# EDGAR Filing Document

**Accession Number:** 0001479360
**File Stem:** 0001193125-23-064719
**Filing Date:** 2023-3
**Character Count:** 1836200
**Document Hash:** a21d3078939422e6542e36a503517e7d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-064719.hdr.sgml**: 20230309

**ACCESSION NUMBER**: 0001193125-23-064719

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 50

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230309

**DATE AS OF CHANGE**: 20230308

**EFFECTIVENESS DATE**: 20230309

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PIMCO Equity Series
- **CENTRAL INDEX KEY:** 0001479360
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22375
- **FILM NUMBER:** 23717361

**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           |
| C000150031 | Administrative Class | PBRDX           |
| C000150033 | Class A              | PBRAX           |

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

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000150043 | Institutional Class  | PPZRX           |
| C000150045 | Administrative Class | PPZDX           |
| C000150047 | Class A              | PPZAX           |

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

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000150050 | Institutional Class  | PBPNX           |
| C000150052 | Administrative Class | PBPRX           |
| C000150054 | Class A              | PBPAX           |

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

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000150057 | Institutional Class  | PDGZX           |
| C000150059 | Administrative Class | PDGDX           |
| C000150061 | Class A              | PDGAX           |

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

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000150064 | Institutional Class  | PVPNX           |
| C000150066 | Administrative Class | PVPRX           |
| C000150068 | Class A              | PVPAX           |

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

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000150071 | Institutional Class  | PVQNX           |
| C000150073 | Administrative Class | PVQDX           |
| C000150075 | Class A              | PVQAX           |

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

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000150078 | Institutional Class  | PPQZX           |
| C000150080 | Administrative Class | PPQDX           |
| C000150082 | Class A              | PPQAX           |

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

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000150085 | Institutional Class  | PRQZX           |
| C000150087 | Administrative Class | PRQDX           |
| 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           |
| C000215696 | Administrative Class | PRBEX           |
| 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           |
| C000238903 | Administrative Class | PBLMX           |

##### [**Table of Contents**](#toc)
**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: December 31, 2022

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

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

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##### [**Table of Contents**](#toc)
**Item 1.** **Reports to Shareholders.** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment
Company Act of 1940, as amended (the "Act") (17 CFR 270.30e-1).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• PIMCO Dividend and Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• PIMCO REALPATH® Blend Income Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• PIMCO REALPATH® Blend 2025 Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• PIMCO REALPATH® Blend 2030 Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• PIMCO REALPATH® Blend 2035 Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• PIMCO REALPATH® Blend 2040 Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• PIMCO REALPATH® Blend 2045 Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• PIMCO REALPATH® Blend 2050 Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• PIMCO REALPATH® Blend 2055 Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• PIMCO REALPATH® Blend 2060 Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• PIMCO REALPATH® Blend 2065 Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• PIMCO RAE US Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• PIMCO RAE US Small Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• PIMCO RAE Emerging Markets Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• PIMCO RAE International Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• PIMCO RAE Global ex-US Fund

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• PIMCO RAFI Dynamic Multi-Factor International Equity ETF

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• PIMCO RAFI ESG U.S. ETF

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##### [**Table of Contents**](#toc)
![LOGO](g437461g56f90.jpg)

PIMCO EQUITY SERIES<sup>®</sup>

## Semiannual Report
December 31, 2022

PIMCO Dividend and Income Fund

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##### [**Table of Contents**](#toc)
**Table of Contents** 

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| | |
|:---|:---|
| | Page |
| &nbsp;&nbsp; [Chairman's Letter](#tx437461_1) | 2 |
| &nbsp;&nbsp; [Important Information About the PIMCO Dividend and Income Fund](#tx437461_2) | 5 |
| &nbsp;&nbsp; [Fund Summary](#tx437461_3) | 10 |
| &nbsp;&nbsp; [Expense Example](#tx437461_4) | 15 |
| &nbsp;&nbsp; [Financial Highlights](#tx437461_5) | 16 |
| &nbsp;&nbsp; [Statement of Assets and Liabilities](#tx437461_6) | 18 |
| &nbsp;&nbsp; [Statement of Operations](#tx437461_7) | 20 |
| &nbsp;&nbsp; [Statements of Changes in Net Assets](#tx437461_8) | 21 |
| &nbsp;&nbsp; [Schedule of Investments](#tx437461_9) | 22 |
| &nbsp;&nbsp; [Notes to Financial Statements](#tx437461_10) | 54 |
| &nbsp;&nbsp; [Glossary](#tx437461_11) | 88 |
| &nbsp;&nbsp; [Distribution Information](#tx437461_12) | 89 |
| &nbsp;&nbsp; [Approval of Investment Advisory Contract and Other Agreements](#tx437461_13) | 90 |

---

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.

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##### [**Table of Contents**](#toc)
**Chairman's Letter** 

Dear Shareholder,

2022 was a challenging year in the financial markets. We continue to work tirelessly to navigate global markets and manage the assets that you have entrusted with us. Following this letter is the PIMCO Equity Series Semiannual Report, which covers the six-month reporting period ended December 31, 2022 (the "reporting period"). On the subsequent pages, you will find details regarding investment results and a discussion of the factors that most affected performance during the reporting period.

For the six-month reporting period ended December 31, 2022

The global economy faced significant headwinds in 2022, including those related to higher inflation, the COVID-19 pandemic, and the Russia-Ukraine conflict. In the U.S., second quarter 2022, prior to the beginning of the reporting period, annualized gross domestic product ("GDP") was -0.6%. The economy then strengthened, as third quarter annualized GDP was +3.2%. The Commerce Department's initial estimate for fourth quarter 2022 annualized GDP — released after the reporting period ended — was 2.9%.

The Federal Reserve Board (the "Fed" or "U.S. central bank") took actions to combat elevated inflation. In March 2022, the Fed raised the federal funds rate 0.25% to a range between 0.25% and 0.50%, its first rate hike since 2018. The U.S. central bank then raised rates at its next six meetings, for a total increase of 4.25% in 2022. At the end of the year, the federal funds rate was in a range between 4.25% and 4.50%.

Economies outside the U.S. also faced several headwinds. In its October 2022 World Economic Outlook Update, the International Monetary Fund (the "IMF") downgraded its expectation for 2022 GDP citing "turbulent challenges" including high inflation, tightening financial conditions, as well as the ongoing Russia-Ukraine conflict and COVID-19 pandemic. For 2022, the IMF included in its projections that GDP would grow 1.6% in the U.S. (from 5.7% in 2021), 3.1% in the eurozone (from 5.2% in 2021), 3.6% in the U.K. (from 7.4% in 2021), and 1.7% in Japan (the same as in 2021).

Several central banks tightened their respective monetary policies in recent years. For example, in December 2021, prior to the beginning of the reporting period, the Bank of England (the "BoE") raised rates for the first time since COVID-19 began. The BoE again raised rates at its next eight meetings, for a total of 3.50% in rate hikes since its first increase. The European Central Bank raised rates four times in 2022, for a total increase of 2.50%. In contrast, the Bank of Japan (the "BoJ") maintained its loose monetary policy for most of 2022. However, in December 2022 the BoJ announced that it would allow its 10-year government bond yield to rise to

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| | |
|:---|:---|
| **2** | **PIMCO EQUITY SERIES** |

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##### [**Table of Contents**](#toc)
0.5% (previously limited to 0.25%). The news sent the 10-year bond yield and Japanese yen higher, as market participants interpreted the announcement to mean that the BoJ may pivot from its previous monetary stance.

During the reporting period, short- and long-term U.S. Treasury yields moved higher. The yield on the benchmark 10-year U.S. Treasury note was 3.88% on December 31, 2022, versus 2.98% on June 30, 2022. The Bloomberg Global Treasury Index (USD Hedged), which tracks fixed-rate, local currency government debt of investment grade countries, including developed and emerging markets, returned -2.97%. Meanwhile, the Bloomberg Global Aggregate Credit Index (USD Hedged), a widely used index of global investment grade credit bonds, returned -1.59%. In contrast, riskier fixed income asset classes, including high yield corporate bonds and emerging market debt, generated positive returns. The ICE BofAML Developed Markets High Yield Constrained Index (USD Hedged), a widely used index of below-investment-grade bonds, returned 3.82%, whereas emerging market external debt, as represented by the JPMorgan Emerging Markets Bond Index (EMBI) Global (USD Hedged), returned 2.93%. Emerging market local bonds, as represented by the JPMorgan Government Bond Index-Emerging Markets Global Diversified Index (Unhedged), returned 3.33%.

Amid periods of volatility, global equities generally posted mixed results during the reporting period as economic and geopolitical concerns impacted investor sentiment. U.S. equities, as represented by the S&P 500 Index, returned 2.31%. Global equities, as represented by the MSCI World Index, returned 2.97%, while emerging market equities, as measured by the MSCI Emerging Markets Index, returned -2.99%. Meanwhile, Japanese equities, as represented by the Nikkei 225 Index (in Japanese yen), returned -0.06% and European equities, as represented by the MSCI Europe Index (in euro), returned 5.05%.

Commodity prices were volatile and generated mixed returns during the reporting period. Brent crude oil, which was approximately $119.78 a barrel at the start of the reporting period, fell to roughly $82.82 a barrel at the end of December 2022. In contrast, prices of other commodities, such as copper and gold, edged higher during the period.

Finally, there were also periods of volatility in the foreign exchange markets. We believe this was driven by several factors, including economic growth expectations and changing central bank monetary policies, as well as rising inflation, COVID-19 variants, and geopolitical events. The U.S. dollar was mixed against several major currencies. For example, during the reporting period, the U.S. dollar returned -2.11%, +0.78%, and -3.51% versus the euro, the British pound and the Japanese yen, respectively.

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| | |
|:---|:---|
| **SEMIANNUAL REPORT** | DECEMBER 31, 2022<sub>3</sub> |

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##### [**Table of Contents**](#toc)
**Chairman's Letter (Cont.)** 

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

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| | |
|:---|:---|
| ![LOGO](g437461g19a01.jpg) | Sincerely,<br>![LOGO](g437461g65f33.jpg) <br>Peter G. Strelow<br> Chairman of the Board<br>PIMCO Equity Series |

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

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| | |
|:---|:---|
| **4** | **PIMCO EQUITY SERIES** |

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##### [**Table of Contents**](#toc)
**Important Information About the PIMCO Dividend and Income Fund** 

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

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

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

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

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

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

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

Beginning in January 2020, global financial markets have experienced and may continue to experience significant volatility resulting from the spread of a novel coronavirus known as COVID-19. The outbreak of COVID-19 has resulted in travel and border restrictions, quarantines, supply chain disruptions, lower consumer demand and general market uncertainty. In 2022, many countries lifted some or all restrictions related to COVID-19. However, the effects of COVID-19 have and may continue to adversely affect the global economy, the economies of certain nations and individual issuers, all of which may negatively impact the Fund's performance. In addition, COVID-19 and governmental responses to COVID-19 may negatively impact the capabilities of the Fund's service providers and disrupt the Fund's operations.

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| | |
|:---|:---|
| **SEMIANNUAL REPORT** | DECEMBER 31, 2022<sub>5</sub> |

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##### [**Table of Contents**](#toc)
**Important Information About the PIMCO Dividend and Income Fund (Cont.)** 

The United States' enforcement of restrictions on U.S. investments in certain issuers and tariffs on goods from certain other countries has contributed to and may continue to contribute to international trade tensions and may impact portfolio securities. The United States' enforcement of sanctions or other similar measures on various Russian entities and persons, and the Russian government's response, may also negatively impact securities and instruments that are economically tied to Russia.

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

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

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

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| | |
|:---|:---|
| **6** | **PIMCO EQUITY SERIES** |

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##### [**Table of Contents**](#toc)
one or more previous reporting periods. Historical performance for the Fund or share class may have been positively impacted by fee waivers or expense limitations in place during some or all of the periods shown, if applicable. Future performance (including total return or yield) and distributions may be negatively impacted by the expiration or reduction of any such fee waivers or expense limitations.

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

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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 |

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

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

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

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| **SEMIANNUAL REPORT** | DECEMBER 31, 2022<sub>7</sub> |

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##### [**Table of Contents**](#toc)
**Important Information About the PIMCO Dividend and Income Fund (Cont.)** 

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

SEC rules allow the Fund to fulfill its obligation to deliver shareholder reports to investors by providing access to such reports online free of charge and by mailing a notice that the report is electronically available. Investors may elect to receive all future reports in paper free of charge by contacting their financial intermediary or, if invested directly with the Fund, investors can inform the Fund by calling (888) 87-PIMCO. Any election to receive reports in paper will apply to all funds held with the fund complex if invested directly with the Fund or to all funds held in the investor's account if invested through a financial intermediary.

In October 2020, the SEC adopted a rule related to the use of derivatives, short sales, reverse repurchase agreements and certain other transactions by registered investment companies that rescinds and withdraws the guidance of the SEC and its staff regarding asset segregation and cover transactions. Subject to certain exceptions, the rule requires funds that trade derivatives and other transactions that create future payment or delivery obligations to comply with a value-at-risk leverage limit and certain derivatives risk management program and reporting requirements. These requirements may limit the ability of the Fund to use derivatives and reverse repurchase agreements and similar financing transactions as part of its investment strategies and may increase the cost of the Fund's investments and cost of doing business, which could adversely affect investors. The rule went into effect on February 19, 2021. The compliance date for the new rule and related reporting requirements was August 19, 2022.

In December 2020, the SEC adopted a rule addressing fair valuation of fund investments. The new rule sets forth requirements for good faith determinations of fair value as well as for the performance of fair value determinations, including related oversight and reporting obligations. The new rule also defines "readily available market quotations" for purposes of the definition of "value" under the Investment Company Act of 1940 (the "Act"), and the SEC noted that this definition will apply in all contexts under the Act. The effective date for the rule was March 8, 2021. The compliance date for the new rule and the related reporting requirements was September 8, 2022.

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

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| **8** | **PIMCO EQUITY SERIES** |

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

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

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

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

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|:---|:---|
| **SEMIANNUAL REPORT** | DECEMBER 31, 2022<sub>9</sub> |

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##### [**Table of Contents**](#toc)
**PIMCO Dividend and Income Fund** 

Cumulative Returns Through December 31, 2022

![LOGO](g437461g22v10.jpg)

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

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 |
|  |  | 6 Months\* | 1 Year | 5 Years | 10 Years | Fund<br>Inception<br>(12/14/11) |
| ![LOGO](g437461g94o20.jpg) | PIMCO Dividend and Income Fund Institutional Class | 3.97% | (6.25)% | 2.94% | 4.96% | 5.95% |
|  | PIMCO Dividend and Income Fund I-2 | 3.99% | (6.36)% | 2.84% | 4.87% | 5.86% |
|  | PIMCO Dividend and Income Fund Class A | 3.89% | (6.51)% | 2.59% | 4.60% | 5.58% |
|  | PIMCO Dividend and Income Fund Class A (adjusted) | (1.83)% | (11.68)% | 1.44% | 4.01% | 5.05% |
|  | PIMCO Dividend and Income Fund Class C | 3.44% | (7.19)% | 1.82% | 3.81% | 4.79% |
|  | PIMCO Dividend and Income Fund Class C (adjusted) | 2.45% | (8.08)% | 1.82% | 3.81% | 4.79% |
| ![LOGO](g437461g08y58.jpg) | MSCI ACWI High Dividend Yield Net USD<sup>±ª</sup> | 3.40% | (7.49)% | 4.35% | 6.25% | 7.34% |
| ![LOGO](g437461g52z21.jpg) | 50% MSCI ACWI High Dividend Yield Index / 50% Bloomberg US Aggregate Index<sup>±±</sup> | 0.28% | (10.13)% | 2.45% | 3.82% | 4.39%<sup>¨</sup> |

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

\* Cumulative return.

<sup>¨</sup> Average annual total return since 11/30/2011.

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

<sup>±</sup> MSCI ACWI High Dividend Yield Net USD includes large and mid cap stocks across a group of developed markets and emerging markets countries. The index is designed to include companies with high dividend income and

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|:---|:---|
| **10** | **PIMCO EQUITY SERIES** |

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##### [**Table of Contents**](#toc)

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|:---|:---|
| Institutional Class - **PQIIX** | I-2 - **PQIPX** |
| Class A - **PQIZX** | Class C - **PQICX** |

---

quality characteristics, and that have higher than average dividend yields that are both sustainable and persistent. Securities are screened based on track record of consistent dividend payments with capacity to sustain dividend payouts into the future. Securities are also screened based on certain quality factors such as return on equity, earnings variability, debt to equity, and recent 12-month price performance. Issuer weights are capped at 5%. The index is market cap weighted and rebalanced semi-annually in May and November.

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

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

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

*The Fund's total annual operating expense ratio in effect as of period end were 0.70% for Institutional Class shares, 0.80% for I-2 shares, 1.05% for Class A shares, and 1.80% for Class C shares. Details regarding any changes to the Fund's operating expenses, subsequent to period end, can be found in the Fund's current prospectus, as supplemented.* 

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|:---|:---|
| **SEMIANNUAL REPORT** | DECEMBER 31, 2022<sub>11</sub> |

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##### [**Table of Contents**](#toc)
**PIMCO Dividend and Income Fund (Cont.)** 

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|:---|:---|
| Geographic Breakdown as of December 31, 2022<sup>†§</sup> |  |
| United States | 64.1% |
| Short-Term Instruments<sup>‡</sup> | 10.8% |
| United Kingdom | 3.8% |
| Switzerland | 3.4% |
| Japan | 2.8% |
| Australia | 2.1% |
| China | 1.5% |
| France | 1.4% |
| South Africa | 1.3% |
| Brazil | 1.1% |
| Spain | 1.1% |
| Other | 6.6% |

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|:---|:---|
| Sector Breakdown as of December 31, 2022<sup>†</sup><sup>§</sup> |  |
| U.S. Government Agencies | 14.6% |
| Short-Term Instruments<sup>‡</sup> | 10.8% |
| U.S. Treasury Obligations | 10.3% |
| Health Care | 8.9% |
| Industrials | 8.2% |
| Financials | 7.0% |
| Asset-Backed Securities | 6.6% |
| Consumer Staples | 6.0% |
| Real Estate | 4.6% |
| Non-Agency Mortgage-Backed Securities | 4.1% |
| Materials | 4.1% |
| Information Technology | 3.1% |
| Energy | 2.8% |
| Utilities | 2.7% |
| Communication Services | 1.4% |
| Loan Participations and Assignments | 1.4% |
| Consumer Discretionary | 1.3% |
| Banking & Finance | 1.1% |
| Other | 1.0% |

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|:---|:---|
| <sup>†</sup> | % of Investments, at value. |

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|:---|:---|
| <sup>§</sup> | Geographic and Sector Breakdown and % of Investments exclude securities sold short and financial derivative instruments, if any. |

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<sup>‡</sup> Includes Central Funds Used for Cash Management Purposes.

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| **12** | **PIMCO EQUITY SERIES** |

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##### [**Table of Contents**](#toc)

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

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Investment Objective and Strategy Overview

PIMCO Dividend and Income Fund seeks to provide current income, and as a secondary objective, seeks to provide long-term capital appreciation, by investing under normal circumstances at least 80% of its assets in a diversified portfolio of income-producing investments, and will typically invest between 35-65% of its assets in equity and equity-related securities (such portion of the Fund's portfolio, the "Equity Sleeve") selected in accordance with PIMCO's systematic equity income strategy. Equity-related securities include securities having an equity component (e.g., hybrids, bank capital, certain real estate investment trusts ("REITs") and business development companies ("BDCs")) and equity derivatives. With respect to investments in equity securities, there is no limitation on the market capitalization range of the issuers in which the Fund may invest. The securities for the Equity Sleeve are selected by PIMCO from a broad universe of global equities. The Fund will also typically invest 35-65% of its assets in "Fixed Income Instruments" of varying maturities selected primarily based on their ability to deliver consistent income, subject to prudent risk management. Fixed Income Instruments include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public or private-sector entities. Fund strategies may change from time to time. Please refer to the Fund's current prospectus for more information regarding the Fund's strategy.

Fund Insights

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

**Equity Portfolio:** 

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

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

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

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|:---|:---|
| » | Overweight exposure to and security selection within the information technology sector contributed to relative returns, as the sector outperformed the benchmark index and the Fund's holdings within the information technology sector outperformed the benchmark's holdings within the information technology sector.  |

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» Security selection and currency positioning within the health care sector detracted from relative returns, as the Fund's holdings and currency exposures within the health care sector underperformed the benchmark's holdings and currency exposures within the health care sector.

» There were no other material detractors for this Fund.

**Tactical Portfolio:** 

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

» There were no material contributors for this Fund.

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|:---|:---|
| **SEMIANNUAL REPORT** | DECEMBER 31, 2022<sub>13</sub> |

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##### [**Table of Contents**](#toc)
**PIMCO Dividend and Income Fund (Cont.)** 

**Fixed Income Portfolio:** 

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

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

» Short exposure to United Kingdom ("U.K.") duration contributed to performance, as interest rates rose across all tenors of the U.K. sovereign curve.

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

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|:---|:---|
| » | Holdings of commercial mortgage backed securities ("MBS") detracted from performance, as this sector posted negative total returns.  |

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|:---|:---|
| » | Holdings of agency MBS detracted from performance, as this sector posted negative total returns.  |

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|:---|:---|
| **14** | **PIMCO EQUITY SERIES** |

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##### [**Table of Contents**](#toc)
**Expense Example** 

Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period indicated, which for all Funds and share classes is from July 1, 2022 to December 31, 2022 unless noted otherwise in the table and footnotes below.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

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

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Actual** | **Actual** | **Actual** | **Hypothetical<br>(5% return before expenses)** | **Hypothetical<br>(5% return before expenses)** | **Hypothetical<br>(5% return before expenses)** | |
|  | Beginning<br>Account Value<br>(07/01/22) | Ending<br>Account Value<br>(12/31/22) | Expenses Paid<br>During Period\* | Beginning<br>Account Value<br>(07/01/22) | Ending<br>Account Value<br>(12/31/22) | Expenses Paid<br>During Period\* | Net Annualized<br>Expense Ratio\*\* |
|  Institutional Class | $1000.00 | $1039.70 | $3.74 | $1000.00 | $1021.81 | $3.71 | 0.72% |
|  I-2 | 1000.00 | 1039.90 | 4.26 | 1000.00 | 1021.30 | 4.22 | 0.82 |
|  Class A | 1000.00 | 1038.90 | 5.56 | 1000.00 | 1020.03 | 5.51 | 1.07 |
|  Class C | 1000.00 | 1034.40 | 9.43 | 1000.00 | 1016.20 | 9.35 | 1.82 |

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*\* Expenses Paid During Period are equal to the net annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 186/365 (to reflect the one-half year period).* 

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

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| **SEMIANNUAL REPORT** | DECEMBER 31, 2022 | **15** |

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##### [**Table of Contents**](#toc)
**Financial Highlights PIMCO Dividend and Income Fund** 

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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<br>the Year or Period Ended^: | **Net Asset**<br> **Value**<br> **Beginning**<br> **of Year or**<br> **Period<sup>(a)</sup>** | **Net**<br> **Investment**<br> **Income**<br> **(Loss)<sup>(b)</sup>** | **Net**<br> **Realized/**<br> **Unrealized**<br> **Gain (Loss)** | **Total** | **From Net**<br> **Investment**<br> **Income** | **From Net**<br> **Realized**<br> **Capital**<br> **Gains** | **Total** |
|  Institutional Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 07/01/2022 - 12/31/2022+ | $&nbsp;&nbsp;&nbsp;&nbsp;11.35 | $&nbsp;&nbsp;&nbsp;&nbsp;0.22 | $0.23 | $0.45 | $&nbsp;&nbsp;&nbsp;&nbsp;(0.55) | $&nbsp;&nbsp;&nbsp;&nbsp;0.00 | $&nbsp;&nbsp;&nbsp;&nbsp;(0.55) |
| &nbsp;&nbsp;&nbsp;&nbsp; 06/30/2022 | 12.72 | 0.47 | &nbsp;&nbsp;&nbsp;&nbsp;(1.42) | &nbsp;&nbsp;&nbsp;&nbsp;(0.95) | (0.42) | 0.00 | (0.42) |
| &nbsp;&nbsp;&nbsp;&nbsp; 06/30/2021 | 9.71 | 0.44 | 3.03 | 3.47 | (0.46) | 0.00 | (0.46) |
| &nbsp;&nbsp;&nbsp;&nbsp; 06/30/2020 | 11.27 | 0.33 | (1.57) | (1.24) | (0.32) | 0.00 | (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp; 06/30/2019 | 11.54 | 0.39 | (0.18) | 0.21 | (0.48) | 0.00 | (0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp; 06/30/2018 | 11.09 | 0.36 | 0.41 | 0.77 | (0.32) | 0.00 | (0.32) |
|  I-2 |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 07/01/2022 - 12/31/2022+ | 11.37 | 0.21 | 0.23 | 0.44 | (0.54) | 0.00 | (0.54) |
| &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; 06/30/2021 | 9.72 | 0.41 | 3.06 | 3.47 | (0.45) | 0.00 | (0.45) |
| &nbsp;&nbsp;&nbsp;&nbsp; 06/30/2020 | 11.29 | 0.32 | (1.58) | (1.26) | (0.31) | 0.00 | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp; 06/30/2019 | 11.56 | 0.38 | (0.19) | 0.19 | (0.46) | 0.00 | (0.46) |
| &nbsp;&nbsp;&nbsp;&nbsp; 06/30/2018 | 11.11 | 0.34 | 0.42 | 0.76 | (0.31) | 0.00 | (0.31) |
|  Class A |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 07/01/2022 - 12/31/2022+ | 11.33 | 0.20 | 0.23 | 0.43 | (0.53) | 0.00 | (0.53) |
| &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; 06/30/2021 | 9.70 | 0.39 | 3.04 | 3.43 | (0.42) | 0.00 | (0.42) |
| &nbsp;&nbsp;&nbsp;&nbsp; 06/30/2020 | 11.27 | 0.29 | (1.57) | (1.28) | (0.29) | 0.00 | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp; 06/30/2019 | 11.53 | 0.35 | (0.19) | 0.16 | (0.42) | 0.00 | (0.42) |
| &nbsp;&nbsp;&nbsp;&nbsp; 06/30/2018 | 11.08 | 0.31 | 0.42 | 0.73 | (0.28) | 0.00 | (0.28) |
|  Class C |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 07/01/2022 - 12/31/2022+ | 11.32 | 0.15 | 0.24 | 0.39 | (0.49) | 0.00 | (0.49) |
| &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; 06/30/2021 | 9.70 | 0.27 | 3.07 | 3.34 | (0.32) | 0.00 | (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp; 06/30/2020 | 11.29 | 0.21 | (1.57) | (1.36) | (0.23) | 0.00 | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp; 06/30/2019 | 11.48 | 0.26 | (0.18) | 0.08 | (0.27) | 0.00 | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp; 06/30/2018 | 11.06 | 0.22 | 0.42 | 0.64 | (0.22) | 0.00 | (0.22) |

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| | |
|:---|:---|
| <sup>^</sup> | A zero balance may reflect actual amounts rounding to less than $0.01 or 0.01%.  |

---

+ Unaudited

\* Annualized, except for organizational expense, if any.

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

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

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

<sup>(e)</sup> Effective November 1, 2021, the Fund's Investment advisory fee was decreased by 0.01% to an annual rate of 0.44%. 

<sup>(f)</sup> Effective November 1, 2021, the Class's Supervisory and Administrative fees was decreased by 0.05% to an annual rate of 0.25%. 

<sup>(g)</sup> Effective October 1, 2020, the Fund's Investment advisory fee was decreased by 0.04% to an annual rate of 0.45%. 

<sup>(h)</sup> Effective November 1, 2021, the Class's Supervisory and Administrative fees was decreased by 0.05% to an annual rate of 0.35%. 

---

| | | |
|:---|:---|:---|
| **16** | **PIMCO EQUITY SERIES** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **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** | **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** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | |
|<br>**Net Asset**<br> **Value End**<br> **of Year or**<br> **Period<sup>(a)</sup>** |<br>**Total**<br> **Return<sup>(d)</sup>** |<br>**Net Assets**<br> **End of Year**<br> **or Period**<br> **(000s)** | **Expenses** | **Expenses** | **Expenses<br>Excluding<br>Waivers** | **Expenses<br>Excluding<br>Waivers** | **Expenses<br>Excluding<br>Interest<br>Expense** | **Expenses<br>Excluding<br>Interest<br>Expense** | **Expenses<br>Excluding<br>Interest<br>Expense and<br>Waivers** | **Expenses<br>Excluding<br>Interest<br>Expense and<br>Waivers** | **Net<br>Investment<br>Income (Loss)** | **Net<br>Investment<br>Income (Loss)** |<br>**Portfolio**<br> **Turnover**<br> **Rate** |
| $&nbsp;&nbsp;&nbsp;&nbsp;11.25 | 3.97% | $14225 | 0.72 | %\* | 0.73 | %\* | 0.69 | %\* | 0.70 | %\* | 3.76 | %\* | 155% |
| 11.35 | (7.76) | 12660 | 0.71 | <sup>(e)(f)</sup> | 0.72 | <sup>(e)(f)</sup> | 0.71 | <sup>(e)(f)</sup> | 0.72 | <sup>(e)(f)</sup> | 3.80 |  | 254 |
| 12.72 | 36.27 | 32512 | 0.79 | <sup>(g)</sup> | 0.80 | <sup>(g)</sup> | 0.77 | <sup>(g)</sup> | 0.78 | <sup>(g)</sup> | 3.79 |  | 218 |
| 9.71 | (11.38) | 16438 | 0.83 |  | 0.84 |  | 0.80 |  | 0.81 |  | 3.05 |  | 158 |
| 11.27 | 2.06 | 20685 | 0.95 |  | 0.96 |  | 0.80 |  | 0.81 |  | 3.48 |  | 108 |
| 11.54 | 6.89 | 23027 | 0.85 |  | 0.86 |  | 0.80 |  | 0.81 |  | 3.04 |  | 80 |
| 11.27 | 3.90 | 15781 | 0.82 | \* | 0.83 | \* | 0.79 | \* | 0.80 | \* | 3.63 | \* | 155 |
| 11.37 | (7.78) | 17950 | 0.81 | <sup>(e)(h)</sup> | 0.82 | <sup>(e)(h)</sup> | 0.81 | <sup>(e)(h)</sup> | 0.82 | <sup>(e)(h)</sup> | 3.83 |  | 254 |
| 12.74 | 36.19 | 19919 | 0.89 | <sup>(g)</sup> | 0.90 | <sup>(g)</sup> | 0.87 | <sup>(g)</sup> | 0.88 | <sup>(g)</sup> | 3.64 |  | 218 |
| 9.72 | (11.52) | 19236 | 0.93 |  | 0.94 |  | 0.90 |  | 0.91 |  | 2.95 |  | 158 |
| 11.29 | 1.91 | 25573 | 1.05 |  | 1.06 |  | 0.90 |  | 0.91 |  | 3.40 |  | 108 |
| 11.56 | 6.80 | 27286 | 0.95 |  | 0.96 |  | 0.90 |  | 0.91 |  | 2.94 |  | 80 |
| 11.23 | 3.80 | 120664 | 1.07 | \* | 1.08 | \* | 1.04 | \* | 1.05 | \* | 3.40 | \* | 155 |
| 11.33 | (8.08) | 120215 | 1.06 | <sup>(e)(h)</sup> | 1.07 | <sup>(e)(h)</sup> | 1.06 | <sup>(e)(h)</sup> | 1.07 | <sup>(e)(h)</sup> | 3.47 |  | 254 |
| 12.71 | 35.89 | 136346 | 1.14 | <sup>(g)</sup> | 1.15 | <sup>(g)</sup> | 1.12 | <sup>(g)</sup> | 1.13 | <sup>(g)</sup> | 3.41 |  | 218 |
| 9.70 | (11.72) | 96148 | 1.18 |  | 1.19 |  | 1.15 |  | 1.16 |  | 2.70 |  | 158 |
| 11.27 | 1.61 | 122533 | 1.30 |  | 1.31 |  | 1.15 |  | 1.16 |  | 3.13 |  | 108 |
| 11.53 | 6.60 | 138561 | 1.20 |  | 1.21 |  | 1.15 |  | 1.16 |  | 2.70 |  | 80 |
| 11.22 | 3.44 | 15359 | 1.82 | \* | 1.83 | \* | 1.79 | \* | 1.80 | \* | 2.66 | \* | 155 |
| 11.32 | (8.76) | 15021 | 1.81 | <sup>(e)(h)</sup> | 1.82 | <sup>(e)(h)</sup> | 1.81 | <sup>(e)(h)</sup> | 1.82 | <sup>(e)(h)</sup> | 2.73 |  | 254 |
| 12.72 | 34.82 | 18882 | 1.89 | <sup>(g)</sup> | 1.90 | <sup>(g)</sup> | 1.87 | <sup>(g)</sup> | 1.88 | <sup>(g)</sup> | 2.52 |  | 218 |
| 9.70 | (12.36) | 46644 | 1.93 |  | 1.94 |  | 1.90 |  | 1.91 |  | 1.92 |  | 158 |
| 11.29 | 0.87 | 83059 | 2.05 |  | 2.06 |  | 1.90 |  | 1.91 |  | 2.34 |  | 108 |
| 11.48 | 5.72 | &nbsp;&nbsp;&nbsp;&nbsp;115183 | 1.95 |  | 1.96 |  | 1.90 |  | 1.91 |  | 1.91 |  | 80 |

---

---

| | | |
|:---|:---|:---|
| **SEMIANNUAL REPORT** | DECEMBER 31, 2022 | **17** |

---

------

##### [**Table of Contents**](#toc)
**Statement of Assets and Liabilities PIMCO Dividend and Income Fund** 

---

| | |
|:---|:---|
| (Amounts in thousands<sup>†</sup>, except per share amounts) |  |
|  **Assets:** |  |
|  *Investments, at value* |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in securities\* | $173352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 14965 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 234 |
|  Cash | 96 |
|  Deposits with counterparty | 2273 |
|  Foreign currency, at value | 653 |
|  Receivable for investments sold | 1086 |
|  Receivable for investments sold on a delayed-delivery basis | 17 |
|  Receivable for TBA investments sold | 44702 |
|  Receivable for Fund shares sold | 731 |
|  Interest and/or dividends receivable | 1040 |
|  Dividends receivable from Affiliates | 52 |
|  Reimbursement receivable from PIMCO | 3 |
|  **Total Assets** | 239325 |
|  **Liabilities:** |  |
|  *Borrowings & Other Financing Transactions* |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for short sales | $1023 |
|  *Financial Derivative Instruments* |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 578 |
|  Payable for investments purchased | 4 |
|  Payable for investments in Affiliates purchased | 52 |
|  Payable for TBA investments purchased | 70975 |
|  Payable for unfunded loan commitments | 15 |
|  Deposits from counterparty | 211 |
|  Payable for Fund shares redeemed | 191 |
|  Accrued investment advisory fees | 66 |
|  Accrued supervisory and administrative fees | 51 |
|  Accrued distribution fees | 10 |
|  Accrued servicing fees | 31 |
|  **Total Liabilities** | 73296 |
|  **Net Assets** | $166029 |
|  **Net Assets Consist of:** |  |
|  Paid in capital | $260629 |
|  Distributable earnings (accumulated loss) | (94600) |
|  **Net Assets** | $&nbsp;&nbsp;&nbsp;&nbsp;166029 |
|  Cost of investments in securities | $177784 |
|  Cost of investments in Affiliates | $14956 |
|  Cost of foreign currency held | $660 |
|  Proceeds received on short sales | $1028 |
|  Cost or premiums of financial derivative instruments, net | $(1413) |
|  \* Includes repurchase agreements of: | $1525 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

---

| | | |
|:---|:---|:---|
| **18** | **PIMCO EQUITY SERIES** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022 (Unaudited)

---

| | |
|:---|:---|
|  **Net Assets:** |  |
|  Institutional Class | $14225 |
|  I-2 | 15781 |
|  Class A | &nbsp;&nbsp;&nbsp;&nbsp;120664 |
|  Class C | 15359 |
|  **Shares Issued and Outstanding:** |  |
|  Institutional Class | 1264 |
|  I-2 | 1400 |
|  Class A | 10744 |
|  Class C | 1369 |
|  **Net Asset Value Per Share Outstanding<sup>(a):</sup>** |  |
|  Institutional Class | $11.25 |
|  I-2 | 11.27 |
|  Class A | 11.23 |
|  Class C | 11.22 |

---

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

---

| | | |
|:---|:---|:---|
| **SEMIANNUAL REPORT** | DECEMBER 31, 2022 | **19** |

---

------

##### [**Table of Contents**](#toc)
**Statement of Operations PIMCO Dividend and Income Fund** 

---

| | |
|:---|:---|
| Six Months Ended December 31, 2022 (Unaudited) |  |
| (Amounts in thousands<sup>†</sup>) |  |
|  **Investment Income:** |  |
|  Interest | $1480 |
|  Dividends, net of foreign taxes\* | 2034 |
|  Dividends from Investments in Affiliates | 193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Income | 3707 |
|  **Expenses:** |  |
|  Investment advisory fees | 364 |
|  Supervisory and administrative fees | 283 |
|  Distribution and/or servicing fees - Class A | 151 |
|  Distribution and/or servicing fees - Class C | 75 |
|  Trustee fees | 6 |
|  Interest expense | 24 |
|  Miscellaneous expense | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Waiver and/or Reimbursement by PIMCO | (6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 903 |
|  **Net Investment Income (Loss)** | 2804 |
|  **Net Realized Gain (Loss):** |  |
|  Investments in securities | (5294) |
|  Investments in Affiliates | (2) |
|  Exchange-traded or centrally cleared financial derivative instruments | 369 |
|  Over the counter financial derivative instruments | 439 |
|  Foreign currency | 58 |
|  **Net Realized Gain (Loss)** | (4430) |
|  **Net Change in Unrealized Appreciation (Depreciation):** |  |
|  Investments in securities | 6671 |
|  Investments in Affiliates | 16 |
|  Exchange-traded or centrally cleared financial derivative instruments | 1104 |
|  Over the counter financial derivative instruments | (50) |
|  Foreign currency assets and liabilities | (43) |
|  **Net Change in Unrealized Appreciation (Depreciation)** | 7698 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $&nbsp;&nbsp;&nbsp;&nbsp;6072 |
|  \* Foreign tax withholdings - Dividends | $71 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

---

| | | |
|:---|:---|:---|
| **20** | **PIMCO EQUITY SERIES** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
**Statements of Changes in Net Assets PIMCO Dividend and Income Fund** 

---

| | | |
|:---|:---|:---|
| (Amounts in thousands<sup>†</sup>) | **Six Months Ended<br>December 31, 2022<br>(Unaudited)** | **Year Ended<br>June 30, 2022** |
|  **Increase (Decrease) in Net Assets from:** |  |  |
|  **Operations:** |  |  |
|  Net investment income (loss) | $2804 | $6725 |
|  Net realized gain (loss) | (4430) | 19233 |
|  Net change in unrealized appreciation (depreciation) | 7698 | (41207) |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | 6072 | (15249) |
|  **Distributions to Shareholders:** |  |  |
|  From net investment income and/or net realized capital gains |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (649) | (894) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I-2 | (741) | (566) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (5478) | (4051) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | (641) | (414) |
|  **Total Distributions<sup>(a)</sup>** | (7509) | (5925) |
|  **Fund Share Transactions:** |  |  |
|  Net increase (decrease) resulting from Fund share transactions\* | 1620 | (20639) |
|  **Total Increase (Decrease) in Net Assets** | 183 | (41813) |
|  **Net Assets:** |  |  |
|  Beginning of period | 165846 | 207659 |
|  End of period | $&nbsp;&nbsp;&nbsp;&nbsp;166029 | $&nbsp;&nbsp;&nbsp;&nbsp;165846 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

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

---

| | | |
|:---|:---|:---|
| **SEMIANNUAL REPORT** | DECEMBER 31, 2022 | **21** |

---

------

##### [**Table of Contents**](#toc)
**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 104.4%** | **INVESTMENTS IN SECURITIES 104.4%** | **INVESTMENTS IN SECURITIES 104.4%** |
| **ASSET-BACKED SECURITIES 7.5%** | **ASSET-BACKED SECURITIES 7.5%** | **ASSET-BACKED SECURITIES 7.5%** |
| **CAYMAN ISLANDS 0.2%** | **CAYMAN ISLANDS 0.2%** | **CAYMAN ISLANDS 0.2%** |
|  **TruPS Financials Note Securitization Ltd.** | **TruPS Financials Note Securitization Ltd.** | **TruPS Financials Note Securitization Ltd.** |
|  6.316% due 09/20/2039 •  | 273 | 259 |
|  **Total Cayman Islands** |  | **259** |
| **UNITED STATES 7.3%** | **UNITED STATES 7.3%** | **UNITED STATES 7.3%** |
|  **Bear Stearns Asset-Backed Securities Trust** | **Bear Stearns Asset-Backed Securities Trust** | **Bear Stearns Asset-Backed Securities Trust** |
|  5.119% due 12/25/2034 •  | 923 | 888 |
|  **Citigroup Mortgage Loan Trust** | **Citigroup Mortgage Loan Trust** | **Citigroup Mortgage Loan Trust** |
|  5.019% due 02/25/2035 •  | 1020 | 942 |
|  **Conseco Finance Corp.** | **Conseco Finance Corp.** | **Conseco Finance Corp.** |
|  6.280% due 09/01/2030 | 25 | 26 |
|  **Credit Suisse First Boston Mortgage Securities Corp.** | **Credit Suisse First Boston Mortgage Securities Corp.** | **Credit Suisse First Boston Mortgage Securities Corp.** |
|  4.598% due 01/25/2032 •  | 484 | 460 |
|  **EMC Mortgage Loan Trust** | **EMC Mortgage Loan Trust** | **EMC Mortgage Loan Trust** |
|  5.689% due 02/25/2041 •  | 21 | 20 |
|  **Home Equity Asset Trust** | **Home Equity Asset Trust** | **Home Equity Asset Trust** |
|  4.859% due 01/25/2036 •  | 131 | 123 |
|  **LCCM Trust** | **LCCM Trust** | **LCCM Trust** |
|  5.768% due 11/15/2038 ~ | 1000 | 961 |
|  **Morgan Stanley Home Equity Loan Trust** | **Morgan Stanley Home Equity Loan Trust** | **Morgan Stanley Home Equity Loan Trust** |
|  4.489% due 12/25/2036 •  | 1397 | 709 |
|  **Navient Student Loan Trust** | **Navient Student Loan Trust** | **Navient Student Loan Trust** |
|  5.439% due 12/27/2066 •  | 412 | 405 |
|  **Option One Mortgage Loan Trust** | **Option One Mortgage Loan Trust** | **Option One Mortgage Loan Trust** |
|  4.609% due 04/25/2037 ~ | 1968 | 1438 |
|  **Residential Asset Mortgage Products Trust** | **Residential Asset Mortgage Products Trust** | **Residential Asset Mortgage Products Trust** |
|  4.091% due 05/25/2035 •  | 1000 | 935 |
|  **Residential Asset Securities Corp. Trust** | **Residential Asset Securities Corp. Trust** | **Residential Asset Securities Corp. Trust** |
|  4.471% due 01/25/2034 ~ | 329 | 325 |
|  **SLM Private Credit Student Loan Trust** | **SLM Private Credit Student Loan Trust** | **SLM Private Credit Student Loan Trust** |
|  5.099% due 06/15/2039 ~ | 936 | 889 |
|  **SMB Private Education Loan Trust** | **SMB Private Education Loan Trust** | **SMB Private Education Loan Trust** |
|  4.668% due 02/16/2055 •  | 816 | 792 |
|  **Soundview Home Loan Trust** | **Soundview Home Loan Trust** | **Soundview Home Loan Trust** |
|  4.794% due 12/25/2036 ~ | 1000 | 966 |
|  5.389% due 09/25/2037 •  | 1911 | 1337 |
|  **Structured Asset Investment Loan Trust** | **Structured Asset Investment Loan Trust** | **Structured Asset Investment Loan Trust** |
|  4.539% due 09/25/2036 •  | 535 | 513 |
|  **Upstart Securitization Trust** | **Upstart Securitization Trust** | **Upstart Securitization Trust** |
|  1.310% due 11/20/2031 | 455 | 436 |
|  **Total United States** |  | **12165** |
|  **Total Asset-Backed Securities<br>(Cost $13,382)** | **Total Asset-Backed Securities<br>(Cost $13,382)** | **12424** |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **LOAN PARTICIPATIONS AND ASSIGNMENTS 1.6%** | **LOAN PARTICIPATIONS AND ASSIGNMENTS 1.6%** | **LOAN PARTICIPATIONS AND ASSIGNMENTS 1.6%** |
| **LUXEMBOURG 0.1%** | **LUXEMBOURG 0.1%** | **LUXEMBOURG 0.1%** |
|  **Intelsat Jackson Holdings SA** | **Intelsat Jackson Holdings SA** | **Intelsat Jackson Holdings SA** |
|  7.445% due 02/01/2029 | 54 | 53 |
|  **Total Luxembourg** |  | **53** |
| **PANAMA 0.2%** | **PANAMA 0.2%** | **PANAMA 0.2%** |
|  **Carnival Corp.** | **Carnival Corp.** | **Carnival Corp.** |
|  7.384% (LIBOR01M + 3.000%) due 06/30/2025 ~ | 395 | 380 |
|  **Total Panama** |  | **380** |
| **UNITED KINGDOM 0.2%** | **UNITED KINGDOM 0.2%** | **UNITED KINGDOM 0.2%** |
|  **Softbank Vision Fund** | **Softbank Vision Fund** | **Softbank Vision Fund** |
|  5.000% due 12/21/2025 « | 375 | 360 |
|  **Total United Kingdom** |  | **360** |
| **UNITED STATES 1.1%** | **UNITED STATES 1.1%** | **UNITED STATES 1.1%** |
|  **AmSurg LLC** | **AmSurg LLC** | **AmSurg LLC** |
|  TBD% due 04/29/2027 µ | 15 | 15 |
|  **Avolon TLB Borrower 1 (U.S.) LLC** | **Avolon TLB Borrower 1 (U.S.) LLC** | **Avolon TLB Borrower 1 (U.S.) LLC** |
|  5.853% (LIBOR01M + 1.500%) due 02/12/2027 ~ | 7 | 7 |
|  **Emerald TopCo, Inc.** | **Emerald TopCo, Inc.** | **Emerald TopCo, Inc.** |
|  7.884% (LIBOR01M + 3.500%) due 07/24/2026 ~ | 3 | 3 |
|  **Envision Healthcare Corp.** | **Envision Healthcare Corp.** | **Envision Healthcare Corp.** |
|  12.119% due 04/29/2027 | 85 | 83 |
|  15.744% due 04/28/2028 | 146 | 120 |
|  **Hilton Worldwide Finance LLC** | **Hilton Worldwide Finance LLC** | **Hilton Worldwide Finance LLC** |
|  6.173% (LIBOR01M + 1.750%) due 06/22/2026 ~ | 230 | 229 |
|  **Lealand Finance Co. BV** | **Lealand Finance Co. BV** | **Lealand Finance Co. BV** |
|  7.384% (LIBOR01M + 3.000%) due 06/28/2024 ~ | 1 | 1 |
|  **Lealand Finance Co. BV (5.384% Cash and 3.000% PIK)** | **Lealand Finance Co. BV (5.384% Cash and 3.000% PIK)** | **Lealand Finance Co. BV (5.384% Cash and 3.000% PIK)** |
|  8.384% (LIBOR01M + 1.000%) due 06/30/2025 ~(b) | 3 | 1 |
|  **PUG LLC** | **PUG LLC** | **PUG LLC** |
|  7.884% (LIBOR01M + 3.500%) due 02/12/2027 ~ | 4 | 3 |
|  **Sotera Health Holdings LLC** | **Sotera Health Holdings LLC** | **Sotera Health Holdings LLC** |
|  7.165% (LIBOR03M + 2.750%) due 12/11/2026 ~ | 525 | 487 |
|  **Syniverse Holdings, Inc.** | **Syniverse Holdings, Inc.** | **Syniverse Holdings, Inc.** |
|  11.580% due 05/13/2027 | 8 | 7 |

---

---

| | | |
|:---|:---|:---|
| **22** | **PIMCO EQUITY SERIES** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
(Unaudited)

December 31, 2022

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Uber Technologies, Inc.** | **Uber Technologies, Inc.** | **Uber Technologies, Inc.** |
|  8.235% (LIBOR03M + 3.500%) due 02/25/2027 ~ | 887 | 886 |
|  **Westmoreland Mining Holdings LLC (15.000% PIK)** | **Westmoreland Mining Holdings LLC (15.000% PIK)** | **Westmoreland Mining Holdings LLC (15.000% PIK)** |
|  15.000% due 03/15/2029 (b) | 5 | 4 |
|  **Total United States** |  | **1846** |
|  **Total Loan Participations and Assignments (Cost $2,794)** | **Total Loan Participations and Assignments (Cost $2,794)** | **2639** |
|  | **SHARES** |  |
| **COMMON STOCKS 46.0%** | **COMMON STOCKS 46.0%** | **COMMON STOCKS 46.0%** |
| **AUSTRALIA 2.4%** | **AUSTRALIA 2.4%** | **AUSTRALIA 2.4%** |
| **INDUSTRIALS 0.2%** | **INDUSTRIALS 0.2%** | **INDUSTRIALS 0.2%** |
|  **Aurizon Holdings Ltd.** | 47768 | 121 |
|  **Brambles Ltd.** | 24606 | 202 |
|  |  | 323 |
| **MATERIALS 2.2%** | **MATERIALS 2.2%** | **MATERIALS 2.2%** |
|  **BHP Group Ltd.** | 71090 | 2202 |
|  **Fortescue Metals Group Ltd.** | 45159 | 631 |
|  **Rio Tinto Ltd.** | 9899 | 781 |
|  |  | 3614 |
|  **Total Australia** |  | **3937** |
| **BELGIUM 0.2%** | **BELGIUM 0.2%** | **BELGIUM 0.2%** |
| **FINANCIALS 0.1%** | **FINANCIALS 0.1%** | **FINANCIALS 0.1%** |
|  **Ageas SA** | 5217 | 232 |
| **UTILITIES 0.1%** | **UTILITIES 0.1%** | **UTILITIES 0.1%** |
|  **Elia Group SA** | 754 | 107 |
|  **Total Belgium** |  | **339** |
| **BRAZIL 0.8%** | **BRAZIL 0.8%** | **BRAZIL 0.8%** |
| **COMMUNICATION SERVICES 0.1%** | **COMMUNICATION SERVICES 0.1%** | **COMMUNICATION SERVICES 0.1%** |
|  **Telefonica Brasil SA** | 13200 | 96 |
| **CONSUMER STAPLES 0.2%** | **CONSUMER STAPLES 0.2%** | **CONSUMER STAPLES 0.2%** |
|  **Ambev SA** | 125200 | 342 |
| **ENERGY 0.2%** | **ENERGY 0.2%** | **ENERGY 0.2%** |
|  **Petroleo Brasileiro SA** | 61100 | 324 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>SHARES** | **MARKET<br>VALUE<br>(000S)** |
| **FINANCIALS 0.1%** | **FINANCIALS 0.1%** | **FINANCIALS 0.1%** |
|  **Banco do Brasil SA** | 22000 | 142 |
| **MATERIALS 0.2%** | **MATERIALS 0.2%** | **MATERIALS 0.2%** |
|  **Vale SA** | 28200 | 478 |
|  **Total Brazil** |  | **1382** |
| **CANADA 0.3%** | **CANADA 0.3%** | **CANADA 0.3%** |
| **CONSUMER STAPLES 0.1%** | **CONSUMER STAPLES 0.1%** | **CONSUMER STAPLES 0.1%** |
|  **George Weston Ltd.** | 930 | 116 |
| **FINANCIALS 0.2%** | **FINANCIALS 0.2%** | **FINANCIALS 0.2%** |
|  **Manulife Financial Corp.** | 17897 | 319 |
|  **Total Canada** |  | **435** |
| **CHINA 1.7%** | **CHINA 1.7%** | **CHINA 1.7%** |
| **COMMUNICATION SERVICES 0.1%** | **COMMUNICATION SERVICES 0.1%** | **COMMUNICATION SERVICES 0.1%** |
|  **China Tower Corp. Ltd. 'H'** | 1118000 | 120 |
| **ENERGY 0.2%** | **ENERGY 0.2%** | **ENERGY 0.2%** |
|  **China Shenhua Energy Co. Ltd. 'H'** | 89000 | 256 |
|  **Yankuang Energy Group Co. Ltd. 'H'** | 40000 | 122 |
|  |  | 378 |
| **FINANCIALS 1.3%** | **FINANCIALS 1.3%** | **FINANCIALS 1.3%** |
|  **China Construction Bank Corp. 'H'** | 1580000 | 988 |
|  **Industrial & Commercial Bank of China Ltd. 'H'** | 1486000 | 762 |
|  **PICC Property & Casualty Co. Ltd. 'H'** | 176000 | 167 |
|  **Postal Savings Bank of China Co. Ltd. 'H'** | 209000 | 129 |
|  |  | 2046 |
| **INDUSTRIALS 0.1%** | **INDUSTRIALS 0.1%** | **INDUSTRIALS 0.1%** |
|  **CITIC Ltd.** | 126000 | 133 |
|  **COSCO SHIPPING Holdings Co. Ltd. 'H'** | 81000 | 82 |
|  |  | 215 |
|  **Total China** |  | **2759** |

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL REPORT** | DECEMBER 31, 2022 | **23** |

---

------

##### [**Table of Contents**](#toc)
**Schedule of Investments PIMCO Dividend and Income Fund (Cont.)** 

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>SHARES** | **MARKET<br>VALUE<br>(000S)** |
| **CZECH REPUBLIC 0.1%** | **CZECH REPUBLIC 0.1%** | **CZECH REPUBLIC 0.1%** |
| **UTILITIES 0.1%** | **UTILITIES 0.1%** | **UTILITIES 0.1%** |
|  **CEZ AS** | 4426 | 151 |
|  **Total Czech Republic** |  | **151** |
| **DENMARK 0.3%** | **DENMARK 0.3%** | **DENMARK 0.3%** |
| **INDUSTRIALS 0.3%** | **INDUSTRIALS 0.3%** | **INDUSTRIALS 0.3%** |
|  **AP Moller - Maersk AS 'A'** | 82 | 181 |
|  **AP Moller - Maersk AS 'B'** | 131 | 293 |
|  |  | 474 |
|  **Total Denmark** |  | **474** |
| **FINLAND 0.1%** | **FINLAND 0.1%** | **FINLAND 0.1%** |
| **HEALTH CARE 0.1%** | **HEALTH CARE 0.1%** | **HEALTH CARE 0.1%** |
|  **Orion Oyj 'B'** | 2844 | 156 |
|  **Total Finland** |  | **156** |
| **FRANCE 1.6%** | **FRANCE 1.6%** | **FRANCE 1.6%** |
| **CONSUMER STAPLES 0.1%** | **CONSUMER STAPLES 0.1%** | **CONSUMER STAPLES 0.1%** |
|  **Danone SA** | 2242 | 118 |
| **ENERGY 0.3%** | **ENERGY 0.3%** | **ENERGY 0.3%** |
|  **TotalEnergies SE** | 7049 | 443 |
| **FINANCIALS 0.4%** | **FINANCIALS 0.4%** | **FINANCIALS 0.4%** |
|  **Amundi SA** | 2063 | 117 |
|  **AXA SA** | 19148 | 533 |
|  |  | 650 |
| **HEALTH CARE 0.4%** | **HEALTH CARE 0.4%** | **HEALTH CARE 0.4%** |
|  **Sanofi** | 7735 | 746 |
| **INDUSTRIALS 0.4%** | **INDUSTRIALS 0.4%** | **INDUSTRIALS 0.4%** |
|  **Bouygues SA** | 5447 | 163 |
|  **Eiffage SA** | 2204 | 217 |
|  **Thales SA** | 2833 | 362 |
|  |  | 742 |
|  **Total France** |  | **2699** |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>SHARES** | **MARKET<br>VALUE<br>(000S)** |
| **GREECE 0.1%** | **GREECE 0.1%** | **GREECE 0.1%** |
| **CONSUMER DISCRETIONARY 0.1%** | **CONSUMER DISCRETIONARY 0.1%** | **CONSUMER DISCRETIONARY 0.1%** |
|  **OPAP SA** | 8207 | 116 |
|  **Total Greece** |  | **116** |
| **HONG KONG 0.2%** | **HONG KONG 0.2%** | **HONG KONG 0.2%** |
| **INDUSTRIALS 0.0%** | **INDUSTRIALS 0.0%** | **INDUSTRIALS 0.0%** |
|  **SITC International Holdings Co. Ltd.** | 35000 | 78 |
| **REAL ESTATE 0.2%** | **REAL ESTATE 0.2%** | **REAL ESTATE 0.2%** |
|  **CK Asset Holdings Ltd.** | 53000 | 325 |
|  **Total Hong Kong** |  | **403** |
| **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** | 1158000 | 279 |
| **CONSUMER DISCRETIONARY 0.1%** | **CONSUMER DISCRETIONARY 0.1%** | **CONSUMER DISCRETIONARY 0.1%** |
|  **Astra International Tbk PT** | 534400 | 195 |
| **ENERGY 0.1%** | **ENERGY 0.1%** | **ENERGY 0.1%** |
|  **Adaro Energy Indonesia Tbk PT** | 419500 | 104 |
| **FINANCIALS 0.1%** | **FINANCIALS 0.1%** | **FINANCIALS 0.1%** |
|  **Bank Mandiri Persero Tbk PT** | 206700 | 132 |
|  **Total Indonesia** |  | **710** |
| **ISRAEL 0.0%** | **ISRAEL 0.0%** | **ISRAEL 0.0%** |
| **INDUSTRIALS 0.0%** | **INDUSTRIALS 0.0%** | **INDUSTRIALS 0.0%** |
|  **ZIM Integrated Shipping Services Ltd.** | 2133 | 37 |
|  **Total Israel** |  | **37** |
| **ITALY 0.1%** | **ITALY 0.1%** | **ITALY 0.1%** |
| **UTILITIES 0.1%** | **UTILITIES 0.1%** | **UTILITIES 0.1%** |
|  **Snam SpA** | 52586 | 255 |
|  **Total Italy** |  | **255** |

---

---

| | | |
|:---|:---|:---|
| **24** | **PIMCO EQUITY SERIES** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
(Unaudited)

December 31, 2022

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>SHARES** | **MARKET<br>VALUE<br>(000S)** |
| **JAPAN 2.6%** | **JAPAN 2.6%** | **JAPAN 2.6%** |
| **COMMUNICATION SERVICES 0.4%** | **COMMUNICATION SERVICES 0.4%** | **COMMUNICATION SERVICES 0.4%** |
|  **KDDI Corp.** | 16300 | 494 |
|  **Nippon Telegraph & Telephone Corp.** | 5700 | 163 |
|  |  | 657 |
| **CONSUMER STAPLES 0.5%** | **CONSUMER STAPLES 0.5%** | **CONSUMER STAPLES 0.5%** |
|  **Japan Tobacco, Inc.** | 31700 | 639 |
|  **MEIJI Holdings Co. Ltd.** | 2900 | 149 |
|  |  | 788 |
| **HEALTH CARE 0.5%** | **HEALTH CARE 0.5%** | **HEALTH CARE 0.5%** |
|  **Astellas Pharma, Inc.** | 29100 | 443 |
|  **Chugai Pharmaceutical Co. Ltd.** | 13100 | 334 |
|  |  | 777 |
| **INDUSTRIALS 0.9%** | **INDUSTRIALS 0.9%** | **INDUSTRIALS 0.9%** |
|  **ITOCHU Corp.** | 31400 | 985 |
|  **Mitsubishi Corp.** | 5900 | 191 |
|  **Nippon Yusen KK** | 12800 | 302 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1478 |
| **MATERIALS 0.1%** | **MATERIALS 0.1%** | **MATERIALS 0.1%** |
|  **Nitto Denko Corp.** | 3600 | 207 |
| **UTILITIES 0.2%** | **UTILITIES 0.2%** | **UTILITIES 0.2%** |
|  **Osaka Gas Co. Ltd.** | 9800 | 158 |
|  **Tokyo Gas Co. Ltd.** | 10400 | 203 |
|  |  | 361 |
|  **Total Japan** |  | **4268** |
| **LUXEMBOURG 0.0%** | **LUXEMBOURG 0.0%** | **LUXEMBOURG 0.0%** |
| **FINANCIALS 0.0%** | **FINANCIALS 0.0%** | **FINANCIALS 0.0%** |
|  **Intelsat SA «(d)(k)** | 2886 | 69 |
|  **Total Luxembourg** |  | **69** |
| **MEXICO 0.0%** | **MEXICO 0.0%** | **MEXICO 0.0%** |
| **CONSUMER DISCRETIONARY 0.0%** | **CONSUMER DISCRETIONARY 0.0%** | **CONSUMER DISCRETIONARY 0.0%** |
|  **Desarrolladora Homex SAB de CV (d)** | 41996 | 0 |
|  **Total Mexico** |  | **0** |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>SHARES** | **MARKET<br>VALUE<br>(000S)** |
| **NETHERLANDS 0.7%** | **NETHERLANDS 0.7%** | **NETHERLANDS 0.7%** |
| **CONSUMER STAPLES 0.4%** | **CONSUMER STAPLES 0.4%** | **CONSUMER STAPLES 0.4%** |
|  **Koninklijke Ahold Delhaize NV** | 23971 | 689 |
| **FINANCIALS 0.2%** | **FINANCIALS 0.2%** | **FINANCIALS 0.2%** |
|  **NN Group NV** | 7438 | 304 |
| **MATERIALS 0.1%** | **MATERIALS 0.1%** | **MATERIALS 0.1%** |
|  **OCI NV** | 2881 | 103 |
|  **Total Netherlands** |  | **1096** |
| **NORWAY 0.2%** | **NORWAY 0.2%** | **NORWAY 0.2%** |
| **COMMUNICATION SERVICES 0.1%** | **COMMUNICATION SERVICES 0.1%** | **COMMUNICATION SERVICES 0.1%** |
|  **Telenor ASA** | 18309 | 171 |
| **MATERIALS 0.1%** | **MATERIALS 0.1%** | **MATERIALS 0.1%** |
|  **Yara International ASA** | 2568 | 113 |
|  **Total Norway** |  | **284** |
| **POLAND 0.1%** | **POLAND 0.1%** | **POLAND 0.1%** |
| **ENERGY 0.1%** | **ENERGY 0.1%** | **ENERGY 0.1%** |
|  **Polski Koncern Naftowy ORLEN SA** | 17032 | 250 |
|  **Total Poland** |  | **250** |
| **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** | 7450 | 161 |
| **UTILITIES 0.2%** | **UTILITIES 0.2%** | **UTILITIES 0.2%** |
|  **EDP - Energias de Portugal SA** | 72885 | 363 |
|  **Total Portugal** |  | **524** |
| **SOUTH AFRICA 1.0%** | **SOUTH AFRICA 1.0%** | **SOUTH AFRICA 1.0%** |
| **COMMUNICATION SERVICES 0.3%** | **COMMUNICATION SERVICES 0.3%** | **COMMUNICATION SERVICES 0.3%** |
|  **MTN Group Ltd.** | 45276 | 338 |
|  **Vodacom Group Ltd.** | 17155 | 124 |
|  |  | 462 |
| **ENERGY 0.1%** | **ENERGY 0.1%** | **ENERGY 0.1%** |
|  **Exxaro Resources Ltd.** | 8717 | 112 |

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL REPORT** | DECEMBER 31, 2022 | **25** |

---

------

##### [**Table of Contents**](#toc)
**Schedule of Investments PIMCO Dividend and Income Fund (Cont.)** 

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **FINANCIALS 0.4%** | **FINANCIALS 0.4%** | **FINANCIALS 0.4%** | **FINANCIALS 0.4%** |
|  **Absa Group Ltd.** | 22256 | $— | 253 |
|  **FirstRand Ltd.** | 134787 |  | 489 |
|  |  |  | 742 |
| **MATERIALS 0.2%** | **MATERIALS 0.2%** | **MATERIALS 0.2%** | **MATERIALS 0.2%** |
|  **Anglo American Platinum Ltd.** | 1236 |  | 103 |
|  **Impala Platinum Holdings Ltd.** | 22712 |  | 286 |
|  |  |  | 389 |
|  **Total South Africa** |  |  | **1705** |
| **SOUTH KOREA 0.4%** | **SOUTH KOREA 0.4%** | **SOUTH KOREA 0.4%** | **SOUTH KOREA 0.4%** |
| **CONSUMER DISCRETIONARY 0.2%** | **CONSUMER DISCRETIONARY 0.2%** | **CONSUMER DISCRETIONARY 0.2%** | **CONSUMER DISCRETIONARY 0.2%** |
|  **Kia Corp.** | 6993 |  | 329 |
| **CONSUMER STAPLES 0.1%** | **CONSUMER STAPLES 0.1%** | **CONSUMER STAPLES 0.1%** | **CONSUMER STAPLES 0.1%** |
|  **KT&G Corp.** | 2889 |  | 209 |
| **FINANCIALS 0.1%** | **FINANCIALS 0.1%** | **FINANCIALS 0.1%** | **FINANCIALS 0.1%** |
|  **Samsung Fire & Marine Insurance Co. Ltd.** | 817 |  | 129 |
|  **Total South Korea** |  |  | **667** |
| **SPAIN 1.3%** | **SPAIN 1.3%** | **SPAIN 1.3%** | **SPAIN 1.3%** |
| **CONSUMER DISCRETIONARY 0.2%** | **CONSUMER DISCRETIONARY 0.2%** | **CONSUMER DISCRETIONARY 0.2%** | **CONSUMER DISCRETIONARY 0.2%** |
|  **Industria de Diseno Textil SA** | 13350 |  | 355 |
| **FINANCIALS 0.6%** | **FINANCIALS 0.6%** | **FINANCIALS 0.6%** | **FINANCIALS 0.6%** |
|  **Banco Bilbao Vizcaya Argentaria SA** | 161757 |  | 974 |
| **UTILITIES 0.5%** | **UTILITIES 0.5%** | **UTILITIES 0.5%** | **UTILITIES 0.5%** |
|  **Enagas SA** | 6496 |  | 108 |
|  **Endesa SA** | 8172 |  | 154 |
|  **Iberdrola SA** | 29975 |  | 350 |
|  **Red Electrica Corp. SA** | 10695 |  | 186 |
|  |  |  | 798 |
|  **Total Spain** |  |  | **2127** |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>SHARES** | **MARKET<br>VALUE<br>(000S)** |
| **SWEDEN 0.1%** | **SWEDEN 0.1%** | **SWEDEN 0.1%** |
| **COMMUNICATION SERVICES 0.1%** | **COMMUNICATION SERVICES 0.1%** | **COMMUNICATION SERVICES 0.1%** |
|  **Tele2 AB 'B'** | 15203 | 124 |
|  **Total Sweden** |  | **124** |
| **SWITZERLAND 3.6%** | **SWITZERLAND 3.6%** | **SWITZERLAND 3.6%** |
| **CONSUMER DISCRETIONARY 0.1%** | **CONSUMER DISCRETIONARY 0.1%** | **CONSUMER DISCRETIONARY 0.1%** |
|  **Garmin Ltd.** | 1871 | 172 |
| **CONSUMER STAPLES 0.2%** | **CONSUMER STAPLES 0.2%** | **CONSUMER STAPLES 0.2%** |
|  **Coca-Cola HBC AG** | 5381 | 127 |
|  **Nestle SA** | 2004 | 232 |
|  |  | 359 |
| **HEALTH CARE 3.0%** | **HEALTH CARE 3.0%** | **HEALTH CARE 3.0%** |
|  **Novartis AG** | 26291 | 2379 |
|  **Roche Holding AG** | 8153 | 2614 |
|  |  | 4993 |
| **INDUSTRIALS 0.2%** | **INDUSTRIALS 0.2%** | **INDUSTRIALS 0.2%** |
|  **Kuehne & Nagel International AG** | 1436 | 334 |
| **INFORMATION TECHNOLOGY 0.1%** | **INFORMATION TECHNOLOGY 0.1%** | **INFORMATION TECHNOLOGY 0.1%** |
|  **STMicroelectronics NV** | 3060 | 109 |
|  **Total Switzerland** |  | **5967** |
| **TAIWAN 0.9%** | **TAIWAN 0.9%** | **TAIWAN 0.9%** |
| **INFORMATION TECHNOLOGY 0.9%** | **INFORMATION TECHNOLOGY 0.9%** | **INFORMATION TECHNOLOGY 0.9%** |
|  **Largan Precision Co. Ltd.** | 2000 | 132 |
|  **Lite-On Technology Corp.** | 55000 | 114 |
|  **MediaTek, Inc.** | 29000 | 587 |
|  **Realtek Semiconductor Corp.** | 12000 | 109 |
|  **Unimicron Technology Corp.** | 33000 | 128 |
|  **United Microelectronics Corp.** | 316000 | 415 |
|  |  | 1485 |
|  **Total Taiwan** |  | **1485** |

---

---

| | | |
|:---|:---|:---|
| **26** | **PIMCO EQUITY SERIES** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
(Unaudited)

December 31, 2022

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>SHARES** | **MARKET<br>VALUE<br>(000S)** |
| **TURKEY 0.1%** | **TURKEY 0.1%** | **TURKEY 0.1%** |
| **CONSUMER STAPLES 0.1%** | **CONSUMER STAPLES 0.1%** | **CONSUMER STAPLES 0.1%** |
|  **BIM Birlesik Magazalar AS** | 17876 | 131 |
|  **Total Turkey** |  | **131** |
| **UNITED KINGDOM 3.1%** | **UNITED KINGDOM 3.1%** | **UNITED KINGDOM 3.1%** |
| **CONSUMER STAPLES 0.6%** | **CONSUMER STAPLES 0.6%** | **CONSUMER STAPLES 0.6%** |
|  **British American Tobacco PLC** | 11413 | 451 |
|  **Imperial Brands PLC** | 24109 | 601 |
|  |  | 1052 |
| **ENERGY 0.0%** | **ENERGY 0.0%** | **ENERGY 0.0%** |
|  **Noble Corp. PLC (d)** | 1297 | 49 |
| **FINANCIALS 0.2%** | **FINANCIALS 0.2%** | **FINANCIALS 0.2%** |
|  **3i Group PLC** | 25508 | 411 |
| **HEALTH CARE 0.5%** | **HEALTH CARE 0.5%** | **HEALTH CARE 0.5%** |
|  **GSK PLC** | 43015 | 743 |
| **INDUSTRIALS 0.5%** | **INDUSTRIALS 0.5%** | **INDUSTRIALS 0.5%** |
|  **BAE Systems PLC** | 77320 | 799 |
| **MATERIALS 1.3%** | **MATERIALS 1.3%** | **MATERIALS 1.3%** |
|  **Anglo American PLC** | 10033 | 393 |
|  **Rio Tinto PLC** | 24935 | 1755 |
|  |  | 2148 |
|  **Total United Kingdom** |  | **5202** |
| **UNITED STATES 23.3%** | **UNITED STATES 23.3%** | **UNITED STATES 23.3%** |
| **COMMUNICATION SERVICES 0.4%** | **COMMUNICATION SERVICES 0.4%** | **COMMUNICATION SERVICES 0.4%** |
|  **AT&T, Inc.** | 34514 | 636 |
|  **Clear Channel Outdoor Holdings, Inc. (d)** | 29821 | 31 |
|  **iHeartMedia, Inc. 'A' (d)** | 6979 | 43 |
|  **iHeartMedia, Inc. 'B' «(d)** | 5486 | 30 |
|  |  | 740 |
| **CONSUMER DISCRETIONARY 0.9%** | **CONSUMER DISCRETIONARY 0.9%** | **CONSUMER DISCRETIONARY 0.9%** |
|  **Darden Restaurants, Inc.** | 3264 | 451 |
|  **Genuine Parts Co.** | 763 | 132 |
|  **LKQ Corp.** | 6942 | 371 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  **McDonald's Corp.** | 1722 | 454 |
|  |  | 1408 |
| **CONSUMER STAPLES 4.5%** | **CONSUMER STAPLES 4.5%** | **CONSUMER STAPLES 4.5%** |
|  **Altria Group, Inc.** | 47896 | 2190 |
|  **Coca-Cola Co.** | 6086 | 387 |
|  **Kimberly-Clark Corp.** | 1069 | 145 |
|  **Kroger Co.** | 3606 | 161 |
|  **PepsiCo, Inc.** | 1027 | 186 |
|  **Philip Morris International, Inc.** | 24614 | 2491 |
|  **Procter & Gamble Co.** | 11199 | 1697 |
|  **Tyson Foods, Inc. 'A'** | 3024 | 188 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;7445 |
| **ENERGY 2.2%** | **ENERGY 2.2%** | **ENERGY 2.2%** |
|  **Chevron Corp.** | 1569 | 281 |
|  **Exxon Mobil Corp.** | 12374 | 1365 |
|  **Marathon Oil Corp.** | 6451 | 175 |
|  **Marathon Petroleum Corp.** | 13279 | 1545 |
|  **Valero Energy Corp.** | 2568 | 326 |
|  |  | 3692 |
| **FINANCIALS 4.1%** | **FINANCIALS 4.1%** | **FINANCIALS 4.1%** |
|  **Aflac, Inc.** | 15987 | 1150 |
|  **American International Group, Inc.** | 20250 | 1281 |
|  **Ameriprise Financial, Inc.** | 2637 | 821 |
|  **Fifth Third Bancorp** | 4470 | 147 |
|  **Hartford Financial Services Group, Inc.** | 8605 | 652 |
|  **KeyCorp** | 24607 | 429 |
|  **MetLife, Inc.** | 3992 | 289 |
|  **Principal Financial Group, Inc.** | 6637 | 557 |
|  **Regions Financial Corp.** | 24784 | 534 |
|  **Synchrony Financial** | 12829 | 422 |
|  **U.S. Bancorp** | 11610 | 506 |
|  |  | 6788 |
| **HEALTH CARE 5.6%** | **HEALTH CARE 5.6%** | **HEALTH CARE 5.6%** |
|  **AbbVie, Inc.** | 4333 | 700 |
|  **Amgen, Inc.** | 768 | 202 |
|  **CVS Health Corp.** | 3958 | 369 |
|  **Elevance Health, Inc.** | 230 | 118 |
|  **Johnson & Johnson** | 16605 | 2933 |

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL REPORT** | DECEMBER 31, 2022 | **27** |

---

------

##### [**Table of Contents**](#toc)
**Schedule of Investments PIMCO Dividend and Income Fund (Cont.)** 

---

| | | | |
|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  **Merck & Co., Inc.** |  | 21824 | 2421 |
|  **Pfizer, Inc.** |  | 49719 | 2548 |
|  |  |  | 9291 |
| **INDUSTRIALS 2.5%** | **INDUSTRIALS 2.5%** | **INDUSTRIALS 2.5%** | **INDUSTRIALS 2.5%** |
|  **General Dynamics Corp.** |  | 6172 | 1531 |
|  **Lockheed Martin Corp.** |  | 4290 | 2087 |
|  **Neiman Marcus Group Ltd. LLC «(d)(k)** |  | 1124 | 198 |
|  **Textron, Inc.** |  | 5633 | 399 |
|  **Westmoreland Mining Holdings «(d)(k)** |  | 53 | 0 |
|  |  |  | 4215 |
| **INFORMATION TECHNOLOGY 2.6%** | **INFORMATION TECHNOLOGY 2.6%** | **INFORMATION TECHNOLOGY 2.6%** | **INFORMATION TECHNOLOGY 2.6%** |
|  **Apple, Inc.** |  | 5487 | 713 |
|  **Broadcom, Inc.** |  | 2329 | 1302 |
|  **Cisco Systems, Inc.** |  | 42446 | 2022 |
|  **Microsoft Corp.** |  | 462 | 111 |
|  **NetApp, Inc.** |  | 1623 | 98 |
|  |  |  | 4246 |
| **MATERIALS 0.4%** | **MATERIALS 0.4%** | **MATERIALS 0.4%** | **MATERIALS 0.4%** |
|  **CF Industries Holdings, Inc.** |  | 1127 | 96 |
|  **Dow, Inc.** |  | 5206 | 262 |
|  **LyondellBasell Industries NV 'A'** |  | 3256 | 271 |
|  |  |  | 629 |
| **UTILITIES 0.1%** | **UTILITIES 0.1%** | **UTILITIES 0.1%** | **UTILITIES 0.1%** |
|  **NRG Energy, Inc.** |  | 6239 | 198 |
|  **Total United States** |  |  | **38652** |
|  **Total Common Stocks<br>(Cost $73,438)** | **Total Common Stocks<br>(Cost $73,438)** | **Total Common Stocks<br>(Cost $73,438)** | **76404** |
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |
| **CORPORATE BONDS & NOTES 6.4%** | **CORPORATE BONDS & NOTES 6.4%** | **CORPORATE BONDS & NOTES 6.4%** | **CORPORATE BONDS & NOTES 6.4%** |
| **AUSTRIA 0.4%** | **AUSTRIA 0.4%** | **AUSTRIA 0.4%** | **AUSTRIA 0.4%** |
| **BANKING & FINANCE 0.4%** | **BANKING & FINANCE 0.4%** | **BANKING & FINANCE 0.4%** | **BANKING & FINANCE 0.4%** |
|  **Erste Group Bank AG** | **Erste Group Bank AG** | **Erste Group Bank AG** | **Erste Group Bank AG** |
|  6.500% due 04/15/2024 •(i)(j) | EUR | 600 | 628 |
|  **Total Austria** |  |  | **628** |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **BERMUDA 0.2%** | **BERMUDA 0.2%** | **BERMUDA 0.2%** |
| **INDUSTRIALS 0.2%** | **INDUSTRIALS 0.2%** | **INDUSTRIALS 0.2%** |
|  **Valaris Ltd. (8.250% Cash or 12.000% PIK)** | **Valaris Ltd. (8.250% Cash or 12.000% PIK)** | **Valaris Ltd. (8.250% Cash or 12.000% PIK)** |
|  8.250% due 04/30/2028 (b) | 1 | 1 |
|  **Viking Ocean Cruises Ship Ltd.** | **Viking Ocean Cruises Ship Ltd.** | **Viking Ocean Cruises Ship Ltd.** |
|  5.625% due 02/15/2029 | 300 | 242 |
|  |  | 243 |
|  **Total Bermuda** |  | **243** |
| **BRAZIL 0.0%** | **BRAZIL 0.0%** | **BRAZIL 0.0%** |
| **INDUSTRIALS 0.0%** | **INDUSTRIALS 0.0%** | **INDUSTRIALS 0.0%** |
|  **Odebrecht Oil & Gas Finance Ltd.** | **Odebrecht Oil & Gas Finance Ltd.** | **Odebrecht Oil & Gas Finance Ltd.** |
|  0.000% due 01/30/2023 (f)(i) | 46 | 0 |
|  **Total Brazil** |  | **0** |
| **CAYMAN ISLANDS 0.2%** | **CAYMAN ISLANDS 0.2%** | **CAYMAN ISLANDS 0.2%** |
| **BANKING & FINANCE 0.0%** | **BANKING & FINANCE 0.0%** | **BANKING & FINANCE 0.0%** |
|  **Park Aerospace Holdings Ltd.** | **Park Aerospace Holdings Ltd.** | **Park Aerospace Holdings Ltd.** |
|  4.500% due 03/15/2023 | 21 | 21 |
|  5.500% due 02/15/2024 | 3 | 3 |
|  |  | 24 |
| **INDUSTRIALS 0.2%** | **INDUSTRIALS 0.2%** | **INDUSTRIALS 0.2%** |
|  **MGM China Holdings Ltd.** | **MGM China Holdings Ltd.** | **MGM China Holdings Ltd.** |
|  4.750% due 02/01/2027 | 253 | 224 |
|  **Noble Corp. PLC (11.000% Cash or 15.000% PIK)** | **Noble Corp. PLC (11.000% Cash or 15.000% PIK)** | **Noble Corp. PLC (11.000% Cash or 15.000% PIK)** |
|  11.000% due 02/15/2028 (b) | 5 | 6 |
|  |  | 230 |
| **UTILITIES 0.0%** | **UTILITIES 0.0%** | **UTILITIES 0.0%** |
|  **Odebrecht Drilling Norbe Ltd. (6.350% Cash and 1.000% PIK)** | **Odebrecht Drilling Norbe Ltd. (6.350% Cash and 1.000% PIK)** | **Odebrecht Drilling Norbe Ltd. (6.350% Cash and 1.000% PIK)** |
|  7.350% due 12/01/2026 ^(b) | 103 | 57 |
|  **Total Cayman Islands** |  | **311** |
| **HONG KONG 0.1%** | **HONG KONG 0.1%** | **HONG KONG 0.1%** |
| **BANKING & FINANCE 0.1%** | **BANKING & FINANCE 0.1%** | **BANKING & FINANCE 0.1%** |
|  **Huarong Finance Co. Ltd.** | **Huarong Finance Co. Ltd.** | **Huarong Finance Co. Ltd.** |
|  3.875% due 11/13/2029 | 265 | 210 |
|  **Total Hong Kong** |  | **210** |
| **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 | 196 |
|  **Total Ireland** |  | **196** |

---

---

| | | |
|:---|:---|:---|
| **28** | **PIMCO EQUITY SERIES** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
(Unaudited)

December 31, 2022

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **ITALY 0.2%** | **ITALY 0.2%** | **ITALY 0.2%** |
| **BANKING & FINANCE 0.2%** | **BANKING & FINANCE 0.2%** | **BANKING & FINANCE 0.2%** |
|  **UniCredit SpA** | **UniCredit SpA** | **UniCredit SpA** |
|  7.830% due 12/04/2023 | 370 | 374 |
|  **Total Italy** |  | **374** |
| **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 | 738 |
|  **Total Japan** |  | **738** |
| **LUXEMBOURG 0.1%** | **LUXEMBOURG 0.1%** | **LUXEMBOURG 0.1%** |
| **INDUSTRIALS 0.1%** | **INDUSTRIALS 0.1%** | **INDUSTRIALS 0.1%** |
|  **Intelsat Jackson Holdings SA** | **Intelsat Jackson Holdings SA** | **Intelsat Jackson Holdings SA** |
|  6.500% due 03/15/2030 | 208 | 186 |
|  **Total Luxembourg** |  | **186** |
| **PERU 0.0%** | **PERU 0.0%** | **PERU 0.0%** |
| **BANKING & FINANCE 0.0%** | **BANKING & FINANCE 0.0%** | **BANKING & FINANCE 0.0%** |
|  **Banco de Credito del Peru SA** | **Banco de Credito del Peru SA** | **Banco de Credito del Peru SA** |
|  4.650% due 09/17/2024 | 100 | 25 |
|  **Total Peru** |  | **25** |
| **SWITZERLAND 0.2%** | **SWITZERLAND 0.2%** | **SWITZERLAND 0.2%** |
| **BANKING & FINANCE 0.2%** | **BANKING & FINANCE 0.2%** | **BANKING & FINANCE 0.2%** |
|  **Credit Suisse Group AG** | **Credit Suisse Group AG** | **Credit Suisse Group AG** |
|  7.500% due 12/11/2023 •(i)(j) | 365 | 320 |
|  **Total Switzerland** |  | **320** |
| **UNITED KINGDOM 0.2%** | **UNITED KINGDOM 0.2%** | **UNITED KINGDOM 0.2%** |
| **INDUSTRIALS 0.2%** | **INDUSTRIALS 0.2%** | **INDUSTRIALS 0.2%** |
|  **Market Bidco Finco PLC** | **Market Bidco Finco PLC** | **Market Bidco Finco PLC** |
|  4.750% due 11/04/2027 | 100 | 86 |
|  **Marston's Issuer PLC** | **Marston's Issuer PLC** | **Marston's Issuer PLC** |
|  5.549% (SONIO/N + 2.669%) due 07/16/2035 ~ | 200 | 180 |
|  **Mitchells & Butlers Finance PLC** | **Mitchells & Butlers Finance PLC** | **Mitchells & Butlers Finance PLC** |
|  3.972% (SONIO/N + 0.569%) due 12/15/2030 ~ | 84 | 92 |
|  |  | 358 |
|  **Total United Kingdom** |  | **358** |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **UNITED STATES 4.0%** | **UNITED STATES 4.0%** | **UNITED STATES 4.0%** |
| **BANKING & FINANCE 0.2%** | **BANKING & FINANCE 0.2%** | **BANKING & FINANCE 0.2%** |
|  **EPR Properties** | **EPR Properties** | **EPR Properties** |
|  4.750% due 12/15/2026 | 2 | 2 |
|  4.950% due 04/15/2028 | 2 | 2 |
|  **GLP Capital LP** | **GLP Capital LP** | **GLP Capital LP** |
|  5.250% due 06/01/2025 | 3 | 3 |
|  5.300% due 01/15/2029 | 19 | 18 |
|  **Omega Healthcare Investors, Inc.** | **Omega Healthcare Investors, Inc.** | **Omega Healthcare Investors, Inc.** |
|  3.625% due 10/01/2029 | 8 | 7 |
|  **VICI Properties LP** | **VICI Properties LP** | **VICI Properties LP** |
|  4.625% due 06/15/2025 | 237 | 227 |
|  |  | 259 |
| **INDUSTRIALS 2.5%** | **INDUSTRIALS 2.5%** | **INDUSTRIALS 2.5%** |
|  **American Airlines Pass-Through Trust** | **American Airlines Pass-Through Trust** | **American Airlines Pass-Through Trust** |
|  3.350% due 04/15/2031 | 8 | 7 |
|  2.875% due 01/11/2036 | 482 | 389 |
|  **Boeing Co.** | **Boeing Co.** | **Boeing Co.** |
|  6.125% due 02/15/2033 | 400 | 408 |
|  **Carvana Co.** | **Carvana Co.** | **Carvana Co.** |
|  5.500% due 04/15/2027 | 230 | 91 |
|  10.250% due 05/01/2030 | 200 | 94 |
|  **Community Health Systems, Inc.** | **Community Health Systems, Inc.** | **Community Health Systems, Inc.** |
|  8.000% due 03/15/2026 | 184 | 168 |
|  **CVS Pass-Through Trust** | **CVS Pass-Through Trust** | **CVS Pass-Through Trust** |
|  8.353% due 07/10/2031 | 383 | 419 |
|  **DISH DBS Corp.** | **DISH DBS Corp.** | **DISH DBS Corp.** |
|  5.250% due 12/01/2026 | 490 | 414 |
|  **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** |
|  11.500% due 07/15/2026 | 12 | 2 |
|  **Hyatt Hotels Corp.** | **Hyatt Hotels Corp.** | **Hyatt Hotels Corp.** |
|  4.850% due 03/15/2026 | 900 | 886 |
|  **Prime Healthcare Services, Inc.** | **Prime Healthcare Services, Inc.** | **Prime Healthcare Services, Inc.** |
|  7.250% due 11/01/2025 | 1208 | 1023 |
|  **RegionalCare Hospital Partners Holdings, Inc.** | **RegionalCare Hospital Partners Holdings, Inc.** | **RegionalCare Hospital Partners Holdings, Inc.** |
|  9.750% due 12/01/2026 | 230 | 186 |
|  **Topaz Solar Farms LLC** | **Topaz Solar Farms LLC** | **Topaz Solar Farms LLC** |
|  5.750% due 09/30/2039 | 67 | 64 |
|  4.875% due 09/30/2039 | 9 | 8 |
|  **U.S. Renal Care, Inc.** | **U.S. Renal Care, Inc.** | **U.S. Renal Care, Inc.** |
|  10.625% due 07/15/2027 | 6 | 1 |
|  **Western Midstream Operating LP** | **Western Midstream Operating LP** | **Western Midstream Operating LP** |
|  5.041% (US0003M + 1.850%) due 01/13/2023 ~ | 4 | 4 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;4168 |

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL REPORT** | DECEMBER 31, 2022 | **29** |

---

------

##### [**Table of Contents**](#toc)
**Schedule of Investments PIMCO Dividend and Income Fund (Cont.)** 

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **UTILITIES 1.3%** | **UTILITIES 1.3%** | **UTILITIES 1.3%** |
|  **Pacific Gas & Electric Co.** | **Pacific Gas & Electric Co.** | **Pacific Gas & Electric Co.** |
|  3.750% due 08/15/2042 | 2 | 1 |
|  2.950% due 03/01/2026 | 53 | 49 |
|  3.250% due 06/15/2023 | 23 | 23 |
|  3.400% due 08/15/2024 | 35 | 34 |
|  4.000% due 12/01/2046 | 2 | 1 |
|  3.300% due 03/15/2027 | 20 | 18 |
|  3.750% due 07/01/2028 | 110 | 98 |
|  4.950% due 07/01/2050 | 805 | 627 |
|  4.200% due 03/01/2029 | 200 | 179 |
|  4.600% due 06/15/2043 | 210 | 159 |
|  4.750% due 02/15/2044 | 120 | 92 |
|  3.250% due 06/01/2031 | 559 | 456 |
|  4.500% due 12/15/2041 | 2 | 1 |
|  4.250% due 03/15/2046 | 4 | 3 |
|  **Sprint LLC** | **Sprint LLC** | **Sprint LLC** |
|  7.625% due 03/01/2026 | 7 | 7 |
|  7.125% due 06/15/2024 | 435 | 444 |
|  |  | 2192 |
|  **Total United States** |  | **6619** |
| **VENEZUELA 0.0%** | **VENEZUELA 0.0%** | **VENEZUELA 0.0%** |
| **INDUSTRIALS 0.0%** | **INDUSTRIALS 0.0%** | **INDUSTRIALS 0.0%** |
|  **Petroleos de Venezuela SA** | **Petroleos de Venezuela SA** | **Petroleos de Venezuela SA** |
|  6.000% due 11/15/2026 ^(c) | 300 | 15 |
|  6.000% due 05/16/2024 ^(c) | 20 | 1 |
|  9.750% due 05/17/2035 ^(c) | 20 | 1 |
|  |  | 17 |
|  **Total Venezuela** |  | **17** |
| **VIRGIN ISLANDS (BRITISH) 0.3%** | **VIRGIN ISLANDS (BRITISH) 0.3%** | **VIRGIN ISLANDS (BRITISH) 0.3%** |
| **INDUSTRIALS 0.3%** | **INDUSTRIALS 0.3%** | **INDUSTRIALS 0.3%** |
|  **Studio City Finance Ltd.** | **Studio City Finance Ltd.** | **Studio City Finance Ltd.** |
|  5.000% due 01/15/2029 | 550 | 407 |
|  **Total Virgin Islands (British)** |  | **407** |
|  **Total Corporate Bonds & Notes<br>(Cost $13,232)** | **Total Corporate Bonds & Notes<br>(Cost $13,232)** | **10632** |
| **NON-AGENCY MORTGAGE-BACKED SECURITIES 4.6%** | **NON-AGENCY MORTGAGE-BACKED SECURITIES 4.6%** | **NON-AGENCY MORTGAGE-BACKED SECURITIES 4.6%** |
| **IRELAND 0.4%** | **IRELAND 0.4%** | **IRELAND 0.4%** |
|  **Kinbane DAC** | **Kinbane DAC** | **Kinbane DAC** |
|  2.744% due 09/25/2062 ~ | 645 | 660 |
|  **Total Ireland** |  | **660** |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **UNITED KINGDOM 0.6%** | **UNITED KINGDOM 0.6%** | **UNITED KINGDOM 0.6%** |
|  **Eurosail PLC** | **Eurosail PLC** | **Eurosail PLC** |
|  4.211% due 09/13/2045 •  | 316 | 368 |
|  4.461% due 06/13/2045 ~ | 331 | 395 |
|  4.461% due 06/13/2045 •  | 75 | 89 |
|  **Grifonas Finance PLC** | **Grifonas Finance PLC** | **Grifonas Finance PLC** |
|  1.264% due 08/28/2039 ~ | 195 | 190 |
|  **Total United Kingdom** |  | **1042** |
| **UNITED STATES 3.6%** | **UNITED STATES 3.6%** | **UNITED STATES 3.6%** |
|  **Banc of America Alternative Loan Trust** | **Banc of America Alternative Loan Trust** | **Banc of America Alternative Loan Trust** |
|  6.000% due 07/25/2046 ^ | 44 | 36 |
|  **Banc of America Funding Trust** | **Banc of America Funding Trust** | **Banc of America Funding Trust** |
|  3.473% due 05/20/2036 ^~ | 6 | 5 |
|  **Banc of America Mortgage Trust** | **Banc of America Mortgage Trust** | **Banc of America Mortgage Trust** |
|  3.619% due 11/20/2046 ^~ | 3 | 3 |
|  6.000% due 10/25/2036 ^ | 9 | 7 |
|  **Bear Stearns Mortgage Funding Trust** | **Bear Stearns Mortgage Funding Trust** | **Bear Stearns Mortgage Funding Trust** |
|  7.500% due 08/25/2036 þ | 11 | 11 |
|  **Benchmark Mortgage Trust** | **Benchmark Mortgage Trust** | **Benchmark Mortgage Trust** |
|  3.509% due 09/15/2048 ~ | 865 | 718 |
|  **Chase Mortgage Finance Trust** | **Chase Mortgage Finance Trust** | **Chase Mortgage Finance Trust** |
|  3.601% due 09/25/2036 ^~ | 20 | 16 |
|  **Countrywide Alternative Loan Trust** | **Countrywide Alternative Loan Trust** | **Countrywide Alternative Loan Trust** |
|  6.000% due 06/25/2036 ^ | 83 | 50 |
|  6.000% due 02/25/2037 ^ | 50 | 19 |
|  6.250% due 12/25/2036 ^•  | 20 | 9 |
|  **Countrywide Home Loan Mortgage Pass-Through Trust** | **Countrywide Home Loan Mortgage Pass-Through Trust** | **Countrywide Home Loan Mortgage Pass-Through Trust** |
|  4.889% due 07/25/2037 ^•  | 14 | 4 |
|  **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 | 18 |
|  **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 ^ | 309 | 92 |
|  **Credit Suisse Mortgage Capital Certificates** | **Credit Suisse Mortgage Capital Certificates** | **Credit Suisse Mortgage Capital Certificates** |
|  3.176% due 12/29/2037 ~ | 107 | 69 |
|  **DBGS Mortgage Trust** | **DBGS Mortgage Trust** | **DBGS Mortgage Trust** |
|  6.968% due 10/15/2036 ~ | 900 | 774 |
|  **First Horizon Alternative Mortgage Securities Trust** | **First Horizon Alternative Mortgage Securities Trust** | **First Horizon Alternative Mortgage Securities Trust** |
|  4.435% due 06/25/2036 ^~ | 132 | 106 |
|  **HSI Asset Loan Obligation Trust** | **HSI Asset Loan Obligation Trust** | **HSI Asset Loan Obligation Trust** |
|  6.000% due 06/25/2037 ^ | 2 | 2 |
|  **JP Morgan Alternative Loan Trust** | **JP Morgan Alternative Loan Trust** | **JP Morgan Alternative Loan Trust** |
|  5.843% due 05/26/2037 ~ | 41 | 32 |
|  **JP Morgan Chase Commercial Mortgage Securities Trust** | **JP Morgan Chase Commercial Mortgage Securities Trust** | **JP Morgan Chase Commercial Mortgage Securities Trust** |
|  6.833% due 11/15/2038 •  | 967 | 898 |
|  **JP Morgan Mortgage Trust** | **JP Morgan Mortgage Trust** | **JP Morgan Mortgage Trust** |
|  6.500% due 07/25/2036 ^ | 81 | 36 |

---

---

| | | |
|:---|:---|:---|
| **30** | **PIMCO EQUITY SERIES** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
(Unaudited)

December 31, 2022

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Legacy Mortgage Asset Trust** | **Legacy Mortgage Asset Trust** | **Legacy Mortgage Asset Trust** |
|  6.139% due 01/28/2070 •  | 217 | 217 |
|  **Merrill Lynch Mortgage Investors Trust** | **Merrill Lynch Mortgage Investors Trust** | **Merrill Lynch Mortgage Investors Trust** |
|  2.736% due 03/25/2036 ^~ | 9 | 5 |
|  **Morgan Stanley Capital Trust** | **Morgan Stanley Capital Trust** | **Morgan Stanley Capital Trust** |
|  6.268% due 07/15/2035 •  | 977 | 940 |
|  **OBX Trust** | **OBX Trust** | **OBX Trust** |
|  5.239% due 04/25/2048 •  | 31 | 31 |
|  **Residential Accredit Loans, Inc. Trust** | **Residential Accredit Loans, Inc. Trust** | **Residential Accredit Loans, Inc. Trust** |
|  5.189% due 10/25/2045 ~ | 45 | 37 |
|  5.500% due 03/25/2037 ^ | 222 | 172 |
|  6.250% due 03/25/2037 ^ | 19 | 14 |
|  **Structured Adjustable Rate Mortgage Loan Trust** | **Structured Adjustable Rate Mortgage Loan Trust** | **Structured Adjustable Rate Mortgage Loan Trust** |
|  3.658% due 10/25/2036 ^~ | 1228 | 726 |
|  **Wells Fargo Alternative Loan Trust** | **Wells Fargo Alternative Loan Trust** | **Wells Fargo Alternative Loan Trust** |
|  3.563% due 07/25/2037 ^~ | 425 | 373 |
|  **Wells Fargo Commercial Mortgage Trust** | **Wells Fargo Commercial Mortgage Trust** | **Wells Fargo Commercial Mortgage Trust** |
|  3.412% due 09/15/2058 | 582 | 565 |
|  **Total United States** |  | **5985** |
|  **Total Non-Agency Mortgage-Backed Securities (Cost $8,564)** | **Total Non-Agency Mortgage-Backed Securities (Cost $8,564)** | **7687** |
| **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 | 15 | 15 |
|  7.350% due 07/01/2035 | 5 | 5 |
|  **Total Illinois** |  | **20** |
| **PUERTO RICO 0.1%** | **PUERTO RICO 0.1%** | **PUERTO RICO 0.1%** |
|  **Commonwealth of Puerto Rico Bonds, Series 2022** | **Commonwealth of Puerto Rico Bonds, Series 2022** | **Commonwealth of Puerto Rico Bonds, Series 2022** |
|  0.000% due 11/01/2043 (f) | 42 | 18 |
|  **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 | 73 |
|  **Total Puerto Rico** |  | **91** |
|  **Total Municipal Bonds & Notes<br>(Cost $75)** | **Total Municipal Bonds & Notes<br>(Cost $75)** | **111** |
|  | **SHARES** |  |
| **PREFERRED STOCKS 0.5%** | **PREFERRED STOCKS 0.5%** | **PREFERRED STOCKS 0.5%** |
| **BRAZIL 0.4%** | **BRAZIL 0.4%** | **BRAZIL 0.4%** |
| **INDUSTRIALS 0.1%** | **INDUSTRIALS 0.1%** | **INDUSTRIALS 0.1%** |
|  **Gerdau SA** | 29700 | 163 |
| **UTILITIES 0.3%** | **UTILITIES 0.3%** | **UTILITIES 0.3%** |
|  **Petroleo Brasileiro SA** | 125800 | 584 |
|  **Total Brazil** |  | **747** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **UNITED KINGDOM 0.1%** | **UNITED KINGDOM 0.1%** | **UNITED KINGDOM 0.1%** | **UNITED KINGDOM 0.1%** |
| **BANKING & FINANCE 0.1%** | **BANKING & FINANCE 0.1%** | **BANKING & FINANCE 0.1%** | **BANKING & FINANCE 0.1%** |
|  **Nationwide Building Society** |  |  |  |
|  10.250% ~ | 1130 | $— | 171 |
|  **Total United Kingdom** |  |  | **171** |
|  **Total Preferred Stocks (Cost $1,013)** | **Total Preferred Stocks (Cost $1,013)** |  | **918** |
| **REAL ESTATE INVESTMENT TRUSTS 5.2%** | **REAL ESTATE INVESTMENT TRUSTS 5.2%** | **REAL ESTATE INVESTMENT TRUSTS 5.2%** | **REAL ESTATE INVESTMENT TRUSTS 5.2%** |
| **UNITED STATES 5.2%** | **UNITED STATES 5.2%** | **UNITED STATES 5.2%** | **UNITED STATES 5.2%** |
| **FINANCIALS 0.2%** | **FINANCIALS 0.2%** | **FINANCIALS 0.2%** | **FINANCIALS 0.2%** |
|  **Annaly Capital Mangaement, Inc.** | 11400 |  | 240 |
| **REAL ESTATE 5.0%** | **REAL ESTATE 5.0%** | **REAL ESTATE 5.0%** | **REAL ESTATE 5.0%** |
|  **Apartment Income REIT Corp.** | 13269 |  | 455 |
|  **Apple Hospitality REIT, Inc.** | 24022 |  | 379 |
|  **Boston Properties, Inc.** | 5423 |  | 367 |
|  **CBL & Associates Properties, Inc.** | 39 |  | 1 |
|  **Cousins Properties, Inc.** | 8195 |  | 207 |
|  **Digital Realty Trust, Inc.** | 2225 |  | 223 |
|  **EPR Properties** | 5931 |  | 224 |
|  **Equity Residential** | 3868 |  | 228 |
|  **Gaming & Leisure Properties, Inc.** | 13005 |  | 677 |
|  **Healthcare Realty Trust, Inc.** | 20480 |  | 395 |
|  **Healthpeak Properties, Inc.** | 15418 |  | 387 |
|  **Highwoods Properties, Inc.** | 5799 |  | 162 |
|  **Hudson Pacific Properties, Inc.** | 39047 |  | 380 |
|  **Macerich Co.** | 16310 |  | 184 |
|  **National Storage Affiliates Trust** | 9460 |  | 342 |
|  **Physicians Realty Trust** | 16126 |  | 233 |
|  **Piedmont Office Realty Trust, Inc. 'A'** | 17471 |  | 160 |
|  **Simon Property Group, Inc.** | 6465 |  | 760 |
|  **SITE Centers Corp.** | 29888 |  | 408 |
|  **Spirit Realty Capital, Inc.** | 9875 |  | 394 |
|  **Uniti Group, Inc.** | 32 |  | 0 |
|  **Ventas, Inc.** | 3533 |  | 159 |
|  **VICI Properties, Inc.** | 34484 |  | 1118 |
|  **Weyerhaeuser Co.** | 3925 |  | 122 |
|  **WP Carey, Inc.** | 5022 |  | 392 |
|  |  |  | 8357 |
|  **Total Real Estate Investment Trusts (Cost $9,203)** | **Total Real Estate Investment Trusts (Cost $9,203)** |  | **8597** |

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL REPORT** | DECEMBER 31, 2022 | **31** |

---

------

##### [**Table of Contents**](#toc)
**Schedule of Investments PIMCO Dividend and Income Fund (Cont.)** 

---

| | | | |
|:---|:---|:---|:---|
|  |  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
| **RIGHTS 0.0%** | **RIGHTS 0.0%** | **RIGHTS 0.0%** | **RIGHTS 0.0%** |
| **LUXEMBOURG 0.0%** | **LUXEMBOURG 0.0%** | **LUXEMBOURG 0.0%** | **LUXEMBOURG 0.0%** |
| **FINANCIALS 0.0%** | **FINANCIALS 0.0%** | **FINANCIALS 0.0%** | **FINANCIALS 0.0%** |
|  **Intelsat Jackson Holdings SA «(d)** |  | 348 | 2 |
|  **Total Rights (Cost $0)** | **Total Rights (Cost $0)** | **Total Rights (Cost $0)** | **2** |
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |
| **SOVEREIGN ISSUES 1.1%** | **SOVEREIGN ISSUES 1.1%** | **SOVEREIGN ISSUES 1.1%** | **SOVEREIGN ISSUES 1.1%** |
| **ARGENTINA 0.2%** | **ARGENTINA 0.2%** | **ARGENTINA 0.2%** | **ARGENTINA 0.2%** |
|  **Argentina Government International Bond** | **Argentina Government International Bond** | **Argentina Government International Bond** | **Argentina Government International Bond** |
|  0.500% due 07/09/2030 þ |  | 299 | 77 |
|  1.000% due 07/09/2029 |  | 31 | 8 |
|  1.500% due 07/09/2035 þ |  | 373 | 89 |
|  3.500% due 07/09/2041 þ |  | 196 | 56 |
|  3.875% due 01/09/2038 þ |  | 269 | 86 |
|  15.500% due 10/17/2026 | ARS | 1226 | 1 |
|  **Autonomous City of Buenos Aires** | **Autonomous City of Buenos Aires** | **Autonomous City of Buenos Aires** | **Autonomous City of Buenos Aires** |
|  72.479% (BADLARPP + 3.250%)<br>due 03/29/2024 ~ | 72.479% (BADLARPP + 3.250%)<br>due 03/29/2024 ~ | 3481 | 11 |
|  **Provincia de Buenos Aires** | **Provincia de Buenos Aires** | **Provincia de Buenos Aires** | **Provincia de Buenos Aires** |
|  72.913% due 04/12/2025  |  | 389 | 1 |
|  **Total Argentina** |  |  | **329** |
| **JAPAN 0.2%** | **JAPAN 0.2%** | **JAPAN 0.2%** | **JAPAN 0.2%** |
|  **Japan Government International Bond** | **Japan Government International Bond** | **Japan Government International Bond** | **Japan Government International Bond** |
|  0.100% due 03/01/2023 | JPY | 37000 | 282 |
|  **Total Japan** |  |  | **282** |
| **PERU 0.1%** | **PERU 0.1%** | **PERU 0.1%** | **PERU 0.1%** |
|  **Peru Government International Bond** | **Peru Government International Bond** | **Peru Government International Bond** | **Peru Government International Bond** |
|  5.940% due 02/12/2029 | PEN | 95 | 23 |
|  6.150% due 08/12/2032 |  | 10 | 2 |
|  6.350% due 08/12/2028 |  | 233 | 59 |
|  6.900% due 08/12/2037 |  | 5 | 1 |
|  6.950% due 08/12/2031 |  | 5 | 1 |
|  8.200% due 08/12/2026 |  | 189 | 52 |
|  **Total Peru** |  |  | **138** |
| **SOUTH AFRICA 0.4%** | **SOUTH AFRICA 0.4%** | **SOUTH AFRICA 0.4%** | **SOUTH AFRICA 0.4%** |
|  **South Africa Government International Bond** | **South Africa Government International Bond** | **South Africa Government International Bond** | **South Africa Government International Bond** |
|  10.500% due 12/21/2026 | ZAR | 10200 | 635 |
|  **Total South Africa** |  |  | **635** |

---

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **TURKEY 0.2%** | **TURKEY 0.2%** | **TURKEY 0.2%** |
|  **Turkey Government International Bond** | **Turkey Government International Bond** | **Turkey Government International Bond** |
|  4.250% due 03/13/2025 | 200 | 187 |
|  5.250% due 03/13/2030 | 200 | 162 |
|  **Total Turkey** |  | **349** |
| **UNITED KINGDOM 0.0%** | **UNITED KINGDOM 0.0%** | **UNITED KINGDOM 0.0%** |
|  **United Kingdom Gilt** | **United Kingdom Gilt** | **United Kingdom Gilt** |
|  1.250% due 07/31/2051 | 20 | 13 |
|  1.500% due 07/22/2047 | 10 | 7 |
|  1.750% due 01/22/2049 | 20 | 16 |
|  3.250% due 01/22/2044 | 20 | 22 |
|  3.500% due 01/22/2045 | 20 | 22 |
|  **Total United Kingdom** |  | **80** |
| **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 04/21/2025 ^(c) | 3 | 0 |
|  9.250% due 09/15/2027 ^(c) | 44 | 4 |
|  **Total Venezuela** |  | **4** |
|  **Total Sovereign Issues (Cost $2,336)** | **Total Sovereign Issues (Cost $2,336)** | **1817** |
| **U.S. GOVERNMENT AGENCIES 16.5%** | **U.S. GOVERNMENT AGENCIES 16.5%** | **U.S. GOVERNMENT AGENCIES 16.5%** |
| **UNITED STATES 16.5%** | **UNITED STATES 16.5%** | **UNITED STATES 16.5%** |
|  **Ginnie Mae, TBA** | **Ginnie Mae, TBA** | **Ginnie Mae, TBA** |
|  3.500% due 02/01/2053 | 100 | 92 |
|  4.500% due 01/01/2053 | 300 | 291 |
|  **Uniform Mortgage-Backed Security** | **Uniform Mortgage-Backed Security** | **Uniform Mortgage-Backed Security** |
|  3.000% due 11/01/2029 - 03/01/2050 | 53 | 48 |
|  3.500% due 02/01/2050 | 32 | 29 |
|  **Uniform Mortgage-Backed Security, TBA** | **Uniform Mortgage-Backed Security, TBA** | **Uniform Mortgage-Backed Security, TBA** |
|  2.500% due 12/01/2051 | 100 | 85 |
|  3.000% due 02/01/2053 | 5400 | 4744 |
|  3.500% due 02/01/2053 | 4100 | 3728 |
|  4.000% due 01/01/2053 - 03/01/2053 | 9000 | 8446 |
|  4.500% due 02/01/2053 | 4200 | 4043 |
|  5.000% due 01/01/2053 - 02/01/2053 | 1300 | 1281 |
|  5.500% due 02/01/2053 | 1000 | 1002 |
|  6.000% due 01/01/2053 - 02/01/2053 | 3600 | 3651 |
|  **Total U.S. Government Agencies<br>(Cost $27,707)** | **Total U.S. Government Agencies<br>(Cost $27,707)** | **27440** |

---

---

| | | |
|:---|:---|:---|
| **32** | **PIMCO EQUITY SERIES** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
(Unaudited)

December 31, 2022

---

| | | |
|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **U.S. TREASURY OBLIGATIONS 11.7%** | **U.S. TREASURY OBLIGATIONS 11.7%** | **U.S. TREASURY OBLIGATIONS 11.7%** |
| **UNITED STATES 11.7%** | **UNITED STATES 11.7%** | **UNITED STATES 11.7%** |
|  **U.S. Treasury Bonds** | **U.S. Treasury Bonds** | **U.S. Treasury Bonds** |
|  2.875% due 11/15/2046 | 600 | 481 |
|  3.000% due 02/15/2049 | 1133 | 934 |
|  **U.S. Treasury Inflation Protected Securities (h)** | **U.S. Treasury Inflation Protected Securities (h)** | **U.S. Treasury Inflation Protected Securities (h)** |
|  0.125% due 07/15/2024 | 979 | 947 |
|  0.125% due 10/15/2024 | 790 | 761 |
|  0.125% due 07/15/2030 | 325 | 292 |
|  0.125% due 07/15/2031 | 2368 | 2094 |
|  0.125% due 02/15/2051 | 343 | 222 |
|  0.250% due 07/15/2029 (n) | 836 | 766 |
|  0.375% due 07/15/2023 | 1165 | 1152 |
|  0.375% due 01/15/2027 | 39 | 37 |
|  0.375% due 07/15/2027 | 12 | 11 |
|  0.500% due 04/15/2024 | 957 | 931 |
|  0.625% due 01/15/2024 | 971 | 950 |
|  0.625% due 07/15/2032 | 615 | 564 |
|  0.750% due 07/15/2028 | 249 | 238 |
|  0.875% due 01/15/2029 | 410 | 390 |
|  1.000% due 02/15/2048 | 121 | 102 |
|  1.000% due 02/15/2049 | 118 | 99 |
|  **U.S. Treasury Notes** | **U.S. Treasury Notes** | **U.S. Treasury Notes** |
|  0.125% due 04/30/2023 (n) | 4000 | 3945 |
|  2.375% due 03/31/2029 (p) | 2800 | 2546 |
|  2.750% due 08/15/2032 | 1100 | 1002 |
|  2.875% due 05/15/2032 | 100 | 92 |
|  4.000% due 10/31/2029 (p) | 800 | 801 |
|  **Total U.S. Treasury Obligations<br>(Cost $20,877)** | **Total U.S. Treasury Obligations<br>(Cost $20,877)** | **19357** |
|  | **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 |
|  **Intelsat Jackson Holdings SA-Exp. 12/05/2025 «** | 296 | 2 |
|  |  | 2 |
|  **Total Luxembourg** |  | **2** |
| **UNITED STATES 0.0%** | **UNITED STATES 0.0%** | **UNITED STATES 0.0%** |
| **INFORMATION TECHNOLOGY 0.0%** | **INFORMATION TECHNOLOGY 0.0%** | **INFORMATION TECHNOLOGY 0.0%** |
|  **Windstream Holdings LLC - Exp. 9/21/2055 «** | 40 | 1 |
|  **Total United States** |  | **1** |
|  **Total Warrants (Cost $53)** | **Total Warrants (Cost $53)** | **3** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **SHORT-TERM INSTRUMENTS 3.2%** | **SHORT-TERM INSTRUMENTS 3.2%** | **SHORT-TERM INSTRUMENTS 3.2%** | **SHORT-TERM INSTRUMENTS 3.2%** | **SHORT-TERM INSTRUMENTS 3.2%** |
| **REPURCHASE AGREEMENTS (l) 0.9%** | **REPURCHASE AGREEMENTS (l) 0.9%** | **REPURCHASE AGREEMENTS (l) 0.9%** |  |  |
|  |  |  | $— | 1525 |
| **ARGENTINA TREASURY BILLS 0.0%** | **ARGENTINA TREASURY BILLS 0.0%** | **ARGENTINA TREASURY BILLS 0.0%** | **ARGENTINA TREASURY BILLS 0.0%** | **ARGENTINA TREASURY BILLS 0.0%** |
|  20.541% due 05/19/2023 (f)(g)(h) | ARS | 12723 |  | 39 |
| **JAPAN TREASURY BILLS 2.3%** | **JAPAN TREASURY BILLS 2.3%** | **JAPAN TREASURY BILLS 2.3%** | **JAPAN TREASURY BILLS 2.3%** | **JAPAN TREASURY BILLS 2.3%** |
|  (0.150)% due 01/06/2023 - 03/20/2023 (e)(f) | JPY | 493000 |  | 3757 |
|  **Total Short-Term Instruments<br>(Cost $5,110)** | **Total Short-Term Instruments<br>(Cost $5,110)** | **Total Short-Term Instruments<br>(Cost $5,110)** |  | **5321** |
| **Total Investments in Securities<br>(Cost $177,784)** | **Total Investments in Securities<br>(Cost $177,784)** | **Total Investments in Securities<br>(Cost $177,784)** |  | **173352** |
|  |  | **SHARES** |  |  |
| **INVESTMENTS IN AFFILIATES 9.0%** | **INVESTMENTS IN AFFILIATES 9.0%** | **INVESTMENTS IN AFFILIATES 9.0%** | **INVESTMENTS IN AFFILIATES 9.0%** | **INVESTMENTS IN AFFILIATES 9.0%** |
| **SHORT-TERM INSTRUMENTS 9.0%** | **SHORT-TERM INSTRUMENTS 9.0%** | **SHORT-TERM INSTRUMENTS 9.0%** | **SHORT-TERM INSTRUMENTS 9.0%** | **SHORT-TERM INSTRUMENTS 9.0%** |
| **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 9.0%** | **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 9.0%** | **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 9.0%** | **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 9.0%** | **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 9.0%** |
|  **PIMCO Short-Term Floating NAV Portfolio III** |  | 1540229 |  | 14965 |
| **Total Short-Term Instruments<br>(Cost $14,956)** | **Total Short-Term Instruments<br>(Cost $14,956)** | **Total Short-Term Instruments<br>(Cost $14,956)** |  | **14965** |
| **Total Investments in Affiliates<br>(Cost $14,956)** | **Total Investments in Affiliates<br>(Cost $14,956)** | **Total Investments in Affiliates<br>(Cost $14,956)** |  | **14965** |
| **Total Investments 113.4%<br>(Cost $192,740)** | **Total Investments 113.4%<br>(Cost $192,740)** | **Total Investments 113.4%<br>(Cost $192,740)** | $— | **188317** |
|  **Financial Derivative Instruments (m)(o) (0.2)%**<br> **(Cost or Premiums, net $(1413))** | **Financial Derivative Instruments (m)(o) (0.2)%**<br> **(Cost or Premiums, net $(1413))** | **Financial Derivative Instruments (m)(o) (0.2)%**<br> **(Cost or Premiums, net $(1413))** |  | **(312)** |
| **Other Assets and Liabilities, net (13.2)%** | **Other Assets and Liabilities, net (13.2)%** | **Other Assets and Liabilities, net (13.2)%** |  | **(21976)** |
| **Net Assets 100.0%** | **Net Assets 100.0%** | **Net Assets 100.0%** | $— | **166029** |

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL REPORT** | DECEMBER 31, 2022 | **33** |

---

------

##### [**Table of Contents**](#toc)
**Schedule of Investments PIMCO Dividend and Income Fund (Cont.)** 

**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)** **Security is an Interest Only ("IO") or IO Strip.** 

**(b)** **Payment in-kind security.** 

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

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

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

**(f)** **Zero coupon security.** 

**(g)** **Coupon represents a yield to maturity.** 

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

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

**(j)** **Contingent convertible security.** 

&nbsp;&nbsp;&nbsp;&nbsp;**(k) RESTRICTED SECURITIES:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issuer Description** | **Acquisition Date** | **Cost** | **Market<br>Value** | **Market Value<br>as Percentage<br>of Net Assets** |
|  Intelsat SA | 06/19/2017 - 02/23/2022 | $&nbsp;&nbsp;&nbsp;&nbsp;208 | $69 | 0.04% |
|  Neiman Marcus Group Ltd. LLC | 09/25/2020 | 36 | 198 | 0.12 |
|  Westmoreland Mining Holdings | 03/26/2019 | 0 | 0 | 0.00 |
|  |  | $244 | $&nbsp;&nbsp;&nbsp;&nbsp;267 | 0.16% |

---

**BORROWINGS AND OTHER FINANCING TRANSACTIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;**(l) REPURCHASE AGREEMENTS:** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Lending<br>Rate** | **Settlement<br>Date** | **Maturity<br>Date** | **Principal<br>Amount** | **Collateralized By** | **Collateral<br>(Received)** | **Repurchase<br>Agreements,<br>at Value** | **Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup>** |
|  FICC | 1.900% | 12/30/2022 | 01/03/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;1525 | U.S. Treasury Bills 0.000% due 06/29/2023 | $(1556) | $1525 | $1525 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** |  | $**(1556)** | $**1525** | $**1525** |

---

---

| | | |
|:---|:---|:---|
| **34** | **PIMCO EQUITY SERIES** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
(Unaudited)

December 31, 2022

**SHORT SALES** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Coupon** | **Maturity<br>Date** | **Principal<br>Amount** | **Proceeds** | **Payable for<br>Short Sales** |
|  U.S. Government Agencies (0.2)% | U.S. Government Agencies (0.2)% | U.S. Government Agencies (0.2)% | U.S. Government Agencies (0.2)% | U.S. Government Agencies (0.2)% | U.S. Government Agencies (0.2)% |
| &nbsp;&nbsp;&nbsp; United States (0.2)% | &nbsp;&nbsp;&nbsp; United States (0.2)% | &nbsp;&nbsp;&nbsp; United States (0.2)% | &nbsp;&nbsp;&nbsp; United States (0.2)% | &nbsp;&nbsp;&nbsp; United States (0.2)% | &nbsp;&nbsp;&nbsp; United States (0.2)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 3.500% | 02/25/2049 | $300 | $(273) | $(273) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uniform Mortgage-Backed Security, TBA | 4.000 | 01/12/2053 | 800 | (755) | (750) |
|  **Total Short Sales (0.2)%** |  |  |  | $**(1028)** | $**(1023)** |

---

**BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY** 

**The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2022:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Repurchase<br>Agreement<br>Proceeds to be<br>Received<sup>(1)</sup>** | **Payable for<br>Reverse<br>Repurchase<br>Agreements** | **Payable for<br>Sale-Buyback<br>Transactions** | **Total<br>Borrowings and<br>Other Financing<br>Transactions** | **Collateral<br>Pledged/<br>(Received)** | **Net Exposure<sup>(2)</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 |
|  FICC | $1525 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;1525 | $&nbsp;&nbsp;&nbsp;&nbsp;(1556) | $&nbsp;&nbsp;&nbsp;&nbsp;(31) |
|  **Total Borrowings and Other Financing Transactions** | $**1525** | $**0** | $**0** |  |  |  |

---

<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. 

&nbsp;&nbsp;&nbsp;&nbsp;**(m) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** 

**WRITTEN OPTIONS:** 

**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 - CME 3-Month SOFR Active Contract<br>December 2023 Futures | $&nbsp;&nbsp;&nbsp;&nbsp;96.500 | 12/15/2023 | 2 | $&nbsp;&nbsp;&nbsp;&nbsp;5 | $&nbsp;&nbsp;&nbsp;&nbsp;(2) | $&nbsp;&nbsp;&nbsp;&nbsp;(6) |
|  Call - CME 3-Month SOFR Active Contract<br>December 2023 Futures | 98.000 | 12/15/2023 | 2 | 5 | (2) | 0 |
|  **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | $**(4)** | $**(6)** |

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL REPORT** | DECEMBER 31, 2022 | **35** |

---

------

##### [**Table of Contents**](#toc)
**Schedule of Investments PIMCO Dividend and Income Fund (Cont.)** 

**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 March Futures  | 03/2023 | 1 | $205 | $0 | $0 | $0 |
|  U.S. Treasury 5-Year Note March Futures  | 03/2023 | 13 | 1403 | (1) | 0 | (1) |
|  U.S. Treasury 10-Year Note March Futures  | 03/2023 | 190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21336 | (114) | 0 | (27) |
|  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(115) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28) |

---

**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  | 03/2024 | 5 | $(1193) | $23 | $1 | $0 |
|  3-Month SOFR Active Contract December Futures  | 03/2025 | 1 | (242) | 3 | 0 | 0 |
|  3-Month SOFR Active Contract December Futures  | 03/2026 | 1 | (242) | 3 | 0 | 0 |
|  3-Month SOFR Active Contract June Futures  | 09/2024 | 2 | (481) | 7 | 0 | 0 |
|  3-Month SOFR Active Contract June Futures  | 09/2025 | 2 | (484) | 5 | 0 | (1) |
|  3-Month SOFR Active Contract March Futures  | 06/2024 | 3 | (719) | 12 | 0 | 0 |
|  3-Month SOFR Active Contract March Futures  | 06/2025 | 1 | (242) | 3 | 0 | 0 |
|  3-Month SOFR Active Contract March Futures  | 06/2026 | 1 | (242) | 3 | 0 | 0 |
|  3-Month SOFR Active Contract September Futures  | 12/2024 | 2 | (483) | 6 | 0 | 0 |
|  3-Month SOFR Active Contract September Futures  | 12/2025 | 1 | (242) | 3 | 0 | 0 |
|  Australia Government 10-Year Bond March Futures  | 03/2023 | 18 | (1418) | 79 | 3 | (1) |
|  U.S. Treasury Long-Term Bond March Futures  | 03/2023 | 9 | (1128) | (1) | 1 | 0 |
|  U.S. Treasury Ultra Long-Term Bond March Futures  | 03/2023 | 4 | (537) | 0 | 2 | 0 |
|  U.S. Ultra Treasury Note March Futures  | 03/2023 | 24 | (2839) | 4 | 2 | 0 |
|  |  |  |  | $150 | $9 | $(2) |
|  **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | **Total Futures Contracts** | $**35** | $**9** | $**(30)** |

---

**SWAP AGREEMENTS:** 

**CREDIT DEFAULT SWAPS ON CORPORATE ISSUES - SELL PROTECTION<sup>(1)</sup>** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference<br>Entity** | **Fixed<br>Receive<br>Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit**<br> **Spread at<br>December 31,<br>2022<sup>(2)</sup>** | **Notional<br>Amount<sup>(3)</sup>** | **Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value<sup>(4)</sup>** | **Variation Margin** | **Variation Margin** |
| **Reference<br>Entity** | **Fixed<br>Receive<br>Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied<br>Credit**<br> **Spread at<br>December 31,<br>2022<sup>(2)</sup>** | **Notional<br>Amount<sup>(3)</sup>** | **Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value<sup>(4)</sup>** | **Asset** | **Liability** |
|  AT&T, Inc. | 1.000% | Quarterly | 12/20/2026 | 1.022% | $&nbsp;&nbsp;&nbsp;&nbsp;1000 | $&nbsp;&nbsp;&nbsp;&nbsp;16 | $&nbsp;&nbsp;&nbsp;&nbsp;(16) | $0 | $0 | $0 |
|  Boeing Co. | 1.000 | Quarterly | 06/20/2023 | 0.709 | 100 | 0 | 0 | 0 | 0 | 0 |
|  Boeing Co. | 1.000 | Quarterly | 12/20/2023 | 0.847 | 200 | 2 | (2) | 0 | 0 | 0 |
|  Devon Energy Corp. | 1.000 | Quarterly | 12/20/2026 | 1.109 | 500 | (1) | (1) | &nbsp;&nbsp;&nbsp;&nbsp;(2) | &nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;0 |
|  Ford Motor Co. | 5.000 | Quarterly | 06/20/2027 | 3.542 | 200 | 24 | (13) | 11 | 0 | 0 |
|  Ford Motor Credit Co. LLC | 5.000 | Quarterly | 06/20/2026 | 2.923 | 600 | 52 | (13) | 39 | 0 | 0 |
|  General Electric Co. | 1.000 | Quarterly | 06/20/2026 | 0.801 | 300 | 1 | 1 | 2 | 0 | (1) |
|  Rolls-Royce PLC | 1.000 | Quarterly | 12/20/2025 | 2.767 | &nbsp;&nbsp;&nbsp;&nbsp;100 | &nbsp;&nbsp;&nbsp;&nbsp;(10) | 5 | (5) | 0 | 0 |
|  Rolls-Royce PLC | 1.000 | Quarterly | 12/20/2026 | 3.161 | 200 | (9) | (7) | &nbsp;&nbsp;&nbsp;&nbsp;(16) | 0 | 0 |
|  Rolls-Royce PLC | 1.000 | Quarterly | 06/20/2027 | 3.357 | 100 | (8) | (2) | (10) | 0 | 0 |
|  Verizon Communications, Inc. | 1.000 | Quarterly | 06/20/2026 | 0.979 | $500 | 11 | (10) | 1 | 0 | 0 |
|  |  |  |  |  |  | $78 | $&nbsp;&nbsp;&nbsp;&nbsp;(58) | $20 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;(1) |

---

---

| | | |
|:---|:---|:---|
| **36** | **PIMCO EQUITY SERIES** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
(Unaudited)

December 31, 2022

**CREDIT DEFAULT SWAPS ON CREDIT INDICES - SELL PROTECTION<sup>(1)</sup>** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Index/Tranches** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(3)</sup>** | **Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value<sup>(4)</sup>** | **Variation Margin** | **Variation Margin** |
| **Index/Tranches** | **Fixed<br>Receive Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(3)</sup>** | **Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value<sup>(4)</sup>** | **Asset** | **Liability** |
|  CDX.EM-36 5-Year Index | 1.000% | Quarterly | 12/20/2026 | $&nbsp;&nbsp;&nbsp;&nbsp;736 | $(29) | $1 | $&nbsp;&nbsp;&nbsp;&nbsp;(28) | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $0 |
|  CDX.EM-38 5-Year Index | 1.000 | Quarterly | 12/20/2027 | 400 | (33) | 10 | (23) | 0 | 0 |
|  CDX.HY-38 5-Year Index | 5.000 | Quarterly | 06/20/2027 | 990 | (23) | 45 | 22 | 0 | 0 |
|  CDX.HY-39 5-Year Index | 5.000 | Quarterly | 12/20/2027 | 9000 | (301) | 371 | 70 | 0 | (1) |
|  CDX.IG-39 5-Year Index | 1.000 | Quarterly | 12/20/2027 | 2400 | (1) | 21 | 20 | 0 | 0 |
|  iTraxx Asia Ex-Japan 38 5-Year Index | 1.000 | Quarterly | 12/20/2027 | 100 | (4) | 3 | (1) | 0 | 0 |
|  iTraxx Europe Main 37 5-Year Index | 1.000 | Quarterly | 06/20/2027 | 600 | (3) | 7 | 4 | 1 | 0 |
|  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;(394) | $&nbsp;&nbsp;&nbsp;&nbsp;458 | $64 | $1 | $&nbsp;&nbsp;&nbsp;&nbsp;(1) |

---

**INTEREST RATE SWAPS** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/ <br>Receive**<br> **Floating**<br> **Rate** | **Floating Rate Index** | **Fixed<br>Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/ <br>Receive**<br> **Floating**<br> **Rate** | **Floating Rate Index** | **Fixed<br>Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
| Receive<sup>(5)</sup> | 1-Day GBP-SONIO Compounded-OIS | 2.000% | Annual | 03/15/2033 | 1200 | $&nbsp;&nbsp;&nbsp;&nbsp;230 | $&nbsp;&nbsp;&nbsp;&nbsp;(26) | $&nbsp;&nbsp;&nbsp;&nbsp;204 | $1 | $0 |
| Receive<sup>(5)</sup> | 1-Day GBP-SONIO Compounded-OIS | 2.000 | Annual | 03/15/2053 | 100 | 30 | 2 | 32 | 0 | 0 |
| Pay | 1-Day JPY-MUTKCALM Compounded-OIS | 0.176 | Annual | 04/27/2027 | 30000 | 0 | (3) | (3) | 0 | 0 |
| Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.020 | Semi-Annual | 09/20/2028 | 210000 | 4 | 62 | 66 | 4 | 0 |
| Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 5.890 | Semi-Annual | 03/15/2029 | 641000 | 46 | 178 | 224 | 13 | 0 |
| Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.400 | Annual | 06/15/2032 | 150000 | 2 | 45 | 47 | 4 | 0 |
| Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.500 | Annual | 03/15/2042 | 90000 | 26 | 59 | 85 | 6 | 0 |
| Receive | 1-Day JPY-MUTKCALM Compounded-OIS | 0.711 | Annual | 04/27/2042 | 10000 | 0 | 7 | 7 | 1 | 0 |
| Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 2.450 | Annual | 12/20/2024 | $3200 | 0 | 48 | 48 | 2 | 0 |
| Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 2.350 | Annual | 01/17/2025 | 1600 | 0 | 24 | 24 | 1 | 0 |
| Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 1.600 | Annual | 01/16/2026 | 1200 | 15 | 29 | 44 | 1 | 0 |
| Receive<sup>(5)</sup> | 1-Day USD-SOFR Compounded-OIS | 2.300 | Annual | 01/17/2026 | 1000 | 0 | 24 | 24 | 1 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.928 | Annual | 03/25/2027 | 200 | 0 | (15) | (15) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.000 | Annual | 06/15/2027 | 200 | 8 | 17 | 25 | 0 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 2.850 | Annual | 08/30/2027 | 200 | (1) | (7) | (8) | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.450 | Annual | 10/04/2027 | 320 | 0 | 19 | 19 | 1 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 2.900 | Annual | 10/04/2027 | 900 | (7) | (29) | (36) | 0 | (2) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 2.955 | Annual | 10/04/2027 | 200 | (1) | (6) | (7) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.000 | Annual | 12/21/2027 | 200 | 14 | 2 | 16 | 0 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.000 | Annual | 06/15/2029 | 310 | 18 | 32 | 50 | 1 | 0 |

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL REPORT** | DECEMBER 31, 2022 | **37** |

---

------

##### [**Table of Contents**](#toc)
**Schedule of Investments PIMCO Dividend and Income Fund (Cont.)** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/ <br>Receive**<br> **Floating**<br> **Rate** | **Floating Rate Index** | **Fixed<br>Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/ <br>Receive**<br> **Floating**<br> **Rate** | **Floating Rate Index** | **Fixed<br>Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.000% | Annual | 06/15/2029 | $220 | $(9) | $(26) | $(35) | $0 | $(1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2029 | 282 | 16 | 16 | 32 | 1 | 0 |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.000 | Annual | 12/21/2029 | 1130 | 101 | 12 | 113 | 2 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.817 | Annual | 04/05/2032 | 400 | (2) | (54) | (56) | 0 | (1) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.872 | Annual | 04/06/2032 | 200 | (1) | (26) | (27) | 0 | (1) |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.250 | Annual | 06/15/2032 | 340 | (32) | (33) | (65) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2032 | 399 | 34 | 25 | 59 | 1 | 0 |
| Pay | 1-Day USD-SOFR Compounded-OIS | 1.750 | Annual | 06/15/2032 | 280 | (23) | (18) | (41) | 0 | (1) |
| Receive | 1-Day USD-SOFR Compounded-OIS | 2.000 | Annual | 12/21/2032 | 1670 | 204 | 14 | 218 | 5 | 0 |
| Pay | 1-Year BRL-CDI | 5.830 | Maturity | 01/02/2023 | 800 | 8 | (11) | (3) | 0 | 0 |
| Pay | 1-Year BRL-CDI | 5.836 | Maturity | 01/02/2023 | 600 | 6 | (8) | (2) | 0 | 0 |
| Pay | 1-Year BRL-CDI | 5.855 | Maturity | 01/02/2023 | 200 | 2 | (3) | (1) | 0 | 0 |
| Pay | 1-Year BRL-CDI | 6.170 | Maturity | 01/02/2023 | 5200 | (1) | (49) | (50) | 0 | 0 |
| Receive | 1-Year BRL-CDI | 12.670 | Maturity | 01/02/2023 | 300 | 0 | 0 | 0 | 0 | 0 |
| Receive | 1-Year BRL-CDI | 12.690 | Maturity | 01/02/2023 | 200 | 0 | 0 | 0 | 0 | 0 |
| Receive | 1-Year BRL-CDI | 12.740 | Maturity | 01/02/2023 | 500 | 0 | 0 | 0 | 0 | 0 |
| Receive | 1-Year BRL-CDI | 12.750 | Maturity | 01/02/2023 | 200 | 0 | 0 | 0 | 0 | 0 |
| Receive | 1-Year BRL-CDI | 12.760 | Maturity | 01/02/2023 | 400 | 0 | 0 | 0 | 0 | 0 |
| Receive | 1-Year BRL-CDI | 12.900 | Maturity | 01/02/2023 | 900 | 0 | 0 | 0 | 0 | 0 |
| Receive | 1-Year BRL-CDI | 12.930 | Maturity | 01/02/2023 | 100 | 0 | 0 | 0 | 0 | 0 |
| Receive | 1-Year BRL-CDI | 12.939 | Maturity | 01/02/2023 | 500 | 0 | 0 | 0 | 0 | 0 |
| Receive | 1-Year BRL-CDI | 12.946 | Maturity | 01/02/2023 | 1200 | 0 | 0 | 0 | 0 | 0 |
| Receive | 1-Year BRL-CDI | 12.960 | Maturity | 01/02/2023 | 900 | 0 | 0 | 0 | 0 | 0 |
| Receive | 1-Year BRL-CDI | 12.970 | Maturity | 01/02/2023 | 1600 | 0 | 0 | 0 | 0 | 0 |
| Pay | 1-Year BRL-CDI | 11.140 | Maturity | 01/02/2025 | 100 | 0 | (1) | (1) | 0 | 0 |
| Pay | 1-Year BRL-CDI | 11.160 | Maturity | 01/02/2025 | 100 | 0 | (1) | (1) | 0 | 0 |
| Pay | 1-Year BRL-CDI | 11.350 | Maturity | 01/02/2025 | 100 | 0 | (1) | (1) | 0 | 0 |
| Pay | 1-Year BRL-CDI | 12.000 | Maturity | 01/02/2025 | 200 | 0 | (1) | (1) | 0 | 0 |
| Pay | 1-Year BRL-CDI | 12.080 | Maturity | 01/02/2025 | 300 | 0 | (1) | (1) | 0 | 0 |
| Pay | 1-Year BRL-CDI | 12.140 | Maturity | 01/02/2025 | 200 | 0 | 0 | 0 | 0 | 0 |
| Pay | 1-Year BRL-CDI | 12.145 | Maturity | 01/02/2025 | 200 | 0 | 0 | 0 | 0 | 0 |
| Pay | 1-Year BRL-CDI | 12.160 | Maturity | 01/02/2025 | 300 | 0 | (1) | (1) | 0 | 0 |
| Pay | 1-Year BRL-CDI | 11.220 | Maturity | 01/04/2027 | 100 | 0 | (1) | (1) | 0 | 0 |
| Pay | 1-Year BRL-CDI | 11.260 | Maturity | 01/04/2027 | 100 | 0 | (1) | (1) | 0 | 0 |
| Pay | 1-Year BRL-CDI | 11.715 | Maturity | 01/04/2027 | 100 | 0 | 0 | 0 | 0 | 0 |
| Pay | 1-Year BRL-CDI | 11.870 | Maturity | 01/04/2027 | 300 | 0 | (1) | (1) | 0 | 0 |
| Pay | 3-Month USD-LIBOR | 1.270 | Semi-Annual | 11/04/2023 | $10300 | (57) | (324) | (381) | 0 | (6) |
| Pay | 3-Month USD-LIBOR | 1.088 | Semi-Annual | 02/03/2024 | 200 | 0 | (9) | (9) | 0 | 0 |
| Pay<sup>(5)</sup> | 3-Month USD-LIBOR | 1.700 | Semi-Annual | 03/06/2024 | 400 | (1) | (12) | (13) | 0 | 0 |
| Receive | 3-Month USD-LIBOR | 2.500 | Semi-Annual | 12/18/2024 | 3100 | (293) | 426 | 133 | 4 | 0 |
| Receive | 3-Month USD-LIBOR | 0.928 | Semi-Annual | 05/06/2026 | 100 | 0 | 11 | 11 | 0 | 0 |
| Receive | 3-Month USD-LIBOR | 0.940 | Semi-Annual | 06/08/2026 | 100 | 0 | 11 | 11 | 0 | 0 |
| Receive | 3-Month USD-LIBOR | 0.500 | Semi-Annual | 06/16/2026 | 1000 | 15 | 106 | 121 | 1 | 0 |
| Receive | 3-Month USD-LIBOR | 3.000 | Semi-Annual | 06/19/2026 | 2300 | (345) | 438 | 93 | 4 | 0 |
| Receive | 3-Month USD-LIBOR | 1.250 | Semi-Annual | 12/15/2026 | 100 | (2) | 13 | 11 | 0 | 0 |
| Receive | 3-Month USD-LIBOR | 1.740 | Semi-Annual | 12/16/2026 | 100 | (8) | 17 | 9 | 0 | 0 |
| Pay | 3-Month USD-LIBOR | 1.380 | Semi-Annual | 01/04/2027 | 100 | 0 | (10) | (10) | 0 | 0 |
| Pay | 3-Month USD-LIBOR | 1.570 | Semi-Annual | 01/11/2027 | 200 | 0 | (19) | (19) | 0 | 0 |
| Pay | 3-Month USD-LIBOR | 1.425 | Semi-Annual | 01/18/2027 | 100 | 0 | (10) | (10) | 0 | 0 |
| Pay | 3-Month USD-LIBOR | 1.443 | Semi-Annual | 01/18/2027 | 100 | 0 | (10) | (10) | 0 | 0 |
| Receive | 3-Month USD-LIBOR | 1.350 | Semi-Annual | 01/20/2027 | 500 | 0 | 53 | 53 | 1 | 0 |
| Pay | 3-Month USD-LIBOR | 1.550 | Semi-Annual | 01/20/2027 | 2400 | (8) | (225) | (233) | 0 | (3) |
| Pay | 3-Month USD-LIBOR | 1.580 | Semi-Annual | 02/16/2027 | 200 | (1) | (18) | (19) | 0 | 0 |

---

---

| | | |
|:---|:---|:---|
| **38** | **PIMCO EQUITY SERIES** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
(Unaudited)

December 31, 2022

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/ <br>Receive**<br> **Floating**<br> **Rate** | **Floating Rate Index** | **Fixed<br>Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/ <br>Receive**<br> **Floating**<br> **Rate** | **Floating Rate Index** | **Fixed<br>Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
| Receive | 3-Month USD-LIBOR | 1.450% | Semi-Annual | 02/17/2027 | $1200 | $0 | $121 | $121 | $2 | $0 |
| Pay | 3-Month USD-LIBOR | 1.700 | Semi-Annual | 02/17/2027 | 4900 | (18) | (427) | (445) | 0 | (7) |
| Pay | 3-Month USD-LIBOR | 1.280 | Semi-Annual | 03/24/2028 | 400 | (1) | (49) | (50) | 0 | (1) |
| Receive | 3-Month USD-LIBOR | 1.235 | Semi-Annual | 05/12/2028 | 100 | 0 | 14 | 14 | 0 | 0 |
| Pay | 3-Month USD-LIBOR | 0.500 | Semi-Annual | 06/16/2028 | 1610 | (91) | (186) | (277) | 0 | (3) |
| Receive | 3-Month USD-LIBOR | 2.250 | Semi-Annual | 06/20/2028 | 4900 | (643) | 1064 | 421 | 9 | 0 |
| Pay | 3-Month USD-LIBOR | 1.265 | Semi-Annual | 09/28/2028 | 100 | 0 | (14) | (14) | 0 | 0 |
| Pay | 3-Month USD-LIBOR | 1.500 | Semi-Annual | 12/15/2028 | 422 | 11 | (66) | (55) | 0 | (1) |
| Receive | 3-Month USD-LIBOR | 1.379 | Semi-Annual | 12/22/2028 | 100 | 0 | 14 | 14 | 0 | 0 |
| Receive | 3-Month USD-LIBOR | 1.500 | Semi-Annual | 01/12/2029 | 55 | 0 | 7 | 7 | 0 | 0 |
| Pay | 3-Month USD-LIBOR | 1.700 | Semi-Annual | 01/12/2029 | 200 | (1) | (23) | (24) | 0 | 0 |
| Receive | 3-Month USD-LIBOR | 2.000 | Semi-Annual | 12/10/2029 | 100 | (12) | 24 | 12 | 0 | 0 |
| Receive | 3-Month USD-LIBOR | 1.500 | Semi-Annual | 12/18/2029 | 200 | (15) | 44 | 29 | 0 | 0 |
| Receive | 3-Month USD-LIBOR | 1.750 | Semi-Annual | 01/15/2030 | 300 | (30) | 70 | 40 | 1 | 0 |
| Receive | 3-Month USD-LIBOR | 2.000 | Semi-Annual | 02/12/2030 | 200 | (25) | 48 | 23 | 0 | 0 |
| Receive | 3-Month USD-LIBOR | 2.000 | Semi-Annual | 03/10/2030 | 100 | (13) | 25 | 12 | 0 | 0 |
| Receive | 3-Month USD-LIBOR | 1.250 | Semi-Annual | 06/17/2030 | 2400 | (130) | 542 | 412 | 6 | 0 |
| Receive | 3-Month USD-LIBOR | 1.000 | Semi-Annual | 12/16/2030 | 127 | 1 | 24 | 25 | 0 | 0 |
| Pay | 3-Month USD-LIBOR | 0.750 | Semi-Annual | 06/16/2031 | 663 | (60) | (90) | (150) | 0 | (2) |
| Receive | 3-Month USD-LIBOR | 0.750 | Semi-Annual | 06/16/2031 | 2600 | 213 | 373 | 586 | 5 | 0 |
| Receive | 3-Month USD-LIBOR | 1.450 | Semi-Annual | 07/16/2031 | 100 | 0 | 18 | 18 | 0 | 0 |
| Receive | 3-Month USD-LIBOR | 1.370 | Semi-Annual | 07/19/2031 | 100 | 0 | 18 | 18 | 0 | 0 |
| Receive | 3-Month USD-LIBOR | 1.360 | Semi-Annual | 07/20/2031 | 100 | 0 | 18 | 18 | 0 | 0 |
| Receive | 3-Month USD-LIBOR | 1.405 | Semi-Annual | 09/07/2031 | 100 | (1) | 19 | 18 | 0 | 0 |
| Pay | 3-Month USD-LIBOR | 1.500 | Semi-Annual | 10/05/2031 | 100 | 0 | (18) | (18) | 0 | 0 |
| Pay | 3-Month USD-LIBOR | 1.535 | Semi-Annual | 10/15/2031 | 100 | 0 | (18) | (18) | 0 | 0 |
| Pay | 3-Month USD-LIBOR | 1.545 | Semi-Annual | 10/26/2031 | 100 | 0 | (18) | (18) | 0 | 0 |
| Pay | 3-Month USD-LIBOR | 1.768 | Semi-Annual | 02/02/2032 | 100 | 0 | (16) | (16) | 0 | 0 |
| Pay | 3-Month USD-LIBOR | 2.000 | Semi-Annual | 02/18/2032 | 200 | (1) | (27) | (28) | 0 | (1) |
| Receive | 3-Month USD-LIBOR | 1.910 | Semi-Annual | 10/17/2049 | 100 | (23) | 52 | 29 | 1 | 0 |
| Receive | 3-Month USD-LIBOR | 1.895 | Semi-Annual | 10/18/2049 | 100 | (23) | 53 | 30 | 1 | 0 |
| Receive | 3-Month USD-LIBOR | 2.250 | Semi-Annual | 12/11/2049 | 900 | (292) | 501 | 209 | 5 | 0 |
| Receive | 3-Month USD-LIBOR | 2.000 | Semi-Annual | 01/15/2050 | 100 | (26) | 53 | 27 | 1 | 0 |
| Receive | 3-Month USD-LIBOR | 1.625 | Semi-Annual | 01/16/2050 | 100 | (16) | 50 | 34 | 1 | 0 |
| Receive | 3-Month USD-LIBOR | 1.750 | Semi-Annual | 01/22/2050 | 500 | (97) | 256 | 159 | 2 | 0 |
| Receive | 3-Month USD-LIBOR | 1.625 | Semi-Annual | 02/03/2050 | 300 | (48) | 150 | 102 | 1 | 0 |
| Receive | 3-Month USD-LIBOR | 2.250 | Semi-Annual | 03/12/2050 | 600 | (196) | 332 | 136 | 3 | 0 |
| Receive | 3-Month USD-LIBOR | 1.250 | Semi-Annual | 12/16/2050 | 400 | 41 | 124 | 165 | 2 | 0 |
| Pay | 3-Month USD-LIBOR | 1.491 | Semi-Annual | 01/21/2051 | 100 | (1) | (36) | (37) | 0 | (1) |
| Pay | 3-Month USD-LIBOR | 1.590 | Semi-Annual | 02/09/2051 | 900 | (7) | (308) | (315) | 0 | (4) |
| Receive | 3-Month USD-LIBOR | 1.785 | Semi-Annual | 08/12/2051 | 100 | (1) | 33 | 32 | 1 | 0 |
| Receive | 3-Month ZAR-JIBAR | 7.710 | Quarterly | 11/23/2025 | 100 | 0 | 0 | 0 | 0 | 0 |
| Pay | 3-Month ZAR-JIBAR | 4.848 | Quarterly | 01/11/2026 | 200 | 0 | (1) | (1) | 0 | 0 |
| Pay | 6-Month AUD-BBR-BBSW | 2.750 | Semi-Annual | 06/17/2026 | 5080 | 483 | (644) | (161) | 2 | 0 |
| Receive | 6-Month AUD-BBR-BBSW | 3.000 | Semi-Annual | 03/21/2027 | 80 | (9) | 12 | 3 | 0 | 0 |
| Receive | 6-Month EUR-EURIBOR | 0.150 | Annual | 03/18/2030 | 800 | (2) | 189 | 187 | 3 | 0 |
| Pay | 6-Month EUR-EURIBOR | 2.000 | Annual | 09/21/2032 | 680 | 8 | (79) | (71) | 0 | (4) |
| Receive<sup>(5)</sup> | 6-Month EUR-EURIBOR | 1.750 | Annual | 03/15/2033 | 1000 | 104 | 30 | 134 | 5 | 0 |
| Receive<sup>(5)</sup> | 6-Month EUR-EURIBOR | 0.830 | Annual | 12/09/2052 | 1300 | 4 | 38 | 42 | 2 | 0 |
| Pay | 28-Day MXN-TIIE | 7.640 | Lunar | 01/03/2023 | 200 | 1 | (1) | 0 | 0 | 0 |
| Pay | 28-Day MXN-TIIE | 7.645 | Lunar | 01/03/2023 | 2000 | 8 | (8) | 0 | 0 | 0 |
| Pay | 28-Day MXN-TIIE | 7.745 | Lunar | 01/05/2023 | 1400 | 5 | (5) | 0 | 0 | 0 |
| Pay | 28-Day MXN-TIIE | 7.610 | Lunar | 01/23/2023 | 6000 | 22 | (23) | (1) | 0 | 0 |
| Pay | 28-Day MXN-TIIE | 7.805 | Lunar | 02/06/2023 | 3400 | 13 | (14) | (1) | 0 | 0 |
| Pay | 28-Day MXN-TIIE | 7.820 | Lunar | 02/06/2023 | 3400 | 13 | (14) | (1) | 0 | 0 |
| Receive | 28-Day MXN-TIIE | 8.675 | Lunar | 04/03/2024 | 8800 | 0 | 11 | 11 | 0 | 0 |
| Receive | 28-Day MXN-TIIE | 8.660 | Lunar | 04/04/2024 | 3700 | 0 | 5 | 5 | 0 | 0 |
| Receive | 28-Day MXN-TIIE | 8.750 | Lunar | 04/05/2024 | 3600 | 0 | 4 | 4 | 0 | 0 |
| Pay | 28-Day MXN-TIIE | 5.990 | Lunar | 01/30/2026 | 4300 | 9 | (28) | (19) | 0 | (1) |
| Pay | 28-Day MXN-TIIE | 6.080 | Lunar | 03/10/2026 | 15500 | 35 | (103) | (68) | 0 | (2) |
| Pay | 28-Day MXN-TIIE | 6.490 | Lunar | 09/08/2026 | 30000 | 97 | (220) | (123) | 0 | (4) |
| Receive | 28-Day MXN-TIIE | 8.410 | Lunar | 03/31/2027 | 1000 | 0 | 1 | 1 | 0 | 0 |
| Receive | 28-Day MXN-TIIE | 8.730 | Lunar | 04/06/2027 | 1500 | 0 | 0 | 0 | 0 | 0 |

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL REPORT** | DECEMBER 31, 2022 | **39** |

---

------

##### [**Table of Contents**](#toc)
**Schedule of Investments PIMCO Dividend and Income Fund (Cont.)** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Pay/ <br>Receive**<br> **Floating**<br> **Rate** | **Floating Rate Index** | **Fixed<br>Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Variation Margin** | **Variation Margin** |
| **Pay/ <br>Receive**<br> **Floating**<br> **Rate** | **Floating Rate Index** | **Fixed<br>Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Market<br>Value** | **Asset** | **Liability** |
| Receive | 28-Day MXN-TIIE | 7.984% | Lunar | 12/10/2027 | $2900 | $(22) | $27 | $5 | $0 | $0 |
| Receive | 28-Day MXN-TIIE | 8.005 | Lunar | 12/21/2027 | 11400 | (86) | 105 | 19 | 2 | 0 |
| Receive | 28-Day MXN-TIIE | 7.800 | Lunar | 12/28/2027 | 1200 | (8) | 11 | 3 | 0 | 0 |
| Receive | 28-Day MXN-TIIE | 7.910 | Lunar | 12/30/2027 | 700 | (5) | 6 | 1 | 0 | 0 |
| Receive | 28-Day MXN-TIIE | 8.030 | Lunar | 01/31/2028 | 2000 | (15) | 18 | 3 | 0 | 0 |
| Receive | 28-Day MXN-TIIE | 8.050 | Lunar | 01/31/2028 | 1900 | (15) | 18 | 3 | 0 | 0 |
| Receive | 28-Day MXN-TIIE | 7.495 | Lunar | 01/14/2032 | 700 | 3 | 0 | 3 | 0 | 0 |
| Receive | 28-Day MXN-TIIE | 7.498 | Lunar | 01/15/2032 | 2900 | 12 | (1) | 11 | 1 | 0 |
| Receive | 28-Day MXN-TIIE | 8.732 | Lunar | 03/30/2032 | 700 | 0 | 0 | 0 | 0 | 0 |
| Receive | 28-Day MXN-TIIE | 8.701 | Lunar | 03/31/2032 | 1700 | 0 | 0 | 0 | 0 | 0 |
| Pay | 28-Day MXN-TIIE | 7.165 | Lunar | 09/06/2032 | 400 | 2 | (4) | (2) | 0 | 0 |
| Pay | 28-Day MXN-TIIE | 7.380 | Lunar | 08/14/2037 | 100 | 1 | (2) | (1) | 0 | 0 |
| Pay | 28-Day MXN-TIIE | 7.360 | Lunar | 08/21/2037 | 100 | 1 | (2) | (1) | 0 | 0 |
| Receive | 28-Day MXN-TIIE | 8.103 | Lunar | 01/04/2038 | 900 | (9) | 12 | 3 | 0 | 0 |
| Receive | UKRPI | 4.000 | Maturity | 09/15/2031 | 100 | 0 | (14) | (14) | 0 | (1) |
| Receive | UKRPI | 4.140 | Maturity | 10/15/2031 | 100 | 0 | (13) | (13) | 0 | (1) |
| Receive | UKRPI | 4.250 | Maturity | 11/15/2031 | 100 | (1) | (10) | (11) | 0 | (1) |
|  |  |  |  |  |  | $(869) | $2782 | $1913 | $111 | $(51) |
|  **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | **Total Swap Agreements** | $**(1185)** | $**3182** | $**1997** | $**112** | $**(53)** |

---

**FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY** 

**The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of December 31, 2022:** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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** |<br>**Total** | **Written<br>Options** | **Futures** | **Swap<br>Agreements** |<br>**Total** |
|  **Total Exchange-Traded or Centrally Cleared** | $**0** | $**9** | $**112** | $**121** | $**(6)** | $**(30)** | $**(53)** | $**(89)** |

---

**(n)** **Securities with an aggregate market value of $851 and cash of $2,273 have been pledged as collateral for exchange-traded and centrally cleared financial derivative instruments as of December 31, 2022. See Note 8, Master Netting Arrangements, in the Notes to Financial Statements for more information.** 

<sup>(1)</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>(2)</sup> Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on sovereign issues as of period end serve as indicators of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. 

<sup>(3)</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>(4)</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>(5)</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.

