497

September 26, 2012

Securities and Exchange Commission

100 F Street NE

Washington, DC 20549

Re:Allianz RCM Short Duration High Income Fund, a series of Allianz Funds Multi-Strategy Trust (Reg. 333-148624) (811-22167)

Ladies and Gentlemen:

We are filing the referenced amendment pursuant to Rule 497(e) under the Securities Act of 1933, as amended, to submit an exhibit in interactive data form with revised risk/return summary information from the supplement dated September 12, 2012.

Any comments or questions on this filing should be directed to Angela Borreggine at (212) 739-3213.

Very truly yours,

/s/ Angela Borreggine

Angela Borreggine

Senior Vice President and Senior Counsel

cc: Ropes & Gray LLP

Allianz Global Investors U.S. LLC

1633 Broadway

New York, NY 10019

212.739.3000

XML

Allianz RCM Short Duration High Income Fund (Prospectus Summary): | Allianz RCM Short Duration High Income Fund

Allianz RCM Short Duration High Income Fund

ALLIANZ FUNDS MULTI-STRATEGY TRUST

Supplement Dated September 12, 2012 to the

Statutory Prospectus for Class A and C Shares of Allianz Funds Multi-Strategy Trust,

dated April 2, 2012 (as revised June 1, 2012) (as supplemented thereafter)

Disclosure Relating to the Allianz RCM Short Duration High Income Fund

The table labeled “Annual Fund Operating Expenses” and the footnotes thereto are hereby restated as follows:

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)  

Annual Fund Operating Expenses Allianz RCM Short Duration High Income Fund	Management Fees		Distribution and/or Service (12b-1) Fees	Estimated Other Expenses		Total Annual Fund Operating Expenses	Expense Reductions		Total Annual Fund Operating Expenses After Reductions
Class A	0.48%	[1]	0.25%	0.44%	[1]	1.17%	(0.32%)	[2]	0.85%	[2]
Class C	0.48%	[1]	0.50%	0.44%	[1]	1.42%	(0.32%)	[2]	1.10%	[2]

Examples.

The Examples are intended to help you compare the cost of investing in shares of the Fund with the costs of investing in other mutual funds. The Examples assume that you invest $10,000 in the noted class of shares for the time periods indicated, your investment has a 5% return each year, and the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, the Examples show what your costs would be based on these assumptions. The Examples are based, for the first year, on Total Annual Fund Operating Expenses After Expense Reductions and, for all other periods, on Total Annual Fund Operating Expenses.

Expense Example Allianz RCM Short Duration High Income Fund (USD $)	Expense Example, With Redemption, 1 Year	Expense Example, With Redemption, 3 Years
Class A	310	557
Class C	212	418

Expense Example, No Redemption Allianz RCM Short Duration High Income Fund (USD $)	Expense Example, No Redemption, 1 Year	Expense Example, No Redemption, 3 Years
Class A	310	557
Class C	112	418

Please retain this Supplement for future reference.

[1] Other Expenses are based upon estimated amounts for the Fund’s current fiscal year.

[2] Total Annual Fund Operating Expenses After Expense Reductions reflect the effect of a contractual agreement by the Manager to waive its management fee and/or reimburse the Fund through December 31, 2013 to the extent that Total Annual Fund Operating Expenses, excluding interest, tax, and extraordinary expenses, and certain credits and other expenses, exceed 0.85% for Class A shares and 1.10% for Class C shares. Under the Expense Limitation Agreement, the Manager may recoup waived or reimbursed amounts for three years, provided total expenses, including such recoupment, do not exceed the annual expense limit.

XML

Label

Element

Value

Risk/Return:

rr_RiskReturnAbstract

Prospectus Date

rr_ProspectusDate

Apr. 02, 2012

Allianz RCM Short Duration High Income Fund (Prospectus Summary): | Allianz RCM Short Duration High Income Fund

Risk/Return:

rr_RiskReturnAbstract

Risk/Return, Heading

rr_RiskReturnHeading

Allianz RCM Short Duration High Income Fund

Supplement Text

ck0001423227_SupplementTextBlock

ALLIANZ FUNDS MULTI-STRATEGY TRUST

Supplement Dated September 12, 2012 to the

Statutory Prospectus for Class A and C Shares of Allianz Funds Multi-Strategy Trust,

dated April 2, 2012 (as revised June 1, 2012) (as supplemented thereafter)

Disclosure Relating to the Allianz RCM Short Duration High Income Fund

The table labeled “Annual Fund Operating Expenses” and the footnotes thereto are hereby restated as follows:

Fee Waiver or Reimbursement over Assets, Date of Termination

rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination

2013-12-31  

Other Expenses, New Fund, Based on Estimates

rr_OtherExpensesNewFundBasedOnEstimates

Other Expenses are based upon estimated amounts for the Fund’s current fiscal year.  

