RHB GLOBAL ALLOCATION FUND ANNUAL … The “negative 1.57%” cash was due to excess of liabilities...

RHB Asset Management Sdn Bhd (174588-X)

Head OfficeLevel 8, Tower 2 & 3, RHB Centre Jalan Tun Razak50400 Kuala Lumpur, Malaysia

Tel : +603 9205 8000

Fax : +603 9205 8100

www.rhbgroup.com

RHB GLOBAL ALLOCATION FUND

INTERIM REPORT 2018

For the financial period ended 28 February 2018

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GENERAL INFORMATION ABOUT THE FUND

Name, Category and Type

Fund Name - RHB Global Allocation Fund

Fund Category - Feeder fund

Fund Type - Growth fund

Investment Objective, Policy and Strategy

Objective of the Fund

This Fund aims to maximise total return expressed in Ringgit Malaysia by investing globally in equity, debt and short term securities, of both corporate and government issuers, with no prescribed limits.

Strategy

The Fund seeks to achieve its investment objective by investing in a target fund. The Fund will invest principally in one of BlackRock Global Funds (BGF) that is, the BGF Global Allocation Fund (BGF-GAF). BGF-GAF, launched on 30th July 1993 (Class A non-distributing shares were only available on 3rd January 1997), is a collective investment scheme, domiciled in Luxembourg and regulated by the Commission de Surveillance du Secteur Financier (Luxembourg Financial Sector Supervising Authority) under Part I of the Law of 17 December 2010 that implements Directives 2001/107/EC and 2001/108/EC. BGF-GAF invests globally in equity, debt and short term securities, of both corporate and governmental issuers, with no prescribed limits. BlackRock (Luxembourg) S.A., the management company of BGF-GAF is also regulated by the Luxembourg Financial Sector Supervising Authority Luxembourg under the Law of 17 December 2010. BlackRock (Luxembourg) S.A. has delegated its investment management functions of BGF-GAF to the investment adviser, BlackRock Investment Management LLC who is regulated by the U.S. Securities and Exchange Commission under the Securities Act 1933 and the Securities Exchange Act 1934.

The asset allocation of the Fund will be as follows:- At least 95% of Net Asset Value

- Investments in Class A non-distributing shares of the BGF Global Allocation Fund (BGF-GAF).

2% - 5% of Net Asset Value

- Investments in liquid assets.

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Performance Benchmark

The performance of the Fund is benchmarked against the Global Allocation Index (RM) which comprises 36% S&P 500 Composite, 24% FTSE World (ex-US), 24% 5 Year US Treasury Note, 16% Citigroup Non-USD World Government Bond Index.

Permitted Investments and Restrictions

This Fund may invest in one collective investment scheme, ie. BGF-GAF, securities/instruments in foreign markets, financial derivatives, liquid assets (including money market instruments and deposits with any financial institutions) and any other investments permitted by the Securities Commission Malaysia from time to time.

Distribution Policy

As this Fund invest at least 95% of its Net Asset Value in BGF-GAF which does not pay any distributions, and consistent with this Fund’s objective to maximise total returns, this Fund is therefore not expected to make any distributions. Distributions, if any, after deduction of taxation and expenses, is paid once a year by way of reinvestment.

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MANAGER’S REPORT

MARKET REVIEW

3 Months 6 MonthsS&P 500 Index 2.95% 10.82%FTSE World Index 2.80% 9.31%5-Year US Treasury Bonds -1.72% -3.21%Citigroup World Gov’t Bond Index 1.11% 0.77%BofA/ML 3-Month T-Bills 0.33% 0.58%S&P GS Commodity Index 4.51% 14.86%

Source: Bloomberg, Lipper as of 28 February 2018. Returns are calculated on a total return basis in USD.

The Target Fund Manager commented that during the 6-months reporting period, September 2017 saw global stock markets continue to advance, extending their streak to eleven consecutive months of positive performance at that point. From a regional perspective, the largest advances were posted in Japan and Europe, where major equity indices enjoyed gains of nearly 4% in local terms, partially reduced by a strengthening of the United States Dollar (“USD”). The United States of America (“US”) stocks also experienced strong gains, with the Standard And Poor’s 500 Index (“S&P 500”) gaining nearly 2.1%. However, market leadership shifted meaningfully in September, as value stocks substantially outperformed growth stocks on expectations of accelerating US Gross Domestic Product (“GDP”) growth due to renewed optimism related to tax reform. Meanwhile, September proved to be a difficult month for bond investors. Government bond yield curves shifted upwards in the U.S., much of developed Europe, and Asia on the back of renewed expectations of continued synchronized global growth. Longer dated United Kingdom (“UK”) Gilts and United States Treasury (“UST”) experienced some of the largest price losses among major developed market sovereigns. Confidence in global growth, however, supported bond prices in a number of emerging market sovereign markets but a strengthening USD generally acted to offset price gains experienced by the asset class.

By December 2017, global stock markets had continued to rally strongly in, lengthening their streak of positive returns to 14 consecutive months and extending the longest equity bull market of the current century. Long awaited US tax reform was finally signed into law, helping boost the S&P 500. Non-US equities rallied even more strongly, with Emerging Market, European, and Japanese equity indices all realizing healthy gains. Global economic data continues to remain very strong, with business confidence in Japan recently exceeding a 10-year high and European manufacturing data hitting its highest levels in over 20 years. The Target Fund

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Manager point out that December proved to be somewhat more challenging for bonds. In the US, continued Treasury curve flattening weighed on short-term government securities, while long-dated Treasuries enjoyed modest gains. US investment grade and high yield bonds also enjoyed modest appreciation. In Europe, meanwhile, developed market sovereign bonds generally declined in local currency terms due to strong economic data.

As of end February 2018, broad macroeconomic fundamentals continue to appear sound across most of the world and the Target Fund Manager expects an improving global economy in 2018. From a regional perspective, they would note that US equities are currently trading in the upper-quartile of their historical valuation range. Conversely, non-US equities, which have experienced less Price Earnings (“PE”) multiple expansion in recent years, tend to be priced more attractively.

ECONOMIC REVIEW & OUTLOOK

The Target Fund Manager commented that overall in year 2017, growth expectations rose, global earnings improved and markets remained relatively tranquil despite ongoing political turbulence. With the start of a new year they think about potential new risks, opportunities and questions surrounding the markets and global economy. The risks they think about includes: Will the global economy break out of the persistent low growth / low inflation regime? Can global equities move higher from here? Will we see a pick-up in market volatility in year 2018?