---

| | | |
|:---|:---|:---|
| **40** | **PIMCO EQUITY SERIES** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
(Unaudited)

December 31, 2022

&nbsp;&nbsp;&nbsp;&nbsp;**(o) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** 

**FORWARD FOREIGN CURRENCY CONTRACTS:** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **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 Delivered** | **Currency to<br>be Received** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  BOA | 01/2023 | JPY | 1000 | $— | 7 | $0 | $0 |
|  | 01/2023 | $— | 1013 | AUD | 1496 | 6 | 0 |
|  | 01/2023 |  | 112 | GBP | 92 | 0 | (1) |
|  | 01/2023 |  | 27 | KRW | 35246 | 1 | 0 |
|  | 02/2023 | JPY | 170000 | $— | 1214 | 0 | (90) |
|  | 02/2023 | $— | 159 | NOK | 1582 | 2 | 0 |
|  | 02/2023 | ZAR | 476 | $— | 26 | 0 | (1) |
|  | 03/2023 | TWD | 1737 |  | 59 | 2 | 0 |
|  | 03/2023 | $— | 113 | IDR | 1762800 | 1 | 0 |
|  | 03/2023 | ZAR | 2963 | $— | 168 | 0 | (5) |
|  BPS | 01/2023 | $— | 766 | KRW | 998727 | 27 | 0 |
|  | 02/2023 |  | 37 | IDR | 577096 | 1 | 0 |
|  | 02/2023 | ZAR | 1509 | $— | 84 | 0 | (5) |
|  | 03/2023 | $— | 5 | CLP | 4360 | 0 | 0 |
|  | 03/2023 |  | 572 | MXN | 11538 | 11 | 0 |
|  BRC | 01/2023 | CNH | 74 | $— | 11 | 0 | 0 |
|  | 01/2023 | JPY | 10000 |  | 71 | 0 | (5) |
|  | 03/2023 |  | 64000 |  | 476 | 0 | (16) |
|  CBK | 01/2023 | AUD | 14 |  | 9 | 0 | 0 |
|  | 01/2023 | CLP | 182991 |  | 206 | 0 | (10) |
|  | 01/2023 | PEN | 47 |  | 12 | 0 | (1) |
|  | 01/2023 | $— | 119 | AUD | 175 | 1 | 0 |
|  | 01/2023 |  | 1058 | BRL | 5552 | 0 | (6) |
|  | 01/2023 |  | 192 | CLP | 182929 | 24 | 0 |
|  | 01/2023 |  | 41 | EUR | 39 | 0 | 0 |
|  | 01/2023 |  | 21 | PEN | 83 | 1 | 0 |
|  | 02/2023 | CAD | 748 | $— | 548 | 0 | (5) |
|  | 02/2023 | PEN | 185 |  | 47 | 0 | (2) |
|  | 02/2023 | $— | 206 | CLP | 183999 | 10 | 0 |
|  | 02/2023 |  | 328 | NZD | 513 | 0 | (3) |
|  | 03/2023 | PEN | 147 | $— | 37 | 0 | (2) |
|  | 03/2023 | $— | 31 | CLP | 26866 | 0 | 0 |
|  | 04/2023 | PEN | 572 | $— | 145 | 0 | (4) |
|  | 04/2023 | $— | 135 | PEN | 539 | 6 | 0 |
|  DUB | 01/2023 | JPY | 50000 | $— | 355 | 0 | (27) |
|  GLM | 01/2023 | BRL | 5552 |  | 1042 | 0 | (10) |
|  | 01/2023 | CNH | 76 |  | 11 | 0 | 0 |
|  | 01/2023 | ZAR | 486 |  | 27 | 0 | (1) |
|  | 02/2023 |  | 62 |  | 4 | 0 | 0 |
|  | 03/2023 | $— | 275 | MXN | 5649 | 11 | 0 |
|  | 04/2023 |  | 1023 | BRL | 5552 | 10 | 0 |
|  | 05/2023 |  | 12 | PEN | 48 | 1 | 0 |
|  JPM | 01/2023 | GBP | 1397 | $— | 1687 | 0 | (2) |
|  | 01/2023 | $— | 44 | ZAR | 773 | 1 | 0 |
|  | 02/2023 | TWD | 2159 | $— | 71 | 1 | 0 |
|  | 02/2023 | $— | 63 | IDR | 996788 | 1 | 0 |
|  | 03/2023 |  | 202 |  | 3155990 | 2 | 0 |
|  MBC | 01/2023 | EUR | 2306 | $— | 2417 | 0 | (53) |
|  | 01/2023 | $— | 91 | AUD | 135 | 1 | 0 |
|  | 01/2023 |  | 942 | JPY | 127900 | 33 | 0 |
|  | 01/2023 | ZAR | 1073 | $— | 62 | 0 | (1) |
|  | 02/2023 | $— | 540 | CAD | 716 | 0 | (11) |
|  | 03/2023 | TWD | 2590 | $— | 88 | 3 | 0 |
|  | 03/2023 | $— | 122 | IDR | 1915526 | 1 | 0 |

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL REPORT** | DECEMBER 31, 2022 | **41** |

---

------

##### [**Table of Contents**](#toc)
**Schedule of Investments PIMCO Dividend and Income Fund (Cont.)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement<br>Month** | **Currency to<br>be Delivered** | **Currency to<br>be Delivered** | **Currency to<br>be Received** | **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 Delivered** | **Currency to<br>be Received** | **Currency to<br>be Received** | **Asset** | **Liability** |
|  | 05/2023 | CNH | 48 | $— | 7 | $0 | $0 |
|  MYI | 01/2023 | $— | 312 | AUD | 465 | 4 | 0 |
|  | 01/2023 |  | 725 | JPY | 99277 | 32 | 0 |
|  | 02/2023 | TWD | 3992 | $— | 131 | 0 | 0 |
|  | 02/2023 | ZAR | 2874 |  | 161 | 0 | (7) |
|  | 03/2023 | TWD | 2327 |  | 79 | 3 | 0 |
|  | 03/2023 | $— | 172 | IDR | 2698934 | 2 | 0 |
|  RBC | 01/2023 |  | 4 | AUD | 5 | 0 | 0 |
|  | 02/2023 | MXN | 7509 | $— | 379 | 0 | (4) |
|  | 02/2023 | $— | 242 | NOK | 2412 | 5 | 0 |
|  | 03/2023 | MXN | 1793 | $— | 90 | 0 | (2) |
|  | 04/2023 | $— | 406 | MXN | 8408 | 18 | 0 |
|  RYL | 01/2023 | JPY | 9000 | $— | 66 | 0 | (3) |
|  SCX | 01/2023 | $— | 21 | AUD | 31 | 0 | 0 |
|  | 01/2023 |  | 46 | PEN | 175 | 1 | 0 |
|  | 02/2023 |  | 67 | IDR | 1048842 | 1 | 0 |
|  | 03/2023 |  | 4 | PEN | 17 | 0 | 0 |
|  | 09/2023 | ZAR | 1326 | $— | 75 | 0 | (1) |
|  SSB | 03/2023 | $— | 154 | CLP | 134842 | 4 | 0 |
|  UAG | 01/2023 | ZAR | 1512 | $— | 84 | 0 | (5) |
|  | 02/2023 | $— | 98 | IDR | 1556636 | 2 | 0 |
|  | 03/2023 | JPY | 226018 | $— | 1662 | 0 | (74) |
|  **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | $**230** | $**(357)** |

---

**WRITTEN OPTIONS:** 

**CREDIT DEFAULT SWAPTIONS ON CREDIT INDICES** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Description** | **Buy/Sell<br>Protection** | **Exercise<br>Rate** | **Expiration<br>Date** | **Notional<br>Amount<sup>(1)</sup>** | **Premiums<br>(Received)** | **Market<br>Value** |
|  GST | Put - OTC iTraxx Europe 37 5-Year Index | Sell | 3.000% | 03/15/2023 | 100 | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

**INTEREST RATE SWAPTIONS** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Floating Rate Index** | **Pay/<br>Receive <br>Floating<br>Rate** | **Exercise<br>Rate** | **Expiration<br>Date** | **Notional<br>Amount<sup>(1)</sup>** | **Premiums<br>(Received)** | **Market<br>Value** |
|  BOA<br> Call - OTC 1-Year Interest Rate Swap | 3-Month USD-LIBOR | Receive | 2.150% | 12/01/2023 | 200 | $&nbsp;&nbsp;&nbsp;&nbsp;(1) | $0 |
| Put - OTC 1-Year Interest Rate Swap | 3-Month USD-LIBOR | Pay | 3.650 | 12/01/2023 | 200 | (1) | &nbsp;&nbsp;&nbsp;&nbsp;(2) |
|  BPS<br> Call - OTC 1-Year Interest Rate Swap | 6-Month EUR-EURIBOR | Receive | 0.550 | 04/11/2023 | 100 | 1 | 0 |
| Put - OTC 1-Year Interest Rate Swap | 6-Month EUR-EURIBOR | Pay | 2.100 | 04/11/2023 | 100 | 1 | (2) |
| Call - OTC 1-Year Interest Rate Swap | 6-Month EUR-EURIBOR | Receive | 0.700 | 04/28/2023 | 300 | (1) | 0 |
| Put - OTC 1-Year Interest Rate Swap | 6-Month EUR-EURIBOR | Pay | 2.250 | 04/28/2023 | 300 | (1) | (4) |
| Call - OTC 5-Year Interest Rate Swap | 3-Month USD-LIBOR | Receive | 3.270 | 01/23/2023 | 100 | 1 | 0 |
| Put - OTC 5-Year Interest Rate Swap | 3-Month USD-LIBOR | Pay | 3.770 | 01/23/2023 | 100 | 1 | (1) |

---

---

| | | |
|:---|:---|:---|
| **42** | **PIMCO EQUITY SERIES** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
(Unaudited)

December 31, 2022

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Floating Rate Index** | **Pay/<br>Receive <br>Floating<br>Rate** | **Exercise<br>Rate** | **Expiration<br>Date** | **Notional<br>Amount<sup>(1)</sup>** | **Premiums<br>(Received)** | **Market<br>Value** |
|  CBK<br> Call - OTC 1-Year Interest Rate Swap | 3-Month USD-LIBOR | Receive | 2.690% | 04/02/2024 | 100 | $(1) | $0 |
| Put - OTC 1-Year Interest Rate Swap | 3-Month USD-LIBOR | Pay | 2.690 | 04/02/2024 | 100 | &nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp;&nbsp;&nbsp;(1) |
|  DUB<br> Call - OTC 1-Year Interest Rate Swap | 3-Month USD-LIBOR | Receive | 2.920 | 10/13/2023 | 200 | (1) | 0 |
| Put - OTC 1-Year Interest Rate Swap | 3-Month USD-LIBOR | Pay | 2.920 | 10/13/2023 | 200 | (1) | (3) |
| Call - OTC 1-Year Interest Rate Swap | 3-Month USD-LIBOR | Receive | 2.790 | 04/08/2024 | 100 | (1) | 0 |
| Put - OTC 1-Year Interest Rate Swap | 3-Month USD-LIBOR | Pay | 2.790 | 04/08/2024 | 100 | (1) | (1) |
|  FAR<br> Call - OTC 1-Year Interest Rate Swap | 3-Month USD-LIBOR | Receive | 2.688 | 04/02/2024 | 100 | (1) | 0 |
| Put - OTC 1-Year Interest Rate Swap | 3-Month USD-LIBOR | Pay | 2.688 | 04/02/2024 | 100 | (1) | (1) |
| Call - OTC 1-Year Interest Rate Swap | 3-Month USD-LIBOR | Receive | 2.781 | 04/05/2024 | 200 | 0 | (1) |
| Put - OTC 1-Year Interest Rate Swap | 3-Month USD-LIBOR | Pay | 2.781 | 04/05/2024 | 200 | 0 | (3) |
|  GLM<br> Call - OTC 1-Year Interest Rate Swap | 3-Month USD-LIBOR | Receive | 2.920 | 10/13/2023 | 100 | (1) | 0 |
| Put - OTC 1-Year Interest Rate Swap | 3-Month USD-LIBOR | Pay | 2.920 | 10/13/2023 | 100 | (1) | (2) |
| Call - OTC 1-Year Interest Rate Swap | 3-Month USD-LIBOR | Receive | 3.018 | 10/20/2023 | 100 | (1) | 0 |
| Put - OTC 1-Year Interest Rate Swap | 3-Month USD-LIBOR | Pay | 3.018 | 10/20/2023 | 100 | (1) | (1) |
| Call - OTC 1-Year Interest Rate Swap | 3-Month USD-LIBOR | Receive | 3.140 | 10/23/2023 | 100 | (1) | 0 |
| Put - OTC 1-Year Interest Rate Swap | 3-Month USD-LIBOR | Pay | 3.140 | 10/23/2023 | 100 | (1) | (1) |
| Call - OTC 1-Year Interest Rate Swap | 3-Month USD-LIBOR | Receive | 3.190 | 10/23/2023 | 100 | (1) | 0 |
| Put - OTC 1-Year Interest Rate Swap | 3-Month USD-LIBOR | Pay | 3.190 | 10/23/2023 | 100 | (1) | (1) |
| Call - OTC 1-Year Interest Rate Swap | 3-Month USD-LIBOR | Receive | 3.225 | 10/23/2023 | 100 | (1) | 0 |
| Put - OTC 1-Year Interest Rate Swap | 3-Month USD-LIBOR | Pay | 3.225 | 10/23/2023 | 100 | (1) | (1) |
| Call - OTC 1-Year Interest Rate Swap | 3-Month USD-LIBOR | Receive | 2.973 | 10/25/2023 | 100 | (1) | 0 |
| Put - OTC 1-Year Interest Rate Swap | 3-Month USD-LIBOR | Pay | 2.973 | 10/25/2023 | 100 | (1) | (1) |
| Call - OTC 1-Year Interest Rate Swap | 3-Month USD-LIBOR | Receive | 2.841 | 10/27/2023 | 100 | (1) | 0 |
| Put - OTC 1-Year Interest Rate Swap | 3-Month USD-LIBOR | Pay | 2.841 | 10/27/2023 | 100 | (1) | (2) |
| Call - OTC 1-Year Interest Rate Swap | 3-Month USD-LIBOR | Receive | 3.088 | 11/03/2023 | 100 | (1) | 0 |
| Put - OTC 1-Year Interest Rate Swap | 3-Month USD-LIBOR | Pay | 3.088 | 11/03/2023 | 100 | (1) | (1) |
| Call - OTC 1-Year Interest Rate Swap | 3-Month USD-LIBOR | Receive | 2.910 | 11/10/2023 | 100 | (1) | 0 |
| Put - OTC 1-Year Interest Rate Swap | 3-Month USD-LIBOR | Pay | 2.910 | 11/10/2023 | 100 | (1) | (1) |
| Call - OTC 1-Year Interest Rate Swap | 3-Month USD-LIBOR | Receive | 2.250 | 11/17/2023 | 200 | (1) | 0 |
| Put - OTC 1-Year Interest Rate Swap | 3-Month USD-LIBOR | Pay | 3.750 | 11/17/2023 | 200 | (1) | (2) |

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL REPORT** | DECEMBER 31, 2022 | **43** |

---

------

##### [**Table of Contents**](#toc)
**Schedule of Investments PIMCO Dividend and Income Fund (Cont.)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Floating Rate Index** | **Pay/<br>Receive <br>Floating<br>Rate** | **Exercise<br>Rate** | **Expiration<br>Date** | **Notional<br>Amount<sup>(1)</sup>** | **Premiums<br>(Received)** | **Market<br>Value** |
| Call - OTC 1-Year Interest Rate Swap | 3-Month USD-LIBOR | Receive | 2.150% | 11/20/2023 | 200 | $(1) | $0 |
| Put - OTC 1-Year Interest Rate Swap | 3-Month USD-LIBOR | Pay | 3.650 | 11/20/2023 | 200 | &nbsp;&nbsp;&nbsp;&nbsp;(1) | &nbsp;&nbsp;&nbsp;&nbsp;(2) |
| Call - OTC 1-Year Interest Rate Swap | 3-Month USD-LIBOR | Receive | 2.250 | 12/07/2023 | 200 | (1) | 0 |
| Put - OTC 1-Year Interest Rate Swap | 3-Month USD-LIBOR | Pay | 3.750 | 12/07/2023 | 200 | (1) | (2) |
| Call - OTC 1-Year Interest Rate Swap | 3-Month USD-LIBOR | Receive | 2.697 | 04/02/2024 | 200 | (1) | (1) |
| Put - OTC 1-Year Interest Rate Swap | 3-Month USD-LIBOR | Pay | 2.697 | 04/02/2024 | 200 | (1) | (3) |
| Call - OTC 1-Year Interest Rate Swap | 3-Month USD-LIBOR | Receive | 2.721 | 04/08/2024 | 100 | (1) | 0 |
| Put - OTC 1-Year Interest Rate Swap | 3-Month USD-LIBOR | Pay | 2.721 | 04/08/2024 | 100 | (1) | (1) |
| Call - OTC 1-Year Interest Rate Swap | 6-Month EUR-EURIBOR | Receive | 0.550 | 04/05/2023 | 300 | (1) | 0 |
| Put - OTC 1-Year Interest Rate Swap | 6-Month EUR-EURIBOR | Pay | 2.100 | 04/05/2023 | 300 | (1) | (5) |
| Call - OTC 1-Year Interest Rate Swap | 6-Month EUR-EURIBOR | Receive | 0.550 | 04/11/2023 | 500 | (1) | 0 |
| Put - OTC 1-Year Interest Rate Swap | 6-Month EUR-EURIBOR | Pay | 2.100 | 04/11/2023 | 500 | (1) | (8) |
| Call - OTC 1-Year Interest Rate Swap | 6-Month EUR-EURIBOR | Receive | 0.700 | 04/24/2023 | 300 | 1 | 0 |
| Put - OTC 1-Year Interest Rate Swap | 6-Month EUR-EURIBOR | Pay | 2.250 | 04/24/2023 | 300 | (1) | (4) |
| Call - OTC 1-Year Interest Rate Swap | 6-Month EUR-EURIBOR | Receive | 0.700 | 04/26/2023 | 300 | (1) | 0 |
| Put - OTC 1-Year Interest Rate Swap | 6-Month EUR-EURIBOR | Pay | 2.250 | 04/26/2023 | 300 | (1) | (4) |
| Call - OTC 1-Year Interest Rate Swap | 6-Month EUR-EURIBOR | Receive | 0.550 | 05/15/2023 | 300 | (1) | 0 |
| Put - OTC 1-Year Interest Rate Swap | 6-Month EUR-EURIBOR | Pay | 2.100 | 05/15/2023 | 300 | (1) | (5) |
| Call - OTC 5-Year Interest Rate Swap | 3-Month USD-LIBOR | Receive | 3.230 | 01/23/2023 | 1600 | (3) | (1) |
| Put - OTC 5-Year Interest Rate Swap | 3-Month USD-LIBOR | Pay | 3.730 | 01/23/2023 | 1600 | (3) | (10) |
|  MYC<br> Call - OTC 1-Year Interest Rate Swap | 3-Month USD-LIBOR | Receive | 2.993 | 10/11/2023 | 100 | (1) | 0 |
| Put - OTC 1-Year Interest Rate Swap | 3-Month USD-LIBOR | Pay | 2.993 | 10/11/2023 | 100 | (1) | (1) |
|  NGF<br> Call - OTC 1-Year Interest Rate Swap | 3-Month USD-LIBOR | Receive | 3.020 | 11/06/2023 | 200 | (1) | 0 |
| Put - OTC 1-Year Interest Rate Swap | 3-Month USD-LIBOR | Pay | 3.020 | 11/06/2023 | 200 | (1) | (3) |
| Call - OTC 1-Year Interest Rate Swap | 3-Month USD-LIBOR | Receive | 2.845 | 11/13/2023 | 200 | (1) | 0 |
| Put - OTC 1-Year Interest Rate Swap | 3-Month USD-LIBOR | Pay | 2.845 | 11/13/2023 | 200 | (1) | (3) |
| Call - OTC 1-Year Interest Rate Swap | 3-Month USD-LIBOR | Receive | 2.785 | 04/08/2024 | 100 | (1) | 0 |
| Put - OTC 1-Year Interest Rate Swap | 3-Month USD-LIBOR | Pay | 2.785 | 04/08/2024 | 100 | (1) | (1) |
| Call - OTC 1-Year Interest Rate Swap | 3-Month USD-LIBOR | Receive | 2.835 | 04/08/2024 | 100 | (1) | 0 |
| Put - OTC 1-Year Interest Rate Swap | 3-Month USD-LIBOR | Pay | 2.835 | 04/08/2024 | 100 | (1) | (1) |

---

---

| | | |
|:---|:---|:---|
| **44** | **PIMCO EQUITY SERIES** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
(Unaudited)

December 31, 2022

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Floating Rate Index** | **Pay/<br>Receive <br>Floating<br>Rate** | **Exercise<br>Rate** | **Expiration<br>Date** | **Notional<br>Amount<sup>(1)</sup>** | **Premiums<br>(Received)** | **Market<br>Value** |
| Call - OTC 1-Year Interest Rate Swap | 6-Month EUR-EURIBOR | Receive | 0.550% | 04/03/2023 | 800 | $(1) | $0 |
| Put - OTC 1-Year Interest Rate Swap | 6-Month EUR-EURIBOR | Pay | 2.100 | 04/03/2023 | 800 | (1) | (12) |
| Call - OTC 1-Year Interest Rate Swap | 6-Month EUR-EURIBOR | Receive | 0.550 | 04/04/2023 | 400 | (1) | 0 |
| Put - OTC 1-Year Interest Rate Swap | 6-Month EUR-EURIBOR | Pay | 2.100 | 04/04/2023 | 400 | (1) | (6) |
| Call - OTC 1-Year Interest Rate Swap | 6-Month EUR-EURIBOR | Receive | 0.550 | 05/12/2023 | 400 | 1 | 0 |
| Put - OTC 1-Year Interest Rate Swap | 6-Month EUR-EURIBOR | Pay | 2.100 | 05/12/2023 | 400 | (1) | (7) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;(64) | $&nbsp;&nbsp;&nbsp;&nbsp;(112) |

---

**OPTIONS ON SECURITIES** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Description** | **Strike<br>Price** | **Expiration<br>Date** | **Notional<br>Amount<sup>(1)</sup>** | **Premiums<br>(Received)** | **Market<br>Value** |
|  BOA | Call - OTC Uniform Mortgage-Backed Security, TBA 5.500% due 01/01/2053 | $&nbsp;&nbsp;&nbsp;&nbsp;101.891 | 01/05/2023 | 100 | $(1) | $0 |
|  SAL | Call - OTC Uniform Mortgage-Backed Security, TBA 5.500% due 01/01/2053 | 102.250 | 01/05/2023 | 100 | 0 | 0 |
|  |  |  |  |  | $(1) | $0 |
|  **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | $**(65)** | $**(112)** |

---

**SWAP AGREEMENTS:** 

**CREDIT DEFAULT SWAPS ON SOVEREIGN ISSUES - SELL PROTECTION<sup>(2)</sup>** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity** | **Fixed<br>Receive<br>Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied Credit<br>Spread at<br>December 31,<br>2022<sup>(3)</sup>** | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Swap<br>Agreements,<br>at Value<sup>(5)</sup>** | **Swap<br>Agreements,<br>at Value<sup>(5)</sup>** |
| **Counterparty** | **Reference Entity** | **Fixed<br>Receive<br>Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied Credit<br>Spread at<br>December 31,<br>2022<sup>(3)</sup>** | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  BPS | Mexico Government International Bond | 1.000% | Quarterly | 06/20/2024 | 0.588% | $40 | $(1) | $1 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;0 |
|  CBK | Brazil Government International Bond | 1.000 | Quarterly | 12/20/2024 | 1.173 | 300 | (5) | 4 | 0 | (1) |
|  GST | Brazil Government International Bond | 1.000 | Quarterly | 12/20/2024 | 1.173 | 200 | (3) | 2 | 0 | (1) |
|  | Colombia Government International Bond | 1.000 | Quarterly | 12/20/2027 | 2.715 | 100 | (9) | 2 | 0 | (7) |
|  | Mexico Government International Bond | 1.000 | Quarterly | 06/20/2023 | 0.336 | 100 | (1) | 1 | 0 | 0 |
|  | Mexico Government International Bond | 1.000 | Quarterly | 12/20/2024 | 0.640 | 100 | (1) | 2 | 1 | 0 |
|  | Mexico Government International Bond | 1.000 | Quarterly | 12/20/2027 | 1.305 | 100 | (4) | 3 | 0 | (1) |
|  | Turkey Government International Bond | 1.000 | Quarterly | 12/20/2024 | 4.322 | 100 | (11) | 5 | &nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;(6) |
|  HUS | Brazil Government International Bond | 1.000 | Quarterly | 06/20/2024 | 1.051 | 400 | &nbsp;&nbsp;&nbsp;&nbsp;(12) | &nbsp;&nbsp;&nbsp;&nbsp;12 | 0 | 0 |
|  | Mexico Government International Bond | 1.000 | Quarterly | 12/20/2023 | 0.480 | &nbsp;&nbsp;&nbsp;&nbsp;300 | (5) | 7 | 2 | 0 |

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL REPORT** | DECEMBER 31, 2022 | **45** |

---

------

##### [**Table of Contents**](#toc)
**Schedule of Investments PIMCO Dividend and Income Fund (Cont.)** 

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Reference Entity** | **Fixed<br>Receive<br>Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied Credit<br>Spread at<br>December 31,<br>2022<sup>(3)</sup>** | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Swap<br>Agreements,<br>at Value<sup>(5)</sup>** | **Swap<br>Agreements,<br>at Value<sup>(5)</sup>** |
| **Counterparty** | **Reference Entity** | **Fixed<br>Receive<br>Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Implied Credit<br>Spread at<br>December 31,<br>2022<sup>(3)</sup>** | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  MYC | Mexico Government International Bond | 1.000% | Quarterly | 12/20/2024 | 0.640% | $100 | $(1) | $2 | $1 | $0 |
|  | Mexico Government International Bond | 1.000 | Quarterly | 06/20/2027 | 1.191 | &nbsp;&nbsp;&nbsp;&nbsp;100 | 0 | (1) | 0 | (1) |
|  | Mexico Government International Bond | 1.000 | Quarterly | 12/20/2027 | 1.305 | 300 | (10) | 6 | 0 | (4) |
|  | South Africa Government International Bond | 1.000 | Quarterly | 12/20/2026 | 2.103 | 200 | (9) | 2 | 0 | (7) |
|  |  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;(72) | $&nbsp;&nbsp;&nbsp;&nbsp;48 | $&nbsp;&nbsp;&nbsp;&nbsp;4 | $&nbsp;&nbsp;&nbsp;&nbsp;(28) |

---

**CREDIT DEFAULT SWAPS ON CREDIT INDICES - SELL PROTECTION<sup>(2)</sup>** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Index/Tranches** | **Fixed<br>Receive<br>Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Swap<br>Agreements,<br>at Value<sup>(5)</sup>** | **Swap<br>Agreements,<br>at Value<sup>(5)</sup>** |
| **Counterparty** | **Index/Tranches** | **Fixed<br>Receive<br>Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount<sup>(4)</sup>** | **Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
|  GST | CMBX.NA.AAA.10 Index | 0.500% | Monthly | 11/17/2059 | $&nbsp;&nbsp;&nbsp;&nbsp;4000 | $(85) | $76 | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $(9) |
|  MYC | CMBX.NA.AAA.13 Index | 0.500 | Monthly | 12/16/2072 | 5700 | (2) | &nbsp;&nbsp;&nbsp;&nbsp;(69) | 0 | (71) |
|  |  |  |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;(87) | $7 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;(80) |

---

**TOTAL RETURN SWAPS ON SECURITIES** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Pay/<br>Receive<sup>(6)</sup>** | **Underlying<br>Reference** | **# of<br>Shares** | **Financing Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Swap<br>Agreements,<br>at Value** | **Swap<br>Agreements,<br>at Value** |
| **Counterparty** | **Pay/<br>Receive<sup>(6)</sup>** | **Underlying<br>Reference** | **# of<br>Shares** | **Financing Rate** | **Payment<br>Frequency** | **Maturity<br>Date** | **Notional<br>Amount** | **Premiums<br>Paid/<br>(Received)** | **Unrealized<br>Appreciation/<br>(Depreciation)** | **Asset** | **Liability** |
| BOA | Receive | iBoxx USD Investment Grade Corporate Bond ETF | 970 | 4.130% (1-Month USD-LIBOR less a specified spread) | Monthly | 10/18/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;72 | $0 | $(1) | $0 | $(1) |
| BPS | Receive | iBoxx USD Investment Grade Corporate Bond ETF | 667 | 3.680% (1-Month USD-LIBOR less a specified spread) | Monthly | 11/29/2023 | 49 | 0 | 0 | 0 | 0 |
| GST | Receive | iBoxx USD Investment Grade Corporate Bond ETF | 666 | 3.930% (1-Month USD-LIBOR less a specified spread) | Monthly | 12/13/2023 | 49 | 0 | 0 | 0 | 0 |
|  |  |  |  |  |  |  |  | $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** | $**(159)** | $**54** | $**4** | $**(109)** |

---

**FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY** 

**The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of December 31, 2022:** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | | | |
| <br>**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** |<br>**Net Market<br>Value of OTC<br>Derivatives** |<br>**Collateral<br>Pledged/**<br> **(Received)** |<br>**Net<br>Exposure<sup>(7)</sup>** |
|  BOA | $&nbsp;&nbsp;&nbsp;&nbsp;12 | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;12 | $&nbsp;&nbsp;&nbsp;&nbsp;(97) | $(2) | $(1) | $(100) | $(88) | $&nbsp;&nbsp;&nbsp;&nbsp;134 | $&nbsp;&nbsp;&nbsp;&nbsp;46 |
|  BPS | 39 | 0 | 0 | 39 | (5) | (7) | 0 | (12) | 27 | 0 | 27 |
|  BRC | 0 | 0 | 0 | 0 | (21) | 0 | 0 | (21) | (21) | 0 | (21) |
|  CBK | 42 | 0 | 0 | 42 | (33) | (1) | (1) | (35) | 7 | 0 | 7 |
|  DUB | 0 | 0 | 0 | 0 | (27) | (4) | 0 | (31) | (31) | 0 | (31) |
|  FAR | 0 | 0 | 0 | 0 | 0 | (5) | 0 | (5) | (5) | 0 | (5) |

---

---

| | | |
|:---|:---|:---|
| **46** | **PIMCO EQUITY SERIES** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
(Unaudited)

December 31, 2022

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | | | |
| <br>**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** |<br>**Net Market<br>Value of OTC<br>Derivatives** |<br>**Collateral<br>Pledged/**<br> **(Received)** |<br>**Net<br>Exposure<sup>(7)</sup>** |
|  GLM | $22 | $0 | $0 | $22 | $(11) | $(59) | $0 | $(70) | $(48) | $42 | $(6) |
|  GST | 0 | 0 | 1 | 1 | 0 | 0 | (24) | (24) | (23) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;(23) |
|  HUS | 0 | 0 | 2 | 2 | 0 | 0 | 0 | 0 | 2 | 0 | 2 |
|  JPM | 5 | 0 | 0 | 5 | (2) | 0 | 0 | (2) | 3 | 0 | 3 |
|  MBC | 38 | 0 | 0 | 38 | (65) | 0 | 0 | (65) | (27) | 0 | (27) |
|  MYC | 0 | 0 | 1 | 1 | 0 | (1) | (83) | (84) | (83) | 0 | (83) |
|  MYI | 41 | 0 | 0 | 41 | (7) | 0 | 0 | (7) | 34 | 0 | 34 |
|  NGF | 0 | 0 | 0 | 0 | 0 | (33) | 0 | (33) | (33) | 0 | (33) |
|  RBC | 23 | 0 | 0 | 23 | (6) | 0 | 0 | (6) | 17 | 0 | 17 |
|  RYL | 0 | 0 | 0 | 0 | (3) | 0 | 0 | (3) | (3) | 0 | (3) |
|  SCX | 2 | 0 | 0 | 2 | (1) | 0 | 0 | (1) | 1 | 0 | 1 |
|  SSB | 4 | 0 | 0 | 4 | 0 | 0 | 0 | 0 | 4 | 0 | 4 |
|  UAG | 2 | 0 | 0 | 2 | (79) | 0 | 0 | (79) | (77) | 0 | (77) |
|  **Total Over the Counter** | $**230** | $**0** | $**4** | $**234** | $**(357)** | $**(112)** | $**(109)** | $**(578)** |  |  |  |

---

**(p)** **Securities with an aggregate market value of $176 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of December 31, 2022.** 

<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 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> 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>(7)</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. 

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL REPORT** | DECEMBER 31, 2022 | **47** |

---

------

##### [**Table of Contents**](#toc)
**Schedule of Investments PIMCO Dividend and Income Fund (Cont.)** 

**FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS** 

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

**Fair Values of Financial Derivative Instruments on the Statement of Assets and Liabilities as of December 31, 2022:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **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** |  |  |  |  |  |  |
|  Exchange-traded or centrally cleared |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures  | $0 | $0 | $0 | $0 | $9 | $9 |
| &nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 1 | 0 | 0 | 111 | 112 |
|  | $0 | $1 | $0 | $0 | $120 | $121 |
|  Over the counter |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $230 | $0 | $230 |
| &nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 4 | 0 | 0 | 0 | 4 |
|  | $0 | $4 | $0 | $230 | $0 | $234 |
|  | $0 | $5 | $0 | $230 | $120 | $355 |
|  **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; Written Options  | $0 | $0 | $0 | $0 | $6 | $6 |
| &nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 30 | 30 |
| &nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 2 | 0 | 0 | 51 | 53 |
|  | $0 | $2 | $0 | $0 | $87 | $89 |
|  Over the counter |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $357 | $0 | $357 |
| &nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 0 | 0 | 112 | 112 |
| &nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 108 | 1 | 0 | 0 | 109 |
|  | $0 | $108 | $1 | $357 | $112 | $578 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;667 |

---

**The effect of Financial Derivative Instruments on the Statement of Operations for the period ended December 31, 2022:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **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; Futures  | $0 | $0 | $0 | $0 | $(700) | $(700) |
| &nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | (93) | 0 | 0 | 1162 | 1069 |
|  | $0 | $(93) | $0 | $0 | $462 | $369 |
|  Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter | Over the counter |
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $344 | $0 | $344 |
| &nbsp;&nbsp;&nbsp; Written Options  | 0 | 4 | 0 | 0 | 59 | 63 |
| &nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 34 | (2) | 0 | 0 | 32 |
|  | $0 | $38 | $(2) | $344 | $59 | $439 |
|  | $0 | $(55) | $(2) | $344 | $521 | $808 |

---

---

| | | |
|:---|:---|:---|
| **48** | **PIMCO EQUITY SERIES** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
(Unaudited)

December 31, 2022

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **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 |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options  | $0 | $0 | $0 | $0 | $(2) | $(2) |
| &nbsp;&nbsp;&nbsp; Futures  | 0 | 0 | 0 | 0 | 132 | 132 |
| &nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 1103 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(129) | 974 |
|  | $0 | $1103 | $0 | $0 | $1 | $1104 |
|  Over the counter |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Forward Foreign Currency Contracts  | $0 | $0 | $0 | $(271) | $0 | $(271) |
| &nbsp;&nbsp;&nbsp; Written Options  | 0 | (1) | 0 | 0 | 117 | 116 |
| &nbsp;&nbsp;&nbsp; Swap Agreements  | 0 | 92 | 5 | 0 | 8 | 105 |
|  | $0 | $91 | $5 | $(271) | $125 | $(50) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1194 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(271) | $126 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1054 |

---

**FAIR VALUE MEASUREMENTS** 

**The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund's assets and liabilities:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2022** |
|  **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;&nbsp; Cayman Islands | $0 | $259 | $0 | $259 |
| &nbsp;&nbsp;&nbsp; United States | 0 | 12165 | 0 | 12165 |
|  Loan Participations and Assignments | Loan Participations and Assignments | Loan Participations and Assignments | Loan Participations and Assignments | Loan Participations and Assignments |
| &nbsp;&nbsp;&nbsp; Luxembourg | 0 | 53 | 0 | 53 |
| &nbsp;&nbsp;&nbsp; Panama | 0 | 380 | 0 | 380 |
| &nbsp;&nbsp;&nbsp; United Kingdom | 0 | 0 | 360 | 360 |
| &nbsp;&nbsp;&nbsp; United States | 0 | 1846 | 0 | 1846 |
|  Common Stocks | Common Stocks | Common Stocks | Common Stocks | Common Stocks |
| &nbsp;&nbsp;&nbsp; Australia | &nbsp;&nbsp;&nbsp; Australia | &nbsp;&nbsp;&nbsp; Australia | &nbsp;&nbsp;&nbsp; Australia | &nbsp;&nbsp;&nbsp; Australia |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 323 | 0 | 323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | 0 | 3614 | 0 | 3614 |
| &nbsp;&nbsp;&nbsp; Belgium | &nbsp;&nbsp;&nbsp; Belgium | &nbsp;&nbsp;&nbsp; Belgium | &nbsp;&nbsp;&nbsp; Belgium | &nbsp;&nbsp;&nbsp; Belgium |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 0 | 232 | 0 | 232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 0 | 107 | 0 | 107 |
| &nbsp;&nbsp;&nbsp; Brazil | &nbsp;&nbsp;&nbsp; Brazil | &nbsp;&nbsp;&nbsp; Brazil | &nbsp;&nbsp;&nbsp; Brazil | &nbsp;&nbsp;&nbsp; Brazil |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 0 | 96 | 0 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 0 | 342 | 0 | 342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 0 | 324 | 0 | 324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 0 | 142 | 0 | 142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | 0 | 478 | 0 | 478 |
| &nbsp;&nbsp;&nbsp; Canada | &nbsp;&nbsp;&nbsp; Canada | &nbsp;&nbsp;&nbsp; Canada | &nbsp;&nbsp;&nbsp; Canada | &nbsp;&nbsp;&nbsp; Canada |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 116 | 0 | 0 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 319 | 0 | 0 | 319 |
| &nbsp;&nbsp;&nbsp; China | &nbsp;&nbsp;&nbsp; China | &nbsp;&nbsp;&nbsp; China | &nbsp;&nbsp;&nbsp; China | &nbsp;&nbsp;&nbsp; China |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 0 | 120 | 0 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 0 | 378 | 0 | 378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 0 | 2046 | 0 | 2046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 215 | 0 | 215 |
| &nbsp;&nbsp;&nbsp; Czech Republic | &nbsp;&nbsp;&nbsp; Czech Republic | &nbsp;&nbsp;&nbsp; Czech Republic | &nbsp;&nbsp;&nbsp; Czech Republic | &nbsp;&nbsp;&nbsp; Czech Republic |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 151 | 0 | 0 | 151 |
| &nbsp;&nbsp;&nbsp; Denmark | &nbsp;&nbsp;&nbsp; Denmark | &nbsp;&nbsp;&nbsp; Denmark | &nbsp;&nbsp;&nbsp; Denmark | &nbsp;&nbsp;&nbsp; Denmark |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 474 | 0 | 474 |

---

---

| | | | |
|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL REPORT** | DECEMBER 31, 2022 | **49** |

---

------

##### [**Table of Contents**](#toc)
**Schedule of Investments PIMCO Dividend and Income Fund (Cont.)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2022** |
| &nbsp;&nbsp;&nbsp; Finland | &nbsp;&nbsp;&nbsp; Finland | &nbsp;&nbsp;&nbsp; Finland | &nbsp;&nbsp;&nbsp; Finland | &nbsp;&nbsp;&nbsp; Finland |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | $0 | $156 | $0 | $156 |
| &nbsp;&nbsp;&nbsp; France | &nbsp;&nbsp;&nbsp; France | &nbsp;&nbsp;&nbsp; France | &nbsp;&nbsp;&nbsp; France | &nbsp;&nbsp;&nbsp; France |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 0 | 118 | 0 | 118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 0 | 443 | 0 | 443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 0 | 650 | 0 | 650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | 0 | 746 | 0 | 746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 742 | 0 | 742 |
| &nbsp;&nbsp;&nbsp; Greece | &nbsp;&nbsp;&nbsp; Greece | &nbsp;&nbsp;&nbsp; Greece | &nbsp;&nbsp;&nbsp; Greece | &nbsp;&nbsp;&nbsp; Greece |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 0 | 116 | 0 | 116 |
| &nbsp;&nbsp;&nbsp; Hong Kong | &nbsp;&nbsp;&nbsp; Hong Kong | &nbsp;&nbsp;&nbsp; Hong Kong | &nbsp;&nbsp;&nbsp; Hong Kong | &nbsp;&nbsp;&nbsp; Hong Kong |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 78 | 0 | 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 0 | 325 | 0 | 325 |
| &nbsp;&nbsp;&nbsp; Indonesia | &nbsp;&nbsp;&nbsp; Indonesia | &nbsp;&nbsp;&nbsp; Indonesia | &nbsp;&nbsp;&nbsp; Indonesia | &nbsp;&nbsp;&nbsp; Indonesia |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 0 | 279 | 0 | 279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 0 | 195 | 0 | 195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 0 | 104 | 0 | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 0 | 132 | 0 | 132 |
| &nbsp;&nbsp;&nbsp; Israel | &nbsp;&nbsp;&nbsp; Israel | &nbsp;&nbsp;&nbsp; Israel | &nbsp;&nbsp;&nbsp; Israel | &nbsp;&nbsp;&nbsp; Israel |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 37 | 0 | 0 | 37 |
| &nbsp;&nbsp;&nbsp; Italy | &nbsp;&nbsp;&nbsp; Italy | &nbsp;&nbsp;&nbsp; Italy | &nbsp;&nbsp;&nbsp; Italy | &nbsp;&nbsp;&nbsp; Italy |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 0 | 255 | 0 | 255 |
| &nbsp;&nbsp;&nbsp; Japan | &nbsp;&nbsp;&nbsp; Japan | &nbsp;&nbsp;&nbsp; Japan | &nbsp;&nbsp;&nbsp; Japan | &nbsp;&nbsp;&nbsp; Japan |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 0 | 657 | 0 | 657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 0 | 788 | 0 | 788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | 0 | 777 | 0 | 777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 1478 | 0 | 1478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | 0 | 207 | 0 | 207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 0 | 361 | 0 | 361 |
| &nbsp;&nbsp;&nbsp; Luxembourg | &nbsp;&nbsp;&nbsp; Luxembourg | &nbsp;&nbsp;&nbsp; Luxembourg | &nbsp;&nbsp;&nbsp; Luxembourg | &nbsp;&nbsp;&nbsp; Luxembourg |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 0 | 0 | 69 | 69 |
| &nbsp;&nbsp;&nbsp; Netherlands | &nbsp;&nbsp;&nbsp; Netherlands | &nbsp;&nbsp;&nbsp; Netherlands | &nbsp;&nbsp;&nbsp; Netherlands | &nbsp;&nbsp;&nbsp; Netherlands |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 0 | 689 | 0 | 689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 0 | 304 | 0 | 304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | 0 | 103 | 0 | 103 |
| &nbsp;&nbsp;&nbsp; Norway | &nbsp;&nbsp;&nbsp; Norway | &nbsp;&nbsp;&nbsp; Norway | &nbsp;&nbsp;&nbsp; Norway | &nbsp;&nbsp;&nbsp; Norway |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 0 | 171 | 0 | 171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | 0 | 113 | 0 | 113 |
| &nbsp;&nbsp;&nbsp; Poland | &nbsp;&nbsp;&nbsp; Poland | &nbsp;&nbsp;&nbsp; Poland | &nbsp;&nbsp;&nbsp; Poland | &nbsp;&nbsp;&nbsp; Poland |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 0 | 250 | 0 | 250 |
| &nbsp;&nbsp;&nbsp; Portugal | &nbsp;&nbsp;&nbsp; Portugal | &nbsp;&nbsp;&nbsp; Portugal | &nbsp;&nbsp;&nbsp; Portugal | &nbsp;&nbsp;&nbsp; Portugal |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 0 | 161 | 0 | 161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 0 | 363 | 0 | 363 |
| &nbsp;&nbsp;&nbsp; South Africa | &nbsp;&nbsp;&nbsp; South Africa | &nbsp;&nbsp;&nbsp; South Africa | &nbsp;&nbsp;&nbsp; South Africa | &nbsp;&nbsp;&nbsp; South Africa |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 124 | 338 | 0 | 462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 0 | 112 | 0 | 112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 0 | 742 | 0 | 742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | 0 | 389 | 0 | 389 |
| &nbsp;&nbsp;&nbsp; South Korea | &nbsp;&nbsp;&nbsp; South Korea | &nbsp;&nbsp;&nbsp; South Korea | &nbsp;&nbsp;&nbsp; South Korea | &nbsp;&nbsp;&nbsp; South Korea |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 0 | 329 | 0 | 329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 0 | 209 | 0 | 209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 0 | 129 | 0 | 129 |
| &nbsp;&nbsp;&nbsp; Spain | &nbsp;&nbsp;&nbsp; Spain | &nbsp;&nbsp;&nbsp; Spain | &nbsp;&nbsp;&nbsp; Spain | &nbsp;&nbsp;&nbsp; Spain |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 0 | 355 | 0 | 355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 0 | 974 | 0 | 974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 0 | 798 | 0 | 798 |
| &nbsp;&nbsp;&nbsp; Sweden | &nbsp;&nbsp;&nbsp; Sweden | &nbsp;&nbsp;&nbsp; Sweden | &nbsp;&nbsp;&nbsp; Sweden | &nbsp;&nbsp;&nbsp; Sweden |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 0 | 124 | 0 | 124 |

---

---

| | | |
|:---|:---|:---|
| **50** | **PIMCO EQUITY SERIES** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
(Unaudited)

December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2022** |
| &nbsp;&nbsp;&nbsp; Switzerland | &nbsp;&nbsp;&nbsp; Switzerland | &nbsp;&nbsp;&nbsp; Switzerland | &nbsp;&nbsp;&nbsp; Switzerland | &nbsp;&nbsp;&nbsp; Switzerland |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | $172 | $0 | $0 | $172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 0 | 359 | 0 | 359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | 0 | 4993 | 0 | 4993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 334 | 0 | 334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 0 | 109 | 0 | 109 |
| &nbsp;&nbsp;&nbsp; Taiwan | &nbsp;&nbsp;&nbsp; Taiwan | &nbsp;&nbsp;&nbsp; Taiwan | &nbsp;&nbsp;&nbsp; Taiwan | &nbsp;&nbsp;&nbsp; Taiwan |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 0 | 1485 | 0 | 1485 |
| &nbsp;&nbsp;&nbsp; Turkey | &nbsp;&nbsp;&nbsp; Turkey | &nbsp;&nbsp;&nbsp; Turkey | &nbsp;&nbsp;&nbsp; Turkey | &nbsp;&nbsp;&nbsp; Turkey |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 0 | 131 | 0 | 131 |
| &nbsp;&nbsp;&nbsp; United Kingdom | &nbsp;&nbsp;&nbsp; United Kingdom | &nbsp;&nbsp;&nbsp; United Kingdom | &nbsp;&nbsp;&nbsp; United Kingdom | &nbsp;&nbsp;&nbsp; United Kingdom |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 0 | 1052 | 0 | 1052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 49 | 0 | 0 | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 0 | 411 | 0 | 411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | 0 | 743 | 0 | 743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 799 | 0 | 799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | 0 | 2148 | 0 | 2148 |
| &nbsp;&nbsp;&nbsp; United States | &nbsp;&nbsp;&nbsp; United States | &nbsp;&nbsp;&nbsp; United States | &nbsp;&nbsp;&nbsp; United States | &nbsp;&nbsp;&nbsp; United States |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 710 | 0 | 30 | 740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 1408 | 0 | 0 | 1408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 7445 | 0 | 0 | 7445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 3692 | 0 | 0 | 3692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 6788 | 0 | 0 | 6788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | 9291 | 0 | 0 | 9291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 4017 | 0 | 198 | 4215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 4246 | 0 | 0 | 4246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | 629 | 0 | 0 | 629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 198 | 0 | 0 | 198 |
|  Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes | Corporate Bonds & Notes |
| &nbsp;&nbsp;&nbsp; Austria | &nbsp;&nbsp;&nbsp; Austria | &nbsp;&nbsp;&nbsp; Austria | &nbsp;&nbsp;&nbsp; Austria | &nbsp;&nbsp;&nbsp; Austria |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banking & Finance | 0 | 628 | 0 | 628 |
| &nbsp;&nbsp;&nbsp; Bermuda | &nbsp;&nbsp;&nbsp; Bermuda | &nbsp;&nbsp;&nbsp; Bermuda | &nbsp;&nbsp;&nbsp; Bermuda | &nbsp;&nbsp;&nbsp; Bermuda |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 243 | 0 | 243 |
| &nbsp;&nbsp;&nbsp; Cayman Islands | &nbsp;&nbsp;&nbsp; Cayman Islands | &nbsp;&nbsp;&nbsp; Cayman Islands | &nbsp;&nbsp;&nbsp; Cayman Islands | &nbsp;&nbsp;&nbsp; Cayman Islands |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banking & Finance | 0 | 24 | 0 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 230 | 0 | 230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 0 | 57 | 0 | 57 |
| &nbsp;&nbsp;&nbsp; Hong Kong | &nbsp;&nbsp;&nbsp; Hong Kong | &nbsp;&nbsp;&nbsp; Hong Kong | &nbsp;&nbsp;&nbsp; Hong Kong | &nbsp;&nbsp;&nbsp; Hong Kong |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banking & Finance | 0 | 210 | 0 | 210 |
| &nbsp;&nbsp;&nbsp; Ireland | &nbsp;&nbsp;&nbsp; Ireland | &nbsp;&nbsp;&nbsp; Ireland | &nbsp;&nbsp;&nbsp; Ireland | &nbsp;&nbsp;&nbsp; Ireland |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 196 | 0 | 196 |
| &nbsp;&nbsp;&nbsp; Italy | &nbsp;&nbsp;&nbsp; Italy | &nbsp;&nbsp;&nbsp; Italy | &nbsp;&nbsp;&nbsp; Italy | &nbsp;&nbsp;&nbsp; Italy |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banking & Finance | 0 | 374 | 0 | 374 |
| &nbsp;&nbsp;&nbsp; Japan | &nbsp;&nbsp;&nbsp; Japan | &nbsp;&nbsp;&nbsp; Japan | &nbsp;&nbsp;&nbsp; Japan | &nbsp;&nbsp;&nbsp; Japan |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 738 | 0 | 738 |
| &nbsp;&nbsp;&nbsp; Luxembourg | &nbsp;&nbsp;&nbsp; Luxembourg | &nbsp;&nbsp;&nbsp; Luxembourg | &nbsp;&nbsp;&nbsp; Luxembourg | &nbsp;&nbsp;&nbsp; Luxembourg |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 186 | 0 | 186 |
| &nbsp;&nbsp;&nbsp; Peru | &nbsp;&nbsp;&nbsp; Peru | &nbsp;&nbsp;&nbsp; Peru | &nbsp;&nbsp;&nbsp; Peru | &nbsp;&nbsp;&nbsp; Peru |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banking & Finance | 0 | 25 | 0 | 25 |
| &nbsp;&nbsp;&nbsp; Switzerland | &nbsp;&nbsp;&nbsp; Switzerland | &nbsp;&nbsp;&nbsp; Switzerland | &nbsp;&nbsp;&nbsp; Switzerland | &nbsp;&nbsp;&nbsp; Switzerland |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banking & Finance | 0 | 320 | 0 | 320 |
| &nbsp;&nbsp;&nbsp; United Kingdom | &nbsp;&nbsp;&nbsp; United Kingdom | &nbsp;&nbsp;&nbsp; United Kingdom | &nbsp;&nbsp;&nbsp; United Kingdom | &nbsp;&nbsp;&nbsp; United Kingdom |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 358 | 0 | 358 |
| &nbsp;&nbsp;&nbsp; United States | &nbsp;&nbsp;&nbsp; United States | &nbsp;&nbsp;&nbsp; United States | &nbsp;&nbsp;&nbsp; United States | &nbsp;&nbsp;&nbsp; United States |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banking & Finance | 0 | 259 | 0 | 259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 4168 | 0 | 4168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 0 | 2192 | 0 | 2192 |

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|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL REPORT** | DECEMBER 31, 2022 | **51** |

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

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| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2022** |
| &nbsp;&nbsp;&nbsp; Venezuela | &nbsp;&nbsp;&nbsp; Venezuela | &nbsp;&nbsp;&nbsp; Venezuela | &nbsp;&nbsp;&nbsp; Venezuela | &nbsp;&nbsp;&nbsp; Venezuela |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | $0 | $17 | $0 | $17 |
| &nbsp;&nbsp;&nbsp; Virgin Islands (British) | &nbsp;&nbsp;&nbsp; Virgin Islands (British) | &nbsp;&nbsp;&nbsp; Virgin Islands (British) | &nbsp;&nbsp;&nbsp; Virgin Islands (British) | &nbsp;&nbsp;&nbsp; Virgin Islands (British) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 407 | 0 | 407 |
|  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;&nbsp; Ireland | 0 | 660 | 0 | 660 |
| &nbsp;&nbsp;&nbsp; United Kingdom | 0 | 1042 | 0 | 1042 |
| &nbsp;&nbsp;&nbsp; United States | 0 | 5985 | 0 | 5985 |
|  Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes | Municipal Bonds & Notes |
| &nbsp;&nbsp;&nbsp; Illinois | 0 | 20 | 0 | 20 |
| &nbsp;&nbsp;&nbsp; Puerto Rico | 0 | 91 | 0 | 91 |
|  Preferred Stocks | Preferred Stocks | Preferred Stocks | Preferred Stocks | Preferred Stocks |
| &nbsp;&nbsp;&nbsp; Brazil | &nbsp;&nbsp;&nbsp; Brazil | &nbsp;&nbsp;&nbsp; Brazil | &nbsp;&nbsp;&nbsp; Brazil | &nbsp;&nbsp;&nbsp; Brazil |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 163 | 0 | 163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 0 | 584 | 0 | 584 |
| &nbsp;&nbsp;&nbsp; United Kingdom | &nbsp;&nbsp;&nbsp; United Kingdom | &nbsp;&nbsp;&nbsp; United Kingdom | &nbsp;&nbsp;&nbsp; United Kingdom | &nbsp;&nbsp;&nbsp; United Kingdom |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banking & Finance | 0 | 171 | 0 | 171 |
|  Real Estate Investment Trusts | Real Estate Investment Trusts | Real Estate Investment Trusts | Real Estate Investment Trusts | Real Estate Investment Trusts |
| &nbsp;&nbsp;&nbsp; United States | &nbsp;&nbsp;&nbsp; United States | &nbsp;&nbsp;&nbsp; United States | &nbsp;&nbsp;&nbsp; United States | &nbsp;&nbsp;&nbsp; United States |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 240 | 0 | 0 | 240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 8357 | 0 | 0 | 8357 |
|  Rights | Rights | Rights | Rights | Rights |
| &nbsp;&nbsp;&nbsp; Luxembourg | &nbsp;&nbsp;&nbsp; Luxembourg | &nbsp;&nbsp;&nbsp; Luxembourg | &nbsp;&nbsp;&nbsp; Luxembourg | &nbsp;&nbsp;&nbsp; Luxembourg |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 0 | 0 | 2 | 2 |
|  Sovereign Issues | Sovereign Issues | Sovereign Issues | Sovereign Issues | Sovereign Issues |
| &nbsp;&nbsp;&nbsp; Argentina | 0 | 329 | 0 | 329 |
| &nbsp;&nbsp;&nbsp; Japan | 0 | 282 | 0 | 282 |
| &nbsp;&nbsp;&nbsp; Peru | 0 | 138 | 0 | 138 |
| &nbsp;&nbsp;&nbsp; South Africa | 0 | 635 | 0 | 635 |
| &nbsp;&nbsp;&nbsp; Turkey | 0 | 349 | 0 | 349 |
| &nbsp;&nbsp;&nbsp; United Kingdom | 0 | 80 | 0 | 80 |
| &nbsp;&nbsp;&nbsp; Venezuela | 0 | 4 | 0 | 4 |
|  U.S. Government Agencies | U.S. Government Agencies | U.S. Government Agencies | U.S. Government Agencies | U.S. Government Agencies |
| &nbsp;&nbsp;&nbsp; United States | 0 | 27440 | 0 | 27440 |
|  U.S. Treasury Obligations | U.S. Treasury Obligations | U.S. Treasury Obligations | U.S. Treasury Obligations | U.S. Treasury Obligations |
| &nbsp;&nbsp;&nbsp; United States | 0 | 19357 | 0 | 19357 |
|  Warrants | Warrants | Warrants | Warrants | Warrants |
| &nbsp;&nbsp;&nbsp; Luxembourg | &nbsp;&nbsp;&nbsp; Luxembourg | &nbsp;&nbsp;&nbsp; Luxembourg | &nbsp;&nbsp;&nbsp; Luxembourg | &nbsp;&nbsp;&nbsp; Luxembourg |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 0 | 0 | 2 | 2 |
| &nbsp;&nbsp;&nbsp; United States | &nbsp;&nbsp;&nbsp; United States | &nbsp;&nbsp;&nbsp; United States | &nbsp;&nbsp;&nbsp; United States | &nbsp;&nbsp;&nbsp; United States |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 0 | 0 | 1 | 1 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp;&nbsp; Repurchase Agreements | 0 | 1525 | 0 | 1525 |
| &nbsp;&nbsp;&nbsp; Japan Treasury Bills | 0 | 3757 | 0 | 3757 |
| &nbsp;&nbsp;&nbsp; Argentina Treasury Bills | 0 | 39 | 0 | 39 |
|  | $47989 | $124701 | $662 | $173352 |
|  **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;&nbsp; Central Funds Used for Cash Management Purposes | $14965 | $0 | $0 | $14965 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62954 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124701 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;662 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188317 |
|  **Short Sales, at Value - Liabilities** | **Short Sales, at Value - Liabilities** | **Short Sales, at Value - Liabilities** | **Short Sales, at Value - Liabilities** | **Short Sales, at Value - Liabilities** |
|  U.S. Government Agencies |  |  |  |  |
| &nbsp;&nbsp;&nbsp; United States | 0 | (1023) | 0 | (1023) |
|  | $0 | $(1023) | $0 | $(1023) |

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| | | |
|:---|:---|:---|
| **52** | **PIMCO EQUITY SERIES** | See Accompanying Notes |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2022** |
|  **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 | $3 | $118 | $0 | $121 |
|  Over the counter | 0 | 234 | 0 | 234 |
|  | $3 | $352 | $0 | $355 |
|  **Financial Derivative Instruments - Liabilities** |  |  |  |  |
|  Exchange-traded or centrally cleared | (1) | (88) | 0 | (89) |
|  Over the counter | 0 | (578) | 0 | (578) |
|  | $(1) | $(666) | $0 | $(667) |
|  Total Financial Derivative Instruments | $2 | $(314) | $0 | $(312) |
|  Totals | $62956 | $123364 | $662 | $186982 |

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**There were no significant transfers into or out of Level 3 during the period ended December 31, 2022.** 

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|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL REPORT** | DECEMBER 31, 2022 | **53** |

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**Notes to Financial Statements** 

1. ORGANIZATION

PIMCO Equity Series (the "Trust") was established as a Delaware statutory trust on March 30, 2010. The Trust is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. Information presented in these financial statements pertains to the Institutional Class, I-2, Class A and Class C shares of the PIMCO Dividend and Income Fund (the "Fund"). Pacific Investment Management Company LLC ("PIMCO") serves as the investment adviser (the "Adviser") for the Fund.

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

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

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

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|:---|:---|
| **54** | **PIMCO EQUITY SERIES** |

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December 31, 2022

from registered investment companies, if any, are recorded as dividend income. Long-term capital gain distributions received from registered investment companies, if any, are recorded as realized gains.

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

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

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

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

Income distributions and capital gain distributions are determined in accordance with income tax regulations which may differ from U.S. GAAP. Differences between tax regulations and U.S. GAAP

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|:---|:---|:---|
| **SEMIANNUAL REPORT** | DECEMBER 31, 2022 | **55** |

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**Notes to Financial Statements (Cont.)** 

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

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

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

(e) New Accounting Pronouncements and Regulatory Updates In March 2020, the Financial Accounting Standards Board ("FASB") issued an Accounting Standards Update ("ASU"), ASU 2020-04, which provides optional guidance to ease the potential accounting burden associated with transitioning away from the London Interbank Offered Rate and other reference rates that are expected to be discontinued. ASU 2020-04 is effective for certain reference rate-related contract modifications that occurred during the period March 12, 2020 through December 31, 2022. In March 2021, the administrator for LIBOR announced the extension of the publication of a majority of the USD LIBOR settings to June 30, 2023. In December 2022, FASB issued ASU 2022-06, which includes amendments to extend the duration of the LIBOR transition relief to December 31, 2024, after which entities will no longer be permitted to apply the reference rate reform relief. Management is

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|:---|:---|
| **56** | **PIMCO EQUITY SERIES** |

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continuously evaluating the potential effect a discontinuation of LIBOR could have on the Fund's investments and has determined that it is unlikely the ASU's adoption will have a material impact on the Fund's financial statements.

In October 2020, the U.S. Securities and Exchange Commission ("SEC") adopted a rule related to the use of derivatives, short sales, reverse repurchase agreements and certain other transactions by registered investment companies that rescinds and withdraws the guidance of the SEC and its staff regarding asset segregation and cover transactions. Subject to certain exceptions, the rule requires funds that trade derivatives and other transactions that create future payment or delivery obligations to comply with a value-at-risk leverage limit and certain derivatives risk management program and reporting requirements. The effective date for the rule was February 19, 2021. The compliance date for the new rule and the related reporting requirements was August 19, 2022. Management has implemented changes in connection with the rule and has determined that there is no material impact to the Fund's financial statements.

In December 2020, the SEC adopted a rule addressing fair valuation of fund investments. The new rule sets forth requirements for good faith determinations of fair value as well as for the performance of fair value determinations, including related oversight and reporting obligations. The new rule also defines "readily available market quotations" for purposes of the definition of "value" under the Act, and the SEC noted that this definition would apply in all contexts under the Act. The effective date for the rule was March 8, 2021. The compliance date for the new rule and the related reporting requirements was September 8, 2022. Management has implemented changes in connection with the rule and has determined that there is no material impact to the Fund's financial statements.

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

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

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

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|:---|:---|:---|
| **SEMIANNUAL REPORT** | DECEMBER 31, 2022 | **57** |

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**Notes to Financial Statements (Cont.)** 

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

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

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

Domestic and foreign (non-U.S.) fixed income securities, non-exchange traded derivatives, and equity options are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Sources may be based on, among other things, information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Exchange-traded options, except equity options, futures and options on futures are valued at the settlement price determined by the relevant exchange. Swap agreements are valued on the basis of bid quotes obtained from brokers and dealers or market-based prices supplied by Pricing Sources. With respect to any portion

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| **58** | **PIMCO EQUITY SERIES** |

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December 31, 2022

of a Fund's assets that are invested in one or more open-end management investment companies (other than ETFs), the Fund's NAV will be calculated based on the NAVs of such investments. Open-end management investment companies may include affiliated funds.

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

Whole loans may be fair valued using inputs that take into account borrower- or loan-level data (e.g., credit risk of the borrower) that is updated periodically throughout the life of each individual loan; any new borrower- or loan-level data received in written reports periodically by the Fund normally will be taken into account in calculating the NAV. The Fund's whole loan investments, including those originated by the Fund or through an alternative lending platform, generally are fair valued in accordance with procedures approved by the Board.

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

Fair valuation may require subjective determinations about the value of a security. While the Trust's and Valuation Designee's policies and procedures are intended to result in a calculation of the Fund's NAV that fairly reflects security values as of the time of pricing, the Trust cannot ensure that fair values accurately reflect the price that the Fund could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by the Fund may differ from the value that would be realized if the securities were sold. The Fund's use of fair valuation may also help to deter "stale price arbitrage" as discussed under the "Abusive Trading Practices" section in the Fund's prospectus.

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| **SEMIANNUAL REPORT** | DECEMBER 31, 2022 | **59** |

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**Notes to Financial Statements (Cont.)** 

Under certain circumstances, the per share NAV of a class of the Fund's shares may be different from the per share NAV of another class of shares as a result of the different daily expense accruals applicable to each class of shares.

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

<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 the Fund.

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

(c) Valuation Techniques and the Fair Value Hierarchy

Level 1, Level 2 and Level 3 trading assets and trading liabilities, at fair value The valuation methods (or "techniques") and significant inputs used in determining the fair values of portfolio securities or other assets and liabilities categorized as Level 1, Level 2 and Level 3 of the fair value hierarchy are as follows:

Common stocks, ETFs, exchange-traded notes and financial derivative instruments, such as futures contracts, rights and warrants, or options on futures that are traded on a national securities exchange, are stated at the last reported sale or settlement price on the day of valuation. To the

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|:---|:---|
| **60** | **PIMCO EQUITY SERIES** |

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December 31, 2022

extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy.

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

Fixed income securities including corporate, convertible and municipal bonds and notes, U.S. government agencies, U.S. treasury obligations, sovereign issues, bank loans, convertible preferred securities and non-U.S. bonds are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The Pricing Sources' internal models use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar assets. Securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

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

Mortgage-related and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also normally valued by Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche, and incorporate deal collateral performance, as available. Mortgage-related and asset-backed securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain securities that are solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the NYSE Close. These securities are valued using Pricing Sources that consider the correlation of the trading patterns of the foreign security to the 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.

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| **SEMIANNUAL REPORT** | DECEMBER 31, 2022 | **61** |

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**Notes to Financial Statements (Cont.)** 

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

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

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

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

4. SECURITIES AND OTHER INVESTMENTS

(a) Investments in Affiliates

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

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| **62** | **PIMCO EQUITY SERIES** |

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December 31, 2022

Fund's transactions in and earnings from investments in the affiliated Fund for the period ended December 31, 2022 (amounts in thousands<sup>†</sup>):

**Investment in PIMCO Short-Term Floating NAV Portfolio III** 

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|:---|:---|:---|:---|:---|:---|:---|:---|
| **Market Value<br>06/30/2022** | **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>12/31/2022** | **Dividend<br>Income<sup>(1)</sup>** | **Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup>** |
| $&nbsp;&nbsp;&nbsp;&nbsp;11603 | $&nbsp;&nbsp;&nbsp;&nbsp;23393 | $&nbsp;&nbsp;&nbsp;&nbsp;(20045) | $&nbsp;&nbsp;&nbsp;&nbsp;(2) | $&nbsp;&nbsp;&nbsp;&nbsp;16 | $&nbsp;&nbsp;&nbsp;&nbsp;14965 | $&nbsp;&nbsp;&nbsp;&nbsp;193 | $&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 Fund may utilize the investments and strategies described below to the extent permitted by the Fund's investment policies.

Delayed-Delivery Transactions involve a commitment by the Fund to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery transactions are outstanding, the Fund will designate or receive as collateral liquid assets in an amount sufficient to meet the purchase price or respective obligations. When purchasing a security on a delayed-delivery basis, the Fund assumes the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its NAV. The Fund may dispose of or renegotiate a delayed-delivery transaction after it is entered into, which may result in a realized gain (loss). When the Fund has sold a security on a delayed-delivery basis, the Fund does not participate in future gains (losses) with respect to the security.

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

Loans and Other Indebtedness, Loan Participations and Assignments are direct debt instruments which are interests in amounts owed to lenders or lending syndicates by corporate, governmental, or other borrowers. The Fund's investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties or investments in or originations of loans by the Fund or Funds. A loan is often administered by a bank or other financial institution (the "agent") that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. The Fund may invest in multiple series or tranches of a loan, which may have

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| **SEMIANNUAL REPORT** | DECEMBER 31, 2022 | **63** |

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**Notes to Financial Statements (Cont.)** 

varying terms and carry different associated risks. When the Fund purchases assignments from agents it acquires direct rights against the borrowers of the loans. These loans may include participations in bridge loans, which are loans taken out by borrowers for a short period (typically less than one year) pending arrangement of more permanent financing through, for example, the issuance of bonds, frequently high yield bonds issued for the purpose of acquisitions.

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

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

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

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| **64** | **PIMCO EQUITY SERIES** |

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auto loans, accounts receivable, such as credit card receivables and hospital account receivables, home equity loans, student loans, boat loans, mobile home loans, recreational vehicle loans, manufactured housing loans, aircraft leases, computer leases and syndicated bank loans.

Collateralized Mortgage Obligations ("CMOs") are debt obligations of a legal entity that are collateralized by whole mortgage loans or private mortgage bonds and divided into classes. CMOs are structured into multiple classes, often referred to as "tranches," with each class bearing a different stated maturity and entitled to a different schedule for payments of principal and interest, including prepayments. CMOs may be less liquid and may exhibit greater price volatility than other types of mortgage-related or asset-backed securities.

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

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

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

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

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| **SEMIANNUAL REPORT** | DECEMBER 31, 2022 | **65** |

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**Notes to Financial Statements (Cont.)** 

Restricted Investments are subject to legal or contractual restrictions on resale and may generally be sold privately, but may be required to be registered or exempted from such registration before being sold to the public. Private placement securities are generally considered to be restricted except for those securities traded between qualified institutional investors under the provisions of Rule 144A of the Securities Act of 1933. Disposal of restricted investments may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult to achieve. Restricted investments held by the Fund as of December 31, 2022, as applicable, are disclosed in the Notes to Schedule of Investments.

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

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

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

Roll-timing strategies can be used where the Fund seeks to extend the expiration or maturity of a position, such as a TBA security on an underlying asset, by closing out the position before expiration and opening a new position with respect to substantially the same underlying asset with a later expiration date. TBA securities purchased or sold are reflected on the Statement of Assets and Liabilities as an asset or liability, respectively. Recently finalized FINRA rules include mandatory margin requirements for the TBA market that requires the Fund to post collateral in connection with its TBA transactions. There is no similar requirement applicable to the Fund's TBA counterparties. The

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| **66** | **PIMCO EQUITY SERIES** |

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required collateralization of TBA trades could increase the cost of TBA transactions to the Fund and impose added operational complexity.

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

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS

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

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

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

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| **SEMIANNUAL REPORT** | DECEMBER 31, 2022 | **67** |

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**Notes to Financial Statements (Cont.)** 

(b) Short Sales Short sales are transactions in which the Fund sells a security that it may not own. The Fund may make short sales of securities to (i) offset potential declines in long positions in similar securities, (ii) to increase the flexibility of the Fund, (iii) for investment return, (iv) as part of a risk arbitrage strategy, and (v) as part of its overall portfolio management strategies involving the use of derivative instruments. When the Fund engages in a short sale, it may borrow the security sold short and deliver it to the counterparty. The Fund will ordinarily have to pay a fee or premium to borrow a security and be obligated to repay the lender of the security any dividend or interest that accrues on the security during the period of the loan. Securities sold in short sale transactions and the dividend or interest payable on such securities, if any, are reflected as payable for short sales on the Statement of Assets and Liabilities. Short sales expose the Fund to the risk that it will be required to cover its short position at a time when the security or other asset has appreciated in value, thus resulting in losses to the Fund. A short sale is "against the box" if the Fund holds in its portfolio or has the right to acquire the security sold short, or securities identical to the security sold short, at no additional cost. The Fund will be subject to additional risks to the extent that it engages in short sales that are not "against the box." The Fund's loss on a short sale could theoretically be unlimited in cases where the Fund is unable, for whatever reason, to close out its short position.

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

During the period ended December 31, 2022, the Fund did not participate in the Interfund Lending Program.

6. FINANCIAL DERIVATIVE INSTRUMENTS

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

The following disclosures contain information on how and why the Fund uses financial derivative instruments, and how financial derivative instruments affect the Fund's financial position, results of operations and cash flows. The location and fair value amounts of these instruments on the Statement of Assets and Liabilities and the net realized gain (loss) and net change in unrealized appreciation (depreciation) on the Statement of Operations, each categorized by type of financial

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

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

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

(c) Options Contracts may be written or purchased to enhance returns or to hedge an existing position or future investment. The Fund may write call and put options on securities and financial derivative instruments it owns or in which it may invest. Writing put options tends to increase the Fund's exposure to the underlying instrument. Writing call options tends to decrease the Fund's exposure to the underlying instrument. When the Fund writes a call or put, an amount equal to the premium received is recorded and subsequently marked to market to reflect the current value of the option written. These amounts are included on the Statement of Assets and Liabilities. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts

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

Purchasing call options tends to increase the Fund's exposure to the underlying instrument. Purchasing put options tends to decrease the Fund's exposure to the underlying instrument. The Fund pays a premium which is included as an asset on the Statement of Assets and Liabilities and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) when the underlying transaction is executed.

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

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

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

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

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

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connection with these agreements, securities or cash may be identified as collateral or margin in accordance with the terms of the respective swap agreements to provide assets of value and recourse in the event of default or bankruptcy/insolvency.

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

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

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

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

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

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

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

Credit default swap agreements on credit indices involve one party making a stream of payments to another party in exchange for the right to receive a specified return in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the

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

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate, loan, sovereign, U.S. municipal or U.S. Treasury issues as of period end, if any, are disclosed in the Notes to Schedule of Investments. They serve as an indicator of the current status of payment/performance risk and represent the likelihood or risk of default for the reference entity. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. For credit default swap agreements on asset-backed securities and credit indices, the quoted market prices and resulting values serve as the indicator of the current status of the payment/performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

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

Interest Rate Swap Agreements may be entered into to help hedge against interest rate risk exposure and to maintain the Fund's ability to generate income at prevailing market rates. The value of the fixed rate bonds that the Fund holds may decrease if interest rates rise. To help hedge against this risk and to maintain its ability to generate income at prevailing market rates, the Fund may enter into interest rate swap agreements. Interest rate swap agreements involve the exchange by the Fund with another party for their respective commitment to pay or receive interest on the notional amount of principal. Certain forms of interest rate swap agreements may include: (i) interest rate caps, under

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

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

7. PRINCIPAL AND OTHER RISKS

(a) Principal Risks

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

Allocation Risk is the risk that the Fund could lose money as a result of less than optimal or poor asset allocation decisions. The Fund could miss attractive investment opportunities by underweighting markets that subsequently experience significant returns and could lose value by overweighting markets that subsequently experience significant declines.

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

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

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

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

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

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

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

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

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

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

Call Risk is the risk that an issuer may exercise its right to redeem a fixed income security earlier than expected (a call). Issuers may call outstanding securities prior to their maturity for a number of reasons (*e.g*., declining interest rates, changes in credit spreads and improvements in the issuer's

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credit quality). If an issuer calls a security that the Fund has invested in, the Fund may not recoup the full amount of its initial investment and may be forced to reinvest in lower-yielding securities, securities with greater credit risks or securities with other, less favorable features.

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

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

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

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

estate-linked derivative instruments subject it to management and tax risks. In addition, privately traded REITs subject the Fund to liquidity and valuation risk.

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

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

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

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

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

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

Mortgage-Related and Other Asset-Backed 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.

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

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

Tracking Error Risk is the risk that the portfolio of a Fund that seeks to track the investment results of an underlying index may not closely track the underlying index for a number of reasons. The Fund incurs operating expenses, which are not applicable to the underlying index, and the costs of buying

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and selling securities, especially when rebalancing the Fund's portfolio to reflect changes in the composition of the underlying index. Performance of the Fund and the underlying index may vary due to asset valuation differences and differences between the Fund's portfolio and the underlying index due to legal restrictions, cost or liquidity restraints. The risk that performance of the Fund and the underlying index may vary may be heightened during periods of increased market volatility or other unusual market conditions. In addition, a Fund's use of a representative sampling approach may cause the Fund to be less correlated to the return of the underlying index than if the Fund held all of the securities in the underlying index.

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

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

Although the transition process away from LIBOR has become increasingly well-defined in advance of the anticipated discontinuation date, there remains uncertainty regarding the nature of any replacement rate, and any potential effects of the transition away from LIBOR on the Fund or on certain instruments in which the Fund invests can be difficult to ascertain. The transition process may involve, among other things, increased volatility or illiquidity in markets for instruments that currently rely on LIBOR and may result in a reduction in the value of certain instruments held by the Fund.

(b) Other Risks

In general, the Fund may be subject to additional risks, including, but not limited to, risks related to government regulation and intervention in financial markets, operational risks, risks associated with financial, economic and global market disruptions, and cyber security risks. Please see the Fund's prospectus and Statement of Additional Information for a more detailed description of the risks of investing in the Fund. Please see the Important Information section of this report for additional discussion of certain regulatory and market developments that may impact the Fund's performance.

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

---

| | |
|:---|:---|
| **78** | **PIMCO EQUITY SERIES** |

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December 31, 2022

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

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

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

Cyber Security Risk As the use of technology has become more prevalent in the course of business, the Fund has become potentially more susceptible to operational and information security risks resulting from breaches in cyber security. A breach in cyber security refers to both intentional and unintentional cyber events that may, among other things, cause the Fund to lose proprietary information, suffer data corruption and/or destruction or lose operational capacity, result in the unauthorized release or other misuse of confidential information, or otherwise disrupt normal business operations. Cyber security failures or breaches may result in financial losses to the Fund and its shareholders. These failures or breaches may also result in disruptions to business operations, potentially resulting in financial losses; interference with the Fund's ability to calculate its net asset 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.

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| | | |
|:---|:---|:---|
| **SEMIANNUAL REPORT** | DECEMBER 31, 2022 | **79** |

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**Notes to Financial Statements (Cont.)** 

8. MASTER NETTING ARRANGEMENTS

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

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

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

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

---

| | |
|:---|:---|
| **80** | **PIMCO EQUITY SERIES** |

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December 31, 2022

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

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

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

9. FEES AND EXPENSES

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

(b) Supervisory and Administrative Fee PIMCO serves as administrator (the "Administrator") and provides supervisory and administrative services to the Trust for which it receives a monthly

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| | | |
|:---|:---|:---|
| **SEMIANNUAL REPORT** | DECEMBER 31, 2022 | **81** |

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**Notes to Financial Statements (Cont.)** 

supervisory and administrative fee based on each share class's average daily net assets (the "Supervisory and Administrative Fee"). As the Administrator, PIMCO bears the costs of various third-party services, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investment Advisory Fee** | **Supervisory and Administrative Fee** | **Supervisory and Administrative Fee** | **Supervisory and Administrative Fee** | **Supervisory and Administrative Fee** |
| **All Classes** | **Institutional Class** | **I-2** | **Class A** | **Class C** |
| 0.44% | 0.25% | 0.35% 0.45%\*<sup>(1)</sup> | 0.35% | 0.35% |

---

<sup>(1)</sup> PIMCO has contractually agreed, through October 31, 2023, to waive its supervisory and administrative fee for I-3 shares by 0.05% of the average daily net assets attributable to I-3 shares of the Fund. 

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

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

The Trust has adopted separate Distribution and Servicing Plans with respect to the Class A and Class C shares of the Trust pursuant to Rule 12b-1 under the Act. In connection with the distribution of Class C shares of the Trust, the Distributor receives distribution fees from the Trust of up to 0.75% for Class C shares, and in connection with personal services rendered to Class A and Class C shareholders and the maintenance of such shareholder accounts, the Distributor receives servicing fees from the Trust of up to 0.25% for each of Class A and Class C shares (percentages reflect annual rates of the average daily net assets attributable to the applicable class).

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

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| | | |
|:---|:---|:---|
|  | **Distribution Fee** | **Servicing Fee** |
|  **Class A** |  | 0.25% |
|  **Class C** | 0.75% | 0.25% |

---

The Distributor also received the proceeds of the initial sales charges paid by the shareholders upon the purchase of Class A shares and the contingent deferred sales charges paid by the shareholders upon certain redemptions of Class A and Class C shares. For the period ended December 31, 2022, the Distributor retained $12,068 representing commissions (sales charges) and contingent deferred sales charges, net of any commission adjustments payable by the Distributor to broker dealers, from the Trust.

(d) Fund Expenses PIMCO provides or procures supervisory and administrative services for shareholders and also bears the costs of various third-party services required by the Fund, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Trust is responsible for the following expenses: (i) salaries and other compensation of any of the Trust's executive officers and employees who are not officers, directors, stockholders, or employees of PIMCO or its subsidiaries or affiliates; (ii) taxes and governmental fees; (iii) brokerage fees and commissions and other portfolio transaction expenses; (iv) costs of borrowing money, including

---

| | |
|:---|:---|
| **82** | **PIMCO EQUITY SERIES** |

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December 31, 2022

interest expenses; (v) fees and expenses of the Trustees who are not "interested persons" of PIMCO or the Trust, and any counsel retained exclusively for their benefit; (vi) extraordinary expenses, including costs of litigation and indemnification expenses; (vii) organizational and offering expenses of the Trust and the Fund, and any other expenses which are capitalized in accordance with generally accepted accounting principles; and (viii) any expenses allocated or allocable to a specific class of shares, and may include certain other expenses as permitted by the Trust's Multi-Class Plan adopted pursuant to Rule 18f-3 under the Act and subject to review and approval by the Trustees. The ratio of expenses to average net assets per share class, as disclosed on the Financial Highlights, may differ from the annual fund operating expenses per share class.

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

(e) Expense Limitation Pursuant to the Expense Limitation Agreement, PIMCO has agreed, through October 31, 2023, to waive a portion of the Fund's Supervisory and Administrative Fee, or reimburse the Fund, to the extent that the Fund's organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata share of Trustee Fees exceed 0.0049% (the "Expense Limit") (calculated as a percentage of the Fund's average daily net assets attributable to each class). The Expense Limitation Agreement will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term.

In any month in which the investment advisory contract or supervision and administration agreement is in effect, PIMCO is entitled to reimbursement by the Fund of any portion of the supervisory and administrative fee waived or reimbursed as set forth above (the "Reimbursement Amount") within thirty-six months of the time of the waiver, provided that such amount paid to PIMCO will not: i) together with any organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata Trustee fees, exceed, for such month, the Expense Limit (or the amount of the expense limit in place at the time the amount being recouped was originally waived if lower than the Expense Limit; ii) exceed the total Reimbursement Amount; or iii) include any amounts previously reimbursed to PIMCO. The total recoverable amounts to PIMCO at December 31, 2022, were as follows (amounts in thousands<sup>†</sup>):

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| | | | |
|:---|:---|:---|:---|
| **Expiring within** | **Expiring within** | **Expiring within** | |
| **12 months** | **13-24 months** | **25-36 months** | **Total** |
| $&nbsp;&nbsp;&nbsp;&nbsp;14 | $&nbsp;&nbsp;&nbsp;&nbsp;14 | $&nbsp;&nbsp;&nbsp;&nbsp;13 | $&nbsp;&nbsp;&nbsp;&nbsp;41 |

---

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| | |
|:---|:---|
| <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, 2023, to waive its supervisory and administrative fee for I-3 shares by 0.05% of the average daily net assets attributable to I-3 shares of the Fund. This Fee Waiver Agreement will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term.

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| | | |
|:---|:---|:---|
| **SEMIANNUAL REPORT** | DECEMBER 31, 2022 | **83** |

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**Notes to Financial Statements (Cont.)** 

Pursuant to the Expense Limitation Agreement and I-3 Fee Waiver Agreement, waiver amounts are reflected on the Statement of Operations as a component of Waiver and/or Reimbursement by PIMCO. For the period ended December 31, 2022, the amount was $5,903.

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

The expenses associated with investing in a fund of funds are generally higher than those for mutual funds that do not invest in other mutual funds. The cost of investing in a fund of funds will generally be higher than the cost of investing in a mutual fund that invests directly in individual stocks and bonds. By investing in a fund of funds, an investor will indirectly bear fees and expenses charged by Acquired Funds in addition to the Fund's direct fees and expenses. In addition, the use of a fund of funds structure could affect the timing, amount and character of distributions to the shareholders and may therefore increase the amount of taxes payable by shareholders.

PIMCO has contractually agreed, through October 31, 2023, to waive, first, the Investment Advisory Fee and, second, to the extent necessary, the Supervisory and Administrative Fee it receives from the Fund in an amount equal to its proportionate share of the Investment Advisory Fees and Supervisory and Administrative Fees charged by PIMCO to the Underlying Funds in which the Fund invests (the "Underlying Fund Fees") indirectly incurred by the Fund in connection with its investments in Underlying Funds, to the extent the Fund's Investment Advisory Fee or Investment Advisory Fee and Supervisory and Administrative Fee, taken together, are greater than or equal to the Underlying Fund Fees. This waiver will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term.

The waivers are reflected on the Statement of Operations as a component of Waiver and/or Reimbursement by PIMCO. For the period ended December 31, 2022, there were no waived amounts.

10. RELATED PARTY TRANSACTIONS

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

The Fund is permitted to purchase or sell securities from or to certain related affiliated funds under specified conditions outlined in procedures adopted by the Board. The procedures have been designed to ensure that any purchase or sale of securities by the Fund from or to another fund or portfolio that are, or could be, considered an affiliate, or an affiliate of an affiliate, by virtue of having a common investment adviser (or affiliated investment advisers), common Trustees and/or common officers complies with applicable SEC rules and interpretations under the Act. Further, as defined under the procedures, each transaction is effected at the current market price. Purchases and sales of securities pursuant to applicable SEC rules and interpretations under the Act for the period ended December 31, 2022, were as follows (amounts in thousands<sup>†</sup>):

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| | | |
|:---|:---|:---|
| **Purchases** | **Sales** | **Realized<br>Gain/(Loss)** |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) |

---

<sup>†</sup> A zero balance may reflect actual amounts rounding to less than one thousand.

---

| | |
|:---|:---|
| **84** | **PIMCO EQUITY SERIES** |

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December 31, 2022

11. GUARANTEES AND INDEMNIFICATIONS

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

12. PURCHASES AND SALES OF SECURITIES

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

Purchases and sales of securities (excluding short-term investments) for the period ended December 31, 2022, were as follows (amounts in thousands<sup>†</sup>):

---

| | | | |
|:---|:---|:---|:---|
| **U.S. Government/Agency** | **U.S. Government/Agency** | **All Other** | **All Other** |
| **Purchases** | **Sales** | **Purchases** | **Sales** |
| $&nbsp;&nbsp;&nbsp;&nbsp;224658 | $&nbsp;&nbsp;&nbsp;&nbsp;206569 | $&nbsp;&nbsp;&nbsp;&nbsp;34457 | $&nbsp;&nbsp;&nbsp;&nbsp;50283 |

---

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| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

13. SHARES OF BENEFICIAL INTEREST

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

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Six Months Ended<br>12/31/2022** | **Six Months Ended<br>12/31/2022** | **Year Ended<br>06/30/2022** | **Year Ended<br>06/30/2022** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Receipts for shares sold** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 229 | $2593 | 705 | $8804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I-2 | 141 | 1583 | 868 | 10873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 869 | 9869 | 1504 | 18602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 239 | 2711 | 375 | 4638 |
|  **Issued as reinvestment of distributions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 57 | 646 | 71 | 892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I-2 | 51 | 574 | 35 | 436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | 410 | 4614 | 272 | 3395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | 52 | 590 | 32 | 395 |

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| | | |
|:---|:---|:---|
| **SEMIANNUAL REPORT** | DECEMBER 31, 2022 | **85** |

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**Notes to Financial Statements (Cont.)** 

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Six Months Ended<br>12/31/2022** | **Six Months Ended<br>12/31/2022** | **Year Ended<br>06/30/2022** | **Year Ended<br>06/30/2022** |
| | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Cost of shares redeemed** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (138) | $(1566) | (2216) | $(27101) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I-2 | (371) | (4234) | (887) | (11108) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A | (1150) | &nbsp;&nbsp;&nbsp;&nbsp;(12943) | (1892) | &nbsp;&nbsp;&nbsp;&nbsp;(23450) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class C | (249) | (2817) | (564) | (7015) |
|  **Net increase (decrease) resulting from Fund share transactions** | 140 | $1620 | (1697) | $(20639) |

---

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| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

14. REGULATORY AND LITIGATION MATTERS

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

On May 17, 2022, Allianz Global Investors U.S. LLC ("AGI U.S.") pleaded guilty in connection with the proceeding United States of America v. Allianz Global Investors U.S. LLC. AGI U.S. is an indirect subsidiary of Allianz SE. The conduct resulting in the matter described above occurred entirely within AGI U.S. and did not involve PIMCO or the Distributor, or any personnel of PIMCO or the Distributor. Nevertheless, because of the disqualifying conduct of AGI U.S., their affiliate, PIMCO would have been disqualified from serving as the investment adviser, and the Distributor would have been disqualified from serving as the principal underwriter, to the Fund in the absence of SEC exemptive relief. PIMCO and the Distributor have received exemptive relief from the SEC to permit them to continue serving as investment adviser and principal underwriter for U.S.- registered investment companies, including the Fund.

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

15. FEDERAL INCOME TAX MATTERS

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

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

In accordance with U.S. GAAP, the Adviser has reviewed the Fund's tax positions for all open tax years. As of December 31, 2022, the Fund has recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions it has taken or expects to take in future tax returns.

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

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| | |
|:---|:---|
| **86** | **PIMCO EQUITY SERIES** |

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December 31, 2022

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 its last fiscal year ended June 30, 2022, the Fund had the following post-effective capital losses with no expiration (amounts in thousands<sup>†</sup>):

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| | |
|:---|:---|
| **Short-Term** | **Long-Term** |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63808 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22390 |

---

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| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

As of December 31, 2022, the aggregate cost and the net unrealized appreciation/(depreciation) of investments for federal income tax purposes are as follows (amounts in thousands<sup>†</sup>):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Federal Tax<br>Cost** | **Unrealized<br>Appreciation** | **Unrealized<br>(Depreciation)** | **Net Unrealized<br>Appreciation/<br>(Depreciation)<sup>(1)</sup>** |
| PIMCO Dividend and Income Fund | $&nbsp;&nbsp;&nbsp;&nbsp;190731 | $&nbsp;&nbsp;&nbsp;&nbsp;16196 | $&nbsp;&nbsp;&nbsp;&nbsp;(17951) | $&nbsp;&nbsp;&nbsp;&nbsp;(1755) |

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

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| | | |
|:---|:---|:---|
| **SEMIANNUAL REPORT** | DECEMBER 31, 2022 | **87** |

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##### [**Table of Contents**](#toc)
**Glossary: (abbreviations that may be used in the preceding statements)** 

(Unaudited)

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| | | | |
|:---|:---|:---|:---|
| **Counterparty Abbreviations:** | **Counterparty Abbreviations:** | | |
| **BOA** | Bank of America N.A. | **MBC** | HSBC Bank Plc |
| **BPS** | BNP Paribas S.A. | **MYC** | Morgan Stanley Capital Services LLC |
| **BRC** | Barclays Bank PLC | **MYI** | Morgan Stanley & Co. International PLC |
| **CBK** | Citibank N.A. | **NGF** | Nomura Global Financial Products, Inc. |
| **DUB** | Deutsche Bank AG | **RBC** | Royal Bank of Canada |
| **FAR** | Wells Fargo Bank National Association | **RYL** | NatWest Markets Plc |
| **FICC** | Fixed Income Clearing Corporation | **SAL** | Citigroup Global Markets, Inc. |
| **GLM** | Goldman Sachs Bank USA | **SCX** | Standard Chartered Bank, London |
| **GST** | Goldman Sachs International | **SSB** | State Street Bank and Trust Co. |
| **HUS** | HSBC Bank USA N.A. | **UAG** | UBS AG Stamford |
| **JPM** | JP Morgan Chase Bank N.A. |  |  |
| **Currency Abbreviations:** | **Currency Abbreviations:** |  |  |
| **ARS** | Argentine Peso | **JPY** | Japanese Yen |
| **AUD** | Australian Dollar | **KRW** | South Korean Won |
| **BRL** | Brazilian Real | **MXN** | Mexican Peso |
| **CAD** | Canadian Dollar | **NOK** | Norwegian Krone |
| **CLP** | Chilean Peso | **NZD** | New Zealand Dollar |
| **CNH** | Chinese Renminbi (Offshore) | **PEN** | Peruvian New Sol |
| **EUR** | Euro | **TWD** | Taiwanese Dollar |
| **GBP** | British Pound | **USD (or $)** | United States Dollar |
| **IDR** | Indonesian Rupiah | **ZAR** | South African Rand |
| **Exchange Abbreviations:** | **Exchange Abbreviations:** |  |  |
| **CME** | Chicago Mercantile Exchange | **OTC** | Over the Counter |
| **Index/Spread Abbreviations:** | **Index/Spread Abbreviations:** |  |  |
| **BADLARPP** | Argentina Badlar Floating Rate Notes | **LIBOR03M** | 3 Month USD-LIBOR |
| **CDX.EM** | Credit Derivatives Index - Emerging Markets | **MUTKCALM** | Tokyo Overnight Average Rate |
| **CDX.HY** | Credit Derivatives Index - High Yield | **SOFR** | Secured Overnight Financing Rate |
| **CDX.IG** | Credit Derivatives Index - Investment Grade | **SONIO** | Sterling Overnight Interbank Average Rate |
| **CMBX** | Commercial Mortgage-Backed Index | **UKRPI** | United Kingdom Retail Prices Index |
| **LIBOR01M** | 1 Month USD-LIBOR | **US0003M** | ICE 3-Month USD LIBOR |
| **Other Abbreviations:** | **Other Abbreviations:** |  |  |
| **BABs** | Build America Bonds | **Lunar** | Monthly payment based on 28-day periods. One year consists of 13 periods. |
| **BBR** | Bank Bill Rate | **OIS** | Overnight Index Swap |
| **BBSW** | Bank Bill Swap Reference Rate | **PIK** | Payment-in-Kind |
| **BRL-CDI** | Brazil Interbank Deposit Rate | **REIT** | Real Estate Investment Trust |
| **DAC** | Designated Activity Company | **TBA** | To-Be-Announced |
| **EURIBOR** | Euro Interbank Offered Rate | **TBD** | To-Be-Determined |
| **JIBAR** | Johannesburg Interbank Agreed Rate | **TBD%** | Interest rate to be determined when loan settles or at the time of funding |
| **LIBOR** | London Interbank Offered Rate | **TIIE** | Tasa de Interés Interbancaria de Equilibrio "Equilibrium Interbank Interest Rate" |

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| | |
|:---|:---|
| **88** | **PIMCO EQUITY SERIES** |

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##### [**Table of Contents**](#toc)
**Distribution Information** 

(Unaudited)

For purposes of Section 19 of the Investment Company Act of 1940 (the "Act"), the Fund estimated the periodic sources of any dividends paid during the period covered by this report in accordance with good accounting practice. Pursuant to Rule 19a-1(e) under the Act, the table below sets forth the actual source information for dividends paid during the six month period ended December 31, 2022 calculated as of each distribution period pursuant to Section 19 of the Act. The information below is not provided for U.S. federal income tax reporting purposes. The tax character of all dividends and distributions is reported on Form 1099-DIV (for shareholders who receive U.S. federal tax reporting) at the end of each calendar year. See the Financial Highlights section of this report for the tax characterization of distributions determined in accordance with federal income tax regulations for the fiscal year.

**PIMCO Dividend and Income Fund** 

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| | | | | |
|:---|:---|:---|:---|:---|
| **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)** |
| September 2022 | $0.1118 | $0.0000 | $0.0000 | $0.1118 |
| December 2022 | $0.4359 | $0.0000 | $0.0000 | $0.4359 |
| **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)** |
| September 2022 | $0.1096 | $0.0000 | $0.0000 | $0.1096 |
| December 2022 | $0.4312 | $0.0000 | $0.0000 | $0.4312 |
| **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)** |
| September 2022 | $0.1051 | $0.0000 | $0.0000 | $0.1051 |
| December 2022 | $0.4225 | $0.0000 | $0.0000 | $0.4225 |
| **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)** |
| September 2022 | $0.0906 | $0.0000 | $0.0000 | $0.0906 |
| December 2022 | $0.3968 | $0.0000 | $0.0000 | $0.3968 |

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\* 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. 

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| | | |
|:---|:---|:---|
| **SEMIANNUAL REPORT** | DECEMBER 31, 2022 | **89** |

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##### [**Table of Contents**](#toc)
**Approval of Investment Advisory Contract and Other Agreements** 

Approval of Renewal of the Investment Advisory Contract and Other Agreements

At a meeting held on August 23-24, 2022, the Board of Trustees (the "Board") of PIMCO Equity Series (the "Trust"), including the Trustees who are not "interested persons" of the Trust under the Investment Company Act of 1940, as amended (the "Independent Trustees"), considered and unanimously approved the renewal of the Investment Advisory Contract (the "Investment Advisory Contract") between the Trust, on behalf of PIMCO Dividend and Income Fund, PIMCO RAE Emerging Markets Fund, PIMCO RAE Global ex-US Fund, PIMCO RAE International Fund, PIMCO RAE US Fund, PIMCO RAE US Small Fund, PIMCO REALPATH<sup>®</sup> Blend Income Fund, PIMCO REALPATH<sup>®</sup> Blend 2025 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, PIMCO REALPATH<sup>®</sup> Blend 2055 Fund and PIMCO REALPATH<sup>®</sup> Blend 2060 Fund (each, a "Fund" and collectively, the "Funds"), and Pacific Investment Management Company LLC ("PIMCO"), for an additional one-year term through August 31, 2023. The Board also considered and unanimously approved the renewal of the Second Amended and Restated Supervision and Administration Agreement (the "Supervision and Administration Agreement") between the Trust, on behalf of the Funds, and PIMCO for an additional one-year term through August 31, 2023.

In addition, the Board considered and unanimously approved the renewal of the Second Amended and Restated Sub-Advisory Agreement (the "Sub-Advisory Agreement" and, together with the Investment Advisory Contract and the Supervision and Administration Agreement, the "Agreements") between PIMCO, on behalf of PIMCO RAE Emerging Markets Fund, PIMCO RAE Global ex-US Fund, PIMCO RAE International Fund, PIMCO RAE US Fund and PIMCO RAE US Small Fund (the "RAE Funds"), each a series of the Trust, and Research Affiliates, LLC ("Research Affiliates") for an additional one-year term through August 31, 2023.

At a meeting held on November 15-16, 2022, the Board, including all of the Independent Trustees, considered and unanimously approved the Amended and Restated Investment Advisory Contract (the "New Fund Investment Advisory Contract") and the Second Amended and Restated Supervision and Administration Agreement (the "New Fund Supervision and Administration Agreement" and together with the New Fund Investment Advisory Contract, the "New Fund Agreements") between the Trust, on behalf of PIMCO REALPATH<sup>®</sup> Blend 2065 Fund (the "New Fund") and PIMCO for an initial two-year term.

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

1. INFORMATION RECEIVED

(a) Materials Reviewed: During the course of the past year, the Trustees received a wide variety of materials relating to the services provided by PIMCO and Research Affiliates to the Trust. At each of its quarterly meetings, the Board reviewed the Funds' investment performance and a significant amount of information relating to Fund operations, including shareholder services, valuation and custody, the Funds' compliance program and other information relating to the nature, extent and quality of services provided by PIMCO and Research Affiliates to the Trust and each of the Funds, as

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| | |
|:---|:---|
| **90** | **PIMCO EQUITY SERIES** |

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##### [**Table of Contents**](#toc)
(Unaudited)

applicable. In considering whether to approve the renewal of the Agreements, the Board reviewed additional information, including, but not limited to: comparative industry data with regard to investment performance; advisory and supervisory and administrative fees and expenses; financial information for PIMCO, including, where relevant, financial information for Research Affiliates; information regarding the profitability to PIMCO of its relationship with the Funds; information about the personnel providing investment management services, other advisory services and supervisory and administrative services to the Funds; and information about the fees charged and services provided to other clients with similar investment mandates as the Funds, where applicable. In addition, the Board reviewed materials provided by counsel to the Trust and the Independent Trustees ("Counsel"), which included, among other things, a memorandum outlining legal duties of the Board in considering the renewal of the Agreements.

In considering whether to approve the New Fund Agreements, the Board reviewed materials provided by PIMCO, which included, among other things, information relating to the New Fund's operations and comparative data with regard to portfolios with investment objectives and policies similar to those of the New Fund. In addition, the Board reviewed materials provided by Counsel, which included, among other things, memoranda outlining legal duties of the Board in considering the approval of the New Fund Agreements. The Board also reviewed information about the personnel who would be providing investment management services, other advisory services and supervisory and administrative services to the New Fund.

(b) Review Process: In connection with considering the renewal of the Agreements, the Board reviewed written materials prepared by PIMCO and, where applicable, Research Affiliates in response to requests from Counsel encompassing a wide variety of topics. The Board requested and received assistance and advice regarding, among other things, applicable legal standards from Counsel, and reviewed comparative fee and performance data prepared at the Board's request by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company performance information and fee and expense data. The Board received presentations on matters related to the Agreements and met both as a full Board and in a separate session of the Independent Trustees, without management present, at the August 23-24, 2022 meeting. The Independent Trustees also met via video conference with Counsel on July 14, 2022, and conducted a video conference meeting on August 10, 2022 with management and Counsel to discuss the materials presented and other matters deemed relevant to their consideration of the renewal of the Agreements. In connection with its review of the Agreements, the Board received comparative information on the performance, the risk-adjusted performance and the fees and expenses of other peer group funds and share classes. The Independent Trustees also requested and received supplemental information, including information regarding Broadridge peer classifications, the expense structure of certain Funds and classes, outflows for certain Funds, Fund performance and profitability.

In connection with the approval of the New Fund Agreements, the Board reviewed written materials prepared by PIMCO. The Board requested and received assistance and advice regarding, among other things, applicable legal standards from Counsel. The Board heard oral presentations on matters related to the New Fund Agreements at the November 15-16, 2022 meeting with respect to the New Fund.

The approval determinations were made on the basis of each Trustee's business judgment after consideration and evaluation of all the information presented. Individual Trustees may have given

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|:---|:---|:---|
| **SEMIANNUAL REPORT** | DECEMBER 31, 2022 | **91** |

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##### [**Table of Contents**](#toc)
**Approval of Investment Advisory Contract and Other Agreements (Cont.)** 

different weights to certain factors and assigned various degrees of materiality to information received in connection with the approval process. In deciding to approve the renewal of the Agreements and approve the New Fund Agreements, the Board did not identify any single factor or particular information that, in isolation, was controlling. The discussion below is intended to summarize the broad factors and information that figured prominently in the Board's consideration of the renewal of the Agreements and approve the New Fund Agreements, but is not intended to summarize all of the factors considered by the Board.

2. NATURE, EXTENT AND QUALITY OF SERVICES

(a) PIMCO, Research Affiliates, their Personnel and Resources: The Board considered the depth and quality of PIMCO's investment management process, including, but not limited to: the experience, capability and integrity of its senior management and other personnel; the overall financial strength and stability of its organization; and the ability of its organizational structure to address changes in the Funds' asset levels. The Board also considered the various services in addition to portfolio management that PIMCO provides under the Investment Advisory Contract. The Board noted that PIMCO makes available to its investment professionals a variety of resources and systems relating to investment management, compliance, trading, performance and portfolio accounting. The Board also noted PIMCO's commitment to enhancing and investing in its global infrastructure, technology capabilities, risk management processes and the specialized talent needed to stay at the forefront of the competitive investment management industry and to strengthen its ability to deliver services under the Agreements. The Board considered PIMCO's policies, procedures and systems reasonably designed to assure compliance with applicable laws and regulations, including new regulations impacting the Funds, and its commitment to further developing and strengthening these programs; its oversight of matters that may involve conflicts of interest between the Funds' investments and those of other accounts managed by PIMCO; and its efforts to keep the Trustees informed about matters relevant to the Funds and their shareholders. The Board also considered PIMCO's investment in new disciplines and talented personnel, which has enhanced PIMCO's services to the Funds and has allowed PIMCO to introduce innovative new funds over time.

In addition, the Trustees considered new services and service enhancements that PIMCO has implemented, including the ongoing development of its own proprietary software and applications to support the Funds.

Similarly, the Board considered the sub-advisory services provided by Research Affiliates to the RAE Funds. The Board further considered PIMCO's oversight of Research Affiliates in connection with Research Affiliates providing sub-advisory services to the RAE Funds. The Board also considered the depth and quality of Research Affiliates' investment management and research capabilities, the experience and capabilities of their portfolio management personnel and the overall financial strength of the organization.

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

(b) Other Services: The Board also considered the nature, extent and quality of supervisory and administrative services provided by PIMCO to the Funds under the Supervision and Administration

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| | |
|:---|:---|
| **92** | **PIMCO EQUITY SERIES** |

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##### [**Table of Contents**](#toc)
(Unaudited)

Agreement. The Board considered the terms of the Supervision and Administration Agreement, under which the Trust pays for the supervisory and administrative services provided pursuant to that agreement under what is essentially an all-in fee structure (the "unified fee"). In return, PIMCO provides or procures certain supervisory and administrative services and bears the costs of various third party services required by the Funds, including, but not limited to, audit, custodial, portfolio accounting, ordinary legal, transfer agency, sub-accounting and printing costs. The Board also noted that the scope and complexity, as well as the costs, of the supervisory and administrative services provided by PIMCO under the Supervision and Administration Agreement continue to increase. The Board considered PIMCO's provision of supervisory and administrative services and its supervision of the Trust's third party service providers to assure that these service providers continue to provide a high level of service relative to alternatives available in the market.

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

With respect to the New Fund, the Board also considered the nature, extent and quality of services to be provided by PIMCO to the New Fund under the New Fund Agreements, as well as PIMCO's provision of these services to other series of the Trust and its supervision of the Trust's third party service providers. The Board concluded that the nature, extent and quality of services to be provided by PIMCO would likely benefit the New Fund and its shareholders.

3. INVESTMENT PERFORMANCE

As the New Fund had not yet commenced operations at the time the New Fund Agreements were considered, the Trustees did not receive or consider investment performance information for the New Fund.

The Board reviewed information from PIMCO concerning the Funds' performance, as available, over short**-** and long-term periods ended March 31, 2022 and other performance data, as available, over short**-** and long-term periods ended June 30, 2022 (the "PIMCO Report") and from Broadridge concerning the Funds' performance, as available, over short**-** and long-term periods ended March 31, 2022 (the "Broadridge Report"). The Board also noted that while historically the Broadridge Report included peer classifications from only Lipper, as part of this approval process the Broadridge Report incorporated peer classifications from Morningstar for Funds for which it was believed that Morningstar provided a materially improved comparison.

The Board considered information regarding both the short- and long-term relative and absolute investment performance of each Fund relative to its Fund peer group, where appropriate, and relevant benchmark index as provided to the Board in advance of each of its quarterly meetings throughout the year, including the PIMCO Report and Broadridge Report.

The Trustees noted the Funds (based on Institutional Class performance) that outperformed their respective benchmark indexes on a net-of-fees basis over the one-, three- and five-year periods ended June 30, 2022. The Board also noted the amounts of the Funds' assets (based on Institutional Class performance) that outperformed their relevant benchmark indexes on a net-of-fees basis over the one-, three- and five-year periods ended June 30, 2022. The Board discussed these and other performance-related developments. The Board considered that, according to the Broadridge Report,

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|:---|:---|:---|
| **SEMIANNUAL REPORT** | DECEMBER 31, 2022 | **93** |

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##### [**Table of Contents**](#toc)
**Approval of Investment Advisory Contract and Other Agreements (Cont.)** 

the Funds generally performed well versus competitors during the long-term, but that certain Funds had underperformed in comparison to their respective peer groups or benchmark indexes, or both, on a net-of-fees basis over certain short- and long-term periods. With respect to Funds that underperformed to a certain degree over such periods, the Board discussed with PIMCO the reasons for the underperformance of such Funds. The Board also considered actions that have been taken by PIMCO throughout the year to attempt to address underperformance. Depending on the circumstances, the Independent Trustees may be satisfied with a Fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods. The Board ultimately concluded, within the context of all of its considerations in connection with the Agreements, that PIMCO's performance record and process in managing the Funds indicates that its continued management is likely to benefit the Funds and their shareholders, and merits the approval of the renewal of the Agreements.

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

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

The Board reviewed the advisory fees, supervisory and administrative fees and total expenses of the Funds (each as a percentage of average net assets) and compared such amounts with the average and median fee and expense levels of other similar funds. The Board also reviewed information relating to the sub-advisory fees paid to Research Affiliates with respect to applicable Funds, taking into account that PIMCO compensates Research Affiliates from the advisory fees paid by such Funds to PIMCO. With respect to advisory fees, the Board reviewed data from the Broadridge Report that compared the average and median advisory fees of other funds in a "Peer Group" of comparable funds, where appropriate, as well as the universe of other similar funds. The Board also considered that PIMCO reviews the Funds' fee levels and carefully considers changes where appropriate. The Board also reviewed data comparing certain Funds' advisory fees to the fee rates PIMCO charged to private funds, separate accounts, sub-advised clients, and collective investment trusts with similar investment strategies. In cases where the fees for other clients were lower than those charged to the Funds, the Trustees noted that the differences in fees were attributable to various factors, including, but not limited to, differences in the advisory and other services provided by PIMCO to the Funds, differences in the number or extent of the services provided by PIMCO to the Funds, the manner in which similar portfolios may be managed, different requirements with respect to liquidity

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| | |
|:---|:---|
| **94** | **PIMCO EQUITY SERIES** |

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##### [**Table of Contents**](#toc)
(Unaudited)

management and the implementation of other regulatory requirements, and the fact that separate accounts may have other contractual arrangements or arrangements across PIMCO strategies that justify different levels of fees.

The Trustees also considered that PIMCO faces increased entrepreneurial, legal and regulatory risk in sponsoring and managing mutual funds and ETFs as compared to separate accounts, external sub-advised funds or other investment products. In addition, the Trustees considered that PIMCO may charge certain private funds with similar investment mandates lower fees than the Funds because such private funds are not required to accept daily redemptions or price their assets on a daily basis, generally do not accept small investors with small account balances and operate under a less complex regulatory regime.

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

The Board considered the Funds' supervisory and administrative fees, comparing them to similar funds managed by other investment advisers in the Broadridge Report. The Board also considered that as the Funds' business has become increasingly complex and the number of Funds has grown over time, PIMCO has provided an increasingly broad array of fund supervisory and administrative functions. In addition, the Board considered the Trust's unified fee structure, under which the Trust pays for the supervisory and administrative services it requires for one set fee. In return for this unified fee, PIMCO provides or procures supervisory and administrative services and bears the costs of various third party services required by the Funds, including audit, custodial, portfolio accounting, ordinary legal, transfer agency, sub-accounting and printing costs. The Board further considered that many other funds pay for comparable services separately, and thus it is difficult to directly compare the Trust's unified supervisory and administrative fees with the fees paid by other funds for administrative services alone. The Board also considered that the unified supervisory and administrative fee leads to Fund fees that are fixed over the contract period, rather than variable. The Board noted that, although the unified fee structure does not have breakpoints, it inherently reflects certain economies of scale by fixing the absolute level of Fund fees at competitive levels over the contract period even if the Funds' operating costs rise when assets remain flat or decrease. Other factors the Board considered in assessing the unified fee include PIMCO's approach of pricing Funds at scale at inception and reinvesting in other important areas of the business that support the Funds. The Board concluded that the Funds' supervisory and administrative fees were reasonable in relation to the value of the services provided, including the services provided to different classes of shareholders, and that the expenses assumed contractually by PIMCO under the Supervision and Administration Agreement represent, in effect, a cap on overall Fund fees during the contractual period, which is beneficial to the Funds and their shareholders.

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|:---|:---|:---|
| **SEMIANNUAL REPORT** | DECEMBER 31, 2022 | **95** |

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##### [**Table of Contents**](#toc)
**Approval of Investment Advisory Contract and Other Agreements (Cont.)** 

The Board noted that in most cases the Funds' total expense ratios were lower than the total expense ratios of competitor funds. The Board discussed with PIMCO certain Funds and/or classes of Funds that had above median total expenses. Upon comparing the Funds' total expenses to other funds in the "Peer Groups" provided by the Broadridge Report where appropriate, the Board found total expenses of each Fund to be reasonable.

The Trustees also considered the advisory fees charged to the Funds that operate as funds of funds (the "Funds of Funds") and the advisory services provided in exchange for such fees. The Trustees determined that such services were in addition to the advisory services provided to the underlying funds in which the Funds of Funds may invest and, therefore, such services were not duplicative of the advisory services provided to the underlying funds. The Board also considered the expense limitation agreement in place for all of the Funds and the various fee waiver agreements in place for certain of the Funds and/or classes and the Funds of Funds. Based on the information presented by PIMCO, Research Affiliates and Broadridge, members of the Board determined, in the exercise of their business judgment, that the level of the advisory fees and supervisory and administrative fees charged by PIMCO under the Agreements, that the fees charged by Research Affiliates under the Sub-Advisory Agreement, and that the total expenses of each Fund are reasonable.

With respect to the New Fund, PIMCO reported to the Board that, in considering fees for the New Fund, it analyzed a number of factors, including the type and complexity of the services to be provided, the cost of providing services, the risk assumed by PIMCO in the provision of services, the impact on potential returns from different levels of fees, the competitive marketplace for financial products, and the attractiveness of potential returns to prospective investors. Based on the information presented by PIMCO, members of the Board determined, in the exercise of their business judgment, that the level of the advisory fees and supervisory and administrative fees charged by PIMCO under the New Fund Agreements were reasonable.

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

As the New Fund had not yet commenced operations at the time the New Fund Agreements were considered, information regarding PIMCO's costs in providing services to the New Fund and the profitability of PIMCO's relationship with the New Fund was not available.

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

The Board considered the existence of any economies of scale and noted that, to the extent that PIMCO achieves economies of scale in managing the Funds, PIMCO shares the benefits of such economies of scale, if any, with the Funds and their shareholders in a number of ways, including investing in portfolio and trade operations management, firm technology, middle and back office support, legal and compliance, and fund administration logistics; senior management supervision,

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|:---|:---|
| **96** | **PIMCO EQUITY SERIES** |

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(Unaudited)

governance and oversight of those services; and through fee reductions or waivers, the pricing of Funds to scale from inception and the enhancement of services provided to the Funds in return for fees paid. In considering the advisory fees paid by the Funds, the Board also reviewed materials indicating that retail investors in the Funds received the benefit of PIMCO's advisory services at the same advisory fee rates as institutional investors. The Board considered that the Funds' unified fee rates had been set competitively and/or priced to scale from inception and continued to be competitive compared with peers. The Board also considered that the unified fee is a transparent means of informing a Fund's shareholders of the fees associated with the Fund, and that the Fund bears certain expenses that are not covered by the advisory fee or the unified fee. The Board further considered the challenges that arise when managing large funds, which can result in certain "diseconomies" of scale and noted that PIMCO has continued to reinvest in many areas of the business to support the Funds.

The Trustees considered that the unified fee has provided inherent economies of scale because a Fund maintains competitive fixed fees over the annual contract period even if the particular Fund's assets decline and/or operating costs rise. The Trustees also reviewed materials indicating that, unlike the Funds' unified fee structure, funds with "pass through" administrative fee structures may experience increased expense ratios when fixed dollar fees are charged against declining fund assets. The Trustees also considered that the unified fee protects shareholders from a rise in operating costs that may result from, among other things, PIMCO's investments in various business enhancements and infrastructure, including those referenced above. The Trustees noted that PIMCO's investments in these areas are extensive.

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

6. ANCILLARY BENEFITS

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

7. CONCLUSIONS

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

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| **SEMIANNUAL REPORT** | DECEMBER 31, 2022 | **97** |

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

(Unaudited)

and Research Affiliates supported the renewal of the Agreements. The Independent Trustees and the Board as a whole concluded that the Agreements continued to be fair and reasonable to the Funds and their shareholders, that the Funds' shareholders received reasonable value in return for the fees paid to PIMCO by the Funds under the Agreements, the fees paid to Research Affiliates by PIMCO under the Sub-Advisory Agreement, and that the renewal of the Agreements was in the best interests of the Funds and their shareholders.

With respect to the New Fund, based on their review, including their comprehensive consideration and evaluation of each of the broad factors and information summarized above, the Independent Trustees and the Board as a whole concluded that the nature, extent and quality of services to be rendered to the New Fund by PIMCO supported the approval of the New Fund Agreements. The Independent Trustees and the Board as a whole concluded that the New Fund Agreements were fair and reasonable to the New Fund and its shareholders and that the approval of the New Fund Agreements was in the best interest of the New Fund and its shareholders.

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| **98** | **PIMCO EQUITY SERIES** |

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**General Information** 

**Investment Adviser and Administrator** 

Pacific Investment Management Company LLC

650 Newport Center Drive

Newport Beach, CA 92660

**Distributor** 

PIMCO Investments LLC

1633 Broadway

New York, NY 10019

**Custodian** 

State Street Bank and Trust Company

801 Pennsylvania Avenue

Kansas City, MO 64105

**Transfer Agent** 

SS&C Global Investor & Distribution Solutions, Inc.

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

430 W 7th Street STE 219024

Kansas City, MO 64105-1407

SS&C Global Investor & Distribution Solutions, Inc.

Class A, Class C, Class R

430 W 7th Street STE 219294

Kansas City, MO 64105-1407

**Legal Counsel** 

Dechert LLP

1900 K Street, N.W.

Washington, D.C. 20006

**Independent Registered Public Accounting Firm** 

PricewaterhouseCoopers LLP

1100 Walnut Street, Suite 1300

Kansas City, MO 64106

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

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![LOGO](g437461g75h91.jpg)

PES4001SAR_123122

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![LOGO](g435919g13e39.jpg)

PIMCO EQUITY SERIES<sup>®</sup>

## Semiannual Report
December 31, 2022

PIMCO REALPATH<sup>®</sup> Blend 2025 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

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 Income Fund

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##### [**Table of Contents**](#toc)
**Table of Contents** 

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| | | |
|:---|:---|:---|
|  | | Page |
| &nbsp;&nbsp; [Chairman's Letter](#tx435919_1) |  | 2 |
| &nbsp;&nbsp; [Important Information About the Funds](#tx435919_2) |  | 4 |
| &nbsp;&nbsp; [Expense Examples](#tx435919_3) |  | 27 |
| &nbsp;&nbsp; [Financial Highlights](#tx435919_4) |  | 30 |
| &nbsp;&nbsp; [Statements of Assets and Liabilities](#tx435919_5) |  | 38 |
| &nbsp;&nbsp; [Statements of Operations](#tx435919_6) |  | 42 |
| &nbsp;&nbsp; [Statements of Changes in Net Assets](#tx435919_7) |  | 44 |
| &nbsp;&nbsp; [Notes to Financial Statements](#tx435919_8) |  | 76 |
| &nbsp;&nbsp; [Glossary](#tx435919_9) |  | 99 |
| &nbsp;&nbsp; [Distribution Information](#tx435919_10) |  | 100 |
| &nbsp;&nbsp; [Approval of Investment Advisory Contract and Other Agreements](#tx435919_11) |  | 103 |
| Fund | Fund<br>Summary | Schedule of<br>Investments |
| &nbsp;&nbsp; [PIMCO REALPATH<sup>®</sup> Blend 2025 Fund](#tx435919_12) | 8 | [46](#tx435919_22) |
| &nbsp;&nbsp; [PIMCO REALPATH<sup>®</sup> Blend 2030 Fund](#tx435919_13) | 10 | [50](#tx435919_23) |
| &nbsp;&nbsp; [PIMCO REALPATH<sup>®</sup> Blend 2035 Fund](#tx435919_14) | 12 | [54](#tx435919_24) |
| &nbsp;&nbsp; [PIMCO REALPATH<sup>®</sup> Blend 2040 Fund](#tx435919_15) | 14 | [57](#tx435919_25) |
| &nbsp;&nbsp; [PIMCO REALPATH<sup>®</sup> Blend 2045 Fund](#tx435919_16) | 16 | [60](#tx435919_26) |
| &nbsp;&nbsp; [PIMCO REALPATH<sup>®</sup> Blend 2050 Fund](#tx435919_17) | 18 | [63](#tx435919_27) |
| &nbsp;&nbsp; [PIMCO REALPATH<sup>®</sup> Blend 2055 Fund](#tx435919_18) | 20 | [66](#tx435919_28) |
| &nbsp;&nbsp; [PIMCO REALPATH<sup>®</sup> Blend 2060 Fund](#tx435919_19) | 22 | [69](#tx435919_29) |
| &nbsp;&nbsp; [PIMCO REALPATH<sup>®</sup> Blend 2065 Fund](#tx435919_20) | 24 | [71](#tx435919_30) |
| &nbsp;&nbsp; [PIMCO REALPATH<sup>®</sup> Blend Income Fund](#tx435919_21) | 25 | [72](#tx435919_31) |

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

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**Chairman's Letter**

Dear Shareholder,

2022 was a challenging year in the financial markets. We continue to work tirelessly to navigate global markets and manage the assets that you have entrusted with us. Following this letter is the PIMCO Equity Series Semiannual Report, which covers the six-month reporting period ended December 31, 2022 (the "reporting period"). On the subsequent pages, you will find details regarding investment results and a discussion of the factors that most affected performance during the reporting period.

For the six-month reporting period ended December 31, 2022

The global economy faced significant headwinds in 2022, including those related to higher inflation, the COVID-19 pandemic, and the Russia-Ukraine conflict. In the U.S., second quarter 2022, prior to the beginning of the reporting period, annualized gross domestic product ("GDP") was -0.6%. The economy then strengthened, as third quarter annualized GDP was +3.2%. The Commerce Department's initial estimate for fourth quarter 2022 annualized GDP — released after the reporting period ended — was 2.9%.

The Federal Reserve Board (the "Fed" or "U.S. central bank") took actions to combat elevated inflation. In March 2022, the Fed raised the federal funds rate 0.25% to a range between 0.25% and 0.50%, its first rate hike since 2018. The U.S. central bank then raised rates at its next six meetings, for a total increase of 4.25% in 2022. At the end of the year, the federal funds rate was in a range between 4.25% and 4.50%.

Economies outside the U.S. also faced several headwinds. In its October 2022 World Economic Outlook Update, the International Monetary Fund (the "IMF") downgraded its expectation for 2022 GDP citing "turbulent challenges" including high inflation, tightening financial conditions, as well as the ongoing Russia-Ukraine conflict and COVID-19 pandemic. For 2022, the IMF included in its projections that GDP would grow 1.6% in the U.S. (from 5.7% in 2021), 3.1% in the eurozone (from 5.2% in 2021), 3.6% in the U.K. (from 7.4% in 2021), and 1.7% in Japan (the same as in 2021).

Several central banks tightened their respective monetary policies in recent years. For example, in December 2021, prior to the beginning of the reporting period, the Bank of England (the "BoE") raised rates for the first time since COVID-19 began. The BoE again raised rates at its next eight meetings, for a total of 3.50% in rate hikes since its first increase. The European Central Bank raised rates four times in 2022, for a total increase of 2.50%. In contrast, the Bank of Japan (the "BoJ") maintained its loose monetary policy for most of 2022. However, in December 2022 the BoJ announced that it would allow its 10-year government bond yield to rise to 0.5% (previously limited to 0.25%). The news sent the 10-year bond yield and Japanese yen higher, as market participants interpreted the announcement to mean that the BoJ may pivot from its previous monetary stance.

During the reporting period, short- and long-term U.S. Treasury yields moved higher. The yield on the benchmark 10-year U.S. Treasury note was 3.88% on December 31, 2022, versus 2.98% on June 30, 2022. The Bloomberg Global Treasury Index (USD Hedged), which tracks fixed-rate, local currency government debt of investment grade countries, including developed and emerging markets, returned -2.97%. Meanwhile, the Bloomberg Global Aggregate Credit Index (USD Hedged), a widely used index of global investment grade credit bonds, returned -1.59%. In contrast, riskier fixed income asset classes, including high yield corporate bonds and emerging market debt, generated positive returns. The ICE BofAML Developed Markets High Yield Constrained Index (USD Hedged), a widely used index of below-investment-grade bonds, returned 3.82%, whereas emerging market external debt, as represented by the JPMorgan Emerging Markets Bond Index (EMBI) Global (USD Hedged), returned 2.93%. Emerging market local bonds, as represented by the JPMorgan Government Bond Index-Emerging Markets Global Diversified Index (Unhedged), returned 3.33%.

Amid periods of volatility, global equities generally posted mixed results during the reporting period as economic and geopolitical concerns impacted investor sentiment. U.S. equities, as represented by the S&P 500 Index, returned

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| **2** | **PIMCO EQUITY SERIES** |

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##### [**Table of Contents**](#toc)
2.31%. Global equities, as represented by the MSCI World Index, returned 2.97%, while emerging market equities, as measured by the MSCI Emerging Markets Index, returned -2.99%. Meanwhile, Japanese equities, as represented by the Nikkei 225 Index (in Japanese yen), returned -0.06% and European equities, as represented by the MSCI Europe Index (in euro), returned 5.05%.

Commodity prices were volatile and generated mixed returns during the reporting period. Brent crude oil, which was approximately $119.78 a barrel at the start of the reporting period, fell to roughly $82.82 a barrel at the end of December 2022. In contrast, prices of other commodities, such as copper and gold, edged higher during the period.

Finally, there were also periods of volatility in the foreign exchange markets. We believe this was driven by several factors, including economic growth expectations and changing central bank monetary policies, as well as rising inflation, COVID-19 variants, and geopolitical events. The U.S. dollar was mixed against several major currencies. For example, during the reporting period, the U.S. dollar returned -2.11%, +0.78%, and -3.51% versus the euro, the British pound and the Japanese yen, respectively.

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

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|:---|:---|
| ![LOGO](g435919g19a01.jpg) | Sincerely,<br>![LOGO](g435919g65f33.jpg) <br>Peter G. Strelow<br> Chairman of the Board<br>PIMCO Equity Series<br>|

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

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|:---|:---|:---|
| **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>3</sub> |

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**Important Information About the Funds**

PIMCO Equity Series (the "Trust") is an open-end management investment company that includes PIMCO REALPATH<sup>®</sup> Blend 2025 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, PIMCO REALPATH<sup>®</sup> Blend 2055 Fund, PIMCO REALPATH<sup>®</sup> Blend 2060 Fund, PIMCO REALPATH<sup>®</sup> Blend 2065 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, equity securities, fixed income instruments of varying maturities, or related derivatives on any of the preceding securities mentioned. The Funds may invest in Institutional Class or Class M shares of any funds of the Trust and PIMCO Funds, and in other affiliated funds, including funds of PIMCO ETF Trust, except funds of funds and PIMCO California Municipal Intermediate Value Fund, PIMCO California Municipal Opportunistic Value Fund, PIMCO National Municipal Intermediate Value Fund and PIMCO National Municipal Opportunistic Value Fund (collectively, "Underlying PIMCO Funds"), and unaffiliated funds that are registered under the Investment Company Act of 1940 (collectively, "Acquired Funds"). The risks and strategies associated with an investment in the Fund may result from direct investments and/or indirect exposure through investment in Acquired Funds.

We believe that equity funds and bond funds have an important role to play in a well-diversified portfolio. It is important to note, however, that equity funds and bond funds are subject to notable risks.

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

the issuer and the value of its assets. Different types of equity securities may react differently to these developments and a change in the financial condition of a single issuer may affect securities markets as a whole.

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

Bond funds and fixed income securities are subject to a variety of risks, including interest rate risk, liquidity risk and market risk. In an environment where interest rates may trend upward, rising rates would negatively impact the performance of most bond funds, and fixed income securities and other instruments held by a Fund (and/or Underlying PIMCO Funds or Acquired Funds, as applicable) are likely to decrease in value. A wide variety of factors can cause interest rates to rise (e.g., central bank monetary policies, inflation rates, general economic conditions, etc.). In addition, changes in interest rates can be sudden and unpredictable, and there is no guarantee that management will anticipate such movement accurately. A Fund may lose money as a result of movements in interest rates.

As of the date of this report, interest rates in the United States continue to increase. In efforts to combat inflation, the U.S. Federal Reserve raised interest rates multiple times in 2022 and has indicated an expectation that it will continue to raise interest rates in 2023. Thus, the Funds currently face a heightened level of risk associated with rising interest rates and/or bond yields. This could be driven by a variety of factors, including but not limited to central bank monetary policies, changing inflation or real growth rates, general economic conditions, increasing bond issuances or reduced market demand for low yielding investments. Further, while bond markets have steadily grown over the past three decades, dealer inventories of corporate bonds are near historic lows in relation to market size. As a result, there has been a significant reduction in the ability of dealers to "make markets."

Bond funds and individual bonds with a longer duration (a measure used to determine the sensitivity of a security's price to changes in interest rates) tend to be more sensitive to changes in interest rates, usually making them more volatile than securities or funds with shorter durations. All of the factors mentioned above, individually or collectively, could lead to increased volatility and/or lower liquidity in the fixed income markets or negatively impact a Fund's performance or cause the Fund to incur losses. As a result, a Fund may experience increased shareholder redemptions, which, among other things, could further reduce the net assets of the Fund.

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| **4** | **PIMCO EQUITY SERIES** |

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

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

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

Beginning in January 2020, global financial markets have experienced and may continue to experience significant volatility resulting from the spread of a novel coronavirus known as COVID-19. The outbreak of COVID-19 has resulted in travel and border restrictions, quarantines, supply chain disruptions, lower consumer demand and general market uncertainty. In 2022, many countries lifted some or all restrictions related to COVID-19. However, the effects of COVID-19 have and may continue to adversely affect the global economy, the economies of certain nations and individual issuers, all of which may negatively impact the Funds' performance. In addition, COVID-19 and governmental responses to COVID-19 may negatively impact the capabilities of the Funds' service providers and disrupt the Funds' operations.

The United States' enforcement of restrictions on U.S. investments in certain issuers and tariffs on goods from certain other countries, has contributed to and may continue to contribute to international trade tensions and may impact portfolio securities held by the Underlying PIMCO Funds or Acquired Funds.

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

A Fund may invest in certain instruments that rely in some fashion upon the London Interbank Offered Rate ("LIBOR"). LIBOR is an average interest rate, determined by the ICE Benchmark Administration, that banks charge one another for the use of short-term money. The

United Kingdom's Financial Conduct Authority, which regulates LIBOR, has announced plans to ultimately phase out the use of LIBOR. There remains uncertainty regarding future utilization of LIBOR and the nature of any replacement rate (e.g., the Secured Overnight Financing Rate, which is intended to replace U.S. dollar LIBOR and measures the cost of overnight borrowings through repurchase agreement transactions collateralized with U.S. Treasury securities). Any potential effects of the transition away from LIBOR on a Fund or on certain instruments in which a Fund invests can be difficult to ascertain, and they may vary depending on a variety of factors. Any such effects of the transition away from LIBOR, as well as other unforeseen effects, could result in losses to a Fund.

The PIMCO REALPATH<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.

On each individual Fund Summary page in this Shareholder Report, the Average Annual Total Return table and Cumulative Returns chart measure performance assuming that any dividend and capital gain distributions were reinvested. Returns do not reflect the deduction of taxes that a shareholder would pay on (i) Fund distributions or (ii) the redemption of Fund shares. The Cumulative Returns chart and Average Annual Total Return table reflect any sales load that would have applied at the time of purchase or any Contingent Deferred Sales Charge ("CDSC") that would have applied if a full redemption occurred on the last business day of the period shown in the Cumulative Returns chart. Class A shares are subject to an initial sales charge. A CDSC may be imposed in certain circumstances on Class A shares that are purchased without an initial sales charge and then redeemed during the first 12 months after purchase. The Cumulative Returns chart reflects only

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| **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>5</sub> |

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|:---|:---|
| **Important Information About the Funds** | **(Cont.)** |

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Institutional Class performance. Performance may vary by share class based on each class's expense ratios. Performance shown is net of fees and expenses. The minimum initial investment amount for Institutional Class and Administrative Class shares is $1,000,000, except that the minimum initial investment may be modified for certain financial firms that submit orders on behalf of their customers. The minimum initial investment amount for Class A shares is $1,000. Each Fund measures its performance against at least one broad-based securities market index ("benchmark index"). The benchmark index does not take into account fees, expenses, or taxes. A Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. There is no assurance that any Fund, including any Fund that has experienced high or unusual performance for one or more periods, will experience similar levels of performance in the future. High performance is defined as a significant increase in either 1) a Fund's total return in excess of that of the Fund's benchmark between reporting periods or 2) a Fund's total return in excess of the Fund's historical returns between reporting periods. Unusual performance is defined as a significant change in a Fund's performance as compared to one or more previous reporting periods. Historical performance for a Fund or share class may have been positively impacted by fee waivers or expense limitations in place during some or all of the periods shown, if applicable. Future performance (including total return or yield) and distributions may be negatively impacted by the expiration or reduction of any such fee waivers or expense limitations.

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

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|:---|:---|:---|:---|:---|:---|:---|
| **Fund Name** | **Fund<br>Inception** | **Institutional<br>Class** | **Administrative<br>Class** | **Class A** | **Class R** | **Diversification<br>Status** |
|  PIMCO REALPATH<sup>®</sup> Blend 2025 Fund | 12/31/14 | 12/31/14 | 12/31/14 | 12/31/14 |  | Diversified |
|  PIMCO REALPATH<sup>®</sup> Blend 2030 Fund | 12/31/14 | 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 | 12/31/14 |  | Diversified |
|  PIMCO REALPATH<sup>®</sup> Blend 2040 Fund | 12/31/14 | 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 | 12/31/14 |  | Diversified |
|  PIMCO REALPATH<sup>®</sup> Blend 2050 Fund | 12/31/14 | 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 | 12/31/14 |  | Diversified |
|  PIMCO REALPATH<sup>®</sup> Blend 2060 Fund | 12/31/19 | 12/31/19 | 12/31/19 | 12/31/19 | N/A | Diversified |
|  PIMCO REALPATH<sup>®</sup> Blend 2065 Fund | 12/30/22 | 12/30/22 | 12/30/22 | 12/30/22 | N/A | Diversified |
|  PIMCO REALPATH<sup>®</sup> Blend Income Fund | 12/31/14 | 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 a Fund. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of a Fund, and information about how the Fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30th, are available without charge, upon request, by calling the Trust at (888) 87-PIMCO, on the Fund's website at www.pimco.com, and on the Securities and Exchange Commission's ("SEC") website at www.sec.gov.

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|:---|:---|
| **6** | **PIMCO EQUITY SERIES** |

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##### [**Table of Contents**](#toc)
The Funds file portfolio holdings information with the SEC on Form N-PORT within 60 days of the end of each fiscal quarter. The Funds' complete schedule of securities holdings as of the end of each fiscal quarter will be made available to the public on the SEC's website at www.sec.gov and on PIMCO's website at www.pimco.com, and will be made available, upon request, by calling PIMCO at (888) 87-PIMCO.

SEC rules allow the Funds to fulfill their obligation to deliver shareholder reports to investors by providing access to such reports online free of charge and by mailing a notice that the report is electronically available. Investors may elect to receive all future reports in paper free of charge by contacting their financial intermediary or, if invested directly with a Fund, investors can inform the Fund by calling (888) 87-PIMCO. Any election to receive reports in paper will apply to all funds held with the fund complex if invested directly with a Fund or to all funds held in the investor's account if invested through a financial intermediary.

In October 2020, the SEC adopted a rule related to the use of derivatives, short sales, reverse repurchase agreements and certain other transactions by registered investment companies that rescinds and withdraws the guidance of the SEC and its staff regarding asset segregation and cover transactions. Subject to certain exceptions, the rule requires funds that trade derivatives and other transactions that create future payment or delivery obligations to comply with a value-at-risk leverage limit and a certain derivatives risk management program and reporting requirements. These requirements may limit the ability of the Funds to use derivatives and reverse repurchase agreements and similar financing transactions as part of their investment strategies and may increase the cost of the Funds' investments and cost of doing business, which could adversely affect investors. The rule went into effect on February 19, 2021. The compliance date for the new rule and related reporting requirements was August 19, 2022.

In December 2020, the SEC adopted a rule addressing fair valuation of fund investments. The new rule sets forth requirements for good faith determinations of fair value as well as for the performance of fair value determinations, including related oversight and reporting obligations. The new rule also defines "readily available market quotations" for purposes of the definition of "value" under the Investment Company Act of 1940 (the "Act"), and the SEC noted that this definition will apply in all contexts under the Act. The SEC adopted an eighteen-month transition period beginning from the effective date for both the new rule and the associated new recordkeeping requirements. The effective date for the rule was March 8, 2021. The compliance date for the new rule and the related reporting requirements was September 8, 2022.

In May 2022, the SEC proposed amendments to a current rule governing fund naming conventions. In general, the current rule requires funds with certain types of names to adopt a policy to invest

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

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

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

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

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

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| | | |
|:---|:---|:---|
| **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>7</sub> |

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##### [**Table of Contents**](#toc)
**PIMCO REALPATH<sup>®</sup> Blend 2025 Fund** 

Cumulative Returns Through December 31, 2022

![LOGO](g435919g64q91.jpg)

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

Investment Objective and Strategy Overview

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 |
|  | 6 Months\* | 1 Year | 5 Years | Fund Inception<br> (12/31/14) |
| ![LOGO](g435919g94o20.jpg) PIMCO REALPATH<sup>®</sup> Blend 2025 Fund Institutional Class | (0.23)% | (16.84)% | 3.62% | 4.79% |
| PIMCO REALPATH<sup>®</sup> Blend 2025 Fund Administrative Class | (0.35)% | (17.08)% | 3.37% | 4.52% |
| PIMCO REALPATH<sup>®</sup> Blend 2025 Fund Class A | (0.57)% | (17.24)% | 3.11% | 4.28% |
| PIMCO REALPATH<sup>®</sup> Blend 2025 Fund Class A (adjusted) | (6.00)% | (21.79)% | 1.94% | 3.54% |
| ![LOGO](g435919g08y58.jpg) S&P Target Date 2025 Index<sup>±</sup> | 1.48% | (13.13)% | 3.75% | 5.03% |

---

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

\* Cumulative return.

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

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

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

*The Fund's total annual operating expense ratio in effect as of period end, which includes the Acquired Fund Fees and Expenses (Underlying PIMCO Fund expenses) was 0.32% for the Institutional Class shares, 0.57% for the Administrative Class shares, and 0.77% for the Class A shares. Details regarding any changes to the Fund's operating expenses, subsequent to period end, can be found in the Fund's current prospectus, as supplemented.* 

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|:---|:---|
| **8** | **PIMCO EQUITY SERIES** |

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##### [**Table of Contents**](#toc)

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| | | |
|:---|:---|:---|
| Institutional Class - **PPZRX** | Administrative Class - **PPZDX** | Class A - **PPZAX** |

---

Top 10 Holdings as of December 31, 2022<sup>†</sup><sup>§</sup>

---

| | |
|:---|:---|
|  Vanguard Institutional Index Fund 'Institutional' | 23.3% |
|  Vanguard Developed Markets Index Fund 'Institutional' | 16.6% |
|  PIMCO Income Fund | 13.3% |
|  PIMCO Total Return Fund | 11.0% |
|  PIMCO Long-Term U.S. Government Fund | 6.3% |
|  Vanguard Emerging Markets Stock Index Fund 'Institutional' | 5.9% |
|  PIMCO Long-Term Real Return Fund | 5.6% |
|  PIMCO Emerging Markets Local Currency and Bond Fund | 5.1% |
|  PIMCO Real Return Fund | 3.3% |
|  PIMCO International Bond Fund (U.S. Dollar-Hedged) | 2.4% |

---

<sup>†</sup> % of Investments, at value.

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

Fund Insights

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

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

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

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

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

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

» Exposure to U.S. real estate investment trusts ("REITs") securities detracted from absolute performance, as REITs posted negative returns.

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| | | |
|:---|:---|:---|
| **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>9</sub> |

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##### [**Table of Contents**](#toc)
**PIMCO REALPATH<sup>®</sup> Blend 2030 Fund** 

Cumulative Returns Through December 31, 2022

![LOGO](g435919g32c94.jpg)

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

Investment Objective and Strategy Overview

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 |
|  | 6 Months\* | 1 Year | 5 Years | Fund Inception<br>(12/31/14) |
| ![LOGO](g435919g94o20.jpg) PIMCO REALPATH<sup>®</sup> Blend 2030 Fund Institutional Class | 0.14% | (17.48)% | 3.91% | 5.24% |
| PIMCO REALPATH<sup>®</sup> Blend 2030 Fund Administrative Class | 0.10% | (17.65)% | 3.68% | 4.99% |
| PIMCO REALPATH<sup>®</sup> Blend 2030 Fund Class A | 0.00% | (17.81)% | 3.42% | 4.74% |
| PIMCO REALPATH<sup>®</sup> Blend 2030 Fund Class A (adjusted) | (5.52)% | (22.35)% | 2.25% | 4.01% |
| ![LOGO](g435919g08y58.jpg) S&P Target Date 2030 Index<sup>±</sup> | 1.93% | (13.96)% | 4.17% | 5.54% |

---

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

\* Cumulative return.

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

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

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

*The Fund's total annual operating expense ratio in effect as of period end, which includes the Acquired Fund Fees and Expenses (Underlying PIMCO Fund expenses) was 0.26% for the Institutional Class shares, 0.51% for the Administrative Class shares, and 0.71% for the Class A shares. Details regarding any changes to the Fund's operating expenses, subsequent to period end, can be found in the Fund's current prospectus, as supplemented.* 

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|:---|:---|
| **10** | **PIMCO EQUITY SERIES** |

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##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| Institutional Class - **PBPNX** | Administrative Class - **PBPRX** | Class A - **PBPAX** |

---

Top 10 Holdings as of December 31, 2022<sup>†</sup><sup>§</sup>

---

| | |
|:---|:---|
|  Vanguard Institutional Index Fund 'Institutional' | 31.0% |
|  Vanguard Developed Markets Index Fund 'Institutional' | 19.2% |
|  PIMCO Income Fund | 8.2% |
|  Vanguard Emerging Markets Stock Index Fund 'Institutional' | 7.3% |
|  PIMCO Long-Term U.S. Government Fund | 7.2% |
|  PIMCO Total Return Fund | 6.3% |
|  PIMCO Long-Term Real Return Fund | 5.3% |
|  PIMCO Emerging Markets Local Currency and Bond Fund | 4.5% |
|  Vanguard Small-Cap Index Fund 'Institutional' | 2.6% |
|  PIMCO Real Return Fund | 2.1% |

---

<sup>†</sup> % of Investments, at value.

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

Fund Insights

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

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

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

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

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

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

» Exposure to U.S. real estate investment trusts ("REITs") securities detracted from absolute performance, as REITs posted negative returns.

---

| | | |
|:---|:---|:---|
| **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>11</sub> |

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##### [**Table of Contents**](#toc)
**PIMCO REALPATH<sup>®</sup> Blend 2035 Fund** 

Cumulative Returns Through December 31, 2022

![LOGO](g435919g24k30.jpg)

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

Investment Objective and Strategy Overview

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 |
|  | 6 Months\* | 1 Year | 5 Years | Fund Inception<br>(12/31/14) |
| ![LOGO](g435919g94o20.jpg) PIMCO REALPATH<sup>®</sup> Blend 2035 Fund Institutional Class | 1.19% | (17.07)% | 4.42% | 5.67% |
| PIMCO REALPATH<sup>®</sup> Blend 2035 Fund Administrative Class | 1.07% | (17.31)% | 4.15% | 5.40% |
| PIMCO REALPATH<sup>®</sup> Blend 2035 Fund Class A | 1.05% | (17.42)% | 3.91% | 5.16% |
| PIMCO REALPATH<sup>®</sup> Blend 2035 Fund Class A (adjusted) | (4.49)% | (21.96)% | 2.74% | 4.42% |
| ![LOGO](g435919g08y58.jpg) S&P Target Date 2035 Index<sup>±</sup> | 2.36% | (14.99)% | 4.63% | 6.06% |

---

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

\* Cumulative return.

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

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

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

*The Fund's total annual operating expense ratio in effect as of period end, which includes the Acquired Fund Fees and Expenses (Underlying PIMCO Fund Expenses) was 0.23% for the Institutional Class shares, 0.48% for the Administrative Class shares, and 0.68% for the Class A shares. Details regarding any changes to the Fund's operating expenses, subsequent to period end, can be found in the Fund's current prospectus, as supplemented.* 

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|:---|:---|
| **12** | **PIMCO EQUITY SERIES** |

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##### [**Table of Contents**](#toc)

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| | | |
|:---|:---|:---|
| Institutional Class - **PDGZX** | Administrative Class - **PDGDX** | Class A - **PDGAX** |

---

Top 10 Holdings as of December 31, 2022<sup>†</sup><sup>§</sup>

---

| | |
|:---|:---|
|  Vanguard Institutional Index Fund 'Institutional' | 35.3% |
|  Vanguard Developed Markets Index Fund 'Institutional' | 21.7% |
|  Vanguard Emerging Markets Stock Index Fund 'Institutional' | 7.9% |
|  PIMCO Long-Term U.S. Government Fund | 5.6% |
|  PIMCO Income Fund | 5.6% |
|  PIMCO Total Return Fund | 4.3% |
|  PIMCO Emerging Markets Local Currency and Bond Fund | 3.9% |
|  PIMCO Long-Term Real Return Fund | 3.8% |
|  Vanguard Small-Cap Index Fund 'Institutional' | 3.3% |
|  PIMCO Real Return Fund | 1.5% |

---

<sup>†</sup> % of Investments, at value.

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

Fund Insights

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

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

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

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

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

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

» Exposure to emerging market equities detracted from absolute performance, as emerging market equities posted negative returns.

---

| | | |
|:---|:---|:---|
| **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>13</sub> |

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##### [**Table of Contents**](#toc)
**PIMCO REALPATH<sup>®</sup> Blend 2040 Fund** 

Cumulative Returns Through December 31, 2022

![LOGO](g435919g42o93.jpg)

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

Investment Objective and Strategy Overview

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 |
|  | 6 Months\* | 1 Year | 5 Years | Fund Inception<br>(12/31/14) |
| ![LOGO](g435919g94o20.jpg) PIMCO REALPATH<sup>®</sup> Blend 2040 Fund Institutional Class | 1.56% | (17.16)% | 4.77% | 6.00% |
| PIMCO REALPATH<sup>®</sup> Blend 2040 Fund Administrative Class | 1.44% | (17.32)% | 4.50% | 5.74% |
| PIMCO REALPATH<sup>®</sup> Blend 2040 Fund Class A | 1.36% | (17.49)% | 4.26% | 5.48% |
| PIMCO REALPATH<sup>®</sup> Blend 2040 Fund Class A (adjusted) | (4.24)% | (22.03)% | 3.09% | 4.74% |
| ![LOGO](g435919g08y58.jpg) S&P Target Date 2040 Index<sup>±</sup> | 2.80% | (15.56)% | 4.97% | 6.44% |

---

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

\* Cumulative return.

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

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

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

*The Fund's total annual operating expense ratio in effect as of period end, which includes the Acquired Fund Fees and Expenses (Underlying PIMCO Fund expenses) was 0.20% for the Institutional Class shares, 0.45% for the Administrative Class shares, and 0.65% for the Class A shares. Details regarding any changes to the Fund's operating expenses, subsequent to period end, can be found in the Fund's current prospectus, as supplemented.* 

---

| | |
|:---|:---|
| **14** | **PIMCO EQUITY SERIES** |

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##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| Institutional Class - **PVPNX** | Administrative Class - **PVPRX** | Class A - **PVPAX** |

---

Top 10 Holdings as of December 31, 2022<sup>†</sup><sup>§</sup>

---

| | |
|:---|:---|
|  Vanguard Institutional Index Fund 'Institutional' | 39.1% |
|  Vanguard Developed Markets Index Fund 'Institutional' | 25.2% |
|  Vanguard Emerging Markets Stock Index Fund 'Institutional' | 8.3% |
|  PIMCO Long-Term U.S. Government Fund | 3.9% |
|  Vanguard Small-Cap Index Fund 'Institutional' | 3.8% |
|  PIMCO Income Fund | 3.7% |
|  PIMCO Emerging Markets Local Currency and Bond Fund | 3.4% |
|  PIMCO Total Return Fund | 3.0% |
|  PIMCO Long-Term Real Return Fund | 2.6% |
|  PIMCO Real Return Fund | 1.1% |

---

<sup>†</sup> % of Investments, at value.

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

Fund Insights

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

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

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

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

» Exposure to emerging market equities detracted from absolute performance, as emerging market equities posted negative returns.

» Exposure to U.S. real estate investment trusts ("REITs") securities detracted from absolute performance, as REITs posted negative returns.

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

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **15** |

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##### [**Table of Contents**](#toc)
**PIMCO REALPATH<sup>®</sup> Blend 2045 Fund** 

Cumulative Returns Through December 31, 2022

![LOGO](g435919g07t09.jpg)

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

Investment Objective and Strategy Overview

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 |
|  | 6 Months\* | 1 Year | 5 Years | Fund Inception<br>(12/31/14) |
| ![LOGO](g435919g94o20.jpg) PIMCO REALPATH<sup>®</sup> Blend 2045 Fund Institutional Class | 1.75% | (17.29)% | 5.02% | 6.17% |
| PIMCO REALPATH<sup>®</sup> Blend 2045 Fund Administrative Class | 1.63% | (17.46)% | 4.77% | 5.90% |
| PIMCO REALPATH<sup>®</sup> Blend 2045 Fund Class A | 1.54% | (17.63)% | 4.52% | 5.64% |
| PIMCO REALPATH<sup>®</sup> Blend 2045 Fund Class A (adjusted) | (4.08)% | (22.14)% | 3.34% | 4.90% |
| ![LOGO](g435919g08y58.jpg) S&P Target Date 2045 Index<sup>±</sup> | 3.18% | (15.84)% | 5.16% | 6.67% |

---

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.

\* Cumulative return.

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

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

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

*The Fund's total annual operating expense ratio in effect as of period end, which includes the Acquired Fund Fees and Expenses (Underlying PIMCO Fund expenses) was 0.16% for the Institutional Class shares, 0.41% for the Administrative Class shares, and 0.61% for the Class A shares. Details regarding any changes to the Fund's operating expenses, subsequent to period end, can be found in the Fund's current prospectus, as supplemented.* 

---

| | |
|:---|:---|
| **16** | **PIMCO EQUITY SERIES** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| Institutional Class - **PVQNX** | Administrative Class - **PVQDX** | Class A - **PVQAX** |

---

Top 10 Holdings as of December 31, 2022<sup>†</sup><sup>§</sup>

---

| | |
|:---|:---|
|  Vanguard Institutional Index Fund 'Institutional' | 41.6% |
|  Vanguard Developed Markets Index Fund 'Institutional' | 28.8% |
|  Vanguard Emerging Markets Stock Index Fund 'Institutional' | 8.4% |
|  Vanguard Small-Cap Index Fund 'Institutional' | 4.1% |
|  PIMCO Long-Term U.S. Government Fund | 2.8% |
|  PIMCO Emerging Markets Local Currency and Bond Fund | 2.5% |
|  PIMCO Income Fund | 2.0% |
|  PIMCO Long-Term Real Return Fund | 1.9% |
|  PIMCO Total Return Fund | 1.9% |
|  PIMCO Real Return Fund | 0.7% |

---

<sup>†</sup> % of Investments, at value.

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

Fund Insights

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

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

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

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

» Exposure to emerging market equities detracted from absolute performance, as emerging market equities posted negative returns.

» Exposure to U.S. real estate investment trusts ("REITs") securities detracted from absolute performance, as REITs posted negative returns.

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

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **17** |

---

------

##### [**Table of Contents**](#toc)
**PIMCO REALPATH<sup>®</sup> Blend 2050 Fund** 

Cumulative Returns Through December 31, 2022

![LOGO](g435919g15t17.jpg)

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

Investment Objective and Strategy Overview

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 |
|  | 6 Months\* | 1 Year | 5 Years | Fund Inception<br>(12/31/14) |
| ![LOGO](g435919g94o20.jpg) PIMCO REALPATH<sup>®</sup> Blend 2050 Fund Institutional Class | 1.99% | (17.29)% | 5.16% | 6.32% |
| PIMCO REALPATH<sup>®</sup> Blend 2050 Fund Administrative Class | 1.88% | (17.46)% | 4.91% | 6.04% |
| PIMCO REALPATH<sup>®</sup> Blend 2050 Fund Class A | 1.88% | (17.62)% | 4.65% | 5.80% |
| PIMCO REALPATH<sup>®</sup> Blend 2050 Fund Class A (adjusted) | (3.74)% | (22.15)% | 3.47% | 5.05% |
| ![LOGO](g435919g08y58.jpg) S&P Target Date 2050 Index<sup>±</sup> | 3.33% | (15.97)% | 5.26% | 6.83% |

---

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

\* Cumulative return.

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

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

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

*The Fund's total annual operating expense ratio in effect as of period end, which includes the Acquired Fund Fees and Expenses (Underlying PIMCO Fund expenses) was 0.14% for the Institutional Class shares, 0.39% for the Administrative Class shares, and 0.59% for the Class A shares. Details regarding any changes to the Fund's operating expenses, subsequent to period end, can be found in the Fund's current prospectus, as supplemented.* 

---

| | |
|:---|:---|
| **18** | **PIMCO EQUITY SERIES** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| Institutional Class - **PPQZX** | Administrative Class - **PPQDX** | Class A - **PPQAX** |

---

Top 10 Holdings as of December 31, 2022<sup>†</sup><sup>§</sup>

---

| | |
|:---|:---|
|  Vanguard Institutional Index Fund 'Institutional' | 43.3% |
|  Vanguard Developed Markets Index Fund 'Institutional' | 31.2% |
|  Vanguard Emerging Markets Stock Index Fund 'Institutional' | 8.4% |
|  Vanguard Small-Cap Index Fund 'Institutional' | 4.3% |
|  PIMCO Long-Term U.S. Government Fund | 1.9% |
|  PIMCO Emerging Markets Local Currency and Bond Fund | 1.6% |
|  PIMCO Long-Term Real Return Fund | 1.3% |
|  PIMCO Income Fund | 1.2% |
|  PIMCO Total Return Fund | 1.2% |
|  PIMCO Real Return Fund | 0.5% |

---

<sup>†</sup> % of Investments, at value.

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

Fund Insights

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

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

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

» Exposure to emerging market equities detracted from absolute performance, as emerging market equities posted negative returns.

» Exposure to U.S. real estate investment trusts ("REITs") securities detracted from absolute performance, as REITs posted negative returns.

» Exposure to long-term Treasury bonds detracted from absolute performance, as long-term Treasury bonds posted negative returns.

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

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **19** |

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##### [**Table of Contents**](#toc)
**PIMCO REALPATH<sup>®</sup> Blend 2055 Fund** 

Cumulative Returns Through December 31, 2022

![LOGO](g435919g06l71.jpg)

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

Investment Objective and Strategy Overview

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 |
|  | 6 Months\* | 1 Year | 5 Years | Fund Inception<br>(12/31/14) |
| ![LOGO](g435919g94o20.jpg) PIMCO REALPATH<sup>®</sup> Blend 2055 Fund Institutional Class | 2.26% | (17.12)% | 5.17% | 6.29% |
| PIMCO REALPATH<sup>®</sup> Blend 2055 Fund Administrative Class | 2.14% | (17.36)% | 4.90% | 6.03% |
| PIMCO REALPATH<sup>®</sup> Blend 2055 Fund Class A | 1.98% | (17.53)% | 4.64% | 5.74% |
| PIMCO REALPATH<sup>®</sup> Blend 2055 Fund Class A (adjusted) | (3.66)% | (22.06)% | 3.46% | 5.00% |
| ![LOGO](g435919g08y58.jpg) S&P Target Date 2055 Index<sup>±</sup> | 3.43% | (15.97)% | 5.31% | 6.90% |

---

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

\* Cumulative return.

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

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

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

*The Fund's total annual operating expense ratio in effect as of period end, which includes the Acquired Fund Fees and Expenses (Underlying PIMCO Fund expenses) was 0.13% for the Institutional Class shares, 0.38% for the Administrative Class shares, and 0.58% for the Class A shares. Details regarding any changes to the Fund's operating expenses, subsequent to period end, can be found in the Fund's current prospectus, as supplemented.* 

---

| | |
|:---|:---|
| **20** | **PIMCO EQUITY SERIES** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| Institutional Class - **PRQZX** | Administrative Class - **PRQDX** | Class A - **PRQAX** |

---

Top 10 Holdings as of December 31, 2022<sup>†</sup><sup>§</sup>

---

| | |
|:---|:---|
|  Vanguard Institutional Index Fund 'Institutional' | 43.9% |
|  Vanguard Developed Markets Index Fund 'Institutional' | 31.4% |
|  Vanguard Emerging Markets Stock Index Fund 'Institutional' | 8.3% |
|  Vanguard Small-Cap Index Fund 'Institutional' | 4.5% |
|  PIMCO Long-Term U.S. Government Fund | 1.5% |
|  PIMCO Emerging Markets Local Currency and Bond Fund | 1.4% |
|  PIMCO Long-Term Real Return Fund | 1.0% |
|  PIMCO Income Fund | 0.9% |
|  PIMCO Total Return Fund | 0.9% |
|  PIMCO International Bond Fund (U.S. Dollar-Hedged) | 0.4% |

---

<sup>†</sup> % of Investments, at value.

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

Fund Insights

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

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

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

» Exposure to emerging market equities detracted from absolute performance, as emerging market equities posted negative returns.

» Exposure to U.S. real estate investment trusts ("REITs") securities detracted from absolute performance, as REITs posted negative returns.

» Exposure to long-term Treasury bonds detracted from absolute performance, as long-term Treasury bonds posted negative returns.

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

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **21** |

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##### [**Table of Contents**](#toc)
**PIMCO REALPATH<sup>®</sup> Blend 2060 Fund** 

Cumulative Returns Through December 31, 2022

![LOGO](g435919g21s69.jpg)

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

Investment Objective and Strategy Overview

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 |
|  | 6 Months\* | 1 Year | Fund Inception<br>(12/31/19) |
| ![LOGO](g435919g94o20.jpg) PIMCO REALPATH<sup>®</sup> Blend 2060 Fund Institutional Class | 2.20% | (16.82)% | 3.85% |
| PIMCO REALPATH<sup>®</sup> Blend 2060 Fund Administrative Class | 2.10% | (17.04)% | 3.59% |
| PIMCO REALPATH<sup>®</sup> Blend 2060 Fund Class A | 1.90% | (17.23)% | 3.36% |
| PIMCO REALPATH<sup>®</sup> Blend 2060 Fund Class A (adjusted) | (3.72)% | (21.78)% | 1.43% |
| ![LOGO](g435919g08y58.jpg) S&P Target Date 2060+ Index<sup>±</sup> | 3.41% | (16.01)% | 4.16% |

---

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.

\* Cumulative return.

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

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

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

*The Fund's total annual operating expense ratio in effect as of period end, which includes the Acquired Fund Fees and Expenses (Underlying PIMCO Fund expenses) was 0.14% for the Institutional Class shares, 0.39% for the Administrative Class shares, and 0.59% for the Class A shares. Details regarding any changes to the Fund's operating expenses, subsequent to period end, can be found in the Fund's current prospectus, as supplemented.* 

---

| | |
|:---|:---|
| **22** | **PIMCO EQUITY SERIES** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| Institutional Class - **PRBMX** | Administrative Class - **PRBEX** | Class A - **PRBAX** |

---

Top 10 Holdings as of December 31, 2022<sup>†§</sup>

---

| | |
|:---|:---|
|  Vanguard Institutional Index Fund 'Institutional' | 44.7% |
|  Vanguard Developed Markets Index Fund 'Admiral' | 32.0% |
|  Vanguard Emerging Markets Stock Index Fund 'Admiral' | 8.5% |
|  Vanguard Small-Cap Index Fund 'Admiral' | 4.5% |
|  PIMCO Long-Term U.S. Government Fund | 1.5% |
|  PIMCO Emerging Markets Local Currency and Bond Fund | 1.4% |
|  PIMCO Long-Term Real Return Fund | 1.0% |
|  PIMCO Income Fund | 0.9% |
|  PIMCO Total Return Fund | 0.9% |
|  PIMCO International Bond Fund (U.S. Dollar-Hedged) | 0.4% |

---

<sup>†</sup> % of Investments, at value.

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

Fund Insights

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

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

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

» Exposure to emerging market equities detracted from absolute performance, as emerging market equities posted negative returns.

» Exposure to U.S. real estate investment trusts ("REITs") securities detracted from absolute performance, as REITs posted negative returns.

» Exposure to long-term Treasury bonds detracted from absolute performance, as long-term Treasury bonds posted negative returns.

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

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **23** |

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##### [**Table of Contents**](#toc)
**PIMCO REALPATH<sup>®</sup> Blend 2065 Fund** 

---

| |
|:---|
| Institutional Class - **PBLIX** |
| Administrative Class - **PBLMX** |
| Class A - **PBLLX** |

---

Top 10 Holdings as of December 31, 2022<sup>†</sup>§

---

| | |
|:---|:---|
|  Vanguard Institutional Index Fund 'Institutional' | 46.4% |
|  Vanguard Developed Markets Index Fund 'Admiral' | 33.4% |
|  Vanguard Emerging Markets Stock Index Fund 'Admiral' | 8.9% |
|  Vanguard Small-Cap Index Fund 'Admiral' | 4.7% |
|  PIMCO Long-Term U.S. Government Fund | 1.6% |
|  PIMCO Emerging Markets Local Currency and Bond Fund | 1.4% |
|  PIMCO Long-Term Real Return Fund | 1.0% |
|  PIMCO Total Return Fund | 0.9% |
|  PIMCO Income Fund | 0.9% |
|  PIMCO International Bond Fund (U.S. Dollar-Hedged) | 0.4% |

---

<sup>†</sup> % of Investments, at value.

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

Investment Objective and Strategy Overview

PIMCO REALPATH<sup>®</sup> Blend 2065 Fund seeks to maximize total return, consistent with prudent investment management, by investing under normal circumstances in a combination of affiliated and unaffiliated funds that are registered under the Investment Company Act of 1940, as amended (the "1940 Act"), equity securities, Fixed Income Instruments of varying maturities, or related derivatives on any of the preceding securities mentioned. Under normal circumstances, the Fund seeks to invest substantially all of its equity exposure in index tracking securities, including investments in affiliated or unaffiliated investment companies, which will be registered under the 1940 Act, or related derivatives on such securities or indexes. "Fixed Income Instruments" include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. Fund strategies may change from time to time. Please refer to the Fund's current prospectus for more information regarding the Fund's strategy.

