/A | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
|  **Total Distributions<sup>(c)</sup>** | (17908) | (21550) | (20839) | (20151) | (17320) | (16801) | (17893) | (14925) |
|  **Fund Share Transactions:** |  |  |  |  |  |  |  |  |
|  Net increase (decrease) resulting from Fund share transactions\* | (82147) | 41237 | (64019) | 70854 | (53804) | 40064 | (18408) | 19341 |
|  **Total Increase (Decrease) in Net Assets** | (38765) | 74295 | (10441) | 119037 | 976 | 93336 | 38204 | 77476 |
|  **Net Assets:** |  |  |  |  |  |  |  |  |
|  Beginning of year | 619096 | 544801 | 648938 | 529901 | 574639 | 481303 | 534519 | 457043 |
|  End of year | $580331 | $619096 | $638497 | $648938 | $575615 | $574639 | $572723 | $534519 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | 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.

<sup>(a)</sup> Inception date of the Fund was December 31, 2024.

<sup>(b)</sup> Administrative Class Shares liquidated at the close of business on June 21, 2024.

<sup>(c)</sup> The tax characterization of distributions is determined in accordance with Federal income tax regulations. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information.

---

| | | |
|:---|:---|:---|
| **18** | **PIMCO EQUITY SERIES** | See Accompanying Notes |

---

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **PIMCO**<br> **REALPATH<sup>®</sup> Blend**<br> **2050**<br> **Fund** | **PIMCO**<br> **REALPATH<sup>®</sup> Blend**<br> **2050**<br> **Fund** | **PIMCO**<br> **REALPATH<sup>®</sup> Blend**<br> **2055**<br> **Fund** | **PIMCO**<br> **REALPATH<sup>®</sup> Blend**<br> **2055**<br> **Fund** | **PIMCO**<br> **REALPATH<sup>®</sup> Blend**<br> **2060**<br> **Fund** | **PIMCO**<br> **REALPATH<sup>®</sup> Blend**<br> **2060**<br> **Fund** | **PIMCO**<br> **REALPATH<sup>®</sup> Blend**<br> **2065**<br> **Fund** | **PIMCO**<br> **REALPATH<sup>®</sup> Blend**<br> **2065**<br> **Fund** | **PIMCO<br>REALPATH<sup>®</sup> Blend**<br> **2070**<br> **Fund** | **PIMCO**<br> **REALPATH<sup>®</sup> Blend**<br> **Income**<br> **Fund** | **PIMCO**<br> **REALPATH<sup>®</sup> Blend**<br> **Income**<br> **Fund** |
| **Year Ended<br>June 30, 2025** | **Year Ended<br>June 30, 2024** | **Year Ended<br>June 30, 2025** | **Year Ended<br>June 30, 2024** | **Year Ended<br>June 30, 2025** | **Year Ended<br>June 30, 2024** | **Year Ended<br>June 30, 2025** | **Year Ended<br>June 30, 2024** | **Year Ended<br>June 30, 2025<sup>(a)</sup>** | **Year Ended<br>June 30, 2025** | **Year Ended<br>June 30, 2024** |
| $11630 | $12263 | $9751 | $9537 | $3946 | $3144 | $586 | $293 | $26 | $18396 | $12437 |
| 9666 | 5780 | 6344 | 2653 | 2114 | 1015 | 329 | 91 | 39 | (8559) | (3287) |
| 49546 | 55038 | 45468 | 47725 | 20366 | 16890 | 3506 | 1732 | 227 | 48232 | 14577 |
| <br> 70842 | 73081 | 61563 | 59915 | 26426 | 21049 | 4421 | 2116 | 292 | 58069 | 23727 |
| (17737) | (13155) | (14063) | (10264) | (4864) | (3006) | (1167) | (248) | 0 | (12694) | (13906) |
| N/A | (57)<sup>(b)</sup> | N/A | (53)<sup>(b)</sup> | N/A | (4)<sup>(b)</sup> | N/A | (2)<sup>(b)</sup> | N/A | N/A | (189)<sup>(b)</sup> |
| (388) | (189) | (261) | (119) | (24) | (15) | (12) | (3) | 0 | (529) | (756) |
| 0 | 0 | 0 | 0 | 0 | 0 | (118) | 0 | 0 | 0 | 0 |
| N/A | 0 | N/A | 0 | N/A | 0 | N/A | 0 | N/A | N/A | 0 |
| 0 | 0 | 0 | 0 | 0 | 0 | (1) | 0 | 0 | 0 | 0 |
| (18125) | (13401) | (14324) | (10436) | (4888) | (3025) | (1298) | (253) | 0 | (13223) | (14851) |
| 1567 | 145 | 4507 | 50680 | 24855 | 54477 | 17262 | 12176 | 3058 | 287073 | (19960) |
| 54284 | 59825 | 51746 | 100159 | 46393 | 72501 | 20385 | 14039 | 3350 | 331919 | (11084) |
| 480539 | 420714 | 408637 | 308478 | 159478 | 86977 | 19152 | 5113 | 0 | 335002 | 346086 |
| $&nbsp;&nbsp;&nbsp;&nbsp;534823 | $480539 | $460383 | $408637 | $205871 | $159478 | $39537 | $19152 | $3350 | $666921 | $335002 |

---

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **19** |

---

------

Schedule of Investments PIMCO REALPATH<sup>®</sup> Blend 2030 Fund

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **SHARES** | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 49.1% | INVESTMENTS IN SECURITIES 49.1% | INVESTMENTS IN SECURITIES 49.1% | INVESTMENTS IN SECURITIES 49.1% | INVESTMENTS IN SECURITIES 49.1% |
| MUTUAL FUNDS 48.9% | MUTUAL FUNDS 48.9% | MUTUAL FUNDS 48.9% | MUTUAL FUNDS 48.9% | MUTUAL FUNDS 48.9% |
|  Vanguard Developed Markets Index Fund 'Institutional' |  | 2530369 | $— | 72597 |
|  Vanguard Emerging Markets Stock Index Fund 'Institutional' |  | 775606 |  | 24160 |
|  Vanguard Institutional Index Fund 'Institutional Plus' |  | 352024 |  | 177533 |
|  Vanguard Small-Cap Index Fund 'Institutional' |  | 81046 |  | 9207 |
|  Total Mutual Funds (Cost $183,775) | Total Mutual Funds (Cost $183,775) | Total Mutual Funds (Cost $183,775) |  | 283497 |
| SHORT-TERM INSTRUMENTS 0.2% | SHORT-TERM INSTRUMENTS 0.2% | SHORT-TERM INSTRUMENTS 0.2% | SHORT-TERM INSTRUMENTS 0.2% | SHORT-TERM INSTRUMENTS 0.2% |
| MUTUAL FUNDS 0.1% | MUTUAL FUNDS 0.1% | MUTUAL FUNDS 0.1% | MUTUAL FUNDS 0.1% | MUTUAL FUNDS 0.1% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class |  |  |  |  |
|  4.380% (d) |  | 369207 |  | 369 |
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |  |
| U.S. TREASURY BILLS 0.1% | U.S. TREASURY BILLS 0.1% | U.S. TREASURY BILLS 0.1% | U.S. TREASURY BILLS 0.1% | U.S. TREASURY BILLS 0.1% |
|  4.320% due 07/03/2025 - 10/21/2025 (a)(b)(e)(h) | $— | 642 |  | 637 |
|  Total Short-Term Instruments (Cost $1,006) | Total Short-Term Instruments (Cost $1,006) | Total Short-Term Instruments (Cost $1,006) |  | 1006 |
|  Total Investments in Securities<br> (Cost $184,781) | Total Investments in Securities<br> (Cost $184,781) | Total Investments in Securities<br> (Cost $184,781) |  | 284503 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| INVESTMENTS IN AFFILIATES 50.5% | INVESTMENTS IN AFFILIATES 50.5% | INVESTMENTS IN AFFILIATES 50.5% | INVESTMENTS IN AFFILIATES 50.5% |
| MUTUAL FUNDS (c) 45.9% | MUTUAL FUNDS (c) 45.9% | MUTUAL FUNDS (c) 45.9% | MUTUAL FUNDS (c) 45.9% |
|  PIMCO Emerging Markets Local Currency and Bond Fund | 2562457 | $— | 15733 |
|  PIMCO High Yield Fund | 504557 |  | 4092 |
|  PIMCO Income Fund | 4084495 |  | 43990 |
|  PIMCO International Bond Fund (U.S. Dollar-Hedged) | 1083483 |  | 10770 |
|  PIMCO Long-Term Real Return Fund | 4498220 |  | 52134 |
|  PIMCO Long-Term U.S. Government Fund | 3409452 |  | 47392 |
|  PIMCO Real Return Fund | 2770271 |  | 28506 |
|  PIMCO Total Return Fund | 7381494 |  | 64071 |
| Total Mutual Funds (Cost $280,944) | Total Mutual Funds (Cost $280,944) |  | 266688 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| SHORT-TERM INSTRUMENTS 4.6% | SHORT-TERM INSTRUMENTS 4.6% | SHORT-TERM INSTRUMENTS 4.6% | SHORT-TERM INSTRUMENTS 4.6% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.6% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.6% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.6% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.6% |
|  PIMCO Short-Term Floating NAV Portfolio III | 2735308 | $— | 26634 |
| Total Short-Term Instruments<br>(Cost $26,608) | Total Short-Term Instruments<br>(Cost $26,608) |  | 26634 |
| Total Investments in Affiliates<br>(Cost $307,552) | Total Investments in Affiliates<br>(Cost $307,552) |  | 293322 |
| Total Investments 99.6%<br>(Cost $492,333) | Total Investments 99.6%<br>(Cost $492,333) | $— | 577825 |
|  Financial Derivative<br>Instruments (f)(g) (0.1)%<br> (Cost or Premiums, net $813) |  |  | (357) |
| Other Assets and Liabilities, net 0.5% | Other Assets and Liabilities, net 0.5% |  | 2863 |
| Net Assets 100.0% | Net Assets 100.0% | $— | 580331 |

---

#### 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.

(d) Coupon represents a 7-Day Yield.

(e) Securities with an aggregate market value of $148 have been pledged as collateral as of June 30, 2025 for equity short sales and equity options as governed by prime brokerage agreements and agreements governing listed equity option transactions.

&nbsp;&nbsp;&nbsp;&nbsp;(f) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED

#### PURCHASED OPTIONS:

#### OPTIONS ON INDEXES

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Strike<br>Value | Expiration<br>Date | # of<br>Contracts | Notional<br>Amount | Cost | Market<br>Value |
|  Put - CBOE S&P 500 | 4825.000 | 09/19/2025 | 115 | $12 | $1268 | $142 |
|  Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | Total Purchased Options | $1268 | $142 |

---

#### WRITTEN OPTIONS:

#### OPTIONS ON INDEXES

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Strike<br>Value | Expiration<br>Date | # of<br>Contracts | Notional<br>Amount | Premiums<br>(Received) | Market<br>Value |
|  Put - CBOE S&P 500 | 3825.000 | 09/19/2025 | 115 | $12 | $(455) | $(48) |
|  Total Written Options | Total Written Options | Total Written Options | Total Written Options | Total Written Options | $(455) | $(48) |

---

20 PIMCO EQUITY SERIES See Accompanying Notes

------

June 30, 2025

#### 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, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset | Variation Margin<br>Asset | **Total** | Market Value | Variation Margin<br>Liability | Variation Margin<br>Liability | **Total** |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | **Total** | Written<br>Options | Futures | Swap<br>Agreements | **Total** |
|  Total Exchange-Traded or Centrally Cleared | $142 | $0 | $0 | $142 | $(48) | $0 | $0 | $(48) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(g) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

#### SWAP AGREEMENTS:

#### TOTAL RETURN SWAPS ON INDEXES

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Pay/Receive<sup>(1)</sup>** | **Underlying Reference** | **# of Units** | **Financing Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | Swap Agreements,<br>at Value | Swap Agreements,<br>at Value |
| **Counterparty** | **Pay/Receive<sup>(1)</sup>** | **Underlying Reference** | **# of Units** | **Financing Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | Asset | Liability |
|  GST | Receive | BERYTR Index  | 21152 | 4.560% | Monthly | 02/17/2026 | $10878 | $0 | $(340) | $0 | $(340) |
|  JPM | Receive | FNRETR Index  | 200 | 4.930 | Monthly | 07/02/2025 | 4983 | 0 | (46) | 0 | (46) |
|  | Receive | FNRETR Index  | 314 | 4.790 | Monthly | 08/06/2025 | 7781 | 0 | (30) | 0 | (30) |
|  MYI | Receive | FNRETR Index  | 15 | 4.930% (FEDL01 plus a specified spread) | Monthly | 07/09/2025 | 372 | 0 | (1) | 0 | (1) |
|  | Receive | FNRETR Index  | 31 | 5.130% (FEDL01 plus a specified spread) | Monthly | 09/03/2025 | 768 | 0 | (3) | 0 | (3) |
|  | Receive | FNRETR Index  | 313 | 4.980 | Monthly | 02/04/2026 | 7756 | 0 | (31) | 0 | (31) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $0 | $(451) | $0 | $(451) |

---

#### 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, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(2)</sup> |
|  GST | $0 | $0 | $0 | $0 | $0 | $0 | $(340) | $(340) | $(340) | $341 | $1 |
|  JPM | 0 | 0 | 0 | 0 | 0 | 0 | (76) | (76) | (76) | 0 | (76) |
|  MYI | 0 | 0 | 0 | 0 | 0 | 0 | (35) | (35) | (35) | 0 | (35) |
|  Total Over the Counter | $0 | $0 | $0 | $0 | $0 | $0 | $(451) | $(451) |  |  |  |

---

(h) Securities with an aggregate market value of $341 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of June 30, 2025.

<sup>(1)</sup> 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. 

<sup>(2)</sup> 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.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **21** |

---

------

Schedule of Investments PIMCO REALPATH<sup>®</sup> Blend 2030 Fund (Cont.) June 30, 2025

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of June 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | &nbsp;&nbsp;&nbsp;&nbsp;Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | $0 | $0 | $142 | $0 | $0 | $142 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $48 | $0 | $0 | $48 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | $340 | $0 | $111 | $0 | $0 | $451 |
|  | $340 | $0 | $159 | $0 | $0 | $499 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | $0 | $0 | $(2916) | $0 | $0 | $(2916) |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | $238 | $0 | $1044 | $0 | $0 | $1282 |
|  | $238 | $0 | $(1872) | $0 | $0 | $(1634) |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | $0 | $0 | $487 | $0 | $0 | $487 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 407 | 0 | 0 | 407 |
|  | $0 | $0 | $894 | $0 | $0 | $894 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | $(324) | $0 | $(14) | $0 | $0 | $(338) |
|  | $(324) | $0 | $880 | $0 | $0 | $556 |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of June 30, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>06/30/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Mutual Funds | $283497 | $0 | $0 | $283497 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 0 | 369 | 0 | 369 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 637 | 0 | 637 |
|  | $283497 | $1006 | $0 | $284503 |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Mutual Funds | 266688 | 0 | 0 | 266688 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | 26634 | 0 | 0 | 26634 |
|  | $293322 | $0 | $0 | $293322 |
|  Total Investments | $576819 | $1006 | $0 | $577825 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>06/30/2025 |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | $0 | $142 | $0 | $142 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | 0 | (48) | 0 | (48) |
|  Over the counter | 0 | (451) | 0 | (451) |
|  | $0 | $(499) | $0 | $(499) |
|  Total Financial Derivative Instruments | $0 | $(357) | $0 | $(357) |
|  Totals | $576819 | $649 | $0 | $577468 |

---

There were no significant transfers into or out of Level 3 during the period ended June 30, 2025.

---

| | | |
|:---|:---|:---|
| **22** | **PIMCO EQUITY SERIES** | See Accompanying Notes |

---

------

Schedule of Investments PIMCO REALPATH<sup>®</sup> Blend 2035 Fund June 30, 2025

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **SHARES** | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 60.5% | INVESTMENTS IN SECURITIES 60.5% | INVESTMENTS IN SECURITIES 60.5% | INVESTMENTS IN SECURITIES 60.5% | INVESTMENTS IN SECURITIES 60.5% |
| MUTUAL FUNDS 60.3% | MUTUAL FUNDS 60.3% | MUTUAL FUNDS 60.3% | MUTUAL FUNDS 60.3% | MUTUAL FUNDS 60.3% |
|  Vanguard Developed Markets Index Fund 'Institutional' |  | 3482674 | $— | 99918 |
|  Vanguard Emerging Markets Stock Index Fund 'Institutional' |  | 1171899 |  | 36505 |
|  Vanguard Institutional Index Fund 'Institutional Plus' |  | 458605 |  | 231284 |
|  Vanguard Small-Cap Index Fund 'Institutional' |  | 152114 |  | 17280 |
|  Total Mutual Funds (Cost $261,747) | Total Mutual Funds (Cost $261,747) | Total Mutual Funds (Cost $261,747) |  | 384987 |
| SHORT-TERM INSTRUMENTS 0.2% | SHORT-TERM INSTRUMENTS 0.2% | SHORT-TERM INSTRUMENTS 0.2% | SHORT-TERM INSTRUMENTS 0.2% | SHORT-TERM INSTRUMENTS 0.2% |
| MUTUAL FUNDS 0.1% | MUTUAL FUNDS 0.1% | MUTUAL FUNDS 0.1% | MUTUAL FUNDS 0.1% | MUTUAL FUNDS 0.1% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class |  |  |  |  |
|  4.380% (d) |  | 522183 |  | 522 |
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |  |
| U.S. TREASURY BILLS 0.1% | U.S. TREASURY BILLS 0.1% | U.S. TREASURY BILLS 0.1% | U.S. TREASURY BILLS 0.1% | U.S. TREASURY BILLS 0.1% |
|  4.332% due 09/11/2025 (a)(b)(f) | $— | 334 |  | 331 |
|  Total Short-Term Instruments (Cost $853) | Total Short-Term Instruments (Cost $853) | Total Short-Term Instruments (Cost $853) |  | 853 |
|  Total Investments in Securities<br> (Cost $262,600) | Total Investments in Securities<br> (Cost $262,600) | Total Investments in Securities<br> (Cost $262,600) |  | 385840 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| INVESTMENTS IN AFFILIATES 40.0% | INVESTMENTS IN AFFILIATES 40.0% | INVESTMENTS IN AFFILIATES 40.0% | INVESTMENTS IN AFFILIATES 40.0% |
| MUTUAL FUNDS (c) 34.7% | MUTUAL FUNDS (c) 34.7% | MUTUAL FUNDS (c) 34.7% | MUTUAL FUNDS (c) 34.7% |
|  PIMCO Emerging Markets Local Currency and Bond Fund | 2237927 | $— | 13741 |
|  PIMCO High Yield Fund | 397684 |  | 3225 |
|  PIMCO Income Fund | 3411183 |  | 36738 |
|  PIMCO International Bond Fund (U.S. Dollar-Hedged) | 798311 |  | 7935 |
|  PIMCO Long-Term Real Return Fund | 3719255 |  | 43106 |
|  PIMCO Long-Term U.S. Government Fund | 2702285 |  | 37562 |
|  PIMCO Real Return Fund | 2326059 |  | 23935 |
|  PIMCO Total Return Fund | 6334856 |  | 54987 |
| Total Mutual Funds<br> (Cost $231,012) | Total Mutual Funds<br> (Cost $231,012) |  | 221229 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| SHORT-TERM INSTRUMENTS 5.3% | SHORT-TERM INSTRUMENTS 5.3% | SHORT-TERM INSTRUMENTS 5.3% | SHORT-TERM INSTRUMENTS 5.3% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.3% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.3% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.3% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.3% |
|  PIMCO Short-Term Floating NAV Portfolio III | 3516248 | $— | 34238 |
| Total Short-Term Instruments<br>(Cost $34,202) | Total Short-Term Instruments<br>(Cost $34,202) |  | 34238 |
| Total Investments in Affiliates<br>(Cost $265,214) | Total Investments in Affiliates<br>(Cost $265,214) |  | 255467 |
| Total Investments 100.5%<br>(Cost $527,814) | Total Investments 100.5%<br>(Cost $527,814) | $— | 641307 |
|  Financial Derivative Instruments (e) (0.1)%<br> (Cost or Premiums, net $0) |  |  | (451) |
| Other Assets and Liabilities, net (0.4)% | Other Assets and Liabilities, net (0.4)% |  | (2359) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 638497 |

---

#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

(a) Zero coupon security.

(b) Coupon represents a yield to maturity.

(c) Institutional Class Shares of each Fund.

(d) Coupon represents a 7-Day Yield.

&nbsp;&nbsp;&nbsp;&nbsp;(e) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

#### SWAP AGREEMENTS:

#### TOTAL RETURN SWAPS ON INDEXES

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Pay/Receive<sup>(1)</sup> | Underlying Reference | # of Units | Financing Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value | Swap Agreements,<br>at Value |
| Counterparty | Pay/Receive<sup>(1)</sup> | Underlying Reference | # of Units | Financing Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  GST | Receive | BERYTR Index  | 20825 | 4.560% | Monthly | 02/17/2026 | $10710 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(335) | $0 | $(335) |
|  JPM | Receive | FNRETR Index  | 186 | 4.930 | Monthly | 07/02/2025 | 4634 | 0 | (43) | 0 | (43) |
|  | Receive | FNRETR Index  | 353 | 4.790 | Monthly | 08/06/2025 | 8747 | 0 | (33) | 0 | (33) |
|  MYI | Receive | FNRETR Index  | 24 | 4.930% (FEDL01 plus a specified spread) | Monthly | 07/09/2025 | 595 | 0 | (2) | 0 | (2) |
|  | Receive | FNRETR Index  | 29 | 5.130% (FEDL01 plus a specified spread) | Monthly | 09/03/2025 | 719 | 0 | (3) | 0 | (3) |
|  | Receive | FNRETR Index  | 352 | 4.980 | Monthly | 02/04/2026 | 8723 | 0 | (35) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | (35) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  |  |  |  | $0 | $(451) | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(451) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| JUNE 30, 2025 23

------

Schedule of Investments PIMCO REALPATH<sup>®</sup> Blend 2035 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, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(2)</sup> |
|  GST | $0 | $0 | $0 | $0 | $0 | $0 | $(335) | $(335) | $(335) | $331 | $(4) |
|  JPM | 0 | 0 | 0 | 0 | 0 | 0 | (76) | (76) | (76) | 0 | (76) |
|  MYI | 0 | 0 | 0 | 0 | 0 | 0 | (40) | (40) | (40) | 0 | (40) |
|  Total Over the Counter | $0 | $0 | $0 | $0 | $0 | $0 | $(451) | $(451) |  |  |  |

---

(f) Securities with an aggregate market value of $331 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of June 30, 2025.

<sup>(1)</sup> 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. 

<sup>(2)</sup> 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, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total |
|  Financial Derivative Instruments - Liabilities |  |  |  |  |  |  |
|  Over the counter |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br> Contracts | Equity<br>Contracts | Foreign<br> Exchange <br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Over the counter |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | $252 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;987 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1239 |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Over the counter |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(320) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(15) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(335) |

---

24 PIMCO EQUITY SERIES See Accompanying Notes

------

June 30, 2025

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of June 30, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>06/30/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Mutual Funds | $384987 | $0 | $0 | $384987 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 0 | 522 | 0 | 522 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 331 | 0 | 331 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384987 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;853 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385840 |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Mutual Funds | 221229 | 0 | 0 | 221229 |
|  Short-Term Instruments |  |  |  |  |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | 34238 | 0 | 0 | 34238 |
|  | $255467 | $0 | $0 | $255467 |
|  Total Investments | $640454 | $853 | $0 | $641307 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>06/30/2025 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Over the counter | $0 | $(451) | $0 | $(451) |
|  Total Financial Derivative Instruments | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(451) | $0 | $(451) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640454 | $402 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640856 |

---

There were no significant transfers into or out of Level 3 during the period ended June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **25** |

---

------

Schedule of Investments PIMCO REALPATH<sup>®</sup> Blend 2040 Fund

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **SHARES** | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 71.6% | INVESTMENTS IN SECURITIES 71.6% | INVESTMENTS IN SECURITIES 71.6% | INVESTMENTS IN SECURITIES 71.6% | INVESTMENTS IN SECURITIES 71.6% |
| MUTUAL FUNDS 71.5% | MUTUAL FUNDS 71.5% | MUTUAL FUNDS 71.5% | MUTUAL FUNDS 71.5% | MUTUAL FUNDS 71.5% |
|  Vanguard Developed Markets Index Fund 'Institutional' |  | 3697982 | $— | 106095 |
|  Vanguard Emerging Markets Stock Index Fund 'Institutional' |  | 1339448 |  | 41724 |
|  Vanguard Institutional Index Fund 'Institutional Plus' |  | 489255 |  | 246741 |
|  Vanguard Small-Cap Index Fund 'Institutional' |  | 149813 |  | 17019 |
|  Total Mutual Funds (Cost $277,785) | Total Mutual Funds (Cost $277,785) | Total Mutual Funds (Cost $277,785) |  | 411579 |
| SHORT-TERM INSTRUMENTS 0.1% | SHORT-TERM INSTRUMENTS 0.1% | SHORT-TERM INSTRUMENTS 0.1% | SHORT-TERM INSTRUMENTS 0.1% | SHORT-TERM INSTRUMENTS 0.1% |
| MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class |  |  |  |  |
|  4.380% (d) |  | 125186 |  | 125 |
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |  |
| U.S. TREASURY BILLS 0.1% | U.S. TREASURY BILLS 0.1% | U.S. TREASURY BILLS 0.1% | U.S. TREASURY BILLS 0.1% | U.S. TREASURY BILLS 0.1% |
|  4.332% due 09/11/2025 (a)(b)(f) | $— | 283 |  | 281 |
| Total Short-Term Instruments<br>(Cost $406) | Total Short-Term Instruments<br>(Cost $406) | Total Short-Term Instruments<br>(Cost $406) |  | 406 |
| Total Investments in Securities<br>(Cost $278,191) | Total Investments in Securities<br>(Cost $278,191) | Total Investments in Securities<br>(Cost $278,191) |  | 411985 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| INVESTMENTS IN AFFILIATES 29.3% | INVESTMENTS IN AFFILIATES 29.3% | INVESTMENTS IN AFFILIATES 29.3% | INVESTMENTS IN AFFILIATES 29.3% |
| MUTUAL FUNDS (c) 23.6% | MUTUAL FUNDS (c) 23.6% | MUTUAL FUNDS (c) 23.6% | MUTUAL FUNDS (c) 23.6% |
|  PIMCO Emerging Markets Local Currency and Bond Fund | 1627973 | $— | 9996 |
|  PIMCO High Yield Fund | 188137 |  | 1526 |
|  PIMCO Income Fund | 2017276 |  | 21726 |
|  PIMCO International Bond Fund (U.S. Dollar-Hedged) | 603130 |  | 5995 |
|  PIMCO Long-Term Real Return Fund | 2391158 |  | 27713 |
|  PIMCO Long-Term U.S. Government Fund | 1436782 |  | 19971 |
|  PIMCO Real Return Fund | 1464633 |  | 15071 |
|  PIMCO Total Return Fund | 3898604 |  | 33840 |
| Total Mutual Funds (Cost $143,126) | Total Mutual Funds (Cost $143,126) |  | 135838 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| SHORT-TERM INSTRUMENTS 5.7% | SHORT-TERM INSTRUMENTS 5.7% | SHORT-TERM INSTRUMENTS 5.7% | SHORT-TERM INSTRUMENTS 5.7% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.7% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.7% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.7% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.7% |
|  PIMCO Short-Term Floating NAV Portfolio III | 3369493 | $— | 32809 |
| Total Short-Term Instruments<br>(Cost $32,786) | Total Short-Term Instruments<br>(Cost $32,786) |  | 32809 |
| Total Investments in Affiliates<br>(Cost $175,912) | Total Investments in Affiliates<br>(Cost $175,912) |  | 168647 |
| Total Investments 100.9%<br>(Cost $454,103) | Total Investments 100.9%<br>(Cost $454,103) | $— | 580632 |
|  Financial Derivative<br>Instruments (e) (0.1)%<br> (Cost or Premiums, net $0) |  |  | (385) |
| Other Assets and Liabilities, net (0.8)% | Other Assets and Liabilities, net (0.8)% |  | (4632) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 575615 |

---

#### NOTES TO SCHEDULE OF INVESTMENTS:
\* A zero balance may reflect actual amounts rounding to less than one thousand. 

(a) Zero coupon security.

(b) Coupon represents a yield to maturity.

(c) Institutional Class Shares of each Fund.

(d) Coupon represents a 7-Day Yield.

&nbsp;&nbsp;&nbsp;&nbsp;(e) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

#### SWAP AGREEMENTS:

#### TOTAL RETURN SWAPS ON INDEXES

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Pay/Receive<sup>(1)</sup> | Underlying Reference | # of Units | Financing Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value | Swap Agreements,<br>at Value |
| Counterparty | Pay/Receive<sup>(1)</sup> | Underlying Reference | # of Units | Financing Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  GST | Receive | BERYTR Index | 17228 | 4.560% | Monthly | 02/17/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8860 | $0 | $(276) | $0 | $(276) |
|  JPM | Receive | FNRETR Index | 197 | 4.930 | Monthly | 07/02/2025 | 4909 | 0 | (46) | 0 | (46) |
|  | Receive | FNRETR Index | 328 | 4.790 | Monthly | 08/06/2025 | 8128 | 0 | (29) | 0 | (29) |
|  MYI | Receive | FNRETR Index | 40 | 5.130% (FEDL01 plus a specified spread) | Monthly | 09/03/2025 | 991 | 0 | (4) | 0 | (4) |
|  | Receive | FNRETR Index | 304 | 4.980 | Monthly | 02/04/2026 | 7533 | 0 | (30) | 0 | (30) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(385) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(385) |

---

26 PIMCO EQUITY SERIES See Accompanying Notes

------

June 30, 2025

#### 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, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(2)</sup> |
|  GST | $0 | $0 | $0 | $0 | $0 | $0 | $(276) | $(276) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(276) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281 | $5 |
|  JPM | 0 | 0 | 0 | 0 | 0 | 0 | (75) | (75) | (75) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(75) |
|  MYI | 0 | 0 | 0 | 0 | 0 | 0 | (34) | (34) | (34) | 0 | (34) |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(385) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(385) |  |  |  |

---

(f) Securities with an aggregate market value of $281 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of June 30, 2025.

<sup>(1)</sup> 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. 

<sup>(2)</sup> 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, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385 |
| <br> The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2025: | <br> The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2025: | <br> The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2025: | <br> The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2025: | <br> The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2025: | <br> The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2025: | <br> The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2025: |
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Over the counter |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | $227 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1107 |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Over the counter |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(265) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(17) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(282) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| JUNE 30, 2025 27

------

Schedule of Investments PIMCO REALPATH<sup>®</sup> Blend 2040 Fund (Cont.) June 30, 2025

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of June 30, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | **Fair**<br> **Value at<br>06/30/2025** |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Mutual Funds | $411579 | $0 | $0 | $411579 |
|  Short-Term Instruments |  |  |  |  |
| &nbsp;&nbsp; Mutual Funds | 0 | 125 | 0 | 125 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 281 | 0 | 281 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411579 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;406 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411985 |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value |  |  |  |
|  Mutual Funds | 135838 | 0 | 0 | 135838 |
|  Short-Term Instruments |  |  |  |  |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | 32809 | 0 | 0 | 32809 |
|  | $168647 | $0 | $0 | $168647 |
|  Total Investments | $580226 | $406 | $0 | $580632 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | **Fair**<br> **Value at<br>06/30/2025** |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Over the counter | $0 | $(385) | $0 | $(385) |
|  Total Financial Derivative Instruments | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(385) | $0 | $(385) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580226 | $21 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580247 |

---

There were no significant transfers into or out of Level 3 during the period ended June 30, 2025.

---

| | | |
|:---|:---|:---|
| **28** | **PIMCO EQUITY SERIES** | See Accompanying Notes |

---

------

Schedule of Investments PIMCO REALPATH<sup>®</sup> Blend 2045 Fund June 30, 2025

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

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 80.2% | INVESTMENTS IN SECURITIES 80.2% | INVESTMENTS IN SECURITIES 80.2% | INVESTMENTS IN SECURITIES 80.2% |
| MUTUAL FUNDS 80.1% | MUTUAL FUNDS 80.1% | MUTUAL FUNDS 80.1% | MUTUAL FUNDS 80.1% |
|  Vanguard Developed Markets Index Fund 'Institutional' | 4458079 | $— | 127902 |
|  Vanguard Emerging Markets Stock Index Fund 'Institutional' | 1379314 |  | 42965 |
|  Vanguard Institutional Index Fund 'Institutional Plus' | 536864 |  | 270751 |
|  Vanguard Small-Cap Index Fund 'Institutional' | 150809 |  | 17132 |
|  Total Mutual Funds (Cost $313,710) | Total Mutual Funds (Cost $313,710) |  | 458750 |
| SHORT-TERM INSTRUMENTS 0.1% | SHORT-TERM INSTRUMENTS 0.1% | SHORT-TERM INSTRUMENTS 0.1% | SHORT-TERM INSTRUMENTS 0.1% |
| MUTUAL FUNDS 0.1% | MUTUAL FUNDS 0.1% | MUTUAL FUNDS 0.1% | MUTUAL FUNDS 0.1% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class |  |  |  |
|  4.380% (d) | 519794 |  | 520 |
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |  |
| U.S. TREASURY BILLS 0.0% | U.S. TREASURY BILLS 0.0% | U.S. TREASURY BILLS 0.0% | U.S. TREASURY BILLS 0.0% |
|  4.332% due 07/03/2025 - 10/21/2025 (a)(b)(f) | $268 |  | 266 |
| Total Short-Term Instruments<br>(Cost $786) | Total Short-Term Instruments<br>(Cost $786) |  | 786 |
| Total Investments in Securities<br>(Cost $314,496) | Total Investments in Securities<br>(Cost $314,496) |  | 459536 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| INVESTMENTS IN AFFILIATES 20.1% | INVESTMENTS IN AFFILIATES 20.1% | INVESTMENTS IN AFFILIATES 20.1% | INVESTMENTS IN AFFILIATES 20.1% |
| MUTUAL FUNDS (c) 14.9% | MUTUAL FUNDS (c) 14.9% | MUTUAL FUNDS (c) 14.9% | MUTUAL FUNDS (c) 14.9% |
|  PIMCO Emerging Markets Local Currency and Bond Fund | 1333038 | $— | 8185 |
|  PIMCO High Yield Fund | 20386 |  | 165 |
|  PIMCO Income Fund | 900535 |  | 9699 |
|  PIMCO International Bond Fund (U.S. Dollar-Hedged) | 425608 |  | 4230 |
|  PIMCO Long-Term Real Return Fund | 1268931 |  | 14707 |
|  PIMCO Long-Term U.S. Government Fund | 1062208 |  | 14765 |
|  PIMCO Real Return Fund | 1165894 |  | 11997 |
|  PIMCO Total Return Fund | 2460840 |  | 21360 |
| Total Mutual Funds (Cost $89,579) | Total Mutual Funds (Cost $89,579) |  | 85108 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| SHORT-TERM INSTRUMENTS 5.2% | SHORT-TERM INSTRUMENTS 5.2% | SHORT-TERM INSTRUMENTS 5.2% | SHORT-TERM INSTRUMENTS 5.2% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.2% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.2% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.2% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.2% |
|  PIMCO Short-Term<br>Floating NAV Portfolio III | 3058301 | $— | 29779 |
| Total Short-Term Instruments<br>(Cost $29,747) | Total Short-Term Instruments<br>(Cost $29,747) |  | 29779 |
| Total Investments in Affiliates<br>(Cost $119,326) | Total Investments in Affiliates<br>(Cost $119,326) |  | 114887 |
| Total Investments 100.3%<br>(Cost $433,822) | Total Investments 100.3%<br>(Cost $433,822) |  | 574423 |
|  Financial Derivative<br>Instruments (e) (0.1)%<br> (Cost or Premiums, net $0) | Financial Derivative<br>Instruments (e) (0.1)%<br> (Cost or Premiums, net $0) |  | (378) |
| Other Assets and Liabilities, net (0.2)% | Other Assets and Liabilities, net (0.2)% |  | (1322) |
| Net Assets 100.0% | Net Assets 100.0% |  | 572723 |

---

#### 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.

(d) Coupon represents a 7-Day Yield.

&nbsp;&nbsp;&nbsp;&nbsp;(e) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

#### SWAP AGREEMENTS:

#### TOTAL RETURN SWAPS ON INDEXES

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Pay/Receive<sup>(1)</sup> | Underlying Reference | # of Units | Financing Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value | Swap Agreements,<br>at Value |
| Counterparty | Pay/Receive<sup>(1)</sup> | Underlying Reference | # of Units | Financing Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  GST | Receive | BERYTR Index  | 16371 | 4.560% | Monthly | 02/17/2026 | $8420 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(263) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(263) |
|  JPM | Receive | FNRETR Index  | 237 | 4.930 | Monthly | 07/02/2025 | 5905 | 0 | (55) | 0 | (55) |
|  | Receive | FNRETR Index  | 314 | 4.790 | Monthly | 08/06/2025 | 7781 | 0 | (28) | 0 | (28) |
|  MYI | Receive | FNRETR Index  | 14 | 4.930% (FEDL01 plus a specified spread) | Monthly | 07/09/2025 | 347 | 0 | (1) | 0 | (1) |
|  | Receive | FNRETR Index  | 33 | 5.130% (FEDL01 plus a specified spread) | Monthly | 09/03/2025 | 818 | 0 | (3) | 0 | (3) |
|  | Receive | FNRETR Index  | 279 | 4.980 | Monthly | 02/04/2026 | 6913 | 0 | (28) | 0 | (28) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  |  |  |  |  | $0 | $(378) | $0 | $(378) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| JUNE 30, 2025 29

------

Schedule of Investments PIMCO REALPATH<sup>®</sup> Blend 2045 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, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(2)</sup> |
|  GST | $0 | $0 | $0 | $0 | $0 | $0 | $(263) | $(263) | $(263) | $261 | $(2) |
|  JPM | 0 | 0 | 0 | 0 | 0 | 0 | (83) | (83) | (83) | 0 | (83) |
|  MYI | 0 | 0 | 0 | 0 | 0 | 0 | (32) | (32) | (32) | 3 | (29) |
|  Total Over the Counter | $0 | $0 | $0 | $0 | $0 | $0 | $(378) | $(378) |  |  |  |

---

(f) Securities with an aggregate market value of $264 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of June 30, 2025.

<sup>(1)</sup> 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. 

<sup>(2)</sup> 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, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate<br>Contracts | Total |
|  Financial Derivative Instruments - Liabilities |  |  |  |  |  |  |
|  Over the counter |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | $263 | $0 | $115 | $0 | $0 | $378 |
| <br> The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2025: | <br> The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2025: | <br> The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2025: | <br> The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2025: | <br> The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2025: | <br> The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2025: | <br> The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2025: |
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate<br>Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Over the counter |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | $233 | $0 | $802 | $0 | $0 | $1035 |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Over the counter |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | $(253) | $0 | $(29) | $0 | $0 | $(282) |

---

30 PIMCO EQUITY SERIES See Accompanying Notes

------

June 30, 2025

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of June 30, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>06/30/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Mutual Funds | $458750 | $0 | $0 | $458750 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 0 | 520 | 0 | 520 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 266 | 0 | 266 |
|  | $458750 | $786 | $0 | $459536 |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Mutual Funds | 85108 | 0 | 0 | 85108 |
|  Short-Term Instruments |  |  |  |  |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | 29779 | 0 | 0 | 29779 |
|  | $114887 | $0 | $0 | $114887 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;573637 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;786 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;574423 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>06/30/2025 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Over the counter | $0 | $(378) | $0 | $(378) |
|  Total Financial Derivative Instruments | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(378) | $0 | $(378) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;573637 | $408 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;574045 |

---

There were no significant transfers into or out of Level 3 during the period ended June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **31** |

---

------

Schedule of Investments PIMCO REALPATH<sup>®</sup> Blend 2050 Fund

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

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 86.0% | INVESTMENTS IN SECURITIES 86.0% | INVESTMENTS IN SECURITIES 86.0% | INVESTMENTS IN SECURITIES 86.0% |
| MUTUAL FUNDS 85.9% | MUTUAL FUNDS 85.9% | MUTUAL FUNDS 85.9% | MUTUAL FUNDS 85.9% |
|  Vanguard Developed Markets Index Fund 'Institutional' | 4610533 | $— | 132276 |
|  Vanguard Emerging Markets Stock Index Fund 'Institutional' | 1367310 |  | 42592 |
|  Vanguard Institutional Index Fund 'Institutional Plus' | 526861 |  | 265706 |
|  Vanguard Small-Cap Index Fund 'Institutional' | 164415 |  | 18678 |
|  Total Mutual Funds (Cost $311,584) | Total Mutual Funds (Cost $311,584) |  | 459252 |
| SHORT-TERM INSTRUMENTS 0.1% | SHORT-TERM INSTRUMENTS 0.1% | SHORT-TERM INSTRUMENTS 0.1% | SHORT-TERM INSTRUMENTS 0.1% |
| MUTUAL FUNDS 0.1% |  |  |  |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class |  |  |  |
|  4.380% (b) | 595959 |  | 596 |
| Total Short-Term Instruments (Cost $596) |  |  | 596 |
| Total Investments in Securities (Cost $311,180) |  |  | 459848 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| INVESTMENTS IN AFFILIATES 14.2% | INVESTMENTS IN AFFILIATES 14.2% | INVESTMENTS IN AFFILIATES 14.2% | INVESTMENTS IN AFFILIATES 14.2% |
| MUTUAL FUNDS (a) 9.0% | MUTUAL FUNDS (a) 9.0% | MUTUAL FUNDS (a) 9.0% | MUTUAL FUNDS (a) 9.0% |
|  PIMCO Emerging Markets Local Currency and Bond Fund | 503206 | $— | 3090 |
|  PIMCO Income Fund | 521991 |  | 5622 |
|  PIMCO International Bond Fund (U.S. Dollar-Hedged) | 243549 |  | 2421 |
|  PIMCO Long-Term Real Return Fund | 685613 |  | 7946 |
|  PIMCO Long-Term U.S. Government Fund | 642504 |  | 8931 |
|  PIMCO Real Return Fund | 716425 |  | 7372 |
|  PIMCO Total Return Fund | 1509736 |  | 13104 |
| Total Mutual Funds (Cost $51,824) |  |  | 48486 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| SHORT-TERM INSTRUMENTS 5.2% | SHORT-TERM INSTRUMENTS 5.2% | SHORT-TERM INSTRUMENTS 5.2% | SHORT-TERM INSTRUMENTS 5.2% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.2% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.2% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.2% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.2% |
|  PIMCO Short-Term<br>Floating NAV Portfolio III | 2822776 | $— | 27485 |
| Total Short-Term Instruments (Cost $27,461) | Total Short-Term Instruments (Cost $27,461) |  | 27485 |
| Total Investments in Affiliates (Cost $79,285) |  |  | 75971 |
| Total Investments 100.2%<br>(Cost $390,465) |  | $— | 535819 |
|  Financial Derivative Instruments (c) (0.1)%<br> (Cost or Premiums, net $(3)) |  |  | (326) |
| Other Assets and Liabilities, net (0.1)% | Other Assets and Liabilities, net (0.1)% |  | (670) |
| Net Assets 100.0% |  | $— | 534823 |

---

#### 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) Coupon represents a 7-Day Yield.

&nbsp;&nbsp;&nbsp;&nbsp;(c) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

#### SWAP AGREEMENTS:

#### TOTAL RETURN SWAPS ON INDEXES

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Pay/Receive<sup>(1)</sup> | Underlying Reference | # of Units | Financing Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value | Swap Agreements,<br>at Value |
| Counterparty | Pay/Receive<sup>(1)</sup> | Underlying Reference | # of Units | Financing Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  GST | Receive | BERYTR Index  | 14348 | 4.560% | Monthly | 02/17/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7379 | $(3) | $(227) | $0 | $(230) |
|  JPM | Receive | FNRETR Index  | 130 | 4.930 | Monthly | 07/02/2025 | 3239 | 0 | (30) | 0 | (30) |
|  | Receive | FNRETR Index  | 343 | 4.790 | Monthly | 08/06/2025 | 8500 | 0 | (30) | 0 | (30) |
|  MYI | Receive | FNRETR Index  | 21 | 4.930% (FEDL01 plus a specified spread) | Monthly | 07/09/2025 | 520 | 0 | (2) | 0 | (2) |
|  | Receive | FNRETR Index  | 39 | 5.130% (FEDL01 plus a specified spread) | Monthly | 09/03/2025 | 967 | 0 | (4) | 0 | (4) |
|  | Receive | FNRETR Index  | 308 | 4.980 | Monthly | 02/04/2026 | 7632 | 0 | (30) | 0 | (30) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(323) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(326) |

---

32 PIMCO EQUITY SERIES See Accompanying Notes

------

June 30, 2025

#### 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, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(2)</sup> |
|  GST | $0 | $0 | $0 | $0 | $0 | $0 | $(230) | $(230) | $(230) | $0 | $(230) |
|  JPM | 0 | 0 | 0 | 0 | 0 | 0 | (60) | (60) | (60) | 0 | (60) |
|  MYI | 0 | 0 | 0 | 0 | 0 | 0 | (36) | (36) | (36) | 0 | (36) |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(326) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(326) |  |  |  |

---

<sup>(1)</sup> 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. 

<sup>(2)</sup> 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, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Over the counter |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | $161 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;711 | $0 | $0 | $872 |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Over the counter |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(219) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(17) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(236) |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of June 30, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | **Fair**<br> **Value at<br>06/30/2025** |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Mutual Funds | $459252 | $0 | $0 | $459252 |
|  Short-Term Instruments |  |  |  |  |
| &nbsp;&nbsp; Mutual Funds | 0 | 596 | 0 | 596 |
|  | $459252 | $596 | $0 | $459848 |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Mutual Funds | 48486 | 0 | 0 | 48486 |
|  Short-Term Instruments |  |  |  |  |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | 27485 | 0 | 0 | 27485 |
|  | $75971 | $0 | $0 | $75971 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535223 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535819 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | **Fair**<br> **Value at<br>06/30/2025** |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Over the counter | $0 | $(326) | $0 | $(326) |
|  Total Financial Derivative Instruments | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(326) | $0 | $(326) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535223 | $270 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535493 |

---

There were no significant transfers into or out of Level 3 during the period ended June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **33** |

---

------

Schedule of Investments PIMCO REALPATH<sup>®</sup> Blend 2055 Fund

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **SHARES** | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 88.7% | INVESTMENTS IN SECURITIES 88.7% | INVESTMENTS IN SECURITIES 88.7% | INVESTMENTS IN SECURITIES 88.7% | INVESTMENTS IN SECURITIES 88.7% |
| MUTUAL FUNDS 88.6% | MUTUAL FUNDS 88.6% | MUTUAL FUNDS 88.6% | MUTUAL FUNDS 88.6% | MUTUAL FUNDS 88.6% |
|  Vanguard Developed Markets Index Fund 'Institutional' |  | 4020427 | $— | 115346 |
|  Vanguard Emerging Markets Stock Index Fund 'Institutional' |  | 1248973 |  | 38905 |
|  Vanguard Institutional Index Fund 'Institutional Plus' |  | 466666 |  | 235349 |
|  Vanguard Small-Cap Index Fund 'Institutional' |  | 161830 |  | 18384 |
|  Total Mutual Funds (Cost $290,517) | Total Mutual Funds (Cost $290,517) | Total Mutual Funds (Cost $290,517) |  | 407984 |
| SHORT-TERM INSTRUMENTS 0.1% | SHORT-TERM INSTRUMENTS 0.1% | SHORT-TERM INSTRUMENTS 0.1% | SHORT-TERM INSTRUMENTS 0.1% | SHORT-TERM INSTRUMENTS 0.1% |
| MUTUAL FUNDS 0.1% | MUTUAL FUNDS 0.1% | MUTUAL FUNDS 0.1% | MUTUAL FUNDS 0.1% | MUTUAL FUNDS 0.1% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class |  |  |  |  |
|  4.380% (d) |  | 509809 |  | 510 |
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |  |
| U.S. TREASURY BILLS 0.0% | U.S. TREASURY BILLS 0.0% | U.S. TREASURY BILLS 0.0% | U.S. TREASURY BILLS 0.0% | U.S. TREASURY BILLS 0.0% |
|  4.306% due 07/03/2025 - 10/21/2025 (a)(b)(f) | $— | 15 |  | 15 |
|  Total Short-Term Instruments (Cost $525) | Total Short-Term Instruments (Cost $525) | Total Short-Term Instruments (Cost $525) |  | 525 |
| Total Investments in Securities<br>(Cost $291,042) | Total Investments in Securities<br>(Cost $291,042) | Total Investments in Securities<br>(Cost $291,042) |  | 408509 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| INVESTMENTS IN AFFILIATES 11.2% | INVESTMENTS IN AFFILIATES 11.2% | INVESTMENTS IN AFFILIATES 11.2% | INVESTMENTS IN AFFILIATES 11.2% |
| MUTUAL FUNDS (c) 6.3% | MUTUAL FUNDS (c) 6.3% | MUTUAL FUNDS (c) 6.3% | MUTUAL FUNDS (c) 6.3% |
|  PIMCO Emerging Markets Local Currency and Bond Fund | 239746 | $— | 1472 |
|  PIMCO Income Fund | 320446 |  | 3451 |
|  PIMCO International Bond Fund (U.S. Dollar-Hedged) | 112265 |  | 1116 |
|  PIMCO Long-Term Real Return Fund | 412247 |  | 4778 |
|  PIMCO Long-Term U.S. Government Fund | 316458 |  | 4399 |
|  PIMCO Real Return Fund | 510106 |  | 5249 |
|  PIMCO Total Return Fund | 943727 |  | 8192 |
| Total Mutual Funds (Cost $30,241) | Total Mutual Funds (Cost $30,241) |  | 28657 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| SHORT-TERM INSTRUMENTS 4.9% | SHORT-TERM INSTRUMENTS 4.9% | SHORT-TERM INSTRUMENTS 4.9% | SHORT-TERM INSTRUMENTS 4.9% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.9% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.9% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.9% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.9% |
|  PIMCO Short-Term Floating NAV Portfolio III | 2335896 | $— | 22744 |
| Total Short-Term Instruments<br>(Cost $22,717) | Total Short-Term Instruments<br>(Cost $22,717) |  | 22744 |
| Total Investments in Affiliates<br>(Cost $52,958) | Total Investments in Affiliates<br>(Cost $52,958) |  | 51401 |
| Total Investments 99.9%<br>(Cost $344,000) | Total Investments 99.9%<br>(Cost $344,000) | $— | 459910 |
|  Financial Derivative Instruments (e) (0.1)%<br> (Cost or Premiums, net $0) |  |  | (255) |
| Other Assets and Liabilities, net 0.2% | Other Assets and Liabilities, net 0.2% |  | 728 |
| Net Assets 100.0% | Net Assets 100.0% | $— | 460383 |

---

#### 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.

(d) Coupon represents a 7-Day Yield.

&nbsp;&nbsp;&nbsp;&nbsp;(e) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

#### SWAP AGREEMENTS:

#### TOTAL RETURN SWAPS ON INDEXES

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Pay/Receive<sup>(1)</sup> | Underlying Reference | # of Units | Financing Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value | Swap Agreements,<br>at Value |
| Counterparty | Pay/Receive<sup>(1)</sup> | Underlying Reference | # of Units | Financing Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  GST | Receive | BERYTR Index  | 10762 | 4.560% | Monthly | 02/17/2026 | $5535 | $0 | $(173) | $0 | $(173) |
|  JPM | Receive | FNRETR Index  | 105 | 4.930 | Monthly | 07/02/2025 | 2616 | 0 | (24) | 0 | (24) |
|  | Receive | FNRETR Index  | 320 | 4.790 | Monthly | 08/06/2025 | 7929 | 0 | (26) | 0 | (26) |
|  MYI | Receive | FNRETR Index  | 26 | 4.930% (FEDL01 plus a specified spread) | Monthly | 07/09/2025 | 644 | 0 | (3) | 0 | (3) |
|  | Receive | FNRETR Index  | 18 | 5.130% (FEDL01 plus a specified spread) | Monthly | 09/03/2025 | 446 | 0 | (2) | 0 | (2) |
|  | Receive | FNRETR<br> Index  | 279 | 4.980 | Monthly | 02/04/2026 | 6914 | 0 | (27) | 0 | (27) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  |  |  |  |  | $0 | $(255) | $0 | $(255) |

---

34 PIMCO EQUITY SERIES See Accompanying Notes

------

June 30, 2025

#### 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, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(2)</sup> |
|  GST | $0 | $0 | $0 | $0 | $0 | $0 | $(173) | $(173) | $(173) | $0 | $(173) |
|  JPM | 0 | 0 | 0 | 0 | 0 | 0 | (50) | (50) | (50) | 0 | (50) |
|  MYI | 0 | 0 | 0 | 0 | 0 | 0 | (32) | (32) | (32) | 8 | (24) |
|  Total Over the Counter | $0 | $0 | $0 | $0 | $0 | $0 | $(255) | $(255) |  |  |  |

---

(f) Securities with an aggregate market value of $8 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of June 30, 2025.

<sup>(1)</sup> 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. 

<sup>(2)</sup> 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, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Liabilities |  |  |  |  |  |  |
|  Over the counter |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | $173 | $0 | $82 | $0 | $0 | $255 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain on Financial Derivative Instruments | Net Realized Gain on Financial Derivative Instruments | Net Realized Gain on Financial Derivative Instruments | Net Realized Gain on Financial Derivative Instruments | Net Realized Gain on Financial Derivative Instruments | Net Realized Gain on Financial Derivative Instruments | Net Realized Gain on Financial Derivative Instruments |
|  Over the counter |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | $142 | $0 | $584 | $0 | $0 | $726 |
|  Net Change in Unrealized (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized (Depreciation) on Financial Derivative Instruments |
|  Over the counter |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | $(166) | $0 | $(13) | $0 | $0 | $(179) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| JUNE 30, 2025 35

------

Schedule of Investments PIMCO REALPATH<sup>®</sup> Blend 2055 Fund (Cont.) June 30, 2025

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of June 30, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>06/30/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Mutual Funds | $407984 | $0 | $0 | $407984 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 0 | 510 | 0 | 510 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 15 | 0 | 15 |
|  | $407984 | $525 | $0 | $408509 |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Mutual Funds | 28657 | 0 | 0 | 28657 |
|  Short-Term Instruments |  |  |  |  |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | 22744 | 0 | 0 | 22744 |
|  | $51401 | $0 | $0 | $51401 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459385 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459910 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>06/30/2025 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Over the counter | $0 | $(255) | $0 | $(255) |
|  Total Financial Derivative Instruments | $0 | $(255) | $0 | $(255) |
|  Totals | $459385 | $270 | $0 | $459655 |

---

There were no significant transfers into or out of Level 3 during the period ended June 30, 2025.

---

| | | |
|:---|:---|:---|
| **36** | **PIMCO EQUITY SERIES** | See Accompanying Notes |

---

------

Schedule of Investments PIMCO REALPATH<sup>®</sup> Blend 2060 Fund June 30, 2025

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

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 90.4% | INVESTMENTS IN SECURITIES 90.4% | INVESTMENTS IN SECURITIES 90.4% | INVESTMENTS IN SECURITIES 90.4% |
| MUTUAL FUNDS 90.0% | MUTUAL FUNDS 90.0% | MUTUAL FUNDS 90.0% | MUTUAL FUNDS 90.0% |
|  Vanguard Developed Markets Index Fund 'Institutional' | 2809250 | $— | 51550 |
|  Vanguard Emerging Markets Stock Index Fund 'Institutional' | 557829 |  | 17376 |
|  Vanguard Institutional Index Fund 'Institutional' | 213247 |  | 107547 |
|  Vanguard Small-Cap Index Fund 'Institutional' | 76787 |  | 8723 |
|  Total Mutual Funds (Cost $143,590) | Total Mutual Funds (Cost $143,590) |  | 185196 |
| SHORT-TERM INSTRUMENTS 0.4% | SHORT-TERM INSTRUMENTS 0.4% | SHORT-TERM INSTRUMENTS 0.4% | SHORT-TERM INSTRUMENTS 0.4% |
| MUTUAL FUNDS 0.3% | MUTUAL FUNDS 0.3% | MUTUAL FUNDS 0.3% | MUTUAL FUNDS 0.3% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class |
|  4.380% (d) | 612862 |  | 613 |
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |  |
| U.S. TREASURY BILLS 0.1% | U.S. TREASURY BILLS 0.1% | U.S. TREASURY BILLS 0.1% | U.S. TREASURY BILLS 0.1% |
|  4.291% due 07/03/2025 - 10/21/2025 (a)(b)(f) | 252 |  | 250 |
|  Total Short-Term Instruments<br> (Cost $863) | Total Short-Term Instruments<br> (Cost $863) |  | 863 |
|  Total Investments in Securities<br> (Cost $144,453) | Total Investments in Securities<br> (Cost $144,453) |  | 186059 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| INVESTMENTS IN AFFILIATES 11.0% | INVESTMENTS IN AFFILIATES 11.0% | INVESTMENTS IN AFFILIATES 11.0% | INVESTMENTS IN AFFILIATES 11.0% |
| MUTUAL FUNDS (c) 4.8% | MUTUAL FUNDS (c) 4.8% | MUTUAL FUNDS (c) 4.8% | MUTUAL FUNDS (c) 4.8% |
|  PIMCO Emerging Markets Local Currency and Bond Fund | 91538 | $— | 562 |
|  PIMCO Income Fund | 107069 |  | 1153 |
|  PIMCO International Bond Fund (U.S. Dollar-Hedged) | 25254 |  | 251 |
|  PIMCO Long-Term Real Return Fund | 134385 |  | 1558 |
|  PIMCO Long-Term U.S. Government Fund | 110200 |  | 1532 |
|  PIMCO Real Return Fund | 218162 |  | 2245 |
|  PIMCO Total Return Fund | 309690 |  | 2688 |
| Total Mutual Funds (Cost $10,083) | Total Mutual Funds (Cost $10,083) |  | 9989 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| SHORT-TERM INSTRUMENTS 6.2% | SHORT-TERM INSTRUMENTS 6.2% | SHORT-TERM INSTRUMENTS 6.2% | SHORT-TERM INSTRUMENTS 6.2% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 6.2% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 6.2% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 6.2% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 6.2% |
|  PIMCO Short-Term<br>Floating NAV Portfolio III | 1311840 | $— | 12773 |
| Total Short-Term Instruments<br>(Cost $12,768) | Total Short-Term Instruments<br>(Cost $12,768) |  | 12773 |
| Total Investments in Affiliates<br>(Cost $22,851) | Total Investments in Affiliates<br>(Cost $22,851) |  | 22762 |
| Total Investments 101.4%<br>(Cost $167,304) | Total Investments 101.4%<br>(Cost $167,304) | $— | 208821 |
|  Financial Derivative Instruments (e) (0.1)%<br> (Cost or Premiums, net $0) |  |  | (111) |
| Other Assets and Liabilities, net (1.3)% | Other Assets and Liabilities, net (1.3)% |  | (2839) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 205871 |

---

#### 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.

(d) Coupon represents a 7-Day Yield.

&nbsp;&nbsp;&nbsp;&nbsp;(e) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

#### SWAP AGREEMENTS:

#### TOTAL RETURN SWAPS ON INDEXES

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Pay/Receive<sup>(1)</sup> | Underlying Reference | # of Units | Financing Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value | Swap Agreements,<br>at Value |
| Counterparty | Pay/Receive<sup>(1)</sup> | Underlying Reference | # of Units | Financing Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
|  GST | Receive | BERYTR Index  | 4436 | 4.560% | Monthly | 02/17/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2282 | $0 | $(71) | $0 | $(71) |
|  JPM | Receive | FNRETR Index  | 84 | 4.930% | Monthly | 07/02/2025 | 2093 | 0 | (20) | 0 | (20) |
|  | Receive | FNRETR Index  | 139 | 4.790% | Monthly | 08/06/2025 | 3442 | 0 | (9) | 0 | (9) |
|  MYI | Receive | FNRETR Index  | 5 | 4.930% (FEDL01 plus a specified spread) | Monthly | 07/09/2025 | 124 | 0 | (1) | 0 | (1) |
|  | Receive | FNRETR Index  | 3 | 5.130% (FEDL01 plus a specified spread) | Monthly | 09/03/2025 | 74 | 0 | 0 | 0 | 0 |
|  | Receive | FNRETR Index  | 103 | 4.980% | Monthly | 02/04/2026 | 2552 | 0 | (10) | 0 | (10) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(111) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(111) |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| JUNE 30, 2025 37

------

Schedule of Investments PIMCO REALPATH<sup>®</sup> Blend 2060 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, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(2)</sup> |
|  GST | $0 | $0 | $0 | $0 | $0 | $0 | $(71) | $(71) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(71) | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(71) |
|  JPM | 0 | 0 | 0 | 0 | 0 | 0 | (29) | (29) | (29) | 0 | (29) |
|  MYI | 0 | 0 | 0 | 0 | 0 | 0 | (11) | (11) | (11) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158 | 147 |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(111) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(111) |  |  |  |

---

(f) Securities with an aggregate market value of $158 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of June 30, 2025.

<sup>(1)</sup> 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. 

<sup>(2)</sup> 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, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | $0 | $0 | $(1) | $0 | $0 | $(1) |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | $68 | $0 | $229 | $0 | $0 | $297 |
|  | $68 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296 |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(69) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(13) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(82) |

---

38 PIMCO EQUITY SERIES See Accompanying Notes

------

June 30, 2025

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of June 30, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | **Fair**<br> **Value at<br>06/30/2025** |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Mutual Funds | $185196 | $0 | $0 | $185196 |
|  Short-Term Instruments |  |  |  |  |
| &nbsp;&nbsp; Mutual Funds | 0 | 613 | 0 | 613 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 250 | 0 | 250 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185196 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;863 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186059 |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Mutual Funds | 9989 | 0 | 0 | 9989 |
|  Short-Term Instruments |  |  |  |  |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | 12773 | 0 | 0 | 12773 |
|  | $22762 | $0 | $0 | $22762 |
|  Total Investments | $207958 | $863 | $0 | $208821 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | **Fair**<br> **Value at<br>06/30/2025** |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Over the counter | $0 | $(111) | $0 | $(111) |
|  Total Financial Derivative Instruments | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(111) | $0 | $(111) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207958 | $752 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208710 |

---

There were no significant transfers into or out of Level 3 during the period ended June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **39** |

---

------

Schedule of Investments PIMCO REALPATH<sup>®</sup> Blend 2065 Fund

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

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 95.6% | INVESTMENTS IN SECURITIES 95.6% | INVESTMENTS IN SECURITIES 95.6% | INVESTMENTS IN SECURITIES 95.6% |
| MUTUAL FUNDS 95.2% | MUTUAL FUNDS 95.2% | MUTUAL FUNDS 95.2% | MUTUAL FUNDS 95.2% |
|  Vanguard Developed Markets Index Fund 'Institutional' | 561491 | $— | 10303 |
|  Vanguard Emerging Markets Stock Index Fund 'Admiral' | 86351 |  | 3537 |
|  Vanguard Institutional Index Fund 'Institutional' | 43496 |  | 21936 |
|  Vanguard Small-Cap Index Fund 'Admiral' | 16290 |  | 1851 |
|  Total Mutual Funds (Cost $32,024) | Total Mutual Funds (Cost $32,024) |  | 37627 |
| SHORT-TERM INSTRUMENTS 0.4% | SHORT-TERM INSTRUMENTS 0.4% | SHORT-TERM INSTRUMENTS 0.4% | SHORT-TERM INSTRUMENTS 0.4% |
| MUTUAL FUNDS 0.4% | MUTUAL FUNDS 0.4% | MUTUAL FUNDS 0.4% | MUTUAL FUNDS 0.4% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class |
|  4.380% (b) | 160534 |  | 161 |
| Total Short-Term Instruments<br>(Cost $160) | Total Short-Term Instruments<br>(Cost $160) |  | 161 |
| Total Investments in Securities<br>(Cost $32,184) | Total Investments in Securities<br>(Cost $32,184) |  | 37788 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| INVESTMENTS IN AFFILIATES 9.7% | INVESTMENTS IN AFFILIATES 9.7% | INVESTMENTS IN AFFILIATES 9.7% | INVESTMENTS IN AFFILIATES 9.7% |
| MUTUAL FUNDS (a) 3.9% | MUTUAL FUNDS (a) 3.9% | MUTUAL FUNDS (a) 3.9% | MUTUAL FUNDS (a) 3.9% |
|  PIMCO Emerging Markets Local Currency and Bond Fund | 19422 | $— | 119 |
|  PIMCO Income Fund | 10577 |  | 114 |
|  PIMCO International Bond Fund (U.S. Dollar-Hedged) | 3791 |  | 38 |
|  PIMCO Long-Term Real Return Fund | 25279 |  | 293 |
|  PIMCO Long-Term U.S. Government Fund | 20381 |  | 283 |
|  PIMCO Real Return Fund | 40816 |  | 420 |
|  PIMCO Total Return Fund | 33076 |  | 287 |
| Total Mutual Funds (Cost $1,534) | Total Mutual Funds (Cost $1,534) |  | 1554 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| SHORT-TERM INSTRUMENTS 5.8% | SHORT-TERM INSTRUMENTS 5.8% | SHORT-TERM INSTRUMENTS 5.8% | SHORT-TERM INSTRUMENTS 5.8% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.8% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.8% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.8% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.8% |
|  PIMCO Short-Term Floating NAV Portfolio III | 236471 | $— | 2303 |
| Total Short-Term Instruments (Cost $2,302) |  |  | 2303 |
| Total Investments in Affiliates (Cost $3,836) |  |  | 3857 |
| Total Investments 105.3%<br>(Cost $36,020) | Total Investments 105.3%<br>(Cost $36,020) | $— | 41645 |
|  Financial Derivative<br>Instruments (c) (0.1)%<br> (Cost or Premiums, net $0) |  |  | (22) |
| Other Assets and Liabilities, net (5.2)% | Other Assets and Liabilities, net (5.2)% |  | (2086) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 39537 |

---

#### 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) Coupon represents a 7-Day Yield.

&nbsp;&nbsp;&nbsp;&nbsp;(c) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

#### SWAP AGREEMENTS:

#### TOTAL RETURN SWAPS ON INDEXES

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Pay/Receive<sup>(1)</sup> | Underlying Reference | # of Units | Financing Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value | Swap Agreements,<br>at Value |
| Counterparty | Pay/Receive<sup>(1)</sup> | Underlying Reference | # of Units | Financing Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| GST | Receive | BERYTR Index  | 801 | 4.560 | Monthly | 02/17/2026 | $412 | $0 | $(13) | $0 | $(13) |
| JPM | Receive | FNRETR Index  | 23 | 4.930 | Monthly | 07/02/2025 | 573 | 0 | (5) | 0 | (5) |
|  | Receive | FNRETR Index  | 21 | 4.790 | Monthly | 08/06/2025 | 520 | 0 | (2) | 0 | (2) |
| MYI | Receive | FNRETR Index  | 4 | 4.930% (FEDL01 plus a specified spread) | Monthly | 07/09/2025 | 99 | 0 | 0 | 0 | 0 |
|  | Receive | FNRETR Index  | 6 | 5.130% (FEDL01 plus a specified spread) | Monthly | 09/03/2025 | 149 | 0 | (1) | 0 | (1) |
|  | Receive | FNRETR Index  | 10 | 4.980 | Monthly | 02/04/2026 | 248 | 0 | (1) | 0 | (1) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  |  |  | $0 | $(22) | $0 | $(22) |

---

#### 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, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(2)</sup> |
|  GST | $0 | $0 | $0 | $0 | $0 | $0 | $(13) | $(13) | $(13) | $0 | $(13) |
|  JPM | 0 | 0 | 0 | 0 | 0 | 0 | (7) | (7) | (7) | 0 | (7) |
|  MYI | 0 | 0 | 0 | 0 | 0 | 0 | (2) | (2) | (2) | 0 | (2) |
|  Total Over the Counter | $0 | $0 | $0 | $0 | $0 | $0 | $(22) | $(22) |  |  |  |

---

<sup>(1)</sup> 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. 

