0001133228-18-003067.txt : 20180517 0001133228-18-003067.hdr.sgml : 20180517 20180517123737 ACCESSION NUMBER: 0001133228-18-003067 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 32 FILED AS OF DATE: 20180517 DATE AS OF CHANGE: 20180517 EFFECTIVENESS DATE: 20180517 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PIMCO Equity Series CENTRAL INDEX KEY: 0001479360 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 333-164077 FILM NUMBER: 18842323 BUSINESS ADDRESS: STREET 1: 650 NEWPORT CENTER DRIVE CITY: NEWPORT BEACH STATE: CA ZIP: 92660 BUSINESS PHONE: 949-720-6000 MAIL ADDRESS: STREET 1: 650 NEWPORT CENTER DRIVE CITY: NEWPORT BEACH STATE: CA ZIP: 92660 FORMER COMPANY: FORMER CONFORMED NAME: PIMCO Funds Equity Trust DATE OF NAME CHANGE: 20091223 0001479360 S000034646 PIMCO Dividend and Income Fund C000106724 Institutional Class PQIIX C000106725 I-2 PQIPX C000106728 Class A PQIZX C000106729 Class C PQICX 0001479360 S000035999 PIMCO EqS Long/Short Fund C000110326 Institutional Class PMHIX C000110327 I-2 PMHBX C000110330 Class A PMHAX C000110331 Class C PMHCX C000200468 I-3 PMHNX 0001479360 S000047744 PIMCO REALPATH Blend Income Fund C000150029 Institutional Class PBRNX C000150031 Administrative Class PBRDX C000150033 Class A PBRAX C000150035 Class R 0001479360 S000047745 PIMCO REALPATH Blend 2020 Fund C000150036 Administrative Class PBZDX C000150038 Class A PBZAX C000150040 Class R C000150041 Institutional Class PBZNX 0001479360 S000047746 PIMCO REALPATH Blend 2025 Fund C000150043 Institutional Class PPZRX C000150045 Administrative Class PPZDX C000150047 Class A PPZAX C000150049 Class R 0001479360 S000047747 PIMCO REALPATH Blend 2030 Fund C000150050 Institutional Class PBPNX C000150052 Administrative Class PBPRX C000150054 Class A PBPAX C000150056 Class R 0001479360 S000047748 PIMCO REALPATH Blend 2035 Fund C000150057 Institutional Class PDGZX C000150059 Administrative Class PDGDX C000150061 Class A PDGAX C000150063 Class R 0001479360 S000047749 PIMCO REALPATH Blend 2040 Fund C000150064 Institutional Class PVPNX C000150066 Administrative Class PVPRX C000150068 Class A PVPAX C000150070 Class R 0001479360 S000047750 PIMCO REALPATH Blend 2045 Fund C000150071 Institutional Class PVQNX C000150073 Administrative Class PVQDX C000150075 Class A PVQAX C000150077 Class R 0001479360 S000047751 PIMCO REALPATH Blend 2050 Fund C000150078 Institutional Class PPQZX C000150080 Administrative Class PPQDX C000150082 Class A PPQAX C000150084 Class R 0001479360 S000047752 PIMCO REALPATH Blend 2055 Fund C000150085 Institutional Class PRQZX C000150087 Administrative Class PRQDX C000150089 Class A PRQAX C000150091 Class R 0001479360 S000048952 PIMCO RAE Fundamental Emerging Markets Fund C000154250 Institutional Class PEIFX C000154251 I-2 PEPFX C000154254 Class A PEAFX C000154255 Class C 0001479360 S000048953 PIMCO RAE Fundamental Global Fund C000154259 Class A PFQAX C000154260 Class C PFQCX C000154262 Institutional Class PFQIX C000154263 I-2 PFQPX 0001479360 S000048954 PIMCO RAE Fundamental Global ex-US Fund C000154264 Institutional Class PZRIX C000154265 I-2 PZRPX C000154268 Class A PZRAX C000154269 Class C PZRCX 0001479360 S000048955 PIMCO RAE Fundamental International Fund C000154271 Institutional Class PPYIX C000154272 I-2 PPYPX C000154275 Class A PPYAX C000154276 Class C PPYCX 0001479360 S000048956 PIMCO RAE Fundamental US Fund C000154278 Institutional Class PKAIX C000154279 I-2 PKAPX C000154282 Class A PKAAX C000154283 Class C PKACX 0001479360 S000048957 PIMCO RAE Fundamental US Small Fund C000154285 Institutional Class PMJIX C000154286 I-2 PMJPX C000154289 Class A PMJAX C000154290 Class C PMJCX 497 1 e497-pimcoeqsrs.htm PIMCO EQUITY SERIES - 497 XBRL e497-pimcoeqsrs.htm - Generated by SEC Publisher for SEC Filing  

Rule 497 Document

 

 

On behalf of PIMCO Dividend and Income Fund, PIMCO EqS Long/Short Fund, PIMCO RAE Fundamental Emerging Markets Fund, PIMCO RAE Fundamental Global ex-US Fund, PIMCO RAE Fundamental Global Fund, PIMCO RAE Fundamental International Fund, PIMCO RAE Fundamental US Fund, PIMCO RAE Fundamental US Small Fund, PIMCO REALPATH Blend 2020 Fund, PIMCO REALPATH Blend 2025 Fund, PIMCO REALPATH Blend 2030 Fund, PIMCO REALPATH Blend 2035 Fund, PIMCO REALPATH Blend 2040 Fund, PIMCO REALPATH Blend 2045 Fund, PIMCO REALPATH Blend 2050 Fund, PIMCO REALPATH Blend 2055 Fund and PIMCO REALPATH Blend Income Fund(the “Funds”), each a series of PIMCO Equity Series, and pursuant to Rule 497(e) under the Securities Act of 1933, as amended, attached for filing are exhibits containing information in interactive data format. The interactive data files included as exhibits to this filing relate to the Prospectuses filed with the Securities and Exchange Commission on behalf of the Funds pursuant to Rule 497(e) on April 27, 2018 (Accession No. 0001193125-18-135976), which are incorporated by reference into this Rule 497 Document.

 


 
 

Exhibit List

 

 

EX-101.INS

XBRL Instance Document

EX-101.SCH

XBRL Taxonomy Extension Schema Document

EX-101.DEF

XBRL Taxonomy Extension Definition Linkbase Document

EX-101.LAB

XBRL Taxonomy Extension Labels Linkbase Document

EX-101.PRE

XBRL Taxonomy Extension Presentation Linkbase Document

 

 

 

GLIDEPATH

 

 