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| | |
|:---|:---|
| **24** | **PIMCO EQUITY SERIES** |

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##### [**Table of Contents**](#toc)
**PIMCO REALPATH<sup>®</sup> Blend Income Fund** 

Cumulative Returns Through December 31, 2022

![LOGO](g435919g26p66.jpg)

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

Investment Objective and Strategy Overview

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 |
|  |  | 6 Months\* | 1 Year | 5 Years | Fund Inception<br>(12/31/14) |
| ![LOGO](g435919g94o20.jpg) | PIMCO REALPATH<sup>®</sup> Blend Income Fund Institutional Class | (0.44)% | (16.10)% | 3.07% | 4.20% |
|  | PIMCO REALPATH<sup>®</sup> Blend Income Fund Administrative Class | (0.57)% | (16.38)% | 2.83% | 3.95% |
|  | PIMCO REALPATH<sup>®</sup> Blend Income Fund Class A | (0.68)% | (16.49)% | 2.59% | 3.70% |
|  | PIMCO REALPATH<sup>®</sup> Blend Income Fund Class A (adjusted) | (6.10)% | (21.11)% | 1.44% | 2.97% |
| ![LOGO](g435919g08y58.jpg) | S&P Target Date Retirement Income Index<sup>±</sup> | 0.35% | (11.17)% | 2.33% | 3.10% |

---

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.

\* Cumulative return.

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

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

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

*The Fund's total annual operating expense ratio in effect as of period end, which includes the Acquired Fund Fees and Expenses (Underlying PIMCO Fund expenses) was 0.36% for the Institutional Class shares, 0.61% for the Administrative Class shares, and 0.81% for the Class A shares. Details regarding any changes to the Fund's operating expenses, subsequent to period end, can be found in the Fund's current prospectus, as supplemented.* 

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **25** |

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##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| Institutional Class - **PBRNX** | Administrative Class - **PBRDX** | Class A - **PBRAX** |

---

Top 10 Holdings as of December 31, 2022<sup>†</sup><sup>§</sup>

---

| | |
|:---|:---|
|  Vanguard Institutional Index Fund 'Institutional' | 19.7% |
|  PIMCO Income Fund | 16.0% |
|  Vanguard Developed Markets Index Fund 'Institutional' | 15.8% |
|  PIMCO Total Return Fund | 13.5% |
|  PIMCO Long-Term U.S. Government Fund | 5.6% |
|  PIMCO Long-Term Real Return Fund | 5.5% |
|  PIMCO Emerging Markets Local Currency and Bond Fund | 5.4% |
|  Vanguard Emerging Markets Stock Index Fund 'Institutional' | 5.2% |
|  PIMCO Real Return Fund | 3.9% |
|  PIMCO International Bond Fund (U.S. Dollar-Hedged) | 3.0% |

---

<sup>†</sup> % of Investments, at value.

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

Fund Insights

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

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

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

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

» Exposure to long-term Treasury bonds detracted from absolute performance, as long-term Treasury bonds posted negative returns.

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

» Exposure to U.S. real estate investment trusts ("REITs") securities detracted from absolute performance, as REITs posted negative returns.

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| | |
|:---|:---|
| **26** | **PIMCO EQUITY SERIES** |

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##### [**Table of Contents**](#toc)
**Expense Examples**

Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period indicated, which for all Funds and share classes is from July 1, 2022 to December 31, 2022 unless noted otherwise in the table and footnotes below.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Actual** | **Actual** | **Actual** | **Hypothetical<br>(5% return before expenses)** | **Hypothetical<br>(5% return before expenses)** | **Hypothetical<br>(5% return before expenses)** | |
|  | **Beginning<br>Account Value<br>(07/01/22)** | **Ending<br>Account Value<br>(12/31/22)** | **Expenses Paid<br>During Period\*** | **Beginning<br>Account Value<br>(07/01/22)** | **Ending<br>Account Value<br>(12/31/22)** | **Expenses Paid<br>During Period\*** | **Net Annualized<br>Expense Ratio\*\*** |
|  **PIMCO REALPATH<sup>®</sup> Blend 2025 Fund** |  |  |  |  |  |  |  |
| Institutional Class | $1000.00 | $997.70 | $0.20 | $1000.00 | $1025.28 | $0.21 | 0.04% |
| Administrative Class | 1000.00 | 996.50 | 1.48 | 1000.00 | 1024.00 | 1.50 | 0.29 |
| Class A | 1000.00 | 994.30 | 2.49 | 1000.00 | 1022.98 | 2.53 | 0.49 |
|  **PIMCO REALPATH<sup>®</sup> Blend 2030 Fund** |  |  |  |  |  |  |  |
| Institutional Class | $1000.00 | $1001.40 | $0.20 | $1000.00 | $1025.28 | $0.21 | 0.04% |
| Administrative Class | 1000.00 | 1001.00 | 1.48 | 1000.00 | 1024.00 | 1.50 | 0.29 |
| Class A | 1000.00 | 1000.00 | 2.50 | 1000.00 | 1022.98 | 2.53 | 0.49 |
|  **PIMCO REALPATH<sup>®</sup> Blend 2035 Fund** |  |  |  |  |  |  |  |
| Institutional Class | $1000.00 | $1011.90 | $0.26 | $1000.00 | $1025.22 | $0.26 | 0.05% |
| Administrative Class | 1000.00 | 1010.70 | 1.54 | 1000.00 | 1023.95 | 1.55 | 0.30 |
| Class A | 1000.00 | 1010.50 | 2.56 | 1000.00 | 1022.93 | 2.58 | 0.50 |
|  **PIMCO REALPATH<sup>®</sup> Blend 2040 Fund** |  |  |  |  |  |  |  |
| Institutional Class | $1000.00 | $1015.60 | $0.31 | $1000.00 | $1025.17 | $0.31 | 0.06% |
| Administrative Class | 1000.00 | 1014.40 | 1.59 | 1000.00 | 1023.90 | 1.60 | 0.31 |
| Class A | 1000.00 | 1013.60 | 2.62 | 1000.00 | 1022.88 | 2.63 | 0.51 |

---

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **27** |

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##### [**Table of Contents**](#toc)

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| | |
|:---|:---|
| **Expense Examples** | **(Cont.)** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Actual** | **Actual** | **Actual** | **Hypothetical<br>(5% return before expenses)** | **Hypothetical<br>(5% return before expenses)** | **Hypothetical<br>(5% return before expenses)** | |
|  | **Beginning<br>Account Value<br>(07/01/22)** | **Ending<br>Account Value<br>(12/31/22)** | **Expenses Paid<br>During Period\*** | **Beginning<br>Account Value<br>(07/01/22)** | **Ending<br>Account Value<br>(12/31/22)** | **Expenses Paid<br>During Period\*** | **Net Annualized<br>Expense Ratio\*\*** |
|  **PIMCO REALPATH<sup>®</sup> Blend 2045 Fund** |  |  |  |  |  |  |  |
| Institutional Class | $1000.00 | $1017.50 | $0.31 | $1000.00 | $1025.17 | $0.31 | 0.06% |
| Administrative Class | 1000.00 | 1016.30 | 1.59 | 1000.00 | 1023.90 | 1.60 | 0.31 |
| Class A | 1000.00 | 1015.40 | 2.62 | 1000.00 | 1022.88 | 2.63 | 0.51 |
|  **PIMCO REALPATH<sup>®</sup> Blend 2050 Fund** |  |  |  |  |  |  |  |
| Institutional Class | $1000.00 | $1019.90 | $0.31 | $1000.00 | $1025.17 | $0.31 | 0.06% |
| Administrative Class | 1000.00 | 1018.80 | 1.59 | 1000.00 | 1023.90 | 1.60 | 0.31 |
| Class A | 1000.00 | 1018.80 | 2.62 | 1000.00 | 1022.88 | 2.63 | 0.51 |
|  **PIMCO REALPATH<sup>®</sup> Blend 2055 Fund** |  |  |  |  |  |  |  |
| Institutional Class | $1000.00 | $1022.60 | $0.31 | $1000.00 | $1025.17 | $0.31 | 0.06% |
| Administrative Class | 1000.00 | 1021.40 | 1.60 | 1000.00 | 1023.90 | 1.60 | 0.31 |
| Class A | 1000.00 | 1019.80 | 2.62 | 1000.00 | 1022.88 | 2.63 | 0.51 |
|  **PIMCO REALPATH<sup>®</sup> Blend 2060 Fund** |  |  |  |  |  |  |  |
| Institutional Class | $1000.00 | $1022.00 | $0.31 | $1000.00 | $1025.17 | $0.31 | 0.06% |
| Administrative Class | 1000.00 | 1021.00 | 1.60 | 1000.00 | 1023.90 | 1.60 | 0.31 |
| Class A | 1000.00 | 1019.00 | 2.62 | 1000.00 | 1022.88 | 2.63 | 0.51 |
|  **PIMCO REALPATH<sup>®</sup> Blend 2065 Fund<sup>(a)</sup>** |  |  |  |  |  |  |  |
| Institutional Class | $1000.00 | $1000.00 | $0.25 | $1000.00 | $1025.22 | $0.26 | 0.05% |
| Administrative Class | 1000.00 | 1000.00 | 1.53 | 1000.00 | 1023.95 | 1.55 | 0.30 |
| Class A | 1000.00 | 1000.00 | 2.55 | 1000.00 | 1022.93 | 2.58 | 0.50 |
|  **PIMCO REALPATH<sup>®</sup> Blend Income Fund** |  |  |  |  |  |  |  |
| Institutional Class | $1000.00 | $995.60 | $0.15 | $1000.00 | $1025.33 | $0.15 | 0.03% |
| Administrative Class | 1000.00 | 994.30 | 1.42 | 1000.00 | 1024.05 | 1.44 | 0.28 |
| Class A | 1000.00 | 993.20 | 2.44 | 1000.00 | 1023.03 | 2.47 | 0.48 |

---

\* Expenses Paid During Period are equal to the net annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 186/365 (to reflect the one-half year period).

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

<sup>(a)</sup> The Beginning Account Value is reflective as of 12/30/22 which is the Fund's inception date.

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|:---|:---|
| **28** | **PIMCO EQUITY SERIES** |

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##### [**Table of Contents**](#toc)
(THIS PAGE INTENTIONALLY LEFT BLANK)

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|:---|:---|:---|:---|
| **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **29** |

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##### [**Table of Contents**](#toc)
**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^ | **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<br>Realized/**<br> **Unrealized**<br> **Gain (Loss)** | **Total** | **From Net**<br> **Investment**<br> **Income** | **From Net**<br> **Realized**<br> **Capital**<br> **Gains** | **Total** |
|  **PIMCO REALPATH<sup>®</sup> Blend 2025 Fund**  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/2022 - 12/31/2022+ | $11.29 | $0.26 | $(0.29) | $(0.03) | $(0.20) | $(0.19) | $(0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2022 | 13.50 | 0.44 | (2.16) | (1.72) | (0.37) | (0.12) | (0.49) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2021 | 11.71 | 0.36 | 2.25 | 2.61 | (0.65) | (0.17) | (0.82) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2020 | 11.33 | 0.36 | 0.36 | 0.72 | (0.34) | 0.00 | (0.34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2019 | 11.15 | 0.36 | 0.32 | 0.68 | (0.32) | (0.18) | (0.50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2018 | 10.63 | 0.31 | 0.43 | 0.74 | (0.22) | 0.00 | (0.22) |
| Administrative Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/2022 - 12/31/2022+ | 11.25 | 0.24 | (0.28) | (0.04) | (0.19) | (0.19) | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2022 | 13.47 | 0.41 | (2.17) | (1.76) | (0.34) | (0.12) | (0.46) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2021 | 11.69 | 0.32 | 2.25 | 2.57 | (0.62) | (0.17) | (0.79) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2020 | 11.31 | 0.34 | 0.36 | 0.70 | (0.32) | 0.00 | (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2019 | 11.13 | 0.32 | 0.34 | 0.66 | (0.30) | (0.18) | (0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2018 | 10.62 | 0.33 | 0.38 | 0.71 | (0.20) | 0.00 | (0.20) |
| Class A |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/2022 - 12/31/2022+ | 11.25 | 0.22 | (0.27) | (0.05) | (0.18) | (0.19) | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2022 | 13.46 | 0.37 | (2.15) | (1.78) | (0.31) | (0.12) | (0.43) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2021 | 11.68 | 0.28 | 2.27 | 2.55 | (0.60) | (0.17) | (0.77) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2020 | 11.31 | 0.31 | 0.35 | 0.66 | (0.29) | 0.00 | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2019 | 11.13 | 0.29 | 0.34 | 0.63 | (0.27) | (0.18) | (0.45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2018 | 10.62 | 0.25 | 0.43 | 0.68 | (0.17) | 0.00 | (0.17) |
|  **PIMCO REALPATH<sup>®</sup> Blend 2030 Fund** |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/2022 - 12/31/2022+ | $&nbsp;&nbsp;&nbsp;&nbsp;11.69 | $&nbsp;&nbsp;&nbsp;&nbsp;0.24 | $&nbsp;&nbsp;&nbsp;&nbsp;(0.22) | $0.02 | $(0.18) | $(0.18) | $(0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2022 | 14.09 | 0.41 | (2.30) | &nbsp;&nbsp;&nbsp;&nbsp;(1.89) | &nbsp;&nbsp;&nbsp;&nbsp;(0.34) | &nbsp;&nbsp;&nbsp;&nbsp;(0.17) | &nbsp;&nbsp;&nbsp;&nbsp;(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) | (0.70) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2020 | 11.54 | 0.35 | 0.22 | 0.57 | (0.33) | (0.02) | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2019 | 11.39 | 0.34 | 0.39 | 0.73 | (0.32) | (0.26) | (0.58) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2018 | 10.81 | 0.30 | 0.54 | 0.84 | (0.24) | (0.02) | (0.26) |
| Administrative Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/2022 - 12/31/2022+ | 11.66 | 0.22 | (0.21) | 0.01 | (0.17) | (0.18) | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2022 | 14.06 | 0.38 | (2.30) | (1.92) | (0.31) | (0.17) | (0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2021 | 11.75 | 0.30 | 2.68 | 2.98 | (0.52) | (0.15) | (0.67) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2020 | 11.52 | 0.33 | 0.22 | 0.55 | (0.30) | (0.02) | (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2019 | 11.38 | 0.30 | 0.39 | 0.69 | (0.29) | (0.26) | (0.55) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2018 | 10.80 | 0.32 | 0.50 | 0.82 | (0.22) | (0.02) | (0.24) |
| Class A |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/2022 - 12/31/2022+ | 11.62 | 0.21 | (0.20) | 0.01 | (0.16) | (0.18) | (0.34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2022 | 14.02 | 0.35 | (2.30) | (1.95) | (0.28) | (0.17) | (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) | (0.64) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2020 | 11.50 | 0.29 | 0.22 | 0.51 | (0.28) | (0.02) | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2019 | 11.36 | 0.28 | 0.39 | 0.67 | (0.27) | (0.26) | (0.53) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2018 | 10.78 | 0.25 | 0.54 | 0.79 | (0.19) | (0.02) | (0.21) |
|  **PIMCO REALPATH<sup>®</sup> Blend 2035 Fund** |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/2022 - 12/31/2022+ | $12.08 | $0.23 | $(0.08) | $0.15 | $(0.19) | $(0.16) | $(0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2022 | 14.54 | 0.39 | (2.34) | (1.95) | (0.34) | (0.17) | (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) | (0.53) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2020 | 11.58 | 0.33 | 0.08 | 0.41 | (0.32) | (0.02) | (0.34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2019 | 11.58 | 0.33 | 0.38 | 0.71 | (0.32) | (0.39) | (0.71) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2018 | 10.91 | 0.29 | 0.64 | 0.93 | (0.26) | 0.00 | (0.26) |
| Administrative Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/2022 - 12/31/2022+ | 12.05 | 0.21 | (0.07) | 0.14 | (0.18) | (0.16) | (0.34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2022 | 14.51 | 0.35 | (2.33) | (1.98) | (0.31) | (0.17) | (0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2021 | 11.63 | 0.27 | 3.11 | 3.38 | (0.41) | (0.09) | (0.50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2020 | 11.57 | 0.31 | 0.06 | 0.37 | (0.29) | (0.02) | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2019 | 11.57 | 0.29 | 0.39 | 0.68 | (0.29) | (0.39) | (0.68) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2018 | 10.91 | 0.31 | 0.59 | 0.90 | (0.24) | 0.00 | (0.24) |

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|:---|:---|:---|
| **30** | **PIMCO EQUITY SERIES** | See Accompanying Notes |

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##### [**Table of Contents**](#toc)

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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/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**<br> **Return<sup>(d)</sup>** |<br>**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**<br> **and Waivers** | | **Net**<br> **Investment**<br> **Income (Loss)** | |<br>**Portfolio**<br> **Turnover**<br> **Rate** |
| $&nbsp;&nbsp;&nbsp;&nbsp;10.87 | (0.32)% | $&nbsp;&nbsp;&nbsp;&nbsp;256290 | 0.04 | %\* | 0.04 | %\* | 0.04 | %\* | 0.04 | %\* | 4.63 | %\* | 10% |
| 11.29 | (13.29) | 211435 | 0.04 |  | 0.04 |  | 0.04 |  | 0.04 |  | 3.35 |  | 21 |
| 13.50 | 22.73 | 220130 | 0.04 |  | 0.04 |  | 0.04 |  | 0.04 |  | 2.78 |  | 20 |
| 11.71 | 6.41 | 80067 | 0.04 |  | 0.05 |  | 0.04 |  | 0.05 |  | 3.18 |  | 39 |
| 11.33 | 6.53 | 31946 | 0.04 |  | 0.05 |  | 0.04 |  | 0.05 |  | 3.26 |  | 47 |
| 11.15 | 6.92 | 6824 | 0.04 |  | 0.04 |  | 0.04 |  | 0.04 |  | 2.75 |  | 75 |
| 10.83 | (0.44) | 26479 | 0.29 | \* | 0.29 | \* | 0.29 | \* | 0.29 | \* | 4.27 | \* | 10 |
| 11.25 | (13.60) | 25795 | 0.29 |  | 0.29 |  | 0.29 |  | 0.29 |  | 3.11 |  | 21 |
| 13.47 | 22.40 | 29727 | 0.29 |  | 0.29 |  | 0.29 |  | 0.29 |  | 2.53 |  | 20 |
| 11.69 | 6.19 | 28587 | 0.29 |  | 0.30 |  | 0.29 |  | 0.30 |  | 2.99 |  | 39 |
| 11.31 | 6.29 | 21086 | 0.29 |  | 0.30 |  | 0.29 |  | 0.30 |  | 2.88 |  | 47 |
| 11.13 | 6.65 | 19661 | 0.29 |  | 0.29 |  | 0.29 |  | 0.29 |  | 2.90 |  | 75 |
| 10.83 | (0.57) | 5410 | 0.49 | \* | 0.49 | \* | 0.49 | \* | 0.49 | \* | 3.80 | \* | 10 |
| 11.25 | (13.73) | 6905 | 0.51 | <sup>(f)</sup> | 0.51 | <sup>(f)</sup> | 0.51 | <sup>(f)</sup> | 0.51 | <sup>(f)</sup> | 2.85 |  | 21 |
| 13.46 | 22.18 | 10114 | 0.54 |  | 0.54 |  | 0.54 |  | 0.54 |  | 2.21 |  | 20 |
| 11.68 | 5.88 | 6420 | 0.54 |  | 0.55 |  | 0.54 |  | 0.55 |  | 2.68 |  | 39 |
| 11.31 | 6.03 | 5462 | 0.54 |  | 0.55 |  | 0.54 |  | 0.55 |  | 2.63 |  | 47 |
| 11.13 | 6.36 | 5078 | 0.54 |  | 0.54 |  | 0.54 |  | 0.54 |  | 2.30 |  | 75 |
| $11.35 | 0.14% | $304463 | 0.04 | %\* | 0.04 | %\* | 0.04 | %\* | 0.04 | %\* | 4.10 | %\* | 6% |
| 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 |
| 11.76 | 4.89 | 105414 | 0.05 |  | 0.06 |  | 0.05 |  | 0.06 |  | 3.00 |  | 28 |
| 11.54 | 6.84 | 52133 | 0.05 |  | 0.06 |  | 0.05 |  | 0.06 |  | 3.08 |  | 40 |
| 11.39 | 7.81 | 13974 | 0.05 |  | 0.05 |  | 0.05 |  | 0.05 |  | 2.63 |  | 98 |
| 11.32 | 0.01 | 30761 | 0.29 | \* | 0.29 | \* | 0.29 | \* | 0.29 | \* | 3.71 | \* | 6 |
| 11.66 | (14.20) | 30094 | 0.29 |  | 0.29 |  | 0.29 |  | 0.29 |  | 2.77 |  | 22 |
| 14.06 | 25.71 | 33946 | 0.29 |  | 0.29 |  | 0.29 |  | 0.29 |  | 2.31 |  | 26 |
| 11.75 | 4.76 | 27583 | 0.30 |  | 0.31 |  | 0.30 |  | 0.31 |  | 2.81 |  | 28 |
| 11.52 | 6.50 | 21469 | 0.30 |  | 0.31 |  | 0.30 |  | 0.31 |  | 2.71 |  | 40 |
| 11.38 | 7.64 | 20114 | 0.30 |  | 0.30 |  | 0.30 |  | 0.30 |  | 2.77 |  | 98 |
| 11.29 | 0.00 | 7992 | 0.49 | \* | 0.49 | \* | 0.49 | \* | 0.49 | \* | 3.51 | \* | 6 |
| 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 |
| 11.71 | 4.41 | 6494 | 0.55 |  | 0.56 |  | 0.55 |  | 0.56 |  | 2.50 |  | 28 |
| 11.50 | 6.28 | 5774 | 0.55 |  | 0.56 |  | 0.55 |  | 0.56 |  | 2.52 |  | 40 |
| 11.36 | 7.36 | 4169 | 0.55 |  | 0.55 |  | 0.55 |  | 0.55 |  | 2.20 |  | 98 |
| $11.88 | 1.19% | $298729 | 0.05 | %\* | 0.05 | %\* | 0.05 | %\* | 0.05 | %\* | 3.74 | %\* | 8% |
| 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 |
| 11.65 | 3.47 | 76525 | 0.06 |  | 0.07 |  | 0.06 |  | 0.07 |  | 2.85 |  | 34 |
| 11.58 | 6.67 | 42033 | 0.06 |  | 0.07 |  | 0.06 |  | 0.07 |  | 2.94 |  | 24 |
| 11.58 | 8.56 | 16958 | 0.06 |  | 0.07 |  | 0.06 |  | 0.07 |  | 2.52 |  | 101 |
| 11.85 | 1.07 | 27777 | 0.30 | \* | 0.30 | \* | 0.30 | \* | 0.30 | \* | 3.34 | \* | 8 |
| 12.05 | (14.26) | 25937 | 0.30 |  | 0.30 |  | 0.30 |  | 0.30 |  | 2.52 |  | 17 |
| 14.51 | 29.36 | 28579 | 0.29 |  | 0.30 |  | 0.29 |  | 0.30 |  | 2.05 |  | 21 |
| 11.63 | 3.15 | 22984 | 0.31 |  | 0.32 |  | 0.31 |  | 0.32 |  | 2.66 |  | 34 |
| 11.57 | 6.43 | 18672 | 0.31 |  | 0.32 |  | 0.31 |  | 0.32 |  | 2.58 |  | 24 |
| 11.57 | 8.29 | 17270 | 0.31 |  | 0.32 |  | 0.31 |  | 0.32 |  | 2.69 |  | 101 |

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|:---|:---|:---|:---|
| **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **31** |

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##### [**Table of Contents**](#toc)

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| | |
|:---|:---|
| **Financial Highlights** | **(Cont.)** |

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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^ | **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<br>Realized/**<br> **Unrealized**<br> **Gain (Loss)** | **Total** | **From Net**<br> **Investment**<br> **Income** | **From Net**<br> **Realized**<br> **Capital**<br> **Gains** | **Total** |
|  **PIMCO REALPATH<sup>®</sup> Blend 2035 Fund (Cont.)** |  |  |  |  |  |  |  |
| Class A |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/2022 - 12/31/2022+ | $12.08 | $0.19 | $(0.06) | $0.13 | $(0.17) | $(0.16) | $(0.33) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2022 | 14.55 | 0.32 | (2.34) | (2.02) | (0.28) | (0.17) | (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) | (0.47) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2020 | 11.61 | 0.27 | 0.08 | 0.35 | (0.27) | (0.02) | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2019 | 11.61 | 0.26 | 0.39 | 0.65 | (0.26) | (0.39) | (0.65) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2018 | 10.94 | 0.24 | 0.64 | 0.88 | (0.21) | 0.00 | (0.21) |
|  **PIMCO REALPATH<sup>®</sup> Blend 2040 Fund** |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/2022 - 12/31/2022+ | $&nbsp;&nbsp;&nbsp;&nbsp;12.40 | $&nbsp;&nbsp;&nbsp;&nbsp;0.22 | $&nbsp;&nbsp;&nbsp;&nbsp;(0.02) | $&nbsp;&nbsp;&nbsp;&nbsp;0.20 | $&nbsp;&nbsp;&nbsp;&nbsp;(0.17) | $&nbsp;&nbsp;&nbsp;&nbsp;(0.16) | $&nbsp;&nbsp;&nbsp;&nbsp;(0.33) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2022 | 14.96 | 0.38 | (2.42) | (2.04) | (0.35) | (0.17) | (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) | (0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2020 | 11.71 | 0.31 | 0.02 | 0.33 | (0.34) | (0.02) | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2019 | 11.71 | 0.32 | 0.38 | 0.70 | (0.31) | (0.39) | (0.70) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2018 | 11.00 | 0.29 | 0.71 | 1.00 | (0.27) | (0.02) | (0.29) |
| Administrative Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/2022 - 12/31/2022+ | 12.37 | 0.19 | (0.01) | 0.18 | (0.16) | (0.16) | (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2022 | 14.92 | 0.34 | (2.40) | (2.06) | (0.32) | (0.17) | (0.49) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2021 | 11.65 | 0.26 | 3.46 | 3.72 | (0.38) | (0.07) | (0.45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2020 | 11.69 | 0.29 | 0.01 | 0.30 | (0.32) | (0.02) | (0.34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2019 | 11.69 | 0.28 | 0.39 | 0.67 | (0.28) | (0.39) | (0.67) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2018 | 10.99 | 0.31 | 0.66 | 0.97 | (0.25) | (0.02) | (0.27) |
| Class A |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/2022 - 12/31/2022+ | 12.32 | 0.18 | (0.01) | 0.17 | (0.14) | (0.16) | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2022 | 14.88 | 0.30 | (2.39) | (2.09) | (0.30) | (0.17) | (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) | (0.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2020 | 11.67 | 0.26 | 0.00 | 0.26 | (0.29) | (0.02) | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2019 | 11.67 | 0.26 | 0.38 | 0.64 | (0.25) | (0.39) | (0.64) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2018 | 10.98 | 0.23 | 0.70 | 0.93 | (0.22) | (0.02) | (0.24) |
|  **PIMCO REALPATH<sup>®</sup> Blend 2045 Fund** |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/2022 - 12/31/2022+ | $12.54 | $0.20 | $0.03 | $0.23 | $(0.16) | $(0.16) | $(0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2022 | 15.11 | 0.36 | (2.42) | (2.06) | (0.32) | (0.19) | (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) | (0.45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2020 | 11.67 | 0.30 | (0.04) | 0.26 | (0.33) | (0.02) | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2019 | 11.79 | 0.31 | 0.37 | 0.68 | (0.32) | (0.48) | (0.80) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2018 | 11.00 | 0.28 | 0.77 | 1.05 | (0.26) | 0.00 | (0.26) |
| Administrative Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/2022 - 12/31/2022+ | 12.49 | 0.18 | 0.03 | 0.21 | (0.14) | (0.16) | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2022 | 15.06 | 0.32 | (2.41) | (2.09) | (0.29) | (0.19) | (0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2021 | 11.55 | 0.25 | 3.68 | 3.93 | (0.35) | (0.07) | (0.42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2020 | 11.65 | 0.28 | (0.06) | 0.22 | (0.30) | (0.02) | (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2019 | 11.77 | 0.27 | 0.39 | 0.66 | (0.30) | (0.48) | (0.78) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2018 | 10.99 | 0.31 | 0.71 | 1.02 | (0.24) | 0.00 | (0.24) |
| Class A |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/2022 - 12/31/2022+ | 12.46 | 0.16 | 0.04 | 0.20 | (0.13) | (0.16) | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2022 | 15.05 | 0.29 | (2.42) | (2.13) | (0.27) | (0.19) | (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) | (0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2020 | 11.64 | 0.24 | (0.04) | 0.20 | (0.28) | (0.02) | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2019 | 11.77 | 0.25 | 0.37 | 0.62 | (0.27) | (0.48) | (0.75) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2018 | 10.99 | 0.22 | 0.77 | 0.99 | (0.21) | 0.00 | (0.21) |
|  **PIMCO REALPATH<sup>®</sup> Blend 2050 Fund<sup>®</sup>** |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/2022 - 12/31/2022+ | $12.65 | $0.19 | $0.07 | $0.26 | $(0.15) | $(0.16) | $(0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2022 | 15.28 | 0.36 | (2.44) | &nbsp;&nbsp;&nbsp;&nbsp;(2.08) | (0.34) | (0.21) | (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) | (0.43) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2020 | 11.74 | 0.29 | (0.08) | 0.21 | (0.34) | (0.02) | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2019 | 11.86 | 0.30 | 0.39 | 0.69 | (0.31) | (0.50) | (0.81) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2018 | 11.05 | 0.28 | 0.79 | 1.07 | (0.26) | 0.00 | (0.26) |

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| **32** | **PIMCO EQUITY SERIES** | See Accompanying Notes |

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##### [**Table of Contents**](#toc)

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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/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**<br> **Return<sup>(d)</sup>** |<br>**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**<br> **and Waivers** | | **Net**<br> **Investment**<br> **Income (Loss)** | |<br>**Portfolio**<br> **Turnover**<br> **Rate** |
| $&nbsp;&nbsp;&nbsp;&nbsp;11.88 | 0.96% | $&nbsp;&nbsp;&nbsp;&nbsp;7564 | 0.50 | %\* | 0.50 | %\* | 0.50 | %\* | 0.50 | %\* | 3.13 | %\* | 8% |
| 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 |
| 11.67 | 2.95 | 6109 | 0.56 |  | 0.57 |  | 0.56 |  | 0.57 |  | 2.36 |  | 34 |
| 11.61 | 6.15 | 5062 | 0.56 |  | 0.57 |  | 0.56 |  | 0.57 |  | 2.33 |  | 24 |
| 11.61 | 8.06 | 4330 | 0.56 |  | 0.57 |  | 0.56 |  | 0.57 |  | 2.10 |  | 101 |
| $12.27 | 1.56% | $&nbsp;&nbsp;&nbsp;&nbsp;293254 | 0.06 | %\* | 0.06 | %\* | 0.06 | %\* | 0.06 | %\* | 3.38 | %\* | 7% |
| 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 |
| 11.68 | 2.76 | 92728 | 0.06 |  | 0.07 |  | 0.06 |  | 0.07 |  | 2.70 |  | 21 |
| 11.71 | 6.44 | 64541 | 0.06 |  | 0.07 |  | 0.06 |  | 0.07 |  | 2.81 |  | 29 |
| 11.71 | 9.17 | 26413 | 0.06 |  | 0.07 |  | 0.06 |  | 0.07 |  | 2.50 |  | 95 |
| 12.23 | 1.36 | 19331 | 0.31 | \* | 0.31 | \* | 0.31 | \* | 0.31 | \* | 2.95 | \* | 7 |
| 12.37 | (14.33) | 19014 | 0.31 |  | 0.31 |  | 0.31 |  | 0.31 |  | 2.32 |  | 17 |
| 14.92 | 32.21 | 21456 | 0.30 |  | 0.31 |  | 0.30 |  | 0.31 |  | 1.90 |  | 26 |
| 11.65 | 2.45 | 16746 | 0.31 |  | 0.32 |  | 0.31 |  | 0.32 |  | 2.52 |  | 21 |
| 11.69 | 6.21 | 12386 | 0.31 |  | 0.32 |  | 0.31 |  | 0.32 |  | 2.48 |  | 29 |
| 11.69 | 8.90 | 11003 | 0.31 |  | 0.32 |  | 0.31 |  | 0.32 |  | 2.66 |  | 95 |
| 12.19 | 1.36 | 7943 | 0.51 | \* | 0.51 | \* | 0.51 | \* | 0.51 | \* | 2.79 | \* | 7 |
| 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 |
| 11.62 | 2.17 | 7914 | 0.56 |  | 0.57 |  | 0.56 |  | 0.57 |  | 2.22 |  | 21 |
| 11.67 | 5.99 | 7869 | 0.56 |  | 0.57 |  | 0.56 |  | 0.57 |  | 2.28 |  | 29 |
| 11.67 | 8.52 | 5484 | 0.56 |  | 0.57 |  | 0.56 |  | 0.57 |  | 2.03 |  | 95 |
| $12.45 | 1.75% | $275109 | 0.06 | %\* | 0.06 | %\* | 0.06 | %\* | 0.06 | %\* | 3.13 | %\* | 5% |
| 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 |
| 11.58 | 2.16 | 91173 | 0.06 |  | 0.07 |  | 0.06 |  | 0.07 |  | 2.59 |  | 16 |
| 11.67 | 6.45 | 69426 | 0.06 |  | 0.07 |  | 0.06 |  | 0.07 |  | 2.70 |  | 16 |
| 11.79 | 9.57 | 41708 | 0.06 |  | 0.07 |  | 0.06 |  | 0.07 |  | 2.43 |  | 105 |
| 12.40 | 1.63 | 19744 | 0.31 | \* | 0.31 | \* | 0.31 | \* | 0.31 | \* | 2.74 | \* | 5 |
| 12.49 | (14.45) | 18702 | 0.31 |  | 0.31 |  | 0.31 |  | 0.31 |  | 2.21 |  | 13 |
| 15.06 | 34.30 | 20168 | 0.30 |  | 0.31 |  | 0.30 |  | 0.31 |  | 1.85 |  | 22 |
| 11.55 | 1.85 | 14426 | 0.31 |  | 0.32 |  | 0.31 |  | 0.32 |  | 2.41 |  | 16 |
| 11.65 | 6.21 | 10935 | 0.31 |  | 0.32 |  | 0.31 |  | 0.32 |  | 2.38 |  | 16 |
| 11.77 | 9.31 | 10287 | 0.31 |  | 0.32 |  | 0.31 |  | 0.32 |  | 2.58 |  | 105 |
| 12.37 | 1.54 | 4371 | 0.51 | \* | 0.51 | \* | 0.51 | \* | 0.51 | \* | 2.56 | \* | 5 |
| 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 |
| 11.54 | 1.64 | 3658 | 0.56 |  | 0.57 |  | 0.56 |  | 0.57 |  | 2.08 |  | 16 |
| 11.64 | 5.88 | 4280 | 0.56 |  | 0.57 |  | 0.56 |  | 0.57 |  | 2.15 |  | 16 |
| 11.77 | 9.01 | 3569 | 0.56 |  | 0.57 |  | 0.56 |  | 0.57 |  | 1.93 |  | 105 |
| $12.60 | 1.99% | $264213 | 0.06 | %\* | 0.06 | %\* | 0.06 | %\* | 0.06 | %\* | 2.94 | %\* | 5% |
| 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 |
| 11.59 | 1.66 | 103972 | 0.06 |  | 0.07 |  | 0.06 |  | 0.07 |  | 2.53 |  | 20 |
| 11.74 | 6.54 | 84302 | 0.06 |  | 0.07 |  | 0.06 |  | 0.07 |  | 2.64 |  | 16 |
| 11.86 | 9.69 | 50057 | 0.06 |  | 0.07 |  | 0.06 |  | 0.07 |  | 2.39 |  | 108 |

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **33** |

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##### [**Table of Contents**](#toc)

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| | |
|:---|:---|
| **Financial Highlights** | **(Cont.)** |

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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^ | **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<br>Realized/**<br> **Unrealized**<br> **Gain (Loss)** | **Total** | **From Net**<br> **Investment**<br> **Income** | **From Net**<br> **Realized**<br> **Capital**<br> **Gains** | **Total** |
|  **PIMCO REALPATH<sup>®</sup> Blend 2050 Fund (Cont.)** |  |  |  |  |  |  |  |
| Administrative Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/2022 - 12/31/2022+ | $12.59 | $0.17 | $0.07 | $0.24 | $(0.13) | $(0.16) | $(0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2022 | 15.23 | 0.32 | (2.43) | (2.11) | (0.32) | (0.21) | (0.53) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2021 | 11.56 | 0.24 | 3.83 | 4.07 | (0.33) | (0.07) | (0.40) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2020 | 11.71 | 0.27 | (0.09) | 0.18 | (0.31) | (0.02) | (0.33) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2019 | 11.84 | 0.27 | 0.39 | 0.66 | (0.29) | (0.50) | (0.79) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2018 | 11.04 | 0.31 | 0.73 | 1.04 | (0.24) | 0.00 | (0.24) |
| Class A |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/2022 - 12/31/2022+ | 12.51 | 0.15 | 0.09 | 0.24 | (0.12) | (0.16) | (0.28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2022 | 15.16 | 0.29 | (2.43) | (2.14) | (0.30) | (0.21) | (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) | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2020 | 11.67 | 0.23 | (0.08) | 0.15 | (0.29) | (0.02) | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2019 | 11.80 | 0.24 | 0.39 | 0.63 | (0.26) | (0.50) | (0.76) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2018 | 11.00 | 0.22 | 0.79 | 1.01 | (0.21) | 0.00 | (0.21) |
|  **PIMCO REALPATH<sup>®</sup> Blend 2055 Fund<sup>®</sup>** |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/2022 - 12/31/2022+ | $12.75 | $0.19 | $0.10 | $0.29 | $(0.16) | $(0.13) | $(0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2022 | 15.33 | 0.37 | (2.48) | (2.11) | (0.30) | (0.17) | (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) | (0.42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2020 | 11.79 | 0.29 | (0.12) | 0.17 | (0.36) | (0.01) | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2019 | 11.74 | 0.31 | 0.37 | 0.68 | (0.21) | (0.42) | (0.63) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2018 | 11.02 | 0.28 | 0.77 | 1.05 | (0.33) | 0.00 | (0.33) |
| Administrative Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/2022 - 12/31/2022+ | 12.71 | 0.17 | 0.10 | 0.27 | (0.14) | (0.13) | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2022 | 15.31 | 0.33 | (2.48) | (2.15) | (0.28) | (0.17) | (0.45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2021 | 11.58 | 0.25 | 3.87 | 4.12 | (0.35) | (0.04) | (0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2020 | 11.78 | 0.28 | (0.13) | 0.15 | (0.34) | (0.01) | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2019 | 11.75 | 0.29 | 0.35 | 0.64 | (0.19) | (0.42) | (0.61) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2018 | 11.03 | 0.30 | 0.73 | 1.03 | (0.31) | 0.00 | (0.31) |
| Class A |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/2022 - 12/31/2022+ | 12.64 | 0.16 | 0.09 | 0.25 | (0.13) | (0.13) | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2022 | 15.24 | 0.29 | (2.45) | (2.16) | (0.27) | (0.17) | (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) | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2020 | 11.73 | 0.23 | (0.12) | 0.11 | (0.30) | (0.01) | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2019 | 11.69 | 0.24 | 0.38 | 0.62 | (0.16) | (0.42) | (0.58) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2018 | 10.98 | 0.21 | 0.78 | 0.99 | (0.28) | 0.00 | (0.28) |
|  **PIMCO REALPATH<sup>®</sup> Blend 2060 Fund<sup>®</sup>** |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/2022 - 12/31/2022+ | $9.84 | $0.15 | $0.07 | $0.22 | $&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | $&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | $&nbsp;&nbsp;&nbsp;&nbsp;(0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2022 | 12.47 | 0.30 | &nbsp;&nbsp;&nbsp;&nbsp;(1.85) | &nbsp;&nbsp;&nbsp;&nbsp;(1.55) | (0.27) | (0.81) | (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 | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2019 - 06/30/2020 | 10.00 | 0.09 | (0.74) | (0.65) | 0.00 | 0.00 | 0.00 |
| Administrative Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/2022 - 12/31/2022+ | 9.80 | 0.14 | 0.06 | 0.20 | (0.08) | (0.06) | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2022 | 12.45 | 0.29 | (1.87) | (1.58) | (0.26) | (0.81) | (1.07) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2021 | 9.33 | 0.24 | 3.10 | 3.34 | (0.22) | 0.00 | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2019 - 06/30/2020 | 10.00 | 0.08 | (0.75) | (0.67) | 0.00 | 0.00 | 0.00 |
| Class A |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/2022 - 12/31/2022+ | 9.78 | 0.12 | 0.06 | 0.18 | (0.07) | (0.06) | (0.13) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2022 | 12.43 | 0.24 | (1.84) | (1.60) | (0.24) | (0.81) | (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 | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/31/2019 - 06/30/2020 | 10.00 | 0.08 | (0.76) | (0.68) | 0.00 | 0.00 | 0.00 |
|  **PIMCO REALPATH<sup>®</sup> Blend 2065 Fund<sup>®</sup><sup>(g)</sup>** |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/30/2022 - 12/31/2022+ | $&nbsp;&nbsp;&nbsp;&nbsp;10.00 | $&nbsp;&nbsp;&nbsp;&nbsp;0.00 | $&nbsp;&nbsp;&nbsp;&nbsp;0.00 | $&nbsp;&nbsp;&nbsp;&nbsp;0.00 | $&nbsp;&nbsp;&nbsp;&nbsp;0.00 | $&nbsp;&nbsp;&nbsp;&nbsp;0.00 | $&nbsp;&nbsp;&nbsp;&nbsp;0.00 |
| Administrative Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/30/2022 - 12/31/2022+ | 10.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Class A |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/30/2022 - 12/31/2022+ | 10.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |

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|:---|:---|:---|
| **34** | **PIMCO EQUITY SERIES** | See Accompanying Notes |

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##### [**Table of Contents**](#toc)

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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/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**<br> **Return<sup>(d)</sup>** |<br>**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**<br> **and Waivers** | | **Net**<br> **Investment**<br> **Income (Loss)** | |<br>**Portfolio**<br> **Turnover**<br> **Rate** |
| $&nbsp;&nbsp;&nbsp;&nbsp;12.54 | 1.88% | $&nbsp;&nbsp;&nbsp;&nbsp;21260 | 0.31 | %\* | 0.31 | %\* | 0.31 | %\* | 0.31 | %\* | 2.60 | %\* | 5% |
| 12.59 | (14.50) | 19530 | 0.31 |  | 0.31 |  | 0.31 |  | 0.31 |  | 2.15 |  | 9 |
| 15.23 | 35.44 | 22454 | 0.30 |  | 0.31 |  | 0.30 |  | 0.31 |  | 1.78 |  | 19 |
| 11.56 | 1.43 | 17960 | 0.31 |  | 0.32 |  | 0.31 |  | 0.32 |  | 2.32 |  | 20 |
| 11.71 | 6.22 | 17027 | 0.31 |  | 0.32 |  | 0.31 |  | 0.32 |  | 2.34 |  | 16 |
| 11.84 | 9.44 | 14382 | 0.31 |  | 0.32 |  | 0.31 |  | 0.32 |  | 2.58 |  | 108 |
| 12.47 | 1.88 | 4068 | 0.51 | \* | 0.51 | \* | 0.51 | \* | 0.51 | \* | 2.39 | \* | 5 |
| 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 |
| 11.51 | 1.16 | 4101 | 0.56 |  | 0.57 |  | 0.56 |  | 0.57 |  | 2.03 |  | 20 |
| 11.67 | 5.99 | 4520 | 0.56 |  | 0.57 |  | 0.56 |  | 0.57 |  | 2.09 |  | 16 |
| 11.80 | 9.20 | 3782 | 0.56 |  | 0.57 |  | 0.56 |  | 0.57 |  | 1.90 |  | 108 |
| $12.75 | 2.26% | $&nbsp;&nbsp;&nbsp;&nbsp;189656 | 0.06 | %\* | 0.06 | %\* | 0.06 | %\* | 0.06 | %\* | 2.87 | %\* | 4% |
| 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 |
| 11.59 | 1.33 | 51061 | 0.07 |  | 0.07 |  | 0.06 |  | 0.06 |  | 2.49 |  | 28 |
| 11.79 | 6.41 | 32098 | 0.06 |  | 0.07 |  | 0.06 |  | 0.07 |  | 2.76 |  | 51 |
| 11.74 | 9.56 | 10558 | 0.06 |  | 0.07 |  | 0.06 |  | 0.07 |  | 2.43 |  | 67 |
| 12.71 | 2.14 | 10156 | 0.31 | \* | 0.31 | \* | 0.31 | \* | 0.31 | \* | 2.58 | \* | 4 |
| 12.71 | (14.57) | 8409 | 0.31 |  | 0.31 |  | 0.31 |  | 0.31 |  | 2.21 |  | 9 |
| 15.31 | 35.81 | 7860 | 0.31 |  | 0.31 |  | 0.31 |  | 0.31 |  | 1.81 |  | 14 |
| 11.58 | 1.15 | 4828 | 0.32 |  | 0.32 |  | 0.31 |  | 0.31 |  | 2.46 |  | 28 |
| 11.78 | 6.02 | 605 | 0.31 |  | 0.32 |  | 0.31 |  | 0.32 |  | 2.58 |  | 51 |
| 11.75 | 9.37 | 152 | 0.31 |  | 0.32 |  | 0.31 |  | 0.32 |  | 2.54 |  | 67 |
| 12.63 | 1.98 | 3102 | 0.51 | \* | 0.51 | \* | 0.51 | \* | 0.51 | \* | 2.38 | \* | 4 |
| 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 |
| 11.53 | 0.85 | 2684 | 0.57 |  | 0.57 |  | 0.56 |  | 0.56 |  | 1.98 |  | 28 |
| 11.73 | 5.86 | 2758 | 0.56 |  | 0.57 |  | 0.56 |  | 0.57 |  | 2.11 |  | 51 |
| 11.69 | 9.04 | 2038 | 0.56 |  | 0.57 |  | 0.56 |  | 0.57 |  | 1.85 |  | 67 |
| $9.90 | 2.20% | $41527 | 0.06 | %\* | 0.06 | %\* | 0.06 | %\* | 0.06 | %\* | 3.01 | %\* | 9% |
| 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 |
| 9.35 | (6.50) | 2817 | 0.05 | \* | 2.52 | \* | 0.05 | \* | 2.52 | \* | 1.95 | \* | 12 |
| 9.86 | 2.10 | 705 | 0.31 | \* | 0.31 | \* | 0.31 | \* | 0.31 | \* | 2.70 | \* | 9 |
| 9.80 | (14.19) | 364 | 0.31 |  | 0.31 |  | 0.31 |  | 0.31 |  | 2.60 |  | 50 |
| 12.45 | 36.00 | 62 | 0.31 |  | 0.32 |  | 0.31 |  | 0.32 |  | 2.07 |  | 20 |
| 9.33 | (6.70) | 9 | 0.30 | \* | 2.77 | \* | 0.30 | \* | 2.77 | \* | 1.69 | \* | 12 |
| 9.83 | 1.90 | 686 | 0.51 | \* | 0.51 | \* | 0.51 | \* | 0.51 | \* | 2.35 | \* | 9 |
| 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 |
| 9.32 | (6.80) | 29 | 0.55 | \* | 3.02 | \* | 0.55 | \* | 3.02 | \* | 1.70 | \* | 12 |
| $10.00 | 0.00% | $2800 | 0.00 | %\* | 0.00 | %\* | 0.00 | %\* | 0.00 | %\* | 0.00 | %\* | 0% |
| 10.00 | 0.00 | 100 | 0.00 | \* | 0.00 | \* | 0.00 | \* | 0.00 | \* | 0.00 | \* | 0 |
| 10.00 | 0.00 | 100 | 0.00 | \* | 0.00 | \* | 0.00 | \* | 0.00 | \* | 0.00 | \* | 0 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **35** |

---

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **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^ | **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<br>Realized/**<br> **Unrealized**<br> **Gain (Loss)** | **Total** | **From Net**<br> **Investment**<br> **Income** | **From Net**<br> **Realized**<br> **Capital**<br> **Gains** | **Total** |
|  **PIMCO REALPATH<sup>®</sup> Blend Income Fund<sup>®</sup>** |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/2022 - 12/31/2022+ | $&nbsp;&nbsp;&nbsp;&nbsp;10.81 | $&nbsp;&nbsp;&nbsp;&nbsp;0.27 | $&nbsp;&nbsp;&nbsp;&nbsp;(0.33) | $&nbsp;&nbsp;&nbsp;&nbsp;(0.06) | $&nbsp;&nbsp;&nbsp;&nbsp;(0.21) | $&nbsp;&nbsp;&nbsp;&nbsp;(0.10) | $&nbsp;&nbsp;&nbsp;&nbsp;(0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2022 | 12.92 | 0.43 | (2.04) | (1.61) | (0.37) | (0.13) | (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) | (0.86) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2020 | 11.28 | 0.35 | 0.34 | 0.69 | (0.39) | 0.00 | (0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2019 | 10.92 | 0.37 | 0.34 | 0.71 | (0.35) | 0.00 | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2018 | 10.54 | 0.32 | 0.26 | 0.58 | (0.20) | 0.00 | (0.20) |
| Administrative Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/2022 - 12/31/2022+ | 10.81 | 0.25 | (0.31) | (0.06) | (0.20) | (0.10) | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2022 | 12.93 | 0.40 | (2.05) | (1.65) | (0.34) | (0.13) | (0.47) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2021 | 11.59 | 0.33 | 1.84 | 2.17 | (0.65) | (0.18) | (0.83) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2020 | 11.28 | 0.33 | 0.34 | 0.67 | (0.36) | 0.00 | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2019 | 10.92 | 0.33 | 0.35 | 0.68 | (0.32) | 0.00 | (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2018 | 10.55 | 0.33 | 0.22 | 0.55 | (0.18) | 0.00 | (0.18) |
| Class A |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/2022 - 12/31/2022+ | 10.73 | 0.23 | (0.31) | (0.08) | (0.19) | (0.10) | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2022 | 12.84 | 0.37 | (2.03) | (1.66) | (0.32) | (0.13) | (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) | (0.81) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2020 | 11.24 | 0.32 | 0.32 | 0.64 | (0.35) | 0.00 | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2019 | 10.88 | 0.32 | 0.34 | 0.66 | (0.30) | 0.00 | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2018 | 10.52 | 0.27 | 0.25 | 0.52 | (0.16) | 0.00 | (0.16) |

---

---

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

---

+ Unaudited

\* Annualized, except for organizational expense, if any.

<sup>(a)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by 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. The actual tax characterization of distributions paid is determined at the end of the fiscal year. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information. 

<sup>(d)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Funds. Additionally, excludes initial sales charges and contingent deferred sales charges.

---

| | |
|:---|:---|
| <sup>(</sup><sup>e</sup><sup>)</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 30, 2022.

---

| | | |
|:---|:---|:---|
| **36** | **PIMCO EQUITY SERIES** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **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**<br> **Return<sup>(d)</sup>** |<br>**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**<br> **and Waivers** | | **Net**<br> **Investment**<br> **Income (Loss)** | |<br>**Portfolio**<br> **Turnover**<br> **Rate** |
| $&nbsp;&nbsp;&nbsp;&nbsp;10.44 | (0.53)% | $&nbsp;&nbsp;&nbsp;&nbsp;194837 | 0.03 | %\* | 0.04 | %\* | 0.03 | %\* | 0.04 | %\* | 4.98 | %\* | 13% |
| 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 |
| 11.58 | 6.16 | 106005 | 0.04 |  | 0.05 |  | 0.04 |  | 0.05 |  | 3.08 |  | 52 |
| 11.28 | 6.70 | 21432 | 0.04 |  | 0.05 |  | 0.04 |  | 0.05 |  | 3.41 |  | 64 |
| 10.92 | 5.52 | 7556 | 0.04 |  | 0.04 |  | 0.04 |  | 0.04 |  | 2.91 |  | 34 |
| 10.45 | (0.57) | 23539 | 0.28 | \* | 0.29 | \* | 0.28 | \* | 0.29 | \* | 4.58 | \* | 13 |
| 10.81 | (13.25) | 25098 | 0.28 |  | 0.29 |  | 0.28 |  | 0.29 |  | 3.23 |  | 18 |
| 12.93 | 19.09 | 31198 | 0.28 |  | 0.29 |  | 0.28 |  | 0.29 |  | 2.67 |  | 17 |
| 11.59 | 6.02 | 29547 | 0.29 |  | 0.30 |  | 0.29 |  | 0.30 |  | 2.93 |  | 52 |
| 11.28 | 6.44 | 11586 | 0.29 |  | 0.30 |  | 0.29 |  | 0.30 |  | 3.08 |  | 64 |
| 10.92 | 5.17 | 13340 | 0.29 |  | 0.29 |  | 0.29 |  | 0.29 |  | 2.98 |  | 34 |
| 10.36 | (0.77) | 22904 | 0.48 | \* | 0.49 | \* | 0.48 | \* | 0.49 | \* | 4.24 | \* | 13 |
| 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 |
| 11.53 | 5.71 | 16501 | 0.54 |  | 0.55 |  | 0.54 |  | 0.55 |  | 2.82 |  | 52 |
| 11.24 | 6.25 | 7204 | 0.54 |  | 0.55 |  | 0.54 |  | 0.55 |  | 2.92 |  | 64 |
| 10.88 | 4.91 | 3535 | 0.54 |  | 0.54 |  | 0.54 |  | 0.54 |  | 2.51 |  | 34 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **37** |

---

------

##### [**Table of Contents**](#toc)
**Statements of Assets and Liabilities**

---

| | | | | |
|:---|:---|:---|:---|:---|
| (Amounts in thousands<sup>†</sup>, except per share amounts) | **PIMCO**<br> **REALPATH<sup>®</sup> Blend<br>2025**<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>2040**<br> **Fund** |
|  **Assets:** |  |  |  |  |
|  *Investments, at value* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in securities\* | $136790 | $205896 | $231531 | $247891 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 150736 | 136130 | 105678 | 74251 |
|  *Financial Derivative Instruments* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | 919 | 1090 | 0 | 0 |
|  Cash | 0 | 182 | 0 | 0 |
|  Receivable for investments sold | 6477 | 4881 | 3042 | 4220 |
|  Receivable for investments in Affiliates sold | 1752 | 230 | 201 | 0 |
|  Receivable for Fund shares sold | 404 | 448 | 483 | 608 |
|  Interest and/or dividends receivable | 0 | 0 | 0 | 0 |
|  Dividends receivable from Affiliates | 563 | 515 | 382 | 270 |
|  Reimbursement receivable from PIMCO | 4 | 4 | 4 | 4 |
|  **Total Assets** | 297645 | 349376 | 341321 | 327244 |
|  **Liabilities:** |  |  |  |  |
|  *Financial Derivative Instruments* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange-traded or centrally cleared | $241 | $286 | $0 | $0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Over the counter | 42 | 51 | 51 | 51 |
|  Payable for investments purchased | 525 | 648 | 2013 | 2570 |
|  Payable for investments in Affiliates purchased | 8233 | 5149 | 5052 | 3903 |
|  Payable for Fund shares redeemed | 401 | 7 | 114 | 145 |
|  Overdraft due to custodian | 8 | 0 | 0 | 26 |
|  Accrued investment advisory fees | 3 | 3 | 6 | 8 |
|  Accrued supervisory and administrative fees | 6 | 7 | 7 | 7 |
|  Accrued distribution fees | 6 | 7 | 6 | 4 |
|  Accrued servicing fees | 1 | 2 | 2 | 2 |
|  **Total Liabilities** | 9466 | 6160 | 7251 | 6716 |
|  **Net Assets** | $288179 | $343216 | $334070 | $320528 |
|  **Net Assets Consist of:** |  |  |  |  |
|  Paid in capital | $315579 | $366670 | $349984 | $328771 |
|  Distributable earnings (accumulated loss) | (27400) | (23454) | (15914) | (8243) |
|  **Net Assets** | $&nbsp;&nbsp;&nbsp;&nbsp;288179 | $&nbsp;&nbsp;&nbsp;&nbsp;343216 | $&nbsp;&nbsp;&nbsp;&nbsp;334070 | $&nbsp;&nbsp;&nbsp;&nbsp;320528 |
|  Cost of investments in securities | $130436 | $197760 | $226980 | $240744 |
|  Cost of investments in Affiliates | $178458 | $161616 | $121662 | $85319 |
|  Cost or premiums of financial derivative instruments, net | $1307 | $1528 | $0 | $0 |
|  \* Includes repurchase agreements of: | $383 | $608 | $564 | $904 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

---

| | | |
|:---|:---|:---|
| **38** | **PIMCO EQUITY SERIES** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PIMCO**<br> **REALPATH<sup>®</sup> Blend**<br> **2045**<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> **2060**<br> **Fund** | **PIMCO**<br> **REALPATH<sup>®</sup> Blend<br>2065**<br> **Fund** | **PIMCO**<br> **REALPATH<sup>®</sup> Blend<br>Income**<br> **Fund** |
| $251112 | $255599 | $183808 | $38152 | $2678 | $&nbsp;&nbsp;&nbsp;&nbsp;100900 |
| 49842 | 35149 | 21883 | 4378 | 190 | 138212 |
| 0 | 0 | 0 | 0 | 0 | 807 |
| 1 | 1 | 1 | 168 | 0 | 1 |
| 3704 | 2452 | 752 | 412 | 0 | 741 |
| 0 | 0 | 0 | 0 | 0 | 2635 |
| 314 | 443 | 310 | 297 | 3000 | 535 |
| 0 | 0 | 0 | 0 | 0 | 1 |
| 179 | 129 | 83 | 16 | 0 | 562 |
| 3 | 3 | 2 | 0 | 0 | 3 |
| 305155 | 293776 | 206839 | 43423 | 5868 | 244397 |
| $0 | $0 | $0 | $0 | $0 | $211 |
| 49 | 48 | 33 | 7 | 0 | 35 |
| 3201 | 3166 | 3622 | 478 | 2678 | 1853 |
| 2616 | 998 | 204 | 17 | 190 | 631 |
| 46 | 3 | 53 | 1 | 0 | 366 |
| 0 | 0 | 0 | 0 | 0 | 0 |
| 8 | 8 | 6 | 1 | 0 | 2 |
| 6 | 6 | 4 | 1 | 0 | 9 |
| 4 | 5 | 2 | 0 | 0 | 5 |
| 1 | 1 | 1 | 0 | 0 | 5 |
| 5931 | 4235 | 3925 | 505 | 2868 | 3117 |
| $299224 | $289541 | $202914 | $42918 | $3000 | $241280 |
| $302394 | $286427 | $207317 | $45844 | $3000 | $266994 |
| (3170) | 3114 | (4403) | (2926) | 0 | (25714) |
| $&nbsp;&nbsp;&nbsp;&nbsp;299224 | $&nbsp;&nbsp;&nbsp;&nbsp;289541 | $&nbsp;&nbsp;&nbsp;&nbsp;202914 | $&nbsp;&nbsp;&nbsp;&nbsp;42918 | $&nbsp;&nbsp;&nbsp;&nbsp;3000 | $241280 |
| $245022 | $246536 | $185014 | $40338 | $2678 | $92396 |
| $56592 | $39714 | $24358 | $4721 | $190 | $165059 |
| $0 | $0 | $0 | $0 | $0 | $1178 |
| $1182 | $1357 | $2052 | $0 | $0 | $441 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **39** |

---

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **Statements of Assets and Liabilities** | **(Cont.)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PIMCO**<br> **REALPATH<sup>®</sup> Blend<br>2025**<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>2040**<br> **Fund** |
|  **Net Assets:** |  |  |  |  |
|  Institutional Class | $&nbsp;&nbsp;&nbsp;&nbsp;256290 | $&nbsp;&nbsp;&nbsp;&nbsp;304463 | $&nbsp;&nbsp;&nbsp;&nbsp;298729 | $&nbsp;&nbsp;&nbsp;&nbsp;293254 |
|  Administrative Class | 26479 | 30761 | 27777 | 19331 |
|  Class A | 5410 | 7992 | 7564 | 7943 |
|  **Shares Issued and Outstanding:** |  |  |  |  |
|  Institutional Class | 23586 | 26824 | 25151 | 23898 |
|  Administrative Class | 2444 | 2717 | 2344 | 1580 |
|  Class A | 500 | 708 | 636 | 652 |
|  **Net Asset Value Per Share Outstanding<sup>(a)</sup>:** |  |  |  |  |
|  Institutional Class | $10.87 | $11.35 | $11.88 | $12.27 |
|  Administrative Class | 10.83 | 11.32 | 11.85 | 12.23 |
|  Class A | 10.83 | 11.29 | 11.88 | 12.19 |

---

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

---

| | | |
|:---|:---|:---|
| **40** | **PIMCO EQUITY SERIES** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PIMCO**<br> **REALPATH<sup>®</sup> Blend**<br> **2045**<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>2060**<br> **Fund** | **PIMCO**<br> **REALPATH<sup>®</sup> Blend<br>2065**<br> **Fund** | **PIMCO**<br> **REALPATH<sup>®</sup> Blend<br>Income**<br> **Fund** |
| $&nbsp;&nbsp;&nbsp;&nbsp;275109 | $&nbsp;&nbsp;&nbsp;&nbsp;264213 | $&nbsp;&nbsp;&nbsp;&nbsp;189656 | $&nbsp;&nbsp;&nbsp;&nbsp;41527 | $&nbsp;&nbsp;&nbsp;&nbsp;2800 | $&nbsp;&nbsp;&nbsp;&nbsp;194837 |
| 19744 | 21260 | 10156 | 705 | 100 | 23539 |
| 4371 | 4068 | 3102 | 686 | 100 | 22904 |
| 22091 | 20966 | 14880 | 4194 | 280 | 18658 |
| 1592 | 1695 | 799 | 72 | 10 | 2254 |
| 353 | 326 | 246 | 70 | 10 | 2210 |
| $12.45 | $12.60 | $12.75 | $9.90 | $10.00 | $10.44 |
| 12.40 | 12.54 | 12.71 | 9.86 | 10.00 | 10.45 |
| 12.37 | 12.47 | 12.63 | 9.83 | 10.00 | 10.36 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **41** |

---

------

##### [**Table of Contents**](#toc)
**Statements of Operations**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Six Months Ended December 31, 2022 (Unaudited) |  |  |  |  |
| (Amounts in thousands<sup>†</sup>) | **PIMCO<br>REALPATH<sup>®</sup> Blend<br>2025<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>2040<br>Fund** |
|  **Investment Income:** |  |  |  |  |
|  Interest | $10 | $11 | $12 | $12 |
|  Dividends | 1791 | 2593 | 2796 | 3031 |
|  Dividends from Investments in Affiliates | 4316 | 3805 | 2647 | 1831 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Income | 6117 | 6409 | 5455 | 4874 |
|  **Expenses:** |  |  |  |  |
|  Investment advisory fees | 13 | 16 | 29 | 43 |
|  Supervisory and administrative fees | 33 | 39 | 37 | 36 |
|  Distribution and/or servicing fees - Administrative Class | 33 | 39 | 34 | 25 |
|  Distribution and/or servicing fees - Class A | 8 | 10 | 9 | 10 |
|  Trustee fees | 9 | 10 | 9 | 9 |
|  Interest expense | 1 | 1 | 1 | 1 |
|  Miscellaneous expense | 0 | 0 | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 97 | 115 | 119 | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waiver and/or Reimbursement by PIMCO | (2) | (3) | (2) | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 95 | 112 | 117 | 122 |
|  **Net Investment Income (Loss)** | 6022 | 6297 | 5338 | 4752 |
|  **Net Realized Gain (Loss):** |  |  |  |  |
|  Investments in securities | (2499) | &nbsp;&nbsp;&nbsp;&nbsp;(2885) | &nbsp;&nbsp;&nbsp;&nbsp;(2747) | &nbsp;&nbsp;&nbsp;&nbsp;(2654) |
|  Investments in Affiliates | &nbsp;&nbsp;&nbsp;&nbsp;(1295) | (308) | (510) | (230) |
|  Net capital gain distributions received from investments | 690 | 1047 | 1161 | 1228 |
|  Net capital gain distributions received from Affiliate investments | 190 | 154 | 102 | 55 |
|  Exchange-traded or centrally cleared financial derivative instruments | (670) | (745) | 0 | 0 |
|  Over the counter financial derivative instruments | (531) | (639) | (642) | (696) |
|  **Net Realized Gain (Loss)** | (4115) | (3376) | (2636) | (2297) |
|  **Net Change in Unrealized Appreciation (Depreciation):** |  |  |  |  |
|  Investments in securities | 3984 | 4760 | 4655 | 4634 |
|  Investments in Affiliates | (5454) | (5811) | (3659) | (2483) |
|  Exchange-traded or centrally cleared financial derivative instruments | (674) | (781) | 0 | 0 |
|  Over the counter financial derivative instruments | (31) | (39) | (40) | (39) |
|  **Net Change in Unrealized Appreciation (Depreciation)** | (2175) | (1871) | 956 | 2112 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $(268) | $1050 | $3658 | $4567 |

---

---

| | |
|:---|:---|
| <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 30, 2022.

---

| | | |
|:---|:---|:---|
| **42** | **PIMCO EQUITY SERIES** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **PIMCO<br>REALPATH<sup>®</sup> Blend<br>2045<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>2060<br>Fund** | **PIMCO<br>REALPATH<sup>®</sup> Blend<br>2065<br>Fund<sup>(a)</sup>** | **PIMCO<br>REALPATH<sup>®</sup> Blend<br>Income<br>Fund** |
| $12 | $12 | $10 | $0 | $0 | $9 |
| 3034 | 3095 | 2150 | 419 | 0 | 1310 |
| 1149 | 797 | 481 | 89 | 0 | 4461 |
| 4195 | 3904 | 2641 | 508 | 0 | 5780 |
| 40 | 39 | 27 | 5 | 0 | 12 |
| 31 | 30 | 21 | 3 | 0 | 50 |
| 24 | 26 | 12 | 1 | 0 | 31 |
| 5 | 5 | 3 | 1 | 0 | 33 |
| 8 | 9 | 6 | 1 | 0 | 8 |
| 2 | 1 | 1 | 0 | 0 | 1 |
| 0 | 0 | 0 | 0 | 0 | 6 |
| 110 | 110 | 70 | 11 | 0 | 141 |
| (2) | (2) | (1) | (0) | 0 | (8) |
| 108 | 108 | 69 | 11 | 0 | 133 |
| 4087 | 3796 | 2572 | 497 | 0 | 5647 |
| &nbsp;&nbsp;&nbsp;&nbsp;(2020) | &nbsp;&nbsp;&nbsp;&nbsp;(2046) | &nbsp;&nbsp;&nbsp;&nbsp;(1149) | &nbsp;&nbsp;&nbsp;&nbsp;(447) | &nbsp;&nbsp;&nbsp;&nbsp;0 | (2163) |
| (146) | (80) | (57) | (3) | 0 | (2027) |
| 1212 | 1221 | 863 | 184 | 0 | 452 |
| 24 | 20 | 12 | 3 | 0 | 206 |
| 0 | 0 | 0 | 0 | 0 | (662) |
| (636) | (669) | (454) | (93) | 0 | (475) |
| (1566) | (1554) | (785) | (356) | 0 | (4669) |
| 4088 | 4074 | 2815 | 630 | 0 | 3285 |
| (1548) | (1079) | (620) | (124) | 0 | (4482) |
| 0 | 0 | 0 | 0 | 0 | (626) |
| (38) | (36) | (25) | (6) | 0 | (25) |
| 2502 | 2959 | 2170 | 500 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;(1848) |
| $5023 | $5201 | $3957 | $641 | $0 | $(870) |

---

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **43** |

---

------

##### [**Table of Contents**](#toc)
**Statements of Changes in Net Assets**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **PIMCO**<br> **REALPATH<sup>®</sup> Blend**<br> **2025**<br> **Fund** | **PIMCO**<br> **REALPATH<sup>®</sup> Blend**<br> **2025**<br> **Fund** | **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** |
| (Amounts in thousands<sup>†</sup>) | **Six Months Ended<br>December 31, 2022<br>(Unaudited)** | **Year Ended<br>June 30, 2022** | **Six Months Ended<br>December 31, 2022<br>(Unaudited)** | **Year Ended<br>June 30, 2022** | **Six Months Ended<br>December 31, 2022<br>(Unaudited)** | **Year Ended<br>June 30, 2022** | **Six Months Ended<br>December 31, 2022<br>(Unaudited)** | **Year Ended<br>June 30, 2022** |
|  **Increase (Decrease) in Net Assets from:** |  |  |  |  |  |  |  |  |
|  **Operations:** |  |  |  |  |  |  |  |  |
|  Net investment income (loss) | $6022 | $8649 | $6297 | $8757 | $5338 | $6797 | $4752 | $6638 |
|  Net realized gain (loss) | (4115) | 1367 | (3376) | 514 | (2636) | 1422 | (2297) | 915 |
|  Net change in unrealized appreciation (depreciation) | (2175) | (47434) | (1871) | (54334) | 956 | (48747) | 2112 | (49469) |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | (268) | (37418) | 1050 | (45063) | 3658 | (40528) | 4567 | (41916) |
|  **Distributions to Shareholders:** |  |  |  |  |  |  |  |  |
|  From net investment income and/or net realized capital gains |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (8497) | (8018) | (9056) | (9001) | (8142) | (7076) | (7404) | (7842) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (892) | (1020) | (919) | (1183) | (759) | (965) | (483) | (733) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (186) | (313) | (236) | (316) | (200) | (245) | (193) | (300) |
|  **Total Distributions<sup>(b)</sup>** | (9575) | (9351) | (10211) | (10500) | (9101) | (8286) | (8080) | (8875) |
|  **Fund Share Transactions:** |  |  |  |  |  |  |  |  |
|  Net increase (decrease) resulting from Fund share transactions\* | 53887 | 30933 | 74738 | 50972 | 91143 | 67622 | 72947 | 58837 |
|  **Total Increase (Decrease) in Net Assets** | 44044 | (15836) | 65577 | (4591) | 85700 | 18808 | 69434 | 8046 |
|  **Net Assets:** |  |  |  |  |  |  |  |  |
|  Beginning of period | 244135 | 259971 | 277639 | 282230 | 248370 | 229562 | 251094 | 243048 |
|  End of period | $&nbsp;&nbsp;&nbsp;&nbsp;288179 | $&nbsp;&nbsp;&nbsp;&nbsp;244135 | $&nbsp;&nbsp;&nbsp;&nbsp;343216 | $&nbsp;&nbsp;&nbsp;&nbsp;277639 | $&nbsp;&nbsp;&nbsp;&nbsp;334070 | $&nbsp;&nbsp;&nbsp;&nbsp;248370 | $&nbsp;&nbsp;&nbsp;&nbsp;320528 | $&nbsp;&nbsp;&nbsp;&nbsp;251094 |

---

---

| | |
|:---|:---|
| <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 30, 2022.

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

---

| | | |
|:---|:---|:---|
| **44** | **PIMCO EQUITY SERIES** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **PIMCO**<br> **REALPATH<sup>®</sup> Blend**<br> **2045**<br> **Fund** | **PIMCO**<br> **REALPATH<sup>®</sup> Blend**<br> **2045**<br> **Fund** | **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> **Income**<br> **Fund** | **PIMCO**<br> **REALPATH<sup>®</sup> Blend**<br> **Income**<br> **Fund** |
| **Six Months Ended<br>December 31, 2022<br>(Unaudited)** | **Year Ended<br>June 30, 2022** | **Six Months Ended<br>December 31, 2022<br>(Unaudited)** | **Year Ended<br>June 30, 2022** | **Six Months Ended<br>December 31, 2022<br>(Unaudited)** | **Year Ended<br>June 30, 2022** | **Six Months Ended<br>December 31, 2022<br>(Unaudited)** | **Year Ended<br>June 30, 2022** | **Inception date through<br>December 31, 2022<br>(Unaudited)<sup>(a)</sup>** | **Six Months Ended<br>December 31, 2022<br>(Unaudited)** | **Year Ended<br>June 30, 2022** |
| $4087 | $5811 | $3796 | $5747 | $2572 | $3706 | $497 | $439 | $0 | $5647 | $8641 |
| (1566) | 1638 | (1554) | 2550 | (785) | 1214 | (356) | 934 | 0 | (4669) | (593) |
| 2502 | (45708) | 2959 | (46034) | 2170 | (30394) | 500 | (4633) | 0 | (1848) | (42887) |
| 5023 | (38259) | 5201 | (37737) | 3957 | (25474) | 641 | (3260) | 0 | (870) | (34839) |
| (6537) | (6960) | (6079) | (7450) | (4094) | (4157) | (606) | (1260) | 0 | (5554) | (7604) |
| (464) | (675) | (482) | (792) | (213) | (261) | (10) | (14) | 0 | (677) | (1147) |
| (99) | (141) | (89) | (173) | (63) | (91) | (9) | (90) | 0 | (659) | (1174) |
| (7100) | (7776) | (6650) | (8415) | (4370) | (4509) | (625) | (1364) | 0 | (6890) | (9925) |
| 70763 | 51628 | 61718 | 47223 | 47199 | 52480 | 19581 | 15598 | 3000 | 24207 | 15827 |
| 68686 | 5593 | 60269 | 1071 | 46786 | 22497 | 19597 | 10974 | 3000 | 16447 | (28937) |
| 230538 | 224945 | 229272 | 228201 | 156128 | 133631 | 23321 | 12347 | 0 | 224833 | 253770 |
| $&nbsp;&nbsp;&nbsp;&nbsp;299224 | $&nbsp;&nbsp;&nbsp;&nbsp;230538 | $&nbsp;&nbsp;&nbsp;&nbsp;289541 | $&nbsp;&nbsp;&nbsp;&nbsp;229272 | $&nbsp;&nbsp;&nbsp;&nbsp;202914 | $&nbsp;&nbsp;&nbsp;&nbsp;156128 | $&nbsp;&nbsp;&nbsp;&nbsp;42918 | $&nbsp;&nbsp;&nbsp;&nbsp;23321 | $&nbsp;&nbsp;&nbsp;&nbsp;3000 | $&nbsp;&nbsp;&nbsp;&nbsp;241280 | $&nbsp;&nbsp;&nbsp;&nbsp;224833 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **45** |

---

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **Schedule of Investments** | **PIMCO REALPATH<sup>®</sup> Blend 2025 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 47.5%** | **INVESTMENTS IN SECURITIES 47.5%** | **INVESTMENTS IN SECURITIES 47.5%** | **INVESTMENTS IN SECURITIES 47.5%** |
| **MUTUAL FUNDS 47.2%** | **MUTUAL FUNDS 47.2%** | **MUTUAL FUNDS 47.2%** | **MUTUAL FUNDS 47.2%** |
|  **Vanguard Developed Markets Index Fund 'Institutional'** | 3534489 | $— | 47822 |
|  **Vanguard Emerging Markets Stock Index Fund 'Institutional'** | 682191 |  | 16816 |
|  **Vanguard Institutional Index Fund 'Institutional'** | 208013 |  | 66903 |
|  **Vanguard Small-Cap Index Fund 'Institutional'** | 48385 |  | 4254 |
|  **Total Mutual Funds (Cost $129,441)** | **Total Mutual Funds (Cost $129,441)** |  | **135795** |
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |  |
| **SHORT-TERM INSTRUMENTS 0.3%** | **SHORT-TERM INSTRUMENTS 0.3%** | **SHORT-TERM INSTRUMENTS 0.3%** | **SHORT-TERM INSTRUMENTS 0.3%** |
| **REPURCHASE AGREEMENTS (d) 0.1%** | **REPURCHASE AGREEMENTS (d) 0.1%** | **REPURCHASE AGREEMENTS (d) 0.1%** | **REPURCHASE AGREEMENTS (d) 0.1%** |
|  |  |  | 383 |
| **U.S. TREASURY BILLS 0.2%** | **U.S. TREASURY BILLS 0.2%** | **U.S. TREASURY BILLS 0.2%** | **U.S. TREASURY BILLS 0.2%** |
|  4.200% due 03/02/2023 (a)(b)(g) | $616 |  | 612 |
| **Total Short-Term Instruments (Cost $995)** |  |  | **995** |
| **Total Investments in Securities (Cost $130,436)** |  |  | **136790** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **INVESTMENTS IN AFFILIATES 52.3%** | **INVESTMENTS IN AFFILIATES 52.3%** | **INVESTMENTS IN AFFILIATES 52.3%** | **INVESTMENTS IN AFFILIATES 52.3%** |
| **MUTUAL FUNDS (c) 49.2%** | **MUTUAL FUNDS (c) 49.2%** | **MUTUAL FUNDS (c) 49.2%** | **MUTUAL FUNDS (c) 49.2%** |
|  **PIMCO Emerging Markets Local Currency and Bond Fund** | 2670808 | $— | 14689 |
|  **PIMCO High Yield Fund** | 893639 |  | 6711 |
|  **PIMCO Income Fund** | 3696484 |  | 38259 |
|  **PIMCO International Bond Fund (U.S. Dollar-Hedged)** | 753147 |  | 7004 |
|  **PIMCO Long-Term Real Return Fund** | 3639181 |  | 16049 |
|  **PIMCO Long-Term U.S. Government Fund** | 4891048 |  | 18244 |
|  **PIMCO Real Return Fund** | 942717 |  | 9418 |
|  **PIMCO Total Return Fund** | 3722090 |  | 31489 |
| **Total Mutual Funds (Cost $169,587)** | **Total Mutual Funds (Cost $169,587)** |  | **141863** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **SHORT-TERM INSTRUMENTS 3.1%** | **SHORT-TERM INSTRUMENTS 3.1%** | **SHORT-TERM INSTRUMENTS 3.1%** | **SHORT-TERM INSTRUMENTS 3.1%** |
| **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 3.1%** | **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 3.1%** | **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 3.1%** | **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 3.1%** |
|  **PIMCO Short-Term<br>Floating NAV Portfolio III** | 913252 | $— | 8873 |
| **Total Short-Term Instruments (Cost $8,871)** |  |  | **8873** |
| **Total Investments in Affiliates (Cost $178,458)** |  |  | **150736** |
| **Total Investments 99.8%<br>(Cost $308,894)** |  | $— | **287526** |
|  **Financial Derivative<br>Instruments (e)(f) 0.2%**<br> **(Cost or Premiums, net $1,307)** |  |  | **636** |
| **Other Assets and Liabilities, net 0.0%** | **Other Assets and Liabilities, net 0.0%** |  | **17** |
| **Net Assets 100.0%** |  | $— | **288179** |

---

**NOTES TO SCHEDULE OF INVESTMENTS:** 

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

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

**(b)** **Zero coupon security.** 

**(c)** **Institutional Class Shares of each Fund.** 

**BORROWINGS AND OTHER FINANCING TRANSACTIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;**(d) REPURCHASE AGREEMENTS:** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Lending<br>Rate** | **Settlement<br>Date** | **Maturity<br>Date** | **Principal<br>Amount** | **Collateralized By** | **Collateral<br>(Received)** | **Repurchase<br>Agreements,<br>at Value** | **Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup>** |
| FICC | 1.900% | 12/30/2022 | 01/03/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383 | U.S. Treasury Bills 0.000% due 06/29/2023 | $(391) | $383 | $383 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** |  | $**(391)** | $**383** | $**383** |

---

**BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY** 

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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** | **Total<br>Borrowings and<br>Other Financing<br>Transactions** | **Collateral<br>Pledged/(Received)** | **Net Exposure<sup>(2)</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 |
|  FICC | $383 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(391) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) |
|  **Total Borrowings and Other Financing Transactions** | $**383** | $**0** | $**0** |  |  |  |

---

<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. 

---

| | | |
|:---|:---|:---|
| **46** | **PIMCO EQUITY SERIES** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;**(e) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** 

**PURCHASED OPTIONS:** 

**OPTIONS ON INDICES** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Strike<br>Value** | **Expiration<br>Date** | **# of<br>Contracts** | **Notional<br>Amount** | **Cost** | **Market<br>Value** |
|  Put - CBOE S&P 500 | 3050.000 | 03/17/2023 | 14 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $120 | $12 |
|  Put - CBOE S&P 500 | 3375.000 | 03/17/2023 | 27 | 3 | 339 | 76 |
|  Put - CBOE S&P 500 | 2850.000 | 06/16/2023 | 45 | 5 | 505 | 108 |
|  Put - CBOE S&P 500 | 3075.000 | 09/15/2023 | 41 | 4 | 497 | 282 |
|  Put - CBOE S&P 500 | 2900.000 | 12/15/2023 | 13 | 1 | 108 | 92 |
|  Put - CBOE S&P 500 | 3150.000 | 12/15/2023 | 33 | 3 | 395 | 349 |
|  **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | $**1964** | $**919** |

---

**WRITTEN OPTIONS:** 

**OPTIONS ON INDICES** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Strike<br>Value** | **Expiration<br>Date** | **# of<br>Contracts** | **Notional<br>Amount** | **Premiums<br>(Received)** | **Market<br>Value** |
|  Put - CBOE S&P 500 | 2500.000 | 03/17/2023 | 27 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | $(119) | $(7) |
|  Put - CBOE S&P 500 | 2200.000 | 06/16/2023 | 45 | 5 | (210) | (34) |
|  Put - CBOE S&P 500 | 2350.000 | 09/15/2023 | 41 | 4 | (178) | (79) |
|  Put - CBOE S&P 500 | 2500.000 | 12/15/2023 | 33 | 3 | (150) | (121) |
|  **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | $**(657)** | $**(241)** |

---

**FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY** 

The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of December 31, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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** | $**919** | $**0** | $**0** | $**919** | $**(241)** | $**0** | $**0** | $**(241)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;**(f) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** 

**SWAP AGREEMENTS:** 

**TOTAL RETURN SWAPS ON EQUITY INDICES** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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  | 316 | 4.730% (1-Month USD-LIBOR plus a specified spread) | Monthly | 02/22/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6348 | $0 | $(27) | $0 | $(27) |
|  | Receive | FNRETR Index  | 151 | 4.710% (1-Month USD-LIBOR plus a specified spread) | Monthly | 08/23/2023 | 3034 | 0 | (13) | 0 | (13) |
|  | Receive | FNRETR Index  | 59 |  | Monthly | 10/18/2023 | 1185 | 0 | (2) | 0 | (2) |
|  **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** | $**(42)** | $**0** | $**(42)** |

---

**FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY** 

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of December 31, 2022:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | | | |
| <br>**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** |<br>**Net Market<br>Value of OTC<br>Derivatives** |<br>**Collateral<br>Pledged/**<br> **(Received)** |<br>**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;(42) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **47** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO REALPATH<sup>®</sup> Blend 2025 Fund** | **(Cont.)** |

---

**(g)** **Securities with an aggregate market value of $612 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of December 31, 2022.** 

<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 December 31, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **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; Purchased Options  | $0 | $0 | $919 | $0 | $0 | $919 |
|  **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 | $241 | $0 | $0 | $241 |
|  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  | $0 | $0 | $42 | $0 | $0 | $42 |
|  | $&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;283 | $&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;283 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **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 | $(876) | $0 | $0 | $(876) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 206 | 0 | 0 | 206 |
|  | $0 | $0 | $(670) | $0 | $0 | $(670) |
|  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  | $0 | $0 | $(531) | $0 | $0 | $(531) |
|  | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1201) | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1201) |
|  **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 | $(950) | $0 | $0 | $(950) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 276 | 0 | 0 | 276 |
|  | $0 | $0 | $(674) | $0 | $0 | $(674) |
|  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  | $0 | $0 | $(31) | $0 | $0 | $(31) |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(705) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(705) |

---

---

| | | |
|:---|:---|:---|
| **48** | **PIMCO EQUITY SERIES** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022 (Unaudited)

**FAIR VALUE MEASUREMENTS** 

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2022** |
|  **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 | $135795 | $0 | $0 | $135795 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 383 | 0 | 383 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 612 | 0 | 612 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135795 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;995 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136790 |
|  **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 | 141863 | 0 | 0 | 141863 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | 8873 | 0 | 0 | 8873 |
|  | $150736 | $0 | $0 | $150736 |
|  Total Investments | $286531 | $995 | $0 | $287526 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2022** |
|  **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 | $919 | $0 | $919 |
|  **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 | (241) | 0 | (241) |
|  Over the counter | 0 | (42) | 0 | (42) |
|  | $0 | $(283) | $0 | $(283) |
|  Total Financial Derivative Instruments | $0 | $636 | $0 | $636 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286531 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1631 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288162 |

---

There were no significant transfers into or out of Level 3 during the period ended December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **49** |

---

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **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 60.0%** | **INVESTMENTS IN SECURITIES 60.0%** | **INVESTMENTS IN SECURITIES 60.0%** | **INVESTMENTS IN SECURITIES 60.0%** | **INVESTMENTS IN SECURITIES 60.0%** |
| **MUTUAL FUNDS 59.5%** | **MUTUAL FUNDS 59.5%** | **MUTUAL FUNDS 59.5%** | **MUTUAL FUNDS 59.5%** | **MUTUAL FUNDS 59.5%** |
|  **Vanguard Developed Markets Index Fund 'Institutional'** |  | 4821604 | $— | 65236 |
|  **Vanguard Emerging Markets Stock Index Fund 'Institutional'** |  | 1012033 |  | 24947 |
|  **Vanguard Institutional Index Fund 'Institutional'** |  | 328100 |  | 105527 |
|  **Vanguard Small-Cap Index Fund 'Institutional'** |  | 98910 |  | 8697 |
|  **Total Mutual Funds (Cost $196,270)** | **Total Mutual Funds (Cost $196,270)** | **Total Mutual Funds (Cost $196,270)** |  | **204407** |
|  | **PRINCIPAL**<br> **AMOUNT**<br> **(000S)** | **PRINCIPAL**<br> **AMOUNT**<br> **(000S)** |  |  |
| **SHORT-TERM INSTRUMENTS 0.5%** | **SHORT-TERM INSTRUMENTS 0.5%** | **SHORT-TERM INSTRUMENTS 0.5%** | **SHORT-TERM INSTRUMENTS 0.5%** | **SHORT-TERM INSTRUMENTS 0.5%** |
| **REPURCHASE AGREEMENTS (d) 0.2%** | **REPURCHASE AGREEMENTS (d) 0.2%** | **REPURCHASE AGREEMENTS (d) 0.2%** | **REPURCHASE AGREEMENTS (d) 0.2%** | **REPURCHASE AGREEMENTS (d) 0.2%** |
|  |  |  |  | 608 |
| **U.S. TREASURY BILLS 0.3%** | **U.S. TREASURY BILLS 0.3%** | **U.S. TREASURY BILLS 0.3%** | **U.S. TREASURY BILLS 0.3%** | **U.S. TREASURY BILLS 0.3%** |
|  4.228% due 03/02/2023 - 03/23/2023 (a)(b)(g) | $— | 888 |  | 881 |
| **Total Short-Term Instruments<br>(Cost $1,490)** | **Total Short-Term Instruments<br>(Cost $1,490)** | **Total Short-Term Instruments<br>(Cost $1,490)** |  | **1489** |
| **Total Investments in Securities<br>(Cost $197,760)** | **Total Investments in Securities<br>(Cost $197,760)** | **Total Investments in Securities<br>(Cost $197,760)** |  | **205896** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **INVESTMENTS IN AFFILIATES 39.7%** | **INVESTMENTS IN AFFILIATES 39.7%** | **INVESTMENTS IN AFFILIATES 39.7%** | **INVESTMENTS IN AFFILIATES 39.7%** |
| **MUTUAL FUNDS (c) 36.6%** | **MUTUAL FUNDS (c) 36.6%** | **MUTUAL FUNDS (c) 36.6%** | **MUTUAL FUNDS (c) 36.6%** |
|  **PIMCO Emerging Markets Local Currency and Bond Fund** | 2804465 | $— | 15424 |
|  **PIMCO High Yield Fund** | 841941 |  | 6323 |
|  **PIMCO Income Fund** | 2699403 |  | 27939 |
|  **PIMCO International Bond Fund (U.S. Dollar-Hedged)** | 509486 |  | 4738 |
|  **PIMCO Long-Term Real Return Fund** | 4072508 |  | 17960 |
|  **PIMCO Long-Term U.S. Government Fund** | 6580389 |  | 24545 |
|  **PIMCO Real Return Fund** | 704680 |  | 7040 |
|  **PIMCO Total Return Fund** | 2550618 |  | 21578 |
| **Total Mutual Funds (Cost $151,040)** | **Total Mutual Funds (Cost $151,040)** |  | **125547** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **SHORT-TERM INSTRUMENTS 3.1%** | **SHORT-TERM INSTRUMENTS 3.1%** | **SHORT-TERM INSTRUMENTS 3.1%** | **SHORT-TERM INSTRUMENTS 3.1%** |
| **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 3.1%** | **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 3.1%** | **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 3.1%** | **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 3.1%** |
|  **PIMCO Short-Term Floating NAV Portfolio III** | 1089220 | $— | 10583 |
| **Total Short-Term Instruments<br>(Cost $10,576)** | **Total Short-Term Instruments<br>(Cost $10,576)** |  | **10583** |
| **Total Investments in Affiliates<br>(Cost $161,616)** | **Total Investments in Affiliates<br>(Cost $161,616)** |  | **136130** |
| **Total Investments 99.7%<br>(Cost $359,376)** | **Total Investments 99.7%<br>(Cost $359,376)** | $— | **342026** |
|  **Financial Derivative<br>Instruments (e)(f) 0.2%**<br> **(Cost or Premiums, net $1,528)** | **Financial Derivative<br>Instruments (e)(f) 0.2%**<br> **(Cost or Premiums, net $1,528)** |  | **753** |
| **Other Assets and Liabilities, net 0.1%** | **Other Assets and Liabilities, net 0.1%** |  | **437** |
| **Net Assets 100.0%** | **Net Assets 100.0%** | $— | **343216** |

---

**NOTES TO SCHEDULE OF INVESTMENTS:** 

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

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

**(b)** **Zero coupon security.** 

**(c)** **Institutional Class Shares of each Fund.** 

**BORROWINGS AND OTHER FINANCING TRANSACTIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;**(d) REPURCHASE AGREEMENTS:** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Lending<br>Rate** | **Settlement<br>Date** | **Maturity<br>Date** | **Principal<br>Amount** | **Collateralized By** | **Collateral<br>(Received)** | **Repurchase<br>Agreements,<br>at Value** | **Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup>** |
| FICC | 1.900% | 12/30/2022 | 01/03/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;608 | U.S. Treasury Notes 0.125% due 05/15/2023 | $(620) | $608 | $608 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** |  | $**(620)** | $**608** | $**608** |

---

**BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY** 

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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** | **Total<br>Borrowings and<br>Other Financing<br>Transactions** | **Collateral<br>Pledged/(Received)** | **Net Exposure<sup>(2)</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 |
|  FICC | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;608 | $&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;608 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(620) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) |
|  **Total Borrowings and Other Financing Transactions** | $**608** | $**0** | $**0** |  |  |  |

---

<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. 

---

| | | |
|:---|:---|:---|
| **50** | **PIMCO EQUITY SERIES** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;**(e) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** 

**PURCHASED OPTIONS:** 

**OPTIONS ON INDICES** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Strike<br>Value** | **Expiration<br>Date** | **# of<br>Contracts** | **Notional<br>Amount** | **Cost** | **Market<br>Value** |
|  Put - CBOE S&P 500 | 3050.000 | 03/17/2023 | 16 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | $137 | $14 |
|  Put - CBOE S&P 500 | 3375.000 | 03/17/2023 | 31 | 3 | 389 | 88 |
|  Put - CBOE S&P 500 | 2850.000 | 06/16/2023 | 51 | 5 | 573 | 122 |
|  Put - CBOE S&P 500 | 3075.000 | 09/15/2023 | 48 | 5 | 582 | 330 |
|  Put - CBOE S&P 500 | 2900.000 | 12/15/2023 | 16 | 2 | 133 | 113 |
|  Put - CBOE S&P 500 | 3150.000 | 12/15/2023 | 40 | 4 | 479 | 423 |
|  **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** |  | $**2293** | $**1090** |

---

**WRITTEN OPTIONS:** 

**OPTIONS ON INDICES** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Strike<br>Value** | **Expiration<br>Date** | **# of<br>Contracts** | **Notional<br>Amount** | **Premiums<br>(Received)** | **Market<br>Value** |
|  Put - CBOE S&P 500 | 2500.000 | 03/17/2023 | 31 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | $(137) | $(9) |
|  Put - CBOE S&P 500 | 2200.000 | 06/16/2023 | 51 | 5 | (238) | (38) |
|  Put - CBOE S&P 500 | 2350.000 | 09/15/2023 | 48 | 5 | (208) | (92) |
|  Put - CBOE S&P 500 | 2500.000 | 12/15/2023 | 40 | 4 | (182) | (147) |
|  **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** |  | $**(765)** | $**(286)** |

---

**FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY** 

The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of December 31, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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** | $**1090** | $**0** | $**0** | $**1090** | $**(286)** | $**0** | $**0** | $**(286)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;**(f) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** 

**SWAP AGREEMENTS:** 

**TOTAL RETURN SWAPS ON EQUITY INDICES** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 | 375 | 4.730% (1-Month USD-LIBOR plus a specified spread) | Monthly | 02/22/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7533 | $0 | $(32) | $0 | $(32) |
|  | Receive | FNRETR Index  | 188 | 4.710% (1-Month USD-LIBOR plus a specified spread) | Monthly | 08/23/2023 | 3777 | 0 | (16) | 0 | (16) |
|  | Receive | FNRETR Index  | 76 |  | Monthly | 10/18/2023 | 1527 | 0 | (3) | 0 | (3) |
|  **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** | $**(51)** | $**0** | $**(51)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **51** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO REALPATH<sup>®</sup> Blend 2030 Fund** | **(Cont.)** |

---

**FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY** 

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of December 31, 2022:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | | | |
| <br>**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** |<br>**Net Market<br>Value of OTC<br>Derivatives** |<br>**Collateral**<br> **Pledged/**<br> **(Received)** |<br>**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;(51) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;579 |

---

**(g)** **Securities with an aggregate market value of $630 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of December 31, 2022.** 

<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 December 31, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **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; Purchased Options  | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1090 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1090 |
|  **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 | $286 | $0 | $0 | $286 |
|  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  | $0 | $0 | $51 | $0 | $0 | $51 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $337 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $337 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **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 | $(973) | $0 | $0 | $(973) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 228 | 0 | 0 | 228 |
|  | $0 | $0 | $(745) | $0 | $0 | $(745) |
|  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  | $0 | $0 | $(639) | $0 | $0 | $(639) |
|  | $&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;(1384) | $&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;(1384) |
|  **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 | $(1104) | $0 | $0 | $(1104) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 323 | 0 | 0 | 323 |
|  | $0 | $0 | $(781) | $0 | $0 | $(781) |
|  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  | $0 | $0 | $(39) | $0 | $0 | $(39) |
|  | $0 | $0 | $(820) | $0 | $0 | $(820) |

---

---

| | | |
|:---|:---|:---|
| **52** | **PIMCO EQUITY SERIES** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022 (Unaudited)

**FAIR VALUE MEASUREMENTS** 

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2022** |
|  **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 | $204407 | $0 | $0 | $204407 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 608 | 0 | 608 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 881 | 0 | 881 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;204407 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1489 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205896 |
|  **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 | 125547 | 0 | 0 | 125547 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | 10583 | 0 | 0 | 10583 |
|  | $136130 | $0 | $0 | $136130 |
|  Total Investments | $340537 | $1489 | $0 | $342026 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2022** |
|  **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 | $1090 | $0 | $1090 |
|  **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 | (286) | 0 | (286) |
|  Over the counter | 0 | (51) | 0 | (51) |
|  | $0 | $(337) | $0 | $(337) |
|  Total Financial Derivative Instruments | $0 | $753 | $0 | $753 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340537 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2242 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342779 |

---

There were no significant transfers into or out of Level 3 during the period ended December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **53** |

---

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **Schedule of Investments** | **PIMCO REALPATH<sup>®</sup> Blend 2035 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 69.3%** | **INVESTMENTS IN SECURITIES 69.3%** | **INVESTMENTS IN SECURITIES 69.3%** | **INVESTMENTS IN SECURITIES 69.3%** | **INVESTMENTS IN SECURITIES 69.3%** |
| **MUTUAL FUNDS 68.9%** | **MUTUAL FUNDS 68.9%** | **MUTUAL FUNDS 68.9%** | **MUTUAL FUNDS 68.9%** | **MUTUAL FUNDS 68.9%** |
|  **Vanguard Developed Markets Index Fund 'Institutional'** |  | 5406581 | $— | 73151 |
|  **Vanguard Emerging Markets Stock Index Fund 'Institutional'** |  | 1086697 |  | 26787 |
|  **Vanguard Institutional Index Fund 'Institutional'** |  | 369601 |  | 118875 |
|  **Vanguard Small-Cap Index Fund 'Institutional'** |  | 128317 |  | 11283 |
|  **Total Mutual Funds (Cost $225,545)** | **Total Mutual Funds (Cost $225,545)** | **Total Mutual Funds (Cost $225,545)** |  | **230096** |
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |  |
| **SHORT-TERM INSTRUMENTS 0.4%** | **SHORT-TERM INSTRUMENTS 0.4%** | **SHORT-TERM INSTRUMENTS 0.4%** | **SHORT-TERM INSTRUMENTS 0.4%** | **SHORT-TERM INSTRUMENTS 0.4%** |
| **REPURCHASE AGREEMENTS (d) 0.2%** | **REPURCHASE AGREEMENTS (d) 0.2%** | **REPURCHASE AGREEMENTS (d) 0.2%** | **REPURCHASE AGREEMENTS (d) 0.2%** | **REPURCHASE AGREEMENTS (d) 0.2%** |
|  |  |  |  | 564 |
| **U.S. TREASURY BILLS 0.2%** | **U.S. TREASURY BILLS 0.2%** | **U.S. TREASURY BILLS 0.2%** | **U.S. TREASURY BILLS 0.2%** | **U.S. TREASURY BILLS 0.2%** |
|  4.228% due 03/02/2023 - 03/23/2023 (a)(b)(f) | $— | 878 |  | 871 |
| **Total Short-Term Instruments<br>(Cost $1,435)** | **Total Short-Term Instruments<br>(Cost $1,435)** | **Total Short-Term Instruments<br>(Cost $1,435)** |  | **1435** |
| **Total Investments in Securities<br>(Cost $226,980)** | **Total Investments in Securities<br>(Cost $226,980)** | **Total Investments in Securities<br>(Cost $226,980)** |  | **231531** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **INVESTMENTS IN AFFILIATES 31.6%** | **INVESTMENTS IN AFFILIATES 31.6%** | **INVESTMENTS IN AFFILIATES 31.6%** | **INVESTMENTS IN AFFILIATES 31.6%** |
| **MUTUAL FUNDS (c) 27.1%** | **MUTUAL FUNDS (c) 27.1%** | **MUTUAL FUNDS (c) 27.1%** | **MUTUAL FUNDS (c) 27.1%** |
|  **PIMCO Emerging Markets Local Currency and Bond Fund** | 2420238 | $— | 13311 |
|  **PIMCO High Yield Fund** | 592581 |  | 4450 |
|  **PIMCO Income Fund** | 1818002 |  | 18816 |
|  **PIMCO International Bond Fund (U.S. Dollar-Hedged)** | 326852 |  | 3040 |
|  **PIMCO Long-Term Real Return Fund** | 2894842 |  | 12766 |
|  **PIMCO Long-Term U.S. Government Fund** | 5086268 |  | 18972 |
|  **PIMCO Real Return Fund** | 500964 |  | 5005 |
|  **PIMCO Total Return Fund** | 1695141 |  | 14341 |
| **Total Mutual Funds (Cost $106,697)** | **Total Mutual Funds (Cost $106,697)** |  | **90701** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **SHORT-TERM INSTRUMENTS 4.5%** | **SHORT-TERM INSTRUMENTS 4.5%** | **SHORT-TERM INSTRUMENTS 4.5%** | **SHORT-TERM INSTRUMENTS 4.5%** |
| **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.5%** | **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.5%** | **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.5%** | **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.5%** |
|  **PIMCO Short-Term Floating NAV Portfolio III** | 1541488 | $— | 14977 |
| **Total Short-Term Instruments<br>(Cost $14,965)** | **Total Short-Term Instruments<br>(Cost $14,965)** |  | **14977** |
| **Total Investments in Affiliates<br>(Cost $121,662)** | **Total Investments in Affiliates<br>(Cost $121,662)** |  | **105678** |
| **Total Investments 100.9%<br>(Cost $348,642)** | **Total Investments 100.9%<br>(Cost $348,642)** | $— | **337209** |
|  **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)** |  | **(51)** |
| **Other Assets and Liabilities, net (0.9)%** | **Other Assets and Liabilities, net (0.9)%** |  | **(3088)** |
| **Net Assets 100.0%** | **Net Assets 100.0%** | $— | **334070** |

---

**NOTES TO SCHEDULE OF INVESTMENTS:** 

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

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

**(b)** **Zero coupon security.** 

**(c)** **Institutional Class Shares of each Fund.** 

**BORROWINGS AND OTHER FINANCING TRANSACTIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;**(d) REPURCHASE AGREEMENTS:** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Lending<br>Rate** | **Settlement<br>Date** | **Maturity<br>Date** | **Principal<br>Amount** | **Collateralized By** | **Collateral<br>(Received)** | **Repurchase<br>Agreements,<br>at Value** | **Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup>** |
| FICC | 1.900% | 12/30/2022 | 01/03/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564 | U.S. Treasury Bills 0.000% due 06/01/2023 | $(575) | $564 | $564 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** |  | $**(575)** | $**564** | $**564** |

---

**BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY** 

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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** | **Total<br>Borrowings and<br>Other Financing<br>Transactions** | **Collateral<br>Pledged/(Received)** | **Net Exposure<sup>(2)</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 |
|  FICC | $564 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(575) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) |
|  **Total Borrowings and Other Financing Transactions** | $**564** | $**0** | $**0** |  |  |  |

---

<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. 

---

| | | |
|:---|:---|:---|
| **54** | **PIMCO EQUITY SERIES** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;**(e) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** 

**SWAP AGREEMENTS:** 

**TOTAL RETURN SWAPS ON EQUITY INDICES** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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  | 399 | 4.730% (1-Month USD-LIBOR plus a specified spread) | Monthly | 02/22/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8016 | $0 | $(34) | $0 | $(34) |
|  | Receive | FNRETR Index  | 130 | 4.710% (1-Month USD-LIBOR plus a specified spread) | Monthly | 08/23/2023 | 2611 | 0 | (11) | 0 | (11) |
|  | Receive | FNRETR Index  | 109 |  | Monthly | 10/18/2023 | 2190 | 0 | (6) | 0 | (6) |
|  **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** | $**(51)** | $**0** | $**(51)** |

---

**FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY** 

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of December 31, 2022:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | | | |
| <br>**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** |<br>**Net Market<br>Value of OTC<br>Derivatives** |<br>**Collateral<br>Pledged/<br>(Received)** |<br>**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;(51) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;569 |

---

**(f)** **Securities with an aggregate market value of $620 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of December 31, 2022.** 

<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 December 31, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **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;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 | $&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;51 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **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; 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;(642) | $&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;(642) |
|  **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  | $0 | $0 | $(40) | $0 | $0 | $(40) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **55** |

---

------

##### [**Table of Contents**](#toc)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Schedule of Investments** | **PIMCO REALPATH<sup>®</sup> Blend 2035 Fund** | **(Cont.)** | December 31, 2022 | (Unaudited) |

---

**FAIR VALUE MEASUREMENTS** 

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2022** |
|  **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 | $230096 | $0 | $0 | $230096 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 564 | 0 | 564 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 871 | 0 | 871 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230096 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1435 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231531 |
|  **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 | 90701 | 0 | 0 | 90701 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | 14977 | 0 | 0 | 14977 |
|  | $105678 | $0 | $0 | $105678 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335774 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1435 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337209 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2022** |
|  **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** |
|  Over the counter | $0 | $(51) | $0 | $(51) |
|  Total Financial Derivative Instruments | $0 | $(51) | $0 | $(51) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335774 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1384 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337158 |

---

There were no significant transfers into or out of Level 3 during the period ended December 31, 2022.

---

| | | |
|:---|:---|:---|
| **56** | **PIMCO EQUITY SERIES** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)

---

| | | | |
|:---|:---|:---|:---|
| **Schedule of Investments** | **PIMCO REALPATH<sup>®</sup> Blend 2040 Fund** | December 31, 2022 | (Unaudited) |

---

**(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 77.5%** | **INVESTMENTS IN SECURITIES 77.5%** | **INVESTMENTS IN SECURITIES 77.5%** | **INVESTMENTS IN SECURITIES 77.5%** | **INVESTMENTS IN SECURITIES 77.5%** |
| **MUTUAL FUNDS 76.9%** | **MUTUAL FUNDS 76.9%** | **MUTUAL FUNDS 76.9%** | **MUTUAL FUNDS 76.9%** | **MUTUAL FUNDS 76.9%** |
|  **Vanguard Developed Markets Index Fund 'Institutional'** |  | 5989220 | $— | 81034 |
|  **Vanguard Emerging Markets Stock Index Fund 'Institutional'** |  | 1085007 |  | 26745 |
|  **Vanguard Institutional Index Fund 'Institutional'** |  | 391998 |  | 126078 |
|  **Vanguard Small-Cap Index Fund 'Institutional'** |  | 139299 |  | 12249 |
|  **Total Mutual Funds (Cost $238,959)** | **Total Mutual Funds (Cost $238,959)** | **Total Mutual Funds (Cost $238,959)** |  | **246106** |
|  | **PRINCIPAL<br>AMOUNT<br>(000s)** | **PRINCIPAL<br>AMOUNT<br>(000s)** |  |  |
| **SHORT-TERM INSTRUMENTS 0.6%** | **SHORT-TERM INSTRUMENTS 0.6%** | **SHORT-TERM INSTRUMENTS 0.6%** | **SHORT-TERM INSTRUMENTS 0.6%** | **SHORT-TERM INSTRUMENTS 0.6%** |
| **REPURCHASE AGREEMENTS (d) 0.3%** | **REPURCHASE AGREEMENTS (d) 0.3%** | **REPURCHASE AGREEMENTS (d) 0.3%** | **REPURCHASE AGREEMENTS (d) 0.3%** | **REPURCHASE AGREEMENTS (d) 0.3%** |
|  |  |  |  | 904 |
| **U.S. TREASURY BILLS 0.3%** | **U.S. TREASURY BILLS 0.3%** | **U.S. TREASURY BILLS 0.3%** | **U.S. TREASURY BILLS 0.3%** | **U.S. TREASURY BILLS 0.3%** |
|  4.227% due 03/02/2023 - 03/23/2023 (a)(b)(f) | $— | 888 |  | 881 |
| **Total Short-Term Instruments<br>(Cost $1,785)** | **Total Short-Term Instruments<br>(Cost $1,785)** | **Total Short-Term Instruments<br>(Cost $1,785)** |  | **1785** |
| **Total Investments in Securities<br>(Cost $240,744)** | **Total Investments in Securities<br>(Cost $240,744)** | **Total Investments in Securities<br>(Cost $240,744)** |  | **247891** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **INVESTMENTS IN AFFILIATES 23.0%** | **INVESTMENTS IN AFFILIATES 23.0%** | **INVESTMENTS IN AFFILIATES 23.0%** | **INVESTMENTS IN AFFILIATES 23.0%** |
| **MUTUAL FUNDS (c) 19.0%** | **MUTUAL FUNDS (c) 19.0%** | **MUTUAL FUNDS (c) 19.0%** | **MUTUAL FUNDS (c) 19.0%** |
|  **PIMCO Emerging Markets Local Currency and Bond Fund** | 1995210 | $— | 10974 |
|  **PIMCO High Yield Fund** | 311425 |  | 2339 |
|  **PIMCO Income Fund** | 1146743 |  | 11869 |
|  **PIMCO International Bond Fund (U.S. Dollar-Hedged)** | 218176 |  | 2029 |
|  **PIMCO Long-Term Real Return Fund** | 1911704 |  | 8430 |
|  **PIMCO Long-Term U.S. Government Fund** | 3358098 |  | 12526 |
|  **PIMCO Real Return Fund** | 356657 |  | 3563 |
|  **PIMCO Total Return Fund** | 1124200 |  | 9511 |
| **Total Mutual Funds (Cost $72,313)** | **Total Mutual Funds (Cost $72,313)** |  | **61241** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **SHORT-TERM INSTRUMENTS 4.0%** | **SHORT-TERM INSTRUMENTS 4.0%** | **SHORT-TERM INSTRUMENTS 4.0%** | **SHORT-TERM INSTRUMENTS 4.0%** |
| **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.0%** | **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.0%** | **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.0%** | **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.0%** |
|  **PIMCO Short-Term Floating NAV Portfolio III** | 1339059 | $— | 13010 |
| **Total Short-Term Instruments<br>(Cost $13,006)** | **Total Short-Term Instruments<br>(Cost $13,006)** |  | **13010** |
| **Total Investments in Affiliates<br>(Cost $85,319)** | **Total Investments in Affiliates<br>(Cost $85,319)** |  | **74251** |
| **Total Investments 100.5%<br>(Cost $326,063)** | **Total Investments 100.5%<br>(Cost $326,063)** | $— | **322142** |
|  **Financial Derivative Instruments (e) (0.0)%**<br> **(Cost or Premiums, net $0)** |  |  | **(51)** |
| **Other Assets and Liabilities, net (0.5)%** | **Other Assets and Liabilities, net (0.5)%** |  | **(1563)** |
| **Net Assets 100.0%** | **Net Assets 100.0%** | $— | **320528** |

---

**NOTES TO SCHEDULE OF INVESTMENTS:** 

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

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

**(b)** **Zero coupon security.** 

**(c)** **Institutional Class Shares of each Fund.** 

**BORROWINGS AND OTHER FINANCING TRANSACTIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;**(d) REPURCHASE AGREEMENTS:** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Lending<br>Rate** | **Settlement<br>Date** | **Maturity<br>Date** | **Principal<br>Amount** | **Collateralized By** | **Collateral<br>(Received)** | **Repurchase<br>Agreements,<br>at Value** | **Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup>** |
| FICC | 1.900% | 12/30/2022 | 01/03/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;904 | U.S. Treasury Bills 0.000% due 06/29/2023 | $(922) | $904 | $904 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** |  | $**(922)** | $**904** | $**904** |

---

**BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY** 

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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** | **Total<br>Borrowings and<br>Other Financing<br>Transactions** | **Collateral<br>Pledged/(Received)** | **Net Exposure<sup>(2)</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 |
|  FICC | $904 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;904 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(922) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(18) |
|  **Total Borrowings and Other Financing Transactions** | $**904** | $**0** | $**0** |  |  |  |

---

<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. 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **57** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO REALPATH<sup>®</sup> Blend 2040 Fund** | **(Cont.)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;**(e) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** 

**SWAP AGREEMENTS:** 

**TOTAL RETURN SWAPS ON EQUITY INDICES** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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  | 347 | 4.730% (1-Month USD-LIBOR plus a specified spread) | Monthly | 02/22/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6971 | $0 | $(29) | $0 | $(29) |
|  | Receive | FNRETR Index  | 191 | 4.710% (1-Month USD-LIBOR plus a specified spread) | Monthly | 08/23/2023 | 3837 | 0 | (16) | 0 | (16) |
|  | Receive | FNRETR Index  | 94 | 4.640% (1-Month USD-LIBOR plus a specified spread) | Monthly | 10/18/2023 | 1888 | 0 | (6) | 0 | (6) |
|  **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** | $**(51)** | $**0** | $**(51)** |

---

**FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY** 

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of December 31, 2022:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | | | |
| <br>**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** |<br>**Net Market<br>Value<br>of OTC<br>Derivatives** |<br>**Collateral**<br> **Pledged/**<br> **(Received)** |<br>**Net<br>Exposure<sup>(2)</sup>** |
|  JPM | $0 | $0 | $0 | $0 | $0 | $0 | $(51) | $(51) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;579 |
|  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;(51) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(51) |  |  |  |

---

**(f)** **Securities with an aggregate market value of $630 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of December 31, 2022.** 

<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 December 31, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **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;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 | $&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;51 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **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; Swap Agreements  | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(696) | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(696) |
|  **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;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(39) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(39) |

---

---

| | | |
|:---|:---|:---|
| **58** | **PIMCO EQUITY SERIES** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022 (Unaudited)

**FAIR VALUE MEASUREMENTS** 

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2022** |
|  **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 | $246106 | $0 | $0 | $246106 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 904 | 0 | 904 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 881 | 0 | 881 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246106 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1785 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247891 |
|  **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 | 61241 | 0 | 0 | 61241 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | 13010 | 0 | 0 | 13010 |
|  | $74251 | $0 | $0 | $74251 |
|  Total Investments | $320357 | $1785 | $0 | $322142 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2022** |
|  **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** |
|  Over the counter | $0 | $(51) | $0 | $(51) |
|  Total Financial Derivative Instruments | $0 | $(51) | $0 | $(51) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320357 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1734 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322091 |

---

There were no significant transfers into or out of Level 3 during the period ended December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **59** |

---

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **Schedule of Investments** | **PIMCO REALPATH<sup>®</sup> Blend 2045 Fund** |

---

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
| **INVESTMENTS IN SECURITIES 83.9%** | **INVESTMENTS IN SECURITIES 83.9%** | **INVESTMENTS IN SECURITIES 83.9%** |
| **MUTUAL FUNDS 83.3%** | **MUTUAL FUNDS 83.3%** | **MUTUAL FUNDS 83.3%** |
|  **Vanguard Developed Markets Index Fund 'Institutional'** | 6408873 | $86712 |
|  **Vanguard Emerging Markets Stock Index Fund 'Institutional'** | 1025935 | 25289 |
|  **Vanguard Institutional Index Fund 'Institutional'** | 388904 | 125083 |
|  **Vanguard Small-Cap Index Fund 'Institutional'** | 139482 | 12265 |
| **Total Mutual Funds (Cost $243,259)** | **Total Mutual Funds (Cost $243,259)** | **249349** |
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |
| **SHORT-TERM INSTRUMENTS 0.6%** | **SHORT-TERM INSTRUMENTS 0.6%** | **SHORT-TERM INSTRUMENTS 0.6%** |
| **REPURCHASE AGREEMENTS (d) 0.4%** | **REPURCHASE AGREEMENTS (d) 0.4%** | **REPURCHASE AGREEMENTS (d) 0.4%** |
|  |  | 1182 |
| **U.S. TREASURY BILLS 0.2%** | **U.S. TREASURY BILLS 0.2%** | **U.S. TREASURY BILLS 0.2%** |
|  4.200% due 03/02/2023 (a)(b)(f) | $585 | 581 |
| **Total Short-Term Instruments<br>(Cost $1,763)** | **Total Short-Term Instruments<br>(Cost $1,763)** | **1763** |
| **Total Investments in Securities<br>(Cost $245,022)** | **Total Investments in Securities<br>(Cost $245,022)** | **251112** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **INVESTMENTS IN AFFILIATES 16.7%** | **INVESTMENTS IN AFFILIATES 16.7%** | **INVESTMENTS IN AFFILIATES 16.7%** | **INVESTMENTS IN AFFILIATES 16.7%** |
| **MUTUAL FUNDS (c) 12.5%** | **MUTUAL FUNDS (c) 12.5%** | **MUTUAL FUNDS (c) 12.5%** | **MUTUAL FUNDS (c) 12.5%** |
|  **PIMCO Emerging Markets Local Currency and Bond Fund** | 1369460 | $— | 7532 |
|  **PIMCO High Yield Fund** | 73828 |  | 554 |
|  **PIMCO Income Fund** | 595715 |  | 6166 |
|  **PIMCO International Bond Fund (U.S. Dollar-Hedged)** | 142215 |  | 1323 |
|  **PIMCO Long-Term Real Return Fund** | 1281144 |  | 5650 |
|  **PIMCO Long-Term U.S. Government Fund** | 2250696 |  | 8395 |
|  **PIMCO Real Return Fund** | 208598 |  | 2084 |
|  **PIMCO Total Return Fund** | 661628 |  | 5597 |
| **Total Mutual Funds (Cost $44,059)** | **Total Mutual Funds (Cost $44,059)** |  | **37301** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **SHORT-TERM INSTRUMENTS 4.2%** | **SHORT-TERM INSTRUMENTS 4.2%** | **SHORT-TERM INSTRUMENTS 4.2%** | **SHORT-TERM INSTRUMENTS 4.2%** |
| **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.2%** | **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.2%** | **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.2%** | **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.2%** |
|  **PIMCO Short-Term Floating NAV Portfolio III** | 1290742 | $— | 12541 |
| **Total Short-Term Instruments<br>(Cost $12,533)** | **Total Short-Term Instruments<br>(Cost $12,533)** |  | **12541** |
| **Total Investments in Affiliates<br>(Cost $56,592)** | **Total Investments in Affiliates<br>(Cost $56,592)** |  | **49842** |
| **Total Investments 100.6%<br>(Cost $301,614)** | **Total Investments 100.6%<br>(Cost $301,614)** | $— | **300954** |
|  **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)** |  | **(49)** |
| **Other Assets and Liabilities, net (0.6)%** | **Other Assets and Liabilities, net (0.6)%** |  | **(1681)** |
| **Net Assets 100.0%** | **Net Assets 100.0%** | $— | **299224** |

---

**NOTES TO SCHEDULE OF INVESTMENTS:** 

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

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

**(b)** **Zero coupon security.** 

**(c)** **Institutional Class Shares of each Fund.** 

**BORROWINGS AND OTHER FINANCING TRANSACTIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;**(d) REPURCHASE AGREEMENTS:** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Lending<br>Rate** | **Settlement<br>Date** | **Maturity<br>Date** | **Principal<br>Amount** | **Collateralized By** | **Collateral<br>(Received)** | **Repurchase<br>Agreements,<br>at Value** | **Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup>** |
| FICC | 1.900% | 12/30/2022 | 01/03/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1182 | U.S. Treasury Bills 0.000% due 06/01/2023 | $(1206) | $1182 | $1182 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** |  | $**(1206)** | $**1182** | $**1182** |

---

**BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY** 

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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** | **Total<br>Borrowings and<br>Other Financing<br>Transactions** | **Collateral<br>Pledged/(Received)** | **Net Exposure<sup>(2)</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 |
|  FICC | $1182 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1182 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1206) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24) |
|  **Total Borrowings and Other Financing Transactions** | $**1182** | $**0** | $**0** |  |  |  |

---

<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. 

---

| | | |
|:---|:---|:---|
| **60** | **PIMCO EQUITY SERIES** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;**(e) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** 

**SWAP AGREEMENTS:** 

**TOTAL RETURN SWAPS ON EQUITY INDICES** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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  | 331 | 4.730% (1-Month USD-LIBOR<br>plus a specified spread) | Monthly | 02/22/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6650 | $0 | $(28) | $0 | $(28) |
|  | Receive | FNRETR Index  | 168 | 4.710% (1-Month USD-LIBOR<br>plus a specified spread) | Monthly | 08/23/2023 | 3375 | 0 | (14) | 0 | (14) |
|  | Receive | FNRETR Index  | 104 | 4.640% (1-Month USD-LIBOR<br> plus a specified spread) | Monthly | 10/18/2023 | 2089 | 0 | (7) | 0 | (7) |
|  **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** | $**(49)** | $**0** | $**(49)** |

---

**FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY** 

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of December 31, 2022:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | | | |
| <br>**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** |<br>**Net Market<br>Value of OTC<br>Derivatives** |<br>**Collateral**<br> **Pledged/**<br> **(Received)** |<br>**Net<br>Exposure<sup>(2)</sup>** |
|  JPM | $0 | $0 | $0 | $0 | $0 | $0 | $(49) | $(49) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;581 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532 |
|  **Total Over the Counter** | $**0** | $**0** | $**0** | $**0** | $**0** | $**0** | $**(49)** | $**(49)** |  |  |  |

---

**(f)** **Securities with an aggregate market value of $581 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of December 31, 2022.** 

<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 December 31, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **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;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49 | $&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;49 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **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; Swap Agreements  | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(636) | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(636) |
|  **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;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(38) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(38) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **61** |

---

------

##### [**Table of Contents**](#toc)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Schedule of Investments** | **PIMCO REALPATH<sup>®</sup> Blend 2045 Fund** | **(Cont.)** | December 31, 2022 | (Unaudited) |

---

**FAIR VALUE MEASUREMENTS** 

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2022** |
|  **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 | $249349 | $0 | $0 | $249349 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 1182 | 0 | 1182 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 581 | 0 | 581 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;249349 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1763 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251112 |
|  **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 | 37301 | 0 | 0 | 37301 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | 12541 | 0 | 0 | 12541 |
|  | $49842 | $0 | $0 | $49842 |
|  Total Investments | $299191 | $1763 | $0 | $300954 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2022** |
|  **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** |
|  Over the counter | $0 | $(49) | $0 | $(49) |
|  Total Financial Derivative Instruments | $0 | $(49) | $0 | $(49) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299191 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1714 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300905 |

---

There were no significant transfers into or out of Level 3 during the period ended December 31, 2022.

---

| | | |
|:---|:---|:---|
| **62** | **PIMCO EQUITY SERIES** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)

---

| | | | |
|:---|:---|:---|:---|
| **Schedule of Investments** | **PIMCO REALPATH<sup>®</sup> Blend 2050 Fund** | December 31, 2022 | (Unaudited) |

---

**(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 88.2%** | **INVESTMENTS IN SECURITIES 88.2%** | **INVESTMENTS IN SECURITIES 88.2%** | **INVESTMENTS IN SECURITIES 88.2%** | **INVESTMENTS IN SECURITIES 88.2%** |
| **MUTUAL FUNDS 87.5%** | **MUTUAL FUNDS 87.5%** | **MUTUAL FUNDS 87.5%** | **MUTUAL FUNDS 87.5%** | **MUTUAL FUNDS 87.5%** |
|  **Vanguard Developed Markets Index Fund 'Institutional'** |  | 6704220 | $— | 90708 |
|  **Vanguard Emerging Markets Stock Index Fund 'Institutional'** |  | 992370 |  | 24462 |
|  **Vanguard Institutional Index Fund 'Institutional'** |  | 391474 |  | 125910 |
|  **Vanguard Small-Cap Index Fund 'Institutional'** |  | 143179 |  | 12590 |
|  **Total Mutual Funds (Cost $244,607)** | **Total Mutual Funds (Cost $244,607)** | **Total Mutual Funds (Cost $244,607)** |  | **253670** |
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |  |
| **SHORT-TERM INSTRUMENTS 0.7%** | **SHORT-TERM INSTRUMENTS 0.7%** | **SHORT-TERM INSTRUMENTS 0.7%** | **SHORT-TERM INSTRUMENTS 0.7%** | **SHORT-TERM INSTRUMENTS 0.7%** |
| **REPURCHASE AGREEMENTS (d) 0.5%** | **REPURCHASE AGREEMENTS (d) 0.5%** | **REPURCHASE AGREEMENTS (d) 0.5%** | **REPURCHASE AGREEMENTS (d) 0.5%** | **REPURCHASE AGREEMENTS (d) 0.5%** |
|  |  |  |  | 1357 |
| **U.S. TREASURY BILLS 0.2%** | **U.S. TREASURY BILLS 0.2%** | **U.S. TREASURY BILLS 0.2%** | **U.S. TREASURY BILLS 0.2%** | **U.S. TREASURY BILLS 0.2%** |
|  4.199% due 03/02/2023 (a)(b)(f) | $— | 576 |  | 572 |
| **Total Short-Term Instruments<br>(Cost $1,929)** | **Total Short-Term Instruments<br>(Cost $1,929)** | **Total Short-Term Instruments<br>(Cost $1,929)** |  | **1929** |
| **Total Investments in Securities<br>(Cost $246,536)** | **Total Investments in Securities<br>(Cost $246,536)** | **Total Investments in Securities<br>(Cost $246,536)** |  | **255599** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **INVESTMENTS IN AFFILIATES 12.2%** | **INVESTMENTS IN AFFILIATES 12.2%** | **INVESTMENTS IN AFFILIATES 12.2%** | **INVESTMENTS IN AFFILIATES 12.2%** |
| **MUTUAL FUNDS (c) 8.1%** | **MUTUAL FUNDS (c) 8.1%** | **MUTUAL FUNDS (c) 8.1%** | **MUTUAL FUNDS (c) 8.1%** |
|  **PIMCO Emerging Markets Local Currency and Bond Fund** | 838906 | $— | 4614 |
|  **PIMCO Income Fund** | 334464 |  | 3462 |
|  **PIMCO International Bond Fund (U.S. Dollar-Hedged)** | 116634 |  | 1085 |
|  **PIMCO Long-Term Real Return Fund** | 855273 |  | 3772 |
|  **PIMCO Long-Term U.S. Government Fund** | 1503576 |  | 5608 |
|  **PIMCO Real Return Fund** | 135774 |  | 1356 |
|  **PIMCO Total Return Fund** | 408112 |  | 3452 |
| **Total Mutual Funds (Cost $27,922)** | **Total Mutual Funds (Cost $27,922)** |  | **23349** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **SHORT-TERM INSTRUMENTS 4.1%** | **SHORT-TERM INSTRUMENTS 4.1%** | **SHORT-TERM INSTRUMENTS 4.1%** | **SHORT-TERM INSTRUMENTS 4.1%** |
| **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.1%** | **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.1%** | **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.1%** | **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.1%** |
|  **PIMCO Short-Term Floating NAV Portfolio III** | 1214449 | $— | 11800 |
| **Total Short-Term Instruments<br>(Cost $11,792)** | **Total Short-Term Instruments<br>(Cost $11,792)** |  | **11800** |
| **Total Investments in Affiliates<br>(Cost $39,714)** | **Total Investments in Affiliates<br>(Cost $39,714)** |  | **35149** |
| **Total Investments 100.4%<br>(Cost $286,250)** | **Total Investments 100.4%<br>(Cost $286,250)** | $— | **290748** |
|  **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)** |  | **(48)** |
| **Other Assets and Liabilities, net (0.4)%** | **Other Assets and Liabilities, net (0.4)%** |  | **(1159)** |
| **Net Assets 100.0%** | **Net Assets 100.0%** | $— | **289541** |

---

**NOTES TO SCHEDULE OF INVESTMENTS:** 

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

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

**(b)** **Zero coupon security.** 

**(c)** **Institutional Class Shares of each Fund.** 

**BORROWINGS AND OTHER FINANCING TRANSACTIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;**(d) REPURCHASE AGREEMENTS:** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Lending<br>Rate** | **Settlement<br>Date** | **Maturity<br>Date** | **Principal<br>Amount** | **Collateralized By** | **Collateral<br>(Received)** | **Repurchase<br>Agreements,<br>at Value** | **Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup>** |
| FICC | 1.900% | 12/30/2022 | 01/03/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1357 | U.S. Treasury Bills 0.000% due 06/29/2023 | $(1384) | $1357 | $1357 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** |  | $**(1384)** | $**1357** | $**1357** |

---

**BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY** 

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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** | **Total<br>Borrowings and<br>Other Financing<br>Transactions** | **Collateral<br>Pledged/(Received)** | **Net Exposure<sup>(2)</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 |
|  FICC | $1357 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1357 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1384) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(27) |
|  **Total Borrowings and Other Financing Transactions** | $**1357** | $**0** | $**0** |  |  |  |

---

<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. 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **63** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO REALPATH<sup>®</sup> Blend 2050 Fund** | **(Cont.)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;**(e) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** 

**SWAP AGREEMENTS:** 

**TOTAL RETURN SWAPS ON EQUITY INDICES** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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  | 319 | 4.730% (1-Month USD-LIBOR plus a specified spread) | Monthly | 02/22/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6409 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&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;(27) |
|  | Receive | FNRETR Index  | 164 | 4.710% (1-Month USD-LIBOR plus a specified spread) | Monthly | 08/23/2023 | 3295 | 0 | (14) | 0 | (14) |
|  | Receive | FNRETR Index  | 106 |  | Monthly | 10/18/2023 | 2129 | 0 | (7) | 0 | (7) |
|  **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** | $**(48)** | $**0** | $**(48)** |

---

**FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY** 

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of December 31, 2022:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | | | |
| <br>**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** |<br>**Net Market<br>Value of OTC<br>Derivatives** |<br>**Collateral**<br> **Pledged/**<br> **(Received)** |<br>**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;(48) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524 |

---

**(f)** **Securities with an aggregate market value of $572 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of December 31, 2022.** 

<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 December 31, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **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;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 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **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; Swap Agreements  | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(669) | $&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;(669) |
|  **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;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(36) | $0 | $0 | $(36) |

---

---

| | | |
|:---|:---|:---|
| **64** | **PIMCO EQUITY SERIES** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022 (Unaudited)

**FAIR VALUE MEASUREMENTS** 

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2022** |
|  **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 | $253670 | $0 | $0 | $253670 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 1357 | 0 | 1357 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 572 | 0 | 572 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253670 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1929 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255599 |
|  **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 | 23349 | 0 | 0 | 23349 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | 11800 | 0 | 0 | 11800 |
|  | $35149 | $0 | $0 | $35149 |
|  Total Investments | $288819 | $1929 | $0 | $290748 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2022** |
|  **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** |
|  Over the counter | $0 | $(48) | $0 | $(48) |
|  Total Financial Derivative Instruments | $0 | $(48) | $0 | $(48) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288819 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1881 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290700 |

---

There were no significant transfers into or out of Level 3 during the period ended December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **65** |

---

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **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 90.6%** | **INVESTMENTS IN SECURITIES 90.6%** | **INVESTMENTS IN SECURITIES 90.6%** | **INVESTMENTS IN SECURITIES 90.6%** | **INVESTMENTS IN SECURITIES 90.6%** |
| **MUTUAL FUNDS 89.3%** | **MUTUAL FUNDS 89.3%** | **MUTUAL FUNDS 89.3%** | **MUTUAL FUNDS 89.3%** | **MUTUAL FUNDS 89.3%** |
|  **Vanguard Developed Markets Index Fund 'Institutional'** |  | 4778894 | $— | 64659 |
|  **Vanguard Emerging Markets Stock Index Fund 'Institutional'** |  | 695729 |  | 17150 |
|  **Vanguard Institutional Index Fund 'Institutional'** |  | 280578 |  | 90242 |
|  **Vanguard Small-Cap Index Fund 'Institutional'** |  | 103870 |  | 9133 |
|  **Total Mutual Funds (Cost $182,390)** | **Total Mutual Funds (Cost $182,390)** | **Total Mutual Funds (Cost $182,390)** |  | **181184** |
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |  |
| **SHORT-TERM INSTRUMENTS 1.3%** | **SHORT-TERM INSTRUMENTS 1.3%** | **SHORT-TERM INSTRUMENTS 1.3%** | **SHORT-TERM INSTRUMENTS 1.3%** | **SHORT-TERM INSTRUMENTS 1.3%** |
| **REPURCHASE AGREEMENTS (d) 1.0%** | **REPURCHASE AGREEMENTS (d) 1.0%** | **REPURCHASE AGREEMENTS (d) 1.0%** | **REPURCHASE AGREEMENTS (d) 1.0%** | **REPURCHASE AGREEMENTS (d) 1.0%** |
|  |  |  |  | 2052 |
| **U.S. TREASURY BILLS 0.3%** | **U.S. TREASURY BILLS 0.3%** | **U.S. TREASURY BILLS 0.3%** | **U.S. TREASURY BILLS 0.3%** | **U.S. TREASURY BILLS 0.3%** |
|  4.237% due 03/02/2023 - 03/23/2023 (a)(b)(f) | $— | 577 |  | 572 |
| **Total Short-Term Instruments<br>(Cost $2,624)** | **Total Short-Term Instruments<br>(Cost $2,624)** | **Total Short-Term Instruments<br>(Cost $2,624)** |  | **2624** |
| **Total Investments in Securities<br>(Cost $185,014)** | **Total Investments in Securities<br>(Cost $185,014)** | **Total Investments in Securities<br>(Cost $185,014)** |  | **183808** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **INVESTMENTS IN AFFILIATES 10.8%** | **INVESTMENTS IN AFFILIATES 10.8%** | **INVESTMENTS IN AFFILIATES 10.8%** | **INVESTMENTS IN AFFILIATES 10.8%** | **INVESTMENTS IN AFFILIATES 10.8%** |
| **MUTUAL FUNDS (c) 6.5%** | **MUTUAL FUNDS (c) 6.5%** | **MUTUAL FUNDS (c) 6.5%** | **MUTUAL FUNDS (c) 6.5%** | **MUTUAL FUNDS (c) 6.5%** |
|  **PIMCO Emerging Markets Local Currency and Bond Fund** | $— | 503073 | $— | 2767 |
|  **PIMCO Income Fund** |  | 177770 |  | 1840 |
|  **PIMCO International Bond Fund (U.S. Dollar-Hedged)** |  | 88483 |  | 823 |
|  **PIMCO Long-Term Real Return Fund** |  | 475955 |  | 2099 |
|  **PIMCO Long-Term U.S. Government Fund** |  | 841713 |  | 3140 |
|  **PIMCO Real Return Fund** |  | 75075 |  | 750 |
|  **PIMCO Total Return Fund** |  | 217076 |  | 1836 |
| **Total Mutual Funds (Cost $15,737)** | **Total Mutual Funds (Cost $15,737)** | **Total Mutual Funds (Cost $15,737)** |  | **13255** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** | **PRINCIPAL<br>AMOUNT<br>(000S)** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **SHORT-TERM INSTRUMENTS 4.3%** | **SHORT-TERM INSTRUMENTS 4.3%** | **SHORT-TERM INSTRUMENTS 4.3%** | **SHORT-TERM INSTRUMENTS 4.3%** | **SHORT-TERM INSTRUMENTS 4.3%** |
| **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.3%** | **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.3%** | **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.3%** | **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.3%** | **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 4.3%** |
|  **PIMCO Short-Term<br>Floating NAV Portfolio III** | $— | 888047 | $— | 8628 |
| **Total Short-Term Instruments<br>(Cost $8,621)** | **Total Short-Term Instruments<br>(Cost $8,621)** | **Total Short-Term Instruments<br>(Cost $8,621)** |  | **8628** |
| **Total Investments in Affiliates<br>(Cost $24,358)** | **Total Investments in Affiliates<br>(Cost $24,358)** | **Total Investments in Affiliates<br>(Cost $24,358)** |  | **21883** |
| **Total Investments 101.4%**<br> **(Cost $209,372)** | **Total Investments 101.4%**<br> **(Cost $209,372)** | **Total Investments 101.4%**<br> **(Cost $209,372)** | $— | **205691** |
|  **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)** | **Financial Derivative<br>Instruments (e) (0.0)%**<br> **(Cost or Premiums, net $0)** |  | **(33)** |
| **Other Assets and Liabilities, net (1.4)%** | **Other Assets and Liabilities, net (1.4)%** | **Other Assets and Liabilities, net (1.4)%** |  | **(2744)** |
| **Net Assets 100.0%** | **Net Assets 100.0%** | **Net Assets 100.0%** | $— | **202914** |

---

**NOTES TO SCHEDULE OF INVESTMENTS:** 

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

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

**(b)** **Zero coupon security.** 

**(c)** **Institutional Class Shares of each Fund.** 

**BORROWINGS AND OTHER FINANCING TRANSACTIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;**(d) REPURCHASE AGREEMENTS:** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Lending<br>Rate** | **Settlement<br>Date** | **Maturity<br>Date** | **Principal<br>Amount** | **Collateralized By** | **Collateral<br>(Received)** | **Repurchase<br>Agreements,<br>at Value** | **Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup>** |
| FICC | 1.900% | 12/30/2022 | 01/03/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;2052 | U.S. Treasury Bills 0.000% due 06/29/2023 | $(2093) | $2052 | $2052 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** |  | $**(2093)** | $**2052** | $**2052** |

---

**BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY** 

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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** | **Total<br>Borrowings and<br>Other Financing<br>Transactions** | **Collateral<br>Pledged/(Received)** | **Net Exposure<sup>(2)</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 |
|  FICC | $2052 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2052 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2093) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(41) |
|  **Total Borrowings and Other Financing Transactions** | $**2052** | $**0** | $**0** |  |  |  |

---

<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. 

---

| | | |
|:---|:---|:---|
| **66** | **PIMCO EQUITY SERIES** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;**(e) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** 

**SWAP AGREEMENTS:** 

**TOTAL RETURN SWAPS ON EQUITY INDICES** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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  | 242 | 4.730% (1-Month USD-LIBOR plus a specified spread) | Monthly | 02/22/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4862 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(20) | $0 | $(20) |
|  | Receive | FNRETR Index  | 105 | 4.710% (1-Month USD-LIBOR plus a specified spread) | Monthly | 08/23/2023 | 2109 | 0 | (9) | 0 | (9) |
|  | Receive | FNRETR Index  | 68 |  | Monthly | 10/18/2023 | 1366 | 0 | (4) | 0 | (4) |
|  **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** | $**(33)** | $**0** | $**(33)** |

---

**FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY** 

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of December 31, 2022:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | | | |
| <br>**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** |<br>**Net Market<br>Value of OTC<br>Derivatives** |<br>**Collateral<br>Pledged/<br>(Received)** |<br>**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;(33) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(33) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;539 |

---

**(f)** **Securities with an aggregate market value of $572 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of December 31, 2022.** 

<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 December 31, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **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;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33 | $&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;33 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **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; 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;(454) | $&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;(454) |
|  **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  | $0 | $0 | $(25) | $0 | $0 | $(25) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **67** |

---

------

##### [**Table of Contents**](#toc)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Schedule of Investments** | **PIMCO REALPATH<sup>®</sup> Blend 2055 Fund** | **(Cont.)** | December 31, 2022 | (Unaudited) |

---

**FAIR VALUE MEASUREMENTS** 

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2022** |
|  **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;181184 | $0 | $0 | $181184 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 2052 | 0 | 2052 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 572 | 0 | 572 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;181184 | $&nbsp;&nbsp;&nbsp;&nbsp;2624 | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;183808 |
|  **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 | 13255 | 0 | 0 | 13255 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | 8628 | 0 | 0 | 8628 |
|  | $21883 | $0 | $0 | $21883 |
|  Total Investments | $203067 | $2624 | $0 | $205691 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2022** |
|  **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** |
|  Over the counter | $0 | $(33) | $0 | $(33) |
|  Total Financial Derivative Instruments | $0 | $(33) | $0 | $(33) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203067 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2591 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205658 |

---

There were no significant transfers into or out of Level 3 during the period ended December 31, 2022.

---

| | | |
|:---|:---|:---|
| **68** | **PIMCO EQUITY SERIES** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)

---

| | | | |
|:---|:---|:---|:---|
| **Schedule of Investments** | **PIMCO REALPATH<sup>®</sup> Blend 2060 Fund** | December 31, 2022 | (Unaudited) |

---

**(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 88.9%** | **INVESTMENTS IN SECURITIES 88.9%** | **INVESTMENTS IN SECURITIES 88.9%** | **INVESTMENTS IN SECURITIES 88.9%** |
| **MUTUAL FUNDS 88.9%** | **MUTUAL FUNDS 88.9%** | **MUTUAL FUNDS 88.9%** | **MUTUAL FUNDS 88.9%** |
|  **Vanguard Developed Markets Index Fund 'Admiral'** | 1006370 | $— | 13606 |
|  **Vanguard Emerging Markets Stock Index Fund 'Admiral'** | 111222 |  | 3605 |
|  **Vanguard Institutional Index Fund 'Institutional'** | 59138 |  | 19020 |
|  **Vanguard Small-Cap Index Fund 'Admiral'** | 21840 |  | 1921 |
| **Total Mutual Funds (Cost $40,338)** | **Total Mutual Funds (Cost $40,338)** |  | **38152** |
| **Total Investments in Securities<br>(Cost $40,338)** | **Total Investments in Securities<br>(Cost $40,338)** |  | **38152** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **INVESTMENTS IN AFFILIATES 10.2%** | **INVESTMENTS IN AFFILIATES 10.2%** | **INVESTMENTS IN AFFILIATES 10.2%** | **INVESTMENTS IN AFFILIATES 10.2%** |
| **MUTUAL FUNDS (a) 6.4%** | **MUTUAL FUNDS (a) 6.4%** | **MUTUAL FUNDS (a) 6.4%** | **MUTUAL FUNDS (a) 6.4%** |
|  **PIMCO Emerging Markets Local Currency and Bond Fund** | 105473 | $— | 580 |
|  **PIMCO Income Fund** | 36401 |  | 377 |
|  **PIMCO International Bond Fund (U.S. Dollar-Hedged)** | 18554 |  | 172 |
|  **PIMCO Long-Term Real Return Fund** | 97978 |  | 432 |
|  **PIMCO Long-Term U.S. Government Fund** | 174704 |  | 652 |
|  **PIMCO Real Return Fund** | 16581 |  | 166 |
|  **PIMCO Total Return Fund** | 44464 |  | 376 |
| **Total Mutual Funds (Cost $3,098)** | **Total Mutual Funds (Cost $3,098)** |  | **2755** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **SHORT-TERM INSTRUMENTS 3.8%** | **SHORT-TERM INSTRUMENTS 3.8%** | **SHORT-TERM INSTRUMENTS 3.8%** | **SHORT-TERM INSTRUMENTS 3.8%** |
| **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 3.8%** | **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 3.8%** | **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 3.8%** | **CENTRAL FUNDS USED FOR CASH MANAGEMENT PURPOSES 3.8%** |
|  **PIMCO Short-Term<br>Floating NAV Portfolio III** | 167080 | $— | 1623 |
| **Total Short-Term Instruments<br>(Cost $1,623)** | **Total Short-Term Instruments<br>(Cost $1,623)** |  | **1623** |
| **Total Investments in Affiliates<br>(Cost $4,721)** | **Total Investments in Affiliates<br>(Cost $4,721)** |  | **4378** |
| **Total Investments 99.1%<br>(Cost $45,059)** | **Total Investments 99.1%<br>(Cost $45,059)** | $— | **42530** |
|  **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)** |  | **(7)** |
| **Other Assets and Liabilities, net 0.9%** | **Other Assets and Liabilities, net 0.9%** |  | **395** |
| **Net Assets 100.0%** | **Net Assets 100.0%** | $— | **42918** |

---

**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 EQUITY INDICES** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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  | 44 | 4.730% (1-Month USD-LIBOR plus a specified spread) | Monthly | 02/22/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;884 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(4) | $0 | $(4) |
|  | Receive | FNRETR Index  | 19 | 4.710% (1-Month USD-LIBOR plus a specified spread) | Monthly | 08/23/2023 | 382 | 0 | (2) | 0 | (2) |
|  | Receive | FNRETR Index  | 24 |  | Monthly | 10/18/2023 | 482 | 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** | $**0** | $**(7)** | $**0** | $**(7)** |

---

**FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY** 

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of December 31, 2022:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | | | |
| <br>**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** |<br>**Net Market<br>Value of OTC<br>Derivatives** |<br>**Collateral<br>Pledged/<br>(Received)** |<br>**Net<br>Exposure<sup>(2)</sup>** |
|  JPM | $0 | $0 | $0 | $0 | $0 | $0 | $(7) | $(7) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) |
|  **Total Over the Counter** | $**0** | $**0** | $**0** | $**0** | $**0** | $**0** | $**(7)** | $**(7)** |  |  |  |

---

<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. 

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **69** |

---

------

##### [**Table of Contents**](#toc)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Schedule of Investments** | **PIMCO REALPATH<sup>®</sup> Blend 2060 Fund** | **(Cont.)** | December 31, 2022 | (Unaudited) |

---

**FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS** 

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

Fair Values of Financial Derivative Instruments on the Statements of Assets and Liabilities as of December 31, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **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;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7 | $&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;7 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **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; 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;(93) | $&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;(93) |
|  **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  | $0 | $0 | $(6) | $0 | $0 | $(6) |

---

**FAIR VALUE MEASUREMENTS** 

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2022** |
|  **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 | $38152 | $0 | $0 | $38152 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38152 | $&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;38152 |
|  **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 | 2755 | 0 | 0 | 2755 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | 1623 | 0 | 0 | 1623 |
|  | $4378 | $0 | $0 | $4378 |
|  Total Investments | $42530 | $0 | $0 | $42530 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2022** |
|  **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** | **Financial Derivative Instruments - Liabilities** |
|  Over the counter | $0 | $(7) | $0 | $(7) |
|  Total Financial Derivative Instruments | $0 | $(7) | $0 | $(7) |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42530 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42523 |

---

There were no significant transfers into or out of Level 3 during the period ended December 31, 2022.

---

| | | |
|:---|:---|:---|
| **70** | **PIMCO EQUITY SERIES** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)

---

| | | | |
|:---|:---|:---|:---|
| **Schedule of Investments** | **PIMCO REALPATH<sup>®</sup> Blend 2065 Fund** | December 31, 2022 | (Unaudited) |

---

**(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 89.3%** | **INVESTMENTS IN SECURITIES 89.3%** | **INVESTMENTS IN SECURITIES 89.3%** | **INVESTMENTS IN SECURITIES 89.3%** |
| **MUTUAL FUNDS 89.3%** | **MUTUAL FUNDS 89.3%** | **MUTUAL FUNDS 89.3%** | **MUTUAL FUNDS 89.3%** |
|  **Vanguard Developed Markets Index Fund 'Admiral'** | 70793 | $— | 957 |
|  **Vanguard Emerging Markets Stock Index Fund 'Admiral'** | 7845 |  | 254 |
|  **Vanguard Institutional Index Fund 'Institutional'** | 4142 |  | 1332 |
|  **Vanguard Small-Cap Index Fund 'Admiral'** | 1531 |  | 135 |
| **Total Mutual Funds (Cost $2,678)** | **Total Mutual Funds (Cost $2,678)** |  | **2678** |
| **Total Investments in Securities<br>(Cost $2,678)** | **Total Investments in Securities<br>(Cost $2,678)** |  | **2678** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **INVESTMENTS IN AFFILIATES 6.3%** | **INVESTMENTS IN AFFILIATES 6.3%** | **INVESTMENTS IN AFFILIATES 6.3%** | **INVESTMENTS IN AFFILIATES 6.3%** |
| **MUTUAL FUNDS (a) 6.3%** | **MUTUAL FUNDS (a) 6.3%** | **MUTUAL FUNDS (a) 6.3%** | **MUTUAL FUNDS (a) 6.3%** |
|  **PIMCO Emerging Markets Local Currency and Bond Fund** | 7070 | $— | 39 |
|  **PIMCO Income Fund** | 2490 |  | 26 |
|  **PIMCO International Bond Fund (U.S. Dollar-Hedged)** | 1286 |  | 12 |
|  **PIMCO Long-Term Real Return Fund** | 6874 |  | 30 |
|  **PIMCO Long-Term U.S. Government Fund** | 12208 |  | 46 |
|  **PIMCO Real Return Fund** | 1140 |  | 11 |
|  **PIMCO Total Return Fund** | 3046 |  | 26 |
| **Total Mutual Funds (Cost $190)** | **Total Mutual Funds (Cost $190)** |  | **190** |
| **Total Investments in Affiliates<br>(Cost $190)** | **Total Investments in Affiliates<br>(Cost $190)** |  | **190** |
| **Total Investments 95.6%<br>(Cost $2,868)** | **Total Investments 95.6%<br>(Cost $2,868)** | $— | **2868** |
|  **Financial Derivative<br>Instruments (b) 0.0%**<br> **(Cost or Premiums, net $0)** |  |  | **0** |
| **Other Assets and Liabilities, net 4.4%** | **Other Assets and Liabilities, net 4.4%** |  | **132** |
| **Net Assets 100.0%** | **Net Assets 100.0%** | $— | **3000** |

---

**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 INDICES** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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  | 6 | 4.640% (1-Month USD-LIBOR plus a specified spread) | Monthly | 10/18/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121 | $&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 |
|  **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** | $**0** | $**0** | $**0** |

---

<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. 

**FAIR VALUE MEASUREMENTS** 

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2022** |
|  **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 | $2678 | $0 | $0 | $2678 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2678 | $&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;2678 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2022** |
|  **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 | $190 | $0 | $0 | $190 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2868 | $&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;2868 |

---

There were no significant transfers into or out of Level 3 during the period ended December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **71** |

---

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **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 41.8%** | **INVESTMENTS IN SECURITIES 41.8%** | **INVESTMENTS IN SECURITIES 41.8%** | **INVESTMENTS IN SECURITIES 41.8%** |
| **MUTUAL FUNDS 41.4%** | **MUTUAL FUNDS 41.4%** | **MUTUAL FUNDS 41.4%** | **MUTUAL FUNDS 41.4%** |
|  **Vanguard Developed Markets Index Fund 'Institutional'** | 2799276 | $— | 37874 |
|  **Vanguard Emerging Markets Stock Index Fund 'Institutional'** | 501970 |  | 12374 |
|  **Vanguard Institutional Index Fund 'Institutional'** | 146516 |  | 47124 |
|  **Vanguard Small-Cap Index Fund 'Admiral'** | 28374 |  | 2495 |
|  **Total Mutual Funds (Cost $91,363)** | **Total Mutual Funds (Cost $91,363)** |  | **99867** |
|  | **PRINCIPAL<br>AMOUNT<br>(000S)** |  |  |
| **SHORT-TERM INSTRUMENTS 0.4%** | **SHORT-TERM INSTRUMENTS 0.4%** | **SHORT-TERM INSTRUMENTS 0.4%** | **SHORT-TERM INSTRUMENTS 0.4%** |
| **REPURCHASE AGREEMENTS (d) 0.2%** | **REPURCHASE AGREEMENTS (d) 0.2%** |  |  |
|  |  |  | 441 |
| **U.S. TREASURY BILLS 0.2%** | **U.S. TREASURY BILLS 0.2%** | **U.S. TREASURY BILLS 0.2%** | **U.S. TREASURY BILLS 0.2%** |
|  4.235% due 03/02/2023 - 03/23/2023 (a)(b)(g) | $597 |  | 592 |
| **Total Short-Term Instruments<br>(Cost $1,033)** | **Total Short-Term Instruments<br>(Cost $1,033)** |  | **1033** |
| **Total Investments in Securities<br>(Cost $92,396)** | **Total Investments in Securities<br>(Cost $92,396)** |  | **100900** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **INVESTMENTS IN AFFILIATES 57.3%** | **INVESTMENTS IN AFFILIATES 57.3%** | **INVESTMENTS IN AFFILIATES 57.3%** | **INVESTMENTS IN AFFILIATES 57.3%** |
| **MUTUAL FUNDS (c) 55.0%** | **MUTUAL FUNDS (c) 55.0%** | **MUTUAL FUNDS (c) 55.0%** | **MUTUAL FUNDS (c) 55.0%** |
|  **PIMCO Emerging Markets Local Currency and Bond Fund** | 2339322 | $— | 12866 |
|  **PIMCO High Yield Fund** | 820803 |  | 6164 |
|  **PIMCO Income Fund** | 3707075 |  | 38368 |
|  **PIMCO International Bond Fund (U.S. Dollar-Hedged)** | 779486 |  | 7249 |
|  **PIMCO Long-Term Real Return Fund** | 2960970 |  | 13058 |
|  **PIMCO Long-Term U.S. Government Fund** | 3563999 |  | 13294 |
|  **PIMCO Real Return Fund** | 940902 |  | 9400 |
|  **PIMCO Total Return Fund** | 3808533 |  | 32220 |
| **Total Mutual Funds (Cost $159,468)** | **Total Mutual Funds (Cost $159,468)** |  | **132619** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **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<br>Floating NAV Portfolio III** | 575635 | $— | 5593 |
| **Total Short-Term Instruments<br>(Cost $5,591)** | **Total Short-Term Instruments<br>(Cost $5,591)** |  | **5593** |
| **Total Investments in Affiliates<br>(Cost $165,059)** | **Total Investments in Affiliates<br>(Cost $165,059)** |  | **138212** |
| **Total Investments 99.1%<br>(Cost $257,455)** | **Total Investments 99.1%<br>(Cost $257,455)** | $— | **239112** |
|  **Financial Derivative<br>Instruments (e)(f) 0.2%**<br> **(Cost or Premiums, net $1,178)** | **Financial Derivative<br>Instruments (e)(f) 0.2%**<br> **(Cost or Premiums, net $1,178)** |  | **561** |
| **Other Assets and Liabilities, net 0.7%** | **Other Assets and Liabilities, net 0.7%** |  | **1607** |
| **Net Assets 100.0%** | **Net Assets 100.0%** | $— | **241280** |

---

**NOTES TO SCHEDULE OF INVESTMENTS:** 

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

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

**(b)** **Zero coupon security.** 

**(c)** **Institutional Class Shares of each Fund.** 

**BORROWINGS AND OTHER FINANCING TRANSACTIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;**(d) REPURCHASE AGREEMENTS:** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Lending<br>Rate** | **Settlement<br>Date** | **Maturity<br>Date** | **Principal<br>Amount** | **Collateralized By** | **Collateral<br>(Received)** | **Repurchase<br>Agreements,<br>at Value** | **Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup>** |
| FICC | 1.900% | 12/30/2022 | 01/03/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441 | U.S. Treasury Bills 0.000% due 06/01/2023 | $(450) | $441 | $441 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** |  | $**(450)** | $**441** | $**441** |

---

**BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY** 

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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** | **Total<br>Borrowings and<br>Other Financing<br>Transactions** | **Collateral<br>Pledged/(Received)** | **Net Exposure<sup>(2)</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 |
|  FICC | $441 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(450) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) |
|  **Total Borrowings and Other Financing Transactions** | $**441** | $**0** | $**0** |  |  |  |

---

<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. 

---

| | | |
|:---|:---|:---|
| **72** | **PIMCO EQUITY SERIES** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022 (Unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;**(e) FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED** 

**PURCHASED OPTIONS:** 

**OPTIONS ON INDICES** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Strike<br>Value** | **Expiration<br>Date** | **# of<br>Contracts** | **Notional<br>Amount** | **Cost** | **Market<br>Value** |
|  Put - CBOE S&P 500 | 3050.000 | 03/17/2023 | 13 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $111 | $11 |
|  Put - CBOE S&P 500 | 3375.000 | 03/17/2023 | 26 | 3 | 326 | 74 |
|  Put - CBOE S&P 500 | 2850.000 | 06/16/2023 | 42 | 4 | 472 | 101 |
|  Put - CBOE S&P 500 | 3075.000 | 09/15/2023 | 36 | 4 | 437 | 248 |
|  Put - CBOE S&P 500 | 2900.000 | 12/15/2023 | 11 | 1 | 91 | 77 |
|  Put - CBOE S&P 500 | 3150.000 | 12/15/2023 | 28 | 3 | 335 | 296 |
|  **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | **Total Purchased Options** | $**1772** | $**807** |

---

**WRITTEN OPTIONS:** 

**OPTIONS ON INDICES** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Strike<br>Value** | **Expiration<br>Date** | **# of<br>Contracts** | **Notional<br>Amount** | **Premiums<br>(Received)** | **Market<br>Value** |
|  Put - CBOE S&P 500 | 2500.000 | 03/17/2023 | 26 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | $(115) | $(7) |
|  Put - CBOE S&P 500 | 2200.000 | 06/16/2023 | 42 | 4 | (196) | (32) |
|  Put - CBOE S&P 500 | 2350.000 | 09/15/2023 | 36 | 4 | (156) | (69) |
|  Put - CBOE S&P 500 | 2500.000 | 12/15/2023 | 28 | 3 | (127) | (103) |
|  **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | **Total Written Options** | $**(594)** | $**(211)** |

---

**FINANCIAL DERIVATIVE INSTRUMENTS: EXCHANGE-TRADED OR CENTRALLY CLEARED SUMMARY** 

The following is a summary of the market value and variation margin of Exchange-Traded or Centrally Cleared Financial Derivative Instruments as of December 31, 2022:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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** | $**807** | $**0** | $**0** | $**807** | $**(211)** | $**0** | $**0** | $**(211)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;**(f) FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER** 

**SWAP AGREEMENTS:** 

**TOTAL RETURN SWAPS ON EQUITY INDICES** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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  | 248 | 4.730% (1-Month USD-LIBOR plus a specified spread) | Monthly | 02/22/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4982 | $0 | $(21) | $0 | $(21) |
|  | Receive | FNRETR Index  | 136 | 4.710% (1-Month USD-LIBOR plus a specified spread) | Monthly | 08/23/2023 | 2732 | 0 | (12) | 0 | (12) |
|  | Receive | FNRETR Index  | 52 |  | Monthly | 10/18/2023 | 1045 | 0 | (2) | 0 | (2) |
|  **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** | $**(35)** | $**0** | $**(35)** |

---

**FINANCIAL DERIVATIVE INSTRUMENTS: OVER THE COUNTER SUMMARY** 

The following is a summary by counterparty of the market value of OTC financial derivative instruments and collateral pledged/(received) as of December 31, 2022:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | | | |
| <br>**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** |<br>**Net Market<br>Value of OTC<br>Derivatives** |<br>**Collateral**<br> **Pledged/<br>(Received)** |<br>**Net<br>Exposure<sup>(2)</sup>** |
|  JPM | $0 | $0 | $0 | $0 | $0 | $0 | $(35) | $(35) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(35) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;592 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;557 |
|  **Total Over the Counter** | $**0** | $**0** | $**0** | $**0** | $**0** | $**0** | $**(35)** | $**(35)** |  |  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **73** |

---

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##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO REALPATH<sup>®</sup> Blend Income Fund** | **(Cont.)** |

---

**(g)** **Securities with an aggregate market value of $592 have been pledged as collateral for financial derivative instruments as governed by International Swaps and Derivatives Association, Inc. master agreements as of December 31, 2022.** 

<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 December 31, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **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; Purchased Options  | $0 | $0 | $807 | $0 | $0 | $807 |
|  **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 | $211 | $0 | $0 | $211 |
|  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  | $0 | $0 | $35 | $0 | $0 | $35 |
|  | $&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;246 | $&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;246 |

---

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **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 | $(864) | $0 | $0 | $(864) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 202 | 0 | 0 | 202 |
|  | $0 | $0 | $(662) | $0 | $0 | $(662) |
|  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;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(475) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $(475) |
|  | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1137) | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1137) |
|  **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 | $(874) | $0 | $0 | $(874) |
| &nbsp;&nbsp;&nbsp;&nbsp; Written Options  | 0 | 0 | 248 | 0 | 0 | 248 |
|  | $0 | $0 | $(626) | $0 | $0 | $(626) |
|  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  | $0 | $0 | $(25) | $0 | $0 | $(25) |
|  | $0 | $0 | $(651) | $0 | $0 | $(651) |

---

---

| | | |
|:---|:---|:---|
| **74** | **PIMCO EQUITY SERIES** | See Accompanying Notes |

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##### [**Table of Contents**](#toc)
December 31, 2022 (Unaudited)

**FAIR VALUE MEASUREMENTS** 

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2022** |
|  **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 | $99867 | $0 | $0 | $99867 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 441 | 0 | 441 |
| &nbsp;&nbsp; U.S. Treasury Bills | 0 | 592 | 0 | 592 |
|  | $99867 | $1033 | $0 | $100900 |
|  **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 | 132619 | 0 | 0 | 132619 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Central Funds Used for Cash Management Purposes | 5593 | 0 | 0 | 5593 |
|  | $138212 | $0 | $0 | $138212 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238079 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1033 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239112 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2022** |
|  **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 | $807 | $0 | $807 |
|  **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 | (211) | 0 | (211) |
|  Over the counter | 0 | (35) | 0 | (35) |
|  | $0 | $(246) | $0 | $(246) |
|  Total Financial Derivative Instruments | $0 | $561 | $0 | $561 |
|  Totals | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238079 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1594 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239673 |

---

There were no significant transfers into or out of Level 3 during the period ended December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **75** |

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##### [**Table of Contents**](#toc)
**Notes to Financial Statements**

1. ORGANIZATION

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

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

(a) Securities Transactions and Investment Income Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled beyond a standard settlement period for the security after the trade date. Realized gains (losses) from securities sold are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as a Fund is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis from

settlement date, with the exception of securities with a forward starting effective date, where interest income is recorded on the accrual basis from effective date. For convertible securities, premiums attributable to the conversion feature are not amortized. Estimated tax liabilities on certain foreign securities are recorded on an accrual basis and are reflected as components of interest income or net change in unrealized appreciation (depreciation) on investments on the Statements of Operations, as appropriate. Tax liabilities realized as a result of such security sales are reflected as a component of net realized gain (loss) on investments on the Statements of Operations. Paydown gains (losses) on mortgage-related and other asset-backed securities, if any, are recorded as components of interest income on the Statements of Operations. Income or short-term capital gain distributions received from registered investment companies, if any, are recorded as dividend income. Long-term capital gain distributions received from registered investment companies, if any, are recorded as realized gains.

