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Abridged Audited Results for the year ended 30 June 2015 - RMBINF
RMB Government Inflation Linked Bond Exchange Traded Fund
A portfolio in the RMB Collective Investment Scheme (“the portfolio”) registered in terms of the Collective
Investment Schemes Control Act, 45 of 2002
(Incorporated in the Republic of South Africa)
(Date of incorporation: 20 May 2009)
Share Code: RMBINF
ISIN: ZAE000164513
ABRIDGED AUDITED RESULTS FOR THE YEAR ENDED 30 JUNE 2015
The RMB Collective Investment Scheme (“the Scheme”) was established in accordance with the provisions of the
Collective Investment Schemes Control Act (CISCA) with effect from 12 April 2008. The RMB Government Inflation
Linked Bond Exchange Traded Fund (“the Fund”) was established as a portfolio of the Scheme in accordance with
paragraph A of the deed of the scheme on 5 March 2009.
The Fund is a passive investment Fund with the aim of providing returns linked to the performance of the
Government Inflation Linked Bond Index (“GILBx”) in terms of both price performance, as well as income from the
component securities in the index. The portfolio will aim to track the performance of the index.
STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2015
2015 2014 2013
Restated Restated
Rand Rand Rand
Assets
Listed investments held at fair value
376 190 324 114 775 431 1 079 798 452
through profit or loss
Trade and other receivables 9 604 11 794 -
Cash and cash equivalents 560 640 3 938 132 11 191 054
Total assets 376 760 568 422 762 161 1 090 989 506
Liabilities
Net assets attributable to participatory interest
holders 376 289 826 418 831 771 1 079 315 399
Trade and other payables 470 742 3 930 390 3 742 588
Total liabilities 376 760 568 422 762 161 1 090 989 506
INCOME STATEMENT
FOR THE YEAR ENDED 30 JUNE 2015
2015 2014
Restated
Rand Rand
Investment income 20 227 759 58 037 861
Interest income on financial instruments designated 12 402 468 15 230 185
at fair value through profit or loss
Interest income on bank account 58 496 91 816
Fair value adjustment on financial instruments 7 766 795 42 715 860
designated at fair value through profit or loss
Other operating income
Other income - 1 792
Expenses
Management and administrative expenses (1 833 565) (2 783 601)
Profit before taxation 18 394 194 55 256 052
Taxation - -
Profit before amounts attributable to
18 394 194 55 256 052
participatory interest holders
Distributions to participatory interest holders (9 088 040) (12 843 820)
Increase in net assets attributable to participatory
(9 306 154) (42 412 232)
interest holders
Total comprehensive income - -
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2015
2015 2014
Rand Rand
Cash flow from operating activities 57 558 647 708 486 758
Cash utilised in operations (5 291 023) (10 537 320)
Interest received on bank account 58 496 91 816
Interest received on assets measured at fair
value through profit or loss 12 402 468 15 230 185
Net sales of listed investments held at fair value
through profit or loss 50 388 706 703 702 077
Cash flow from financing activities (60 936 139) (715 739 680)
Creation of Fund participatory interests - 25 712 540
Redemption of Fund participatory interests (51 848 099) (728 608 400)
Distributions to participatory interest holders (9 088 040) (12 843 820)
Net decrease in cash and cash equivalents (3 377 492) (7 252 922)
Cash and cash equivalents at the beginning of
the year 3 938 132 11 191 054
Cash and cash equivalents at the end of the
year 560 640 3 938 132
SUMMARISED ACCOUNTING POLICIES
FOR THE YEAR ENDED 30 JUNE 2015
The preparation of the audited financial results for the year ended 30 June 2014 was supervised by Richard
Pampel CA (SA), chief financial officer of Ashburton Investments Holdings Limited.
The financial statements incorporate the principal policies set out below, which have been consistently applied to
all years presented, unless otherwise stated.
During the financial year ended 30 June 2015, the Manager decided to change the classification of the net assets
attributable to participatory interest holders. Previously this amount was classified as equity of the Funds. However,
given the mandatory nature of the distributions, the Manager believes that classification as a liability provides users
of the financial statements of the Funds with more relevant information. The change in presentation brings the
presentation of the Funds in line with industry practice. The relevant line items in the annual financial statements
have been restated.