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Equity Series 0001479360 false 2018-04-27 2018-04-27 2018-04-27 <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> Investment Objective </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">The Fund's primary investment objective is to seek to provide current income that exceeds the average yield on global stocks. The Fund's secondary objective is to seek to provide long-term capital appreciation.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses of the Fund </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A shares of eligible funds offered by PIMCO Equity Series and PIMCO Funds. More information about these and other discounts is available in the "Classes of Shares" section on page 46 of the Fund's prospectus, Appendix B to the Fund's prospectus (Financial Firm-Specific Sales Charge Waivers and Discounts) or from your financial advisor.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> <b>Shareholder Fees (fees paid directly from your investment):</b> </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> <b> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): </b> </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Example</b>. The Example is intended to help you compare the cost of investing in Institutional Class, I-2, 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 time periods indicated, and then 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:</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> If you redeem your shares at the end of each period: </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> If you do not redeem your shares: </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">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 93% of the average value of its portfolio.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks to achieve its investment objective by investing under normal circumstances at least 80% of its assets in a diversified portfolio of income-producing investments, and will typically invest between 60-80% of its assets in equity and equity-related securities (such portion of the Fund's portfolio, the "Equity Sleeve") providing exposure to a portfolio of stocks (the "RAE Income Global Portfolio") through investment in the securities that comprise the RAE Income Global Portfolio. Equity-related securities include securities having an equity component (e.g., 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 stocks for the Equity Sleeve are selected by the Fund's sub-adviser, Research Affiliates, LLC (the "Sub-Adviser") from a broad universe of global equities.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">The Sub-Adviser uses the RAE® Fundamental ("RAE®") methodology as a starting point for portfolio construction with respect to the Equity Sleeve. The RAE® methodology selects and weights stocks by fundamental measures of company size, <i>e.g.,</i> gross profit, cash flow, book value, dividends plus net buybacks, rather than by market capitalization and then incorporates additional active insights on measures such as quality and momentum, among other factors, to seek to enhance risk-adjusted returns. Selections are further refined through additional yield and financial health screens to create a portfolio that seeks to provide an attractive current yield and long-term capital appreciation. Actual stock positions in the RAE Income Global Portfolio, which drift apart from target weights as market prices change, are rebalanced to target weights periodically.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">The Sub-Adviser provides investment advisory services in connection with the Equity Sleeve's use of the RAE Income Global Portfolio by, among other things, providing PIMCO, and the Portfolio Implementer where applicable, with the constituents and target weights in the RAE Income Global Portfolio. The Equity Sleeve seeks to remain invested in the securities that comprise the RAE Income Global Portfolio even when the value of the RAE Income Global Portfolio is declining.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">The Fund may also invest in "Fixed Income Instruments" of varying maturities. 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 debt investments of the Fund may include investment-grade securities and high yield securities ("junk bonds") of any rating.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">The Fund's approach to fixed income securities selection incorporates PIMCO's global macroeconomic views and 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.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">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 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 and may engage in short sales. The Fund may also enter into reverse repurchase agreements and lend portfolio securities.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">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. With respect to its equity investments, the Fund may invest up to 20% of its total assets in securities and instruments that are economically tied to emerging market countries. With respect to its fixed income investments, the Fund may invest without limitation in securities and instruments that are economically tied to emerging market countries.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Risks </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">It is possible to lose money on an investment in the Fund. The principal risks of investing in the Fund, which could adversely affect its net asset value, yield and total return, are listed below.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Equity Risk:</b> the risk that the value of equity securities, such as common stocks and preferred securities, may decline due to general market conditions which are not specifically related to a particular company or to factors affecting a particular industry or industries. Equity securities generally have greater price volatility than fixed income securities</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Dividend-Oriented Stocks Risk:</b> companies that have paid regular dividends to shareholders may decrease or eliminate dividend payments in the future. A decrease in dividend payments by an issuer may result in a decrease in the value of the security held by the Fund or the Fund receiving less income. In addition, equity securities with higher dividend yields may be sensitive to changes in interest rates, and as interest rates rise, the prices of such securities may fall. The Fund's use of a dividend capture strategy (<i>i.e.</i>, 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</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Value Investing Risk:</b> a value stock may decrease in price or may not increase in price as anticipated by PIMCO if it continues to be undervalued by the market or the factors that the portfolio manager believes will cause the stock price to increase do not occur</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Foreign (Non-U.S.) Investment Risk:</b> the risk that investing in foreign (non-U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to smaller markets, differing reporting, accounting and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, or political changes or diplomatic developments. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Emerging Markets Risk:</b> the risk of investing in emerging market securities, primarily increased foreign (non-U.S.) investment risk</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Sovereign Debt Risk:</b> the risk that investments in fixed income instruments issued by sovereign entities may decline in value as a result of default or other adverse credit event resulting from an issuer's inability or unwillingness to make principal or interest payments in a timely fashion</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Market Risk:</b> the risk that the value of securities owned by the Fund may go up or down, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Issuer Risk:</b> the risk that the value of a security may decline for a reason directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Interest Rate Risk:</b> the risk that fixed income securities and dividend-paying equity securities will decline in value because of an increase in interest rates; a fund with a longer average portfolio duration will be more sensitive to changes in interest rates than a fund with a shorter average portfolio duration</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Call Risk:</b> 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 (<i>e.g.</i>, 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 and may be forced to reinvest in lower-yielding securities, securities with greater credit risks or securities with other, less favorable features</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Credit Risk:</b> the risk that the Fund could lose money if the issuer or guarantor of a fixed income security, or the counterparty to a derivative contract, is unable or unwilling to meet its financial obligations</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>High Yield and Distressed Company Risk:</b> the risk that high yield securities and unrated securities of similar credit quality (commonly known as "junk bonds") and securities of distressed companies may be subject to greater levels of credit, issuer and liquidity risks. Securities of distressed companies include both debt and equity securities. High yield securities and debt securities of distressed companies are considered primarily speculative with respect to the issuer's continuing ability to make principal and interest payments. Distressed companies may be engaged in restructurings or bankruptcy proceedings</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Currency Risk:</b> the risk that foreign (non-U.S.) currencies will change in value relative to the U.S. dollar and affect the Fund's investments in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign (non-U.S.) currencies</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Real Estate Risk:</b> the risk that the Fund's investments in Real Estate Investment Trusts ("REITs") or real estate-linked derivative instruments will subject the Fund to risks similar to those associated with direct ownership of real estate, including losses from casualty or condemnation, and changes in local and general economic conditions, supply and demand, interest rates, zoning laws, regulatory limitations on rents, property taxes and operating expenses. The Fund's investments in REITs or real estate-linked derivative instruments subject it to management and tax risks. In addition, privately traded REITs subject the Fund to liquidity and valuation risk</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Liquidity Risk:</b> the risk that a particular investment may be difficult to purchase or sell and that the Fund may be unable to sell illiquid securities at an advantageous time or price or achieve its desired level of exposure to a certain sector</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Leveraging Risk:</b> the risk that certain transactions of the Fund, such as reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, or derivative instruments, may give rise to leverage, magnifying gains and losses and causing the Fund to be more volatile than if it had not been leveraged. This means that leverage entails a heightened risk of loss</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Management Risk:</b> the risk that the investment techniques and risk analyses applied by PIMCO will not produce the desired results and that legislative, regulatory, or tax restrictions, policies or developments may affect the investment techniques available to PIMCO and the individual portfolio manager in connection with managing the Fund. There is no guarantee that the investment objective of the Fund will be achieved</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Small-Cap and Mid-Cap Company Risk:</b> the risk that the value of securities issued by small-capitalization and mid-capitalization companies may go up or down, sometimes rapidly and unpredictably, due to narrow markets and limited managerial and financial resources</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk:</b> the risk of investing in derivative instruments (such as futures, swaps and structured securities), including leverage, liquidity, interest rate, market, credit and management risks, mispricing or valuation complexity. Changes in the value of the derivative 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. The Fund's use of derivatives may result in losses to the Fund, a reduction in the Fund's returns and/or increased volatility. Over-the-counter ("OTC") derivatives are also subject to the risk that a counterparty to the transaction will not fulfill its contractual obligations to the other party, as many of the protections afforded to centrally-cleared derivative transactions might not be available for OTC derivatives. For derivatives traded on an exchange or through a central counterparty, credit risk resides with the Fund's clearing broker, or the clearinghouse itself, rather than with a counterparty in an OTC derivative transaction. Changes in regulation relating to a mutual fund's use of derivatives and related instruments could potentially limit or impact the Fund's ability to invest in derivatives, limit the Fund's ability to employ certain strategies that use derivatives and/or adversely affect the value of derivatives and the Fund's performance</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Model Risk:</b> the risk that the Fund's investment models used in making investment allocation decisions may not adequately take into account certain factors and may result in a decline in the value of an investment in the Fund</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Mortgage-Related and Other Asset-Backed Risk:</b> the risk of investing in mortgage-related and other asset-backed securities, including interest rate risk, extension risk, prepayment risk and credit risk</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Short Exposure Risk:</b> the risk of entering into short sales, 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 will not fulfill its contractual obligations, causing a loss to the Fund</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Convertible Securities Risk:</b> 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 and credit risk</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">Please see "Description of Principal Risks" in the Fund's prospectus for a more detailed description of the risks of investing in the Fund. An 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.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance Information </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">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 a broad-based securities market index and an additional index. Absent any applicable fee waivers and/or expense limitations, performance would have been lower. The bar chart shows performance of the Fund's Institutional Class shares. Performance for Class A and Class C shares in the Average Annual Total Returns table reflects the impact of sales charges. <i>The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</i> </p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">The Fund measures its performance against a primary benchmark and an additional benchmark. The Fund's primary benchmark is the MSCI World Index. The MSCI World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. The MSCI World Index consists of 23 developed market country indexes. The Fund's additional benchmark is a blend of 75% MSCI World Index/25% Bloomberg Barclays Global Aggregate USD Unhedged. Bloomberg Barclays Global Aggregate USD Unhedged provides a broad-based measure of the global investment-grade fixed income markets. The three major components of this index are the U.S. Aggregate, the Pan-European Aggregate, and the Asian-Pacific Aggregate Indices. The index also includes Eurodollar and Euro-Yen corporate bonds, Canadian Government securities, and USD investment grade 144A securities. </p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">Performance for the Fund is updated daily and quarterly and may be obtained at https://www.pimco.com/en-us/product-finder.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> Calendar Year Total Returns — Institutional Class* </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> *The year-to-date return as of September 30, 2017 is 11.56%. For the periods shown in the bar chart, the highest quarterly return was 7.32% in the Q4 2013, and the lowest quarterly return was -11.46% in the Q3 2015. </p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> <b> Average Annual Total Returns (for periods ended 12/31/16) </b> </b></p> <div style="display:none">~http://pimcoeqsrs-20180427/role/ShareholderFeesDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact pimcoeqsrs-20180427_S000034646Member ~</div> 0 0 0 0 0.055 0.01 0 0.01 <div style="display:none">~ http://pimcoeqsrs-20180427/role/OperatingExpensesDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact pimcoeqsrs-20180427_S000034646Member ~</div> <div style="display:none">~ http://pimcoeqsrs-20180427/role/ExpenseExampleAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact pimcoeqsrs-20180427_S000034646Member ~</div> 82 92 661 293 258 289 897 599 449 503 1152 1031 1001 1119 1881 2232 <div style="display:none">~ http://pimcoeqsrs-20180427/role/ExpenseExampleNoRedemptionAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact pimcoeqsrs-20180427_S000034646Member ~</div> 661 193 897 599 1152 1031 1881 2232 <div style="display:none">~ http://pimcoeqsrs-20180427/role/BarChartDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact pimcoeqsrs-20180427_S000034646Member ~</div> 0.1429 0.1729 0.0373 -0.097 0.0993 <div style="display:none">~ http://pimcoeqsrs-20180427/role/PerformanceTableDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact pimcoeqsrs-20180427_S000034646Member ~</div> 0.0993 0.0891 0.0628 0.1001 0.0352 0.0778 0.0751 0.0627 0.0666 0.0512 0.0504 0.066 0.051 0.0551 0.1041 0.0789 0.0703 0.0549 0.0534 0.0697 0.055 0.0588 0.1114 0.0847 <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> Investment Objective </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks long-term capital appreciation.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses of the Fund </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A shares of eligible funds offered by PIMCO Equity Series and PIMCO Funds. More information about these and other discounts is available in the "Classes of Shares" section on page 46 of the Fund's prospectus, Appendix B to the Fund's prospectus (Financial Firm-Specific Sales Charge Waivers and Discounts) or from your financial advisor.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> <b>Shareholder Fees (fees paid directly from your investment):</b> </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> <b> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): </b> </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Example</b>. 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 time periods indicated, and then 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, I-2 or I-3 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:</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> If you redeem your shares at the end of each period: </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> If you do not redeem your shares: </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">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 251% of the average value of its portfolio.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks to achieve its investment objective by investing under normal circumstances in long and short positions of equity and equity-related securities, including common and preferred securities (and securities convertible into, or that PIMCO expects to be exchanged for, common or preferred securities), utilizing a fundamental investing style that integrates bottom-up and top-down research. The Fund will normally invest a substantial portion of its assets in equity and equity-related securities. Equity-related securities include securities having an equity component (e.g., 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 fixed income securities of varying maturities, cash and cash equivalents.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">The Fund will generally take long positions in investments that PIMCO believes to be undervalued and short positions in investments that PIMCO believes to be overvalued or which are established for hedging purposes. The Fund generally will be long biased, but may take both long and short positions simultaneously. The Fund is non-diversified, which means that it may invest its assets in a smaller number of issuers than a diversified fund.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">The fundamental analysis that PIMCO will conduct when analyzing investments for the Fund may include some or all of the following: review of an issuer's Securities and Exchange Commission filings; interviews with an issuer's management, customers, competitors and suppliers; review of various independent sources of news, information and analysis of the issuer and its industry; preparation of prospective financial statements; and deriving an estimation of an issuer's value on both an absolute basis and relative to that of similar issuers.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">There is no limitation on the market capitalization range of the issuers in which the Fund may invest. The Fund may invest, without limitation, in securities and instruments that are economically tied to foreign (non-U.S.) countries, including 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. The debt investments of the Fund may include investment-grade securities and high yield securities ("junk bonds") of any rating.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">The Fund may invest in derivative instruments, such as options, 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 and may regularly engage in short sales and borrowings for investment purposes. As market volatility increases, the portfolio manager may trade the Fund's portfolio more frequently. The Fund may maintain significant amounts in cash and cash equivalents, without limitation, when PIMCO determines that opportunities for investing are unattractive.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Risks </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">It is possible to lose money on an investment in the Fund. Under certain conditions, even if the value of the Fund's long positions are rising, this could be offset by declining values of the Fund's short positions. Conversely, it is possible that rising values of the Fund's short positions could be offset by declining values of the Fund's long positions. In either scenario the Fund may experience losses. In a market where the value of both the Fund's long and short positions are declining, the Fund may experience substantial losses. The principal risks of investing in the Fund, which could adversely affect its net asset value, yield and total return, are listed below.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Equity Risk:</b> the risk that the value of equity securities, such as common stocks and preferred securities, may decline due to general market conditions which are not specifically related to a particular company or to factors affecting a particular industry or industries. Equity securities generally have greater price volatility than fixed income securities</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Value Investing Risk:</b> a value stock may decrease in price or may not increase in price as anticipated by PIMCO if it continues to be undervalued by the market or the factors that the portfolio manager believes will cause the stock price to increase do not occur</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Small-Cap and Mid-Cap Company Risk:</b> the risk that the value of securities issued by small-capitalization and mid-capitalization companies may go up or down, sometimes rapidly and unpredictably, due to narrow markets and limited managerial and financial resources</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Convertible Securities Risk:</b> 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 and credit risk</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Short Exposure Risk:</b> the risk of entering into short sales, 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 will not fulfill its contractual obligations, causing a loss to the Fund</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Leveraging Risk:</b> the risk that certain transactions of the Fund, such as reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, or derivative instruments, may give rise to leverage, magnifying gains and losses and causing the Fund to be more volatile than if it had not been leveraged. This means that leverage entails a heightened risk of loss</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Issuer Non-Diversification Risk:</b> the risk of focusing investments in a small number of issuers, including being more susceptible to risks associated with a single economic, political or regulatory occurrence than a more diversified portfolio might be. Funds that are "non-diversified" may invest a greater percentage of their assets in the securities of a single issuer than funds that are "diversified"</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Management Risk:</b> the risk that the investment techniques and risk analyses applied by PIMCO will not produce the desired results and that legislative, regulatory, or tax restrictions, policies or developments may affect the investment techniques available to PIMCO and the individual portfolio manager in connection with managing the Fund. There is no guarantee that the investment objective of the Fund will be achieved</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Market Risk:</b> the risk that the value of securities owned by the Fund may go up or down, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Issuer Risk:</b> the risk that the value of a security may decline for a reason directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk:</b> the risk of investing in derivative instruments (such as futures, swaps and structured securities), including leverage, liquidity, interest rate, market, credit and management risks, mispricing or valuation complexity. Changes in the value of the derivative 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. The Fund's use of derivatives may result in losses to the Fund, a reduction in the Fund's returns and/or increased volatility. Over-the-counter ("OTC") derivatives are also subject to the risk that a counterparty to the transaction will not fulfill its contractual obligations to the other party, as many of the protections afforded to centrally-cleared derivative transactions might not be available for OTC derivatives. For derivatives traded on an exchange or through a central counterparty, credit risk resides with the Fund's clearing broker, or the clearinghouse itself, rather than with a counterparty in an OTC derivative transaction. Changes in regulation relating to a mutual fund's use of derivatives and related instruments could potentially limit or impact the Fund's ability to invest in derivatives, limit the Fund's ability to employ certain strategies that use derivatives and/or adversely affect the value of derivatives and the Fund's performance</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Liquidity Risk:</b> the risk that a particular investment may be difficult to purchase or sell and that the Fund may be unable to sell illiquid securities at an advantageous time or price or achieve its desired level of exposure to a certain sector</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Foreign (Non-U.S.) Investment Risk:</b> the risk that investing in foreign (non-U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to smaller markets, differing reporting, accounting and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, or political changes or diplomatic developments. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Real Estate Risk:</b> the risk that the Fund's investments in Real Estate Investment Trusts ("REITs") or real estate-linked derivative instruments will subject the Fund to risks similar to those associated with direct ownership of real estate, including losses from casualty or condemnation, and changes in local and general economic conditions, supply and demand, interest rates, zoning laws, regulatory limitations on rents, property taxes and operating expenses. The Fund's investments in REITs or real estate-linked derivative instruments subject it to management and tax risks. In addition, privately traded REITs subject the Fund to liquidity and valuation risk</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Emerging Markets Risk:</b> the risk of investing in emerging market securities, primarily increased foreign (non-U.S.) investment risk</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Sovereign Debt Risk:</b> the risk that investments in fixed income instruments issued by sovereign entities may decline in value as a result of default or other adverse credit event resulting from an issuer's inability or unwillingness to make principal or interest payments in a timely fashion</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Currency Risk:</b> the risk that foreign (non-U.S.) currencies will change in value relative to the U.S. dollar and affect the Fund's investments in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign (non-U.S.) currencies</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Interest Rate Risk:</b> the risk that fixed income securities will decline in value because of an increase in interest rates; a fund with a longer average portfolio duration will be more sensitive to changes in interest rates than a fund with a shorter average portfolio duration</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Call Risk:</b> 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 (<i>e.g.</i>, 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 and may be forced to reinvest in lower-yielding securities, securities with greater credit risks or securities with other, less favorable features</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Credit Risk:</b> the risk that the Fund could lose money if the issuer or guarantor of a fixed income security, or the counterparty to a derivative contract, is unable or unwilling to meet its financial obligations</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>High Yield and Distressed Company Risk:</b> the risk that high yield securities and unrated securities of similar credit quality (commonly known as "junk bonds") and securities of distressed companies may be subject to greater levels of credit, issuer and liquidity risks. Securities of distressed companies include both debt and equity securities. High yield securities and debt securities of distressed companies are considered primarily speculative with respect to the issuer's continuing ability to make principal and interest payments. Distressed companies may be engaged in restructurings or bankruptcy proceedings</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Cash Holdings Risk:</b> the risk of holding large cash positions, including lower returns and potential lost opportunities to participate in market appreciation</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">Please see "Description of Principal Risks" in the Fund's prospectus for a more detailed description of the risks of investing in the Fund. An 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.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance Information </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">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 a broad-based securities market index.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">A privately offered fund was reorganized into the Fund and the Fund commenced operations on April 20, 2012. This privately offered fund was organized on December 1, 2002 and commenced operations on January 1, 2003 and had an investment objective and strategies that were, in all material respects, the same as those of the Fund, and was managed by an investment adviser (that was subsequently acquired by PIMCO in connection with the privately offered fund's reorganization) in a manner that, in all material respects, complied with the investment guidelines and restrictions of the Fund. However, the privately offered fund was not registered as an investment company under the Investment Company Act of 1940, as amended (the "1940 Act"), and the privately offered fund was not subject to certain investment limitations, diversification requirements, liquidity requirements, and other restrictions imposed by the 1940 Act and the Internal Revenue Code of 1986, as amended, which, if applicable, may have adversely affected its performance.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">The Fund's performance for periods prior to the commencement of operations on April 20, 2012 is that of the privately offered fund (net of actual fees and expenses charged to individual privately offered fund accounts in the aggregate). The performance of the privately offered fund has not been restated to reflect the fees, expenses and fee waivers and/or expense limitations applicable to each class of shares of the Fund. If the performance of the privately offered fund had been restated to reflect the applicable fees and expenses of each class of shares of the Fund, the performance may have been higher (if applicable Fund fees and expenses were lower than actual fees and expenses charged to individual privately offered fund accounts in the aggregate) or lower (if applicable Fund fees and expenses were higher than actual fees and expenses charged to individual privately offered fund accounts in the aggregate) than the performance shown in the bar chart and Average Annual Total Returns table below. For periods following the Fund's commencement of operations on April 20, 2012, the performance of each class of shares differs as a result of the different levels of fees and expenses applicable to each class of shares. The I-3 shares of the Fund have not commenced operations as of the date of this prospectus. <i>The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future</i>.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">The Fund's benchmark index is the 3 Month USD LIBOR Index. LIBOR (London Interbank Offered Rate) is an average interest rate, determined by the ICE Benchmark Administration, that banks charge one another for the use of short-term money (3 months) in England's Eurodollar market. The privately offered fund began operations on January 1, 2003. Index comparisons began on December 31, 2002.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">Performance for the Fund is updated daily and quarterly and may be obtained at https://www.pimco.com/en-us/product-finder.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> Calendar Year Total Returns — Institutional Class* </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> *The year-to-date return as of September 30, 2017 is 8.05%. For the periods shown in the bar chart, the highest quarterly return was 14.62% in the Q3 2009, and the lowest quarterly return was -7.49% in the Q3 2011. </p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> <b> Average Annual Total Returns (for periods ended 12/31/16) </b> </b></p> <div style="display:none">~http://pimcoeqsrs-20180427/role/ShareholderFeesDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact pimcoeqsrs-20180427_S000035999Member ~</div> 0 0 0 0 0 0 0.055 0.01 0 0.01 <div style="display:none">~ http://pimcoeqsrs-20180427/role/OperatingExpensesDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact pimcoeqsrs-20180427_S000035999Member ~</div> <div style="display:none">~ http://pimcoeqsrs-20180427/role/ExpenseExampleAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact pimcoeqsrs-20180427_S000035999Member ~</div> 189 199 204 762 399 587 617 643 1205 918 1010 1061 1108 1673 1561 2190 2295 2395 2963 3289 <div style="display:none">~ http://pimcoeqsrs-20180427/role/ExpenseExampleNoRedemptionAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact pimcoeqsrs-20180427_S000035999Member ~</div> 762 299 1205 918 1673 1561 2963 3289 <div style="display:none">~ http://pimcoeqsrs-20180427/role/BarChartDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact pimcoeqsrs-20180427_S000035999Member ~</div> 0.2662 -0.0454 0.213 0.0628 -0.056 0.0026 0.3452 -0.0155 0.0082 0.02 <div style="display:none">~ http://pimcoeqsrs-20180427/role/PerformanceTableDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact pimcoeqsrs-20180427_S000035999Member ~</div> 0.02 0.0045 0.018 0.0186 -0.0401 -0.0003 0.0068 0.0643 0.0559 0.0481 0.0634 0.0486 0.0533 0.0039 0.0722 0.068 0.0574 0.0718 0.0643 0.0667 0.0124 <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> Investment Objective </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks long-term capital appreciation.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses of the Fund </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A shares of eligible funds offered by PIMCO Equity Series and PIMCO Funds. More information about these and other discounts is available in the "Classes of Shares" section on page 46 of the Fund's prospectus, Appendix B to the Fund's prospectus (Financial Firm-Specific Sales Charge Waivers and Discounts) or from your financial advisor.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> <b>Shareholder Fees (fees paid directly from your investment):</b> </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> <b> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): </b> </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Example</b>. The Example is intended to help you compare the cost of investing in Institutional Class, I-2, 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 time periods indicated, and then 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:</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> If you redeem your shares at the end of each period: </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> If you do not redeem your shares: </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">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 43% of the average value of its portfolio.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">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. Specifically, under normal circumstances, the Fund will obtain exposure to a portfolio of stocks economically tied to emerging market countries ("RAE Fundamental Emerging Markets Portfolio") through investment in the securities that comprise the RAE Fundamental Emerging Markets Portfolio. The stocks are selected by the Fund's sub-adviser, Research Affiliates, LLC ("Sub-Adviser"), from a broad universe of companies which satisfy certain liquidity and capacity requirements.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">The Sub-Adviser uses the RAE® Fundamental ("RAE®") methodology as a starting point for portfolio construction. The RAE® methodology selects and weights stocks by fundamental measures of company size, <i>e.g.,</i> gross profit, cash flow, book value, dividends plus net buybacks, rather than by market capitalization and then incorporates additional active insights on measures such as quality and momentum, among other factors, to seek to enhance risk-adjusted returns. Actual stock positions in the RAE Fundamental Emerging Markets Portfolio, which drift apart from target weights as market prices change, are rebalanced to target weights periodically.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">The Sub-Adviser provides investment advisory services in connection with the Fund's use of the RAE Fundamental Emerging Markets Portfolio by, among other things, providing PIMCO, and the Portfolio Implementer where applicable, with the constituents and target weights in the RAE Fundamental Emerging Markets Portfolio. The Fund seeks to remain invested in the securities that comprise the RAE Fundamental Emerging Markets Portfolio even when the value of the RAE Fundamental Emerging Markets Portfolio is declining.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">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 (e.g., 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 is non-diversified, which means that it may invest its assets in a smaller number of issuers than a diversified fund. 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.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">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.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Risks </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">It is possible to lose money on an investment in the Fund. The principal risks of investing in the Fund, which could adversely affect its net asset value, yield and total return, are listed below.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Equity Risk:</b> the risk that the value of equity securities, such as common stocks and preferred securities, may decline due to general market conditions which are not specifically related to a particular company or to factors affecting a particular industry or industries. Equity securities generally have greater price volatility than fixed income securities</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Value Investing Risk:</b> a value stock may decrease in price or may not increase in price as anticipated by the Sub-Adviser if it continues to be undervalued by the market or the factors that the portfolio manager believes will cause the stock price to increase do not occur</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Foreign (Non-U.S.) Investment Risk:</b> the risk that investing in foreign (non-U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to smaller markets, differing reporting, accounting and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, or political changes or diplomatic developments. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Emerging Markets Risk:</b> the risk of investing in emerging market securities, primarily increased foreign (non-U.S.) investment risk</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Issuer Non-Diversification Risk:</b> the risk of focusing investments in a small number of issuers, including being more susceptible to risks associated with a single economic, political or regulatory occurrence than a more diversified portfolio might be. Funds that are "non-diversified" may invest a greater percentage of their assets in the securities of a single issuer than funds that are "diversified"</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Market Risk:</b> the risk that the value of securities owned by the Fund may go up or down, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Issuer Risk:</b> the risk that the value of a security may decline for a reason directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Credit Risk:</b> the risk that the Fund could lose money if the counterparty to a derivative contract is unable or unwilling to meet its financial obligations</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Currency Risk:</b> the risk that foreign (non-U.S.) currencies will change in value relative to the U.S. dollar and affect the Fund's investments in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign (non-U.S.) currencies</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Real Estate Risk:</b> the risk that the Fund's investments in Real Estate Investment Trusts ("REITs") or real estate-linked derivative instruments will subject the Fund to risks similar to those associated with direct ownership of real estate, including losses from casualty or condemnation, and changes in local and general economic conditions, supply and demand, interest rates, zoning laws, regulatory limitations on rents, property taxes and operating expenses. The Fund's investments in REITs or real estate-linked derivative instruments subject it to management and tax risks. In addition, privately traded REITs subject the Fund to liquidity and valuation risk</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Liquidity Risk:</b> the risk that a particular investment may be difficult to purchase or sell and that the Fund may be unable to sell illiquid securities at an advantageous time or price or achieve its desired level of exposure to a certain sector</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Leveraging Risk:</b> the risk that certain transactions of the Fund, such as reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, or derivative instruments, may give rise to leverage, magnifying gains and losses and causing the Fund to be more volatile than if it had not been leveraged. This means that leverage entails a heightened risk of loss</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Management Risk:</b> the risk that the investment techniques and risk analyses applied by the Sub-Adviser will not produce the desired results and that legislative, regulatory, or tax restrictions, policies or developments may affect the investment techniques available to the Sub-Adviser and the individual portfolio manager in connection with managing the Fund. There is no guarantee that the investment objective of the Fund will be achieved</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk:</b> the risk of investing in derivative instruments (such as futures, swaps and structured securities), including leverage, liquidity, interest rate, market, credit and management risks, mispricing or valuation complexity. Changes in the value of the derivative 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. The Fund's use of derivatives may result in losses to the Fund, a reduction in the Fund's returns and/or increased volatility. Over-the-counter ("OTC") derivatives are also subject to the risk that a counterparty to the transaction will not fulfill its contractual obligations to the other party, as many of the protections afforded to centrally-cleared derivative transactions might not be available for OTC derivatives. For derivatives traded on an exchange or through a central counterparty, credit risk resides with the Fund's clearing broker, or the clearinghouse itself, rather than with a counterparty in an OTC derivative transaction. Changes in regulation relating to a mutual fund's use of derivatives and related instruments could potentially limit or impact the Fund's ability to invest in derivatives, limit the Fund's ability to employ certain strategies that use derivatives and/or adversely affect the value of derivatives and the Fund's performance</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Model Risk:</b> the risk that the Fund's investment models used in making investment allocation decisions may not adequately take into account certain factors and may result in a decline in the value of an investment in the Fund</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">Please see "Description of Principal Risks" in the Fund's prospectus for a more detailed description of the risks of investing in the Fund. An 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.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance Information </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">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 a broad-based securities market index.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">A privately offered fund managed by the Fund's Sub-Adviser was reorganized into the Fund as of the date the Fund commenced operations (June 5, 2015). This privately offered fund was organized on March 2, 2006 and commenced operations on May 31, 2006 and had an investment objective and strategies that were, in all material respects, the same as those of the Fund, and was managed by the Fund's Sub-Adviser in a manner that, in all material respects, complied with the investment guidelines and restrictions of the Fund. However, the privately offered fund was not registered as an investment company under the 1940 Act, and the privately offered fund was not subject to certain investment limitations, diversification requirements, liquidity requirements, and other restrictions imposed by the 1940 Act and the Internal Revenue Code of 1986 which, if applicable, may have adversely affected its performance.