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AllianzGI Retirement 2055 Fund

AllianzGI Retirement 2055 Fund

ALLIANZ FUNDS MULTI-STRATEGY TRUST

Supplement Dated August 19, 2014 to the

Statutory Prospectus for Administrative Class, Class A, Class C, Class D, Class R, Class R6 and Class P Shares of

Allianz Funds Multi-Strategy Trust,

Dated April 1, 2014 (as supplemented thereafter)

Disclosure Relating to AllianzGI Retirement 2015 Fund, AllianzGI Retirement 2020 Fund, AllianzGI Retirement 2025 Fund, AllianzGI Retirement 2030 Fund, AllianzGI Retirement 2035 Fund, AllianzGI Retirement 2040 Fund, AllianzGI Retirement 2045 Fund, AllianzGI Retirement 2050 Fund, AllianzGI Retirement 2055 Fund and AllianzGI Retirement Income Fund (the “Funds”)

Each of the Funds has changed its primary performance benchmark and added a secondary benchmark. For each Fund, the prospectus is revised to reflect the use of the relevant “Real Return Target Index” as primary and the relevant “Morningstar Lifetime Conservative Index” set forth below. Previously, the Funds’ primary benchmarks were the Dow Jones Real Return Indices. The Real Return Target date indices are based on the methodology designed and produced by S&P Dow Jones Indices for the Dow Jones Real Return target date indexes, which were terminated on June 30, 2014.

Within the Fund Summary relating to each Fund, the benchmark and other comparative performance information (i.e., all performance information that does not report performance of the Fund itself) in the subsection entitled “Performance Information – Average Annual Total Returns (for periods ended 12/31/13)” is hereby restated as follows:

AllianzGI Retirement 2055 Fund:

Average Annual Returns AllianzGI Retirement 2055 Fund		Average Annual Returns, 1 Year	Average Annual Returns, Since Inception	Average Annual Returns, Inception Date
Real Return Target 40+ Index (reflects no deduction for fees, expenses or taxes)	^[1]	13.90%	15.15%	Dec. 19, 2011
Morningstar Lifetime Conservative 2055 Index (reflects no deduction for fees, expenses or taxes)		19.73%	19.29%	Dec. 19, 2011
Lipper Mixed-Asset Target 2055+ Funds Average		23.23%	19.29%	Dec. 19, 2011

[1]

The Real Return Target 40+ Index replaced the Dow Jones Real Return 40+ Index as the Fund's primary benchmark as of July 1, 2014. The Real Return Target 40+ Index is based on the methodology designed and produced by S&P Dow Jones Indices for the Dow Jones Real Return 40+ Index, which was terminated on June 30, 2014, and the performance figures for the two indices are identical for all periods shown in the table above.

Please retain this Supplement for future reference.

If the Fund has annual returns for at least one calendar year, provide a table showing the Fund's (A) average annual total return; (B) average annual total return (after taxes on distributions); and (C) average annual total return (after taxes on distributions and redemption). A Money Market Fund should show only the returns described in clause (A) of the preceding sentence. All returns should be shown for 1-, 5-, and 10- calendar year periods ending on the date of the most recently completed calendar year (or for the life of the Fund, if shorter), but only for periods subsequent to the effective date of the Fund's registration statement. The table also should show the returns of an appropriate broad-based securities market index as defined in Instruction 5 to Item 22(b)(7) for the same periods. A Fund that has been in existence for more than 10 years also may include returns for the life of the Fund. A Money Market Fund may provide the Fund's 7-day yield ending on the date of the most recent calendar year or disclose a toll-free (or collect) telephone number that investors can use to obtain the Fund's current 7-day yield. For a Fund (other than a Money Market Fund or a Fund described in General Instruction C.3.(d)(iii)), provide the information in the following table with the specified captions AVERAGE ANNUAL TOTAL RETURNS (For the periods ended December 31, _____)

+ References+ Details