<sup>(2)</sup> 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. 

---

| | | |
|:---|:---|:---|
| **40** | **PIMCO EQUITY SERIES** | See Accompanying Notes |

---

------

June 30, 2025

#### 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, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Liabilities |  |  |  |  |  |  |
|  Over the counter |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | $13 | $0 | $9 | $0 | $0 | $22 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Over the counter |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | $14 | $0 | $23 | $0 | $0 | $37 |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Over the counter |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | $(12) | $0 | $(6) | $0 | $0 | $(18) |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of June 30, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>06/30/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Mutual Funds | $37627 | $0 | $0 | $37627 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 0 | 161 | 0 | 161 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37627 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37788 |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Mutual Funds | 1554 | 0 | 0 | 1554 |
|  Short-Term Instruments |  |  |  |  |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | 2303 | 0 | 0 | 2303 |
|  | $3857 | $0 | $0 | $3857 |
|  Total Investments | $41484 | $161 | $0 | $41645 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>06/30/2025 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Over the counter | $0 | $(22) | $0 | $(22) |
|  Total Financial Derivative Instruments | $0 | $(22) | $0 | $(22) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41484 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41623 |

---

There were no significant transfers into or out of Level 3 during the period ended June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **41** |

---

------

Schedule of Investments PIMCO REALPATH<sup>®</sup> Blend 2070 Fund

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

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 91.4% | INVESTMENTS IN SECURITIES 91.4% | INVESTMENTS IN SECURITIES 91.4% | INVESTMENTS IN SECURITIES 91.4% |
| MUTUAL FUNDS 91.4% | MUTUAL FUNDS 91.4% | MUTUAL FUNDS 91.4% | MUTUAL FUNDS 91.4% |
|  Vanguard Developed Markets Index Fund 'Admiral' | 45761 | $— | 839 |
|  Vanguard Emerging Markets Stock Index Fund 'Admiral' | 6892 |  | 282 |
|  Vanguard S&P 500 ETF | 3150 |  | 1789 |
|  Vanguard Small-Cap Index Fund 'Admiral' | 1324 |  | 150 |
|  Total Mutual Funds (Cost $2,835) | Total Mutual Funds (Cost $2,835) |  | 3060 |
| Total Investments in Securities<br>(Cost $2,835) |  |  | 3060 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| INVESTMENTS IN AFFILIATES 4.3% | INVESTMENTS IN AFFILIATES 4.3% | INVESTMENTS IN AFFILIATES 4.3% | INVESTMENTS IN AFFILIATES 4.3% |
| MUTUAL FUNDS (a) 4.0% | MUTUAL FUNDS (a) 4.0% | MUTUAL FUNDS (a) 4.0% | MUTUAL FUNDS (a) 4.0% |
|  PIMCO Emerging Markets Local Currency and Bond Fund | 1671 | $— | 10 |
|  PIMCO Income Fund | 937 |  | 10 |
|  PIMCO International Bond Fund (U.S. Dollar-Hedged) | 413 |  | 4 |
|  PIMCO Long-Term Real Return Fund | 2186 |  | 25 |
|  PIMCO Long-Term U.S. Government Fund | 1752 |  | 25 |
|  PIMCO Real Return Fund | 3534 |  | 37 |
|  PIMCO Total Return Fund | 2676 |  | 23 |
| Total Mutual Funds (Cost $131) | Total Mutual Funds (Cost $131) |  | 134 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| SHORT-TERM INSTRUMENTS 0.3% | SHORT-TERM INSTRUMENTS 0.3% | SHORT-TERM INSTRUMENTS 0.3% | SHORT-TERM INSTRUMENTS 0.3% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.3% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.3% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.3% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 0.3% |
|  PIMCO Short-Term Floating NAV Portfolio III | 1113 | $— | 11 |
| Total Short-Term Instruments<br>(Cost $11) | Total Short-Term Instruments<br>(Cost $11) |  | 11 |
| Total Investments in Affiliates<br>(Cost $142) | Total Investments in Affiliates<br>(Cost $142) |  | 145 |
| Total Investments 95.7%<br>(Cost $2,977) | Total Investments 95.7%<br>(Cost $2,977) | $— | 3205 |
|  Financial Derivative<br>Instruments (b) (0.0)%<br> (Cost or Premiums, net $0) | Financial Derivative<br>Instruments (b) (0.0)%<br> (Cost or Premiums, net $0) |  | (1) |
| Other Assets and Liabilities, net 4.3% | Other Assets and Liabilities, net 4.3% |  | 146 |
| Net Assets 100.0% | Net Assets 100.0% | $— | 3350 |

---

#### 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.

&nbsp;&nbsp;&nbsp;&nbsp;(b) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

#### SWAP AGREEMENTS:

#### TOTAL RETURN SWAPS ON INDEXES

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Pay/Receive<sup>(1)</sup>** | **Underlying Reference** | **# of Units** | **Financing Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | Swap Agreements,<br>at Value | Swap Agreements,<br>at Value |
| **Counterparty** | **Pay/Receive<sup>(1)</sup>** | **Underlying Reference** | **# of Units** | **Financing Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | Asset | Liability |
| JPM | Receive | FNRETR Index  | 5 | 5.220% (FEDL01 plus a specified spread) | Monthly | 09/03/2025 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124 | $0 | $0 | $0 | $0 |
|  | Receive | BERYTR Index  | 64 | 0.000% | Monthly | 02/17/2026 | 33 | 0 | (1) | 0 | (1) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |

---

#### FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY
The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of June 30, 2025:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(2)</sup> |
|  JPM | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) |

---

<sup>(1)</sup> 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. 

<sup>(2)</sup> 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. 

---

| | | |
|:---|:---|:---|
| **42** | **PIMCO EQUITY SERIES** | See Accompanying Notes |

---

------

June 30, 2025

#### 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, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Over the counter |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Over the counter |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | $2 | $0 | $(3) | $0 | $0 | $(1) |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Over the counter |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of June 30, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | **Fair**<br> **Value at<br>06/30/2025** |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Mutual Funds | $3060 | $0 | $0 | $3060 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3060 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3060 |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Mutual Funds | 134 | 0 | 0 | 134 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | 11 | 0 | 0 | 11 |
|  | $145 | $0 | $0 | $145 |
|  Total Investments | $3205 | $0 | $0 | $3205 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | **Fair**<br> **Value at<br>06/30/2025** |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Over the counter | $0 | $(1) | $0 | $(1) |
|  Total Financial Derivative Instruments | $0 | $(1) | $0 | $(1) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3205 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3204 |

---

There were no significant transfers into or out of Level 3 during the period ended June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **43** |

---

------

Schedule of Investments PIMCO REALPATH<sup>®</sup> Blend Income Fund

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

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 34.8% | INVESTMENTS IN SECURITIES 34.8% | INVESTMENTS IN SECURITIES 34.8% | INVESTMENTS IN SECURITIES 34.8% |
| MUTUAL FUNDS 34.6% | MUTUAL FUNDS 34.6% | MUTUAL FUNDS 34.6% | MUTUAL FUNDS 34.6% |
|  Vanguard Developed Markets Index Fund 'Institutional' | 3094300 | $— | 56780 |
|  Vanguard Emerging Markets Stock Index Fund 'Institutional' | 632856 |  | 19713 |
|  Vanguard Institutional Index Fund 'Institutional Plus' | 294772 |  | 148660 |
|  Vanguard Small-Cap Index Fund 'Institutional' | 50659 |  | 5755 |
|  Total Mutual Funds (Cost $139,033) | Total Mutual Funds (Cost $139,033) |  | 230908 |
| SHORT-TERM INSTRUMENTS 0.2% | SHORT-TERM INSTRUMENTS 0.2% | SHORT-TERM INSTRUMENTS 0.2% | SHORT-TERM INSTRUMENTS 0.2% |
| MUTUAL FUNDS 0.1% | MUTUAL FUNDS 0.1% | MUTUAL FUNDS 0.1% | MUTUAL FUNDS 0.1% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class |
|  4.380% (d) | 598567 |  | 599 |
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |  |
| U.S. TREASURY BILLS 0.1% | U.S. TREASURY BILLS 0.1% | U.S. TREASURY BILLS 0.1% | U.S. TREASURY BILLS 0.1% |
|  4.322% due 09/11/2025 - 10/21/2025 (a)(b)(g) | 782 |  | 774 |
|  Total Short-Term Instruments (Cost $1,373) | Total Short-Term Instruments (Cost $1,373) |  | 1373 |
| Total Investments in Securities<br>(Cost $140,406) | Total Investments in Securities<br>(Cost $140,406) |  | 232281 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| INVESTMENTS IN AFFILIATES 65.4% | INVESTMENTS IN AFFILIATES 65.4% | INVESTMENTS IN AFFILIATES 65.4% | INVESTMENTS IN AFFILIATES 65.4% |
| MUTUAL FUNDS (c) 60.3% | MUTUAL FUNDS (c) 60.3% | MUTUAL FUNDS (c) 60.3% | MUTUAL FUNDS (c) 60.3% |
|  PIMCO Emerging Markets Local Currency and Bond Fund | 3602764 | $— | 22121 |
|  PIMCO High Yield Fund | 744012 |  | 6034 |
|  PIMCO Income Fund | 7036905 |  | 75788 |
|  PIMCO International Bond Fund (U.S. Dollar-Hedged) | 1920464 |  | 19089 |
|  PIMCO Long-Term Real Return Fund | 5397617 |  | 62558 |
|  PIMCO Long-Term U.S. Government Fund | 3947165 |  | 54866 |
|  PIMCO Real Return Fund | 3957308 |  | 40721 |
|  PIMCO Total Return Fund | 13887990 |  | 120547 |
| Total Mutual Funds (Cost $418,341) | Total Mutual Funds (Cost $418,341) |  | 401724 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| SHORT-TERM INSTRUMENTS 5.1% | SHORT-TERM INSTRUMENTS 5.1% | SHORT-TERM INSTRUMENTS 5.1% | SHORT-TERM INSTRUMENTS 5.1% |
| CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.1% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.1% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.1% | CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 5.1% |
|  PIMCO Short-Term Floating NAV Portfolio III | 3514522 | $— | 34221 |
| Total Short-Term Instruments<br>(Cost $34,202) | Total Short-Term Instruments<br>(Cost $34,202) |  | 34221 |
| Total Investments in Affiliates<br>(Cost $452,543) | Total Investments in Affiliates<br>(Cost $452,543) |  | 435945 |
| Total Investments 100.2%<br>(Cost $592,949) | Total Investments 100.2%<br>(Cost $592,949) | $— | 668226 |
|  Financial Derivative Instruments (e)(f) (0.1)%<br> (Cost or Premiums, net $424) |  |  | (513) |
| Other Assets and Liabilities, net (0.1)% | Other Assets and Liabilities, net (0.1)% |  | (792) |
| Net Assets 100.0% | Net Assets 100.0% | $— | 666921 |

---

#### 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.

(d) Coupon represents a 7-Day Yield.

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

#### PURCHASED OPTIONS:

#### OPTIONS ON INDEXES

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Strike<br>Value | Expiration<br>Date | # of<br>Contracts | Notional<br>Amount | Cost | Market<br>Value |
|  Put - CBOE S&P 500 | 4825.000 | 09/19/2025 | 60 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | $662 | $74 |
|  Total Purchased Options |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;662 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74 |

---

#### WRITTEN OPTIONS:

#### OPTIONS ON INDEXES

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Description | Strike<br>Value | Expiration<br>Date | # of<br>Contracts | Notional<br>Amount | Premiums<br>(Received) | Market<br>Value |
|  Put - CBOE S&P 500 | 3825.000 | 09/19/2025 | 60 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | $(238) | $(25) |
|  Total Written Options |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(238) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25) |

---

44 PIMCO EQUITY SERIES See Accompanying Notes

------

June 30, 2025

#### 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, 2025:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities |
|  | Market Value | Variation Margin<br>Asset | Variation Margin<br>Asset | | Market Value | Variation Margin<br>Liability | Variation Margin<br>Liability | |
|  | Purchased<br>Options | Futures | Swap<br>Agreements | Total | Written<br>Options | Futures | Swap<br>Agreements | Total |
|  Total Exchange-Traded or Centrally Cleared | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(25) |

---

&nbsp;&nbsp;&nbsp;&nbsp;(f) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER

#### SWAP AGREEMENTS:

#### TOTAL RETURN SWAPS ON INDEXES

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Pay/Receive<sup>(1)</sup> | Underlying Reference | # of Units | Financing Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Swap Agreements,<br>at Value | Swap Agreements,<br>at Value |
| Counterparty | Pay/Receive<sup>(1)</sup> | Underlying Reference | # of Units | Financing Rate | Payment<br>Frequency | Maturity<br>Date | Notional<br>Amount | Premiums<br>Paid/(Received) | Unrealized<br>Appreciation/<br>(Depreciation) | Asset | Liability |
| GST | Receive | BERYTR Index  | 28422 | 4.56 | Monthly | 02/17/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14618 | $0 | $(456) | $0 | $(456) |
| JPM | Receive | FNRETR Index  | 68 | 4.93 | Monthly | 07/02/2025 | 1694 | 0 | (16) | 0 | (16) |
|  | Receive | FNRETR Index  | 174 | 4.79 | Monthly | 08/06/2025 | 4312 | 0 | (16) | 0 | (16) |
| MYI | Receive | FNRETR Index  | 571 | 4.930% (FEDL01 plus a specified spread) | Monthly | 07/09/2025 | 14149 | 0 | (57) | 0 | (57) |
|  | Receive | FNRETR Index  | 173 | 4.98 | Monthly | 02/04/2026 | 4287 | 0 | (17) | 0 | (17) |
|  |  |  |  |  |  |  |  | $0 | $(562) | $0 | $(562) |
|  Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements | Total Swap Agreements |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(562) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(562) |

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#### 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, 2025:

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| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Assets | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | Financial Derivative Liabilities | | | |
| Counterparty | Forward<br>Foreign<br>Currency<br>Contracts | Purchased<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Forward<br>Foreign<br>Currency<br>Contracts | Written<br>Options | Swap<br>Agreements | Total<br>Over the<br>Counter | Net Market<br>Value of OTC<br>Derivatives | Collateral<br>Pledged/<br>(Received) | Net<br>Exposure<sup>(2)</sup> |
|  GST | $0 | $0 | $0 | $0 | $0 | $0 | $(456) | $(456) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(456) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451 | $(5) |
|  JPM | 0 | 0 | 0 | 0 | 0 | 0 | (32) | (32) | (32) | 0 | (32) |
|  MYI | 0 | 0 | 0 | 0 | 0 | 0 | (74) | (74) | (74) | 323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249 |
|  Total Over the Counter | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(562) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(562) |  |  |  |

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(g) Securities with an aggregate market value of $774 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of June 30, 2025.

<sup>(1)</sup> 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. 

<sup>(2)</sup> 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. 

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| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **45** |

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Schedule of Investments PIMCO REALPATH<sup>®</sup> Blend Income Fund (Cont.) June 30, 2025

#### 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, 2025:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | $0 | $0 | $74 | $0 | $0 | $74 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $25 | $0 | $0 | $25 |
|  Over the counter |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | $456 | $0 | $106 | $0 | $0 | $562 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;456 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;587 |

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The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2025:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1694) | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1694) |
|  Over the counter |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | $365 | $0 | $798 | $0 | $0 | $1163 |
|  | $365 | $0 | $(896) | $0 | $0 | $(531) |
|  Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments | Net Change in Unrealized Appreciation (Depreciation) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Purchased Options  | $0 | $0 | $377 | $0 | $0 | $377 |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 213 | 0 | 0 | 213 |
|  | $0 | $0 | $590 | $0 | $0 | $590 |
|  Over the counter |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Swap Agreements  | $(447) | $0 | $(54) | $0 | $0 | $(501) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(447) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $536 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $89 |

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#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of June 30, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>06/30/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Mutual Funds | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230908 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230908 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 0 | 599 | 0 | 599 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 774 | 0 | 774 |
|  | $230908 | $1373 | $0 | $232281 |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Mutual Funds | 401724 | 0 | 0 | 401724 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | 34221 | 0 | 0 | 34221 |
|  | $435945 | $0 | $0 | $435945 |
|  Total Investments | $666853 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1373 | $0 | $668226 |

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| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>06/30/2025 |
|  Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets | Financial Derivative Instruments - Assets |
|  Exchange-traded or centrally cleared | $0 | $74 | $0 | $74 |
|  Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities | Financial Derivative Instruments - Liabilities |
|  Exchange-traded or centrally cleared | 0 | (25) | 0 | (25) |
|  Over the counter | 0 | (562) | 0 | (562) |
|  | $0 | $(587) | $0 | $(587) |
|  Total Financial Derivative Instruments | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(513) | $0 | $(513) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;666853 | $860 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;667713 |

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There were no significant transfers into or out of Level 3 during the period ended June 30, 2025.

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| | | |
|:---|:---|:---|
| **46** | **PIMCO EQUITY SERIES** | See Accompanying Notes |

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Notes to Financial Statements June 30, 2025

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 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 (collectively, "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."

Each Fund has adopted the Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280) — Improvements to Reportable Segment Disclosures. Adoption of the new standard impacted financial statement disclosures only and did not affect the Funds' financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and to assess its performance, and has discrete financial information available. The Officers, as listed in the Management of the Trust section of the most recent Statement of Additional Information, act as the Funds' CODM. Each Fund represents a single operating segment, as the CODM monitors the operating results of the Funds as a whole and each Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Funds' portfolio managers as a team. The financial information in the form of each Fund's portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus each Fund's comparative benchmarks and to make resource allocation decisions for each Fund's single segment, is consistent with that presented within the Funds' financial statements.

Segment assets are reflected on the accompanying Statements of Assets and Liabilities as "total assets" and significant segment expenses are listed on the accompanying Statements of Operations.

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, including but not limited to ASC 946. 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.

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **47** |

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------

Notes to Financial Statements (Cont.)

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. A debt obligation may be granted, in certain situations, a contractual or non-contractual forbearance for interest payments that are expected to be paid after agreed upon pay dates.

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

(c) Multi-Class Operations Each class offered by the Trust has equal rights as to assets and voting privileges (except that shareholders of a class have exclusive voting rights regarding any matter relating solely to that class of shares). Income and non-class specific expenses are allocated daily to each class on the basis of the relative net assets. Realized and unrealized capital gains (losses) are allocated daily based on the relative net assets of each class of the respective Fund. Class specific expenses, where applicable, currently include supervisory

and administrative and distribution and servicing fees. Under certain circumstances, the per share net asset value ("NAV") of a class of the respective Fund's shares may be different from the per share NAV of another class of shares as a result of the different daily expense accruals applicable to each class of shares.

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

---

| | | |
|:---|:---|:---|
|  | Distribution Frequency | Distribution Frequency |
| Fund Name | Declared | Distributed |
|  PIMCO REALPATH<sup>®</sup> Blend 2030 Fund | Quarterly | Quarterly |
|  PIMCO REALPATH<sup>®</sup> Blend 2035 Fund | Quarterly | Quarterly |
|  PIMCO REALPATH<sup>®</sup> Blend 2040 Fund | Quarterly | Quarterly |
|  PIMCO REALPATH<sup>®</sup> Blend 2045 Fund | Quarterly | Quarterly |
|  PIMCO REALPATH<sup>®</sup> Blend 2050 Fund | Quarterly | Quarterly |
|  PIMCO REALPATH<sup>®</sup> Blend 2055 Fund | Quarterly | Quarterly |
|  PIMCO REALPATH<sup>®</sup> Blend 2060 Fund | Quarterly | Quarterly |
|  PIMCO REALPATH<sup>®</sup> Blend 2065 Fund | Quarterly | Quarterly |
|  PIMCO REALPATH<sup>®</sup> Blend 2070 Fund | Quarterly | Quarterly |
|  PIMCO REALPATH<sup>®</sup> Blend Income Fund | Quarterly | Quarterly |

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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.

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

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| | |
|:---|:---|
| **48** | **PIMCO EQUITY SERIES** |

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------

June 30, 2025

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 September 2023, the U.S. Securities and Exchange Commission ("SEC") adopted amendments to Rule 35d-1 under the Act, the rule governing fund naming conventions (the "Names Rule"). In general, the Names 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 amendments expand the scope of the current rule to include any term used in a fund name that suggests the fund makes investments that have, or whose issuers have, particular characteristics. Additionally, the amendments modify the circumstances under which a fund may deviate from its 80% investment policy and address the calculation methodology of derivatives instruments for purposes of the rule. Changes to a fund's calculation methodology for derivatives instruments for purposes of Rule 35d-1 consistent with such amendments and applicable regulatory interpretations thereof will not constitute a change to a fund's policy adopted pursuant to Rule 35d-1 and will not require notice or shareholder approval. The amendments became effective December 11, 2023. On March 14, 2025, the SEC extended the compliance date from December 11, 2025 to June 11, 2026 for fund groups with $1 billion or more in net assets and modified the operation of the compliance dates to allow for compliance based on

the timing of certain annual disclosure and reporting obligations that are tied to a fund's fiscal year-end. At this time, management is evaluating the implications of these changes on the financial statements.

In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280)". ASU 2023-07 requires public entities to provide disclosure of significant segment expenses that are regularly provided to the CODM. ASU 2023-07, among other things, (i) requires a single segment public entity to provide all necessary disclosures required by Topic 280, (ii) mandates the disclosure of the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit and loss to assess segment performance and to decide how to allocate resources and (iii) provides the ability for a public entity to elect more than one performance measure. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Management has implemented changes in connection with the amendments and has determined that there was no material impact to the Funds' financial statements.

In December 2023, FASB issued ASU 2023-09, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. The ASU is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. For the PIMCO REALPATH<sup>®</sup> Blend 2070 Fund, management has implemented changes in connection with the amendments and where applicable included additional disclosure in the Notes to Financial Statements. For each Fund except the PIMCO REALPATH<sup>®</sup> Blend 2070 Fund, at this time, management is evaluating the implication 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, each 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 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

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **49** |

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------

Notes to Financial Statements (Cont.)

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 a 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 portfolio 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. Common stocks, exchange-traded funds ("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. Exchange-traded options, except equity options, futures and options on futures, are valued at the settlement price determined by the relevant exchange. Swap agreements and swaptions 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

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|:---|:---|
| **50** | **PIMCO EQUITY SERIES** |

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June 30, 2025

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. An alternative exchange rate may be obtained from a Pricing Source or an exchange rate may otherwise be determined if believed to be more reflective of the rates at which a Fund may transact.

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:

<sup>∎</sup> Level 1 — Quoted prices (unadjusted) in active markets or exchanges for identical assets and liabilities.

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|:---|:---|
| <sup>∎</sup> | 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. |

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<sup>∎</sup> 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 fair value 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,

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|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **51** |

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Notes to Financial Statements (Cont.)

indexes, 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, indexes, 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, indexes, 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, 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, time deposits and certificates of deposit) 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, rules thereunder or exemptive relief therefrom. The Central Funds are registered investment companies created for use solely by the series of the Trust and other series of registered investment companies advised by the Adviser, in connection with their cash management activities. The main investments of the Central Funds are money market and short maturity fixed income instruments. The Central Funds may incur expenses related to their investment activities, but do not pay Investment Advisory Fees or Supervisory and Administrative Fees to the Adviser. The Central Funds are considered to be affiliated with the Funds. A complete schedule of portfolio holdings for each affiliate fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available at the SEC's website at www.sec.gov. A copy of each Acquired Fund's shareholder report is also available at the SEC's website at www.sec.gov, and a copy of each affiliate fund's shareholder report is available on the Funds' website at www.pimco.com, or upon request, as applicable. The tables below show the Funds' transactions in and earnings from investments in the affiliated funds for the period ended June 30, 2025 (amounts in thousands<sup>†</sup>):

#### PIMCO REALPATH<sup>®</sup> Blend 2030 Fund

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Underlying PIMCO Funds | Market Value<br>06/30/2024 | Purchases<br>at Cost | Proceeds<br>from Sales | Net<br>Realized<br>Gain (Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Market Value<br>06/30/2025 | Dividend<br>Income<sup>(1)</sup> | Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup> |
|  PIMCO Emerging Markets Local Currency and Bond Fund | $16090 | $1753 | $(3718) | $(250) | $1858 | $15733 | $879 | $0 |
|  PIMCO High Yield Fund | 4102 | 253 | (355) | 8 | 84 | 4092 | 254 | 0 |
|  PIMCO Income Fund | 45922 | 6045 | (9265) | (646) | 1934 | 43990 | 2794 | 0 |
|  PIMCO International Bond Fund (U.S. Dollar-Hedged) | 11223 | 1014 | (1613) | (118) | 264 | 10770 | 501 | 66 |
|  PIMCO Long-Term Real Return Fund | 51769 | 11765 | (9965) | (3548) | 2113 | 52134 | 2254 | 0 |
|  PIMCO Long-Term U.S. Government Fund | 46869 | 10355 | (9480) | (2321) | 1969 | 47392 | 1656 | 0 |
|  PIMCO Real Return Fund | 24266 | 7333 | (3949) | (292) | 1148 | 28506 | 825 | 0 |
|  PIMCO Short-Term Floating NAV Portfolio III | 31153 | 94754 | (99300) | 13 | 14 | 26634 | 1365 | 0 |
|  PIMCO Total Return Fund | 67957 | 9778 | (15211) | (1890) | 3437 | 64071 | 3058 | 0 |
|  **Totals** | $299351 | $143050 | $(152856) | $(9044) | $12821 | $293322 | $13586 | $66 |

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| **52** | **PIMCO EQUITY SERIES** |

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June 30, 2025

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| PIMCO REALPATH<sup>®</sup> Blend 2035 Fund | PIMCO REALPATH<sup>®</sup> Blend 2035 Fund | PIMCO REALPATH<sup>®</sup> Blend 2035 Fund | PIMCO REALPATH<sup>®</sup> Blend 2035 Fund | PIMCO REALPATH<sup>®</sup> Blend 2035 Fund | PIMCO REALPATH<sup>®</sup> Blend 2035 Fund | PIMCO REALPATH<sup>®</sup> Blend 2035 Fund | PIMCO REALPATH<sup>®</sup> Blend 2035 Fund | PIMCO REALPATH<sup>®</sup> Blend 2035 Fund |
| **Underlying PIMCO Funds** | **Market Value<br>06/30/2024** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Net<br>Realized<br>Gain (Loss)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Market Value<br>06/30/2025** | **Dividend<br>Income<sup>(1)</sup>** | **Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup>** |
|  PIMCO Emerging Markets Local Currency and Bond Fund | $13265 | $1822 | $(2655) | $(146) | $1455 | $13741 | $737 | $0 |
|  PIMCO High Yield Fund | 2964 | 192 | 0 | 0 | 69 | 3225 | 194 | 0 |
|  PIMCO Income Fund | 35765 | 6389 | (6437) | (334) | 1355 | 36738 | 2239 | 0 |
|  PIMCO International Bond Fund (U.S. Dollar-Hedged) | 8359 | 424 | (959) | (72) | 183 | 7935 | 375 | 51 |
|  PIMCO Long-Term Real Return Fund | 40762 | 10566 | (7010) | (1787) | 575 | 43106 | 1808 | 0 |
|  PIMCO Long-Term U.S. Government Fund | 34356 | 9421 | (5898) | (951) | 634 | 37562 | 1257 | 0 |
|  PIMCO Real Return Fund | 18981 | 6641 | (2358) | (202) | 873 | 23935 | 667 | 0 |
|  PIMCO Short-Term Floating NAV Portfolio III | 32876 | 101231 | (99900) | 27 | 4 | 34238 | 1542 | 0 |
|  PIMCO Total Return Fund | 54550 | 9363 | (10203) | (1089) | 2366 | 54987 | 2519 | 0 |
|  **Totals** | $**241878** | $**146049** | $**(135420)** | $**(4554)** | $**7514** | $**255467** | $**11338** | $**51** |
| PIMCO REALPATH<sup>®</sup> Blend 2040 Fund | PIMCO REALPATH<sup>®</sup> Blend 2040 Fund | PIMCO REALPATH<sup>®</sup> Blend 2040 Fund | PIMCO REALPATH<sup>®</sup> Blend 2040 Fund | PIMCO REALPATH<sup>®</sup> Blend 2040 Fund | PIMCO REALPATH<sup>®</sup> Blend 2040 Fund | PIMCO REALPATH<sup>®</sup> Blend 2040 Fund | PIMCO REALPATH<sup>®</sup> Blend 2040 Fund | PIMCO REALPATH<sup>®</sup> Blend 2040 Fund |
| **Underlying PIMCO Funds** | **Market Value<br>06/30/2024** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Net<br>Realized<br>Gain (Loss)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Market Value<br>06/30/2025** | **Dividend<br>Income<sup>(1)</sup>** | **Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup>** |
|  PIMCO Emerging Markets Local Currency and Bond Fund | $9633 | $544 | $(1141) | $(58) | $1018 | $9996 | $537 | $0 |
|  PIMCO High Yield Fund | 1402 | 92 | 0 | 0 | 32 | 1526 | 92 | 0 |
|  PIMCO Income Fund | 19750 | 3940 | (2540) | (113) | 689 | 21726 | 1270 | 0 |
|  PIMCO International Bond Fund (U.S. Dollar-Hedged) | 6334 | 320 | (740) | (39) | 120 | 5995 | 284 | 38 |
|  PIMCO Long-Term Real Return Fund | 24640 | 7125 | (3286) | (465) | (301) | 27713 | 1135 | 0 |
|  PIMCO Long-Term U.S. Government Fund | 18523 | 4162 | (2551) | (462) | 299 | 19971 | 663 | 0 |
|  PIMCO Real Return Fund | 11510 | 3920 | (754) | (89) | 484 | 15071 | 410 | 0 |
|  PIMCO Short-Term Floating NAV Portfolio III | 28752 | 90431 | (86400) | 27 | (1) | 32809 | 1340 | 0 |
|  PIMCO Total Return Fund | 32522 | 6128 | (5575) | (527) | 1292 | 33840 | 1527 | 0 |
|  **Totals** | $**153066** | $**116662** | $**(102987)** | $**(1726)** | $**3632** | $**168647** | $**7258** | $**38** |
| PIMCO REALPATH<sup>®</sup> Blend 2045 Fund | PIMCO REALPATH<sup>®</sup> Blend 2045 Fund | PIMCO REALPATH<sup>®</sup> Blend 2045 Fund | PIMCO REALPATH<sup>®</sup> Blend 2045 Fund | PIMCO REALPATH<sup>®</sup> Blend 2045 Fund | PIMCO REALPATH<sup>®</sup> Blend 2045 Fund | PIMCO REALPATH<sup>®</sup> Blend 2045 Fund | PIMCO REALPATH<sup>®</sup> Blend 2045 Fund | PIMCO REALPATH<sup>®</sup> Blend 2045 Fund |
| **Underlying PIMCO Funds** | **Market Value<br>06/30/2024** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Net<br>Realized<br>Gain (Loss)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Market Value<br>06/30/2025** | **Dividend<br>Income<sup>(1)</sup>** | **Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup>** |
|  PIMCO Emerging Markets Local Currency and Bond Fund | $6555 | $1575 | $(728) | $(43) | $826 | $8185 | $395 | $0 |
|  PIMCO High Yield Fund | 152 | 10 | 0 | 0 | 3 | 165 | 10 | 0 |
|  PIMCO Income Fund | 8677 | 1597 | (833) | 5 | 253 | 9699 | 567 | 0 |
|  PIMCO International Bond Fund (U.S. Dollar-Hedged) | 3966 | 211 | 0 | 0 | 53 | 4230 | 188 | 25 |
|  PIMCO Long-Term Real Return Fund | 12330 | 3500 | (746) | (217) | (160) | 14707 | 582 | 0 |
|  PIMCO Long-Term U.S. Government Fund | 12647 | 3633 | (1429) | (311) | 225 | 14765 | 472 | 0 |
|  PIMCO Real Return Fund | 8461 | 3224 | 0 | 6 | 306 | 11997 | 319 | 0 |
|  PIMCO Short-Term Floating NAV Portfolio III | 24861 | 85092 | (80200) | 20 | 6 | 29779 | 1299 | 0 |
|  PIMCO Total Return Fund | 19427 | 4218 | (2775) | (374) | 864 | 21360 | 931 | 0 |
|  **Totals** | $**97076** | $**103060** | $**(86711)** | $**(914)** | $**2376** | $**114887** | $**4763** | $**25** |

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| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **53** |

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Notes to Financial Statements (Cont.)

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| PIMCO REALPATH<sup>®</sup> Blend 2050 Fund | PIMCO REALPATH<sup>®</sup> Blend 2050 Fund | PIMCO REALPATH<sup>®</sup> Blend 2050 Fund | PIMCO REALPATH<sup>®</sup> Blend 2050 Fund | PIMCO REALPATH<sup>®</sup> Blend 2050 Fund | PIMCO REALPATH<sup>®</sup> Blend 2050 Fund | PIMCO REALPATH<sup>®</sup> Blend 2050 Fund | PIMCO REALPATH<sup>®</sup> Blend 2050 Fund | PIMCO REALPATH<sup>®</sup> Blend 2050 Fund |
| **Underlying PIMCO Funds** | **Market Value<br>06/30/2024** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Net<br>Realized<br>Gain (Loss)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Market Value<br>06/30/2025** | **Dividend<br>Income<sup>(1)</sup>** | **Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup>** |
|  PIMCO Emerging Markets Local Currency and Bond Fund | $2412 | $388 | $0 | $0 | $290 | $3090 | $146 | $0 |
|  PIMCO Income Fund | 5134 | 660 | (318) | 4 | 142 | 5622 | 330 | 0 |
|  PIMCO International Bond Fund (U.S. Dollar-Hedged) | 2269 | 122 | 0 | 0 | 30 | 2421 | 107 | 14 |
|  PIMCO Long-Term Real Return Fund | 6638 | 1532 | 0 | 0 | (224) | 7946 | 311 | 0 |
|  PIMCO Long-Term U.S. Government Fund | 7288 | 1725 | 0 | 0 | (82) | 8931 | 276 | 0 |
|  PIMCO Real Return Fund | 4712 | 2501 | 0 | 0 | 159 | 7372 | 187 | 0 |
|  PIMCO Short-Term Floating NAV Portfolio III | 20965 | 93197 | (86700) | 19 | 4 | 27485 | 1204 | 0 |
|  PIMCO Total Return Fund | 12030 | 2278 | (1500) | (241) | 537 | 13104 | 574 | 0 |
|  **Totals** | $**61448** | $**102403** | $**(88518)** | $**(218)** | $**856** | $**75971** | $**3135** | $**14** |
| PIMCO REALPATH<sup>®</sup> Blend 2055 Fund | PIMCO REALPATH<sup>®</sup> Blend 2055 Fund | PIMCO REALPATH<sup>®</sup> Blend 2055 Fund | PIMCO REALPATH<sup>®</sup> Blend 2055 Fund | PIMCO REALPATH<sup>®</sup> Blend 2055 Fund | PIMCO REALPATH<sup>®</sup> Blend 2055 Fund | PIMCO REALPATH<sup>®</sup> Blend 2055 Fund | PIMCO REALPATH<sup>®</sup> Blend 2055 Fund | PIMCO REALPATH<sup>®</sup> Blend 2055 Fund |
| **Underlying PIMCO Funds** | **Market Value<br>06/30/2024** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Net<br>Realized<br>Gain (Loss)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Market Value<br>06/30/2025** | **Dividend<br>Income<sup>(1)</sup>** | **Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup>** |
|  PIMCO Emerging Markets Local Currency and Bond Fund | $1262 | $74 | $0 | $0 | $136 | $1472 | $73 | $0 |
|  PIMCO Income Fund | 3376 | 212 | (234) | 5 | 92 | 3451 | 215 | 0 |
|  PIMCO International Bond Fund (U.S. Dollar-Hedged) | 1046 | 56 | 0 | 0 | 14 | 1116 | 50 | 7 |
|  PIMCO Long-Term Real Return Fund | 3953 | 960 | 0 | 0 | (135) | 4778 | 188 | 0 |
|  PIMCO Long-Term U.S. Government Fund | 3709 | 738 | 0 | 0 | (48) | 4399 | 139 | 0 |
|  PIMCO Real Return Fund | 3259 | 1879 | 0 | 0 | 111 | 5249 | 137 | 0 |
|  PIMCO Short-Term Floating NAV Portfolio III | 17828 | 75398 | (70500) | 10 | 8 | 22744 | 1004 | 0 |
|  PIMCO Total Return Fund | 7674 | 1891 | (1560) | (230) | 417 | 8192 | 369 | 0 |
|  **Totals** | $**42107** | $**81208** | $**(72294)** | $**(215)** | $**595** | $**51401** | $**2175** | $**7** |
| PIMCO REALPATH<sup>®</sup> Blend 2060 Fund | PIMCO REALPATH<sup>®</sup> Blend 2060 Fund | PIMCO REALPATH<sup>®</sup> Blend 2060 Fund | PIMCO REALPATH<sup>®</sup> Blend 2060 Fund | PIMCO REALPATH<sup>®</sup> Blend 2060 Fund | PIMCO REALPATH<sup>®</sup> Blend 2060 Fund | PIMCO REALPATH<sup>®</sup> Blend 2060 Fund | PIMCO REALPATH<sup>®</sup> Blend 2060 Fund | PIMCO REALPATH<sup>®</sup> Blend 2060 Fund |
| **Underlying PIMCO Funds** | **Market Value<br>06/30/2024** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Net<br>Realized<br>Gain (Loss)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Market Value<br>06/30/2025** | **Dividend<br>Income<sup>(1)</sup>** | **Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup>** |
|  PIMCO Emerging Markets Local Currency and Bond Fund | $482 | $28 | $0 | $0 | $52 | $562 | $29 | $0 |
|  PIMCO Income Fund | 919 | 387 | (181) | 2 | 26 | 1153 | 62 | 0 |
|  PIMCO International Bond Fund (U.S. Dollar-Hedged) | 235 | 13 | 0 | 0 | 3 | 251 | 11 | 2 |
|  PIMCO Long-Term Real Return Fund | 1206 | 393 | 0 | 0 | (41) | 1558 | 57 | 0 |
|  PIMCO Long-Term U.S. Government Fund | 1174 | 375 | 0 | 0 | (17) | 1532 | 45 | 0 |
|  PIMCO Real Return Fund | 1115 | 1092 | 0 | 0 | 38 | 2245 | 51 | 0 |
|  PIMCO Short-Term Floating NAV Portfolio III | 8534 | 54831 | (50600) | 7 | 1 | 12773 | 434 | 0 |
|  PIMCO Total Return Fund | 2230 | 839 | (442) | (32) | 93 | 2688 | 111 | 0 |
|  **Totals** | $**15895** | $**57958** | $**(51223)** | $**(23)** | $**155** | $**22762** | $**800** | $**2** |

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| | |
|:---|:---|
| **54** | **PIMCO EQUITY SERIES** |

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June 30, 2025

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| PIMCO REALPATH<sup>®</sup> Blend 2065 Fund | PIMCO REALPATH<sup>®</sup> Blend 2065 Fund | PIMCO REALPATH<sup>®</sup> Blend 2065 Fund | PIMCO REALPATH<sup>®</sup> Blend 2065 Fund | PIMCO REALPATH<sup>®</sup> Blend 2065 Fund | PIMCO REALPATH<sup>®</sup> Blend 2065 Fund | PIMCO REALPATH<sup>®</sup> Blend 2065 Fund | PIMCO REALPATH<sup>®</sup> Blend 2065 Fund | PIMCO REALPATH<sup>®</sup> Blend 2065 Fund |
| **Underlying PIMCO Funds** | **Market Value<br>06/30/2024** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Net<br>Realized<br>Gain (Loss)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Market Value<br>06/30/2025** | **Dividend<br>Income<sup>(1)</sup>** | **Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup>** |
|  PIMCO Emerging Markets Local Currency and Bond Fund | $54 | $57 | $0 | $0 | $8 | $119 | $5 | $0 |
|  PIMCO Income Fund | 77 | 72 | (38) | 0 | 3 | 114 | 6 | 0 |
|  PIMCO International Bond Fund (U.S. Dollar-Hedged) | 21 | 17 | 0 | 0 | 0 | 38 | 1 | 0 |
|  PIMCO Long-Term Real Return Fund | 137 | 187 | (26) | (2) | (3) | 293 | 9 | 0 |
|  PIMCO Long-Term U.S. Government Fund | 129 | 176 | (22) | (2) | 2 | 283 | 7 | 0 |
|  PIMCO Real Return Fund | 136 | 304 | (26) | 0 | 6 | 420 | 8 | 0 |
|  PIMCO Short-Term Floating NAV Portfolio III | 1038 | 14964 | (13700) | 1 | 0 | 2303 | 63 | 0 |
|  PIMCO Total Return Fund | 174 | 190 | (88) | 2 | 9 | 287 | 8 | 0 |
|  **Totals** | $**1766** | $**15967** | $**(13900)** | $**(1)** | $**25** | $**3857** | $**107** | $**0** |
| PIMCO REALPATH<sup>®</sup> Blend 2070 Fund | PIMCO REALPATH<sup>®</sup> Blend 2070 Fund | PIMCO REALPATH<sup>®</sup> Blend 2070 Fund | PIMCO REALPATH<sup>®</sup> Blend 2070 Fund | PIMCO REALPATH<sup>®</sup> Blend 2070 Fund | PIMCO REALPATH<sup>®</sup> Blend 2070 Fund | PIMCO REALPATH<sup>®</sup> Blend 2070 Fund | PIMCO REALPATH<sup>®</sup> Blend 2070 Fund | PIMCO REALPATH<sup>®</sup> Blend 2070 Fund |
| **Underlying PIMCO Funds** | **Market Value<br>06/30/2024** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Net<br>Realized<br>Gain (Loss)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Market Value<br>06/30/2025** | **Dividend<br>Income<sup>(1)</sup>** | **Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup>** |
|  PIMCO Emerging Markets Local Currency and Bond Fund | $0 | $9 | $0 | $0 | $1 | $10 | $0 | $0 |
|  PIMCO Income Fund | 0 | 13 | (3) | 0 | 0 | 10 | 0 | 0 |
|  PIMCO International Bond Fund (U.S. Dollar-Hedged) | 0 | 4 | 0 | 0 | 0 | 4 | 0 | 0 |
|  PIMCO Long-Term Real Return Fund | 0 | 25 | 0 | 0 | 0 | 25 | 1 | 0 |
|  PIMCO Long-Term U.S. Government Fund | 0 | 25 | 0 | 0 | 0 | 25 | 0 | 0 |
|  PIMCO Real Return Fund | 0 | 36 | 0 | 0 | 1 | 37 | 1 | 0 |
|  PIMCO Short-Term Floating NAV Portfolio III | 0 | 101 | (90) | 0 | 0 | 11 | 1 | 0 |
|  PIMCO Total Return Fund | 0 | 28 | (6) | 0 | 1 | 23 | 1 | 0 |
|  **Totals** | $**0** | $**241** | $**(99)** | $**0** | $**3** | $**145** | $**4** | $**0** |
| PIMCO REALPATH<sup>®</sup> Blend Income Fund | PIMCO REALPATH<sup>®</sup> Blend Income Fund | PIMCO REALPATH<sup>®</sup> Blend Income Fund | PIMCO REALPATH<sup>®</sup> Blend Income Fund | PIMCO REALPATH<sup>®</sup> Blend Income Fund | PIMCO REALPATH<sup>®</sup> Blend Income Fund | PIMCO REALPATH<sup>®</sup> Blend Income Fund | PIMCO REALPATH<sup>®</sup> Blend Income Fund | PIMCO REALPATH<sup>®</sup> Blend Income Fund |
| **Underlying PIMCO Funds** | **Market Value<br>06/30/2024** | **Purchases<br>at Cost** | **Proceeds<br>from Sales** | **Net<br>Realized<br>Gain (Loss)** | **Change in<br>Unrealized<br>Appreciation<br>(Depreciation)** | **Market Value<br>06/30/2025** | **Dividend<br>Income<sup>(1)</sup>** | **Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup>** |
|  PIMCO Emerging Markets Local Currency and Bond Fund | $11142 | $15405 | $(6035) | $(589) | $2198 | $22121 | $799 | $0 |
|  PIMCO High Yield Fund | 3131 | 3984 | (1346) | 32 | 233 | 6034 | 287 | 0 |
|  PIMCO Income Fund | 39019 | 54179 | (18839) | (1331) | 2760 | 75788 | 3579 | 0 |
|  PIMCO International Bond Fund (U.S. Dollar-Hedged) | 9988 | 13124 | (4229) | (283) | 489 | 19089 | 666 | 57 |
|  PIMCO Long-Term Real Return Fund | 30777 | 55037 | (12142) | (8154) | (2960) | 62558 | 2289 | 0 |
|  PIMCO Long-Term U.S. Government Fund | 27060 | 45898 | (11722) | (4319) | (2051) | 54866 | 1479 | 0 |
|  PIMCO Real Return Fund | 16969 | 30426 | (7264) | (432) | 1022 | 40721 | 996 | 0 |
|  PIMCO Short-Term Floating NAV Portfolio III | 17245 | 153258 | (136300) | 8 | 10 | 34221 | 1070 | 0 |
|  PIMCO Total Return Fund | 62496 | 89318 | (30635) | (5280) | 4648 | 120547 | 4224 | 0 |
|  **Totals** | $**217827** | $**460629** | $**(228512)** | $**(20348)** | $**6349** | $**435945** | $**15389** | $**57** |

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|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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<sup>(1)</sup> 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, Distribution to Shareholders, in the Notes to Financial Statements for more information. 

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|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **55** |

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Notes to Financial Statements (Cont.)

(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.

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

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 is a government sponsored corporation that issues Participation Certificates ("PCs"), which are pass-through securities, each representing an undivided interest in a pool of residential mortgages. FHLMC guarantees the

timely payment of interest and ultimate collection of principal, but PCs are not backed by the full faith and credit of the U.S. Government.

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS

The Funds (and where applicable, certain Acquired Funds and Underlying PIMCO Funds) may enter into the borrowings and other financing transactions described below to the extent permitted by each Fund's respective investment policies.

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

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, 2025, 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

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| | |
|:---|:---|
| **56** | **PIMCO EQUITY SERIES** |

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June 30, 2025

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

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

Purchasing call options tends to increase a Fund's exposure to the underlying instrument. Purchasing put options tends to decrease a Fund's exposure to the underlying instrument. A Fund pays a premium which is included as an asset on the Statements of Assets and Liabilities and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the

proceeds on the underlying investment transaction to determine the realized gain (loss) when the underlying transaction is executed.

Options on Indexes ("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

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **57** |

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Notes to Financial Statements (Cont.)

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, a Fund will value the credit default swap at its notional value or its full exposure value (i.e., the sum of the notional amount for the contract plus the market value), but may value the credit default swap at market value for purposes of applying certain of 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 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.

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Risks | PIMCO<br>RealPath<sup>®</sup><br>Blend 2030<br>Fund | PIMCO<br>RealPath<sup>®</sup><br>Blend 2035<br>Fund | PIMCO<br>RealPath<sup>®</sup><br>Blend 2040<br>Fund | PIMCO<br>RealPath<sup>®</sup><br>Blend 2045<br>Fund | PIMCO<br>RealPath<sup>®</sup><br>Blend 2050<br>Fund | PIMCO<br>RealPath<sup>®</sup><br>Blend 2055<br>Fund | PIMCO<br>RealPath<sup>®</sup><br>Blend 2060<br>Fund | PIMCO<br>RealPath<sup>®</sup><br>Blend 2065<br>Fund | PIMCO<br>RealPath<sup>®</sup><br>Blend 2070<br>Fund | PIMCO<br>RealPath<sup>®</sup><br>Blend Income<br>Fund |
|  Allocation | X | X | X | X | X | X | X | X | X | X |
|  Acquired Fund | X | X | X | X | X | X | X | X | X | X |
|  New Fund |  |  |  |  |  |  |  |  | X |  |
|  Small Fund |  |  |  |  |  |  |  | X | 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 |

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|:---|:---|
| **58** | **PIMCO EQUITY SERIES** |

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June 30, 2025

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| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Risks** | **PIMCO<br>RealPath<sup>®</sup><br>Blend 2030<br>Fund** | **PIMCO<br>RealPath<sup>®</sup><br>Blend 2035<br>Fund** | **PIMCO<br>RealPath<sup>®</sup><br>Blend 2040<br>Fund** | **PIMCO<br>RealPath<sup>®</sup><br>Blend 2045<br>Fund** | **PIMCO<br>RealPath<sup>®</sup><br>Blend 2050<br>Fund** | **PIMCO<br>RealPath<sup>®</sup><br>Blend 2055<br>Fund** | **PIMCO<br>RealPath<sup>®</sup><br>Blend 2060<br>Fund** | **PIMCO<br>RealPath<sup>®</sup><br>Blend 2065<br>Fund** | **PIMCO<br>RealPath<sup>®</sup><br>Blend 2070<br>Fund** | **PIMCO<br>RealPath<sup>®</sup><br>Blend Income<br>Fund** |
|  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 |

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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 experience losses 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. Investments in Acquired Funds that are exchange-traded funds are also subject to market risk, tracking error, the potential for trading at a discount or premium to their net asset value, bid/ask spread risk as well as the risks of the underlying securities they hold. 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.

New Fund Risk is the risk that a new fund's performance may not represent how the fund is expected to or may perform in the long term. In addition, new funds have limited operating histories for investors to evaluate and new funds may not attract sufficient assets to achieve investment and trading efficiencies.

Small Fund Risk is the risk that a smaller fund may not achieve investment or trading efficiencies or may be limited in ability to participate in certain investment opportunities due to its size. Additionally, a smaller fund may be more adversely affected by large purchases or redemptions by investors.

Equity Risk is the risk that the value of equity or equity-related 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 or equity-related securities generally have greater price volatility than fixed income securities. In addition, preferred securities may be subject to greater credit risk or other risks, such as risks related to deferred and omitted distributions, limited voting rights, liquidity, interest rates, regulatory changes and special redemption rights.

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.

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|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **59** |

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Notes to Financial Statements (Cont.)

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. Factors such as government policy, inflation, the economy, and market for bonds can impact interest rates and yields.

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 including 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 experience losses if the issuer or guarantor of a fixed income security, or 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 market, 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 by rating agencies 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 fluctuate, 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 reasons related to the issuer, such as management performance, changes in financial condition or credit rating, financial leverage, reputation 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 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, options, 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. 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 the Fund, a reduction in a Fund's returns and/or increased volatility. Non-centrally-cleared 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 non-centrally-cleared 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.

Commodity Risk is the risk that investing in commodity-linked derivative instruments and commodities, either directly or indirectly through a subsidiary, may subject a Fund to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments or commodities may be affected by changes in overall market movements, foreign currency exchange rates, commodity index volatility, changes in inflation, 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.

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| | |
|:---|:---|
| **60** | **PIMCO EQUITY SERIES** |

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June 30, 2025

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. A Fund may invest in any tranche of mortgage-related and other asset-backed securities, including junior and/or equity tranches (to the extent consistent with the Fund's guidelines), which generally carry higher levels of the foregoing risks.

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, corporate governance and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable U.S. or foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, political changes, diplomatic developments, trade restrictions (including tariffs) 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 risks related to losses from casualty or condemnation, 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, REITs that are privately held or not traded on a national securities exchange may 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. The use of leverage may also increase a Fund's sensitivity to interest rate risks.

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.

Convertible Securities Risk is the risk that arises because 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.

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **61** |

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Notes to Financial Statements (Cont.)

Exchange-Traded Fund Risk is the risk that an exchange-traded fund may not achieve its investment objective, among other reasons, because of regulatory restrictions, including, for example, 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 discontinuation of the London Interbank Offered Rate ("LIBOR"). Certain instruments held by a Fund have historically referenced LIBOR. Although LIBOR is no longer published, there remains residual risks associated with the transition that may impact markets or particular investments and, as such, the full impact of the transition on a Fund or the financial instruments in which a Fund invests cannot yet be fully determined.

(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 Disruptions Risk A Fund is subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from actual or threatened war or armed conflicts, military conflicts, terrorism, market manipulation, government interventions, defaults and shutdowns, political and regulatory changes or diplomatic developments or the imposition of sanctions and other measures, including the imposition of tariffs, or other U.S. economic policies and any related public health emergencies (such as the spread of infectious diseases, pandemics and epidemics), bank failures and natural/environmental disasters, which can all negatively impact the securities markets and cause a Fund to lose value. These events can also impair the technology and other operational systems upon which a Fund's service providers, including PIMCO as a Fund's investment adviser, rely, and could otherwise disrupt a Fund's service providers' ability to fulfill their obligations to a Fund.

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 complex information technology and communication systems, including cloud-based technology, has become more prevalent and interconnected in the course of business, the Funds have become potentially more susceptible to operational and information security risks resulting from breaches in cyber security despite the efforts of PIMCO, a Fund, or their service providers to adopt technologies, processes, and practices intended to mitigate these risks. 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. Geopolitical tensions can increase the scale and sophistication of deliberate cybersecurity attacks, particularly those

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| | |
|:---|:---|
| **62** | **PIMCO EQUITY SERIES** |

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June 30, 2025

from nation-states or from entities with nation-state backing, who may desire to use cybersecurity attacks to cause damage or create leverage against geopolitical rivals. 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. FCM customers, such as the Funds, are permitted to transfer their customer account (and cleared derivative transactions held in such customer account) from one FCM to another FCM. Upon completion of the transfer, the customer maintains the same economic position with respect to the outstanding exposure. As such, these transfers are not recognized as dispositions and reacquisitions of the affected derivative positions. 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

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **63** |

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Notes to Financial Statements (Cont.)

respect of portfolio margining. The porting of exposure between FCMs has no impact on the market value or accumulated unrealized appreciation (depreciation), initial margin posted, and any unsettled variation margin; these values 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):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Investment Advisory Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee | Supervisory and Administrative Fee |
| Fund Name | All Classes | Institutional<br>Class | Class A | Class R |
|  PIMCO REALPATH<sup>®</sup> Blend 2030 Fund | 0.01% | 0.02% | 0.22% | 0.27% \* |
|  PIMCO REALPATH<sup>®</sup> Blend 2035 Fund | 0.02% | 0.02% | 0.22% | 0.27% \* |
|  PIMCO REALPATH<sup>®</sup> Blend 2040 Fund | 0.03% | 0.02% | 0.22% | 0.27% \* |
|  PIMCO REALPATH<sup>®</sup> Blend 2045 Fund | 0.03% | 0.02% | 0.22% | 0.27% \* |
|  PIMCO REALPATH<sup>®</sup> Blend 2050 Fund | 0.03% | 0.02% | 0.22% | 0.27% \* |
|  PIMCO REALPATH<sup>®</sup> Blend 2055 Fund | 0.03% | 0.02% | 0.22% | 0.27% \* |
|  PIMCO REALPATH<sup>®</sup> Blend 2060 Fund | 0.03% | 0.02% | 0.22% | N/A |
|  PIMCO REALPATH<sup>®</sup> Blend 2065 Fund | 0.03% | 0.02% | 0.22% | N/A |
|  PIMCO REALPATH<sup>®</sup> Blend 2070 Fund<sup>(1)</sup> | 0.03% | 0.02% | 0.22% | N/A |
|  PIMCO REALPATH<sup>®</sup> Blend Income Fund | 0.01% | 0.02% | 0.22% | 0.27% \* |

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\* This particular share class has been registered with the SEC, but was not operational during the fiscal year ended June 30, 2025.

<sup>(1)</sup> The Fund commenced operations on December 31, 2024.

(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

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|:---|:---|
| **64** | **PIMCO EQUITY SERIES** |

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June 30, 2025

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 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):

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| | | |
|:---|:---|:---|
|  | Distribution Fee | Servicing Fee |
|  **Class A** |  | 0.25% |
|  **Class R** | 0.25% \* | 0.25% \* |

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\* This particular share class has been registered with the SEC, but was not operational during the fiscal year ended June 30, 2025.

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, 2025, the Distributor retained $50,871 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: (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.

(e) Remuneration Paid to Directors, Officers and Others (N-CSR Item 10) 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. The pro rata share of Trustee fees for each Fund is reflected on the Statements of Operations as Trustee fees.

(f) Expense Limitation Pursuant to the Expense Limitation Agreement, PIMCO has contractually agreed, through October 31, 2025 (for all Funds except PIMCO REALPATH<sup>®</sup> Blend 2070 Fund) or October 31, 2026 (for PIMCO REALPATH<sup>®</sup> Blend 2070 Fund), to waive a portion of each Fund's 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 pursuant to the Expense Limitation Agreement (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 recoverable amounts to PIMCO as of June 30, 2025 were (amounts in thousands<sup>†</sup>):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Expiring within | Expiring within | Expiring within | |
| Fund Name | 12 months | 13-24 months | 25-36 months | Total |
|  PIMCO RealPath<sup>®</sup> Blend 2030 Fund | $0 | $0 | $27 | $27 |
|  PIMCO RealPath<sup>®</sup> Blend 2035 Fund | 0 | 0 | 24 | 24 |
|  PIMCO RealPath<sup>®</sup> Blend 2040 Fund | 0 | 0 | 25 | 25 |
|  PIMCO RealPath<sup>®</sup> Blend 2045 Fund | 0 | 0 | 24 | 24 |
|  PIMCO RealPath<sup>®</sup> Blend 2050 Fund | 0 | 0 | 26 | 26 |
|  PIMCO RealPath<sup>®</sup> Blend 2055 Fund | 0 | 0 | 13 | 13 |

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|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **65** |

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Notes to Financial Statements (Cont.)

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|:---|:---|:---|:---|:---|
|  | **Expiring within** | **Expiring within** | **Expiring within** | |
| **Fund Name** | **12 months** | **13-24 months** | **25-36 months** | **Total** |
|  PIMCO RealPath<sup>®</sup> Blend 2060 Fund | $0 | $0 | $0 | $0 |
|  PIMCO RealPath<sup>®</sup> Blend 2065 Fund | 119 | 0 | 1 | 120 |
|  PIMCO RealPath<sup>®</sup> Blend 2070 Fund | 0 | 0 | 141 | 141 |
|  PIMCO RealPath<sup>®</sup> Blend Income Fund | 0 | 0 | 24 | 24 |

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|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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(g) 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 Fund 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 Fund, an investor will indirectly bear fees and expenses charged by Acquired Funds (and may indirectly bear a portion of the fees and expenses charged by Underlying PIMCO Funds to the extent such fees and expenses are not waived or reimbursed pursuant to applicable waiver and reimbursement agreements) 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 a Fund. Frequent and active trading of a Fund's portfolio holdings may cause adverse tax consequences for shareholders due to an increase in short-term capital gains and may also adversely impact the Fund's after-tax returns. 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, 2025 were as follows (amounts in thousands<sup>†</sup>):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | U.S. Government/Agency | U.S. Government/Agency | All Other | All Other |
| Fund Name | Purchases | Sales | Purchases | Sales |
|  PIMCO REALPATH<sup>®</sup> Blend 2030 Fund | $0 | $0 | $92640 | $168031 |
|  PIMCO REALPATH<sup>®</sup> Blend 2035 Fund | 0 | 0 | 106803 | 167388 |
|  PIMCO REALPATH<sup>®</sup> Blend 2040 Fund | 0 | 0 | 82629 | 132556 |
|  PIMCO REALPATH<sup>®</sup> Blend 2045 Fund | 0 | 0 | 82044 | 101837 |
|  PIMCO REALPATH<sup>®</sup> Blend 2050 Fund | 0 | 0 | 77794 | 80814 |
|  PIMCO REALPATH<sup>®</sup> Blend 2055 Fund | 0 | 0 | 66459 | 65377 |
|  PIMCO REALPATH<sup>®</sup> Blend 2060 Fund | 0 | 0 | 52925 | 29899 |
|  PIMCO REALPATH<sup>®</sup> Blend 2065 Fund | 0 | 0 | 24271 | 6787 |
|  PIMCO REALPATH<sup>®</sup> Blend 2070 Fund | 0 | 0 | 3534 | 608 |
|  PIMCO REALPATH<sup>®</sup> Blend Income Fund | 0 | 0 | 69429 | 179887 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

---

| | |
|:---|:---|
| **66** | **PIMCO EQUITY SERIES** |

---

------

June 30, 2025

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<sup>†</sup>):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | PIMCO REALPATH<sup>®</sup> Blend 2030 Fund | PIMCO REALPATH<sup>®</sup> Blend 2030 Fund | PIMCO REALPATH<sup>®</sup> Blend 2030 Fund | PIMCO REALPATH<sup>®</sup> Blend 2030 Fund | PIMCO REALPATH<sup>®</sup> Blend 2035 Fund | PIMCO REALPATH<sup>®</sup> Blend 2035 Fund | PIMCO REALPATH<sup>®</sup> Blend 2035 Fund | PIMCO REALPATH<sup>®</sup> Blend 2035 Fund |
|  | Year Ended<br>06/30/2025 | Year Ended<br>06/30/2025 | Year Ended<br>06/30/2024 | Year Ended<br>06/30/2024 | Year Ended<br>06/30/2025 | Year Ended<br>06/30/2025 | Year Ended<br>06/30/2024 | Year Ended<br>06/30/2024 |
|  | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount |
|  **Receipts for shares sold** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 7736 | $102884 | 12783 | $157234 | 8032 | $116520 | 14257 | $187968 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | N/A | N/A | 56 <sup>(b)</sup> | 694 <sup>(b)</sup> | N/A | N/A | 93 <sup>(b)</sup> | 1195 <sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 74 | 972 | 70 | 857 | 86 | 1247 | 79 | 1054 |
|  **Issued as reinvestment of distributions** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 1308 | 17326 | 1642 | 20747 | 1382 | 20005 | 1418 | 19260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | N/A | N/A | 11 <sup>(b)</sup> | 128 <sup>(b)</sup> | N/A | N/A | 11 <sup>(b)</sup> | 141 <sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 17 | 225 | 23 | 282 | 19 | 276 | 18 | 247 |
|  **Cost of shares redeemed** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (15018) | (201303) | (8988) | (111730) | (13640) | (199818) | (7777) | (104854) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | N/A | N/A | (2192)<sup>(b)</sup> | (25374)<sup>(b)</sup> | N/A | N/A | (2662)<sup>(b)</sup> | (32821)<sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (169) | (2251) | (129) | (1601) | (157) | (2249) | (104) | (1336) |
|  **Net increase (decrease) resulting from Fund share transactions** | (6052) | $(82147) | 3276 | $41237 | (4278) | $(64019) | 5333 | $70854 |
|  | PIMCO REALPATH<sup>®</sup> Blend 2040 Fund | PIMCO REALPATH<sup>®</sup> Blend 2040 Fund | PIMCO REALPATH<sup>®</sup> Blend 2040 Fund | PIMCO REALPATH<sup>®</sup> Blend 2040 Fund | PIMCO REALPATH<sup>®</sup> Blend 2045 Fund | PIMCO REALPATH<sup>®</sup> Blend 2045 Fund | PIMCO REALPATH<sup>®</sup> Blend 2045 Fund | PIMCO REALPATH<sup>®</sup> Blend 2045 Fund |
|  | Year Ended<br>06/30/2025 | Year Ended<br>06/30/2025 | Year Ended<br>06/30/2024 | Year Ended<br>06/30/2024 | Year Ended<br>06/30/2025 | Year Ended<br>06/30/2025 | Year Ended<br>06/30/2024 | Year Ended<br>06/30/2024 |
|  | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount |
|  **Receipts for shares sold** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 6466 | $100046 | 12170 | $168978 | 6907 | $110596 | 10806 | $153461 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | N/A | N/A | 146 <sup>(b)</sup> | 1907 <sup>(b)</sup> | N/A | N/A | 54 <sup>(b)</sup> | 738 <sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 74 | 1126 | 80 | 1091 | 104 | 1661 | 95 | 1322 |
|  **Issued as reinvestment of distributions** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 1075 | 16512 | 1122 | 15997 | 1067 | 17066 | 969 | 14217 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | N/A | N/A | 6 <sup>(b)</sup> | 80 <sup>(b)</sup> | N/A | N/A | 7 <sup>(b)</sup> | 99 <sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 18 | 278 | 17 | 245 | 14 | 223 | 10 | 151 |
|  **Cost of shares redeemed** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (10933) | (170736) | (8804) | (125442) | (9118) | (147348) | (8426) | (124773) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | N/A | N/A | (1673)<sup>(b)</sup> | (21480)<sup>(b)</sup> | N/A | N/A | (1941)<sup>(b)</sup> | (25571)<sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (67) | (1030) | (97) | (1312) | (38) | (606) | (21) | (303) |
|  **Net increase (decrease) resulting from Fund share transactions** | (3367) | $(53804) | 2967 | $40064 | (1064) | $(18408) | 1553 | $19341 |
|  | PIMCO REALPATH<sup>®</sup> Blend 2050 Fund | PIMCO REALPATH<sup>®</sup> Blend 2050 Fund | PIMCO REALPATH<sup>®</sup> Blend 2050 Fund | PIMCO REALPATH<sup>®</sup> Blend 2050 Fund | PIMCO REALPATH<sup>®</sup> Blend 2055 Fund | PIMCO REALPATH<sup>®</sup> Blend 2055 Fund | PIMCO REALPATH<sup>®</sup> Blend 2055 Fund | PIMCO REALPATH<sup>®</sup> Blend 2055 Fund |
|  | Year Ended<br>06/30/2025 | Year Ended<br>06/30/2025 | Year Ended<br>06/30/2024 | Year Ended<br>06/30/2024 | Year Ended<br>06/30/2025 | Year Ended<br>06/30/2025 | Year Ended<br>06/30/2024 | Year Ended<br>06/30/2024 |
|  | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount |
|  **Receipts for shares sold** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 6958 | $113813 | 10312 | $149304 | 6602 | $110762 | 10569 | $154810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | N/A | N/A | 39 <sup>(b)</sup> | 549 <sup>(b)</sup> | N/A | N/A | 75 <sup>(b)</sup> | 1069 <sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 144 | 2324 | 308 | 4435 | 198 | 3265 | 228 | 3403 |
|  **Issued as reinvestment of distributions** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 1052 | 17279 | 861 | 12870 | 824 | 13784 | 668 | 10097 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | N/A | N/A | 4 <sup>(b)</sup> | 57 <sup>(b)</sup> | N/A | N/A | 4 <sup>(b)</sup> | 53 <sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 24 | 388 | 13 | 189 | 16 | 257 | 8 | 116 |
|  **Cost of shares redeemed** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (7913) | (131005) | (9741) | (148830) | (7251) | (122284) | (6657) | (102552) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | N/A | N/A | (1337)<sup>(b)</sup> | (17866)<sup>(b)</sup> | N/A | N/A | (1157)<sup>(b)</sup> | (15657)<sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (76) | (1232) | (38) | (563) | (77) | (1277) | (44) | (659) |
|  **Net increase (decrease) resulting from Fund share transactions** | 189 | $1567 | 421 | $145 | 312 | $4507 | 3694 | $50680 |

---

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **67** |

---

------

Notes to Financial Statements (Cont.)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **PIMCO REALPATH<sup>®</sup> Blend 2060 Fund** | **PIMCO REALPATH<sup>®</sup> Blend 2060 Fund** | **PIMCO REALPATH<sup>®</sup> Blend 2060 Fund** | **PIMCO REALPATH<sup>®</sup> Blend 2060 Fund** | **PIMCO REALPATH<sup>®</sup> Blend 2065 Fund** | **PIMCO REALPATH<sup>®</sup> Blend 2065 Fund** | **PIMCO REALPATH<sup>®</sup> Blend 2065 Fund** | **PIMCO REALPATH<sup>®</sup> Blend 2065 Fund** |
|  | **Year Ended<br>06/30/2025** | **Year Ended<br>06/30/2025** | **Year Ended<br>06/30/2024** | **Year Ended<br>06/30/2024** | **Year Ended<br>06/30/2025** | **Year Ended<br>06/30/2025** | **Year Ended<br>06/30/2024** | **Year Ended<br>06/30/2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Receipts for shares sold** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 6049 | $79637 | 7077 | $81707 | 2128 | $28209 | 1241 | $14640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | N/A | N/A | 44 <sup>(b)</sup> | 483 <sup>(b)</sup> | N/A | N/A | N/A <sup>(b)</sup> | N/A <sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 26 | 337 | 11 | 125 | 13 | 170 | 12 | 138 |
|  **Issued as reinvestment of distributions** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 353 | 4644 | 241 | 2884 | 92 | 1243 | 21 | 248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | N/A | N/A | 0 <sup>(b)</sup> | 4 <sup>(b)</sup> | N/A | N/A | 0 <sup>(b)</sup> | 2 <sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 2 | 24 | 1 | 15 | 1 | 13 | 0 | 3 |
|  **Cost of shares redeemed** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (4486) | (59644) | (2443) | (28900) | (913) | (12329) | (217) | (2659) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | N/A | N/A | (154)<sup>(b)</sup> | (1618)<sup>(b)</sup> | N/A | N/A | (10)<sup>(b)</sup> | (130)<sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (11) | (143) | (19) | (223) | (3) | (44) | (6) | (66) |
|  **Net increase (decrease) resulting from Fund<br>share transactions** | 1933 | $24855 | 4758 | $54477 | 1318 | $17262 | 1041 | $12176 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | PIMCO REALPATH<sup>®</sup> Blend 2070 Fund | PIMCO REALPATH<sup>®</sup> Blend 2070 Fund | PIMCO REALPATH<sup>®</sup> Blend Income Fund | PIMCO REALPATH<sup>®</sup> Blend Income Fund | PIMCO REALPATH<sup>®</sup> Blend Income Fund | PIMCO REALPATH<sup>®</sup> Blend Income Fund |
|  | Period From<br>12/31/2024 to 06/30/2025<sup>(a)</sup> | Period From<br>12/31/2024 to 06/30/2025<sup>(a)</sup> | Year Ended<br>06/30/2025 | Year Ended<br>06/30/2025 | Year Ended<br>06/30/2024 | Year Ended<br>06/30/2024 |
|  | Shares | Amount | Shares | Amount | Shares | Amount |
|  **Receipts for shares sold** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 319 | $3185 | 6560 | $75642 | 8093 | $87848 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | N/A | N/A | N/A | N/A | 42 <sup>(b)</sup> | 461 <sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 11 | 112 | 68 | 766 | 34 | 375 |
|  **Issued as reinvestment of distributions** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 0 | 0 | 1085 | 12534 | 1231 | 13773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | N/A | N/A | N/A | N/A | 17 <sup>(b)</sup> | 189 <sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 0 | 0 | 46 | 529 | 68 | 753 |
|  **Issued in reorganization** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | N/A | N/A | 34844 | 390604 | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | N/A | N/A | N/A | N/A | N/A | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | N/A | N/A | 529 | 5873 | N/A | N/A |
|  **Cost of shares redeemed** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (18) | (181) | (16742) | (194978) | (8283) | (91574) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | N/A | N/A | N/A | N/A | (2558)<sup>(b)</sup> | (26794)<sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (6) | (58) | (339) | (3897) | (459) | (4991) |
|  **Net increase (decrease) resulting from Fund<br>share transactions** | 306 | $3058 | 26051 | $287073 | (1815) | $(19960) |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

^ See Note 16, Reorganization, in the Notes to Financial Statements.

