CORPORATE INFORMATION

Board of Directors Chief Financial Officer Al-Ameen Islamic Cash Plan-IAzhar Hamid (Chairman) Umair Ahmed Launch Date: 29 May 2020

Yasir Qadri (Chief Executive Officer) Company Secretary Al-Ameen Islamic Dedidcated Equity FundBilal Javaid Launch Date: 05 Jan 2016

Syed Furrukh Zaeem Registered Office Al-Ameen Islamic Special Saving Plan-II

Huma Pasha* 4th Floor, STSM Building, Launch Date: 09 March 2020Beaumont Road, Civil Lines,

Arif Akmal Saifie Karachi, Pakistan. UBL Pakistan Enterprise Exchange Traded FundLaunch Date: 24 March 2020

Sadia Saeed** Head Office4th Floor, STSM Building, UBL Financial Planning Fund

Imran Sarwar Beaumont Road, Civil Lines, Launch Date: 28 September 2017Karachi, Pakistan.

Audit Committee UAN: (92-21) 111-825-262 Al- Ameen Islamic Financial Planning Fund - IIIHuma Pasha* (Chair) Fax: (92-21) 32214930 Launch Date: 28 May 2018

Imran Sarwar Date of incorporation of the Management UBL Dedicated Equity FundCompany/ Pension Fund Manager Launch Date: 29 May 2018

Sadia Saeed** Incorporated in Pakistan on3 April 2001 as a Public Limited UBL Financial Sector Fund

Arif Akmal Saifie Company under the Companies Launch Date: 06 April 2018Ordinance, 1984

Risk and Compliance Committee UBL Special Saving FundImran Sarwar (Chairman) Management Quality Rating Launch Date: 09 November 2018

AM1 by VIS Credit Rating CompanySyed Furrukh Zaeem UBL Cash Fund

Funds Under Management Launch Date: 23 September 2019Yasir Qadri UBL Liquidity Plus Fund

Launch Date: 21 June 2009 UBL Retirement Savings FundAzhar Hamid Launch Date: 10 May 2010

UBL Government Securities FundArif Akmal Saifie Launch Date: 27 July 2011 Al-Ameen Islamic Retirement Savings Fund

Launch Date: 10 May 2010HR & Compensation Committee UBL Money Market FundAzhar Hamid (Chairman) Launch Date: 14 October 2010 Al-Ameen Islamic Energy Fund

Launch Date: 13 December 2019Huma Pasha* UBL Income Opportunity Fund

Launch Date: 29 March 2013 Al-Ameen Islamic Aggressive Income Plan-ISyed Furrukh Zaeem Launch Date: 16 April 2020

UBL Growth & Income FundSadia Saeed** Launch Date: 2 March 2006 UBL Special Saving Fund II

Launch Date: 10 February 2020Yasir Qadri UBL Asset Allocation Fund

Launch Date: 20 August 2013 Conventional Investment PlansShariah Advisory Board UBL Mahana Munafa PlanMufti Muhammad Hassaan Kaleem UBL Stock Advantage FundMember Launch Date: 4 August 2006 UBL Children Savings Plan

Mufti Muhammad Najeeb Khan Al-Ameen Islamic Sovereign Fund UBL Equity Builder PlanMember Launch Date: 07 November 2010

UBL Wealth Builder PlanAl-Ameen Islamic Aggressive Income Fund

*Appointment effective September 16, 2020. Launch Date: 20 October 2007 Islamic Investment Plans**Resigned effective July 19, 2021. Al-Ameen Mahana Munafa Plan

Al-Ameen Islamic Cash FundLaunch Date: 17 September 2012 Al-Ameen Children Savings Plan

Al-Ameen Shariah Stock Fund Al-Ameen Equity Builder PlanLaunch Date: 24 December 2006

Al-Ameen Wealth Builder PlanAl-Ameen Islamic Asset Allocation FundLaunch Date: 10 December 2013 Al-Ameen Hajj Savings Plan

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INVESTMENT OBJECTIVE

Management Company UBL Fund Managers Limited

Trustee Central Depository Company of Pakistan Limited99-B, Block-B, S.M.C.H.S., Main Shahra-e-Faisal,Karachi. Tel: (9221) 111-111-500

Distribution Company United Bank Limited

Auditor

Bankers United Bank LimitedSamba Bank LimitedAllied Bank LimitedHabib Bank Limited Habib Metropolitan Bank Limited

Management Co.Rating AM1 (VIS)

Fund Rating

UCFUBL Cash Fund

UCF is an open-end Money Market Fund, investing in a diversified portfolio of low risk assets. The Fundseeks to provide attractive daily returns while maintaining comparatively high liquidity.