Statement of compliance
The financial statements are prepared in accordance with International Financial Reporting Standards (“IFRS”)
issued by the International Accounting Standards Board (“the IASB”), and in accordance with the requirements of
the trust deed of the Fund (“the Trust Deed”), the JSE Listing Requirements for Exchange Traded Funds and the
Collective Investment Schemes Control Act, No 45 of 2002.
Financial Instruments
Measurement
Financial instruments are recognised when, and only when, the Fund becomes a party to the contractual provisions
of that particular instrument. Financial instruments are initially measured at fair value. Transaction costs on
financial instruments at fair value through profit or loss are recognised in profit or loss. For financial instruments
which are not at fair value through profit or loss, transaction costs are included in the initial measurement of the
instrument. Subsequent to initial recognition, these instruments are measured as set out below.
Investments
Listed investments are measured at fair value through profit or loss. Fair value is determined with reference to
quoted market prices at the end of the reporting period.
Trade and other receivables
Trade and other receivables originated by the Fund are measured at amortised cost, using the effective interest
rate method, less impairment losses. Trade and other receivables are short-term in nature and are not discounted.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand, demand deposits and other short-term highly liquid
investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of
changes in value. All balances included in cash and cash equivalents have a maturity date of less than three
months from the date of acquisition.
Financial liabilities
Financial liabilities, other than those held at fair value through profit or loss, are measured at amortised cost, using
the effective interest rate method.
Trade and other payables
Trade and other payables are initially measured at fair value, and are subsequently measured at amortised cost.
Fair value gains and losses on subsequent measurement
Gains and losses arising from a change in the fair value on financial instruments are included in net profit or loss in
the year in which the change arises.
Creations and redemptions
Creations and redemptions are recorded on trade date being the previous day closing index price. using the
proceeds less any transaction costs.
Offset
Financial assets and financial liabilities are offset when the right to set-off is not contingent on a future event and is
legally enforceable for all counterparties in the normal course of business, as well as in the event of default,
insolvency and bankruptcy then the net amount is reported in the statement of financial position when the Fund has
the intention and ability either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
Derecognition of financial instruments
The Fund derecognises financial assets when and only when -
- The contractual right to the cash flows arising from the financial assets have expired or have been forfeited
by the Fund; or
- It transfers the financial assets, including substantially all the risks and rewards of ownership of the assets;
or
- Where the Fund neither transfers nor retains substantially all the risks and rewards of ownership of the
financial asset, the Fund shall determine whether it has retained control of the financial asset. In this case:
o if the Fund has not retained control, it shall derecognise the financial asset and recognise separately as
assets or liabilities any rights and obligations created or retained in the transfer; or
o if the Fund has retained control it shall continue to recognise the financial asset to the extent of its
continuing involvement in the financial asset.
Financial liabilities are derecognised when and only when the liability is extinguished. This is, when the obligation
specified in the contract is discharged, cancelled or has expired. The difference between the carrying amount of a
financial liability (or part thereof) extinguished or transferred to another party and consideration paid, including any
non-cash assets transferred or liabilities assumed, is recognised in profit or loss.
Impairment
At each reporting date the Fund assesses all financial assets, other than those at fair value through profit or loss, to
determine whether there is objective evidence that a financial asset or group of financial assets has been impaired.
For amounts due to the Fund, significant financial difficulties of the debtor, probability that the debtor will enter
bankruptcy and default of payments are all considered indicators of impairment. Impairment losses are calculated
as the difference between the assets' carrying amount and the present value of estimated future cash flows
discounted at the financial assets' original effective interest rate. Impairment losses are recognised in profit or loss.
Impairment losses are reversed when an increase in the financial asset's recoverable amount can be related
objectively to an event occurring after the impairment was recognised, subject to the restriction that the carrying
amount of the financial asset at the date that the impairment is reversed shall not exceed what the carrying amount
would have been had the impairment not been recognised.