Operating Expenses, Caption

rr_OperatingExpensesCaption

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)  

Expense Example, Heading

rr_ExpenseExampleHeading

Examples.

Expense Example, Narrative

rr_ExpenseExampleNarrativeTextBlock

The Examples are intended to help you compare the cost of investing in shares of the Fund with the costs of investing in other mutual funds. The Examples assume that you invest $10,000 in the noted class of shares for the time periods indicated, your investment has a 5% return each year, and the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, the Examples show what your costs would be based on these assumptions. The Examples are based, for the first year, on Total Annual Fund Operating Expenses After Expense Reductions and, for all other periods, on Total Annual Fund Operating Expenses.

Supplement Closing

ck0001423227_SupplementClosingTextBlock

Please retain this Supplement for future reference.

Allianz RCM Short Duration High Income Fund | Class A

Risk/Return:

rr_RiskReturnAbstract

Management Fees

rr_ManagementFeesOverAssets

0.48%

^[1]

Distribution and/or Service (12b-1) Fees

rr_DistributionAndService12b1FeesOverAssets

0.25%

Estimated Other Expenses

rr_OtherExpensesOverAssets

0.44%

^[1]

Total Annual Fund Operating Expenses

rr_ExpensesOverAssets

1.17%

Expense Reductions

rr_FeeWaiverOrReimbursementOverAssets

(0.32%)

^[2]

Total Annual Fund Operating Expenses After Reductions

rr_NetExpensesOverAssets

0.85%

^[2]

Expense Example, With Redemption, 1 Year

rr_ExpenseExampleYear01

310

Expense Example, With Redemption, 3 Years

rr_ExpenseExampleYear03

557

Expense Example, No Redemption, 1 Year

rr_ExpenseExampleNoRedemptionYear01

310

Expense Example, No Redemption, 3 Years

rr_ExpenseExampleNoRedemptionYear03

557

Allianz RCM Short Duration High Income Fund | Class C

Risk/Return:

rr_RiskReturnAbstract

Management Fees

rr_ManagementFeesOverAssets

0.48%

^[1]

Distribution and/or Service (12b-1) Fees

rr_DistributionAndService12b1FeesOverAssets

0.50%

Estimated Other Expenses

rr_OtherExpensesOverAssets

0.44%

^[1]

Total Annual Fund Operating Expenses

rr_ExpensesOverAssets

1.42%

Expense Reductions

rr_FeeWaiverOrReimbursementOverAssets

(0.32%)

^[2]

Total Annual Fund Operating Expenses After Reductions

rr_NetExpensesOverAssets

1.10%

^[2]

Expense Example, With Redemption, 1 Year

rr_ExpenseExampleYear01

212

Expense Example, With Redemption, 3 Years

rr_ExpenseExampleYear03

418

Expense Example, No Redemption, 1 Year

rr_ExpenseExampleNoRedemptionYear01

112

Expense Example, No Redemption, 3 Years

rr_ExpenseExampleNoRedemptionYear03

418

[1] Other Expenses are based upon estimated amounts for the Fund’s current fiscal year.

[2] Total Annual Fund Operating Expenses After Expense Reductions reflect the effect of a contractual agreement by the Manager to waive its management fee and/or reimburse the Fund through December 31, 2013 to the extent that Total Annual Fund Operating Expenses, excluding interest, tax, and extraordinary expenses, and certain credits and other expenses, exceed 0.85% for Class A shares and 1.10% for Class C shares. Under the Expense Limitation Agreement, the Manager may recoup waived or reimbursed amounts for three years, provided total expenses, including such recoupment, do not exceed the annual expense limit.