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">The Fund's performance for periods prior to the commencement of operations is that of the privately offered fund (net of actual fees and expenses charged to individual privately offered fund accounts in the aggregate). The performance of the privately offered fund has not been restated to reflect the fees, estimated expenses and fee waivers and/or expense limitations applicable to each class of shares of the Fund. If the performance of the privately offered fund had been restated to reflect the applicable fees and expenses of each class of shares of the Fund, the performance may have been higher or lower than the performance shown in the bar chart and Average Annual Total Returns table below. For periods following the Fund's commencement of operations on June 5, 2015, the performance of each class of shares differs as a result of the different levels of fees and expenses applicable to each class of shares. <i>The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</i> </p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">The Fund's benchmark is the MSCI Emerging Markets Index (Net Dividends in USD). The MSCI Emerging Markets Index (Net Dividends in USD) is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">Performance for the Fund is updated daily and quarterly and may be obtained at https://www.pimco.com/en-us/product-finder.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> Calendar Year Total Returns — Institutional Class* </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> *The year-to-date return as of September 30, 2017 is 20.97%. For the periods shown in the bar chart, the highest quarterly return was 42.88% in the Q2 2009, and the lowest quarterly return was -26.40% in the Q4 2008. </p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> <b> Average Annual Total Returns (for periods ended 12/31/16) </b> </b></p> <div style="display:none">~http://pimcoeqsrs-20180427/role/ShareholderFeesDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact pimcoeqsrs-20180427_S000048952Member ~</div> 0 0 0 0 0.0375 0.01 0 0.01 <div style="display:none">~ http://pimcoeqsrs-20180427/role/OperatingExpensesDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact pimcoeqsrs-20180427_S000048952Member ~</div> 0.0095 0.0001 0.0096 -0.0021 0.0075 0.0105 0.0001 0.0106 -0.0021 0.0085 0.0105 0.0025 0.0001 0.0131 -0.0021 0.011 0.0105 0.01 0.0001 0.0206 -0.0021 0.0185 <div style="display:none">~ http://pimcoeqsrs-20180427/role/ExpenseExampleAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact pimcoeqsrs-20180427_S000048952Member ~</div> 77 87 483 288 285 316 755 625 510 564 1047 1089 1159 1275 1877 2373 <div style="display:none">~ http://pimcoeqsrs-20180427/role/ExpenseExampleNoRedemptionAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact pimcoeqsrs-20180427_S000048952Member ~</div> 483 188 755 625 1047 1089 1877 2373 <div style="display:none">~ http://pimcoeqsrs-20180427/role/BarChartDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact pimcoeqsrs-20180427_S000048952Member ~</div> 0.4462 -0.5363 0.926 0.2034 -0.1901 0.194 -0.0418 -0.0185 -0.2344 0.325 <div style="display:none">~ http://pimcoeqsrs-20180427/role/PerformanceTableDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact pimcoeqsrs-20180427_S000048952Member ~</div> 0.325 0.3134 0.188 0.324 0.2718 0.3003 0.1119 0.0264 0.0231 0.0193 0.0261 0.0177 0.0229 0.0128 0.0367 0.035 0.0284 0.0365 0.0323 0.0349 0.0184 <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> Investment Objective </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks long-term capital appreciation.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses of the Fund </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A shares of eligible funds offered by PIMCO Equity Series and PIMCO Funds. More information about these and other discounts is available in the "Classes of Shares" section on page 46 of the Fund's prospectus, Appendix B to the Fund's prospectus (Financial Firm-Specific Sales Charge Waivers and Discounts) or from your financial advisor.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> <b>Shareholder Fees (fees paid directly from your investment):</b> </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> <b> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): </b> </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Example</b>. The Example is intended to help you compare the cost of investing in Institutional Class, I-2, 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 time periods indicated, and then 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:</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> If you redeem your shares at the end of each period: </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> If you do not redeem your shares: </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">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 20% of the average value of its portfolio.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">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 Fundamental US Fund ("US Fund"), the PIMCO RAE Fundamental International Fund ("International Fund"), and the PIMCO RAE Fundamental Emerging Markets Fund ("Emerging Markets Fund") (together, the US Fund, the International Fund and the Emerging Markets Fund are referred to as the "Underlying Funds") and (ii) equity securities that are eligible investments for the Underlying Funds. Under normal circumstances, each of the Underlying Funds obtains exposure to a portfolio of stocks (each, a "RAE Fundamental Portfolio") through investment in the securities that comprise the RAE Fundamental Portfolio. The stocks are selected by the Fund's sub-adviser, Research Affiliates, LLC ("Sub-Adviser"), 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.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">The Sub-Adviser uses the RAE® Fundamental ("RAE®") methodology as a starting point for portfolio construction. The RAE® methodology selects and weights stocks by fundamental measures of company size, <i>e.g.,</i> gross profit, cash flow, book value, dividends plus net buybacks, rather than by market capitalization and then incorporates additional active insights on measures such as quality and momentum, among other factors, to seek to enhance risk-adjusted returns. Actual stock positions in each RAE Fundamental Portfolio, which drift apart from target weights as market prices change, are rebalanced to target weights periodically.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">The Sub-Adviser provides investment advisory services in connection with each Underlying Fund's use of its respective RAE Fundamental Portfolio by, among other things, providing PIMCO, and the Portfolio Implementer where applicable, with the constituents and target weights in the relevant RAE Fundamental Portfolio. Each Underlying Fund seeks to remain invested in the securities that comprise its respective RAE Fundamental Portfolio even when the value of such RAE Fundamental Portfolio is declining.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">The Fund's portfolio, either directly or indirectly (through funds), will be economically tied to at least three countries (one of which may be the U.S.). The Fund is non-diversified, which means that it may invest its assets in a smaller number of issuers than a diversified fund. 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.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">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").</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Risks </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">It is possible to lose money on an investment in the Fund. The principal risks of investing in the Fund include risks from direct investments and/or indirect exposure through investment in Underlying Funds. The principal risks of investing in the Fund, which could adversely affect its net asset value, yield and total return, are listed below.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Allocation Risk:</b> the risk that the Fund could lose money as a result of less than optimal or poor asset allocation decisions as to how its assets are allocated or reallocated. 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</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Acquired Fund Risk:</b> the risk that the Fund's performance is closely related to the risks associated with the securities and other investments held by the Acquired Funds and that the ability of the Fund to achieve its investment objective will depend upon the ability of the Acquired Funds to achieve their investment objectives</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Equity Risk:</b> the risk that the value of equity securities, such as common stocks and preferred securities, may decline due to general market conditions which are not specifically related to a particular company or to factors affecting a particular industry or industries. Equity securities generally have greater price volatility than fixed income securities</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Value Investing Risk:</b> a value stock may decrease in price or may not increase in price as anticipated by the Sub-Adviser if it continues to be undervalued by the market or the factors that the portfolio manager believes will cause the stock price to increase do not occur</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Foreign (Non-U.S.) Investment Risk:</b> the risk that investing in foreign (non-U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to smaller markets, differing reporting, accounting and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, or political changes or diplomatic developments. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Emerging Markets Risk:</b> the risk of investing in emerging market securities, primarily increased foreign (non-U.S.) investment risk</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Issuer Non-Diversification Risk:</b> the risk of focusing investments in a small number of issuers, including being more susceptible to risks associated with a single economic, political or regulatory occurrence than a more diversified portfolio might be. Funds that are "non-diversified" may invest a greater percentage of their assets in the securities of a single issuer than funds that are "diversified"</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Market Risk:</b> the risk that the value of securities owned by the Fund may go up or down, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Issuer Risk:</b> the risk that the value of a security may decline for a reason directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Credit Risk:</b> the risk that the Fund could lose money if the counterparty to a derivative contract is unable or unwilling to meet its financial obligations</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Distressed Company Risk:</b> the risk that securities of distressed companies may be subject to greater levels of market, issuer and liquidity risks. Distressed companies may be engaged in restructurings or bankruptcy proceedings, which may cause the value of their securities to fluctuate rapidly or unpredictably</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Currency Risk:</b> the risk that foreign (non-U.S.) currencies will change in value relative to the U.S. dollar and affect the Fund's investments in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign (non-U.S.) currencies</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Real Estate Risk:</b> the risk that the Fund's investments in Real Estate Investment Trusts ("REITs") or real estate-linked derivative instruments will subject the Fund to risks similar to those associated with direct ownership of real estate, including losses from casualty or condemnation, and changes in local and general economic conditions, supply and demand, interest rates, zoning laws, regulatory limitations on rents, property taxes and operating expenses. The Fund's investments in REITs or real estate-linked derivative instruments subject it to management and tax risks. In addition, privately traded REITs subject the Fund to liquidity and valuation risk</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Liquidity Risk:</b> the risk that a particular investment may be difficult to purchase or sell and that the Fund may be unable to sell illiquid securities at an advantageous time or price or achieve its desired level of exposure to a certain sector</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Leveraging Risk:</b> the risk that certain transactions of the Fund, such as reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, or derivative instruments, may give rise to leverage, magnifying gains and losses and causing the Fund to be more volatile than if it had not been leveraged. This means that leverage entails a heightened risk of loss</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Management Risk:</b> the risk that the investment techniques and risk analyses applied by the Sub-Adviser will not produce the desired results and that legislative, regulatory, or tax restrictions, policies or developments may affect the investment techniques available to the Sub-Adviser and the individual portfolio manager in connection with managing the Fund. There is no guarantee that the investment objective of the Fund will be achieved</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Small Company Risk:</b> 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</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk:</b> the risk of investing in derivative instruments (such as futures, swaps and structured securities), including leverage, liquidity, interest rate, market, credit and management risks, mispricing or valuation complexity. Changes in the value of the derivative 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. The Fund's use of derivatives may result in losses to the Fund, a reduction in the Fund's returns and/or increased volatility. Over-the-counter ("OTC") derivatives are also subject to the risk that a counterparty to the transaction will not fulfill its contractual obligations to the other party, as many of the protections afforded to centrally-cleared derivative transactions might not be available for OTC derivatives. For derivatives traded on an exchange or through a central counterparty, credit risk resides with the Fund's clearing broker, or the clearinghouse itself, rather than with a counterparty in an OTC derivative transaction. Changes in regulation relating to a mutual fund's use of derivatives and related instruments could potentially limit or impact the Fund's ability to invest in derivatives, limit the Fund's ability to employ certain strategies that use derivatives and/or adversely affect the value of derivatives and the Fund's performance</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Model Risk:</b> the risk that the Fund's investment models used in making investment allocation decisions may not adequately take into account certain factors and may result in a decline in the value of an investment in the Fund</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">Please see "Description of Principal Risks" in the Fund's prospectus for a more detailed description of the risks of investing in the Fund. An 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.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance Information </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">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 a broad-based securities market index. Absent any applicable fee waivers and/or expense limitations, performance would have been lower. The bar chart shows performance of the Fund's Institutional Class shares. Performance for Class A and Class C shares in the Average Annual Total Returns table reflects the impact of sales charges. The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">The Fund's broad-based securities market index is the MSCI All Country World Index. 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 46 country indexes comprising developed and emerging market indexes.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">Performance for the Fund will be updated daily and quarterly and may be obtained at https://www.pimco.com/en-us/product-finder.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> Calendar Year Total Returns — Institutional Class* </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> *The year-to-date return as of September 30, 2017 is 16.09%. For the periods shown in the bar chart, the highest quarterly return was 5.26% in the Q3 2016, and the lowest quarterly return was 1.75% in the Q2 2016. </p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> <b> Average Annual Total Returns (for periods ended 12/31/16) </b> </b></p> <div style="display:none">~http://pimcoeqsrs-20180427/role/ShareholderFeesDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact pimcoeqsrs-20180427_S000048953Member ~</div> 0 0 0 0 0.0375 0.01 0 0.01 <div style="display:none">~ http://pimcoeqsrs-20180427/role/OperatingExpensesDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact pimcoeqsrs-20180427_S000048953Member ~</div> 0.007 0.0001 0.0049 0.012 -0.007 0.005 0.008 0.0001 0.0049 0.013 -0.007 0.006 0.008 0.0025 0.0001 0.0049 0.0155 -0.007 0.0085 0.008 0.01 0.0001 0.0049 0.023 -0.007 0.016 <div style="display:none">~ http://pimcoeqsrs-20180427/role/ExpenseExampleAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact pimcoeqsrs-20180427_S000048953Member ~</div> 51 61 459 263 312 343 780 651 592 646 1124 1167 1392 1506 2094 2582 <div style="display:none">~ http://pimcoeqsrs-20180427/role/ExpenseExampleNoRedemptionAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact pimcoeqsrs-20180427_S000048953Member ~</div> 459 163 780 651 1124 1167 2094 2582 <div style="display:none">~ http://pimcoeqsrs-20180427/role/BarChartDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact pimcoeqsrs-20180427_S000048953Member ~</div> 0.144 <div style="display:none">~ http://pimcoeqsrs-20180427/role/PerformanceTableDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact pimcoeqsrs-20180427_S000048953Member ~</div> 0.144 0.1342 0.0882 0.1415 0.0963 0.1208 0.0786 0.0212 0.0136 0.0154 0.0194 -0.0068 0.0102 0.0084 <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> Investment Objective </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks long-term capital appreciation.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses of the Fund </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A shares of eligible funds offered by PIMCO Equity Series and PIMCO Funds. More information about these and other discounts is available in the "Classes of Shares" section on page 46 of the Fund's prospectus, Appendix B to the Fund's prospectus (Financial Firm-Specific Sales Charge Waivers and Discounts) or from your financial advisor.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> <b>Shareholder Fees (fees paid directly from your investment):</b> </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> <b> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): </b> </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Example</b>. The Example is intended to help you compare the cost of investing in Institutional Class, I-2, 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 time periods indicated, and then 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:</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> If you redeem your shares at the end of each period: </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> If you do not redeem your shares: </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">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 8% of the average value of its portfolio.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">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 Fundamental International Fund ("International Fund") and the PIMCO RAE Fundamental Emerging Markets Fund ("Emerging Markets Fund") (together, the International Fund and the Emerging Markets Fund are referred to as the "Underlying Funds"), and (ii) securities that are eligible investments for the Underlying Funds. Under normal circumstances, each of the Underlying Funds obtains exposure to a portfolio of stocks (each, a "RAE Fundamental Portfolio") through investment in the securities that comprise the RAE Fundamental Portfolio. The stocks are selected by the Fund's sub-adviser, Research Affiliates, LLC ("Sub-Adviser"), 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.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">The Sub-Adviser uses the RAE® Fundamental ("RAE®") methodology as a starting point for portfolio construction. The RAE® methodology selects and weights stocks by fundamental measures of company size, e.g., gross profit, cash flow, book value, dividends plus net buybacks, rather than by market capitalization and then incorporates additional active insights on measures such as quality and momentum, among other factors, to seek to enhance risk-adjusted returns. Actual stock positions in each RAE Fundamental Portfolio, which drift apart from target weights as market prices change, are rebalanced to target weights periodically.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">The Sub-Adviser provides investment advisory services in connection with each Underlying Fund's use of its respective RAE Fundamental Portfolio by, among other things, providing PIMCO, and the Portfolio Implementer where applicable, with the constituents and target weights in the relevant RAE Fundamental Portfolio. Each Underlying Fund seeks to remain invested in the securities that comprise its respective RAE Fundamental Portfolio even when the value of such RAE Fundamental Portfolio is declining.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">The Fund's portfolio, either directly or indirectly (through funds), will be economically tied to at least three non-U.S. countries. The Fund is non-diversified, which means that it may invest its assets in a smaller number of issuers than a diversified fund. 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.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">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").</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Risks </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">It is possible to lose money on an investment in the Fund. The principal risks of investing in the Fund include risks from direct investments and/or indirect exposure through investment in Underlying Funds. The principal risks of investing in the Fund, which could adversely affect its net asset value, yield and total return, are listed below.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>New/Small Fund Risk:</b> the risk that a new or smaller 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 and smaller Funds may not attract sufficient assets to achieve investment and trading efficiencies</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Allocation Risk:</b> the risk that the Fund could lose money as a result of less than optimal or poor asset allocation decisions as to how its assets are allocated or reallocated. 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</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Acquired Fund Risk:</b> the risk that the Fund's performance is closely related to the risks associated with the securities and other investments held by the Acquired Funds and that the ability of the Fund to achieve its investment objective will depend upon the ability of the Acquired Funds to achieve their investment objectives</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Equity Risk:</b> the risk that the value of equity securities, such as common stocks and preferred securities, may decline due to general market conditions which are not specifically related to a particular company or to factors affecting a particular industry or industries. Equity securities generally have greater price volatility than fixed income securities</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Value Investing Risk:</b> a value stock may decrease in price or may not increase in price as anticipated by the Sub-Adviser if it continues to be undervalued by the market or the factors that the portfolio manager believes will cause the stock price to increase do not occur</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Foreign (Non-U.S.) Investment Risk:</b> the risk that investing in foreign (non-U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to smaller markets, differing reporting, accounting and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, or political changes or diplomatic developments. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Emerging Markets Risk:</b> the risk of investing in emerging market securities, primarily increased foreign (non-U.S.) investment risk</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Issuer Non-Diversification Risk:</b> the risk of focusing investments in a small number of issuers, including being more susceptible to risks associated with a single economic, political or regulatory occurrence than a more diversified portfolio might be. Funds that are "non-diversified" may invest a greater percentage of their assets in the securities of a single issuer than funds that are "diversified"</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Market Risk:</b> the risk that the value of securities owned by the Fund may go up or down, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Issuer Risk:</b> the risk that the value of a security may decline for a reason directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Credit Risk:</b> the risk that the Fund could lose money if the counterparty to a derivative contract is unable or unwilling to meet its financial obligations</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Distressed Company Risk:</b> the risk that securities of distressed companies may be subject to greater levels of market, issuer and liquidity risks. Distressed companies may be engaged in restructurings or bankruptcy proceedings, which may cause the value of their securities to fluctuate rapidly or unpredictably</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Currency Risk:</b> the risk that foreign (non-U.S.) currencies will change in value relative to the U.S. dollar and affect the Fund's investments in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign (non-U.S.) currencies</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Real Estate Risk:</b> the risk that the Fund's investments in Real Estate Investment Trusts ("REITs") or real estate-linked derivative instruments will subject the Fund to risks similar to those associated with direct ownership of real estate, including losses from casualty or condemnation, and changes in local and general economic conditions, supply and demand, interest rates, zoning laws, regulatory limitations on rents, property taxes and operating expenses. The Fund's investments in REITs or real estate-linked derivative instruments subject it to management and tax risks. In addition, privately traded REITs subject the Fund to liquidity and valuation risk</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Liquidity Risk:</b> the risk that a particular investment may be difficult to purchase or sell and that the Fund may be unable to sell illiquid securities at an advantageous time or price or achieve its desired level of exposure to a certain sector</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Leveraging Risk:</b> the risk that certain transactions of the Fund, such as reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, or derivative instruments, may give rise to leverage, magnifying gains and losses and causing the Fund to be more volatile than if it had not been leveraged. This means that leverage entails a heightened risk of loss</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Management Risk:</b> the risk that the investment techniques and risk analyses applied by the Sub-Adviser will not produce the desired results and that legislative, regulatory, or tax restrictions, policies or developments may affect the investment techniques available to the Sub-Adviser and the individual portfolio manager in connection with managing the Fund. There is no guarantee that the investment objective of the Fund will be achieved</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Small Company Risk:</b> 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</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk:</b> the risk of investing in derivative instruments (such as futures, swaps and structured securities), including leverage, liquidity, interest rate, market, credit and management risks, mispricing or valuation complexity. Changes in the value of the derivative 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. The Fund's use of derivatives may result in losses to the Fund, a reduction in the Fund's returns and/or increased volatility. Over-the-counter ("OTC") derivatives are also subject to the risk that a counterparty to the transaction will not fulfill its contractual obligations to the other party, as many of the protections afforded to centrally-cleared derivative transactions might not be available for OTC derivatives. For derivatives traded on an exchange or through a central counterparty, credit risk resides with the Fund's clearing broker, or the clearinghouse itself, rather than with a counterparty in an OTC derivative transaction. Changes in regulation relating to a mutual fund's use of derivatives and related instruments could potentially limit or impact the Fund's ability to invest in derivatives, limit the Fund's ability to employ certain strategies that use derivatives and/or adversely affect the value of derivatives and the Fund's performance</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Model Risk:</b> the risk that the Fund's investment models used in making investment allocation decisions may not adequately take into account certain factors and may result in a decline in the value of an investment in the Fund</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">Please see "Description of Principal Risks" in the Fund's prospectus for a more detailed description of the risks of investing in the Fund. An 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.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance Information </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">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 a broad-based securities market index. Absent any applicable fee waivers and/or expense limitations, performance would have been lower. The bar chart shows performance of the Fund's Institutional Class shares. Performance for Class A and Class C shares in the Average Annual Total Returns table reflects the impact of sales charges. The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">The Fund's broad-based securities market index is the MSCI All Country World ex US Index. 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 45 country indexes comprising 22 developed and 23 emerging market country indexes.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">Performance for the Fund will be updated daily and quarterly and may be obtained at https://www.pimco.com/en-us/product-finder.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> Calendar Year Total Returns — Institutional Class* </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> *The year-to-date return as of September 30, 2017 is 20.77%. For the periods shown in the bar chart, the highest quarterly return was 7.03% in the Q3 2016, and the lowest quarterly return was 0.93% in the Q2 2016. </p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> <b> Average Annual Total Returns (for periods ended 12/31/16) </b> </b></p> <div style="display:none">~http://pimcoeqsrs-20180427/role/ShareholderFeesDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact pimcoeqsrs-20180427_S000048954Member ~</div> 0 0 0 0 0.0375 0.01 0 0.01 <div style="display:none">~ http://pimcoeqsrs-20180427/role/OperatingExpensesDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact pimcoeqsrs-20180427_S000048954Member ~</div> 0.0075 0.0001 0.0055 0.0131 -0.0076 0.0055 0.0085 0.0001 0.0055 0.0141 -0.0076 0.0065 0.0085 0.0025 0.0001 0.0055 0.0166 -0.0076 0.009 0.0085 0.01 0.0001 0.0055 0.0241 -0.0076 0.0165 <div style="display:none">~ http://pimcoeqsrs-20180427/role/ExpenseExampleAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact pimcoeqsrs-20180427_S000048954Member ~</div> 56 66 463 268 340 371 807 679 645 699 1174 1217 1512 1625 2205 2689 <div style="display:none">~ http://pimcoeqsrs-20180427/role/ExpenseExampleNoRedemptionAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact pimcoeqsrs-20180427_S000048954Member ~</div> 463 168 807 679 1174 1217 2205 2689 <div style="display:none">~ http://pimcoeqsrs-20180427/role/BarChartDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact pimcoeqsrs-20180427_S000048954Member ~</div> 0.1299 <div style="display:none">~ http://pimcoeqsrs-20180427/role/PerformanceTableDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact pimcoeqsrs-20180427_S000048954Member ~</div> 0.1299 0.1221 0.0781 0.1285 0.0839 0.1069 0.045 -0.0195 -0.0258 -0.0158 -0.0206 -0.0462 -0.0306 -0.0405 <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> Investment Objective </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks long-term capital appreciation.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses of the Fund </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A shares of eligible funds offered by PIMCO Equity Series and PIMCO Funds. More information about these and other discounts is available in the "Classes of Shares" section on page 46 of the Fund's prospectus, Appendix B to the Fund's prospectus (Financial Firm-Specific Sales Charge Waivers and Discounts) or from your financial advisor.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> <b>Shareholder Fees (fees paid directly from your investment):</b> </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> <b> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): </b> </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Example</b>. The Example is intended to help you compare the cost of investing in Institutional Class, I-2, 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 time periods indicated, and then 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:</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> If you redeem your shares at the end of each period: </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> If you do not redeem your shares: </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">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 20% of the average value of its portfolio.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">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 Fundamental International Portfolio") through investment in the securities that comprise the RAE Fundamental International Portfolio. The stocks are selected by the Fund's sub-adviser, Research Affiliates, LLC ("Sub-Adviser"), from a broad universe of companies which satisfy certain liquidity and capacity requirements.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">The Sub-Adviser uses the RAE® Fundamental ("RAE®") methodology as a starting point for portfolio construction. The RAE® methodology selects and weights stocks by fundamental measures of company size, <i>e.g.,</i> gross profit, cash flow, book value, dividends plus net buybacks, rather than by market capitalization and then incorporates additional active insights on measures such as quality and momentum, among other factors, to seek to enhance risk-adjusted returns. Actual stock positions in the RAE Fundamental International Portfolio, which drift apart from target weights as market prices change, are rebalanced to target weights periodically.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">The Sub-Adviser provides investment advisory services in connection with the Fund's use of the RAE Fundamental International Portfolio by, among other things, providing PIMCO, and the Portfolio Implementer where applicable, with the constituents and target weights in the RAE Fundamental International Portfolio. The Fund seeks to remain invested in the securities that comprise RAE Fundamental International Portfolio even when the value of the RAE Fundamental International Portfolio is declining.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">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 (e.g., 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 is non-diversified, which means that it may invest its assets in a smaller number of issuers than a diversified fund. 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.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">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.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Risks </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">It is possible to lose money on an investment in the Fund. The principal risks of investing in the Fund, which could adversely affect its net asset value, yield and total return, are listed below.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Equity Risk:</b> the risk that the value of equity securities, such as common stocks and preferred securities, may decline due to general market conditions which are not specifically related to a particular company or to factors affecting a particular industry or industries. Equity securities generally have greater price volatility than fixed income securities</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Value Investing Risk:</b> a value stock may decrease in price or may not increase in price as anticipated by the Sub-Adviser if it continues to be undervalued by the market or the factors that the portfolio manager believes will cause the stock price to increase do not occur</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Foreign (Non-U.S.) Investment Risk:</b> the risk that investing in foreign (non-U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to smaller markets, differing reporting, accounting and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, or political changes or diplomatic developments. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Emerging Markets Risk:</b> the risk of investing in emerging market securities, primarily increased foreign (non-U.S.) investment risk</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Issuer Non-Diversification Risk:</b> the risk of focusing investments in a small number of issuers, including being more susceptible to risks associated with a single economic, political or regulatory occurrence than a more diversified portfolio might be. Funds that are "non-diversified" may invest a greater percentage of their assets in the securities of a single issuer than funds that are "diversified"</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Market Risk:</b> the risk that the value of securities owned by the Fund may go up or down, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Issuer Risk:</b> the risk that the value of a security may decline for a reason directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Credit Risk:</b> the risk that the Fund could lose money if the counterparty to a derivative contract is unable or unwilling to meet its financial obligations</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Currency Risk:</b> the risk that foreign (non-U.S.) currencies will change in value relative to the U.S. dollar and affect the Fund's investments in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign (non-U.S.) currencies</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Real Estate Risk:</b> the risk that the Fund's investments in Real Estate Investment Trusts ("REITs") or real estate-linked derivative instruments will subject the Fund to risks similar to those associated with direct ownership of real estate, including losses from casualty or condemnation, and changes in local and general economic conditions, supply and demand, interest rates, zoning laws, regulatory limitations on rents, property taxes and operating expenses. The Fund's investments in REITs or real estate-linked derivative instruments subject it to management and tax risks. In addition, privately traded REITs subject the Fund to liquidity and valuation risk</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Liquidity Risk:</b> the risk that a particular investment may be difficult to purchase or sell and that the Fund may be unable to sell illiquid securities at an advantageous time or price or achieve its desired level of exposure to a certain sector</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Leveraging Risk:</b> the risk that certain transactions of the Fund, such as reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, or derivative instruments, may give rise to leverage, magnifying gains and losses and causing the Fund to be more volatile than if it had not been leveraged. This means that leverage entails a heightened risk of loss</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Management Risk:</b> the risk that the investment techniques and risk analyses applied by the Sub-Adviser will not produce the desired results and that legislative, regulatory, or tax restrictions, policies or developments may affect the investment techniques available to the Sub-Adviser and the individual portfolio manager in connection with managing the Fund. There is no guarantee that the investment objective of the Fund will be achieved</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk:</b> the risk of investing in derivative instruments (such as futures, swaps and structured securities), including leverage, liquidity, interest rate, market, credit and management risks, mispricing or valuation complexity. Changes in the value of the derivative 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. The Fund's use of derivatives may result in losses to the Fund, a reduction in the Fund's returns and/or increased volatility. Over-the-counter ("OTC") derivatives are also subject to the risk that a counterparty to the transaction will not fulfill its contractual obligations to the other party, as many of the protections afforded to centrally-cleared derivative transactions might not be available for OTC derivatives. For derivatives traded on an exchange or through a central counterparty, credit risk resides with the Fund's clearing broker, or the clearinghouse itself, rather than with a counterparty in an OTC derivative transaction. Changes in regulation relating to a mutual fund's use of derivatives and related instruments could potentially limit or impact the Fund's ability to invest in derivatives, limit the Fund's ability to employ certain strategies that use derivatives and/or adversely affect the value of derivatives and the Fund's performance</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Model Risk:</b> the risk that the Fund's investment models used in making investment allocation decisions may not adequately take into account certain factors and may result in a decline in the value of an investment in the Fund</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">Please see "Description of Principal Risks" in the Fund's prospectus for a more detailed description of the risks of investing in the Fund. An 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.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance Information </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">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 a broad-based securities market index. Absent any applicable fee waivers and/or expense limitations, performance would have been lower. The bar chart shows performance of the Fund's Institutional Class shares. Performance for Class A and Class C shares in the Average Annual Total Returns table reflects the impact of sales charges. The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">The Fund's broad-based securities market index is the MSCI EAFE Index. 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.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">Performance for the Fund will be updated daily and quarterly and may be obtained at https://www.pimco.com/en-us/product-finder.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> Calendar Year Total Returns — Institutional Class* </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> *The year-to-date return as of September 30, 2017 is 20.44%. For the periods shown in the bar chart, the highest quarterly return was 5.84% in the Q3 2016, and the lowest quarterly return was -0.92% in the Q1 2016. </p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> <b> Average Annual Total Returns (for periods ended 12/31/16) </b> </b></p> <div style="display:none">~http://pimcoeqsrs-20180427/role/ShareholderFeesDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact pimcoeqsrs-20180427_S000048955Member ~</div> 0 0 0 0 0.0375 0.01 0 0.01 <div style="display:none">~ http://pimcoeqsrs-20180427/role/OperatingExpensesDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact pimcoeqsrs-20180427_S000048955Member ~</div> 0.006 0.0001 0.0061 0.005 0.007 0.0001 0.0071 0.006 0.007 0.0025 0.0001 0.0096 0.0085 0.007 0.01 0.0001 0.0171 0.016 <div style="display:none">~ http://pimcoeqsrs-20180427/role/ExpenseExampleAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact pimcoeqsrs-20180427_S000048955Member ~</div> 51 61 459 263 184 216 659 528 329 384 876 918 752 872 1499 2010 <div style="display:none">~ http://pimcoeqsrs-20180427/role/ExpenseExampleNoRedemptionAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact pimcoeqsrs-20180427_S000048955Member ~</div> 459 163 659 528 876 918 1499 2010 <div style="display:none">~ http://pimcoeqsrs-20180427/role/BarChartDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact pimcoeqsrs-20180427_S000048955Member ~</div> 0.0823 <div style="display:none">~ http://pimcoeqsrs-20180427/role/PerformanceTableDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact pimcoeqsrs-20180427_S000048955Member ~</div> 0.0823 0.0765 0.0514 0.0811 0.0374 0.06 0.01 -0.0249 -0.0321 -0.0192 -0.0256 -0.0517 -0.0359 -0.0395 <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> Investment Objective </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks long-term capital appreciation.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses of the Fund </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A shares of eligible funds offered by PIMCO Equity Series and PIMCO Funds. More information about these and other discounts is available in the "Classes of Shares" section on page 46 of the Fund's prospectus, Appendix B to the Fund's prospectus (Financial Firm-Specific Sales Charge Waivers and Discounts) or from your financial advisor.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> <b>Shareholder Fees (fees paid directly from your investment):</b> </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> <b> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): </b> </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Example</b>. The Example is intended to help you compare the cost of investing in Institutional Class, I-2, 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 time periods indicated, and then 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:</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> If you redeem your shares at the end of each period: </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> If you do not redeem your shares: </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">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 31% of the average value of its portfolio.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">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"). Specifically, under normal circumstances, the Fund will obtain exposure to a portfolio of stocks of U.S. companies ("RAE Fundamental US Portfolio") through investment in the securities that comprise the RAE Fundamental US Portfolio. The stocks are selected by the Fund's sub-adviser, Research Affiliates, LLC ("Sub-Adviser"), from a broad universe of companies which satisfy certain liquidity and capacity requirements.