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

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

---

| | | |
|:---|:---|:---|
|  | **Distribution Frequency** | **Distribution Frequency** |
| **Fund Name** | **Declared** | **Distributed** |
|  PIMCO REALPATH<sup>®</sup> Blend 2025 Fund | Quarterly | Quarterly |
|  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 Income Fund | Quarterly | Quarterly |

---

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

---

| | |
|:---|:---|
| **76** | **PIMCO EQUITY SERIES** |

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##### [**Table of Contents**](#toc)
December 31, 2022 (Unaudited)

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.

(d) New Accounting Pronouncements and Regulatory Updates In March 2020, the Financial Accounting Standards Board ("FASB") issued an Accounting Standards Update ("ASU"), ASU 2020-04, which provides optional guidance to ease the potential accounting burden associated with transitioning away from the London Interbank Offered Rate and other reference rates that are expected to be discontinued. ASU 2020-04 is effective for certain reference rate-related contract modifications that occurred during the period March 12, 2020 through December 31, 2022. In March 2021, the administrator for LIBOR announced the extension of the publication of a majority of the USD LIBOR settings to June 30, 2023. In December 2022, FASB issued ASU 2022-06, which includes amendments to extend the duration of the LIBOR transition relief to December 31, 2024, after which entities will no longer be permitted to apply the reference rate reform relief. Management is continuously evaluating the potential effect a discontinuation of LIBOR could have on the Funds' investments and has determined that it is unlikely the ASU's adoption will have a material impact on the Funds' financial statements.

In October 2020, the U.S. Securities and Exchange Commission ("SEC") adopted a rule related to the use of derivatives, short sales, reverse repurchase agreements and certain other transactions by registered investment companies that rescinds and withdraws the guidance of the SEC and its staff regarding asset segregation and cover transactions. Subject to certain exceptions, the rule requires funds that trade derivatives and other transactions that create future payment or delivery obligations to comply with a value-at-risk leverage limit and certain derivatives risk management program and reporting requirements. The effective date for the rule was February 19, 2021. The compliance date for the new rule and the related reporting requirements was August 19, 2022. Management has implemented changes in connection with the rule and has determined that there is no material impact to the Funds' financial statements.

In December 2020, the SEC adopted a rule addressing fair valuation of fund investments. The new rule sets forth requirements for good faith determinations of fair value as well as for the performance of fair value determinations, including related oversight and reporting obligations. The new rule also defines "readily available market quotations" for purposes of the definition of "value" under the Act, and the SEC noted that this definition would apply in all contexts under the Act. The effective date for the rule was March 8, 2021. The compliance date for the new rule and the related reporting requirements was September 8, 2022. Management

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| **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **77** |

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has implemented changes in connection with the rule and has determined that there is no material impact to the Funds' financial statements.

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

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

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

(a) Investment Valuation Policies The NAV of the Funds' shares, or each of their respective share classes, as applicable, is determined by dividing the total value of portfolio investments and other assets attributable to the Fund or class, less any liabilities, as applicable, by the total number of shares outstanding.

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

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

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

Domestic and foreign (non-U.S.) fixed income securities, non-exchange traded derivatives, and equity options are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Sources may be based on, among other things, information provided by market makers or 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.

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| **78** | **PIMCO EQUITY SERIES** |

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Exchange-traded options, except equity options, futures and options on futures are valued at the settlement price determined by the relevant exchange. Swap agreements are valued on the basis of bid quotes obtained from brokers and dealers or market-based prices supplied by Pricing Sources. With respect to any portion of a Fund's assets that are invested in one or more open-end management investment companies (other than ETFs), a Fund's NAV will be calculated based on the NAVs of such investments. Open-end management investment companies may include affiliated funds.

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

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

Fair valuation may require subjective determinations about the value of a security. While the Trust's and Valuation Designee's policies and procedures are intended to result in a calculation of a Fund's NAV that fairly reflects security values as of the time of pricing, the Trust cannot ensure that fair values accurately reflect the price that a Fund could obtain for a security if it were to dispose of that security as of the time of pricing (for instance, in a forced or distressed sale). The prices used by a Fund may differ from the value that would be realized if the securities were sold. The Funds' use of fair valuation may also help to deter "stale price arbitrage" as discussed under the "Abusive Trading Practices" section in each Fund's prospectus.

Under certain circumstances, the per share NAV of a class of each Fund's shares may be different from the per share NAV of another class of shares as a result of the different daily expense accruals applicable to each class of shares.

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

<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.

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| **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **79** |

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| **Notes to Financial Statements** | **(Cont.)** |

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

(c) Valuation Techniques and the Fair Value Hierarchy Level 1, Level 2 and Level 3 trading assets and trading liabilities, at fair value The valuation methods (or "techniques") and significant inputs used in determining the fair values of portfolio securities or other assets and liabilities categorized as Level 1, Level 2 and Level 3 of the fair value hierarchy are as follows:

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

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

Equity exchange-traded options and over the counter financial derivative instruments, such as forward foreign currency contracts and

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

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

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

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

4. SECURITIES AND OTHER INVESTMENTS

(a) Investments in Affiliates

Each Fund may invest substantially all or a significant portion of its assets in Underlying PIMCO Funds and Acquired Funds. The Underlying PIMCO Funds are considered to be affiliated with the Funds. Each Fund may also invest in the PIMCO Short Asset Portfolio and the PIMCO Short-Term Floating NAV Portfolio III ("Central Funds") to the extent permitted by the Act and rules thereunder. The Central Funds are registered investment companies created for use solely by the series of the Trust and other series of registered investment companies advised by the Adviser, in connection with their cash management activities. The main investments of the Central Funds are money market and short maturity fixed income instruments. The Central Funds may incur expenses related to their investment activities, but do not pay Investment Advisory Fees or Supervisory and

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Administrative Fees to the Adviser. The Central Funds are considered to be affiliated with the Funds. A complete schedule of portfolio holdings for each affiliate fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available at the SEC's website at www.sec.gov. A copy of each Acquired Fund's shareholder report is also available at the SEC's website at www.sec.gov, and a copy of each affiliate fund's shareholder report is available on the Funds' website at www.pimco.com, or upon request, as applicable. The tables below show the Funds' transactions in and earnings from investments in the affiliated Funds for the period ended December 31, 2022 (amounts in thousands<sup>†</sup>):

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **PIMCO REALPATH<sup>®</sup> Blend 2025 Fund** | **PIMCO REALPATH<sup>®</sup> Blend 2025 Fund** | **PIMCO REALPATH<sup>®</sup> Blend 2025 Fund** | **PIMCO REALPATH<sup>®</sup> Blend 2025 Fund** | **PIMCO REALPATH<sup>®</sup> Blend 2025 Fund** | **PIMCO REALPATH<sup>®</sup> Blend 2025 Fund** | **PIMCO REALPATH<sup>®</sup> Blend 2025 Fund** | **PIMCO REALPATH<sup>®</sup> Blend 2025 Fund** | **PIMCO REALPATH<sup>®</sup> Blend 2025 Fund** |
| **Underlying PIMCO Funds** | **Market Value<br>06/30/2022** | **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>12/31/2022** | **Dividend<br>Income<sup>(1)</sup>** | **Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup>** |
|  PIMCO Emerging Markets Local Currency and Bond Fund | $11974 | $3226 | $(1164) | $(177) | $830 | $14689 | $291 | $0 |
|  PIMCO High Yield Fund | 5381 | 1615 | (193) | (34) | (58) | 6711 | 184 | 86 |
|  PIMCO Income Fund | 29051 | 11717 | (1703) | (227) | (579) | 38259 | 1238 | 0 |
|  PIMCO International Bond Fund (U.S. Dollar-Hedged) | 5250 | 2210 | (176) | (21) | (259) | 7004 | 76 | 104 |
|  PIMCO Long-Term Real Return Fund | 13527 | 5060 | (436) | (181) | (1921) | 16049 | 1076 | 0 |
|  PIMCO Long-Term U.S. Government Fund | 16688 | 5560 | (1970) | (447) | (1587) | 18244 | 228 | 0 |
|  PIMCO Real Return Fund | 7170 | 2793 | 0 | 0 | (545) | 9418 | 321 | 0 |
|  PIMCO Short-Term Floating NAV Portfolio III | 5644 | 43520 | (40300) | 4 | 5 | 8873 | 119 | 0 |
|  PIMCO Total Return Fund | 23699 | 10526 | (1184) | (212) | (1340) | 31489 | 783 | 0 |
|  **Totals** | $**118384** | $**86227** | $**(47126)** | $**(1295)** | $**(5454)** | $**150736** | $**4316** | $**190** |
| **PIMCO REALPATH<sup>®</sup> Blend 2030 Fund** |  |  |  |  |  |  |  |  |
| **Underlying PIMCO Funds** | **Market Value**<br> **06/30/2022** | **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> **12/31/2022** | **Dividend**<br> **Income<sup>(1)</sup>** | **Realized Net<br>Capital Gain**<br> **Distributions<sup>(1)</sup>** |
|  PIMCO Emerging Markets Local Currency and Bond Fund | $12034 | $3162 | $(254) | $(39) | $521 | $15424 | $303 | $0 |
|  PIMCO High Yield Fund | 4820 | 1581 | 0 | 0 | (78) | 6323 | 169 | 81 |
|  PIMCO Income Fund | 20991 | 8571 | (1016) | (113) | (494) | 27939 | 927 | 0 |
|  PIMCO International Bond Fund (U.S. Dollar-Hedged) | 3514 | 1608 | (192) | (21) | (171) | 4738 | 52 | 73 |
|  PIMCO Long-Term Real Return Fund | 13618 | 6533 | 0 | 0 | (2191) | 17960 | 1116 | 0 |
|  PIMCO Long-Term U.S. Government Fund | 19664 | 7790 | (877) | 7 | (2039) | 24545 | 277 | 0 |
|  PIMCO Real Return Fund | 5322 | 2140 | 0 | 0 | (422) | 7040 | 244 | 0 |
|  PIMCO Short-Term Floating NAV Portfolio III | 7912 | 43060 | (40400) | 2 | 9 | 10583 | 161 | 0 |
|  PIMCO Total Return Fund | 16201 | 7186 | (719) | (144) | (946) | 21578 | 556 | 0 |
|  **Totals** | $**104076** | $**81631** | $**(43458)** | $**(308)** | $**(5811)** | $**136130** | $**3805** | $**154** |
| **PIMCO REALPATH<sup>®</sup> Blend 2035 Fund** |  |  |  |  |  |  |  |  |
| **Underlying PIMCO Funds** | **Market Value**<br> **06/30/2022** | **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> **12/31/2022** | **Dividend**<br> **Income<sup>(1)</sup>** | **Realized Net**<br> **Capital Gain**<br> **Distributions<sup>(1)</sup>** |
|  PIMCO Emerging Markets Local Currency and Bond Fund | $9580 | $4106 | $(974) | $(151) | $750 | $13311 | $251 | $0 |
|  PIMCO High Yield Fund | 3092 | 1424 | 0 | 0 | (66) | 4450 | 112 | 55 |
|  PIMCO Income Fund | 13006 | 7196 | (987) | (91) | (308) | 18816 | 606 | 0 |
|  PIMCO International Bond Fund (U.S. Dollar-Hedged) | 2105 | 1059 | 0 | 0 | (124) | 3040 | 32 | 47 |
|  PIMCO Long-Term Real Return Fund | 8614 | 5920 | (320) | (116) | (1332) | 12766 | 743 | 0 |
|  PIMCO Long-Term U.S. Government Fund | 13213 | 7794 | (296) | (59) | (1680) | 18972 | 194 | 0 |
|  PIMCO Real Return Fund | 3574 | 1725 | 0 | 0 | (294) | 5005 | 170 | 0 |
|  PIMCO Short-Term Floating NAV Portfolio III | 9094 | 58874 | (53000) | (6) | 15 | 14977 | 174 | 0 |
|  PIMCO Total Return Fund | 10005 | 5593 | (550) | (87) | (620) | 14341 | 365 | 0 |
|  **Totals** | $**72283** | $**93691** | $**(56127)** | $**(510)** | $**(3659)** | $**105678** | $**2647** | $**102** |

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| **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **81** |

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| **Notes to Financial Statements** | **(Cont.)** |

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| **PIMCO REALPATH<sup>®</sup> Blend 2040 Fund** | | | | | | | | |
| **Underlying PIMCO Funds** |<br>**Market Value**<br> **06/30/2022** |<br>**Purchases**<br> **at Cost** |<br>**Proceeds**<br> **from Sales** |<br>**Net**<br> **Realized**<br> **Gain (Loss)** |<br>**Change in**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)** |<br>**Market Value**<br> **12/31/2022** |<br>**Dividend**<br> **Income<sup>(1)</sup>** |<br>**Realized Net**<br> **Capital Gain**<br> **Distributions<sup>(1)</sup>** |
|  PIMCO Emerging Markets Local Currency and Bond Fund | $8184 | $2616 | $(308) | $(49) | $531 | $10974 | $207 | $0 |
|  PIMCO High Yield Fund | 1414 | 951 | 0 | 0 | (26) | 2339 | 51 | 25 |
|  PIMCO Income Fund | 8323 | 4191 | (394) | (26) | (225) | 11869 | 374 | 0 |
|  PIMCO International Bond Fund (U.S. Dollar-Hedged) | 1474 | 632 | 0 | 0 | (77) | 2029 | 21 | 30 |
|  PIMCO Long-Term Real Return Fund | 6160 | 3416 | (161) | (82) | (903) | 8430 | 514 | 0 |
|  PIMCO Long-Term U.S. Government Fund | 9423 | 4430 | (130) | (41) | (1156) | 12526 | 134 | 0 |
|  PIMCO Real Return Fund | 2653 | 1113 | 0 | 0 | (203) | 3563 | 121 | 0 |
|  PIMCO Short-Term Floating NAV Portfolio III | 9930 | 47570 | (44500) | 4 | 6 | 13010 | 169 | 0 |
|  PIMCO Total Return Fund | 6858 | 3307 | (188) | (36) | (430) | 9511 | 240 | 0 |
|  **Totals** | $**54419** | $**68226** | $**(45681)** | $**(230)** | $**(2483)** | $**74251** | $**1831** | $**55** |
| **PIMCO REALPATH<sup>®</sup> Blend 2045 Fund** |  |  |  |  |  |  |  |  |
| **Underlying PIMCO Funds** | **Market Value<br>06/30/2022** | **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> **12/31/2022** | **Dividend**<br> **Income<sup>(1)</sup>** | **Realized Net**<br> **Capital Gain**<br> **Distributions<sup>(1)</sup>** |
|  PIMCO Emerging Markets Local Currency and Bond Fund | $5343 | $2094 | $(213) | $(50) | $358 | $7532 | $135 | $0 |
|  PIMCO High Yield Fund | 272 | 285 | 0 | 0 | (3) | 554 | 9 | 4 |
|  PIMCO Income Fund | 4420 | 2073 | (201) | (13) | (113) | 6166 | 191 | 0 |
|  PIMCO International Bond Fund (U.S. Dollar-Hedged) | 1007 | 368 | 0 | 0 | (52) | 1323 | 15 | 20 |
|  PIMCO Long-Term Real Return Fund | 4001 | 2311 | 0 | 0 | (662) | 5650 | 336 | 0 |
|  PIMCO Long-Term U.S. Government Fund | 6351 | 3143 | (319) | (55) | (725) | 8395 | 88 | 0 |
|  PIMCO Real Return Fund | 1587 | 616 | 0 | 0 | (119) | 2084 | 73 | 0 |
|  PIMCO Short-Term Floating NAV Portfolio III | 9168 | 39061 | (35700) | 1 | 11 | 12541 | 161 | 0 |
|  PIMCO Total Return Fund | 4085 | 2068 | (284) | (29) | (243) | 5597 | 141 | 0 |
|  **Totals** | $**36234** | $**52019** | $**(36717)** | $**(146)** | $**(1548)** | $**49842** | $**1149** | $**24** |
| **PIMCO REALPATH<sup>®</sup> Blend 2050 Fund** |  |  |  |  |  |  |  |  |
| **Underlying PIMCO Funds** | **Market Value**<br> **06/30/2022** | **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> **12/31/2022** | **Dividend**<br> **Income<sup>(1)</sup>** | **Realized Net**<br> **Capital Gain**<br> **Distributions<sup>(1)</sup>** |
|  PIMCO Emerging Markets Local Currency and Bond Fund | $3620 | $936 | $(136) | $(26) | $220 | $4614 | $89 | $0 |
|  PIMCO Income Fund | 2573 | 969 | 0 | 0 | (80) | 3462 | 114 | 0 |
|  PIMCO International Bond Fund (U.S. Dollar-Hedged) | 920 | 215 | 0 | 0 | (50) | 1085 | 13 | 20 |
|  PIMCO Long-Term Real Return Fund | 2820 | 1406 | 0 | 0 | (454) | 3772 | 229 | 0 |
|  PIMCO Long-Term U.S. Government Fund | 4488 | 1941 | (288) | (44) | (489) | 5608 | 60 | 0 |
|  PIMCO Real Return Fund | 1062 | 372 | 0 | 0 | (78) | 1356 | 48 | 0 |
|  PIMCO Short-Term Floating NAV Portfolio III | 6832 | 31757 | (26800) | 0 | 11 | 11800 | 156 | 0 |
|  PIMCO Total Return Fund | 2705 | 1089 | (173) | (10) | (159) | 3452 | 88 | 0 |
|  **Totals** | $**25020** | $**38685** | $**(27397)** | $**(80)** | $**(1079)** | $**35149** | $**797** | $**20** |

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| **82** | **PIMCO EQUITY SERIES** |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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>06/30/2022** | **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>12/31/2022** | **Dividend<br>Income<sup>(1)</sup>** | **Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup>** |
|  PIMCO Emerging Markets Local Currency and Bond Fund | $2056 | $700 | $(102) | $(22) | $135 | $2767 | $52 | $0 |
|  PIMCO Income Fund | 1384 | 501 | 0 | 0 | (45) | 1840 | 63 | 0 |
|  PIMCO International Bond Fund (U.S. Dollar-Hedged) | 592 | 267 | 0 | 0 | (36) | 823 | 9 | 12 |
|  PIMCO Long-Term Real Return Fund | 1611 | 751 | 0 | 0 | (263) | 2099 | 134 | 0 |
|  PIMCO Long-Term U.S. Government Fund | 2565 | 1019 | (136) | (35) | (273) | 3140 | 35 | 0 |
|  PIMCO Real Return Fund | 576 | 222 | 0 | 0 | (48) | 750 | 27 | 0 |
|  PIMCO Short-Term Floating NAV Portfolio III | 6009 | 22711 | (20100) | 0 | 8 | 8628 | 112 | 0 |
|  PIMCO Total Return Fund | 1433 | 501 | 0 | 0 | (98) | 1836 | 49 | 0 |
|  **Totals** | $**16226** | $**26672** | $**(20338)** | $**(57)** | $**(620)** | $**21883** | $**481** | $**12** |
| **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>06/30/2022** | **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>12/31/2022** | **Dividend<br>Income<sup>(1)</sup>** | **Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup>** |
|  PIMCO Emerging Markets Local Currency and Bond Fund | $312 | $244 | $0 | $0 | $24 | $580 | $10 | $0 |
|  PIMCO Income Fund | 210 | 175 | 0 | 0 | (8) | 377 | 12 | 0 |
|  PIMCO International Bond Fund (U.S. Dollar-Hedged) | 91 | 88 | 0 | 0 | (7) | 172 | 2 | 3 |
|  PIMCO Long-Term Real Return Fund | 237 | 245 | 0 | 0 | (50) | 432 | 24 | 0 |
|  PIMCO Long-Term U.S. Government Fund | 370 | 358 | (15) | (4) | (57) | 652 | 6 | 0 |
|  PIMCO Real Return Fund | 91 | 84 | 0 | 0 | (9) | 166 | 5 | 0 |
|  PIMCO Short-Term Floating NAV Portfolio III | 902 | 7419 | (6700) | 1 | 1 | 1623 | 20 | 0 |
|  PIMCO Total Return Fund | 212 | 182 | 0 | 0 | (18) | 376 | 10 | 0 |
|  **Totals** | $**2425** | $**8795** | $**(6715)** | $**(3)** | $**(124)** | $**4378** | $**89** | $**3** |
| **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>06/30/2022** | **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>12/31/2022** | **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 | $39 | $0 | $0 | $0 | $39 | $0 | $0 |
|  PIMCO Income Fund | 0 | 26 | 0 | 0 | 0 | 26 | 0 | 0 |
|  PIMCO International Bond Fund (U.S. Dollar-Hedged) | 0 | 12 | 0 | 0 | 0 | 12 | 0 | 0 |
|  PIMCO Long-Term Real Return Fund | 0 | 30 | 0 | 0 | 0 | 30 | 0 | 0 |
|  PIMCO Long-Term U.S. Government Fund | 0 | 46 | 0 | 0 | 0 | 46 | 0 | 0 |
|  PIMCO Real Return Fund | 0 | 11 | 0 | 0 | 0 | 11 | 0 | 0 |
|  PIMCO Total Return Fund | 0 | 26 | 0 | 0 | 0 | 26 | 0 | 0 |
|  **Totals** | $**0** | $**190** | $**0** | $**0** | $**0** | $**190** | $**0** | $**0** |

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|:---|:---|:---|:---|
| **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **83** |

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| **Notes to Financial Statements** | **(Cont.)** |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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>06/30/2022** | **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>12/31/2022** | **Dividend<br>Income<sup>(1)</sup>** | **Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup>** |
|  PIMCO Emerging Markets Local Currency and Bond Fund | $11863 | $2278 | $(1873) | $(225) | $823 | $12866 | $278 | $0 |
|  PIMCO High Yield Fund | 5613 | 965 | (338) | (50) | (26) | 6164 | 183 | 83 |
|  PIMCO Income Fund | 35725 | 7821 | (4242) | (321) | (615) | 38368 | 1443 | 0 |
|  PIMCO International Bond Fund (U.S. Dollar-Hedged) | 6681 | 1409 | (504) | (54) | (283) | 7249 | 93 | 123 |
|  PIMCO Long-Term Real Return Fund | 12072 | 3871 | (1145) | (553) | (1187) | 13058 | 905 | 0 |
|  PIMCO Long-Term U.S. Government Fund | 12614 | 3244 | (1075) | (406) | (1083) | 13294 | 166 | 0 |
|  PIMCO Real Return Fund | 8748 | 1914 | (631) | (42) | (589) | 9400 | 375 | 0 |
|  PIMCO Short-Term Floating NAV Portfolio III | 3303 | 48387 | (46100) | 2 | 1 | 5593 | 87 | 0 |
|  PIMCO Total Return Fund | 30158 | 7108 | (3145) | (378) | (1523) | 32220 | 931 | 0 |
|  **Totals** | $**126777** | $**76997** | $**(59053)** | $**(2027)** | $**(4482)** | $**138212** | $**4461** | $**206** |

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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 Acquired Funds and Underlying PIMCO Funds) may utilize the investments and strategies described below to the extent permitted by each Fund's respective investment policies.

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

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

full faith and credit of the U.S. Government. FHLMC issues Participation Certificates ("PCs"), which are pass-through securities, each representing an undivided interest in a pool of residential mortgages. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but PCs are not backed by the full faith and credit of the U.S. Government.

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS

The Funds (and where applicable, certain Acquired Funds and Underlying PIMCO Funds) may enter into the borrowings and other financing transactions described below to the extent permitted by each Fund's respective investment policies.

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

(a) Repurchase Agreements Under the terms of a typical repurchase agreement, a Fund purchases an underlying debt obligation (collateral) subject to an obligation of the seller to repurchase, and a Fund to resell, the obligation at an agreed-upon price and time. In an open maturity repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by the Fund or counterparty at any time. The underlying securities for all repurchase agreements are held by a Fund's custodian or designated subcustodians under tri-party repurchase agreements and in certain instances will remain in custody with the counterparty. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Repurchase agreements,

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| **84** | **PIMCO EQUITY SERIES** |

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if any, including accrued interest, are included on the Statements of Assets and Liabilities. Interest earned is recorded as a component of interest income on the Statements of Operations. In periods of increased demand for collateral, a Fund may pay a fee for the receipt of collateral, which may result in interest expense to the Fund.

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

During the period ended December 31, 2022, the Funds did not participate in the Interfund Lending Program.

6. FINANCIAL DERIVATIVE INSTRUMENTS

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

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

appreciation (depreciation) on financial derivative instruments during the period, as disclosed in the Notes to Schedules of Investments, serve as indicators of the volume of financial derivative activity for the Funds.

(a) Options Contracts may be written or purchased to enhance returns or to hedge an existing position or future investment. A Fund may write call and put options on securities and financial derivative instruments it owns or in which it may invest. Writing put options tends to increase a Fund's exposure to the underlying instrument. Writing call options tends to decrease a Fund's exposure to the underlying instrument. When a Fund writes a call or put, an amount equal to the premium received is recorded and subsequently marked to market to reflect the current value of the option written. These amounts are included on the Statements of Assets and Liabilities. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying futures, swap, security or currency transaction to determine the realized gain (loss). Certain options may be written with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. A Fund as a writer of an option has no control over whether the underlying instrument may be sold ("call") or purchased ("put") and as a result bears the market risk of an unfavorable change in the price of the instrument underlying the written option. There is the risk a Fund may not be able to enter into a closing transaction because of an illiquid market.

Purchasing call options tends to increase a Fund's exposure to the underlying instrument. Purchasing put options tends to decrease a Fund's exposure to the underlying instrument. A Fund pays a premium which is included as an asset on the Statements of Assets and Liabilities and subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options which expire are treated as realized losses. Certain options may be purchased with premiums to be determined on a future date. The premiums for these options are based upon implied volatility parameters at specified terms. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) when the underlying transaction is executed.

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

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| **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **85** |

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| **Notes to Financial Statements** | **(Cont.)** |

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

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

For purposes of applying certain of a Fund's investment policies and restrictions, swap agreements, like other derivative instruments, may be valued by a Fund at market value, notional value or full exposure value. In the case of a credit default swap, in applying certain of a Fund's investment policies and restrictions, the Funds will value the credit default swap at its notional value or its full exposure value (*i.e*., the sum of the notional amount for the contract plus the market value), but may value the credit default swap at market value for purposes of applying certain of a Fund's other investment policies and restrictions.

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

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

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

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

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

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| **86** | **PIMCO EQUITY SERIES** |

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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 2025<br>Fund** | **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 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 |
|  Small Fund |  |  |  |  |  |  |  | X |  |  |
|  Equity | X | X | X | X | X | X | X | X | X | X |
|  Value Investing | X | X | X | X | X | X | X | X | X | X |
|  Interest Rate | X | X | X | X | X | X | X | X | X | X |
|  Call | X | X | X | X | X | X | X | X | X | X |
|  Credit | X | X | X | X | X | X | X | X | X | X |
|  High Yield and Distressed Company | X | X | X | X | X | X | X | X | X | X |
|  Market | X | X | X | X | X | X | X | X | X | X |
|  Issuer | X | X | X | X | X | X | X | X | X | X |
|  Liquidity | X | X | X | X | X | X | X | X | X | X |
|  Derivatives | X | X | X | X | X | X | X | X | X | X |
|  Commodity | X | X | X | X | X | X | X | X | X | X |
|  Mortgage-Related and Other Asset Backed Securities | X | X | X | X | X | X | X | X | X | X |
|  Foreign (Non-U.S.) Investment | X | X | X | X | X | X | X | X | X | X |
|  Real Estate | X | X | X | X | X | X | X | X | X | X |
|  Emerging Markets | X | X | X | X | X | X | X | X | X | X |
|  Sovereign Debt | X | X | X | X | X | X | X | X | X | X |
|  Currency | X | X | X | X | X | X | X | X | X | X |
|  Leveraging | X | X | X | X | X | X | X | X | X | X |
|  Small-Cap and Mid-Cap Company | X | X | X | X | X | X | X | X | X | X |
|  Management | X | X | X | X | X | X | X | X | X | X |
|  Short Exposure | X | X | X | X | X | X | X | X | X | X |
|  Tax | X | X | X | X | X | X | X | X | X | X |
|  Subsidiary | X | X | X | X | X | X | X | X | X | X |
|  Convertible Securities | X | X | X | X | X | X | X | X | X | X |
|  Exchange-Traded Fund | X | X | X | X | X | X | X | X | X | X |
|  LIBOR Transition | X | X | X | X | X | X | X | X | X | X |

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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 lose money as a result of less than optimal or poor asset allocation decisions. A Fund could miss attractive investment opportunities by underweighting markets that subsequently experience significant returns and could lose value by overweighting markets that subsequently experience significant declines.

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

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| **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **87** |

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| **Notes to Financial Statements** | **(Cont.)** |

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to achieve their investment objectives. In addition, a Fund's performance will be reduced by the Fund's proportionate amount of the expenses of any Acquired Funds in which it invests.

The following risks are principal risks of investing in a Fund that include risks from direct investments and/or indirect exposure through investment in Acquired Funds.

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

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

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

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

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

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

High Yield and Distressed Company Risk is the risk that high yield securities and unrated securities of similar credit quality (commonly known as "junk bonds") and securities of distressed companies may be subject to greater levels of credit, issuer and liquidity risks. Securities of

distressed companies include both debt and equity securities. High yield securities and debt securities of distressed companies are considered primarily speculative with respect to the issuer's continuing ability to make principal and interest payments. Distressed companies may be engaged in restructurings or bankruptcy proceedings.

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

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

Liquidity Risk is the risk that a particular investment may be difficult to purchase or sell and that a Fund may be unable to sell illiquid investments at an advantageous time or price or achieve its desired level of exposure to a certain sector. Liquidity risk may result from the lack of an active market, reduced number and capacity of traditional market participants to make a market in fixed income securities, and may be magnified in a rising interest rate environment or other circumstances where investor redemptions from fixed income funds may be higher than normal, causing increased supply in the market due to selling activity.

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

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|:---|:---|
| **88** | **PIMCO EQUITY SERIES** |

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employ certain strategies that use derivatives and/or adversely affect the value of derivatives and a Fund's performance.

Commodity Risk is the risk that investing in commodity-linked derivative instruments may subject a Fund to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, public health emergencies, embargoes, tariffs and international economic, political and regulatory developments.

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

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

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

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

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

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

(non-U.S.) currencies.

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

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

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

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

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

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

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|:---|:---|:---|:---|
| **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **89** |

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| **Notes to Financial Statements** | **(Cont.)** |

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Convertible Securities Risk is the risk that arises when convertible securities share both fixed income and equity characteristics.

Convertible securities are subject to risks to which fixed income and equity investments are subject. These risks include equity risk, interest rate risk and credit risk.

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

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

(b) Other Risks

In general, a Fund may be subject to additional risks, including, but not limited to, risks related to government regulation and intervention in financial markets, operational risks, risks associated with financial, economic and global market disruptions, and cyber security risks. Please see a Fund's prospectus and Statement of Additional Information for a more detailed description of the risks of investing in a Fund. Please see the Important Information section of this report for additional discussion of certain regulatory and market developments that may impact a Fund's performance.

Market Disruption Risk The Fund is subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from war, terrorism, market manipulation, government interventions, defaults and shutdowns, political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics) and natural/environmental disasters, which can all negatively impact the securities markets and cause the Fund to lose value. These events can also impair the technology and other operational systems upon which the Fund's service providers, including PIMCO as the Fund's investment adviser, rely, and could otherwise

disrupt the Fund's service providers' ability to fulfill their obligations to the Fund. For example, the recent spread of an infectious respiratory illness caused by a novel strain of coronavirus (known as COVID-19) has caused volatility, severe market dislocations and liquidity constraints in many markets, including markets for the securities the Fund holds, and may adversely affect the Fund's investments

and operations.

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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| **90** | **PIMCO EQUITY SERIES** |

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Cyber Security Risk As the use of technology has become more prevalent in the course of business, the Funds have become potentially more susceptible to operational and information security risks resulting from breaches in cyber security. A breach in cyber security refers to both intentional and unintentional cyber events that may, among other things, cause a Fund to lose proprietary information, suffer data corruption and/or destruction or lose operational capacity, result in the unauthorized release or other misuse of confidential information, or otherwise disrupt normal business operations. Cyber security failures or breaches may result in financial losses to a Fund and its shareholders. These failures or breaches may also result in disruptions to business operations, potentially resulting in financial losses; interference with a Fund's ability to calculate its net asset value, process shareholder transactions or otherwise transact business with shareholders; impediments to trading; violations of applicable privacy and other laws; regulatory fines; penalties; third party claims in litigation; reputational damage; reimbursement or other compensation costs; additional compliance and cyber security risk management costs and other adverse consequences. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. There is also a risk that cyber security breaches may not be detected. The Funds and their shareholders may suffer losses as a result of a cyber security breach related to the Funds, their service providers, trading counterparties or the issuers in which a Fund invests.

8. MASTER NETTING ARRANGEMENTS

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

Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under most Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in

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

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

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

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

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| **Notes to Financial Statements** | **(Cont.)** |

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

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

required by regulation to post additional collateral beyond coverage of daily exposure, they could potentially incur costs, including in procuring eligible assets to meet collateral requirements, associated with such posting. The market value of OTC financial derivative instruments, collateral received or pledged, and net exposure by counterparty as of period end are disclosed in the Notes to Schedules of Investments.

9. FEES AND EXPENSES

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

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

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

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|:---|:---|:---|:---|:---|:---|
|  | **Investment Advisory Fee** | **Supervisory and Administrative Fee** | **Supervisory and Administrative Fee** | **Supervisory and Administrative Fee** | **Supervisory and Administrative Fee** |
| **Fund Name** | **All Classes** | **Institutional<br>Class** | **Administrative<br>Class** | **Class A** | **Class R** |
|  PIMCO REALPATH<sup>®</sup> Blend 2025 Fund | 0.01% | 0.02% | 0.02% | 0.22% | 0.27% \* |
|  PIMCO REALPATH<sup>®</sup> Blend 2030 Fund | 0.01% | 0.02% | 0.02% | 0.22% | 0.27% \* |
|  PIMCO REALPATH<sup>®</sup> Blend 2035 Fund | 0.02% | 0.02% | 0.02% | 0.22% | 0.27% \* |
|  PIMCO REALPATH<sup>®</sup> Blend 2040 Fund | 0.03% | 0.02% | 0.02% | 0.22% | 0.27% \* |
|  PIMCO REALPATH<sup>®</sup> Blend 2045 Fund | 0.03% | 0.02% | 0.02% | 0.22% | 0.27% \* |
|  PIMCO REALPATH<sup>®</sup> Blend 2050 Fund | 0.03% | 0.02% | 0.02% | 0.22% | 0.27% \* |
|  PIMCO REALPATH<sup>®</sup> Blend 2055 Fund | 0.03% | 0.02% | 0.02% | 0.22% | 0.27% \* |
|  PIMCO REALPATH<sup>®</sup> Blend 2060 Fund | 0.03% | 0.02% | 0.02% | 0.22% | N/A |
|  PIMCO REALPATH<sup>®</sup> Blend 2065 Fund | 0.03% | 0.02% | 0.02% | 0.22% | N/A |
|  PIMCO REALPATH<sup>®</sup> Blend Income Fund | 0.01% | 0.02% | 0.02% | 0.22% | 0.27% \* |

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

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

The Trust has adopted separate Distribution and Servicing Plans with respect to the Class A and Class R shares of the Trust pursuant to Rule 12b-1 under the Act. In connection with the distribution of Class R shares of the Trust, the Distributor receives distribution fees from the Trust of up to 0.25% for Class R shares and in connection with

personal services rendered to Class A and Class R shareholders and the maintenance of such shareholder accounts, the Distributor receives servicing fees from the Trust of up to 0.25% for each of Class A and Class R shares (percentages reflect annual rates of the average daily net assets attributable to the applicable class).

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

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

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

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|:---|:---|:---|
|  | **Distribution Fee** | **Servicing Fee** |
|  **Administrative Class** | 0.25% |  |
|  **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 has not yet launched.

The Distributor also received the proceeds of the initial sales charges paid by the shareholders upon the purchase of Class A shares and the contingent deferred sales charges paid by the shareholders upon certain redemptions of Class A and Class C shares. For the period ended December 31, 2022, the Distributor retained $12,068 representing commissions (sales charges) and contingent deferred sales charges, net of any commission adjustments payable by the Distributor to broker dealers, from the Trust.

(d) Fund Expenses PIMCO provides or procures supervisory and administrative services for shareholders and also bears the costs of various third-party services required by the Funds, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Trust is responsible for the following expenses: (i) salaries and other compensation of any of the Trust's executive officers and employees who are not officers, directors, stockholders, or employees of PIMCO or its subsidiaries or affiliates; (ii) taxes and governmental fees; (iii) brokerage fees and commissions and other portfolio

transaction expenses; (iv) costs of borrowing money, including interest expenses; (v) fees and expenses of the Trustees who are not "interested persons" of PIMCO or the Trust, and any counsel retained exclusively for their benefit; (vi) extraordinary expenses, including costs of litigation and indemnification expenses; (vii) organizational and offering expenses of the Trust and the Funds, and any other expenses which are capitalized in accordance with generally accepted accounting principles; and (viii) any expenses allocated or allocable to a specific class of shares, which include service fees payable with respect to the Administrative Class Shares, and may include certain other expenses as permitted by the Trust's Multi-Class Plan adopted pursuant to Rule 18f-3 under the Act and subject to review and approval by the Trustees. The ratio of expenses to average net assets per share class, as disclosed on the Financial Highlights, may differ from the annual fund operating expenses per share class.

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

(e) Expense Limitation Pursuant to the Expense Limitation Agreement, PIMCO has agreed, through October 31, 2023 (for all Funds except PIMCO REALPATH<sup>®</sup> Blend 2065 Fund) or October 31, 2024 (for PIMCO REALPATH<sup>®</sup> Blend 2065 Fund), to waive a portion of the Funds' Supervisory and Administrative Fee, or reimburse each Fund, to the extent that each Fund's organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata share of Trustee Fees exceed 0.0049% (the "Expense Limit") (calculated as a percentage of each Fund's average daily net assets attributable to each class). The Expense Limitation Agreement will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term. The waiver, if any, is reflected on the Statements of Operations as a component of Waiver and/or Reimbursement by PIMCO.

In any month in which the investment advisory contract or supervision and administration agreement is in effect, PIMCO is entitled to reimbursement by each Fund of any portion of the supervisory and administrative fee waived or reimbursed as set forth above (the "Reimbursement Amount") within thirty-six months of the time of the waiver, provided that such amount paid to PIMCO will not: i) together with any organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata Trustee fees, exceed, for such month, the Expense Limit (or the amount of the expense limit in place at the time the amount being recouped was originally waived if lower than the Expense Limit); ii) exceed the total Reimbursement Amount; or iii) include any amounts previously reimbursed to PIMCO. The total recoverable amounts to PIMCO at December 31, 2022, were as follows (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 2025 Fund | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;14 | $&nbsp;&nbsp;&nbsp;&nbsp;14 |
|  PIMCO RealPath<sup>®</sup> Blend 2030 Fund | 0 | 0 | 17 | 17 |
|  PIMCO RealPath<sup>®</sup> Blend 2035 Fund | 0 | 0 | 14 | 14 |

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| **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **93** |

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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 2040 Fund | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;15 | $&nbsp;&nbsp;&nbsp;&nbsp;15 |
|  PIMCO RealPath<sup>®</sup> Blend 2045 Fund | 0 | 0 | 16 | 16 |
|  PIMCO RealPath<sup>®</sup> Blend 2050 Fund | 0 | 1 | 17 | 18 |
|  PIMCO RealPath<sup>®</sup> Blend 2055 Fund | 0 | 0 | 7 | 7 |
|  PIMCO RealPath<sup>®</sup> Blend 2060 Fund | 67 | 0 | 1 | 68 |
|  PIMCO RealPath<sup>®</sup> Blend Income Fund | 0 | 0 | 15 | 15 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

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

The expenses associated with investing in a fund of funds are generally higher than those for mutual funds that do not invest in other mutual funds. The cost of investing in a fund of funds will generally be higher than the cost of investing in a mutual fund that invests directly in individual stocks and bonds. By investing in a fund of funds, an investor will indirectly bear fees and expenses charged by Acquired Funds in addition to each Fund's direct fees and expenses. In addition, the use of a fund of funds structure could affect the timing, amount and character of distributions to the shareholders and may therefore increase the amount of taxes payable by shareholders.

10. RELATED PARTY TRANSACTIONS

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

11. GUARANTEES AND INDEMNIFICATIONS

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

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

12. PURCHASES AND SALES OF SECURITIES

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

Purchases and sales of securities (excluding short-term investments) for the period ended December 31, 2022, 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 2025 Fund | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $73591 | $&nbsp;&nbsp;&nbsp;&nbsp;24188 |
|  PIMCO REALPATH<sup>®</sup> Blend 2030 Fund | 0 | 0 | 84764 | 17241 |
|  PIMCO REALPATH<sup>®</sup> Blend 2035 Fund | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;107742 | 21667 |
|  PIMCO REALPATH<sup>®</sup> Blend 2040 Fund | 0 | 0 | 85152 | 17470 |
|  PIMCO REALPATH<sup>®</sup> Blend 2045 Fund | 0 | 0 | 80199 | 13354 |
|  PIMCO REALPATH<sup>®</sup> Blend 2050 Fund | 0 | 0 | 67945 | 12624 |
|  PIMCO REALPATH<sup>®</sup> Blend 2055 Fund | 0 | 0 | 50936 | 6302 |
|  PIMCO REALPATH<sup>®</sup> Blend 2060 Fund | 0 | 0 | 21591 | 2826 |
|  PIMCO REALPATH<sup>®</sup> Blend 2065 Fund | 0 | 0 | 2868 | 0 |
|  PIMCO REALPATH<sup>®</sup> Blend Income Fund | 0 | 0 | 51171 | &nbsp;&nbsp;&nbsp;&nbsp;29367 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

---

| | |
|:---|:---|
| **94** | **PIMCO EQUITY SERIES** |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022 (Unaudited)

13. SHARES OF BENEFICIAL INTEREST

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **PIMCO REALPATH<sup>®</sup> Blend 2025 Fund** | **PIMCO REALPATH<sup>®</sup> Blend 2025 Fund** | **PIMCO REALPATH<sup>®</sup> Blend 2025 Fund** | **PIMCO REALPATH<sup>®</sup> Blend 2025 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** |
|  | **Six Months Ended<br>12/31/2022**<br>**(Unaudited)** | **Six Months Ended<br>12/31/2022**<br>**(Unaudited)** | **Year Ended<br>06/30/2022** | **Year Ended<br>06/30/2022** | **Six Months Ended<br>12/31/2022**<br> **(Unaudited)** | **Six Months Ended<br>12/31/2022**<br> **(Unaudited)** | **Year Ended<br>06/30/2022** | **Year Ended<br>06/30/2022** |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Receipts for shares sold** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 6756 | $75130 | 6242 | $80925 | 7744 | $89698 | 7130 | $96460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 177 | 1999 | 272 | 3509 | 150 | 1747 | 303 | 4107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 52 | 582 | 141 | 1844 | 37 | 423 | 137 | 1873 |
|  **Issued as reinvestment of distributions** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 745 | 8308 | 585 | 7804 | 753 | 8768 | 620 | 8658 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 80 | 892 | 76 | 1020 | 79 | 919 | 84 | 1183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 16 | 182 | 23 | 310 | 20 | 235 | 22 | 315 |
|  **Cost of shares redeemed** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (2651) | &nbsp;&nbsp;&nbsp;&nbsp;(30012) | (4395) | &nbsp;&nbsp;&nbsp;&nbsp;(57184) | (2182) | &nbsp;&nbsp;&nbsp;&nbsp;(25705) | (4210) | &nbsp;&nbsp;&nbsp;&nbsp;(56697) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (105) | (1183) | (263) | (3432) | (93) | (1072) | (220) | (3006) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (182) | (2011) | (301) | (3863) | (24) | (275) | (143) | (1921) |
|  **Net increase (decrease) resulting from Fund share transactions**<br>| 4888 | $53887 | 2380 | $30933 | 6484 | $74738 | 3723 | $50972 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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 2040 Fund** | **PIMCO REALPATH<sup>®</sup> Blend 2040 Fund** | **PIMCO REALPATH<sup>®</sup> Blend 2040 Fund** | **PIMCO REALPATH<sup>®</sup> Blend 2040 Fund** |
|  | **Six Months Ended<br>12/31/2022**<br> **(Unaudited)** | **Six Months Ended<br>12/31/2022**<br> **(Unaudited)** | **Year Ended<br>06/30/2022** | **Year Ended<br>06/30/2022** | **Six Months Ended<br>12/31/2022**<br> **(Unaudited)** | **Six Months Ended<br>12/31/2022**<br> **(Unaudited)** | **Year Ended<br>06/30/2022** | **Year Ended<br>06/30/2022** |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Receipts for shares sold** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 8494 | $102980 | 7204 | $100911 | 7037 | $87639 | 6180 | $88871 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 189 | 2290 | 331 | 4715 | 126 | 1589 | 208 | 2931 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 50 | 616 | 89 | 1272 | 57 | 704 | 75 | 1090 |
|  **Issued as reinvestment of distributions** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 645 | 7825 | 459 | 6682 | 566 | 7089 | 489 | 7393 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 63 | 759 | 66 | 965 | 39 | 483 | 48 | 733 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 16 | 200 | 17 | 245 | 15 | 192 | 20 | 300 |
|  **Cost of shares redeemed** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (1830) | &nbsp;&nbsp;&nbsp;&nbsp;(22707) | (3103) | &nbsp;&nbsp;&nbsp;&nbsp;(43060) | (1814) | &nbsp;&nbsp;&nbsp;&nbsp;(22927) | (2773) | &nbsp;&nbsp;&nbsp;&nbsp;(38905) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (60) | (721) | (215) | (3063) | (123) | (1533) | (156) | (2207) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (8) | (99) | (72) | (1045) | (24) | (289) | (98) | (1369) |
|  **Net increase (decrease) resulting from Fund share transactions** | 7559 | $91143 | 4776 | $67622 | 5879 | $72947 | 3993 | $58837 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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 2050 Fund** | **PIMCO REALPATH<sup>®</sup> Blend 2050 Fund** | **PIMCO REALPATH<sup>®</sup> Blend 2050 Fund** | **PIMCO REALPATH<sup>®</sup> Blend 2050 Fund** |
|  | **Six Months Ended<br>12/31/2022**<br> **(Unaudited)** | **Six Months Ended<br>12/31/2022**<br> **(Unaudited)** | **Year Ended<br>06/30/2022** | **Year Ended<br>06/30/2022** | **Six Months Ended<br>12/31/2022**<br> **(Unaudited)** | **Six Months Ended<br>12/31/2022**<br> **(Unaudited)** | **Year Ended<br>06/30/2022** | **Year Ended<br>06/30/2022** |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Receipts for shares sold** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 6445 | $81335 | 5303 | $77193 | 5552 | $70897 | 4764 | $69813 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 151 | 1891 | 234 | 3405 | 177 | 2244 | 176 | 2585 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 31 | 396 | 45 | 659 | 33 | 428 | 64 | 951 |
|  **Issued as reinvestment of distributions** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 493 | 6264 | 428 | 6584 | 460 | 5914 | 462 | 7211 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 37 | 464 | 44 | 675 | 38 | 482 | 51 | 792 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 8 | 99 | 9 | 141 | 7 | 89 | 11 | 173 |
|  **Cost of shares redeemed** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (1427) | &nbsp;&nbsp;&nbsp;&nbsp;(18468) | (2397) | &nbsp;&nbsp;&nbsp;&nbsp;(34648) | (1340) | &nbsp;&nbsp;&nbsp;&nbsp;(17302) | (2080) | &nbsp;&nbsp;&nbsp;&nbsp;(30553) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (93) | (1169) | (120) | (1763) | (71) | (904) | (150) | (2242) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (4) | (49) | (41) | (618) | (10) | (130) | (102) | (1507) |
|  **Net increase (decrease) resulting from Fund share transactions** | 5641 | $70763 | 3505 | $51628 | 4846 | $61718 | 3196 | $47223 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **95** |

---

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **Notes to Financial Statements** | **(Cont.)** |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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 2060 Fund** | **PIMCO REALPATH<sup>®</sup> Blend 2060 Fund** | **PIMCO REALPATH<sup>®</sup> Blend 2060 Fund** | **PIMCO REALPATH<sup>®</sup> Blend 2060 Fund** |
|  | **Six Months Ended<br>12/31/2022**<br> **(Unaudited)** | **Six Months Ended<br>12/31/2022**<br> **(Unaudited)** | **Year Ended<br>06/30/2022** | **Year Ended<br>06/30/2022** | **Six Months Ended<br>12/31/2022**<br> **(Unaudited)** | **Six Months Ended<br>12/31/2022**<br> **(Unaudited)** | **Year Ended<br>06/30/2022** | **Year Ended<br>06/30/2022** |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Receipts for shares sold** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 4424 | $57159 | 4887 | $72104 | 2325 | $23202 | 1709 | $19212 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 164 | 2106 | 230 | 3411 | 47 | 463 | 33 | 376 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 54 | 677 | 47 | 684 | 23 | 210 | 35 | 416 |
|  **Issued as reinvestment of distributions** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 309 | 4012 | 258 | 4051 | 56 | 566 | 94 | 1140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 16 | 213 | 17 | 261 | 1 | 10 | 1 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 5 | 61 | 6 | 88 | 1 | 9 | 7 | 90 |
|  **Cost of shares redeemed** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (1234) | &nbsp;&nbsp;&nbsp;&nbsp;(16218) | (1763) | &nbsp;&nbsp;&nbsp;&nbsp;(25902) | (465) | &nbsp;&nbsp;&nbsp;&nbsp;(4663) | (443) | &nbsp;&nbsp;&nbsp;&nbsp;(5001) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | (43) | (552) | (98) | (1456) | (13) | (132) | (2) | (22) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (21) | (259) | (52) | (761) | (9) | (84) | (54) | (627) |
|  **Net increase (decrease) resulting from Fund share transactions** | 3674 | $47199 | 3532 | $52480 | 1966 | $19581 | 1380 | $15598 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **PIMCO REALPATH<sup>®</sup> Blend 2065 Fund** | **PIMCO REALPATH<sup>®</sup> Blend 2065 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** |
|  | **Inception date through**<br> **12/31/2022<sup>(a)</sup>**<br> **(Unaudited)** | **Inception date through**<br> **12/31/2022<sup>(a)</sup>**<br> **(Unaudited)** | **Six Months Ended**<br> **12/31/2022**<br> **(Unaudited)** | **Six Months Ended**<br> **12/31/2022**<br> **(Unaudited)** | **Year Ended**<br> **06/30/2022** | **Year Ended**<br> **06/30/2022** |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Receipts for shares sold** | **Receipts for shares sold** | **Receipts for shares sold** | **Receipts for shares sold** | **Receipts for shares sold** | **Receipts for shares sold** | **Receipts for shares sold** |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 280 | $2800 | 5544 | $59180 | 5321 | $66789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 10 | 100 | 58 | 620 | 221 | 2789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 10 | 100 | 120 | 1265 | 1004 | 12546 |
|  **Issued as reinvestment of distributions** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 0 | 0 | 512 | 5451 | 583 | 7420 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 0 | 0 | 63 | 677 | 90 | 1147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 0 | 0 | 62 | 653 | 91 | 1150 |
|  **Cost of shares redeemed** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 0 | 0 | (3222) | (34692) | (4928) | (61063) |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative Class | 0 | 0 | (189) | (1994) | (402) | (4987) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 0 | 0 | (651) | (6953) | (807) | (9964) |
|  **Net increase (decrease) resulting from Fund share transactions** | 300 | $&nbsp;&nbsp;&nbsp;&nbsp;3000 | 2297 | $&nbsp;&nbsp;&nbsp;&nbsp;24207 | 1173 | $&nbsp;&nbsp;&nbsp;&nbsp;15827 |

---

---

| | |
|:---|:---|
| <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 30, 2022.

The following table discloses the number of shareholders that owned 10% or more of the outstanding shares of a Fund along with their respective percent ownership, if any, as of December 31, 2022. 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** |
|  | **Non-Related Parties** | **Related Parties** | **Non-Related Parties** | **Related Parties** |
|  PIMCO REALPATH<sup>®</sup> Blend 2025 Fund | 1 | 0 | 16 | 0 |
|  PIMCO REALPATH<sup>®</sup> Blend 2030 Fund | 1 | 0 | 12 | 0 |
|  PIMCO REALPATH<sup>®</sup> Blend 2035 Fund | 1 | 0 | 11 | 0 |
|  PIMCO REALPATH<sup>®</sup> Blend 2040 Fund | 1 | 0 | 12 | 0 |
|  PIMCO REALPATH<sup>®</sup> Blend 2045 Fund | 1 | 0 | 11 | 0 |
|  PIMCO REALPATH<sup>®</sup> Blend 2055 Fund | 1 | 0 | 15 | 0 |
|  PIMCO REALPATH<sup>®</sup> Blend 2060 Fund | 1 | 0 | 21 | 0 |

---

---

| | |
|:---|:---|
| **96** | **PIMCO EQUITY SERIES** |

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##### [**Table of Contents**](#toc)
December 31, 2022 (Unaudited)

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.

On May 17, 2022, Allianz Global Investors U.S. LLC ("AGI U.S.") pleaded guilty in connection with the proceeding United States of America v. Allianz Global Investors U.S. LLC. AGI U.S. is an indirect subsidiary of Allianz SE. The conduct resulting in the matter described above occurred entirely within AGI U.S. and did not involve PIMCO or the Distributor, or any personnel of PIMCO or the Distributor. Nevertheless, because of the disqualifying conduct of AGI U.S., their affiliate, PIMCO would have been disqualified from serving as the investment adviser, and the Distributor would have been disqualified from serving as the principal underwriter, to the Funds in the absence of SEC exemptive relief. PIMCO and the Distributor have received exemptive relief from the SEC to permit them to continue serving as investment adviser and principal underwriter for U.S. registered investment companies, including the Funds.

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

15. FEDERAL INCOME TAX MATTERS

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

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

In accordance with U.S. GAAP, the Adviser has reviewed the Funds' tax positions for all open tax years. As of December 31, 2022, the Funds have recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions they have taken or expect to take in future tax returns.

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

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

As of their last fiscal year ended June 30, 2022, 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 2025 Fund | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;0 |
|  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 Income Fund | 0 | 0 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **97** |

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##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Notes to Financial Statements** | **(Cont.)** | December 31, 2022 (Unaudited) |

---

As of December 31, 2022, 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>(1)</sup>** |
|  PIMCO REALPATH<sup>®</sup> Blend 2025 Fund | $&nbsp;&nbsp;&nbsp;&nbsp;317035 | $&nbsp;&nbsp;&nbsp;&nbsp;7799 | $&nbsp;&nbsp;&nbsp;&nbsp;(36672) | $&nbsp;&nbsp;&nbsp;&nbsp;(28873) |
|  PIMCO REALPATH<sup>®</sup> Blend 2030 Fund | 368197 | 9977 | (35395) | (25418) |
|  PIMCO REALPATH<sup>®</sup> Blend 2035 Fund | 354871 | 6924 | (24637) | (17713) |
|  PIMCO REALPATH<sup>®</sup> Blend 2040 Fund | 332135 | 9930 | (19974) | (10044) |
|  PIMCO REALPATH<sup>®</sup> Blend 2045 Fund | 305891 | 9941 | (14927) | (4986) |
|  PIMCO REALPATH<sup>®</sup> Blend 2050 Fund | 289399 | 9907 | (8606) | 1301 |
|  PIMCO REALPATH<sup>®</sup> Blend 2055 Fund | 211282 | 2957 | (8581) | (5624) |
|  PIMCO REALPATH<sup>®</sup> Blend 2060 Fund | 45719 | 0 | (3196) | (3196) |
|  PIMCO REALPATH<sup>®</sup> Blend 2065 Fund | 2868 | 0 | 0 | 0 |
|  PIMCO REALPATH<sup>®</sup> Blend Income Fund | 266456 | 9253 | (36036) | (26783) |

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

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| | |
|:---|:---|
| **98** | **PIMCO EQUITY SERIES** |

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##### [**Table of Contents**](#toc)

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

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| | | | |
|:---|:---|:---|:---|
|  **Counterparty Abbreviations:** | **Counterparty Abbreviations:** | | |
| **FICC** | Fixed Income Clearing Corporation | **JPM** | JP Morgan Chase Bank N.A. |
|  **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:** |  |  |
| **FNRETR** | FTSE Nareit Equity REITs Total Return Index | **S&P 500** | Standard & Poor's 500 Index |
|  **Other Abbreviations:** | **Other Abbreviations:** |  |  |
| **LIBOR** | London Interbank Offered Rate | **TBA** | To-Be-Announced  |

---

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **99** |

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##### [**Table of Contents**](#toc)
**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 December 31, 2022 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 REALPATH<sup>®</sup> Blend 2025 Fund** | | | | |
| **Institutional Class** |<br>**Net Investment<br>Income\*** |<br>**Net Realized<br>Capital Gains\*** |<br>**Paid-in Surplus or<br>Other Capital<br>Sources\*\*** |<br>**Total (per<br>common share)** |
|  September 2022 | $0.0541 | $0.0000 | $0.0000 | $0.0541 |
|  December 2022 | $0.1503 | $0.0000 | $0.0000 | $0.1503 |
| **Administrative Class** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  September 2022 | $0.0493 | $0.0000 | $0.0000 | $0.0493 |
|  December 2022 | $0.1413 | $0.0000 | $0.0000 | $0.1413 |
| **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)** |
|  September 2022 | $0.0455 | $0.0000 | $0.0000 | $0.0455 |
|  December 2022 | $0.1311 | $0.0000 | $0.0000 | $0.1311 |
| **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)** |
|  September 2022 | $0.0476 | $0.0000 | $0.0000 | $0.0476 |
|  December 2022 | $0.1361 | $0.0000 | $0.0000 | $0.1361 |
| **Administrative Class** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  September 2022 | $0.0427 | $0.0000 | $0.0000 | $0.0427 |
|  December 2022 | $0.1268 | $0.0000 | $0.0000 | $0.1268 |
| **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)** |
|  September 2022 | $0.0388 | $0.0000 | $0.0000 | $0.0388 |
|  December 2022 | $0.1192 | $0.0000 | $0.0000 | $0.1192 |
| **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)** |
|  September 2022 | $0.0360 | $0.0000 | $0.0000 | $0.0360 |
|  December 2022 | $0.1562 | $0.0000 | $0.0000 | $0.1562 |
| **Administrative Class** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  September 2022 | $0.0309 | $0.0000 | $0.0000 | $0.0309 |
|  December 2022 | $0.1466 | $0.0000 | $0.0000 | $0.1466 |
| **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)** |
|  September 2022 | $0.0270 | $0.0000 | $0.0000 | $0.0270 |
|  December 2022 | $0.1387 | $0.0000 | $0.0000 | $0.1387 |

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| | |
|:---|:---|
| **100** | **PIMCO EQUITY SERIES** |

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##### [**Table of Contents**](#toc)
(Unaudited)

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| | | | | |
|:---|:---|:---|:---|:---|
| **PIMCO REALPATH<sup>®</sup> Blend 2040 Fund** | | | | |
| **Institutional Class** |<br>**Net Investment<br>Income\*** |<br>**Net Realized<br>Capital Gains\*** |<br>**Paid-in Surplus or<br>Other Capital<br>Sources\*\*** |<br>**Total (per<br>common share)** |
|  September 2022 | $0.0282 | $0.0000 | $0.0000 | $0.0282 |
|  December 2022 | $0.1428 | $0.0000 | $0.0000 | $0.1428 |
| **Administrative Class** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  September 2022 | $0.0229 | $0.0000 | $0.0000 | $0.0229 |
|  December 2022 | $0.1327 | $0.0000 | $0.0000 | $0.1327 |
| **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)** |
|  September 2022 | $0.0189 | $0.0000 | $0.0000 | $0.0189 |
|  December 2022 | $0.1250 | $0.0000 | $0.0000 | $0.1250 |
| **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)** |
|  September 2022 | $0.0257 | $0.0000 | $0.0000 | $0.0257 |
|  December 2022 | $0.1327 | $0.0000 | $0.0000 | $0.1327 |
| **Administrative Class** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  September 2022 | $0.0202 | $0.0000 | $0.0000 | $0.0202 |
|  December 2022 | $0.1227 | $0.0000 | $0.0000 | $0.1227 |
| **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)** |
|  September 2022 | $0.0163 | $0.0000 | $0.0000 | $0.0163 |
|  December 2022 | $0.1147 | $0.0000 | $0.0000 | $0.1147 |
| **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)** |
|  September 2022 | $0.0208 | $0.0000 | $0.0000 | $0.0208 |
|  December 2022 | $0.1291 | $0.0000 | $0.0000 | $0.1291 |
| **Administrative Class** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  September 2022 | $0.0154 | $0.0000 | $0.0000 | $0.0154 |
|  December 2022 | $0.1191 | $0.0000 | $0.0000 | $0.1191 |
| **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)** |
|  September 2022 | $0.0114 | $0.0000 | $0.0000 | $0.0114 |
|  December 2022 | $0.1109 | $0.0000 | $0.0000 | $0.1109 |

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **101** |

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##### [**Table of Contents**](#toc)

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| | | |
|:---|:---|:---|
| **Distribution Information** | **(Cont.)** | (Unaudited) |

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| | | | | |
|:---|:---|:---|:---|:---|
| **PIMCO REALPATH<sup>®</sup> Blend 2055 Fund** | | | | |
| **Institutional Class** |<br>**Net Investment<br>Income\*** |<br>**Net Realized<br>Capital Gains\*** |<br>**Paid-in Surplus or<br>Other Capital<br>Sources\*\*** |<br>**Total (per<br>common share)** |
|  September 2022 | $0.0229 | $0.0000 | $0.0000 | $0.0229 |
|  December 2022 | $0.1354 | $0.0000 | $0.0000 | $0.1354 |
| **Administrative Class** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  September 2022 | $0.0176 | $0.0000 | $0.0000 | $0.0176 |
|  December 2022 | $0.1254 | $0.0000 | $0.0000 | $0.1254 |
| **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)** |
|  September 2022 | $0.0133 | $0.0000 | $0.0000 | $0.0133 |
|  December 2022 | $0.1178 | $0.0000 | $0.0000 | $0.1178 |
| **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)** |
|  September 2022 | $0.0129 | $0.0000 | $0.0000 | $0.0129 |
|  December 2022 | $0.0823 | $0.0000 | $0.0000 | $0.0823 |
| **Administrative Class** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  September 2022 | $0.0093 | $0.0000 | $0.0000 | $0.0093 |
|  December 2022 | $0.0749 | $0.0000 | $0.0000 | $0.0749 |
| **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)** |
|  September 2022 | $0.0053 | $0.0000 | $0.0000 | $0.0053 |
|  December 2022 | $0.0687 | $0.0000 | $0.0000 | $0.0687 |
| **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)** |
|  September 2022 | $0.0579 | $0.0000 | $0.0000 | $0.0579 |
|  December 2022 | $0.1561 | $0.0000 | $0.0000 | $0.1561 |
| **Administrative Class** | **Net Investment<br>Income\*** | **Net Realized<br>Capital Gains\*** | **Paid-in Surplus or<br>Other Capital<br>Sources\*\*** | **Total (per<br>common share)** |
|  September 2022 | $0.0533 | $0.0000 | $0.0000 | $0.0533 |
|  December 2022 | $0.1471 | $0.0000 | $0.0000 | $0.1471 |
| **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)** |
|  September 2022 | $0.0496 | $0.0000 | $0.0000 | $0.0496 |
|  December 2022 | $0.1392 | $0.0000 | $0.0000 | $0.1392 |

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\* 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. 

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|:---|:---|
| **102** | **PIMCO EQUITY SERIES** |

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##### [**Table of Contents**](#toc)

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| **Approval of Investment Advisory Contract and Other Agreements** | (Unaudited) |

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Approval of Renewal of the Investment Advisory Contract and Other Agreements

At a meeting held on August 23-24, 2022, the Board of Trustees (the "Board") of PIMCO Equity Series (the "Trust"), including the Trustees who are not "interested persons" of the Trust under the Investment Company Act of 1940, as amended (the "Independent Trustees"), considered and unanimously approved the renewal of the Investment Advisory Contract (the "Investment Advisory Contract") between the Trust, on behalf of PIMCO Dividend and Income Fund, PIMCO RAE Emerging Markets Fund, PIMCO RAE Global ex-US Fund, PIMCO RAE International Fund, PIMCO RAE US Fund, PIMCO RAE US Small Fund, PIMCO REALPATH<sup>®</sup> Blend Income Fund, PIMCO REALPATH<sup>®</sup> Blend 2025 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, PIMCO REALPATH<sup>®</sup> Blend 2055 Fund and PIMCO REALPATH<sup>®</sup> Blend 2060 Fund (each, a "Fund" and collectively, the "Funds"), and Pacific Investment Management Company LLC ("PIMCO"), for an additional one-year term through August 31, 2023. The Board also considered and unanimously approved the renewal of the Second Amended and Restated Supervision and Administration Agreement (the "Supervision and Administration Agreement") between the Trust, on behalf of the Funds, and PIMCO for an additional one-year term through August 31, 2023.

In addition, the Board considered and unanimously approved the renewal of the Second Amended and Restated Sub-Advisory Agreement (the "Sub-Advisory Agreement" and, together with the Investment Advisory Contract and the Supervision and Administration Agreement, the "Agreements") between PIMCO, on behalf of PIMCO RAE Emerging Markets Fund, PIMCO RAE Global ex-US Fund, PIMCO RAE International Fund, PIMCO RAE US Fund and PIMCO RAE US Small Fund (the "RAE Funds"), each a series of the Trust, and Research Affiliates, LLC ("Research Affiliates") for an additional one-year term through August 31, 2023.

At a meeting held on November 15-16, 2022, the Board, including all of the Independent Trustees, considered and unanimously approved the Amended and Restated Investment Advisory Contract (the "New Fund Investment Advisory Contract") and the Second Amended and Restated Supervision and Administration Agreement (the "New Fund Supervision and Administration Agreement" and together with the New Fund Investment Advisory Contract, the "New Fund Agreements") between the Trust, on behalf of PIMCO REALPATH<sup>®</sup> Blend 2065 Fund (the "New Fund") and PIMCO for an initial two-year term.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

1. INFORMATION RECEIVED

(a) Materials Reviewed: During the course of the past year, the Trustees received a wide variety of materials relating to the services provided by PIMCO and Research Affiliates to the Trust. At each of its quarterly meetings, the Board reviewed the Funds' investment performance and a significant amount of information relating to Fund operations, including shareholder services, valuation and custody, the Funds' compliance program and other information relating to the nature, extent and quality of services provided by PIMCO and Research Affiliates to the Trust and each of the Funds, as applicable. In considering whether to approve the renewal of the Agreements, the Board reviewed additional information, including, but not limited to: comparative industry data with regard to investment performance; advisory and supervisory and administrative fees and expenses; financial information for PIMCO, including, where relevant, financial information for Research Affiliates; information regarding the profitability to PIMCO of its relationship with the Funds; information about the personnel providing investment management services, other advisory services and supervisory and administrative services to the Funds; and information about the fees charged and services provided to other clients with similar investment mandates as the Funds, where applicable. In addition, the Board reviewed materials provided by counsel to the Trust and the Independent Trustees ("Counsel"), which included, among other things, a memorandum outlining legal duties of the Board in considering the renewal of the Agreements.

In considering whether to approve the New Fund Agreements, the Board reviewed materials provided by PIMCO, which included, among other things, information relating to the New Fund's operations and comparative data with regard to portfolios with investment objectives and policies similar to those of the New Fund. In addition, the Board reviewed materials provided by Counsel, which included, among other things, memoranda outlining legal duties of the Board in considering the approval of the New Fund Agreements. The Board also reviewed information about the personnel who would be providing investment management services, other advisory services and supervisory and administrative services to the New Fund.

(b) Review Process: In connection with considering the renewal of the Agreements, the Board reviewed written materials prepared by PIMCO and, where applicable, Research Affiliates in response to requests from Counsel encompassing a wide variety of topics. The Board requested and received assistance and advice regarding, among other things, applicable legal standards from Counsel, and reviewed comparative fee and performance data prepared at the Board's request by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company performance information and fee and expense

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|:---|:---|:---|:---|
| **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **103** |

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##### [**Table of Contents**](#toc)

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|:---|:---|
| **Approval of Investment Advisory Contract and Other Agreements** | **(Cont.)** |

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data. The Board received presentations on matters related to the Agreements and met both as a full Board and in a separate session of the Independent Trustees, without management present, at the August 23-24, 2022 meeting. The Independent Trustees also met via video conference with Counsel on July 14, 2022, and conducted a video conference meeting on August 10, 2022 with management and Counsel to discuss the materials presented and other matters deemed relevant to their consideration of the renewal of the Agreements. In connection with its review of the Agreements, the Board received comparative information on the performance, the risk-adjusted performance and the fees and expenses of other peer group funds and share classes. The Independent Trustees also requested and received supplemental information, including information regarding Broadridge peer classifications, the expense structure of certain Funds and classes, outflows for certain Funds, Fund performance and profitability.

In connection with the approval of the New Fund Agreements, the Board reviewed written materials prepared by PIMCO. The Board requested and received assistance and advice regarding, among other things, applicable legal standards from Counsel. The Board heard oral presentations on matters related to the New Fund Agreements at the November 15-16, 2022 meeting with respect to the New Fund.

The approval determinations were made on the basis of each Trustee's business judgment after consideration and evaluation of all the information presented. Individual Trustees may have given different weights to certain factors and assigned various degrees of materiality to information received in connection with the approval process. In deciding to approve the renewal of the Agreements and approve the New Fund Agreements, the Board did not identify any single factor or particular information that, in isolation, was controlling. The discussion below is intended to summarize the broad factors and information that figured prominently in the Board's consideration of the renewal of the Agreements and approve the New Fund Agreements, but is not intended to summarize all of the factors considered by the Board.

2. NATURE, EXTENT AND QUALITY OF SERVICES

(a) PIMCO, Research Affiliates, their Personnel and Resources: The Board considered the depth and quality of PIMCO's investment management process, including, but not limited to: the experience, capability and integrity of its senior management and other personnel; the overall financial strength and stability of its organization; and the ability of its organizational structure to address changes in the Funds' asset levels. The Board also considered the various services in addition to portfolio management that PIMCO provides under the Investment Advisory Contract. The Board noted that PIMCO makes available to its investment professionals a variety of resources and systems relating to investment management, compliance, trading, performance and portfolio accounting. The Board also noted PIMCO's commitment to

enhancing and investing in its global infrastructure, technology capabilities, risk management processes and the specialized talent needed to stay at the forefront of the competitive investment management industry and to strengthen its ability to deliver services under the Agreements. The Board considered PIMCO's policies, procedures and systems reasonably designed to assure compliance with applicable laws and regulations, including new regulations impacting the Funds, and its commitment to further developing and strengthening these programs; its oversight of matters that may involve conflicts of interest between the Funds' investments and those of other accounts managed by PIMCO; and its efforts to keep the Trustees informed about matters relevant to the Funds and their shareholders. The Board also considered PIMCO's investment in new disciplines and talented personnel, which has enhanced PIMCO's services to the Funds and has allowed PIMCO to introduce innovative new funds over time.

In addition, the Trustees considered new services and service enhancements that PIMCO has implemented, including the ongoing development of its own proprietary software and applications to support the Funds.

Similarly, the Board considered the sub-advisory services provided by Research Affiliates to the RAE Funds. The Board further considered PIMCO's oversight of Research Affiliates in connection with Research Affiliates providing sub-advisory services to the RAE Funds. The Board also considered the depth and quality of Research Affiliates' investment management and research capabilities, the experience and capabilities of their portfolio management personnel and the overall financial strength of the organization.

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

(b) Other Services: The Board also considered the nature, extent and quality of supervisory and administrative services provided by PIMCO to the Funds under the Supervision and Administration Agreement. The Board considered the terms of the Supervision and Administration Agreement, under which the Trust pays for the supervisory and administrative services provided pursuant to that agreement under what is essentially an all-in fee structure (the "unified fee"). In return, PIMCO provides or procures certain supervisory and administrative services and bears the costs of various third party services required by the Funds, including, but not limited to, audit, custodial, portfolio accounting, ordinary legal, transfer agency, sub-accounting and printing costs. The Board also noted that the scope and complexity, as well as the costs, of the supervisory and administrative services provided by PIMCO under the Supervision and Administration

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| **104** | **PIMCO EQUITY SERIES** |

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##### [**Table of Contents**](#toc)
(Unaudited)

Agreement continue to increase. The Board considered PIMCO's provision of supervisory and administrative services and its supervision of the Trust's third party service providers to assure that these service providers continue to provide a high level of service relative to alternatives available in the market.

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

With respect to the New Fund, the Board also considered the nature, extent and quality of services to be provided by PIMCO to the New Fund under the New Fund Agreements, as well as PIMCO's provision of these services to other series of the Trust and its supervision of the Trust's third party service providers. The Board concluded that the nature, extent and quality of services to be provided by PIMCO would likely benefit the New Fund and its shareholders.

3. INVESTMENT PERFORMANCE

As the New Fund had not yet commenced operations at the time the New Fund Agreements were considered, the Trustees did not receive or consider investment performance information for the New Fund.

The Board reviewed information from PIMCO concerning the Funds' performance, as available, over short**-** and long-term periods ended March 31, 2022 and other performance data, as available, over short**-** and long-term periods ended June 30, 2022 (the "PIMCO Report") and from Broadridge concerning the Funds' performance, as available, over short**-** and long-term periods ended March 31, 2022 (the "Broadridge Report"). The Board also noted that while historically the Broadridge Report included peer classifications from only Lipper, as part of this approval process the Broadridge Report incorporated peer classifications from Morningstar for Funds for which it was believed that Morningstar provided a materially improved comparison.

The Board considered information regarding both the short- and long-term relative and absolute investment performance of each Fund relative to its Fund peer group, where appropriate, and relevant benchmark index as provided to the Board in advance of each of its quarterly meetings throughout the year, including the PIMCO Report and Broadridge Report.

The Trustees noted the Funds (based on Institutional Class performance) that outperformed their respective benchmark indexes on a net-of-fees basis over the one-, three- and five-year periods ended June 30, 2022. The Board also noted the amounts of the Funds' assets (based on Institutional Class performance) that outperformed their relevant benchmark indexes on a net-of-fees basis over the one-, three- and five-year periods ended June 30, 2022. The Board discussed these and other performance-related developments. The Board considered that, according

to the Broadridge Report, the Funds generally performed well versus competitors during the long-term, but that certain Funds had underperformed in comparison to their respective peer groups or benchmark indexes, or both, on a net-of-fees basis over certain short- and long-term periods. With respect to Funds that underperformed to a certain degree over such periods, the Board discussed with PIMCO the reasons for the underperformance of such Funds. The Board also considered actions that have been taken by PIMCO throughout the year to attempt to address underperformance. Depending on the circumstances, the Independent Trustees may be satisfied with a Fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods. The Board ultimately concluded, within the context of all of its considerations in connection with the Agreements, that PIMCO's performance record and process in managing the Funds indicates that its continued management is likely to benefit the Funds and their shareholders, and merits the approval of the renewal of the Agreements.

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

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

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

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| **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **105** |

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

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median advisory fees of other funds in a "Peer Group" of comparable funds, where appropriate, as well as the universe of other similar funds. The Board also considered that PIMCO reviews the Funds' fee levels and carefully considers changes where appropriate. The Board also reviewed data comparing certain Funds' advisory fees to the fee rates PIMCO charged to private funds, separate accounts, sub-advised clients, and collective investment trusts with similar investment strategies. In cases where the fees for other clients were lower than those charged to the Funds, the Trustees noted that the differences in fees were attributable to various factors, including, but not limited to, differences in the advisory and other services provided by PIMCO to the Funds, differences in the number or extent of the services provided by PIMCO to the Funds, the manner in which similar portfolios may be managed, different requirements with respect to liquidity management and the implementation of other regulatory requirements, and the fact that separate accounts may have other contractual arrangements or arrangements across PIMCO strategies that justify different levels of fees.

The Trustees also considered that PIMCO faces increased entrepreneurial, legal and regulatory risk in sponsoring and managing mutual funds and ETFs as compared to separate accounts, external sub-advised funds or other investment products. In addition, the Trustees considered that PIMCO may charge certain private funds with similar investment mandates lower fees than the Funds because such private funds are not required to accept daily redemptions or price their assets on a daily basis, generally do not accept small investors with small account balances and operate under a less complex regulatory regime.

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

The Board considered the Funds' supervisory and administrative fees, comparing them to similar funds managed by other investment advisers in the Broadridge Report. The Board also considered that as the Funds' business has become increasingly complex and the number of Funds has grown over time, PIMCO has provided an increasingly broad array of fund supervisory and administrative functions. In addition, the Board considered the Trust's unified fee structure, under which the Trust pays for the supervisory and administrative services it requires for one set fee. In return for this unified fee, PIMCO provides or procures

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

The Board noted that in most cases the Funds' total expense ratios were lower than the total expense ratios of competitor funds. The Board discussed with PIMCO certain Funds and/or classes of Funds that had above median total expenses. Upon comparing the Funds' total expenses to other funds in the "Peer Groups" provided by the Broadridge Report where appropriate, the Board found total expenses of each Fund to be reasonable.

The Trustees also considered the advisory fees charged to the Funds that operate as funds of funds (the "Funds of Funds") and the advisory services provided in exchange for such fees. The Trustees determined that such services were in addition to the advisory services provided to the underlying funds in which the Funds of Funds may invest and, therefore, such services were not duplicative of the advisory services provided to the underlying funds. The Board also considered the expense limitation agreement in place for all of the Funds and the various fee waiver agreements in place for certain of the Funds and/or classes and the Funds of Funds. Based on the information presented by PIMCO, Research Affiliates and Broadridge, members of the Board determined, in the exercise of their business judgment, that the level of the advisory fees and supervisory and administrative fees charged by PIMCO under the Agreements, that the fees charged by Research Affiliates under the Sub-Advisory Agreement, and that the total expenses of each Fund are reasonable.

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| **106** | **PIMCO EQUITY SERIES** |

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(Unaudited)

With respect to the New Fund, PIMCO reported to the Board that, in considering fees for the New Fund, it analyzed a number of factors, including the type and complexity of the services to be provided, the cost of providing services, the risk assumed by PIMCO in the provision of services, the impact on potential returns from different levels of fees, the competitive marketplace for financial products, and the attractiveness of potential returns to prospective investors. Based on the information presented by PIMCO, members of the Board determined, in the exercise of their business judgment, that the level of the advisory fees and supervisory and administrative fees charged by PIMCO under the New Fund Agreements were reasonable.

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

As the New Fund had not yet commenced operations at the time the New Fund Agreements were considered, information regarding PIMCO's costs in providing services to the New Fund and the profitability of PIMCO's relationship with the New Fund was not available.

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

The Board considered the existence of any economies of scale and noted that, to the extent that PIMCO achieves economies of scale in managing the Funds, PIMCO shares the benefits of such economies of scale, if any, with the Funds and their shareholders in a number of ways, including investing in portfolio and trade operations management, firm technology, middle and back office support, legal and compliance, and fund administration logistics; senior management supervision, governance and oversight of those services; and through fee reductions or waivers, the pricing of Funds to scale from inception and the enhancement of services provided to the Funds in return for fees paid. In considering the advisory fees paid by the Funds, the Board also reviewed materials indicating that retail investors in the Funds received the benefit of PIMCO's advisory services at the same advisory fee rates as institutional investors. The Board considered that the Funds' unified fee rates had been set competitively and/or priced to scale from inception and continued to be competitive compared with peers. The Board also considered that the unified fee is a transparent means of informing a Fund's shareholders of the fees associated with the Fund, and that the Fund bears certain expenses that are not

covered by the advisory fee or the unified fee. The Board further considered the challenges that arise when managing large funds, which can result in certain "diseconomies" of scale and noted that PIMCO has continued to reinvest in many areas of the business to support the Funds.

The Trustees considered that the unified fee has provided inherent economies of scale because a Fund maintains competitive fixed fees over the annual contract period even if the particular Fund's assets decline and/or operating costs rise. The Trustees also reviewed materials indicating that, unlike the Funds' unified fee structure, funds with "pass through" administrative fee structures may experience increased expense ratios when fixed dollar fees are charged against declining fund assets. The Trustees also considered that the unified fee protects shareholders from a rise in operating costs that may result from, among other things, PIMCO's investments in various business enhancements and infrastructure, including those referenced above. The Trustees noted that PIMCO's investments in these areas are extensive.

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

6. ANCILLARY BENEFITS

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

7. CONCLUSIONS

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

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| **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **107** |

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

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Agreements. The Independent Trustees and the Board as a whole concluded that the Agreements continued to be fair and reasonable to the Funds and their shareholders, that the Funds' shareholders received reasonable value in return for the fees paid to PIMCO by the Funds under the Agreements, the fees paid to Research Affiliates by PIMCO under the Sub-Advisory Agreement, and that the renewal of the Agreements was in the best interests of the Funds and their shareholders.

With respect to the New Fund, based on their review, including their comprehensive consideration and evaluation of each of the broad factors and information summarized above, the Independent Trustees and the Board as a whole concluded that the nature, extent and quality of services to be rendered to the New Fund by PIMCO supported the approval of the New Fund Agreements. The Independent Trustees and the Board as a whole concluded that the New Fund Agreements were fair and reasonable to the New Fund and its shareholders and that the approval of the New Fund Agreements was in the best interest of the New Fund and its shareholders.

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| **108** | **PIMCO EQUITY SERIES** |

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**General Information** 

**Investment Adviser and Administrator** 

Pacific Investment Management Company LLC

650 Newport Center Drive

Newport Beach, CA 92660

**Distributor** 

PIMCO Investments LLC

1633 Broadway

New York, NY 10019

**Custodian** 

State Street Bank and Trust Company

801 Pennsylvania Avenue

Kansas City, MO 64105

**Transfer Agent** 

SS&C Global Investor & Distribution Solutions, Inc.

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

430 W 7th Street STE 219024

Kansas City, MO 64105-1407

SS&C Global Investor & Distribution Solutions, Inc.

Class A, Class C, Class R

430 W 7th Street STE 219294

Kansas City, MO 64105-1407

**Legal Counsel** 

Dechert LLP

1900 K Street, N.W.

Washington, D.C. 20006

**Independent Registered Public Accounting Firm** 

PricewaterhouseCoopers LLP

1100 Walnut Street, Suite 1300

Kansas City, MO 64106

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

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![LOGO](g435919g75h91.jpg)

PES4002SAR_123122

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![LOGO](g398492g13e39.jpg)

PIMCO EQUITY SERIES<sup>®</sup>

## Semiannual Report
December 31, 2022

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**](#toc)
**Table of Contents** 

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|:---|:---|
|  | Page |
| &nbsp;&nbsp; [Chairman's Letter](#tx398492_1) | 2 |
| &nbsp;&nbsp; [Important Information About the Funds](#tx398492_2) | 4 |
| &nbsp;&nbsp; [Expense Examples](#tx398492_3) | 19 |
| &nbsp;&nbsp; [Financial Highlights](#tx398492_4) | 22 |
| &nbsp;&nbsp; [Statements of Assets and Liabilities](#tx398492_5) | 28 |
| &nbsp;&nbsp; [Statements of Operations](#tx398492_6) | 30 |
| &nbsp;&nbsp; [Statements of Changes in Net Assets](#tx398492_7) | 32 |
| &nbsp;&nbsp; [Notes to Financial Statements](#tx398492_8) | 56 |
| &nbsp;&nbsp; [Glossary](#tx398492_9) | 74 |
| &nbsp;&nbsp; [Distribution Information](#tx398492_10) | 75 |
| &nbsp;&nbsp; [Approval of Investment Advisory Contract and Other Agreements](#tx398492_11) | 77 |

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|:---|:---|:---|:---|:---|
| Fund | Fund<br>Summary | Fund<br>Summary | Schedule of<br>Investments | Schedule of<br>Investments |
| &nbsp;&nbsp; [PIMCO RAE Emerging Markets Fund](#tx398492_12) |  | 9 |  | [34](#tx398492_17) |
| &nbsp;&nbsp; [PIMCO RAE Global ex-US Fund](#tx398492_13) |  | 11 |  | [42](#tx398492_18) |
| &nbsp;&nbsp; [PIMCO RAE International Fund](#tx398492_14) |  | 13 |  | [43](#tx398492_19) |
| &nbsp;&nbsp; [PIMCO RAE US Fund](#tx398492_15) |  | 15 |  | [50](#tx398492_20) |
| &nbsp;&nbsp; [PIMCO RAE US Small Fund](#tx398492_16) |  | 17 |  | [53](#tx398492_21) |

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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.

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**Chairman's Letter**

Dear Shareholder,

2022 was a challenging year in the financial markets. We continue to work tirelessly to navigate global markets and manage the assets that you have entrusted with us. Following this letter is the PIMCO Equity Series Semiannual Report, which covers the six-month reporting period ended December 31, 2022 (the "reporting period"). On the subsequent pages, you will find details regarding investment results and a discussion of the factors that most affected performance during the reporting period.

For the six-month reporting period ended December 31, 2022

The global economy faced significant headwinds in 2022, including those related to higher inflation, the COVID-19 pandemic, and the Russia-Ukraine conflict. In the U.S., second quarter 2022, prior to the beginning of the reporting period, annualized gross domestic product ("GDP") was -0.6%. The economy then strengthened, as third quarter annualized GDP was +3.2%. The Commerce Department's initial estimate for fourth quarter 2022 annualized GDP — released after the reporting period ended — was 2.9%.

The Federal Reserve Board (the "Fed" or "U.S. central bank") took actions to combat elevated inflation. In March 2022, the Fed raised the federal funds rate 0.25% to a range between 0.25% and 0.50%, its first rate hike since 2018. The U.S. central bank then raised rates at its next six meetings, for a total increase of 4.25% in 2022. At the end of the year, the federal funds rate was in a range between 4.25% and 4.50%.

Economies outside the U.S. also faced several headwinds. In its October 2022 World Economic Outlook Update, the International Monetary Fund (the "IMF") downgraded its expectation for 2022 GDP citing "turbulent challenges" including high inflation, tightening financial conditions, as well as the ongoing Russia-Ukraine conflict and COVID-19 pandemic. For 2022, the IMF included in its projections that GDP would grow 1.6% in the U.S. (from 5.7% in 2021), 3.1% in the eurozone (from 5.2% in 2021), 3.6% in the U.K. (from 7.4% in 2021), and 1.7% in Japan (the same as in 2021).

Several central banks tightened their respective monetary policies in recent years. For example, in December 2021, prior to the beginning of the reporting period, the Bank of England (the "BoE") raised rates for the first time since COVID-19 began. The BoE again raised rates at its next eight meetings, for a total of 3.50% in rate hikes since its first increase. The European Central Bank raised rates four times in 2022, for a total increase of 2.50%. In contrast, the Bank of Japan (the "BoJ") maintained its loose monetary policy for most of 2022. However, in December 2022 the BoJ announced that it would allow its 10-year government bond yield to rise to 0.5% (previously limited to 0.25%). The news sent the 10-year bond yield and Japanese yen higher, as market participants interpreted the announcement to mean that the BoJ may pivot from its previous monetary stance.

During the reporting period, short- and long-term U.S. Treasury yields moved higher. The yield on the benchmark 10-year U.S. Treasury note was 3.88% on December 31, 2022, versus 2.98% on June 30, 2022. The Bloomberg Global Treasury Index (USD Hedged), which tracks fixed-rate, local currency government debt of investment grade countries, including developed and emerging markets, returned -2.97%. Meanwhile, the Bloomberg Global Aggregate Credit Index (USD Hedged), a widely used index of global investment grade credit bonds, returned -1.59%. In contrast, riskier fixed income asset classes, including high yield corporate bonds and emerging market debt, generated positive returns. The ICE BofAML Developed Markets High Yield Constrained Index (USD Hedged), a widely used index of below-investment-grade bonds, returned 3.82%, whereas emerging market external debt, as represented by the JPMorgan Emerging Markets Bond Index (EMBI) Global (USD Hedged), returned 2.93%. Emerging market local bonds, as represented by the JPMorgan Government Bond Index-Emerging Markets Global Diversified Index (Unhedged), returned 3.33%.

Amid periods of volatility, global equities generally posted mixed results during the reporting period as economic and geopolitical concerns impacted investor sentiment. U.S. equities, as represented by the S&P 500 Index, returned 2.31%.

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Global equities, as represented by the MSCI World Index, returned 2.97%, while emerging market equities, as measured by the MSCI Emerging Markets Index, returned -2.99%. Meanwhile, Japanese equities, as represented by the Nikkei 225 Index (in Japanese yen), returned -0.06% and European equities, as represented by the MSCI Europe Index (in euro), returned 5.05%.

Commodity prices were volatile and generated mixed returns during the reporting period. Brent crude oil, which was approximately $119.78 a barrel at the start of the reporting period, fell to roughly $82.82 a barrel at the end of December 2022. In contrast, prices of other commodities, such as copper and gold, edged higher during the period.

Finally, there were also periods of volatility in the foreign exchange markets. We believe this was driven by several factors, including economic growth expectations and changing central bank monetary policies, as well as rising inflation, COVID-19 variants, and geopolitical events. The U.S. dollar was mixed against several major currencies. For example, during the reporting period, the U.S. dollar returned -2.11%, +0.78%, and -3.51% versus the euro, the British pound and the Japanese yen, respectively.

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

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| ![LOGO](g398492g19a01.jpg) | Sincerely,<br>![LOGO](g398492g65f33.jpg) <br>Peter G. Strelow<br> Chairman of the Board<br>PIMCO Equity Series<br>|

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

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| **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>3</sub> |

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**Important Information About the Funds**

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

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

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

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

During a general downturn in the securities markets, multiple asset classes, including equity securities, may decline in value simultaneously. The market price of equity securities owned by a Fund may go up or

down, sometimes rapidly or unpredictably. Equity securities generally have greater price volatility than fixed income securities and common stocks generally have the greatest appreciation and depreciation potential of all corporate securities.

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

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

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

Beginning in January 2020, global financial markets have experienced and may continue to experience significant volatility resulting from the spread of a novel coronavirus known as COVID-19. The outbreak of COVID-19 has resulted in travel and border restrictions, quarantines, supply chain disruptions, lower consumer demand and general market uncertainty. In 2022, many countries lifted some or all restrictions related to COVID-19. However, the effects of COVID-19 have and may continue to adversely affect the global economy, the economies of certain nations and individual issuers, all of which may negatively impact the Funds' performance. In addition, COVID-19 and governmental responses to COVID-19 may negatively impact the capabilities of the Funds' service providers and disrupt the Funds' operations.

The United States' enforcement of restrictions on U.S. investments in certain issuers and tariffs on goods from 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 Funds or Acquired Funds, as applicable). The United States' enforcement of sanctions or other similar measures on various Russian entities and persons, and the Russian government's response, may also negatively impact securities and instruments that are economically tied to Russia.

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| **4** | **PIMCO EQUITY SERIES** |

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

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

A Fund may invest in securities and instruments that are economically tied to Russia. Investments in Russia are subject to various risks such as, but not limited to political, economic, legal, market and currency risks. The risks include uncertain political and economic policies, short-term market volatility, poor accounting standards, corruption and crime, an inadequate regulatory system, regional armed conflict and unpredictable taxation. Investments in Russia are particularly subject to the risk that further economic sanctions and other similar measures may be imposed by the United States and/or other countries. Other similar measures may include, but are not limited to, banning Russia or certain persons or entities associated with Russia from global payment systems that facilitate cross-border payments, restricting the settlement of securities transactions by certain investors, and freezing Russian assets or those of particular countries, entities or persons with ties to Russia. Such sanctions and other similar measures — which may impact companies in many sectors, including energy, financial services and defense, among others — may negatively impact a Fund's performance and/or ability to achieve its investment objective. For example, certain investments may be prohibited and/or existing investments may become illiquid (e.g., in the event that transacting in certain existing investments is prohibited, securities markets close, or market participants cease transacting in certain investments in light of geopolitical events, sanctions or related considerations), which could render any such securities held by a Fund unmarketable for an indefinite period of time and/or cause the Fund to sell other portfolio holdings at a disadvantageous time or price in order to meet

shareholder redemptions. In addition, such sanctions or other similar measures, and the Russian government's response, could result in a downgrade of Russia's credit rating or of securities of issuers located in or economically tied to Russia, devaluation of Russia's currency and/or increased volatility with respect to Russian securities and the ruble. Moreover, disruptions caused by Russian military action or other actions (including cyberattacks, espionage or other asymmetric measures) or resulting actual or threatened responses to such activity may impact Russia's economy and Russian issuers of securities in which a Fund invests. Such resulting actual or threatened responses may include, but are not limited to, purchasing, selling and financing restrictions, withdrawal of financial intermediaries, boycotts or changes in consumer or purchaser preferences, sanctions, tariffs or cyberattacks on the Russian government, Russian companies or Russian individuals, including politicians. Sanctions and other similar measures have resulted in defaults on debt obligations by certain corporate issuers and the Russian Federation that could lead to cross-defaults or cross-accelerations on other obligations of these issuers. Default by the Russian Federation on its sovereign debt will have implications to credit default swaps in relation to the Russian Federation. A Fund's ability to participate in any resulting credit default swap auction or physical settlement process may be limited by, among other things, sanctions or other similar measures. The Russian securities market is characterized by limited volume of trading, resulting in difficulty in obtaining accurate prices and trading. These issues can be magnified as a result of sanctions and other similar measures that may be imposed and the Russian government's response. The Russian securities market, as compared to U.S. markets, has significant price volatility, less liquidity, a smaller market capitalization and a smaller number of traded securities. There may be little publicly available information about issuers. Settlement, clearing and registration of securities transactions are subject to risks. Prior to the implementation of the National Settlement Depository ("NSD"), a recognized central securities depository, there was no central registration system for equity share registration in Russia, and registration was carried out by either the issuers themselves or by registrars located throughout Russia. Title to Russian equities held through the NSD is now based on the records of the NSD and not the registrars. Although the implementation of the NSD has enhanced the efficiency and transparency of the Russian securities market, issues resulting in loss can still occur. Ownership of securities issued by Russian companies that are not held through depositories such as the NSD may be recorded by companies themselves and by registrars. In such cases, the risk is increased that a Fund could lose ownership rights through fraud, negligence or oversight. While applicable Russian regulations impose liability on registrars for losses resulting from their errors, it may be difficult for a Fund to enforce any rights it may have against the registrar or issuer of the securities in the event of loss of share registration. In addition, issuers and registrars are still prominent in the validation and approval

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|:---|:---|:---|
| **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>5</sub> |

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| **Important Information About the Funds** | **(Cont.)** |

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of documentation requirements for corporate action processing in Russia. Because the documentation requirements and approval criteria vary between registrars and issuers, there remain unclear and inconsistent market standards in the Russian market with respect to the completion and submission of corporate action elections. To the extent that a Fund suffers a loss relating to title or corporate actions relating

to its portfolio securities, it may be difficult for the Fund to enforce its rights or otherwise remedy the loss. Russian securities laws may not recognize foreign nominee accounts held with a custodian bank, and therefore the custodian may be considered the ultimate owner of securities they hold for their clients. Adverse currency exchange rates are a risk and there may be a lack of available currency hedging instruments. Investments in Russia may be subject to the risk of nationalization or expropriation of assets. Oil, natural gas, metals, and timber account for a significant portion of Russia's exports, leaving the country vulnerable to swings in world prices, and to sanctions or other actions that may be directed at the Russian economy as a whole or at Russian oil, natural gas, metals or timber industries.

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

On each individual Fund Summary page in this Shareholder Report, the Average Annual Total Return table and Cumulative Returns chart measure performance assuming that any dividend and capital gain distributions were reinvested. Returns do not reflect the deduction of taxes that a shareholder would pay on (i) Fund distributions or (ii) the redemption of Fund shares. The Cumulative Returns chart and Average

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

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

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|:---|:---|:---|:---|:---|:---|:---|
| **Fund Name** | **Fund<br>Inception** | **Institutional<br>Class** | **I-2** | **I-3** | **Class A** | **Diversification<br>Status** |
|  PIMCO RAE Emerging Markets Fund | 06/05/15 | 06/05/15 | 06/05/15 |  | 06/05/15 | Diversified |
|  PIMCO RAE Global ex-US Fund | 06/05/15 | 06/05/15 | 06/05/15 |  | 06/05/15 | Diversified |
|  PIMCO RAE International Fund | 06/05/15 | 06/05/15 | 06/05/15 |  | 06/05/15 | Diversified |
|  PIMCO RAE US Fund | 06/05/15 | 06/05/15 | 06/05/15 |  | 06/05/15 | Diversified |
|  PIMCO RAE US Small Fund | 06/05/15 | 06/05/15 | 06/05/15 |  | 06/05/15 | Diversified |

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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"),

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| **6** | **PIMCO EQUITY SERIES** |

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##### [**Table of Contents**](#toc)
any contracts filed as exhibits to the Trust's registration statement, nor any other communications, disclosure documents or regulatory filings (including this report) from or on behalf of the Trust or a Fund creates a contract between or among any shareholder of a Fund, on the one hand, and the Trust, a Fund, a service provider to the Trust or a Fund, and/or the Trustees or officers of the Trust, on the other hand. The Trustees (or the Trust and its officers, service providers or other delegates acting under authority of the Trustees) may amend the most recent prospectus or use a new prospectus, summary prospectus or SAI with respect to a Fund or the Trust, and/or amend, file and/or issue any other communications, disclosure documents or regulatory filings, and may amend or enter into any contracts to which the Trust or a Fund is a party, and interpret the investment objective(s), policies, restrictions and contractual provisions applicable to any Fund, without shareholder input or approval, except in circumstances in which shareholder approval is specifically required by law (such as changes to fundamental investment policies) or where a shareholder approval requirement is specifically disclosed in the Trust's then-current prospectus or SAI.

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

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

SEC rules allow the Funds to fulfill their obligation to deliver shareholder reports to investors by providing access to such reports online free of charge and by mailing a notice that the report is electronically available. Investors may elect to receive all future reports in paper free of charge by contacting their financial intermediary or, if invested directly with the Fund, investors can inform the Fund by calling (888) 87-PIMCO. Any election to receive reports in paper will apply to all funds held with the fund complex if invested directly with the Fund or to all funds held in the investor's account if invested through a financial intermediary.

In October 2020, the SEC adopted a rule related to the use of derivatives, short sales, reverse repurchase agreements and certain other transactions by registered investment companies that rescinds and withdraws the guidance of the SEC and its staff regarding asset segregation and cover transactions. Subject to certain exceptions, the rule requires funds that trade derivatives and other transactions that create future payment or delivery obligations to comply with a value-at-risk leverage limit and certain derivatives risk management program and reporting requirements. These requirements may limit the ability of the Funds to use derivatives and reverse repurchase agreements and similar financing transactions as part of their investment strategies and may increase the cost of the Funds' investments and cost of doing business, which could adversely affect investors. The rule went into effect on February 19, 2021. The compliance date for the new rule and related reporting requirements was August 19, 2022.

In December 2020, the SEC adopted a rule addressing fair valuation of fund investments. The new rule sets forth requirements for good faith determinations of fair value as well as for the performance of fair value determinations, including related oversight and reporting obligations. The new rule also defines "readily available market quotations" for purposes of the definition of "value" under the Investment Company Act of 1940 (the "Act"), and the SEC noted that this definition will apply in all contexts under the Act. The effective date for the rule was March 8, 2021. The compliance date for the new rule and the related reporting requirements was September 8, 2022.

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

In May 2022, the SEC proposed a framework that would require certain registered funds (such as the Funds) to disclose their environmental, social, and governance ("ESG") investing practices. Among other things, the proposed requirements would mandate that funds meeting three pre-defined classifications (i.e., integrated, ESG focused and/or impact funds) provide prospectus and shareholder report disclosure related to the ESG factors, criteria and processes used in managing the

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| **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>7</sub> |

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| **Important Information About the Funds** | **(Cont.)** |

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fund. The proposal's impact on the Funds will not be known unless and until any final rulemaking is adopted.

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

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

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

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| **8** | **PIMCO EQUITY SERIES** |

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**PIMCO RAE Emerging Markets Fund** 

Cumulative Returns Through December 31, 2022

![LOGO](g398492g73h83.jpg)

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

Investment Objective and Strategy Overview

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

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Average Annual Total Return for the period ended December 31, 2022\*\* | Average Annual Total Return for the period ended December 31, 2022\*\* | Average Annual Total Return for the period ended December 31, 2022\*\* | Average Annual Total Return for the period ended December 31, 2022\*\* | Average Annual Total Return for the period ended December 31, 2022\*\* | Average Annual Total Return for the period ended December 31, 2022\*\* | Average Annual Total Return for the period ended December 31, 2022\*\* |
|  |  | 6 Months\* | 1 Year | 5 Years | 10 Years | Fund Inception<br>(05/31/06) |
| ![LOGO](g398492g94o20.jpg) | PIMCO RAE Emerging Markets Fund Institutional Class | 7.47% | (10.44)% | 0.79% | 2.52% | 5.37% |
|  | PIMCO RAE Emerging Markets Fund I-2 | 7.46% | (10.53)% | 0.69% | 2.44% | 5.32% |
|  | PIMCO RAE Emerging Markets Fund Class A | 7.32% | (10.74)% | 0.44% | 2.27% | 5.22% |
|  | PIMCO RAE Emerging Markets Fund Class A (adjusted) | 3.28% | (14.10)% | (0.33)% | 1.88% | 4.98% |
| ![LOGO](g398492g08y58.jpg) | MSCI Emerging Markets Value Index<sup>±</sup> | (2.26)% | (15.83)% | (1.59)% | 0.06% | 3.41% |
| ![LOGO](g398492g52z21.jpg) | MSCI Emerging Markets Index<sup>±±ª</sup> | (2.99)% | (20.09)% | (1.40)% | 1.44% | 3.91% |

---

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

\* Cumulative return.

<sup>ª</sup> Prior to 2/28/2019, the fund's primary benchmark was the MSCI Emerging Markets Index.

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

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

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

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

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

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

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| **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>9</sub> |

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

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Geographic Breakdown as of December 31, 2022<sup>†§</sup>

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| | |
|:---|:---|
|  China | 20.7% |
|  South Korea | 14.4% |
|  India | 13.2% |
|  Thailand | 8.5% |
|  Taiwan | 8.0% |
|  Turkey | 6.4% |
|  South Africa | 6.1% |
|  Brazil | 5.7% |
|  Indonesia | 4.1% |
|  Mexico | 4.0% |
|  Short-Term Instruments | 2.0% |
|  Hong Kong | 2.0% |
|  Malaysia | 1.8% |
|  Other | 3.1% |

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<sup>†</sup> % of Investments, at value.

<sup>§</sup> Geographic Breakdown and % of Investments exclude securities sold short, financial derivative instruments, if any.

Fund Insights

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

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

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

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

» Security selection in the materials sector detracted from relative returns, as the detraction from the Fund's return was larger than the detraction from the benchmark return.

» Security selection in the health care sector detracted from relative returns, as the detraction from the Fund's return was larger than the detraction from the benchmark return.

» Security selection in the consumer staples sector detracted from relative returns, as the detraction from the Fund's return was larger than the detraction from the benchmark return.

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| **10** | **PIMCO EQUITY SERIES** |

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**PIMCO RAE Global ex-US Fund** 

Cumulative Returns Through December 31, 2022

![LOGO](g398492g58e72.jpg)

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

Investment Objective and Strategy Overview

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 |
|  |  | 6 Months\* | 1 Year | 5 Years | Fund Inception<br>(06/05/15) |
| ![LOGO](g398492g94o20.jpg) | PIMCO RAE Global ex-US Fund Institutional Class | 5.24% | (9.14)% | 0.44% | 2.97% |
|  | PIMCO RAE Global ex-US Fund I-2 | 5.19% | (9.16)% | 0.40% | 2.90% |
|  | PIMCO RAE Global ex-US Fund Class A | 5.08% | (9.42)% | 0.10% | 2.63% |
|  | PIMCO RAE Global ex-US Fund Class A (adjusted) | 1.10% | (12.82)% | (0.67)% | 2.11% |
| ![LOGO](g398492g08y58.jpg) | MSCI All Country World ex US Value Index<sup>±</sup> | 3.63% | (8.59)% | (0.05)% | 1.89% |
| ![LOGO](g398492g52z21.jpg) | MSCI All Country World ex US Index<sup>±±</sup><sup>ª</sup> | 2.96% | (16.00)% | 0.88% | 2.94% |

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

\* Cumulative return.

<sup>ª</sup> Prior to 2/28/2019, the fund's primary benchmark was the MSCI All Country World ex US Index.

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

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

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

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

*The Fund's total annual operating expense ratio in effect as of period end, which includes the Acquired Fund Fees and Expenses (Underlying PIMCO Fund expenses) were 1.13% for Institutional Class shares, 1.23% for I-2 shares and 1.48% for Class A shares. Details regarding any changes to the Fund's operating expenses, subsequent to period end, can be found in the Fund's current prospectus, as supplemented.* 

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| **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>11</sub> |

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|:---|:---|:---|
| Institutional Class - **PZRIX** | I-2 - **PZRPX** | Class A - **PZRAX** |

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Top Holdings as of December 31, 2022<sup>†§</sup>

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|:---|:---|
|  PIMCO RAE International Fund | 77.3% |
|  PIMCO RAE Emerging Markets Fund | 22.7% |

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<sup>†</sup> % of Investments, at value.

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

Fund Insights

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

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

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

» Security selection in the real estate sector contributed to relative returns, as the Fund's holdings outperformed the benchmark index.

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

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

» There were no other material detractors for this Fund.

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| | |
|:---|:---|
| **12** | **PIMCO EQUITY SERIES** |

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##### [**Table of Contents**](#toc)
**PIMCO RAE International Fund** 

Cumulative Returns Through December 31, 2022

![LOGO](g398492g75v50.jpg)

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

Investment Objective and Strategy Overview

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 |
|  |  | 6 Months\* | 1 Year | 5 Years | Fund Inception<br>(06/05/15) |
| ![LOGO](g398492g94o20.jpg) | PIMCO RAE International Fund Institutional Class | 4.54% | (8.65)% | 0.41% | 2.72% |
|  | PIMCO RAE International Fund I-2 | 4.50% | (8.74)% | 0.30% | 2.63% |
|  | PIMCO RAE International Fund Class A | 4.28% | (9.01)% | 0.04% | 2.36% |
|  | PIMCO RAE International Fund Class A (adjusted) | 0.34% | (12.43)% | (0.71)% | 1.84% |
| ![LOGO](g398492g08y58.jpg) | MSCI EAFE Value Index<sup>±</sup> | 7.43% | (5.58)% | 0.17% | 1.84% |
| ![LOGO](g398492g52z21.jpg) | MSCI EAFE Index<sup>±±ª</sup> | 6.36% | (14.45)% | 1.54% | 3.17% |

---

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.

\* Cumulative return.

<sup>ª</sup> Prior to 2/28/2019, the fund's primary benchmark was the MSCI EAFE Index.

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

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

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

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

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

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| | | |
|:---|:---|:---|
| **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>13</sub> |

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##### [**Table of Contents**](#toc)

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| | | |
|:---|:---|:---|
| Institutional Class - **PPYIX** | I-2 - **PPYPX** | Class A - **PPYAX** |

---

Geographic Breakdown as of December 31, 2022<sup>†§</sup>

---

| | |
|:---|:---|
|  Japan | 30.4% |
|  United Kingdom | 12.6% |
|  Spain | 7.9% |
|  Netherlands | 5.6% |
|  Canada | 5.4% |
|  Australia | 5.3% |
|  Italy | 4.8% |
|  Germany | 3.9% |
|  France | 3.8% |
|  Switzerland | 3.5% |
|  Short-Term Instruments | 3.4% |
|  Hong Kong | 2.9% |
|  Finland | 2.3% |
|  Israel | 1.9% |
|  Sweden | 1.7% |
|  Portugal | 1.2% |
|  Other | 3.4% |

---

<sup>†</sup> % of Investments, at value.

<sup>§</sup> Geographic Breakdown and % of Investments exclude securities sold short, financial derivative instruments, if any.

Fund Insights

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

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

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

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

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

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

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

---

| | |
|:---|:---|
| **14** | **PIMCO EQUITY SERIES** |

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##### [**Table of Contents**](#toc)
**PIMCO RAE US Fund** 

Cumulative Returns Through December 31, 2022

![LOGO](g398492g68l79.jpg)

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

Investment Objective and Strategy Overview

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Average Annual Total Return for the period ended December 31, 2022\*\* | Average Annual Total Return for the period ended December 31, 2022\*\* | Average Annual Total Return for the period ended December 31, 2022\*\* | Average Annual Total Return for the period ended December 31, 2022\*\* | Average Annual Total Return for the period ended December 31, 2022\*\* | Average Annual Total Return for the period ended December 31, 2022\*\* | Average Annual Total Return for the period ended December 31, 2022\*\* |
|  |  | 6 Months\* | 1 Year | 5 Years | 10 Years | Fund Inception<br>(12/22/04) |
| ![LOGO](g398492g94o20.jpg) | PIMCO RAE US Fund Institutional Class | 10.61% | (3.38)% | 8.30% | 11.48% | 8.51% |
|  | PIMCO RAE US Fund I-2 | 10.56% | (3.44)% | 8.19% | 11.40% | 8.47% |
|  | PIMCO RAE US Fund Class A | 10.36% | (3.76)% | 7.85% | 11.13% | 8.33% |
|  | PIMCO RAE US Fund Class A (adjusted) | 6.21% | (7.34)% | 7.03% | 10.71% | 8.11% |
| ![LOGO](g398492g08y58.jpg) | Russell 1000<sup>®</sup> Value Index<sup>±</sup> | 6.10% | (7.54)% | 6.67% | 10.29% | 7.34%<sup>¨</sup> |
| ![LOGO](g398492g52z21.jpg) | S&P 500 Index<sup>±±ª</sup> | 2.31% | (18.11)% | 9.42% | 12.56% | 8.77%<sup>¨</sup> |

---

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.

<sup>¨</sup> Average annual total return since 12/31/2004.

\* Cumulative return.

<sup>ª</sup> Prior to 2/28/2019, the fund's primary benchmark was the S&P 500 Index.

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

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

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

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

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

*The Fund's total annual operating expense ratio in effect as of period end were 0.41% for Institutional Class shares, 0.51% for I-2 shares and 0.81% for Class A shares. Details regarding any changes to the Fund's operating expenses, subsequent to period end, can be found in the Fund's current prospectus, as supplemented.* 

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **15** |

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##### [**Table of Contents**](#toc)

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| | | |
|:---|:---|:---|
| Institutional Class - **PKAIX** | I-2 - **PKAPX** | Class A - **PKAAX** |

---

Sector Breakdown as of December 31, 2022<sup>†§</sup>

---

| | |
|:---|:---|
|  Health Care | 23.1% |
|  Information Technology | 20.1% |
|  Energy | 19.6% |
|  Consumer Staples | 9.0% |
|  Financials | 8.2% |
|  Utilities | 6.0% |
|  Consumer Discretionary | 5.8% |
|  Industrials | 3.6% |
|  Communication Services | 2.0% |
|  Real Estate | 1.2% |
|  Materials | 0.7% |
|  Short-Term Instruments | 0.7% |

---

<sup>†</sup> % of Investments, at value.

<sup>§</sup> Sector Breakdown and % of Investments exclude securities sold short and financial derivative instruments, if any.

Fund Insights

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

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

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

» Underweight exposure to the communication services sector contributed to relative returns, as the sector underperformed the benchmark index.

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

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

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

---

| | |
|:---|:---|
| **16** | **PIMCO EQUITY SERIES** |

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##### [**Table of Contents**](#toc)
**PIMCO RAE US Small Fund** 

Cumulative Returns Through December 31, 2022

![LOGO](g398492g12j94.jpg)

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

Investment Objective and Strategy Overview

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Average Annual Total Return for the period ended December 31, 2022\*\* | Average Annual Total Return for the period ended December 31, 2022\*\* | Average Annual Total Return for the period ended December 31, 2022\*\* | Average Annual Total Return for the period ended December 31, 2022\*\* | Average Annual Total Return for the period ended December 31, 2022\*\* | Average Annual Total Return for the period ended December 31, 2022\*\* | Average Annual Total Return for the period ended December 31, 2022\*\* |
|  |  | 6 Months\* | 1 Year | 5 Years | 10 Years | Fund Inception<br>(09/29/05) |
| ![LOGO](g398492g94o20.jpg) | PIMCO RAE US Small Fund Institutional Class | 7.92% | (4.64)% | 8.72% | 11.39% | 8.82% |
|  | PIMCO RAE US Small Fund I-2 | 7.86% | (4.62)% | 8.64% | 11.30% | 8.77% |
|  | PIMCO RAE US Small Fund Class A | 7.60% | (5.09)% | 8.28% | 11.04% | 8.62% |
|  | PIMCO RAE US Small Fund Class A (adjusted) | 3.59% | (8.62)% | 7.45% | 10.62% | 8.38% |
| ![LOGO](g398492g08y58.jpg) | Russell 2000<sup>®</sup> Value Index<sup>±</sup> | 3.42% | (14.48)% | 4.13% | 8.48% | 6.61% |
| ![LOGO](g398492g52z21.jpg) | Russell 2000<sup>®</sup> Index<sup>±±ª</sup> | 3.91% | (20.44)% | 4.13% | 9.01% | 7.21%<sup>¨</sup> |

---

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.

<sup>¨</sup>Average annual total return since 9/30/2005.

\* Cumulative return.

<sup>ª</sup> Prior to 2/28/2019, the fund's primary benchmark was the Russell 2000<sup>®</sup> Index.

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

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

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

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

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

*The Fund's total annual operating expense ratio in effect as of period end, which includes the Acquired Fund Fees and Expenses (Underlying PIMCO Fund expenses) were 0.51% for Institutional Class shares, 0.61% for I-2 shares and 0.91% for Class A shares. Details regarding any changes to the Fund's operating expenses, subsequent to period end, can be found in the Fund's current prospectus, as supplemented.* 

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **17** |

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##### [**Table of Contents**](#toc)

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| | | |
|:---|:---|:---|
| Institutional Class - **PMJIX** | I-2 - **PMJPX** | Class A - **PMJAX** |

---

Sector Breakdown as of December 31, 2022<sup>†§</sup>

---

| | |
|:---|:---|
|  Energy | 17.7% |
|  Consumer Discretionary | 16.5% |
|  Real Estate | 10.8% |
|  Industrials | 10.1% |
|  Information Technology | 9.6% |
|  Financials | 9.1% |
|  Health Care | 8.5% |
|  Consumer Staples | 5.8% |
|  Materials | 5.4% |
|  Utilities | 4.1% |
|  Communication Services | 1.3% |
|  Short-Term Instruments | 1.1% |

---

<sup>†</sup> % of Investments, at value.

<sup>§</sup> Sector Breakdown and % of Investments exclude securities sold short, financial derivative instruments if any.

Fund Insights

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

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

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

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

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

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

» Security selection in the health care sector detracted from relative returns, as the Fund's holdings underperformed the benchmark index.

---

| | |
|:---|:---|
| **18** | **PIMCO EQUITY SERIES** |

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##### [**Table of Contents**](#toc)
**Expense Examples** 

Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period indicated, which for all Funds and share classes is from July 1, 2022 to December 31, 2022 unless noted otherwise in the table and footnotes below.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Actual** | **Actual** | **Actual** | **Hypothetical<br>(5% return before expenses)** | **Hypothetical<br>(5% return before expenses)** | **Hypothetical<br>(5% return before expenses)** | |
|  | **Beginning<br>Account Value<br>(07/01/22)** | **Ending<br>Account Value<br>(12/31/22)** | **Expenses Paid<br>During Period\*** | **Beginning<br>Account Value<br>(07/01/22)** | **Ending<br>Account Value<br>(12/31/22)** | **Expenses Paid<br>During Period\*** | **Net Annualized<br>Expense Ratio\*\*** |
|  **PIMCO RAE Emerging Markets Fund** |  |  |  |  |  |  |  |
| Institutional Class | $&nbsp;&nbsp;&nbsp;&nbsp;1000.00 | $&nbsp;&nbsp;&nbsp;&nbsp;1074.70 | $&nbsp;&nbsp;&nbsp;&nbsp;4.07 | $&nbsp;&nbsp;&nbsp;&nbsp;1000.00 | $&nbsp;&nbsp;&nbsp;&nbsp;1021.56 | $&nbsp;&nbsp;&nbsp;&nbsp;3.97 | 0.77% |
| I-2 | 1000.00 | 1074.60 | 4.60 | 1000.00 | 1021.05 | 4.48 | 0.87 |
| Class A | 1000.00 | 1073.20 | 5.92 | 1000.00 | 1019.77 | 5.76 | 1.12 |
|  **PIMCO RAE Global ex-US Fund** |  |  |  |  |  |  |  |
| Institutional Class | $1000.00 | $1052.40 | $0.00 | $1000.00 | $1025.48 | $0.00 | 0.00% |
| I-2 | 1000.00 | 1051.90 | 0.52 | 1000.00 | 1024.97 | 0.52 | 0.10 |
| Class A | 1000.00 | 1050.80 | 1.83 | 1000.00 | 1023.70 | 1.80 | 0.35 |
|  **PIMCO RAE International Fund** |  |  |  |  |  |  |  |
| Institutional Class | $1000.00 | $1045.40 | $2.61 | $1000.00 | $1022.93 | $2.58 | 0.50% |
| I-2 | 1000.00 | 1045.00 | 3.13 | 1000.00 | 1022.42 | 3.09 | 0.60 |
| Class A | 1000.00 | 1042.80 | 4.42 | 1000.00 | 1021.15 | 4.38 | 0.85 |
|  **PIMCO RAE US Fund** |  |  |  |  |  |  |  |
| Institutional Class | $1000.00 | $1106.10 | $2.15 | $1000.00 | $1023.44 | $2.06 | 0.40% |
| I-2 | 1000.00 | 1105.60 | 2.68 | 1000.00 | 1022.93 | 2.58 | 0.50 |
| Class A | 1000.00 | 1103.60 | 4.29 | 1000.00 | 1021.40 | 4.12 | 0.80 |

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **19** |

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##### [**Table of Contents**](#toc)

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| | |
|:---|:---|
| **Expense Examples** | **(Cont.)** |

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Actual** | **Actual** | **Actual** | **Hypothetical<br>(5% return before expenses)** | **Hypothetical<br>(5% return before expenses)** | **Hypothetical<br>(5% return before expenses)** | |
|  | **Beginning<br>Account Value<br>(07/01/22)** | **Ending<br>Account Value<br>(12/31/22)** | **Expenses Paid<br>During Period\*** | **Beginning<br>Account Value<br>(07/01/22)** | **Ending<br>Account Value<br>(12/31/22)** | **Expenses Paid<br>During Period\*** | **Net Annualized<br>Expense Ratio\*\*** |
|  **PIMCO RAE US Small Fund** |  |  |  |  |  |  |  |
| Institutional Class | $&nbsp;&nbsp;&nbsp;&nbsp;1000.00 | $&nbsp;&nbsp;&nbsp;&nbsp;1079.20 | $&nbsp;&nbsp;&nbsp;&nbsp;2.65 | $&nbsp;&nbsp;&nbsp;&nbsp;1000.00 | $&nbsp;&nbsp;&nbsp;&nbsp;1022.93 | $&nbsp;&nbsp;&nbsp;&nbsp;2.58 | 0.50% |
| I-2 | 1000.00 | 1078.60 | 3.18 | 1000.00 | 1022.42 | 3.09 | 0.60 |
| Class A | 1000.00 | 1076.00 | 4.76 | 1000.00 | 1020.89 | 4.63 | 0.90 |

---

\* Expenses Paid During Period are equal to the net annualized expense ratio for the class, multiplied by the average account value over the period, multiplied by 186/365 (to reflect the one-half year period).

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

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|:---|:---|
| **20** | **PIMCO EQUITY SERIES** |

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| **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **21** |

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##### [**Table of Contents**](#toc)
**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 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** | **Tax Basis<br>Return of<br>Capital** | **Total** |
|  **PIMCO RAE Emerging Markets Fund** | **PIMCO RAE Emerging Markets Fund** | **PIMCO RAE Emerging Markets Fund** | **PIMCO RAE Emerging Markets Fund** | **PIMCO RAE Emerging Markets Fund** | **PIMCO RAE Emerging Markets Fund** | **PIMCO RAE Emerging Markets Fund** | **PIMCO RAE Emerging Markets Fund** | **PIMCO RAE Emerging Markets Fund** |
| Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class | Institutional Class |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/2022 - 12/31/2022+ | $8.85 | $0.23 | $0.42 | $0.65 | $(0.05) | $&nbsp;&nbsp;&nbsp;&nbsp;(0.92) | $&nbsp;&nbsp;&nbsp;&nbsp;0.00 | $(0.97) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2022 | &nbsp;&nbsp;&nbsp;&nbsp;12.02 | 0.55 | (2.76) | &nbsp;&nbsp;&nbsp;&nbsp;(2.21) | &nbsp;&nbsp;&nbsp;&nbsp;(0.96) | 0.00 | 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 | 0.00 | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2020 | 9.92 | 0.24 | (2.06) | (1.82) | (0.24) | (0.03) | 0.00 | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2019 | 10.74 | 0.29 | &nbsp;&nbsp;&nbsp;&nbsp;(0.11) | 0.18 | (0.26) | (0.74) | 0.00 | (1.00) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2018 | 10.83 | 0.25 | 0.59 | 0.84 | (0.19) | (0.74) | 0.00 | (0.93) |
| I-2 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/2022 - 12/31/2022+ | 8.80 | 0.21 | 0.43 | 0.64 | (0.04) | (0.92) | 0.00 | (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 | 0.00 | (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 | 0.00 | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2020 | 9.86 | 0.32 | (2.16) | (1.84) | (0.19) | (0.03) | 0.00 | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2019 | 10.68 | 0.29 | (0.11) | 0.18 | (0.26) | (0.74) | 0.00 | (1.00) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2018 | 10.79 | 0.24 | 0.57 | 0.81 | (0.18) | (0.74) | 0.00 | (0.92) |
| Class A |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/2022 - 12/31/2022+ | 8.70 | 0.21 | 0.41 | 0.62 | (0.03) | (0.92) | 0.00 | (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 | 0.00 | (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 | 0.00 | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2020 | 9.84 | 0.23 | (2.07) | (1.84) | (0.22) | (0.03) | 0.00 | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2019 | 10.68 | 0.25 | (0.09) | 0.16 | (0.26) | (0.74) | 0.00 | (1.00) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2018 | 10.81 | 0.21 | 0.59 | 0.80 | (0.19) | (0.74) | 0.00 | (0.93) |
|  **PIMCO RAE Global ex-US Fund** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/2022 - 12/31/2022+ | $8.78 | $0.17 | $0.29 | $0.46 | $(0.15) | $(0.60) | $0.00 | $(0.75) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2022 | 11.65 | 1.15 | &nbsp;&nbsp;&nbsp;&nbsp;(2.80) | &nbsp;&nbsp;&nbsp;&nbsp;(1.65) | (1.22) | 0.00 | 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 | 0.00 | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2020 | 10.23 | 0.38 | (1.76) | (1.38) | (0.37) | (0.28) | 0.00 | (0.65) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2019 | 10.68 | 0.32 | (0.51) | (0.19) | (0.26) | 0.00 | 0.00 | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2018 | 10.49 | 0.38 | 0.28 | 0.66 | (0.42) | 0.00 | (0.05) | (0.47) |
| I-2 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/2022 - 12/31/2022+ | 8.80 | 0.15 | 0.31 | 0.46 | (0.15) | (0.60) | 0.00 | (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 | 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 | 0.00 | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2020 | 10.20 | 0.30 | (1.68) | (1.38) | (0.36) | (0.28) | 0.00 | (0.64) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2019 | 10.65 | 0.26 | (0.46) | (0.20) | (0.25) | 0.00 | 0.00 | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2018 | 10.47 | 0.29 | 0.35 | 0.64 | (0.41) | 0.00 | (0.05) | (0.46) |
| Class A |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/2022 - 12/31/2022+ | 8.62 | 0.17 | 0.27 | 0.44 | (0.14) | (0.60) | 0.00 | (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 | 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 | 0.00 | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2020 | 10.14 | 0.41 | (1.81) | (1.40) | (0.36) | (0.28) | 0.00 | (0.64) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2019 | 10.61 | 0.23 | (0.46) | (0.23) | (0.24) | 0.00 | 0.00 | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2018 | 10.44 | 0.24 | 0.38 | 0.62 | (0.40) | 0.00 | (0.05) | (0.45) |
|  **PIMCO RAE International Fund** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/2022 - 12/31/2022+ | $7.55 | $0.09 | $0.25 | $0.34 | $(0.17) | $(0.36) | $&nbsp;&nbsp;&nbsp;&nbsp;0.00 | $&nbsp;&nbsp;&nbsp;&nbsp;(0.53) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2022 | &nbsp;&nbsp;&nbsp;&nbsp;11.23 | &nbsp;&nbsp;&nbsp;&nbsp;0.36 | (1.69) | &nbsp;&nbsp;&nbsp;&nbsp;(1.33) | (0.46) | (1.89) | 0.00 | (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 | 0.00 | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2020 | 9.74 | 0.23 | (1.45) | (1.22) | (0.41) | 0.00 | 0.00 | (0.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2019 | 10.60 | 0.34 | (0.68) | (0.34) | (0.25) | (0.27) | 0.00 | (0.52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2018 | 10.27 | 0.33 | 0.29 | 0.62 | (0.28) | (0.01) | 0.00 | (0.29) |
| I-2 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/2022 - 12/31/2022+ | 7.51 | 0.09 | 0.25 | 0.34 | (0.17) | (0.36) | 0.00 | (0.53) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2022 | 11.17 | 0.35 | &nbsp;&nbsp;&nbsp;&nbsp;(1.69) | (1.34) | (0.43) | (1.89) | 0.00 | (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 | 0.00 | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2020 | 9.71 | 0.21 | (1.43) | (1.22) | (0.42) | 0.00 | 0.00 | (0.42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2019 | 10.57 | 0.30 | (0.64) | (0.34) | (0.25) | (0.27) | 0.00 | (0.52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2018 | 10.24 | 0.26 | 0.35 | 0.61 | (0.27) | (0.01) | 0.00 | (0.28) |

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| **22** | **PIMCO EQUITY SERIES** | See Accompanying Notes |

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##### [**Table of Contents**](#toc)

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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/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>** |  | |
|<br>**Net Assets<br>Value End of<br>Year or<br>Period<sup>(a)</sup>** |<br>**Total Return<sup>(d)</sup>** |<br>**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)** | |<br>**Portfolio<br>Turnover<br>Rate** |
| $8.53 | 7.47% | $&nbsp;&nbsp;&nbsp;&nbsp;1076171 | 0.77 | %\* | 0.78 | %\* | 0.75 | %\* | 0.76 | %\* | 5.08 | %\* | 32% |
| 8.85 | (19.72) | 1247735 | 0.76 |  | 0.77 |  | 0.75 |  | 0.76 |  | 5.13 |  | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp;12.02 | 56.09 | 1716375 | 0.79 | <sup>(f)</sup> | 0.85 | <sup>(f)</sup> | 0.78 | <sup>(f)</sup> | 0.84 | <sup>(f)</sup> | 2.66 |  | 79 |
| 7.83 | (18.91) | 1184716 | 0.76 |  | 0.97 |  | 0.75 |  | 0.96 |  | 2.70 |  | 56 |
| 9.92 | 2.40 | &nbsp;&nbsp;&nbsp;&nbsp;2632982 | 0.75 |  | 0.96 |  | 0.75 |  | 0.96 |  | 2.94 |  | 25 |
| 10.74 | 7.50 | 1848953 | 0.76 |  | 0.97 |  | 0.76 |  | 0.97 |  | 2.13 |  | 28 |
| 8.48 | 7.46 | 64460 | 0.87 | \* | 0.88 | \* | 0.85 | \* | 0.86 | \* | 4.76 | \* | 32 |
| 8.80 | (19.78) | 69156 | 0.86 |  | 0.87 |  | 0.85 |  | 0.86 |  | 4.73 |  | 109 |
| 11.97 | 55.95 | 59609 | 0.89 | <sup>(g)</sup> | 0.95 | <sup>(g)</sup> | 0.88 | <sup>(g)</sup> | 0.94 | <sup>(g)</sup> | 2.71 |  | 79 |
| 7.80 | (19.13) | 3070 | 0.86 |  | 1.07 |  | 0.85 |  | 1.06 |  | 3.58 |  | 56 |
| 9.86 | 2.42 | 16263 | 0.85 |  | 1.06 |  | 0.85 |  | 1.06 |  | 2.93 |  | 25 |
| 10.68 | 7.26 | 17486 | 0.86 |  | 1.07 |  | 0.86 |  | 1.07 |  | 2.07 |  | 28 |
| 8.37 | 7.32 | 10829 | 1.12 | \* | 1.13 | \* | 1.10 | \* | 1.11 | \* | 4.75 | \* | 32 |
| 8.70 | (19.97) | 12611 | 1.11 |  | 1.12 |  | 1.10 |  | 1.11 |  | 4.43 |  | 109 |
| 11.86 | 55.42 | 15798 | 1.14 | <sup>(g)</sup> | 1.20 | <sup>(g)</sup> | 1.13 | <sup>(g)</sup> | 1.19 | <sup>(g)</sup> | 2.24 |  | 79 |
| 7.75 | (19.27) | 7628 | 1.11 |  | 1.32 |  | 1.10 |  | 1.31 |  | 2.61 |  | 56 |
| 9.84 | 2.21 | 16198 | 1.10 |  | 1.31 |  | 1.10 |  | 1.31 |  | 2.52 |  | 25 |
| 10.68 | 7.08 | 7350 | 1.11 |  | 1.32 |  | 1.11 |  | 1.32 |  | 1.76 |  | 28 |
| $8.49 | 5.24% | $72335 | 0.00 | %\* | 0.56 | %\* | 0.00 | %\* | 0.56 | %\* | 3.86 | %\* | 4% |
| 8.78 | (15.58) | 69094 | 0.00 |  | 0.56 |  | 0.00 |  | 0.56 |  | 10.87 |  | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;11.65 | 44.96 | 80502 | 0.02 | <sup>(h)</sup> | 0.63 | <sup>(h)</sup> | 0.02 | <sup>(h)</sup> | 0.63 | <sup>(h)</sup> | 2.08 |  | 18 |
| 8.20 | (14.73) | 53191 | 0.02 |  | 0.78 |  | 0.01 |  | 0.77 |  | 4.03 |  | 34 |
| 10.23 | (1.50) | 75630 | 0.00 |  | 0.76 |  | 0.00 |  | 0.76 |  | 3.13 |  | 17 |
| 10.68 | 6.01 | 75994 | 0.00 |  | 0.77 |  | 0.00 |  | 0.77 |  | 3.36 |  | 9 |
| 8.51 | 5.19 | 289 | 0.10 | \* | 0.66 | \* | 0.10 | \* | 0.66 | \* | 3.51 | \* | 4 |
| 8.80 | (15.57) | 307 | 0.10 |  | 0.66 |  | 0.10 |  | 0.66 |  | 13.36 |  | 7 |
| 11.67 | 44.90 | 154 | 0.12 | <sup>(f)</sup> | 0.73 | <sup>(f)</sup> | 0.12 | <sup>(f)</sup> | 0.73 | <sup>(f)</sup> | 0.18 |  | 18 |
| 8.18 | (14.74) | 67 | 0.12 |  | 0.88 |  | 0.11 |  | 0.87 |  | 3.14 |  | 34 |
| 10.20 | (1.60) | 428 | 0.10 |  | 0.86 |  | 0.10 |  | 0.86 |  | 2.50 |  | 17 |
| 10.65 | 5.88 | 900 | 0.10 |  | 0.87 |  | 0.10 |  | 0.87 |  | 2.58 |  | 9 |
| 8.32 | 5.08 | 16541 | 0.35 | \* | 0.91 | \* | 0.35 | \* | 0.91 | \* | 4.00 | \* | 4 |
| 8.62 | (15.87) | 9334 | 0.35 |  | 0.91 |  | 0.35 |  | 0.91 |  | 10.37 |  | 7 |
| 11.48 | 44.43 | 11523 | 0.37 | <sup>(f)</sup> | 0.98 | <sup>(f)</sup> | 0.37 | <sup>(f)</sup> | 0.98 | <sup>(f)</sup> | 1.88 |  | 18 |
| 8.10 | (15.01) | 11252 | 0.37 |  | 1.13 |  | 0.36 |  | 1.12 |  | 4.66 |  | 34 |
| 10.14 | (1.90) | 2035 | 0.35 |  | 1.11 |  | 0.35 |  | 1.11 |  | 2.32 |  | 17 |
| 10.61 | 5.69 | 1531 | 0.35 |  | 1.12 |  | 0.35 |  | 1.12 |  | 2.14 |  | 9 |
| $7.36 | 4.54% | $701245 | 0.50 | %\* | 0.51 | %\* | 0.50 | %\* | 0.51 | %\* | 2.44 | %\* | 48% |
| 7.55 | (14.14) | 503685 | 0.51 |  | 0.52 |  | 0.50 |  | 0.51 |  | 3.77 |  | 58 |
| 11.23 | 41.64 | &nbsp;&nbsp;&nbsp;&nbsp;1025896 | 0.51 | <sup>(i)</sup> | 0.55 | <sup>(i)</sup> | 0.51 | <sup>(i)</sup> | 0.55 | <sup>(i)</sup> | 2.79 |  | 87 |
| 8.11 | (13.27) | 756178 | 0.51 |  | 0.62 |  | 0.50 |  | 0.61 |  | 2.65 |  | 93 |
| 9.74 | (2.72) | 547007 | 0.50 |  | 0.61 |  | 0.50 |  | 0.61 |  | 3.41 |  | 41 |
| 10.60 | 5.88 | 543875 | 0.51 |  | 0.62 |  | 0.51 |  | 0.62 |  | 3.04 |  | 47 |
| 7.32 | 4.50 | 10537 | 0.60 | \* | 0.61 | \* | 0.60 | \* | 0.61 | \* | 2.41 | \* | 48 |
| 7.51 | (14.25) | 11264 | 0.61 |  | 0.62 |  | 0.60 |  | 0.61 |  | 3.44 |  | 58 |
| 11.17 | 41.51 | 25494 | 0.61 | <sup>(j)</sup> | 0.65 | <sup>(j)</sup> | 0.61 | <sup>(j)</sup> | 0.65 | <sup>(j)</sup> | 3.66 |  | 87 |
| 8.07 | (13.40) | 841 | 0.61 |  | 0.72 |  | 0.60 |  | 0.71 |  | 2.39 |  | 93 |
| 9.71 | (2.73) | 832 | 0.60 |  | 0.71 |  | 0.60 |  | 0.71 |  | 3.02 |  | 41 |
| 10.57 | 5.84 | 1994 | 0.61 |  | 0.72 |  | 0.61 |  | 0.72 |  | 2.33 |  | 47 |

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|:---|:---|:---|:---|
| **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **23** |

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##### [**Table of Contents**](#toc)

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| | |
|:---|:---|
| **Financial Highlights** | **(Cont.)** |

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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 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** | **Tax Basis<br>Return of<br>Capital** | **Total** |
|  **PIMCO RAE International Fund (Cont.)** |  |  |  |  |  |  |  |  |
| Class A |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/2022 - 12/31/2022+ | $7.39 | $0.06 | $0.25 | $0.31 | $(0.14) | $(0.36) | $0.00 | $(0.50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2022 | 11.06 | &nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;(1.66) | &nbsp;&nbsp;&nbsp;&nbsp;(1.34) | &nbsp;&nbsp;&nbsp;&nbsp;(0.44) | &nbsp;&nbsp;&nbsp;&nbsp;(1.89) | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | (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 | 0.00 | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2020 | 9.64 | 0.18 | (1.41) | (1.23) | (0.40) | 0.00 | 0.00 | (0.40) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2019 | 10.53 | 0.30 | (0.67) | (0.37) | (0.25) | (0.27) | 0.00 | (0.52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2018 | 10.24 | 0.37 | 0.21 | 0.58 | (0.28) | (0.01) | 0.00 | (0.29) |
|  **PIMCO RAE US Fund** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/2022 - 12/31/2022+ | $11.81 | $0.15 | $1.11 | $1.26 | $(0.14) | $(0.83) | $0.00 | $(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) | 0.00 | &nbsp;&nbsp;&nbsp;&nbsp;(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) | 0.00 | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2020 | 11.09 | 0.28 | (1.08) | (0.80) | (0.32) | (0.25) | 0.00 | (0.57) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2019 | 11.30 | 0.26 | 0.20 | 0.46 | (0.21) | (0.46) | 0.00 | (0.67) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2018 | 10.57 | 0.23 | 1.16 | 1.39 | (0.22) | (0.44) | 0.00 | (0.66) |
| I-2 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/2022 - 12/31/2022+ | 11.72 | 0.15 | 1.10 | 1.25 | (0.14) | (0.83) | 0.00 | (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) | 0.00 | (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) | 0.00 | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2020 | 11.04 | 0.27 | (1.08) | (0.81) | (0.31) | (0.25) | 0.00 | (0.56) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2019 | 11.26 | 0.25 | 0.20 | 0.45 | (0.21) | (0.46) | 0.00 | (0.67) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2018 | 10.54 | 0.22 | 1.15 | 1.37 | (0.21) | (0.44) | 0.00 | (0.65) |
| Class A |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/2022 - 12/31/2022+ | 11.52 | 0.13 | 1.07 | 1.20 | (0.12) | (0.83) | 0.00 | (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) | 0.00 | (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) | 0.00 | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2020 | 10.93 | 0.23 | (1.07) | (0.84) | (0.29) | (0.25) | 0.00 | (0.54) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2019 | 11.19 | 0.22 | 0.19 | 0.41 | (0.21) | (0.46) | 0.00 | (0.67) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2018 | 10.50 | 0.18 | 1.15 | 1.33 | (0.20) | (0.44) | 0.00 | (0.64) |
|  **PIMCO RAE US Small Fund** |  |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/2022 - 12/31/2022+ | $8.27 | $0.12 | $0.55 | $0.67 | $(0.11) | $(0.69) | $0.00 | $(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) | 0.00 | (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) | 0.00 | (1.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2020 | 10.72 | 0.14 | (1.88) | (1.74) | (0.18) | 0.00 | 0.00 | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2019 | 12.33 | 0.17 | (1.05) | (0.88) | (0.09) | (0.64) | 0.00 | (0.73) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2018 | 11.10 | 0.15 | 1.63 | 1.78 | (0.17) | (0.38) | 0.00 | (0.55) |
| I-2 |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/2022 - 12/31/2022+ | 8.18 | 0.12 | 0.54 | 0.66 | (0.11) | (0.69) | 0.00 | (0.80) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2022 | &nbsp;&nbsp;&nbsp;&nbsp;15.80 | 0.15 | (1.61) | (1.46) | (0.20) | (5.96) | 0.00 | (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) | 0.00 | (1.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2020 | 10.67 | 0.16 | (1.90) | (1.74) | (0.17) | 0.00 | 0.00 | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2019 | 12.29 | 0.15 | (1.04) | (0.89) | (0.09) | (0.64) | 0.00 | (0.73) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2018 | 11.07 | 0.14 | 1.62 | 1.76 | (0.16) | (0.38) | 0.00 | (0.54) |

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| | | |
|:---|:---|:---|
| **24** | **PIMCO EQUITY SERIES** | See Accompanying Notes |

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------

##### [**Table of Contents**](#toc)

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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/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>** |  | |
|<br>**Net Assets<br>Value End of<br>Year or<br>Period<sup>(a)</sup>** |<br>**Total Return<sup>(d)</sup>** |<br>**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)** | |<br>**Portfolio<br>Turnover<br>Rate** |
| $7.20 | 4.28% | $4900 | 0.85 | % \* | 0.86 | % \* | 0.85 | % \* | 0.86 | % \* | 1.53 | % \* | 48% |
| 7.39 | (14.41) | 21550 | 0.86 |  | 0.87 |  | 0.85 |  | 0.86 |  | 3.49 |  | 58 |
| 11.06 | 41.10 | 25298 | 0.86 | <sup>(j)</sup> | 0.90 | <sup>(j)</sup> | 0.86 | <sup>(j)</sup> | 0.90 | <sup>(j)</sup> | 2.87 |  | 87 |
| 8.01 | (13.57) | 3258 | 0.86 |  | 0.97 |  | 0.85 |  | 0.96 |  | 2.05 |  | 93 |
| 9.64 | (3.03) | 5072 | 0.85 |  | 0.96 |  | 0.85 |  | 0.96 |  | 3.06 |  | 41 |
| 10.53 | 5.53 | 5007 | 0.86 |  | 0.97 |  | 0.86 |  | 0.97 |  | 3.34 |  | 47 |
| $12.10 | 10.61% | $&nbsp;&nbsp;&nbsp;&nbsp;955365 | 0.40 | %\* | 0.41 | %\* | 0.40 | %\* | 0.41 | %\* | 2.42 | %\* | 47% |
| 11.81 | (7.16) | 778671 | 0.40 |  | 0.41 |  | 0.40 |  | 0.41 |  | 1.94 |  | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;14.03 | 48.99 | 915231 | 0.40 | <sup>(k)</sup> | 0.44 | <sup>(k)</sup> | 0.40 | <sup>(k)</sup> | 0.44 | <sup>(k)</sup> | 2.06 |  | 54 |
| 9.72 | (8.03) | 578588 | 0.41 |  | 0.52 |  | 0.40 |  | 0.51 |  | 2.60 |  | 34 |
| 11.09 | 4.66 | 745741 | 0.40 |  | 0.51 |  | 0.40 |  | 0.51 |  | 2.39 |  | 32 |
| 11.30 | 13.22 | 771581 | 0.41 |  | 0.52 |  | 0.41 |  | 0.52 |  | 2.06 |  | 44 |
| 12.00 | 10.56 | 51991 | 0.50 | \* | 0.51 | \* | 0.50 | \* | 0.51 | \* | 2.32 | \* | 47 |
| 11.72 | (7.25) | 44350 | 0.50 |  | 0.51 |  | 0.50 |  | 0.51 |  | 1.87 |  | 69 |
| 13.94 | 48.77 | 39056 | 0.50 | <sup>(l)</sup> | 0.54 | <sup>(l)</sup> | 0.50 | <sup>(l)</sup> | 0.54 | <sup>(l)</sup> | 1.92 |  | 54 |
| 9.67 | (8.08) | 16970 | 0.51 |  | 0.62 |  | 0.50 |  | 0.61 |  | 2.51 |  | 34 |
| 11.04 | 4.58 | 14257 | 0.50 |  | 0.61 |  | 0.50 |  | 0.61 |  | 2.25 |  | 32 |
| 11.26 | 13.10 | 7265 | 0.51 |  | 0.62 |  | 0.51 |  | 0.62 |  | 1.96 |  | 44 |
| 11.77 | 10.36 | 19116 | 0.80 | \* | 0.81 | \* | 0.80 | \* | 0.81 | \* | 2.01 | \* | 47 |
| 11.52 | (7.54) | 15623 | 0.80 |  | 0.81 |  | 0.80 |  | 0.81 |  | 1.57 |  | 69 |
| 13.75 | 48.44 | 12212 | 0.80 | <sup>(j)</sup> | 0.84 | <sup>(j)</sup> | 0.80 | <sup>(j)</sup> | 0.84 | <sup>(j)</sup> | 1.65 |  | 54 |
| 9.55 | (8.41) | 7432 | 0.81 |  | 0.92 |  | 0.80 |  | 0.91 |  | 2.21 |  | 34 |
| 10.93 | 4.24 | 8197 | 0.80 |  | 0.91 |  | 0.80 |  | 0.91 |  | 2.03 |  | 32 |
| 11.19 | 12.73 | 6973 | 0.81 |  | 0.92 |  | 0.81 |  | 0.92 |  | 1.65 |  | 44 |
| $8.14 | 7.92% | $532270 | 0.50 | %\* | 0.51 | %\* | 0.50 | %\* | 0.51 | %\* | 2.66 | %\* | 38% |
| 8.27 | (13.65) | 274652 | 0.50 |  | 0.51 |  | 0.50 |  | 0.51 |  | 1.33 |  | 131 |
| 15.90 | 97.65 | 331165 | 0.53 | <sup>(k)</sup> | 0.56 | <sup>(k)</sup> | 0.51 | <sup>(k)</sup> | 0.54 | <sup>(k)</sup> | 0.79 |  | 118 |
| 8.80 | (16.64) | 288592 | 0.53 |  | 0.63 |  | 0.52 |  | 0.62 |  | 1.50 |  | 202 |
| 10.72 | (6.74) | 119223 | 0.51 |  | 0.62 |  | 0.51 |  | 0.62 |  | 1.52 |  | 64 |
| 12.33 | 16.37 | 128985 | 0.50 |  | 0.62 |  | 0.50 |  | 0.62 |  | 1.30 |  | 30 |
| 8.04 | 7.86 | 66891 | 0.60 | \* | 0.61 | \* | 0.60 | \* | 0.61 | \* | 2.62 | \* | 38 |
| 8.18 | (13.68) | 47933 | 0.60 |  | 0.61 |  | 0.60 |  | 0.61 |  | 1.39 |  | 131 |
| 15.80 | 97.30 | 6427 | 0.63 | <sup>(l)</sup> | 0.66 | <sup>(l)</sup> | 0.61 | <sup>(l)</sup> | 0.64 | <sup>(l)</sup> | 0.17 |  | 118 |
| 8.76 | (16.67) | 883 | 0.63 |  | 0.73 |  | 0.62 |  | 0.72 |  | 1.53 |  | 202 |
| 10.67 | (6.85) | 2565 | 0.61 |  | 0.72 |  | 0.61 |  | 0.72 |  | 1.34 |  | 64 |
| 12.29 | 16.27 | 4366 | 0.60 |  | 0.72 |  | 0.60 |  | 0.72 |  | 1.19 |  | 30 |

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **25** |

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##### [**Table of Contents**](#toc)

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| | |
|:---|:---|
| **Financial Highlights** | **(Cont.)** |

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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 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** | **Tax Basis<br>Return of<br>Capital** | **Total** |
|  **PIMCO RAE US Small Fund (Cont.)** |  |  |  |  |  |  |  |  |
| Class A |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/2022 - 12/31/2022+ | $8.00 | $0.10 | $0.53 | $0.63 | $(0.10) | $(0.69) | $0.00 | $(0.79) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2022 | &nbsp;&nbsp;&nbsp;&nbsp;15.62 | 0.12 | (1.60) | (1.48) | (0.18) | (5.96) | 0.00 | (6.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2021 | 8.68 | &nbsp;&nbsp;&nbsp;&nbsp;(0.04) | 8.01 | 7.97 | (0.16) | &nbsp;&nbsp;&nbsp;&nbsp;(0.87) | &nbsp;&nbsp;&nbsp;&nbsp;0.00 | &nbsp;&nbsp;&nbsp;&nbsp;(1.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2020 | 10.60 | 0.12 | &nbsp;&nbsp;&nbsp;&nbsp;(1.89) | &nbsp;&nbsp;&nbsp;&nbsp;(1.77) | &nbsp;&nbsp;&nbsp;&nbsp;(0.15) | 0.00 | 0.00 | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2019 | 12.24 | 0.12 | (1.03) | (0.91) | (0.09) | (0.64) | 0.00 | (0.73) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2018 | 11.05 | 0.09 | 1.62 | 1.71 | (0.14) | (0.38) | 0.00 | (0.52) |

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

---

+ Unaudited

\* Annualized, except for organizational expense, if any.

<sup>(a)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by 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. The actual tax characterization of distributions paid is determined at the end of the fiscal year. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information. 

<sup>(d)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Funds. Additionally, excludes initial sales charges and contingent deferred sales charges.

<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, 2020, the Class's Supervisory and Administrative fee was decreased by 0.20% to an annual rate of 0.25%. 

<sup>(g)</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>(h)</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>(i)</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>(j)</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>(k)</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>(l)</sup> Effective November 1, 2020, the Class's Supervisory and Administrative fee was decreased by 0.10% to an annual rate of 0.25%. 

