Supplement and Amended Exhibit A to Amended and Restated Investment Advisory

PIMCO FUNDS, on behalf of its series PIMCO Funds:

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

Vice President

EX-99.(D)(23) 2 d32289dex99d23.htm SUPPLEMENT AND AMENDED EXHIBIT A TO AMENDED AND RESTATED INVESTMENT ADVISORY Supplement and Amended Exhibit A to Amended and Restated Investment Advisory

Exhibit (d)(23)

SUPPLEMENT TO

AMENDED AND RESTATED INVESTMENT ADVISORY CONTRACT

PIMCO Funds

650 Newport Center Drive

Newport Beach, California 92660

October 1, 2015

Pacific Investment Management Company LLC

650 Newport Center Drive

Newport Beach, California 92660

RE:	Investment Advisory Fee Changes for Certain Funds

Dear Sirs:

As provided in the Amended and Restated Investment Advisory Contract between PIMCO Funds (the “Trust”) and Pacific Investment Management Company LLC (the “Adviser”), dated February 23, 2009 (the “Contract”), Exhibit A to the Contract sets forth the series of the Trust for which the Agreement has been approved (collectively, the “Funds”), under the same terms and conditions as set forth in the Contract, and the fee rates for the Funds, 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 reflect fee rate changes for the PIMCO Emerging Markets Corporate Bond Fund and PIMCO Inflation Response Multi-Asset Fund. The current Exhibit A is replaced with the new Exhibit A attached hereto.

The Declaration of Trust establishing the Trust, as amended and restated effective November 4, 2014, a copy of which, together with all amendments thereto (the “Declaration”), is on file in the Office of the Secretary of the Commonwealth of Massachusetts, provides that the name “PIMCO Funds” refers to the trustees under the Declaration collectively as trustees and not as individuals or personally, and that no shareholder, trustee, officer, employee or agent of the Trust shall be subject to claims against or obligations of the Trust to any extent whatsoever, but that the Trust estate only shall be liable.

EXHIBIT A

(as of October 1, 2015)