<sup>(a)</sup> Inception date of the Fund was December 31, 2024.

<sup>(b)</sup> Administrative Class Shares liquidated at the close of business on June 21, 2024.

The following table discloses the number of persons who owned of record or beneficially 10% or more of the outstanding shares of a Fund along with their respective percent ownership, if any, as of June 30, 2025. 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**<br> **of outstanding shares** | **Shareholders that own 10% or more**<br> **of outstanding shares** | **Total percentage of portfolio held by**<br> **shareholders that own 10% or more**<br> **of outstanding shares** | **Total percentage of portfolio held by**<br> **shareholders that own 10% or more**<br> **of outstanding shares** |
| Fund Name | Non-Related Parties | Related Parties | Non-Related Parties | Related Parties |
|  PIMCO RealPath<sup>®</sup> Blend 2030 Fund | 2 | 0 | 57% | 0% |
|  PIMCO RealPath<sup>®</sup> Blend 2035 Fund | 2 | 0 | 59% | 0% |
|  PIMCO RealPath<sup>®</sup> Blend 2040 Fund | 3 | 0 | 68% | 0% |
|  PIMCO RealPath<sup>®</sup> Blend 2045 Fund | 3 | 0 | 66% | 0% |
|  PIMCO RealPath<sup>®</sup> Blend 2050 Fund | 2 | 0 | 57% | 0% |
|  PIMCO RealPath<sup>®</sup> Blend 2055 Fund | 3 | 0 | 68% | 0% |

---

---

| | |
|:---|:---|
| **68** | **PIMCO EQUITY SERIES** |

---

------

June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shareholders that own 10% or more**<br> **of outstanding shares** | **Shareholders that own 10% or more**<br> **of outstanding shares** | **Total percentage of portfolio held by**<br> **shareholders that own 10% or more**<br> **of outstanding shares** | **Total percentage of portfolio held by**<br> **shareholders that own 10% or more**<br> **of outstanding shares** |
| **Fund Name** | **Non-Related Parties** | **Related Parties** | **Non-Related Parties** | **Related Parties** |
|  PIMCO RealPath<sup>®</sup> Blend 2060 Fund | 4 | 0 | 77% | 0% |
|  PIMCO RealPath<sup>®</sup> Blend 2065 Fund | 3 | 0 | 75% | 0% |
|  PIMCO RealPath<sup>®</sup> Blend 2070 Fund | 0 | 1 | 0% | 98% |
|  PIMCO RealPath<sup>®</sup> Blend Income Fund | 2 | 0 | 58% | 0% |

---

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, 2025, 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.

In this reporting period, the PIMCO REALPATH<sup>®</sup> Blend 2070 Fund adopted FASB Accounting Standards Update 2023-09, Income Taxes (Topic 740) — Improvements to Income Tax Disclosures (ASU 2023-09), which enhances income tax disclosures, including disclosure of income taxes paid disaggregated by jurisdiction. Adoption of the new standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. For the fiscal year ended June 30, 2025, the fund did not pay any federal, state and local income taxes, or any income taxes in foreign jurisdictions.

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, 2025, the components of distributable taxable earnings are as follows (amounts in thousands<sup>†</sup>):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Undistributed<br>Ordinary<br>Income<sup>(1)</sup> | Undistributed<br>Long-Term<br>Capital Gains | Net Tax Basis<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(2)</sup> | Other<br>Book-to-Tax<br>Accounting<br>Differences<sup>(3)</sup> | Accumulated<br>Capital<br>Losses<sup>(4)</sup> | **Qualified<br>Late-Year**<br> **Loss**<br> **Deferral -**<br> **Capital<sup>(5)</sup>** | **Qualified<br>Late-Year**<br> **Loss<br>Deferral -<br>Ordinary<sup>(6)</sup>** | **Total Components**<br> **of Distributable<br>Earnings** |
|  PIMCO REALPATH<sup>®</sup> Blend 2030 Fund | $5218 | $1673 | $77060 | $0 | $0 | $0 | $0 | $83951 |
|  PIMCO REALPATH<sup>®</sup> Blend 2035 Fund | 5315 | 10350 | 107619 | 0 | 0 | 0 | 0 | 123284 |
|  PIMCO REALPATH<sup>®</sup> Blend 2040 Fund | 3407 | 12649 | 122501 | 0 | 0 | 0 | 0 | 138557 |
|  PIMCO REALPATH<sup>®</sup> Blend 2045 Fund | 3962 | 9627 | 137307 | 0 | 0 | 0 | 0 | 150896 |
|  PIMCO REALPATH<sup>®</sup> Blend 2050 Fund | 3623 | 7438 | 143578 | 0 | 0 | 0 | 0 | 154639 |
|  PIMCO REALPATH<sup>®</sup> Blend 2055 Fund | 2788 | 4935 | 113260 | 0 | 0 | 0 | 0 | 120983 |
|  PIMCO REALPATH<sup>®</sup> Blend 2060 Fund | 1480 | 1582 | 40856 | 0 | 0 | 0 | 0 | 43918 |
|  PIMCO REALPATH<sup>®</sup> Blend 2065 Fund | 0 | 0 | 5587 | 0 | 0 | 0 | (60) | 5527 |
|  PIMCO REALPATH<sup>®</sup> Blend 2070 Fund | 71 | 0 | 221 | 0 | 0 | 0 | 0 | 292 |
|  PIMCO REALPATH<sup>®</sup> Blend Income Fund | 7050 | 0 | 59600 | 0 | (20160) | 0 | 0 | 46490 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(1)</sup> Includes undistributed short-term capital gains, if any.

<sup>(2)</sup> 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, and return of capital distributions from underlying funds. 

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

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

<sup>(5)</sup> Capital losses realized during the period November 1, 2024 through June 30, 2025, which the Funds elected to defer to the following taxable year pursuant to income tax regulations.

<sup>(6)</sup> Specified losses realized during the period November 1, 2024 through June 30, 2025 and Ordinary losses realized during the period January 1, 2025 through June 30, 2025, which the Funds elected to defer to the following taxable year pursuant to income tax regulations.

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **69** |

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------

Notes to Financial Statements (Cont.)

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, 2025, the Funds had the following post-effective capital losses with no expiration (amounts in thousands<sup>†</sup>):

---

| | | |
|:---|:---|:---|
|  | Short-Term | Long-Term |
|  PIMCO REALPATH<sup>®</sup> Blend 2030 Fund | $0 | $0 |
|  PIMCO REALPATH<sup>®</sup> Blend 2035 Fund | 0 | 0 |
|  PIMCO REALPATH<sup>®</sup> Blend 2040 Fund | 0 | 0 |
|  PIMCO REALPATH<sup>®</sup> Blend 2045 Fund | 0 | 0 |
|  PIMCO REALPATH<sup>®</sup> Blend 2050 Fund | 0 | 0 |
|  PIMCO REALPATH<sup>®</sup> Blend 2055 Fund | 0 | 0 |
|  PIMCO REALPATH<sup>®</sup> Blend 2060 Fund | 0 | 0 |
|  PIMCO REALPATH<sup>®</sup> Blend 2065 Fund | 0 | 0 |
|  PIMCO REALPATH<sup>®</sup> Blend 2070 Fund | 0 | 0 |
|  PIMCO REALPATH<sup>®</sup> Blend Income Fund\* | 6004 | 14156 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | 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, 2025, the aggregate cost and the net unrealized appreciation/(depreciation) of investments for Federal income tax purposes are as follows (amounts in thousands<sup>†</sup>):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Federal<br>Tax Cost | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation/<br>(Depreciation)<sup>(7)</sup> |
|  PIMCO REALPATH<sup>®</sup> Blend 2030 Fund | $500406 | $96421 | $(19360) | $77061 |
|  PIMCO REALPATH<sup>®</sup> Blend 2035 Fund | 533236 | 121292 | (13672) | 107620 |
|  PIMCO REALPATH<sup>®</sup> Blend 2040 Fund | 457746 | 132114 | (9614) | 122500 |
|  PIMCO REALPATH<sup>®</sup> Blend 2045 Fund | 436738 | 143533 | (6226) | 137307 |
|  PIMCO REALPATH<sup>®</sup> Blend 2050 Fund | 391914 | 148006 | (4427) | 143579 |
|  PIMCO REALPATH<sup>®</sup> Blend 2055 Fund | 346396 | 115644 | (2385) | 113259 |
|  PIMCO REALPATH<sup>®</sup> Blend 2060 Fund | 167854 | 41266 | (409) | 40857 |
|  PIMCO REALPATH<sup>®</sup> Blend 2065 Fund | 36035 | 5618 | (30) | 5588 |
|  PIMCO REALPATH<sup>®</sup> Blend 2070 Fund | 2983 | 223 | (2) | 221 |
|  PIMCO REALPATH<sup>®</sup> Blend Income Fund | 608112 | 80540 | (20940) | 59600 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(7)</sup> 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, and return of capital distributions from underlying funds. 

For the fiscal years ended June 30, 2025 and June 30, 2024, respectively, the Funds made the following tax basis distributions (amounts in thousands<sup>†</sup>):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | June 30, 2025 | June 30, 2025 | June 30, 2025 | June 30, 2024 | June 30, 2024 | June 30, 2024 |
|  | Ordinary<br>Income<br>Distributions<sup>(8)</sup> | Long-Term<br>Capital Gain<br>Distributions | Return of<br>Capital<sup>(9)</sup> | Ordinary<br>Income<br>Distributions<sup>(8)</sup> | Long-Term<br>Capital Gain<br>Distributions | Return of<br>Capital<sup>(9)</sup> |
|  PIMCO REALPATH<sup>®</sup> Blend 2030 Fund | $17908 | $0 | $0 | $21550 | $0 | $0 |
|  PIMCO REALPATH<sup>®</sup> Blend 2035 Fund | 18503 | 2336 | 0 | 20151 | 0 | 0 |
|  PIMCO REALPATH<sup>®</sup> Blend 2040 Fund | 16434 | 886 | 0 | 16801 | 0 | 0 |
|  PIMCO REALPATH<sup>®</sup> Blend 2045 Fund | 14171 | 3722 | 0 | 14925 | 0 | 0 |
|  PIMCO REALPATH<sup>®</sup> Blend 2050 Fund | 13024 | 5101 | 0 | 13401 | 0 | 0 |
|  PIMCO REALPATH<sup>®</sup> Blend 2055 Fund | 11954 | 2370 | 0 | 9851 | 585 | 0 |
|  PIMCO REALPATH<sup>®</sup> Blend 2060 Fund | 4176 | 712 | 0 | 3025 | 0 | 0 |
|  PIMCO REALPATH<sup>®</sup> Blend 2065 Fund | 971 | 208 | 119 | 247 | 6 | 0 |
|  PIMCO REALPATH<sup>®</sup> Blend 2070 Fund | 0 | 0 | 0 | 0 | 0 | 0 |
|  PIMCO REALPATH<sup>®</sup> Blend Income Fund | 13223 | 0 | 0 | 14851 | 0 | 0 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(8)</sup> Includes short-term capital gains distributed, if any.

<sup>(9)</sup> 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.

---

| | |
|:---|:---|
| **70** | **PIMCO EQUITY SERIES** |

---

------

June 30, 2025

16. REORGANIZATION

The Board approved the reorganization (the "Reorganization") of the PIMCO REALPATH<sup>®</sup> Blend 2025 Fund (the "Acquired Fund") into the PIMCO REALPATH<sup>®</sup> Blend Income Fund (the "Acquiring Fund"). Pursuant to the Reorganization, shares of each class of the Acquired Fund became shareholders of the corresponding class of shares of the Acquiring Fund. The Reorganization became effective upon the close of business on January 10, 2025. As a result, all shares held in the Acquired Fund were automatically exchanged for shares of the Acquiring Fund. The transaction was structured to qualify as a tax-free reorganization under Section 368(a) of the Code. Pursuant to the Agreement and Plan of Reorganization, Institutional Class and Class A of the Acquired Fund received a number of shares of the corresponding class in the Acquiring Fund, with a value equal to their holdings in the Acquired Fund as of the close of business on the date of the reorganization. The investment portfolio of the Acquired Fund, with a fair value of approximately $395,854,563 and identified cost of approximately $380,416,246 as of the date of the reorganization, was the principal asset acquired by the Acquiring Fund. For financial statement purposes, assets and liabilities received and shares issued by the Acquiring Fund were recorded at fair value; however, the cost basis of the investments received from the Acquired Fund was carried forward to align ongoing reporting of the Acquiring Fund's realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. The following is a summary of Shares Outstanding, Net Assets, Net Asset Value Per Share and Net Unrealized Appreciation (Depreciation) immediately before and after the reorganization (amount in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Shares<br>Outstanding | Net Assets | Net Asset Value<br>Per Share | Net Unrealized<br>Appreciation<br>(Depreciation) |
|  **Acquired Fund** |  |  |  | 15438 |
|  Institutional Class | 33063 | 390607 | 11.81 |  |
|  Class A | 499 | 5873 | 11.76 |  |
|  **Acquiring Fund** |  |  |  | 11082 |
|  Institutional Class | 25198 | 282365 | 11.21 |  |
|  Class A | 1489 | 16539 | 11.11 |  |
|  **Post Reorganization** |  |  |  |  |
|  **Acquiring Fund** |  |  |  | 26520 |
|  Institutional Class | 60042 | 672972 | 11.21 |  |
|  Class A | 2018 | 22412 | 11.11 |  |

---

PIMCO paid all fees and expenses, including legal and accounting expenses, printing and mailing expenses, or similar expenses incurred in connection with the reorganization transaction, excluding costs in connection with the purchase or sale of portfolio securities, if any. Assuming the reorganization had been completed on July 1, 2024, the beginning of the annual reporting period, the pro forma results of operations for the year ended June 30, 2025, are as follows (amounts in thousands):

---

| | |
|:---|:---|
|  Net investment income (loss) | 26938 |
|  Net realized and unrealized gains (losses) | 54286 |
|  Net increase in net assets resulting from operations | 81224 |

---

Because the combined investment portfolios have been managed as a single integrated portfolio since the reorganization was completed, it is not practicable to separate the amounts of revenues and earnings of the Acquired Fund that have been included in the Statements of Operations since January 10, 2025.

17. SUBSEQUENT EVENTS

Effective July 1, 2025, the advisory fee for each class of shares of the PIMCO REALPATH<sup>®</sup> Blend 2035 Fund, stated as a percentage of the Fund's average daily net assets, will decrease by 0.01%.

Effective July 1, 2025, the advisory fee for each class of shares of the PIMCO REALPATH<sup>®</sup> Blend 2040 Fund, stated as a percentage of the Fund's average daily net assets, will decrease by 0.01%.

On August 22, 2025, a supplement was filed to provide notification of the termination of the Class R Shares of PIMCO REALPATH<sup>®</sup> Blend Income Fund, PIMCO REALPATH<sup>®</sup> Blend 2030 Fund, PIMCO REALPATH<sup>®</sup> Blend 2035 Fund, PIMCO REALPATH<sup>®</sup> Blend 2040 Fund, PIMCO REALPATH<sup>®</sup> Blend 2045 Fund, PIMCO REALPATH<sup>®</sup> Blend 2050 Fund and PIMCO REALPATH<sup>®</sup> Blend 2055 Fund. The termination of the Class R Shares is expected to occur on or about September 1, 2025.

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **71** |

---

------

#### Report of Independent Registered Public Accounting Firm
To the Board of Trustees of PIMCO Equity Series and Shareholders of 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 2070 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 listed in the table below (ten of the funds constituting PIMCO Equity Series, hereafter collectively referred to as the "Funds") as of June 30, 2025, 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 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 listed in the table below as of June 30, 2025, the results of each of their operations and the changes in each of their net assets for the periods indicated in the table below, 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.

PIMCO REALPATH Blend 2030 Fund<sup>(1)</sup>

PIMCO REALPATH Blend 2035 Fund<sup>(1)</sup>

PIMCO REALPATH Blend 2040 Fund<sup>(1)</sup>

PIMCO REALPATH Blend 2045 Fund<sup>(1)</sup>

PIMCO REALPATH Blend 2050 Fund<sup>(1)</sup>

PIMCO REALPATH Blend 2055 Fund<sup>(1)</sup>

PIMCO REALPATH Blend 2060 Fund<sup>(1)</sup>

PIMCO REALPATH Blend 2065 Fund<sup>(1)</sup>

PIMCO REALPATH Blend 2070 Fund<sup>(2)</sup>

PIMCO REALPATH Blend Income Fund<sup>(1)</sup>

(1) Statement of operations for the year ended June 30, 2025 and statement of changes in net assets for the years ended June 30, 2025 and 2024

(2) Statement of operations and statement of changes in net assets for the period December 31, 2024 (inception date) through June 30, 2025

#### 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, 2025 by correspondence with the custodian, transfer agents 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 27, 2025

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: | Counterparty Abbreviations: |  |  |  |  |
| GST | Goldman Sachs International | JPM | JP Morgan Chase Bank N.A. | MYI | Morgan Stanley & Co. International PLC |
|  Currency Abbreviations: | Currency Abbreviations: |  |  |  |  |
| USD (or $) | United States Dollar |  |  |  |  |
|  Exchange Abbreviations: | Exchange Abbreviations: |  |  |  |  |
| CBOE | Chicago Board Options Exchange | OTC | Over the Counter |  |  |
|  Index/Spread Abbreviations: | Index/Spread Abbreviations: |  |  |  |  |
| BERYTR | Bloomberg Enhanced Roll Yield Total Return Index | FNRETR | FTSE Nareit Equity REITs Total Return Index | S&P 500 | Standard & Poor's 500 Index |
| FEDL01 | Federal funds effective rate |  |  |  |  |
|  Other Abbreviations: | Other Abbreviations: |  |  |  |  |
| TBA | To-Be-Announced |  |  |  |  |

---

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **73** |

---

------

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, 2025 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<sup>®</sup> Blend 2030 Fund | PIMCO REALPATH<sup>®</sup> Blend 2030 Fund | PIMCO REALPATH<sup>®</sup> Blend 2030 Fund | PIMCO REALPATH<sup>®</sup> Blend 2030 Fund | PIMCO REALPATH<sup>®</sup> Blend 2030 Fund |
| Institutional Class | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  March 2025 | $0.0519 | $0.0000 | $0.0000 | $0.0519 |
|  June 2025 | $0.0465 | $0.0000 | $0.0000 | $0.0465 |
| Class A | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  March 2025 | $0.0396 | $0.0000 | $0.0000 | $0.0396 |
|  June 2025 | $0.0315 | $0.0000 | $0.0000 | $0.0315 |
| PIMCO REALPATH<sup>®</sup> Blend 2035 Fund | PIMCO REALPATH<sup>®</sup> Blend 2035 Fund | PIMCO REALPATH<sup>®</sup> Blend 2035 Fund | PIMCO REALPATH<sup>®</sup> Blend 2035 Fund | PIMCO REALPATH<sup>®</sup> Blend 2035 Fund |
| Institutional Class | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  March 2025 | $0.0353 | $0.0000 | $0.0000 | $0.0353 |
|  June 2025 | $0.0465 | $0.0000 | $0.0000 | $0.0465 |
| Class A | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  March 2025 | $0.0216 | $0.0000 | $0.0000 | $0.0216 |
|  June 2025 | $0.0304 | $0.0000 | $0.0000 | $0.0304 |
| PIMCO REALPATH<sup>®</sup> Blend 2040 Fund | PIMCO REALPATH<sup>®</sup> Blend 2040 Fund | PIMCO REALPATH<sup>®</sup> Blend 2040 Fund | PIMCO REALPATH<sup>®</sup> Blend 2040 Fund | PIMCO REALPATH<sup>®</sup> Blend 2040 Fund |
| Institutional Class | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  March 2025 | $0.0423 | $0.0000 | $0.0000 | $0.0423 |
|  June 2025 | $0.0418 | $0.0000 | $0.0000 | $0.0418 |
| Class A | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  March 2025 | $0.0280 | $0.0000 | $0.0000 | $0.0280 |
|  June 2025 | $0.0248 | $0.0000 | $0.0000 | $0.0248 |
| PIMCO REALPATH<sup>®</sup> Blend 2045 Fund | PIMCO REALPATH<sup>®</sup> Blend 2045 Fund | PIMCO REALPATH<sup>®</sup> Blend 2045 Fund | PIMCO REALPATH<sup>®</sup> Blend 2045 Fund | PIMCO REALPATH<sup>®</sup> Blend 2045 Fund |
| Institutional Class | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  March 2025 | $0.0224 | $0.0000 | $0.0000 | $0.0224 |
|  June 2025 | $0.0294 | $0.0000 | $0.0000 | $0.0294 |
| Class A | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  March 2025 | $0.0076 | $0.0000 | $0.0000 | $0.0076 |
|  June 2025 | $0.0119 | $0.0000 | $0.0000 | $0.0119 |

---

---

| | |
|:---|:---|
| **74** | **PIMCO EQUITY SERIES** |

---

------

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| PIMCO REALPATH<sup>®</sup> Blend 2050 Fund | PIMCO REALPATH<sup>®</sup> Blend 2050 Fund | PIMCO REALPATH<sup>®</sup> Blend 2050 Fund | PIMCO REALPATH<sup>®</sup> Blend 2050 Fund | PIMCO REALPATH<sup>®</sup> Blend 2050 Fund |
| **Institutional Class** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  March 2025 | $0.0232 | $0.0000 | $0.0000 | $0.0232 |
|  June 2025 | $0.0243 | $0.0000 | $0.0000 | $0.0243 |
| **Class A** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  March 2025 | $0.0081 | $0.0000 | $0.0000 | $0.0081 |
|  June 2025 | $0.0062 | $0.0000 | $0.0000 | $0.0062 |
| PIMCO REALPATH<sup>®</sup> Blend 2055 Fund | PIMCO REALPATH<sup>®</sup> Blend 2055 Fund | PIMCO REALPATH<sup>®</sup> Blend 2055 Fund | PIMCO REALPATH<sup>®</sup> Blend 2055 Fund | PIMCO REALPATH<sup>®</sup> Blend 2055 Fund |
| **Institutional Class** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  March 2025 | $0.0231 | $0.0000 | $0.0000 | $0.0231 |
|  June 2025 | $0.0196 | $0.0000 | $0.0000 | $0.0196 |
| **Class A** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  March 2025 | $0.0079 | $0.0000 | $0.0000 | $0.0079 |
|  June 2025 | $0.0014 | $0.0000 | $0.0000 | $0.0014 |
| PIMCO REALPATH<sup>®</sup> Blend 2060 Fund | PIMCO REALPATH<sup>®</sup> Blend 2060 Fund | PIMCO REALPATH<sup>®</sup> Blend 2060 Fund | PIMCO REALPATH<sup>®</sup> Blend 2060 Fund | PIMCO REALPATH<sup>®</sup> Blend 2060 Fund |
| **Institutional Class** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  March 2025 | $0.0223 | $0.0000 | $0.0000 | $0.0223 |
|  June 2025 | $0.0201 | $0.0000 | $0.0000 | $0.0201 |
| **Class A** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  March 2025 | $0.0102 | $0.0000 | $0.0000 | $0.0102 |
|  June 2025 | $0.0061 | $0.0000 | $0.0000 | $0.0061 |
| PIMCO REALPATH<sup>®</sup> Blend 2065 Fund | PIMCO REALPATH<sup>®</sup> Blend 2065 Fund | PIMCO REALPATH<sup>®</sup> Blend 2065 Fund | PIMCO REALPATH<sup>®</sup> Blend 2065 Fund | PIMCO REALPATH<sup>®</sup> Blend 2065 Fund |
| **Institutional Class** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  March 2025 | $0.0226 | $0.0000 | $0.0000 | $0.0226 |
|  June 2025 | $0.0769 | $0.0000 | $0.1161 | $0.1930 |
| **Class A** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  March 2025 | $0.0108 | $0.0000 | $0.0000 | $0.0108 |
|  June 2025 | $0.0714 | $0.0000 | $0.1078 | $0.1792 |

---

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **75** |

---

------

Distribution Information (Cont.) (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| PIMCO REALPATH<sup>®</sup> Blend 2070 Fund | PIMCO REALPATH<sup>®</sup> Blend 2070 Fund | PIMCO REALPATH<sup>®</sup> Blend 2070 Fund | PIMCO REALPATH<sup>®</sup> Blend 2070 Fund | PIMCO REALPATH<sup>®</sup> Blend 2070 Fund |
| **Institutional Class** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  March 2025 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
|  June 2025 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
| **Class A** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  March 2025 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
|  June 2025 | $0.0000 | $0.0000 | $0.0000 | $0.0000 |
| PIMCO REALPATH<sup>®</sup> Blend Income Fund | PIMCO REALPATH<sup>®</sup> Blend Income Fund | PIMCO REALPATH<sup>®</sup> Blend Income Fund | PIMCO REALPATH<sup>®</sup> Blend Income Fund | PIMCO REALPATH<sup>®</sup> Blend Income Fund |
| **Institutional Class** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  March 2025 | $0.0503 | $0.0000 | $0.0000 | $0.0503 |
|  June 2025 | $0.0520 | $0.0000 | $0.0000 | $0.0520 |
| **Class A** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  March 2025 | $0.0400 | $0.0000 | $0.0000 | $0.0400 |
|  June 2025 | $0.0392 | $0.0000 | $0.0000 | $0.0392 |

---

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

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

---

| | |
|:---|:---|
| **76** | **PIMCO EQUITY SERIES** |

---

------

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 2025 ordinary income dividend that qualifies for the corporate dividend received deduction is set forth below.

Qualified Dividend Income. Under the Jobs and Growth Tax Relief Reconciliation Act of 2003, the following percentage of ordinary dividends paid during the fiscal year ended June 30, 2025 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 2025.

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, 2025 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, 2025 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).

Section 199A Dividends. The Funds intend to pass through the maximum amount allowable as Section 199A Dividends defined in Proposed Treasury Section 199A-3(d).

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Dividend<br>Received<br>Deduction% | Qualified<br>Dividend<br>Income% | Qualified<br>Interest<br>Income<br>(000s)<sup>†</sup> | Qualified<br>Short-Term<br>Capital Gains<br>(000s)<sup>†</sup> |
|  PIMCO REALPATH<sup>®</sup> Blend 2030 Fund | 0.00% | 14.46% | $154 | $0 |
|  PIMCO REALPATH<sup>®</sup> Blend 2035 Fund | 0.00% | 18.19% | 187 | 0 |
|  PIMCO REALPATH<sup>®</sup> Blend 2040 Fund | 0.00% | 21.30% | 217 | 229 |
|  PIMCO REALPATH<sup>®</sup> Blend 2045 Fund | 0.00% | 26.24% | 185 | 211 |
|  PIMCO REALPATH<sup>®</sup> Blend 2050 Fund | 0.00% | 27.83% | 167 | 704 |
|  PIMCO REALPATH<sup>®</sup> Blend 2055 Fund | 0.00% | 26.96% | 207 | 1112 |
|  PIMCO REALPATH<sup>®</sup> Blend 2060 Fund | 0.00% | 30.83% | 57 | 0 |
|  PIMCO REALPATH<sup>®</sup> Blend 2065 Fund | 0.00% | 16.48% | 17 | 170 |
|  PIMCO REALPATH<sup>®</sup> Blend 2070 Fund | 0.00% | 0.00% | 0 | 0 |
|  PIMCO REALPATH<sup>®</sup> Blend Income Fund | 0.00% | 6.95% | 125 | 0 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | 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 2026, 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 2025.

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **77** |

---

------

Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8) (Unaudited)

Not applicable.

---

| | |
|:---|:---|
| **78** | **PIMCO EQUITY SERIES** |

---

------

Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9) (Unaudited)

A special meeting of shareholders was held on December 6, 2024. The results of votes taken among shareholders on the proposal before them are reported below.

Proposal — Election of Ten Trustees to the Board of Trustees

The purpose of this proposal was to elect ten nominees to the Board of Trustees, three of whom did not currently serve as Trustees of the Trust.

---

| | | |
|:---|:---|:---|
| Trustee | Number of<br>Votes For | Number of<br>Votes Withheld |
|  Peter G. Strelow<sup>†</sup> | 318532120.05 | 7468814.30 |
|  Kimberley G. Stafford<sup>†</sup> | 318656349.02 | 7344585.33 |
|  Michael J. Berchtold | 318646270.46 | 7354663.89 |
|  Jennifer Holden Dunbar | 318371137.81 | 7629796.54 |
|  Kym M. Hubbard | 318394314.09 | 7606620.26 |
|  Gary F. Kennedy | 309620914.42 | 16380019.92 |
|  Anne K. Kratky | 318578763.98 | 7422170.36 |
|  Steven Lipiner | 318529349.02 | 7471585.33 |
|  Peter B. McCarthy | 318223376.49 | 7777557.86 |
|  Ronald C. Parker | 318587534.91 | 7413399.44 |

---

<sup>†</sup> Interested Trustee

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **79** |

---

------

Approval of Investment Advisory Contract and Other Agreements (N-CSR Item 11) (Unaudited)

Not applicable.

---

| | |
|:---|:---|
| **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.

2323 Grand Boulevard, 5th Floor

Kansas City, MO 64108

Transfer Agent

SS&C Global Investor & Distribution Solutions, Inc.

80 Lamberton Road

Windsor, CT 06095

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.

------

![LOGO](g908530g75h91.jpg)

PESRPBFSTMAR_063025

------

![LOGO](g811580g13e39.jpg)

PIMCO EQUITY SERIES<sup>®</sup>

## Annual Financial and Other Information
June 30, 2025

#### Equity Exchange-Traded Funds
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 |
| &nbsp;&nbsp; [Important Information About the Funds](#tx811580_2) | 2 |
| &nbsp;&nbsp; [Financial Highlights (N-CSR Item 7)](#tx811580_4) | 6 |
| &nbsp;&nbsp; [Statements of Assets and Liabilities (N-CSR Item 7)](#tx811580_5) | 8 |
| &nbsp;&nbsp; [Statements of Operations (N-CSR Item 7)](#tx811580_6) | 9 |
| &nbsp;&nbsp; [Statements of Changes in Net Assets (N-CSR Item 7)](#tx811580_7) | 10 |
| &nbsp;&nbsp; [Notes to Financial Statements (N-CSR Item 7)](#tx811580_8) | 43 |
| &nbsp;&nbsp; [Remuneration Paid to Directors, Officers and Others (N-CSR Item 10)](#tx811580_8a) | 56 |
| &nbsp;&nbsp; [Report of Independent Registered Public Accounting Firm (N-CSR Item 7)](#tx811580_9) | 60 |
| &nbsp;&nbsp; [Glossary](#tx811580_10) | 61 |
| &nbsp;&nbsp; [Distribution Information](#tx811580_11) | 62 |
| &nbsp;&nbsp; [Federal Income Tax Information](#tx811580_11a) | 63 |
| &nbsp;&nbsp; [Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8)](#tx811580_12) | 64 |
| &nbsp;&nbsp; [Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9)](#tx811580_13) | 65 |
| &nbsp;&nbsp; [Approval of Investment Management Agreement (N-CSR Item 11)](#tx811580_14) | 66 |
| Fund | Schedule of<br>Investments<br>(N-CSR Item 6) |
| &nbsp;&nbsp; [PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF](#tx811580_15) | 11 |
| &nbsp;&nbsp; [PIMCO RAFI Dynamic Multi-Factor International Equity ETF](#tx811580_16) | 21 |
| &nbsp;&nbsp; [PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF](#tx811580_17) | 34 |
| &nbsp;&nbsp; [PIMCO RAFI ESG U.S. ETF](#tx811580_18) | 40 |

---

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

------

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 are 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 value of equity securities, such as common stocks and preferred securities, has 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 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. All Funds are 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 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, including the United States' enforcement of sanctions or other similar measures on various Russian entities and persons, and the Russian government's response, have had and may continue to have an adverse effect on the Russian, Belarusian and other securities, instruments 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

---

| | |
|:---|:---|
| **2** | **PIMCO EQUITY SERIES** |

---

------

portfolio holdings at a disadvantageous time or price or to continue to hold investments that a Fund may no longer seek to hold.

The United States' enforcement of restrictions on U.S. investments in certain issuers and tariffs on goods from certain other countries has contributed to and may continue to contribute to international trade tensions and may impact portfolio securities. The U.S. government has indicated an intent to alter its approach to international trade policy, including in some cases renegotiating, modifying or terminating certain bilateral or multi-lateral trade arrangements with foreign countries, and it has proposed to take and/or taken related actions, including the imposition of or stated potential imposition of a broad range of tariffs. The imposition of tariffs, trade restrictions, currency restrictions or similar actions (or retaliatory measures taken in response) could lead to, for example, price volatility, reduced market sentiment, and changes in inflation expectations. These and other geopolitical events may contribute to increased instability in the U.S. and global economies and markets, which may have an adverse effect on the performance of the Funds and their investments.

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, to the extent a fund engages in a responsible investment strategy, 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 have experienced increased volatility, including as a result of the failures of certain U.S. and non-U.S. banks in 2023, 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, 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. Potential impacts to the Funds and issuers resulting from changes in the banking sector, market conditions and 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.

The following table discloses the inception dates of each Fund along with each Fund's diversification status as of period end:

---

| | | |
|:---|:---|:---|
| Fund Name | Fund<br>Inception | Diversification<br>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 Manager, 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 Funds' 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

---

| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025<sub>3</sub> |

---

------

Important Information About the Funds (Cont.)

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 Funds' 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 Funds' 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 the Funds. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of each Fund, and information about how each Fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30, are available without charge, upon request, by calling the Trust at (888) 400-4ETF, on the Funds' 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 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.pimcoetfs.com, and will be made available, upon request, by calling PIMCO at (888) 400-4ETF. In August 2024, the SEC adopted amendments to Form N-PORT requiring funds to file Form N-PORT reports on a monthly basis and within 30 days of month end, with each report being made public 60 days after month end. On April 16, 2025, the SEC extended the compliance date for Form N-PORT amendments and fund groups with $1 billion or more in net assets will be required to comply with the amendments for reports filed on or after November 17, 2027.

Paper copies of the Funds' shareholder reports are required to be provided free of charge by the Fund or financial intermediary upon request.

In September 2023, the SEC adopted amendments to Rule 35d-1 under the Investment Company Act of 1940, as amended, the rule governing fund naming conventions (the "Names Rule"). In general, the Names 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 amendments expand the scope of the current rule to include any term used in a fund name that suggests the fund makes investments that have, or whose issuers have, particular characteristics. Additionally, the amendments modify the circumstances under which a fund may deviate from its 80% investment policy and address the calculation methodology of derivatives instruments for purposes of the rule. Changes to a fund's calculation methodology for derivatives instruments for purposes of Rule 35d-1 consistent with such amendments and applicable regulatory interpretations thereof will not constitute a change to a fund's policy adopted pursuant to Rule 35d-1 and will not require notice or shareholder approval. The amendments became effective on December 11, 2023. On March 14, 2025, the SEC extended the compliance date from December 11, 2025 to June 11, 2026 for fund groups with $1 billion or more in net assets and modified the operation of the compliance dates to allow for compliance based on the timing of certain annual disclosure and reporting obligations that are tied to a fund's fiscal year-end.

---

| | |
|:---|:---|
| **4** | **PIMCO EQUITY SERIES** |

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(THIS PAGE INTENTIONALLY LEFT BLANK)

---

| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025<sub>5</sub> |

---

------

Financial Highlights

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** | **Less Distributions<sup>(c)</sup>** |
| Selected Per Share Data for the Year or Period Ended^**:** | **<br>Net Asset Value<br>Beginning of<br>Year or<br>Period<sup>(a)</sup>** | **Net Investment<br>Income (Loss)<sup>(b)</sup>** | **Net Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital Gains** | **Total** |
|  **PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2025 | $20.51 | $0.70 | $1.16 | $1.86 | $(1.13) | $0.00 | $(1.13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2024 | 18.46 | 0.63 | 2.22 | 2.85 | (0.80) | 0.00 | (0.80) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2023 | 18.33 | 0.75 | 0.61 | 1.36 | (0.64) | (0.59) | (1.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2022 | 31.06 | 1.21 | (6.94) | (5.73) | (2.46) | (4.54) | (7.00) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2021 | 20.84 | 0.50 | 10.14 | 10.64 | (0.42) | 0.00 | (0.42) |
|  **PIMCO RAFI Dynamic Multi-Factor International Equity ETF** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2025 | $30.18 | $0.95 | $5.74 | $6.69 | $(1.02) | $0.00 | $(1.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2024 | 28.08 | 0.87 | 2.09 | 2.96 | (0.86) | 0.00 | (0.86) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2023 | 25.16 | 0.95 | 2.78 | 3.73 | (0.81) | 0.00 | (0.81) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2022 | 29.66 | 0.95 | (4.57) | (3.62) | (0.88) | 0.00 | (0.88) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2021 | 22.86 | 0.69 | 6.53 | 7.22 | (0.42) | 0.00 | (0.42) |
|  **PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2025 | $47.42 | $0.83 | $5.95 | $6.78 | $(0.79) | $0.00 | $(0.79) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2024 | 39.42 | 0.70 | 8.07 | 8.77 | (0.77) | 0.00 | (0.77) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2023 | 36.24 | 0.87 | 3.13 | 4.00 | (0.82) | 0.00 | (0.82) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2022 | 39.00 | 0.75 | (2.90) | (2.15) | (0.61) | 0.00 | (0.61) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2021 | 27.74 | 0.52 | 11.28 | 11.80 | (0.54) | 0.00 | (0.54) |
|  **PIMCO RAFI ESG U.S. ETF** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2025 | $35.22 | $0.72 | $2.87 | $3.59 | $(0.66) | $0.00 | $(0.66) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2024 | 30.38 | 0.64 | 4.81 | 5.45 | (0.61) | 0.00 | (0.61) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2023 | 27.58 | 0.64 | 2.79 | 3.43 | (0.63) | 0.00 | (0.63) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2022 | 30.72 | 0.60 | (3.22) | (2.62) | (0.52) | 0.00 | (0.52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2021 | 21.40 | 0.51 | 9.32 | 9.83 | (0.51) | 0.00 | (0.51) |

---

---

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

---

<sup>(a)</sup> Net asset value includes adjustments required by U.S. GAAP. These values, and other performance figures relying on them, such as average annual total return data included in the Funds' prospectus and in any shareholder reports, may differ from net asset values and performance reported elsewhere with respect to the Funds. 

<sup>(b)</sup> Per share amounts based on average number of shares outstanding during the year or period. 

<sup>(c)</sup> 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.

<sup>(d)</sup> Total return figures include adjustments required by U.S. GAAP. These values, and other performance figures relying on them, such as average annual total return data included in the Funds' prospectus and in any shareholder reports, may differ from net asset values and performance reported elsewhere with respect to the Funds. Additionally, excludes applicable initial sales charges and contingent deferred sales charges. 

---

| | | |
|:---|:---|:---|
| **6** | **PIMCO EQUITY SERIES** | See Accompanying Notes |

---

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** | **Ratios/Supplemental Data** |
| | | | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | |
| **Net Asset<br>Value End of<br>Year or<br>Period<sup>(a)</sup>** | **Total Return<sup>(d)</sup>** | **Net Assets<br>End of Year or<br>Period (000s)** | **Expenses** | **Expenses<br>Excluding<br>Waivers** | **Expenses<br>Excluding**<br> **Interest**<br> **Expense** | **Expenses<br>Excluding**<br> **Interest**<br> **Expense and<br>Waivers** | **Net**<br> **Investment<br>Income (Loss)** | **Portfolio<br>Turnover**<br> **Rate** |
| $21.24 | 9.47% | $108739 | 0.49% | 0.50% | 0.49% | 0.50% | 3.56% | 40% |
| 20.51 | 15.97 | 105002 | 0.50 | 0.51 | 0.49 | 0.50 | 3.35 | 39 |
| 18.46 | 7.99 | 90844 | 0.50 | 0.51 | 0.49 | 0.50 | 4.15 | 74 |
| 18.33 | (23.00) | 75517 | 0.49 | 0.50 | 0.49 | 0.50 | 4.50 | 54 |
| 31.06 | 51.62 | 494452 | 0.50 | 0.51 | 0.50 | 0.51 | 1.91 | 58 |
| $35.85 | 22.80% | $358495 | 0.39% | 0.40% | 0.39% | 0.40% | 2.99% | 37% |
| 30.18 | 10.81 | 253544 | 0.39 | 0.40 | 0.39 | 0.40 | 3.02 | 29 |
| 28.08 | 15.22 | 146028 | 0.39 | 0.40 | 0.39 | 0.40 | 3.60 | 27 |
| 25.16 | (12.60) | 85539 | 0.39 | 0.40 | 0.39 | 0.40 | 3.30 | 39 |
| 29.66 | 31.87 | 88978 | 0.40 | 0.40 | 0.40 | 0.40 | 2.54 | 48 |
| $53.41 | 14.45% | $182658 | 0.29% | 0.30% | 0.29% | 0.30% | 1.65% | 40% |
| 47.42 | 22.57 | 147940 | 0.29 | 0.30 | 0.29 | 0.30 | 1.67 | 41 |
| 39.42 | 11.20 | 126948 | 0.29 | 0.30 | 0.29 | 0.30 | 2.27 | 45 |
| 36.24 | (5.66) | 94954 | 0.29 | 0.30 | 0.29 | 0.30 | 1.88 | 43 |
| 39.00 | 43.02 | 82677 | 0.29 | 0.30 | 0.29 | 0.30 | 1.53 | 63 |
| $38.15 | 10.32% | $91550 | 0.29% | 0.30% | 0.29% | 0.30% | 1.98% | 22% |
| 35.22 | 18.17 | 52835 | 0.29 | 0.30 | 0.29 | 0.30 | 1.99 | 18 |
| 30.38 | 12.69 | 33419 | 0.29 | 0.30 | 0.29 | 0.30 | 2.25 | 17 |
| 27.58 | (8.73) | 28615 | 0.29 | 0.30 | 0.29 | 0.30 | 1.94 | 26 |
| 30.72 | 46.63 | 20584 | 0.30 | 0.31 | 0.30 | 0.31 | 1.91 | 32 |

---

---

| | | |
|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025<sub>7</sub> |

---

------

Statements of Assets and Liabilities June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| (Amounts in thousands<sup>†</sup>, except per share amounts) | **PIMCO<br>RAFI Dynamic<br>Multi-Factor<br>Emerging Markets<br>Equity ETF** | **PIMCO<br>RAFI Dynamic<br>Multi-Factor<br>International<br>Equity ETF** | **PIMCO RAFI<br>Dynamic<br>Multi-Factor<br>U.S. Equity ETF** | **PIMCO<br>RAFI ESG<br>U.S. ETF** |
|  **Assets:** |  |  |  |  |
|  *Investments, at value* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities^ | $108386 | $355550 | $182552 | $91220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 9 | 0 | 0 | 0 |
|  Cash | 0 | 1340 | 0 | 283 |
|  Foreign currency, at value | 420 | 338 | 0 | 0 |
|  Receivable for investments sold | 0 | 119 | 0 | 0 |
|  Interest and/or dividends receivable | 638 | 1255 | 146 | 66 |
|  Reimbursement receivable from PIMCO | 1 | 2 | 1 | 1 |
|  **Total Assets** | 109454 | 358604 | 182699 | 91570 |
|  **Liabilities:** |  |  |  |  |
|  Payable upon return of securities loaned | $9 | $0 | $0 | $0 |
|  Deposits from counterparty | 273 | 0 | 0 | 0 |
|  Accrued management fees | 41 | 109 | 41 | 20 |
|  Accrued taxes payable | 391 | 0 | 0 | 0 |
|  Other liabilities | 1 | 0 | 0 | 0 |
|  **Total Liabilities** | 715 | 109 | 41 | 20 |
|  **Commitments and Contingent Liabilities^^** |  |  |  |  |
|  **Net Assets** | $108739 | $358495 | $182658 | $91550 |
|  **Net Assets Consist of:** |  |  |  |  |
|  Paid in capital | $99025 | $299158 | $182632 | $84628 |
|  Distributable earnings (accumulated loss) | 9714 | 59337 | 26 | 6922 |
|  **Net Assets** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108739 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358495 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182658 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91550 |
|  **Shares Issued and Outstanding** | 5120 | 10000 | 3420 | 2400 |
|  **Net Asset Value Per Share Outstanding<sup>(a):</sup>** | $21.24 | $35.85 | $53.41 | $38.15 |
|  Cost of investments in securities | $92706 | $284644 | $155869 | $79926 |
|  Cost of investments in Affiliates | $9 | $0 | $0 | $0 |
|  Cost of foreign currency held | $413 | $336 | $0 | $0 |
|  ^ Includes securities on loan of: | $8 | $0 | $0 | $0 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>^^</sup> See Note 9, Fees and Expenses, in the Notes to Financial Statements for more information.

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

---

| | | |
|:---|:---|:---|
| **8** | **PIMCO EQUITY SERIES** | See Accompanying Notes |

---

------

Statements of Operations

---

| | | | | |
|:---|:---|:---|:---|:---|
| Year Ended June 30, 2025 |  |  |  |  |
| (Amounts in thousands<sup>†</sup>) | **PIMCO<br>RAFI Dynamic<br>Multi-Factor<br>Emerging Markets<br>Equity ETF** | **PIMCO<br>RAFI Dynamic<br>Multi-Factor<br>International<br>Equity ETF** | **PIMCO<br>RAFI Dynamic<br>Multi-Factor<br>U.S. Equity ETF** | **PIMCO<br>RAFI ESG<br>U.S. ETF** |
|  **Investment Income:** |  |  |  |  |
|  Interest | $12 | $64 | $19 | $11 |
|  Dividends, net of foreign taxes\* | 4089 | 9807 | 3270 | 1629 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Income | 4101 | 9871 | 3289 | 1640 |
|  **Expenses:** |  |  |  |  |
|  Management fees | 496 | 1136 | 490 | 209 |
|  Trustee fees | 5 | 15 | 9 | 4 |
|  Miscellaneous expense | 5 | 14 | 8 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 506 | 1165 | 507 | 216 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waiver and/or Reimbursement by PIMCO | (6) | (15) | (9) | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 500 | 1150 | 498 | 212 |
|  **Net Investment Income (Loss)** | 3601 | 8721 | 2791 | 1428 |
|  **Net Realized Gain (Loss):** |  |  |  |  |
|  Investments in securities, net of foreign capital gains tax\*\* | 2240 | 1719 | (3770) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1844) |
|  In-kind redemptions | 0 | 9255 | 22785 | 2077 |
|  Exchange-traded or centrally cleared financial derivative instruments | 18 | 0 | 0 | 0 |
|  Over the counter financial derivative instruments | (4) | 1 | 0 | 0 |
|  Foreign currency | (89) | 51 | 0 | 0 |
|  **Net Realized Gain (Loss)** | 2165 | 11026 | 19015 | 233 |
|  **Net Change in Unrealized Appreciation (Depreciation):** |  |  |  |  |
|  Investments in securities, net of foreign capital gains tax\*\*\* | 3693 | 43123 | 1001 | 5276 |
|  Foreign currency assets and liabilities | 64 | 64 | 0 | 0 |
|  **Net Change in Unrealized Appreciation (Depreciation)** | 3757 | 43187 | 1001 | 5276 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9523 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62934 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22807 | $6937 |
|  \* Foreign tax withholdings - Dividends | $576 | $1139 | $0 | $0 |
|  \*\* Foreign capital gains tax | $279 | $0 | $0 | $0 |
|  \*\*\* Foreign capital gains tax | $214 | $0 | $0 | $0 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025<sub>9</sub> |

---

------

Statements of Changes in Net Assets

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **PIMCO**<br> **RAFI Dynamic**<br> **Multi-Factor**<br> **Emerging Markets**<br> **Equity ETF** | **PIMCO**<br> **RAFI Dynamic**<br> **Multi-Factor**<br> **Emerging Markets**<br> **Equity ETF** | **PIMCO**<br> **RAFI Dynamic**<br> **Multi-Factor**<br> **International**<br> **Equity ETF** | **PIMCO**<br> **RAFI Dynamic**<br> **Multi-Factor**<br> **International**<br> **Equity ETF** | **PIMCO**<br> **RAFI Dynamic**<br> **Multi-Factor**<br> **U.S. Equity ETF** | **PIMCO**<br> **RAFI Dynamic**<br> **Multi-Factor**<br> **U.S. Equity ETF** | **PIMCO**<br> **RAFI ESG**<br> **U.S. ETF** | **PIMCO**<br> **RAFI ESG**<br> **U.S. ETF** |
| (Amounts in thousands<sup>†</sup>) | **Year Ended<br>June 30, 2025** | **Year Ended<br>June 30, 2024** | **Year Ended<br>June 30, 2025** | **Year Ended<br>June 30, 2024** | **Year Ended<br>June 30, 2025** | **Year Ended<br>June 30, 2024** | **Year Ended<br>June 30, 2025** | **Year Ended<br>June 30, 2024** |
|  **Increase (Decrease) in Net Assets from:** |  |  |  |  |  |  |  |  |
|  **Operations:** |  |  |  |  |  |  |  |  |
|  Net investment income (loss) | $3601 | $3115 | $8721 | $6099 | $2791 | $2229 | $1428 | $865 |
|  Net realized gain (loss) | 2165 | 139 | 11026 | 1481 | 19015 | 16011 | 233 | 1963 |
|  Net change in unrealized appreciation (depreciation) | 3757 | 10724 | 43187 | 15364 | 1001 | 8963 | 5276 | 5025 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | 9523 | 13978 | 62934 | 22944 | 22807 | 27203 | 6937 | 7853 |
|  **Distributions to Shareholders:** |  |  |  |  |  |  |  |  |
|  From net investment income and/or net realized capital gains | (5786) | (3936) | (9102) | (5382) | (2618) | (2443) | (1250) | (807) |
|  **Total Distributions<sup>(a)</sup>** | (5786) | (3936) | (9102) | (5382) | (2618) | (2443) | (1250) | (807) |
|  **Fund Share Transactions:** |  |  |  |  |  |  |  |  |
|  Receipts for shares sold | 0 | 4126 | 76002 | 95969 | 70191 | 40269 | 38529 | 17598 |
|  Cost of shares redeemed | 0 | (10) | (24883) | (6015) | (55662) | (44037) | (5501) | (5228) |
|  Net increase (decrease) resulting from Fund share transactions | 0 | 4116 | 51119 | 89954 | 14529 | (3768) | 33028 | 12370 |
|  **Total Increase (Decrease) in Net Assets** | 3737 | 14158 | 104951 | 107516 | 34718 | 20992 | 38715 | 19416 |
|  **Net Assets:** |  |  |  |  |  |  |  |  |
|  Beginning of year | 105002 | 90844 | 253544 | 146028 | 147940 | 126948 | 52835 | 33419 |
|  End of year | $108739 | $105002 | $358495 | $253544 | $182658 | $147940 | $91550 | $52835 |
|  **Shares of Beneficial Interest:** |  |  |  |  |  |  |  |  |
|  Shares sold | 0 | 200 | 2400 | 3400 | 1400 | 900 | 1050 | 550 |
|  Shares redeemed | 0 | 0 | (800) | (200) | (1100) | (1000) | (150) | (150) |
|  Net increase (decrease) in shares outstanding | 0 | 200 | 1600 | 3200 | 300 | (100) | 900 | 400 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(a)</sup> 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.

---

| | | |
|:---|:---|:---|
| **10** | **PIMCO EQUITY SERIES** | See Accompanying Notes |

---

------

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF June 30, 2025

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 99.7% | INVESTMENTS IN SECURITIES 99.7% | INVESTMENTS IN SECURITIES 99.7% |
| COMMON STOCKS 96.8% | COMMON STOCKS 96.8% | COMMON STOCKS 96.8% |
| BRAZIL 4.1% | BRAZIL 4.1% | BRAZIL 4.1% |
| COMMUNICATION SERVICES 0.4% | COMMUNICATION SERVICES 0.4% | COMMUNICATION SERVICES 0.4% |
|  Telefonica Brasil SA | 46520 | 265 |
|  TIM SA | 27700 | 112 |
|  |  | 377 |
| CONSUMER DISCRETIONARY 0.2% | CONSUMER DISCRETIONARY 0.2% | CONSUMER DISCRETIONARY 0.2% |
|  Vibra Energia SA | 48232 | 192 |
| CONSUMER STAPLES 0.9% | CONSUMER STAPLES 0.9% | CONSUMER STAPLES 0.9% |
|  Ambev SA | 49200 | 120 |
|  JBS NV (a) | 43711 | 629 |
|  Marfrig Global Foods SA | 47600 | 201 |
|  Raia Drogasil SA | 10359 | 29 |
|  |  | 979 |
| ENERGY 0.1% | ENERGY 0.1% | ENERGY 0.1% |
|  Ultrapar Participacoes SA | 27388 | 89 |
| FINANCIALS 0.5% | FINANCIALS 0.5% | FINANCIALS 0.5% |
|  B3 SA - Brasil Bolsa Balcao | 113702 | 305 |
|  Banco BTG Pactual SA | 9700 | 75 |
|  Banco Santander Brasil SA | 12400 | 68 |
|  BB Seguridade Participacoes SA | 11697 | 77 |
|  Porto Seguro SA | 4200 | 43 |
|  |  | 568 |
| HEALTH CARE 0.0% | HEALTH CARE 0.0% | HEALTH CARE 0.0% |
|  Rede D'Or Sao Luiz SA | 6000 | 39 |
| INDUSTRIALS 0.2% | INDUSTRIALS 0.2% | INDUSTRIALS 0.2% |
|  WEG SA | 33681 | 265 |
| MATERIALS 1.4% | MATERIALS 1.4% | MATERIALS 1.4% |
|  Cia Siderurgica Nacional SA | 26577 | 36 |
|  Klabin SA | 41129 | 140 |
|  Suzano SA | 41392 | 390 |
|  Vale SA | 98700 | 957 |
|  |  | 1523 |
| UTILITIES 0.4% | UTILITIES 0.4% | UTILITIES 0.4% |
|  Centrais Eletricas Brasileiras SA | 12000 | 89 |
|  Cia de Saneamento Basico do Estado de Sao Paulo SABESP | 5700 | 125 |
|  CPFL Energia SA | 3700 | 28 |
|  Energisa SA | 9600 | 85 |
|  Engie Brasil Energia SA | 6035 | 51 |
|  Equatorial Energia SA | 10900 | 72 |
|  |  | 450 |
|  Total Brazil |  | 4482 |
| CAYMAN ISLANDS 0.1% | CAYMAN ISLANDS 0.1% | CAYMAN ISLANDS 0.1% |
| REAL ESTATE 0.1% | REAL ESTATE 0.1% | REAL ESTATE 0.1% |
|  Sunac China Holdings Ltd. (a) | 536000 | 98 |
|  Total Cayman Islands |  | 98 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| CHILE 0.9% | CHILE 0.9% | CHILE 0.9% | CHILE 0.9% |
| CONSUMER DISCRETIONARY 0.1% | CONSUMER DISCRETIONARY 0.1% | CONSUMER DISCRETIONARY 0.1% | CONSUMER DISCRETIONARY 0.1% |
|  Empresas Copec SA | 6275 | $— | 43 |
|  Falabella SA | 18269 |  | 97 |
|  |  |  | 140 |
| CONSUMER STAPLES 0.2% | CONSUMER STAPLES 0.2% | CONSUMER STAPLES 0.2% | CONSUMER STAPLES 0.2% |
|  Cencosud SA | 46475 |  | 158 |
|  Cia Cervecerias Unidas SA | 10550 |  | 68 |
|  |  |  | 226 |
| FINANCIALS 0.4% | FINANCIALS 0.4% | FINANCIALS 0.4% | FINANCIALS 0.4% |
|  Banco de Chile | 1483268 |  | 224 |
|  Banco de Credito e Inversiones SA | 1126 |  | 48 |
|  Banco Itau Chile SA | 900 |  | 13 |
|  Banco Santander Chile | 2680753 |  | 168 |
|  |  |  | 453 |
| MATERIALS 0.0% | MATERIALS 0.0% | MATERIALS 0.0% | MATERIALS 0.0% |
|  Empresas CMPC SA | 18166 |  | 28 |
| UTILITIES 0.2% | UTILITIES 0.2% | UTILITIES 0.2% | UTILITIES 0.2% |
|  Colbun SA | 399094 |  | 64 |
|  Enel Americas SA | 357295 |  | 35 |
|  Enel Chile SA | 699367 |  | 52 |
|  |  |  | 151 |
|  Total Chile |  |  | 998 |
| CHINA 28.1% | CHINA 28.1% | CHINA 28.1% | CHINA 28.1% |
| COMMUNICATION SERVICES 1.8% | COMMUNICATION SERVICES 1.8% | COMMUNICATION SERVICES 1.8% | COMMUNICATION SERVICES 1.8% |
|  China United Network Communications Ltd. 'A' | 427100 |  | 319 |
|  Focus Media Information Technology Co. Ltd. 'A' | 44100 |  | 45 |
|  NetEase, Inc. | 26715 |  | 720 |
|  Tencent Holdings Ltd. | 9500 |  | 612 |
|  Tencent Music Entertainment Group 'A' | 27188 |  | 264 |
|  |  |  | 1960 |
| CONSUMER DISCRETIONARY 2.7% | CONSUMER DISCRETIONARY 2.7% | CONSUMER DISCRETIONARY 2.7% | CONSUMER DISCRETIONARY 2.7% |
|  Alibaba Group Holding Ltd. | 27300 |  | 386 |
|  ANTA Sports Products Ltd. | 11800 |  | 143 |
|  BAIC Motor Corp. Ltd. 'H' | 123000 |  | 30 |
|  BYD Co. Ltd. 'H' | 24500 |  | 381 |
|  China Yongda Automobiles Services Holdings Ltd. | 104000 |  | 30 |
|  Dongfeng Motor Group Co. Ltd. 'H' | 428000 |  | 188 |
|  Gree Electric Appliances, Inc. of Zhuhai (a) | 13300 |  | 83 |
|  Huayu Automotive Systems Co. Ltd. 'A' | 28700 |  | 71 |
|  Li Auto, Inc. 'A' (a) | 16300 |  | 223 |
|  SAIC Motor Corp. Ltd. 'A' | 98700 |  | 221 |
|  Shanghai Yuyuan Tourist Mart Group Co. Ltd. 'A' | 32400 |  | 25 |
|  Sichuan Changhong Electric Co. Ltd. 'A' (a) | 33900 |  | 46 |
|  Tianneng Power International Ltd. | 12000 |  | 10 |
|  Topsports International Holdings Ltd. | 77000 |  | 30 |
|  Vipshop Holdings Ltd. | 24089 |  | 363 |
|  Wuchan Zhongda Group Co. Ltd. 'A' | 142500 |  | 105 |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  Yum China Holdings, Inc. | 11524 | 515 |
|  Zhongsheng Group Holdings Ltd. | 16000 | 25 |
|  |  | 2875 |
| CONSUMER STAPLES 1.2% | CONSUMER STAPLES 1.2% | CONSUMER STAPLES 1.2% |
|  China Feihe Ltd. | 182000 | 133 |
|  China Mengniu Dairy Co. Ltd. | 40000 | 83 |
|  Foshan Haitian Flavouring & Food Co. Ltd. 'A' | 3200 | 17 |
|  Guangdong Haid Group Co. Ltd. 'A' | 3100 | 25 |
|  Henan Shuanghui Investment & Development Co. Ltd. 'A' | 20000 | 68 |
|  Hengan International Group Co. Ltd. | 27000 | 78 |
|  JD Health International, Inc. (a) | 18900 | 104 |
|  Kweichow Moutai Co. Ltd. 'A' | 700 | 138 |
|  Luzhou Laojiao Co. Ltd. 'A' | 1600 | 25 |
|  Muyuan Foods Co. Ltd. 'A' | 11800 | 69 |
|  New Hope Liuhe Co. Ltd. 'A' (a) | 26500 | 35 |
|  Nongfu Spring Co. Ltd. 'H' | 18200 | 93 |
|  Tingyi Cayman Islands Holding Corp. | 132000 | 194 |
|  Uni-President China Holdings Ltd. | 63000 | 76 |
|  Wens Foodstuffs Group Co. Ltd. 'A' | 46500 | 111 |
|  Wuliangye Yibin Co. Ltd. 'A' | 3800 | 63 |
|  Yonghui Superstores Co. Ltd. 'A' (a) | 40000 | 28 |
|  |  | 1340 |
| ENERGY 1.5% | ENERGY 1.5% | ENERGY 1.5% |
|  China Petroleum & Chemical Corp. 'H' | 888000 | 466 |
|  China Shenhua Energy Co. Ltd. 'H' | 124000 | 482 |
|  Guanghui Energy Co. Ltd. 'A' (a) | 21800 | 18 |
|  PetroChina Co. Ltd. 'H' | 356000 | 307 |
|  Shaanxi Coal Industry Co. Ltd. 'A' | 49800 | 134 |
|  Shanxi Coking Coal Energy Group Co. Ltd. 'A' | 25900 | 23 |
|  Shanxi Lu'an Environmental Energy Development Co. Ltd. 'A' | 6600 | 9 |
|  Yankuang Energy Group Co. Ltd. 'H' | 208700 | 208 |
|  |  | 1647 |
| FINANCIALS 10.4% | FINANCIALS 10.4% | FINANCIALS 10.4% |
|  Agricultural Bank of China Ltd. 'H' | 1378000 | 985 |
|  Bank of Beijing Co. Ltd. 'A' | 218500 | 208 |
|  Bank of Changsha Co. Ltd. 'A' | 44800 | 62 |
|  Bank of Chengdu Co. Ltd. 'A' (a) | 23000 | 64 |
|  Bank of China Ltd. 'H' | 1541000 | 897 |
|  Bank of Chongqing Co. Ltd. 'H' | 36500 | 38 |
|  Bank of Communications Co. Ltd. 'H' | 470000 | 438 |
|  Bank of Guiyang Co. Ltd. 'A' | 85600 | 74 |
|  Bank of Hangzhou Co. Ltd. 'A' | 14600 | 34 |
|  Bank of Jiangsu Co. Ltd. 'A' | 199000 | 332 |
|  Bank of Nanjing Co. Ltd. 'A' | 71200 | 115 |
|  Bank of Shanghai Co. Ltd. 'A' | 131700 | 195 |
|  China Cinda Asset Management Co. Ltd. 'H' | 1252000 | 215 |
|  China CITIC Bank Corp. Ltd. 'H' | 498000 | 475 |
|  China Construction Bank Corp. 'H' | 1037000 | 1049 |
|  China Everbright Bank Co. Ltd. 'H' | 592000 | 296 |
|  China Galaxy Securities Co. Ltd. 'H' | 57000 | 64 |
|  China International Capital Corp. Ltd. 'H' | 23200 | 53 |

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025<sub>11</sub> |

---

------

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF (Cont.)

