PIMCO Equity Series
Supplement dated December 11, 2019 to the REALPATH® Blend Funds Prospectus
dated
October 31, 2019, as supplemented (the Prospectus)
Disclosure Regarding 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)
Effective immediately, the Funds are jointly and primarily managed by Erin Browne, Rahul Devgon and Graham Rennison. Accordingly, effective immediately, the paragraph in the Investment
Adviser/Portfolio Manager section in each Funds Fund Summary in the Prospectus is deleted and replaced with the following:
PIMCO serves as the investment adviser for the Fund. The Funds portfolio is jointly and primarily managed by Erin Browne, Rahul Devgon and Graham Rennison. Ms. Browne is a Managing Director of
PIMCO, and Messrs. Devgon and Rennison are Senior Vice Presidents of PIMCO. Messrs. Devgon and Rennison have jointly and primarily managed the Fund since December 2015. Ms. Browne has jointly and primarily managed the Fund since January 2019.
In addition, effective immediately, disclosure concerning the Funds portfolio managers in the table
in the Management of the FundsIndividual Portfolio Managers section of the Prospectus is deleted and replaced with the following:
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Fund
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Portfolio
Manager
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Since
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Recent Professional Experience
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PIMCO REALPATH® Blend Income
PIMCO
REALPATH® Blend 2020
PIMCO REALPATH® Blend 2025
PIMCO
REALPATH® Blend 2030
PIMCO REALPATH® Blend 2035
PIMCO
REALPATH® Blend 2040
PIMCO REALPATH® Blend 2045
PIMCO
REALPATH® Blend 2050
PIMCO REALPATH® Blend 2055
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Erin Browne
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1/19
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Managing Director, PIMCO. Ms. Browne is a portfolio manager in the Newport Beach office, focusing on multi-asset strategies. In her role, she works with
PIMCOs asset allocation team and with portfolio managers across asset classes and sectors globally. Prior to joining PIMCO in 2018, Ms. Browne was a managing director and head of asset allocation at UBS Asset Management, helping to drive
the firms macro research, capital market assumptions, tactical asset allocation and strategic asset allocation views across asset classes. Previously, she was head of macro investments at UBS OConnor, a multi-strategy hedge fund manager,
and a global macro portfolio manager at Point72 Asset Management. Ms. Browne has also held roles at Citigroup, Moore Capital Management and Neuberger Berman, and she began her career at Lehman Brothers. She has investment experience since 2002
and holds a bachelors degree in economics from Georgetown University.
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Fund
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Portfolio
Manager
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Since
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Recent Professional Experience
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PIMCO REALPATH® Blend Income
PIMCO
REALPATH® Blend 2020
PIMCO REALPATH® Blend 2025
PIMCO
REALPATH® Blend 2030
PIMCO REALPATH® Blend 2035
PIMCO
REALPATH® Blend 2040
PIMCO REALPATH® Blend 2045
PIMCO
REALPATH® Blend 2050
PIMCO REALPATH® Blend 2055
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Rahul Devgon
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12/15
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Senior Vice President, PIMCO. Mr. Devgon is a portfolio manager focusing on asset allocation strategies. Prior to joining PIMCO in 2013, Mr. Devgon was
associated with Moore Capital where he traded global macro assets.
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PIMCO REALPATH® Blend Income
PIMCO
REALPATH® Blend 2020
PIMCO REALPATH® Blend 2025
PIMCO
REALPATH® Blend 2030
PIMCO REALPATH® Blend 2035
PIMCO
REALPATH® Blend 2040
PIMCO REALPATH® Blend 2045
PIMCO
REALPATH® Blend 2050
PIMCO REALPATH® Blend 2055
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Graham Rennison
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12/15
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Senior Vice President, PIMCO. Mr. Rennison is a portfolio manager in the quantitative strategies group. He was previously a member of the client analytics
group, advising clients on strategic asset allocation. Prior to joining PIMCO in 2011, Mr. Rennison was a director and head of systematic strategies research at Barclays Capital in New York and also spent five years at Lehman Brothers. He holds
masters and undergraduate degrees in mathematics from Cambridge University, England.