PIMCO Funds


Fund	Investment Advisory Fee

PIMCO All Asset All Authority Fund		0.20	%

PIMCO All Asset Fund		0.175	%

PIMCO California Intermediate Municipal Bond Fund		0.225	%

PIMCO California Municipal Bond Fund		0.21	%

PIMCO California Short Duration Municipal Income Fund		0.18	%

PIMCO Capital Securities and Financials Fund		0.44	%

PIMCO CommoditiesPLUS^® Strategy Fund		0.49	%

PIMCO CommodityRealReturn Strategy Fund^®		0.49	%

PIMCO Credit Absolute Return Fund		0.60	%

PIMCO Diversified Income Fund		0.45	%

PIMCO Emerging Local Bond Fund		0.45	%

PIMCO Emerging Markets Bond Fund		0.45	%

PIMCO Emerging Markets Corporate Bond Fund		0.55	%

PIMCO Emerging Markets Currency Fund		0.45	%

PIMCO Emerging Markets Full Spectrum Bond Fund		0.59	%

PIMCO Extended Duration Fund		0.25	%

PIMCO Floating Income Fund		0.30	%

PIMCO Foreign Bond Fund (U.S. Dollar-Hedged)		0.25	%

PIMCO Foreign Bond Fund (Unhedged)		0.25	%

PIMCO Global Advantage Strategy Bond Fund		0.40	%

PIMCO Global Bond Fund (U.S. Dollar-Hedged)		0.25	%

PIMCO Global Bond Fund (Unhedged)		0.25	%

PIMCO Global Multi-Asset Fund		0.90	%

PIMCO GNMA Fund		0.25	%

PIMCO Government Money Market Fund		0.12	%

PIMCO High Yield Fund		0.25	%

PIMCO High Yield Municipal Bond Fund		0.30	%

PIMCO High Yield Spectrum Fund		0.30	%

PIMCO Income Fund		0.25	%

PIMCO Inflation Response Multi-Asset Fund		0.44	%

PIMCO Investment Grade Corporate Bond Fund		0.25	%

PIMCO Long Duration Total Return Fund		0.25	%


Fund	Investment Advisory Fee

PIMCO Long-Term Credit Fund		0.30	%

PIMCO Long-Term U.S. Government Fund		0.225	%

PIMCO Low Duration Fund		0.25	%

PIMCO Low Duration Fund II		0.25	%

PIMCO Low Duration Fund III		0.25	%

PIMCO Moderate Duration Fund		0.25	%

PIMCO Money Market Fund		0.12	%

PIMCO Mortgage Opportunities Fund		0.35	%

PIMCO Mortgage-Backed Securities Fund		0.25	%

PIMCO Multi-Strategy Alternative Fund		1.05	%

PIMCO Municipal Bond Fund		0.20	%

PIMCO National Intermediate Municipal Bond Fund		0.22	%

PIMCO New York Municipal Bond Fund		0.225	%

PIMCO RAE Fundamental Advantage PLUS Fund		0.64	%

PIMCO RAE Fundamental PLUS EMG Fund		0.85	%

PIMCO RAE Fundamental PLUS Fund		0.54	%

PIMCO RAE Fundamental PLUS International Fund		0.57	%

PIMCO RAE Fundamental PLUS Small Fund		0.59	%

PIMCO RAE Low Volatility PLUS EMG Fund		0.85	%

PIMCO RAE Low Volatility PLUS Fund		0.54	%

PIMCO RAE Low Volatility PLUS International Fund		0.57	%

PIMCO RAE Worldwide Fundamental Advantage PLUS Fund		0.74	%

PIMCO RAE Worldwide Long/Short PLUS Fund		0.94	%

PIMCO Real Return Asset Fund		0.30	%

PIMCO Real Return Fund		0.25	%

PIMCO Real Return Limited Duration Fund		0.20	%

PIMCO RealEstateRealReturn Strategy Fund		0.49	%

PIMCO RealPath^TM 2020 Fund⁽¹⁾		0.53	%

PIMCO RealPath^TM 2025 Fund⁽²⁾		0.55	%

PIMCO RealPath^TM 2030 Fund⁽³⁾		0.58	%

PIMCO RealPath^TM 2035 Fund⁽⁴⁾		0.60	%

PIMCO RealPath^TM 2040 Fund⁽⁵⁾		0.60	%

PIMCO RealPath^TM 2045 Fund⁽⁶⁾		0.62	%

PIMCO RealPath^TM 2050 Fund⁽⁷⁾		0.62	%


Fund	Investment Advisory Fee

PIMCO RealPath^TM 2055 Fund⁽⁸⁾		0.62	%

PIMCO RealPath^TM Income Fund		0.50	%

PIMCO Senior Floating Rate Fund		0.40	%

PIMCO Short Asset Investment Fund		0.20	%

PIMCO Short Duration Municipal Income Fund		0.18	%

PIMCO Short-Term Fund		0.25	%

PIMCO StocksPLUS^® Absolute Return Fund		0.39	%

PIMCO StocksPLUS^® Fund		0.25	%

PIMCO StocksPLUS^® International Fund (U.S. Dollar-Hedged)		0.45	%

PIMCO StocksPLUS^® International Fund (Unhedged)		0.39	%

PIMCO StocksPLUS^® Long Duration Fund		0.35	%

PIMCO StocksPLUS^® Short Fund		0.39	%

PIMCO StocksPLUS^® Small Fund		0.44	%

PIMCO Tax Managed Real Return Fund		0.25	%

PIMCO Total Return Fund		0.25	%

PIMCO Total Return Fund II		0.25	%

PIMCO Total Return Fund III		0.25	%

