FUND MANAGER S REPORT JUNE 2018 FUND FOCUS. A Wholly Owned Subsidiary of

Transcription

1 FUND MANAGER S REPORT JUNE FUND FOCUS A Wholly Owned Subsidiary of

2 ECONOMY AND CAPITAL MARKETS UPDATE Pressure on External Account Increasing Yields The policy rate remained stable at 6.5% in the month of June with the market being fairly liquid amid regular (8x) OMO injections by the SBP. There was active participation of PKR 1,522bn in the TBills against the target and maturity of PKR 550bn and PKR 161bn, respectively. Out of this, the central bank accepted bids worth PKR 1,358bn in total, with the majority being for 3month tenors amounting to PKR FATF: Back into Grey List During June, KSE100 index showed bearish trends, losing 936 points and closed at 41,911 points on 29th June, shedding nearly 2.2% in month of June. Market remained positive during majority of the trading sessions (10 out of total 18) last month; however rumors that Pakistan could be placed on FATF s Black List caused the market to slide by more than 2,704 points in just four days. Moreover, Moody s downgraded Pakistan s credit rating from stable to negative, which created negativity among investors. Average Daily Volumes increased by 20%MoM to 162mn shares, along with average daily value traded settling at USD 61mn, up24%mom. On the local front, insurance companies and corporates remained the biggest local investors with a net buying of USD 56mn and USD 36mn respectively, while mutual funds and brokers remained net sellers of USD 10mn and USD 9mn, respectively. More significantly, foreigners were net sellers for the month of May with the CPI for the month of June clocked in at 5.2%YoY as compared to an increase of 4.2% in May and 3.9% in June On a sequential basis, the increase in CPI was predominantly due to higher prices of housing, water, electricity, and gas & fuels, while food and nonalcoholic prices increased in tandem (eg. tomatoes (14.66%), potatoes (6.78%), onion (6.18%), and fresh fruits (5.47%)). Overall, the FY18 average CPI stood at 3.9%YoY as compared to 4.2%YoY in the SPLY. On the other hand, pressure on external account continued, despite 10.1% PKR/USD devaluation since Dec 2017, as current account deficit (CAD) for May stood at USD 1,934mn compared to USD 1,947mn reported in April. The overall deficit for 11MFY18 stood at USD 15,961mn (5.5% of GDP), registering an increase of 43%YoY from USD 11,140mn (4.0% of GDP) in SPLY. In 11MFY18, total imports of the country amalgamated to USD 51bn (up 16%YoY) while total exports clocked in at USD 23bn (up 13%YoY). As per recent available figures, foreign exchange reserves alleviated slightly to USD 16.2bn from USD 16.0bn in May, due to foreign inflows. Reserves held by the SBP increased by USD 153mn to USD 9.7bn; whereas, banks' foreign exchange reserves increased slightly by USD 114mn to USD 6.6bn. On the fiscal side, tax collection in June was PKR 526bn (up 1.5%YoY) against PKR 518bn collected in SPLY. As a result, overall tax collection for FY18 was PKR 3,800bn against PKR 3,368bn collected in last year, reflecting an increase of 12.8%YoY. Despite this growth in tax collection, FBR still lagged behind its revised tax collection target of PKR 3,935bn, reflecting a shortfall of PKR 135bn. Looking ahead, the country would need significant funds for debt repayments and to support depleting foreign currency reserves. 1,357bn and having a cutoff rate set at 6.76%. The Government of Pakistan conducted a floatingrate PIB auction on June 27,, in which PKR 14bn were accepted in 10year tenor at a cutoff rate which is 35bps above the policy rate, out of total offered bids of PKR 122bn. Secondary market PKRVs, on the other hand, increased between 20bps to 27bps across all tenors. total outflow of USD 73mn. Volumes were mainly concentrated in midcap stocks like BOP, KEL, PAEL and POWER. On the sectoral front, Cements shed 328 points due to rising coal prices and concerns over supply glut as additional capacities are coming online, automobile sector shed 141 points due recent devaluation of PKR against the green bag while fertilizer gained 54.3 points due increase in urea prices. Going forward, it is expected that commercial banks will remain in the lime light due to expected increase in policy rate while E&Ps will outperform due to increase in the oil prices as sanctions have been imposed on Iran which will curtail oil supply by 2.0mn bpd. However, cements will continue to underperform due concerns of oversupply and increasing international coal prices. KSE100 has provided a return of 3.56% CYTD and is trading at P/E of 8.3x with a dividend yield of 6.3%. ECONOMIC SUMMARY GOVERNMENT SECURITIES Last Reported Month Current Month Previous Month YTD PKRV Yields (%) 6 M 1 Yr 3 Yr 5 Yr 10 Yr CPI Inflation Trade Deficit (USD mn) Remittances (USD mn) Current A/C (USD mn) FDI (USD mn) June May May May May 5.21% (2,883) 1,771 (1,934) % (2,703) 1,651 (1,947) % (27,935) 18,030 (15,961) 2,478 June 29, Change (bps) Source : FMA EQUITY MARKET Tax Collection ** (PKR bn) M2 Growth* June June , % Jun18 May18 M/M 1 Yr Low 1 Yr High FX Reserves* (USD bn) Source SBP, FBS * Latest monthly figures ** Provisional figures June 16.2 KSE 100 Index Avg. Daily Vol. (mn) Avg. Daily Val. (USD mn) E PE(X) E DY 41, % 42, % 20% 24% 37, , Source: KSE, Bloomberg REPORT, JUNE

3 ABL INCOME FUND The objective is to earn competitive risk adjusted rate of return by investing in a blend of short, medium, and longterm fixed income and debt instruments, both within and outside Pakistan. COMMENTS During the month of Jun 18, ABL Income Fund posted a return of 4.51% against the benchmark return of 6.98%. The fund s year to date return for FY 18 closed at 4.67% against the benchmark return of 6.35 %. On the Asset Allocation side, fund s exposure in increased from 57.42% to 67.65%. The fund eliminated its exposure in PIBs to 0.0% whereas exposure in TFCs reduced to 27.65% in Jun 18 from 32.65% in May 18. Exposure in Government Guaranteed TFCs also reduced to 2.28% from 2.68% in May 18. Fund s Net Assets for the month of June 18 closed at PKR 2, million. The Scheme has maintained the provision against Sindh Workers Welfare Fund s Liability to the tune of Rs million, had the same not been made, the per unit of the scheme would have been higher by Rs per unit. The Scheme has also maintained expense ratio (TER) 2.12% (0.33% representing Government Levies and SECP Fee etc). TER also includes the provision of sales and marketing expenses with 0.4% p.a. of Net Assets amounting to PKR million. Alee Khalid Ghaznavi CEO Saqib Matin, ACA CFO & CS Kashif Rafi CIO M. Abdul Hayee, CFA Aniel Victor Head of Risk Management Ali Ahmed Tiwana Head of Equity 8.0% ABL IF Vs (12M Rolling Returns) 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% 30Jun17 31Jul17 31Aug17 30Sep17 31Oct17 30Nov17 31Dec17 31Jan18 28Feb18 31Mar18 30Apr18 31May18 30Jun18 Net Assets Net Assets (Excluding FoF Investments) Cutoff time Fund Stability Rating TECHNICAL INFORMATION Weighted average time to maturity of net assets Openend Income Scheme September 20, 2008 PKR mn as at PKR mn as at Jun 30, PKR as at 6 Months KIBOR As Per Banking Days 4:00 PM 1.5 % p.a upto 1.5%(Frontend),(Backend) Central Depository Company of Pakistan Ltd (CDC) A.F. Ferguson Chartered Accountants AM2 ++ (Stable Outlook) (JCRVIS) December 29, 2017 Low A(f) (JCRVIS) January 16, Fahad Aziz 592 TOP TFCs / SUKUK HOLDING (% OF TOTAL ASSETS) JSBL TFC The Bank of Punjab TFC (231216) MCB Bank TFC (190614) Formerly NIB Bank TFC II JSCL TFC X (180717) DHCL SUKUK I (161117) WAPDA PPTFC III (270913) 7.05% 6.64% 5.67% 5.33% 2.96% 2.46% 30.11% ABLIF June 30, 4.51% 6.98% YTD* St. Dev** Ratio*** Sharpe Alpha 4.67% 0.54% (3.86) (1.82%) 6.35% (19.16) *Funds returns computed on to with the dividend reinvestment (excluding sales load) ** 12M Trailing Data ***3MPKRV used as RFR PIBs TFCs WAPDA PPTFC III including Receivables Amount Invested by Fund of Funds is Rs million. ABLIF ABLIF 4.6% 6.68% 4.67% 6.54% 4.67% 6.35% 6.26% 6.32% 57.42% 4.65% 32.65% 2.6% 2.68% 100% 9.35% 7.5% 67.65% 0% 27.65% 2.46% 2.24% 100% 15.14% 9.99% *Funds returns computed on Simple annualized basis / Performance data does not include cost incurred by investor in the form of sales load PORTFOLIO QUALITY (% OF TOTAL ASSETS) Credit Quality of Portfolio (% of Assets) AA, 3.01% 6 Months KIBOR AAA, 8.2% AA+, 31.81% *DETAILS OF NONCOMPLIANT INVESTMENT WITH THE INVESTMENT CRITERIA OF ASSIGNED CATEGORY Non Type Exposure % of Net % of Excess Exposure Excess Exposure Compliant of Investment Investment Limit Assets Assets (% of Net Asset) (% of Asset) AA, 24.82% / Unrated, 2.27% A+, 29.89% REPORT, JUNE to understand the investment policies and the risk involved including risk disclosures for special features.

