Report of Independent Registered Public
Accounting Firm
To the Board of Trustees of Allianz Funds Multi-Strategy
Trust and Shareholders of each of the twenty funds listed in
Appendix A
In planning and performing our audit of the financial
statements of each of the funds listed in Appendix A
(constituting Allianz Funds Multi-Strategy Trust, hereafter
collectively referred to as the "Funds") as of and for the
periods ended September 30, 2020, in accordance with the
standards of the Public Company Accounting Oversight
Board (United States) (PCAOB), we considered the Funds'
internal control over financial reporting, including controls
over safeguarding securities, as a basis for designing our
auditing procedures for the purpose of expressing our
opinion on the financial statements and to comply with the
requirements of Form N-CEN, but not for the purpose of
expressing an opinion on the effectiveness of the Funds'
internal control over financial reporting. Accordingly, we
do not express an opinion on the effectiveness of the Funds'
internal control over financial reporting.
The management of the Funds is responsible for
establishing and maintaining effective internal control over
financial reporting. In fulfilling this responsibility,
estimates and judgments by management are required to
assess the expected benefits and related costs of controls. A
company's internal control over financial reporting is a
process designed to provide reasonable assurance
regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in
accordance with generally accepted accounting principles.
A company's internal control over financial reporting
includes those policies and procedures that (1) pertain to
the maintenance of records that, in reasonable detail,
accurately and fairly reflect the transactions and
dispositions of the assets of the company; (2) provide
reasonable assurance that transactions are recorded as
necessary to permit preparation of financial statements in
accordance with generally accepted accounting principles,
and that receipts and expenditures of the company are
being made only in accordance with authorizations of
management and directors of the company; and (3) provide
reasonable assurance regarding prevention or timely
detection of unauthorized acquisition, use or disposition of
a company's assets that could have a material effect on the
financial statements.
Because of its inherent limitations, internal control over
financial reporting may not prevent or detect
misstatements. Also, projections of any evaluation of
effectiveness to future periods are subject to the risk that
controls may become inadequate because of changes in
conditions, or that the degree of compliance with the
policies or procedures may deteriorate.
A deficiency in internal control over financial reporting
exists when the design or operation of a control does not
allow management or employees, in the normal course of
performing their assigned functions, to prevent or detect
misstatements on a timely basis. A material weakness is a
deficiency, or a combination of deficiencies, in internal
control over financial reporting, such that there is a
reasonable possibility that a material misstatement of the
company's annual or interim financial statements will not
be prevented or detected on a timely basis.
Our consideration of the Funds' internal control over
financial reporting was for the limited purpose described in
the first paragraph and would not necessarily disclose all
deficiencies in internal control over financial reporting that
might be material weaknesses under standards established
by the PCAOB. However, we noted no deficiencies in the
Funds' internal control over financial reporting and its
operation, including controls over safeguarding securities,
that we consider to be material weaknesses as defined
above as of September 30, 2020. 2

This report is intended solely for the information and use of
the Board of Trustees of Allianz Funds Multi-Strategy Trust
and the Securities and Exchange Commission and is not
intended to be and should not be used by anyone other
than these specified parties.
/s/  PricewaterhouseCoopers LLP
New York, NY
November 25, 2020


Appendix A

AllianzGI Best Styles Global Equity Fund
AllianzGI Convertible Fund
AllianzGI Core Plus Bond Fund
AllianzGI Emerging Markets Consumer Fund
AllianzGI Emerging Markets Small-Cap Fund
AllianzGI Emerging Markets Value Fund
(formerly AllianzGI NFJ Emerging Markets Value Fund)
AllianzGI Global Allocation Fund
AllianzGI Global Dynamic Allocation Fund
AllianzGI Global Sustainability Fund
AllianzGI Green Bond Fund
AllianzGI High Yield Bond Fund
AllianzGI International Small-Cap Fund
AllianzGI Multi Asset Income Fund
AllianzGI PerformanceFee Managed Futures Strategy Fund
AllianzGI PerformanceFee Structured US Equity Fund
AllianzGI Preferred Securities and Income Fund
AllianzGI Short Duration High Income Fund
AllianzGI Short Term Bond Fund
AllianzGI Structured Return Fund
AllianzGI Water Fund (formerly AllianzGI Global Water Fund)