The Target Fund Manager opines that while the global equity market volatility episode investors have experienced in the beginning of February 2018 has been sudden and painful, it isn’t uncommon for equity markets to experience episodic periods of elevated stress. What is uncommon, however, is the unusually long period of benign equity market conditions which investors have generally enjoyed subsequent to the UK Referendum in June 2016. Since then, both global and USequity indexes (as measured by the Financial Times Stock Exchange (“FTSE”) World and S&P 500 have experienced a string of almost unprecedented monthly gains, rising in 19 out of the past 20 months, posting cumulative returns of 40% and 39%, respectively. Meanwhile, the Chicago Board Options Exchange Volatility Index (“VIX”) has generally remained below 15. All the while, forward PE multiples on major equity indexes have been rising on the prospects of acceleratingglobal economic growth.

The Target Fund, The BGF Global Allocation Fund’s flexible mandate is designed to provide investors with a well-diversified portfolio that seeks to optimize risk-adjusted returns. The Target Fund Manager stated that although market volatility can be unnerving in the short-term, it is important to remember that as a team, they have been through many volatile periods over the 29-year history of the strategy

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(including the Tech Bubble and the Global Financial Crisis). The Target FundManager mentioned that while even a well-diversified portfolio cannot fully insulate against sharp market declines, they believe that the flexibility of their investment strategy (as partially evidenced by the portfolio’s material weighting in cash equivalents), puts their team in position to capitalize on attractive investment opportunities as they arise during periods of market stress.

TARGET FUND PERFORMANCE REVIEW & OUTLOOK

Compared to 6-months ago (31 August 2017), the target Fund’s equity weightingincreased from 54% to 58% of net assets†. The target Fund’s fixed income allocation decreased from 32% to 27% of net assets. The target Fund’s commodity-related exposure decreased from 6% to 4% of net assets. Reflecting the above changes, the target Fund’s cash equivalent holdings increased from 8% to 11% of net assets. From a currency perspective, the target Fund decreased its weighting to the US dollar and Euro and increased its weighting to the Japanese Yen.

† % of net assets represents the target Fund’s exposure based on the economic value of securities and adjusted for futures, options, swaps, and convertible bonds.

The Target Fund Manager remarked that for the first time since the financial crisis they are in a synchronised global recovery, i.e. all of the major economic regions are expanding simultaneously. This to them suggests that global growth in year 2018 will be modestly higher than the post-crisis norm, but still below the more robust levels experienced in the year 1980’s and year 1990’s.

On the inflation front, while they would expect a small acceleration in US inflation, they believe globally inflation is likely to remain unusually low. While they believe this type of environment remains constructive for equities, they will continue to be mindful of possible inflection points in the economic data that could lead them to make tactical shifts in the portfolio. In particular, they are keeping a close eye on the US consumer to see if recent stock market gains and the passage of the tax bill lead to any significant uptick in discretionary spending. The Target Fund Manager noted that to the extent that spending patterns remain subdued, this may have important implications for global growth as well as asset class and sector leadership.

The Target Fund Manager opines that the US valuations are elevated on an absolute basis, but look more sustainable after accounting for historically low interest rates. Outside the US, valuations look less challenged and can even be characterised as inexpensive in much of Asia. Additionally, better earnings growth can be found in developed European and Japanese companies. Also the Target Fund Manager thinks that the expected margin expansion in Europe, share repurchases in Japan and accommodative monetary policy in both regions also add to their relative attractiveness.

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PERFORMANCE DATA

For the financial year under review, the Fund registered a gain of 3.15%* whilst its benchmark, Global Allocation Index recorded a loss of 3.19%*. The Fund has achieved its investment objective for the financial period under review.

* Source: Lipper Investment Management (“Lipper IM”), 16 March 2018

Annual Total Returns

31.08.2017-28.02.2018

%

Financial Year Ended 31 August2017

%2016

%2015

%2014%

2013%

RHB Global Allocation Fund

- Capital Return 3.15 8.29 5.49 (2.96) 8.25 10.16- Income Return - - - - - -- Total Returns 3.15 8.29 5.49 (2.96) 8.25 10.16

Global Allocation Index (RM) (3.19) 15.27 6.19 27.33 10.11 14.45

Average Total Returns1 Year

28.02.2017-28.02.2018

%

3 Years28.02.2015-28.02.2018

%

5 Years28.02.2013-28.02.2018

%

10 Years28.02.2008-28.02.2018

%RHB Global Allocation

Fund 7.96 4.98 5.04 3.07

Global Allocation Index (RM) (0.60) 9.45 12.52 8.11

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Performance of RHB Global Allocation Fund for the period from 31 August 2007 to 28 February 2018

Cumulative Return Over The Period (%)

Source: Lipper IM, 16 March 2018

The abovementioned performance figures are indicative returns based on daily Net Asset Value of a unit (as per Lipper Database) since inception.

The calculation of the above returns is based on computation methods of Lipper.

Note : Past performance is not necessarily indicative of future performance and unit prices and investment returns may go down, as well as up.

The abovementioned performance computations have been adjusted to reflect distribution payments and unit splits wherever applicable.

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Fund Size01.09.2017- As at 31 August28.02.2018 2017 2016 2015

Net Asset Value (RM million) 58.08 10.02 15.95 26.37Units In Circulation (million) 91.08 16.22 27.95 48.75Net Asset Value Per Unit (RM) 0.6376 0.6181 0.5708 0.5409

# The MER for the financial period was higher with previous financial period due to higher expenses incurred for the financial period under review (refer to Note 12).

## The PTR for the financial period was higher compared with the previous financial period as there were more investment activities during the financial period under review (refer to Note 13).

DISTRIBUTION

For the financial period under review, no distribution has been proposed by the Fund.

Historical Data01.09.2017- Financial Year Ended 31 August28.02.2018 2017 2016 2015

Unit PricesNAV - Highest (RM) 0.6482 0.6224 0.5710 0.5858NAV - Lowest (RM) 0.6189 0.5514 0.5052 0.5254

Distribution and Unit Split - - - -

OthersManagement Expense Ratio

(MER) (%) # 0.36 0.63 0.57 0.43Portfolio Turnover Ratio (PTR)

(times) ## 1.32 0.55 0.40 0.52

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PORTFOLIO STRUCTURE

The asset allocations of the Fund as at reporting date were as follows:

As at As at 31 August28.02.2018 2017 2016 2015

% % %SectorsCollective investment scheme -

foreign 94.02 91.85 98.33 101.57*Liquid assets and other net current

assets/ (liquid assets and other net current liabilities) 5.98 8.15 1.67 (1.57)*

100.00 100.00 100.00 100.00

The asset allocations have been structured to meet the Fund’s intended objective.