4 ABL STOCK FUND To provide higher risk adjusted returns over the long term by investing in a diversified portfolio of equity instruments offering capital gain and dividends. COMMENTS ABLSF decreased by 2.05% in Jun against 2.18% decrease of the benchmark, reflecting an outperformance of 13 basis points. During the period under review, allocation to Commercial Banks increased from 27.53% to 29.18%. As at Jun 30,, ABLSF was 92.38% invested in equities and remaining in bank deposits. The KSE100 Index declined by 2.18% in Jun mainly owning to expected inclusion of Pakistan in FATF s black list and prevalent political turmoil due to NAB cases against mainstream politicians. Foreigners, Mutual Funds and Brokers were net sellers while Insurance Companies & Corporates absorbed the selling. Going forward, sectors like Banks, E&P, IPPs, Textile etc. having positive impact on revenues with Alee Khalid Ghaznavi CEO Saqib Matin, ACA CFO & CS Kashif Rafi CIO M. Abdul Hayee, CFA Aniel Victor Head of Risk Management Ali Ahmed Tiwana Head of Equity Net Assets Net Assets (Net of FoF Inv) Cutoff time Management Fee Performance Ranking Openend Equity Scheme June 27, 2009 Rs mn as at Rs 5496mn as at Rs as at KSE100 Index As Per Local Stock Exchanges 4:00 PM 2% p.a Upto 2% (Frontend), (Backend) Central Depositary Company of Pakistan Limited(CDC) M/S. A.F. Ferguson & Co, Chartered Accountants AM2++ (Stable outlook) (JCRVIS) December 29, 2017 High Ali Ahmed Tiwana 10% 0% 10% 20% 30% currency depreciation are expected to perform well. Market is currently trading at P/E multiple of ~8.3x as compared to regional average of ~13.4x portraying a significant upside potential. The Scheme has maintained the provision against Sindh Workers Welfare Fund s Liability to the tune of Rs. 56.6million, had the same not been made, the per unit of the scheme would have been higher by Rs per unit. The Scheme has total expense ratio (TER) of 3.32% (0.47% representing Government Levies and SECP Fee etc.). TER also includes the provision of sales & marketing expenses with 0.4% p.a. of Net Assets amounting to PKR million. 01Jul17 15Jul17 29Jul17 ABLSF 12Aug17 June 30, YTD* St. Dev** Beta*** Alpha * (2.05%) (16.84%) 17.16% 0.99 (7.59%) (2.18%) (1) 16.86% 1.00 *Funds returns computed on to with the dividend reinvestment (excluding sales load) ** 12M Trailing Data ***3MPKRV Used as RFR Stock/Equities Bank Balances TBills Note: Amount invested by Fund of Fund is Rs mn ABLSF 26Aug17 09Sep17 23Sep17 (7.77%) (8.01%) ABLSF vs BENCHMARK (12m ROLLING RETURNS) KSE100 ABL SF 07Oct17 21Oct17 04Nov17 18Nov % 3.56% 02Dec17 16Dec17 (16.84%) (1) 21.76% 10.81% 89.83% 9.80% 0.37% % 47.50% 92.38% 6.79% 0.83% *Funds returns computed on Absolute basis. Performance data does not include cost incurred by investor in the form of sales load. 30Dec17 13Jan18 27Jan18 10Feb18 24Feb18 10Mar18 24Mar18 07Apr18 21Apr18 05May18 19May18 02Jun18 16Jun % % 30Jun18 TOP TEN HOLDINGS (% OF TOTAL ASSETS) Pakistan Petroleum Limited Mari Petroleum Company Limited Habib Bank Limited United Bank Limited Engro Corporation Limited Oil and Gas Development Co. Ltd. Bank AlFalah Limited MCB Bank Limited Hub Power Company Limited Pakistan Oilfields Limited 5.63% 5.85% 5.28% 5.38% 4.92% 4.75% 4.83% 3.40% 2.99% 3.80% 6.11% 5.99% 5.71% 5.39% 5.30% 5.27% 5.02% 3.61% 3.50% 3.48% SECTOR ALLOCATION (% OF TOTAL ASSETS) Commercial Banks Oil & Gas Exploration Companies Fertilizer Bank Balance & Cement Textile Composite Chemical Oil & Gas Marketing Companies Power Generation & Distribution Insurance Engineering Technology & Communication Automobile Assembler Paper & Board Automobile Parts & Accessories Pharmaceuticals 10.68% 7.62% 6.67% 4.93% 4.06% 3.73% 3.50% 2.17% 1.85% 1.58% 1.30% 1.07% 0.72% 0.09% 20.85% 0% 5% 10% 15% 20% 25% 30% 29.18% REPORT, JUNE to understand the investment policies and the risk involved including risk disclosure for special feature.

5 ABL CASH FUND The objective of ABLCF is to provide investors, consistent returns with a high level of liquidity, through a blend of money market and sovereign debt instruments. COMMENTS During the month of Jun'18, ABL Fund posted a return of 5.80% against the benchmark return of 5.91 %. On yeartodate basis, the fund closed the return at 5.41% against the benchmark return of 5.35% thereby outperforming the benchmark on YTD basis by 6bps. On the Asset Allocation side, the fund shifted almost the entire exposure from Tbills to in Bank closing the cash exposure at 99.59%. The move was made in order to take full advantage of inflated year end profit rates. The Scheme has maintained the provision against Sindh Workers Welfare Fund s Liability to the tune of Rs million, had the same not been made, the per unit of the scheme would have been higher by Rs per unit. The Scheme has also maintained expense ratio (TER) 1.15% (0.21% representing Government Levies and SECP Fee etc). ABL CF Vs (12M Rolling Returns) Alee Khalid Ghaznavi CEO Saqib Matin, ACA CFO & CS Kashif Rafi CIO M. Abdul Hayee, CFA Aniel Victor Head of Risk Management Ali Ahmed Tiwana Head of Equity 9.0% 8.0% 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% 30Jun17 31Jul17 31Aug17 30Sep17 31Oct17 30Nov17 31Dec17 31Jan18 28Feb18 31Mar18 30Apr18 31May18 30Jun18 Openend Money Market Scheme July 31, 2010 Net Assets PKR mn as at Net Assets (Excluding FoF investments) PKR mn as at JUN 30, PKR as at 70%Avg of 3M PKRV rates + 30% 3M Avg Deposit Rate of 3 AA rated banks As Per Banking Days Cutoff time 4:00 PM Backward 10% of gross earnings subject to a minimum fee of 0.75% and a maximum fee of 1.00% of average daily net assets (Frontend), (Backend) Central Depository Company of Pakistan Ltd (CDC) A.F. Ferguson Chartered Accountants AM2 ++ (Stable Outlook) (JCRVIS) December 29,2017 Low Fund Stability Rating AA(f) (JCRVIS) January 16, Fahad Aziz ABL CF ABLCF June 30, 5.8% 5.91% YTD* St. Dev** Ratio*** Sharpe Alpha 5.41% 0.04% (29.72) (0.09%) 5.35% (102.46) *Fund returns computed on to with dividend reinvestment (excluding sales load) ** 12M Trailing Data ***3MPKRV used as RFR TBills including Receivables Amount Invested by Fund of Funds is Nil. ABLCF 70% Avg of 3M PKRV Rates + 30% 3M Avg Deposit Rate of 3 AA Rated Banks 5.39% 5.69% 5.35% 5.52% 5.41% 5.35% 7.05% 4.71% 1.89% 73.2% 24.91% 100% 8.67% 5.36% 99.59% 0% 0.41% 100% 11.75% 6.03% *Funds returns computed on Simple annualized basis / Performance data does not include cost incurred by investor in the form of sales load TECHNICAL INFORMATION Weighted average time to maturity of net assets 1 PORTFOLIO QUALITY (% OF TOTAL ASSETS) Credit Quality of Portfolio (% of Assets) *DETAILS OF NONCOMPLIANT INVESTMENT WITH THE INVESTMENT CRITERIA OF ASSIGNED CATEGORY Non Compliant Investment Type of Investment Exposure Limit % of Net Assets % of Assets Excess Exposure Excess Exposure (% of Net Asset) (% of Asset) / Unrated, 0.41% AA+, 27.86% AAA, 71.73% REPORT, JUNE to understand the investment policies and the risk involved including risk disclosures for special features.

