Allianz Global Investors Fund Management LLC 1345 Avenue of the Americas New York, NY 10105 February 15, 2011 Ladies and Gentlemen:

Exhibit (h)(20)

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

February 15, 2011

Ladies and Gentlemen:

     Pursuant to an Expense Waiver Agreement effective as of November 1, 2010 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, Allianz Global Investors Capital LLC (“AGIC”) agrees to waive a portion of its fees payable under the Portfolio Management Agreement dated July 19, 2002 between AGIFM and AGIC with respect to the series, and in the amounts, specified in Exhibit A, for a term lasting through October 31, 2011.

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

		Very truly yours,
		ALLIANZ GLOBAL INVESTORS FUND MANAGEMENT LLC
		By:		Name: Xxxxx X. Xxxxxxxx
				Title: Managing Director

ACCEPTED AND AGREED TO:

Allianz Global Investors Capital LLC

By:

Name:

Title:

Exhibit A

		Expense Waiver (stated as a
		percentage of average daily net
		assets of the Fund or
		attributable to the specified
Fund		share classes, as applicable)
Allianz AGIC Emerging Markets Opportunities			0.05	%
Allianz AGIC International			0.05	%
Allianz AGIC Pacific Rim			0.05	%