Participatory interests
The Fund issues one class of participatory interest which is redeemable at the holder's option. Such participatory
interests are classified as financial liabilities. Participatory interests can be put back to the Fund at any dealing date
for cash equal to a proportionate share of the Fund's net asset value attributable to the participatory interest
holders. The participatory interests are carried at the redemption amount that is payable at the reporting date if the
holder exercises the right to put the participatory interests back to the Fund. The participatory interests are issued
and redeemed at the holder's option at prices based on the Fund's net asset value per participatory interest at the
time of issue or redemption. The Fund's net asset value per participatory interest is calculated by dividing the net
assets attributable to the holders of each class of participatory interest by the total number of outstanding
participatory interests for each respective class, in accordance with the provisions of the Fund's Trust Deed. Net
assets attributable to participatory interest holder evidences a residual interest in the assets of an entity after
deducting all of its liabilities. The value of the net assets attributable to participatory interest holders will vary with
the changes in the underlying value of the investments net of receivables and payables. The total movement in the
statement of comprehensive income is transferred to the net assets attributable to participatory interest holders. In
accordance with the Fund’s Trust Deed, the Fund distributes its distributable income and any other amounts
determined by the Manager of the Fund to participatory interest holders in cash. Distributions payable on
redeemable participatory interest are recognised in the statements of comprehensive income as distributions to
participatory interest holders.
Securities lending
The Fund is authorised to engage in securities lending activities up to 50% of the assets under management.
Collateral is held by the relevant lending units.
Other income
Other income comprises income from securities lending activities.
Securities lending fee income
The fees earned for the administration of securities lending activities are accounted for on an accrual basis in the
year in which the services are rendered.
Interest income
Interest income on financial instruments is recognised in profit or loss, using the effective interest rate method,
taking into account the expected timing and amount of cash flows. The effective interest rate method is a method of
calculating the amortised cost of a financial asset or financial liability and of allocating the interest income or
interest expense over the average expected life of the financial instruments or portfolios of financial instruments.
Taxation
Under the current system of taxation in South Africa, the Fund is exempt from paying taxation on income or capital
gains. Both income and capital gains are taxed in the hands of the participatory interest holders.
Critical accounting estimates and judgements in applying accounting policies
Assumptions and estimates form an integral part of financial reporting and have an impact on the amounts
reported. Assumptions are based on historical experience and expectations of future outcomes and anticipated
changes in the environment. No significant accounting estimates and judgements have been applied in the
financial statements of the Fund.
New standards and interpretations adopted in the current financial period
The following standard was adopted by the Fund in the current financial period:
- IFRS 10 Consolidated Financial Statements (Amendments) provide an exemption to the consolidation
requirements for entities that meet the definition of an investment entity in terms of IFRS 10. If the
exemption is applied, the amendments allow the investment entities to account for investments in
subsidiaries at fair value through profit or loss. The amendments are applicable to the Fund as the Fund
meets the definition of an investment entity. However, at this point the Fund does not have investments in
entities which it controls, therefore the IFRS 10 amendments do not have an effect on the current financial
statements but it could have an effect on future financial statements.
- IAS 32 Financial Instruments Presentation (Amendments) The amendments to IAS 32 Financial
Instruments Presentation clarify the existing requirements relating to the offsetting of financial assets and
financial liabilities. It specifically clarifies that the right to set-off must not be contingent on a future event
and must also be legally enforceable for all counterparties in the normal course of business, as well as in
the event of default, insolvency and bankruptcy. The Fund's interpretation of the offsetting requirements
has always been in line with this and the adoption of the amended standard did not have any impact on the
Fund's annual financial statements.
- IAS 36 Impairment of Assets (Amendments) Amendments to IAS 36 Impairments of Assets remove the
unintended consequences of IFRS 13 Fair Value Measurement on the disclosure required under IAS 36.
The amendments reduce the circumstances in which the recoverable amount of the assets or cash-
generating units (CGU) is required to be disclosed. The amendments clarify the disclosures required and
introduces an explicit requirement to disclose the discount rate used in determining the impairment or
impairment reversals when the recoverable amount is determined using a present value technique. The
amendments do not impact the amounts reported in the Fund's annual financial statements.
- IAS 39 Financial Instruments Recognition and Measurement (Amendments) The amendments to IAS 39
Financial Instruments Recognition and Measurement applies to where the novation of derivatives to central
counterparties would result in the discontinuance of hedge accounting. The amendments to this standard
provide relief for the discontinuing of hedge accounting when the novation of a derivative designated as a
hedge instrument meets certain criteria. The amendments have no impact to the Fund as the Fund has not
novated any derivatives used as hedging instruments during the current year or prior periods.
