Oct. 30, 2020
PIMCO Equity Series Supplement dated August 30, 2021 to the REALPATH ® Blend Funds Prospectus dated October 30, 2020, as supplemented from time to time (the “Prospectus”), and to the Statement of Additional Infor mation dated October 30, 2020, as supplemented from time to time (the “SAI”) Important Information Related to the PIMCO REALPATH ® Blend Income 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 2060 Fund (each, a “Fund”) Effective November 1, 2021, the supervisory and administrative fee for Class A shares of each Fund, stated as a percentage of the Fund’s average daily net assets, will decrease by 0.05%. This supervisory and administrative fee decrease will result in the Management Fees decreasing by 0.05% for Class A shares of each Fund. Accordingly, effective November 1, 2021, in the Prospectus, corresponding changes are made to each Fund’s Annual Fund Operating Expenses table and the Expense Example following the table in the “Fund Summaries” section, and to the tables in the “Management of the Funds—Management Fees” and “Management of the Funds—Management Fees—Supervisory and Administrative Fee” sections. In addition, effective November 1, 2021, in the SAI, corresponding changes are made to the “Management of the Trust—Supervisory and Administrative Fee Rates” section.

Oct. 30, 2020

PIMCO Equity Series

Supplement dated August 30, 2021 to the

REALPATH

Blend Funds Prospectus dated October 30, 2020, as supplemented from time to time (the “Prospectus”), and to the Statement of Additional

Infor

mation dated October 30, 2020, as supplemented from time to time (the “SAI”)

Important Information Related to the PIMCO REALPATH

Blend Income 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 2060 Fund (each, a “Fund”)

Effective November 1, 2021, the supervisory and administrative fee for Class A shares of each Fund, stated as a percentage of the Fund’s average daily net assets, will decrease by 0.05%. This supervisory and administrative fee decrease will result in the Management Fees decreasing by 0.05% for Class A shares of each Fund.

Accordingly, effective November 1, 2021, in the Prospectus, corresponding changes are made to each Fund’s Annual Fund Operating Expenses table and the Expense Example following the table in the “Fund Summaries” section, and to the tables in the “Management of the Funds—Management Fees” and “Management of the Funds—Management Fees—Supervisory and Administrative Fee” sections. In addition, effective November 1, 2021, in the SAI, corresponding changes are made to the “Management of the Trust—Supervisory and Administrative Fee Rates” section.