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  China Life Insurance Co. Ltd. 'H' | 147000 | 355 |
|  China Merchants Bank Co. Ltd. 'H' | 77000 | 540 |
|  China Merchants Securities Co. Ltd. 'H' | 20200 | 37 |
|  China Minsheng Banking Corp. Ltd. 'H' | 883000 | 501 |
|  China Zheshang Bank Co. Ltd. 'H' | 641000 | 241 |
|  Chongqing Rural Commercial Bank Co. Ltd. 'H' | 387000 | 327 |
|  CITIC Securities Co. Ltd. 'H' | 56500 | 171 |
|  CNPC Capital Co. Ltd. 'A' | 37300 | 38 |
|  CSC Financial Co. Ltd. 'H' | 15500 | 21 |
|  East Money Information Co. Ltd. | 32300 | 104 |
|  GF Securities Co. Ltd. 'H' | 13000 | 22 |
|  Guosen Securities Co. Ltd. 'A' | 39200 | 63 |
|  Guotai Junan Securities Co. Ltd. 'H' | 33360 | 54 |
|  Huatai Securities Co. Ltd. 'H' | 35200 | 72 |
|  Huaxia Bank Co. Ltd. 'A' | 114800 | 127 |
|  Industrial & Commercial Bank of China Ltd. 'H' | 1239000 | 984 |
|  Industrial Bank Co. Ltd. 'A' | 95200 | 310 |
|  Lufax Holding Ltd. ADR | 31436 | 88 |
|  New China Life Insurance Co. Ltd. 'H' | 16600 | 91 |
|  Orient Securities Co. Ltd.'H' | 14800 | 10 |
|  People's Insurance Co. Group of China Ltd. 'H' | 141000 | 108 |
|  PICC Property & Casualty Co. Ltd. 'H' | 72000 | 140 |
|  Ping An Insurance Group Co. of China Ltd. 'H' | 163500 | 1044 |
|  Shanghai Pudong Development Bank Co. Ltd. 'A' | 96400 | 187 |
|  Shanghai Rural Commercial Bank Co. Ltd. 'A' | 26000 | 35 |
|  |  | 11264 |
| HEALTH CARE 0.8% | HEALTH CARE 0.8% | HEALTH CARE 0.8% |
|  China Resources Pharmaceutical Group Ltd. | 126500 | 83 |
|  CSPC Pharmaceutical Group Ltd. | 339680 | 334 |
|  Jiangsu Hengrui Pharmaceuticals Co. Ltd. 'A' | 9500 | 69 |
|  Jointown Pharmaceutical Group Co. Ltd. 'A' | 41943 | 30 |
|  Shanghai Pharmaceuticals Holding Co. Ltd. 'H' | 7000 | 10 |
|  Shenzhen Mindray Bio-Medical Electronics Co. Ltd. 'A' | 1800 | 56 |
|  Sinopharm Group Co. Ltd. 'H' | 80400 | 189 |
|  WuXi AppTec Co. Ltd. 'H' | 9100 | 92 |
|  Yunnan Baiyao Group Co. Ltd. 'A' | 6500 | 51 |
|  |  | 914 |
| INDUSTRIALS 3.4% | INDUSTRIALS 3.4% | INDUSTRIALS 3.4% |
|  AECC Aviation Power Co. Ltd. 'A' | 9600 | 52 |
|  Air China Ltd. (a) | 14000 | 11 |
|  Bohai Leasing Co. Ltd. 'A' (a) | 88400 | 41 |
|  China Communications Services Corp. Ltd. 'H' | 112000 | 61 |
|  China CSSC Holdings Ltd. 'A' | 17500 | 80 |
|  China Energy Engineering Corp. Ltd. 'H' | 136000 | 18 |
|  China International Marine Containers Group Co. Ltd. 'H' | 153600 | 122 |
|  China Lesso Group Holdings Ltd. 'L' | 39000 | 21 |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  China Merchants Expressway Network & Technology Holdings Co. Ltd. 'A' (a) | 6400 | 11 |
|  China Railway Group Ltd. 'H' | 456000 | 219 |
|  China State Construction Engineering Corp. Ltd. 'A' | 419700 | 338 |
|  CITIC Ltd. | 229000 | 315 |
|  Contemporary Amperex Technology Co. Ltd. 'A' | 6000 | 212 |
|  COSCO SHIPPING Holdings Co. Ltd. 'H' | 284000 | 494 |
|  Daqin Railway Co. Ltd. 'A' | 214900 | 198 |
|  Fosun International Ltd. | 47000 | 28 |
|  JD Logistics, Inc. (a) | 11600 | 20 |
|  Jiangsu Expressway Co. Ltd. 'H' | 90000 | 127 |
|  Jiangsu Zhongtian Technology Co. Ltd. 'A' | 21900 | 44 |
|  Metallurgical Corp. of China Ltd. 'H' | 478000 | 99 |
|  NARI Technology Co. Ltd. 'A' | 15600 | 49 |
|  Power Construction Corp. of China Ltd. 'A' | 215900 | 147 |
|  Qingdao Port International Co. Ltd. | 43000 | 36 |
|  Sany Heavy Industry Co. Ltd. 'A' | 45000 | 113 |
|  SF Holding Co. Ltd. (a) | 2700 | 18 |
|  Shanghai Construction Group Co. Ltd. 'A' (a) | 183300 | 61 |
|  Shanghai Electric Group Co. Ltd. 'H' (a) | 28000 | 10 |
|  Shanghai International Port Group Co. Ltd. 'A' | 24100 | 19 |
|  Shanghai Tunnel Engineering Co. Ltd. 'A' | 86900 | 74 |
|  Sichuan Road & Bridge Group Co. Ltd. 'A' | 14780 | 20 |
|  Sinopec Engineering Group Co. Ltd. 'H' | 69000 | 53 |
|  Sinotrans Ltd. 'H' | 123000 | 62 |
|  Sinotruk Hong Kong Ltd. | 45000 | 131 |
|  TBEA Co. Ltd. 'A' | 25890 | 43 |
|  Xiamen C & D, Inc. 'A' | 66400 | 96 |
|  Xiamen ITG Group Corp. Ltd. 'A' | 67400 | 57 |
|  Yutong Bus Co Ltd. 'A' | 7700 | 27 |
|  Zhejiang Chint Electrics Co. Ltd. 'A' | 15900 | 50 |
|  Zhejiang Expressway Co. Ltd. 'H' | 148000 | 136 |
|  |  | 3713 |
| INFORMATION TECHNOLOGY 1.5% | INFORMATION TECHNOLOGY 1.5% | INFORMATION TECHNOLOGY 1.5% |
|  360 Security Technology, Inc. 'A' | 33200 | 47 |
|  Avary Holding Shenzhen Co. Ltd. 'A' | 24900 | 111 |
|  China Railway Signal & Communication Corp. Ltd. 'H' | 235000 | 97 |
|  Foxconn Industrial Internet Co. Ltd. 'A' | 32500 | 97 |
|  IEIT Systems Co. Ltd. | 2900 | 21 |
|  JCET Group Co. Ltd. 'A' | 4600 | 22 |
|  Lenovo Group Ltd. | 364000 | 440 |
|  Lens Technology Co. Ltd. 'A' | 5700 | 18 |
|  Sunny Optical Technology Group Co. Ltd. | 31400 | 279 |
|  Tianma Microelectronics Co. Ltd. 'A' (a) | 35300 | 42 |
|  Xiaomi Corp. 'B' (a) | 58600 | 451 |
|  ZTE Corp. 'H' | 14200 | 44 |
|  |  | 1669 |
| MATERIALS 2.3% | MATERIALS 2.3% | MATERIALS 2.3% |
|  Aluminum Corp. of China Ltd. 'H' | 440000 | 297 |
|  Angang Steel Co. Ltd. 'H' | 148000 | 31 |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  Anhui Conch Cement Co. Ltd. 'H' | 108000 | 275 |
|  Baoshan Iron & Steel Co. Ltd. 'A' | 172500 | 159 |
|  BBMG Corp. 'H' | 176000 | 17 |
|  China Hongqiao Group Ltd. | 342500 | 789 |
|  China National Building Material Co. Ltd. 'H' | 362000 | 173 |
|  Hengli Petrochemical Co. Ltd. 'A' | 18000 | 36 |
|  Huaxin Cement Co. Ltd. 'H' | 21400 | 24 |
|  Hunan Valin Steel Co. Ltd. 'A' | 75400 | 46 |
|  Inner Mongolia Junzheng Energy & Chemical Industry Group Co. Ltd. 'A' | 44000 | 34 |
|  Jiangxi Copper Co. Ltd. 'H' | 136000 | 265 |
|  Luxi Chemical Group Co. Ltd. 'A' | 16900 | 24 |
|  Maanshan Iron & Steel Co. Ltd. 'H' | 84000 | 21 |
|  Nanjing Iron & Steel Co. Ltd. 'A' | 72300 | 42 |
|  Ningxia Baofeng Energy Group Co. Ltd. 'A' | 21600 | 49 |
|  Shandong Gold Mining Co. Ltd. 'H' | 7000 | 25 |
|  Sinopec Shanghai Petrochemical Co. Ltd. 'H' | 188000 | 30 |
|  Tongling Nonferrous Metals Group Co. Ltd. 'A' | 99700 | 47 |
|  Zhejiang NHU Co. Ltd. 'A' | 8300 | 25 |
|  Zhongjin Gold Corp. Ltd. 'A' | 18700 | 38 |
|  |  | 2447 |
| REAL ESTATE 1.0% | REAL ESTATE 1.0% | REAL ESTATE 1.0% |
|  China Merchants Shekou Industrial Zone Holdings Co. Ltd. 'A' | 31300 | 38 |
|  China Vanke Co. Ltd. 'H' | 829800 | 518 |
|  Country Garden Services Holdings Co. Ltd. | 13000 | 11 |
|  Gemdale Corp. 'A' | 31000 | 16 |
|  Greentown China Holdings Ltd. | 89500 | 108 |
|  Guangzhou R&F Properties Co. Ltd. 'H' (a) | 271600 | 33 |
|  Longfor Group Holdings Ltd. | 150000 | 178 |
|  Seazen Group Ltd. (a) | 338000 | 100 |
|  Seazen Holdings Co. Ltd. 'A' (a) | 30100 | 58 |
|  Shenzhen Overseas Chinese Town Co. Ltd. 'A' (a) | 41500 | 13 |
|  Youngor Group Co. Ltd. 'A' | 43200 | 44 |
|  |  | 1117 |
| UTILITIES 1.5% | UTILITIES 1.5% | UTILITIES 1.5% |
|  CGN Power Co. Ltd. 'H' | 1262000 | 430 |
|  China National Nuclear Power Co. Ltd. 'A' | 167300 | 218 |
|  China Yangtze Power Co. Ltd. 'A' | 81300 | 342 |
|  ENN Energy Holdings Ltd. | 37800 | 304 |
|  GD Power Development Co. Ltd. 'A' | 271400 | 183 |
|  Huadian Power International Corp. Ltd. 'H' | 72000 | 38 |
|  Huaneng Lancang River Hydropower, Inc. 'A' | 38000 | 51 |
|  SDIC Power Holdings Co. Ltd. 'A' | 12600 | 26 |
|  Shenergy Co. Ltd. 'A' (a) | 10300 | 12 |
|  Zhejiang Zheneng Electric Power Co. Ltd. 'A' (a) | 24400 | 18 |
|  |  | 1622 |
|  Total China |  | 30568 |

---

12 PIMCO EQUITY SERIES See Accompanying Notes

------

June 30, 2025

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
| GREECE 0.6% | GREECE 0.6% | GREECE 0.6% |
| COMMUNICATION SERVICES 0.1% | COMMUNICATION SERVICES 0.1% | COMMUNICATION SERVICES 0.1% |
|  Hellenic Telecommunications Organization SA | 6094 | 116 |
| CONSUMER DISCRETIONARY 0.1% | CONSUMER DISCRETIONARY 0.1% | CONSUMER DISCRETIONARY 0.1% |
|  Jumbo SA | 1965 | 68 |
|  OPAP SA | 3593 | 81 |
|  |  | 149 |
| ENERGY 0.0% | ENERGY 0.0% | ENERGY 0.0% |
|  Motor Oil Hellas Corinth Refineries SA | 737 | 21 |
| FINANCIALS 0.3% | FINANCIALS 0.3% | FINANCIALS 0.3% |
|  Alpha Bank SA | 16028 | 56 |
|  Eurobank Ergasias Services & Holdings SA 'A' | 36904 | 127 |
|  National Bank of Greece SA | 11298 | 144 |
|  Piraeus Financial Holdings SA | 3273 | 23 |
|  |  | 350 |
| INDUSTRIALS 0.1% | INDUSTRIALS 0.1% | INDUSTRIALS 0.1% |
|  Star Bulk Carriers Corp. | 2649 | 46 |
|  Total Greece |  | 682 |
| HONG KONG 2.4% | HONG KONG 2.4% | HONG KONG 2.4% |
| CONSUMER DISCRETIONARY 0.2% | CONSUMER DISCRETIONARY 0.2% | CONSUMER DISCRETIONARY 0.2% |
|  Geely Automobile Holdings Ltd. | 91000 | 186 |
| FINANCIALS 0.8% | FINANCIALS 0.8% | FINANCIALS 0.8% |
|  BOC Hong Kong Holdings Ltd. | 153000 | 666 |
|  China Taiping Insurance Holdings Co. Ltd. | 100200 | 196 |
|  Far East Horizon Ltd. | 68000 | 59 |
|  |  | 921 |
| INDUSTRIALS 0.4% | INDUSTRIALS 0.4% | INDUSTRIALS 0.4% |
|  China Everbright Environment Group Ltd. | 222000 | 108 |
|  Orient Overseas International Ltd. | 12500 | 213 |
|  Shanghai Industrial Holdings Ltd. | 23000 | 40 |
|  Shenzhen International Holdings Ltd. | 60000 | 59 |
|  |  | 420 |
| MATERIALS 0.0% | MATERIALS 0.0% | MATERIALS 0.0% |
|  China Resources Building Materials Technology Holdings Ltd. | 62000 | 13 |
| REAL ESTATE 0.5% | REAL ESTATE 0.5% | REAL ESTATE 0.5% |
|  China Jinmao Holdings Group Ltd. | 748000 | 114 |
|  China Overseas Land & Investment Ltd. | 265000 | 462 |
|  |  | 576 |
| UTILITIES 0.5% | UTILITIES 0.5% | UTILITIES 0.5% |
|  Beijing Enterprises Holdings Ltd. | 28000 | 115 |
|  Beijing Enterprises Water Group Ltd. | 38000 | 12 |
|  China Resources Gas Group Ltd. | 44300 | 113 |
|  Guangdong Investment Ltd. | 168000 | 141 |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  Kunlun Energy Co. Ltd. | 176000 | 171 |
|  |  | 552 |
|  Total Hong Kong |  | 2668 |
| INDIA 12.4% | INDIA 12.4% | INDIA 12.4% |
| COMMUNICATION SERVICES 1.1% | COMMUNICATION SERVICES 1.1% | COMMUNICATION SERVICES 1.1% |
|  Bharti Airtel Ltd. | 40194 | 942 |
|  Indus Towers Ltd. (a) | 35169 | 173 |
|  Info Edge India Ltd. | 2700 | 47 |
|  |  | 1162 |
| CONSUMER DISCRETIONARY 0.6% | CONSUMER DISCRETIONARY 0.6% | CONSUMER DISCRETIONARY 0.6% |
|  Bajaj Auto Ltd. | 1898 | 185 |
|  Eicher Motors Ltd. (a) | 1287 | 85 |
|  Eternal Ltd. (a) | 63133 | 195 |
|  Hero MotoCorp Ltd. | 3267 | 161 |
|  Rajesh Exports Ltd. | 14587 | 34 |
|  |  | 660 |
| CONSUMER STAPLES 1.2% | CONSUMER STAPLES 1.2% | CONSUMER STAPLES 1.2% |
|  Britannia Industries Ltd. | 705 | 48 |
|  Colgate-Palmolive India Ltd. | 2589 | 73 |
|  Dabur India Ltd. | 3957 | 22 |
|  Godrej Consumer Products Ltd. | 3357 | 46 |
|  Hindustan Unilever Ltd. | 8694 | 233 |
|  ITC Ltd. | 146565 | 712 |
|  Marico Ltd. | 6096 | 51 |
|  Nestle India Ltd. | 1019 | 29 |
|  Patanjali Foods Ltd. (a) | 504 | 10 |
|  United Spirits Ltd. | 1874 | 31 |
|  |  | 1255 |
| ENERGY 1.1% | ENERGY 1.1% | ENERGY 1.1% |
|  Bharat Petroleum Corp. Ltd. | 108702 | 421 |
|  Coal India Ltd. | 36252 | 166 |
|  Hindustan Petroleum Corp. Ltd. | 29017 | 148 |
|  Indian Oil Corp. Ltd. | 98603 | 169 |
|  Oil & Natural Gas Corp. Ltd. | 53750 | 153 |
|  Oil India Ltd. | 14020 | 71 |
|  Petronet LNG Ltd. | 34590 | 122 |
|  |  | 1250 |
| FINANCIALS 2.2% | FINANCIALS 2.2% | FINANCIALS 2.2% |
|  Bajaj Finance Ltd. | 26080 | 285 |
|  Bajaj Finserv Ltd. | 2403 | 58 |
|  Bajaj Holdings & Investment Ltd. | 200 | 34 |
|  Cholamandalam Financial Holdings Ltd. | 2096 | 53 |
|  Cholamandalam Investment & Finance Co. Ltd. | 2926 | 56 |
|  Federal Bank Ltd. (a) | 23176 | 58 |
|  HDFC Asset Management Co. Ltd. | 585 | 35 |
|  HDFC Bank Ltd. | 40449 | 944 |
|  HDFC Life Insurance Co. Ltd. | 3008 | 29 |
|  ICICI Lombard General Insurance Co. Ltd. | 2461 | 59 |
|  Indian Railway Finance Corp. Ltd. | 31978 | 53 |
|  Kotak Mahindra Bank Ltd. (a) | 9922 | 250 |
|  Muthoot Finance Ltd. | 1670 | 51 |
|  Power Finance Corp. Ltd. | 30141 | 150 |
|  Sammaan Capital Ltd. | 65660 | 109 |
|  SBI Cards & Payment Services Ltd. | 1076 | 12 |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  Shriram Finance Ltd. | 19582 | 161 |
|  Sundaram Finance Ltd. | 704 | 42 |
|  |  | 2439 |
| HEALTH CARE 1.1% | HEALTH CARE 1.1% | HEALTH CARE 1.1% |
|  Alkem Laboratories Ltd. | 403 | 23 |
|  Apollo Hospitals Enterprise Ltd. | 388 | 33 |
|  Cipla Ltd. | 7765 | 136 |
|  Divi's Laboratories Ltd. | 2333 | 185 |
|  Dr. Reddy's Laboratories Ltd. | 6148 | 92 |
|  Glenmark Pharmaceuticals Ltd. | 2281 | 47 |
|  Ipca Laboratories Ltd. | 1204 | 20 |
|  Lupin Ltd. | 6254 | 142 |
|  Mankind Pharma Ltd. (a) | 863 | 23 |
|  Sun Pharmaceutical Industries Ltd. | 18561 | 363 |
|  Torrent Pharmaceuticals Ltd. | 2238 | 89 |
|  Zydus Lifesciences Ltd. | 5906 | 68 |
|  |  | 1221 |
| INDUSTRIALS 0.4% | INDUSTRIALS 0.4% | INDUSTRIALS 0.4% |
|  Ashok Leyland Ltd. | 19275 | 57 |
|  Bharat Electronics Ltd. | 28719 | 141 |
|  Hindustan Aeronautics Ltd. | 1437 | 82 |
|  InterGlobe Aviation Ltd. (a) | 2156 | 150 |
|  |  | 430 |
| INFORMATION TECHNOLOGY 2.3% | INFORMATION TECHNOLOGY 2.3% | INFORMATION TECHNOLOGY 2.3% |
|  Coforge Ltd. | 3685 | 83 |
|  HCL Technologies Ltd. | 23817 | 480 |
|  Infosys Ltd. | 33999 | 635 |
|  LTIMindtree Ltd. | 446 | 28 |
|  Mphasis Ltd. | 1444 | 48 |
|  Oracle Financial Services Software Ltd. | 878 | 92 |
|  Persistent Systems Ltd. | 818 | 58 |
|  Redington Ltd. | 16227 | 61 |
|  Tata Consultancy Services Ltd. | 16979 | 686 |
|  Tech Mahindra Ltd. | 14554 | 286 |
|  Wipro Ltd. | 25741 | 80 |
|  |  | 2537 |
| MATERIALS 1.4% | MATERIALS 1.4% | MATERIALS 1.4% |
|  Asian Paints Ltd. | 1280 | 35 |
|  Castrol India Ltd. | 8404 | 22 |
|  Chambal Fertilisers & Chemicals Ltd. | 1632 | 11 |
|  Coromandel International Ltd. | 2282 | 67 |
|  Grasim Industries Ltd. | 4270 | 141 |
|  Jindal Steel & Power Ltd. | 9265 | 102 |
|  JSW Steel Ltd. | 9397 | 112 |
|  National Aluminium Co. Ltd. | 42974 | 97 |
|  NMDC Ltd. | 95040 | 77 |
|  Steel Authority of India Ltd. | 78558 | 121 |
|  Supreme Industries Ltd. | 962 | 49 |
|  Tata Steel Ltd. | 123684 | 231 |
|  UltraTech Cement Ltd. | 901 | 127 |
|  UPL Ltd. | 1598 | 12 |
|  Vedanta Ltd. | 59392 | 320 |
|  |  | 1524 |
| UTILITIES 1.0% | UTILITIES 1.0% | UTILITIES 1.0% |
|  Gujarat State Petronet Ltd. | 6829 | 26 |
|  NHPC Ltd. | 82493 | 83 |

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025<sub>13</sub> |

---

------

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF (Cont.)

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  NTPC Ltd. | 94602 | 369 |
|  Power Grid Corp. of India Ltd. | 133681 | 467 |
|  PTC India Ltd. | 16092 | 34 |
|  Reliance Power Ltd. (a) | 89438 | 73 |
|  |  | 1052 |
|  Total India |  | 13530 |
| INDONESIA 0.9% | INDONESIA 0.9% | INDONESIA 0.9% |
| COMMUNICATION SERVICES 0.3% | COMMUNICATION SERVICES 0.3% | COMMUNICATION SERVICES 0.3% |
|  Telkom Indonesia Persero Tbk PT | 1729900 | 296 |
| CONSUMER STAPLES 0.1% | CONSUMER STAPLES 0.1% | CONSUMER STAPLES 0.1% |
|  Indofood CBP Sukses Makmur Tbk PT | 58600 | 38 |
|  Indofood Sukses Makmur Tbk PT | 28200 | 14 |
|  Japfa Comfeed Indonesia Tbk PT | 87300 | 8 |
|  Sumber Alfaria Trijaya Tbk PT | 302500 | 45 |
|  |  | 105 |
| ENERGY 0.2% | ENERGY 0.2% | ENERGY 0.2% |
|  Alamtri Resources Indonesia Tbk PT | 556000 | 63 |
|  Dian Swastatika Sentosa Tbk PT (a) | 24900 | 82 |
|  Indo Tambangraya Megah Tbk PT | 22500 | 30 |
|  United Tractors Tbk PT | 30300 | 40 |
|  |  | 215 |
| FINANCIALS 0.3% | FINANCIALS 0.3% | FINANCIALS 0.3% |
|  Bank Central Asia Tbk PT | 501200 | 268 |
| HEALTH CARE 0.0% | HEALTH CARE 0.0% | HEALTH CARE 0.0% |
|  Kalbe Farma Tbk PT | 406200 | 38 |
| INDUSTRIALS 0.0% | INDUSTRIALS 0.0% | INDUSTRIALS 0.0% |
|  Astra International Tbk PT | 129600 | 36 |
| MATERIALS 0.0% | MATERIALS 0.0% | MATERIALS 0.0% |
|  Aneka Tambang Tbk | 91000 | 17 |
| UTILITIES 0.0% | UTILITIES 0.0% | UTILITIES 0.0% |
|  Perusahaan Gas Negara Tbk PT | 209000 | 21 |
|  Total Indonesia |  | 996 |
| KUWAIT 0.8% | KUWAIT 0.8% | KUWAIT 0.8% |
| COMMUNICATION SERVICES 0.0% | COMMUNICATION SERVICES 0.0% | COMMUNICATION SERVICES 0.0% |
|  Mobile Telecommunications Co. KSCP | 33058 | 52 |
| FINANCIALS 0.8% | FINANCIALS 0.8% | FINANCIALS 0.8% |
|  Al Ahli Bank of Kuwait KSCP | 4168 | 4 |
|  Boubyan Bank KSCP | 34311 | 81 |
|  Gulf Bank KSCP | 62761 | 74 |
|  Kuwait Finance House KSCP | 172995 | 454 |
|  National Bank of Kuwait SAKP | 72984 | 238 |
|  |  | 851 |
| INDUSTRIALS 0.0% | INDUSTRIALS 0.0% | INDUSTRIALS 0.0% |
|  National Industries Group Holding SAK | 6406 | 6 |

---

---

| | | |
|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) |
| REAL ESTATE 0.0% | REAL ESTATE 0.0% | REAL ESTATE 0.0% |
|  Mabanee Co. KPSC | 1738 | 5 |
|  Total Kuwait |  | 914 |
| MALAYSIA 2.1% | MALAYSIA 2.1% | MALAYSIA 2.1% |
| COMMUNICATION SERVICES 0.1% | COMMUNICATION SERVICES 0.1% | COMMUNICATION SERVICES 0.1% |
|  Axiata Group Bhd | 45900 | 25 |
|  Maxis Bhd | 37200 | 32 |
|  Telekom Malaysia Bhd | 37300 | 58 |
|  |  | 115 |
| CONSUMER DISCRETIONARY 0.1% | CONSUMER DISCRETIONARY 0.1% | CONSUMER DISCRETIONARY 0.1% |
|  Genting Bhd | 48000 | 35 |
|  Genting Malaysia Bhd | 100500 | 46 |
|  |  | 81 |
| CONSUMER STAPLES 0.1% | CONSUMER STAPLES 0.1% | CONSUMER STAPLES 0.1% |
|  IOI Corp. Bhd | 28800 | 26 |
|  Kuala Lumpur Kepong Bhd | 7300 | 36 |
|  PPB Group Bhd | 7000 | 17 |
|  SD Guthrie Bhd | 31600 | 35 |
|  United Plantations Bhd | 2000 | 10 |
|  |  | 124 |
| FINANCIALS 0.8% | FINANCIALS 0.8% | FINANCIALS 0.8% |
|  AMMB Holdings Bhd | 51000 | 62 |
|  CIMB Group Holdings Bhd | 203200 | 328 |
|  Hong Leong Bank Bhd | 11600 | 54 |
|  Malayan Banking Bhd | 111700 | 257 |
|  Public Bank Bhd. | 115800 | 118 |
|  RHB Bank Bhd | 40500 | 61 |
|  |  | 880 |
| HEALTH CARE 0.2% | HEALTH CARE 0.2% | HEALTH CARE 0.2% |
|  Hartalega Holdings Bhd | 103000 | 40 |
|  IHH Healthcare Bhd | 50600 | 82 |
|  Kossan Rubber Industries Bhd | 16400 | 6 |
|  Top Glove Corp. Bhd (a) | 442800 | 75 |
|  |  | 203 |
| INDUSTRIALS 0.3% | INDUSTRIALS 0.3% | INDUSTRIALS 0.3% |
|  Gamuda Bhd | 97600 | 111 |
|  IJM Corp. Bhd | 130700 | 82 |
|  MISC Bhd | 20400 | 37 |
|  Sime Darby Bhd | 163800 | 64 |
|  Sunway Bhd | 55700 | 62 |
|  |  | 356 |
| MATERIALS 0.1% | MATERIALS 0.1% | MATERIALS 0.1% |
|  Petronas Chemicals Group Bhd | 60600 | 50 |
|  Press Metal Aluminium Holdings Bhd | 21000 | 26 |
|  |  | 76 |
| UTILITIES 0.4% | UTILITIES 0.4% | UTILITIES 0.4% |
|  Petronas Gas Bhd | 5200 | 22 |
|  Tenaga Nasional Bhd | 80700 | 276 |
|  YTL Corp. Bhd | 169400 | 93 |
|  YTL Power International Bhd | 34400 | 32 |
|  |  | 423 |
|  Total Malaysia |  | 2258 |

---

---

| | | |
|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) |
| MEXICO 2.7% | MEXICO 2.7% | MEXICO 2.7% |
| COMMUNICATION SERVICES 0.4% | COMMUNICATION SERVICES 0.4% | COMMUNICATION SERVICES 0.4% |
|  America Movil SAB de CV 'B' | 387200 | 346 |
|  Grupo Televisa SAB | 108863 | 48 |
|  Megacable Holdings SAB de CV | 12334 | 35 |
|  |  | 429 |
| CONSUMER STAPLES 1.6% | CONSUMER STAPLES 1.6% | CONSUMER STAPLES 1.6% |
|  Alfa SAB de CV 'A' | 143346 | 106 |
|  Arca Continental SAB de CV | 17033 | 180 |
|  Coca-Cola Femsa SAB de CV | 17768 | 172 |
|  Fomento Economico Mexicano SAB de CV | 35589 | 366 |
|  Gruma SAB de CV 'B' | 4302 | 74 |
|  Grupo Bimbo SAB de CV 'A' | 18189 | 51 |
|  Kimberly-Clark de Mexico SAB de CV 'A' | 46717 | 86 |
|  Wal-Mart de Mexico SAB de CV | 205790 | 682 |
|  |  | 1717 |
| FINANCIALS 0.2% | FINANCIALS 0.2% | FINANCIALS 0.2% |
|  Grupo Financiero Banorte SAB de CV | 20000 | 183 |
| INDUSTRIALS 0.1% | INDUSTRIALS 0.1% | INDUSTRIALS 0.1% |
|  Grupo Aeroportuario del Sureste SAB de CV 'B' | 2670 | 85 |
| MATERIALS 0.4% | MATERIALS 0.4% | MATERIALS 0.4% |
|  Grupo Mexico SAB de CV 'B' | 72280 | 438 |
|  Industrias Penoles SAB de CV (a) | 700 | 19 |
|  Orbia Advance Corp. SAB de CV | 34338 | 24 |
|  |  | 481 |
|  Total Mexico |  | 2895 |
| NETHERLANDS 0.0% | NETHERLANDS 0.0% | NETHERLANDS 0.0% |
| REAL ESTATE 0.0% | REAL ESTATE 0.0% | REAL ESTATE 0.0% |
|  NEPI Rockcastle NV | 6704 | 51 |
|  Total Netherlands |  | 51 |
| PHILIPPINES 0.3% | PHILIPPINES 0.3% | PHILIPPINES 0.3% |
| COMMUNICATION SERVICES 0.1% | COMMUNICATION SERVICES 0.1% | COMMUNICATION SERVICES 0.1% |
|  PLDT, Inc. | 2295 | 49 |
| CONSUMER STAPLES 0.0% | CONSUMER STAPLES 0.0% | CONSUMER STAPLES 0.0% |
|  Universal Robina Corp. | 13850 | 22 |
| FINANCIALS 0.1% | FINANCIALS 0.1% | FINANCIALS 0.1% |
|  Bank of the Philippine Islands | 4850 | 11 |
|  BDO Unibank, Inc. | 15610 | 43 |
|  Metropolitan Bank & Trust Co. | 24200 | 31 |
|  |  | 85 |
| INDUSTRIALS 0.1% | INDUSTRIALS 0.1% | INDUSTRIALS 0.1% |
|  International Container Terminal Services, Inc. | 15210 | 111 |
| UTILITIES 0.0% | UTILITIES 0.0% | UTILITIES 0.0% |
|  Manila Electric Co. | 3100 | 30 |
|  Total Philippines |  | 297 |

---

14 PIMCO EQUITY SERIES See Accompanying Notes

------

June 30, 2025

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
| POLAND 0.9% | POLAND 0.9% | POLAND 0.9% |
| COMMUNICATION SERVICES 0.1% | COMMUNICATION SERVICES 0.1% | COMMUNICATION SERVICES 0.1% |
|  Cyfrowy Polsat SA (a) | 19114 | 94 |
|  Orange Polska SA | 17822 | 45 |
|  |  | 139 |
| CONSUMER DISCRETIONARY 0.0% | CONSUMER DISCRETIONARY 0.0% | CONSUMER DISCRETIONARY 0.0% |
|  LPP SA | 6 | 24 |
| ENERGY 0.1% | ENERGY 0.1% | ENERGY 0.1% |
|  ORLEN SA | 4676 | 107 |
| FINANCIALS 0.3% | FINANCIALS 0.3% | FINANCIALS 0.3% |
|  Powszechna Kasa Oszczednosci Bank Polski SA | 10358 | 217 |
|  Powszechny Zaklad Ubezpieczen SA | 2935 | 51 |
|  |  | 268 |
| INFORMATION TECHNOLOGY 0.1% | INFORMATION TECHNOLOGY 0.1% | INFORMATION TECHNOLOGY 0.1% |
|  Asseco Poland SA | 2182 | 122 |
| UTILITIES 0.3% | UTILITIES 0.3% | UTILITIES 0.3% |
|  Enea SA (a) | 11339 | 61 |
|  PGE Polska Grupa Energetyczna SA (a) | 30913 | 98 |
|  Tauron Polska Energia SA (a) | 52054 | 122 |
|  |  | 281 |
|  Total Poland |  | 941 |
| QATAR 0.5% | QATAR 0.5% | QATAR 0.5% |
| COMMUNICATION SERVICES 0.0% | COMMUNICATION SERVICES 0.0% | COMMUNICATION SERVICES 0.0% |
|  Ooredoo QPSC | 11948 | 42 |
| ENERGY 0.1% | ENERGY 0.1% | ENERGY 0.1% |
|  Qatar Fuel QSC | 2515 | 10 |
|  Qatar Gas Transport Co. Ltd. | 23384 | 32 |
|  |  | 42 |
| FINANCIALS 0.3% | FINANCIALS 0.3% | FINANCIALS 0.3% |
|  Al Rayan Bank | 107722 | 69 |
|  Commercial Bank PSQC | 9852 | 12 |
|  Doha Bank QPSC | 67003 | 47 |
|  Qatar Islamic Bank QPSC | 11863 | 72 |
|  Qatar National Bank QPSC | 32610 | 156 |
|  |  | 356 |
| INDUSTRIALS 0.1% | INDUSTRIALS 0.1% | INDUSTRIALS 0.1% |
|  Industries Qatar QSC | 23926 | 81 |
| REAL ESTATE 0.0% | REAL ESTATE 0.0% | REAL ESTATE 0.0% |
|  Barwa Real Estate Co. | 55219 | 42 |
| UTILITIES 0.0% | UTILITIES 0.0% | UTILITIES 0.0% |
|  Qatar Electricity & Water Co. QSC | 2341 | 10 |
|  Total Qatar |  | 573 |
| RUSSIA 0.0% | RUSSIA 0.0% | RUSSIA 0.0% |
| ENERGY 0.0% | ENERGY 0.0% | ENERGY 0.0% |
|  Gazprom Neft PJSC « | 13620 | 0 |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  Gazprom PJSC «(a) | 635130 | 0 |
|  LUKOIL PJSC « | 15703 | 0 |
|  Novatek PJSC « | 21924 | 0 |
|  Rosneft Oil Co. PJSC « | 66050 | 0 |
|  Surgutneftegas PAO « | 701700 | 0 |
|  Tatneft PJSC « | 19086 | 0 |
|  |  | 0 |
| FINANCIALS 0.0% | FINANCIALS 0.0% | FINANCIALS 0.0% |
|  Sberbank of Russia PJSC « | 117340 | 0 |
|  VTB Bank PJSC «(a) | 119798 | 0 |
|  |  | 0 |
| MATERIALS 0.0% | MATERIALS 0.0% | MATERIALS 0.0% |
|  GMK Norilskiy Nickel PAO «(a) | 126900 | 0 |
|  Magnitogorsk Iron & Steel Works PJSC « | 160600 | 0 |
|  Novolipetsk Steel PJSC « | 88470 | 0 |
|  Severstal PAO « | 17344 | 0 |
|  |  | 0 |
| UTILITIES 0.0% | UTILITIES 0.0% | UTILITIES 0.0% |
|  Federal Grid Co. - Rosseti PJSC «(a) | 22174692 | 0 |
|  Inter RAO UES PJSC «(a) | 1587500 | 0 |
|  |  | 0 |
|  Total Russia |  | 0 |
| SAUDI ARABIA 2.4% | SAUDI ARABIA 2.4% | SAUDI ARABIA 2.4% |
| COMMUNICATION SERVICES 0.5% | COMMUNICATION SERVICES 0.5% | COMMUNICATION SERVICES 0.5% |
|  Etihad Etisalat Co. | 2929 | 46 |
|  Mobile Telecommunications Co. Saudi Arabia | 3684 | 11 |
|  Saudi Telecom Co. | 42292 | 480 |
|  |  | 537 |
| CONSUMER DISCRETIONARY 0.0% | CONSUMER DISCRETIONARY 0.0% | CONSUMER DISCRETIONARY 0.0% |
|  Jarir Marketing Co. | 11272 | 38 |
| CONSUMER STAPLES 0.1% | CONSUMER STAPLES 0.1% | CONSUMER STAPLES 0.1% |
|  Abdullah Al Othaim Markets Co. | 10341 | 21 |
|  Almarai Co. JSC | 5999 | 81 |
|  Savola Group | 1620 | 12 |
|  |  | 114 |
| ENERGY 0.7% | ENERGY 0.7% | ENERGY 0.7% |
|  Saudi Arabian Oil Co. | 115487 | 749 |
| FINANCIALS 0.5% | FINANCIALS 0.5% | FINANCIALS 0.5% |
|  Al Rajhi Bank | 14926 | 377 |
|  Arab National Bank | 4972 | 29 |
|  Bupa Arabia for Cooperative Insurance Co. | 1075 | 51 |
|  Riyad Bank | 6530 | 50 |
|  Saudi Investment Bank | 10408 | 40 |
|  |  | 547 |
| HEALTH CARE 0.1% | HEALTH CARE 0.1% | HEALTH CARE 0.1% |
|  Dr. Sulaiman Al Habib Medical Services Group Co. | 1067 | 77 |

---

---

| | | |
|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) |
| MATERIALS 0.4% | MATERIALS 0.4% | MATERIALS 0.4% |
|  Advanced Petrochemical Co. (a) | 2227 | 18 |
|  SABIC Agri-Nutrients Co. | 1866 | 53 |
|  Sahara International Petrochemical Co. | 7283 | 39 |
|  Saudi Basic Industries Corp. | 15557 | 227 |
|  Saudi Cement Co. | 957 | 10 |
|  Yanbu National Petrochemical Co. | 7401 | 60 |
|  |  | 407 |
| REAL ESTATE 0.1% | REAL ESTATE 0.1% | REAL ESTATE 0.1% |
|  Arabian Centres Co. | 6404 | 33 |
|  Dar Al Arkan Real Estate Development Co. (a) | 5608 | 29 |
|  |  | 62 |
| UTILITIES 0.0% | UTILITIES 0.0% | UTILITIES 0.0% |
|  Saudi Electricity Co. | 10854 | 42 |
|  Total Saudi Arabia |  | 2573 |
| SOUTH AFRICA 4.2% | SOUTH AFRICA 4.2% | SOUTH AFRICA 4.2% |
| COMMUNICATION SERVICES 0.7% | COMMUNICATION SERVICES 0.7% | COMMUNICATION SERVICES 0.7% |
|  MTN Group Ltd. | 63482 | 505 |
|  MultiChoice Group (a) | 13315 | 89 |
|  Telkom SA SOC Ltd. (a) | 6688 | 20 |
|  Vodacom Group Ltd. | 14987 | 116 |
|  |  | 730 |
| CONSUMER DISCRETIONARY 0.5% | CONSUMER DISCRETIONARY 0.5% | CONSUMER DISCRETIONARY 0.5% |
|  Foschini Group Ltd. | 3333 | 24 |
|  Motus Holdings Ltd. | 5938 | 31 |
|  Mr. Price Group Ltd. | 7265 | 91 |
|  Naspers Ltd. 'N' | 1316 | 411 |
|  Woolworths Holdings Ltd. | 18704 | 55 |
|  |  | 612 |
| CONSUMER STAPLES 0.5% | CONSUMER STAPLES 0.5% | CONSUMER STAPLES 0.5% |
|  Bid Corp. Ltd. | 4810 | 127 |
|  Shoprite Holdings Ltd. | 14189 | 222 |
|  SPAR Group Ltd. (a) | 11606 | 71 |
|  Tiger Brands Ltd. | 5767 | 104 |
|  |  | 524 |
| ENERGY 0.1% | ENERGY 0.1% | ENERGY 0.1% |
|  Exxaro Resources Ltd. | 10587 | 88 |
| FINANCIALS 0.8% | FINANCIALS 0.8% | FINANCIALS 0.8% |
|  Absa Group Ltd. | 8237 | 82 |
|  Capitec Bank Holdings Ltd. | 1018 | 204 |
|  Discovery Ltd. | 7199 | 87 |
|  FirstRand Ltd. | 91192 | 390 |
|  Momentum Group Ltd. | 6436 | 12 |
|  Nedbank Group Ltd. | 5158 | 71 |
|  |  | 846 |
| HEALTH CARE 0.1% | HEALTH CARE 0.1% | HEALTH CARE 0.1% |
|  Aspen Pharmacare Holdings Ltd. | 8601 | 58 |
|  Life Healthcare Group Holdings Ltd. | 38291 | 31 |
|  |  | 89 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| JUNE 30, 2025 15

------

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF (Cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| INDUSTRIALS 0.1% | INDUSTRIALS 0.1% | INDUSTRIALS 0.1% | INDUSTRIALS 0.1% |
|  Bidvest Group Ltd. | 7530 | $— | 99 |
| MATERIALS 1.4% | MATERIALS 1.4% | MATERIALS 1.4% | MATERIALS 1.4% |
|  African Rainbow Minerals Ltd. | 2643 |  | 26 |
|  Gold Fields Ltd. | 19268 |  | 456 |
|  Harmony Gold Mining Co. Ltd. | 7042 |  | 98 |
|  Impala Platinum Holdings Ltd. (a) | 38011 |  | 342 |
|  Kumba Iron Ore Ltd. | 2812 |  | 45 |
|  Sappi Ltd. | 27076 |  | 46 |
|  Sasol Ltd. | 16248 |  | 72 |
|  Sibanye Stillwater Ltd. | 169322 |  | 308 |
|  Valterra Platinum Ltd. | 3733 |  | 166 |
|  |  |  | 1559 |
|  Total South Africa |  |  | 4547 |
| SOUTH KOREA 9.9% | SOUTH KOREA 9.9% | SOUTH KOREA 9.9% | SOUTH KOREA 9.9% |
| COMMUNICATION SERVICES 1.0% | COMMUNICATION SERVICES 1.0% | COMMUNICATION SERVICES 1.0% | COMMUNICATION SERVICES 1.0% |
|  KT Corp. | 10049 |  | 411 |
|  LG Uplus Corp. | 9348 |  | 99 |
|  NAVER Corp. | 1250 |  | 243 |
|  SK Telecom Co. Ltd. | 6764 |  | 285 |
|  |  |  | 1038 |
| CONSUMER DISCRETIONARY 1.6% | CONSUMER DISCRETIONARY 1.6% | CONSUMER DISCRETIONARY 1.6% | CONSUMER DISCRETIONARY 1.6% |
|  Coway Co. Ltd. | 1955 |  | 140 |
|  Hankook Tire & Technology Co. Ltd. | 2164 |  | 64 |
|  HL Mando Co. Ltd. | 1528 |  | 37 |
|  Hyundai Mobis Co. Ltd. | 1542 |  | 327 |
|  Hyundai Motor Co. | 3787 |  | 569 |
|  Kia Corp. | 4326 |  | 309 |
|  LG Electronics, Inc. | 4537 |  | 247 |
|  Lotte Shopping Co. Ltd. | 794 |  | 44 |
|  Shinsegae, Inc. | 218 |  | 30 |
|  |  |  | 1767 |
| CONSUMER STAPLES 0.5% | CONSUMER STAPLES 0.5% | CONSUMER STAPLES 0.5% | CONSUMER STAPLES 0.5% |
|  CJ CheilJedang Corp. | 487 |  | 90 |
|  E-MART, Inc. | 1450 |  | 92 |
|  GS Retail Co. Ltd. | 716 |  | 9 |
|  KT&G Corp. | 2633 |  | 248 |
|  LG H&H Co. Ltd. | 302 |  | 71 |
|  |  |  | 510 |
| ENERGY 0.3% | ENERGY 0.3% | ENERGY 0.3% | ENERGY 0.3% |
|  HD Hyundai Co. Ltd. | 1493 |  | 143 |
|  S-Oil Corp. | 1092 |  | 48 |
|  SK Innovation Co. Ltd. | 1660 |  | 151 |
|  |  |  | 342 |
| FINANCIALS 2.8% | FINANCIALS 2.8% | FINANCIALS 2.8% | FINANCIALS 2.8% |
|  BNK Financial Group, Inc. | 15356 |  | 141 |
|  DB Insurance Co. Ltd. | 1695 |  | 155 |
|  Hana Financial Group, Inc. | 7758 |  | 494 |
|  Hanwha Life Insurance Co. Ltd. | 13954 |  | 34 |
|  Hyundai Marine & Fire Insurance Co. Ltd. | 4139 |  | 81 |
|  Industrial Bank of Korea | 9764 |  | 132 |
|  KB Financial Group, Inc. | 5379 |  | 442 |
|  Korea Investment Holdings Co. Ltd. | 581 |  | 60 |
|  Meritz Financial Group, Inc. | 1672 |  | 139 |
|  Mirae Asset Securities Co. Ltd. | 3285 |  | 52 |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  NH Investment & Securities Co. Ltd. 'C' | 2003 | 30 |
|  Samsung Card Co. Ltd. | 693 | 25 |
|  Samsung Fire & Marine Insurance Co. Ltd. | 1026 | 329 |
|  Samsung Life Insurance Co. Ltd. | 1613 | 152 |
|  Shinhan Financial Group Co. Ltd. | 11659 | 529 |
|  Woori Financial Group, Inc. | 17087 | 284 |
|  |  | 3079 |
| INDUSTRIALS 2.3% | INDUSTRIALS 2.3% | INDUSTRIALS 2.3% |
|  CJ Corp. | 951 | 113 |
|  CJ Logistics Corp. | 790 | 51 |
|  Daewoo Engineering & Construction Co. Ltd. (a) | 12774 | 40 |
|  DL E&C Co. Ltd. | 2168 | 83 |
|  Doosan Co. Ltd. | 1236 | 598 |
|  Doosan Enerbility Co. Ltd. (a) | 3884 | 197 |
|  GS Engineering & Construction Corp. | 4882 | 75 |
|  GS Holdings Corp. | 992 | 34 |
|  Hanwha Corp. | 4180 | 291 |
|  HD Korea Shipbuilding & Offshore Engineering Co. Ltd. | 580 | 157 |
|  HMM Co. Ltd. | 3091 | 51 |
|  Hyundai Engineering & Construction Co. Ltd. | 3413 | 198 |
|  Hyundai Glovis Co. Ltd. | 1394 | 139 |
|  LG Corp. | 1611 | 95 |
|  Lotte Corp. | 1389 | 29 |
|  LS Corp. | 710 | 103 |
|  LX International Corp. | 2407 | 55 |
|  Posco International Corp. | 852 | 31 |
|  SK, Inc. | 1203 | 182 |
|  |  | 2522 |
| INFORMATION TECHNOLOGY 0.2% | INFORMATION TECHNOLOGY 0.2% | INFORMATION TECHNOLOGY 0.2% |
|  LG Display Co. Ltd. (a) | 14615 | 97 |
|  Samsung Electro-Mechanics Co. Ltd. | 1155 | 115 |
|  |  | 212 |
| MATERIALS 0.7% | MATERIALS 0.7% | MATERIALS 0.7% |
|  Hyundai Steel Co. | 5001 | 108 |
|  KCC Corp. | 272 | 63 |
|  Korea Zinc Co. Ltd. | 303 | 183 |
|  Kumho Petrochemical Co. Ltd. | 471 | 39 |
|  Lotte Chemical Corp. | 1200 | 52 |
|  POSCO Holdings, Inc. | 1316 | 254 |
|  |  | 699 |
| UTILITIES 0.5% | UTILITIES 0.5% | UTILITIES 0.5% |
|  Korea Electric Power Corp. | 17583 | 508 |
|  Korea Gas Corp. | 2280 | 70 |
|  |  | 578 |
|  Total South Korea |  | 10747 |
| TAIWAN 18.2% | TAIWAN 18.2% | TAIWAN 18.2% |
| COMMUNICATION SERVICES 1.0% | COMMUNICATION SERVICES 1.0% | COMMUNICATION SERVICES 1.0% |
|  Chunghwa Telecom Co. Ltd. | 129000 | 597 |
|  Far EasTone Telecommunications Co. Ltd. | 64000 | 196 |
|  Taiwan Mobile Co. Ltd. | 69000 | 271 |
|  |  | 1064 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| CONSUMER DISCRETIONARY 0.4% | CONSUMER DISCRETIONARY 0.4% | CONSUMER DISCRETIONARY 0.4% | CONSUMER DISCRETIONARY 0.4% |
|  Cheng Shin Rubber Industry Co. Ltd. | 55000 | $— | 71 |
|  China Motor Corp. | 25000 |  | 53 |
|  Eclat Textile Co. Ltd. (a) | 5000 |  | 70 |
|  Feng TAY Enterprise Co. Ltd. | 13560 |  | 57 |
|  Nien Made Enterprise Co. Ltd. | 2000 |  | 28 |
|  Pou Chen Corp. | 113000 |  | 120 |
|  |  |  | 399 |
| CONSUMER STAPLES 0.4% | CONSUMER STAPLES 0.4% | CONSUMER STAPLES 0.4% | CONSUMER STAPLES 0.4% |
|  Great Wall Enterprise Co. Ltd. | 10008 |  | 23 |
|  President Chain Store Corp. | 12000 |  | 105 |
|  Uni-President Enterprises Corp. | 105000 |  | 291 |
|  |  |  | 419 |
| ENERGY 0.0% | ENERGY 0.0% | ENERGY 0.0% | ENERGY 0.0% |
|  Formosa Petrochemical Corp. | 20000 |  | 25 |
| FINANCIALS 4.0% | FINANCIALS 4.0% | FINANCIALS 4.0% | FINANCIALS 4.0% |
|  Cathay Financial Holding Co. Ltd. | 279200 |  | 601 |
|  Chang Hwa Commercial Bank Ltd. | 135284 |  | 87 |
|  CTBC Financial Holding Co. Ltd. | 650000 |  | 973 |
|  E.Sun Financial Holding Co. Ltd. | 232447 |  | 261 |
|  First Financial Holding Co. Ltd. | 176904 |  | 176 |
|  Fubon Financial Holding Co. Ltd. | 187103 |  | 560 |
|  Hua Nan Financial Holdings Co. Ltd. 'C' | 142588 |  | 133 |
|  KGI Financial Holding Co. Ltd. | 470096 |  | 241 |
|  Mega Financial Holding Co. Ltd. | 181515 |  | 255 |
|  Shanghai Commercial & Savings Bank Ltd. | 97712 |  | 155 |
|  Shin Kong Financial Holding Co. Ltd. (a) | 472847 |  | 183 |
|  SinoPac Financial Holdings Co. Ltd. | 231602 |  | 192 |
|  Taishin Financial Holding Co. Ltd. | 216971 |  | 117 |
|  Taiwan Business Bank | 184967 |  | 97 |
|  Taiwan Cooperative Financial Holding Co. Ltd. | 121503 |  | 103 |
|  Yuanta Financial Holding Co. Ltd. | 226917 |  | 265 |
|  |  |  | 4399 |
| INDUSTRIALS 1.3% | INDUSTRIALS 1.3% | INDUSTRIALS 1.3% | INDUSTRIALS 1.3% |
|  Eva Airways Corp. | 38000 |  | 52 |
|  Evergreen Marine Corp. Taiwan Ltd. | 83000 |  | 565 |
|  Far Eastern New Century Corp. | 84000 |  | 95 |
|  Taiwan High Speed Rail Corp. | 15000 |  | 14 |
|  Teco Electric & Machinery Co. Ltd. | 42000 |  | 68 |
|  Yang Ming Marine Transport Corp. | 260000 |  | 632 |
|  |  |  | 1426 |
| INFORMATION TECHNOLOGY 10.2% | INFORMATION TECHNOLOGY 10.2% | INFORMATION TECHNOLOGY 10.2% | INFORMATION TECHNOLOGY 10.2% |
|  Accton Technology Corp. | 9000 |  | 225 |
|  Acer, Inc. | 106000 |  | 110 |
|  Advantech Co. Ltd. | 7119 |  | 83 |
|  ASE Technology Holding Co. Ltd. | 97000 |  | 487 |
|  Asustek Computer, Inc. | 38000 |  | 840 |
|  AUO Corp. | 293600 |  | 124 |
|  Catcher Technology Co. Ltd. | 26000 |  | 189 |
|  Cheng Uei Precision Industry Co. Ltd. | 18000 |  | 32 |
|  Chicony Electronics Co. Ltd. | 31000 |  | 138 |
|  Compal Electronics, Inc. | 189000 |  | 188 |
|  Delta Electronics, Inc. | 52000 |  | 736 |
|  Foxconn Technology Co. Ltd. | 49000 |  | 107 |

---

---

| | | |
|:---|:---|:---|
| **16** | **PIMCO EQUITY SERIES** | See Accompanying Notes |

---

------

June 30, 2025

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  General Interface Solution GIS Holding Ltd. | 18000 | 25 |
|  Himax Technologies, Inc. ADR | 1155 | 10 |
|  Hon Hai Precision Industry Co. Ltd. | 201600 | 1112 |
|  Innolux Corp. | 356592 | 143 |
|  Inventec Corp. | 164000 | 238 |
|  Kinpo Electronics | 61000 | 42 |
|  Largan Precision Co. Ltd. | 1290 | 105 |
|  Lite-On Technology Corp. | 71000 | 269 |
|  Macronix International Co. Ltd. | 53000 | 38 |
|  MediaTek, Inc. | 42000 | 1800 |
|  Micro-Star International Co. Ltd. | 19000 | 93 |
|  Mitac Holdings Corp. (a) | 65000 | 149 |
|  Novatek Microelectronics Corp. | 12000 | 224 |
|  Pegatron Corp. | 72000 | 190 |
|  Powertech Technology, Inc. | 45000 | 202 |
|  Primax Electronics Ltd. | 18000 | 45 |
|  Qisda Corp. | 22000 | 20 |
|  Quanta Computer, Inc. | 78000 | 734 |
|  Radiant Opto-Electronics Corp. | 17000 | 78 |
|  Realtek Semiconductor Corp. | 8000 | 155 |
|  Silicon Motion Technology Corp. | 705 | 53 |
|  Supreme Electronics Co. Ltd. | 30861 | 47 |
|  Synnex Technology International Corp. | 43000 | 95 |
|  Taiwan Semiconductor Manufacturing Co. Ltd. | 28000 | 1024 |
|  TPK Holding Co. Ltd. (a) | 25000 | 27 |
|  Tripod Technology Corp. | 10000 | 85 |
|  Wistron Corp. | 91347 | 384 |
|  WPG Holdings Ltd. | 62560 | 150 |
|  WT Microelectronics Co. Ltd. | 38880 | 171 |
|  Zhen Ding Technology Holding Ltd. | 32000 | 110 |
|  |  | 11077 |
| MATERIALS 0.8% | MATERIALS 0.8% | MATERIALS 0.8% |
|  Asia Cement Corp. | 68000 | 99 |
|  China Steel Corp. | 266000 | 171 |
|  Eternal Materials Co. Ltd. | 25300 | 21 |
|  Formosa Chemicals & Fibre Corp. | 61000 | 48 |
|  Formosa Plastics Corp. | 146000 | 174 |
|  Nan Ya Plastics Corp. | 105000 | 98 |
|  TA Chen Stainless Pipe | 47000 | 56 |
|  Taiwan Fertilizer Co. Ltd. | 10000 | 18 |
|  TCC Group Holdings Co. Ltd. | 125553 | 110 |
|  Tung Ho Steel Enterprise Corp. | 21020 | 46 |
|  |  | 841 |
| REAL ESTATE 0.1% | REAL ESTATE 0.1% | REAL ESTATE 0.1% |
|  Farglory Land Development Co. Ltd. | 4000 | 9 |
|  Highwealth Construction Corp. | 37835 | 53 |
|  Ruentex Development Co. Ltd. | 34380 | 35 |
|  |  | 97 |
|  Total Taiwan |  | 19747 |
| THAILAND 2.9% | THAILAND 2.9% | THAILAND 2.9% |
| COMMUNICATION SERVICES 0.5% | COMMUNICATION SERVICES 0.5% | COMMUNICATION SERVICES 0.5% |
|  Advanced Info Service PCL | 52500 | 450 |
|  Digital Telecommunications Infrastructure Fund 'F' | 197700 | 48 |
|  Jasmine International PCL (a) | 362774 | 15 |
|  True Corp. PCL (a) | 63200 | 21 |
|  |  | 534 |

---

---

| | | |
|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) |
| CONSUMER DISCRETIONARY 0.1% | CONSUMER DISCRETIONARY 0.1% | CONSUMER DISCRETIONARY 0.1% |
|  Home Product Center PCL | 84100 | 17 |
|  Sri Trang Agro-Industry PCL | 129200 | 47 |
|  |  | 64 |
| CONSUMER STAPLES 0.4% | CONSUMER STAPLES 0.4% | CONSUMER STAPLES 0.4% |
|  Berli Jucker PCL | 23600 | 14 |
|  Charoen Pokphand Foods PCL | 304800 | 216 |
|  CP ALL PCL | 135200 | 183 |
|  Osotspa PCL | 16500 | 7 |
|  Thai Beverage PCL | 145400 | 53 |
|  Thai Union Group PCL 'F' | 81000 | 26 |
|  |  | 499 |
| ENERGY 0.6% | ENERGY 0.6% | ENERGY 0.6% |
|  Bangchak Corp. PCL | 61100 | 58 |
|  Banpu PCL | 88100 | 11 |
|  PTT PCL | 618700 | 571 |
|  Thai Oil PCL | 81800 | 68 |
|  |  | 708 |
| FINANCIALS 0.5% | FINANCIALS 0.5% | FINANCIALS 0.5% |
|  Bangkok Bank PCL | 14700 | 63 |
|  Kasikornbank PCL | 30300 | 143 |
|  Krung Thai Bank PCL | 44600 | 29 |
|  SCB X PCL | 22000 | 79 |
|  Thanachart Capital PCL | 29600 | 42 |
|  Tisco Financial Group PCL | 49300 | 147 |
|  |  | 503 |
| HEALTH CARE 0.2% | HEALTH CARE 0.2% | HEALTH CARE 0.2% |
|  Bangkok Dusit Medical Services PCL 'F' | 222200 | 142 |
|  Bumrungrad Hospital PCL | 10400 | 45 |
|  Sri Trang Gloves Thailand PCL | 76700 | 14 |
|  |  | 201 |
| INDUSTRIALS 0.0% | INDUSTRIALS 0.0% | INDUSTRIALS 0.0% |
|  Regional Container Lines PCL | 12500 | 10 |
| INFORMATION TECHNOLOGY 0.2% | INFORMATION TECHNOLOGY 0.2% | INFORMATION TECHNOLOGY 0.2% |
|  Cal-Comp Electronics Thailand PCL 'F' | 247200 | 42 |
|  Delta Electronics Thailand PCL | 58400 | 173 |
|  |  | 215 |
| MATERIALS 0.3% | MATERIALS 0.3% | MATERIALS 0.3% |
|  Indorama Ventures PCL | 13400 | 8 |
|  PTT Global Chemical PCL | 143400 | 88 |
|  Siam Cement PCL | 39500 | 205 |
|  |  | 301 |
| REAL ESTATE 0.1% | REAL ESTATE 0.1% | REAL ESTATE 0.1% |
|  Land & Houses PCL | 234000 | 25 |
|  Supalai PCL | 67500 | 30 |
|  |  | 55 |
| UTILITIES 0.0% | UTILITIES 0.0% | UTILITIES 0.0% |
|  Ratch Group PCL | 25550 | 19 |
|  Total Thailand |  | 3109 |

---

---

| | | |
|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) |
| TURKEY 0.8% | TURKEY 0.8% | TURKEY 0.8% |
| COMMUNICATION SERVICES 0.1% | COMMUNICATION SERVICES 0.1% | COMMUNICATION SERVICES 0.1% |
|  Turk Telekomunikasyon AS (a) | 17989 | 27 |
|  Turkcell Iletisim Hizmetleri AS | 49725 | 120 |
|  |  | 147 |
| CONSUMER DISCRETIONARY 0.0% | CONSUMER DISCRETIONARY 0.0% | CONSUMER DISCRETIONARY 0.0% |
|  Arcelik AS | 2941 | 9 |
|  Ford Otomotiv Sanayi AS | 9000 | 20 |
|  |  | 29 |
| CONSUMER STAPLES 0.3% | CONSUMER STAPLES 0.3% | CONSUMER STAPLES 0.3% |
|  Anadolu Efes Biracilik Ve Malt Sanayii AS | 138300 | 52 |
|  BIM Birlesik Magazalar AS | 19335 | 240 |
|  Coca-Cola Icecek AS | 15690 | 20 |
|  |  | 312 |
| FINANCIALS 0.1% | FINANCIALS 0.1% | FINANCIALS 0.1% |
|  Is Yatirim Menkul Degerler AS 'A' | 75206 | 69 |
| INDUSTRIALS 0.2% | INDUSTRIALS 0.2% | INDUSTRIALS 0.2% |
|  Aselsan Elektronik Sanayi Ve Ticaret AS | 28915 | 109 |
|  Enka Insaat ve Sanayi AS | 50052 | 84 |
|  Tekfen Holding AS | 14578 | 40 |
|  Turkiye Sise ve Cam Fabrikalari AS | 12413 | 11 |
|  |  | 244 |
| MATERIALS 0.1% | MATERIALS 0.1% | MATERIALS 0.1% |
|  Eregli Demir ve Celik Fabrikalari TAS (a) | 97063 | 65 |
|  Petkim Petrokimya Holding AS (a) | 53112 | 23 |
|  |  | 88 |
| UTILITIES 0.0% | UTILITIES 0.0% | UTILITIES 0.0% |
|  Enerjisa Enerji AS | 12194 | 18 |
|  Total Turkey |  | 907 |
| UNITED ARAB EMIRATES 1.3% | UNITED ARAB EMIRATES 1.3% | UNITED ARAB EMIRATES 1.3% |
| COMMUNICATION SERVICES 0.1% | COMMUNICATION SERVICES 0.1% | COMMUNICATION SERVICES 0.1% |
|  Emirates Telecommunications Group Co. PJSC | 18493 | 89 |
| CONSUMER DISCRETIONARY 0.1% | CONSUMER DISCRETIONARY 0.1% | CONSUMER DISCRETIONARY 0.1% |
|  Abu Dhabi National Oil Co. for Distribution PJSC | 62997 | 63 |
| ENERGY 0.1% | ENERGY 0.1% | ENERGY 0.1% |
|  ADNOC Drilling Co. PJSC | 42711 | 66 |
| FINANCIALS 0.5% | FINANCIALS 0.5% | FINANCIALS 0.5% |
|  Abu Dhabi Commercial Bank PJSC | 9188 | 34 |
|  Abu Dhabi Islamic Bank PJSC | 24415 | 143 |
|  Dubai Islamic Bank PJSC | 76877 | 190 |
|  Emirates NBD Bank PJSC | 16279 | 101 |
|  First Abu Dhabi Bank PJSC | 37527 | 169 |
|  |  | 637 |
| MATERIALS 0.0% | MATERIALS 0.0% | MATERIALS 0.0% |
|  Borouge PLC | 24797 | 17 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| JUNE 30, 2025 17

------

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF (Cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| REAL ESTATE 0.4% | REAL ESTATE 0.4% | REAL ESTATE 0.4% | REAL ESTATE 0.4% |
|  Aldar Properties PJSC | 37036 | $— | 90 |
|  Emaar Development PJSC | 35447 |  | 130 |
|  Emaar Properties PJSC | 58109 |  | 216 |
|  |  |  | 436 |
| UTILITIES 0.1% | UTILITIES 0.1% | UTILITIES 0.1% | UTILITIES 0.1% |
|  Dubai Electricity & Water Authority PJSC | 101966 |  | 79 |
|  Total United Arab Emirates |  |  | 1387 |
| UNITED STATES 0.3% | UNITED STATES 0.3% | UNITED STATES 0.3% | UNITED STATES 0.3% |
| HEALTH CARE 0.3% | HEALTH CARE 0.3% | HEALTH CARE 0.3% | HEALTH CARE 0.3% |
|  BeOne Medicines Ltd. (a) | 17200 |  | 325 |
|  Total United States |  |  | 325 |
|  Total Common Stocks (Cost $89,734) | Total Common Stocks (Cost $89,734) |  | 105293 |
| PREFERRED STOCKS 2.4% | PREFERRED STOCKS 2.4% | PREFERRED STOCKS 2.4% | PREFERRED STOCKS 2.4% |
| BRAZIL 2.4% | BRAZIL 2.4% | BRAZIL 2.4% | BRAZIL 2.4% |
| BANKING & FINANCE 0.5% | BANKING & FINANCE 0.5% | BANKING & FINANCE 0.5% | BANKING & FINANCE 0.5% |
|  Banco Bradesco SA | 51700 |  | 160 |
|  Itau Unibanco Holding SA | 50700 |  | 345 |
|  |  |  | 505 |
| INDUSTRIALS 0.5% | INDUSTRIALS 0.5% | INDUSTRIALS 0.5% | INDUSTRIALS 0.5% |
|  Braskem SA | 25990 |  | 43 |
|  Gerdau SA | 92114 |  | 271 |
|  Metalurgica Gerdau SA | 96392 |  | 159 |
|  Usinas Siderurgicas de Minas Gerais SA Usiminas | 85900 |  | 65 |
|  |  |  | 538 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| UTILITIES 1.4% | UTILITIES 1.4% | UTILITIES 1.4% | UTILITIES 1.4% |
|  Cia Energetica de Minas Gerais | 79397 | $— | 158 |
|  Cia Paranaense de Energia - Copel | 8200 |  | 19 |
|  ISA Energia Brasil SA | 19321 |  | 82 |
|  Petroleo Brasileiro SA - Petrobras | 216898 |  | 1253 |
|  |  |  | 1512 |
|  Total Brazil |  |  | 2555 |
| CHILE 0.0% | CHILE 0.0% | CHILE 0.0% | CHILE 0.0% |
| INDUSTRIALS 0.0% | INDUSTRIALS 0.0% | INDUSTRIALS 0.0% | INDUSTRIALS 0.0% |
|  Embotelladora Andina SA | 8339 |  | 34 |
|  Total Chile |  |  | 34 |
| RUSSIA 0.0% | RUSSIA 0.0% | RUSSIA 0.0% | RUSSIA 0.0% |
| UTILITIES 0.0% | UTILITIES 0.0% | UTILITIES 0.0% | UTILITIES 0.0% |
|  Bashneft PJSC « | 2929 |  | 0 |
|  Transneft PJSC «(c) | 2200 |  | 0 |
|  |  |  | 0 |
|  Total Russia |  |  | 0 |
|  Total Preferred Stocks (Cost $2,477) | Total Preferred Stocks (Cost $2,477) |  | 2589 |
| REAL ESTATE INVESTMENT TRUSTS 0.0% | REAL ESTATE INVESTMENT TRUSTS 0.0% | REAL ESTATE INVESTMENT TRUSTS 0.0% | REAL ESTATE INVESTMENT TRUSTS 0.0% |
| SOUTH AFRICA 0.0% | SOUTH AFRICA 0.0% | SOUTH AFRICA 0.0% | SOUTH AFRICA 0.0% |
| REAL ESTATE 0.0% | REAL ESTATE 0.0% | REAL ESTATE 0.0% | REAL ESTATE 0.0% |
|  Growthpoint Properties Ltd. | 42265 |  | 32 |
|  Total Real Estate Investment Trusts<br>(Cost $35) | Total Real Estate Investment Trusts<br>(Cost $35) |  | 32 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| WARRANTS 0.0% | WARRANTS 0.0% | WARRANTS 0.0% | WARRANTS 0.0% |
| MALAYSIA 0.0% | MALAYSIA 0.0% | MALAYSIA 0.0% | MALAYSIA 0.0% |
| UTILITIES 0.0% | UTILITIES 0.0% | UTILITIES 0.0% | UTILITIES 0.0% |
|  YTL Corp. Bhd - Exp. 06/02/2028 | 33880 | $— | 9 |
|  YTL Power International Bhd - Exp. 06/02/2028 | 6880 |  | 3 |
|  Total Warrants (Cost $0) | Total Warrants (Cost $0) |  | 12 |
| SHORT-TERM INSTRUMENTS 0.5% | SHORT-TERM INSTRUMENTS 0.5% | SHORT-TERM INSTRUMENTS 0.5% | SHORT-TERM INSTRUMENTS 0.5% |
| MUTUAL FUNDS 0.5% | MUTUAL FUNDS 0.5% | MUTUAL FUNDS 0.5% | MUTUAL FUNDS 0.5% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class 4.380% (d) | 460398 |  | 460 |
|  Total Mutual Funds (Cost $460) |  |  | 460 |
| Total Short-Term Instruments<br>(Cost $460) | Total Short-Term Instruments<br>(Cost $460) |  | 460 |
| Total Investments in Securities (Cost $92,706) | Total Investments in Securities (Cost $92,706) |  | 108386 |
| INVESTMENTS IN AFFILIATES 0.0% | INVESTMENTS IN AFFILIATES 0.0% | INVESTMENTS IN AFFILIATES 0.0% | INVESTMENTS IN AFFILIATES 0.0% |
| SHORT-TERM INSTRUMENTS 0.0% | SHORT-TERM INSTRUMENTS 0.0% | SHORT-TERM INSTRUMENTS 0.0% | SHORT-TERM INSTRUMENTS 0.0% |
| MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% | MUTUAL FUNDS 0.0% |
|  PIMCO Government Money Market Fund | PIMCO Government Money Market Fund |  |  |
|  4.480% (b)(c)(d) | 8568 |  | 9 |
| Total Short-Term Instruments<br>(Cost $9) | Total Short-Term Instruments<br>(Cost $9) |  | 9 |
| Total Investments in Affiliates<br>(Cost $9) | Total Investments in Affiliates<br>(Cost $9) |  | 9 |
| Total Investments 99.7%<br> (Cost $92,715) | Total Investments 99.7%<br> (Cost $92,715) | $— | 108395 |
| Other Assets and Liabilities, net 0.3% | Other Assets and Liabilities, net 0.3% |  | 344 |
| Net Assets 100.0% | Net Assets 100.0% | $— | 108739 |

---

#### 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 were out on loan in exchange for $9 of cash collateral as of June 30, 2025. The collateral was invested in a cash collateral reinvestment vehicle as described in Note 5, Securities Lending, in the Notes to Financial Statements.

