Allianz Global Investors Choice Fund

Semi-Annual Report (Unaudited)

For the six months ended 31 March 2021 做PDF>縮細66.6%>將PDF置中output

Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Contents

Page(s)

Management and Administration 1

Manager’s Report 2-13

Allianz Choice Flexi Balanced Fund

Statement of net assets (Unaudited) 14 Statement of comprehensive income (Unaudited) 15-16 Statement of changes in net assets attributable to unitholders (Unaudited) 17-18 Cash flow statement (Unaudited) 19 Portfolio statement (Unaudited) 20-25 Statement of movements in portfolio holdings (Unaudited) 26-27 Details in respect of financial derivative instruments (Unaudited) 28

Allianz Choice Asian Fund

Statement of net assets (Unaudited) 29 Statement of comprehensive income (Unaudited) 30-31 Statement of changes in net assets attributable to unitholders (Unaudited) 32-33 Cash flow statement (Unaudited) 34 Portfolio statement (Unaudited) 35-37 Statement of movements in portfolio holdings (Unaudited) 38

Allianz Choice Balanced Fund

Statement of net assets (Unaudited) 39 Statement of comprehensive income (Unaudited) 40-41 Statement of changes in net assets attributable to unitholders (Unaudited) 42-43 Cash flow statement (Unaudited) 44 Portfolio statement (Unaudited) 45-46 Statement of movements in portfolio holdings (Unaudited) 47

Allianz Choice Capital Stable Fund

Statement of net assets (Unaudited) 48 Statement of comprehensive income (Unaudited) 49-50 Statement of changes in net assets attributable to unitholders (Unaudited) 51-52 Cash flow statement (Unaudited) 53-54 Portfolio statement (Unaudited) 55-56 Statement of movements in portfolio holdings (Unaudited) 57

Allianz Choice Greater China Fund

Statement of net assets (Unaudited) 58 Statement of comprehensive income (Unaudited) 59-60 Statement of changes in net assets attributable to unitholders (Unaudited) 61-62 Cash flow statement (Unaudited) 63-64 Portfolio statement (Unaudited) 65-67 Statement of movements in portfolio holdings (Unaudited) 68 做PDF>縮細66.6%>將PDF置中output

Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Allianz Choice Global Equity Fund

Statement of net assets (Unaudited) 69 Statement of comprehensive income (Unaudited) 70 Statement of changes in net assets attributable to unitholders (Unaudited) 71 Cash flow statement (Unaudited) 72 Portfolio statement (Unaudited) 73-75 Statement of movements in portfolio holdings (Unaudited) 76 Details in respect of financial derivative instruments (Unaudited) 77

Allianz Choice Growth Fund

Statement of net assets (Unaudited) 78 Statement of comprehensive income (Unaudited) 79-80 Statement of changes in net assets attributable to unitholders (Unaudited) 81-82 Cash flow statement (Unaudited) 83 Portfolio statement (Unaudited) 84-85 Statement of movements in portfolio holdings (Unaudited) 86

Allianz Choice Hong Kong Fund

Statement of net assets (Unaudited) 87 Statement of comprehensive income (Unaudited) 88-89 Statement of changes in net assets attributable to unitholders (Unaudited) 90-91 Cash flow statement (Unaudited) 92 Portfolio statement (Unaudited) 93-95 Statement of movements in portfolio holdings (Unaudited) 96

Allianz Choice Oriental Fund

Statement of net assets (Unaudited) 97 Statement of comprehensive income (Unaudited) 98-99 Statement of changes in net assets attributable to unitholders (Unaudited) 100-101 Cash flow statement (Unaudited) 102-103 Portfolio statement (Unaudited) 104-107 Statement of movements in portfolio holdings (Unaudited) 108 Details in respect of financial derivative instruments (Unaudited) 109

Allianz Choice Stable Growth Fund

Statement of net assets (Unaudited) 110 Statement of comprehensive income (Unaudited) 111-112 Statement of changes in net assets attributable to unitholders (Unaudited) 113-114 Cash flow statement (Unaudited) 115 Portfolio statement (Unaudited) 116-117 Statement of movements in portfolio holdings (Unaudited) 118 做PDF>縮細66.6%>將PDF置中output

Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Contents (continued)

Allianz Choice HK$ Liquidity Fund

Statement of net assets (Unaudited) 119 Statement of comprehensive income (Unaudited) 120 Statement of changes in net assets attributable to unitholders (Unaudited) 121 Cash flow statement (Unaudited) 122 Portfolio statement (Unaudited) 123 Statement of movements in portfolio holdings (Unaudited) 124

Allianz Choice HK$ Cash Fund

Statement of net assets (Unaudited) 125 Statement of comprehensive income (Unaudited) 126 Statement of changes in net assets attributable to unitholders (Unaudited) 127-128 Cash flow statement (Unaudited) 129 Portfolio statement (Unaudited) 130 Statement of movements in portfolio holdings (Unaudited) 131

Allianz Choice RMB Money Market Fund

Statement of net assets (Unaudited) 132 Statement of comprehensive income (Unaudited) 133 Statement of changes in net assets attributable to unitholders (Unaudited) 134 Cash flow statement (Unaudited) 135 Portfolio statement (Unaudited) 136 Statement of movements in portfolio holdings (Unaudited) 137

Allianz Choice “Best Styles” Europe Fund

Statement of net assets (Unaudited) 138 Statement of comprehensive income (Unaudited) 139 Statement of changes in net assets attributable to unitholders (Unaudited) 140 Cash flow statement (Unaudited) 141 Portfolio statement (Unaudited) 142-149 Statement of movements in portfolio holdings (Unaudited) 150 Details in respect of financial derivative instruments (Unaudited) 151

Allianz Choice “Best Styles” US Fund

Statement of net assets (Unaudited) 152 Statement of comprehensive income (Unaudited) 153 Statement of changes in net assets attributable to unitholders (Unaudited) 154 Cash flow statement (Unaudited) 155 Portfolio statement (Unaudited) 156-162 Statement of movements in portfolio holdings (Unaudited) 163 Details in respect of financial derivative instruments (Unaudited) 164 做PDF>縮細66.6%>將PDF置中output

Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Allianz Choice Global Fixed Income Fund

Statement of net assets (Unaudited) 165 Statement of comprehensive income (Unaudited) 166 Statement of changes in net assets attributable to unitholders (Unaudited) 167 Cash flow statement (Unaudited) 168 Portfolio statement (Unaudited) 169-174 Statement of movements in portfolio holdings (Unaudited) 175-176 Details in respect of financial derivative instruments (Unaudited) 177

Allianz Choice Japan Fund

Statement of net assets (Unaudited) 178 Statement of comprehensive income (Unaudited) 179-180 Statement of changes in net assets attributable to unitholders (Unaudited) 181 Cash flow statement (Unaudited) 182 Portfolio statement (Unaudited) 183-184 Statement of movements in portfolio holdings (Unaudited) 185 做PDF>縮細66.6%>將PDF置中output

Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Management and Administration

Registered Office Allianz Global Investors Asia Pacific Limited 27/F, ICBC Tower 3 Garden Road Central Hong Kong Telephone: (852) 2238 8888

Manager and Registrar Allianz Global Investors Asia Pacific Limited (“the Manager”) (“the Registrar”) 27/F, ICBC Tower 3 Garden Road Central Hong Kong

Sub-Manager Allianz Global Investors U.S. LLC (“the Sub-Manager of Allianz Choice “Best Styles” US Fund”) Suite 1700 555 Mission Street San Francisco, CA 94105 United States

Allianz Global Investors GmbH (“the Sub-Manager of Allianz Choice “Best Styles” Europe Fund” and “the Sub-Manager of Allianz Choice Global Equity Fund”) Bockenheimer Landstrasse 42 – 44 60323 Frankfurt/Main Germany

Trustee and Custodian HSBC Institutional Trust Services (Asia) Limited (“the Trustee”) (“the Custodian”) 滙豐機構信託服務(亞洲)有限公司 1 Queen’s Road Central Hong Kong

Auditor PricewaterhouseCoopers 22nd Floor Prince’s Building Central Hong Kong

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Manager’s Report

Allianz Choice Flexi Balanced Fund

Market Review

Global equities surged over Q4 2020, driven by positive news on several COVID-19 vaccines, optimism over Joe Biden’s victory in the US presidential election and further US stimulus measures. Sentiment was also lifted by relief that the UK and EU had agreed on a last-minute deal regarding their future trading relationship. US bond yields rose amid fears that enhanced fiscal stimulus would feed into higher inflation. In contrast, bond yields fell across Europe as the European Central Bank extended its monetary support in an attempt to stem the rise in the euro and raise inflation.

In Q1 2021, global equities rallied strongly over the first quarter of 2021 as the roll-out of COVID-19 vaccines boosted optimism over the outlook for economic growth. The prospect of massive fiscal stimulus in the US further lifted sentiment. In a change from recent quarters, US stocks lagged the gains in Japan and Europe as investors rotated out of highly-favoured growth stocks into ones with value characteristics. Global bonds sold off amid rising inflation expectations. US bonds recorded the worst quarter since the aftermath of 2016's surprise presidential election result. While yields on euro-zone bonds also moved higher, the upward yield movement was limited by resurgent COVID-19 infections across much of the EU, as well as by the European Central Bank’s pledge to step-up its asset purchase programme.

Outlook

With vaccine roll-out and supportive fiscal and monetary policy, US economic recovery shall remain on track to deliver strong growth in the coming quarters, which shall supportive risks sentiment. Although the on-going recovery in economy has resulted in significant re-pricing on monetary policy expectations in 1Q21, Fed officials continued to reiterate the strong commitment in maintaining accommodative monetary policy. Asset allocation and equity style exposure will be managed actively in a such rising interest rate environment. Within equity exposure, the fund continues to hold onto the names that would benefit from the post-covid-19 recovery. Within fixed income portfolio, the fund prefers shorter end of the global interest rate curve as the positive vaccine development may allow the broadening of economic recovery and point to steepening pressure. The fund also favors high grade quality corporates with strong balance sheet which offers yield enhancement opportunities over core government bonds.

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Manager’s Report (continued)

Allianz Choice Asian Fund

Market Review

Equity markets in Asia rose sharply over the six months ending 31 March 2021. Stocks were boosted by positive news on several fronts including the efficacy of COVID-19 vaccines, signs of a global economy recovery, hopes for improved US/China relations and optimism over the new US administration’s plans for massive fiscal support. In this environment, Chinese equities delivered double-digit gains. The Chinese economy expanded by 6.5% in the fourth quarter of 2020, taking growth for the full year to 2.3% and making China the only major economy to have returned to pre-pandemic growth levels. There was some profit taking in regional equities towards the end of the period with concerns that the strength of the economic recovery in China would lead to some tightening of both fiscal and monetary policy. Additionally, internet companies were impacted by the prospect of increased regulatory scrutiny.

Elsewhere, Taiwan and Korea rallied as semiconductor-related stocks, which are a big part of both markets, benefitted from robust demand linked to structural trends such as the roll-out of 5G infrastructure and ongoing adoption of new technologies. ASEAN markets also advanced. Singapore was among the strongest markets as it benefitted from rising confidence that global trade would increase. India equities also posted strong returns, boosted by upbeat corporate earnings and the announcement of a pro-growth budget.

In terms of sector performance, information technology was the strongest performer over the period, whilst consumer discretionary and energy lagged.

Outlook

There has been a significant pull back in regional equity markets since Chinese New Year. This is partly due to some natural profit taking after the strong rally, as well as concerns over the potential for tighter liquidity conditions as China’s economy continues to recover from the pandemic-related weakness last year.

Looking ahead, we believe the scope for policy tightening in China is quite limited. One notable economic challenge remains the difficulty that the smallest companies have in getting access to funding. The key policy goal in China is to balance overall system leverage, especially in the property sector, with providing an ongoing level of fiscal support. Overall, we see recent events as a healthy, albeit quite sharp, period of market consolidation and remain positive on the longer term outlook.

The portfolio continues to be relatively diversified with a focus towards stocks with strong earnings visibility and sustainable growth prospects. Key themes in the portfolio include exposure to regional internet companies, 5G infrastructure, semiconductors and the consumer upgrade cycle.

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Allianz Choice Lifestyle Funds (Allianz Choice Balanced Fund, Allianz Choice Capital Stable Fund, Allianz Choice Growth Fund and Allianz Choice Stable Growth Fund)

Market Review

Global equities surged over the fourth quarter of 2020 driven by positive news on several COVID-19 vaccines, optimism over Joe Biden’s victory in the US presidential election and further US stimulus measures. Sentiment was also lifted by relief that the UK and EU had agreed on a last-minute deal regarding their future trading relationship. It was a mixed quarter for bonds. US bond yields rose amid fears that enhanced fiscal stimulus would feed into higher inflation. In contrast, bond yields fell across Europe as the European Central Bank extended its monetary support in an attempt to stem the rise in the euro and raise inflation.

In the first quarter of 2021, global equities continued to rally strongly, as the roll-out of COVID-19 vaccines boosted optimism over the outlook for economic growth. The prospect of massive fiscal stimulus in the US further lifted sentiment, although rising bond yields were a concern. In a change from recent quarters, US stocks lagged the gains in Japan and Europe as investors rotated out of highly-favoured growth stocks into ones with value characteristics. Global bonds sold off amid rising inflation expectations. US bonds recorded the worst quarter since the aftermath of 2016's surprise presidential election result. While yields on euro-zone bonds also moved higher, the upward yield movement was limited by resurgent COVID-19 infections across much of the EU, as well as by the European Central Bank’s pledge to step-up its asset purchase program.

Outlook

We continue to remain positive in equities due to the roll-out of COVID-19 vaccines and also the faster race of vaccination would serve a key catalyst to boost economic growth and sentiment. However, we will closely monitor the effectiveness to the mutated virus and the overall covid situation. Within developed markets, we favour US and Europe over Japan. Large scale of monetary and fiscal stimulus in US continue to help cushion economic and market impact of the virus shock, but we expect volatility to persist given the economic uncertainty. We have a positive view on Europe including UK as the acceleration of vaccination and hence the increase expectation of re-opening from their lockdown policy. Compare with US, it seems that there appears limited monetary and fiscal policy stimulus in Japan to support growth with policy rate already in negative zone. We are neutral on Asia ex Japan region. Fed balance sheet expansion and Biden’s infrastructure fiscal spending should see weakness in the USD in medium terms, which could prove beneficial to Asian markets. However, the pace of vaccination still fairly slow compare with developed markets. In addition, the normalization of credit impulse in China should dampen investor sentiment on risky asset despite that China has been stepping out from covid and capacity resume back to normal.

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Manager’s Report (continued)

Allianz Choice Greater China Fund

Market Review

Greater China equities rose over the six months ending 31 March 2021. Stocks were boosted by positive news on several fronts including the efficacy of COVID-19 vaccines, signs of a global economy recovery, hopes for improved US/China relations and optimism over the new US administration’s plans for massive fiscal support. Chinese equities delivered double-digit gains as the economy expanded by a stronger-than-expected 6.5% in the fourth quarter of 2020, taking growth for the full year to 2.3% and making China the only major economy to have returned to pre-pandemic growth levels. Hong Kong equities also rallied and reached multi-year highs in February amid strong inflows from mainland Chinese investors. There was some profit taking towards the end of the period with concerns that the strength of the economic recovery in China would lead to a tightening of both fiscal and monetary policy. Additionally, internet companies were impacted by the prospect of increased regulatory scrutiny.

Taiwan equities also delivered strong returns. Semiconductor-related stocks, which form a big part of the market, benefitted from robust demand linked to structural trends such as the roll-out of 5G infrastructure and ongoing adoption of new technologies.

In terms of sector performance, information technology was one of the strongest performers over the period, whilst consumer discretionary and consumer staples lagged.

Outlook

There has been a significant pull back in China and Hong Kong equity markets since Chinese New Year. This is partly due to some natural profit taking after the strong rally, as well as concerns over the potential for tighter liquidity conditions as China’s economy continues to recover from the pandemic-related weakness last year.

The portfolio continues to be relatively diversified with a focus towards stocks with strong earnings visibility and sustainable growth prospects. Key themes in the portfolio include exposure to 5G-related infrastructure, semiconductors and the consumer upgrade cycle.

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Allianz Choice Global Equity Fund (15 January – 31 March 2021)

Market Review

Global equities rallied strongly over the first quarter of 2021 as the roll-out of COVID-19 vaccines boosted optimism over the outlook for economic growth. The prospect of massive fiscal stimulus in the US further lifted sentiment, although rising bond yields were a concern. In a change from recent quarters, US stocks lagged the gains in Japan and Europe as investors rotated out of highly-favoured growth stocks into ones with value characteristics. At a sector level, energy companies surged along with oil prices, while banks also soared as higher long-term bond yields lifted the outlook for their profit margins.

Outlook

Global equity markets continue to run with the reflation narrative. Led by the US, strong GDP and PMI numbers are boosting earnings expectations across the board, with more cyclical service sectors catching up with their manufacturing counterparts. Already, some commentators have moved on to the question of when monetary policy must inevitably tighten and bring the party to an end. The advanced state of this discourse should in and of itself give investors reason to pause. Sustained inflation has variously failed to manifest in the years since the 2008 financial crisis, most famously after the election of Donald Trump in 2016. And while the unprecedented depth of economic inactivity sets the stage for this year’s expected bounce, key long-term deflationary forces remain in place.

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Manager’s Report (continued)

Allianz Choice Hong Kong Fund

Market Review

Hong Kong equities rose over the six months ending 31st March 2021. Stocks were boosted by positive news on the efficacy of several COVID-19 vaccines, signs that the global economy was continuing to recover, especially in China. In terms of fundamentals, the Chinese economy expanded by a stronger-than-expected 6.5% in the fourth quarter of 2020, taking growth for the full year to 2.3%. This makes China the only major economy to have returned to pre-pandemic growth levels in 2020. Optimism over the recovery initially drove the market higher, with stocks touching record highs after financial markets re- opened in mid-February following Chinese New Year. However, the strength of the recovery fueled concerns of overheating and, with the country’s banking regulator warning of asset bubbles, fears grew that a gradual roll-back of fiscal policy would challenge equity market valuations. Additionally, technology shares were hit by the prospect of increased regulatory scrutiny.

The post Chinese New Year market correction also lead to style shifts from growth to value. During the review period, materials, financials and industrials stocks outperformed within the Hong Kong equity space; while consumer and telecommunications underperformed the broader market.

Outlook

As well as some natural profit taking, the market weakness since Chinese New Year has been caused by concerns over a potential tightening of monetary policy in China as the economic recovery accelerates.

In this context, recent dovish statements on credit policy from the PBOC should help to stabilise markets. The Q1 quarterly monetary policy committee (MPC) meeting focused on guiding down funding costs in real terms, confirming the 'no sharp turn’ policy stance. Given rising inflation expectations, the PBOC appears to be suggesting either no hike, or very limited increases, in policy rates this year.

One notable economic challenge in China remains the difficulty that the smallest (and typically unlisted) companies have getting access to funding. The policy messages suggest Beijing is still quite cautious about the growth recovery, and especially the unevenness across provinces. Equally, there are ongoing concerns about leverage in the property sector. So the key policy goal is to control overall system leverage while channelling funding away from real estate to other areas of the economy.

In terms of portfolio positioning, we continue to favor companies that can benefit from a recovery in economic growth post Covid-19. We also like companies that can benefit from the long term structural trends in China, including consumption upgrade, localization, manufacturing upgrade, renewable energy, etc.

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Allianz Choice Oriental Fund

Market Review

Equity markets in Asia Pacific rallied sharply over the six months ending 31 March 2021. Stocks were boosted by positive news on several fronts including the efficacy of COVID-19 vaccines, signs of a global economy recovery, hopes for improved US/ China relations and optimism over the new US administration’s plans for massive fiscal support. In this environment, Chinese equities delivered double-digit gains. The Chinese economy expanded by 6.5% in the fourth quarter of 2020, taking growth for the full year to 2.3% and making China the only major economy to have returned to pre-pandemic growth levels. There was some profit taking in regional equities towards the end of the period with concerns that the strength of the economic recovery in China would lead to some tightening of both fiscal and monetary policy. Additionally, internet companies were impacted by the prospect of increased regulatory scrutiny.

Elsewhere, Taiwan and Korea rallied as semiconductor-related stocks, which are a big part of both markets, benefitted from robust demand linked to structural trends such as the roll-out of 5G infrastructure and ongoing adoption of new technologies. ASEAN markets also advanced. Singapore was among the strongest markets as it benefitted from rising confidence that global trade would increase. Japanese equities also posted strong returns, helped by a weaker tone to the Japanese yen as well as interest in more economically sensitive stocks.

In terms of sector performance, information technology was the strongest performer over the period, whilst health care lagged.

Outlook

The portfolio continues to be invested primarily in North Asian markets such as China, Taiwan, Japan and Korea. This includes having significant exposure to sectors such as information technology and healthcare where we expect many companies to be well supported by structural growth drivers.

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Manager’s Report (continued)

Allianz Choice HK$ Liquidity Fund & Allianz Choice HK$ Cash Fund

Market Review

In Hong Kong, HKD spot rate stayed at the strong end of the band in Q4 2020 but started to depreciate slightly since end of February 2021. In March 2021, HKD depreciated by 0.23% against the USD, this was the largest movement in the currency since Q1 2020. However, Aggregate Balance remains at record high of HKD457 billion and short end Hong Kong interest rate continues to stay low, showing flush liquidity in the system. In the 2021/2022 fiscal budget, the government forecasted deficit spending to reach 3.6% of GDP. The budget included an additional fiscal package of around HKD120 billion. Key measures include funding support for pandemic response and vaccine procurement, support for enterprises and for individuals and households.

Outlook

The Hong Kong’s economy is expected to gradually recover this year and the government forecasted the 2021 GDP growth to reach between 3.5% to 5.5% this year, supported by the economy normalization and improved domestic consumption. Liquidity remains abundant which shall keep front end of Hong Kong’s rates low in the near future.

Allianz Choice RMB Money Market Fund

Market Review

The offshore RMB strengthened over the six-month period. In Q4 2020, the currency appreciated with a general risk-on sentiment owing to positive vaccine news, a perceived reduction in geopolitical risk with the election of Joe Biden, and the signing of the Regional Comprehensive Economic Partnership (RCEP) in mid-November which marked the creation of the world’s largest free-trade agreement. However, the offshore RMB started to depreciate in February 2021 with a wider risk off sentiment and a narrowing yield advantage over US. Economic data continued to be positive. China’s economy grew in the fourth quarter with Q4 GDP rising more than expectation, and industrial production also recorded a double digit growth year- on-year in February 2021.

Outlook

China’s growth recovery continues to be strong, and services and consumption shall lead recovery in 2021 if the pandemic remains contained. However, GDP sequential growth already passed the peak and will likely to slow. Looking forward we think industrial activities are likely to peak, while consumption demand is expected to continue improving as vaccinations are progressive rolled out. We think the government shall maintain a largely accommodative fiscal and monetary policy stance for the time being, though both are already pre-set on a gradual normalization trend.

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Allianz Choice “Best Styles” Europe Fund

Market Review

European equities rallied strongly over the fourth quarter of 2020 (in EUR terms), buoyed by positive vaccine news, hopes that EU/US relations may improve once Joe Biden is in the White House, and relief that the UK and EU had reached agreement on a trade deal. Spain, Italy and France – three of the countries worst affected by the pandemic – were among the best performers. However, gains were tempered in December by signs that the continent may be suffering a third wave of COVID-19, causing many countries to re-impose strict restrictions over the Christmas holiday period and into 2021.

European equities delivered robust gains over the first quarter of 2021 (in EUR terms), coming within touching distance of the record high set in February 2020. In general, investors looked beyond a new wave of COVID-19 infections to focus on the longer-term outlook for Europe’s globally focused companies. The appreciation picked up steam in March when the European Central Bank (ECB) pledged to speed up its bond-buying programme in an attempt to protect euro-zone companies from the pressures of rising global bond yields.

Outlook

There are clear signs that economic growth is picking up. Falling infection rates thanks to steady (if uneven) progress with vaccinations, milder temperatures in the northern hemisphere and the gradual easing of lockdown restrictions mean that economies are beginning to open up again against a backdrop of continued supportive monetary policy. This is especially true in the US where Joe Biden has announced massive stimulus plans and huge strides have been made on the vaccine front. However, with sentiment indicators pointing to a slowdown in the economic upswing, the outlook seems less bright in China. The same can be said of Europe, where infection rates are climbing and the vaccine rollout has got off to a slow start. Taken on its own, the cyclical tailwind should benefit corporate earnings, and consequently equity markets as well. Given the significant price increases of recent months, corporate earnings growth is a particularly important barometer for stock markets. Risk abounds primarily in the form of rising inflation risk, which could force the big central banks to change their monetary policy.

"Best Styles” will continue to be overweight in stocks with attractive valuation and stocks with positive momentum and positive revisions, in line with the longer-term strategic investment style mix of “Best Styles” Europe Equity.

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Manager’s Report (continued)

Allianz Choice “Best Styles” US Fund

Market Review

US stocks delivered double-digit gains over the fourth quarter of 2020, with major indices touching a series of fresh highs. The rally was driven by positive news on COVID-19 vaccines, as well as optimism over Joe Biden’s win in the presidential election.

US equities rallied over the first quarter of 2021, with the broad-based S&P 500 Index closing the quarter at a fresh record high. US stocks ratcheted steadily higher until mid-February, helped by a swift recovery in corporate earnings, signs of an easing in COVID-19 infections and the promise of massive fiscal stimulus. However, the size of the proposed stimulus measures triggered a sell-off in bonds, causing US stocks to reverse direction in the second half of February. Richly-valued growth stocks, in particular, were hit by a rise in long-term bond yields which lowered the value of their future earnings, while out-of-favour value stocks fared far better. March saw US companies resume their upward trend amid growing optimism over the outlook for the US economy. Smaller companies outstripped larger ones by a sizeable margin for much of the quarter.

Outlook

Our outlook for US equities remains favorable, with markets expecting strong double-digit earnings growth figures as the COVID-19 pandemic appears to be gradually in the rearview mirror thanks to the vaccine rollout and economic reopening. Given the significant price increases of recent months, corporate earnings growth is a particularly important barometer for stock markets, and any major disappointments could lead to a spike in volatility. The incessant government spending and higher inflation figures may translate to rising yields which could dampen stock expectations should rates outpace current expectations. Risk abounds primarily in the form of rising inflation risk, which could force the big central banks to change their monetary policy.

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Allianz Choice Global Fixed Income Fund

Market Review

Global government bond yields rose over the six-month period. In the US, the sell-off was driven by rising inflationary fears given incoming US president Joe Biden’s plans for massive fiscal stimulus. Risk aversion also decreased as the successful roll-out of COVID-19 vaccines spurred hopes of economic recovery. With short-term bond yields pegged by ultra-low interest rates, the yield curve continued to steepen. The Fed reiterated that it would continue with the current pace of its monthly bond-buying programme until “substantial further progress” had been made towards its twin goals of full employment and higher inflation.

In Europe, the upward movement in yields was relatively modest compared to US, heled by the European Central Bank’s (ECB) pledge to speed up its bond purchases. In addition, a third wave of COVID-19 infections across the continent helped to underpin demand for low-risk assets. Germany, France and Italy were among countries that were forced to tighten restrictions and extend lockdowns to help control rising COVID-19 infection rates and new mutations.

Outlook

With vaccine roll-out and supportive fiscal and monetary policy, US economic recovery shall remain on track to deliver strong growth in the coming quarters. While the on-going recovery in economy has resulted in significant re-pricing on monetary policy expectations in 1Q21, Fed officials continued to reiterate the strong commitment in maintaining accommodative monetary policy. We expect short end of the US Treasury yield curve shall be anchored by the official rates, but concern about higher inflationary pressure especially due to the low base effect in the Q2 may keep the longer end of the curve under upward pressure in the near term.

The fund currently holds an underweight position in the longer end of the global interest rate curve as vaccination shall allow the broadening of economic recovery with better growth prospect to be featured by higher long end rates. The fund also favors high grade quality corporates in the shorter end of the curve which offers attractive yield enhancement opportunities.

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Manager’s Report (continued)

Allianz Choice Japan Fund

Market Review

Japanese equities rose significantly during the period from October 2020 to March 2021. The TOPIX index (total return) ended the period up 21.5% in local terms.

Japanese equities steadily rose during the period, supported by positive news on several COVID-19 vaccines, the prospect of massive fiscal stimulus in the US as well as better-than-expected corporate earnings.

In terms of sector, cyclical sectors from energy to materials and financials outperformed as the market focused on a recovery of economy activities with COVID-19 vaccines. On the other hands, health care and consumer staples sectors underperformed due to the market rotation from growth/defensive stocks to value stocks.

Outlook

We expect the equity market will continue to be affected by COVID-19 vaccine effectiveness as well as COVID-19 situations. However, global economic recovery trend and robust corporate earnings, whose momentum is expected to accelerate in Apr- Jun season, will continue to support the equity market.

Under these circumstances, the portfolio is focused towards stocks with positive earnings momentum, a sensitivity to bond yields, and unique growth drivers, as well as paying attention to stock price valuations and shareholder return stances.

Allianz Global Investors Asia Pacific Limited 31 May 2021

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Allianz Choice Flexi Balanced Fund

Statement of Net Assets as at 31 March 2021 (unaudited) (Expressed in Hong Kong dollars)

31 March 30 September 2021 2020 HK$'000 HK$'000

Assets Current assets Financial assets at fair value through profit or loss 2,203,151 2,138,161 Amounts receivable on subscription 2,089 3,882 Amounts due from brokers 30,375 – Dividends and other receivables 1,303 225 Cash and cash equivalents 242,419 220,636

Total assets 2,479,337 2,362,904

Liabilities Current liabilities Financial liabilities at fair value through profit or loss 1,269 – Amounts payable on redemption 8,316 7,410 Amounts due to brokers 28,825 58,290 Accruals and other payables 1,610 1,298

Total liabilities (excluding net assets attributable to unitholders) 40,020 66,998

Net assets attributable to unitholders 2,439,317 2,295,906

Number of units outstanding Units Units – Ordinary Class A 112,420,611 113,417,525 – Ordinary Class C 241,570 247,139 – Ordinary Class F 1,000 1,000 – Ordinary Class I 925,564 955,886 – Administration Class A 792,120 901,524 – Administration Class B – 1,354

Net asset value per unit HK$ HK$ – Ordinary Class A 21.30 19.85 – Ordinary Class C 17.75 16.63 – Ordinary Class F 12.09 11.24 – Ordinary Class I 26.96 25.07 – Administration Class A 19.70 18.40 – Administration Class B – 16.54

Note: The semi-annual report of the Allianz Global Investors Choice Fund has been prepared in accordance with the same accounting policies adopted in the annual financial statements for the year ended 30 September 2020.

