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Mar. 01, 2019
PIMCO Equity Series Supplement Dated March 1, 2019 to the REALPATH^® Blend Funds Prospectus dated October 31, 2018, as supplemented from time to time (the "Prospectus") Disclosure Related to the PIMCO REALPATH^® Blend Income 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 and PIMCO REALPATH^® Blend 2055 Fund (each, a "Fund" and together, the "Funds") IMPORTANT NOTICE REGARDING CHANGES IN THE FUNDS' REALPATH^® BLEND GLIDE PATH Effective March 31, 2019, the chart illustrating each Fund's REALPATH^® Blend Glide Path in the "Principal Investment Strategies" section of each Fund's Fund Summary in the Prospectus is deleted and replaced with the following:

Mar. 01, 2019

PIMCO Equity Series

Supplement Dated March 1, 2019 to the

REALPATH^® Blend Funds Prospectus dated October 31, 2018,

as supplemented from time to time (the "Prospectus")

Disclosure Related to the PIMCO REALPATH^® Blend Income 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 and PIMCO REALPATH^® Blend 2055 Fund
(each, a "Fund" and together, the "Funds")

IMPORTANT NOTICE REGARDING CHANGES IN THE FUNDS'

REALPATH^® BLEND GLIDE PATH

Effective March 31, 2019, the chart illustrating each Fund's REALPATH^® Blend Glide Path in the "Principal Investment Strategies" section of each Fund's Fund Summary in the Prospectus is deleted and replaced with the following: