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Allianz Funds Multi-Strategy Trust Form N-CSRS Filed 2017-06-02

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Allianz Funds Multi-Strategy Trust Form N-CSRS Filed 2017-06-02 SECURITIES AND EXCHANGE COMMISSION FORM N-CSRS Certified semi-annual shareholder report of registered management investment companies filed on Form N-CSR Filing Date: 2017-06-02 | Period of Report: 2017-03-31 SEC Accession No. 0001193125-17-192768 (HTML Version on secdatabase.com) FILER Allianz Funds Multi-Strategy Trust Mailing Address Business Address C/O ALLIANZ GLOBAL C/O ALLIANZ GLOBAL CIK:1423227| IRS No.: 000000000 | State of Incorp.:MA INVESTORS INVESTORS Type: N-CSRS | Act: 40 | File No.: 811-22167 | Film No.: 17887508 1633 BROADWAY 1633 BROADWAY NEW YORK NY 10019 NEW YORK NY 10019 212-739-3000 Copyright © 2017 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-CSR CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES Investment Company Act file number: 811-22167 Allianz Funds Multi-Strategy Trust (Exact name of registrant as specified in charter) 1633 Broadway, New York, NY 10019 (Address of principal executive offices) (Zip code) Lawrence G. Altadonna 1633 Broadway, New York, NY 10019 (Name and address of agent for service) Registrants telephone number, including area code: 212-739-3371 Date of fiscal year end: September 30 Date of reporting period: March 31, 2017 Copyright © 2017 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Table of Contents Item 1. Report to Shareholders Allianz Multi-Strategy Funds SHARE CLASSES A, C, R, P, INSTITUTIONAL, R6, ADMINISTRATIVE Semiannual Report March 31, 2017 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 AllianzGI Retirement Income Fund AllianzGI Global Allocation Fund AllianzGI Global Megatrends Fund AllianzGI Best Styles Emerging Markets Equity Fund AllianzGI Best Styles Global Equity Fund Copyright © 2017 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document AllianzGI Best Styles International Equity Fund AllianzGI Best Styles U.S. Equity Fund AllianzGI Convertible Fund AllianzGI Emerging Markets Consumer Fund AllianzGI Emerging Markets Debt Fund AllianzGI Emerging Markets Small-Cap Fund AllianzGI Europe Equity Dividend Fund AllianzGI Global Dynamic Allocation Fund AllianzGI Global Fundamental Strategy Fund AllianzGI Global Sustainability Fund AllianzGI Global Water Fund AllianzGI High Yield Bond Fund AllianzGI International Growth Fund AllianzGI International Small-Cap Fund AllianzGI Micro Cap Fund AllianzGI Multi-Asset Real Return Fund AllianzGI NFJ Emerging Markets Value Fund AllianzGI NFJ Global Dividend Value Fund AllianzGI NFJ International Small-Cap Value Fund AllianzGI NFJ International Value II Fund AllianzGI Short Duration High Income Fund AllianzGI Structured Return Fund AllianzGI U.S. Equity Hedged Fund AllianzGI U.S. Small-Cap Growth Fund AllianzGI Ultra Micro Cap Fund This material is authorized for use only when preceded or accompanied by the current Allianz Multi-Strategy Funds prospectus. Investors should consider the investment objectives, risks, charges and expenses of each Fund carefully before investing. This and other information is contained in the Funds prospectuses and summary prospectuses. Please read the prospectus carefully before you invest or send money. Receive this report electronically and eliminate paper mailings. To enroll, go to http://us.allianzgi.com/edelivery. Copyright © 2017 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Table of Contents Table of Contents 23 Letter from the President 4132 Fund Summaries 133134 Important Information 135139 Benchmark Descriptions 140199 Schedules of Investments 200213 Statements of Assets and Liabilities 214227 Statements of Operations 228243 Statements of Changes in Net Assets 244311 Financial Highlights 312393 Notes to Financial Statements 394395 Matters Relating to the Trustees Consideration of the Investment Management and Sub-Advisory Agreements 396397 Privacy Policy A Word About Risk: A fund may be subject to various risks as described in its prospectus. Some of those risks may include, but are not limited to, the following: derivatives risk, smaller company risk, non-US investment risk, focused investment risk and specific sector investment risks. Use of derivative instruments may involve certain costs and risks such as liquidity risk, interest rate risk, market risk, credit risk, counterparty risk, management risk and the risk that a fund is unable to close out a position when it is most advantageous to do so. Portfolios investing in derivatives could lose more than the principal amount