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Allianz Choice Flexi Balanced Fund

Statement of Comprehensive Income for the six months ended 31 March 2021 (unaudited) (Expressed in Hong Kong dollars)

For the For the period from period from 01 October 2020 01 October 2019 to 31 March 2021 to 31 March 2020 HK$'000 HK$'000

Income

Dividend income 5,027 4,350 Interest on bank deposits 8 150 Net gains/(losses) on financial assets and liabilities at fair value through profit or loss 169,830 (122,813) Net foreign exchange gains/(losses) 1,488 (4,645)

Total net income/(loss) 176,353 (122,958)

Expenses

Administration fee Note 1 (36) (29) Audit fees (75) (85) Bank charges Note 1 (14) (3) Communications – (17) Management fee Note 2 (5,327) (5,047) Legal and professional fees (27) (26) Printing and reporting (28) (62) Registrar and transfer agent fees Note 1 (86) (92) Safekeeping fees Note 1 (170) (166) Trustee fee Note 1 (554) (529) Miscellaneous expenses (34) (32) Transaction cost Note 1 (1,877) (903)

Total operating expenses (8,228) (6,991)

Net profits/(losses) before taxation 168,125 (129,949)

Taxation (620) (327)

Increase/(decrease) in net assets attributable to unitholders from operations 167,505 (130,276)

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Note 1 During the periods ended 31 March 2021 and 2020, other than Bank charges, Registrar and transfer agent fees, Safekeeping fees and Trustee fee paid to the Trustee or its Connected Persons, other respective amounts paid to the Trustee or its Connected Persons were as follows:

For the For the period from period from 01 October 2020 01 October 2019 to 31 March 2021 to 31 March 2020 HK$'000 HK$'000

Administration fee 36 28 Transaction cost 27 14

Note 2 During the periods ended 31 March 2021 and 2020, other than Management fee paid to the Manager, no other amounts paid to the Manager or its Connected Persons.

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Allianz Choice Flexi Balanced Fund

Statement of Changes in Net Assets Attributable to Unitholders for the six months ended 31 March 2021 (unaudited) (Expressed in Hong Kong dollars)

For the For the period from period from 01 October 2020 01 October 2019 to 31 March 2021 to 31 March 2020 HK$'000 HK$'000

Net assets attributable to unitholders at the beginning of the period 2,295,906 2,221,927

Subscription of units 290,687 291,125 Redemption of units (314,781) (321,629)

Net decrease from units transactions (24,094) (30,504)

Increase/(decrease) in net assets attributable to unitholders from operations 167,505 (130,276)

Balance at the end of the period 2,439,317 2,061,147

For the For the period from period from 01 October 2020 01 October 2019 to 31 March 2021 to 31 March 2020 Units Units

Ordinary Class A

Number of units in issue brought forward 113,417,525 117,279,670 Units issued during the period 13,848,264 15,334,149 Units redeemed during the period (14,845,178) (17,135,134)

Number of units in issue carried forward 112,420,611 115,478,685

Ordinary Class B

Number of units in issue brought forward – 593 Units issued during the period – – Units redeemed during the period – –

Number of units in issue carried forward – 593

Ordinary Class C

Number of units in issue brought forward 247,139 312,949 Units issued during the period – – Units redeemed during the period (5,569) (71,379)

Number of units in issue carried forward 241,570 241,570

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

For the For the period from period from 01 October 2020 01 October 2019 to 31 March 2021 to 31 March 2020 Units Units

Ordinary Class F

Number of units in issue brought forward 1,000 1,000 Units issued during the period – – Units redeemed during the period – –

Number of units in issue carried forward 1,000 1,000

Ordinary Class I

Number of units in issue brought forward 955,886 909,533 Units issued during the period 66,161 93,561 Units redeemed during the period (96,483) (103,280)

Number of units in issue carried forward 925,564 899,814

Administration Class A

Number of units in issue brought forward 901,524 689,894 Units issued during the period 79,968 125,814 Units redeemed during the period (189,372) (105,437)

Number of units in issue carried forward 792,120 710,271

Administration Class B

Number of units in issue brought forward 1,354 1,354 Units issued during the period – – Units redeemed during the period (1,354) –

Number of units in issue carried forward – 1,354

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Allianz Choice Flexi Balanced Fund

Cash Flow Statement for the six months ended 31 March 2021 (unaudited) (Expressed in Hong Kong dollars)

For the For the period from period from 01 October 2020 01 October 2019 to 31 March 2021 to 31 March 2020 HK$'000 HK$'000

Cash flows from operating activities

Increase/(decrease) in net assets attributable to unitholders from operations 167,505 (130,276)

Adjustments for: Dividend income (5,027) (4,350) Interest on bank deposits (8) (150) Taxation 620 327

Operating gain/(loss) before working capital changes 163,090 (134,449)

Net change in financial assets and financial liabilities at fair value through profit or loss (63,721) 181,134 Net change in amounts due from brokers (30,375) (8,111) Net change in amounts due to brokers (29,465) (60,585) Net change in other receivables excluding dividends receivable and interests receivable on deposits 41 131 Net change in accruals and other payables 312 (37)

Cash generated from/(used in) operations 39,882 (21,917)

Dividend income received 3,910 3,500 Interest on bank deposits received 6 151 Taxation paid (620) (327)

Net cash generated from/(used in) operating activities 43,178 (18,593)

Cash flows from financing activities

Proceeds from subscription of units 292,480 291,234 Payments on redemption of units (313,875) (310,813)

Net cash used in financing activities (21,395) (19,579)

Net increase/(decrease) in cash and cash equivalents 21,783 (38,172)

Cash and cash equivalents at beginning of the period 220,636 114,039

Cash and cash equivalents at end of the period 242,419 75,867

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Portfolio Statement as at 31 March 2021 (unaudited) (Expressed in Hong Kong dollars)

% of Holdings Listed/quoted investments Market Value Net Assets HK$'000

EQUITIES 28.8%

LISTED EQUITIES 28.8%

AUSTRALIA 3.2%

107,800 Aristocrat Leisure Ltd 21,926 0.9 78,300 National Australia Bank Ltd 12,055 0.5 320,800 QBE Insurance Group Ltd 18,274 0.8 33,935 Ramsay Health Care Ltd 13,463 0.5 600,200 Telstra Corp Ltd 12,084 0.5

CAYMAN ISLANDS 1.1%

123,200 Alibaba Group Holding Ltd 27,104 1.1

CHINA 5.7%

16,920 Bilibili Inc 14,010 0.6 754,000 BOC Hong Kong Holdings Ltd 20,471 0.8 1,913,000 China Construction Bank Corporation Ltd 12,511 0.5 372,000 China Mengniu Dairy Co Ltd 16,554 0.7 408,800 China Pacific Insurance Co Ltd 12,530 0.5 3,770,000 China Petroleum & Chemical Corp 15,608 0.6 46,500 Hangzhou Tigermed Consulting Co Ltd 7,147 0.3 29,050 Huazhu Group Ltd 12,166 0.5 47,900 Tencent Holdings Ltd 29,219 1.2

HONG KONG 4.1%

120,800 AIA Group Ltd 11,392 0.5 520,200 Budweiser Brewing Co APAC Ltd 12,069 0.5 2,189,200 Chow Tai Fook 26,008 1.1 1,003,000 HKT Trust & HKT Ltd 11,113 0.4 335,300 Link Reit 23,739 1.0 1,773,000 NWS Holdings Ltd 14,556 0.6

JAPAN 2.9%

30,700 Lasertec Corporation 31,363 1.3 282,300 Marubeni Corp 18,289 0.7 26,000 Sony Group Corp 21,210 0.9

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Allianz Choice Flexi Balanced Fund

Portfolio Statement (continued) as at 31 March 2021 (unaudited) (Expressed in Hong Kong dollars)

% of Holdings Listed/quoted investments (continued) Market Value Net Assets HK$’000

EQUITIES 28.8% (continued)

LISTED EQUITIES 28.8% (continued)

SINGAPORE 1.1%

115,800 Jardine Cycle & Carriage Ltd 15,083 0.6 538,300 Singapore Technologies Engineering Ltd 12,116 0.5

SOUTH KOREA 1.4%

24,091 KIA Corp 13,720 0.6 35,754 Samsung Electronics Co Ltd 19,992 0.8

TAIWAN 0.5%

846,000 United Microelectronics 11,572 0.5

UNITED KINGDOM 1.2%

37,500 AstraZeneca Plc 29,150 1.2

UNITED STATES 7.6%

7,000 Accenture Plc 15,034 0.6 37,500 Ametek Inc 37,239 1.5 15,100 Ecolab Inc 25,130 1.0 10,000 Generac Holdings Inc 25,457 1.1 8,700 Intuit Inc 25,909 1.1 11,000 Microsoft Corp 20,163 0.8 65,250 Valero Energy Corp 36,321 1.5

Total Listed Equities 701,747 28.8

Total Equities 701,747 28.8

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

% of Holdings Listed/quoted investments (continued) Market Value Net Assets HK$’000

FIXED INCOME 61.5%

LISTED FIXED INCOME 54.3%

AUD Fixed Income 0.8%

2,000,000 Standard Chartered Plc Var 28 June 2025 12,462 0.5 1,000,000 UBS Group AG Var Perp 31 December 2049 6,048 0.3

CNH Fixed Income 3.5%

15,000,000 Agricultural Development Bank China 3.05% 27 October 2023 18,138 0.7 25,000,000 Agricultural Development Bank China 2.6% 11 August 2023 29,611 1.2 5,000,000 Agricultural Development Bank of China 3.18% 06 November 2022 6,044 0.3 4,000,000 Bank of China (Macau Branch) 3.15% 21 September 2022 4,779 0.2 6,000,000 Bank of China Hong Kong 2.8% 14 January 2023 7,176 0.3 5,500,000 Bank of Communication HK 3.15% 22 January 2022 6,566 0.3 8,000,000 China Construct Bank Sg 3.15% 12 November 2021 9,595 0.4 3,000,000 KFW 2.7% 25 March 2024 3,564 0.1

EUR Fixed Income 3.0%

1,000,000 Allianz Se Var Perp 31 December 2049 9,399 0.4 2,000,000 BP Capital Markets Plc Var Perp 31 December 2049 20,082 0.8 600,000 Cooperative Rabobank UA Var Perp 31 December 2049 5,661 0.2 1,000,000 Total Se Var Perp 31 December 2049 9,177 0.4 3,000,000 Volkswagen International Finance Nv Var Perp 29,741 1.2

GBP Fixed Income 2.2%

3,000,000 BP Capital Markets Plc Var Perp 31 December 2049 35,270 1.5 1,500,000 Prudential Plc Var 20 July 2049 17,146 0.7

HKD Fixed Income 1.1%

27,000,000 Link 2019 CB Ltd Conv 1.6% 3 April 2024 27,517 1.1

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Allianz Choice Flexi Balanced Fund

Portfolio Statement (continued) as at 31 March 2021 (unaudited) (Expressed in Hong Kong dollars)

% of Holdings Listed/quoted investments (continued) Market Value Net Assets HK$’000

FIXED INCOME 61.5% (continued)

LISTED FIXED INCOME 54.3% (continued)

SGD Fixed Income 0.5%

2,000,000 UBS Group AG Var Perp 31 December 2049 12,413 0.5

USD Fixed Income 43.2%

1,500,000 AIA Group Ltd Var Perp 31 December 2049 11,662 0.5 3,700,000 Airport Authority Hk Var Perp 31 December 2049 28,977 1.2 1,000,000 Anhui Provincial Investment Group Holding Co Ltd 4.875% 18 October 2021 8,098 0.3 2,000,000 Asahi Mutual Life Insurance Var Perp 31 December 2049 15,468 0.6 1,820,000 Aust & NZ Banking Group Var Perp 16,840 0.7 3,200,000 Azure Nova International Finance Ltd 3.5% 21 March 2022 25,436 1.0 2,100,000 Azure Orbit IV International Finance 3.75% 25 January 2023 17,158 0.7 500,000 Bank of Tokyo-Mitsubishi UFJ 2.85% 08 September 2021 3,937 0.2 1,800,000 Blossom Joy Ltd Var Perp 31 December 2049 14,397 0.6 3,700,000 Bluestar Financial Holdings Var Perp 31 December 2049 29,425 1.2 3,000,000 BOC Aviation Ltd 2.75% 02 December 2023 24,428 1.0 1,000,000 BOC Aviation Ltd 3.25% 29 April 2025 8,256 0.3 1,100,000 Bocom Leasing Management 4% 22 January 2022 8,790 0.4 1,300,000 BP Capital Markets Plc Var Perp 31 December 2049 10,683 0.4 1,800,000 CCCI Treasure Ltd Var Perp 31 December 2049 14,094 0.6 3,000,000 CDBL Funding Two 3% 1 August 2022 23,944 1.0 3,300,000 China Huadian Overseas Var Perp 27,085 1.1 3,800,000 China Life Insurance Var 27 July 2027 30,282 1.2 400,000 China Overseas Finance 3.95% 15 November 2022 3,296 0.1 1,000,000 China Resources Land Ltd Var Perp 31 December 2049 8,215 0.3 1,500,000 China State Construction Finance ll 3.375% 29 November 2022 12,067 0.5 1,000,000 CITIC Ltd 3.125% 28 February 2022 7,933 0.3 2,800,000 CITIC Ltd 6.625% 15 April 2021 22,465 0.9 5,000,000 CLP Power HK Finance Ltd Var Perp 31 December 2049 40,329 1.7 3,300,000 CMB Wing Lung Bank Ltd Var 22 November 2027 26,770 1.1 2,600,000 CMHI Finance Bvi Co Ltd Var Perp 21,234 0.9 500,000 CN Huaneng Gp Hk Treasur Var Perp 31 December 2049 3,995 0.2

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

% of Holdings Listed/quoted investments (continued) Market Value Net Assets HK$’000

FIXED INCOME 61.5% (continued)

LISTED FIXED INCOME 54.3% (continued)

USD Fixed Income 43.2% (continued)

1,500,000 CNRC Capitale Ltd 3.9% 31 December 2049 12,045 0.5 3,300,000 CRCC Chengan Ltd Var Perp 31 December 2049 26,740 1.1 1,500,000 CSSC Capital One Ltd 4.125% 27 September 2021 11,827 0.5 2,500,000 Dah Sing Bank Ltd Var 30 November 2026 20,010 0.8 1,000,000 Dianjian Haiyu Ltd Var Perp 31 December 2049 7,883 0.3 1,500,000 Dianjian International Finance Ltd Var Perp 12,279 0.5 3,000,000 Elect Global Investments Ltd Var Perp 31 December 2049 23,893 1.0 2,500,000 Far East Horizon Ltd 2.625% 03 March 2024 19,597 0.8 1,700,000 GLP China Holdings Ltd 2.95% 29 March 2026 13,123 0.5 3,500,000 Huarong Finance 2017 Co Var Prep 29 December 2049 28,031 1.2 3,800,000 Huarong Finance Var Perp 30,094 1.2 800,000 ICBCIL Finance Co Ltd 3.375% 05 April 2022 6,463 0.3 4,000,000 ICBCIL Finance Co Ltd 3.65% 5 March 2022 31,924 1.3 1,600,000 Inventive Global Investment Ltd 1.5% 15 July 2023 12,517 0.5 1,400,000 Inventive Global Investments Ltd 3.875% 19 September 2021 11,045 0.5 2,100,000 Leader Goal International Ltd 29 December 2049 16,996 0.7 3,500,000 Mega Advance Investments 5% 12 May 2021 27,924 1.1 1,400,000 Mizuho Financial Group 4.2% 18 July 2022 11,448 0.5 1,000,000 QBE Insurance Group Ltd Var 17 June 2046 8,613 0.4 2,800,000 Shanghai Commercial Bank Var 29 November 2027 22,646 0.9 600,000 Shenzhen International Holding Var Perp 31 December 2049 4,879 0.2 2,400,000 Sihcinternational Capital 3.95% 26 September 2021 18,883 0.8 3,000,000 Sinopec Group Overseas Development 2% 29 September 2021 23,474 1.0 1,500,000 SPIC 2018 USD Var Perp 31 December 2049 12,518 0.5 2,000,000 Standard Chartered Plc Var 12 February 2030 16,086 0.7 3,000,000 Standard Chartered Plc Var 20 January 2023 24,159 1.0 1,700,000 Sunny Express Var Perp 31 December 2049 13,659 0.6 3,600,000 Swiss Re Finance Luxembourg Var Perp 31 December 2049 29,990 1.2 1,300,000 Towngas Finance Ltd Var Perp 31 December 2049 10,835 0.4 1,800,000 UBS AG 5.125% 15 May 2024 16,081 0.7 2,000,000 United Overseas Bank Ltd Ser Emtn Var 16 September 2026 15,748 0.6 4,000,000 United Overseas Bank Ltd Var 8 March 2027 31,650 1.3 2,000,000 US Treasury 1.75% 31 July 2021 15,682 0.6

Total Listed Fixed Income 1,324,395 54.3

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Allianz Choice Flexi Balanced Fund

Portfolio Statement (continued) as at 31 March 2021 (unaudited) (Expressed in Hong Kong dollars)

% of Holdings Listed/quoted investments (continued) Market Value Net Assets HK$’000

FIXED INCOME 61.5% (continued)

UNLISTED BUT QUOTED FIXED INCOME 7.2%

AUD Fixed Income 0.3%

1,000,000 QBE Insurance Group Ltd 25 August 2036 6,017 0.3

CNH Fixed Income 3.3%

5,000,000 China Development Bank Hong Kong 2.8% 23 March 2022 5,935 0.2 10,000,000 China Development Bank Corp (Hong Kong Branch) 2% 06 April 2021 12,083 0.5 13,000,000 HKCG Finance Ltd 4.45% 26 September 2021 15,865 0.6 20,000,000 Hong Kong Mortgage Corp 2.75% 17 February 2022 23,771 1.0 20,000,000 Hong Kong Mortgage Corp Ltd 2.6% 17 August 2021 24,065 1.0

USD Fixed Income 3.6%

1,500,000 Commonwealth Bank of Australia Var 20 October 2026 11,971 0.5 500,000 EFG International Ag Var Perp 31 December 2049 4,052 0.1 1,700,000 Meiji Yasuda Life Insurance Co Var 20 October 2045 15,275 0.6 2,100,000 Nippon Life Insurance Var 16 October 2044 18,817 0.8 4,700,000 Scentre Group Trust 2 Var 24 September 2080 38,355 1.6

Total Unlisted but Quoted Fixed Income 176,206 7.2

Total Fixed Income 1,500,601 61.5

FORWARD CONTRACTS (0.0%) (466) (0.0)

Total Investments 2,201,882 90.3

Other Net Assets 237,435 9.7

Net Assets Attributable to Unitholders as at 31 March 2021 2,439,317 100.0

Total Investments, at Cost 2,022,480

Note: Investments are accounted for on a trade date basis.

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Statement of Movements in Portfolio Holdings for the six months ended 31 March 2021 (unaudited)

% of % of Net Assets Net Assets as at as at 31 March 30 September 2021 2020

Equities

LISTED EQUITIES

Australia 3.2 2.0 Cayman Islands 1.1 2.0 China 5.7 4.0 Germany – 1.7 Hong Kong 4.1 2.3 Japan 2.9 1.2 Singapore 1.1 – South Korea 1.4 0.6 Taiwan 0.5 – Thailand – 0.8 United Kingdom 1.2 1.4 United States 7.6 7.1

Total Listed Equities 28.8 23.1

Total Equities 28.8 23.1

Fixed Income

LISTED FIXED INCOME

AUD Fixed Income 0.8 1.3 CNH Fixed Income 3.5 1.7 EUR Fixed Income 3.0 1.4 GBP Fixed Income 2.2 1.6 HKD Fixed Income 1.1 1.2 SGD Fixed Income 0.5 0.4 USD Fixed Income 43.2 52.5

Total Listed Fixed Income 54.3 60.1

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Allianz Choice Flexi Balanced Fund

Statement of Movements in Portfolio Holdings (continued) for the six months ended 31 March 2021 (unaudited)

% of % of Net Assets Net Assets as at as at 31 March 30 September 2021 2020

Fixed Income (continued)

UNLISTED BUT QUOTED FIXED INCOME

AUD Fixed Income 0.3 0.2 CNH Fixed Income 3.3 1.5 USD Fixed Income 3.6 8.1

Total Unlisted but Quoted Fixed Income 7.2 9.8

Total Fixed Income 61.5 69.9

Forward Contracts (0.0) 0.1

Total Portfolio Investments 90.3 93.1

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Details in respect of financial derivative instruments as at 31 March 2021 (unaudited)

The financial derivative instruments held by the fund as at 31 March 2021 are summarised below:

Forward contracts

The details of forward contracts held by the fund as at 31 March 2021 are as follows:

Currency/ Currency/ Amount sold Amount bought Settlement date Counterparty Market Value HK$’000

Financial assets:

The Hongkong and Shanghai Banking Corporation Limited, AUD3,610,000 HKD21,511,470 11 June 2021 Hong Kong 130 The Hongkong and Shanghai Banking Corporation Limited, AUD2,000,000 USD1,535,235 11 June 2021 Hong Kong 87 The Hongkong and Shanghai Banking Corporation Limited, EUR4,928,000 USD5,861,175 11 June 2021 Hong Kong 472 The Hongkong and Shanghai Banking Corporation Limited, GBP1,800,000 HKD19,343,606 11 June 2021 Hong Kong 34 The Hongkong and Shanghai Banking Corporation Limited, GBP2,971,000 HKD31,952,392 11 June 2021 Hong Kong 80

803

Financial liabilities:

The Hongkong and Shanghai Banking Corporation Limited, USD57,700,000 HKD447,264,031 04 May 2021 Hong Kong (1,269)

(1,269)

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Allianz Choice Asian Fund

Statement of Net Assets as at 31 March 2021 (unaudited) (Expressed in Hong Kong dollars)

31 March 30 September 2021 2020 HK$’000 HK$’000

Assets Current assets Financial assets at fair value through profit or loss 10,079,141 7,739,379 Amounts receivable on subscription 1,707 1,773 Amounts due from brokers 38,730 – Dividends and other receivables 23,364 7,433 Cash and cash equivalents 445,223 305,411

Total assets 10,588,165 8,053,996

Liabilities Current liabilities Amounts payable on redemption 61,410 9,618 Amounts due to brokers 52,245 16,187 Accruals and other payables 2,295 1,759

Total liabilities (excluding net assets attributable to unitholders) 115,950 27,564

Net assets attributable to unitholders 10,472,215 8,026,432

Number of units outstanding Units Units – Ordinary Class A 33,290,158 34,090,835 – Ordinary Class B 32,828 32,828 – Ordinary Class C 170,658 179,095 – Ordinary Class F 153,448,144 179,149,917 – Ordinary Class I 71,954,848 53,481,653 – Administration Class A 5,633,854 5,457,755 – Administration Class B – 847

Net asset value per unit HK$ HK$ – Ordinary Class A 58.34 48.18 – Ordinary Class B 55.90 46.25 – Ordinary Class C 48.65 40.40 – Ordinary Class F 20.50 16.89 – Ordinary Class I 70.46 58.06 – Administration Class A 54.06 44.75 – Administration Class B – 41.38

Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Statement of Comprehensive Income for the six months ended 31 March 2021 (unaudited) (Expressed in Hong Kong dollars)

For the period For the period from 01 October from 01 October 2020 to 31 March 2019 to 31 March 2021 2020 HK$’000 HK$’000

Income

Dividend income 49,205 28,720 Interest on bank deposits 13 78 Net gains/(losses) on financial assets and liabilities at fair value through profit or loss 1,766,390 (274,200) Net foreign exchange losses (9,168) (4,925)

Total net income/(loss) 1,806,440 (250,327)

Expenses

Administration fee Note 1 (656) (395) Audit fees (234) (173) Bank charges Note 1 (72) (12) Communications – (15) Management fee Note 2 (4,975) (3,320) Legal and professional fees (35) (52) Printing and reporting (32) (68) Registrar and transfer agent fees Note 1 (127) (85) Safekeeping fees Note 1 (1,423) (791) Trustee fee Note 1 (2,069) (1,176) Miscellaneous expenses (101) (91) Transaction cost Note 1 (21,189) (16,220)

Total operating expenses (30,913) (22,398)

Operating profit/(loss) 1,775,527 (272,725)

Taxation (14,060) (4,575)

Increase/(decrease) in net assets attributable to unitholders from operations 1,761,467 (277,300)

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Allianz Choice Asian Fund

Statement of Comprehensive Income (continued) for the six months ended 31 March 2021 (unaudited) (Expressed in Hong Kong dollars)

For the period For the period from 01 October from 01 October 2020 to 31 March 2019 to 31 March 2021 2020 HK$’000 HK$’000

Administration fee 653 388 Transaction cost 1,198 1,233

Note 2 During the periods ended 31 March 2021 and 2020, other than Management fee paid to the Manager, no other amounts paid to the Manager or its Connected Persons.

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Statement of Changes in Net Assets Attributable to Unitholders for the six months ended 31 March 2021 (unaudited) (Expressed in Hong Kong dollars)

For the period For the period from 01 October from 01 October 2020 to 31 March 2019 to 31 March 2021 2020 HK$’000 HK$’000

Net assets attributable to unitholders at the beginning of the period 8,026,432 5,007,686

Subscription of units 1,552,904 731,215 Redemption of units (868,588) (278,570)

Net increase from units transactions 684,316 452,645

Increase/(decrease) in net assets attributable to unitholders from operations 1,761,467 (277,300)

Balance at the end of the period 10,472,215 5,183,031

For the period For the period from 01 October from 01 October 2020 to 31 March 2019 to 31 March 2021 2020 Units Units

Ordinary Class A

Number of units in issue brought forward 34,090,835 35,063,753 Units issued during the period 3,503,304 2,610,251 Units redeemed during the period (4,303,981) (2,916,906)

Number of units in issue carried forward 33,290,158 34,757,098

Ordinary Class B

Number of units in issue brought forward 32,828 32,828 Units issued during the period – – Units redeemed during the period – –

Number of units in issue carried forward 32,828 32,828

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Allianz Choice Asian Fund

Statement of Changes in Net Assets Attributable to Unitholders (continued) for the six months ended 31 March 2021 (unaudited) (Expressed in Hong Kong dollars)

For the period For the period from 01 October from 01 October 2020 to 31 March 2019 to 31 March 2021 2020 Units Units

Ordinary Class C

Number of units in issue brought forward 179,095 154,162 Units issued during the period 4,635 14,851 Units redeemed during the period (13,072) (1,208)

Number of units in issue carried forward 170,658 167,805

Ordinary Class F

Number of units in issue brought forward 179,149,917 202,256,543 Units issued during the period 1,326,436 671,508 Units redeemed during the period (27,028,209) (12,319,486)

Number of units in issue carried forward 153,448,144 190,608,565

Ordinary Class I

Number of units in issue brought forward 53,481,653 27,252,883 Units issued during the period 18,628,099 14,213,088 Units redeemed during the period (154,904) (137,732)

Number of units in issue carried forward 71,954,848 41,328,239

Administration Class A

Number of units in issue brought forward 5,457,755 5,337,206 Units issued during the period 892,667 441,373 Units redeemed during the period (716,568) (567,248)

Number of units in issue carried forward 5,633,854 5,211,331

Administration Class B

Number of units in issue brought forward 847 3,624 Units issued during the period – – Units redeemed during the period (847) (2,777)

Number of units in issue carried forward – 847

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Cash Flow Statement for the six months ended 31 March 2021 (unaudited) (Expressed in Hong Kong dollars)

For the period For the period from 01 October from 01 October 2020 to 31 March 2019 to 31 March 2021 2020 HK$’000 HK$’000

Cash flows from operating activities

Increase/(decrease) in net assets attributable to unitholders from operations 1,761,467 (277,300)

Adjustments for: Dividend income (49,205) (28,720) Interest on bank deposits (13) (78) Taxation 14,060 4,575

Operating gain/(loss) before working capital changes 1,726,309 (301,523)

Net change in financial assets and financial liabilities at fair value through profit or loss (2,339,762) (145,638) Net change in amounts due from brokers (38,730) 32,032 Net change in amounts due to brokers 36,058 (1,711) Net change in other receivables excluding dividends receivable and interests receivable on deposits (21) (14) Net change in accruals and other payables 536 (188)

Cash used in operations (615,610) (417,042)

Dividend income received 33,295 28,507 Interest on bank deposits received 13 81 Taxation paid (14,060) (4,575)

Net cash used in operating activities (596,362) (393,029)

Cash flows from financing activities

Proceeds from subscription of units 1,552,970 727,533 Payments on redemption of units (816,796) (284,994)

Net cash generated from financing activities 736,174 442,539

Net increase in cash and cash equivalents 139,812 49,510

Cash and cash equivalents at beginning of the period 305,411 108,014

Cash and cash equivalents at end of the period 445,223 157,524

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Allianz Choice Asian Fund

Portfolio Statement as at 31 March 2021 (unaudited) (Expressed in Hong Kong dollars)

% of Holdings Listed/quoted investments Market Value Net Assets HK$’000

EQUITIES 96.2%

LISTED EQUITIES 96.2%

CAYMAN ISLANDS 10.1%

4,126,300 Alibaba Group Holding Ltd 907,786 8.7 216,377 TAL Education Group 90,587 0.8 772,000 Yihai International Holding Ltd 62,146 0.6

CHINA 34.2%

2,606,950 Aier Eye Hospital Group Co Ltd 183,024 1.7 2,221,500 Anhui Conch Cement Co Ltd 112,297 1.1 87,881 Baidu Inc 148,636 1.4 16,640 Bilibili Inc 13,778 0.1 3,014,500 BOC Hong Kong Holdings Ltd 81,844 0.8 6,662,000 Cheerwin Group Ltd 59,625 0.6 15,219,000 China Construction Bank Corporation Ltd 99,532 0.9 4,357,000 China Mengniu Dairy Co Ltd 193,886 1.9 2,064,000 China Merchants Bank Co Ltd 122,498 1.2 1,035,500 China Mobile Ltd 52,759 0.5 27,598,000 China Petroleum & Chemical Corp 114,256 1.1 2,332,000 China Resources Land Ltd 87,800 0.8 1,991,873 Country Garden Services Holdings Co Ltd 156,960 1.5 114,522 Daqo New Energy Corp 67,221 0.6 1,379,000 Flat Glass Group Co Ltd 32,475 0.3 76,393 Kweichow Moutai Co Ltd 181,853 1.7 792,900 Meituan 236,443 2.3 4,194,500 Ping An Insurance (Group) Company of China Ltd 388,201 3.7 1,418,900 Tencent Holdings Ltd 865,529 8.3 173,431 Trip Com Group Ltd 53,434 0.5 2,689,060 Venustech Group Inc 106,327 1.0 2,341,000 Wuxi Biologics Cayman Inc 227,896 2.2

HONG KONG 7.0%

2,876,400 AIA Group Ltd 271,245 2.6 711,000 Hong Kong Exchanges and Clearing Ltd 325,211 3.1 472,500 Sun Hung Kai Properties Ltd 55,660 0.5 641,500 Techtronic Industries Co Ltd 85,320 0.8

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

% of Holdings Listed/quoted investments (continued) Market Value Net Assets HK$’000

EQUITIES 96.2% (continued)

LISTED EQUITIES 96.2% (continued)

INDIA 6.5%

1,490,297 HDFC Bank Ltd 236,697 2.2 2,096,341 Reliance Industries Ltd 446,514 4.3

INDONESIA 1.2%

7,327,600 Bank Central Asia Tbk PT 121,878 1.2

PHILIPPINES 0.8%

6,750,420 Bank of The Philippine Islands 88,121 0.8

SINGAPORE 3.0%

2,083,900 City Developments Ltd 96,223 0.9 81,963 Sea Ltd 142,246 1.4 514,800 United Overseas Bank Ltd 76,942 0.7

SOUTH KOREA 13.3%

47,786 Kakao Corp 163,474 1.6 38,791 LG Chemical Ltd 214,510 2.0 8,254 Ncsoft Corp 49,499 0.5 1,265,529 Samsung Electronics Co Ltd 707,645 6.8 192,816 Samsung Life Insurance Co Ltd 103,446 1.0 105,591 SK Hynix Inc 96,109 0.9 95,926 S-Oil Corp 53,507 0.5

TAIWAN 15.9%

1,334,000 Accton Technology Corporation 100,320 1.0 191,000 Asmedia Technology Inc 77,543 0.8 6,548,190 Cathay Financial Holdings Co Ltd 85,552 0.8 1,296,000 Delta Electronics Inc 101,700 1.0 565,000 MediaTek Inc 149,174 1.4 123,000 Silergy Corp 77,250 0.7 6,155,000 Taiwan Semiconductor Manufacturing Co Ltd 984,438 9.4 6,325,000 United Microelectronics 86,514 0.8

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Allianz Choice Asian Fund

Portfolio Statement (continued) as at 31 March 2021 (unaudited) (Expressed in Hong Kong dollars)

% of Holdings Listed/quoted investments (continued) Market Value Net Assets HK$’000

EQUITIES 96.2% (continued)

LISTED EQUITIES 96.2% (continued)

THAILAND 4.2%

14,679,800 C.P. All Pcl 252,906 2.4 3,218,400 Kasikornbank Pcl 116,099 1.1 8,237,700 Minor International Pcl 66,605 0.7

Total Listed Equities 10,079,141 96.2

Total Equities 10,079,141 96.2

Total Investments 10,079,141 96.2

Other Net Assets 393,074 3.8

Net Assets Attributable to Unitholders as at 31 March 2021 10,472,215 100.0

Total Investments, at Cost 7,674,678

Note: Investments are accounted for on a trade date basis.

