Allianz Global Investors Fund Management LLC 1633 Broadway New York, NY 10019 November 1, 2012 Ladies and Gentlemen:

Exhibit (14)(e)(iii)

Allianz Global Investors Fund Management LLC
0000 Xxxxxxxx
Xxx Xxxx, XX 00000

November 1, 2012

Ladies and Gentlemen:

     Pursuant to an Expense Waiver Agreement effective as of November 1, 2012 between Allianz Funds (the “Trust”) and Allianz Global Investors Fund Management LLC (“AGIFM”), AGIFM has agreed to certain waivers of its fees payable under the Amended and Restated Investment Advisory Agreement dated May 5, 2000.

     In connection with this, NFJ Investment Group LLC (“NFJ”) agrees to waive a portion of its fees payable under the Portfolio Management Agreement dated May 5, 2000 between AGIFM and NFJ with respect to the series, and in the amounts, specified in Exhibit A, for a term lasting from November 1, 2012 through October 31, 2013.

     If the foregoing correctly sets forth the agreement between the AGIFM and NFJ, please so indicate by signing and returning to AGIFM the enclosed copy hereof.

                      Very truly yours,

		ALLIANZ GLOBAL INVESTORS FUND MANAGEMENT LLC
		By:		/s/ Xxxxx X. Xxxxxxxx
		Name:		Xxxxx X. Xxxxxxxx
		Title:		Managing Director

ACCEPTED AND AGREED TO:

NFJ Investment Group LLC

By: Name:		/s/ Xxxxxxx Field Xxxxxxx Field
Title:		Chief Legal Officer

Exhibit A

		Expense Waiver (stated as a percentage of
		average daily net assets of the Fund or
		attributable to the specified share
Fund		class(es), as applicable)
Allianz NFJ Dividend Value Fund		0.025% on assets in excess of $7.5 billion, and an additional 0.025% on assets in excess of $10 billion
Allianz NFJ Small Cap Value Fund		0.025% on assets in excess of $3 billion, an additional 0.025% on assets in excess of $4 billion, and an additional 0.025% on assets in excess of $5 billion