6 ABL GOVERNMENT SECURITIES FUND The objective of the scheme is to deliver optimal risk adjusted returns by investing mainly in mix of short to long term Government Securities and other debt Instruments. COMMENTS During the month of Jun 18, ABL Government Securities Fund posted a return of 5.17% against the benchmark return of 6.82%. On year to date basis, the fund posted a return of 5.09% against the benchmark return of 6.20%. On the Asset Allocation side, the fund slightly reduced its exposure in cash while the exposure in Tbills was increased to 40.70%. The fund also reduced its exposure in TFCs from 12.89% in May 18 to 8.73% in Jun 18. The fund took fresh exposure in TDRs to the extent of 5.55%. The Scheme has maintained the provision against Sindh Workers Welfare Fund s Liability to the tune of Rs million, had the same not been made, the per unit of the scheme would have been higher by Rs per unit. The Scheme has also maintained expense ratio (TER) 1.84% (0.29% representing Government Levies and SECP Fee etc). TER also includes the provision of sales and marketing expenses with 0.4% p.a. of Net Assets amounting to PKR million. Alee Khalid Ghaznavi CEO Saqib Matin, ACA CFO & CS Kashif Rafi CIO M. Abdul Hayee, CFA Aniel Victor Head of Risk Management Ali Ahmed Tiwana Head of Equity Net Assets Net Assets (Excluding FoF Investments) Cutoff time Fund Stability Rating Openend Income Scheme November 28, 2011 PKR mn as at PKR mn as at JUN 30, PKR as at JUN 30, 6 Months PKRV rates As Per Banking Days 4:00 PM ClassB unit 1.25% p.a. Upto 1.5% (Frontend), Nil (Backend) Central Depository Company of Pakistan Ltd (CDC) A.F. Ferguson Chartered Accountants AM2 ++ (Stable Outlook) (JCRVIS) December 29,2017 Low A(f) (JCRVIS) January 16, Fahad Aziz 8.0% 7.0% ABL GSF Vs (12M Rolling Returns) 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 0.0% 30Jun17 31Jul17 31Aug17 30Sep17 31Oct17 30Nov17 31Dec17 31Jan18 28Feb18 31Mar18 30Apr18 31May18 30Jun18 ABLGSF ABL GSF *Funds returns computed on to with the dividend reinvestment (excluding sales load) ** 12M Trailing Data ***3MPKRV used as RFR TBills PIBs TFCs Placements with Banks (TDRs) including Receivables Amount Invested by Fund of Funds is Rs million. June 30, 5.17% 6.82% 6 Months PKRV YTD* St. Dev** Ratio*** Sharpe 5.09% 0.35% (4.73) 6.2% 55.42% 28.18% 2.85% 12.89% 0% 0.65% 100% (24.68) Alpha (1.3%) 44.68% 40.7% 0% 8.73% 5.55% 0.34% 100% TECHNICAL INFORMATION Weighted average time to maturity of net assets TOP TFCs / SUKUK HOLDING (% OF TOTAL ASSETS) The Bank of Punjab TFC(231212) JSCL TFC X( ) DHCL SUKUK I ( ) DHCL SUKUK II (0103) % 2.81% 1.85% 0.83% ABLGSF 5.2% 6.54% 5.2% 6.9% 5.09% 6.2% PORTFOLIO QUALITY (% OF TOTAL ASSETS) 7.00% 5.91% 10.42% 6.91% 12.25% 7.52% *Funds returns computed on Simple annualized basis / Performance data does not include cost incurred by investor in the form of sales load Credit Quality of Portfolio (% of Assets) Govt Securities, 40.7% 8.73% *DETAILS OF NONCOMPLIANT INVESTMENT WITH THE INVESTMENT CRITERIA OF ASSIGNED CATEGORY Non Type Exposure % of Net % of Excess Exposure Excess Exposure Compliant of Investment Investment Limit Assets Assets (% of Net Asset) (% of Asset) AA+, 14.88% AAA, AA, 41.39% /unrated % AA, 2.68% REPORT, JUNE to understand the investment policies and the risk involved including risk disclosures for special features.

7 ABL ISLAMIC INCOME FUND To provide investors with an opportunity to earn higher income over the medium to longterm by investing in a diversified portfolio consisting of different money market and debt instruments permissible under the Shariah principles. COMMENTS During the month of Jun 18, ABL Islamic Income Fund posted a return of 4.77% against the benchmark return of 2.38%, the fund continued to significantly outperform the benchmark return on monthly basis. On year to date basis, the fund posted a return of 4.37% against the benchmark return of 2.46%. On the asset allocation side, the fund shifted its exposure from cash in bank to TDRs owing to higher profit rates towards the end of fiscal year. The exposure in cash reduced to 59.32% from 76.47% whereas the exposure in TDRs increased to 17.82%. On the corporate debt side, exposure in Sukuks reduced marginally to 22.01% from 22.80% in May 18. Alee Khalid Ghaznavi CEO Saqib Matin, ACA CFO & CS Kashif Rafi CIO M. Abdul Hayee, CFA Aniel Victor Head of Risk Management Ali Ahmed Tiwana Head of Equity Net Assets Net Assets (Excluding FoF Investment) Cutoff time Fund Stability Rating TECHNICAL INFORMATION Weighted average time to maturity of net assets Openend Islamic Income Scheme July 31, 2010 PKR mn as at Jun 30, PKR mn as at Jun 30, PKR as at Jun 30, Average of 6 Month Deposit Rate of 3 A rated Islamic Banks As Per Banking Days 4:00 PM 1 % p.a upto 1.5% (Frontend), (Backend) Central Depository Company of Pakistan Ltd (CDC) Deloitte Yousuf Adil. Chartered Accountants AM2 + (Stable Outlook) (JCRVIS)December 29,2017 Low A(f) (JCRVIS) January 16, Abdul Rehman Tahir 457 TOP TFCs / SUKUK HOLDING (% OF TOTAL ASSETS) DHCL SUKUK I ( ) 12.38% DIB SUKUK ( ) 5.37% DHCL SUKUK II (0103) 3.69% FFCL SUKUK ( ) 0.28% IBL SUKUK (15NOV2017) 0.2% K Electric Ltd SUKUK (170615) 0.08% Meezan Bank ltd Sukuk( ) 0.02% 22.01% *DETAILS OF NONCOMPLIANT INVESTMENT WITH THE INVESTMENT CRITERIA OF ASSIGNED CATEGORY Non Type Exposure % of Net % of Excess Exposure Excess Exposure Compliant of Investment Investment Limit Assets Assets (% of Net Asset) (% of Asset) The Scheme has maintained the provision against Sindh Workers Welfare Fund s Liability to the tune of Rs 4.67 million, had the same not been made, the per unit of the scheme would have been higher by Rs per unit. The Scheme has also maintained expense ratio (TER) 1.51% (0.25% representing Government Levies and SECP Fee etc). TER also includes the provision of sales and marketing expenses with 0.4% p.a. of Net Assets amounting to PKR million. ABL IIF Vs (12M Rolling Returns) 5.0% 4.5% 4.0% 3.5% 3.0% 2.5% 2.0% 1.5% 1.0% 0.5% 0.0% 30Jun17 31Jul17 31Aug17 30Sep17 31Oct17 30Nov17 31Dec17 31Jan18 28Feb18 31Mar18 30Apr18 31May18 30Jun18 ABL IIF ABLIIF *Funds returns computed on to with the dividend reinvestment (excluding sales load) ** 12M Trailing Data ***3MPKRV used as RFR Placements with Banks(TDRs) Corporate Sukuk including Receivables Amount Invested by Fund of Funds is Rs million. ABLIIF 4.52% 2.36% 4.37% 2.43% June 30, 4.77% 2.38% 4.37% 2.46% YTD* St. Dev** Ratio*** Sharpe 4.37% 0.79% (3.01) 2.46% 5.57% 3.54% 76.47% 0% 22.8% 0.73% 100% (814.55) 7.63% 4.8% 1.87% 59.32% 17.82% 22.01% 0.85% 100% 10.49% 5.89% *Funds returns computed on Simple annualized basis / Performance data does not include cost incurred by investor in the form of sales load PORTFOLIO QUALITY (% OF TOTAL ASSETS) / Unrated, 0.85% AA+, 0.55% A, 0.5% Average of 6 Month Deposit Rate of 3 A Rated Islamic Banks Credit Quality of Portfolio (% of Assets) AA, 16.26% AAA, 0.23% A+, 31.86% Alpha AA, 49.75% REPORT, JUNE to understand the investment policies and the risk involved including risk disclosures for special features.