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Statement of Movements in Portfolio Holdings for the six months ended 31 March 2021 (unaudited)

% of % of Net Assets Net Assets as at as at 31 March 30 September 2021 2020

Equities

LISTED EQUITIES

Cayman Islands 10.1 13.0 China 34.2 33.3 Hong Kong 7.0 8.1 India 6.5 8.8 Indonesia 1.2 0.5 Philippines 0.8 0.9 Singapore 3.0 2.2 South Korea 13.3 13.5 Taiwan 15.9 13.8 Thailand 4.2 2.3

Total Listed Equities 96.2 96.4

Total Equities 96.2 96.4

Total Portfolio Investments 96.2 96.4

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Allianz Choice Balanced Fund

Statement of Net Assets as at 31 March 2021 (unaudited) (Expressed in Hong Kong dollars)

31 March 30 September 2021 2020 HK$’000 HK$’000

Assets Current assets Financial assets at fair value through profit or loss 4,951,947 4,573,548 Amounts receivable on subscription 1,043 4,503 Amounts due from brokers 44,768 9,500 Dividends and other receivables 1 1 Cash and cash equivalents 279,447 232,445

Total assets 5,277,206 4,819,997

Liabilities Current liabilities Amounts payable on redemption 6,199 12,171 Amounts due to brokers 10,524 – Accruals and other payables 2,493 2,300

Total liabilities (excluding net assets attributable to unitholders) 19,216 14,471

Net assets attributable to unitholders 5,257,990 4,805,526

Number of units outstanding Units Units – Ordinary Class A 75,472,074 79,796,610 – Ordinary Class B 2,506,762 2,575,476 – Ordinary Class C 1,964,989 1,932,129 – Ordinary Class I 30,460,840 30,817,737 – Administration Class A 8,967,012 9,302,814 – Administration Class B 321,842 352,036

Net asset value per unit HK$ HK$ – Ordinary Class A 44.57 39.09 – Ordinary Class B 31.44 27.60 – Ordinary Class C 24.98 22.02 – Ordinary Class I 48.09 42.09 – Administration Class A 32.49 28.56 – Administration Class B 30.91 27.21

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Statement of Comprehensive Income for the six months ended 31 March 2021 (unaudited) (Expressed in Hong Kong dollars)

For the period For the period from 01 October from 01 October 2020 to 31 March 2019 to 31 March 2021 2020 HK$’000 HK$’000

Income

Dividend income 3,334 5,012 Interest on bank deposits 21 105 Net gains/(losses) on financial assets and liabilities at fair value through profit or loss 672,823 (323,942) Net foreign exchange losses (550) (2,606)

Total net income/(loss) 675,628 (321,431)

Expenses

Administration fee Note 1 (668) (1,395) Audit fees (135) (147) Bank charges Note 1 (8) (4) Communications – (1) Management fee Note 2 (8,739) (8,473) Legal and professional fees (12) (20) Printing and reporting (26) (59) Registrar and transfer agent fees Note 1 (139) (122) Safekeeping fees Note 1 (29) (40) Miscellaneous expenses (16) (18) Transaction cost (260) (165)

Total operating expenses (10,032) (10,444)

Net profits/(losses) before taxation 665,596 (331,875)

Taxation (1,000) (664)

Increase/(decrease) in net assets attributable to unitholders from operations 664,596 (332,539)

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Allianz Choice Balanced Fund

Statement of Comprehensive Income (continued) for the six months ended 31 March 2021 (unaudited) (Expressed in Hong Kong dollars)

Note 1 During the periods ended 31 March 2021 and 2020, other than Bank charges, Registrar and transfer agent fees and Safekeeping fees paid to the Trustee or its Connected Persons, other respective amounts paid to the Trustee or its Connected Persons were as follows:

For the period For the period from 01 October from 01 October 2020 to 31 March 2019 to 31 March 2021 2020 HK$’000 HK$’000

Administration fee 315 262

Note 2 During the periods ended 31 March 2021 and 2020, other than Management fee paid to the Manager, no other amounts paid to the Manager or its Connected Persons.

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Statement of Changes in Net Assets Attributable to Unitholders for the six months ended 31 March 2021 (unaudited) (Expressed in Hong Kong dollars)

For the period For the period from 01 October from 01 October 2020 to 31 March 2019 to 31 March 2021 2020 HK$’000 HK$’000

Net assets attributable to unitholders at the beginning of the period 4,805,526 4,415,213

Subscription of units 326,421 256,550 Redemption of units (538,553) (318,095)

Net decrease from units transactions (212,132) (61,545)

Increase/(decrease) in net assets attributable to unitholders from operations 664,596 (332,539)

Balance at the end of the period 5,257,990 4,021,129

For the period For the period from 01 October from 01 October 2020 to 31 March 2019 to 31 March 2021 2020 Units Units

Ordinary Class A

Number of units in issue brought forward 79,796,610 82,394,261 Units issued during the period 5,494,965 5,578,210 Units redeemed during the period (9,819,501) (5,496,028)

Number of units in issue carried forward 75,472,074 82,476,443

Ordinary Class B

Number of units in issue brought forward 2,575,476 2,899,862 Units issued during the period 216,931 204,850 Units redeemed during the period (285,645) (528,884)

Number of units in issue carried forward 2,506,762 2,575,828

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Allianz Choice Balanced Fund

Statement of Changes in Net Assets Attributable to Unitholders (continued) for the six months ended 31 March 2021 (unaudited) (Expressed in Hong Kong dollars)

For the period For the period from 01 October from 01 October 2020 to 31 March 2019 to 31 March 2021 2020 Units Units

Ordinary Class C

Number of units in issue brought forward 1,932,129 1,641,664 Units issued during the period 48,016 617,926 Units redeemed during the period (15,156) (4,365)

Number of units in issue carried forward 1,964,989 2,255,225

Ordinary Class I

Number of units in issue brought forward 30,817,737 22,683,922 Units issued during the period 1,371,100 417,186 Units redeemed during the period (1,727,997) (1,342,373)

Number of units in issue carried forward 30,460,840 21,758,735

Administration Class A

Number of units in issue brought forward 9,302,814 24,479,734 Units issued during the period 479,660 1,040,258 Units redeemed during the period (815,462) (2,458,442)

Number of units in issue carried forward 8,967,012 23,061,550

Administration Class B

Number of units in issue brought forward 352,036 423,488 Units issued during the period – 3,574 Units redeemed during the period (30,194) (45,974)

Number of units in issue carried forward 321,842 381,088

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Cash Flow Statement for the six months ended 31 March 2021 (unaudited) (Expressed in Hong Kong dollars)

For the period For the period from 01 October from 01 October 2020 to 31 March 2019 to 31 March 2021 2020 HK$’000 HK$’000

Cash flows from operating activities

Increase/(decrease) in net assets attributable to unitholders from operations 664,596 (332,539)

Adjustments for: Dividend income (3,334) (5,012) Interest on bank deposits (21) (105) Taxation 1,000 664

Operating gain/(loss) before working capital changes 662,241 (336,992)

Net change in financial assets and financial liabilities at fair value through profit or loss (378,399) 369,453 Net change in amounts due from brokers (35,268) 17,800 Net change in amounts due to brokers 10,524 35,928 Net change in other receivables excluding dividends receivable and interests receivable on deposits – 13 Net change in accruals and other payables 193 (28)

Cash generated from operations 259,291 86,174

Dividend income received 3,334 5,619 Interest on bank deposits received 21 110 Taxation paid (1,000) (664)

Net cash generated from operating activities 261,646 91,239

Cash flows from financing activities

Proceeds from subscription of units 329,881 254,609 Payments on redemption of units (544,525) (318,991)

Net cash used in financing activities (214,644) (64,382)

Net increase in cash and cash equivalents 47,002 26,857

Cash and cash equivalents at beginning of the period 232,445 127,124

Cash and cash equivalents at end of the period 279,447 153,981

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Allianz Choice Balanced Fund

Portfolio Statement as at 31 March 2021 (unaudited) (Expressed in Hong Kong dollars)

% of Holdings Listed/quoted investments Market Value Net Assets HK$’000

INVESTMENT FUNDS 94.2%

LISTED INVESTMENT FUNDS 6.5%

LUXEMBOURG 1.3%

40,885 Lyxor Core Stoxx Europe 600 DR ETF* 67,495 1.3

UNITED STATES 5.2%

70,643 iShares S&P 500 Value ETF* 77,570 1.5 41,590 iShares 7-10 Year Treasury Bond Fund ETF* 36,515 0.7 285,561 iShares Core MSCI Europe ETF* 119,818 2.3 31,096 iShares Russell 2000 Value ETF* 38,553 0.7

Total Listed Investment Funds 339,951 6.5

* The investment funds are not authorised in Hong Kong and not available to the public in Hong Kong.

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

% of Holdings Listed/quoted investments (continued) Market Value Net Assets HK$’000

APPROVED POOLED INVESTMENT FUNDS ESTABLISHED IN HONG KONG 87.7%

UNLISTED BUT QUOTED UNIT TRUSTS 87.7%

39,287,597 Allianz Choice “Best Styles” Europe Fund – Ordinary 550,419 10.5 Class F 31,698,811 Allianz Choice “Best Styles” US Fund – Ordinary 637,463 12.1 Class F 47,930,121 Allianz Choice Asian Fund – Ordinary Class F 982,567 18.7 5,340,000 Allianz Choice Global Equity Fund – Ordinary Class F 54,682 1.0 98,083,357 Allianz Choice Global Fixed Income Fund – Ordinary 1,123,054 21.4 Class F 6,709,797 Allianz Choice Greater China Fund – Ordinary Class F 106,283 2.0 40,207,093 Allianz Choice Hong Kong Fund – Ordinary Class F 654,974 12.4 36,844,139 Allianz Choice Japan Fund – Ordinary Class F 502,554 9.6

Total Unlisted but Quoted Unit Trusts 4,611,996 87.7

Total Approved Pooled Investment Funds Established in Hong Kong 4,611,996 87.7

Total Investment Funds 4,951,947 94.2

Total Investments 4,951,947 94.2

Other Net Assets 306,043 5.8

Net Assets Attributable to Unitholders as at 31 March 2021 5,257,990 100.0

Total Investments, at Cost 3,523,502

Note: Investments are accounted for on a trade date basis.

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Allianz Choice Balanced Fund

Statement of Movements in Portfolio Holdings for the six months ended 31 March 2021 (unaudited)

% of % of Net Assets Net Assets as at as at 31 March 30 September 2021 2020

Investment funds

LISTED INVESTMENT FUNDS

Luxembourg 1.3 – United States 5.2 7.6

Total Listed Investment Funds 6.5 7.6

APPROVED POOLED INVESTMENT FUNDS ESTABLISHED IN HONG KONG

Unlisted but Quoted Unit Trusts 87.7 87.6

Total Approved Pooled Investment Funds Established in Hong Kong 87.7 87.6

Total Investment Funds 94.2 95.2

Total Portfolio Investments 94.2 95.2

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Allianz Choice Capital Stable Fund

Statement of Net Assets as at 31 March 2021 (unaudited) (Expressed in Hong Kong dollars)

31 March 30 September 2021 2020 HK$’000 HK$’000

Assets Current assets Financial assets at fair value through profit or loss 2,075,159 2,013,600 Amounts receivable on subscription 7,329 1,051 Amounts due from brokers 6,707 10,600 Dividends and other receivables 3 1 Cash and cash equivalents 141,509 108,253

Total assets 2,230,707 2,133,505

Liabilities Current liabilities Amounts payable on redemption 2,424 10,213 Amounts due to brokers 17,722 14,900 Accruals and other payables 1,097 1,042

Total liabilities (excluding net assets attributable to unitholders) 21,243 26,155

Net assets attributable to unitholders 2,209,464 2,107,350

Number of units outstanding Units Units – Ordinary Class A 48,653,527 50,308,956 – Ordinary Class B 904 414 – Ordinary Class C 506,660 503,703 – Ordinary Class I 24,587,314 23,074,299 – Administration Class A 4,303,783 4,062,328 – Administration Class B – 49,102

Net asset value per unit HK$ HK$ – Ordinary Class A 31.90 30.23 – Ordinary Class B 19.93 18.94 – Ordinary Class C 22.38 21.33 – Ordinary Class I 21.88 20.69 – Administration Class A 25.17 23.91 – Administration Class B – 22.70

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Allianz Choice Capital Stable Fund

Statement of Comprehensive Income for the six months ended 31 March 2021 (unaudited) (Expressed in Hong Kong dollars)

For the period For the period from 01 October from 01 October 2020 to 31 March 2019 to 31 March 2021 2020 HK$’000 HK$’000

Income

Dividend income 1,304 2,133 Interest on bank deposits 7 77 Net gains/(losses) on financial assets and liabilities at fair value through profit or loss 120,593 (61,953) Net foreign exchange losses (223) (416)

Total net income/(loss) 121,681 (60,159)

Expenses

Administration fee Note 1 (239) (515) Audit fees (71) (77) Bank charges Note 1 (8) (3) Communications – (1) Management fee Note 2 (3,843) (3,797) Legal and professional fees (10) (9) Printing and reporting (24) (53) Registrar and transfer agent fees Note 1 (100) (96) Safekeeping fees Note 1 (12) (18) Miscellaneous expenses (16) (14) Transaction cost (94) (46)

Total operating expenses (4,417) (4,629)

Net profits/(losses) before taxation 117,264 (64,788)

Taxation (391) (314)

Increase/(decrease) in net assets attributable to unitholders from operations 116,873 (65,102)

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

For the period For the period from 01 October from 01 October 2020 to 31 March 2019 to 31 March 2021 2020 HK$’000 HK$’000

Administration fee 214 207

Note 2 During the periods ended 31 March 2021 and 2020, other than Management fee paid to the Manager, no other amounts paid to the Manager or its Connected Persons.

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Allianz Choice Capital Stable Fund

Statement of Changes in Net Assets Attributable to Unitholders for the six months ended 31 March 2021 (unaudited) (Expressed in Hong Kong dollars)

For the period For the period from 01 October from 01 October 2020 to 31 March 2019 to 31 March 2021 2020 HK$’000 HK$’000

Net assets attributable to unitholders at the beginning of the period 2,107,350 1,954,668

Subscription of units 279,570 169,038 Redemption of units (294,329) (178,385)

Net decrease from units transactions (14,759) (9,347)

Increase/(decrease) in net assets attributable to unitholders from operations 116,873 (65,102)

Balance at the end of the period 2,209,464 1,880,219

For the period For the period from 01 October from 01 October 2020 to 31 March 2019 to 31 March 2021 2020 Units Units

Ordinary Class A

Number of units in issue brought forward 50,308,956 50,766,582 Units issued during the period 5,136,089 4,166,145 Units redeemed during the period (6,791,518) (4,415,192)

Number of units in issue carried forward 48,653,527 50,517,535

Ordinary Class B

Number of units in issue brought forward 414 414 Units issued during the period 490 – Units redeemed during the period – –

Number of units in issue carried forward 904 414

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

For the period For the period from 01 October from 01 October 2020 to 31 March 2019 to 31 March 2021 2020 Units Units

Ordinary Class C

Number of units in issue brought forward 503,703 258,128 Units issued during the period 7,401 258,125 Units redeemed during the period (4,444) –

Number of units in issue carried forward 506,660 516,253

Ordinary Class I

Number of units in issue brought forward 23,074,299 16,198,883 Units issued during the period 4,533,613 1,323,910 Units redeemed during the period (3,020,598) (1,012,496)

Number of units in issue carried forward 24,587,314 16,510,297

Administration Class A

Number of units in issue brought forward 4,062,328 10,397,350 Units issued during the period 661,334 970,099 Units redeemed during the period (419,879) (1,666,445)

Number of units in issue carried forward 4,303,783 9,701,004

Administration Class B

Number of units in issue brought forward 49,102 49,102 Units issued during the period – – Units redeemed during the period (49,102) –

Number of units in issue carried forward – 49,102

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Allianz Choice Capital Stable Fund

Cash Flow Statement for the six months ended 31 March 2021 (unaudited) (Expressed in Hong Kong dollars)

For the period For the period from 01 October from 01 October 2020 to 31 March 2019 to 31 March 2021 2020 HK$’000 HK$’000

Cash flows from operating activities

Increase/(decrease) in net assets attributable to unitholders from operations 116,873 (65,102)

Adjustments for: Dividend income (1,304) (2,133) Interest on bank deposits (7) (77) Taxation 391 314

Operating gain/(loss) before working capital changes 115,953 (66,998)

Net change in financial assets and financial liabilities at fair value through profit or loss (61,559) 67,652 Net change in amounts due from brokers 3,893 3,000 Net change in amounts due to brokers 2,822 14,632 Net change in other receivables excluding dividends receivable and interests receivable on deposits (2) – Net change in accruals and other payables 55 53

Cash generated from operations 61,162 18,339

Dividend income received 1,304 2,403 Interest on bank deposits received 7 80 Taxation paid (391) (314)

Net cash generated from operating activities 62,082 20,508

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

For the period For the period from 01 October from 01 October 2020 to 31 March 2019 to 31 March 2021 2020 HK$’000 HK$’000

Cash flows from financing activities

Proceeds from subscription of units 273,292 167,972 Payments on redemption of units (302,118) (173,822)

Net cash used in financing activities (28,826) (5,850)

Net increase in cash and cash equivalents 33,256 14,658

Cash and cash equivalents at beginning of the period 108,253 84,486

Cash and cash equivalents at end of the period 141,509 99,144

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Allianz Choice Capital Stable Fund

Portfolio Statement as at 31 March 2021 (unaudited) (Expressed in Hong Kong dollars)

% of Holdings Listed/quoted investments Market Value Net Assets HK$’000

INVESTMENT FUNDS 93.9%

LISTED INVESTMENT FUNDS 6.9%

LUXEMBOURG 1.3%

16,857 Lyxor Core Stoxx Europe 600 DR ETF* 27,828 1.3

UNITED STATES 5.6%

32,355 iShares S&P 500 Value ETF* 35,528 1.6 25,004 iShares 7-10 Year Treasury Bond Fund ETF* 21,953 1.0 120,044 iShares Core MSCI Europe ETF* 50,369 2.3 12,871 iShares Russell 2000 Value ETF* 15,957 0.7

Total Listed Investment Funds 151,635 6.9

* The investment funds are not authorised in Hong Kong and not available to the public in Hong Kong.

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

% of Holdings Listed/quoted investments (continued) Market Value Net Assets HK$’000

APPROVED POOLED INVESTMENT FUNDS ESTABLISHED IN HONG KONG 87.0%

UNLISTED BUT QUOTED UNIT TRUSTS 87.0%

3,926,829 Allianz Choice “Best Styles” Europe Fund – Ordinary Class F 55,015 2.5 4,010,464 Allianz Choice “Best Styles” US Fund – Ordinary Class F 80,650 3.6 8,478,323 Allianz Choice Asian Fund – Ordinary Class F 173,806 7.9 2,240,000 Allianz Choice Global Equity Fund – Ordinary Class F 22,937 1.0 107,659,553 Allianz Choice Global Fixed Income Fund – Ordinary Class F 1,232,702 55.8 2,806,290 Allianz Choice Greater China Fund – Ordinary Class F 44,452 2.0 10,621,797 Allianz Choice HK$ Cash Fund – Ordinary Class F 112,591 5.1 6,331,355 Allianz Choice Hong Kong Fund – Ordinary Class F 103,138 4.7 7,201,829 Allianz Choice Japan Fund – Ordinary Class F 98,233 4.4

Total Unlisted but Quoted Unit Trusts 1,923,524 87.0

Total Approved Pooled Investment Funds Established in Hong Kong 1,923,524 87.0

Total Investment Funds 2,075,159 93.9

Total Investments 2,075,159 93.9

Other Net Assets 134,305 6.1

Net Assets Attributable to Unitholders as at 31 March 2021 2,209,464 100.0

Total Investments, at Cost 1,736,103

Note: Investments are accounted for on a trade date basis.

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Allianz Choice Capital Stable Fund

Statement of Movements in Portfolio Holdings for the six months ended 31 March 2021 (unaudited)

% of % of Net Assets Net Assets as at as at 31 March 30 September 2021 2020

Investment funds

LISTED INVESTMENT FUNDS

Luxembourg 1.3 – United States 5.6 7.5

Total Listed Investment Funds 6.9 7.5

APPROVED POOLED INVESTMENT FUNDS ESTABLISHED IN HONG KONG

Unlisted but Quoted Unit Trusts 87.0 88.1

Total Approved Pooled Investment Funds Established in Hong Kong 87.0 88.1

Total Investment Funds 93.9 95.6

Total Portfolio Investments 93.9 95.6

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Allianz Choice Greater China Fund

Statement of Net Assets as at 31 March 2021 (unaudited) (Expressed in Hong Kong dollars)

31 March 30 September 2021 2020 HK$’000 HK$’000

Assets Current assets Financial assets at fair value through profit or loss 3,208,163 2,382,137 Amounts receivable on subscription 2,475 2,795 Amounts due from brokers 11,838 37,945 Dividends and other receivables 3,976 3,271 Cash and cash equivalents 93,297 109,000

Total assets 3,319,749 2,535,148

Liabilities Current liabilities Amounts payable on redemption 36,947 33,718 Amounts due to brokers 15,016 35,728 Accruals and other payables 946 719

Total liabilities (excluding net assets attributable to unitholders) 52,909 70,165

Net assets attributable to unitholders 3,266,840 2,464,983

Number of units outstanding Units Units – Ordinary Class A 45,126,521 41,346,431 – Ordinary Class C 108,643 108,643 – Ordinary Class F 21,937,530 33,910,155 – Ordinary Class I 66,528,663 50,319,533 – Administration Class A 687,439 529,976 – Administration Class B – 1,000

Net asset value per unit HK$ HK$ – Ordinary Class A 25.36 21.38 – Ordinary Class C 22.45 19.03 – Ordinary Class F 15.84 13.32 – Ordinary Class I 26.42 22.22 – Administration Class A 20.81 17.58 – Administration Class B – 18.93

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Allianz Choice Greater China Fund

Statement of Comprehensive Income for the six months ended 31 March 2021 (unaudited) (Expressed in Hong Kong dollars)

For the period For the period from 01 October from 01 October 2020 to 31 March 2019 to 31 March 2021 2020 HK$’000 HK$’000

Income

Dividend income 8,219 7,488 Interest on bank deposits 3 7 Net gains/(losses) on financial assets and liabilities at fair value through profit or loss 461,194 (61,651) Net foreign exchange gains 15 37,251

Total net income/(loss) 469,431 (16,905)

Expenses

Administration fee Note 1 (27) (17) Audit fees (88) (58) Bank charges Note 1 (30) (5) Communications – (8) Management fee Note 2 (2,444) (1,457) Legal and professional fees (27) (21) Printing and reporting (28) (52) Registrar and transfer agent fees Note 1 (115) (74) Safekeeping fees Note 1 (407) (186) Trustee fee Note 1 (694) (352) Miscellaneous expenses (96) (76) Transaction cost Note 1 (9,157) (3,155)

Total operating expenses (13,113) (5,461)

Net profits/(losses) before taxation 456,318 (22,366)

Taxation (628) (464)

Increase/(decrease) in net assets attributable to unitholders from operations 455,690 (22,830)

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Note 1 During the periods ended 31 March 2021 and 2020, other than Administration fee, Bank charges, Registrar and transfer agent fees, Safekeeping fees and Trustee fee paid to the Trustee or its Connected Persons, other respective amounts paid to the Trustee or its Connected Persons were as follows:

For the period For the period from 01 October from 01 October 2020 to 31 March 2019 to 31 March 2021 2020 HK$’000 HK$’000

Transaction cost 513 358

Note 2 During the periods ended 31 March 2021 and 2020, other than Management fee paid to the Manager, no other amounts paid to the Manager or its Connected Persons.

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Allianz Choice Greater China Fund

Statement of Changes in Net Assets Attributable to Unitholders for the six months ended 31 March 2021 (unaudited) (Expressed in Hong Kong dollars)

For the period For the period from 01 October from 01 October 2020 to 31 March 2019 to 31 March 2021 2020 HK$’000 HK$’000

Net assets attributable to unitholders at the beginning of the period 2,464,983 1,089,205

Subscription of units 692,946 523,480 Redemption of units (346,779) (82,769)

Net increase from units transactions 346,167 440,711

Increase/(decrease) in net assets attributable to unitholders from operations 455,690 (22,830)

Balance at the end of the period 3,266,840 1,507,086

For the period For the period from 01 October from 01 October 2020 to 31 March 2019 to 31 March 2021 2020 Units Units

Ordinary Class A

Number of units in issue brought forward 41,346,431 37,429,615 Units issued during the period 10,094,623 5,640,505 Units redeemed during the period (6,314,533) (4,651,671)

Number of units in issue carried forward 45,126,521 38,418,449

Ordinary Class B

Number of units in issue brought forward – 870 Units issued during the period – – Units redeemed during the period – –

Number of units in issue carried forward – 870

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

For the period For the period from 01 October from 01 October 2020 to 31 March 2019 to 31 March 2021 2020 Units Units

Ordinary Class C

Number of units in issue brought forward 108,643 108,643 Units issued during the period – – Units redeemed during the period – –

Number of units in issue carried forward 108,643 108,643

Ordinary Class F

Number of units in issue brought forward 33,910,155 – Units issued during the period – 40,236,903 Units redeemed during the period (11,972,625) –

Number of units in issue carried forward 21,937,530 40,236,903

Ordinary Class I

Number of units in issue brought forward 50,319,533 31,540,716 Units issued during the period 16,209,130 – Units redeemed during the period – (290,867)

Number of units in issue carried forward 66,528,663 31,249,849

Administration Class A

Number of units in issue brought forward 529,976 506,500 Units issued during the period 438,055 70,986 Units redeemed during the period (280,592) (11,756)

Number of units in issue carried forward 687,439 565,730

Administration Class B

Number of units in issue brought forward 1,000 1,000 Units issued during the period – – Units redeemed during the period (1,000) –

Number of units in issue carried forward – 1,000

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Allianz Choice Greater China Fund

Cash Flow Statement for the six months ended 31 March 2021 (unaudited) (Expressed in Hong Kong dollars)

For the period For the period from 01 October from 01 October 2020 to 31 March 2019 to 31 March 2021 2020 HK$’000 HK$’000

Cash flows from operating activities

Increase/(decrease) in net assets attributable to unitholders from operations 455,690 (22,830)

Adjustments for: Dividend income (8,219) (7,488) Interest on bank deposits (3) (7) Taxation 628 464

Operating gain/(loss) before working capital changes 448,096 (29,861)

Net change in financial assets and financial liabilities at fair value through profit or loss (826,026) (425,177) Net change in amounts due from brokers 26,107 8,483 Net change in amounts due to brokers (20,712) 3,359 Net change in other receivables excluding dividends receivable and interests receivable on deposits – (17) Net change in accruals and other payables 227 15

Cash generated used in operations (372,308) (443,198)

Dividend income received 7,514 5,838 Interest on bank deposits received 3 8 Taxation paid (628) (464)

Net cash used in operating activities (365,419) (437,816)

Cash flows from financing activities

Proceeds from subscription of units 693,266 522,693 Payments on redemption of units (343,550) (81,750)

Net cash generated from financing activities 349,716 440,943

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

For the period For the period from 01 October from 01 October 2020 to 31 March 2019 to 31 March 2021 2020 HK$’000 HK$’000

Net (decrease)/increase in cash and cash equivalents (15,703) 3,127

Cash and cash equivalents at beginning of the period 109,000 30,060

Cash and cash equivalents at end of the period 93,297 33,187

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Allianz Choice Greater China Fund

Portfolio Statement as at 31 March 2021 (unaudited) (Expressed in Hong Kong dollars)

% of Holdings Listed/quoted investments Market Value Net Assets HK$’000

EQUITIES 98.2%

LISTED EQUITIES 98.2%

CAYMAN ISLANDS 9.8%

1,176,800 Alibaba Group Holding Ltd 258,896 7.9 149,500 CK Hutchison Holdings Ltd 9,261 0.3 70,943 TAL Education Group 29,701 0.9 264,000 Yihai International Holding Ltd 21,252 0.7

CHINA 51.5%

1,063,055 Aier Eye Hospital Group Co Ltd 74,633 2.3 819,000 Anhui Conch Cement Co Ltd 41,400 1.3 24,501 Baidu Inc 41,439 1.3 5,340 Bilibili Inc 4,422 0.1 2,427,500 BOC Hong Kong Holdings Ltd 65,907 2.0 2,144,500 Cheerwin Group Ltd 19,193 0.6 11,738,000 China Construction Bank Corporation Ltd 76,767 2.4 1,463,000 China Mengniu Dairy Co Ltd 65,104 2.0 834,500 China Merchants Bank Co Ltd 49,528 1.5 318,500 China Mobile Ltd 16,228 0.5 14,712,000 China Petroleum & Chemical Corp 60,908 1.9 976,000 China Resources Land Ltd 36,746 1.1 645,000 Country Garden Services Holdings Co Ltd 50,826 1.6 60,083 Daqo New Energy Corp 35,267 1.1 286,000 Flat Glass Group Co Ltd 6,735 0.2 422,000 Hengan International Group Co Ltd 21,564 0.7 575,000 Hua Hong Semiconductor Ltd 24,351 0.7 52,900 Jd.Com Inc 17,034 0.5 28,735 Kweichow Moutai Co Ltd 68,403 2.1 453,500 Meituan 135,234 4.1 139,000 Microport Scientific Corporation 6,081 0.2 388,000 Pharmaron Beijing Co Ltd 56,997 1.7 1,548,000 Ping An Insurance (Group) Company of China Ltd 143,267 4.4 479,000 Smoore International Holdings Ltd 22,657 0.7 479,800 Tencent Holdings Ltd 292,678 9.0 54,981 Trip Com Group Ltd 16,940 0.5 855,496 Venustech Group Inc 33,827 1.0 1,041,000 Weimob Inc 18,093 0.6

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

% of Holdings Listed/quoted investments (continued) Market Value Net Assets HK$’000

EQUITIES 98.2% (continued)

LISTED EQUITIES 98.2% (continued)

CHINA 51.5% (continued)

921,500 Wuxi Biologics Cayman Inc 89,708 2.7 1,191,200 Xinte Energy Co Ltd 17,272 0.5 122,300 Yum China Holdings Inc 55,524 1.7 1,872,000 Zijin Mining Group Co Ltd 17,896 0.5

HONG KONG 13.9%

1,596,400 AIA Group Ltd 150,541 4.6 325,000 Akeso Inc 15,958 0.5 330,000 ASM Pacific Technology 32,686 1.0 3,500,000 China Resources Cement Holding Ltd 30,555 0.9 290,700 Hong Kong Exchanges and Clearing Ltd 132,966 4.1 151,000 Sun Hung Kai Properties Ltd 17,788 0.6 1,402,000 Swire Properties Ltd 33,718 1.0 294,000 Techtronic Industries Co Ltd 39,102 1.2

TAIWAN 20.7%

528,000 Accton Technology Corporation 39,707 1.2 60,000 Asmedia Technology Inc 24,359 0.7 582,000 Delta Electronics Inc 45,671 1.4 1,195,000 Formosa Plastics Corporation 32,886 1.0 1,824,000 Fubon Financial Holdings Co Ltd 28,229 0.9 1,124,568 Hota Industrial Manufacturing Co Ltd 35,544 1.1 185,000 MediaTek Inc 48,845 1.5 1,369,000 Nanya Technology Corporation 34,280 1.1 71,000 Silergy Corp 44,591 1.4 1,909,000 Taiwan Semiconductor Manufacturing Co Ltd 305,328 9.3 2,686,000 United Microelectronics 36,739 1.1

UNITED KINGDOM 2.3%

1,690,800 HSBC Holdings Plc 76,931 2.3

Total Listed Equities 3,208,163 98.2

Total Equities 3,208,163 98.2

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Allianz Choice Greater China Fund

Portfolio Statement (continued) as at 31 March 2021 (unaudited) (Expressed in Hong Kong dollars)

% of Holdings Listed/quoted investments (continued) Market Value Net Assets HK$’000

Total Investments 3,208,163 98.2

Other Net Assets 58,677 1.8

Net Assets Attributable to Unitholders as at 31 March 2021 3,266,840 100.0

Total Investments, at Cost 2,648,493

Note: Investments are accounted for on a trade date basis.

