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2025-01-01 2025-12-31 pure iso4217:USD PIMCO REALPATH® Blend 2030 Fund PIMCO Dividend and Income Fund PIMCO RAE International Fund PIMCO RAE Global ex-US Fund  PIMCO REALPATH® Blend 2060 Fund PIMCO RAFI ESG U.S. ETF PIMCO REALPATH® Blend 2065 Fund PIMCO RAFI Dynamic Multi-Factor Emerging Markets Equity ETF PIMCO RAE US Fund PIMCO RAE Emerging Markets Fund PIMCO REALPATH® Blend 2070 Fund PIMCO REALPATH® Blend 2040 Fund PIMCO REALPATH® Blend 2035 Fund PIMCO REALPATH® Blend 2045 Fund PIMCO REALPATH® Blend 2050 Fund PIMCO RAFI Dynamic Multi-Factor International Equity ETF PIMCO REALPATH® Blend 2055 Fund PIMCO REALPATH® Blend Income Fund PIMCO RAFI Dynamic Multi-Factor U.S. Equity ETF PIMCO RAE US S Fund 2026-06-30 0001479360 false 485BPOS 0.1079 0.1705 -0.0627 0.2131 0.1428 0.1296 -0.1748 0.1370 0.0831 0.1513 0.0993 0.1620 -0.0878 0.1562 -0.0135 0.1852 -0.0625 0.1218 0.0943 0.2013 0.0823 0.2489 -0.1552 0.1659 0.0229 0.1090 -0.0865 0.1816 0.0218 0.3690 0.1299 0.2597 -0.1491 0.1594 0.0173 0.1212 -0.0914 0.1929 0.0331 0.3402 0.1342 0.1872 -0.1682 0.1992 0.1506 0.2095 0.0541 0.3024 -0.1384 0.1872 0.1369 0.1764 0.1957 0.1511 0.2105 -0.1273 0.1499 0.1202 0.1112 -0.1941 0.1434 0.0493 0.2572 0.1541 0.1654 -0.0701 0.2487 0.0393 0.2778 -0.0338 0.1707 0.1118 0.1960 0.3250 0.2934 -0.1265 0.1369 0.0087 0.1591 -0.1044 0.2269 0.0698 0.2601 0.2075 0.1065 0.1894 -0.0718 0.2372 0.1380 0.1660 -0.1716 0.1725 0.1224 0.1834 0.1105 0.1813 -0.0676 0.2267 0.1373 0.1505 -0.1707 0.1586 0.1043 0.1691 0.1038 0.1963 -0.0746 0.2444 0.1394 0.1771 -0.1729 0.1841 0.1344 0.1981 0.1031 0.1988 -0.0776 0.2509 0.1372 0.1850 -0.1729 0.1913 0.1418 0.2061 -0.1356 0.1968 0.0724 0.1097 -0.1038 0.1714 0.0467 0.3416 0.1030 0.1965 -0.0768 0.2497 0.1330 0.1873 -0.1712 0.1955 0.1463 0.2099 0.0890 0.1274 -0.0415 0.1648 0.1396 0.0899 -0.1610 0.1087 0.0592 0.1357 -0.0659 0.2625 0.1055 0.2394 -0.0562 0.1222 0.2009 0.1591 0.2714 0.0927 -0.1166 0.2022 0.0688 0.4037 -0.0464 0.2006 0.2208 0.0629 N-1A PIMCO Equity Series 2026-10-30 <span style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Investment Objective</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Fund’s primary investment objective is to seek to provide current income. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Fund’s secondary objective is to seek to provide long-term </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">capital appreciation.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Fund’s secondary objective is to seek to provide long-term </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">capital appreciation.</span> <span style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">$</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">50,000</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> in </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">Class A shares of eligible funds offered by PIMCO Equity Series and PIMCO Funds.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> More information about these and other discounts is </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">available in the “Classes of Shares” section on page 52 of the Fund’s prospectus, Appendix B to the Fund’s prospectus (Financial Firm-Specific Sales Charge Waivers and Discounts) or from your financial professional.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">$</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">50,000</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> in </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">Class A shares of eligible funds offered by PIMCO Equity Series and PIMCO Funds.</span> 50000 50000 <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Shareholder Fees (fees paid directly from your investment):</span> 0 0 0 0.0550 0 0 0 0 0.0100 0.0100 <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):</span> 0.0069 0.0079 0.0089 0.0079 0.0079 0.0025 0.0100 0.0010 0.0010 0.0010 0.0010 0.0010 0.0079 0.0089 0.0099 0.0114 0.0189 -0.0005 0.0079 0.0089 0.0094 0.0114 0.0189 <span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">October 31, 2027</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Example.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> The Example is intended to help you compare the cost of investing in Institutional Class, I-2, I-3, Class A or Class C 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 </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">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:</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">If you redeem your shares at the end of each period:</span> 81 252 439 978 91 284 493 1096 96 310 542 1208 660 892 1143 1860 292 594 1021 2016 <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">If you do not redeem your shares:</span> 660 892 1143 1860 192 594 1021 2016 <span style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Fund pays transaction costs, such as commissions, 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 </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">457</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">% of the average value of its portfolio.</span> 4.57 <span style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to achieve its investment objective under normal circumstances by investing at least 80% of its assets in a diversified portfolio of income-producing and/or dividend-producing investments.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">Income-producing investments include income-producing </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">Fixed Income Instrument investments, dividend-paying equity securities, derivatives on either of the foregoing, derivatives providing exposure to other types of income-producing instruments, and any other instrument or arrangement that is structured to produce income, including any derivatives position that produces income or the sale of which produces a premium payment. Dividend-producing investments are securities that distribute earnings or profits to holders.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Fund will typically invest </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">between 35 - 65% of its assets in equity and equity-related securities (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. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The securities for the Equity Sleeve are selected by PIMCO from a broad universe of global equities. PIMCO’s systematic equity income strategy uses a factor risk model with constraints on sector, region and security </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">exposures relative to the Fund’s primary benchmark. The strategy is primarily a model-driven approach subject to portfolio manager oversight. Portfolio managers have discretion to adjust the model over time and to selectively override the model in order to seek to achieve the Fund’s investment objectives. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">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.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> Fixed Income Instruments include bonds, debt securities </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. The debt investments of the Fund may include investment-grade securities and high yield securities (“junk bonds”) of any rating. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Fund’s approach to fixed income securities selection incorporates PIMCO’s global macroeconomic views and multi-sector fixed income investment expertise. The Fund’s fixed income assets are selected based on fundamental analysis, as well as PIMCO’s view regarding the attractiveness of key investment risk factors. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">Outside of the Equity Sleeve and fixed income portions of the Fund’s portfolio described above, the Fund may tactically allocate up to 15% of its assets in other income-producing investments, which can include but are not limited to a combination of Acquired Funds (defined below), REITs, preferred securities and BDCs. These investments may be utilized in PIMCO’s discretion, subject to the restrictions and limitations of the Investment Company Act of 1940, as amended (the “1940 Act”). </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">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”). </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Fund may also invest in derivative instruments, such as options, futures contracts, swap agreements, equity-linked notes, equity-linked securities and participatory notes, consistent with its investment objectives. The Fund may purchase or sell securities on a when-issued, delayed delivery or forward commitment basis and may engage in short sales. The Fund may also enter into reverse repurchase agreements and lend portfolio securities. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Fund may invest a significant portion of its assets in securities and instruments that are economically tied to foreign (non-U.S.) countries. The Fund may obtain foreign currency exposure (from non-U.S. dollar-denominated securities or currencies) without limitation. The Fund may invest up to 50% of its total assets in securities and instruments that are economically tied to emerging market countries (this limitation does not apply to investment grade sovereign debt denominated in the local </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">currency with less than 1 year remaining to maturity, which means the Fund may invest in such instruments without limitation subject to any applicable legal or regulatory limitation).</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to achieve its investment objective under normal circumstances by investing at least 80% of its assets in a diversified portfolio of income-producing and/or dividend-producing investments.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">Income-producing investments include income-producing </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">Fixed Income Instrument investments, dividend-paying equity securities, derivatives on either of the foregoing, derivatives providing exposure to other types of income-producing instruments, and any other instrument or arrangement that is structured to produce income, including any derivatives position that produces income or the sale of which produces a premium payment. Dividend-producing investments are securities that distribute earnings or profits to holders.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Fund will typically invest </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">between 35 - 65% of its assets in equity and equity-related securities (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. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The securities for the Equity Sleeve are selected by PIMCO from a broad universe of global equities. PIMCO’s systematic equity income strategy uses a factor risk model with constraints on sector, region and security </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">exposures relative to the Fund’s primary benchmark. The strategy is primarily a model-driven approach subject to portfolio manager oversight. Portfolio managers have discretion to adjust the model over time and to selectively override the model in order to seek to achieve the Fund’s investment objectives. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">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.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">It is possible to experience losses on an investment in the Fund.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Allocation Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the Fund could experience losses 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. There is no guarantee that the Fund's asset allocation strategy will be successful or that the markets in which the Fund invests will perform as expected</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Acquired Fund Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> 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 respective investment objectives. Investments in Acquired Funds that are exchange-traded funds are also subject to market risk, tracking error, the potential for trading at a discount or premium to their net asset value, bid/ask spread costs as well as the risks of the underlying securities they hold. In addition, the Fund’s performance will be reduced by the Fund’s proportionate amount of the expenses of any Acquired Funds in which it invests </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The following risks are principal risks of investing in the Fund that include risks from direct investments and/or indirect exposure through investment in Acquired Funds.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Equity Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the value of equity or equity-related securities, such as common stocks and preferred securities, may decline due to general market conditions which are not specifically related to a particular company or to factors affecting a particular industry or industries. Equity or equity-related securities generally have greater price volatility than fixed income securities. In addition, preferred securities may be subject to greater credit risk or other risks, such as risks related to deferred and omitted distributions, limited voting rights, liquidity, interest rates, regulatory changes and special redemption rights</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Dividend-Oriented Stocks Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> 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 </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">capture strategy (</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-style:italic;">i.e., </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">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</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Value Investing Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that value stocks may decrease in price or may not increase in price as anticipated by PIMCO if they continue to be undervalued by the market or the factors that PIMCO believes will cause the stock price to increase do not occur</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Foreign (Non-U.S.) Investment Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> 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 or less developed markets, differing financial reporting, accounting, corporate governance and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable U.S. or foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, political changes, diplomatic developments, trade restrictions (including tariffs) or the imposition of sanctions and other similar measures. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Emerging Markets Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk of investing in emerging market securities, primarily increased foreign (non-U.S.) investment risk</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Sovereign Debt Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> 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 events resulting from an issuer’s inability or unwillingness to make principal or interest payments in a timely fashion</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Market Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the value of securities owned by the Fund may fluctuate, sometimes rapidly or unpredictably, due to a variety of factors affecting securities markets generally or particular industries or sectors, including geopolitical events such as war, military conflict, acts of terrorism, social or political unrest, and the imposition of or threatened imposition of tariffs and other trade barriers, which could disrupt securities markets and adversely affect global economies and markets</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Issuer Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the value of a security may decline for reasons related to the issuer, such as management performance, changes in financial condition or credit rating, financial leverage, reputation or reduced demand for the issuer’s goods or services</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Interest Rate Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that fixed income securities and dividend-paying equity securities will fluctuate in value due to changes or the anticipation of changes in interest rates; a fund with a longer average portfolio duration will be more sensitive to changes in interest rates than a fund with a shorter average portfolio duration. Factors such as government and central bank policy, inflation, the economy, and the market for bonds can impact interest rates and yields</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Call Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that an issuer may exercise its right to redeem a fixed income security earlier than expected (a call). Issuers may call outstanding securities prior to their maturity for a number of reasons including declining interest rates, changes in credit spreads and improvements in the issuer’s credit quality. If an issuer calls a security that the Fund has invested in, the Fund may not recoup the full amount of its initial investment or may not realize the full anticipated earnings from the investment and may be forced to reinvest in lower-yielding securities, securities with greater credit risks or securities with other, less favorable features</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Credit Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the Fund could experience losses if the issuer or guarantor of a fixed income security, the counterparty to a derivative contract or a repurchase agreement, a borrower of portfolio securities or the issuer or guarantor of collateral, is unable or unwilling, or is perceived (whether by market participants, rating agencies, pricing services or otherwise) as unable or unwilling, to meet its financial obligations</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">High Yield and Distressed Company Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that high yield securities and unrated securities of similar credit quality (commonly known as “junk bonds”) and securities of distressed companies may be subject to greater levels of market, credit, issuer and liquidity risks. Securities of distressed companies include both debt and equity securities. High yield securities and debt securities of distressed companies are considered primarily speculative by rating agencies with respect to the issuer’s continuing ability to make principal and interest payments. Distressed companies may be engaged in restructurings, bankruptcy proceedings or other financial difficulties, which may cause the value of their securities to fluctuate rapidly or unpredictably</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Currency Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that foreign (non-U.S.) currencies may fluctuate in value relative to the U.S. dollar, which can affect the value of 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</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Real Estate Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> 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 risks related to losses from casualty or condemnation, changes in local and general economic conditions, fluctuations in supply and demand, interest rate changes, availability of mortgage financing and refinancing, defaults by borrowers or tenants, zoning laws, regulatory limitations on rents, property taxes,</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">insurance costs, lack of availability of insurance coverage, and operating expenses. The Fund’s investments in REITs or real estate-linked derivative instruments subject it to management and tax risks. In addition, REITs that are privately held or not traded on a national securities exchange may subject the Fund to liquidity and valuation risk</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Liquidity Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that a particular investment may be difficult to purchase or sell and that the Fund may be unable to sell investments at an advantageous time or price or achieve its desired level of exposure to a certain sector. Liquidity risk may result from the lack of an active market, reduced number and capacity of traditional market participants </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">to make a market in fixed income securities, credit tightening and may be magnified in changing interest rate environments 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.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The liquidity of the Fund’s shares may be constrained by the liquidity of the Fund’s portfolio holdings</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Leveraging Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> 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, and 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. The use of leverage may also increase the Fund’s sensitivity to interest rate changes and other market risks</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Management Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> 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 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</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Small-Cap and Mid-Cap Company Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the value of securities issued by small-capitalization and mid-capitalization companies may fluctuate, sometimes rapidly and unpredictably, due to narrow markets and limited managerial and financial resources</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Derivatives Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk of investing in derivative instruments (such as forwards, futures, options, swaps and structured securities) and other similar investments, including leverage, liquidity, interest rate, market, counterparty (including credit), operational, legal and management risks, and valuation complexity. Changes in the value of a derivative or other similar investment may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and the Fund could lose more than the initial amount invested. Derivatives used for hedging or risk management may not operate as intended or may expose the Fund to additional risks. 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. Non-centrally-cleared over-the-counter (“OTC”) derivatives or other similar investments are also subject to the risk that a counterparty to the transaction will not fulfill its contractual obligations to the other party, as many of the protections afforded to centrally-cleared derivative transactions might not be available for non-centrally-cleared OTC derivatives or other similar investments. The primary credit risk on derivatives or other similar investments that are exchange-traded or traded through a central clearing counterparty resides with the Fund's clearing broker or the clearinghouse. Changes in regulations 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 </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">the Fund’s ability to employ certain strategies that use derivatives or other similar investments and/or adversely affect the value of derivatives or other similar investments and the Fund’s performance</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Model Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the Fund’s investment models used in making investment allocation decisions may not adequately take into account certain factors, or may contain design flaws or faulty assumptions, and may rely on incomplete or inaccurate data inputs, any of which may result in a decline in the value of an investment in the Fund. The performance of the investment models may be impacted by software or other technology malfunctions, human error, issues related to the potential use of artificial intelligence and machine learning (AI), programming inaccuracies, power loss, and other events or circumstances, which may be difficult to detect and may be beyond the control of the Fund</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Mortgage-Related and Other Asset-Backed Securities Risk: </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">the risks of investing in mortgage-related and other asset-backed securities, including interest rate risk, extension risk, prepayment risk and credit risk. The Fund may invest in any tranche of mortgage-related and other asset-backed securities, including junior and/or equity tranches (to the extent consistent with the Fund's guidelines), which generally carry higher levels of the foregoing risks</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Short Exposure Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> 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</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Exchange-Traded Fund Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that an exchange-traded fund may not achieve its investment objective, among other reasons, because of regulatory restrictions, including, for example, exchange rules, market prices of shares of an exchange-traded fund may fluctuate rapidly and materially, or shares of an exchange-traded fund may trade significantly above or below net asset value, any of which may cause losses to the Fund invested in the exchange-traded fund</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Tracking Error Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> 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. For example, the Fund incurs operating expenses, which are not applicable to the underlying index, and the costs of buying and selling securities, especially when rebalancing the Fund’s portfolio to reflect changes in the composition of the underlying index. Performance of the Fund and the underlying index may vary due to asset valuation differences and differences between the Fund’s portfolio and the underlying index due 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</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Indexing Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the 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</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Collateralized Loan Obligations Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that investing in collateralized loan obligations (“CLOs”) and other similarly structured investments exposes the Fund to heightened credit risk, interest rate risk, liquidity risk, market risk and prepayment and extension risk, as well as the risk of default on the underlying asset. In addition, investments in CLOs carry additional risks, including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) risks related to the capability of the servicer of the securitized assets; (iv) the risk that the Fund may invest in tranches of CLOs that are subordinate to other tranches; (v) the structure and complexity of the transaction and the legal documents may not be fully understood at the time of investment and could lead to disputes with the issuer or among investors regarding the characterization of proceeds or unexpected investment results; and (vi) the CLO's manager may perform poorly</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Turnover Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that high levels of portfolio turnover may increase transaction costs and taxes and may lower investment performance</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">An </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Performance Information</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The performance information shows summary performance information for the Fund in a bar chart and an Average Annual Total Returns table. The information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and by showing how the Fund’s average annual returns compare with the returns of certain indexes.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> Absent any applicable fee waivers and/or </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">expense limitations, performance would have been lower. The bar chart shows performance of the Fund’s Institutional Class shares. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">Performance </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">for Class A and Class C shares in the Average Annual Total Returns table reflects the impact of sales charges. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The I-3 shares of the Fund have not </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">commenced operations as of the date of this prospectus. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Fund’s </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> In addition to the Fund’s </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">performance, the Average Annual Total Returns table includes performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) a supplemental index. It is not possible to invest directly in an unmanaged index. The Fund’s regulatory index is the Bloomberg U.S. Aggregate Index. The Fund’s regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance. The Bloomberg U.S. Aggregate Index represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">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. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The 50% MSCI </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">ACWI High Dividend Yield Index / 50% Bloomberg US Aggregate Index is a supplemental index of the Fund. 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.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">Performance for the Fund is updated daily and quarterly and may be obtained as follows: daily and quarterly updates on the net asset value and performance page at </span><span style="color:#3333FF;font-family:Arial Narrow;font-size:10pt;">https://www.pimco.com/en-us/product-finder</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The performance information shows summary performance information for the Fund in a bar chart and an Average Annual Total Returns table. The information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and by showing how the Fund’s average annual returns compare with the returns of certain indexes.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">Performance </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">for Class A and Class C shares in the Average Annual Total Returns table reflects the impact of sales charges. </span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The I-3 shares of the Fund have not </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">commenced operations as of the date of this prospectus. </span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Fund’s </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The 50% MSCI </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">ACWI High Dividend Yield Index / 50% Bloomberg US Aggregate Index is a supplemental index of the Fund. 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.</span> <span style="color:#3333FF;font-family:Arial Narrow;font-size:10pt;">https://www.pimco.com/en-us/product-finder</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:8pt;">Calendar Year Total Returns — Institutional Class</span> <span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">December 31, 2020</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;">16.32%</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">March 31, 2020</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;">-24.76%</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Year-to-Date</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">September 30, 2026</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;">8.35%</span> <span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter</span> 2020-12-31 0.1632 <span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.2476 <span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Year-to-Date</span> 2026-09-30 0.0835 <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Average Annual Total Returns (for periods ended 12/31/25)</span> 0.2013 0.1038 0.0810 0.1827 0.0866 0.0680 0.1217 0.0753 0.0607 0.1999 0.1027 0.0800 0.1310 0.0875 0.0710 0.1784 0.0917 0.0690 0.0730 -0.0036 0.0201 0.1353 0.0398 0.0543 <span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">Actual after-tax </span><span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">returns depend on an investor’s tax situation and may differ from those shown, and </span><span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:8pt;"> In some cases the return after taxes may exceed the return before taxes due </span><span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">After-tax returns are for Institutional Class shares only. After-tax returns for other classes will vary.</span> <span style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Investment Objective</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Fund seeks long-term capital appreciation.</span> <span style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">$</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">50,000</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> in </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">Class A shares of eligible funds offered by PIMCO Equity Series and PIMCO Funds.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> More information about these and other discounts is </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">available in the “Classes of Shares” section on page 52 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.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">$</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">50,000</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> in </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">Class A shares of eligible funds offered by PIMCO Equity Series and PIMCO Funds.</span> 50000 50000 <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Shareholder Fees (fees paid directly from your investment):</span> 0 0 0.0375 0 0 0.0100 <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):</span> 0.0075 0.0085 0.0085 0.0025 0.0075 0.0085 0.0110 <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Example.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> The Example is intended to help you compare the cost of investing in Institutional Class, I-2 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. Investors may pay brokerage commissions on their purchases and sales of Institutional Class shares or I-2 shares of the Fund, which are not reflected in the Example. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">If you redeem your shares at the end of each period:</span> 77 240 417 930 87 271 471 1049 483 712 958 1665 <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">If you do not redeem your shares:</span> 483 712 958 1665 <span style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Fund pays transaction costs, such as commissions, 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 </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">65</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">% of the average value of its portfolio.</span> 0.65 <span style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to achieve its investment objective by investing under normal circumstances at least 80% of its assets in investments that are economically tied to emerging market countries.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">Specifically, under </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">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.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The stocks are selected by the </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">Fund's sub-adviser, Syzygy Asset Management, LLC (formerly known as Research Affiliates, LLC) (“Sub-Adviser” or “Syzygy”), from a broad universe of companies which satisfy certain liquidity and capacity requirements. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Sub-Adviser uses the RAE™ methodology for portfolio construction. The RAE™ methodology is a rules-based model that selects stocks using quantitative signals that indicate higher expected returns, </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-style:italic;">e.g.,</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> value, quality, and momentum. The model then weights selected stocks using their fundamental measures of company size, </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-style:italic;">e.g.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">, sales, cash flow, dividends and book value.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> Actual stock positions in the </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">RAE Emerging Markets Portfolio, which drift apart from target weights as market prices change, are rebalanced to target weights periodically. The RAE™ methodology's systematic portfolio rebalancing reflects a value orientation. Portfolio managers do not have discretion with respect to the allocations determined by the RAE™ methodology. The RAE™ methodology is not updated according to any predetermined schedule. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Sub-Adviser provides investment advisory services in connection with the Fund's use of the RAE Emerging Markets Portfolio by, among other things, providing PIMCO with the constituents and target weights in the RAE Emerging Markets Portfolio. The Fund seeks to remain invested in the securities that comprise the RAE Emerging Markets Portfolio even when the value of the RAE Emerging Markets Portfolio is declining. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Fund may invest, without limitation, in equity and equity-related securities, including common and preferred securities. Equity-related securities include securities having an equity component (</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-style:italic;">e.g.,</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> hybrids, bank capital) and equity derivatives. With respect to investments in equity securities, there is no limitation on the market capitalization range of the issuers in which the Fund may invest. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Fund may also invest in derivative instruments, such as options, forwards, futures contracts, options on futures and swap agreements, consistent with its investment objective. The Fund may also invest in real estate investment trusts (“REITs”). </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Fund may purchase or sell securities on a when-issued, delayed delivery or forward commitment basis. The Fund may also enter into reverse repurchase agreements and lend portfolio securities. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Fund may invest, without limitation, in securities and instruments denominated in foreign currencies and in securities of foreign issuers. The Fund may invest, without limitation, in securities and instruments that are economically tied to emerging market countries. The Fund may obtain foreign currency exposure (from non-U.S. dollar-denominated securities or currencies) without limitation.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to achieve its investment objective by investing under normal circumstances at least 80% of its assets in investments that are economically tied to emerging market countries.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">Specifically, under </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">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.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The stocks are selected by the </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">Fund's sub-adviser, Syzygy Asset Management, LLC (formerly known as Research Affiliates, LLC) (“Sub-Adviser” or “Syzygy”), from a broad universe of companies which satisfy certain liquidity and capacity requirements. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Sub-Adviser uses the RAE™ methodology for portfolio construction. The RAE™ methodology is a rules-based model that selects stocks using quantitative signals that indicate higher expected returns, </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-style:italic;">e.g.,</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> value, quality, and momentum. The model then weights selected stocks using their fundamental measures of company size, </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-style:italic;">e.g.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">, sales, cash flow, dividends and book value.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">It is possible to experience losses on an investment in the Fund.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Equity Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the value of equity or equity-related securities, such as common stocks and preferred securities, may decline due to general market conditions which are not specifically related to a particular company or to factors affecting a particular industry or industries. Equity or equity-related securities generally have greater price volatility than fixed income securities. In addition, preferred securities may be subject to greater credit risk or other risks, such as risks related to deferred and omitted distributions, limited voting rights, liquidity, interest rates, regulatory changes and special redemption rights</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Value Investing Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that value stocks may decrease in price or may not increase in price as anticipated by the Sub-Adviser if they continue to be undervalued by the market or the factors that the Sub-Adviser believes will cause the stock price to increase do not occur</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Foreign (Non-U.S.) Investment Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> 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 or less developed markets, differing financial reporting, accounting, corporate governance and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable U.S. or foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, political changes, diplomatic developments, trade restrictions (including tariffs) or the imposition of sanctions and other similar measures. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Emerging Markets Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk of investing in emerging market securities, primarily increased foreign (non-U.S.) investment risk</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">China Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> investing in securities and instruments economically tied to the People’s Republic of China (excluding Hong Kong, Macau and Taiwan for the purpose of this disclosure) (“PRC”) subjects the Fund to </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">certain of the risks of investing in foreign (non-U.S.) securities and emerging market securities, as well as other risks including, without limitation, erratic growth, the unavailability of reliable economic or financial data, dependence on exports and international trade, asset price volatility, potential shortage of liquidity and limited accessibility by foreign (non-U.S.) investors (including as a result of sanctions), fluctuations in currency exchange rates, currency devaluation, the relatively small size and absence of operating history of many PRC companies, and the developing nature of the legal and regulatory framework for securities markets, custody arrangements and commerce</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Market Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the value of securities owned by the Fund may fluctuate, sometimes rapidly or unpredictably, due to a variety of factors affecting securities markets generally or particular industries or sectors, including geopolitical events such as war, military conflict, acts of terrorism, social or political unrest, and the imposition of or threatened imposition of tariffs and other trade barriers, which could disrupt securities markets and adversely affect global economies and markets</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Issuer Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the value of a security may decline for reasons related to the issuer, such as management performance, changes in financial condition or credit rating, financial leverage, reputation or reduced demand for the issuer’s goods or services</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Credit Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the Fund could experience losses if the counterparty to a derivative contract or a repurchase agreement, a borrower of portfolio securities or the issuer or guarantor of collateral, is unable or unwilling, or is perceived (whether by market participants, rating agencies, pricing services or otherwise) as unable or unwilling, to meet its financial obligations</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Currency Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that foreign (non-U.S.) currencies may fluctuate in value relative to the U.S. dollar, which can affect the value of 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</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Real Estate Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> 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 risks related to losses from casualty or condemnation, changes in local and general economic conditions, fluctuations in supply and demand, interest rate changes, availability of mortgage financing and refinancing, defaults by borrowers or tenants, zoning laws, regulatory limitations on rents, property taxes,</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">insurance costs, lack of availability of insurance coverage, and operating expenses. The Fund’s investments in REITs or real estate-linked derivative instruments subject it to management and tax risks. In addition, REITs that are privately held or not traded on a national securities exchange may subject the Fund to liquidity and valuation risk</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Liquidity Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that a particular investment may be difficult to purchase or sell and that the Fund may be unable to sell investments at an advantageous time or price or achieve its desired level of exposure </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">to a certain sector. The liquidity of the Fund’s shares may be constrained by the liquidity of the Fund’s portfolio holdings</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Leveraging Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> 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, and 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. The use of leverage may also increase the Fund’s sensitivity to interest rate changes and other market risks</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Management Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> 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 in connection with managing the Fund and may cause the Sub-Adviser to restrict or prohibit participation in certain investments. There is no guarantee that the investment objective of the Fund will be achieved</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Derivatives Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk of investing in derivative instruments (such as forwards, futures, options, swaps and structured securities) and other similar investments, including leverage, liquidity, interest rate, market, counterparty (including credit), operational, legal and management risks, and valuation complexity. Changes in the value of a derivative or other similar investment may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and the Fund could lose more than the initial amount invested. Derivatives used for hedging or risk management may not operate as intended or may expose the Fund to additional risks. 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. Non-centrally-cleared over-the-counter (“OTC”) derivatives or other similar investments are also subject to the risk that a counterparty to the transaction will not fulfill its contractual obligations to the other party, as many of the protections afforded to centrally-cleared derivative transactions might not be available for non-centrally-cleared OTC derivatives or other similar investments. The primary credit risk on derivatives or other similar investments that are exchange-traded or traded through a central clearing counterparty resides with the Fund's clearing broker or the clearinghouse. Changes in regulations relating to a registered fund’s use of derivatives and related instruments could potentially limit or impact the Fund’s ability to invest in derivatives, limit the Fund’s ability to employ certain strategies that use derivatives or other similar investments and/or adversely affect the value of derivatives or other similar investments and the Fund’s performance</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Model Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the Fund’s investment models used in making investment allocation decisions may not adequately take into account certain factors, or may contain design flaws or faulty assumptions, and may rely on incomplete or inaccurate data inputs, any </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">of which may result in a decline in the value of an investment in the Fund. The performance of the investment models may be impacted by software or other technology malfunctions, human error, issues related to the potential use of artificial intelligence and machine learning (AI), programming inaccuracies, power loss, and other events or circumstances, which may be difficult to detect and may be beyond the control of the Fund</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">An </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Performance Information</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The performance information shows summary performance information for the Fund in a bar chart and an Average Annual Total Returns table. The information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and by showing how the Fund’s average annual returns compare with the returns of certain indexes.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">Absent any applicable fee waivers and/or expense limitations, performance would have been lower. The bar chart shows performance of the Fund’s Institutional</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">Class shares. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">Performance </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">for Class</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">A</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">shares in the Average Annual Total Returns table reflects the impact of sales charges.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-style:italic;">The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-style:italic;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-style:italic;">will</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-style:italic;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-style:italic;">perform in the future.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">In addition to the Fund’s performance, the Average Annual Total Returns table includes performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) a supplemental index. It is not possible to invest directly in an unmanaged index. The Fund’s regulatory index is the MSCI Emerging Markets Index. The Fund’s regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance. The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure the equity market performance of emerging markets. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">supplemental index shown is the MSCI Emerging Markets Value Index. The MSCI Emerging Markets Value Index captures large and mid-cap securities exhibiting overall value style characteristics across 24 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.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">Performance for the Fund is updated daily and quarterly and may be obtained as follows: daily and quarterly updates on the net asset value and performance page at </span><span style="color:#3333FF;font-family:Arial Narrow;font-size:10pt;">https://www.pimco.com/en-us/product-finder</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The performance information shows summary performance information for the Fund in a bar chart and an Average Annual Total Returns table. The information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and by showing how the Fund’s average annual returns compare with the returns of certain indexes.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">Performance </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">for Class</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">A</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">shares in the Average Annual Total Returns table reflects the impact of sales charges.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-style:italic;">The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-style:italic;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-style:italic;">will</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-style:italic;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-style:italic;">perform in the future.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">supplemental index shown is the MSCI Emerging Markets Value Index. The MSCI Emerging Markets Value Index captures large and mid-cap securities exhibiting overall value style characteristics across 24 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.</span> <span style="color:#3333FF;font-family:Arial Narrow;font-size:10pt;">https://www.pimco.com/en-us/product-finder</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:8pt;">Calendar Year Total Returns — Institutional Class</span> <span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">December 31, 2020</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;">26.34%</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">March 31, 2020</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;">-33.17%</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Year-to-Date</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">September 30, 2026</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;">18.28%</span> <span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter</span> 2020-12-31 0.2634 <span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.3317 <span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Year-to-Date</span> 2026-09-30 0.1828 <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Average Annual Total Returns (for periods ended 12/31/25)</span> 0.2601 0.1142 0.1142 0.2344 0.0937 0.0953 0.1637 0.0854 0.0875 0.2589 0.1129 0.1129 0.2084 0.1014 0.1061 0.3357 0.0420 0.0842 0.3274 0.0676 0.0796 <span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">Actual after-tax </span><span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">returns depend on an investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:8pt;"> In some cases the return after taxes may exceed the return before taxes due </span><span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">After-tax returns are for Institutional Class shares only. After-tax returns for other classes will vary.</span> <span style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Investment Objective</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Fund seeks long-term capital appreciation.</span> <span style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">$</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">50,000</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> in </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">Class A shares of eligible funds offered by PIMCO Equity Series and PIMCO Funds.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> More information about these and other discounts is </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">available in the “Classes of Shares” section on page 52 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.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">$</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">50,000</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> in </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">Class A shares of eligible funds offered by PIMCO Equity Series and PIMCO Funds.</span> 50000 50000 <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Shareholder Fees (fees paid directly from your investment):</span> 0 0 0.0375 0 0 0.0100 <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):</span> 0.0055 0.0065 0.0065 0.0025 0.0001 0.0001 0.0001 0.0055 0.0055 0.0055 0.0111 0.0121 0.0146 -0.0056 -0.0056 -0.0056 0.0055 0.0065 0.0090 <span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">October 31, 2027</span> <span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">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 in 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.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Example.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> The Example is intended to help you compare the cost of investing in Institutional Class, I-2 or Class A shares of the Fund with the costs of investing in other mutual funds. The Example assumes that you </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">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. Investors may pay brokerage commissions on their purchases and sales of Institutional Class shares or I-2 shares of the Fund, which are not reflected in the Example. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">If you redeem your shares at the end of each period:</span> 56 297 557 1301 66 329 611 1416 463 766 1091 2010 <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">If you do not redeem your shares:</span> 463 766 1091 2010 <span style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Fund pays transaction costs, such as commissions, 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 </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">19</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">% of the average value of its portfolio.</span> 0.19 <span style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to achieve its investment objective 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.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> Under </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">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. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The stocks are selected by </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">the Fund’s sub-adviser, Syzygy Asset Management, LLC (formerly known as Research Affiliates, LLC) (“Sub- Adviser” or “Syzygy”), from a broad universe of companies which satisfy certain liquidity and capacity requirements. With respect to its direct or indirect (through a fund) investments in equity securities, there is no limitation on the market capitalization range of the issuers in which the Fund may invest. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Sub-Adviser uses the RAE™ methodology for portfolio construction. The RAE™ methodology is a rules-based model that selects stocks using quantitative signals that indicate higher expected returns, </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-style:italic;">e.g.,</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> value, quality, and momentum. The model then weights selected stocks using their fundamental measures of company size, </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-style:italic;">e.g., </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">sales, cash flow, dividends and book value.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> Actual stock positions in </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">each RAE Portfolio, which drift apart from target weights as market prices change, are rebalanced to target weights periodically. The RAE™ methodology’s systematic portfolio rebalancing reflects a value orientation. Portfolio managers do not have discretion with respect to the allocations determined by the RAE™ methodology. The RAE™ methodology is not updated according to any predetermined schedule. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Sub-Adviser provides investment advisory services in connection with each Underlying Fund’s use of its respective RAE Portfolio by, among other things, providing PIMCO with the constituents and target weights in the relevant RAE Portfolio. Each Underlying Fund seeks to remain invested in the securities that comprise its respective RAE Portfolio even when the value of such RAE Portfolio is declining. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Fund’s portfolio, either directly or indirectly (through funds), will be economically tied to at least three non-U.S. countries. The Fund may also invest in derivative instruments, such as options, forwards, futures contracts, options on futures and swap agreements, consistent with its investment objective. The Fund may also invest in real estate investment trusts (“REITs”). The Fund may purchase or sell securities on a when-issued, delayed delivery or forward commitment basis. The Fund may also enter into reverse repurchase agreements and lend portfolio securities. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Fund may invest, without limitation, in securities and instruments denominated in foreign currencies and may also invest, without limitation, in securities of foreign issuers. The Fund may invest, without limitation, in securities and instruments that are economically tied to emerging market countries. The Fund may obtain foreign currency exposure (from non-U.S. dollar-denominated securities or currencies) without limitation. Subject to the restrictions and limitations of the Investment Company Act of 1940, as amended (the “1940 Act”), as well as the investment strategies described above and any other restrictions described in the Fund’s prospectus or Statement of Additional Information, the Fund may invest, without limitation, in other affiliated and unaffiliated funds, which may or may not be registered under the 1940 Act (together with the Underlying Funds, “Acquired Funds”). To the extent the Fund invests in Underlying Funds, PIMCO expects to select such Underlying Funds without considering or canvassing the universe of available unaffiliated Acquired Funds.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to achieve its investment objective 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.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The stocks are selected by </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">the Fund’s sub-adviser, Syzygy Asset Management, LLC (formerly known as Research Affiliates, LLC) (“Sub- Adviser” or “Syzygy”), from a broad universe of companies which satisfy certain liquidity and capacity requirements. With respect to its direct or indirect (through a fund) investments in equity securities, there is no limitation on the market capitalization range of the issuers in which the Fund may invest. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Sub-Adviser uses the RAE™ methodology for portfolio construction. The RAE™ methodology is a rules-based model that selects stocks using quantitative signals that indicate higher expected returns, </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-style:italic;">e.g.,</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> value, quality, and momentum. The model then weights selected stocks using their fundamental measures of company size, </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-style:italic;">e.g., </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">sales, cash flow, dividends and book value.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">It is possible to experience losses on an investment in the Fund.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Allocation Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the Fund could experience losses 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. There is no guarantee that the Fund's asset </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">allocation strategy will be successful or that the markets in which the Fund invests will perform as expected</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Acquired Fund Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> 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 respective investment objectives. Investments in Acquired Funds that are exchange-traded funds are also subject to market risk, tracking error, the potential for trading at a discount or premium to their net asset value, bid/ask spread costs as well as the risks of the underlying securities they hold. In addition, the Fund’s performance will be reduced by the Fund’s proportionate amount of the expenses of any Acquired Funds in which it invests </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The following risks are principal risks of investing in the Fund that include risks from direct investments and/or indirect exposure through investment in Acquired Funds.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Equity Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the value of equity or equity-related securities, such as common stocks and preferred securities, may decline due to general market conditions which are not specifically related to a particular company or to factors affecting a particular industry or industries. Equity or equity-related securities generally have greater price volatility than fixed income securities. In addition, preferred securities may be subject to greater credit risk or other risks, such as risks related to deferred and omitted distributions, limited voting rights, liquidity, interest rates, regulatory changes and special redemption rights</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Value Investing Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that value stocks may decrease in price or may not increase in price as anticipated by the Sub-Adviser if they continue to be undervalued by the market or the factors that the Sub-Adviser believes will cause the stock price to increase do not occur</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Foreign (Non-U.S.) Investment Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> 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 or less developed markets, differing financial reporting, accounting, corporate governance and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable U.S. or foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, political changes, diplomatic developments, trade restrictions (including tariffs) or the imposition of sanctions and other similar measures. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Emerging Markets Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk of investing in emerging market securities, primarily increased foreign (non-U.S.) investment risk</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Market Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the value of securities owned by the Fund may fluctuate, sometimes rapidly or unpredictably, due to a variety of factors affecting securities markets generally or particular industries or sectors, including geopolitical events such as war, military conflict, acts of terrorism, social or political unrest, and the imposition of or </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">threatened imposition of tariffs and other trade barriers, which could disrupt securities markets and adversely affect global economies and markets</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Issuer Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the value of a security may decline for reasons related to the issuer, such as management performance, changes in financial condition or credit rating, financial leverage, reputation or reduced demand for the issuer’s goods or services</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Credit Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the Fund could experience losses if the counterparty to a derivative contract or a repurchase agreement, a borrower of portfolio securities or the issuer or guarantor of collateral, is unable or unwilling, or is perceived (whether by market participants, rating agencies, pricing services or otherwise) as unable or unwilling, to meet its financial obligations</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Distressed Company Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that securities of distressed companies may be subject to greater levels of market, credit, issuer and liquidity risks. Distressed companies may be engaged in restructurings, bankruptcy proceedings or other financial difficulties, which may cause the value of their securities to fluctuate rapidly or unpredictably</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Currency Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that foreign (non-U.S.) currencies may fluctuate in value relative to the U.S. dollar, which can affect the value of 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</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Real Estate Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> 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 risks related to losses from casualty or condemnation, changes in local and general economic conditions, fluctuations in supply and demand, interest rate changes, availability of mortgage financing and refinancing, defaults by borrowers or tenants, zoning laws, regulatory limitations on rents, property taxes,</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">insurance costs, lack of availability of insurance coverage, and operating expenses. The Fund’s investments in REITs or real estate-linked derivative instruments subject it to management and tax risks. In addition, REITs that are privately held or not traded on a national securities exchange may subject the Fund to liquidity and valuation risk</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Liquidity Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that a particular investment may be difficult to purchase or sell and that the Fund may be unable to sell investments at an advantageous time or price or achieve its desired level of exposure to a certain sector. The liquidity of the Fund’s shares may be constrained by the liquidity of the Fund’s portfolio holdings</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Leveraging Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> 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, and 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. The use of leverage may also increase the Fund’s sensitivity to interest rate changes and other market risks</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Management Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> 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 in connection with managing the Fund and may cause the Sub-Adviser to restrict or prohibit participation in certain investments. There is no guarantee that the investment objective of the Fund will be achieved</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Small Company Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> 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</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Derivatives Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk of investing in derivative instruments (such as forwards, futures, options, swaps and structured securities) and other similar investments, including leverage, liquidity, interest rate, market, counterparty (including credit), operational, legal and management risks, and valuation complexity. Changes in the value of a derivative or other similar investment may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and the Fund could lose more than the initial amount invested. Derivatives used for hedging or risk management may not operate as intended or may expose the Fund to additional risks. 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. Non-centrally-cleared over-the-counter (“OTC”) derivatives or other similar investments are also subject to the risk that a counterparty to the transaction will not fulfill its contractual obligations to the other party, as many of the protections afforded to centrally-cleared derivative transactions might not be available for non-centrally-cleared OTC derivatives or other similar investments. The primary credit risk on derivatives or other similar investments that are exchange-traded or traded through a central clearing counterparty resides with the Fund's clearing broker or the clearinghouse. Changes in regulations relating to a registered fund’s use of derivatives and related instruments could potentially limit or impact the Fund’s ability to invest in derivatives, limit the Fund’s ability to employ certain strategies that use derivatives or other similar investments and/or adversely affect the value of derivatives or other similar investments and the Fund’s performance</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Model Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the Fund’s investment models used in making investment allocation decisions may not adequately take into account certain factors, or may contain design flaws or faulty assumptions, and may rely on incomplete or inaccurate data inputs, any of which may result in a decline in the value of an investment in the Fund. The performance of the investment models may be impacted by software or other technology malfunctions, human error, issues related to the potential use of artificial intelligence and machine learning (AI), programming inaccuracies, power loss, and other events or </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">circumstances, which may be difficult to detect and may be beyond the control of the Fund</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">An </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Performance Information</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The performance information shows summary performance information for the Fund in a bar chart and an Average Annual Total Returns table. The information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and by showing how the Fund’s average annual returns compare with the returns of certain indexes.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> Absent any applicable fee waivers and/or </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">expense limitations, performance would have been lower. The bar chart shows performance of the Fund’s Institutional Class shares. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">Performance </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">for Class A shares in the Average Annual Total Returns table reflects the impact of sales charges. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Fund’s past performance, before and after </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">taxes, is not necessarily an indication of how the Fund will perform in the future.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> In addition to the Fund’s performance, the Average Annual </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">Total Returns table includes performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) two supplemental indexes. It is not possible to invest directly in an unmanaged index. The Fund’s regulatory index is the MSCI All Country World Index. The Fund’s regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance. The MSCI All Country World Index is a free-float adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The MSCI All Country World Index consists of a group of country indexes comprising developed and emerging market indexes. The MSCI All Country World ex US Value Index is a supplemental index of the Fund. The MSCI All Country World ex US Value Index captures large and mid-cap securities exhibiting overall value style characteristics across 22 developed and 24 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. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The MSCI All Country </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">World ex US Index is also a supplemental index of the Fund. 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 MSCI All Country World ex US Index consists of 46 country indexes comprising 22 developed and 24 emerging market country indexes.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">Performance for the Fund is updated daily and quarterly and may be obtained as follows: daily and quarterly updates on the net asset value and performance page at </span><span style="color:#3333FF;font-family:Arial Narrow;font-size:10pt;">https://www.pimco.com/en-us/product-finder</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The performance information shows summary performance information for the Fund in a bar chart and an Average Annual Total Returns table. The information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and by showing how the Fund’s average annual returns compare with the returns of certain indexes.