* The excess over 100% of the net asset value is attributable to forward foreign currency contracts which has not been paid as at the end of the reporting date.

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BREAKDOWN OF UNIT HOLDINGS BY SIZE

As at 28 February 2018, the Fund’s units in circulation stood at 91.08 million unitswith a total of 12 accounts.

Account Holders No. Of Units Held*Size of Holdings No. % (‘000) %5,000 and below - - - -5,001 to 10,000 1 8.33 9 0.0110,001 to 50,000 1 8.33 18 0.0250,001 to 500,000 4 33.34 1,187 1.30500,001 and above 6 50.00 89,856 98.67Total 12 100.00 91,070 100.00

*Excluding Manager’s stock

SOFT COMMISSION

The Fund Manager may only receive soft commission in the form of research and advisory services that assist in the decision-making process relating to the Fund’s investments.

During the financial period under review, the Manager did not receive or utilise any soft commission from brokers/dealers in consideration for directing dealings in the investment of the Fund. However, in the event the Manager were to receive any soft commission in the future, these will only be retained by the Manager if they were in the form of goods and services which were of demonstrable benefit to the unitholders.

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RHB GLOBAL ALLOCATION FUND UNAUDITED STATEMENT OF FINANCIAL POSITION AS AT 28 FEBRUARY 2018

Note 28.02.2018 31.08.2017RM RM

ASSETSInvestments 5 54,604,906 9,208,022Forward foreign currency contracts 7 48,855 42,946Amount due from Manager 1,819,219 202,769Deposits with a licensed financial

institution 6 3,598,628 365,650Bank balance 6 30,785 213,752Other receivable 61,403 18,482TOTAL ASSETS 60,163,796 10,051,621

LIABILITIESAmount due to fund manager of

collective investment scheme 1,995,636 -Accrued management fee 74,629 14,859Amount due to Trustee 2,488 495Other payables and accruals 15,368 11,400TOTAL LIABILITIES 2,088,121 26,754

NET ASSET VALUE 58,075,675 10,024,867

EQUITYUnitholders’ capital 49,137,585 1,101,817Retained earnings 8,938,090 8,923,050

58,075,675 10,024,867

UNITS IN CIRCULATION (UNITS) 8 91,080,000 16,220,000

NET ASSET VALUE PER UNIT (RM) 0.6376 0.6181

The accompanying notes are an integral part of the financial statements.

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RHB GLOBAL ALLOCATION FUNDUNAUDITED STATEMENT OF CASH FLOWS FOR THE FINANCIAL PERIOD ENDED 28 FEBRUARY 2018

01.09.2017-28.02.2018

01.09.2016-28.02.2017

RM RMCASH FLOWS FROM OPERATING

ACTIVITIESProceeds from sale of investments 1,090,028 8,962,682Purchase of investments (45,166,883) -Net realised income/(loss) on forward foreign

currency contracts 744,554 (1,355,490)Interest received from deposits with licensed

financial institutions 19,783 4,510Management fee paid (38,244) (14,219)Trustee’s fee paid (3,438) (3,976)Payment for other fees and expenses (11,648) (18,083)Net cash (used in)/generated from operating

activities (43,365,848) 7,575,424

CASH FLOWS FROM FINANCING ACTIVITIES

Cash proceeds from units created 48,332,904 191,488Cash paid on unit cancelled (1,913,586) (7,641,683)Net cash generated from/(used in) financing

activities 46,419,318 (7,450,195)

Net increase in cash and cash equivalents 3,053,470 125,229Exchange loss on cash and cash equivalents (3,459) (7,921)Cash and cash equivalents at the beginning of

the financial period 579,402 164,654Cash and cash equivalents at the end of the

financial period 3,629,413 281,962


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RHB GLOBAL ALLOCATION FUND UNAUDITED STATEMENT OF INCOME AND EXPENSESFOR THE FINANCIAL PERIOD ENDED 28 FEBRUARY 2018

Note 01.09.2017-28.02.2018

01.09.2016-28.02.2017

RM RMINCOMEInterest income from deposits with a

licensed financial institution 19,783 4,510Net (loss)/income on investments 5 (607,590) 1,444,009Net fair value income/(loss) on forward

foreign currency contracts 7 750,463 (1,109,373)Net foreign currency exchange

(loss)/income (71,476) 28,30291,180 367,448

EXPENSESManagement fee 9 (55,093) (18,731)Trustee’s fee 10 (5,431) (3,547)Audit fee (2,653) (1,000)Tax agent’s fee (1,440) (1,550)Other expenses (11,523) (7,733)

(76,140) (32,561)

Net income before taxation 15,040 334,887Taxation 11 - -Net income after taxation 15,040 334,887

Net income after taxation is made up of the following:Realised amount 716,291 629,344Unrealised amount (701,251) (294,457)

15,040 334,887


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01.09.2017-28.02.2018

01.09.2016-28.02.2017





activities (43,365,848) 7,575,424



activities 46,419,318 (7,450,195)





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RHB GLOBAL ALLOCATION FUND UNAUDITED STATEMENT OF CHANGES IN NET ASSET VALUE FOR THE FINANCIAL PERIOD ENDED 28 FEBRUARY 2018

Unitholders’ capital

Retained earnings

Total net asset value

RM RM RMBalance as at 1 September 2016 7,731,692 8,221,803 15,953,495Movement in net asset value:Net income after taxation - 334,887 334,887Creation of units arising from

applications 199,193 - 199,193Cancellation of units (7,218,149) - (7,218,149)

Balance as at 28 February 2017 712,736 8,556,690 9,269,426

Balance as at 1 September 2017 1,101,817 8,923,050 10,024,867Movement in net asset value:Net income after taxation - 15,040 15,040Creation of units arising from

applications 49,949,354 - 49,949,354Cancellation of units (1,913,586) - (1,913,586)

Balance as at 28 February 2018 49,137,585 8,938,090 58,075,675


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01.09.2017-28.02.2018

01.09.2016-28.02.2017





activities (43,365,848) 7,575,424



activities 46,419,318 (7,450,195)





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01.09.2017-28.02.2018

01.09.2016-28.02.2017





activities (43,365,848) 7,575,424



activities 46,419,318 (7,450,195)





14


01.09.2017-28.02.2018

01.09.2016-28.02.2017





activities (43,365,848) 7,575,424



activities 46,419,318 (7,450,195)





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RHB GLOBAL ALLOCATION FUNDNOTES TO THE UNAUDITED FINANCIAL STATEMENTS FOR THE FINANCIAL PERIOD ENDED 28 FEBRUARY 2018