PIMCO Total Return Fund IV		0.25	%

PIMCO Treasury Money Market Fund		0.12	%

PIMCO TRENDS Managed Futures Strategy Fund		1.15	%

PIMCO Unconstrained Bond Fund		0.60	%

PIMCO Unconstrained Tax Managed Bond Fund		0.40	%

Private Account Portfolio Series


Portfolio	Investment Advisory Fee

PIMCO Asset-Backed Securities Portfolio		0.02	%

PIMCO Emerging Markets Portfolio		0.02	%

PIMCO High Yield Portfolio		0.02	%

PIMCO International Portfolio		0.02	%

PIMCO Investment Grade Corporate Portfolio		0.02	%

PIMCO Long Duration Corporate Bond Portfolio		0.02	%

PIMCO Low Duration Portfolio		0.02	%

PIMCO Moderate Duration Portfolio		0.02	%

PIMCO Mortgage Portfolio		0.02	%



PIMCO Municipal Sector Portfolio	0.02	%

PIMCO Real Return Portfolio	0.02	%

PIMCO Senior Floating Rate Portfolio	0.02	%

PIMCO Short-Term Floating NAV Portfolio II	0.02	%

PIMCO Short-Term Floating NAV Portfolio III⁽⁹⁾	0.00	%

PIMCO Short-Term Portfolio	0.02	%

PIMCO U.S. Government Sector Portfolio	0.02	%

(1)	Effective April 1, 2020, the Fund’s investment advisory fee will be reduced to 0.50%.

(2)	Effective April 1, 2020, the Fund’s investment advisory fee will be further reduced to 0.53%. Effective April 1, 2025, the Fund’s investment advisory fee will be further reduced to 0.50%.

(3)	Effective April 1, 2020, the Fund’s investment advisory fee will be further reduced to 0.55%. Effective April 1, 2025, the Fund’s investment advisory fee will be further reduced to 0.53%. Effective April 1, 2030, the Fund’s investment advisory fee will be further reduced to 0.50%.

(4)

Effective April 1, 2020, the Fund’s investment advisory fee will be reduced to 0.58%. Effective April 1, 2025, the Fund’s investment advisory fee will be further reduced to 0.55%. Effective April 1, 2030, the Fund’s investment advisory fee will be further reduced to 0.53%. Effective April 1, 2035, the Fund’s investment advisory fee will be further reduced to 0.50%.

(5)	Effective April 1, 2025, the Fund’s investment advisory fee will be further reduced to 0.58%. Effective April 1, 2030, the Fund’s investment advisory fee will be further reduced to 0.55%. Effective April 1, 2035, the Fund’s investment advisory fee will be further reduced to 0.53%.

(6)	Effective April 1, 2020, the Fund’s investment advisory fee will be reduced to 0.60%. Effective April 1, 2030, the Fund’s investment advisory fee will be further reduced to 0.58%. Effective April 1, 2035, the Fund’s investment advisory fee will be further reduced to 0.55%.

(7)	Effective April 1, 2025, the Fund’s investment advisory fee will be reduced to 0.60%. Effective April 1, 2035, the Fund’s investment advisory fee will be further reduced to 0.58%.

(8)	Effective April 1, 2030, the Fund’s investment advisory fee will be further reduced to 0.60%. Effective April 1, 2040, the Fund’s investment advisory fee will be further reduced to 0.58%.

(9)

PIMCO Short-Term Floating NAV Portfolio III (the “Short-Term Floating NAV Portfolio”) will be offered only to other series of the PIMCO Funds (each an “Investing Fund”) or other series of registered investment companies for which PIMCO serves as investment adviser. The PIMCO Short-Term Floating NAV Portfolio, and its wholly-owned subsidiaries (if any), do not pay an investment advisory fee to PIMCO. By investing in the PIMCO Short-Term Floating NAV Portfolio, each Investing Fund agrees that 0.005% 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 the PIMCO Short-Term Floating NAV Portfolio, and its wholly-owned subsidiaries (if any), under the Contract.

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 FUNDS

By:
Title:		Vice President

ACCEPTED:

PACIFIC INVESTMENT MANAGEMENT COMPANY LLC


By:
Title:		Managing Director