XML

Allianz RCM Short Duration High Income Fund (Second Summary Prospectus) | Allianz RCM Short Duration High Income Fund

Allianz RCM Short Duration High Income Fund

ALLIANZ FUNDS MULTI-STRATEGY TRUST

Supplement Dated September 12, 2012 to the

Statutory Prospectus for Class D, Class P and Institutional Class Shares of Allianz Funds

Multi-Strategy Trust,

dated April 2, 2012 (as revised June 1, 2012) (as supplemented thereafter)

Disclosure Relating to the Allianz RCM Short Duration High Income Fund

The table labeled “Annual Fund Operating Expenses” and the footnotes thereto are hereby restated as follows:

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)  

Annual Fund Operating Expenses Allianz RCM Short Duration High Income Fund	Management Fees	Distribution and/or Service (12b-1) Fees	Estimated Other Expenses		Total Annual Fund Operating Expenses	Expense Reductions		Total Annual Fund Operating Expenses After Reductions
Institutional Class	0.48%	none	0.44%	[1]	0.92%	(0.32%)	[2]	0.60%	[2]
Class P	0.48%	none	0.54%	[1]	1.02%	(0.32%)	[2]	0.70%	[2]
Class D	0.48%	0.25%	0.44%	[1]	1.17%	(0.32%)	[2]	0.85%	[2]

Examples.

The Examples are intended to help you compare the cost of investing in shares of the Fund with the costs of investing in other mutual funds. The Examples assume that you invest $10,000 in the noted class of shares for the time periods indicated, your investment has a 5% return each year, and the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, the Examples show what your costs would be based on these assumptions. The Examples are based, for the first year, on Total Annual Fund Operating Expenses After Expense Reductions and, for all other periods, on Total Annual Fund Operating Expenses.

Expense Example Allianz RCM Short Duration High Income Fund (USD $)	Expense Example, With Redemption, 1 Year	Expense Example, With Redemption, 3 Years
Institutional Class	61	261
Class P	72	293
Class D	87	340

Please retain this Supplement for future reference.

[1] Other Expenses are based upon estimated amounts for the Fund’s current fiscal year.

[2] Total Annual Fund Operating Expenses After Expense Reductions reflect the effect of a contractual agreement by the Manager to waive its management fee and/or reimburse the Fund through December 31, 2013 to the extent that Total Annual Fund Operating Expenses, excluding interest, tax, and extraordinary expenses, and certain credits and other expenses, exceed 0.60% for Institutional Class shares, 0.70% for Class P shares and 0.85% for Class D shares. Under the Expense Limitation Agreement, the Manager may recoup waived or reimbursed amounts for three years, provided total expenses, including such recoupment, do not exceed the annual expense limit.

XML

Label	Element	Value
Risk/Return:	rr_RiskReturnAbstract
Document Type	dei_DocumentType	Other
Document Period End Date	dei_DocumentPeriodEndDate	Sep. 12, 2012
Registrant Name	dei_EntityRegistrantName	Allianz Funds Multi-Strategy Trust
Central Index Key	dei_EntityCentralIndexKey	0001423227
Amendment Flag	dei_AmendmentFlag	false
Document Creation Date	dei_DocumentCreationDate	Sep. 12, 2012
Document Effective Date	dei_DocumentEffectiveDate	Sep. 12, 2012
Prospectus Date	rr_ProspectusDate	Apr. 02, 2012

XML

Label

Element

Value

Risk/Return:

rr_RiskReturnAbstract

Prospectus Date

rr_ProspectusDate

Apr. 02, 2012

Allianz RCM Short Duration High Income Fund (Second Summary Prospectus) | Allianz RCM Short Duration High Income Fund

Risk/Return:

rr_RiskReturnAbstract

Risk/Return, Heading

rr_RiskReturnHeading

Allianz RCM Short Duration High Income Fund

Supplement Text

ck0001423227_SupplementTextBlock

ALLIANZ FUNDS MULTI-STRATEGY TRUST

Supplement Dated September 12, 2012 to the

Statutory Prospectus for Class D, Class P and Institutional Class Shares of Allianz Funds

Multi-Strategy Trust,

dated April 2, 2012 (as revised June 1, 2012) (as supplemented thereafter)

Disclosure Relating to the Allianz RCM Short Duration High Income Fund

The table labeled “Annual Fund Operating Expenses” and the footnotes thereto are hereby restated as follows:

Fee Waiver or Reimbursement over Assets, Date of Termination

rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination

2013-12-31  

Other Expenses, New Fund, Based on Estimates

rr_OtherExpensesNewFundBasedOnEstimates

Other Expenses are based upon estimated amounts for the Fund’s current fiscal year.  