1 THE FUND, THE MANAGER AND THEIR PRINCIPAL ACTIVITIES

The RHB Global Allocation Fund (hereinafter referred to as “the Fund”) was constituted pursuant to the execution of a Master Deed dated 27 April 2004 as modified by its First Supplemental Master Deed dated 8 June 2004, Second Supplemental Master Deed 19 October 2005, Third Supplemental Master Deed 8December 2005, Fourth Supplemental Master Deed 28 February 2006, Fifth Supplemental Master Deed 9 March 2006, Sixth Supplemental Master Deed 22September 2006, Seventh Supplemental Master Deed 15 December 2006, Eighth Supplemental Master Deed 30 January 2007, Ninth Supplemental Master Deed 9April 2007, Tenth Supplemental Master Deed 14 May 2007, Eleventh Supplemental Master Deed 15 May 2007, Twelfth Supplemental Master Deed 27 June 2007, Thirteenth Supplemental Master Deed 24 December 2007, Fourteenth Supplemental Master Deed 28 February 2013, Fifteenth Supplemental Master Deed 4 September 2013, Sixteenth Supplemental Master Deed 2 March 2015, SeventeenthSupplemental Master Deed 8 May 2015, Eighteenth Supplemental Master Deed 25May 2015 and Nineteenth Supplemental Master Deed 3 June 2015 (hereinafter referred to as “the Deeds”) between RHB Asset Management Sdn Bhd (“the Manager”) and HSBC (Malaysia) Trustee Berhad (“the Trustee”).

The principal activity of the Fund is to invest in Permitted Investments as set out in the Deed. All investments will be subject to the Securities Commission’s (“SC”) Guidelines on Unit Trust Funds, SC requirements, the Deed, except where exemptions or variations have been approved by the SC, internal policies and procedures and objective of the Fund.

The Fund commenced operations on 27 March 2006 and will continue its operations until terminated according to the conditions as provided in the Deed.

The main objective of the Fund is to maximise total return expressed in Ringgit Malaysia by investing globally in equity, debt and short term securities, of both corporate and government issuers, with no prescribed limits.

The Manager, a company incorporated in Malaysia, is a wholly-owned subsidiary of RHB Investment Bank Berhad, effective 6 January 2003. Its principal activities include rendering of investment management services, management of unit trust funds and private retirement schemes and provision of investment advisory services.

These financial statements were authorised for issue by the Manager on 25 April 2018.

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2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2.1 Basis of preparation of the financial statements

The financial statements have been prepared under the historical cost convention, as modified by financial assets and financial liabilities (including derivative instruments) at fair value through profit or loss, except as disclosed in this summary of significant accounting policies, and in accordance with Malaysian Financial Reporting Standards (“MFRS”) and International Financial Reporting Standards (“IFRS”).

The preparation of financial statements in conformity with MFRS and IFRS requires the use of certain critical accounting estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the financial year. It also requires the Manager to exercise its judgement in the process of applying the Fund’s accounting policies. Although these estimates and judgement are based on the Manager’s best knowledge of current events and actions, actual results may differ.

(a) The Fund has applied the following amendments for the first time for the financial year beginning on 1 March 2017:

Amendments to MFRS 107 “Statement of Cash Flows – Disclosure Initiative” (effective from 1 January 2017) introduce an additional disclosure on changes in liabilities arising from financing activities.

The adoption of these amendments did not have any impact on the current year or any prior year and is not likely to affect future periods.

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2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

2.1 Basis of preparation of the financial statements (continued)

(b) The new standards and amendments to published standards which are relevant to the Fund but not yet effective and have not been early adopted are as follows:

(i) Financial year beginning on/after 1 March 2018

MFRS 9 “Financial Instruments” (effective from 1 January 2018) will replace MFRS 139 “Financial Instruments: Recognition and Measurement”.

(ii) Financial year beginning on/after 1 March 2018

MFRS 9 retains but simplifies the mixed measurement model in MFRS 139 and establishes three primary measurement categories for financial assets: amortised cost, fair value through profit or loss and fair value through other comprehensive income (“OCI”). The basis of classification depends on the entity’s business model and the contractual cash flow characteristics of the financial asset. Investments in equity instruments are always measured at fair value through profit or loss with an irrevocable option at inception to present changes in fair value in OCI (provided the instrument is not held for trading). A debt instrument is measured at amortised cost only if the entity is holding it to collect contractual cash flows and the cash flows represent principal and interest.

For liabilities, the standard retains most of the MFRS 139 requirements. These include amortised cost accounting for most financial liabilities, with bifurcation of embedded derivatives. The main change is that, in cases where the fair value option is taken for financial liabilities, the part of a fair value change due to an entity’s own credit risk is recorded in other comprehensive income rather than in profit or loss, unless this creates an accounting mismatch.

MFRS 9 introduces an expected credit loss model on impairment that replaces the incurred loss impairment model used in MFRS 139. The expected credit loss model is forward-looking and eliminates the need for a trigger event to have occurred before credit losses are recognised.

The above standards and amendments to published standards are not expected to have a significant impact on the Fund’s financial statements.

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2.2 Financial assets

Classification

Financial assets are designated as fair value through profit or loss when they are managed and their performance evaluated on a fair value basis.

The Fund designates its investment in collective investment scheme as financial assets at fair value through profit or loss at inception.

Derivatives are financial assets at fair value through profit or loss categorised as held for trading unless they are designated hedges.

Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market and have been included in current assets. The Fund’s loans and receivables comprise amount due from Manager, cash and cash equivalents and other receivable which are all due within 12 months.

Recognition and measurement

Regular purchases and sales of financial assets are recognised on the trade date, the date on which the Fund commits to purchase or sell the asset. Investments are initially recognised at fair value. Subsequent to initial recognition, financial assets at fair value through profit or loss are measured at fair value.

Financial assets are de-recognised when the rights to receive cash flows from the investments have expired or have been transferred and the Fund has transferred substantially all risks and rewards of ownership.

Unrealised gains or losses arising from changes in the fair value of the financial assets at fair value through statement of income and expenses category including the effects of currency translation are recognised in profit or loss in the financial year in which they arise.

Collective investment schemes are valued based on the last published net asset value per unit or share of such collective investment schemes at each financial period.

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2.2 Financial assets (continued)

Recognition and measurement (continued)

Derivative investments is an unquoted currency forward contract. Financial derivative position will be “marked to market” at the close of each valuation day. Foreign exchange gains and losses on the derivative financial instrument are recognised in statement of income and expenses when settled or at the date of the statement of financial position at which time they are included in the measurement of the derivative financial instrument.

Deposits with licensed financial institutions are stated at cost plus accrued interest calculated on the effective interest method over the year from the date of placement to the date of maturity of the respective deposits, which is a reasonable estimate of fair value due to the short-term nature of the deposits.

