It is commonly assumed that the theory based on the Kirchhoff hypotheses describes the properties inherent in the wave processes occurring in shells filled with fluids. But there are several new effects that cannot be described by this theory (in particular, the appearance of new types of waves). In this paper, we present a linearized description of axisymmetric wave motion of a perfect incompressible fluid in a multilayered cylindrical shell with allowance for shear strain; the shell is assumed to be infinite and simply supported. This description is aimed at finding new mechanical effects and hence at estimating the influence of the multiple layers and the shear strain on the wave characteristics. In a sense, it generalizes and develops well-known studies of this type.