8 ABL ISLAMIC STOCK FUND To provide higher risk adjusted returns over the long term by investing in a diversified Islamic portfolio of equity instruments offering capital gain and dividends. COMMENTS ABLISF decreased by 1.86% in June against 2.63% decrease of the benchmark, reflecting an outperformance of 77 basis points. During the period under review, allocation to Fertilizer increased from 13.56% to 14.73%. As at, ABLISF was 81.33% invested in equities and remaining in bank deposits. The KMI30 Index declined by 2.63% in Jun mainly owning to expected inclusion of Pakistan in FATF s black list and prevalent political turmoil due to NAB cases against mainstream politicians. Foreigners, Mutual Funds and Brokers were net sellers while Insurance Companies & Corporates absorbed the selling. Going forward, sectors like Banks, E&P, IPPs, Textile etc. having positive impact on revenues with Alee Khalid Ghaznavi CEO Saqib Matin, ACA CFO & CS Kashif Rafi CIO M. Abdul Hayee, CFA Aniel Victor Head of Risk Management Ali Ahmed Tiwana Head of Equity Net Assets Net Assets (Excluding FoF Investments) Cutoff time Performance Ranking TOP TEN HOLDINGS (% OF TOTAL ASSETS) Engro Corporation Limited Pakistan Petroleum Limited Oil and Gas Development Co. Ltd. Mari Petroleum Company Limited Pakistan Oilfields Limited Engro Fertilizers Limited Meezan Bank Limited Nishat Mills Limited Lucky Cement Limited Hub Power Company Limited Openend Islamic Equity Scheme June 12, 2013 Rs mn as at Rs mn as at Rs as at KMI30 Index As Per Local Stock Exchanges 4:00 PM 2% p.a Upto 2% (Frontend), (Backend) MCB Financial Services Limited(MCBFSL) M/S. A.F. Ferguson & Co, Chartered Accountants AM2++ (Stable outlook) (JCRVIS) December 29, 2017 High M. Abdul Hayee, CFA 8.02% 7.60% 7.41% 6.37% 5.07% 4.70% 3.88% 4.21% 3.60% 3.33% 5.0% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 8.17% 7.62% 7.38% 6.34% 5.02% 4.74% 4.23% 4.09% 3.35% 3.25% 1Jul17 12Jul17 23Jul17 currency depreciation are expected to perform well. Market is currently trading at P/E multiple of ~8.3x as compared to regional average of ~13.4x portraying a significant upside potential. The Scheme has maintained the provision against Sindh Workers Welfare Fund s Liability to the tune of Rs million, had the same not been made, the per unit of the scheme would have been higher by Rs per unit. The Scheme has total expense ratio (TER) of 3.3% (0.46% representing Government Levies and SECP Fee etc.). TER also includes the provision of sales & marketing expenses with 0.4% p.a. of Net Assets amounting to PKR million. 3Aug17 14Aug17 25Aug17 5Sep17 16Sep17 ABLISF 27Sep17 8Oct17 *Funds returns computed on to with the dividend reinvestment (excluding sales load) ** 12M Trailing Data *** 3MPKRV used as RFR Stock/Equities Bank Balances 19Oct17 30Oct17 Note: Amount invested by Fund of Fund is Rs mn 10Nov17 21Nov17 2Dec17 13Dec17 24Dec17 4Jan18 June 30, * YTD* St. Dev** Beta*** Alpha (1.86%) (15.93%) 17.60% 0.85 (6.34%) (2.63%) 15Jan18 SECTOR ALLOCATION (% OF TOTAL ASSETS) (9.59%) 19.87% 81.40% 17.79% 0.80% % 17.35% 1.32% ABLISF (5.91%) (7.70%) 1.42% 3.57% (15.93%) (9.59%) 16.43% 24.08% 87.28% 93.55% 81.22% 89.10% *Funds returns computed on Absolute basis. Performance data does not include cost incurred by investor in the form of sales load. Oil & Gas Exploration Companies ABLISF vs BENCHMARK (12m ROLLING RETURNS) Bank Balance & Fertilizer Cement Oil & Gas Marketing Companies Textile Composite Commercial Banks Engineering Chemical Power Generation & Distribution Paper & Board Automobile Assembler Automobile Parts & Accessories Technology & Communication Pharmaceuticals KMI % 1.16% 1.10% 0.14% ABL ISF 4.87% 4.31% 4.23% 4.07% 4.12% 3.25% 2.82% 26Jan18 6Feb % 17Feb18 28Feb18 11Mar18 22Mar18 2Apr18 13Apr18 24Apr % 14.73% 0% 2% 4% 6% 8% 10%12%14%16%18%20%22%24%26%28% 5May18 16May18 27May18 7Jun % 18Jun18 29Jun18 REPORT, JUNE to understand the investment policies and the risk involved including risk disclosure for special feature.