Loans and receivables are subsequently carried at amortised cost using the effective interest method.

Impairment of financial assets

For assets carried at amortised cost, the Fund assesses at the end of the financial year whether there is objective evidence that a financial asset or group of financial assets is impaired. A financial asset or a group of financial assets is impaired and impairment losses are incurred only if there is objective evidence of impairment as a result of one or more events that occurred after the initial recognition of the asset (a ‘loss event’) and that loss event (or events) has an impact on the estimated future cash flows of the financial asset or group of financial assets that can be reliably estimated.

2020


2.3 Financial liabilities

Financial liabilities are classified according to the substance of the contractual arrangements entered into and the definitions of a financial liability.

Financial liabilities, within the scope of MFRS 139 “Financial Instrument:Recognition and Measurement”, are recognised in the statement of financial position when, and only when, the Fund becomes a party to the contractual provisions of the financial instrument.

The Fund’s financial liabilities which include amount due to fund manager of collective investment scheme, accrued management fee, amount due to Trustee and other payables and accruals are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.

A financial liability is de-recognised when the obligation under the liability is extinguished. Gains and losses are recognised in statement of comprehensive income when the liabilities are de-recognised, and through the amortisation process.

2.4 Derivative financial instruments

The Fund’s derivative financial instruments comprise forward foreign currency contracts. Derivatives are initially recognised at fair value on the date a derivative contract is entered into, and are subsequently re-measured at their fair value.

The fair value of forward foreign currency contracts is determined using forward exchange rates at the date of the statement of financial position, with the resulting value discounted back to present value.

The method of recognising the resulting gain or loss depends on whether the derivative is designated as a hedging instrument, and the nature of the item being hedged. Derivatives that do not qualify for hedge accounting are classified as held for trading and accounted for in accordance with the accounting policy set out in Note 2.2.

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2.5 Unitholder’s capital

The unitholders’ contributions to the Fund meet the criteria to be classified as equity instruments under MFRS 132 “Financial Instruments: Presentation”. Those criteria include:

the units entitle the holder to a proportionate share of the Fund’s net assets value;

the units are the most subordinated class and class features are identical; there is no contractual obligations to deliver cash or another financial asset

other than the obligation on the Fund to repurchase; and the total expected cash flows from the units over its life are based substantially

on the profit or loss of the Fund.

The outstanding units are carried at the redemption amount that is payable at each financial period if unitholder exercises the right to put the unit back to the Fund.

Units are created and cancelled at prices based on the Fund’s net asset value per unit at the time of creation or cancellation. The Fund’s net asset value per unit is calculated by dividing the net assets attributable to unit holders with the total number of outstanding units.

2.6 Income recognition

Interest income from deposits with a licensed financial institution is recognised on an accrual basis using the effective interest method.

Realised gain or loss on sale of collective investment scheme is arrived at after accounting for cost of investments, determined on the weighted average cost method.

Realised gain or loss on forward foreign currency contracts are measured by the difference between the net settlement amount and the nominal amount as per the forward foreign currency contract.

Net income or loss is the total of income less expenses.

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2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(CONTINUED)

2.7 Taxation

Current tax expense is determined according to Malaysian tax laws and includes all taxes based upon the taxable income earned during the financial period.

Tax on income distribution from foreign collective investment schemes is based on the tax regime of the respective country that the Fund invests in.

2.8 Cash and cash equivalents

For the purpose of the statement of cash flows, cash and cash equivalents comprise bank balances and deposits with a licensed financial institution which are subject to an insignificant risk of change in value.

2.9 Amounts due from/to fund manager of collective investment scheme

Amounts due from/to fund manager of collective investment scheme represent receivables for securities sold and payables for securities purchased that have been contracted for but not yet settled or delivered on the date of the statement of financial position respectively.

These amounts are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method, less impairment for amount due from fund manager of collective investment schemes. See Note 2.2 on impairment of financial assets.

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2.10 Presentation and functional currency

Items included in the financial statements of the Fund are measured using the currency of the primary economic environment in which the Fund operates (the “functional currency”). The financial statements are presented in Ringgit Malaysia (“RM”), which is the Fund’s presentation and functional currency.

Due to mixed factors in determining the functional currency of the Fund, the Manager has used its judgement to determine the functional currency that most faithfully represents the economic effects of the underlying transactions, events and conditions and have determined the functional currency to be in RM primarily due to the following factors:

The Fund’s cash is denominated in RM for the purpose of making settlement of the creation and cancellation

The Fund’s units are denominated in RM The Fund’s expenses are denominated in RM

2.11 Foreign currency translation

Foreign currency transactions in the Fund are accounted for at exchange rates prevailing at the transaction dates. Foreign currency monetary assets and liabilities are translated at exchange rates prevailing at the reporting date. Exchange differences arising from the settlement of foreign currency transactions and from the translation of foreign currency monetary assets and liabilities are recognised in profit or loss.

2.12 Segmental information

Operating segments are reported in a manner consistent with the internal reporting used by the chief operating decision-maker. The operating results are regularly reviewed by the Manager and the Investment Committee. The Investment Committee assumes the role of chief operating decision maker, for performance assessment purposes and to make decisions about resources allocated to the investment segment based on the recommendation by the Investment & Security Selection Committee.

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3 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

The Fund is exposed to a variety of risks, which include Market risk, price risk, interest rate risk, credit risk, liquidity risk, currency risk and capital risk.

Financial risk management is carried out through internal control processes adopted by the Manager and adherence to the investment restrictions as stipulated in the Deeds and SC Guidelines on Unit Trust Funds.

Market risk

Securities may decline in value due to factors affecting securities markets generally or particular industries represented in the securities markets. The value of a security may decline due to general market conditions which are not specifically related to a particular company, such as real or perceived adverse economic conditions, changes in the general outlook for corporate earnings, changes in profit or currency rates or adverse investors’ sentiment generally. They may also decline due to factors that affect a particular industry or industries, such as labour shortages or increased production costs and competitive conditions within an industry.

Equity securities generally have greater price volatility than fixed income securities. The market price of securities owned by a unit trust fund might go down or up, sometimes rapidly or unpredictably.

Price risk

Price risk is the risk that the fair value of the investments of the Fund will fluctuate because of changes in market prices.

The Fund is also exposed to equity security price risk (other than those arising from interest rate risk) for it investments of RM54,604,906 (31.08.2017: RM9,208,022)in quoted investments.

The sensitivity analysis is based on the assumption that the price of the quoted securities investments fluctuate by +/(-) 5% with all other variables held constant, the impact on the net income/(loss) is +/(-) RM2,730,245 (31.08.2017: RM460,401).