(for detail of others, please visit our website: www.ublfunds.com.pk)

(PACRA)AA+(f)

Yousuf Adil, Chartered Accountants

FMR - UCF 1

Fund Manager’s Report – UBL Cash Fund (UCF)

i) Description of the Collective Investment Scheme category and type

Money Market / Open-end

ii) Statement of Collective Investment Scheme’s investment objective

The objective of UBL Cash Fund is to generate competitive returns within a low risk portfolio

to provide a regular stream of income and easy liquidity to its investors by investing a major

chunk of the portfolio in short term government securities.

iii) Explanation as to whether the Collective Investment Scheme achieved its stated objective

The Fund achieved its stated objective.

iv) Statement of benchmark(s) relevant to the Collective Investment Scheme

70% Average of 3M PKRV rates + 30% 3M average deposit rate of three 3 AA rated

scheduled Banks as selected by MUFAP

v) Comparison of the Collective Investment Scheme’s performance during the period

compared with the said benchmarks

vi) Description of the strategies and policies employed during the period under review in

relation to the Collective Investment Scheme’s performance

The objective of UBL Cash Fund (UCF) is to generate attractive returns within a low risk

portfolio to provide a regular stream of income and easy liquidity to its investors. During the

period under review, UCF generated return of 7.13% p.a. compared to benchmark return of

6.71% thus outperforming the benchmark by 42bps. Its net assets were PKR 5,762 mn and

weighted average time to maturity of the fund was ~3.43 days at the end of FY21.

vii) Disclosure of the Collective Investment Scheme’s asset allocation as at the date of the

report and particulars of significant changes in asset allocation since the last report (if

applicable)

Asset Allocation (% of Total Assets) Jun-20 Jul-21 Placements with Banks 0% 9%

Placements with DFIs 8% 0%

T-Bills 0% 0%

Cash 91% 91%

Monthly Yield* Jul'20 Aug'20 Sep'20 Oct'20 Nov'20 Dec'20 Jan'21 Feb'21 Mar'21 Apr'21 May'21 Jun'21 FYTDUCF 6.27% 6.62% 7.11% 7.32% 6.99% 7.24% 7.19% 6.96% 7.44% 7.77% 7.01% 7.68% 7.13%

Benchmark 6.76% 6.71% 6.69% 6.64% 6.63% 6.62% 6.65% 6.67% 6.78% 6.77% 6.77% 6.76% 6.71%

FMR - UCF 2

Others 1% 1%

Leverage Nil Nil

viii) Analysis of the Collective Investment Scheme’s performance

ix) Changes in total NAV and NAV per unit since the last review period or since

commencement (in case of newly established Collective Investment Schemes

Net Asset Value NAV per unit

30-Jun-21 30-Jun-20 Change 30-Jun-21 30-Jun-20 Change

Rupees (000) % Rupees %

5,762,458 1,819,304 216.74 100.107 100.041 7.13

x) Disclosure on the markets that the Collective investment Scheme has invested in including

- review of the market(s) invested in and performance during the period

DEBT MARKET REVIEW

During FY21, market expectation of further rate cut faded away. The market remained keen on investing in short term treasury bills. The market participation was ~PKR 27.5 trillion in treasury bills auctions and the government accepted ~PKR 16 trillion. A clear preference was observed in 3 months tenor which constituted ~55% of the total participation followed by 6 months and 12 months with the participation of 37% and 8% respectively. However, significant interest was seen in the 6M T-Bills in the later part of the fiscal year as the government offered noteworthy term premium. During 2HFY21, the market participated PKR 8.3 trillion in 6M T-Bills as compared to PKR 1.7 trillion in 1HFY21. Moreover, the cutoff rates of T-bills on-average remained 25bps, 42bps and 52 bps higher during the 2HFY21 compared to 1HFY21 for the 3M, 6M and 12M T-Bills respectively.

A strong participation was witnessed in fixed rate PIBs. The market participation was ~PKR 2.4 trillion where the government proactively accepted ~PKR 1 trillion. The participation in fixed rate PIBs more than doubled during the 2HFY21 as compared to the 1HFY21 mainly on the back of the accommodative stance in monetary policy by SBP. Despite the heavy participation, the market demanded relatively higher yields. Therefore, yields of 3Y, 5Y and 10 PIBs increased by 148 bps, 138 bps and 125 bps respectively during FY21. In contrast, participation in the floater rate PIBs remained on the lower side in 2HFY21 as compared to 1HFY21, participation was dropped to ~PKR 700 billion in 2HFY21 compared to ~PKR 2,300 billion in 1HFY21. Total acceptance was PKR 1,600 billion during FY21.

