PIMCO REALPATH® Blend 2045 Fund
Summary Prospectus
October 30, 2026
| Share Class: |
Inst |
A |
| Ticker: |
PVQNX |
PVQAX |
Before you invest, you may want to review the Fund’s prospectus, which, as supplemented, contains more information about the Fund and its risks. You can find the Fund’s prospectus, reports to shareholders and other information about the Fund online at
http://investments.pimco.com/prospectuses. You can also get this information at
no cost by calling 888.87.PIMCO or by sending an email request to piprocess@sscinc.com. The Fund’s prospectus and Statement of Additional Information, both dated October 30, 2026, as supplemented, are incorporated by reference into this Summary Prospectus.
Investment Objective
The Fund seeks to maximize total return, consistent with prudent investment
management.
Fees and Expenses of the
Fund
This table describes the fees and expenses that you may pay
if you buy, hold and sell shares of the Fund. You may pay other fees, such as
brokerage commissions and other fees to financial
intermediaries, which are not reflected in the tables and
examples below. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A
shares of eligible funds offered by PIMCO Equity Series and PIMCO Funds. More information about
these and other discounts is available in the “Classes of Shares” section on page
97 of the Fund’s
prospectus, Appendix B to the Fund’s prospectus (Financial Firm-Specific Sales Charge
Waivers and Discounts) or from your financial professional.
Shareholder Fees (fees paid directly from your investment):
| |
Inst
Class |
Class A |
| Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of
offering price) |
None |
5.50% |
| Maximum Deferred Sales Charge (Load) (as a percentage of the lower of the
original purchase price or redemption price)
|
None |
1.00% |
Annual Fund Operating Expenses (expenses that you pay each year as a
percentage of the value of your investment):
| |
Inst
Class |
Class A |
| Management Fees |
0.05% |
0.25% |
| Distribution and/or Service (12b-1) Fees |
N/A |
0.25% |
| Other Expenses(1) |
0.01% |
0.01% |
| Acquired Fund Fees and Expenses(2) |
0.22% |
0.22% |
| Total Annual Fund Operating Expenses |
0.28% |
0.73% |
| Fee Waiver and/or Expense Reimbursement(3) |
(0.01%) |
(0.01%) |
| Total Annual Fund Operating Expenses After Fee Waiver
and/or Expense Reimbursement(4) |
0.27% |
0.72% |
1
“Other Expenses” include expenses incurred by the Fund in the normal course
of its operations together with recoupment of management fees previously waived or reimbursed to
the Fund. Such expenses are borne by the Fund separately from the management fees paid to Pacific Investment Management Company LLC (“PIMCO”).
2
Acquired Fund Fees and Expenses include interest expense of the Underlying PIMCO
Funds of 0.12%. Interest expense can result from certain transactions within the Underlying PIMCO
Funds and is separate from the management fees paid to PIMCO. Excluding interest expense of the Underlying PIMCO Funds, Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement are 0.15% and 0.60% for Institutional Class and
Class A shares, respectively.
3
PIMCO has contractually agreed, through October 31, 2027, to waive a portion of the Fund’s supervisory and administrative fees, 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 average daily net assets attributable
to each class). This Expense Limitation Agreement will automatically renew for one-year terms unless PIMCO provides written notice to PIMCO Equity Series 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: 1) 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); 2) exceed the total Reimbursement Amount; or 3) include any amounts previously
reimbursed to PIMCO.
4
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement do not match the Ratio of
Expenses to Average Net Assets of the Fund, as set forth in the Financial Highlights table of the Fund’s prospectus, because the Ratio of Expenses to Average Net Assets reflects the operating expenses of the Fund and does not include
Acquired Fund Fees and Expenses.
Example. The Example is intended to help you compare the cost of investing in Institutional Class or Class A shares of
the Fund with the costs of investing in other mutual funds. The Example assumes that you invest
$10,000 in the noted class of shares for the time periods indicated, and then hold or redeem all your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Fund’s
operating expenses remain the same. Although your actual costs may be higher or lower, based on
these assumptions your costs would be:
If you redeem your shares at the end of each period:
| |
1 Year |
3 Years |
5 Years |
10 Years |
| Institutional Class |
$28 |
$89 |
$157 |
$355 |
| Class A |
$619 |
$770 |
$933 |
$1,406 |
If you do not redeem your shares:
| |
1 Year |
3 Years |
5 Years |
10 Years |
| Class A |
$619 |
$770 |
$933 |
$1,406 |
Portfolio Turnover
The Fund pays transaction costs when it buys and sells securities (or “turns over” its portfolio).
A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in the Annual Fund Operating
Expenses or in the Example tables, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 35% of the average value of its portfolio.
PIMCO Equity Series | Summary Prospectus