9 ABL ISLAMIC DEDICATED STOCK FUND To provide capital appreciation to investors of Fund of Funds schemes by investing in Shariah compliant equity securities. COMMENTS ABLIDSF decreased by 2.22% in June against 2.63% decrease of the benchmark, reflecting an outperformance of 41 basis points. During the period under review, allocation to Fertilizer increased from 12.19% to 13.18%. As at, ABLIDSF was 88.65% invested in equities and remaining in bank deposits. The KMI30 Index declined by 2.63% in Jun mainly owning to expected inclusion of Pakistan in FATF s black list and prevalent political turmoil due to NAB cases against mainstream politicians. Foreigners, Mutual Funds and Brokers were net sellers while Insurance Companies & Corporates absorbed the selling. Going forward, sectors like Banks, E&P, IPPs, Textile etc. having positive impact on revenues with currency depreciation are expected to perform well. Market is currently trading at P/E multiple of ~8.3x as compared to regional average of ~13.4x portraying a significant upside potential. The Scheme has maintained the provision against Sindh Workers Welfare Fund s Liability to the tune of Rs million, had the same not been made, the per unit of the scheme would have been higher by Rs per unit. The Scheme has total expense ratio (TER) of 3.24% (0.44% representing Government Levies and SECP Fee etc.). TER also includes the provision of sales & marketing expenses with 0.4% p.a. of Net Assets amounting to PKR million. Alee Khalid Ghaznavi CEO Saqib Matin, ACA CFO & CS Kashif Rafi CIO M. Abdul Hayee, CFA Aniel Victor Head of Risk Management Ali Ahmed Tiwana Head of Equity Net Assets Net Assets (Net of FoF Investments) Cutoff time Performance Ranking 25.00% % % 5.00% % % Openend Islamic Equity Scheme December 20, 2016 Rs mn as at Rs as at Rs as at KMI30 Index As Per Local Stock Exchanges 4:00 PM 2% p.a (Frontend), (Backend) MCB Financial Services Limited(MCBFSL) M/S. A.F. Ferguson & Co, Chartered Accountants AM2++ (Stable outlook) (JCRVIS) December 29, 2017 High M. Abdul Hayee, CFA 1Jul17 15Jul17 29Jul17 12Aug17 26Aug17 9Sep17 ABLIDSF *Funds returns computed on to with the dividend reinvestment (excluding sales load) ** 12M Trailing Data *** 3MPKRV used as RFR Stock/Equities Bank Balances Note: Amount invested by Fund of Fund is Rs. 1,692.63mn ABLIDSF 23Sep17 ABLIDSF vs BENCHMARK (12m ROLLING RETURNS) 7Oct17 21Oct17 (6.50%) (7.70%) 4Nov17 18Nov17 KMI30 2Dec % 3.57% 16Dec17 30Dec17 June 30, YTD* St. Dev** Beta*** Alpha * (2.22%) (16.40%) 18.25% 0.88 (6.81%) (2.63%) ABL IDSF 13Jan18 27Jan18 (16.40%) (9.59%) 10Feb18 24Feb18 (9.59%) 10Mar % 87.48% 12.13% 0.39% % 10.70% 0.65% 24Mar18 7Apr18 21Apr18 5May18 19May18 2Jun18 16Jun18 30Jun18 (14.01%) (11.96%) TOP TEN HOLDINGS (% OF TOTAL ASSETS) Pakistan Petroleum Limited Mari Petroleum Company Limited Engro Corporation Limited Oil and Gas Development Co. Ltd. Pakistan Oilfields Limited Meezan Bank Limited Engro Fertilizers Limited Nishat Mills Limited Lucky Cement Limited I.C.I. Pakistan Limited 8.11% 8.02% 7.23% 6.97% 6.10% 4.60% 4.63% 4.74% 4.04% 4.02% 8.41% 8.22% 7.63% 6.91% 6.25% 5.19% 4.83% 4.77% 3.89% 3.75% SECTOR ALLOCATION (% OF TOTAL ASSETS) *Funds returns computed on Absolute basis. Performance data does not include cost incurred by investor in the form of sales load. Oil & Gas Exploration Companies Fertilizer Bank Balance & Cement Oil & Gas Marketing Companies Commercial Banks Textile Composite Engineering Chemical Power Generation & Distribution Paper & Board Automobile Assembler Automobile Parts & Accessories Technology & Communication Pharmaceuticals 5.24% 5.19% 5.09% 4.49% 4.18% 3.36% 2.91% 2.60% 1.41% 0.90% 0.34% 13.18% 11.35% 9.96% 4.00% 8.00% 12.00% 16.00% % REPORT, JUNE to understand the investment policies and the risk involved including risk disclosure for special feature.

10 ABL PENSION FUND To provide a secure source of savings and regular income after retirement to the Participants COMMENTS ABL Fund Debt Sub Fund posted an annualized yield of 0.25% during the month of Jun'18. At month end, portfolio comprised of 48.05% in Tbills, while cash at bank, investment in Corporate TFC / Sukuks and PIB's (Floater) stood at 6.06%, 13.42% and 32.0% respectively. Going forward, we intend to actively trade Tbills and Corporate TFC's in order to improve fund's return while simultaneously maintain a low duration portfolio to avoid volatility. The Scheme has maintained the provision against Sindh Workers Welfare Fund s Liability to the tune of Rs. 169,489, had the same not been made, the per unit of the scheme would have been higher by Rs per unit. ABL Pension Fund Money Market Sub Fund generated an annualized return of 3.52% in Jun 18. On YTD basis, ABLPF MMSF yielded an annualized return of 3.85% respectively. At month end portfolio comprised of 71.12% in Tbills, while cash at bank stood at 28.66%. Going forward, we intend to actively trade in the money market in order to improve returns while maintain a low duration portfolio to avoid volatility. The Scheme has maintained the provision against Sindh Workers Welfare Fund s Liability to Alee Khalid Ghaznavi CEO Saqib Matin, ACA CFO & CS Kashif Rafi CIO M. Abdul Hayee, CFA Aniel Victor Head of Risk Management Ali Ahmed Tiwana Head of Equity Cutoff time Front end Fund Stability Rating TECHNICAL INFORMATION APFDSF APFMMSF APFESF Fund Size (PKR Millions) Openend Voluntary Pension Scheme August 20th,2014 As Per Banking Days 4.00 pm 1.5 % p.a. on average Net Assets of each SubFund Maximum of 3 % on all Contributions, unless exempt under the Offering Document Central Depository Company of Pakistan Ltd (CDC) Deloitte Yousuf Adil Chartered Accountants AM2++(Stable Outlook) (JCRVIS) December 29, 2017 NA Investor dependent Ali Ahmed Tiwana EQUITY SUBFUND (% OF TOTAL ASSETS) Habib Bank Limited United Bank Limited Pakistan Petroleum Limited Mari Petroleum Company Limited Oil and Gas Development Co. Ltd. Engro Corporation Limited Nishat Mills Limited Thal Limited I.C.I. Pakistan Limited MCB Bank Limited 7.70% 6.36% 5.74% 6.50% 3.20% 5.36% 5.41% 4.77% 4.74% 3.21% DISCLOSURE IN COMPLIANCE WITH SECP'S DISCRETION NO # 23 OF % 6.78% 6.58% 6.22% 5.65% 5.27% 4.60% 4.45% 4.12% 3.95% APF DEBT SUB FUND The Scheme has also maintained expense ratio (TER) 2.23% (0.30% representing Government Levies and SECP Fee etc.). APF MONEY MARKET SUB FUND Scheme has also maintained expense ratio (TER) 2.38% (0.30% representing Government Levies and SECP Fee etc). APF EQUITY SUB FUND The Scheme has also maintained expense ratio (TER) 2.25% (0.31% representing Government Levies and SECP Fee etc.). *DETAILS OF NONCOMPLIANT INVESTMENT WITH THE INVESTMENT CRITERIA OF ASSIGNED CATEGORY Name of Fund Exposure Type Exposure Limit % of Net Assets % of Assets Excess Exposure (% of Net Asset) Excess Exposure (% of Asset) the tune of Rs. 88,030, had the same not been made, the per unit of the scheme would have been higher by Rs per unit. ABL Pension Fund Equity Sub Fund decreased by 2.57% in the month of Jun 18. The KSE100 Index declined by 2.18% in Jun mainly owning to expected inclusion of Pakistan in FATF s black list and prevalent political turmoil due to NAB cases against mainstream politicians. Foreigners, Mutual Funds and Brokers were net sellers while Insurance Companies & Corporates absorbed the selling. Going forward, sectors like Banks, E&P, IPPs, Textile etc. having positive impact on revenues with currency depreciation are expected to perform well. Market is currently trading at P/E multiple of ~8.3x as compared to regional average of ~13.4x portraying a significant upside potential. The Scheme has maintained the provision against Sindh Workers Welfare Fund s Liability to the tune of Rs. 629,693, had the same not been made, the per unit of the scheme would have been higher by Rs per unit. June18 YTD *Funds returns computed on to with the dividend reinvestment (excluding sales load) APF DEBT SUB FUND Placements with Banks (TDRs) Corporate TFC / Sukuk TBills PIBs Including Receivables Corporate Sukuk PIBs TBills Including Receivables 2.58% 19.23% 46.23% 31.19% 0.76% 28.74% 71.05% 0.21% 6.06% 13.42% 48.05% 32.00% 0.47% APF MONEY MARKET SUB FUND Stock/Equities Bank Balances TBills 94.86% 4.76% 0.38% 28.66% 71.12% 0.22% APF EQUITY SUB FUND APFDSF* APF MMSF* APF ESF** 3.12% 3.58% (9.22%) 3.82% 3.85% 0.37% 3.72% 3.85% (16.26%) 7.15% 4.12% 21.57% SECTOR ALLOCATION (% OF EQUITY SUBFUND) APFDSF APFMMSF APFESF 0.25% 3.52% (2.57%) 3.72% 3.85% (16.26%) 90.22% 9.51% 0.27% 11.22% 4.74% 56.58% *Fund returns are computed on simple annualized basis. Performance data does not include cost incurred by investor in the form of sales load. **Fund returns are computed on absolute basis. Performance data does not include cost incurred by investor in the form of sales load. Commercial Banks Oil & Gas Exploration Companies Bank Balance & Fertilizer Cement Chemical Oil & Gas Marketing Companies Automobile Parts & Accessories Textile Composite Engineering Technology & Communication Insurance Paper & Board Pharmaceuticals 9.78% 8.51% 6.94% 6.86% 6.00% 4.85% 4.60% 2.93% 1.74% 1.63% 1.01% 0.15% 3.00% 6.00% 9.00% 12.00% 15.00% 18.00% 23.78% 21.22% REPORT, JUNE to understand the investment policies and the risk involved including risk disclosures for special features.