(d) Coupon represents a 7-Day Yield.

#### BORROWINGS AND OTHER FINANCING TRANSACTIONS

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| Counterparty | Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup> | Payable for<br>Reverse<br>Repurchase<br>Agreements | Payable for<br>Sale-Buyback<br>Transactions | **Securities**<br> **Out on loan** | Total<br>Borrowings and<br>Other Financing<br>Transactions | Collateral<br>Pledged/(Received) | Net Exposure<sup>(2)</sup> |
|  Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement | Master Securities Forward Transaction Agreement |
|  UBS | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
|  Total Borrowings and Other Financing Transactions | $0 | $0 | $0 | $9 |  |  |  |

---

18 PIMCO EQUITY SERIES See Accompanying Notes

------

June 30, 2025

#### CERTAIN TRANSFERS ACCOUNTED FOR AS SECURED BORROWINGS

#### Remaining Contractual Maturity of the Agreements

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Overnight and<br>Continuous | Up to 30 days | 31-90 days | Greater Than 90 days | Total |
|  Securities Lending Transactions<sup>(3)</sup> | Securities Lending Transactions<sup>(3)</sup> | Securities Lending Transactions<sup>(3)</sup> | Securities Lending Transactions<sup>(3)</sup> | Securities Lending Transactions<sup>(3)</sup> | Securities Lending Transactions<sup>(3)</sup> |
|  Preferred Securities | $9 | $0 | $0 | $0 | $9 |
|  Total Borrowings | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 |
|  Payable for securities on loan - cash collateral  | Payable for securities on loan - cash collateral  | Payable for securities on loan - cash collateral  | Payable for securities on loan - cash collateral  | Payable for securities on loan - cash collateral  | $9 |

---

<sup>(1)</sup> Includes accrued interest.

<sup>(2)</sup> 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. 

<sup>(3)</sup> Includes cash collateral as described in Note 5, Securities Lending, in the Notes to Financial Statements.

#### FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS
The following is a summary of the fair valuation of the Fund's derivative instruments categorized by risk exposure. See Note 7, Principal and Other Risks, in the Notes to Financial Statements on risks of the Fund.

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended June 30, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared | Exchange-traded or centrally cleared |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $18 | $0 | $0 | $18 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $(4) | $0 | $(4) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14 |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of June 30, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | Level 1 | Level 2 | Level 3 | Fair<br>Value at<br>06/30/2025 |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp; Brazil | &nbsp;&nbsp; Brazil | &nbsp;&nbsp; Brazil | &nbsp;&nbsp; Brazil | &nbsp;&nbsp; Brazil |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | $377 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $377 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 192 | 0 | 0 | 192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 979 | 0 | 0 | 979 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 89 | 0 | 0 | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 568 | 0 | 0 | 568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 39 | 0 | 0 | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 265 | 0 | 0 | 265 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1523 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1523 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 450 | 0 | 0 | 450 |
| &nbsp;&nbsp; Cayman Islands | &nbsp;&nbsp; Cayman Islands | &nbsp;&nbsp; Cayman Islands | &nbsp;&nbsp; Cayman Islands | &nbsp;&nbsp; Cayman Islands |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 0 | 98 | 0 | 98 |
| &nbsp;&nbsp; Chile | &nbsp;&nbsp; Chile | &nbsp;&nbsp; Chile | &nbsp;&nbsp; Chile | &nbsp;&nbsp; Chile |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 140 | 0 | 0 | 140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 226 | 0 | 0 | 226 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 453 | 0 | 0 | 453 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 28 | 0 | 0 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 151 | 0 | 0 | 151 |
| &nbsp;&nbsp; China | &nbsp;&nbsp; China | &nbsp;&nbsp; China | &nbsp;&nbsp; China | &nbsp;&nbsp; China |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 0 | 1960 | 0 | 1960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 878 | 1997 | 0 | 2875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 0 | 1340 | 0 | 1340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 0 | 1647 | 0 | 1647 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 419 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10845 | 0 | 11264 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 0 | 914 | 0 | 914 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 11 | 3702 | 0 | 3713 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 0 | 1669 | 0 | 1669 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>06/30/2025** |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | $0 | $2447 | $0 | $2447 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 0 | 1117 | 0 | 1117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1622 |
| &nbsp;&nbsp; Greece | &nbsp;&nbsp; Greece | &nbsp;&nbsp; Greece | &nbsp;&nbsp; Greece | &nbsp;&nbsp; Greece |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 116 | 0 | 0 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149 | 0 | 0 | 149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 0 | 21 | 0 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 56 | 294 | 0 | 350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 46 | 0 | 0 | 46 |
| &nbsp;&nbsp; Hong Kong | &nbsp;&nbsp; Hong Kong | &nbsp;&nbsp; Hong Kong | &nbsp;&nbsp; Hong Kong | &nbsp;&nbsp; Hong Kong |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 0 | 186 | 0 | 186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 59 | 862 | 0 | 921 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 420 | 0 | 420 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 0 | 13 | 0 | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 0 | 576 | 0 | 576 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 0 | 552 | 0 | 552 |
| &nbsp;&nbsp; India | &nbsp;&nbsp; India | &nbsp;&nbsp; India | &nbsp;&nbsp; India | &nbsp;&nbsp; India |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 0 | 1162 | 0 | 1162 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 0 | 660 | 0 | 660 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 0 | 1255 | 0 | 1255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 0 | 1250 | 0 | 1250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 12 | 2427 | 0 | 2439 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 0 | 1221 | 0 | 1221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 430 | 0 | 430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 0 | 2537 | 0 | 2537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 0 | 1524 | 0 | 1524 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1052 |
| &nbsp;&nbsp; Indonesia | &nbsp;&nbsp; Indonesia | &nbsp;&nbsp; Indonesia | &nbsp;&nbsp; Indonesia | &nbsp;&nbsp; Indonesia |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 0 | 296 | 0 | 296 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **19** |

---

------

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF (Cont.) June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>06/30/2025** |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | $0 | $105 | $0 | $105 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 82 | 133 | 0 | 215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 0 | 268 | 0 | 268 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 0 | 38 | 0 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 36 | 0 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 0 | 17 | 0 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 0 | 21 | 0 | 21 |
| &nbsp;&nbsp; Kuwait | &nbsp;&nbsp; Kuwait | &nbsp;&nbsp; Kuwait | &nbsp;&nbsp; Kuwait | &nbsp;&nbsp; Kuwait |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 0 | 52 | 0 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 0 | 851 | 0 | 851 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 6 | 0 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 5 | 0 | 0 | 5 |
| &nbsp;&nbsp; Malaysia | &nbsp;&nbsp; Malaysia | &nbsp;&nbsp; Malaysia | &nbsp;&nbsp; Malaysia | &nbsp;&nbsp; Malaysia |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 0 | 115 | 0 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 0 | 81 | 0 | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 36 | 88 | 0 | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 0 | 880 | 0 | 880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 82 | 121 | 0 | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | 356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 0 | 76 | 0 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 22 | 401 | 0 | 423 |
| &nbsp;&nbsp; Mexico | &nbsp;&nbsp; Mexico | &nbsp;&nbsp; Mexico | &nbsp;&nbsp; Mexico | &nbsp;&nbsp; Mexico |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 429 | 0 | 0 | 429 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1717 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1717 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 183 | 0 | 0 | 183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 85 | 0 | 0 | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 481 | 0 | 0 | 481 |
| &nbsp;&nbsp; Netherlands | &nbsp;&nbsp; Netherlands | &nbsp;&nbsp; Netherlands | &nbsp;&nbsp; Netherlands | &nbsp;&nbsp; Netherlands |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 51 | 0 | 0 | 51 |
| &nbsp;&nbsp; Philippines | &nbsp;&nbsp; Philippines | &nbsp;&nbsp; Philippines | &nbsp;&nbsp; Philippines | &nbsp;&nbsp; Philippines |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 0 | 49 | 0 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 0 | 22 | 0 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 11 | 74 | 0 | 85 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 111 | 0 | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 30 | 0 | 0 | 30 |
| &nbsp;&nbsp; Poland | &nbsp;&nbsp; Poland | &nbsp;&nbsp; Poland | &nbsp;&nbsp; Poland | &nbsp;&nbsp; Poland |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 45 | 94 | 0 | 139 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 0 | 24 | 0 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 0 | 107 | 0 | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 0 | 268 | 0 | 268 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 0 | 122 | 0 | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 0 | 281 | 0 | 281 |
| &nbsp;&nbsp; Qatar | &nbsp;&nbsp; Qatar | &nbsp;&nbsp; Qatar | &nbsp;&nbsp; Qatar | &nbsp;&nbsp; Qatar |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 0 | 42 | 0 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 42 | 0 | 0 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 72 | 284 | 0 | 356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 81 | 0 | 0 | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 0 | 42 | 0 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 10 | 0 | 0 | 10 |
| &nbsp;&nbsp; Saudi Arabia | &nbsp;&nbsp; Saudi Arabia | &nbsp;&nbsp; Saudi Arabia | &nbsp;&nbsp; Saudi Arabia | &nbsp;&nbsp; Saudi Arabia |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 46 | 491 | 0 | 537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 0 | 38 | 0 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 0 | 114 | 0 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 0 | 749 | 0 | 749 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 51 | 496 | 0 | 547 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 0 | 77 | 0 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 245 | 162 | 0 | 407 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 0 | 62 | 0 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 0 | 42 | 0 | 42 |
| &nbsp;&nbsp; South Africa | &nbsp;&nbsp; South Africa | &nbsp;&nbsp; South Africa | &nbsp;&nbsp; South Africa | &nbsp;&nbsp; South Africa |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 116 | 614 | 0 | 730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 79 | 533 | 0 | 612 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524 | 0 | 0 | 524 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 88 | 0 | 0 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 83 | 763 | 0 | 846 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 89 | 0 | 0 | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 99 | 0 | 0 | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1559 |
| &nbsp;&nbsp; South Korea | &nbsp;&nbsp; South Korea | &nbsp;&nbsp; South Korea | &nbsp;&nbsp; South Korea | &nbsp;&nbsp; South Korea |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 0 | 1038 | 0 | 1038 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 0 | 1767 | 0 | 1767 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 0 | 510 | 0 | 510 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>06/30/2025** |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | $0 | $342 | $0 | $342 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 0 | 3079 | 0 | 3079 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 2522 | 0 | 2522 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 0 | 212 | 0 | 212 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 0 | 699 | 0 | 699 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 0 | 578 | 0 | 578 |
| &nbsp;&nbsp; Taiwan | &nbsp;&nbsp; Taiwan | &nbsp;&nbsp; Taiwan | &nbsp;&nbsp; Taiwan | &nbsp;&nbsp; Taiwan |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 0 | 1064 | 0 | 1064 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 0 | 399 | 0 | 399 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 0 | 419 | 0 | 419 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 0 | 25 | 0 | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 0 | 4399 | 0 | 4399 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 1426 | 0 | 1426 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 63 | 11014 | 0 | 11077 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 0 | 841 | 0 | 841 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 0 | 97 | 0 | 97 |
| &nbsp;&nbsp; Thailand | &nbsp;&nbsp; Thailand | &nbsp;&nbsp; Thailand | &nbsp;&nbsp; Thailand | &nbsp;&nbsp; Thailand |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 48 | 486 | 0 | 534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 0 | 64 | 0 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 0 | 499 | 0 | 499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 0 | 708 | 0 | 708 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 0 | 503 | 0 | 503 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 0 | 201 | 0 | 201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 10 | 0 | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 0 | 215 | 0 | 215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 0 | 301 | 0 | 301 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 0 | 55 | 0 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 0 | 19 | 0 | 19 |
| &nbsp;&nbsp; Turkey | &nbsp;&nbsp; Turkey | &nbsp;&nbsp; Turkey | &nbsp;&nbsp; Turkey | &nbsp;&nbsp; Turkey |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 27 | 120 | 0 | 147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 0 | 29 | 0 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 240 | 72 | 0 | 312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 69 | 0 | 0 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 40 | 204 | 0 | 244 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 0 | 88 | 0 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 0 | 18 | 0 | 18 |
| &nbsp;&nbsp; United Arab Emirates | &nbsp;&nbsp; United Arab Emirates | &nbsp;&nbsp; United Arab Emirates | &nbsp;&nbsp; United Arab Emirates | &nbsp;&nbsp; United Arab Emirates |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 89 | 0 | 0 | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 63 | 0 | 0 | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 66 | 0 | 0 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 101 | 536 | 0 | 637 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 0 | 17 | 0 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 0 | 436 | 0 | 436 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 0 | 79 | 0 | 79 |
| &nbsp;&nbsp; United States | &nbsp;&nbsp; United States | &nbsp;&nbsp; United States | &nbsp;&nbsp; United States | &nbsp;&nbsp; United States |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 0 | 325 | 0 | 325 |
|  Preferred Stocks | Preferred Stocks | Preferred Stocks | Preferred Stocks | Preferred Stocks |
| &nbsp;&nbsp; Brazil | &nbsp;&nbsp; Brazil | &nbsp;&nbsp; Brazil | &nbsp;&nbsp; Brazil | &nbsp;&nbsp; Brazil |
| &nbsp;&nbsp;&nbsp;&nbsp; Banking & Finance | 505 | 0 | 0 | 505 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 538 | 0 | 0 | 538 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 1512 | 0 | 0 | 1512 |
| &nbsp;&nbsp; Chile | &nbsp;&nbsp; Chile | &nbsp;&nbsp; Chile | &nbsp;&nbsp; Chile | &nbsp;&nbsp; Chile |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 34 | 0 | 0 | 34 |
|  Real Estate Investment Trusts | Real Estate Investment Trusts | Real Estate Investment Trusts | Real Estate Investment Trusts | Real Estate Investment Trusts |
| &nbsp;&nbsp; South Africa | &nbsp;&nbsp; South Africa | &nbsp;&nbsp; South Africa | &nbsp;&nbsp; South Africa | &nbsp;&nbsp; South Africa |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 0 | 32 | 0 | 32 |
|  Warrants | Warrants | Warrants | Warrants | Warrants |
| &nbsp;&nbsp; Malaysia | &nbsp;&nbsp; Malaysia | &nbsp;&nbsp; Malaysia | &nbsp;&nbsp; Malaysia | &nbsp;&nbsp; Malaysia |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 0 | 12 | 0 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 0 | 460 | 0 | 460 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15596 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92790 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108386 |
|  Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value | Investments in Affiliates, at Value |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 9 | 0 | 0 | 9 |
|  Total Investments | $15605 | $92790 | $0 | $108395 |

---

There were no significant transfers into or out of Level 3 during the period ended June 30, 2025.

---

| | | |
|:---|:---|:---|
| **20** | **PIMCO EQUITY SERIES** | See Accompanying Notes |

---

------

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor International Equity ETF June 30, 2025

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 99.2% | INVESTMENTS IN SECURITIES 99.2% | INVESTMENTS IN SECURITIES 99.2% |
| COMMON STOCKS 97.4% | COMMON STOCKS 97.4% | COMMON STOCKS 97.4% |
| AUSTRALIA 4.3% | AUSTRALIA 4.3% | AUSTRALIA 4.3% |
| COMMUNICATION SERVICES 0.2% | COMMUNICATION SERVICES 0.2% | COMMUNICATION SERVICES 0.2% |
|  CAR Group Ltd. | 8667 | 214 |
|  Nine Entertainment Co. Holdings Ltd. | 15171 | 16 |
|  REA Group Ltd. | 1606 | 254 |
|  SEEK Ltd. | 7834 | 124 |
|  Telstra Group Ltd. | 68747 | 219 |
|  |  | 827 |
| CONSUMER DISCRETIONARY 0.5% | CONSUMER DISCRETIONARY 0.5% | CONSUMER DISCRETIONARY 0.5% |
|  ARB Corp. Ltd. | 1155 | 25 |
|  Aristocrat Leisure Ltd. | 8299 | 355 |
|  Breville Group Ltd. | 5314 | 103 |
|  Domino's Pizza Enterprises Ltd. | 2890 | 37 |
|  Harvey Norman Holdings Ltd. | 27092 | 94 |
|  JB Hi-Fi Ltd. | 4717 | 343 |
|  Super Retail Group Ltd. | 12062 | 113 |
|  Wesfarmers Ltd. | 13891 | 775 |
|  |  | 1845 |
| CONSUMER STAPLES 0.4% | CONSUMER STAPLES 0.4% | CONSUMER STAPLES 0.4% |
|  Coles Group Ltd. | 40238 | 552 |
|  GrainCorp Ltd. 'A' | 23064 | 118 |
|  Metcash Ltd. | 61838 | 159 |
|  Myer Holdings Ltd. | 15534 | 6 |
|  Woolworths Group Ltd. | 26057 | 534 |
|  |  | 1369 |
| ENERGY 0.1% | ENERGY 0.1% | ENERGY 0.1% |
|  Ampol Ltd. | 8615 | 146 |
|  New Hope Corp. Ltd. | 6753 | 17 |
|  Viva Energy Group Ltd. | 51552 | 73 |
|  |  | 236 |
| FINANCIALS 1.0% | FINANCIALS 1.0% | FINANCIALS 1.0% |
|  AMP Ltd. | 159190 | 132 |
|  ASX Ltd. | 5041 | 231 |
|  Bank of Queensland Ltd. | 16207 | 83 |
|  Commonwealth Bank of Australia | 9642 | 1174 |
|  Insurance Australia Group Ltd. | 55619 | 331 |
|  Magellan Financial Group Ltd. | 4930 | 28 |
|  Medibank Pvt Ltd. | 113283 | 376 |
|  National Australia Bank Ltd. | 13249 | 343 |
|  NIB Holdings Ltd. | 14536 | 68 |
|  Perpetual Ltd. | 3732 | 44 |
|  QBE Insurance Group Ltd. | 26685 | 411 |
|  Suncorp Group Ltd. | 25792 | 368 |
|  |  | 3589 |
| HEALTH CARE 0.4% | HEALTH CARE 0.4% | HEALTH CARE 0.4% |
|  Ansell Ltd. | 7941 | 158 |
|  Cochlear Ltd. | 611 | 121 |
|  CSL Ltd. | 3366 | 532 |
|  Sigma Healthcare Ltd. | 245199 | 483 |
|  Sonic Healthcare Ltd. | 14111 | 249 |
|  |  | 1543 |
| INDUSTRIALS 0.5% | INDUSTRIALS 0.5% | INDUSTRIALS 0.5% |
|  ALS Ltd. | 13831 | 156 |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  Atlas Arteria Ltd. | 10179 | 34 |
|  Aurizon Holdings Ltd. | 93861 | 187 |
|  Austal Ltd. (a) | 14703 | 61 |
|  Brambles Ltd. | 38958 | 602 |
|  Computershare Ltd. | 6051 | 159 |
|  Downer EDI Ltd. | 24032 | 100 |
|  Monadelphous Group Ltd. | 6696 | 77 |
|  Qantas Airways Ltd. | 6076 | 43 |
|  Transurban Group | 42525 | 391 |
|  Worley Ltd. | 3681 | 32 |
|  |  | 1842 |
| MATERIALS 1.0% | MATERIALS 1.0% | MATERIALS 1.0% |
|  BHP Group Ltd. | 19897 | 479 |
|  BlueScope Steel Ltd. | 9606 | 146 |
|  Champion Iron Ltd. | 6058 | 17 |
|  Dyno Nobel Ltd. | 79699 | 141 |
|  Evolution Mining Ltd. | 94586 | 492 |
|  Fortescue Ltd. | 47649 | 479 |
|  IGO Ltd. | 15880 | 44 |
|  Iluka Resources Ltd. | 15768 | 40 |
|  Lynas Rare Earths Ltd. (a) | 14762 | 84 |
|  Northern Star Resources Ltd. | 36147 | 446 |
|  Regis Resources Ltd. (a) | 46723 | 137 |
|  Rio Tinto Ltd. | 10152 | 719 |
|  Sandfire Resources Ltd. (a) | 11753 | 87 |
|  Sims Ltd. | 13348 | 135 |
|  |  | 3446 |
| REAL ESTATE 0.0% | REAL ESTATE 0.0% | REAL ESTATE 0.0% |
|  Lendlease Corp. Ltd. | 17332 | 61 |
| UTILITIES 0.2% | UTILITIES 0.2% | UTILITIES 0.2% |
|  AGL Energy Ltd. | 28113 | 180 |
|  APA Group | 16201 | 87 |
|  Origin Energy Ltd. | 31793 | 226 |
|  |  | 493 |
|  Total Australia |  | 15251 |
| AUSTRIA 0.3% | AUSTRIA 0.3% | AUSTRIA 0.3% |
| ENERGY 0.0% | ENERGY 0.0% | ENERGY 0.0% |
|  OMV AG | 1794 | 97 |
| FINANCIALS 0.1% | FINANCIALS 0.1% | FINANCIALS 0.1% |
|  Erste Group Bank AG | 2205 | 188 |
|  Raiffeisen Bank International AG | 1215 | 37 |
|  UNIQA Insurance Group AG | 11313 | 153 |
|  |  | 378 |
| INDUSTRIALS 0.1% | INDUSTRIALS 0.1% | INDUSTRIALS 0.1% |
|  ANDRITZ AG | 1882 | 140 |
| MATERIALS 0.1% | MATERIALS 0.1% | MATERIALS 0.1% |
|  voestalpine AG | 5561 | 157 |
| REAL ESTATE 0.0% | REAL ESTATE 0.0% | REAL ESTATE 0.0% |
|  CA Immobilien Anlagen AG | 3549 | 102 |
| UTILITIES 0.0% | UTILITIES 0.0% | UTILITIES 0.0% |
|  Verbund AG | 906 | 70 |
|  Total Austria |  | 944 |

---

---

| | | |
|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) |
| BELGIUM 0.6% | BELGIUM 0.6% | BELGIUM 0.6% |
| COMMUNICATION SERVICES 0.0% | COMMUNICATION SERVICES 0.0% | COMMUNICATION SERVICES 0.0% |
|  Proximus SADP | 8962 | 88 |
| CONSUMER DISCRETIONARY 0.0% | CONSUMER DISCRETIONARY 0.0% | CONSUMER DISCRETIONARY 0.0% |
|  D'ieteren Group | 387 | 83 |
| CONSUMER STAPLES 0.1% | CONSUMER STAPLES 0.1% | CONSUMER STAPLES 0.1% |
|  Colruyt Group NV | 3632 | 157 |
|  Lotus Bakeries NV | 5 | 48 |
|  |  | 205 |
| FINANCIALS 0.1% | FINANCIALS 0.1% | FINANCIALS 0.1% |
|  Ageas SA | 1281 | 87 |
|  Gimv NV | 1244 | 61 |
|  KBC Group NV | 1404 | 145 |
|  |  | 293 |
| HEALTH CARE 0.3% | HEALTH CARE 0.3% | HEALTH CARE 0.3% |
|  UCB SA | 4737 | 932 |
| INDUSTRIALS 0.1% | INDUSTRIALS 0.1% | INDUSTRIALS 0.1% |
|  Ackermans & van Haaren NV | 493 | 126 |
|  Deme Group NV | 208 | 32 |
|  |  | 158 |
| MATERIALS 0.0% | MATERIALS 0.0% | MATERIALS 0.0% |
|  Solvay SA | 2707 | 94 |
| UTILITIES 0.0% | UTILITIES 0.0% | UTILITIES 0.0% |
|  Elia Group SA | 1169 | 135 |
|  Total Belgium |  | 1988 |
| CANADA 7.9% | CANADA 7.9% | CANADA 7.9% |
| COMMUNICATION SERVICES 0.4% | COMMUNICATION SERVICES 0.4% | COMMUNICATION SERVICES 0.4% |
|  BCE, Inc. | 24714 | 548 |
|  Cogeco Communications, Inc. | 1114 | 58 |
|  Quebecor, Inc. 'B' | 5684 | 173 |
|  Rogers Communications, Inc. 'B' | 4539 | 135 |
|  TELUS Corp. | 23385 | 375 |
|  |  | 1289 |
| CONSUMER DISCRETIONARY 0.7% | CONSUMER DISCRETIONARY 0.7% | CONSUMER DISCRETIONARY 0.7% |
|  BRP, Inc. | 1079 | 52 |
|  Canadian Tire Corp. Ltd. 'A' | 2684 | 365 |
|  Dollarama, Inc. | 6898 | 972 |
|  Gildan Activewear, Inc. | 4894 | 241 |
|  Linamar Corp. | 1291 | 62 |
|  Lululemon Athletica, Inc. (a) | 281 | 67 |
|  Magna International, Inc. | 13661 | 528 |
|  Restaurant Brands International, Inc. | 2455 | 163 |
|  |  | 2450 |
| CONSUMER STAPLES 0.9% | CONSUMER STAPLES 0.9% | CONSUMER STAPLES 0.9% |
|  Alimentation Couche-Tard, Inc. | 11999 | 596 |
|  Empire Co. Ltd. 'A' | 8968 | 372 |
|  George Weston Ltd. | 2199 | 441 |
|  Lassonde Industries, Inc. (b) | 800 | 123 |
|  Loblaw Cos., Ltd. | 5866 | 970 |
|  Maple Leaf Foods, Inc. | 2750 | 57 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **21** |

---

------

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor International Equity ETF (Cont.)

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  Metro, Inc. | 6123 | 481 |
|  North West Co., Inc. | 2855 | 101 |
|  Premium Brands Holdings Corp. | 1065 | 64 |
|  Saputo, Inc. | 6433 | 132 |
|  |  | 3337 |
| ENERGY 0.9% | ENERGY 0.9% | ENERGY 0.9% |
|  ARC Resources Ltd. | 8943 | 188 |
|  Birchcliff Energy Ltd. | 12212 | 67 |
|  Canadian Natural Resources Ltd. | 9000 | 283 |
|  Cenovus Energy, Inc. | 4929 | 67 |
|  Enbridge, Inc. | 22243 | 1009 |
|  Enerflex Ltd. | 4388 | 35 |
|  Gibson Energy, Inc. | 7497 | 132 |
|  Imperial Oil Ltd. | 6164 | 490 |
|  Parex Resources, Inc. | 4834 | 49 |
|  Parkland Corp. (b) | 2200 | 62 |
|  Peyto Exploration & Development Corp. | 11521 | 164 |
|  Precision Drilling Corp. (a) | 1287 | 61 |
|  Suncor Energy, Inc. | 5652 | 212 |
|  TC Energy Corp. | 9764 | 477 |
|  Vermilion Energy, Inc. | 3220 | 23 |
|  |  | 3319 |
| FINANCIALS 2.0% | FINANCIALS 2.0% | FINANCIALS 2.0% |
|  Bank of Montreal | 5200 | 576 |
|  Brookfield Corp. | 12731 | 788 |
|  Brookfield Wealth Solutions Ltd. | 2920 | 181 |
|  Canadian Imperial Bank of Commerce | 9167 | 651 |
|  CI Financial Corp. | 12054 | 281 |
|  Definity Financial Corp. (b) | 600 | 35 |
|  E-L Financial Corp. Ltd. | 10002 | 119 |
|  Fairfax Financial Holdings Ltd. | 867 | 1565 |
|  Great-West Lifeco, Inc. (b) | 1900 | 72 |
|  IGM Financial, Inc. | 2796 | 88 |
|  Intact Financial Corp. | 3163 | 736 |
|  Onex Corp. | 1499 | 123 |
|  Power Corp. of Canada | 10000 | 391 |
|  Sun Life Financial, Inc. | 3700 | 246 |
|  TMX Group Ltd. | 7820 | 331 |
|  Toronto-Dominion Bank | 11900 | 875 |
|  |  | 7058 |
| HEALTH CARE 0.0% | HEALTH CARE 0.0% | HEALTH CARE 0.0% |
|  Bausch Health Cos., Inc. (a) | 4000 | 27 |
| INDUSTRIALS 0.7% | INDUSTRIALS 0.7% | INDUSTRIALS 0.7% |
|  Aecon Group, Inc. | 7242 | 109 |
|  Canadian National Railway Co. | 5245 | 547 |
|  Finning International, Inc. | 6062 | 259 |
|  GFL Environmental, Inc. | 3155 | 159 |
|  Russel Metals, Inc. | 3598 | 116 |
|  TFI International, Inc. | 1252 | 112 |
|  Thomson Reuters Corp. | 3041 | 612 |
|  Toromont Industries Ltd. | 2579 | 232 |
|  Waste Connections, Inc. | 1668 | 311 |
|  |  | 2457 |
| INFORMATION TECHNOLOGY 0.6% | INFORMATION TECHNOLOGY 0.6% | INFORMATION TECHNOLOGY 0.6% |
|  Canadian Solar, Inc. (a) | 1085 | 12 |
|  Celestica, Inc. (a) | 2179 | 340 |
|  CGI, Inc. | 5841 | 613 |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  Constellation Software, Inc. (b) | 94 | 345 |
|  Shopify, Inc. 'A' (a) | 8539 | 985 |
|  |  | 2295 |
| MATERIALS 1.2% | MATERIALS 1.2% | MATERIALS 1.2% |
|  Agnico Eagle Mines Ltd. (b) | 5280 | 629 |
|  Alamos Gold, Inc.'A' | 9027 | 240 |
|  Barrick Mining Corp. | 11122 | 232 |
|  CCL Industries, Inc. 'B' | 817 | 48 |
|  Centerra Gold, Inc. | 4608 | 33 |
|  Eldorado Gold Corp. (a) | 19355 | 394 |
|  First Quantum Minerals Ltd. (a) | 7928 | 141 |
|  Franco-Nevada Corp. | 2773 | 455 |
|  IAMGOLD Corp. (a) | 15953 | 117 |
|  Kinross Gold Corp. | 12981 | 203 |
|  Lundin Gold, Inc. | 700 | 37 |
|  Methanex Corp. | 4137 | 137 |
|  Nutrien Ltd. | 1300 | 76 |
|  OR Royalties, Inc. | 3533 | 91 |
|  Pan American Silver Corp. | 8036 | 228 |
|  Stella-Jones, Inc. (b) | 817 | 47 |
|  Teck Resources Ltd. 'B' | 2267 | 92 |
|  Transcontinental, Inc. 'A' | 5721 | 88 |
|  West Fraser Timber Co. Ltd. | 2530 | 185 |
|  Wheaton Precious Metals Corp. | 7862 | 707 |
|  |  | 4180 |
| REAL ESTATE 0.1% | REAL ESTATE 0.1% | REAL ESTATE 0.1% |
|  Colliers International Group, Inc. | 814 | 107 |
|  FirstService Corp. | 952 | 166 |
|  |  | 273 |
| UTILITIES 0.4% | UTILITIES 0.4% | UTILITIES 0.4% |
|  Atco Ltd. 'I' | 4513 | 168 |
|  Canadian Utilities Ltd. 'A' | 3067 | 85 |
|  Emera, Inc. | 6423 | 294 |
|  Fortis, Inc. | 8605 | 411 |
|  Hydro One Ltd. | 8856 | 319 |
|  Innergex Renewable Energy, Inc. | 5800 | 59 |
|  Northland Power, Inc. | 6394 | 100 |
|  Superior Plus Corp. | 8796 | 52 |
|  TransAlta Corp. | 8476 | 91 |
|  |  | 1579 |
|  Total Canada |  | 28264 |
| CHILE 0.1% | CHILE 0.1% | CHILE 0.1% |
| MATERIALS 0.1% | MATERIALS 0.1% | MATERIALS 0.1% |
|  Antofagasta PLC | 9050 | 225 |
|  Total Chile |  | 225 |
| DENMARK 1.4% | DENMARK 1.4% | DENMARK 1.4% |
| CONSUMER DISCRETIONARY 0.1% | CONSUMER DISCRETIONARY 0.1% | CONSUMER DISCRETIONARY 0.1% |
|  GN Store Nord AS (a) | 2247 | 35 |
|  Pandora AS | 863 | 152 |
|  |  | 187 |
| CONSUMER STAPLES 0.1% | CONSUMER STAPLES 0.1% | CONSUMER STAPLES 0.1% |
|  Carlsberg AS 'B' | 1958 | 278 |
|  Royal Unibrew AS | 1290 | 105 |
|  Scandinavian Tobacco Group AS 'A' | 5211 | 69 |
|  Schouw & Co. AS | 758 | 72 |
|  |  | 524 |

---

---

| | | |
|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) |
| FINANCIALS 0.2% | FINANCIALS 0.2% | FINANCIALS 0.2% |
|  Danske Bank AS | 8084 | 330 |
|  Jyske Bank AS | 1132 | 115 |
|  Sydbank AS | 3010 | 223 |
|  Tryg AS | 1381 | 36 |
|  |  | 704 |
| HEALTH CARE 0.4% | HEALTH CARE 0.4% | HEALTH CARE 0.4% |
|  Coloplast AS 'B' | 1851 | 176 |
|  Demant AS (a) | 2358 | 99 |
|  H Lundbeck AS | 4721 | 27 |
|  Novo Nordisk AS 'B' | 16812 | 1165 |
|  |  | 1467 |
| INDUSTRIALS 0.4% | INDUSTRIALS 0.4% | INDUSTRIALS 0.4% |
|  AP Moller - Maersk AS 'B' | 491 | 913 |
|  DSV AS | 2014 | 483 |
|  ISS AS | 5106 | 143 |
|  Per Aarsleff Holding AS | 639 | 66 |
|  |  | 1605 |
| MATERIALS 0.1% | MATERIALS 0.1% | MATERIALS 0.1% |
|  Novozymes AS 'B' | 6207 | 445 |
| UTILITIES 0.1% | UTILITIES 0.1% | UTILITIES 0.1% |
|  Orsted AS | 4894 | 211 |
|  Total Denmark |  | 5143 |
| FINLAND 1.3% | FINLAND 1.3% | FINLAND 1.3% |
| COMMUNICATION SERVICES 0.1% | COMMUNICATION SERVICES 0.1% | COMMUNICATION SERVICES 0.1% |
|  Elisa Oyj | 4051 | 225 |
| CONSUMER DISCRETIONARY 0.0% | CONSUMER DISCRETIONARY 0.0% | CONSUMER DISCRETIONARY 0.0% |
|  Nokian Renkaat Oyj | 3964 | 29 |
| CONSUMER STAPLES 0.1% | CONSUMER STAPLES 0.1% | CONSUMER STAPLES 0.1% |
|  Kesko Oyj 'B' | 9641 | 238 |
| ENERGY 0.0% | ENERGY 0.0% | ENERGY 0.0% |
|  Neste Oyj | 7228 | 98 |
| FINANCIALS 0.4% | FINANCIALS 0.4% | FINANCIALS 0.4% |
|  Mandatum Oyj | 19105 | 125 |
|  Nordea Bank Abp | 12406 | 184 |
|  Sampo Oyj 'A' | 75245 | 810 |
|  Sampo OYJ 'A' | 12800 | 136 |
|  |  | 1255 |
| HEALTH CARE 0.1% | HEALTH CARE 0.1% | HEALTH CARE 0.1% |
|  Orion Oyj 'B' | 4943 | 372 |
| INDUSTRIALS 0.3% | INDUSTRIALS 0.3% | INDUSTRIALS 0.3% |
|  Kone Oyj 'B' | 9783 | 644 |
|  Konecranes Oyj | 855 | 68 |
|  Wartsila Oyj Abp | 13152 | 311 |
|  |  | 1023 |
| INFORMATION TECHNOLOGY 0.1% | INFORMATION TECHNOLOGY 0.1% | INFORMATION TECHNOLOGY 0.1% |
|  Nokia Oyj | 44368 | 230 |
|  TietoEVRY Oyj | 7835 | 149 |
|  |  | 379 |

---

22 PIMCO EQUITY SERIES See Accompanying Notes

------

June 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| MATERIALS 0.1% | MATERIALS 0.1% | MATERIALS 0.1% | MATERIALS 0.1% |
|  Kemira Oyj | 5949 | $— | 138 |
|  Outokumpu Oyj | 21893 |  | 91 |
|  Stora Enso Oyj 'R' | 11363 |  | 123 |
|  UPM-Kymmene Oyj | 3657 |  | 100 |
|  |  |  | 452 |
| REAL ESTATE 0.0% | REAL ESTATE 0.0% | REAL ESTATE 0.0% | REAL ESTATE 0.0% |
|  Kojamo Oyj | 5461 |  | 71 |
| UTILITIES 0.1% | UTILITIES 0.1% | UTILITIES 0.1% | UTILITIES 0.1% |
|  Fortum Oyj | 28492 |  | 534 |
|  Total Finland |  |  | 4676 |
| FRANCE 6.9% | FRANCE 6.9% | FRANCE 6.9% | FRANCE 6.9% |
| COMMUNICATION SERVICES 1.1% | COMMUNICATION SERVICES 1.1% | COMMUNICATION SERVICES 1.1% | COMMUNICATION SERVICES 1.1% |
|  Metropole Television SA | 4867 |  | 75 |
|  Orange SA | 193083 |  | 2940 |
|  Publicis Groupe SA | 4092 |  | 462 |
|  Television Francaise SA | 6910 |  | 72 |
|  Ubisoft Entertainment SA (a) | 3861 |  | 43 |
|  Vivendi SE | 100130 |  | 346 |
|  |  |  | 3938 |
| CONSUMER DISCRETIONARY 0.6% | CONSUMER DISCRETIONARY 0.6% | CONSUMER DISCRETIONARY 0.6% | CONSUMER DISCRETIONARY 0.6% |
|  Accor SA | 2342 |  | 123 |
|  Cie Generale des Etablissements Michelin SCA | 5799 |  | 216 |
|  FDJ UNITED | 1690 |  | 66 |
|  Forvia SE | 5140 |  | 52 |
|  Hermes International SCA | 228 |  | 618 |
|  Kering SA | 320 |  | 70 |
|  LVMH Moet Hennessy Louis Vuitton SE | 117 |  | 61 |
|  Renault SA | 13704 |  | 633 |
|  SEB SA | 964 |  | 91 |
|  Valeo SE | 9304 |  | 102 |
|  |  |  | 2032 |
| CONSUMER STAPLES 0.8% | CONSUMER STAPLES 0.8% | CONSUMER STAPLES 0.8% | CONSUMER STAPLES 0.8% |
|  Carrefour SA | 60677 |  | 856 |
|  Danone SA | 19555 |  | 1600 |
|  L'Oreal SA | 355 |  | 152 |
|  Pernod Ricard SA | 2047 |  | 204 |
|  |  |  | 2812 |
| ENERGY 0.2% | ENERGY 0.2% | ENERGY 0.2% | ENERGY 0.2% |
|  Technip Energies NV | 3193 |  | 134 |
|  TotalEnergies SE | 8640 |  | 528 |
|  |  |  | 662 |
| FINANCIALS 1.1% | FINANCIALS 1.1% | FINANCIALS 1.1% | FINANCIALS 1.1% |
|  Amundi SA | 411 |  | 33 |
|  AXA SA | 9393 |  | 461 |
|  BNP Paribas SA | 7734 |  | 694 |
|  Credit Agricole SA | 12449 |  | 236 |
|  SCOR SE | 10250 |  | 341 |
|  Societe Generale SA | 41087 |  | 2350 |
|  |  |  | 4115 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| HEALTH CARE 0.8% | HEALTH CARE 0.8% | HEALTH CARE 0.8% | HEALTH CARE 0.8% |
|  BioMerieux | 1315 | $— | 182 |
|  Clariane SE | 6771 |  | 41 |
|  EssilorLuxottica SA | 2373 |  | 652 |
|  Sanofi SA | 19016 |  | 1841 |
|  Sartorius Stedim Biotech | 473 |  | 113 |
|  |  |  | 2829 |
| INDUSTRIALS 1.7% | INDUSTRIALS 1.7% | INDUSTRIALS 1.7% | INDUSTRIALS 1.7% |
|  Airbus SE | 598 |  | 125 |
|  Alstom SA | 4037 |  | 94 |
|  Ayvens SA | 3350 |  | 37 |
|  Bouygues SA | 9628 |  | 436 |
|  Bureau Veritas SA | 8586 |  | 293 |
|  Cie de Saint-Gobain SA | 5328 |  | 626 |
|  Dassault Aviation SA | 460 |  | 163 |
|  Eiffage SA | 570 |  | 80 |
|  Legrand SA | 1352 |  | 181 |
|  Nexans SA | 1707 |  | 223 |
|  Rexel SA | 16263 |  | 502 |
|  Safran SA | 4033 |  | 1315 |
|  Societe BIC SA | 1718 |  | 107 |
|  Thales SA | 3502 |  | 1034 |
|  Vinci SA | 6539 |  | 964 |
|  |  |  | 6180 |
| INFORMATION TECHNOLOGY 0.1% | INFORMATION TECHNOLOGY 0.1% | INFORMATION TECHNOLOGY 0.1% | INFORMATION TECHNOLOGY 0.1% |
|  Sopra Steria Group | 782 |  | 191 |
| MATERIALS 0.2% | MATERIALS 0.2% | MATERIALS 0.2% | MATERIALS 0.2% |
|  Air Liquide SA | 2114 |  | 436 |
|  Eramet SA | 388 |  | 21 |
|  Vicat SACA | 2471 |  | 171 |
|  |  |  | 628 |
| UTILITIES 0.3% | UTILITIES 0.3% | UTILITIES 0.3% | UTILITIES 0.3% |
|  Engie SA | 53002 |  | 1246 |
|  Rubis SCA | 1698 |  | 55 |
|  |  |  | 1301 |
|  Total France |  |  | 24688 |
| GERMANY 6.5% | GERMANY 6.5% | GERMANY 6.5% | GERMANY 6.5% |
| COMMUNICATION SERVICES 0.8% | COMMUNICATION SERVICES 0.8% | COMMUNICATION SERVICES 0.8% | COMMUNICATION SERVICES 0.8% |
|  Deutsche Telekom AG | 53767 |  | 1968 |
|  Freenet AG | 7398 |  | 241 |
|  ProSiebenSat.1 Media SE | 8198 |  | 69 |
|  Scout24 SE | 3766 |  | 520 |
|  |  |  | 2798 |
| CONSUMER DISCRETIONARY 0.8% | CONSUMER DISCRETIONARY 0.8% | CONSUMER DISCRETIONARY 0.8% | CONSUMER DISCRETIONARY 0.8% |
|  adidas AG | 1491 |  | 348 |
|  Bayerische Motoren Werke AG | 13636 |  | 1215 |
|  Continental AG | 5384 |  | 470 |
|  Fielmann Group AG | 1606 |  | 107 |
|  Hornbach Holding AG & Co. KGaA | 1293 |  | 162 |
|  Hugo Boss AG | 3436 |  | 159 |
|  Mercedes-Benz Group AG | 7639 |  | 445 |
|  TUI AG (a) | 5092 |  | 45 |
|  Zalando SE (a) | 2824 |  | 93 |
|  |  |  | 3044 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| CONSUMER STAPLES 0.1% | CONSUMER STAPLES 0.1% | CONSUMER STAPLES 0.1% | CONSUMER STAPLES 0.1% |
|  Beiersdorf AG | 1432 | $— | 180 |
|  KWS Saat SE & Co. KGaA | 2363 |  | 172 |
|  Suedzucker AG | 5744 |  | 75 |
|  |  |  | 427 |
| FINANCIALS 1.6% | FINANCIALS 1.6% | FINANCIALS 1.6% | FINANCIALS 1.6% |
|  Allianz SE | 2545 |  | 1033 |
|  Commerzbank AG | 45473 |  | 1433 |
|  Deutsche Bank AG | 41406 |  | 1227 |
|  Deutsche Boerse AG | 3374 |  | 1102 |
|  Deutsche Pfandbriefbank AG | 13356 |  | 83 |
|  Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen | 722 |  | 469 |
|  Talanx AG | 2051 |  | 266 |
|  |  |  | 5613 |
| HEALTH CARE 0.5% | HEALTH CARE 0.5% | HEALTH CARE 0.5% | HEALTH CARE 0.5% |
|  Fresenius Medical Care AG | 13366 |  | 768 |
|  Fresenius SE & Co. KGaA | 9493 |  | 478 |
|  Gerresheimer AG | 1060 |  | 60 |
|  Merck KGaA | 2556 |  | 331 |
|  Siemens Healthineers AG | 2855 |  | 158 |
|  |  |  | 1795 |
| INDUSTRIALS 1.2% | INDUSTRIALS 1.2% | INDUSTRIALS 1.2% | INDUSTRIALS 1.2% |
|  Bilfinger SE | 2844 |  | 274 |
|  Deutsche Lufthansa AG | 13942 |  | 118 |
|  Deutsche Post AG | 12610 |  | 584 |
|  Duerr AG | 870 |  | 23 |
|  Hapag-Lloyd AG | 545 |  | 82 |
|  Hochtief AG | 636 |  | 126 |
|  KION Group AG | 1029 |  | 57 |
|  Knorr-Bremse AG | 1299 |  | 126 |
|  Krones AG | 1229 |  | 203 |
|  MTU Aero Engines AG | 1391 |  | 618 |
|  Rational AG | 98 |  | 82 |
|  Rheinmetall AG | 316 |  | 669 |
|  Siemens AG | 5566 |  | 1430 |
|  |  |  | 4392 |
| INFORMATION TECHNOLOGY 0.6% | INFORMATION TECHNOLOGY 0.6% | INFORMATION TECHNOLOGY 0.6% | INFORMATION TECHNOLOGY 0.6% |
|  SAP SE | 7149 |  | 2186 |
| MATERIALS 0.5% | MATERIALS 0.5% | MATERIALS 0.5% | MATERIALS 0.5% |
|  Aurubis AG | 933 |  | 97 |
|  BASF SE | 4868 |  | 241 |
|  Heidelberg Materials AG | 1219 |  | 287 |
|  K&S AG | 20055 |  | 368 |
|  Lanxess AG | 3502 |  | 105 |
|  Salzgitter AG | 4882 |  | 118 |
|  Symrise AG | 2807 |  | 294 |
|  thyssenkrupp AG | 27114 |  | 292 |
|  |  |  | 1802 |
| REAL ESTATE 0.3% | REAL ESTATE 0.3% | REAL ESTATE 0.3% | REAL ESTATE 0.3% |
|  LEG Immobilien SE | 3865 |  | 344 |
|  TAG Immobilien AG | 8024 |  | 143 |
|  Vonovia SE | 13577 |  | 482 |
|  |  |  | 969 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| JUNE 30, 2025 23

------

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor International Equity ETF (Cont.)

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
| UTILITIES 0.1% | UTILITIES 0.1% | UTILITIES 0.1% |
|  E.ON SE | 19534 | 360 |
|  Total Germany |  | 23386 |
| HONG KONG 1.6% | HONG KONG 1.6% | HONG KONG 1.6% |
| COMMUNICATION SERVICES 0.1% | COMMUNICATION SERVICES 0.1% | COMMUNICATION SERVICES 0.1% |
|  HKBN Ltd. | 78500 | 50 |
|  HKT Trust & HKT Ltd. | 108000 | 162 |
|  PCCW Ltd. | 305295 | 207 |
|  |  | 419 |
| CONSUMER DISCRETIONARY 0.1% | CONSUMER DISCRETIONARY 0.1% | CONSUMER DISCRETIONARY 0.1% |
|  Bosideng International Holdings Ltd. | 204000 | 121 |
|  Chow Tai Fook Jewellery Group Ltd. | 61600 | 106 |
|  Galaxy Entertainment Group Ltd. | 13000 | 58 |
|  Johnson Electric Holdings Ltd. | 17000 | 47 |
|  Man Wah Holdings Ltd. | 40800 | 22 |
|  Skyworth Group Ltd. | 188000 | 73 |
|  |  | 427 |
| CONSUMER STAPLES 0.1% | CONSUMER STAPLES 0.1% | CONSUMER STAPLES 0.1% |
|  WH Group Ltd. | 278000 | 268 |
| FINANCIALS 0.5% | FINANCIALS 0.5% | FINANCIALS 0.5% |
|  Hang Seng Bank Ltd. | 19700 | 296 |
|  Hong Kong Exchanges & Clearing Ltd. | 15700 | 844 |
|  Prudential PLC | 35820 | 448 |
|  |  | 1588 |
| HEALTH CARE 0.0% | HEALTH CARE 0.0% | HEALTH CARE 0.0% |
|  Grand Pharmaceutical Group Ltd. | 33500 | 37 |
|  United Laboratories International Holdings Ltd. | 24000 | 46 |
|  |  | 83 |
| INDUSTRIALS 0.3% | INDUSTRIALS 0.3% | INDUSTRIALS 0.3% |
|  Cathay Pacific Airways Ltd. | 39000 | 53 |
|  CK Hutchison Holdings Ltd. | 56000 | 345 |
|  Jardine Matheson Holdings Ltd. | 3900 | 188 |
|  MTR Corp. Ltd. | 50000 | 180 |
|  Pacific Basin Shipping Ltd. | 160000 | 41 |
|  SITC International Holdings Co. Ltd. | 13000 | 42 |
|  Swire Pacific Ltd. 'A' | 19500 | 167 |
|  Xinyi Glass Holdings Ltd. | 45000 | 43 |
|  |  | 1059 |
| INFORMATION TECHNOLOGY 0.0% | INFORMATION TECHNOLOGY 0.0% | INFORMATION TECHNOLOGY 0.0% |
|  Kingboard Holdings Ltd. | 25200 | 80 |
|  Kingboard Laminates Holdings Ltd. | 53000 | 65 |
|  |  | 145 |
| REAL ESTATE 0.3% | REAL ESTATE 0.3% | REAL ESTATE 0.3% |
|  CK Asset Holdings Ltd. | 44500 | 196 |
|  Hongkong Land Holdings Ltd. | 44700 | 258 |
|  New World Development Co. Ltd. | 49000 | 36 |
|  Sino Land Co. Ltd. | 10000 | 11 |
|  Sun Hung Kai Properties Ltd. | 42000 | 484 |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  Wharf Holdings Ltd. | 42000 | 128 |
|  |  | 1113 |
| UTILITIES 0.2% | UTILITIES 0.2% | UTILITIES 0.2% |
|  China Gas Holdings Ltd. | 20200 | 19 |
|  CK Infrastructure Holdings Ltd. | 16000 | 106 |
|  CLP Holdings Ltd. | 28100 | 238 |
|  HK Electric Investments & HK Electric Investments Ltd. | 73000 | 53 |
|  Hong Kong & China Gas Co. Ltd. | 93972 | 79 |
|  Power Assets Holdings Ltd. | 33000 | 212 |
|  |  | 707 |
|  Total Hong Kong |  | 5809 |
| IRELAND 1.3% | IRELAND 1.3% | IRELAND 1.3% |
| CONSUMER STAPLES 0.2% | CONSUMER STAPLES 0.2% | CONSUMER STAPLES 0.2% |
|  Glanbia PLC | 10195 | 150 |
|  Kerry Group PLC 'A' | 3147 | 348 |
|  |  | 498 |
| FINANCIALS 0.0% | FINANCIALS 0.0% | FINANCIALS 0.0% |
|  Bank of Ireland Group PLC | 3292 | 47 |
| HEALTH CARE 0.4% | HEALTH CARE 0.4% | HEALTH CARE 0.4% |
|  Medtronic PLC | 17054 | 1486 |
|  Perrigo Co. PLC | 1372 | 37 |
|  |  | 1523 |
| INDUSTRIALS 0.6% | INDUSTRIALS 0.6% | INDUSTRIALS 0.6% |
|  Allegion PLC | 3001 | 433 |
|  Experian PLC | 9511 | 490 |
|  Grafton Group PLC | 7490 | 105 |
|  Kingspan Group PLC | 1901 | 162 |
|  Ryanair Holdings PLC | 6052 | 172 |
|  Trane Technologies PLC | 1987 | 869 |
|  |  | 2231 |
| MATERIALS 0.1% | MATERIALS 0.1% | MATERIALS 0.1% |
|  James Hardie Industries PLC (a) | 13951 | 375 |
|  Total Ireland |  | 4674 |
| ISRAEL 1.6% | ISRAEL 1.6% | ISRAEL 1.6% |
| COMMUNICATION SERVICES 0.0% | COMMUNICATION SERVICES 0.0% | COMMUNICATION SERVICES 0.0% |
|  Bezeq The Israeli Telecommunication Corp. Ltd. | 64122 | 109 |
| CONSUMER DISCRETIONARY 0.0% | CONSUMER DISCRETIONARY 0.0% | CONSUMER DISCRETIONARY 0.0% |
|  Delta Galil Ltd. | 1454 | 77 |
|  Electra Consumer Products 1970 Ltd. | 1861 | 73 |
|  |  | 150 |
| CONSUMER STAPLES 0.1% | CONSUMER STAPLES 0.1% | CONSUMER STAPLES 0.1% |
|  M Yochananof & Sons Ltd. | 1457 | 133 |
|  Rami Levy Chain Stores Hashikma Marketing 2006 Ltd. | 1829 | 177 |
|  Strauss Group Ltd. | 2957 | 81 |
|  |  | 391 |
| ENERGY 0.1% | ENERGY 0.1% | ENERGY 0.1% |
|  Delek Group Ltd. | 355 | 74 |
|  Oil Refineries Ltd. | 213324 | 58 |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  Paz Retail & Energy Ltd. | 287 | 52 |
|  |  | 184 |
| FINANCIALS 0.6% | FINANCIALS 0.6% | FINANCIALS 0.6% |
|  Bank Hapoalim BM | 25134 | 483 |
|  Bank Leumi Le-Israel BM | 30148 | 561 |
|  Harel Insurance Investments & Financial Services Ltd. | 8555 | 240 |
|  IDI Insurance Co. Ltd. | 2054 | 134 |
|  Israel Discount Bank Ltd. 'A' | 25265 | 252 |
|  Menora Mivtachim Holdings Ltd. | 2438 | 192 |
|  Mizrahi Tefahot Bank Ltd. | 3386 | 221 |
|  Plus500 Ltd. | 3907 | 182 |
|  |  | 2265 |
| HEALTH CARE 0.0% | HEALTH CARE 0.0% | HEALTH CARE 0.0% |
|  Teva Pharmaceutical Industries Ltd. SP ADR (a) | 4576 | 77 |
| INDUSTRIALS 0.3% | INDUSTRIALS 0.3% | INDUSTRIALS 0.3% |
|  Danel Adir Yeoshua Ltd. | 900 | 129 |
|  Elbit Systems Ltd. | 351 | 156 |
|  Elco Ltd. | 916 | 51 |
|  Electra Ltd. | 64 | 41 |
|  Hilan Ltd. | 2589 | 220 |
|  ZIM Integrated Shipping Services Ltd. | 18231 | 293 |
|  |  | 890 |
| INFORMATION TECHNOLOGY 0.2% | INFORMATION TECHNOLOGY 0.2% | INFORMATION TECHNOLOGY 0.2% |
|  Check Point Software Technologies Ltd. (a) | 2259 | 500 |
|  CyberArk Software Ltd. (a) | 347 | 141 |
|  Monday.com Ltd. (a) | 269 | 84 |
|  Nice Ltd. (a) | 571 | 97 |
|  |  | 822 |
| MATERIALS 0.1% | MATERIALS 0.1% | MATERIALS 0.1% |
|  ICL Group Ltd. | 31419 | 216 |
|  Israel Corp. Ltd. | 114 | 38 |
|  |  | 254 |
| REAL ESTATE 0.2% | REAL ESTATE 0.2% | REAL ESTATE 0.2% |
|  Africa Israel Residences Ltd. | 2187 | 196 |
|  Azrieli Group Ltd. | 438 | 40 |
|  Big Shopping Centers Ltd. (a) | 907 | 174 |
|  Melisron Ltd. | 1651 | 188 |
|  YH Dimri Construction & Development Ltd. | 942 | 103 |
|  |  | 701 |
|  Total Israel |  | 5843 |
| ITALY 4.0% | ITALY 4.0% | ITALY 4.0% |
| COMMUNICATION SERVICES 0.3% | COMMUNICATION SERVICES 0.3% | COMMUNICATION SERVICES 0.3% |
|  Infrastrutture Wireless Italiane SpA | 9009 | 110 |
|  MFE-MediaForEurope NV 'A' | 15750 | 54 |
|  MFE-MediaForEurope NV 'B' | 5530 | 26 |
|  Telecom Italia SpA (a) | 2031601 | 1004 |
|  |  | 1194 |
| CONSUMER DISCRETIONARY 0.1% | CONSUMER DISCRETIONARY 0.1% | CONSUMER DISCRETIONARY 0.1% |
|  Brembo NV | 7988 | 76 |

---

---

| | | |
|:---|:---|:---|
| **24** | **PIMCO EQUITY SERIES** | See Accompanying Notes |

---

------

June 30, 2025

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  Ferrari NV | 314 | 154 |
|  Moncler SpA | 3679 | 210 |
|  PRADA SpA | 4500 | 28 |
|  |  | 468 |
| CONSUMER STAPLES 0.0% | CONSUMER STAPLES 0.0% | CONSUMER STAPLES 0.0% |
|  Davide Campari-Milano NV | 6095 | 41 |
| ENERGY 0.4% | ENERGY 0.4% | ENERGY 0.4% |
|  Eni SpA | 77634 | 1254 |
| FINANCIALS 1.8% | FINANCIALS 1.8% | FINANCIALS 1.8% |
|  Azimut Holding SpA | 6902 | 221 |
|  Banca Generali SpA | 2145 | 119 |
|  Banca IFIS SpA | 7450 | 199 |
|  Banca Mediolanum SpA | 7192 | 124 |
|  Banca Monte dei Paschi di Siena SpA | 19691 | 167 |
|  Banca Popolare di Sondrio SpA | 30139 | 419 |
|  Banco BPM SpA | 39989 | 467 |
|  BPER Banca SpA | 90634 | 823 |
|  FinecoBank Banca Fineco SpA | 12746 | 283 |
|  Generali | 22158 | 788 |
|  Intesa Sanpaolo SpA | 119638 | 689 |
|  Mediobanca Banca di Credito Finanziario SpA | 6106 | 142 |
|  Poste Italiane SpA | 4574 | 98 |
|  UniCredit SpA | 19098 | 1281 |
|  Unipol Assicurazioni SpA | 33211 | 658 |
|  |  | 6478 |
| HEALTH CARE 0.1% | HEALTH CARE 0.1% | HEALTH CARE 0.1% |
|  DiaSorin SpA | 909 | 97 |
|  Recordati Industria Chimica e Farmaceutica SpA | 3219 | 203 |
|  |  | 300 |
| INDUSTRIALS 0.6% | INDUSTRIALS 0.6% | INDUSTRIALS 0.6% |
|  Enav SpA | 15455 | 71 |
|  Fincantieri SpA (a) | 2347 | 45 |
|  Iveco Group NV | 15284 | 301 |
|  Leonardo SpA | 33101 | 1868 |
|  |  | 2285 |
| MATERIALS 0.1% | MATERIALS 0.1% | MATERIALS 0.1% |
|  Buzzi SpA | 3609 | 200 |
| UTILITIES 0.6% | UTILITIES 0.6% | UTILITIES 0.6% |
|  Enel SpA | 120907 | 1148 |
|  Iren SpA | 32116 | 99 |
|  Italgas SpA | 14658 | 124 |
|  Snam SpA | 53685 | 325 |
|  Terna - Rete Elettrica Nazionale | 31589 | 325 |
|  |  | 2021 |
|  Total Italy |  | 14241 |
| JAPAN 22.2% | JAPAN 22.2% | JAPAN 22.2% |
| COMMUNICATION SERVICES 2.9% | COMMUNICATION SERVICES 2.9% | COMMUNICATION SERVICES 2.9% |
|  Capcom Co. Ltd. | 19000 | 649 |
|  CyberAgent, Inc. | 23500 | 269 |
|  DeNA Co. Ltd. | 8400 | 156 |
|  Fuji Media Holdings, Inc. | 10700 | 247 |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  GungHo Online Entertainment, Inc. | 4100 | 78 |
|  Hakuhodo DY Holdings, Inc. | 4200 | 35 |
|  Internet Initiative Japan, Inc. | 5400 | 107 |
|  Kadokawa Corp. | 3700 | 103 |
|  Kakaku.com, Inc. | 6000 | 111 |
|  KDDI Corp. | 89400 | 1535 |
|  Koei Tecmo Holdings Co. Ltd. | 2800 | 46 |
|  Konami Group Corp. | 1100 | 174 |
|  LY Corp. | 29400 | 108 |
|  Nexon Co. Ltd. | 3500 | 70 |
|  Nintendo Co. Ltd. | 36000 | 3457 |
|  Nippon Telegraph & Telephone Corp. | 1616400 | 1728 |
|  Nippon Television Holdings, Inc. | 9600 | 222 |
|  SoftBank Corp. | 633900 | 982 |
|  Square Enix Holdings Co. Ltd. | 3100 | 232 |
|  Toho Co. Ltd. | 1500 | 88 |
|  |  | 10397 |
| CONSUMER DISCRETIONARY 3.5% | CONSUMER DISCRETIONARY 3.5% | CONSUMER DISCRETIONARY 3.5% |
|  Adastria Co. Ltd. | 4200 | 87 |
|  Aisin Corp. | 19500 | 249 |
|  Arata Corp. | 200 | 4 |
|  Asics Corp. | 18200 | 464 |
|  ASKUL Corp. | 1100 | 12 |
|  Bandai Namco Holdings, Inc. | 11200 | 401 |
|  Bridgestone Corp. | 14800 | 605 |
|  DCM Holdings Co. Ltd. | 15600 | 144 |
|  Doutor Nichires Holdings Co. Ltd. | 1900 | 35 |
|  EDION Corp. | 10200 | 149 |
|  Exedy Corp. | 6000 | 172 |
|  Fast Retailing Co. Ltd. | 1500 | 514 |
|  Food & Life Cos., Ltd. | 5800 | 282 |
|  Goldwin, Inc. | 500 | 28 |
|  Haseko Corp. | 3500 | 53 |
|  Heiwa Corp. | 700 | 10 |
|  Honda Motor Co. Ltd. | 42400 | 409 |
|  Iida Group Holdings Co. Ltd. | 5800 | 82 |
|  Isetan Mitsukoshi Holdings Ltd. | 8400 | 128 |
|  Isuzu Motors Ltd. | 17400 | 220 |
|  J Front Retailing Co. Ltd. | 8400 | 114 |
|  JTEKT Corp. | 12900 | 106 |
|  JVCKenwood Corp. | 10300 | 83 |
|  K's Holdings Corp. | 15000 | 152 |
|  Kohnan Shoji Co. Ltd. | 5200 | 141 |
|  Koito Manufacturing Co. Ltd. | 5400 | 65 |
|  Mazda Motor Corp. | 26200 | 158 |
|  McDonald's Holdings Co. Japan Ltd. | 5600 | 232 |
|  Mitsubishi Motors Corp. | 15100 | 43 |
|  Mizuno Corp. | 1200 | 22 |
|  NHK Spring Co. Ltd. | 10400 | 113 |
|  Nikon Corp. | 11100 | 114 |
|  Nishimatsuya Chain Co. Ltd. | 6100 | 88 |
|  Nissan Motor Co. Ltd. | 76700 | 186 |
|  Nitori Holdings Co. Ltd. | 3100 | 298 |
|  NOK Corp. | 10200 | 151 |
|  Oriental Land Co. Ltd. | 4800 | 111 |
|  PALTAC Corp. | 100 | 3 |
|  Pan Pacific International Holdings Corp. | 7100 | 244 |
|  Panasonic Holdings Corp. | 7700 | 82 |
|  Resorttrust, Inc. | 1800 | 22 |
|  Rinnai Corp. | 300 | 7 |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  Ryohin Keikaku Co. Ltd. | 5700 | 273 |
|  Saizeriya Co. Ltd. | 4800 | 166 |
|  Sangetsu Corp. | 900 | 18 |
|  Sankyo Co. Ltd. | 12000 | 222 |
|  Sega Sammy Holdings, Inc. | 5900 | 141 |
|  Sekisui House Ltd. | 8600 | 189 |
|  Shimamura Co. Ltd. | 1600 | 112 |
|  Shimano, Inc. | 1700 | 246 |
|  Skylark Holdings Co. Ltd. | 12100 | 253 |
|  Sony Group Corp. | 47100 | 1225 |
|  Stanley Electric Co. Ltd. | 3800 | 75 |
|  Subaru Corp. | 3100 | 54 |
|  Sumitomo Electric Industries Ltd. | 19100 | 410 |
|  Sumitomo Forestry Co. Ltd. | 8100 | 82 |
|  Sumitomo Rubber Industries Ltd. | 11300 | 128 |
|  Suzuki Motor Corp. | 34800 | 420 |
|  Takashimaya Co. Ltd. | 19800 | 155 |
|  Tokai Rika Co. Ltd. | 5300 | 82 |
|  Token Corp. | 1700 | 167 |
|  Tomy Co. Ltd. | 7800 | 176 |
|  Toyo Tire Corp. | 3800 | 81 |
|  Toyoda Gosei Co. Ltd. | 5700 | 112 |
|  Toyota Boshoku Corp. | 6400 | 87 |
|  Toyota Motor Corp. | 20500 | 353 |
|  TS Tech Co. Ltd. | 5900 | 69 |
|  USS Co. Ltd. | 11600 | 128 |
|  Yamada Holdings Co. Ltd. | 43300 | 136 |
|  Yamaha Corp. | 2100 | 15 |
|  Yamaha Motor Co. Ltd. | 13600 | 102 |
|  Zensho Holdings Co. Ltd. | 4700 | 284 |
|  ZOZO, Inc. | 16800 | 182 |
|  |  | 12726 |
| CONSUMER STAPLES 2.5% | CONSUMER STAPLES 2.5% | CONSUMER STAPLES 2.5% |
|  Aeon Co. Ltd. | 21700 | 665 |
|  Ain Holdings, Inc. | 100 | 4 |
|  Ajinomoto Co., Inc. | 27300 | 741 |
|  Calbee, Inc. | 4900 | 93 |
|  Coca-Cola Bottlers Japan Holdings, Inc. | 5400 | 87 |
|  Cosmos Pharmaceutical Corp. | 600 | 38 |
|  Earth Corp. | 100 | 3 |
|  Ezaki Glico Co. Ltd. | 1000 | 32 |
|  Fuji Oil Co. Ltd. | 6500 | 127 |
|  H2O Retailing Corp. | 4400 | 58 |
|  House Foods Group, Inc. | 4700 | 91 |
|  Itoham Yonekyu Holdings, Inc. | 4220 | 144 |
|  Japan Tobacco, Inc. | 40800 | 1202 |
|  Kagome Co. Ltd. | 4600 | 92 |
|  Kao Corp. | 15000 | 672 |
|  Kewpie Corp. | 8100 | 189 |
|  Kikkoman Corp. | 4600 | 43 |
|  Kirin Holdings Co. Ltd. | 33000 | 463 |
|  Kobayashi Pharmaceutical Co. Ltd. | 1000 | 37 |
|  Kobe Bussan Co. Ltd. | 7800 | 242 |
|  Kusuri No. Aoki Holdings Co. Ltd. | 900 | 23 |
|  Lion Corp. | 6900 | 71 |
|  Maruha Nichiro Corp. | 5000 | 106 |
|  MatsukiyoCocokara & Co. | 4100 | 84 |
|  MEIJI Holdings Co. Ltd. | 7800 | 173 |
|  Mitsubishi Shokuhin Co. Ltd. | 4100 | 180 |
|  Morinaga & Co. Ltd. | 9200 | 152 |
|  Morinaga Milk Industry Co. Ltd. | 3300 | 74 |
|  NH Foods Ltd. | 4800 | 166 |
|  Nichirei Corp. | 8800 | 115 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **25** |

---

------

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor International Equity ETF (Cont.)

