Strategy. 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 Funds 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 Funds name. The Funds allocation is intended to meaningfully reduce risk and increasingly focus on preservation of capital as the target retirement date of the Fund nears. … Show more… 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 Funds 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 Funds name. The Funds 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 Funds name. There is no guarantee that the Fund will provide adequate income at and through your retirement. 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. The Fund seeks to achieve its investment objective by investing under normal circumstances in a combination of affiliated and unaffiliated funds that are registered under the Investment Company Act of 1940, as amended (the 1940 Act), equity securities, Fixed Income Instruments of varying maturities and credit qualities, or related derivatives, such as options, futures contracts, or swap agreements on any of the preceding securities mentioned. The total return sought by the Fund generally may consist of income earned on the Funds investments, plus capital appreciation, if any, which may arise from decreases in interest rates, foreign currency appreciation, or improving credit fundamentals for a particular sector or security. The Fund may invest in Institutional Class or Class M shares of any funds of the PIMCO Equity Series (the Trust) and PIMCO Funds, and in other affiliated funds, including funds of PIMCO ETF Trust, except funds of funds and PIMCO California Municipal Intermediate Value Fund, PIMCO California Municipal Opportunistic Value Fund, PIMCO National Municipal Intermediate Value Fund and PIMCO National Municipal Opportunistic Value Fund (Underlying PIMCO Funds), and unaffiliated funds that are registered under the 1940 Act (collectively, Acquired Funds). Under normal circumstances, the Fund seeks to invest substantially all of its equity exposure in index tracking securities, including investments in affiliated or unaffiliated investment companies, which will be registered under the 1940 Act, or related derivatives on such securities or indexes. Fixed Income Instruments include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. The Fund will invest in such funds, securities, instruments and other investments to the extent permitted under the 1940 Act, or any exemptive relief therefrom. To the extent the Fund invests in Underlying PIMCO Funds, PIMCO expects to select such Underlying PIMCO Funds without considering or canvassing the universe of available unaffiliated Acquired Funds. The Funds 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 Funds 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. 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 portfolios asset allocation to that of the glide path on a monthly basis. As the Fund reaches the target year indicated in the Funds name, it is anticipated that it will 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 both Funds and their respective shareholders. Prior to any combination, which is anticipated to occur on or after the target year indicated in the Funds 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. As part of its investment process, PIMCO may seek to reduce exposure to certain risks by implementing various hedging transactions. These hedging transactions seek to reduce a Funds exposure to certain severe, unanticipated market events that could significantly detract from returns. PIMCO may utilize these hedging transactions, such as through the use of equity index put options, at such times as deemed appropriate by PIMCO. However, there can be no assurance that the Funds hedging transactions will be effective. PIMCO evaluates various combinations of affiliated or unaffiliated funds, securities, instruments and other investments to obtain the desired exposures and invests accordingly. Summary information about the Underlying PIMCO Funds can be found in the Funds 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. Show less