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">Performance </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">for Class A shares in the Average Annual Total Returns table reflects the impact of sales charges. </span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Fund’s past performance, before and after </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">taxes, is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The MSCI All Country </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">World ex US Index is also a supplemental index of the Fund. 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 MSCI All Country World ex US Index consists of 46 country indexes comprising 22 developed and 24 emerging market country indexes.</span> <span style="color:#3333FF;font-family:Arial Narrow;font-size:10pt;">https://www.pimco.com/en-us/product-finder</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:8pt;">Calendar Year Total Returns — Institutional Class</span> <span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">December 31, 2020</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;">22.97%</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">March 31, 2020</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;">-29.64%</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Year-to-Date</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">September 30, 2026</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;">18.17%</span> <span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter</span> 2020-12-31 0.2297 <span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.2964 <span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Year-to-Date</span> 2026-09-30 0.1817 <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Average Annual Total Returns (for periods ended 12/31/25)</span> 0.3402 0.1097 0.0916 0.3160 0.0847 0.0738 0.2112 0.0789 0.0684 0.3387 0.1086 0.0907 0.2849 0.0975 0.0838 0.2234 0.1119 0.1172 0.3950 0.1187 0.0874 0.3239 0.0791 0.0841 <span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">Actual after-tax </span><span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">returns depend on an investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:8pt;"> In some cases the return after taxes may exceed the return before taxes due </span><span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">After-tax returns are for Institutional Class shares only. After-tax returns for other classes will vary.</span> <span style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Investment Objective</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Fund seeks long-term capital appreciation.</span> <span style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">$</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">50,000</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> in </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">Class A shares of eligible funds offered by PIMCO Equity Series and PIMCO Funds.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> More information about these and other discounts is </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">available in the “Classes of Shares” section on page 52 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.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">$</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">50,000</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> in </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">Class A shares of eligible funds offered by PIMCO Equity Series and PIMCO Funds.</span> 50000 50000 <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Shareholder Fees (fees paid directly from your investment):</span> 0 0 0.0375 0 0 0.0100 <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):</span> 0.0050 0.0060 0.0060 0.0025 0.0001 0.0001 0.0001 0.0051 0.0061 0.0086 -0.0001 -0.0001 -0.0001 0.0050 0.0060 0.0085 <span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">October 31, 2027</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Example.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> The Example is intended to help you compare the cost of investing in Institutional Class, I-2 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. Investors may pay brokerage commissions on their purchases and sales of Institutional Class shares or I-2 shares of the Fund, which are not reflected in the Example. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">If you redeem your shares at the end of each period:</span> 51 163 284 640 61 194 339 761 459 638 833 1395 <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">If you do not redeem your shares:</span> 459 638 833 1395 <span style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Fund pays transaction costs, such as commissions, 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 </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">56</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">% of the average value of its portfolio.</span> 0.56 <span style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to achieve its investment objective 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.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The stocks are selected by the </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">Fund’s sub-adviser, Syzygy Asset Management, LLC (formerly known as Research Affiliates, LLC) (“Sub-Adviser” or “Syzygy”), from a broad universe of companies which satisfy certain liquidity and capacity requirements. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Sub-Adviser uses the RAE™ methodology for portfolio construction. The RAE™ methodology is a rules-based model that selects stocks using quantitative signals that indicate higher expected returns, </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-style:italic;">e.g.,</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> value, quality, and momentum. The model then weights selected stocks using their fundamental measures of company size, </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-style:italic;">e.g., </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">sales, cash flow, dividends and book value.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> Actual stock positions in the </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">RAE International Portfolio, which drift apart from target weights as market prices change, are rebalanced to target weights periodically. The RAE™ methodology’s systematic portfolio rebalancing reflects a value </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">orientation. Portfolio managers do not have discretion with respect to the allocations determined by the RAE™ methodology. The RAE™ methodology is not updated according to any predetermined schedule. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Sub-Adviser provides investment advisory services in connection with the Fund’s use of the RAE International Portfolio by, among other things, providing PIMCO with the constituents and target weights in the RAE International Portfolio. The Fund seeks to remain invested in the securities that comprise RAE International Portfolio even when the value of the RAE International Portfolio is declining. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Fund may invest, without limitation, in equity and equity-related securities, including common and preferred securities. Equity-related securities include securities having an equity component (</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-style:italic;">e.g</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">., hybrids, bank capital) and equity derivatives. With respect to investments in equity securities, there is no limitation on the market capitalization range of the issuers in which the Fund may invest. The Fund may also invest in derivative instruments, such as options, forwards, futures contracts, options on futures and swap agreements, consistent with its investment objective. The Fund may also invest in real estate investment trusts (“REITs”). The Fund may purchase or sell securities on a when-issued, delayed delivery or forward commitment basis. The Fund may also enter into reverse repurchase agreements and lend portfolio securities. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Fund may invest, without limitation, in securities and instruments denominated in foreign currencies and in securities of foreign issuers. The Fund may invest, without limitation, in securities and instruments that are economically tied to emerging market countries. The Fund may obtain foreign currency exposure (from non-U.S. dollar-denominated securities or currencies) without limitation.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to achieve its investment objective 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.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The stocks are selected by the </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">Fund’s sub-adviser, Syzygy Asset Management, LLC (formerly known as Research Affiliates, LLC) (“Sub-Adviser” or “Syzygy”), from a broad universe of companies which satisfy certain liquidity and capacity requirements. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Sub-Adviser uses the RAE™ methodology for portfolio construction. The RAE™ methodology is a rules-based model that selects stocks using quantitative signals that indicate higher expected returns, </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-style:italic;">e.g.,</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> value, quality, and momentum. The model then weights selected stocks using their fundamental measures of company size, </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-style:italic;">e.g., </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">sales, cash flow, dividends and book value.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">It is possible to experience losses on an investment in the Fund.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Equity Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the value of equity or equity-related securities, such as common stocks and preferred securities, may decline due to general market conditions which are not specifically related to a particular company or to factors affecting a particular industry or industries. Equity or equity-related securities generally have greater price volatility than fixed income securities. In addition, preferred securities may be subject to greater credit risk or other risks, such as risks related to deferred and omitted distributions, limited voting rights, liquidity, interest rates, regulatory changes and special redemption rights </span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Value Investing Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that value stocks may decrease in price or may not increase in price as anticipated by the Sub-Adviser if they continue to be undervalued by the market or the factors that the Sub-Adviser believes will cause the stock price to increase do not occur</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Foreign (Non-U.S.) Investment Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> 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 or less developed </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">markets, differing financial reporting, accounting, corporate governance and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable U.S. or foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, political changes, diplomatic developments, trade restrictions (including tariffs) or the imposition of sanctions and other similar measures. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Emerging Markets Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk of investing in emerging market securities, primarily increased foreign (non-U.S.) investment risk</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Market Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the value of securities owned by the Fund may fluctuate, sometimes rapidly or unpredictably, due to a variety of factors affecting securities markets generally or particular industries or sectors, including geopolitical events such as war, military conflict, acts of terrorism, social or political unrest, and the imposition of or threatened imposition of tariffs and other trade barriers, which could disrupt securities markets and adversely affect global economies and markets</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Issuer Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the value of a security may decline for reasons related to the issuer, such as management performance, changes in financial condition or credit rating, financial leverage, reputation or reduced demand for the issuer’s goods or services</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Credit Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the Fund could experience losses if the counterparty to a derivative contract or a repurchase agreement, a borrower of portfolio securities or the issuer or guarantor of collateral, is unable or unwilling, or is perceived (whether by market participants, rating agencies, pricing services or otherwise) as unable or unwilling, to meet its financial obligations</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Currency Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that foreign (non-U.S.) currencies may fluctuate in value relative to the U.S. dollar, which can affect the value of 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</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Real Estate Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> 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 risks related to losses from casualty or condemnation, changes in local and general economic conditions, fluctuations in supply and demand, interest rate changes, availability of mortgage financing and refinancing, defaults by borrowers or tenants, zoning laws, regulatory limitations on rents, property taxes,</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">insurance costs, lack of availability of insurance coverage, and operating expenses. The Fund’s investments in REITs or real estate-linked derivative instruments subject it to management and tax risks. In addition, REITs that are privately held or not traded on a national securities exchange may subject the Fund to liquidity and valuation risk</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Liquidity Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that a particular investment may be difficult to purchase or sell and that the Fund may be unable to sell investments at an advantageous time or price or achieve its desired level of exposure </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">to a certain sector. The liquidity of the Fund’s shares may be constrained by the liquidity of the Fund’s portfolio holdings</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Leveraging Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> 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, and 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. The use of leverage may also increase the Fund’s sensitivity to interest rate changes and other market risks</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Management Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> 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 in connection with managing the Fund and may cause the Sub-Adviser to restrict or prohibit participation in certain investments. There is no guarantee that the investment objective of the Fund will be achieved</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Derivatives Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk of investing in derivative instruments (such as forwards, futures, options, swaps and structured securities) and other similar investments, including leverage, liquidity, interest rate, market, counterparty (including credit), operational, legal and management risks, and valuation complexity. Changes in the value of a derivative or other similar investment may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and the Fund could lose more than the initial amount invested. Derivatives used for hedging or risk management may not operate as intended or may expose the Fund to additional risks. 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. Non-centrally-cleared over-the-counter (“OTC”) derivatives or other similar investments are also subject to the risk that a counterparty to the transaction will not fulfill its contractual obligations to the other party, as many of the protections afforded to centrally-cleared derivative transactions might not be available for non-centrally-cleared OTC derivatives or other similar investments. The primary credit risk on derivatives or other similar investments that are exchange-traded or traded through a central clearing counterparty resides with the Fund's clearing broker or the clearinghouse. Changes in regulations relating to a registered fund’s use of derivatives and related instruments could potentially limit or impact the Fund’s ability to invest in derivatives, limit the Fund’s ability to employ certain strategies that use derivatives or other similar investments and/or adversely affect the value of derivatives or other similar investments and the Fund’s performance</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Model Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the Fund’s investment models used in making investment allocation decisions may not adequately take into account certain factors, or may contain design flaws or faulty assumptions, and may rely on incomplete or inaccurate data inputs, any </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">of which may result in a decline in the value of an investment in the Fund. The performance of the investment models may be impacted by software or other technology malfunctions, human error, issues related to the potential use of artificial intelligence and machine learning (AI), programming inaccuracies, power loss, and other events or circumstances, which may be difficult to detect and may be beyond the control of the Fund</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">An </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Performance Information</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The performance information shows summary performance information for the Fund in a bar chart and an Average Annual Total Returns table. The information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and by showing how the Fund’s average annual returns compare with the returns of certain indexes.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> Absent any applicable fee waivers and/or </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">expense limitations, performance would have been lower. The bar chart shows performance of the Fund’s Institutional Class shares. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">Performance </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">for Class A shares in the Average Annual Total Returns table reflects the impact of sales charges. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Fund’s past performance, before and after </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">taxes, is not necessarily an indication of how the Fund will perform in the future.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> In addition to the Fund’s performance, the Average Annual </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">Total Returns table includes performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) a supplemental index. It is not possible to invest directly in an unmanaged index. The Fund’s regulatory index is the MSCI EAFE Index. The Fund’s regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance. The 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. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">MSCI EAFE Value Index is a supplemental index of the Fund. 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. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">Performance for the Fund is updated daily and quarterly and may be obtained as follows: daily and quarterly updates on the net asset value and performance page at </span><span style="color:#3333FF;font-family:Arial Narrow;font-size:10pt;">https://www.pimco.com/en-us/product-finder</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The performance information shows summary performance information for the Fund in a bar chart and an Average Annual Total Returns table. The information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and by showing how the Fund’s average annual returns compare with the returns of certain indexes.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">Performance </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">for Class A shares in the Average Annual Total Returns table reflects the impact of sales charges. </span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Fund’s past performance, before and after </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">taxes, is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">MSCI EAFE Value Index is a supplemental index of the Fund. 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. </span> <span style="color:#3333FF;font-family:Arial Narrow;font-size:10pt;">https://www.pimco.com/en-us/product-finder</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:8pt;">Calendar Year Total Returns — Institutional Class</span> <span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">December 31, 2020</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;">22.03%</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">March 31, 2020</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;">-28.54%</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Year-to-Date</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">September 30, 2026</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;">18.80%</span> <span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter</span> 2020-12-31 0.2203 <span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.2854 <span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Year-to-Date</span> 2026-09-30 0.1880 <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Average Annual Total Returns (for periods ended 12/31/25)</span> 0.3690 0.1086 0.0859 0.3290 0.0736 0.0641 0.2387 0.0759 0.0631 0.3670 0.1078 0.0849 0.3122 0.0965 0.0779 0.3122 0.0892 0.0818 0.4225 0.1336 0.0869 <span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">Actual after-tax </span><span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">returns depend on an investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:8pt;"> In some cases the return after taxes may exceed the return before taxes due </span><span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">After-tax returns are for Institutional Class shares only. After-tax returns for other classes will vary.</span> <span style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Investment Objective</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Fund seeks long-term capital appreciation.</span> <span style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">$</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">50,000</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> in </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">Class A shares of eligible funds offered by PIMCO Equity Series and PIMCO Funds.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> More information about these and other discounts is </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">available in the “Classes of Shares” section on page 52 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.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">$</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">50,000</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> in </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">Class A shares of eligible funds offered by PIMCO Equity Series and PIMCO Funds.</span> 50000 50000 <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Shareholder Fees (fees paid directly from your investment):</span> 0 0 0 0.0375 0 0 0 0.0100 <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):</span> 0.0040 0.0050 0.0060 0.0055 0.0025 0.0001 0.0001 0.0001 0.0001 0.0041 0.0051 0.0061 0.0081 -0.0001 -0.0001 -0.0006 -0.0001 0.0040 0.0050 0.0055 0.0080 <span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">October 31, 2027</span><span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">October 31, 2027</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Example.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> The Example is intended to help you compare the cost of investing in Institutional Class, I-2, I-3 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:</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">If you redeem your shares at the end of each period:</span> 41 131 229 517 51 163 284 640 56 189 334 756 454 623 807 1338 <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">If you do not redeem your shares:</span> 454 623 807 1338 <span style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Fund pays transaction costs, such as commissions, 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 </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">58</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">% of the average value of its portfolio.</span> 0.58 <span style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to achieve its investment objective by investing under normal circumstances at least 80% of its assets in securities of companies economically tied to the United States (for purposes of this section only, “U.S. companies”).</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">Specifically, under normal </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">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.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The stocks are selected by </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">the Fund’s sub-adviser, Syzygy Asset Management, LLC (formerly known as Research Affiliates, LLC) (“Sub-Adviser” or “Syzygy”), from a broad universe of companies which satisfy certain liquidity and capacity requirements. The Sub-Adviser uses the RAE™ methodology for portfolio construction. The RAE™ methodology is a rules-based model that selects stocks using quantitative signals that indicate higher expected returns, </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-style:italic;">e.g.,</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> value, quality, and momentum. The model then weights selected stocks using their fundamental measures of company size, </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-style:italic;">e.g</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">., sales, cash flow, dividends and book value.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> The Sub-Adviser </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">applies the RAE™ methodology to the large and mid-sized U.S. companies as determined by cumulative fundamental measures of company size. The fundamental weights of U.S. companies are sorted in descending order where the top cumulative 86% weights are eligible as large and mid-sized companies. Actual stock positions in the RAE US Portfolio, which drift apart from target weights as market prices change, are rebalanced to target weights periodically. The RAE™ methodology’s systematic portfolio rebalancing reflects a value orientation. Portfolio managers do not have discretion with respect to the allocations determined by the RAE™ methodology. The RAE™ methodology is not updated according to any predetermined schedule. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Sub-Adviser provides investment advisory services in connection with the Fund’s use of the RAE US Portfolio by, among other things, providing PIMCO with the constituents and target weights in the RAE US Portfolio. The Fund seeks to remain invested in the securities that comprise the RAE US Portfolio even when the value of the RAE US Portfolio is declining. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Fund may invest, without limitation, in equity and equity-related securities, including common and preferred securities. Equity-related securities include securities having an equity component (</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-style:italic;">e.g</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">., hybrids, bank capital) and equity derivatives. With respect to investments in equity securities, there is no limitation on the market capitalization range of the issuers in which the Fund may invest. The Fund may also invest in derivative instruments, such as options, forwards, futures contracts, options on futures and swap agreements, consistent with its investment objective. The Fund may also invest in real estate investment trusts (“REITs”). The Fund may purchase or sell securities on a when-issued, delayed delivery or forward commitment basis. The Fund may also enter into reverse repurchase agreements and lend portfolio securities.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to achieve its investment objective by investing under normal circumstances at least 80% of its assets in securities of companies economically tied to the United States (for purposes of this section only, “U.S. companies”).</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">Specifically, under normal </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">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.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The stocks are selected by </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">the Fund’s sub-adviser, Syzygy Asset Management, LLC (formerly known as Research Affiliates, LLC) (“Sub-Adviser” or “Syzygy”), from a broad universe of companies which satisfy certain liquidity and capacity requirements. The Sub-Adviser uses the RAE™ methodology for portfolio construction. The RAE™ methodology is a rules-based model that selects stocks using quantitative signals that indicate higher expected returns, </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-style:italic;">e.g.,</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> value, quality, and momentum. The model then weights selected stocks using their fundamental measures of company size, </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-style:italic;">e.g</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">., sales, cash flow, dividends and book value.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">It is possible to experience losses on an investment in the Fund.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Equity Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the value of equity or equity-related securities, such as common stocks and preferred securities, may decline due to general market conditions which are not specifically related to a particular company or to factors affecting a particular industry or industries. Equity or equity-related securities generally have greater price volatility than fixed income securities. In addition, preferred securities may be subject to greater credit risk or other risks, such as risks related to deferred and omitted distributions, limited voting rights, liquidity, interest rates, regulatory changes and special redemption rights</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Value Investing Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that value stocks may decrease in price or may not increase in price as anticipated by the Sub-Adviser if they continue to be undervalued by the market or the factors that the Sub-Adviser believes will cause the stock price to increase do not occur</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Market Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the value of securities owned by the Fund may fluctuate, sometimes rapidly or unpredictably, due to a variety of </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">factors affecting securities markets generally or particular industries or sectors, including geopolitical events such as war, military conflict, acts of terrorism, social or political unrest, and the imposition of or threatened imposition of tariffs and other trade barriers, which could disrupt securities markets and adversely affect global economies and markets</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Issuer Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the value of a security may decline for reasons related to the issuer, such as management performance, changes in financial condition or credit rating, financial leverage, reputation or reduced demand for the issuer’s goods or services</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Credit Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the Fund could experience losses if the counterparty to a derivative contract or a repurchase agreement, a borrower of portfolio securities or the issuer or guarantor of collateral, is unable or unwilling, or is perceived (whether by market participants, rating agencies, pricing services or otherwise) as unable or unwilling, to meet its financial obligations</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Real Estate Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> 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 risks related to losses from casualty or condemnation, changes in local and general economic conditions, fluctuations in supply and demand, interest rate changes, availability of mortgage financing and refinancing, defaults by borrowers or tenants, zoning laws, regulatory limitations on rents, property taxes,</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">insurance costs, lack of availability of insurance coverage, and operating expenses. The Fund’s investments in REITs or real estate-linked derivative instruments subject it to management and tax risks. In addition, REITs that are privately held or not traded on a national securities exchange may subject the Fund to liquidity and valuation risk</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Liquidity Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that a particular investment may be difficult to purchase or sell and that the Fund may be unable to sell investments at an advantageous time or price or achieve its desired level of exposure to a certain sector. The liquidity of the Fund’s shares may be constrained by the liquidity of the Fund’s portfolio holdings</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Leveraging Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> 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, and 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. The use of leverage may also increase the Fund’s sensitivity to interest rate changes and other market risks</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Management Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> 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 in connection with managing the Fund and may cause the Sub-Adviser to restrict or prohibit participation in certain </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">investments. There is no guarantee that the investment objective of the Fund will be achieved</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Derivatives Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk of investing in derivative instruments (such as forwards, futures, options, swaps and structured securities) and other similar investments, including leverage, liquidity, interest rate, market, counterparty (including credit), operational, legal and management risks, and valuation complexity. Changes in the value of a derivative or other similar investment may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and the Fund could lose more than the initial amount invested. Derivatives used for hedging or risk management may not operate as intended or may expose the Fund to additional risks. 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. Non-centrally-cleared over-the-counter (“OTC”) derivatives or other similar investments are also subject to the risk that a counterparty to the transaction will not fulfill its contractual obligations to the other party, as many of the protections afforded to centrally-cleared derivative transactions might not be available for non-centrally-cleared OTC derivatives or other similar investments. The primary credit risk on derivatives or other similar investments that are exchange-traded or traded through a central clearing counterparty resides with the Fund's clearing broker or the clearinghouse. Changes in regulations relating to a registered fund’s use of derivatives and related instruments could potentially limit or impact the Fund’s ability to invest in derivatives, limit the Fund’s ability to employ certain strategies that use derivatives or other similar investments and/or adversely affect the value of derivatives or other similar investments and the Fund’s performance</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Model Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the Fund’s investment models used in making investment allocation decisions may not adequately take into account certain factors, or may contain design flaws or faulty assumptions, and may rely on incomplete or inaccurate data inputs, any of which may result in a decline in the value of an investment in the Fund. The performance of the investment models may be impacted by software or other technology malfunctions, human error, issues related to the potential use of artificial intelligence and machine learning (AI), programming inaccuracies, power loss, and other events or circumstances, which may be difficult to detect and may be beyond the control of the Fund</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">An </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Performance Information</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The performance information shows summary performance information for the Fund in a bar chart</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">and an Average Annual Total Returns table. The information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and by </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">showing how the Fund’s average annual returns compare with the returns of certain indexes.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> Absent any applicable </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">fee waivers and/or expense limitations, performance would have been lower.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The bar chart shows performance of the Fund’s Institutional Class shares.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">Performance for Class</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">A shares in the Average Annual Total Returns table reflects the impact of sales charges.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The I-3 shares of the Fund have not commenced </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">operations as of the date of this prospectus. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-style:italic;">The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">In addition to the Fund’s performance, the Average Annual Total Returns table includes performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) a supplemental index. It is not possible to invest directly in an unmanaged index. The Fund’s regulatory index is the S&amp;P 500 Index. The Fund’s regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance. The S&amp;P 500 Index is an unmanaged market index generally considered representative of the stock market as a whole. The S&amp;P 500 Index is composed of 500 selected common stocks that represent approximately two-thirds of the total market value of all U.S. common stocks. The S&amp;P 500 Index focuses on the large-cap segment of the U.S. equities market. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Russell 1000® Value Index is a </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">supplemental index of the Fund. The Russell 1000® Value Index, a subset of the Russell 1000® Index, measures the performance of large and mid-capitalization value sectors of the U.S. equity market, as defined by FTSE Russell. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">Performance for the Fund is updated daily and quarterly and may be obtained as follows: daily and quarterly updates on the net asset value and performance page at </span><span style="color:#3333FF;font-family:Arial Narrow;font-size:10pt;">https://www.pimco.com/en-us/product-finder</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The performance information shows summary performance information for the Fund in a bar chart</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">and an Average Annual Total Returns table. The information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and by </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">showing how the Fund’s average annual returns compare with the returns of certain indexes.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">Performance for Class</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">A shares in the Average Annual Total Returns table reflects the impact of sales charges.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The I-3 shares of the Fund have not commenced </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">operations as of the date of this prospectus. </span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-style:italic;">The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Russell 1000® Value Index is a </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">supplemental index of the Fund. The Russell 1000® Value Index, a subset of the Russell 1000® Index, measures the performance of large and mid-capitalization value sectors of the U.S. equity market, as defined by FTSE Russell. </span> <span style="color:#3333FF;font-family:Arial Narrow;font-size:10pt;">https://www.pimco.com/en-us/product-finder</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:8pt;">Calendar Year Total Returns — Institutional Class</span> <span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">December 31, 2020</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;">17.06%</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">March 31, 2020</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;">-27.87%</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Year-to-Date</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">September 30, 2026</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;">32.99%</span> <span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter</span> 2020-12-31 0.1706 <span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.2787 <span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Year-to-Date</span> 2026-09-30 0.3299 <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Average Annual Total Returns (for periods ended 12/31/25)</span> 0.1960 0.1396 0.1205 0.1550 0.1111 0.0993 0.1428 0.1058 0.0938 0.1946 0.1384 0.1194 0.1471 0.1263 0.1117 0.1788 0.1442 0.1482 0.1591 0.1132 0.1053 <span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">Actual after-tax </span><span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">returns depend on an investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:8pt;"> In some cases the return after taxes may exceed the return before taxes due </span><span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">After-tax returns are for Institutional Class shares only. After-tax returns for other classes will vary.</span> <span style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Investment Objective</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Fund seeks long-term capital appreciation.</span> <span style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and example below.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">$</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">50,000</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> in </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">Class A shares of eligible funds offered by PIMCO Equity Series and PIMCO Funds.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> More information about these and other discounts is </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">available in the “Classes of Shares” section on page 52 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.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">$</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">50,000</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> in </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">Class A shares of eligible funds offered by PIMCO Equity Series and PIMCO Funds.</span> 50000 50000 <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Shareholder Fees (fees paid directly from your investment):</span> 0 0 0.0375 0 0 0.0100 <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):</span> 0.0050 0.0060 0.0065 0.0025 0.0050 0.0060 0.0090 <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Example.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> The Example is intended to help you compare the cost of investing in Institutional Class, I-2 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. Investors may pay brokerage commissions on their purchases and sales of Institutional Class shares or I-2 shares of the Fund, which are not reflected in the Example. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">If you redeem your shares at the end of each period:</span> 51 160 280 628 61 192 335 750 463 651 855 1441 <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">If you do not redeem your shares:</span> 463 651 855 1441 <span style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Fund pays transaction costs, such as commissions, 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 </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">75</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">% of the average value of its portfolio.</span> 0.75 <span style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to achieve its investment objective by investing under normal circumstances at least 80% of its assets in securities of companies economically tied to the United States (for purposes of this section only, “U.S. companies”).</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">Specifically, under normal </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">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.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The stocks are </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">selected by the Fund’s sub-adviser, Syzygy Asset Management, LLC (formerly known as Research Affiliates, LLC) (“Sub-Adviser” or “Syzygy”), from a broad universe of companies which satisfy certain liquidity and capacity requirements. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Sub-Adviser uses the RAE™ methodology for portfolio construction. The RAE™ methodology is a rules-based model that selects stocks using quantitative signals that indicate higher expected returns, </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-style:italic;">e.g.,</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> value, quality, and momentum. The model then weights selected stocks using their fundamental measures of company size, </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-style:italic;">e.g., </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">sales, cash flow, dividends and book value.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> The Sub-Adviser applies the </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">RAE™ methodology to small-sized U.S. companies determined by percentage of cumulative fundamental measures of company size. The fundamental weights of U.S. companies are sorted in descending order where the top cumulative 86% weights are eligible as large and mid-sized companies and the remaining companies are eligible as small-sized companies. Actual stock positions in the RAE US Small Portfolio, which drift apart from target weights as market prices change, are rebalanced to target weights periodically. The RAE™ methodology’s systematic portfolio rebalancing reflects a value orientation. Portfolio managers do not have discretion with respect to the allocations determined by the RAE™ methodology. The RAE™ methodology is not updated according to any predetermined schedule. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Sub-Adviser provides investment advisory services in connection with the Fund’s use of the RAE US Small Portfolio by, among other things, providing PIMCO with the constituents and target weights in the RAE US Small Portfolio. The Fund seeks to remain invested in the securities that comprise the RAE US Small Portfolio even when the value of the RAE US Small Portfolio is declining. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Fund may invest, without limitation, in equity and equity-related securities, including common and preferred securities. Equity-related securities include securities having an equity component (</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-style:italic;">e.g</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">., hybrids, bank capital) and equity derivatives. With respect to investments in equity securities, there is no limitation on the market capitalization </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">range of the issuers in which the Fund may invest. The Fund may also invest in derivative instruments, such as options, forwards, futures contracts, options on futures and swap agreements, consistent with its investment objective. The Fund may also invest in real estate investment trusts (“REITs”). The Fund may purchase or sell securities on a when-issued, delayed delivery or forward commitment basis. The Fund may also enter into reverse repurchase agreements and lend portfolio securities.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to achieve its investment objective by investing under normal circumstances at least 80% of its assets in securities of companies economically tied to the United States (for purposes of this section only, “U.S. companies”).</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">Specifically, under normal </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">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.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The stocks are </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">selected by the Fund’s sub-adviser, Syzygy Asset Management, LLC (formerly known as Research Affiliates, LLC) (“Sub-Adviser” or “Syzygy”), from a broad universe of companies which satisfy certain liquidity and capacity requirements. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Sub-Adviser uses the RAE™ methodology for portfolio construction. The RAE™ methodology is a rules-based model that selects stocks using quantitative signals that indicate higher expected returns, </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-style:italic;">e.g.,</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> value, quality, and momentum. The model then weights selected stocks using their fundamental measures of company size, </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-style:italic;">e.g., </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">sales, cash flow, dividends and book value.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">It is possible to experience losses on an investment in the Fund.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Equity Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the value of equity or equity-related securities, such as common stocks and preferred securities, may decline due to general market conditions which are not specifically related to a particular company or to factors affecting a particular industry or industries. Equity or equity-related securities generally have greater price volatility than fixed income securities. In addition, preferred securities may be subject to greater credit risk or other risks, such as risks related to deferred and omitted distributions, limited voting rights, liquidity, interest rates, regulatory changes and special redemption rights</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Value Investing Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that value stocks may decrease in price or may not increase in price as anticipated by the Sub-Adviser if they continue to be undervalued by the market or the factors that the Sub-Adviser believes will cause the stock price to increase do not occur</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Market Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the value of securities owned by the Fund may fluctuate, sometimes rapidly or unpredictably, due to a variety of factors affecting securities markets generally or particular industries or sectors, including geopolitical events such as war, military conflict, acts of terrorism, social or political unrest, and the imposition of or threatened imposition of tariffs and other trade barriers, which could disrupt securities markets and adversely affect global economies and markets</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Issuer Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the value of a security may decline for reasons related to the issuer, such as management performance, changes in financial condition or credit rating, financial leverage, reputation or reduced demand for the issuer’s goods or services</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Credit Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the Fund could experience losses if the counterparty to a derivative contract or a repurchase agreement, a borrower of portfolio securities or the issuer or guarantor of collateral, is unable or unwilling, or is perceived (whether by market participants, rating agencies, pricing services or otherwise) as unable or unwilling, to meet its financial obligations</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Distressed Company Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that securities of distressed companies may be subject to greater levels of market, credit, issuer and liquidity risks. Distressed companies may be engaged in restructurings, bankruptcy proceedings or other financial difficulties, which may cause the value of their securities to fluctuate rapidly or unpredictably</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Real Estate Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> 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 risks related to losses from casualty or condemnation, changes in local and general economic conditions, fluctuations in supply and demand, interest rate changes, availability of mortgage financing and refinancing, defaults by borrowers or tenants, zoning laws, regulatory limitations on rents, property taxes,</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">insurance costs, lack of availability of insurance coverage, and operating expenses. The Fund’s investments in REITs or real estate-linked derivative instruments subject it to management and tax risks. In addition, REITs that are privately held or not traded on a national securities exchange may subject the Fund to liquidity and valuation risk</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Liquidity Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that a particular investment may be difficult to purchase or sell and that the Fund may be unable to sell investments at an advantageous time or price or achieve its desired level of exposure to a certain sector. The liquidity of the Fund’s shares may be constrained by the liquidity of the Fund’s portfolio holdings</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Leveraging Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> 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, and 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. The use of leverage may also increase the Fund’s sensitivity to interest rate changes and other market risks</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Management Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> 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 in connection with managing the Fund and may cause the Sub-Adviser to restrict or prohibit participation in certain investments. There is no guarantee that the investment objective of the Fund will be achieved</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Small Company Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> 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</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Derivatives Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk of investing in derivative instruments (such as forwards, futures, options, swaps and structured securities) and other similar investments, including leverage, liquidity, interest rate, market, counterparty (including credit), operational, legal and management risks, and valuation complexity. Changes in the value of a derivative or other similar investment may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and the Fund could lose more than the initial amount invested. Derivatives used for hedging or risk management may not operate as intended or may expose the Fund to additional risks. Changes in the value of a derivative or other similar instrument may also create margin </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">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. Non-centrally-cleared over-the-counter (“OTC”) derivatives or other similar investments are also subject to the risk that a counterparty to the transaction will not fulfill its contractual obligations to the other party, as many of the protections afforded to centrally-cleared derivative transactions might not be available for non-centrally-cleared OTC derivatives or other similar investments. The primary credit risk on derivatives or other similar investments that are exchange-traded or traded through a central clearing counterparty resides with the Fund's clearing broker or the clearinghouse. Changes in regulations relating to a registered fund’s use of derivatives and related instruments could potentially limit or impact the Fund’s ability to invest in derivatives, limit the Fund’s ability to employ certain strategies that use derivatives or other similar investments and/or adversely affect the value of derivatives or other similar investments and the Fund’s performance</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Model Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the Fund’s investment models used in making investment allocation decisions may not adequately take into account certain factors, or may contain design flaws or faulty assumptions, and may rely on incomplete or inaccurate data inputs, any of which may result in a decline in the value of an investment in the Fund. The performance of the investment models may be impacted by software or other technology malfunctions, human error, issues related to the potential use of artificial intelligence and machine learning (AI), programming inaccuracies, power loss, and other events or circumstances, which may be difficult to detect and may be beyond the control of the Fund</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">An </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Performance Information</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The performance information shows summary performance information for the Fund in a bar chart and an Average Annual Total Returns table. The information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and by showing how the Fund’s average annual returns compare with the returns of certain indexes.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">Absent any applicable fee waivers and/or expense limitations, performance would have been lower. The bar chart shows performance of the Fund’s Institutional</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">Class shares. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">Performance </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">for Class</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">A</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">shares in the Average Annual Total Returns table reflects the impact of sales charges.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-style:italic;">The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-style:italic;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-style:italic;">will</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-style:italic;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-style:italic;">perform in the future.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">In addition to the Fund’s performance, the Average Annual Total Returns table includes performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) two supplemental indexes. It is not possible to invest directly in an unmanaged index. The Fund’s regulatory index is the S&amp;P 500 Index. The Fund’s regulatory index is shown in </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">connection with certain regulatory requirements to provide a broad measure of market performance. The S&amp;P 500 Index is an unmanaged market index generally considered representative of the stock market as a whole. The S&amp;P 500 Index is composed of 500 selected common stocks that represent approximately two-thirds of the total market value of all U.S. common stocks. The S&amp;P 500 Index focuses on the large-cap segment of the U.S. equities market. The Russell 2000® Value Index is a supplemental index of the Fund. The Russell 2000® Value Index, a subset of the Russell 2000® Index, measures the performance of the small-capitalization value sector of the U.S. equity market, as defined by FTSE Russell. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Russell 2000® Index is also a supplemental index of </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">the Fund. The Russell 2000® Index is composed of 2,000 of the smallest companies in the Russell 3000® Index and is considered to be representative of the small cap market in general.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">Performance for the Fund is updated daily and quarterly and may be obtained as follows: daily and quarterly updates on the net asset value and performance page at </span><span style="color:#3333FF;font-family:Arial Narrow;font-size:10pt;">https://www.pimco.com/en-us/product-finder</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The performance information shows summary performance information for the Fund in a bar chart and an Average Annual Total Returns table. The information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and by showing how the Fund’s average annual returns compare with the returns of certain indexes.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">Performance </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">for Class</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">A</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">shares in the Average Annual Total Returns table reflects the impact of sales charges.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-style:italic;">The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-style:italic;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-style:italic;">will</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-style:italic;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-style:italic;">perform in the future.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Russell 2000® Index is also a supplemental index of </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">the Fund. The Russell 2000® Index is composed of 2,000 of the smallest companies in the Russell 3000® Index and is considered to be representative of the small cap market in general.</span> <span style="color:#3333FF;font-family:Arial Narrow;font-size:10pt;">https://www.pimco.com/en-us/product-finder</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:8pt;">Calendar Year Total Returns — Institutional Class</span> <span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">December 31, 2020</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;">32.93%</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">March 31, 2020</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;">-37.33%</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Year-to-Date</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">September 30, 2026</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;">14.70%</span> <span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter</span> 2020-12-31 0.3293 <span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.3733 <span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Year-to-Date</span> 2026-09-30 0.1470 <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Average Annual Total Returns (for periods ended 12/31/25)</span> 0.0629 0.1583 0.1264 0.0520 0.1190 0.0990 0.0441 0.1137 0.0938 0.0625 0.1572 0.1253 0.0191 0.1450 0.1176 0.1788 0.1442 0.1482 0.1260 0.0888 0.0927 0.1281 0.0609 0.0962 <span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">Actual after-tax </span><span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">returns depend on an investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:8pt;"> In some cases the return after taxes may exceed the return before taxes due </span><span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">After-tax returns are for Institutional Class shares only. After-tax returns for other classes will vary.</span> <span style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Investment Objective</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to maximize total return, consistent with prudent investment management.</span> <span style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">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.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">$</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">50,000</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">in Class A shares of eligible funds offered by PIMCO Equity Series and PIMCO Funds.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> More information about these and other discounts is </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">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.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">$</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">50,000</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">in Class A shares of eligible funds offered by PIMCO Equity Series and PIMCO Funds.</span> 50000 50000 <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Shareholder Fees (fees paid directly from your investment):</span> 0 0.0550 0 0.0100 <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):</span> 0.0003 0.0023 0.0025 0.0001 0.0001 0.0073 0.0073 0.0077 0.0122 -0.0001 -0.0001 0.0076 0.0121 <span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">October 31, 2027</span> <span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">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.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Example.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> 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:</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">If you redeem your shares at the end of each period:</span> 78 245 427 953 667 915 1183 1945 <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">If you do not redeem your shares:</span> 667 915 1183 1945 <span style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">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 </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">32</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">% of the average value of its portfolio.</span> 0.32 <span style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The PIMCO REALPATH</span><span style="color:#333333;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> Blend Income Fund (the “Fund”) is intended for investors seeking professional management of a comprehensive asset allocation strategy for retirement savings. The primary difference between the PIMCO REALPATH</span><span style="color:#333333;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> Blend Funds is their asset allocation, which varies depending on the number of years left until the “self-elected” year of retirement indicated in the PIMCO REALPATH</span><span style="color:#333333;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-4.25pt;">® </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">Blend Fund’s name.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> Unlike the other PIMCO REALPATH</span><span style="color:#333333;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> Blend Funds, the Fund does not include a “self-elected” year of retirement in its name because the Fund is managed for shareholders who are retired or about to retire soon and are more focused on preservation of capital </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">and withdrawing portions of their investments. The asset allocation of the Fund is based on the asset allocation at zero years left until retirement on the glide path and is intended to be used throughout an investor’s retirement. An investment in the Fund is not guaranteed, and you may experience losses. There is no guarantee that the Fund will provide adequate income at and through your retirement. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">In managing the Fund, PIMCO uses a three-step approach consisting of 1) developing and re-evaluating a long-term asset allocation “glide path”; 2) allocating between fixed income and equity exposures; and 3) utilizing hedging techniques to manage risks. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to achieve its investment objective 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 and credit qualities, or related derivatives, such as options, futures contracts, or swap agreements on any of the preceding securities mentioned.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> The “total return” sought by </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">the Fund generally may consist of income earned on the Fund’s investments, plus capital appreciation, if any, which may arise from decreases in interest rates, foreign currency appreciation, or improving credit fundamentals for a particular sector or security. 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. The Fund will invest in such funds, securities, instruments and other investments to the extent permitted under the 1940 Act, or any exemptive relief therefrom. To the extent the Fund invests in Underlying PIMCO Funds, PIMCO expects to select such Underlying PIMCO Funds without considering or canvassing the universe of available unaffiliated Acquired Funds. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Fund’s long-term asset allocations are based on a “glide path” developed by PIMCO and are based on quantitative and qualitative data relating to various risk metrics, long-term market trends, correlation of asset types and actuarial assumptions of life expectancy and retirement. The Fund’s current asset allocation is based on the asset allocation at zero years left until retirement on the glide path and is intended to be used throughout an investor’s retirement, which is assumed to begin at age 65 with time horizons based on current longevity of persons reaching age 65 in average health. The glide path is designed not only to reduce risk as the target retirement date nears, but is also designed to provide investors diversification across a variety of asset classes. The </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">glide path changes over time, generally becoming more conservative as a Fund approaches its target date, and the Fund’s asset allocation is based on the glide path at its target date. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The chart below shows the glide path and illustrates how the allocation among the asset classes changes before and at the target date. The glide path allocation at the target date, which is the allocation for the Fund, remains constant beyond that date. However, PIMCO may choose to modify the target asset allocations of the glide path itself from time to time, and the Fund intends to rebalance its portfolio’s asset allocation to that of the glide path on a monthly basis. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">As part of its investment process, PIMCO may seek to reduce exposure to certain risks by implementing various hedging transactions. These hedging transactions seek to reduce a Fund’s exposure to certain severe, unanticipated market events that could significantly detract from returns. PIMCO may utilize these hedging transactions, such as through the use of equity index put options, at such times as deemed appropriate by PIMCO. However, there can be no assurance that the Fund’s hedging transactions will be effective. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">PIMCO evaluates various combinations of affiliated or unaffiliated funds, securities, instruments and other investments to obtain the desired exposures and invests accordingly. Summary information about the Underlying PIMCO Funds can be found in the Fund’s prospectus. More complete information about the Underlying PIMCO Funds can be found in the Underlying PIMCO Funds’ prospectuses, statements of additional information and financial reports. Additional Underlying PIMCO Funds may be added or deleted in the future without notice.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The PIMCO REALPATH</span><span style="color:#333333;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> Blend Income Fund (the “Fund”) is intended for investors seeking professional management of a comprehensive asset allocation strategy for retirement savings. The primary difference between the PIMCO REALPATH</span><span style="color:#333333;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> Blend Funds is their asset allocation, which varies depending on the number of years left until the “self-elected” year of retirement indicated in the PIMCO REALPATH</span><span style="color:#333333;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-4.25pt;">® </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">Blend Fund’s name.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to achieve its investment objective 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 and credit qualities, or related derivatives, such as options, futures contracts, or swap agreements on any of the preceding securities mentioned.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">It is possible to experience losses on an investment in the Fund.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Allocation Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the Fund could experience losses as a result of less than optimal or poor asset allocation decisions. The Fund could miss attractive investment opportunities by underweighting </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">markets that subsequently experience significant returns and could lose value by overweighting markets that subsequently experience significant declines. There is no guarantee that the Fund's asset allocation strategy will be successful or that the markets in which the Fund invests will perform as expected</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Acquired Fund Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> 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 respective investment objectives. Investments in Acquired Funds that are exchange-traded funds are also subject to market risk, tracking error, the potential for trading at a discount or premium to their net asset value, bid/ask spread costs as well as the risks of the underlying securities they hold. In addition, the Fund’s performance will be reduced by the Fund’s proportionate amount of the expenses of any Acquired Funds in which it invests </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The following risks are principal risks of investing in the Fund that include risks from direct investments and/or indirect exposure through investment in Acquired Funds.