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Investors Should Retain This Supplement for Future Reference
PES_SUPP1_121119
PIMCO Equity Series
Supplement dated December 11, 2019 to the PIMCO REALPATH® Blend 2060 Fund Prospectus
dated
November 13, 2019, as supplemented (the Prospectus)
Disclosure Regarding the
PIMCO REALPATH® Blend 2060 Fund (the Fund)
Effective immediately, the Fund is jointly and primarily managed by Erin Browne, Rahul Devgon and Graham Rennison. Accordingly, effective immediately, the paragraph in the Investment
Adviser/Portfolio Manager section in the Funds Fund Summary in the Prospectus is deleted and replaced with the following:
PIMCO serves as the investment adviser for the Fund. The Funds portfolio is jointly and primarily managed by Erin Browne, Rahul Devgon and Graham Rennison. Ms. Browne is a Managing Director of
PIMCO, and Messrs. Devgon and Rennison are Senior Vice Presidents of PIMCO. Ms. Browne, Mr. Devgon and Mr. Rennison will jointly and primarily manage the Fund as of its inception.
In addition, effective immediately, disclosure concerning the Funds portfolio managers in the table in the
Management of the FundIndividual Portfolio Managers section of the Prospectus is deleted and replaced with the following:
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Fund
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Portfolio
Manager
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Since
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Recent Professional Experience
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PIMCO REALPATH® Blend 2060
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Erin Browne
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*
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Managing Director, PIMCO. Ms. Browne is a portfolio manager in the Newport Beach office, focusing on multi-asset strategies. In her role, she works with
PIMCOs asset allocation team and with portfolio managers across asset classes and sectors globally. Prior to joining PIMCO in 2018, Ms. Browne was a managing director and head of asset allocation at UBS Asset Management, helping to drive
the firms macro research, capital market assumptions, tactical asset allocation and strategic asset allocation views across asset classes. Previously, she was head of macro investments at UBS OConnor, a multi-strategy hedge fund manager,
and a global macro portfolio manager at Point72 Asset Management. Ms. Browne has also held roles at Citigroup, Moore Capital Management and Neuberger Berman, and she began her career at Lehman Brothers. She has investment experience since 2002
and holds a bachelors degree in economics from Georgetown University.
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PIMCO REALPATH® Blend 2060
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Rahul Devgon
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*
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Senior Vice President, PIMCO. Mr. Devgon is a portfolio manager focusing on asset allocation strategies. Prior to joining PIMCO in 2013, Mr. Devgon was
associated with Moore Capital where he traded global macro assets.
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Fund
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Portfolio
Manager
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Since
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Recent Professional Experience
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PIMCO REALPATH® Blend 2060
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Graham Rennison
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*
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Senior Vice President, PIMCO. Mr. Rennison is a portfolio manager in the quantitative strategies group. He was previously a member of the client analytics
group, advising clients on strategic asset allocation. Prior to joining PIMCO in 2011, Mr. Rennison was a director and head of systematic strategies research at Barclays Capital in New York and also spent five years at Lehman Brothers. He holds
masters and undergraduate degrees in mathematics from Cambridge University, England.
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Investors Should Retain This Supplement for Future Reference
PES_SUPP2_121119
PIMCO Equity Series
Supplement dated December 11, 2019 to the
Statement of Additional Information dated October 31, 2019, as supplemented (the SAI)
Disclosure Regarding 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, PIMCO REALPATH®
Blend 2055 Fund and PIMCO REALPATH® Blend 2060 Fund (each, a Fund and together, the
Funds)
Effective immediately, the Funds are jointly and primarily managed by Erin Browne, Rahul Devgon and Graham Rennison.
Accordingly, effective immediately, corresponding changes are made in the table and accompanying footnotes in the
subsection titled Portfolio ManagersOther Accounts Managed in the SAI.
In addition,
effective immediately, the following sentence is added to the end of the paragraph immediately preceding the above table:
Effective December 11, 2019, 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, PIMCO REALPATH® Blend 2055 Fund and PIMCO
REALPATH® Blend 2060 Fund are jointly and primarily managed by Erin Browne, Rahul Devgon and Graham Rennison.
In addition, effective immediately, corresponding changes are made in the table and accompanying footnotes
in the subsection titled Portfolio ManagersSecurities Ownership in the SAI.
Investors Should
Retain This Supplement for Future Reference
PES_SUPP3_121119
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