497

July 10, 2018

Securities and Exchange Commission

100 F Street NE

Washington, DC 20549

Re:Allianz Funds Multi-Strategy Trust (Reg. 333-148624) (811-22167)

Ladies and Gentlemen:

We are filing the corresponding XBRL Exhibit pursuant to Rule 497(e) under the Securities Act of 1933, as amended, to submit an exhibit in interactive data form with risk/return summary information from the supplement filed June 25, 2018.

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

Sincerely,

/s/ Angela Borreggine

Angela Borreggine

Director & Senior Counsel

cc: Ropes & Gray LLP

Allianz Global Investors U.S. LLC

1633 Broadway

New York, NY 10019

212.739.3000

XML

Document and Entity Information	Total
Prospectus:
Document Type	497
Document Period End Date	Jun. 25, 2018
Registrant Name	Allianz Funds Multi-Strategy Trust
Central Index Key	0001423227
Amendment Flag	false
Document Creation Date	Jun. 25, 2018
Document Effective Date	Jun. 25, 2018
Prospectus Date	Feb. 01, 2018
AllianzGI Emerging Markets Debt Fund | Class A
Prospectus:
Trading Symbol	AGMAX
AllianzGI Emerging Markets Debt Fund | Institutional Class
Prospectus:
Trading Symbol	AGMIX
AllianzGI Emerging Markets Debt Fund | Class C
Prospectus:
Trading Symbol	AGMCX
AllianzGI Emerging Markets Debt Fund | Class P
Prospectus:
Trading Symbol	AGMPX

XML

AllianzGI Emerging Markets Debt Fund

AllianzGI Emerging Markets Debt Fund

ALLIANZ FUNDS MULTI-STRATEGY TRUST

Supplement Dated June 25, 2018 to the

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

Allianz Funds Multi-Strategy Trust,

Dated February 1, 2018 (as supplemented thereafter)

Disclosure Relating to AllianzGI Emerging Markets Debt Fund

(for purposes of this section only, the “Fund”)

Effective July 1, 2018, within the Fund Summary relating to the Fund, the fee table and expense examples for the Fund under “Fees and Expenses of the Fund” are hereby revised in their entirety as follows:

Shareholder Fees (fees paid directly from your investment)

Shareholder Fees - AllianzGI Emerging Markets Debt Fund		Class A	Class C	Class T	Institutional Class	Class P
Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)		3.75%	none	2.50%	none	none
Maximum Contingent Deferred Sales Charge (CDSC) (Load) (as a percentage of the lower of original purchase price or NAV)	[1]	1.00%	1.00%	none	none	none

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

Annual Fund Operating Expenses - AllianzGI Emerging Markets Debt Fund		Class A	Class C	Class T	Institutional Class	Class P
Management Fees	[1],[2]	0.60%	0.60%	0.60%	0.60%	0.60%
Distribution and/ or Service (12b-1) Fees		0.25%	1.00%	0.25%	none	none
Other Expenses		0.66%	0.66%	0.66%	0.60%	0.59%
Total Annual Fund Operating Expenses		1.51%	2.26%	1.51%	1.20%	1.19%
Expense Reductions	[3]	(0.46%)	(0.46%)	(0.46%)	(0.40%)	(0.29%)
Total Annual Fund Operating Expenses After Expense Reductions	[3]	1.05%	1.80%	1.05%	0.80%	0.90%

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.

Example: Assuming you redeem your shares at the end of each period

Expense Example - AllianzGI Emerging Markets Debt Fund - USD ($)	1 Year	3 Years	5 Years	10 Years
Class A	478	745	1,081	2,031
Class C	283	616	1,124	2,521
Class T	354	625	966	1,928
Institutional Class	82	300	580	1,381
Class P	92	319	597	1,390

Example: Assuming you do not redeem your shares

Expense Example No Redemption - AllianzGI Emerging Markets Debt Fund - USD ($)	1 Year	3 Years	5 Years	10 Years
Class A	478	745	1,081	2,031
Class C	183	616	1,124	2,521
Class T	354	625	966	1,928
Institutional Class	82	300	580	1,381
Class P	92	319	597	1,390

Within the Fund Summary relating to the Fund, the following broad-based market index will be added to the other comparative performance information (i.e., all performance information that does not report performance of the Fund itself) to replace the existing primary benchmark in the subsection entitled “Performance Information — Average Annual Total Returns (for periods ended 12/31/17)”:

Average Annual Returns - AllianzGI Emerging Markets Debt Fund		Average Annual Returns, 1 Year	Average Annual Returns, Since Inception
40% JPM EMBI Global Div, 40% JPM CEMBI Broad Div, 20% JPM GBI Global EM Div. (returns reflect no deduction for fees or expenses but are net of dividend tax withholding)	[1]	10.32%	4.50%
JPM EMBI Global Diversified (reflects no deduction for fees, expenses or taxes)	[1]	10.26%	6.10%

Please retain this Supplement for future reference.

[1] For Class A shares, the CDSC is imposed only in certain circumstances where shares are purchased without a front-end sales charge at the time of purchase. For Class C shares, the CDSC is imposed only on shares redeemed in the first year.

[1] "Management Fees" have been restated to reflect current advisory fees.

[2] Effective July 1, 2018, the Manager has contractually agreed to observe a permanent reduction in the Management Fee, which reduces the 0.75% contractual fee rate by 0.15% to 0.60%.

[3] Total Annual Fund Operating Expenses After Expense Reductions reflect the effect of a contractual agreement by Allianz Global Investors U.S. LLC ("AllianzGI U.S." or the "Manager") to waive, through January 31, 2020, its management fee and/or reimburse the Fund to the extent that Total Annual Fund Operating Expenses excluding interest, taxes, extraordinary expenses, and certain credits and other expenses, exceed 1.05% for Class A shares, 1.80% for Class C shares, 1.05% for Class T shares, 0.80% for Institutional Class shares and 0.90% for Class P 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 in effect at the time of such waiver/reimbursement or recoupment. The Expense Limitation Agreement is terminable by the Trust upon 90 days' prior written notice to the Manager or at any time by mutual agreement of the parties.

[1] Effective July 1, 2018, the JP Morgan Emerging Markets Bond Index Global Diversified (JPM EMBI Global Diversified) is the Fund's primary benchmark and replaces the prior benchmark index. The JPM EMBI Global Diversified is a uniquely-weighted version of the JPM EMBI Global and is the most commonly used index in the Fund's peer group. Moreover, the JPM EMBI Global Diversified is more representative of the Fund's investment strategies and provides investors with a more useful point of comparison than the Fund's prior primary benchmark.

XML

Label

Element

Value

AllianzGI Emerging Markets Debt Fund

Risk/Return:

rr_RiskReturnAbstract

Supplement [Text Block]

ck0001423227_SupplementTextBlock

ALLIANZ FUNDS MULTI-STRATEGY TRUST

Supplement Dated June 25, 2018 to the

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

Allianz Funds Multi-Strategy Trust,

Dated February 1, 2018 (as supplemented thereafter)

Disclosure Relating to AllianzGI Emerging Markets Debt Fund

(for purposes of this section only, the “Fund”)

Risk/Return [Heading]

rr_RiskReturnHeading

AllianzGI Emerging Markets Debt Fund

Expense Narrative [Text Block]

rr_ExpenseNarrativeTextBlock

Effective July 1, 2018, within the Fund Summary relating to the Fund, the fee table and expense examples for the Fund under “Fees and Expenses of the Fund” are hereby revised in their entirety as follows:

Shareholder Fees Caption [Text]

rr_ShareholderFeesCaption

Shareholder Fees (fees paid directly from your investment)

Operating Expenses Caption [Text]

rr_OperatingExpensesCaption

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

Fee Waiver or Reimbursement over Assets, Date of Termination

rr_FeeWaiverOrReimbursementOverAssetsDateOfTermination

Jan. 31, 2020

Expenses Restated to Reflect Current [Text]

rr_ExpensesRestatedToReflectCurrent

“Management Fees” have been restated to reflect current advisory fees.

Expense Example [Heading]

rr_ExpenseExampleHeading

Examples.

Expense Example Narrative [Text Block]

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.