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Statement of Movements in Portfolio Holdings for the six months ended 31 March 2021 (unaudited)

% of % of Net Assets Net Assets as at as at 31 March 30 September 2021 2020

Equities

LISTED EQUITIES

Cayman Islands 9.8 14.7 China 51.5 47.7 Hong Kong 13.9 13.9 Taiwan 20.7 18.6 United Kingdom 2.3 1.7

Total Listed Equities 98.2 96.6

Total Equities 98.2 96.6

Total Portfolio Investments 98.2 96.6

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Allianz Choice Global Equity Fund

Statement of Net Assets as at 31 March 2021 (unaudited) (Expressed in Hong Kong dollars)

31 March 2021(1) HK$’000

Assets Current assets Financial assets at fair value through profit or loss 798,844 Dividends and other receivables 60 Cash and cash equivalents 12,391

Total assets 811,295

Liabilities Current liabilities Financial liabilities at fair value through profit or loss 420 Accruals and other payables 377

Total liabilities (excluding net assets attributable to unitholders) 797

Net assets attributable to unitholders 810,498

Number of units outstanding Units – Ordinary Class F 17,280,000 – Ordinary Class I 63,191,120

Net asset value per unit HK$ – Ordinary Class F 10.24 – Ordinary Class I 10.03

(1) The date of commencement for Allianz Choice Global Equity Fund was 15 January 2021. There were no comparative figures.

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Statement of Comprehensive Income for the six months ended 31 March 2021 (unaudited) (Expressed in Hong Kong dollars)

For the period from 15 January 2021 to 31 March 2021(1) HK$’000

Income

Dividend income 593 Net gains on financial assets and liabilities at fair value through profit or loss 10,205 Net foreign exchange losses (2,335)

Total net income 8,463

Expenses

Audit fees (58) Bank charges Note 1 (4) Safekeeping fees Note 1 (5) Trustee fee Note 1 (29) Formation costs (291) Miscellaneous expenses (19) Transaction cost (208)

Total operating expenses (614)

Net profits before taxation 7,849

Taxation (161)

Increase in net assets attributable to unitholders from operations 7,688

Note 1 During the period ended 31 March 2021, (for the period from 15 January 2020 (date of inception) to 31 March 2021), other than Bank charges, Safekeeping fees and Trustee fee paid to the Trustee or its Connected Persons, no other amounts paid to the Trustee or its Connected Persons.

(1) The date of commencement for Allianz Choice Global Equity Fund was 15 January 2021. There were no comparative figures.

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Allianz Choice Global Equity Fund

Statement of Changes in Net Assets Attributable to Unitholders for the six months ended 31 March 2021 (unaudited) (Expressed in Hong Kong dollars)

For the period from 15 January 2021 to 31 March 2021(1) HK$’000

Net assets attributable to unitholders at the beginning of the period –

Subscription of units 802,810

Net increase from units transactions 802,810

Increase in net assets attributable to unitholders from operations 7,688

Balance at the end of the period 810,498

For the period from 15 January 2021 to 31 March 2021(1) Units

Ordinary Class F

Number of units in issue brought forward – Units issued during the period 17,280,000 Units redeemed during the period –

Number of units in issue carried forward 17,280,000

Ordinary Class I

Number of units in issue brought forward – Units issued during the period 63,191,120 Units redeemed during the period –

Number of units in issue carried forward 63,191,120

(1) The date of commencement for Allianz Choice Global Equity Fund was 15 January 2021. There were no comparative figures.

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Cash Flow Statement for the six months ended 31 March 2021 (unaudited) (Expressed in Hong Kong dollars)

For the period from 15 January 2021 to 31 March 2021(1) HK$’000

Cash flows from operating activities

Increase in net assets attributable to unitholders from operations 7,688

Adjustments for: Dividend income (593) Taxation 161

Operating gain before working capital changes 7,256

Net change in financial assets and financial liabilities at fair value through profit or loss (798,424) Net change in accruals and other payables 377

Cash used in operations (790,791)

Dividend income received 533 Taxation paid (161)

Net cash used in operating activities (790,419)

Cash flows from financing activities

Proceeds from subscription of units 802,810

Net cash generated from financing activities 802,810

Net increase in cash and cash equivalents 12,391

Cash and cash equivalents at beginning of the period –

Cash and cash equivalents at end of the period 12,391

(1) The date of commencement for Allianz Choice Global Equity Fund was 15 January 2021. There were no comparative figures.

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Allianz Choice Global Equity Fund

Portfolio Statement as at 31 March 2021 (unaudited) (Expressed in Hong Kong dollars)

% of Holdings Listed/quoted investments Market Value Net Assets HK$’000

EQUITIES 98.5%

LISTED EQUITIES 98.5%

AUSTRALIA 1.3%

6,890 CSL Ltd 10,797 1.3

CANADA 2.0%

47,893 Dollarama Inc 16,448 2.0

CAYMAN ISLANDS 1.6%

121,916 New Oriental Education & Tech 13,270 1.6

CHINA 5.2%

8,763 Alibaba Group Holding Ltd – ADR 15,446 1.9 43,800 Tencent Holdings Ltd 26,718 3.3

DENMARK 3.8%

58,783 Novo Nordisk A/S 31,037 3.8

FRANCE 2.5%

3,838 LVMH Moet Hennessy Louis Vuitton SE 19,923 2.5

GERMANY 4.0%

7,164 Adidas 17,426 2.1 10,379 Bechtle AG 15,164 1.9

SWEDEN 6.6%

149,325 Assa Abloy 33,430 4.1 42,435 Atlas Copco – A shares 20,121 2.5

SWITZERLAND 8.2%

35,733 Nestle SA 31,094 3.8 3,525 Partners Group Holding 35,146 4.4

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

% of Holdings Listed/quoted investments (continued) Market Value Net Assets HK$’000

EQUITIES 98.5% (continued)

LISTED EQUITIES 98.5% (continued)

UNITED KINGDOM 1.2%

34,709 Diploma Plc 9,486 1.2

UNITED STATES 62.1%

8,137 Accenture Plc 17,476 2.2 7,335 Adobe Inc 27,108 3.3 3,992 Align Technology Inc 16,807 2.1 1,305 Amazon.Com Inc 31,391 3.9 15,316 American Express 16,842 2.1 31,318 Ametek Inc 31,100 3.8 10,695 Cooper Cos Inc 31,936 3.9 8,870 Ecolab Inc 14,762 1.8 8,137 Estee Lauder Companies Inc 18,399 2.3 14,478 Facebook Inc 33,152 4.1 14,942 Fleetcor Technologies Inc 31,206 3.8 26,944 Graco Inc 15,002 1.9 10,312 Intuit Inc 30,710 3.8 27,096 Microchip Technology Inc 32,698 4.0 10,099 Roper Technologies Inc 31,668 3.9 12,028 S&P Global Inc 32,997 4.1 8,290 Thermo Fisher Scientific Inc 29,414 3.6 11,450 Unitedhealth Group Inc 33,121 4.1 16,730 Visa Inc 27,539 3.4

Total Listed Equities 798,834 98.5

Total Equities 798,834 98.5

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Allianz Choice Global Equity Fund

Portfolio Statement (continued) as at 31 March 2021 (unaudited) (Expressed in Hong Kong dollars)

% of Holdings Listed/quoted investments (continued) Market Value Net Assets HK$’000

FORWARD CONTRACTS (0.1%) (410) (0.1)

Total Portfolio Investments 798,424 98.4

Other Net Assets 12,074 1.6

Net Assets Attributable to Unitholders as at 31 March 2021 810,498 100.0

Total Portfolio Investments, at Cost 788,441

Note: Investments are accounted for on a trade date basis.

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Statement of Movements in Portfolio Holdings for the six months ended 31 March 2021 (unaudited)

% of Net Assets as at 31 March 2021(1)

Equities

LISTED EQUITIES

Australia 1.3 Canada 2.0 Cayman Islands 1.6 China 5.2 Denmark 3.8 France 2.5 Germany 4.0 Sweden 6.6 Switzerland 8.2 United Kingdom 1.2 United States 62.1

Total Listed Equities 98.5

Total Equities 98.5

Forward Contracts (0.1)

Total Portfolio Investments 98.4

(1) The date of commencement for Allianz Choice Global Equity Fund was 15 January 2021. There were no comparative figures.

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Allianz Choice Global Equity Fund

Details in respect of financial derivative instruments as at 31 March 2021 (unaudited)

The financial derivative instruments held by the fund as at 31 March 2021 are summarised below:

Forward contracts

The details of forward contracts held by the fund as at 31 March 2021 are as follows:

Currency/ Currency/ Amount sold Amount bought Settlement date Counterparty Market Value HK$’000

Financial assets:

The Hongkong and Shanghai Banking HKD3,753,359 USD484,039 15 April 2021 Corporation Limited, Hong Kong 10

Financial liabilities:

The Hongkong and Shanghai Banking USD5,985,673 HKD46,383,455 15 April 2021 Corporation Limited, Hong Kong (149) The Hongkong and Shanghai Banking USD732,877 HKD5,678,049 15 April 2021 Corporation Limited, Hong Kong (19) The Hongkong and Shanghai Banking USD480,435 HKD3,722,724 15 April 2021 Corporation Limited, Hong Kong (12) The Hongkong and Shanghai Banking USD8,018,252 HKD62,247,240 15 April 2021 Corporation Limited, Hong Kong (86) The Hongkong and Shanghai Banking USD7,935,931 HKD61,612,990 15 April 2021 Corporation Limited, Hong Kong (80) The Hongkong and Shanghai Banking USD8,220,552 HKD63,831,417 15 April 2021 Corporation Limited, Hong Kong (74)

(420)

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Allianz Choice Growth Fund

Statement of Net Assets as at 31 March 2021 (unaudited) (Expressed in Hong Kong dollars)

31 March 30 September 2021 2020 HK$’000 HK$’000

Assets Current assets Financial assets at fair value through profit or loss 5,565,006 4,827,617 Amounts receivable on subscription 4,840 4,014 Amounts due from brokers 28,737 24,700 Dividends and other receivables 101 15 Cash and cash equivalents 211,996 151,031

Total assets 5,810,680 5,007,377

Liabilities Current liabilities Amounts payable on redemption 7,447 19,272 Amounts due to brokers 17,280 4,966 Accruals and other payables 2,892 2,411

Total liabilities (excluding net assets attributable to unitholders) 27,619 26,649

Net assets attributable to unitholders 5,783,061 4,980,728

Number of units outstanding Units Units – Ordinary Class A 103,207,605 106,979,085 – Ordinary Class B 6,035,648 6,116,898 – Ordinary Class C 489,547 472,929 – Ordinary Class I 42,195,507 41,353,837 – Administration Class A 8,845,462 8,710,742 – Administration Class B – 25,047

Net asset value per unit HK$ HK$ – Ordinary Class A 37.55 31.73 – Ordinary Class B 32.71 27.67 – Ordinary Class C 29.18 24.80 – Ordinary Class I 32.52 27.42 – Administration Class A 36.66 31.05 – Administration Class B – 28.73

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Allianz Choice Growth Fund

Statement of Comprehensive Income for the six months ended 31 March 2021 (unaudited) (Expressed in Hong Kong dollars)

For the period For the period from 01 October from 01 October 2020 to 31 March 2019 to 31 March 2021 2020 HK$’000 HK$’000

Income

Dividend income 3,925 5,085 Interest on bank deposits 14 169 Net gains/(losses) on financial assets and liabilities at fair value through profit or loss 918,445 (446,453) Net foreign exchange (losses)/gains (737) 28,772

Total net income/(loss) 921,647 (412,427)

Expenses

Administration fee Note 1 (692) (637) Audit fees (142) (147) Bank charges Note 1 (8) (5) Communications – (1) Management fee Note 2 (9,815) (8,293) Legal and professional fees (12) (19) Printing and reporting (26) (59) Registrar and transfer agent fees Note 1 (149) (127) Safekeeping fees Note 1 (29) (42) Miscellaneous expenses (16) (16) Transaction cost (370) (131)

Total operating expenses (11,259) (9,477)

Net profits/(losses) before taxation 910,388 (421,904)

Taxation (1,177) (593)

Increase/(decrease) in net assets attributable to unitholders from operations 909,211 (422,497)

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

For the period For the period from 01 October from 01 October 2020 to 31 March 2019 to 31 March 2021 2020 HK$’000 HK$’000

Administration fee 679 502

Note 2 During the periods ended 31 March 2021 and 2020, other than Management fee paid to the Manager, no other amounts paid to the Manager or its Connected Persons.

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Allianz Choice Growth Fund

Statement of Changes in Net Assets Attributable to Unitholders for the six months ended 31 March 2021 (unaudited) (Expressed in Hong Kong dollars)

For the period For the period from 01 October from 01 October 2020 to 31 March 2019 to 31 March 2021 2020 HK$’000 HK$’000

Net assets attributable to unitholders at the beginning of the period 4,980,728 4,366,630

Subscription of units 479,485 485,351 Redemption of units (586,363) (401,351)

Net (decrease)/increase from units transactions (106,878) 84,000

Increase/(decrease) in net assets attributable to unitholders from operations 909,211 (422,497)

Balance at the end of the period 5,783,061 4,028,133

For the period For the period from 01 October from 01 October 2020 to 31 March 2019 to 31 March 2021 2020 Units Units

Ordinary Class A

Number of units in issue brought forward 106,979,085 111,522,947 Units issued during the period 8,418,545 9,910,332 Units redeemed during the period (12,190,025) (10,606,850)

Number of units in issue carried forward 103,207,605 110,826,429

Ordinary Class B

Number of units in issue brought forward 6,116,898 5,979,149 Units issued during the period 538,143 543,870 Units redeemed during the period (619,393) (598,831)

Number of units in issue carried forward 6,035,648 5,924,188

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

For the period For the period from 01 October from 01 October 2020 to 31 March 2019 to 31 March 2021 2020 Units Units

Ordinary Class C

Number of units in issue brought forward 472,929 756,319 Units issued during the period 20,793 28,696 Units redeemed during the period (4,175) (144,329)

Number of units in issue carried forward 489,547 640,686

Ordinary Class I

Number of units in issue brought forward 41,353,837 36,090,051 Units issued during the period 4,161,736 6,666,176 Units redeemed during the period (3,320,066) (1,783,503)

Number of units in issue carried forward 42,195,507 40,972,724

Administration Class A

Number of units in issue brought forward 8,710,742 10,415,068 Units issued during the period 881,174 1,671,719 Units redeemed during the period (746,454) (1,396,221)

Number of units in issue carried forward 8,845,462 10,690,566

Administration Class B

Number of units in issue brought forward 25,047 25,047 Units issued during the period – – Units redeemed during the period (25,047) –

Number of units in issue carried forward – 25,047

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Allianz Choice Growth Fund

Cash Flow Statement for the six months ended 31 March 2021 (unaudited) (Expressed in Hong Kong dollars)

For the period For the period from 01 October from 01 October 2020 to 31 March 2019 to 31 March 2021 2020 HK$’000 HK$’000

Cash flows from operating activities

Increase/(decrease) in net assets attributable to unitholders from operations 909,211 (422,497)

Adjustments for: Dividend income (3,925) (5,085) Interest on bank deposits (14) (169) Taxation 1,177 593

Operating gain/(loss) before working capital changes 906,449 (427,158)

Net change in financial assets and financial liabilities at fair value through profit or loss (737,390) 298,507 Net change in amounts due from brokers (4,037) – Net change in amounts due to brokers 12,314 59,873 Net change in other receivables excluding dividends receivable and interests receivable on deposits (85) – Net change in accruals and other payables 481 (53)

Cash generated from/(used in) operations 177,732 (68,831)

Dividend income received 3,925 5,627 Interest on bank deposits received 14 179 Taxation paid (1,177) (593)

Net cash generated from/(used in) operating activities 180,494 (63,618)

Cash flows from financing activities

Proceeds from subscription of units 478,659 474,664 Payments on redemption of units (598,188) (414,604)

Net cash (used in)/generated from financing activities (119,529) 60,060

Net increase/(decrease) in cash and cash equivalents 60,965 (3,558)

Cash and cash equivalents at beginning of the period 151,031 241,443

Cash and cash equivalents at end of the period 211,996 237,885

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Portfolio Statement as at 31 March 2021 (unaudited) (Expressed in Hong Kong dollars)

% of Holdings Listed/quoted investments Market Value Net Assets HK$’000

INVESTMENT FUNDS 96.2%

LISTED INVESTMENT FUNDS 6.7%

LUXEMBOURG 1.3%

46,222 Lyxor Core Stoxx Europe 600 DR ETF* 76,305 1.3

UNITED STATES 5.4%

85,457 iShares S&P 500 Value ETF* 93,837 1.6 39,022 iShares 7-10 Year Treasury Bond Fund ETF* 34,260 0.6 333,844 iShares Core MSCI Europe ETF* 140,077 2.4 34,154 iShares Russell 2000 Value ETF* 42,344 0.8

Total Listed Investment Funds 386,823 6.7

APPROVED POOLED INVESTMENT FUNDS ESTABLISHED IN HONG KONG 89.5%

UNLISTED BUT QUOTED UNIT TRUSTS 89.5%

59,595,469 Allianz Choice “Best Styles” Europe Fund – Ordinary Class F 834,932 14.4 46,616,199 Allianz Choice “Best Styles” US Fund – Ordinary Class F 937,452 16.2 70,521,807 Allianz Choice Asian Fund – Ordinary Class F 1,445,697 25.0 5,830,000 Allianz Choice Global Equity Fund – Ordinary Class F 59,699 1.0 17,256,885 Allianz Choice Global Fixed Income Fund – Ordinary Class F 197,591 3.4 7,355,146 Allianz Choice Greater China Fund – Ordinary Class F 116,505 2.0 53,165,289 Allianz Choice Hong Kong Fund – Ordinary Class F 866,063 15.0 52,803,782 Allianz Choice Japan Fund – Ordinary Class F 720,244 12.5

Total Unlisted but Quoted Unit Trusts 5,178,183 89.5

* The investment funds are not authorised in Hong Kong and not available to the public in Hong Kong.

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Allianz Choice Growth Fund

Portfolio Statement (continued) as at 31 March 2021 (unaudited) (Expressed in Hong Kong dollars)

% of Holdings Listed/quoted investments Market Value Net Assets HK$’000

Total Approved Pooled Investment Funds Established in Hong Kong 5,178,183 89.5

Total Investment Funds 5,565,006 96.2

Total Investments 5,565,006 96.2

Other Net Assets 218,055 3.8

Net Assets Attributable to Unitholders as at 31 March 2021 5,783,061 100.0

Total Investments, at Cost 3,728,806

Note: Investments are accounted for on a trade date basis.

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Statement of Movements in Portfolio Holdings for the six months ended 31 March 2021 (unaudited)

% of % of Net Assets Net Assets as at as at 31 March 30 September 2021 2020

Investment funds

LISTED INVESTMENT FUNDS

Luxembourg 1.3 – United States 5.4 7.5

Total Listed Investment Funds 6.7 7.5

APPROVED POOLED INVESTMENT FUNDS ESTABLISHED IN HONG KONG

Unlisted but Quoted Unit Trusts 89.5 89.4

Total Approved Pooled Investment Funds Established in Hong Kong 89.5 89.4

Total Investment Funds 96.2 96.9

Total Portfolio Investments 96.2 96.9

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Allianz Choice Hong Kong Fund

Statement of Net Assets as at 31 March 2021 (unaudited) (Expressed in Hong Kong dollars)

31 March 30 September 2021 2020 HK$’000 HK$’000

Assets Current assets Financial assets at fair value through profit or loss 5,589,884 4,610,972 Amounts receivable on subscription 3,596 5,261 Amounts due from brokers – 11,808 Dividends and other receivables 8,329 9,475 Cash and cash equivalents 182,106 121,611

Total assets 5,783,915 4,759,127

Liabilities Current liabilities Amounts payable on redemption 15,610 13,447 Amounts due to brokers 22,999 9,437 Accruals and other payables 3,049 2,095

Total liabilities (excluding net assets attributable to unitholders) 41,658 24,979

Net assets attributable to unitholders 5,742,257 4,734,148

Number of units outstanding Units Units – Ordinary Class A 51,192,399 53,747,057 – Ordinary Class B 86,999 86,999 – Ordinary Class C 7,785,816 7,416,411 – Ordinary Class F 119,144,725 106,007,413 – Ordinary Class I 7,359,843 7,343,133 – Administration Class A 3,290,867 3,436,319 – Administration Class B – 267

Net asset value per unit HK$ HK$ – Ordinary Class A 54.11 45.32 – Ordinary Class B 52.13 43.72 – Ordinary Class C 45.21 38.06 – Ordinary Class F 16.29 13.61 – Ordinary Class I 69.19 57.81 – Administration Class A 50.12 42.07 – Administration Class B – 36.00

Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Statement of Comprehensive Income for the six months ended 31 March 2021 (unaudited) (Expressed in Hong Kong dollars)

For the period For the period from 01 October from 01 October 2020 to 31 March 2019 to 31 March 2021 2020 HK$’000 HK$’000

Income

Dividend income 20,795 24,455 Interest on bank deposits 6 11 Net gains/(losses) on financial assets and liabilities at fair value through profit or loss 913,397 (234,631) Net foreign exchange losses (404) (467)

Total net income/(loss) 933,794 (210,632)

Expenses

Administration fee Note 1 (362) (275) Audit fees (138) (153) Bank charges Note 1 (26) (10) Communications – (2) Management fee Note 2 (9,130) (7,646) Legal and professional fees (12) (33) Printing and reporting (30) (68) Registrar and transfer agent fees Note 1 (138) (126) Safekeeping fees Note 1 (443) (409) Trustee fee Note 1 (1,157) (1,025) Miscellaneous expenses (78) (100) Transaction cost Note 1 (10,861) (10,402)

Total operating expenses (22,375) (20,249)

Increase/(decrease) in net assets attributable to unitholders from operations 911,419 (230,881)

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Allianz Choice Hong Kong Fund

Statement of Comprehensive Income (continued) for the six months ended 31 March 2021 (unaudited) (Expressed in Hong Kong dollars)

For the period For the period from 01 October from 01 October 2020 to 31 March 2019 to 31 March 2021 2020 HK$’000 HK$’000

Administration fee 359 270 Transaction cost 546 790

Note 2 During the periods ended 31 March 2021 and 2020, other than Management fee paid to the Manager, no other amounts paid to the Manager or its Connected Persons.

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Statement of Changes in Net Assets Attributable to Unitholders for the six months ended 31 March 2021 (unaudited) (Expressed in Hong Kong dollars)

For the period For the period from 01 October from 01 October 2020 to 31 March 2019 to 31 March 2021 2020 HK$’000 HK$’000

Net assets attributable to unitholders at the beginning of the period 4,734,148 4,681,047

Subscription of units 892,077 443,436 Redemption of units (795,387) (818,955)

Net decrease from units transactions 96,690 (375,519)

Increase/(decrease) in net assets attributable to unitholders from operations 911,419 (230,881)

Balance at the end of the period 5,742,257 4,074,647

For the period For the period from 01 October from 01 October 2020 to 31 March 2019 to 31 March 2021 2020 Units Units

Ordinary Class A

Number of units in issue brought forward 53,747,057 56,553,858 Units issued during the period 6,731,737 9,114,157 Units redeemed during the period (9,286,395) (7,925,472)

Number of units in issue carried forward 51,192,399 57,742,543

Ordinary Class B

Number of units in issue brought forward 86,999 86,999 Units issued during the period – – Units redeemed during the period – –

Number of units in issue carried forward 86,999 86,999

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Allianz Choice Hong Kong Fund

Statement of Changes in Net Assets Attributable to Unitholders (continued) for the six months ended 31 March 2021 (unaudited) (Expressed in Hong Kong dollars)

For the period For the period from 01 October from 01 October 2020 to 31 March 2019 to 31 March 2021 2020 Units Units

Ordinary Class C

Number of units in issue brought forward 7,416,411 10,794,861 Units issued during the period 3,671,993 1,821,143 Units redeemed during the period (3,302,588) (4,596,999)

Number of units in issue carried forward 7,785,816 8,019,005

Ordinary Class F

Number of units in issue brought forward 106,007,413 154,709,585 Units issued during the period 18,233,096 – Units redeemed during the period (5,095,784) (28,787,395)

Number of units in issue carried forward 119,144,725 125,922,190

Ordinary Class I

Number of units in issue brought forward 7,343,133 7,430,952 Units issued during the period 566,500 590,756 Units redeemed during the period (549,790) (434,835)

Number of units in issue carried forward 7,359,843 7,586,873

Administration Class A

Number of units in issue brought forward 3,436,319 3,359,772 Units issued during the period 592,822 274,560 Units redeemed during the period (738,274) (204,518)

Number of units in issue carried forward 3,290,867 3,429,814

Administration Class B

Number of units in issue brought forward 267 22,591 Units issued during the period – – Units redeemed during the period (267) (22,324)

Number of units in issue carried forward – 267

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Cash Flow Statement for the six months ended 31 March 2021 (unaudited) (Expressed in Hong Kong dollars)

For the period For the period from 01 October from 01 October 2020 to 31 March 2019 to 31 March 2021 2020 HK$’000 HK$’000

Cash flows from operating activities

Increase/(decrease) in net assets attributable to unitholders from operations 911,419 (230,881)

Adjustments for: Dividend income (20,795) (24,455) Interest on bank deposits (6) (11)

Operating gain/(loss) before working capital changes 890,618 (255,347)

Net change in financial assets and financial liabilities at fair value through profit or loss (978,913) 606,467 Net change in amounts due from brokers 11,808 75,911 Net change in amounts due to brokers 13,562 (75,710) Net change in accruals and other payables 955 (324)

Cash (used in)/generated from operations (61,970) 350,997

Dividend income received 21,941 30,438 Interest on bank deposits received 6 12

Net cash (used in)/generated from operating activities (40,023) 381,447

Cash flows from financing activities

Proceeds from subscription of units 893,742 439,537 Payments on redemption of units (793,224) (814,648)

Net cash generated from/(used in) financing activities 100,518 (375,111)

Net increase in cash and cash equivalents 60,495 6,336

Cash and cash equivalents at beginning of the period 121,611 38,638

Cash and cash equivalents at end of the period 182,106 44,974

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Allianz Choice Hong Kong Fund

Portfolio Statement as at 31 March 2021 (unaudited) (Expressed in Hong Kong dollars)

% of Holdings Listed/quoted investments Market Value Net Assets HK$’000

EQUITIES 97.3%

LISTED EQUITIES 97.3%

CAYMAN ISLANDS 9.7%

2,005,800 Alibaba Group Holding Ltd 441,276 7.7 691,000 CK Hutchison Holdings Ltd 42,808 0.7 6,280,000 Topsports International Holdings Ltd 72,722 1.3

CHINA 58.2%

796,795 Aier Eye Hospital Group Co Ltd 55,940 1.0 7,586,000 Aluminum Corp Of China Ltd 24,275 0.4 6,830,000 Angang Steel Co Ltd 26,500 0.5 13,760 Bilibili Inc 11,393 0.2 3,872,500 BOC Hong Kong Holdings Ltd 105,138 1.8 4,147,000 Cheerwin Group Ltd 37,116 0.6 37,380,000 China Construction Bank Corporation Ltd 244,465 4.3 20,537,518 China Everbright Environment Group Ltd 108,027 1.9 2,892,000 China Mengniu Dairy Co Ltd 128,694 2.2 3,248,000 China Merchants Bank Co Ltd 192,769 3.4 831,500 China Mobile Ltd 42,365 0.7 5,604,000 China Molybdenum Co Ltd 26,395 0.5 8,698,000 China National Building Material Co Ltd 97,592 1.7 2,834,000 China Pacific Insurance Co Ltd 86,862 1.5 15,716,000 China Petroleum & Chemical Corp 65,064 1.1 2,724,000 China Resources Land Ltd 102,559 1.8 1,679,024 Chongqing Changan Automobile Co Ltd 28,231 0.5 2,223,000 CITIC Securities Co Ltd 39,792 0.7 4,034,000 CNOOC Ltd 32,796 0.6 3,705,000 Cosco Shipping Holdings Co Ltd 37,050 0.6 698,000 Country Garden Services Holdings Co Ltd 55,002 1.0 50,616 Daqo New Energy Corp 29,710 0.5 1,185,817 Gree Electric Appliances Inc 88,099 1.5 1,075,000 Hua Hong Semiconductor Ltd 45,526 0.8 569,000 Innovent Biologics Inc 44,866 0.8 410,950 Jd.Com Inc 132,326 2.3 998,000 Meituan 297,604 5.2 387,000 Microport Scientific Corporation 16,931 0.3 784,505 Midea Group Co Ltd 76,439 1.3 493,900 Netease Inc 78,135 1.4 93 做PDF>縮細66.6%>將PDF置中output

Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

% of Holdings Listed/quoted investments (continued) Market Value Net Assets HK$’000

EQUITIES 97.3% (continued)

LISTED EQUITIES 97.3% (continued)

CHINA 58.2% (continued)

1,752,000 Ping An Insurance (Group) Company of China Ltd 162,148 2.8 156,600 Sunny Optical Technology Group Co Ltd 27,749 0.5 652,000 Tencent Holdings Ltd 397,720 6.9 3,688,000 Tingyi (Cayman Islands) Holdings Corp 52,665 0.9 1,374,500 Wuxi Biologics Cayman Inc 133,808 2.3 2,065,500 Zhongsheng Group Holdings Ltd 113,189 2.0 2,141,900 Zhuzhou Crrc Times Electric Co Ltd 62,115 1.1 3,776,000 Zijin Mining Group Co Ltd 36,099 0.6

HONG KONG 26.1%

3,576,400 AIA Group Ltd 337,255 5.9 552,500 ASM Pacific Technology 54,725 1.0 12,622,741 China Everbright Greentech Ltd 39,888 0.7 378,661 China Resources Mixc Lifestyle Services Limited 17,532 0.3 3,135,200 Chow Tai Fook 37,246 0.6 3,818,000 CIFI Holdings Group Co Ltd 28,788 0.5 580,500 CK Asset Holdings Ltd 27,400 0.5 763,000 CLP Holdings Ltd 57,606 1.0 18,167,750 Digital China Holdings Ltd 98,833 1.7 1,348,000 Galaxy Entertainment Group Ltd 94,360 1.6 675,400 Hong Kong Exchanges and Clearing Ltd 308,928 5.4 902,500 MTR Corp Ltd 39,755 0.7 2,492,000 Shimao Group Holdings Ltd 60,929 1.1 410,500 Sun Hung Kai Properties Ltd 48,357 0.8 5,292,200 Swire Properties Ltd 127,277 2.2 431,500 Techtronic Industries Co Ltd 57,389 1.0 2,366,000 Vinda International Holdings Ltd 62,108 1.1

UNITED KINDOM 3.1%

3,979,681 HSBC Holdings Plc 181,075 3.1

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Allianz Choice Hong Kong Fund

Portfolio Statement (continued) as at 31 March 2021 (unaudited) (Expressed in Hong Kong dollars)

% of Holdings Listed/quoted investments (continued) Market Value Net Assets HK$’000

EQUITIES 97.3% (continued)

LISTED EQUITIES 97.3% (continued)

UNITED STATES 0.2%

1,099,000 Nexteer Automotive Group Ltd 10,473 0.2

Total Listed Equities 5,589,884 97.3

Total Equities 5,589,884 97.3

Total Investments 5,589,884 97.3

Other Net Assets 152,373 2.7

Net Assets Attributable to Unitholders as at 31 March 2021 5,742,257 100.0

Total Investments, at Cost 4,513,169

Note: Investments are accounted for on a trade date basis.