Interest rate risk

Interest rate risk is the risk that the value of the Fund’s investments and its return will fluctuate because of changes in market interest rates. The Fund’s exposure to the interest rate risk is mainly confined to short term placements with financial institutions. The Manager overcomes the exposure by way of maintaining deposits on short term basis. Therefore, exposure to interest rate fluctuations is minimal.

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3 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (CONTINUED)

Credit risk

Credit risk refers to the risk that a counterparty will default on its contractual obligation resulting in financial loss to the Fund.

The credit risk arising from placements of deposits in a licensed financial institution is managed by ensuring that the Fund will only place deposits in reputable licensed financial institutions. The settlement terms of the proceeds from the creation of units receivable from the Manager are governed by the Information Memorandum or Securities Commission Guidelines on Unit Trust Fund.

Liquidity risk

Liquidity risk is the risk that the Fund will encounter difficulty in meeting its financial obligations.

Liquidity risk exists when particular investments are difficult to sell, possibly preventing a unit trust fund from selling such illiquid securities at an advantageous time or price. As part of its risk management, the Manager will attempt to manage the liquidity of the Fund through asset allocation and diversification strategies within the portfolio. The Manager will also conduct constant fundamental research and analysis to forecast future liquidity of its investments.

The table below summarises the Fund’s financial liabilities into relevant maturity groupings based on the remaining year from the statement of financial position date to the contractual maturity date.

Less than 1 month

Between 1 month

to 1 yearRM RM

28.02.2018Amount due to fund manager of collective

investment scheme 1,995,636 -Accrued management fee 74,629 -Amount due to Trustee 2,488 -Other payables and accruals - 15,368

2,072,753 15,36831.08.2017Accrued management fee 14,859 -Amount due to Trustee 495 -Other payables and accruals - 11,400

15,354 11,400

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3 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (CONTINUED)

Currency risk

Currency risk is associated with financial instruments that are quoted and/or priced in foreign currency denomination. The Fund did not have any significant financial liabilities denominated in foreign currency as at the financial period ended.

The currencies to which the Fund had significant exposure at the reporting date on its financial assets. The analysis calculates the effect of a reasonably possible movement of each foreign currency rate against Ringgit Malaysia on equity and on income with all other variables held constant.

The sensitivity of the Fund’s net income/(loss) after taxation and net asset value as at reporting date to changes in foreign exchange movements. The analysis is based on the assumption that the foreign exchange rate fluctuates by +/(-) 5%, with all other variables remain constants, is +/(-) RM2,733,315 (31.08.2017: RM461,325).

Capital risk

The capital of the Fund is represented by equity consisting of unitholders’ capital of RM49,137,585 (31.08.2017: RM1,101,817) and retained earnings of RM8,938,090 (31.08.2017: RM8,923,050). The amount of equity can change significantly on a daily basis as the Fund is subject to daily subscriptions and redemptions at the discretion of unitholders. The Fund’s objective when managing capital is to safeguard the Fund’s ability to continue as a going concern in order to provide returns for unitholders and benefits for other stakeholders and to maintain a strong capital base to support the development of the investment activities of the Fund.

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4 FAIR VALUE ESTIMATION

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e. an exit price).

The fair value of financial assets and liabilities traded in active market (such as publicly traded derivatives and trading securities) are based on quoted market prices at the close of trading on the financial period end date.

An active market is a market in which transactions for the asset or liability take place with sufficient frequency and volume to provide pricing information on an ongoing basis.

The fair value of financial assets and liabilities that are not traded in an active market is determined by using valuation techniques. The Fund uses a variety of methods and makes assumptions that are based on market conditions existing at each financial period end date.

Valuation techniques used for non-standardised financial instruments such as options, currency swaps and other over-the-counter derivatives, include the use of comparable recent transactions, reference to other instruments that are substantially the same, discounted cash flow analysis, option pricing models and other valuation techniques commonly used by market participants making the maximum use of market inputs and relying as little as possible on entity-specific inputs.

The fair values are based on the following methodologies and assumptions:

(i) For bank balances, deposits and placements with financial institutions with maturities less than 1 year, the carrying value is a reasonable estimate of fair value.

(ii) The carrying values of receivables and payables are assumed to approximate their fair values due to their short term nature.

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4 FAIR VALUE ESTIMATION (CONTINUED) Fair value hierarchy

The Fund adopted MFRS 13 “Fair Value Measurement” in respect of disclosures about the degree of reliability of fair value measurement. This requires the Fund to classify fair value measurements using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The fair value hierarchy has the following levels:

Level 1: Quoted prices (unadjusted) in active market for identical assets or liabilities

Level 2: Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices)

Level 3: Inputs for the asset and liability that are not based on observable market data (that is, unobservable inputs)

The following table analyses within the fair value hierarchy the Fund’s financial assets and liabilities (by class) measured at fair value:

Level 1 Level 2 Level 3 TotalRM RM RM RM

28.02.2018Financial assets

at fair value through profit or loss:

- Collective investment scheme - foreign 54,604,906 - - 54,604,906

Derivative financial instruments:- Forward foreign

currency contracts - 48,855 - 48,85554,604,906 48,855 - 54,653,761

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4 FAIR VALUE ESTIMATION (CONTINUED)

Fair value hierarchy (continued)

The following table analyses within the fair value hierarchy the Fund’s financial assets and liabilities (by class) measured at fair value: (continued)

Level 1 Level 2 Level 3 TotalRM RM RM RM

31.08.2017Financial assets

at fair value through profit or loss:

- Collective investment scheme - foreign 9,208,022 - - 9,208,022

Derivative financial instruments:- Forward foreign

currency contracts - 42,946 - 42,9469,208,022 42,946 - 9,250,968

Investments in foreign collective investment schemes whose values are based on quoted market prices in active markets are classified within Level 1. The Fund does not adjust the quoted prices for these instruments.

Financial instruments that trade in markets that are considered to be active but are valued based on quoted market prices, dealer quotations or alternative pricing sources supported by observable inputs are classified within Level 2. As Level 2 instruments include positions that are not traded in active markets and/or are subject to transfer restrictions, valuations may be adjusted to reflect illiquidity and/or non-transferability, which are generally based on available market information. The Fund’s policies on valuation of these financial assets are stated in Note 2.2.