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">The Sub-Adviser uses the RAE® Fundamental ("RAE®" methodology) as a starting point for portfolio construction. The RAE® methodology selects and weights stocks by fundamental measures of company size, <i>e.g.,</i> gross profit, cash flow, book value, dividends plus net buybacks, rather than by market capitalization and then incorporates additional active insights on measures such as quality and momentum, among other factors, to seek to enhance risk-adjusted returns. The Sub-Adviser applies the RAE® methodology to the large and mid-sized U.S. companies as determined by cumulative fundamental measures of company size. Actual stock positions in the RAE Fundamental US Portfolio, which drift apart from target weights as market prices change, are rebalanced to target weights periodically.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">The Sub-Adviser provides investment advisory services in connection with the Fund's use of the RAE Fundamental US Portfolio by, among other things, providing PIMCO, and the Portfolio Implementer where applicable, with the constituents and target weights in the RAE Fundamental US Portfolio. The Fund seeks to remain invested in the securities that comprise the RAE Fundamental US Portfolio even when the value of the RAE Fundamental US Portfolio is declining.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">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 (e.g., 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 is non-diversified, which means that it may invest its assets in a smaller number of issuers than a diversified fund. 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.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Risks </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">It is possible to lose money on an investment in the Fund. The principal risks of investing in the Fund, which could adversely affect its net asset value, yield and total return, are listed below.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Equity Risk:</b> the risk that the value of equity securities, such as common stocks and preferred securities, may decline due to general market conditions which are not specifically related to a particular company or to factors affecting a particular industry or industries. Equity securities generally have greater price volatility than fixed income securities</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Value Investing Risk:</b> a value stock may decrease in price or may not increase in price as anticipated by the Sub-Adviser if it continues to be undervalued by the market or the factors that the portfolio manager believes will cause the stock price to increase do not occur</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Issuer Non-Diversification Risk:</b> the risk of focusing investments in a small number of issuers, including being more susceptible to risks associated with a single economic, political or regulatory occurrence than a more diversified portfolio might be. Funds that are "non-diversified" may invest a greater percentage of their assets in the securities of a single issuer than funds that are "diversified"</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Market Risk:</b> the risk that the value of securities owned by the Fund may go up or down, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Issuer Risk:</b> the risk that the value of a security may decline for a reason directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Credit Risk:</b> the risk that the Fund could lose money if the counterparty to a derivative contract is unable or unwilling to meet its financial obligations</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Real Estate Risk:</b> the risk that the Fund's investments in Real Estate Investment Trusts ("REITs") or real estate-linked derivative instruments will subject the Fund to risks similar to those associated with direct ownership of real estate, including losses from casualty or condemnation, and changes in local and general economic conditions, supply and demand, interest rates, zoning laws, regulatory limitations on rents, property taxes and operating expenses. The Fund's investments in REITs or real estate-linked derivative instruments subject it to management and tax risks. In addition, privately traded REITs subject the Fund to liquidity and valuation risk</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Liquidity Risk:</b> the risk that a particular investment may be difficult to purchase or sell and that the Fund may be unable to sell illiquid securities at an advantageous time or price or achieve its desired level of exposure to a certain sector</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Leveraging Risk:</b> the risk that certain transactions of the Fund, such as reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, or derivative instruments, may give rise to leverage, magnifying gains and losses and causing the Fund to be more volatile than if it had not been leveraged. This means that leverage entails a heightened risk of loss</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Management Risk:</b> the risk that the investment techniques and risk analyses applied by the Sub-Adviser will not produce the desired results and that legislative, regulatory, or tax restrictions, policies or developments may affect the investment techniques available to the Sub-Adviser and the individual portfolio manager in connection with managing the Fund. There is no guarantee that the investment objective of the Fund will be achieved</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk:</b> the risk of investing in derivative instruments (such as futures, swaps and structured securities), including leverage, liquidity, interest rate, market, credit and management risks, mispricing or valuation complexity. Changes in the value of the derivative 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. The Fund's use of derivatives may result in losses to the Fund, a reduction in the Fund's returns and/or increased volatility. Over-the-counter ("OTC") derivatives are also subject to the risk that a counterparty to the transaction will not fulfill its contractual obligations to the other party, as many of the protections afforded to centrally-cleared derivative transactions might not be available for OTC derivatives. For derivatives traded on an exchange or through a central counterparty, credit risk resides with the Fund's clearing broker, or the clearinghouse itself, rather than with a counterparty in an OTC derivative transaction. Changes in regulation relating to a mutual fund's use of derivatives and related instruments could potentially limit or impact the Fund's ability to invest in derivatives, limit the Fund's ability to employ certain strategies that use derivatives and/or adversely affect the value of derivatives and the Fund's performance</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Model Risk:</b> the risk that the Fund's investment models used in making investment allocation decisions may not adequately take into account certain factors and may result in a decline in the value of an investment in the Fund</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">Please see "Description of Principal Risks" in the Fund's prospectus for a more detailed description of the risks of investing in the Fund. An 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.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance Information </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">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 a broad-based securities market index.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">A privately offered fund managed by the Fund's Sub-Adviser was reorganized into the Fund as of the date the Fund commenced operations (June 5, 2015). This privately offered fund was organized on October 28, 2004 and commenced operations on December 22, 2004 and had an investment objective and strategies that were, in all material respects, the same as those of the Fund, and was managed by the Fund's Sub-Adviser in a manner that, in all material respects, complied with the investment guidelines and restrictions of the Fund. However, the privately offered fund was not registered as an investment company under the 1940 Act, and the privately offered fund was not subject to certain investment limitations, diversification requirements, liquidity requirements, and other restrictions imposed by the 1940 Act and the Internal Revenue Code of 1986 which, if applicable, may have adversely affected its performance.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">The Fund's performance for periods prior to the commencement of operations is that of the privately offered fund (net of actual fees and expenses charged to individual privately offered fund accounts in the aggregate). The performance of the privately offered fund has not been restated to reflect the fees, estimated expenses and fee waivers and/or expense limitations applicable to each class of shares of the Fund. If the performance of the privately offered fund had been restated to reflect the applicable fees and expenses of each class of shares of the Fund, the performance may have been higher or lower than the performance shown in the bar chart and Average Annual Total Returns table below. For periods following the Fund's commencement of operations on June 5, 2015, the performance of each class of shares differs as a result of the different levels of fees and expenses applicable to each class of shares. <i>The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</i> </p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">The Fund's benchmark index is the S&amp;P 500 Index. 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 Index focuses on the large-cap segment of the U.S. equities market.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">Performance for the Fund is updated daily and quarterly and may be obtained at https://www.pimco.com/en-us/product-finder.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> Calendar Year Total Returns — Institutional Class* </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> *The year-to-date return as of September 30, 2017 is 8.67%. For the periods shown in the bar chart, the highest quarterly return was 21.16% in the Q3 2009, and the lowest quarterly return was -22.65% in the Q4 2008. </p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> <b> Average Annual Total Returns (for periods ended 12/31/16) </b> </b></p> <div style="display:none">~http://pimcoeqsrs-20180427/role/ShareholderFeesDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact pimcoeqsrs-20180427_S000048956Member ~</div> 0 0 0 0 0.0375 0.01 0 0.01 <div style="display:none">~ http://pimcoeqsrs-20180427/role/OperatingExpensesDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact pimcoeqsrs-20180427_S000048956Member ~</div> 0.005 0.0001 0.0051 0.004 0.006 0.0001 0.0061 0.005 0.0065 0.0025 0.0001 0.0091 0.008 0.0065 0.01 0.0001 0.0166 0.0155 <div style="display:none">~ http://pimcoeqsrs-20180427/role/ExpenseExampleAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact pimcoeqsrs-20180427_S000048956Member ~</div> 41 51 454 258 152 184 644 513 274 329 850 892 630 752 1443 1956 <div style="display:none">~ http://pimcoeqsrs-20180427/role/ExpenseExampleNoRedemptionAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact pimcoeqsrs-20180427_S000048956Member ~</div> 454 158 644 513 850 892 1443 1956 <div style="display:none">~ http://pimcoeqsrs-20180427/role/BarChartDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact pimcoeqsrs-20180427_S000048956Member ~</div> 0.0371 -0.3756 0.2739 0.1853 0.0181 0.1658 0.3615 0.1232 -0.0325 0.1541 <div style="display:none">~ http://pimcoeqsrs-20180427/role/PerformanceTableDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact pimcoeqsrs-20180427_S000048956Member ~</div> 0.1541 0.1394 0.0981 0.1533 0.1057 0.1314 0.1196 0.1476 0.1428 0.1187 0.1473 0.1374 0.1433 0.1466 0.0708 0.0685 0.0573 0.0706 0.066 0.0688 0.0695 <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> Investment Objective </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks long-term capital appreciation.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses of the Fund </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A shares of eligible funds offered by PIMCO Equity Series and PIMCO Funds. More information about these and other discounts is available in the "Classes of Shares" section on page 46 of the Fund's prospectus, Appendix B to the Fund's prospectus (Financial Firm-Specific Sales Charge Waivers and Discounts) or from your financial advisor.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> <b>Shareholder Fees (fees paid directly from your investment):</b> </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> <b> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): </b> </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Example</b>. The Example is intended to help you compare the cost of investing in Institutional Class, I-2, 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 time periods indicated, and then 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:</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> If you redeem your shares at the end of each period: </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> If you do not redeem your shares: </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">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 45% of the average value of its portfolio.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks to achieve its investment objective by investing under normal circumstances at least 80% of its assets in securities of small companies economically tied to the United States (for purposes of this section only, "U.S. companies"). Specifically, under normal circumstances, the Fund will obtain exposure to a portfolio of stocks of small U.S. companies ("RAE Fundamental US Small Portfolio") through investment in the securities that comprise the RAE Fundamental US Small Portfolio. The stocks are selected by the Fund's sub-adviser, Research Affiliates, LLC ("Sub-Adviser"), from a broad universe of companies which satisfy certain liquidity and capacity requirements.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">The Sub-Adviser uses the RAE® Fundamental ("RAE®") methodology as a starting point for portfolio construction. The RAE® methodology selects and weights stocks by fundamental measures of company size, <i>e.g.,</i> gross profit, cash flow, book value, dividends plus net buybacks, rather than by market capitalization and then incorporates additional active insights on measures such as quality and momentum, among other factors, to seek to enhance risk-adjusted returns. The Sub-Adviser applies the 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 89% 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 Fundamental US Small Portfolio, which drift apart from target weights as market prices change, are rebalanced to target weights periodically.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">The Sub-Adviser provides investment advisory services in connection with the Fund's use of the RAE Fundamental US Small Portfolio by, among other things, providing PIMCO, and the Portfolio Implementer where applicable, with the constituents and target weights in the RAE Fundamental US Small Portfolio. The Fund seeks to remain invested in the securities that comprise the RAE Fundamental US Small Portfolio even when the value of the RAE Fundamental US Small Portfolio is declining.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">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 (e.g., 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 is non-diversified, which means that it may invest its assets in a smaller number of issuers than a diversified fund. 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.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Risks </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">It is possible to lose money on an investment in the Fund. The principal risks of investing in the Fund, which could adversely affect its net asset value, yield and total return, are listed below.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Equity Risk:</b> the risk that the value of equity securities, such as common stocks and preferred securities, may decline due to general market conditions which are not specifically related to a particular company or to factors affecting a particular industry or industries. Equity securities generally have greater price volatility than fixed income securities</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Value Investing Risk:</b> a value stock may decrease in price or may not increase in price as anticipated by the Sub-Adviser if it continues to be undervalued by the market or the factors that the portfolio manager believes will cause the stock price to increase do not occur</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Issuer Non-Diversification Risk:</b> the risk of focusing investments in a small number of issuers, including being more susceptible to risks associated with a single economic, political or regulatory occurrence than a more diversified portfolio might be. Funds that are "non-diversified" may invest a greater percentage of their assets in the securities of a single issuer than funds that are "diversified"</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Market Risk:</b> the risk that the value of securities owned by the Fund may go up or down, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Issuer Risk:</b> the risk that the value of a security may decline for a reason directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Credit Risk:</b> the risk that the Fund could lose money if the counterparty to a derivative contract is unable or unwilling to meet its financial obligations</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Distressed Company Risk:</b> the risk that securities of distressed companies may be subject to greater levels of market, issuer and liquidity risks. Distressed companies may be engaged in restructurings or bankruptcy proceedings, which may cause the value of their securities to fluctuate rapidly or unpredictably</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Real Estate Risk:</b> the risk that the Fund's investments in Real Estate Investment Trusts ("REITs") will subject the Fund to risks similar to those associated with direct ownership of real estate, including losses from casualty or condemnation, and changes in local and general economic conditions, supply and demand, interest rates, zoning laws, regulatory limitations on rents, property taxes and operating expenses. The Fund's investments in REITs subject it to management and tax risks. In addition, privately traded REITs subject the Fund to liquidity and valuation risk</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Liquidity Risk:</b> the risk that a particular investment may be difficult to purchase or sell and that the Fund may be unable to sell illiquid securities at an advantageous time or price or achieve its desired level of exposure to a certain sector</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Leveraging Risk:</b> the risk that certain transactions of the Fund, such as reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, or derivative instruments, may give rise to leverage, magnifying gains and losses and causing the Fund to be more volatile than if it had not been leveraged. This means that leverage entails a heightened risk of loss</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Management Risk:</b> the risk that the investment techniques and risk analyses applied by the Sub-Adviser will not produce the desired results and that legislative, regulatory, or tax restrictions, policies or developments may affect the investment techniques available to the Sub-Adviser and the individual portfolio manager in connection with managing the Fund. There is no guarantee that the investment objective of the Fund will be achieved</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Small Company Risk:</b> 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</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk:</b> the risk of investing in derivative instruments (such as futures, swaps and structured securities), including leverage, liquidity, interest rate, market, credit and management risks, mispricing or valuation complexity. Changes in the value of the derivative 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. The Fund's use of derivatives may result in losses to the Fund, a reduction in the Fund's returns and/or increased volatility. Over-the-counter ("OTC") derivatives are also subject to the risk that a counterparty to the transaction will not fulfill its contractual obligations to the other party, as many of the protections afforded to centrally-cleared derivative transactions might not be available for OTC derivatives. For derivatives traded on an exchange or through a central counterparty, credit risk resides with the Fund's clearing broker, or the clearinghouse itself, rather than with a counterparty in an OTC derivative transaction. Changes in regulation relating to a mutual fund's use of derivatives and related instruments could potentially limit or impact the Fund's ability to invest in derivatives, limit the Fund's ability to employ certain strategies that use derivatives and/or adversely affect the value of derivatives and the Fund's performance</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Model Risk:</b> the risk that the Fund's investment models used in making investment allocation decisions may not adequately take into account certain factors and may result in a decline in the value of an investment in the Fund</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">Please see "Description of Principal Risks" in the Fund's prospectus for a more detailed description of the risks of investing in the Fund. An 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.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance Information </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">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 a broad-based securities market index.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">A privately offered fund managed by the Fund's Sub-Adviser was reorganized into the Fund as of the date the Fund commenced operations (June 5, 2015). This privately offered fund was organized on August 30, 2005 and commenced operations on September 29, 2005 and had an investment objective and strategies that were, in all material respects, the same as those of the Fund, and was managed by the Fund's Sub-Adviser in a manner that, in all material respects, complied with the investment guidelines and restrictions of the Fund. However, the privately offered fund was not registered as an investment company under the 1940 Act, and the privately offered fund was not subject to certain investment limitations, diversification requirements, liquidity requirements, and other restrictions imposed by the 1940 Act and the Internal Revenue Code of 1986 which, if applicable, may have adversely affected its performance.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">The Fund's performance for periods prior to the commencement of operations is that of the privately offered fund (net of actual fees and expenses charged to individual privately offered fund accounts in the aggregate). The performance of the privately offered fund has not been restated to reflect the fees, estimated expenses and fee waivers and/or expense limitations applicable to each class of shares of the Fund. If the performance of the privately offered fund had been restated to reflect the applicable fees and expenses of each class of shares of the Fund, the performance may have been higher or lower than the performance shown in the bar chart and Average Annual Total Returns table below. For periods following the Fund's commencement of operations on June 5, 2015, the performance of each class of shares differs as a result of the different levels of fees and expenses applicable to each class of shares. <i>The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</i> </p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">The Fund's benchmark is the Russell 2000® Index. The Russell 2000® Index is composed of 2,000 of the smallest companies in the Russell 3000® Index, which represents approximately 10% of the total market capitalization of the Russell 3000® Index.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">Performance for the Fund is updated daily and quarterly and may be obtained at https://www.pimco.com/en-us/product-finder.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> Calendar Year Total Returns — Institutional Class* </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> *The year-to-date return as of September 30, 2017 is 5.21%. For the periods shown in the bar chart, the highest quarterly return was 24.69% in the Q2 2009, and the lowest quarterly return was -27.24% in the Q4 2008. </p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> <b> Average Annual Total Returns (for periods ended 12/31/16) </b> </b></p> <div style="display:none">~http://pimcoeqsrs-20180427/role/ShareholderFeesDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact pimcoeqsrs-20180427_S000048957Member ~</div> 0 0 0 0 0.0375 0.01 0 0.01 <div style="display:none">~ http://pimcoeqsrs-20180427/role/OperatingExpensesDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact pimcoeqsrs-20180427_S000048957Member ~</div> 0.006 0.0001 0.0061 0.005 0.007 0.0001 0.0071 0.006 0.0075 0.0025 0.0001 0.0101 0.009 0.0075 0.01 0.0001 0.0176 0.0165 <div style="display:none">~ http://pimcoeqsrs-20180427/role/ExpenseExampleAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact pimcoeqsrs-20180427_S000048957Member ~</div> 51 61 463 268 184 216 674 543 329 384 902 944 752 872 1555 2064 <div style="display:none">~ http://pimcoeqsrs-20180427/role/ExpenseExampleNoRedemptionAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact pimcoeqsrs-20180427_S000048957Member ~</div> 463 168 674 543 902 944 1555 2064 <div style="display:none">~ http://pimcoeqsrs-20180427/role/BarChartDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact pimcoeqsrs-20180427_S000048957Member ~</div> -0.0457 -0.367 0.3808 0.2918 -0.0526 0.1905 0.4375 0.0412 -0.0692 0.2714 <div style="display:none">~ http://pimcoeqsrs-20180427/role/PerformanceTableDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact pimcoeqsrs-20180427_S000048957Member ~</div> 0.2714 0.2668 0.1558 0.2702 0.2189 0.2466 0.2131 0.1609 0.1591 0.1299 0.1604 0.1505 0.1567 0.1446 0.0797 0.0788 0.0649 0.0795 0.0748 0.0777 0.0707 <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> Investment Objective </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks to maximize total return, consistent with prudent investment management.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses of the Fund </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A shares of eligible funds offered by PIMCO Equity Series and PIMCO Funds. More information about these and other discounts is available in the "Classes of Shares" section on page 62 of the Fund's prospectus, Appendix B to the Fund's prospectus (Financial Firm-Specific Sales Charge Waivers and Discounts) or from your financial advisor.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> <b>Shareholder Fees (fees paid directly from your investment):</b> </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> <b> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): </b> </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Example</b>. The Example is intended to help you compare the cost of investing in Institutional Class, Administrative Class, Class A or Class R 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 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 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:</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> If you redeem your shares at the end of each period: </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> If you do not redeem your shares: </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">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 36% of the average value of its portfolio.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">The PIMCO REALPATH® Blend 2020 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 2020, the Fund's target year. This is the "self-elected" year of retirement for the investors in the Fund. The primary difference between the PIMCO REALPATH® 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® 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.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">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.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">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, or related derivatives on any of the preceding securities mentioned. The Fund may invest in Institutional Class or Class M shares of any funds of the PIMCO Equity Series (the "Trust") and PIMCO Funds, and in other affiliated funds, including funds of PIMCO ETF Trust, except funds of funds ("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.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">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® Blend Fund targeting an earlier date represents a more conservative choice; choosing a PIMCO REALPATH® 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.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">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.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <img alt="glidepath chart" src="glidepath.jpg"></img> </p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">As the Fund reaches the target year indicated in the Fund's name, it may be combined with the PIMCO REALPATH® Blend Income Fund, provided that the Board of Trustees determines that the combination would be in the best interests of the Fund and its shareholders. Prior to any combination, which may 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® Blend Income Fund.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">As part of its investment process, PIMCO expects to 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 intends to utilize these hedging transactions once the Fund is within 10 years of the target retirement date or at such other times as deemed appropriate by PIMCO. However, there can be no assurance that the Fund's hedging transactions will be effective.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">Once the risk hedging strategies have been determined, PIMCO then 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.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Risks </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">It is possible to lose money on an investment in the Fund. The Fund is generally subject to a different level and amount of risk which is relative to its target date and time horizon. The principal risks of investing in the Fund include risks from direct investments and/or indirect exposure through investment in Acquired Funds. The principal risks of investing in the Fund, which could adversely affect its net asset value, yield and total return, are listed below.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">The following risks are principal risks of investing in the Fund.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>New/Small Fund Risk:</b> the risk that a new or smaller 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 and smaller Funds may not attract sufficient assets to achieve investment and trading efficiencies</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Allocation Risk:</b> the risk that a Fund could lose money as a result of less than optimal or poor asset allocation decisions. The Fund could miss attractive investment opportunities by underweighting markets that subsequently experience significant returns and could lose value by overweighting markets that subsequently experience significant declines</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Acquired Fund Risk:</b> the risk that a Fund's performance is closely related to the risks associated with the securities and other investments held by the Acquired Funds and that the ability of a Fund to achieve its investment objective will depend upon the ability of the Acquired Funds to achieve their investment objectives</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">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.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>New/Small Fund Risk:</b> the risk that a new or smaller 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 and smaller Funds may not attract sufficient assets to achieve investment and trading efficiencies</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Equity Risk:</b> the risk that the value of equity securities, such as common stocks and preferred securities, may decline due to general market conditions which are not specifically related to a particular company or to factors affecting a particular industry or industries. Equity securities generally have greater price volatility than fixed income securities</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Value Investing Risk:</b> a value stock may decrease in price or may not increase in price as anticipated by PIMCO if it continues to be undervalued by the market or the factors that the portfolio manager believes will cause the stock price to increase do not occur</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Interest Rate Risk:</b> the risk that fixed income securities will decline in value because of an increase in interest rates; a fund with a longer average portfolio duration will be more sensitive to changes in interest rates than a fund with a shorter average portfolio duration</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Call Risk:</b> 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 (<i>e.g.</i>, 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 and may be forced to reinvest in lower-yielding securities, securities with greater credit risks or securities with other, less favorable features</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Credit Risk:</b> the risk that the Fund could lose money if the issuer or guarantor of a fixed income security, or the counterparty to a derivative contract, is unable or unwilling to meet its financial obligations</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>High Yield and Distressed Company Risk:</b> the risk that high yield securities and unrated securities of similar credit quality (commonly known as "junk bonds") and securities of distressed companies may be subject to greater levels of credit, issuer and liquidity risks. Securities of distressed companies include both debt and equity securities. High yield securities and debt securities of distressed companies are considered primarily speculative with respect to the issuer's continuing ability to make principal and interest payments. Distressed companies may be engaged in restructurings or bankruptcy proceedings</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Market Risk:</b> the risk that the value of securities owned by the Fund may go up or down, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Issuer Risk:</b> the risk that the value of a security may decline for a reason directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Liquidity Risk:</b> the risk that a particular investment may be difficult to purchase or sell and that the Fund may be unable to sell illiquid securities at an advantageous time or price or achieve its desired level of exposure to a certain sector. Liquidity risk may result from the lack of an active market, reduced number and capacity of traditional market participants to make a market in fixed income securities, and may be magnified in a rising interest rate environment or other circumstances where investor redemptions from fixed income mutual funds may be higher than normal, causing increased supply in the market due to selling activity</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk:</b> the risk of investing in derivative instruments (such as futures, swaps and structured securities), including leverage, liquidity, interest rate, market, credit and management risks, mispricing or valuation complexity. Changes in the value of the derivative 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. The Fund's use of derivatives may result in losses to the Fund, a reduction in the Fund's returns and/or increased volatility. Over-the-counter ("OTC") derivatives are also subject to the risk that a counterparty to the transaction will not fulfill its contractual obligations to the other party, as many of the protections afforded to centrally-cleared derivative transactions might not be available for OTC derivatives. For derivatives traded on an exchange or through a central counterparty, credit risk resides with the Fund's clearing broker, or the clearinghouse itself, rather than with a counterparty in an OTC derivative transaction. Changes in regulation relating to a mutual fund's use of derivatives and related instruments could potentially limit or impact the Fund's ability to invest in derivatives, limit the Fund's ability to employ certain strategies that use derivatives and/or adversely affect the value of derivatives and the Fund's performance</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Commodity Risk:</b> the risk that investing in commodity-linked derivative instruments may subject the Fund to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Mortgage-Related and Other Asset-Backed Securities Risk:</b> the risks of investing in mortgage-related and other asset-backed securities, including interest rate risk, extension risk, prepayment risk and credit risk</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Foreign (Non-U.S.) Investment Risk:</b> the risk that investing in foreign (non-U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to smaller markets, differing reporting, accounting and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, or political changes or diplomatic developments. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Real Estate Risk:</b> the risk that the Fund's investments in Real Estate Investment Trusts ("REITs") or real estate-linked derivative instruments will subject the Fund to risks similar to those associated with direct ownership of real estate, including losses from casualty or condemnation, and changes in local and general economic conditions, supply and demand, interest rates, zoning laws, regulatory limitations on rents, property taxes and operating expenses. The Fund's investments in REITs or real estate-linked derivative instruments subject it to management and tax risks. In addition, privately traded REITs subject the Fund to liquidity and valuation risk</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Emerging Markets Risk:</b> the risk of investing in emerging market securities, primarily increased foreign (non-U.S.) investment risk</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Sovereign Debt Risk:</b> the risk that investments in fixed income instruments issued by sovereign entities may decline in value as a result of default or other adverse credit event resulting from an issuer's inability or unwillingness to make principal or interest payments in a timely fashion</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Currency Risk:</b> the risk that foreign (non-U.S.) currencies will change in value relative to the U.S. dollar and affect the Fund's investments in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign (non-U.S.) currencies</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Leveraging Risk:</b> the risk that certain transactions of the Fund, such as reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, or derivative instruments, may give rise to leverage, magnifying gains and losses and causing the Fund to be more volatile than if it had not been leveraged. This means that leverage entails a heightened risk of loss</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Small-Cap and Mid-Cap Company Risk:</b> the risk that the value of securities issued by small-capitalization and mid-capitalization companies may go up or down, sometimes rapidly and unpredictably, due to narrow markets and limited managerial and financial resources</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Management Risk:</b> the risk that the investment techniques and risk analyses applied by PIMCO will not produce the desired results and that legislative, regulatory, or tax restrictions, policies or developments may affect the investment techniques available to PIMCO and the individual portfolio manager in connection with managing the Fund. There is no guarantee that the investment objective of the Fund will be achieved</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Short Exposure Risk:</b> the risk of entering into short sales, 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 will not fulfill its contractual obligations, causing a loss to the Fund</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Tax Risk:</b> the risk that the tax treatment of swap agreements and other derivative instruments, such as commodity-linked derivative instruments, including commodity index-linked notes, swap agreements, commodity options, futures, and options on futures, may be affected by future regulatory or legislative changes that could affect whether income from such investments is "qualifying income" under Subchapter M of the Internal Revenue Code, or otherwise affect the character, timing and/or amount of the Fund's taxable income or gains and distributions</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Subsidiary Risk:</b> 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</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Arbitrage Risk:</b> the risk that securities purchased pursuant to an arbitrage strategy intended to take advantage of a perceived relationship between the value of two securities may not perform as expected</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Convertible Securities Risk:</b> 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 and credit risk</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Exchange-Traded Fund Risk:</b> the risk that an exchange-traded fund may not track the performance of the index it is designed to track, 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</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">Please see "Description of Principal Risks" in the Fund's prospectus for a more detailed description of the risks of investing in the Fund. An 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.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance Information </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">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 a broad-based securities market index. Absent any applicable fee waivers and/or expense limitations, performance would have been lower. The bar chart shows performance of the Fund's Institutional Class shares. The Class R shares of the Fund have not commenced operations as of the date of this prospectus. Performance for Class A shares in the Average Annual Total Returns table reflects the impact of sales charges. <i>The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</i> </p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">The Fund's broad-based securities market index is the S&amp;P Target Date 2020 Index. 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.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">Performance for the Fund is updated daily and quarterly and may be obtained at http://www.pimco.com/en-us/product-finder.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> Calendar Year Total Returns — Institutional Class* </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> *The year-to-date return as of September 30, 2017 is 9.90%. For the periods shown in the bar chart, the highest quarterly return was 3.50% in the Q3 2016, and the lowest quarterly return was -4.46% in the Q3 2015. </p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> <b> Average Annual Total Returns (for periods ended 12/31/16) </b> </b></p> <div style="display:none">~http://pimcoeqsrs-20180427/role/ShareholderFeesDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact pimcoeqsrs-20180427_S000047745Member ~</div> 0 0 0 0 0.055 0.01 0 0 <div style="display:none">~ http://pimcoeqsrs-20180427/role/OperatingExpensesDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact pimcoeqsrs-20180427_S000047745Member ~</div> <div style="display:none">~ http://pimcoeqsrs-20180427/role/ExpenseExampleBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact pimcoeqsrs-20180427_S000047745Member ~</div> 42 67 638 118 134 213 826 371 234 372 1030 643 529 834 1618 1420 <div style="display:none">~ http://pimcoeqsrs-20180427/role/ExpenseExampleNoRedemptionBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact pimcoeqsrs-20180427_S000047745Member ~</div> 638 826 1030 1618 <div style="display:none">~ http://pimcoeqsrs-20180427/role/BarChartDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact pimcoeqsrs-20180427_S000047745Member ~</div> -0.0326 0.0922 <div style="display:none">~ http://pimcoeqsrs-20180427/role/PerformanceTableDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact pimcoeqsrs-20180427_S000047745Member ~</div> 0.0922 0.0784 0.052 0.0895 0.0272 0.0722 0.0279 0.0157 0.0156 0.0251 -0.0054 0.0344 <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> Investment Objective </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks to maximize total return, consistent with prudent investment management.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses of the Fund </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A shares of eligible funds offered by PIMCO Equity Series and PIMCO Funds. More information about these and other discounts is available in the "Classes of Shares" section on page 62 of the Fund's prospectus, Appendix B to the Fund's prospectus (Financial Firm-Specific Sales Charge Waivers and Discounts) or from your financial advisor.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> <b>Shareholder Fees (fees paid directly from your investment):</b> </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> <b> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): </b> </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Example</b>. The Example is intended to help you compare the cost of investing in Institutional Class, Administrative Class, Class A or Class R 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 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 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:</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> If you redeem your shares at the end of each period: </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> If you do not redeem your shares: </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">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 27% of the average value of its portfolio.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">The PIMCO REALPATH® Blend 2025 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 2025, the Fund's target year. This is the "self-elected" year of retirement for the investors in the Fund. The primary difference between the PIMCO REALPATH® 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® 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.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">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.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">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, or related derivatives on any of the preceding securities mentioned. The Fund may invest in Institutional Class or Class M shares of any funds of the PIMCO Equity Series (the "Trust") and PIMCO Funds, and in other affiliated funds, including funds of PIMCO ETF Trust, except funds of funds ("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.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">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® Blend Fund targeting an earlier date represents a more conservative choice; choosing a PIMCO REALPATH® 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.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">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.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <img alt="glidepath chart" src="glidepath.jpg"></img> </p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">As the Fund reaches the target year indicated in the Fund's name, it may be combined with the PIMCO REALPATH® Blend Income Fund, provided that the Board of Trustees determines that the combination would be in the best interests of the Fund and its shareholders. Prior to any combination, which may 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® Blend Income Fund.