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  Nippn Corp. | 6100 | 90 |
|  Nisshin Oillio Group Ltd. | 4600 | 156 |
|  Nisshin Seifun Group, Inc. | 8900 | 106 |
|  Nissin Foods Holdings Co. Ltd. | 3900 | 81 |
|  Pigeon Corp. | 6400 | 78 |
|  Rohto Pharmaceutical Co. Ltd. | 5300 | 75 |
|  Sakata Seed Corp. | 200 | 5 |
|  Sapporo Holdings Ltd. | 1500 | 77 |
|  Seven & i Holdings Co. Ltd. | 75100 | 1209 |
|  Sugi Holdings Co. Ltd. | 3900 | 89 |
|  Sundrug Co. Ltd. | 3900 | 122 |
|  Suntory Beverage & Food Ltd. | 5100 | 163 |
|  Toyo Suisan Kaisha Ltd. | 1500 | 100 |
|  Tsuruha Holdings, Inc. | 1200 | 94 |
|  Unicharm Corp. | 17700 | 128 |
|  United Super Markets Holdings, Inc. | 10600 | 67 |
|  Yakult Honsha Co. Ltd. | 4800 | 90 |
|  Yamazaki Baking Co. Ltd. | 6000 | 134 |
|  |  | 9031 |
| ENERGY 0.4% | ENERGY 0.4% | ENERGY 0.4% |
|  Cosmo Energy Holdings Co. Ltd. | 4600 | 197 |
|  ENEOS Holdings, Inc. | 114300 | 567 |
|  Idemitsu Kosan Co. Ltd. | 48260 | 293 |
|  Inpex Corp. | 21700 | 305 |
|  Iwatani Corp. | 3400 | 36 |
|  Japan Petroleum Exploration Co. Ltd. | 3600 | 25 |
|  Modec, Inc. | 800 | 34 |
|  |  | 1457 |
| FINANCIALS 2.1% | FINANCIALS 2.1% | FINANCIALS 2.1% |
|  Credit Saison Co. Ltd. | 1000 | 27 |
|  Dai-ichi Life Holdings, Inc. | 73000 | 555 |
|  Daiwa Securities Group, Inc. | 19800 | 141 |
|  Gunma Bank Ltd. | 3900 | 33 |
|  Hokuhoku Financial Group, Inc. | 13000 | 246 |
|  Hyakujushi Bank Ltd. | 6200 | 180 |
|  JAFCO Group Co. Ltd. | 900 | 15 |
|  Japan Post Bank Co. Ltd. | 45900 | 495 |
|  Japan Post Holdings Co. Ltd. | 64300 | 596 |
|  Japan Post Insurance Co. Ltd. | 6500 | 147 |
|  Marui Group Co. Ltd. | 1800 | 38 |
|  Mebuki Financial Group, Inc. | 6900 | 36 |
|  Mitsubishi UFJ Financial Group, Inc. | 52300 | 713 |
|  Mizuho Financial Group, Inc. | 58800 | 1632 |
|  MS&AD Insurance Group Holdings, Inc. | 44300 | 990 |
|  Nanto Bank Ltd. | 6100 | 174 |
|  Nishi-Nippon Financial Holdings, Inc. | 14600 | 219 |
|  Rakuten Bank Ltd. (a) | 2400 | 110 |
|  Resona Holdings, Inc. | 13300 | 123 |
|  SBI Sumishin Net Bank Ltd. | 1100 | 37 |
|  Seven Bank Ltd. | 52100 | 95 |
|  Sompo Holdings, Inc. | 7300 | 220 |
|  T&D Holdings, Inc. | 3200 | 70 |
|  Tokio Marine Holdings, Inc. | 18100 | 767 |
|  Zenkoku Hosho Co. Ltd. | 400 | 9 |
|  |  | 7668 |
| HEALTH CARE 1.7% | HEALTH CARE 1.7% | HEALTH CARE 1.7% |
|  Alfresa Holdings Corp. | 9500 | 130 |
|  Astellas Pharma, Inc. | 41000 | 401 |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  Chugai Pharmaceutical Co. Ltd. | 16500 | 862 |
|  Eisai Co. Ltd. | 3100 | 89 |
|  H.U. Group Holdings, Inc. | 4800 | 106 |
|  Hoya Corp. | 2700 | 321 |
|  Kaken Pharmaceutical Co. Ltd. | 4500 | 119 |
|  Kyowa Kirin Co. Ltd. | 1400 | 24 |
|  M3, Inc. | 12600 | 173 |
|  Medipal Holdings Corp. | 10100 | 164 |
|  Nihon Kohden Corp. | 1600 | 19 |
|  Olympus Corp. | 23800 | 283 |
|  Ono Pharmaceutical Co. Ltd. | 6500 | 71 |
|  Otsuka Holdings Co. Ltd. | 4000 | 198 |
|  Santen Pharmaceutical Co. Ltd. | 10200 | 117 |
|  Sawai Group Holdings Co. Ltd. | 4200 | 53 |
|  Shionogi & Co. Ltd. | 20000 | 360 |
|  Suzuken Co. Ltd. | 4700 | 170 |
|  Sysmex Corp. | 3300 | 58 |
|  Takeda Pharmaceutical Co. Ltd. | 58041 | 1792 |
|  Terumo Corp. | 9500 | 174 |
|  Toho Holdings Co. Ltd. | 5700 | 184 |
|  Tsumura & Co. | 4600 | 111 |
|  |  | 5979 |
| INDUSTRIALS 4.2% | INDUSTRIALS 4.2% | INDUSTRIALS 4.2% |
|  AGC, Inc. | 3600 | 106 |
|  ANA Holdings, Inc. | 7400 | 145 |
|  Central Japan Railway Co. | 12700 | 284 |
|  COMSYS Holdings Corp. | 5100 | 118 |
|  Dai Nippon Printing Co. Ltd. | 14300 | 217 |
|  Daikin Industries Ltd. | 1800 | 211 |
|  DMG Mori Co. Ltd. | 6500 | 150 |
|  East Japan Railway Co. | 26100 | 561 |
|  EXEO Group, Inc. | 10400 | 132 |
|  FANUC Corp. | 12800 | 347 |
|  Fuji Electric Co. Ltd. | 1000 | 46 |
|  Fujikura Ltd. | 6000 | 316 |
|  Fujitec Co. Ltd. | 4900 | 210 |
|  Furukawa Electric Co. Ltd. | 2300 | 112 |
|  Glory Ltd. | 1200 | 28 |
|  Hanwa Co. Ltd. | 4600 | 173 |
|  Hazama Ando Corp. | 9900 | 100 |
|  Hikari Tsushin, Inc. | 400 | 118 |
|  Hino Motors Ltd. (a) | 21900 | 54 |
|  Hitachi Ltd. | 56900 | 1654 |
|  IHI Corp. | 2000 | 216 |
|  Japan Airlines Co. Ltd. | 3300 | 67 |
|  Japan Steel Works Ltd. | 1700 | 97 |
|  Kajima Corp. | 7100 | 185 |
|  Kamigumi Co. Ltd. | 4900 | 136 |
|  Kanadevia Corp. | 16800 | 114 |
|  Kandenko Co. Ltd. | 13300 | 307 |
|  Kawasaki Heavy Industries Ltd. | 3200 | 242 |
|  Keihan Holdings Co. Ltd. | 600 | 13 |
|  Kinden Corp. | 6100 | 179 |
|  Kintetsu Group Holdings Co. Ltd. 'L' | 4700 | 89 |
|  Kyushu Railway Co. | 4000 | 103 |
|  Lixil Corp. | 5200 | 60 |
|  Marubeni Corp. | 10900 | 220 |
|  Maruzen Showa Unyu Co. Ltd. | 2800 | 136 |
|  MEITEC Group Holdings, Inc. | 4500 | 99 |
|  MIRAIT ONE Corp. | 5600 | 98 |
|  Mitsubishi Heavy Industries Ltd. | 46000 | 1151 |
|  Mitsui OSK Lines Ltd. | 5200 | 174 |
|  MonotaRO Co. Ltd. | 8800 | 173 |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  Nagase & Co. Ltd. | 5800 | 112 |
|  Nagoya Railroad Co. Ltd. | 3600 | 41 |
|  Nankai Electric Railway Co. Ltd. | 5000 | 76 |
|  Nikkon Holdings Co. Ltd. | 1600 | 36 |
|  Nippon Express Holdings, Inc. | 3500 | 70 |
|  Nippon Yusen KK | 8600 | 309 |
|  Nisshinbo Holdings, Inc. | 15400 | 99 |
|  NSK Ltd. | 24300 | 114 |
|  Obayashi Corp. | 16700 | 253 |
|  Park24 Co. Ltd. | 2300 | 29 |
|  Penta-Ocean Construction Co. Ltd. | 17400 | 109 |
|  Persol Holdings Co. Ltd. | 49400 | 96 |
|  Recruit Holdings Co. Ltd. | 12700 | 747 |
|  Sanwa Holdings Corp. | 4600 | 153 |
|  Secom Co. Ltd. | 6600 | 237 |
|  Seibu Holdings, Inc. | 5600 | 201 |
|  Seino Holdings Co. Ltd. | 6500 | 100 |
|  Sekisui Chemical Co. Ltd. | 8600 | 156 |
|  Senko Group Holdings Co. Ltd. | 11400 | 155 |
|  SG Holdings Co. Ltd. | 13100 | 146 |
|  Shinmaywa Industries Ltd. | 10300 | 116 |
|  SHO-BOND Holdings Co. Ltd. | 200 | 7 |
|  SMC Corp. | 100 | 36 |
|  Sohgo Security Services Co. Ltd. | 15000 | 105 |
|  Sojitz Corp. | 7240 | 178 |
|  Sotetsu Holdings, Inc. | 5100 | 80 |
|  Sumitomo Heavy Industries Ltd. | 1900 | 39 |
|  Taikisha Ltd. | 9400 | 168 |
|  Taisei Corp. | 6200 | 361 |
|  Takeuchi Manufacturing Co. Ltd. | 5000 | 162 |
|  TechnoPro Holdings, Inc. | 4400 | 128 |
|  Tobu Railway Co. Ltd. | 3900 | 67 |
|  Tokyu Corp. | 13000 | 155 |
|  TOPPAN Holdings, Inc. | 6800 | 185 |
|  TOTO Ltd. | 900 | 23 |
|  Toyota Industries Corp. | 500 | 56 |
|  Toyota Tsusho Corp. | 20200 | 458 |
|  West Japan Railway Co. | 10000 | 229 |
|  Yamato Holdings Co. Ltd. | 10500 | 141 |
|  Yaskawa Electric Corp. | 4100 | 93 |
|  Yuasa Trading Co. Ltd. | 4600 | 144 |
|  |  | 15111 |
| INFORMATION TECHNOLOGY 2.6% | INFORMATION TECHNOLOGY 2.6% | INFORMATION TECHNOLOGY 2.6% |
|  Advantest Corp. | 8800 | 652 |
|  Alps Alpine Co. Ltd. | 14600 | 157 |
|  Azbil Corp. | 3400 | 32 |
|  BIPROGY, Inc. | 4500 | 188 |
|  Brother Industries Ltd. | 5100 | 88 |
|  Canon Marketing Japan, Inc. | 4200 | 154 |
|  Canon, Inc. | 6700 | 194 |
|  Citizen Watch Co. Ltd. | 21600 | 128 |
|  Daiwabo Holdings Co. Ltd. | 5700 | 102 |
|  Dexerials Corp. | 4800 | 74 |
|  Disco Corp. | 800 | 237 |
|  DTS Corp. | 5000 | 179 |
|  FUJIFILM Holdings Corp. | 22800 | 494 |
|  Fujitsu Ltd. | 45100 | 1094 |
|  Horiba Ltd. | 100 | 8 |
|  Hosiden Corp. | 6200 | 95 |
|  Keyence Corp. | 100 | 40 |
|  Kokusai Electric Corp. | 3300 | 79 |
|  Konica Minolta, Inc. (a) | 39700 | 129 |
|  Murata Manufacturing Co. Ltd. | 19900 | 294 |

---

---

| | | |
|:---|:---|:---|
| **26** | **PIMCO EQUITY SERIES** | See Accompanying Notes |

---

------

June 30, 2025

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  NEC Corp. | 52600 | 1535 |
|  Nippon Electric Glass Co. Ltd. | 6200 | 147 |
|  Nomura Research Institute Ltd. | 8800 | 352 |
|  NS Solutions Corp. | 2300 | 65 |
|  NTT Data Group Corp. | 5500 | 152 |
|  Obic Co. Ltd. | 9700 | 377 |
|  Omron Corp. | 3400 | 92 |
|  Oracle Corp. Japan | 400 | 48 |
|  Otsuka Corp. | 9100 | 185 |
|  Renesas Electronics Corp. | 2400 | 30 |
|  Ricoh Co. Ltd. | 22200 | 210 |
|  Sanken Electric Co. Ltd. | 500 | 28 |
|  SCSK Corp. | 6400 | 193 |
|  Seiko Epson Corp. | 5900 | 78 |
|  Shimadzu Corp. | 1200 | 30 |
|  TIS, Inc. | 5600 | 188 |
|  Tokyo Electron Ltd. | 3900 | 747 |
|  Tokyo Seimitsu Co. Ltd. | 500 | 33 |
|  Topcon Corp. | 3000 | 68 |
|  Toshiba TEC Corp. | 200 | 4 |
|  Trend Micro, Inc. | 3400 | 235 |
|  Ulvac, Inc. | 1100 | 40 |
|  |  | 9255 |
| MATERIALS 1.2% | MATERIALS 1.2% | MATERIALS 1.2% |
|  ARE Holdings, Inc. | 5100 | 64 |
|  Daicel Corp. | 11100 | 93 |
|  DIC Corp. | 1000 | 20 |
|  Dowa Holdings Co. Ltd. | 200 | 6 |
|  FP Corp. | 200 | 4 |
|  JFE Holdings, Inc. | 13600 | 158 |
|  Kaneka Corp. | 4500 | 124 |
|  Kobe Steel Ltd. | 19400 | 212 |
|  Kuraray Co. Ltd. | 6500 | 83 |
|  Mitsubishi Chemical Group Corp. | 55100 | 290 |
|  Mitsubishi Materials Corp. | 8200 | 130 |
|  Mitsui Chemicals, Inc. | 6200 | 143 |
|  Mitsui Mining & Smelting Co. Ltd. | 3900 | 136 |
|  Nippon Light Metal Holdings Co. Ltd. | 1000 | 11 |
|  Nippon Paper Industries Co. Ltd. 'L' | 26500 | 191 |
|  Nippon Sanso Holdings Corp. | 700 | 27 |
|  Nippon Steel Corp. | 17200 | 325 |
|  Nissan Chemical Corp. | 600 | 18 |
|  Nitto Denko Corp. | 20400 | 394 |
|  Oji Holdings Corp. | 42500 | 214 |
|  Osaka Soda Co. Ltd. | 2000 | 25 |
|  Rengo Co. Ltd. | 4700 | 25 |
|  Shin-Etsu Chemical Co. Ltd. | 11000 | 363 |
|  Sumitomo Chemical Co. Ltd. | 96500 | 233 |
|  Sumitomo Osaka Cement Co. Ltd. | 5000 | 131 |
|  Taiheiyo Cement Corp. | 6200 | 154 |
|  Teijin Ltd. | 3800 | 31 |
|  Tokuyama Corp. | 5700 | 119 |
|  Tokyo Ohka Kogyo Co. Ltd. | 4400 | 128 |
|  Tokyo Steel Manufacturing Co. Ltd. | 10500 | 110 |
|  Toray Industries, Inc. | 8600 | 59 |
|  Tosoh Corp. | 5700 | 83 |
|  Toyo Seikan Group Holdings Ltd. | 8900 | 174 |
|  UACJ Corp. | 1000 | 37 |
|  UBE Corp. | 6200 | 97 |
|  |  | 4412 |
| REAL ESTATE 0.2% | REAL ESTATE 0.2% | REAL ESTATE 0.2% |
|  Aeon Mall Co. Ltd. | 3700 | 72 |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  Daito Trust Construction Co. Ltd. | 3200 | 348 |
|  Daiwa House Industry Co. Ltd. | 4600 | 158 |
|  Sumitomo Realty & Development Co. Ltd. | 800 | 31 |
|  |  | 609 |
| UTILITIES 0.9% | UTILITIES 0.9% | UTILITIES 0.9% |
|  Chubu Electric Power Co., Inc. | 24800 | 307 |
|  Chugoku Electric Power Co., Inc. | 21800 | 108 |
|  Electric Power Development Co. Ltd. 'C' | 9500 | 162 |
|  Hokkaido Electric Power Co., Inc. | 41700 | 218 |
|  Hokuriku Electric Power Co. | 21000 | 105 |
|  Kansai Electric Power Co., Inc. | 34200 | 406 |
|  Kyushu Electric Power Co., Inc. | 26200 | 234 |
|  Nippon Gas Co. Ltd. | 3800 | 70 |
|  Osaka Gas Co. Ltd. | 11600 | 298 |
|  Shikoku Electric Power Co., Inc. | 15800 | 132 |
|  Toho Gas Co. Ltd. | 4900 | 137 |
|  Tohoku Electric Power Co., Inc. | 26200 | 191 |
|  Tokyo Electric Power Co. Holdings, Inc. (a) | 62700 | 209 |
|  Tokyo Gas Co. Ltd. | 16100 | 535 |
|  |  | 3112 |
|  Total Japan |  | 79757 |
| LUXEMBOURG 0.5% | LUXEMBOURG 0.5% | LUXEMBOURG 0.5% |
| COMMUNICATION SERVICES 0.1% | COMMUNICATION SERVICES 0.1% | COMMUNICATION SERVICES 0.1% |
|  RTL Group SA | 2138 | 94 |
|  SES SA | 21565 | 153 |
|  |  | 247 |
| HEALTH CARE 0.0% | HEALTH CARE 0.0% | HEALTH CARE 0.0% |
|  Eurofins Scientific SE | 2054 | 146 |
| MATERIALS 0.3% | MATERIALS 0.3% | MATERIALS 0.3% |
|  Aperam SA | 4938 | 160 |
|  ArcelorMittal SA | 24909 | 791 |
|  |  | 951 |
| REAL ESTATE 0.1% | REAL ESTATE 0.1% | REAL ESTATE 0.1% |
|  Aroundtown SA (a) | 85796 | 316 |
|  Total Luxembourg |  | 1660 |
| MEXICO 0.0% | MEXICO 0.0% | MEXICO 0.0% |
| MATERIALS 0.0% | MATERIALS 0.0% | MATERIALS 0.0% |
|  Fresnillo PLC | 2789 | 55 |
|  Total Mexico |  | 55 |
| NETHERLANDS 3.9% | NETHERLANDS 3.9% | NETHERLANDS 3.9% |
| COMMUNICATION SERVICES 0.2% | COMMUNICATION SERVICES 0.2% | COMMUNICATION SERVICES 0.2% |
|  Koninklijke KPN NV | 170970 | 834 |
| CONSUMER DISCRETIONARY 0.3% | CONSUMER DISCRETIONARY 0.3% | CONSUMER DISCRETIONARY 0.3% |
|  Just Eat Takeaway.com NV (a) | 3290 | 75 |
|  Prosus NV | 8786 | 493 |
|  Stellantis NV | 46376 | 465 |
|  |  | 1033 |
| CONSUMER STAPLES 1.0% | CONSUMER STAPLES 1.0% | CONSUMER STAPLES 1.0% |
|  Heineken Holding NV | 2584 | 193 |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  Heineken NV | 4426 | 386 |
|  JDE Peet's NV | 1305 | 37 |
|  Koninklijke Ahold Delhaize NV | 71086 | 2969 |
|  |  | 3585 |
| ENERGY 0.1% | ENERGY 0.1% | ENERGY 0.1% |
|  Koninklijke Vopak NV | 3413 | 170 |
|  SBM Offshore NV | 4387 | 116 |
|  |  | 286 |
| FINANCIALS 1.1% | FINANCIALS 1.1% | FINANCIALS 1.1% |
|  ABN AMRO Bank NV | 31992 | 874 |
|  Adyen NV (a) | 267 | 490 |
|  Aegon Ltd. | 63026 | 457 |
|  ASR Nederland NV | 4500 | 299 |
|  Euronext NV | 3450 | 591 |
|  ING Groep NV | 38826 | 851 |
|  NN Group NV | 7267 | 483 |
|  |  | 4045 |
| HEALTH CARE 0.1% | HEALTH CARE 0.1% | HEALTH CARE 0.1% |
|  Argenx SE ADR (a) | 726 | 400 |
|  Qiagen NV | 3611 | 174 |
|  |  | 574 |
| INDUSTRIALS 0.4% | INDUSTRIALS 0.4% | INDUSTRIALS 0.4% |
|  Arcadis NV | 2682 | 130 |
|  Ferrovial SE | 6158 | 328 |
|  IMCD NV | 986 | 133 |
|  Randstad NV | 4282 | 198 |
|  TKH Group NV | 1111 | 51 |
|  Wolters Kluwer NV | 3777 | 632 |
|  |  | 1472 |
| INFORMATION TECHNOLOGY 0.4% | INFORMATION TECHNOLOGY 0.4% | INFORMATION TECHNOLOGY 0.4% |
|  ASM International NV | 435 | 279 |
|  ASML Holding NV | 741 | 594 |
|  BE Semiconductor Industries NV | 1181 | 176 |
|  NXP Semiconductors NV | 1441 | 315 |
|  |  | 1364 |
| MATERIALS 0.3% | MATERIALS 0.3% | MATERIALS 0.3% |
|  Akzo Nobel NV | 13298 | 933 |
|  OCI NV | 5286 | 48 |
|  |  | 981 |
|  Total Netherlands |  | 14174 |
| NEW ZEALAND 0.2% | NEW ZEALAND 0.2% | NEW ZEALAND 0.2% |
| COMMUNICATION SERVICES 0.0% | COMMUNICATION SERVICES 0.0% | COMMUNICATION SERVICES 0.0% |
|  Spark New Zealand Ltd. | 43979 | 65 |
| HEALTH CARE 0.1% | HEALTH CARE 0.1% | HEALTH CARE 0.1% |
|  Fisher & Paykel Healthcare Corp. Ltd. 'C' | 6700 | 147 |
| INDUSTRIALS 0.0% | INDUSTRIALS 0.0% | INDUSTRIALS 0.0% |
|  Auckland International Airport Ltd. | 18141 | 86 |
|  Fletcher Building Ltd. (a) | 28480 | 50 |
|  |  | 136 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| JUNE 30, 2025 27

------

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor International Equity ETF (Cont.)

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
| INFORMATION TECHNOLOGY 0.0% | INFORMATION TECHNOLOGY 0.0% | INFORMATION TECHNOLOGY 0.0% |
|  Xero Ltd. (a) | 1243 | 147 |
| UTILITIES 0.1% | UTILITIES 0.1% | UTILITIES 0.1% |
|  Contact Energy Ltd. | 17159 | 94 |
|  Meridian Energy Ltd. | 24239 | 88 |
|  |  | 182 |
|  Total New Zealand |  | 677 |
| NORWAY 1.2% | NORWAY 1.2% | NORWAY 1.2% |
| COMMUNICATION SERVICES 0.1% | COMMUNICATION SERVICES 0.1% | COMMUNICATION SERVICES 0.1% |
|  Telenor ASA | 30564 | 476 |
|  Vend Marketplaces ASA | 1010 | 36 |
|  |  | 512 |
| CONSUMER STAPLES 0.2% | CONSUMER STAPLES 0.2% | CONSUMER STAPLES 0.2% |
|  Mowi ASA | 16046 | 310 |
|  Orkla ASA | 28588 | 311 |
|  Salmar ASA | 1354 | 59 |
|  |  | 680 |
| ENERGY 0.2% | ENERGY 0.2% | ENERGY 0.2% |
|  Aker Solutions ASA | 41727 | 144 |
|  Equinor ASA | 17597 | 444 |
|  Var Energi ASA | 9918 | 32 |
|  |  | 620 |
| FINANCIALS 0.2% | FINANCIALS 0.2% | FINANCIALS 0.2% |
|  DNB Bank ASA | 25567 | 707 |
|  Gjensidige Forsikring ASA | 5407 | 137 |
|  SpareBank 1 Nord Norge | 3080 | 45 |
|  Storebrand ASA | 2738 | 39 |
|  |  | 928 |
| INDUSTRIALS 0.2% | INDUSTRIALS 0.2% | INDUSTRIALS 0.2% |
|  Kongsberg Gruppen ASA | 15199 | 589 |
|  MPC Container Ships ASA | 16423 | 26 |
|  Tomra Systems ASA | 8684 | 136 |
|  Wallenius Wilhelmsen ASA | 2894 | 24 |
|  |  | 775 |
| INFORMATION TECHNOLOGY 0.1% | INFORMATION TECHNOLOGY 0.1% | INFORMATION TECHNOLOGY 0.1% |
|  Atea ASA | 12003 | 190 |
| MATERIALS 0.2% | MATERIALS 0.2% | MATERIALS 0.2% |
|  Norsk Hydro ASA | 29208 | 167 |
|  Yara International ASA | 12988 | 479 |
|  |  | 646 |
|  Total Norway |  | 4351 |
| PORTUGAL 0.3% | PORTUGAL 0.3% | PORTUGAL 0.3% |
| CONSUMER STAPLES 0.1% | CONSUMER STAPLES 0.1% | CONSUMER STAPLES 0.1% |
|  Jeronimo Martins SGPS SA | 6066 | 153 |
| ENERGY 0.0% | ENERGY 0.0% | ENERGY 0.0% |
|  Galp Energia SGPS SA | 7371 | 135 |
| FINANCIALS 0.0% | FINANCIALS 0.0% | FINANCIALS 0.0% |
|  Banco Comercial Portugues SA | 172187 | 134 |

---

---

| | | |
|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) |
| UTILITIES 0.2% | UTILITIES 0.2% | UTILITIES 0.2% |
|  EDP SA | 147417 | 641 |
|  REN - Redes Energeticas Nacionais SGPS SA | 31217 | 111 |
|  |  | 752 |
|  Total Portugal |  | 1174 |
| SINGAPORE 2.1% | SINGAPORE 2.1% | SINGAPORE 2.1% |
| COMMUNICATION SERVICES 0.5% | COMMUNICATION SERVICES 0.5% | COMMUNICATION SERVICES 0.5% |
|  JOYY, Inc. ADR | 891 | 45 |
|  NetLink NBN Trust | 114000 | 79 |
|  Sea Ltd. (a) | 5688 | 910 |
|  Singapore Telecommunications Ltd. | 284800 | 859 |
|  |  | 1893 |
| CONSUMER STAPLES 0.1% | CONSUMER STAPLES 0.1% | CONSUMER STAPLES 0.1% |
|  Golden Agri-Resources Ltd. | 673800 | 133 |
|  Wilmar International Ltd. | 91900 | 207 |
|  |  | 340 |
| FINANCIALS 1.1% | FINANCIALS 1.1% | FINANCIALS 1.1% |
|  DBS Group Holdings Ltd. | 49070 | 1733 |
|  Oversea-Chinese Banking Corp. Ltd. | 61300 | 786 |
|  Singapore Exchange Ltd. | 25300 | 296 |
|  United Overseas Bank Ltd. | 39000 | 1104 |
|  |  | 3919 |
| INDUSTRIALS 0.3% | INDUSTRIALS 0.3% | INDUSTRIALS 0.3% |
|  ComfortDelGro Corp. Ltd. | 81500 | 92 |
|  Grab Holdings Ltd. 'A' (a) | 6066 | 31 |
|  Jardine Cycle & Carriage Ltd. | 4400 | 84 |
|  Keppel Ltd. | 36900 | 215 |
|  Singapore Airlines Ltd. | 68000 | 373 |
|  Singapore Technologies Engineering Ltd. | 59400 | 364 |
|  |  | 1159 |
| INFORMATION TECHNOLOGY 0.0% | INFORMATION TECHNOLOGY 0.0% | INFORMATION TECHNOLOGY 0.0% |
|  Venture Corp. Ltd. | 10500 | 94 |
| UTILITIES 0.1% | UTILITIES 0.1% | UTILITIES 0.1% |
|  Sembcorp Industries Ltd. | 22100 | 119 |
|  Total Singapore |  | 7524 |
| SOUTH AFRICA 0.0% | SOUTH AFRICA 0.0% | SOUTH AFRICA 0.0% |
| FINANCIALS 0.0% | FINANCIALS 0.0% | FINANCIALS 0.0% |
|  Investec PLC | 6229 | 47 |
| MATERIALS 0.0% | MATERIALS 0.0% | MATERIALS 0.0% |
|  Valterra Platinum Ltd. (a) | 2344 | 103 |
|  Total South Africa |  | 150 |
| SPAIN 4.3% | SPAIN 4.3% | SPAIN 4.3% |
| COMMUNICATION SERVICES 0.5% | COMMUNICATION SERVICES 0.5% | COMMUNICATION SERVICES 0.5% |
|  Cellnex Telecom SA | 7957 | 310 |
|  Telefonica SA | 276743 | 1456 |
|  |  | 1766 |
| CONSUMER DISCRETIONARY 0.2% | CONSUMER DISCRETIONARY 0.2% | CONSUMER DISCRETIONARY 0.2% |
|  Amadeus IT Group SA | 1223 | 103 |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  Gestamp Automocion SA | 23767 | 82 |
|  Industria de Diseno Textil SA | 7582 | 396 |
|  |  | 581 |
| CONSUMER STAPLES 0.0% | CONSUMER STAPLES 0.0% | CONSUMER STAPLES 0.0% |
|  Viscofan SA | 2155 | 153 |
| ENERGY 0.2% | ENERGY 0.2% | ENERGY 0.2% |
|  Repsol SA | 53934 | 789 |
| FINANCIALS 1.6% | FINANCIALS 1.6% | FINANCIALS 1.6% |
|  Banco Bilbao Vizcaya Argentaria SA | 30086 | 463 |
|  Banco de Sabadell SA | 419583 | 1336 |
|  Banco Santander SA | 326086 | 2700 |
|  Bankinter SA | 7556 | 99 |
|  CaixaBank SA | 23934 | 207 |
|  Mapfre SA | 95917 | 393 |
|  Unicaja Banco SA | 176061 | 416 |
|  |  | 5614 |
| HEALTH CARE 0.1% | HEALTH CARE 0.1% | HEALTH CARE 0.1% |
|  Almirall SA | 7729 | 97 |
|  Grifols SA (a) | 15147 | 185 |
|  |  | 282 |
| INDUSTRIALS 0.3% | INDUSTRIALS 0.3% | INDUSTRIALS 0.3% |
|  ACS Actividades de Construccion y Servicios SA | 7389 | 514 |
|  Aena SME SA | 7020 | 187 |
|  Logista Integral SA | 5095 | 167 |
|  Sacyr SA | 35707 | 146 |
|  |  | 1014 |
| MATERIALS 0.0% | MATERIALS 0.0% | MATERIALS 0.0% |
|  Acerinox SA | 9964 | 127 |
| UTILITIES 1.4% | UTILITIES 1.4% | UTILITIES 1.4% |
|  EDP Renovaveis SA | 4981 | 56 |
|  Enagas SA | 9335 | 157 |
|  Endesa SA | 21284 | 674 |
|  Iberdrola SA | 171884 | 3307 |
|  Naturgy Energy Group SA | 10235 | 326 |
|  Redeia Corp. SA | 24039 | 514 |
|  |  | 5034 |
|  Total Spain |  | 15360 |
| SWEDEN 2.3% | SWEDEN 2.3% | SWEDEN 2.3% |
| COMMUNICATION SERVICES 0.6% | COMMUNICATION SERVICES 0.6% | COMMUNICATION SERVICES 0.6% |
|  Spotify Technology SA (a) | 1014 | 778 |
|  Tele2 AB 'B' | 29130 | 425 |
|  Telia Co. AB | 225516 | 811 |
|  |  | 2014 |
| CONSUMER DISCRETIONARY 0.1% | CONSUMER DISCRETIONARY 0.1% | CONSUMER DISCRETIONARY 0.1% |
|  Autoliv, Inc. | 866 | 97 |
|  Betsson AB 'B' | 3539 | 75 |
|  Bilia AB 'A' | 5798 | 78 |
|  Electrolux AB 'B' (a) | 9255 | 66 |
|  Scandic Hotels Group AB | 25903 | 226 |
|  |  | 542 |

---

28 PIMCO EQUITY SERIES See Accompanying Notes

------

June 30, 2025

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
| CONSUMER STAPLES 0.2% | CONSUMER STAPLES 0.2% | CONSUMER STAPLES 0.2% |
|  AAK AB | 7031 | 185 |
|  Axfood AB | 3488 | 103 |
|  Essity AB 'B' | 19744 | 547 |
|  |  | 835 |
| FINANCIALS 0.2% | FINANCIALS 0.2% | FINANCIALS 0.2% |
|  Svenska Handelsbanken AB 'A' | 32982 | 441 |
|  Swedbank AB 'A' | 17433 | 462 |
|  |  | 903 |
| HEALTH CARE 0.1% | HEALTH CARE 0.1% | HEALTH CARE 0.1% |
|  Elekta AB 'B' | 3808 | 20 |
|  Getinge AB 'B' | 4956 | 100 |
|  Swedish Orphan Biovitrum AB (a) | 2279 | 69 |
|  |  | 189 |
| INDUSTRIALS 0.6% | INDUSTRIALS 0.6% | INDUSTRIALS 0.6% |
|  AddTech AB 'B' | 4544 | 155 |
|  Atlas Copco AB 'A' | 18398 | 297 |
|  Beijer Ref AB | 1973 | 31 |
|  Epiroc AB 'A' | 10408 | 227 |
|  Lifco AB 'B' | 2547 | 103 |
|  Saab AB 'B' | 3941 | 220 |
|  Sandvik AB | 9069 | 208 |
|  Securitas AB 'B' | 6967 | 104 |
|  Skanska AB 'B' | 3198 | 75 |
|  SKF AB 'B' | 4685 | 108 |
|  Volvo AB 'B' | 18560 | 522 |
|  |  | 2050 |
| INFORMATION TECHNOLOGY 0.4% | INFORMATION TECHNOLOGY 0.4% | INFORMATION TECHNOLOGY 0.4% |
|  Mycronic AB | 3432 | 73 |
|  Telefonaktiebolaget LM Ericsson 'B' | 169752 | 1451 |
|  |  | 1524 |
| MATERIALS 0.1% | MATERIALS 0.1% | MATERIALS 0.1% |
|  Hexpol AB | 5197 | 50 |
|  SSAB AB 'A' | 38022 | 229 |
|  |  | 279 |
| REAL ESTATE 0.0% | REAL ESTATE 0.0% | REAL ESTATE 0.0% |
|  Samhallsbyggnadsbolaget i Norden AB | 55695 | 33 |
|  Total Sweden |  | 8369 |
| SWITZERLAND 7.3% | SWITZERLAND 7.3% | SWITZERLAND 7.3% |
| COMMUNICATION SERVICES 0.1% | COMMUNICATION SERVICES 0.1% | COMMUNICATION SERVICES 0.1% |
|  Swisscom AG | 713 | 506 |
| CONSUMER DISCRETIONARY 0.2% | CONSUMER DISCRETIONARY 0.2% | CONSUMER DISCRETIONARY 0.2% |
|  Cie Financiere Richemont SA 'A' | 1658 | 314 |
|  Garmin Ltd. | 2545 | 531 |
|  |  | 845 |
| CONSUMER STAPLES 0.8% | CONSUMER STAPLES 0.8% | CONSUMER STAPLES 0.8% |
|  Barry Callebaut AG | 55 | 60 |
|  Chocoladefabriken Lindt & Spruengli AG | 20 | 337 |
|  Coca-Cola HBC AG | 4622 | 242 |
|  Emmi AG | 60 | 60 |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  Nestle SA | 23193 | 2306 |
|  |  | 3005 |
| FINANCIALS 2.0% | FINANCIALS 2.0% | FINANCIALS 2.0% |
|  Baloise Holding AG | 1394 | 329 |
|  Banque Cantonale Vaudoise | 1299 | 150 |
|  Cembra Money Bank AG | 1384 | 174 |
|  Helvetia Holding AG | 1284 | 301 |
|  Julius Baer Group Ltd. | 1178 | 80 |
|  Partners Group Holding AG | 184 | 241 |
|  St Galler Kantonalbank AG 'A' | 159 | 96 |
|  Swiss Life Holding AG | 787 | 797 |
|  Swiss Re AG | 10184 | 1762 |
|  Valiant Holding AG | 1164 | 177 |
|  Vaudoise Assurances Holding SA | 132 | 102 |
|  Zurich Insurance Group AG | 4279 | 2994 |
|  |  | 7203 |
| HEALTH CARE 2.1% | HEALTH CARE 2.1% | HEALTH CARE 2.1% |
|  Galderma Group AG | 552 | 80 |
|  Galenica AG | 1833 | 200 |
|  Lonza Group AG | 545 | 390 |
|  Novartis AG | 19684 | 2389 |
|  Roche Holding AG | 11711 | 3823 |
|  Sandoz Group AG | 4365 | 239 |
|  Sonova Holding AG | 807 | 241 |
|  Straumann Holding AG | 414 | 54 |
|  |  | 7416 |
| INDUSTRIALS 1.2% | INDUSTRIALS 1.2% | INDUSTRIALS 1.2% |
|  ABB Ltd. | 11165 | 669 |
|  Adecco Group AG | 10570 | 315 |
|  Belimo Holding AG | 101 | 103 |
|  Bucher Industries AG | 211 | 105 |
|  Daetwyler Holding AG | 570 | 86 |
|  DKSH Holding AG | 1385 | 108 |
|  dormakaba Holding AG | 256 | 234 |
|  Flughafen Zurich AG | 480 | 137 |
|  Forbo Holding AG | 52 | 54 |
|  Geberit AG | 277 | 218 |
|  Georg Fischer AG | 749 | 61 |
|  Kuehne & Nagel International AG | 1182 | 256 |
|  Schindler Holding AG | 1992 | 742 |
|  SGS SA | 2693 | 273 |
|  Siemens Energy AG (a) | 4782 | 559 |
|  Sulzer AG | 780 | 141 |
|  VAT Group AG | 358 | 152 |
|  |  | 4213 |
| INFORMATION TECHNOLOGY 0.1% | INFORMATION TECHNOLOGY 0.1% | INFORMATION TECHNOLOGY 0.1% |
|  ALSO Holding AG | 118 | 40 |
|  Landis & Gyr Group AG | 1547 | 109 |
|  Logitech International SA | 404 | 37 |
|  Temenos AG | 773 | 55 |
|  |  | 241 |
| MATERIALS 0.4% | MATERIALS 0.4% | MATERIALS 0.4% |
|  EMS-Chemie Holding AG | 107 | 81 |
|  Givaudan SA | 130 | 631 |
|  Glencore PLC | 70051 | 273 |
|  Holcim AG | 4807 | 357 |
|  SIG Group AG | 5032 | 93 |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  Sika AG | 86 | 23 |
|  |  | 1458 |
| REAL ESTATE 0.3% | REAL ESTATE 0.3% | REAL ESTATE 0.3% |
|  Allreal Holding AG | 810 | 190 |
|  PSP Swiss Property AG | 2022 | 374 |
|  Swiss Prime Site AG | 3399 | 510 |
|  |  | 1074 |
| UTILITIES 0.1% | UTILITIES 0.1% | UTILITIES 0.1% |
|  BKW AG | 920 | 202 |
|  Total Switzerland |  | 26163 |
| UNITED KINGDOM 14.9% | UNITED KINGDOM 14.9% | UNITED KINGDOM 14.9% |
| COMMUNICATION SERVICES 0.5% | COMMUNICATION SERVICES 0.5% | COMMUNICATION SERVICES 0.5% |
|  Auto Trader Group PLC | 17714 | 201 |
|  BT Group PLC | 318504 | 848 |
|  Vodafone Group PLC | 527691 | 565 |
|  WPP PLC | 19497 | 137 |
|  |  | 1751 |
| CONSUMER DISCRETIONARY 1.2% | CONSUMER DISCRETIONARY 1.2% | CONSUMER DISCRETIONARY 1.2% |
|  B&M European Value Retail SA | 66278 | 247 |
|  Barratt Redrow PLC | 29189 | 183 |
|  Berkeley Group Holdings PLC | 3409 | 181 |
|  Burberry Group PLC | 10337 | 168 |
|  Compass Group PLC | 22051 | 747 |
|  Deliveroo PLC (a) | 14752 | 36 |
|  Entain PLC | 4309 | 53 |
|  Frasers Group PLC (a) | 10518 | 98 |
|  Games Workshop Group PLC | 1381 | 307 |
|  Greggs PLC | 4068 | 107 |
|  Inchcape PLC | 9702 | 97 |
|  InterContinental Hotels Group PLC | 3064 | 350 |
|  Kingfisher PLC | 94206 | 376 |
|  Mitchells & Butlers PLC (a) | 29238 | 115 |
|  Next PLC | 1235 | 211 |
|  Pearson PLC | 26480 | 390 |
|  Persimmon PLC | 26267 | 467 |
|  Pets at Home Group PLC | 15602 | 56 |
|  Taylor Wimpey PLC | 164783 | 269 |
|  |  | 4458 |
| CONSUMER STAPLES 4.1% | CONSUMER STAPLES 4.1% | CONSUMER STAPLES 4.1% |
|  Associated British Foods PLC | 4930 | 139 |
|  British American Tobacco PLC | 77347 | 3678 |
|  Coca-Cola Europacific Partners PLC | 2261 | 210 |
|  Cranswick PLC | 1817 | 133 |
|  Diageo PLC | 16707 | 421 |
|  Imperial Brands PLC | 41786 | 1651 |
|  J Sainsbury PLC | 178597 | 711 |
|  Marks & Spencer Group PLC | 127983 | 623 |
|  Premier Foods PLC | 61721 | 169 |
|  Reckitt Benckiser Group PLC | 19108 | 1302 |
|  Tate & Lyle PLC | 18194 | 129 |
|  Tesco PLC | 370277 | 2041 |
|  Unilever PLC | 55471 | 3385 |
|  |  | 14592 |
| ENERGY 0.2% | ENERGY 0.2% | ENERGY 0.2% |
|  BP PLC | 64169 | 320 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **29** |

---

------

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor International Equity ETF (Cont.)

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  Shell PLC | 2546 | 89 |
|  Subsea 7 SA | 12944 | 243 |
|  |  | 652 |
| FINANCIALS 3.2% | FINANCIALS 3.2% | FINANCIALS 3.2% |
|  3i Group PLC | 26249 | 1486 |
|  Aberdeen Group PLC | 65663 | 169 |
|  Admiral Group PLC | 11429 | 513 |
|  Aviva PLC | 41223 | 350 |
|  Barclays PLC | 253656 | 1172 |
|  Beazley PLC | 6229 | 80 |
|  Close Brothers Group PLC (a) | 7909 | 40 |
|  Direct Line Insurance Group PLC | 93891 | 396 |
|  HSBC Holdings PLC | 168312 | 2036 |
|  IG Group Holdings PLC | 20237 | 296 |
|  Legal & General Group PLC | 86433 | 302 |
|  Lloyds Banking Group PLC | 657558 | 691 |
|  London Stock Exchange Group PLC | 9269 | 1356 |
|  M&G PLC | 162087 | 573 |
|  Man Group PLC | 54470 | 127 |
|  NatWest Group PLC | 192379 | 1351 |
|  Schroders PLC | 22112 | 110 |
|  St James's Place PLC | 5052 | 82 |
|  Standard Chartered PLC | 23777 | 394 |
|  |  | 11524 |
| HEALTH CARE 1.4% | HEALTH CARE 1.4% | HEALTH CARE 1.4% |
|  AstraZeneca PLC | 6029 | 839 |
|  ConvaTec Group PLC | 44119 | 175 |
|  GSK PLC | 134924 | 2572 |
|  Haleon PLC | 208367 | 1071 |
|  Hikma Pharmaceuticals PLC | 6808 | 186 |
|  Smith & Nephew PLC | 11567 | 177 |
|  |  | 5020 |
| INDUSTRIALS 2.3% | INDUSTRIALS 2.3% | INDUSTRIALS 2.3% |
|  Ashtead Group PLC | 2922 | 187 |
|  Babcock International Group PLC | 19575 | 308 |
|  BAE Systems PLC | 111373 | 2890 |
|  Balfour Beatty PLC | 25532 | 183 |
|  Bunzl PLC | 5213 | 166 |
|  Diploma PLC | 2898 | 195 |
|  easyJet PLC | 10838 | 79 |
|  Firstgroup PLC | 66319 | 210 |
|  Howden Joinery Group PLC | 23939 | 282 |
|  IMI PLC | 8431 | 243 |
|  International Consolidated Airlines Group SA | 63143 | 296 |
|  Intertek Group PLC | 5006 | 326 |
|  Morgan Sindall Group PLC | 3286 | 206 |
|  Pagegroup PLC | 12069 | 44 |
|  QinetiQ Group PLC | 12927 | 92 |
|  RELX PLC | 20762 | 1125 |
|  Rentokil Initial PLC | 33063 | 160 |
|  Rolls-Royce Holdings PLC | 54317 | 720 |
|  Rotork PLC | 8967 | 40 |
|  RS Group PLC | 10254 | 81 |
|  Smiths Group PLC | 2678 | 83 |
|  Travis Perkins PLC | 6320 | 53 |
|  Weir Group PLC | 5502 | 188 |
|  |  | 8157 |
| INFORMATION TECHNOLOGY 0.2% | INFORMATION TECHNOLOGY 0.2% | INFORMATION TECHNOLOGY 0.2% |
|  Atlassian Corp. Ltd. 'A' (a) | 776 | 158 |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  Computacenter PLC | 2680 | 88 |
|  Halma PLC | 4414 | 194 |
|  Sage Group PLC | 18292 | 314 |
|  |  | 754 |
| MATERIALS 0.8% | MATERIALS 0.8% | MATERIALS 0.8% |
|  Anglo American PLC | 16691 | 492 |
|  Anglogold Ashanti PLC | 7864 | 359 |
|  Croda International PLC | 3239 | 130 |
|  Johnson Matthey PLC | 9849 | 235 |
|  Mondi PLC | 13959 | 228 |
|  Rio Tinto PLC | 24935 | 1451 |
|  |  | 2895 |
| UTILITIES 1.0% | UTILITIES 1.0% | UTILITIES 1.0% |
|  Centrica PLC | 156927 | 348 |
|  Drax Group PLC | 21714 | 207 |
|  National Grid PLC | 131355 | 1928 |
|  Pennon Group PLC | 12206 | 84 |
|  Severn Trent PLC | 8578 | 322 |
|  SSE PLC | 10421 | 263 |
|  United Utilities Group PLC | 21513 | 338 |
|  |  | 3490 |
|  Total United Kingdom |  | 53293 |
| UNITED STATES 0.4% | UNITED STATES 0.4% | UNITED STATES 0.4% |
| CONSUMER DISCRETIONARY 0.1% | CONSUMER DISCRETIONARY 0.1% | CONSUMER DISCRETIONARY 0.1% |
|  Carnival PLC (a) | 9528 | 242 |
| FINANCIALS 0.1% | FINANCIALS 0.1% | FINANCIALS 0.1% |
|  Brookfield Asset Management Ltd. 'A' | 6470 | 358 |
| INDUSTRIALS 0.1% | INDUSTRIALS 0.1% | INDUSTRIALS 0.1% |
|  RB Global, Inc. | 4136 | 439 |
| MATERIALS 0.1% | MATERIALS 0.1% | MATERIALS 0.1% |
|  Amrize Ltd. (a) | 4807 | 240 |
|  SSR Mining, Inc. (a) | 7904 | 101 |
|  |  | 341 |
|  Total United States |  | 1380 |
|  Total Common Stocks (Cost $278,329) | Total Common Stocks (Cost $278,329) | 349219 |
| PREFERRED STOCKS 0.6% | PREFERRED STOCKS 0.6% | PREFERRED STOCKS 0.6% |
| GERMANY 0.6% | GERMANY 0.6% | GERMANY 0.6% |
| INDUSTRIALS 0.6% | INDUSTRIALS 0.6% | INDUSTRIALS 0.6% |
|  Draegerwerk AG & Co. KGaA | 866 | 68 |
|  Fuchs SE | 5717 | 316 |
|  Henkel AG & Co. KGaA | 4387 | 345 |
|  KSB SE & Co. KGaA | 102 | 106 |
|  Sartorius AG | 259 | 66 |
|  Volkswagen AG | 12593 | 1331 |
|  |  | 2232 |
|  Total Preferred Stocks (Cost $2,099) | Total Preferred Stocks (Cost $2,099) | 2232 |
| REAL ESTATE INVESTMENT TRUSTS 1.2% | REAL ESTATE INVESTMENT TRUSTS 1.2% | REAL ESTATE INVESTMENT TRUSTS 1.2% |
| AUSTRALIA 0.1% | AUSTRALIA 0.1% | AUSTRALIA 0.1% |
| REAL ESTATE 0.1% | REAL ESTATE 0.1% | REAL ESTATE 0.1% |
|  Charter Hall Group | 18983 | 241 |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  Dexus | 11496 | 50 |
|  Stockland | 42012 | 149 |
|  |  | 440 |
|  Total Australia |  | 440 |
| BELGIUM 0.1% | BELGIUM 0.1% | BELGIUM 0.1% |
| REAL ESTATE 0.1% | REAL ESTATE 0.1% | REAL ESTATE 0.1% |
|  Aedifica SA | 689 | 54 |
|  Cofinimmo SA | 1282 | 117 |
|  Retail Estates NV | 2239 | 162 |
|  Warehouses De Pauw CVA | 2669 | 66 |
|  |  | 399 |
|  Total Belgium |  | 399 |
| CANADA 0.0% | CANADA 0.0% | CANADA 0.0% |
| REAL ESTATE 0.0% | REAL ESTATE 0.0% | REAL ESTATE 0.0% |
|  Allied Properties Real Estate Investment Trust | 2683 | 34 |
|  Total Canada |  | 34 |
| FRANCE 0.1% | FRANCE 0.1% | FRANCE 0.1% |
| REAL ESTATE 0.1% | REAL ESTATE 0.1% | REAL ESTATE 0.1% |
|  Klepierre SA | 6124 | 242 |
|  Total France |  | 242 |
| HONG KONG 0.2% | HONG KONG 0.2% | HONG KONG 0.2% |
| REAL ESTATE 0.2% | REAL ESTATE 0.2% | REAL ESTATE 0.2% |
|  Fortune Real Estate Investment Trust | 93000 | 57 |
|  Link REIT | 78600 | 421 |
|  |  | 478 |
|  Total Hong Kong |  | 478 |
| JAPAN 0.5% | JAPAN 0.5% | JAPAN 0.5% |
| REAL ESTATE 0.5% | REAL ESTATE 0.5% | REAL ESTATE 0.5% |
|  Activia Properties, Inc. | 21 | 18 |
|  Advance Residence Investment Corp. | 96 | 100 |
|  AEON REIT Investment Corp. | 62 | 55 |
|  Daiwa House REIT Investment Corp. | 47 | 79 |
|  Daiwa Office Investment Corp. | 4 | 9 |
|  GLP J-Reit | 60 | 54 |
|  Hulic Reit, Inc. | 54 | 58 |
|  Industrial & Infrastructure Fund Investment Corp. | 54 | 46 |
|  Invincible Investment Corp. | 269 | 116 |
|  Japan Hotel REIT Investment Corp. | 362 | 191 |
|  Japan Metropolitan Fund Invest | 160 | 113 |
|  Japan Prime Realty Investment Corp. | 32 | 21 |
|  Japan Real Estate Investment Corp. | 301 | 246 |
|  KDX Realty Investment Corp. | 63 | 68 |
|  LaSalle Logiport REIT | 158 | 153 |
|  Mori Hills REIT Investment Corp. | 55 | 51 |
|  Nippon Building Fund, Inc. | 51 | 47 |
|  Nippon Prologis REIT, Inc. | 132 | 73 |
|  Nomura Real Estate Master Fund, Inc. | 62 | 63 |
|  Orix JREIT, Inc. | 59 | 77 |
|  Sekisui House Reit, Inc. | 152 | 80 |
|  United Urban Investment Corp. | 97 | 105 |
|  |  | 1823 |
|  Total Japan |  | 1823 |

---

30 PIMCO EQUITY SERIES See Accompanying Notes

------

June 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| LUXEMBOURG 0.1% | LUXEMBOURG 0.1% | LUXEMBOURG 0.1% | LUXEMBOURG 0.1% |
| REAL ESTATE 0.1% | REAL ESTATE 0.1% | REAL ESTATE 0.1% | REAL ESTATE 0.1% |
|  Shurgard Self Storage Ltd. | 2619 | $— | 114 |
|  Total Luxembourg |  |  | 114 |
| SINGAPORE 0.1% | SINGAPORE 0.1% | SINGAPORE 0.1% | SINGAPORE 0.1% |
| REAL ESTATE 0.1% | REAL ESTATE 0.1% | REAL ESTATE 0.1% | REAL ESTATE 0.1% |
|  CapitaLand Ascendas REIT | 65000 |  | 137 |
|  CapitaLand Integrated Commercial Trust | 56480 |  | 96 |
|  Keppel DC REIT | 58225 |  | 107 |
|  Keppel REIT | 5720 |  | 4 |
|  Mapletree Industrial Trust | 48335 |  | 78 |
|  |  |  | 422 |
|  Total Singapore |  |  | 422 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| SPAIN 0.0% | SPAIN 0.0% | SPAIN 0.0% | SPAIN 0.0% |
| REAL ESTATE 0.0% | REAL ESTATE 0.0% | REAL ESTATE 0.0% | REAL ESTATE 0.0% |
|  Inmobiliaria Colonial Socimi SA | 5531 | $— | 39 |
|  Total Spain |  |  | 39 |
| UNITED KINGDOM 0.0% | UNITED KINGDOM 0.0% | UNITED KINGDOM 0.0% | UNITED KINGDOM 0.0% |
| REAL ESTATE 0.0% | REAL ESTATE 0.0% | REAL ESTATE 0.0% | REAL ESTATE 0.0% |
|  Assura PLC | 61019 |  | 42 |
|  Big Yellow Group PLC | 4732 |  | 66 |
|  |  |  | 108 |
|  Total United Kingdom |  |  | 108 |
| Total Real Estate Investment Trusts (Cost $4,216) | Total Real Estate Investment Trusts (Cost $4,216) |  | 4099 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | SHARES | MARKET<br>VALUE<br>(000S) | MARKET<br>VALUE<br>(000S) |
| WARRANTS 0.0% | WARRANTS 0.0% | WARRANTS 0.0% | WARRANTS 0.0% |
| CANADA 0.0% | CANADA 0.0% | CANADA 0.0% | CANADA 0.0% |
| INFORMATION TECHNOLOGY 0.0% | INFORMATION TECHNOLOGY 0.0% | INFORMATION TECHNOLOGY 0.0% | INFORMATION TECHNOLOGY 0.0% |
|  Constellation Software, Inc. - Exp. 03/31/2040 « | 58 | $— | 0 |
| Total Warrants (Cost $0) | Total Warrants (Cost $0) |  | 0 |
| Total Investments in Securities<br>(Cost $284,644) | Total Investments in Securities<br>(Cost $284,644) |  | 355550 |
| Total Investments 99.2%<br>(Cost $284,644) | Total Investments 99.2%<br>(Cost $284,644) | $— | 355550 |
| Other Assets and Liabilities, net 0.8% | Other Assets and Liabilities, net 0.8% |  | 2945 |
| Net Assets 100.0% | Net Assets 100.0% | $— | 358495 |

---

#### 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.

&nbsp;&nbsp;&nbsp;&nbsp;(b) RESTRICTED SECURITIES:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Issuer Description | Acquisition<br>Date | Cost | Market<br>Value | Market Value<br>as Percentage<br>of Net Assets |
|  Agnico Eagle Mines Ltd. | 03/21/2025 - 06/20/2025 | $574 | $629 | 0.18% |
|  Constellation Software, Inc. | 03/01/2019 - 06/04/2025 | 188 | 345 | 0.10 |
|  Definity Financial Corp. | 06/20/2025 | 33 | 35 | 0.01 |
|  Great-West Lifeco, Inc. | 06/20/2025 | 70 | 72 | 0.02 |
|  Lassonde Industries, Inc. | 06/20/2025 | 129 | 123 | 0.03 |
|  Parkland Corp. | 06/20/2025 | 62 | 62 | 0.02 |
|  Stella-Jones, Inc. | 06/16/2023 - 06/04/2025 | 43 | 47 | 0.01 |
|  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1099 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1313 | 0.37% |

---

#### 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, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments | Derivatives not accounted for as hedging instruments |
|  | Commodity<br>Contracts | Credit<br>Contracts | Equity<br>Contracts | Foreign<br>Exchange<br>Contracts | Interest<br>Rate Contracts | Total |
|  Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments | Net Realized Gain (Loss) on Financial Derivative Instruments |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 |

---

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of June 30, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | **Fair**<br> **Value at**<br> **06/30/2025** |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp; Australia | &nbsp;&nbsp; Australia | &nbsp;&nbsp; Australia | &nbsp;&nbsp; Australia | &nbsp;&nbsp; Australia |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | $0 | $827 | $0 | $827 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1845 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 0 | 1369 | 0 | 1369 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 0 | 236 | 0 | 236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 0 | 3589 | 0 | 3589 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair**<br> **Value at**<br> **06/30/2025** |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | $0 | $1543 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1543 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 1842 | 0 | 1842 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3446 | 0 | 3446 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | 61 | 0 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 0 | 493 | 0 | 493 |
| &nbsp;&nbsp; Austria | &nbsp;&nbsp; Austria | &nbsp;&nbsp; Austria | &nbsp;&nbsp; Austria | &nbsp;&nbsp; Austria |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 0 | 97 | 0 | 97 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;378 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **31** |