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Equity Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the value of equity or equity-related securities such as common stocks and preferred securities, may decline due to general market conditions which are not specifically related to a particular company or to factors affecting a particular industry or industries. Equity or equity-related securities generally have greater price volatility than fixed income securities. In addition, preferred securities may be subject to greater credit risk or other risks, such as risks related to deferred and omitted distributions, limited voting rights, liquidity, interest rates, regulatory changes and special redemption rights </span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Value Investing Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that value stocks may decrease in price or may not increase in price as anticipated by PIMCO if they continue to be undervalued by the market or the factors that PIMCO believes will cause the stock price to increase do not occur</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Interest Rate Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that fixed income securities will fluctuate in value due to changes or the anticipation of changes in interest rates; a fund with a longer average portfolio duration will be more sensitive to changes in interest rates than a fund with a shorter average portfolio duration. Factors such as government and central bank policy, inflation, the economy, and the market for bonds can impact interest rates and yields</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Call Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that an issuer may exercise its right to redeem a fixed income security earlier than expected (a call). Issuers may call outstanding securities prior to their maturity for a number of reasons including declining interest rates, changes in credit spreads and improvements in the issuer’s credit quality. If an issuer calls a security that the Fund has invested in, the Fund may not recoup the full amount of its initial investment or may not realize the full anticipated earnings from the investment and may be forced to reinvest in lower-yielding securities, securities with greater credit risks or securities with other, less favorable features</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Credit Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the Fund could experience losses if the issuer or guarantor of a fixed income security, the counterparty to a derivative contract or a repurchase agreement, a borrower of portfolio securities or the issuer or guarantor of collateral, is unable or unwilling, or is perceived (whether by market participants, rating agencies, pricing services or otherwise) as unable or unwilling, to meet its financial obligations</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">High Yield and Distressed Company Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that high yield securities and unrated securities of similar credit quality (commonly known as “junk bonds”) and securities of distressed companies may be subject to greater levels of market, credit, issuer and liquidity risks. Securities of distressed companies include both debt and equity securities. High yield securities and debt securities of distressed companies are considered primarily speculative by rating agencies with respect to the issuer’s continuing ability to make principal and interest payments. Distressed companies may be engaged in restructurings, bankruptcy proceedings or other financial difficulties, which may cause the value of their securities to fluctuate rapidly or unpredictably</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Market Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the value of securities owned by the Fund may fluctuate, sometimes rapidly or unpredictably, due to a variety of factors affecting securities markets generally or particular industries or sectors, including geopolitical events such as war, military conflict, acts of terrorism, social or political unrest, and the imposition of or threatened imposition of tariffs and other trade barriers, which could disrupt securities markets and adversely affect global economies and markets</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Issuer Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the value of a security may decline for reasons related to the issuer, such as management performance, changes in financial condition or credit rating, financial leverage, reputation or reduced demand for the issuer’s goods or services</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Liquidity Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that a particular investment may be difficult to purchase or sell and that the Fund may be unable to sell investments at an advantageous time or price or achieve its desired level of exposure to a certain sector. Liquidity risk may result from the lack of an active market, reduced number and capacity of traditional market participants to make a market in fixed income securities, credit tightening and may be magnified in changing interest rate environments 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. The liquidity of the Fund’s shares may be constrained by the liquidity of the Fund’s portfolio holdings</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Derivatives Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk of investing in derivative instruments (such as forwards, futures, options, swaps and structured securities) and other similar investments, including leverage, liquidity, interest rate, market, counterparty (including credit), operational, legal and management risks, and valuation complexity. Changes in the value of a derivative or other similar investment may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and the Fund could lose more than the initial amount invested. Derivatives used for hedging or risk management may not operate as intended or may expose the Fund to additional risks. Changes in the </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">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. Non-centrally-cleared over-the-counter (“OTC”) derivatives or other similar investments are also subject to the risk that a counterparty to the transaction will not fulfill its contractual obligations to the other party, as many of the protections afforded to centrally-cleared derivative transactions might not be available for non-centrally-cleared OTC derivatives or other similar investments. The primary credit risk on derivatives or other similar investments that are exchange-traded or traded through a central clearing counterparty resides with the Fund's clearing broker or the clearinghouse. Changes in regulations relating to a registered fund’s use of derivatives and related instruments could potentially limit or impact the Fund’s ability to invest in derivatives, limit the Fund’s ability to employ certain strategies that use derivatives or other similar investments and/or adversely affect the value of derivatives or other similar investments and the Fund’s performance</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Commodity Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that investing in commodity-linked derivative instruments and commodities, either directly or indirectly through a subsidiary, may subject the Fund to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments or commodities may be affected by changes in overall market movements, foreign currency exchange rates, commodity index volatility, changes in inflation, interest rates, or supply and demand factors affecting a particular industry or commodity market, such as drought, floods, climate changes, weather, livestock disease, pandemics and public health emergencies, embargoes, taxation, war, terrorism, cyber hacking, economic and political developments, environmental proceedings, tariffs, sanctions, export controls, changes in storage costs, availability of transportation systems, and international economic, political and regulatory developments. Investments in commodities can also present risks associated with transportation and delivery, custody, storage and maintenance, illiquidity, and the unavailability of accurate market valuations of the commodity</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Mortgage-Related and Other Asset-Backed Securities Risk: </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">the risks of investing in mortgage-related and other asset-backed securities, including interest rate risk, extension risk, prepayment risk and credit risk. The Fund may invest in any tranche of mortgage-related and other asset-backed securities, including junior and/or equity tranches (to the extent consistent with the Fund's guidelines), which generally carry higher levels of the foregoing risks </span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Foreign (Non-U.S.) Investment Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> 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 or less developed markets, differing financial reporting, accounting, corporate governance and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable U.S. or foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, political changes, diplomatic developments, trade restrictions </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">(including tariffs) or the imposition of sanctions and other similar measures. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Real Estate Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> 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 risks related to losses from casualty or condemnation, changes in local and general economic conditions, fluctuations in supply and demand, interest rate changes, availability of mortgage financing and refinancing, defaults by borrowers or tenants, zoning laws, regulatory limitations on rents, property taxes,</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">insurance costs, lack of availability of insurance coverage, and operating expenses. The Fund’s investments in REITs or real estate-linked derivative instruments subject it to management and tax risks. In addition, REITs that are privately held or not traded on a national securities exchange may subject the Fund to liquidity and valuation risk</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Emerging Markets Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk of investing in emerging market securities, primarily increased foreign (non-U.S.) investment risk</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Sovereign Debt Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> 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 events resulting from an issuer’s inability or unwillingness to make principal or interest payments in a timely fashion</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Currency Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that foreign (non-U.S.) currencies may fluctuate in value relative to the U.S. dollar, which can affect the value of 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</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Leveraging Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> 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, and 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. The use of leverage may also increase the Fund’s sensitivity to interest rate changes and other market risks</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Small-Cap and Mid-Cap Company Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the value of securities issued by small-capitalization and mid-capitalization companies may fluctuate, sometimes rapidly and unpredictably, due to narrow markets and limited managerial and financial resources</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Management Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> 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 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</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Short Exposure Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> 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</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Tax Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> 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 of 1986, as amended, or otherwise affect the character, timing and/or amount of the Fund’s taxable income or gains and distributions</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Subsidiary Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that, by investing in certain Underlying PIMCO Funds that invest in a subsidiary (each a “Subsidiary”), the Fund is indirectly exposed to the risks associated with a Subsidiary’s investments. The Subsidiaries are not registered under the 1940 Act and may not be subject to all the investor protections of the 1940 Act. There is no guarantee that the investment objective of a Subsidiary will be achieved</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Convertible Securities Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> as convertible securities share both fixed income and equity characteristics, they are subject to risks to which fixed income and equity investments are subject. These risks include equity risk, interest rate risk,</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">market risk, liquidity risk and credit risk</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Exchange-Traded Fund Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that an exchange-traded fund may not achieve its investment objective, among other reasons, because of regulatory restrictions, including, for example, exchange rules, market prices of shares of an exchange-traded fund may fluctuate rapidly and materially, or shares of an exchange-traded fund may trade significantly above or below net asset value, any of which may cause losses to the Fund invested in the exchange-traded fund</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">China Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> investing in securities and instruments economically tied to the People’s Republic of China (excluding Hong Kong, Macau and Taiwan for the purpose of this disclosure) (“PRC”) subjects the Fund to certain of the risks of investing in foreign (non-U.S.) securities and emerging market securities, as well as other risks including, without limitation, erratic growth, the unavailability of reliable economic or financial data, dependence on exports and international trade, asset price volatility, potential shortage of liquidity and limited accessibility by foreign (non-U.S.) investors (including as a result of sanctions), fluctuations in currency exchange rates, currency devaluation, the relatively small size and absence of operating history of many PRC companies, and the developing nature of the legal and regulatory framework for securities markets, custody arrangements and commerce</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Collateralized Loan Obligations Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that investing in collateralized loan obligations (“CLOs”) and other similarly structured investments exposes the Fund to heightened credit risk, interest rate risk, liquidity risk, market risk and prepayment and extension risk, as </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">well as the risk of default on the underlying asset. In addition, investments in CLOs carry additional risks, including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) risks related to the capability of the servicer of the securitized assets; (iv) the risk that the Fund may invest in tranches of CLOs that are subordinate to other tranches; (v) the structure and complexity of the transaction and the legal documents may not be fully understood at the time of investment and could lead to disputes with the issuer or among investors regarding the characterization of proceeds or unexpected investment results; and (vi) the CLO's manager may perform poorly</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Contingent Convertible Securities Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risks of investing in contingent convertible securities, including the risk that interest payments may be cancelled by the issuer or a regulatory authority, the risk of ranking junior to other creditors in the event of a liquidation or other bankruptcy-related event as a result of holding subordinated debt, the risk of the Fund’s investment becoming further subordinated as a result of conversion from debt to equity, the risk of the Fund’s investment receiving less favorable treatment than equity of the issuer in certain situations, such as during periods of financial distress or regulatory intervention, the risk that principal amount due can be written down to a lesser amount (including potentially to zero), and the general risks applicable to fixed income investments, including interest rate risk, credit risk, market risk and liquidity risk, any of which could result in losses to the Fund</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Distribution Rate Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the Fund’s distribution rate may change unexpectedly as a result of numerous factors, including changes in realized and projected market returns, fluctuations in market interest rates, Fund performance and other factors</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Inflation-Indexed Security Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that inflation-indexed debt securities are subject to the actual or anticipated effects of changes in market interest rates caused by factors other than inflation (real interest rates). In general, the value of an inflation-indexed security, including U.S. Treasury Inflation-Protected Securities (“TIPS”), tends to decrease when real interest rates increase and can increase when real interest rates decrease. Interest payments on inflation-indexed securities are unpredictable and will fluctuate as the principal and interest are adjusted based on the rate of inflation. There can be no assurance that the inflation index used will accurately measure the real rate of inflation in the prices of goods and services. Any increase in the principal amount of an inflation-indexed debt security will be considered taxable ordinary income, even though the Fund will not receive the principal until maturity</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Issuer Non-Diversification Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk of focusing investments on a small number of issuers, including being more susceptible to risks associated with a single economic, political or regulatory occurrence than a “diversified” portfolio might be. Funds that are “non-diversified” may invest a greater percentage of their assets in the securities of a single issuer (such as bonds issued by a particular state) than funds that are “diversified”</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">An </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Performance Information</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The performance information shows summary performance information for the Fund in a bar chart and an Average Annual Total Returns table. The information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and by showing how the Fund’s average annual returns compare with the returns of certain indexes.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> Absent any applicable fee waivers and/or </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">expense limitations, performance would have been lower. The bar chart shows performance of the Fund’s Institutional Class shares. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">Performance </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">for Class A shares in the Average Annual Total Returns table reflects the impact of sales charges.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> The Fund’s past performance, before and after </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">taxes, is not necessarily an indication of how the Fund will perform in the future.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">In addition to the Fund’s performance, the Average Annual Total Returns table includes performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) a supplemental index. It is not possible to invest directly in an unmanaged index. The Fund’s regulatory index is the S&amp;P 500 Index. The Fund’s regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance. The S&amp;P 500 Index is an unmanaged market index generally considered representative of the stock market as a whole. The S&amp;P 500 Index is composed of 500 selected common stocks that represent approximately two-thirds of the total market value of all U.S. common stocks. The S&amp;P 500 Index focuses on the large-cap segment of the U.S. equities market. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The S&amp;P Target Date Retirement </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">Income Index is a supplemental index of the Fund. The index seeks to represent a broadly derived consensus for asset allocations that target a particular investment horizon, with asset class exposures driven by a survey of available target date funds for that horizon. These asset class exposures include U.S. large cap, U.S. mid cap, U.S. small cap, international equities, emerging markets, U.S. and international real estate investment trusts, core fixed income, short term treasuries, TIPS, high yield corporate bonds and commodities and are represented by exchange-traded funds in the Index calculation.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">Performance for the Fund is updated daily and quarterly and may be obtained as follows: daily and quarterly updates on the net asset value and performance page at </span><span style="color:#3333FF;font-family:Arial Narrow;font-size:10pt;">https://www.pimco.com/en-us/product-finder</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The performance information shows summary performance information for the Fund in a bar chart and an Average Annual Total Returns table. The information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and by showing how the Fund’s average annual returns compare with the returns of certain indexes.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">Performance </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">for Class A shares in the Average Annual Total Returns table reflects the impact of sales charges.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> The Fund’s past performance, before and after </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">taxes, is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The S&amp;P Target Date Retirement </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">Income Index is a supplemental index of the Fund. The index seeks to represent a broadly derived consensus for asset allocations that target a particular investment horizon, with asset class exposures driven by a survey of available target date funds for that horizon. These asset class exposures include U.S. large cap, U.S. mid cap, U.S. small cap, international equities, emerging markets, U.S. and international real estate investment trusts, core fixed income, short term treasuries, TIPS, high yield corporate bonds and commodities and are represented by exchange-traded funds in the Index calculation.</span> <span style="color:#3333FF;font-family:Arial Narrow;font-size:10pt;">https://www.pimco.com/en-us/product-finder</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:8pt;">Calendar Year Total Returns — Institutional Class</span> <span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">June 30, 2020</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;">11.34%</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">June 30, 2022</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;">-10.89%</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Year-to-Date</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">September 30, 2026</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;">3.51%</span> <span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter</span> 2020-06-30 0.1134 <span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter</span> 2022-06-30 -0.1089 <span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Year-to-Date</span> 2026-09-30 0.0351 <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Average Annual Total Returns (for periods ended 12/31/25)</span> 0.1357 0.0405 0.0666 0.1166 0.0230 0.0505 0.0801 0.0235 0.0454 0.0685 0.0239 0.0555 0.1788 0.1442 0.1482 0.1166 0.0415 0.0532 <span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">Actual after-tax </span><span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:8pt;"> In some cases the return after taxes may exceed the return before taxes due </span><span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">After-tax returns are for Institutional Class shares only. After-tax </span><span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">returns for other classes will vary.</span> <span style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Investment Objective</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to maximize total return, consistent with prudent investment management.</span> <span style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">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.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">$</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">50,000</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">in Class A shares of eligible funds offered by PIMCO Equity Series and PIMCO Funds.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> More information about these and other discounts is </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">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.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">$</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">50,000</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">in Class A shares of eligible funds offered by PIMCO Equity Series and PIMCO Funds.</span> 50000 50000 <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Shareholder Fees (fees paid directly from your investment):</span> 0 0.0550 0 0.0100 <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):</span> 0.0003 0.0023 0.0025 0.0001 0.0001 0.0066 0.0066 0.0070 0.0115 -0.0001 -0.0001 0.0069 0.0114 <span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">October 31, 2027</span> <span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">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.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Example.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> 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:</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">If you redeem your shares at the end of each period:</span> 71 223 389 870 660 894 1147 1870 <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">If you do not redeem your shares:</span> 660 894 1147 1870 <span style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">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 </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">37</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">% of the average value of its portfolio.</span> 0.37 <span style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The PIMCO REALPATH</span><span style="color:#333333;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> Blend 2030 Fund (the “Fund”) is intended for investors seeking professional management of a comprehensive asset allocation strategy for retirement savings. The Fund is managed for shareholders that plan to retire or begin withdrawing assets around the year 2030, the Fund’s target year.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> This is the “self-elected” year of </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">retirement for the investors in the Fund. The primary difference between the PIMCO REALPATH</span><span style="color:#333333;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> Blend Funds is their asset allocation, which varies depending on the number of years left until the “self-elected” year of retirement indicated in the PIMCO REALPATH</span><span style="color:#333333;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> Blend Fund’s name. The Fund’s allocation is intended to meaningfully reduce risk and </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">increasingly focus on preservation of capital as the target retirement date of the Fund nears. An investment in the Fund is not guaranteed, and you may experience losses, including losses near, at, or after the target year indicated in the Fund’s name. There is no guarantee that the Fund will provide adequate income at and through your retirement. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">In managing the Fund, PIMCO uses a three-step approach consisting of 1) developing and re-evaluating a long-term asset allocation “glide path”; 2) allocating between fixed income and equity exposures; and 3) utilizing hedging techniques to manage risks. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to achieve its investment objective 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 and credit qualities, or related derivatives, such as options, futures contracts, or swap agreements on any of the preceding securities mentioned.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> The “total return” sought by </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">the Fund generally may consist of income earned on the Fund’s investments, plus capital appreciation, if any, which may arise from decreases in interest rates, foreign currency appreciation, or improving credit fundamentals for a particular sector or security. 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. The Fund will invest in such funds, securities, instruments and other investments to the extent permitted under the 1940 Act, or any exemptive relief therefrom. To the extent the Fund invests in Underlying PIMCO Funds, PIMCO expects to select such Underlying PIMCO Funds without considering or canvassing the universe of available unaffiliated Acquired Funds. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Fund’s long-term asset allocations are based on a “glide path” developed by PIMCO and are based on quantitative and qualitative data relating to various risk metrics, long-term market trends, correlation of asset types and actuarial assumptions of life expectancy and retirement. The Fund’s current glide path asset allocation is based on its target date, which is the year in the name of the Fund. The target date assumes a retirement age of 65, and time horizons based on current longevity of persons reaching retirement in average health. Choosing a PIMCO REALPATH</span><span style="color:#333333;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> Blend Fund targeting an earlier date represents a more conservative choice; choosing a PIMCO REALPATH</span><span style="color:#333333;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> Blend Fund targeting a later date represents a more aggressive choice. The glide path is designed not only to reduce risk as the target retirement date </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">nears, but is also designed to provide investors diversification across a variety of asset classes. The glide path changes over time, generally becoming more conservative as the Fund approaches the target date. As the Fund approaches the target year indicated in the Fund's name, the total expense ratio of the Fund is expected to increase due to changes in expenses attributable to the Fund's Acquired Fund investments. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The chart below shows the glide path and illustrates how the allocation among the asset classes changes before and at the target date. The glide path allocation at the target date remains constant beyond that date. PIMCO may choose to modify the target asset allocations of the glide path itself from time to time. The Fund intends to rebalance its portfolio’s asset allocation to that of the glide path on a monthly basis. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">As the Fund reaches the target year indicated in the Fund’s name, it is anticipated that it will be combined with the PIMCO REALPATH</span><span style="color:#333333;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> Blend Income Fund, provided that the Board of Trustees determines that the combination would be in the best interests of both Funds and their respective shareholders. Prior to any combination, which is anticipated to occur on or after the target year indicated in the Fund’s name, the Fund will provide shareholders with advance notice regarding the combination. If and when such a combination occurs, shareholders of the Fund will become shareholders of the PIMCO REALPATH</span><span style="color:#333333;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> Blend Income Fund. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">As part of its investment process, PIMCO may seek to reduce exposure to certain risks by implementing various hedging transactions. These hedging transactions seek to reduce a Fund’s exposure to certain severe, unanticipated market events that could significantly detract from returns. PIMCO may utilize these hedging transactions, such as through the use of equity index put options, at such times as deemed appropriate by PIMCO. However, there can be no assurance that the Fund’s hedging transactions will be effective. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">PIMCO evaluates various combinations of affiliated or unaffiliated funds, securities, instruments and other investments to obtain the desired exposures and invests accordingly. Summary information about the Underlying PIMCO Funds can be found in the Fund’s prospectus. More complete information about the Underlying PIMCO Funds can be found in the Underlying PIMCO Funds’ prospectuses, statements of additional information and financial reports. Additional Underlying PIMCO Funds may be added or deleted in the future without notice.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The PIMCO REALPATH</span><span style="color:#333333;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> Blend 2030 Fund (the “Fund”) is intended for investors seeking professional management of a comprehensive asset allocation strategy for retirement savings. The Fund is managed for shareholders that plan to retire or begin withdrawing assets around the year 2030, the Fund’s target year.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to achieve its investment objective 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 and credit qualities, or related derivatives, such as options, futures contracts, or swap agreements on any of the preceding securities mentioned.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">It is possible to experience losses on an investment in the Fund.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Allocation Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the Fund could experience losses 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. There is no guarantee that the Fund's asset allocation strategy will be successful or that the markets in which the Fund invests will perform as expected</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Acquired Fund Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> 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 respective investment objectives. Investments in Acquired Funds that are exchange-traded funds are also subject to market risk, tracking error, the potential for trading at a discount or premium to their net asset value, bid/ask spread costs as well as the risks of the underlying securities they hold. In addition, the Fund’s performance will be reduced by the Fund’s proportionate amount of the expenses of any Acquired Funds in which it invests </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The following risks are principal risks of investing in the Fund that include risks from direct investments and/or indirect exposure through investment in Acquired Funds.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Equity Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the value of equity or equity-related securities such as common stocks and preferred securities, may decline due to general market conditions which are not specifically related to a particular company or to factors affecting a particular industry or industries. Equity or equity-related securities generally have greater price volatility than fixed income securities. In addition, preferred securities may be subject to greater credit risk or other risks, such as risks related to deferred and omitted distributions, limited voting rights, liquidity, interest rates, regulatory changes and special redemption rights </span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Value Investing Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that value stocks may decrease in price or may not increase in price as anticipated by PIMCO if they continue to be undervalued by the market or the factors that PIMCO believes will cause the stock price to increase do not occur</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Interest Rate Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that fixed income securities will fluctuate in value due to changes or the anticipation of changes 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 </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">duration. Factors such as government and central bank policy, inflation, the economy, and the market for bonds can impact interest rates and yields</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Call Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that an issuer may exercise its right to redeem a fixed income security earlier than expected (a call). Issuers may call outstanding securities prior to their maturity for a number of reasons including declining interest rates, changes in credit spreads and improvements in the issuer’s credit quality. If an issuer calls a security that the Fund has invested in, the Fund may not recoup the full amount of its initial investment or may not realize the full anticipated earnings from the investment and may be forced to reinvest in lower-yielding securities, securities with greater credit risks or securities with other, less favorable features</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Credit Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the Fund could experience losses if the issuer or guarantor of a fixed income security, the counterparty to a derivative contract or a repurchase agreement, a borrower of portfolio securities or the issuer or guarantor of collateral, is unable or unwilling, or is perceived (whether by market participants, rating agencies, pricing services or otherwise) as unable or unwilling, to meet its financial obligations</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">High Yield and Distressed Company Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that high yield securities and unrated securities of similar credit quality (commonly known as “junk bonds”) and securities of distressed companies may be subject to greater levels of market, credit, issuer and liquidity risks. Securities of distressed companies include both debt and equity securities. High yield securities and debt securities of distressed companies are considered primarily speculative by rating agencies with respect to the issuer’s continuing ability to make principal and interest payments. Distressed companies may be engaged in restructurings, bankruptcy proceedings or other financial difficulties, which may cause the value of their securities to fluctuate rapidly or unpredictably</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Market Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the value of securities owned by the Fund may fluctuate, sometimes rapidly or unpredictably, due to a variety of factors affecting securities markets generally or particular industries or sectors, including geopolitical events such as war, military conflict, acts of terrorism, social or political unrest, and the imposition of or threatened imposition of tariffs and other trade barriers, which could disrupt securities markets and adversely affect global economies and markets</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Issuer Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the value of a security may decline for reasons related to the issuer, such as management performance, changes in financial condition or credit rating, financial leverage, reputation or reduced demand for the issuer’s goods or services</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Liquidity Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that a particular investment may be difficult to purchase or sell and that the Fund may be unable to sell investments at an advantageous time or price or achieve its desired level of exposure to a certain sector. Liquidity risk may result from the lack of an active market, reduced number and capacity of traditional market participants to make a market in fixed income securities, credit tightening and may be magnified in changing interest rate environments or other </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">circumstances where investor redemptions from fixed income funds may be higher than normal, causing increased supply in the market due to selling activity. The liquidity of the Fund’s shares may be constrained by the liquidity of the Fund’s portfolio holdings</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Derivatives Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk of investing in derivative instruments (such as forwards, futures, options, swaps and structured securities) and other similar investments, including leverage, liquidity, interest rate, market, counterparty (including credit), operational, legal and management risks, and valuation complexity. Changes in the value of a derivative or other similar investment may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and the Fund could lose more than the initial amount invested. Derivatives used for hedging or risk management may not operate as intended or may expose the Fund to additional risks. 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. Non-centrally-cleared over-the-counter (“OTC”) derivatives or other similar investments are also subject to the risk that a counterparty to the transaction will not fulfill its contractual obligations to the other party, as many of the protections afforded to centrally-cleared derivative transactions might not be available for non-centrally-cleared OTC derivatives or other similar investments. The primary credit risk on derivatives or other similar investments that are exchange-traded or traded through a central clearing counterparty resides with the Fund's clearing broker or the clearinghouse. Changes in regulations relating to a registered fund’s use of derivatives and related instruments could potentially limit or impact the Fund’s ability to invest in derivatives, limit the Fund’s ability to employ certain strategies that use derivatives or other similar investments and/or adversely affect the value of derivatives or other similar investments and the Fund’s performance</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Commodity Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that investing in commodity-linked derivative instruments and commodities, either directly or indirectly through a subsidiary, may subject the Fund to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments or commodities may be affected by changes in overall market movements, foreign currency exchange rates, commodity index volatility, changes in inflation, interest rates, or supply and demand factors affecting a particular industry or commodity market, such as drought, floods, climate changes, weather, livestock disease, pandemics and public health emergencies, embargoes, taxation, war, terrorism, cyber hacking, economic and political developments, environmental proceedings, tariffs, sanctions, export controls, changes in storage costs, availability of transportation systems, and international economic, political and regulatory developments. Investments in commodities can also present risks associated with transportation and delivery, custody, storage and maintenance, illiquidity, and the unavailability of accurate market valuations of the commodity</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Mortgage-Related and Other Asset-Backed Securities Risk: </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">the risks of investing in mortgage-related and other asset-backed securities, including interest rate risk, extension risk, prepayment risk </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">and credit risk. The Fund may invest in any tranche of mortgage-related and other asset-backed securities, including junior and/or equity tranches (to the extent consistent with the Fund's guidelines), which generally carry higher levels of the foregoing risks </span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Foreign (Non-U.S.) Investment Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> 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 or less developed markets, differing financial reporting, accounting, corporate governance and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable U.S. or foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, political changes, diplomatic developments, trade restrictions (including tariffs) or the imposition of sanctions and other similar measures. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Real Estate Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> 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 risks related to losses from casualty or condemnation, changes in local and general economic conditions, fluctuations in supply and demand, interest rate changes, availability of mortgage financing and refinancing, defaults by borrowers or tenants, zoning laws, regulatory limitations on rents, property taxes,</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">insurance costs, lack of availability of insurance coverage, and operating expenses. The Fund’s investments in REITs or real estate-linked derivative instruments subject it to management and tax risks. In addition, REITs that are privately held or not traded on a national securities exchange may subject the Fund to liquidity and valuation risk</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Emerging Markets Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk of investing in emerging market securities, primarily increased foreign (non-U.S.) investment risk</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Sovereign Debt Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> 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 events resulting from an issuer’s inability or unwillingness to make principal or interest payments in a timely fashion</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Currency Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that foreign (non-U.S.) currencies may fluctuate in value relative to the U.S. dollar, which can affect the value of 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</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Leveraging Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> 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, and 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. The use of leverage may also increase the Fund’s sensitivity to interest rate changes and other market risks</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Small-Cap and Mid-Cap Company Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the value of securities issued by small-capitalization and mid-capitalization companies may fluctuate, sometimes rapidly and unpredictably, due to narrow markets and limited managerial and financial resources</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Management Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> 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 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</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Short Exposure Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> 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</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Tax Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> 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 of 1986, as amended, or otherwise affect the character, timing and/or amount of the Fund’s taxable income or gains and distributions</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Subsidiary Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that, by investing in certain Underlying PIMCO Funds that invest in a subsidiary (each a “Subsidiary”), the Fund is indirectly exposed to the risks associated with a Subsidiary’s investments. The Subsidiaries are not registered under the 1940 Act and may not be subject to all the investor protections of the 1940 Act. There is no guarantee that the investment objective of a Subsidiary will be achieved</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Convertible Securities Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> as convertible securities share both fixed income and equity characteristics, they are subject to risks to which fixed income and equity investments are subject. These risks include equity risk, interest rate risk,</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">market risk, liquidity risk and credit risk</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Exchange-Traded Fund Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that an exchange-traded fund may not achieve its investment objective, among other reasons, because of regulatory restrictions, including, for example, exchange rules, market prices of shares of an exchange-traded fund may fluctuate rapidly and materially, or shares of an exchange-traded fund may trade significantly above or below net asset value, any of which may cause losses to the Fund invested in the exchange-traded fund</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">China Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> investing in securities and instruments economically tied to the People’s Republic of China (excluding Hong Kong, Macau and Taiwan for the purpose of this disclosure) (“PRC”) subjects the Fund to certain of the risks of investing in foreign (non-U.S.) securities and emerging market securities, as well as other risks including, without </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">limitation, erratic growth, the unavailability of reliable economic or financial data, dependence on exports and international trade, asset price volatility, potential shortage of liquidity and limited accessibility by foreign (non-U.S.) investors (including as a result of sanctions), fluctuations in currency exchange rates, currency devaluation, the relatively small size and absence of operating history of many PRC companies, and the developing nature of the legal and regulatory framework for securities markets, custody arrangements and commerce</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Collateralized Loan Obligations Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that investing in collateralized loan obligations (“CLOs”) and other similarly structured investments exposes the Fund to heightened credit risk, interest rate risk, liquidity risk, market risk and prepayment and extension risk, as well as the risk of default on the underlying asset. In addition, investments in CLOs carry additional risks, including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) risks related to the capability of the servicer of the securitized assets; (iv) the risk that the Fund may invest in tranches of CLOs that are subordinate to other tranches; (v) the structure and complexity of the transaction and the legal documents may not be fully understood at the time of investment and could lead to disputes with the issuer or among investors regarding the characterization of proceeds or unexpected investment results; and (vi) the CLO's manager may perform poorly</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Contingent Convertible Securities Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risks of investing in contingent convertible securities, including the risk that interest payments may be cancelled by the issuer or a regulatory authority, the risk of ranking junior to other creditors in the event of a liquidation or other bankruptcy-related event as a result of holding subordinated debt, the risk of the Fund’s investment becoming further subordinated as a result of conversion from debt to equity, the risk of the Fund’s investment receiving less favorable treatment than equity of the issuer in certain situations, such as during periods of financial distress or regulatory intervention, the risk that principal amount due can be written down to a lesser amount (including potentially to zero), and the general risks applicable to fixed income investments, including interest rate risk, credit risk, market risk and liquidity risk, any of which could result in losses to the Fund</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Distribution Rate Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the Fund’s distribution rate may change unexpectedly as a result of numerous factors, including changes in realized and projected market returns, fluctuations in market interest rates, Fund performance and other factors</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Inflation-Indexed Security Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that inflation-indexed debt securities are subject to the actual or anticipated effects of changes in market interest rates caused by factors other than inflation (real interest rates). In general, the value of an inflation-indexed security, including U.S. Treasury Inflation-Protected Securities (“TIPS”), tends to decrease when real interest rates increase and can increase when real interest rates decrease. Interest payments on inflation-indexed securities are unpredictable and will fluctuate as the principal and interest are adjusted based on the rate of inflation. There can be no assurance that </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">the inflation index used will accurately measure the real rate of inflation in the prices of goods and services. Any increase in the principal amount of an inflation-indexed debt security will be considered taxable ordinary income, even though the Fund will not receive the principal until maturity</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Issuer Non-Diversification Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk of focusing investments on a small number of issuers, including being more susceptible to risks associated with a single economic, political or regulatory occurrence than a “diversified” portfolio might be. Funds that are “non-diversified” may invest a greater percentage of their assets in the securities of a single issuer (such as bonds issued by a particular state) than funds that are “diversified”</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">An </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Performance Information</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The performance information shows summary performance information for the Fund in a bar chart and an Average Annual Total Returns table. The information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and by showing how the Fund’s average annual returns compare with the returns of certain indexes.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> Absent any applicable fee waivers and/or </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">expense limitations, performance would have been lower. The bar chart shows performance of the Fund’s Institutional Class shares. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">Performance </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">for Class A shares in the Average Annual Total Returns table reflects the impact of sales charges.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> The Fund’s past performance, before and after </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">taxes, is not necessarily an indication of how the Fund will perform in the future.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> In addition to the Fund’s performance, the Average Annual </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">Total Returns table includes performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) a supplemental index. It is not possible to invest directly in an unmanaged index. The Fund’s regulatory index is the S&amp;P 500 Index. The Fund’s regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance. The S&amp;P 500 Index is an unmanaged market index generally considered representative of the stock market as a whole. The S&amp;P 500 Index is composed of 500 selected common stocks that represent approximately two-thirds of the total market value of all U.S. common stocks. The S&amp;P 500 Index focuses on the large-cap segment of the U.S. equities market. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The S&amp;P Target </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">Date 2030 Index is a supplemental index of the Fund. The index seeks to represent a broadly derived consensus for asset allocations that target a particular investment horizon, with asset class exposures driven by a survey of available target date funds for that horizon. These asset class exposures include U.S. large cap, U.S. mid cap, U.S. small cap, international equities, emerging markets, U.S. and international real estate investment trusts, core fixed income, short term treasuries, TIPS, high yield corporate bonds and commodities and are represented by exchange-traded funds in the Index calculation.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">Performance for the Fund is updated daily and quarterly and may be obtained as follows: daily and quarterly updates on the net asset value and performance page at </span><span style="color:#3333FF;font-family:Arial Narrow;font-size:10pt;">https://www.pimco.com/en-us/product-finder</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The performance information shows summary performance information for the Fund in a bar chart and an Average Annual Total Returns table. The information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and by showing how the Fund’s average annual returns compare with the returns of certain indexes.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">Performance </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">for Class A shares in the Average Annual Total Returns table reflects the impact of sales charges.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> The Fund’s past performance, before and after </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">taxes, is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The S&amp;P Target </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">Date 2030 Index is a supplemental index of the Fund. The index seeks to represent a broadly derived consensus for asset allocations that target a particular investment horizon, with asset class exposures driven by a survey of available target date funds for that horizon. These asset class exposures include U.S. large cap, U.S. mid cap, U.S. small cap, international equities, emerging markets, U.S. and international real estate investment trusts, core fixed income, short term treasuries, TIPS, high yield corporate bonds and commodities and are represented by exchange-traded funds in the Index calculation.</span> <span style="color:#3333FF;font-family:Arial Narrow;font-size:10pt;">https://www.pimco.com/en-us/product-finder</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:8pt;">Calendar Year Total Returns — Institutional Class</span> <span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">June 30, 2020</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;">14.10%</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">March 31, 2020</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;">-14.01%</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Year-to-Date</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">September 30, 2026</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;">5.08%</span> <span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter</span> 2020-06-30 0.1410 <span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.1401 <span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Year-to-Date</span> 2026-09-30 0.0508 <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Average Annual Total Returns (for periods ended 12/31/25)</span> 0.1513 0.0574 0.0834 0.1332 0.0416 0.0684 0.0900 0.0376 0.0602 0.0834 0.0406 0.0722 0.1788 0.1442 0.1482 0.1513 0.0707 0.0841 <span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">Actual after-tax </span><span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:8pt;"> In some cases the return after taxes may exceed the return before taxes due </span><span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">After-tax returns are for Institutional Class shares only. After-tax </span><span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">returns for other classes will vary.</span> <span style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Investment Objective</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to maximize total return, consistent with prudent investment management.</span> <span style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">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.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">$</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">50,000</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">in Class A shares of eligible funds offered by PIMCO Equity Series and PIMCO Funds.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> More information about these and other discounts is </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">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.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">$</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">50,000</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">in Class A shares of eligible funds offered by PIMCO Equity Series and PIMCO Funds.</span> 50000 50000 <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Shareholder Fees (fees paid directly from your investment):</span> 0 0.0550 0 0.0100 <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):</span> 0.0003 0.0023 0.0025 0.0001 0.0001 0.0050 0.0050 0.0054 0.0099 -0.0001 -0.0001 0.0053 0.0098 <span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">October 31, 2027</span> <span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">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.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Example.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> 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:</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">If you redeem your shares at the end of each period:</span> 54 172 301 676 644 847 1066 1695 <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">If you do not redeem your shares:</span> 644 847 1066 1695 <span style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">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 </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">37</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">% of the average value of its portfolio.</span> 0.37 <span style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The PIMCO REALPATH</span><span style="color:#333333;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> Blend 2035 Fund (the “Fund”) is intended for investors seeking professional management of a comprehensive asset allocation strategy for retirement savings. The Fund is managed for shareholders that plan to retire or begin withdrawing assets around the year 2035, the Fund’s target year.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> This is the “self-elected” year of </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">retirement for the investors in the Fund. The primary difference between the PIMCO REALPATH</span><span style="color:#333333;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> Blend Funds is their asset allocation, which varies depending on the number of years left until the “self-elected” year of retirement indicated in the PIMCO REALPATH</span><span style="color:#333333;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> Blend Fund’s name. The Fund’s allocation is intended to meaningfully reduce risk and </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">increasingly focus on preservation of capital as the target retirement date of the Fund nears. An investment in the Fund is not guaranteed, and you may experience losses, including losses near, at, or after the target year indicated in the Fund’s name. There is no guarantee that the Fund will provide adequate income at and through your retirement. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">In managing the Fund, PIMCO uses a three-step approach consisting of 1) developing and re-evaluating a long-term asset allocation “glide path”; 2) allocating between fixed income and equity exposures; and 3) utilizing hedging techniques to manage risks. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to achieve its investment objective 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 and credit qualities, or related derivatives, such as options, futures contracts, or swap agreements on any of the preceding securities mentioned.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> The “total return” sought by </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">the Fund generally may consist of income earned on the Fund’s investments, plus capital appreciation, if any, which may arise from decreases in interest rates, foreign currency appreciation, or improving credit fundamentals for a particular sector or security. 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. The Fund will invest in such funds, securities, instruments and other investments to the extent permitted under the 1940 Act, or any exemptive relief therefrom. To the extent the Fund invests in Underlying PIMCO Funds, PIMCO expects to select such Underlying PIMCO Funds without considering or canvassing the universe of available unaffiliated Acquired Funds. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Fund’s long-term asset allocations are based on a “glide path” developed by PIMCO and are based on quantitative and qualitative data relating to various risk metrics, long-term market trends, correlation of asset types and actuarial assumptions of life expectancy and retirement. The Fund’s current glide path asset allocation is based on its target date, which is the year in the name of the Fund. The target date assumes a retirement age of 65, and time horizons based on current longevity of persons reaching retirement in average health. Choosing a PIMCO REALPATH</span><span style="color:#333333;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> Blend Fund targeting an earlier date represents a more conservative choice; choosing a PIMCO REALPATH</span><span style="color:#333333;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> Blend Fund targeting a later date represents a more aggressive choice. The glide path is designed not only to reduce risk as the target retirement date </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">nears, but is also designed to provide investors diversification across a variety of asset classes. The glide path changes over time, generally becoming more conservative as the Fund approaches the target date. As the Fund approaches the target year indicated in the Fund's name, the total expense ratio of the Fund is expected to increase due to changes in expenses attributable to the Fund's Acquired Fund investments. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The chart below shows the glide path and illustrates how the allocation among the asset classes changes before and at the target date. The glide path allocation at the target date remains constant beyond that date. PIMCO may choose to modify the target asset allocations of the glide path itself from time to time. The Fund intends to rebalance its portfolio’s asset allocation to that of the glide path on a monthly basis. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">As the Fund reaches the target year indicated in the Fund’s name, it is anticipated that it will be combined with the PIMCO REALPATH</span><span style="color:#333333;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> Blend Income Fund, provided that the Board of Trustees determines that the combination would be in the best interests of both Funds and their respective shareholders. Prior to any combination, which is anticipated to occur on or after the target year indicated in the Fund’s name, the Fund will provide shareholders with advance notice regarding the combination. If and when such a combination occurs, shareholders of the Fund will become shareholders of the PIMCO REALPATH</span><span style="color:#333333;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> Blend Income Fund. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">As part of its investment process, PIMCO may seek to reduce exposure to certain risks by implementing various hedging transactions. These hedging transactions seek to reduce a Fund’s exposure to certain severe, unanticipated market events that could significantly detract from returns. PIMCO may utilize these hedging transactions, such as through the use of equity index put options, at such times as deemed appropriate by PIMCO. However, there can be no assurance that the Fund’s hedging transactions will be effective. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">PIMCO evaluates various combinations of affiliated or unaffiliated funds, securities, instruments and other investments to obtain the desired exposures and invests accordingly. Summary information about the Underlying PIMCO Funds can be found in the Fund’s prospectus. More complete information about the Underlying PIMCO Funds can be found in the Underlying PIMCO Funds’ prospectuses, statements of additional information and financial reports. Additional Underlying PIMCO Funds may be added or deleted in the future without notice.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The PIMCO REALPATH</span><span style="color:#333333;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> Blend 2035 Fund (the “Fund”) is intended for investors seeking professional management of a comprehensive asset allocation strategy for retirement savings. The Fund is managed for shareholders that plan to retire or begin withdrawing assets around the year 2035, the Fund’s target year.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to achieve its investment objective 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 and credit qualities, or related derivatives, such as options, futures contracts, or swap agreements on any of the preceding securities mentioned.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">It is possible to experience losses on an investment in the Fund.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Allocation Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the Fund could experience losses 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. There is no guarantee that the Fund's asset allocation strategy will be successful or that the markets in which the Fund invests will perform as expected</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Acquired Fund Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> 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 respective investment objectives. Investments in Acquired Funds that are exchange-traded funds are also subject to market risk, tracking error, the potential for trading at a discount or premium to their net asset value, bid/ask spread costs as well as the risks of the underlying securities they hold. In addition, the Fund’s performance will be reduced by the Fund’s proportionate amount of the expenses of any Acquired Funds in which it invests </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The following risks are principal risks of investing in the Fund that include risks from direct investments and/or indirect exposure through investment in Acquired Funds.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Equity Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the value of equity or equity-related securities such as common stocks and preferred securities, may decline due to general market conditions which are not specifically related to a particular company or to factors affecting a particular industry or industries. Equity or equity-related securities generally have greater price volatility than fixed income securities. In addition, preferred securities may be subject to greater credit risk or other risks, such as risks related to deferred and omitted distributions, limited voting rights, liquidity, interest rates, regulatory changes and special redemption rights </span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Value Investing Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that value stocks may decrease in price or may not increase in price as anticipated by PIMCO if they continue to be undervalued by the market or the factors that PIMCO believes will cause the stock price to increase do not occur</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Interest Rate Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that fixed income securities will fluctuate in value due to changes or the anticipation of changes 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 </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">duration. Factors such as government and central bank policy, inflation, the economy, and the market for bonds can impact interest rates and yields</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Call Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that an issuer may exercise its right to redeem a fixed income security earlier than expected (a call). Issuers may call outstanding securities prior to their maturity for a number of reasons including declining interest rates, changes in credit spreads and improvements in the issuer’s credit quality. If an issuer calls a security that the Fund has invested in, the Fund may not recoup the full amount of its initial investment or may not realize the full anticipated earnings from the investment and may be forced to reinvest in lower-yielding securities, securities with greater credit risks or securities with other, less favorable features</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Credit Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the Fund could experience losses if the issuer or guarantor of a fixed income security, the counterparty to a derivative contract or a repurchase agreement, a borrower of portfolio securities or the issuer or guarantor of collateral, is unable or unwilling, or is perceived (whether by market participants, rating agencies, pricing services or otherwise) as unable or unwilling, to meet its financial obligations</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">High Yield and Distressed Company Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that high yield securities and unrated securities of similar credit quality (commonly known as “junk bonds”) and securities of distressed companies may be subject to greater levels of market, credit, issuer and liquidity risks. Securities of distressed companies include both debt and equity securities. High yield securities and debt securities of distressed companies are considered primarily speculative by rating agencies with respect to the issuer’s continuing ability to make principal and interest payments. Distressed companies may be engaged in restructurings, bankruptcy proceedings or other financial difficulties, which may cause the value of their securities to fluctuate rapidly or unpredictably</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Market Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the value of securities owned by the Fund may fluctuate, sometimes rapidly or unpredictably, due to a variety of factors affecting securities markets generally or particular industries or sectors, including geopolitical events such as war, military conflict, acts of terrorism, social or political unrest, and the imposition of or threatened imposition of tariffs and other trade barriers, which could disrupt securities markets and adversely affect global economies and markets</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Issuer Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the value of a security may decline for reasons related to the issuer, such as management performance, changes in financial condition or credit rating, financial leverage, reputation or reduced demand for the issuer’s goods or services</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Liquidity Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that a particular investment may be difficult to purchase or sell and that the Fund may be unable to sell investments at an advantageous time or price or achieve its desired level of exposure to a certain sector. Liquidity risk may result from the lack of an active market, reduced number and capacity of traditional market participants to make a market in fixed income securities, credit tightening and may be magnified in changing interest rate environments or other </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">circumstances where investor redemptions from fixed income funds may be higher than normal, causing increased supply in the market due to selling activity. The liquidity of the Fund’s shares may be constrained by the liquidity of the Fund’s portfolio holdings</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Derivatives Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk of investing in derivative instruments (such as forwards, futures, options, swaps and structured securities) and other similar investments, including leverage, liquidity, interest rate, market, counterparty (including credit), operational, legal and management risks, and valuation complexity. Changes in the value of a derivative or other similar investment may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and the Fund could lose more than the initial amount invested. Derivatives used for hedging or risk management may not operate as intended or may expose the Fund to additional risks. 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. Non-centrally-cleared over-the-counter (“OTC”) derivatives or other similar investments are also subject to the risk that a counterparty to the transaction will not fulfill its contractual obligations to the other party, as many of the protections afforded to centrally-cleared derivative transactions might not be available for non-centrally-cleared OTC derivatives or other similar investments. The primary credit risk on derivatives or other similar investments that are exchange-traded or traded through a central clearing counterparty resides with the Fund's clearing broker or the clearinghouse. Changes in regulations relating to a registered fund’s use of derivatives and related instruments could potentially limit or impact the Fund’s ability to invest in derivatives, limit the Fund’s ability to employ certain strategies that use derivatives or other similar investments and/or adversely affect the value of derivatives or other similar investments and the Fund’s performance</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Commodity Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that investing in commodity-linked derivative instruments and commodities, either directly or indirectly through a subsidiary, may subject the Fund to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments or commodities may be affected by changes in overall market movements, foreign currency exchange rates, commodity index volatility, changes in inflation, interest rates, or supply and demand factors affecting a particular industry or commodity market, such as drought, floods, climate changes, weather, livestock disease, pandemics and public health emergencies, embargoes, taxation, war, terrorism, cyber hacking, economic and political developments, environmental proceedings, tariffs, sanctions, export controls, changes in storage costs, availability of transportation systems, and international economic, political and regulatory developments. Investments in commodities can also present risks associated with transportation and delivery, custody, storage and maintenance, illiquidity, and the unavailability of accurate market valuations of the commodity</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Mortgage-Related and Other Asset-Backed Securities Risk: </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">the risks of investing in mortgage-related and other asset-backed securities, including interest rate risk, extension risk, prepayment risk </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">and credit risk. The Fund may invest in any tranche of mortgage-related and other asset-backed securities, including junior and/or equity tranches (to the extent consistent with the Fund's guidelines), which generally carry higher levels of the foregoing risks </span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Foreign (Non-U.S.) Investment Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> 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 or less developed markets, differing financial reporting, accounting, corporate governance and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable U.S. or foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, political changes, diplomatic developments, trade restrictions (including tariffs) or the imposition of sanctions and other similar measures. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Real Estate Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> 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 risks related to losses from casualty or condemnation, changes in local and general economic conditions, fluctuations in supply and demand, interest rate changes, availability of mortgage financing and refinancing, defaults by borrowers or tenants, zoning laws, regulatory limitations on rents, property taxes,</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">insurance costs, lack of availability of insurance coverage, and operating expenses. The Fund’s investments in REITs or real estate-linked derivative instruments subject it to management and tax risks. In addition, REITs that are privately held or not traded on a national securities exchange may subject the Fund to liquidity and valuation risk</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Emerging Markets Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk of investing in emerging market securities, primarily increased foreign (non-U.S.) investment risk</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Sovereign Debt Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> 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 events resulting from an issuer’s inability or unwillingness to make principal or interest payments in a timely fashion</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Currency Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that foreign (non-U.S.) currencies may fluctuate in value relative to the U.S. dollar, which can affect the value of 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</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Leveraging Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> 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, and 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. The use of leverage may also increase the Fund’s sensitivity to interest rate changes and other market risks</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Small-Cap and Mid-Cap Company Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the value of securities issued by small-capitalization and mid-capitalization companies may fluctuate, sometimes rapidly and unpredictably, due to narrow markets and limited managerial and financial resources</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Management Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> 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 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</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Short Exposure Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> 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</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Tax Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> 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 of 1986, as amended, or otherwise affect the character, timing and/or amount of the Fund’s taxable income or gains and distributions</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Subsidiary Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that, by investing in certain Underlying PIMCO Funds that invest in a subsidiary (each a “Subsidiary”), the Fund is indirectly exposed to the risks associated with a Subsidiary’s investments. The Subsidiaries are not registered under the 1940 Act and may not be subject to all the investor protections of the 1940 Act. There is no guarantee that the investment objective of a Subsidiary will be achieved</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Convertible Securities Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> as convertible securities share both fixed income and equity characteristics, they are subject to risks to which fixed income and equity investments are subject. These risks include equity risk, interest rate risk,</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">market risk, liquidity risk and credit risk</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Exchange-Traded Fund Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that an exchange-traded fund may not achieve its investment objective, among other reasons, because of regulatory restrictions, including, for example, exchange rules, market prices of shares of an exchange-traded fund may fluctuate rapidly and materially, or shares of an exchange-traded fund may trade significantly above or below net asset value, any of which may cause losses to the Fund invested in the exchange-traded fund</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">China Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> investing in securities and instruments economically tied to the People’s Republic of China (excluding Hong Kong, Macau and Taiwan for the purpose of this disclosure) (“PRC”) subjects the Fund to certain of the risks of investing in foreign (non-U.S.) securities and emerging market securities, as well as other risks including, without </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">limitation, erratic growth, the unavailability of reliable economic or financial data, dependence on exports and international trade, asset price volatility, potential shortage of liquidity and limited accessibility by foreign (non-U.S.) investors (including as a result of sanctions), fluctuations in currency exchange rates, currency devaluation, the relatively small size and absence of operating history of many PRC companies, and the developing nature of the legal and regulatory framework for securities markets, custody arrangements and commerce</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Collateralized Loan Obligations Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that investing in collateralized loan obligations (“CLOs”) and other similarly structured investments exposes the Fund to heightened credit risk, interest rate risk, liquidity risk, market risk and prepayment and extension risk, as well as the risk of default on the underlying asset. In addition, investments in CLOs carry additional risks, including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) risks related to the capability of the servicer of the securitized assets; (iv) the risk that the Fund may invest in tranches of CLOs that are subordinate to other tranches; (v) the structure and complexity of the transaction and the legal documents may not be fully understood at the time of investment and could lead to disputes with the issuer or among investors regarding the characterization of proceeds or unexpected investment results; and (vi) the CLO's manager may perform poorly</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Contingent Convertible Securities Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risks of investing in contingent convertible securities, including the risk that interest payments may be cancelled by the issuer or a regulatory authority, the risk of ranking junior to other creditors in the event of a liquidation or other bankruptcy-related event as a result of holding subordinated debt, the risk of the Fund’s investment becoming further subordinated as a result of conversion from debt to equity, the risk of the Fund’s investment receiving less favorable treatment than equity of the issuer in certain situations, such as during periods of financial distress or regulatory intervention, the risk that principal amount due can be written down to a lesser amount (including potentially to zero), and the general risks applicable to fixed income investments, including interest rate risk, credit risk, market risk and liquidity risk, any of which could result in losses to the Fund</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Distribution Rate Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the Fund’s distribution rate may change unexpectedly as a result of numerous factors, including changes in realized and projected market returns, fluctuations in market interest rates, Fund performance and other factors</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Inflation-Indexed Security Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that inflation-indexed debt securities are subject to the actual or anticipated effects of changes in market interest rates caused by factors other than inflation (real interest rates). In general, the value of an inflation-indexed security, including U.S. Treasury Inflation-Protected Securities (“TIPS”), tends to decrease when real interest rates increase and can increase when real interest rates decrease. Interest payments on inflation-indexed securities are unpredictable and will fluctuate as the principal and interest are adjusted based on the rate of inflation. There can be no assurance that </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">the inflation index used will accurately measure the real rate of inflation in the prices of goods and services. Any increase in the principal amount of an inflation-indexed debt security will be considered taxable ordinary income, even though the Fund will not receive the principal until maturity</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Issuer Non-Diversification Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk of focusing investments on a small number of issuers, including being more susceptible to risks associated with a single economic, political or regulatory occurrence than a “diversified” portfolio might be. Funds that are “non-diversified” may invest a greater percentage of their assets in the securities of a single issuer (such as bonds issued by a particular state) than funds that are “diversified”</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">An </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Performance Information</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The performance information shows summary performance information for the Fund in a bar chart and an Average Annual Total Returns table. The information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and by showing how the Fund’s average annual returns compare with the returns of certain indexes.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> Absent any applicable fee waivers and/or </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">expense limitations, performance would have been lower. The bar chart shows performance of the Fund’s Institutional Class shares. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">Performance </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">for Class A shares in the Average Annual Total Returns table reflects the impact of sales charges.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> The Fund’s past performance, before and after </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">taxes, is not necessarily an indication of how the Fund will perform in the future.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> In addition to the Fund’s performance, the Average Annual </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">Total Returns table includes performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) a supplemental index. It is not possible to invest directly in an unmanaged index. The Fund’s regulatory index is the S&amp;P 500 Index. The Fund’s regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance. The S&amp;P 500 Index is an unmanaged market index generally considered representative of the stock market as a whole. The S&amp;P 500 Index is composed of 500 selected common stocks that represent approximately two-thirds of the total market value of all U.S. common stocks. The S&amp;P 500 Index focuses on the large-cap segment of the U.S. equities market. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The S&amp;P Target </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">Date 2035 Index is a supplemental index of the Fund. The index seeks to represent a broadly derived consensus for asset allocations that target a particular investment horizon, with asset class exposures driven by a survey of available target date funds for that horizon. These asset class exposures include U.S. large cap, U.S. mid cap, U.S. small cap, international equities, emerging markets, U.S. and international real estate investment trusts, core fixed income, short term treasuries, TIPS, high yield corporate bonds and commodities and are represented by exchange-traded funds in the Index calculation.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">Performance for the Fund is updated daily and quarterly and may be obtained as follows: daily and quarterly updates on the net asset value and performance page at </span><span style="color:#3333FF;font-family:Arial Narrow;font-size:10pt;">https://www.pimco.com/en-us/product-finder</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The performance information shows summary performance information for the Fund in a bar chart and an Average Annual Total Returns table. The information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and by showing how the Fund’s average annual returns compare with the returns of certain indexes.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">Performance </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">for Class A shares in the Average Annual Total Returns table reflects the impact of sales charges.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> The Fund’s past performance, before and after </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">taxes, is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The S&amp;P Target </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">Date 2035 Index is a supplemental index of the Fund. The index seeks to represent a broadly derived consensus for asset allocations that target a particular investment horizon, with asset class exposures driven by a survey of available target date funds for that horizon. These asset class exposures include U.S. large cap, U.S. mid cap, U.S. small cap, international equities, emerging markets, U.S. and international real estate investment trusts, core fixed income, short term treasuries, TIPS, high yield corporate bonds and commodities and are represented by exchange-traded funds in the Index calculation.</span> <span style="color:#3333FF;font-family:Arial Narrow;font-size:10pt;">https://www.pimco.com/en-us/product-finder</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:8pt;">Calendar Year Total Returns — Institutional Class</span> <span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">June 30, 2020</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;">15.30%</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">March 31, 2020</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;">-16.58%</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Year-to-Date</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">September 30, 2026</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;">7.11%</span> <span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter</span> 2020-06-30 0.1530 <span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.1658 <span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Year-to-Date</span> 2026-09-30 0.0711 <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Average Annual Total Returns (for periods ended 12/31/25)</span> 0.1691 0.0737 0.0931 0.1490 0.0581 0.0785 0.1035 0.0510 0.0688 0.0994 0.0568 0.0818 0.1788 0.1442 0.1482 0.1680 0.0819 0.0932 <span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">Actual after-tax </span><span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:8pt;"> In some cases the return after taxes may exceed the return before taxes due </span><span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">After-tax returns are for Institutional Class shares only. After-tax </span><span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">returns for other classes will vary.</span> <span style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Investment Objective</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to maximize total return, consistent with prudent investment management.</span> <span style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">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.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">$</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">50,000</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">in Class A shares of eligible funds offered by PIMCO Equity Series and PIMCO Funds.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> More information about these and other discounts is </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">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.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">$</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">50,000</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">in Class A shares of eligible funds offered by PIMCO Equity Series and PIMCO Funds.</span> 50000 50000 <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Shareholder Fees (fees paid directly from your investment):</span> 0 0.0550 0 0.0100 <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):</span> 0.0004 0.0024 0.0025 0.0001 0.0001 0.0033 0.0033 0.0038 0.0083 -0.0001 -0.0001 0.0037 0.0082 <span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">October 31, 2027</span> <span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">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.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Example.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> 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:</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">If you redeem your shares at the end of each period:</span> 38 121 212 480 629 799 984 1518 <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">If you do not redeem your shares:</span> 629 799 984 1518 <span style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">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 </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">38</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">% of the average value of its portfolio.</span> 0.38 <span style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The PIMCO REALPATH</span><span style="color:#333333;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> Blend 2040 Fund (the “Fund”) is intended for investors seeking professional management of a comprehensive asset allocation strategy for retirement savings. The Fund is managed for shareholders that plan to retire or begin withdrawing assets around the year 2040, the Fund’s target year.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> This is the “self-elected” year of </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">retirement for the investors in the Fund. The primary difference between the PIMCO REALPATH</span><span style="color:#333333;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> Blend Funds is their asset allocation, which varies depending on the number of years left until the “self-elected” year of retirement indicated in the PIMCO REALPATH</span><span style="color:#333333;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> Blend Fund’s name. The Fund’s allocation is intended to meaningfully reduce risk and </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">increasingly focus on preservation of capital as the target retirement date of the Fund nears. An investment in the Fund is not guaranteed, and you may experience losses, including losses near, at, or after the target year indicated in the Fund’s name. There is no guarantee that the Fund will provide adequate income at and through your retirement. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">In managing the Fund, PIMCO uses a three-step approach consisting of 1) developing and re-evaluating a long-term asset allocation “glide path”; 2) allocating between fixed income and equity exposures; and 3) utilizing hedging techniques to manage risks. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to achieve its investment objective 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 and credit qualities, or related derivatives, such as options, futures contracts, or swap agreements on any of the preceding securities mentioned.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> The “total return” sought by </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">the Fund generally may consist of income earned on the Fund’s investments, plus capital appreciation, if any, which may arise from decreases in interest rates, foreign currency appreciation, or improving credit fundamentals for a particular sector or security. 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. The Fund will invest in such funds, securities, instruments and other investments to the extent permitted under the 1940 Act, or any exemptive relief therefrom. To the extent the Fund invests in Underlying PIMCO Funds, PIMCO expects to select such Underlying PIMCO Funds without considering or canvassing the universe of available unaffiliated Acquired Funds. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Fund’s long-term asset allocations are based on a “glide path” developed by PIMCO and are based on quantitative and qualitative data relating to various risk metrics, long-term market trends, correlation of asset types and actuarial assumptions of life expectancy and retirement. The Fund’s current glide path asset allocation is based on its target date, which is the year in the name of the Fund. The target date assumes a retirement age of 65, and time horizons based on current longevity of persons reaching retirement in average health. Choosing a PIMCO REALPATH</span><span style="color:#333333;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> Blend Fund targeting an earlier date represents a more conservative choice; choosing a PIMCO REALPATH</span><span style="color:#333333;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> Blend Fund targeting a later date represents a more aggressive choice. The glide path is designed not only to reduce risk as the target retirement date </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">nears, but is also designed to provide investors diversification across a variety of asset classes. The glide path changes over time, generally becoming more conservative as the Fund approaches the target date. As the Fund approaches the target year indicated in the Fund's name, the total expense ratio of the Fund is expected to increase due to changes in expenses attributable to the Fund's Acquired Fund investments. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The chart below shows the glide path and illustrates how the allocation among the asset classes changes before and at the target date. The glide path allocation at the target date remains constant beyond that date. PIMCO may choose to modify the target asset allocations of the glide path itself from time to time. The Fund intends to rebalance its portfolio’s asset allocation to that of the glide path on a monthly basis. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">As the Fund reaches the target year indicated in the Fund’s name, it is anticipated that it will be combined with the PIMCO REALPATH</span><span style="color:#333333;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> Blend Income Fund, provided that the Board of Trustees determines that the combination would be in the best interests of both Funds and their respective shareholders. Prior to any combination, which is anticipated to occur on or after the target year indicated in the Fund’s name, the Fund will provide shareholders with advance notice regarding the combination. If and when such a combination occurs, shareholders of the Fund will become shareholders of the PIMCO REALPATH</span><span style="color:#333333;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> Blend Income Fund. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">As part of its investment process, PIMCO may seek to reduce exposure to certain risks by implementing various hedging transactions. These hedging transactions seek to reduce a Fund’s exposure to certain severe, unanticipated market events that could significantly detract from returns. PIMCO may utilize these hedging transactions, such as through the use of equity index put options, at such times as deemed appropriate by PIMCO. However, there can be no assurance that the Fund’s hedging transactions will be effective. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">PIMCO evaluates various combinations of affiliated or unaffiliated funds, securities, instruments and other investments to obtain the desired exposures and invests accordingly. Summary information about the Underlying PIMCO Funds can be found in the Fund’s prospectus. More complete information about the Underlying PIMCO Funds can be found in the Underlying PIMCO Funds’ prospectuses, statements of additional information and financial reports. Additional Underlying PIMCO Funds may be added or deleted in the future without notice.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The PIMCO REALPATH</span><span style="color:#333333;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> Blend 2040 Fund (the “Fund”) is intended for investors seeking professional management of a comprehensive asset allocation strategy for retirement savings. The Fund is managed for shareholders that plan to retire or begin withdrawing assets around the year 2040, the Fund’s target year.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to achieve its investment objective 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 and credit qualities, or related derivatives, such as options, futures contracts, or swap agreements on any of the preceding securities mentioned.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">It is possible to experience losses on an investment in the Fund.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Allocation Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the Fund could experience losses 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. There is no guarantee that the Fund's asset allocation strategy will be successful or that the markets in which the Fund invests will perform as expected</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Acquired Fund Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> 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 respective investment objectives. Investments in Acquired Funds that are exchange-traded funds are also subject to market risk, tracking error, the potential for trading at a discount or premium to their net asset value, bid/ask spread costs as well as the risks of the underlying securities they hold. In addition, the Fund’s performance will be reduced by the Fund’s proportionate amount of the expenses of any Acquired Funds in which it invests </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The following risks are principal risks of investing in the Fund that include risks from direct investments and/or indirect exposure through investment in Acquired Funds.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Equity Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the value of equity or equity-related securities such as common stocks and preferred securities, may decline due to general market conditions which are not specifically related to a particular company or to factors affecting a particular industry or industries. Equity or equity-related securities generally have greater price volatility than fixed income securities. In addition, preferred securities may be subject to greater credit risk or other risks, such as risks related to deferred and omitted distributions, limited voting rights, liquidity, interest rates, regulatory changes and special redemption rights </span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Value Investing Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that value stocks may decrease in price or may not increase in price as anticipated by PIMCO if they continue to be undervalued by the market or the factors that PIMCO believes will cause the stock price to increase do not occur</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Interest Rate Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that fixed income securities will fluctuate in value due to changes or the anticipation of changes 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 </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">duration. Factors such as government and central bank policy, inflation, the economy, and the market for bonds can impact interest rates and yields</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Call Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that an issuer may exercise its right to redeem a fixed income security earlier than expected (a call). Issuers may call outstanding securities prior to their maturity for a number of reasons including declining interest rates, changes in credit spreads and improvements in the issuer’s credit quality. If an issuer calls a security that the Fund has invested in, the Fund may not recoup the full amount of its initial investment or may not realize the full anticipated earnings from the investment and may be forced to reinvest in lower-yielding securities, securities with greater credit risks or securities with other, less favorable features</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Credit Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the Fund could experience losses if the issuer or guarantor of a fixed income security, the counterparty to a derivative contract or a repurchase agreement, a borrower of portfolio securities or the issuer or guarantor of collateral, is unable or unwilling, or is perceived (whether by market participants, rating agencies, pricing services or otherwise) as unable or unwilling, to meet its financial obligations</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">High Yield and Distressed Company Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that high yield securities and unrated securities of similar credit quality (commonly known as “junk bonds”) and securities of distressed companies may be subject to greater levels of market, credit, issuer and liquidity risks. Securities of distressed companies include both debt and equity securities. High yield securities and debt securities of distressed companies are considered primarily speculative by rating agencies with respect to the issuer’s continuing ability to make principal and interest payments. Distressed companies may be engaged in restructurings, bankruptcy proceedings or other financial difficulties, which may cause the value of their securities to fluctuate rapidly or unpredictably</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Market Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the value of securities owned by the Fund may fluctuate, sometimes rapidly or unpredictably, due to a variety of factors affecting securities markets generally or particular industries or sectors, including geopolitical events such as war, military conflict, acts of terrorism, social or political unrest, and the imposition of or threatened imposition of tariffs and other trade barriers, which could disrupt securities markets and adversely affect global economies and markets</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Issuer Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the value of a security may decline for reasons related to the issuer, such as management performance, changes in financial condition or credit rating, financial leverage, reputation or reduced demand for the issuer’s goods or services</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Liquidity Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that a particular investment may be difficult to purchase or sell and that the Fund may be unable to sell investments at an advantageous time or price or achieve its desired level of exposure to a certain sector. Liquidity risk may result from the lack of an active market, reduced number and capacity of traditional market participants to make a market in fixed income securities, credit tightening and may be magnified in changing interest rate environments or other </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">circumstances where investor redemptions from fixed income funds may be higher than normal, causing increased supply in the market due to selling activity. The liquidity of the Fund’s shares may be constrained by the liquidity of the Fund’s portfolio holdings</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Derivatives Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk of investing in derivative instruments (such as forwards, futures, options, swaps and structured securities) and other similar investments, including leverage, liquidity, interest rate, market, counterparty (including credit), operational, legal and management risks, and valuation complexity. Changes in the value of a derivative or other similar investment may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and the Fund could lose more than the initial amount invested. Derivatives used for hedging or risk management may not operate as intended or may expose the Fund to additional risks. 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. Non-centrally-cleared over-the-counter (“OTC”) derivatives or other similar investments are also subject to the risk that a counterparty to the transaction will not fulfill its contractual obligations to the other party, as many of the protections afforded to centrally-cleared derivative transactions might not be available for non-centrally-cleared OTC derivatives or other similar investments. The primary credit risk on derivatives or other similar investments that are exchange-traded or traded through a central clearing counterparty resides with the Fund's clearing broker or the clearinghouse. Changes in regulations relating to a registered fund’s use of derivatives and related instruments could potentially limit or impact the Fund’s ability to invest in derivatives, limit the Fund’s ability to employ certain strategies that use derivatives or other similar investments and/or adversely affect the value of derivatives or other similar investments and the Fund’s performance</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Commodity Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that investing in commodity-linked derivative instruments and commodities, either directly or indirectly through a subsidiary, may subject the Fund to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments or commodities may be affected by changes in overall market movements, foreign currency exchange rates, commodity index volatility, changes in inflation, interest rates, or supply and demand factors affecting a particular industry or commodity market, such as drought, floods, climate changes, weather, livestock disease, pandemics and public health emergencies, embargoes, taxation, war, terrorism, cyber hacking, economic and political developments, environmental proceedings, tariffs, sanctions, export controls, changes in storage costs, availability of transportation systems, and international economic, political and regulatory developments. Investments in commodities can also present risks associated with transportation and delivery, custody, storage and maintenance, illiquidity, and the unavailability of accurate market valuations of the commodity</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Mortgage-Related and Other Asset-Backed Securities Risk: </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">the risks of investing in mortgage-related and other asset-backed securities, including interest rate risk, extension risk, prepayment risk </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">and credit risk. The Fund may invest in any tranche of mortgage-related and other asset-backed securities, including junior and/or equity tranches (to the extent consistent with the Fund's guidelines), which generally carry higher levels of the foregoing risks </span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Foreign (Non-U.S.) Investment Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> 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 or less developed markets, differing financial reporting, accounting, corporate governance and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable U.S. or foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, political changes, diplomatic developments, trade restrictions (including tariffs) or the imposition of sanctions and other similar measures. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Real Estate Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> 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 risks related to losses from casualty or condemnation, changes in local and general economic conditions, fluctuations in supply and demand, interest rate changes, availability of mortgage financing and refinancing, defaults by borrowers or tenants, zoning laws, regulatory limitations on rents, property taxes,</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">insurance costs, lack of availability of insurance coverage, and operating expenses. The Fund’s investments in REITs or real estate-linked derivative instruments subject it to management and tax risks. In addition, REITs that are privately held or not traded on a national securities exchange may subject the Fund to liquidity and valuation risk</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Emerging Markets Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk of investing in emerging market securities, primarily increased foreign (non-U.S.) investment risk</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Sovereign Debt Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> 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 events resulting from an issuer’s inability or unwillingness to make principal or interest payments in a timely fashion</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Currency Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that foreign (non-U.S.) currencies may fluctuate in value relative to the U.S. dollar, which can affect the value of 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</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Leveraging Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> 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, and 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. The use of leverage may also increase the Fund’s sensitivity to interest rate changes and other market risks</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Small-Cap and Mid-Cap Company Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the value of securities issued by small-capitalization and mid-capitalization companies may fluctuate, sometimes rapidly and unpredictably, due to narrow markets and limited managerial and financial resources</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Management Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> 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 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</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Short Exposure Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> 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</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Tax Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> 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 of 1986, as amended, or otherwise affect the character, timing and/or amount of the Fund’s taxable income or gains and distributions</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Subsidiary Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that, by investing in certain Underlying PIMCO Funds that invest in a subsidiary (each a “Subsidiary”), the Fund is indirectly exposed to the risks associated with a Subsidiary’s investments. The Subsidiaries are not registered under the 1940 Act and may not be subject to all the investor protections of the 1940 Act. There is no guarantee that the investment objective of a Subsidiary will be achieved</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Convertible Securities Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> as convertible securities share both fixed income and equity characteristics, they are subject to risks to which fixed income and equity investments are subject. These risks include equity risk, interest rate risk,</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">market risk, liquidity risk and credit risk</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Exchange-Traded Fund Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that an exchange-traded fund may not achieve its investment objective, among other reasons, because of regulatory restrictions, including, for example, exchange rules, market prices of shares of an exchange-traded fund may fluctuate rapidly and materially, or shares of an exchange-traded fund may trade significantly above or below net asset value, any of which may cause losses to the Fund invested in the exchange-traded fund</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">China Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> investing in securities and instruments economically tied to the People’s Republic of China (excluding Hong Kong, Macau and Taiwan for the purpose of this disclosure) (“PRC”) subjects the Fund to certain of the risks of investing in foreign (non-U.S.) securities and emerging market securities, as well as other risks including, without </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">limitation, erratic growth, the unavailability of reliable economic or financial data, dependence on exports and international trade, asset price volatility, potential shortage of liquidity and limited accessibility by foreign (non-U.S.) investors (including as a result of sanctions), fluctuations in currency exchange rates, currency devaluation, the relatively small size and absence of operating history of many PRC companies, and the developing nature of the legal and regulatory framework for securities markets, custody arrangements and commerce</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Collateralized Loan Obligations Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that investing in collateralized loan obligations (“CLOs”) and other similarly structured investments exposes the Fund to heightened credit risk, interest rate risk, liquidity risk, market risk and prepayment and extension risk, as well as the risk of default on the underlying asset. In addition, investments in CLOs carry additional risks, including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) risks related to the capability of the servicer of the securitized assets; (iv) the risk that the Fund may invest in tranches of CLOs that are subordinate to other tranches; (v) the structure and complexity of the transaction and the legal documents may not be fully understood at the time of investment and could lead to disputes with the issuer or among investors regarding the characterization of proceeds or unexpected investment results; and (vi) the CLO's manager may perform poorly</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Contingent Convertible Securities Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risks of investing in contingent convertible securities, including the risk that interest payments may be cancelled by the issuer or a regulatory authority, the risk of ranking junior to other creditors in the event of a liquidation or other bankruptcy-related event as a result of holding subordinated debt, the risk of the Fund’s investment becoming further subordinated as a result of conversion from debt to equity, the risk of the Fund’s investment receiving less favorable treatment than equity of the issuer in certain situations, such as during periods of financial distress or regulatory intervention, the risk that principal amount due can be written down to a lesser amount (including potentially to zero), and the general risks applicable to fixed income investments, including interest rate risk, credit risk, market risk and liquidity risk, any of which could result in losses to the Fund</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Distribution Rate Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the Fund’s distribution rate may change unexpectedly as a result of numerous factors, including changes in realized and projected market returns, fluctuations in market interest rates, Fund performance and other factors</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Inflation-Indexed Security Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that inflation-indexed debt securities are subject to the actual or anticipated effects of changes in market interest rates caused by factors other than inflation (real interest rates). In general, the value of an inflation-indexed security, including U.S. Treasury Inflation-Protected Securities (“TIPS”), tends to decrease when real interest rates increase and can increase when real interest rates decrease. Interest payments on inflation-indexed securities are unpredictable and will fluctuate as the principal and interest are adjusted based on the rate of inflation. There can be no assurance that </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">the inflation index used will accurately measure the real rate of inflation in the prices of goods and services. Any increase in the principal amount of an inflation-indexed debt security will be considered taxable ordinary income, even though the Fund will not receive the principal until maturity</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Issuer Non-Diversification Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk of focusing investments on a small number of issuers, including being more susceptible to risks associated with a single economic, political or regulatory occurrence than a “diversified” portfolio might be. Funds that are “non-diversified” may invest a greater percentage of their assets in the securities of a single issuer (such as bonds issued by a particular state) than funds that are “diversified”</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">An </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Performance Information</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The performance information shows summary performance information for the Fund in a bar chart and an Average Annual Total Returns table. The information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and by showing how the Fund’s average annual returns compare with the returns of certain indexes.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> Absent any applicable fee waivers and/or </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">expense limitations, performance would have been lower. The bar chart shows performance of the Fund’s Institutional Class shares. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">Performance </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">for Class A shares in the Average Annual Total Returns table reflects the impact of sales charges.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> The Fund’s past performance, before and after </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">taxes, is not necessarily an indication of how the Fund will perform in the future.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> In addition to the Fund’s performance, the Average Annual </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">Total Returns table includes performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) a supplemental index. It is not possible to invest directly in an unmanaged index. The Fund’s regulatory index is the S&amp;P 500 Index. The Fund’s regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance. The S&amp;P 500 Index is an unmanaged market index generally considered representative of the stock market as a whole. The S&amp;P 500 Index is composed of 500 selected common stocks that represent approximately two-thirds of the total market value of all U.S. common stocks. The S&amp;P 500 Index focuses on the large-cap segment of the U.S. equities market. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The S&amp;P Target </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">Date 2040 Index is a supplemental index of the Fund. The index seeks to represent a broadly derived consensus for asset allocations that target a particular investment horizon, with asset class exposures driven by a survey of available target date funds for that horizon. These asset class exposures include U.S. large cap, U.S. mid cap, U.S. small cap, international equities, emerging markets, U.S. and international real estate investment trusts, core fixed income, short term treasuries, TIPS, high yield corporate bonds and commodities and are represented by exchange-traded funds in the Index calculation.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">Performance for the Fund is updated daily and quarterly and may be obtained as follows: daily and quarterly updates on the net asset value and performance page at </span><span style="color:#3333FF;font-family:Arial Narrow;font-size:10pt;">https://www.pimco.com/en-us/product-finder</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The performance information shows summary performance information for the Fund in a bar chart and an Average Annual Total Returns table. The information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and by showing how the Fund’s average annual returns compare with the returns of certain indexes.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">Performance </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">for Class A shares in the Average Annual Total Returns table reflects the impact of sales charges.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> The Fund’s past performance, before and after </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">taxes, is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The S&amp;P Target </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">Date 2040 Index is a supplemental index of the Fund. The index seeks to represent a broadly derived consensus for asset allocations that target a particular investment horizon, with asset class exposures driven by a survey of available target date funds for that horizon. These asset class exposures include U.S. large cap, U.S. mid cap, U.S. small cap, international equities, emerging markets, U.S. and international real estate investment trusts, core fixed income, short term treasuries, TIPS, high yield corporate bonds and commodities and are represented by exchange-traded funds in the Index calculation.</span> <span style="color:#3333FF;font-family:Arial Narrow;font-size:10pt;">https://www.pimco.com/en-us/product-finder</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:8pt;">Calendar Year Total Returns — Institutional Class</span> <span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">June 30, 2020</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;">16.31%</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">March 31, 2020</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;">-18.16%</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Year-to-Date</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">September 30, 2026</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;">9.11%</span> <span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter</span> 2020-06-30 0.1631 <span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.1816 <span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Year-to-Date</span> 2026-09-30 0.0911 <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Average Annual Total Returns (for periods ended 12/31/25)</span> 0.1834 0.0851 0.0997 0.1637 0.0701 0.0855 0.1127 0.0604 0.0747 0.1130 0.0678 0.0882 0.1788 0.1442 0.1482 0.1820 0.0918 0.1006 <span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">Actual after-tax </span><span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:8pt;"> In some cases the return after taxes may exceed the return before taxes due </span><span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">After-tax returns are for Institutional Class shares only. After-tax </span><span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">returns for other classes will vary.</span> <span style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Investment Objective</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to maximize total return, consistent with prudent investment management.</span> <span style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">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.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">$</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">50,000</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">in Class A shares of eligible funds offered by PIMCO Equity Series and PIMCO Funds.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> More information about these and other discounts is </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">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.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">$</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">50,000</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">in Class A shares of eligible funds offered by PIMCO Equity Series and PIMCO Funds.</span> 50000 50000 <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Shareholder Fees (fees paid directly from your investment):</span> 0 0.0550 0 0.0100 <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):</span> 0.0005 0.0025 0.0025 0.0001 0.0001 0.0022 0.0022 0.0028 0.0073 -0.0001 -0.0001 0.0027 0.0072 <span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">October 31, 2027</span> <span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">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.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Example.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> 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:</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">If you redeem your shares at the end of each period:</span> 28 89 157 355 619 770 933 1406 <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">If you do not redeem your shares:</span> 619 770 933 1406 <span style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">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 </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">35</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">% of the average value of its portfolio.</span> 0.35 <span style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The PIMCO REALPATH</span><span style="color:#333333;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> Blend 2045 Fund (the “Fund”) is intended for investors seeking professional management of a comprehensive asset allocation strategy for retirement savings. The Fund is managed for shareholders that plan to retire or begin withdrawing assets around the year 2045, the Fund’s target year.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> This is the “self-elected” year of </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">retirement for the investors in the Fund. The primary difference between the PIMCO REALPATH</span><span style="color:#333333;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> Blend Funds is their asset allocation, which varies depending on the number of years left until the “self-elected” year of retirement indicated in the PIMCO REALPATH</span><span style="color:#333333;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> Blend Fund’s name. The Fund’s allocation is intended to meaningfully reduce risk and </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">increasingly focus on preservation of capital as the target retirement date of the Fund nears. An investment in the Fund is not guaranteed, and you may experience losses, including losses near, at, or after the target year indicated in the Fund’s name. There is no guarantee that the Fund will provide adequate income at and through your retirement. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">In managing the Fund, PIMCO uses a three-step approach consisting of 1) developing and re-evaluating a long-term asset allocation “glide path”; 2) allocating between fixed income and equity exposures; and 3) utilizing hedging techniques to manage risks. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to achieve its investment objective 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 and credit qualities, or related derivatives, such as options, futures contracts, or swap agreements on any of the preceding securities mentioned.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> The “total return” sought by </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">the Fund generally may consist of income earned on the Fund’s investments, plus capital appreciation, if any, which may arise from decreases in interest rates, foreign currency appreciation, or improving credit fundamentals for a particular sector or security. 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. The Fund will invest in such funds, securities, instruments and other investments to the extent permitted under the 1940 Act, or any exemptive relief therefrom. To the extent the Fund invests in Underlying PIMCO Funds, PIMCO expects to select such Underlying PIMCO Funds without considering or canvassing the universe of available unaffiliated Acquired Funds. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Fund’s long-term asset allocations are based on a “glide path” developed by PIMCO and are based on quantitative and qualitative data relating to various risk metrics, long-term market trends, correlation of asset types and actuarial assumptions of life expectancy and retirement. The Fund’s current glide path asset allocation is based on its target date, which is the year in the name of the Fund. The target date assumes a retirement age of 65, and time horizons based on current longevity of persons reaching retirement in average health. Choosing a PIMCO REALPATH</span><span style="color:#333333;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> Blend Fund targeting an earlier date represents a more conservative choice; choosing a PIMCO REALPATH</span><span style="color:#333333;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> Blend Fund targeting a later date represents a more aggressive choice. The glide path is designed not only to reduce risk as the target retirement date </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">nears, but is also designed to provide investors diversification across a variety of asset classes. The glide path changes over time, generally becoming more conservative as the Fund approaches the target date. As the Fund approaches the target year indicated in the Fund's name, the total expense ratio of the Fund is expected to increase due to changes in expenses attributable to the Fund's Acquired Fund investments. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The chart below shows the glide path and illustrates how the allocation among the asset classes changes before and at the target date. The glide path allocation at the target date remains constant beyond that date. PIMCO may choose to modify the target asset allocations of the glide path itself from time to time. The Fund intends to rebalance its portfolio’s asset allocation to that of the glide path on a monthly basis. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">As the Fund reaches the target year indicated in the Fund’s name, it is anticipated that it will be combined with the PIMCO REALPATH</span><span style="color:#333333;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> Blend Income Fund, provided that the Board of Trustees determines that the combination would be in the best interests of both Funds and their respective shareholders. Prior to any combination, which is anticipated to occur on or after the target year indicated in the Fund’s name, the Fund will provide shareholders with advance notice regarding the combination. If and when such a combination occurs, shareholders of the Fund will become shareholders of the PIMCO REALPATH</span><span style="color:#333333;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> Blend Income Fund. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">As part of its investment process, PIMCO may seek to reduce exposure to certain risks by implementing various hedging transactions. These hedging transactions seek to reduce a Fund’s exposure to certain severe, unanticipated market events that could significantly detract from returns. PIMCO may utilize these hedging transactions, such as through the use of equity index put options, at such times as deemed appropriate by PIMCO. However, there can be no assurance that the Fund’s hedging transactions will be effective. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">PIMCO evaluates various combinations of affiliated or unaffiliated funds, securities, instruments and other investments to obtain the desired exposures and invests accordingly. Summary information about the Underlying PIMCO Funds can be found in the Fund’s prospectus. More complete information about the Underlying PIMCO Funds can be found in the Underlying PIMCO Funds’ prospectuses, statements of additional information and financial reports. Additional Underlying PIMCO Funds may be added or deleted in the future without notice.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The PIMCO REALPATH</span><span style="color:#333333;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> Blend 2045 Fund (the “Fund”) is intended for investors seeking professional management of a comprehensive asset allocation strategy for retirement savings. The Fund is managed for shareholders that plan to retire or begin withdrawing assets around the year 2045, the Fund’s target year.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to achieve its investment objective 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 and credit qualities, or related derivatives, such as options, futures contracts, or swap agreements on any of the preceding securities mentioned.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">It is possible to experience losses on an investment in the Fund.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Allocation Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the Fund could experience losses 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. There is no guarantee that the Fund's asset allocation strategy will be successful or that the markets in which the Fund invests will perform as expected</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Acquired Fund Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> 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 respective investment objectives. Investments in Acquired Funds that are exchange-traded funds are also subject to market risk, tracking error, the potential for trading at a discount or premium to their net asset value, bid/ask spread costs as well as the risks of the underlying securities they hold. In addition, the Fund’s performance will be reduced by the Fund’s proportionate amount of the expenses of any Acquired Funds in which it invests </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The following risks are principal risks of investing in the Fund that include risks from direct investments and/or indirect exposure through investment in Acquired Funds.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Equity Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the value of equity or equity-related securities such as common stocks and preferred securities, may decline due to general market conditions which are not specifically related to a particular company or to factors affecting a particular industry or industries. Equity or equity-related securities generally have greater price volatility than fixed income securities. In addition, preferred securities may be subject to greater credit risk or other risks, such as risks related to deferred and omitted distributions, limited voting rights, liquidity, interest rates, regulatory changes and special redemption rights </span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Value Investing Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that value stocks may decrease in price or may not increase in price as anticipated by PIMCO if they continue to be undervalued by the market or the factors that PIMCO believes will cause the stock price to increase do not occur</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Interest Rate Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that fixed income securities will fluctuate in value due to changes or the anticipation of changes 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 </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">duration. Factors such as government and central bank policy, inflation, the economy, and the market for bonds can impact interest rates and yields</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Call Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that an issuer may exercise its right to redeem a fixed income security earlier than expected (a call). Issuers may call outstanding securities prior to their maturity for a number of reasons including declining interest rates, changes in credit spreads and improvements in the issuer’s credit quality. If an issuer calls a security that the Fund has invested in, the Fund may not recoup the full amount of its initial investment or may not realize the full anticipated earnings from the investment and may be forced to reinvest in lower-yielding securities, securities with greater credit risks or securities with other, less favorable features</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Credit Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the Fund could experience losses if the issuer or guarantor of a fixed income security, the counterparty to a derivative contract or a repurchase agreement, a borrower of portfolio securities or the issuer or guarantor of collateral, is unable or unwilling, or is perceived (whether by market participants, rating agencies, pricing services or otherwise) as unable or unwilling, to meet its financial obligations</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">High Yield and Distressed Company Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that high yield securities and unrated securities of similar credit quality (commonly known as “junk bonds”) and securities of distressed companies may be subject to greater levels of market, credit, issuer and liquidity risks. Securities of distressed companies include both debt and equity securities. High yield securities and debt securities of distressed companies are considered primarily speculative by rating agencies with respect to the issuer’s continuing ability to make principal and interest payments. Distressed companies may be engaged in restructurings, bankruptcy proceedings or other financial difficulties, which may cause the value of their securities to fluctuate rapidly or unpredictably</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Market Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the value of securities owned by the Fund may fluctuate, sometimes rapidly or unpredictably, due to a variety of factors affecting securities markets generally or particular industries or sectors, including geopolitical events such as war, military conflict, acts of terrorism, social or political unrest, and the imposition of or threatened imposition of tariffs and other trade barriers, which could disrupt securities markets and adversely affect global economies and markets</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Issuer Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the value of a security may decline for reasons related to the issuer, such as management performance, changes in financial condition or credit rating, financial leverage, reputation or reduced demand for the issuer’s goods or services</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Liquidity Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that a particular investment may be difficult to purchase or sell and that the Fund may be unable to sell investments at an advantageous time or price or achieve its desired level of exposure to a certain sector. Liquidity risk may result from the lack of an active market, reduced number and capacity of traditional market participants to make a market in fixed income securities, credit tightening and may be magnified in changing interest rate environments or other </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">circumstances where investor redemptions from fixed income funds may be higher than normal, causing increased supply in the market due to selling activity. The liquidity of the Fund’s shares may be constrained by the liquidity of the Fund’s portfolio holdings</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Derivatives Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk of investing in derivative instruments (such as forwards, futures, options, swaps and structured securities) and other similar investments, including leverage, liquidity, interest rate, market, counterparty (including credit), operational, legal and management risks, and valuation complexity. Changes in the value of a derivative or other similar investment may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and the Fund could lose more than the initial amount invested. Derivatives used for hedging or risk management may not operate as intended or may expose the Fund to additional risks. 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. Non-centrally-cleared over-the-counter (“OTC”) derivatives or other similar investments are also subject to the risk that a counterparty to the transaction will not fulfill its contractual obligations to the other party, as many of the protections afforded to centrally-cleared derivative transactions might not be available for non-centrally-cleared OTC derivatives or other similar investments. The primary credit risk on derivatives or other similar investments that are exchange-traded or traded through a central clearing counterparty resides with the Fund's clearing broker or the clearinghouse. Changes in regulations relating to a registered fund’s use of derivatives and related instruments could potentially limit or impact the Fund’s ability to invest in derivatives, limit the Fund’s ability to employ certain strategies that use derivatives or other similar investments and/or adversely affect the value of derivatives or other similar investments and the Fund’s performance</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Commodity Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that investing in commodity-linked derivative instruments and commodities, either directly or indirectly through a subsidiary, may subject the Fund to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments or commodities may be affected by changes in overall market movements, foreign currency exchange rates, commodity index volatility, changes in inflation, interest rates, or supply and demand factors affecting a particular industry or commodity market, such as drought, floods, climate changes, weather, livestock disease, pandemics and public health emergencies, embargoes, taxation, war, terrorism, cyber hacking, economic and political developments, environmental proceedings, tariffs, sanctions, export controls, changes in storage costs, availability of transportation systems, and international economic, political and regulatory developments. Investments in commodities can also present risks associated with transportation and delivery, custody, storage and maintenance, illiquidity, and the unavailability of accurate market valuations of the commodity</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Mortgage-Related and Other Asset-Backed Securities Risk: </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">the risks of investing in mortgage-related and other asset-backed securities, including interest rate risk, extension risk, prepayment risk </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">and credit risk. The Fund may invest in any tranche of mortgage-related and other asset-backed securities, including junior and/or equity tranches (to the extent consistent with the Fund's guidelines), which generally carry higher levels of the foregoing risks </span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Foreign (Non-U.S.) Investment Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> 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 or less developed markets, differing financial reporting, accounting, corporate governance and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable U.S. or foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, political changes, diplomatic developments, trade restrictions (including tariffs) or the imposition of sanctions and other similar measures. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Real Estate Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> 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 risks related to losses from casualty or condemnation, changes in local and general economic conditions, fluctuations in supply and demand, interest rate changes, availability of mortgage financing and refinancing, defaults by borrowers or tenants, zoning laws, regulatory limitations on rents, property taxes,</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">insurance costs, lack of availability of insurance coverage, and operating expenses. The Fund’s investments in REITs or real estate-linked derivative instruments subject it to management and tax risks. In addition, REITs that are privately held or not traded on a national securities exchange may subject the Fund to liquidity and valuation risk</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Emerging Markets Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk of investing in emerging market securities, primarily increased foreign (non-U.S.) investment risk</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Sovereign Debt Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> 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 events resulting from an issuer’s inability or unwillingness to make principal or interest payments in a timely fashion</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Currency Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that foreign (non-U.S.) currencies may fluctuate in value relative to the U.S. dollar, which can affect the value of 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</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Leveraging Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> 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, and 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. The use of leverage may also increase the Fund’s sensitivity to interest rate changes and other market risks</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Small-Cap and Mid-Cap Company Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the value of securities issued by small-capitalization and mid-capitalization companies may fluctuate, sometimes rapidly and unpredictably, due to narrow markets and limited managerial and financial resources</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Management Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> 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 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</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Short Exposure Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> 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</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Tax Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> 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 of 1986, as amended, or otherwise affect the character, timing and/or amount of the Fund’s taxable income or gains and distributions</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Subsidiary Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that, by investing in certain Underlying PIMCO Funds that invest in a subsidiary (each a “Subsidiary”), the Fund is indirectly exposed to the risks associated with a Subsidiary’s investments. The Subsidiaries are not registered under the 1940 Act and may not be subject to all the investor protections of the 1940 Act. There is no guarantee that the investment objective of a Subsidiary will be achieved</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Convertible Securities Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> as convertible securities share both fixed income and equity characteristics, they are subject to risks to which fixed income and equity investments are subject. These risks include equity risk, interest rate risk,</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">market risk, liquidity risk and credit risk</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Exchange-Traded Fund Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that an exchange-traded fund may not achieve its investment objective, among other reasons, because of regulatory restrictions, including, for example, exchange rules, market prices of shares of an exchange-traded fund may fluctuate rapidly and materially, or shares of an exchange-traded fund may trade significantly above or below net asset value, any of which may cause losses to the Fund invested in the exchange-traded fund</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">China Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> investing in securities and instruments economically tied to the People’s Republic of China (excluding Hong Kong, Macau and Taiwan for the purpose of this disclosure) (“PRC”) subjects the Fund to certain of the risks of investing in foreign (non-U.S.) securities and emerging market securities, as well as other risks including, without </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">limitation, erratic growth, the unavailability of reliable economic or financial data, dependence on exports and international trade, asset price volatility, potential shortage of liquidity and limited accessibility by foreign (non-U.S.) investors (including as a result of sanctions), fluctuations in currency exchange rates, currency devaluation, the relatively small size and absence of operating history of many PRC companies, and the developing nature of the legal and regulatory framework for securities markets, custody arrangements and commerce</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Collateralized Loan Obligations Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that investing in collateralized loan obligations (“CLOs”) and other similarly structured investments exposes the Fund to heightened credit risk, interest rate risk, liquidity risk, market risk and prepayment and extension risk, as well as the risk of default on the underlying asset. In addition, investments in CLOs carry additional risks, including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) risks related to the capability of the servicer of the securitized assets; (iv) the risk that the Fund may invest in tranches of CLOs that are subordinate to other tranches; (v) the structure and complexity of the transaction and the legal documents may not be fully understood at the time of investment and could lead to disputes with the issuer or among investors regarding the characterization of proceeds or unexpected investment results; and (vi) the CLO's manager may perform poorly</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Contingent Convertible Securities Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risks of investing in contingent convertible securities, including the risk that interest payments may be cancelled by the issuer or a regulatory authority, the risk of ranking junior to other creditors in the event of a liquidation or other bankruptcy-related event as a result of holding subordinated debt, the risk of the Fund’s investment becoming further subordinated as a result of conversion from debt to equity, the risk of the Fund’s investment receiving less favorable treatment than equity of the issuer in certain situations, such as during periods of financial distress or regulatory intervention, the risk that principal amount due can be written down to a lesser amount (including potentially to zero), and the general risks applicable to fixed income investments, including interest rate risk, credit risk, market risk and liquidity risk, any of which could result in losses to the Fund</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Distribution Rate Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the Fund’s distribution rate may change unexpectedly as a result of numerous factors, including changes in realized and projected market returns, fluctuations in market interest rates, Fund performance and other factors</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Inflation-Indexed Security Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that inflation-indexed debt securities are subject to the actual or anticipated effects of changes in market interest rates caused by factors other than inflation (real interest rates). In general, the value of an inflation-indexed security, including U.S. Treasury Inflation-Protected Securities (“TIPS”), tends to decrease when real interest rates increase and can increase when real interest rates decrease. Interest payments on inflation-indexed securities are unpredictable and will fluctuate as the principal and interest are adjusted based on the rate of inflation. There can be no assurance that </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">the inflation index used will accurately measure the real rate of inflation in the prices of goods and services. Any increase in the principal amount of an inflation-indexed debt security will be considered taxable ordinary income, even though the Fund will not receive the principal until maturity</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Issuer Non-Diversification Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk of focusing investments on a small number of issuers, including being more susceptible to risks associated with a single economic, political or regulatory occurrence than a “diversified” portfolio might be. Funds that are “non-diversified” may invest a greater percentage of their assets in the securities of a single issuer (such as bonds issued by a particular state) than funds that are “diversified”</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">An </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Performance Information</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The performance information shows summary performance information for the Fund in a bar chart and an Average Annual Total Returns table. The information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and by showing how the Fund’s average annual returns compare with the returns of certain indexes.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> Absent any applicable fee waivers and/or </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">expense limitations, performance would have been lower. The bar chart shows performance of the Fund’s Institutional Class shares. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">Performance </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">for Class A shares in the Average Annual Total Returns table reflects the impact of sales charges.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> The Fund’s past performance, before and after </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">taxes, is not necessarily an indication of how the Fund will perform in the future.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> In addition to the Fund’s performance, the Average Annual </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">Total Returns table includes performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) a supplemental index. It is not possible to invest directly in an unmanaged index. The Fund’s regulatory index is the S&amp;P 500 Index. The Fund’s regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance. The S&amp;P 500 Index is an unmanaged market index generally considered representative of the stock market as a whole. The S&amp;P 500 Index is composed of 500 selected common stocks that represent approximately two-thirds of the total market value of all U.S. common stocks. The S&amp;P 500 Index focuses on the large-cap segment of the U.S. equities market. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The S&amp;P Target </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">Date 2045 Index is a supplemental index of the Fund. The index seeks to represent a broadly derived consensus for asset allocations that target a particular investment horizon, with asset class exposures driven by a survey of available target date funds for that horizon. These asset class exposures include U.S. large cap, U.S. mid cap, U.S. small cap, international equities, emerging markets, U.S. and international real estate investment trusts, core fixed income, short term treasuries, TIPS, high yield corporate bonds and commodities and are represented by exchange-traded funds in the Index calculation.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">Performance for the Fund is updated daily and quarterly and may be obtained as follows: daily and quarterly updates on the net asset value and performance page at </span><span style="color:#3333FF;font-family:Arial Narrow;font-size:10pt;">https://www.pimco.com/en-us/product-finder</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The performance information shows summary performance information for the Fund in a bar chart and an Average Annual Total Returns table. The information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and by showing how the Fund’s average annual returns compare with the returns of certain indexes.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">Performance </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">for Class A shares in the Average Annual Total Returns table reflects the impact of sales charges.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> The Fund’s past performance, before and after </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">taxes, is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The S&amp;P Target </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">Date 2045 Index is a supplemental index of the Fund. The index seeks to represent a broadly derived consensus for asset allocations that target a particular investment horizon, with asset class exposures driven by a survey of available target date funds for that horizon. These asset class exposures include U.S. large cap, U.S. mid cap, U.S. small cap, international equities, emerging markets, U.S. and international real estate investment trusts, core fixed income, short term treasuries, TIPS, high yield corporate bonds and commodities and are represented by exchange-traded funds in the Index calculation.</span> <span style="color:#3333FF;font-family:Arial Narrow;font-size:10pt;">https://www.pimco.com/en-us/product-finder</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:8pt;">Calendar Year Total Returns — Institutional Class</span> <span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">June 30, 2020</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;">17.20%</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">March 31, 2020</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;">-19.46%</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Year-to-Date</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">September 30, 2026</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;">10.56%</span> <span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter</span> 2020-06-30 0.1720 <span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.1946 <span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Year-to-Date</span> 2026-09-30 0.1056 <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Average Annual Total Returns (for periods ended 12/31/25)</span> 0.1981 0.0940 0.1050 0.1811 0.0796 0.0913 0.1203 0.0678 0.0795 0.1265 0.0767 0.0933 0.1788 0.1442 0.1482 0.1948 0.0984 0.1054 <span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">Actual after-tax </span><span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:8pt;"> In some cases the return after taxes may exceed the return before taxes due </span><span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">After-tax returns are for Institutional Class shares only. After-tax </span><span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">returns for other classes will vary.</span> <span style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Investment Objective</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to maximize total return, consistent with prudent investment management.</span> <span style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">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.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">$</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">50,000</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">in Class A shares of eligible funds offered by PIMCO Equity Series and PIMCO Funds.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> More information about these and other discounts is </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">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.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">$</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">50,000</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">in Class A shares of eligible funds offered by PIMCO Equity Series and PIMCO Funds.</span> 50000 50000 <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Shareholder Fees (fees paid directly from your investment):</span> 0 0.0550 0 0.0100 <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):</span> 0.0005 0.0025 0.0025 0.0001 0.0001 0.0014 0.0014 0.0020 0.0065 -0.0001 -0.0001 0.0019 0.0064 <span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">October 31, 2027</span> <span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">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.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Example.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> 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:</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">If you redeem your shares at the end of each period:</span> 20 64 112 254 612 746 891 1315 <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">If you do not redeem your shares:</span> 612 746 891 1315 <span style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">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 </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">29</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">% of the average value of its portfolio.</span> 0.29 <span style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The PIMCO REALPATH</span><span style="color:#333333;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> Blend 2050 Fund (the “Fund”) is intended for investors seeking professional management of a comprehensive asset allocation strategy for retirement savings. The Fund is managed for shareholders that plan to retire or begin withdrawing assets around the year 2050, the Fund’s target year.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> This is the “self-elected” year of </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">retirement for the investors in the Fund. The primary difference between the PIMCO REALPATH</span><span style="color:#333333;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> Blend Funds is their asset allocation, which varies depending on the number of years left until the “self-elected” year of retirement indicated in the PIMCO REALPATH</span><span style="color:#333333;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> Blend Fund’s name. The Fund’s allocation is intended to meaningfully reduce risk and </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">increasingly focus on preservation of capital as the target retirement date of the Fund nears. An investment in the Fund is not guaranteed, and you may experience losses, including losses near, at, or after the target year indicated in the Fund’s name. There is no guarantee that the Fund will provide adequate income at and through your retirement. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">In managing the Fund, PIMCO uses a three-step approach consisting of 1) developing and re-evaluating a long-term asset allocation “glide path”; 2) allocating between fixed income and equity exposures; and 3) utilizing hedging techniques to manage risks. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to achieve its investment objective 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 and credit qualities, or related derivatives, such as options, futures contracts, or swap agreements on any of the preceding securities mentioned.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> The “total return” sought by </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">the Fund generally may consist of income earned on the Fund’s investments, plus capital appreciation, if any, which may arise from decreases in interest rates, foreign currency appreciation, or improving credit fundamentals for a particular sector or security. 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. The Fund will invest in such funds, securities, instruments and other investments to the extent permitted under the 1940 Act, or any exemptive relief therefrom. To the extent the Fund invests in Underlying PIMCO Funds, PIMCO expects to select such Underlying PIMCO Funds without considering or canvassing the universe of available unaffiliated Acquired Funds. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Fund’s long-term asset allocations are based on a “glide path” developed by PIMCO and are based on quantitative and qualitative data relating to various risk metrics, long-term market trends, correlation of asset types and actuarial assumptions of life expectancy and retirement. The Fund’s current glide path asset allocation is based on its target date, which is the year in the name of the Fund. The target date assumes a retirement age of 65, and time horizons based on current longevity of persons reaching retirement in average health. Choosing a PIMCO REALPATH</span><span style="color:#333333;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> Blend Fund targeting an earlier date represents a more conservative choice; choosing a PIMCO REALPATH</span><span style="color:#333333;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> Blend Fund targeting a later date represents a more aggressive choice. The glide path is designed not only to reduce risk as the target retirement date </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">nears, but is also designed to provide investors diversification across a variety of asset classes. The glide path changes over time, generally becoming more conservative as the Fund approaches the target date. As the Fund approaches the target year indicated in the Fund's name, the total expense ratio of the Fund is expected to increase due to changes in expenses attributable to the Fund's Acquired Fund investments. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The chart below shows the glide path and illustrates how the allocation among the asset classes changes before and at the target date. The glide path allocation at the target date remains constant beyond that date. PIMCO may choose to modify the target asset allocations of the glide path itself from time to time. The Fund intends to rebalance its portfolio’s asset allocation to that of the glide path on a monthly basis. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">As the Fund reaches the target year indicated in the Fund’s name, it is anticipated that it will be combined with the PIMCO REALPATH</span><span style="color:#333333;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> Blend Income Fund, provided that the Board of Trustees determines that the combination would be in the best interests of both Funds and their respective shareholders. Prior to any combination, which is anticipated to occur on or after the target year indicated in the Fund’s name, the Fund will provide shareholders with advance notice regarding the combination. If and when such a combination occurs, shareholders of the Fund will become shareholders of the PIMCO REALPATH</span><span style="color:#333333;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> Blend Income Fund. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">As part of its investment process, PIMCO may seek to reduce exposure to certain risks by implementing various hedging transactions. These hedging transactions seek to reduce a Fund’s exposure to certain severe, unanticipated market events that could significantly detract from returns. PIMCO may utilize these hedging transactions, such as through the use of equity index put options, at such times as deemed appropriate by PIMCO. However, there can be no assurance that the Fund’s hedging transactions will be effective. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">PIMCO evaluates various combinations of affiliated or unaffiliated funds, securities, instruments and other investments to obtain the desired exposures and invests accordingly. Summary information about the Underlying PIMCO Funds can be found in the Fund’s prospectus. More complete information about the Underlying PIMCO Funds can be found in the Underlying PIMCO Funds’ prospectuses, statements of additional information and financial reports. Additional Underlying PIMCO Funds may be added or deleted in the future without notice.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The PIMCO REALPATH</span><span style="color:#333333;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> Blend 2050 Fund (the “Fund”) is intended for investors seeking professional management of a comprehensive asset allocation strategy for retirement savings. The Fund is managed for shareholders that plan to retire or begin withdrawing assets around the year 2050, the Fund’s target year.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to achieve its investment objective 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 and credit qualities, or related derivatives, such as options, futures contracts, or swap agreements on any of the preceding securities mentioned.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">It is possible to experience losses on an investment in the Fund.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Allocation Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the Fund could experience losses 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. There is no guarantee that the Fund's asset allocation strategy will be successful or that the markets in which the Fund invests will perform as expected</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Acquired Fund Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> 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 respective investment objectives. Investments in Acquired Funds that are exchange-traded funds are also subject to market risk, tracking error, the potential for trading at a discount or premium to their net asset value, bid/ask spread costs as well as the risks of the underlying securities they hold. In addition, the Fund’s performance will be reduced by the Fund’s proportionate amount of the expenses of any Acquired Funds in which it invests </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The following risks are principal risks of investing in the Fund that include risks from direct investments and/or indirect exposure through investment in Acquired Funds.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Equity Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the value of equity or equity-related securities such as common stocks and preferred securities, may decline due to general market conditions which are not specifically related to a particular company or to factors affecting a particular industry or industries. Equity or equity-related securities generally have greater price volatility than fixed income securities. In addition, preferred securities may be subject to greater credit risk or other risks, such as risks related to deferred and omitted distributions, limited voting rights, liquidity, interest rates, regulatory changes and special redemption rights </span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Value Investing Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that value stocks may decrease in price or may not increase in price as anticipated by PIMCO if they continue to be undervalued by the market or the factors that PIMCO believes will cause the stock price to increase do not occur</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Interest Rate Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that fixed income securities will fluctuate in value due to changes or the anticipation of changes 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 </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">duration. Factors such as government and central bank policy, inflation, the economy, and the market for bonds can impact interest rates and yields</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Call Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that an issuer may exercise its right to redeem a fixed income security earlier than expected (a call). Issuers may call outstanding securities prior to their maturity for a number of reasons including declining interest rates, changes in credit spreads and improvements in the issuer’s credit quality. If an issuer calls a security that the Fund has invested in, the Fund may not recoup the full amount of its initial investment or may not realize the full anticipated earnings from the investment and may be forced to reinvest in lower-yielding securities, securities with greater credit risks or securities with other, less favorable features</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Credit Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the Fund could experience losses if the issuer or guarantor of a fixed income security, the counterparty to a derivative contract or a repurchase agreement, a borrower of portfolio securities or the issuer or guarantor of collateral, is unable or unwilling, or is perceived (whether by market participants, rating agencies, pricing services or otherwise) as unable or unwilling, to meet its financial obligations</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">High Yield and Distressed Company Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that high yield securities and unrated securities of similar credit quality (commonly known as “junk bonds”) and securities of distressed companies may be subject to greater levels of market, credit, issuer and liquidity risks. Securities of distressed companies include both debt and equity securities. High yield securities and debt securities of distressed companies are considered primarily speculative by rating agencies with respect to the issuer’s continuing ability to make principal and interest payments. Distressed companies may be engaged in restructurings, bankruptcy proceedings or other financial difficulties, which may cause the value of their securities to fluctuate rapidly or unpredictably</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Market Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the value of securities owned by the Fund may fluctuate, sometimes rapidly or unpredictably, due to a variety of factors affecting securities markets generally or particular industries or sectors, including geopolitical events such as war, military conflict, acts of terrorism, social or political unrest, and the imposition of or threatened imposition of tariffs and other trade barriers, which could disrupt securities markets and adversely affect global economies and markets</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Issuer Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the value of a security may decline for reasons related to the issuer, such as management performance, changes in financial condition or credit rating, financial leverage, reputation or reduced demand for the issuer’s goods or services</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Liquidity Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that a particular investment may be difficult to purchase or sell and that the Fund may be unable to sell investments at an advantageous time or price or achieve its desired level of exposure to a certain sector. Liquidity risk may result from the lack of an active market, reduced number and capacity of traditional market participants to make a market in fixed income securities, credit tightening and may be magnified in changing interest rate environments or other </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">circumstances where investor redemptions from fixed income funds may be higher than normal, causing increased supply in the market due to selling activity. The liquidity of the Fund’s shares may be constrained by the liquidity of the Fund’s portfolio holdings</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Derivatives Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk of investing in derivative instruments (such as forwards, futures, options, swaps and structured securities) and other similar investments, including leverage, liquidity, interest rate, market, counterparty (including credit), operational, legal and management risks, and valuation complexity. Changes in the value of a derivative or other similar investment may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and the Fund could lose more than the initial amount invested. Derivatives used for hedging or risk management may not operate as intended or may expose the Fund to additional risks. 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. Non-centrally-cleared over-the-counter (“OTC”) derivatives or other similar investments are also subject to the risk that a counterparty to the transaction will not fulfill its contractual obligations to the other party, as many of the protections afforded to centrally-cleared derivative transactions might not be available for non-centrally-cleared OTC derivatives or other similar investments. The primary credit risk on derivatives or other similar investments that are exchange-traded or traded through a central clearing counterparty resides with the Fund's clearing broker or the clearinghouse. Changes in regulations relating to a registered fund’s use of derivatives and related instruments could potentially limit or impact the Fund’s ability to invest in derivatives, limit the Fund’s ability to employ certain strategies that use derivatives or other similar investments and/or adversely affect the value of derivatives or other similar investments and the Fund’s performance</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Commodity Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that investing in commodity-linked derivative instruments and commodities, either directly or indirectly through a subsidiary, may subject the Fund to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments or commodities may be affected by changes in overall market movements, foreign currency exchange rates, commodity index volatility, changes in inflation, interest rates, or supply and demand factors affecting a particular industry or commodity market, such as drought, floods, climate changes, weather, livestock disease, pandemics and public health emergencies, embargoes, taxation, war, terrorism, cyber hacking, economic and political developments, environmental proceedings, tariffs, sanctions, export controls, changes in storage costs, availability of transportation systems, and international economic, political and regulatory developments. Investments in commodities can also present risks associated with transportation and delivery, custody, storage and maintenance, illiquidity, and the unavailability of accurate market valuations of the commodity</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Mortgage-Related and Other Asset-Backed Securities Risk: </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">the risks of investing in mortgage-related and other asset-backed securities, including interest rate risk, extension risk, prepayment risk </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">and credit risk. The Fund may invest in any tranche of mortgage-related and other asset-backed securities, including junior and/or equity tranches (to the extent consistent with the Fund's guidelines), which generally carry higher levels of the foregoing risks </span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Foreign (Non-U.S.) Investment Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> 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 or less developed markets, differing financial reporting, accounting, corporate governance and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable U.S. or foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, political changes, diplomatic developments, trade restrictions (including tariffs) or the imposition of sanctions and other similar measures. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Real Estate Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> 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 risks related to losses from casualty or condemnation, changes in local and general economic conditions, fluctuations in supply and demand, interest rate changes, availability of mortgage financing and refinancing, defaults by borrowers or tenants, zoning laws, regulatory limitations on rents, property taxes,</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">insurance costs, lack of availability of insurance coverage, and operating expenses. The Fund’s investments in REITs or real estate-linked derivative instruments subject it to management and tax risks. In addition, REITs that are privately held or not traded on a national securities exchange may subject the Fund to liquidity and valuation risk</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Emerging Markets Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk of investing in emerging market securities, primarily increased foreign (non-U.S.) investment risk</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Sovereign Debt Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> 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 events resulting from an issuer’s inability or unwillingness to make principal or interest payments in a timely fashion</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Currency Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that foreign (non-U.S.) currencies may fluctuate in value relative to the U.S. dollar, which can affect the value of 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</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Leveraging Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> 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, and 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. The use of leverage may also increase the Fund’s sensitivity to interest rate changes and other market risks</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Small-Cap and Mid-Cap Company Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the value of securities issued by small-capitalization and mid-capitalization companies may fluctuate, sometimes rapidly and unpredictably, due to narrow markets and limited managerial and financial resources</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Management Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> 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 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</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Short Exposure Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> 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</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Tax Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> 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 of 1986, as amended, or otherwise affect the character, timing and/or amount of the Fund’s taxable income or gains and distributions</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Subsidiary Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that, by investing in certain Underlying PIMCO Funds that invest in a subsidiary (each a “Subsidiary”), the Fund is indirectly exposed to the risks associated with a Subsidiary’s investments. The Subsidiaries are not registered under the 1940 Act and may not be subject to all the investor protections of the 1940 Act. There is no guarantee that the investment objective of a Subsidiary will be achieved</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Convertible Securities Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> as convertible securities share both fixed income and equity characteristics, they are subject to risks to which fixed income and equity investments are subject. These risks include equity risk, interest rate risk,</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">market risk, liquidity risk and credit risk</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Exchange-Traded Fund Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that an exchange-traded fund may not achieve its investment objective, among other reasons, because of regulatory restrictions, including, for example, exchange rules, market prices of shares of an exchange-traded fund may fluctuate rapidly and materially, or shares of an exchange-traded fund may trade significantly above or below net asset value, any of which may cause losses to the Fund invested in the exchange-traded fund</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">China Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> investing in securities and instruments economically tied to the People’s Republic of China (excluding Hong Kong, Macau and Taiwan for the purpose of this disclosure) (“PRC”) subjects the Fund to certain of the risks of investing in foreign (non-U.S.) securities and emerging market securities, as well as other risks including, without </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">limitation, erratic growth, the unavailability of reliable economic or financial data, dependence on exports and international trade, asset price volatility, potential shortage of liquidity and limited accessibility by foreign (non-U.S.) investors (including as a result of sanctions), fluctuations in currency exchange rates, currency devaluation, the relatively small size and absence of operating history of many PRC companies, and the developing nature of the legal and regulatory framework for securities markets, custody arrangements and commerce</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Collateralized Loan Obligations Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that investing in collateralized loan obligations (“CLOs”) and other similarly structured investments exposes the Fund to heightened credit risk, interest rate risk, liquidity risk, market risk and prepayment and extension risk, as well as the risk of default on the underlying asset. In addition, investments in CLOs carry additional risks, including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) risks related to the capability of the servicer of the securitized assets; (iv) the risk that the Fund may invest in tranches of CLOs that are subordinate to other tranches; (v) the structure and complexity of the transaction and the legal documents may not be fully understood at the time of investment and could lead to disputes with the issuer or among investors regarding the characterization of proceeds or unexpected investment results; and (vi) the CLO's manager may perform poorly</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Contingent Convertible Securities Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risks of investing in contingent convertible securities, including the risk that interest payments may be cancelled by the issuer or a regulatory authority, the risk of ranking junior to other creditors in the event of a liquidation or other bankruptcy-related event as a result of holding subordinated debt, the risk of the Fund’s investment becoming further subordinated as a result of conversion from debt to equity, the risk of the Fund’s investment receiving less favorable treatment than equity of the issuer in certain situations, such as during periods of financial distress or regulatory intervention, the risk that principal amount due can be written down to a lesser amount (including potentially to zero), and the general risks applicable to fixed income investments, including interest rate risk, credit risk, market risk and liquidity risk, any of which could result in losses to the Fund</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Distribution Rate Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the Fund’s distribution rate may change unexpectedly as a result of numerous factors, including changes in realized and projected market returns, fluctuations in market interest rates, Fund performance and other factors</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Inflation-Indexed Security Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that inflation-indexed debt securities are subject to the actual or anticipated effects of changes in market interest rates caused by factors other than inflation (real interest rates). In general, the value of an inflation-indexed security, including U.S. Treasury Inflation-Protected Securities (“TIPS”), tends to decrease when real interest rates increase and can increase when real interest rates decrease. Interest payments on inflation-indexed securities are unpredictable and will fluctuate as the principal and interest are adjusted based on the rate of inflation. There can be no assurance that </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">the inflation index used will accurately measure the real rate of inflation in the prices of goods and services. Any increase in the principal amount of an inflation-indexed debt security will be considered taxable ordinary income, even though the Fund will not receive the principal until maturity</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Issuer Non-Diversification Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk of focusing investments on a small number of issuers, including being more susceptible to risks associated with a single economic, political or regulatory occurrence than a “diversified” portfolio might be. Funds that are “non-diversified” may invest a greater percentage of their assets in the securities of a single issuer (such as bonds issued by a particular state) than funds that are “diversified”</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">An </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Performance Information</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The performance information shows summary performance information for the Fund in a bar chart and an Average Annual Total Returns table. The information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and by showing how the Fund’s average annual returns compare with the returns of certain indexes.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> Absent any applicable fee waivers and/or </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">expense limitations, performance would have been lower. The bar chart shows performance of the Fund’s Institutional Class shares. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">Performance </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">for Class A shares in the Average Annual Total Returns table reflects the impact of sales charges.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> The Fund’s past performance, before and after </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">taxes, is not necessarily an indication of how the Fund will perform in the future.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> In addition to the Fund’s performance, the Average Annual </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">Total Returns table includes performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) a supplemental index. It is not possible to invest directly in an unmanaged index. The Fund’s regulatory index is the S&amp;P 500 Index. The Fund’s regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance. The S&amp;P 500 Index is an unmanaged market index generally considered representative of the stock market as a whole. The S&amp;P 500 Index is composed of 500 selected common stocks that represent approximately two-thirds of the total market value of all U.S. common stocks. The S&amp;P 500 Index focuses on the large-cap segment of the U.S. equities market. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The S&amp;P Target </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">Date 2050 Index is a supplemental index of the Fund. The index seeks to represent a broadly derived consensus for asset allocations that target a particular investment horizon, with asset class exposures driven by a survey of available target date funds for that horizon. These asset class exposures include U.S. large cap, U.S. mid cap, U.S. small cap, international equities, emerging markets, U.S. and international real estate investment trusts, core fixed income, short term treasuries, TIPS, high yield corporate bonds and commodities and are represented by exchange-traded funds in the Index calculation.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">Performance for the Fund is updated daily and quarterly and may be obtained as follows: daily and quarterly updates on the net asset value and performance page at </span><span style="color:#3333FF;font-family:Arial Narrow;font-size:10pt;">https://www.pimco.com/en-us/product-finder</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The performance information shows summary performance information for the Fund in a bar chart and an Average Annual Total Returns table. The information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and by showing how the Fund’s average annual returns compare with the returns of certain indexes.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">Performance </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">for Class A shares in the Average Annual Total Returns table reflects the impact of sales charges.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> The Fund’s past performance, before and after </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">taxes, is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The S&amp;P Target </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">Date 2050 Index is a supplemental index of the Fund. The index seeks to represent a broadly derived consensus for asset allocations that target a particular investment horizon, with asset class exposures driven by a survey of available target date funds for that horizon. These asset class exposures include U.S. large cap, U.S. mid cap, U.S. small cap, international equities, emerging markets, U.S. and international real estate investment trusts, core fixed income, short term treasuries, TIPS, high yield corporate bonds and commodities and are represented by exchange-traded funds in the Index calculation.</span> <span style="color:#3333FF;font-family:Arial Narrow;font-size:10pt;">https://www.pimco.com/en-us/product-finder</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:8pt;">Calendar Year Total Returns — Institutional Class</span> <span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">June 30, 2020</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;">17.67%</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">March 31, 2020</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;">-20.23%</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Year-to-Date</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">September 30, 2026</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;">11.45%</span> <span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter</span> 2020-06-30 0.1767 <span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.2023 <span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Year-to-Date</span> 2026-09-30 0.1145 <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Average Annual Total Returns (for periods ended 12/31/25)</span> 0.2061 0.0996 0.1080 0.1904 0.0853 0.0944 0.1246 0.0725 0.0822 0.1349 0.0823 0.0965 0.1788 0.1442 0.1482 0.1956 0.1013 0.1079 <span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">Actual after-tax </span><span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:8pt;"> In some cases the return after taxes may exceed the return before taxes due </span><span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">After-tax returns are for Institutional Class shares only. After-tax </span><span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">returns for other classes will vary.</span> <span style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Investment Objective</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to maximize total return, consistent with prudent investment management.</span> <span style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">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.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">$</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">50,000</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">in Class A shares of eligible funds offered by PIMCO Equity Series and PIMCO Funds.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> More information about these and other discounts is </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">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.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">$</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">50,000</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">in Class A shares of eligible funds offered by PIMCO Equity Series and PIMCO Funds.</span> 50000 50000 <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Shareholder Fees (fees paid directly from your investment):</span> 0 0.0550 0 0.0100 <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):</span> 0.0005 0.0025 0.0025 0.0001 0.0001 0.0010 0.0010 0.0016 0.0061 -0.0001 -0.0001 0.0015 0.0060 <span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">October 31, 2027</span> <span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">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.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Example.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> 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:</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">If you redeem your shares at the end of each period:</span> 16 51 89 204 608 734 871 1269 <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">If you do not redeem your shares:</span> 608 734 871 1269 <span style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">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 </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">23</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">% of the average value of its portfolio.</span> 0.23 <span style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The PIMCO REALPATH</span><span style="color:#333333;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> Blend 2055 Fund (the “Fund”) is intended for investors seeking professional management of a comprehensive asset allocation strategy for retirement savings. The Fund is managed for shareholders that plan to retire or begin withdrawing assets around the year 2055, the Fund’s target year.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> This is the “self-elected” year of </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">retirement for the investors in the Fund. The primary difference between the PIMCO REALPATH</span><span style="color:#333333;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> Blend Funds is their asset allocation, which varies depending on the number of years left until the “self-elected” year of retirement indicated in the PIMCO REALPATH</span><span style="color:#333333;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> Blend Fund’s name. The Fund’s allocation is intended to meaningfully reduce risk and </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">increasingly focus on preservation of capital as the target retirement date of the Fund nears. An investment in the Fund is not guaranteed, and you may experience losses, including losses near, at, or after the target year indicated in the Fund’s name. There is no guarantee that the Fund will provide adequate income at and through your retirement. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">In managing the Fund, PIMCO uses a three-step approach consisting of 1) developing and re-evaluating a long-term asset allocation “glide path”; 2) allocating between fixed income and equity exposures; and 3) utilizing hedging techniques to manage risks. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to achieve its investment objective 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 and credit qualities, or related derivatives, such as options, futures contracts, or swap agreements on any of the preceding securities mentioned.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> The “total return” sought by </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">the Fund generally may consist of income earned on the Fund’s investments, plus capital appreciation, if any, which may arise from decreases in interest rates, foreign currency appreciation, or improving credit fundamentals for a particular sector or security. 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. The Fund will invest in such funds, securities, instruments and other investments to the extent permitted under the 1940 Act, or any exemptive relief therefrom. To the extent the Fund invests in Underlying PIMCO Funds, PIMCO expects to select such Underlying PIMCO Funds without considering or canvassing the universe of available unaffiliated Acquired Funds. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Fund’s long-term asset allocations are based on a “glide path” developed by PIMCO and are based on quantitative and qualitative data relating to various risk metrics, long-term market trends, correlation of asset types and actuarial assumptions of life expectancy and retirement. The Fund’s current glide path asset allocation is based on its target date, which is the year in the name of the Fund. The target date assumes a retirement age of 65, and time horizons based on current longevity of persons reaching retirement in average health. Choosing a PIMCO REALPATH</span><span style="color:#333333;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> Blend Fund targeting an earlier date represents a more conservative choice; choosing a PIMCO REALPATH</span><span style="color:#333333;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> Blend Fund targeting a later date represents a more aggressive choice. The glide path is designed not only to reduce risk as the target retirement date </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">nears, but is also designed to provide investors diversification across a variety of asset classes. The glide path changes over time, generally becoming more conservative as the Fund approaches the target date. As the Fund approaches the target year indicated in the Fund's name, the total expense ratio of the Fund is expected to increase due to changes in expenses attributable to the Fund's Acquired Fund investments. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The chart below shows the glide path and illustrates how the allocation among the asset classes changes before and at the target date. The glide path allocation at the target date remains constant beyond that date. PIMCO may choose to modify the target asset allocations of the glide path itself from time to time. The Fund intends to rebalance its portfolio’s asset allocation to that of the glide path on a monthly basis. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">As the Fund reaches the target year indicated in the Fund’s name, it is anticipated that it will be combined with the PIMCO REALPATH</span><span style="color:#333333;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> Blend Income Fund, provided that the Board of Trustees determines that the combination would be in the best interests of both Funds and their respective shareholders. Prior to any combination, which is anticipated to occur on or after the target year indicated in the Fund’s name, the Fund will provide shareholders with advance notice regarding the combination. If and when such a combination occurs, shareholders of the Fund will become shareholders of the PIMCO REALPATH</span><span style="color:#333333;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> Blend Income Fund. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">As part of its investment process, PIMCO may seek to reduce exposure to certain risks by implementing various hedging transactions. These hedging transactions seek to reduce a Fund’s exposure to certain severe, unanticipated market events that could significantly detract from returns. PIMCO may utilize these hedging transactions, such as through the use of equity index put options, at such times as deemed appropriate by PIMCO. However, there can be no assurance that the Fund’s hedging transactions will be effective. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">PIMCO evaluates various combinations of affiliated or unaffiliated funds, securities, instruments and other investments to obtain the desired exposures and invests accordingly. Summary information about the Underlying PIMCO Funds can be found in the Fund’s prospectus. More complete information about the Underlying PIMCO Funds can be found in the Underlying PIMCO Funds’ prospectuses, statements of additional information and financial reports. Additional Underlying PIMCO Funds may be added or deleted in the future without notice.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The PIMCO REALPATH</span><span style="color:#333333;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> Blend 2055 Fund (the “Fund”) is intended for investors seeking professional management of a comprehensive asset allocation strategy for retirement savings. The Fund is managed for shareholders that plan to retire or begin withdrawing assets around the year 2055, the Fund’s target year.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to achieve its investment objective 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 and credit qualities, or related derivatives, such as options, futures contracts, or swap agreements on any of the preceding securities mentioned.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">It is possible to experience losses on an investment in the Fund.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Allocation Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the Fund could experience losses 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. There is no guarantee that the Fund's asset allocation strategy will be successful or that the markets in which the Fund invests will perform as expected</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Acquired Fund Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> 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 respective investment objectives. Investments in Acquired Funds that are exchange-traded funds are also subject to market risk, tracking error, the potential for trading at a discount or premium to their net asset value, bid/ask spread costs as well as the risks of the underlying securities they hold. In addition, the Fund’s performance will be reduced by the Fund’s proportionate amount of the expenses of any Acquired Funds in which it invests </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The following risks are principal risks of investing in the Fund that include risks from direct investments and/or indirect exposure through investment in Acquired Funds.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Equity Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the value of equity or equity-related securities such as common stocks and preferred securities, may decline due to general market conditions which are not specifically related to a particular company or to factors affecting a particular industry or industries. Equity or equity-related securities generally have greater price volatility than fixed income securities. In addition, preferred securities may be subject to greater credit risk or other risks, such as risks related to deferred and omitted distributions, limited voting rights, liquidity, interest rates, regulatory changes and special redemption rights </span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Value Investing Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that value stocks may decrease in price or may not increase in price as anticipated by PIMCO if they continue to be undervalued by the market or the factors that PIMCO believes will cause the stock price to increase do not occur</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Interest Rate Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that fixed income securities will fluctuate in value due to changes or the anticipation of changes 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 </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">duration. Factors such as government and central bank policy, inflation, the economy, and the market for bonds can impact interest rates and yields</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Call Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that an issuer may exercise its right to redeem a fixed income security earlier than expected (a call). Issuers may call outstanding securities prior to their maturity for a number of reasons including declining interest rates, changes in credit spreads and improvements in the issuer’s credit quality. If an issuer calls a security that the Fund has invested in, the Fund may not recoup the full amount of its initial investment or may not realize the full anticipated earnings from the investment and may be forced to reinvest in lower-yielding securities, securities with greater credit risks or securities with other, less favorable features</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Credit Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the Fund could experience losses if the issuer or guarantor of a fixed income security, the counterparty to a derivative contract or a repurchase agreement, a borrower of portfolio securities or the issuer or guarantor of collateral, is unable or unwilling, or is perceived (whether by market participants, rating agencies, pricing services or otherwise) as unable or unwilling, to meet its financial obligations</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">High Yield and Distressed Company Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that high yield securities and unrated securities of similar credit quality (commonly known as “junk bonds”) and securities of distressed companies may be subject to greater levels of market, credit, issuer and liquidity risks. Securities of distressed companies include both debt and equity securities. High yield securities and debt securities of distressed companies are considered primarily speculative by rating agencies with respect to the issuer’s continuing ability to make principal and interest payments. Distressed companies may be engaged in restructurings, bankruptcy proceedings or other financial difficulties, which may cause the value of their securities to fluctuate rapidly or unpredictably</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Market Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the value of securities owned by the Fund may fluctuate, sometimes rapidly or unpredictably, due to a variety of factors affecting securities markets generally or particular industries or sectors, including geopolitical events such as war, military conflict, acts of terrorism, social or political unrest, and the imposition of or threatened imposition of tariffs and other trade barriers, which could disrupt securities markets and adversely affect global economies and markets</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Issuer Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the value of a security may decline for reasons related to the issuer, such as management performance, changes in financial condition or credit rating, financial leverage, reputation or reduced demand for the issuer’s goods or services</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Liquidity Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that a particular investment may be difficult to purchase or sell and that the Fund may be unable to sell investments at an advantageous time or price or achieve its desired level of exposure to a certain sector. Liquidity risk may result from the lack of an active market, reduced number and capacity of traditional market participants to make a market in fixed income securities, credit tightening and may be magnified in changing interest rate environments or other </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">circumstances where investor redemptions from fixed income funds may be higher than normal, causing increased supply in the market due to selling activity. The liquidity of the Fund’s shares may be constrained by the liquidity of the Fund’s portfolio holdings</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Derivatives Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk of investing in derivative instruments (such as forwards, futures, options, swaps and structured securities) and other similar investments, including leverage, liquidity, interest rate, market, counterparty (including credit), operational, legal and management risks, and valuation complexity. Changes in the value of a derivative or other similar investment may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and the Fund could lose more than the initial amount invested. Derivatives used for hedging or risk management may not operate as intended or may expose the Fund to additional risks. 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. Non-centrally-cleared over-the-counter (“OTC”) derivatives or other similar investments are also subject to the risk that a counterparty to the transaction will not fulfill its contractual obligations to the other party, as many of the protections afforded to centrally-cleared derivative transactions might not be available for non-centrally-cleared OTC derivatives or other similar investments. The primary credit risk on derivatives or other similar investments that are exchange-traded or traded through a central clearing counterparty resides with the Fund's clearing broker or the clearinghouse. Changes in regulations relating to a registered fund’s use of derivatives and related instruments could potentially limit or impact the Fund’s ability to invest in derivatives, limit the Fund’s ability to employ certain strategies that use derivatives or other similar investments and/or adversely affect the value of derivatives or other similar investments and the Fund’s performance</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Commodity Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that investing in commodity-linked derivative instruments and commodities, either directly or indirectly through a subsidiary, may subject the Fund to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments or commodities may be affected by changes in overall market movements, foreign currency exchange rates, commodity index volatility, changes in inflation, interest rates, or supply and demand factors affecting a particular industry or commodity market, such as drought, floods, climate changes, weather, livestock disease, pandemics and public health emergencies, embargoes, taxation, war, terrorism, cyber hacking, economic and political developments, environmental proceedings, tariffs, sanctions, export controls, changes in storage costs, availability of transportation systems, and international economic, political and regulatory developments. Investments in commodities can also present risks associated with transportation and delivery, custody, storage and maintenance, illiquidity, and the unavailability of accurate market valuations of the commodity</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Mortgage-Related and Other Asset-Backed Securities Risk: </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">the risks of investing in mortgage-related and other asset-backed securities, including interest rate risk, extension risk, prepayment risk </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">and credit risk. The Fund may invest in any tranche of mortgage-related and other asset-backed securities, including junior and/or equity tranches (to the extent consistent with the Fund's guidelines), which generally carry higher levels of the foregoing risks </span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Foreign (Non-U.S.) Investment Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> 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 or less developed markets, differing financial reporting, accounting, corporate governance and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable U.S. or foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, political changes, diplomatic developments, trade restrictions (including tariffs) or the imposition of sanctions and other similar measures. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Real Estate Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> 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 risks related to losses from casualty or condemnation, changes in local and general economic conditions, fluctuations in supply and demand, interest rate changes, availability of mortgage financing and refinancing, defaults by borrowers or tenants, zoning laws, regulatory limitations on rents, property taxes,</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">insurance costs, lack of availability of insurance coverage, and operating expenses. The Fund’s investments in REITs or real estate-linked derivative instruments subject it to management and tax risks. In addition, REITs that are privately held or not traded on a national securities exchange may subject the Fund to liquidity and valuation risk</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Emerging Markets Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk of investing in emerging market securities, primarily increased foreign (non-U.S.) investment risk</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Sovereign Debt Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> 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 events resulting from an issuer’s inability or unwillingness to make principal or interest payments in a timely fashion</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Currency Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that foreign (non-U.S.) currencies may fluctuate in value relative to the U.S. dollar, which can affect the value of 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</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Leveraging Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> 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, and 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. The use of leverage may also increase the Fund’s sensitivity to interest rate changes and other market risks</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Small-Cap and Mid-Cap Company Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the value of securities issued by small-capitalization and mid-capitalization companies may fluctuate, sometimes rapidly and unpredictably, due to narrow markets and limited managerial and financial resources</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Management Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> 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 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</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Short Exposure Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> 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</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Tax Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> 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 of 1986, as amended, or otherwise affect the character, timing and/or amount of the Fund’s taxable income or gains and distributions</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Subsidiary Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that, by investing in certain Underlying PIMCO Funds that invest in a subsidiary (each a “Subsidiary”), the Fund is indirectly exposed to the risks associated with a Subsidiary’s investments. The Subsidiaries are not registered under the 1940 Act and may not be subject to all the investor protections of the 1940 Act. There is no guarantee that the investment objective of a Subsidiary will be achieved</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Convertible Securities Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> as convertible securities share both fixed income and equity characteristics, they are subject to risks to which fixed income and equity investments are subject. These risks include equity risk, interest rate risk,</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">market risk, liquidity risk and credit risk</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Exchange-Traded Fund Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that an exchange-traded fund may not achieve its investment objective, among other reasons, because of regulatory restrictions, including, for example, exchange rules, market prices of shares of an exchange-traded fund may fluctuate rapidly and materially, or shares of an exchange-traded fund may trade significantly above or below net asset value, any of which may cause losses to the Fund invested in the exchange-traded fund</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">China Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> investing in securities and instruments economically tied to the People’s Republic of China (excluding Hong Kong, Macau and Taiwan for the purpose of this disclosure) (“PRC”) subjects the Fund to certain of the risks of investing in foreign (non-U.S.) securities and emerging market securities, as well as other risks including, without </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">limitation, erratic growth, the unavailability of reliable economic or financial data, dependence on exports and international trade, asset price volatility, potential shortage of liquidity and limited accessibility by foreign (non-U.S.) investors (including as a result of sanctions), fluctuations in currency exchange rates, currency devaluation, the relatively small size and absence of operating history of many PRC companies, and the developing nature of the legal and regulatory framework for securities markets, custody arrangements and commerce</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Collateralized Loan Obligations Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that investing in collateralized loan obligations (“CLOs”) and other similarly structured investments exposes the Fund to heightened credit risk, interest rate risk, liquidity risk, market risk and prepayment and extension risk, as well as the risk of default on the underlying asset. In addition, investments in CLOs carry additional risks, including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) risks related to the capability of the servicer of the securitized assets; (iv) the risk that the Fund may invest in tranches of CLOs that are subordinate to other tranches; (v) the structure and complexity of the transaction and the legal documents may not be fully understood at the time of investment and could lead to disputes with the issuer or among investors regarding the characterization of proceeds or unexpected investment results; and (vi) the CLO's manager may perform poorly</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Contingent Convertible Securities Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risks of investing in contingent convertible securities, including the risk that interest payments may be cancelled by the issuer or a regulatory authority, the risk of ranking junior to other creditors in the event of a liquidation or other bankruptcy-related event as a result of holding subordinated debt, the risk of the Fund’s investment becoming further subordinated as a result of conversion from debt to equity, the risk of the Fund’s investment receiving less favorable treatment than equity of the issuer in certain situations, such as during periods of financial distress or regulatory intervention, the risk that principal amount due can be written down to a lesser amount (including potentially to zero), and the general risks applicable to fixed income investments, including interest rate risk, credit risk, market risk and liquidity risk, any of which could result in losses to the Fund</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Distribution Rate Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the Fund’s distribution rate may change unexpectedly as a result of numerous factors, including changes in realized and projected market returns, fluctuations in market interest rates, Fund performance and other factors</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Inflation-Indexed Security Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that inflation-indexed debt securities are subject to the actual or anticipated effects of changes in market interest rates caused by factors other than inflation (real interest rates). In general, the value of an inflation-indexed security, including U.S. Treasury Inflation-Protected Securities (“TIPS”), tends to decrease when real interest rates increase and can increase when real interest rates decrease. Interest payments on inflation-indexed securities are unpredictable and will fluctuate as the principal and interest are adjusted based on the rate of inflation. There can be no assurance that </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">the inflation index used will accurately measure the real rate of inflation in the prices of goods and services. Any increase in the principal amount of an inflation-indexed debt security will be considered taxable ordinary income, even though the Fund will not receive the principal until maturity</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Issuer Non-Diversification Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk of focusing investments on a small number of issuers, including being more susceptible to risks associated with a single economic, political or regulatory occurrence than a “diversified” portfolio might be. Funds that are “non-diversified” may invest a greater percentage of their assets in the securities of a single issuer (such as bonds issued by a particular state) than funds that are “diversified”</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">An </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Performance Information</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The performance information shows summary performance information for the Fund in a bar chart and an Average Annual Total Returns table. The information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and by showing how the Fund’s average annual returns compare with the returns of certain indexes.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> Absent any applicable fee waivers and/or </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">expense limitations, performance would have been lower. The bar chart shows performance of the Fund’s Institutional Class shares. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">Performance </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">for Class A shares in the Average Annual Total Returns table reflects the impact of sales charges.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> The Fund’s past performance, before and after </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">taxes, is not necessarily an indication of how the Fund will perform in the future.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> In addition to the Fund’s performance, the Average Annual </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">Total Returns table includes performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) a supplemental index. It is not possible to invest directly in an unmanaged index. The Fund’s regulatory index is the S&amp;P 500 Index. The Fund’s regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance. The S&amp;P 500 Index is an unmanaged market index generally considered representative of the stock market as a whole. The S&amp;P 500 Index is composed of 500 selected common stocks that represent approximately two-thirds of the total market value of all U.S. common stocks. The S&amp;P 500 Index focuses on the large-cap segment of the U.S. equities market. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The S&amp;P Target </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">Date 2055 Index is a supplemental index of the Fund. The index seeks to represent a broadly derived consensus for asset allocations that target a particular investment horizon, with asset class exposures driven by a survey of available target date funds for that horizon. These asset class exposures include U.S. large cap, U.S. mid cap, U.S. small cap, international equities, emerging markets, U.S. and international real estate investment trusts, core fixed income, short term treasuries, TIPS, high yield corporate bonds and commodities and are represented by exchange-traded funds in the Index calculation.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">Performance for the Fund is updated daily and quarterly and may be obtained as follows: daily and quarterly updates on the net asset value and performance page at </span><span style="color:#3333FF;font-family:Arial Narrow;font-size:10pt;">https://www.pimco.com/en-us/product-finder</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The performance information shows summary performance information for the Fund in a bar chart and an Average Annual Total Returns table. The information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and by showing how the Fund’s average annual returns compare with the returns of certain indexes.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">Performance </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">for Class A shares in the Average Annual Total Returns table reflects the impact of sales charges.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> The Fund’s past performance, before and after </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">taxes, is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The S&amp;P Target </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">Date 2055 Index is a supplemental index of the Fund. The index seeks to represent a broadly derived consensus for asset allocations that target a particular investment horizon, with asset class exposures driven by a survey of available target date funds for that horizon. These asset class exposures include U.S. large cap, U.S. mid cap, U.S. small cap, international equities, emerging markets, U.S. and international real estate investment trusts, core fixed income, short term treasuries, TIPS, high yield corporate bonds and commodities and are represented by exchange-traded funds in the Index calculation.</span> <span style="color:#3333FF;font-family:Arial Narrow;font-size:10pt;">https://www.pimco.com/en-us/product-finder</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:8pt;">Calendar Year Total Returns — Institutional Class</span> <span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">June 30, 2020</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;">17.55%</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">March 31, 2020</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;">-20.48%</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Year-to-Date</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">September 30, 2026</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;">12.03%</span> <span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter</span> 2020-06-30 0.1755 <span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.2048 <span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Year-to-Date</span> 2026-09-30 0.1203 <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Average Annual Total Returns (for periods ended 12/31/25)</span> 0.2099 0.1029 0.1090 0.1952 0.0893 0.0960 0.1262 0.0752 0.0832 0.1385 0.0853 0.0974 0.1788 0.1442 0.1482 0.2006 0.1027 0.1091 <span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">Actual after-tax </span><span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:8pt;"> In some cases the return after taxes may exceed the return before taxes due </span><span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">After-tax returns are for Institutional Class shares only. After-tax </span><span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">returns for other classes will vary.</span> <span style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Investment Objective</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to maximize total return, consistent with prudent investment management.</span> <span style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">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.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">$</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">50,000</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">in Class A shares of eligible funds offered by PIMCO Equity Series and PIMCO Funds.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> More information about these and other discounts is </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">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.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">$</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">50,000</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">in Class A shares of eligible funds offered by PIMCO Equity Series and PIMCO Funds.</span> 50000 50000 <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Shareholder Fees (fees paid directly from your investment):</span> 0 0.0550 0 0.0100 <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):</span> 0.0005 0.0025 0.0025 0.0009 0.0009 0.0014 0.0059 <span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">Total Annual Fund Operating Expenses 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.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Example.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> 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:</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">If you redeem your shares at the end of each period:</span> 15 45 79 179 607 729 861 1247 <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">If you do not redeem your shares:</span> 607 729 861 1247 <span style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">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 </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">35</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">% of the average value of its portfolio.</span> 0.35 <span style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The PIMCO REALPATH</span><span style="color:#333333;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> Blend 2060 Fund (the “Fund”) is intended for investors seeking professional management of a comprehensive asset allocation strategy for retirement savings. The Fund is managed for shareholders that plan to retire or begin withdrawing assets around the year 2060, the Fund’s target year.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> This is the “self-elected” year of </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">retirement for the investors in the Fund. The primary difference between the PIMCO REALPATH</span><span style="color:#333333;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> Blend Funds is their asset allocation, which varies depending on the number of years left until the “self-elected” year of retirement indicated in the PIMCO REALPATH</span><span style="color:#333333;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> Blend Fund’s name. The Fund’s allocation is intended to meaningfully reduce risk and increasingly focus on preservation of capital as the target retirement date of the Fund nears. An investment in the Fund is not guaranteed, and you may experience losses, including losses near, at, or after the target year indicated in the Fund’s name. There is no guarantee that the Fund will provide adequate income at and through your retirement. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">In managing the Fund, PIMCO uses a three-step approach consisting of 1) developing and re-evaluating a long-term asset allocation “glide path”; 2) allocating between fixed income and equity exposures; and 3) utilizing hedging techniques to manage risks. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to achieve its investment objective 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 and credit qualities, or related derivatives, such as options, futures contracts, or swap agreements on any of the preceding securities mentioned.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> The “total return” sought by </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">the Fund generally may consist of income earned on the Fund’s investments, plus capital appreciation, if any, which may arise from decreases in interest rates, foreign currency appreciation, or improving credit fundamentals for a particular sector or security. The Fund may invest in Institutional Class or Class M shares of any funds of the PIMCO </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">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. The Fund will invest in such funds, securities, instruments and other investments to the extent permitted under the 1940 Act, or any exemptive relief therefrom. To the extent the Fund invests in Underlying PIMCO Funds, PIMCO expects to select such Underlying PIMCO Funds without considering or canvassing the universe of available unaffiliated Acquired Funds. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Fund’s long-term asset allocations are based on a “glide path” developed by PIMCO and are based on quantitative and qualitative data relating to various risk metrics, long-term market trends, correlation of asset types and actuarial assumptions of life expectancy and retirement. The Fund’s current glide path asset allocation is based on its target date, which is the year in the name of the Fund. The target date assumes a retirement age of 65, and time horizons based on current longevity of persons reaching retirement in average health. Choosing a PIMCO REALPATH</span><span style="color:#333333;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> Blend Fund targeting an earlier date represents a more conservative choice; choosing a PIMCO REALPATH</span><span style="color:#333333;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> Blend Fund targeting a later date represents a more aggressive choice. The glide path is designed not only to reduce risk as the target retirement date nears, but is also designed to provide investors diversification across a variety of asset classes. The glide path changes over time, generally becoming more conservative as the Fund approaches the target date. As the Fund approaches the target year indicated in the Fund's name, the total expense ratio of the Fund is expected to increase due to changes in expenses attributable to the Fund's Acquired Fund investments. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The chart below shows the glide path and illustrates how the allocation among the asset classes changes before and at the target date. The glide path allocation at the target date remains constant beyond that date. PIMCO may choose to modify the target asset allocations of the glide path itself from time to time. The Fund intends to rebalance its </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">portfolio’s asset allocation to that of the glide path on a monthly basis. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">As the Fund reaches the target year indicated in the Fund’s name, it is anticipated that it will be combined with the PIMCO REALPATH</span><span style="color:#333333;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> Blend Income Fund, provided that the Board of Trustees determines that the combination would be in the best interests of both Funds and their respective shareholders. Prior to any combination, which is anticipated to occur on or after the target year indicated in the Fund’s name, the Fund will provide shareholders with advance notice regarding the combination. If and when such a combination occurs, shareholders of the Fund will become shareholders of the PIMCO REALPATH</span><span style="color:#333333;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> Blend Income Fund. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">As part of its investment process, PIMCO may seek to reduce exposure to certain risks by implementing various hedging transactions. These hedging transactions seek to reduce the Fund’s exposure to certain severe, unanticipated market events that could significantly detract from returns. PIMCO may utilize these hedging transactions, such as through the use of equity index put options, at such times as deemed appropriate by PIMCO. However, there can be no assurance that the Fund’s hedging transactions will be effective. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">PIMCO evaluates various combinations of affiliated or unaffiliated funds, securities, instruments and other investments to obtain the desired exposures and invests accordingly. Summary information about the Underlying PIMCO Funds can be found in the Fund’s prospectus. More complete information about the Underlying PIMCO Funds can be found in the Underlying PIMCO Funds’ prospectuses, statements of additional information and financial reports. Additional Underlying PIMCO Funds may be added or deleted in the future without notice.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The PIMCO REALPATH</span><span style="color:#333333;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> Blend 2060 Fund (the “Fund”) is intended for investors seeking professional management of a comprehensive asset allocation strategy for retirement savings. The Fund is managed for shareholders that plan to retire or begin withdrawing assets around the year 2060, the Fund’s target year.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to achieve its investment objective 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 and credit qualities, or related derivatives, such as options, futures contracts, or swap agreements on any of the preceding securities mentioned.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">It is possible to experience losses on an investment in the Fund.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Allocation Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the Fund could experience losses as a result of less than optimal or poor asset allocation decisions. The Fund </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">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. There is no guarantee that the Fund's asset allocation strategy will be successful or that the markets in which the Fund invests will perform as expected</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Acquired Fund Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> 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 respective investment objectives. Investments in Acquired Funds that are exchange-traded funds are also subject to market risk, tracking error, the potential for trading at a discount or premium to their net asset value, bid/ask spread costs as well as the risks of the underlying securities they hold. In addition, the Fund’s performance will be reduced by the Fund’s proportionate amount of the expenses of any Acquired Funds in which it invests </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The following risks are principal risks of investing in the Fund that include risks from direct investments and/or indirect exposure through investment in Acquired Funds.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Equity Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the value of equity or equity-related securities such as common stocks and preferred securities, may decline due to general market conditions which are not specifically related to a particular company or to factors affecting a particular industry or industries. Equity or equity-related securities generally have greater price volatility than fixed income securities. In addition, preferred securities may be subject to greater credit risk or other risks, such as risks related to deferred and omitted distributions, limited voting rights, liquidity, interest rates, regulatory changes and special redemption rights </span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Value Investing Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that value stocks may decrease in price or may not increase in price as anticipated by PIMCO if they continue to be undervalued by the market or the factors that PIMCO believes will cause the stock price to increase do not occur</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Interest Rate Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that fixed income securities will fluctuate in value due to changes or the anticipation of changes in interest rates; a fund with a longer average portfolio duration will be more sensitive to changes in interest rates than a fund with a shorter average portfolio duration. Factors such as government and central bank policy, inflation, the economy, and the market for bonds can impact interest rates and yields</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Call Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that an issuer may exercise its right to redeem a fixed income security earlier than expected (a call). Issuers may call outstanding securities prior to their maturity for a number of reasons including declining interest rates, changes in credit spreads and improvements in the issuer’s credit quality. If an issuer calls a security that the Fund has invested in, the Fund may not recoup the full amount of its initial investment or may not realize the full anticipated earnings from the investment and may be forced to reinvest in lower-yielding securities, securities with greater credit risks or securities with other, less favorable features</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Credit Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the Fund could experience losses if the issuer or guarantor of a fixed income security, the counterparty to a derivative contract or a repurchase agreement, a borrower of portfolio securities or the issuer or guarantor of collateral, is unable or unwilling, or is perceived (whether by market participants, rating agencies, pricing services or otherwise) as unable or unwilling, to meet its financial obligations</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">High Yield and Distressed Company Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that high yield securities and unrated securities of similar credit quality (commonly known as “junk bonds”) and securities of distressed companies may be subject to greater levels of market, credit, issuer and liquidity risks. Securities of distressed companies include both debt and equity securities. High yield securities and debt securities of distressed companies are considered primarily speculative by rating agencies with respect to the issuer’s continuing ability to make principal and interest payments. Distressed companies may be engaged in restructurings, bankruptcy proceedings or other financial difficulties, which may cause the value of their securities to fluctuate rapidly or unpredictably</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Market Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the value of securities owned by the Fund may fluctuate, sometimes rapidly or unpredictably, due to a variety of factors affecting securities markets generally or particular industries or sectors, including geopolitical events such as war, military conflict, acts of terrorism, social or political unrest, and the imposition of or threatened imposition of tariffs and other trade barriers, which could disrupt securities markets and adversely affect global economies and markets</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Issuer Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the value of a security may decline for reasons related to the issuer, such as management performance, changes in financial condition or credit rating, financial leverage, reputation or reduced demand for the issuer’s goods or services</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Liquidity Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that a particular investment may be difficult to purchase or sell and that the Fund may be unable to sell investments at an advantageous time or price or achieve its desired level of exposure to a certain sector. Liquidity risk may result from the lack of an active market, reduced number and capacity of traditional market participants to make a market in fixed income securities, credit tightening and may be magnified in changing interest rate environments 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. The liquidity of the Fund’s shares may be constrained by the liquidity of the Fund’s portfolio holdings</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Derivatives Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk of investing in derivative instruments (such as forwards, futures, options, swaps and structured securities) and other similar investments, including leverage, liquidity, interest rate, market, counterparty (including credit), operational, legal and management risks, and valuation complexity. Changes in the value of a derivative or other similar investment may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and the Fund could lose more than the initial amount invested. Derivatives used for hedging or risk management may not operate as intended or may expose the Fund to additional risks. Changes in the </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">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. Non-centrally-cleared over-the-counter (“OTC”) derivatives or other similar investments are also subject to the risk that a counterparty to the transaction will not fulfill its contractual obligations to the other party, as many of the protections afforded to centrally-cleared derivative transactions might not be available for non-centrally-cleared OTC derivatives or other similar investments. The primary credit risk on derivatives or other similar investments that are exchange-traded or traded through a central clearing counterparty resides with the Fund's clearing broker or the clearinghouse. Changes in regulations relating to a registered fund’s use of derivatives and related instruments could potentially limit or impact the Fund’s ability to invest in derivatives, limit the Fund’s ability to employ certain strategies that use derivatives or other similar investments and/or adversely affect the value of derivatives or other similar investments and the Fund’s performance</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Commodity Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that investing in commodity-linked derivative instruments and commodities, either directly or indirectly through a subsidiary, may subject the Fund to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments or commodities may be affected by changes in overall market movements, foreign currency exchange rates, commodity index volatility, changes in inflation, interest rates, or supply and demand factors affecting a particular industry or commodity market, such as drought, floods, climate changes, weather, livestock disease, pandemics and public health emergencies, embargoes, taxation, war, terrorism, cyber hacking, economic and political developments, environmental proceedings, tariffs, sanctions, export controls, changes in storage costs, availability of transportation systems, and international economic, political and regulatory developments. Investments in commodities can also present risks associated with transportation and delivery, custody, storage and maintenance, illiquidity, and the unavailability of accurate market valuations of the commodity</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Mortgage-Related and Other Asset-Backed Securities Risk: </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">the risks of investing in mortgage-related and other asset-backed securities, including interest rate risk, extension risk, prepayment risk and credit risk. The Fund may invest in any tranche of mortgage-related and other asset-backed securities, including junior and/or equity tranches (to the extent consistent with the Fund's guidelines), which generally carry higher levels of the foregoing risks </span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Foreign (Non-U.S.) Investment Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> 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 or less developed markets, differing financial reporting, accounting, corporate governance and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable U.S. or foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, political changes, diplomatic developments, trade restrictions </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">(including tariffs) or the imposition of sanctions and other similar measures. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Real Estate Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> 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 risks related to losses from casualty or condemnation, changes in local and general economic conditions, fluctuations in supply and demand, interest rate changes, availability of mortgage financing and refinancing, defaults by borrowers or tenants, zoning laws, regulatory limitations on rents, property taxes,</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">insurance costs, lack of availability of insurance coverage, and operating expenses. The Fund’s investments in REITs or real estate-linked derivative instruments subject it to management and tax risks. In addition, REITs that are privately held or not traded on a national securities exchange may subject the Fund to liquidity and valuation risk</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Emerging Markets Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk of investing in emerging market securities, primarily increased foreign (non-U.S.) investment risk</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Sovereign Debt Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> 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 events resulting from an issuer’s inability or unwillingness to make principal or interest payments in a timely fashion</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Currency Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that foreign (non-U.S.) currencies may fluctuate in value relative to the U.S. dollar, which can affect the value of 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</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Leveraging Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> 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, and 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. The use of leverage may also increase the Fund’s sensitivity to interest rate changes and other market risks</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Small-Cap and Mid-Cap Company Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the value of securities issued by small-capitalization and mid-capitalization companies may fluctuate, sometimes rapidly and unpredictably, due to narrow markets and limited managerial and financial resources</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Management Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> 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 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</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Short Exposure Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> 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</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Tax Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> 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 of 1986, as amended, or otherwise affect the character, timing and/or amount of the Fund’s taxable income or gains and distributions</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Subsidiary Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that, by investing in certain Underlying PIMCO Funds that invest in a subsidiary (each a “Subsidiary”), the Fund is indirectly exposed to the risks associated with a Subsidiary’s investments. The Subsidiaries are not registered under the 1940 Act and may not be subject to all the investor protections of the 1940 Act. There is no guarantee that the investment objective of a Subsidiary will be achieved</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Convertible Securities Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> as convertible securities share both fixed income and equity characteristics, they are subject to risks to which fixed income and equity investments are subject. These risks include equity risk, interest rate risk,</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">market risk, liquidity risk and credit risk</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Exchange-Traded Fund Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that an exchange-traded fund may not achieve its investment objective, among other reasons, because of regulatory restrictions, including, for example, exchange rules, market prices of shares of an exchange-traded fund may fluctuate rapidly and materially, or shares of an exchange-traded fund may trade significantly above or below net asset value, any of which may cause losses to the Fund invested in the exchange-traded fund</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">China Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> investing in securities and instruments economically tied to the People’s Republic of China (excluding Hong Kong, Macau and Taiwan for the purpose of this disclosure) (“PRC”) subjects the Fund to certain of the risks of investing in foreign (non-U.S.) securities and emerging market securities, as well as other risks including, without limitation, erratic growth, the unavailability of reliable economic or financial data, dependence on exports and international trade, asset price volatility, potential shortage of liquidity and limited accessibility by foreign (non-U.S.) investors (including as a result of sanctions), fluctuations in currency exchange rates, currency devaluation, the relatively small size and absence of operating history of many PRC companies, and the developing nature of the legal and regulatory framework for securities markets, custody arrangements and commerce</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Collateralized Loan Obligations Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that investing in collateralized loan obligations (“CLOs”) and other similarly structured investments exposes the Fund to heightened credit risk, interest rate risk, liquidity risk, market risk and prepayment and extension risk, as </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">well as the risk of default on the underlying asset. In addition, investments in CLOs carry additional risks, including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) risks related to the capability of the servicer of the securitized assets; (iv) the risk that the Fund may invest in tranches of CLOs that are subordinate to other tranches; (v) the structure and complexity of the transaction and the legal documents may not be fully understood at the time of investment and could lead to disputes with the issuer or among investors regarding the characterization of proceeds or unexpected investment results; and (vi) the CLO's manager may perform poorly</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Contingent Convertible Securities Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risks of investing in contingent convertible securities, including the risk that interest payments may be cancelled by the issuer or a regulatory authority, the risk of ranking junior to other creditors in the event of a liquidation or other bankruptcy-related event as a result of holding subordinated debt, the risk of the Fund’s investment becoming further subordinated as a result of conversion from debt to equity, the risk of the Fund’s investment receiving less favorable treatment than equity of the issuer in certain situations, such as during periods of financial distress or regulatory intervention, the risk that principal amount due can be written down to a lesser amount (including potentially to zero), and the general risks applicable to fixed income investments, including interest rate risk, credit risk, market risk and liquidity risk, any of which could result in losses to the Fund</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Distribution Rate Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the Fund’s distribution rate may change unexpectedly as a result of numerous factors, including changes in realized and projected market returns, fluctuations in market interest rates, Fund performance and other factors</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Inflation-Indexed Security Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that inflation-indexed debt securities are subject to the actual or anticipated effects of changes in market interest rates caused by factors other than inflation (real interest rates). In general, the value of an inflation-indexed security, including U.S. Treasury Inflation-Protected Securities (“TIPS”), tends to decrease when real interest rates increase and can increase when real interest rates decrease. Interest payments on inflation-indexed securities are unpredictable and will fluctuate as the principal and interest are adjusted based on the rate of inflation. There can be no assurance that the inflation index used will accurately measure the real rate of inflation in the prices of goods and services. Any increase in the principal amount of an inflation-indexed debt security will be considered taxable ordinary income, even though the Fund will not receive the principal until maturity</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Issuer Non-Diversification Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk of focusing investments on a small number of issuers, including being more susceptible to risks associated with a single economic, political or regulatory occurrence than a “diversified” portfolio might be. Funds that are “non-diversified” may invest a greater percentage of their assets in the securities of a single issuer (such as bonds issued by a particular state) than funds that are “diversified”</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">An </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Performance Information</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The performance information shows summary performance information for the Fund in a bar chart and an Average Annual Total Returns table. The information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and by showing how the Fund’s average annual returns compare with the returns of certain indexes.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> Absent any applicable fee waivers and/or </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">expense limitations, performance would have been lower. The bar chart shows performance of the Fund’s Institutional Class shares.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">Performance for Class A shares in the Average Annual Total Returns table reflects the impact of sales charges.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> The Fund’s past performance, before and after </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">taxes, is not necessarily an indication of how the Fund will perform in the future.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> In addition to the Fund’s performance, the Average Annual </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">Total Returns table includes performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) a supplemental index. It is not possible to invest directly in an unmanaged index. The Fund’s regulatory index is the S&amp;P 500 Index. The Fund’s regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance. The S&amp;P 500 Index is an unmanaged market index generally considered representative of the stock market as a whole. The S&amp;P 500 Index is composed of 500 selected common stocks that represent approximately two-thirds of the total market value of all U.S. common stocks. The S&amp;P 500 Index focuses on the large-cap segment of the U.S. equities market. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The S&amp;P Target </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">Date 2060 Index  is a supplemental index of the Fund. The index seeks to represent a broadly derived consensus for asset allocations that target a particular investment horizon, with asset class exposures driven by a survey of available target date funds for that horizon. These asset class exposures include U.S. large cap, U.S. mid cap, U.S. small cap, international equities, emerging markets, U.S. and international real estate investment trusts, core fixed income, short term treasuries, TIPS, high yield corporate bonds and commodities and are represented by exchange-traded funds in the Index calculation.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">Performance for the Fund is updated daily and quarterly and may be obtained as follows: daily and quarterly updates on the net asset value and performance page at </span><span style="color:#3333FF;font-family:Arial Narrow;font-size:10pt;">https://www.pimco.com/en-us/product-finder</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The performance information shows summary performance information for the Fund in a bar chart and an Average Annual Total Returns table. The information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and by showing how the Fund’s average annual returns compare with the returns of certain indexes.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">Performance for Class A shares in the Average Annual Total Returns table reflects the impact of sales charges.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> The Fund’s past performance, before and after </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">taxes, is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The S&amp;P Target </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">Date 2060 Index  is a supplemental index of the Fund. The index seeks to represent a broadly derived consensus for asset allocations that target a particular investment horizon, with asset class exposures driven by a survey of available target date funds for that horizon. These asset class exposures include U.S. large cap, U.S. mid cap, U.S. small cap, international equities, emerging markets, U.S. and international real estate investment trusts, core fixed income, short term treasuries, TIPS, high yield corporate bonds and commodities and are represented by exchange-traded funds in the Index calculation.</span> <span style="color:#3333FF;font-family:Arial Narrow;font-size:10pt;">https://www.pimco.com/en-us/product-finder</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:8pt;">Calendar Year Total Returns — Institutional Class</span> <span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">June 30, 2020</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;">17.76%</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">March 31, 2020</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;">-20.60%</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Year-to-Date</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">September 30, 2026</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;">12.13%</span> <span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter</span> 2020-06-30 0.1776 <span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.2060 <span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Year-to-Date</span> 2026-09-30 0.1213 <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Average Annual Total Returns (for periods ended 12/31/25)</span> 0.2095 0.1051 0.1099 2019-12-31 0.1955 0.0896 0.0962 0.1253 0.0763 0.0817 0.1379 0.0875 0.0944 2019-12-31 0.1788 0.1442 0.1508 0.1994 0.1026 0.1087 <span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">Actual after-tax </span><span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:8pt;"> In some cases the return after taxes may exceed the return before taxes due </span><span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">After-tax returns are for Institutional Class shares only. After-tax </span><span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">returns for other classes will vary.</span> <span style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Investment Objective</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to maximize total return, consistent with prudent investment management.</span> <span style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">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.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">$</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">50,000</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">in Class A shares of eligible funds offered by PIMCO Equity Series and PIMCO Funds.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> More information about these and other discounts is </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">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.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">$</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">50,000</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">in Class A shares of eligible funds offered by PIMCO Equity Series and PIMCO Funds.</span> 50000 50000 <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Shareholder Fees (fees paid directly from your investment):</span> 0 0.0550 0 0.0100 <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):</span> 0.0005 0.0025 0.0025 0.0009 0.0009 0.0014 0.0059 <span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">Total Annual Fund Operating Expenses 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.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Example.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> 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:</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">If you redeem your shares at the end of each period:</span> 15 45 79 179 607 729 861 1247 <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">If you do not redeem your shares:</span> 607 729 861 1247 <span style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">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 </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">48</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">% of the average value of its portfolio.</span> 0.48 <span style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The PIMCO REALPATH</span><span style="color:#333333;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> Blend 2065 Fund (the “Fund”) is intended for investors seeking professional management of a comprehensive asset allocation strategy for retirement savings. The Fund is managed for shareholders that plan to retire or begin withdrawing assets around the year 2065, the Fund’s target year.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> This is the “self-elected” year of </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">retirement for the investors in the Fund. The primary difference between the PIMCO REALPATH</span><span style="color:#333333;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> Blend Funds is their asset allocation, which varies depending on the number of years left until the “self-elected” year of retirement indicated in the PIMCO REALPATH</span><span style="color:#333333;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> Blend Fund’s name. The Fund’s allocation is intended to meaningfully reduce risk and increasingly focus on preservation of capital as the target retirement date of the Fund nears. An investment in the Fund is not guaranteed, and you may experience losses, including losses near, at, or after the target year indicated in the Fund’s name. There is no guarantee that the Fund will provide adequate income at and through your retirement. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">In managing the Fund, PIMCO uses a three-step approach consisting of 1) developing and re-evaluating a long-term asset allocation “glide path”; 2) allocating between fixed income and equity exposures; and 3) utilizing hedging techniques to manage risks. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to achieve its investment objective 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 and credit qualities, or related derivatives, such as options, futures contracts, or swap agreements on any of the preceding securities mentioned.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> The “total return” sought by </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">the Fund generally may consist of income earned on the Fund’s investments, plus capital appreciation, if any, which may arise from decreases in interest rates, foreign currency appreciation, or improving credit fundamentals for a particular sector or security. The Fund may invest in Institutional Class or Class M shares of any funds of the PIMCO </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">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. The Fund will invest in such funds, securities, instruments and other investments to the extent permitted under the 1940 Act, or any exemptive relief therefrom. To the extent the Fund invests in Underlying PIMCO Funds, PIMCO expects to select such Underlying PIMCO Funds without considering or canvassing the universe of available unaffiliated Acquired Funds. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Fund’s long-term asset allocations are based on a “glide path” developed by PIMCO and are based on quantitative and qualitative data relating to various risk metrics, long-term market trends, correlation of asset types and actuarial assumptions of life expectancy and retirement. The Fund’s current glide path asset allocation is based on its target date, which is the year in the name of the Fund. The target date assumes a retirement age of 65, and time horizons based on current longevity of persons reaching retirement in average health. Choosing a PIMCO REALPATH</span><span style="color:#333333;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> Blend Fund targeting an earlier date represents a more conservative choice; choosing a PIMCO REALPATH</span><span style="color:#333333;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> Blend Fund targeting a later date represents a more aggressive choice. The glide path is designed not only to reduce risk as the target retirement date nears, but is also designed to provide investors diversification across a variety of asset classes. The glide path changes over time, generally becoming more conservative as the Fund approaches the target date. As the Fund approaches the target year indicated in the Fund's name, the total expense ratio of the Fund is expected to increase due to changes in expenses attributable to the Fund's Acquired Fund investments. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The chart below shows the glide path and illustrates how the allocation among the asset classes changes before and at the target date. The glide path allocation at the target date remains constant beyond that date. PIMCO may choose to modify the target asset allocations of the glide path itself from time to time. The Fund intends to rebalance its </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">portfolio’s asset allocation to that of the glide path on a monthly basis. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">As the Fund reaches the target year indicated in the Fund’s name, it is anticipated that it will be combined with the PIMCO REALPATH</span><span style="color:#333333;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> Blend Income Fund, provided that the Board of Trustees determines that the combination would be in the best interests of both Funds and their respective shareholders. Prior to any combination, which is anticipated to occur on or after the target year indicated in the Fund’s name, the Fund will provide shareholders with advance notice regarding the combination. If and when such a combination occurs, shareholders of the Fund will become shareholders of the PIMCO REALPATH</span><span style="color:#333333;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> Blend Income Fund. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">As part of its investment process, PIMCO may seek to reduce exposure to certain risks by implementing various hedging transactions. These hedging transactions seek to reduce the Fund’s exposure to certain severe, unanticipated market events that could significantly detract from returns. PIMCO may utilize these hedging transactions, such as through the use of equity index put options, at such times as deemed appropriate by PIMCO. However, there can be no assurance that the Fund’s hedging transactions will be effective. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">PIMCO evaluates various combinations of affiliated or unaffiliated funds, securities, instruments and other investments to obtain the desired exposures and invests accordingly. Summary information about the Underlying PIMCO Funds can be found in the Fund’s prospectus. More complete information about the Underlying PIMCO Funds can be found in the Underlying PIMCO Funds’ prospectuses, statements of additional information and financial reports. Additional Underlying PIMCO Funds may be added or deleted in the future without notice.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The PIMCO REALPATH</span><span style="color:#333333;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> Blend 2065 Fund (the “Fund”) is intended for investors seeking professional management of a comprehensive asset allocation strategy for retirement savings. The Fund is managed for shareholders that plan to retire or begin withdrawing assets around the year 2065, the Fund’s target year.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to achieve its investment objective 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 and credit qualities, or related derivatives, such as options, futures contracts, or swap agreements on any of the preceding securities mentioned.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">It is possible to experience losses on an investment in the Fund.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Allocation Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the Fund could experience losses as a result of less than optimal or poor asset allocation decisions. The Fund </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">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. There is no guarantee that the Fund's asset allocation strategy will be successful or that the markets in which the Fund invests will perform as expected</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Acquired Fund Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> 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 respective investment objectives. Investments in Acquired Funds that are exchange-traded funds are also subject to market risk, tracking error, the potential for trading at a discount or premium to their net asset value, bid/ask spread costs as well as the risks of the underlying securities they hold. In addition, the Fund’s performance will be reduced by the Fund’s proportionate amount of the expenses of any Acquired Funds in which it invests </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The following risks are principal risks of investing in the Fund that include risks from direct investments and/or indirect exposure through investment in Acquired Funds.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Small Fund Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that a smaller fund may not achieve investment or trading efficiencies or may be limited in ability to participate in certain investment opportunities due to its size. Additionally, a smaller fund may be more adversely affected by large purchases or redemptions by investors</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Equity Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the value of equity or equity-related securities such as common stocks and preferred securities, may decline due to general market conditions which are not specifically related to a particular company or to factors affecting a particular industry or industries. Equity or equity-related securities generally have greater price volatility than fixed income securities. In addition, preferred securities may be subject to greater credit risk or other risks, such as risks related to deferred and omitted distributions, limited voting rights, liquidity, interest rates, regulatory changes and special redemption rights </span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Value Investing Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that value stocks may decrease in price or may not increase in price as anticipated by PIMCO if they continue to be undervalued by the market or the factors that PIMCO believes will cause the stock price to increase do not occur</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Interest Rate Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that fixed income securities will fluctuate in value due to changes or the anticipation of changes in interest rates; a fund with a longer average portfolio duration will be more sensitive to changes in interest rates than a fund with a shorter average portfolio duration. Factors such as government and central bank policy, inflation, the economy, and the market for bonds can impact interest rates and yields</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Call Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that an issuer may exercise its right to redeem a fixed income security earlier than expected (a call). Issuers may call outstanding securities prior to their maturity for a number of reasons including declining interest rates, changes in credit spreads and </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">improvements in the issuer’s credit quality. If an issuer calls a security that the Fund has invested in, the Fund may not recoup the full amount of its initial investment or may not realize the full anticipated earnings from the investment and may be forced to reinvest in lower-yielding securities, securities with greater credit risks or securities with other, less favorable features</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Credit Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the Fund could experience losses if the issuer or guarantor of a fixed income security, the counterparty to a derivative contract or a repurchase agreement, a borrower of portfolio securities or the issuer or guarantor of collateral, is unable or unwilling, or is perceived (whether by market participants, rating agencies, pricing services or otherwise) as unable or unwilling, to meet its financial obligations</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">High Yield and Distressed Company Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that high yield securities and unrated securities of similar credit quality (commonly known as “junk bonds”) and securities of distressed companies may be subject to greater levels of market, credit, issuer and liquidity risks. Securities of distressed companies include both debt and equity securities. High yield securities and debt securities of distressed companies are considered primarily speculative by rating agencies with respect to the issuer’s continuing ability to make principal and interest payments. Distressed companies may be engaged in restructurings, bankruptcy proceedings or other financial difficulties, which may cause the value of their securities to fluctuate rapidly or unpredictably</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Market Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the value of securities owned by the Fund may fluctuate, sometimes rapidly or unpredictably, due to a variety of factors affecting securities markets generally or particular industries or sectors, including geopolitical events such as war, military conflict, acts of terrorism, social or political unrest, and the imposition of or threatened imposition of tariffs and other trade barriers, which could disrupt securities markets and adversely affect global economies and markets</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Issuer Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the value of a security may decline for reasons related to the issuer, such as management performance, changes in financial condition or credit rating, financial leverage, reputation or reduced demand for the issuer’s goods or services</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Liquidity Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that a particular investment may be difficult to purchase or sell and that the Fund may be unable to sell investments at an advantageous time or price or achieve its desired level of exposure to a certain sector. Liquidity risk may result from the lack of an active market, reduced number and capacity of traditional market participants to make a market in fixed income securities, credit tightening and may be magnified in changing interest rate environments 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. The liquidity of the Fund’s shares may be constrained by the liquidity of the Fund’s portfolio holdings</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Derivatives Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk of investing in derivative instruments (such as forwards, futures, options, swaps and structured securities) and other similar investments, including leverage, liquidity, interest rate, market, </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">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. Derivatives used for hedging or risk management may not operate as intended or may expose the Fund to additional risks. 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. Non-centrally-cleared over-the-counter (“OTC”) derivatives or other similar investments are also subject to the risk that a counterparty to the transaction will not fulfill its contractual obligations to the other party, as many of the protections afforded to centrally-cleared derivative transactions might not be available for non-centrally-cleared OTC derivatives or other similar investments. The primary credit risk on derivatives or other similar investments that are exchange-traded or traded through a central clearing counterparty resides with the Fund's clearing broker or the clearinghouse. Changes in regulations relating to a registered fund’s use of derivatives and related instruments could potentially limit or impact the Fund’s ability to invest in derivatives, limit the Fund’s ability to employ certain strategies that use derivatives or other similar investments and/or adversely affect the value of derivatives or other similar investments and the Fund’s performance</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Commodity Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that investing in commodity-linked derivative instruments and commodities, either directly or indirectly through a subsidiary, may subject the Fund to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments or commodities may be affected by changes in overall market movements, foreign currency exchange rates, commodity index volatility, changes in inflation, interest rates, or supply and demand factors affecting a particular industry or commodity market, such as drought, floods, climate changes, weather, livestock disease, pandemics and public health emergencies, embargoes, taxation, war, terrorism, cyber hacking, economic and political developments, environmental proceedings, tariffs, sanctions, export controls, changes in storage costs, availability of transportation systems, and international economic, political and regulatory developments. Investments in commodities can also present risks associated with transportation and delivery, custody, storage and maintenance, illiquidity, and the unavailability of accurate market valuations of the commodity</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Mortgage-Related and Other Asset-Backed Securities Risk: </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">the risks of investing in mortgage-related and other asset-backed securities, including interest rate risk, extension risk, prepayment risk and credit risk. The Fund may invest in any tranche of mortgage-related and other asset-backed securities, including junior and/or equity tranches (to the extent consistent with the Fund's guidelines), which generally carry higher levels of the foregoing risks </span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Foreign (Non-U.S.) Investment Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> 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 </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">in securities of U.S. companies, due to smaller or less developed markets, differing financial reporting, accounting, corporate governance and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable U.S. or foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, political changes, diplomatic developments, trade restrictions (including tariffs) or the imposition of sanctions and other similar measures. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Real Estate Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> 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 risks related to losses from casualty or condemnation, changes in local and general economic conditions, fluctuations in supply and demand, interest rate changes, availability of mortgage financing and refinancing, defaults by borrowers or tenants, zoning laws, regulatory limitations on rents, property taxes,</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">insurance costs, lack of availability of insurance coverage, and operating expenses. The Fund’s investments in REITs or real estate-linked derivative instruments subject it to management and tax risks. In addition, REITs that are privately held or not traded on a national securities exchange may subject the Fund to liquidity and valuation risk</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Emerging Markets Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk of investing in emerging market securities, primarily increased foreign (non-U.S.) investment risk</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Sovereign Debt Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> 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 events resulting from an issuer’s inability or unwillingness to make principal or interest payments in a timely fashion</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Currency Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that foreign (non-U.S.) currencies may fluctuate in value relative to the U.S. dollar, which can affect the value of 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</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Leveraging Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> 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, and 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. The use of leverage may also increase the Fund’s sensitivity to interest rate changes and other market risks</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Small-Cap and Mid-Cap Company Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the value of securities issued by small-capitalization and mid-capitalization companies may fluctuate, sometimes rapidly and unpredictably, due to narrow markets and limited managerial and financial resources</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Management Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> 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 </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">restrictions, policies or developments may affect the investment techniques available to PIMCO 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</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Short Exposure Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> 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</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Tax Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> 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 of 1986, as amended, or otherwise affect the character, timing and/or amount of the Fund’s taxable income or gains and distributions</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Subsidiary Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that, by investing in certain Underlying PIMCO Funds that invest in a subsidiary (each a “Subsidiary”), the Fund is indirectly exposed to the risks associated with a Subsidiary’s investments. The Subsidiaries are not registered under the 1940 Act and may not be subject to all the investor protections of the 1940 Act. There is no guarantee that the investment objective of a Subsidiary will be achieved</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Convertible Securities Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> as convertible securities share both fixed income and equity characteristics, they are subject to risks to which fixed income and equity investments are subject. These risks include equity risk, interest rate risk,</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">market risk, liquidity risk and credit risk</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Exchange-Traded Fund Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that an exchange-traded fund may not achieve its investment objective, among other reasons, because of regulatory restrictions, including, for example, exchange rules, market prices of shares of an exchange-traded fund may fluctuate rapidly and materially, or shares of an exchange-traded fund may trade significantly above or below net asset value, any of which may cause losses to the Fund invested in the exchange-traded fund</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">China Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> investing in securities and instruments economically tied to the People’s Republic of China (excluding Hong Kong, Macau and Taiwan for the purpose of this disclosure) (“PRC”) subjects the Fund to certain of the risks of investing in foreign (non-U.S.) securities and emerging market securities, as well as other risks including, without limitation, erratic growth, the unavailability of reliable economic or financial data, dependence on exports and international trade, asset price volatility, potential shortage of liquidity and limited accessibility by foreign (non-U.S.) investors (including as a result of sanctions), fluctuations in currency exchange rates, currency devaluation, the relatively small size and absence of operating history of many PRC </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">companies, and the developing nature of the legal and regulatory framework for securities markets, custody arrangements and commerce</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Collateralized Loan Obligations Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that investing in collateralized loan obligations (“CLOs”) and other similarly structured investments exposes the Fund to heightened credit risk, interest rate risk, liquidity risk, market risk and prepayment and extension risk, as well as the risk of default on the underlying asset. In addition, investments in CLOs carry additional risks, including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) risks related to the capability of the servicer of the securitized assets; (iv) the risk that the Fund may invest in tranches of CLOs that are subordinate to other tranches; (v) the structure and complexity of the transaction and the legal documents may not be fully understood at the time of investment and could lead to disputes with the issuer or among investors regarding the characterization of proceeds or unexpected investment results; and (vi) the CLO's manager may perform poorly</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Contingent Convertible Securities Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risks of investing in contingent convertible securities, including the risk that interest payments may be cancelled by the issuer or a regulatory authority, the risk of ranking junior to other creditors in the event of a liquidation or other bankruptcy-related event as a result of holding subordinated debt, the risk of the Fund’s investment becoming further subordinated as a result of conversion from debt to equity, the risk of the Fund’s investment receiving less favorable treatment than equity of the issuer in certain situations, such as during periods of financial distress or regulatory intervention, the risk that principal amount due can be written down to a lesser amount (including potentially to zero), and the general risks applicable to fixed income investments, including interest rate risk, credit risk, market risk and liquidity risk, any of which could result in losses to the Fund</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Distribution Rate Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the Fund’s distribution rate may change unexpectedly as a result of numerous factors, including changes in realized and projected market returns, fluctuations in market interest rates, Fund performance and other factors</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Inflation-Indexed Security Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that inflation-indexed debt securities are subject to the actual or anticipated effects of changes in market interest rates caused by factors other than inflation (real interest rates). In general, the value of an inflation-indexed security, including U.S. Treasury Inflation-Protected Securities (“TIPS”), tends to decrease when real interest rates increase and can increase when real interest rates decrease. Interest payments on inflation-indexed securities are unpredictable and will fluctuate as the principal and interest are adjusted based on the rate of inflation. There can be no assurance that the inflation index used will accurately measure the real rate of inflation in the prices of goods and services. Any increase in the principal amount of an inflation-indexed debt security will be considered taxable ordinary income, even though the Fund will not receive the principal until maturity</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Issuer Non-Diversification Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk of focusing investments on a small number of issuers, including being more susceptible to risks associated with a single economic, political or regulatory occurrence than a “diversified” portfolio might be. Funds that are “non-diversified” may invest a greater percentage of their assets in the securities of a single issuer (such as bonds issued by a particular state) than funds that are “diversified”</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">An </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Performance Information</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The performance information shows summary performance information for the Fund in a bar chart and an Average Annual Total Returns table. The information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and by showing how the Fund’s average annual returns compare with the returns of certain indexes.