- Annual Improvements 2010 - 2012 and 2011 - 2013 Cycle As part of its Annual Improvements Project, the
IASB made amendments to a number of accounting standards. The annual improvements for the 2010-
2012 and 2011-2013 cycle issued in December 2013 were adopted in the current financial year. These
amendments did not have a significant impact on the Fund’s results nor have they resulted in the
restatement of prior year numbers.
- IAS 24 Related Party (Amendments) The standard is amended to include, as a related party, an entity that
provides key management personnel services to the reporting entity or to the parent of the reporting entity.
These amendments did not have a significant impact on the Fund’s results nor have they resulted in the
restatement of prior year numbers.
- IFRS 13 Fair Value Measurement (Amendments) The amendment clarifies that the portfolio exception in
IFRS 13, which allows an entity to measure the fair value of a group of financial assets and financial
liabilities on a net basis, applies to all contracts (including non-financial contracts) within the scope of IAS
39 or IFRS 9. These amendments did not have a significant impact on the Fund’s results nor have they
resulted in the restatement of prior year numbers.
SUMMARISED NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2015
Listed investments held at fair-value-through-profit-or-loss
The following principle methods and assumptions are used to determine the fair value of the financial instruments
that are carried at fair value:
Listed government stock
The fair value of listed government stock is determined using unadjusted quoted prices. The Fund therefore
classifies the fair value measurement of the listed government bonds in the Level 1 category, on the basis that the
fair value of the listed government bonds is determined using unadjusted quoted prices.
IFRS 7 Fair value hierarchy
30 June 2015 30 June 2014
Type Level 1 Level 2 Level 3 Level 1 Level 2 Level 3
Listed investments
held at fair-value-
through-profit-or-
loss 376 190 324 - - 418 812 235 - -
Trade and other receivables, cash and cash equivalents and trade and other payables
No hierarchy disclosure is made for financial assets and liabilities measured at amortised cost where their carrying
value approximates fair value.
Net assets attributable to participatory interest holders
2015 2014
Rand Rand
Balance at the beginning of the year 418 831 771 1 079 315 399
Participatory interests created during the year:
Nil (2014:1 400 000) - 25 712 540
Participatory interests redeemed during the year: 2 600 000
(2014:21 400 000) (51 848 099) (728 608 400)
Increase in net assets attributable to participatory interest
holders 9 306 154 42 412 232
Balance at the end of the year 376 289 826 418 831 771
Management and administration expenses
The Manager is entitled to a service charge for the administration of the Scheme, as determined by the Manager
from time to time, of the market value of the investments of the Fund. During the period a service fee of 36 (thirty
six) basis points of the market value of the investments of the Fund has been applied.
Distributions
The Fund effects quarterly distributions made out of income received by the Fund.
2015 2014
Rand Rand
6.02 cents per participatory interest (2014: 6.17 cents per
participatory interest)
Declared 26 Sep 2014 and paid 01 Oct 2014
1 288 280 3 479 880
(2014: Declared 27 Sep 2013 and paid 07 Oct 2013)
16.40 cents per participatory interest (2014: 15.93 cents per
participatory interest)
Declared 24 Dec 2014 and paid 30 Dec 2014
3 509 600 4 205 520
(2013: Declared 03 Jan 2014 and paid 13 Jan 2014)
7.41 cents per participatory interest (2014: 7.31 cents per
participatory interest)
Declared 27 Mar 2015 and paid 01 Apr 2015
1 393 080 1 783 640
(2014: Declared 28 Mar 2014 and paid 08 Apr 2014)
15.41 cents per participatory interest (2014: 15.77 cents per
participatory interest)
Declared 26 Jun 2015 and paid 30 Jun 2015
2 897 080 3 374 780
(2014: Declared 27 Jun 2014 and paid 07 Jul 2014)
Total distributions 9 088 040 12 843 820
Taxation
Any taxable income realised during the year, has been distributed to the participatory interest holders of the Fund
participatory interests. As a result, both income and capital gains are taxed in the hands of the participatory
interest holders.
Risk management
The Fund is a passive investor in inflation linked bonds issued by the government of the Republic of South Africa in
percentages to which each bond contributes to the Government Inflation Linked Bond Index (“the Index”). The risk
that management must control is that the Fund does not track the Index.
Exposure to investment, credit, market and operational risks arise in the normal course of investment activities in
government bonds. The Fund’s acceptance of risk is directly attributable to the risks associated with any
investment in government bonds.