---

------

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor International Equity ETF (Cont.)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair**<br> **Value at**<br> **06/30/2025** |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | $0 | $140 | $0 | $140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 0 | 157 | 0 | 157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 0 | 102 | 0 | 102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 0 | 70 | 0 | 70 |
| &nbsp;&nbsp; Belgium | &nbsp;&nbsp; Belgium | &nbsp;&nbsp; Belgium | &nbsp;&nbsp; Belgium | &nbsp;&nbsp; Belgium |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 0 | 88 | 0 | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 0 | 83 | 0 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 0 | 205 | 0 | 205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 0 | 293 | 0 | 293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 0 | 932 | 0 | 932 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 158 | 0 | 158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 0 | 94 | 0 | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 0 | 135 | 0 | 135 |
| &nbsp;&nbsp; Canada | &nbsp;&nbsp; Canada | &nbsp;&nbsp; Canada | &nbsp;&nbsp; Canada | &nbsp;&nbsp; Canada |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 1289 | 0 | 0 | 1289 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 2450 | 0 | 0 | 2450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 3337 | 0 | 0 | 3337 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 3319 | 0 | 0 | 3319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 7058 | 0 | 0 | 7058 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 27 | 0 | 0 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2457 | 0 | 0 | 2457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 2295 | 0 | 0 | 2295 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 4180 | 0 | 0 | 4180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 273 | 0 | 0 | 273 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 1579 | 0 | 0 | 1579 |
| &nbsp;&nbsp; Chile | &nbsp;&nbsp; Chile | &nbsp;&nbsp; Chile | &nbsp;&nbsp; Chile | &nbsp;&nbsp; Chile |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 0 | 225 | 0 | 225 |
| &nbsp;&nbsp; Denmark | &nbsp;&nbsp; Denmark | &nbsp;&nbsp; Denmark | &nbsp;&nbsp; Denmark | &nbsp;&nbsp; Denmark |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 0 | 187 | 0 | 187 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 105 | 419 | 0 | 524 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 0 | 704 | 0 | 704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 0 | 1467 | 0 | 1467 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 0 | 445 | 0 | 445 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 0 | 211 | 0 | 211 |
| &nbsp;&nbsp; Finland | &nbsp;&nbsp; Finland | &nbsp;&nbsp; Finland | &nbsp;&nbsp; Finland | &nbsp;&nbsp; Finland |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 0 | 225 | 0 | 225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 0 | 29 | 0 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 0 | 238 | 0 | 238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 0 | 98 | 0 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 0 | 1255 | 0 | 1255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 0 | 372 | 0 | 372 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 1023 | 0 | 1023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 0 | 379 | 0 | 379 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 0 | 452 | 0 | 452 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 0 | 71 | 0 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 0 | 534 | 0 | 534 |
| &nbsp;&nbsp; France |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 0 | 3938 | 0 | 3938 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 0 | 2032 | 0 | 2032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 0 | 2812 | 0 | 2812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 0 | 662 | 0 | 662 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 0 | 4115 | 0 | 4115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 0 | 2829 | 0 | 2829 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 6180 | 0 | 6180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 0 | 191 | 0 | 191 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 0 | 628 | 0 | 628 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 0 | 1301 | 0 | 1301 |
| &nbsp;&nbsp; Germany |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 0 | 2798 | 0 | 2798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 0 | 3044 | 0 | 3044 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 0 | 427 | 0 | 427 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 0 | 5613 | 0 | 5613 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 0 | 1795 | 0 | 1795 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 4392 | 0 | 4392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 0 | 2186 | 0 | 2186 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 0 | 1802 | 0 | 1802 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 0 | 969 | 0 | 969 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 0 | 360 | 0 | 360 |
| &nbsp;&nbsp; Hong Kong |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 0 | 419 | 0 | 419 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 0 | 427 | 0 | 427 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair**<br> **Value at**<br> **06/30/2025** |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | $0 | $268 | $0 | $268 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 0 | 1588 | 0 | 1588 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 0 | 83 | 0 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 42 | 1017 | 0 | 1059 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 0 | 145 | 0 | 145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 386 | 727 | 0 | 1113 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 53 | 654 | 0 | 707 |
| &nbsp;&nbsp; Ireland |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 0 | 498 | 0 | 498 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 0 | 47 | 0 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 1523 | 0 | 0 | 1523 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1302 | 929 | 0 | 2231 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 0 | 375 | 0 | 375 |
| &nbsp;&nbsp; Israel |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 0 | 109 | 0 | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 0 | 150 | 0 | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 0 | 391 | 0 | 391 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 0 | 184 | 0 | 184 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2265 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 77 | 0 | 0 | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 293 | 597 | 0 | 890 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725 | 97 | 0 | 822 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 0 | 254 | 0 | 254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 0 | 701 | 0 | 701 |
| &nbsp;&nbsp; Italy |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 0 | 1194 | 0 | 1194 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 0 | 468 | 0 | 468 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 0 | 41 | 0 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 0 | 1254 | 0 | 1254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 0 | 6478 | 0 | 6478 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 0 | 300 | 0 | 300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 2285 | 0 | 2285 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 0 | 200 | 0 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 0 | 2021 | 0 | 2021 |
| &nbsp;&nbsp; Japan |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 0 | 10397 | 0 | 10397 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 0 | 12726 | 0 | 12726 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 0 | 9031 | 0 | 9031 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 0 | 1457 | 0 | 1457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 0 | 7668 | 0 | 7668 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 0 | 5979 | 0 | 5979 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 15111 | 0 | 15111 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 0 | 9255 | 0 | 9255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 0 | 4412 | 0 | 4412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 0 | 609 | 0 | 609 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 0 | 3112 | 0 | 3112 |
| &nbsp;&nbsp; Luxembourg |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 0 | 247 | 0 | 247 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 0 | 146 | 0 | 146 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 0 | 951 | 0 | 951 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 0 | 316 | 0 | 316 |
| &nbsp;&nbsp; Mexico |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 0 | 55 | 0 | 55 |
| &nbsp;&nbsp; Netherlands | &nbsp;&nbsp; Netherlands | &nbsp;&nbsp; Netherlands | &nbsp;&nbsp; Netherlands | &nbsp;&nbsp; Netherlands |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 0 | 834 | 0 | 834 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 0 | 1033 | 0 | 1033 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 0 | 3585 | 0 | 3585 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 0 | 286 | 0 | 286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 0 | 4045 | 0 | 4045 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 426 | 148 | 0 | 574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 1472 | 0 | 1472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 315 | 1049 | 0 | 1364 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 0 | 981 | 0 | 981 |
| &nbsp;&nbsp; New Zealand | &nbsp;&nbsp; New Zealand | &nbsp;&nbsp; New Zealand | &nbsp;&nbsp; New Zealand | &nbsp;&nbsp; New Zealand |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 0 | 65 | 0 | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 0 | 147 | 0 | 147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 86 | 50 | 0 | 136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 0 | 147 | 0 | 147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 88 | 94 | 0 | 182 |
| &nbsp;&nbsp; Norway | &nbsp;&nbsp; Norway | &nbsp;&nbsp; Norway | &nbsp;&nbsp; Norway | &nbsp;&nbsp; Norway |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 0 | 512 | 0 | 512 |

---

---

| | | |
|:---|:---|:---|
| **32** | **PIMCO EQUITY SERIES** | See Accompanying Notes |

---

------

June 30, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair**<br> **Value at**<br> **06/30/2025** |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | $59 | $621 | $0 | $680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 0 | 620 | 0 | 620 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 0 | 928 | 0 | 928 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 615 | 160 | 0 | 775 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 190 | 0 | 0 | 190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 0 | 646 | 0 | 646 |
| &nbsp;&nbsp; Portugal | &nbsp;&nbsp; Portugal | &nbsp;&nbsp; Portugal | &nbsp;&nbsp; Portugal | &nbsp;&nbsp; Portugal |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 0 | 153 | 0 | 153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 0 | 135 | 0 | 135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 0 | 134 | 0 | 134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 0 | 752 | 0 | 752 |
| &nbsp;&nbsp; Singapore | &nbsp;&nbsp; Singapore | &nbsp;&nbsp; Singapore | &nbsp;&nbsp; Singapore | &nbsp;&nbsp; Singapore |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 1034 | 859 | 0 | 1893 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 133 | 207 | 0 | 340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 0 | 3919 | 0 | 3919 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 31 | 1128 | 0 | 1159 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 0 | 94 | 0 | 94 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 0 | 119 | 0 | 119 |
| &nbsp;&nbsp; South Africa | &nbsp;&nbsp; South Africa | &nbsp;&nbsp; South Africa | &nbsp;&nbsp; South Africa | &nbsp;&nbsp; South Africa |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 47 | 0 | 0 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 103 | 0 | 0 | 103 |
| &nbsp;&nbsp; Spain | &nbsp;&nbsp; Spain | &nbsp;&nbsp; Spain | &nbsp;&nbsp; Spain | &nbsp;&nbsp; Spain |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 0 | 1766 | 0 | 1766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 0 | 581 | 0 | 581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 0 | 153 | 0 | 153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 0 | 789 | 0 | 789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 0 | 5614 | 0 | 5614 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 0 | 282 | 0 | 282 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 167 | 847 | 0 | 1014 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 0 | 127 | 0 | 127 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5034 |
| &nbsp;&nbsp; Sweden | &nbsp;&nbsp; Sweden | &nbsp;&nbsp; Sweden | &nbsp;&nbsp; Sweden | &nbsp;&nbsp; Sweden |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 778 | 1236 | 0 | 2014 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 97 | 445 | 0 | 542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 0 | 835 | 0 | 835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 0 | 903 | 0 | 903 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 0 | 189 | 0 | 189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 2050 | 0 | 2050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 0 | 1524 | 0 | 1524 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 0 | 279 | 0 | 279 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 0 | 33 | 0 | 33 |
| &nbsp;&nbsp; Switzerland | &nbsp;&nbsp; Switzerland | &nbsp;&nbsp; Switzerland | &nbsp;&nbsp; Switzerland | &nbsp;&nbsp; Switzerland |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 0 | 506 | 0 | 506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 531 | 314 | 0 | 845 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 0 | 3005 | 0 | 3005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 0 | 7203 | 0 | 7203 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 0 | 7416 | 0 | 7416 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair**<br> **Value at**<br> **06/30/2025** |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | $0 | $4213 | $0 | $4213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 0 | 241 | 0 | 241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 0 | 1458 | 0 | 1458 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 0 | 1074 | 0 | 1074 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 0 | 202 | 0 | 202 |
| &nbsp;&nbsp; United Kingdom | &nbsp;&nbsp; United Kingdom | &nbsp;&nbsp; United Kingdom | &nbsp;&nbsp; United Kingdom | &nbsp;&nbsp; United Kingdom |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 0 | 1751 | 0 | 1751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 0 | 4458 | 0 | 4458 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 379 | 14213 | 0 | 14592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 0 | 652 | 0 | 652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 0 | 11524 | 0 | 11524 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 0 | 5020 | 0 | 5020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 210 | 7947 | 0 | 8157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 158 | 596 | 0 | 754 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 359 | 2536 | 0 | 2895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 0 | 3490 | 0 | 3490 |
| &nbsp;&nbsp; United States | &nbsp;&nbsp; United States | &nbsp;&nbsp; United States | &nbsp;&nbsp; United States | &nbsp;&nbsp; United States |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 0 | 242 | 0 | 242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 358 | 0 | 0 | 358 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 439 | 0 | 0 | 439 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 341 | 0 | 0 | 341 |
|  Preferred Stocks | Preferred Stocks | Preferred Stocks | Preferred Stocks | Preferred Stocks |
| &nbsp;&nbsp; Germany | &nbsp;&nbsp; Germany | &nbsp;&nbsp; Germany | &nbsp;&nbsp; Germany | &nbsp;&nbsp; Germany |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 2232 | 0 | 2232 |
|  Real Estate Investment Trusts | Real Estate Investment Trusts | Real Estate Investment Trusts | Real Estate Investment Trusts | Real Estate Investment Trusts |
| &nbsp;&nbsp; Australia | &nbsp;&nbsp; Australia | &nbsp;&nbsp; Australia | &nbsp;&nbsp; Australia | &nbsp;&nbsp; Australia |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 0 | 440 | 0 | 440 |
| &nbsp;&nbsp; Belgium | &nbsp;&nbsp; Belgium | &nbsp;&nbsp; Belgium | &nbsp;&nbsp; Belgium | &nbsp;&nbsp; Belgium |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 0 | 399 | 0 | 399 |
| &nbsp;&nbsp; Canada | &nbsp;&nbsp; Canada | &nbsp;&nbsp; Canada | &nbsp;&nbsp; Canada | &nbsp;&nbsp; Canada |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 34 | 0 | 0 | 34 |
| &nbsp;&nbsp; France | &nbsp;&nbsp; France | &nbsp;&nbsp; France | &nbsp;&nbsp; France | &nbsp;&nbsp; France |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 0 | 242 | 0 | 242 |
| &nbsp;&nbsp; Hong Kong | &nbsp;&nbsp; Hong Kong | &nbsp;&nbsp; Hong Kong | &nbsp;&nbsp; Hong Kong | &nbsp;&nbsp; Hong Kong |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 0 | 478 | 0 | 478 |
| &nbsp;&nbsp; Japan | &nbsp;&nbsp; Japan | &nbsp;&nbsp; Japan | &nbsp;&nbsp; Japan | &nbsp;&nbsp; Japan |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 0 | 1823 | 0 | 1823 |
| &nbsp;&nbsp; Luxembourg | &nbsp;&nbsp; Luxembourg | &nbsp;&nbsp; Luxembourg | &nbsp;&nbsp; Luxembourg | &nbsp;&nbsp; Luxembourg |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 0 | 114 | 0 | 114 |
| &nbsp;&nbsp; Singapore | &nbsp;&nbsp; Singapore | &nbsp;&nbsp; Singapore | &nbsp;&nbsp; Singapore | &nbsp;&nbsp; Singapore |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 0 | 422 | 0 | 422 |
| &nbsp;&nbsp; Spain | &nbsp;&nbsp; Spain | &nbsp;&nbsp; Spain | &nbsp;&nbsp; Spain | &nbsp;&nbsp; Spain |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 0 | 39 | 0 | 39 |
| &nbsp;&nbsp; United Kingdom | &nbsp;&nbsp; United Kingdom | &nbsp;&nbsp; United Kingdom | &nbsp;&nbsp; United Kingdom | &nbsp;&nbsp; United Kingdom |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 0 | 108 | 0 | 108 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40748 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314802 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355550 |

---

There were no significant transfers into or out of Level 3 during the period ended June 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **33** |

---

------

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<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 99.9% | INVESTMENTS IN SECURITIES 99.9% | INVESTMENTS IN SECURITIES 99.9% |
| COMMON STOCKS 97.4% | COMMON STOCKS 97.4% | COMMON STOCKS 97.4% |
| IRELAND 0.4% | IRELAND 0.4% | IRELAND 0.4% |
| HEALTH CARE 0.0% | HEALTH CARE 0.0% | HEALTH CARE 0.0% |
|  Jazz Pharmaceuticals PLC (a) | 563 | 60 |
| INFORMATION TECHNOLOGY 0.4% | INFORMATION TECHNOLOGY 0.4% | INFORMATION TECHNOLOGY 0.4% |
|  Accenture PLC 'A' | 2283 | 682 |
|  Total Ireland |  | 742 |
| SWITZERLAND 0.1% | SWITZERLAND 0.1% | SWITZERLAND 0.1% |
| MATERIALS 0.1% | MATERIALS 0.1% | MATERIALS 0.1% |
|  Amcor PLC | 9866 | 91 |
|  Total Switzerland |  | 91 |
| UNITED KINGDOM 0.6% | UNITED KINGDOM 0.6% | UNITED KINGDOM 0.6% |
| COMMUNICATION SERVICES 0.0% | COMMUNICATION SERVICES 0.0% | COMMUNICATION SERVICES 0.0% |
|  Liberty Global Ltd. 'C' (a) | 6400 | 66 |
| CONSUMER STAPLES 0.0% | CONSUMER STAPLES 0.0% | CONSUMER STAPLES 0.0% |
|  Nomad Foods Ltd. | 45 | 1 |
| ENERGY 0.1% | ENERGY 0.1% | ENERGY 0.1% |
|  TechnipFMC PLC | 3614 | 124 |
| FINANCIALS 0.5% | FINANCIALS 0.5% | FINANCIALS 0.5% |
|  Aon PLC 'A' | 1573 | 561 |
|  Janus Henderson Group PLC | 2042 | 79 |
|  Willis Towers Watson PLC | 736 | 226 |
|  |  | 866 |
| INDUSTRIALS 0.0% | INDUSTRIALS 0.0% | INDUSTRIALS 0.0% |
|  Pentair PLC | 844 | 87 |
|  Total United Kingdom |  | 1144 |
| UNITED STATES 96.3% | UNITED STATES 96.3% | UNITED STATES 96.3% |
| COMMUNICATION SERVICES 8.0% | COMMUNICATION SERVICES 8.0% | COMMUNICATION SERVICES 8.0% |
|  Altice USA, Inc. 'A' (a) | 7145 | 15 |
|  AT&T, Inc. | 83388 | 2413 |
|  Charter Communications, Inc. 'A' (a) | 3053 | 1248 |
|  Comcast Corp. 'A' | 20064 | 716 |
|  EchoStar Corp. 'A' (a) | 453 | 13 |
|  Electronic Arts, Inc. | 2345 | 375 |
|  Fox Corp. 'A' | 6627 | 371 |
|  Frontier Communications Parent, Inc. (a) | 862 | 31 |
|  GCI Liberty, Inc. «(a) | 221 | 0 |
|  Iridium Communications, Inc. | 611 | 19 |
|  John Wiley & Sons, Inc. 'A' | 668 | 30 |
|  Liberty Broadband Corp. 'C' (a) | 1296 | 128 |
|  Liberty Media Corp.-Liberty Formula One (a) | 769 | 80 |
|  Lumen Technologies, Inc. (a) | 24288 | 106 |
|  Match Group, Inc. | 814 | 25 |
|  Meta Platforms, Inc. 'A' | 4195 | 3096 |
|  Netflix, Inc. (a) | 819 | 1097 |
|  New York Times Co. 'A' | 1344 | 75 |
|  News Corp. 'A' | 2087 | 62 |
|  Nexstar Media Group, Inc. | 832 | 144 |
|  Omnicom Group, Inc. | 1295 | 93 |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  Paramount Global 'B' | 1573 | 20 |
|  ROBLOX Corp. 'A' (a) | 2313 | 243 |
|  Roku, Inc. (a) | 494 | 44 |
|  Sirius XM Holdings, Inc. | 1628 | 37 |
|  T-Mobile U.S., Inc. | 3773 | 899 |
|  Take-Two Interactive Software, Inc. (a) | 1588 | 386 |
|  TEGNA, Inc. | 2651 | 45 |
|  Telephone & Data Systems, Inc. | 1585 | 56 |
|  TKO Group Holdings, Inc. | 288 | 53 |
|  U.S. Cellular Corp. (a) | 314 | 20 |
|  Verizon Communications, Inc. | 48547 | 2101 |
|  Walt Disney Co. | 2667 | 331 |
|  Warner Bros Discovery, Inc. (a) | 13988 | 160 |
|  Yelp, Inc. (a) | 1253 | 43 |
|  |  | 14575 |
| CONSUMER DISCRETIONARY 10.2% | CONSUMER DISCRETIONARY 10.2% | CONSUMER DISCRETIONARY 10.2% |
|  Abercrombie & Fitch Co. 'A' (a) | 2354 | 195 |
|  Academy Sports & Outdoors, Inc. | 920 | 41 |
|  Acushnet Holdings Corp. | 455 | 33 |
|  Adient PLC (a) | 2552 | 50 |
|  Adtalem Global Education, Inc. (a) | 932 | 119 |
|  Advance Auto Parts, Inc. | 331 | 15 |
|  American Eagle Outfitters, Inc. | 7119 | 69 |
|  Aramark | 993 | 42 |
|  Asbury Automotive Group, Inc. (a) | 471 | 112 |
|  AutoNation, Inc. (a) | 802 | 159 |
|  AutoZone, Inc. (a) | 144 | 535 |
|  Bath & Body Works, Inc. | 851 | 26 |
|  Best Buy Co., Inc. | 3994 | 268 |
|  Booking Holdings, Inc. | 203 | 1175 |
|  BorgWarner, Inc. | 2173 | 73 |
|  Boyd Gaming Corp. | 454 | 36 |
|  Bright Horizons Family Solutions, Inc. (a) | 469 | 58 |
|  Brunswick Corp. | 1464 | 81 |
|  Buckle, Inc. | 1242 | 56 |
|  Carnival Corp. (a) | 4457 | 125 |
|  Carter's, Inc. | 1969 | 59 |
|  Champion Homes, Inc. (a) | 291 | 18 |
|  Coupang, Inc. (a) | 3990 | 120 |
|  Cracker Barrel Old Country Store, Inc. | 611 | 37 |
|  Dana, Inc. | 3522 | 60 |
|  Darden Restaurants, Inc. | 633 | 138 |
|  Deckers Outdoor Corp. (a) | 1066 | 110 |
|  Dick's Sporting Goods, Inc. | 604 | 119 |
|  Dillard's, Inc. 'A' | 159 | 66 |
|  Domino's Pizza, Inc. | 477 | 215 |
|  DoorDash, Inc. 'A' (a) | 1320 | 325 |
|  Dorman Products, Inc. (a) | 337 | 41 |
|  eBay, Inc. | 12305 | 916 |
|  Expedia Group, Inc. | 373 | 63 |
|  Flutter Entertainment PLC (a) | 234 | 67 |
|  Foot Locker, Inc. (a) | 3414 | 84 |
|  Ford Motor Co. | 40267 | 437 |
|  G-III Apparel Group Ltd. (a) | 653 | 15 |
|  GameStop Corp. 'A' (a) | 1298 | 32 |
|  Gap, Inc. | 3285 | 72 |
|  General Motors Co. | 14575 | 717 |
|  Gentex Corp. | 4273 | 94 |
|  Goodyear Tire & Rubber Co. (a) | 5482 | 57 |
|  Graham Holdings Co. 'B' | 53 | 50 |
|  Grand Canyon Education, Inc. (a) | 454 | 86 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Group 1 Automotive, Inc. | 320 | $— | 140 |
|  H&R Block, Inc. | 2391 |  | 131 |
|  Hanesbrands, Inc. (a) | 10798 |  | 49 |
|  Harley-Davidson, Inc. | 1407 |  | 33 |
|  Hasbro, Inc. | 1395 |  | 103 |
|  Hilton Worldwide Holdings, Inc. | 423 |  | 113 |
|  Home Depot, Inc. | 3762 |  | 1379 |
|  International Game Technology PLC | 940 |  | 15 |
|  KB Home | 294 |  | 16 |
|  Kohl's Corp. | 4000 |  | 34 |
|  Kontoor Brands, Inc. | 956 |  | 63 |
|  La-Z-Boy, Inc. | 813 |  | 30 |
|  Laureate Education, Inc. (a) | 920 |  | 22 |
|  Lear Corp. | 250 |  | 24 |
|  Leggett & Platt, Inc. | 3389 |  | 30 |
|  Light & Wonder, Inc. (a) | 207 |  | 20 |
|  Lithia Motors, Inc. | 108 |  | 36 |
|  Lowe's Cos., Inc. | 3182 |  | 706 |
|  M/I Homes, Inc. (a) | 350 |  | 39 |
|  Macy's, Inc. | 4152 |  | 48 |
|  Marriott International, Inc. 'A' | 564 |  | 154 |
|  McDonald's Corp. | 5059 |  | 1478 |
|  Meritage Homes Corp. | 876 |  | 59 |
|  Mohawk Industries, Inc. (a) | 187 |  | 20 |
|  Murphy USA, Inc. | 400 |  | 163 |
|  Newell Brands, Inc. | 1253 |  | 7 |
|  NIKE, Inc. 'B' | 1535 |  | 109 |
|  NVR, Inc. (a) | 17 |  | 126 |
|  O'Reilly Automotive, Inc. (a) | 6248 |  | 563 |
|  ODP Corp. (a) | 1269 |  | 23 |
|  Ollie's Bargain Outlet Holdings, Inc. (a) | 498 |  | 66 |
|  Penske Automotive Group, Inc. | 306 |  | 53 |
|  Phinia, Inc. | 694 |  | 31 |
|  Pool Corp. | 416 |  | 121 |
|  PulteGroup, Inc. | 857 |  | 90 |
|  PVH Corp. | 493 |  | 34 |
|  Ralph Lauren Corp. | 322 |  | 88 |
|  Rivian Automotive, Inc. 'A' (a) | 1304 |  | 18 |
|  Royal Caribbean Cruises Ltd. | 854 |  | 267 |
|  Sally Beauty Holdings, Inc. (a) | 3610 |  | 33 |
|  Service Corp. International | 2320 |  | 189 |
|  SharkNinja, Inc. (a) | 172 |  | 17 |
|  Signet Jewelers Ltd. | 786 |  | 63 |
|  Somnigroup International, Inc. | 1904 |  | 130 |
|  Sonic Automotive, Inc. 'A' | 513 |  | 41 |
|  Starbucks Corp. | 4038 |  | 370 |
|  Steven Madden Ltd. | 1249 |  | 30 |
|  Strategic Education, Inc. | 274 |  | 23 |
|  Stride, Inc. (a) | 153 |  | 22 |
|  Tapestry, Inc. | 1575 |  | 138 |
|  Taylor Morrison Home Corp. (a) | 2082 |  | 128 |
|  Tesla, Inc. (a) | 4223 |  | 1341 |
|  Texas Roadhouse, Inc. | 343 |  | 64 |
|  Thor Industries, Inc. | 193 |  | 17 |
|  TJX Cos., Inc. | 4071 |  | 503 |
|  Toll Brothers, Inc. | 512 |  | 58 |
|  Tractor Supply Co. | 3533 |  | 186 |
|  Tri Pointe Homes, Inc. (a) | 2186 |  | 70 |
|  Ulta Beauty, Inc. (a) | 212 |  | 99 |
|  Upbound Group, Inc. | 646 |  | 16 |
|  Urban Outfitters, Inc. (a) | 1579 |  | 115 |
|  Vail Resorts, Inc. | 585 |  | 92 |
|  Valvoline, Inc. (a) | 1815 |  | 69 |
|  VF Corp. | 4679 |  | 55 |

---

---

| | | |
|:---|:---|:---|
| **34** | **PIMCO EQUITY SERIES** | See Accompanying Notes |

---

------

June 30, 2025

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  Victoria's Secret & Co. (a) | 2294 | 43 |
|  Visteon Corp. (a) | 635 | 59 |
|  Wendy's Co. | 4916 | 56 |
|  Whirlpool Corp. | 741 | 75 |
|  Williams-Sonoma, Inc. | 1929 | 315 |
|  Winnebago Industries, Inc. | 349 | 10 |
|  Wyndham Hotels & Resorts, Inc. | 834 | 68 |
|  Yum! Brands, Inc. | 2241 | 332 |
|  |  | 18594 |
| CONSUMER STAPLES 14.4% | CONSUMER STAPLES 14.4% | CONSUMER STAPLES 14.4% |
|  Albertsons Cos., Inc. 'A' | 5354 | 115 |
|  Altria Group, Inc. | 20689 | 1213 |
|  Andersons, Inc. | 788 | 29 |
|  Archer-Daniels-Midland Co. | 7792 | 411 |
|  BJ's Wholesale Club Holdings, Inc. (a) | 1124 | 121 |
|  Boston Beer Co., Inc. 'A' (a) | 145 | 28 |
|  Brown-Forman Corp. 'B' | 2638 | 71 |
|  Bunge Global SA | 1046 | 84 |
|  Cal-Maine Foods, Inc. | 1604 | 160 |
|  Campbell's Co. | 1505 | 46 |
|  Casey's General Stores, Inc. | 640 | 327 |
|  Central Garden & Pet Co. 'A' (a) | 709 | 22 |
|  Church & Dwight Co., Inc. | 1346 | 129 |
|  Clorox Co. | 1418 | 170 |
|  Coca-Cola Co. | 25265 | 1787 |
|  Coca-Cola Consolidated, Inc. | 436 | 49 |
|  Colgate-Palmolive Co. | 5447 | 495 |
|  Conagra Brands, Inc. | 5401 | 111 |
|  Constellation Brands, Inc. 'A' | 736 | 120 |
|  Costco Wholesale Corp. | 2627 | 2601 |
|  Dollar General Corp. | 2155 | 246 |
|  Dollar Tree, Inc. (a) | 1428 | 141 |
|  Edgewell Personal Care Co. | 1198 | 28 |
|  Flowers Foods, Inc. | 2352 | 38 |
|  Fresh Del Monte Produce, Inc. | 645 | 21 |
|  General Mills, Inc. | 5150 | 267 |
|  Hershey Co. | 794 | 132 |
|  Hormel Foods Corp. | 2454 | 74 |
|  Ingredion, Inc. | 990 | 134 |
|  J M Smucker Co. | 1428 | 140 |
|  Kellanova | 3935 | 313 |
|  Kenvue, Inc. | 3165 | 66 |
|  Keurig Dr. Pepper, Inc. | 7507 | 248 |
|  Kimberly-Clark Corp. | 2713 | 350 |
|  Kraft Heinz Co. | 16451 | 425 |
|  Kroger Co. | 16604 | 1191 |
|  Lamb Weston Holdings, Inc. | 829 | 43 |
|  Lancaster Colony Corp. | 415 | 72 |
|  Maplebear, Inc. (a) | 473 | 21 |
|  McCormick & Co., Inc. | 488 | 37 |
|  Molson Coors Beverage Co. 'B' | 3696 | 178 |
|  Mondelez International, Inc. 'A' | 10914 | 736 |
|  Monster Beverage Corp. (a) | 3774 | 236 |
|  PepsiCo, Inc. | 10267 | 1356 |
|  Performance Food Group Co. (a) | 230 | 20 |
|  Philip Morris International, Inc. | 14608 | 2661 |
|  Pilgrim's Pride Corp. | 881 | 40 |
|  Post Holdings, Inc. (a) | 825 | 90 |
|  PriceSmart, Inc. | 344 | 36 |
|  Procter & Gamble Co. | 14031 | 2235 |
|  Spectrum Brands Holdings, Inc. | 695 | 37 |
|  Sprouts Farmers Market, Inc. (a) | 3026 | 498 |
|  Sysco Corp. | 1789 | 136 |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  Target Corp. | 8975 | 885 |
|  TreeHouse Foods, Inc. (a) | 1315 | 26 |
|  Tyson Foods, Inc. 'A' | 5918 | 331 |
|  U.S. Foods Holding Corp. (a) | 1702 | 131 |
|  United Natural Foods, Inc. (a) | 718 | 17 |
|  Universal Corp. | 297 | 17 |
|  Walgreens Boots Alliance, Inc. | 35174 | 404 |
|  Walmart, Inc. | 41955 | 4102 |
|  Weis Markets, Inc. | 241 | 17 |
|  WK Kellogg Co. | 1125 | 18 |
|  |  | 26283 |
| ENERGY 3.2% | ENERGY 3.2% | ENERGY 3.2% |
|  Antero Midstream Corp. | 1057 | 20 |
|  Archrock, Inc. | 3179 | 79 |
|  Baker Hughes Co. | 5881 | 225 |
|  Cheniere Energy, Inc. | 651 | 158 |
|  Chevron Corp. | 7423 | 1063 |
|  CNX Resources Corp. (a) | 4461 | 150 |
|  ConocoPhillips | 1346 | 121 |
|  CVR Energy, Inc. | 1108 | 30 |
|  Delek U.S. Holdings, Inc. | 2806 | 59 |
|  DTE Midstream, Inc. | 514 | 56 |
|  EQT Corp. | 1281 | 75 |
|  Expand Energy Corp. | 869 | 102 |
|  Exxon Mobil Corp. | 10576 | 1140 |
|  Helmerich & Payne, Inc. | 1118 | 17 |
|  HF Sinclair Corp. | 1002 | 41 |
|  Kinder Morgan, Inc. | 5893 | 173 |
|  Marathon Petroleum Corp. | 3720 | 618 |
|  Murphy Oil Corp. | 2139 | 48 |
|  Ovintiv, Inc. | 445 | 17 |
|  Patterson-UTI Energy, Inc. | 3815 | 23 |
|  PBF Energy, Inc. 'A' | 2257 | 49 |
|  Peabody Energy Corp. | 4302 | 58 |
|  Permian Resources Corp. | 1328 | 18 |
|  Phillips 66 | 3755 | 448 |
|  Schlumberger NV | 712 | 24 |
|  SM Energy Co. | 1002 | 25 |
|  Targa Resources Corp. | 1058 | 184 |
|  Texas Pacific Land Corp. | 63 | 67 |
|  Valero Energy Corp. | 3689 | 496 |
|  Williams Cos., Inc. | 2027 | 127 |
|  World Kinect Corp. | 2069 | 59 |
|  |  | 5770 |
| FINANCIALS 16.4% | FINANCIALS 16.4% | FINANCIALS 16.4% |
|  Affiliated Managers Group, Inc. | 551 | 108 |
|  Aflac, Inc. | 4456 | 470 |
|  Allstate Corp. | 1736 | 349 |
|  Ally Financial, Inc. | 2800 | 109 |
|  American Express Co. | 788 | 251 |
|  American International Group, Inc. | 6464 | 553 |
|  Ameriprise Financial, Inc. | 520 | 278 |
|  Ares Management Corp. 'A' | 996 | 173 |
|  Arthur J Gallagher & Co. | 873 | 279 |
|  Artisan Partners Asset Management, Inc. 'A' | 1224 | 54 |
|  Assurant, Inc. | 756 | 149 |
|  Bank of New York Mellon Corp. | 4233 | 386 |
|  BankUnited, Inc. | 1681 | 60 |
|  Berkshire Hathaway, Inc. 'B' (a) | 8892 | 4319 |
|  Blackrock, Inc. | 247 | 259 |
|  Blackstone, Inc. | 2155 | 322 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Bread Financial Holdings, Inc. | 1982 | $— | 113 |
|  Brighthouse Financial, Inc. (a) | 1191 |  | 64 |
|  Brown & Brown, Inc. | 1943 |  | 215 |
|  Cadence Bank | 789 |  | 25 |
|  Capital One Financial Corp. | 4665 |  | 993 |
|  Charles Schwab Corp. | 4009 |  | 366 |
|  Cincinnati Financial Corp. | 320 |  | 48 |
|  Citigroup, Inc. | 18916 |  | 1610 |
|  Citizens Financial Group, Inc. | 1762 |  | 79 |
|  CME Group, Inc. | 1925 |  | 531 |
|  CNO Financial Group, Inc. | 1014 |  | 39 |
|  Cohen & Steers, Inc. | 215 |  | 16 |
|  Columbia Banking System, Inc. | 727 |  | 17 |
|  Comerica, Inc. | 1021 |  | 61 |
|  Commerce Bancshares, Inc. | 425 |  | 26 |
|  Corebridge Financial, Inc. | 2612 |  | 93 |
|  Corpay, Inc. (a) | 194 |  | 64 |
|  Credit Acceptance Corp. (a) | 37 |  | 19 |
|  Cullen/Frost Bankers, Inc. | 184 |  | 24 |
|  DigitalBridge Group, Inc. | 3531 |  | 37 |
|  East West Bancorp, Inc. | 439 |  | 44 |
|  Encore Capital Group, Inc. (a) | 462 |  | 18 |
|  Equitable Holdings, Inc. | 4252 |  | 239 |
|  Erie Indemnity Co. 'A' | 230 |  | 80 |
|  Evercore, Inc. 'A' | 613 |  | 166 |
|  FactSet Research Systems, Inc. | 95 |  | 43 |
|  Federated Hermes, Inc. | 1447 |  | 64 |
|  Fidelity National Financial, Inc. | 633 |  | 35 |
|  First American Financial Corp. | 479 |  | 29 |
|  First Citizens BancShares, Inc. 'A' | 16 |  | 31 |
|  First Horizon Corp. | 1500 |  | 32 |
|  FirstCash Holdings, Inc. | 323 |  | 44 |
|  Fiserv, Inc. (a) | 896 |  | 154 |
|  Flagstar Financial, Inc. | 5997 |  | 64 |
|  Franklin Resources, Inc. | 1676 |  | 40 |
|  Genworth Financial, Inc. (a) | 12878 |  | 100 |
|  Globe Life, Inc. | 200 |  | 25 |
|  Goldman Sachs Group, Inc. | 1018 |  | 721 |
|  Hanover Insurance Group, Inc. | 412 |  | 70 |
|  Hartford Insurance Group, Inc. | 354 |  | 45 |
|  Hilltop Holdings, Inc. | 630 |  | 19 |
|  Home BancShares, Inc. | 641 |  | 18 |
|  Hope Bancorp, Inc. | 1749 |  | 19 |
|  Houlihan Lokey, Inc. | 853 |  | 154 |
|  Huntington Bancshares, Inc. | 2857 |  | 48 |
|  Interactive Brokers Group, Inc. 'A' | 2200 |  | 122 |
|  Intercontinental Exchange, Inc. | 3763 |  | 690 |
|  Invesco Ltd. | 2567 |  | 40 |
|  Jack Henry & Associates, Inc. | 1067 |  | 192 |
|  Jackson Financial, Inc. 'A' | 1215 |  | 108 |
|  Jefferies Financial Group, Inc. | 1063 |  | 58 |
|  JPMorgan Chase & Co. | 4130 |  | 1197 |
|  Kemper Corp. | 785 |  | 51 |
|  KeyCorp | 2953 |  | 51 |
|  Lincoln National Corp. | 1238 |  | 43 |
|  Loews Corp. | 766 |  | 70 |
|  LPL Financial Holdings, Inc. | 651 |  | 244 |
|  M&T Bank Corp. | 381 |  | 74 |
|  Markel Group, Inc. (a) | 20 |  | 40 |
|  MarketAxess Holdings, Inc. | 437 |  | 98 |
|  Marsh & McLennan Cos., Inc. | 2542 |  | 556 |
|  Mastercard, Inc. 'A' | 1873 |  | 1053 |
|  Mercury General Corp. | 667 |  | 45 |
|  MetLife, Inc. | 5214 |  | 419 |
|  MGIC Investment Corp. | 2015 |  | 56 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **35** |

---

------

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF (Cont.)

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  Moelis & Co. 'A' | 941 | 59 |
|  Moody's Corp. | 233 | 117 |
|  Morgan Stanley | 1870 | 263 |
|  Morningstar, Inc. | 215 | 68 |
|  Mr. Cooper Group, Inc. (a) | 932 | 139 |
|  MSCI, Inc. | 201 | 116 |
|  Nasdaq, Inc. | 1331 | 119 |
|  Navient Corp. | 1328 | 19 |
|  Northern Trust Corp. | 388 | 49 |
|  Old National Bancorp | 1162 | 25 |
|  OneMain Holdings, Inc. | 1118 | 64 |
|  PayPal Holdings, Inc. (a) | 1518 | 113 |
|  PennyMac Financial Services, Inc. | 425 | 42 |
|  Pinnacle Financial Partners, Inc. | 171 | 19 |
|  PNC Financial Services Group, Inc. | 727 | 136 |
|  Primerica, Inc. | 134 | 37 |
|  PROG Holdings, Inc. | 654 | 19 |
|  Progressive Corp. | 4845 | 1293 |
|  Prosperity Bancshares, Inc. | 284 | 20 |
|  Prudential Financial, Inc. | 3198 | 344 |
|  Raymond James Financial, Inc. | 360 | 55 |
|  Regions Financial Corp. | 1379 | 32 |
|  RLI Corp. | 785 | 57 |
|  Robinhood Markets, Inc. 'A' (a) | 2942 | 275 |
|  S&P Global, Inc. | 551 | 291 |
|  SEI Investments Co. | 1373 | 123 |
|  Selective Insurance Group, Inc. | 244 | 21 |
|  SLM Corp. | 4636 | 152 |
|  SoFi Technologies, Inc. (a) | 3944 | 72 |
|  SouthState Corp. | 207 | 19 |
|  State Street Corp. | 587 | 62 |
|  Stewart Information Services Corp. | 738 | 48 |
|  Stifel Financial Corp. | 303 | 31 |
|  Synchrony Financial | 8733 | 583 |
|  Synovus Financial Corp. | 678 | 35 |
| T. Rowe Price Group, Inc. | 1576 | 152 |
|  Toast, Inc. 'A' (a) | 1727 | 76 |
|  Tradeweb Markets, Inc. 'A' | 669 | 98 |
|  Travelers Cos., Inc. | 1384 | 370 |
|  Truist Financial Corp. | 2209 | 95 |
|  U.S. Bancorp | 3054 | 138 |
|  UMB Financial Corp. | 181 | 19 |
|  United Bankshares, Inc. | 509 | 19 |
|  Unum Group | 2219 | 179 |
|  Virtu Financial, Inc. 'A' | 1962 | 88 |
|  Visa, Inc. 'A' | 4221 | 1499 |
|  WaFd, Inc. | 658 | 19 |
|  Webster Financial Corp. | 598 | 33 |
|  Wells Fargo & Co. | 22559 | 1807 |
|  Western Alliance Bancorp | 400 | 31 |
|  Western Union Co. | 14112 | 119 |
|  White Mountains Insurance Group Ltd. | 44 | 79 |
|  Wintrust Financial Corp. | 231 | 29 |
|  WR Berkley Corp. | 290 | 21 |
|  Zions Bancorp NA | 630 | 33 |
|  |  | 29889 |
| HEALTH CARE 14.6% | HEALTH CARE 14.6% | HEALTH CARE 14.6% |
|  Abbott Laboratories | 2517 | 342 |
|  AbbVie, Inc. | 14523 | 2696 |
|  Alnylam Pharmaceuticals, Inc. (a) | 599 | 195 |
|  Amedisys, Inc. (a) | 237 | 23 |
|  Amgen, Inc. | 4394 | 1227 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Baxter International, Inc. | 5067 | $— | 153 |
|  Becton Dickinson & Co. | 1427 |  | 246 |
|  Biogen, Inc. (a) | 633 |  | 79 |
|  BioMarin Pharmaceutical, Inc. (a) | 455 |  | 25 |
|  Boston Scientific Corp. (a) | 3709 |  | 398 |
|  Bristol-Myers Squibb Co. | 29770 |  | 1378 |
|  Bruker Corp. | 646 |  | 27 |
|  Cardinal Health, Inc. | 3479 |  | 584 |
|  Cencora, Inc. | 1169 |  | 351 |
|  Centene Corp. (a) | 1293 |  | 70 |
|  Chemed Corp. | 223 |  | 109 |
|  Cigna Group | 1667 |  | 551 |
|  Cooper Cos., Inc. (a) | 1031 |  | 73 |
|  Corcept Therapeutics, Inc. (a) | 592 |  | 43 |
|  CVS Health Corp. | 23057 |  | 1590 |
|  DaVita, Inc. (a) | 1794 |  | 256 |
|  Dentsply Sirona, Inc. | 2242 |  | 36 |
|  Elevance Health, Inc. | 201 |  | 78 |
|  Eli Lilly & Co. | 2289 |  | 1784 |
|  Encompass Health Corp. | 1716 |  | 210 |
|  Exact Sciences Corp. (a) | 633 |  | 34 |
|  Exelixis, Inc. (a) | 4162 |  | 183 |
|  GE HealthCare Technologies, Inc. | 1041 |  | 77 |
|  Gilead Sciences, Inc. | 18857 |  | 2091 |
|  Globus Medical, Inc. 'A' (a) | 671 |  | 40 |
|  Haemonetics Corp. (a) | 628 |  | 47 |
|  Halozyme Therapeutics, Inc. (a) | 783 |  | 41 |
|  HCA Healthcare, Inc. | 742 |  | 284 |
|  Henry Schein, Inc. (a) | 1429 |  | 104 |
|  Hologic, Inc. (a) | 1144 |  | 75 |
|  ICU Medical, Inc. (a) | 172 |  | 23 |
|  IDEXX Laboratories, Inc. (a) | 198 |  | 106 |
|  Incyte Corp. (a) | 1513 |  | 103 |
|  Intuitive Surgical, Inc. (a) | 547 |  | 297 |
|  Johnson & Johnson | 19560 |  | 2988 |
|  Labcorp Holdings, Inc. | 298 |  | 78 |
|  Masimo Corp. (a) | 448 |  | 75 |
|  McKesson Corp. | 1080 |  | 791 |
|  Merck & Co., Inc. | 20298 |  | 1607 |
|  Merit Medical Systems, Inc. (a) | 184 |  | 17 |
|  Mettler-Toledo International, Inc. (a) | 129 |  | 152 |
|  Molina Healthcare, Inc. (a) | 96 |  | 29 |
|  Neurocrine Biosciences, Inc. (a) | 307 |  | 39 |
|  Organon & Co. | 5714 |  | 55 |
|  Owens & Minor, Inc. (a) | 2314 |  | 21 |
|  Pfizer, Inc. | 75124 |  | 1821 |
|  Premier, Inc. 'A' | 2922 |  | 64 |
|  Prestige Consumer Healthcare, Inc. (a) | 212 |  | 17 |
|  Quest Diagnostics, Inc. | 1168 |  | 210 |
|  Regeneron Pharmaceuticals, Inc. | 684 |  | 359 |
|  ResMed, Inc. | 1367 |  | 353 |
|  Revvity, Inc. | 929 |  | 90 |
|  Royalty Pharma PLC 'A' | 4086 |  | 147 |
|  Select Medical Holdings Corp. | 2079 |  | 32 |
|  Stryker Corp. | 425 |  | 168 |
|  Teleflex, Inc. | 274 |  | 32 |
|  Tenet Healthcare Corp. (a) | 2203 |  | 388 |
|  United Therapeutics Corp. (a) | 740 |  | 213 |
|  Universal Health Services, Inc. 'B' | 459 |  | 83 |
|  Veeva Systems, Inc. 'A' (a) | 541 |  | 156 |
|  Vertex Pharmaceuticals, Inc. (a) | 632 |  | 281 |
|  Viatris, Inc. | 27985 |  | 250 |
|  Waters Corp. (a) | 231 |  | 81 |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  West Pharmaceutical Services, Inc. | 187 | 41 |
|  Zoetis, Inc. | 619 | 97 |
|  |  | 26764 |
| INDUSTRIALS 11.4% | INDUSTRIALS 11.4% | INDUSTRIALS 11.4% |
|  3M Co. | 8805 | 1340 |
|  A.O. Smith Corp. | 2042 | 134 |
|  AAR Corp. (a) | 737 | 51 |
|  ABM Industries, Inc. | 1047 | 49 |
|  Acuity, Inc. | 452 | 135 |
|  Advanced Drainage Systems, Inc. | 320 | 37 |
|  AECOM | 695 | 78 |
|  AGCO Corp. | 467 | 48 |
|  Alaska Air Group, Inc. (a) | 306 | 15 |
|  Allison Transmission Holdings, Inc. | 1386 | 132 |
|  Applied Industrial Technologies, Inc. | 79 | 18 |
|  Arcosa, Inc. | 534 | 46 |
|  Armstrong World Industries, Inc. | 506 | 82 |
|  ATI, Inc. (a) | 1247 | 108 |
|  Automatic Data Processing, Inc. | 1390 | 429 |
|  Avis Budget Group, Inc. (a) | 306 | 52 |
|  Axon Enterprise, Inc. (a) | 279 | 231 |
|  Boeing Co. (a) | 1120 | 235 |
|  Boise Cascade Co. | 608 | 53 |
|  Booz Allen Hamilton Holding Corp. | 1712 | 178 |
|  Brady Corp. 'A' | 326 | 22 |
|  Broadridge Financial Solutions, Inc. | 995 | 242 |
|  Builders FirstSource, Inc. (a) | 612 | 71 |
|  BWX Technologies, Inc. | 1522 | 219 |
|  CACI International, Inc. 'A' (a) | 399 | 190 |
|  Carlisle Cos., Inc. | 49 | 18 |
|  Carrier Global Corp. | 1922 | 141 |
|  Caterpillar, Inc. | 749 | 291 |
|  CH Robinson Worldwide, Inc. | 2641 | 253 |
|  Cintas Corp. | 1273 | 284 |
|  Comfort Systems USA, Inc. | 170 | 91 |
|  Copart, Inc. (a) | 2806 | 138 |
|  Core & Main, Inc. 'A' (a) | 362 | 22 |
|  CoreCivic, Inc. (a) | 2716 | 57 |
|  Crane Co. | 170 | 32 |
|  CSG Systems International, Inc. | 547 | 36 |
|  CSX Corp. | 6985 | 228 |
|  Cummins, Inc. | 546 | 179 |
|  Curtiss-Wright Corp. | 510 | 249 |
|  Dayforce, Inc. (a) | 547 | 30 |
|  Deere & Co. | 345 | 175 |
|  DNOW, Inc. (a) | 1743 | 26 |
|  Donaldson Co., Inc. | 494 | 34 |
|  Dun & Bradstreet Holdings, Inc. | 1459 | 13 |
|  Dycom Industries, Inc. (a) | 133 | 32 |
|  Emerson Electric Co. | 672 | 90 |
|  Equifax, Inc. | 388 | 101 |
|  Esab Corp. | 226 | 27 |
|  ExlService Holdings, Inc. (a) | 400 | 17 |
|  Expeditors International of Washington, Inc. | 1884 | 215 |
|  Fastenal Co. | 3905 | 164 |
|  Franklin Electric Co., Inc. | 244 | 22 |
|  FTI Consulting, Inc. (a) | 343 | 55 |
|  GATX Corp. | 484 | 74 |
|  GE Vernova, Inc. | 423 | 224 |
|  Generac Holdings, Inc. (a) | 666 | 95 |
|  General Dynamics Corp. | 1608 | 469 |
|  General Electric Co. | 4856 | 1250 |

---

---

| | | |
|:---|:---|:---|
| **36** | **PIMCO EQUITY SERIES** | See Accompanying Notes |

---

------

June 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Genpact Ltd. | 2614 | $— | 115 |
|  GEO Group, Inc. (a) | 5800 |  | 139 |
|  GMS, Inc. (a) | 514 |  | 56 |
|  Graco, Inc. | 778 |  | 67 |
|  Granite Construction, Inc. | 1151 |  | 108 |
|  Greenbrier Cos., Inc. | 1020 |  | 47 |
|  HEICO Corp. | 326 |  | 107 |
|  Hertz Global Holdings, Inc. (a) | 2988 |  | 20 |
|  Hexcel Corp. | 894 |  | 50 |
|  HNI Corp. | 716 |  | 35 |
|  Howmet Aerospace, Inc. | 2473 |  | 460 |
|  Hub Group, Inc. 'A' | 810 |  | 27 |
|  Hubbell, Inc. | 84 |  | 34 |
|  Huntington Ingalls Industries, Inc. | 254 |  | 61 |
|  IDEX Corp. | 818 |  | 144 |
|  Illinois Tool Works, Inc. | 979 |  | 242 |
|  ITT, Inc. | 628 |  | 98 |
|  JB Hunt Transport Services, Inc. | 283 |  | 41 |
|  JBT Marel Corp. | 149 |  | 18 |
|  JetBlue Airways Corp. (a) | 9758 |  | 41 |
|  Johnson Controls International PLC | 999 |  | 105 |
|  KBR, Inc. | 343 |  | 16 |
|  Kennametal, Inc. | 870 |  | 20 |
|  Knight-Swift Transportation Holdings, Inc. | 1393 |  | 62 |
|  L3Harris Technologies, Inc. | 1924 |  | 483 |
|  Landstar System, Inc. | 517 |  | 72 |
|  Leidos Holdings, Inc. | 1233 |  | 194 |
|  Lennox International, Inc. | 458 |  | 263 |
|  Lincoln Electric Holdings, Inc. | 487 |  | 101 |
|  Lockheed Martin Corp. | 3110 |  | 1440 |
|  ManpowerGroup, Inc. | 620 |  | 25 |
|  Masco Corp. | 827 |  | 53 |
|  MasTec, Inc. (a) | 149 |  | 25 |
|  Masterbrand, Inc. (a) | 1685 |  | 18 |
|  Matson, Inc. | 436 |  | 49 |
|  Maximus, Inc. | 1141 |  | 80 |
|  MillerKnoll, Inc. | 772 |  | 15 |
|  Moog, Inc. 'A' | 470 |  | 85 |
|  MSA Safety, Inc. | 303 |  | 51 |
|  MSC Industrial Direct Co., Inc. 'A' | 1151 |  | 98 |
|  Mueller Industries, Inc. | 1726 |  | 137 |
|  Nordson Corp. | 262 |  | 56 |
|  Northrop Grumman Corp. | 1340 |  | 670 |
|  Old Dominion Freight Line, Inc. | 173 |  | 28 |
|  OPENLANE, Inc. (a) | 1175 |  | 29 |
|  Oshkosh Corp. | 208 |  | 24 |
|  Otis Worldwide Corp. | 1769 |  | 175 |
|  Owens Corning | 232 |  | 32 |
|  Parker-Hannifin Corp. | 222 |  | 155 |
|  Parsons Corp. (a) | 463 |  | 33 |
|  Paychex, Inc. | 973 |  | 142 |
|  Paycom Software, Inc. | 128 |  | 30 |
|  Primoris Services Corp. | 1590 |  | 124 |
|  Quanta Services, Inc. | 600 |  | 227 |
|  RBC Bearings, Inc. (a) | 54 |  | 21 |
|  Republic Services, Inc. | 1337 |  | 330 |
|  Resideo Technologies, Inc. (a) | 1747 |  | 39 |
|  Robert Half, Inc. | 587 |  | 24 |
|  Rockwell Automation, Inc. | 100 |  | 33 |
|  Rollins, Inc. | 2759 |  | 156 |
|  RTX Corp. | 2040 |  | 298 |
|  Rush Enterprises, Inc. 'A' | 1109 |  | 57 |
|  Ryder System, Inc. | 117 |  | 19 |
|  Schneider National, Inc. 'B' | 1337 |  | 32 |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  Science Applications International Corp. | 668 | 75 |
|  SkyWest, Inc. (a) | 887 | 91 |
|  Snap-on, Inc. | 54 | 17 |
|  Spirit AeroSystems Holdings, Inc. 'A' (a) | 758 | 29 |
|  SS&C Technologies Holdings, Inc. | 457 | 38 |
|  Terex Corp. | 1687 | 79 |
|  Timken Co. | 674 | 49 |
|  Toro Co. | 1628 | 115 |
|  TransUnion | 438 | 39 |
|  TriNet Group, Inc. | 309 | 23 |
|  Trinity Industries, Inc. | 808 | 22 |
|  Uber Technologies, Inc. (a) | 2922 | 273 |
|  UFP Industries, Inc. | 560 | 56 |
|  UL Solutions, Inc. 'A' | 255 | 19 |
|  UniFirst Corp. | 290 | 55 |
|  Union Pacific Corp. | 2154 | 496 |
|  United Airlines Holdings, Inc. (a) | 378 | 30 |
|  United Parcel Service, Inc. 'B' | 4426 | 447 |
|  Valmont Industries, Inc. | 65 | 21 |
|  Veralto Corp. | 641 | 65 |
|  Verisk Analytics, Inc. | 920 | 287 |
|  Waste Management, Inc. | 2071 | 474 |
|  Watsco, Inc. | 471 | 208 |
|  Watts Water Technologies, Inc. 'A' | 109 | 27 |
|  Werner Enterprises, Inc. | 2005 | 55 |
|  Westinghouse Air Brake Technologies Corp. | 399 | 83 |
|  Worthington Enterprises, Inc. | 484 | 31 |
|  WW Grainger, Inc. | 257 | 267 |
|  |  | 20834 |
| INFORMATION TECHNOLOGY 13.7% | INFORMATION TECHNOLOGY 13.7% | INFORMATION TECHNOLOGY 13.7% |
|  Adobe, Inc. (a) | 200 | 77 |
|  Akamai Technologies, Inc. (a) | 1084 | 87 |
|  Amdocs Ltd. | 1273 | 116 |
|  Amkor Technology, Inc. | 1327 | 28 |
|  Amphenol Corp. 'A' | 1819 | 180 |
|  ANSYS, Inc. (a) | 326 | 115 |
|  Apple, Inc. | 6806 | 1396 |
|  Applied Materials, Inc. | 2654 | 486 |
|  AppLovin Corp. 'A' (a) | 952 | 333 |
|  Arrow Electronics, Inc. (a) | 718 | 92 |
|  Aurora Innovation, Inc. (a) | 2505 | 13 |
|  Autodesk, Inc. (a) | 289 | 90 |
|  Avnet, Inc. | 1425 | 76 |
|  Belden, Inc. | 667 | 77 |
|  Benchmark Electronics, Inc. | 739 | 29 |
|  Broadcom, Inc. | 11629 | 3206 |
|  CDW Corp. | 192 | 34 |
|  Ciena Corp. (a) | 321 | 26 |
|  Cirrus Logic, Inc. (a) | 426 | 44 |
|  Cisco Systems, Inc. | 24760 | 1718 |
|  Cognizant Technology Solutions Corp. 'A' | 725 | 57 |
|  Coherent Corp. (a) | 621 | 55 |
|  CommScope Holding Co., Inc. (a) | 5391 | 45 |
|  Commvault Systems, Inc. (a) | 500 | 87 |
|  Corning, Inc. | 8360 | 440 |
|  Dell Technologies, Inc. 'C' | 535 | 66 |
|  Docusign, Inc. (a) | 788 | 61 |
|  Dolby Laboratories, Inc. 'A' | 606 | 45 |
|  Dropbox, Inc. 'A' (a) | 2324 | 67 |
|  DXC Technology Co. (a) | 2419 | 37 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  F5, Inc. (a) | 711 | $— | 209 |
|  Fair Isaac Corp. (a) | 180 |  | 329 |
|  Flex Ltd. (a) | 421 |  | 21 |
|  Fortinet, Inc. (a) | 1310 |  | 139 |
|  Gartner, Inc. (a) | 235 |  | 95 |
|  Gen Digital, Inc. | 6433 |  | 189 |
|  GoDaddy, Inc. 'A' (a) | 1214 |  | 219 |
|  Guidewire Software, Inc. (a) | 307 |  | 72 |
|  Hewlett Packard Enterprise Co. | 12107 |  | 248 |
|  HP, Inc. | 15384 |  | 376 |
|  Insight Enterprises, Inc. (a) | 659 |  | 91 |
|  Intel Corp. | 21996 |  | 493 |
|  InterDigital, Inc. | 130 |  | 29 |
|  International Business Machines Corp. | 9780 |  | 2883 |
|  Intuit, Inc. | 403 |  | 317 |
|  Jabil, Inc. | 510 |  | 111 |
|  Juniper Networks, Inc. | 6397 |  | 255 |
|  Keysight Technologies, Inc. (a) | 110 |  | 18 |
|  KLA Corp. | 250 |  | 224 |
|  Knowles Corp. (a) | 1444 |  | 25 |
|  Kyndryl Holdings, Inc. (a) | 4435 |  | 186 |
|  Lam Research Corp. | 3608 |  | 351 |
|  Manhattan Associates, Inc. (a) | 196 |  | 39 |
|  MicroStrategy, Inc. 'A' (a) | 988 |  | 399 |
|  Motorola Solutions, Inc. | 691 |  | 291 |
|  NetApp, Inc. | 908 |  | 97 |
|  NetScout Systems, Inc. (a) | 1268 |  | 31 |
|  Nutanix, Inc. (a) | 949 |  | 73 |
|  Okta, Inc. (a) | 616 |  | 62 |
|  Oracle Corp. | 16253 |  | 3553 |
|  OSI Systems, Inc. (a) | 268 |  | 60 |
|  Palantir Technologies, Inc. 'A' (a) | 4775 |  | 651 |
|  Palo Alto Networks, Inc. (a) | 945 |  | 193 |
|  Plexus Corp. (a) | 405 |  | 55 |
|  Progress Software Corp. | 303 |  | 19 |
|  Qorvo, Inc. (a) | 190 |  | 16 |
|  QUALCOMM, Inc. | 3391 |  | 540 |
|  Roper Technologies, Inc. | 276 |  | 156 |
|  Salesforce, Inc. | 1384 |  | 377 |
|  Sanmina Corp. (a) | 888 |  | 87 |
|  Seagate Technology Holdings PLC | 834 |  | 120 |
|  ServiceNow, Inc. (a) | 294 |  | 302 |
|  Silicon Laboratories, Inc. (a) | 125 |  | 18 |
|  Snowflake, Inc. 'A' (a) | 1127 |  | 252 |
|  Super Micro Computer, Inc. (a) | 2612 |  | 128 |
|  TD SYNNEX Corp. | 141 |  | 19 |
|  Teledyne Technologies, Inc. (a) | 59 |  | 30 |
|  Teradata Corp. (a) | 1084 |  | 24 |
|  Teradyne, Inc. | 583 |  | 52 |
|  Texas Instruments, Inc. | 2705 |  | 562 |
|  Trimble, Inc. (a) | 509 |  | 39 |
|  TTM Technologies, Inc. (a) | 1406 |  | 57 |
|  Twilio, Inc. 'A' (a) | 246 |  | 31 |
|  Tyler Technologies, Inc. (a) | 224 |  | 133 |
|  Unity Software, Inc. (a) | 1212 |  | 29 |
|  VeriSign, Inc. | 719 |  | 208 |
|  Vishay Intertechnology, Inc. | 3244 |  | 52 |
|  Vontier Corp. | 813 |  | 30 |
|  Western Digital Corp. | 2211 |  | 142 |
|  Workday, Inc. 'A' (a) | 300 |  | 72 |
|  Xerox Holdings Corp. | 2464 |  | 13 |
|  Zoom Communications, Inc. (a) | 474 |  | 37 |
|  |  |  | 25112 |

---

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| JUNE 30, 2025 37

------

Schedule of Investments PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF (Cont.)