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">As part of its investment process, PIMCO expects to 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 intends to utilize these hedging transactions once the Fund is within 10 years of the target retirement date or at such other times as deemed appropriate by PIMCO. However, there can be no assurance that the Fund's hedging transactions will be effective.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">Once the risk hedging strategies have been determined, PIMCO then 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.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Risks </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">It is possible to lose money on an investment in the Fund. The Fund is generally subject to a different level and amount of risk which is relative to its target date and time horizon. The principal risks of investing in the Fund include risks from direct investments and/or indirect exposure through investment in Acquired Funds. The principal risks of investing in the Fund, which could adversely affect its net asset value, yield and total return, are listed below.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">The following risks are principal risks of investing in the Fund.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>New/Small Fund Risk:</b> the risk that a new or smaller 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 and smaller Funds may not attract sufficient assets to achieve investment and trading efficiencies</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Allocation Risk:</b> the risk that a Fund could lose money as a result of less than optimal or poor asset allocation decisions. The Fund could miss attractive investment opportunities by underweighting markets that subsequently experience significant returns and could lose value by overweighting markets that subsequently experience significant declines</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Acquired Fund Risk:</b> the risk that a Fund's performance is closely related to the risks associated with the securities and other investments held by the Acquired Funds and that the ability of a Fund to achieve its investment objective will depend upon the ability of the Acquired Funds to achieve their investment objectives</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">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.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>New/Small Fund Risk:</b> the risk that a new or smaller 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 and smaller Funds may not attract sufficient assets to achieve investment and trading efficiencies</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Equity Risk:</b> the risk that the value of equity securities, such as common stocks and preferred securities, may decline due to general market conditions which are not specifically related to a particular company or to factors affecting a particular industry or industries. Equity securities generally have greater price volatility than fixed income securities</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Value Investing Risk:</b> a value stock may decrease in price or may not increase in price as anticipated by PIMCO if it continues to be undervalued by the market or the factors that the portfolio manager believes will cause the stock price to increase do not occur</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Interest Rate Risk:</b> the risk that fixed income securities will decline in value because of an increase in interest rates; a fund with a longer average portfolio duration will be more sensitive to changes in interest rates than a fund with a shorter average portfolio duration</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Call Risk:</b> 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 (<i>e.g.</i>, 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 and may be forced to reinvest in lower-yielding securities, securities with greater credit risks or securities with other, less favorable features</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Credit Risk:</b> the risk that the Fund could lose money if the issuer or guarantor of a fixed income security, or the counterparty to a derivative contract, is unable or unwilling to meet its financial obligations</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>High Yield and Distressed Company Risk:</b> the risk that high yield securities and unrated securities of similar credit quality (commonly known as "junk bonds") and securities of distressed companies may be subject to greater levels of credit, issuer and liquidity risks. Securities of distressed companies include both debt and equity securities. High yield securities and debt securities of distressed companies are considered primarily speculative with respect to the issuer's continuing ability to make principal and interest payments. Distressed companies may be engaged in restructurings or bankruptcy proceedings</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Market Risk:</b> the risk that the value of securities owned by the Fund may go up or down, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Issuer Risk:</b> the risk that the value of a security may decline for a reason directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Liquidity Risk:</b> the risk that a particular investment may be difficult to purchase or sell and that the Fund may be unable to sell illiquid securities at an advantageous time or price or achieve its desired level of exposure to a certain sector. Liquidity risk may result from the lack of an active market, reduced number and capacity of traditional market participants to make a market in fixed income securities, and may be magnified in a rising interest rate environment or other circumstances where investor redemptions from fixed income mutual funds may be higher than normal, causing increased supply in the market due to selling activity</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk:</b> the risk of investing in derivative instruments (such as futures, swaps and structured securities), including leverage, liquidity, interest rate, market, credit and management risks, mispricing or valuation complexity. Changes in the value of the derivative 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. The Fund's use of derivatives may result in losses to the Fund, a reduction in the Fund's returns and/or increased volatility. Over-the-counter ("OTC") derivatives are also subject to the risk that a counterparty to the transaction will not fulfill its contractual obligations to the other party, as many of the protections afforded to centrally-cleared derivative transactions might not be available for OTC derivatives. For derivatives traded on an exchange or through a central counterparty, credit risk resides with the Fund's clearing broker, or the clearinghouse itself, rather than with a counterparty in an OTC derivative transaction. Changes in regulation relating to a mutual fund's use of derivatives and related instruments could potentially limit or impact the Fund's ability to invest in derivatives, limit the Fund's ability to employ certain strategies that use derivatives and/or adversely affect the value of derivatives and the Fund's performance</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Commodity Risk:</b> the risk that investing in commodity-linked derivative instruments may subject the Fund to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Mortgage-Related and Other Asset-Backed Securities Risk:</b> the risks of investing in mortgage-related and other asset-backed securities, including interest rate risk, extension risk, prepayment risk and credit risk</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Foreign (Non-U.S.) Investment Risk:</b> the risk that investing in foreign (non-U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to smaller markets, differing reporting, accounting and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, or political changes or diplomatic developments. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Real Estate Risk:</b> the risk that the Fund's investments in Real Estate Investment Trusts ("REITs") or real estate-linked derivative instruments will subject the Fund to risks similar to those associated with direct ownership of real estate, including losses from casualty or condemnation, and changes in local and general economic conditions, supply and demand, interest rates, zoning laws, regulatory limitations on rents, property taxes and operating expenses. The Fund's investments in REITs or real estate-linked derivative instruments subject it to management and tax risks. In addition, privately traded REITs subject the Fund to liquidity and valuation risk</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Emerging Markets Risk:</b> the risk of investing in emerging market securities, primarily increased foreign (non-U.S.) investment risk</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Sovereign Debt Risk:</b> the risk that investments in fixed income instruments issued by sovereign entities may decline in value as a result of default or other adverse credit event resulting from an issuer's inability or unwillingness to make principal or interest payments in a timely fashion</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Currency Risk:</b> the risk that foreign (non-U.S.) currencies will change in value relative to the U.S. dollar and affect the Fund's investments in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign (non-U.S.) currencies</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Leveraging Risk:</b> the risk that certain transactions of the Fund, such as reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, or derivative instruments, may give rise to leverage, magnifying gains and losses and causing the Fund to be more volatile than if it had not been leveraged. This means that leverage entails a heightened risk of loss</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Small-Cap and Mid-Cap Company Risk:</b> the risk that the value of securities issued by small-capitalization and mid-capitalization companies may go up or down, sometimes rapidly and unpredictably, due to narrow markets and limited managerial and financial resources</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Management Risk:</b> the risk that the investment techniques and risk analyses applied by PIMCO will not produce the desired results and that legislative, regulatory, or tax restrictions, policies or developments may affect the investment techniques available to PIMCO and the individual portfolio manager in connection with managing the Fund. There is no guarantee that the investment objective of the Fund will be achieved</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Short Exposure Risk:</b> the risk of entering into short sales, 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 will not fulfill its contractual obligations, causing a loss to the Fund</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Tax Risk:</b> the risk that the tax treatment of swap agreements and other derivative instruments, such as commodity-linked derivative instruments, including commodity index-linked notes, swap agreements, commodity options, futures, and options on futures, may be affected by future regulatory or legislative changes that could affect whether income from such investments is "qualifying income" under Subchapter M of the Internal Revenue Code, or otherwise affect the character, timing and/or amount of the Fund's taxable income or gains and distributions</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Subsidiary Risk:</b> 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</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Arbitrage Risk:</b> the risk that securities purchased pursuant to an arbitrage strategy intended to take advantage of a perceived relationship between the value of two securities may not perform as expected</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Convertible Securities Risk:</b> 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 and credit risk</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Exchange-Traded Fund Risk:</b> the risk that an exchange-traded fund may not track the performance of the index it is designed to track, 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</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">Please see "Description of Principal Risks" in the Fund's prospectus for a more detailed description of the risks of investing in the Fund. An 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.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance Information </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">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 a broad-based securities market index. Absent any applicable fee waivers and/or expense limitations, performance would have been lower. The bar chart shows performance of the Fund's Institutional Class shares. The Class R shares of the Fund have not commenced operations as of the date of this prospectus. Performance for Class A shares in the Average Annual Total Returns table reflects the impact of sales charges. <i>The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</i> </p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">The Fund's broad-based securities market index is the S&amp;P Target Date 2025 Index. 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.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">Performance for the Fund is updated daily and quarterly and may be obtained at http://www.pimco.com/en-us/product-finder.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> Calendar Year Total Returns — Institutional Class* </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> *The year-to-date return as of September 30, 2017 is 11.03%. For the periods shown in the bar chart, the highest quarterly return was 3.71% in the Q3 2016, and the lowest quarterly return was -5.35% in the Q3 2015. </p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> <b> Average Annual Total Returns (for periods ended 12/31/16) </b> </b></p> <div style="display:none">~http://pimcoeqsrs-20180427/role/ShareholderFeesDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact pimcoeqsrs-20180427_S000047746Member ~</div> 0 0 0 0 0.055 0.01 0 0 <div style="display:none">~ http://pimcoeqsrs-20180427/role/OperatingExpensesDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact pimcoeqsrs-20180427_S000047746Member ~</div> <div style="display:none">~ http://pimcoeqsrs-20180427/role/ExpenseExampleBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact pimcoeqsrs-20180427_S000047746Member ~</div> 38 63 634 114 121 201 814 358 212 350 1010 621 479 785 1574 1374 <div style="display:none">~ http://pimcoeqsrs-20180427/role/ExpenseExampleNoRedemptionBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact pimcoeqsrs-20180427_S000047746Member ~</div> 634 814 1010 1574 <div style="display:none">~ http://pimcoeqsrs-20180427/role/BarChartDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact pimcoeqsrs-20180427_S000047746Member ~</div> -0.0354 0.0926 <div style="display:none">~ http://pimcoeqsrs-20180427/role/PerformanceTableDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact pimcoeqsrs-20180427_S000047746Member ~</div> 0.0926 0.0782 0.0522 0.09 0.0276 0.0782 0.0266 0.0144 0.0146 0.024 -0.0066 0.037 <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> Investment Objective </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks to maximize total return, consistent with prudent investment management.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses of the Fund </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A shares of eligible funds offered by PIMCO Equity Series and PIMCO Funds. More information about these and other discounts is available in the "Classes of Shares" section on page 62 of the Fund's prospectus, Appendix B to the Fund's prospectus (Financial Firm-Specific Sales Charge Waivers and Discounts) or from your financial advisor.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> <b>Shareholder Fees (fees paid directly from your investment):</b> </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> <b> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): </b> </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Example</b>. The Example is intended to help you compare the cost of investing in Institutional Class, Administrative Class, Class A or Class R 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 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 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:</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> If you redeem your shares at the end of each period: </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> If you do not redeem your shares: </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">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 23% of the average value of its portfolio.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">The PIMCO REALPATH® 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. This is the "self-elected" year of retirement for the investors in the Fund. The primary difference between the PIMCO REALPATH® 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® 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.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">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.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">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, or related derivatives on any of the preceding securities mentioned. The Fund may invest in Institutional Class or Class M shares of any funds of the PIMCO Equity Series (the "Trust") and PIMCO Funds, and in other affiliated funds, including funds of PIMCO ETF Trust, except funds of funds ("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.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">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® Blend Fund targeting an earlier date represents a more conservative choice; choosing a PIMCO REALPATH® 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.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">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.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <img alt="glidepath chart" src="glidepath.jpg"></img> </p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">As the Fund reaches the target year indicated in the Fund's name, it may be combined with the PIMCO REALPATH® Blend Income Fund, provided that the Board of Trustees determines that the combination would be in the best interests of the Fund and its shareholders. Prior to any combination, which may 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® Blend Income Fund.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">As part of its investment process, PIMCO expects to 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 intends to utilize these hedging transactions once the Fund is within 10 years of the target retirement date or at such other times as deemed appropriate by PIMCO. However, there can be no assurance that the Fund's hedging transactions will be effective.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">Once the risk hedging strategies have been determined, PIMCO then 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.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Risks </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">It is possible to lose money on an investment in the Fund. The Fund is generally subject to a different level and amount of risk which is relative to its target date and time horizon. The principal risks of investing in the Fund include risks from direct investments and/or indirect exposure through investment in Acquired Funds. The principal risks of investing in the Fund, which could adversely affect its net asset value, yield and total return, are listed below.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">The following risks are principal risks of investing in the Fund.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>New/Small Fund Risk:</b> the risk that a new or smaller 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 and smaller Funds may not attract sufficient assets to achieve investment and trading efficiencies</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Allocation Risk:</b> the risk that a Fund could lose money as a result of less than optimal or poor asset allocation decisions. The Fund could miss attractive investment opportunities by underweighting markets that subsequently experience significant returns and could lose value by overweighting markets that subsequently experience significant declines</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Acquired Fund Risk:</b> the risk that a Fund's performance is closely related to the risks associated with the securities and other investments held by the Acquired Funds and that the ability of a Fund to achieve its investment objective will depend upon the ability of the Acquired Funds to achieve their investment objectives</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">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.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>New/Small Fund Risk:</b> the risk that a new or smaller 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 and smaller Funds may not attract sufficient assets to achieve investment and trading efficiencies</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Equity Risk:</b> the risk that the value of equity securities, such as common stocks and preferred securities, may decline due to general market conditions which are not specifically related to a particular company or to factors affecting a particular industry or industries. Equity securities generally have greater price volatility than fixed income securities</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Value Investing Risk:</b> a value stock may decrease in price or may not increase in price as anticipated by PIMCO if it continues to be undervalued by the market or the factors that the portfolio manager believes will cause the stock price to increase do not occur</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Interest Rate Risk:</b> the risk that fixed income securities will decline in value because of an increase in interest rates; a fund with a longer average portfolio duration will be more sensitive to changes in interest rates than a fund with a shorter average portfolio duration</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Call Risk:</b> 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 (<i>e.g.</i>, 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 and may be forced to reinvest in lower-yielding securities, securities with greater credit risks or securities with other, less favorable features</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Credit Risk:</b> the risk that the Fund could lose money if the issuer or guarantor of a fixed income security, or the counterparty to a derivative contract, is unable or unwilling to meet its financial obligations</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>High Yield and Distressed Company Risk:</b> the risk that high yield securities and unrated securities of similar credit quality (commonly known as "junk bonds") and securities of distressed companies may be subject to greater levels of credit, issuer and liquidity risks. Securities of distressed companies include both debt and equity securities. High yield securities and debt securities of distressed companies are considered primarily speculative with respect to the issuer's continuing ability to make principal and interest payments. Distressed companies may be engaged in restructurings or bankruptcy proceedings</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Market Risk:</b> the risk that the value of securities owned by the Fund may go up or down, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Issuer Risk:</b> the risk that the value of a security may decline for a reason directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Liquidity Risk:</b> the risk that a particular investment may be difficult to purchase or sell and that the Fund may be unable to sell illiquid securities at an advantageous time or price or achieve its desired level of exposure to a certain sector. Liquidity risk may result from the lack of an active market, reduced number and capacity of traditional market participants to make a market in fixed income securities, and may be magnified in a rising interest rate environment or other circumstances where investor redemptions from fixed income mutual funds may be higher than normal, causing increased supply in the market due to selling activity</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk:</b> the risk of investing in derivative instruments (such as futures, swaps and structured securities), including leverage, liquidity, interest rate, market, credit and management risks, mispricing or valuation complexity. Changes in the value of the derivative 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. The Fund's use of derivatives may result in losses to the Fund, a reduction in the Fund's returns and/or increased volatility. Over-the-counter ("OTC") derivatives are also subject to the risk that a counterparty to the transaction will not fulfill its contractual obligations to the other party, as many of the protections afforded to centrally-cleared derivative transactions might not be available for OTC derivatives. For derivatives traded on an exchange or through a central counterparty, credit risk resides with the Fund's clearing broker, or the clearinghouse itself, rather than with a counterparty in an OTC derivative transaction. Changes in regulation relating to a mutual fund's use of derivatives and related instruments could potentially limit or impact the Fund's ability to invest in derivatives, limit the Fund's ability to employ certain strategies that use derivatives and/or adversely affect the value of derivatives and the Fund's performance</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Commodity Risk:</b> the risk that investing in commodity-linked derivative instruments may subject the Fund to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Mortgage-Related and Other Asset-Backed Securities Risk:</b> the risks of investing in mortgage-related and other asset-backed securities, including interest rate risk, extension risk, prepayment risk and credit risk</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Foreign (Non-U.S.) Investment Risk:</b> the risk that investing in foreign (non-U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to smaller markets, differing reporting, accounting and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, or political changes or diplomatic developments. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Real Estate Risk:</b> the risk that the Fund's investments in Real Estate Investment Trusts ("REITs") or real estate-linked derivative instruments will subject the Fund to risks similar to those associated with direct ownership of real estate, including losses from casualty or condemnation, and changes in local and general economic conditions, supply and demand, interest rates, zoning laws, regulatory limitations on rents, property taxes and operating expenses. The Fund's investments in REITs or real estate-linked derivative instruments subject it to management and tax risks. In addition, privately traded REITs subject the Fund to liquidity and valuation risk</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Emerging Markets Risk:</b> the risk of investing in emerging market securities, primarily increased foreign (non-U.S.) investment risk</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Sovereign Debt Risk:</b> the risk that investments in fixed income instruments issued by sovereign entities may decline in value as a result of default or other adverse credit event resulting from an issuer's inability or unwillingness to make principal or interest payments in a timely fashion</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Currency Risk:</b> the risk that foreign (non-U.S.) currencies will change in value relative to the U.S. dollar and affect the Fund's investments in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign (non-U.S.) currencies</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Leveraging Risk:</b> the risk that certain transactions of the Fund, such as reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, or derivative instruments, may give rise to leverage, magnifying gains and losses and causing the Fund to be more volatile than if it had not been leveraged. This means that leverage entails a heightened risk of loss</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Small-Cap and Mid-Cap Company Risk:</b> the risk that the value of securities issued by small-capitalization and mid-capitalization companies may go up or down, sometimes rapidly and unpredictably, due to narrow markets and limited managerial and financial resources</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Management Risk:</b> the risk that the investment techniques and risk analyses applied by PIMCO will not produce the desired results and that legislative, regulatory, or tax restrictions, policies or developments may affect the investment techniques available to PIMCO and the individual portfolio manager in connection with managing the Fund. There is no guarantee that the investment objective of the Fund will be achieved</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Short Exposure Risk:</b> the risk of entering into short sales, 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 will not fulfill its contractual obligations, causing a loss to the Fund</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Tax Risk:</b> the risk that the tax treatment of swap agreements and other derivative instruments, such as commodity-linked derivative instruments, including commodity index-linked notes, swap agreements, commodity options, futures, and options on futures, may be affected by future regulatory or legislative changes that could affect whether income from such investments is "qualifying income" under Subchapter M of the Internal Revenue Code, or otherwise affect the character, timing and/or amount of the Fund's taxable income or gains and distributions</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Subsidiary Risk:</b> 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</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Arbitrage Risk:</b> the risk that securities purchased pursuant to an arbitrage strategy intended to take advantage of a perceived relationship between the value of two securities may not perform as expected</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Convertible Securities Risk:</b> 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 and credit risk</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Exchange-Traded Fund Risk:</b> the risk that an exchange-traded fund may not track the performance of the index it is designed to track, 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</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">Please see "Description of Principal Risks" in the Fund's prospectus for a more detailed description of the risks of investing in the Fund. An 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.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance Information </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">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 a broad-based securities market index. Absent any applicable fee waivers and/or expense limitations, performance would have been lower. The bar chart shows performance of the Fund's Institutional Class shares. The Class R shares of the Fund have not commenced operations as of the date of this prospectus. Performance for Class A shares in the Average Annual Total Returns table reflects the impact of sales charges. <i>The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</i> </p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">The Fund's broad-based securities market index is the S&amp;P Target Date 2030 Index. 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.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">Performance for the Fund is updated daily and quarterly and may be obtained at http://www.pimco.com/en-us/product-finder.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> Calendar Year Total Returns — Institutional Class* </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> *The year-to-date return as of September 30, 2017 is 12.09%. For the periods shown in the bar chart, the highest quarterly return was 4.01% in the Q3 2016, and the lowest quarterly return was -6.42% in the Q3 2015. </p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> <b> Average Annual Total Returns (for periods ended 12/31/16) </b> </b></p> <div style="display:none">~http://pimcoeqsrs-20180427/role/ShareholderFeesDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact pimcoeqsrs-20180427_S000047747Member ~</div> 0 0 0 0 0.055 0.01 0 0 <div style="display:none">~ http://pimcoeqsrs-20180427/role/OperatingExpensesDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact pimcoeqsrs-20180427_S000047747Member ~</div> <div style="display:none">~ http://pimcoeqsrs-20180427/role/ExpenseExampleBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact pimcoeqsrs-20180427_S000047747Member ~</div> 33 58 629 109 105 185 799 342 184 323 984 595 417 725 1518 1316 <div style="display:none">~ http://pimcoeqsrs-20180427/role/ExpenseExampleNoRedemptionBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact pimcoeqsrs-20180427_S000047747Member ~</div> 629 799 984 1518 <div style="display:none">~ http://pimcoeqsrs-20180427/role/BarChartDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact pimcoeqsrs-20180427_S000047747Member ~</div> -0.0419 0.1079 <div style="display:none">~ http://pimcoeqsrs-20180427/role/PerformanceTableDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact pimcoeqsrs-20180427_S000047747Member ~</div> 0.1079 0.093 0.0609 0.1058 0.0416 0.0835 0.0303 0.0177 0.0173 0.0279 -0.0037 0.0393 <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> Investment Objective </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks to maximize total return, consistent with prudent investment management.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses of the Fund </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A shares of eligible funds offered by PIMCO Equity Series and PIMCO Funds. More information about these and other discounts is available in the "Classes of Shares" section on page 62 of the Fund's prospectus, Appendix B to the Fund's prospectus (Financial Firm-Specific Sales Charge Waivers and Discounts) or from your financial advisor.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> <b>Shareholder Fees (fees paid directly from your investment):</b> </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> <b> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): </b> </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Example</b>. The Example is intended to help you compare the cost of investing in Institutional Class, Administrative Class, Class A or Class R 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 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 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:</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> If you redeem your shares at the end of each period: </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> If you do not redeem your shares: </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">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 20% of the average value of its portfolio.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">The PIMCO REALPATH® 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. This is the "self-elected" year of retirement for the investors in the Fund. The primary difference between the PIMCO REALPATH® 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® 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.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">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.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">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, or related derivatives on any of the preceding securities mentioned. The Fund may invest in Institutional Class or Class M shares of any funds of the PIMCO Equity Series (the "Trust") and PIMCO Funds, and in other affiliated funds, including funds of PIMCO ETF Trust, except funds of funds ("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.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">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® Blend Fund targeting an earlier date represents a more conservative choice; choosing a PIMCO REALPATH® 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.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">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.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <img alt="glidepath chart" src="glidepath.jpg"></img> </p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">As the Fund reaches the target year indicated in the Fund's name, it may be combined with the PIMCO REALPATH® Blend Income Fund, provided that the Board of Trustees determines that the combination would be in the best interests of the Fund and its shareholders. Prior to any combination, which may 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® Blend Income Fund.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">As part of its investment process, PIMCO expects to 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 intends to utilize these hedging transactions once the Fund is within 10 years of the target retirement date or at such other times as deemed appropriate by PIMCO. However, there can be no assurance that the Fund's hedging transactions will be effective.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">Once the risk hedging strategies have been determined, PIMCO then 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.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Risks </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">It is possible to lose money on an investment in the Fund. The Fund is generally subject to a different level and amount of risk which is relative to its target date and time horizon. The principal risks of investing in the Fund include risks from direct investments and/or indirect exposure through investment in Acquired Funds. The principal risks of investing in the Fund, which could adversely affect its net asset value, yield and total return, are listed below.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">The following risks are principal risks of investing in the Fund.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>New/Small Fund Risk:</b> the risk that a new or smaller 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 and smaller Funds may not attract sufficient assets to achieve investment and trading efficiencies</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Allocation Risk:</b> the risk that a Fund could lose money as a result of less than optimal or poor asset allocation decisions. The Fund could miss attractive investment opportunities by underweighting markets that subsequently experience significant returns and could lose value by overweighting markets that subsequently experience significant declines</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Acquired Fund Risk:</b> the risk that a Fund's performance is closely related to the risks associated with the securities and other investments held by the Acquired Funds and that the ability of a Fund to achieve its investment objective will depend upon the ability of the Acquired Funds to achieve their investment objectives</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">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.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>New/Small Fund Risk:</b> the risk that a new or smaller 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 and smaller Funds may not attract sufficient assets to achieve investment and trading efficiencies</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Equity Risk:</b> the risk that the value of equity securities, such as common stocks and preferred securities, may decline due to general market conditions which are not specifically related to a particular company or to factors affecting a particular industry or industries. Equity securities generally have greater price volatility than fixed income securities</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Value Investing Risk:</b> a value stock may decrease in price or may not increase in price as anticipated by PIMCO if it continues to be undervalued by the market or the factors that the portfolio manager believes will cause the stock price to increase do not occur</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Interest Rate Risk:</b> the risk that fixed income securities will decline in value because of an increase in interest rates; a fund with a longer average portfolio duration will be more sensitive to changes in interest rates than a fund with a shorter average portfolio duration</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Call Risk:</b> 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 (<i>e.g.</i>, 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 and may be forced to reinvest in lower-yielding securities, securities with greater credit risks or securities with other, less favorable features</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Credit Risk:</b> the risk that the Fund could lose money if the issuer or guarantor of a fixed income security, or the counterparty to a derivative contract, is unable or unwilling to meet its financial obligations</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>High Yield and Distressed Company Risk:</b> the risk that high yield securities and unrated securities of similar credit quality (commonly known as "junk bonds") and securities of distressed companies may be subject to greater levels of credit, issuer and liquidity risks. Securities of distressed companies include both debt and equity securities. High yield securities and debt securities of distressed companies are considered primarily speculative with respect to the issuer's continuing ability to make principal and interest payments. Distressed companies may be engaged in restructurings or bankruptcy proceedings</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Market Risk:</b> the risk that the value of securities owned by the Fund may go up or down, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Issuer Risk:</b> the risk that the value of a security may decline for a reason directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Liquidity Risk:</b> the risk that a particular investment may be difficult to purchase or sell and that the Fund may be unable to sell illiquid securities at an advantageous time or price or achieve its desired level of exposure to a certain sector. Liquidity risk may result from the lack of an active market, reduced number and capacity of traditional market participants to make a market in fixed income securities, and may be magnified in a rising interest rate environment or other circumstances where investor redemptions from fixed income mutual funds may be higher than normal, causing increased supply in the market due to selling activity</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk:</b> the risk of investing in derivative instruments (such as futures, swaps and structured securities), including leverage, liquidity, interest rate, market, credit and management risks, mispricing or valuation complexity. Changes in the value of the derivative 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. The Fund's use of derivatives may result in losses to the Fund, a reduction in the Fund's returns and/or increased volatility. Over-the-counter ("OTC") derivatives are also subject to the risk that a counterparty to the transaction will not fulfill its contractual obligations to the other party, as many of the protections afforded to centrally-cleared derivative transactions might not be available for OTC derivatives. For derivatives traded on an exchange or through a central counterparty, credit risk resides with the Fund's clearing broker, or the clearinghouse itself, rather than with a counterparty in an OTC derivative transaction. Changes in regulation relating to a mutual fund's use of derivatives and related instruments could potentially limit or impact the Fund's ability to invest in derivatives, limit the Fund's ability to employ certain strategies that use derivatives and/or adversely affect the value of derivatives and the Fund's performance</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Commodity Risk:</b> the risk that investing in commodity-linked derivative instruments may subject the Fund to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Mortgage-Related and Other Asset-Backed Securities Risk:</b> the risks of investing in mortgage-related and other asset-backed securities, including interest rate risk, extension risk, prepayment risk and credit risk</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Foreign (Non-U.S.) Investment Risk:</b> the risk that investing in foreign (non-U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to smaller markets, differing reporting, accounting and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, or political changes or diplomatic developments. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Real Estate Risk:</b> the risk that the Fund's investments in Real Estate Investment Trusts ("REITs") or real estate-linked derivative instruments will subject the Fund to risks similar to those associated with direct ownership of real estate, including losses from casualty or condemnation, and changes in local and general economic conditions, supply and demand, interest rates, zoning laws, regulatory limitations on rents, property taxes and operating expenses. The Fund's investments in REITs or real estate-linked derivative instruments subject it to management and tax risks. In addition, privately traded REITs subject the Fund to liquidity and valuation risk</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Emerging Markets Risk:</b> the risk of investing in emerging market securities, primarily increased foreign (non-U.S.) investment risk</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Sovereign Debt Risk:</b> the risk that investments in fixed income instruments issued by sovereign entities may decline in value as a result of default or other adverse credit event resulting from an issuer's inability or unwillingness to make principal or interest payments in a timely fashion</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Currency Risk:</b> the risk that foreign (non-U.S.) currencies will change in value relative to the U.S. dollar and affect the Fund's investments in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign (non-U.S.) currencies</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Leveraging Risk:</b> the risk that certain transactions of the Fund, such as reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, or derivative instruments, may give rise to leverage, magnifying gains and losses and causing the Fund to be more volatile than if it had not been leveraged. This means that leverage entails a heightened risk of loss</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Small-Cap and Mid-Cap Company Risk:</b> the risk that the value of securities issued by small-capitalization and mid-capitalization companies may go up or down, sometimes rapidly and unpredictably, due to narrow markets and limited managerial and financial resources</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Management Risk:</b> the risk that the investment techniques and risk analyses applied by PIMCO will not produce the desired results and that legislative, regulatory, or tax restrictions, policies or developments may affect the investment techniques available to PIMCO and the individual portfolio manager in connection with managing the Fund. There is no guarantee that the investment objective of the Fund will be achieved</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Short Exposure Risk:</b> the risk of entering into short sales, 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 will not fulfill its contractual obligations, causing a loss to the Fund</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Tax Risk:</b> the risk that the tax treatment of swap agreements and other derivative instruments, such as commodity-linked derivative instruments, including commodity index-linked notes, swap agreements, commodity options, futures, and options on futures, may be affected by future regulatory or legislative changes that could affect whether income from such investments is "qualifying income" under Subchapter M of the Internal Revenue Code, or otherwise affect the character, timing and/or amount of the Fund's taxable income or gains and distributions</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Subsidiary Risk:</b> 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</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Arbitrage Risk:</b> the risk that securities purchased pursuant to an arbitrage strategy intended to take advantage of a perceived relationship between the value of two securities may not perform as expected</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Convertible Securities Risk:</b> 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 and credit risk</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Exchange-Traded Fund Risk:</b> the risk that an exchange-traded fund may not track the performance of the index it is designed to track, 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</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">Please see "Description of Principal Risks" in the Fund's prospectus for a more detailed description of the risks of investing in the Fund. An 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.