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|:---|:---|:---|
| **26** | **PIMCO EQUITY SERIES** | See Accompanying Notes |

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##### [**Table of Contents**](#toc)

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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/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>** | |
|<br>**Net Assets<br>Value End of<br>Year or<br>Period<sup>(a)</sup>** |<br>**Total Return<sup>(d)</sup>** |<br>**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)** |<br>**Portfolio<br>Turnover<br>Rate** |
| $7.84 | 7.60% | $78381 | 0.90 | % \* | 0.91 | % \* | 0.90 | % \* | 0.91 | % \* | 2.22 | 38% |
| 8.00 | (13.98) | &nbsp;&nbsp;&nbsp;&nbsp;73766 | 0.90 |  | 0.91 |  | 0.90 |  | 0.91 |  | 1.11 | 131 |
| &nbsp;&nbsp;&nbsp;&nbsp;15.62 | 96.82 | 46113 | 0.93 | <sup>(j)</sup> | 0.96 | <sup>(j)</sup> | 0.91 | <sup>(j)</sup> | 0.94 | <sup>(j)</sup> | (0.27 | 118 |
| 8.68 | (16.99) | 3900 | 0.93 |  | 1.03 |  | 0.92 |  | 1.02 |  | 1.22 | 202 |
| 10.60 | (7.05) | 4023 | 0.91 |  | 1.02 |  | 0.91 |  | 1.02 |  | 1.07 | 64 |
| 12.24 | 15.83 | 4875 | 0.90 |  | 1.02 |  | 0.90 |  | 1.02 |  | 0.82 | 30 |

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **27** |

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##### [**Table of Contents**](#toc)
**Statements of Assets and Liabilities**

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| (Amounts in thousands<sup>†</sup>, except per share amounts) | **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> | $1145286 | $0 | $710564 | $1023156 | $675926 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 16284 | 89224 | 24710 | 1240 | 3346 |
|  Cash | 88 | 11 | 0 | 12 | 9 |
|  Deposits with counterparty | 0 | 0 | 1782 | 0 | 0 |
|  Foreign currency, at value | 1613 | 0 | 2546 | 0 | 0 |
|  Receivable for investments sold | 225 | 0 | 0 | 0 | 1 |
|  Receivable for investments in Affiliates sold | 0 | 0 | 0 | 0 | 0 |
|  Receivable for Fund shares sold | 1861 | 5 | 9 | 2416 | 989 |
|  Interest and/or dividends receivable | 6048 | 0 | 4416 | 1723 | 2432 |
|  Reimbursement receivable from PIMCO | 20 | 45 | 7 | 14 | 5 |
|  Other assets | 20 | 0 | 13 | 0 | 0 |
|  **Total Assets** | 1171445 | 89285 | 744047 | 1028561 | 682708 |
|  **Liabilities:** |  |  |  |  |  |
|  Payable for investments purchased | $2166 | $0 | $0 | $0 | $0 |
|  Payable upon return of securities loaned | 16372 | 0 | 24710 | 1252 | 3313 |
|  Deposits from counterparty | 0 | 0 | 1792 | 0 | 0 |
|  Payable for Fund shares redeemed | 292 | 71 | 431 | 450 | 1482 |
|  Overdraft due to custodian | 0 | 0 | 93 | 0 | 0 |
|  Accrued investment advisory fees | 513 | 32 | 200 | 235 | 213 |
|  Accrued supervisory and administrative fees | 264 | 13 | 135 | 148 | 107 |
|  Accrued servicing fees | 2 | 4 | 1 | 4 | 18 |
|  Accrued taxes payable | 376 | 0 | 0 | 0 | 0 |
|  Other liabilities | 0 | 0 | 3 | 0 | 33 |
|  **Total Liabilities** | 19985 | 120 | 27365 | 2089 | 5166 |
|  **Net Assets** | $1151460 | $89165 | $716682 | $1026472 | $677542 |
|  **Net Assets Consist of:** |  |  |  |  |  |
|  Paid in capital | $1465177 | $&nbsp;&nbsp;&nbsp;&nbsp;104102 | $717073 | $822582 | $666844 |
|  Distributable earnings (accumulated loss) | (313717) | (14937) | (391) | 203890 | 10698 |
|  **Net Assets** | $&nbsp;&nbsp;&nbsp;&nbsp;1151460 | $89165 | $&nbsp;&nbsp;&nbsp;&nbsp;716682 | $&nbsp;&nbsp;&nbsp;&nbsp;1026472 | $&nbsp;&nbsp;&nbsp;&nbsp;677542 |
|  Cost of investments in securities | $1120634 | $0 | $629289 | $805467 | $623946 |
|  Cost of investments in Affiliates | $16284 | $105028 | $24710 | $1240 | $3346 |
|  Cost of foreign currency held | $1528 | $0 | $751 | $0 | $0 |
|  \* Includes repurchase agreements of: | $6783 | $0 | $0 | $5467 | $3817 |
|  ^ Includes securities on loan of: | $15336 | $0 | $23326 | $1221 | $2801 |

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| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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| | | |
|:---|:---|:---|
| **28** | **PIMCO EQUITY SERIES** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022 (Unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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 | $&nbsp;&nbsp;&nbsp;&nbsp;1076171 | $&nbsp;&nbsp;&nbsp;&nbsp;72335 | $&nbsp;&nbsp;&nbsp;&nbsp;701245 | $&nbsp;&nbsp;&nbsp;&nbsp;955365 | $&nbsp;&nbsp;&nbsp;&nbsp;532270 |
|  I-2 | 64460 | 289 | 10537 | 51991 | 66891 |
|  Class A | 10829 | 16541 | 4900 | 19116 | 78381 |
|  **Shares Issued and Outstanding:** |  |  |  |  |  |
|  Institutional Class | 126114 | 8516 | 95309 | 78980 | 65391 |
|  I-2 | 7603 | 34 | 1439 | 4333 | 8323 |
|  Class A | 1293 | 1987 | 680 | 1624 | 9993 |
|  **Net Asset Value Per Share Outstanding<sup>(a)</sup>:** |  |  |  |  |  |
|  Institutional Class | $8.53 | $8.49 | $7.36 | $12.10 | $8.14 |
|  I-2 | 8.48 | 8.51 | 7.32 | 12.00 | 8.04 |
|  Class A | 8.37 | 8.32 | 7.20 | 11.77 | 7.84 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **29** |

---

------

##### [**Table of Contents**](#toc)
**Statements of Operations**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Six Months Ended December 31, 2022 (Unaudited) |  |  |  |  |  |
| (Amounts in thousands<sup>†</sup>) | **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 RAE<br>US Small<br>Fund** |
|  **Investment Income:** |  |  |  |  |  |
|  Interest | $14 | $1 | $23 | $40 | $43 |
|  Dividends, net of foreign taxes\* | 37017 | 0 | 9646 | 14777 | 9036 |
|  Dividends from Investments in Affiliates | 0 | 1671 | 0 | 0 | 0 |
|  Securities lending income | 184 | 0 | 111 | 62 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Income | 37215 | 1672 | 9780 | 14879 | 9126 |
|  **Expenses:** |  |  |  |  |  |
|  Investment advisory fees | 3184 | 170 | 995 | 1312 | 1005 |
|  Supervisory and administrative fees | 1635 | 71 | 673 | 826 | 519 |
|  Distribution and/or servicing fees - Class A | 14 | 18 | 10 | 22 | 101 |
|  Trustee fees | 48 | 3 | 21 | 35 | 15 |
|  Interest expense | 112 | 0 | 11 | 0 | 3 |
|  Miscellaneous expense | 31 | 1 | 16 | 26 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 5024 | 263 | 1726 | 2221 | 1657 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waiver and/or Reimbursement by PIMCO | (48) | (237) | (21) | (35) | (15) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 4976 | 26 | 1705 | 2186 | 1642 |
|  **Net Investment Income (Loss)** | 32239 | 1646 | 8075 | 12693 | 7484 |
|  **Net Realized Gain (Loss):** |  |  |  |  |  |
|  Investments in securities, net of foreign capital gains tax\*\* | (47225) | 0 | 13887 | 7484 | 20227 |
|  Investments in Affiliates | 0 | (1053) | 0 | 0 | 0 |
|  Net capital gain distributions received from Affiliate investments | 0 | 5126 | 0 | 0 | 0 |
|  Over the counter financial derivative instruments | 20 | 0 | (44) | 0 | 0 |
|  Foreign currency | (2932) | 0 | (374) | 0 | 0 |
|  **Net Realized Gain (Loss)** | (50137) | 4073 | 13469 | 7484 | 20227 |
|  **Net Change in Unrealized Appreciation (Depreciation):** |  |  |  |  |  |
|  Investments in securities | 102982 | 0 | 27129 | 68391 | 14840 |
|  Investments in Affiliates | 0 | (1371) | 0 | 0 | 0 |
|  Exchange-traded or centrally cleared financial derivative instruments | 0 | 0 | 0 | 0 | 0 |
|  Foreign currency assets and liabilities | (62) | 0 | 180 | 0 | 0 |
|  **Net Change in Unrealized Appreciation (Depreciation)** | &nbsp;&nbsp;&nbsp;&nbsp;102920 | &nbsp;&nbsp;&nbsp;&nbsp;(1371) | 27309 | 68391 | 14840 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $85022 | $4348 | $&nbsp;&nbsp;&nbsp;&nbsp;48853 | $&nbsp;&nbsp;&nbsp;&nbsp;88568 | $&nbsp;&nbsp;&nbsp;&nbsp;42551 |
|  \* Foreign tax withholdings - Dividends | $6151 | $0 | $937 | $0 | $0 |
|  \*\* Foreign capital gains tax | $1196 | $0 | $0 | $0 | $0 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

---

| | | |
|:---|:---|:---|
| **30** | **PIMCO EQUITY SERIES** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
(THIS PAGE INTENTIONALLY LEFT BLANK)

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **31** |

---

------

##### [**Table of Contents**](#toc)
**Statements of Changes in Net Assets**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **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** | **PIMCO**<br> **RAE International Fund** | **PIMCO**<br> **RAE International Fund** |
| (Amounts in thousands<sup>†</sup>) | **Six Months Ended<br>December 31, 2022<br>(Unaudited)** | **Year Ended<br>June 30, 2022** | **Six Months Ended<br>December 31, 2022<br>(Unaudited)** | **Year Ended<br>June 30, 2022** | **Six Months Ended<br>December 31, 2022<br>(Unaudited)** | **Year Ended<br>June 30, 2022** |
|  **Increase (Decrease) in Net Assets from:** |  |  |  |  |  |  |
|  **Operations:** |  |  |  |  |  |  |
|  Net investment income (loss) | $32239 | $64592 | $1646 | $9887 | $8075 | $30379 |
|  Net realized gain (loss) | (50137) | 311732 | 4073 | 6060 | 13469 | 140409 |
|  Net change in unrealized appreciation (depreciation) | 102920 | (680361) | (1371) | (30683) | 27309 | (278293) |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | 85022 | (304037) | 4348 | (14736) | 48853 | (107505) |
|  **Distributions to Shareholders:** |  |  |  |  |  |  |
|  From net investment income and/or net realized capital gains |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (110130) | (65718) | (5937) | (8675) | (50236) | (159212) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | (6797) | (5877) | (24) | (42) | (745) | (3032) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (1104) | (1405) | (1373) | (1283) | (330) | (5107) |
|  **Total Distributions<sup>(a)</sup>** | (118031) | (73000) | (7334) | (10000) | (51311) | (167351) |
|  **Fund Share Transactions:** |  |  |  |  |  |  |
|  Net increase (decrease) resulting from Fund share transactions\* | (145033) | (85243) | 13416 | 11292 | 182641 | (265333) |
|  **Total Increase (Decrease) in Net Assets** | (178042) | (462280) | 10430 | (13444) | 180183 | (540189) |
|  **Net Assets:** |  |  |  |  |  |  |
|  Beginning of period | &nbsp;&nbsp;&nbsp;&nbsp;1329502 | &nbsp;&nbsp;&nbsp;&nbsp;1791782 | &nbsp;&nbsp;&nbsp;&nbsp;78735 | &nbsp;&nbsp;&nbsp;&nbsp;92179 | &nbsp;&nbsp;&nbsp;&nbsp;536499 | &nbsp;&nbsp;&nbsp;&nbsp;1076688 |
|  End of period | $&nbsp;&nbsp;&nbsp;&nbsp;1151460 | $&nbsp;&nbsp;&nbsp;&nbsp;1329502 | $&nbsp;&nbsp;&nbsp;&nbsp;89165 | $&nbsp;&nbsp;&nbsp;&nbsp;78735 | $&nbsp;&nbsp;&nbsp;&nbsp;716682 | $&nbsp;&nbsp;&nbsp;&nbsp;536499 |

---

---

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

---

| | | |
|:---|:---|:---|
| **32** | **PIMCO EQUITY SERIES** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)

---

| | | | |
|:---|:---|:---|:---|
| **PIMCO**<br>**RAE US Fund** | **PIMCO**<br>**RAE US Fund** | **PIMCO**<br>**RAE US Small Fund** | **PIMCO**<br>**RAE US Small Fund** |
| **Six Months Ended<br>December 31, 2022<br>(Unaudited)** | **Year Ended<br>June 30, 2022** | **Six Months Ended<br>December 31, 2022<br>(Unaudited)** | **Year Ended<br>June 30, 2022** |
| $12693 | $21650 | $7484 | $4670 |
| 7484 | 82856 | 20227 | 96742 |
| 68391 | &nbsp;&nbsp;&nbsp;&nbsp;(167813) | 14840 | &nbsp;&nbsp;&nbsp;&nbsp;(165626) |
| 88568 | (63307) | 42551 | (64214) |
| (73075) | (114851) | (47913) | (91057) |
| (3996) | (3541) | (4583) | (10276) |
| (1379) | (1233) | (7395) | (30767) |
| (78450) | (119625) | (59891) | (132100) |
| 177710 | 55077 | 298531 | 208960 |
| 187828 | (127855) | 281191 | 12646 |
| 838644 | 966499 | 396351 | 383705 |
| $&nbsp;&nbsp;&nbsp;&nbsp;1026472 | $&nbsp;&nbsp;&nbsp;&nbsp;838644 | $&nbsp;&nbsp;&nbsp;&nbsp;677542 | $&nbsp;&nbsp;&nbsp;&nbsp;396351 |

---

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **33** |

---

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **Schedule of Investments** | **PIMCO RAE Emerging Markets Fund** |

---

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
| **INVESTMENTS IN SECURITIES 99.5%** | **INVESTMENTS IN SECURITIES 99.5%** | **INVESTMENTS IN SECURITIES 99.5%** |
| **COMMON STOCKS 97.7%** | **COMMON STOCKS 97.7%** | **COMMON STOCKS 97.7%** |
| **BRAZIL 4.8%** | **BRAZIL 4.8%** | **BRAZIL 4.8%** |
| **COMMUNICATION SERVICES 0.3%** | **COMMUNICATION SERVICES 0.3%** | **COMMUNICATION SERVICES 0.3%** |
|  **Telefonica Brasil SA** | 385545 | 2785 |
| **CONSUMER DISCRETIONARY 0.3%** | **CONSUMER DISCRETIONARY 0.3%** | **CONSUMER DISCRETIONARY 0.3%** |
|  **Cogna Educacao (b)** | 1129700 | 454 |
|  **Vibra Energia SA** | 1000337 | 2933 |
|  |  | 3387 |
| **ENERGY 0.2%** | **ENERGY 0.2%** | **ENERGY 0.2%** |
|  **Ultrapar Participacoes SA** | 963165 | 2287 |
| **FINANCIALS 1.9%** | **FINANCIALS 1.9%** | **FINANCIALS 1.9%** |
|  **Banco do Brasil SA** | 3144740 | 20345 |
|  **IRB Brasil Resseguros SA** | 5795735 | 940 |
|  **Porto Seguro SA** | 223800 | 979 |
|  |  | 22264 |
| **INDUSTRIALS 0.4%** | **INDUSTRIALS 0.4%** | **INDUSTRIALS 0.4%** |
|  **CCR SA** | 589000 | 1209 |
|  **Embraer SA (b)** | 1294485 | 3521 |
|  |  | 4730 |
| **INFORMATION TECHNOLOGY 1.6%** | **INFORMATION TECHNOLOGY 1.6%** | **INFORMATION TECHNOLOGY 1.6%** |
|  **Cielo SA** | 18759345 | 18664 |
| **UTILITIES 0.1%** | **UTILITIES 0.1%** | **UTILITIES 0.1%** |
|  **Cia Paranaense de Energia** | 110200 | 805 |
|  **EDP - Energias do Brasil SA** | 119100 | 470 |
|  |  | 1275 |
|  **Total Brazil** |  | **55392** |
| **CHILE 0.7%** | **CHILE 0.7%** | **CHILE 0.7%** |
| **COMMUNICATION SERVICES 0.0%** | **COMMUNICATION SERVICES 0.0%** | **COMMUNICATION SERVICES 0.0%** |
|  **Empresa Nacional de Telecomunicaciones SA** | 66893 | 231 |
| **CONSUMER DISCRETIONARY 0.0%** | **CONSUMER DISCRETIONARY 0.0%** | **CONSUMER DISCRETIONARY 0.0%** |
|  **Falabella SA** | 88756 | 173 |
| **CONSUMER STAPLES 0.4%** | **CONSUMER STAPLES 0.4%** | **CONSUMER STAPLES 0.4%** |
|  **Cencosud SA** | 1759985 | 2894 |
|  **Cia Cervecerias Unidas SA** | 147479 | 984 |
|  |  | 3878 |
| **UTILITIES 0.3%** | **UTILITIES 0.3%** | **UTILITIES 0.3%** |
|  **Aguas Andinas SA 'A'** | 2103354 | 486 |
|  **Colbun SA** | 2723764 | 280 |
|  **Enel Americas SA** | 1147667 | 154 |
|  **Enel Chile SA** | 52456517 | 2411 |
|  |  | 3331 |
|  **Total Chile** |  | **7613** |
| **CHINA 20.9%** | **CHINA 20.9%** | **CHINA 20.9%** |
| **CONSUMER DISCRETIONARY 1.4%** | **CONSUMER DISCRETIONARY 1.4%** | **CONSUMER DISCRETIONARY 1.4%** |
|  **BAIC Motor Corp. Ltd. 'H'** | 8321000 | 2196 |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  **Topsports International Holdings Ltd.** | 1967000 | 1550 |
|  **Vipshop Holdings Ltd. ADR (b)** | 883566 | 12052 |
|  |  | 15798 |
| **CONSUMER STAPLES 0.2%** | **CONSUMER STAPLES 0.2%** | **CONSUMER STAPLES 0.2%** |
|  **Want Want China Holdings Ltd.** | 3169000 | 2112 |
| **ENERGY 4.3%** | **ENERGY 4.3%** | **ENERGY 4.3%** |
|  **China Petroleum & Chemical Corp. 'H'** | 56348400 | 27149 |
|  **China Shenhua Energy Co. Ltd. 'H'** | 2897500 | 8347 |
|  **PetroChina Co. Ltd. 'H'** | 30030000 | 13717 |
|  |  | 49213 |
| **FINANCIALS 11.0%** | **FINANCIALS 11.0%** | **FINANCIALS 11.0%** |
|  **Bank of China Ltd. 'H'** | 108504000 | 39271 |
|  **Bank of Communications<br>Co. Ltd. 'H'** | 6578000 | 3775 |
|  **China Cinda Asset Management Co. Ltd. 'H'** | 27305000 | 3768 |
|  **China Construction Bank Corp. 'H'** | 78715000 | 49228 |
|  **China Everbright Bank Co. Ltd. 'H'** | 1838000 | 560 |
|  **Industrial & Commercial Bank of China Ltd. 'H'** | 49339000 | 25305 |
|  **PICC Property & Casualty Co. Ltd. 'H'** | 4598000 | 4347 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;126254 |
| **HEALTH CARE 1.1%** | **HEALTH CARE 1.1%** | **HEALTH CARE 1.1%** |
|  **China Resources Pharmaceutical Group Ltd.** | 4398000 | 3548 |
|  **CSPC Pharmaceutical Group Ltd.** | 3358000 | 3496 |
|  **Shanghai Pharmaceuticals Holding Co. Ltd. 'H'** | 103100 | 171 |
|  **Sinopharm Group Co. Ltd. 'H'** | 2356000 | 5963 |
|  |  | 13178 |
| **INDUSTRIALS 0.9%** | **INDUSTRIALS 0.9%** | **INDUSTRIALS 0.9%** |
|  **AviChina Industry & Technology Co. Ltd. 'H'** | 289000 | 130 |
|  **China Communications Services Corp. Ltd. 'H'** | 4930000 | 1794 |
|  **China Energy Engineering Corp. Ltd. 'H' (d)** | 3512000 | 408 |
|  **CITIC Ltd.** | 4629000 | 4867 |
|  **CRRC Corp. Ltd. 'H'** | 3628000 | 1461 |
|  **Guangshen Railway<br>Co. Ltd. 'H'** | 1458000 | 268 |
|  **Sinopec Engineering Group<br>Co. Ltd. 'H'** | 2246000 | 985 |
|  **Sinotruk Hong Kong Ltd.** | 785000 | 1090 |
|  |  | 11003 |
| **INFORMATION TECHNOLOGY 1.3%** | **INFORMATION TECHNOLOGY 1.3%** | **INFORMATION TECHNOLOGY 1.3%** |
|  **FIH Mobile Ltd. (b)** | 9167000 | 986 |
|  **Lenovo Group Ltd.** | 16716000 | 13615 |
|  |  | 14601 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **MATERIALS 0.5%** | **MATERIALS 0.5%** | **MATERIALS 0.5%** | **MATERIALS 0.5%** |
|  **Angang Steel Co. Ltd. 'H'** | 6602000 | $— | 1793 |
|  **China National Building Material Co. Ltd. 'H'** | 3371400 |  | 2754 |
|  **Sinopec Shanghai Petrochemical Co. Ltd. 'H'** | 10712000 |  | 1808 |
|  |  |  | 6355 |
| **REAL ESTATE 0.2%** | **REAL ESTATE 0.2%** | **REAL ESTATE 0.2%** | **REAL ESTATE 0.2%** |
|  **China Evergrande Group «(b)** | 1601000 |  | 169 |
|  **Guangzhou R&F Properties<br>Co. Ltd. 'H' (d)** | 1615000 |  | 391 |
|  **Shui On Land Ltd.** | 6309000 |  | 800 |
|  **Sino-Ocean Group Holding Ltd.** | 6618000 |  | 917 |
|  |  |  | 2277 |
| **UTILITIES 0.0%** | **UTILITIES 0.0%** | **UTILITIES 0.0%** | **UTILITIES 0.0%** |
|  **Datang International Power Generation Co. Ltd. 'H'** | 1540000 |  | 250 |
|  **Total China** |  |  | **241041** |
| **GREECE 0.7%** | **GREECE 0.7%** | **GREECE 0.7%** | **GREECE 0.7%** |
| **COMMUNICATION SERVICES 0.1%** | **COMMUNICATION SERVICES 0.1%** | **COMMUNICATION SERVICES 0.1%** | **COMMUNICATION SERVICES 0.1%** |
|  **Hellenic Telecommunications Organization SA** | 119525 |  | 1867 |
| **CONSUMER DISCRETIONARY 0.1%** | **CONSUMER DISCRETIONARY 0.1%** | **CONSUMER DISCRETIONARY 0.1%** | **CONSUMER DISCRETIONARY 0.1%** |
|  **OPAP SA** | 42249 |  | 598 |
| **ENERGY 0.1%** | **ENERGY 0.1%** | **ENERGY 0.1%** | **ENERGY 0.1%** |
|  **Motor Oil Hellas Corinth Refineries SA** | 51289 |  | 1194 |
| **FINANCIALS 0.4%** |  |  |  |
|  **Alpha Services & Holdings SA (b)** | 2067795 |  | 2213 |
|  **National Bank of Greece SA (b)** | 522106 |  | 2094 |
|  **Piraeus Financial Holdings SA (b)** | 100477 |  | 154 |
|  |  |  | 4461 |
|  **Total Greece** |  |  | **8120** |
| **HONG KONG 2.0%** |  |  |  |
| **FINANCIALS 0.1%** |  |  |  |
|  **BOC Hong Kong Holdings Ltd.** | 132500 |  | 450 |
|  **Far East Horizon Ltd.** | 607000 |  | 473 |
|  |  |  | 923 |
| **INDUSTRIALS 0.3%** |  |  |  |
|  **Orient Overseas International Ltd.** | 149000 |  | 2686 |
|  **Shanghai Industrial Holdings Ltd.** | 757000 |  | 933 |
|  |  |  | 3619 |
| **REAL ESTATE 0.2%** |  |  |  |
|  **Poly Property Group Co. Ltd.** | 2038000 |  | 454 |
|  **Shenzhen Investment Ltd.** | 1950000 |  | 334 |
|  **Yuexiu Property Co. Ltd.** | 774000 |  | 934 |
|  |  |  | 1722 |

---

---

| | | |
|:---|:---|:---|
| **34** | **PIMCO EQUITY SERIES** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
| **UTILITIES 1.4%** |  |  |
|  **China Resources Power Holdings Co. Ltd.** | 5100000 | 10392 |
|  **Kunlun Energy Co. Ltd.** | 8742000 | 6215 |
|  |  | 16607 |
|  **Total Hong Kong** |  | **22871** |
| **INDIA 13.3%** |  |  |
| **COMMUNICATION SERVICES 0.1%** | **COMMUNICATION SERVICES 0.1%** | **COMMUNICATION SERVICES 0.1%** |
|  **Zee Entertainment Enterprises Ltd.** | 351621 | 1016 |
| **CONSUMER DISCRETIONARY 1.3%** | **CONSUMER DISCRETIONARY 1.3%** | **CONSUMER DISCRETIONARY 1.3%** |
|  **Apollo Tyres Ltd.** | 66487 | 260 |
|  **Bosch Ltd.** | 2710 | 564 |
|  **Hero MotoCorp Ltd.** | 104548 | 3454 |
|  **Mahindra & Mahindra Ltd.** | 422699 | 6364 |
|  **Maruti Suzuki India Ltd.** | 13880 | 1404 |
|  **Rajesh Exports Ltd.** | 216116 | 1912 |
|  **Tata Motors Ltd. (b)** | 214323 | 1004 |
|  |  | 14962 |
| **CONSUMER STAPLES 0.9%** |  |  |
|  **ITC Ltd.** | 2473287 | 9900 |
| **ENERGY 2.8%** |  |  |
|  **Bharat Petroleum Corp. Ltd.** | 130340 | 520 |
|  **Coal India Ltd.** | 2067188 | 5624 |
|  **Hindustan Petroleum Corp. Ltd.** | 804577 | 2281 |
|  **Indian Oil Corp. Ltd.** | 9332453 | 8620 |
|  **Oil & Natural Gas Corp. Ltd.** | 6498312 | 11567 |
|  **Oil India Ltd.** | 1010555 | 2551 |
|  **Petronet LNG Ltd.** | 544000 | 1415 |
|  |  | 32578 |
| **FINANCIALS 1.9%** |  |  |
|  **Bank of Baroda** | 1246037 | 2791 |
|  **Bank of India** | 287829 | 306 |
|  **IDFC Ltd.** | 5387635 | 5283 |
|  **Indiabulls Housing Finance Ltd. 'L' (b)** | 4535196 | 8457 |
|  **Power Finance Corp. Ltd.** | 1492632 | 2544 |
|  **REC Ltd.** | 1231462 | 1733 |
|  **Yes Bank Ltd. «(b)** | 3406176 | 679 |
|  |  | 21793 |
| **HEALTH CARE 0.4%** |  |  |
|  **Glenmark Pharmaceuticals Ltd.** | 112095 | 574 |
|  **Lupin Ltd.** | 44451 | 394 |
|  **Sun Pharmaceutical Industries Ltd.** | 280966 | 3398 |
|  |  | 4366 |
| **INDUSTRIALS 0.6%** | **INDUSTRIALS 0.6%** | **INDUSTRIALS 0.6%** |
|  **Bharat Electronics Ltd.** | 563201 | 680 |
|  **Bharat Heavy Electricals Ltd.** | 5352262 | 5118 |
|  **Cummins India Ltd.** | 26788 | 447 |
|  **Hindustan Aeronautics Ltd.** | 36041 | 1102 |
|  |  | 7347 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **INFORMATION TECHNOLOGY 0.3%** | **INFORMATION TECHNOLOGY 0.3%** | **INFORMATION TECHNOLOGY 0.3%** | **INFORMATION TECHNOLOGY 0.3%** |
|  **Oracle Financial Services Software Ltd.** | 10830 | $— | 396 |
|  **Redington Ltd.** | 660900 |  | 1442 |
|  **Wipro Ltd.** | 293106 |  | 1390 |
|  |  |  | 3228 |
| **MATERIALS 4.1%** | **MATERIALS 4.1%** | **MATERIALS 4.1%** | **MATERIALS 4.1%** |
|  **Ambuja Cements Ltd.** | 118510 |  | 750 |
|  **Chambal Fertilisers and Chemicals Ltd.** | 218975 |  | 821 |
|  **EID Parry India Ltd.** | 52592 |  | 361 |
|  **Gujarat Narmada Valley Fertilizers & Chemicals Ltd.** | 255311 |  | 1714 |
|  **Jindal Steel & Power Ltd.** | 519180 |  | 3641 |
|  **National Aluminium Co. Ltd.** | 8138173 |  | 7904 |
|  **NMDC Ltd. (b)** | 126498 |  | 57 |
|  **Steel Authority of India Ltd.** | 2080482 |  | 2075 |
|  **Tata Steel Ltd.** | 4411855 |  | 6009 |
|  **Vedanta Ltd.** | 6318449 |  | 23517 |
|  |  |  | 46849 |
| **UTILITIES 0.9%** | **UTILITIES 0.9%** | **UTILITIES 0.9%** | **UTILITIES 0.9%** |
|  **GAIL India Ltd.** | 554619 |  | 644 |
|  **Jaiprakash Power Ventures<br>Ltd. (b)** | 16340189 |  | 1486 |
|  **JSW Energy Ltd.** | 177363 |  | 616 |
|  **NHPC Ltd.** | 1276824 |  | 613 |
|  **NTPC Ltd.** | 2069481 |  | 4162 |
|  **PTC India Ltd.** | 1070430 |  | 1047 |
|  **Reliance Infrastructure Ltd. (b)** | 836081 |  | 1391 |
|  **Reliance Power Ltd. (b)** | 6309173 |  | 1091 |
|  |  |  | 11050 |
|  **Total India** |  |  | **153089** |
| **INDONESIA 4.2%** | **INDONESIA 4.2%** | **INDONESIA 4.2%** | **INDONESIA 4.2%** |
| **COMMUNICATION SERVICES 0.5%** | **COMMUNICATION SERVICES 0.5%** | **COMMUNICATION SERVICES 0.5%** | **COMMUNICATION SERVICES 0.5%** |
|  **Telkom Indonesia Persero Tbk PT** | 21796900 |  | 5249 |
| **CONSUMER DISCRETIONARY 0.4%** | **CONSUMER DISCRETIONARY 0.4%** | **CONSUMER DISCRETIONARY 0.4%** | **CONSUMER DISCRETIONARY 0.4%** |
|  **Astra International Tbk PT** | 12482100 |  | 4568 |
| **CONSUMER STAPLES 0.1%** | **CONSUMER STAPLES 0.1%** | **CONSUMER STAPLES 0.1%** | **CONSUMER STAPLES 0.1%** |
|  **Gudang Garam Tbk PT** | 261100 |  | 302 |
|  **Hanjaya Mandala Sampoerna Tbk PT** | 6911800 |  | 373 |
|  **Japfa Comfeed Indonesia Tbk PT** | 2012500 |  | 167 |
|  **Unilever Indonesia Tbk PT** | 2750500 |  | 831 |
|  |  |  | 1673 |
| **ENERGY 1.5%** | **ENERGY 1.5%** | **ENERGY 1.5%** | **ENERGY 1.5%** |
|  **Adaro Energy Indonesia Tbk PT** | 29626900 |  | 7339 |
|  **AKR Corporindo Tbk PT** | 9127600 |  | 821 |
|  **Bukit Asam Tbk PT** | 7176200 |  | 1702 |
|  **Indo Tambangraya Megah Tbk PT** | 2348500 |  | 5899 |
|  **United Tractors Tbk PT** | 812700 |  | 1362 |
|  |  |  | 17123 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **FINANCIALS 1.1%** | **FINANCIALS 1.1%** | **FINANCIALS 1.1%** | **FINANCIALS 1.1%** |
|  **Bank Mandiri Persero Tbk PT** | 12112800 | $— | 7724 |
|  **Bank Negara Indonesia Persero Tbk PT** | 4308800 |  | 2553 |
|  **Bank Pan Indonesia Tbk PT** | 1175900 |  | 117 |
|  **Bank Rakyat Indonesia Persero Tbk PT (b)** | 8289700 |  | 2628 |
|  **Bank Tabungan Negara Persero Tbk PT** | 1605300 |  | 139 |
|  |  |  | 13161 |
| **HEALTH CARE 0.1%** |  |  |  |
|  **Kalbe Farma Tbk PT** | 7955000 |  | 1068 |
| **MATERIALS 0.2%** |  |  |  |
|  **Indah Kiat Pulp & Paper Tbk PT** | 189400 |  | 106 |
|  **Indocement Tunggal Prakarsa Tbk PT** | 1914200 |  | 1217 |
|  **Semen Indonesia Persero Tbk PT** | 1228478 |  | 519 |
|  |  |  | 1842 |
| **UTILITIES 0.3%** |  |  |  |
|  **Perusahaan Gas Negara Tbk PT** | 27445100 |  | 3101 |
|  **Total Indonesia** |  |  | **47785** |
| **MALAYSIA 1.8%** |  |  |  |
| **COMMUNICATION SERVICES 0.2%** | **COMMUNICATION SERVICES 0.2%** | **COMMUNICATION SERVICES 0.2%** | **COMMUNICATION SERVICES 0.2%** |
|  **Astro Malaysia Holdings Bhd** | 1147500 |  | 169 |
|  **Telekom Malaysia Bhd** | 1251400 |  | 1534 |
|  |  |  | 1703 |
| **CONSUMER DISCRETIONARY 0.1%** | **CONSUMER DISCRETIONARY 0.1%** | **CONSUMER DISCRETIONARY 0.1%** | **CONSUMER DISCRETIONARY 0.1%** |
|  **Genting Bhd** | 1432500 |  | 1457 |
| **CONSUMER STAPLES 0.0%** |  |  |  |
|  **British American Tobacco Malaysia Bhd** | 64300 |  | 164 |
| **ENERGY 0.1%** |  |  |  |
|  **Hengyuan Refining Co. Bhd** | 189600 |  | 152 |
|  **Petronas Dagangan Bhd.** | 67500 |  | 352 |
|  |  |  | 504 |
| **FINANCIALS 0.9%** |  |  |  |
|  **Alliance Bank Malaysia Bhd.** | 424800 |  | 354 |
|  **AMMB Holdings Bhd** | 1367300 |  | 1286 |
|  **Hong Leong Financial Group Bhd** | 114500 |  | 483 |
|  **Malayan Banking Bhd** | 3157700 |  | 6236 |
|  **Public Bank Bhd** | 1215800 |  | 1192 |
|  **RHB Bank Bhd** | 755700 |  | 993 |
|  |  |  | 10544 |
| **INDUSTRIALS 0.3%** |  |  |  |
|  **CAPITAL A BHD (b)** | 11021800 |  | 1563 |
|  **IJM Corp. Bhd.** | 1884600 |  | 685 |
|  **MISC Bhd** | 452900 |  | 771 |
|  |  |  | 3019 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **35** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO RAE Emerging Markets Fund** | **(Cont.)** |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
| **REAL ESTATE 0.0%** |  |  |
|  **Mah Sing Group Bhd** | 2754600 | 353 |
| **UTILITIES 0.2%** |  |  |
|  **Petronas Gas Bhd** | 157100 | 610 |
|  **Tenaga Nasional Bhd** | 852300 | 1863 |
|  **YTL Power International Bhd** | 1594096 | 259 |
|  |  | 2732 |
|  **Total Malaysia** |  | **20476** |
| **MEXICO 4.0%** |  |  |
| **COMMUNICATION SERVICES 0.9%** | **COMMUNICATION SERVICES 0.9%** | **COMMUNICATION SERVICES 0.9%** |
|  **America Movil SAB de CV** | 10979010 | 9961 |
|  **Grupo Televisa SAB** | 817310 | 743 |
|  |  | 10704 |
| **CONSUMER DISCRETIONARY 0.1%** | **CONSUMER DISCRETIONARY 0.1%** | **CONSUMER DISCRETIONARY 0.1%** |
|  **Nemak SAB de CV (b)** | 2432000 | 694 |
| **CONSUMER STAPLES 0.5%** | **CONSUMER STAPLES 0.5%** | **CONSUMER STAPLES 0.5%** |
|  **Coca-Cola Femsa SAB de CV** | 205510 | 1391 |
|  **Gruma SAB de CV** | 96726 | 1294 |
|  **Grupo Bimbo SAB de CV** | 630875 | 2666 |
|  **Wal-Mart de Mexico SAB de CV** | 230900 | 813 |
|  |  | 6164 |
| **FINANCIALS 0.2%** | **FINANCIALS 0.2%** | **FINANCIALS 0.2%** |
|  **Grupo Financiero Inbursa SAB de CV (b)** | 1528198 | 2576 |
| **INDUSTRIALS 0.3%** | **INDUSTRIALS 0.3%** | **INDUSTRIALS 0.3%** |
|  **Alfa SAB de CV** | 5213500 | 3320 |
| **MATERIALS 2.0%** | **MATERIALS 2.0%** | **MATERIALS 2.0%** |
|  **Alpek SAB de CV** | 939400 | 1330 |
|  **Cemex SAB de CV (b)** | 47488054 | 19203 |
|  **Grupo Mexico SAB de CV** | 37600 | 132 |
|  **Orbia Advance Corp. SAB de CV** | 1067400 | 1890 |
|  |  | 22555 |
|  **Total Mexico** |  | **46013** |
| **PHILIPPINES 0.7%** | **PHILIPPINES 0.7%** | **PHILIPPINES 0.7%** |
| **COMMUNICATION SERVICES 0.3%** | **COMMUNICATION SERVICES 0.3%** | **COMMUNICATION SERVICES 0.3%** |
|  **Globe Telecom, Inc.** | 5938 | 233 |
|  **PLDT, Inc.** | 117265 | 2767 |
|  |  | 3000 |
| **ENERGY 0.1%** | **ENERGY 0.1%** | **ENERGY 0.1%** |
|  **Semirara Mining & Power Corp.** | 2414400 | 1502 |
| **INDUSTRIALS 0.2%** | **INDUSTRIALS 0.2%** | **INDUSTRIALS 0.2%** |
|  **Alliance Global Group, Inc.** | 4099000 | 879 |
|  **DMCI Holdings, Inc.** | 7450500 | 1610 |
|  |  | 2489 |
| **UTILITIES 0.1%** | **UTILITIES 0.1%** | **UTILITIES 0.1%** |
|  **Aboitiz Power Corp.** | 383000 | 234 |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  **First Gen Corp.** | 682200 | 208 |
|  |  | 442 |
|  **Total Philippines** |  | **7433** |
| **POLAND 0.6%** | **POLAND 0.6%** | **POLAND 0.6%** |
| **COMMUNICATION SERVICES 0.0%** | **COMMUNICATION SERVICES 0.0%** | **COMMUNICATION SERVICES 0.0%** |
|  **Orange Polska SA** | 215044 | 327 |
| **FINANCIALS 0.4%** | **FINANCIALS 0.4%** | **FINANCIALS 0.4%** |
|  **Bank Polska Kasa Opieki SA** | 60666 | 1207 |
|  **Powszechny Zaklad Ubezpieczen SA** | 269946 | 2192 |
|  **Santander Bank Polska SA** | 27039 | 1610 |
|  |  | 5009 |
| **UTILITIES 0.2%** | **UTILITIES 0.2%** | **UTILITIES 0.2%** |
|  **Enea SA (b)** | 158388 | 217 |
|  **PGE Polska Grupa Energetyczna SA (b)** | 987197 | 1558 |
|  |  | 1775 |
|  **Total Poland** |  | **7111** |
| **RUSSIA 0.0%** | **RUSSIA 0.0%** | **RUSSIA 0.0%** |
| **COMMUNICATION SERVICES 0.0%** | **COMMUNICATION SERVICES 0.0%** | **COMMUNICATION SERVICES 0.0%** |
|  **Mobile TeleSystems PJSC «(d)** | 290070 | 0 |
|  **Rostelecom PJSC «(d)** | 341490 | 0 |
|  **Sistema PJSFC «(b)** | 1963160 | 0 |
|  |  | 0 |
| **CONSUMER STAPLES 0.0%** | **CONSUMER STAPLES 0.0%** | **CONSUMER STAPLES 0.0%** |
|  **Magnit PJSC «** | 93763 | 0 |
| **ENERGY 0.0%** | **ENERGY 0.0%** | **ENERGY 0.0%** |
|  **Gazprom PJSC «** | 3725600 | 0 |
|  **LUKOIL PJSC «** | 254140 | 0 |
|  |  | 0 |
| **FINANCIALS 0.0%** | **FINANCIALS 0.0%** | **FINANCIALS 0.0%** |
|  **Sberbank of Russia PJSC «** | 4916745 | 0 |
|  **VTB Bank PJSC «(b)** | 23863615853 | 32 |
|  |  | 32 |
| **MATERIALS 0.0%** | **MATERIALS 0.0%** | **MATERIALS 0.0%** |
|  **Alrosa PJSC «(b)** | 2122120 | 0 |
|  **Magnitogorsk Iron & Steel Works PJSC «** | 6974129 | 0 |
|  **MMC Norilsk Nickel PJSC «** | 3797 | 0 |
|  **Novolipetsk Steel PJSC «** | 3113725 | 0 |
|  **Severstal PAO ^«(a)** | 339609 | 0 |
|  |  | 0 |
| **UTILITIES 0.0%** | **UTILITIES 0.0%** | **UTILITIES 0.0%** |
|  **Inter RAO UES PJSC «** | 15264000 | 0 |
|  **Rosseti PJSC «** | 88235012 | 0 |
|  **Unipro PJSC «** | 3938000 | 0 |
|  |  | 0 |
|  **Total Russia** |  | **32** |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
| **SAUDI ARABIA 0.2%** | **SAUDI ARABIA 0.2%** | **SAUDI ARABIA 0.2%** |
| **COMMUNICATION SERVICES 0.2%** | **COMMUNICATION SERVICES 0.2%** | **COMMUNICATION SERVICES 0.2%** |
|  **Saudi Telecom Co.** | 246805 | 2402 |
|  **Total Saudi Arabia** |  | **2402** |
| **SOUTH AFRICA 6.0%** | **SOUTH AFRICA 6.0%** | **SOUTH AFRICA 6.0%** |
| **COMMUNICATION SERVICES 1.1%** | **COMMUNICATION SERVICES 1.1%** | **COMMUNICATION SERVICES 1.1%** |
|  **MTN Group Ltd.** | 1150081 | 8589 |
|  **MultiChoice Group** | 24208 | 167 |
|  **Telkom SA SOC Ltd. (b)** | 1124491 | 1987 |
|  **Vodacom Group Ltd.** | 350327 | 2530 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;13273 |
| **CONSUMER DISCRETIONARY 0.5%** | **CONSUMER DISCRETIONARY 0.5%** | **CONSUMER DISCRETIONARY 0.5%** |
|  **Motus Holdings Ltd.** | 279623 | 1821 |
|  **Truworths International Ltd.** | 714886 | 2307 |
|  **Woolworths Holdings Ltd.** | 448948 | 1749 |
|  |  | 5877 |
| **CONSUMER STAPLES 0.8%** | **CONSUMER STAPLES 0.8%** | **CONSUMER STAPLES 0.8%** |
|  **AVI Ltd.** | 104774 | 464 |
|  **Distell Group Holdings Ltd. (b)** | 59750 | 621 |
|  **Shoprite Holdings Ltd.** | 428881 | 5685 |
|  **Tiger Brands Ltd.** | 202018 | 2497 |
|  |  | 9267 |
| **FINANCIALS 2.5%** | **FINANCIALS 2.5%** | **FINANCIALS 2.5%** |
|  **Absa Group Ltd.** | 729460 | 8283 |
|  **FirstRand Ltd.** | 476236 | 1730 |
|  **Momentum Metropolitan Holdings** | 2006758 | 2019 |
|  **Nedbank Group Ltd.** | 536170 | 6708 |
|  **Old Mutual Ltd.** | 2506533 | 1538 |
|  **Standard Bank Group Ltd.** | 879555 | 8678 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;28956 |
| **HEALTH CARE 0.3%** | **HEALTH CARE 0.3%** | **HEALTH CARE 0.3%** |
|  **Life Healthcare Group Holdings Ltd.** | 878163 | 872 |
|  **Netcare Ltd.** | 2639396 | 2257 |
|  |  | 3129 |
| **INDUSTRIALS 0.2%** | **INDUSTRIALS 0.2%** | **INDUSTRIALS 0.2%** |
|  **Barloworld Ltd.** | 311568 | 1554 |
|  **Zeda Ltd. (b)** | 311568 | 250 |
|  |  | 1804 |
| **MATERIALS 0.6%** |  |  |
|  **Sappi Ltd. (b)** | 664755 | 1927 |
|  **Sasol Ltd.** | 325532 | 5195 |
|  |  | 7122 |
|  **Total South Africa** |  | **69428** |
| **SOUTH KOREA 14.6%** |  |  |
| **COMMUNICATION SERVICES 2.2%** | **COMMUNICATION SERVICES 2.2%** | **COMMUNICATION SERVICES 2.2%** |
|  **KT Corp.** | 838479 | 22442 |
|  **LG Uplus Corp.** | 49807 | 436 |
|  **SK Telecom Co. Ltd.** | 55600 | 2086 |
|  |  | 24964 |

---

---

| | | |
|:---|:---|:---|
| **36** | **PIMCO EQUITY SERIES** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **CONSUMER DISCRETIONARY 2.8%** | **CONSUMER DISCRETIONARY 2.8%** | **CONSUMER DISCRETIONARY 2.8%** | **CONSUMER DISCRETIONARY 2.8%** |
|  **Hankook Tire & Technology Co. Ltd.** | 90323 | $— | 2230 |
|  **Hyundai Mobis Co. Ltd.** | 12967 |  | 2057 |
|  **Kia Corp.** | 255005 |  | 11998 |
|  **LG Electronics, Inc.** | 188640 |  | 12969 |
|  **LOTTE Himart Co. Ltd.** | 64593 |  | 627 |
|  **Lotte Shopping Co. Ltd. (d)** | 22689 |  | 1635 |
|  **Shinsegae, Inc.** | 1602 |  | 280 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;31796 |
| **CONSUMER STAPLES 0.8%** |  |  |  |
|  **Amorepacific Corp.** | 11343 |  | 1242 |
|  **Amorepacific Group** | 6534 |  | 181 |
|  **CJ CheilJedang Corp.** | 1936 |  | 582 |
|  **E-MART, Inc.** | 3065 |  | 238 |
|  **KT&G Corp.** | 98151 |  | 7094 |
|  |  |  | 9337 |
| **ENERGY 0.2%** |  |  |  |
|  **SK Innovation Co. Ltd. (b)** | 19939 |  | 2436 |
| **FINANCIALS 1.6%** |  |  |  |
|  **BNK Financial Group, Inc.** | 66343 |  | 342 |
|  **DB Insurance Co. Ltd.** | 88796 |  | 4603 |
|  **Hanwha Life Insurance Co. Ltd. (b)** | 1325481 |  | 2908 |
|  **Hyundai Marine & Fire Insurance Co. Ltd.** | 201176 |  | 4687 |
|  **Meritz Fire & Marine Insurance Co. Ltd.** | 63588 |  | 2518 |
|  **Samsung Card Co. Ltd.** | 70682 |  | 1654 |
|  **Samsung Fire & Marine Insurance Co. Ltd. (d)** | 5627 |  | 890 |
|  **Samsung Life Insurance Co. Ltd.** | 13177 |  | 740 |
|  |  |  | 18342 |
| **INDUSTRIALS 2.8%** |  |  |  |
|  **CJ Corp.** | 5851 |  | 391 |
|  **Daewoo Engineering & Construction Co. Ltd. (b)** | 162646 |  | 539 |
|  **Doosan Bobcat, Inc.** | 30998 |  | 848 |
|  **GS Holdings Corp. (d)** | 45095 |  | 1565 |
|  **Hanwha Aerospace Co. Ltd.** | 26764 |  | 1559 |
|  **Hanwha Corp.** | 224071 |  | 4560 |
|  **Hyundai Engineering & Construction Co. Ltd.** | 257772 |  | 7126 |
|  **Hyundai Glovis Co. Ltd. (d)** | 11828 |  | 1536 |
|  **LG International Corp. (d)** | 171801 |  | 4628 |
|  **LS Corp.** | 36920 |  | 2039 |
|  **Posco International Corp.** | 368259 |  | 6610 |
|  **SK Networks Co. Ltd.** | 89504 |  | 275 |
|  |  |  | 31676 |
| **INFORMATION TECHNOLOGY 0.5%** | **INFORMATION TECHNOLOGY 0.5%** | **INFORMATION TECHNOLOGY 0.5%** | **INFORMATION TECHNOLOGY 0.5%** |
|  **LG Display Co. Ltd. (d)** | 605630 |  | 5985 |
|  **Samsung SDS Co. Ltd.** | 3348 |  | 326 |
|  |  |  | 6311 |
| **MATERIALS 2.1%** |  |  |  |
|  **Dongkuk Steel Mill Co. Ltd.** | 130097 |  | 1150 |
|  **Hanwha Solutions Corp. (b)** | 103911 |  | 3553 |
|  **Kolon Industries, Inc.** | 62579 |  | 2042 |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  **Lotte Chemical Corp. (d)** | 11828 | 1674 |
|  **POSCO Holdings, Inc.** | 70417 | 15411 |
|  **Taekwang Industrial Co. Ltd. (d)** | 327 | 193 |
|  |  | 24023 |
| **UTILITIES 1.6%** | **UTILITIES 1.6%** | **UTILITIES 1.6%** |
|  **Korea Electric Power Corp.** | 954503 | 16483 |
|  **Korea Gas Corp.** | 86746 | 2494 |
|  |  | 18977 |
|  **Total South Korea** |  | **167862** |
| **TAIWAN 8.1%** | **TAIWAN 8.1%** | **TAIWAN 8.1%** |
| **COMMUNICATION SERVICES 0.1%** | **COMMUNICATION SERVICES 0.1%** | **COMMUNICATION SERVICES 0.1%** |
|  **Chunghwa Telecom Co. Ltd.** | 345000 | 1269 |
| **CONSUMER DISCRETIONARY 0.4%** | **CONSUMER DISCRETIONARY 0.4%** | **CONSUMER DISCRETIONARY 0.4%** |
|  **Cheng Shin Rubber Industry<br>Co. Ltd.** | 1029000 | 1133 |
|  **China Motor Corp.** | 765000 | 1280 |
|  **Formosa Taffeta Co. Ltd.** | 330000 | 287 |
|  **Kenda Rubber Industrial Co. Ltd.** | 135000 | 133 |
|  **Pou Chen Corp.** | 113000 | 126 |
|  **Tong Yang Industry Co. Ltd.** | 1019000 | 1422 |
|  |  | 4381 |
| **CONSUMER STAPLES 0.2%** | **CONSUMER STAPLES 0.2%** | **CONSUMER STAPLES 0.2%** |
|  **President Chain Store Corp.** | 64000 | 566 |
|  **Uni-President Enterprises Corp.** | 1032000 | 2233 |
|  |  | 2799 |
| **ENERGY 0.0%** | **ENERGY 0.0%** | **ENERGY 0.0%** |
|  **Formosa Petrochemical Corp.** | 157000 | 410 |
| **FINANCIALS 0.1%** | **FINANCIALS 0.1%** | **FINANCIALS 0.1%** |
|  **CTBC Financial Holding Co. Ltd.** | 838000 | 601 |
|  **Shanghai Commercial & Savings Bank Ltd.** | 315552 | 452 |
|  |  | 1053 |
| **INDUSTRIALS 0.2%** | **INDUSTRIALS 0.2%** | **INDUSTRIALS 0.2%** |
|  **Teco Electric & Machinery<br>Co. Ltd.** | 327000 | 292 |
|  **Walsin Lihwa Corp.** | 1141000 | 1751 |
|  |  | 2043 |
| **INFORMATION TECHNOLOGY 7.0%** | **INFORMATION TECHNOLOGY 7.0%** | **INFORMATION TECHNOLOGY 7.0%** |
|  **Acer, Inc.** | 2308000 | 1762 |
|  **Asustek Computer, Inc.** | 601000 | 5239 |
|  **AUO Corp.** | 1035200 | 503 |
|  **Catcher Technology Co. Ltd.** | 663000 | 3641 |
|  **Chicony Electronics Co. Ltd.** | 519000 | 1454 |
|  **Compal Electronics, Inc.** | 11345000 | 8498 |
|  **Compeq Manufacturing Co. Ltd.** | 629000 | 907 |
|  **Delta Electronics, Inc.** | 337000 | 3124 |
|  **General Interface Solution Holding Ltd.** | 187000 | 534 |
|  **Hon Hai Precision Industry<br>Co. Ltd.** | 5322316 | 17251 |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  **Inventec Corp.** | 6103000 | 5209 |
|  **Largan Precision Co. Ltd.** | 33000 | 2181 |
|  **Lite-On Technology Corp.** | 2531035 | 5231 |
|  **Pegatron Corp.** | 4882000 | 10073 |
|  **Powertech Technology, Inc.** | 388000 | 996 |
|  **Primax Electronics Ltd.** | 824000 | 1485 |
|  **Quanta Computer, Inc.** | 1512000 | 3546 |
|  **Radiant Opto-Electronics Corp.** | 35000 | 119 |
|  **Supreme Electronics Co. Ltd.** | 1147000 | 1335 |
|  **Synnex Technology International Corp.** | 451650 | 868 |
|  **Transcend Information, Inc.** | 140000 | 300 |
|  **Tripod Technology Corp.** | 84000 | 256 |
|  **Wistron Corp.** | 3094515 | 2956 |
|  **Wistron NeWeb Corp.** | 284000 | 724 |
|  **WPG Holdings Ltd.** | 1531320 | 2391 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;80583 |
| **MATERIALS 0.1%** | **MATERIALS 0.1%** | **MATERIALS 0.1%** |
|  **Asia Cement Corp.** | 220000 | 293 |
|  **Formosa Chemicals & Fibre Corp.** | 176000 | 403 |
|  |  | 696 |
|  **Total Taiwan** |  | **93234** |
| **THAILAND 8.5%** |  |  |
| **ENERGY 1.0%** |  |  |
|  **IRPC PCL** | 16871000 | 1469 |
|  **PTT Exploration & Production PCL** | 605700 | 3085 |
|  **PTT PCL** | 1730400 | 1660 |
|  **Star Petroleum Refining PCL** | 16627100 | 5126 |
|  |  | 11340 |
| **FINANCIALS 7.1%** |  |  |
|  **Bangkok Bank PCL** | 1313700 | 5608 |
|  **Kasikornbank PCL** | 6271700 | 26663 |
|  **Kiatnakin Bank PCL** | 1105400 | 2352 |
|  **Krung Thai Bank PCL** | 18107175 | 9240 |
|  **SCB PCL** | 7982700 | 24625 |
|  **Thanachart Capital PCL** | 5586504 | 6857 |
|  **Tisco Financial Group PCL** | 1459100 | 4178 |
|  **TMBThanachart Bank PCL** | 55726300 | 2266 |
|  |  | 81789 |
| **HEALTH CARE 0.2%** |  |  |
|  **Bangkok Dusit Medical Services PCL 'F'** | 3083300 | 2578 |
|  **Bumrungrad Hospital PCL** | 59800 | 366 |
|  |  | 2944 |
| **INDUSTRIALS 0.0%** |  |  |
|  **Jasmine Broadband Internet Infrastructure Fund** | 2000600 | 465 |
| **INFORMATION TECHNOLOGY 0.0%** | **INFORMATION TECHNOLOGY 0.0%** | **INFORMATION TECHNOLOGY 0.0%** |
|  **Cal-Comp Electronics Thailand PCL (d)** | 4806191 | 322 |
| **MATERIALS 0.1%** |  |  |
|  **Siam City Cement PCL** | 142600 | 632 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **37** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO RAE Emerging Markets Fund** | **(Cont.)** |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
| **REAL ESTATE 0.1%** |  |  |
|  **Pruksa Holding PCL** | 767800 | 292 |
|  **Sansiri PCL** | 11517800 | 585 |
|  |  | 877 |
|  **Total Thailand** |  | **98369** |
| **TURKEY 6.4%** |  |  |
| **COMMUNICATION SERVICES 0.3%** | **COMMUNICATION SERVICES 0.3%** | **COMMUNICATION SERVICES 0.3%** |
|  **Turkcell Iletisim Hizmetleri AS** | 2048038 | 4129 |
| **CONSUMER DISCRETIONARY 0.1%** | **CONSUMER DISCRETIONARY 0.1%** | **CONSUMER DISCRETIONARY 0.1%** |
|  **Tofas Turk Otomobil Fabrikasi AS** | 68672 | 607 |
| **CONSUMER STAPLES 0.1%** |  |  |
|  **Anadolu Efes Biracilik Ve Malt Sanayii AS** | 246711 | 894 |
| **ENERGY 0.4%** |  |  |
|  **Turkiye Petrol Rafinerileri AS (b)** | 154953 | 4391 |
| **FINANCIALS 5.1%** |  |  |
|  **Akbank TAS** | 10728853 | 11215 |
|  **Haci Omer Sabanci Holding AS** | 7768410 | 18752 |
|  **Is Yatirim Menkul Degerler AS** | 1513683 | 5296 |
|  **Turkiye Is Bankasi AS 'C'** | 24497715 | 16769 |
|  **Yapi ve Kredi Bankasi AS** | 10833824 | 6873 |
|  |  | 58905 |
| **INDUSTRIALS 0.2%** |  |  |
|  **AG Anadolu Grubu Holding AS** | 361260 | 2132 |
| **UTILITIES 0.2%** |  |  |
|  **Aygaz AS** | 612640 | 3132 |
|  **Total Turkey** |  | **74190** |
| **UNITED STATES 0.2%** | **UNITED STATES 0.2%** | **UNITED STATES 0.2%** |
| **CONSUMER DISCRETIONARY 0.2%** | **CONSUMER DISCRETIONARY 0.2%** | **CONSUMER DISCRETIONARY 0.2%** |
|  **Nexteer Automotive Group Ltd.** | 4061000 | 2648 |
|  **Total United States** |  | **2648** |
|  **Total Common Stocks (Cost $1,101,003)** | **Total Common Stocks (Cost $1,101,003)** | **1125109** |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
| **PREFERRED STOCKS 1.1%** | **PREFERRED STOCKS 1.1%** | **PREFERRED STOCKS 1.1%** |
| **BRAZIL 1.0%** | **BRAZIL 1.0%** | **BRAZIL 1.0%** |
| **BANKING & FINANCE 0.2%** | **BANKING & FINANCE 0.2%** | **BANKING & FINANCE 0.2%** |
|  **Banco do Estado do Rio Grande do Sul SA** | 1503200 | 2764 |
| **INDUSTRIALS 0.2%** | **INDUSTRIALS 0.2%** | **INDUSTRIALS 0.2%** |
|  **Braskem SA** | 525795 | 2386 |
| **UTILITIES 0.6%** | **UTILITIES 0.6%** | **UTILITIES 0.6%** |
|  **Cia Energetica de Minas Gerais** | 2309109 | 4777 |
|  **Cia Paranaense de Energia** | 966500 | 1446 |
|  |  | 6223 |
|  **Total Brazil** |  | **11373** |
| **CHILE 0.1%** | **CHILE 0.1%** | **CHILE 0.1%** |
| **INDUSTRIALS 0.1%** | **INDUSTRIALS 0.1%** | **INDUSTRIALS 0.1%** |
|  **Embotelladora Andina SA** | 399787 | 980 |
|  **Total Chile** |  | **980** |
| **RUSSIA 0.0%** | **RUSSIA 0.0%** | **RUSSIA 0.0%** |
| **UTILITIES 0.0%** | **UTILITIES 0.0%** | **UTILITIES 0.0%** |
|  **Bashneft PJSC «** | 31237 | 0 |
|  **Transneft PJSC «** | 810 | 0 |
|  |  | 0 |
|  **Total Russia** |  | **0** |
|  **Total Preferred Stocks (Cost $11,661)** | **Total Preferred Stocks (Cost $11,661)** | **12353** |
| **REAL ESTATE INVESTMENT TRUSTS 0.1%** | **REAL ESTATE INVESTMENT TRUSTS 0.1%** | **REAL ESTATE INVESTMENT TRUSTS 0.1%** |
| **SOUTH AFRICA 0.1%** | **SOUTH AFRICA 0.1%** | **SOUTH AFRICA 0.1%** |
| **REAL ESTATE 0.1%** | **REAL ESTATE 0.1%** | **REAL ESTATE 0.1%** |
|  **Redefine Properties Ltd.** | 3894988 | 970 |
|  **Total Real Estate Investment Trusts<br>(Cost $1,187)** | **Total Real Estate Investment Trusts<br>(Cost $1,187)** | **970** |
| **RIGHTS 0.0%** | **RIGHTS 0.0%** | **RIGHTS 0.0%** |
| **INDONESIA 0.0%** | **INDONESIA 0.0%** | **INDONESIA 0.0%** |
| **FINANCIALS 0.0%** | **FINANCIALS 0.0%** | **FINANCIALS 0.0%** |
|  **Bank Tabungan Negara Persero Tbk PT (b)** | 522130 | 5 |
|  **Total Indonesia** |  | **5** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **SOUTH KOREA 0.0%** | **SOUTH KOREA 0.0%** | **SOUTH KOREA 0.0%** | **SOUTH KOREA 0.0%** |
| **FINANCIALS 0.0%** | **FINANCIALS 0.0%** | **FINANCIALS 0.0%** | **FINANCIALS 0.0%** |
|  **Lotte Chemical Corp. (b)(d)** | 2365 | $— | 66 |
|  **Total South Korea** |  |  | **66** |
|  **Total Rights (Cost $0)** | **Total Rights (Cost $0)** |  | **71** |
| **SHORT-TERM INSTRUMENTS 0.6%** | **SHORT-TERM INSTRUMENTS 0.6%** | **SHORT-TERM INSTRUMENTS 0.6%** | **SHORT-TERM INSTRUMENTS 0.6%** |
| **REPURCHASE AGREEMENTS (f) 0.6%** | **REPURCHASE AGREEMENTS (f) 0.6%** | **REPURCHASE AGREEMENTS (f) 0.6%** | **REPURCHASE AGREEMENTS (f) 0.6%** |
|  |  |  | 6783 |
| **Total Short-Term Instruments<br>(Cost $6,783)** | **Total Short-Term Instruments<br>(Cost $6,783)** |  | **6783** |
| **Total Investments in Securities<br>(Cost $1,120,634)** | **Total Investments in Securities<br>(Cost $1,120,634)** |  | **1145286** |
| **INVESTMENTS IN AFFILIATES 1.4%** | **INVESTMENTS IN AFFILIATES 1.4%** | **INVESTMENTS IN AFFILIATES 1.4%** | **INVESTMENTS IN AFFILIATES 1.4%** |
| **SHORT-TERM INSTRUMENTS 1.4%** | **SHORT-TERM INSTRUMENTS 1.4%** | **SHORT-TERM INSTRUMENTS 1.4%** | **SHORT-TERM INSTRUMENTS 1.4%** |
| **MUTUAL FUNDS 1.4%** | **MUTUAL FUNDS 1.4%** | **MUTUAL FUNDS 1.4%** | **MUTUAL FUNDS 1.4%** |
|  **PIMCO Government Money Market Fund** | **PIMCO Government Money Market Fund** | **PIMCO Government Money Market Fund** | **PIMCO Government Money Market Fund** |
|  4.310% (c)(d)(e) | 16284122 |  | 16284 |
| **Total Short-Term Instruments<br>(Cost $16,284)** | **Total Short-Term Instruments<br>(Cost $16,284)** |  | **16284** |
| **Total Investments in Affiliates<br>(Cost $16,284)** | **Total Investments in Affiliates<br>(Cost $16,284)** |  | **16284** |
| **Total Investments 100.9%<br>(Cost $1,136,918)** | **Total Investments 100.9%<br>(Cost $1,136,918)** | $— | **1161570** |
| **Other Assets and Liabilities, net (0.9)%** | **Other Assets and Liabilities, net (0.9)%** |  | **(10110)** |
| **Net Assets 100.0%** | **Net Assets 100.0%** | $— | **1151460** |

---

**NOTES TO SCHEDULE OF INVESTMENTS:** 

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

---

| | |
|:---|:---|
| **^** | **Security is in default.**  |

---

---

| | |
|:---|:---|
| **«** | **Security valued using significant unobservable inputs (Level 3).**  |

---

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

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

**(c)** **Institutional Class Shares of each Fund.** 

**(d)** **Securities with an aggregate market value of $15,336 were out on loan in exchange for $16,372 of cash collateral as of December 31, 2022. The collateral was invested in a cash collateral reinvestment vehicle as described in Note 5 in the Notes to Financial Statements.** 

**(e)** **Coupon represents a 7-Day Yield.** 

---

| | | |
|:---|:---|:---|
| **38** | **PIMCO EQUITY SERIES** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022 (Unaudited)

**BORROWINGS AND OTHER FINANCING TRANSACTIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;**(f) REPURCHASE AGREEMENTS:** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Lending<br>Rate** | **Settlement<br>Date** | **Maturity<br>Date** | **Principal<br>Amount** | **Collateralized By** | **Collateral<br>(Received)** | **Repurchase<br>Agreements,<br>at Value** | **Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup>** |
| FICC | 1.900% | 12/30/2022 | 01/03/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6783 | U.S. Treasury Bills 0.000% due 06/29/2023 | $(6919) | $6783 | $6784 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** |  | $**(6919)** | $**6783** | $**6784** |

---

**BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY** 

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2022:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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>** |
|  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 | Global/Master Repurchase Agreement |
|  FICC | $6784 | $0 | $0 | $0 | $6784 | $(6919) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(135) |
|  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 |
|  BCY | 0 | 0 | 0 | 12970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13629) | (659) |
|  GSC | 0 | 0 | 0 | 393 | 393 | (420) | (27) |
|  MSC | 0 | 0 | 0 | 819 | 819 | (860) | (41) |
|  SAL | 0 | 0 | 0 | 118 | 118 | (124) | (6) |
|  UBS | 0 | 0 | 0 | 1036 | 1036 | (1339) | (303) |
|  **Total Borrowings and Other Financing Transactions** | $**6784** | $**0** | $**0** | $**15336** |  |  |  |

---

**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>** |
|  Common Stocks | $16372 | $0 | $0 | $0 | $16372 |
|  **Total Borrowings** | $**16372** | $**0** | $**0** | $**0** | $**16372** |
|  **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**  | $**16372** |

---

<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 in the Notes to Financial Statements.

**FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS** 

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

Statements on risks of the Fund.

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **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;20 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **39** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO RAE Emerging Markets Fund** | **(Cont.)** |

---

**FAIR VALUE MEASUREMENTS** 

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2022** |
|  **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 | $0 | $2785 | $0 | $2785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 0 | 3387 | 0 | 3387 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 0 | 2287 | 0 | 2287 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 0 | 22264 | 0 | 22264 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 4730 | 0 | 4730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 0 | 18664 | 0 | 18664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 0 | 1275 | 0 | 1275 |
| &nbsp;&nbsp; Chile | &nbsp;&nbsp; Chile | &nbsp;&nbsp; Chile | &nbsp;&nbsp; Chile | &nbsp;&nbsp; Chile |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 231 | 0 | 0 | 231 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 0 | 173 | 0 | 173 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 2894 | 984 | 0 | 3878 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 3331 | 0 | 0 | 3331 |
| &nbsp;&nbsp; China | &nbsp;&nbsp; China | &nbsp;&nbsp; China | &nbsp;&nbsp; China | &nbsp;&nbsp; China |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12052 | 3746 | 0 | 15798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 0 | 2112 | 0 | 2112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 0 | 49213 | 0 | 49213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126254 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 0 | 13178 | 0 | 13178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 11003 | 0 | 11003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 0 | 14601 | 0 | 14601 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 0 | 6355 | 0 | 6355 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 0 | 2108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169 | 2277 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 0 | 250 | 0 | 250 |
| &nbsp;&nbsp; Greece | &nbsp;&nbsp; Greece | &nbsp;&nbsp; Greece | &nbsp;&nbsp; Greece | &nbsp;&nbsp; Greece |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 0 | 1867 | 0 | 1867 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 0 | 598 | 0 | 598 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 0 | 1194 | 0 | 1194 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 0 | 4461 | 0 | 4461 |
| &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 | 0 | 923 | 0 | 923 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 3619 | 0 | 3619 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 0 | 1722 | 0 | 1722 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 0 | 16607 | 0 | 16607 |
| &nbsp;&nbsp; India | &nbsp;&nbsp; India | &nbsp;&nbsp; India | &nbsp;&nbsp; India | &nbsp;&nbsp; India |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 0 | 1016 | 0 | 1016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 0 | 14962 | 0 | 14962 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 0 | 9900 | 0 | 9900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 0 | 32578 | 0 | 32578 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 0 | 21114 | 679 | 21793 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 0 | 4366 | 0 | 4366 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 7347 | 0 | 7347 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 0 | 3228 | 0 | 3228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 0 | 46849 | 0 | 46849 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 0 | 11050 | 0 | 11050 |
| &nbsp;&nbsp; Indonesia | &nbsp;&nbsp; Indonesia | &nbsp;&nbsp; Indonesia | &nbsp;&nbsp; Indonesia | &nbsp;&nbsp; Indonesia |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 0 | 5249 | 0 | 5249 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 0 | 4568 | 0 | 4568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 302 | 1371 | 0 | 1673 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 0 | 17123 | 0 | 17123 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 117 | 13044 | 0 | 13161 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 0 | 1068 | 0 | 1068 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 0 | 1842 | 0 | 1842 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 0 | 3101 | 0 | 3101 |
| &nbsp;&nbsp; Malaysia | &nbsp;&nbsp; Malaysia | &nbsp;&nbsp; Malaysia | &nbsp;&nbsp; Malaysia | &nbsp;&nbsp; Malaysia |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 0 | 1703 | 0 | 1703 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 0 | 1457 | 0 | 1457 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 0 | 164 | 0 | 164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 352 | 152 | 0 | 504 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 0 | 10544 | 0 | 10544 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 3019 | 0 | 3019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 0 | 353 | 0 | 353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 610 | 2122 | 0 | 2732 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2022** |
| &nbsp;&nbsp; Mexico | &nbsp;&nbsp; Mexico | &nbsp;&nbsp; Mexico | &nbsp;&nbsp; Mexico | &nbsp;&nbsp; Mexico |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | $10704 | $0 | $0 | $10704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 694 | 0 | 0 | 694 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 6164 | 0 | 0 | 6164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 2576 | 0 | 0 | 2576 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 3320 | 0 | 0 | 3320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22555 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22555 |
| &nbsp;&nbsp; Philippines | &nbsp;&nbsp; Philippines | &nbsp;&nbsp; Philippines | &nbsp;&nbsp; Philippines | &nbsp;&nbsp; Philippines |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | 0 | 3000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 0 | 1502 | 0 | 1502 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 2489 | 0 | 2489 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 0 | 442 | 0 | 442 |
| &nbsp;&nbsp; Poland | &nbsp;&nbsp; Poland | &nbsp;&nbsp; Poland | &nbsp;&nbsp; Poland | &nbsp;&nbsp; Poland |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 0 | 327 | 0 | 327 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 0 | 5009 | 0 | 5009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 0 | 1775 | 0 | 1775 |
| &nbsp;&nbsp; Russia | &nbsp;&nbsp; Russia | &nbsp;&nbsp; Russia | &nbsp;&nbsp; Russia | &nbsp;&nbsp; Russia |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32 | 32 |
| &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 | 0 | 2402 | 0 | 2402 |
| &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 | 4684 | 8589 | 0 | 13273 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 1821 | 4056 | 0 | 5877 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 3118 | 6149 | 0 | 9267 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6708 | 22248 | 0 | 28956 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 0 | 3129 | 0 | 3129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 1804 | 0 | 0 | 1804 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 1927 | 5195 | 0 | 7122 |
| &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 | 24964 | 0 | 24964 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 0 | 31796 | 0 | 31796 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 0 | 9337 | 0 | 9337 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 0 | 2436 | 0 | 2436 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 0 | 18342 | 0 | 18342 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 31676 | 0 | 31676 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 0 | 6311 | 0 | 6311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 0 | 24023 | 0 | 24023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 0 | 18977 | 0 | 18977 |
| &nbsp;&nbsp; Taiwan | &nbsp;&nbsp; Taiwan | &nbsp;&nbsp; Taiwan | &nbsp;&nbsp; Taiwan | &nbsp;&nbsp; Taiwan |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 0 | 1269 | 0 | 1269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 0 | 4381 | 0 | 4381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 0 | 2799 | 0 | 2799 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 0 | 410 | 0 | 410 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 0 | 1053 | 0 | 1053 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 2043 | 0 | 2043 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 0 | 80583 | 0 | 80583 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 0 | 696 | 0 | 696 |
| &nbsp;&nbsp; Thailand | &nbsp;&nbsp; Thailand | &nbsp;&nbsp; Thailand | &nbsp;&nbsp; Thailand | &nbsp;&nbsp; Thailand |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 0 | 11340 | 0 | 11340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81789 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 0 | 2944 | 0 | 2944 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 465 | 0 | 465 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 0 | 322 | 0 | 322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 0 | 632 | 0 | 632 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 0 | 877 | 0 | 877 |
| &nbsp;&nbsp; Turkey | &nbsp;&nbsp; Turkey | &nbsp;&nbsp; Turkey | &nbsp;&nbsp; Turkey | &nbsp;&nbsp; Turkey |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 0 | 4129 | 0 | 4129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 0 | 607 | 0 | 607 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 894 | 0 | 0 | 894 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 0 | 4391 | 0 | 4391 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 11215 | 47690 | 0 | 58905 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 2132 | 0 | 2132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 3132 | 0 | 0 | 3132 |
| &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 | 2648 | 0 | 2648 |

---

---

| | | |
|:---|:---|:---|
| **40** | **PIMCO EQUITY SERIES** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2022** |
|  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 | $0 | $2764 | $0 | $2764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 2386 | 0 | 2386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6223 |
| &nbsp;&nbsp; Chile | &nbsp;&nbsp; Chile | &nbsp;&nbsp; Chile | &nbsp;&nbsp; Chile | &nbsp;&nbsp; Chile |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;980 | 0 | 0 | 980 |
|  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 | 970 | 0 | 970 |
|  Rights | Rights | Rights | Rights | Rights |
| &nbsp;&nbsp; Indonesia | &nbsp;&nbsp; Indonesia | &nbsp;&nbsp; Indonesia | &nbsp;&nbsp; Indonesia | &nbsp;&nbsp; Indonesia |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 5 | 0 | 0 | 5 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2022** |
| &nbsp;&nbsp; South Korea | &nbsp;&nbsp; South Korea | &nbsp;&nbsp; South Korea | &nbsp;&nbsp; South Korea | &nbsp;&nbsp; South Korea |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | $0 | $66 | $0 | $66 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 6783 | 0 | 6783 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102190 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1042216 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1145286 |
|  **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 | 16284 | 0 | 0 | 16284 |
|  Total Investments | $118474 | $1042216 | $880 | $1161570 |

---

There were no significant transfers into or out of Level 3 during the period ended December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **41** |

---

------

##### [**Table of Contents**](#toc)

---

| | | | |
|:---|:---|:---|:---|
| **Schedule of Investments** | **PIMCO RAE Global ex-US Fund** | December 31, 2022 | (Unaudited) |

---

**(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 AFFILIATES 100.1%** | **INVESTMENTS IN AFFILIATES 100.1%** | **INVESTMENTS IN AFFILIATES 100.1%** | **INVESTMENTS IN AFFILIATES 100.1%** |
| **MUTUAL FUNDS (a) 100.1%** | **MUTUAL FUNDS (a) 100.1%** | **MUTUAL FUNDS (a) 100.1%** | **MUTUAL FUNDS (a) 100.1%** |
| **UNITED STATES 100.1%** | **UNITED STATES 100.1%** | **UNITED STATES 100.1%** | **UNITED STATES 100.1%** |
|  **PIMCO RAE Emerging Markets Fund** | 2377245 | $— | 20278 |
|  **PIMCO RAE International Fund** | 9367651 |  | 68946 |
| **Total Mutual Funds (Cost $105,028)** | **Total Mutual Funds (Cost $105,028)** |  | **89224** |
| **Total Investments in Affiliates<br>(Cost $105,028)** | **Total Investments in Affiliates<br>(Cost $105,028)** |  | **89224** |
| **Total Investments 100.1%<br>(Cost $105,028)** | **Total Investments 100.1%<br>(Cost $105,028)** | $— | **89224** |
| **Other Assets and Liabilities, net (0.1)%** | **Other Assets and Liabilities, net (0.1)%** |  | **(59)** |
| **Net Assets 100.0%** | **Net Assets 100.0%** | $— | **89165** |

---

**NOTES TO SCHEDULE OF INVESTMENTS:** 

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

**(a)** **Institutional Class Shares of each Fund.** 

**FAIR VALUE MEASUREMENTS** 

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2022** |
|  **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 | $89224 | $0 | $0 | $89224 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89224 | $&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;89224 |

---

There were no significant transfers into or out of Level 3 during the period ended December 31, 2022.

---

| | | |
|:---|:---|:---|
| **42** | **PIMCO EQUITY SERIES** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)

---

| | | | |
|:---|:---|:---|:---|
| **Schedule of Investments** | **PIMCO RAE International Fund** | December 31, 2022 | (Unaudited) |

---

**(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 98.1%** | **COMMON STOCKS 98.1%** | **COMMON STOCKS 98.1%** |
| **AUSTRALIA 4.9%** | **AUSTRALIA 4.9%** | **AUSTRALIA 4.9%** |
| **CONSUMER STAPLES 0.2%** | **CONSUMER STAPLES 0.2%** | **CONSUMER STAPLES 0.2%** |
|  **Metcash Ltd.** | 406986 | 1101 |
| **ENERGY 0.5%** | **ENERGY 0.5%** | **ENERGY 0.5%** |
|  **Ampol Ltd.** | 125037 | 2403 |
|  **Viva Energy Group Ltd.** | 463637 | 858 |
|  **WorleyParsons Ltd.** | 31522 | 322 |
|  |  | 3583 |
| **FINANCIALS 1.1%** | **FINANCIALS 1.1%** | **FINANCIALS 1.1%** |
|  **AMP Ltd. (a)** | 1128840 | 1004 |
|  **Medibank Pvt Ltd.** | 718293 | 1433 |
|  **Suncorp Group Ltd.** | 625939 | 5101 |
|  |  | 7538 |
| **INDUSTRIALS 0.2%** | **INDUSTRIALS 0.2%** | **INDUSTRIALS 0.2%** |
|  **Aurizon Holdings Ltd.** | 572705 | 1451 |
|  **Brambles Ltd.** | 35190 | 288 |
|  |  | 1739 |
| **MATERIALS 1.8%** | **MATERIALS 1.8%** | **MATERIALS 1.8%** |
|  **BHP Group Ltd.** | 104702 | 3243 |
|  **BlueScope Steel Ltd.** | 80045 | 912 |
|  **Rio Tinto Ltd.** | 112974 | 8917 |
|  |  | 13072 |
| **UTILITIES 1.1%** | **UTILITIES 1.1%** | **UTILITIES 1.1%** |
|  **AGL Energy Ltd.** | 1490304 | 8158 |
|  **Total Australia** |  | **35191** |
| **AUSTRIA 0.4%** | **AUSTRIA 0.4%** | **AUSTRIA 0.4%** |
| **FINANCIALS 0.1%** | **FINANCIALS 0.1%** | **FINANCIALS 0.1%** |
|  **Vienna Insurance Group AG Wiener Versicherung Gruppe** | 16161 | 386 |
| **INDUSTRIALS 0.0%** | **INDUSTRIALS 0.0%** | **INDUSTRIALS 0.0%** |
|  **Strabag SE** | 2287 | 96 |
| **MATERIALS 0.3%** | **MATERIALS 0.3%** | **MATERIALS 0.3%** |
|  **voestalpine AG** | 95195 | 2522 |
|  **Total Austria** |  | **3004** |
| **BELGIUM 0.6%** | **BELGIUM 0.6%** | **BELGIUM 0.6%** |
| **COMMUNICATION SERVICES 0.2%** | **COMMUNICATION SERVICES 0.2%** | **COMMUNICATION SERVICES 0.2%** |
|  **Proximus SADP** | 112892 | 1090 |
| **CONSUMER STAPLES 0.0%** | **CONSUMER STAPLES 0.0%** | **CONSUMER STAPLES 0.0%** |
|  **Etablissements Franz Colruyt NV** | 14246 | 325 |
| **ENERGY 0.3%** | **ENERGY 0.3%** | **ENERGY 0.3%** |
|  **Euronav NV** | 142169 | 2392 |
| **INDUSTRIALS 0.1%** | **INDUSTRIALS 0.1%** | **INDUSTRIALS 0.1%** |
|  **bpost SA** | 105485 | 542 |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
| **MATERIALS 0.0%** | **MATERIALS 0.0%** | **MATERIALS 0.0%** |
|  **Bekaert SA** | 2127 | 83 |
|  **Total Belgium** |  | **4432** |
| **CANADA 5.3%** | **CANADA 5.3%** | **CANADA 5.3%** |
| **CONSUMER DISCRETIONARY 2.2%** | **CONSUMER DISCRETIONARY 2.2%** | **CONSUMER DISCRETIONARY 2.2%** |
|  **Canadian Tire Corp. Ltd. 'A'** | 8451 | 883 |
|  **Gildan Activewear, Inc.** | 19891 | 545 |
|  **Linamar Corp.** | 1900 | 86 |
|  **Magna International, Inc.** | 256067 | 14384 |
|  |  | 15898 |
| **CONSUMER STAPLES 0.5%** | **CONSUMER STAPLES 0.5%** | **CONSUMER STAPLES 0.5%** |
|  **George Weston Ltd.** | 5161 | 640 |
|  **Loblaw Cos., Ltd.** | 32500 | 2874 |
|  **Saputo, Inc.** | 6000 | 149 |
|  |  | 3663 |
| **ENERGY 1.2%** | **ENERGY 1.2%** | **ENERGY 1.2%** |
|  **Parkland Corp.** | 11600 | 254 |
|  **Suncor Energy, Inc.** | 261241 | 8287 |
|  |  | 8541 |
| **FINANCIALS 0.2%** | **FINANCIALS 0.2%** | **FINANCIALS 0.2%** |
|  **CI Financial Corp.** | 53551 | 534 |
|  **Onex Corp.** | 4910 | 237 |
|  **Sun Life Financial, Inc.** | 13153 | 611 |
|  |  | 1382 |
| **INDUSTRIALS 0.6%** | **INDUSTRIALS 0.6%** | **INDUSTRIALS 0.6%** |
|  **Finning International, Inc.** | 70200 | 1745 |
|  **Thomson Reuters Corp.** | 21129 | 2410 |
|  |  | 4155 |
| **INFORMATION TECHNOLOGY 0.2%** | **INFORMATION TECHNOLOGY 0.2%** | **INFORMATION TECHNOLOGY 0.2%** |
|  **Celestica, Inc. (a)** | 138142 | 1557 |
| **UTILITIES 0.4%** | **UTILITIES 0.4%** | **UTILITIES 0.4%** |
|  **Atco Ltd. 'I'** | 72181 | 2259 |
|  **Canadian Utilities Ltd. 'A'** | 21381 | 579 |
|  |  | 2838 |
|  **Total Canada** |  | **38034** |
| **DENMARK 0.8%** | **DENMARK 0.8%** | **DENMARK 0.8%** |
| **CONSUMER STAPLES 0.0%** | **CONSUMER STAPLES 0.0%** | **CONSUMER STAPLES 0.0%** |
|  **Schouw & Co. AS** | 2344 | 176 |
| **HEALTH CARE 0.1%** | **HEALTH CARE 0.1%** | **HEALTH CARE 0.1%** |
|  **H Lundbeck AS** | 193406 | 724 |
|  **H Lundbeck AS 'A' (a)** | 7686 | 27 |
|  |  | 751 |
| **INDUSTRIALS 0.7%** | **INDUSTRIALS 0.7%** | **INDUSTRIALS 0.7%** |
|  **ISS AS (a)** | 213112 | 4511 |
|  **Total Denmark** |  | **5438** |
| **FINLAND 2.3%** | **FINLAND 2.3%** | **FINLAND 2.3%** |
| **CONSUMER DISCRETIONARY 0.0%** | **CONSUMER DISCRETIONARY 0.0%** | **CONSUMER DISCRETIONARY 0.0%** |
|  **Nokian Renkaat Oyj (a)** | 14402 | 148 |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
| **CONSUMER STAPLES 0.1%** | **CONSUMER STAPLES 0.1%** | **CONSUMER STAPLES 0.1%** |
|  **Kesko Oyj 'B'** | 16913 | 374 |
| **FINANCIALS 0.8%** | **FINANCIALS 0.8%** | **FINANCIALS 0.8%** |
|  **Nordea Bank Abp** | 545663 | 5845 |
| **HEALTH CARE 0.1%** | **HEALTH CARE 0.1%** | **HEALTH CARE 0.1%** |
|  **Orion Oyj 'B'** | 15423 | 846 |
| **INDUSTRIALS 0.1%** | **INDUSTRIALS 0.1%** | **INDUSTRIALS 0.1%** |
|  **Wartsila Oyj Abp** | 85796 | 723 |
| **INFORMATION TECHNOLOGY 1.1%** | **INFORMATION TECHNOLOGY 1.1%** | **INFORMATION TECHNOLOGY 1.1%** |
|  **Nokia Oyj** | 1731690 | 8045 |
| **MATERIALS 0.1%** | **MATERIALS 0.1%** | **MATERIALS 0.1%** |
|  **UPM-Kymmene Oyj** | 13417 | 502 |
|  **Total Finland** |  | **16483** |
| **FRANCE 3.9%** | **FRANCE 3.9%** | **FRANCE 3.9%** |
| **COMMUNICATION SERVICES 0.3%** | **COMMUNICATION SERVICES 0.3%** | **COMMUNICATION SERVICES 0.3%** |
|  **Orange SA** | 227216 | 2254 |
| **CONSUMER DISCRETIONARY 0.8%** | **CONSUMER DISCRETIONARY 0.8%** | **CONSUMER DISCRETIONARY 0.8%** |
|  **Cie Generale des Etablissements Michelin SCA** | 36081 | 1005 |
|  **Renault SA** | 45020 | 1503 |
|  **Valeo SA** | 172948 | 3090 |
|  |  | 5598 |
| **CONSUMER STAPLES 0.9%** | **CONSUMER STAPLES 0.9%** | **CONSUMER STAPLES 0.9%** |
|  **Carrefour SA** | 373677 | 6250 |
|  **Casino Guichard Perrachon SA (a)(c)** | 29077 | 304 |
|  |  | 6554 |
| **FINANCIALS 0.3%** | **FINANCIALS 0.3%** | **FINANCIALS 0.3%** |
|  **AXA SA** | 75419 | 2101 |
| **HEALTH CARE 0.9%** | **HEALTH CARE 0.9%** | **HEALTH CARE 0.9%** |
|  **Sanofi** | 69376 | 6690 |
| **INDUSTRIALS 0.5%** | **INDUSTRIALS 0.5%** | **INDUSTRIALS 0.5%** |
|  **ALD SA** | 22899 | 264 |
|  **Cie de Saint-Gobain** | 60956 | 2982 |
|  |  | 3246 |
| **UTILITIES 0.2%** | **UTILITIES 0.2%** | **UTILITIES 0.2%** |
|  **Engie SA** | 93800 | 1342 |
|  **Total France** |  | **27785** |
| **GERMANY 3.8%** | **GERMANY 3.8%** | **GERMANY 3.8%** |
| **COMMUNICATION SERVICES 0.2%** | **COMMUNICATION SERVICES 0.2%** | **COMMUNICATION SERVICES 0.2%** |
|  **Telefonica Deutschland Holding AG** | 492184 | 1209 |
| **CONSUMER DISCRETIONARY 1.5%** | **CONSUMER DISCRETIONARY 1.5%** | **CONSUMER DISCRETIONARY 1.5%** |
|  **Bayerische Motoren Werke AG** | 34700 | 3072 |
|  **Continental AG** | 8839 | 527 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **43** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO RAE International Fund** | **(Cont.)** |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  **Mercedes-Benz Group AG** | 104956 | 6864 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;10463 |
| **CONSUMER STAPLES 0.5%** | **CONSUMER STAPLES 0.5%** | **CONSUMER STAPLES 0.5%** |
|  **Metro AG** | 335369 | 3253 |
| **FINANCIALS 0.4%** | **FINANCIALS 0.4%** | **FINANCIALS 0.4%** |
|  **Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen** | 8000 | 2587 |
|  **Talanx AG** | 13786 | 650 |
|  |  | 3237 |
| **HEALTH CARE 0.6%** | **HEALTH CARE 0.6%** | **HEALTH CARE 0.6%** |
|  **Fresenius Medical Care AG & Co. KGaA** | 60390 | 1972 |
|  **Fresenius SE & Co. KGaA** | 76211 | 2129 |
|  |  | 4101 |
| **INDUSTRIALS 0.2%** | **INDUSTRIALS 0.2%** | **INDUSTRIALS 0.2%** |
|  **Brenntag SE** | 22297 | 1422 |
| **MATERIALS 0.4%** | **MATERIALS 0.4%** | **MATERIALS 0.4%** |
|  **BASF SE** | 38510 | 1896 |
|  **Evonik Industries AG** | 58172 | 1110 |
|  |  | 3006 |
| **UTILITIES 0.0%** | **UTILITIES 0.0%** | **UTILITIES 0.0%** |
|  **Uniper SE (c)** | 106089 | 292 |
|  **Total Germany** |  | **26983** |
| **HONG KONG 2.9%** | **HONG KONG 2.9%** | **HONG KONG 2.9%** |
| **COMMUNICATION SERVICES 0.0%** | **COMMUNICATION SERVICES 0.0%** | **COMMUNICATION SERVICES 0.0%** |
|  **PCCW Ltd.** | 480000 | 216 |
| **CONSUMER DISCRETIONARY 0.9%** | **CONSUMER DISCRETIONARY 0.9%** | **CONSUMER DISCRETIONARY 0.9%** |
|  **Melco Resorts & Entertainment Ltd. ADR (a)** | 427544 | 4917 |
|  **Skyworth Group Ltd.** | 2414215 | 1031 |
|  **Yue Yuen Industrial Holdings Ltd.** | 530500 | 742 |
|  |  | 6690 |
| **CONSUMER STAPLES 0.2%** | **CONSUMER STAPLES 0.2%** | **CONSUMER STAPLES 0.2%** |
|  **First Pacific Co. Ltd.** | 618000 | 184 |
|  **WH Group Ltd.** | 1463500 | 854 |
|  |  | 1038 |
| **INDUSTRIALS 0.1%** | **INDUSTRIALS 0.1%** | **INDUSTRIALS 0.1%** |
|  **Hutchison Port Holdings Trust** | 4160500 | 805 |
| **INFORMATION TECHNOLOGY 0.3%** | **INFORMATION TECHNOLOGY 0.3%** | **INFORMATION TECHNOLOGY 0.3%** |
|  **Kingboard Holdings Ltd.** | 364000 | 1154 |
|  **Kingboard Laminates Holdings Ltd.** | 591500 | 648 |
|  |  | 1802 |
| **MATERIALS 0.0%** | **MATERIALS 0.0%** | **MATERIALS 0.0%** |
|  **Nine Dragons Paper Holdings Ltd.** | 255000 | 232 |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
| **REAL ESTATE 1.4%** | **REAL ESTATE 1.4%** | **REAL ESTATE 1.4%** |
|  **CK Asset Holdings Ltd.** | 479500 | 2941 |
|  **Hongkong Land Holdings Ltd.** | 46500 | 214 |
|  **Kerry Properties Ltd.** | 433000 | 939 |
|  **Sun Hung Kai Properties Ltd.** | 24000 | 328 |
|  **Swire Pacific Ltd. 'A'** | 462500 | 4054 |
|  **Wharf Holdings Ltd.** | 620000 | 1819 |
|  |  | 10295 |
|  **Total Hong Kong** |  | **21078** |
| **ISRAEL 2.0%** | **ISRAEL 2.0%** | **ISRAEL 2.0%** |
| **COMMUNICATION SERVICES 0.5%** | **COMMUNICATION SERVICES 0.5%** | **COMMUNICATION SERVICES 0.5%** |
|  **Bezeq The Israeli Telecommunication Corp. Ltd.** | 1952325 | 3369 |
| **ENERGY 0.4%** | **ENERGY 0.4%** | **ENERGY 0.4%** |
|  **Delek Group Ltd. (a)** | 6352 | 700 |
|  **Oil Refineries Ltd.** | 3046398 | 1067 |
|  **Paz Oil Co. Ltd. (a)** | 5060 | 630 |
|  |  | 2397 |
| **FINANCIALS 0.0%** | **FINANCIALS 0.0%** | **FINANCIALS 0.0%** |
|  **Plus500 Ltd.** | 9666 | 210 |
| **HEALTH CARE 0.8%** | **HEALTH CARE 0.8%** | **HEALTH CARE 0.8%** |
|  **Teva Pharmaceutical Industries Ltd. SP - ADR (a)** | 632930 | 5772 |
| **INFORMATION TECHNOLOGY 0.2%** | **INFORMATION TECHNOLOGY 0.2%** | **INFORMATION TECHNOLOGY 0.2%** |
|  **Check Point Software Technologies Ltd. (a)** | 13044 | 1646 |
| **MATERIALS 0.1%** | **MATERIALS 0.1%** | **MATERIALS 0.1%** |
|  **Israel Corp. Ltd.** | 1591 | 561 |
| **REAL ESTATE 0.0%** | **REAL ESTATE 0.0%** | **REAL ESTATE 0.0%** |
|  **G City Ltd.** | 74071 | 225 |
|  **Total Israel** |  | **14180** |
| **ITALY 4.9%** | **ITALY 4.9%** | **ITALY 4.9%** |
| **ENERGY 3.0%** | **ENERGY 3.0%** | **ENERGY 3.0%** |
|  **Eni SpA** | 1509491 | 21464 |
| **FINANCIALS 0.4%** | **FINANCIALS 0.4%** | **FINANCIALS 0.4%** |
|  **Assicurazioni Generali SpA** | 138792 | 2468 |
|  **Unipol Gruppo SpA** | 63800 | 311 |
|  **UnipolSai Assicurazioni SpA** | 74386 | 183 |
|  |  | 2962 |
| **INDUSTRIALS 0.1%** | **INDUSTRIALS 0.1%** | **INDUSTRIALS 0.1%** |
|  **Leonardo SpA** | 45769 | 394 |
| **UTILITIES 1.4%** | **UTILITIES 1.4%** | **UTILITIES 1.4%** |
|  **Enel SpA** | 1949902 | 10487 |
|  **Total Italy** |  | **35307** |
| **JAPAN 31.2%** | **JAPAN 31.2%** | **JAPAN 31.2%** |
| **COMMUNICATION SERVICES 3.3%** | **COMMUNICATION SERVICES 3.3%** | **COMMUNICATION SERVICES 3.3%** |
|  **KDDI Corp.** | 198200 | 6011 |
|  **Mixi, Inc.** | 62700 | 1170 |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  **Nippon Telegraph & Telephone Corp.** | 548200 | 15634 |
|  **Square Enix Holdings Co. Ltd.** | 16900 | 784 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;23599 |
| **CONSUMER DISCRETIONARY 6.9%** | **CONSUMER DISCRETIONARY 6.9%** | **CONSUMER DISCRETIONARY 6.9%** |
|  **Bridgestone Corp. (c)** | 169700 | 6009 |
|  **Casio Computer Co. Ltd.** | 21100 | 214 |
|  **EDION Corp.** | 139800 | 1367 |
|  **Exedy Corp.** | 39300 | 479 |
|  **H2O Retailing Corp.** | 112200 | 1093 |
|  **Iida Group Holdings Co. Ltd.** | 6900 | 105 |
|  **Isuzu Motors Ltd.** | 453600 | 5259 |
|  **Izumi Co. Ltd.** | 3500 | 79 |
|  **JTEKT Corp.** | 30000 | 209 |
|  **K's Holdings Corp.** | 88300 | 757 |
|  **Mazda Motor Corp.** | 457800 | 3432 |
|  **NHK Spring Co. Ltd.** | 25800 | 164 |
|  **Nikon Corp.** | 19600 | 173 |
|  **Nissan Motor Co. Ltd.** | 1737800 | 5438 |
|  **Paltac Corp.** | 8400 | 294 |
|  **Panasonic Holdings Corp.** | 1292500 | 10817 |
|  **Sega Sammy Holdings, Inc.** | 98700 | 1490 |
|  **Sekisui House Ltd.** | 209800 | 3720 |
|  **Shimamura Co. Ltd.** | 14600 | 1455 |
|  **Subaru Corp.** | 290300 | 4395 |
|  **Sumitomo Electric Industries Ltd.** | 27200 | 307 |
|  **Sumitomo Rubber Industries Ltd. (c)** | 34300 | 298 |
|  **Tokai Rika Co. Ltd.** | 24100 | 256 |
|  **Yamada Holdings Co. Ltd.** | 470500 | 1670 |
|  |  | 49480 |
| **CONSUMER STAPLES 1.3%** | **CONSUMER STAPLES 1.3%** | **CONSUMER STAPLES 1.3%** |
|  **Arcs Co. Ltd.** | 9900 | 165 |
|  **Itoham Yonekyu Holdings, Inc.** | 121700 | 646 |
|  **Japan Tobacco, Inc. (c)** | 278856 | 5622 |
|  **Kao Corp.** | 33900 | 1346 |
|  **Mitsubishi Shokuhin Co. Ltd.** | 6500 | 154 |
|  **NH Foods Ltd.** | 6200 | 173 |
|  **Pola Orbis Holdings, Inc.** | 34100 | 480 |
|  **Sundrug Co. Ltd.** | 2900 | 86 |
|  **United Super Markets Holdings, Inc.** | 51500 | 440 |
|  **Yamazaki Baking Co. Ltd. (c)** | 16100 | 192 |
|  |  | 9304 |
| **ENERGY 0.2%** | **ENERGY 0.2%** | **ENERGY 0.2%** |
|  **Cosmo Energy Holdings Co. Ltd.** | 47000 | 1244 |
|  **ENEOS Holdings, Inc.** | 27500 | 94 |
|  |  | 1338 |
| **FINANCIALS 5.9%** | **FINANCIALS 5.9%** | **FINANCIALS 5.9%** |
|  **Credit Saison Co. Ltd.** | 22700 | 292 |
|  **Japan Post Holdings Co. Ltd.** | 3226400 | 27147 |
|  **MS&AD Insurance Group Holdings, Inc.** | 253900 | 8117 |
|  **Sompo Holdings, Inc.** | 59800 | 2646 |
|  **Tokio Marine Holdings, Inc.** | 206400 | 4409 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;42611 |
| **HEALTH CARE 1.6%** | **HEALTH CARE 1.6%** | **HEALTH CARE 1.6%** |
|  **Alfresa Holdings Corp.** | 74000 | 940 |
|  **Astellas Pharma, Inc.** | 215300 | 3274 |

---

---

| | | |
|:---|:---|:---|
| **44** | **PIMCO EQUITY SERIES** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  **Daiichi Sankyo Co. Ltd.** | 91500 | 2945 |
|  **Medipal Holdings Corp.** | 155400 | 2054 |
|  **Otsuka Holdings Co. Ltd.** | 19000 | 620 |
|  **Suzuken Co. Ltd.** | 49000 | 1326 |
|  **Toho Holdings Co. Ltd.** | 16600 | 277 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;11436 |
| **INDUSTRIALS 4.1%** | **INDUSTRIALS 4.1%** | **INDUSTRIALS 4.1%** |
|  **Amada Co. Ltd.** | 121700 | 948 |
|  **Dai Nippon Printing Co. Ltd.** | 144700 | 2907 |
|  **Ebara Corp.** | 31000 | 1104 |
|  **Fujikura Ltd.** | 130300 | 979 |
|  **Furukawa Electric Co. Ltd.** | 36700 | 685 |
|  **GS Yuasa Corp.** | 16400 | 262 |
|  **Hanwa Co. Ltd.** | 8100 | 229 |
|  **Hino Motors Ltd.** | 323700 | 1230 |
|  **Inabata & Co. Ltd.** | 53100 | 959 |
|  **Kajima Corp.** | 51100 | 595 |
|  **Kamigumi Co. Ltd.** | 6400 | 130 |
|  **Kandenko Co. Ltd.** | 24900 | 163 |
|  **LIXIL Group Corp.** | 26500 | 400 |
|  **Mitsubishi Electric Corp.** | 166100 | 1646 |
|  **Mitsubishi Heavy Industries Ltd.** | 57100 | 2256 |
|  **Nabtesco Corp.** | 10700 | 271 |
|  **Nagase & Co. Ltd.** | 12200 | 184 |
|  **Nippon Steel Trading Corp.** | 17400 | 1219 |
|  **Nisshinbo Holdings, Inc.** | 34900 | 257 |
|  **Persol Holdings Co. Ltd.** | 97600 | 2076 |
|  **Secom Co. Ltd.** | 52400 | 2990 |
|  **SG Holdings Co. Ltd.** | 52200 | 724 |
|  **Shimizu Corp.** | 31600 | 169 |
|  **Sojitz Corp.** | 51420 | 980 |
|  **Sumitomo Heavy Industries Ltd.** | 6600 | 132 |
|  **Taisei Corp.** | 76300 | 2460 |
|  **Toppan, Inc.** | 33200 | 490 |
|  **Yamato Holdings Co. Ltd.** | 203200 | 3220 |
|  |  | 29665 |
| **INFORMATION TECHNOLOGY 3.4%** | **INFORMATION TECHNOLOGY 3.4%** | **INFORMATION TECHNOLOGY 3.4%** |
|  **Alps Alpine Co. Ltd.** | 220800 | 1996 |
|  **Brother Industries Ltd.** | 41000 | 620 |
|  **Canon Marketing Japan, Inc. (c)** | 13300 | 301 |
|  **Canon, Inc. (c)** | 398750 | 8631 |
|  **Fujitsu Ltd.** | 52900 | 7052 |
|  **Konica Minolta, Inc.** | 135000 | 538 |
|  **Nippon Electric Glass Co. Ltd.** | 5000 | 89 |
|  **Ricoh Co. Ltd.** | 335800 | 2556 |
|  **SCREEN Holdings Co. Ltd.** | 8900 | 567 |
|  **Seiko Epson Corp.** | 89500 | 1302 |
|  **Yokogawa Electric Corp.** | 40700 | 646 |
|  |  | 24298 |
| **MATERIALS 1.8%** | **MATERIALS 1.8%** | **MATERIALS 1.8%** |
|  **Daicel Corp.** | 183600 | 1321 |
|  **DIC Corp. (c)** | 63300 | 1111 |
|  **JFE Holdings, Inc.** | 42700 | 495 |
|  **Kaneka Corp.** | 21800 | 542 |
|  **Kuraray Co. Ltd.** | 9800 | 78 |
|  **Mitsui Chemicals, Inc.** | 46000 | 1033 |
|  **Nippon Light Metal Holdings Co. Ltd.** | 17900 | 206 |
|  **Nitto Denko Corp.** | 87100 | 5017 |
|  **Taiheiyo Cement Corp.** | 53300 | 829 |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  **Teijin Ltd. (a)** | 8100 | 79 |
|  **Toyo Seikan Group Holdings Ltd.** | 161100 | 1977 |
|  |  | 12688 |
| **REAL ESTATE 1.2%** | **REAL ESTATE 1.2%** | **REAL ESTATE 1.2%** |
|  **Daito Trust Construction Co. Ltd.** | 77600 | 7945 |
|  **Nomura Real Estate Holdings, Inc.** | 21100 | 451 |
|  |  | 8396 |
| **UTILITIES 1.5%** | **UTILITIES 1.5%** | **UTILITIES 1.5%** |
|  **Chubu Electric Power Co., Inc.** | 504800 | 5220 |
|  **Electric Power Development Co. Ltd. 'C'** | 162600 | 2582 |
|  **Hokkaido Electric Power Co., Inc.** | 158400 | 560 |
|  **Hokuriku Electric Power Co.** | 57800 | 240 |
|  **Shikoku Electric Power Co., Inc.** | 17500 | 101 |
|  **Tohoku Electric Power Co., Inc.** | 417700 | 2188 |
|  |  | 10891 |
|  **Total Japan** |  | **223706** |
| **LUXEMBOURG 0.1%** | **LUXEMBOURG 0.1%** | **LUXEMBOURG 0.1%** |
| **COMMUNICATION SERVICES 0.1%** | **COMMUNICATION SERVICES 0.1%** | **COMMUNICATION SERVICES 0.1%** |
|  **Millicom International Cellular SA (a)** | 10569 | 134 |
|  **RTL Group SA** | 8919 | 375 |
|  |  | 509 |
|  **Total Luxembourg** |  | **509** |
| **NETHERLANDS 5.8%** | **NETHERLANDS 5.8%** | **NETHERLANDS 5.8%** |
| **COMMUNICATION SERVICES 0.0%** | **COMMUNICATION SERVICES 0.0%** | **COMMUNICATION SERVICES 0.0%** |
|  **VEON Ltd. ADR «(a)** | 1443617 | 0 |
| **CONSUMER STAPLES 3.7%** | **CONSUMER STAPLES 3.7%** | **CONSUMER STAPLES 3.7%** |
|  **Koninklijke Ahold Delhaize NV** | 930177 | 26744 |
| **HEALTH CARE 0.6%** | **HEALTH CARE 0.6%** | **HEALTH CARE 0.6%** |
|  **Koninklijke Philips NV** | 281660 | 4238 |
| **INDUSTRIALS 1.0%** | **INDUSTRIALS 1.0%** | **INDUSTRIALS 1.0%** |
|  **Randstad NV** | 92089 | 5627 |
|  **Signify NV** | 37738 | 1270 |
|  |  | 6897 |
| **MATERIALS 0.5%** | **MATERIALS 0.5%** | **MATERIALS 0.5%** |
|  **Akzo Nobel NV** | 52853 | 3547 |
|  **Total Netherlands** |  | **41426** |
| **NEW ZEALAND 0.3%** | **NEW ZEALAND 0.3%** | **NEW ZEALAND 0.3%** |
| **COMMUNICATION SERVICES 0.1%** | **COMMUNICATION SERVICES 0.1%** | **COMMUNICATION SERVICES 0.1%** |
|  **Spark New Zealand Ltd.** | 197175 | 675 |
| **INDUSTRIALS 0.1%** | **INDUSTRIALS 0.1%** | **INDUSTRIALS 0.1%** |
|  **Air New Zealand Ltd. (a)** | 611620 | 288 |
|  **Fletcher Building Ltd.** | 285130 | 854 |
|  |  | 1142 |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
| **UTILITIES 0.1%** | **UTILITIES 0.1%** | **UTILITIES 0.1%** |
|  **Contact Energy Ltd.** | 99546 | 487 |
|  **Total New Zealand** |  | **2304** |
| **NORWAY 0.5%** | **NORWAY 0.5%** | **NORWAY 0.5%** |
| **COMMUNICATION SERVICES 0.1%** | **COMMUNICATION SERVICES 0.1%** | **COMMUNICATION SERVICES 0.1%** |
|  **Telenor ASA** | 44399 | 415 |
| **INFORMATION TECHNOLOGY 0.0%** | **INFORMATION TECHNOLOGY 0.0%** | **INFORMATION TECHNOLOGY 0.0%** |
|  **Atea ASA** | 25243 | 295 |
| **MATERIALS 0.4%** | **MATERIALS 0.4%** | **MATERIALS 0.4%** |
|  **Yara International ASA** | 57962 | 2545 |
|  **Total Norway** |  | **3255** |
| **PORTUGAL 1.2%** | **PORTUGAL 1.2%** | **PORTUGAL 1.2%** |
| **CONSUMER STAPLES 0.3%** | **CONSUMER STAPLES 0.3%** | **CONSUMER STAPLES 0.3%** |
|  **Jeronimo Martins SGPS SA** | 47419 | 1026 |
|  **Sonae SGPS SA** | 767861 | 769 |
|  |  | 1795 |
| **ENERGY 0.5%** | **ENERGY 0.5%** | **ENERGY 0.5%** |
|  **Galp Energia SGPS SA** | 274824 | 3707 |
| **MATERIALS 0.1%** | **MATERIALS 0.1%** | **MATERIALS 0.1%** |
|  **Navigator Co. SA** | 254420 | 941 |
| **UTILITIES 0.3%** | **UTILITIES 0.3%** | **UTILITIES 0.3%** |
|  **EDP - Energias de Portugal SA** | 438711 | 2187 |
|  **Total Portugal** |  | **8630** |
| **SINGAPORE 0.7%** | **SINGAPORE 0.7%** | **SINGAPORE 0.7%** |
| **COMMUNICATION SERVICES 0.3%** | **COMMUNICATION SERVICES 0.3%** | **COMMUNICATION SERVICES 0.3%** |
|  **JOYY, Inc. ADR** | 44408 | 1403 |
|  **Singapore Telecommunications Ltd.** | 356400 | 683 |
|  |  | 2086 |
| **CONSUMER STAPLES 0.0%** | **CONSUMER STAPLES 0.0%** | **CONSUMER STAPLES 0.0%** |
|  **Golden Agri-Resources Ltd.** | 1860400 | 347 |
| **INDUSTRIALS 0.3%** | **INDUSTRIALS 0.3%** | **INDUSTRIALS 0.3%** |
|  **ComfortDelGro Corp. Ltd.** | 833500 | 766 |
|  **Jardine Cycle & Carriage Ltd.** | 44700 | 954 |
|  **Keppel Corp. Ltd.** | 77800 | 422 |
|  |  | 2142 |
| **INFORMATION TECHNOLOGY 0.1%** | **INFORMATION TECHNOLOGY 0.1%** | **INFORMATION TECHNOLOGY 0.1%** |
|  **Venture Corp. Ltd.** | 42400 | 541 |
|  **Total Singapore** |  | **5116** |
| **SPAIN 8.1%** | **SPAIN 8.1%** | **SPAIN 8.1%** |
| **COMMUNICATION SERVICES 2.4%** | **COMMUNICATION SERVICES 2.4%** | **COMMUNICATION SERVICES 2.4%** |
|  **Telefonica SA** | 4772823 | &nbsp;&nbsp;&nbsp;&nbsp;17278 |
| **ENERGY 1.5%** | **ENERGY 1.5%** | **ENERGY 1.5%** |
|  **Repsol SA** | 672045 | 10697 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **45** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO RAE International Fund** | **(Cont.)** |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
| **FINANCIALS 3.0%** | **FINANCIALS 3.0%** | **FINANCIALS 3.0%** |
|  **Banco Bilbao Vizcaya Argentaria SA** | 1003108 | 6042 |
|  **Banco de Sabadell SA** | 3860418 | 3629 |
|  **Banco Santander SA** | 3130161 | 9360 |
|  **Mapfre SA** | 1131185 | 2188 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;21219 |
| **INDUSTRIALS 0.3%** | **INDUSTRIALS 0.3%** | **INDUSTRIALS 0.3%** |
|  **ACS Actividades de Construccion y Servicios SA** | 66028 | 1889 |
| **UTILITIES 0.9%** | **UTILITIES 0.9%** | **UTILITIES 0.9%** |
|  **Endesa SA** | 95851 | 1806 |
|  **Naturgy Energy Group SA** | 186077 | 4836 |
|  |  | 6642 |
|  **Total Spain** |  | **57725** |
| **SWEDEN 1.8%** | **SWEDEN 1.8%** | **SWEDEN 1.8%** |
| **COMMUNICATION SERVICES 0.0%** | **COMMUNICATION SERVICES 0.0%** | **COMMUNICATION SERVICES 0.0%** |
|  **Telia Co. AB** | 112001 | 286 |
| **CONSUMER DISCRETIONARY 0.2%** | **CONSUMER DISCRETIONARY 0.2%** | **CONSUMER DISCRETIONARY 0.2%** |
|  **Electrolux AB (c)** | 20158 | 272 |
|  **Husqvarna AB 'B'** | 119955 | 843 |
|  **JM AB** | 6091 | 101 |
|  |  | 1216 |
| **FINANCIALS 0.2%** | **FINANCIALS 0.2%** | **FINANCIALS 0.2%** |
|  **Ratos AB 'B'** | 88850 | 354 |
|  **Swedbank AB 'A'** | 55623 | 946 |
|  |  | 1300 |
| **INDUSTRIALS 0.9%** | **INDUSTRIALS 0.9%** | **INDUSTRIALS 0.9%** |
|  **Intrum AB** | 38427 | 465 |
|  **Loomis AB** | 4840 | 133 |
|  **Securitas AB 'B'** | 203984 | 1702 |
|  **Skanska AB 'B'** | 25589 | 405 |
|  **SKF AB 'B'** | 71631 | 1094 |
|  **Volvo AB 'B'** | 137388 | 2482 |
|  |  | 6281 |
| **INFORMATION TECHNOLOGY 0.4%** | **INFORMATION TECHNOLOGY 0.4%** | **INFORMATION TECHNOLOGY 0.4%** |
|  **Telefonaktiebolaget LM Ericsson 'B'** | 539494 | 3161 |
| **MATERIALS 0.1%** | **MATERIALS 0.1%** | **MATERIALS 0.1%** |
|  **Hexpol AB** | 51111 | 545 |
|  **Total Sweden** |  | **12789** |
| **SWITZERLAND 3.6%** | **SWITZERLAND 3.6%** | **SWITZERLAND 3.6%** |
| **CONSUMER DISCRETIONARY 0.8%** | **CONSUMER DISCRETIONARY 0.8%** | **CONSUMER DISCRETIONARY 0.8%** |
|  **Swatch Group AG** | 20524 | 5833 |
| **CONSUMER STAPLES 0.7%** | **CONSUMER STAPLES 0.7%** | **CONSUMER STAPLES 0.7%** |
|  **Coca-Cola HBC AG** | 12337 | 292 |
|  **Nestle SA** | 40579 | 4687 |
|  |  | 4979 |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
| **FINANCIALS 0.2%** | **FINANCIALS 0.2%** | **FINANCIALS 0.2%** |
|  **Swiss Life Holding AG** | 456 | 235 |
|  **Zurich Insurance Group AG** | 3277 | 1567 |
|  |  | 1802 |
| **INDUSTRIALS 0.8%** | **INDUSTRIALS 0.8%** | **INDUSTRIALS 0.8%** |
|  **Adecco Group AG** | 133518 | 4392 |
|  **Kuehne & Nagel International AG** | 5301 | 1232 |
|  |  | 5624 |
| **MATERIALS 1.1%** | **MATERIALS 1.1%** | **MATERIALS 1.1%** |
|  **Glencore PLC** | 619691 | 4133 |
|  **Holcim AG** | 70364 | 3642 |
|  |  | 7775 |
|  **Total Switzerland** |  | **26013** |
| **UNITED KINGDOM 12.9%** | **UNITED KINGDOM 12.9%** | **UNITED KINGDOM 12.9%** |
| **COMMUNICATION SERVICES 0.6%** | **COMMUNICATION SERVICES 0.6%** | **COMMUNICATION SERVICES 0.6%** |
|  **Pearson PLC** | 89774 | 1013 |
|  **WPP PLC** | 359385 | 3551 |
|  |  | 4564 |
| **CONSUMER DISCRETIONARY 0.9%** | **CONSUMER DISCRETIONARY 0.9%** | **CONSUMER DISCRETIONARY 0.9%** |
|  **Berkeley Group Holdings PLC** | 6082 | 277 |
|  **Currys PLC** | 453942 | 294 |
|  **Inchcape PLC** | 333147 | 3289 |
|  **Kingfisher PLC** | 546361 | 1552 |
|  **Persimmon PLC** | 58008 | 851 |
|  |  | 6263 |
| **CONSUMER STAPLES 0.9%** | **CONSUMER STAPLES 0.9%** | **CONSUMER STAPLES 0.9%** |
|  **Imperial Brands PLC** | 183600 | 4574 |
|  **Marks & Spencer Group PLC (a)** | 1226318 | 1809 |
|  |  | 6383 |
| **ENERGY 4.3%** | **ENERGY 4.3%** | **ENERGY 4.3%** |
|  **Shell PLC** | 1046395 | 29499 |
|  **Subsea 7 SA** | 92266 | 1068 |
|  |  | 30567 |
| **FINANCIALS 1.4%** | **FINANCIALS 1.4%** | **FINANCIALS 1.4%** |
|  **Direct Line Insurance Group PLC** | 604739 | 1612 |
|  **M&G PLC** | 3166204 | 7160 |
|  **Standard Life Aberdeen PLC** | 486470 | 1105 |
|  |  | 9877 |
| **HEALTH CARE 1.2%** | **HEALTH CARE 1.2%** | **HEALTH CARE 1.2%** |
|  **GSK PLC** | 480553 | 8305 |
| **INDUSTRIALS 0.4%** | **INDUSTRIALS 0.4%** | **INDUSTRIALS 0.4%** |
|  **International Distributions Services PLC** | 1060585 | 2719 |
|  **Travis Perkins PLC** | 27872 | 298 |
|  |  | 3017 |
| **INFORMATION TECHNOLOGY 0.2%** | **INFORMATION TECHNOLOGY 0.2%** | **INFORMATION TECHNOLOGY 0.2%** |
|  **Micro Focus International PLC** | 264595 | 1695 |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
| **MATERIALS 0.4%** | **MATERIALS 0.4%** | **MATERIALS 0.4%** |
|  **Evraz PLC «** | 238175 | 0 |
|  **Johnson Matthey PLC** | 13132 | 336 |
|  **Mondi PLC** | 35810 | 605 |
|  **Rio Tinto PLC** | 29832 | 2100 |
|  |  | 3041 |
| **UTILITIES 2.6%** | **UTILITIES 2.6%** | **UTILITIES 2.6%** |
|  **Centrica PLC** | 11650186 | 13550 |
|  **SSE PLC** | 262359 | 5396 |
|  |  | 18946 |
|  **Total United Kingdom** |  | **92658** |
| **UNITED STATES 0.1%** | **UNITED STATES 0.1%** | **UNITED STATES 0.1%** |
| **HEALTH CARE 0.1%** | **HEALTH CARE 0.1%** | **HEALTH CARE 0.1%** |
|  **Bausch Health Cos., Inc. (a)** | 131200 | 824 |
|  **Total United States** |  | **824** |
|  **Total Common Stocks (Cost $622,271)** | **Total Common Stocks (Cost $622,271)** | **702870** |
| **PREFERRED STOCKS 0.3%** | **PREFERRED STOCKS 0.3%** | **PREFERRED STOCKS 0.3%** |
| **GERMANY 0.3%** | **GERMANY 0.3%** | **GERMANY 0.3%** |
| **INDUSTRIALS 0.3%** | **INDUSTRIALS 0.3%** | **INDUSTRIALS 0.3%** |
|  **Henkel AG & Co. KGaA** | 4070 | 282 |
|  **Schaeffler AG** | 225086 | 1520 |
|  |  | 1802 |
|  **Total Preferred Stocks (Cost $1,595)** | **Total Preferred Stocks (Cost $1,595)** | **1802** |
| **REAL ESTATE INVESTMENT TRUSTS 0.8%** | **REAL ESTATE INVESTMENT TRUSTS 0.8%** | **REAL ESTATE INVESTMENT TRUSTS 0.8%** |
| **AUSTRALIA 0.6%** | **AUSTRALIA 0.6%** | **AUSTRALIA 0.6%** |
| **REAL ESTATE 0.6%** | **REAL ESTATE 0.6%** | **REAL ESTATE 0.6%** |
|  **Scentre Group** | 1092196 | 2126 |
|  **Stockland** | 566969 | 1397 |
|  **Vicinity Ltd.** | 387336 | 523 |
|  |  | 4046 |
|  **Total Australia** |  | **4046** |
| **CANADA 0.2%** | **CANADA 0.2%** | **CANADA 0.2%** |
| **REAL ESTATE 0.2%** | **REAL ESTATE 0.2%** | **REAL ESTATE 0.2%** |
|  **H&R Real Estate Investment Trust REIT** | 147386 | 1318 |
|  **RioCan Real Estate Investment Trust (c)** | 33842 | 528 |
|  |  | 1846 |
|  **Total Canada** |  | **1846** |
|  **Total Real Estate Investment Trusts<br>(Cost $5,423)** | **Total Real Estate Investment Trusts<br>(Cost $5,423)** | **5892** |
| **WARRANTS 0.0%** | **WARRANTS 0.0%** | **WARRANTS 0.0%** |
| **SPAIN 0.0%** | **SPAIN 0.0%** | **SPAIN 0.0%** |
| **INDUSTRIALS 0.0%** | **INDUSTRIALS 0.0%** | **INDUSTRIALS 0.0%** |
|  **Abengoa SA 'B' - Exp. 03/31/2025 «** | 226011 | 0 |
|  **Total Warrants (Cost $0)** | **Total Warrants (Cost $0)** | **0** |
| **Total Investments in Securities<br>(Cost $629,289)** | **Total Investments in Securities<br>(Cost $629,289)** | **710564** |

---

---

| | | |
|:---|:---|:---|
| **46** | **PIMCO EQUITY SERIES** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **INVESTMENTS IN AFFILIATES 3.4%** | **INVESTMENTS IN AFFILIATES 3.4%** | **INVESTMENTS IN AFFILIATES 3.4%** | **INVESTMENTS IN AFFILIATES 3.4%** |
| **SHORT-TERM INSTRUMENTS 3.4%** | **SHORT-TERM INSTRUMENTS 3.4%** | **SHORT-TERM INSTRUMENTS 3.4%** | **SHORT-TERM INSTRUMENTS 3.4%** |
| **MUTUAL FUNDS 3.4%** | **MUTUAL FUNDS 3.4%** | **MUTUAL FUNDS 3.4%** | **MUTUAL FUNDS 3.4%** |
|  **PIMCO Government Money Market Fund** | **PIMCO Government Money Market Fund** | **PIMCO Government Money Market Fund** | **PIMCO Government Money Market Fund** |
|  4.310% (b)(c)(d) | 24710031 | $— | 24710 |
| **Total Short-Term Instruments<br>(Cost $24,710)** | **Total Short-Term Instruments<br>(Cost $24,710)** |  | **24710** |
| **Total Investments in Affiliates<br>(Cost $24,710)** | **Total Investments in Affiliates<br>(Cost $24,710)** |  | **24710** |
| **Total Investments 102.6% (Cost $653,999)** |  | $— | **735274** |
| **Other Assets and Liabilities, net (2.6)%** | **Other Assets and Liabilities, net (2.6)%** |  | **(18592)** |
| **Net Assets 100.0%** |  | $— | **716682** |

---

**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 $23,326 were out on loan in exchange for $24,710 of cash collateral as of December 31, 2022. The collateral was invested in a cash collateral reinvestment vehicle as described in Note 5 in the Notes to Financial Statements.** 

**(d)** **Coupon represents a 7-Day Yield.** 

**BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY** 

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2021:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Repurchase<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 |
|  BCY | $0 | $0 | $0 | $2422 | $2422 | $(2718) | $(296) |
|  BOS | 0 | 0 | 0 | 72 | 72 | (77) | (5) |
|  BSN | 0 | 0 | 0 | 576 | 576 | (613) | (37) |
|  GSC | 0 | 0 | 0 | 13973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14676) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(703) |
|  MSC | 0 | 0 | 0 | 192 | 192 | (202) | (10) |
|  SAL | 0 | 0 | 0 | 5606 | 5606 | (5895) | (289) |
|  UBS | 0 | 0 | 0 | 485 | 485 | (529) | (44) |
|  **Total Borrowings and Other Financing Transactions** | $**0** | $**0** | $**0** | $**23326** |  |  |  |

---

**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 | $24159 | $0 | $0 | $0 | $24159 |
|  Real Estate Investment Trusts | 551 | 0 | 0 | 0 | 551 |
|  **Total Borrowings** | $**24710** | $**0** | $**0** | $**0** | $**24710** |
|  **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**  | $**24710** |

---

<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.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **47** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO RAE International Fund** | **(Cont.)** |

---

**FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS** 

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

Statements on risks of the Fund.

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **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;(44) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(44) |

---

**FAIR VALUE MEASUREMENTS** 

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2022** |
|  **Investments in Securities, at Value** |  |  |  |  |
|  Common Stocks |  |  |  |  |
| &nbsp;&nbsp; Australia |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | $0 | $1101 | $0 | $1101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 0 | 3583 | 0 | 3583 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 0 | 7538 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | 7538 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 1739 | 0 | 1739 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13072 | 0 | 13072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 0 | 8158 | 0 | 8158 |
| &nbsp;&nbsp; Austria |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 0 | 386 | 0 | 386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 96 | 0 | 0 | 96 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 0 | 2522 | 0 | 2522 |
| &nbsp;&nbsp; Belgium |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 0 | 1090 | 0 | 1090 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 0 | 325 | 0 | 325 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 0 | 2392 | 0 | 2392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 542 | 0 | 542 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 0 | 83 | 0 | 83 |
| &nbsp;&nbsp; Canada |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15898 | 0 | 0 | 15898 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 3663 | 0 | 0 | 3663 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 8541 | 0 | 0 | 8541 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 1382 | 0 | 0 | 1382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 4155 | 0 | 0 | 4155 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 1557 | 0 | 0 | 1557 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 2838 | 0 | 0 | 2838 |
| &nbsp;&nbsp; Denmark |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 0 | 176 | 0 | 176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 27 | 724 | 0 | 751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 4511 | 0 | 4511 |
| &nbsp;&nbsp; Finland |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 0 | 148 | 0 | 148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 0 | 374 | 0 | 374 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 0 | 5845 | 0 | 5845 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 0 | 846 | 0 | 846 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 723 | 0 | 723 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 0 | 8045 | 0 | 8045 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 0 | 502 | 0 | 502 |
| &nbsp;&nbsp; France |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 0 | 2254 | 0 | 2254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 0 | 5598 | 0 | 5598 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 0 | 6554 | 0 | 6554 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 0 | 2101 | 0 | 2101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 0 | 6690 | 0 | 6690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 3246 | 0 | 3246 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 0 | 1342 | 0 | 1342 |
| &nbsp;&nbsp; Germany |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 0 | 1209 | 0 | 1209 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 0 | 10463 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10463 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2022** |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | $0 | $3253 | $0 | $3253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 0 | 3237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | 3237 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 0 | 4101 | 0 | 4101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 1422 | 0 | 1422 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 0 | 3006 | 0 | 3006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 0 | 292 | 0 | 292 |
| &nbsp;&nbsp; Hong Kong |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 0 | 216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | 216 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 4917 | 1773 | 0 | 6690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 0 | 1038 | 0 | 1038 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 805 | 0 | 805 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 0 | 1802 | 0 | 1802 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 0 | 232 | 0 | 232 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 0 | 10295 | 0 | 10295 |
| &nbsp;&nbsp; Israel |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 0 | 3369 | 0 | 3369 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 0 | 2397 | 0 | 2397 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 0 | 210 | 0 | 210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5772 | 0 | 0 | 5772 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 1646 | 0 | 0 | 1646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 0 | 561 | 0 | 561 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 0 | 225 | 0 | 225 |
| &nbsp;&nbsp; Italy |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 0 | 21464 | 0 | 21464 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 0 | 2962 | 0 | 2962 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 394 | 0 | 394 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 0 | 10487 | 0 | 10487 |
| &nbsp;&nbsp; Japan |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 0 | 23599 | 0 | 23599 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 0 | 49480 | 0 | 49480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 0 | 9304 | 0 | 9304 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 0 | 1338 | 0 | 1338 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 0 | 42611 | 0 | 42611 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 0 | 11436 | 0 | 11436 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 29665 | 0 | 29665 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 0 | 24298 | 0 | 24298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 0 | 12688 | 0 | 12688 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 0 | 8396 | 0 | 8396 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 0 | 10891 | 0 | 10891 |
| &nbsp;&nbsp; Luxembourg |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 0 | 509 | 0 | 509 |
| &nbsp;&nbsp; Netherlands |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26744 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26744 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 0 | 4238 | 0 | 4238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 6897 | 0 | 6897 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 0 | 3547 | 0 | 3547 |
| &nbsp;&nbsp; New Zealand |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 0 | 675 | 0 | 675 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 1142 | 0 | 1142 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 0 | 487 | 0 | 487 |

---

---

| | | |
|:---|:---|:---|
| **48** | **PIMCO EQUITY SERIES** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2022** |
| &nbsp;&nbsp; Norway |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | $0 | $415 | $0 | $415 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 0 | 295 | 0 | 295 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 0 | 2545 | 0 | 2545 |
| &nbsp;&nbsp; Portugal |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 0 | 1795 | 0 | 1795 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 0 | 3707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | 3707 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 0 | 941 | 0 | 941 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 0 | 2187 | 0 | 2187 |
| &nbsp;&nbsp; Singapore |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1403 | 683 | 0 | 2086 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 0 | 347 | 0 | 347 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 2142 | 0 | 2142 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 0 | 541 | 0 | 541 |
| &nbsp;&nbsp; Spain |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 0 | 17278 | 0 | 17278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 0 | 10697 | 0 | 10697 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21219 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21219 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 1889 | 0 | 1889 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 0 | 6642 | 0 | 6642 |
| &nbsp;&nbsp; Sweden |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 0 | 286 | 0 | 286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 0 | 1216 | 0 | 1216 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 0 | 1300 | 0 | 1300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 6281 | 0 | 6281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 0 | 3161 | 0 | 3161 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 0 | 545 | 0 | 545 |
| &nbsp;&nbsp; Switzerland |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 0 | 5833 | 0 | 5833 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 0 | 4979 | 0 | 4979 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 0 | 1802 | 0 | 1802 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 5624 | 0 | 5624 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 0 | 7775 | 0 | 7775 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2022** |
| &nbsp;&nbsp; United Kingdom |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | $0 | $4564 | $0 | $4564 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 0 | 6263 | 0 | 6263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 0 | 6383 | 0 | 6383 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 0 | 30567 | 0 | 30567 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 0 | 9877 | 0 | 9877 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 0 | 8305 | 0 | 8305 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 3017 | 0 | 3017 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 0 | 1695 | 0 | 1695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 0 | 3041 | 0 | 3041 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 0 | 18946 | 0 | 18946 |
| &nbsp;&nbsp; United States |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 824 | 0 | 0 | 824 |
|  Preferred Stocks |  |  |  |  |
| &nbsp;&nbsp; Germany |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 1802 | 0 | 1802 |
|  Real Estate Investment Trusts |  |  |  |  |
| &nbsp;&nbsp; Australia |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 0 | 4046 | 0 | 4046 |
| &nbsp;&nbsp; Canada |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 1846 | 0 | 0 | 1846 |
|  | $54565 | $655999 | $0 | $710564 |
|  **Investments in Affiliates, at Value** |  |  |  |  |
|  Short-Term Instruments |  |  |  |  |
| &nbsp;&nbsp; Mutual Funds | 24710 | 0 | 0 | 24710 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79275 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;655999 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;735274 |

---

There were no significant transfers into or out of Level 3 during the period ended December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **49** |

---

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **Schedule of Investments** | **PIMCO RAE US Fund** |

---

**(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 98.0%** | **COMMON STOCKS 98.0%** | **COMMON STOCKS 98.0%** |
| **UNITED KINGDOM 0.3%** | **UNITED KINGDOM 0.3%** | **UNITED KINGDOM 0.3%** |
| **CONSUMER DISCRETIONARY 0.3%** | **CONSUMER DISCRETIONARY 0.3%** | **CONSUMER DISCRETIONARY 0.3%** |
|  **Capri Holdings Ltd. (a)** | 39853 | $2284 |
|  **Total United Kingdom** |  | 2284 |
| **UNITED STATES 97.7%** | **UNITED STATES 97.7%** | **UNITED STATES 97.7%** |
| **COMMUNICATION SERVICES 2.0%** | **COMMUNICATION SERVICES 2.0%** | **COMMUNICATION SERVICES 2.0%** |
|  **Altice USA, Inc. 'A' (a)** | 167374 | 770 |
|  **AT&T, Inc.** | 705468 | 12988 |
|  **Liberty Media Corp.-Liberty SiriusXM 'C' (a)** | 41196 | 1612 |
|  **Lumen Technologies, Inc.** | 222047 | 1159 |
|  **Verizon Communications, Inc.** | 102914 | 4055 |
|  |  | 20584 |
| **CONSUMER DISCRETIONARY 5.6%** | **CONSUMER DISCRETIONARY 5.6%** | **CONSUMER DISCRETIONARY 5.6%** |
|  **AutoNation, Inc. (a)** | 7251 | 778 |
|  **Bed Bath & Beyond, Inc. (a)(c)** | 485385 | 1218 |
|  **Best Buy Co., Inc.** | 67841 | 5442 |
|  **Dick's Sporting Goods, Inc.** | 7347 | 884 |
|  **Dollar General Corp.** | 20268 | 4991 |
|  **eBay, Inc.** | 250856 | 10403 |
|  **Foot Locker, Inc.** | 112035 | 4234 |
|  **Gap, Inc.** | 142080 | 1603 |
|  **Goodyear Tire & Rubber Co. (a)** | 129124 | 1311 |
|  **Kohl's Corp.** | 449906 | 11360 |
|  **Macy's, Inc.** | 386508 | 7981 |
|  **Nordstrom, Inc.** | 73309 | 1183 |
|  **PulteGroup, Inc.** | 7078 | 322 |
|  **Qurate Retail, Inc. (a)** | 716221 | 1168 |
|  **Target Corp.** | 17602 | 2623 |
|  **Whirlpool Corp.** | 9359 | 1324 |
|  **Yum! Brands, Inc.** | 1992 | 255 |
|  |  | 57080 |
| **CONSUMER STAPLES 8.9%** | **CONSUMER STAPLES 8.9%** | **CONSUMER STAPLES 8.9%** |
|  **Altria Group, Inc.** | 276293 | 12629 |
|  **Kroger Co.** | 295837 | 13188 |
|  **Philip Morris International, Inc.** | 40150 | 4064 |
|  **Sysco Corp.** | 15531 | 1187 |
|  **Walgreens Boots Alliance, Inc.** | 391126 | 14613 |
|  **Walmart, Inc.** | 324540 | 46017 |
|  |  | 91698 |
| **ENERGY 19.6%** | **ENERGY 19.6%** | **ENERGY 19.6%** |
|  **Baker Hughes Co.** | 27895 | 824 |
|  **ConocoPhillips** | 170901 | 20166 |
|  **Exxon Mobil Corp.** | 416902 | 45984 |
|  **Marathon Oil Corp.** | 224996 | 6091 |
|  **Marathon Petroleum Corp.** | 356211 | 41459 |
|  **NOV, Inc.** | 51270 | 1071 |
|  **PBF Energy, Inc. 'A'** | 87364 | 3563 |
|  **Phillips 66** | 292703 | 30464 |
|  **Transocean Ltd. (a)** | 613938 | 2800 |
|  **Valero Energy Corp.** | 367987 | 46683 |
|  **World Fuel Services Corp.** | 61045 | 1668 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;200773 |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
| **FINANCIALS 8.1%** | **FINANCIALS 8.1%** | **FINANCIALS 8.1%** |
|  **Allstate Corp.** | 26789 | $3633 |
|  **Ally Financial, Inc.** | 158223 | 3869 |
|  **American Express Co.** | 11800 | 1743 |
|  **Ameriprise Financial, Inc.** | 13451 | 4188 |
|  **Bank of New York Mellon Corp.** | 33256 | 1514 |
|  **Discover Financial Services** | 84309 | 8248 |
|  **Franklin Resources, Inc.** | 192253 | 5072 |
|  **Genworth Financial, Inc. 'A' (a)** | 438428 | 2319 |
|  **Invesco Ltd.** | 21987 | 396 |
|  **Loews Corp.** | 18150 | 1059 |
|  **Navient Corp.** | 275395 | 4530 |
|  **Synchrony Financial** | 455878 | 14980 |
|  **Travelers Cos., Inc.** | 33619 | 6303 |
|  **Unum Group** | 18827 | 772 |
|  **Wells Fargo & Co.** | 605022 | 24981 |
|  |  | 83607 |
| **HEALTH CARE 23.0%** | **HEALTH CARE 23.0%** | **HEALTH CARE 23.0%** |
|  **Amgen, Inc.** | 138911 | 36484 |
|  **Biogen, Inc. (a)** | 66981 | 18548 |
|  **Cardinal Health, Inc.** | 315407 | 24245 |
|  **Cigna Corp.** | 26720 | 8853 |
|  **DaVita, Inc. (a)** | 46484 | 3471 |
|  **Elevance Health, Inc.** | 35405 | 18162 |
|  **Gilead Sciences, Inc.** | 335226 | 28779 |
|  **Humana, Inc.** | 29129 | 14920 |
|  **Johnson & Johnson** | 50910 | 8993 |
|  **McKesson Corp.** | 81496 | 30571 |
|  **Merck & Co., Inc.** | 251130 | 27863 |
|  **Organon & Co.** | 114019 | 3185 |
|  **Pfizer, Inc.** | 172565 | 8842 |
|  **Universal Health Services, Inc. 'B'** | 14307 | 2016 |
|  **Waters Corp. (a)** | 4473 | 1532 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;236464 |
| **INDUSTRIALS 3.6%** | **INDUSTRIALS 3.6%** | **INDUSTRIALS 3.6%** |
|  **AECOM** | 4536 | 385 |
|  **Carlisle Cos., Inc.** | 1795 | 423 |
|  **CH Robinson Worldwide, Inc.** | 21989 | 2013 |
|  **CSX Corp.** | 34 | 1 |
|  **Cummins, Inc.** | 4557 | 1104 |
|  **Eaton Corp. PLC** | 41477 | 6510 |
|  **Fluor Corp. (a)** | 286449 | 9928 |
|  **Honeywell International, Inc.** | 2751 | 590 |
|  **Illinois Tool Works, Inc.** | 4600 | 1013 |
|  **ManpowerGroup, Inc.** | 59587 | 4958 |
|  **Quanta Services, Inc.** | 19302 | 2751 |
|  **Robert Half International, Inc.** | 18065 | 1334 |
|  **Union Pacific Corp.** | 26469 | 5481 |
|  **WW Grainger, Inc.** | 720 | 401 |
|  |  | 36892 |
| **INFORMATION TECHNOLOGY 20.1%** | **INFORMATION TECHNOLOGY 20.1%** | **INFORMATION TECHNOLOGY 20.1%** |
|  **Apple, Inc.** | 275615 | 35811 |
|  **Applied Materials, Inc.** | 19742 | 1923 |
|  **Arrow Electronics, Inc. (a)** | 44763 | 4681 |
|  **Avnet, Inc.** | 102565 | 4265 |
|  **Bread Financial Holdings, Inc.** | 86084 | 3242 |
|  **Cisco Systems, Inc.** | 1016856 | 48443 |
|  **Cognizant Technology Solutions Corp. 'A'** | 26650 | 1524 |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  **DXC Technology Co. (a)** | 55749 | 1477 |
|  **Gen Digital, Inc.** | 278877 | 5976 |
|  **Hewlett Packard Enterprise Co.** | 389597 | 6218 |
|  **HP, Inc.** | 180035 | 4838 |
|  **Intel Corp.** | 1128916 | 29837 |
|  **Jabil, Inc.** | 64156 | 4375 |
|  **Juniper Networks, Inc.** | 199100 | 6363 |
|  **KLA Corp.** | 3306 | 1246 |
|  **Kyndryl Holdings, Inc. (a)** | 38608 | 429 |
|  **NetApp, Inc.** | 156599 | 9405 |
|  **Oracle Corp.** | 145067 | 11858 |
|  **Qorvo, Inc. (a)** | 22713 | 2059 |
|  **QUALCOMM, Inc.** | 99609 | 10951 |
|  **Seagate Technology Holdings PLC** | 131512 | 6919 |
|  **Skyworks Solutions, Inc.** | 3185 | 290 |
|  **Texas Instruments, Inc.** | 3891 | 643 |
|  **Western Digital Corp. (a)** | 32300 | 1019 |
|  **Western Union Co.** | 7513 | 103 |
|  **Xerox Holdings Corp.** | 165450 | 2416 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;206311 |
| **MATERIALS 0.8%** | **MATERIALS 0.8%** | **MATERIALS 0.8%** |
|  **CF Industries Holdings, Inc.** | 28461 | 2425 |
|  **International Paper Co.** | 21972 | 761 |
|  **Reliance Steel & Aluminum Co.** | 22888 | 4633 |
|  |  | 7819 |
| **REAL ESTATE 0.0%** | **REAL ESTATE 0.0%** | **REAL ESTATE 0.0%** |
|  **Jones Lang LaSalle, Inc. (a)** | 2513 | 401 |
| **UTILITIES 6.0%** | **UTILITIES 6.0%** | **UTILITIES 6.0%** |
|  **AES Corp.** | 194814 | 5603 |
|  **Evergy, Inc.** | 148157 | 9323 |
|  **Exelon Corp.** | 313508 | 13553 |
|  **FirstEnergy Corp.** | 2878 | 121 |
|  **NRG Energy, Inc.** | 100033 | 3183 |
|  **Pinnacle West Capital Corp.** | 11332 | 862 |
|  **PPL Corp.** | 88302 | 2580 |
|  **Public Service Enterprise Group, Inc.** | 45279 | 2774 |
|  **Southern Co.** | 131516 | 9392 |
|  **Vistra Corp.** | 602885 | 13987 |
|  **WEC Energy Group, Inc.** | 1 | 0 |
|  |  | 61378 |
|  **Total United States** |  | **1003007** |
|  **Total Common Stocks (Cost $787,424)** | **Total Common Stocks (Cost $787,424)** | **1005291** |
| **REAL ESTATE INVESTMENT TRUSTS 1.2%** | **REAL ESTATE INVESTMENT TRUSTS 1.2%** | **REAL ESTATE INVESTMENT TRUSTS 1.2%** |
| **UNITED STATES 1.2%** | **UNITED STATES 1.2%** | **UNITED STATES 1.2%** |
| **REAL ESTATE 1.2%** | **REAL ESTATE 1.2%** | **REAL ESTATE 1.2%** |
|  **Host Hotels & Resorts, Inc.** | 340983 | 5473 |
|  **Iron Mountain, Inc.** | 37035 | 1846 |
|  **Park Hotels & Resorts, Inc.** | 53330 | 629 |
|  **Ventas, Inc.** | 5709 | 257 |
|  **Weyerhaeuser Co.** | 135268 | 4193 |
|  |  | 12398 |
|  **Total Real Estate Investment Trusts<br>(Cost $12,576)** | **Total Real Estate Investment Trusts<br>(Cost $12,576)** | **12398** |

---

---

| | | |
|:---|:---|:---|
| **50** | **PIMCO EQUITY SERIES** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022 (Unaudited)

---

| | |
|:---|:---|
|  | **MARKET<br>VALUE<br>(000S)** |
| **SHORT-TERM INSTRUMENTS 0.5%** | **SHORT-TERM INSTRUMENTS 0.5%** |
| **REPURCHASE AGREEMENTS (e) 0.5%** | **REPURCHASE AGREEMENTS (e) 0.5%** |
|  | $5467 |
| **Total Short-Term Instruments<br>(Cost $5,467)** | **5467** |
| **Total Investments in Securities<br>(Cost $805,467)** | **1023156** |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
| **INVESTMENTS IN AFFILIATES 0.1%** | **INVESTMENTS IN AFFILIATES 0.1%** | **INVESTMENTS IN AFFILIATES 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%** |
|  **PIMCO Government Money Market Fund** | **PIMCO Government Money Market Fund** | **PIMCO Government Money Market Fund** |
|  4.310% (b)(c)(d) | 1240386 | $1240 |
| **Total Short-Term Instruments<br>(Cost $1,240)** | **Total Short-Term Instruments<br>(Cost $1,240)** | **1240** |
| **Total Investments in Affiliates<br>(Cost $1,240)** | **Total Investments in Affiliates<br>(Cost $1,240)** | **1240** |
| **Total Investments 99.8%<br>(Cost $806,707)** | **Total Investments 99.8%<br>(Cost $806,707)** | $**1024396** |
| **Other Assets and Liabilities, net 0.2%** | **Other Assets and Liabilities, net 0.2%** | **2076** |
| **Net Assets 100.0%** | **Net Assets 100.0%** | $**1026472** |

---

**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 $1,221 were out on loan in exchange for $1,252 of cash collateral as of December 31, 2022. The collateral was invested in a cash collateral reinvestment vehicle as described in Note 5 in the Notes to Financial Statements.** 

**(d)** **Coupon represents a 7-Day Yield.** 

**BORROWINGS AND OTHER FINANCING TRANSACTIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;**(e) REPURCHASE AGREEMENTS:** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Lending<br>Rate** | **Settlement<br>Date** | **Maturity<br>Date** | **Principal<br>Amount** | **Collateralized By** | **Collateral<br>(Received)** | **Repurchase<br>Agreements,<br>at Value** | **Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup>** |
| FICC | 1.900% | 12/30/2022 | 01/03/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5467 | U.S. Treasury Bills 0.000% due 06/29/2023 | $(5576) | $5467 | $5468 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** |  | $**(5576)** | $**5467** | $**5468** |

---

**BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY** 

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2022:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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>** |
|  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 | Global/Master Repurchase Agreement |
|  FICC | $5468 | $0 | $0 | $0 | $5468 | $(5576) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(108) |
|  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 |
|  BOS | 0 | 0 | 0 | 196 | 196 | (203) | (7) |
|  GSC | 0 | 0 | 0 | 1025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1049) | (24) |
|  **Total Borrowings and Other Financing Transactions** | $**5468** | $**0** | $**0** | $**1221** |  |  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **51** |

---

------

##### [**Table of Contents**](#toc)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Schedule of Investments** | **PIMCO RAE US Fund** | **(Cont.)** | December 31, 2022 | (Unaudited) |

---

**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>** |
|  Consumer Discretionary | $1049 | $0 | $0 | $0 | $1049 |
|  Common Stocks | 203 | 0 | 0 | 0 | 203 |
|  **Total Borrowings** | $**1252** | $**0** | $**0** | $**0** | $**1252** |
|  **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**  | $**1252** |

---

<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 in the Notes to Financial Statements.

**FAIR VALUE MEASUREMENTS** 

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2022** |
|  **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; Consumer Discretionary | $2284 | $0 | $0 | $2284 |
| &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 | 20584 | 0 | 0 | 20584 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 57080 | 0 | 0 | 57080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 91698 | 0 | 0 | 91698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 200773 | 0 | 0 | 200773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 83607 | 0 | 0 | 83607 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236464 | &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;236464 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 36892 | 0 | 0 | 36892 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 206311 | 0 | 0 | 206311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 7819 | 0 | 0 | 7819 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2022** |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | $401 | $0 | $0 | $401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 61378 | 0 | 0 | 61378 |
|  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 | 12398 | 0 | 0 | 12398 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 5467 | 0 | 5467 |
|  | $1017689 | $5467 | $0 | $1023156 |
|  **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 | 1240 | 0 | 0 | 1240 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1018929 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5467 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1024396 |

---

There were no significant transfers into or out of Level 3 during the period ended December 31, 2022.

---

| | | |
|:---|:---|:---|
| **52** | **PIMCO EQUITY SERIES** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)

---

| | | | |
|:---|:---|:---|:---|
| **Schedule of Investments** | **PIMCO RAE US Small Fund** | December 31, 2022 | (Unaudited) |

---

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

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
| **INVESTMENTS IN SECURITIES 99.8%** | **INVESTMENTS IN SECURITIES 99.8%** | **INVESTMENTS IN SECURITIES 99.8%** |
| **COMMON STOCKS 88.0%** | **COMMON STOCKS 88.0%** | **COMMON STOCKS 88.0%** |
| **UNITED KINGDOM 2.0%** | **UNITED KINGDOM 2.0%** | **UNITED KINGDOM 2.0%** |
| **ENERGY 1.2%** | **ENERGY 1.2%** | **ENERGY 1.2%** |
|  **TechnipFMC PLC (a)** | 666580 | 8126 |
| **FINANCIALS 0.7%** | **FINANCIALS 0.7%** | **FINANCIALS 0.7%** |
|  **Janus Henderson Group PLC** | 211289 | 4969 |
| **INFORMATION TECHNOLOGY 0.1%** | **INFORMATION TECHNOLOGY 0.1%** | **INFORMATION TECHNOLOGY 0.1%** |
|  **Paysafe Ltd. (a)** | 19734 | 274 |
|  **Total United Kingdom** |  | **13369** |
| **UNITED STATES 86.0%** | **UNITED STATES 86.0%** | **UNITED STATES 86.0%** |
| **COMMUNICATION SERVICES 1.3%** | **COMMUNICATION SERVICES 1.3%** | **COMMUNICATION SERVICES 1.3%** |
|  **AMC Networks, Inc. 'A' (a)** | 152563 | 2391 |
|  **Cinemark Holdings, Inc. (a)** | 14462 | 125 |
|  **NII Holdings, Inc. (a)** | 22836 | 55 |
|  **Scholastic Corp.** | 49790 | 1965 |
|  **Sinclair Broadcast Group, Inc. 'A'** | 50014 | 776 |
|  **Yelp, Inc. (a)** | 128754 | 3520 |
|  |  | 8832 |
| **CONSUMER DISCRETIONARY 16.5%** | **CONSUMER DISCRETIONARY 16.5%** | **CONSUMER DISCRETIONARY 16.5%** |
|  **Abercrombie & Fitch Co. 'A' (a)** | 481500 | 11031 |
|  **Academy Sports & Outdoors, Inc.** | 52429 | 2755 |
|  **Adtalem Global Education, Inc. (a)** | 179074 | 6357 |
|  **American Eagle Outfitters, Inc.** | 26316 | 367 |
|  **Buckle, Inc.** | 61490 | 2789 |
|  **Designer Brands, Inc.'A'** | 159395 | 1559 |
|  **Dillard's, Inc. 'A' (c)** | 94761 | 30627 |
|  **G-III Apparel Group Ltd. (a)** | 102403 | 1404 |
|  **GameStop Corp. 'A' (a)(c)** | 19765 | 365 |
|  **Genesco, Inc. (a)** | 21673 | 997 |
|  **Group 1 Automotive, Inc.** | 1851 | 334 |
|  **Guess?, Inc.** | 118717 | 2456 |
|  **H&R Block, Inc.** | 163106 | 5955 |
|  **iRobot Corp. (a)** | 42443 | 2043 |
|  **La-Z-Boy, Inc.** | 13283 | 303 |
|  **Laureate Education, Inc. 'A'** | 75175 | 723 |
|  **Murphy USA, Inc.** | 64897 | 18141 |
|  **ODP Corp. (a)** | 146013 | 6649 |
|  **Signet Jewelers Ltd.** | 11406 | 776 |
|  **Sleep Number Corp. (a)** | 86320 | 2243 |
|  **Sonic Automotive, Inc. 'A'** | 20028 | 987 |
|  **Steven Madden Ltd.** | 21619 | 691 |
|  **Travel & Leisure Co.** | 16695 | 608 |
|  **Tri Pointe Homes, Inc. (a)** | 54758 | 1018 |
|  **Tupperware Brands Corp. (a)** | 303996 | 1258 |
|  **Visteon Corp. (a)** | 70553 | 9230 |
|  **Wolverine World Wide, Inc.** | 30527 | 334 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;112000 |
| **CONSUMER STAPLES 5.8%** | **CONSUMER STAPLES 5.8%** | **CONSUMER STAPLES 5.8%** |
|  **Fresh Del Monte Produce, Inc.** | 107976 | 2828 |
|  **Fresh Market, Inc. (a)** | 3535 | 2 |
|  **Ingles Markets, Inc. 'A'** | 54021 | 5211 |
|  **National Beverage Corp. (a)** | 17625 | 820 |
|  **Nu Skin Enterprises, Inc. 'A'** | 153269 | 6462 |
|  **SpartanNash Co.** | 123690 | 3740 |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  **Sprouts Farmers Market, Inc. (a)** | 327347 | 10596 |
|  **United Natural Foods, Inc. (a)** | 26416 | 1023 |
|  **Universal Corp.** | 49017 | 2589 |
|  **USANA Health Sciences, Inc. (a)** | 13445 | 715 |
|  **Vector Group Ltd.** | 48851 | 579 |
|  **Weis Markets, Inc.** | 56413 | 4642 |
|  |  | 39207 |
| **ENERGY 16.5%** | **ENERGY 16.5%** | **ENERGY 16.5%** |
|  **Arch Resources, Inc.** | 6436 | 919 |
|  **Archrock, Inc.** | 60080 | 539 |
|  **CNX Resources Corp. (a)** | 494047 | 8320 |
|  **CVR Energy, Inc.** | 275647 | 8639 |
|  **Delek U.S. Holdings, Inc.** | 438560 | 11841 |
|  **Dril-Quip, Inc. (a)** | 25638 | 697 |
|  **Green Plains, Inc. (a)** | 52426 | 1599 |
|  **Helmerich & Payne, Inc.** | 487032 | 24142 |
|  **Kosmos Energy Ltd. (a)** | 253564 | 1613 |
|  **Murphy Oil Corp.** | 186619 | 8026 |
|  **Nabors Industries Ltd. (a)** | 39339 | 6092 |
|  **Oceaneering International, Inc. (a)** | 703812 | 12310 |
|  **Patterson-UTI Energy, Inc.** | 1051097 | 17700 |
|  **Peabody Energy Corp. (a)** | 26648 | 704 |
|  **Permian Resources Corp.** | 716692 | 6737 |
|  **RPC, Inc.** | 227423 | 2022 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;111900 |
| **FINANCIALS 6.5%** | **FINANCIALS 6.5%** | **FINANCIALS 6.5%** |
|  **Affiliated Managers Group, Inc.** | 50604 | 8017 |
|  **American Equity Investment Life Holding Co.** | 77704 | 3545 |
|  **Associated Banc-Corp.** | 45456 | 1050 |
|  **BankUnited, Inc.** | 23768 | 807 |
|  **Banner Corp.** | 2378 | 150 |
|  **BGC Partners, Inc. 'A'** | 201611 | 760 |
|  **Brightsphere Investment Group, Inc.** | 160621 | 3306 |
|  **Capitol Federal Financial, Inc.** | 61527 | 532 |
|  **Cathay General Bancorp** | 17558 | 716 |
|  **Columbia Banking System, Inc.** | 5343 | 161 |
|  **Federated Hermes, Inc. 'B'** | 28025 | 1018 |
|  **First Hawaiian, Inc.** | 34063 | 887 |
|  **FirstCash Holdings, Inc.** | 2957 | 257 |
|  **FNB Corp.** | 37315 | 487 |
|  **Hilltop Holdings, Inc.** | 21005 | 630 |
|  **Hope Bancorp, Inc.** | 22277 | 285 |
|  **International Bancshares Corp.** | 12864 | 589 |
|  **Mercury General Corp.** | 7148 | 244 |
|  **Nelnet, Inc. 'A'** | 6267 | 569 |
|  **Old National Bancorp** | 9266 | 167 |
|  **OneMain Holdings, Inc.** | 118957 | 3962 |
|  **PacWest Bancorp** | 24955 | 573 |
|  **ProAssurance Corp.** | 145312 | 2539 |
|  **PROG Holdings, Inc. (a)** | 217521 | 3674 |
|  **SEI Investments Co.** | 31580 | 1841 |
|  **Trustmark Corp.** | 16169 | 564 |
|  **Washington Federal, Inc.** | 104481 | 3505 |
|  **White Mountains Insurance Group Ltd.** | 2405 | 3402 |
|  |  | 44237 |
| **HEALTH CARE 8.5%** | **HEALTH CARE 8.5%** | **HEALTH CARE 8.5%** |
|  **Acadia Healthcare Co., Inc. (a)** | 27839 | 2292 |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  **Allscripts Healthcare Solutions, Inc. (a)** | 171120 | 3019 |
|  **Brookdale Senior Living, Inc. (a)** | 134234 | 366 |
|  **Community Health Systems, Inc. (a)** | 413215 | 1785 |
|  **Emergent BioSolutions, Inc. (a)** | 45143 | 533 |
|  **Ionis Pharmaceuticals, Inc. (a)** | 93126 | 3517 |
|  **LHC Group, Inc. (a)** | 22353 | 3614 |
|  **Myriad Genetics, Inc. (a)** | 331195 | 4806 |
|  **Nektar Therapeutics (a)** | 143063 | 323 |
|  **OPKO Health, Inc. (a)** | 22772 | 29 |
|  **Owens & Minor, Inc. (a)** | 220773 | 4312 |
|  **Patterson Cos., Inc.** | 427761 | 11990 |
|  **Pediatrix Medical Group, Inc. (a)** | 463515 | 6888 |
|  **Sage Therapeutics, Inc. (a)** | 34487 | 1315 |
|  **United Therapeutics Corp. (a)** | 45557 | 12669 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;57458 |
| **INDUSTRIALS 10.2%** | **INDUSTRIALS 10.2%** | **INDUSTRIALS 10.2%** |
|  **AAR Corp. (a)** | 60175 | 2702 |
|  **Allison Transmission Holdings, Inc.** | 239827 | 9977 |
|  **Apogee Enterprises, Inc.** | 64337 | 2860 |
|  **Applied Industrial Technologies, Inc.** | 3514 | 443 |
|  **Boise Cascade Co.** | 4997 | 343 |
|  **Brady Corp. 'A'** | 7859 | 370 |
|  **CoreCivic, Inc. (a)** | 553845 | 6402 |
|  **Deluxe Corp.** | 98080 | 1665 |
|  **Dycom Industries, Inc. (a)** | 48941 | 4581 |
|  **EMCOR Group, Inc.** | 5977 | 885 |
|  **EnerSys** | 8462 | 625 |
|  **FTI Consulting, Inc. (a)** | 26434 | 4198 |
|  **GrafTech International Ltd.** | 161374 | 768 |
|  **Healthcare Services Group, Inc.** | 210986 | 2532 |
|  **HNI Corp.** | 19379 | 551 |
|  **Landstar System, Inc.** | 7326 | 1193 |
|  **Moog, Inc. 'A'** | 5000 | 439 |
|  **Mueller Industries, Inc.** | 3637 | 215 |
|  **NOW, Inc. (a)** | 358811 | 4557 |
|  **Pitney Bowes, Inc.** | 396516 | 1507 |
|  **Primoris Services Corp.** | 9066 | 199 |
|  **Rush Enterprises, Inc. 'A'** | 16714 | 874 |
|  **Ryder System, Inc.** | 40230 | 3362 |
|  **Schneider National, Inc. 'B'** | 151886 | 3554 |
|  **Steelcase, Inc. 'A'** | 134914 | 954 |
|  **Terex Corp.** | 10254 | 438 |
|  **TrueBlue, Inc. (a)** | 86016 | 1684 |
|  **Valmont Industries, Inc.** | 2497 | 826 |
|  **Veritiv Corp.** | 29269 | 3562 |
|  **Watsco, Inc.** | 23679 | 5906 |
|  **Werner Enterprises, Inc.** | 14710 | 592 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;68764 |
| **INFORMATION TECHNOLOGY 9.6%** | **INFORMATION TECHNOLOGY 9.6%** | **INFORMATION TECHNOLOGY 9.6%** |
|  **Amkor Technology, Inc.** | 27705 | 664 |
|  **Avaya Holdings Corp. (a)(c)** | 578800 | 113 |
|  **Belden, Inc.** | 5417 | 390 |
|  **Benchmark Electronics, Inc.** | 133069 | 3552 |
|  **Cirrus Logic, Inc. (a)** | 53076 | 3953 |
|  **CommScope Holding Co., Inc. (a)** | 208727 | 1534 |
|  **Conduent, Inc. (a)** | 972369 | 3938 |
|  **CSG Systems International, Inc.** | 45122 | 2581 |
|  **Insight Enterprises, Inc. (a)** | 19034 | 1909 |
|  **InterDigital, Inc.** | 11218 | 555 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **53** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO RAE US Small Fund** | **(Cont.)** |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  **Knowles Corp. (a)** | 33196 | 545 |
|  **LiveRamp Holdings, Inc. (a)** | 11302 | 265 |
|  **NetScout Systems, Inc. (a)** | 248204 | 8069 |
|  **PC Connection, Inc.** | 14756 | 692 |
|  **Plexus Corp. (a)** | 5688 | 585 |
|  **Sabre Corp. (a)** | 179776 | 1111 |
|  **Sanmina Corp. (a)** | 271949 | 15580 |
|  **Synaptics, Inc. (a)** | 42223 | 4018 |
|  **Teradata Corp. (a)** | 301412 | 10146 |
|  **TTM Technologies, Inc. (a)** | 67955 | 1025 |
|  **Vishay Intertechnology, Inc.** | 184090 | 3971 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;65196 |
| **MATERIALS 5.4%** | **MATERIALS 5.4%** | **MATERIALS 5.4%** |
|  **Cabot Corp.** | 14047 | 939 |
|  **Carpenter Technology Corp.** | 11813 | 436 |
|  **Graphic Packaging Holding Co.** | 41803 | 930 |
|  **Innospec, Inc.** | 4663 | 480 |
|  **Kaiser Aluminum Corp.** | 6159 | 468 |
|  **Louisiana-Pacific Corp.** | 8706 | 515 |
|  **NewMarket Corp.** | 5556 | 1728 |
|  **O-I Glass, Inc. (a)** | 137836 | 2284 |
|  **Sensient Technologies Corp.** | 12461 | 909 |
|  **Stepan Co.** | 3039 | 324 |
|  **Sylvamo Corp.** | 107018 | 5200 |
|  **Trinseo PLC** | 81908 | 1860 |
|  **Warrior Met Coal, Inc.** | 599558 | 20769 |
|  |  | 36842 |
| **REAL ESTATE 1.6%** | **REAL ESTATE 1.6%** | **REAL ESTATE 1.6%** |
|  **Anywhere Real Estate, Inc. (a)** | 1550166 | 9905 |
|  **DigitalBridge Group, Inc.** | 81700 | 894 |
|  **New York REIT, Inc. «(a)** | 4082 | 22 |
|  |  | 10821 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **UTILITIES 4.1%** | **UTILITIES 4.1%** | **UTILITIES 4.1%** | **UTILITIES 4.1%** |
|  **Avista Corp.** | 54878 | $— | 2433 |
|  **Hawaiian Electric Industries, Inc.** | 36526 |  | 1529 |
|  **IDACORP, Inc.** | 31747 |  | 3424 |
|  **NorthWestern Corp.** | 23968 |  | 1422 |
|  **OGE Energy Corp.** | 349645 |  | 13828 |
|  **ONE Gas, Inc.** | 12581 |  | 953 |
|  **Portland General Electric Co.** | 43115 |  | 2113 |
|  **Southwest Gas Holdings, Inc.** | 22091 |  | 1367 |
|  **Spire, Inc.** | 8327 |  | 573 |
|  |  |  | 27642 |
|  **Total United States** |  |  | **582899** |
|  **Total Common Stocks (Cost $532,505)** | **Total Common Stocks (Cost $532,505)** |  | **596268** |
| **REAL ESTATE INVESTMENT TRUSTS 11.2%** | **REAL ESTATE INVESTMENT TRUSTS 11.2%** | **REAL ESTATE INVESTMENT TRUSTS 11.2%** | **REAL ESTATE INVESTMENT TRUSTS 11.2%** |
| **UNITED STATES 11.2%** | **UNITED STATES 11.2%** | **UNITED STATES 11.2%** | **UNITED STATES 11.2%** |
| **FINANCIALS 1.9%** | **FINANCIALS 1.9%** | **FINANCIALS 1.9%** | **FINANCIALS 1.9%** |
|  **Chimera Investment Corp.** | 1590993 |  | 8751 |
|  **Ladder Capital Corp. REIT** | 30859 |  | 310 |
|  **MFA Financial, Inc.** | 395778 |  | 3898 |
|  |  |  | 12959 |
| **REAL ESTATE 9.3%** | **REAL ESTATE 9.3%** | **REAL ESTATE 9.3%** | **REAL ESTATE 9.3%** |
|  **Alexander & Baldwin, Inc.** | 63587 |  | 1191 |
|  **Apple Hospitality REIT, Inc.** | 466117 |  | 7355 |
|  **Brandywine Realty Trust** | 70881 |  | 436 |
|  **DiamondRock Hospitality Co.** | 65464 |  | 536 |
|  **Elme Communities** | 11433 |  | 204 |
|  **Equity Commonwealth** | 26570 |  | 664 |
|  **InvenTrust Properties Corp.** | 115999 |  | 2746 |
|  **Macerich Co.** | 446720 |  | 5030 |
|  **Office Properties Income Trust** | 147879 |  | 1974 |
|  **Omega Healthcare Investors, Inc.** | 147113 |  | 4112 |
|  **Outfront Media, Inc.** | 35695 |  | 592 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Paramount Group, Inc.** | 243232 | $— | 1445 |
|  **RLJ Lodging Trust** | 819588 |  | 8679 |
|  **Sabra Health Care REIT, Inc.** | 19338 |  | 240 |
|  **Service Properties Trust** | 640365 |  | 4668 |
|  **SITE Centers Corp.** | 55002 |  | 751 |
|  **SL Green Realty Corp.** | 191420 |  | 6455 |
|  **Sunstone Hotel Investors, Inc.** | 656032 |  | 6337 |
|  **Tanger Factory Outlet Centers, Inc.** | 232007 |  | 4162 |
|  **Uniti Group, Inc.** | 352322 |  | 1948 |
|  **Xenia Hotels & Resorts, Inc.** | 254667 |  | 3357 |
|  |  |  | 62882 |
|  **Total Real Estate Investment Trusts<br>(Cost $87,624)** | **Total Real Estate Investment Trusts<br>(Cost $87,624)** |  | **75841** |
| **SHORT-TERM INSTRUMENTS 0.6%** | **SHORT-TERM INSTRUMENTS 0.6%** | **SHORT-TERM INSTRUMENTS 0.6%** | **SHORT-TERM INSTRUMENTS 0.6%** |
| **REPURCHASE AGREEMENTS (e) 0.6%** | **REPURCHASE AGREEMENTS (e) 0.6%** | **REPURCHASE AGREEMENTS (e) 0.6%** | **REPURCHASE AGREEMENTS (e) 0.6%** |
|  |  |  | 3817 |
| **Total Short-Term Instruments<br>(Cost $3,817)** | **Total Short-Term Instruments<br>(Cost $3,817)** |  | **3817** |
| **Total Investments in Securities<br>(Cost $623,946)** | **Total Investments in Securities<br>(Cost $623,946)** |  | **675926** |
| **INVESTMENTS IN AFFILIATES 0.5%** | **INVESTMENTS IN AFFILIATES 0.5%** | **INVESTMENTS IN AFFILIATES 0.5%** | **INVESTMENTS IN AFFILIATES 0.5%** |
| **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%** |
|  **PIMCO Government Money Market Fund** | **PIMCO Government Money Market Fund** | **PIMCO Government Money Market Fund** | **PIMCO Government Money Market Fund** |
|  4.310% (b)(c)(d) | 3345820 |  | 3346 |
| **Total Short-Term Instruments<br>(Cost $3,346)** | **Total Short-Term Instruments<br>(Cost $3,346)** |  | **3346** |
| **Total Investments in Affiliates<br>(Cost $3,346)** | **Total Investments in Affiliates<br>(Cost $3,346)** |  | **3346** |
| **Total Investments 100.3%<br>(Cost $627,292)** | **Total Investments 100.3%<br>(Cost $627,292)** | $— | **679272** |
| **Other Assets and Liabilities, net (0.3)%** | **Other Assets and Liabilities, net (0.3)%** |  | **(1730)** |
| **Net Assets 100.0%** | **Net Assets 100.0%** | $— | **677542** |

---

**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 $2,801 were out on loan in exchange for $3,313 of cash collateral as of December 31, 2022. The collateral was invested in a cash collateral reinvestment vehicle as described in Note 5 in the Notes to Financial Statements.** 

**(d)** **Coupon represents a 7-Day Yield.** 

**BORROWINGS AND OTHER FINANCING TRANSACTIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;**(e) REPURCHASE AGREEMENTS:** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Lending<br>Rate** | **Settlement<br>Date** | **Maturity<br>Date** | **Principal<br>Amount** | **Collateralized By** | **Collateral<br>(Received)** | **Repurchase<br>Agreements,<br>at Value** | **Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup>** |
| FICC | 1.900% | 12/30/2022 | 01/03/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3817 | U.S. Treasury Notes 0.125% due 05/15/2023 | $(3893) | $3817 | $3817 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** |  | $**(3893)** | $**3817** | $**3817** |

---

---

| | | |
|:---|:---|:---|
| **54** | **PIMCO EQUITY SERIES** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022 (Unaudited)

**BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY** 

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2022:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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>** |
|  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 | Global/Master Repurchase Agreement |
|  FICC | $3817 | $0 | $0 | $0 | $3817 | $(3893) | $(76) |
|  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 |
|  BPG | 0 | 0 | 0 | 104 | 104 | (562) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(458) |
|  GSC | 0 | 0 | 0 | 300 | 300 | (306) | (6) |
|  MSC | 0 | 0 | 0 | 2397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2445) | (48) |
|  **Total Borrowings and Other Financing Transactions** | $**3817** | $**0** | $**0** | $**2801** |  |  |  |

---

**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>** |
|  Common Stocks | $3313 | $0 | $0 | $0 | $3313 |
|  **Total Borrowings** | $**3313** | $**0** | $**0** | $**0** | $**3313** |
|  **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**  | $**3313** |

---

<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 in the Notes to Financial Statements.