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| MATERIALS 2.4% | MATERIALS 2.4% | MATERIALS 2.4% | MATERIALS 2.4% |
|  Alcoa Corp. | 1154 | $— | 34 |
|  AptarGroup, Inc. | 758 |  | 119 |
|  Avery Dennison Corp. | 624 |  | 110 |
|  Ball Corp. | 2252 |  | 126 |
|  Cabot Corp. | 774 |  | 58 |
|  Carpenter Technology Corp. | 1233 |  | 341 |
|  Celanese Corp. | 669 |  | 37 |
|  CF Industries Holdings, Inc. | 229 |  | 21 |
|  Cleveland-Cliffs, Inc. (a) | 1740 |  | 13 |
|  Commercial Metals Co. | 2133 |  | 104 |
|  Corteva, Inc. | 2100 |  | 157 |
|  CRH PLC | 1025 |  | 94 |
|  Crown Holdings, Inc. | 1918 |  | 198 |
|  Dow, Inc. | 850 |  | 23 |
|  DuPont de Nemours, Inc. | 2957 |  | 203 |
|  Eagle Materials, Inc. | 406 |  | 82 |
|  Eastman Chemical Co. | 813 |  | 61 |
|  Graphic Packaging Holding Co. | 5130 |  | 108 |
|  Huntsman Corp. | 449 |  | 5 |
|  Innospec, Inc. | 265 |  | 22 |
|  International Paper Co. | 2828 |  | 132 |
|  Kaiser Aluminum Corp. | 231 |  | 19 |
|  Knife River Corp. (a) | 199 |  | 16 |
|  Louisiana-Pacific Corp. | 1138 |  | 98 |
|  LyondellBasell Industries NV 'A' | 4171 |  | 241 |
|  Mosaic Co. | 2818 |  | 103 |
|  NewMarket Corp. | 96 |  | 66 |
|  Newmont Corp. | 7271 |  | 424 |
|  Nucor Corp. | 1184 |  | 153 |
|  O-I Glass, Inc. (a) | 3177 |  | 47 |
|  Packaging Corp. of America | 796 |  | 150 |
|  PPG Industries, Inc. | 759 |  | 86 |
|  Reliance, Inc. | 303 |  | 95 |
|  Royal Gold, Inc. | 438 |  | 78 |
|  RPM International, Inc. | 1328 |  | 146 |
|  Sealed Air Corp. | 3127 |  | 97 |
|  Sensient Technologies Corp. | 582 |  | 57 |
|  Sherwin-Williams Co. | 555 |  | 191 |
|  Silgan Holdings, Inc. | 1029 |  | 56 |
|  Sonoco Products Co. | 1499 |  | 65 |
|  Southern Copper Corp. | 1 |  | 0 |
|  Steel Dynamics, Inc. | 155 |  | 20 |
|  Sylvamo Corp. | 666 |  | 33 |
|  Vulcan Materials Co. | 105 |  | 27 |
|  Warrior Met Coal, Inc. | 1402 |  | 64 |
|  |  |  | 4380 |
| REAL ESTATE 0.1% | REAL ESTATE 0.1% | REAL ESTATE 0.1% | REAL ESTATE 0.1% |
|  CBRE Group, Inc. 'A' (a) | 483 |  | 68 |
|  Jones Lang LaSalle, Inc. (a) | 369 |  | 94 |
|  Zillow Group, Inc. 'C' (a) | 804 |  | 56 |
|  |  |  | 218 |
| UTILITIES 1.9% | UTILITIES 1.9% | UTILITIES 1.9% | UTILITIES 1.9% |
|  AES Corp. | 1806 |  | 19 |
|  Alliant Energy Corp. | 709 |  | 43 |
|  Ameren Corp. | 710 |  | 68 |
|  American Electric Power Co., Inc. | 914 |  | 95 |
|  American Water Works Co., Inc. | 200 |  | 28 |
|  Atmos Energy Corp. | 250 |  | 39 |
|  Avista Corp. | 900 |  | 34 |
|  CenterPoint Energy, Inc. | 802 |  | 29 |
|  Clearway Energy, Inc. 'C' | 1058 |  | 34 |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  CMS Energy Corp. | 631 | 44 |
|  Consolidated Edison, Inc. | 483 | 49 |
|  Constellation Energy Corp. | 478 | 154 |
|  Dominion Energy, Inc. | 1347 | 76 |
|  DTE Energy Co. | 135 | 18 |
|  Duke Energy Corp. | 1269 | 150 |
|  Entergy Corp. | 742 | 62 |
|  Essential Utilities, Inc. | 1451 | 54 |
|  Evergy, Inc. | 545 | 38 |
|  Eversource Energy | 643 | 41 |
|  Exelon Corp. | 5049 | 219 |
|  FirstEnergy Corp. | 1668 | 67 |
|  Hawaiian Electric Industries, Inc. (a) | 4764 | 51 |
|  IDACORP, Inc. | 159 | 18 |
|  MDU Resources Group, Inc. | 4345 | 72 |
|  National Fuel Gas Co. | 1598 | 135 |
|  New Jersey Resources Corp. | 401 | 18 |
|  NiSource, Inc. | 1295 | 52 |
|  Northwestern Energy Group, Inc. | 350 | 18 |
|  NRG Energy, Inc. | 1137 | 183 |
|  OGE Energy Corp. | 480 | 21 |
|  ONE Gas, Inc. | 247 | 18 |
|  Ormat Technologies, Inc. | 659 | 55 |
|  PPL Corp. | 1431 | 49 |
|  Public Service Enterprise Group, Inc. | 757 | 64 |
|  Sempra | 951 | 72 |
|  Southern Co. | 1714 | 157 |
|  Southwest Gas Holdings, Inc. | 288 | 21 |
|  Spire, Inc. | 314 | 23 |
|  Talen Energy Corp. (a) | 170 | 49 |
|  TXNM Energy, Inc. | 1194 | 67 |
|  UGI Corp. | 861 | 31 |
|  Vistra Corp. | 4056 | 786 |
|  WEC Energy Group, Inc. | 582 | 61 |
|  Xcel Energy, Inc. | 985 | 67 |
|  |  | 3449 |
|  Total United States |  | 175868 |
| Total Common Stocks (Cost $151,238) | Total Common Stocks (Cost $151,238) | 177845 |
| REAL ESTATE INVESTMENT TRUSTS 2.1% | REAL ESTATE INVESTMENT TRUSTS 2.1% | REAL ESTATE INVESTMENT TRUSTS 2.1% |
| UNITED STATES 2.1% | UNITED STATES 2.1% | UNITED STATES 2.1% |
| REAL ESTATE 2.1% | REAL ESTATE 2.1% | REAL ESTATE 2.1% |
|  AGNC Investment Corp. | 8376 | 77 |
|  Agree Realty Corp. | 991 | 72 |
|  American Healthcare REIT, Inc. | 500 | 18 |
|  American Homes 4 Rent 'A' | 2080 | 75 |
|  American Tower Corp. | 852 | 188 |
|  Americold Realty Trust, Inc. | 2780 | 46 |
|  Annaly Capital Management, Inc. | 1288 | 24 |
|  Apollo Commercial Real Estate Finance, Inc. | 2106 | 20 |
|  Apple Hospitality REIT, Inc. | 2762 | 32 |
|  AvalonBay Communities, Inc. | 289 | 59 |
|  Blackstone Mortgage Trust, Inc. 'A' | 1810 | 35 |
|  Brixmor Property Group, Inc. | 915 | 24 |
|  Camden Property Trust | 1034 | 117 |
|  COPT Defense Properties | 1590 | 44 |
|  Crown Castle, Inc. | 693 | 71 |
|  CubeSmart | 1262 | 54 |
|  DiamondRock Hospitality Co. | 6051 | 46 |
|  Digital Realty Trust, Inc. | 546 | 95 |
|  Douglas Emmett, Inc. | 2889 | 43 |
|  Equinix, Inc. | 107 | 85 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Equity LifeStyle Properties, Inc. | 747 | $— | 46 |
|  Equity Residential | 1045 |  | 71 |
|  Essential Properties Realty Trust, Inc. | 548 |  | 18 |
|  Extra Space Storage, Inc. | 130 |  | 19 |
|  First Industrial Realty Trust, Inc. | 591 |  | 28 |
|  Gaming & Leisure Properties, Inc. | 1347 |  | 63 |
|  Healthcare Realty Trust, Inc. | 5332 |  | 85 |
|  Host Hotels & Resorts, Inc. | 1122 |  | 17 |
|  InvenTrust Properties Corp. | 638 |  | 17 |
|  Invitation Homes, Inc. | 631 |  | 21 |
|  Iron Mountain, Inc. | 1282 |  | 132 |
|  JBG SMITH Properties | 1901 |  | 33 |
|  Kimco Realty Corp. | 1408 |  | 30 |
|  Lamar Advertising Co. 'A' | 849 |  | 103 |
|  LXP Industrial Trust | 3561 |  | 29 |
|  Macerich Co. | 3321 |  | 54 |
|  Medical Properties Trust, Inc. | 14490 |  | 62 |
|  MFA Financial, Inc. | 1707 |  | 16 |
|  Mid-America Apartment Communities, Inc. | 267 |  | 40 |
|  NNN REIT, Inc. | 600 |  | 26 |
|  Omega Healthcare Investors, Inc. | 1604 |  | 59 |
|  Outfront Media, Inc. | 1147 |  | 19 |
|  Park Hotels & Resorts, Inc. | 6779 |  | 69 |
|  PennyMac Mortgage Investment Trust | 1181 |  | 15 |
|  Phillips Edison & Co., Inc. | 593 |  | 21 |
|  Prologis, Inc. | 1314 |  | 138 |
|  Public Storage | 448 |  | 131 |
|  Rayonier, Inc. | 1148 |  | 25 |
|  Realty Income Corp. | 1665 |  | 96 |
|  Regency Centers Corp. | 395 |  | 28 |
|  Rithm Capital Corp. | 2435 |  | 28 |
|  RLJ Lodging Trust | 2580 |  | 19 |
|  SBA Communications Corp. | 782 |  | 184 |
|  Simon Property Group, Inc. | 1326 |  | 213 |
|  SL Green Realty Corp. | 1625 |  | 101 |
|  Sun Communities, Inc. | 824 |  | 104 |
|  Sunstone Hotel Investors, Inc. | 2100 |  | 18 |
|  UDR, Inc. | 1393 |  | 57 |
|  Ventas, Inc. | 850 |  | 54 |
|  VICI Properties, Inc. | 1291 |  | 42 |
|  Vornado Realty Trust | 2703 |  | 103 |
|  Welltower, Inc. | 1081 |  | 166 |
|  WP Carey, Inc. | 650 |  | 41 |
|  Xenia Hotels & Resorts, Inc. | 1635 |  | 21 |
|  |  |  | 3887 |
|  Total Real Estate Investment Trusts<br>(Cost $3,811) | Total Real Estate Investment Trusts<br>(Cost $3,811) |  | 3887 |
| SHORT-TERM INSTRUMENTS 0.4% | SHORT-TERM INSTRUMENTS 0.4% | SHORT-TERM INSTRUMENTS 0.4% | SHORT-TERM INSTRUMENTS 0.4% |
| MUTUAL FUNDS 0.4% | MUTUAL FUNDS 0.4% | MUTUAL FUNDS 0.4% | MUTUAL FUNDS 0.4% |
|  State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class | State Street Institutional U.S. Government Money Market Fund, Premier Class |
|  4.380% (b) | 820571 |  | 820 |
| Total Short-Term Instruments (Cost $820) |  |  | 820 |
| Total Investments in Securities (Cost $155,869) |  |  | 182552 |
| Total Investments 99.9%<br>(Cost $155,869) | Total Investments 99.9%<br>(Cost $155,869) | $— | 182552 |
| Other Assets and Liabilities, net 0.1% | Other Assets and Liabilities, net 0.1% |  | 106 |
| Net Assets 100.0% | Net Assets 100.0% | $— | 182658 |

---

38 PIMCO EQUITY SERIES See Accompanying Notes

------

June 30, 2025

#### 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) Coupon represents a 7-Day Yield.

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of June 30, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | **Fair**<br> **Value at**<br> **06/30/2025** |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp; Ireland | &nbsp;&nbsp; Ireland | &nbsp;&nbsp; Ireland | &nbsp;&nbsp; Ireland | &nbsp;&nbsp; Ireland |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | $60 | $0 | $0 | $60 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 682 | 0 | 0 | 682 |
| &nbsp;&nbsp; Switzerland | &nbsp;&nbsp; Switzerland | &nbsp;&nbsp; Switzerland | &nbsp;&nbsp; Switzerland | &nbsp;&nbsp; Switzerland |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 91 | 0 | 0 | 91 |
| &nbsp;&nbsp; United Kingdom | &nbsp;&nbsp; United Kingdom | &nbsp;&nbsp; United Kingdom | &nbsp;&nbsp; United Kingdom | &nbsp;&nbsp; United Kingdom |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 66 | 0 | 0 | 66 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 1 | 0 | 0 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 124 | 0 | 0 | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 866 | 0 | 0 | 866 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 87 | 0 | 0 | 87 |
| &nbsp;&nbsp; United States | &nbsp;&nbsp; United States | &nbsp;&nbsp; United States | &nbsp;&nbsp; United States | &nbsp;&nbsp; United States |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14575 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 18594 | 0 | 0 | 18594 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair**<br> **Value at**<br> **06/30/2025** |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | $26283 | $0 | $0 | $26283 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 5770 | 0 | 0 | 5770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 29889 | 0 | 0 | 29889 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 26764 | 0 | 0 | 26764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 20834 | 0 | 0 | 20834 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 25112 | 0 | 0 | 25112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 4380 | 0 | 0 | 4380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 218 | 0 | 0 | 218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 3449 | 0 | 0 | 3449 |
|  Real Estate Investment Trusts | Real Estate Investment Trusts | Real Estate Investment Trusts | Real Estate Investment Trusts | Real Estate Investment Trusts |
| &nbsp;&nbsp; United States | &nbsp;&nbsp; United States | &nbsp;&nbsp; United States | &nbsp;&nbsp; United States | &nbsp;&nbsp; United States |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 3887 | 0 | 0 | 3887 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Mutual Funds | 0 | 820 | 0 | 820 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181732 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;820 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182552 |

---

There were no significant transfers into or out of Level 3 during the period ended June 30, 2025.

See Accompanying Notes ANNUAL FINANCIAL AND OTHER INFORMATION \| JUNE 30, 2025 39

------

Schedule of Investments PIMCO RAFI ESG U.S. ETF

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
| INVESTMENTS IN SECURITIES 99.6% | INVESTMENTS IN SECURITIES 99.6% | INVESTMENTS IN SECURITIES 99.6% |
| COMMON STOCKS 97.8% | COMMON STOCKS 97.8% | COMMON STOCKS 97.8% |
| IRELAND 0.7% | IRELAND 0.7% | IRELAND 0.7% |
| INFORMATION TECHNOLOGY 0.7% | INFORMATION TECHNOLOGY 0.7% | INFORMATION TECHNOLOGY 0.7% |
|  Accenture PLC 'A' | 1102 | 330 |
|  TE Connectivity PLC | 1714 | 289 |
|  |  | 619 |
|  Total Ireland |  | 619 |
| SWITZERLAND 0.2% | SWITZERLAND 0.2% | SWITZERLAND 0.2% |
| COMMUNICATION SERVICES 0.1% | COMMUNICATION SERVICES 0.1% | COMMUNICATION SERVICES 0.1% |
|  Sunrise Communications AG 'A' | 1482 | 84 |
| MATERIALS 0.1% | MATERIALS 0.1% | MATERIALS 0.1% |
|  Amcor PLC | 12814 | 118 |
|  Total Switzerland |  | 202 |
| UNITED KINGDOM 0.2% | UNITED KINGDOM 0.2% | UNITED KINGDOM 0.2% |
| COMMUNICATION SERVICES 0.1% | COMMUNICATION SERVICES 0.1% | COMMUNICATION SERVICES 0.1% |
|  Liberty Global Ltd. 'C' (a) | 7858 | 81 |
| INDUSTRIALS 0.1% | INDUSTRIALS 0.1% | INDUSTRIALS 0.1% |
|  CNH Industrial NV | 4972 | 64 |
|  Total United Kingdom |  | 145 |
| UNITED STATES 96.7% | UNITED STATES 96.7% | UNITED STATES 96.7% |
| COMMUNICATION SERVICES 7.6% | COMMUNICATION SERVICES 7.6% | COMMUNICATION SERVICES 7.6% |
|  AT&T, Inc. | 76839 | 2224 |
|  Comcast Corp. 'A' | 30417 | 1086 |
|  Electronic Arts, Inc. | 1297 | 207 |
|  Fox Corp. 'A' | 1346 | 75 |
|  Interpublic Group of Cos., Inc. | 1698 | 41 |
|  Lumen Technologies, Inc. (a) | 26246 | 115 |
|  News Corp. 'A' | 1953 | 58 |
|  Omnicom Group, Inc. | 1064 | 76 |
|  Paramount Global 'B' | 13616 | 176 |
|  T-Mobile U.S., Inc. | 327 | 78 |
|  Verizon Communications, Inc. | 43649 | 1889 |
|  Walt Disney Co. | 7372 | 914 |
|  |  | 6939 |
| CONSUMER DISCRETIONARY 6.3% | CONSUMER DISCRETIONARY 6.3% | CONSUMER DISCRETIONARY 6.3% |
|  Best Buy Co., Inc. | 3687 | 247 |
|  Booking Holdings, Inc. | 11 | 64 |
|  BorgWarner, Inc. | 1884 | 63 |
|  Carnival Corp. (a) | 1101 | 31 |
|  Chipotle Mexican Grill, Inc. (a) | 181 | 10 |
|  eBay, Inc. | 5055 | 376 |
|  Expedia Group, Inc. | 144 | 24 |
|  Foot Locker, Inc. (a) | 2499 | 61 |
|  Ford Motor Co. | 42479 | 461 |
|  Gap, Inc. | 3053 | 67 |
|  General Motors Co. | 25120 | 1236 |
|  Goodyear Tire & Rubber Co. (a) | 7631 | 79 |
|  Hilton Worldwide Holdings, Inc. | 449 | 120 |
|  Home Depot, Inc. | 2180 | 799 |
|  Kohl's Corp. | 9034 | 77 |
|  Lear Corp. | 777 | 74 |
|  LKQ Corp. | 1447 | 53 |
|  Lowe's Cos., Inc. | 3221 | 715 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Macy's, Inc. | 6449 | $| 75 |
|  Marriott International, Inc. 'A' | 595 |  | 163 |
|  Newell Brands, Inc. | 2017 |  | 11 |
|  NIKE, Inc. 'B' | 1702 |  | 121 |
|  PVH Corp. | 864 |  | 59 |
|  Ralph Lauren Corp. | 40 |  | 11 |
|  Tapestry, Inc. | 1964 |  | 172 |
|  Thor Industries, Inc. | 109 |  | 10 |
|  TJX Cos., Inc. | 2583 |  | 319 |
|  Tractor Supply Co. | 1481 |  | 78 |
|  VF Corp. | 6199 |  | 73 |
|  Whirlpool Corp. | 1446 |  | 147 |
|  |  |  | 5796 |
| CONSUMER STAPLES 7.6% | CONSUMER STAPLES 7.6% | CONSUMER STAPLES 7.6% | CONSUMER STAPLES 7.6% |
|  Archer-Daniels-Midland Co. | 6705 |  | 354 |
|  Bunge Global SA | 484 |  | 39 |
|  Campbell's Co. | 900 |  | 28 |
|  Church & Dwight Co., Inc. | 633 |  | 61 |
|  Coca-Cola Co. | 8767 |  | 620 |
|  Colgate-Palmolive Co. | 3107 |  | 282 |
|  Conagra Brands, Inc. | 4617 |  | 94 |
|  Dollar General Corp. | 484 |  | 55 |
|  Dollar Tree, Inc. (a) | 415 |  | 41 |
|  Estee Lauder Cos., Inc. 'A' | 1223 |  | 99 |
|  General Mills, Inc. | 5204 |  | 270 |
|  Hershey Co. | 364 |  | 60 |
|  Hormel Foods Corp. | 1300 |  | 39 |
|  J M Smucker Co. | 527 |  | 52 |
|  Kellanova | 1243 |  | 99 |
|  Kenvue, Inc. | 3440 |  | 72 |
|  Keurig Dr. Pepper, Inc. | 1964 |  | 65 |
|  Kimberly-Clark Corp. | 1649 |  | 213 |
|  Kraft Heinz Co. | 10223 |  | 264 |
|  McCormick & Co., Inc. | 263 |  | 20 |
|  Mondelez International, Inc. 'A' | 5960 |  | 402 |
|  PepsiCo, Inc. | 6334 |  | 836 |
|  Procter & Gamble Co. | 12817 |  | 2042 |
|  Sysco Corp. | 2537 |  | 192 |
|  Target Corp. | 5918 |  | 584 |
|  U.S. Foods Holding Corp. (a) | 826 |  | 64 |
|  |  |  | 6947 |
| FINANCIALS 15.0% | FINANCIALS 15.0% | FINANCIALS 15.0% | FINANCIALS 15.0% |
|  Aflac, Inc. | 1726 |  | 182 |
|  Allstate Corp. | 1804 |  | 363 |
|  American Express Co. | 1333 |  | 425 |
|  Ameriprise Financial, Inc. | 104 |  | 56 |
|  Bank of New York Mellon Corp. | 5783 |  | 527 |
|  Blackrock, Inc. | 453 |  | 475 |
|  Citigroup, Inc. | 24048 |  | 2047 |
|  Fidelity National Information Services, Inc. | 2805 |  | 228 |
|  Fifth Third Bancorp | 1239 |  | 51 |
|  Fiserv, Inc. (a) | 762 |  | 131 |
|  Global Payments, Inc. | 880 |  | 70 |
|  Goldman Sachs Group, Inc. | 1301 |  | 921 |
|  Hartford Insurance Group, Inc. | 1654 |  | 210 |
|  JPMorgan Chase & Co. | 9632 |  | 2792 |
|  Lincoln National Corp. | 267 |  | 9 |
|  Marsh & McLennan Cos., Inc. | 112 |  | 24 |
|  Mastercard, Inc. 'A' | 1188 |  | 668 |
|  MetLife, Inc. | 5086 |  | 409 |
|  Moody's Corp. | 256 |  | 128 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Morgan Stanley | 1111 | $| 157 |
|  Nasdaq, Inc. | 528 |  | 47 |
|  Northern Trust Corp. | 691 |  | 88 |
|  PayPal Holdings, Inc. (a) | 2607 |  | 194 |
|  Principal Financial Group, Inc. | 1874 |  | 149 |
|  Progressive Corp. | 180 |  | 48 |
|  Prudential Financial, Inc. | 2890 |  | 311 |
|  S&P Global, Inc. | 413 |  | 218 |
|  State Street Corp. | 1879 |  | 200 |
| T. Rowe Price Group, Inc. | 1297 |  | 125 |
|  Unum Group | 444 |  | 36 |
|  Visa, Inc. 'A' | 2395 |  | 850 |
|  Wells Fargo & Co. | 20555 |  | 1647 |
|  |  |  | 13786 |
| HEALTH CARE 21.1% | HEALTH CARE 21.1% | HEALTH CARE 21.1% | HEALTH CARE 21.1% |
|  Abbott Laboratories | 8016 |  | 1090 |
|  AbbVie, Inc. | 6926 |  | 1286 |
|  Agilent Technologies, Inc. | 1219 |  | 144 |
|  Amgen, Inc. | 1391 |  | 388 |
|  Baxter International, Inc. | 6519 |  | 197 |
|  Becton Dickinson & Co. | 1486 |  | 256 |
|  Biogen, Inc. (a) | 1413 |  | 177 |
|  Boston Scientific Corp. (a) | 848 |  | 91 |
|  Bristol-Myers Squibb Co. | 27076 |  | 1253 |
|  Cardinal Health, Inc. | 1869 |  | 314 |
|  Cencora, Inc. | 366 |  | 110 |
|  Centene Corp. (a) | 1720 |  | 93 |
|  Cigna Group | 3526 |  | 1166 |
|  CVS Health Corp. | 21505 |  | 1483 |
|  Danaher Corp. | 968 |  | 191 |
|  DaVita, Inc. (a) | 263 |  | 37 |
|  Edwards Lifesciences Corp. (a) | 2278 |  | 178 |
|  Elevance Health, Inc. | 2187 |  | 851 |
|  Eli Lilly & Co. | 320 |  | 249 |
|  GE HealthCare Technologies, Inc. | 3133 |  | 232 |
|  Gilead Sciences, Inc. | 7337 |  | 813 |
|  HCA Healthcare, Inc. | 965 |  | 370 |
|  Henry Schein, Inc. (a) | 605 |  | 44 |
|  Hologic, Inc. (a) | 1259 |  | 82 |
|  Humana, Inc. | 1733 |  | 424 |
|  Illumina, Inc. (a) | 678 |  | 65 |
|  Intuitive Surgical, Inc. (a) | 153 |  | 83 |
|  Johnson & Johnson | 16770 |  | 2562 |
|  Labcorp Holdings, Inc. | 1221 |  | 321 |
|  McKesson Corp. | 297 |  | 218 |
|  Merck & Co., Inc. | 18678 |  | 1479 |
|  Moderna, Inc. (a) | 4682 |  | 129 |
|  Pfizer, Inc. | 36321 |  | 880 |
|  Quest Diagnostics, Inc. | 50 |  | 9 |
|  Regeneron Pharmaceuticals, Inc. | 386 |  | 203 |
|  STERIS PLC | 78 |  | 19 |
|  Stryker Corp. | 277 |  | 110 |
|  Thermo Fisher Scientific, Inc. | 1125 |  | 456 |
|  UnitedHealth Group, Inc. | 3010 |  | 939 |
|  Viatris, Inc. | 14211 |  | 127 |
|  Waters Corp. (a) | 165 |  | 58 |
|  Zoetis, Inc. | 741 |  | 116 |
|  |  |  | 19293 |
| INDUSTRIALS 4.3% | INDUSTRIALS 4.3% | INDUSTRIALS 4.3% | INDUSTRIALS 4.3% |
|  3M Co. | 4111 |  | 626 |
|  AGCO Corp. | 814 |  | 84 |
|  Automatic Data Processing, Inc. | 1113 |  | 343 |

---

---

| | | |
|:---|:---|:---|
| **40** | **PIMCO EQUITY SERIES** | See Accompanying Notes |

---

------

June 30, 2025

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  Carlisle Cos., Inc. | 57 | 21 |
|  Carrier Global Corp. | 1715 | 126 |
|  Cintas Corp. | 274 | 61 |
|  Cummins, Inc. | 355 | 116 |
|  Deere & Co. | 1123 | 571 |
|  Dover Corp. | 153 | 28 |
|  Fastenal Co. | 965 | 41 |
|  Ferguson Enterprises, Inc. | 415 | 90 |
|  Illinois Tool Works, Inc. | 281 | 70 |
|  Ingersoll Rand, Inc. | 733 | 61 |
|  Johnson Controls International PLC | 3835 | 405 |
|  ManpowerGroup, Inc. | 1269 | 51 |
|  Masco Corp. | 144 | 9 |
|  Otis Worldwide Corp. | 965 | 96 |
|  Owens Corning | 751 | 103 |
|  Paychex, Inc. | 627 | 91 |
|  Republic Services, Inc. | 157 | 39 |
|  Stanley Black & Decker, Inc. | 1342 | 91 |
|  United Parcel Service, Inc. 'B' | 1792 | 181 |
|  United Rentals, Inc. | 88 | 66 |
|  Waste Management, Inc. | 1397 | 320 |
|  WESCO International, Inc. | 148 | 27 |
|  Westinghouse Air Brake Technologies Corp. | 622 | 130 |
|  WW Grainger, Inc. | 102 | 106 |
|  |  | 3953 |
| INFORMATION TECHNOLOGY 29.9% | INFORMATION TECHNOLOGY 29.9% | INFORMATION TECHNOLOGY 29.9% |
|  Adobe, Inc. (a) | 1365 | 528 |
|  Advanced Micro Devices, Inc. (a) | 2657 | 377 |
|  Akamai Technologies, Inc. (a) | 731 | 58 |
|  Amdocs Ltd. | 765 | 70 |
|  Analog Devices, Inc. | 1943 | 462 |
|  Apple, Inc. | 19905 | 4084 |
|  Applied Materials, Inc. | 3857 | 706 |
|  Arrow Electronics, Inc. (a) | 963 | 123 |
|  Autodesk, Inc. (a) | 91 | 28 |
|  Avnet, Inc. | 953 | 51 |
|  Broadcom, Inc. | 4839 | 1334 |
|  Cadence Design Systems, Inc. (a) | 291 | 90 |
|  CDW Corp. | 412 | 74 |
|  Cisco Systems, Inc. | 33828 | 2347 |
|  Cognizant Technology Solutions Corp. 'A' | 3579 | 279 |
|  Corning, Inc. | 2758 | 145 |
|  Dell Technologies, Inc. 'C' | 1139 | 140 |
|  DXC Technology Co. (a) | 2897 | 44 |
|  Flex Ltd. (a) | 907 | 45 |
|  Fortinet, Inc. (a) | 405 | 43 |
|  Gen Digital, Inc. | 1591 | 47 |
|  Hewlett Packard Enterprise Co. | 24734 | 506 |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  HP, Inc. | 14699 | 359 |
|  Intel Corp. | 56183 | 1258 |
|  International Business Machines Corp. | 4996 | 1473 |
|  Intuit, Inc. | 176 | 139 |
|  Jabil, Inc. | 227 | 49 |
|  Juniper Networks, Inc. | 3228 | 129 |
|  Keysight Technologies, Inc. (a) | 733 | 120 |
|  KLA Corp. | 239 | 214 |
|  Kyndryl Holdings, Inc. (a) | 2166 | 91 |
|  Lam Research Corp. | 5307 | 517 |
|  Marvell Technology, Inc. | 1647 | 127 |
|  Microchip Technology, Inc. | 1657 | 117 |
|  Micron Technology, Inc. | 3278 | 404 |
|  Microsoft Corp. | 10511 | 5228 |
|  Motorola Solutions, Inc. | 287 | 121 |
|  NetApp, Inc. | 1340 | 143 |
|  NVIDIA Corp. | 6271 | 991 |
|  ON Semiconductor Corp. (a) | 2082 | 109 |
|  Oracle Corp. | 5200 | 1137 |
|  Palo Alto Networks, Inc. (a) | 101 | 21 |
|  QUALCOMM, Inc. | 7092 | 1129 |
|  Salesforce, Inc. | 1858 | 507 |
|  Sandisk Corp. (a) | 990 | 45 |
|  Seagate Technology Holdings PLC | 2147 | 310 |
|  Synopsys, Inc. (a) | 170 | 87 |
|  TD SYNNEX Corp. | 70 | 9 |
|  Teradyne, Inc. | 918 | 83 |
|  Texas Instruments, Inc. | 2779 | 577 |
|  Twilio, Inc. 'A' (a) | 226 | 28 |
|  Western Digital Corp. | 3328 | 213 |
|  Workday, Inc. 'A' (a) | 147 | 35 |
|  Xerox Holdings Corp. | 4278 | 22 |
|  |  | 27373 |
| MATERIALS 4.1% | MATERIALS 4.1% | MATERIALS 4.1% |
|  Air Products & Chemicals, Inc. | 491 | 139 |
|  Ball Corp. | 2377 | 133 |
|  CF Industries Holdings, Inc. | 1635 | 150 |
|  Corteva, Inc. | 1129 | 84 |
|  CRH PLC | 4080 | 375 |
|  Dow, Inc. | 13959 | 370 |
|  DuPont de Nemours, Inc. | 5316 | 365 |
|  Ecolab, Inc. | 671 | 181 |
|  FMC Corp. | 932 | 39 |
|  Huntsman Corp. | 5279 | 55 |
|  International Flavors & Fragrances, Inc. | 1348 | 99 |
|  International Paper Co. | 4015 | 188 |
|  Linde PLC | 1623 | 761 |
|  Mosaic Co. | 7570 | 276 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  Newmont Corp. | 3367 | $— | 196 |
|  Packaging Corp. of America | 462 |  | 87 |
|  PPG Industries, Inc. | 1260 |  | 143 |
|  Sherwin-Williams Co. | 289 |  | 99 |
|  |  |  | 3740 |
| REAL ESTATE 0.4% | REAL ESTATE 0.4% | REAL ESTATE 0.4% | REAL ESTATE 0.4% |
|  CBRE Group, Inc. 'A' (a) | 1834 |  | 257 |
|  Jones Lang LaSalle, Inc. (a) | 519 |  | 133 |
|  |  |  | 390 |
| UTILITIES 0.4% | UTILITIES 0.4% | UTILITIES 0.4% | UTILITIES 0.4% |
|  American Water Works Co., Inc. | 519 |  | 72 |
|  Edison International | 3245 |  | 168 |
|  Exelon Corp. | 2785 |  | 121 |
|  |  |  | 361 |
|  Total United States |  |  | 88578 |
|  Total Common Stocks<br>(Cost $78,284) | Total Common Stocks<br>(Cost $78,284) |  | 89544 |
| REAL ESTATE INVESTMENT TRUSTS 1.8% | REAL ESTATE INVESTMENT TRUSTS 1.8% | REAL ESTATE INVESTMENT TRUSTS 1.8% | REAL ESTATE INVESTMENT TRUSTS 1.8% |
| UNITED STATES 1.8% | UNITED STATES 1.8% | UNITED STATES 1.8% | UNITED STATES 1.8% |
| REAL ESTATE 1.8% | REAL ESTATE 1.8% | REAL ESTATE 1.8% | REAL ESTATE 1.8% |
|  American Tower Corp. | 1022 |  | 226 |
|  AvalonBay Communities, Inc. | 519 |  | 105 |
|  Crown Castle, Inc. | 1963 |  | 202 |
|  Equinix, Inc. | 196 |  | 156 |
|  Equity Residential | 1643 |  | 111 |
|  Healthpeak Properties, Inc. | 2096 |  | 37 |
|  Host Hotels & Resorts, Inc. | 4615 |  | 71 |
|  Iron Mountain, Inc. | 904 |  | 93 |
|  Kimco Realty Corp. | 2009 |  | 42 |
|  Mid-America Apartment Communities, Inc. | 347 |  | 51 |
|  Prologis, Inc. | 1167 |  | 123 |
|  Public Storage | 157 |  | 46 |
|  Ventas, Inc. | 1876 |  | 118 |
|  Welltower, Inc. | 850 |  | 131 |
|  Weyerhaeuser Co. | 6388 |  | 164 |
|  |  |  | 1676 |
|  Total Real Estate Investment Trusts<br>(Cost $1,642) | Total Real Estate Investment Trusts<br>(Cost $1,642) |  | 1676 |
| Total Investments in Securities<br>(Cost $79,926) | Total Investments in Securities<br>(Cost $79,926) |  | 91220 |
| Total Investments 99.6%<br>(Cost $79,926) | Total Investments 99.6%<br>(Cost $79,926) | $— | 91220 |
| Other Assets and Liabilities, net 0.4% | Other Assets and Liabilities, net 0.4% |  | 330 |
| Net Assets 100.0% | Net Assets 100.0% | $— | 91550 |

---

#### 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.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **41** |

---

------

Schedule of Investments PIMCO RAFI ESG U.S. ETF (Cont.) June 30, 2025

#### FAIR VALUE MEASUREMENTS
The following is a summary of the fair valuations according to the inputs used as of June 30, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Category and Subcategory | Level 1 | Level 2 | Level 3 | **Fair**<br> **Value at<br>06/30/2025** |
|  Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value | Investments in Securities, at Value |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp; Ireland | &nbsp;&nbsp; Ireland | &nbsp;&nbsp; Ireland | &nbsp;&nbsp; Ireland | &nbsp;&nbsp; Ireland |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology | $619 | $0 | $0 | $619 |
| &nbsp;&nbsp; Switzerland | &nbsp;&nbsp; Switzerland | &nbsp;&nbsp; Switzerland | &nbsp;&nbsp; Switzerland | &nbsp;&nbsp; Switzerland |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 84 | 0 | 0 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 118 | 0 | 0 | 118 |
| &nbsp;&nbsp; United Kingdom | &nbsp;&nbsp; United Kingdom | &nbsp;&nbsp; United Kingdom | &nbsp;&nbsp; United Kingdom | &nbsp;&nbsp; United Kingdom |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 81 | 0 | 0 | 81 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 64 | 0 | 0 | 64 |
| &nbsp;&nbsp; United States | &nbsp;&nbsp; United States | &nbsp;&nbsp; United States | &nbsp;&nbsp; United States | &nbsp;&nbsp; United States |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6939 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6939 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 5796 | 0 | 0 | 5796 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 6947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | 6947 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair**<br> **Value at<br>06/30/2025** |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | $13786 | $0 | $0 | $13786 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 19293 | 0 | 0 | 19293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 3953 | 0 | 0 | 3953 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 27373 | 0 | 0 | 27373 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 3740 | 0 | 0 | 3740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 390 | 0 | 0 | 390 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 361 | 0 | 0 | 361 |
|  Real Estate Investment Trusts | Real Estate Investment Trusts | Real Estate Investment Trusts | Real Estate Investment Trusts | Real Estate Investment Trusts |
| &nbsp;&nbsp; United States | &nbsp;&nbsp; United States | &nbsp;&nbsp; United States | &nbsp;&nbsp; United States | &nbsp;&nbsp; United States |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 1676 | 0 | 0 | 1676 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91220 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91220 |

---

There were no significant transfers into or out of Level 3 during the period ended June 30, 2025.

---

| | | |
|:---|:---|:---|
| **42** | **PIMCO EQUITY SERIES** | See Accompanying Notes |

---

------

Notes to Financial Statements June 30, 2025

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.

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 a member or participant of a clearing agency registered with the U.S. Securities and Exchange Commission ("SEC"), which has a written agreement with the Fund's Distributor that allows such member or participant to place orders for the purchase and redemption of Creation Units ("Authorized Participant"). 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."

Each Fund has adopted the Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Adoption of the new standard impacted financial statement disclosures only and did not affect the Funds' financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and to assess its performance, and has discrete financial information available. The Officers, as listed in the Management of the Trust section of the most recent Statement of Additional Information, act as the Funds' CODM. Each Fund represents a single operating segment, as the CODM monitors the operating results of the Funds as a whole and each Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Funds' portfolio managers as a team.

The financial information in the form of each Fund's portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus each Fund's comparative benchmarks and to make resource allocation decisions for each Fund's single segment, is consistent with that presented within the Funds' financial statements. Segment assets are reflected on the accompanying Statements of Assets and Liabilities as "total assets" and significant segment expenses are listed on the accompanying Statements of Operations.

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, including but not limited to ASC 946. 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

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|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **43** |

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Notes to Financial Statements (Cont.)

(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. A debt obligation may be granted, in certain situations, a contractual or non-contractual forbearance for interest payments that are expected to be paid after agreed upon pay dates.

(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 a 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, 2025, 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 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.

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| | | | | |
|:---|:---|:---|:---|:---|
| | Distribution Frequency | Distribution Frequency | Distribution Frequency | Distribution Frequency |
| Fund Name | Declared | Declared | Distributed | 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 |

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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

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|:---|:---|
| **44** | **PIMCO EQUITY SERIES** |

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June 30, 2025

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 September 2023, the SEC adopted amendments to Rule 35d-1 under the Act, the rule governing fund naming conventions (the "Names Rule"). In general, the Names 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 amendments expand the scope of the current rule to include any term used in a fund name that suggests the fund makes investments that have, or whose issuers have, particular characteristics. Additionally, the amendments modify the circumstances under which a fund may deviate from its 80% investment policy and address the calculation methodology of derivatives instruments for purposes of the rule. Changes to a fund's calculation methodology for derivatives instruments for purposes of Rule 35d-1 consistent with such amendments and applicable regulatory interpretations thereof will not constitute a change to a fund's policy adopted pursuant to Rule 35d-1 and will not require notice or shareholder approval. The amendments became effective December 11, 2023. On March 14, 2025, the SEC extended the

compliance date from December 11, 2025 to June 11, 2026 for fund groups with $1 billion or more in net assets and modified the operation of the compliance dates to allow for compliance based on the timing of certain annual disclosure and reporting obligations that are tied to a fund's fiscal year-end. At this time, management is evaluating the implications of these changes on the financial statements.

In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280)". ASU 2023-07 requires public entities to provide disclosure of significant segment expenses that are regularly provided to the CODM. ASU 2023-07, among other things, (i) requires a single segment public entity to provide all necessary disclosures required by Topic 280, (ii) mandates the disclosure of the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit and loss to assess segment performance and to decide how to allocate resources and (iii) provides the ability for a public entity to elect more than one performance measure. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Management has implemented changes in connection with the amendments and has determined that there was no material impact to the Funds' financial statements.

In December 2023, FASB issued ASU 2023-09, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. The ASU is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. 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, each 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 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

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|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **45** |

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Notes to Financial Statements (Cont.)

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 a 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 portfolio 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. 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. Exchange-traded options, except equity options, futures and options on futures, are valued at the settlement price determined by the relevant exchange. Swap agreements and swaptions 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

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|:---|:---|
| **46** | **PIMCO EQUITY SERIES** |

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June 30, 2025

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. An alternative exchange rate may be obtained from a Pricing Source or an exchange rate may otherwise be determined if believed to be more reflective of the rates at which a Fund may transact.

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.

(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:

<sup>∎</sup> Level 1 — Quoted prices (unadjusted) in active markets or exchanges for identical assets and liabilities.

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| <sup>∎</sup> | 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. |

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<sup>∎</sup> 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 fair value 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, non-U.S. bonds and short-term debt instruments (such as commercial paper, time deposits and certificates of deposit) 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.

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|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **47** |

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Notes to Financial Statements (Cont.)

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 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, indexes, 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, indexes, 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, indexes, 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, 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, time deposits and certificates of deposit) 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

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| **48** | **PIMCO EQUITY SERIES** |

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June 30, 2025

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, 2025 (amounts in thousands<sup>†</sup>):

#### Investments in PIMCO Government Money Market Fund

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Fund Name | Market Value<br>06/30/2024 | Purchases<br>at Cost | Proceeds<br>from Sales | Net<br>Realized<br>Gain (Loss) | Change in<br>Unrealized<br>Appreciation<br>(Depreciation) | Market Value<br>06/30/2025 | Dividend<br>Income<sup>(1)</sup> | Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup> |
|  PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |

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| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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

(b) Investments in Securities

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

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 a 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, as amended. 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, 2025, as applicable, are disclosed in the Notes to Schedules of Investments.

Warrants are securities that are usually issued together with a debt security or preferred security and that give the holder the right to buy a proportionate amount of common stock at a specified price. Warrants normally have a life that is measured in years and entitle the holder to buy common stock of a company at a price that is usually higher than the market price at the time the warrant is issued. Warrants may entail greater risks than certain other types of

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

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS

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

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

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **49** |

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Notes to Financial Statements (Cont.)

(a) 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.

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| |
|:---|
| 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 fully collateralized. 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 1/3% of total assets (including the value of collateral).

The loans are subject to termination at the option of the borrower or a 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, a 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.

(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, 2025, 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.

(a) Forward Foreign Currency Contracts may be engaged, in connection with settling planned purchases or sales of securities, to hedge the currency exposure associated with some or all of a Fund's securities or as part of an investment strategy. A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. The market value of a forward foreign currency contract fluctuates with changes in foreign currency exchange rates. Forward foreign currency contracts are marked to market daily, and the change in value is recorded by a Fund as an unrealized gain (loss). Realized gains (losses) are equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed and are recorded upon delivery

---

| | |
|:---|:---|
| **50** | **PIMCO EQUITY SERIES** |

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------

June 30, 2025

or receipt of the currency. These contracts may involve market risk in excess of the unrealized gain (loss) reflected on the Statements of Assets and Liabilities. In addition, a Fund could be exposed to risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably to the U.S. dollar. To mitigate such risk, cash or securities may be exchanged as collateral pursuant to the terms of the underlying contracts.

(b) Futures Contracts are agreements to buy or sell a security or other asset for a set price on a future date and are traded on an exchange. A Fund may use futures contracts to manage its exposure to the securities markets or to movements in interest rates and currency values. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the securities held by a Fund and the prices of futures contracts and the possibility of an illiquid market. Futures contracts are valued based

upon their quoted daily settlement prices. Upon entering into a futures contract, a Fund is required to deposit with its futures broker an amount of cash, U.S. Government and Agency Obligations, or select sovereign debt, in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and based on such movements in the price of the contracts, an appropriate payable or receivable for the change in value may be posted or collected by a Fund ("Futures Variation Margin"). Futures Variation Margins, if any, are disclosed within centrally cleared financial derivative instruments on the Statements 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 Statements of Assets and Liabilities.

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.

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| | | | | |
|:---|:---|:---|:---|:---|
| Risks | **PIMCO**<br> **RAFI Dynamic<br>Multi-Factor<br>Emerging Markets<br>Equity ETF** | **PIMCO**<br> **RAFI Dynamic<br>Multi-Factor<br>International<br>Equity ETF** | **PIMCO**<br> **RAFI Dynamic<br>Multi-Factor<br>U.S. Equity ETF** | PIMCO<br>RAFI ESG<br>U.S. ETF |
|  Small Fund |  |  |  | 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 |  |  |  |
|  China | 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 |  |  |  | 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 or may be limited in ability to participate in certain investment opportunities due to its size. Additionally, a smaller fund may be more adversely affected by large purchases or redemptions by investors.

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, that trading in Fund shares may be halted or become less liquid, or that Fund shares trade at prices other than a Fund's net asset value and are subject to trading costs. These risks may be exacerbated if the creation/redemption process becomes less effective, particularly during times of market stress.

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **51** |

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Notes to Financial Statements (Cont.)

Equity Risk is the risk that the value of equity or equity-related 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 or equity-related securities generally have greater price volatility than fixed income securities. In addition, preferred securities may be subject to greater credit risk or other risks, such as risks related to deferred and omitted distributions, limited voting rights, liquidity, interest rates, regulatory changes and special redemption rights.

Credit Risk is the risk that a Fund could experience losses 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 fluctuate, 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 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 reasons related to the issuer, such as management performance, changes in financial condition or credit rating, 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, options, 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. 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. Non-centrally-cleared 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 non-centrally-cleared 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, corporate governance and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable U.S. or foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, political changes, diplomatic developments, trade restrictions (including tariffs) 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.

China Risk is the risk of investing in securities and instruments economically tied to the People's Republic of China (excluding Hong Kong, Macau and Taiwan for the purpose of this disclosure) ("PRC"). These investments subject the Fund to the risks of investing in foreign (non-U.S.) securities and emerging market securities, as well as other risks including, without limitation, inefficiencies resulting from erratic growth, the unavailability of consistently-reliable economic or financial data, dependence on exports and international trade, asset price volatility, potential shortage of liquidity and limited accessibility by foreign (non-U.S.) investors (including as a result of sanctions), fluctuations in currency exchange rates, currency devaluation, the relatively small size and absence of operating history of many PRC companies, and the developing nature of the legal and regulatory framework for securities markets, custody arrangements and commerce.

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 and the indexation methodologies used

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| | |
|:---|:---|
| **52** | **PIMCO EQUITY SERIES** |

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June 30, 2025

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. The performance of the investment models may be impacted by software or other technology malfunctions, human error, programming inaccuracies, power loss, and other events or circumstances, which may be difficult to detect and may be beyond the control of 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. The use of leverage may also increase a Fund's sensitivity to interest rate risks.

Management and Tracking Error Risk is the risk that a 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 Risk is the risk that, because the underlying index may select or typically exclude securities of certain issuers for reasons in addition to performance, the Fund's performance may 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. A Fund also faces the risk that reliance on third-party data and ratings, which may be inconsistent, incomplete, or inaccurate, could lead to misaligned investments and adversely impact its performance and objectives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(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 Disruptions Risk A Fund is subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from actual or threatened war or armed conflicts, military conflicts, terrorism, market manipulation, government interventions, defaults and shutdowns, political and regulatory changes or diplomatic developments or the imposition of sanctions and other measures, including the imposition of tariffs, or other U.S. economic policies and any related public health emergencies (such as the spread of infectious diseases, pandemics and epidemics), bank failures and natural/environmental disasters, which can all negatively impact the securities markets and cause a Fund to lose value. These events can also impair the technology and other operational systems upon which a Fund's service providers, including PIMCO as a Fund's investment adviser, rely, and could otherwise disrupt a Fund's service providers' ability to fulfill their obligations to a Fund.

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

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| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **53** |

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Notes to Financial Statements (Cont.)

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 complex information technology and communication systems, including cloud-based technology, has become more prevalent and interconnected in the course of business, the Funds have become potentially more susceptible to operational and information security risks resulting from breaches in cyber security despite the efforts of PIMCO, a Fund, or their service providers to adopt technologies, processes, and practices intended to mitigate these risks. 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. Geopolitical tensions can increase the scale and sophistication of deliberate cybersecurity attacks, particularly those from nation-states or from entities with nation-state backing, who may desire to use cybersecurity attacks to cause damage or create leverage against geopolitical rivals. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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.

Certain of the Funds may lend securities through Securities Finance Trust Company ("Securities Lending Agent"), an unaffiliated securities lending agent, and receive collateral in the form of cash or securities with a value at least equal to the value of the securities on loan. The value of the loaned securities is determined at the close of each business day, and any increases or decreases in the required collateral are exchanged between a Fund and the counterparty on the next business day. Cash collateral received is invested in the PIMCO

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| | |
|:---|:---|
| **54** | **PIMCO EQUITY SERIES** |

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June 30, 2025

Government Money Market Fund or another cash sweep vehicle agreed by a Fund. The Securities Lending Agent administers the Funds' securities lending program, providing services that include marketing the Funds' available securities, soliciting bids from potential borrowers, monitoring the daily value of the loaned securities, and investing cash collateral in accordance with specific instructions provided by the Funds. Any securities on loan will be subject to the relevant Fund's agreement with the Securities Lending Agent along with any master lending agreement entered into by the Securities Lending Agent on behalf of the Fund with any permitted borrowers.

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. FCM customers, such as the Funds, are permitted to transfer their customer account (and cleared derivative transactions held in such customer account) from one FCM to another FCM. Upon completion of the transfer, the customer maintains the same economic position with respect to the outstanding exposure. As such, these transfers are not recognized as dispositions and reacquisitions of the affected derivative positions. 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 porting of exposure between FCMs has no impact on the market value or accumulated unrealized appreciation (depreciation), initial margin posted, and any unsettled variation margin; these values 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.

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| | |
|:---|:---|
| Fund Name | Management<br>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% |

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|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **55** |

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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, 2025, 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 are responsible for: (i) salaries and other compensation of any of the Trust's executive officers and employees who are not officers, directors, shareholders, members, partners 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.

(d) Remuneration Paid to Directors, Officers and Others (N-CSR Item 10) 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. The pro rata share of Trustee fees for each Fund is reflected on the Statements of Operations as Trustee fees.

(e) Expense Limitation Pursuant to the Expense Limitation Agreement, PIMCO has contractually agreed, through October 31, 2025, to waive each Fund's 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 each 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 waivers, if any, are reflected on the Statements of Operations as a component of Waiver and/or Reimbursement by PIMCO. As of June 30, 2025, the amounts waived and/or reimbursed were (in thousands<sup>†</sup>):

---

| | |
|:---|:---|
| Fund Name | Waived Fees |
|  PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 |
|  PIMCO RAFI Dynamic Multi-Factor International Equity ETF | 15 |
|  PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF | 9 |
|  PIMCO RAFI ESG U.S. ETF | 4 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

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 pursuant to the Expense Limitation Agreement (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 recoverable amounts to PIMCO as of June 30, 2025 were (amounts in thousands<sup>†</sup>):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Expiring within | Expiring within | Expiring within | |
| Fund Name | 12 months | 13-24 months | 25-36 months | Total |
|  PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 |
|  PIMCO RAFI Dynamic Multi-Factor International Equity ETF | 0 | 0 | 11 | 11 |
|  PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF | 1 | 7 | 9 | 17 |
|  PIMCO RAFI ESG U.S. ETF | 0 | 1 | 2 | 3 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

---

| | |
|:---|:---|
| **56** | **PIMCO EQUITY SERIES** |

---

------

June 30, 2025

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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 a Fund. Frequent and active trading of a Fund's portfolio holdings may cause adverse tax consequences for shareholders due to an increase in short-term capital gains and may also adversely impact the Fund's after-tax returns. 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, 2025 were as follows (amounts in thousands<sup>†</sup>):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | U.S. Government/Agency | U.S. Government/Agency | All Other | All Other |
| Fund Name | Purchases | Sales | Purchases | Sales |
|  PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $40295 | $42683 |
|  PIMCO RAFI Dynamic Multi-Factor International Equity ETF | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107027 |
|  PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF | 0 | 0 | 66978 | 66575 |
|  PIMCO RAFI ESG U.S. ETF | 0 | 0 | 18081 | 15726 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | 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. Each Fund reserves the right to not impose a standard or variable redemption transaction fee or to vary the amount of the variable redemption transaction fee imposed, up to the maximum amount listed below, depending on the materiality of the Fund's actual transaction costs incurred in selling securities to raise the cash amount redeemed (in the case of a variable redemption transaction fee) or where PIMCO believes that not imposing the standard or variable redemption transaction fee or varying the variable redemption transaction fee would be in a Fund's and the Fund's shareholders' best interests.

---

| | | | |
|:---|:---|:---|:---|
| Fund Name | Standard Creation/<br>Redemption<br>Transaction Fee\* | **Maximum<br>Variable**<br> **Charge for<br>Cash Creations\*\*** | **Maximum**<br> **Variable**<br> **Charge for<br>Cash Redemptions\*\*** |
|  PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2250 | 3.00% | 2.00% |
|  PIMCO RAFI Dynamic Multi-Factor International Equity ETF | $5000 | 3.00% | 2.00% |
|  PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF | $2250 | 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 FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **57** |

---

------

Notes to Financial Statements (Cont.)

14. INVESTMENT TRANSACTIONS

For the period ended June 30, 2025, certain Funds had in-kind contributions and in-kind redemptions as follows (amounts in thousands<sup>†</sup>):

---

| | | |
|:---|:---|:---|
| Fund Name | Contributions | Redemptions |
|  PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF | $0 | $0 |
|  PIMCO RAFI Dynamic Multi-Factor International Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24507 |
|  PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF | 68685 | 54402 |
|  PIMCO RAFI ESG U.S. ETF | 36299 | 5420 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | 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, 2025, 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, 2025, the components of distributable taxable earnings are as follows (amounts in thousands<sup>†</sup>):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Undistributed<br>Ordinary<br>Income<sup>(1)</sup> | Undistributed<br>Long-Term<br>Capital Gains | Net Tax Basis<br>Unrealized<br>Appreciation/<br>(Depreciation)<sup>(2)</sup> | Other<br>Book-to-Tax<br>Accounting<br>Differences<sup>(3)</sup> | Accumulated<br>Capital<br>Losses<sup>(4)</sup> | Qualified<br>Late-Year<br>Loss<br>Deferral -<br>Capital<sup>(5)</sup> | Qualified<br>Late-Year<br>Loss<br>Deferral -<br>Ordinary<sup>(6)</sup> | Total<br>Components<br>of<br>Distributable<br>Earnings |
|  PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF | $784 | $0 | $11397 | $0 | $(2467) | $0 | $0 | $9714 |
|  PIMCO RAFI Dynamic Multi-Factor International Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14281) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59337 |
|  PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF | 620 | 0 | 26646 | 0 | (27240) | 0 | 0 | 26 |
|  PIMCO RAFI ESG U.S. ETF | 391 | 0 | 10986 | 0 | (4455) | 0 | 0 | 6922 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(1)</sup> Includes undistributed short-term capital gains, if any.

<sup>(2)</sup> 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), return of capital distributions from underlying funds, adjustments for real estate investment trusts, and partnerships. 

<sup>(3)</sup> Represents differences in income tax regulations and financial accounting principles generally accepted in the United States of America, mainly due to organizational expenditures.

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

<sup>(5)</sup> Capital losses realized during the period November 1, 2024 through June 30, 2025, which the Funds elected to defer to the following taxable year pursuant to income tax regulations.

<sup>(6)</sup> Specified losses realized during the period November 1, 2024 through June 30, 2025 and Ordinary losses realized during the period January 1, 2025 through June 30, 2025, which the Funds elected to defer to the following taxable year pursuant to income tax regulations.

---

| | |
|:---|:---|
| **58** | **PIMCO EQUITY SERIES** |

---

------

June 30, 2025

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, 2025, the Funds had the following post-effective capital losses with no expiration (amounts in thousands<sup>†</sup>):

---

| | | |
|:---|:---|:---|
|  | Short-Term | Long-Term |
|  PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF | $2467 | $0 |
|  PIMCO RAFI Dynamic Multi-Factor International Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2476 |
|  PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF | 19761 | 7479 |
|  PIMCO RAFI ESG U.S. ETF | 1786 | 2669 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

As of June 30, 2025, the aggregate cost and the net unrealized appreciation/(depreciation) of investments for Federal income tax purposes are as follows (amounts in thousands<sup>†</sup>):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Federal<br>Tax Cost | Unrealized<br>Appreciation | Unrealized<br>(Depreciation) | Net Unrealized<br>Appreciation/<br>(Depreciation)<sup>(7)</sup> |
|  PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF | $96620 | $21804 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10029) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11775 |
|  PIMCO RAFI Dynamic Multi-Factor International Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75827 | (7177) | 68650 |
|  PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF | 155907 | 31780 | (5135) | 26645 |
|  PIMCO RAFI ESG U.S. ETF | 80233 | 14540 | (3553) | 10987 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(7)</sup> 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), return of capital distributions from underlying funds, adjustments for real estate investment trusts, and partnerships. 

For the fiscal years ended June 30, 2025 and June 30, 2024, respectively, the Funds made the following tax basis distributions (amounts in thousands<sup>†</sup>):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | June 30, 2025 | June 30, 2025 | June 30, 2025 | June 30, 2024 | June 30, 2024 | June 30, 2024 |
|  | Ordinary<br>Income<br>Distributions<sup>(8)</sup> | Long-Term<br>Capital Gain<br>Distributions | Return of<br>Capital<sup>(9)</sup> | Ordinary<br>Income<br>Distributions<sup>(8)</sup> | Long-Term<br>Capital Gain<br>Distributions | Return of<br>Capital<sup>(9)</sup> |
|  PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5786 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3936 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
|  PIMCO RAFI Dynamic Multi-Factor International Equity ETF | 9102 | 0 | 0 | 5382 | 0 | 0 |
|  PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF | 2618 | 0 | 0 | 2443 | 0 | 0 |
|  PIMCO RAFI ESG U.S. ETF | 1250 | 0 | 0 | 807 | 0 | 0 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

<sup>(8)</sup> Includes short-term capital gains distributed, if any.

<sup>(9)</sup> 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 FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **59** |

---

------

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, 2025, the related statements of operations for the year ended June 30, 2025, the statements of changes in net assets for each of the two years in the period ended June 30, 2025, including the related notes, and the financial highlights for each of the five years in the period ended June 30, 2025 (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, 2025, 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, 2025 and each of the financial highlights for each of the five years in the period ended June 30, 2025, 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, 2025 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 27, 2025

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

---

| | |
|:---|:---|
| **60** | **PIMCO EQUITY SERIES** |

---

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  Counterparty Abbreviations: | Counterparty Abbreviations: |  |  |  |  |
| UBS | UBS Securities LLC |  |  |  |  |
|  Currency Abbreviations: | Currency Abbreviations: |  |  |  |  |
| USD (or $) | United States Dollar |  |  |  |  |
|  Other Abbreviations: | Other Abbreviations: |  |  |  |  |
| ADR | American Depositary Receipt | REIT | Real Estate Investment Trust | TBA | To-Be-Announced |
| JSC | Joint Stock Company |  |  |  |  |

---

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **61** |

---

------

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, 2025 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<br>Markets Equity ETF | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  March 2025 | $0.1500 | $0.0000 | $0.0000 | $0.1500 |
|  June 2025 | $0.2000 | $0.0000 | $0.0000 | $0.2000 |
| PIMCO RAFI Dynamic Multi-Factor International<br>Equity ETF | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  March 2025 | $0.2200 | $0.0000 | $0.0000 | $0.2200 |
|  June 2025 | $0.3800 | $0.0000 | $0.0000 | $0.3800 |
| PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  March 2025 | $0.2300 | $0.0000 | $0.0000 | $0.2300 |
|  June 2025 | $0.2100 | $0.0000 | $0.0000 | $0.2100 |
| PIMCO RAFI ESG U.S. ETF | Net Investment<br>Income\* | Net Realized<br>Capital Gains\* | Paid-in Surplus or<br>Other Capital<br>Sources\*\* | Total (per<br>common share) |
|  March 2025 | $0.1800 | $0.0000 | $0.0000 | $0.1800 |
|  June 2025 | $0.1800 | $0.0000 | $0.0000 | $0.1800 |

---

\* 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 funds 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. 

---

| | |
|:---|:---|
| **62** | **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 2025 ordinary income dividend that qualifies for the corporate dividend received deduction is set forth below.

Qualified Dividend Income. Under the Jobs and Growth Tax Relief Reconciliation Act of 2003, the following percentage of ordinary dividends paid during the fiscal year ended June 30, 2025 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 2025.

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, 2025 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, 2025 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).

Section 199A Dividends. The Funds intend to pass through the maximum amount allowable as Section 199A Dividends defined in Proposed Treasury Section 199A-3(d).

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Dividend<br>Received<br>Deduction% | Qualified<br>Dividend<br>Income% | Qualified<br>Interest<br>Income<br>(000s)<sup>†</sup> | Qualified<br>Short-Term<br>Capital Gains<br>(000s)<sup>†</sup> | Foreign<br>Source<br>Income<br>(000s)<sup>†</sup> | Foreign Taxes<br>Pass Through<br>(000s)<sup>†</sup> |
|  PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF | 0.00% | 83.53% | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4145 | $835 |
|  PIMCO RAFI Dynamic Multi-Factor International Equity ETF | 0.00% | 100.00% | 7 | 0 | 9901 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1112 |
|  PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF | 100.00% | 100.00% | 5 | 0 | 0 | 0 |
|  PIMCO RAFI ESG U.S. ETF | 100.00% | 100.00% | 1 | 0 | 0 | 0 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | 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 2026, 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 2025.

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **63** |

---

------

Changes in and Disagreements with Accountants for Open-End Management Investment Companies (N-CSR Item 8) (Unaudited)

Not applicable.

---

| | |
|:---|:---|
| **64** | **PIMCO EQUITY SERIES** |

---

------

Proxy Disclosures for Open-End Management Investment Companies (N-CSR Item 9) (Unaudited)

A special meeting of shareholders was held on December 6, 2024. The results of votes taken among shareholders on the proposal before them are reported below.

Proposal – Election of Ten Trustees to the Board of Trustees

The purpose of this proposal was to elect ten nominees to the Board of Trustees, three of whom did not currently serve as Trustees of the Trust.

---

| | | |
|:---|:---|:---|
| Trustee | Number of<br>Votes For | Number of<br>Votes Withheld |
|  Peter G. Strelow<sup>†</sup> | 318532120.05 | 7468814.30 |
|  Kimberley G. Stafford<sup>†</sup> | 318656349.02 | 7344585.33 |
|  Michael J. Berchtold | 318646270.46 | 7354663.89 |
|  Jennifer Holden Dunbar | 318371137.81 | 7629796.54 |
|  Kym M. Hubbard | 318394314.09 | 7606620.26 |
|  Gary F. Kennedy | 309620914.42 | 16380019.92 |
|  Anne K. Kratky | 318578763.98 | 7422170.36 |
|  Steven Lipiner | 318529349.02 | 7471585.33 |
|  Peter B. McCarthy | 318223376.49 | 7777557.86 |
|  Ronald C. Parker | 318587534.91 | 7413399.44 |

---

<sup>†</sup> Interested Trustee

---

| | | | |
|:---|:---|:---|:---|
| **ANNUAL FINANCIAL AND OTHER INFORMATION** | \| | JUNE 30, 2025 | **65** |

---

------

Approval of Investment Management Agreement (N-CSR Item 11)

Not applicable.

---

| | |
|:---|:---|
| **66** | **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 and Trust Company

1776 Heritage Drive

North Quincy, MA 02171

Legal Counsel

Dechert LLP

1900 K Street, N.W.

Washington, D.C. 20006

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP

1100 Walnut Street, Suite 1300

Kansas City, MO 64106

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

------

![LOGO](g811580g75h91.jpg)

RAFIFSTMAR_063025

------

**Item 8.** **Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** <br>

The information required by this Item 8 is included as part of the Financial Statements and Financial Highlights filed under Item 7(a) of this Form N-CSR.

**Item 9.** **Proxy Disclosures for Open-End Management Investment Companies.** <br>

The information required by this Item 9 is included as part of the Financial Statements and Financial Highlights filed under Item 7(a) of this Form N-CSR.

**Item 10.** **Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** <br>

The information required by this Item 10 is included as part of the Financial Statements and Financial Highlights filed under Item 7(a) of this Form N-CSR.

**Item 11.** **Statement Regarding Basis for Approval of Investment Advisory Contract.** <br>

The information required by this Item 11 is included as part of the Financial Statements and Financial Highlights filed under Item 7(a) of this Form N-CSR.

**Item 12.** **Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** <br>

Not applicable to open-end investment companies.

**Item 13.** **Portfolio Managers of Closed-End Management Investment Companies.** <br>

Not applicable to open-end investment companies.

**Item 14.** **Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** <br>

Not applicable to open-end investment companies.

**Item 15.** **Submission of Matters to a Vote of Security Holders.** <br>

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 16.** **Controls and Procedures.** <br>

(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 17.** **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** <br>

Not applicable to open-end investment companies.

**Item 18.** **Recovery of Erroneously Awarded Compensation.** <br>

(a) Not applicable to the Registrant.

(b) Not applicable to the Registrant.

**Item 19.** **Exhibits.** <br>

------

(a)(1) [Exhibit 99.CODE—Code of Ethics pursuant to Section 406 of the Sarbanes-Oxley Act of 2002.](d946521dex99codeeth.htm)

(a)(2) Not applicable to the Registrant.

(a)(3) [Exhibit 99.CERT—Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](d946521dex99cert.htm)

(a)(4) Not applicable to the Registrant.

(a)(5) 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.](d946521dex99906cert.htm)

------

#### 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 | PIMCO Equity Series |
| By: | /s/ Joshua D. Ratner<br>|
|  | Joshua D. Ratner |
|  | President (Principal Executive Officer) |
| Date: | September 5, 2025 |

---

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/ Joshua D. Ratner<br>|
|  | Joshua D. Ratner |
|  | President (Principal Executive Officer) |
| Date: | September 5, 2025 |
| By: | /s/ Bijal Y. Parikh<br>|
|  | Bijal Y. Parikh |
|  | Treasurer (Principal Financial & Accounting Officer) |
| Date: | September 5, 2025 |

---

## Ex-99.Code

**<u>Code of Ethics Pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 for Principal</u>**

**<u>Executive and Senior Financial Officers</u>**

**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.<sup>1</sup>** 

**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 <u>Exhibit A</u>.)

This Code has been adopted for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between
personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the
Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 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.

<sup>1</sup> 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"<sup>2</sup>) 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.

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

<sup>2</sup> Each PIMCO-Affiliated Service Provider is identified in <u>Exhibit B</u>.

------

Sarbanes-Oxley Code of Ethics

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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● service on the board of directors or governing board of a publicly traded entity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 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 <u>not</u> 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 reasonable<sup>3</sup>and both the Covered
Person and the giver are present<sup>4</sup>; or (iii) gifts or meals/conferences/events received from the Covered Person's employer;

<sup>3</sup> 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*. 

<sup>4</sup> 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. However, PIMCO

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Sarbanes-Oxley Code of Ethics

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 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.<sup>5</sup>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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 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** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● it is the responsibility of each Covered Person to promote compliance with the standards and restrictions
imposed by applicable laws, rules and regulations.

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.

<sup>5</sup> 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.

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Sarbanes-Oxley Code of Ethics

**IV.** **Reporting and Accountability** 

Each Covered Person must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 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 <u>Exhibit C</u>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● if, after such investigation, the President believes that no material violation has occurred, the President is
not required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● any matter that the President believes is a material violation will be reported to the applicable Fund's
CCO;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● 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

A Fund's CCO or Board of Trustees may grant waivers under this Code, as each deems appropriate.

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Sarbanes-Oxley Code of Ethics

**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.

**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.

------

Sarbanes-Oxley Code of Ethics

**History of Amendments** 

---

| | |
|:---|:---|
| <u>History of adoptions and amendments:</u> | <u>History of adoptions and amendments:</u> |
| 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 Boards of Real Estate/Private Credit Funds) |
| Amended: | February 14, 2024 (Open-End Funds Boards); February 28, 2024 (Boards of Real Estate/Private Credit Funds); March 14, 2024 (PIMCO Managed Accounts Trust and PIMCO Sponsored Interval Funds Boards) (Updated Exhibit A) |

---

------

**Exhibit A** 

<u>Persons Covered by this Code of Ethics</u> 

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Trust**<br>| **Principal Executive**<br> **Officer**<br>| **Principal Financial**<br> **Officer**<br>| **Principal Accounting**<br> **Officer**<br>|
| &nbsp;&nbsp;&nbsp;PIMCO Funds | Joshua D. Ratner | Bijal Parikh | Bijal Parikh |
| &nbsp;&nbsp;&nbsp;PVIT | Joshua D. Ratner | Bijal Parikh | Bijal Parikh |
| &nbsp;&nbsp;&nbsp;ETF | Joshua D. Ratner | Bijal Parikh | Bijal Parikh |
| &nbsp;&nbsp;&nbsp;PES | Joshua D. Ratner | Bijal Parikh | Bijal Parikh |
| &nbsp;&nbsp;&nbsp;PESVIT | Joshua D. Ratner | Bijal Parikh | Bijal Parikh |
| &nbsp;&nbsp;&nbsp;PIMCO Managed Accounts Trust | Joshua D. Ratner | Bijal Parikh | Bijal Parikh |
| &nbsp;&nbsp;&nbsp;PIMCO Sponsored Closed-End Funds | Joshua D. Ratner | Bijal Parikh | Bijal Parikh |
| &nbsp;&nbsp;&nbsp;PIMCO Sponsored Interval Funds | Joshua D. Ratner | Bijal Parikh | Bijal Parikh |
| &nbsp;&nbsp;&nbsp;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.

------

**Exhibit B** 

<u>PIMCO-Affiliated Service Providers</u>\*

---

| | |
|:---|:---|
| &nbsp;&nbsp; Investment Adviser <br>| Pacific Investment Management Company LLC ("PIMCO")<br>|
| &nbsp;&nbsp; Principal Underwriter\*\* | PIMCO Investments LLC |
| &nbsp;&nbsp; Administrator\*\*\*<br>| PIMCO<br>|

---

\* 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.

------

**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,<u> </u>. I also agree to cooperate fully with any investigation or inquiry as to whether a possible violation of the foregoing Code has occurred.

Date:<u> </u> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> Signature

## Ex-99.Cert

**Exhibit 99.CERT** 

**<u>Certification Under Rule 30a-2(a)</u>**

**CERTIFICATION** 

I, Joshua D. Ratner, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of PIMCO Equity Series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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: | September 5, 2025<br>|
| Signature: | /s/ Joshua D. Ratner<br>|
| Title: | President (Principal Executive Officer)<br>|

---

------

**Exhibit 99.CERT** 

**<u>Certification Under Rule 30a-2(a)</u>** 

**CERTIFICATION** 

I, Bijal Y. Parikh, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of PIMCO Equity Series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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: | September 5, 2025<br>|
| Signature: | /s/ Bijal Y. Parikh<br>|
| Title: | Treasurer (Principal Financial & Accounting Officer)<br>|

---

## Exhibit 99.906

**Exhibit 99.906CERT** 

**<u>Certification Under Rule 30a-2(b)</u>**

**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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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/ Joshua D. Ratner<br>| By: | /s/ Bijal Y. Parikh<br>|
| Name: | Joshua D. Ratner<br>| Name: | Bijal Y. Parikh<br>|
| Title: | President (Principal Executive Officer) <br>| Title: | Treasurer (Principal Financial & Accounting Officer)<br>|
| Date: | September 5, 2025<br>| Date: | September 5, 2025<br>|

---

**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.