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5 INVESTMENTS

28.02.2018 31.08.2017RM RM

Investments:Collective investment scheme – foreign 54,604,906 9,208,022

01.09.2017-28.02.2018

RM

01.09.2016-28.02.2017

RMNet (loss)/gain investments comprised:- Net realised gain on disposal 190,961 1,976,662- Net unrealised loss on changes in fair values (798,551) (532,653)

(607,590) 1,444,009

Investments as at 28 February 2018 are as follows:

Name of Counter Quantity Cost Fair Value

% of Net Asset

valueRM RM %

COLLECTIVE INVESTMENT SCHEME - FOREIGN

Luxembourg

BGF Global Allocation Fund 241,710 53,496,389 54,604,906 94.02

Investments as at 31 August 2017 are as follows:

Name of Counter Quantity Cost Fair Value

% of Net Asset

valueRM RM %

COLLECTIVE INVESTMENT SCHEME - FOREIGN

Luxembourg

BGF Global Allocation Fund 39,126 7,300,955 9,208,022 91.85

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6 CASH AND CASH EQUIVALENTS

Cash and cash equivalents comprise: 28.02.2018 31.08.2017

RM RMDeposits with a licensed financial institution 3,598,628 365,650Bank balance 30,785 213,752

3,629,413 579,402

7 FORWARD FOREIGN CURRENCY CONTRACTS

As at 28 February 2018, there were seventeen (31.08.2017: three) forward foreign currency contracts outstanding. The notional principal amount of the outstandingforward foreign currency contracts amounted to RM53,159,098 (31.08.2017:RM7,338,267). The forward foreign currency contract entered into was for hedging against the currency exposure arising from the investment in the collective investment scheme denominated in USD.

As the Fund has not adopted hedge accounting, the change in the fair value of the forward foreign currency contract is recognised immediately in profit or loss.

Net gain/(loss) on forward foreign currency contracts:

01.09.2017-28.02.2018

RM

01.09.2016-28.02.2017

RM- Net realised gain/(loss) on forward foreign

currency contracts 740,467 (1,355,490)- Net unrealised gain on forward foreign

currency contracts 9,996 246,117750,463 (1,109,373)

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8 UNITS IN CIRCULATION

28.02.2018 31.08.2017Units Units

At the beginning of the financial period/year 16,220,000 27,950,000Creation of units during the financial period/year:

Arising from applications 77,919,000 6,823,000Cancellation of units during the financial

period/year (3,059,000) (18,553,000)At the end of the financial period/year 91,080,000 16,220,000

9 MANAGEMENT FEE

In accordance with Prospectus, the Management fee provided in the financial statement is 1.80% (01.09.2016-28.02.2017:1.80%) per annum based on the net asset value of the Fund, calculated on a daily basis for the financial period. As this Fund invests in units of BGF Global Allocation Fund (“BGF-GAF”), any management fee charged by BGF-GAF is fully refunded. Accordingly, there is no double charging of management fee.

10 TRUSTEE’S FEE

In accordance with Prospectus, the Trustee’s fee provided in the financial statements is 0.06% (01.09.2016-28.02.2017: 0.06%) per annum based on the net asset value of the Fund, calculated on a daily basis for the financial period.

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11 TAXATION

(a) Tax charge for the financial period

01.09.2017-28.02.2018

01.09.2016-28.02.2017

RM RMCurrent taxation - - (b) Numerical reconciliation of income tax expense

The numerical reconciliation between the net income before taxation multiplied by the Malaysian statutory income tax rate and the tax expense of the Fund is as follows:

01.09.2017-28.02.2018

01.09.2016-28.02.2017

RM RMNet income before taxation 15,040 334,887

Tax calculated at statutory tax rate of 24% 3,610 80,373Tax effects of:- Investment income not subject to tax (21,884) (88,188)- Expenses not deductible for tax purposes 1,898 3,033- Restriction on tax deductible expenses for unit

trust funds 16,376 4,782Tax expense - -

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12 MANAGEMENT EXPENSE RATIO (“MER”)

01.09.2017-28.02.2018

01.09.2016-28.02.2017

% %

MER 0.36 0.27

The MER ratio is calculated based on total expenses (excluding Goods and Services Tax) of the Fund to the average net asset value of the Fund calculated on a daily basis.

13 PORTFOLIO TURNOVER RATIO (“PTR”)

01.09.2017-28.02.2018

01.09.2016-28.02.2017

PTR (times) 1.32 0.26

The PTR ratio is calculated based on average of acquisition and disposals of the Fund for the financial period to the average net asset value of the Fund calculated on a daily basis.

14 UNITS HELD BY THE MANAGER AND PARTIES RELATED TO THEMANAGER

The number of units held by the Manager is as follows:

28.02.2018 31.08.2017Units RM Units RM

The Manager 10,000 6,376 10,060 6,218

The units are held beneficially by the Manager for booking purposes and were transacted at the prevailing market price.

Other than the above, there were no units held by Directors or parties related to the Manager.

The holding company and the ultimate holding company of the Manager is RHB Investment Bank Berhad and RHB Bank Berhad respectively. The Manager treats RHB Bank Berhad group of companies including RHB Investment Bank Berhad and its subsidiaries as related parties.

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15 TRANSACTIONS BY THE FUND

Details of transactions for the financial period ended 28 February 2018 are as follows:

Details of transactions for the financial year ended 31 August 2017 are as follows:

16 SEGMENT INFORMATION

The Investment & Security Selection Committee of the Manager recommends strategic resource allocations of the Fund to the Investment Committee of the Manager (collectively referred to as “Committee”).

The internal reporting provided to the Committee for the Fund’s assets, liabilities and performance is prepared on a consistent basis with the measurement and recognition principles of MFRS and IFRS. The Committee is responsible for the Fund’s entire portfolio and considers the business to have a single operating segment. The Committee’s asset allocation decisions are based on a single, integrated investment strategy and the Fund’s performance is evaluated on an overall basis.

The reportable operating segments derive their income by seeking investments to achieve investment objectives commensurate with an acceptable level of risk within each portfolio. These returns consist of interest and gains on the appreciation in the value of investments which are derived from Malaysia and Luxembourg.

There were no changes in the reportable segments during the financial period/year.

Fund ManagerValue of

trades

Percentageof totaltrades

Brokeragefees

Percentage of total

brokeragefees

RM % RM %BlackRock Client Service

Asia Pacific Managers 48,199,613 100.00 - -

Fund ManagerValue of

trades

Percentageof totaltrades

Brokeragefees

Percentageof total

brokeragefees

RM % RM %BlackRock Client Service

Asia Pacific Managers 13,662,447 100.00 - -

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STATEMENT BY MANAGERMANAGERWe, Patrick Chin Yoke Chung and Abdul Aziz Peru Mohamed, two of the Directors of RHB Asset Management Sdn Bhd, do hereby state that in the opinion of the Directors of the Manager, the accompanying unaudited statement of financial position, unaudited statement of income and expenses, unaudited statement of changes in net asset value, unaudited statement of cash flows and the accompanying notes, are drawn up in accordance with Malaysian Financial Reporting Standards and International Financial Reporting Standards so as to give a true and fair view of the financial position of the Fund as of 28 February 2018 and of its financial performance and cash flows for the financial period then ended and comply with provisions of the Deeds .