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance Information </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">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 a broad-based securities market index. Absent any applicable fee waivers and/or expense limitations, performance would have been lower. The bar chart shows performance of the Fund's Institutional Class shares. The Class R shares of the Fund have not commenced operations as of the date of this prospectus. Performance for Class A shares in the Average Annual Total Returns table reflects the impact of sales charges. <i>The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</i> </p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">The Fund's broad-based securities market index is the S&amp;P Target Date 2035 Index. 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.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">Performance for the Fund is updated daily and quarterly and may be obtained at http://www.pimco.com/en-us/product-finder.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> Calendar Year Total Returns — Institutional Class* </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> *The year-to-date return as of September 30, 2017 is 12.89%. For the periods shown in the bar chart, the highest quarterly return was 4.13% in the Q3 2016, and the lowest quarterly return was -7.40% in the Q3 2015. </p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> <b> Average Annual Total Returns (for periods ended 12/31/16) </b> </b></p> <div style="display:none">~http://pimcoeqsrs-20180427/role/ShareholderFeesDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact pimcoeqsrs-20180427_S000047748Member ~</div> 0 0 0 0 0.055 0.01 0 0 <div style="display:none">~ http://pimcoeqsrs-20180427/role/OperatingExpensesDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact pimcoeqsrs-20180427_S000047748Member ~</div> <div style="display:none">~ http://pimcoeqsrs-20180427/role/ExpenseExampleBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact pimcoeqsrs-20180427_S000047748Member ~</div> 28 53 624 104 89 169 785 327 156 295 959 568 355 664 1462 1259 <div style="display:none">~ http://pimcoeqsrs-20180427/role/ExpenseExampleNoRedemptionBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact pimcoeqsrs-20180427_S000047748Member ~</div> 624 785 959 1462 <div style="display:none">~ http://pimcoeqsrs-20180427/role/BarChartDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact pimcoeqsrs-20180427_S000047748Member ~</div> -0.045 0.1105 <div style="display:none">~ http://pimcoeqsrs-20180427/role/PerformanceTableDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact pimcoeqsrs-20180427_S000047748Member ~</div> 0.1105 0.0974 0.0624 0.1068 0.0444 0.0885 0.0298 0.0186 0.0175 0.0265 -0.0037 0.0415 <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> Investment Objective </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks to maximize total return, consistent with prudent investment management.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses of the Fund </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A shares of eligible funds offered by PIMCO Equity Series and PIMCO Funds. More information about these and other discounts is available in the "Classes of Shares" section on page 62 of the Fund's prospectus, Appendix B to the Fund's prospectus (Financial Firm-Specific Sales Charge Waivers and Discounts) or from your financial advisor.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> <b>Shareholder Fees (fees paid directly from your investment):</b> </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> <b> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): </b> </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Example</b>. The Example is intended to help you compare the cost of investing in Institutional Class, Administrative Class, Class A or Class R 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 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 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:</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> If you redeem your shares at the end of each period: </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> If you do not redeem your shares: </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">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 15% of the average value of its portfolio.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">The PIMCO REALPATH® 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. This is the "self-elected" year of retirement for the investors in the Fund. The primary difference between the PIMCO REALPATH® 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® 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.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">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.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">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, or related derivatives on any of the preceding securities mentioned. The Fund may invest in Institutional Class or Class M shares of any funds of the PIMCO Equity Series (the "Trust") and PIMCO Funds, and in other affiliated funds, including funds of PIMCO ETF Trust, except funds of funds ("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.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">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® Blend Fund targeting an earlier date represents a more conservative choice; choosing a PIMCO REALPATH® 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.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">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.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <img alt="glidepath chart" src="glidepath.jpg"></img> </p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">As the Fund reaches the target year indicated in the Fund's name, it may be combined with the PIMCO REALPATH® Blend Income Fund, provided that the Board of Trustees determines that the combination would be in the best interests of the Fund and its shareholders. Prior to any combination, which may 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® Blend Income Fund.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">As part of its investment process, PIMCO expects to 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 intends to utilize these hedging transactions once the Fund is within 10 years of the target retirement date or at such other times as deemed appropriate by PIMCO. However, there can be no assurance that the Fund's hedging transactions will be effective.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">Once the risk hedging strategies have been determined, PIMCO then 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.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Risks </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">It is possible to lose money on an investment in the Fund. The Fund is generally subject to a different level and amount of risk which is relative to its target date and time horizon. The principal risks of investing in the Fund include risks from direct investments and/or indirect exposure through investment in Acquired Funds. The principal risks of investing in the Fund, which could adversely affect its net asset value, yield and total return, are listed below.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">The following risks are principal risks of investing in the Fund.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>New/Small Fund Risk:</b> the risk that a new or smaller 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 and smaller Funds may not attract sufficient assets to achieve investment and trading efficiencies</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Allocation Risk:</b> the risk that a Fund could lose money as a result of less than optimal or poor asset allocation decisions. The Fund could miss attractive investment opportunities by underweighting markets that subsequently experience significant returns and could lose value by overweighting markets that subsequently experience significant declines</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Acquired Fund Risk:</b> the risk that a Fund's performance is closely related to the risks associated with the securities and other investments held by the Acquired Funds and that the ability of a Fund to achieve its investment objective will depend upon the ability of the Acquired Funds to achieve their investment objectives</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">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.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>New/Small Fund Risk:</b> the risk that a new or smaller 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 and smaller Funds may not attract sufficient assets to achieve investment and trading efficiencies</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Equity Risk:</b> the risk that the value of equity securities, such as common stocks and preferred securities, may decline due to general market conditions which are not specifically related to a particular company or to factors affecting a particular industry or industries. Equity securities generally have greater price volatility than fixed income securities</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Value Investing Risk:</b> a value stock may decrease in price or may not increase in price as anticipated by PIMCO if it continues to be undervalued by the market or the factors that the portfolio manager believes will cause the stock price to increase do not occur</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Interest Rate Risk:</b> the risk that fixed income securities will decline in value because of an increase in interest rates; a fund with a longer average portfolio duration will be more sensitive to changes in interest rates than a fund with a shorter average portfolio duration</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Call Risk:</b> 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 (<i>e.g.</i>, 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 and may be forced to reinvest in lower-yielding securities, securities with greater credit risks or securities with other, less favorable features</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Credit Risk:</b> the risk that the Fund could lose money if the issuer or guarantor of a fixed income security, or the counterparty to a derivative contract, is unable or unwilling to meet its financial obligations</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>High Yield and Distressed Company Risk:</b> the risk that high yield securities and unrated securities of similar credit quality (commonly known as "junk bonds") and securities of distressed companies may be subject to greater levels of credit, issuer and liquidity risks. Securities of distressed companies include both debt and equity securities. High yield securities and debt securities of distressed companies are considered primarily speculative with respect to the issuer's continuing ability to make principal and interest payments. Distressed companies may be engaged in restructurings or bankruptcy proceedings</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Market Risk:</b> the risk that the value of securities owned by the Fund may go up or down, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Issuer Risk:</b> the risk that the value of a security may decline for a reason directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Liquidity Risk:</b> the risk that a particular investment may be difficult to purchase or sell and that the Fund may be unable to sell illiquid securities at an advantageous time or price or achieve its desired level of exposure to a certain sector. Liquidity risk may result from the lack of an active market, reduced number and capacity of traditional market participants to make a market in fixed income securities, and may be magnified in a rising interest rate environment or other circumstances where investor redemptions from fixed income mutual funds may be higher than normal, causing increased supply in the market due to selling activity</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk:</b> the risk of investing in derivative instruments (such as futures, swaps and structured securities), including leverage, liquidity, interest rate, market, credit and management risks, mispricing or valuation complexity. Changes in the value of the derivative 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. The Fund's use of derivatives may result in losses to the Fund, a reduction in the Fund's returns and/or increased volatility. Over-the-counter ("OTC") derivatives are also subject to the risk that a counterparty to the transaction will not fulfill its contractual obligations to the other party, as many of the protections afforded to centrally-cleared derivative transactions might not be available for OTC derivatives. For derivatives traded on an exchange or through a central counterparty, credit risk resides with the Fund's clearing broker, or the clearinghouse itself, rather than with a counterparty in an OTC derivative transaction. Changes in regulation relating to a mutual fund's use of derivatives and related instruments could potentially limit or impact the Fund's ability to invest in derivatives, limit the Fund's ability to employ certain strategies that use derivatives and/or adversely affect the value of derivatives and the Fund's performance</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Commodity Risk:</b> the risk that investing in commodity-linked derivative instruments may subject the Fund to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Mortgage-Related and Other Asset-Backed Securities Risk:</b> the risks of investing in mortgage-related and other asset-backed securities, including interest rate risk, extension risk, prepayment risk and credit risk</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Foreign (Non-U.S.) Investment Risk:</b> the risk that investing in foreign (non-U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to smaller markets, differing reporting, accounting and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, or political changes or diplomatic developments. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Real Estate Risk:</b> the risk that the Fund's investments in Real Estate Investment Trusts ("REITs") or real estate-linked derivative instruments will subject the Fund to risks similar to those associated with direct ownership of real estate, including losses from casualty or condemnation, and changes in local and general economic conditions, supply and demand, interest rates, zoning laws, regulatory limitations on rents, property taxes and operating expenses. The Fund's investments in REITs or real estate-linked derivative instruments subject it to management and tax risks. In addition, privately traded REITs subject the Fund to liquidity and valuation risk</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Emerging Markets Risk:</b> the risk of investing in emerging market securities, primarily increased foreign (non-U.S.) investment risk</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Sovereign Debt Risk:</b> the risk that investments in fixed income instruments issued by sovereign entities may decline in value as a result of default or other adverse credit event resulting from an issuer's inability or unwillingness to make principal or interest payments in a timely fashion</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Currency Risk:</b> the risk that foreign (non-U.S.) currencies will change in value relative to the U.S. dollar and affect the Fund's investments in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign (non-U.S.) currencies</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Leveraging Risk:</b> the risk that certain transactions of the Fund, such as reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, or derivative instruments, may give rise to leverage, magnifying gains and losses and causing the Fund to be more volatile than if it had not been leveraged. This means that leverage entails a heightened risk of loss</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Small-Cap and Mid-Cap Company Risk:</b> the risk that the value of securities issued by small-capitalization and mid-capitalization companies may go up or down, sometimes rapidly and unpredictably, due to narrow markets and limited managerial and financial resources</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Management Risk:</b> the risk that the investment techniques and risk analyses applied by PIMCO will not produce the desired results and that legislative, regulatory, or tax restrictions, policies or developments may affect the investment techniques available to PIMCO and the individual portfolio manager in connection with managing the Fund. There is no guarantee that the investment objective of the Fund will be achieved</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Short Exposure Risk:</b> the risk of entering into short sales, 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 will not fulfill its contractual obligations, causing a loss to the Fund</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Tax Risk:</b> the risk that the tax treatment of swap agreements and other derivative instruments, such as commodity-linked derivative instruments, including commodity index-linked notes, swap agreements, commodity options, futures, and options on futures, may be affected by future regulatory or legislative changes that could affect whether income from such investments is "qualifying income" under Subchapter M of the Internal Revenue Code, or otherwise affect the character, timing and/or amount of the Fund's taxable income or gains and distributions</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Subsidiary Risk:</b> 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</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Arbitrage Risk:</b> the risk that securities purchased pursuant to an arbitrage strategy intended to take advantage of a perceived relationship between the value of two securities may not perform as expected</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Convertible Securities Risk:</b> 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 and credit risk</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Exchange-Traded Fund Risk:</b> the risk that an exchange-traded fund may not track the performance of the index it is designed to track, 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</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">Please see "Description of Principal Risks" in the Fund's prospectus for a more detailed description of the risks of investing in the Fund. An 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.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance Information </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">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 a broad-based securities market index. Absent any applicable fee waivers and/or expense limitations, performance would have been lower. The bar chart shows performance of the Fund's Institutional Class shares. The Class R shares of the Fund have not commenced operations as of the date of this prospectus. Performance for Class A shares in the Average Annual Total Returns table reflects the impact of sales charges. <i>The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</i> </p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">The Fund's broad-based securities market index is the S&amp;P Target Date 2040 Index. 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.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">Performance for the Fund is updated daily and quarterly and may be obtained at http://www.pimco.com/en-us/product-finder.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> Calendar Year Total Returns — Institutional Class* </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> *The year-to-date return as of September 30, 2017 is 13.56%. For the periods shown in the bar chart, the highest quarterly return was 4.03% in the Q3 2016, and the lowest quarterly return was -7.46% in the Q3 2015. </p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> <b> Average Annual Total Returns (for periods ended 12/31/16) </b> </b></p> <div style="display:none">~http://pimcoeqsrs-20180427/role/ShareholderFeesDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact pimcoeqsrs-20180427_S000047749Member ~</div> 0 0 0 0 0.055 0.01 0 0 <div style="display:none">~ http://pimcoeqsrs-20180427/role/OperatingExpensesDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact pimcoeqsrs-20180427_S000047749Member ~</div> <div style="display:none">~ http://pimcoeqsrs-20180427/role/ExpenseExampleBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact pimcoeqsrs-20180427_S000047749Member ~</div> 25 50 621 101 79 159 776 317 140 279 943 551 317 627 1428 1224 <div style="display:none">~ http://pimcoeqsrs-20180427/role/ExpenseExampleNoRedemptionBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact pimcoeqsrs-20180427_S000047749Member ~</div> 621 776 943 1428 <div style="display:none">~ http://pimcoeqsrs-20180427/role/BarChartDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact pimcoeqsrs-20180427_S000047749Member ~</div> -0.0403 0.1065 <div style="display:none">~ http://pimcoeqsrs-20180427/role/PerformanceTableDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact pimcoeqsrs-20180427_S000047749Member ~</div> 0.1065 0.0939 0.0601 0.1039 0.0404 0.0923 0.0305 0.0198 0.0183 0.0281 -0.0028 0.0429 <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> Investment Objective </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks to maximize total return, consistent with prudent investment management.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses of the Fund </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A shares of eligible funds offered by PIMCO Equity Series and PIMCO Funds. More information about these and other discounts is available in the "Classes of Shares" section on page 62 of the Fund's prospectus, Appendix B to the Fund's prospectus (Financial Firm-Specific Sales Charge Waivers and Discounts) or from your financial advisor.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> <b>Shareholder Fees (fees paid directly from your investment):</b> </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> <b> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): </b> </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Example</b>. The Example is intended to help you compare the cost of investing in Institutional Class, Administrative Class, Class A or Class R 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 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 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:</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> If you redeem your shares at the end of each period: </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> If you do not redeem your shares: </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">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 10% of the average value of its portfolio.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">The PIMCO REALPATH® 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. This is the "self-elected" year of retirement for the investors in the Fund. The primary difference between the PIMCO REALPATH® 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® 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.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">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.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">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, or related derivatives on any of the preceding securities mentioned. The Fund may invest in Institutional Class or Class M shares of any funds of the PIMCO Equity Series (the "Trust") and PIMCO Funds, and in other affiliated funds, including funds of PIMCO ETF Trust, except funds of funds ("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.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">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® Blend Fund targeting an earlier date represents a more conservative choice; choosing a PIMCO REALPATH® 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.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">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.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <img alt="glidepath chart" src="glidepath.jpg"></img> </p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">As the Fund reaches the target year indicated in the Fund's name, it may be combined with the PIMCO REALPATH® Blend Income Fund, provided that the Board of Trustees determines that the combination would be in the best interests of the Fund and its shareholders. Prior to any combination, which may 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® Blend Income Fund.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">As part of its investment process, PIMCO expects to 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 intends to utilize these hedging transactions once the Fund is within 10 years of the target retirement date or at such other times as deemed appropriate by PIMCO. However, there can be no assurance that the Fund's hedging transactions will be effective.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">Once the risk hedging strategies have been determined, PIMCO then 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.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Risks </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">It is possible to lose money on an investment in the Fund. The Fund is generally subject to a different level and amount of risk which is relative to its target date and time horizon. The principal risks of investing in the Fund include risks from direct investments and/or indirect exposure through investment in Acquired Funds. The principal risks of investing in the Fund, which could adversely affect its net asset value, yield and total return, are listed below.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">The following risks are principal risks of investing in the Fund.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>New/Small Fund Risk:</b> the risk that a new or smaller 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 and smaller Funds may not attract sufficient assets to achieve investment and trading efficiencies</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Allocation Risk:</b> the risk that a Fund could lose money as a result of less than optimal or poor asset allocation decisions. The Fund could miss attractive investment opportunities by underweighting markets that subsequently experience significant returns and could lose value by overweighting markets that subsequently experience significant declines</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Acquired Fund Risk:</b> the risk that a Fund's performance is closely related to the risks associated with the securities and other investments held by the Acquired Funds and that the ability of a Fund to achieve its investment objective will depend upon the ability of the Acquired Funds to achieve their investment objectives</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">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.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>New/Small Fund Risk:</b> the risk that a new or smaller 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 and smaller Funds may not attract sufficient assets to achieve investment and trading efficiencies</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Equity Risk:</b> the risk that the value of equity securities, such as common stocks and preferred securities, may decline due to general market conditions which are not specifically related to a particular company or to factors affecting a particular industry or industries. Equity securities generally have greater price volatility than fixed income securities</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Value Investing Risk:</b> a value stock may decrease in price or may not increase in price as anticipated by PIMCO if it continues to be undervalued by the market or the factors that the portfolio manager believes will cause the stock price to increase do not occur</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Interest Rate Risk:</b> the risk that fixed income securities will decline in value because of an increase in interest rates; a fund with a longer average portfolio duration will be more sensitive to changes in interest rates than a fund with a shorter average portfolio duration</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Call Risk:</b> 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 (<i>e.g.</i>, 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 and may be forced to reinvest in lower-yielding securities, securities with greater credit risks or securities with other, less favorable features</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Credit Risk:</b> the risk that the Fund could lose money if the issuer or guarantor of a fixed income security, or the counterparty to a derivative contract, is unable or unwilling to meet its financial obligations</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>High Yield and Distressed Company Risk:</b> the risk that high yield securities and unrated securities of similar credit quality (commonly known as "junk bonds") and securities of distressed companies may be subject to greater levels of credit, issuer and liquidity risks. Securities of distressed companies include both debt and equity securities. High yield securities and debt securities of distressed companies are considered primarily speculative with respect to the issuer's continuing ability to make principal and interest payments. Distressed companies may be engaged in restructurings or bankruptcy proceedings</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Market Risk:</b> the risk that the value of securities owned by the Fund may go up or down, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Issuer Risk:</b> the risk that the value of a security may decline for a reason directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Liquidity Risk:</b> the risk that a particular investment may be difficult to purchase or sell and that the Fund may be unable to sell illiquid securities at an advantageous time or price or achieve its desired level of exposure to a certain sector. Liquidity risk may result from the lack of an active market, reduced number and capacity of traditional market participants to make a market in fixed income securities, and may be magnified in a rising interest rate environment or other circumstances where investor redemptions from fixed income mutual funds may be higher than normal, causing increased supply in the market due to selling activity</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk:</b> the risk of investing in derivative instruments (such as futures, swaps and structured securities), including leverage, liquidity, interest rate, market, credit and management risks, mispricing or valuation complexity. Changes in the value of the derivative 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. The Fund's use of derivatives may result in losses to the Fund, a reduction in the Fund's returns and/or increased volatility. Over-the-counter ("OTC") derivatives are also subject to the risk that a counterparty to the transaction will not fulfill its contractual obligations to the other party, as many of the protections afforded to centrally-cleared derivative transactions might not be available for OTC derivatives. For derivatives traded on an exchange or through a central counterparty, credit risk resides with the Fund's clearing broker, or the clearinghouse itself, rather than with a counterparty in an OTC derivative transaction. Changes in regulation relating to a mutual fund's use of derivatives and related instruments could potentially limit or impact the Fund's ability to invest in derivatives, limit the Fund's ability to employ certain strategies that use derivatives and/or adversely affect the value of derivatives and the Fund's performance</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Commodity Risk:</b> the risk that investing in commodity-linked derivative instruments may subject the Fund to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Mortgage-Related and Other Asset-Backed Securities Risk:</b> the risks of investing in mortgage-related and other asset-backed securities, including interest rate risk, extension risk, prepayment risk and credit risk</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Foreign (Non-U.S.) Investment Risk:</b> the risk that investing in foreign (non-U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to smaller markets, differing reporting, accounting and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, or political changes or diplomatic developments. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Real Estate Risk:</b> the risk that the Fund's investments in Real Estate Investment Trusts ("REITs") or real estate-linked derivative instruments will subject the Fund to risks similar to those associated with direct ownership of real estate, including losses from casualty or condemnation, and changes in local and general economic conditions, supply and demand, interest rates, zoning laws, regulatory limitations on rents, property taxes and operating expenses. The Fund's investments in REITs or real estate-linked derivative instruments subject it to management and tax risks. In addition, privately traded REITs subject the Fund to liquidity and valuation risk</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Emerging Markets Risk:</b> the risk of investing in emerging market securities, primarily increased foreign (non-U.S.) investment risk</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Sovereign Debt Risk:</b> the risk that investments in fixed income instruments issued by sovereign entities may decline in value as a result of default or other adverse credit event resulting from an issuer's inability or unwillingness to make principal or interest payments in a timely fashion</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Currency Risk:</b> the risk that foreign (non-U.S.) currencies will change in value relative to the U.S. dollar and affect the Fund's investments in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign (non-U.S.) currencies</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Leveraging Risk:</b> the risk that certain transactions of the Fund, such as reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, or derivative instruments, may give rise to leverage, magnifying gains and losses and causing the Fund to be more volatile than if it had not been leveraged. This means that leverage entails a heightened risk of loss</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Small-Cap and Mid-Cap Company Risk:</b> the risk that the value of securities issued by small-capitalization and mid-capitalization companies may go up or down, sometimes rapidly and unpredictably, due to narrow markets and limited managerial and financial resources</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Management Risk:</b> the risk that the investment techniques and risk analyses applied by PIMCO will not produce the desired results and that legislative, regulatory, or tax restrictions, policies or developments may affect the investment techniques available to PIMCO and the individual portfolio manager in connection with managing the Fund. There is no guarantee that the investment objective of the Fund will be achieved</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Short Exposure Risk:</b> the risk of entering into short sales, 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 will not fulfill its contractual obligations, causing a loss to the Fund</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Tax Risk:</b> the risk that the tax treatment of swap agreements and other derivative instruments, such as commodity-linked derivative instruments, including commodity index-linked notes, swap agreements, commodity options, futures, and options on futures, may be affected by future regulatory or legislative changes that could affect whether income from such investments is "qualifying income" under Subchapter M of the Internal Revenue Code, or otherwise affect the character, timing and/or amount of the Fund's taxable income or gains and distributions</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Subsidiary Risk:</b> 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</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Arbitrage Risk:</b> the risk that securities purchased pursuant to an arbitrage strategy intended to take advantage of a perceived relationship between the value of two securities may not perform as expected</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Convertible Securities Risk:</b> 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 and credit risk</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Exchange-Traded Fund Risk:</b> the risk that an exchange-traded fund may not track the performance of the index it is designed to track, 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</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">Please see "Description of Principal Risks" in the Fund's prospectus for a more detailed description of the risks of investing in the Fund. An 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.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance Information </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">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 a broad-based securities market index. Absent any applicable fee waivers and/or expense limitations, performance would have been lower. The bar chart shows performance of the Fund's Institutional Class shares. The Class R shares of the Fund have not commenced operations as of the date of this prospectus. Performance for Class A shares in the Average Annual Total Returns table reflects the impact of sales charges. <i>The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</i> </p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">The Fund's broad-based securities market index is the S&amp;P Target Date 2045 Index. 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.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">Performance for the Fund is updated daily and quarterly and may be obtained at http://www.pimco.com/en-us/product-finder.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> Calendar Year Total Returns — Institutional Class* </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> *The year-to-date return as of September 30, 2017 is 13.88%. For the periods shown in the bar chart, the highest quarterly return was 4.13% in the Q3 2016, and the lowest quarterly return was -8.06% in the Q3 2015. </p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> <b> Average Annual Total Returns (for periods ended 12/31/16) </b> </b></p> <div style="display:none">~http://pimcoeqsrs-20180427/role/ShareholderFeesDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact pimcoeqsrs-20180427_S000047750Member ~</div> 0 0 0 0 0.055 0.01 0 0 <div style="display:none">~ http://pimcoeqsrs-20180427/role/OperatingExpensesDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact pimcoeqsrs-20180427_S000047750Member ~</div> <div style="display:none">~ http://pimcoeqsrs-20180427/role/ExpenseExampleBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact pimcoeqsrs-20180427_S000047750Member ~</div> 23 48 619 99 73 153 770 311 129 268 933 541 292 603 1406 1200 <div style="display:none">~ http://pimcoeqsrs-20180427/role/ExpenseExampleNoRedemptionBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact pimcoeqsrs-20180427_S000047750Member ~</div> 619 770 933 1406 <div style="display:none">~ http://pimcoeqsrs-20180427/role/BarChartDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact pimcoeqsrs-20180427_S000047750Member ~</div> -0.043 0.1038 <div style="display:none">~ http://pimcoeqsrs-20180427/role/PerformanceTableDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact pimcoeqsrs-20180427_S000047750Member ~</div> 0.1038 0.092 0.0585 0.1004 0.0368 0.0954 0.0278 0.0176 0.0165 0.025 -0.0059 0.0441 <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> Investment Objective </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks to maximize total return, consistent with prudent investment management.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses of the Fund </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A shares of eligible funds offered by PIMCO Equity Series and PIMCO Funds. More information about these and other discounts is available in the "Classes of Shares" section on page 62 of the Fund's prospectus, Appendix B to the Fund's prospectus (Financial Firm-Specific Sales Charge Waivers and Discounts) or from your financial advisor.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> <b>Shareholder Fees (fees paid directly from your investment):</b> </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> <b> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): </b> </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Example</b>. The Example is intended to help you compare the cost of investing in Institutional Class, Administrative Class, Class A or Class R 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 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 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:</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> If you redeem your shares at the end of each period: </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> If you do not redeem your shares: </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">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 10% of the average value of its portfolio.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">The PIMCO REALPATH® 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. This is the "self-elected" year of retirement for the investors in the Fund. The primary difference between the PIMCO REALPATH® 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® 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.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">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.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">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, or related derivatives on any of the preceding securities mentioned. The Fund may invest in Institutional Class or Class M shares of any funds of the PIMCO Equity Series (the "Trust") and PIMCO Funds, and in other affiliated funds, including funds of PIMCO ETF Trust, except funds of funds ("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.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">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® Blend Fund targeting an earlier date represents a more conservative choice; choosing a PIMCO REALPATH® 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.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">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.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <img alt="glidepath chart" src="glidepath.jpg"></img> </p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">As the Fund reaches the target year indicated in the Fund's name, it may be combined with the PIMCO REALPATH® Blend Income Fund, provided that the Board of Trustees determines that the combination would be in the best interests of the Fund and its shareholders. Prior to any combination, which may 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® Blend Income Fund.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">As part of its investment process, PIMCO expects to 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 intends to utilize these hedging transactions once the Fund is within 10 years of the target retirement date or at such other times as deemed appropriate by PIMCO. However, there can be no assurance that the Fund's hedging transactions will be effective.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">Once the risk hedging strategies have been determined, PIMCO then 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.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Risks </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">It is possible to lose money on an investment in the Fund. The Fund is generally subject to a different level and amount of risk which is relative to its target date and time horizon. The principal risks of investing in the Fund include risks from direct investments and/or indirect exposure through investment in Acquired Funds. The principal risks of investing in the Fund, which could adversely affect its net asset value, yield and total return, are listed below.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">The following risks are principal risks of investing in the Fund.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>New/Small Fund Risk:</b> the risk that a new or smaller 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 and smaller Funds may not attract sufficient assets to achieve investment and trading efficiencies</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Allocation Risk:</b> the risk that a Fund could lose money as a result of less than optimal or poor asset allocation decisions. The Fund could miss attractive investment opportunities by underweighting markets that subsequently experience significant returns and could lose value by overweighting markets that subsequently experience significant declines</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Acquired Fund Risk:</b> the risk that a Fund's performance is closely related to the risks associated with the securities and other investments held by the Acquired Funds and that the ability of a Fund to achieve its investment objective will depend upon the ability of the Acquired Funds to achieve their investment objectives</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">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.