**FAIR VALUE MEASUREMENTS** 

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2022** |
|  **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; Energy | $8126 | $0 | $0 | $8126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 4969 | 0 | 0 | 4969 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 274 | 0 | 0 | 274 |
| &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 | 8777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | 0 | 8832 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 112000 | 0 | 0 | 112000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 39205 | 2 | 0 | 39207 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111900 | &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;111900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 44237 | 0 | 0 | 44237 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 57458 | 0 | 0 | 57458 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 68764 | 0 | 0 | 68764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 65196 | 0 | 0 | 65196 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 36842 | 0 | 0 | 36842 |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2022** |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | $10799 | $0 | $22 | $10821 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 27642 | 0 | 0 | 27642 |
|  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; Financials | 12959 | 0 | 0 | 12959 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 62882 | 0 | 0 | 62882 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 3817 | 0 | 3817 |
|  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;672030 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3874 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675926 |
|  **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 | 3346 | 0 | 0 | 3346 |
|  Total Investments | $675376 | $3874 | $22 | $679272 |

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There were no significant transfers into or out of Level 3 during the period ended December 31, 2022.

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| See Accompanying Notes | **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **55** |

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**Notes to Financial Statements**

1. ORGANIZATION

PIMCO Equity Series (the "Trust") was established as a Delaware statutory trust on March 30, 2010. The Trust is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. Information presented in these financial statements pertains to the Institutional Class, I-2 and Class A shares of the funds (each a "Fund" and collectively, the "Funds") indicated on the cover of this report. Pacific Investment Management Company LLC ("PIMCO") serves as the investment adviser (the "Adviser") for the Funds. Research Affiliates, LLC ("Research Affiliates") serves as the sub-adviser for the Funds. The PIMCO RAE Global ex-US Fund may invest substantially all of its assets in Institutional Class shares of the International Fund and Emerging Markets Fund, equity securities of small companies economically tied to non-U.S. countries, and securities that are eligible investments for the International Fund and Emerging Markets Fund. The PIMCO RAE Global ex-US Fund may invest in other affiliated funds and unaffiliated funds, which may or may not be registered under the Act (together with the Underlying Funds, "Acquired Funds").

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

(a) Securities Transactions and Investment Income Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled beyond a standard settlement period for the security after the trade date. Realized gains (losses) from securities sold are recorded on the identified cost basis. Dividend income is recorded on the ex-dividend date, except certain dividends from foreign securities where the ex-dividend date may have passed, which are recorded as soon as a Fund is informed of the ex-dividend date. Interest income, adjusted for the accretion of discounts and amortization of premiums, is recorded on the accrual basis from

settlement date, with the exception of securities with a forward starting effective date, where interest income is recorded on the accrual basis from effective date. For convertible securities, premiums attributable to the conversion feature are not amortized. Estimated tax liabilities on certain foreign securities are recorded on an accrual basis and are reflected as components of interest income or net change in unrealized appreciation (depreciation) on investments on the Statements of Operations, as appropriate. Tax liabilities realized as a result of such security sales are reflected as a component of net realized gain (loss) on investments on the Statements of Operations. Paydown gains (losses) on mortgage-related and other asset-backed securities, if any, are recorded as components of interest income on the Statements of Operations. Income or short-term capital gain distributions received from registered investment companies, if any, are recorded as dividend income. Long-term capital gain distributions received from registered investment companies, if any, are recorded as realized gains.

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

(b) Foreign Taxes The Fund may be subject to foreign taxes on income, stock dividends, capital gains on investments, or certain foreign currency transactions. All foreign taxes are recorded in accordance with the applicable foreign tax regulations and rates that exist in the foreign jurisdictions in which each Fund invests. These foreign taxes, if any, are paid by the Fund and are reflected in its Statement of Operations as follows: foreign taxes withheld at source are presented as a reduction of income, foreign taxes on securities lending income are presented as a reduction of securities lending income, foreign taxes on stock dividends are presented as "other foreign taxes", and foreign taxes on capital gains from sales of investments and foreign taxes on foreign currency transactions are included in their respective net realized gain (loss) categories. Foreign taxes payable as of December 31, 2022, if any, are disclosed in the Statement of Assets and Liabilities.

(c) Foreign Currency Translation The market values of foreign securities, currency holdings and other assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the current exchange rates each business day. Purchases and sales of securities and income and expense items denominated in foreign currencies, if any, are translated into U.S. dollars at the exchange rate in effect on the transaction date. The 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

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realized gain (loss) and net change in unrealized appreciation (depreciation) from investments on the Statements of Operations. The Funds may invest directly or indirectly through investments in Underlying Funds or Acquired Funds, as applicable, in foreign currency-denominated securities and may engage in foreign currency transactions either on a spot (cash) basis at the rate prevailing in the currency exchange market at the time or through a forward foreign currency contract. Realized foreign exchange gains (losses) arising from sales of spot foreign currencies, currency gains (losses) realized between the trade and settlement dates on securities transactions and the difference between the recorded amounts of dividends, interest, and foreign withholding taxes and the U.S. dollar equivalent of the amounts actually received or paid are included in net realized gain (loss) on foreign currency transactions on the Statements of Operations. Net unrealized foreign exchange gains (losses) arising from changes in foreign exchange rates on foreign denominated assets and liabilities other than investments in securities held at the end of the reporting period are included in net change in unrealized appreciation (depreciation) on foreign currency assets and liabilities on the Statements of Operations.

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

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

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

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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 Funds may revise its distribution policy or postpone the payment of distributions at any time.

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

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

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

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| **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **57** |

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| **Notes to Financial Statements** | **(Cont.)** |

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on the Statements of Assets and Liabilities to more appropriately conform U.S. GAAP to tax characterizations of distributions.

(f) New Accounting Pronouncements and Regulatory Updates In March 2020, the Financial Accounting Standards Board ("FASB") issued an Accounting Standards Update ("ASU"), ASU 2020-04, which provides optional guidance to ease the potential accounting burden associated with transitioning away from the London Interbank Offered Rate and other reference rates that are expected to be discontinued. ASU 2020-04 is effective for certain reference rate-related contract modifications that occurred during the period March 12, 2020 through December 31, 2022. In March 2021, the administrator for LIBOR announced the extension of the publication of a majority of the USD LIBOR settings to June 30, 2023. In December 2022, FASB issued ASU 2022-06, which includes amendments to extend the duration of the LIBOR transition relief to December 31, 2024, after which entities will no longer be permitted to apply the reference rate reform relief. Management is continuously evaluating the potential effect a discontinuation of LIBOR could have on the Funds' investments and has determined that it is unlikely the ASU's adoption will have a material impact on the Funds' financial statements.

In October 2020, the U.S. Securities and Exchange Commission ("SEC") adopted a rule related to the use of derivatives, short sales, reverse repurchase agreements and certain other transactions by registered investment companies that rescinds and withdraws the guidance of the SEC and its staff regarding asset segregation and cover transactions. Subject to certain exceptions, the rule requires funds that trade derivatives and other transactions that create future payment or delivery obligations to comply with a value-at-risk leverage limit and certain derivatives risk management program and reporting requirements. The effective date for the rule was February 19, 2021. The compliance date for the new rule and the related reporting requirements was August 19, 2022. Management has implemented changes in connection with the rule and has determined that there is no material impact to the Funds' financial statements.

In December 2020, the SEC adopted a rule addressing fair valuation of fund investments. The new rule sets forth requirements for good faith determinations of fair value as well as for the performance of fair value determinations, including related oversight and reporting obligations. The new rule also defines "readily available market quotations" for purposes of the definition of "value" under the Act, and the SEC noted that this definition would apply in all contexts under the Act. The effective date for the rule was March 8, 2021. The compliance date for the new rule and the related reporting requirements was September 8, 2022. Management has implemented changes in connection with the rule and has determined that there is no material impact to the Funds' financial statements.

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

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

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

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

On each day that the New York Stock Exchange ("NYSE") is open, the 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

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

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

Domestic and foreign (non-U.S.) fixed income securities, non-exchange traded derivatives, and equity options are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Sources may be based on, among other things, information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Exchange traded options, except equity options, futures and options on futures are valued at the settlement price determined by the relevant exchange. Swap agreements are valued on the basis of bid quotes obtained from brokers and dealers or market-based prices supplied by

Pricing Sources. With respect to any portion of a Fund's assets that are invested in one or more open-end management investment companies (other than ETFs), the Fund's NAV will be calculated based on the NAVs of such investments. Open-end management investment companies may include affiliated funds.

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

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

Fair valuation may require subjective determinations about the value of a security. While the Trust's and Valuation Designee's policies and procedures are intended to result in a calculation of a Fund's NAV that fairly reflects security values as of the time of pricing, the Trust cannot

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| **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **59** |

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| **Notes to Financial Statements** | **(Cont.)** |

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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 the Fund's shares may be different from the per share NAV of another class of shares as a result of the different daily expense accruals applicable to each class of shares.

(b) Fair Value Hierarchy U.S. GAAP describes fair value as the price that 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 Levels of a Fund's assets and liabilities. Additionally, U.S. GAAP requires quantitative information regarding the significant unobservable inputs used in the determination of fair value of assets or liabilities categorized as Level 3 in the fair value hierarchy. In accordance with the requirements of U.S. GAAP, a fair value hierarchy, and if material, a Level 3 reconciliation and details of significant unobservable inputs, have been included in the Notes to Schedule of Investments for each respective Fund.

(c) Valuation Techniques and the Fair Value Hierarchy

Level 1, Level 2 and Level 3 trading assets and trading liabilities, at fair value The valuation methods (or "techniques") and significant inputs used in determining the fair values of portfolio securities or other assets and liabilities categorized as Level 1, Level 2 and Level 3 of the fair value hierarchy are as follows:

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

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

Valuation adjustments may be applied to certain securities that are solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the NYSE Close. These securities are valued using Pricing Sources that consider 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.

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

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

is approximately the same as the fair value of the instrument as determined without the use of amortized cost valuation. These securities are categorized as Level 2 or Level 3 of the fair value hierarchy depending on the source of the base price.

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

4. SECURITIES AND OTHER INVESTMENTS

(a) Investments in Affiliates

Each Fund eligible to participate in securities lending may invest the cash collateral received for securities out on loan in the PIMCO Government Money Market Fund under the Securities Lending Agreement. All or a portion of Dividend Income as shown in the table below represents the income earned on the cash collateral invested in PIMCO Government Money Market Fund and is included on the Statements of Operations as a component of Securities Lending Income. PIMCO Government Money Market Fund is considered to be affiliated with the Funds. The table below shows the Funds' transactions in and earnings from investments in the affiliated Fund for the period ended December 31, 2022 (amounts in thousands<sup>†</sup>):

**Investments in PIMCO Government Money Market Fund** 

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| **Fund Name** | **Market Value<br>06/30/2022** | **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>12/31/2022** | **Dividend<br>Income<sup>(1)</sup>** | **Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup>** |
|  PIMCO RAE Emerging Markets Fund | $&nbsp;&nbsp;&nbsp;&nbsp;40679 | $&nbsp;&nbsp;&nbsp;&nbsp;86114 | $&nbsp;&nbsp;&nbsp;&nbsp;(110509) | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;16284 | $&nbsp;&nbsp;&nbsp;&nbsp;219 | $&nbsp;&nbsp;&nbsp;&nbsp;0 |
|  PIMCO RAE International Fund | 28070 | &nbsp;&nbsp;&nbsp;&nbsp;155907 | (159267) | 0 | 0 | 24710 | 238 | 0 |
|  PIMCO RAE US Fund | 1291 | 20368 | (20419) | 0 | 0 | 1240 | 27 | 0 |
|  PIMCO RAE US Small Fund | 24394 | 100114 | (121162) | 0 | 0 | 3346 | 130 | 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 Acquired Funds (except the PIMCO RAE US Fund), equity securities of small companies economically tied to non-U.S. countries, and securities that are eligible investments for the International Fund and Emerging Markets Fund. The Underlying Funds are considered to be affiliated with the PIMCO RAE Global ex-US Fund.

Each Fund may invest in the PIMCO Short Asset Portfolio and the PIMCO Short-Term Floating NAV Portfolio III ("Central Funds") to the extent permitted by the Act and rules thereunder. The Central Funds are registered investment companies created for use solely by the series of the Trust and other series of registered investment companies

advised by the Adviser, in connection with their cash management activities. The main investments of the Central Funds are money market and short maturity fixed income instruments. The Central Funds may incur expenses related to their investment activities, but do not pay Investment Advisory Fees or Supervisory and Administrative Fees to the Adviser. The Central Funds are considered to be affiliated with the Funds. A complete schedule of portfolio holdings for each affiliate fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available at the SEC's website at www.sec.gov. A copy of each Acquired Fund's shareholder report is also available at the SEC's website at www.sec.gov, and a copy of each affiliate fund's shareholder report is available on the Funds' website at

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www.pimco.com, or upon request, as applicable. The table below shows the Funds' transactions in and earnings from investments in the affiliated Funds for the period ended December 31, 2022 (amounts in thousands<sup>†</sup>):

**PIMCO RAE Global ex-US Fund** 

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Underlying PIMCO Funds** | **Market Value<br>06/30/2022** | **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>12/31/2022** | **Dividend<br>Income<sup>(1)</sup>** | **Realized Net<br>Capital Gain<br>Distributions<sup>(1)</sup>** |
|  PIMCO RAE Emerging Markets Fund | $18530 | $4092 | $(1663) | $(269) | $(412) | $20278 | $107 | $1963 |
|  PIMCO RAE International Fund | 60097 | 12314 | (1722) | (784) | (959) | 68946 | 1564 | 3163 |
|  **Totals** | $**78627** | $**16406** | $**(3385)** | $**(1053)** | $**(1371)** | $**89224** | $**1671** | $**5126** |

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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 Acquired Funds and Underlying Funds) may utilize the investments and strategies described below to the extent permitted by each Fund's respective investment policies.

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

Warrants are securities that are usually issued together with a debt security or preferred security and that give the holder the right to buy a proportionate amount of common stock at a specified price. Warrants normally have a life that is measured in years and entitle the holder to buy common stock of a company at a price that is usually higher than the market price at the time the warrant is issued. Warrants may entail greater risks than certain other types of investments. Generally, warrants do not carry the right to receive dividends or exercise voting rights with respect to the underlying securities, and they do not represent any rights in the assets of the issuer. In addition, their value does not necessarily change with the value of the underlying securities, and they cease to have value if they are not exercised on or before their expiration date. If the market price of the underlying stock does not exceed the exercise price during the life of the warrant, the warrant will expire worthless. Warrants may increase the potential profit or loss to be realized from the investment as compared with investing the same amount in the underlying securities. Similarly, the percentage increase or decrease in the value of an equity security warrant may be greater

than the percentage increase or decrease in the value of the underlying common stock. Warrants may relate to the purchase of equity or debt securities. Debt obligations with warrants attached to purchase equity securities have many characteristics of convertible securities and their prices may, to some degree, reflect the performance of the underlying stock. Debt obligations also may be issued with warrants attached to purchase additional debt securities at the same coupon rate. A decline in interest rates would permit a Fund to sell such warrants at a profit. If interest rates rise, these warrants would generally expire with no value.

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS

The Funds (and where applicable, certain Acquired Funds and Underlying Funds) may enter into the borrowings and other financing transactions described below to the extent permitted by each Fund's respective investment policies.

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

(a) Repurchase Agreements Under the terms of a typical repurchase agreement, a Fund purchases an underlying debt obligation (collateral) subject to an obligation of the seller to repurchase, and a Fund to resell, the obligation at an agreed-upon price and time. In an open maturity repurchase agreement, there is no pre-determined repurchase date and the agreement can be terminated by the Fund or counterparty at any time. The underlying securities for all repurchase agreements are held by a Fund's custodian or designated subcustodians under tri-party repurchase agreements and in certain instances will remain in custody with the counterparty. The market value of the collateral must be equal to or exceed the total amount of the repurchase obligations, including interest. Repurchase agreements, if any, including accrued interest, are

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included on the Statements of Assets and Liabilities. Interest earned is recorded as a component of interest income on the Statements of Operations. In periods of increased demand for collateral, a Fund may pay a fee for the receipt of collateral, which may result in interest expense to the Fund.

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

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

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

The borrower pays fees at the Funds' direction to the lending agent. The lending agent may retain a portion of the fees and interest earned on the cash collateral invested as compensation for its services. Investments made with the cash collateral are disclosed on the Schedules of Investments, if applicable. The lending fees and the Funds' portion of the interest income earned on cash collateral are included on the Statements of Operations as securities lending income, if applicable.

(c) Interfund Lending In accordance with an exemptive order (the "Order") from the SEC, the Funds of the Trust may participate in a joint lending and borrowing facility for temporary purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Fund's

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

During the period ended December 31, 2022, the Funds did not participate in the Interfund Lending Program.

6. FINANCIAL DERIVATIVE INSTRUMENTS

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

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

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

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| **Notes to Financial Statements** | **(Cont.)** |

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Forward foreign currency contracts are marked to market daily, and the change in value is recorded by a Fund as an unrealized gain (loss). Realized gains (losses) are equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed and are recorded upon delivery or receipt of the currency. These contracts may involve market risk in excess of the unrealized gain (loss)

reflected on the Statements of Assets and Liabilities. In addition, a Fund could be exposed to risk if the counterparties are unable to meet the terms of the contracts or if the value of the currency changes unfavorably to the U.S. dollar. To mitigate such risk, cash or securities may be exchanged as collateral pursuant to the terms of the underlying contracts.

7. PRINCIPAL AND OTHER RISKS

(a) Principal Risks

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

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Risks** | **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** |
|  Small Fund | |  | | X | |  | |  | |  |
|  Allocation | |  | | X | |  | |  | |  |
|  Acquired Fund | |  | | X | |  | |  | |  |
|  Equity | | X | | X | | X | | X | | X |
|  Value Investing | | X | | X | | X | | X | | X |
|  Foreign (Non-U.S.) Investment | | X | | X | | X | |  | |  |
|  Emerging Markets | | X | | X | | X | |  | |  |
|  Market | | X | | X | | X | | X | | X |
|  Issuer | | X | | X | | X | | X | | X |
|  Credit | | X | | X | | X | | X | | X |
|  Distressed Company | |  | | X | |  | |  | | X |
|  Currency | | X | | X | | X | |  | |  |
|  Real Estate | | X | | X | | X | | X | | X |
|  Liquidity | | X | | X | | X | | X | | X |
|  Leveraging | | X | | X | | X | | X | | X |
|  Management | | X | | X | | X | | X | | X |
|  Small Company | |  | | X | |  | |  | | X |
|  Derivatives | | X | | X | | X | | X | | X |
|  Model | | X | | X | | X | | X | | X |

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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.

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

Allocation Risk is the risk that a Fund could lose money as a result of less than optimal or poor asset allocation decisions. A Fund could miss attractive investment opportunities by underweighting markets that subsequently experience significant returns and could lose value by overweighting markets that subsequently experience significant declines.

Acquired Fund Risk is the risk that a Fund's performance is closely related to the risks associated with the securities and other investments held by the Acquired Funds and that the ability of a Fund to achieve its investment objective will depend upon the ability of the Acquired Funds to achieve their investment objectives. In addition, a Fund's performance will be reduced by the Fund's proportionate amount of the expenses of any Acquired Funds in which it invests.

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

Value Investing Risk is the risk that a value stock may decrease in price or may not increase in price as anticipated by the Sub-Adviser if it

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continues to be undervalued by the market or the factors that the portfolio manager believes will cause the stock price to increase do not occur.

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

Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers.

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

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

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

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

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

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

Real Estate Risk is the risk that a Fund's investments in Real Estate Investment Trusts ("REITs") or real estate-linked derivative instruments will subject a Fund to risks similar to those associated with direct ownership of real estate, including losses from casualty or

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

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

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

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

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

Derivatives Risk is the risk of investing in derivative instruments (such as forwards, futures, swaps and structured securities) and other similar investments, including leverage, liquidity, interest rate, market, counterparty (including credit), operational, legal and management risks and valuation complexity.

Changes in the value of a derivative or other similar investments may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a Fund could lose more than the initial amount invested. Changes in the value of a derivative or other similar instrument may also create margin delivery or settlement payment obligations for a Fund. A Fund's use of derivatives or other similar investments may result in losses to a Fund, a reduction

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in a Fund's returns and/or increased volatility. Over-the-counter ("OTC") derivatives or other similar investments are also subject to the risk that a counterparty to the transaction will not fulfill its contractual obligations to the other party, as many of the protections afforded to centrally-cleared derivative transactions might not be available for OTC derivatives or other similar investments. The primary credit risk on derivatives or other similar investments that are exchange- traded or traded through a central clearing counterparty resides with a Fund's clearing broker, or the clearinghouse. Changes in regulation relating to a registered fund's use of derivatives and related instruments could potentially limit or impact a Fund's ability to invest in derivatives, limit a Fund's ability to employ certain strategies that use derivatives or other similar investments and/or adversely affect the value of derivatives or other similar investments and a Fund's performance.

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

(b) Other Risks

In general, a Fund may be subject to additional risks, including, but not limited to, risks related to government regulation and intervention in financial markets, operational risks, risks associated with financial, economic and global market disruptions, and cyber security risks. Please see a Fund's prospectus and Statement of Additional Information for a more detailed description of the risks of investing in a Fund. Please see the Important Information section of this report for additional discussion of certain regulatory and market developments that may impact a Fund's performance.

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

Fund holds, and may adversely affect the Fund's investments and operations. Additionally, to the extent the Fund invests in securities and instruments economically tied to Russia, the recent Russian invasion of Ukraine may adversely affect the Fund's investments. Please see the Important Information section for additional discussion of the COVID-19 pandemic as well as the Russian invasion of Ukraine.

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

Regulatory Risk Financial entities, such as investment companies and investment advisers, are generally subject to extensive government regulation and intervention. Government regulation and/or intervention may change the way a Fund is regulated, affect the expenses incurred directly by a Fund and the value of its investments, and limit and/or preclude a Fund's ability to achieve its investment objective.

Government regulation may change frequently and may have significant adverse consequences. Moreover, government regulation may have unpredictable and unintended effects.

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

Cyber Security Risk As the use of technology has become more prevalent in the course of business, the Funds have become potentially

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more susceptible to operational and information security risks resulting from breaches in cyber security. A breach in cyber security refers to both intentional and unintentional cyber events that may, among other things, cause a Fund to lose proprietary information, suffer data corruption and/or destruction or lose operational capacity, result in the unauthorized release or other misuse of confidential information, or otherwise disrupt normal business operations. Cyber security failures or breaches may result in financial losses to a Fund and its shareholders. These failures or breaches may also result in disruptions to business operations, potentially resulting in financial losses; interference with a Fund's ability to calculate its net asset value, process shareholder transactions or otherwise transact business with shareholders; impediments to trading; violations of applicable privacy and other laws; regulatory fines; penalties; third party claims in litigation; reputational damage; reimbursement or other compensation costs; additional compliance and cyber security risk management costs and other adverse consequences. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. There is also a risk that cyber security breaches may not be detected. The Funds and their shareholders may suffer losses as a result of a cyber security breach related to the Funds, their service providers, trading counterparties or the issuers in which a Fund invests.

8. MASTER NETTING ARRANGEMENTS

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

Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under most Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Agreement with a counterparty in a given account exceeds a specified threshold, which

typically ranges from zero to $250,000 depending on the counterparty and the type of Master Agreement. United States Treasury Bills and U.S. dollar cash are generally the preferred forms of collateral, although other securities may be used depending on the terms outlined in the applicable Master Agreement. Securities and cash pledged as collateral are reflected as assets on the Statements of Assets and Liabilities as either a component of Investments at value (securities) or Deposits with counterparty. Cash collateral received is not typically held in a segregated account and as such is reflected as a liability on the Statements of Assets and Liabilities as Deposits from counterparty. The market value of any securities received as collateral is not reflected as a component of NAV. A Fund's overall exposure to counterparty risk can change substantially within a short period, as it is affected by each transaction subject to the relevant Master Agreement.

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

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

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

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| **Notes to Financial Statements** | **(Cont.)** |

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(depreciation), initial margin posted, and any unsettled variation margin as of period end are disclosed in the Notes to Schedules of Investments.

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

eligible assets to meet collateral requirements, associated with such posting. The market value of OTC financial derivative instruments, collateral received or pledged, and net exposure by counterparty as of period end are disclosed in the Notes to Schedules of Investments.

9. FEES AND EXPENSES

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Investment Advisory Fee** | **Supervisory and Administrative Fee** | **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** |
|  PIMCO RAE Emerging Markets Fund | 0.50% | 0.25% | 0.35% | N/A | 0.35% |
|  PIMCO RAE Global ex-US Fund | 0.40% | 0.15% | 0.25% | N/A | 0.25% |
|  PIMCO RAE International Fund | 0.30% | 0.20% | 0.30% | N/A | 0.30% |
|  PIMCO RAE US Fund | 0.25% | 0.15% | 0.25% | 0.35% \*<sup>(1)</sup> | 0.30% |
|  PIMCO RAE US Small Fund | 0.35% | 0.15% | 0.25% | N/A | 0.30% |

---

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| | |
|:---|:---|
| <sup>(1</sup><sup>)</sup> | PIMCO has contractually agreed, through October 31, 2023, to waive its supervisory and administrative fee for I-3 shares by 0.05% of the average daily net assets attributable to I-3 shares of the Fund.  |

---

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

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

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

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

---

| | | |
|:---|:---|:---|
| | **Allowable Rate** | **Allowable Rate** |
|  | **Distribution Fee** | **Servicing Fee** |
|  **Class A** |  | 0.25% |

---

The Distributor also received the proceeds of the initial sales charges paid by the shareholders upon the purchase of Class A shares and the contingent deferred sales charges paid by the shareholders upon certain redemptions of Class A shares. For the period ended

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| | |
|:---|:---|
| **68** | **PIMCO EQUITY SERIES** |

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##### [**Table of Contents**](#toc)
December 31, 2022 (Unaudited)

December 31, 2022, the Distributor retained $12,068 representing commissions (sales charges) and contingent deferred sales charges, net of any commission adjustments payable by the Distributor to broker dealers, from the Trust.

(d) Fund Expenses PIMCO provides or procures supervisory and administrative services for shareholders and also bears the costs of various third-party services required by the Funds, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Trust is responsible for the following expenses: (i) salaries and other compensation of any of the Trust's executive officers and employees who are not officers, directors, stockholders, or employees of PIMCO or its subsidiaries or affiliates; (ii) taxes and governmental fees; (iii) brokerage fees and commissions and other portfolio transaction expenses; (iv) costs of borrowing money, including interest expenses; (v) fees and expenses of the Trustees who are not "interested persons" of PIMCO or the Trust, and any counsel retained exclusively for their benefit; (vi) extraordinary expenses, including costs of litigation and indemnification expenses; (vii) organizational and offering expenses of the Trust and the Funds, and any other expenses which are capitalized in accordance with generally accepted accounting principles; and (viii) any expenses allocated or allocable to a specific class of shares, and may include certain other expenses as permitted by the Trust's Multi-Class Plan adopted pursuant to Rule 18f-3 under the Act and subject to review and approval by the Trustees. The ratio of expenses to average net assets per share class, as disclosed on the Financial Highlights, may differ from the annual fund operating expenses per share class.

The Trust pays no compensation directly to any Trustee or any other officer who is affiliated with the Administrator, all of whom receive

remuneration for their services to the Trust from the Administrator or its affiliates.

(e) Expense Limitation Pursuant to the Expense Limitation Agreement, PIMCO has agreed, through October 31, 2023, to waive a portion of the Funds' Supervisory and Administrative Fee, or reimburse each Fund, to the extent that each Fund's organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata share of Trustee Fees exceed 0.0049%, the "Expense Limit" (calculated as a percentage of each Fund's average daily net assets attributable to each class). The Expense Limitation Agreement will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term. The waiver is reflected on the Statements of Operations as a component of Waiver and/or Reimbursement by PIMCO.

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

In addition, in any month in which the investment advisory contract is in effect, PIMCO is entitled to reimbursement by a Fund of any portion of the advisory fee waived as set forth above (the "RAE Reimbursement Amount") during the previous thirty-six months from the time of waiver, provided that such amount paid to PIMCO will not: i) together with any recoupment of organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata Trustee fees or supervisory and administrative fees pursuant to the Expense Limitation Agreement, exceed, for such month, the Expense Limit; ii) exceed the total RAE Reimbursement Amount; or iii) include any amounts previously reimbursed to PIMCO. The total recoverable amounts to PIMCO (from the Fee Waiver Agreement and Expense Limitation Agreement combined) at December 31, 2022, were as follows (amounts in thousands<sup>†</sup>):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Expiring within** | **Expiring within** | **Expiring within** | |
| **Fund Name** | **12 months** | **13-24 months** | **25-36 months** | **Total** |
|  PIMCO RAE Emerging Markets Fund | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3164 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3359 |
|  PIMCO RAE Global ex-US Fund | 122 | 6 | 6 | 134 |
|  PIMCO RAE International Fund | 699 | 72 | 52 | 823 |
|  PIMCO RAE US Fund | 613 | 58 | 80 | 751 |
|  PIMCO RAE US Small Fund | 275 | 29 | 28 | 332 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **69** |

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##### [**Table of Contents**](#toc)

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| | |
|:---|:---|
| **Notes to Financial Statements** | **(Cont.)** |

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Pursuant to a Fee Waiver, PIMCO has contractually agreed, through October 31, 2023, to waive its supervisory and administrative fee for I-3 shares by 0.05% of the average daily net assets attributable to I-3 shares of PIMCO RAE US Fund. This Fee Waiver Agreement will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term.

Pursuant to the Expense Limitation Agreement and I-3 Fee Waiver Agreement, waiver amounts are reflected on the Statements of Operations as a component of Waiver and/or Reimbursement by PIMCO. For the period ended December 31, 2022, the amounts were (in thousands<sup>†</sup>):

---

| | |
|:---|:---|
| **Fund Name** | **Waived Fees** |
|  PIMCO RAE Emerging Markets Fund | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48 |
|  PIMCO RAE Global ex-US Fund | 3 |
|  PIMCO RAE International Fund | 21 |
|  PIMCO RAE US Fund | 35 |
|  PIMCO RAE US Small Fund | 15 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

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

The expenses associated with investing in a fund of funds are generally higher than those for mutual funds that do not invest in other mutual funds. The cost of investing in a fund of funds will generally be higher than the cost of investing in a mutual fund that invests directly in individual stocks and bonds. By investing in a fund of funds, an investor will indirectly bear fees and expenses charged by Acquired Funds in addition to each Fund's direct fees and expenses. In addition, the use of a fund of funds structure could affect the timing, amount and character of distributions to the shareholders and may therefore increase the amount of taxes payable by shareholders.

PIMCO has contractually agreed, through October 31, 2023, to waive, first, the Investment Advisory Fee and, second, to the extent necessary, the Supervisory and Administrative Fee it receives from the PIMCO RAE Global ex-US Fund in an amount equal to the Underlying Fund Fees indirectly incurred by the Fund in connection with its investments in Underlying Funds, to the extent the Fund's Investment Advisory Fee or Investment Advisory Fee and Supervisory and Administrative Fee, taken together, are greater than or equal to the Underlying Fund Fees. This waiver will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term.

The waivers are reflected on the Statements of Operation as a component of Waiver and/or Reimbursement by PIMCO. For the period ended December 31, 2022, the amounts were (in thousands<sup>†</sup>):

---

| | |
|:---|:---|
| **Fund Name** | **Waived Fees** |
|  PIMCO RAE Emerging Markets Fund | $0 |
|  PIMCO RAE Global ex-US Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234 |
|  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.

11. GUARANTEES AND INDEMNIFICATIONS

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

12. PURCHASES AND SALES OF SECURITIES

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

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| | |
|:---|:---|
| **70** | **PIMCO EQUITY SERIES** |

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##### [**Table of Contents**](#toc)
December 31, 2022 (Unaudited)

Purchases and sales of securities (excluding short-term investments) for the period ended December 31, 2022, 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 RAE Emerging Markets Fund | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;389967 | $&nbsp;&nbsp;&nbsp;&nbsp;620105 |
|  PIMCO RAE Global ex-US Fund | 0 | 0 | 16406 | 3385 |
|  PIMCO RAE International Fund | 0 | 0 | 443956 | 304767 |
|  PIMCO RAE US Fund | 0 | 0 | 579057 | 470749 |
|  PIMCO RAE US Small Fund | 0 | 0 | 456904 | 211101 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

13. SHARES OF BENEFICIAL INTEREST

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

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **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** | **PIMCO RAE International Fund** | **PIMCO RAE International Fund** | **PIMCO RAE International Fund** | **PIMCO RAE International Fund** |
| | **Six Months Ended<br>12/31/2022**<br> **(Unaudited)** | **Six Months Ended<br>12/31/2022**<br> **(Unaudited)** | **Year Ended<br>06/30/2022** | **Year Ended<br>06/30/2022** | **Six Months Ended<br>12/31/2022**<br> **(Unaudited)** | **Six Months Ended<br>12/31/2022**<br> **(Unaudited)** | **Year Ended<br>06/30/2022** | **Year Ended<br>06/30/2022** | **Six Months Ended<br>12/31/2022**<br> **(Unaudited)** | **Six Months Ended<br>12/31/2022**<br> **(Unaudited)** | **Year Ended<br>06/30/2022** | **Year Ended<br>06/30/2022** |
| | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Receipts for shares sold** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 17815 | $156868 | 97422 | $1018219 | 303 | $2635 | 508 | $5555 | 47029 | $336671 | 18328 | $171420 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 2045 | 17966 | 5146 | 56049 | 0 | 0 | 34 | 371 | 392 | 2850 | 2501 | 25826 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 88 | 759 | 466 | 5028 | 922 | 8063 | 379 | 3979 | 33 | 246 | 616 | 5603 |
|  **Issued as reinvestment of distributions** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 12425 | 104542 | 6017 | 64018 | 693 | 5937 | 855 | 8675 | 6573 | 49026 | 17771 | 157094 |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 711 | 5939 | 507 | 5364 | 3 | 24 | 4 | 42 | 64 | 475 | 286 | 2514 |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 122 | 1007 | 128 | 1341 | 164 | 1373 | 129 | 1283 | 44 | 320 | 586 | 5075 |
|  **Cost of shares redeemed** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (45101) | &nbsp;&nbsp;&nbsp;&nbsp;(402095) | (105271) | &nbsp;&nbsp;&nbsp;&nbsp;(1201372) | (347) | &nbsp;&nbsp;&nbsp;&nbsp;(3023) | (408) | &nbsp;&nbsp;&nbsp;&nbsp;(4128) | (25031) | &nbsp;&nbsp;&nbsp;&nbsp;(185806) | (60704) | &nbsp;&nbsp;&nbsp;&nbsp;(591702) |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | (3012) | (26883) | (2774) | (29044) | (4) | (32) | (16) | (169) | (516) | (3777) | (3571) | (35682) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (366) | (3136) | (476) | (4846) | (181) | (1561) | (430) | (4316) | (2314) | (17364) | (571) | (5481) |
|  **Net increase (decrease) resulting from Fund share transactions** | (15273) | $(145033) | 1165 | $(85243) | 1553 | $13416 | 1055 | $11292 | 26274 | $182641 | (24758) | $(265333) |
|  | **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** |  |  |  |  |
|  | **Six Months Ended<br>12/31/2022**<br> **(Unaudited)** | **Six Months Ended<br>12/31/2022**<br> **(Unaudited)** | **Year Ended<br>06/30/2022** | **Year Ended<br>06/30/2022** | **Six Months Ended<br>12/31/2022**<br> **(Unaudited)** | **Six Months Ended<br>12/31/2022**<br> **(Unaudited)** | **Year Ended<br>06/30/2022** | **Year Ended<br>06/30/2022** |  |  |  |  |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |  |  |  |  |
|  **Receipts for shares sold** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 30330 | $383256 | 39919 | $555289 | 37883 | $326146 | 32219 | $359498 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 1297 | 16220 | 1836 | 24431 | 4971 | 41790 | 6453 | 69295 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 276 | 3334 | 616 | 7999 | 2165 | 18291 | 9590 | 115946 |  |  |  |  |
|  **Issued as reinvestment of distributions** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | 5753 | 71427 | 8452 | 112599 | 5605 | 47413 | 9290 | 88386 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | 323 | 3977 | 268 | 3540 | 526 | 4385 | 1092 | 10276 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | 114 | 1378 | 95 | 1231 | 877 | 7147 | 3337 | 30755 |  |  |  |  |
|  **Cost of shares redeemed** |  |  |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Class | (23061) | &nbsp;&nbsp;&nbsp;&nbsp;(286745) | (47655) | &nbsp;&nbsp;&nbsp;&nbsp;(631820) | (11299) | &nbsp;&nbsp;&nbsp;&nbsp;(100661) | (29132) | &nbsp;&nbsp;&nbsp;&nbsp;(368627) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; I-2 | (1072) | (13616) | (1120) | (14972) | (3035) | (26903) | (2091) | (21259) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (123) | (1521) | (242) | (3220) | (2271) | (19077) | (6657) | (75310) |  |  |  |  |
|  **Net increase (decrease) resulting from Fund share transactions** | 13837 | $177710 | 2169 | $55077 | 35422 | $298531 | 24101 | $208960 |  |  |  |  |

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| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **71** |

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##### [**Table of Contents**](#toc)

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| | |
|:---|:---|
| **Notes to Financial Statements** | **(Cont.)** |

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The following table discloses the number of shareholders that own 10% or more of the outstanding shares of a Fund along with their respective percent ownership, if any, as of December 31, 2022. 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.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **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** |
|  | **Non-Related Parties** | **Related Parties** | **Non-Related Parties** | **Related Parties** |
|  PIMCO RAE Emerging Markets Fund | 0 | 1 | 0% | 27% |
|  PIMCO RAE Global ex-US Fund | 3 | 0 | 81% | 0% |
|  PIMCO RAE International Fund | 0 | 1 | 0% | 43% |
|  PIMCO RAE US Small Fund | 0 | 1 | 0% | 29% |

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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.

On May 17, 2022, Allianz Global Investors U.S. LLC ("AGI U.S.") pleaded guilty in connection with the proceeding United States of America v. Allianz Global Investors U.S. LLC. AGI U.S. is an indirect subsidiary of Allianz SE. The conduct resulting in the matter described above occurred entirely within AGI U.S. and did not involve PIMCO or the Distributor, or any personnel of PIMCO or the Distributor. Nevertheless, because of the disqualifying conduct of AGI U.S., their affiliate, PIMCO would have been disqualified from serving as the investment adviser, and the Distributor would have been disqualified from serving as the principal underwriter, to the Funds in the absence of SEC exemptive relief. PIMCO and the Distributor have received exemptive relief from the SEC to permit them to continue serving as investment adviser and principal underwriter for U.S.- registered investment companies, including the Fund.

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

15. FEDERAL INCOME TAX MATTERS

Each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code (the "Code") and distribute all

of its taxable income and net realized gains, if applicable, to shareholders. Accordingly, no provision for Federal income taxes has been made.

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

In accordance with U.S. GAAP, the Adviser has reviewed the Funds' tax positions for all open tax years. As of December 31, 2022, the Funds have recorded no liability for net unrecognized tax benefits relating to uncertain income tax positions they have taken or expect to take in future tax returns.

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

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

As of their last fiscal year ended June 30, 2022, the Funds had the following post-effective capital losses with no expiration (amounts in thousands<sup>†</sup>):

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| | | |
|:---|:---|:---|
|  | **Short-Term** | **Long-Term** |
|  PIMCO RAE Emerging Markets Fund\* | $&nbsp;&nbsp;&nbsp;&nbsp;121840 | $&nbsp;&nbsp;&nbsp;&nbsp;134835 |
|  PIMCO RAE Global ex-US Fund | 0 | 0 |
|  PIMCO RAE International Fund\* | 23880 | 24449 |
|  PIMCO RAE US Fund | 0 | 0 |
|  PIMCO RAE US Small Fund\* | 17069 | 7365 |

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| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

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\* 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. 

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|:---|:---|
| **72** | **PIMCO EQUITY SERIES** |

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December 31, 2022 (Unaudited)

As of December 31, 2022, the aggregate cost and the net unrealized appreciation/(depreciation) of investments for federal income tax purposes are as follows (amounts in thousands<sup>†</sup>):

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|  | **Federal<br>Tax Cost** | **Unrealized<br>Appreciation** | **Unrealized<br>(Depreciation)** | **Net Unrealized<br>Appreciation/<br>(Depreciation)<sup>(1)</sup>** |
|  PIMCO RAE Emerging Markets Fund | $&nbsp;&nbsp;&nbsp;&nbsp;1203159 | $94891 | $&nbsp;&nbsp;&nbsp;&nbsp;(136480) | $(41589) |
|  PIMCO RAE Global ex-US Fund | 109699 | 0 | (20475) | (20475) |
|  PIMCO RAE International Fund | 699850 | 55189 | (19765) | 35424 |
|  PIMCO RAE US Fund | 839642 | &nbsp;&nbsp;&nbsp;&nbsp;215445 | (30691) | 184754 |
|  PIMCO RAE US Small Fund | 655525 | 64606 | (40859) | 23747 |

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

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| **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **73** |

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

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|  **Counterparty Abbreviations:** | **Counterparty Abbreviations:** | **Counterparty Abbreviations:** | | | |
| **BCY** | Barclays Capital, Inc. | **BSN** | The Bank of Nova Scotia - Toronto | **MSC** | Morgan Stanley & Co. LLC. |
| **BOS** | BofA Securities, Inc. | **FICC** | Fixed Income Clearing Corporation | **SAL** | Citigroup Global Markets, Inc. |
| **BPG** | BNP Paribas Securities Corp. | **GSC** | Goldman Sachs & Co. LLC | **UBS** | UBS Securities LLC |
|  **Currency Abbreviations:** | **Currency Abbreviations:** | **Currency Abbreviations:** | | | |
| **USD (or $)** | United States Dollar |  |  |  |  |
|  **Other Abbreviations:** | **Other Abbreviations:** | **Other Abbreviations:** | | | |
| **ADR** | American Depositary Receipt | **SP - ADR** | Sponsored American Depositary Receipt | **TBA** | To-Be-Announced  |
| **REIT** | Real Estate Investment Trust |  |  |  |  |

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| **74** | **PIMCO EQUITY SERIES** |

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| **Distribution Information** | (Unaudited) |

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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 December 31, 2022 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 RAE Emerging Markets Fund** | | | | |
| **Institutional Class** |<br>**Net Investment<br>Income\*** |<br>**Net Realized<br>Capital Gains\*** |<br>**Paid-in Surplus or<br>Other Capital<br>Sources\*\*** |<br>**Total (per<br>common share)** |
|  December 2022 | $0.0453 | $0.0000 | $0.0000 | $0.0453 |
| **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)** |
|  December 2022 | $0.0402 | $0.0000 | $0.0000 | $0.0402 |
| **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)** |
|  December 2022 | $0.0310 | $0.0000 | $0.0000 | $0.0310 |
| **PIMCO RAE Global ex-US 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)** |
|  December 2022 | $0.1493 | $0.0000 | $0.0000 | $0.1493 |
| **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)** |
|  December 2022 | $0.1451 | $0.0000 | $0.0000 | $0.1451 |
| **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)** |
|  December 2022 | $0.1375 | $0.0000 | $0.0000 | $0.1375 |
| **PIMCO RAE International 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)** |
|  December 2022 | $0.1708 | $0.0000 | $0.0000 | $0.1708 |
| **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)** |
|  December 2022 | $0.1663 | $0.0000 | $0.0000 | $0.1663 |
| **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)** |
|  December 2022 | $0.1446 | $0.0000 | $0.0000 | $0.1446 |

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| **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **75** |

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##### [**Table of Contents**](#toc)

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| **Distribution Information** | **(Cont.)** | (Unaudited) |

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| **PIMCO RAE US Fund** | | | | |
| **Institutional Class** |<br>**Net Investment<br>Income\*** |<br>**Net Realized<br>Capital Gains\*** |<br>**Paid-in Surplus or<br>Other Capital<br>Sources\*\*** |<br>**Total (per<br>common share)** |
|  December 2022 | $0.1448 | $0.0000 | $0.0000 | $0.1448 |
| **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)** |
|  December 2022 | $0.1396 | $0.0000 | $0.0000 | $0.1396 |
| **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)** |
|  December 2022 | $0.1246 | $0.0000 | $0.0000 | $0.1246 |
| **PIMCO RAE US Small 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)** |
|  December 2022 | $0.1147 | $0.0000 | $0.0000 | $0.1147 |
| **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)** |
|  December 2022 | $0.1116 | $0.0000 | $0.0000 | $0.1116 |
| **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)** |
|  December 2022 | $0.0981 | $0.0000 | $0.0000 | $0.0981 |

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\* 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. 

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| **76** | **PIMCO EQUITY SERIES** |

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| **Approval of Investment Advisory Contract and Other Agreements** | (Unaudited) |

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Approval of Renewal of the Investment Advisory Contract and Other Agreements

At a meeting held on August 23-24, 2022, the Board of Trustees (the "Board") of PIMCO Equity Series (the "Trust"), including the Trustees who are not "interested persons" of the Trust under the Investment Company Act of 1940, as amended (the "Independent Trustees"), considered and unanimously approved the renewal of the Investment Advisory Contract (the "Investment Advisory Contract") between the Trust, on behalf of PIMCO Dividend and Income Fund, PIMCO RAE Emerging Markets Fund, PIMCO RAE Global ex-US Fund, PIMCO RAE International Fund, PIMCO RAE US Fund, PIMCO RAE US Small Fund, PIMCO REALPATH<sup>®</sup> Blend Income Fund, PIMCO REALPATH<sup>®</sup> Blend 2025 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, PIMCO REALPATH<sup>®</sup> Blend 2055 Fund and PIMCO REALPATH<sup>®</sup> Blend 2060 Fund (each, a "Fund" and collectively, the "Funds"), and Pacific Investment Management Company LLC ("PIMCO"), for an additional one-year term through August 31, 2023. The Board also considered and unanimously approved the renewal of the Second Amended and Restated Supervision and Administration Agreement (the "Supervision and Administration Agreement") between the Trust, on behalf of the Funds, and PIMCO for an additional one-year term through August 31, 2023.

In addition, the Board considered and unanimously approved the renewal of the Second Amended and Restated Sub-Advisory Agreement (the "Sub-Advisory Agreement" and, together with the Investment Advisory Contract and the Supervision and Administration Agreement, the "Agreements") between PIMCO, on behalf of PIMCO RAE Emerging Markets Fund, PIMCO RAE Global ex-US Fund, PIMCO RAE International Fund, PIMCO RAE US Fund and PIMCO RAE US Small Fund (the "RAE Funds"), each a series of the Trust, and Research Affiliates, LLC ("Research Affiliates") for an additional one-year term through August 31, 2023.

At a meeting held on November 15-16, 2022, the Board, including all of the Independent Trustees, considered and unanimously approved the Amended and Restated Investment Advisory Contract (the "New Fund Investment Advisory Contract") and the Second Amended and Restated Supervision and Administration Agreement (the "New Fund Supervision and Administration Agreement" and together with the New Fund Investment Advisory Contract, the "New Fund Agreements") between the Trust, on behalf of PIMCO REALPATH<sup>®</sup> Blend 2065 Fund (the "New Fund") and PIMCO for an initial two-year term.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

1. INFORMATION RECEIVED

(a) Materials Reviewed: During the course of the past year, the Trustees received a wide variety of materials relating to the services provided by PIMCO and Research Affiliates to the Trust. At each of its quarterly meetings, the Board reviewed the Funds' investment performance and a significant amount of information relating to Fund operations, including shareholder services, valuation and custody, the Funds' compliance program and other information relating to the nature, extent and quality of services provided by PIMCO and Research Affiliates to the Trust and each of the Funds, as applicable. In considering whether to approve the renewal of the Agreements, the Board reviewed additional information, including, but not limited to: comparative industry data with regard to investment performance; advisory and supervisory and administrative fees and expenses; financial information for PIMCO, including, where relevant, financial information for Research Affiliates; information regarding the profitability to PIMCO of its relationship with the Funds; information about the personnel providing investment management services, other advisory services and supervisory and administrative services to the Funds; and information about the fees charged and services provided to other clients with similar investment mandates as the Funds, where applicable. In addition, the Board reviewed materials provided by counsel to the Trust and the Independent Trustees ("Counsel"), which included, among other things, a memorandum outlining legal duties of the Board in considering the renewal of the Agreements.

In considering whether to approve the New Fund Agreements, the Board reviewed materials provided by PIMCO, which included, among other things, information relating to the New Fund's operations and comparative data with regard to portfolios with investment objectives and policies similar to those of the New Fund. In addition, the Board reviewed materials provided by Counsel, which included, among other things, memoranda outlining legal duties of the Board in considering the approval of the New Fund Agreements. The Board also reviewed information about the personnel who would be providing investment management services, other advisory services and supervisory and administrative services to the New Fund.

(b) Review Process: In connection with considering the renewal of the Agreements, the Board reviewed written materials prepared by PIMCO and, where applicable, Research Affiliates in response to requests from Counsel encompassing a wide variety of topics. The Board requested and received assistance and advice regarding, among other things, applicable legal standards from Counsel, and reviewed comparative fee and performance data prepared at the Board's request by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company performance information and fee and expense data. The Board received presentations on matters related to the Agreements and met both as a full Board and in a separate session of

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| **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **77** |

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

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the Independent Trustees, without management present, at the August 23-24, 2022 meeting. The Independent Trustees also met via video conference with Counsel on July 14, 2022, and conducted a video conference meeting on August 10, 2022 with management and Counsel to discuss the materials presented and other matters deemed relevant to their consideration of the renewal of the Agreements. In connection with its review of the Agreements, the Board received comparative information on the performance, the risk-adjusted performance and the fees and expenses of other peer group funds and share classes. The Independent Trustees also requested and received supplemental information, including information regarding Broadridge peer classifications, the expense structure of certain Funds and classes, outflows for certain Funds, Fund performance and profitability.

In connection with the approval of the New Fund Agreements, the Board reviewed written materials prepared by PIMCO. The Board requested and received assistance and advice regarding, among other things, applicable legal standards from Counsel. The Board heard oral presentations on matters related to the New Fund Agreements at the November 15-16, 2022 meeting with respect to the New Fund.

The approval determinations were made on the basis of each Trustee's business judgment after consideration and evaluation of all the information presented. Individual Trustees may have given different weights to certain factors and assigned various degrees of materiality to information received in connection with the approval process. In deciding to approve the renewal of the Agreements and approve the New Fund Agreements, the Board did not identify any single factor or particular information that, in isolation, was controlling. The discussion below is intended to summarize the broad factors and information that figured prominently in the Board's consideration of the renewal of the Agreements and approve the New Fund Agreements, but is not intended to summarize all of the factors considered by the Board.

2. NATURE, EXTENT AND QUALITY OF SERVICES

(a) PIMCO, Research Affiliates, their Personnel and Resources: The Board considered the depth and quality of PIMCO's investment management process, including, but not limited to: the experience, capability and integrity of its senior management and other personnel; the overall financial strength and stability of its organization; and the ability of its organizational structure to address changes in the Funds' asset levels. The Board also considered the various services in addition to portfolio management that PIMCO provides under the Investment Advisory Contract. The Board noted that PIMCO makes available to its investment professionals a variety of resources and systems relating to investment management, compliance, trading, performance and portfolio accounting. The Board also noted PIMCO's commitment to enhancing and investing in its global infrastructure, technology capabilities, risk management processes and the specialized talent

needed to stay at the forefront of the competitive investment management industry and to strengthen its ability to deliver services under the Agreements. The Board considered PIMCO's policies, procedures and systems reasonably designed to assure compliance with applicable laws and regulations, including new regulations impacting the Funds, and its commitment to further developing and strengthening these programs; its oversight of matters that may involve conflicts of interest between the Funds' investments and those of other accounts managed by PIMCO; and its efforts to keep the Trustees informed about matters relevant to the Funds and their shareholders. The Board also considered PIMCO's investment in new disciplines and talented personnel, which has enhanced PIMCO's services to the Funds and has allowed PIMCO to introduce innovative new funds over time.

In addition, the Trustees considered new services and service enhancements that PIMCO has implemented, including the ongoing development of its own proprietary software and applications to support the Funds.

Similarly, the Board considered the sub-advisory services provided by Research Affiliates to the RAE Funds. The Board further considered PIMCO's oversight of Research Affiliates in connection with Research Affiliates providing sub-advisory services to the RAE Funds. The Board also considered the depth and quality of Research Affiliates' investment management and research capabilities, the experience and capabilities of their portfolio management personnel and the overall financial strength of the organization.

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

(b) Other Services: The Board also considered the nature, extent and quality of supervisory and administrative services provided by PIMCO to the Funds under the Supervision and Administration Agreement. The Board considered the terms of the Supervision and Administration Agreement, under which the Trust pays for the supervisory and administrative services provided pursuant to that agreement under what is essentially an all-in fee structure (the "unified fee"). In return, PIMCO provides or procures certain supervisory and administrative services and bears the costs of various third party services required by the Funds, including, but not limited to, audit, custodial, portfolio accounting, ordinary legal, transfer agency, sub-accounting and printing costs. The Board also noted that the scope and complexity, as well as the costs, of the supervisory and administrative services provided by PIMCO under the Supervision and Administration Agreement continue to increase. The Board considered PIMCO's provision of supervisory and administrative services and its supervision

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(Unaudited)

of the Trust's third party service providers to assure that these service providers continue to provide a high level of service relative to alternatives available in the market.

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

With respect to the New Fund, the Board also considered the nature, extent and quality of services to be provided by PIMCO to the New Fund under the New Fund Agreements, as well as PIMCO's provision of these services to other series of the Trust and its supervision of the Trust's third party service providers. The Board concluded that the nature, extent and quality of services to be provided by PIMCO would likely benefit the New Fund and its shareholders.

3. INVESTMENT PERFORMANCE

As the New Fund had not yet commenced operations at the time the New Fund Agreements were considered, the Trustees did not receive or consider investment performance information for the New Fund.

The Board reviewed information from PIMCO concerning the Funds' performance, as available, over short**-** and long-term periods ended March 31, 2022 and other performance data, as available, over short**-** and long-term periods ended June 30, 2022 (the "PIMCO Report") and from Broadridge concerning the Funds' performance, as available, over short**-** and long-term periods ended March 31, 2022 (the "Broadridge Report"). The Board also noted that while historically the Broadridge Report included peer classifications from only Lipper, as part of this approval process the Broadridge Report incorporated peer classifications from Morningstar for Funds for which it was believed that Morningstar provided a materially improved comparison.

The Board considered information regarding both the short- and long-term relative and absolute investment performance of each Fund relative to its Fund peer group, where appropriate, and relevant benchmark index as provided to the Board in advance of each of its quarterly meetings throughout the year, including the PIMCO Report and Broadridge Report.

The Trustees noted the Funds (based on Institutional Class performance) that outperformed their respective benchmark indexes on a net-of-fees basis over the one-, three- and five-year periods ended June 30, 2022. The Board also noted the amounts of the Funds' assets (based on Institutional Class performance) that outperformed their relevant benchmark indexes on a net-of-fees basis over the one-, three- and five-year periods ended June 30, 2022. The Board discussed these and other performance-related developments. The Board considered that, according to the Broadridge Report, the Funds generally performed well versus competitors during the long-term, but that certain Funds had underperformed in comparison to their

respective peer groups or benchmark indexes, or both, on a net-of-fees basis over certain short- and long-term periods. With respect to Funds that underperformed to a certain degree over such periods, the Board discussed with PIMCO the reasons for the underperformance of such Funds. The Board also considered actions that have been taken by PIMCO throughout the year to attempt to address underperformance. Depending on the circumstances, the Independent Trustees may be satisfied with a Fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods. The Board ultimately concluded, within the context of all of its considerations in connection with the Agreements, that PIMCO's performance record and process in managing the Funds indicates that its continued management is likely to benefit the Funds and their shareholders, and merits the approval of the renewal of the Agreements.

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

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

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

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| **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **79** |

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

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The Board also considered that PIMCO reviews the Funds' fee levels and carefully considers changes where appropriate. The Board also reviewed data comparing certain Funds' advisory fees to the fee rates PIMCO charged to private funds, separate accounts, sub-advised clients, and collective investment trusts with similar investment strategies. In cases where the fees for other clients were lower than those charged to the Funds, the Trustees noted that the differences in fees were attributable to various factors, including, but not limited to, differences in the advisory and other services provided by PIMCO to the Funds, differences in the number or extent of the services provided by PIMCO to the Funds, the manner in which similar portfolios may be managed, different requirements with respect to liquidity management and the implementation of other regulatory requirements, and the fact that separate accounts may have other contractual arrangements or arrangements across PIMCO strategies that justify different levels of fees.

The Trustees also considered that PIMCO faces increased entrepreneurial, legal and regulatory risk in sponsoring and managing mutual funds and ETFs as compared to separate accounts, external sub-advised funds or other investment products. In addition, the Trustees considered that PIMCO may charge certain private funds with similar investment mandates lower fees than the Funds because such private funds are not required to accept daily redemptions or price their assets on a daily basis, generally do not accept small investors with small account balances and operate under a less complex regulatory regime.

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

The Board considered the Funds' supervisory and administrative fees, comparing them to similar funds managed by other investment advisers in the Broadridge Report. The Board also considered that as the Funds' business has become increasingly complex and the number of Funds has grown over time, PIMCO has provided an increasingly broad array of fund supervisory and administrative functions. In addition, the Board considered the Trust's unified fee structure, under which the Trust pays for the supervisory and administrative services it requires for one set fee. In return for this unified fee, PIMCO provides or procures supervisory and administrative services and bears the costs of various third party services required by the Funds, including audit, custodial,

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

The Board noted that in most cases the Funds' total expense ratios were lower than the total expense ratios of competitor funds. The Board discussed with PIMCO certain Funds and/or classes of Funds that had above median total expenses. Upon comparing the Funds' total expenses to other funds in the "Peer Groups" provided by the Broadridge Report where appropriate, the Board found total expenses of each Fund to be reasonable.

The Trustees also considered the advisory fees charged to the Funds that operate as funds of funds (the "Funds of Funds") and the advisory services provided in exchange for such fees. The Trustees determined that such services were in addition to the advisory services provided to the underlying funds in which the Funds of Funds may invest and, therefore, such services were not duplicative of the advisory services provided to the underlying funds. The Board also considered the expense limitation agreement in place for all of the Funds and the various fee waiver agreements in place for certain of the Funds and/or classes and the Funds of Funds. Based on the information presented by PIMCO, Research Affiliates and Broadridge, members of the Board determined, in the exercise of their business judgment, that the level of the advisory fees and supervisory and administrative fees charged by PIMCO under the Agreements, that the fees charged by Research Affiliates under the Sub-Advisory Agreement, and that the total expenses of each Fund are reasonable.

With respect to the New Fund, PIMCO reported to the Board that, in considering fees for the New Fund, it analyzed a number of factors,

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(Unaudited)

including the type and complexity of the services to be provided, the cost of providing services, the risk assumed by PIMCO in the provision of services, the impact on potential returns from different levels of fees, the competitive marketplace for financial products, and the attractiveness of potential returns to prospective investors. Based on the information presented by PIMCO, members of the Board determined, in the exercise of their business judgment, that the level of the advisory fees and supervisory and administrative fees charged by PIMCO under the New Fund Agreements were reasonable.

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

As the New Fund had not yet commenced operations at the time the New Fund Agreements were considered, information regarding PIMCO's costs in providing services to the New Fund and the profitability of PIMCO's relationship with the New Fund was not available.

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

The Board considered the existence of any economies of scale and noted that, to the extent that PIMCO achieves economies of scale in managing the Funds, PIMCO shares the benefits of such economies of scale, if any, with the Funds and their shareholders in a number of ways, including investing in portfolio and trade operations management, firm technology, middle and back office support, legal and compliance, and fund administration logistics; senior management supervision, governance and oversight of those services; and through fee reductions or waivers, the pricing of Funds to scale from inception and the enhancement of services provided to the Funds in return for fees paid. In considering the advisory fees paid by the Funds, the Board also reviewed materials indicating that retail investors in the Funds received the benefit of PIMCO's advisory services at the same advisory fee rates as institutional investors. The Board considered that the Funds' unified fee rates had been set competitively and/or priced to scale from inception and continued to be competitive compared with peers. The Board also considered that the unified fee is a transparent means of informing a Fund's shareholders of the fees associated with the Fund, and that the Fund bears certain expenses that are not covered by the advisory fee or the unified fee. The Board further considered the challenges that arise when managing large funds,

which can result in certain "diseconomies" of scale and noted that PIMCO has continued to reinvest in many areas of the business to support the Funds.

The Trustees considered that the unified fee has provided inherent economies of scale because a Fund maintains competitive fixed fees over the annual contract period even if the particular Fund's assets decline and/or operating costs rise. The Trustees also reviewed materials indicating that, unlike the Funds' unified fee structure, funds with "pass through" administrative fee structures may experience increased expense ratios when fixed dollar fees are charged against declining fund assets. The Trustees also considered that the unified fee protects shareholders from a rise in operating costs that may result from, among other things, PIMCO's investments in various business enhancements and infrastructure, including those referenced above. The Trustees noted that PIMCO's investments in these areas are extensive.

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

6. ANCILLARY BENEFITS

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

7. CONCLUSIONS

Based on their review, including their comprehensive consideration and evaluation of each of the broad factors and information summarized above, the Independent Trustees and the Board as a whole concluded that the nature, extent and quality of the services rendered to the Funds by PIMCO and Research Affiliates supported the renewal of the Agreements. The Independent Trustees and the Board as a whole concluded that the Agreements continued to be fair and reasonable to

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| **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **81** |

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

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the Funds and their shareholders, that the Funds' shareholders received reasonable value in return for the fees paid to PIMCO by the Funds under the Agreements, the fees paid to Research Affiliates by PIMCO under the Sub-Advisory Agreement, and that the renewal of the Agreements was in the best interests of the Funds and their shareholders.

With respect to the New Fund, based on their review, including their comprehensive consideration and evaluation of each of the broad factors and information summarized above, the Independent Trustees and the Board as a whole concluded that the nature, extent and quality of services to be rendered to the New Fund by PIMCO supported the approval of the New Fund Agreements. The Independent Trustees and the Board as a whole concluded that the New Fund Agreements were fair and reasonable to the New Fund and its shareholders and that the approval of the New Fund Agreements was in the best interest of the New Fund and its shareholders.

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| **82** | **PIMCO EQUITY SERIES** |

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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

620 Newport Center Drive, Suite 900

Newport Beach, CA 92660

**Distributor** 

PIMCO Investments LLC

1633 Broadway

New York, NY 10019

**Custodian** 

State Street Bank and Trust Company

801 Pennsylvania Avenue

Kansas City, MO 64105

**Transfer Agent** 

SS&C Global Investor & Distribution Solutions, Inc.

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

430 W 7th Street STE 219024

Kansas City, MO 64105-1407

SS&C Global Investor & Distribution Solutions, Inc.

Class A, Class C, Class R

430 W 7th Street STE 219294

Kansas City, MO 64105-1407

**Legal Counsel** 

Dechert LLP

1900 K Street, N.W.

Washington, D.C. 20006

**Independent Registered Public Accounting Firm** 

PricewaterhouseCoopers LLP

1100 Walnut Street, Suite 1300

Kansas City, MO 64106

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

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![LOGO](g398492g75h91.jpg)

PES4003SAR_123122

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![LOGO](g382341g13e39.jpg)

PIMCO EQUITY SERIES<sup>®</sup>

## Semiannual Report
December 31, 2022

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

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**Table of Contents** 

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| | | |
|:---|:---|:---|
|  | | Page |
| &nbsp;&nbsp; [Chairman's Letter](#tx382341_1) | &nbsp;&nbsp; [Chairman's Letter](#tx382341_1) | 2 |
| &nbsp;&nbsp; [Important Information About the Funds](#tx382341_2) | &nbsp;&nbsp; [Important Information About the Funds](#tx382341_2) | 4 |
| &nbsp;&nbsp; [Expense Examples](#tx382341_3) | &nbsp;&nbsp; [Expense Examples](#tx382341_3) | 17 |
| &nbsp;&nbsp; [Financial Highlights](#tx382341_4) | &nbsp;&nbsp; [Financial Highlights](#tx382341_4) | 18 |
| &nbsp;&nbsp; [Statements of Assets and Liabilities](#tx382341_5) | &nbsp;&nbsp; [Statements of Assets and Liabilities](#tx382341_5) | 20 |
| &nbsp;&nbsp; [Statements of Operations](#tx382341_6) | &nbsp;&nbsp; [Statements of Operations](#tx382341_6) | 21 |
| &nbsp;&nbsp; [Statements of Changes in Net Assets](#tx382341_7) | &nbsp;&nbsp; [Statements of Changes in Net Assets](#tx382341_7) | 22 |
| &nbsp;&nbsp; [Notes to Financial Statements](#tx382341_8) | &nbsp;&nbsp; [Notes to Financial Statements](#tx382341_8) | 55 |
| &nbsp;&nbsp; [Glossary](#tx382341_10) | &nbsp;&nbsp; [Glossary](#tx382341_10) | 70 |
| &nbsp;&nbsp; [Distribution Information](#tx382341_10a) | &nbsp;&nbsp; [Distribution Information](#tx382341_10a) | 71 |
| &nbsp;&nbsp; [Approval of Investment Advisory Contract and Other Agreements](#tx382341_11a) | &nbsp;&nbsp; [Approval of Investment Advisory Contract and Other Agreements](#tx382341_11a) | 72 |
| Fund | Fund<br>Summary | Schedule of<br>Investments |
| &nbsp;&nbsp; [PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF](#tx382341_15) | 9 | [23](#tx382341_19) |
| &nbsp;&nbsp; [PIMCO RAFI Dynamic Multi-Factor International Equity ETF](#tx382341_16) | 11 | [33](#tx382341_20) |
| &nbsp;&nbsp; [PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF](#tx382341_17) | 13 | [46](#tx382341_21) |
| &nbsp;&nbsp; [PIMCO RAFI ESG U.S. ETF](#tx382341_18) | 15 | [53](#tx382341_22) |

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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.

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**Chairman's Letter** 

Dear Shareholder,

2022 was a challenging year in the financial markets. We continue to work tirelessly to navigate global markets and manage the assets that you have entrusted with us. Following this letter is the PIMCO Equity Series Semiannual Report, which covers the six-month reporting period ended December 31, 2022 (the "reporting period"). On the subsequent pages, you will find details regarding investment results and a discussion of the factors that most affected performance during the reporting period.

For the six-month reporting period ended December 31, 2022

The global economy faced significant headwinds in 2022, including those related to higher inflation, the COVID-19 pandemic, and the Russia-Ukraine conflict. In the U.S., second quarter 2022, prior to the beginning of the reporting period, annualized gross domestic product ("GDP") was -0.6%. The economy then strengthened, as third quarter annualized GDP was +3.2%. The Commerce Department's initial estimate for fourth quarter 2022 annualized GDP — released after the reporting period ended — was 2.9%.

The Federal Reserve Board (the "Fed" or "U.S. central bank") took actions to combat elevated inflation. In March 2022, the Fed raised the federal funds rate 0.25% to a range between 0.25% and 0.50%, its first rate hike since 2018. The U.S. central bank then raised rates at its next six meetings, for a total increase of 4.25% in 2022. At the end of the year, the federal funds rate was in a range between 4.25% and 4.50%.

Economies outside the U.S. also faced several headwinds. In its October 2022 World Economic Outlook Update, the International Monetary Fund (the "IMF") downgraded its expectation for 2022 GDP citing "turbulent challenges" including high inflation, tightening financial conditions, as well as the ongoing Russia-Ukraine conflict and COVID-19 pandemic. For 2022, the IMF included in its projections that GDP would grow 1.6% in the U.S. (from 5.7% in 2021), 3.1% in the eurozone (from 5.2% in 2021), 3.6% in the U.K. (from 7.4% in 2021), and 1.7% in Japan (the same as in 2021).

Several central banks tightened their respective monetary policies in recent years. For example, in December 2021, prior to the beginning of the reporting period, the Bank of England (the "BoE") raised rates for the first time since COVID-19 began. The BoE again raised rates at its next eight meetings, for a total of 3.50% in rate hikes since its first increase. The European Central Bank raised rates four times in 2022, for a total increase of 2.50%. In contrast, the Bank of Japan (the "BoJ") maintained its loose monetary policy for most of 2022. However, in December 2022 the BoJ announced that it would allow its 10-year government bond yield to rise to 0.5% (previously limited to 0.25%). The news sent the 10-year bond yield and Japanese yen higher, as market participants interpreted the announcement to mean that the BoJ may pivot from its previous monetary stance.

During the reporting period, short- and long-term U.S. Treasury yields moved higher. The yield on the benchmark 10-year U.S. Treasury note was 3.88% on December 31, 2022, versus 2.98% on June 30, 2022. The Bloomberg Global Treasury Index (USD Hedged), which tracks fixed-rate, local currency government debt of investment grade countries, including developed and emerging markets, returned -2.97%. Meanwhile, the Bloomberg Global Aggregate Credit Index (USD Hedged), a widely used index of global investment grade credit bonds, returned -1.59%. In contrast, riskier fixed income asset classes, including high yield corporate bonds and emerging market debt, generated positive returns. The ICE BofAML Developed Markets High Yield Constrained Index (USD Hedged), a widely used index of below-investment-grade bonds, returned 3.82%, whereas emerging market external debt, as represented by the JPMorgan Emerging Markets Bond Index (EMBI) Global (USD Hedged), returned 2.93%. Emerging market local bonds, as represented by the JPMorgan Government Bond Index-Emerging Markets Global Diversified Index (Unhedged), returned 3.33%.

Amid periods of volatility, global equities generally posted mixed results during the reporting period as economic and geopolitical concerns impacted investor sentiment. U.S. equities, as represented by the S&P 500 Index, returned 2.31%. Global equities, as represented by the MSCI World Index, returned 2.97%, while emerging market equities, as

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| **2** | **PIMCO EQUITY SERIES** |

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measured by the MSCI Emerging Markets Index, returned -2.99%. Meanwhile, Japanese equities, as represented by the Nikkei 225 Index (in Japanese yen), returned -0.06% and European equities, as represented by the MSCI Europe Index (in euro), returned 5.05%.

Commodity prices were volatile and generated mixed returns during the reporting period. Brent crude oil, which was approximately $119.78 a barrel at the start of the reporting period, fell to roughly $82.82 a barrel at the end of December 2022. In contrast, prices of other commodities, such as copper and gold, edged higher during the period.

Finally, there were also periods of volatility in the foreign exchange markets. We believe this was driven by several factors, including economic growth expectations and changing central bank monetary policies, as well as rising inflation, COVID-19 variants, and geopolitical events. The U.S. dollar was mixed against several major currencies. For example, during the reporting period, the U.S. dollar returned -2.11%, +0.78%, and -3.51% versus the euro, the British pound and the Japanese yen, respectively.

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

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| ![LOGO](g382341g19a01.jpg) | Sincerely,<br>![LOGO](g382341g65f33.jpg) <br>Peter G. Strelow<br> Chairman of the Board<br>PIMCO Equity Series<br>|

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

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| **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>3</sub> |

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**Important Information About the Funds**

PIMCO Equity Series (the "Trust") is an open-end management investment company that includes PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF, PIMCO RAFI Dynamic Multi-Factor International Equity ETF, PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF and PIMCO RAFI ESG U.S. ETF, which are exchange-traded funds ("ETFs") that seek to provide total return that closely corresponds, before fees and expenses, to the total return of a specified index (each, a "Fund" and collectively, the "Funds"). Each Fund employs a representative sampling strategy in seeking to achieve its investment objective. In using this strategy, PIMCO seeks to invest in a combination of instruments such that the portfolio effectively provides exposure to the underlying index. A Fund may not track its underlying index with the same degree of accuracy as a fund that replicates the composition and weighting of the underlying index. Shares of the Funds will be listed and traded at market prices on NYSE Arca, Inc. ("NYSE Arca") and other secondary markets. The market price for each Fund's shares may be different from the Fund's net asset value ("NAV"). Each Fund issues and redeems shares at its NAV only in blocks of a specified number of shares ("Creation Units"). Only certain large institutional investors may purchase or redeem Creation Units directly with the Funds at NAV ("Authorized Participants"). These transactions are in exchange for certain securities similar to a Fund's portfolio and/or cash. Except when aggregated in Creation Units, shares of a Fund are not redeemable securities. Shareholders who are not Authorized Participants may not redeem shares from the Funds at NAV.

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

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

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

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

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

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

Beginning in January 2020, global financial markets have experienced and may continue to experience significant volatility resulting from the spread of a novel coronavirus known as COVID-19. The outbreak of COVID-19 has resulted in travel and border restrictions, quarantines, supply chain disruptions, lower consumer demand and general market uncertainty. In 2022, many countries lifted some or all restrictions related to COVID-19. However, the effects of COVID-19 have and may continue to adversely affect the global economy, the economies of certain nations and individual issuers, all of which may negatively impact the Funds' performance. In addition, COVID-19 and governmental responses to COVID-19 may negatively impact the capabilities of the Funds' service providers and disrupt the Funds' operations.

The United States' enforcement of restrictions on U.S. investments in certain issuers and tariffs on goods from certain other countries has contributed to and may continue to contribute to international trade tensions and may impact portfolio securities. The United States' enforcement of sanctions or other similar measures on various Russian entities and persons, and the Russian government's response, may also negatively impact securities and instruments that are economically tied to Russia.

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| **4** | **PIMCO EQUITY SERIES** |

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

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

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

unmarketable for an indefinite period of time and/or cause the Fund to sell other portfolio holdings at a disadvantageous time or price in order to meet shareholder redemptions. In addition, such sanctions or other similar measures, and the Russian government's response, could result in a downgrade of Russia's credit rating or of securities of issuers located in or economically tied to Russia, devaluation of Russia's currency and/or increased volatility with respect to Russian securities and the ruble. Moreover, disruptions caused by Russian military action or other actions (including cyberattacks, espionage or other asymmetric measures) or resulting actual or threatened responses to such activity may impact Russia's economy and Russian issuers of securities in which a Fund invests. Such resulting actual or threatened responses may include, but are not limited to, purchasing, selling and financing restrictions, withdrawal of financial intermediaries, boycotts or changes in consumer or purchaser preferences, sanctions, tariffs or cyberattacks on the Russian government, Russian companies or Russian individuals, including politicians. Sanctions and other similar measures have resulted in defaults on debt obligations by certain corporate issuers and the Russian Federation that could lead to cross-defaults or cross-accelerations on other obligations of these issuers. Default by the Russian Federation on its sovereign debt will have implications to credit default swaps in relation to the Russian Federation. A Fund's ability to participate in any resulting credit default swap auction or physical settlement process may be limited by, among other things, sanctions or other similar measures. The Russian securities market is characterized by limited volume of trading, resulting in difficulty in obtaining accurate prices and trading. These issues can be magnified as a result of sanctions and other similar measures that may be imposed and the Russian government's response. The Russian securities market, as compared to U.S. markets, has significant price volatility, less liquidity, a smaller market capitalization and a smaller number of traded securities. There may be little publicly available information about issuers. Settlement, clearing and registration of securities transactions are subject to risks. Prior to the implementation of the National Settlement Depository ("NSD"), a recognized central securities depository, there was no central registration system for equity share registration in Russia, and registration was carried out by either the issuers themselves or by registrars located throughout Russia. Title to Russian equities held through the NSD is now based on the records of the NSD and not the registrars. Although the implementation of the NSD has enhanced the efficiency and transparency of the Russian securities market, issues resulting in loss can still occur. Ownership of securities issued by Russian companies that are not held through depositories such as the NSD may be recorded by companies themselves and by registrars. In such cases, the risk is increased that a Fund could lose ownership rights through fraud, negligence or oversight. While applicable Russian regulations impose liability on registrars for losses resulting from their errors, it may be difficult for a Fund to enforce any rights it may have against the registrar or issuer of the securities in the event of loss of share

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| **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>5</sub> |

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| **Important Information About the Funds** | **(Cont.)** |

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registration. In addition, issuers and registrars are still prominent in the validation and approval of documentation requirements for corporate action processing in Russia. Because the documentation requirements and approval criteria vary between registrars and issuers, there remain unclear and inconsistent market standards in the Russian market with respect to the completion and submission of corporate action elections. To the extent that a Fund suffers a loss relating to title or corporate actions relating to its portfolio securities, it may be difficult for the Fund to enforce its rights or otherwise remedy the loss. Russian securities laws may not recognize foreign nominee accounts held with a custodian bank, and therefore the custodian may be considered the ultimate owner of securities they hold for their clients. Adverse currency exchange rates are a risk and there may be a lack of available currency hedging instruments. Investments in Russia may be subject to the risk of nationalization or expropriation of assets. Oil, natural gas, metals, and timber account for a significant portion of Russia's exports, leaving the country vulnerable to swings in world prices, and to sanctions or other actions that may be directed at the Russian economy as a whole or at Russian oil, natural gas, metals or timber industries.

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

Engaging in a responsible investment strategy, which may select or exclude securities of certain issuers for reasons other than performance, carries the risk that a Fund may underperform funds that do not utilize a responsible investment strategy. The application of this strategy may affect a Fund's exposure to certain sectors or types of investments, which could negatively impact the Fund's performance. Responsible investing is qualitative and subjective by nature, and there is no guarantee that the criteria utilized or any judgment exercised in pursuing a responsible investment strategy will reflect the beliefs or values of any particular investor. In evaluating a company, the information and data obtained through voluntary or third-party reporting may be incomplete, inaccurate or unavailable, which could cause an incorrect assessment of a company's business practices with respect to the environment, social responsibility and corporate governance ("ESG practices"). Socially responsible norms differ by region, and a company's ESG practices or the assessment of a company's ESG practices may change over time.

On each individual Fund Summary page in this Shareholder Report, the Average Annual Total Return table and the Cumulative Returns chart measure performance assuming that any dividend and capital gain

distributions were reinvested. Returns do not reflect the deduction of taxes that a shareholder would pay on: (i) Fund distributions; or (ii) the sale of Fund shares. Each Fund's performance is measured against the performance of at least one broad-based securities market index ("benchmark index"). A Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. There is no assurance that any Fund, including any Fund that has experienced high or unusual performance for one or more periods, will experience similar levels of performance in the future. High performance is defined as a significant increase in either 1) a Fund's total return in excess of that of the Fund's benchmark between reporting periods or 2) a Fund's total return in excess of the Fund's historical returns between reporting periods. Unusual performance is defined as a significant change in a Fund's performance as compared to one or more previous reporting periods. Historical performance for a Fund may have been positively impacted by fee waivers or expense limitations in place during some or all of the periods shown, if applicable. Future performance (including total return or yield) and distributions may be negatively impacted by the expiration or reduction of any such fee waivers or expense limitations.

The following table discloses the inception dates of each Fund along with each Fund's diversification status as of period end:

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| **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 |

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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 the Funds.

The Trustees are responsible generally for overseeing the management of the Trust. The Trustees authorize the Trust to enter into service

agreements with the Adviser, the Distributor, the Administrator and other service providers in order to provide, and in some cases authorize service providers to procure through other parties, necessary or desirable services on behalf of the Trust and the Funds. Shareholders are not parties to or third-party beneficiaries of such service agreements. Neither a Fund's prospectus nor a Fund's summary prospectus, the Trust's Statement of Additional Information ("SAI"), any contracts filed as exhibits to the Trust's registration statement, nor any other communications, disclosure documents or regulatory filings (including this report) from or on behalf of the Trust or a Fund creates a contract between or among any shareholder of a Fund, on the one hand, and the Trust, a Fund, a service provider to the Trust or a Fund, and/or the Trustees or officers of the Trust, on the other hand. The Trustees (or the Trust and its officers, service providers or other

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| **6** | **PIMCO EQUITY SERIES** |

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##### [**Table of Contents**](#toc)
delegates acting under authority of the Trustees) may amend the most recent prospectus or use a new prospectus, summary prospectus or SAI with respect to a Fund or the Trust, and/or amend, file and/or issue any other communications, disclosure documents or regulatory filings, and may amend or enter into any contracts to which the Trust or a Fund is a party, and interpret the investment objective(s), policies, restrictions and contractual provisions applicable to any Fund, without shareholder input or approval, except in circumstances in which shareholder approval is specifically required by law (such as changes to fundamental investment policies) or where a shareholder approval requirement is specifically disclosed in the Trust's then-current prospectus or SAI.

On each business day, before commencement of trading on NYSE Arca, each Fund will disclose on www.pimcoetfs.com the identities and quantities of the Fund's portfolio holdings. The frequency at which the daily market prices were at a discount or premium to each Fund's NAV is disclosed on www.pimcoetfs.com. Please see "Disclosure of Portfolio Holdings" in the SAI for information about the availability of the complete schedule of each Fund's holdings. Fund fact sheets provide additional information regarding a Fund and may be requested by calling (888) 400-4ETF and are available on the Fund's website at www.pimcoetfs.com.

PIMCO has adopted written proxy voting policies and procedures ("Proxy Policy") as required by Rule 206(4)-6 under the Investment Advisers Act of 1940, as amended. The Proxy Policy has been adopted by the Trust as the policies and procedures that PIMCO will use when voting proxies on behalf of a Fund. A description of the policies and procedures that PIMCO uses to vote proxies relating to portfolio securities of a Fund, and information about how the Fund voted proxies relating to portfolio securities held during the most recent twelve-month period ended June 30th, are available without charge, upon request, by calling the Trust at (888) 400-4ETF, on the Fund's website at www.pimcoetfs.com, and on the Securities and Exchange Commission's ("SEC") website at www.sec.gov.

The Funds file portfolio holdings information with the SEC on Form N-PORT within 60 days of the end of each fiscal quarter. The Funds' complete schedule of securities holdings as of the end of each fiscal quarter will be made available to the public on the SEC's website at www.sec.gov and on PIMCO's website at www.pimcoetfs.com, and will be made available, upon request, by calling PIMCO at (888) 400-4ETF.

SEC rules allow the Funds to fulfill their obligation to deliver shareholder reports to investors by providing access to such reports online free of charge and by mailing a notice that the report is electronically available. Investors may elect to receive all future reports in paper free of charge by contacting their financial intermediary. Any election to receive reports in paper will apply to all funds held in the investor's account at the financial intermediary.

In October 2020, the SEC adopted a rule related to the use of derivatives, short sales, reverse repurchase agreements and certain other transactions by registered investment companies that rescinds and withdraws the guidance of the SEC and its staff regarding asset segregation and cover transactions. Subject to certain exceptions, the rule requires funds that trade derivatives and other transactions that create future payment or delivery obligations to comply with a value-at-risk leverage limit and a certain derivatives risk management program and reporting requirements. These requirements may limit the ability of the Funds to use derivatives and reverse repurchase agreements and similar financing transactions as part of their investment strategies and may increase the cost of the Funds' investments and cost of doing business, which could adversely affect investors. The rule went into effect on February 19, 2021. The compliance date for the new rule and related reporting requirements was August 19, 2022.

In December 2020, the SEC adopted a rule addressing fair valuation of fund investments. The new rule sets forth requirements for good faith determinations of fair value as well as for the performance of fair value determinations, including related oversight and reporting obligations. The new rule also defines "readily available market quotations" for purposes of the definition of "value" under the Investment Company Act of 1940 (the "Act"), and the SEC noted that this definition will apply in all contexts under the Act. The effective date for the rule was March 8, 2021. The compliance date for the new rule and the related reporting requirements was September 8, 2022.

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

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

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|:---|:---|:---|
| **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>7</sub> |

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|:---|:---|
| **Important Information About the Funds** | **(Cont.)** |

---

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

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

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

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| **8** | **PIMCO EQUITY SERIES** |

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##### [**Table of Contents**](#toc)
**PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF** 

Cumulative Returns Through December 31, 2022

![LOGO](g382341g49i51.jpg)

$10,000 invested at the end of the month when the Fund commenced operations.

Investment Objective and Strategy Overview

PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF seeks to track the investment results of the RAFI Dynamic Multi-Factor Emerging Markets Index (the "Underlying Index") by investing under normal circumstances, at least 80% of its total assets (exclusive of collateral held from securities lending) in the component securities ("Component Securities") of the Underlying Index. The Fund may invest the remainder of its assets in cash, securities and instruments that are not Component Securities, but which PIMCO believes will help the Fund track its Underlying Index. The Underlying Index is designed to provide long-only exposure to multiple equity factors that seek to produce attractive long-term returns, and which may lower risk compared to less diversified strategies. Fund strategies may change from time to time. Please refer to the Fund's current prospectus for more information regarding the Fund's strategy.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 |
|  |  | 6 Months\* | 1 Year | 5 Years | Fund Inception<br>(08/31/17) |
| ![LOGO](g382341g94o20.jpg) | PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF (Based on Net Asset Value) | 1.69% | (19.41)% | 0.13% | 0.92% |
| ![LOGO](g382341g52z21.jpg) | PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF (At Market Price)<sup>(1)(2)</sup> | 0.45% | (19.55)% | (0.09)% | 0.77% |
| ![LOGO](g382341g08y58.jpg) | RAFI Dynamic Multi-Factor Emerging Markets Index<sup>±</sup> | 2.39% | (18.49)% | 0.86% | 1.69% |
| ![LOGO](g382341g20j66.jpg) | MSCI Emerging Markets Index<sup>±±</sup> | (2.99)% | (20.09)% | (1.40)% | (0.05)% |

---

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.

\* Cumulative return.

Market Returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at market price and NAV, respectively.

<sup>(1)</sup> The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund's NAV is calculated.

<sup>(2)</sup> The Fund was seeded on August 31, 2017, but was not listed for trading until September 6, 2017. Accordingly, there is no Market Price information for August 31, 2017 through September 5, 2017.

<sup>±</sup> The RAFI Dynamic Multi-Factor Emerging Markets Index strategy takes time-varying exposures to four return factors; value, low volatility, quality, and momentum. The index uses recent and historical metrics to tilt toward factor portfolios which are particularly attractive on a forward looking basis. It is not possible to invest directly in the index.

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

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

*Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed by authorized participants. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of Fund shares. Differences in the Fund's performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. Performance data current to the most recent month-end is available at www.pimcoetfs.com or (888) 400-4ETF.* 

*The Fund's total annual operating expense ratio in effect as of period end was 0.52%. Details regarding any changes to the Fund's operating expenses, subsequent to period end, can be found in the Fund's current prospectus, as supplemented.* 

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|:---|:---|:---|
| **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>9</sub> |

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##### [**Table of Contents**](#toc)
Ticker symbol - **MFEM**

Top 10 Holdings as of December 31, 2022<sup>†</sup><sup>§</sup>

---

| | |
|:---|:---|
|  Vale SA | 1.7% |
|  Infosys Ltd. | 1.6% |
|  POSCO Holdings, Inc. | 1.4% |
|  Bank of China Ltd. 'H' | 1.3% |
|  Pinduoduo, Inc. ADR | 1.2% |
|  Taiwan Semiconductor Manufacturing Co. Ltd. | 1.1% |
|  America Movil SAB de CV | 1.1% |
|  Hyundai Motor Co. | 1.1% |
|  Reliance Industries Ltd. | 1.1% |
|  Meituan 'B' | 1.0% |

---

Geographic Breakdown as of December 31, 2022†\*\*

---

| | |
|:---|:---|
|  China | 17.3% |
|  India | 16.6% |
|  South Korea | 13.8% |
|  Taiwan | 13.5% |
|  Brazil | 6.6% |
|  Thailand | 6.2% |
|  South Africa | 4.7% |
|  Turkey | 4.6% |
|  Mexico | 3.2% |
|  Hong Kong | 2.8% |
|  Saudi Arabia | 2.8% |
|  Indonesia | 2.5% |
|  Malaysia | 1.8% |
|  Chile | 1.1% |
|  Short-Term Instruments | 0.4% |
|  Other | 2.1% |

---

<sup>†</sup> % of Investments, at value.

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

\*\* Geographic Breakdown and % of Investments exclude securities sold short and financial

derivative instruments, if any.

Fund Insights at NAV

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

» Overweight exposure to, and security selection in, the energy sector contributed to relative returns compared to the Fund's secondary benchmark, the MSCI Emerging Markets Index, as the sector and the Fund's holdings outperformed the secondary benchmark index.

» Security selection in the industrials sector contributed to relative returns compared to the Fund's secondary benchmark, the MSCI Emerging Markets Index, as the Fund's holdings outperformed the secondary benchmark index.

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| | |
|:---|:---|
| » | Underweight exposure to, and security selection in, the consumer discretionary sector contributed to relative returns compared to the Fund's secondary benchmark, the MSCI Emerging Markets Index, as the sector underperformed the secondary benchmark index and the Fund's holdings outperformed the secondary benchmark index. |

---

» There were no material detractors for this Fund.

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|:---|:---|
| **10** | **PIMCO EQUITY SERIES** |

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##### [**Table of Contents**](#toc)
**PIMCO RAFI Dynamic Multi-Factor International Equity ETF** 

Cumulative Returns Through December 31, 2022

![LOGO](g382341g97q43.jpg)

$10,000 invested at the end of the month when the Fund commenced operations.

Investment Objective and Strategy Overview

PIMCO RAFI Dynamic Multi-Factor International Equity ETF seeks to track the investment results of the RAFI Dynamic Multi-Factor Developed Ex-U.S. Index (the "Underlying Index") by investing under normal circumstances at least 80% of its total assets (exclusive of collateral held from securities lending) in the component securities ("Component Securities") of the Underlying Index. The Fund may invest the remainder of its assets in cash, securities and instruments that are not Component Securities, but which PIMCO believes will help the Fund track its Underlying Index. The Underlying Index is designed to provide long-only exposure to multiple equity factors that seek to produce attractive long-term returns, and which may lower risk compared to less diversified strategies. Fund strategies may change from time to time. Please refer to the Fund's current prospectus for more information regarding the Fund's strategy.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 |
|  |  | 6 Months\* | 1 Year | 5 Years | Fund Inception<br>(08/31/17) |
| ![LOGO](g382341g94o20.jpg) | PIMCO RAFI Dynamic Multi-Factor International Equity ETF (Based on Net Asset Value) | 4.65% | (10.38)% | 1.99% | 3.19% |
| ![LOGO](g382341g52z21.jpg) | PIMCO RAFI Dynamic Multi-Factor International Equity ETF (At Market Price)<sup>(1)(2)</sup> | 4.31% | (10.28)% | 1.91% | 3.08% |
| ![LOGO](g382341g08y58.jpg) | RAFI Dynamic Multi-Factor Developed Ex-U.S. Index<sup>±</sup> | 4.86% | (10.47)% | 2.16% | 3.50% |
| ![LOGO](g382341g20j66.jpg) | MSCI EAFE Index<sup>±±</sup> | 6.36% | (14.45)% | 1.54% | 2.71% |

---

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.

\* Cumulative return.

Market Returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at market price and NAV, respectively.

<sup>(1)</sup> The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund's NAV is calculated.

<sup>(2)</sup> The Fund was seeded on August 31, 2017, but was not listed for trading until September 6, 2017. Accordingly, there is no Market Price information for August 31, 2017 through September 5, 2017.

<sup>±</sup> The RAFI Dynamic Multi-Factor Developed Ex-U.S. Index takes time-varying exposures to five return factors; value, low volatility, quality, momentum and size. The index uses recent and historical metrics to tilt toward factor portfolios which are particularly attractive on a forward looking basis. It is not possible to invest directly in the index.

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

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

*Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed by authorized participants. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of Fund shares. Differences in the Fund's performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. Performance data current to the most recent month-end is available at www.pimcoetfs.com or (888) 400-4ETF.* 

*The Fund's total annual operating expense ratio in effect as of period end was 0.40%. Details regarding any changes to the Fund's operating expenses, subsequent to period end, can be found in the Fund's current prospectus, as supplemented.* 

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| | | |
|:---|:---|:---|
| **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>11</sub> |

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##### [**Table of Contents**](#toc)
Ticker symbol - **MFDX**

Top 10 Holdings as of December 31, 2022<sup>†</sup><sup>§</sup>

---

| | |
|:---|:---|
|  AstraZeneca PLC | 1.5% |
|  BP PLC | 1.4% |
|  Novo Nordisk AS 'B' | 1.4% |
|  Glencore PLC | 1.1% |
|  Equinor ASA | 1.0% |
|  Nestle SA | 1.0% |
|  Eni SpA | 0.9% |
|  Zurich Insurance Group AG | 0.8% |
|  Shell PLC | 0.8% |
|  Bayerische Motoren Werke AG | 0.8% |

---

Geographic Breakdown as of December 31, 2022<sup>†</sup>\*\*

---

| | |
|:---|:---|
|  Japan | 26.6% |
|  United Kingdom | 13.7% |
|  France | 7.9% |
|  Canada | 7.0% |
|  Switzerland | 6.9% |
|  Germany | 6.0% |
|  Australia | 5.1% |
|  Spain | 4.3% |
|  Netherlands | 4.0% |
|  Italy | 2.7% |
|  Denmark | 2.4% |
|  Sweden | 2.2% |
|  Hong Kong | 1.9% |
|  Norway | 1.9% |
|  Singapore | 1.7% |
|  Finland | 1.2% |
|  Ireland | 1.0% |
|  Short-Term Instruments | 0.3% |
|  Other | 3.2% |

---

<sup>†</sup> % of Investments, at value.

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

\*\* Geographic Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.

Fund Insights at NAV

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

» Underweight exposure to, and security selection in, the health care sector contributed to relative returns compared to the Fund's secondary benchmark, the MSCI EAFE Index, as the sector underperformed the secondary benchmark index and the Fund's holdings outperformed the secondary benchmark index.

» Overweight exposure to, and security selection in, the materials sector contributed to relative returns compared to the Fund's secondary benchmark, the MSCI EAFE Index, as the sector and the Fund's holdings outperformed the secondary benchmark index.

» Overweight exposure to the energy sector contributed to relative returns compared to the Fund's secondary benchmark, the MSCI EAFE Index, as the sector outperformed the secondary benchmark index.

» Overweight exposure to, and security selection in, the communication services sector detracted from relative returns compared to the Fund's secondary benchmark, the MSCI EAFE Index, as the sector and the Fund's holdings underperformed the secondary benchmark index.

---

| | |
|:---|:---|
| » | Underweight exposure to, and security selection in, the consumer discretionary sector detracted from relative returns compared to the Fund's secondary benchmark, the MSCI EAFE Index, as the sector outperformed the secondary benchmark index and the Fund's holdings underperformed the secondary benchmark index. |

---

» Overweight exposure to, and security selection in, the utilities sector detracted from relative returns compared to the Fund's secondary benchmark, the MSCI EAFE Index, as the sector and the Fund's holdings underperformed the secondary benchmark index.

---

| | |
|:---|:---|
| **12** | **PIMCO EQUITY SERIES** |

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##### [**Table of Contents**](#toc)
**PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF** 

Cumulative Returns Through December 31, 2022

![LOGO](g382341g16l93.jpg)

$10,000 invested at the end of the month when the Fund commenced operations.

Investment Objective and Strategy Overview

PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF seeks to track the investment results of the RAFI Dynamic Multi-Factor U.S. Index (the "Underlying Index") by investing under normal circumstances, at least 80% of its total assets (exclusive of collateral held from securities lending) in the component securities ("Component Securities") of the Underlying Index. The Fund may invest the remainder of its assets in cash, securities and instruments that are not Component Securities, but which PIMCO believes will help the Fund track its Underlying Index. The Underlying Index is designed to provide long-only exposure to multiple equity factors that seek to produce attractive long-term returns, and which may lower risk compared to less diversified strategies. Fund strategies may change from time to time. Please refer to the Fund's current prospectus for more information regarding the Fund's strategy.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 |
|  |  | 6 Months\* | 1 Year | 5 Years | Fund Inception<br>(08/31/17) |
| ![LOGO](g382341g94o20.jpg) | PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF (Based on Net Asset Value) | 7.01% | (5.62)% | 8.81% | 10.39% |
| ![LOGO](g382341g52z21.jpg) | PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF (At Market Price)<sup>(1)(2)</sup> | 7.07% | (5.86)% | 8.76% | 10.36% |
| ![LOGO](g382341g08y58.jpg) | RAFI Dynamic Multi-Factor U.S. Index<sup>±</sup> | 7.16% | (5.41)% | 9.17% | 10.78% |
| ![LOGO](g382341g20j66.jpg) | S&P 500 Index<sup>±±</sup> | 2.31% | (18.11)% | 9.42% | 10.55% |

---

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

\* Cumulative return.

Market Returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at market price and NAV, respectively.

<sup>(1)</sup> The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund's NAV is calculated.

<sup>(2)</sup> The Fund was seeded on August 31, 2017, but was not listed for trading until September 6, 2017. Accordingly, there is no Market Price information for August 31, 2017 through September 5, 2017.

<sup>±</sup> The RAFI Dynamic Multi-Factor U.S. index takes time-varying exposures to five return factors; value, low volatility, quality, momentum and size. The index uses recent and historical metrics to tilt toward factor portfolios which are particularly attractive on a forward looking basis.

<sup>±±</sup> S&P 500 Index is an unmanaged market index generally considered representative of the stock market as a whole. The Index focuses on the largecap segment of the U.S. equities market.

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

*Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed by authorized participants. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of Fund shares. Differences in the Fund's performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. Performance data current to the most recent month-end is available at www.pimcoetfs.com or (888) 400-4ETF.* 

*The Fund's total annual operating expense ratio in effect as of period end was 0.30%. Details regarding any changes to the Fund's operating expenses, subsequent to period end, can be found in the Fund's current prospectus, as supplemented.* 

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| | | |
|:---|:---|:---|
| **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022<sub>13</sub> |

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##### [**Table of Contents**](#toc)
Ticker symbol - **MFUS**

Top 10 Holdings as of December 31, 2022<sup>†</sup><sup>§</sup>

---

| | |
|:---|:---|
|  Exxon Mobil Corp. | 2.6% |
|  Chevron Corp. | 2.3% |
|  Walmart, Inc. | 2.0% |
|  Johnson & Johnson | 2.0% |
|  AT&T, Inc. | 2.0% |
|  Merck & Co., Inc. | 1.9% |
|  Gilead Sciences, Inc. | 1.6% |
|  International Business Machines Corp. | 1.6% |
|  Procter & Gamble Co. | 1.6% |
|  Pfizer, Inc. | 1.4% |

---

Sector Breakdown as of December 31, 2022<sup>†</sup><sup>\*\*</sup> 

---

| | |
|:---|:---|
|  Health Care | 17.9% |
|  Consumer Staples | 14.5% |
|  Energy | 12.7% |
|  Financials | 11.9% |
|  Consumer Discretionary | 9.9% |
|  Industrials | 9.9% |
|  Information Technology | 9.5% |
|  Communication Services | 4.9% |
|  Materials | 3.9% |
|  Real Estate | 2.2% |
|  Utilities | 2.1% |
|  Short-Term Instruments | 0.6% |

---

<sup>†</sup> % of Investments, at value.

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

\*\* Sector Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.

Fund Insights at NAV

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

» Overweight exposure to, and security selection in, the energy sector contributed to relative returns compared to the Fund's secondary benchmark, the S&P 500 Index, as the sector and the Fund's holdings outperformed the secondary benchmark index.

---

| | |
|:---|:---|
| » | Underweight exposure to, and security selection in, the information technology sector contributed to relative returns compared to the Fund's secondary benchmark, the S&P 500 Index, as the sector underperformed the secondary benchmark index and the Fund's holdings outperformed the secondary benchmark index. |

---

» Security selection in the consumer discretionary sector contributed to relative returns compared to the Fund's secondary benchmark, the S&P 500 Index, as the Fund's holdings outperformed the secondary benchmark index.

» Security selection in the financials sector detracted from relative returns compared to the Fund's secondary benchmark, the S&P 500 Index, as the Fund's holdings underperformed the secondary benchmark index.

» Security selection in the industrials sector detracted from relative returns compared to the Fund's secondary benchmark, the S&P 500 Index, as the Fund's holdings underperformed the secondary benchmark index.

» Security selection in the utilities sector detracted from relative returns compared to the Fund's secondary benchmark, the S&P 500 Index, as the Fund's holdings underperformed the secondary benchmark index.

---

| | |
|:---|:---|
| **14** | **PIMCO EQUITY SERIES** |

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##### [**Table of Contents**](#toc)
**PIMCO RAFI ESG U.S. ETF** 

Cumulative Returns Through December 31, 2022

![LOGO](g382341g24c08.jpg)

$10,000 invested at the end of the month when the Fund commenced operations.

Investment Objective and Strategy Overview

PIMCO RAFI ESG U.S. ETF seeks to provide total return that closely corresponds, before fees and expenses, to the total return of the RAFI ESG US Index (the "Underlying Index") by investing under normal circumstances, at least 80% of its total assets (exclusive of collateral held from securities lending) in the component securities ("Component Securities") of the Underlying Index. The Fund may invest the remainder of its assets in cash, securities and instruments that are not Component Securities, but which PIMCO believes will help the Fund track its Underlying Index. The Underlying Index is a long-only, smart beta index that seeks to achieve the dual objectives of social responsibility and long-horizon outperformance of the broad market. Fund strategies may change from time to time. Please refer to the Fund's current prospectus for more information regarding the Fund's strategy.

---

| | | | | |
|:---|:---|:---|:---|:---|
| Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 | Average Annual Total Return for the period ended December 31, 2022 |
|  |  | 6 Months\* | 1 Year | Fund Inception<br>(12/18/19) |
| ![LOGO](g382341g94o20.jpg) | PIMCO RAFI ESG U.S. ETF (Based on Net Asset Value) | 3.10% | (13.84)% | 6.03% |
| ![LOGO](g382341g52z21.jpg) | PIMCO RAFI ESG U.S. ETF (At Market Price)<sup>(1)(2)</sup> | 3.25% | (13.80)% | 5.86% |
| ![LOGO](g382341g08y58.jpg) | RAFI ESG US Index<sup>±</sup> | 3.28% | (13.66)% | 6.37% |
| ![LOGO](g382341g20j66.jpg) | S&P 500 Index<sup>±±</sup> | 2.31% | (18.11)% | 8.02% |

---

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

\* Cumulative return.

Market Returns do not include brokerage commissions that may be payable on secondary market transactions. If brokerage commissions were included, market returns would be lower. Market and NAV returns assume that dividends and capital gain distributions have been reinvested in the Fund at market price and NAV, respectively.

<sup>(1)</sup> The market price is determined using the midpoint between the highest bid and the lowest offer on the listing exchange, as of the time that the Fund's NAV is calculated.

<sup>(2)</sup> The Fund was seeded on December 18, 2019, but was not listed for trading until December 19, 2019. Accordingly, there is no Market Price information for December 18, 2019.

<sup>±</sup> The RAFI ESG US Index is a long-only, smart beta index that seeks to achieve the dual objectives of social responsibility and long-horizon outperformance of the broad market. The Index is constructed by RAFI Indices, LLC (the "Index Provider") using a rules-based approach within publicly traded U.S. equities to create an integrated ESG strategy which overweights companies that rate well across various ESG (Environmental, Social, and Governance) themes and excludes companies with a major involvement in industries such as tobacco, gaming, weapons and fossil fuels. The strategy supplements traditional ESG metrics with metrics linked to long-term value creation, specifically financial discipline and diversity, for improved return potential. It is not possible to invest directly in the index.

<sup>±±</sup> S&P 500 Index is an unmanaged market index generally considered representative of the stock market as a whole. The Index focuses on the largecap segment of the U.S. equities market.

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

*Performance quoted represents past performance. Past performance is not a guarantee or a reliable indicator of future results. Current performance may be lower or higher than performance shown. Investment return and the principal value of an investment will fluctuate. Shares may be worth more or less than original cost when redeemed by authorized participants. Returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of Fund shares. Differences in the Fund's performance versus the index and related attribution information with respect to particular categories of securities or individual positions may be attributable, in part, to differences in the pricing methodologies used by the Fund and the index. Performance data current to the most recent month-end is available at www.pimcoetfs.com or (888) 400-4ETF.* 

*The Fund's total annual operating expense ratio in effect as of period end was 0.30%. Details regarding any changes to the Fund's operating expenses, subsequent to period end, can be found in the Fund's current prospectus, as supplemented.* 

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **15** |

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##### [**Table of Contents**](#toc)
Ticker symbol - **RAFE**

Top 10 Holdings as of December 31, 2022<sup>†</sup><sup>§</sup>

---

| | |
|:---|:---|
|  Microsoft Corp. | 4.7% |
|  Apple, Inc. | 4.4% |
|  Johnson & Johnson | 3.4% |
|  AT&T, Inc. | 3.2% |
|  JPMorgan Chase & Co. | 2.9% |
|  Cisco Systems, Inc. | 2.7% |
|  Intel Corp. | 2.6% |
|  Pfizer, Inc. | 2.5% |
|  Procter & Gamble Co. | 2.4% |
|  Merck & Co., Inc. | 2.4% |

---

Sector Breakdown as of December 31, 2022<sup>†</sup><sup>\*\*</sup>

---

| | |
|:---|:---|
|  Information Technology | 28.0% |
|  Health Care | 23.0% |
|  Financials | 15.0% |
|  Communication Services | 9.0% |
|  Consumer Staples | 7.6% |
|  Consumer Discretionary | 7.5% |
|  Industrials | 4.6% |
|  Materials | 3.2% |
|  Real Estate | 1.8% |
|  Utilities | 0.3% |

---

<sup>†</sup> % of Investments, at value.

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

\*\* Sector Breakdown and % of investments exclude securities sold short and financial derivative instruments, if any.

Fund Insights at NAV

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

---

| | |
|:---|:---|
| » | Underweight exposure to, and security selection in, the consumer discretionary sector contributed to relative returns compared to the Fund's secondary benchmark, the S&P 500 Index, as the sector underperformed the secondary benchmark index and the Fund's holdings outperformed the secondary benchmark index. |

---

» Overweight exposure to, and security selection in, the health care sector contributed to relative returns compared to the Fund's secondary benchmark, the S&P 500 Index, as the sector and the Fund's holdings outperformed the secondary benchmark index.

» Overweight exposure to, and security selection in, the financials sector contributed to relative returns compared to the Fund's secondary benchmark, the S&P 500 Index, as the sector and the Fund's holdings outperformed the secondary benchmark index.

» Underweight exposure to the energy sector detracted from relative returns compared to the Fund's secondary benchmark, the S&P 500 Index, as the sector outperformed the secondary benchmark index.

» Underweight exposure to, and security selection in, the industrials sector detracted from relative returns compared to the Fund's secondary benchmark, the S&P 500 Index, as the sector outperformed the secondary benchmark index and the Fund's holdings underperformed the secondary benchmark index.

» Overweight exposure to, and security selection in, the information technology sector detracted from relative returns compared to the Fund's secondary benchmark, the S&P 500 Index, as the sector and the Fund's holdings underperformed the secondary benchmark index.

---

| | |
|:---|:---|
| **16** | **PIMCO EQUITY SERIES** |

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------

##### [**Table of Contents**](#toc)
**Expense Examples**

Example

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

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period indicated, which for all Funds and share classes is from July 1, 2022 to December 31, 2022 unless noted otherwise in the table and footnotes below.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Actual** | **Actual** | **Actual** | **Hypothetical<br>(5% return before expenses)** | **Hypothetical<br>(5% return before expenses)** | **Hypothetical<br>(5% return before expenses)** | |
|  | **Beginning<br>Account Value<br>(07/01/22)** | **Ending<br>Account Value<br>(12/31/22)** | **Expenses Paid<br>During Period\*** | **Beginning<br>Account Value<br>(07/01/22)** | **Ending<br>Account Value<br>(12/31/22)** | **Expenses Paid<br>During Period\*** | **Net Annualized<br>Expense Ratio\*\*** |
| PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF | $1000.00 | $1016.90 | $2.52 | $1000.00 | $1022.98 | $2.53 | 0.49% |
| PIMCO RAFI Dynamic Multi-Factor International Equity ETF | 1000.00 | 1046.50 | 2.03 | 1000.00 | 1023.49 | 2.01 | 0.39 |
| PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF | 1000.00 | 1070.10 | 1.53 | 1000.00 | 1024.00 | 1.50 | 0.29 |
| PIMCO RAFI ESG U.S. ETF | 1000.00 | 1031.00 | 1.50 | 1000.00 | 1024.00 | 1.50 | 0.29 |

---

\* Expenses Paid During Period are equal to the net annualized expense ratio for the fund, multiplied by the average account value over the period, multiplied by 186/365 (to reflect the one-half year period).

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

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **17** |

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------

##### [**Table of Contents**](#toc)
**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<br>Value<br>Beginning<br>of Year<br>or Period<sup>(a)</sup>** | **Net<br>Investment<br>Income<br>(Loss)<sup>(b)</sup>** | **Net<br>Realized/<br>Unrealized<br>Gain (Loss)** | **Total** | **From Net<br>Investment<br>Income** | **From Net<br>Realized<br>Capital<br>Gains** | **Total** |
|  **PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/2022 - 12/31/2022+ | $&nbsp;&nbsp;&nbsp;&nbsp;18.33 | $0.42 | $(0.14) | $0.28 | $(0.53) | $(0.59) | $(1.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2022 | 31.06 | 1.21 | (6.94) | (5.73) | (2.46) | &nbsp;&nbsp;&nbsp;&nbsp;(4.54) | &nbsp;&nbsp;&nbsp;&nbsp;(7.00) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2021 | 20.84 | 0.50 | &nbsp;&nbsp;&nbsp;&nbsp;10.14 | &nbsp;&nbsp;&nbsp;&nbsp;10.64 | &nbsp;&nbsp;&nbsp;&nbsp;(0.42) | 0.00 | (0.42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2020 | 24.24 | 0.59 | (3.41) | (2.82) | (0.58) | 0.00 | (0.58) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2019 | 23.94 | 0.64 | 0.39 | 1.03 | (0.73) | 0.00 | (0.73) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/31/2017 - 06/30/2018 | 25.00 | 0.42 | (1.41) | (0.99) | (0.07) | 0.00 | (0.07) |
|  **PIMCO RAFI Dynamic Multi-Factor International Equity ETF** |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/2022 - 12/31/2022+ | $25.16 | $&nbsp;&nbsp;&nbsp;&nbsp;0.31 | $0.83 | $1.14 | $(0.63) | $0.00 | $(0.63) |
| &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) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2020 | 24.94 | 0.53 | (1.84) | (1.31) | (0.77) | 0.00 | (0.77) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2019 | 25.87 | 0.72 | (0.89) | (0.17) | (0.76) | 0.00 | (0.76) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/31/2017 - 06/30/2018 | 25.00 | 0.62 | 0.44 | 1.06 | (0.19) | 0.00 | (0.19) |
|  **PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF** |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/2022 - 12/31/2022+ | $36.24 | $0.43 | $2.08 | $2.51 | $(0.61) | $0.00 | $(0.61) |
| &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) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2020 | 29.21 | 0.62 | (1.44) | (0.82) | (0.65) | 0.00 | (0.65) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 06/30/2019 | 28.30 | 0.59 | 0.91 | 1.50 | (0.59) | 0.00 | (0.59) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 08/31/2017 - 06/30/2018 | 25.00 | 0.43 | 3.17 | 3.60 | (0.30) | 0.00 | (0.30) |
|  **PIMCO RAFI ESG U.S. ETF** |  |  |  |  |  |  |  |
| Institutional Class |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 07/01/2022 - 12/31/2022+ | $27.58 | $0.32 | $0.52 | $0.84 | $(0.48) | $0.00 | $(0.48) |
| &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) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12/18/2019 - 06/30/2020 | 25.00 | 0.33 | (3.72) | (3.39) | (0.21) | 0.00 | (0.21) |

---

<sup>+</sup> Unaudited

\* Annualized, except for organizational expense, if any.

<sup>(a)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by 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. The actual tax characterization of distributions paid is determined at the end of the fiscal year. See Note 2, Distributions to Shareholders, in the Notes to Financial Statements for more information. 

<sup>(d)</sup> Includes adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere by the Funds. Additionally, excludes initial sales charges and contingent deferred sales charges.

---

| | | |
|:---|:---|:---|
| **18** | **PIMCO EQUITY SERIES** | See Accompanying Notes |

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##### [**Table of Contents**](#toc)

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | | **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** | **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** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** |  | |
|<br>**Net Assets<br>End of Year<br>or Period<sup>(a)</sup>** |<br>**Total<br>Return<sup>(d)</sup>** |<br>**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<br>and<br>Waivers** | | **Net<br>Investment<br>Income (Loss)** | |<br>**Portfolio<br>Turnover<br>Rate** |
| $17.49 | 1.69% | $72044 | 0.49 | %\* | 0.50 | %\* | 0.49 | %\* | 0.50 | %\* | 4.69 | %\* | 31% |
| 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 |
| 20.84 | (11.86) | 619324 | 0.49 |  | 0.50 |  | 0.49 |  | 0.50 |  | 2.66 |  | 59 |
| 24.24 | 4.53 | 477943 | 0.49 |  | 0.50 |  | 0.49 |  | 0.50 |  | 2.75 |  | 43 |
| 23.94 | (3.99) | 357169 | 0.50 | \* | 0.55 | \* | 0.50 | \* | 0.55 | \* | 1.94 | \* | 52 |
| $25.67 | 4.65% | $107810 | 0.39 | %\* | 0.40 | %\* | 0.39 | %\* | 0.40 | %\* | 2.46 | %\* | 12% |
| 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 |
| 22.86 | (5.37) | 24231 | 0.40 |  | 0.41 |  | 0.40 |  | 0.41 |  | 2.21 |  | 35 |
| 24.94 | (0.59) | 42888 | 0.39 |  | 0.40 |  | 0.39 |  | 0.40 |  | 2.96 |  | 24 |
| 25.87 | 4.22 | 28976 | 0.40 | \* | 0.87 | \* | 0.40 | \* | 0.87 | \* | 2.81 | \* | 36 |
| $38.14 | 7.01% | $&nbsp;&nbsp;&nbsp;&nbsp;115196 | 0.29 | %\* | 0.30 | %\* | 0.29 | %\* | 0.30 | %\* | 2.26 | %\* | 21% |
| 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 |
| 27.74 | (2.80) | 25525 | 0.30 |  | 0.31 |  | 0.30 |  | 0.31 |  | 2.12 |  | 36 |
| 29.21 | 5.50 | 96980 | 0.29 |  | 0.30 |  | 0.29 |  | 0.30 |  | 2.08 |  | 40 |
| 28.30 | 14.43 | 65658 | 0.29 | \* | 0.60 | \* | 0.29 | \* | 0.60 | \* | 1.89 | \* | 56 |
| $&nbsp;&nbsp;&nbsp;&nbsp;27.94 | 3.10% | $27939 | 0.29 | %\* | 0.30 | %\* | 0.29 | %\* | 0.30 | %\* | 2.21 | %\* | 8% |
| 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 |
| 21.40 | (13.42) | 8988 | 0.30 | \* | 0.86 | \* | 0.30 | \* | 0.86 | \* | 2.75 | \* | 12 |

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **19** |

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##### [**Table of Contents**](#toc)

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| | | |
|:---|:---|:---|
| **Statements of Assets and Liabilities** | December 31, 2022 | (Unaudited) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| (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**<br> **RAFI 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\*<sup>^</sup> | $71724 | $107479 | $115515 | $27852 |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments in Affiliates | 6 | 0 | 0 | 0 |
|  Cash | 0 | 0 | 0 | 184 |
|  Foreign currency, at value | 177 | 344 | 0 | 0 |
|  Receivable for investments sold | 0 | 602 | 394 | 76 |
|  Interest and/or dividends receivable | 378 | 411 | 160 | 24 |
|  Reimbursement receivable from PIMCO | 1 | 1 | 1 | 0 |
|  Other assets | 3 | 0 | 0 | 0 |
|  **Total Assets** | 72289 | 108837 | 116070 | 28136 |
|  **Liabilities:** |  |  |  |  |
|  Payable for investments purchased | $0 | $107 | $149 | $0 |
|  Payable upon return of securities loaned | 6 | 0 | 0 | 0 |
|  Distributions payable | 206 | 882 | 694 | 190 |
|  Accrued management fees | 33 | 38 | 31 | 7 |
|  **Total Liabilities** | 245 | 1027 | 874 | 197 |
|  **Net Assets** | $72044 | $107810 | $115196 | $27939 |
|  **Net Assets Consist of:** |  |  |  |  |
|  Paid in capital | $79771 | $118769 | $122164 | $31108 |
|  Distributable earnings (accumulated loss) | (7727) | (10959) | (6968) | (3169) |
|  **Net Assets** | $72044 | $107810 | $115196 | $27939 |
|  **Shares Issued and Outstanding** | 4120 | 4200 | 3020 | 1000 |
|  **Net Asset Value Per Share Outstanding<sup>(a)</sup>:** | $17.49 | $25.67 | $38.14 | $27.94 |
|  Cost of investments in securities | $&nbsp;&nbsp;&nbsp;&nbsp;73830 | $&nbsp;&nbsp;&nbsp;&nbsp;104448 | $&nbsp;&nbsp;&nbsp;&nbsp;102828 | $&nbsp;&nbsp;&nbsp;&nbsp;29239 |
|  Cost of investments in Affiliates | $6 | $0 | $0 | $0 |
|  Cost of foreign currency held | $173 | $343 | $0 | $0 |
|  \* Includes repurchase agreements of: | $257 | $320 | $709 | $0 |
|  <sup>^</sup> Includes securities on loan of: | $5 | $0 | $0 | $0 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

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

---

| | | |
|:---|:---|:---|
| **20** | **PIMCO EQUITY SERIES** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
**Statements of Operations**

---

| | | | | |
|:---|:---|:---|:---|:---|
| Six Months Ended December 31, 2022 (Unaudited) |  |  |  |  |
| (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 | $2 | $2 | $3 | $0 |
|  Dividends, net of foreign taxes\* | 2099 | 1399 | 1387 | 357 |
|  Securities lending income | 2 | 2 | 1 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Income | 2103 | 1403 | 1391 | 357 |
|  **Expenses:** |  |  |  |  |
|  Management fees | 198 | 191 | 158 | 41 |
|  Trustee fees | 3 | 3 | 3 | 1 |
|  Interest expense | 2 | 1 | 0 | 0 |
|  Miscellaneous expense | 2 | 2 | 3 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Expenses | 205 | 197 | 164 | 43 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waiver and/or Reimbursement by PIMCO | (3) | (3) | (3) | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Expenses | 202 | 194 | 161 | 42 |
|  **Net Investment Income (Loss)** | 1901 | 1209 | 1230 | 315 |
|  **Net Realized Gain (Loss):** |  |  |  |  |
|  Investments in securities | &nbsp;&nbsp;&nbsp;&nbsp;(2402) | (567) | (2463) | (692) |
|  In-kind redemptions | 457 | 0 | 0 | 502 |
|  Over the counter financial derivative instruments | 0 | 4 | 0 | 0 |
|  Foreign currency | (67) | (6) | 0 | 0 |
|  **Net Realized Gain (Loss)** | (2012) | (569) | &nbsp;&nbsp;&nbsp;&nbsp;(2463) | &nbsp;&nbsp;&nbsp;&nbsp;(190) |
|  **Net Change in Unrealized Appreciation (Depreciation):** |  |  |  |  |
|  Investments in securities | 1181 | 4595 | 8639 | 643 |
|  Foreign currency assets and liabilities | (44) | 10 | 0 | 0 |
|  **Net Change in Unrealized Appreciation (Depreciation)** | 1137 | 4605 | 8639 | 643 |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | $1026 | $&nbsp;&nbsp;&nbsp;&nbsp;5245 | $7406 | $768 |
|  \* Foreign tax withholdings - Dividends | $317 | $143 | $0 | $0 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **21** |

---

------

##### [**Table of Contents**](#toc)
**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>) | **Six Months Ended**<br> **December 31, 2022**<br> **(Unaudited)** | **Year Ended<br>June 30, 2022** | **Six Months Ended**<br> **December 31, 2022**<br> **(Unaudited)** | **Year Ended<br>June 30, 2022** | **Six Months Ended**<br> **December 31, 2022**<br> **(Unaudited)** | **Year Ended<br>June 30, 2022** | **Six Months Ended**<br> **December 31, 2022**<br> **(Unaudited)** | **Year Ended<br>June 30, 2022** |
|  **Increase (Decrease) in Net Assets from:** |  |  |  |  |  |  |  |  |
|  **Operations:** |  |  |  |  |  |  |  |  |
|  Net investment income (loss) | $1901 | $8155 | $1209 | $3110 | $1230 | $1638 | $315 | $499 |
|  Net realized gain (loss) | (2012) | 82414 | (569) | 1573 | (2463) | 938 | (190) | 412 |
|  Net change in unrealized appreciation (depreciation) | 1137 | (124916) | 4605 | (17528) | 8639 | (8348) | 643 | (4250) |
|  **Net Increase (Decrease) in Net Assets Resulting from Operations** | 1026 | (34347) | 5245 | (12845) | 7406 | (5772) | 768 | (3339) |
|  **Distributions to Shareholders:** |  |  |  |  |  |  |  |  |
|  From net investment income and/or net realized capital gains | (4723) | (35613) | (2354) | (2872) | (1730) | (1311) | (486) | (411) |
|  **Total Distributions<sup>(a)</sup>** | (4723) | (35613) | (2354) | (2872) | (1730) | (1311) | (486) | (411) |
|  **Fund Share Transactions:** |  |  |  |  |  |  |  |  |
|  Receipts for shares sold | 18083 | 19206 | 19380 | 36080 | 14566 | 31146 | 4319 | 17482 |
|  Cost of shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;(17859) | &nbsp;&nbsp;&nbsp;&nbsp;(368181) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;(23802) | 0 | &nbsp;&nbsp;&nbsp;&nbsp;(11786) | (5277) | (5701) |
|  Net increase (decrease) resulting from Fund share transactions | 224 | (348975) | 19380 | 12278 | 14566 | 19360 | (958) | 11781 |
|  **Total Increase (Decrease) in Net Assets** | (3473) | (418935) | 22271 | (3439) | 20242 | 12277 | (676) | 8031 |
|  **Net Assets:** |  |  |  |  |  |  |  |  |
|  Beginning of period | 75517 | 494452 | 85539 | 88978 | 94954 | 82677 | 28615 | 20584 |
|  End of period | $72044 | $75517 | $&nbsp;&nbsp;&nbsp;&nbsp;107810 | $85539 | $&nbsp;&nbsp;&nbsp;&nbsp;115196 | $94954 | $&nbsp;&nbsp;&nbsp;&nbsp;27939 | $&nbsp;&nbsp;&nbsp;&nbsp;28615 |
|  **Shares of Beneficial Interest:** |  |  |  |  |  |  |  |  |
|  Shares sold | 1000 | 800 | 800 | 1200 | 400 | 800 | 150 | 550 |
|  Shares redeemed | (1000) | (12600) | 0 | (800) | 0 | (300) | (188) | (182) |
|  Net increase (decrease) in shares outstanding | 0 | (11800) | 800 | 400 | 400 | 500 | (38) | 368 |

---

---

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

---

| | | |
|:---|:---|:---|
| **22** | **PIMCO EQUITY SERIES** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)

---

| | | | |
|:---|:---|:---|:---|
| **Schedule of Investments** | **PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF** | December 31, 2022 | (Unaudited) |

---

**(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 96.9%** | **COMMON STOCKS 96.9%** | **COMMON STOCKS 96.9%** |
| **BRAZIL 4.7%** | **BRAZIL 4.7%** | **BRAZIL 4.7%** |
| **COMMUNICATION SERVICES 0.1%** | **COMMUNICATION SERVICES 0.1%** | **COMMUNICATION SERVICES 0.1%** |
|  **Telefonica Brasil SA** | 6373 | 46 |
| **CONSUMER DISCRETIONARY 0.2%** | **CONSUMER DISCRETIONARY 0.2%** | **CONSUMER DISCRETIONARY 0.2%** |
|  **Vibra Energia SA** | 54632 | 160 |
| **CONSUMER STAPLES 0.6%** | **CONSUMER STAPLES 0.6%** | **CONSUMER STAPLES 0.6%** |
|  **Ambev SA** | 85279 | 233 |
|  **BRF SA (b)** | 8558 | 13 |
|  **JBS SA** | 33660 | 141 |
|  **Raia Drogasil SA** | 17623 | 79 |
|  |  | 466 |
| **ENERGY 0.3%** | **ENERGY 0.3%** | **ENERGY 0.3%** |
|  **Cosan SA** | 6640 | 21 |
|  **Ultrapar Participacoes SA** | 71988 | 171 |
|  |  | 192 |
| **FINANCIALS 0.9%** | **FINANCIALS 0.9%** | **FINANCIALS 0.9%** |
|  **B3 SA - Brasil Bolsa Balcao** | 67702 | 169 |
|  **Banco BTG Pactual SA** | 11038 | 50 |
|  **Banco do Brasil SA** | 50977 | 330 |
|  **BB Seguridade Participacoes SA** | 10497 | 67 |
|  **Porto Seguro SA** | 2300 | 10 |
|  |  | 626 |
| **HEALTH CARE 0.1%** | **HEALTH CARE 0.1%** | **HEALTH CARE 0.1%** |
|  **Hypera SA** | 7080 | 61 |
| **INDUSTRIALS 0.2%** | **INDUSTRIALS 0.2%** | **INDUSTRIALS 0.2%** |
|  **CCR SA** | 11271 | 23 |
|  **Rumo SA** | 5100 | 18 |
|  **WEG SA** | 14681 | 107 |
|  |  | 148 |
| **MATERIALS 1.9%** | **MATERIALS 1.9%** | **MATERIALS 1.9%** |
|  **Cia Siderurgica Nacional SA** | 13277 | 36 |
|  **Klabin SA** | 21990 | 83 |
|  **Suzano SA** | 6992 | 65 |
|  **Vale SA** | 72500 | 1228 |
|  |  | 1412 |
| **UTILITIES 0.4%** | **UTILITIES 0.4%** | **UTILITIES 0.4%** |
|  **Centrais Eletricas Brasileiras SA** | 8157 | 65 |
|  **Cia de Saneamento Basico do Estado de Sao Paulo** | 4455 | 48 |
|  **Cia Paranaense de Energia** | 13189 | 96 |
|  **Engie Brasil Energia SA** | 2735 | 20 |
|  **Equatorial Energia SA** | 6640 | 34 |
|  |  | 263 |
|  **Total Brazil** |  | **3374** |
| **CHILE 0.8%** | **CHILE 0.8%** | **CHILE 0.8%** |
| **CONSUMER DISCRETIONARY 0.1%** | **CONSUMER DISCRETIONARY 0.1%** | **CONSUMER DISCRETIONARY 0.1%** |
|  **Falabella SA** | 30586 | 60 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **CONSUMER STAPLES 0.2%** | **CONSUMER STAPLES 0.2%** | **CONSUMER STAPLES 0.2%** | **CONSUMER STAPLES 0.2%** |
|  **Cencosud SA** | 44749 | $— | 73 |
|  **Cia Cervecerias Unidas SA** | 8490 |  | 57 |
|  |  |  | 130 |
| **ENERGY 0.1%** | **ENERGY 0.1%** | **ENERGY 0.1%** | **ENERGY 0.1%** |
|  **Empresas COPEC SA** | 5050 |  | 38 |
| **FINANCIALS 0.2%** | **FINANCIALS 0.2%** | **FINANCIALS 0.2%** | **FINANCIALS 0.2%** |
|  **Banco de Chile** | 1117437 |  | 116 |
|  **Banco de Credito e Inversiones SA** | 998 |  | 28 |
|  **Banco Santander Chile** | 569195 |  | 23 |
|  |  |  | 167 |
| **MATERIALS 0.0%** | **MATERIALS 0.0%** | **MATERIALS 0.0%** | **MATERIALS 0.0%** |
|  **Empresas CMPC SA** | 14616 |  | 24 |
| **UTILITIES 0.2%** | **UTILITIES 0.2%** | **UTILITIES 0.2%** | **UTILITIES 0.2%** |
|  **Aguas Andinas SA 'A'** | 151770 |  | 35 |
|  **Colbun SA** | 321144 |  | 33 |
|  **Enel Americas SA** | 630958 |  | 85 |
|  **Enel Chile SA** | 418221 |  | 19 |
|  |  |  | 172 |
|  **Total Chile** |  |  | **591** |
| **CHINA 17.2%** | **CHINA 17.2%** | **CHINA 17.2%** | **CHINA 17.2%** |
| **COMMUNICATION SERVICES 0.2%** | **COMMUNICATION SERVICES 0.2%** | **COMMUNICATION SERVICES 0.2%** | **COMMUNICATION SERVICES 0.2%** |
|  **China Tower Corp. Ltd. 'H'** | 392000 |  | 42 |
|  **China United Network Communications Ltd. 'A'** | 51500 |  | 33 |
|  **Tencent Music Entertainment Group ADR (b)** | 10784 |  | 90 |
|  |  |  | 165 |
| **CONSUMER DISCRETIONARY 3.2%** | **CONSUMER DISCRETIONARY 3.2%** | **CONSUMER DISCRETIONARY 3.2%** | **CONSUMER DISCRETIONARY 3.2%** |
|  **ANTA Sports Products Ltd.** | 4400 |  | 57 |
|  **BAIC Motor Corp. Ltd. 'H'** | 98000 |  | 26 |
|  **Chongqing Changan Automobile Co. Ltd. 'A'** | 6900 |  | 12 |
|  **Dongfeng Motor Group Co. Ltd. 'H'** | 68000 |  | 39 |
|  **Fuyao Glass Industry Group Co. Ltd.** | 9600 |  | 40 |
|  **Great Wall Motor Co. Ltd. 'H'** | 42000 |  | 54 |
|  **Huayu Automotive Systems Co. Ltd. 'A'** | 5000 |  | 12 |
|  **Meituan 'B' (b)** | 33600 |  | 744 |
|  **Pinduoduo, Inc. ADR (b)** | 10480 |  | 855 |
|  **SAIC Motor Corp. Ltd. 'A'** | 18100 |  | 37 |
|  **Shenzhou International Group Holdings Ltd.** | 4400 |  | 49 |
|  **Trip.com Group Ltd. ADR (b)** | 4387 |  | 151 |
|  **Vipshop Holdings Ltd. ADR (b)** | 3205 |  | 44 |
|  **Wuchan Zhongda Group Co. Ltd. 'A'** | 21200 |  | 15 |
|  **Yum China Holdings, Inc.** | 3561 |  | 195 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;2330 |
| **CONSUMER STAPLES 0.9%** | **CONSUMER STAPLES 0.9%** | **CONSUMER STAPLES 0.9%** | **CONSUMER STAPLES 0.9%** |
|  **Dali Foods Group Co. Ltd.** | 49000 |  | 22 |
|  **Hengan International Group Co. Ltd.** | 20500 |  | 109 |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  **Inner Mongolia Yili Industrial Group Co. Ltd. 'A'** | 5900 | 26 |
|  **Jiangsu Yanghe Brewery Joint-Stock Co. Ltd. 'A'** | 600 | 14 |
|  **Kweichow Moutai Co. Ltd. 'A'** | 100 | 25 |
|  **Muyuan Foods Co. Ltd. 'A'** | 3900 | 27 |
|  **Nongfu Spring Co. Ltd.** | 17600 | 99 |
|  **Tingyi Cayman Islands Holding Corp.** | 72000 | 127 |
|  **Tsingtao Brewery Co. Ltd. 'H'** | 6000 | 59 |
|  **Uni-President China Holdings Ltd.** | 35000 | 35 |
|  **Want Want China Holdings Ltd.** | 80000 | 54 |
|  **Wens Foodstuffs Group Co. Ltd. 'A'** | 21700 | 61 |
|  **Wuliangye Yibin Co. Ltd. 'A'** | 700 | 18 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;676 |
| **ENERGY 2.7%** | **ENERGY 2.7%** | **ENERGY 2.7%** |
|  **China Coal Energy Co. Ltd. 'H'** | 11000 | 9 |
|  **China Oilfield Services Ltd. 'H'** | 16000 | 19 |
|  **China Petroleum & Chemical Corp. 'H'** | 1528000 | 736 |
|  **China Shenhua Energy Co. Ltd. 'H'** | 165000 | 475 |
|  **PetroChina Co. Ltd. 'H'** | 922000 | 421 |
|  **Shaanxi Coal Industry Co. Ltd. 'A'** | 5100 | 14 |
|  **Yankuang Energy Group Co. Ltd. 'H'** | 86000 | 262 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1936 |
| **FINANCIALS 5.4%** | **FINANCIALS 5.4%** | **FINANCIALS 5.4%** |
|  **Agricultural Bank of China Ltd. 'H'** | 1216000 | 416 |
|  **Bank of Beijing Co. Ltd. 'A'** | 107300 | 67 |
|  **Bank of China Ltd. 'H'** | 2581000 | 934 |
|  **Bank of Communications Co. Ltd. 'H'** | 447000 | 257 |
|  **Bank of Jiangsu Co. Ltd. 'A'** | 78500 | 82 |
|  **Bank of Nanjing Co. Ltd. 'A'** | 31500 | 47 |
|  **China Cinda Asset Management Co. Ltd. 'H'** | 297000 | 41 |
|  **China CITIC Bank Corp. Ltd. 'H'** | 392000 | 173 |
|  **China Construction Bank Corp. 'H'** | 681000 | 426 |
|  **China Everbright Bank Co. Ltd. 'H'** | 114000 | 35 |
|  **China Life Insurance Co. Ltd. 'H'** | 37000 | 63 |
|  **China Minsheng Banking Corp. Ltd. 'H'** | 102000 | 35 |
|  **China Zheshang Bank Co. Ltd. 'H'** | 73000 | 26 |
|  **GF Securities Co. Ltd. 'H'** | 16034 | 23 |
|  **Huaxia Bank Co. Ltd. 'A'** | 28800 | 21 |
|  **Industrial & Commercial Bank of China Ltd. 'H'** | 571000 | 293 |
|  **Industrial Bank Co. Ltd. 'A'** | 69600 | 176 |
|  **People's Insurance Co. Group of China Ltd. 'H'** | 109000 | 36 |
|  **PICC Property & Casualty Co. Ltd. 'H'** | 58000 | 55 |
|  **Ping An Insurance Group Co. of China Ltd. 'H'** | 66500 | 437 |
|  **Postal Savings Bank of China Co. Ltd. 'H'** | 341000 | 211 |
|  **Shanghai Pudong Development Bank Co. Ltd. 'A'** | 8700 | 9 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;3863 |
| **HEALTH CARE 0.5%** | **HEALTH CARE 0.5%** | **HEALTH CARE 0.5%** |
|  **China Resources Pharmaceutical Group Ltd.** | 114000 | 92 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **23** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF** | **(Cont.)** |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  **CSPC Pharmaceutical Group Ltd.** | 107680 | 112 |
|  **Shanghai Pharmaceuticals Holding Co. Ltd. 'H'** | 25200 | 42 |
|  **Sinopharm Group Co. Ltd. 'H'** | 48800 | 123 |
|  |  | 369 |
| **INDUSTRIALS 1.9%** | **INDUSTRIALS 1.9%** | **INDUSTRIALS 1.9%** |
|  **Air China Ltd. 'H'** | 46000 | 41 |
|  **China Communications Services Corp. Ltd. 'H'** | 56000 | 20 |
|  **China Energy Engineering Corp. Ltd. 'H'** | 282000 | 33 |
|  **China National Chemical Engineering Co. Ltd. 'A'** | 11000 | 13 |
|  **China Railway Group Ltd. 'H'** | 484000 | 254 |
|  **China State Construction Engineering Corp. Ltd. 'A'** | 231300 | 180 |
|  **CITIC Ltd.** | 142000 | 149 |
|  **Daqin Railway Co. Ltd. 'A'** | 24000 | 23 |
|  **Guangshen Railway Co. Ltd. 'H'** | 108000 | 20 |
|  **Jiangsu Expressway Co. Ltd. 'H'** | 50000 | 45 |
|  **Jiangsu Zhongtian Technology Co. Ltd. 'A'** | 9100 | 21 |
|  **Metallurgical Corp. of China Ltd.** | 159000 | 35 |
|  **Power Construction Corp. of China Ltd. 'A'** | 49100 | 50 |
|  **Shanghai Construction Group Co. Ltd. 'A'** | 36300 | 14 |
|  **Shanghai International Airport Co. Ltd. 'A'** | 2200 | 18 |
|  **Sinopec Engineering Group Co. Ltd. 'H'** | 56500 | 25 |
|  **Sinotrans Ltd. 'H'** | 34000 | 11 |
|  **TBEA Co. Ltd. 'A'** | 13400 | 39 |
|  **Weichai Power Co. Ltd. 'H'** | 40000 | 53 |
|  **Xiamen C & D, Inc. 'A'** | 12800 | 25 |
|  **Xiamen ITG Group Corp. Ltd. 'A'** | 21600 | 22 |
|  **Yangzijiang Shipbuilding Holdings Ltd.** | 236100 | 240 |
|  **Zhejiang Expressway Co. Ltd. 'H'** | 36000 | 28 |
|  **Zhuzhou CRRC Times Electric Co. Ltd.** | 6900 | 34 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1393 |
| **INFORMATION TECHNOLOGY 0.3%** | **INFORMATION TECHNOLOGY 0.3%** | **INFORMATION TECHNOLOGY 0.3%** |
|  **AAC Technologies Holdings, Inc.** | 5000 | 11 |
|  **BYD Electronic International Co. Ltd.** | 2000 | 7 |
|  **Lenovo Group Ltd.** | 212000 | 173 |
|  |  | 191 |
| **MATERIALS 0.9%** | **MATERIALS 0.9%** | **MATERIALS 0.9%** |
|  **Angang Steel Co. Ltd. 'H'** | 84000 | 23 |
|  **Anhui Conch Cement Co. Ltd. 'H'** | 26000 | 91 |
|  **Baoshan Iron & Steel Co. Ltd. 'A'** | 18400 | 15 |
|  **China Hongqiao Group Ltd.** | 12000 | 11 |
|  **China National Building Material Co. Ltd. 'H'** | 228000 | 186 |
|  **China Zhongwang Holdings Ltd. «(b)** | 338800 | 0 |
|  **Hesteel Co. Ltd. 'A'** | 75900 | 25 |
|  **Jiangxi Copper Co. Ltd. 'H'** | 61000 | 89 |
|  **Shandong Gold Mining Co. Ltd.** | 22250 | 41 |
|  **Sinopec Shanghai Petrochemical Co. Ltd. 'H'** | 148000 | 25 |
|  **Tongling Nonferrous Metals Group Co. Ltd. 'A'** | 48400 | 22 |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  **Wanhua Chemical Group Co. Ltd. 'A'** | 1000 | 13 |
|  **Zijin Mining Group Co. Ltd. 'H'** | 50000 | 67 |
|  |  | 608 |
| **REAL ESTATE 0.3%** | **REAL ESTATE 0.3%** | **REAL ESTATE 0.3%** |
|  **China Evergrande Group «(b)** | 116000 | 12 |
|  **China Vanke Co. Ltd. 'H'** | 18400 | 37 |
|  **Greentown China Holdings Ltd.** | 18500 | 27 |
|  **KE Holdings, Inc. ADR (b)** | 9707 | 135 |
|  **Poly Developments & Holdings Group Co. Ltd. 'A'** | 14700 | 32 |
|  |  | 243 |
| **UTILITIES 0.9%** | **UTILITIES 0.9%** | **UTILITIES 0.9%** |
|  **CGN Power Co. Ltd. 'H'** | 157000 | 37 |
|  **China Yangtze Power Co. Ltd. 'A'** | 26300 | 79 |
|  **Datang International Power Generation Co. Ltd. 'H'** | 320000 | 52 |
|  **ENN Energy Holdings Ltd.** | 12600 | 176 |
|  **GD Power Development Co. Ltd. 'A'** | 38900 | 24 |
|  **Huadian Power International Corp. Ltd. 'H'** | 286000 | 118 |
|  **Huaneng Power International, Inc. 'H'** | 330000 | 156 |
|  |  | 642 |
|  **Total China** |  | **12416** |
| **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** | 4185 | 65 |
| **CONSUMER DISCRETIONARY 0.1%** | **CONSUMER DISCRETIONARY 0.1%** | **CONSUMER DISCRETIONARY 0.1%** |
|  **OPAP SA** | 3797 | 54 |
| **ENERGY 0.0%** | **ENERGY 0.0%** | **ENERGY 0.0%** |
|  **Motor Oil Hellas Corinth Refineries SA** | 1423 | 33 |
| **FINANCIALS 0.4%** | **FINANCIALS 0.4%** | **FINANCIALS 0.4%** |
|  **Alpha Services & Holdings SA (b)** | 97053 | 104 |
|  **Eurobank Ergasias Services & Holdings SA (b)** | 77762 | 87 |
|  **National Bank of Greece SA (b)** | 21171 | 85 |
|  |  | 276 |
| **INDUSTRIALS 0.0%** | **INDUSTRIALS 0.0%** | **INDUSTRIALS 0.0%** |
|  **Mytilineos SA** | 344 | 8 |
| **UTILITIES 0.0%** | **UTILITIES 0.0%** | **UTILITIES 0.0%** |
|  **Public Power Corp. SA (b)** | 3059 | 22 |
|  **Total Greece** |  | **458** |
| **HONG KONG 2.8%** | **HONG KONG 2.8%** | **HONG KONG 2.8%** |
| **CONSUMER STAPLES 0.1%** | **CONSUMER STAPLES 0.1%** | **CONSUMER STAPLES 0.1%** |
|  **China Resources Beer Holdings Co. Ltd.** | 8000 | 56 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **FINANCIALS 0.5%** | **FINANCIALS 0.5%** | **FINANCIALS 0.5%** | **FINANCIALS 0.5%** |
|  **BOC Hong Kong Holdings Ltd.** | 99000 | $— | 336 |
|  **Far East Horizon Ltd.** | 31000 |  | 24 |
|  |  |  | 360 |
| **INDUSTRIALS 0.1%** | **INDUSTRIALS 0.1%** | **INDUSTRIALS 0.1%** | **INDUSTRIALS 0.1%** |
|  **Orient Overseas International Ltd.** | 4500 |  | 81 |
|  **Shanghai Industrial Holdings Ltd.** | 18000 |  | 22 |
|  |  |  | 103 |
| **REAL ESTATE 0.9%** | **REAL ESTATE 0.9%** | **REAL ESTATE 0.9%** | **REAL ESTATE 0.9%** |
|  **China Overseas Land & Investment Ltd.** | 188000 |  | 492 |
|  **China Resources Land Ltd.** | 22000 |  | 100 |
|  **Yuexiu Property Co. Ltd.** | 31400 |  | 38 |
|  |  |  | 630 |
| **UTILITIES 1.2%** | **UTILITIES 1.2%** | **UTILITIES 1.2%** | **UTILITIES 1.2%** |
|  **Beijing Enterprises Holdings Ltd.** | 10000 |  | 32 |
|  **China Power International Development Ltd.** | 440000 |  | 185 |
|  **China Resources Gas Group Ltd.** | 24000 |  | 90 |
|  **China Resources Power Holdings Co. Ltd.** | 188000 |  | 383 |
|  **Guangdong Investment Ltd.** | 58000 |  | 59 |
|  **Kunlun Energy Co. Ltd.** | 130000 |  | 93 |
|  |  |  | 842 |
|  **Total Hong Kong** |  |  | **1991** |
| **INDIA 16.5%** | **INDIA 16.5%** | **INDIA 16.5%** | **INDIA 16.5%** |
| **COMMUNICATION SERVICES 0.6%** | **COMMUNICATION SERVICES 0.6%** | **COMMUNICATION SERVICES 0.6%** | **COMMUNICATION SERVICES 0.6%** |
|  **Bharti Airtel Ltd.** | 45021 |  | 438 |
|  **Indus Towers Ltd.** | 12391 |  | 28 |
|  |  |  | 466 |
| **CONSUMER DISCRETIONARY 1.3%** | **CONSUMER DISCRETIONARY 1.3%** | **CONSUMER DISCRETIONARY 1.3%** | **CONSUMER DISCRETIONARY 1.3%** |
|  **Bajaj Auto Ltd.** | 2283 |  | 100 |
|  **Bharat Forge Ltd.** | 1406 |  | 15 |
|  **Eicher Motors Ltd.** | 1309 |  | 51 |
|  **Hero MotoCorp Ltd.** | 3776 |  | 125 |
|  **Mahindra & Mahindra Ltd.** | 8810 |  | 133 |
|  **Maruti Suzuki India Ltd.** | 978 |  | 99 |
|  **MRF Ltd.** | 27 |  | 29 |
|  **Rajesh Exports Ltd.** | 4336 |  | 38 |
|  **Tata Motors Ltd. (b)** | 45902 |  | 215 |
|  **Titan Co. Ltd.** | 3898 |  | 122 |
|  **TVS Motor Co. Ltd.** | 1339 |  | 17 |
|  |  |  | 944 |
| **CONSUMER STAPLES 1.4%** | **CONSUMER STAPLES 1.4%** | **CONSUMER STAPLES 1.4%** | **CONSUMER STAPLES 1.4%** |
|  **Dabur India Ltd.** | 2263 |  | 15 |
|  **Godrej Consumer Products Ltd.** | 2022 |  | 21 |
|  **Hindustan Unilever Ltd.** | 8795 |  | 272 |
|  **ITC Ltd.** | 153489 |  | 614 |
|  **Marico Ltd.** | 5426 |  | 34 |
|  **Nestle India Ltd.** | 340 |  | 81 |
|  |  |  | 1037 |
| **ENERGY 2.5%** | **ENERGY 2.5%** | **ENERGY 2.5%** | **ENERGY 2.5%** |
|  **Bharat Petroleum Corp. Ltd.** | 29034 |  | 116 |
|  **Coal India Ltd.** | 110457 |  | 301 |
|  **Hindustan Petroleum Corp. Ltd.** | 41948 |  | 119 |