The objectives for managing the risks associated with financial instruments held for investment purposes, as well
as a brief description of the relevant risks and methods adopted to mitigate these risks, are outlined in more detail
below. The Fund is regulated in terms of the Collective Investment Schemes Control Act (“CISCA”/”the Act”).
In terms of the Act, the Manager must appoint a Trustee. The assets of the portfolio are held under the control of
the Trustee. Management monitors compliance in terms of the CISCA requirements and reports are submitted to
the Financial Services Board (“FSB”) on a quarterly basis. Daily pricing of the Fund is publicly available.
The Manager’s Audit Committee oversees management’s compliance with the Fund’s risk management framework
in relation to the risks faced by the Fund.
The Fund has exposure to the following risks from its use of financial instruments:
- Credit risk;
- Investment risk;
- Tracking risk;
- Operational risk;
- Liquidity risk; and
- Market risk.
The above mentioned risks are addressed below in more detail.
Credit risk
Credit risk is the risk of loss due to non-performance of a counterparty in respect of any financial or performance
obligation. For fair value portfolios, the definition of credit risk is expanded to include the risk of losses through fair
value changes arising from changes in credit spreads. The Fund’s exposure to credit risk could be as a result of a
counterparty to a transaction failing to meet its contractual obligations. This could arise primarily from the Fund’s
investment and securities lending activities.
Credit risk is considered to be low, as assets of the Fund are government inflation linked bonds rated AAA by
Standard & Poor. The bank balance is held at Standard Chartered, which is rated AAA by Standard & Poor.
In terms of CISCA, the Manager may, subject to the requirements of section 95, lend or offer to lend assets
included in the Fund’s portfolio within the limits or on the conditions determined by the Trust Deed. The trustee of
the Fund gives authority to the Manager to lend or offer to lend securities with a value not exceeding 50% of the
market value of all securities included in the Fund’s portfolio. The Manager has proceeded to engage in securities
lending in respect of the securities held by the Fund on this basis.
In terms of the Trust Deed, the Manager may engage in securities lending under section 85 of CISCA, subject to
the following limits and conditions:
- The securities lending must be beneficial to all participatory interest holders;
- The Manager may lend or offer to lend securities with a value not exceeding 50 per cent of the market value
of all securities included in the Fund’s portfolio;
- The securities that may be lent to one borrower are limited in accordance with the limits determined by the
Registrar for the inclusion of the money market instruments in a portfolio;
- Collateral security for the securities loaned must have an aggregate value that exceeds the market value of
the securities loaned by not less than five per cent at all times and may only consist of –
- Cash; or
- Other securities; or
- A combination of cash and other securities
- Securities may not be lent for a period longer than 12 months; and
- Securities may not be lent unless subject to a right of recall.
In terms of the securities lending agreements, it is the duty of the agent to take delivery of the collateral assets, any
appropriate instruments of transfer or instrument of title in respect of a service level agreement. Collateral assets
and instruments of transfer of title are held on behalf of, and for the benefit of, the principal as represented by the
Fund.
The portfolio could be exposed to credit risk to the extent that inadequate collateral is held on the underlying
assets. If a borrower fails to perform its obligations, the Fund may be unable to recover the loaned securities.
However, the Manager only engages in securities lending with A-rated financial institutions.
Credit risk is only applicable to the financial assets of the Fund. The credit risk is considered to be low. The
carrying amounts of financial assets represent the maximum credit exposure. None of the Fund’s financial assets
are considered past due or impaired.
The maximum exposure to credit risk at the reporting date was as follows:
2015 2014
Rand Rand
Cash and cash equivalents 560 640 3 938 132
Trade and other receivables 9 604 11 794
Listed investments held at fair-value-through-profit-or-loss 376 190 324 418 812 235
Investment risk
There can be no assurance that the Fund will achieve its investment objectives.
Tracking risk
The Fund portfolio is reweighted monthly and rebalanced quarterly in line with the nominal amount in issue of the
current eight inflation linked bonds issued by National Treasury.
Operational risk
The Manager purely executes and administers trades. The asset management function relies on the Asset Liability
Matching system that the Manager uses for its own internal risk management. Assets are held in custody at
Standard Chartered Bank Johannesburg Branch custody and Trustee.