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Statement of Movements in Portfolio Holdings for the six months ended 31 March 2021 (unaudited)

% of % of Net Assets Net Assets as at as at 31 March 30 September 2021 2020

Equities

LISTED EQUITIES

Cayman Islands 9.7 9.3 China 58.2 58.1 Hong Kong 26.1 29.1 United Kingdom 3.1 0.9 United States 0.2 –

Total Listed Equities 97.3 97.4

Total Equities 97.3 97.4

Total Portfolio Investments 97.3 97.4

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Allianz Choice Oriental Fund

Statement of Net Assets as at 31 March 2021 (unaudited) (Expressed in Hong Kong dollars)

31 March 30 September 2021 2020 HK$’000 HK$’000

Assets Current assets Financial assets at fair value through profit or loss 448,972 282,402 Amounts receivable on subscription 550 2,238 Amounts due from brokers – 1,558 Margin accounts 674 – Dividends and other receivables 533 247 Cash and cash equivalents 12,403 34,966

Total assets 463,132 321,411

Liabilities Current liabilities Financial liabilities at fair value through profit or loss 41 – Amounts payable on redemption 752 3,394 Amounts due to brokers 1,292 477 Accruals and other payables 441 337

Total liabilities (excluding net assets attributable to unitholders) 2,526 4,208

Net assets attributable to unitholders 460,606 317,203

Number of units outstanding Units Units – Ordinary Class A 15,082,348 13,341,550 – Ordinary Class C 132,281 132,281 – Administration Class A 246,856 155,130 – Administration Class B – 1,000

Net asset value per unit HK$ HK$ – Ordinary Class A 29.91 23.34 – Ordinary Class C 26.61 20.89 – Administration Class A 24.50 19.18 – Administration Class B – 15.69

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Statement of Comprehensive Income for the six months ended 31 March 2021 (unaudited) (Expressed in Hong Kong dollars)

For the period For the period from 01 October from 01 October 2020 to 31 March 2019 to 31 March 2021 2020 HK$’000 HK$’000

Income

Dividend income 967 667 Interest on bank deposits 2 15 Net gains/(losses) on financial assets and liabilities at fair value through profit or loss 92,175 (8,146) Net foreign exchange losses (145) (142)

Total net income/(loss) 92,999 (7,606)

Expenses

Administration fee Note 1 (10) (4) Audit fees (31) (28) Bank charges Note 1 (23) (12) Communications – (9) Management fee Note 2 (923) (510) Legal and professional fees (26) (17) Printing and reporting (22) (50) Registrar and transfer agent fees Note 1 (94) (55) Safekeeping fees Note 1 (56) (30) Trustee fee Note 1 (138) (76) Miscellaneous expenses (36) (44) Transaction cost Note 1 (660) (383)

Total operating expenses (2,019) (1,218)

Net profits/(losses) before taxation 90,980 (8,824)

Taxation (132) (95)

Increase/(decrease) in net assets attributable to unitholders from operations 90,848 (8,919)

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Allianz Choice Oriental Fund

Statement of Comprehensive Income (continued) for the six months ended 31 March 2021 (unaudited) (Expressed in Hong Kong dollars)

For the period For the period from 01 October from 01 October 2020 to 31 March 2019 to 31 March 2021 2020 HK$’000 HK$’000

Transaction cost 9 8

Note 2 During the periods ended 31 March 2021 and 2020, other than Management fee paid to the Manager, no other amounts paid to the Manager or its Connected Persons.

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Statement of Changes in Net Assets Attributable to Unitholders for the six months ended 31 March 2021 (unaudited) (Expressed in Hong Kong dollars)

For the period For the period from 01 October from 01 October 2020 to 31 March 2019 to 31 March 2021 2020 HK$’000 HK$’000

Net assets attributable to unitholders at the beginning of the period 317,203 192,896

Subscription of units 155,182 40,695 Redemption of units (102,627) (34,074)

Net increase from units transactions 52,555 6,621

Increase/(decrease) in net assets attributable to unitholders from operations 90,848 (8,919)

Balance at the end of the period 460,606 190,598

For the period For the period from 01 October from 01 October 2020 to 31 March 2019 to 31 March 2021 2020 Units Units

Ordinary Class A

Number of units in issue brought forward 13,341,550 10,986,660 Units issued during the period 5,232,794 2,146,659 Units redeemed during the period (3,491,996) (1,852,072)

Number of units in issue carried forward 15,082,348 11,281,247

Ordinary Class B

Number of units in issue brought forward – 812 Units issued during the period – – Units redeemed during the period – –

Number of units in issue carried forward – 812

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Allianz Choice Oriental Fund

Statement of Changes in Net Assets Attributable to Unitholders (continued) for the six months ended 31 March 2021 (unaudited) (Expressed in Hong Kong dollars)

For the period For the period from 01 October from 01 October 2020 to 31 March 2019 to 31 March 2021 2020 Units Units

Ordinary Class C

Number of units in issue brought forward 132,281 258,279 Units issued during the period – – Units redeemed during the period – (35,005)

Number of units in issue carried forward 132,281 223,274

Ordinary Class I

Number of units in issue brought forward – 999 Units issued during the period – – Units redeemed during the period – –

Number of units in issue carried forward – 999

Administration Class A

Number of units in issue brought forward 155,130 96,711 Units issued during the period 302,413 34,297 Units redeemed during the period (210,687) –

Number of units in issue carried forward 246,856 131,008

Administration Class B

Number of units in issue brought forward 1,000 1,000 Units issued during the period – – Units redeemed during the period (1,000) –

Number of units in issue carried forward – 1,000

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Cash Flow Statement for the six months ended 31 March 2021 (unaudited) (Expressed in Hong Kong dollars)

For the period For the period from 01 October from 01 October 2020 to 31 March 2019 to 31 March 2021 2020 HK$’000 HK$’000

Cash flows from operating activities

Increase/(decrease) in net assets attributable to unitholders from operations 90,848 (8,919)

Adjustments for: Dividend income (967) (667) Interest on bank deposits (2) (15) Taxation 132 95

Operating gain/(loss) before working capital changes 90,011 (9,506)

Net change in financial assets and financial liabilities at fair value through profit or loss (166,529) 17,734 Net change in amounts due from brokers 1,558 1,505 Net change in margin accounts (673) (1,693) Net change in amounts due to brokers 815 (517) Net change in other receivables excluding dividends receivable and interests receivable on deposits – (17) Net change in accruals and other payables 104 51

Cash (used in)/generated from operations (74,714) 7,557

Dividend income received 680 1,030 Interest on bank deposits received 2 14 Taxation paid (132) (95)

Net cash (used in)/generated from operating activities (74,164) 8,506

Cash flows from financing activities

Proceeds from subscription of units 156,870 40,219 Payments on redemption of units (105,269) (33,918)

Net cash generated from financing activities 51,601 6,301

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Allianz Choice Oriental Fund

Cash Flow Statement (continued) for the six months ended 31 March 2021 (unaudited) (Expressed in Hong Kong dollars)

For the period For the period from 01 October from 01 October 2020 to 31 March 2019 to 31 March 2021 2020 HK$’000 HK$’000

Net (decrease)/increase in cash and cash equivalents (22,563) 14,807

Cash and cash equivalents at beginning of the period 34,966 9,886

Cash and cash equivalents at end of the period 12,403 24,693

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Portfolio Statement as at 31 March 2021 (unaudited) (Expressed in Hong Kong dollars)

% of Holdings Listed/quoted investments Market Value Net Assets HK$’000

EQUITIES 97.5%

LISTED EQUITIES 97.5%

AUSTRALIA 7.1%

3,654,043 Beston Global Food Company Ltd 1,385 0.3 3,700 CSL Ltd 5,798 1.3 556,166 Ecograf Ltd 1,927 0.4 268,100 Hazer Group Ltd 1,587 0.3 157,449 Paradigm Biopharmaceuticals Ltd 2,396 0.5 416,264 Polynovo Ltd 6,680 1.5 1,130,224 Starpharma Holdings Ltd 12,850 2.8

CAYMAN ISLANDS 0.3%

17,000 Iclick Interactive Asia Group Ltd 1,556 0.3

CHINA 27.9%

9,340 Agora Inc 3,650 0.8 239,000 Alphamab Oncology 2,691 0.6 1,257,000 AviChina Industry and Technology Co Ltd 6,549 1.4 500 Baidu Inc 846 0.2 6,800 Bilibili Inc 5,660 1.2 26,400 Cansino Biologics Inc 7,762 1.7 2,168,000 China Construction Bank Corporation Ltd 14,179 3.1 1,947,000 China Oilfield Services Ltd 15,576 3.4 1,477,000 CNOOC Ltd 12,008 2.6 42,161 Hutchison China Meditech Ltd 9,260 2.0 44,600 Jinke Smart Services Group Co Ltd 3,095 0.7 68,500 Remegen Co Ltd 6,610 1.4 59,400 Shanghai Kindly Medical Instruments Co Ltd 1,823 0.4 7,000 Tencent Holdings Ltd 4,270 0.9 378,000 Weichai Power Co Ltd 7,258 1.6 474,000 Weimob Inc 8,238 1.8 95,500 Wuxi Biologics Cayman Inc 9,297 2.0 7,000 Zai Lab Ltd 7,203 1.6 254,000 Zijin Mining Group Co Ltd 2,428 0.5

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Allianz Choice Oriental Fund

Portfolio Statement (continued) as at 31 March 2021 (unaudited) (Expressed in Hong Kong dollars)

% of Holdings Listed/quoted investments (continued) Market Value Net Assets HK$’000

EQUITIES 97.5% (continued)

LISTED EQUITIES 97.5% (continued)

HONG KONG 10.5%

64,000 AIA Group Ltd 6,035 1.3 168,000 Akeso Inc 8,249 1.8 85,000 Cheung Kong Infrastructure Holdings Ltd 3,927 0.9 236,000 CK Asset Holdings Ltd 11,139 2.4 145,000 Galaxy Entertainment Group Ltd 10,150 2.2 10,000 Hong Kong Exchanges and Clearing Ltd 4,574 1.0 1,188,000 Modern Dental Group Ltd 2,388 0.5 733,000 Wasion Holdings Ltd 1,759 0.4

JAPAN 16.1%

15,400 Grace Technology Inc 3,125 0.7 10,000 Holon Co Ltd 3,405 0.7 1,300 Keyence Corp 4,598 1.0 17,600 Kubota Corporation 3,120 0.7 25,000 Lasertec Corporation 25,540 5.5 4,100 M3 Inc 2,184 0.5 86,000 Marubeni Corp 5,571 1.2 29,300 Nichirei Corp 5,873 1.3 49,200 Nippon Steel & Sumitomo Metal Corporation 6,530 1.4 5,500 Sony Group Corp 4,487 1.0 9,800 Toyo Gosei Co Ltd 9,570 2.1

NEW ZEALAND 7.0%

181,618 EROAD Ltd 4,401 0.9 74,356 Mainfreight Ltd 28,097 6.1

SINGAPORE 2.5%

133,000 Singapore Technologies Engineering Ltd 2,994 0.6 74,100 Venture Corp Ltd 8,601 1.9

SOUTH KOREA 7.5%

6,650 Doosan Fuel Cell Co Ltd 2,343 0.5 11,201 EO Technics Co Ltd 9,126 2.0 45,000 Huneed Technologies 2,661 0.6 25,803 Koh Young Technology Inc 20,384 4.4

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

% of Holdings Listed/quoted investments (continued) Market Value Net Assets HK$’000

EQUITIES 97.5% (continued)

LISTED EQUITIES 97.5% (continued)

TAIWAN 16.1%

78,000 Alchip Technologies Ltd 19,127 4.2 27,000 Asmedia Technology Inc 10,962 2.4 18,000 ASPEED Technology Inc 8,460 1.8 44,000 Delta Electronics Inc 3,453 0.7 174,000 Getac Technology Corporation 2,778 0.6 17,596 Poya International 2,857 0.6 11,278 Sensortek Technology Corp 2,299 0.5 20,000 Sporton International Inc 1,341 0.3 48,000 Taiwan Semiconductor Manufacturing Co Ltd 7,677 1.7 145,000 Unimicron Technology Corp 3,615 0.8 34,000 WIN Semiconductors Corp 3,622 0.8 53,000 Yageo Corp 7,986 1.7

THAILAND 2.5%

1,913,000 Banpu PCL 5,996 1.3 528,000 Sri Trang Gloves Thailand PCL 5,386 1.2

Total Listed Equities 448,972 97.5

Total Equities 448,972 97.5

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Allianz Choice Oriental Fund

Portfolio Statement (continued) as at 31 March 2021 (unaudited) (Expressed in Hong Kong dollars)

% of Holdings Listed/quoted investments (continued) Market Value Net Assets HK$’000

FINANCIAL LIABILITIES AT FAIR VALUE THROUGH PROFIT OR LOSS

OTHER INVESTMENTS (0.0%)

FUTURES CONTRACTS (0.0%)

(6) NIKKEI 225 (OSE) 10 June 2021 (41) (0.0)

Total Other Investments (41) (0.0)

Total Investments 448,931 97.5

Other Net Assets 11,675 2.5

Net Assets Attributable to Unitholders as at 31 March 2021 460,606 100.0

Total Investments, at Cost 318,549

Note: Investments are accounted for on a trade date basis.

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Statement of Movements in Portfolio Holdings for the six months ended 31 March 2021 (unaudited)

% of % of Net Assets Net Assets as at as at 31 March 30 September 2021 2020

Equities

LISTED EQUITIES

Australia 7.1 8.2 Cayman Islands 0.3 – China 27.9 18.9 Hong Kong 10.5 7.6 Japan 16.1 13.4 New Zealand 7.0 6.3 Singapore 2.5 3.9 South Korea 7.5 9.5 Taiwan 16.1 19.7 Thailand 2.5 1.5

Total Listed Equities 97.5 89.0

Total Equities 97.5 89.0

Other Investments

Futures contracts (0.0) –

Total Other Investments (0.0) –

Total Portfolio Investments 97.5 89.0

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Allianz Choice Oriental Fund

Details in respect of financial derivative instruments as at 31 March 2021 (unaudited)

The financial derivative instruments held by the fund as at 31 March 2021 are summarised below:

Futures contracts

The details of futures contracts held by the fund as at 31 March 2021 are as follows:

Description Underlying assets Counterparty Market Value HK$’000

Financial liabilities:

Nikkei Stock Average NIKKEI 225 (OSE) 10 June 2021 (Nikkei 225) Goldman Sachs International (41)

(41)

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Allianz Choice Stable Growth Fund

Statement of Net Assets as at 31 March 2021 (unaudited) (Expressed in Hong Kong dollars)

31 March 30 September 2021 2020 HK$’000 HK$’000

Assets Current assets Financial assets at fair value through profit or loss 3,539,902 3,387,515 Amounts receivable on subscription 1,623 301 Amounts due from brokers 24,266 18,600 Dividends and other receivables 5 3 Cash and cash equivalents 225,556 165,624

Total assets 3,791,352 3,572,043

Liabilities Current liabilities Amounts payable on redemption 8,318 5,617 Amounts due to brokers 26,297 – Accruals and other payables 1,477 1,397

Total liabilities (excluding net assets attributable to unitholders) 36,092 7,014

Net assets attributable to unitholders 3,755,260 3,565,029

Number of units outstanding Units Units – Ordinary Class A 66,871,737 70,286,131 – Ordinary Class B 731,372 1,961,300 – Ordinary Class C 580,844 599,677 – Ordinary Class I 56,549,366 56,786,308 – Administration Class A 5,196,027 5,436,230 – Administration Class B 275,303 308,601

Net asset value per unit HK$ HK$ – Ordinary Class A 31.38 28.61 – Ordinary Class B 29.05 26.52 – Ordinary Class C 25.43 23.32 – Ordinary Class I 25.89 23.55 – Administration Class A 28.77 26.29 – Administration Class B 27.83 25.47

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Allianz Choice Stable Growth Fund

Statement of Comprehensive Income for the six months ended 31 March 2021 (unaudited) (Expressed in Hong Kong dollars)

For the period For the period from 01 October from 01 October 2020 to 31 March 2019 to 31 March 2021 2020 HK$’000 HK$’000

Income

Dividend income 2,734 3,205 Interest on bank deposits 14 71 Net gains/(losses) on financial assets and liabilities at fair value through profit or loss 348,168 (155,541) Net foreign exchange losses (266) (1,079)

Total net income/(loss) 350,650 (153,344)

Expenses

Administration fee Note 1 (352) (1,369) Audit fees (104) (106) Bank charges Note 1 (8) (3) Communications – (1) Management fee Note 2 (5,345) (6,182) Legal and professional fees (11) (13) Printing and reporting (25) (56) Registrar and transfer agent fees Note 1 (132) (117) Safekeeping fees Note 1 (22) (26) Miscellaneous expenses (15) (15) Transaction cost (211) (86)

Total operating expenses (6,225) (7,974)

Net profits/(losses) before taxation 344,425 (161,318)

Taxation (820) (467)

Increase/(decrease) in net assets attributable to unitholders from operations 343,605 (161,785)

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

For the period For the period from 01 October from 01 October 2020 to 31 March 2019 to 31 March 2021 2020 HK$’000 HK$’000

Administration fee 324 274

Note 2 During the periods ended 31 March 2021 and 2020, other than Management fee paid to the Manager, no other amounts paid to the Manager or its Connected Persons.

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Allianz Choice Stable Growth Fund

Statement of Changes in Net Assets Attributable to Unitholders for the six months ended 31 March 2021 (unaudited) (Expressed in Hong Kong dollars)

For the period For the period from 01 October from 01 October 2020 to 31 March 2019 to 31 March 2021 2020 HK$’000 HK$’000

Net assets attributable to unitholders at the beginning of the period 3,565,029 2,942,598

Subscription of units 282,392 192,468 Redemption of units (435,766) (236,187)

Net decrease from units transactions (153,374) (43,719)

Increase/(decrease) in net assets attributable to unitholders from operations 343,605 (161,785)

Balance at the end of the period 3,755,260 2,737,094

For the period For the period from 01 October from 01 October 2020 to 31 March 2019 to 31 March 2021 2020 Units Units

Ordinary Class A

Number of units in issue brought forward 70,286,131 70,502,279 Units issued during the period 5,340,524 5,222,439 Units redeemed during the period (8,754,918) (4,797,267)

Number of units in issue carried forward 66,871,737 70,927,451

Ordinary Class B

Number of units in issue brought forward 1,961,300 2,220,792 Units issued during the period 452 547 Units redeemed during the period (1,230,380) (260,537)

Number of units in issue carried forward 731,372 1,960,802

Ordinary Class C

Number of units in issue brought forward 599,677 2,715,285 Units issued during the period 6,310 447,360 Units redeemed during the period (25,143) (2,190,851)

Number of units in issue carried forward 580,844 971,794

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

For the period For the period from 01 October from 01 October 2020 to 31 March 2019 to 31 March 2021 2020 Units Units

Ordinary Class I

Number of units in issue brought forward 56,786,308 19,515,908 Units issued during the period 3,861,815 1,080,345 Units redeemed during the period (4,098,757) (989,004)

Number of units in issue carried forward 56,549,366 19,607,249

Administration Class A

Number of units in issue brought forward 5,436,230 25,131,707 Units issued during the period 626,408 937,573 Units redeemed during the period (866,611) (1,761,110)

Number of units in issue carried forward 5,196,027 24,308,170

Administration Class B

Number of units in issue brought forward 308,601 377,187 Units issued during the period – 3,765 Units redeemed during the period (33,298) (43,338)

Number of units in issue carried forward 275,303 337,614

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Allianz Choice Stable Growth Fund

Cash Flow Statement for the six months ended 31 March 2021 (unaudited) (Expressed in Hong Kong dollars)

For the period For the period from 01 October from 01 October 2020 to 31 March 2019 to 31 March 2021 2020 HK$’000 HK$’000

Cash flows from operating activities

Increase/(decrease) in net assets attributable to unitholders from operations 343,605 (161,785)

Adjustments for: Dividend income (2,734) (3,205) Interest on bank deposits (14) (71) Taxation 820 467

Operating gain/(loss) before working capital changes 341,677 (164,594)

Net change in financial assets and financial liabilities at fair value through profit or loss (152,387) 191,223 Net change in amounts due from brokers (5,666) (18,500) Net change in amounts due to brokers 26,297 35,118 Net change in other receivables excluding dividends receivable and interests receivable on deposits (3) – Net change in accruals and other payables 80 13

Cash generated from operations 209,998 43,260

Dividend income received 2,734 3,617 Interest on bank deposits received 15 75 Taxation paid (820) (467)

Net cash generated from operating activities 211,927 46,485

Cash flows from financing activities

Proceeds from subscription of units 281,070 193,027 Payments on redemption of units (433,065) (242,390)

Net cash used in financing activities (151,995) (49,363)

Net increase/(decrease) in cash and cash equivalents 59,932 (2,878)

Cash and cash equivalents at beginning of the period 165,624 82,991

Cash and cash equivalents at end of the period 225,556 80,113

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Portfolio Statement as at 31 March 2021 (unaudited) (Expressed in Hong Kong dollars)

% of Holdings Listed/quoted investments Market Value Net Assets HK$’000

INVESTMENT FUNDS 94.3%

LISTED INVESTMENT FUNDS 6.7%

LUXEMBOURG 1.4%

31,587 Lyxor Core Stoxx Europe 600 DR ETF* 52,145 1.4

UNITED STATES 5.3%

42,628 iShares 7-10 Year Treasury Bond Fund ETF* 37,426 1.0 188,515 iShares Core MSCI Europe ETF* 79,099 2.1 22,262 iShares Russell 2000 Value ETF* 27,600 0.7 50,539 iShares S&P 500 Value ETF* 55,495 1.5

Total Listed Investment Funds 251,765 6.7

APPROVED POOLED INVESTMENT FUNDS ESTABLISHED IN HONG KONG 87.6%

UNLISTED BUT QUOTED UNIT TRUSTS 87.6%

17,573,024 Allianz Choice “Best Styles” Europe Fund – Ordinary Class F 246,198 6.6 14,550,586 Allianz Choice “Best Styles” US Fund – Ordinary Class F 292,612 7.8 24,596,209 Allianz Choice Asian Fund – Ordinary Class F 504,222 13.4 3,870,000 Allianz Choice Global Equity Fund – Ordinary Class F 39,629 1.1 134,718,382 Allianz Choice Global Fixed Income Fund – Ordinary Class F 1,542,526 41.1 5,066,297 Allianz Choice Greater China Fund – Ordinary Class F 80,250 2.1

* The investment funds are not authorised in Hong Kong and not available to the public in Hong Kong.

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Allianz Choice Stable Growth Fund

Portfolio Statement (continued) as at 31 March 2021 (unaudited) (Expressed in Hong Kong dollars)

% of Holdings Listed/quoted investments (continued) Market Value Net Assets HK$’000

INVESTMENT FUNDS 94.3% (continued)

APPROVED POOLED INVESTMENT FUNDS ESTABLISHED IN HONG KONG 87.6% (continued)

UNLISTED BUT QUOTED UNIT TRUSTS 87.6% (continued)

19,440,988 Allianz Choice Hong Kong Fund – Ordinary Class F 316,694 8.4 19,501,936 Allianz Choice Japan Fund – Ordinary Class F 266,006 7.1

Total Unlisted but Quoted Unit Trusts 3,288,137 87.6

Total Approved Pooled Investment Funds Established in Hong Kong 3,288,137 87.6

Total Investment Funds 3,539,902 94.3

Total Investments 3,539,902 94.3

Other Net Assets 215,358 5.7

Net Assets Attributable to Unitholders as at 31 March 2021 3,755,260 100.0

Total Investments, at Cost 2,776,850

Note: Investments are accounted for on a trade date basis.

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Statement of Movements in Portfolio Holdings for the six months ended 31 March 2021 (unaudited)

% of % of Net Assets Net Assets as at as at 31 March 30 September 2021 2020

Investment funds

LISTED INVESTMENT FUNDS

Luxembourg 1.4 – United States 5.3 8.7

Total Listed Investment Funds 6.7 8.7

APPROVED POOLED INVESTMENT FUNDS ESTABLISHED IN HONG KONG

Unlisted but Quoted Unit Trusts 87.6 86.3

Total Approved Pooled Investment Funds Established in Hong Kong 87.6 86.3

Total Investment Funds 94.3 95.0

Total Portfolio Investments 94.3 95.0

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Allianz Choice HK$ Liquidity Fund

Statement of Net Assets As at 31 March 2021 (unaudited) (Expressed in Hong Kong dollars)

31 March 30 September 2021 2020 HK$’000 HK$’000

Assets Current assets Financial assets at fair value through profit or loss 45,117 112,820 Amounts receivable on subscription 7,038 12,159 Dividends and other receivables 831 1,919 Term deposits with original maturity of more than three months 1,301,696 1,195,217 Cash and cash equivalents 249,733 337,982

Total assets 1,604,415 1,660,097

Liabilities Current liabilities Amounts payable on redemption 11,299 10,389 Amounts due to brokers – 32,049 Accruals and other payables 599 604

Total liabilities (excluding net assets attributable to unitholders) 11,898 43,042

Net assets attributable to unitholders 1,592,517 1,617,055

Number of units outstanding Units Units – Administration Class 316,523 309,185 – Ordinary Class 121,008,035 123,010,073

Net asset value per unit HK$ HK$ – Administration Class 11.8545 11.8544 – Ordinary Class 13.1294 13.1159

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Statement of Comprehensive Income for the six months ended 31 March 2021 (unaudited) (Expressed in Hong Kong dollars)

For the period For the period from 01 October from 01 October 2020 to 31 March 2019 to 31 March 2021 2020 HK$’000 HK$’000

Income

Interest on bank deposits 3,872 14,726 Net gains on financial assets and liabilities at fair value through profit or loss 381 966

Total net income 4,253 15,692

Expenses

Administration fee (4) (14) Audit fees (58) (63) Bank charges Note 1 (54) (57) Communications – (1) Management fee Note 2 (1,966) (1,845) Legal and professional fees (10) (7) Printing and reporting (9) (20) Registrar and transfer agent fees Note 1 (118) (94) Safekeeping fees Note 1 (7) (8) Trustee fee Note 1 (392) (373) Miscellaneous expenses (9) (5)

Total operating expenses (2,627) (2,487)

Increase in net assets attributable to unitholders from operations 1,626 13,205

Note 1 During the periods ended 31 March 2021 and 2020, other than Bank charges, Registrar and transfer agent fees, Safekeeping fees and Trustee fee paid to the Trustee or its Connected Persons, no other amounts paid to the Trustee or its Connected Persons.

Note 2 During the periods ended 31 March 2021 and 2020, other than Management fee paid to the Manager, no other amounts paid to the Manager or its Connected Persons.

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Allianz Choice HK$ Liquidity Fund

Statement of Changes in Net Assets Attributable to Unitholders for the six months ended 31 March 2021 (unaudited) (Expressed in Hong Kong dollars)

For the period For the period from 01 October from 01 October 2020 to 31 March 2019 to 31 March 2021 2020 HK$’000 HK$’000

Net assets attributable to unitholders at the beginning of the period 1,617,055 1,478,560

Subscription of units 458,439 303,038 Redemption of units (484,603) (305,190)

Net decrease from units transactions (26,164) (2,152)

Increase in net assets attributable to unitholders from operations 1,626 13,205

Balance at the end of the period 1,592,517 1,489,613

For the period For the period from 01 October from 01 October 2020 to 31 March 2019 to 31 March 2021 2020 Units Units

Administration Class

Number of units in issue brought forward 309,185 630,727 Units issued during the period 7,339 53,076 Units redeemed during the period (1) (267,196)

Number of units in issue carried forward 316,523 416,607

Ordinary Class

Number of units in issue brought forward 123,010,073 113,703,897 Units issued during the period 34,920,829 23,235,160 Units redeemed during the period (36,922,867) (23,213,803)

Number of units in issue carried forward 121,008,035 113,725,254

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Cash Flow Statement for the six months ended 31 March 2021 (unaudited) (Expressed in Hong Kong dollars)

For the period For the period from 01 October from 01 October 2020 to 31 March 2019 to 31 March 2021 2020 HK$’000 HK$’000

Cash flows from operating activities

Increase in net assets attributable to unitholders from operations 1,626 13,205

Adjustments for: Interest on bank deposits (3,872) (14,726)

Operating loss before working capital changes (2,246) (1,521)

Net change in financial assets and financial liabilities at fair value through profit or loss 67,703 113,717 Net change in amounts due to brokers (32,050) – Net change in other receivables excluding dividends receivable and interests receivable on deposits 45 – Net change in accruals and other payables (4) (18) Net change in term deposits with original maturity of more than 3 months (106,479) 311,300

Cash (used in)/generated from operations (73,031) 423,478

Interest on bank deposits received 4,916 14,386

Net cash (used in)/generated from operating activities (68,115) 437,864

Cash flows from financing activities

Proceeds from subscription of units 463,559 295,899 Payments on redemption of units (483,693) (298,838)

Net cash used in financing activities (20,134) (2,939)

Net (decrease)/increase in cash and cash equivalents (88,249) 434,925

Cash and cash equivalents at beginning of the period 337,982 191,875

Cash and cash equivalents at end of the period 249,733 626,800

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Allianz Choice HK$ Liquidity Fund

Portfolio Statement as at 31 March 2021 (unaudited) (Expressed in Hong Kong dollars)

% of Holdings Listed/quoted investments Market Value Net Assets HK$’000

FIXED INCOME 2.8%

UNLISTED BUT QUOTED FIXED INCOME 2.8%

HKD Fixed Income 2.8%

15,000,000 China Development Bank Hong Kong 0% 09 November 2021 14,955 0.9 30,000,000 Industrial and Commercial Bank of China Ltd (Sydney Branch) 0.7% 30 July 2021 30,162 1.9

Total Unlisted but Quoted Fixed Income 45,117 2.8

Total Fixed Income 45,117 2.8

Total Investments 45,117 2.8

Other Net Assets 1,547,400 97.2

Net Assets Attributable to Unitholders as at 31 March 2021 1,592,517 100.0

Total Investments, at Cost 44,850

% of Net Market Value Assets HK$’000

Daily liquid assets 223,843 14.06 Weekly liquid assets 412,992 25.93

The weighted average maturity and the weighted average life of the portfolio of the fund are 54.16 days and 54.16 days respectively.