---

---

| | | |
|:---|:---|:---|
| **24** | **PIMCO EQUITY SERIES** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  **Indian Oil Corp. Ltd.** | 174666 | 161 |
|  **Mangalore Refinery & Petrochemicals Ltd. (b)** | 26595 | 18 |
|  **Oil & Natural Gas Corp. Ltd.** | 124249 | 221 |
|  **Oil India Ltd.** | 11919 | 30 |
|  **Petronet LNG Ltd.** | 16256 | 42 |
|  **Reliance Industries Ltd.** | 24634 | 756 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1764 |
| **FINANCIALS 3.3%** | **FINANCIALS 3.3%** | **FINANCIALS 3.3%** |
|  **Axis Bank Ltd.** | 20502 | 231 |
|  **Bajaj Holdings & Investment Ltd.** | 462 | 32 |
|  **Bandhan Bank Ltd. (b)** | 5901 | 17 |
|  **Bank of Baroda** | 18798 | 42 |
|  **Canara Bank** | 7589 | 31 |
|  **Cholamandalam Investment and Finance Co. Ltd.** | 3876 | 34 |
|  **Federal Bank Ltd.** | 30678 | 51 |
|  **HDFC Bank Ltd.** | 35816 | 702 |
|  **ICICI Bank Ltd.** | 54079 | 582 |
|  **IDFC First Bank Ltd. (b)** | 14726 | 10 |
|  **IDFC Ltd.** | 48005 | 47 |
|  **Indiabulls Housing Finance Ltd. 'L' (b)** | 24075 | 45 |
|  **IndusInd Bank Ltd.** | 4951 | 73 |
|  **Kotak Mahindra Bank Ltd.** | 9763 | 215 |
|  **Power Finance Corp. Ltd.** | 37256 | 63 |
|  **SBI Life Insurance Co. Ltd.** | 3640 | 54 |
|  **State Bank of India** | 24023 | 178 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2407 |
| **HEALTH CARE 0.8%** | **HEALTH CARE 0.8%** | **HEALTH CARE 0.8%** |
|  **Aurobindo Pharma Ltd.** | 3086 | 16 |
|  **Cipla Ltd.** | 8005 | 104 |
|  **Divi's Laboratories Ltd.** | 260 | 11 |
|  **Dr Reddy's Laboratories Ltd.** | 2885 | 147 |
|  **Lupin Ltd.** | 3252 | 29 |
|  **Sun Pharmaceutical Industries Ltd.** | 22630 | 274 |
|  |  | 581 |
| **INDUSTRIALS 1.1%** | **INDUSTRIALS 1.1%** | **INDUSTRIALS 1.1%** |
|  **Adani Enterprises Ltd.** | 8757 | 408 |
|  **Adani Ports & Special Economic Zone Ltd.** | 6322 | 62 |
|  **Ashok Leyland Ltd.** | 10038 | 17 |
|  **Bharat Electronics Ltd.** | 34785 | 42 |
|  **Container Corp. Of India Ltd.** | 1482 | 13 |
|  **Cummins India Ltd.** | 1724 | 29 |
|  **Larsen & Toubro Ltd.** | 6650 | 167 |
|  **Siemens Ltd. (b)** | 609 | 21 |
|  |  | 759 |
| **INFORMATION TECHNOLOGY 3.5%** | **INFORMATION TECHNOLOGY 3.5%** | **INFORMATION TECHNOLOGY 3.5%** |
|  **HCL Technologies Ltd.** | 21807 | 273 |
|  **Infosys Ltd.** | 64761 | 1181 |
|  **LTIMindtree Ltd.** | 638 | 34 |
|  **Mphasis Ltd.** | 1069 | 25 |
|  **Redington Ltd.** | 26666 | 58 |
|  **Tata Consultancy Services Ltd.** | 14230 | 560 |
|  **Tech Mahindra Ltd.** | 15428 | 189 |
|  **Wipro Ltd.** | 37734 | 179 |
|  |  | 2499 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **MATERIALS 1.0%** | **MATERIALS 1.0%** | **MATERIALS 1.0%** | **MATERIALS 1.0%** |
|  **Ambuja Cements Ltd.** | 10109 | $— | 64 |
|  **Asian Paints Ltd.** | 1885 |  | 70 |
|  **Jindal Steel & Power Ltd.** | 25211 |  | 177 |
|  **National Aluminium Co. Ltd.** | 72208 |  | 70 |
|  **NMDC Ltd.** | 1640 |  | 2 |
|  **NMDC Ltd. (b)** | 1800 |  | 1 |
|  **Pidilite Industries Ltd.** | 1177 |  | 36 |
|  **SRF Ltd.** | 1073 |  | 30 |
|  **Steel Authority of India Ltd.** | 10916 |  | 11 |
|  **Tata Chemicals Ltd.** | 1513 |  | 17 |
|  **Tata Steel Ltd.** | 24346 |  | 33 |
|  **UPL Ltd.** | 5265 |  | 46 |
|  **Vedanta Ltd.** | 41124 |  | 153 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;710 |
| **UTILITIES 1.0%** | **UTILITIES 1.0%** | **UTILITIES 1.0%** | **UTILITIES 1.0%** |
|  **Adani Power Ltd. (b)** | 14765 |  | 53 |
|  **GAIL India Ltd.** | 28094 |  | 33 |
|  **Jaiprakash Power Ventures Ltd. (b)** | 365926 |  | 33 |
|  **NTPC Ltd.** | 176562 |  | 355 |
|  **Power Grid Corp. of India Ltd.** | 76240 |  | 197 |
|  **Reliance Infrastructure Ltd. (b)** | 7340 |  | 12 |
|  **Reliance Power Ltd. (b)** | 32716 |  | 6 |
|  |  |  | 689 |
|  **Total India** |  |  | **11856** |
| **INDONESIA 2.5%** | **INDONESIA 2.5%** | **INDONESIA 2.5%** | **INDONESIA 2.5%** |
| **COMMUNICATION SERVICES 0.4%** | **COMMUNICATION SERVICES 0.4%** | **COMMUNICATION SERVICES 0.4%** | **COMMUNICATION SERVICES 0.4%** |
|  **Telkom Indonesia Persero Tbk PT** | 1263600 |  | 304 |
| **CONSUMER DISCRETIONARY 0.2%** | **CONSUMER DISCRETIONARY 0.2%** | **CONSUMER DISCRETIONARY 0.2%** | **CONSUMER DISCRETIONARY 0.2%** |
|  **Astra International Tbk PT** | 436600 |  | 160 |
| **CONSUMER STAPLES 0.2%** | **CONSUMER STAPLES 0.2%** | **CONSUMER STAPLES 0.2%** | **CONSUMER STAPLES 0.2%** |
|  **Charoen Pokphand Indonesia Tbk PT** | 39600 |  | 14 |
|  **Gudang Garam Tbk PT** | 6100 |  | 7 |
|  **Indofood CBP Sukses Makmur Tbk PT** | 47600 |  | 31 |
|  **Indofood Sukses Makmur Tbk PT** | 22700 |  | 10 |
|  **Sumber Alfaria Trijaya Tbk PT** | 291700 |  | 50 |
|  **Unilever Indonesia Tbk PT** | 108700 |  | 33 |
|  |  |  | 145 |
| **ENERGY 0.5%** | **ENERGY 0.5%** | **ENERGY 0.5%** | **ENERGY 0.5%** |
|  **Adaro Energy Indonesia Tbk PT** | 733300 |  | 182 |
|  **Bukit Asam Tbk PT** | 144700 |  | 34 |
|  **Indo Tambangraya Megah Tbk PT** | 41600 |  | 104 |
|  **United Tractors Tbk PT** | 42300 |  | 71 |
|  |  |  | 391 |
| **FINANCIALS 0.9%** | **FINANCIALS 0.9%** | **FINANCIALS 0.9%** | **FINANCIALS 0.9%** |
|  **Bank Central Asia Tbk PT** | 767600 |  | 421 |
|  **Bank Mandiri Persero Tbk PT** | 115500 |  | 73 |
|  **Bank Negara Indonesia Persero Tbk PT** | 63800 |  | 38 |
|  **Bank Rakyat Indonesia Persero Tbk PT (b)** | 513800 |  | 163 |
|  |  |  | 695 |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
| **HEALTH CARE 0.1%** | **HEALTH CARE 0.1%** | **HEALTH CARE 0.1%** |
|  **Kalbe Farma Tbk PT** | 326700 | 44 |
| **MATERIALS 0.1%** | **MATERIALS 0.1%** | **MATERIALS 0.1%** |
|  **Indah Kiat Pulp & Paper Tbk PT** | 49400 | 28 |
|  **Indocement Tunggal Prakarsa Tbk PT** | 37100 | 23 |
|  |  | 51 |
| **UTILITIES 0.1%** | **UTILITIES 0.1%** | **UTILITIES 0.1%** |
|  **Perusahaan Gas Negara Tbk PT** | 415700 | 47 |
|  **Total Indonesia** |  | **1837** |
| **MALAYSIA 1.8%** | **MALAYSIA 1.8%** | **MALAYSIA 1.8%** |
| **COMMUNICATION SERVICES 0.2%** | **COMMUNICATION SERVICES 0.2%** | **COMMUNICATION SERVICES 0.2%** |
|  **Axiata Group Bhd** | 36900 | 26 |
|  **DiGi.Com Bhd** | 21800 | 20 |
|  **Maxis Bhd** | 40400 | 35 |
|  **Telekom Malaysia Bhd** | 36900 | 45 |
|  |  | 126 |
| **CONSUMER DISCRETIONARY 0.1%** | **CONSUMER DISCRETIONARY 0.1%** | **CONSUMER DISCRETIONARY 0.1%** |
|  **Genting Bhd** | 38500 | 39 |
|  **Genting Malaysia Bhd** | 81000 | 50 |
|  |  | 89 |
| **CONSUMER STAPLES 0.2%** | **CONSUMER STAPLES 0.2%** | **CONSUMER STAPLES 0.2%** |
|  **IOI Corp. Bhd.** | 23300 | 21 |
|  **Kuala Lumpur Kepong Bhd** | 4300 | 22 |
|  **PPB Group Bhd** | 7800 | 31 |
|  **Sime Darby Plantation Bhd** | 60800 | 64 |
|  |  | 138 |
| **ENERGY 0.1%** | **ENERGY 0.1%** | **ENERGY 0.1%** |
|  **Petronas Dagangan Bhd.** | 7200 | 37 |
| **FINANCIALS 0.8%** | **FINANCIALS 0.8%** | **FINANCIALS 0.8%** |
|  **Alliance Bank Malaysia Bhd.** | 45200 | 38 |
|  **AMMB Holdings Bhd** | 28700 | 27 |
|  **CIMB Group Holdings Bhd** | 103100 | 136 |
|  **Hong Leong Bank Bhd** | 14400 | 67 |
|  **Malayan Banking Bhd** | 55300 | 109 |
|  **Public Bank Bhd** | 150900 | 148 |
|  **RHB Bank Bhd** | 42000 | 55 |
|  |  | 580 |
| **INDUSTRIALS 0.2%** | **INDUSTRIALS 0.2%** | **INDUSTRIALS 0.2%** |
|  **CAPITAL A BHD (b)** | 193400 | 28 |
|  **Malaysia Airports Holdings Bhd (b)** | 21600 | 32 |
|  **MISC Bhd** | 16400 | 28 |
|  **Sime Darby Bhd** | 50600 | 26 |
|  |  | 114 |
| **MATERIALS 0.1%** | **MATERIALS 0.1%** | **MATERIALS 0.1%** |
|  **Petronas Chemicals Group Bhd** | 54600 | 107 |
| **UTILITIES 0.1%** | **UTILITIES 0.1%** | **UTILITIES 0.1%** |
|  **Petronas Gas Bhd** | 6300 | 25 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **25** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF** | **(Cont.)** |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  **Tenaga Nasional Bhd** | 29900 | 65 |
|  |  | 90 |
|  **Total Malaysia** |  | **1281** |
| **MEXICO 3.2%** | **MEXICO 3.2%** | **MEXICO 3.2%** |
| **COMMUNICATION SERVICES 1.2%** | **COMMUNICATION SERVICES 1.2%** | **COMMUNICATION SERVICES 1.2%** |
|  **America Movil SAB de CV** | 869964 | 789 |
|  **Grupo Televisa SAB** | 9063 | 8 |
|  **Megacable Holdings SAB de CV** | 12334 | 33 |
|  |  | 830 |
| **CONSUMER STAPLES 1.3%** | **CONSUMER STAPLES 1.3%** | **CONSUMER STAPLES 1.3%** |
|  **Arca Continental SAB de CV** | 12394 | 100 |
|  **Coca-Cola Femsa SAB de CV** | 21387 | 145 |
|  **Gruma SAB de CV** | 7809 | 104 |
|  **Grupo Bimbo SAB de CV** | 10564 | 45 |
|  **Kimberly-Clark de Mexico SAB de CV** | 59918 | 102 |
|  **Wal-Mart de Mexico SAB de CV** | 132160 | 465 |
|  |  | 961 |
| **FINANCIALS 0.2%** | **FINANCIALS 0.2%** | **FINANCIALS 0.2%** |
|  **Grupo Elektra SAB de CV** | 531 | 30 |
|  **Grupo Financiero Banorte SAB de CV** | 14700 | 106 |
|  **Grupo Financiero Inbursa SAB de CV (b)** | 22688 | 38 |
|  |  | 174 |
| **INDUSTRIALS 0.2%** | **INDUSTRIALS 0.2%** | **INDUSTRIALS 0.2%** |
|  **Alfa SAB de CV** | 80325 | 51 |
|  **Grupo Aeroportuario del Pacifico SAB de CV** | 4915 | 71 |
|  |  | 122 |
| **MATERIALS 0.3%** | **MATERIALS 0.3%** | **MATERIALS 0.3%** |
|  **Alpek SAB de CV** | 14165 | 20 |
|  **Grupo Mexico SAB de CV** | 48990 | 172 |
|  **Industrias Penoles SAB de CV (b)** | 500 | 6 |
|  **Orbia Advance Corp. SAB de CV** | 23756 | 42 |
|  |  | 240 |
|  **Total Mexico** |  | **2327** |
| **PHILIPPINES 0.5%** | **PHILIPPINES 0.5%** | **PHILIPPINES 0.5%** |
| **COMMUNICATION SERVICES 0.1%** | **COMMUNICATION SERVICES 0.1%** | **COMMUNICATION SERVICES 0.1%** |
|  **Globe Telecom, Inc.** | 493 | 19 |
|  **PLDT, Inc.** | 1600 | 38 |
|  |  | 57 |
| **CONSUMER STAPLES 0.1%** | **CONSUMER STAPLES 0.1%** | **CONSUMER STAPLES 0.1%** |
|  **Universal Robina Corp.** | 15030 | 37 |
| **FINANCIALS 0.1%** | **FINANCIALS 0.1%** | **FINANCIALS 0.1%** |
|  **Bank of the Philippine Islands** | 14331 | 26 |
|  **BDO Unibank, Inc.** | 14040 | 27 |
|  **Metropolitan Bank & Trust Co.** | 33392 | 33 |
|  |  | 86 |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
| **INDUSTRIALS 0.1%** | **INDUSTRIALS 0.1%** | **INDUSTRIALS 0.1%** |
|  **Ayala Corp.** | 1610 | 20 |
|  **International Container Terminal Services, Inc.** | 17500 | 63 |
|  |  | 83 |
| **REAL ESTATE 0.1%** | **REAL ESTATE 0.1%** | **REAL ESTATE 0.1%** |
|  **SM Prime Holdings, Inc.** | 51800 | 33 |
| **UTILITIES 0.0%** | **UTILITIES 0.0%** | **UTILITIES 0.0%** |
|  **ACEN Corp.** | 3420 | 0 |
|  **Manila Electric Co.** | 5720 | 31 |
|  |  | 31 |
|  **Total Philippines** |  | **327** |
| **POLAND 0.9%** | **POLAND 0.9%** | **POLAND 0.9%** |
| **COMMUNICATION SERVICES 0.1%** | **COMMUNICATION SERVICES 0.1%** | **COMMUNICATION SERVICES 0.1%** |
|  **Cyfrowy Polsat SA** | 4343 | 18 |
|  **Orange Polska SA** | 26986 | 41 |
|  |  | 59 |
| **ENERGY 0.4%** | **ENERGY 0.4%** | **ENERGY 0.4%** |
|  **Polski Koncern Naftowy ORLEN SA** | 20302 | 298 |
| **FINANCIALS 0.2%** | **FINANCIALS 0.2%** | **FINANCIALS 0.2%** |
|  **Powszechny Zaklad Ubezpieczen SA** | 16691 | 135 |
| **MATERIALS 0.1%** | **MATERIALS 0.1%** | **MATERIALS 0.1%** |
|  **Jastrzebska Spolka Weglowa SA (b)** | 2316 | 31 |
|  **KGHM Polska Miedz SA** | 1834 | 53 |
|  |  | 84 |
| **UTILITIES 0.1%** | **UTILITIES 0.1%** | **UTILITIES 0.1%** |
|  **PGE Polska Grupa Energetyczna SA (b)** | 20547 | 33 |
|  **Tauron Polska Energia SA (b)** | 56150 | 27 |
|  |  | 60 |
|  **Total Poland** |  | **636** |
| **RUSSIA 0.0%** | **RUSSIA 0.0%** | **RUSSIA 0.0%** |
| **CONSUMER STAPLES 0.0%** | **CONSUMER STAPLES 0.0%** | **CONSUMER STAPLES 0.0%** |
|  **Magnit PJSC «** | 2673 | 0 |
| **ENERGY 0.0%** | **ENERGY 0.0%** | **ENERGY 0.0%** |
|  **Gazprom Neft PJSC «** | 13620 | 0 |
|  **Gazprom PJSC «** | 635130 | 0 |
|  **LUKOIL PJSC «** | 15703 | 0 |
|  **Novatek PJSC «** | 21924 | 0 |
|  **Rosneft Oil Co. PJSC «** | 66050 | 0 |
|  **Surgutneftegas PJSC «** | 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 «(b)** | 598992500 | 1 |
|  |  | 1 |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
| **MATERIALS 0.0%** | **MATERIALS 0.0%** | **MATERIALS 0.0%** |
|  **Magnitogorsk Iron & Steel Works PJSC «** | 160600 | 0 |
|  **MMC Norilsk Nickel PJSC «** | 1269 | 0 |
|  **Novolipetsk Steel PJSC «** | 88470 | 0 |
|  **Severstal PAO ^«(a)** | 17344 | 0 |
|  |  | 0 |
| **UTILITIES 0.0%** | **UTILITIES 0.0%** | **UTILITIES 0.0%** |
|  **Inter RAO UES PJSC «** | 1587500 | 0 |
|  **Rosseti PJSC «** | 3309000 | 0 |
|  |  | 0 |
|  **Total Russia** |  | **1** |
| **SAUDI ARABIA 2.8%** | **SAUDI ARABIA 2.8%** | **SAUDI ARABIA 2.8%** |
| **COMMUNICATION SERVICES 0.4%** | **COMMUNICATION SERVICES 0.4%** | **COMMUNICATION SERVICES 0.4%** |
|  **Etihad Etisalat Co.** | 3311 | 31 |
|  **Saudi Telecom Co.** | 26510 | 258 |
|  |  | 289 |
| **CONSUMER DISCRETIONARY 0.1%** | **CONSUMER DISCRETIONARY 0.1%** | **CONSUMER DISCRETIONARY 0.1%** |
|  **Jarir Marketing Co.** | 906 | 36 |
| **CONSUMER STAPLES 0.1%** | **CONSUMER STAPLES 0.1%** | **CONSUMER STAPLES 0.1%** |
|  **Almarai Co. JSC** | 3512 | 50 |
| **ENERGY 0.6%** | **ENERGY 0.6%** | **ENERGY 0.6%** |
|  **Saudi Arabian Oil Co.** | 49996 | 429 |
| **FINANCIALS 0.8%** | **FINANCIALS 0.8%** | **FINANCIALS 0.8%** |
|  **Al Rajhi Bank (b)** | 12691 | 254 |
|  **Alinma Bank** | 4730 | 41 |
|  **Arab National Bank** | 2006 | 17 |
|  **Bank Al-Jazira** | 5253 | 26 |
|  **Bank AlBilad (b)** | 2392 | 28 |
|  **Banque Saudi Fransi** | 2659 | 29 |
|  **Bupa Arabia for Cooperative Insurance Co.** | 1088 | 41 |
|  **Riyad Bank** | 3372 | 29 |
|  **Saudi British Bank** | 5644 | 58 |
|  **Saudi Investment Bank** | 5016 | 23 |
|  |  | 546 |
| **HEALTH CARE 0.0%** | **HEALTH CARE 0.0%** | **HEALTH CARE 0.0%** |
|  **Dr Sulaiman Al Habib Medical Services Group Co.** | 289 | 17 |
| **MATERIALS 0.8%** | **MATERIALS 0.8%** | **MATERIALS 0.8%** |
|  **Advanced Petrochemical Co.** | 1399 | 16 |
|  **SABIC Agri-Nutrients Co.** | 3056 | 119 |
|  **Saudi Arabian Mining Co. (b)** | 6065 | 104 |
|  **Saudi Basic Industries Corp.** | 11694 | 280 |
|  **Saudi Industrial Investment Group** | 6355 | 38 |
|  **Yanbu National Petrochemical Co.** | 2880 | 32 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;589 |
| **REAL ESTATE 0.0%** | **REAL ESTATE 0.0%** | **REAL ESTATE 0.0%** |
|  **Dar Al Arkan Real Estate Development Co. (b)** | 3690 | 11 |

---

---

| | | |
|:---|:---|:---|
| **26** | **PIMCO EQUITY SERIES** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
| **UTILITIES 0.0%** | **UTILITIES 0.0%** | **UTILITIES 0.0%** |
|  **ACWA Power Co.** | 566 | 23 |
|  **Total Saudi Arabia** |  | **1990** |
| **SINGAPORE 0.1%** | **SINGAPORE 0.1%** | **SINGAPORE 0.1%** |
| **INDUSTRIALS 0.1%** | **INDUSTRIALS 0.1%** | **INDUSTRIALS 0.1%** |
|  **BOC Aviation Ltd.** | 5300 | 44 |
|  **Total Singapore** |  | **44** |
| **SOUTH AFRICA 4.7%** | **SOUTH AFRICA 4.7%** | **SOUTH AFRICA 4.7%** |
| **COMMUNICATION SERVICES 0.7%** | **COMMUNICATION SERVICES 0.7%** | **COMMUNICATION SERVICES 0.7%** |
|  **MTN Group Ltd.** | 55301 | 413 |
|  **MultiChoice Group** | 9205 | 64 |
|  **Telkom SA SOC Ltd. (b)** | 19953 | 35 |
|  **Vodacom Group Ltd.** | 4808 | 35 |
|  |  | 547 |
| **CONSUMER DISCRETIONARY 0.7%** | **CONSUMER DISCRETIONARY 0.7%** | **CONSUMER DISCRETIONARY 0.7%** |
|  **Foschini Group Ltd.** | 3003 | 18 |
|  **Motus Holdings Ltd.** | 6201 | 40 |
|  **Mr Price Group Ltd.** | 3963 | 37 |
|  **Naspers Ltd. 'N'** | 1813 | 303 |
|  **Truworths International Ltd.** | 13204 | 42 |
|  **Woolworths Holdings Ltd.** | 23834 | 93 |
|  |  | 533 |
| **CONSUMER STAPLES 0.6%** | **CONSUMER STAPLES 0.6%** | **CONSUMER STAPLES 0.6%** |
|  **AVI Ltd.** | 6327 | 28 |
|  **Bid Corp. Ltd.** | 5611 | 109 |
|  **Pick n Pay Stores Ltd.** | 9002 | 30 |
|  **Shoprite Holdings Ltd.** | 15322 | 203 |
|  **SPAR Group Ltd.** | 4284 | 29 |
|  **Tiger Brands Ltd.** | 611 | 7 |
|  |  | 406 |
| **ENERGY 0.2%** | **ENERGY 0.2%** | **ENERGY 0.2%** |
|  **Exxaro Resources Ltd.** | 9671 | 124 |
| **FINANCIALS 0.8%** | **FINANCIALS 0.8%** | **FINANCIALS 0.8%** |
|  **Absa Group Ltd.** | 9109 | 103 |
|  **Capitec Bank Holdings Ltd.** | 577 | 63 |
|  **FirstRand Ltd.** | 45339 | 165 |
|  **Nedbank Group Ltd.** | 3114 | 39 |
|  **Sanlam Ltd.** | 8569 | 25 |
|  **Standard Bank Group Ltd.** | 19102 | 188 |
|  |  | 583 |
| **HEALTH CARE 0.1%** | **HEALTH CARE 0.1%** | **HEALTH CARE 0.1%** |
|  **Life Healthcare Group Holdings Ltd.** | 20279 | 20 |
|  **Netcare Ltd.** | 24639 | 21 |
|  |  | 41 |
| **INDUSTRIALS 0.1%** | **INDUSTRIALS 0.1%** | **INDUSTRIALS 0.1%** |
|  **Barloworld Ltd.** | 3974 | 20 |
|  **Bidvest Group Ltd.** | 1785 | 23 |
|  **Zeda Ltd. (b)** | 3974 | 3 |
|  |  | 46 |
| **MATERIALS 1.5%** | **MATERIALS 1.5%** | **MATERIALS 1.5%** |
|  **Anglo American Platinum Ltd.** | 501 | 42 |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  **AngloGold Ashanti Ltd.** | 13920 | 271 |
|  **Gold Fields Ltd.** | 21050 | 219 |
|  **Impala Platinum Holdings Ltd.** | 7332 | 92 |
|  **Kumba Iron Ore Ltd.** | 1795 | 52 |
|  **Sappi Ltd. (b)** | 18358 | 53 |
|  **Sasol Ltd.** | 22591 | 360 |
|  |  | 1089 |
|  **Total South Africa** |  | **3369** |
| **SOUTH KOREA 13.7%** | **SOUTH KOREA 13.7%** | **SOUTH KOREA 13.7%** |
| **COMMUNICATION SERVICES 1.2%** | **COMMUNICATION SERVICES 1.2%** | **COMMUNICATION SERVICES 1.2%** |
|  **KT Corp.** | 14720 | 394 |
|  **LG Uplus Corp.** | 9506 | 83 |
|  **NAVER Corp.** | 1069 | 152 |
|  **NCSoft Corp.** | 167 | 60 |
|  **SK Telecom Co. Ltd.** | 5820 | 218 |
|  |  | 907 |
| **CONSUMER DISCRETIONARY 3.4%** | **CONSUMER DISCRETIONARY 3.4%** | **CONSUMER DISCRETIONARY 3.4%** |
|  **Coway Co. Ltd.** | 1575 | 70 |
|  **Hankook Tire & Technology Co. Ltd.** | 3477 | 86 |
|  **Hanon Systems** | 3965 | 25 |
|  **Hyundai Department Store Co. Ltd.** | 647 | 30 |
|  **Hyundai Mobis Co. Ltd.** | 2235 | 355 |
|  **Hyundai Motor Co.** | 6479 | 775 |
|  **Hyundai Wia Corp.** | 340 | 13 |
|  **Kangwon Land, Inc. (b)** | 5361 | 99 |
|  **Kia Corp.** | 14286 | 672 |
|  **LG Electronics, Inc.** | 3550 | 244 |
|  **Lotte Shopping Co. Ltd.** | 757 | 55 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2424 |
| **CONSUMER STAPLES 0.8%** | **CONSUMER STAPLES 0.8%** | **CONSUMER STAPLES 0.8%** |
|  **Amorepacific Corp.** | 295 | 32 |
|  **Amorepacific Group** | 811 | 22 |
|  **CJ CheilJedang Corp.** | 252 | 76 |
|  **E-MART, Inc.** | 1143 | 89 |
|  **GS Retail Co. Ltd.** | 711 | 16 |
|  **KT&G Corp.** | 3359 | 243 |
|  **LG H&H Co. Ltd.** | 136 | 78 |
|  |  | 556 |
| **ENERGY 0.5%** | **ENERGY 0.5%** | **ENERGY 0.5%** |
|  **HD Hyundai Co. Ltd.** | 2119 | 96 |
|  **SK Innovation Co. Ltd. (b)** | 2045 | 250 |
|  |  | 346 |
| **FINANCIALS 2.2%** | **FINANCIALS 2.2%** | **FINANCIALS 2.2%** |
|  **BNK Financial Group, Inc.** | 12356 | 64 |
|  **DB Insurance Co. Ltd.** | 1773 | 92 |
|  **DGB Financial Group, Inc.** | 7984 | 44 |
|  **Hana Financial Group, Inc.** | 2849 | 95 |
|  **Hanwha Life Insurance Co. Ltd. (b)** | 11229 | 25 |
|  **Hyundai Marine & Fire Insurance Co. Ltd.** | 3604 | 84 |
|  **Industrial Bank of Korea** | 14827 | 115 |
|  **KB Financial Group, Inc.** | 1732 | 66 |
|  **Meritz Financial Group, Inc.** | 2335 | 80 |
|  **Meritz Fire & Marine Insurance Co. Ltd.** | 2996 | 118 |
|  **Samsung Card Co. Ltd.** | 558 | 13 |
|  **Samsung Fire & Marine Insurance Co. Ltd.** | 1046 | 165 |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  **Samsung Life Insurance Co. Ltd.** | 2470 | 139 |
|  **Shinhan Financial Group Co. Ltd.** | 15348 | 427 |
|  **Woori Financial Group, Inc.** | 7406 | 68 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1595 |
| **HEALTH CARE 0.1%** | **HEALTH CARE 0.1%** | **HEALTH CARE 0.1%** |
|  **Celltrion, Inc.** | 474 | 61 |
| **INDUSTRIALS 1.5%** | **INDUSTRIALS 1.5%** | **INDUSTRIALS 1.5%** |
|  **CJ Corp.** | 391 | 26 |
|  **Doosan Co. Ltd.** | 526 | 35 |
|  **Doosan Enerbility Co. Ltd. (b)** | 9137 | 111 |
|  **GS Engineering & Construction Corp.** | 490 | 8 |
|  **GS Holdings Corp.** | 2287 | 79 |
|  **Hanwha Aerospace Co. Ltd.** | 187 | 11 |
|  **Hanwha Corp.** | 2338 | 48 |
|  **Hyundai Engineering & Construction Co. Ltd.** | 2474 | 68 |
|  **Hyundai Glovis Co. Ltd.** | 1226 | 159 |
|  **Korea Shipbuilding & Offshore Engineering Co. Ltd.** | 216 | 12 |
|  **Korean Air Lines Co. Ltd. (b)** | 2519 | 46 |
|  **LG Corp.** | 1722 | 107 |
|  **LG International Corp.** | 2391 | 65 |
|  **LS Corp.** | 927 | 51 |
|  **Posco International Corp.** | 4074 | 73 |
|  **SK Networks Co. Ltd.** | 4965 | 15 |
|  **SK, Inc.** | 1308 | 196 |
|  |  | 1110 |
| **INFORMATION TECHNOLOGY 1.3%** | **INFORMATION TECHNOLOGY 1.3%** | **INFORMATION TECHNOLOGY 1.3%** |
|  **LG Display Co. Ltd.** | 18519 | 183 |
|  **LG Innotek Co. Ltd.** | 78 | 16 |
|  **Samsung Electro-Mechanics Co. Ltd.** | 725 | 75 |
|  **Samsung SDI Co. Ltd.** | 375 | 176 |
|  **SK Hynix, Inc.** | 8355 | 499 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;949 |
| **MATERIALS 2.2%** | **MATERIALS 2.2%** | **MATERIALS 2.2%** |
|  **Dongkuk Steel Mill Co. Ltd.** | 6775 | 60 |
|  **Hanwha Solutions Corp. (b)** | 377 | 13 |
|  **Hyundai Steel Co.** | 4583 | 112 |
|  **KCC Corp.** | 47 | 8 |
|  **Kolon Industries, Inc.** | 469 | 15 |
|  **Korea Zinc Co. Ltd.** | 423 | 189 |
|  **LG Chem Ltd.** | 366 | 175 |
|  **POSCO Holdings, Inc.** | 4591 | 1005 |
|  |  | 1577 |
| **UTILITIES 0.5%** | **UTILITIES 0.5%** | **UTILITIES 0.5%** |
|  **Korea Electric Power Corp.** | 15079 | 260 |
|  **Korea Gas Corp.** | 3389 | 98 |
|  |  | 358 |
|  **Total South Korea** |  | **9883** |
| **TAIWAN 13.4%** | **TAIWAN 13.4%** | **TAIWAN 13.4%** |
| **COMMUNICATION SERVICES 0.8%** | **COMMUNICATION SERVICES 0.8%** | **COMMUNICATION SERVICES 0.8%** |
|  **Chunghwa Telecom Co. Ltd.** | 99000 | 364 |
|  **Far EasTone Telecommunications Co. Ltd.** | 56000 | 120 |
|  **Taiwan Mobile Co. Ltd.** | 29000 | 90 |
|  |  | 574 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **27** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF** | **(Cont.)** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **CONSUMER DISCRETIONARY 0.6%** | **CONSUMER DISCRETIONARY 0.6%** | **CONSUMER DISCRETIONARY 0.6%** | **CONSUMER DISCRETIONARY 0.6%** |
|  **Cheng Shin Rubber Industry Co. Ltd.** | 30000 | $— | 33 |
|  **China Motor Corp.** | 10000 |  | 17 |
|  **Eclat Textile Co. Ltd.** | 3000 |  | 48 |
|  **Feng TAY Enterprise Co. Ltd.** | 5000 |  | 34 |
|  **Giant Manufacturing Co. Ltd.** | 2000 |  | 13 |
|  **Hotai Motor Co. Ltd.** | 3000 |  | 57 |
|  **Kinpo Electronics** | 51000 |  | 22 |
|  **Pou Chen Corp.** | 57000 |  | 63 |
|  **Ruentex Industries Ltd.** | 13800 |  | 29 |
|  **Yulon Motor Co. Ltd.** | 40509 |  | 82 |
|  |  |  | 398 |
| **CONSUMER STAPLES 0.3%** | **CONSUMER STAPLES 0.3%** | **CONSUMER STAPLES 0.3%** | **CONSUMER STAPLES 0.3%** |
|  **Great Wall Enterprise Co. Ltd.** | 11008 |  | 17 |
|  **President Chain Store Corp.** | 12000 |  | 106 |
|  **Uni-President Enterprises Corp.** | 55000 |  | 119 |
|  |  |  | 242 |
| **ENERGY 0.1%** | **ENERGY 0.1%** | **ENERGY 0.1%** | **ENERGY 0.1%** |
|  **Formosa Petrochemical Corp.** | 17000 |  | 44 |
| **FINANCIALS 3.3%** | **FINANCIALS 3.3%** | **FINANCIALS 3.3%** | **FINANCIALS 3.3%** |
|  **Cathay Financial Holding Co. Ltd.** | 241200 |  | 313 |
|  **Chang Hwa Commercial Bank Ltd.** | 133600 |  | 74 |
|  **China Development Financial Holding Corp.** | 450096 |  | 184 |
|  **CTBC Financial Holding Co. Ltd.** | 425000 |  | 305 |
|  **E.Sun Financial Holding Co. Ltd.** | 264348 |  | 206 |
|  **First Financial Holding Co. Ltd.** | 182699 |  | 157 |
|  **Fubon Financial Holding Co. Ltd.** | 182437 |  | 334 |
|  **Hua Nan Financial Holdings Co. Ltd. 'C'** | 124503 |  | 91 |
|  **Mega Financial Holding Co. Ltd.** | 202500 |  | 199 |
|  **Shanghai Commercial & Savings Bank Ltd.** | 39712 |  | 57 |
|  **Shin Kong Financial Holding Co. Ltd.** | 97307 |  | 28 |
|  **SinoPac Financial Holdings Co. Ltd.** | 213843 |  | 116 |
|  **Taichung Commercial Bank Co. Ltd.** | 76703 |  | 32 |
|  **Taishin Financial Holding Co. Ltd.** | 211656 |  | 104 |
|  **Taiwan Business Bank** | 132143 |  | 56 |
|  **Taiwan Cooperative Financial Holding Co. Ltd.** | 157996 |  | 134 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;2390 |
| **INDUSTRIALS 0.9%** | **INDUSTRIALS 0.9%** | **INDUSTRIALS 0.9%** | **INDUSTRIALS 0.9%** |
|  **China Airlines Ltd.** | 128000 |  | 79 |
|  **CTCI Corp.** | 20000 |  | 27 |
|  **Eva Airways Corp.** | 85400 |  | 78 |
|  **Far Eastern New Century Corp.** | 77000 |  | 80 |
|  **Taiwan High Speed Rail Corp.** | 25000 |  | 23 |
|  **Teco Electric & Machinery Co. Ltd.** | 38000 |  | 34 |
|  **Walsin Lihwa Corp.** | 186000 |  | 285 |
|  **Wan Hai Lines Ltd.** | 4950 |  | 13 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;619 |
| **INFORMATION TECHNOLOGY 5.8%** | **INFORMATION TECHNOLOGY 5.8%** | **INFORMATION TECHNOLOGY 5.8%** | **INFORMATION TECHNOLOGY 5.8%** |
|  **Accton Technology Corp.** | 6000 |  | 46 |
|  **Acer, Inc.** | 127000 |  | 97 |
|  **Advantech Co. Ltd.** | 7291 |  | 78 |
|  **Asustek Computer, Inc.** | 29000 |  | 253 |
|  **AUO Corp.** | 224600 |  | 109 |
|  **Catcher Technology Co. Ltd.** | 17000 |  | 93 |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  **Chicony Electronics Co. Ltd.** | 15000 | 42 |
|  **Compal Electronics, Inc.** | 169000 | 127 |
|  **Delta Electronics, Inc.** | 25000 | 232 |
|  **Foxconn Technology Co. Ltd.** | 17000 | 29 |
|  **Hon Hai Precision Industry Co. Ltd.** | 98600 | 320 |
|  **HTC Corp. (b)** | 10000 | 18 |
|  **Innolux Corp.** | 487455 | 175 |
|  **Inventec Corp.** | 97000 | 83 |
|  **Largan Precision Co. Ltd.** | 1290 | 85 |
|  **Lite-On Technology Corp.** | 58000 | 120 |
|  **MediaTek, Inc.** | 14000 | 283 |
|  **Micro-Star International Co. Ltd.** | 25000 | 97 |
|  **Mitac Holdings Corp.** | 37000 | 35 |
|  **Nanya Technology Corp.** | 10000 | 17 |
|  **Novatek Microelectronics Corp.** | 9000 | 92 |
|  **Pegatron Corp.** | 63000 | 130 |
|  **Powertech Technology, Inc.** | 22000 | 56 |
|  **Quanta Computer, Inc.** | 80000 | 188 |
|  **Radiant Opto-Electronics Corp.** | 6000 | 20 |
|  **Realtek Semiconductor Corp.** | 3000 | 27 |
|  **Silicon Motion Technology Corp. ADR** | 180 | 12 |
|  **Supreme Electronics Co. Ltd.** | 22593 | 26 |
|  **Synnex Technology International Corp.** | 42000 | 81 |
|  **Taiwan Semiconductor Manufacturing Co. Ltd.** | 56000 | 813 |
|  **TPK Holding Co. Ltd.** | 11000 | 11 |
|  **Tripod Technology Corp.** | 8000 | 24 |
|  **United Microelectronics Corp.** | 78000 | 102 |
|  **Wistron Corp.** | 109347 | 104 |
|  **Wiwynn Corp.** | 1000 | 26 |
|  **WPG Holdings Ltd.** | 51560 | 80 |
|  **WT Microelectronics Co. Ltd.** | 19000 | 38 |
|  **Zhen Ding Technology Holding Ltd.** | 9000 | 31 |
|  |  | 4200 |
| **MATERIALS 1.5%** | **MATERIALS 1.5%** | **MATERIALS 1.5%** |
|  **Asia Cement Corp.** | 71000 | 95 |
|  **China Steel Corp.** | 270000 | 262 |
|  **Eternal Materials Co. Ltd.** | 30300 | 31 |
|  **Formosa Chemicals & Fibre Corp.** | 39000 | 89 |
|  **Formosa Plastics Corp.** | 84000 | 237 |
|  **Nan Ya Plastics Corp.** | 75000 | 173 |
|  **Taiwan Cement Corp.** | 134553 | 147 |
|  **Taiwan Fertilizer Co. Ltd.** | 10000 | 17 |
|  **Tung Ho Steel Enterprise Corp.** | 16020 | 27 |
|  **YFY, Inc.** | 32000 | 25 |
|  |  | 1103 |
| **REAL ESTATE 0.1%** | **REAL ESTATE 0.1%** | **REAL ESTATE 0.1%** |
|  **Farglory Land Development Co. Ltd.** | 10000 | 19 |
|  **Highwealth Construction Corp.** | 26906 | 35 |
|  **Ruentex Development Co. Ltd.** | 39200 | 55 |
|  |  | 109 |
|  **Total Taiwan** |  | **9679** |
| **THAILAND 6.2%** | **THAILAND 6.2%** | **THAILAND 6.2%** |
| **COMMUNICATION SERVICES 0.5%** | **COMMUNICATION SERVICES 0.5%** | **COMMUNICATION SERVICES 0.5%** |
|  **Advanced Info Service PCL** | 41500 | 234 |
|  **Digital Telecommunications Infrastructure Fund** | 159200 | 61 |
|  **Jasmine International PCL (b)** | 319200 | 20 |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  **Total Access Communication PCL** | 38000 | 51 |
|  |  | 366 |
| **CONSUMER DISCRETIONARY 0.1%** | **CONSUMER DISCRETIONARY 0.1%** | **CONSUMER DISCRETIONARY 0.1%** |
|  **Central Retail Corp. PCL** | 31300 | 42 |
|  **Home Product Center PCL** | 67600 | 30 |
|  |  | 72 |
| **CONSUMER STAPLES 0.9%** | **CONSUMER STAPLES 0.9%** | **CONSUMER STAPLES 0.9%** |
|  **Berli Jucker PCL** | 19100 | 19 |
|  **Charoen Pokphand Foods PCL** | 168000 | 120 |
|  **CP ALL PCL** | 155000 | 305 |
|  **Thai Beverage PCL** | 196500 | 101 |
|  **Thai Union Group PCL 'F'** | 222900 | 109 |
|  |  | 654 |
| **ENERGY 1.2%** | **ENERGY 1.2%** | **ENERGY 1.2%** |
|  **Bangchak Corp. PCL** | 88500 | 80 |
|  **Esso Thailand PCL** | 102100 | 37 |
|  **IRPC PCL** | 838900 | 73 |
|  **PTT Exploration & Production PCL** | 19700 | 100 |
|  **PTT PCL** | 488200 | 469 |
|  **Star Petroleum Refining PCL** | 206100 | 64 |
|  **Thai Oil PCL** | 34200 | 55 |
|  |  | 878 |
| **FINANCIALS 1.2%** | **FINANCIALS 1.2%** | **FINANCIALS 1.2%** |
|  **Bangkok Bank PCL** | 74700 | 319 |
|  **Kasikornbank PCL** | 33100 | 141 |
|  **Krung Thai Bank PCL** | 401600 | 205 |
|  **Thanachart Capital PCL** | 79500 | 98 |
|  **Tisco Financial Group PCL** | 20800 | 59 |
|  **TMBThanachart Bank PCL** | 1037200 | 42 |
|  |  | 864 |
| **HEALTH CARE 0.4%** | **HEALTH CARE 0.4%** | **HEALTH CARE 0.4%** |
|  **Bangkok Dusit Medical Services PCL 'F'** | 250800 | 210 |
|  **Bumrungrad Hospital PCL** | 15200 | 93 |
|  |  | 303 |
| **INDUSTRIALS 0.5%** | **INDUSTRIALS 0.5%** | **INDUSTRIALS 0.5%** |
|  **Airports of Thailand PCL** | 66700 | 144 |
|  **Delta Electronics Thailand PCL** | 7400 | 177 |
|  **Jasmine Broadband Internet Infrastructure Fund** | 230200 | 54 |
|  |  | 375 |
| **MATERIALS 0.8%** | **MATERIALS 0.8%** | **MATERIALS 0.8%** |
|  **PTT Global Chemical PCL** | 85200 | 116 |
|  **Siam Cement PCL** | 47400 | 468 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;584 |
| **REAL ESTATE 0.4%** | **REAL ESTATE 0.4%** | **REAL ESTATE 0.4%** |
|  **Central Pattana PCL** | 27700 | 57 |
|  **Land & Houses PCL** | 525000 | 150 |
|  **Sansiri PCL** | 483300 | 24 |
|  **Supalai PCL** | 54500 | 38 |
|  |  | 269 |

---

---

| | | |
|:---|:---|:---|
| **28** | **PIMCO EQUITY SERIES** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **UTILITIES 0.2%** | **UTILITIES 0.2%** | **UTILITIES 0.2%** | **UTILITIES 0.2%** |
|  **Electricity Generating PCL** | 7300 | $— | 36 |
|  **Gulf Energy Development PCL** | 25700 |  | 41 |
|  **Ratch Group PCL** | 20550 |  | 26 |
|  |  |  | 103 |
|  **Total Thailand** |  |  | **4468** |
| **TURKEY 4.5%** | **TURKEY 4.5%** | **TURKEY 4.5%** | **TURKEY 4.5%** |
| **COMMUNICATION SERVICES 0.5%** | **COMMUNICATION SERVICES 0.5%** | **COMMUNICATION SERVICES 0.5%** | **COMMUNICATION SERVICES 0.5%** |
|  **Turk Telekomunikasyon AS** | 14474 |  | 19 |
|  **Turkcell Iletisim Hizmetleri AS** | 164408 |  | 331 |
|  |  |  | 350 |
| **CONSUMER DISCRETIONARY 0.5%** | **CONSUMER DISCRETIONARY 0.5%** | **CONSUMER DISCRETIONARY 0.5%** | **CONSUMER DISCRETIONARY 0.5%** |
|  **Arcelik AS** | 21607 |  | 130 |
|  **Dogan Sirketler Grubu Holding AS** | 15244 |  | 8 |
|  **Ford Otomotiv Sanayi AS** | 4061 |  | 114 |
|  **Tofas Turk Otomobil Fabrikasi AS** | 9528 |  | 84 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;336 |
| **CONSUMER STAPLES 0.3%** | **CONSUMER STAPLES 0.3%** | **CONSUMER STAPLES 0.3%** | **CONSUMER STAPLES 0.3%** |
|  **Anadolu Efes Biracilik Ve Malt Sanayii AS** | 11121 |  | 40 |
|  **BIM Birlesik Magazalar AS** | 22845 |  | 167 |
|  **Coca-Cola Icecek AS** | 3061 |  | 34 |
|  |  |  | 241 |
| **ENERGY 0.6%** | **ENERGY 0.6%** | **ENERGY 0.6%** | **ENERGY 0.6%** |
|  **Turkiye Petrol Rafinerileri AS (b)** | 14885 |  | 422 |
| **FINANCIALS 1.2%** | **FINANCIALS 1.2%** | **FINANCIALS 1.2%** | **FINANCIALS 1.2%** |
|  **Akbank TAS** | 167671 |  | 175 |
|  **Haci Omer Sabanci Holding AS** | 89249 |  | 216 |
|  **Is Yatirim Menkul Degerler AS** | 24325 |  | 85 |
|  **Turkiye Halk Bankasi AS (b)** | 45786 |  | 33 |
|  **Turkiye Is Bankasi AS 'C'** | 280823 |  | 192 |
|  **Turkiye Vakiflar Bankasi TAO 'D' (b)** | 85427 |  | 54 |
|  **Yapi ve Kredi Bankasi AS** | 127722 |  | 81 |
|  |  |  | 836 |
| **INDUSTRIALS 1.2%** | **INDUSTRIALS 1.2%** | **INDUSTRIALS 1.2%** | **INDUSTRIALS 1.2%** |
|  **AG Anadolu Grubu Holding AS** | 3315 |  | 20 |
|  **Enka Insaat ve Sanayi AS** | 61056 |  | 109 |
|  **KOC Holding AS** | 52657 |  | 236 |
|  **Turk Hava Yollari AO (b)** | 57069 |  | 430 |
|  **Turkiye Sise ve Cam Fabrikalari AS** | 41659 |  | 95 |
|  |  |  | 890 |
| **MATERIALS 0.1%** | **MATERIALS 0.1%** | **MATERIALS 0.1%** | **MATERIALS 0.1%** |
|  **Eregli Demir ve Celik Fabrikalari TAS** | 29062 |  | 64 |
|  **Petkim Petrokimya Holding AS (b)** | 41560 |  | 44 |
|  |  |  | 108 |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
| **UTILITIES 0.1%** | **UTILITIES 0.1%** | **UTILITIES 0.1%** |
|  **Aygaz AS** | 9215 | 47 |
|  **Enerjisa Enerji AS** | 13775 | 27 |
|  |  | 74 |
|  **Total Turkey** |  | **3257** |
| **UNITED STATES 0.0%** | **UNITED STATES 0.0%** | **UNITED STATES 0.0%** |
| **CONSUMER DISCRETIONARY 0.0%** | **CONSUMER DISCRETIONARY 0.0%** | **CONSUMER DISCRETIONARY 0.0%** |
|  **Nexteer Automotive Group Ltd.** | 45000 | 29 |
|  **Total United States** |  | **29** |
|  **Total Common Stocks (Cost $72,270)** | **Total Common Stocks (Cost $72,270)** | **69814** |
| **PREFERRED STOCKS 2.2%** | **PREFERRED STOCKS 2.2%** | **PREFERRED STOCKS 2.2%** |
| **BRAZIL 1.9%** | **BRAZIL 1.9%** | **BRAZIL 1.9%** |
| **BANKING & FINANCE 0.4%** | **BANKING & FINANCE 0.4%** | **BANKING & FINANCE 0.4%** |
|  **Banco do Estado do Rio Grande do Sul SA** | 22248 | 41 |
|  **Itau Unibanco Holding SA** | 48016 | 227 |
|  |  | 268 |
| **INDUSTRIALS 0.5%** | **INDUSTRIALS 0.5%** | **INDUSTRIALS 0.5%** |
|  **Braskem SA** | 5490 | 25 |
|  **Gerdau SA** | 34661 | 190 |
|  **Metalurgica Gerdau SA** | 68792 | 168 |
|  |  | 383 |
| **UTILITIES 1.0%** | **UTILITIES 1.0%** | **UTILITIES 1.0%** |
|  **Cia de Transmissao de Energia Eletrica Paulista** | 14821 | 65 |
|  **Cia Energetica de Minas Gerais** | 135690 | 281 |
|  **Petroleo Brasileiro SA** | 73998 | 343 |
|  |  | 689 |
|  **Total Brazil** |  | **1340** |
| **CHILE 0.3%** | **CHILE 0.3%** | **CHILE 0.3%** |
| **INDUSTRIALS 0.3%** | **INDUSTRIALS 0.3%** | **INDUSTRIALS 0.3%** |
|  **Embotelladora Andina SA** | 6709 | 17 |
|  **Sociedad Quimica y Minera de Chile SA** | 2430 | 196 |
|  |  | 213 |
|  **Total Chile** |  | **213** |
| **RUSSIA 0.0%** | **RUSSIA 0.0%** | **RUSSIA 0.0%** |
| **UTILITIES 0.0%** | **UTILITIES 0.0%** | **UTILITIES 0.0%** |
|  **Bashneft PJSC «** | 2929 | 0 |
|  **Transneft PJSC «(d)** | 22 | 0 |
|  |  | 0 |
|  **Total Russia** |  | **0** |
|  **Total Preferred Stocks (Cost $1,212)** | **Total Preferred Stocks (Cost $1,212)** | **1553** |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
| **REAL ESTATE INVESTMENT TRUSTS 0.1%** | **REAL ESTATE INVESTMENT TRUSTS 0.1%** | **REAL ESTATE INVESTMENT TRUSTS 0.1%** |
| **INDIA 0.0%** | **INDIA 0.0%** | **INDIA 0.0%** |
| **REAL ESTATE 0.0%** | **REAL ESTATE 0.0%** | **REAL ESTATE 0.0%** |
|  **Embassy Office Parks REIT** | 7314 | 29 |
|  **Total India** |  | **29** |
| **SOUTH AFRICA 0.0%** | **SOUTH AFRICA 0.0%** | **SOUTH AFRICA 0.0%** |
| **REAL ESTATE 0.0%** | **REAL ESTATE 0.0%** | **REAL ESTATE 0.0%** |
|  **Growthpoint Properties Ltd.** | 20902 | 18 |
|  **Total South Africa** |  | **18** |
| **TURKEY 0.1%** | **TURKEY 0.1%** | **TURKEY 0.1%** |
| **REAL ESTATE 0.1%** | **REAL ESTATE 0.1%** | **REAL ESTATE 0.1%** |
|  **Emlak Konut Gayrimenkul Yatirim Ortakligi AS** | 113556 | 53 |
|  **Total Turkey** |  | **53** |
|  **Total Real Estate Investment Trusts (Cost $91)** | **Total Real Estate Investment Trusts (Cost $91)** | **100** |
| **SHORT-TERM INSTRUMENTS 0.4%** | **SHORT-TERM INSTRUMENTS 0.4%** | **SHORT-TERM INSTRUMENTS 0.4%** |
| **REPURCHASE AGREEMENTS (f) 0.4%** | **REPURCHASE AGREEMENTS (f) 0.4%** | **REPURCHASE AGREEMENTS (f) 0.4%** |
|  |  | 257 |
| **Total Short-Term Instruments<br>(Cost $257)** | **Total Short-Term Instruments<br>(Cost $257)** | **257** |
| **Total Investments in Securities<br>(Cost $73,830)** | **Total Investments in Securities<br>(Cost $73,830)** | **71724** |
| **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%** |
| **MUTUAL FUNDS 0.0%** | **MUTUAL FUNDS 0.0%** | **MUTUAL FUNDS 0.0%** |
|  **PIMCO Government Money Market Fund 4.310% (c)(d)(e)** | 6387 | 6 |
| **Total Short-Term Instruments<br>(Cost $6)** | **Total Short-Term Instruments<br>(Cost $6)** | **6** |
| **Total Investments in Affiliates<br>(Cost $6)** | **Total Investments in Affiliates<br>(Cost $6)** | **6** |
| **Total Investments 99.6%<br>(Cost $73,836)** | **Total Investments 99.6%<br>(Cost $73,836)** | **71730** |
| **Other Assets and Liabilities, net 0.4%** | **Other Assets and Liabilities, net 0.4%** | **314** |
| **Net Assets 100.0%** | **Net Assets 100.0%** | **72044** |

---

**NOTES TO SCHEDULE OF INVESTMENTS:** 

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

---

| | |
|:---|:---|
| **^** | **Security is in default.**  |

---

---

| | |
|:---|:---|
| **«** | **Security valued using significant unobservable inputs (Level 3).**  |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **29** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF** | **(Cont.)** |

---

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

**(c)** **Institutional Class Shares of each Fund.** 

**(d)** **Securities with an aggregate market value of $5 were out on loan in exchange for $6 of cash collateral as of December 31, 2022. The collateral was invested in a cash collateral reinvestment vehicle as described in Note 5 in the Notes to Financial Statements.** 

**(e)** **Coupon represents a 7-Day Yield.** 

**BORROWINGS AND OTHER FINANCING TRANSACTIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;**(f) REPURCHASE AGREEMENTS:** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Lending<br>Rate** | **Settlement<br>Date** | **Maturity<br>Date** | **Principal<br>Amount** | **Collateralized By** | **Collateral<br>(Received)** | **Repurchase<br>Agreements,<br>at Value** | **Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup>** |
| FICC | 1.900% | 12/30/2022 | 01/03/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257 | U.S. Treasury Bills 0.000% due 12/28/2023 | $(262) | $257 | $257 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** |  | $**(262)** | $**257** | $**257** |

---

**BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY** 

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2022:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **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>** |
|  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 | Global/Master Repurchase Agreement |
|  FICC | $257 | $0 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(262) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) |
|  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 |
|  UBS | 0 | 0 | 0 | 5 | 5 | (6) | (1) |
|  **Total Borrowings and Other Financing Transactions** | $**257** | $**0** | $**0** | $**5** |  |  |  |

---

**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 | $6 | $0 | $0 | $0 | $6 |
|  **Total Borrowings** | $**6** | $**0** | $**0** | $**0** | $**6** |
|  **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**  | $**6** |

---

<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 in the Notes to Financial Statements.

**FAIR VALUE MEASUREMENTS** 

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2022** |
|  **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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $46 | $0 | $46 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 0 | 466 | 0 | 466 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 0 | 192 | 0 | 192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 0 | 626 | 0 | 626 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 0 | 61 | 0 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 148 | 0 | 148 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2022** |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1412 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 0 | 263 | 0 | 263 |
| &nbsp;&nbsp; Chile | &nbsp;&nbsp; Chile | &nbsp;&nbsp; Chile | &nbsp;&nbsp; Chile | &nbsp;&nbsp; Chile |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 0 | 60 | 0 | 60 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 73 | 57 | 0 | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 38 | 0 | 0 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167 | 0 | 0 | 167 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 24 | 0 | 0 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 172 | 0 | 0 | 172 |

---

---

| | | |
|:---|:---|:---|
| **30** | **PIMCO EQUITY SERIES** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2022** |
| &nbsp;&nbsp; China | &nbsp;&nbsp; China | &nbsp;&nbsp; China | &nbsp;&nbsp; China | &nbsp;&nbsp; China |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | $90 | $75 | $0 | $165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 0 | 676 | 0 | 676 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 0 | 1936 | 0 | 1936 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 26 | 3837 | 0 | 3863 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 0 | 369 | 0 | 369 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 1393 | 0 | 1393 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 0 | 191 | 0 | 191 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 0 | 608 | 0 | 608 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 135 | 96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | 243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 0 | 642 | 0 | 642 |
| &nbsp;&nbsp; Greece | &nbsp;&nbsp; Greece | &nbsp;&nbsp; Greece | &nbsp;&nbsp; Greece | &nbsp;&nbsp; Greece |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 0 | 65 | 0 | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 0 | 54 | 0 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 0 | 33 | 0 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 0 | 276 | 0 | 276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 8 | 0 | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 0 | 22 | 0 | 22 |
| &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 | 56 | 0 | 56 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 0 | 360 | 0 | 360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 103 | 0 | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 0 | 630 | 0 | 630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 0 | 842 | 0 | 842 |
| &nbsp;&nbsp; India | &nbsp;&nbsp; India | &nbsp;&nbsp; India | &nbsp;&nbsp; India | &nbsp;&nbsp; India |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 0 | 466 | 0 | 466 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 0 | 944 | 0 | 944 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 0 | 1037 | 0 | 1037 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 0 | 1764 | 0 | 1764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 0 | 2407 | 0 | 2407 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 0 | 581 | 0 | 581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 759 | 0 | 759 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 0 | 2499 | 0 | 2499 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 0 | 710 | 0 | 710 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 0 | 689 | 0 | 689 |
| &nbsp;&nbsp; Indonesia | &nbsp;&nbsp; Indonesia | &nbsp;&nbsp; Indonesia | &nbsp;&nbsp; Indonesia | &nbsp;&nbsp; Indonesia |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 0 | 304 | 0 | 304 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 0 | 160 | 0 | 160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 7 | 138 | 0 | 145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 0 | 391 | 0 | 391 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 0 | 695 | 0 | 695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 0 | 44 | 0 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 0 | 51 | 0 | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 0 | 47 | 0 | 47 |
| &nbsp;&nbsp; Malaysia | &nbsp;&nbsp; Malaysia | &nbsp;&nbsp; Malaysia | &nbsp;&nbsp; Malaysia | &nbsp;&nbsp; Malaysia |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 0 | 126 | 0 | 126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 0 | 89 | 0 | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 31 | 107 | 0 | 138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 37 | 0 | 0 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 0 | 580 | 0 | 580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 114 | 0 | 114 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 0 | 107 | 0 | 107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 25 | 65 | 0 | 90 |
| &nbsp;&nbsp; Mexico | &nbsp;&nbsp; Mexico | &nbsp;&nbsp; Mexico | &nbsp;&nbsp; Mexico | &nbsp;&nbsp; Mexico |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 830 | 0 | 0 | 830 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 961 | 0 | 0 | 961 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 174 | 0 | 0 | 174 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 122 | 0 | 0 | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 240 | 0 | 0 | 240 |
| &nbsp;&nbsp; Philippines | &nbsp;&nbsp; Philippines | &nbsp;&nbsp; Philippines | &nbsp;&nbsp; Philippines | &nbsp;&nbsp; Philippines |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 0 | 57 | 0 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 0 | 37 | 0 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 0 | 86 | 0 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 83 | 0 | 83 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 0 | 33 | 0 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 0 | 31 | 0 | 31 |
| &nbsp;&nbsp; Poland | &nbsp;&nbsp; Poland | &nbsp;&nbsp; Poland | &nbsp;&nbsp; Poland | &nbsp;&nbsp; Poland |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 0 | 59 | 0 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 0 | 298 | 0 | 298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 0 | 135 | 0 | 135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 0 | 84 | 0 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 0 | 60 | 0 | 60 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2022** |
| &nbsp;&nbsp; Russia | &nbsp;&nbsp; Russia | &nbsp;&nbsp; Russia | &nbsp;&nbsp; Russia | &nbsp;&nbsp; Russia |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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; Communication Services | 0 | 289 | 0 | 289 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 0 | 36 | 0 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 0 | 50 | 0 | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 0 | 429 | 0 | 429 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 0 | 546 | 0 | 546 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 0 | 17 | 0 | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 0 | 589 | 0 | 589 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 0 | 11 | 0 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 0 | 23 | 0 | 23 |
| &nbsp;&nbsp; Singapore | &nbsp;&nbsp; Singapore | &nbsp;&nbsp; Singapore | &nbsp;&nbsp; Singapore | &nbsp;&nbsp; Singapore |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 44 | 0 | 44 |
| &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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;547 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 40 | 493 | 0 | 533 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 175 | 231 | 0 | 406 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 0 | 124 | 0 | 124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 64 | 519 | 0 | 583 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 0 | 41 | 0 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 46 | 0 | 0 | 46 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1036 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1089 |
| &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 | 907 | 0 | 907 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 0 | 2424 | 0 | 2424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 0 | 556 | 0 | 556 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 0 | 346 | 0 | 346 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 0 | 1595 | 0 | 1595 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 0 | 61 | 0 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 1110 | 0 | 1110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 0 | 949 | 0 | 949 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 0 | 1577 | 0 | 1577 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 0 | 358 | 0 | 358 |
| &nbsp;&nbsp; Taiwan | &nbsp;&nbsp; Taiwan | &nbsp;&nbsp; Taiwan | &nbsp;&nbsp; Taiwan | &nbsp;&nbsp; Taiwan |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 0 | 574 | 0 | 574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 0 | 398 | 0 | 398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 0 | 242 | 0 | 242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 0 | 44 | 0 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 0 | 2390 | 0 | 2390 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 619 | 0 | 619 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 12 | 4188 | 0 | 4200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 0 | 1103 | 0 | 1103 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 0 | 109 | 0 | 109 |
| &nbsp;&nbsp; Thailand | &nbsp;&nbsp; Thailand | &nbsp;&nbsp; Thailand | &nbsp;&nbsp; Thailand | &nbsp;&nbsp; Thailand |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 0 | 366 | 0 | 366 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 0 | 72 | 0 | 72 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 0 | 654 | 0 | 654 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 0 | 878 | 0 | 878 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 0 | 864 | 0 | 864 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 0 | 303 | 0 | 303 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 375 | 0 | 375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 0 | 584 | 0 | 584 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 0 | 269 | 0 | 269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 0 | 103 | 0 | 103 |
| &nbsp;&nbsp; Turkey | &nbsp;&nbsp; Turkey | &nbsp;&nbsp; Turkey | &nbsp;&nbsp; Turkey | &nbsp;&nbsp; Turkey |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 0 | 350 | 0 | 350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 0 | 336 | 0 | 336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 74 | 167 | 0 | 241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 0 | 422 | 0 | 422 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 229 | 607 | 0 | 836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 890 | 0 | 890 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 0 | 108 | 0 | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 47 | 27 | 0 | 74 |
| &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 | 29 | 0 | 29 |
|  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 | 0 | 268 | 0 | 268 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 383 | 0 | 383 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 0 | 689 | 0 | 689 |
| &nbsp;&nbsp; Chile | &nbsp;&nbsp; Chile | &nbsp;&nbsp; Chile | &nbsp;&nbsp; Chile | &nbsp;&nbsp; Chile |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 17 | 196 | 0 | 213 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **31** |

---

------

##### [**Table of Contents**](#toc)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Schedule of Investments** | **PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF** | **(Cont.)** | December 31, 2022 | (Unaudited) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2022** |
|  Real Estate Investment Trusts | Real Estate Investment Trusts | Real Estate Investment Trusts | Real Estate Investment Trusts | Real Estate Investment Trusts |
| &nbsp;&nbsp; India | &nbsp;&nbsp; India | &nbsp;&nbsp; India | &nbsp;&nbsp; India | &nbsp;&nbsp; India |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 |
| &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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | 0 | 0 | 18 |
| &nbsp;&nbsp; Turkey | &nbsp;&nbsp; Turkey | &nbsp;&nbsp; Turkey | &nbsp;&nbsp; Turkey | &nbsp;&nbsp; Turkey |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 0 | 53 | 0 | 53 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2022** |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements | $0 | $257 | $0 | $257 |
|  | $5306 | $66405 | $13 | $71724 |
|  **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 | 6 | 0 | 0 | 6 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5312 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66405 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71730 |

---

There were no significant transfers into or out of Level 3 during the period ended December 31, 2022.

---

| | | |
|:---|:---|:---|
| **32** | **PIMCO EQUITY SERIES** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)

---

| | | | |
|:---|:---|:---|:---|
| **Schedule of Investments** | **PIMCO RAFI Dynamic Multi-Factor International Equity ETF** | December 31, 2022 | (Unaudited) |

---

**(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 97.0%** | **COMMON STOCKS 97.0%** | **COMMON STOCKS 97.0%** | **COMMON STOCKS 97.0%** |
| **AUSTRALIA 5.0%** | **AUSTRALIA 5.0%** | **AUSTRALIA 5.0%** | **AUSTRALIA 5.0%** |
| **COMMUNICATION SERVICES 0.1%** | **COMMUNICATION SERVICES 0.1%** | **COMMUNICATION SERVICES 0.1%** | **COMMUNICATION SERVICES 0.1%** |
|  **carsales.com Ltd.** | 1666 | $— | 24 |
|  **Nine Entertainment Co. Holdings Ltd.** | 5940 |  | 7 |
|  **REA Group Ltd.** | 372 |  | 28 |
|  **SEEK Ltd.** | 2248 |  | 32 |
|  |  |  | 91 |
| **CONSUMER DISCRETIONARY 0.5%** | **CONSUMER DISCRETIONARY 0.5%** | **CONSUMER DISCRETIONARY 0.5%** | **CONSUMER DISCRETIONARY 0.5%** |
|  **Aristocrat Leisure Ltd.** | 921 |  | 19 |
|  **Breville Group Ltd.** | 844 |  | 10 |
|  **Domino's Pizza Enterprises Ltd.** | 589 |  | 27 |
|  **Flight Centre Travel Group Ltd. (a)** | 2375 |  | 23 |
|  **Harvey Norman Holdings Ltd.** | 10608 |  | 30 |
|  **JB Hi-Fi Ltd.** | 1698 |  | 48 |
|  **Super Retail Group Ltd.** | 4720 |  | 34 |
|  **Tabcorp Holdings Ltd.** | 9281 |  | 7 |
|  **Wesfarmers Ltd.** | 9448 |  | 295 |
|  |  |  | 493 |
| **CONSUMER STAPLES 0.5%** | **CONSUMER STAPLES 0.5%** | **CONSUMER STAPLES 0.5%** | **CONSUMER STAPLES 0.5%** |
|  **Blackmores Ltd.** | 414 |  | 20 |
|  **Coles Group Ltd.** | 11301 |  | 128 |
|  **GrainCorp Ltd. 'A'** | 9032 |  | 46 |
|  **Metcash Ltd.** | 24209 |  | 66 |
|  **Woolworths Group Ltd.** | 13761 |  | 314 |
|  |  |  | 574 |
| **ENERGY 0.6%** | **ENERGY 0.6%** | **ENERGY 0.6%** | **ENERGY 0.6%** |
|  **Ampol Ltd.** | 3976 |  | 76 |
|  **New Hope Corp. Ltd.** | 2643 |  | 11 |
|  **Santos Ltd.** | 7210 |  | 36 |
|  **Viva Energy Group Ltd.** | 20190 |  | 37 |
|  **Whitehaven Coal Ltd.** | 12101 |  | 77 |
|  **Woodside Energy Group Ltd.** | 12882 |  | 312 |
|  **WorleyParsons Ltd.** | 5467 |  | 56 |
|  |  |  | 605 |
| **FINANCIALS 0.9%** | **FINANCIALS 0.9%** | **FINANCIALS 0.9%** | **FINANCIALS 0.9%** |
|  **AMP Ltd. (a)** | 62332 |  | 55 |
|  **ASX Ltd.** | 583 |  | 27 |
|  **Bank of Queensland Ltd.** | 6349 |  | 30 |
|  **Bendigo & Adelaide Bank Ltd.** | 5818 |  | 39 |
|  **Insurance Australia Group Ltd.** | 10504 |  | 34 |
|  **Medibank Pvt Ltd.** | 44356 |  | 88 |
|  **National Australia Bank Ltd.** | 12257 |  | 249 |
|  **NIB Holdings Ltd.** | 5689 |  | 30 |
|  **Perpetual Ltd.** | 854 |  | 14 |
|  **QBE Insurance Group Ltd.** | 9871 |  | 89 |
|  **Suncorp Group Ltd.** | 24756 |  | 202 |
|  **Westpac Banking Corp.** | 6647 |  | 105 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;962 |
| **HEALTH CARE 0.2%** | **HEALTH CARE 0.2%** | **HEALTH CARE 0.2%** | **HEALTH CARE 0.2%** |
|  **Ansell Ltd.** | 1349 |  | 26 |
|  **Cochlear Ltd.** | 239 |  | 33 |
|  **CSL Ltd.** | 421 |  | 82 |
|  **Sonic Healthcare Ltd.** | 2135 |  | 44 |
|  |  |  | 185 |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
| **INDUSTRIALS 0.3%** | **INDUSTRIALS 0.3%** | **INDUSTRIALS 0.3%** |
|  **Aurizon Holdings Ltd.** | 36752 | 93 |
|  **Brambles Ltd.** | 10654 | 87 |
|  **Downer EDI Ltd.** | 9410 | 24 |
|  **Monadelphous Group Ltd.** | 1177 | 11 |
|  **Qantas Airways Ltd. (a)** | 9507 | 38 |
|  **Reece Ltd.** | 1112 | 11 |
|  **Transurban Group** | 13563 | 119 |
|  |  | 383 |
| **INFORMATION TECHNOLOGY 0.1%** | **INFORMATION TECHNOLOGY 0.1%** | **INFORMATION TECHNOLOGY 0.1%** |
|  **Computershare Ltd.** | 3290 | 58 |
| **MATERIALS 1.5%** | **MATERIALS 1.5%** | **MATERIALS 1.5%** |
|  **BHP Group Ltd.** | 14681 | 455 |
|  **BlueScope Steel Ltd.** | 6442 | 73 |
|  **Champion Iron Ltd.** | 2371 | 12 |
|  **CSR Ltd.** | 11171 | 36 |
|  **Fortescue Metals Group Ltd.** | 23224 | 325 |
|  **IGO Ltd.** | 4775 | 44 |
|  **Iluka Resources Ltd.** | 4721 | 30 |
|  **Incitec Pivot Ltd.** | 31206 | 79 |
|  **Mineral Resources Ltd.** | 951 | 50 |
|  **Newcrest Mining Ltd.** | 4956 | 69 |
|  **Northern Star Resources Ltd.** | 5758 | 43 |
|  **Nufarm Ltd.** | 2587 | 11 |
|  **Orica Ltd.** | 3132 | 32 |
|  **Rio Tinto Ltd.** | 3786 | 299 |
|  **Sims Ltd.** | 5224 | 46 |
|  |  | 1604 |
| **REAL ESTATE 0.0%** | **REAL ESTATE 0.0%** | **REAL ESTATE 0.0%** |
|  **Lendlease Corp. Ltd.** | 6788 | 36 |
| **UTILITIES 0.3%** | **UTILITIES 0.3%** | **UTILITIES 0.3%** |
|  **AGL Energy Ltd.** | 19189 | 105 |
|  **APA Group** | 6343 | 46 |
|  **Origin Energy Ltd.** | 36401 | 191 |
|  |  | 342 |
|  **Total Australia** |  | **5333** |
| **AUSTRIA 0.3%** | **AUSTRIA 0.3%** | **AUSTRIA 0.3%** |
| **ENERGY 0.1%** | **ENERGY 0.1%** | **ENERGY 0.1%** |
|  **OMV AG** | 1857 | 95 |
| **FINANCIALS 0.0%** | **FINANCIALS 0.0%** | **FINANCIALS 0.0%** |
|  **UNIQA Insurance Group AG** | 4431 | 33 |
| **INDUSTRIALS 0.1%** | **INDUSTRIALS 0.1%** | **INDUSTRIALS 0.1%** |
|  **Andritz AG** | 736 | 42 |
| **MATERIALS 0.1%** | **MATERIALS 0.1%** | **MATERIALS 0.1%** |
|  **Lenzing AG** | 222 | 13 |
|  **voestalpine AG** | 2174 | 58 |
|  |  | 71 |
| **REAL ESTATE 0.0%** | **REAL ESTATE 0.0%** | **REAL ESTATE 0.0%** |
|  **CA Immobilien Anlagen AG** | 1392 | 42 |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
| **UTILITIES 0.0%** | **UTILITIES 0.0%** | **UTILITIES 0.0%** |
|  **Verbund AG** | 355 | 30 |
|  **Total Austria** |  | **313** |
| **BELGIUM 0.5%** | **BELGIUM 0.5%** | **BELGIUM 0.5%** |
| **COMMUNICATION SERVICES 0.0%** | **COMMUNICATION SERVICES 0.0%** | **COMMUNICATION SERVICES 0.0%** |
|  **Proximus SADP** | 3514 | 34 |
| **CONSUMER DISCRETIONARY 0.0%** | **CONSUMER DISCRETIONARY 0.0%** | **CONSUMER DISCRETIONARY 0.0%** |
|  **Telenet Group Holding NV** | 1323 | 22 |
| **CONSUMER STAPLES 0.2%** | **CONSUMER STAPLES 0.2%** | **CONSUMER STAPLES 0.2%** |
|  **Anheuser-Busch InBev SA NV** | 1262 | 76 |
|  **Etablissements Franz Colruyt NV** | 1713 | 39 |
|  **Lotus Bakeries NV** | 5 | 34 |
|  |  | 149 |
| **ENERGY 0.0%** | **ENERGY 0.0%** | **ENERGY 0.0%** |
|  **Euronav NV** | 1064 | 18 |
| **FINANCIALS 0.1%** | **FINANCIALS 0.1%** | **FINANCIALS 0.1%** |
|  **Ageas SA** | 1027 | 46 |
|  **Gimv NV** | 489 | 23 |
|  |  | 69 |
| **HEALTH CARE 0.1%** | **HEALTH CARE 0.1%** | **HEALTH CARE 0.1%** |
|  **UCB SA** | 958 | 75 |
| **INDUSTRIALS 0.0%** | **INDUSTRIALS 0.0%** | **INDUSTRIALS 0.0%** |
|  **Ackermans & Van Haaren NV** | 198 | 34 |
| **INFORMATION TECHNOLOGY 0.1%** | **INFORMATION TECHNOLOGY 0.1%** | **INFORMATION TECHNOLOGY 0.1%** |
|  **Barco NV** | 1678 | 41 |
| **MATERIALS 0.0%** | **MATERIALS 0.0%** | **MATERIALS 0.0%** |
|  **Solvay SA** | 334 | 34 |
|  **Total Belgium** |  | **476** |
| **CANADA 6.9%** | **CANADA 6.9%** | **CANADA 6.9%** |
| **COMMUNICATION SERVICES 0.5%** | **COMMUNICATION SERVICES 0.5%** | **COMMUNICATION SERVICES 0.5%** |
|  **BCE, Inc.** | 4026 | 177 |
|  **Cineplex, Inc. (a)** | 3577 | 21 |
|  **Cogeco Communications, Inc.** | 435 | 25 |
|  **Quebecor, Inc. 'B'** | 1672 | 37 |
|  **Rogers Communications, Inc. 'B'** | 2040 | 95 |
|  **Shaw Communications, Inc. 'B'** | 3432 | 99 |
|  **TELUS Corp.** | 4958 | 96 |
|  |  | 550 |
| **CONSUMER DISCRETIONARY 0.7%** | **CONSUMER DISCRETIONARY 0.7%** | **CONSUMER DISCRETIONARY 0.7%** |
|  **Canadian Tire Corp. Ltd. 'A'** | 967 | 101 |
|  **Dollarama, Inc.** | 2151 | 126 |
|  **Gildan Activewear, Inc.** | 1299 | 36 |
|  **Lululemon Athletica, Inc. (a)** | 154 | 49 |
|  **Magna International, Inc.** | 6002 | 337 |
|  **Restaurant Brands International, Inc.** | 1532 | 99 |
|  **Uni-Select, Inc. (a)** | 500 | 16 |
|  |  | 764 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **33** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO RAFI Dynamic Multi-Factor International Equity ETF** | **(Cont.)** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **CONSUMER STAPLES 0.7%** | **CONSUMER STAPLES 0.7%** | **CONSUMER STAPLES 0.7%** | **CONSUMER STAPLES 0.7%** |
|  **Alimentation Couche-Tard, Inc.** | 3360 | $— | 148 |
|  **Empire Co. Ltd. 'A'** | 3965 |  | 104 |
|  **George Weston Ltd.** | 1043 |  | 129 |
|  **Loblaw Cos., Ltd.** | 1940 |  | 172 |
|  **Maple Leaf Foods, Inc.** | 1080 |  | 20 |
|  **Metro, Inc.** | 2118 |  | 117 |
|  **North West Co., Inc.** | 1121 |  | 29 |
|  **Premium Brands Holdings Corp.** | 418 |  | 25 |
|  **Saputo, Inc.** | 1759 |  | 44 |
|  |  |  | 788 |
| **ENERGY 1.8%** | **ENERGY 1.8%** | **ENERGY 1.8%** | **ENERGY 1.8%** |
|  **ARC Resources Ltd.** | 9582 |  | 129 |
|  **Birchcliff Energy Ltd.** | 4779 |  | 33 |
|  **Cameco Corp.** | 700 |  | 16 |
|  **Canadian Natural Resources Ltd.** | 2680 |  | 149 |
|  **Crescent Point Energy Corp.** | 32453 |  | 232 |
|  **Enbridge, Inc.** | 5030 |  | 197 |
|  **Enerplus Corp.** | 4379 |  | 77 |
|  **Gibson Energy, Inc.** | 2932 |  | 51 |
|  **Imperial Oil Ltd.** | 4053 |  | 197 |
|  **MEG Energy Corp. (a)** | 5777 |  | 80 |
|  **Peyto Exploration & Development Corp.** | 4753 |  | 49 |
|  **Precision Drilling Corp. (a)** | 500 |  | 38 |
|  **Suncor Energy, Inc.** | 12716 |  | 403 |
|  **TC Energy Corp.** | 2988 |  | 119 |
|  **Tourmaline Oil Corp.** | 110 |  | 6 |
|  **Vermilion Energy, Inc.** | 1889 |  | 34 |
|  **Whitecap Resources, Inc.** | 11698 |  | 93 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;1903 |
| **FINANCIALS 0.6%** | **FINANCIALS 0.6%** | **FINANCIALS 0.6%** | **FINANCIALS 0.6%** |
|  **Bank of Montreal** | 235 |  | 21 |
|  **Canadian Imperial Bank of Commerce** | 1290 |  | 52 |
|  **CI Financial Corp.** | 3493 |  | 35 |
|  **Fairfax Financial Holdings Ltd.** | 315 |  | 187 |
|  **Great-West Lifeco, Inc.** | 1525 |  | 35 |
|  **Home Capital Group, Inc.** | 1489 |  | 47 |
|  **IGM Financial, Inc.** | 1099 |  | 31 |
|  **Intact Financial Corp.** | 882 |  | 127 |
|  **Onex Corp.** | 584 |  | 28 |
|  **Power Corp. of Canada** | 3534 |  | 83 |
|  |  |  | 646 |
| **INDUSTRIALS 0.8%** | **INDUSTRIALS 0.8%** | **INDUSTRIALS 0.8%** | **INDUSTRIALS 0.8%** |
|  **Aecon Group, Inc.** | 2837 |  | 19 |
|  **Canadian National Railway Co.** | 1308 |  | 155 |
|  **Canadian Pacific Railway Ltd.** | 3618 |  | 270 |
|  **Finning International, Inc.** | 2375 |  | 59 |
|  **Ritchie Bros Auctioneers, Inc.** | 751 |  | 43 |
|  **Russel Metals, Inc.** | 1409 |  | 30 |
|  **TFI International, Inc.** | 874 |  | 88 |
|  **Thomson Reuters Corp.** | 1083 |  | 124 |
|  **Toromont Industries Ltd.** | 1010 |  | 73 |
|  **Westshore Terminals Investment Corp.** | 2251 |  | 37 |
|  |  |  | 898 |
| **INFORMATION TECHNOLOGY 0.3%** | **INFORMATION TECHNOLOGY 0.3%** | **INFORMATION TECHNOLOGY 0.3%** | **INFORMATION TECHNOLOGY 0.3%** |
|  **Celestica, Inc. (a)** | 4601 |  | 52 |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  **CGI, Inc. (a)** | 1407 | 121 |
|  **Constellation Software, Inc.** | 48 | 75 |
|  **Open Text Corp.** | 915 | 27 |
|  |  | 275 |
| **MATERIALS 1.0%** | **MATERIALS 1.0%** | **MATERIALS 1.0%** |
|  **Agnico Eagle Mines Ltd.** | 2036 | 106 |
|  **Barrick Gold Corp.** | 3005 | 52 |
|  **Eldorado Gold Corp. (a)** | 4473 | 37 |
|  **First Quantum Minerals Ltd.** | 3562 | 75 |
|  **Franco-Nevada Corp.** | 816 | 111 |
|  **Interfor Corp. (a)** | 1558 | 24 |
|  **Methanex Corp.** | 1621 | 61 |
|  **Nutrien Ltd.** | 1534 | 112 |
|  **Resolute Forest Products, Inc. (a)** | 1499 | 32 |
|  **Stelco Holdings, Inc.** | 1315 | 43 |
|  **Teck Resources Ltd. 'B'** | 6985 | 264 |
|  **Transcontinental, Inc. 'A'** | 2238 | 25 |
|  **West Fraser Timber Co. Ltd.** | 993 | 72 |
|  **Wheaton Precious Metals Corp.** | 1200 | 47 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1061 |
| **REAL ESTATE 0.1%** | **REAL ESTATE 0.1%** | **REAL ESTATE 0.1%** |
|  **Colliers International Group, Inc.** | 322 | 30 |
|  **FirstService Corp.** | 369 | 45 |
|  |  | 75 |
| **UTILITIES 0.4%** | **UTILITIES 0.4%** | **UTILITIES 0.4%** |
|  **Algonquin Power & Utilities Corp.** | 1820 | 12 |
|  **Atco Ltd. 'I'** | 1773 | 55 |
|  **Canadian Utilities Ltd. 'A'** | 1205 | 33 |
|  **Emera, Inc.** | 1897 | 72 |
|  **Fortis, Inc.** | 2208 | 88 |
|  **Hydro One Ltd.** | 3057 | 82 |
|  **Northland Power, Inc.** | 1646 | 45 |
|  **Superior Plus Corp.** | 3444 | 29 |
|  **TransAlta Renewables, Inc.** | 2315 | 19 |
|  |  | 435 |
|  **Total Canada** |  | **7395** |
| **CHILE 0.1%** | **CHILE 0.1%** | **CHILE 0.1%** |
| **MATERIALS 0.1%** | **MATERIALS 0.1%** | **MATERIALS 0.1%** |
|  **Antofagasta PLC** | 3105 | 58 |
|  **Total Chile** |  | **58** |
| **DENMARK 2.4%** | **DENMARK 2.4%** | **DENMARK 2.4%** |
| **CONSUMER DISCRETIONARY 0.0%** | **CONSUMER DISCRETIONARY 0.0%** | **CONSUMER DISCRETIONARY 0.0%** |
|  **Pandora AS** | 395 | 28 |
| **CONSUMER STAPLES 0.1%** | **CONSUMER STAPLES 0.1%** | **CONSUMER STAPLES 0.1%** |
|  **Carlsberg AS 'B'** | 612 | 81 |
|  **Royal Unibrew AS** | 503 | 36 |
|  **Scandinavian Tobacco Group AS** | 2043 | 36 |
|  |  | 153 |
| **FINANCIALS 0.1%** | **FINANCIALS 0.1%** | **FINANCIALS 0.1%** |
|  **Sydbank AS** | 1180 | 50 |
|  **Topdanmark AS** | 807 | 42 |
|  **Tryg AS** | 1557 | 37 |
|  |  | 129 |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
| **HEALTH CARE 1.4%** | **HEALTH CARE 1.4%** | **HEALTH CARE 1.4%** |
|  **Coloplast AS 'B'** | 306 | 36 |
|  **Genmab AS (a)** | 65 | 27 |
|  **Novo Nordisk AS 'B'** | 10706 | 1454 |
|  |  | 1517 |
| **INDUSTRIALS 0.6%** | **INDUSTRIALS 0.6%** | **INDUSTRIALS 0.6%** |
|  **AP Moller - Maersk AS 'B'** | 127 | 284 |
|  **D/S Norden AS** | 1503 | 91 |
|  **DSV AS** | 617 | 97 |
|  **ISS AS (a)** | 2002 | 42 |
|  **Solar AS 'B'** | 290 | 26 |
|  **Vestas Wind Systems AS** | 2112 | 62 |
|  |  | 602 |
| **MATERIALS 0.1%** | **MATERIALS 0.1%** | **MATERIALS 0.1%** |
|  **CHR Hansen Holding AS** | 464 | 33 |
|  **Novozymes AS 'B'** | 1608 | 82 |
|  |  | 115 |
| **UTILITIES 0.1%** | **UTILITIES 0.1%** | **UTILITIES 0.1%** |
|  **Orsted AS** | 672 | 61 |
|  **Total Denmark** |  | **2605** |
| **FINLAND 1.2%** | **FINLAND 1.2%** | **FINLAND 1.2%** |
| **COMMUNICATION SERVICES 0.1%** | **COMMUNICATION SERVICES 0.1%** | **COMMUNICATION SERVICES 0.1%** |
|  **Elisa Oyj** | 1338 | 71 |
| **CONSUMER STAPLES 0.1%** | **CONSUMER STAPLES 0.1%** | **CONSUMER STAPLES 0.1%** |
|  **Kesko Oyj 'B'** | 5228 | 116 |
| **ENERGY 0.1%** | **ENERGY 0.1%** | **ENERGY 0.1%** |
|  **Neste Oyj** | 3005 | 139 |
| **FINANCIALS 0.2%** | **FINANCIALS 0.2%** | **FINANCIALS 0.2%** |
|  **Nordea Bank Abp** | 7490 | 80 |
|  **Sampo Oyj 'A'** | 4773 | 250 |
|  |  | 330 |
| **HEALTH CARE 0.1%** | **HEALTH CARE 0.1%** | **HEALTH CARE 0.1%** |
|  **Orion Oyj 'B'** | 1466 | 80 |
| **INDUSTRIALS 0.1%** | **INDUSTRIALS 0.1%** | **INDUSTRIALS 0.1%** |
|  **Kone Oyj 'B'** | 2066 | 107 |
|  **Metso Outotec Oyj** | 1267 | 13 |
|  **Wartsila Oyj Abp** | 1240 | 10 |
|  |  | 130 |
| **INFORMATION TECHNOLOGY 0.1%** | **INFORMATION TECHNOLOGY 0.1%** | **INFORMATION TECHNOLOGY 0.1%** |
|  **TietoEVRY Oyj** | 3066 | 87 |
| **MATERIALS 0.2%** | **MATERIALS 0.2%** | **MATERIALS 0.2%** |
|  **Kemira Oyj** | 2326 | 36 |
|  **Outokumpu Oyj** | 8577 | 43 |
|  **Stora Enso Oyj 'R'** | 4449 | 63 |
|  **UPM-Kymmene Oyj** | 2687 | 100 |
|  |  | 242 |

---

---

| | | |
|:---|:---|:---|
| **34** | **PIMCO EQUITY SERIES** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
| **REAL ESTATE 0.1%** | **REAL ESTATE 0.1%** | **REAL ESTATE 0.1%** |
|  **Citycon Oyj** | 4812 | 32 |
|  **Kojamo Oyj** | 2138 | 32 |
|  |  | 64 |
| **UTILITIES 0.1%** | **UTILITIES 0.1%** | **UTILITIES 0.1%** |
|  **Fortum Oyj** | 3752 | 62 |
|  **Total Finland** |  | **1321** |
| **FRANCE 7.8%** | **FRANCE 7.8%** | **FRANCE 7.8%** |
| **COMMUNICATION SERVICES 0.8%** | **COMMUNICATION SERVICES 0.8%** | **COMMUNICATION SERVICES 0.8%** |
|  **Eutelsat Communications SA** | 6790 | 50 |
|  **Metropole Television SA** | 1903 | 31 |
|  **Orange SA** | 67895 | 674 |
|  **Publicis Groupe SA** | 1691 | 108 |
|  **Television Francaise 1** | 2704 | 21 |
|  **Ubisoft Entertainment SA (a)** | 380 | 11 |
|  |  | 895 |
| **CONSUMER DISCRETIONARY 1.3%** | **CONSUMER DISCRETIONARY 1.3%** | **CONSUMER DISCRETIONARY 1.3%** |
|  **Accor SA (a)** | 738 | 18 |
|  **Cie Generale des Etablissements Michelin SCA** | 2988 | 83 |
|  **Faurecia SE (a)** | 2516 | 38 |
|  **Hermes International** | 91 | 141 |
|  **Kering SA** | 210 | 107 |
|  **LVMH Moet Hennessy Louis Vuitton SE** | 539 | 392 |
|  **Renault SA** | 15506 | 518 |
|  **SEB SA** | 408 | 34 |
|  **Sodexo SA** | 621 | 60 |
|  **Valeo SA** | 1177 | 21 |
|  |  | 1412 |
| **CONSUMER STAPLES 0.7%** | **CONSUMER STAPLES 0.7%** | **CONSUMER STAPLES 0.7%** |
|  **Carrefour SA** | 23465 | 392 |
|  **Casino Guichard Perrachon SA (a)** | 2093 | 22 |
|  **Danone SA** | 4281 | 226 |
|  **L'Oreal SA** | 139 | 50 |
|  **Pernod Ricard SA** | 470 | 92 |
|  |  | 782 |
| **ENERGY 0.7%** | **ENERGY 0.7%** | **ENERGY 0.7%** |
|  **TotalEnergies SE** | 12239 | 768 |
| **FINANCIALS 0.9%** | **FINANCIALS 0.9%** | **FINANCIALS 0.9%** |
|  **AXA SA** | 4789 | 134 |
|  **BNP Paribas SA** | 2533 | 144 |
|  **SCOR SE** | 1425 | 33 |
|  **Societe Generale SA** | 25596 | 642 |
|  |  | 953 |
| **HEALTH CARE 0.6%** | **HEALTH CARE 0.6%** | **HEALTH CARE 0.6%** |
|  **BioMerieux** | 359 | 38 |
|  **Sanofi** | 5932 | 572 |
|  **Sartorius Stedim Biotech** | 126 | 41 |
|  |  | 651 |
| **INDUSTRIALS 1.6%** | **INDUSTRIALS 1.6%** | **INDUSTRIALS 1.6%** |
|  **Airbus SE** | 1740 | 207 |
|  **Alstom SA** | 2517 | 62 |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  **Bouygues SA** | 5476 | 164 |
|  **Bureau Veritas SA** | 3816 | 101 |
|  **Cie de Saint-Gobain** | 2251 | 110 |
|  **Dassault Aviation SA** | 365 | 62 |
|  **Edenred** | 549 | 30 |
|  **Elis SA** | 2325 | 34 |
|  **Getlink SE** | 1121 | 18 |
|  **Legrand SA** | 533 | 43 |
|  **Nexans SA** | 664 | 60 |
|  **Rexel SA** | 7786 | 154 |
|  **Safran SA** | 1575 | 197 |
|  **Societe BIC SA** | 675 | 46 |
|  **Thales SA** | 1091 | 139 |
|  **Vinci SA** | 3031 | 302 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1729 |
| **INFORMATION TECHNOLOGY 0.1%** | **INFORMATION TECHNOLOGY 0.1%** | **INFORMATION TECHNOLOGY 0.1%** |
|  **Alten SA** | 287 | 36 |
|  **Worldline SA (a)** | 651 | 25 |
|  |  | 61 |
| **MATERIALS 0.2%** | **MATERIALS 0.2%** | **MATERIALS 0.2%** |
|  **Air Liquide SA** | 1138 | 162 |
|  **Eramet SA** | 157 | 14 |
|  **Vicat SA** | 973 | 24 |
|  |  | 200 |
| **UTILITIES 0.9%** | **UTILITIES 0.9%** | **UTILITIES 0.9%** |
|  **Electricite de France SA** | 14987 | 192 |
|  **Engie SA** | 41552 | 595 |
|  **Veolia Environnement SA** | 6251 | 161 |
|  |  | 948 |
|  **Total France** |  | **8399** |
| **GERMANY 5.2%** | **GERMANY 5.2%** | **GERMANY 5.2%** |
| **COMMUNICATION SERVICES 0.3%** | **COMMUNICATION SERVICES 0.3%** | **COMMUNICATION SERVICES 0.3%** |
|  **CTS Eventim AG & Co. KGaA (a)** | 553 | 35 |
|  **Deutsche Telekom AG (a)** | 6279 | 125 |
|  **Freenet AG** | 2897 | 63 |
|  **ProSiebenSat.1 Media SE** | 3205 | 28 |
|  **Scout24 SE** | 575 | 29 |
|  **Telefonica Deutschland Holding AG** | 19438 | 48 |
|  |  | 328 |
| **CONSUMER DISCRETIONARY 1.6%** | **CONSUMER DISCRETIONARY 1.6%** | **CONSUMER DISCRETIONARY 1.6%** |
|  **Adidas AG** | 558 | 76 |
|  **Bayerische Motoren Werke AG** | 9823 | 870 |
|  **Continental AG** | 1442 | 86 |
|  **ElringKlinger AG** | 2925 | 22 |
|  **Fielmann AG** | 627 | 25 |
|  **Hella GmbH & Co. KGaA** | 411 | 33 |
|  **Hornbach Holding AG & Co. KGaA** | 506 | 42 |
|  **Hugo Boss AG** | 1343 | 78 |
|  **Mercedes-Benz Group AG** | 6615 | 432 |
|  **Vitesco Technologies Group AG (a)** | 992 | 57 |
|  |  | 1721 |
| **CONSUMER STAPLES 0.2%** | **CONSUMER STAPLES 0.2%** | **CONSUMER STAPLES 0.2%** |
|  **Beiersdorf AG** | 646 | 74 |
|  **Metro AG** | 5414 | 53 |
|  **Suedzucker AG** | 2249 | 39 |
|  |  | 166 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **FINANCIALS 1.1%** | **FINANCIALS 1.1%** | **FINANCIALS 1.1%** | **FINANCIALS 1.1%** |
|  **Allianz SE** | 786 | $— | 168 |
|  **Commerzbank AG** | 37718 |  | 353 |
|  **Deutsche Bank AG** | 19239 |  | 216 |
|  **Deutsche Boerse AG** | 1204 |  | 207 |
|  **Deutsche Pfandbriefbank AG** | 5232 |  | 40 |
|  **Hannover Rueck SE** | 373 |  | 74 |
|  **Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen** | 315 |  | 102 |
|  **Talanx AG** | 928 |  | 44 |
|  |  |  | 1204 |
| **HEALTH CARE 0.3%** | **HEALTH CARE 0.3%** | **HEALTH CARE 0.3%** | **HEALTH CARE 0.3%** |
|  **Bayer AG** | 1855 |  | 95 |
|  **Carl Zeiss Meditec AG** | 294 |  | 37 |
|  **Fresenius Medical Care AG & Co. KGaA** | 865 |  | 28 |
|  **Gerresheimer AG** | 413 |  | 28 |
|  **Merck KGaA** | 582 |  | 112 |
|  **Siemens Healthineers AG** | 1121 |  | 56 |
|  |  |  | 356 |
| **INDUSTRIALS 0.6%** | **INDUSTRIALS 0.6%** | **INDUSTRIALS 0.6%** | **INDUSTRIALS 0.6%** |
|  **Bilfinger SE** | 1115 |  | 32 |
|  **Deutsche Lufthansa AG** | 26631 |  | 219 |
|  **Deutsche Post AG** | 3527 |  | 132 |
|  **Hapag-Lloyd AG** | 218 |  | 41 |
|  **Kloeckner & Co. SE** | 3220 |  | 32 |
|  **Knorr-Bremse AG** | 512 |  | 28 |
|  **MTU Aero Engines AG** | 285 |  | 61 |
|  **Rational AG** | 34 |  | 20 |
|  **Rheinmetall AG** | 144 |  | 29 |
|  **Siemens AG** | 588 |  | 81 |
|  |  |  | 675 |
| **INFORMATION TECHNOLOGY 0.2%** | **INFORMATION TECHNOLOGY 0.2%** | **INFORMATION TECHNOLOGY 0.2%** | **INFORMATION TECHNOLOGY 0.2%** |
|  **SAP SE** | 2108 |  | 218 |
| **MATERIALS 0.5%** | **MATERIALS 0.5%** | **MATERIALS 0.5%** | **MATERIALS 0.5%** |
|  **Aurubis AG** | 881 |  | 72 |
|  **BASF SE** | 3049 |  | 150 |
|  **Covestro AG** | 2146 |  | 83 |
|  **K&S AG** | 6473 |  | 128 |
|  **Salzgitter AG** | 1911 |  | 58 |
|  **Symrise AG** | 202 |  | 22 |
|  **Wacker Chemie AG** | 118 |  | 15 |
|  |  |  | 528 |
| **REAL ESTATE 0.1%** | **REAL ESTATE 0.1%** | **REAL ESTATE 0.1%** | **REAL ESTATE 0.1%** |
|  **LEG Immobilien SE** | 993 |  | 65 |
|  **TAG Immobilien AG** | 1402 |  | 9 |
|  **Vonovia SE** | 1431 |  | 34 |
|  |  |  | 108 |
| **UTILITIES 0.3%** | **UTILITIES 0.3%** | **UTILITIES 0.3%** | **UTILITIES 0.3%** |
|  **E.ON SE** | 11311 |  | 112 |
|  **RWE AG** | 4164 |  | 184 |
|  |  |  | 296 |
|  **Total Germany** |  |  | **5600** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **35** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO RAFI Dynamic Multi-Factor International Equity ETF** | **(Cont.)** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **HONG KONG 1.8%** | **HONG KONG 1.8%** | **HONG KONG 1.8%** | **HONG KONG 1.8%** |
| **COMMUNICATION SERVICES 0.1%** | **COMMUNICATION SERVICES 0.1%** | **COMMUNICATION SERVICES 0.1%** | **COMMUNICATION SERVICES 0.1%** |
|  **HKBN Ltd.** | 33500 | $— | 22 |
|  **HKT Trust & HKT Ltd.** | 48000 |  | 59 |
|  **PCCW Ltd.** | 125295 |  | 56 |
|  |  |  | 137 |
| **CONSUMER DISCRETIONARY 0.2%** | **CONSUMER DISCRETIONARY 0.2%** | **CONSUMER DISCRETIONARY 0.2%** | **CONSUMER DISCRETIONARY 0.2%** |
|  **Bosideng International Holdings Ltd.** | 84000 |  | 40 |
|  **Chow Tai Fook Jewellery Group Ltd.** | 25600 |  | 52 |
|  **Galaxy Entertainment Group Ltd.** | 7000 |  | 46 |
|  **Melco Resorts & Entertainment Ltd. ADR (a)** | 1269 |  | 15 |
|  **SJM Holdings Ltd. (a)** | 20000 |  | 11 |
|  **Skyworth Group Ltd.** | 68000 |  | 29 |
|  |  |  | 193 |
| **CONSUMER STAPLES 0.0%** | **CONSUMER STAPLES 0.0%** | **CONSUMER STAPLES 0.0%** | **CONSUMER STAPLES 0.0%** |
|  **WH Group Ltd.** | 64000 |  | 37 |
| **FINANCIALS 0.2%** | **FINANCIALS 0.2%** | **FINANCIALS 0.2%** | **FINANCIALS 0.2%** |
|  **AIA Group Ltd.** | 19200 |  | 212 |
|  **Hong Kong Exchanges & Clearing Ltd.** | 1200 |  | 52 |
|  |  |  | 264 |
| **INDUSTRIALS 0.5%** | **INDUSTRIALS 0.5%** | **INDUSTRIALS 0.5%** | **INDUSTRIALS 0.5%** |
|  **Cathay Pacific Airways Ltd. (a)** | 48000 |  | 52 |
|  **CK Hutchison Holdings Ltd.** | 22000 |  | 132 |
|  **Hutchison Port Holdings Trust** | 188900 |  | 36 |
|  **Jardine Matheson Holdings Ltd.** | 1700 |  | 86 |
|  **MTR Corp. Ltd.** | 20000 |  | 106 |
|  **NWS Holdings Ltd.** | 39000 |  | 34 |
|  **Pacific Basin Shipping Ltd.** | 70000 |  | 23 |
|  **SITC International Holdings Co. Ltd.** | 12000 |  | 27 |
|  **Xinyi Glass Holdings Ltd.** | 15000 |  | 28 |
|  |  |  | 524 |
| **INFORMATION TECHNOLOGY 0.1%** | **INFORMATION TECHNOLOGY 0.1%** | **INFORMATION TECHNOLOGY 0.1%** | **INFORMATION TECHNOLOGY 0.1%** |
|  **Kingboard Holdings Ltd.** | 10200 |  | 33 |
|  **Kingboard Laminates Holdings Ltd.** | 23000 |  | 25 |
|  **Truly International Holdings Ltd.** | 116000 |  | 18 |
|  |  |  | 76 |
| **REAL ESTATE 0.5%** | **REAL ESTATE 0.5%** | **REAL ESTATE 0.5%** | **REAL ESTATE 0.5%** |
|  **CK Asset Holdings Ltd.** | 21000 |  | 129 |
|  **Hongkong Land Holdings Ltd.** | 14900 |  | 69 |
|  **Hopson Development Holdings Ltd.** | 27071 |  | 26 |
|  **New World Development Co. Ltd.** | 19000 |  | 53 |
|  **Sun Hung Kai Properties Ltd.** | 14500 |  | 198 |
|  **Swire Pacific Ltd. 'A'** | 8000 |  | 70 |
|  **Wharf Holdings Ltd.** | 12000 |  | 35 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;580 |
| **UTILITIES 0.2%** | **UTILITIES 0.2%** | **UTILITIES 0.2%** | **UTILITIES 0.2%** |
|  **CLP Holdings Ltd.** | 12100 |  | 88 |
|  **HK Electric Investments & HK Electric Investments Ltd.** | 28000 |  | 19 |
|  **Hong Kong & China Gas Co. Ltd.** | 33972 |  | 32 |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  **Power Assets Holdings Ltd.** | 6000 | 33 |
|  |  | 172 |
|  **Total Hong Kong** |  | **1983** |
| **IRELAND 1.0%** | **IRELAND 1.0%** | **IRELAND 1.0%** |
| **CONSUMER DISCRETIONARY 0.0%** | **CONSUMER DISCRETIONARY 0.0%** | **CONSUMER DISCRETIONARY 0.0%** |
|  **Flutter Entertainment PLC (a)** | 221 | 30 |
| **CONSUMER STAPLES 0.1%** | **CONSUMER STAPLES 0.1%** | **CONSUMER STAPLES 0.1%** |
|  **Glanbia PLC** | 3992 | 51 |
|  **Kerry Group PLC 'A'** | 890 | 80 |
|  |  | 131 |
| **FINANCIALS 0.1%** | **FINANCIALS 0.1%** | **FINANCIALS 0.1%** |
|  **Bank of Ireland Group PLC** | 6663 | 64 |
| **HEALTH CARE 0.5%** | **HEALTH CARE 0.5%** | **HEALTH CARE 0.5%** |
|  **ICON PLC (a)** | 537 | 104 |
|  **Jazz Pharmaceuticals PLC (a)** | 386 | 62 |
|  **Medtronic PLC** | 4327 | 336 |
|  |  | 502 |
| **INDUSTRIALS 0.2%** | **INDUSTRIALS 0.2%** | **INDUSTRIALS 0.2%** |
|  **Allegion PLC** | 313 | 33 |
|  **DCC PLC** | 457 | 22 |
|  **Experian PLC** | 2452 | 83 |
|  **Grafton Group PLC** | 3008 | 29 |
|  **Kingspan Group PLC** | 601 | 33 |
|  **Trane Technologies PLC** | 395 | 66 |
|  |  | 266 |
| **MATERIALS 0.1%** | **MATERIALS 0.1%** | **MATERIALS 0.1%** |
|  **James Hardie Industries PLC** | 4478 | 80 |
|  **Smurfit Kappa Group PLC** | 889 | 33 |
|  |  | 113 |
|  **Total Ireland** |  | **1106** |
| **ISRAEL 0.9%** | **ISRAEL 0.9%** | **ISRAEL 0.9%** |
| **COMMUNICATION SERVICES 0.1%** | **COMMUNICATION SERVICES 0.1%** | **COMMUNICATION SERVICES 0.1%** |
|  **Bezeq The Israeli Telecommunication Corp. Ltd.** | 48619 | 84 |
| **CONSUMER STAPLES 0.0%** | **CONSUMER STAPLES 0.0%** | **CONSUMER STAPLES 0.0%** |
|  **Strauss Group Ltd.** | 1133 | 30 |
| **ENERGY 0.1%** | **ENERGY 0.1%** | **ENERGY 0.1%** |
|  **Delek Group Ltd. (a)** | 512 | 56 |
|  **Oil Refineries Ltd.** | 161744 | 57 |
|  **Paz Oil Co. Ltd. (a)** | 219 | 27 |
|  |  | 140 |
| **FINANCIALS 0.3%** | **FINANCIALS 0.3%** | **FINANCIALS 0.3%** |
|  **Bank Hapoalim BM** | 10557 | 95 |
|  **Bank Leumi Le-Israel BM** | 12670 | 105 |
|  **Harel Insurance Investments & Financial Services Ltd.** | 3279 | 29 |
|  **Israel Discount Bank Ltd. 'A'** | 9678 | 51 |
|  **Mizrahi Tefahot Bank Ltd.** | 1293 | 42 |
|  **Plus500 Ltd.** | 1262 | 27 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;349 |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
| **HEALTH CARE 0.1%** | **HEALTH CARE 0.1%** | **HEALTH CARE 0.1%** |
|  **Teva Pharmaceutical Industries Ltd. SP - ADR (a)** | 6884 | 63 |
| **INDUSTRIALS 0.1%** | **INDUSTRIALS 0.1%** | **INDUSTRIALS 0.1%** |
|  **Elbit Systems Ltd.** | 205 | 33 |
| **INFORMATION TECHNOLOGY 0.1%** | **INFORMATION TECHNOLOGY 0.1%** | **INFORMATION TECHNOLOGY 0.1%** |
|  **Check Point Software Technologies Ltd. (a)** | 781 | 99 |
|  **Nice Ltd. (a)** | 169 | 32 |
|  **SolarEdge Technologies, Inc. (a)** | 33 | 9 |
|  |  | 140 |
| **MATERIALS 0.1%** | **MATERIALS 0.1%** | **MATERIALS 0.1%** |
|  **ICL Group Ltd.** | 15162 | 110 |
| **REAL ESTATE 0.0%** | **REAL ESTATE 0.0%** | **REAL ESTATE 0.0%** |
|  **Azrieli Group Ltd.** | 166 | 11 |
|  **G City Ltd.** | 5396 | 17 |
|  |  | 28 |
|  **Total Israel** |  | **977** |
| **ITALY 2.7%** | **ITALY 2.7%** | **ITALY 2.7%** |
| **COMMUNICATION SERVICES 0.2%** | **COMMUNICATION SERVICES 0.2%** | **COMMUNICATION SERVICES 0.2%** |
|  **Infrastrutture Wireless Italiane SpA** | 3529 | 36 |
|  **MFE-MediaForEurope NV 'A'** | 30822 | 12 |
|  **MFE-MediaForEurope NV 'B'** | 10816 | 6 |
|  **Telecom Italia SpA** | 756967 | 175 |
|  |  | 229 |
| **CONSUMER DISCRETIONARY 0.2%** | **CONSUMER DISCRETIONARY 0.2%** | **CONSUMER DISCRETIONARY 0.2%** |
|  **Brembo SpA** | 3123 | 35 |
|  **Ferrari NV** | 334 | 72 |
|  **Moncler SpA** | 760 | 40 |
|  |  | 147 |
| **CONSUMER STAPLES 0.0%** | **CONSUMER STAPLES 0.0%** | **CONSUMER STAPLES 0.0%** |
|  **MARR SpA** | 1729 | 21 |
| **ENERGY 0.9%** | **ENERGY 0.9%** | **ENERGY 0.9%** |
|  **Eni SpA** | 66249 | 942 |
|  **Saipem SpA (a)** | 9922 | 12 |
|  **Saras SpA (a)** | 24345 | 30 |
|  |  | 984 |
| **FINANCIALS 0.7%** | **FINANCIALS 0.7%** | **FINANCIALS 0.7%** |
|  **Anima Holding SpA** | 7638 | 31 |
|  **Azimut Holding SpA** | 2661 | 60 |
|  **Banca Generali SpA** | 839 | 29 |
|  **Banca IFIS SpA** | 2917 | 41 |
|  **Banca Popolare di Sondrio SpA** | 10327 | 42 |
|  **Banco BPM SpA** | 25828 | 92 |
|  **BPER Banca** | 22585 | 46 |
|  **FinecoBank Banca Fineco SpA** | 2745 | 46 |
|  **Intesa Sanpaolo SpA** | 13771 | 30 |
|  **UniCredit SpA** | 16947 | 240 |
|  **Unipol Gruppo SpA** | 15176 | 74 |
|  |  | 731 |

---

---

| | | |
|:---|:---|:---|
| **36** | **PIMCO EQUITY SERIES** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **HEALTH CARE 0.1%** | **HEALTH CARE 0.1%** | **HEALTH CARE 0.1%** | **HEALTH CARE 0.1%** |
|  **Amplifon SpA** | 1113 | $— | 33 |
|  **DiaSorin SpA** | 358 |  | 50 |
|  **Recordati Industria Chimica e Farmaceutica SpA** | 1261 |  | 53 |
|  |  |  | 136 |
| **INDUSTRIALS 0.1%** | **INDUSTRIALS 0.1%** | **INDUSTRIALS 0.1%** | **INDUSTRIALS 0.1%** |
|  **Enav SpA** | 6057 |  | 26 |
|  **Leonardo SpA** | 9889 |  | 85 |
|  |  |  | 111 |
| **UTILITIES 0.5%** | **UTILITIES 0.5%** | **UTILITIES 0.5%** | **UTILITIES 0.5%** |
|  **Enel SpA** | 59081 |  | 318 |
|  **ERG SpA** | 1450 |  | 45 |
|  **Iren SpA** | 12572 |  | 20 |
|  **Snam SpA** | 15262 |  | 74 |
|  **Terna - Rete Elettrica Nazionale** | 14117 |  | 104 |
|  |  |  | 561 |
|  **Total Italy** |  |  | **2920** |
| **JAPAN 25.6%** | **JAPAN 25.6%** | **JAPAN 25.6%** | **JAPAN 25.6%** |
| **COMMUNICATION SERVICES 2.4%** | **COMMUNICATION SERVICES 2.4%** | **COMMUNICATION SERVICES 2.4%** | **COMMUNICATION SERVICES 2.4%** |
|  **Avex, Inc.** | 2800 |  | 36 |
|  **Capcom Co. Ltd.** | 2800 |  | 89 |
|  **Fuji Media Holdings, Inc.** | 4300 |  | 35 |
|  **Internet Initiative Japan, Inc.** | 2200 |  | 41 |
|  **Kadokawa Corp.** | 2600 |  | 48 |
|  **KDDI Corp.** | 22900 |  | 695 |
|  **Konami Group Corp. (a)** | 400 |  | 18 |
|  **Nexon Co. Ltd.** | 1800 |  | 40 |
|  **Nintendo Co. Ltd.** | 7800 |  | 328 |
|  **Nippon Telegraph & Telephone Corp.** | 24700 |  | 704 |
|  **Nippon Television Holdings, Inc.** | 4700 |  | 37 |
|  **Softbank Corp.** | 33000 |  | 373 |
|  **SoftBank Group Corp.** | 2000 |  | 85 |
|  **Square Enix Holdings Co. Ltd.** | 600 |  | 28 |
|  **Toho Co. Ltd.** | 900 |  | 35 |
|  **Yahoo Japan Corp.** | 11400 |  | 28 |
|  |  |  | 2620 |
| **CONSUMER DISCRETIONARY 4.3%** | **CONSUMER DISCRETIONARY 4.3%** | **CONSUMER DISCRETIONARY 4.3%** | **CONSUMER DISCRETIONARY 4.3%** |
|  **Aisin Corp.** | 3900 |  | 103 |
|  **Arata Corp.** | 100 |  | 3 |
|  **Bandai Namco Holdings, Inc.** | 1700 |  | 107 |
|  **Bridgestone Corp.** | 6400 |  | 227 |
|  **Casio Computer Co. Ltd.** | 3300 |  | 34 |
|  **DCM Holdings Co. Ltd.** | 6000 |  | 55 |
|  **EDION Corp.** | 3800 |  | 37 |
|  **Exedy Corp.** | 2800 |  | 34 |
|  **Fast Retailing Co. Ltd. (a)** | 200 |  | 122 |
|  **Food & Life Cos., Ltd.** | 2300 |  | 45 |
|  **Geo Holdings Corp. (a)** | 700 |  | 12 |
|  **H2O Retailing Corp.** | 1200 |  | 12 |
|  **Haseko Corp.** | 2600 |  | 29 |
|  **Heiwa Corp. (a)** | 700 |  | 13 |
|  **Hikari Tsushin, Inc.** | 200 |  | 28 |
|  **HIS Co. Ltd. (a)** | 1400 |  | 22 |
|  **Honda Motor Co. Ltd.** | 24500 |  | 559 |
|  **Iida Group Holdings Co. Ltd.** | 2600 |  | 40 |
|  **Isetan Mitsukoshi Holdings Ltd.** | 13100 |  | 142 |
|  **Isuzu Motors Ltd.** | 14900 |  | 173 |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  **J Front Retailing Co. Ltd.** | 5000 | 45 |
|  **JTEKT Corp.** | 6900 | 48 |
|  **K's Holdings Corp.** | 5400 | 46 |
|  **Kohnan Shoji Co. Ltd.** | 2000 | 52 |
|  **Mazda Motor Corp.** | 25500 | 191 |
|  **McDonald's Holdings Co. Japan Ltd.** | 900 | 34 |
|  **Mitsubishi Motors Corp. (a)** | 21400 | 81 |
|  **NHK Spring Co. Ltd.** | 4000 | 25 |
|  **Nikon Corp.** | 5400 | 48 |
|  **Nishimatsuya Chain Co. Ltd.** | 2900 | 34 |
|  **Nissan Motor Co. Ltd.** | 86900 | 272 |
|  **Nitori Holdings Co. Ltd.** | 300 | 39 |
|  **NOK Corp.** | 3800 | 33 |
|  **Oriental Land Co. Ltd.** | 800 | 116 |
|  **Paltac Corp.** | 100 | 4 |
|  **Pan Pacific International Holdings Corp.** | 3900 | 72 |
|  **Rinnai Corp.** | 100 | 7 |
|  **Round One Corp.** | 9700 | 35 |
|  **Saizeriya Co. Ltd.** | 1600 | 36 |
|  **Sankyo Co. Ltd.** | 1500 | 61 |
|  **Sega Sammy Holdings, Inc.** | 1900 | 29 |
|  **Sekisui Chemical Co. Ltd.** | 3000 | 42 |
|  **Sekisui House Ltd.** | 3900 | 69 |
|  **Shimamura Co. Ltd.** | 800 | 80 |
|  **Shimano, Inc.** | 400 | 63 |
|  **Skylark Holdings Co. Ltd.** | 2000 | 23 |
|  **Stanley Electric Co. Ltd.** | 1900 | 36 |
|  **Subaru Corp.** | 5000 | 76 |
|  **Sumitomo Electric Industries Ltd.** | 13200 | 149 |
|  **Sumitomo Forestry Co. Ltd.** | 3300 | 58 |
|  **Sumitomo Rubber Industries Ltd.** | 5900 | 51 |
|  **Suzuki Motor Corp.** | 2200 | 71 |
|  **Takashimaya Co. Ltd.** | 3500 | 49 |
|  **Tokai Rika Co. Ltd.** | 2100 | 22 |
|  **Tomy Co. Ltd.** | 2800 | 27 |
|  **Toyo Tire Corp.** | 2900 | 33 |
|  **Toyoda Gosei Co. Ltd.** | 2500 | 39 |
|  **Toyota Boshoku Corp.** | 3800 | 50 |
|  **Toyota Motor Corp.** | 14700 | 201 |
|  **TS Tech Co. Ltd.** | 2700 | 31 |
|  **USS Co. Ltd.** | 2700 | 43 |
|  **Yamada Holdings Co. Ltd.** | 35000 | 124 |
|  **Yamaha Corp.** | 700 | 26 |
|  **Yamaha Motor Co. Ltd.** | 2300 | 52 |
|  **Yoshinoya Holdings Co. Ltd.** | 1600 | 28 |
|  **Zensho Holdings Co. Ltd.** | 1500 | 38 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;4586 |
| **CONSUMER STAPLES 2.8%** | **CONSUMER STAPLES 2.8%** | **CONSUMER STAPLES 2.8%** |
|  **Aeon Co. Ltd.** | 4900 | 103 |
|  **Ain Holdings, Inc.** | 100 | 5 |
|  **Ajinomoto Co., Inc.** | 7700 | 235 |
|  **Calbee, Inc.** | 1700 | 39 |
|  **Cawachi Ltd.** | 1900 | 32 |
|  **Earth Corp.** | 100 | 4 |
|  **Fuji Oil Holdings, Inc.** | 4400 | 68 |
|  **House Foods Group, Inc.** | 1600 | 34 |
|  **Itoham Yonekyu Holdings, Inc.** | 6900 | 37 |
|  **Japan Tobacco, Inc.** | 24600 | 496 |
|  **Kagome Co. Ltd.** | 1400 | 32 |
|  **Kao Corp.** | 3400 | 135 |
|  **Kewpie Corp.** | 2000 | 36 |
|  **Kikkoman Corp.** | 700 | 37 |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  **Kirin Holdings Co. Ltd.** | 10500 | 160 |
|  **Kobe Bussan Co. Ltd.** | 1300 | 37 |
|  **Lawson, Inc.** | 800 | 31 |
|  **Maruha Nichiro Corp.** | 1800 | 34 |
|  **MatsukiyoCocokara & Co.** | 200 | 10 |
|  **MEIJI Holdings Co. Ltd.** | 2100 | 108 |
|  **Mitsubishi Shokuhin Co. Ltd.** | 1600 | 38 |
|  **Mitsui DM Sugar Holdings Co. Ltd.** | 2400 | 37 |
|  **Morinaga & Co. Ltd.** | 1400 | 42 |
|  **Morinaga Milk Industry Co. Ltd.** | 800 | 30 |
|  **NH Foods Ltd.** | 2700 | 75 |
|  **Nichirei Corp.** | 700 | 15 |
|  **Nippn Corp.** | 2900 | 36 |
|  **Nisshin Oillio Group Ltd.** | 1400 | 35 |
|  **Nisshin Seifun Group, Inc.** | 2900 | 36 |
|  **Nissin Foods Holdings Co. Ltd.** | 600 | 47 |
|  **Pola Orbis Holdings, Inc.** | 2900 | 41 |
|  **Sakata Seed Corp.** | 200 | 7 |
|  **Seven & i Holdings Co. Ltd.** | 10700 | 459 |
|  **Sugi Holdings Co. Ltd.** | 200 | 9 |
|  **Sundrug Co. Ltd.** | 1700 | 50 |
|  **Suntory Beverage & Food Ltd.** | 1900 | 65 |
|  **Toyo Suisan Kaisha Ltd.** | 700 | 27 |
|  **Tsuruha Holdings, Inc.** | 600 | 46 |
|  **Unicharm Corp.** | 1900 | 73 |
|  **United Super Markets Holdings, Inc.** | 4200 | 36 |
|  **Yakult Honsha Co. Ltd.** | 800 | 52 |
|  **Yamazaki Baking Co. Ltd.** | 2800 | 33 |
|  **Yokorei Co. Ltd.** | 5500 | 45 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;3007 |
| **ENERGY 0.9%** | **ENERGY 0.9%** | **ENERGY 0.9%** |
|  **Cosmo Energy Holdings Co. Ltd.** | 2800 | 74 |
|  **ENEOS Holdings, Inc.** | 91600 | 312 |
|  **Idemitsu Kosan Co. Ltd.** | 6712 | 157 |
|  **Inpex Corp.** | 32300 | 347 |
|  **Iwatani Corp.** | 700 | 31 |
|  **Japan Petroleum Exploration Co. Ltd. (a)** | 600 | 18 |
|  |  | 939 |
| **FINANCIALS 1.9%** | **FINANCIALS 1.9%** | **FINANCIALS 1.9%** |
|  **Aozora Bank Ltd.** | 2100 | 41 |
|  **Daiwa Securities Group, Inc.** | 10000 | 44 |
|  **Hokuhoku Financial Group, Inc.** | 5600 | 41 |
|  **Hyakujushi Bank Ltd.** | 3000 | 44 |
|  **Jafco Co. Ltd.** | 900 | 15 |
|  **Japan Post Bank Co. Ltd.** | 9300 | 80 |
|  **Japan Post Holdings Co. Ltd.** | 64400 | 542 |
|  **Japan Post Insurance Co. Ltd.** | 2300 | 40 |
|  **Mebuki Financial Group, Inc.** | 19800 | 50 |
|  **Mitsubishi UFJ Financial Group, Inc.** | 30500 | 205 |
|  **Mizuho Financial Group, Inc.** | 14000 | 197 |
|  **MS&AD Insurance Group Holdings, Inc.** | 5100 | 163 |
|  **Nanto Bank Ltd.** | 2900 | 56 |
|  **Nishi-Nippon Financial Holdings, Inc.** | 11100 | 81 |
|  **Resona Holdings, Inc.** | 10500 | 58 |
|  **Senshu Ikeda Holdings, Inc.** | 29700 | 57 |
|  **Seven Bank Ltd.** | 20100 | 40 |
|  **Sompo Holdings, Inc.** | 600 | 27 |
|  **Sumitomo Mitsui Financial Group, Inc.** | 2900 | 117 |
|  **Sumitomo Mitsui Trust Holdings, Inc.** | 2500 | 87 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **37** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO RAFI Dynamic Multi-Factor International Equity ETF** | **(Cont.)** |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  **Tokio Marine Holdings, Inc.** | 4300 | 92 |
|  **Zenkoku Hosho Co. Ltd.** | 200 | 8 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2085 |
| **HEALTH CARE 1.8%** | **HEALTH CARE 1.8%** | **HEALTH CARE 1.8%** |
|  **Alfresa Holdings Corp.** | 3000 | 38 |
|  **Asahi Intecc Co. Ltd. (a)** | 1000 | 16 |
|  **Astellas Pharma, Inc.** | 24900 | 379 |
|  **Chugai Pharmaceutical Co. Ltd.** | 1400 | 36 |
|  **Daiichi Sankyo Co. Ltd.** | 3800 | 122 |
|  **Eisai Co. Ltd.** | 1400 | 92 |
|  **H.U. Group Holdings, Inc.** | 1600 | 35 |
|  **Hoya Corp.** | 600 | 57 |
|  **Kaken Pharmaceutical Co. Ltd.** | 1300 | 38 |
|  **M3, Inc.** | 800 | 22 |
|  **Medipal Holdings Corp.** | 3700 | 49 |
|  **Olympus Corp.** | 5600 | 99 |
|  **Ono Pharmaceutical Co. Ltd.** | 1700 | 40 |
|  **Otsuka Holdings Co. Ltd.** | 1900 | 62 |
|  **Rohto Pharmaceutical Co. Ltd. (a)** | 1600 | 28 |
|  **Shionogi & Co. Ltd.** | 900 | 45 |
|  **Suzuken Co. Ltd.** | 1500 | 40 |
|  **Sysmex Corp.** | 400 | 24 |
|  **Taisho Pharmaceutical Holdings Co. Ltd.** | 600 | 26 |
|  **Takeda Pharmaceutical Co. Ltd.** | 18841 | 589 |
|  **Terumo Corp.** | 1900 | 54 |
|  **Toho Holdings Co. Ltd.** | 2500 | 42 |
|  **Tsumura & Co.** | 1400 | 31 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1964 |
| **INDUSTRIALS 6.2%** | **INDUSTRIALS 6.2%** | **INDUSTRIALS 6.2%** |
|  **AGC, Inc.** | 3000 | 100 |
|  **ANA Holdings, Inc. (a)** | 5800 | 123 |
|  **Central Glass Co. Ltd.** | 1700 | 36 |
|  **COMSYS Holdings Corp.** | 1900 | 33 |
|  **Dai Nippon Printing Co. Ltd.** | 4100 | 82 |
|  **Daikin Industries Ltd.** | 600 | 91 |
|  **East Japan Railway Co.** | 4600 | 262 |
|  **EXEO Group, Inc.** | 2100 | 36 |
|  **FANUC Corp.** | 400 | 60 |
|  **Fuji Electric Co. Ltd.** | 500 | 19 |
|  **Fujikura Ltd.** | 8600 | 65 |
|  **Fujitec Co. Ltd.** | 1700 | 39 |
|  **Hankyu Hanshin Holdings, Inc.** | 1600 | 47 |
|  **Hanwa Co. Ltd.** | 1400 | 40 |
|  **Harmonic Drive Systems, Inc. (a)** | 500 | 14 |
|  **Hazama Ando Corp.** | 3500 | 22 |
|  **Hino Motors Ltd.** | 9100 | 35 |
|  **Hitachi Ltd.** | 9500 | 478 |
|  **Hitachi Zosen Corp.** | 7200 | 45 |
|  **Hoshizaki Corp.** | 200 | 7 |
|  **IHI Corp.** | 1900 | 55 |
|  **ITOCHU Corp.** | 3900 | 122 |
|  **Japan Airlines Co. Ltd. (a)** | 7100 | 145 |
|  **Japan Pulp & Paper Co. Ltd. (a)** | 1400 | 54 |
|  **Kajima Corp.** | 3400 | 40 |
|  **Kamigumi Co. Ltd.** | 1700 | 35 |
|  **Kandenko Co. Ltd.** | 5500 | 36 |
|  **Kawasaki Heavy Industries Ltd.** | 4800 | 111 |
|  **Kawasaki Kisen Kaisha Ltd.** | 2600 | 55 |
|  **Keio Corp.** | 700 | 26 |
|  **Kinden Corp.** | 2900 | 32 |
|  **Kintetsu Group Holdings Co. Ltd. 'L'** | 1500 | 49 |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  **Komatsu Ltd.** | 1700 | 37 |
|  **Kubota Corp.** | 2000 | 27 |
|  **Kurita Water Industries Ltd.** | 800 | 33 |
|  **Kyushu Railway Co.** | 2000 | 44 |
|  **LIXIL Group Corp.** | 2000 | 30 |
|  **Marubeni Corp.** | 38400 | 440 |
|  **Meitec Corp.** | 1300 | 24 |
|  **Minebea Mitsumi, Inc.** | 2600 | 38 |
|  **MIRAIT ONE Corp.** | 2400 | 28 |
|  **Mitsubishi Corp.** | 3700 | 120 |
|  **Mitsubishi Heavy Industries Ltd.** | 10900 | 431 |
|  **Mitsui & Co. Ltd.** | 4400 | 128 |
|  **Mitsui OSK Lines Ltd.** | 12900 | 322 |
|  **MonotaRO Co. Ltd.** | 600 | 8 |
|  **Nagase & Co. Ltd.** | 2600 | 39 |
|  **Nagoya Railroad Co. Ltd. (a)** | 2000 | 33 |
|  **Nankai Electric Railway Co. Ltd.** | 1800 | 39 |
|  **Nippon Steel Trading Corp.** | 700 | 49 |
|  **Nippon Yusen KK** | 22600 | 533 |
|  **Nisshinbo Holdings, Inc.** | 5800 | 43 |
|  **NSK Ltd.** | 14300 | 75 |
|  **NTN Corp.** | 16600 | 33 |
|  **Obayashi Corp.** | 7100 | 54 |
|  **Park24 Co. Ltd. (a)** | 1200 | 20 |
|  **Persol Holdings Co. Ltd.** | 1900 | 40 |
|  **Recruit Holdings Co. Ltd.** | 2700 | 84 |
|  **Secom Co. Ltd.** | 1400 | 80 |
|  **Senko Group Holdings Co. Ltd.** | 5000 | 37 |
|  **SG Holdings Co. Ltd.** | 1700 | 24 |
|  **Shibaura Machine Co. Ltd.** | 1600 | 32 |
|  **Shinmaywa Industries Ltd.** | 3900 | 31 |
|  **SHO-BOND Holdings Co. Ltd.** | 200 | 8 |
|  **SMC Corp.** | 100 | 42 |
|  **Sohgo Security Services Co. Ltd.** | 1400 | 38 |
|  **Sojitz Corp.** | 6940 | 132 |
|  **Sotetsu Holdings, Inc.** | 1900 | 32 |
|  **Sumitomo Corp.** | 2700 | 45 |
|  **Taikisha Ltd.** | 1500 | 38 |
|  **Taisei Corp.** | 4000 | 129 |
|  **Takeuchi Manufacturing Co. Ltd.** | 1800 | 39 |
|  **Tobu Railway Co. Ltd.** | 2200 | 51 |
|  **Tokyu Corp.** | 5900 | 74 |
|  **Toppan, Inc.** | 6000 | 89 |
|  **Toshiba Corp.** | 6100 | 212 |
|  **TOTO Ltd.** | 900 | 31 |
|  **Toyota Tsusho Corp.** | 3700 | 136 |
|  **West Japan Railway Co.** | 3400 | 148 |
|  **Yaskawa Electric Corp.** | 900 | 29 |
|  **Yuasa Trading Co. Ltd.** | 1400 | 38 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;6661 |
| **INFORMATION TECHNOLOGY 2.1%** | **INFORMATION TECHNOLOGY 2.1%** | **INFORMATION TECHNOLOGY 2.1%** |
|  **Advantest Corp.** | 700 | 45 |
|  **Alps Alpine Co. Ltd.** | 4000 | 36 |
|  **Azbil Corp.** | 700 | 18 |
|  **BIPROGY, Inc.** | 1300 | 33 |
|  **Brother Industries Ltd.** | 1900 | 29 |
|  **Canon Marketing Japan, Inc.** | 1900 | 43 |
|  **Canon, Inc.** | 18000 | 390 |
|  **Citizen Watch Co. Ltd.** | 9200 | 41 |
|  **Daiwabo Holdings Co. Ltd.** | 2500 | 37 |
|  **Dexerials Corp.** | 800 | 15 |
|  **Disco Corp.** | 100 | 28 |
|  **DTS Corp.** | 1800 | 41 |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  **FUJIFILM Holdings Corp.** | 2800 | 140 |
|  **Fujitsu Ltd.** | 700 | 93 |
|  **Horiba Ltd.** | 100 | 4 |
|  **Hosiden Corp.** | 3000 | 36 |
|  **Ibiden Co. Ltd.** | 1800 | 65 |
|  **Kanematsu Electronics Ltd. (a)** | 1100 | 37 |
|  **Konica Minolta, Inc.** | 14400 | 57 |
|  **Macnica Holdings, Inc.** | 1700 | 40 |
|  **Maxell Ltd.** | 2900 | 30 |
|  **Murata Manufacturing Co. Ltd.** | 2100 | 104 |
|  **NEC Corp.** | 5100 | 179 |
|  **Nippon Electric Glass Co. Ltd.** | 3000 | 53 |
|  **Nomura Research Institute Ltd.** | 2400 | 57 |
|  **Obic Co. Ltd.** | 300 | 44 |
|  **Omron Corp.** | 900 | 43 |
|  **Otsuka Corp.** | 400 | 13 |
|  **Renesas Electronics Corp. (a)** | 3700 | 33 |
|  **Ricoh Co. Ltd.** | 14400 | 110 |
|  **SCSK Corp.** | 300 | 5 |
|  **Seiko Epson Corp.** | 2700 | 39 |
|  **Shinko Electric Industries Co. Ltd.** | 2400 | 61 |
|  **SUMCO Corp.** | 2100 | 28 |
|  **TIS, Inc.** | 2500 | 66 |
|  **Tokyo Electron Ltd.** | 400 | 117 |
|  **Tokyo Seimitsu Co. Ltd.** | 200 | 6 |
|  **Toshiba TEC Corp.** | 200 | 5 |
|  **Trend Micro, Inc.** | 400 | 19 |
|  **Ulvac, Inc.** | 500 | 21 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2261 |
| **MATERIALS 1.9%** | **MATERIALS 1.9%** | **MATERIALS 1.9%** |
|  **Asahi Holdings, Inc.** | 1900 | 28 |
|  **Daicel Corp.** | 5700 | 41 |
|  **Dowa Holdings Co. Ltd.** | 200 | 6 |
|  **FP Corp.** | 200 | 6 |
|  **JFE Holdings, Inc.** | 21900 | 254 |
|  **Kaneka Corp.** | 1300 | 32 |
|  **Kobe Steel Ltd.** | 18800 | 91 |
|  **Mitsubishi Chemical Group Corp.** | 28300 | 146 |
|  **Mitsubishi Materials Corp.** | 2100 | 33 |
|  **Mitsui Chemicals, Inc.** | 3000 | 67 |
|  **Nippon Light Metal Holdings Co. Ltd.** | 1000 | 11 |
|  **Nippon Paper Industries Co. Ltd. 'L'** | 12500 | 93 |
|  **Nippon Steel Corp.** | 29700 | 515 |
|  **Nissan Chemical Corp.** | 600 | 26 |
|  **Nitto Denko Corp.** | 1800 | 104 |
|  **Oji Holdings Corp.** | 12100 | 49 |
|  **Shin-Etsu Chemical Co. Ltd.** | 200 | 24 |
|  **Sumitomo Chemical Co. Ltd.** | 36400 | 131 |
|  **Sumitomo Metal Mining Co. Ltd.** | 600 | 21 |
|  **Sumitomo Osaka Cement Co. Ltd.** | 1800 | 44 |
|  **Taiheiyo Cement Corp.** | 2100 | 33 |
|  **Tokuyama Corp.** | 2500 | 34 |
|  **Tokyo Ohka Kogyo Co. Ltd.** | 900 | 41 |
|  **Tokyo Steel Manufacturing Co. Ltd.** | 4100 | 37 |
|  **Tosoh Corp.** | 2500 | 30 |
|  **Toyo Seikan Group Holdings Ltd.** | 4200 | 52 |
|  **UACJ Corp. (a)** | 1000 | 17 |
|  **UBE Corp.** | 2100 | 31 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1997 |
| **REAL ESTATE 0.1%** | **REAL ESTATE 0.1%** | **REAL ESTATE 0.1%** |
|  **Daito Trust Construction Co. Ltd.** | 700 | 72 |
|  **Mitsubishi Estate Co. Ltd.** | 2300 | 30 |

---

---

| | | |
|:---|:---|:---|
| **38** | **PIMCO EQUITY SERIES** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  **Mitsui Fudosan Co. Ltd.** | 2000 | 36 |
|  |  | 138 |
| **UTILITIES 1.2%** | **UTILITIES 1.2%** | **UTILITIES 1.2%** |
|  **Chubu Electric Power Co., Inc.** | 15300 | 158 |
|  **Chugoku Electric Power Co., Inc.** | 10000 | 51 |
|  **Electric Power Development Co. Ltd. 'C'** | 6800 | 108 |
|  **Hokkaido Electric Power Co., Inc.** | 9600 | 34 |
|  **Hokuriku Electric Power Co.** | 8200 | 34 |
|  **Kansai Electric Power Co., Inc.** | 11700 | 114 |
|  **Kyushu Electric Power Co., Inc.** | 10200 | 58 |
|  **Nippon Gas Co. Ltd.** | 800 | 12 |
|  **Okinawa Electric Power Co., Inc.** | 4200 | 32 |
|  **Osaka Gas Co. Ltd.** | 6200 | 100 |
|  **Shikoku Electric Power Co., Inc.** | 6200 | 36 |
|  **Toho Gas Co. Ltd.** | 1700 | 32 |
|  **Tohoku Electric Power Co., Inc.** | 8700 | 46 |
|  **Tokyo Electric Power Co. Holdings, Inc. (a)** | 99300 | 358 |
|  **Tokyo Gas Co. Ltd.** | 8100 | 159 |
|  |  | 1332 |
|  **Total Japan** |  | **27590** |
| **LUXEMBOURG 0.6%** | **LUXEMBOURG 0.6%** | **LUXEMBOURG 0.6%** |
| **COMMUNICATION SERVICES 0.1%** | **COMMUNICATION SERVICES 0.1%** | **COMMUNICATION SERVICES 0.1%** |
|  **Millicom International Cellular SA (a)** | 926 | 12 |
|  **RTL Group SA** | 832 | 35 |
|  **SES SA** | 11244 | 73 |
|  |  | 120 |
| **MATERIALS 0.5%** | **MATERIALS 0.5%** | **MATERIALS 0.5%** |
|  **APERAM SA** | 987 | 31 |
|  **ArcelorMittal SA** | 19217 | 507 |
|  |  | 538 |
|  **Total Luxembourg** |  | **658** |
| **MACAU 0.0%** | **MACAU 0.0%** | **MACAU 0.0%** |
| **CONSUMER DISCRETIONARY 0.0%** | **CONSUMER DISCRETIONARY 0.0%** | **CONSUMER DISCRETIONARY 0.0%** |
|  **Sands China Ltd. (a)** | 4400 | 15 |
|  **Total Macau** |  | **15** |
| **NETHERLANDS 3.9%** | **NETHERLANDS 3.9%** | **NETHERLANDS 3.9%** |
| **COMMUNICATION SERVICES 0.2%** | **COMMUNICATION SERVICES 0.2%** | **COMMUNICATION SERVICES 0.2%** |
|  **Koninklijke KPN NV** | 53682 | 166 |
|  **Universal Music Group NV** | 2245 | 54 |
|  **VEON Ltd. ADR «(a)** | 57207 | 0 |
|  |  | 220 |
| **CONSUMER DISCRETIONARY 0.4%** | **CONSUMER DISCRETIONARY 0.4%** | **CONSUMER DISCRETIONARY 0.4%** |
|  **Stellantis NV** | 28039 | 398 |
| **CONSUMER STAPLES 0.9%** | **CONSUMER STAPLES 0.9%** | **CONSUMER STAPLES 0.9%** |
|  **Heineken Holding NV** | 1015 | 79 |
|  **Heineken NV** | 1324 | 125 |
|  **Koninklijke Ahold Delhaize NV** | 26586 | 764 |
|  |  | 968 |
| **ENERGY 0.0%** | **ENERGY 0.0%** | **ENERGY 0.0%** |
|  **Koninklijke Vopak NV** | 1070 | 32 |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
| **FINANCIALS 1.0%** | **FINANCIALS 1.0%** | **FINANCIALS 1.0%** |
|  **ABN AMRO Bank NV** | 20858 | 289 |
|  **Aegon NV** | 59262 | 300 |
|  **ASR Nederland NV** | 831 | 39 |
|  **Euronext NV** | 1028 | 76 |
|  **Flow Traders** | 1049 | 24 |
|  **ING Groep NV** | 14081 | 172 |
|  **NN Group NV** | 4986 | 204 |
|  |  | 1104 |
| **HEALTH CARE 0.1%** | **HEALTH CARE 0.1%** | **HEALTH CARE 0.1%** |
|  **Qiagen NV (a)** | 1220 | 61 |
| **INDUSTRIALS 0.4%** | **INDUSTRIALS 0.4%** | **INDUSTRIALS 0.4%** |
|  **Arcadis NV** | 1049 | 41 |
|  **IMCD NV** | 467 | 67 |
|  **Randstad NV** | 1059 | 65 |
|  **Signify NV** | 4459 | 150 |
|  **TKH Group NV** | 432 | 17 |
|  **Wolters Kluwer NV** | 1542 | 162 |
|  |  | 502 |
| **INFORMATION TECHNOLOGY 0.5%** | **INFORMATION TECHNOLOGY 0.5%** | **INFORMATION TECHNOLOGY 0.5%** |
|  **ASM International NV** | 339 | 86 |
|  **ASML Holding NV** | 477 | 260 |
|  **BE Semiconductor Industries NV** | 561 | 34 |
|  **NXP Semiconductors NV** | 937 | 148 |
|  |  | 528 |
| **MATERIALS 0.4%** | **MATERIALS 0.4%** | **MATERIALS 0.4%** |
|  **Akzo Nobel NV** | 2954 | 198 |
|  **Corbion NV** | 886 | 30 |
|  **Koninklijke DSM NV** | 1592 | 196 |
|  |  | 424 |
|  **Total Netherlands** |  | **4237** |
| **NEW ZEALAND 0.3%** | **NEW ZEALAND 0.3%** | **NEW ZEALAND 0.3%** |
| **COMMUNICATION SERVICES 0.1%** | **COMMUNICATION SERVICES 0.1%** | **COMMUNICATION SERVICES 0.1%** |
|  **Spark New Zealand Ltd.** | 17219 | 59 |
| **HEALTH CARE 0.0%** | **HEALTH CARE 0.0%** | **HEALTH CARE 0.0%** |
|  **Fisher & Paykel Healthcare Corp. Ltd. 'C'** | 2622 | 38 |
| **INDUSTRIALS 0.1%** | **INDUSTRIALS 0.1%** | **INDUSTRIALS 0.1%** |
|  **Auckland International Airport Ltd. (a)** | 7268 | 36 |
|  **Fletcher Building Ltd.** | 11150 | 33 |
|  |  | 69 |
| **REAL ESTATE 0.0%** | **REAL ESTATE 0.0%** | **REAL ESTATE 0.0%** |
|  **Kiwi Property Group Ltd.** | 52519 | 30 |
| **UTILITIES 0.1%** | **UTILITIES 0.1%** | **UTILITIES 0.1%** |
|  **Contact Energy Ltd.** | 6718 | 33 |
|  **Meridian Energy Ltd.** | 9489 | 32 |
|  |  | 65 |
|  **Total New Zealand** |  | **261** |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
| **NORWAY 1.9%** | **NORWAY 1.9%** | **NORWAY 1.9%** |
| **COMMUNICATION SERVICES 0.1%** | **COMMUNICATION SERVICES 0.1%** | **COMMUNICATION SERVICES 0.1%** |
|  **Telenor ASA** | 13107 | 122 |
| **CONSUMER STAPLES 0.2%** | **CONSUMER STAPLES 0.2%** | **CONSUMER STAPLES 0.2%** |
|  **Mowi ASA** | 5023 | 86 |
|  **Orkla ASA** | 9060 | 65 |
|  **Salmar ASA** | 811 | 32 |
|  |  | 183 |
| **ENERGY 1.0%** | **ENERGY 1.0%** | **ENERGY 1.0%** |
|  **Aker Solutions ASA** | 19803 | 76 |
|  **Equinor ASA** | 28894 | 1039 |
|  **Frontline Ltd.** | 919 | 11 |
|  |  | 1126 |
| **FINANCIALS 0.1%** | **FINANCIALS 0.1%** | **FINANCIALS 0.1%** |
|  **Gjensidige Forsikring ASA** | 2116 | 42 |
|  **SpareBank 1 Nord Norge** | 2890 | 28 |
|  |  | 70 |
| **INDUSTRIALS 0.1%** | **INDUSTRIALS 0.1%** | **INDUSTRIALS 0.1%** |
|  **Tomra Systems ASA** | 3396 | 57 |
|  **Wallenius Wilhelmsen ASA** | 1133 | 11 |
|  |  | 68 |
| **INFORMATION TECHNOLOGY 0.1%** | **INFORMATION TECHNOLOGY 0.1%** | **INFORMATION TECHNOLOGY 0.1%** |
|  **Atea ASA** | 7364 | 86 |
| **MATERIALS 0.3%** | **MATERIALS 0.3%** | **MATERIALS 0.3%** |
|  **Norsk Hydro ASA** | 19009 | 142 |
|  **Yara International ASA** | 5300 | 233 |
|  |  | 375 |
| **REAL ESTATE 0.0%** | **REAL ESTATE 0.0%** | **REAL ESTATE 0.0%** |
|  **Entra ASA** | 2208 | 24 |
|  **Total Norway** |  | **2054** |
| **PORTUGAL 0.5%** | **PORTUGAL 0.5%** | **PORTUGAL 0.5%** |
| **CONSUMER STAPLES 0.1%** | **CONSUMER STAPLES 0.1%** | **CONSUMER STAPLES 0.1%** |
|  **Jeronimo Martins SGPS SA** | 2873 | 62 |
| **ENERGY 0.0%** | **ENERGY 0.0%** | **ENERGY 0.0%** |
|  **Galp Energia SGPS SA** | 1769 | 24 |
| **UTILITIES 0.4%** | **UTILITIES 0.4%** | **UTILITIES 0.4%** |
|  **EDP - Energias de Portugal SA** | 79757 | 398 |
|  **REN - Redes Energeticas Nacionais SGPS SA** | 12224 | 33 |
|  |  | 431 |
|  **Total Portugal** |  | **517** |
| **SINGAPORE 1.5%** | **SINGAPORE 1.5%** | **SINGAPORE 1.5%** |
| **COMMUNICATION SERVICES 0.2%** | **COMMUNICATION SERVICES 0.2%** | **COMMUNICATION SERVICES 0.2%** |
|  **NetLink NBN Trust** | 44900 | 28 |
|  **Singapore Telecommunications Ltd.** | 116300 | 223 |
|  |  | 251 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **39** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO RAFI Dynamic Multi-Factor International Equity ETF** | **(Cont.)** |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
| **CONSUMER STAPLES 0.2%** | **CONSUMER STAPLES 0.2%** | **CONSUMER STAPLES 0.2%** |
|  **Golden Agri-Resources Ltd.** | 321400 | 60 |
|  **Wilmar International Ltd.** | 46900 | 146 |
|  |  | 206 |
| **ENERGY 0.0%** | **ENERGY 0.0%** | **ENERGY 0.0%** |
|  **BW LPG Ltd.** | 5637 | 44 |
| **FINANCIALS 0.6%** | **FINANCIALS 0.6%** | **FINANCIALS 0.6%** |
|  **DBS Group Holdings Ltd.** | 7400 | 187 |
|  **Oversea-Chinese Banking Corp. Ltd.** | 19500 | 177 |
|  **United Overseas Bank Ltd.** | 10600 | 243 |
|  |  | 607 |
| **INDUSTRIALS 0.4%** | **INDUSTRIALS 0.4%** | **INDUSTRIALS 0.4%** |
|  **ComfortDelGro Corp. Ltd.** | 32300 | 30 |
|  **Jardine Cycle & Carriage Ltd.** | 2500 | 53 |
|  **Keppel Corp. Ltd.** | 11700 | 64 |
|  **Singapore Airlines Ltd.** | 46300 | 191 |
|  **Singapore Technologies Engineering Ltd.** | 20400 | 51 |
|  |  | 389 |
| **INFORMATION TECHNOLOGY 0.0%** | **INFORMATION TECHNOLOGY 0.0%** | **INFORMATION TECHNOLOGY 0.0%** |
|  **Venture Corp. Ltd.** | 2800 | 36 |
| **UTILITIES 0.1%** | **UTILITIES 0.1%** | **UTILITIES 0.1%** |
|  **Sembcorp Industries Ltd.** | 37500 | 94 |
|  **Total Singapore** |  | **1627** |
| **SOUTH AFRICA 0.0%** | **SOUTH AFRICA 0.0%** | **SOUTH AFRICA 0.0%** |
| **HEALTH CARE 0.0%** | **HEALTH CARE 0.0%** | **HEALTH CARE 0.0%** |
|  **Mediclinic International PLC** | 5460 | 33 |
|  **Total South Africa** |  | **33** |
| **SPAIN 4.3%** | **SPAIN 4.3%** | **SPAIN 4.3%** |
| **COMMUNICATION SERVICES 0.6%** | **COMMUNICATION SERVICES 0.6%** | **COMMUNICATION SERVICES 0.6%** |
|  **Mediaset Espana Comunicacion SA (a)** | 826 | 3 |
|  **Telefonica SA** | 165789 | 600 |
|  |  | 603 |
| **CONSUMER DISCRETIONARY 0.1%** | **CONSUMER DISCRETIONARY 0.1%** | **CONSUMER DISCRETIONARY 0.1%** |
|  **Gestamp Automocion SA** | 9312 | 36 |
|  **Industria de Diseno Textil SA** | 3500 | 93 |
|  |  | 129 |
| **CONSUMER STAPLES 0.1%** | **CONSUMER STAPLES 0.1%** | **CONSUMER STAPLES 0.1%** |
|  **Viscofan SA** | 849 | 55 |
| **ENERGY 0.8%** | **ENERGY 0.8%** | **ENERGY 0.8%** |
|  **Repsol SA** | 50741 | 808 |
| **FINANCIALS 1.4%** | **FINANCIALS 1.4%** | **FINANCIALS 1.4%** |
|  **Banco Bilbao Vizcaya Argentaria SA** | 34256 | 206 |
|  **Banco de Sabadell SA** | 214242 | 202 |
|  **Banco Santander SA** | 282346 | 844 |
|  **Bankinter SA** | 7368 | 49 |
|  **CaixaBank SA** | 4531 | 18 |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  **Mapfre SA** | 60295 | 117 |
|  **Unicaja Banco SA** | 77239 | 85 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;1521 |
| **HEALTH CARE 0.0%** | **HEALTH CARE 0.0%** | **HEALTH CARE 0.0%** |
|  **Almirall SA** | 3024 | 29 |
| **INDUSTRIALS 0.2%** | **INDUSTRIALS 0.2%** | **INDUSTRIALS 0.2%** |
|  **ACS Actividades de Construccion y Servicios SA** | 2442 | 70 |
|  **Aena SME SA (a)** | 352 | 44 |
|  **Cia de Distribucion Integral Logista Holdings SA** | 1996 | 50 |
|  **Ferrovial SA** | 20 | 1 |
|  **Sacyr SA** | 10022 | 28 |
|  |  | 193 |
| **INFORMATION TECHNOLOGY 0.0%** | **INFORMATION TECHNOLOGY 0.0%** | **INFORMATION TECHNOLOGY 0.0%** |
|  **Amadeus IT Group SA (a)** | 1010 | 52 |
| **MATERIALS 0.0%** | **MATERIALS 0.0%** | **MATERIALS 0.0%** |
|  **Acerinox SA** | 4161 | 41 |
| **UTILITIES 1.1%** | **UTILITIES 1.1%** | **UTILITIES 1.1%** |
|  **Acciona SA** | 261 | 48 |
|  **EDP Renovaveis SA** | 1946 | 43 |
|  **Enagas SA** | 1422 | 24 |
|  **Endesa SA** | 8470 | 160 |
|  **Iberdrola SA** | 57360 | 669 |
|  **Naturgy Energy Group SA** | 6328 | 164 |
|  **Red Electrica Corp. SA** | 6970 | 121 |
|  |  | 1229 |
|  **Total Spain** |  | **4660** |
| **SWEDEN 2.2%** | **SWEDEN 2.2%** | **SWEDEN 2.2%** |
| **COMMUNICATION SERVICES 0.2%** | **COMMUNICATION SERVICES 0.2%** | **COMMUNICATION SERVICES 0.2%** |
|  **Tele2 AB 'B'** | 6489 | 53 |
|  **Telia Co. AB** | 85903 | 219 |
|  |  | 272 |
| **CONSUMER DISCRETIONARY 0.3%** | **CONSUMER DISCRETIONARY 0.3%** | **CONSUMER DISCRETIONARY 0.3%** |
|  **Autoliv, Inc.** | 589 | 45 |
|  **Betsson AB** | 1382 | 11 |
|  **Bilia AB 'A'** | 2271 | 25 |
|  **Electrolux AB** | 6134 | 83 |
|  **Evolution AB** | 556 | 54 |
|  **H & M Hennes & Mauritz AB 'B'** | 3655 | 40 |
|  **Scandic Hotels Group AB** | 10142 | 31 |
|  |  | 289 |
| **CONSUMER STAPLES 0.3%** | **CONSUMER STAPLES 0.3%** | **CONSUMER STAPLES 0.3%** |
|  **AAK AB** | 1946 | 33 |
|  **Axfood AB** | 1363 | 37 |
|  **Cloetta AB 'B'** | 15743 | 32 |
|  **Essity AB 'B'** | 7249 | 190 |
|  |  | 292 |
| **ENERGY 0.1%** | **ENERGY 0.1%** | **ENERGY 0.1%** |
|  **Orron Energy ab** | 32738 | 71 |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
| **FINANCIALS 0.3%** | **FINANCIALS 0.3%** | **FINANCIALS 0.3%** |
|  **EQT AB** | 1221 | 26 |
|  **Skandinaviska Enskilda Banken AB 'A'** | 3637 | 42 |
|  **Svenska Handelsbanken AB 'A'** | 10821 | 109 |
|  **Swedbank AB 'A'** | 7923 | 135 |
|  |  | 312 |
| **INDUSTRIALS 0.7%** | **INDUSTRIALS 0.7%** | **INDUSTRIALS 0.7%** |
|  **Assa Abloy AB 'B'** | 1969 | 42 |
|  **Atlas Copco AB 'A'** | 14430 | 171 |
|  **Epiroc AB** | 4077 | 74 |
|  **Indutrade AB** | 1763 | 36 |
|  **Sandvik AB** | 4089 | 74 |
|  **SKF AB 'B'** | 3297 | 51 |
|  **Volvo AB 'B'** | 16238 | 293 |
|  |  | 741 |
| **INFORMATION TECHNOLOGY 0.0%** | **INFORMATION TECHNOLOGY 0.0%** | **INFORMATION TECHNOLOGY 0.0%** |
|  **Telefonaktiebolaget LM Ericsson 'B'** | 8030 | 47 |
| **MATERIALS 0.2%** | **MATERIALS 0.2%** | **MATERIALS 0.2%** |
|  **Boliden AB** | 1886 | 71 |
|  **Hexpol AB** | 2034 | 22 |
|  **SSAB AB 'A'** | 29744 | 163 |
|  **Svenska Cellulosa AB SCA. 'B'** | 904 | 11 |
|  |  | 267 |
| **REAL ESTATE 0.1%** | **REAL ESTATE 0.1%** | **REAL ESTATE 0.1%** |
|  **Atrium Ljungberg AB 'B'** | 2208 | 36 |
|  **Hufvudstaden AB 'A'** | 2521 | 36 |
|  |  | 72 |
|  **Total Sweden** |  | **2363** |
| **SWITZERLAND 6.9%** | **SWITZERLAND 6.9%** | **SWITZERLAND 6.9%** |
| **COMMUNICATION SERVICES 0.2%** | **COMMUNICATION SERVICES 0.2%** | **COMMUNICATION SERVICES 0.2%** |
|  **Swisscom AG** | 349 | 191 |
| **CONSUMER DISCRETIONARY 0.3%** | **CONSUMER DISCRETIONARY 0.3%** | **CONSUMER DISCRETIONARY 0.3%** |
|  **Cie Financiere Richemont SA** | 1498 | 194 |
|  **Forbo Holding AG** | 20 | 24 |
|  **Garmin Ltd.** | 793 | 73 |
|  |  | 291 |
| **CONSUMER STAPLES 1.1%** | **CONSUMER STAPLES 1.1%** | **CONSUMER STAPLES 1.1%** |
|  **Aryzta AG (a)** | 32655 | 39 |
|  **Barry Callebaut AG** | 23 | 45 |
|  **Chocoladefabriken Lindt & Spruengli AG** | 8 | 82 |
|  **Emmi AG** | 28 | 24 |
|  **Nestle SA** | 8840 | 1021 |
|  |  | 1211 |
| **FINANCIALS 1.6%** | **FINANCIALS 1.6%** | **FINANCIALS 1.6%** |
|  **Banque Cantonale Vaudoise** | 512 | 49 |
|  **Cembra Money Bank AG** | 538 | 45 |
|  **Partners Group Holding AG** | 56 | 49 |
|  **St Galler Kantonalbank AG** | 63 | 33 |
|  **Swiss Life Holding AG** | 270 | 139 |
|  **Swiss Re AG** | 2674 | 250 |
|  **UBS Group AG** | 9302 | 173 |

---

---

| | | |
|:---|:---|:---|
| **40** | **PIMCO EQUITY SERIES** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022 (Unaudited)

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  **Valiant Holding AG** | 453 | 49 |
|  **Zurich Insurance Group AG** | 1909 | 913 |
|  |  | 1700 |
| **HEALTH CARE 1.1%** | **HEALTH CARE 1.1%** | **HEALTH CARE 1.1%** |
|  **Galenica AG** | 719 | 59 |
|  **Novartis AG** | 4130 | 374 |
|  **Roche Holding AG** | 2307 | 725 |
|  **Sonova Holding AG** | 157 | 37 |
|  **Straumann Holding AG** | 328 | 37 |
|  |  | 1232 |
| **INDUSTRIALS 0.8%** | **INDUSTRIALS 0.8%** | **INDUSTRIALS 0.8%** |
|  **ABB Ltd.** | 11665 | 356 |
|  **Adecco Group AG** | 1641 | 54 |
|  **Bucher Industries AG** | 83 | 35 |
|  **DKSH Holding AG** | 539 | 41 |
|  **dormakaba Holding AG** | 96 | 35 |
|  **Flughafen Zurich AG (a)** | 185 | 29 |
|  **Geberit AG** | 168 | 79 |
|  **Georg Fischer AG** | 520 | 32 |
|  **Kuehne & Nagel International AG** | 539 | 125 |
|  **Schindler Holding AG** | 351 | 66 |
|  **SGS SA** | 22 | 51 |
|  |  | 903 |
| **INFORMATION TECHNOLOGY 0.1%** | **INFORMATION TECHNOLOGY 0.1%** | **INFORMATION TECHNOLOGY 0.1%** |
|  **Landis & Gyr Group AG** | 600 | 42 |
|  **Logitech International SA** | 923 | 57 |
|  **Temenos AG** | 162 | 9 |
|  |  | 108 |
| **MATERIALS 1.5%** | **MATERIALS 1.5%** | **MATERIALS 1.5%** |
|  **EMS-Chemie Holding AG** | 43 | 29 |
|  **Givaudan SA** | 35 | 107 |
|  **Glencore PLC** | 181542 | 1211 |
|  **Holcim AG** | 862 | 45 |
|  **SIG Group AG** | 1965 | 43 |
|  **Sika AG** | 588 | 141 |
|  |  | 1576 |
| **REAL ESTATE 0.2%** | **REAL ESTATE 0.2%** | **REAL ESTATE 0.2%** |
|  **Allreal Holding AG** | 196 | 32 |
|  **PSP Swiss Property AG** | 560 | 66 |
|  **Swiss Prime Site AG** | 1045 | 90 |
|  |  | 188 |
| **UTILITIES 0.0%** | **UTILITIES 0.0%** | **UTILITIES 0.0%** |
|  **BKW AG** | 364 | 50 |
|  **Total Switzerland** |  | **7450** |
| **UNITED KINGDOM 13.5%** | **UNITED KINGDOM 13.5%** | **UNITED KINGDOM 13.5%** |
| **COMMUNICATION SERVICES 0.9%** | **COMMUNICATION SERVICES 0.9%** | **COMMUNICATION SERVICES 0.9%** |
|  **BT Group PLC** | 141320 | 191 |
|  **Informa PLC** | 2791 | 21 |
|  **Pearson PLC** | 13869 | 156 |
|  **Vodafone Group PLC** | 591224 | 599 |
|  |  | 967 |
| **CONSUMER DISCRETIONARY 0.9%** | **CONSUMER DISCRETIONARY 0.9%** | **CONSUMER DISCRETIONARY 0.9%** |
|  **B&M European Value Retail SA** | 6839 | 34 |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  **Barratt Developments PLC** | 2170 | 10 |
|  **Berkeley Group Holdings PLC** | 597 | 27 |
|  **Burberry Group PLC** | 2193 | 53 |
|  **Compass Group PLC** | 11613 | 268 |
|  **Frasers Group PLC (a)** | 4123 | 35 |
|  **Greggs PLC** | 1591 | 45 |
|  **Halfords Group PLC** | 7263 | 18 |
|  **Inchcape PLC** | 3799 | 38 |
|  **InterContinental Hotels Group PLC** | 576 | 33 |
|  **Kingfisher PLC** | 72480 | 206 |
|  **Mitchells & Butlers PLC (a)** | 11448 | 19 |
|  **Next PLC** | 1037 | 73 |
|  **Persimmon PLC** | 5264 | 77 |
|  **Pets at Home Group PLC** | 6108 | 21 |
|  **Taylor Wimpey PLC** | 18604 | 23 |
|  |  | 980 |
| **CONSUMER STAPLES 2.6%** | **CONSUMER STAPLES 2.6%** | **CONSUMER STAPLES 2.6%** |
|  **Associated British Foods PLC** | 3804 | 72 |
|  **British American Tobacco PLC** | 10012 | 396 |
|  **Cranswick PLC** | 710 | 26 |
|  **Diageo PLC** | 8871 | 388 |
|  **Imperial Brands PLC** | 20295 | 506 |
|  **J Sainsbury PLC** | 47104 | 124 |
|  **Marks & Spencer Group PLC (a)** | 42583 | 63 |
|  **Premier Foods PLC** | 24163 | 32 |
|  **Reckitt Benckiser Group PLC** | 4605 | 319 |
|  **Tate & Lyle PLC** | 5770 | 49 |
|  **Tesco PLC** | 103820 | 280 |
|  **Unilever PLC** | 11257 | 568 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2823 |
| **ENERGY 2.3%** | **ENERGY 2.3%** | **ENERGY 2.3%** |
|  **BP PLC** | 252550 | 1457 |
|  **Shell PLC** | 32103 | 905 |
|  **Subsea 7 SA** | 8544 | 99 |
|  |  | 2461 |
| **FINANCIALS 0.9%** | **FINANCIALS 0.9%** | **FINANCIALS 0.9%** |
|  **3i Group PLC** | 3883 | 63 |
|  **Admiral Group PLC** | 1965 | 50 |
|  **Aviva PLC** | 6864 | 36 |
|  **Direct Line Insurance Group PLC** | 31758 | 85 |
|  **IG Group Holdings PLC** | 4167 | 39 |
|  **London Stock Exchange Group PLC** | 1139 | 98 |
|  **M&G PLC** | 59862 | 135 |
|  **Man Group PLC** | 16897 | 44 |
|  **NatWest Group PLC** | 36477 | 116 |
|  **Provident Financial PLC** | 8209 | 19 |
|  **Schroders PLC** | 4752 | 25 |
|  **Standard Chartered PLC** | 23337 | 174 |
|  **Standard Life Aberdeen PLC** | 30143 | 69 |
|  |  | 953 |
| **HEALTH CARE 2.0%** | **HEALTH CARE 2.0%** | **HEALTH CARE 2.0%** |
|  **AstraZeneca PLC** | 11851 | 1604 |
|  **ConvaTec Group PLC** | 12675 | 35 |
|  **GSK PLC** | 25748 | 445 |
|  **Indivior PLC (a)** | 2537 | 57 |
|  **Smith & Nephew PLC** | 3578 | 48 |
|  |  | 2189 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **INDUSTRIALS 1.8%** | **INDUSTRIALS 1.8%** | **INDUSTRIALS 1.8%** | **INDUSTRIALS 1.8%** |
|  **Ashtead Group PLC** | 1836 | $— | 104 |
|  **BAE Systems PLC** | 45437 |  | 469 |
|  **Balfour Beatty PLC** | 9995 |  | 41 |
|  **Bunzl PLC** | 2045 |  | 68 |
|  **CNH Industrial NV** | 7894 |  | 127 |
|  **Diploma PLC** | 1137 |  | 38 |
|  **easyJet PLC (a)** | 2429 |  | 10 |
|  **Ferguson PLC** | 895 |  | 112 |
|  **Firstgroup PLC** | 30469 |  | 37 |
|  **Howden Joinery Group PLC** | 5802 |  | 39 |
|  **IMI PLC** | 2591 |  | 41 |
|  **International Consolidated Airlines Group SA** | 92008 |  | 137 |
|  **International Distributions Services PLC** | 27095 |  | 70 |
|  **Morgan Sindall Group PLC** | 1289 |  | 24 |
|  **Pagegroup PLC** | 4727 |  | 26 |
|  **RELX PLC** | 12853 |  | 355 |
|  **Rentokil Initial PLC** | 9143 |  | 56 |
|  **RS GROUP PLC** | 4019 |  | 43 |
|  **Spirax-Sarco Engineering PLC** | 464 |  | 59 |
|  **Travis Perkins PLC** | 2473 |  | 27 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;1883 |
| **INFORMATION TECHNOLOGY 0.1%** | **INFORMATION TECHNOLOGY 0.1%** | **INFORMATION TECHNOLOGY 0.1%** | **INFORMATION TECHNOLOGY 0.1%** |
|  **Computacenter PLC** | 1047 |  | 24 |
|  **Micro Focus International PLC** | 13529 |  | 87 |
|  |  |  | 111 |
| **MATERIALS 1.2%** | **MATERIALS 1.2%** | **MATERIALS 1.2%** | **MATERIALS 1.2%** |
|  **Anglo American PLC** | 7363 |  | 288 |
|  **Croda International PLC** | 706 |  | 56 |
|  **Johnson Matthey PLC** | 3208 |  | 82 |
|  **Mondi PLC** | 2133 |  | 36 |
|  **Rio Tinto PLC** | 11940 |  | 841 |
|  |  |  | 1303 |
| **REAL ESTATE 0.0%** | **REAL ESTATE 0.0%** | **REAL ESTATE 0.0%** | **REAL ESTATE 0.0%** |
|  **Grainger PLC** | 6328 |  | 19 |
|  **Savills PLC** | 2171 |  | 22 |
|  |  |  | 41 |
| **UTILITIES 0.8%** | **UTILITIES 0.8%** | **UTILITIES 0.8%** | **UTILITIES 0.8%** |
|  **Centrica PLC** | 170001 |  | 198 |
|  **Drax Group PLC** | 8501 |  | 72 |
|  **National Grid PLC** | 28212 |  | 338 |
|  **Severn Trent PLC** | 1210 |  | 39 |
|  **SSE PLC** | 7170 |  | 147 |
|  **United Utilities Group PLC** | 7526 |  | 90 |
|  |  |  | 884 |
|  **Total United Kingdom** |  |  | **14595** |
| **UNITED STATES 0.0%** | **UNITED STATES 0.0%** | **UNITED STATES 0.0%** | **UNITED STATES 0.0%** |
| **CONSUMER DISCRETIONARY 0.0%** | **CONSUMER DISCRETIONARY 0.0%** | **CONSUMER DISCRETIONARY 0.0%** | **CONSUMER DISCRETIONARY 0.0%** |
|  **Carnival PLC (a)** | 1491 |  | 10 |
|  **Total United States** |  |  | **10** |
|  **Total Common Stocks (Cost $101,004)** | **Total Common Stocks (Cost $101,004)** |  | **104556** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **41** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO RAFI Dynamic Multi-Factor International Equity ETF** | **(Cont.)** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **PREFERRED STOCKS 0.8%** | **PREFERRED STOCKS 0.8%** | **PREFERRED STOCKS 0.8%** | **PREFERRED STOCKS 0.8%** |
| **GERMANY 0.8%** | **GERMANY 0.8%** | **GERMANY 0.8%** | **GERMANY 0.8%** |
| **INDUSTRIALS 0.8%** | **INDUSTRIALS 0.8%** | **INDUSTRIALS 0.8%** | **INDUSTRIALS 0.8%** |
|  **Fuchs Petrolub SE** | 2519 | $— | 88 |
|  **Henkel AG & Co. KGaA** | 2312 |  | 160 |
|  **Sartorius AG** | 70 |  | 28 |
|  **Schaeffler AG** | 4668 |  | 31 |
|  **Volkswagen AG** | 4586 |  | 569 |
|  |  |  | 876 |
|  **Total Preferred Stocks (Cost $1,137)** | **Total Preferred Stocks (Cost $1,137)** |  | **876** |
| **REAL ESTATE INVESTMENT TRUSTS 1.6%** | **REAL ESTATE INVESTMENT TRUSTS 1.6%** | **REAL ESTATE INVESTMENT TRUSTS 1.6%** | **REAL ESTATE INVESTMENT TRUSTS 1.6%** |
| **AUSTRALIA 0.1%** | **AUSTRALIA 0.1%** | **AUSTRALIA 0.1%** | **AUSTRALIA 0.1%** |
| **REAL ESTATE 0.1%** | **REAL ESTATE 0.1%** | **REAL ESTATE 0.1%** | **REAL ESTATE 0.1%** |
|  **GPT Group** | 10924 |  | 31 |
|  **Stockland** | 12667 |  | 31 |
|  **Vicinity Ltd.** | 18149 |  | 25 |
|  |  |  | 87 |
|  **Total Australia** |  |  | **87** |
| **BELGIUM 0.1%** | **BELGIUM 0.1%** | **BELGIUM 0.1%** | **BELGIUM 0.1%** |
| **REAL ESTATE 0.1%** | **REAL ESTATE 0.1%** | **REAL ESTATE 0.1%** | **REAL ESTATE 0.1%** |
|  **Cofinimmo SA** | 234 |  | 21 |
|  **Retail Estates REIT** | 439 |  | 29 |
|  **Warehouses De Pauw CVA** | 1043 |  | 30 |
|  |  |  | 80 |
|  **Total Belgium** |  |  | **80** |
| **CANADA 0.1%** | **CANADA 0.1%** | **CANADA 0.1%** | **CANADA 0.1%** |
| **REAL ESTATE 0.1%** | **REAL ESTATE 0.1%** | **REAL ESTATE 0.1%** | **REAL ESTATE 0.1%** |
|  **Allied Properties Real Estate Investment Trust** | 1050 |  | 20 |
|  **Canadian Apartment Properties REIT** | 890 |  | 28 |
|  **Dream Office Real Estate Investment Trust** | 1609 |  | 17 |
|  **Granite Real Estate Investment Trust** | 645 |  | 33 |
|  |  |  | 98 |
|  **Total Canada** |  |  | **98** |
| **FRANCE 0.1%** | **FRANCE 0.1%** | **FRANCE 0.1%** | **FRANCE 0.1%** |
| **REAL ESTATE 0.1%** | **REAL ESTATE 0.1%** | **REAL ESTATE 0.1%** | **REAL ESTATE 0.1%** |
|  **Klepierre SA** | 1698 |  | 39 |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  **Unibail-Rodamco-Westfield (a)** | 894 | 47 |
|  |  | 86 |
|  **Total France** |  | **86** |
| **HONG KONG 0.1%** | **HONG KONG 0.1%** | **HONG KONG 0.1%** |
| **REAL ESTATE 0.1%** | **REAL ESTATE 0.1%** | **REAL ESTATE 0.1%** |
|  **Fortune REIT** | 33000 | 27 |
|  **Link REIT** | 8900 | 65 |
|  |  | 92 |
|  **Total Hong Kong** |  | **92** |
| **JAPAN 0.9%** | **JAPAN 0.9%** | **JAPAN 0.9%** |
| **REAL ESTATE 0.9%** | **REAL ESTATE 0.9%** | **REAL ESTATE 0.9%** |
|  **Activia Properties, Inc.** | 7 | 22 |
|  **Advance Residence Investment Corp.** | 16 | 41 |
|  **AEON REIT Investment Corp.** | 30 | 35 |
|  **Daiwa House REIT Investment Corp.** | 15 | 33 |
|  **Daiwa Office Investment Corp.** | 2 | 10 |
|  **Daiwa Securities Living Investments Corp.** | 47 | 41 |
|  **Frontier Real Estate Investment Corp.** | 2 | 8 |
|  **Fukuoka REIT Corp.** | 22 | 29 |
|  **GLP J-Reit** | 28 | 32 |
|  **Hulic Reit, Inc.** | 22 | 27 |
|  **Industrial & Infrastructure Fund Investment Corp.** | 22 | 25 |
|  **Invincible Investment Corp.** | 109 | 42 |
|  **Japan Excellent, Inc.** | 29 | 29 |
|  **Japan Hotel REIT Investment Corp.** | 138 | 81 |
|  **Japan Logistics Fund, Inc.** | 16 | 38 |
|  **Japan Metropolitan Fund Invest** | 64 | 51 |
|  **Japan Prime Realty Investment Corp.** | 8 | 23 |
|  **Japan Real Estate Investment Corp.** | 7 | 31 |
|  **Kenedix Office Investment Corp.** | 11 | 27 |
|  **Mori Hills REIT Investment Corp.** | 23 | 28 |
|  **Mori Trust Sogo Reit, Inc.** | 29 | 32 |
|  **Nippon Accommodations Fund, Inc.** | 3 | 14 |
|  **Nippon Building Fund, Inc.** | 9 | 40 |
|  **Nippon Prologis REIT, Inc.** | 15 | 35 |
|  **Nomura Real Estate Master Fund, Inc.** | 30 | 37 |
|  **NTT UD REIT Investment Corp.** | 34 | 36 |
|  **Orix JREIT, Inc.** | 27 | 38 |
|  **Sekisui House Reit, Inc.** | 56 | 32 |
|  **United Urban Investment Corp.** | 33 | 38 |
|  |  | 955 |
|  **Total Japan** |  | **955** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **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** | 25900 | $— | 53 |
|  **CapitaLand Integrated Commercial Trust** | 21300 |  | 32 |
|  **Keppel DC REIT** | 20900 |  | 28 |
|  **Mapletree Industrial Trust** | 18835 |  | 31 |
|  |  |  | 144 |
|  **Total Singapore** |  |  | **144** |
| **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** | 2164 |  | 14 |
|  **Total Spain** |  |  | **14** |
| **UNITED KINGDOM 0.1%** | **UNITED KINGDOM 0.1%** | **UNITED KINGDOM 0.1%** | **UNITED KINGDOM 0.1%** |
| **REAL ESTATE 0.1%** | **REAL ESTATE 0.1%** | **REAL ESTATE 0.1%** | **REAL ESTATE 0.1%** |
|  **Assura PLC** | 23889 |  | 16 |
|  **Big Yellow Group PLC** | 1857 |  | 26 |
|  **Great Portland Estates PLC** | 3166 |  | 19 |
|  **LondonMetric Property PLC** | 11622 |  | 24 |
|  **Segro PLC** | 5025 |  | 46 |
|  **Tritax Big Box REIT PLC** | 23830 |  | 40 |
|  |  |  | 171 |
|  **Total United Kingdom** |  |  | **171** |
|  **Total Real Estate Investment Trusts<br>(Cost $1,987)** | **Total Real Estate Investment Trusts<br>(Cost $1,987)** |  | **1727** |
| **SHORT-TERM INSTRUMENTS 0.3%** | **SHORT-TERM INSTRUMENTS 0.3%** | **SHORT-TERM INSTRUMENTS 0.3%** | **SHORT-TERM INSTRUMENTS 0.3%** |
| **REPURCHASE AGREEMENTS (b) 0.3%** | **REPURCHASE AGREEMENTS (b) 0.3%** | **REPURCHASE AGREEMENTS (b) 0.3%** | **REPURCHASE AGREEMENTS (b) 0.3%** |
|  |  |  | 320 |
| **Total Short-Term Instruments<br>(Cost $320)** | **Total Short-Term Instruments<br>(Cost $320)** |  | **320** |
| **Total Investments in Securities<br>(Cost $104,448)** | **Total Investments in Securities<br>(Cost $104,448)** |  | **107479** |
| **Total Investments 99.7%<br>(Cost $104,448)** | **Total Investments 99.7%<br>(Cost $104,448)** | $— | **107479** |
| **Financial Derivative Instruments (c) 0.0%**<br>**(Cost or Premiums, net $0)** | **Financial Derivative Instruments (c) 0.0%**<br>**(Cost or Premiums, net $0)** |  | **0** |
| **Other Assets and Liabilities, net 0.3%** | **Other Assets and Liabilities, net 0.3%** |  | **331** |
| **Net Assets 100.0%** | **Net Assets 100.0%** | $— | **107810** |

---

**NOTES TO SCHEDULE OF INVESTMENTS:** 

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

---

| | |
|:---|:---|
| **«** | **Security valued using significant unobservable inputs (Level 3).**  |

---

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

**BORROWINGS AND OTHER FINANCING TRANSACTIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;**(b) REPURCHASE AGREEMENTS:** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Lending<br>Rate** | **Settlement<br>Date** | **Maturity<br>Date** | **Principal<br>Amount** | **Collateralized By** | **Collateral<br>(Received)** | **Repurchase<br>Agreements,<br>at Value** | **Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup>** |
| FICC | 1.900% | 12/30/2022 | 01/03/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320 | U.S. Treasury Bills 0.000% due 12/28/2023 | $(327) | $320 | $320 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** |  | $**(327)** | $**320** | $**320** |

---

---

| | | |
|:---|:---|:---|
| **42** | **PIMCO EQUITY SERIES** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022 (Unaudited)

**BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY** 

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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** | **Total<br>Borrowings and<br>Other Financing<br>Transactions** | **Collateral<br>Pledged/(Received)** | **Net Exposure<sup>(2)</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 |
|  FICC | $320 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(327) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) |
|  **Total Borrowings and Other Financing Transactions** | $**320** | $**0** | $**0** |  |  |  |

---

<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. 