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>New/Small Fund Risk:</b> the risk that a new or smaller 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 and smaller Funds may not attract sufficient assets to achieve investment and trading efficiencies</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Equity Risk:</b> the risk that the value of equity securities, such as common stocks and preferred securities, may decline due to general market conditions which are not specifically related to a particular company or to factors affecting a particular industry or industries. Equity securities generally have greater price volatility than fixed income securities</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Value Investing Risk:</b> a value stock may decrease in price or may not increase in price as anticipated by PIMCO if it continues to be undervalued by the market or the factors that the portfolio manager believes will cause the stock price to increase do not occur</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Interest Rate Risk:</b> the risk that fixed income securities will decline in value because of an increase in interest rates; a fund with a longer average portfolio duration will be more sensitive to changes in interest rates than a fund with a shorter average portfolio duration</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Call Risk:</b> 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 (<i>e.g.</i>, 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 and may be forced to reinvest in lower-yielding securities, securities with greater credit risks or securities with other, less favorable features</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Credit Risk:</b> the risk that the Fund could lose money if the issuer or guarantor of a fixed income security, or the counterparty to a derivative contract, is unable or unwilling to meet its financial obligations</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>High Yield and Distressed Company Risk:</b> the risk that high yield securities and unrated securities of similar credit quality (commonly known as "junk bonds") and securities of distressed companies may be subject to greater levels of credit, issuer and liquidity risks. Securities of distressed companies include both debt and equity securities. High yield securities and debt securities of distressed companies are considered primarily speculative with respect to the issuer's continuing ability to make principal and interest payments. Distressed companies may be engaged in restructurings or bankruptcy proceedings</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Market Risk:</b> the risk that the value of securities owned by the Fund may go up or down, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Issuer Risk:</b> the risk that the value of a security may decline for a reason directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Liquidity Risk:</b> the risk that a particular investment may be difficult to purchase or sell and that the Fund may be unable to sell illiquid securities at an advantageous time or price or achieve its desired level of exposure to a certain sector. Liquidity risk may result from the lack of an active market, reduced number and capacity of traditional market participants to make a market in fixed income securities, and may be magnified in a rising interest rate environment or other circumstances where investor redemptions from fixed income mutual funds may be higher than normal, causing increased supply in the market due to selling activity</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk:</b> the risk of investing in derivative instruments (such as futures, swaps and structured securities), including leverage, liquidity, interest rate, market, credit and management risks, mispricing or valuation complexity. Changes in the value of the derivative 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. The Fund's use of derivatives may result in losses to the Fund, a reduction in the Fund's returns and/or increased volatility. Over-the-counter ("OTC") derivatives are also subject to the risk that a counterparty to the transaction will not fulfill its contractual obligations to the other party, as many of the protections afforded to centrally-cleared derivative transactions might not be available for OTC derivatives. For derivatives traded on an exchange or through a central counterparty, credit risk resides with the Fund's clearing broker, or the clearinghouse itself, rather than with a counterparty in an OTC derivative transaction. Changes in regulation relating to a mutual fund's use of derivatives and related instruments could potentially limit or impact the Fund's ability to invest in derivatives, limit the Fund's ability to employ certain strategies that use derivatives and/or adversely affect the value of derivatives and the Fund's performance</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Commodity Risk:</b> the risk that investing in commodity-linked derivative instruments may subject the Fund to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Mortgage-Related and Other Asset-Backed Securities Risk:</b> the risks of investing in mortgage-related and other asset-backed securities, including interest rate risk, extension risk, prepayment risk and credit risk</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Foreign (Non-U.S.) Investment Risk:</b> the risk that investing in foreign (non-U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to smaller markets, differing reporting, accounting and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, or political changes or diplomatic developments. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Real Estate Risk:</b> the risk that the Fund's investments in Real Estate Investment Trusts ("REITs") or real estate-linked derivative instruments will subject the Fund to risks similar to those associated with direct ownership of real estate, including losses from casualty or condemnation, and changes in local and general economic conditions, supply and demand, interest rates, zoning laws, regulatory limitations on rents, property taxes and operating expenses. The Fund's investments in REITs or real estate-linked derivative instruments subject it to management and tax risks. In addition, privately traded REITs subject the Fund to liquidity and valuation risk</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Emerging Markets Risk:</b> the risk of investing in emerging market securities, primarily increased foreign (non-U.S.) investment risk</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Sovereign Debt Risk:</b> the risk that investments in fixed income instruments issued by sovereign entities may decline in value as a result of default or other adverse credit event resulting from an issuer's inability or unwillingness to make principal or interest payments in a timely fashion</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Currency Risk:</b> the risk that foreign (non-U.S.) currencies will change in value relative to the U.S. dollar and affect the Fund's investments in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign (non-U.S.) currencies</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Leveraging Risk:</b> the risk that certain transactions of the Fund, such as reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, or derivative instruments, may give rise to leverage, magnifying gains and losses and causing the Fund to be more volatile than if it had not been leveraged. This means that leverage entails a heightened risk of loss</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Small-Cap and Mid-Cap Company Risk:</b> the risk that the value of securities issued by small-capitalization and mid-capitalization companies may go up or down, sometimes rapidly and unpredictably, due to narrow markets and limited managerial and financial resources</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Management Risk:</b> the risk that the investment techniques and risk analyses applied by PIMCO will not produce the desired results and that legislative, regulatory, or tax restrictions, policies or developments may affect the investment techniques available to PIMCO and the individual portfolio manager in connection with managing the Fund. There is no guarantee that the investment objective of the Fund will be achieved</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Short Exposure Risk:</b> the risk of entering into short sales, 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 will not fulfill its contractual obligations, causing a loss to the Fund</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Tax Risk:</b> the risk that the tax treatment of swap agreements and other derivative instruments, such as commodity-linked derivative instruments, including commodity index-linked notes, swap agreements, commodity options, futures, and options on futures, may be affected by future regulatory or legislative changes that could affect whether income from such investments is "qualifying income" under Subchapter M of the Internal Revenue Code, or otherwise affect the character, timing and/or amount of the Fund's taxable income or gains and distributions</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Subsidiary Risk:</b> 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</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Arbitrage Risk:</b> the risk that securities purchased pursuant to an arbitrage strategy intended to take advantage of a perceived relationship between the value of two securities may not perform as expected</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Convertible Securities Risk:</b> 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 and credit risk</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Exchange-Traded Fund Risk:</b> the risk that an exchange-traded fund may not track the performance of the index it is designed to track, 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</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">Please see "Description of Principal Risks" in the Fund's prospectus for a more detailed description of the risks of investing in the Fund. An 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.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance Information </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">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 a broad-based securities market index. Absent any applicable fee waivers and/or expense limitations, performance would have been lower. The bar chart shows performance of the Fund's Institutional Class shares. The Class R shares of the Fund have not commenced operations as of the date of this prospectus. Performance for Class A shares in the Average Annual Total Returns table reflects the impact of sales charges. <i>The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</i> </p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">The Fund's broad-based securities market index is the S&amp;P Target Date 2050 Index. 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.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">Performance for the Fund is updated daily and quarterly and may be obtained at http://www.pimco.com/en-us/product-finder.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> Calendar Year Total Returns — Institutional Class* </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> *The year-to-date return as of September 30, 2017 is 14.10%. For the periods shown in the bar chart, the highest quarterly return was 4.20% in the Q3 2016, and the lowest quarterly return was -8.12% in the Q3 2015. </p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> <b> Average Annual Total Returns (for periods ended 12/31/16) </b> </b></p> <div style="display:none">~http://pimcoeqsrs-20180427/role/ShareholderFeesDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact pimcoeqsrs-20180427_S000047751Member ~</div> 0 0 0 0 0.055 0.01 0 0 <div style="display:none">~ http://pimcoeqsrs-20180427/role/OperatingExpensesDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact pimcoeqsrs-20180427_S000047751Member ~</div> <div style="display:none">~ http://pimcoeqsrs-20180427/role/ExpenseExampleBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact pimcoeqsrs-20180427_S000047751Member ~</div> 22 47 619 98 70 150 767 308 123 262 928 535 279 590 1394 1189 <div style="display:none">~ http://pimcoeqsrs-20180427/role/ExpenseExampleNoRedemptionBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact pimcoeqsrs-20180427_S000047751Member ~</div> 619 767 928 1394 <div style="display:none">~ http://pimcoeqsrs-20180427/role/BarChartDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact pimcoeqsrs-20180427_S000047751Member ~</div> -0.0398 0.1031 <div style="display:none">~ http://pimcoeqsrs-20180427/role/PerformanceTableDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact pimcoeqsrs-20180427_S000047751Member ~</div> 0.1031 0.0915 0.0582 0.1004 0.0374 0.0974 0.0291 0.0191 0.0175 0.0265 -0.0045 0.0451 <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> Investment Objective </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks to maximize total return, consistent with prudent investment management.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses of the Fund </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A shares of eligible funds offered by PIMCO Equity Series and PIMCO Funds. More information about these and other discounts is available in the "Classes of Shares" section on page 62 of the Fund's prospectus, Appendix B to the Fund's prospectus (Financial Firm-Specific Sales Charge Waivers and Discounts) or from your financial advisor.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> <b>Shareholder Fees (fees paid directly from your investment):</b> </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> <b> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): </b> </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Example</b>. The Example is intended to help you compare the cost of investing in Institutional Class, Administrative Class, Class A or Class R 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 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 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:</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> If you redeem your shares at the end of each period: </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> If you do not redeem your shares: </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">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 14% of the average value of its portfolio.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">The PIMCO REALPATH® 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. This is the "self-elected" year of retirement for the investors in the Fund. The primary difference between the PIMCO REALPATH® 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® 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.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">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.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">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, or related derivatives on any of the preceding securities mentioned. The Fund may invest in Institutional Class or Class M shares of any funds of the PIMCO Equity Series (the "Trust") and PIMCO Funds, and in other affiliated funds, including funds of PIMCO ETF Trust, except funds of funds ("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.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">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® Blend Fund targeting an earlier date represents a more conservative choice; choosing a PIMCO REALPATH® 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.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">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.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <img alt="glidepath chart" src="glidepath.jpg"></img> </p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">As the Fund reaches the target year indicated in the Fund's name, it may be combined with the PIMCO REALPATH® Blend Income Fund, provided that the Board of Trustees determines that the combination would be in the best interests of the Fund and its shareholders. Prior to any combination, which may 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® Blend Income Fund.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">As part of its investment process, PIMCO expects to 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 intends to utilize these hedging transactions once the Fund is within 10 years of the target retirement date or at such other times as deemed appropriate by PIMCO. However, there can be no assurance that the Fund's hedging transactions will be effective.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">Once the risk hedging strategies have been determined, PIMCO then 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.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Risks </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">It is possible to lose money on an investment in the Fund. The Fund is generally subject to a different level and amount of risk which is relative to its target date and time horizon. The principal risks of investing in the Fund include risks from direct investments and/or indirect exposure through investment in Acquired Funds. The principal risks of investing in the Fund, which could adversely affect its net asset value, yield and total return, are listed below.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">The following risks are principal risks of investing in the Fund.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>New/Small Fund Risk:</b> the risk that a new or smaller 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 and smaller Funds may not attract sufficient assets to achieve investment and trading efficiencies</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Allocation Risk:</b> the risk that a Fund could lose money as a result of less than optimal or poor asset allocation decisions. The Fund could miss attractive investment opportunities by underweighting markets that subsequently experience significant returns and could lose value by overweighting markets that subsequently experience significant declines</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Acquired Fund Risk:</b> the risk that a Fund's performance is closely related to the risks associated with the securities and other investments held by the Acquired Funds and that the ability of a Fund to achieve its investment objective will depend upon the ability of the Acquired Funds to achieve their investment objectives</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">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.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>New/Small Fund Risk:</b> the risk that a new or smaller 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 and smaller Funds may not attract sufficient assets to achieve investment and trading efficiencies</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Equity Risk:</b> the risk that the value of equity securities, such as common stocks and preferred securities, may decline due to general market conditions which are not specifically related to a particular company or to factors affecting a particular industry or industries. Equity securities generally have greater price volatility than fixed income securities</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Value Investing Risk:</b> a value stock may decrease in price or may not increase in price as anticipated by PIMCO if it continues to be undervalued by the market or the factors that the portfolio manager believes will cause the stock price to increase do not occur</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Interest Rate Risk:</b> the risk that fixed income securities will decline in value because of an increase in interest rates; a fund with a longer average portfolio duration will be more sensitive to changes in interest rates than a fund with a shorter average portfolio duration</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Call Risk:</b> 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 (<i>e.g.</i>, 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 and may be forced to reinvest in lower-yielding securities, securities with greater credit risks or securities with other, less favorable features</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Credit Risk:</b> the risk that the Fund could lose money if the issuer or guarantor of a fixed income security, or the counterparty to a derivative contract, is unable or unwilling to meet its financial obligations</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>High Yield and Distressed Company Risk:</b> the risk that high yield securities and unrated securities of similar credit quality (commonly known as "junk bonds") and securities of distressed companies may be subject to greater levels of credit, issuer and liquidity risks. Securities of distressed companies include both debt and equity securities. High yield securities and debt securities of distressed companies are considered primarily speculative with respect to the issuer's continuing ability to make principal and interest payments. Distressed companies may be engaged in restructurings or bankruptcy proceedings</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Market Risk:</b> the risk that the value of securities owned by the Fund may go up or down, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Issuer Risk:</b> the risk that the value of a security may decline for a reason directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Liquidity Risk:</b> the risk that a particular investment may be difficult to purchase or sell and that the Fund may be unable to sell illiquid securities at an advantageous time or price or achieve its desired level of exposure to a certain sector. Liquidity risk may result from the lack of an active market, reduced number and capacity of traditional market participants to make a market in fixed income securities, and may be magnified in a rising interest rate environment or other circumstances where investor redemptions from fixed income mutual funds may be higher than normal, causing increased supply in the market due to selling activity</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk:</b> the risk of investing in derivative instruments (such as futures, swaps and structured securities), including leverage, liquidity, interest rate, market, credit and management risks, mispricing or valuation complexity. Changes in the value of the derivative 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. The Fund's use of derivatives may result in losses to the Fund, a reduction in the Fund's returns and/or increased volatility. Over-the-counter ("OTC") derivatives are also subject to the risk that a counterparty to the transaction will not fulfill its contractual obligations to the other party, as many of the protections afforded to centrally-cleared derivative transactions might not be available for OTC derivatives. For derivatives traded on an exchange or through a central counterparty, credit risk resides with the Fund's clearing broker, or the clearinghouse itself, rather than with a counterparty in an OTC derivative transaction. Changes in regulation relating to a mutual fund's use of derivatives and related instruments could potentially limit or impact the Fund's ability to invest in derivatives, limit the Fund's ability to employ certain strategies that use derivatives and/or adversely affect the value of derivatives and the Fund's performance</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Commodity Risk:</b> the risk that investing in commodity-linked derivative instruments may subject the Fund to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Mortgage-Related and Other Asset-Backed Securities Risk:</b> the risks of investing in mortgage-related and other asset-backed securities, including interest rate risk, extension risk, prepayment risk and credit risk</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Foreign (Non-U.S.) Investment Risk:</b> the risk that investing in foreign (non-U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to smaller markets, differing reporting, accounting and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, or political changes or diplomatic developments. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Real Estate Risk:</b> the risk that the Fund's investments in Real Estate Investment Trusts ("REITs") or real estate-linked derivative instruments will subject the Fund to risks similar to those associated with direct ownership of real estate, including losses from casualty or condemnation, and changes in local and general economic conditions, supply and demand, interest rates, zoning laws, regulatory limitations on rents, property taxes and operating expenses. The Fund's investments in REITs or real estate-linked derivative instruments subject it to management and tax risks. In addition, privately traded REITs subject the Fund to liquidity and valuation risk</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Emerging Markets Risk:</b> the risk of investing in emerging market securities, primarily increased foreign (non-U.S.) investment risk</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Sovereign Debt Risk:</b> the risk that investments in fixed income instruments issued by sovereign entities may decline in value as a result of default or other adverse credit event resulting from an issuer's inability or unwillingness to make principal or interest payments in a timely fashion</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Currency Risk:</b> the risk that foreign (non-U.S.) currencies will change in value relative to the U.S. dollar and affect the Fund's investments in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign (non-U.S.) currencies</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Leveraging Risk:</b> the risk that certain transactions of the Fund, such as reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, or derivative instruments, may give rise to leverage, magnifying gains and losses and causing the Fund to be more volatile than if it had not been leveraged. This means that leverage entails a heightened risk of loss</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Small-Cap and Mid-Cap Company Risk:</b> the risk that the value of securities issued by small-capitalization and mid-capitalization companies may go up or down, sometimes rapidly and unpredictably, due to narrow markets and limited managerial and financial resources</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Management Risk:</b> the risk that the investment techniques and risk analyses applied by PIMCO will not produce the desired results and that legislative, regulatory, or tax restrictions, policies or developments may affect the investment techniques available to PIMCO and the individual portfolio manager in connection with managing the Fund. There is no guarantee that the investment objective of the Fund will be achieved</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Short Exposure Risk:</b> the risk of entering into short sales, 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 will not fulfill its contractual obligations, causing a loss to the Fund</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Tax Risk:</b> the risk that the tax treatment of swap agreements and other derivative instruments, such as commodity-linked derivative instruments, including commodity index-linked notes, swap agreements, commodity options, futures, and options on futures, may be affected by future regulatory or legislative changes that could affect whether income from such investments is "qualifying income" under Subchapter M of the Internal Revenue Code, or otherwise affect the character, timing and/or amount of the Fund's taxable income or gains and distributions</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Subsidiary Risk:</b> 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</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Arbitrage Risk:</b> the risk that securities purchased pursuant to an arbitrage strategy intended to take advantage of a perceived relationship between the value of two securities may not perform as expected</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Convertible Securities Risk:</b> 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 and credit risk</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Exchange-Traded Fund Risk:</b> the risk that an exchange-traded fund may not track the performance of the index it is designed to track, 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</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">Please see "Description of Principal Risks" in the Fund's prospectus for a more detailed description of the risks of investing in the Fund. An 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.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance Information </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">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 a broad-based securities market index. Absent any applicable fee waivers and/or expense limitations, performance would have been lower. The bar chart shows performance of the Fund's Institutional Class shares. The Class R shares of the Fund have not commenced operations as of the date of this prospectus. Performance for Class A shares in the Average Annual Total Returns table reflects the impact of sales charges. <i>The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</i> </p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">The Fund's broad-based securities market index is the S&amp;P Target Date 2055+ Index. 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.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">Performance for the Fund is updated daily and quarterly and may be obtained at http://www.pimco.com/en-us/product-finder.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> Calendar Year Total Returns — Institutional Class* </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> *The year-to-date return as of September 30, 2017 is 13.98%. For the periods shown in the bar chart, the highest quarterly return was 4.20% in the Q3 2016, and the lowest quarterly return was -8.12% in the Q3 2015. </p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> <b> Average Annual Total Returns (for periods ended 12/31/16) </b> </b></p> <div style="display:none">~http://pimcoeqsrs-20180427/role/ShareholderFeesDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact pimcoeqsrs-20180427_S000047752Member ~</div> 0 0 0 0 0.055 0.01 0 0 <div style="display:none">~ http://pimcoeqsrs-20180427/role/OperatingExpensesDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact pimcoeqsrs-20180427_S000047752Member ~</div> <div style="display:none">~ http://pimcoeqsrs-20180427/role/ExpenseExampleBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact pimcoeqsrs-20180427_S000047752Member ~</div> 22 47 619 98 70 150 767 308 123 262 928 535 279 590 1394 1189 <div style="display:none">~ http://pimcoeqsrs-20180427/role/ExpenseExampleNoRedemptionBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact pimcoeqsrs-20180427_S000047752Member ~</div> 619 767 928 1394 <div style="display:none">~ http://pimcoeqsrs-20180427/role/BarChartDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact pimcoeqsrs-20180427_S000047752Member ~</div> -0.0404 0.103 <div style="display:none">~ http://pimcoeqsrs-20180427/role/PerformanceTableDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact pimcoeqsrs-20180427_S000047752Member ~</div> 0.103 0.0915 0.0581 0.1007 0.0369 0.0994 0.0288 0.0186 0.0172 0.0262 -0.0054 0.0456 <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> Investment Objective </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks to maximize total return, consistent with prudent investment management.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses of the Fund </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A shares of eligible funds offered by PIMCO Equity Series and PIMCO Funds. More information about these and other discounts is available in the "Classes of Shares" section on page 62 of the Fund's prospectus, Appendix B to the Fund's prospectus (Financial Firm-Specific Sales Charge Waivers and Discounts) or from your financial advisor.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> <b>Shareholder Fees (fees paid directly from your investment):</b> </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> <b> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment): </b> </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Example</b>. The Example is intended to help you compare the cost of investing in Institutional Class, Administrative Class, Class A or Class R 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 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 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:</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> If you redeem your shares at the end of each period: </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> If you do not redeem your shares: </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">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 30% of the average value of its portfolio.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">The PIMCO REALPATH® 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® 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® Blend Fund's name. Unlike the other PIMCO REALPATH® 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 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. </p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">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.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">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, or related derivatives on any of the preceding securities mentioned. The Fund may invest in Institutional Class or Class M shares of any funds of the PIMCO Equity Series (the "Trust") and PIMCO Funds, and in other affiliated funds, including funds of PIMCO ETF Trust, except funds of funds ("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.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">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 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.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">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.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <img alt="glidepath chart" src="glidepath.jpg"></img> </p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">As part of its investment process, PIMCO expects to 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 intends to utilize these hedging transactions once the Fund is within 10 years of the target retirement date or at such other times as deemed appropriate by PIMCO. However, there can be no assurance that the Fund's hedging transactions will be effective.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">Once the risk hedging strategies have been determined, PIMCO then 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.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Risks </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">It is possible to lose money on an investment in the Fund. The Fund is generally subject to a different level and amount of risk which is relative to its target date and time horizon. The principal risks of investing in the Fund include risks from direct investments and/or indirect exposure through investment in Acquired Funds. The principal risks of investing in the Fund, which could adversely affect its net asset value, yield and total return, are listed below.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">The following risks are principal risks of investing in the Fund.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>New/Small Fund Risk:</b> the risk that a new or smaller 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 and smaller Funds may not attract sufficient assets to achieve investment and trading efficiencies</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Allocation Risk:</b> the risk that a Fund could lose money as a result of less than optimal or poor asset allocation decisions. The Fund could miss attractive investment opportunities by underweighting markets that subsequently experience significant returns and could lose value by overweighting markets that subsequently experience significant declines</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Acquired Fund Risk:</b> the risk that a Fund's performance is closely related to the risks associated with the securities and other investments held by the Acquired Funds and that the ability of a Fund to achieve its investment objective will depend upon the ability of the Acquired Funds to achieve their investment objectives</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">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.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>New/Small Fund Risk:</b> the risk that a new or smaller 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 and smaller Funds may not attract sufficient assets to achieve investment and trading efficiencies</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Equity Risk:</b> the risk that the value of equity securities, such as common stocks and preferred securities, may decline due to general market conditions which are not specifically related to a particular company or to factors affecting a particular industry or industries. Equity securities generally have greater price volatility than fixed income securities</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Value Investing Risk:</b> a value stock may decrease in price or may not increase in price as anticipated by PIMCO if it continues to be undervalued by the market or the factors that the portfolio manager believes will cause the stock price to increase do not occur</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Interest Rate Risk:</b> the risk that fixed income securities will decline in value because of an increase in interest rates; a fund with a longer average portfolio duration will be more sensitive to changes in interest rates than a fund with a shorter average portfolio duration</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Call Risk:</b> 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 (<i>e.g.</i>, 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 and may be forced to reinvest in lower-yielding securities, securities with greater credit risks or securities with other, less favorable features</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Credit Risk:</b> the risk that the Fund could lose money if the issuer or guarantor of a fixed income security, or the counterparty to a derivative contract, is unable or unwilling to meet its financial obligations</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>High Yield and Distressed Company Risk:</b> the risk that high yield securities and unrated securities of similar credit quality (commonly known as "junk bonds") and securities of distressed companies may be subject to greater levels of credit, issuer and liquidity risks. Securities of distressed companies include both debt and equity securities. High yield securities and debt securities of distressed companies are considered primarily speculative with respect to the issuer's continuing ability to make principal and interest payments. Distressed companies may be engaged in restructurings or bankruptcy proceedings</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Market Risk:</b> the risk that the value of securities owned by the Fund may go up or down, sometimes rapidly or unpredictably, due to factors affecting securities markets generally or particular industries</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Issuer Risk:</b> the risk that the value of a security may decline for a reason directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods or services</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Liquidity Risk:</b> the risk that a particular investment may be difficult to purchase or sell and that the Fund may be unable to sell illiquid securities at an advantageous time or price or achieve its desired level of exposure to a certain sector. Liquidity risk may result from the lack of an active market, reduced number and capacity of traditional market participants to make a market in fixed income securities, and may be magnified in a rising interest rate environment or other circumstances where investor redemptions from fixed income mutual funds may be higher than normal, causing increased supply in the market due to selling activity</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk:</b> the risk of investing in derivative instruments (such as futures, swaps and structured securities), including leverage, liquidity, interest rate, market, credit and management risks, mispricing or valuation complexity. Changes in the value of the derivative 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. The Fund's use of derivatives may result in losses to the Fund, a reduction in the Fund's returns and/or increased volatility. Over-the-counter ("OTC") derivatives are also subject to the risk that a counterparty to the transaction will not fulfill its contractual obligations to the other party, as many of the protections afforded to centrally-cleared derivative transactions might not be available for OTC derivatives. For derivatives traded on an exchange or through a central counterparty, credit risk resides with the Fund's clearing broker, or the clearinghouse itself, rather than with a counterparty in an OTC derivative transaction. Changes in regulation relating to a mutual fund's use of derivatives and related instruments could potentially limit or impact the Fund's ability to invest in derivatives, limit the Fund's ability to employ certain strategies that use derivatives and/or adversely affect the value of derivatives and the Fund's performance</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Commodity Risk:</b> the risk that investing in commodity-linked derivative instruments may subject the Fund to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Mortgage-Related and Other Asset-Backed Securities Risk:</b> the risks of investing in mortgage-related and other asset-backed securities, including interest rate risk, extension risk, prepayment risk and credit risk</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Foreign (Non-U.S.) Investment Risk:</b> the risk that investing in foreign (non-U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to smaller markets, differing reporting, accounting and auditing standards, increased risk of delayed settlement of portfolio transactions or loss of certificates of portfolio securities, and the risk of unfavorable foreign government actions, including nationalization, expropriation or confiscatory taxation, currency blockage, or political changes or diplomatic developments. Foreign securities may also be less liquid and more difficult to value than securities of U.S. issuers</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Real Estate Risk:</b> the risk that the Fund's investments in Real Estate Investment Trusts ("REITs") or real estate-linked derivative instruments will subject the Fund to risks similar to those associated with direct ownership of real estate, including losses from casualty or condemnation, and changes in local and general economic conditions, supply and demand, interest rates, zoning laws, regulatory limitations on rents, property taxes and operating expenses. The Fund's investments in REITs or real estate-linked derivative instruments subject it to management and tax risks. In addition, privately traded REITs subject the Fund to liquidity and valuation risk</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Emerging Markets Risk:</b> the risk of investing in emerging market securities, primarily increased foreign (non-U.S.) investment risk</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Sovereign Debt Risk:</b> the risk that investments in fixed income instruments issued by sovereign entities may decline in value as a result of default or other adverse credit event resulting from an issuer's inability or unwillingness to make principal or interest payments in a timely fashion</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Currency Risk:</b> the risk that foreign (non-U.S.) currencies will change in value relative to the U.S. dollar and affect the Fund's investments in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign (non-U.S.) currencies</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Leveraging Risk:</b> the risk that certain transactions of the Fund, such as reverse repurchase agreements, loans of portfolio securities, and the use of when-issued, delayed delivery or forward commitment transactions, or derivative instruments, may give rise to leverage, magnifying gains and losses and causing the Fund to be more volatile than if it had not been leveraged. This means that leverage entails a heightened risk of loss</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Small-Cap and Mid-Cap Company Risk:</b> the risk that the value of securities issued by small-capitalization and mid-capitalization companies may go up or down, sometimes rapidly and unpredictably, due to narrow markets and limited managerial and financial resources</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Management Risk:</b> the risk that the investment techniques and risk analyses applied by PIMCO will not produce the desired results and that legislative, regulatory, or tax restrictions, policies or developments may affect the investment techniques available to PIMCO and the individual portfolio manager in connection with managing the Fund. There is no guarantee that the investment objective of the Fund will be achieved</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Short Exposure Risk:</b> the risk of entering into short sales, 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 will not fulfill its contractual obligations, causing a loss to the Fund</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Tax Risk:</b> the risk that the tax treatment of swap agreements and other derivative instruments, such as commodity-linked derivative instruments, including commodity index-linked notes, swap agreements, commodity options, futures, and options on futures, may be affected by future regulatory or legislative changes that could affect whether income from such investments is "qualifying income" under Subchapter M of the Internal Revenue Code, or otherwise affect the character, timing and/or amount of the Fund's taxable income or gains and distributions</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Subsidiary Risk:</b> 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</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Arbitrage Risk:</b> the risk that securities purchased pursuant to an arbitrage strategy intended to take advantage of a perceived relationship between the value of two securities may not perform as expected</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Convertible Securities Risk:</b> 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 and credit risk</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Exchange-Traded Fund Risk:</b> the risk that an exchange-traded fund may not track the performance of the index it is designed to track, 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</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">Please see "Description of Principal Risks" in the Fund's prospectus for a more detailed description of the risks of investing in the Fund. An 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.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance Information </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">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 a broad-based securities market index. Absent any applicable fee waivers and/or expense limitations, performance would have been lower. The bar chart shows performance of the Fund's Institutional Class shares. The Class R shares of the Fund have not commenced operations as of the date of this prospectus. Performance for Class A shares in the Average Annual Total Returns table reflects the impact of sales charges. <i>The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future.</i> </p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">The Fund's broad-based securities market index is the S&amp;P Target Date Retirement Income Index. 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.