Note: Investments are accounted for on a trade date basis.

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Statement of Movements in Portfolio Holdings for the six months ended 31 March 2021 (unaudited)

% of % of Net Assets Net Assets as at as at 31 March 30 September 2021 2020

Fixed Income

LISTED FIXED INCOME

HKD Fixed Income – 1.3

Total listed fixed income – 1.3

UNLISTED BUT QUOTED FIXED INCOME

HKD Fixed Income 2.8 5.7

Total unlisted but quoted fixed income 2.8 5.7

Total Fixed Income 2.8 7.0

Total Portfolio Investments 2.8 7.0

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Allianz Choice HK$ Cash Fund

Statement of Net Assets as at 31 March 2021 (unaudited) (Expressed in Hong Kong dollars)

31 March 30 September 2021 2020 HK$’000 HK$’000

Assets Current assets Financial assets at fair value through profit or loss 55,087 78,329 Amounts receivable on subscription 12,863 18,953 Dividends and other receivables 974 1,897 Term deposits with original maturity of more than three months 940,478 1,074,490 Cash and cash equivalents 778,700 365,142

Total assets 1,788,102 1,538,811

Liabilities Current liabilities Amounts payable on redemption 10,379 10,880 Amounts due to brokers – 28,043 Accruals and other payables 686 592

Total liabilities (excluding net assets attributable to unitholders) 11,065 39,515

Net assets attributable to unitholders 1,777,037 1,499,296

Number of units outstanding Units Units – Ordinary Class 117,889,098 97,140,137 – Ordinary Class F 12,573,371 12,287,581 – Ordinary Class I 3,734,395 3,331,472 – Administration Class 8,961,611 8,567,002

Net asset value per unit HK$ HK$ – Ordinary Class 12.75 12.73 – Ordinary Class F 10.60 10.57 – Ordinary Class I 10.06 10.04 – Administration Class 11.54 11.56

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Statement of Comprehensive Income for the six months ended 31 March 2021 (unaudited) (Expressed in Hong Kong dollars)

For the period For the period from 01 October from 01 October 2020 to 31 March 2019 to 31 March 2021 2020 HK$’000 HK$’000

Income

Interest on bank deposits 3,953 14,874 Net gains on financial assets and liabilities at fair value through profit or loss 373 828

Total net income 4,326 15,702

Expenses

Administration fee Note 1 (233) (277) Audit fees (58) (63) Bank charges Note 1 (15) (12) Communications – (1) Management fee Note 2 (1,863) (1,744) Legal and professional fees (10) (7) Printing and reporting (16) (28) Registrar and transfer agent fees Note 1 (100) (77) Safekeeping fees Note 1 (7) (7) Trustee fee Note 1 (408) (372) Miscellaneous expenses (9) (6)

Total operating expenses (2,719) (2,594)

Increase in net assets attributable to unitholders from operations 1,607 13,108

For the period For the period from 01 October from 01 October 2020 to 31 March 2019 to 31 March 2021 2020 HK$’000 HK$’000

Administration fee 202 195

Note 2 During the periods ended 31 March 2021 and 2020, other than Management fee paid to the Manager, no other amounts paid to the Manager or its Connected Persons.

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Allianz Choice HK$ Cash Fund

Statement of Changes in Net Assets Attributable to Unitholders for the six months ended 31 March 2021 (unaudited) (Expressed in Hong Kong dollars)

For the period For the period from 01 October from 01 October 2020 to 31 March 2019 to 31 March 2021 2020 HK$’000 HK$’000

Net assets attributable to unitholders at the beginning of the period 1,499,296 1,532,850

Subscription of units 852,660 297,723 Redemption of units (576,526) (393,548)

Net increase/(decrease) from units transactions 276,134 (95,825)

Increase in net assets attributable to unitholders from operations 1,607 13,108

Balance at the end of the period 1,777,037 1,450,133

For the period For the period from 01 October from 01 October 2020 to 31 March 2019 to 31 March 2021 2020 Units Units

Ordinary Class

Number of units in issue brought forward 97,140,137 106,754,326 Units issued during the period 58,944,931 21,016,424 Units redeemed during the period (38,195,970) (29,280,386)

Number of units in issue carried forward 117,889,098 98,490,364

Ordinary Class F

Number of units in issue brought forward 12,287,581 6,920,585 Units issued during the period 1,053,039 395,282 Units redeemed during the period (767,249) (221,315)

Number of units in issue carried forward 12,573,371 7,094,552

Ordinary Class I

Number of units in issue brought forward 3,331,472 – Units issued during the period 4,126,110 – Units redeemed during the period (3,723,187) –

Number of units in issue carried forward 3,734,395 –

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

For the period For the period from 01 October from 01 October 2020 to 31 March 2019 to 31 March 2021 2020 Units Units

Administration Class

Number of units in issue brought forward 8,567,002 10,498,115 Units issued during the period 4,219,788 2,437,570 Units redeemed during the period (3,825,179) (1,881,829)

Number of units in issue carried forward 8,961,611 11,053,856

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Allianz Choice HK$ Cash Fund

Cash Flow Statement for the six months ended 31 March 2021 (unaudited) (Expressed in Hong Kong dollars)

For the period For the period from 01 October from 01 October 2020 to 31 March 2019 to 31 March 2021 2020 HK$’000 HK$’000

Cash flows from operating activities

Increase in net assets attributable to unitholders from operations 1,607 13,108

Adjustments for: Interest on bank deposits (3,953) (14,874)

Operating loss before working capital changes (2,346) (1,766)

Net change in financial assets and financial liabilities at fair value through profit or loss 23,242 106,768 Net change in amounts due to brokers (28,043) – Net change in other receivables excluding dividends receivable and interests receivable on deposits 39 – Net change in accruals and other payables 94 (37) Net change in term deposits with original maturity of more than 3 months 134,012 359,281

Cash generated from operations 126,998 464,246

Interest on bank deposits received 4,837 15,364

Net cash generated from operating activities 131,835 479,610

Cash flows from financing activities

Proceeds from subscription of units 858,749 290,396 Payments on redemption of units (577,026) (389,998)

Net cash generated from/(used in) financing activities 281,723 (99,602)

Net increase in cash and cash equivalents 413,558 380,008

Cash and cash equivalents at beginning of the period 365,142 190,666

Cash and cash equivalents at end of the period 778,700 570,674

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Portfolio Statement as at 31 March 2021 (unaudited) (Expressed in Hong Kong dollars)

% of Holdings Listed/quoted investments Market Value Net Assets HK$’000

FIXED INCOME 3.1%

UNLISTED BUT QUOTED FIXED INCOME 3.1%

HKD Fixed Income 3.1%

25,000,000 China Development Bank Hong Kong 0% 09 November 2021 24,925 1.4 30,000,000 Industrial and Commercial Bank of China Ltd (Sydney Branch) 0.7% 30 July 2021 30,162 1.7

Total Unlisted but Quoted Fixed Income 55,087 3.1

Total Fixed Income 55,087 3.1

Total Investments 55,087 3.1

Other Net Assets 1,721,950 96.9

Net Assets Attributable to Unitholders as at 31 March 2021 1,777,037 100.0

Total Investments, at Cost 54,784

% of Net Market Value Assets HK$’000

Daily liquid assets 207,916 11.70 Weekly liquid assets 370,918 20.87

The weighted average maturity and the weighted average life of the portfolio of the fund are 51.90 days and 51.90 days respectively.

Note: Investments are accounted for on a trade date basis.

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Allianz Choice HK$ Cash Fund

Statement of Movements in Portfolio Holdings for the six months ended 31 March 2021 (unaudited)

% of % of Net Assets Net Assets as at as at 31 March 30 September 2021 2020

Fixed Income

LISTED FIXED INCOME

HKD Fixed Income – 1.3

Total listed fixed income – 1.3

UNLISTED BUT QUOTED FIXED INCOME

HKD Fixed Income 3.1 3.9

Total unlisted but quoted fixed income 3.1 3.9

Total Fixed Income 3.1 5.2

Total Portfolio Investments 3.1 5.2

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Allianz Choice RMB Money Market Fund

Statement of Net Assets as at 31 March 2021 (unaudited) (Expressed in Renminbi)

31 March 30 September 2021 2020 RMB’000 RMB’000

Assets Current assets Financial assets at fair value through profit or loss 24,695 18,554 Amounts receivable on subscription 3,395 414 Dividends and other receivables 377 219 Term deposits with original maturity of more than three months 51,392 60,214 Cash and cash equivalents 72,265 22,377

Total assets 152,124 101,778

Liabilities Current liabilities Amounts payable on redemption 2,623 384 Amounts due to brokers 2,090 – Accruals and other payables 112 114

Total liabilities (excluding net assets attributable to unitholders) 4,825 498

Net assets attributable to unitholders 147,299 101,280

Number of units outstanding Units Units – Ordinary Class (HKD) 14,964,319 10,547,060 – Administration Class (HKD) 321,498 1,012

Net asset value per unit HK$ HK$ – Ordinary Class (HKD) 9.66 10.97 – Administration Class (HKD) 8.52 9.85

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Allianz Choice RMB Money Market Fund

Statement of Comprehensive Income for the six months ended 31 March 2021 (unaudited) (Expressed in Renminbi)

For the period For the period from 01 October from 01 October 2020 to 31 March 2019 to 31 March 2021 2020 RMB’000 RMB’000

Income

Interest on bank deposits 979 938 Net gains on financial assets and liabilities at fair value through profit or loss 236 179 Net foreign exchange (losses)/gains (191) 34

Total net income 1,024 1,151

Expenses

Administration fee Note 1 (1) (1) Audit fees (21) (22) Bank charges Note 1 (10) (8) Management fee Note 2 (148) (112) Legal and professional fees (8) – Printing and reporting (10) (22) Registrar and transfer agent fees Note 1 (37) (36) Safekeeping fees Note 1 (1) (1) Trustee fee Note 1 (41) (31) Miscellaneous expenses (8) (6)

Total operating expenses (285) (239)

Increase in net assets attributable to unitholders from operations 739 912

Note 1 During the periods ended 31 March 2021 and 2020, other than Administration fee, Bank charges, Registrar and transfer agent fees, Safekeeping fees and Trustee fee paid to the Trustee or its Connected Persons, no other amounts paid to the Trustee or its Connected Persons.

Note 2 During the periods ended 31 March 2021 and 2020, other than Management fee paid to the Manager, no other amounts paid to the Manager or its Connected Persons.

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Statement of Changes in Net Assets Attributable to Unitholders for the six months ended 31 March 2021 (unaudited) (Expressed in Renminbi)

For the period For the period from 01 October from 01 October 2020 to 31 March 2019 to 31 March 2021 2020 RMB’000 RMB’000

Net assets attributable to unitholders at the beginning of the period 101,280 85,192

Subscription of units 91,037 27,321 Redemption of units (45,757) (22,047)

Net increase from units transactions 45,280 5,274

Increase in net assets attributable to unitholders from operations 739 912

Balance at the end of the period 147,299 91,378

For the period For the period from 01 October from 01 October 2020 to 31 March 2019 to 31 March 2021 2020 Units Units

Ordinary Class (HKD)

Number of units in issue brought forward 10,547,060 8,995,892 Units issued during the period 9,045,159 2,873,949 Units redeemed during the period (4,627,900) (2,320,220)

Number of units in issue carried forward 14,964,319 9,549,621

Ordinary Class (RMB)

Number of units in issue brought forward – 908 Units issued during the period – – Units redeemed during the period – –

Number of units in issue carried forward – 908

Administration Class (HKD)

Number of units in issue brought forward 1,012 26,110 Units issued during the period 460,227 3,871 Units redeemed during the period (139,741) –

Number of units in issue carried forward 321,498 29,981

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Allianz Choice RMB Money Market Fund

Cash Flow Statement for the six months ended 31 March 2021 (unaudited) (Expressed in Renminbi)

For the period For the period from 01 October from 01 October 2020 to 31 March 2019 to 31 March 2021 2020 RMB’000 RMB’000

Cash flows from operating activities

Increase in net assets attributable to unitholders from operations 739 912

Adjustments for: Interest on bank deposits (979) (938)

Operating loss before working capital changes (240) (26)

Net change in financial assets and financial liabilities at fair value through profit or loss (6,141) (5,955) Net change in amounts due to brokers 2,090 – Net change in other receivables excluding dividends receivable and interests receivable on deposits (85) – Net change in accruals and other payables (2) 23 Net change in term deposits with original maturity of more than 3 months 8,822 17,009

Cash generated from operations 4,444 11,051

Interest on bank deposits received 906 950

Net cash generated from operating activities 5,350 12,001

Cash flows from financing activities

Proceeds from subscription of units 88,056 27,217 Payments on redemption of units (43,518) (21,585)

Net cash generated from financing activities 44,538 5,632

Net increase in cash and cash equivalents 49,888 17,633

Cash and cash equivalents at beginning of the period 22,377 15,168

Cash and cash equivalents at end of the period 72,265 32,801

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Portfolio Statement as at 31 March 2021 (unaudited) (Expressed in Renminbi)

% of Holdings Listed/quoted investments Market Value Net Assets RMB’000

FIXED INCOME 16.8%

LISTED FIXED INCOME 16.8%

RMB Fixed Income 16.8%

1,000,000 BMW Finance NV 4.4% 20 September 2021 1,031 0.7 4,000,000 China Development Bank Corp (Hong Kong Branch) 2% 06 April 2021 4,079 2.8 4,000,000 First Abu Dhabi Bank PJS 4.8% 01 June 2021 4,170 2.8 4,000,000 HKCG Finance Ltd 4.45% 26 September 2021 4,120 2.8 1,000,000 Keb Hana Bank 4.5% 30 July 2021 1,036 0.7 6,000,000 Korea Development Bank 4.6% 03 July 2021 6,227 4.2 2,000,000 QNB Finance Ltd 5.25% 21 June 2021 2,008 1.4 2,000,000 Vigorous Champ Intl Ltd 3.3% 07 December 2021 2,024 1.4

Total Listed Fixed Income 24,695 16.8

Total Fixed Income 24,695 16.8

Total Investments 24,695 16.8

Other Net Assets 122,604 83.20

Net Assets Attributable to Unitholders as at 31 March 2021 147,299 100.0

Total Investments, at Cost 24,132

% of Net Market Value Assets RMB’000

Daily liquid assets 13,881 9.42 Weekly liquid assets 30,708 20.85

The weighted average maturity and the weighted average life of the portfolio of the fund are 50.48 days and 50.48 days respectively.

Note: Investments are accounted for on a trade date basis.

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Allianz Choice RMB Money Market Fund

Statement of Movements in Portfolio Holdings for the six months ended 31 March 2021 (unaudited)

% of % of Net Assets Net Assets as at as at 31 March 30 September 2021 2020

Fixed Income

LISTED FIXED INCOME

RMB Fixed Income 16.8 18.3

Total Listed Fixed Income 16.8 18.3

Total Fixed Income 16.8 18.3

Total Portfolio Investments 16.8 18.3

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Allianz Choice “Best Styles” Europe Fund

Statement of Net Assets as at 31 March 2021 (unaudited) (Expressed in Euro)

31 March 30 September 2021 2020 EUR’000 EUR’000

Assets Current assets Financial assets at fair value through profit or loss 187,670 162,027 Amounts receivable on subscription 1,533 501 Dividends and other receivables 509 98 Cash and cash equivalents 1,722 4,345

Total assets 191,434 166,971

Liabilities Current liabilities Amounts payable on redemption 33 280 Accruals and other payables 32 31

Total liabilities (excluding net assets attributable to unitholders) 65 311

Net assets attributable to unitholders 191,369 166,660

Number of units outstanding Units Units – Ordinary Class A 297,011 177,004 – Ordinary Class C 1,000 1,000 – Ordinary Class F 124,608,049 129,129,357

Net asset value per unit HK$ HK$ – Ordinary Class A 12.21 9.36 – Ordinary Class C 10.37 8.76 – Ordinary Class F 14.91 11.72

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Allianz Choice “Best Styles” Europe Fund

Statement of Comprehensive Income for the six months ended 31 March 2021 (unaudited) (Expressed in Euro)

For the period For the period from 01 October from 01 October 2020 to 31 March 2019 to 31 March 2021 2020 EUR’000 EUR’000

Income Dividend income 2,078 1,904 Interest on bank deposits – 1 Net gains/(losses) on financial assets and liabilities at fair value through profit or loss 29,121 (31,757) Net foreign exchange losses (308) (61)

Total net income/(loss) 30,891 (29,913)

Expenses

Audit fees (6) (7) Bank charges Note 1 (2) (1) Communications – (3) Management fee Note 2 (1) – Legal and professional fees (1) (1) Printing and reporting (1) (3) Safekeeping fees Note 1 (17) (17) Trustee fee Note 1 (44) (42) Miscellaneous expenses (9) (8) Transaction cost (72) (98)

Total operating expenses (153) (180)

Net profits/(losses) before taxation 30,738 (30,093)

Taxation (351) (244)

Increase/(decrease) in net assets attributable to unitholders from operations 30,387 (30,337)

Note 1 During the periods ended 31 March 2021 and 2020, other than Bank charges, Safekeeping fees and Trustee fee paid to the Trustee or its Connected Persons, no other amounts paid to the Trustee or its Connected Persons.

Note 2 During the periods ended 31 March 2021 and 2020, other than Management fee paid to the Manager, no other amounts paid to the Manager or its Connected Persons.

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Statement of Changes in Net Assets Attributable to Unitholders for the six months ended 31 March 2021 (unaudited) (Expressed in Euro)

For the period For the period from 01 October from 01 October 2020 to 31 March 2019 to 31 March 2021 2020 EUR’000 EUR’000

Net assets attributable to unitholders at the beginning of the period 166,660 168,285

Subscription of units 3,533 15,460 Redemption of units (9,211) (9,612)

Net (decrease)/increase from units transactions (5,678) 5,848

Increase/(decrease) in net assets attributable to unitholders from operations 30,387 (30,337)

Balance at the end of the period 191,369 143,796

For the period For the period from 01 October from 01 October 2020 to 31 March 2019 to 31 March 2021 2020 Units Units

Ordinary Class A

Number of units in issue brought forward 177,004 165,666 Units issued during the period 251,285 312,153 Units redeemed during the period (131,278) (192,601)

Number of units in issue carried forward 297,011 285,218

Ordinary Class C

Number of units in issue brought forward 1,000 1,000 Units issued during the period – – Units redeemed during the period – –

Number of units in issue carried forward 1,000 1,000

Ordinary Class F

Number of units in issue brought forward 129,129,357 118,926,301 Units issued during the period 2,039,447 12,713,246 Units redeemed during the period (6,560,755) (6,694,409)

Number of units in issue carried forward 124,608,049 124,945,138

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Allianz Choice “Best Styles” Europe Fund

Cash Flow Statement for the six months ended 31 March 2021 (unaudited) (Expressed in Euro)

For the period For the period from 01 October from 01 October 2020 to 31 March 2019 to 31 March 2021 2020 EUR’000 EUR’000

Cash flows from operating activities

Increase/(decrease) in net assets attributable to unitholders from operations 30,387 (30,337)

Adjustments for: Dividend income (2,078) (1,904) Interest on bank deposits – (1) Taxation 351 244

Operating gain/(loss) before working capital changes 28,660 (31,998)

Net change in financial assets and financial liabilities at fair value through profit or loss (25,643) 28,258 Net change in amounts due to brokers – 8,897 Net change in other receivables excluding dividends receivable and interests receivable on deposits – (9) Net change in accruals and other payables 1 10

Cash generated from operations 3,018 5,158

Dividend income received 1,667 1,668 Interest on bank deposits received – 1 Taxation paid (351) (244)

Net cash generated from operating activities 4,334 6,583

Cash flows from financing activities

Proceeds from subscription of units 2,501 4,441 Payments on redemption of units (9,458) (9,588)

Net cash used in financing activities (6,957) (5,147)

Net (decrease)/increase in cash and cash equivalents (2,623) 1,436

Cash and cash equivalents at beginning of the period 4,345 3,282

Cash and cash equivalents at end of the period 1,722 4,718

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Portfolio Statement as at 31 March 2021 (unaudited) (Expressed in Euro)

% of Holdings Listed/quoted investments Market Value Net Assets EUR’000

EQUITIES 98.1%

LISTED EQUITIES 98.1%

AUSTRALIA 1.1%

87,850 BHP Group Plc 2,160 1.1

AUSTRIA 0.6%

6,416 Bawag Group AG 283 0.2 9,233 Oesterreichische Elektrizitaetswirtschafts AG – A Shares 572 0.3 12,849 Raiffeisen Bank International 241 0.1

BELGIUM 0.8%

15,940 Ageas 822 0.4 6,450 Groupe Bruxelles Lambert 569 0.3 1,490 S.A. D’Ieteren 124 0.1

DENMARK 4.9%

700 AP Moller-Maersk 1,387 0.7 12,580 Carlsberg B Shares 1,649 0.9 5,140 DSV Panalpina A/S 860 0.4 10,390 GN Store Nord 698 0.4 16,580 H Lundbeck 483 0.3 16,958 Novo Nordisk A/S 980 0.5 8,740 Orsted A/S 1,204 0.6 6,010 Pandora 549 0.3 6,630 Royal Unibrew A/S 591 0.3 6,880 Topdanmark A/S 268 0.1 38,848 Trygvesta 781 0.4

FINLAND 2.8%

32,100 Elisa 1,642 0.9 6,160 Enento Group 216 0.1 30,730 Kesko Oyj 802 0.4 15,560 Kone Corp 1,084 0.6 16,690 Neles Oyj 181 0.1 8,534 Neste Oyj 386 0.2 13,610 Orion Oyj 465 0.2 10,460 TietoEVRY Oyj 276 0.1 11,740 Valmet Oyj 364 0.2

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Allianz Choice “Best Styles” Europe Fund

Portfolio Statement (continued) as at 31 March 2021 (unaudited) (Expressed in Euro)

% of Holdings Listed/quoted investments (continued) Market Value Net Assets EUR’000

EQUITIES 98.1% (continued)

LISTED EQUITIES 98.1% (continued)

FRANCE 14.1%

4,580 Amundi SA 312 0.2 5,880 Atos SE 391 0.2 87,560 AXA 2,004 1.1 9,290 Beneteau 111 0.1 3,440 Biomerieux 373 0.2 31,260 BNP Paribas SA 1,622 0.9 68,050 Carrefour SA 1,051 0.6 17,000 Compagnie De Saint-Gobain 855 0.4 26,590 Derichebourg SA 186 0.1 4,150 Eiffage SA 354 0.2 21,980 Electricite De France 251 0.1 70,690 Engie 856 0.4 2,019 Faurecia 92 0.1 2,020 Iliad SA 327 0.2 2,380 Kering SA 1,401 0.7 5,440 L’Oreal 1,778 0.9 6,720 La Francaise Des Jeux SAEM 261 0.1 7,377 LVMH Moet Hennessy Louis Vuitton SE 4,191 2.2 114,836 Orange SA 1,206 0.6 38,130 Rexel 644 0.3 40,733 Sanofi PSE 3,432 1.8 12,380 Schneider Electric SE 1,613 0.8 2,540 Teleperformance SE 789 0.4 60,516 Total SA 2,407 1.3 13,960 Vivendi SA 391 0.2

GERMANY 12.9%

1,560 Adidas 415 0.2 6,685 Allianz Xee 1,451 0.8 22,390 Bayerische Motoren Werke AG 1,981 1.0 3,870 Bechtle AG 619 0.3 8,140 Brenntag SE 597 0.3 10,830 Covestro 621 0.3 7,270 Cropenergies AG 87 0.0 38,637 Daimler AG 2,937 1.5 6,110 Deutsche Boerse AG 866 0.5 26,210 Deutsche Post 1,224 0.6

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

% of Holdings Listed/quoted investments (continued) Market Value Net Assets EUR’000

EQUITIES 98.1% (continued)

LISTED EQUITIES 98.1% (continued)

GERMANY 12.9% (continued)

28,470 Deutsche Telekom 489 0.3 14,255 Deutsche Wohnen 567 0.3 4,200 Hannover Rueck SE 654 0.3 6,500 Heidelbergcement 503 0.3 2,220 Hornbach Holding AG & Co KGaA 185 0.1 4,240 Muenchener Rueckversicherungs Gesellschaft in Muenchen AG 1,113 0.6 5,360 Nemetschek SE 291 0.2 5,250 Puma AG Rudolf Dassler Sport 438 0.2 8,700 Rheinmetall 752 0.4 9,330 RWE AG 312 0.2 22,618 SAP SE (Xetra) 2,362 1.2 10,910 Scout24 AG 706 0.4 6,055 Siemens AG 848 0.4 3,290 Symrise 340 0.2 10,510 Tag Immobilien 256 0.1 3,750 Teamviewer AG 137 0.1 10,810 Volkswagen Preference 2,579 1.4 15,190 Vonovia 846 0.4 5,640 Zalando SE 472 0.3

IRELAND 0.6%

12,600 CRH Plc 501 0.2 9,930 Kingspan Group Plc 718 0.4

ITALY 5.1%

41,450 Assicurazioni Generali 707 0.4 46,030 Banca Mediolanum SPA 371 0.2 12,220 Buzzi Unicem 271 0.2 4,780 Diasorin 654 0.4 45,910 Enav SPA 190 0.1 117,528 Enel SPA 998 0.5 56,100 Ente Nazionale larocarburi SPA 589 0.3 64,550 Finecobank Banca Fineco SPA 901 0.5

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Allianz Choice “Best Styles” Europe Fund

Portfolio Statement (continued) as at 31 March 2021 (unaudited) (Expressed in Euro)

% of Holdings Listed/quoted investments (continued) Market Value Net Assets EUR’000

EQUITIES 98.1% (continued)

LISTED EQUITIES 98.1% (continued)

ITALY 5.1% (continued)

112,530 Fondiaria SAI SPA 289 0.2 364,840 Intesa Sanpaolo 843 0.4 80,280 Italgas SPA 444 0.2 59,460 Leonardo Finmeccanica 411 0.2 12,300 Nexi SPA 183 0.1 51,730 Poste Italian SPA 561 0.3 94,834 Snam SPA 448 0.2 129,450 Terna SPA 833 0.4 49,410 Unicredit SPA 445 0.2 112,470 Unipol Gruppo Finanziario 535 0.3

JERSEY 0.3%

18,080 Experian Plc 530 0.3

LUXEMBOURG 0.2%

60,363 Aroundtown SA 366 0.2

NETHERLANDS 9.5%

140 Adyen NV 267 0.1 98,630 Aegon 399 0.2 5,870 Airbus SE 567 0.3 14,040 Aperam 539 0.3 4,720 ASM International 1,171 0.6 9,390 ASML HDG 4,855 2.5 12,810 Asr Nederland 489 0.3 3,070 Euronext 264 0.1 118,602 Fiat Chrysler Automobiles NV 1,789 0.9 66,380 ING Groep NV 692 0.4 54,466 Koninklijke Ahold Delhaize NV 1,294 0.7 4,520 Koninklijke NV 652 0.3 35,170 NN Group NV 1,466 0.8 7,060 Prosus NV 669 0.4 6,760 Randstad Holding NV 405 0.2 35,900 Royal Dutch Shell Plc – A Shares 603 0.3 35,998 Royal Dutch Shell Plc – B Shares 564 0.3 24,310 SBM Offshore 380 0.2 25,060 Signify NV 1,102 0.6

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

% of Holdings Listed/quoted investments (continued) Market Value Net Assets EUR’000

EQUITIES 98.1% (continued)

LISTED EQUITIES 98.1% (continued)

NORWAY 1.5%

19,370 Entra ASA 367 0.2 14,950 Gjensidige Forsikring ASA 299 0.2 33,430 Orkla ASA – A Shares 279 0.1 56,790 Statoil ASA 947 0.5 67,390 Telenor ASA 1,011 0.5

PORTUGAL 0.1%

277,110 Sonae SGPS 216 0.1

SPAIN 3.3%

40,540 Banco Bilbao Vizcaya Argentaria SA 179 0.1 187,614 Banco Santander SA 544 0.3 15,660 CIE Automotive 350 0.2 55,150 Endesa 1,244 0.6 12,620 Industria De Diseno Textil SA 355 0.2 184,840 International Consolidated Airlines Group Cl Di 430 0.2 224,196 lberdrola SA 2,463 1.3 4,338 Repsol SA 46 0.0 188,492 Telefonica SA 719 0.4

SWEDEN 9.2%

44,600 Addtech AB 566 0.3 33,840 Alfa Laval AB 872 0.5 3,228 Annehem Fastighete 8 0.0 28,850 Atlas Copco – A Shares 1,497 0.8 19,130 Boliden AB 605 0.3 18,380 Bravida Holding AB 216 0.1 38,180 Epiroc AB 678 0.3 33,980 Ericsson LM – B Shares 383 0.2 29,590 Essity AB 797 0.4 8,130 Evolution Gaming Group AB 1,021 0.5 53,610 Fabege 616 0.3 90,280 Husqvarna – B Shares 1,109 0.6

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Allianz Choice “Best Styles” Europe Fund

Portfolio Statement (continued) as at 31 March 2021 (unaudited) (Expressed in Euro)

% of Holdings Listed/quoted investments (continued) Market Value Net Assets EUR’000

EQUITIES 98.1% (continued)

LISTED EQUITIES 98.1% (continued)

SWEDEN 9.2% (continued)

11,340 Indutrade AB 223 0.1 18,060 Investor AB 1,221 0.6 8,730 Lifco AB 692 0.4 20,040 Loomis 520 0.3 15,050 Lundin Energy AB 403 0.2 7,510 NIBE Industrier AB 199 0.1 16,140 PEAB AB 166 0.1 71,140 Sandvik 1,657 0.9 38,680 Skandinaviska Enskilda Banken – A Shares 402 0.2 46,330 SKF AB – B Shares 1,122 0.6 4,920 Sweco – B Shares 68 0.0 22,500 Swedbank 338 0.2 8,740 Swedish Match AB 582 0.3 10,470 Thule Group AB 388 0.2 59,220 Volvo AB 1,277 0.7

SWITZERLAND 15.0%

62,930 ABB Ltd 1,625 0.8 1,080 ALSO Holding AG 265 0.1 320 Bachem Holding AG – B Shares 117 0.1 190 Barry Callebaut 367 0.2 30 Belimo Holding AG 207 0.1 2,200 BKW AG 204 0.1 5,150 Cembra Money Bank AG 485 0.2 13,780 Coca-Cola HBC AG 374 0.2 5,840 Galenica AG 311 0.2 2,010 Geberit 1,093 0.6 450 Givaudan 1,482 0.8 22,370 Idorsia Ltd 512 0.3 2,790 Kuehne & Nagel Intl 680 0.3 7,440 Logitect Intl 667 0.3 67,679 Nestle SA 6,445 3.4 62,927 Novartis AG 4,595 2.4 1,530 Partners Group Holding 1,670 0.9 6,560 PSP Swiss Property AG 683 0.4 13,764 Roche Holdings – Genusschein 3,801 2.0 1,050 SFS Group AG 111 0.1 10,000 SIG Combibloc Group AG 198 0.1 1,920 Sonova Holding 435 0.2 700 Swisscom AG 321 0.2 107,410 UBS Group AG 1,421 0.7 1,520 Zurich Insurance Group 554 0.3

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

% of Holdings Listed/quoted investments (continued) Market Value Net Assets EUR’000

EQUITIES 98.1% (continued)

LISTED EQUITIES 98.1% (continued)

UNITED KINGDOM 16.1%

62,146 3i Group Plc 842 0.4 35,517 Anglo American Plc 1,185 0.6 55,290 Ashmore Group Plc 254 0.1 21,058 AstraZeneca Plc 1,791 0.9 269,317 Aviva Plc 1,291 0.7 130,210 BAE Systems Plc 772 0.4 443,070 Barclays Plc 967 0.5 35,500 Barratt Developments Plc 311 0.2 6,590 Berkeley Group Holdings Plc 343 0.2 480,381 BP Plc 1,662 0.9 11,203 British American Tobacco Plc 365 0.2 1,049,640 Centrica Plc 667 0.3 13,440 Cranswick Plc 574 0.3 16,359 Diageo Plc 574 0.3 38,140 Easyjet Plc 438 0.2 100,660 Evraz Plc 683 0.4 13,420 Ferguson Plc 1,366 0.7 19,680 Fresnillo Plc 200 0.1 133,873 GlaxoSmithKline Plc 2,024 1.1 20,820 Hargreaves Lansdown Plc 377 0.2 21,390 Hikma Pharmaceuticals Plc 571 0.3 323,437 HSBC Holdings Plc 1,607 0.8 49,050 Imperial Brands Plc 859 0.5 33,907 Inchcape Plc 300 0.2 6,860 Intertek Group Plc 451 0.2 200,000 Kingfisher Plc 747 0.4 16,990 London Stock Exchange Group Plc 1,384 0.7 197,060 M&G Plc 480 0.3 107,480 Meggitt Plc 602 0.3 17,460 Pennon Group Plc 200 0.1 18,220 Persimmon Plc 629 0.3 112,040 Premier Foods Plc 125 0.1 16,210 Reckitt Benckiser Group Plc 1,236 0.6

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Allianz Choice “Best Styles” Europe Fund

Portfolio Statement (continued) as at 31 March 2021 (unaudited) (Expressed in Euro)

% of Holdings Listed/quoted investments (continued) Market Value Net Assets EUR’000

EQUITIES 98.1% (continued)

LISTED EQUITIES 98.1% (continued)

UNITED KINGDOM 16.1% (continued)

36,584 Rio Tinto Plc 2,384 1.2 92,090 Rotork Plc 385 0.2 141,830 Standard Life Aberdeen Plc 483 0.3 35,832 Unilever Plc 1,705 0.9

Total Listed Equities 187,670 98.1

Total Equities 187,670 98.1

RIGHTS 0.0% 0 0.0

Total Investments 187,670 98.1

Other Net Assets 3,699 1.9

Net Assets Attributable to Unitholders as at 31 March 2021 191,369 100.0

Total Investments, at Cost 159,439

Note: Investments are accounted for on a trade date basis.

