UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                  SCHEDULE 13G

                    Under the Securities Exchange Act of 1934

                               (Amendment No. _ )*

                              Pacific Ethanol, Inc.
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                                (Name of Issuer)

                                  Common Stock
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                         (Title of Class of Securities)

                                    69423U107
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                                 (CUSIP Number)

                                December 31, 2007
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             (Date of Event Which Requires Filing of this Statement)

Check the  appropriate box to designate the rule pursuant to which this Schedule
is filed:

         [X]   Rule 13d-1(b)

         [ ]   Rule 13d-1(c)

         [ ]   Rule 13d-1(d)

*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).



                                  SCHEDULE 13G

CUSIP No.         69423U107

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     1.   Names of Reporting Persons. I.R.S. Identification Nos. of above
          persons (entities only).

          Invesco Ltd.
                  PowerShares Capital Management
                  Ireland LTD PowerShares Capital Management LLC

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     2.   Check the Appropriate Box if a Member of a Group (see Instructions)
          (a)
          (b)

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     3.   SEC Use Only _______________________________________________

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     4.   Citizenship or Place of Organization
          Invesco Ltd. - Bermuda

                  PowerShares  Capital  Management  Ireland  LTD -  Ireland
                  PowerShares Capital Management LLC - US

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                    5.   Sole Voting Power 3,775,599: Such shares are held by
                         the following entities in the respective amounts
                         listed:

                              PowerShares Capital Management Ireland LTD - 3,190
                              PowerShares Capital Management LLC - 3,772,409

Number of Shares    ------------------------------------------------------------
Beneficially Owned
by Each Reporting   6.   Shared Voting Power     -0-
Person With

                    ------------------------------------------------------------

                    7.   Sole Dispositive Power 3,775,599: Such shares are held
                         by the following entities in the respective amounts
                         listed:

                              PowerShares Capital Management Ireland LTD - 3,190
                              PowerShares Capital Management LLC - 3,772,409

                    ------------------------------------------------------------

                    8.   Shared Dispositive Power     -0-


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9.   Aggregate Amount Beneficially Owned by Each Reporting Person:

     3,775,599

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10.  Check if the Aggregate Amount in Row (9) Excludes Certain Shares
     (See Instructions)

     N/A

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11.  Percent of Class Represented by Amount in Row (9)

     9.30%

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12.  Type of Reporting  Person (See  Instructions)
     IA, HC. See Items 2 and 3 of this statement.



                                  SCHEDULE 13G

Item 1(a)         Name of Issuer:

                     Pacific Ethanol, Inc.

Item 1(b)         Address of Issuer's Principal Executive Offices:

                        400 Capitol Mall
                        Suite 2060
                        Sacramento, CA  95814
                        United States

Item 2(a)         Name of Person Filing:

                  Invesco Ltd.

                  In accordance with Securities and Exchange Commission Release
                  No. 34-39538 (January 12, 1998), this statement on Schedule
                  13G or amendment thereto is being filed by Invesco Ltd.
                  ("Invesco"), a Bermuda Company, on behalf of itself and its
                  subsidiaries listed in Item 4 of the cover of this statement.
                  Invesco through such subsidiaries provides investment
                  management services to institutional and individual investors
                  worldwide.

                  Executive officers and directors of Invesco or its
                  subsidiaries may beneficially own shares of the securities of
                  the issuer to which this statement relates (the "Shares"), and
                  such Shares are not reported in this statement. Invesco and
                  its subsidiaries disclaim beneficial ownership of Shares
                  beneficially owned by any of their executive officers and
                  directors. Each of Invesco's direct and indirect subsidiaries
                  also disclaim beneficial ownership of Shares beneficially
                  owned by Invesco and any other subsidiary.

Item 2(b)         Address of Principal Business Office:

                  1360 Peachtree Street NE
                  Atlanta, GA 30309
                  United States

Item 2(c)         Citizenship:

                  See the response to Item 2(a) of this statement.

Item 2(d)         Title of Class of Securities:

                  Common Stock, $.001 par value per share

Item 2(e)         CUSIP Number:

                  69423U107

Item              3 If this statement is filed pursuant to ss240.13d-1(b) or
                  240.13d-2(b) or (c), check whether the person filing is a:

       (e) [x]    An investment adviser in accordance with section
                  240.13d-1(b)(1)(ii)(E)

       (g) [x]    A parent holding company or control person in accordance with
                  section 240.13d-1(b)(1)(ii)(G)

                  As noted in Item 2 above, Invesco is making this filing on
                  behalf of its subsidiaries listed herein. Each of these
                  entities is either an investment adviser registered with the
                  United States Securities and Exchange Commission under Section
                  203 of the Investment Advisers Act of 1940, as amended, or
                  under similar laws of other jurisdictions. Invesco is a
                  holding company.



Item 4        Ownership:

              Please see responses to Items 5-8 on the cover of this
              statement, which are incorporated herein by reference.

Item 5        Ownership of Five Percent or Less of a Class:

              If this statement is being filed to report the fact that as
              of the date hereof the reporting person has ceased to be the
              beneficial owner of more than five percent of the class of
              securities, check the following

              [ ]

Item 6        Ownership of More than Five Percent on Behalf of Another Person:

              N/A

Item 7        Identification and Classification of the Subsidiary Which
              Acquired the Security Being reported on By the Parent Holding
              Company: Please see Item 3 of this statement, which is
              incorporated herein by reference.

Item 8        Identification and Classification of Members of the Group:

              N/A

Item 9        Notice of Dissolution of a Group:

              N/A

Item 10       Certification:

              By signing below I certify that, to the best of my knowledge
              and belief, the securities referred to above were acquired and
              are held in the ordinary course of business and were not
              acquired and are not held for the purpose of or with the
              effect of changing or influencing the control of the issuer of
              the securities and were not acquired and are not held in
              connection with or as a participant in any transaction having
              that purpose or effect.

              Signature:

              After reasonable inquiry and to the best of my knowledge and
              belief, I certify that the information set forth in this
              statement is true, complete and correct.

                                              02/09/2008
                                   ----------------------------------------
                                                     Date

                                       Invesco Ltd.

                                       By: /s/ Lisa Brinkley
                                           ------------------------------------
                                       Lisa Brinkley
                                       Global Compliance Director