Operating Expenses, Caption

rr_OperatingExpensesCaption

Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)  

Expense Example, Heading

rr_ExpenseExampleHeading

Examples.

Expense Example, Narrative

rr_ExpenseExampleNarrativeTextBlock

The Examples are intended to help you compare the cost of investing in shares of the Fund with the costs of investing in other mutual funds. The Examples assume that you invest $10,000 in the noted class of shares for the time periods indicated, your investment has a 5% return each year, and the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, the Examples show what your costs would be based on these assumptions. The Examples are based, for the first year, on Total Annual Fund Operating Expenses After Expense Reductions and, for all other periods, on Total Annual Fund Operating Expenses.

Supplement Closing

ck0001423227_SupplementClosingTextBlock

Please retain this Supplement for future reference.

Allianz RCM Short Duration High Income Fund | Institutional Class

Risk/Return:

rr_RiskReturnAbstract

Management Fees

rr_ManagementFeesOverAssets

0.48%

Distribution and/or Service (12b-1) Fees

rr_DistributionAndService12b1FeesOverAssets

none

Estimated Other Expenses

rr_OtherExpensesOverAssets

0.44%

^[1]

Total Annual Fund Operating Expenses

rr_ExpensesOverAssets

0.92%

Expense Reductions

rr_FeeWaiverOrReimbursementOverAssets

(0.32%)

^[2]

Total Annual Fund Operating Expenses After Reductions

rr_NetExpensesOverAssets

0.60%

^[2]

Expense Example, With Redemption, 1 Year

rr_ExpenseExampleYear01

61

Expense Example, With Redemption, 3 Years

rr_ExpenseExampleYear03

261

Allianz RCM Short Duration High Income Fund | Class P

Risk/Return:

rr_RiskReturnAbstract

Management Fees

rr_ManagementFeesOverAssets

0.48%

Distribution and/or Service (12b-1) Fees

rr_DistributionAndService12b1FeesOverAssets

none

Estimated Other Expenses

rr_OtherExpensesOverAssets

0.54%

^[1]

Total Annual Fund Operating Expenses

rr_ExpensesOverAssets

1.02%

Expense Reductions

rr_FeeWaiverOrReimbursementOverAssets

(0.32%)

^[2]

Total Annual Fund Operating Expenses After Reductions

rr_NetExpensesOverAssets

0.70%

^[2]

Expense Example, With Redemption, 1 Year

rr_ExpenseExampleYear01

72

Expense Example, With Redemption, 3 Years

rr_ExpenseExampleYear03

293

Allianz RCM Short Duration High Income Fund | Class D

Risk/Return:

rr_RiskReturnAbstract

Management Fees

rr_ManagementFeesOverAssets

0.48%

Distribution and/or Service (12b-1) Fees

rr_DistributionAndService12b1FeesOverAssets

0.25%

Estimated Other Expenses

rr_OtherExpensesOverAssets

0.44%

^[1]

Total Annual Fund Operating Expenses

rr_ExpensesOverAssets

1.17%

Expense Reductions

rr_FeeWaiverOrReimbursementOverAssets

(0.32%)

^[2]

Total Annual Fund Operating Expenses After Reductions

rr_NetExpensesOverAssets

0.85%

^[2]

Expense Example, With Redemption, 1 Year

rr_ExpenseExampleYear01

87

Expense Example, With Redemption, 3 Years

rr_ExpenseExampleYear03

340

[1] Other Expenses are based upon estimated amounts for the Fund’s current fiscal year.

[2] Total Annual Fund Operating Expenses After Expense Reductions reflect the effect of a contractual agreement by the Manager to waive its management fee and/or reimburse the Fund through December 31, 2013 to the extent that Total Annual Fund Operating Expenses, excluding interest, tax, and extraordinary expenses, and certain credits and other expenses, exceed 0.60% for Institutional Class shares, 0.70% for Class P shares and 0.85% for Class D shares. Under the Expense Limitation Agreement, the Manager may recoup waived or reimbursed amounts for three years, provided total expenses, including such recoupment, do not exceed the annual expense limit.