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Statement of Movements in Portfolio Holdings for the six months ended 31 March 2021 (unaudited)

% of % of Net Assets Net Assets as at as at 31 March 30 September 2021 2020

Equities

LISTED EQUITIES

Australia 1.1 0.9 Austria 0.6 0.3 Belgium 0.8 0.7 Denmark 4.9 4.4 Finland 2.8 3.2 France 14.1 15.2 Germany 12.9 13.0 Ireland 0.6 0.9 Italy 5.1 5.5 Jersey 0.3 – Luxembourg 0.2 0.1 Netherlands 9.5 8.9 Norway 1.5 0.6 Portugal 0.1 0.1 Spain 3.3 3.8 Sweden 9.2 7.6 Switzerland 15.0 15.8 United Kingdom 16.1 16.2

Total Listed Equities 98.1 97.2

Total Equities 98.1 97.2

Rights 0.0 0.0

Total Portfolio Investments 98.1 97.2

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Allianz Choice “Best Styles” Europe Fund

Details in respect of financial derivative instruments as at 31 March 2021 (unaudited)

The financial derivative instruments held by the fund as at 31 March 2021 are summarised below:

Rights

The details rights held by the fund as at 31 March 2021 are as follows:

Underlying assets Issuer Market Value EUR’000

Snam Nil Paid Rts 07/04/2021 Snam SPA Snam SPA 0

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Allianz Choice “Best Styles” US Fund

Statement of Net Assets as at 31 March 2021 (unaudited) (Expressed in United States dollars)

31 March 30 September 2021 2020 US$’000 US$’000

Assets Current assets Financial assets at fair value through profit or loss 275,330 242,399 Amounts receivable on subscription 1,607 884 Dividends and other receivables 135 129 Cash and cash equivalents 1,521 2,224

Total assets 278,593 245,636

Liabilities Current liabilities Amounts payable on redemption 111 155 Accruals and other payables 43 40

Total liabilities (excluding net assets attributable to unitholders) 154 195

Net assets attributable to unitholders 278,439 245,441

Number of units outstanding Units Units – Ordinary Class A 523,263 810,417 – Ordinary Class C 1,000 1,000 – Ordinary Class F 107,210,882 112,790,336

Net asset value per unit HK$ HK$ – Ordinary Class A 16.26 13.60 – Ordinary Class C 13.51 11.37 – Ordinary Class F 20.11 16.77

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Allianz Choice “Best Styles” US Fund

Statement of Comprehensive Income for the six months ended 31 March 2021 (unaudited) (Expressed in United States dollars)

For the period For the period from 01 October from 01 October 2020 to 31 March 2019 to 31 March 2021 2020 US$’000 US$’000

Income

Dividend income 2,236 1,865 Interest on bank deposits – 5 Net gains/(losses) on financial assets and liabilities at fair value through profit or loss 45,711 (23,544) Net foreign exchange (losses)/gains (21) 19

Total net income/(loss) 47,926 (21,655)

Expenses

Audit fees (9) (8) Bank charges Note 1 (1) – Communications – (11) Management fee Note 2 (3) (2) Legal and professional fees (1) (1) Printing and reporting (2) (4) Registrar and transfer agent fees Note 1 (1) – Safekeeping fees Note 1 (19) (14) Trustee fee Note 1 (63) (48) Miscellaneous expenses (6) (9) Transaction cost (47) (68)

Total operating expenses (152) (165)

Net profits/(losses) before taxation 47,774 (21,820)

Taxation (633) (502)

Increase/(decrease) in net assets attributable to unitholders from operations 47,141 (22,322)

Note 1 During the periods ended 31 March 2021 and 2020, other than Bank charges, Registrar and transfer agent fees, Safekeeping fees and Trustee fee paid to the Trustee or its Connected Persons, no other amounts paid to the Trustee or its Connected Persons.

Note 2 During the periods ended 31 March 2021 and 2020, other than Management fee paid to the Manager, no other amounts paid to the Manager or its Connected Persons.

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Statement of Changes in Net Assets Attributable to Unitholders for the six months ended 31 March 2021 (unaudited) (Expressed in United States dollars)

For the period For the period from 01 October from 01 October 2020 to 31 March 2019 to 31 March 2021 2020 US$’000 US$’000

Net assets attributable to unitholders at the beginning of the period 245,441 179,260

Subscription of units 9,090 22,647 Redemption of units (23,233) (3,580)

Net (decrease)/increase from units transactions (14,143) 19,067

Increase/(decrease) in net assets attributable to unitholders from operations 47,141 (22,322)

Balance at the end of the period 278,439 176,005

For the period For the period from 01 October from 01 October 2020 to 31 March 2019 to 31 March 2021 2020 Units Units

Ordinary Class A

Number of units in issue brought forward 810,417 364,042 Units issued during the period 1,040,704 751,307 Units redeemed during the period (1,327,858) (434,144)

Number of units in issue carried forward 523,263 681,205

Ordinary Class C

Number of units in issue brought forward 1,000 1,000 Units issued during the period – – Units redeemed during the period – –

Number of units in issue carried forward 1,000 1,000

Ordinary Class F

Number of units in issue brought forward 112,790,336 94,192,760 Units issued during the period 2,944,290 12,818,050 Units redeemed during the period (8,523,744) (1,510,127)

Number of units in issue carried forward 107,210,882 105,500,683

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Allianz Choice “Best Styles” US Fund

Cash Flow Statement for the six months ended 31 March 2021 (unaudited) (Expressed in United States dollars)

For the period For the period from 01 October from 01 October 2020 to 31 March 2019 to 31 March 2021 2020 US$’000 US$’000

Cash flows from operating activities

Increase/(decrease) in net assets attributable to unitholders from operations 47,141 (22,322)

Adjustments for: Dividend income (2,236) (1,865) Interest on bank deposits – (5) Taxation 633 502

Operating gain/(loss) before working capital changes 45,538 (23,690)

Net change in financial assets and financial liabilities at fair value through profit or loss (32,931) 5,635 Net change in other receivables excluding dividends receivable and interests receivable on deposits (1) – Net change in accruals and other payables 3 –

Cash generated from/(used in) operations 12,609 (18,055)

Dividend income received 2,231 1,866 Interest on bank deposits received – 5 Taxation paid (633) (502)

Net cash generated from/(used in) operating activities 14,207 (16,686)

Cash flows from financing activities

Proceeds from subscription of units 8,368 21,285 Payments on redemption of units (23,278) (3,512)

Net cash (used in)/generated from financing activities (14,910) 17,773

Net (decrease)/increase in cash and cash equivalents (703) 1,087

Cash and cash equivalents at beginning of the period 2,224 2,619

Cash and cash equivalents at end of the period 1,521 3,706

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Portfolio Statement as at 31 March 2021 (unaudited) (Expressed in United States dollars)

% of Holdings Listed/quoted investments Market Value Net Assets US$’000

EQUITIES 98.9%

LISTED EQUITIES 98.9%

BRAZIL 0.0%

2,613 XP Inc Com NPV 99 0.0

CANADA 1.0%

4,933 Aecon Group Inc 76 0.0 13,816 Algonquin Power & Utilities Corp 219 0.1 717 Boyd Group Services Inc 122 0.1 6,625 Canadian Natural Resources Ltd Com NPV 205 0.1 1,872 Canadian Utilities Ltd 50 0.0 949 Cogeco Communications Inc 89 0.0 5,744 Empire Company Ltd 179 0.1 4,317 Fortis Inc 187 0.1 2,550 Franco Nevada Corp 320 0.1 4,695 Genworth Mi Canda Inc 162 0.1 919 Intact Financial Corporation 113 0.0 2,463 Linamar Corp Com NPV 145 0.1 7,375 Nutrien Ltd Ord NPV 397 0.1 1,817 Onex Corp 113 0.0 8,725 TransCanada Corp 400 0.1

SWITZERLAND 0.2%

490 Mettler-Toledo International Inc 566 0.2

UNITED STATES 97.7%

7,403 3M Co 1,426 0.5 18,336 Abbott Laboratories 2,197 0.8 16,149 AbbVie Inc 1,748 0.6 2,300 Accenture Plc 635 0.2 12,137 Activision Blizzard Inc 1,129 0.4 5,429 Adaptive Biotechnologies Corp Com NPV 219 0.1 4,626 Adobe Inc 2,199 0.8 4,289 Advanced Micro Devices Inc 337 0.1 2,563 Affiliated Managers Group 382 0.1 3,132 Alexandria Real Estate Equities Inc 515 0.2

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Allianz Choice “Best Styles” US Fund

Portfolio Statement (continued) as at 31 March 2021 (unaudited) (Expressed in United States dollars)

% of Holdings Listed/quoted investments (continued) Market Value Net Assets US$’000

EQUITIES 98.9% (continued)

LISTED EQUITIES 98.9% (continued)

UNITED STATES 97.7% (continued)

8,966 Ally Financial Inc 405 0.1 2,430 Alphabet Inc (class A) 5,012 1.8 2,422 Alphabet Inc (class C) 5,010 1.8 3,532 Amazon.com Inc 10,928 3.9 8,046 American Electric Power Co Inc 681 0.2 8,849 American Tower Corp 2,115 0.8 4,986 American Water Works Co Inc 747 0.3 10,324 Americold Realty Trust Reit 397 0.1 1,887 Ameriprise Financial Inc 439 0.2 4,776 Amgen Inc 1,188 0.4 4,395 Amkor Technologies Inc 104 0.0 3,538 Anthem Inc 1,270 0.5 10,282 Apache Corp 184 0.1 125,582 Apple Inc 15,340 5.5 19,122 Applied Materials Inc 2,555 0.9 10,582 Archer-Daniels-Midland Company Com NPV 603 0.2 43,405 AT&T Inc 1,314 0.5 7,546 Automatic Data Processing Inc 1,422 0.5 3,127 Autonation Inc 291 0.1 3,053 Avery Dennison Corporation 561 0.2 65,822 Bank of America Corp 2,547 0.9 2,464 Bank of The Ozarks 101 0.0 11,874 Baxter International Inc 1,001 0.4 12,894 Berkshire Hathaway Inc 3,294 1.2 2,334 Big Lots Inc 159 0.1 22,578 Bionano Genomics Inc 182 0.1 1,462 Bio-Rad Laboratories Inc Class A 835 0.3 2,663 Blackrock Inc Com 2,008 0.7 350 Booking Holdings Inc 815 0.3 21,997 Bristol-Myers Squibb Co 1,389 0.5 4,016 Broadcom Inc 1,862 0.7 8,372 Bunge Limited 664 0.2 3,319 Cadence Design Systems Inc 455 0.2 10,694 Capital One Financial Corp 1,361 0.5 9,627 Carlyle Group/The 354 0.1 10,051 Caterpillar Inc 2,331 0.8 2,143 Celanese Corp Ser – (class A) 321 0.1 12,619 Centene Corp 806 0.3 14,946 CF Industries Holdings Ind 678 0.2 9,356 CH Robinson Worldwide Inc 893 0.3 12,720 Chevron Corp 1,333 0.5 654 Chipotle Mexican Grill Inc 929 0.3 2,637 Church & Dwight Co Inc 230 0.1 3,562 Cigna Corporation 861 0.3 157 做PDF>縮細66.6%>將PDF置中output

Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

% of Holdings Listed/quoted investments (continued) Market Value Net Assets US$’000

EQUITIES 98.9% (continued)

LISTED EQUITIES 98.9% (continued)

UNITED STATES 97.7% (continued)

2,858 Cintas Corp 975 0.3 35,007 Cisco Systems Inc 1,810 0.6 12,943 Citizens Financial Group Inc 571 0.2 3,910 Clorox Co 754 0.3 9,297 Cognex Corp 772 0.3 14,287 Colgate-Palmolive Co 1,126 0.4 4,816 Comcast Corp 261 0.1 21,351 Comerica Inc 1,532 0.5 26,667 ConocoPhillips 1,413 0.5 1,914 Copart Inc 208 0.1 23,804 Corning Inc 1,036 0.4 4,173 Costco Wholesale Corp 1,471 0.5 6,692 Cummins Inc 1,734 0.6 17,076 CVS Health Corp 1,285 0.5 1,826 Darden Restaurants Inc 259 0.1 3,168 Deere & Co 1,185 0.4 17,624 Delta Air Lines Inc 851 0.3 4,069 Discover Financial Services 387 0.1 6,986 Discovery Inc 258 0.1 6,615 Dollar General Corp 1,340 0.5 1,888 Domino’s Pizza Inc 694 0.2 8,702 Dow Inc 556 0.2 8,350 DR Horton Inc 744 0.3 2,000 Draftkings Inc 123 0.0 1,012 DTE Energy Co 135 0.0 4,979 Eastman Chemical Co 548 0.2 7,956 Eaton Corporation Plc 1,100 0.4 2,335 Ecolab Inc 500 0.2 866 Edwards Lifesciences Corp 72 0.0 2,671 Electronic Arts Inc 362 0.1 4,641 Eli Lilly & Co 867 0.3 3,256 Eog Resources Inc 236 0.1 529 Essex Property Trust Inc 144 0.1 3,081 Evergy Inc 183 0.1 2,799 Everquote Inc 102 0.0 24,194 Exelon Corp 1,058 0.4

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Allianz Choice “Best Styles” US Fund

Portfolio Statement (continued) as at 31 March 2021 (unaudited) (Expressed in United States dollars)

% of Holdings Listed/quoted investments (continued) Market Value Net Assets US$’000

EQUITIES 98.9% (continued)

LISTED EQUITIES 98.9% (continued)

UNITED STATES 97.7% (continued)

12,277 Exxon Mobil Corp 685 0.2 17,926 Facebook Inc 5,280 1.9 4,125 Fedex Corp 1,172 0.4 1,765 Floor & Decor Holdings Inc 169 0.1 14,384 Fortive Corp 1,016 0.4 10,936 Franklin Resources Inc 324 0.1 13,945 Freeport-Mcmoran Inc 459 0.2 3,848 Gaming and Leisure Properties 163 0.1 9,081 General Mills Inc 557 0.2 37,275 General Motors Co 2,142 0.8 15,738 Hartford Financial Services Group Inc 1,051 0.4 2,125 HCA Healthcare Inc 400 0.1 69 Hermitage Offshore Services Ltd 0 0.0 20,000 Hewlett Packard Enterprise Co 315 0.1 10,038 Hollyfrontier Corp 359 0.1 16,061 Hologic Inc 1,195 0.4 7,887 Home Depot Inc 2,408 0.9 1,941 Honeywell International Inc 421 0.2 22,968 HP Inc 729 0.3 1,684 Humana Inc 706 0.3 24,199 Huntsman Corporation 698 0.3 2,344 IDEX Corporation 491 0.2 2,277 IDEXX Laboratories Inc 1,114 0.4 4,807 Illinois Tool Works Inc 1,065 0.4 15,754 Ingersoll Rand Inc 775 0.3 1,086 Innovative Industrial Properties In (class C) 196 0.1 5,730 Inseego Corp Inc 57 0.0 2,383 Insperity Inc 200 0.1 36,617 Intel Corp 2,343 0.8 5,037 Intuit Inc 1,929 0.7 1,739 Irobot Corp 212 0.1 15,652 Iron Mountain Inc 579 0.2 2,031 JB Hunt Transport Services Inc 341 0.1 19,277 Jefferies Financial Group Inc 580 0.2 22,372 Johnson & Johnson 3,677 1.3 28,886 JP Morgan Chase & Co 4,397 1.6 13,681 Juniper Networks Inc 347 0.1 8,994 Kar Auction Services Inc 135 0.0 7,021 Kimberly-Clark Corp 976 0.4 58,174 Kinder Morgan Inc 969 0.3 1,197 KLA Corp 395 0.1 9,627 Kroger Co 346 0.1

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

% of Holdings Listed/quoted investments (continued) Market Value Net Assets US$’000

EQUITIES 98.9% (continued)

LISTED EQUITIES 98.9% (continued)

UNITED STATES 97.7% (continued)

4,883 Laboratory Corp of America Holdings 1,245 0.4 2,751 Lam Research Corp 1,637 0.6 5,907 Las Vegas Sands Corp 359 0.1 5,320 Leidos Holdings Inc 512 0.2 12,812 Lowe’s Companies Inc 2,437 0.9 10,081 LyondellBasell Industries NV 1,049 0.4 23,318 Macy’s Inc 378 0.1 46,584 Marathon Oil Corp 498 0.2 712 MarketAxess Holdings Inc 355 0.1 7,691 Mastercard Inc 2,738 1.0 17,803 Medtronic Plc 2,103 0.8 29,326 Merck & Co Inc 2,261 0.8 6,088 Metlife Inc 370 0.1 17,755 Micron Technology Inc 1,566 0.6 65,944 Microsoft Corp 15,548 5.6 1,004 Moderna Inc 131 0.0 4,666 Moody’s Corporation 1,393 0.5 35,053 Morgan Stanley Inc 2,722 1.0 25,014 Mosaic Co 791 0.3 5,385 MSC Industrial Direct Co Inc 486 0.2 6,844 Nasdaq Inc 1,009 0.4 8,613 Netapp Inc 626 0.2 2,685 Netflix Inc 1,401 0.5 8,756 Newmont Mining Corp 528 0.2 28,855 Nextera Energy Inc 2,182 0.8 14,800 Nike Inc – B Shares 1,967 0.7 32,361 NortonLifeLock Inc 688 0.2 12,646 Nucor Corp 1,015 0.4 4,891 Nvidia Corp Com 2,611 0.9 60 NVR Inc 283 0.1 1,924 O’Reilly Automotive Inc 976 0.4 11,814 Olin Corp 449 0.2 5,146 Omnicom Group 382 0.1 35,860 Oracle Corp 2,516 0.9 11,245 Paccar Inc 1,045 0.4 14,903 Park Hotels & Resorts Inc 322 0.1

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Allianz Choice “Best Styles” US Fund

Portfolio Statement (continued) as at 31 March 2021 (unaudited) (Expressed in United States dollars)

% of Holdings Listed/quoted investments (continued) Market Value Net Assets US$’000

EQUITIES 98.9% (continued)

LISTED EQUITIES 98.9% (continued)

UNITED STATES 97.7% (continued)

11,746 Paypal Holdings Inc 2,852 1.0 71,113 Pfizer Inc 2,576 0.9 4,677 Philip Morris International Inc 415 0.1 6,428 Pioneer Natural Resources Co 1,021 0.4 15,120 Procter & Gamble Co 2,048 0.7 9,105 Progressive Corp 871 0.3 6,740 Pulte Group Inc 353 0.1 12,310 Qualcomm Inc 1,632 0.6 2,358 Quest Diagnostics 303 0.1 6,878 Raymond James Financial Ind 843 0.3 16,187 Regions Financial Corp 334 0.1 1,000 Renewable Energy Group Inc 66 0.0 3,177 Roper Technologies Inc 1,281 0.5 4,237 Royal Caribbean Cruises Ltd 363 0.1 2,600 Ryman Hospitality Properties Inc 202 0.1 5,555 S&P Global Inc 1,960 0.7 2,819 Sage Therapeutics Inc 211 0.1 2,283 Servicenow Inc 1,142 0.4 1,960 Sherwin-Williams Co 1,446 0.5 4,297 Six Flags Entertainment Corp Com NPV 200 0.1 7,053 Skyworks Solutions Inc 1,294 0.5 24,586 SLM Corp 442 0.2 732 Snap-On Inc 169 0.1 8,798 Southwest Airlines Co 537 0.2 20,000 Southwestern Energy Co 93 0.0 11,223 Stag Industrial Inc 377 0.1 17,591 Starbucks Corp 1,922 0.7 4,044 Steris Plc 770 0.3 6,337 Stryker Corp 1,544 0.6 28,860 Synchrony Financial Services Co 1,173 0.4 10,767 T. Rowe Price Group Inc 1,848 0.7 2,751 Take-Two Interactive Software Inc 486 0.2 2,226 Teradyne Inc 271 0.1 3,428 Tesla Inc 2,290 0.8 33,253 The Charles Schwab Corp 2,167 0.8 4,434 Thermo Fisher Scientific Inc 2,024 0.7 4,492 Timken Co Com NPV 365 0.1 3,795 Trinseo SA 242 0.1 15,738 Tyson Foods Inc 1,169 0.4 9,661 Union Pacific Corp 2,129 0.8 7,659 United Continental Holdings Inc 440 0.2 2,437 United Rentals Inc 803 0.3 7,959 UnitedHealth Group Inc 2,961 1.1 1,682 Universal Health Services Inc – B Shares 224 0.1 161 做PDF>縮細66.6%>將PDF置中output

Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

% of Holdings Listed/quoted investments (continued) Market Value Net Assets US$’000

EQUITIES 98.9% (continued)

LISTED EQUITIES 98.9% (continued)

UNITED STATES 97.7% (continued)

24,189 Unum Group 673 0.2 8,029 Valero Energy Corp 575 0.2 1,441 Verisk Analytics Inc 255 0.1 39,450 Verizon Communications Inc 2,294 0.8 2,181 Vertex Pharmaceuticals Inc 469 0.2 4,560 Viacomcbs Inc 206 0.1 7,483 Viatris Inc Com NPV 105 0.0 12,199 Visa Inc 2,583 0.9 7,806 Vishay Intertechnology Inc 188 0.1 5,310 Voya Financial Inc 338 0.1 3,391 Vulcan Materials Co 572 0.2 8,312 Walt Disney Co 1,534 0.6 8,402 Waste Management Inc 1,084 0.4 9,121 Western Union Co 225 0.1 308 Wingstop Inc 39 0.0 8,023 Xilinx Inc 994 0.4 5,877 Zimmer Biomet Holdings Inc 941 0.3 10,085 Zoetis Inc 1,588 0.6

Total Listed Equities 275,330 98.9

Total Equities 275,330 98.9

WARRANTS 0.0% – –

Total Investments 275,330 98.9

Other Net Assets 3,109 1.1

Net Assets Attributable to Unitholders as at 31 March 2021 278,439 100.0

Total Investments, at Cost 192,644

Note: Investments are accounted for on a trade date basis.

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Allianz Choice “Best Styles” US Fund

Statement of Movements in Portfolio Holdings for the six months ended 31 March 2021 (unaudited)

% of % of Net Assets Net Assets as at as at 31 March 30 September 2021 2020

Equities

LISTED EQUITIES

Brazil 0.0 – Canada 1.0 1.3 Switzerland 0.2 0.3 United States 97.7 97.2

Total Listed Equities 98.9 98.8

Total Equities 98.9 98.8

Warrants – –

Total Portfolio Investments 98.9 98.8

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Details in respect of financial derivative instruments as at 31 March 2021 (unaudited)

The financial derivative instruments held by the fund as at 31 March 2021 are summarised below:

Warrants

The details of warrants held by the fund as at 31 March 2021 are as follows:

Underlying assets Issuer Market Value US$’000

Unit Corporation-Ordshr Wts 09/03/2027 Unit Corporation Unit Corporation –

–

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Allianz Choice Global Fixed Income Fund

Statement of Net Assets as at 31 March 2021 (unaudited) (Expressed in United States dollars)

31 March 30 September 2021 2020 US$’000 US$’000

Assets Current assets Financial assets at fair value through profit or loss 500,142 514,237 Amounts receivable on subscription 129 1,466 Amounts due from brokers 2,911 1,212 Dividends and other receivables 5 12 Cash and cash equivalents 41,391 43,752

Total assets 544,578 560,679

Liabilities Current liabilities Financial liabilities at fair value through profit or loss 461 1 Amounts payable on redemption 369 2,733 Amounts due to brokers 4,386 7,475 Accruals and other payables 85 78

Total liabilities (excluding net assets attributable to unitholders) 5,301 10,287

Net assets attributable to unitholders 539,277 550,392

Number of units outstanding Units Units – Ordinary Class A 937,487 938,646 – Ordinary Class C 1,000 1,000 – Ordinary Class F 365,421,604 368,825,436

Net asset value per unit HK$ HK$ – Ordinary Class A 10.88 11.00 – Ordinary Class C 10.72 10.88 – Ordinary Class F 11.45 11.54

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Statement of Comprehensive Income for the six months ended 31 March 2021 (unaudited) (Expressed in United States dollars)

For the period For the period from 01 October from 01 October 2020 to 31 March 2019 to 31 March 2021 2020 US$’000 US$’000

Income

Interest on bank deposits 2 16 Net (losses)/gains on financial assets and liabilities at fair value through profit or loss (5,505) 3,499 Net foreign exchange losses (245) (7,145)

Total net loss (5,748) (3,630)

Expenses

Audit fees (15) (18) Bank charges Note 1 (1) – Communications – (2) Management fee Note 2 (3) (2) Legal and professional fees (2) (2) Printing and reporting (2) (4) Registrar and transfer agent fees Note 1 (1) – Safekeeping fees Note 1 (40) (38) Trustee fee Note 1 (120) (115) Miscellaneous expenses (25) (16)

Total operating expenses (209) (197)

Decrease in net assets attributable to unitholders from operations (5,957) (3,827)

Note 1 During the periods ended 31 March 2021 and 2020, other than Bank charges, Registrar and transfer agent fees, Safekeeping fees and Trustee fee paid to the Trustee or its Connected Persons, no other amounts paid to the Trustee or its Connected Persons.

Note 2 During the periods ended 31 March 2021 and 2020, other than Management fee paid to the Manager, no other amounts paid to the Manager or its Connected Persons.