FY'21 Return: 7.13%

Standard Deviation (12m trailing): 0.09%

Sharpe Ratio (12m trailing): (0.09)

FMR - UCF 3

On Islamic front, the total participation was PKR 498 billion in six variable rate Ijara sukuk auctions and the government accepted PKR 321 billion. In contrast, only PKR 77.6 billion participation was witnessed in the fixed rate Ijara sukuk out of which, the government accepted PKR 53 billion. However, only one auction took place in 2HFY21. The government accepted PKR 67 billion in variable rental rate sukuk and PKR 8 billion in fixed rental rate sukuks.

Yield curve comparison is given below:

Tenors PKRV as at June 30, 2021 PKRV as at June 30, 2020 Change

3 Months 7.28 7.09 0.19 6 Months 7.53 7.05 0.48

1 Year 7.81 7.05 0.76 3 Years 8.99 7.53 1.46 5 Years 9.49 8.11 1.38 10 Years 9.94 8.69 1.25

xi) Disclosure on distribution (if any), comprising:-

- particulars of income distribution or other forms of distribution made and proposed

during the period; and

- statement of effects on the NAV before and after distribution is made

xii) Description and explanation of any significant changes in the state of affairs of the

Collective Investment Scheme during the period and up till the date of the manager’s

report, not otherwise disclosed in the financial statements

The fund has been re-categorized as money market scheme from income scheme and

accordingly the pricing mechanism of the scheme has been changed from forward to

backward pricing mechanism.

Distribution Per unit

Declared on Bonus Cash Per Unit Cum NAV Ex NAV

Rupees (000) --------------- Rupees ---------------

June 29, 2021 - Yes 7.0645 107.1070 100.0425

FMR - UCF 4

xiii) Breakdown of unit holdings by size

Range of Units

Number of Investors

UCF

0.0001 - 9,999.9999 10

10,000.0000 - 49,999.9999 17

50,000.0000 - 99,999.9999 4

100,000.0000 - 499,999.9999 8

500,000.0000 & Above 15

Total 54

s

xiv) Disclosure on unit split (if any), comprising:-

There were no unit splits during the period.

xv) Disclosures of circumstances that materially affect any interests of unit holders

Investment are subject to market risk.

xvi) Disclosure if the Asset Management Company or its delegate, if any, receives any soft

commission (i.e. goods and services) from its broker(s) or dealer(s) by virtue of

transactions conducted by the Collective Investment Scheme.

No soft commissions are received by the AMC from its brokers or dealers by virtue of

transactions conducted by the Collective Investment Scheme.S

PERFORMANCE TABLE

UBL Cash Fund

2021 2020

NET ASSETS AS AT 30 JUNE - Rupees in '000 5,762,458 1,819,304

NET ASSETS VALUE PER UNIT AT 30 JUNE - Rupees

Class A units - Offer * 100.1070 100.04 - Redemption 98.9758 98.9105

RETURN OF THE FUND - %Total Return of the Fund 7.13 13.06 Capital Growth (per unit) (3.08) 2.8506Date of Income Distribution 29-Jun-21 30-Sep-2019 & 29-June-2020Income Distribution 7.0645 10.2094

AVERAGE ANNUAL RETURN - %Since Launch/ One Year 7.13 13.06

OFFER / REPURCHASE DURING THE YEAR- Rupees

Highest price per unit - Class A units - Offer 107.1055 109.7643Highest price per unit - Class A units - Redemption 105.8952 108.5239

Lowest price per unit - Class A units - Offer 100.0615 100.0000Lowest price per unit - Class A units - Redemption 98.9308 98.8700

* Front-end load upto NIL% is applicable Back End Load (0% to 1%)

PORTFOLIO COMPOSITION - %Percentage of Net Assets as at 30 June

PORTFOLIO COMPOSITION BY CATEGORY - %

Bank Balances 90.90 91.00Placements with Banks 8.60 8.00Tbills 0.00 0others 0.50 1

PORTFOLIO COMPOSITION BY MARKET - %

Debt Market 100.00 8.00Equity Market 0.00 0.00

Note:- The Launch date of Fund is 23 SEP 2019

DISCLAIMER

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