Trades are all in listed government bonds, which settle through STRATE and are held in immobilised form at
STRATE. Operational risk arises in rebalancing the underlying portfolio of bonds in the Fund to the underlying
bonds constituting the Index, thereby impacting the value of the Fund's bonds and in the determination of the
distributions around distribution dates in order to minimise tracking error. The Manager purely executes and
administers trades. Daily participatory interest reconciliations are prepared. Weekly reconciliations are prepared
between the Fund administrators and the custodian. The Manager reviews all the reconciliations performed with
necessary follow ups. A reconciliation is prepared and reviewed monthly by the Manager and is considered the
most appropriate control for internal risk management. Assets are held in custody at The Standard Chartered Bank.
Trades are all in listed equity instruments.
Liquidity risk
Liquidity risk is the risk that the Fund will not be able to meet its financial obligations towards investors when they
fall due. The approach to managing liquidity risk is to ensure that the Fund would be able to pay suitable
distributions to investors on a quarterly basis. All dividend distributions are calculated and approved by the
Manager. In the primary market, Fund participatory interests are created and extinguished through the delivery of
the underlying bonds. There is no obligation to accept or deliver cash to participatory interest holders who wish to
create or extinguish participatory interests. Market makers will attempt to maintain a high degree of liquidity through
continuously offering to buy and sell the Fund participatory interests at prices around the net asset value (“NAV”) of
the Fund participatory interests, thereby ensuring tight buy and sell spreads. Under normal circumstances and
conditions, the participatory interest holders will be able to buy or sell the Fund participatory interests from the
market makers.
The Fund is exposed to liquidity risk in the event of a 'run on the fund' or a significant withdrawal. In the event of
this risk, there are rules within CISCA that allow the manager to manage this risk through limiting the daily Fund
withdrawals. Liquidity risk may arise upon realisation or rebalancing of the Fund, in line with the index, where one
or more securities within the index does not trade in sufficient volume.
Market risk
The Fund is an index tracking fund. It aims to match the performance of the Index. Market risk exists where the
significant changes in government bond prices will affect the value of the Fund’s financial instruments. The
investment mandates indicates that the Fund is passively managed and as a result the management of market risk
is not possible. The value of Fund securities and distributions payable by the Fund will rise and fall as the capital
values of the underlying securities housed in the Fund’s portfolio and the income flowing there from fluctuates.
Prospective participatory interest holders should be prepared for the possibility that they may sustain a loss.
The Fund’s portfolio may not be able to perfectly replicate the performance of the Index because -
- The Fund is liable for certain costs and expenses not taken into account in the calculation of the Index; or
- Certain Index constituents may become temporarily unavailable; or
- Other extraordinary circumstances may result in a deviation from precise Index weightings.
Sensitivity analysis
All the Fund’s underlying investments are listed on the JSE Interest Rate Market, now administered and owned by
the JSE Limited. The price of the Fund participatory interests is closely correlated to the movements in the
underlying Government Inflation-Linked Bond Index. Any movement or adjustment in the Index, or the underlying
constituents of the Index, will have an impact on the price of the participatory interests.
At any point in time, the NAV of the Fund participatory interests is expected to approximate 1/10th of the Index level,
plus an amount which reflects a pro-rata portion of any accrued distribution amount within the Fund’s portfolio, net
of accrued expenses. Therefore, a 10 point movement in the Index would result in a R1.00 movement in the NAV
per participatory interest of the Fund. Actual market values may be affected by supply and demand and other
market factors, but the ability of a participatory interest holder to switch out of the Fund’s participatory interest by
redeeming them in specie for one or more baskets of constituent securities, subject to a minimum of 200 000 Fund
participatory interests being delivered, should operate to substantially avoid or minimise any differential which may
otherwise arise between the relevant basket and/or Index level and the value at which the Fund participatory
interests trade from time to time.
These financial statements have been audited by the independent auditors, PricewaterhouseCoopers Incorporated,
and their unqualified audit opinion is available for inspection at the company’s registered head office.
A full copy of the financial statements is available on the RMB website http://www.rmb.co.za/ourFundsETFs.asp
13 November 2015
Sponsor
Bridge Capital Advisors Proprietary Limited
Trustee
Standard Chartered Bank, Johannesburg Branch
Managers
RMB CIS Manco Proprietary Limited
Auditors
PricewaterhouseCoopers Incorporated
Date: 13/11/2015 09:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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