Expense Example by, Year, Caption [Text]

rr_ExpenseExampleByYearCaption

Example: Assuming you redeem your shares at the end of each period

Expense Example, No Redemption, By Year, Caption [Text]

rr_ExpenseExampleNoRedemptionByYearCaption

Example: Assuming you do not redeem your shares

Performance Narrative [Text Block]

rr_PerformanceNarrativeTextBlock

Within the Fund Summary relating to the Fund, the following broad-based market index will be added to the other comparative performance information (i.e., all performance information that does not report performance of the Fund itself) to replace the existing primary benchmark in the subsection entitled “Performance Information — Average Annual Total Returns (for periods ended 12/31/17)”:

Performance Table Market Index Changed

rr_PerformanceTableMarketIndexChanged

Effective July 1, 2018, the JP Morgan Emerging Markets Bond Index Global Diversified (JPM EMBI Global Diversified) is the Fund’s primary benchmark and replaces the prior benchmark index. The JPM EMBI Global Diversified is a uniquely-weighted version of the JPM EMBI Global and is the most commonly used index in the Fund’s peer group.

Index No Deduction for Fees, Expenses, Taxes [Text]

rr_IndexNoDeductionForFeesExpensesTaxes

(reflects no deduction for fees, expenses or taxes)

Performance Table Closing [Text Block]

rr_PerformanceTableClosingTextBlock

Please retain this Supplement for future reference.

AllianzGI Emerging Markets Debt Fund | 40% JPM EMBI Global Div, 40% JPM CEMBI Broad Div, 20% JPM GBI Global EM Div. (returns reflect no deduction for fees or expenses but are net of dividend tax withholding)

Risk/Return:

rr_RiskReturnAbstract

Average Annual Returns, 1 Year

rr_AverageAnnualReturnYear01

10.32%

^[1]

Average Annual Returns, Since Inception

rr_AverageAnnualReturnSinceInception

4.50%

^[1]

AllianzGI Emerging Markets Debt Fund | JPM EMBI Global Diversified (reflects no deduction for fees, expenses or taxes)

Risk/Return:

rr_RiskReturnAbstract

Average Annual Returns, 1 Year

rr_AverageAnnualReturnYear01

10.26%

^[1]

Average Annual Returns, Since Inception

rr_AverageAnnualReturnSinceInception

6.10%

^[1]

AllianzGI Emerging Markets Debt Fund | Class A

Risk/Return:

rr_RiskReturnAbstract

Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)

rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice

3.75%

Maximum Contingent Deferred Sales Charge (CDSC) (Load) (as a percentage of the lower of original purchase price or NAV)

rr_MaximumDeferredSalesChargeOverOfferingPrice

1.00%

^[2]

Management Fees

rr_ManagementFeesOverAssets

0.60%

^[3],[4]

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

rr_DistributionAndService12b1FeesOverAssets

0.25%

Other Expenses

rr_OtherExpensesOverAssets

0.66%

Total Annual Fund Operating Expenses

rr_ExpensesOverAssets

1.51%

Expense Reductions

rr_FeeWaiverOrReimbursementOverAssets

(0.46%)

^[5]

Total Annual Fund Operating Expenses After Expense Reductions

rr_NetExpensesOverAssets

1.05%

^[5]

Expenses Deferred Charges [Text Block]

rr_ExpensesDeferredChargesTextBlock

For Class A shares, the CDSC is imposed only in certain circumstances where shares are purchased without a front-end sales charge at the time of purchase.

Expense Example, with Redemption, 1 Year

rr_ExpenseExampleYear01

$ 478

Expense Example, with Redemption, 3 Years

rr_ExpenseExampleYear03

745

Expense Example, with Redemption, 5 Years

rr_ExpenseExampleYear05

1,081

Expense Example, with Redemption, 10 Years

rr_ExpenseExampleYear10

2,031

Expense Example, No Redemption, 1 Year

rr_ExpenseExampleNoRedemptionYear01

478

Expense Example, No Redemption, 3 Years

rr_ExpenseExampleNoRedemptionYear03

745

Expense Example, No Redemption, 5 Years

rr_ExpenseExampleNoRedemptionYear05

1,081

Expense Example, No Redemption, 10 Years

rr_ExpenseExampleNoRedemptionYear10

$ 2,031

AllianzGI Emerging Markets Debt Fund | Class C

Risk/Return:

rr_RiskReturnAbstract

Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)

rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice

none

Maximum Contingent Deferred Sales Charge (CDSC) (Load) (as a percentage of the lower of original purchase price or NAV)

rr_MaximumDeferredSalesChargeOverOfferingPrice

1.00%

^[2]

