SUPPLEMENT TO
INVESTMENT ADVISORY CONTRACT

PIMCO Equity Series
840 Newport Center Drive
Newport Beach, California 92660

November 7, 2013

Pacific Investment Management Company LLC
840 Newport Center Drive
Newport Beach, California 92660

RE:	PIMCO Balanced Income Fund (the "Fund")

Dear Sirs:

As provided in the Investment Advisory Contract between
PIMCO Equity Series (the "Trust") and Pacific Investment
Management Company LLC (the "Adviser"), dated March
30, 2010 (the "Contract"), the parties may amend the
Contract to add additional series of the Trust, under the
same terms and conditions as set forth in the Contract, and
at the fee rates set forth in Exhibit A to the Contract, as
may be amended from time to time.

The Trust and the Adviser hereby agree to amend the
Contract as of the date hereof to add the Fund to Exhibit A.
The current Exhibit A is replaced with the new Exhibit A
attached hereto.

This Supplement and the Contract shall become effective
with respect to the Fund on November 7, 2013 and shall
continue in effect for a period not to exceed two years from
the effective date of this Supplement and shall continue
thereafter on an annual basis with respect to the Fund only
so long as such continuance is specifically approved at least
annually by (a) the Trust's Board of Trustees or by the vote
of a majority of the outstanding voting securities (as
defined in the Investment Company Act of 1940, as
amended (the "1940 Act")) of the Fund , and (b)  the vote,
cast in person at a meeting called for such purpose, of a
majority of the Trust's Trustees who are not parties to the
Contract or "interested persons" (as defined in the 1940
Act) of any such party. This Supplement and the Contract
shall terminate automatically in the event of its assignment
(as defined in the 1940 Act). This Supplement and the
Contract may be terminated with respect to the Fund at any
time, without the payment of any penalty, by a vote of a
majority of the outstanding voting securities (as defined in
the 1940 Act) of the Fund or by a vote of a majority of the
Trust's entire Board of Trustees on 60 days' written notice
to the Adviser or by the Adviser on 60 days' written notice
to the Trust.


Investment Advisory Contract
EXHIBIT A
(as of November 7, 2013)
PIMCO Equity Series

Fund					Investment
					Advisory
					Fee#

PIMCO Balanced Income Fund    		0.60%
PIMCO Dividend and Income Builder Fund	0.69%
PIMCO Emerging Multi-Asset Fund		0.90%
PIMCO EqS(r) Dividend Fund		0.69%
PIMCO EqS(r) Emerging Markets Fund	1.00%
PIMCO EqS(r) Long/Short Fund		1.04%
PIMCO EqS Pathfinder Fund(r)		0.75%


# 	Each Fund may invest in shares of PIMCO Funds: Private
Account Portfolio Series - PIMCO Short-Term Floating NAV
Portfolio and PIMCO Funds: Private Account Portfolio Series
- PIMCO Short-Term Floating NAV Portfolio III (each a
"PAPS Short-Term Floating NAV Portfolio," and together,
the "PAPS Short-Term Floating NAV Portfolios"), each series
of PIMCO Funds. The PAPS Short-Term Floating NAV
Portfolios are offered only to series of the Trust (each an
"Investing Fund") or other series of registered investment
companies for which PIMCO serves as investment adviser.
The PAPS Short-Term Floating NAV Portfolios do not pay an
investment advisory fee to PIMCO. By investing in a PAPS
Short-Term Floating NAV Portfolio, each Investing Fund and
PIMCO agree that a portion of the fee that each Investing
Fund is currently obligated to pay PIMCO as indicated on this
Exhibit A, will be designated as compensation for the
investment advisory services PIMCO provides to a PAPS
Short-Term Floating NAV Portfolio under its investment
advisory contract with PIMCO. Specifically, to the extent that
an Investing Fund invests in a Short-Term Floating NAV
Portfolio, a fee of 0.005% of the average daily value (as
calculated in Section 6 of the Investment Advisory Contract)
of the assets of the Investing Fund so invested shall be
designated as compensation to PIMCO for the services
provided to that Short-Term Floating NAV Portfolio.


	If the foregoing correctly sets forth the Contract
between the Trust and the Adviser, please so indicate by
signing, dating and returning to the Trust the enclosed copy
hereof.



Very truly yours,

PIMCO EQUITY
SERIES


By:/s/ Henrik Larsen


Title:Vice President


ACCEPTED:

PACIFIC INVESTMENT MANAGEMENT
COMPANY LLC


By:/s/ Peter Strelow


Title:Managing Director


PIMCO FUNDS, on behalf of its
series PIMCO Funds: Private
Account Portfolio Series - PIMCO
Short-Term Floating NAV
Portfolio and PIMCO Funds:
Private Account Portfolio  Series -
PIMCO Short-Term Floating NAV
Portfolio III


By:/s/ Henrik Larsen


Title:Vice President