&nbsp;&nbsp;&nbsp;&nbsp;**(c) 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** |
|  MBC | 01/2023 CAD | 46 | $34 | $0 | $0 |
|  **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | **Total Forward Foreign Currency Contracts** | $**0** | $**0** |

---

**FAIR VALUE OF FINANCIAL DERIVATIVE INSTRUMENTS** 

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

The effect of Financial Derivative Instruments on the Statements of Operations for the period ended December 31, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **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** |  |  |  |  |  |  |
|  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;4 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 |

---

**FAIR VALUE MEASUREMENTS** 

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2022** |
|  **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 | $91 | $0 | $91 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 0 | 493 | 0 | 493 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 0 | 574 | 0 | 574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 0 | 605 | 0 | 605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 0 | 962 | 0 | 962 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | 185 | 0 | 185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 383 | 0 | 383 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 0 | 58 | 0 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1604 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 0 | 36 | 0 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 0 | 342 | 0 | 342 |
| &nbsp;&nbsp; Austria | &nbsp;&nbsp; Austria | &nbsp;&nbsp; Austria | &nbsp;&nbsp; Austria | &nbsp;&nbsp; Austria |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 0 | 95 | 0 | 95 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 0 | 33 | 0 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 42 | 0 | 42 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2022** |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | $0 | $71 | $0 | $71 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 0 | 42 | 0 | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 0 | 30 | 0 | 30 |
| &nbsp;&nbsp; Belgium | &nbsp;&nbsp; Belgium | &nbsp;&nbsp; Belgium | &nbsp;&nbsp; Belgium | &nbsp;&nbsp; Belgium |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 0 | 34 | 0 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 0 | 22 | 0 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | 149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 0 | 18 | 0 | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 0 | 69 | 0 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 0 | 75 | 0 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 34 | 0 | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 0 | 41 | 0 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 0 | 34 | 0 | 34 |
| &nbsp;&nbsp; Canada | &nbsp;&nbsp; Canada | &nbsp;&nbsp; Canada | &nbsp;&nbsp; Canada | &nbsp;&nbsp; Canada |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 550 | 0 | 0 | 550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 764 | 0 | 0 | 764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 788 | 0 | 0 | 788 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1903 | 0 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1903 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **43** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **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>12/31/2022** |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | $646 | $0 | $0 | $646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 898 | 0 | 0 | 898 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 275 | 0 | 0 | 275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1061 | 0 | 0 | 1061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 75 | 0 | 0 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 435 | 0 | 0 | 435 |
| &nbsp;&nbsp; Chile | &nbsp;&nbsp; Chile | &nbsp;&nbsp; Chile | &nbsp;&nbsp; Chile | &nbsp;&nbsp; Chile |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 0 | 58 | 0 | 58 |
| &nbsp;&nbsp; Denmark | &nbsp;&nbsp; Denmark | &nbsp;&nbsp; Denmark | &nbsp;&nbsp; Denmark | &nbsp;&nbsp; Denmark |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 0 | 28 | 0 | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 0 | 153 | 0 | 153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 0 | 129 | 0 | 129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1517 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1517 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 602 | 0 | 602 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 0 | 115 | 0 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 0 | 61 | 0 | 61 |
| &nbsp;&nbsp; Finland | &nbsp;&nbsp; Finland | &nbsp;&nbsp; Finland | &nbsp;&nbsp; Finland | &nbsp;&nbsp; Finland |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 0 | 71 | 0 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 0 | 116 | 0 | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 0 | 139 | 0 | 139 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 0 | 330 | 0 | 330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 0 | 80 | 0 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 130 | 0 | 130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 0 | 87 | 0 | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 0 | 242 | 0 | 242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 0 | 64 | 0 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 0 | 62 | 0 | 62 |
| &nbsp;&nbsp; France | &nbsp;&nbsp; France | &nbsp;&nbsp; France | &nbsp;&nbsp; France | &nbsp;&nbsp; France |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 0 | 895 | 0 | 895 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 0 | 1412 | 0 | 1412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 0 | 782 | 0 | 782 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 0 | 768 | 0 | 768 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 0 | 953 | 0 | 953 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 0 | 651 | 0 | 651 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1729 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 0 | 61 | 0 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 0 | 200 | 0 | 200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 0 | 948 | 0 | 948 |
| &nbsp;&nbsp; Germany | &nbsp;&nbsp; Germany | &nbsp;&nbsp; Germany | &nbsp;&nbsp; Germany | &nbsp;&nbsp; Germany |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 0 | 328 | 0 | 328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 0 | 1721 | 0 | 1721 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 0 | 166 | 0 | 166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 0 | 1204 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1204 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 0 | 356 | 0 | 356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 675 | 0 | 675 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 0 | 218 | 0 | 218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 0 | 528 | 0 | 528 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 0 | 108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 0 | 296 | 0 | 296 |
| &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 | 137 | 0 | 137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 15 | 178 | 0 | 193 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 0 | 37 | 0 | 37 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 0 | 264 | 0 | 264 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 524 | 0 | 524 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 0 | 76 | 0 | 76 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 0 | 580 | 0 | 580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 0 | 172 | 0 | 172 |
| &nbsp;&nbsp; Ireland | &nbsp;&nbsp; Ireland | &nbsp;&nbsp; Ireland | &nbsp;&nbsp; Ireland | &nbsp;&nbsp; Ireland |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 0 | 30 | 0 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 0 | 131 | 0 | 131 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 0 | 64 | 0 | 64 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502 | 0 | 0 | 502 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 99 | 167 | 0 | 266 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 0 | 113 | 0 | 113 |
| &nbsp;&nbsp; Israel | &nbsp;&nbsp; Israel | &nbsp;&nbsp; Israel | &nbsp;&nbsp; Israel | &nbsp;&nbsp; Israel |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 0 | 84 | 0 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 0 | 30 | 0 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 0 | 140 | 0 | 140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 0 | 349 | 0 | 349 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2022** |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | $63 | $0 | $0 | $63 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 33 | 0 | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 108 | 32 | 0 | 140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 0 | 110 | 0 | 110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 0 | 28 | 0 | 28 |
| &nbsp;&nbsp; Italy | &nbsp;&nbsp; Italy | &nbsp;&nbsp; Italy | &nbsp;&nbsp; Italy | &nbsp;&nbsp; Italy |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 0 | 229 | 0 | 229 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 0 | 147 | 0 | 147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 0 | 21 | 0 | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 0 | 984 | 0 | 984 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 0 | 731 | 0 | 731 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 0 | 136 | 0 | 136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 111 | 0 | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 0 | 561 | 0 | 561 |
| &nbsp;&nbsp; Japan | &nbsp;&nbsp; Japan | &nbsp;&nbsp; Japan | &nbsp;&nbsp; Japan | &nbsp;&nbsp; Japan |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 0 | 2620 | 0 | 2620 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 0 | 4586 | 0 | 4586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 0 | 3007 | 0 | 3007 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 0 | 939 | 0 | 939 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 0 | 2085 | 0 | 2085 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 0 | 1964 | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1964 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 6661 | 0 | 6661 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 0 | 2261 | 0 | 2261 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 0 | 1997 | 0 | 1997 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 0 | 138 | 0 | 138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 0 | 1332 | 0 | 1332 |
| &nbsp;&nbsp; Luxembourg | &nbsp;&nbsp; Luxembourg | &nbsp;&nbsp; Luxembourg | &nbsp;&nbsp; Luxembourg | &nbsp;&nbsp; Luxembourg |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 0 | 120 | 0 | 120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 0 | 538 | 0 | 538 |
| &nbsp;&nbsp; Macau | &nbsp;&nbsp; Macau | &nbsp;&nbsp; Macau | &nbsp;&nbsp; Macau | &nbsp;&nbsp; Macau |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 0 | 15 | 0 | 15 |
| &nbsp;&nbsp; Netherlands | &nbsp;&nbsp; Netherlands | &nbsp;&nbsp; Netherlands | &nbsp;&nbsp; Netherlands | &nbsp;&nbsp; Netherlands |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 0 | 220 | 0 | 220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 0 | 398 | 0 | 398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 0 | 968 | 0 | 968 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 0 | 32 | 0 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1080 | 0 | 1104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 61 | 0 | 0 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 502 | 0 | 502 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148 | 380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | 528 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 0 | 424 | 0 | 424 |
| &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 | 59 | 0 | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 0 | 38 | 0 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 69 | 0 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 0 | 30 | 0 | 30 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 0 | 65 | 0 | 65 |
| &nbsp;&nbsp; Norway | &nbsp;&nbsp; Norway | &nbsp;&nbsp; Norway | &nbsp;&nbsp; Norway | &nbsp;&nbsp; Norway |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 0 | 122 | 0 | 122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 0 | 183 | 0 | 183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 11 | 1115 | 0 | 1126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 0 | 70 | 0 | 70 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 68 | 0 | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 0 | 86 | 0 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 0 | 375 | 0 | 375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 0 | 24 | 0 | 24 |
| &nbsp;&nbsp; Portugal | &nbsp;&nbsp; Portugal | &nbsp;&nbsp; Portugal | &nbsp;&nbsp; Portugal | &nbsp;&nbsp; Portugal |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 0 | 62 | 0 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 0 | 24 | 0 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 0 | 431 | 0 | 431 |
| &nbsp;&nbsp; Singapore | &nbsp;&nbsp; Singapore | &nbsp;&nbsp; Singapore | &nbsp;&nbsp; Singapore | &nbsp;&nbsp; Singapore |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 0 | 251 | 0 | 251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 0 | 206 | 0 | 206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 0 | 44 | 0 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 0 | 607 | 0 | 607 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 389 | 0 | 389 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 0 | 36 | 0 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 0 | 94 | 0 | 94 |
| &nbsp;&nbsp; South Africa | &nbsp;&nbsp; South Africa | &nbsp;&nbsp; South Africa | &nbsp;&nbsp; South Africa | &nbsp;&nbsp; South Africa |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 0 | 33 | 0 | 33 |

---

---

| | | |
|:---|:---|:---|
| **44** | **PIMCO EQUITY SERIES** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022 (Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2022** |
| &nbsp;&nbsp; Spain | &nbsp;&nbsp; Spain | &nbsp;&nbsp; Spain | &nbsp;&nbsp; Spain | &nbsp;&nbsp; Spain |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | $0 | $603 | $0 | $603 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 0 | 129 | 0 | 129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 0 | 55 | 0 | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 0 | 808 | 0 | 808 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 0 | 1521 | 0 | 1521 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 0 | 29 | 0 | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 193 | 0 | 193 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 0 | 52 | 0 | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 0 | 41 | 0 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 0 | 1229 | 0 | 1229 |
| &nbsp;&nbsp; Sweden | &nbsp;&nbsp; Sweden | &nbsp;&nbsp; Sweden | &nbsp;&nbsp; Sweden | &nbsp;&nbsp; Sweden |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 0 | 272 | 0 | 272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 45 | 244 | 0 | 289 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 0 | 292 | 0 | 292 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 0 | 71 | 0 | 71 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 0 | 312 | 0 | 312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 741 | 0 | 741 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 0 | 47 | 0 | 47 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 0 | 267 | 0 | 267 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 0 | 72 | 0 | 72 |
| &nbsp;&nbsp; Switzerland | &nbsp;&nbsp; Switzerland | &nbsp;&nbsp; Switzerland | &nbsp;&nbsp; Switzerland | &nbsp;&nbsp; Switzerland |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 0 | 191 | 0 | 191 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73 | 218 | 0 | 291 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1211 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 0 | 1700 | 0 | 1700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 0 | 1232 | 0 | 1232 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 0 | 903 | 0 | 903 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 0 | 108 | 0 | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 0 | 1576 | 0 | 1576 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 0 | 188 | 0 | 188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 0 | 50 | 0 | 50 |
| &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 | 967 | 0 | 967 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 39 | 941 | 0 | 980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 58 | 2765 | 0 | 2823 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 0 | 2461 | 0 | 2461 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2022** |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | $19 | $934 | $0 | $953 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 0 | 2189 | 0 | 2189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 41 | 1842 | 0 | 1883 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 0 | 111 | 0 | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 0 | 1303 | 0 | 1303 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 19 | 22 | 0 | 41 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 0 | 884 | 0 | 884 |
| &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 | 10 | 0 | 10 |
|  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 | 876 | 0 | 876 |
|  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 | 87 | 0 | 87 |
| &nbsp;&nbsp; Belgium | &nbsp;&nbsp; Belgium | &nbsp;&nbsp; Belgium | &nbsp;&nbsp; Belgium | &nbsp;&nbsp; Belgium |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 0 | 80 | 0 | 80 |
| &nbsp;&nbsp; Canada | &nbsp;&nbsp; Canada | &nbsp;&nbsp; Canada | &nbsp;&nbsp; Canada | &nbsp;&nbsp; Canada |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 98 | 0 | 0 | 98 |
| &nbsp;&nbsp; France | &nbsp;&nbsp; France | &nbsp;&nbsp; France | &nbsp;&nbsp; France | &nbsp;&nbsp; France |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 0 | 86 | 0 | 86 |
| &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 | 92 | 0 | 92 |
| &nbsp;&nbsp; Japan | &nbsp;&nbsp; Japan | &nbsp;&nbsp; Japan | &nbsp;&nbsp; Japan | &nbsp;&nbsp; Japan |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 0 | 955 | 0 | 955 |
| &nbsp;&nbsp; Singapore | &nbsp;&nbsp; Singapore | &nbsp;&nbsp; Singapore | &nbsp;&nbsp; Singapore | &nbsp;&nbsp; Singapore |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 0 | 144 | 0 | 144 |
| &nbsp;&nbsp; Spain | &nbsp;&nbsp; Spain | &nbsp;&nbsp; Spain | &nbsp;&nbsp; Spain | &nbsp;&nbsp; Spain |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 0 | 14 | 0 | 14 |
| &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 | 16 | 155 | 0 | 171 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 320 | 0 | 320 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8834 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98645 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107479 |

---

There were no significant transfers into or out of Level 3 during the period ended December 31, 2022.

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **45** |

---

------

##### [**Table of Contents**](#toc)

---

| | |
|:---|:---|
| **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 100.3%** | **INVESTMENTS IN SECURITIES 100.3%** | **INVESTMENTS IN SECURITIES 100.3%** |
| **COMMON STOCKS 97.1%** | **COMMON STOCKS 97.1%** | **COMMON STOCKS 97.1%** |
| **IRELAND 0.1%** | **IRELAND 0.1%** | **IRELAND 0.1%** |
| **INFORMATION TECHNOLOGY 0.1%** | **INFORMATION TECHNOLOGY 0.1%** | **INFORMATION TECHNOLOGY 0.1%** |
|  **Accenture PLC 'A'** | 523 | 139 |
|  **Total Ireland** |  | **139** |
| **SWITZERLAND 0.1%** | **SWITZERLAND 0.1%** | **SWITZERLAND 0.1%** |
| **FINANCIALS 0.1%** | **FINANCIALS 0.1%** | **FINANCIALS 0.1%** |
|  **Chubb Ltd.** | 371 | 82 |
|  **Total Switzerland** |  | **82** |
| **UNITED KINGDOM 0.5%** | **UNITED KINGDOM 0.5%** | **UNITED KINGDOM 0.5%** |
| **COMMUNICATION SERVICES 0.1%** | **COMMUNICATION SERVICES 0.1%** | **COMMUNICATION SERVICES 0.1%** |
|  **Liberty Global PLC 'C' (a)** | 7138 | 139 |
| **CONSUMER STAPLES 0.0%** | **CONSUMER STAPLES 0.0%** | **CONSUMER STAPLES 0.0%** |
|  **Nomad Foods Ltd. (a)** | 26 | 0 |
| **ENERGY 0.0%** | **ENERGY 0.0%** | **ENERGY 0.0%** |
|  **TechnipFMC PLC (a)** | 3600 | 44 |
| **FINANCIALS 0.1%** | **FINANCIALS 0.1%** | **FINANCIALS 0.1%** |
|  **Willis Towers Watson PLC** | 447 | 109 |
| **INDUSTRIALS 0.1%** | **INDUSTRIALS 0.1%** | **INDUSTRIALS 0.1%** |
|  **Nvent Electric PLC** | 293 | 11 |
|  **Pentair PLC** | 1198 | 54 |
|  |  | 65 |
| **MATERIALS 0.2%** | **MATERIALS 0.2%** | **MATERIALS 0.2%** |
|  **Amcor PLC** | 4300 | 51 |
|  **Linde PLC** | 461 | 151 |
|  |  | 202 |
|  **Total United Kingdom** |  | **559** |
| **UNITED STATES 96.4%** | **UNITED STATES 96.4%** | **UNITED STATES 96.4%** |
| **COMMUNICATION SERVICES 4.8%** | **COMMUNICATION SERVICES 4.8%** | **COMMUNICATION SERVICES 4.8%** |
|  **Activision Blizzard, Inc.** | 1790 | 137 |
|  **AMC Entertainment Holdings, Inc. 'A' (a)** | 1480 | 6 |
|  **AMC Networks, Inc. 'A' (a)** | 683 | 11 |
|  **AT&T, Inc.** | 122899 | &nbsp;&nbsp;&nbsp;&nbsp;2263 |
|  **Cable One, Inc.** | 12 | 9 |
|  **Charter Communications, Inc. 'A' (a)** | 447 | 152 |
|  **Cinemark Holdings, Inc. (a)** | 1319 | 11 |
|  **Comcast Corp. 'A'** | 16438 | 575 |
|  **Electronic Arts, Inc.** | 1291 | 158 |
|  **Fox Corp. 'A'** | 1931 | 59 |
|  **Interpublic Group of Cos., Inc.** | 2134 | 71 |
|  **John Wiley & Sons, Inc. 'A'** | 354 | 14 |
|  **Liberty Broadband Corp. 'C' (a)** | 218 | 17 |
|  **Liberty Media Corp.-Liberty Formula One 'C' (a)** | 387 | 23 |
|  **Liberty Media Corp.-Liberty SiriusXM 'C' (a)** | 3327 | 130 |
|  **Lumen Technologies, Inc.** | 23896 | 125 |
|  **New York Times Co. 'A'** | 333 | 11 |
|  **News Corp. 'A'** | 3378 | 61 |
|  **Nexstar Media Group, Inc. 'A'** | 285 | 50 |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  **Omnicom Group, Inc.** | 1642 | 134 |
|  **Paramount Global** | 5409 | 91 |
|  **Pinterest, Inc. 'A' (a)** | 1373 | 33 |
|  **Scholastic Corp.** | 260 | 10 |
|  **T-Mobile U.S., Inc. (a)** | 1635 | 229 |
|  **Take-Two Interactive Software, Inc. (a)** | 238 | 25 |
|  **TEGNA, Inc.** | 3027 | 64 |
|  **Telephone & Data Systems, Inc.** | 1641 | 17 |
|  **TripAdvisor, Inc. (a)** | 634 | 11 |
|  **Verizon Communications, Inc.** | 23188 | 914 |
|  **Walt Disney Co. (a)** | 1346 | 117 |
|  **Yelp, Inc. (a)** | 524 | 14 |
|  **Zillow Group, Inc. 'C' (a)** | 544 | 17 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;5559 |
| **CONSUMER DISCRETIONARY 10.0%** | **CONSUMER DISCRETIONARY 10.0%** | **CONSUMER DISCRETIONARY 10.0%** |
|  **Abercrombie & Fitch Co. 'A' (a)** | 1098 | 25 |
|  **Academy Sports & Outdoors, Inc.** | 641 | 34 |
|  **Adient PLC (a)** | 2227 | 77 |
|  **Adtalem Global Education, Inc. (a)** | 763 | 27 |
|  **Advance Auto Parts, Inc.** | 101 | 15 |
|  **American Axle & Manufacturing Holdings, Inc. (a)** | 2121 | 17 |
|  **American Eagle Outfitters, Inc.** | 3906 | 55 |
|  **Aramark** | 580 | 24 |
|  **Asbury Automotive Group, Inc. (a)** | 448 | 80 |
|  **AutoNation, Inc. (a)** | 1032 | 111 |
|  **AutoZone, Inc. (a)** | 125 | 308 |
|  **Bath & Body Works, Inc.** | 607 | 26 |
|  **Bed Bath & Beyond, Inc. (a)** | 6886 | 17 |
|  **Best Buy Co., Inc.** | 3232 | 259 |
|  **Bloomin' Brands, Inc.** | 683 | 14 |
|  **Booking Holdings, Inc. (a)** | 93 | 187 |
|  **BorgWarner, Inc.** | 1600 | 64 |
|  **Bright Horizons Family Solutions, Inc. (a)** | 110 | 7 |
|  **Brunswick Corp.** | 580 | 42 |
|  **Buckle, Inc.** | 663 | 30 |
|  **Carnival Corp. (a)** | 6685 | 54 |
|  **Carter's, Inc.** | 1152 | 86 |
|  **Cheesecake Factory, Inc.** | 845 | 27 |
|  **Chipotle Mexican Grill, Inc. (a)** | 47 | 65 |
|  **Churchill Downs, Inc.** | 140 | 30 |
|  **Cracker Barrel Old Country Store, Inc.** | 413 | 39 |
|  **Dana, Inc.** | 3584 | 54 |
|  **Darden Restaurants, Inc.** | 226 | 31 |
|  **Dave & Buster's Entertainment, Inc. (a)** | 370 | 13 |
|  **Deckers Outdoor Corp. (a)** | 120 | 48 |
|  **Designer Brands, Inc. 'A'** | 1902 | 19 |
|  **Dick's Sporting Goods, Inc.** | 1141 | 137 |
|  **Dillard's, Inc. 'A'** | 81 | 26 |
|  **Dollar General Corp.** | 1361 | 335 |
|  **Dollar Tree, Inc. (a)** | 1136 | 161 |
|  **Domino's Pizza, Inc.** | 336 | 116 |
|  **Dorman Products, Inc. (a)** | 180 | 15 |
|  **eBay, Inc.** | 6001 | 249 |
|  **Foot Locker, Inc.** | 2940 | 111 |
|  **Ford Motor Co.** | 82035 | 954 |
|  **G-III Apparel Group Ltd. (a)** | 1427 | 20 |
|  **Gap, Inc.** | 7773 | 88 |
|  **General Motors Co.** | 25059 | 843 |
|  **Genesco, Inc. (a)** | 249 | 11 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Gentex Corp.** | 1446 | $— | 39 |
|  **Genuine Parts Co.** | 390 |  | 68 |
|  **Goodyear Tire & Rubber Co. (a)** | 10456 |  | 106 |
|  **Graham Holdings Co. 'B'** | 32 |  | 19 |
|  **Grand Canyon Education, Inc. (a)** | 212 |  | 22 |
|  **Group 1 Automotive, Inc.** | 294 |  | 53 |
|  **Guess?, Inc.** | 513 |  | 11 |
|  **H&R Block, Inc.** | 3575 |  | 131 |
|  **Hanesbrands, Inc.** | 2647 |  | 17 |
|  **Harley-Davidson, Inc.** | 851 |  | 35 |
|  **Hasbro, Inc.** | 141 |  | 9 |
|  **Hilton Grand Vacations, Inc. (a)** | 450 |  | 17 |
|  **Hilton Worldwide Holdings, Inc.** | 383 |  | 48 |
|  **Home Depot, Inc.** | 1182 |  | 373 |
|  **International Game Technology PLC** | 1076 |  | 24 |
|  **Jack in the Box, Inc.** | 656 |  | 45 |
|  **Kohl's Corp.** | 5178 |  | 131 |
|  **Kontoor Brands, Inc.** | 550 |  | 22 |
|  **La-Z-Boy, Inc.** | 697 |  | 16 |
|  **Las Vegas Sands Corp. (a)** | 1393 |  | 67 |
|  **Lear Corp.** | 710 |  | 88 |
|  **Leggett & Platt, Inc.** | 1516 |  | 49 |
|  **Light & Wonder, Inc. 'A' (a)** | 236 |  | 14 |
|  **Lithia Motors, Inc.** | 80 |  | 16 |
|  **LKQ Corp.** | 397 |  | 21 |
|  **Lowe's Cos., Inc.** | 1237 |  | 246 |
|  **Macy's, Inc.** | 6550 |  | 135 |
|  **Marriott International, Inc. 'A'** | 586 |  | 87 |
|  **Marriott Vacations Worldwide Corp.** | 149 |  | 20 |
|  **McDonald's Corp.** | 3559 |  | 938 |
|  **MDC Holdings, Inc.** | 404 |  | 13 |
|  **Meritage Homes Corp. (a)** | 330 |  | 30 |
|  **MGM Resorts International** | 533 |  | 18 |
|  **Murphy USA, Inc.** | 786 |  | 220 |
|  **Newell Brands, Inc.** | 688 |  | 9 |
|  **NIKE, Inc. 'B'** | 505 |  | 59 |
|  **Nordstrom, Inc.** | 2753 |  | 44 |
|  **Norwegian Cruise Line Holdings Ltd. (a)** | 1089 |  | 13 |
|  **O'Reilly Automotive, Inc. (a)** | 405 |  | 342 |
|  **ODP Corp. (a)** | 977 |  | 45 |
|  **Penn Entertainment, Inc. (a)** | 512 |  | 15 |
|  **Penske Automotive Group, Inc.** | 674 |  | 77 |
|  **Polaris, Inc.** | 191 |  | 19 |
|  **Pool Corp.** | 222 |  | 67 |
|  **PulteGroup, Inc.** | 2319 |  | 106 |
|  **PVH Corp.** | 449 |  | 32 |
|  **Qurate Retail, Inc. (a)** | 14364 |  | 23 |
|  **Ralph Lauren Corp.** | 610 |  | 64 |
|  **Ross Stores, Inc.** | 355 |  | 41 |
|  **Royal Caribbean Cruises Ltd. (a)** | 268 |  | 13 |
|  **Sally Beauty Holdings, Inc. (a)** | 3030 |  | 38 |
|  **Service Corp. International** | 1267 |  | 88 |
|  **Signet Jewelers Ltd.** | 827 |  | 56 |
|  **Sonic Automotive, Inc. 'A'** | 275 |  | 14 |
|  **Steven Madden Ltd.** | 475 |  | 15 |
|  **Strategic Education, Inc.** | 146 |  | 11 |
|  **Target Corp.** | 5596 |  | &nbsp;&nbsp;&nbsp;&nbsp;834 |
|  **Taylor Morrison Home Corp. 'A' (a)** | 1947 |  | 59 |
|  **Tempur Sealy International, Inc.** | 1268 |  | 44 |
|  **Texas Roadhouse, Inc.** | 332 |  | 30 |
|  **Thor Industries, Inc.** | 609 |  | 46 |
|  **TJX Cos., Inc.** | 1051 |  | 84 |
|  **Toll Brothers, Inc.** | 1393 |  | 70 |
|  **Tractor Supply Co.** | 412 |  | 93 |

---

---

| | | |
|:---|:---|:---|
| **46** | **PIMCO EQUITY SERIES** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022 (Unaudited)

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| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  **Tri Pointe Homes, Inc. (a)** | 2001 | 37 |
|  **Ulta Beauty, Inc. (a)** | 289 | 136 |
|  **Urban Outfitters, Inc. (a)** | 1324 | 32 |
|  **Vail Resorts, Inc.** | 244 | 58 |
|  **VF Corp.** | 343 | 10 |
|  **Vista Outdoor, Inc. (a)** | 274 | 7 |
|  **Visteon Corp. (a)** | 505 | 66 |
|  **Wendy's Co.** | 3665 | 83 |
|  **Whirlpool Corp.** | 940 | 133 |
|  **Williams-Sonoma, Inc.** | 928 | 107 |
|  **Wyndham Hotels & Resorts, Inc.** | 449 | 32 |
|  **Wynn Resorts Ltd. (a)** | 282 | 23 |
|  **Yum! Brands, Inc.** | 1762 | 226 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;11500 |
| **CONSUMER STAPLES 14.5%** | **CONSUMER STAPLES 14.5%** | **CONSUMER STAPLES 14.5%** |
|  **Altria Group, Inc.** | 17298 | 791 |
|  **Andersons, Inc.** | 425 | 15 |
|  **Archer-Daniels-Midland Co.** | 6930 | 643 |
|  **B&G Foods, Inc.** | 801 | 9 |
|  **Boston Beer Co., Inc. 'A' (a)** | 37 | 12 |
|  **Brown-Forman Corp. 'B'** | 1856 | 122 |
|  **Bunge Ltd.** | 3368 | 336 |
|  **Cal-Maine Foods, Inc.** | 917 | 50 |
|  **Campbell Soup Co.** | 1126 | 64 |
|  **Casey's General Stores, Inc.** | 527 | 118 |
|  **Central Garden & Pet Co. 'A' (a)** | 301 | 11 |
|  **Church & Dwight Co., Inc.** | 980 | 79 |
|  **Clorox Co.** | 620 | 87 |
|  **Coca-Cola Co.** | 19905 | 1266 |
|  **Colgate-Palmolive Co.** | 4460 | 351 |
|  **Conagra Brands, Inc.** | 2695 | 104 |
|  **Constellation Brands, Inc. 'A'** | 665 | 154 |
|  **Costco Wholesale Corp.** | 1388 | 634 |
|  **Darling Ingredients, Inc. (a)** | 390 | 24 |
|  **Edgewell Personal Care Co.** | 1080 | 42 |
|  **Estee Lauder Cos., Inc. 'A'** | 109 | 27 |
|  **Flowers Foods, Inc.** | 2403 | 69 |
|  **General Mills, Inc.** | 3820 | 320 |
|  **Hain Celestial Group, Inc. (a)** | 412 | 7 |
|  **Herbalife Nutrition Ltd. (a)** | 549 | 8 |
|  **Hershey Co.** | 535 | 124 |
|  **Hormel Foods Corp.** | 1518 | 69 |
|  **Ingles Markets, Inc. 'A'** | 200 | 19 |
|  **Ingredion, Inc.** | 888 | 87 |
|  **J & J Snack Foods Corp.** | 132 | 20 |
|  **J M Smucker Co.** | 905 | 143 |
|  **Kellogg Co.** | 1883 | 134 |
|  **Keurig Dr Pepper, Inc.** | 3879 | 138 |
|  **Kimberly-Clark Corp.** | 1984 | 269 |
|  **Kraft Heinz Co.** | 9599 | 391 |
|  **Kroger Co.** | 14450 | 644 |
|  **Lamb Weston Holdings, Inc.** | 1073 | 96 |
|  **Lancaster Colony Corp.** | 222 | 44 |
|  **McCormick & Co., Inc.** | 1429 | 118 |
|  **Molson Coors Beverage Co. 'B'** | 3523 | 181 |
|  **Mondelez International, Inc. 'A'** | 7585 | 506 |
|  **Monster Beverage Corp. (a)** | 697 | 71 |
|  **National Beverage Corp. (a)** | 183 | 9 |
|  **Nu Skin Enterprises, Inc. 'A'** | 1137 | 48 |
|  **PepsiCo, Inc.** | 7654 | 1383 |
|  **Performance Food Group Co. (a)** | 1334 | 78 |
|  **Philip Morris International, Inc.** | 9842 | 996 |
|  **Post Holdings, Inc. (a)** | 801 | 72 |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  **PriceSmart, Inc.** | 182 | 11 |
|  **Procter & Gamble Co.** | 11868 | 1799 |
|  **SpartanNash Co.** | 540 | 16 |
|  **Sprouts Farmers Market, Inc. (a)** | 3698 | 120 |
|  **Sysco Corp.** | 1580 | 121 |
|  **TreeHouse Foods, Inc. (a)** | 703 | 35 |
|  **Tyson Foods, Inc. 'A'** | 4701 | 293 |
|  **U.S. Foods Holding Corp. (a)** | 2961 | 101 |
|  **United Natural Foods, Inc. (a)** | 1080 | 42 |
|  **Universal Corp.** | 203 | 11 |
|  **Vector Group Ltd.** | 1837 | 22 |
|  **Walgreens Boots Alliance, Inc.** | 22297 | 833 |
|  **Walmart, Inc.** | 16437 | 2331 |
|  **Weis Markets, Inc.** | 139 | 11 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;16729 |
| **ENERGY 12.7%** | **ENERGY 12.7%** | **ENERGY 12.7%** |
|  **Antero Resources Corp. (a)** | 4668 | 145 |
|  **APA Corp.** | 994 | 46 |
|  **Arch Resources, Inc.** | 66 | 9 |
|  **Archrock, Inc.** | 1561 | 14 |
|  **Baker Hughes Co.** | 12588 | 372 |
|  **ChampionX Corp. (a)** | 548 | 16 |
|  **Cheniere Energy, Inc.** | 505 | 76 |
|  **Chevron Corp.** | 14919 | 2678 |
|  **CNX Resources Corp. (a)** | 2782 | 47 |
|  **ConocoPhillips** | 7593 | 896 |
|  **Coterra Energy, Inc.** | 3201 | 79 |
|  **CVR Energy, Inc.** | 628 | 20 |
|  **Delek U.S. Holdings, Inc.** | 2702 | 73 |
|  **Devon Energy Corp.** | 4553 | 280 |
|  **Diamondback Energy, Inc.** | 394 | 54 |
|  **Dril-Quip, Inc. (a)** | 400 | 11 |
|  **DT Midstream, Inc.** | 170 | 9 |
|  **EOG Resources, Inc.** | 608 | 79 |
|  **EQT Corp.** | 899 | 30 |
|  **Equitrans Midstream Corp.** | 1510 | 10 |
|  **Exxon Mobil Corp.** | 27157 | 2995 |
|  **Halliburton Co.** | 1354 | 53 |
|  **Helmerich & Payne, Inc.** | 1767 | 88 |
|  **Hess Corp.** | 1239 | 176 |
|  **Kinder Morgan, Inc.** | 7401 | 134 |
|  **Kosmos Energy Ltd. (a)** | 2118 | 13 |
|  **Marathon Oil Corp.** | 16474 | 446 |
|  **Marathon Petroleum Corp.** | 10479 | 1220 |
|  **Matador Resources Co.** | 192 | 11 |
|  **Murphy Oil Corp.** | 2730 | 117 |
|  **Nabors Industries Ltd. (a)** | 84 | 13 |
|  **NOV, Inc.** | 8452 | 177 |
|  **Occidental Petroleum Corp.** | 8977 | 565 |
|  **Oceaneering International, Inc. (a)** | 2115 | 37 |
|  **ONEOK, Inc.** | 650 | 43 |
|  **Ovintiv, Inc.** | 735 | 37 |
|  **Patterson-UTI Energy, Inc.** | 5671 | 95 |
|  **PBF Energy, Inc. 'A'** | 4626 | 189 |
|  **PDC Energy, Inc.** | 172 | 11 |
|  **Peabody Energy Corp. (a)** | 1837 | 48 |
|  **Permian Resources Corp.** | 3423 | 32 |
|  **Phillips 66** | 9057 | 943 |
|  **Pioneer Natural Resources Co.** | 246 | 56 |
|  **Range Resources Corp.** | 2161 | 54 |
|  **Schlumberger Ltd.** | 6376 | 341 |
|  **SM Energy Co.** | 2546 | 89 |
|  **Targa Resources Corp.** | 1422 | 104 |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  **Transocean Ltd. (a)** | 19865 | 91 |
|  **Valero Energy Corp.** | 10966 | 1391 |
|  **Williams Cos., Inc.** | 1128 | 37 |
|  **World Fuel Services Corp.** | 1248 | 34 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;14584 |
| **FINANCIALS 11.4%** | **FINANCIALS 11.4%** | **FINANCIALS 11.4%** |
|  **Affiliated Managers Group, Inc.** | 327 | 52 |
|  **Aflac, Inc.** | 1832 | 132 |
|  **Allstate Corp.** | 4670 | 633 |
|  **Ally Financial, Inc.** | 6121 | 150 |
|  **American Equity Investment Life Holding Co.** | 899 | 41 |
|  **American Express Co.** | 613 | 91 |
|  **American Financial Group, Inc.** | 124 | 17 |
|  **American International Group, Inc.** | 11888 | 752 |
|  **Ameriprise Financial, Inc.** | 79 | 25 |
|  **Aon PLC 'A'** | 657 | 197 |
|  **Ares Management Corp.** | 581 | 40 |
|  **Arthur J Gallagher & Co.** | 728 | 137 |
|  **Artisan Partners Asset Management, Inc. 'A'** | 350 | 10 |
|  **Assurant, Inc.** | 93 | 12 |
|  **Bank of New York Mellon Corp.** | 5582 | 254 |
|  **Bank OZK** | 291 | 12 |
|  **Berkshire Hathaway, Inc. 'B' (a)** | 1882 | 581 |
|  **Blackstone, Inc.** | 534 | 40 |
|  **Brighthouse Financial, Inc. (a)** | 1503 | 77 |
|  **Brightsphere Investment Group, Inc.** | 611 | 13 |
|  **Brown & Brown, Inc.** | 1142 | 65 |
|  **Cadence Bank** | 552 | 14 |
|  **Capital One Financial Corp.** | 5625 | 523 |
|  **Capitol Federal Financial, Inc.** | 932 | 8 |
|  **Charles Schwab Corp.** | 1573 | 131 |
|  **Cincinnati Financial Corp.** | 111 | 11 |
|  **Citigroup, Inc.** | 34911 | 1579 |
|  **Citizens Financial Group, Inc.** | 629 | 25 |
|  **CME Group, Inc.** | 864 | 145 |
|  **CNO Financial Group, Inc.** | 2031 | 46 |
|  **Commerce Bancshares, Inc.** | 201 | 14 |
|  **Cullen/Frost Bankers, Inc.** | 99 | 13 |
|  **Discover Financial Services** | 1644 | 161 |
|  **East West Bancorp, Inc.** | 244 | 16 |
|  **Equitable Holdings, Inc.** | 716 | 21 |
|  **Erie Indemnity Co. 'A'** | 121 | 30 |
|  **Evercore, Inc. 'A'** | 344 | 37 |
|  **FactSet Research Systems, Inc.** | 184 | 74 |
|  **Federated Hermes, Inc. 'B'** | 808 | 29 |
|  **First American Financial Corp.** | 1030 | 54 |
|  **First Citizens BancShares, Inc. 'A'** | 34 | 26 |
|  **First Horizon Corp.** | 1053 | 26 |
|  **FNB Corp.** | 928 | 12 |
|  **Franklin Resources, Inc.** | 4630 | 122 |
|  **Genworth Financial, Inc. 'A' (a)** | 8372 | 44 |
|  **Glacier Bancorp, Inc.** | 220 | 11 |
|  **Globe Life, Inc.** | 112 | 13 |
|  **Goldman Sachs Group, Inc.** | 1244 | 427 |
|  **Hanover Insurance Group, Inc.** | 327 | 44 |
|  **Hartford Financial Services Group, Inc.** | 263 | 20 |
|  **Home BancShares, Inc.** | 517 | 12 |
|  **Houlihan Lokey, Inc.** | 463 | 40 |
|  **Huntington Bancshares, Inc.** | 1138 | 16 |
|  **Interactive Brokers Group, Inc. 'A'** | 338 | 24 |
|  **Intercontinental Exchange, Inc.** | 1452 | 149 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **47** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF** | **(Cont.)** |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  **Invesco Ltd.** | 6888 | 124 |
|  **Jackson Financial, Inc.** | 397 | 14 |
|  **Jefferies Financial Group, Inc.** | 966 | 33 |
|  **Kemper Corp.** | 224 | 11 |
|  **Lincoln National Corp.** | 3358 | 103 |
|  **Loews Corp.** | 1969 | 115 |
|  **LPL Financial Holdings, Inc.** | 801 | 173 |
|  **M&T Bank Corp.** | 285 | 41 |
|  **Markel Corp. (a)** | 20 | 26 |
|  **MarketAxess Holdings, Inc.** | 53 | 15 |
|  **Marsh & McLennan Cos., Inc.** | 1925 | 319 |
|  **Mercury General Corp.** | 353 | 12 |
|  **MetLife, Inc.** | 4611 | 334 |
|  **MGIC Investment Corp.** | 1112 | 14 |
|  **Moelis & Co. 'A'** | 248 | 9 |
|  **Moody's Corp.** | 32 | 9 |
|  **Morgan Stanley** | 1417 | 120 |
|  **Morningstar, Inc.** | 115 | 25 |
|  **MSCI, Inc.** | 98 | 46 |
|  **Nasdaq, Inc.** | 1095 | 67 |
|  **Navient Corp.** | 4164 | 68 |
|  **Nelnet, Inc. 'A'** | 113 | 10 |
|  **New York Community Bancorp, Inc.** | 3710 | 32 |
|  **OneMain Holdings, Inc.** | 1163 | 39 |
|  **PacWest Bancorp** | 731 | 17 |
|  **Primerica, Inc.** | 158 | 22 |
|  **Principal Financial Group, Inc.** | 411 | 34 |
|  **ProAssurance Corp.** | 553 | 10 |
|  **Progressive Corp.** | 2774 | 360 |
|  **Prosperity Bancshares, Inc.** | 153 | 11 |
|  **Prudential Financial, Inc.** | 4984 | 496 |
|  **Raymond James Financial, Inc.** | 302 | 32 |
|  **Regions Financial Corp.** | 1070 | 23 |
|  **Reinsurance Group of America, Inc.** | 118 | 17 |
|  **RLI Corp.** | 208 | 27 |
|  **S&P Global, Inc.** | 110 | 37 |
|  **SEI Investments Co.** | 1193 | 70 |
|  **Selective Insurance Group, Inc.** | 133 | 12 |
|  **SLM Corp.** | 2735 | 45 |
|  **South State Corp.** | 141 | 11 |
|  **State Street Corp.** | 388 | 30 |
|  **Stewart Information Services Corp.** | 396 | 17 |
|  **Stifel Financial Corp.** | 176 | 10 |
|  **Synchrony Financial** | 5945 | 195 |
|  **Synovus Financial Corp.** | 284 | 11 |
|  **T Rowe Price Group, Inc.** | 381 | 42 |
|  **Travelers Cos., Inc.** | 3164 | 593 |
|  **United Bankshares, Inc.** | 310 | 13 |
|  **Unum Group** | 4141 | 170 |
|  **Valley National Bancorp** | 965 | 11 |
|  **Virtu Financial, Inc. 'A'** | 1290 | 26 |
|  **Voya Financial, Inc.** | 370 | 23 |
|  **Washington Federal, Inc.** | 374 | 13 |
|  **Webster Financial Corp.** | 465 | 22 |
|  **Wells Fargo & Co.** | 38870 | 1605 |
|  **White Mountains Insurance Group Ltd.** | 23 | 33 |
|  **Wintrust Financial Corp.** | 129 | 11 |
|  **WR Berkley Corp.** | 324 | 23 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;13079 |
| **HEALTH CARE 17.9%** | **HEALTH CARE 17.9%** | **HEALTH CARE 17.9%** |
|  **AbbVie, Inc.** | 5460 | 882 |
|  **Acadia Healthcare Co., Inc. (a)** | 180 | 15 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Agilent Technologies, Inc.** | 321 | $— | 48 |
|  **Alnylam Pharmaceuticals, Inc. (a)** | 303 |  | 72 |
|  **AmerisourceBergen Corp.** | 550 |  | 91 |
|  **Amgen, Inc.** | 3907 |  | 1026 |
|  **AMN Healthcare Services, Inc. (a)** | 287 |  | 30 |
|  **Baxter International, Inc.** | 2434 |  | 124 |
|  **Becton Dickinson & Co.** | 1126 |  | 286 |
|  **Bio-Rad Laboratories, Inc. 'A' (a)** | 53 |  | 22 |
|  **Biogen, Inc. (a)** | 420 |  | 116 |
|  **BioMarin Pharmaceutical, Inc. (a)** | 474 |  | 49 |
|  **Boston Scientific Corp. (a)** | 1826 |  | 84 |
|  **Bristol-Myers Squibb Co.** | 12352 |  | 889 |
|  **Brookdale Senior Living, Inc. (a)** | 2240 |  | 6 |
|  **Bruker Corp.** | 237 |  | 16 |
|  **Cardinal Health, Inc.** | 8590 |  | 660 |
|  **Centene Corp. (a)** | 685 |  | 56 |
|  **Chemed Corp.** | 118 |  | 60 |
|  **Cigna Corp.** | 354 |  | 117 |
|  **Cooper Cos., Inc.** | 143 |  | 47 |
|  **CVS Health Corp.** | 16008 |  | &nbsp;&nbsp;&nbsp;&nbsp;1492 |
|  **Danaher Corp.** | 912 |  | 242 |
|  **DaVita, Inc. (a)** | 1850 |  | 138 |
|  **Dentsply Sirona, Inc.** | 1212 |  | 39 |
|  **Elevance Health, Inc.** | 1143 |  | 586 |
|  **Eli Lilly & Co.** | 2992 |  | 1095 |
|  **Encompass Health Corp.** | 1228 |  | 73 |
|  **Envista Holdings Corp. (a)** | 282 |  | 9 |
|  **Exelixis, Inc. (a)** | 554 |  | 9 |
|  **Gilead Sciences, Inc.** | 21970 |  | 1886 |
|  **Globus Medical, Inc. 'A' (a)** | 357 |  | 27 |
|  **Haemonetics Corp. (a)** | 324 |  | 25 |
|  **HCA Healthcare, Inc.** | 303 |  | 73 |
|  **Henry Schein, Inc. (a)** | 964 |  | 77 |
|  **Hologic, Inc. (a)** | 2271 |  | 170 |
|  **Humana, Inc.** | 381 |  | 195 |
|  **ICU Medical, Inc. (a)** | 146 |  | 23 |
|  **IDEXX Laboratories, Inc. (a)** | 29 |  | 12 |
|  **Incyte Corp. (a)** | 869 |  | 70 |
|  **Ionis Pharmaceuticals, Inc. (a)** | 260 |  | 10 |
|  **Johnson & Johnson** | 13016 |  | 2299 |
|  **Laboratory Corp. of America Holdings** | 171 |  | 40 |
|  **LHC Group, Inc. (a)** | 122 |  | 20 |
|  **Masimo Corp. (a)** | 201 |  | 30 |
|  **McKesson Corp.** | 2490 |  | 934 |
|  **Merck & Co., Inc.** | 19553 |  | 2169 |
|  **Mettler-Toledo International, Inc. (a)** | 71 |  | 103 |
|  **Moderna, Inc. (a)** | 82 |  | 15 |
|  **Molina Healthcare, Inc. (a)** | 393 |  | 130 |
|  **Myriad Genetics, Inc. (a)** | 836 |  | 12 |
|  **Organon & Co.** | 6159 |  | 172 |
|  **Owens & Minor, Inc. (a)** | 1586 |  | 31 |
|  **Patterson Cos., Inc.** | 1803 |  | 51 |
|  **Pediatrix Medical Group, Inc. (a)** | 1143 |  | 17 |
|  **Pfizer, Inc.** | 31685 |  | 1624 |
|  **Premier, Inc. 'A'** | 828 |  | 29 |
|  **Quest Diagnostics, Inc.** | 901 |  | 141 |
|  **Regeneron Pharmaceuticals, Inc. (a)** | 282 |  | 203 |
|  **ResMed, Inc.** | 445 |  | 93 |
|  **Royalty Pharma PLC 'A'** | 1521 |  | 60 |
|  **Sarepta Therapeutics, Inc. (a)** | 240 |  | 31 |
|  **Seagen, Inc. (a)** | 326 |  | 42 |
|  **Select Medical Holdings Corp.** | 435 |  | 11 |
|  **STERIS PLC** | 341 |  | 63 |
|  **Stryker Corp.** | 336 |  | 82 |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  **Teleflex, Inc.** | 78 | 19 |
|  **Tenet Healthcare Corp. (a)** | 2204 | 108 |
|  **United Therapeutics Corp. (a)** | 811 | 226 |
|  **UnitedHealth Group, Inc.** | 999 | 530 |
|  **Universal Health Services, Inc. 'B'** | 545 | 77 |
|  **Vertex Pharmaceuticals, Inc. (a)** | 314 | 91 |
|  **Viatris, Inc.** | 13977 | 156 |
|  **Waters Corp. (a)** | 109 | 37 |
|  **West Pharmaceutical Services, Inc.** | 77 | 18 |
|  **Zimmer Biomet Holdings, Inc.** | 222 | 28 |
|  **Zoetis, Inc.** | 147 | 22 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;20661 |
| **INDUSTRIALS 9.9%** | **INDUSTRIALS 9.9%** | **INDUSTRIALS 9.9%** |
|  **3M Co.** | 1804 | 216 |
|  **A O Smith Corp.** | 763 | 44 |
|  **AAR Corp. (a)** | 394 | 18 |
|  **ABM Industries, Inc.** | 911 | 40 |
|  **Acuity Brands, Inc.** | 259 | 43 |
|  **AECOM** | 946 | 80 |
|  **Aerojet Rocketdyne Holdings, Inc. (a)** | 784 | 44 |
|  **AGCO Corp.** | 707 | 98 |
|  **Allison Transmission Holdings, Inc.** | 2017 | 84 |
|  **American Airlines Group, Inc. (a)** | 8557 | 109 |
|  **AMETEK, Inc.** | 170 | 24 |
|  **Apogee Enterprises, Inc.** | 294 | 13 |
|  **Applied Industrial Technologies, Inc.** | 110 | 14 |
|  **Arcosa, Inc.** | 294 | 16 |
|  **Armstrong World Industries, Inc.** | 150 | 10 |
|  **Atlas Air Worldwide Holdings, Inc. (a)** | 446 | 45 |
|  **Avis Budget Group, Inc. (a)** | 2175 | 357 |
|  **Boeing Co. (a)** | 652 | 124 |
|  **Boise Cascade Co.** | 555 | 38 |
|  **Booz Allen Hamilton Holding Corp.** | 1733 | 181 |
|  **BWX Technologies, Inc.** | 816 | 47 |
|  **CACI International, Inc. 'A' (a)** | 246 | 74 |
|  **Carlisle Cos., Inc.** | 85 | 20 |
|  **Carrier Global Corp.** | 831 | 34 |
|  **Caterpillar, Inc.** | 1027 | 246 |
|  **CH Robinson Worldwide, Inc.** | 1422 | 130 |
|  **Cintas Corp.** | 159 | 72 |
|  **Clean Harbors, Inc. (a)** | 217 | 25 |
|  **Comfort Systems USA, Inc.** | 108 | 12 |
|  **Copart, Inc. (a)** | 1267 | 77 |
|  **CoreCivic, Inc. (a)** | 2794 | 32 |
|  **CoStar Group, Inc. (a)** | 1032 | 80 |
|  **CSX Corp.** | 4951 | 153 |
|  **Cummins, Inc.** | 448 | 109 |
|  **Curtiss-Wright Corp.** | 331 | 55 |
|  **Deere & Co.** | 285 | 122 |
|  **Deluxe Corp.** | 417 | 7 |
|  **Donaldson Co., Inc.** | 778 | 46 |
|  **Dun & Bradstreet Holdings, Inc.** | 886 | 11 |
|  **Dycom Industries, Inc. (a)** | 112 | 11 |
|  **Eaton Corp. PLC** | 410 | 64 |
|  **EMCOR Group, Inc.** | 100 | 15 |
|  **Emerson Electric Co.** | 1417 | 136 |
|  **Encore Wire Corp.** | 267 | 37 |
|  **Equifax, Inc.** | 310 | 60 |
|  **Expeditors International of Washington, Inc.** | 866 | 90 |
|  **Fastenal Co.** | 800 | 38 |

---

---

| | | |
|:---|:---|:---|
| **48** | **PIMCO EQUITY SERIES** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Fluor Corp. (a)** | 4426 | $— | 153 |
|  **Fortive Corp.** | 433 |  | 28 |
|  **Franklin Electric Co., Inc.** | 132 |  | 11 |
|  **FTI Consulting, Inc. (a)** | 558 |  | 89 |
|  **GATX Corp.** | 325 |  | 35 |
|  **Generac Holdings, Inc. (a)** | 215 |  | 22 |
|  **General Dynamics Corp.** | 294 |  | 73 |
|  **General Electric Co.** | 7743 |  | 649 |
|  **GMS, Inc. (a)** | 284 |  | 14 |
|  **Graco, Inc.** | 379 |  | 26 |
|  **Granite Construction, Inc.** | 617 |  | 22 |
|  **Greenbrier Cos., Inc.** | 996 |  | 33 |
|  **Hawaiian Holdings, Inc. (a)** | 1401 |  | 14 |
|  **Healthcare Services Group, Inc.** | 1130 |  | 14 |
|  **HEICO Corp.** | 176 |  | 27 |
|  **Hexcel Corp.** | 991 |  | 58 |
|  **Hillenbrand, Inc.** | 283 |  | 12 |
|  **HNI Corp.** | 381 |  | 11 |
|  **Honeywell International, Inc.** | 673 |  | 144 |
|  **Howmet Aerospace, Inc.** | 1352 |  | 53 |
|  **Hub Group, Inc. 'A' (a)** | 336 |  | 27 |
|  **Hubbell, Inc.** | 209 |  | 49 |
|  **Huntington Ingalls Industries, Inc.** | 96 |  | 22 |
|  **IDEX Corp.** | 340 |  | 78 |
|  **Illinois Tool Works, Inc.** | 701 |  | 154 |
|  **Insperity, Inc.** | 174 |  | 20 |
|  **ITT, Inc.** | 399 |  | 32 |
|  **JB Hunt Transport Services, Inc.** | 211 |  | 37 |
|  **JetBlue Airways Corp. (a)** | 4922 |  | 32 |
|  **KAR Auction Services, Inc. (a)** | 2186 |  | 29 |
|  **KBR, Inc.** | 1367 |  | 72 |
|  **Knight-Swift Transportation Holdings, Inc.** | 1626 |  | 85 |
|  **L3Harris Technologies, Inc.** | 1142 |  | 238 |
|  **Landstar System, Inc.** | 433 |  | 71 |
|  **Leidos Holdings, Inc.** | 838 |  | 88 |
|  **Lennox International, Inc.** | 299 |  | 72 |
|  **Lincoln Electric Holdings, Inc.** | 466 |  | 67 |
|  **Lockheed Martin Corp.** | 1611 |  | 784 |
|  **ManpowerGroup, Inc.** | 959 |  | 80 |
|  **Masco Corp.** | 517 |  | 24 |
|  **MasTec, Inc. (a)** | 151 |  | 13 |
|  **MDU Resources Group, Inc.** | 2360 |  | 72 |
|  **MillerKnoll, Inc.** | 463 |  | 10 |
|  **Moog, Inc. 'A'** | 252 |  | 22 |
|  **MSA Safety, Inc.** | 222 |  | 32 |
|  **MSC Industrial Direct Co., Inc. 'A'** | 686 |  | 56 |
|  **Mueller Industries, Inc.** | 743 |  | 44 |
|  **Nordson Corp.** | 198 |  | 47 |
|  **Norfolk Southern Corp.** | 249 |  | 61 |
|  **Northrop Grumman Corp.** | 936 |  | 511 |
|  **NOW, Inc. (a)** | 1427 |  | 18 |
|  **Oshkosh Corp.** | 646 |  | 57 |
|  **Otis Worldwide Corp.** | 810 |  | 63 |
|  **Owens Corning** | 579 |  | 49 |
|  **PACCAR, Inc.** | 511 |  | 51 |
|  **Parker-Hannifin Corp.** | 157 |  | 46 |
|  **Parsons Corp. (a)** | 250 |  | 12 |
|  **Pitney Bowes, Inc.** | 2353 |  | 9 |
|  **Primoris Services Corp.** | 452 |  | 10 |
|  **Quanta Services, Inc.** | 969 |  | &nbsp;&nbsp;&nbsp;&nbsp;138 |
|  **Raytheon Technologies Corp.** | 1597 |  | 161 |
|  **Republic Services, Inc.** | 964 |  | 124 |
|  **Resideo Technologies, Inc. (a)** | 1290 |  | 21 |
|  **Robert Half International, Inc.** | 448 |  | 33 |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  **Rollins, Inc.** | 1682 | 61 |
|  **Rush Enterprises, Inc. 'A'** | 486 | 25 |
|  **Ryder System, Inc.** | 1002 | 84 |
|  **Schneider National, Inc. 'B'** | 714 | 17 |
|  **SkyWest, Inc. (a)** | 449 | 7 |
|  **Snap-on, Inc.** | 142 | 32 |
|  **Spirit AeroSystems Holdings, Inc. 'A'** | 2060 | 61 |
|  **Steelcase, Inc. 'A'** | 1274 | 9 |
|  **Stericycle, Inc. (a)** | 638 | 32 |
|  **Terex Corp.** | 1528 | 65 |
|  **Tetra Tech, Inc.** | 92 | 13 |
|  **Textron, Inc.** | 346 | 25 |
|  **Timken Co.** | 713 | 50 |
|  **Toro Co.** | 1147 | 130 |
|  **TransDigm Group, Inc.** | 79 | 50 |
|  **Trinity Industries, Inc.** | 1195 | 35 |
|  **U-Haul Holding Co.** | 665 | 38 |
|  **Uber Technologies, Inc. (a)** | 1652 | 41 |
|  **UFP Industries, Inc.** | 532 | 42 |
|  **UniFirst Corp.** | 157 | 30 |
|  **Union Pacific Corp.** | 1764 | 365 |
|  **United Airlines Holdings, Inc. (a)** | 932 | 35 |
|  **United Parcel Service, Inc. 'B'** | 2957 | 514 |
|  **United Rentals, Inc. (a)** | 82 | 29 |
|  **Univar Solutions, Inc. (a)** | 584 | 19 |
|  **Valmont Industries, Inc.** | 39 | 13 |
|  **Verisk Analytics, Inc.** | 810 | 143 |
|  **Wabtec Corp.** | 310 | 31 |
|  **Waste Connections, Inc.** | 877 | 116 |
|  **Waste Management, Inc.** | 1697 | 266 |
|  **Watsco, Inc.** | 427 | 107 |
|  **Werner Enterprises, Inc.** | 1203 | 48 |
|  **WESCO International, Inc. (a)** | 1040 | 130 |
|  **Woodward, Inc.** | 124 | 12 |
|  **WW Grainger, Inc.** | 124 | 69 |
|  **Xylem, Inc.** | 434 | 48 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;11402 |
| **INFORMATION TECHNOLOGY 9.4%** | **INFORMATION TECHNOLOGY 9.4%** | **INFORMATION TECHNOLOGY 9.4%** |
|  **Akamai Technologies, Inc. (a)** | 475 | 40 |
|  **Amdocs Ltd.** | 1100 | 100 |
|  **Amkor Technology, Inc.** | 1161 | 28 |
|  **Amphenol Corp. 'A'** | 644 | 49 |
|  **Analog Devices, Inc.** | 455 | 75 |
|  **Ansys, Inc. (a)** | 126 | 30 |
|  **Apple, Inc.** | 3553 | 462 |
|  **Applied Materials, Inc.** | 1090 | 106 |
|  **Arista Networks, Inc. (a)** | 567 | 69 |
|  **Arrow Electronics, Inc. (a)** | 1274 | 133 |
|  **Autodesk, Inc. (a)** | 684 | 128 |
|  **Automatic Data Processing, Inc.** | 892 | 213 |
|  **Avnet, Inc.** | 2212 | 92 |
|  **Belden, Inc.** | 498 | 36 |
|  **Black Knight, Inc. (a)** | 508 | 31 |
|  **Bread Financial Holdings, Inc.** | 1747 | 66 |
|  **Broadcom, Inc.** | 233 | 130 |
|  **Broadridge Financial Solutions, Inc.** | 787 | 106 |
|  **Cadence Design Systems, Inc. (a)** | 332 | 53 |
|  **CDW Corp.** | 251 | 45 |
|  **Cirrus Logic, Inc. (a)** | 292 | 22 |
|  **Cisco Systems, Inc.** | 10279 | 490 |
|  **CommScope Holding Co., Inc. (a)** | 1547 | 11 |
|  **Corning, Inc.** | 11496 | 367 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **CSG Systems International, Inc.** | 290 | $— | 17 |
|  **Dell Technologies, Inc. 'C'** | 68 |  | 3 |
|  **Dolby Laboratories, Inc. 'A'** | 252 |  | 18 |
|  **Dropbox, Inc. (a)** | 584 |  | 13 |
|  **DXC Technology Co. (a)** | 2840 |  | 75 |
|  **Fair Isaac Corp. (a)** | 121 |  | 72 |
|  **First Solar, Inc. (a)** | 263 |  | 39 |
|  **Fiserv, Inc. (a)** | 683 |  | 69 |
|  **FleetCor Technologies, Inc. (a)** | 133 |  | 24 |
|  **Flex Ltd. (a)** | 3302 |  | 71 |
|  **Fortinet, Inc. (a)** | 804 |  | 39 |
|  **Gartner, Inc. (a)** | 255 |  | 86 |
|  **Gen Digital, Inc.** | 5022 |  | 108 |
|  **Genpact Ltd.** | 1204 |  | 56 |
|  **Global Payments, Inc.** | 274 |  | 27 |
|  **GoDaddy, Inc. 'A' (a)** | 282 |  | 21 |
|  **Hewlett Packard Enterprise Co.** | 32459 |  | 518 |
|  **HP, Inc.** | 3846 |  | 103 |
|  **Insight Enterprises, Inc. (a)** | 239 |  | 24 |
|  **International Business Machines Corp.** | 12859 |  | &nbsp;&nbsp;&nbsp;&nbsp;1812 |
|  **Intuit, Inc.** | 60 |  | 23 |
|  **Jabil, Inc.** | 1896 |  | 129 |
|  **Jack Henry & Associates, Inc.** | 680 |  | 119 |
|  **Juniper Networks, Inc.** | 8990 |  | 287 |
|  **KLA Corp.** | 287 |  | 108 |
|  **Kyndryl Holdings, Inc. (a)** | 6370 |  | 71 |
|  **Lam Research Corp.** | 118 |  | 50 |
|  **Manhattan Associates, Inc. (a)** | 109 |  | 13 |
|  **Mastercard, Inc. 'A'** | 1294 |  | 450 |
|  **MAXIMUS, Inc.** | 756 |  | 55 |
|  **Microchip Technology, Inc.** | 586 |  | 41 |
|  **Motorola Solutions, Inc.** | 359 |  | 93 |
|  **National Instruments Corp.** | 656 |  | 24 |
|  **NCR Corp. (a)** | 1251 |  | 29 |
|  **NetApp, Inc.** | 395 |  | 24 |
|  **NetScout Systems, Inc. (a)** | 1147 |  | 37 |
|  **ON Semiconductor Corp. (a)** | 699 |  | 44 |
|  **Oracle Corp.** | 11814 |  | 966 |
|  **OSI Systems, Inc. (a)** | 142 |  | 11 |
|  **Palo Alto Networks, Inc. (a)** | 730 |  | 102 |
|  **Paychex, Inc.** | 1129 |  | 131 |
|  **Plexus Corp. (a)** | 217 |  | 22 |
|  **PTC, Inc. (a)** | 250 |  | 30 |
|  **Pure Storage, Inc. 'A' (a)** | 489 |  | 13 |
|  **QUALCOMM, Inc.** | 1838 |  | 202 |
|  **Roper Technologies, Inc.** | 125 |  | 54 |
|  **Sanmina Corp. (a)** | 719 |  | 41 |
|  **Science Applications International Corp.** | 275 |  | 31 |
|  **Seagate Technology Holdings PLC** | 565 |  | 30 |
|  **Skyworks Solutions, Inc.** | 199 |  | 18 |
|  **Splunk, Inc. (a)** | 424 |  | 37 |
|  **Super Micro Computer, Inc. (a)** | 432 |  | 35 |
|  **Synaptics, Inc. (a)** | 246 |  | 23 |
|  **Synopsys, Inc. (a)** | 217 |  | 69 |
|  **Teledyne Technologies, Inc. (a)** | 169 |  | 68 |
|  **Teradata Corp. (a)** | 658 |  | 22 |
|  **Teradyne, Inc.** | 563 |  | 49 |
|  **Texas Instruments, Inc.** | 1941 |  | 321 |
|  **TTM Technologies, Inc. (a)** | 748 |  | 11 |
|  **Tyler Technologies, Inc. (a)** | 34 |  | 11 |
|  **VeriSign, Inc. (a)** | 102 |  | 21 |
|  **Visa, Inc. 'A'** | 2609 |  | 542 |
|  **Vishay Intertechnology, Inc.** | 2774 |  | 60 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **49** |

---

------

##### [**Table of Contents**](#toc)

---

| | | |
|:---|:---|:---|
| **Schedule of Investments** | **PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF** | **(Cont.)** |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  **VMware, Inc. 'A' (a)** | 217 | 27 |
|  **Western Digital Corp. (a)** | 2760 | 87 |
|  **Western Union Co.** | 1693 | 23 |
|  **WEX, Inc. (a)** | 104 | 17 |
|  **Wolfspeed, Inc. (a)** | 239 | 17 |
|  **Xerox Holdings Corp.** | 3270 | 48 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;10813 |
| **MATERIALS 3.7%** | **MATERIALS 3.7%** | **MATERIALS 3.7%** |
|  **Air Products & Chemicals, Inc.** | 244 | 75 |
|  **Albemarle Corp.** | 293 | 64 |
|  **Alcoa Corp.** | 3104 | 141 |
|  **AptarGroup, Inc.** | 536 | 59 |
|  **Arconic Corp. (a)** | 1502 | 32 |
|  **Ashland, Inc.** | 88 | 9 |
|  **ATI, Inc. (a)** | 636 | 19 |
|  **Avery Dennison Corp.** | 359 | 65 |
|  **Axalta Coating Systems Ltd. (a)** | 1258 | 32 |
|  **Ball Corp.** | 902 | 46 |
|  **Berry Global Group, Inc.** | 1005 | 61 |
|  **Cabot Corp.** | 673 | 45 |
|  **Carpenter Technology Corp.** | 514 | 19 |
|  **Celanese Corp.** | 211 | 22 |
|  **CF Industries Holdings, Inc.** | 336 | 29 |
|  **Chemours Co.** | 1224 | 38 |
|  **Commercial Metals Co.** | 1674 | 81 |
|  **Compass Minerals International, Inc.** | 272 | 11 |
|  **Corteva, Inc.** | 1308 | 77 |
|  **Crown Holdings, Inc.** | 865 | 71 |
|  **Dow, Inc.** | 634 | 32 |
|  **DuPont de Nemours, Inc.** | 5487 | 377 |
|  **Eastman Chemical Co.** | 308 | 25 |
|  **Ecolab, Inc.** | 199 | 29 |
|  **FMC Corp.** | 216 | 27 |
|  **Freeport-McMoRan, Inc.** | 1405 | 53 |
|  **Graphic Packaging Holding Co.** | 5554 | 124 |
|  **Greif, Inc. 'A'** | 414 | 28 |
|  **Huntsman Corp.** | 298 | 8 |
|  **Innospec, Inc.** | 141 | 15 |
|  **International Flavors & Fragrances, Inc.** | 510 | 53 |
|  **International Paper Co.** | 1194 | 41 |
|  **Kaiser Aluminum Corp.** | 144 | 11 |
|  **Louisiana-Pacific Corp.** | 796 | 47 |
|  **LyondellBasell Industries NV 'A'** | 4159 | 345 |
|  **Mosaic Co.** | 10116 | 444 |
|  **NewMarket Corp.** | 51 | 16 |
|  **Newmont Corp.** | 1850 | 87 |
|  **Nucor Corp.** | 1410 | 186 |
|  **O-I Glass, Inc. (a)** | 3262 | 54 |
|  **Olin Corp.** | 1862 | 99 |
|  **Packaging Corp. of America** | 120 | 15 |
|  **PPG Industries, Inc.** | 345 | 43 |
|  **Reliance Steel & Aluminum Co.** | 872 | 177 |
|  **Royal Gold, Inc.** | 326 | 37 |
|  **RPM International, Inc.** | 1425 | 139 |
|  **Scotts Miracle-Gro Co.** | 332 | 16 |
|  **Sealed Air Corp.** | 2110 | 105 |
|  **Sensient Technologies Corp.** | 308 | 22 |
|  **Sherwin-Williams Co.** | 333 | 79 |
|  **Silgan Holdings, Inc.** | 1041 | 54 |
|  **Sonoco Products Co.** | 1288 | 78 |
|  **Steel Dynamics, Inc.** | 834 | 82 |
|  **Stepan Co.** | 117 | 12 |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  **Sylvamo Corp.** | 927 | 45 |
|  **United States Steel Corp.** | 2423 | 61 |
|  **Warrior Met Coal, Inc.** | 1716 | 59 |
|  **WestRock Co.** | 5038 | 177 |
|  **Worthington Industries, Inc.** | 250 | 12 |
|  |  | 4310 |
| **REAL ESTATE 0.0%** | **REAL ESTATE 0.0%** | **REAL ESTATE 0.0%** |
|  **Anywhere Real Estate, Inc. (a)** | 2483 | 16 |
|  **DigitalBridge Group, Inc.** | 2223 | 24 |
|  |  | 40 |
| **UTILITIES 2.1%** | **UTILITIES 2.1%** | **UTILITIES 2.1%** |
|  **AES Corp.** | 3345 | 96 |
|  **Alliant Energy Corp.** | 374 | 21 |
|  **Ameren Corp.** | 417 | 37 |
|  **American Electric Power Co., Inc.** | 1184 | 112 |
|  **Atmos Energy Corp.** | 240 | 27 |
|  **Avista Corp.** | 949 | 42 |
|  **CenterPoint Energy, Inc.** | 1023 | 31 |
|  **Clearway Energy, Inc. 'C'** | 820 | 26 |
|  **CMS Energy Corp.** | 471 | 30 |
|  **Consolidated Edison, Inc.** | 428 | 41 |
|  **Dominion Energy, Inc.** | 1536 | 94 |
|  **DTE Energy Co.** | 275 | 32 |
|  **Duke Energy Corp.** | 782 | 81 |
|  **Edison International** | 621 | 40 |
|  **Entergy Corp.** | 702 | 79 |
|  **Essential Utilities, Inc.** | 398 | 19 |
|  **Evergy, Inc.** | 815 | 51 |
|  **Eversource Energy** | 409 | 34 |
|  **Exelon Corp.** | 12506 | 541 |
|  **FirstEnergy Corp.** | 931 | 39 |
|  **Hawaiian Electric Industries, Inc.** | 611 | 26 |
|  **IDACORP, Inc.** | 88 | 10 |
|  **National Fuel Gas Co.** | 854 | 54 |
|  **NextEra Energy, Inc.** | 2127 | 178 |
|  **NiSource, Inc.** | 661 | 18 |
|  **NRG Energy, Inc.** | 712 | 23 |
|  **OGE Energy Corp.** | 353 | 14 |
|  **Ormat Technologies, Inc.** | 217 | 19 |
|  **PG&E Corp. (a)** | 2182 | 35 |
|  **Pinnacle West Capital Corp.** | 150 | 11 |
|  **PNM Resources, Inc.** | 238 | 12 |
|  **PPL Corp.** | 1155 | 34 |
|  **Public Service Enterprise Group, Inc.** | 1794 | 110 |
|  **Sempra Energy** | 410 | 63 |
|  **Southern Co.** | 1124 | 80 |
|  **Southwest Gas Holdings, Inc.** | 215 | 13 |
|  **Vistra Corp.** | 6784 | 157 |
|  **WEC Energy Group, Inc.** | 367 | 34 |
|  **Xcel Energy, Inc.** | 637 | 45 |
|  |  | 2409 |
|  **Total United States** |  | **111086** |
|  **Total Common Stocks (Cost $99,057)** | **Total Common Stocks (Cost $99,057)** | **111866** |
| **REAL ESTATE INVESTMENT TRUSTS 2.6%** | **REAL ESTATE INVESTMENT TRUSTS 2.6%** | **REAL ESTATE INVESTMENT TRUSTS 2.6%** |
| **UNITED STATES 2.6%** | **UNITED STATES 2.6%** | **UNITED STATES 2.6%** |
| **FINANCIALS 0.4%** | **FINANCIALS 0.4%** | **FINANCIALS 0.4%** |
|  **AGNC Investment Corp.** | 4427 | 46 |
|  **Annaly Capital Mangaement, Inc.** | 2510 | 53 |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  **Apollo Commercial Real Estate Finance, Inc.** | 1251 | 13 |
|  **Blackstone Mortgage Trust, Inc. 'A'** | 1729 | 36 |
|  **Chimera Investment Corp.** | 6301 | 35 |
|  **Ladder Capital Corp. REIT** | 1273 | 13 |
|  **MFA Financial, Inc.** | 2500 | 25 |
|  **New York Mortgage Trust, Inc.** | 3555 | 9 |
|  **PennyMac Mortgage Investment Trust** | 3449 | 43 |
|  **Redwood Trust, Inc.** | 1872 | 13 |
|  **Rithm Capital Corp.** | 9395 | 77 |
|  **Starwood Property Trust, Inc.** | 3053 | 56 |
|  **Two Harbors Investment Corp.** | 1866 | 29 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;448 |
| **REAL ESTATE 2.2%** | **REAL ESTATE 2.2%** | **REAL ESTATE 2.2%** |
|  **Agree Realty Corp.** | 129 | 9 |
|  **Alexander & Baldwin, Inc.** | 688 | 13 |
|  **American Homes 4 Rent 'A'** | 1180 | 36 |
|  **American Tower Corp.** | 328 | 70 |
|  **Americold Realty Trust, Inc.** | 1288 | 36 |
|  **Apple Hospitality REIT, Inc.** | 3149 | 50 |
|  **Brixmor Property Group, Inc.** | 523 | 12 |
|  **Camden Property Trust** | 552 | 62 |
|  **Corporate Office Properties Trust** | 1221 | 32 |
|  **Crown Castle, Inc.** | 696 | 94 |
|  **CubeSmart** | 966 | 39 |
|  **DiamondRock Hospitality Co.** | 1763 | 14 |
|  **Digital Realty Trust, Inc.** | 352 | 35 |
|  **Douglas Emmett, Inc.** | 759 | 12 |
|  **EastGroup Properties, Inc.** | 146 | 22 |
|  **Elme Communities** | 730 | 13 |
|  **Equinix, Inc.** | 133 | 87 |
|  **Equity Commonwealth** | 851 | 21 |
|  **Equity LifeStyle Properties, Inc.** | 600 | 39 |
|  **Extra Space Storage, Inc.** | 436 | 64 |
|  **First Industrial Realty Trust, Inc.** | 557 | 27 |
|  **Gaming & Leisure Properties, Inc.** | 2149 | 112 |
|  **Healthcare Realty Trust, Inc.** | 2212 | 43 |
|  **Host Hotels & Resorts, Inc.** | 3300 | 53 |
|  **Invitation Homes, Inc.** | 2521 | 75 |
|  **Iron Mountain, Inc.** | 1410 | 70 |
|  **Kilroy Realty Corp.** | 735 | 28 |
|  **Kimco Realty Corp.** | 2699 | 57 |
|  **Kite Realty Group Trust** | 708 | 15 |
|  **Lamar Advertising Co. 'A'** | 453 | 43 |
|  **Life Storage, Inc.** | 404 | 40 |
|  **LXP Industrial Trust** | 1903 | 19 |
|  **Macerich Co.** | 3744 | 42 |
|  **National Retail Properties, Inc.** | 306 | 14 |
|  **Office Properties Income Trust** | 599 | 8 |
|  **Omega Healthcare Investors, Inc.** | 825 | 23 |
|  **Outfront Media, Inc.** | 1003 | 17 |
|  **Paramount Group, Inc.** | 3495 | 21 |
|  **Park Hotels & Resorts, Inc.** | 4803 | 57 |
|  **Physicians Realty Trust** | 1397 | 20 |
|  **Piedmont Office Realty Trust, Inc. 'A'** | 1417 | 13 |
|  **Prologis, Inc.** | 476 | 54 |
|  **Public Storage** | 415 | 116 |
|  **Rayonier, Inc.** | 923 | 30 |
|  **Realty Income Corp.** | 691 | 44 |
|  **Regency Centers Corp.** | 855 | 53 |
|  **RLJ Lodging Trust** | 2958 | 31 |
|  **Ryman Hospitality Properties, Inc.** | 259 | 21 |
|  **SBA Communications Corp.** | 134 | 38 |
|  **Service Properties Trust** | 3597 | 26 |

---

---

| | | |
|:---|:---|:---|
| **50** | **PIMCO EQUITY SERIES** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)
December 31, 2022 (Unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **Simon Property Group, Inc.** | 452 | $— | 53 |
|  **SITE Centers Corp.** | 1760 |  | 24 |
|  **SL Green Realty Corp.** | 251 |  | 9 |
|  **Spirit Realty Capital, Inc.** | 238 |  | 10 |
|  **STORE Capital Corp.** | 449 |  | 14 |
|  **Sun Communities, Inc.** | 352 |  | 50 |
|  **Sunstone Hotel Investors, Inc.** | 1594 |  | 15 |
|  **Tanger Factory Outlet Centers, Inc.** | 637 |  | 11 |
|  **UDR, Inc.** | 1432 |  | 55 |
|  **Ventas, Inc.** | 400 |  | 18 |
|  **Veris Residential, Inc. (a)** | 893 |  | 14 |
|  **VICI Properties, Inc.** | 3820 |  | 124 |
|  **WP Carey, Inc.** | 1433 |  | 112 |
|  **Xenia Hotels & Resorts, Inc.** | 946 |  | 13 |
|  |  |  | 2492 |
|  **Total Real Estate Investment Trusts<br>(Cost $3,062)** | **Total Real Estate Investment Trusts<br>(Cost $3,062)** |  | **2940** |

---

---

| | | |
|:---|:---|:---|
|  | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **SHORT-TERM INSTRUMENTS 0.6%** | **SHORT-TERM INSTRUMENTS 0.6%** | **SHORT-TERM INSTRUMENTS 0.6%** |
| **REPURCHASE AGREEMENTS (b) 0.6%** | **REPURCHASE AGREEMENTS (b) 0.6%** | **REPURCHASE AGREEMENTS (b) 0.6%** |
|  | $— | 709 |
| **Total Short-Term Instruments<br>(Cost $709)** |  | **709** |
| **Total Investments in Securities<br>(Cost $102,828)** |  | **115515** |
| **Total Investments 100.3%<br>(Cost $102,828)** | $— | **115515** |
| **Other Assets and Liabilities, net (0.3)%** |  | **(319)** |
| **Net Assets 100.0%** | $— | **115196** |

---

**NOTES TO SCHEDULE OF INVESTMENTS:** 

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

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

**BORROWINGS AND OTHER FINANCING TRANSACTIONS** 

&nbsp;&nbsp;&nbsp;&nbsp;**(b) REPURCHASE AGREEMENTS:** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Lending<br>Rate** | **Settlement<br>Date** | **Maturity<br>Date** | **Principal<br>Amount** | **Collateralized By** | **Collateral<br>(Received)** | **Repurchase<br>Agreements,<br>at Value** | **Repurchase<br>Agreement<br>Proceeds<br>to be<br>Received<sup>(1)</sup>** |
| FICC | 1.900% | 12/30/2022 | 01/03/2023 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;709 | U.S. Treasury Bills 0.000% due 12/28/2023 | $(724) | $709 | $709 |
|  **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** | **Total Repurchase Agreements** |  | $**(724)** | $**709** | $**709** |

---

**BORROWINGS AND OTHER FINANCING TRANSACTIONS SUMMARY** 

The following is a summary by counterparty of the market value of Borrowings and Other Financing Transactions and collateral pledged/(received) as of December 31, 2022:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **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** | **Total<br>Borrowings and<br>Other Financing<br>Transactions** | **Collateral<br>Pledged/(Received)** | **Net Exposure<sup>(2)</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 |
|  FICC | $709 | $0 | $0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;709 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(724) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) |
|  **Total Borrowings and Other Financing Transactions** | $**709** | $**0** | $**0** |  |  |  |

---

<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. 

**FAIR VALUE MEASUREMENTS** 

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2022** |
|  **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 | $&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;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139 |
| &nbsp;&nbsp; Switzerland | &nbsp;&nbsp; Switzerland | &nbsp;&nbsp; Switzerland | &nbsp;&nbsp; Switzerland | &nbsp;&nbsp; Switzerland |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 82 | 0 | 0 | 82 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2022** |
| &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 | $&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;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 44 | 0 | 0 | 44 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 109 | 0 | 0 | 109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 65 | 0 | 0 | 65 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 202 | 0 | 0 | 202 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **51** |

---

------

##### [**Table of Contents**](#toc)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Schedule of Investments** | **PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF** | **(Cont.)** | December 31, 2022 | (Unaudited) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2022** |
| &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 | $5559 | $0 | $0 | $5559 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 11500 | 0 | 0 | 11500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16729 | &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;16729 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 14584 | 0 | 0 | 14584 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 13079 | 0 | 0 | 13079 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 20661 | 0 | 0 | 20661 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 11402 | 0 | 0 | 11402 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 10813 | 0 | 0 | 10813 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 4310 | 0 | 0 | 4310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 40 | 0 | 0 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 2409 | 0 | 0 | 2409 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2022** |
|  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; Financials | $448 | $0 | $0 | $448 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 2492 | 0 | 0 | 2492 |
|  Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments | Short-Term Instruments |
| &nbsp;&nbsp; Repurchase Agreements | 0 | 709 | 0 | 709 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114806 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;709 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115515 |

---

There were no significant transfers into or out of Level 3 during the period ended December 31, 2022.

---

| | | |
|:---|:---|:---|
| **52** | **PIMCO EQUITY SERIES** | See Accompanying Notes |

---

------

##### [**Table of Contents**](#toc)

---

| | | | |
|:---|:---|:---|:---|
| **Schedule of Investments** | **PIMCO RAFI ESG U.S. ETF** | December 31, 2022 | (Unaudited) |

---

**(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 98.2%** | **COMMON STOCKS 98.2%** | **COMMON STOCKS 98.2%** |
| **IRELAND 0.6%** | **IRELAND 0.6%** | **IRELAND 0.6%** |
| **INFORMATION TECHNOLOGY 0.6%** | **INFORMATION TECHNOLOGY 0.6%** | **INFORMATION TECHNOLOGY 0.6%** |
|  **Accenture PLC 'A'** | 609 | 162 |
|  **Total Ireland** |  | **162** |
| **UNITED KINGDOM 0.9%** | **UNITED KINGDOM 0.9%** | **UNITED KINGDOM 0.9%** |
| **COMMUNICATION SERVICES 0.2%** | **COMMUNICATION SERVICES 0.2%** | **COMMUNICATION SERVICES 0.2%** |
|  **Liberty Global PLC 'C' (a)** | 1839 | 36 |
| **MATERIALS 0.7%** | **MATERIALS 0.7%** | **MATERIALS 0.7%** |
|  **Amcor PLC** | 1850 | 22 |
|  **Linde PLC** | 541 | 176 |
|  |  | 198 |
|  **Total United Kingdom** |  | **234** |
| **UNITED STATES 96.7%** | **UNITED STATES 96.7%** | **UNITED STATES 96.7%** |
| **COMMUNICATION SERVICES 8.9%** | **COMMUNICATION SERVICES 8.9%** | **COMMUNICATION SERVICES 8.9%** |
|  **AT&T, Inc.** | 47991 | 884 |
|  **Comcast Corp. 'A'** | 8012 | 280 |
|  **Electronic Arts, Inc.** | 497 | 61 |
|  **Lumen Technologies, Inc.** | 5370 | 28 |
|  **Meta Platforms, Inc. 'A' (a)** | 2910 | 350 |
|  **Omnicom Group, Inc.** | 82 | 7 |
|  **Verizon Communications, Inc.** | 16456 | 648 |
|  **Walt Disney Co. (a)** | 2531 | 220 |
|  |  | 2478 |
| **CONSUMER DISCRETIONARY 7.5%** | **CONSUMER DISCRETIONARY 7.5%** | **CONSUMER DISCRETIONARY 7.5%** |
|  **Adient PLC (a)** | 576 | 20 |
|  **Bed Bath & Beyond, Inc. (a)** | 2159 | 5 |
|  **Best Buy Co., Inc.** | 1308 | 105 |
|  **Dollar General Corp.** | 287 | 71 |
|  **eBay, Inc.** | 2307 | 96 |
|  **Foot Locker, Inc.** | 490 | 18 |
|  **Ford Motor Co.** | 18817 | 219 |
|  **Gap, Inc.** | 2843 | 32 |
|  **General Motors Co.** | 9795 | 329 |
|  **Genuine Parts Co.** | 111 | 19 |
|  **Goodyear Tire & Rubber Co. (a)** | 3086 | 31 |
|  **Hilton Worldwide Holdings, Inc.** | 163 | 21 |
|  **Home Depot, Inc.** | 996 | 315 |
|  **Kohl's Corp.** | 343 | 9 |
|  **Lear Corp.** | 248 | 31 |
|  **LKQ Corp.** | 59 | 3 |
|  **Lowe's Cos., Inc.** | 905 | 180 |
|  **Macy's, Inc.** | 514 | 11 |
|  **Marriott International, Inc. 'A'** | 297 | 44 |
|  **Mohawk Industries, Inc. (a)** | 48 | 5 |
|  **Newell Brands, Inc.** | 874 | 11 |
|  **NIKE, Inc. 'B'** | 958 | 112 |
|  **PVH Corp.** | 424 | 30 |
|  **Target Corp.** | 1226 | 183 |
|  **TJX Cos., Inc.** | 1527 | 122 |
|  **VF Corp.** | 1126 | 31 |
|  **Whirlpool Corp.** | 320 | 45 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2098 |
| **CONSUMER STAPLES 7.6%** | **CONSUMER STAPLES 7.6%** | **CONSUMER STAPLES 7.6%** |
|  **Archer-Daniels-Midland Co.** | 1625 | 151 |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  **Campbell Soup Co.** | 325 | 18 |
|  **Church & Dwight Co., Inc.** | 58 | 5 |
|  **Clorox Co.** | 239 | 33 |
|  **Coca-Cola Co.** | 4747 | 302 |
|  **Colgate-Palmolive Co.** | 1294 | 102 |
|  **Conagra Brands, Inc.** | 975 | 38 |
|  **General Mills, Inc.** | 1115 | 93 |
|  **Hershey Co.** | 76 | 18 |
|  **Ingredion, Inc.** | 256 | 25 |
|  **J M Smucker Co.** | 271 | 43 |
|  **Kellogg Co.** | 530 | 38 |
|  **Keurig Dr Pepper, Inc.** | 226 | 8 |
|  **Kimberly-Clark Corp.** | 668 | 91 |
|  **Kraft Heinz Co.** | 1783 | 73 |
|  **Kroger Co.** | 1477 | 66 |
|  **Molson Coors Beverage Co. 'B'** | 222 | 11 |
|  **Mondelez International, Inc. 'A'** | 1993 | 133 |
|  **PepsiCo, Inc.** | 446 | 81 |
|  **Procter & Gamble Co.** | 4376 | 663 |
|  **Sysco Corp.** | 984 | 75 |
|  **Tyson Foods, Inc. 'A'** | 683 | 42 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;2109 |
| **FINANCIALS 15.0%** | **FINANCIALS 15.0%** | **FINANCIALS 15.0%** |
|  **Aflac, Inc.** | 1289 | 93 |
|  **Allstate Corp.** | 787 | 107 |
|  **American Express Co.** | 899 | 133 |
|  **Ameriprise Financial, Inc.** | 219 | 68 |
|  **Bank of America Corp.** | 17546 | 581 |
|  **Bank of New York Mellon Corp.** | 2823 | 128 |
|  **BlackRock, Inc.** | 166 | 118 |
|  **Citigroup, Inc.** | 14086 | 637 |
|  **Equitable Holdings, Inc.** | 1164 | 33 |
|  **Goldman Sachs Group, Inc.** | 659 | 226 |
|  **Hartford Financial Services Group, Inc.** | 773 | 59 |
|  **JPMorgan Chase & Co.** | 6007 | 805 |
|  **Lincoln National Corp.** | 700 | 21 |
|  **Marsh & McLennan Cos., Inc.** | 17 | 3 |
|  **MetLife, Inc.** | 1783 | 129 |
|  **Moody's Corp.** | 67 | 19 |
|  **PNC Financial Services Group, Inc.** | 184 | 29 |
|  **Principal Financial Group, Inc.** | 497 | 42 |
|  **Prudential Financial, Inc.** | 1530 | 152 |
|  **S&P Global, Inc.** | 208 | 70 |
|  **State Street Corp.** | 827 | 64 |
|  **U.S. Bancorp** | 912 | 40 |
|  **Wells Fargo & Co.** | 15304 | 632 |
|  |  | 4189 |
| **HEALTH CARE 22.9%** |  |  |
|  **Abbott Laboratories** | 1932 | 212 |
|  **Agilent Technologies, Inc.** | 267 | 40 |
|  **AmerisourceBergen Corp.** | 216 | 36 |
|  **Amgen, Inc.** | 638 | 168 |
|  **Baxter International, Inc.** | 1108 | 56 |
|  **Becton Dickinson & Co.** | 333 | 85 |
|  **Biogen, Inc. (a)** | 570 | 158 |
|  **Boston Scientific Corp. (a)** | 1338 | 62 |
|  **Bristol-Myers Squibb Co.** | 4647 | 334 |
|  **Cardinal Health, Inc.** | 1433 | 110 |
|  **Cigna Corp.** | 942 | 312 |
|  **CVS Health Corp.** | 5156 | 481 |
|  **DaVita, Inc. (a)** | 339 | 25 |

---

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** |
|  **Edwards Lifesciences Corp. (a)** | 286 | 21 |
|  **Elevance Health, Inc.** | 650 | 333 |
|  **Eli Lilly & Co.** | 469 | 172 |
|  **Embecta Corp.** | 66 | 2 |
|  **Gilead Sciences, Inc.** | 3287 | 282 |
|  **Henry Schein, Inc. (a)** | 56 | 4 |
|  **Humana, Inc.** | 377 | 193 |
|  **Illumina, Inc. (a)** | 149 | 30 |
|  **Intuitive Surgical, Inc. (a)** | 127 | 34 |
|  **Johnson & Johnson** | 5424 | 958 |
|  **Laboratory Corp. of America Holdings** | 127 | 30 |
|  **McKesson Corp.** | 368 | 138 |
|  **Merck & Co., Inc.** | 5966 | 662 |
|  **Pfizer, Inc.** | 13483 | 691 |
|  **Quest Diagnostics, Inc.** | 340 | 53 |
|  **Regeneron Pharmaceuticals, Inc. (a)** | 105 | 76 |
|  **UnitedHealth Group, Inc.** | 1137 | 603 |
|  **Waters Corp. (a)** | 85 | 29 |
|  **Zimvie, Inc. (a)** | 205 | 2 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;6392 |
| **INDUSTRIALS 4.6%** | **INDUSTRIALS 4.6%** | **INDUSTRIALS 4.6%** |
|  **3M Co.** | 1762 | 211 |
|  **Carrier Global Corp.** | 1000 | 41 |
|  **Cummins, Inc.** | 560 | 136 |
|  **Deere & Co.** | 224 | 96 |
|  **Dover Corp.** | 204 | 28 |
|  **FedEx Corp.** | 550 | 95 |
|  **Fortune Brands Innovations, Inc.** | 100 | 6 |
|  **Illinois Tool Works, Inc.** | 381 | 84 |
|  **Johnson Controls International PLC** | 1860 | 119 |
|  **ManpowerGroup, Inc.** | 419 | 35 |
|  **Masterbrand, Inc. (a)** | 100 | 1 |
|  **Otis Worldwide Corp.** | 123 | 10 |
|  **Owens Corning** | 397 | 34 |
|  **Republic Services, Inc.** | 237 | 30 |
|  **Rockwell Automation, Inc.** | 148 | 38 |
|  **Stanley Black & Decker, Inc.** | 350 | 26 |
|  **United Parcel Service, Inc. 'B'** | 763 | 133 |
|  **United Rentals, Inc. (a)** | 124 | 44 |
|  **Waste Management, Inc.** | 501 | 79 |
|  **WW Grainger, Inc.** | 78 | 43 |
|  |  | 1289 |
| **INFORMATION TECHNOLOGY 27.3%** | **INFORMATION TECHNOLOGY 27.3%** | **INFORMATION TECHNOLOGY 27.3%** |
|  **Adobe, Inc. (a)** | 322 | 108 |
|  **Akamai Technologies, Inc. (a)** | 62 | 5 |
|  **Amdocs Ltd.** | 276 | 25 |
|  **Analog Devices, Inc.** | 393 | 64 |
|  **Apple, Inc.** | 9508 | 1235 |
|  **Applied Materials, Inc.** | 1353 | 132 |
|  **Arrow Electronics, Inc. (a)** | 321 | 34 |
|  **Automatic Data Processing, Inc.** | 396 | 95 |
|  **Avnet, Inc.** | 735 | 31 |
|  **Bread Financial Holdings, Inc.** | 322 | 12 |
|  **Broadcom, Inc.** | 139 | 78 |
|  **Cadence Design Systems, Inc. (a)** | 146 | 23 |
|  **CDW Corp.** | 164 | 29 |
|  **Cisco Systems, Inc.** | 15513 | 739 |
|  **Cognizant Technology Solutions Corp. 'A'** | 1039 | 59 |
|  **Corning, Inc.** | 1825 | 58 |
|  **Dell Technologies, Inc. 'C'** | 386 | 15 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| See Accompanying Notes | **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **53** |

---

------

##### [**Table of Contents**](#toc)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Schedule of Investments** | **PIMCO RAFI ESG U.S. ETF** | **(Cont.)** | December 31, 2022 | (Unaudited) |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
|  **DXC Technology Co. (a)** | 1210 | $— | 32 |
|  **Fidelity National Information Services, Inc.** | 676 |  | 46 |
|  **Fiserv, Inc. (a)** | 136 |  | 14 |
|  **Flex Ltd. (a)** | 1773 |  | 38 |
|  **Gen Digital, Inc.** | 1682 |  | 36 |
|  **Hewlett Packard Enterprise Co.** | 10706 |  | 171 |
|  **HP, Inc.** | 4305 |  | 116 |
|  **Intel Corp.** | 27696 |  | 732 |
|  **International Business Machines Corp.** | 3250 |  | 458 |
|  **Juniper Networks, Inc.** | 1431 |  | 46 |
|  **Lam Research Corp.** | 150 |  | 63 |
|  **Marvell Technology, Inc.** | 306 |  | 11 |
|  **Mastercard, Inc. 'A'** | 421 |  | 146 |
|  **Micron Technology, Inc.** | 3128 |  | 156 |
|  **Microsoft Corp.** | 5495 |  | 1318 |
|  **Motorola Solutions, Inc.** | 173 |  | 45 |
|  **NetApp, Inc.** | 776 |  | 47 |
|  **ON Semiconductor Corp. (a)** | 513 |  | 32 |
|  **Oracle Corp.** | 4572 |  | 374 |
|  **Paychex, Inc.** | 24 |  | 3 |
|  **QUALCOMM, Inc.** | 2305 |  | 253 |
|  **salesforce.com, Inc. (a)** | 618 |  | 82 |
|  **Seagate Technology Holdings PLC** | 1068 |  | 56 |
|  **Skyworks Solutions, Inc.** | 83 |  | 8 |
|  **TE Connectivity Ltd.** | 449 |  | 52 |
|  **Texas Instruments, Inc.** | 1265 |  | 209 |
|  **Visa, Inc. 'A'** | 1063 |  | 221 |
|  **VMware, Inc. 'A' (a)** | 239 |  | 29 |
|  **Western Digital Corp. (a)** | 1809 |  | 57 |
|  **Western Union Co.** | 917 |  | 13 |
|  **Xerox Holdings Corp.** | 1962 |  | 29 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;7635 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **MATERIALS 2.4%** | **MATERIALS 2.4%** | **MATERIALS 2.4%** | **MATERIALS 2.4%** |
|  **CF Industries Holdings, Inc.** | 73 | $— | 6 |
|  **Dow, Inc.** | 1962 |  | 99 |
|  **DuPont de Nemours, Inc.** | 2385 |  | 164 |
|  **Eastman Chemical Co.** | 463 |  | 38 |
|  **Ecolab, Inc.** | 411 |  | 60 |
|  **International Flavors & Fragrances, Inc.** | 172 |  | 18 |
|  **International Paper Co.** | 1359 |  | 47 |
|  **Mosaic Co.** | 684 |  | 30 |
|  **Newmont Corp.** | 1719 |  | 81 |
|  **Packaging Corp. of America** | 182 |  | 23 |
|  **PPG Industries, Inc.** | 567 |  | 71 |
|  **Sherwin-Williams Co.** | 139 |  | 33 |
|  **WestRock Co.** | 346 |  | 12 |
|  |  |  | 682 |
| **REAL ESTATE 0.2%** | **REAL ESTATE 0.2%** | **REAL ESTATE 0.2%** | **REAL ESTATE 0.2%** |
|  **CBRE Group, Inc. 'A' (a)** | 520 |  | 40 |
|  **Jones Lang LaSalle, Inc. (a)** | 141 |  | 22 |
|  |  |  | 62 |
| **UTILITIES 0.3%** | **UTILITIES 0.3%** | **UTILITIES 0.3%** | **UTILITIES 0.3%** |
|  **American Water Works Co., Inc.** | 239 |  | 37 |
|  **Edison International** | 885 |  | 56 |
|  |  |  | 93 |
|  **Total United States** |  |  | **27027** |
|  **Total Common Stocks (Cost $28,736)** | **Total Common Stocks (Cost $28,736)** |  | **27423** |

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| | | | |
|:---|:---|:---|:---|
|  | **SHARES** | **MARKET<br>VALUE<br>(000S)** | **MARKET<br>VALUE<br>(000S)** |
| **REAL ESTATE INVESTMENT TRUSTS 1.5%** | **REAL ESTATE INVESTMENT TRUSTS 1.5%** | **REAL ESTATE INVESTMENT TRUSTS 1.5%** | **REAL ESTATE INVESTMENT TRUSTS 1.5%** |
| **UNITED STATES 1.5%** | **UNITED STATES 1.5%** | **UNITED STATES 1.5%** | **UNITED STATES 1.5%** |
| **REAL ESTATE 1.5%** | **REAL ESTATE 1.5%** | **REAL ESTATE 1.5%** | **REAL ESTATE 1.5%** |
|  **American Tower Corp.** | 181 | $— | 38 |
|  **AvalonBay Communities, Inc.** | 145 |  | 23 |
|  **Crown Castle, Inc.** | 127 |  | 17 |
|  **Equinix, Inc.** | 54 |  | 35 |
|  **Equity Residential** | 452 |  | 27 |
|  **Essex Property Trust, Inc.** | 69 |  | 15 |
|  **Healthpeak Properties, Inc.** | 920 |  | 23 |
|  **Host Hotels & Resorts, Inc.** | 2169 |  | 35 |
|  **Iron Mountain, Inc.** | 719 |  | 36 |
|  **Mid-America Apartment Communities, Inc.** | 23 |  | 4 |
|  **Ventas, Inc.** | 1155 |  | 52 |
|  **Welltower, Inc.** | 869 |  | 57 |
|  **Weyerhaeuser Co.** | 2161 |  | 67 |
|  |  |  | 429 |
|  **Total Real Estate Investment Trusts<br>(Cost $503)** | **Total Real Estate Investment Trusts<br>(Cost $503)** |  | **429** |
| **Total Investments in Securities<br>(Cost $29,239)** | **Total Investments in Securities<br>(Cost $29,239)** |  | **27852** |
| **Total Investments 99.7%<br>(Cost $29,239)** | **Total Investments 99.7%<br>(Cost $29,239)** | $— | **27852** |
| **Other Assets and Liabilities, net 0.3%** | **Other Assets and Liabilities, net 0.3%** |  | **87** |
| **Net Assets 100.0%** | **Net Assets 100.0%** | $— | **27939** |

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**NOTES TO SCHEDULE OF INVESTMENTS:** 

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

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

**FAIR VALUE MEASUREMENTS** 

The following is a summary of the fair valuations according to the inputs used as of December 31, 2022 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>12/31/2022** |
|  **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 | $162 | $0 | $0 | $162 |
| &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 | 36 | 0 | 0 | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 198 | 0 | 0 | 198 |
| &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 | 2478 | 0 | 0 | 2478 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2098 | &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;2098 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 2109 | 0 | 0 | 2109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 4189 | 0 | 0 | 4189 |

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| | | | | |
|:---|:---|:---|:---|:---|
| **Category and Subcategory** | **Level 1** | **Level 2** | **Level 3** | **Fair<br>Value at<br>12/31/2022** |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | $6392 | $0 | $0 | $6392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | 1289 | 0 | 0 | 1289 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 7635 | 0 | 0 | 7635 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 682 | 0 | 0 | 682 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 62 | 0 | 0 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities | 93 | 0 | 0 | 93 |
|  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 | 429 | 0 | 0 | 429 |
|  Total Investments | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27852 | $&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;27852 |

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There were no significant transfers into or out of Level 3 during the period ended December 31, 2022.

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| **54** | **PIMCO EQUITY SERIES** | See Accompanying Notes |

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| **Notes to Financial Statements** | December 31, 2022 | (Unaudited) |

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1. ORGANIZATION

PIMCO Equity Series (the "Trust") was established as a Delaware statutory trust on March 30, 2010. The Trust is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. Information presented in these financial statements pertains to the funds (each a "Fund" and collectively the "Funds") indicated on the cover of this report. Pacific Investment Management Company LLC ("PIMCO" or "Manager") serves as the investment adviser for the Funds. Prior to August 12, 2022, Parametric Portfolio Associates LLC ("Parametric" or "Sub-Adviser") served as the sub-adviser to each Fund.

Each Fund is an exchange-traded fund ("ETF"). ETFs are funds that trade like other publicly-traded securities and may be designed to track an index or to be actively managed. Unlike shares of a mutual fund, which can be bought from and redeemed by the issuing fund by all shareholders at a price based on net asset value ("NAV"), shares of a Fund may be directly purchased from and redeemed by a Fund at NAV solely by certain large institutional investors. Also unlike shares of a mutual fund, shares of each Fund are listed on a national securities exchange and trade in the secondary market at market prices that change throughout the day. Each Fund offers and issues shares only in aggregations of a specified number of shares ("Creation Units").

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

2. SIGNIFICANT ACCOUNTING POLICIES

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

(a) Securities Transactions and Investment Income Securities transactions are recorded as of the trade date for financial reporting purposes. Securities purchased or sold on a when-issued or delayed-delivery basis may be settled beyond a standard settlement period for the security after the trade date. Realized gains (losses) from securities sold are recorded on the identified cost basis. Dividend income is

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

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

(b) Foreign 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

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| **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **55** |

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| **Notes to Financial Statements** | **(Cont.)** |

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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) 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 accounting practices. If, based on such accounting records and practices, it is determined or estimated, as applicable, that a particular

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

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

(d) New Accounting Pronouncements and Regulatory Updates In March 2020, the Financial Accounting Standards Board ("FASB") issued an Accounting Standards Update ("ASU"), ASU 2020-04, which provides optional guidance to ease the potential accounting burden associated with transitioning away from the London Interbank Offered Rate and other reference rates that are expected to be discontinued. ASU 2020-04 is effective for certain reference rate-related contract modifications that occurred during the period March 12, 2020 through December 31, 2022. In March 2021, the administrator for LIBOR announced the extension of the publication of a majority of the USD LIBOR settings to June 30, 2023. In December 2022, FASB issued ASU 2022-06, which includes amendments to extend the duration of the LIBOR transition relief to December 31, 2024, after which entities will no longer be permitted to apply the reference rate reform relief. Management is continuously evaluating the potential effect a discontinuation of LIBOR could have on the Funds' investments and has determined that it is unlikely the ASU's adoption will have a material impact on the Funds' financial statements.

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In October 2020, the U.S. Securities and Exchange Commission ("SEC") adopted a rule related to the use of derivatives, short sales, reverse repurchase agreements and certain other transactions by registered investment companies that rescinds and withdraws the guidance of the SEC and its staff regarding asset segregation and cover transactions. Subject to certain exceptions, the rule requires funds that trade derivatives and other transactions that create future payment or delivery obligations to comply with a value-at-risk leverage limit and certain derivatives risk management program and reporting requirements. The effective date for the rule was February 19, 2021. The compliance date for the new rule and the related reporting requirements was August 19, 2022. Management has implemented changes in connection with the rule and has determined that there is no material impact to the Funds' financial statements.

In December 2020, the SEC adopted a rule addressing fair valuation of fund investments. The new rule sets forth requirements for good faith determinations of fair value as well as for the performance of fair value determinations, including related oversight and reporting obligations. The new rule also defines "readily available market quotations" for purposes of the definition of "value" under the Act, and the SEC noted that this definition would apply in all contexts under the Act. The effective date for the rule was March 8, 2021. The compliance date for the new rule and the related reporting requirements was September 8, 2022. Management has implemented changes in connection with the rule and has determined that there is no material impact to the Funds' financial statements.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

3. INVESTMENT VALUATION AND FAIR VALUE MEASUREMENTS

(a) Investment Valuation Policies The NAV of the Funds' shares, or each of their respective share classes as applicable, is determined by dividing the total value of portfolio investments and other assets attributable to the Funds or class, less any liabilities, as applicable, by the total number of shares outstanding.

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

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

Investments for which market quotations are not readily available are valued at fair value as determined in good faith pursuant to Rule 2a-5 under the Act. As a general principle, the fair value of a security or other asset is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Pursuant to Rule 2a-5, the Board has designated PIMCO as the valuation designee ("Valuation Designee") for each Fund to perform the fair value determination

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| **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **57** |

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| **Notes to Financial Statements** | **(Cont.)** |

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relating to all Fund investments. PIMCO may carry out its designated responsibilities as Valuation Designee through various teams and committees. The Valuation Designee's policies and procedures govern the Valuation Designee's selection and application of methodologies for determining and calculating the fair value of Fund investments. The Valuation Designee may value Fund portfolio securities for which market quotations are not readily available and other Fund assets utilizing inputs from pricing services, quotation reporting systems, valuation agents and other third-party sources (together, "Pricing Sources").

Domestic and foreign (non-U.S.) fixed income securities, non-exchange traded derivatives, and equity options are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources using data reflecting the earlier closing of the principal markets for those securities. Prices obtained from Pricing Sources may be based on, among other things, information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Certain fixed income securities purchased on a delayed-delivery basis are marked to market daily until settlement at the forward settlement date. Exchange-traded options, except equity options, futures and options on futures are valued at the settlement price determined by the relevant exchange. Swap agreements are valued on the basis of bid quotes obtained from brokers and dealers or market-based prices supplied by Pricing Sources. With respect to any portion of a Fund's assets that are invested in one or more open-end management investment companies (other than ETFs), the Fund's NAV will be calculated based on the NAVs of such investments. Open-end management investment companies may include affiliated funds.

If a foreign (non-U.S.) equity security's value has materially changed after the close of the security's primary exchange or principal market but before the NYSE Close, the security may be valued at fair value. Foreign (non-U.S.) equity securities that do not trade when the NYSE is open are also valued at fair value. With respect to foreign (non-U.S.) equity securities, a Fund may determine the fair value of investments based on information provided by Pricing Sources, which may recommend fair value or adjustments with reference to other securities, indexes or assets. In considering whether fair valuation is required and in determining fair values, the Valuation Designee may, among other things, consider significant events (which may be considered to include changes in the value of U.S. securities or securities indexes) that occur after the close of the relevant market and before the NYSE Close. A Fund may utilize modeling tools provided by third-party vendors to determine fair values of foreign (non-U.S.) securities. For these purposes, unless otherwise determined by the Valuation Designee, any movement in the applicable reference index or instrument ("zero trigger") between the earlier close of the applicable foreign market and the NYSE Close may

be deemed to be a significant event, prompting the application of the pricing model (effectively resulting in daily fair valuations). Foreign exchanges may permit trading in foreign (non-U.S.) equity securities on days when the Trust is not open for business, which may result in a Fund's portfolio investments being affected when shareholders are unable to buy or sell shares.

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

Fair valuation may require subjective determinations about the value of a security. While the Trust's and Valuation Designee's policies and procedures are intended to result in a calculation of a Fund's NAV that fairly reflects security values as of the time of pricing, the Trust cannot 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.

(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.

<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

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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.

<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 Levels of a Fund's assets and liabilities. Additionally, U.S. GAAP requires quantitative information regarding the significant unobservable inputs used in the determination of fair value of assets or liabilities categorized as Level 3 in the fair value hierarchy. In accordance with the requirements of U.S. GAAP, a fair value hierarchy, and if material, a Level 3 reconciliation and details of significant unobservable inputs, have been included in the Notes to Schedule of Investments for each respective Fund.

(c) Valuation Techniques and the Fair Value Hierarchy

Level 1, Level 2 and Level 3 trading assets and trading liabilities, at fair value The valuation methods (or "techniques") and significant inputs used in determining the fair values of portfolio securities or other assets and liabilities categorized as Level 1, Level 2 and Level 3 of the fair value hierarchy are as follows:

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

Investments in registered open-end investment companies (other than ETFs) will be valued based upon the NAVs of such investments and are categorized as Level 1 of the fair value hierarchy. Investments in unregistered open-end investment companies will be calculated based upon the NAVs of such investments and are considered Level 1

provided that the NAVs are observable, calculated daily and are the value at which both purchases and sales will be conducted.

Fixed income securities including corporate, convertible and municipal bonds and notes, U.S. government agencies, U.S. treasury obligations, sovereign issues, bank loans, convertible preferred securities and non-U.S. bonds are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The Pricing Sources' internal models use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar assets. Securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

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

Mortgage-related and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also normally valued by Pricing Sources that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche, and incorporate deal collateral performance, as available. Mortgage-related and asset-backed securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Valuation adjustments may be applied to certain securities that are solely traded on a foreign exchange to account for the market movement between the close of the foreign market and the NYSE Close. These securities are valued using Pricing Sources that consider the correlation of the trading patterns of the foreign security to the 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.

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

Equity exchange-traded options and over the counter financial derivative instruments, such as forward foreign currency contracts and

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

Centrally cleared swaps and over the counter swaps derive their value from underlying asset prices, indices, reference rates, and other inputs

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

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

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

4. SECURITIES AND OTHER INVESTMENTS

(a) Investments in Affiliates

Each Fund eligible to participate in securities lending may invest the cash collateral received for securities out on loan in the PIMCO Government Money Market Fund under the Securities Lending Agreement. All or a portion of Dividend Income as shown in the table below represents the income earned on the cash collateral invested in PIMCO Government Money Market Fund and is included on the Statements of Operations as a component of Securities Lending Income. PIMCO Government Money Market Fund is considered to be affiliated with the Funds. A complete schedule of portfolio holdings for each affiliate fund is filed with the SEC for the first and third quarters of each fiscal year on Form N-PORT and is available at the SEC's website at www.sec.gov. A copy of each affiliate fund's shareholder report is also available at the SEC's website at www.sec.gov, on the Funds' website at www.pimco.com, or upon request, as applicable. The table below shows the Funds' transactions in and earnings from investments in the affiliated Fund for the period ended December 31, 2022 (amounts in thousands<sup>†</sup>):

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Investments in PIMCO Government Money Market Fund** | **Investments in PIMCO Government Money Market Fund** | **Investments in PIMCO Government Money Market Fund** | **Investments in PIMCO Government Money Market Fund** | **Investments in PIMCO Government Money Market Fund** | **Investments in PIMCO Government Money Market Fund** | **Investments in PIMCO Government Money Market Fund** | **Investments in PIMCO Government Money Market Fund** | **Investments in PIMCO Government Money Market Fund** |
| **Fund Name** | **Market Value<br>06/30/2022** | **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>12/31/2022** | **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 | $72 | $86 | $(152) | $0 | $0 | $6 | $0 | $0 |
|  PIMCO RAFI Dynamic Multi-Factor International Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp;1189 | &nbsp;&nbsp;&nbsp;&nbsp;3369 | &nbsp;&nbsp;&nbsp;&nbsp;(4558) | &nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;0 |
|  PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF | 25 | 283 | (308) | 0 | 0 | 0 | 0 | 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. 

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| **60** | **PIMCO EQUITY SERIES** |

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(b) Investments in Securities

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

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

5. BORROWINGS AND OTHER FINANCING TRANSACTIONS

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

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

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

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

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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 |

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

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

The borrower pays fees at the Funds' direction to the lending agent. The lending agent may retain a portion of the fees and interest earned on the cash collateral invested as compensation for its services. Investments made with the cash collateral are disclosed on the Schedules of Investments, if applicable. The lending fees and the Funds' portion of the interest income earned on cash collateral are included on the Statements of Operations as securities lending income, if applicable.

(c) Interfund Lending In accordance with an exemptive order (the "Order") from the SEC, the Funds of the Trust may participate in a joint lending and borrowing facility for temporary purposes (the "Interfund Lending Program"), subject to compliance with the terms and conditions of the Order, and to the extent permitted by each Fund's investment policies and restrictions. The Funds are currently permitted to borrow under the Interfund Lending Program. A lending fund may lend in aggregate up to 15% of its current net assets at the time of the interfund loan, but may not lend more than 5% of its net assets to any one borrowing fund through the Interfund Lending Program. A borrowing fund may not borrow through the Interfund Lending Program or from any other source if its total outstanding borrowings immediately after the borrowing would be more than 33 1/3% of its total assets (or any lower threshold provided for by the fund's investment restrictions). If a borrowing fund's total outstanding borrowings exceed 10% of its total assets, each of its outstanding

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| **Notes to Financial Statements** | **(Cont.)** |

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interfund loans will be subject to collateralization of at least 102% of the outstanding principal value of the loan. All interfund loans are for temporary or emergency purposes and the interfund loan rate to be charged will be the average of the highest current overnight repurchase agreement rate available to a lending fund and the bank loan rate, as calculated according to a formula established by the Board.

During the period ended December 31, 2022, the Funds did not participate in the Interfund Lending Program.

6. FINANCIAL DERIVATIVE INSTRUMENTS

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

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

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

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

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 | X | X |
|  Market Trading | X | X | X | X |
|  Equity | X | X | X | X |
|  Credit | X | X | X | X |
|  Market | X | X | X | X |
|  Liquidity | X | X | X | X |
|  Issuer | X | X | X | X |
|  Derivatives | X | X | X | X |
|  Foreign (Non-U.S.) Investment | X | X |  |  |
|  Emerging Markets | X |  |  |  |
|  Currency | X | X |  |  |
|  Model | X | X | X | X |
|  Leveraging | X | X | X | X |
|  Management and Tracking Error | X | X | X | X |
|  Indexing | X | X | X | X |
|  Environmental, Social and Governance Investing |  |  |  | X |

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Please see "Description of Principal Risks" in a Fund's prospectus for a more detailed description of the risks of investing in a Fund.

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

Market Trading Risk is the risk that an active secondary trading market for Fund shares does not continue once developed, that a Fund may not continue to meet a listing exchange's trading or listing requirements, or that Fund shares trade at prices other than a Fund's net asset value particularly during times of market stress.

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

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

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

Liquidity Risk is the risk that a particular investment may be difficult to purchase or sell and that a Fund may be unable to sell illiquid investments at an advantageous time or price or achieve its desired level of exposure to a certain sector. The liquidity of a Fund's shares may be constrained by the liquidity of a Fund's portfolio holdings.

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

Derivatives Risk is the risk of investing in derivative instruments (such as forwards, futures, swaps and structured securities) and other similar investments, including leverage, liquidity, interest rate, market, counterparty (including credit), operational, legal and management risks, and valuation complexity. Changes in the value of a derivative or other similar investment may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a Fund could lose more than the initial amount invested. Changes in the value of a derivative or other similar instrument may also create margin delivery or settlement payment obligations for a Fund. A Fund's use of derivatives may result in losses to a Fund, a reduction in a Fund's returns and/or increased volatility. Over-the-counter ("OTC")

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

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

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

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

(non-U.S.) currencies.

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

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

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Management and Tracking Error Risk is the risk that the portfolio manager's investment decisions may not produce the desired results or that a Fund's portfolio may not closely track the Underlying Index for a number of reasons. A Fund incurs operating expenses, which are not applicable to the Underlying Index, and the costs of buying and selling securities, especially when rebalancing a Fund's portfolio to reflect changes in the composition of the Underlying Index. Performance of a Fund and the Underlying Index may vary due to asset valuation differences and differences between a Fund's portfolio and the Underlying Index due to legal restrictions, cost or liquidity restraints. The risk that performance of a Fund and the Underlying Index may vary may be heightened during periods of increased market volatility or other unusual market conditions. In addition, a Fund's use of a representative sampling approach may cause a Fund to be less correlated to the return of the Underlying Index than if a Fund held all of the securities in the Underlying Index.

Indexing Risk is the risk that a Fund is negatively affected by general declines in the asset classes represented by the Underlying Index.

Environmental, Social and Governance Investing Risk is the risk that, because the Underlying Index may select or exclude securities of certain issuers for reasons other than performance, a Fund's performance will differ from funds that do not utilize an ESG investing strategy. ESG investing is qualitative and subjective by nature, and there is no guarantee that the factors utilized by the Index Provider or any judgment exercised by the Index Provider in constructing the Underlying Index will reflect the opinions of any particular investor.

(b) Other Risks

In general, a Fund may be subject to additional risks, including, but not limited to, risks related to government regulation and intervention in financial markets, operational risks, risks associated with financial, economic and global market disruptions, and cyber security risks. Please see a Fund's prospectus and Statement of Additional Information for a more detailed description of the risks of investing in a Fund. Please see the Important Information section of this report for additional discussion of certain regulatory and market developments that may impact a Fund's performance.

Market Disruption Risk The Fund is subject to investment and operational risks associated with financial, economic and other global market developments and disruptions, including those arising from war, terrorism, market manipulation, government interventions, defaults and shutdowns, political changes or diplomatic developments, public health emergencies (such as the spread of infectious diseases, pandemics and epidemics) and natural/environmental disasters, which can all negatively impact the securities markets and cause the Fund to lose value. These events can also impair the technology and other operational systems upon which the Fund's service providers, including

PIMCO as the Fund's investment adviser, rely, and could otherwise disrupt the Fund's service providers' ability to fulfill their obligations to the Fund. For example, the recent spread of an infectious respiratory illness caused by a novel strain of coronavirus (known as COVID-19) has caused volatility, severe market dislocations and liquidity constraints in many markets, including markets for the securities the Fund holds, and may adversely affect the Fund's investments and operations. Additionally, to the extent the Fund invests in securities and instruments economically tied to Russia, the recent Russian invasion of Ukraine may adversely affect the Fund's investments. Please see the Important Information section for additional discussion of the COVID-19 pandemic as well as the Russian invasion of Ukraine.

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

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

Operational Risk An investment in a Fund, like any fund, can involve operational risks arising from factors such as processing errors, human errors, inadequate or failed internal or external processes, failures in systems and technology, changes in personnel and errors caused by third-party service providers. The occurrence of any of these failures, errors or breaches could result in a loss of information, regulatory scrutiny, reputational damage or other events, any of which could have

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a material adverse effect on a Fund. While a Fund seeks to minimize such events through controls and oversight, there may still be failures that could cause losses to the Fund.

Cyber Security Risk As the use of technology has become more prevalent in the course of business, the Funds have become potentially more susceptible to operational and information security risks resulting from breaches in cyber security. A breach in cyber security refers to both intentional and unintentional cyber events that may, among other things, cause a Fund to lose proprietary information, suffer data corruption and/ or destruction or lose operational capacity, result in the unauthorized release or other misuse of confidential information, or otherwise disrupt normal business operations. Cyber security failures or breaches may result in financial losses to a Fund and its shareholders. These failures or breaches may also result in disruptions to business operations, potentially resulting in financial losses; interference with a Fund's ability to calculate its net asset value, process shareholder transactions or otherwise transact business with shareholders; impediments to trading; violations of applicable privacy and other laws; regulatory fines; penalties; third party claims in litigation; reputational damage; reimbursement or other compensation costs; additional compliance and cyber security risk management costs and other adverse consequences. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. There is also a risk that cyber security breaches may not be detected. The Funds and their shareholders may suffer losses as a result of a cyber security breach related to the Funds, their service providers, trading counterparties or the issuers in which a Fund invests.

8. MASTER NETTING ARRANGEMENTS

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

Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements at pre-arranged exposure levels. Under

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

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

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

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

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| **Notes to Financial Statements** | **(Cont.)** |

---

market value, is generally exchanged daily, but may not be netted between futures and cleared OTC derivatives unless the parties have agreed to a separate arrangement in respect of portfolio margining. The market value or accumulated unrealized appreciation (depreciation), initial margin posted, and any unsettled variation margin as of period end are disclosed in the Notes to Schedules of Investments.

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

9. FEES AND EXPENSES

(a) Management Fee PIMCO, a majority-owned subsidiary of Allianz Asset Management of America LLC ("Allianz Asset Management"), serves as the Manager to the Trust, pursuant to an investment management agreement. Each Fund pays PIMCO fees in return for providing investment advisory, supervisory and administrative services under an all-in fee structure. Each Fund will pay monthly management fees to PIMCO at an annual rate based on average daily net assets (the "Management Fee"), at an annual rate as noted in the table below.

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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% |

---

(b) Distribution and Servicing Fees PIMCO Investments LLC, a wholly-owned subsidiary of PIMCO, serves as the distributor ("Distributor") of

each Fund's Creation Units. The Distributor does not maintain a secondary market in shares of the Funds. During the period ended December 31, 2022 each Fund was permitted to compensate the Distributor at an annual rate of up to 0.25% of a Fund's average daily net assets (the "12b-1 Plan Fee"). However, the Board of Trustees has determined not to authorize payment of a 12b-1 Plan Fee at this time. The 12b-1 Plan Fee may only be imposed or increased when the Board determines that it is in the best interests of shareholders to do so. Because these fees are paid out of a Fund's assets on an ongoing basis, to the extent that a fee is authorized, over time it will increase the cost of an investment in the Fund. The 12b-1 Plan Fee may cost an investor more than other types of sales charges.

(c) Fund Expenses PIMCO provides or procures supervisory and administrative services for shareholders and also bears the costs of various third-party services required by the Funds, including audit, custodial, portfolio accounting, legal, transfer agency and printing costs. The Funds bear other expenses which are not covered under the Management Fee which may vary and affect the total level of expenses paid by shareholders, such as (i) salaries and other compensation of any of the Trust's executive officers and employees who are not officers, directors, stockholders or employees of PIMCO or its subsidiaries or affiliates; (ii) taxes and governmental fees; (iii) brokerage fees and commissions and other portfolio transaction expenses; (iv) costs of borrowing money, including interest expenses; (v) securities lending fees and expenses; (vi) fees and expenses of the Trustees who are not "interested persons" of PIMCO or the Trust, and any counsel retained exclusively for their benefit; (vii) extraordinary expenses, including costs of litigation and indemnification expenses; and (viii) organizational and offering expenses of the Trust and the Funds, and any other expenses which are capitalized in accordance with generally accepted accounting principles. The ratio of expenses to average net assets, as disclosed on the Financial Highlights, may differ from the annual fund operating expenses as disclosed in the prospectus.

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

(d) Expense Limitation Pursuant to the Expense Limitation Agreement, PIMCO has agreed, through October 31, 2023, to waive a portion of the Funds' Management Fee, or reimburse each Fund, to the extent that each Fund's organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata share of Trustee Fees exceed 0.0049%, the "Expense Limit" (calculated as a percentage of the Fund's average daily net assets). The Expense Limitation Agreement will automatically renew for one-year terms unless PIMCO provides written notice to the Trust at least 30 days prior to the end of the then current term. The waiver is reflected on the Statements of Operations as a component of Waiver and/or Reimbursement by PIMCO.

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|:---|:---|
| **66** | **PIMCO EQUITY SERIES** |

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##### [**Table of Contents**](#toc)
December 31, 2022 (Unaudited)

In any month in which the investment management agreement is in effect, PIMCO is entitled to reimbursement by each Fund of any portion of the Management Fee and/or other expenses waived or reimbursed as set forth above (the "Reimbursement Amount") within thirty-six months of the time of the waiver, provided that such amount paid to PIMCO will not: i) together with any organizational expenses, pro rata share of expenses related to obtaining or maintaining a Legal Entity Identifier and pro rata Trustee fees, exceed, for such month, the Expense Limit (or the amount of the expense limit in place at the time the amount being recouped was originally waived if lower than the Expense Limit); ii) exceed the total Reimbursement Amount; or iii) include any amounts previously reimbursed to PIMCO. The total recoverable amounts to PIMCO at December 31, 2022, were as follows (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 RAFI Dynamic Multi-Factor Emerging Markets Equity ETF | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 |
|  PIMCO RAFI Dynamic Multi-Factor International Equity ETF | 0 | 3 | 7 | 10 |
|  PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF | 5 | 4 | 7 | 16 |
|  PIMCO RAFI ESG U.S. ETF | 76 | 1 | 2 | 79 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

The waivers are reflected on the Statements of Operations as a component of Waiver and/or Reimbursement by PIMCO. For the period ended December 31, 2022, the amounts 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;3 |
|  PIMCO RAFI Dynamic Multi-Factor International Equity ETF | 3 |
|  PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF | 3 |
|  PIMCO RAFI ESG U.S. ETF | 1 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

10. RELATED PARTY TRANSACTIONS

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

11. GUARANTEES AND INDEMNIFICATIONS

Under the Trust's organizational documents, each Trustee or officer of the Trust is indemnified and each employee or other agent of the Trust (including the Trust's investment manager) may be indemnified, to the extent permitted by the Act, against certain liabilities that may arise out

of performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of indemnification clauses. The Funds' maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts.

12. PURCHASES AND SALES OF SECURITIES

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

Purchases and sales of securities (excluding short-term investments) for the period ended December 31, 2022, were as follows (amounts in thousands<sup>†</sup>):

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| | | | | |
|:---|:---|:---|:---|:---|
| | **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 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27884 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24659 |
|  PIMCO RAFI Dynamic Multi-Factor International Equity ETF | 0 | 0 | 13375 | 10940 |
|  PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF | 0 | 0 | 21886 | 21814 |
|  PIMCO RAFI ESG U.S. ETF | 0 | 0 | 2314 | 4806 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **67** |

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##### [**Table of Contents**](#toc)

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| | |
|:---|:---|
| **Notes to Financial Statements** | **(Cont.)** |

---

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.

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| | | | |
|:---|:---|:---|:---|
| **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). 

14. INVESTMENT TRANSACTIONS

For the period ended December 31, 2022, certain Funds had in-kind contributions and in-kind redemptions as follows (amounts in thousands<sup>†</sup>):

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| | | |
|:---|:---|:---|
| **Fund Name** | **Contributions** | **Redemptions** |
|  PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF | $3639 | $&nbsp;&nbsp;&nbsp;&nbsp;6514 |
|  PIMCO RAFI Dynamic Multi-Factor International Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp;17406 | 0 |
|  PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF | 14462 | 0 |
|  PIMCO RAFI ESG U.S. ETF | 2781 | 4281 |

---

---

| | |
|:---|:---|
| <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.

On May 17, 2022, Allianz Global Investors U.S. LLC ("AGI U.S.") pleaded guilty in connection with the proceeding United States of America v. Allianz Global Investors U.S. LLC. AGI U.S. is an indirect subsidiary of Allianz SE. The conduct resulting in the matter described

above occurred entirely within AGI U.S. and did not involve PIMCO or the Distributor, or any personnel of PIMCO or the Distributor. Nevertheless, because of the disqualifying conduct of AGI U.S., their affiliate, PIMCO would have been disqualified from serving as the investment adviser, and the Distributor would have been disqualified from serving as the principal underwriter, to the Funds in the absence of SEC exemptive relief. PIMCO and the Distributor have received exemptive relief from the SEC to permit them to continue serving as investment adviser and principal underwriter for U.S.-registered investment companies, including the Funds.

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 December 31, 2022, 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.

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|:---|:---|
| **68** | **PIMCO EQUITY SERIES** |

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December 31, 2022 (Unaudited)

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

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

As of their last fiscal year ended June 30, 2022, the Funds had the following post-effective capital losses with no expiration (amounts in thousands<sup>†</sup>):

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| | | |
|:---|:---|:---|
|  | **Short-Term** | **Long-Term** |
|  PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF | $0 | $0 |
|  PIMCO RAFI Dynamic Multi-Factor International Equity ETF | 9112 | &nbsp;&nbsp;&nbsp;&nbsp;4178 |
|  PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp;12871 | 4215 |
|  PIMCO RAFI ESG U.S. ETF | 1048 | 115 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

As of December 31, 2022, the aggregate cost and the net unrealized appreciation/(depreciation) of investments for federal income tax purposes are as follows (amounts in thousands<sup>†</sup>):

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Federal<br>Tax Cost** | **Unrealized<br>Appreciation** | **Unrealized<br>(Depreciation)** | **Net Unrealized<br>Appreciation/<br>(Depreciation)<sup>(1)</sup>** |
|  PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF | $77482 | $8740 | $&nbsp;&nbsp;&nbsp;&nbsp;(14492) | $(5752) |
|  PIMCO RAFI Dynamic Multi-Factor International Equity ETF | &nbsp;&nbsp;&nbsp;&nbsp;104542 | 9528 | (6591) | 2937 |
|  PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF | 102864 | &nbsp;&nbsp;&nbsp;&nbsp;16708 | (4057) | &nbsp;&nbsp;&nbsp;&nbsp;12651 |
|  PIMCO RAFI ESG U.S. ETF | 29953 | 1576 | (3677) | (2101) |

---

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| | |
|:---|:---|
| <sup>†</sup> | A zero balance may reflect actual amounts rounding to less than one thousand.  |

---

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

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **69** |

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  **Counterparty Abbreviations:** | **Counterparty Abbreviations:** | | | | |
| **FICC** | Fixed Income Clearing Corporation | **MBC** | HSBC Bank Plc | **UBS** | UBS Securities LLC |
|  **Currency Abbreviations:** | **Currency Abbreviations:** | | | | |
| **CAD** | Canadian Dollar | **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 | **SP - ADR** | Sponsored American Depositary Receipt |  |  |

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|:---|:---|
| **70** | **PIMCO EQUITY SERIES** |

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##### [**Table of Contents**](#toc)

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| | |
|:---|:---|
| **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 December 31, 2022 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 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)** |
|  July 2022 | $0.1900 | $0.0000 | $0.0000 | $0.1900 |
|  October 2022 | $0.2900 | $0.0000 | $0.0000 | $0.2900 |
|  December 2022 | $0.0500 | $0.0000 | $0.0000 | $0.0500 |
| **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)** |
|  July 2022 | $0.3100 | $0.0000 | $0.0000 | $0.3100 |
|  October 2022 | $0.1100 | $0.0000 | $0.0000 | $0.1100 |
|  December 2022 | $0.2100 | $0.0000 | $0.0000 | $0.2100 |
| **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)** |
|  July 2022 | $0.1800 | $0.0000 | $0.0000 | $0.1800 |
|  October 2022 | $0.2000 | $0.0000 | $0.0000 | $0.2000 |
|  December 2022 | $0.2300 | $0.0000 | $0.0000 | $0.2300 |
| **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)** |
|  July 2022 | $0.1500 | $0.0000 | $0.0000 | $0.1500 |
|  October 2022 | $0.1400 | $0.0000 | $0.0000 | $0.1400 |
|  December 2022 | $0.1900 | $0.0000 | $0.0000 | $0.1900 |

---

\* 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. 

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **71** |

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**Approval of Investment Advisory Contract and Other Agreements**

Approval of Renewal of the Investment Management Agreement for PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF, PIMCO RAFI Dynamic Multi-Factor International Equity ETF PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF and PIMCO RAFI ESG U.S. ETF

At a meeting held on August 23-24, 2022, the Board of Trustees (the "Board") of PIMCO Equity Series (the "Trust"), including the Trustees who are not "interested persons" of the Trust under the Investment Company Act of 1940, as amended (the "Independent Trustees"), considered and unanimously approved the renewal of the Investment Management Agreement (the "Investment Management Agreement") between the Trust, on behalf of PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF, PIMCO RAFI Dynamic Multi-Factor International Equity ETF, PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF and PIMCO RAFI ESG U.S. ETF (each, a "Fund" and collectively, the "Funds"), and Pacific Investment Management Company LLC ("PIMCO"), for an additional one-year term through August 31, 2023.

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

1. INFORMATION RECEIVED

(a) Materials Reviewed: During the course of the past year, the Trustees received a wide variety of materials relating to the services provided by PIMCO to the Trust. At each of its quarterly meetings, the Board reviewed the Funds' investment performance and a significant amount of information relating to Fund operations, including shareholder services, valuation and custody, the Funds' compliance program and other information relating to the nature, extent and quality of services provided by PIMCO to the Trust and each of the Funds. In considering whether to approve the renewal of the Investment Management Agreement, the Board reviewed additional information, including, but not limited to: comparative industry data with regard to investment performance; management fees; financial information for PIMCO; information regarding the profitability to PIMCO of its relationship with the Funds; information about the personnel providing investment management services, other advisory services and supervisory and administrative services to the Funds; and information about the fees charged and services provided to other clients with similar investment mandates as the Funds, where applicable. In addition, the Board reviewed materials provided by counsel to the Trust and the Independent Trustees ("Counsel"), which included, among other things, a memorandum outlining legal duties of the Board in considering the renewal of the Investment Management Agreement.

(b) Review Process: In connection with considering the renewal of the Investment Management Agreement, the Board reviewed written materials prepared by PIMCO in response to requests from Counsel

encompassing a wide variety of topics. The Board requested and received assistance and advice regarding, among other things, applicable legal standards from Counsel, and reviewed comparative fee and performance data prepared at the Board's request by Broadridge Financial Solutions, Inc. ("Broadridge"), an independent provider of investment company performance information and fee and expense data. The Board received presentations on matters related to the Investment Management Agreement and met both as a full Board and in a separate session of the Independent Trustees, without management present, at the August 23-24, 2022 meeting. The Independent Trustees also met via video conference with Counsel on July 14, 2022, and conducted a video conference meeting on August 10, 2022 with management and Counsel to discuss the materials presented and other matters deemed relevant to their consideration of the renewal of the Investment Management Agreement. In connection with its review of the Investment Management Agreement, the Board received comparative information on the performance, the risk-adjusted performance and the fees and expenses of other peer group funds where appropriate. The Independent Trustees also requested and received supplemental information, including information regarding Broadridge peer classifications, the expense structure of certain Funds, outflows for certain Funds, Fund performance and profitability.

The approval determination was made on the basis of each Trustee's business judgment after consideration and evaluation of all the information presented. Individual Trustees may have given different weights to certain factors and assigned various degrees of materiality to information received in connection with the approval process. In deciding to approve the renewal of the Investment Management Agreement, the Board did not identify any single factor or particular information that, in isolation, was controlling. The discussion below is intended to summarize the broad factors and information that figured prominently in the Board's consideration of the renewal of the Investment Management Agreement, but is not intended to summarize all of the factors considered by the Board.

2. NATURE, EXTENT AND QUALITY OF SERVICES

(a) PIMCO, its Personnel and Resources: The Board considered the depth and quality of PIMCO's investment management process, including, but not limited to: the experience, capability and integrity of its senior management and other personnel; the overall financial strength and stability of its organization; and the ability of its organizational structure to address changes in the Funds' asset levels. The Board also considered the various services in addition to portfolio management that PIMCO provides under the Investment Management Agreement. The Board noted that PIMCO makes available to its investment professionals a variety of resources and systems relating to investment management,

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| **72** | **PIMCO EQUITY SERIES** |

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(Unaudited)

compliance, trading, performance and portfolio accounting. The Board also noted PIMCO's commitment to enhancing and investing in its global infrastructure, technology capabilities, risk management processes and the specialized talent needed to stay at the forefront of the competitive investment management industry and to strengthen its ability to deliver services under the Investment Management Agreement. The Board considered PIMCO's policies, procedures and systems reasonably designed to assure compliance with applicable laws and regulations, including new regulations impacting the Funds, and its commitment to further developing and strengthening these programs; its oversight of matters that may involve conflicts of interest between the Funds' investments and those of other accounts managed by PIMCO; and its efforts to keep the Trustees informed about matters relevant to the Funds and their shareholders. The Board also considered PIMCO's investment in new disciplines and talented personnel, which has enhanced PIMCO's services to the Funds and has allowed PIMCO to introduce innovative new funds over time.

In addition, the Trustees considered new services and service enhancements that PIMCO has implemented, including the ongoing development of its own proprietary software and applications to support the Funds.

Ultimately, the Board concluded that the nature, extent and quality of services provided or procured by PIMCO under the Investment Management Agreement are likely to continue to benefit the Funds and their shareholders.

(b) Other Services: The Board also considered the nature, extent and quality of supervisory and administrative services provided by PIMCO to the Funds under the Investment Management Agreement. The Board considered the terms of the Investment Management Agreement, under which the Trust pays for the supervisory and administrative services provided pursuant to that agreement under what is essentially an all-in fee structure (the "unified fee"). In return, PIMCO provides or procures certain supervisory and administrative services and bears the costs of various third party services required by the Funds, including, but not limited to, audit, custodial, portfolio accounting, ordinary legal, transfer agency and printing costs. The Board also noted that the scope and complexity, as well as the costs, of the supervisory and administrative services provided by PIMCO under the Agreement continue to increase. The Board considered PIMCO's provision of supervisory and administrative services and its supervision of the Trust's third party service providers to assure that these service providers continue to provide a high level of service relative to alternatives available in the market.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

3. INVESTMENT PERFORMANCE

The Board reviewed information from PIMCO concerning the Funds' performance, as available, over short- and longer-term periods ended March 31, 2022 and other performance data, as available, over short- and longer-term periods ended June 30, 2022 (the "PIMCO Report") and from Broadridge concerning the Funds' performance, as available, over short- and longer-term periods ended March 31, 2022 (the "Broadridge Report"). The Board also noted that while historically the Broadridge Report included peer classifications from only Lipper, as part of this approval process the Broadridge Report incorporated peer classifications from Morningstar for Funds for which it was believed that Morningstar provided a materially improved comparison.

The Board considered information regarding both the short- and longer-term relative and absolute investment performance of each Fund relative to its peer group, and relevant benchmark index as provided to the Board in advance of each of its quarterly meetings throughout the year, including the PIMCO Report and Broadridge Report.

The Board reviewed materials indicating that certain Funds outperformed their peer groups during the one-year period-ended March 31, 2022. The Board reviewed materials indicating that the Funds, had underperformed in comparison to their respective benchmark indexes on a net-of-fees basis over short- and longer-term periods ended March 31, 2022. The Board considered that, according to the Broadridge Report, the Funds generally performed well versus competitors during the longer-term, but that certain Funds had underperformed in comparison to their respective peer groups or benchmark indexes, or both, on a net-of-fees basis over certain short- and longer-term periods. With respect to Funds that underperformed to a certain degree over such periods, the Board discussed with PIMCO the reasons for the underperformance of such Funds. The Board also considered actions that have been taken by PIMCO throughout the year to attempt to address underperformance. Depending on the circumstances, the Independent Trustees may be satisfied with a Fund's performance notwithstanding that it lags its benchmark index or peer group for certain periods.

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

4. MANAGEMENT FEE AND TOTAL EXPENSES

The Board considered that PIMCO seeks to price new funds to scale at the outset. The Board noted that PIMCO generally seeks to price new funds competitively against the median total expense ratio of the

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| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **73** |

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| | |
|:---|:---|
| **Approval of Investment Advisory Contract and Other Agreements** | **(Cont.)** |

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respective Broadridge peer group, if available, while acknowledging that a fee premium may be appropriate for innovative investment offerings. PIMCO reported to the Board that, in proposing fees for any Fund, it considers a number of factors, including, but not limited to, the type and complexity of the services provided, the cost of providing services, the risk assumed by PIMCO in the development of products and the provision of services and the competitive marketplace for financial products. Fees charged to or proposed for different Funds for management services may vary in light of these various factors. The Board also considered that PIMCO reviews the Funds' fee levels and carefully considers changes where appropriate due to competitive positioning considerations, observed long-term notable underperformance and significant misalignments with the level or quality of services being provided or a change in the overall strategic positioning of the Funds.

The Board reviewed the management fee and total expenses of each Fund (each as a percentage of average net assets) and compared such amounts with the average and median fee and expense levels of other similar funds. With respect to the management fee, the Board reviewed data from the Broadridge Report that compared the average and median management fees of other funds in a "Peer Group" of comparable funds, where appropriate, as well as the universe of other similar funds. The Board also considered that PIMCO reviews the Funds' fee levels and carefully considers changes where appropriate. In addition, the Board considered the expense limitation agreement in place for all of the Funds.

The Board also reviewed data comparing certain Funds' management fees to the fee rates PIMCO charges to clients (both advised and sub-advised) with similar investment strategies. In cases where the fees for other clients were lower than those charged to the Funds, the Trustees noted that the differences in fees were attributable to various factors, including, but not limited to, differences in the advisory and other services provided by PIMCO to the Funds, differences in the number or extent of the services provided by PIMCO to the Funds and the manner in which similar portfolios may be managed, different requirements with respect to liquidity management and the implementation of other regulatory requirements. The Trustees also considered that PIMCO faces increased entrepreneurial, legal and regulatory risk in sponsoring and managing mutual funds and ETFs as compared to external sub-advised funds or other investment products.

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

varying levels of entrepreneurial, legal and regulatory risk and different servicing requirements when PIMCO does not serve as the sponsor of a fund and is not principally responsible for all aspects of a fund's investment program and operations as compared to when PIMCO serves as investment adviser and sponsor.

The Board considered the Funds' unified fee structure, under which each Fund pays for the advisory and supervisory and administrative services it requires for one set fee. In return for this unified fee, PIMCO provides or procures such services and bears the costs of various third party services required by the Funds, including audit, custodial, portfolio accounting, ordinary legal, transfer agency and printing costs. The Board also considered that the unified fee leads to Fund fees that are fixed over the contract period, rather than variable. The Board noted that, although the unified fee structure does not have breakpoints, it inherently reflects certain economies of scale by fixing the absolute level of Fund fees at competitive levels over the contract period even if the Funds' operating costs rise when assets remain flat or decrease. Other factors the Board considered in assessing the unified fee include PIMCO's approach of pricing Funds at scale at inception and reinvesting in other important areas of the business that support the Funds. The Board concluded that each Fund's fees were reasonable in relation to the value of the services provided, and that the unified fee represents, in effect, a cap on overall Fund fees during the contractual period, which is beneficial to the Funds and their shareholders.

The Board noted that the Funds' total expenses continued to be generally in line with those of competitor funds. Upon comparing the Funds' total expenses to other funds in the "Peer Groups" provided by the Broadridge Report, where appropriate, the Board found total expenses of each Fund to be reasonable.

Based on the information presented by PIMCO and Broadridge, members of the Board determined, in the exercise of their business judgment, that the management fees charged by PIMCO under the Investment Management Agreement and that the total expenses of each Fund, are reasonable.

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

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

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| | |
|:---|:---|
| **74** | **PIMCO EQUITY SERIES** |

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##### [**Table of Contents**](#toc)
(Unaudited)

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

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

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

6. ANCILLARY BENEFITS

The Board considered other benefits realized by PIMCO and its affiliates as a result of PIMCO's relationship with the Trust. Such benefits may include possible ancillary benefits to PIMCO's institutional investment management business due to the reputation and market penetration of

the Trust or third party service providers' relationship-level fee concessions, which decrease fees paid by PIMCO. The Board noted that while PIMCO has the authority to receive the benefit of research provided by broker-dealers executing portfolio transactions on behalf of the Funds, it has adopted a policy not to enter into contractual soft dollar arrangements.

7. CONCLUSIONS

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

---

| | | | |
|:---|:---|:---|:---|
| **SEMIANNUAL REPORT** | \| | DECEMBER 31, 2022 | **75** |

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##### [**Table of Contents**](#toc)
**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 Lincoln Street

Boston, MA 02111

**Transfer Agent** 

State Street Bank & Trust Co.

State Street Financial Center

One Lincoln Street

Boston, MA 02111

**Legal Counsel** 

Dechert LLP

1900 K Street, N.W.

Washington, D.C. 20006

**Independent Registered Public Accounting Firm** 

PricewaterhouseCoopers LLP

1100 Walnut Street, Suite 1300

Kansas City, MO 64106

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

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![LOGO](g382341g75h91.jpg)

PES4004SAR_123122

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##### [**Table of Contents**](#toc)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Not applicable to the Registrant.

**Item 2.** **Code of Ethics.** <br>

The information required by this Item 2 is only required in an annual report on this Form N-CSR.

**Item 3.** **Audit Committee Financial Expert.** <br>

The information required by this Item 3 is only required in an annual report on this Form N-CSR.

**Item 4.** **Principal Accountant Fees and Services.** <br>

The information required by this Item 4 is only required in an annual report on this Form N-CSR.

**Item 5.** **Audit Committee of Listed Registrants.** <br>

The information required by this Item 5 is only required in an annual report on this Form N-CSR.

**Item 6.** **Schedule of Investments.** <br>

The information required by this Item 6 is included as part of the semiannual reports to shareholders filed under Item 1 of this Form N-CSR.

**Item 7.** **Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** <br>

Not applicable to open-end investment companies.

**Item 8.** **Portfolio Managers of Closed-End Management Investment Companies.** <br>

Not applicable to open-end investment companies.

**Item 9.** **Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** <br>

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##### [**Table of Contents**](#toc)
Not applicable to open-end investment companies.

**Item 10.** **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 11.** **Controls and Procedures.** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial
reporting

**Item 12.** **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** <br>

Not applicable to open-end investment companies.

**Item 13.** **Exhibits.** <br>

(a)(1) Exhibit 99.CODE—Code of Ethics is not applicable for semiannual reports.

(a)(2) [Exhibit 99.CERT—Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](d606550dex99cert.htm)

(a)(3) Not applicable for open-end investment companies.

(a)(4) There was no change in the registrant's independent public accountant for the period covered by the report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [Exhibit 99.906CERT—Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](d606550dex99906cert.htm)

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##### [**Table of Contents**](#toc)
**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/ Eric D. Johnson<br>|
|  | Eric D. Johnson |
|  | President (Principal Executive Officer) |
| Date: March 8, 2023 | Date: March 8, 2023 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Eric D. Johnson<br>|
|  | Eric D. Johnson |
|  | President (Principal Executive Officer) |
| Date: March 8, 2023 | Date: March 8, 2023 |
| By: | /s/ Bijal Y. Parikh<br>|
|  | Bijal Y. Parikh |
|  | Treasurer (Principal Financial & Accounting Officer) |
| Date: March 8, 2023 | Date: March 8, 2023 |

---

## Ex-99.Cert

**Exhibit 99.CERT** 

**<u>Certification Under Rule 30a-2(a)</u>**

**CERTIFICATION** 

I, Eric D. Johnson, certify that:

&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;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;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;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;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: | March 8, 2023<br>|
| Signature: | /s/ Eric D. Johnson<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;1. I have reviewed this report on Form N-CSR of PIMCO Equity Series;

&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;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;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;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: | March 8, 2023<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/ Eric D. Johnson<br>| By: | /s/ Bijal Y. Parikh<br>|
| Name: | Eric D. Johnson<br>| Name: | Bijal Y. Parikh<br>|
| Title: | President (Principal Executive Officer)<br>| Title: | Treasurer (Principal Financial & Accounting Officer)<br>|
| Date: | March 8, 2023<br>| Date: | March 8, 2023<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.