Management Fees

rr_ManagementFeesOverAssets

0.60%

^[3],[4]

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

rr_DistributionAndService12b1FeesOverAssets

1.00%

Other Expenses

rr_OtherExpensesOverAssets

0.66%

Total Annual Fund Operating Expenses

rr_ExpensesOverAssets

2.26%

Expense Reductions

rr_FeeWaiverOrReimbursementOverAssets

(0.46%)

^[5]

Total Annual Fund Operating Expenses After Expense Reductions

rr_NetExpensesOverAssets

1.80%

^[5]

Expenses Deferred Charges [Text Block]

rr_ExpensesDeferredChargesTextBlock

For Class C shares, the CDSC is imposed only on shares redeemed in the first year.

Expense Example, with Redemption, 1 Year

rr_ExpenseExampleYear01

$ 283

Expense Example, with Redemption, 3 Years

rr_ExpenseExampleYear03

616

Expense Example, with Redemption, 5 Years

rr_ExpenseExampleYear05

1,124

Expense Example, with Redemption, 10 Years

rr_ExpenseExampleYear10

2,521

Expense Example, No Redemption, 1 Year

rr_ExpenseExampleNoRedemptionYear01

183

Expense Example, No Redemption, 3 Years

rr_ExpenseExampleNoRedemptionYear03

616

Expense Example, No Redemption, 5 Years

rr_ExpenseExampleNoRedemptionYear05

1,124

Expense Example, No Redemption, 10 Years

rr_ExpenseExampleNoRedemptionYear10

$ 2,521

AllianzGI Emerging Markets Debt Fund | Class T

Risk/Return:

rr_RiskReturnAbstract

Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)

rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice

2.50%

Maximum Contingent Deferred Sales Charge (CDSC) (Load) (as a percentage of the lower of original purchase price or NAV)

rr_MaximumDeferredSalesChargeOverOfferingPrice

none

^[2]

Management Fees

rr_ManagementFeesOverAssets

0.60%

^[3],[4]

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

rr_DistributionAndService12b1FeesOverAssets

0.25%

Other Expenses

rr_OtherExpensesOverAssets

0.66%

Total Annual Fund Operating Expenses

rr_ExpensesOverAssets

1.51%

Expense Reductions

rr_FeeWaiverOrReimbursementOverAssets

(0.46%)

^[5]

Total Annual Fund Operating Expenses After Expense Reductions

rr_NetExpensesOverAssets

1.05%

^[5]

Expense Example, with Redemption, 1 Year

rr_ExpenseExampleYear01

$ 354

Expense Example, with Redemption, 3 Years

rr_ExpenseExampleYear03

625

Expense Example, with Redemption, 5 Years

rr_ExpenseExampleYear05

966

Expense Example, with Redemption, 10 Years

rr_ExpenseExampleYear10

1,928

Expense Example, No Redemption, 1 Year

rr_ExpenseExampleNoRedemptionYear01

354

Expense Example, No Redemption, 3 Years

rr_ExpenseExampleNoRedemptionYear03

625

Expense Example, No Redemption, 5 Years

rr_ExpenseExampleNoRedemptionYear05

966

Expense Example, No Redemption, 10 Years

rr_ExpenseExampleNoRedemptionYear10

$ 1,928

AllianzGI Emerging Markets Debt Fund | Institutional Class

Risk/Return:

rr_RiskReturnAbstract

Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)

rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice

none

Maximum Contingent Deferred Sales Charge (CDSC) (Load) (as a percentage of the lower of original purchase price or NAV)

rr_MaximumDeferredSalesChargeOverOfferingPrice

none

^[2]

Management Fees

rr_ManagementFeesOverAssets

0.60%

^[3],[4]

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

rr_DistributionAndService12b1FeesOverAssets

none

Other Expenses

rr_OtherExpensesOverAssets

0.60%

Total Annual Fund Operating Expenses

rr_ExpensesOverAssets

1.20%

Expense Reductions

rr_FeeWaiverOrReimbursementOverAssets

(0.40%)

^[5]

Total Annual Fund Operating Expenses After Expense Reductions

rr_NetExpensesOverAssets

0.80%

^[5]