On behalf of the Manager

PATRICK CHIN YOKE CHUNG ABDUL AZIZ PERU MOHAMEDDirector Director

Kuala Lumpur 25 April 2018

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TRUSTEE’S REPORT TO THE UNITHOLDER OFRHB GLOBAL ALLOCATION FUND

We have acted as Trustee of RHB Global Allocation Fund (“the Fund”) for the financial period ended 28 February 2018. To the best of our knowledge, RHB Asset Management Sdn Bhd (“the Management Company”), has operated and managed the Fund in accordance with the following:

a) limitations imposed on the investment powers of the Management Company and the Trustee under the Deeds, the Securities Commission’s Guidelines on Unit Trust Funds, the Capital Markets and Services Act 2007 and other applicable laws;

b) valuation/pricing is carried out in accordance with the Deeds and any regulatory requirements; and

c) creation and cancellation of units are carried out in accordance with the Deeds and any regulatory requirements.

For HSBC (Malaysia) Trustee Berhad

Tan Bee Nie Head, Trustee Operations

Kuala Lumpur 25 April 2018

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CORPORATE INFORMATION

MANAGERRHB Asset Management Sdn Bhd

REGISTERED AND PRINCIPAL OFFICELevel 8, Tower 2 & 3, RHB Centre, Jalan Tun Razak, 50400 Kuala Lumpur

BUSINESS OFFICE AND OFFICE OF THE REGISTRARLevel 8, Tower 2 & 3, RHB Centre, Jalan Tun Razak, 50400 Kuala Lumpur

E-mail Address : [email protected]: 03 - 9205 8000Fax: 03 - 9205 8100Website : www.rhbgroup.com

BOARD OF DIRECTORSMr Patrick Chin Yoke Chung (Non-Independent Non-Executive Chairman)Encik Abdul Aziz Peru Mohamed (Senior Independent Non-Executive Director)Mr Chin Yoong Kheong (Independent Non-Executive Director)Ms Ong Yin Suen (Managing Director)Dr. Ngo Get Ping (Independent Non-Executive Director)Ms Choo Shan (Independent Non-Executive Director)

(Appointed on 3 July 2017)

INVESTMENT COMMITTEE MEMBERSMr Patrick Chin Yoke Chung (Chairman) (Re-designated on 1 November 2017)Encik Abdul Aziz Peru Mohamed (Appointed on 1 November 2017)Ms Choo Shan (Appointed on 1 November 2017)YBhg Dato’ Darawati Hussain (Appointed on 1 December 2017)YBhg Dato’ Khairussaleh Ramli (Chairman) (Resigned on 1 November 2017)Mr Ong Seng Pheow (Resigned on 1 November 2017)YBhg Datuk Haji Faisal Siraj (Resigned on 1 December 2017)

CHIEF EXECUTIVE OFFICER Ms Ong Yin Suen (Appointed on 28 February 2018)Mr Ho Seng Yee (Retired on 1 January 2018)

SECRETARYEncik Azman Shah Md Yaman (LS No. 0006901)

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BRANCHESKuala Lumpur Office B-9-6, Megan Avenue 1

No. 189, Jalan Tun Razak50400 Kuala LumpurTel: 03-2171 2755 Fax: 03-2770 0022

Sri Petaling Office No. 53-1 & 53-2 Jalan Radin TengahBandar Baru Sri Petaling57000 Kuala LumpurTel: 03-9054 2470 Fax: 03-9054 0934

Penang Office 64-D, Level 5, Lebuh Bishop10200 PenangTel: 04-264 5639 / 04-263 4848Fax: 04-264 5640 / 04-262 8844

Butterworth Office 2677, Jalan Chain FerryTaman Inderawasih13600 Prai, PenangTel: 04-390 0022 Fax: 04-390 0023

Ipoh Office 4th Floor, 21-25Jalan Seenivasagam, Greentown30450 Ipoh, PerakTel: 05-242 4311 Fax: 05-242 4312

Johor Bahru Office 2nd Floor, 21 & 23Jalan Molek 1/30, Taman Molek81100 Johor Bahru, JohorTel: 07-358 3587 Fax: 07-358 3581

Kuantan Office B 32-34, 2nd Floor, Lorong Tun Ismail 8Sri Dagangan II25000 Kuantan, PahangTel: 09-517 3611 Fax: 09-517 3612

Kota Bharu Office No 3953-H, 1st FloorJalan Kebun Sultan15350 Kota Bharu, KelantanTel: 09-741 8539 Fax: 09-741 8540

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Kota Kinabalu Office Lot No. C-02-04, 2nd FloorBlock C, Warisan SquareJalan Tun Fuad Stephens88000 Kota Kinabalu, SabahTel: 088-528 686/692 Fax: 088-528 685

Melaka Office 581B, Taman Melaka Raya75000 MelakaTel: 06-284 4211 Fax: 06-292 2212

Batu Pahat Office 53, 53-A and 53-B Jalan Sultanah83000 Batu Pahat, JohorTel: 07-438 0271 Fax: 07-438 0277

Miri Office Lot 1268, First FloorCentre Point Commercial CentreJalan Melayu98000 Miri, SarawakTel: 085-422 788 Fax: 085-415 243

Kuching Office Lot 172, Section 49, K.T.L.DJalan Chan Chin Ann93100 Kuching, SarawakTel: 082-245 611 Fax: 082-242 712

TRUSTEE HSBC (Malaysia) Trustee Berhad

BANKER RHB Bank Berhad

AUDITORS PricewaterhouseCoopers PLT

TAX ADVISER PricewaterhouseCoopers Taxation Services Sdn Bhd

DISTRIBUTORS Alliance Bank BhdAmBank (M) BhdAmInvestment Bank BhdAreca Capital Sdn BhdCitibank BhdGenexus Advisory Sdn BhdHSBC Bank (M) BhdiFAST Capital Sdn BhdMaybank BhdOCBC Bank (M) Bhd

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DISTRIBUTORS Standard Chartered Bank (M) BhdUnited Overseas Bank (M) BhdRHB Asset Management Unit Trust Consultants

RHB GLOBAL ALLOCATION FUND ANNUAL … The “negative 1.57%” cash was due to excess of liabilities...

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