11 ABL ISLAMIC PENSION FUND To provide a secure source of savings and regular income after retirement to the Participants COMMENTS ABL Islamic Pension fund Debt Sub Fund posted a return of 1.10% during the month of Jun'18 primarily because of revaluation losses in the Corporate Sukuk portfolio. Other than GoP Ijarah Sukuk, portfolio comprised of 9.58% in Corporate Sukuk and 8.02% placed as cash at banks. Going forward, we intend to maintain the current portfolio allocations as we expect price appreciation in both Corporate and GOP Ijarah Sukuks in the near term owing to the lack of shariah complaint instruments in the market. The Scheme has maintained the provision against Sindh Workers Welfare Fund s Liability to the tune of Rs. 73,755, had the same not been made, the per unit of the scheme would have been higher by Rs per unit. ABL Islamic Pension Fund Money Market SubFund generated an annualized return of 2.27% during the month of Jun 18. Fund size remained largely stable and closed at PKR million. During the month significant allocation was maintained as bank deposits (i.e %) owing to better deposit rates offered by banks while remaining 27.01% of the portfolio was placed in GoP Ijarah Sukuks. Alee Khalid Ghaznavi CEO Saqib Matin, ACA CFO & CS Kashif Rafi CIO M. Abdul Hayee, CFA Aniel Victor Head of Risk Management Ali Ahmed Tiwana Head of Equity Cutoff time Front end Openend Voluntary Pension Scheme August 20th,2014 As Per Banking Days 4.00 pm 1.5 % p.a. on average Net Assets of each SubFund Maximum of 3 % on all Contributions, unless exempt under the Offering Document Fund Stability Rating Central Depository Company of Pakistan Ltd (CDC) Deloitte Yousuf Adil Chartered Accountants AM2++ (Stable Outlook) (JCRVIS) December 29, 2017 NA Investor dependent M. Abdul Hayee, CFA TECHNICAL INFORMATION APFIDSF APFIMMSF APFIESF Fund Size (PKR Millions) REPORT, JUNE EQUITY SUBFUND (% OF TOTAL ASSETS) Oil and Gas Development Co. Ltd. Pakistan Petroleum Limited Engro Corporation Limited Mari Petroleum Company Limited Nishat Mills Limited Engro Fertilizers Limited Thal Limited I.C.I. Pakistan Limited Pakistan State Oil Company Limited Pakistan Oilfields Limited 5.92% 7.16% 7.91% 7.97% 7.13% 5.89% 5.62% 5.84% 4.90% 7.07% DISCLOSURE IN COMPLIANCE WITH SECP'S DISCRETION NO # 23 OF % 7.82% 7.76% 7.60% 6.67% 5.71% 5.23% 5.06% 4.70% 4.26% APF ISLAMIC DEBT SUB FUND The Scheme has also maintained expense ratio (TER) 2.44% (0.30% representing Government Levies and SECP Fee etc). APF ISLAMIC MONEY MARKET SUB FUND The Scheme has also maintained expense ratio (TER) 2.56% (0.30% representing Government Levies and SECP Fee etc). APF ISLAMIC EQUITY SUB FUND The Scheme has also maintained expense ratio (TER) 2.61% (0.31% representing Government Levies and SECP Fee etc). *DETAILS OF NONCOMPLIANT INVESTMENT WITH THE INVESTMENT CRITERIA OF ASSIGNED CATEGORY Name of Fund Exposure Type APFIESF at Bank % of Net Assets & % of Assets 12.71% & 12.18% Exposure Limit 1 Excess Exposure (% of Net Assets & % of Assets) 2.71% & 2.18% The Scheme has maintained the provision against Sindh Workers Welfare Fund s Liability to the tune of Rs. 39,909, had the same not been made, the per unit of the scheme would have been higher by Rs per unit. ABL Islamic Pension Fund Equity Sub Fund decreased by 2.44% in the month of Jun 18. The KMI30 Index declined by 2.63% in Jun mainly owning to expected inclusion of Pakistan in FATF s black list and prevalent political turmoil due to NAB cases against mainstream politicians. Foreigners, Mutual Funds and Brokers were net sellers while Insurance Companies & Corporates absorbed the selling. Going forward, sectors like Banks, E&P, IPPs, Textile etc. having positive impact on revenues with currency depreciation are expected to perform well. Market is currently trading at P/E multiple of ~8.3x as compared to regional average of ~13.4x portraying a significant upside potential. The Scheme has maintained the provision against Sindh Workers Welfare Fund s Liability to the tune of Rs. 633,377, had the same not been made, the per unit of the scheme would have been higher by Rs per unit. June18 YTD APF ISLAMIC DEBT SUB FUND GoP Ijarah Sukuk Corporate Sukuk Including Receivables GoP Ijarah Sukuk Corporate Sukuk Including Receivables 6.38% 81.38% 9.57% 2.67% 72.13% 27.09% 0.78% 8.02% 81.74% 9.58% 0.66% APF ISLAMIC MONEY MARKET SUB FUND Shariah Compliant Equities Bank Balances 94.38% 4.21% 1.40% 72.69% 27.01% 0.30% APF ISLAMIC EQUITY SUB FUND APFIDSF* APF IMMSF* APF IESF** *Funds returns computed on to with the dividend reinvestment (excluding sales load) 2.73% 2.26% (7.34%) SECTOR ALLOCATION (% OF EQUITY SUBFUND) 87.26% 12.18% 0.56% to understand the investment policies and the risk involved including risk disclosures for special features. 1.59% 1.85% 2.43% APFIDSF APFIMMSF APFIESF (1.10%) 2.27% (2.44%) 1.26% 1.68% (11.98%) 1.26% 1.68% (11.98%) 3.19% 2.44% 25.77% 4.08% 3.40% 64.56% *Fund returns are computed on simple annualized basis. Performance data does not include cost incurred by investor in the form of sales load. **Fund returns are computed on Absolute Basis. Performance data does not include cost incurred by investor in the form of sales load. Oil & Gas Exploration Companies Fertilizer Bank Balance & Cement Oil & Gas Marketing Companies Chemical Textile Composite Automobile Parts & Accessories Commercial Banks Engineering Technology & Communication Paper & Board Pharmaceuticals 13.47% 12.74% 10.31% 8.76% 7.41% 6.67% 5.66% 1.91% 1.88% 1.87% 1.17% 0.25% 4.00% 8.00% 12.00% 16.00% % 28.00% 27.90%

