Allianz Global Investors Fund Management LLC 1633 Broadway New York, NY 10019 November 1, 2013 Ladies and Gentlemen:

Exhibit (h)(14)(f)(v)

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

November 1, 2013

Ladies and Gentlemen:

     Pursuant to an Expense Waiver Agreement effective as of November 1, 2013 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, as amended or supplemented from time to time.

     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, as amended or supplemented from time to time, with respect to the series, and in the amounts, specified in Exhibit A, for a term lasting from November 1, 2013 through October 31, 2014.

     If the foregoing correctly sets forth the agreement between 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:		/s/ Xxxxxxx Xxxxxxxx
Name: Xxxxxxx Xxxxxxxx
Title: Managing Director

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)
AllianzGI 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
AllianzGI NFJ International Value Fund		0.01% on assets in excess of $4 billion, an additional 0.015% on assets in excess of $5 billion, and an additional 0.025% on assets in excess of $7.5 billion
AllianzGI 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