The Sub-Fund utilizes the QFII quota of Allianz Global Investors GmbH (the Management Company/QFII holder) and the RQFII quota of Allianz Global Investors Singapore Limited (RQFII holder) to invest in the China A-Shares market. Repatriation of investments in the PRC is subject to limitation and restrictions imposed by relevant PRC laws and regulations and may expose the Sub-Fund to higher liquidity risk.