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Allianz Choice Global Fixed Income Fund

Statement of Changes in Net Assets Attributable to Unitholders for the six months ended 31 March 2021 (unaudited) (Expressed in United States dollars)

For the period For the period from 01 October from 01 October 2020 to 31 March 2019 to 31 March 2021 2020 US$’000 US$’000

Net assets attributable to unitholders at the beginning of the period 550,392 518,442

Subscription of units 15,674 35,578 Redemption of units (20,832) (40,911)

Net decrease from units transactions (5,158) (5,333)

Decrease in net assets attributable to unitholders from operations (5,957) (3,827)

Balance at the end of the period 539,277 509,282

For the period For the period from 01 October from 01 October 2020 to 31 March 2019 to 31 March 2021 2020 Units Units

Ordinary Class A

Number of units in issue brought forward 938,646 386,277 Units issued during the period 780,355 1,267,896 Units redeemed during the period (781,514) (1,028,079)

Number of units in issue carried forward 937,487 626,094

Ordinary Class C

Number of units in issue brought forward 1,000 1,000 Units issued during the period – – Units redeemed during the period – –

Number of units in issue carried forward 1,000 1,000

Ordinary Class F

Number of units in issue brought forward 368,825,436 372,402,170 Units issued during the period 9,668,295 7,821,273 Units redeemed during the period (13,072,127) (19,013,914)

Number of units in issue carried forward 365,421,604 361,209,529

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Cash Flow Statement for the six months ended 31 March 2021 (unaudited) (Expressed in United States dollars)

For the period For the period from 01 October from 01 October 2020 to 31 March 2019 to 31 March 2021 2020 US$’000 US$’000

Cash flows from operating activities

Decrease in net assets attributable to unitholders from operations (5,957) (3,827)

Adjustments for: Interest on bank deposits (2) (16)

Operating loss before working capital changes (5,959) (3,843)

Net change in financial assets and financial liabilities at fair value through profit or loss 14,555 8,112 Net change in amounts due from brokers (1,699) (1,519) Net change in amounts due to brokers (3,089) (14,307) Net change in other receivables excluding dividends receivable and interests receivable on deposits 7 – Net change in accruals and other payables 7 31

Cash generated from/(used in) operations 3,822 (11,526)

Interest on bank deposits received 2 16

Net cash generated from/(used in) operating activities 3,824 (11,510)

Cash flows from financing activities

Proceeds from subscription of units 17,011 35,609 Payments on redemption of units (23,196) (37,323)

Net cash used in financing activities (6,185) (1,714)

Net decrease in cash and cash equivalents (2,361) (13,224)

Cash and cash equivalents at beginning of the period 43,752 38,951

Cash and cash equivalents at end of the period 41,391 25,727

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Allianz Choice Global Fixed Income Fund

Portfolio Statement as at 31 March 2021 (unaudited) (Expressed in United States dollars)

% of Holdings Listed/quoted investments Market Value Net Assets US$’000

FIXED INCOME 92.7%

LISTED FIXED INCOME 69.0%

AUD Fixed Income 1.0%

2,000,000 Australian Government 1.5% 21 June 2031 1,485 0.3 2,000,000 Australian Government 3% 21 March 2047 1,616 0.3 3,000,000 Standard Chartered Plc Var 28 June 2025 2,404 0.4

CNH Fixed Income 1.6%

22,000,000 Agricultural Development Bank China 3.05% 27 October 2023 3,422 0.6 5,000,000 Bank of China (Macau Branch) 3.15% 21 September 2022 768 0.1 5,500,000 Bank of Communication HK 3.15% 22 January 2022 845 0.2 4,000,000 KFW 2.7% 25 March 2024 611 0.1 9,000,000 Bank of China Hong Kong 2.8% 14 January 2023 1,384 0.3 10,000,000 China Construct Bank Sg 3.15% 12 November 2021 1,543 0.3

EUR Fixed Income 21.4%

2,000,000 Airbus SE 1.375% 09 June 2026 2,517 0.5 3,000,000 Airbus SE 1.625% 09 June 2030 3,867 0.7 2,000,000 Allianz Se Var Perp 31 December 2049 2,418 0.5 1,800,000 Bank of China (Paris Branch) 0.5% 13 March 2022 2,122 0.4 3,300,000 Bonos Y Oblig Del Estado 1.4% 30 July 2028 4,313 0.8 3,200,000 Bonos Y Oblig Del Estado 1.95% 30 July 2030 4,409 0.8 3,000,000 Bonos Y Oblig Del Estado 2.15% 31 October 2025 3,962 0.7 1,500,000 Bonos Y Oblig Del Estado 2.7% 31 October 2048 2,405 0.4 2,000,000 BP Capital Markets Plc Var Perp 31 December 2049 2,583 0.5 1,000,000 Bundesrepub Deutschland 2.5% 15 August 2046 1,878 0.3 2,000,000 Buoni Poliennali Del Tesoro 1.45% 15 November 2024 2,502 0.5 6,000,000 Buoni Poliennali Del Tesoro 1.6% 1 June 2026 7,656 1.4 3,000,000 Buoni Poliennali Del Tesoro 1.85% 15 May 2024 3,779 0.7 5,000,000 Buoni Poliennali Del Tesoro 2.05% 01 August 2027 6,575 1.2 1,000,000 Buoni Poliennali Del Tesoro 5% 1 August 2034 1,780 0.3 2,300,000 China Merchants Bank Luxembourg 0.25% 19 June 2022 2,715 0.5 1,500,000 CK Hutchison Finance 16 Ltd 1.25% 6 April 2023 1,831 0.3 3,600,000 CK Hutchison Group 0.75% 17 April 2026 4,368 0.8

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

% of Holdings Listed/quoted investments (continued) Market Value Net Assets US$’000

FIXED INCOME 92.7% (continued)

LISTED FIXED INCOME 69.0% (continued)

EUR Fixed Income 21.4% (continued)

1,600,000 Cooperatieve Rabobank UA Var Perp 31 December 2049 1,942 0.4 700,000 Export-Import Bank China 0.3% 6 March 2022 826 0.2 3,000,000 France Government 2% 25 May 2048 4,715 0.9 5,000,000 Government of France 1.25% 25 May 2034 6,744 1.3 5,000,000 Government of France 1.25% 25 May 2036 6,762 1.3 2,500,000 Government of Spain 0.5% 30 April 2030 3,034 0.6 2,000,000 Government of Spain 4.2% 31 January 2037 3,591 0.7 1,000,000 HSBC Holdings Plc Var Perp 1,281 0.2 600,000 Industrial and Commercial Bank of China Ltd (Singapore) 0.25% 25 April 2022 709 0.1 4,500,000 Italy, Republic of (Government) 3.25% 1 September 2046 7,202 1.3 2,500,000 Korea Housing Finance Corporation 0.75% 30 October 2023 3,029 0.6 1,000,000 POSCO 0.5% 17 January 2024 1,183 0.2 2,000,000 Siemens Financieringsmaatschappij 0.125% 05 June 2022 2,365 0.4 3,100,000 State Grid Overseas Investment 0.797% 05 August 2026 3,753 0.7 1,000,000 Sumitomo Mitsui Financial Group Inc 0.465% 30 May 2024 1,199 0.2 1,500,000 Total Se Var Perp 31 December 2049 1,771 0.3 2,000,000 Volkswagen International Finance Nv Var Perp 2,550 0.5 1,000,000 Ausnet Services Holdings Var 11 March 2081 1,195 0.2

GBP Fixed Income 5.6%

2,600,000 BP Capital Markets Plc Var Perp 31 December 2049 3,932 0.7 1,700,000 China Development Bank 1.25% 21 January 2023 2,371 0.5 1,350,000 First Abu Dhabi Bank PJS 1.375% 19 February 2023 1,883 0.4 1,500,000 Prudential Plc Var 20 July 2049 2,205 0.4 1,000,000 UK Gilts 5% 7 March 2025 1,640 0.3 4,200,000 UK Treasury 4.5% 7 September 2034 8,260 1.5 2,900,000 UK Treasury 4.75% 7 December 2030 5,510 1.0 2,200,000 UK TSY 3.25% 22 January 2044 4,158 0.8

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Allianz Choice Global Fixed Income Fund

Portfolio Statement (continued) as at 31 March 2021 (unaudited) (Expressed in United States dollars)

% of Holdings Listed/quoted investments (continued) Market Value Net Assets US$’000

FIXED INCOME 92.7% (continued)

LISTED FIXED INCOME 69.0% (continued)

JPY Fixed Income 4.0%

100,000,000 Government of Japan 0.2% 20 June 2036 888 0.2 400,000,000 Government of Japan 0.3% 20 June 2046 3,377 0.6 650,000,000 Government of Japan 0.5% 20 December 2038 5,972 1.1 400,000,000 Government of Japan 0.5% 20 June 2038 3,682 0.7 450,000,000 Government of Japan 0.5% 20 March 2038 4,148 0.8 400,000,000 Japan (30 Year Issue) 0.5% 20 September 2046 3,540 0.6

USD Fixed Income 35.4%

2,100,000 Abu Dhabi Government Int’l 2.5% 11 October 2022 2,191 0.4 2,000,000 AIA Group Ltd 3.125% 13 March 2023 2,094 0.4 1,900,000 AIA Group Ltd 3.2% 16 September 2040 1,869 0.3 1,400,000 AIA Group Ltd Var Perp 31 December 2049 1,400 0.3 1,100,000 Airport Authority HK 2.625% 04 February 2051 1,031 0.2 6,900,000 Airport Authority HK Var Perp 31 December 2049 6,938 1.2 1,800,000 Asahi Mutual Life Insurance Var Perp 31 December 2049 1,791 0.3 1,800,000 Blossom Joy Ltd Var Perp 31 December 2049 1,852 0.3 2,000,000 BOC Aviation Ltd 2.75% 02 December 2023 2,095 0.4 1,900,000 Bocom Leasing Management 4% 22 January 2022 1,953 0.4 4,000,000 BP Capital Markets Plc Var Perp 31 December 2049 4,228 0.8 1,000,000 Castle Peak Power Finance Company Ltd 2.2% 22 June 2030 973 0.2 3,500,000 Castle Peak Power Finance Company Ltd 3.25% 25 July 2027 3,789 0.7 1,800,000 CCCI Treasure Ltd Var Perp 31 December 2049 1,813 0.3 1,200,000 CDBI Treasure I Ltd 2.25% 2 August 2021 1,208 0.2 3,000,000 CDBL Funding Two 1.375% 04 March 2024 2,984 0.5 2,000,000 CDBL Funding Two 3.75% 11 March 2022 2,050 0.4 1,500,000 China Construction Bank (Hong Kong) 3% 4 December 2022 1,568 0.3 1,500,000 China Huadian Overseas Var Perp 1,584 0.3 4,400,000 China Life Insurance Var 27 July 2027 4,510 0.8 2,000,000 CITIC Ltd 2.8% 14 December 2021 2,042 0.4 2,500,000 CITIC Ltd 6.625% 15 April 2021 2,580 0.5 5,000,000 CLP Power HK Finance Ltd Var Perp 31 December 2049 5,187 1.0 2,000,000 CLP Power HK Financing 4.75% 12 July 2021 2,041 0.4 2,000,000 CMB Wing Lung Bank Ltd Var 22 November 2027 2,087 0.4

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

% of Holdings Listed/quoted investments (continued) Market Value Net Assets US$’000

FIXED INCOME 92.7% (continued)

LISTED FIXED INCOME 69.0% (continued)

USD Fixed Income 35.4% (continued)

2,600,000 CMHI Finance Bvi Co Ltd Var Perp 2,731 0.5 2,000,000 CNOOC Curtis Funding No.1 Pty Ltd 4.5% 03 October 2023 2,215 0.4 2,500,000 CNOOC Finance 2014 Ltd 4.25% 30 April 2024 2,764 0.5 3,800,000 CRCC Chengan Ltd Var Perp 31 December 2049 3,961 0.7 2,000,000 CSSC Capital One Ltd 4.125% 27 September 2021 2,028 0.4 2,000,000 Dah Sing Bank Ltd Var 30 November 2026 2,059 0.4 2,000,000 Dianjian Haiyu Ltd 3% 20 June 2022 2,053 0.4 2,000,000 Eastern Creation II Investment Holdings Ltd 2.8% 15 July 2022 2,058 0.4 3,800,000 Elect Global Investments Ltd Var Perp 31 December 2049 3,893 0.7 1,700,000 GLP China Holdings Ltd 2.95% 29 March 2026 1,688 0.3 2,000,000 Hong Kong Electric Finance Ser 2.875% 3 May 2026 2,148 0.4 1,200,000 Hong Kong Government 2.375% 02 February 2051 1,097 0.2 3,000,000 Horse Gallop Finance 3.25% 30 May 2022 3,101 0.6 2,000,000 HPHT Finance 21 2% 19 March 2026 1,993 0.4 1,200,000 Huarong Finance Var Perp 1,215 0.2 2,800,000 Hutchison Whampoa International 4.625% 13 January 2022 2,916 0.5 1,000,000 ICBCIL Finance Co Ltd 2.75% 19 May 2021 1,015 0.2 4,600,000 ICBCIL Finance Co Ltd 3.65% 5 March 2022 4,722 0.9 2,000,000 Korea Gas Corp 1.875% 18 July 2021 2,015 0.4 3,000,000 Korea Western Power Co 2.375% 22 July 2022 3,090 0.6 1,500,000 KT Corp 1% 01 September 2025 1,478 0.3 2,100,000 Leader Goal International Ltd 29 December 2049 2,186 0.4 750,000 Mega Advance Investments 5% 12 May 2021 770 0.1 2,000,000 MTR Corp Ltd 1.625% 19 August 2030 1,894 0.3 1,000,000 Oversea-Chinese Banking Corporation 4.25% 19 June 2024 1,106 0.2 800,000 SGSP (Australia) Assets Pty Ltd 3.25% 29 July 2026 858 0.1 1,700,000 Shanghai Commercial Bank Var 29 November 2027 1,769 0.3 2,000,000 Sihcinternational Capital 3.95% 26 September 2021 2,024 0.4 1,500,000 Sinopec Capital Co Ltd 3.125% 24 April 2023 1,585 0.3 3,000,000 Sinopec Group Overseas Development 2% 29 September 2021 3,019 0.6

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Allianz Choice Global Fixed Income Fund

Portfolio Statement (continued) as at 31 March 2021 (unaudited) (Expressed in United States dollars)

% of Holdings Listed/quoted investments (continued) Market Value Net Assets US$’000

FIXED INCOME 92.7% (continued)

LISTED FIXED INCOME 69.0% (continued)

USD Fixed Income 35.4% (continued)

1,500,000 Sinopec Group Overseas Development 2.15% 13 May 2025 1,540 0.3 1,900,000 SPIC MTN Co Ltd 1.625% 27 July 2025 1,888 0.3 1,350,000 ST Engineering RHQ Ltd 1.5% 29 April 2025 1,368 0.2 1,500,000 Standard Chartered Plc Var 12 February 2030 1,552 0.3 3,000,000 Standard Chartered Plc Var 20 January 2023 3,107 0.6 1,500,000 State Grid Overseas Investment 2.75% 4 May 2022 1,549 0.3 900,000 Sun Hung Kai Properties Ltd 2.75% 13 May 2030 917 0.2 3,000,000 Sun Hung Kai Properties Ltd 4.5% 14 February 2022 3,101 0.6 3,000,000 Sunny Express Var Perp 31 December 2049 3,100 0.6 3,000,000 Swiss Re Finance Luxembourg Var Perp 31 December 2049 3,215 0.6 2,850,000 Towngas Finance Ltd Var Perp 31 December 2049 3,055 0.6 1,200,000 UBS AG 5.125% 15 May 2024 1,379 0.2 3,700,000 United Overseas Bank Ltd Var 8 March 2027 3,767 0.7 1,000,000 US Treasury 0.625% 15 May 2030 913 0.2 3,500,000 US Treasury 1.875% 15 February 2051 3,115 0.6 6,900,000 US Treasury N/B 1.875% 30 November 2021 7,027 1.3 8,950,000 US Treasury N/B 2.5% 15 February 2046 9,165 1.7 3,500,000 US Treasury N/B 2.75% 31 August 2023 3,722 0.7 4,300,000 US Treasury N/B 2.875% 15 November 2046 4,753 0.9 1,000,000 Woodside Finance Ltd 3.65% 5 March 2025 1,065 0.2 1,750,000 Zurich Finance Ireland Var 19 April 2051 1,741 0.3 500,000 CN Huaneng Gp Hk Treasur Var Perp 31 December 2049 514 0.1 2,000,000 United Overseas Bank Ltd Ser Emtn Var 16 September 2026 2,026 0.4

Total Listed Fixed Income 372,063 69.0

UNLISTED BUT QUOTED FIXED INCOME 23.7%

AUD Fixed Income 0.2%

1,400,000 QBE Insurance Group Ltd 25 August 2036 1,083 0.2

CAD Fixed Income 0.2%

1,000,000 Canada Government 5.75% 1 June 2033 1,167 0.2

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

% of Holdings Listed/quoted investments (continued) Market Value Net Assets US$’000

FIXED INCOME 92.7% (continued)

UNLISTED BUT QUOTED FIXED INCOME 23.7% (continued)

CNH Fixed Income 1.4%

5,000,000 HKCG Finance Ltd 4.45% 26 September 2021 785 0.1 5,000,000 Hong Kong Mortgage Corp 2.75% 17 February 2022 765 0.1 23,500,000 Hong Kong Mortgage Corp Ltd 2.6% 17 August 2021 3,637 0.7 15,000,000 KEW 2.1% 17 July 2021 2,315 0.4 2,000,000 China Development Bank Hong Kong 2.8% 23 March 2022 305 0.1

EUR Fixed Income 3.2%

2,000,000 Bonos Y Oblig Del Estado 1.3% 31 October 2026 2,565 0.5 2,000,000 Bonos Y Oblig Del Estado 2.75% 31 October 2024 2,645 0.5 2,000,000 Buoni Poliennali Del Tesoro 2.45% 01 September 2033 2,787 0.5 2,000,000 Buoni Poliennali Del Tesoro 2.25% 01 September 2036 2,743 0.5 2,000,000 Buoni Poliennali Del Tesoro 2.95% 01 September 2038 2,996 0.5 1,000,000 Government of Spain 2.35% 30 July 2033 1,451 0.3 1,500,000 Republic of Italy 2.45% 01 September 2050 2,093 0.4

JPY Fixed Income 5.2%

400,000,000 Central Nippon Expressway 0.03% 14 July 2021 3,620 0.7 300,000,000 Central Nippon Expressway 0.03% 17 September 2021 2,715 0.5 400,000,000 Central Nippon Expressway 0.06% 29 May 2024 3,626 0.7 100,000,000 Development Bank of Japan 0.001% 20 September 2022 905 0.2 200,000,000 Development Bank of Japan 0.001% 19 March 2024 1,811 0.3 500,000,000 East Nippon Expressway 0.06% 18 June 2021 4,526 0.8 300,000,000 Japan Expressway Holding and Debt Repayment Agency 1.14% 18 June 2021 2,728 0.5 200,000,000 Japan Finance Corp. 0.001% 11 March 2024 1,812 0.3 400,000,000 Japan Finance Corp 0.001% 08 November 2021 3,620 0.7 200,000,000 Japan Finance Corp 0.001% 09 August 2021 1,810 0.3 100,000,000 West Nippon Expressway Ser 43 0.07% 20 June 2023 906 0.2

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Allianz Choice Global Fixed Income Fund

Statement of Movements in Portfolio Holdings for the six months ended 31 March 2021 (unaudited)

% of Holdings Listed/quoted investments (continued) Market Value Net Assets US$’000

FIXED INCOME 92.7% (continued)

UNLISTED BUT QUOTED FIXED INCOME 23.7% (continued)

USD Fixed Income 13.5%

3,300,000 Central Japan Railway Co 2.2% 02 October 2024 3,484 0.6 500,000 Cloverie Plc Zurich Insurance 5.625% 24 June 2046 597 0.1 500,000 EFG International Ag Var Perp 31 December 2049 521 0.1 1,000,000 Meiji Yasuda Life Insurance Co Var 20 October 2045 1,156 0.2 1,000,000 Mizuho Financial Group Var 25 May 2026 1,035 0.2 500,000 Nippon Life Insurance Var 16 October 2044 591 0.1 2,000,000 Scentre Group Trust 1 3.25% 28 October 2025 2,158 0.4 3,000,000 Scentre Group Trust 2 Var 24 September 2080 3,149 0.6 600,000 Swiss Re Finance Luxembourg Var 2 April 2049 694 0.1 4,500,000 TSY INFL IX N/B 1% 15 February 2046 6,066 1.1 4,000,000 US Treasury 0.625% 15 August 2030 3,629 0.7 8,000,000 US Treasury 1.125% 15 February 2031 7,571 1.4 2,000,000 US Treasury 1.5% 15 August 2026 2,052 0.4 11,000,000 US Treasury 2.375% 15 May 2029 11,793 2.2 6,000,000 US Treasury 3.375% 15 November 2048 7,295 1.4 1,500,000 US Treasury N/B 2% 31 August 2021 1,515 0.3 2,000,000 US Treasury N/B 2.125% 15 May 2025 2,133 0.4 4,000,000 US Treasury N/B 2.125% 30 June 2022 4,122 0.8 6,000,000 US Treasury N/B 2.375% 15 May 2027 6,467 1.2 4,000,000 US Treasury N/B 2.5% 15 May 2024 4,302 0.8 2,100,000 US Treasury N/B 2.875% 15 August 2028 2,318 0.4

Total Unlisted but Quoted Fixed Income 128,064 23.7

Total Fixed Income 500,127 92.7

FORWARD CONTRACTS (0.1%) (446) (0.1)

Total Investments 499,681 92.6

Other Net Assets 39,596 7.4

Net Assets Attributable to Unitholders as at 31 March 2021 539,277 100.0

Total Investments, at Cost 481,744

Note: Investments are accounted for on a trade date basis.

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

% of % of Net Assets Net Assets as at as at 31 March 30 September 2021 2020

Fixed Income

LISTED FIXED INCOME

AUD Fixed Income 1.0 1.0 CAD Fixed Income – 0.2 CNH Fixed Income 1.6 0.3 EUR Fixed Income 21.4 20.5 GBP Fixed Income 5.6 5.4 JPY Fixed Income 4.0 5.0 USD Fixed Income 35.4 48.9

Total Listed Investment 69.0 81.3

UNLISTED BUT QUOTED FIXED INCOME

AUD Fixed Income 0.2 0.2 CAD Fixed Income 0.2 – CNH Fixed Income 1.4 0.5 EUR Fixed Income 3.2 2.1 JPY Fixed Income 5.2 5.7 USD Fixed Income 13.5 3.6

Total Unlisted But Quoted Fixed Income 23.7 12.1

Total Fixed Income 92.7 93.4

Forward Contracts (0.1) 0.0

Total Portfolio Investments 92.60 93.4

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Allianz Choice Global Fixed Income Fund

Details in respect of financial derivative instruments as at 31 March 2021 (unaudited)

The financial derivative instruments held by the fund as at 31 March 2021 are summarised below:

Forward contracts

The details of forward contracts held by the fund as at 31 March 2021 are as follows:

Currency/ Currency/Amount sold Amount bought Settlement date Counterparty Market Value US$’000

Financial assets:

The Hongkong and Shanghai Banking Corporation GBP2,000,000 HKD21,490,648 11 June 2021 Limited, Hong Kong 5 The Hongkong and Shanghai Banking Corporation GBP3,176,000 HKD34,152,802 11 June 2021 Limited, Hong Kong 11

Financial liabilities:

The Hongkong and Shanghai Banking Corporation USD8,250,000 HKD63,949,727 04 May 2021 Limited, Hong Kong (23) The Hongkong and Shanghai Banking Corporation USD154,900,000 HKD1,200,718,658 04 May 2021 Limited, Hong Kong (437)

(460)

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Allianz Choice Japan Fund

Statement of Net Assets as at 31 March 2021 (unaudited) (Expressed in Japanese Yen)

31 March 30 September 2021 2020 JPY’000 JPY’000

Assets Current assets Financial assets at fair value through profit or loss 22,547,596 16,407,777 Amounts receivable on subscription 843 73,554 Amounts due from brokers 96,715 406,325 Dividends and other receivables 151,197 119,693 Cash and cash equivalents 140,816 440,295

Total assets 22,937,167 17,447,644

Liabilities Current liabilities Amounts payable on redemption 1,400 193,859 Amounts due to brokers – 279,117 Accruals and other payables 3,873 3,570

Total liabilities (excluding net assets attributable to unitholders) 5,273 476,546

Net assets attributable to unitholders 22,931,894 16,971,098

Number of units outstanding Units Units – Ordinary Class A 108,582 61,696 – Ordinary Class C 1,000 1,000 – Ordinary Class F 118,230,369 109,384,429

Net asset value per unit HK$ HK$ – Ordinary Class A 11.93 10.00 – Ordinary Class C 10.79 9.09 – Ordinary Class F 13.64 11.39

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Allianz Choice Japan Fund

Statement of Comprehensive Income for the six months ended 31 March 2021 (unaudited) (Expressed in Japanese Yen)

For the period For the period from 01 October from 01 October 2020 to 31 March 2019 to 31 March 2021 2020 JPY’000 JPY’000

Income

Dividend income 211,556 189,004 Net gains/(losses) on financial assets and liabilities at fair value through profit or loss 4,191,366 (1,842,581) Net foreign exchange (losses)/gains (4,000) 12,890

Total net income/(loss) 4,398,922 (1,640,687)

Expenses

Audit fees (728) (787) Bank charges Note 1 (139) (62) Communications – (178) Management fee Note 2 (30) (38) Legal and professional fees (135) (76) Printing and reporting (163) (380) Registrar and transfer agent fees Note 1 (16) (36) Safekeeping fees Note 1 (1,390) (1,258) Trustee fee Note 1 (5,175) (4,588) Miscellaneous expenses (354) (262) Transaction cost Note 1 (16,019) (13,350)

Total operating expenses (24,149) (21,015)

Net profits/(losses) before taxation 4,374,773 (1,661,702)

Taxation (21,156) (18,900)

Increase/(decrease) in net assets attributable to unitholders from operations 4,353,617 (1,680,602)

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

For the period For the period from 01 October from 01 October 2020 to 31 March 2019 to 31 March 2021 2020 JPY’000 JPY’000

Transaction cost 283 687

Note 2 During the periods ended 31 March 2021 and 2020, other than Management fee paid to the Manager, no other amounts paid to the Manager or its Connected Persons.

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Allianz Choice Japan Fund

Statement of Changes in Net Assets Attributable to Unitholders for the six months ended 31 March 2021 (unaudited) (Expressed in Japanese Yen)

For the period For the period from 01 October from 01 October 2020 to 31 March 2019 to 31 March 2021 2020 JPY’000 JPY’000

Net assets attributable to unitholders at the beginning of the period 16,971,098 16,756,210

Subscription of units 1,772,940 101,642 Redemption of units (165,761) (1,098,618)

Net increase/(decrease) from units transactions 1,607,179 (996,976)

Increase/(decrease) in net assets attributable to unitholders from operations 4,353,617 (1,680,602)

Balance at the end of the period 22,931,894 14,078,632

For the period For the period from 01 October from 01 October 2020 to 31 March 2019 to 31 March 2021 2020 Units Units

Ordinary Class A

Number of units in issue brought forward 61,696 172,778 Units issued during the period 118,937 97,466 Units redeemed during the period (72,051) (218,835)

Number of units in issue carried forward 108,582 51,409

Ordinary Class C

Number of units in issue brought forward 1,000 1,000 Units issued during the period – – Units redeemed during the period – –

Number of units in issue carried forward 1,000 1,000

Ordinary Class F

Number of units in issue brought forward 109,384,429 111,426,534 Units issued during the period 9,702,481 599,306 Units redeemed during the period (856,541) (6,774,608)

Number of units in issue carried forward 118,230,369 105,251,232

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Cash Flow Statement for the six months ended 31 March 2021 (unaudited) (Expressed in Japanese Yen)

For the period For the period from 01 October from 01 October 2020 to 31 March 2019 to 31 March 2021 2020 JPY’000 JPY’000

Cash flows from operating activities

Increase/(decrease) in net assets attributable to unitholders from operations 4,353,617 (1,680,602)

Adjustments for: Dividend income (211,556) (189,003) Taxation 21,156 18,900

Operating gain/(loss) before working capital changes 4,163,217 (1,850,705)

Net change in financial assets and financial liabilities at fair value through profit or loss (6,139,819) 2,850,061 Net change in amounts due from brokers 309,610 754,449 Net change in amounts due to brokers (279,117) (100,572) Net change in other receivables excluding dividends receivable and interests receivable on deposits (8) (2) Net change in accruals and other payables 303 (121)

Cash (used in)/generated from operations (1,945,814) 1,653,110

Dividend income received 180,060 197,269 Taxation paid (21,155) (18,900)

Net cash (used in)/generated from operating activities (1,786,909) 1,831,479

Cash flows from financing activities

Proceeds from subscription of units 1,845,650 100,434 Payments on redemption of units (358,220) (1,508,294)

Net cash generated from/(used in) financing activities 1,487,430 (1,407,860)

Net (decrease)/increase in cash and cash equivalents (299,479) 423,619

Cash and cash equivalents at beginning of the period 440,295 230,137

Cash and cash equivalents at end of the period 140,816 653,756

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Allianz Choice Japan Fund

Portfolio Statement as at 31 March 2021 (unaudited) (Expressed in Japanese Yen)

% of Holdings Listed/quoted investments Market Value Net Assets JPY’000

EQUITIES 98.3%

LISTED EQUITIES 98.3%

JAPAN 98.3%

135,200 Anritsu Corp 326,643 1.4 60,000 Asahi Group Holdings Ltd 279,900 1.2 67,000 Astellas Pharma Inc 114,034 0.5 23,600 Bridgestone Corp 105,610 0.5 17,200 Central Japan Railway Co 284,660 1.2 29,500 Chugai Pharmaceutical Co Ltd 132,425 0.6 9,700 Daifuku Co Ltd 105,148 0.5 123,300 Daiichi Sankyo Co Ltd 397,642 1.7 11,600 Daikin Industries Ltd 258,912 1.1 29,900 Daiwa House Industry Co Ltd 96,906 0.4 5,400 Disco Corp 187,650 0.8 24,200 East Japan Railway 189,704 0.8 11,800 Fanuc Corp 308,983 1.3 2,800 Fast Retailing Co Ltd 246,764 1.1 8,900 Fujitsu Ltd 142,400 0.6 136,200 Hitachi Ltd 681,545 3.0 27,000 Hoya Corp 351,135 1.5 811,300 Isuzu Motors Ltd 964,636 4.2 232,900 Itochu Corp 835,412 3.6 47,600 Kakaku.Com Inc 143,752 0.6 8,000 Keyence Corp 402,160 1.8 28,100 Koito Manufacturing Co Ltd 208,502 0.9 107,000 Kokuyo Co. Ltd 183,398 0.8 65,200 Marui Group Co Ltd 135,551 0.6 120,000 Mitsubishi Estate Co Ltd 231,900 1.0 191,500 Mitsubishi Materials Corp 599,395 2.6 442,200 Mitsubishi UFJ Financial Group 261,650 1.1 176,800 Mitsui Fudosan Co Ltd 444,387 1.9 55,500 Mitsui O.S.K. Lines Ltd 215,062 0.9 18,300 Murata Manufacturing Co Ltd 161,808 0.7 49,600 Namco Bandai Holdings Inc 391,493 1.7 89,700 NEC Corp 584,844 2.6 25,200 Nidec Corp 338,562 1.5 153,400 Nippon Telegraph & Telephone Corp 435,963 1.9 1,047,600 Nissan Motor Co Ltd 645,217 2.8 57,000 Nomura Research Institute Ltd 195,225 0.9 279,800 NSK Ltd 317,573 1.4 191,500 Olympus Corp 438,726 1.9 49,600 Open House Co Ltd 234,112 1.0 8,400 Oriental Land Co Ltd 139,650 0.6 120,300 Pan Pacific International Holdings Corp 314,103 1.4

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

% of Holdings Listed/quoted investments (continued) Market Value Net Assets JPY’000

EQUITIES 98.3% (continued)

LISTED EQUITIES 98.3% (continued)

JAPAN 98.3% (continued)

95,600 Park24 Co Ltd 197,796 0.9 42,900 Pigeon Corp 180,180 0.8 113,700 Recruit Holdings Co Ltd 614,094 2.7 41,300 Secom Co Ltd 384,627 1.7 137,900 Shibaura Machine Co Ltd 385,430 1.7 55,300 Shimadzu Corp 221,477 1.0 18,700 Shin-Etsu Chemical Co Ltd 348,007 1.5 8,900 SMC Corp Japan 572,359 2.5 58,500 Sony Group Corp 678,308 3.0 334,100 Sumitomo Electric Industries Ltd 553,938 2.4 63,800 Sumitomo Metal Mining Co Ltd 304,900 1.3 177,000 Sumitomo Mitsui Financial Group Inc 709,239 3.1 29,600 Sumitomo Mitsui Trust Holding 114,226 0.5 17,800 Suzuki Motor Corp 89,445 0.4 221,400 T&D Holdings Inc 315,716 1.4 28,900 Terumo Corp 115,571 0.5 236,500 Tokai Carbon Co Ltd 422,626 1.8 139,500 Tokio Marine Holding Inc 734,468 3.2 10,800 Tokyo Electron Ltd 505,332 2.2 37,900 Toyota Industries Corp 373,694 1.6 97,600 Toyota Motor Corp 840,922 3.7 63,900 Yakult Honsha Co Ltd 357,840 1.6 279,400 Zeon Corp 494,259 2.2

Total Listed Equities 22,547,596 98.3

Total Equities 22,547,596 98.3

Total Investments 22,547,596 98.3

Other Net Assets 384,298 1.7

Net Assets Attributable to Unitholders as at 31 March 2021 22,931,894 100.0

Total Investments, at Cost 18,416,786

Note: Investments are accounted for on a trade date basis.

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Allianz Global Investors Choice Fund Semi-Annual Report – For the six months ended 31 March 2021

Allianz Choice Japan Fund

Statement of Movements in Portfolio Holdings for the six months ended 31 March 2021 (unaudited)

% of % of Net Assets Net Assets as at as at 31 March 30 September 2021 2020

Equities

LISTED EQUITIES

Japan 98.3 96.7

Total Listed Equities 98.3 96.7

Total Equities 98.3 96.7

Total Portfolio Investments 98.3 96.7

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