12 ABL FINANCIAL PLANNING FUND To generate returns on investment as per the respective allocation plan by investing in mutual funds in line with the risk tolerance of the investor. ** Cutoff time TER Openend Fund of funds scheme December 31st,2015 Weighted average return of KSE30 Index and average 6 month deposit rate of three Banks Monday to Friday 4.00 pm (upto 1.50% p.a. on the value of underlying Funds not managed by ABLAMC) Up to 2% (Frontend), (Backend Contingent) MCB Financial Services Limited (MCBFSL) Deloitte Yousuf Adil. Chartered Accountants AM2++ (Stable Outlook) (JCRVIS) December 29, 2017 Low to High Ali Ahmed Tiwana Conv: 0.55% (0.11% including Gop Levy and SECP FEE etc) Active: 0.39% (0.11% including Gop Levy and SECP FEE etc) Strategic: 0.37% (0.11% including Gop Levy and SECP FEE etc) CONSERVATIVE PLAN Govt. Securities Funds Money Market Funds ACTIVE ALLOCATION PLAN Govt. Securities Funds Money Market Funds Govt. Securities Funds Money Market Funds *Plan 31Dec15 31Dec15 STRATEGIC ALLOCATION PLAN 30Dec % 64.63% 13.20% 3.70% 0.45% 17.77% 65.30% 13.34% 3.17% 0.42% 68.91% 68.19% % 1.02% 1.32% 0.06% 0.05% 38.74% 38.22% 54.94% 55.55% 6.09% 6.17% 0.22% 0.06% TECHNICAL INFORMATION Net Assets (PKR) (PKR) Conv: The Scheme has maintained the provision against Sindh Workers Welfare Fund s Liability to the tune of Rs million, had the same not been made, the per unit of the scheme would have been higher by Rs per unit. Active: The Scheme has maintained the provision against Sindh Workers Welfare Fund s Liability to the tune of Rs million, had the same not been made, the per unit of the scheme would have been higher by Rs per unit. Strategic: The Scheme has maintained the provision against Sindh Workers Welfare Fund s Liability to the tune of Rs million, had the same not been made, the per unit of the scheme would have been higher by Rs per unit. Conservative Allocation Plan Active Allocation Plan Strategic Allocation Plan is for all Plans Alee Khalid Ghaznavi CEO Saqib Matin, ACA CFO & CS Kashif Rafi CIO M. Abdul Hayee, CFA Aniel Victor Head of Risk Management Ali Ahmed Tiwana Head of Equity 264,441, ,742, ,160, Conservative Allocation Active Allocation Strategic Allocation Returns* Returns* Returns* June18 (0.11%) 0.07% (1.35%) (1.33%) (0.60%) (0.48%) YTD 3.45% (11.47%) (5.21%) (2.43%) 0.98% 3 Months (0.67%) (0.23%) (5.23%) (5.19%) (2.06%) (1.92%) 6 Months 1.93% 3.50% 1.75% 4.19% 1.09% 2.21% Since Inception 15.23% 18.02% 11.18% 14.21% (1.88%) 0.67% *Funds returns computed on to with the dividend reinvestment (excluding sales load) *Funds returns computed on Absolute basis. Performance data does not include cost incurred by investor in the form of sales load REPORT, JUNE to understand the investment policies and the risk involved including risk disclosures for special features.

13 ABL ISLAMIC FINANCIAL PLANNING FUND To generate returns on investment as per the respective allocation plan by investing in Shariah compliant mutual funds in line with the risk tolerance of the investor. Openend Shariah compliant fund of funds scheme *** December 23rd,2015 Weighted average return of KMI30 Index and average 6 month deposit rate of three Islamic Banks Monday to Friday Cutoff time 4.00 pm (upto 1.50% p.a. on the value of underlying Funds not managed by ABLAMC) Up to 2% (Frontend), **(Backend Contingent) MCB Financial Services Limited (MCBFSL) Deloitte Yousuf Adil. Chartered Accountants AM2++ (Stable Outlook) (JCRVIS) December 29, 2017 Low to High Ali Ahmed Tiwana TER Conv: 0.72% (0.11% including Gop Levy and SECP FEE etc) Aggressive: 0.36% (0.11% including Gop Levy and SECP FEE etc) Active: 0.35% (0.11% including Gop Levy and SECP FEE etc) Strategic: 0.36% (0.11% including Gop Levy and SECP FEE etc) Strategic II: 0.36% (0.11% including Gop Levy and SECP FEE etc) Strategic III: 0.35% (0.11% including Gop Levy and SECP FEE etc) Strategic IV: 0.26% (0.08% including Gop Levy and SECP FEE etc) Conv: The Scheme has maintained the provision against Sindh Workers Welfare Fund s Liability to the tune of Rs million, had the same not been made, the per unit of the scheme would have been higher by Rs per unit. Aggressive: The Scheme has maintained the provision against Sindh Workers Welfare Fund s Liability to the tune of Rs million, had the same not been made, the per unit of the scheme would have been higher by Rs per unit. Active: The Scheme has maintained the provision against Sindh Workers Welfare Fund s Liability to the tune of Rs million, had the same not been made, the per unit of the scheme would have been higher by Rs per unit. Strategic: The Scheme has maintained the provision against Sindh Workers Welfare Fund s Liability to the tune of Rs million, had the same not been made, the per unit of the scheme would have been higher by Rs per unit. Strategic II: The Scheme has maintained the provision against Sindh Workers Welfare Fund s Liability to the tune of Rs million, had the same not been made, the per unit of the scheme would have been higher by Rs per unit. Strategic III: The Scheme has maintained the provision against Sindh Workers Welfare Fund s Liability to the tune of Rs million, had the same not been made, the per unit of the scheme would have been higher by Rs per unit. Strategic IV: The Scheme has not maintained the provision against Sindh Workers Welfare Fund s Liability. Had the same not been made, the per unit of the scheme would have been higher by Rs. 0 per unit. Fahad Aziz Head of Fixed Income Investment Alee Khalid Ghaznavi CEO M. Abdul Hayee, CFA Committee Members: Saqib Matin, ACA CFO & CS Aniel Victor Head of Risk Management Kashif Rafi CIO Ali Ahmed Tiwana Head of Equity Period June18 YTD 3 Months 6 Months Since Inception Period June18 YTD 3 Months 6 Months Since Inception Strategic IV Returns* (0.36%) (0.61%) 1.80% 1.30% (0.81%) (1.70%) 1.63% 1.19% 1.80% 1.30% ***Plan CONSERVATIVE PLAN 23Dec15 AGGRESSIVE PLAN ACTIVE ALLOCATION PLAN STRATEGIC ALLOCATION PLAN is for all Plans 23Dec15 23Dec15 31Mar16 STRATEGIC ALLOCATION PLANII 9Sep16 STRATEGIC ALLOCATION PLANIII 3Mar17 STRATEGIC ALLOCATION PLANIV 18Sep17 TECHNICAL INFORMATION Conservative Allocation Plan Aggressive Allocation Plan Active Allocation Plan Strategic Allocation Plan Strategic Allocation Plan II Strategic Allocation Plan III Strategic Allocation Plan IV 17.98% 78.45% 2.35% 1.22% 68.40% 29.84% 1.75% 65.13% 34.64% 0.22% 53.62% 45.79% 0.59% 48.79% 50.91% 0.30% 33.80% 65.85% 0.35% 29.70% 70.15% 0.15% Net Assets (PKR) 151,763, ,191,729 1,183,768, ,165, ,728, ,683, ,082,790 *Funds returns computed on to with the dividend reinvestment (excluding sales load) *Funds returns computed on Absolute basis. Performance data does not include cost incurred by investor in the form of sales load ** SAP II: 1.0% till 6M, 0.5% More than 6M to 1Yr and 0.0% thereon ** SAP IV: 1.0% till 6M, 0.5% More than 6M to 1Yr and 0.0% thereon 17.52% 78.93% 2.27% 1.28% 67.78% 30.33% 1.87% 0.02% 64.33% 35.13% 0.54% 53.09% 46.49% 0.42% 48.11% 51.61% 0.27% 33.30% 66.54% 0.16% 29.13% 70.59% 0.28% ( PKR) Conservative Aggressive Active Allocation Strategic Strategic II Strategic III Returns* Returns* Returns* Returns* Returns* Returns* (0.11%) (0.30%) (1.31%) (1.74%) (1.31%) (1.61%) (0.95%) (1.29%) (0.87%) (1.16%) (0.47%) (0.73%) (0.67%) 0.40% (10.64%) (5.46%) (10.92%) (6.14%) (7.64%) (3.62%) (7.18%) (4.22%) (1.72%) (0.99%) (0.43%) (0.97%) (4.12%) (5.22%) (4.00%) (4.84%) (2.73%) (3.75%) (2.37%) (3.35%) (1.22%) (2.07%) 1.71% 1.86% 1.72% 3.13% 1.77% 3.22% 2.42% 3.12% 1.68% 1.95% 1.42% 1.01% 13.19% 13.27% 15.93% 23.63% 9.07% 12.56% 5.37% 5.43% (6.06%) (6.95%) (1.38%) (2.05%) REPORT, JUNE to understand the investment policies and the risk involved including risk disclosures for special features.

