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Momentum Cash Management Fund - 31 May 2009pub

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					MOMENTUM CASH MANAGEMENT FUND
Portfolio Objective The portfolio will hold securities directly and is a domestic – fixed interest – varied specialist portfolio. The portfolio aims to actively manage exposure across the entire South African yield curve without being constrained by any particular fixedinterest benchmark weighting. It will endeavour to provide the highest possible income yield while carefully monitoring capital stability.

MONTHLY FEEDBACK - 31 May 2009
Investment Performance as at 31 May 2009

Investment Process The portfolio retains many of the characteristics of a typical money market fund, but a more flexible mandate increases the universe of investable securities. This should allow for some additional yield pick-up overtime. More lenient credit exposure limits (down to a still relatively conservative A– rating) and the ability to capture term premiums in longerdated instruments provide the potential for enhanced returns with a commensurate increase in risk. A modified duration limit of 180 days and the credit exposure limit mean that the fund still remains a conservative fixed-interest investment alternative.

Asset Allocation as at 31 May 2009

Investable Universe of Portfolio There will be no prescribed minimum or maximum exposure to any one particular type of non-equity security other than that contained in the provisions of Chapter VII of Notice 1503 of 2005. The investable universe of the portfolio will include approved non-equity securities, all domestic fixed-interest instruments (including, but not limited to, bonds, cash deposits and money market instruments) as well as SAFEX listed fixed interest derivatives. The Manager undertakes to comply with all relevant derivative regulations in terms of the Act when investing in derivatives. The portfolio invests in non-equity securities and is largely a fixed-interest portfolio and will not be permitted to invest in any equity instruments.

Modified Duration (measured in years) The modified duration of the Momentum Cash Management Fund, which measures risk, was 0.17 years (or 62.05 days) as at 31 May 2009.

Portfolio Data ACI Classification Domestic - Fixed Interest Varied Specialist Top quartile money market returns over a rolling 12month period R 1.1 billion Conrad Wood 17 March 2008 0.00% (incl. VAT) 0.57% (incl. VAT) 0.36%*

The Momentum Cash Management Fund will invest in traditional money market instruments: NCD’s, FRN’s, and in addition, will make use of CLN’s, Asset-Backed securities, Corporate paper and structured deposits to enhance the yield of the fund.

Portfolio Benchmark Portfolio Size Portfolio Manager Inception Date Initial Management Fee

Risk Classification*

Low

Risk*

LowMod

Mod

ModHigh

High

Annual Management Fee Total Expense Ratio (TER) Class A

* Risk is categorised in terms of fund volatility

* For the period from 01 April 2008 to 31 March 2009

For disclaimer please refer to last page

MOMENTUM CASH MANAGEMENT FUND
Price History (CPU) Sep’08 Nav 90.876 Dec’08 90.918 Mar’09 90.890 May’09 90.530

MONTHLY FEEDBACK - 31 May 2009

Distribution to Investors Feb’09 Monthly Fund Distribution (cpu)* Monthly Fund Distribution Yield** Top Quartile Money Market Distribution Yield 0.693 Mar’09 0.995 Apr’09 0.816 May’09 0.781

0.763%

1.097%

0.898%

0.862%

0.860%

0.950%

0.830%

0.750%

* Distributions of interest accruals take place monthly ** The monthly fund distribution yield is calculated by dividing the monthly fund
distribution (cpu) by the price history (NAV) at the beginning of the month

Yield History 31/01/09 12.45% 28/02/09 11.86% 31/03/09 10.64% 30/04/09 10.05% 31/05/09 9.39%

History of indicative rates (annualised effective after fees)

DISCLAIMER This report has been prepared and is made available for the benefit of RMB Unit Trust clients and accredited intermediaries. The report is for information purposes only and is not to be viewed as an offer to purchase any specific product and is not to be construed as investment advice nor guidance in any form whatsoever. Clients are encouraged to obtain independent professional investment and taxation advice from appropriately accredited intermediaries before investing in any of RMB Unit Trusts products. All references to companies and securities are only included for purposes of illustration. Whilst all care has been taken in the preparation of the information contained herein, no liability or responsibility will be accepted for any losses incurred as a result of acting on the contents of this report. Collective Investment Schemes in Securities (CIS) are generally medium to long term investments. The value of participatory interests may go down as well as up and past performance is not necessarily a guide to the future. CIS are traded at ruling prices and can engage in borrowing and scrip lending. A schedule of fees and charges and maximum commissions is available on request from the company/scheme. Commission and incentives may be paid and if so, would be included in the overall costs. The manager may borrow up to 10% of the market value of the portfolio to bridge insufficient liquidity. Collective Investment prices are calculated on a net asset value basis, which is the total value of all assets in the portfolio including any income accruals and less any permissible deductions (brokerage, UST, VAT, auditor's fees, bank charges, trustee/custodian charges and annual management fees) from the portfolio, divided by the number of participatory interests in issue. Forward pricing is used. A fund of funds is a portfolio that invests in portfolios of collective investment schemes, which levy their own charges, which could result in a higher fee structure for these portfolios. Fluctuations or movements in exchange rates may cause the value of underlying international investments to go up or down. This is a third party portfolio. Figures quoted are from UTS for the period ending 31 May 2009 for a (lump sum / monthly investment), using NAV/NAV prices with income distributions reinvested. The manager reserves the right to close this portfolio to new investors on a date determined by the manager. The Total Expense Ratio (TER) for this portfolio cannot be accurately determined. The TER of this portfolio will be higher than the quoted service charge of the manager. This portfolio is valued at 31 May 2009. Instructions must reach RMB Unit Trusts before 13:00 to ensure same-day value. RMB Unit Trust Limited is an Authorised Financial Services Provider (FSP Number: 10137). RMB Unit Trusts Limited (Reg. No. 1987/004287/06), Private Bag 9959, Sandton, 2146, is the manager of the RMB Mutual Fund Scheme and is a member of the Association of Collective Investments. The Standard Bank of South Africa Limited, P O Box 54, Cape Town, 8000, is the trustee of the RMB Mutual Fund Scheme. Any complaints should be lodged in terms of the Complaints Resolution Policy, established in terms of FAIS, which is available at our offices and on request.

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Description: Momentum Cash Management Fund - 31 May 2009pub