Expense Example, with Redemption, 1 Year

rr_ExpenseExampleYear01

$ 82

Expense Example, with Redemption, 3 Years

rr_ExpenseExampleYear03

300

Expense Example, with Redemption, 5 Years

rr_ExpenseExampleYear05

580

Expense Example, with Redemption, 10 Years

rr_ExpenseExampleYear10

1,381

Expense Example, No Redemption, 1 Year

rr_ExpenseExampleNoRedemptionYear01

82

Expense Example, No Redemption, 3 Years

rr_ExpenseExampleNoRedemptionYear03

300

Expense Example, No Redemption, 5 Years

rr_ExpenseExampleNoRedemptionYear05

580

Expense Example, No Redemption, 10 Years

rr_ExpenseExampleNoRedemptionYear10

$ 1,381

AllianzGI Emerging Markets Debt Fund | Class P

Risk/Return:

rr_RiskReturnAbstract

Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)

rr_MaximumSalesChargeImposedOnPurchasesOverOfferingPrice

none

Maximum Contingent Deferred Sales Charge (CDSC) (Load) (as a percentage of the lower of original purchase price or NAV)

rr_MaximumDeferredSalesChargeOverOfferingPrice

none

^[2]

Management Fees

rr_ManagementFeesOverAssets

0.60%

^[3],[4]

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

rr_DistributionAndService12b1FeesOverAssets

none

Other Expenses

rr_OtherExpensesOverAssets

0.59%

Total Annual Fund Operating Expenses

rr_ExpensesOverAssets

1.19%

Expense Reductions

rr_FeeWaiverOrReimbursementOverAssets

(0.29%)

^[5]

Total Annual Fund Operating Expenses After Expense Reductions

rr_NetExpensesOverAssets

0.90%

^[5]

Expense Example, with Redemption, 1 Year

rr_ExpenseExampleYear01

$ 92

Expense Example, with Redemption, 3 Years

rr_ExpenseExampleYear03

319

Expense Example, with Redemption, 5 Years

rr_ExpenseExampleYear05

597

Expense Example, with Redemption, 10 Years

rr_ExpenseExampleYear10

1,390

Expense Example, No Redemption, 1 Year

rr_ExpenseExampleNoRedemptionYear01

92

Expense Example, No Redemption, 3 Years

rr_ExpenseExampleNoRedemptionYear03

319

Expense Example, No Redemption, 5 Years

rr_ExpenseExampleNoRedemptionYear05

597

Expense Example, No Redemption, 10 Years

rr_ExpenseExampleNoRedemptionYear10

$ 1,390

[1] Effective July 1, 2018, the JP Morgan Emerging Markets Bond Index Global Diversified (JPM EMBI Global Diversified) is the Fund's primary benchmark and replaces the prior benchmark index. The JPM EMBI Global Diversified is a uniquely-weighted version of the JPM EMBI Global and is the most commonly used index in the Fund's peer group. Moreover, the JPM EMBI Global Diversified is more representative of the Fund's investment strategies and provides investors with a more useful point of comparison than the Fund's prior primary benchmark.

[2] For Class A shares, the CDSC is imposed only in certain circumstances where shares are purchased without a front-end sales charge at the time of purchase. For Class C shares, the CDSC is imposed only on shares redeemed in the first year.

[3] "Management Fees" have been restated to reflect current advisory fees.

[4] Effective July 1, 2018, the Manager has contractually agreed to observe a permanent reduction in the Management Fee, which reduces the 0.75% contractual fee rate by 0.15% to 0.60%.

[5] Total Annual Fund Operating Expenses After Expense Reductions reflect the effect of a contractual agreement by Allianz Global Investors U.S. LLC ("AllianzGI U.S." or the "Manager") to waive, through January 31, 2020, its management fee and/or reimburse the Fund to the extent that Total Annual Fund Operating Expenses excluding interest, taxes, extraordinary expenses, and certain credits and other expenses, exceed 1.05% for Class A shares, 1.80% for Class C shares, 1.05% for Class T shares, 0.80% for Institutional Class shares and 0.90% for Class P 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 in effect at the time of such waiver/reimbursement or recoupment. The Expense Limitation Agreement is terminable by the Trust upon 90 days' prior written notice to the Manager or at any time by mutual agreement of the parties.

XML

Label	Element	Value
Risk/Return:	rr_RiskReturnAbstract
Prospectus Date	rr_ProspectusDate	Feb. 01, 2018