invested in those instruments. Investing in foreign securities may entail risk due to foreign economic and political developments; this risk may be enhanced when investing in emerging markets. Smaller companies may be more volatile than larger companies and may entail more risk. Concentrating investments in individual sectors may add additional risk and additional volatility compared to a diversified equity portfolio. AllianzGI target-date funds seek to manage risk and return by blending two separately-managed portfolios: a return-generating portfolio for growth potential, and a defensive portfolio for principal protection. The balance grows increasingly defensive over time until the target date is reached, after which the Funds assets roll into a retirement income strategy. The principal values of the Funds are not guaranteed at any time, including the target date. Please refer to the Funds applicable current prospectus for complete details. Copyright © 2017 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Table of Contents Letter from the President Dear Shareholder, The US economy continued to expand, albeit at a fairly modest pace during the six-month period ended March 31, 2017. Economic expansions overseas were generally tepid. Against this backdrop, US and international equities generated solid results. In contrast, the global bond market produced weak results during the six-month period. Six Months in Review Thomas J. For the six-month period ended March 31, 2017, US stocks, as measured by the Standard Fuccillo & Poors 500 Index, gained 10.12%. Two measures of stock performance in developed President & CEO international and global markets, the MSCI EAFE (Europe, Australasia and Far East) Index and the MSCI World Index, returned 6.48% and 8.35%, respectively, in dollar-denominated terms. Elsewhere, the MSCI Emerging Markets Index rose 6.80%. With respect to bonds, the Bloomberg Barclays US Credit Index declined 1.71%, whereas the Bloomberg Barclays Global High Yield Index rose 2.98%. The Bloomberg Barclays US Government Bond Index returned -3.07%, while the broader bond market index, as measured by the Bloomberg Barclays US Aggregate Bond Index, fell 2.18%. The Bloomberg Barclays Global Aggregate Bond Index returned -5.43%. US gross domestic product (GDP), the value of goods and services produced in the country, the broadest measure of economic activity and the principal indicator of economic performance, expanded at a 3.5% annual pace during the third quarter of 2016. However, growth then decelerated, as GDP grew at a 2.1% annual pace during the fourth quarter of 2016. After the reporting period ended, the US Department of Commerce reported that first quarter 2017 GDP growth was an annual pace of 0.7%. After remaining on hold at its first seven meetings in 2016, the US Federal Reserve (the Fed) raised interest rates 0.25% in December 2016 to a range between 0.50% and 0.75%. After remaining on hold at its first meeting in 2017, in March 2017 the Fed again raised rates 0.25% to a range between 0.75% and 1.00%. In the statement following the March meeting the Fed said, The Committee expects that economic conditions will evolve in a manner that will warrant gradual increases in the federal funds rate; the federal funds rate is likely to remain, for some time, below levels that are expected to prevail in the longer run. However, the actual path of the federal funds rate will depend on the economic outlook as informed by incoming data. 2 March 31, 2017 | Semiannual Report Copyright © 2017 www.secdatabase.com. All Rights Reserved. Please Consider the Environment Before Printing This Document Table of Contents Outlook Looking ahead, we believe investors should expect muted growth as the US enters its late-cycle period, Japan struggles with its aging population and Europe suffers from the uncertainties related toBrexit. In our view, the US and European Union should ultimately avoid recessions, but remain mired in a relatively weak economic expansion. We expect the Fed to continue modestly increasing rates in 2017, prompting central banks in emerging markets to lower their rates as inflation falls. Elsewhere we predict the European Central Bank (ECB) and Bank of Japan should maintain their accommodative monetary policies. We believe we have passed peak global liquidity as central banks have pushed past negative interest rate policies to begin supporting government spending. The tides of deregulation continued shifting in 2016, and nationalism and populism gained ground. Given the results from the November elections in the US and
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