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> Absent any applicable fee waivers and/or </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">expense limitations, performance would have been lower. The bar chart shows performance of the Fund’s Institutional Class shares.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">Performance for Class A shares in the Average Annual Total Returns table reflects the impact of sales charges.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> The Fund’s past performance, before and after </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">taxes, is not necessarily an indication of how the Fund will perform in the future.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> In addition to the Fund’s performance, the Average Annual </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">Total Returns table includes performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) a supplemental index. It is not possible to invest directly in an unmanaged index. The Fund’s regulatory index is the S&amp;P 500 Index. The Fund’s regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance. The S&amp;P 500 Index is an unmanaged market index generally considered representative of the stock market as a whole. The S&amp;P 500 Index is composed of 500 selected common stocks that represent approximately two-thirds of the total market value of all U.S. common stocks. The S&amp;P 500 Index focuses on the large-cap segment of the U.S. equities market. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The S&amp;P Target </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">Date 2065+ Index is a supplemental index of the Fund. The index seeks to represent a broadly derived consensus for asset allocations that target a particular investment horizon, with asset class exposures driven by a survey of available target date funds for that horizon. These asset class exposures include U.S. large cap, U.S. mid cap, U.S. small cap, international equities, emerging markets, U.S. and international real estate investment trusts, core fixed income, short term treasuries, TIPS, high yield corporate bonds and commodities and are represented by exchange-traded funds in the Index calculation.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">Performance for the Fund is updated daily and quarterly and may be obtained as follows: daily and quarterly updates on the net asset value and performance page at </span><span style="color:#3333FF;font-family:Arial Narrow;font-size:10pt;">https://www.pimco.com/en-us/product-finder</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The performance information shows summary performance information for the Fund in a bar chart and an Average Annual Total Returns table. The information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and by showing how the Fund’s average annual returns compare with the returns of certain indexes.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">Performance for Class A shares in the Average Annual Total Returns table reflects the impact of sales charges.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> The Fund’s past performance, before and after </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">taxes, is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The S&amp;P Target </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">Date 2065+ Index is a supplemental index of the Fund. The index seeks to represent a broadly derived consensus for asset allocations that target a particular investment horizon, with asset class exposures driven by a survey of available target date funds for that horizon. These asset class exposures include U.S. large cap, U.S. mid cap, U.S. small cap, international equities, emerging markets, U.S. and international real estate investment trusts, core fixed income, short term treasuries, TIPS, high yield corporate bonds and commodities and are represented by exchange-traded funds in the Index calculation.</span> <span style="color:#3333FF;font-family:Arial Narrow;font-size:10pt;">https://www.pimco.com/en-us/product-finder</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:8pt;">Calendar Year Total Returns — Institutional Class</span> <span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">December 31, 2023</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;">10.68%</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">September 30, 2023</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;">-3.79%</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Year-to-Date</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">September 30, 2026</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;">12.09%</span> <span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter</span> 2023-12-31 0.1068 <span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter</span> 2023-09-30 -0.0379 <span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Year-to-Date</span> 2026-09-30 0.1209 <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Average Annual Total Returns (for periods ended 12/31/25)</span> 0.2105 0.1853 2022-12-30 0.1961 0.1719 0.1241 0.1399 0.1382 0.1580 2022-12-30 0.1788 0.2298 0.2016 0.1824 <span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">Actual after-tax </span><span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. </span> <span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">In some cases the return after taxes may exceed the return before taxes due </span><span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">After-tax returns are for Institutional Class shares only. After-tax </span><span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">returns for other classes will vary.</span> <span style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Investment Objective</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to maximize total return, consistent with prudent investment management.</span> <span style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">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.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">$</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">50,000</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">in Class A shares of eligible funds offered by PIMCO Equity Series and PIMCO Funds.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> More information about these and other discounts is </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">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.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">$</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">50,000</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">in Class A shares of eligible funds offered by PIMCO Equity Series and PIMCO Funds.</span> 50000 50000 <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Shareholder Fees (fees paid directly from your investment):</span> 0 0.0550 0 0.0100 <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):</span> 0.0005 0.0025 0.0025 0.0009 0.0009 0.0014 0.0059 <span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">Total Annual Fund Operating Expenses 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.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Example.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> 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:</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">If you redeem your shares at the end of each period:</span> 15 45 79 179 607 729 861 1247 <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">If you do not redeem your shares:</span> 607 729 861 1247 <span style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">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</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">fiscal year, the Fund's portfolio turnover rate was </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">42</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">% of the average value of its portfolio.</span> 0.42 <span style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The PIMCO REALPATH</span><span style="color:#333333;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> Blend 2070 Fund (the “Fund”) is intended for investors seeking professional management of a comprehensive asset allocation strategy for retirement savings. The Fund is managed for shareholders that plan to retire or begin withdrawing assets around the year 2070, the Fund’s target year.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> This is the “self-elected” year of </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">retirement for the investors in the Fund. The primary difference between the PIMCO REALPATH</span><span style="color:#333333;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> Blend Funds is their asset allocation, which varies depending on the number of years left until the “self-elected” year of retirement indicated in the PIMCO REALPATH</span><span style="color:#333333;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> Blend Fund’s name. The Fund’s allocation is intended to meaningfully reduce risk and increasingly focus on preservation of capital as the target retirement date of the Fund nears. An investment in the Fund is not guaranteed, and you may experience losses, including losses near, at, or after the target year indicated in the Fund’s name. There is no guarantee that the Fund will provide adequate income at and through your retirement. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">In managing the Fund, PIMCO uses a three-step approach consisting of 1) developing and re-evaluating a long-term asset allocation “glide path”; 2) allocating between fixed income and equity exposures; and 3) utilizing hedging techniques to manage risks. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to achieve its investment objective 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 and credit qualities, or related derivatives, such as options, futures contracts, or swap agreements on any of the preceding securities mentioned.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> The “total return” sought by </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">the Fund generally may consist of income earned on the Fund’s investments, plus capital appreciation, if any, which may arise from decreases in interest rates, foreign currency appreciation, or improving credit fundamentals for a particular sector or security. The Fund may invest in Institutional Class or Class M shares of any funds of the PIMCO </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">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. The Fund will invest in such funds, securities, instruments and other investments to the extent permitted under the 1940 Act, or any exemptive relief therefrom. To the extent the Fund invests in Underlying PIMCO Funds, PIMCO expects to select such Underlying PIMCO Funds without considering or canvassing the universe of available unaffiliated Acquired Funds. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Fund’s long-term asset allocations are based on a “glide path” developed by PIMCO and are based on quantitative and qualitative data relating to various risk metrics, long-term market trends, correlation of asset types and actuarial assumptions of life expectancy and retirement. The Fund’s current glide path asset allocation is based on its target date, which is the year in the name of the Fund. The target date assumes a retirement age of 65, and time horizons based on current longevity of persons reaching retirement in average health. Choosing a PIMCO REALPATH</span><span style="color:#333333;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> Blend Fund targeting an earlier date represents a more conservative choice; choosing a PIMCO REALPATH</span><span style="color:#333333;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> Blend Fund targeting a later date represents a more aggressive choice. The glide path is designed not only to reduce risk as the target retirement date nears, but is also designed to provide investors diversification across a variety of asset classes. The glide path changes over time, generally becoming more conservative as the Fund approaches the target date. As the Fund approaches the target year indicated in the Fund's name, the total expense ratio of the Fund is expected to increase due to changes in expenses attributable to the Fund's Acquired Fund investments. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The chart below shows the glide path and illustrates how the allocation among the asset classes changes before and at the target date. The glide path allocation at the target date remains constant beyond that date. PIMCO may choose to modify the target asset allocations of the glide path itself from time to time. The Fund intends to rebalance its </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">portfolio’s asset allocation to that of the glide path on a monthly basis. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">As the Fund reaches the target year indicated in the Fund’s name, it is anticipated that it will be combined with the PIMCO REALPATH</span><span style="color:#333333;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> Blend Income Fund, provided that the Board of Trustees determines that the combination would be in the best interests of both Funds and their respective shareholders. Prior to any combination, which is anticipated to occur on or after the target year indicated in the Fund’s name, the Fund will provide shareholders with advance notice regarding the combination. If and when such a combination occurs, shareholders of the Fund will become shareholders of the PIMCO REALPATH</span><span style="color:#333333;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> Blend Income Fund. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">As part of its investment process, PIMCO may seek to reduce exposure to certain risks by implementing various hedging transactions. These hedging transactions seek to reduce the Fund’s exposure to certain severe, unanticipated market events that could significantly detract from returns. PIMCO may utilize these hedging transactions, such as through the use of equity index put options, at such times as deemed appropriate by PIMCO. However, there can be no assurance that the Fund’s hedging transactions will be effective. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">PIMCO evaluates various combinations of affiliated or unaffiliated funds, securities, instruments and other investments to obtain the desired exposures and invests accordingly. Summary information about the Underlying PIMCO Funds can be found in the Fund’s prospectus. More complete information about the Underlying PIMCO Funds can be found in the Underlying PIMCO Funds’ prospectuses, statements of additional information and financial reports. Additional Underlying PIMCO Funds may be added or deleted in the future without notice.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The PIMCO REALPATH</span><span style="color:#333333;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> Blend 2070 Fund (the “Fund”) is intended for investors seeking professional management of a comprehensive asset allocation strategy for retirement savings. The Fund is managed for shareholders that plan to retire or begin withdrawing assets around the year 2070, the Fund’s target year.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to achieve its investment objective 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 and credit qualities, or related derivatives, such as options, futures contracts, or swap agreements on any of the preceding securities mentioned.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">It is possible to experience losses on an investment in the Fund.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Allocation Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the Fund could experience losses as a result of less than optimal or poor asset allocation decisions. The Fund </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">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. There is no guarantee that the Fund's asset allocation strategy will be successful or that the markets in which the Fund invests will perform as expected</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Acquired Fund Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> 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 respective investment objectives. Investments in Acquired Funds that are exchange-traded funds are also subject to market risk, tracking error, the potential for trading at a discount or premium to their net asset value, bid/ask spread costs as well as the risks of the underlying securities they hold. In addition, the Fund’s performance will be reduced by the Fund’s proportionate amount of the expenses of any Acquired Funds in which it invests </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The following risks are principal risks of investing in the Fund that include risks from direct investments and/or indirect exposure through investment in Acquired Funds.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">New Fund Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that a new fund’s performance may not represent how the fund is expected to or may perform in the long term. In addition, new funds have limited operating histories for investors to evaluate and new funds may not attract sufficient assets to achieve investment and trading efficiencies</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Small Fund Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that a smaller fund may not achieve investment or trading efficiencies or may be limited in ability to participate in certain investment opportunities due to its size. Additionally, a smaller fund may be more adversely affected by large purchases or redemptions by investors</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Equity Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the value of equity or equity-related securities such as common stocks and preferred securities, may decline due to general market conditions which are not specifically related to a particular company or to factors affecting a particular industry or industries. Equity or equity-related securities generally have greater price volatility than fixed income securities. In addition, preferred securities may be subject to greater credit risk or other risks, such as risks related to deferred and omitted distributions, limited voting rights, liquidity, interest rates, regulatory changes and special redemption rights </span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Value Investing Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that value stocks may decrease in price or may not increase in price as anticipated by PIMCO if they continue to be undervalued by the market or the factors that PIMCO believes will cause the stock price to increase do not occur</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Interest Rate Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that fixed income securities will fluctuate in value due to changes or the anticipation of changes 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 </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">duration. Factors such as government and central bank policy, inflation, the economy, and the market for bonds can impact interest rates and yields</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Call Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that an issuer may exercise its right to redeem a fixed income security earlier than expected (a call). Issuers may call outstanding securities prior to their maturity for a number of reasons including declining interest rates, changes in credit spreads and improvements in the issuer’s credit quality. If an issuer calls a security that the Fund has invested in, the Fund may not recoup the full amount of its initial investment or may not realize the full anticipated earnings from the investment and may be forced to reinvest in lower-yielding securities, securities with greater credit risks or securities with other, less favorable features</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Credit Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the Fund could experience losses if the issuer or guarantor of a fixed income security, the counterparty to a derivative contract or a repurchase agreement, a borrower of portfolio securities or the issuer or guarantor of collateral, is unable or unwilling, or is perceived (whether by market participants, rating agencies, pricing services or otherwise) as unable or unwilling, to meet its financial obligations</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">High Yield and Distressed Company Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that high yield securities and unrated securities of similar credit quality (commonly known as “junk bonds”) and securities of distressed companies may be subject to greater levels of market, credit, issuer and liquidity risks. Securities of distressed companies include both debt and equity securities. High yield securities and debt securities of distressed companies are considered primarily speculative by rating agencies with respect to the issuer’s continuing ability to make principal and interest payments. Distressed companies may be engaged in restructurings, bankruptcy proceedings or other financial difficulties, which may cause the value of their securities to fluctuate rapidly or unpredictably</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Market Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the value of securities owned by the Fund may fluctuate, sometimes rapidly or unpredictably, due to a variety of factors affecting securities markets generally or particular industries or sectors, including geopolitical events such as war, military conflict, acts of terrorism, social or political unrest, and the imposition of or threatened imposition of tariffs and other trade barriers, which could disrupt securities markets and adversely affect global economies and markets</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Issuer Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the value of a security may decline for reasons related to the issuer, such as management performance, changes in financial condition or credit rating, financial leverage, reputation or reduced demand for the issuer’s goods or services</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Liquidity Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that a particular investment may be difficult to purchase or sell and that the Fund may be unable to sell investments at an advantageous time or price or achieve its desired level of exposure to a certain sector. Liquidity risk may result from the lack of an active market, reduced number and capacity of traditional market participants to make a market in fixed income securities, credit tightening and may be magnified in changing interest rate environments or other </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">circumstances where investor redemptions from fixed income funds may be higher than normal, causing increased supply in the market due to selling activity. The liquidity of the Fund’s shares may be constrained by the liquidity of the Fund’s portfolio holdings</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Derivatives Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk of investing in derivative instruments (such as forwards, futures, options, swaps and structured securities) and other similar investments, including leverage, liquidity, interest rate, market, counterparty (including credit), operational, legal and management risks, and valuation complexity. Changes in the value of a derivative or other similar investment may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and the Fund could lose more than the initial amount invested. Derivatives used for hedging or risk management may not operate as intended or may expose the Fund to additional risks. 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. Non-centrally-cleared over-the-counter (“OTC”) derivatives or other similar investments are also subject to the risk that a counterparty to the transaction will not fulfill its contractual obligations to the other party, as many of the protections afforded to centrally-cleared derivative transactions might not be available for non-centrally-cleared OTC derivatives or other similar investments. The primary credit risk on derivatives or other similar investments that are exchange-traded or traded through a central clearing counterparty resides with the Fund's clearing broker or the clearinghouse. Changes in regulations relating to a registered fund’s use of derivatives and related instruments could potentially limit or impact the Fund’s ability to invest in derivatives, limit the Fund’s ability to employ certain strategies that use derivatives or other similar investments and/or adversely affect the value of derivatives or other similar investments and the Fund’s performance</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Commodity Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that investing in commodity-linked derivative instruments and commodities, either directly or indirectly through a subsidiary, may subject the Fund to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments or commodities may be affected by changes in overall market movements, foreign currency exchange rates, commodity index volatility, changes in inflation, interest rates, or supply and demand factors affecting a particular industry or commodity market, such as drought, floods, climate changes, weather, livestock disease, pandemics and public health emergencies, embargoes, taxation, war, terrorism, cyber hacking, economic and political developments, environmental proceedings, tariffs, sanctions, export controls, changes in storage costs, availability of transportation systems, and international economic, political and regulatory developments. Investments in commodities can also present risks associated with transportation and delivery, custody, storage and maintenance, illiquidity, and the unavailability of accurate market valuations of the commodity</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Mortgage-Related and Other Asset-Backed Securities Risk: </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">the risks of investing in mortgage-related and other asset-backed securities, including interest rate risk, extension risk, prepayment risk </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">and credit risk. The Fund may invest in any tranche of mortgage-related and other asset-backed securities, including junior and/or equity tranches (to the extent consistent with the Fund's guidelines), which generally carry higher levels of the foregoing risks </span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Foreign (Non-U.S.) Investment Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> 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 or less developed markets, differing financial reporting, accounting, corporate governance and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable U.S. or foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, political changes, diplomatic developments, trade restrictions (including tariffs) or the imposition of sanctions and other similar measures. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Real Estate Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> 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 risks related to losses from casualty or condemnation, changes in local and general economic conditions, fluctuations in supply and demand, interest rate changes, availability of mortgage financing and refinancing, defaults by borrowers or tenants, zoning laws, regulatory limitations on rents, property taxes,</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">insurance costs, lack of availability of insurance coverage, and operating expenses. The Fund’s investments in REITs or real estate-linked derivative instruments subject it to management and tax risks. In addition, REITs that are privately held or not traded on a national securities exchange may subject the Fund to liquidity and valuation risk</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Emerging Markets Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk of investing in emerging market securities, primarily increased foreign (non-U.S.) investment risk</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Sovereign Debt Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> 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 events resulting from an issuer’s inability or unwillingness to make principal or interest payments in a timely fashion</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Currency Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that foreign (non-U.S.) currencies may fluctuate in value relative to the U.S. dollar, which can affect the value of 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</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Leveraging Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> 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, and 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. The use of leverage may also increase the Fund’s sensitivity to interest rate changes and other market risks</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Small-Cap and Mid-Cap Company Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the value of securities issued by small-capitalization and mid-capitalization companies may fluctuate, sometimes rapidly and unpredictably, due to narrow markets and limited managerial and financial resources</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Management Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> 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 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</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Short Exposure Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> 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</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Tax Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> 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 of 1986, as amended, or otherwise affect the character, timing and/or amount of the Fund’s taxable income or gains and distributions</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Subsidiary Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that, by investing in certain Underlying PIMCO Funds that invest in a subsidiary (each a “Subsidiary”), the Fund is indirectly exposed to the risks associated with a Subsidiary’s investments. The Subsidiaries are not registered under the 1940 Act and may not be subject to all the investor protections of the 1940 Act. There is no guarantee that the investment objective of a Subsidiary will be achieved</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Convertible Securities Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> as convertible securities share both fixed income and equity characteristics, they are subject to risks to which fixed income and equity investments are subject. These risks include equity risk, interest rate risk,</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">market risk, liquidity risk and credit risk</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Exchange-Traded Fund Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that an exchange-traded fund may not achieve its investment objective, among other reasons, because of regulatory restrictions, including, for example, exchange rules, market prices of shares of an exchange-traded fund may fluctuate rapidly and materially, or shares of an exchange-traded fund may trade significantly above or below net asset value, any of which may cause losses to the Fund invested in the exchange-traded fund</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">China Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> investing in securities and instruments economically tied to the People’s Republic of China (excluding Hong Kong, Macau and Taiwan for the purpose of this disclosure) (“PRC”) subjects the Fund to certain of the risks of investing in foreign (non-U.S.) securities and emerging market securities, as well as other risks including, without </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">limitation, erratic growth, the unavailability of reliable economic or financial data, dependence on exports and international trade, asset price volatility, potential shortage of liquidity and limited accessibility by foreign (non-U.S.) investors (including as a result of sanctions), fluctuations in currency exchange rates, currency devaluation, the relatively small size and absence of operating history of many PRC companies, and the developing nature of the legal and regulatory framework for securities markets, custody arrangements and commerce</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Collateralized Loan Obligations Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that investing in collateralized loan obligations (“CLOs”) and other similarly structured investments exposes the Fund to heightened credit risk, interest rate risk, liquidity risk, market risk and prepayment and extension risk, as well as the risk of default on the underlying asset. In addition, investments in CLOs carry additional risks, including, but not limited to: (i) the possibility that distributions from collateral securities will not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) risks related to the capability of the servicer of the securitized assets; (iv) the risk that the Fund may invest in tranches of CLOs that are subordinate to other tranches; (v) the structure and complexity of the transaction and the legal documents may not be fully understood at the time of investment and could lead to disputes with the issuer or among investors regarding the characterization of proceeds or unexpected investment results; and (vi) the CLO's manager may perform poorly</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Contingent Convertible Securities Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risks of investing in contingent convertible securities, including the risk that interest payments may be cancelled by the issuer or a regulatory authority, the risk of ranking junior to other creditors in the event of a liquidation or other bankruptcy-related event as a result of holding subordinated debt, the risk of the Fund’s investment becoming further subordinated as a result of conversion from debt to equity, the risk of the Fund’s investment receiving less favorable treatment than equity of the issuer in certain situations, such as during periods of financial distress or regulatory intervention, the risk that principal amount due can be written down to a lesser amount (including potentially to zero), and the general risks applicable to fixed income investments, including interest rate risk, credit risk, market risk and liquidity risk, any of which could result in losses to the Fund</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Distribution Rate Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the Fund’s distribution rate may change unexpectedly as a result of numerous factors, including changes in realized and projected market returns, fluctuations in market interest rates, Fund performance and other factors</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Inflation-Indexed Security Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that inflation-indexed debt securities are subject to the actual or anticipated effects of changes in market interest rates caused by factors other than inflation (real interest rates). In general, the value of an inflation-indexed security, including U.S. Treasury Inflation-Protected Securities (“TIPS”), tends to decrease when real interest rates increase and can increase when real interest rates decrease. Interest payments on inflation-indexed securities are unpredictable and will fluctuate as the principal and interest are adjusted based on the rate of inflation. There can be no assurance that </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">the inflation index used will accurately measure the real rate of inflation in the prices of goods and services. Any increase in the principal amount of an inflation-indexed debt security will be considered taxable ordinary income, even though the Fund will not receive the principal until maturity</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Issuer Non-Diversification Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk of focusing investments on a small number of issuers, including being more susceptible to risks associated with a single economic, political or regulatory occurrence than a “diversified” portfolio might be. Funds that are “non-diversified” may invest a greater percentage of their assets in the securities of a single issuer (such as bonds issued by a particular state) than funds that are “diversified”</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">An </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Performance Information</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The performance information shows summary performance information for the Fund in a bar chart and an Average Annual Total Returns table. The information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and by showing how the Fund’s average annual returns compare with the returns of certain indexes.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> Absent any applicable fee waivers and/or </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">expense limitations, performance would have been lower. The bar chart shows performance of the Fund’s Institutional Class shares.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">Performance for Class A shares in the Average Annual Total Returns table reflects the impact of sales charges.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> The Fund’s past performance, before and after </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">taxes, is not necessarily an indication of how the Fund will perform in the future.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> In addition to the Fund’s performance, the Average Annual </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">Total Returns table includes performance of:</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">(i) a broad-based securities market index (i.e., a regulatory index)</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">and (ii) a supplemental index.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">It is not possible to invest directly in an unmanaged index. The Fund’s regulatory index is the S&amp;P 500 Index. The Fund’s regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance. The S&amp;P 500 Index is an unmanaged market index generally considered representative of the stock market as a whole. The S&amp;P 500 Index is composed of 500 selected common stocks that represent approximately two-thirds of the total market value of all U.S. common stocks. The S&amp;P 500 Index focuses on the large-cap segment of the U.S. equities market. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The S&amp;P Target </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">Date 2065+ Index is a supplemental index of the Fund. The index seeks to represent a broadly derived consensus for asset allocations that target a particular investment horizon, with asset class exposures driven by a survey of available target date funds for that horizon. These asset class exposures include U.S. large cap, U.S. mid cap, U.S. small cap, international equities, emerging markets, U.S. and international real estate investment trusts, core fixed income, short term treasuries, TIPS, high yield corporate bonds and commodities and are represented by exchange-traded funds in the Index calculation.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">Performance for the Fund is updated daily and quarterly and may be obtained as follows: daily and quarterly updates on the net asset value and performance page at </span><span style="color:#3333FF;font-family:Arial Narrow;font-size:10pt;">https://www.pimco.com/en-us/product-finder</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The performance information shows summary performance information for the Fund in a bar chart and an Average Annual Total Returns table. The information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and by showing how the Fund’s average annual returns compare with the returns of certain indexes.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">Performance for Class A shares in the Average Annual Total Returns table reflects the impact of sales charges.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> The Fund’s past performance, before and after </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">taxes, is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The S&amp;P Target </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">Date 2065+ Index is a supplemental index of the Fund. The index seeks to represent a broadly derived consensus for asset allocations that target a particular investment horizon, with asset class exposures driven by a survey of available target date funds for that horizon. These asset class exposures include U.S. large cap, U.S. mid cap, U.S. small cap, international equities, emerging markets, U.S. and international real estate investment trusts, core fixed income, short term treasuries, TIPS, high yield corporate bonds and commodities and are represented by exchange-traded funds in the Index calculation.</span> <span style="color:#3333FF;font-family:Arial Narrow;font-size:10pt;">https://www.pimco.com/en-us/product-finder</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:8pt;">Calendar Year Total Returns — Institutional Class</span> <span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">June 30, 2025</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;">9.95%</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">March 31, 2025</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;">-0.50%</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Year-to-Date</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">September 30, 2026</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;">12.37%</span> <span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter</span> 2025-06-30 0.0995 <span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter</span> 2025-03-31 -0.0050 <span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Year-to-Date</span> 2026-09-30 0.1237 <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Average Annual Total Returns (for periods ended 12/31/25)</span> 0.2075 0.2075 2024-12-31 0.1938 0.1938 0.1229 0.1229 0.1361 0.1361 2024-12-31 0.1788 0.1788 0.2016 0.2016 <span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">Actual after-tax </span><span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">returns depend on an investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:8pt;"> In some cases the return after taxes may exceed the return before taxes due </span><span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">After-tax returns are for Institutional Class shares only. After-tax </span><span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">returns for other classes will vary.</span> <span style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Investment Objective</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to track the investment results of the RAFI Dynamic Multi-Factor Emerging Markets Index.</span> <span style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">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.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Shareholder Fees (fees paid directly from your investment):</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):</span> 0.0049 0.0049 <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Example.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Example is intended to help you compare the cost of investing in the Fund with the costs of investing in other exchange-traded funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then hold or sell all of 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:</span> 50 157 274 616 <span style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Fund pays transaction costs, such as commissions, 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 </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">56</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">% of the average value of its portfolio.</span> 0.56 <span style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to achieve its investment objective 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 RAFI Dynamic Multi-Factor Emerging Markets Index (the “Underlying Index”).</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> The Fund may invest the </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">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 </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">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. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Underlying Index is constructed by RAFI Indices, LLC (the “Index Provider”) using a rules-based approach to construct factor portfolios within the Underlying Index. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The universe for the Underlying Index </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">construction process starts with all common equity securities traded on primary exchanges, and preferred shares in countries where preferred shares are economically equivalent to common, which meet and pass minimum liquidity and investability (capacity) requirements, issued by companies that are assigned to countries classified by the Index Provider as emerging markets. As of September 30, 2026, there are 24 emerging market countries eligible for inclusion. The Index Provider assigns companies to countries and promulgates that assignment to securities. Eligible securities are then determined by selecting companies based on fundamental weight, calculated using four accounting measures from company financial statements: (i) de-levered sales, calculated as company sales averaged over the past five years multiplied by the ratio of average equity to average assets; (ii) cash flow, taken as the company operating cash flow averaged over the past five years; (iii) dividend plus buybacks, calculated using the average dividends paid and share buybacks over the past five years; and (iv) book value, taken as the most recent company book value. At each annual reconstitution, companies that rank in the top 86% of cumulative fundamental weight are eligible for selection in the Underlying Index. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Underlying Index consists of “factor portfolios,” each of which emphasizes one of the following factors: value, low volatility, quality and momentum. The value factor emphasizes companies with a high ratio of company fundamental weight to its market capitalization weight. The low volatility factor emphasizes companies with low risk measure calculated as the variance of a company’s daily excess return over five years explained by global, local country groups, and global industry excess returns. The quality factor emphasizes companies that are high in profitability and low in investment spending. The momentum factor emphasizes stocks with high momentum. For the value, low volatility and quality “factor portfolios”, eligible securities are ranked by their factor score and the top 25% of companies by fundamental weight are selected for inclusion within that “factor portfolio”. For the momentum “factor portfolio”, eligible securities are ranked by their momentum score and the top 50% of companies by fundamental weight are selected for inclusion.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> A company’s fundamental weight may </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">be adjusted by a “free float factor”, which is the ratio of the total market capitalization of the shares of the company in free float to the total market capitalization of the company. As of September 30, 2026, the Underlying Index consisted of 704 Component Securities. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Underlying Index dynamically allocates to each factor at each quarterly rebalance. Dynamic allocation starts with an equal weighting to each factor plus an additional weight, which is based on a calculation of a factor’s standard momentum and long-term reversal signal relative to the other factors. Additional weights to a particular factor are capped at a maximum of 15% and minimum of -15% relative to equal weighting. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">Each factor (other than momentum) is reconstituted annually on the third Friday of March and rebalanced on a quarterly staggered basis on the last Friday of March, June, September and third Friday of December. For example, a single factor will be divided into four identical tranches. At the first quarterly rebalance, the first tranche (</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-style:italic;">i.e</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">., 25% of the factor) is rebalanced, but the remaining three tranches (</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-style:italic;">i.e.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">, the other 75% of the factor) are not rebalanced and will continue to drift until the next quarterly rebalance. At the next quarterly rebalance, the second tranche is rebalanced while the other three tranches (including the tranche that was rebalanced at the prior quarter-end) are not rebalanced. This staggered rebalancing is intended to diversify risk and decrease market impact. The momentum factor, unlike the other factors, is reconstituted and fully rebalanced quarterly. At each quarterly rebalance, trading controls are implemented to minimize turnover. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">PIMCO uses an indexing approach in managing the Fund’s investments. The 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 Component Securities and other instruments, or in Component Securities but in different proportions as compared to the weighting of the Underlying Index, such that the portfolio effectively provides exposure to the Underlying Index. In using a representative sampling strategy, the 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. Unlike many investment companies, the Fund does not attempt to outperform the index the Fund tracks. An indexing approach may eliminate the chance that the Fund will substantially outperform its Underlying Index but also may reduce some of the risks of active management. Indexing seeks to achieve lower costs by keeping portfolio turnover low in comparison to actively managed investment companies. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Fund may invest, without limitation, in equity and equity-related securities, including common and preferred securities. The Fund may also invest in derivative instruments, such as options, futures contracts or swap agreements. The Fund may invest, without limitation, in securities and instruments denominated in foreign currencies and in securities of foreign issuers. The Fund may invest, without limitation, in securities and instruments that are economically tied to emerging market countries. The Fund may obtain foreign currency exposure (from non-U.S. dollar-denominated securities or currencies) without limitation. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Fund generally intends to consider the federal income tax impact of the manner in which it seeks to obtain and dispose of investment exposures.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to achieve its investment objective 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 RAFI Dynamic Multi-Factor Emerging Markets Index (the “Underlying Index”).</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The universe for the Underlying Index </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">construction process starts with all common equity securities traded on primary exchanges, and preferred shares in countries where preferred shares are economically equivalent to common, which meet and pass minimum liquidity and investability (capacity) requirements, issued by companies that are assigned to countries classified by the Index Provider as emerging markets. As of September 30, 2026, there are 24 emerging market countries eligible for inclusion. The Index Provider assigns companies to countries and promulgates that assignment to securities. Eligible securities are then determined by selecting companies based on fundamental weight, calculated using four accounting measures from company financial statements: (i) de-levered sales, calculated as company sales averaged over the past five years multiplied by the ratio of average equity to average assets; (ii) cash flow, taken as the company operating cash flow averaged over the past five years; (iii) dividend plus buybacks, calculated using the average dividends paid and share buybacks over the past five years; and (iv) book value, taken as the most recent company book value. At each annual reconstitution, companies that rank in the top 86% of cumulative fundamental weight are eligible for selection in the Underlying Index. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Underlying Index consists of “factor portfolios,” each of which emphasizes one of the following factors: value, low volatility, quality and momentum. The value factor emphasizes companies with a high ratio of company fundamental weight to its market capitalization weight. The low volatility factor emphasizes companies with low risk measure calculated as the variance of a company’s daily excess return over five years explained by global, local country groups, and global industry excess returns. The quality factor emphasizes companies that are high in profitability and low in investment spending. The momentum factor emphasizes stocks with high momentum. For the value, low volatility and quality “factor portfolios”, eligible securities are ranked by their factor score and the top 25% of companies by fundamental weight are selected for inclusion within that “factor portfolio”. For the momentum “factor portfolio”, eligible securities are ranked by their momentum score and the top 50% of companies by fundamental weight are selected for inclusion.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">It is possible to experience losses on an investment in the Fund.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Market Trading Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that an active secondary trading market for Fund shares does not continue once developed, that the Fund may not continue to meet a listing exchange’s trading or listing requirements, that trading in Fund shares may be halted or become less liquid or that Fund shares trade at prices other than the Fund’s net asset </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">value, and are subject to trading costs. These risks may be exacerbated if the creation/redemption process becomes less effective, particularly during times of market stress or volatility</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Authorized Participant Concentration Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that only an Authorized Participant may engage in creation or redemption transactions directly with the Fund, and that there are a limited number of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that Authorized Participants exit the business or do not place creation or redemption orders for the Fund and fewer or no other Authorized Participant places orders, Fund shares are more likely to trade at a premium or discount to net asset value and possibly face trading halts or delisting</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Equity Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the value of equity or equity-related securities, such as common stocks and preferred securities, may decline due to general market conditions which are not specifically related to a particular company or to factors affecting a particular industry or industries. Equity or equity-related securities generally have greater price volatility than fixed income securities. In addition, preferred securities may be subject to greater credit risk or other risks, such as risks related to deferred and omitted distributions, limited voting rights, liquidity, interest rates, regulatory changes and special redemption rights</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Credit Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the Fund could experience losses if the counterparty to a derivative contract or a repurchase agreement, a borrower of portfolio securities or the issuer or guarantor of collateral, is unable or unwilling, or is perceived (whether by market participants, rating agencies, pricing services or otherwise) as unable or unwilling, to meet its financial obligations</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Market Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the value of securities owned by the Fund may fluctuate, sometimes rapidly or unpredictably, due to a variety of factors affecting securities markets generally or particular industries or sectors, including geopolitical events such as war, military conflict, acts of terrorism, social or political unrest, and the imposition of or threatened imposition of tariffs and other trade barriers, which could disrupt securities markets and adversely affect global economies and markets</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Liquidity Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that a particular investment may be difficult to purchase or sell and that the Fund may be unable to sell investments at an advantageous time or price or achieve its desired level of exposure to a certain sector. The liquidity of the Fund’s shares may be constrained by the liquidity of the Fund’s portfolio holdings</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Issuer Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the value of a security may decline for reasons related to the issuer, such as management performance, changes in financial condition or credit rating, financial leverage, reputation or reduced demand for the issuer’s goods or services</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Derivatives Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk of investing in derivative instruments (such as forwards, futures, options, swaps and structured securities) and other similar investments, including leverage, liquidity, interest rate, market, </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">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. Derivatives used for hedging or risk management may not operate as intended or may expose the Fund to additional risks. 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. Non-centrally-cleared over-the-counter (“OTC”) derivatives or other similar investments are also subject to the risk that a counterparty to the transaction will not fulfill its contractual obligations to the other party, as many of the protections afforded to centrally-cleared derivative transactions might not be available for non-centrally-cleared OTC derivatives or other similar investments. The primary credit risk on derivatives or other similar investments that are exchange-traded or traded through a central clearing counterparty resides with the Fund's clearing broker, or the clearinghouse. Changes in regulations relating to a registered fund’s use of derivatives and related instruments could potentially limit or impact the Fund’s ability to invest in derivatives, limit the Fund’s ability to employ certain strategies that use derivatives or other similar investments and/or adversely affect the value of derivatives or other similar investments and the Fund’s performance</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Foreign (Non-U.S.) Investment Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> 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 or less developed markets, differing financial reporting, accounting, corporate governance and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable U.S. or foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, political changes, diplomatic developments, trade restrictions (including tariffs) or the imposition of sanctions and other similar measures. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Emerging Markets Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk of investing in emerging market securities, primarily increased foreign (non-U.S.) investment risk</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">China Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> investing in securities and instruments economically tied to the People’s Republic of China (excluding Hong Kong, Macau and Taiwan for the purpose of this disclosure) (“PRC”) subjects the Fund to certain of the risks of investing in foreign (non-U.S.) securities and emerging market securities, as well as other risks including, without limitation, erratic growth, the unavailability of reliable economic or financial data, dependence on exports and international trade, asset price volatility, potential shortage of liquidity and limited accessibility by foreign (non-U.S.) investors (including as a result of sanctions), fluctuations in currency exchange rates, currency devaluation, the relatively small size and absence of operating history of many PRC </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">companies, and the developing nature of the legal and regulatory framework for securities markets, custody arrangements and commerce</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Currency Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that foreign (non-U.S.) currencies may fluctuate in value relative to the U.S. dollar, which can affect the value of 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</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Model Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the Fund’s investment models used in making investment allocation decisions, including the indexation methodologies used in constructing the Underlying Index, may not adequately take into account certain factors, may contain design flaws or faulty assumptions, and may rely on incomplete or inaccurate data inputs, any of which may result in a decline in the value of an investment in the Fund. The performance of the investment models may be impacted by software or other technology malfunctions, human error, programming inaccuracies, power loss, and other events or circumstances, which may be difficult to detect and may be beyond the control of the Fund</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Leveraging Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> 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, and 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. The use of leverage may also increase the Fund’s sensitivity to interest rate changes and other market risks</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Management and Tracking Error Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that PIMCO’s investment decisions may not produce the desired results or that the Fund’s portfolio 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 transaction costs of buying and selling securities, especially when rebalancing the Fund’s portfolio to reflect changes in the composition of the Underlying Index. Performance of the Fund and the Underlying Index may vary due to asset valuation differences and differences between the Fund’s portfolio and the Underlying Index due to legal restrictions, cost or liquidity restraints. The risk that performance of the Fund and the Underlying Index may vary may be heightened during periods of increased market volatility or other unusual market conditions. In addition, the Fund’s use of a representative sampling approach may cause the Fund to be less correlated to the return of the Underlying Index than if the Fund held all of the securities in the Underlying Index</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Indexing Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the Fund is negatively affected by general declines in the asset classes represented by the Underlying Index</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Tax-Efficient Investing Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that investment strategies intended to manage capital gain distributions may not succeed, and that such strategies may reduce investment returns or result in investment losses</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">An </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Performance Information</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The performance information shows summary performance information for the Fund in a bar chart and an Average Annual Total Returns table. The information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and by showing how the Fund’s average annual returns compare with the returns of certain indexes.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> Absent any applicable fee waivers and/or </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">expense limitations, performance would have been lower. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-style:italic;">The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">In addition to the Fund’s performance, the Average Annual Total Returns table includes performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) a supplemental index. It is not possible to invest directly in an unmanaged index. The Fund’s regulatory index is the MSCI Emerging Markets Index. The Fund’s regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance. The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The RAFI </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">Dynamic Multi-Factor Emerging Markets Index is a supplemental index of the Fund. 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 intended to be particularly attractive on a forward looking basis.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">Performance for the Fund is updated daily and quarterly and may be obtained as follows: daily and quarterly updates on the net asset value and performance page at </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">https://www.pimco.com/us/en/product-finder?filters=products=etf</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The performance information shows summary performance information for the Fund in a bar chart and an Average Annual Total Returns table. The information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and by showing how the Fund’s average annual returns compare with the returns of certain indexes.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-style:italic;">The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The RAFI </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">Dynamic Multi-Factor Emerging Markets Index is a supplemental index of the Fund. 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 intended to be particularly attractive on a forward looking basis.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">https://www.pimco.com/us/en/product-finder?filters=products=etf</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:8pt;">Calendar Year Total Returns</span> <span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">December 31, 2020</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;">22.44%</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">March 31, 2020</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;">-29.39%</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Year-to-Date</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">September 30, 2026</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;">24.92%</span> <span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter</span> 2020-12-31 0.2244 <span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.2939 <span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Year-to-Date</span> 2026-09-30 0.2492 <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Average Annual Total Returns (for periods ended 12/31/25)</span> 0.2572 0.0620 0.0567 2017-08-31 0.2451 0.0361 0.0382 0.1545 0.0413 0.0393 0.3357 0.0420 0.0559 0.2635 0.0733 0.0654 <span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">Actual after-tax </span><span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">returns depend on an investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:8pt;"> In some cases the return after taxes may exceed the return before taxes due </span><span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.</span> <span style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Investment Objective</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to track the investment results of the RAFI Dynamic Multi-Factor Developed Ex-U.S. Index.</span> <span style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">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.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Shareholder Fees (fees paid directly from your investment):</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):</span> 0.0039 0.0039 <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Example.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Example is intended to help you compare the cost of investing in the Fund with the costs of investing in other exchange-traded funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then hold or sell all of 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:</span> 40 125 219 493 <span style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Fund pays transaction costs, such as commissions, 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 </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">35</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">% of the average value of its portfolio.</span> 0.35 <span style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to achieve its investment objective 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 RAFI Dynamic Multi-Factor Developed Ex-U.S. Index (the “Underlying Index”).</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> The Fund may invest the </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">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 </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">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. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Underlying Index is constructed by RAFI Indices, LLC (the “Index Provider”) using a rules-based approach to construct factor portfolios within the Underlying Index. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The universe for the Underlying Index </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">construction process starts with all common equity securities traded on primary exchanges, and preferred shares in countries where preferred shares are economically equivalent to common, which meet and pass minimum liquidity and investability (capacity) requirements, issued by companies that are assigned to countries classified by the Index Provider to fall within the following regions, Developed Europe ex-U.K., U.K., Japan and Other Developed Markets. As of September 30, 2026, there are 23 developed market countries (excluding the United States) eligible for inclusion. The Index Provider assigns companies to countries and promulgates that assignment to securities. Eligible securities are then determined by selecting companies based on fundamental weight, calculated using four accounting measures from company financial statements: (i) de-levered sales, calculated as company sales averaged over the past five years multiplied by the ratio of average equity to average assets; (ii) cash flow, taken as the company operating cash flow averaged over the past five years; (iii) dividend plus buybacks, calculated using the average dividends paid and share buybacks over the past five years; and (iv) book value, taken as the most recent company book value. At each annual reconstitution, companies that rank in the top 86% of cumulative fundamental weight within each region constitute the large/mid company universe. Companies that rank in the top 98% by fundamental weight, excluding companies in the top 86%, within each region constitute the small company universe. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Underlying Index consists of “factor portfolios,” each of which emphasizes one of the following factors: value, low volatility, quality, momentum and size. The value factor emphasizes companies with a high ratio of company fundamental weight to its market capitalization weight. The low volatility factor emphasizes companies with low risk measure calculated as the variance of a company’s daily excess return over five years explained by global, local country groups, and global industry excess returns. The quality factor emphasizes companies that are high in profitability and low in investment spending. The momentum factor emphasizes stocks with high momentum. For the value, low volatility and quality “factor portfolios”, eligible securities are ranked by their factor score and the top 25% of companies by fundamental weight are selected for inclusion within that “factor portfolio”. For the momentum “factor portfolio”, eligible securities are ranked by their momentum score and the top 50% of companies by fundamental weight are selected for inclusion.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> The size factor is the equal weight of </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">the small company portions of the other four factors. A company’s fundamental weight may be adjusted by a “free float factor”, which is the ratio of the total market capitalization of the shares of the company in free float to the total market capitalization of the company. As of September 30, 2026, the Underlying Index consisted of 1,700 Component Securities. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Underlying Index dynamically allocates to each factor at each quarterly rebalance. Dynamic allocation starts with an equal weighting to each factor plus an additional weight, which is based on a calculation of a factor’s standard momentum and long-term reversal signal relative to the other factors. Additional weights to a particular factor are capped at a maximum of 15% and minimum of -15% relative to equal weighting. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">Each factor (other than momentum) is reconstituted annually on the last Friday of March and rebalanced on a quarterly staggered basis on the last Friday of March, June, September and third Friday of December. For example, a single factor will be divided into four identical tranches. At the first quarterly rebalance, the first tranche (</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-style:italic;">i.e.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">, 25% of the factor) is rebalanced, but the remaining three tranches (</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-style:italic;">i.e.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">, the other 75% of the factor) are not rebalanced and will continue to drift until the next quarterly rebalance. At the next quarterly rebalance, the second tranche is rebalanced while the other three tranches (including the tranche that was rebalanced at the prior quarter-end) are not rebalanced. This staggered rebalancing is intended to diversify risk and decrease market impact. The momentum factor, unlike the other factors, is reconstituted and fully rebalanced quarterly. At each quarterly rebalance, trading controls are implemented to minimize turnover. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">PIMCO uses an indexing approach in managing the Fund’s investments. The 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 Component Securities and other instruments, or in Component Securities but in different proportions as compared to the weighting of the Underlying Index, such that the portfolio effectively provides exposure to the Underlying Index. In using a representative sampling strategy, the 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. Unlike many investment companies, the Fund does not attempt to outperform the index the Fund tracks. An indexing approach may eliminate the chance that the Fund will substantially outperform its Underlying Index but also may reduce some of the risks of active management. Indexing seeks to achieve lower costs by keeping portfolio turnover low in comparison to actively managed investment companies. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Fund may invest, without limitation, in equity and equity-related securities, including common and preferred securities. The Fund may also invest in derivative instruments, such as options, futures contracts or swap agreements. The Fund may invest, without limitation, in securities and instruments denominated in foreign currencies and in securities of foreign issuers. The Fund may obtain foreign currency exposure (from non-U.S. dollar-denominated securities or currencies) without limitation. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Fund generally intends to consider the federal income tax impact of the manner in which it seeks to obtain and dispose of investment exposures.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to achieve its investment objective 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 RAFI Dynamic Multi-Factor Developed Ex-U.S. Index (the “Underlying Index”).</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The universe for the Underlying Index </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">construction process starts with all common equity securities traded on primary exchanges, and preferred shares in countries where preferred shares are economically equivalent to common, which meet and pass minimum liquidity and investability (capacity) requirements, issued by companies that are assigned to countries classified by the Index Provider to fall within the following regions, Developed Europe ex-U.K., U.K., Japan and Other Developed Markets. As of September 30, 2026, there are 23 developed market countries (excluding the United States) eligible for inclusion. The Index Provider assigns companies to countries and promulgates that assignment to securities. Eligible securities are then determined by selecting companies based on fundamental weight, calculated using four accounting measures from company financial statements: (i) de-levered sales, calculated as company sales averaged over the past five years multiplied by the ratio of average equity to average assets; (ii) cash flow, taken as the company operating cash flow averaged over the past five years; (iii) dividend plus buybacks, calculated using the average dividends paid and share buybacks over the past five years; and (iv) book value, taken as the most recent company book value. At each annual reconstitution, companies that rank in the top 86% of cumulative fundamental weight within each region constitute the large/mid company universe. Companies that rank in the top 98% by fundamental weight, excluding companies in the top 86%, within each region constitute the small company universe. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Underlying Index consists of “factor portfolios,” each of which emphasizes one of the following factors: value, low volatility, quality, momentum and size. The value factor emphasizes companies with a high ratio of company fundamental weight to its market capitalization weight. The low volatility factor emphasizes companies with low risk measure calculated as the variance of a company’s daily excess return over five years explained by global, local country groups, and global industry excess returns. The quality factor emphasizes companies that are high in profitability and low in investment spending. The momentum factor emphasizes stocks with high momentum. For the value, low volatility and quality “factor portfolios”, eligible securities are ranked by their factor score and the top 25% of companies by fundamental weight are selected for inclusion within that “factor portfolio”. For the momentum “factor portfolio”, eligible securities are ranked by their momentum score and the top 50% of companies by fundamental weight are selected for inclusion.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">It is possible to experience losses on an investment in the Fund.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Market Trading Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that an active secondary trading market for Fund shares does not continue once developed, that the Fund may not continue to meet a listing exchange’s trading or listing requirements, that trading in Fund shares may be halted or become less liquid or that Fund shares trade at prices other than the Fund’s net asset value, and are subject to trading costs. These risks may be exacerbated if the creation/redemption process becomes less effective, particularly during times of market stress or volatility</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Authorized Participant Concentration Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that only an Authorized Participant may engage in creation or redemption transactions directly with the Fund, and that there are a limited number of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that Authorized Participants exit the business or do not place creation or redemption orders for the Fund and fewer or no other Authorized Participant places orders, Fund shares are more likely to trade at a premium or discount to net asset value and possibly face trading halts or delisting</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Equity Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the value of equity or equity-related securities, such as common stocks and preferred securities, may decline due to general market conditions which are not specifically related to a particular company or to factors affecting a particular industry or industries. Equity or equity-related securities generally have greater price volatility than fixed income securities. In addition, preferred securities may be subject to greater credit risk or other risks, such as risks related to deferred and omitted distributions, limited voting rights, liquidity, interest rates, regulatory changes and special redemption rights</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Credit Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the Fund could experience losses if the counterparty to a derivative contract or a repurchase agreement, a borrower of portfolio securities or the issuer or guarantor of collateral, is unable or unwilling, or is perceived (whether by market participants, rating agencies, pricing services or otherwise) as unable or unwilling, to meet its financial obligations</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Market Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the value of securities owned by the Fund may fluctuate, sometimes rapidly or unpredictably, due to a variety of factors affecting securities markets generally or particular industries or sectors, including geopolitical events such as war, military conflict, acts of terrorism, social or political unrest, and the imposition of or threatened imposition of tariffs and other trade barriers, which could disrupt securities markets and adversely affect global economies and markets</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Liquidity Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that a particular investment may be difficult to purchase or sell and that the Fund may be unable to sell investments at an advantageous time or price or achieve its desired level of exposure </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">to a certain sector. The liquidity of the Fund’s shares may be constrained by the liquidity of the Fund’s portfolio holdings</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Issuer Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the value of a security may decline for reasons related to the issuer, such as management performance, changes in financial condition or credit rating, financial leverage, reputation or reduced demand for the issuer’s goods or services</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Derivatives Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk of investing in derivative instruments (such as forwards, futures, options, swaps and structured securities) and other similar investments, including leverage, liquidity, interest rate, market, counterparty (including credit), operational, legal and management risks and valuation complexity. Changes in the value of a derivative or other similar investment may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and the Fund could lose more than the initial amount invested. Derivatives used for hedging or risk management may not operate as intended or may expose the Fund to additional risks. 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. Non-centrally-cleared over-the-counter (“OTC”) derivatives or other similar investments are also subject to the risk that a counterparty to the transaction will not fulfill its contractual obligations to the other party, as many of the protections afforded to centrally-cleared derivative transactions might not be available for non-centrally-cleared OTC derivatives or other similar investments. The primary credit risk on derivatives or other similar investments that are exchange-traded or traded through a central clearing counterparty resides with the Fund's clearing broker, or the clearinghouse. Changes in regulations relating to a registered fund’s use of derivatives and related instruments could potentially limit or impact the Fund’s ability to invest in derivatives, limit the Fund’s ability to employ certain strategies that use derivatives or other similar investments and/or adversely affect the value of derivatives or other similar investments and the Fund’s performance</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Foreign (Non-U.S.) Investment Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> 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 or less developed markets, differing financial reporting, accounting, corporate governance and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable U.S. or foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, political changes, diplomatic developments, trade restrictions (including tariffs) or the imposition of sanctions and other similar measures. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Currency Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that foreign (non-U.S.) currencies may fluctuate in value relative to the U.S. dollar, which can affect the value of the Fund’s investments in foreign (non-U.S.) currencies or in securities </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign (non-U.S.) currencies</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Model Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the Fund’s investment models used in making investment allocation decisions, including the indexation methodologies used in constructing the Underlying Index, may not adequately take into account certain factors, may contain design flaws or faulty assumptions, and may rely on incomplete or inaccurate data inputs, any of which may result in a decline in the value of an investment in the Fund. The performance of the investment models may be impacted by software or other technology malfunctions, human error, programming inaccuracies, power loss, and other events or circumstances, which may be difficult to detect and may be beyond the control of the Fund</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Leveraging Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> 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, and 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. The use of leverage may also increase the Fund’s sensitivity to interest rate changes and other market risks</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Management and Tracking Error Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that PIMCO’s investment decisions may not produce the desired results or that the Fund’s portfolio 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 transaction costs of buying and selling securities, especially when rebalancing the Fund’s portfolio to reflect changes in the composition of the Underlying Index. Performance of the Fund and the Underlying Index may vary due to asset valuation differences and differences between the Fund’s portfolio and the Underlying Index due to legal restrictions, cost or liquidity restraints. The risk that performance of the Fund and the Underlying Index may vary may be heightened during periods of increased market volatility or other unusual market conditions. In addition, the Fund’s use of a representative sampling approach may cause the Fund to be less correlated to the return of the Underlying Index than if the Fund held all of the securities in the Underlying Index</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Indexing Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the Fund is negatively affected by general declines in the asset classes represented by the Underlying Index</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Tax-Efficient Investing Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that investment strategies intended to manage capital gain distributions may not succeed, and that such strategies may reduce investment returns or result in investment losses</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">An </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Performance Information</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The performance information shows summary performance information for the Fund in a bar chart and an Average Annual Total Returns table. The information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and by showing how the Fund’s average annual returns compare with the returns of certain indexes.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> Absent any applicable fee waivers and/or </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">expense limitations, performance would have been lower. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-style:italic;">The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">In addition to the Fund’s performance, the Average Annual Total Returns table includes performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) a supplemental index. It is not possible to invest directly in an unmanaged index. The Fund’s regulatory index is the MSCI EAFE Index. The Fund’s regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance. The 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. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The RAFI </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">Dynamic Multi-Factor Developed ex- U.S. Index is a supplemental index of the Fund. 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 intended to be particularly attractive on a forward looking basis.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">Performance for the Fund is updated daily and quarterly and may be obtained as follows: daily and quarterly updates on the net asset value and performance page at </span><span style="color:#3333FF;font-family:Arial Narrow;font-size:10pt;">https://www.pimco.com/us/en/product-finder?filters=products=etf</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The performance information shows summary performance information for the Fund in a bar chart and an Average Annual Total Returns table. The information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and by showing how the Fund’s average annual returns compare with the returns of certain indexes.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-style:italic;">The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The RAFI </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">Dynamic Multi-Factor Developed ex- U.S. Index is a supplemental index of the Fund. 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 intended to be particularly attractive on a forward looking basis.</span> <span style="color:#3333FF;font-family:Arial Narrow;font-size:10pt;">https://www.pimco.com/us/en/product-finder?filters=products=etf</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:8pt;">Calendar Year Total Returns</span> <span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">December 31, 2022</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;">16.93%</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">March 31, 2020</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;">-23.62%</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Year-to-Date</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">September 30, 2026</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;">9.31%</span> <span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter</span> 2022-12-31 0.1693 <span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.2362 <span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Year-to-Date</span> 2026-09-30 0.0931 <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Average Annual Total Returns (for periods ended 12/31/25)</span> 0.3416 0.1034 0.0831 2017-08-31 0.3301 0.0959 0.0759 0.2070 0.0808 0.0651 0.3122 0.0892 0.0771 0.3450 0.1039 0.0855 <span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">Actual after-tax </span><span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">returns depend on an investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:8pt;"> In some cases the return after taxes may exceed the return before taxes due </span><span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.</span> <span style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Investment Objective</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to track the investment results of the RAFI Dynamic Multi-Factor U.S. Index.</span> <span style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">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.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Shareholder Fees (fees paid directly from your investment):</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):</span> 0.0029 0.0029 <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Example.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Example is intended to help you compare the cost of investing in the Fund with the costs of investing in other exchange-traded funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then hold or sell all of 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:</span> 30 93 163 368 <span style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Fund pays transaction costs, such as commissions, 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 </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">35</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">% of the average value of its portfolio.</span> 0.35 <span style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to achieve its investment objective 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 RAFI Dynamic Multi-Factor U.S. Index (the “Underlying Index”).</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> The Fund may invest the remainder of its </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">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 </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">exposure to multiple equity factors that seek to produce attractive long-term returns, and which may lower risk compared to less diversified strategies. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Underlying Index is constructed by RAFI Indices, LLC (the “Index Provider”) using a rules-based approach to construct factor portfolios within the Underlying Index. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The universe for the Underlying Index </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">construction process starts with all common equity securities traded on primary exchanges, which meet and pass minimum liquidity and investability (capacity) requirements, issued by companies that are assigned to the United States by the Index Provider. The Index Provider assigns companies to countries and promulgates that assignment to securities. Eligible securities are then determined by selecting companies based on fundamental weight, calculated using four accounting measures from company financial statements: (i) de-levered sales, calculated as company sales averaged over the past five years multiplied by the ratio of average equity to average assets; (ii) cash flow, taken as the company operating cash flow averaged over the past five years; (iii) dividend plus buybacks, calculated using the average dividends paid and share buybacks over the past five years; and (iv) book value, taken as the most recent company book value. At each annual reconstitution, companies that rank in the top 86% of cumulative fundamental weight within each region constitute the large/mid company universe. Companies that rank in the top 98% by fundamental weight, excluding companies in the top 86%, within each region constitute the small company universe. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Underlying Index consists of “factor portfolios,” each of which emphasizes one of the following factors: value, low volatility, quality, momentum and size. The value factor emphasizes companies with a high ratio of company fundamental weight to its market capitalization weight. The low volatility factor emphasizes companies with low risk measure calculated as the variance of a company’s daily excess return over five years explained by global, local country groups, and global industry excess returns. The quality factor emphasizes companies that are high in profitability and low in investment spending. The momentum factor emphasizes stocks with high momentum. For the value, low volatility and quality “factor portfolios”, eligible securities are ranked by their factor score and the top 25% of companies by fundamental weight are selected for inclusion within that “factor portfolio”. For the momentum “factor portfolio”, eligible securities are ranked by their momentum score and the top 50% of companies by fundamental weight are selected for inclusion.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> The size factor is the equal weight of </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">the small company portions of the other four factors. A company’s fundamental weight may be adjusted by a “free float factor”, which is the ratio of the total market capitalization of the shares of the company in free float to the total market capitalization of the company. As of September 30, 2026, the Underlying Index consisted of 918 Component Securities. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Underlying Index dynamically allocates to each factor at each quarterly rebalance. Dynamic allocation starts with an equal weighting to each factor plus an additional weight, which is based on a calculation </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">of a factor’s standard momentum and long-term reversal signal relative to the other factors. Additional weights to a particular factor are capped at a maximum of 15% and minimum of -15% relative to equal weighting. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">Each factor (other than momentum) is reconstituted annually on the last Friday of March and rebalanced on a quarterly staggered basis on the last Friday of March, June, September and third Friday of December. For example, a single factor will be divided into four identical tranches. At the first quarterly rebalance, the first tranche (i.e., 25% of the factor) is rebalanced, but the remaining three tranches (i.e., the other 75% of the factor) are not rebalanced and will continue to drift until the next quarterly rebalance. At the next quarterly rebalance, the second tranche is rebalanced while the other three tranches (including the tranche that was rebalanced at the prior quarter-end) are not rebalanced. This staggered rebalancing is intended to diversify risk and decrease market impact. The momentum factor, unlike the other factors, is reconstituted and fully rebalanced quarterly. At each quarterly rebalance, trading controls are implemented to minimize turnover. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">PIMCO uses an indexing approach in managing the Fund’s investments. The Fund is expected to employ a replication strategy in seeking to achieve its investment objective. In using this strategy, PIMCO seeks to replicate the composition and weighting of the Underlying Index by investing all, or substantially all, of the Fund’s assets in the Component Securities, holding each Component Security in approximately the same proportion as its weighting in the Underlying Index. However, in some circumstances it may not be possible or practicable to invest all, or substantially all, of the Fund’s assets in the Component Securities, in which case the Fund may employ a representative sampling strategy by investing in a combination of Component Securities and other instruments, or in Component Securities but in different proportions as compared to the weighting of the Underlying Index, such that the portfolio effectively provides exposure to the Underlying Index. In using a representative sampling strategy, the 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. Unlike many investment companies, the Fund does not attempt to outperform the index the Fund tracks. An indexing approach may eliminate the chance that the Fund will substantially outperform its Underlying Index but also may reduce some of the risks of active management. Indexing seeks to achieve lower costs by keeping portfolio turnover low in comparison to actively managed investment companies. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Fund may invest, without limitation, in equity and equity-related securities, including common and preferred securities. The Fund may also invest in derivative instruments, such as options, futures contracts or swap agreements. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Fund generally intends to consider the federal income tax impact of the manner in which it seeks to obtain and dispose of investment exposures.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to achieve its investment objective 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 RAFI Dynamic Multi-Factor U.S. Index (the “Underlying Index”).</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The universe for the Underlying Index </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">construction process starts with all common equity securities traded on primary exchanges, which meet and pass minimum liquidity and investability (capacity) requirements, issued by companies that are assigned to the United States by the Index Provider. The Index Provider assigns companies to countries and promulgates that assignment to securities. Eligible securities are then determined by selecting companies based on fundamental weight, calculated using four accounting measures from company financial statements: (i) de-levered sales, calculated as company sales averaged over the past five years multiplied by the ratio of average equity to average assets; (ii) cash flow, taken as the company operating cash flow averaged over the past five years; (iii) dividend plus buybacks, calculated using the average dividends paid and share buybacks over the past five years; and (iv) book value, taken as the most recent company book value. At each annual reconstitution, companies that rank in the top 86% of cumulative fundamental weight within each region constitute the large/mid company universe. Companies that rank in the top 98% by fundamental weight, excluding companies in the top 86%, within each region constitute the small company universe. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Underlying Index consists of “factor portfolios,” each of which emphasizes one of the following factors: value, low volatility, quality, momentum and size. The value factor emphasizes companies with a high ratio of company fundamental weight to its market capitalization weight. The low volatility factor emphasizes companies with low risk measure calculated as the variance of a company’s daily excess return over five years explained by global, local country groups, and global industry excess returns. The quality factor emphasizes companies that are high in profitability and low in investment spending. The momentum factor emphasizes stocks with high momentum. For the value, low volatility and quality “factor portfolios”, eligible securities are ranked by their factor score and the top 25% of companies by fundamental weight are selected for inclusion within that “factor portfolio”. For the momentum “factor portfolio”, eligible securities are ranked by their momentum score and the top 50% of companies by fundamental weight are selected for inclusion.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">It is possible to experience losses on an investment in the Fund.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Market Trading Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that an active secondary trading market for Fund shares does not continue once developed, that the Fund may not continue to meet a listing exchange’s trading or listing requirements, that trading in Fund shares may be halted or become less liquid or that Fund shares trade at prices other than the Fund’s net asset value, and are subject to trading costs. These risks may be exacerbated if the creation/redemption process becomes less effective, particularly during times of market stress or volatility</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Authorized Participant Concentration Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that only an Authorized Participant may engage in creation or redemption transactions directly with the Fund, and that there are a limited number of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that Authorized Participants exit the business or do not place creation or redemption orders for the Fund and fewer or no other Authorized Participant places orders, Fund shares are more likely to trade at a premium or discount to net asset value and possibly face trading halts or delisting</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Equity Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the value of equity or equity-related securities, such as common stocks and preferred securities, may decline due to general market conditions which are not specifically related to a particular company or to factors affecting a particular industry or industries. Equity or equity-related securities generally have greater price volatility than fixed income securities. In addition, preferred securities may be subject to greater credit risk or other risks, such as risks related to deferred and omitted distributions, limited voting rights, liquidity, interest rates, regulatory changes and special redemption rights</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Credit Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the Fund could experience losses if the counterparty to a derivative contract or a repurchase agreement, a borrower of portfolio securities or the issuer or guarantor of collateral, is unable or unwilling, or is perceived (whether by market participants, rating agencies, pricing services or otherwise) as unable or unwilling, to meet its financial obligations</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Market Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the value of securities owned by the Fund may fluctuate, sometimes rapidly or unpredictably, due to a variety of factors affecting securities markets generally or particular industries or sectors, including geopolitical events such as war, military conflict, acts of terrorism, social or political unrest, and the imposition of or threatened imposition of tariffs and other trade barriers, which could disrupt securities markets and adversely affect global economies and markets</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Liquidity Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that a particular investment may be difficult to purchase or sell and that the Fund may be unable to sell investments at an advantageous time or price or achieve its desired level of exposure </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">to a certain sector. The liquidity of the Fund’s shares may be constrained by the liquidity of the Fund’s portfolio holdings</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Issuer Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the value of a security may decline for reasons related to the issuer, such as management performance, changes in financial condition or credit rating, financial leverage, reputation or reduced demand for the issuer’s goods or services</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Derivatives Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk of investing in derivative instruments (such as forwards, futures, options, swaps and structured securities) and other similar investments, including leverage, liquidity, interest rate, market, counterparty (including credit), operational, legal and management risks and valuation complexity. Changes in the value of a derivative or other similar investment may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and the Fund could lose more than the initial amount invested. Derivatives used for hedging or risk management may not operate as intended or may expose the Fund to additional risks. 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. Non-centrally-cleared over-the-counter (“OTC”) derivatives or other similar investments are also subject to the risk that a counterparty to the transaction will not fulfill its contractual obligations to the other party, as many of the protections afforded to centrally-cleared derivative transactions might not be available for non-centrally-cleared OTC derivatives or other similar investments. The primary credit risk on derivatives or other similar investments that are exchange-traded or traded through a central clearing counterparty resides with the Fund's clearing broker, or the clearinghouse. Changes in regulations relating to a registered fund’s use of derivatives and related instruments could potentially limit or impact the Fund’s ability to invest in derivatives, limit the Fund’s ability to employ certain strategies that use derivatives or other similar investments and/or adversely affect the value of derivatives or other similar investments and the Fund’s performance</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Model Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the Fund’s investment models used in making investment allocation decisions, including the indexation methodologies used in constructing the Underlying Index, may not adequately take into account certain factors, may contain design flaws or faulty assumptions, and may rely on incomplete or inaccurate data inputs, any of which may result in a decline in the value of an investment in the Fund. The performance of the investment models may be impacted by software or other technology malfunctions, human error, programming inaccuracies, power loss, and other events or circumstances, which may be difficult to detect and may be beyond the control of the Fund</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Leveraging Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> 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, and 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 </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">heightened risk of loss. The use of leverage may also increase the Fund’s sensitivity to interest rate changes and other market risks</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Management and Tracking Error Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that PIMCO’s investment decisions may not produce the desired results or that the Fund’s portfolio 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 transaction costs of buying and selling securities, especially when rebalancing the Fund’s portfolio to reflect changes in the composition of the Underlying Index. Performance of the Fund and the Underlying Index may vary due to asset valuation differences and differences between the Fund’s portfolio and the Underlying Index due to legal restrictions, cost or liquidity restraints. The risk that performance of the Fund and the Underlying Index may vary may be heightened during periods of increased market volatility or other unusual market conditions. In addition, to the extent the Fund uses a representative sampling approach, this 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</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Indexing Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the Fund is negatively affected by general declines in the asset classes represented by the Underlying Index</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Tax-Efficient Investing Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that investment strategies intended to manage capital gain distributions may not succeed, and that such strategies may reduce investment returns or result in investment losses</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">An </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Performance Information</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The performance information shows summary performance information for the Fund in a bar chart and an Average Annual Total Returns table. The information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and by showing how the Fund’s average annual returns compare with the returns of certain indexes.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> Absent any applicable fee waivers and/or </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">expense limitations, performance would have been lower. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-style:italic;">The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">In addition to the Fund’s performance, the Average Annual Total Returns table includes performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) a supplemental index. It is not possible to invest directly in an unmanaged index. The Fund’s regulatory index is the S&amp;P 500 Index. The Fund’s regulatory index is shown in connection with certain regulatory requirements to provide a broad measure of market performance. The S&amp;P 500 Index is an unmanaged market index generally considered representative of the stock market as a whole. The S&amp;P 500 Index is composed of 500 selected common stocks that represent approximately two-thirds of the total market value of all U.S. common stocks. The S&amp;P 500 Index focuses on the large-cap </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">segment of the U.S. equities market. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The RAFI Dynamic Multi-Factor </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">U.S. Index is a supplemental index of the Fund. 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 intended to be particularly attractive on a forward looking basis.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">Performance for the Fund is updated daily and quarterly and may be obtained as follows: daily and quarterly updates on the net asset value and performance page at </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">https://www.pimco.com/us/en/product-finder?filters=products=etf</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The performance information shows summary performance information for the Fund in a bar chart and an Average Annual Total Returns table. The information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and by showing how the Fund’s average annual returns compare with the returns of certain indexes.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-style:italic;">The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The RAFI Dynamic Multi-Factor </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">U.S. Index is a supplemental index of the Fund. 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 intended to be particularly attractive on a forward looking basis.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">https://www.pimco.com/us/en/product-finder?filters=products=etf</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:8pt;">Calendar Year Total Returns</span> <span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">June 30, 2020</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;">18.22%</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">March 31, 2020</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;">-24.22%</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Year-to-Date</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">September 30, 2026</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;">15.33%</span> <span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter</span> 2020-06-30 0.1822 <span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.2422 <span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Year-to-Date</span> 2026-09-30 0.1533 <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Average Annual Total Returns (for periods ended 12/31/25)</span> 0.1591 0.1281 0.1239 2017-08-31 0.1546 0.1234 0.1184 0.0970 0.1015 0.1002 0.1788 0.1442 0.1488 0.1619 0.1311 0.1273 <span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">Actual after-tax </span><span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">returns depend on an investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:8pt;"> In some cases the return after taxes may exceed the return before taxes due </span><span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.</span> <span style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Investment Objective</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to provide total return that closely corresponds, before fees and expenses, to the total return of the RAFI ESG US Index.</span> <span style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">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.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;">Shareholder Fees (fees paid directly from your investment):</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment):</span> 0.0029 0.0029 <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Example.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Example is intended to help you compare the cost of investing in the Fund with the costs of investing in other exchange-traded funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated, and then hold or sell all of 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:</span> 30 93 163 368 <span style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Fund pays transaction costs, such as commissions, 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 </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">21</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">% of the average value of its portfolio.</span> 0.21 <span style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to achieve its investment objective 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 RAFI ESG US Index (the “Underlying Index”).</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> The Fund may invest the remainder of its assets in cash, </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">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. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Underlying 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. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Underlying Index applies the Fundamental Index™ approach, a smart beta strategy built on the principles of contrarian indexing and disciplined rebalancing. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The universe for the Underlying Index </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">construction process starts with all common equity securities traded on U.S. primary exchanges, which meet and pass minimum liquidity and investability (capacity) requirements, issued by companies that are assigned to the United States by the Index Provider. Eligible securities are then determined by selecting companies based on fundamental weight, calculated using four accounting measures from company financial statements: (i) de-levered sales, calculated as company sales averaged over the past five years multiplied by the ratio of average equity to average assets; (ii) cash flow, taken as the company operating cash flow averaged over the past five years; (iii) dividend plus buybacks, calculated using the average dividends paid and share buybacks over the past five years; and (iv) book value, taken as the most recent company book value. The Underlying Index is composed of securities selected from companies in the large/mid company universe, which is the universe of companies that rank in the top 86% of cumulative fundamental weight. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Underlying Index uses five signals to determine a company’s overall ESG score: environment, social, governance, diversity and financial discipline. The environment, social, governance and diversity scores are determined using data provided by Vigeo Eiris, a third-party ESG data and ratings provider (the “ESG Data Provider”). The ESG Data Provider assesses hundreds of different factors within a framework of sustainability criteria based on international standards in determining the environment, social and governance scores. The ESG Data Provider also considers numerous different metrics relating to gender diversity in determining the diversity scores. The financial discipline score is determined by the Index Provider and is intended to identify companies with high profitability, low investment, low issuance and low accruals. To construct the Underlying Index, companies are sorted in descending order by their environment, social, governance, diversity and financial discipline scores, respectively. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">Companies in the bottom 10% by fundamental weight, for each respective signal, are excluded. In addition, companies classified by the ESG Data Provider as having major involvement in the following areas are excluded: tobacco, gambling, weapons - civilian firearms and military, fossil fuels, coal, tar sands and oil shale. Selected companies are weighted by their fundamental weight, adjusted by the companies’ respective overall ESG scores</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">. As of September 30, </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">2026, the Underlying Index consisted of 287 Component Securities. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Underlying Index is reconstituted annually on the last Friday of March and rebalanced on a quarterly staggered basis on the last Friday of March, June, September and third Friday of December. For example, the Underlying Index will be divided into four identical tranches. At the first quarterly rebalance, the first tranche (</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-style:italic;">i.e.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">, 25% of the Underlying Index) is rebalanced, but the remaining three tranches (</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-style:italic;">i.e.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">, the other 75% of the Underlying Index) are not rebalanced and will continue to drift until the next quarterly rebalance. At the next quarterly rebalance, the second tranche is rebalanced while the other three tranches (including the tranche that was rebalanced at the prior quarter-end) are not rebalanced. This staggered rebalancing is intended to diversify risk and decrease market impact of trading. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">PIMCO uses an indexing approach in managing the Fund’s investments. The Fund is expected to employ a replication strategy in seeking to achieve its investment objective. In using this strategy, PIMCO seeks to replicate the composition and weighting of the Underlying Index by investing all, or substantially all, of the Fund’s assets in the Component Securities, holding each Component Security in approximately the same proportion as its weighting in the Underlying Index. However, in some circumstances it may not be possible or practicable to invest all, or substantially all, of the Fund’s assets in the Component Securities, in which case the Fund may employ a representative sampling strategy by investing in a combination of Component Securities and other instruments, or in Component Securities but in different proportions as compared to the weighting of the Underlying Index, such that the portfolio effectively provides exposure to the Underlying Index. In using a representative sampling strategy, the 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. Unlike many investment companies, the Fund does not attempt to outperform the index the Fund tracks. An indexing approach may eliminate the chance that the Fund will substantially outperform its Underlying Index but also may reduce some of the risks of active management. Indexing seeks to achieve lower costs by keeping portfolio turnover low in comparison to actively managed investment companies. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Fund may invest, without limitation, in equity and equity-related securities, including common and preferred securities. The Fund may also invest in derivative instruments, such as options, futures contracts or swap agreements. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Fund generally intends to consider the federal income tax impact of the manner in which it seeks to obtain and dispose of investment exposures.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to achieve its investment objective 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 RAFI ESG US Index (the “Underlying Index”).</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The universe for the Underlying Index </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">construction process starts with all common equity securities traded on U.S. primary exchanges, which meet and pass minimum liquidity and investability (capacity) requirements, issued by companies that are assigned to the United States by the Index Provider. Eligible securities are then determined by selecting companies based on fundamental weight, calculated using four accounting measures from company financial statements: (i) de-levered sales, calculated as company sales averaged over the past five years multiplied by the ratio of average equity to average assets; (ii) cash flow, taken as the company operating cash flow averaged over the past five years; (iii) dividend plus buybacks, calculated using the average dividends paid and share buybacks over the past five years; and (iv) book value, taken as the most recent company book value. The Underlying Index is composed of securities selected from companies in the large/mid company universe, which is the universe of companies that rank in the top 86% of cumulative fundamental weight. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The Underlying Index uses five signals to determine a company’s overall ESG score: environment, social, governance, diversity and financial discipline. The environment, social, governance and diversity scores are determined using data provided by Vigeo Eiris, a third-party ESG data and ratings provider (the “ESG Data Provider”). The ESG Data Provider assesses hundreds of different factors within a framework of sustainability criteria based on international standards in determining the environment, social and governance scores. The ESG Data Provider also considers numerous different metrics relating to gender diversity in determining the diversity scores. The financial discipline score is determined by the Index Provider and is intended to identify companies with high profitability, low investment, low issuance and low accruals. To construct the Underlying Index, companies are sorted in descending order by their environment, social, governance, diversity and financial discipline scores, respectively. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">Companies in the bottom 10% by fundamental weight, for each respective signal, are excluded. In addition, companies classified by the ESG Data Provider as having major involvement in the following areas are excluded: tobacco, gambling, weapons - civilian firearms and military, fossil fuels, coal, tar sands and oil shale. Selected companies are weighted by their fundamental weight, adjusted by the companies’ respective overall ESG scores</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">It is possible to experience losses on an investment in the Fund.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Small Fund Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that a smaller fund may not achieve investment or trading efficiencies or may be limited in ability to participate in certain investment opportunities due to its size. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">Additionally, a smaller fund may be more adversely affected by large purchases or redemptions by investors</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Market Trading Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that an active secondary trading market for Fund shares does not continue once developed, that the Fund may not continue to meet a listing exchange’s trading or listing requirements, that trading in Fund shares may be halted or become less liquid or that Fund shares trade at prices other than the Fund’s net asset value, and are subject to trading costs. These risks may be exacerbated if the creation/redemption process becomes less effective, particularly during times of market stress or volatility</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Authorized Participant Concentration Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that only an Authorized Participant may engage in creation or redemption transactions directly with the Fund, and that there are a limited number of institutions that may act as Authorized Participants for the Fund, including on an agency basis on behalf of other market participants. No Authorized Participant is obligated to engage in creation or redemption transactions. To the extent that Authorized Participants exit the business or do not place creation or redemption orders for the Fund and fewer or no other Authorized Participant places orders, Fund shares are more likely to trade at a premium or discount to net asset value and possibly face trading halts or delisting</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Equity Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the value of equity or equity-related securities, such as common stocks and preferred securities, may decline due to general market conditions which are not specifically related to a particular company or to factors affecting a particular industry or industries. Equity or equity-related securities generally have greater price volatility than fixed income securities. In addition, preferred securities may be subject to greater credit risk or other risks, such as risks related to deferred and omitted distributions, limited voting rights, liquidity, interest rates, regulatory changes and special redemption rights</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Credit Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the Fund could experience losses if the counterparty to a derivative contract or a repurchase agreement, a borrower of portfolio securities or the issuer or guarantor of collateral, is unable or unwilling, or is perceived (whether by market participants, rating agencies, pricing services or otherwise) as unable or unwilling, to meet its financial obligations</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Market Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the value of securities owned by the Fund may fluctuate, sometimes rapidly or unpredictably, due to a variety of factors affecting securities markets generally or particular industries or sectors, including geopolitical events such as war, military conflict, acts of terrorism, social or political unrest, and the imposition of or threatened imposition of tariffs and other trade barriers, which could disrupt securities markets and adversely affect global economies and markets</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Liquidity Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that a particular investment may be difficult to purchase or sell and that the Fund may be unable to sell investments at an advantageous time or price or achieve its desired level of exposure to a certain sector. The liquidity of the Fund’s shares may be constrained by the liquidity of the Fund’s portfolio holdings</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Issuer Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the value of a security may decline for reasons related to the issuer, such as management performance, changes in financial condition or credit rating, financial leverage, reputation or reduced demand for the issuer’s goods or services</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Derivatives Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk of investing in derivative instruments (such as forwards, futures, options, swaps and structured securities) and other similar investments, including leverage, liquidity, interest rate, market, counterparty (including credit), operational, legal and management risks and valuation complexity. Changes in the value of a derivative or other similar investment may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and the Fund could lose more than the initial amount invested. Derivatives used for hedging or risk management may not operate as intended or may expose the Fund to additional risks. 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. Non-centrally-cleared over-the-counter (“OTC”) derivatives or other similar investments are also subject to the risk that a counterparty to the transaction will not fulfill its contractual obligations to the other party, as many of the protections afforded to centrally-cleared derivative transactions might not be available for non-centrally-cleared OTC derivatives or other similar investments. The primary credit risk on derivatives or other similar investments that are exchange-traded or traded through a central clearing counterparty resides with the Fund's clearing broker, or the clearinghouse. Changes in regulations relating to a registered fund’s use of derivatives and related instruments could potentially limit or impact the Fund’s ability to invest in derivatives, limit the Fund’s ability to employ certain strategies that use derivatives or other similar investments and/or adversely affect the value of derivatives or other similar investments and the Fund’s performance</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Model Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the Fund’s investment models used in making investment allocation decisions, including the indexation methodologies used in constructing the Underlying Index, may not adequately take into account certain factors, may contain design flaws or faulty assumptions, and may rely on incomplete or inaccurate data inputs, any of which may result in a decline in the value of an investment in the Fund. The performance of the investment models may be impacted by software or other technology malfunctions, human error, programming inaccuracies, power loss, and other events or circumstances, which may be difficult to detect and may be beyond the control of the Fund</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Leveraging Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> 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, and 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. The use of leverage may also increase the Fund’s sensitivity to interest rate changes and other market risks</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Management and Tracking Error Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that PIMCO’s investment decisions may not produce the desired results or that the Fund’s portfolio 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 transaction costs of buying and selling securities, especially when rebalancing the Fund’s portfolio to reflect changes in the composition of the Underlying Index. Performance of the Fund and the Underlying Index may vary due to asset valuation differences and differences between the Fund’s portfolio and the Underlying Index due to legal restrictions, cost or liquidity restraints. The risk that performance of the Fund and the Underlying Index may vary may be heightened during periods of increased market volatility or other unusual market conditions. In addition, to the extent the Fund uses a representative sampling approach, this 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</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Indexing Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that the Fund is negatively affected by general declines in the asset classes represented by the Underlying Index</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Tax-Efficient Investing Risk:</span><span style="font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that investment strategies intended to manage capital gain distributions may not succeed, and that such strategies may reduce investment returns or result in investment losses</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Environmental, Social and Governance Investing Risk:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> the risk that, because the Underlying Index may select or exclude securities of certain issuers for reasons other than performance, the 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</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">An </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">investment in the Fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.</span> <span style="color:#00687D;font-family:Arial Narrow;font-size:12pt;font-weight:bold;">Performance Information</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The performance information shows summary performance information for the Fund in a bar chart and an Average Annual Total Returns table. The information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and by showing how the Fund’s average annual returns compare with the returns of certain indexes.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;"> Absent any applicable fee waivers and/or </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">expense limitations, performance would have been lower. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-style:italic;">The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">In addition to the Fund’s performance, the Average Annual Total Returns table includes performance of: (i) a broad-based securities market index (i.e., a regulatory index) and (ii) a supplemental index. It is not possible to invest directly in an unmanaged index. The Fund’s regulatory index is the S&amp;P 500 Index. The Fund’s regulatory index is shown in connection </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">with certain regulatory requirements to provide a broad measure of market performance. The S&amp;P 500 Index is an unmanaged market index generally considered representative of the stock market as a whole. The S&amp;P 500 Index is composed of 500 selected common stocks that represent approximately two-thirds of the total market value of all U.S. common stocks. The S&amp;P 500 Index focuses on the large-cap segment of the U.S. equities market. </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The RAFI ESG US Index is a </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">supplemental index of the Fund. 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 RAFI ESG US 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.</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">Performance for the Fund is updated daily and quarterly and may be obtained as follows: daily and quarterly updates on the net asset value and performance page at </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">https://www.pimco.com/us/en/product-finder?filters=products=etf</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The performance information shows summary performance information for the Fund in a bar chart and an Average Annual Total Returns table. The information provides some indication of the risks of investing in the Fund by showing changes in its performance from year to year and by showing how the Fund’s average annual returns compare with the returns of certain indexes.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-style:italic;">The Fund’s past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future</span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">The RAFI ESG US Index is a </span><span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">supplemental index of the Fund. 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 RAFI ESG US 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.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;">https://www.pimco.com/us/en/product-finder?filters=products=etf</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;line-height:8pt;">Calendar Year Total Returns</span> <span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">December 31, 2020</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;">15.98%</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">March 31, 2020</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;">-25.64%</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Year-to-Date</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">September 30, 2026</span><span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;">17.97%</span> <span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Best Quarter</span> 2020-12-31 0.1598 <span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.2564 <span style="color:#333333;font-family:Arial Narrow;font-size:7.5pt;margin-left:0.0pt;">Year-to-Date</span> 2026-09-30 0.1797 <span style="color:#333333;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">Average Annual Total Returns (for periods ended 12/31/25)</span> 0.1764 0.1225 0.1119 2019-12-18 0.1714 0.1175 0.1064 0.1075 0.0968 0.0885 0.1788 0.1442 0.1523 0.1797 0.1253 0.1149 <span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">Actual after-tax </span><span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">returns depend on an investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</span> <span style="color:#333333;font-family:Arial Narrow;font-size:8pt;"> In some cases the return after taxes may exceed the return before taxes due </span><span style="color:#333333;font-family:Arial Narrow;font-size:8pt;">to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.</span> “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”). Acquired Fund Fees and Expenses include interest expense of the Underlying PIMCO Funds of 0.40%. 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 0.29% and 0.74% for Institutional Class and Class A shares, respectively. 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. 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. After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.After-tax returns are for Institutional Class shares only. After-tax returns for other classes will vary. “Other Expenses” include interest expense of 0.10% and expenses incurred by the Fund in the normal course of its operations. Such expenses are borne by the Fund separately from the management fees paid to Pacific Investment Management Company LLC (“PIMCO”). Excluding interest expense, Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement are 0.69%, 0.79%, 0.84%, 1.04% and 1.79% for Institutional Class, I-2, I-3, Class A and Class C shares respectively. PIMCO has contractually agreed, through October 31, 2027, to reduce its supervisory and administrative fee for the Fund’s I-3 shares by 0.05% of the average daily net assets attributable to I-3 shares of the Fund. This Fee Waiver Agreement renews annually unless terminated by PIMCO upon at least 30 days’ prior notice to the end of the contract term. After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.After-tax returns are for Institutional Class shares only. After-tax returns for other classes will vary. “Other Expenses” include expenses incurred by the Fund in the normal course of its operations. Such expenses are borne by the Fund separately from the management fees paid to Pacific Investment Management Company LLC (“PIMCO”). 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. After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.After-tax returns are for Institutional Class shares only. After-tax returns for other classes will vary. “Other Expenses” include expenses incurred by the Fund in the normal course of its operations. Such expenses are borne by the Fund separately from the management fees paid to Pacific Investment Management Company LLC (“PIMCO”). PIMCO has contractually agreed, through October 31, 2027, to waive, first, the advisory fee and, second, the supervisory and administrative fee it receives from the Fund in an amount equal to the expenses attributable to the Management Fees of Underlying Funds indirectly incurred by the Fund in connection with its investments in Underlying Funds, up to a maximum waived amount that is equal to the Fund’s aggregate advisory fee and supervisory and administrative fee. This waiver renews annually for a full year unless terminated by PIMCO upon at least 30 days’ notice prior to the end of the contract term. 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 in 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. After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.After-tax returns are for Institutional Class shares only. After-tax returns for other classes will vary. Acquired Fund Fees and Expenses include interest expense of the Underlying PIMCO Funds of 0.03%. Interest expense can result from certain transactions within the Underlying PIMCO Funds and is separate from the management fees paid to Pacific Investment Management Company LLC (“PIMCO”). Excluding interest expense of the Underlying PIMCO Funds, Total Annual Fund Operating Expenses are 0.11% and 0.56% for Institutional Class and Class A shares, respectively. Total Annual Fund Operating Expenses 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. After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.After-tax returns are for Institutional Class shares only. After-tax returns for other classes will vary. After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. Acquired Fund Fees and Expenses include interest expense of the Underlying PIMCO Funds of 0.03%. Interest expense can result from certain transactions within the Underlying PIMCO Funds and is separate from the management fees paid to Pacific Investment Management Company LLC (“PIMCO”). Excluding interest expense of the Underlying PIMCO Funds, Total Annual Fund Operating Expenses are 0.11% and 0.56% for Institutional Class and Class A shares, respectively. Total Annual Fund Operating Expenses 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. After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.After-tax returns are for Institutional Class shares only. After-tax returns for other classes will vary. After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. “Other Expenses” include expenses incurred by the Fund in the normal course of its operations. Such expenses are borne by the Fund separately from the management fees paid to Pacific Investment Management Company LLC (“PIMCO”). 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. PIMCO has contractually agreed, through October 31, 2027, to reduce its supervisory and administrative fee for the Fund’s I-3 shares by 0.05% of the average daily net assets attributable to I-3 shares of the Fund. This Fee Waiver Agreement renews annually unless terminated by PIMCO upon at least 30 days’ prior notice to the end of the contract term. After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.After-tax returns are for Institutional Class shares only. After-tax returns for other classes will vary. After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.After-tax returns are for Institutional Class shares only. After-tax returns for other classes will vary. Acquired Fund Fees and Expenses include interest expense of the Underlying PIMCO Funds of 0.03%. Interest expense can result from certain transactions within the Underlying PIMCO Funds and is separate from the management fees paid to Pacific Investment Management Company LLC (“PIMCO”). Excluding interest expense of the Underlying PIMCO Funds, Total Annual Fund Operating Expenses are 0.11% and 0.56% for Institutional Class and Class A shares, respectively. Total Annual Fund Operating Expenses 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. After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.After-tax returns are for Institutional Class shares only. After-tax returns for other classes will vary. “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”). Acquired Fund Fees and Expenses include interest expense of the Underlying PIMCO Funds of 0.19%. 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 0.18% and 0.63% for Institutional Class and Class A shares, respectively. 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. 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. After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.After-tax returns are for Institutional Class shares only. After-tax returns for other classes will vary. “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”). Acquired Fund Fees and Expenses include interest expense of the Underlying PIMCO Funds of 0.30%. 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 0.23% and 0.68% for Institutional Class and Class A shares, respectively. 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. 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. After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.After-tax returns are for Institutional Class shares only. After-tax returns for other classes will vary. “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”). 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. 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. 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. After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.After-tax returns are for Institutional Class shares only. After-tax returns for other classes will vary. “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”). Acquired Fund Fees and Expenses include interest expense of the Underlying PIMCO Funds of 0.07%. 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 0.12% and 0.57% for Institutional Class and Class A shares, respectively. 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. 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. After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.After-tax returns are for Institutional Class shares only. After-tax returns for other classes will vary. After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. “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”). Acquired Fund Fees and Expenses include interest expense of the Underlying PIMCO Funds of 0.05%. 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 0.10% and 0.55% for Institutional Class and Class A shares, respectively. 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. 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. After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.After-tax returns are for Institutional Class shares only. After-tax returns for other classes will vary. “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”). Acquired Fund Fees and Expenses include interest expense of the Underlying PIMCO Funds of 0.42%. 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 0.34% and 0.79% for Institutional Class and Class A shares, respectively. 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. 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. After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.After-tax returns are for Institutional Class shares only. After-tax returns for other classes will vary. After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. After-tax returns are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. In some cases the return after taxes may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.After-tax returns are for Institutional Class shares only. After-tax returns for other classes will vary.