EXPENSE WAIVER AGREEMENT Allianz Funds 1345 Avenue of the Americas New York, NY 10105 December 9, 2010

Exhibit (h)(19)
EXECUTION VERSION

EXPENSE WAIVER AGREEMENT
Allianz Funds
0000 Xxxxxx xx xxx Xxxxxxxx
Xxx Xxxx, XX 00000

December 9, 2010

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

Ladies and Gentlemen:

     This Expense Waiver Agreement (this “Agreement”) is made as of the date first set forth above between Allianz Funds (the “Trust”), on behalf of its series as set forth in Exhibit A hereto (each a “Fund” and, together, the “Funds”), and Allianz Global Investors Fund Management LLC (“AGIFM”), on the following terms:

     1. The Trust is an open-end management investment company that has multiple separate investment portfolios, including the Funds.

     2. Pursuant to an Amended and Restated Administration Agreement dated June 4, 2008 (the “Administration Agreement”) and an Amended and Restated Investment Advisory Agreement dated May 5, 2000 (the “Advisory Agreement” and, together with the Administration Agreement, the “Management Agreements”), the Trust has retained AGIFM to provide the Trust and the Funds, and the Funds’ shareholders, with investment advisory, administration and other services.

     3. During the term of this Agreement, for each Fund listed under “Fund” in Exhibit A, for the share classes of such Fund specified adjacent under “Classes,” AGIFM shall waive its fees payable under the particular Management Agreement specified adjacent under “Agreement” in the amount or according to the schedule specified adjacent under “Expense Waiver.” In each case, the amount waived will first be determined as aggregated across all share classes specified under “Classes” and then prorated among the specified share classes according to the average daily net assets attributable to each share class.

     4. This Agreement shall be effective as of November 1, 2010 for a term lasting through October 31, 2011.

Exhibit (h)(19)
EXECUTION VERSION

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

		Very truly yours,
		ALLIANZ FUNDS
		By: Name:		/s/ E. Xxxxx Xxxxx, Jr. E. Xxxxx Xxxxx, Jr.
		Title:		President and Chief Executive Officer

ACCEPTED AND AGREED TO:

ALLIANZ GLOBAL INVESTORS FUND MANAGEMENT LLC

By:		/s/ Xxxxx X. Xxxxxxxx
Name:		Xxxxx X. Xxxxxxxx
Title:		Managing Director

[Signature Page — Allianz Funds Expense Waiver Agreement — Nov. 1, 2010 — Oct. 31, 2011]

Exhibit (h)(19)
EXECUTION VERSION

Exhibit A

						Expense Waiver (stated as a
						percentage of average daily net
						assets of the Fund or attributable
						to the specified share classes, as
Fund		Classes		Management Agreement		applicable)
Allianz AGIC Emerging Markets Opportunities		All Classes		Advisory Agreement		0.05%
Allianz AGIC International		All Classes		Advisory Agreement		0.05%
Allianz AGIC Pacific Rim		All Classes		Advisory Agreement		0.05%
Allianz NFJ Dividend Value		All Classes		Advisory Agreement		0.025% on assets in
						excess of $7.5
						billion and by an
						additional 0.025%
						on assets in excess
						of $10 billion
Allianz NFJ Small Cap Value		All Classes		Advisory Agreement		0.025% on assets in
						excess of $3
						billion, by an
						additional 0.025%
						on assets in excess
						of $4 billion and
						by an additional
						0.025% on assets in
						excess of $5
						billion
Allianz NFJ Small Cap Value		Institutional Class Administrative Class		Administration Agreement		0.05%
Allianz RCM Strategic Growth		All Classes		Advisory Agreement		0.10%
Allianz RCM Global Small Cap		All Classes		Advisory Agreement		0.15%

[Exhibit A to Allianz Funds Expense Waiver Agreement]