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;">Performance for the Fund is updated daily and quarterly and may be obtained at http://www.pimco.com/en-us/product-finder.</p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> Calendar Year Total Returns — Institutional Class* </b></p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"> *The year-to-date return as of September 30, 2017 is 9.29%. For the periods shown in the bar chart, the highest quarterly return was 3.22% in the Q3 2016, and the lowest quarterly return was -3.49% in the Q3 2015. </p> <p style="font-size:10pt;padding-top:2;padding-bottom:0;padding-left:0;"><b> <b> Average Annual Total Returns (for periods ended 12/31/16) </b> </b></p> <div style="display:none">~http://pimcoeqsrs-20180427/role/ShareholderFeesDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact pimcoeqsrs-20180427_S000047744Member ~</div> 0 0 0 0 0.055 0.01 0 0 <div style="display:none">~ http://pimcoeqsrs-20180427/role/OperatingExpensesDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact pimcoeqsrs-20180427_S000047744Member ~</div> <div style="display:none">~ http://pimcoeqsrs-20180427/role/ExpenseExampleBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact pimcoeqsrs-20180427_S000047744Member ~</div> 43 68 639 119 137 217 829 374 240 378 1035 648 541 846 1629 1431 <div style="display:none">~ http://pimcoeqsrs-20180427/role/ExpenseExampleNoRedemptionBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact pimcoeqsrs-20180427_S000047744Member ~</div> 639 829 1035 1629 <div style="display:none">~ http://pimcoeqsrs-20180427/role/BarChartDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact pimcoeqsrs-20180427_S000047744Member ~</div> -0.0268 0.089 <div style="display:none">~ http://pimcoeqsrs-20180427/role/PerformanceTableDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact pimcoeqsrs-20180427_S000047744Member ~</div> 0.089 0.074 0.0502 0.0874 0.0247 0.0501 0.0295 0.0168 0.0166 0.0271 -0.0037 0.0238 You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A shares of eligible funds offered by PIMCO Equity Series and PIMCO Funds. October 31, 2018 0.93 50000 An 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. It is possible to lose money on an investment in the Fund. The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. 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 a broad-based securities market index and an additional index. Absent any applicable fee waivers and/or expense limitations, performance would have been lower. The bar chart shows performance of the Fund's Institutional Class shares. Performance for Class A and Class C shares in the Average Annual Total Returns table reflects the impact of sales charges. The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. The year-to-date return as of September 30, 2017 is 11.56%. 0.1156 2017-09-30 the highest quarterly return was 7.32% in the Q4 2013 0.0732 2013-12-31 the lowest quarterly return was -11.46% in the Q3 2015 -0.1146 2015-09-30 https://www.pimco.com/en-us/product-finder 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. After-tax returns are for Institutional Class shares only. After-tax returns for other classes will vary. Performance for Class A and Class C shares in the Average Annual Total Returns table reflects the impact of sales charges. 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. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A shares of eligible funds offered by PIMCO Equity Series and PIMCO Funds. October 31, 2018 2.51 50000 An 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. It is possible to lose money on an investment in the Fund. Issuer Non-Diversification Risk: the risk of focusing investments in a small number of issuers, including being more susceptible to risks associated with a single economic, political or regulatory occurrence than a more diversified portfolio might be. Funds that are "non-diversified" may invest a greater percentage of their assets in the securities of a single issuer than funds that are "diversified" The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. 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 a broad-based securities market index. The year-to-date return as of September 30, 2017 is 8.05%. 0.0805 2017-09-30 the highest quarterly return was 14.62% in the Q3 2009 0.1462 2009-09-30 the lowest quarterly return was -7.49% in the Q3 2011 -0.0749 2011-09-30 https://www.pimco.com/en-us/product-finder 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. After-tax returns are for Institutional Class shares only. After-tax returns for other classes will vary. 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. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A shares of eligible funds offered by PIMCO Equity Series and PIMCO Funds. October 31, 2018 0.43 50000 An 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. It is possible to lose money on an investment in the Fund. Issuer Non-Diversification Risk: the risk of focusing investments in a small number of issuers, including being more susceptible to risks associated with a single economic, political or regulatory occurrence than a more diversified portfolio might be. Funds that are "non-diversified" may invest a greater percentage of their assets in the securities of a single issuer than funds that are "diversified" The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. 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 a broad-based securities market index. The year-to-date return as of September 30, 2017 is 20.97%. 0.2097 2017-09-30 the highest quarterly return was 42.88% in the Q2 2009 0.4288 2009-06-30 the lowest quarterly return was -26.40% in the Q4 2008 -0.2640 2008-12-31 https://www.pimco.com/en-us/product-finder 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. After-tax returns are for Institutional Class shares only. After-tax returns for other classes will vary. 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. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A shares of eligible funds offered by PIMCO Equity Series and PIMCO Funds. October 31, 2018 0.08 50000 Total Annual Fund Operating Expenses do not match the Ratio of Expenses to Average Net Assets Excluding Waivers 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 Excluding Waivers reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. An 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. It is possible to lose money on an investment in the Fund. Issuer Non-Diversification Risk: the risk of focusing investments in a small number of issuers, including being more susceptible to risks associated with a single economic, political or regulatory occurrence than a more diversified portfolio might be. Funds that are "non-diversified" may invest a greater percentage of their assets in the securities of a single issuer than funds that are "diversified" The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. 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 a broad-based securities market index. Absent any applicable fee waivers and/or expense limitations, performance would have been lower. The bar chart shows performance of the Fund's Institutional Class shares. Performance for Class A and Class C shares in the Average Annual Total Returns table reflects the impact of sales charges. The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. The year-to-date return as of September 30, 2017 is 20.77%. 0.2077 2017-09-30 the highest quarterly return was 7.03% in the Q3 2016 0.0703 2016-09-30 the lowest quarterly return was 0.93% in the Q2 2016 0.0093 2016-06-30 https://www.pimco.com/en-us/product-finder 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. After-tax returns are for Institutional Class shares only. After-tax returns for other classes will vary. Performance for Class A and Class C shares in the Average Annual Total Returns table reflects the impact of sales charges. 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. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A shares of eligible funds offered by PIMCO Equity Series and PIMCO Funds. October 31, 2018 0.20 50000 Total Annual Fund Operating Expenses do not match the Ratio of Expenses to Average Net Assets Excluding Waivers 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 Excluding Waivers reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. An 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. It is possible to lose money on an investment in the Fund. Issuer Non-Diversification Risk: the risk of focusing investments in a small number of issuers, including being more susceptible to risks associated with a single economic, political or regulatory occurrence than a more diversified portfolio might be. Funds that are "non-diversified" may invest a greater percentage of their assets in the securities of a single issuer than funds that are "diversified" The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. 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 a broad-based securities market index. Absent any applicable fee waivers and/or expense limitations, performance would have been lower. The bar chart shows performance of the Fund's Institutional Class shares. Performance for Class A and Class C shares in the Average Annual Total Returns table reflects the impact of sales charges. The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. The year-to-date return as of September 30, 2017 is 16.09%. 0.1609 2017-09-30 the highest quarterly return was 5.26% in the Q3 2016 0.0526 2016-09-30 the lowest quarterly return was 1.75% in the Q2 2016 0.0175 2016-06-30 https://www.pimco.com/en-us/product-finder 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. After-tax returns are for Institutional Class shares only. After-tax returns for other classes will vary. Performance for Class A and Class C shares in the Average Annual Total Returns table reflects the impact of sales charges. 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. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A shares of eligible funds offered by PIMCO Equity Series and PIMCO Funds. October 31, 2018 0.20 50000 An 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. It is possible to lose money on an investment in the Fund. Issuer Non-Diversification Risk: the risk of focusing investments in a small number of issuers, including being more susceptible to risks associated with a single economic, political or regulatory occurrence than a more diversified portfolio might be. Funds that are "non-diversified" may invest a greater percentage of their assets in the securities of a single issuer than funds that are "diversified" The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. 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 a broad-based securities market index. Absent any applicable fee waivers and/or expense limitations, performance would have been lower. The bar chart shows performance of the Fund's Institutional Class shares. Performance for Class A and Class C shares in the Average Annual Total Returns table reflects the impact of sales charges. The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. The year-to-date return as of September 30, 2017 is 20.44%. 0.2044 2017-09-30 the highest quarterly return was 5.84% in the Q3 2016 0.0584 2016-09-30 the lowest quarterly return was -0.92% in the Q1 2016 -0.0092 2016-03-31 https://www.pimco.com/en-us/product-finder 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. After-tax returns are for Institutional Class shares only. After-tax returns for other classes will vary. Performance for Class A and Class C shares in the Average Annual Total Returns table reflects the impact of sales charges. 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. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A shares of eligible funds offered by PIMCO Equity Series and PIMCO Funds. October 31, 2018 0.31 50000 An 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. It is possible to lose money on an investment in the Fund. Issuer Non-Diversification Risk: the risk of focusing investments in a small number of issuers, including being more susceptible to risks associated with a single economic, political or regulatory occurrence than a more diversified portfolio might be. Funds that are "non-diversified" may invest a greater percentage of their assets in the securities of a single issuer than funds that are "diversified" The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. 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 a broad-based securities market index. The year-to-date return as of September 30, 2017 is 8.67%. 0.0867 2017-09-30 the highest quarterly return was 21.16% in the Q3 2009 0.2116 2009-09-30 the lowest quarterly return was -22.65% in the Q4 2008 -0.2265 2008-12-31 https://www.pimco.com/en-us/product-finder 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. After-tax returns are for Institutional Class shares only. After-tax returns for other classes will vary. 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. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A shares of eligible funds offered by PIMCO Equity Series and PIMCO Funds. October 31, 2018 0.45 50000 An 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. It is possible to lose money on an investment in the Fund. Issuer Non-Diversification Risk: the risk of focusing investments in a small number of issuers, including being more susceptible to risks associated with a single economic, political or regulatory occurrence than a more diversified portfolio might be. Funds that are "non-diversified" may invest a greater percentage of their assets in the securities of a single issuer than funds that are "diversified" The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. 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 a broad-based securities market index. The year-to-date return as of September 30, 2017 is 5.21%. 0.0521 2017-09-30 the highest quarterly return was 24.69% in the Q2 2009 0.2469 2009-06-30 the lowest quarterly return was -27.24% in the Q4 2008 -0.2724 2008-12-31 https://www.pimco.com/en-us/product-finder 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. After-tax returns are for Institutional Class shares only. After-tax returns for other classes will vary. 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. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A shares of eligible funds offered by PIMCO Equity Series and PIMCO Funds. October 31, 2018 0.30 50000 Total Annual Fund Operating Expenses do not match the Ratio of Expenses to Average Net Assets Excluding Waivers 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 Excluding Waivers reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. An 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. It is possible to lose money on an investment in the Fund. The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. 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 a broad-based securities market index. Absent any applicable fee waivers and/or expense limitations, performance would have been lower. The bar chart shows performance of the Fund's Institutional Class shares. The Class R shares of the Fund have not commenced operations as of the date of this prospectus. Performance for Class A shares in the Average Annual Total Returns table reflects the impact of sales charges. The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. The year-to-date return as of September 30, 2017 is 9.29%. 0.0929 2017-09-30 the highest quarterly return was 3.22% in the Q3 2016 0.0322 2016-09-30 the lowest quarterly return was -3.49% in the Q3 2015 -0.0349 2015-09-30 http://www.pimco.com/en-us/product-finder 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. After-tax returns are for Institutional Class shares only. After-tax returns for other classes will vary. Performance for Class A shares in the Average Annual Total Returns table reflects the impact of sales charges. 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. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A shares of eligible funds offered by PIMCO Equity Series and PIMCO Funds. October 31, 2018 0.36 50000 Total Annual Fund Operating Expenses do not match the Ratio of Expenses to Average Net Assets Excluding Waivers 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 Excluding Waivers reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. An 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. It is possible to lose money on an investment in the Fund. The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. 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 a broad-based securities market index. Absent any applicable fee waivers and/or expense limitations, performance would have been lower. The bar chart shows performance of the Fund's Institutional Class shares. The Class R shares of the Fund have not commenced operations as of the date of this prospectus. Performance for Class A shares in the Average Annual Total Returns table reflects the impact of sales charges. The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. The year-to-date return as of September 30, 2017 is 9.90%. 0.0990 2017-09-30 the highest quarterly return was 3.50% in the Q3 2016 0.0350 2016-09-30 the lowest quarterly return was -4.46% in the Q3 2015 -0.0446 2015-09-30 http://www.pimco.com/en-us/product-finder 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. After-tax returns are for Institutional Class shares only. After-tax returns for other classes will vary. Performance for Class A shares in the Average Annual Total Returns table reflects the impact of sales charges. 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. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A shares of eligible funds offered by PIMCO Equity Series and PIMCO Funds. October 31, 2018 0.27 50000 Total Annual Fund Operating Expenses do not match the Ratio of Expenses to Average Net Assets Excluding Waivers 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 Excluding Waivers reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. An 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. It is possible to lose money on an investment in the Fund. The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. 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 a broad-based securities market index. Absent any applicable fee waivers and/or expense limitations, performance would have been lower. The bar chart shows performance of the Fund's Institutional Class shares. The Class R shares of the Fund have not commenced operations as of the date of this prospectus. Performance for Class A shares in the Average Annual Total Returns table reflects the impact of sales charges. The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. The year-to-date return as of September 30, 2017 is 11.03%. 0.1103 2017-09-30 the highest quarterly return was 3.71% in the Q3 2016 0.0371 2016-09-30 the lowest quarterly return was -5.35% in the Q3 2015 -0.0535 2015-09-30 http://www.pimco.com/en-us/product-finder 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. After-tax returns are for Institutional Class shares only. After-tax returns for other classes will vary. Performance for Class A shares in the Average Annual Total Returns table reflects the impact of sales charges. 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. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A shares of eligible funds offered by PIMCO Equity Series and PIMCO Funds. October 31, 2018 0.23 50000 Total Annual Fund Operating Expenses do not match the Ratio of Expenses to Average Net Assets Excluding Waivers 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 Excluding Waivers reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. An 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. It is possible to lose money on an investment in the Fund. The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. 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 a broad-based securities market index. Absent any applicable fee waivers and/or expense limitations, performance would have been lower. The bar chart shows performance of the Fund's Institutional Class shares. The Class R shares of the Fund have not commenced operations as of the date of this prospectus. Performance for Class A shares in the Average Annual Total Returns table reflects the impact of sales charges. The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. The year-to-date return as of September 30, 2017 is 12.09%. 0.1209 2017-09-30 the highest quarterly return was 4.01% in the Q3 2016 0.0401 2016-09-30 the lowest quarterly return was -6.42% in the Q3 2015 -0.0642 2015-09-30 http://www.pimco.com/en-us/product-finder 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. After-tax returns are for Institutional Class shares only. After-tax returns for other classes will vary. Performance for Class A shares in the Average Annual Total Returns table reflects the impact of sales charges. 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. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A shares of eligible funds offered by PIMCO Equity Series and PIMCO Funds. October 31, 2018 0.20 50000 Total Annual Fund Operating Expenses do not match the Ratio of Expenses to Average Net Assets Excluding Waivers 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 Excluding Waivers reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. An 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. It is possible to lose money on an investment in the Fund. The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. 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 a broad-based securities market index. Absent any applicable fee waivers and/or expense limitations, performance would have been lower. The bar chart shows performance of the Fund's Institutional Class shares. The Class R shares of the Fund have not commenced operations as of the date of this prospectus. Performance for Class A shares in the Average Annual Total Returns table reflects the impact of sales charges. The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. The year-to-date return as of September 30, 2017 is 12.89%. 0.1289 2017-09-30 the highest quarterly return was 4.13% in the Q3 2016 0.0413 2016-09-30 the lowest quarterly return was -7.40% in the Q3 2015 -0.0740 2015-09-30 http://www.pimco.com/en-us/product-finder 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. After-tax returns are for Institutional Class shares only. After-tax returns for other classes will vary. Performance for Class A shares in the Average Annual Total Returns table reflects the impact of sales charges. 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. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A shares of eligible funds offered by PIMCO Equity Series and PIMCO Funds. October 31, 2018 0.15 50000 Total Annual Fund Operating Expenses do not match the Ratio of Expenses to Average Net Assets Excluding Waivers 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 Excluding Waivers reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. An 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. It is possible to lose money on an investment in the Fund. The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. 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 a broad-based securities market index. Absent any applicable fee waivers and/or expense limitations, performance would have been lower. The bar chart shows performance of the Fund's Institutional Class shares. The Class R shares of the Fund have not commenced operations as of the date of this prospectus. Performance for Class A shares in the Average Annual Total Returns table reflects the impact of sales charges. The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. The year-to-date return as of September 30, 2017 is 13.56%. 0.1356 2017-09-30 the highest quarterly return was 4.03% in the Q3 2016 0.0403 2016-09-30 the lowest quarterly return was -7.46% in the Q3 2015 -0.0746 2015-09-30 http://www.pimco.com/en-us/product-finder 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. After-tax returns are for Institutional Class shares only. After-tax returns for other classes will vary. Performance for Class A shares in the Average Annual Total Returns table reflects the impact of sales charges. 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. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A shares of eligible funds offered by PIMCO Equity Series and PIMCO Funds. October 31, 2018 0.10 50000 Total Annual Fund Operating Expenses do not match the Ratio of Expenses to Average Net Assets Excluding Waivers 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 Excluding Waivers reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. An 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. It is possible to lose money on an investment in the Fund. The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. 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 a broad-based securities market index. Absent any applicable fee waivers and/or expense limitations, performance would have been lower. The bar chart shows performance of the Fund's Institutional Class shares. The Class R shares of the Fund have not commenced operations as of the date of this prospectus. Performance for Class A shares in the Average Annual Total Returns table reflects the impact of sales charges. The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. The year-to-date return as of September 30, 2017 is 13.88%. 0.1388 2017-09-30 the highest quarterly return was 4.13% in the Q3 2016 0.0413 2016-09-30 the lowest quarterly return was -8.06% in the Q3 2015 -0.0806 2015-09-30 http://www.pimco.com/en-us/product-finder 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. After-tax returns are for Institutional Class shares only. After-tax returns for other classes will vary. Performance for Class A shares in the Average Annual Total Returns table reflects the impact of sales charges. 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. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A shares of eligible funds offered by PIMCO Equity Series and PIMCO Funds. October 31, 2018 0.10 50000 Total Annual Fund Operating Expenses do not match the Ratio of Expenses to Average Net Assets Excluding Waivers 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 Excluding Waivers reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. An 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. It is possible to lose money on an investment in the Fund. The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. 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 a broad-based securities market index. Absent any applicable fee waivers and/or expense limitations, performance would have been lower. The bar chart shows performance of the Fund's Institutional Class shares. The Class R shares of the Fund have not commenced operations as of the date of this prospectus. Performance for Class A shares in the Average Annual Total Returns table reflects the impact of sales charges. The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. The year-to-date return as of September 30, 2017 is 14.10%. 0.1410 2017-09-30 the highest quarterly return was 4.20% in the Q3 2016 0.0420 2016-09-30 the lowest quarterly return was -8.12% in the Q3 2015 -0.0812 2015-09-30 http://www.pimco.com/en-us/product-finder 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. After-tax returns are for Institutional Class shares only. After-tax returns for other classes will vary. Performance for Class A shares in the Average Annual Total Returns table reflects the impact of sales charges. 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. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A shares of eligible funds offered by PIMCO Equity Series and PIMCO Funds. October 31, 2018 0.14 50000 Total Annual Fund Operating Expenses do not match the Ratio of Expenses to Average Net Assets Excluding Waivers 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 Excluding Waivers reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. An 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. It is possible to lose money on an investment in the Fund. The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. 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 a broad-based securities market index. Absent any applicable fee waivers and/or expense limitations, performance would have been lower. The bar chart shows performance of the Fund's Institutional Class shares. The Class R shares of the Fund have not commenced operations as of the date of this prospectus. Performance for Class A shares in the Average Annual Total Returns table reflects the impact of sales charges. The Fund's past performance, before and after taxes, is not necessarily an indication of how the Fund will perform in the future. The year-to-date return as of September 30, 2017 is 13.98%. 0.1398 2017-09-30 the highest quarterly return was 4.20% in the Q3 2016 0.0420 2016-09-30 the lowest quarterly return was -8.12% in the Q3 2015 -0.0812 2015-09-30 http://www.pimco.com/en-us/product-finder 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. After-tax returns are for Institutional Class shares only. After-tax returns for other classes will vary. Performance for Class A shares in the Average Annual Total Returns table reflects the impact of sales charges. 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. 2011-12-14 2011-12-14 2011-12-14 2011-12-14 2011-12-14 2011-12-14 2011-12-14 2011-12-14 2015-06-05 2015-06-05 2015-06-05 2015-06-05 2015-06-05 2015-06-05 2015-06-05 2015-06-05 2015-06-05 2015-06-05 2015-06-05 2015-06-05 2015-06-05 2015-06-05 2015-06-05 2015-06-05 2015-06-05 2015-06-05 2015-06-05 2015-06-05 2015-06-05 2014-12-31 2014-12-31 2014-12-31 2014-12-31 2014-12-31 2014-12-31 2014-12-31 2014-12-31 2014-12-31 2014-12-31 2014-12-31 2014-12-31 2014-12-31 2014-12-31 2014-12-31 2014-12-31 2014-12-31 2014-12-31 2014-12-31 2014-12-31 2014-12-31 2014-12-31 2014-12-31 2014-12-31 2014-12-31 2014-12-31 2014-12-31 2014-12-31 2014-12-31 2014-12-31 2014-12-31 2014-12-31 2014-12-31 2014-12-31 2014-12-31 2014-12-31 2014-12-31 2014-12-31 2014-12-31 2014-12-31 2014-12-31 2014-12-31 2014-12-31 2014-12-31 2014-12-31 2014-12-31 2014-12-31 2014-12-31 2014-12-31 2014-12-31 2014-12-31 2014-12-31 2014-12-31 2014-12-31 -0.0011 -0.0011 -0.0011 -0.0011 -0.0011 -0.0011 -0.0011 -0.0011 -0.0011 -0.0011 -0.0011 -0.0011 0.0079 0.0089 0.0089 0.0089 0.0025 0.01 0.0002 0.0002 0.0002 0.0002 0.0081 0.0091 0.0116 0.0191 -0.0001 -0.0001 -0.0001 -0.0001 0.008 0.009 0.0115 0.019 0.0169 0.0149 0.0159 0.0159 0.0159 0.0025 0.01 0.0038 0.0038 0.0038 0.0038 0.0038 0.0207 0.0187 0.0197 0.0222 0.0297 -0.0106 -0.0001 -0.0001 -0.0001 -0.0001 0.0201 0.0186 0.0196 0.0221 0.0296 0.0003 0.0003 0.0028 0.0028 0.0025 0.0025 0.005 0.0002 0.0002 0.0002 0.0002 0.0038 0.0038 0.0038 0.0038 0.0043 0.0068 0.0093 0.0118 -0.0001 -0.0001 -0.0001 -0.0001 0.0042 0.0067 0.0092 0.0117 0.0003 0.0003 0.0028 0.0028 0.0025 0.0025 0.005 0.0002 0.0002 0.0002 0.0002 0.0037 0.0037 0.0037 0.0037 0.0042 0.0067 0.0092 0.0117 -0.0001 -0.0001 -0.0001 -0.0001 0.0041 0.0066 0.0091 0.0116 0.0003 0.0003 0.0028 0.0028 0.0025 0.0025 0.005 0.0002 0.0002 0.0002 0.0002 0.0033 0.0033 0.0033 0.0033 0.0038 0.0063 0.0088 0.0113 -0.0001 -0.0001 -0.0001 -0.0001 0.0037 0.0062 0.0087 0.0112 0.0004 0.0004 0.0029 0.0029 0.0025 0.0025 0.005 0.0002 0.0002 0.0002 0.0002 0.0027 0.0027 0.0027 0.0027 0.0033 0.0058 0.0083 0.0108 -0.0001 -0.0001 -0.0001 -0.0001 0.0032 0.0057 0.0082 0.0107 0.0005 0.0005 0.003 0.003 0.0025 0.0025 0.005 0.0002 0.0002 0.0002 0.0002 0.0021 0.0021 0.0021 0.0021 0.0028 0.0053 0.0078 0.0103 -0.0001 -0.0001 -0.0001 -0.0001 0.0027 0.0052 0.0077 0.0102 0.0005 0.0005 0.003 0.003 0.0025 0.0025 0.005 0.0002 0.0002 0.0002 0.0002 0.0018 0.0018 0.0018 0.0018 0.0025 0.005 0.0075 0.01 -0.0001 -0.0001 -0.0001 -0.0001 0.0024 0.0049 0.0074 0.0099 0.0005 0.0005 0.003 0.003 0.0025 0.0025 0.005 0.0002 0.0002 0.0002 0.0002 0.0016 0.0016 0.0016 0.0016 0.0023 0.0048 0.0073 0.0098 -0.0001 -0.0001 -0.0001 -0.0001 0.0022 0.0047 0.0072 0.0097 0.0005 0.0005 0.003 0.003 0.0025 0.0025 0.005 0.0002 0.0002 0.0002 0.0002 0.0015 0.0015 0.0015 0.0015 0.0022 0.0047 0.0072 0.0097 -0.0001 -0.0001 -0.0001 -0.0001 0.0021 0.0046 0.0071 0.0096 0.0005 0.0005 0.003 0.003 0.0025 0.0025 0.005 0.0002 0.0002 0.0002 0.0002 0.0015 0.0015 0.0015 0.0015 0.0022 0.0047 0.0072 0.0097 -0.0001 -0.0001 -0.0001 -0.0001 0.0021 0.0046 0.0071 0.0096 "Other Expenses" reflect the Fund's pro rata share of Trustee fees. Pacific Investment Management Company LLC ("PIMCO") has contractually agreed, through October 31, 2018, to reduce its advisory fee by 0.10% of the average daily net assets of the Fund. This Fee Limitation Agreement renews annually unless terminated by PIMCO upon at least 30 days' prior notice to the end of the contract term. Under certain conditions, PIMCO may recoup amounts reduced in future periods, not exceeding three years. PIMCO has contractually agreed, through October 31, 2018, 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 and pro rata share of Trustee fees exceed 0.0049% (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 the Trust at least 30 days prior to the end of the then current term. Under certain conditions, PIMCO may recoup amounts waived or reimbursed in future periods, not exceeding three years. Pacific Investment Management Company LLC ("PIMCO") has contractually agreed, through October 31, 2018, to reduce its advisory fee by 0.10% of the average daily net assets of the Fund. This Fee Limitation Agreement renews annually unless terminated by PIMCO upon at least 30 days' prior notice to the end of the contract term. Under certain conditions, PIMCO may recoup amounts reduced in future periods, not exceeding three years. PIMCO has contractually agreed, through October 31, 2018, 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 and pro rata share of Trustee fees exceed 0.0049% (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 the Trust at least 30 days prior to the end of the then current term. Under certain conditions, PIMCO may recoup amounts waived or reimbursed in future periods, not exceeding three years. Pacific Investment Management Company LLC ("PIMCO") has contractually agreed, through October 31, 2018, to reduce its advisory fee by 0.10% of the average daily net assets of the Fund. This Fee Limitation Agreement renews annually unless terminated by PIMCO upon at least 30 days' prior notice to the end of the contract term. Under certain conditions, PIMCO may recoup amounts reduced in future periods, not exceeding three years. PIMCO has contractually agreed, through October 31, 2018, 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 and pro rata share of Trustee fees exceed 0.0049% (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 the Trust at least 30 days prior to the end of the then current term. Under certain conditions, PIMCO may recoup amounts waived or reimbursed in future periods, not exceeding three years. "Other Expenses" include interest expense of 0.01% 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 0.79%, 0.89%, 1.14% and 1.89% for Institutional Class, I-2, Class A and Class C shares, respectively. PIMCO has contractually agreed, through October 31, 2018, 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 and pro rata share of Trustee fees exceed 0.0049% (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 the Trust at least 30 days prior to the end of the then current term. Under certain conditions, PIMCO may recoup amounts waived or reimbursed in future periods, not exceeding three years. "Other Expenses" include interest expense of 0.37% 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 1.49%, 1.59%, 1.64%, 1.84% and 2.59% for Institutional Class, I-2, I-3, Class A and Class C shares, respectively. PIMCO has contractually agreed, through October 31, 2018, 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 and pro rata share of Trustee fees exceed 0.0049% (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 the Trust at least 30 days prior to the end of the then current term. Under certain conditions, PIMCO may recoup amounts waived or reimbursed in future periods, not exceeding three years. PIMCO has contractually agreed, through October 31, 2019, 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. "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 0.35%, 0.60%, 0.85% and 1.10% for Institutional Class, Administrative Class, Class A and Class R shares, respectively. Total Annual Fund Operating Expenses do not match the Ratio of Expenses to Average Net Assets Excluding Waivers 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 Excluding Waivers reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. PIMCO has contractually agreed, through October 31, 2018, 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 and pro rata share of Trustee fees exceed 0.0049% (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 the Trust at least 30 days prior to the end of the then current term. Under certain conditions, PIMCO may recoup amounts waived or reimbursed in future periods, not exceeding three years. "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 0.34%, 0.59%, 0.84% and 1.09% for Institutional Class, Administrative Class, Class A and Class R shares, respectively. Total Annual Fund Operating Expenses do not match the Ratio of Expenses to Average Net Assets Excluding Waivers 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 Excluding Waivers reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. PIMCO has contractually agreed, through October 31, 2018, 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 and pro rata share of Trustee fees exceed 0.0049% (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 the Trust at least 30 days prior to the end of the then current term. Under certain conditions, PIMCO may recoup amounts waived or reimbursed in future periods, not exceeding three years. "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 0.30%, 0.55%, 0.80% and 1.05% for Institutional Class, Administrative Class, Class A and Class R shares, respectively. Total Annual Fund Operating Expenses do not match the Ratio of Expenses to Average Net Assets Excluding Waivers 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 Excluding Waivers reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. PIMCO has contractually agreed, through October 31, 2018, 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 and pro rata share of Trustee fees exceed 0.0049% (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 the Trust at least 30 days prior to the end of the then current term. Under certain conditions, PIMCO may recoup amounts waived or reimbursed in future periods, not exceeding three years. "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 0.27%, 0.52%, 0.77% and 1.02% for Institutional Class, Administrative Class, Class A and Class R shares, respectively. Total Annual Fund Operating Expenses do not match the Ratio of Expenses to Average Net Assets Excluding Waivers 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 Excluding Waivers reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. PIMCO has contractually agreed, through October 31, 2018, 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 and pro rata share of Trustee fees exceed 0.0049% (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 the Trust at least 30 days prior to the end of the then current term. Under certain conditions, PIMCO may recoup amounts waived or reimbursed in future periods, not exceeding three years. "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 0.03%. 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 0.24%, 0.49%, 0.74% and 0.99% for Institutional Class, Administrative Class, Class A and Class R shares, respectively. Total Annual Fund Operating Expenses do not match the Ratio of Expenses to Average Net Assets Excluding Waivers 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 Excluding Waivers reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. PIMCO has contractually agreed, through October 31, 2018, 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 and pro rata share of Trustee fees exceed 0.0049% (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 the Trust at least 30 days prior to the end of the then current term. Under certain conditions, PIMCO may recoup amounts waived or reimbursed in future periods, not exceeding three years. "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 0.02%. 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 0.22%, 0.47%, 0.72% and 0.97% for Institutional Class, Administrative Class, Class A and Class R shares, respectively. Total Annual Fund Operating Expenses do not match the Ratio of Expenses to Average Net Assets Excluding Waivers 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 Excluding Waivers reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. PIMCO has contractually agreed, through October 31, 2018, 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 and pro rata share of Trustee fees exceed 0.0049% (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 the Trust at least 30 days prior to the end of the then current term. Under certain conditions, PIMCO may recoup amounts waived or reimbursed in future periods, not exceeding three years. "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 0.02%. 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 0.20%, 0.45%, 0.70% and 0.95% for Institutional Class, Administrative Class, Class A and Class R shares, respectively. Total Annual Fund Operating Expenses do not match the Ratio of Expenses to Average Net Assets Excluding Waivers 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 Excluding Waivers reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. PIMCO has contractually agreed, through October 31, 2018, 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 and pro rata share of Trustee fees exceed 0.0049% (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 the Trust at least 30 days prior to the end of the then current term. Under certain conditions, PIMCO may recoup amounts waived or reimbursed in future periods, not exceeding three years. "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 0.02%. 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 0.19%, 0.44%, 0.69% and 0.94% for Institutional Class, Administrative Class, Class A and Class R shares, respectively. Total Annual Fund Operating Expenses do not match the Ratio of Expenses to Average Net Assets Excluding Waivers 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 Excluding Waivers reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. PIMCO has contractually agreed, through October 31, 2018, 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 and pro rata share of Trustee fees exceed 0.0049% (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 the Trust at least 30 days prior to the end of the then current term. Under certain conditions, PIMCO may recoup amounts waived or reimbursed in future periods, not exceeding three years. "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 0.02%. 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 0.19%, 0.44%, 0.69% and 0.94% for Institutional Class, Administrative Class, Class A and Class R shares, respectively. Total Annual Fund Operating Expenses do not match the Ratio of Expenses to Average Net Assets Excluding Waivers 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 Excluding Waivers reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. PIMCO has contractually agreed, through October 31, 2018, 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 and pro rata share of Trustee fees exceed 0.0049% (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 the Trust at least 30 days prior to the end of the then current term. Under certain conditions, PIMCO may recoup amounts waived or reimbursed in future periods, not exceeding three years. PIMCO has contractually agreed, through October 31, 2018, to reduce its advisory fee by 0.20% of the average daily net assets of the Fund. This Fee Limitation Agreement renews annually unless terminated by PIMCO upon at least 30 days' prior notice to the end of the contract term. Under certain conditions, PIMCO may recoup amounts reduced in future periods, not exceeding three years. PIMCO has contractually agreed, through October 31, 2018, 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 and pro rata share of Trustee fees exceed 0.0049% (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 the Trust at least 30 days prior to the end of the then current term. Under certain conditions, PIMCO may recoup amounts waived or reimbursed in future periods, not exceeding three years. Pacific Investment Management Company LLC ("PIMCO") has contractually agreed, through October 31, 2018, 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, to the extent the Fund's Management Fees are greater than or equal to the Management Fees of the Underlying Funds. 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. PIMCO has contractually agreed, through October 31, 2018, 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 and pro rata share of Trustee fees exceed 0.0049% (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 the Trust at least 30 days prior to the end of the then current term. Under certain conditions, PIMCO may recoup amounts waived or reimbursed in future periods, not exceeding three years. Total Annual Fund Operating Expenses do not match the Ratio of Expenses to Average Net Assets Excluding Waivers 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 Excluding Waivers reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. Pacific Investment Management Company LLC ("PIMCO") has contractually agreed, through October 31, 2018, to reduce its advisory fee by 0.20% of the average daily net assets of the Fund. This Fee Limitation Agreement renews annually unless terminated by PIMCO upon at least 30 days' prior notice to the end of the contract term. Under certain conditions, PIMCO may recoup amounts reduced in future periods, not exceeding three years. 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. 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Expenses, New Fund, Based on Estimates [Text] Acquired Fund Fees and Expenses, Based on Estimates [Text] Expenses Deferred Charges [Text Block] Expenses Range of Exchange Fees [Text Block] Expenses Not Correlated to Ratio Due to Acquired Fund Fees [Text] Expenses Explanation of Nonrecurring Account Fee [Text] Index No Deduction for Fees, Expenses, Taxes [Text] Performance Availability Website Address [Text] Performance Availability Phone [Text] S000034646 Member (PIMCO Dividend and Income Fund) S000035999 Member (PIMCO EqS® Long/Short Fund) S000048952 Member (PIMCO RAE Fundamental Emerging Markets Fund) S000048953 Member (PIMCO RAE Fundamental Global Fund) S000048954 Member (PIMCO RAE Fundamental Global ex-US Fund) S000048955 Member (PIMCO RAE Fundamental International Fund) S000048956 Member (PIMCO RAE Fundamental US Fund) S000048957 Member (PIMCO RAE Fundamental US Small Fund) S000047745 Member (PIMCO REALPATH® Blend 2020 Fund) S000047746 Member (PIMCO REALPATH® Blend 2025 Fund) S000047747 Member (PIMCO REALPATH® Blend 2030 Fund) S000047748 Member (PIMCO REALPATH® Blend 2035 Fund) S000047749 Member (PIMCO REALPATH® Blend 2040 Fund) S000047750 Member (PIMCO REALPATH® Blend 2045 Fund) S000047751 Member (PIMCO REALPATH® Blend 2050 Fund) S000047752 Member (PIMCO REALPATH® Blend 2055 Fund) S000047744 Member (PIMCO REALPATH® Blend Income Fund) (PIMCO Equity Series Funds) AAAA Member PIMCO Equity Series Funds (PIMCO RealPath Blend Funds) BBBB Member PIMCO RealPath Blend Funds C000106728 Member Class A C000106726 Member Administrative Class C000106729 Member Class C C000106727 Member Class D C000106724 Member Institutional Class C000106725 Member I-2 C000106730 Member Class R C000110330 Member Class A C000110328 Member Administrative Class C000110331 Member Class C C000200468 Member I-3 C000110326 Member Institutional Class C000110327 Member I-2 C000110332 Member Class R C000154254 Member Class A C000154252 Member Administrative Class C000154255 Member Class C 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Prospectus: rr_ProspectusTable  
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Document Period End Date dei_DocumentPeriodEndDate Jun. 30, 2017
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Central Index Key dei_EntityCentralIndexKey 0001479360
Amendment Flag dei_AmendmentFlag false
Document Creation Date dei_DocumentCreationDate Apr. 27, 2018
Document Effective Date dei_DocumentEffectiveDate Apr. 27, 2018
Prospectus Date rr_ProspectusDate Apr. 27, 2018
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