14 DISCLOSURE AS PER ALLIED SECP S CAPITAL SCD CIRCULAR. PROTECTED 16, FUND 2014 To protect the principal investment upon maturity by placing a significant portion of the Trust Property as TDR with Banks or DFIs, and remaining in equity market or any other SECP permitted investments to provide investors with better returns. COMMENTS ABLACPF increased by 1.18% in June against 0.19% decrease of the benchmarks, reflecting an outperformance of 99 basis points. At month end, the total exposure in Equities, TDRs and stood at 10.27%, 87.20% and 1.49% respectively. The Scheme has maintained the provision against Sindh Workers Welfare Fund s Liability had the same not been made, the per unit of the scheme would have been higher by Rs. 0 per unit. The Scheme has total expense ratio (TER) of 0.6% (0.08% representing Government Levies and SECP Fee etc.). TER also includes the provision of sales & marketing expenses with 0.4% p.a. of Net Assets amounting to PKR million. Alee Khalid Ghaznavi CEO Saqib Matin, ACA CFO & CS Kashif Rafi CIO M. Abdul Hayee, CFA Aniel Victor Head of Risk Management Ali Ahmed Tiwana Head of Equity 3.0% 2.0% 1.0% 0.0% 1.0% 2.0% 3.0% 18Feb18 25Feb18 4Mar18 11Mar18 18Mar18 25Mar18 (ABLACPF vs BENCHMARK**) 6May18 29Apr18 22Apr18 15Apr18 8Apr18 1Apr18 13May18 20May18 27May18 3Jun18 10Jun18 17Jun18 24Jun18 Net Assets ** Cutoff time Management Fee Fund Rating *** Applicable on redemptions of units before maturity of the fund Openend Capital Protected Scheme February 19, Rs 403.3mn as at Rs as at KSE 100 Index & 3M Deposit (AA or above Rated Banks/DFI on fund's actual proportion in the inv. segment & Capital protection segment Monday to Friday 4:00 PM 0.75% of Net Assets Upto 0.75% (Frontend), 2% for 1 Year and 1% thereon (Contingent)*** MCBFinancial Services Limited (MCBFSL) M/S. A.F. Ferguson & Co, Chartered Accountants AM2++ (Stable outlook) (JCRVIS) December 29, 2017 Low Ali Ahmed Tiwana Not yet rated TOP TEN HOLDINGS (% OF TOTAL ASSETS) Mari Petroleum Company Limited MCB Bank Limited Bank AlFalah Limited Habib Bank Limited Engro Corporation Limited Pakistan Petroleum Limited Allied Bank Limited Habib Metropolitan Bank Limited United Bank Limited I.C.I. Pakistan Limited *DETAILS OF NONCOMPLIANT INVESTMENT WITH THE INVESTMENT CRITERIA OF ASSIGNED CATEGORY Name of Entity Exposure Type Limit % of Net Assets 0.78% 0.77% 0.81% 0.64% 0.57% 0.56% 0.48% 0.60% 0.35% 0.31% 1.24% 1.05% 1.01% 0.94% 0.88% 0.80% 0.79% 0.71% 0.50% 0.45% Excess Exposure (% of Net Assets ABLACPF *Fund returns computed on to with the dividend reinvestment (excluding sales load) Stock/Equities Bank Balances TDR ABLACPF 1.64% 0.31% ** June 30, * 1.18% 0.19% PORTFOLIO QUALITY (% OF TOTAL ASSETS) YTD* St. Dev Beta Alpha 2.83% 0.75% 7.67% 4.33% 87.40% 0.60% Credit Quality of Portfolio (% of Assets) *Funds returns computed on absolute basis. Performance data does not include cost incurred by investor in the form of sales load. Unrated/ 11.30% ABL ACPF AA % 10.27% 1.49% 87.20% 1.03% 2.83% 0.75% REPORT, JUNE to understand the investment policies and the risk involved including risk disclosure for special feature. Capital protection only applies to unit holders who hold their investments until initial maturity date.

15 ABL ISLAMIC ASSET ALLOCATION FUND BLIAAF ABL Islamic Asset Allocation Fund The investment objective of the Fund is to earn a potentially high return through asset allocation between Shari ah Compliant Equity Instruments, Shari ah Compliant Fixed Income Instruments, Shari ah Compliant Money Market Instruments and any other Shari ah Compliant instrument as permitted by the SECP and Shari ah Advisor. COMMENTS ABLACPF increased by 0.07% in Jun'18 against a decline of 0.02% in benchmark, reflecting an outperformance of 9 basis points. At month end, the total exposure in Equities, Corporate Sukuks and stood at 7.62%, 1.83% and 85.70% respectively. The Scheme has not maintained the provision against Sindh Workers Welfare Fund s Alee Khalid Ghaznavi CEO Saqib Matin, ACA CFO & CS Kashif Rafi CIO M. Abdul Hayee, CFA Aniel Victor Head of Risk Management Ali Ahmed Tiwana Head of Equity Net Assets ** Cutoff time TOP TEN HOLDINGS (% OF TOTAL ASSETS) Engro Corporation Limited Mari Petroleum Company Limited Pakistan Petroleum Limited Oil and Gas Development Co. Ltd. Sui Northern Gas Pipelines Limited Meezan Bank Limited Fauji Fertilizer Company Limited I.C.I. Pakistan Limited Openend Shariah Complaint Asset Allocation Scheme Rs mn as at Rs as at Weighted average daily return of KMI 30 Index and 6M avg deposit 6M Ave. Deposit rates of three A rated (and above) scheduled Islamic Banks or Islamic Banking windows of scheduled commercial banks based on actual proportion of Investment in Equity & Fixed Income Monday to Friday 4:00 PM 2.00% of Net Assets Upto 3.00% (Frontend), (Backend) MCBFinancial Services Limited (MCBFSL) M/S. A.F. Ferguson & Co, Chartered Accountants AM2++ (Stable outlook) (JCRVIS) December 29, 2017 Low to Moderate Abdul Rehman Tahir 0.5% 0.3% 0.1% 0.1% 0.3% 0.5% 1.72% 1.59% 1.20% 1.15% 0.85% 0.65% 0.41% 0.04% 31May18 1Jun18 Liability, had the same not been made, the per unit of the scheme would have been higher by Rs. 0 per unit. The Scheme has a total expense ratio (TER) of 0.34% (0.03% representing Government Levies and SECP Fee etc.). TER also includes the provision of sales & marketing expenses with 0.4% p.a. of Net Assets amounting to PKR million. 2Jun18 3Jun18 4Jun18 5Jun18 6Jun18 7Jun18 ABLAIAAF 8Jun18 9Jun18 *Fund returns computed on to with the dividend reinvestment (excluding sales load) Stock/Equities Placement with Banks (TDRs) Corporate Sukuks (including receiveables) ABLIAAF vs BENCHMARK** (12M Rolling Returns) 10Jun18 11Jun18 June 30, * 0.07% (0.02%) YTD* St. Dev Beta Alpha 0.07% (0.02%) SECTOR ALLOCATION (% OF TOTAL ASSETS) 12Jun18 13Jun18 14Jun18 ** 15Jun18 16Jun % 0.05% 7.62% 85.70% 1.83% 4.85% ABLIAAF 0.07% (0.02%) *Funds returns computed on absolute basis. Performance data does not include cost incurred by investor in the form of sales load. 17Jun18 18Jun18 ABL IAAF TOP TEN SUKUK HOLDINGS (% OF TOTAL ASSETS) DHCL SUKUK II (0103) 1.83% Bank Balance & Oil & Gas Exploration 3.95% 19Jun18 20Jun18 21Jun18 22Jun18 23Jun18 24Jun18 25Jun18 26Jun % 27Jun18 28Jun % 29Jun18 30Jun18 *DETAILS OF NONCOMPLIANT INVESTMENT WITH THE INVESTMENT CRITERIA OF ASSIGNED CATEGORY Name of Entity Exposure Type Limit % of Net Assets Excess Exposure (% of Net Assets Fertilizer Oil & Gas Marketing Commercial Banks Chemical 2.13% 0.85% 0.65% 0.04% 0% 50% 100% REPORT, JUNE to understand the investment policies and the risk involved including risk disclosure for special feature.

16 DISCLOSURE AS PER SECP S SCD CIRCULAR. 16, 2014 Last 5 Years Performance Since Inception Performance ABL IF FY 14 FY 15 FY 16 FY 17 FY % 14.20% 7.19% 5.85% 4.67% 9.81% 9.01% 6.54% 6.10% 6.35% FY 09 FY 10 FY % 11.29% 12.26% 13.48% 12.90% 13.05% FY 12 FY 13 FY 14 FY 15 FY 16 FY % 13.50% 13.50% 15.24% 15.16% 15.60% 12.87% 12.26% 11.84% 11.42% 10.79% 10.48% FY % 9.99% ABL SF 32.90% 25.96% 27.11% 5.67% 9.91% 0.37% 33.21% 22.44% (16.84%) (1) (0.17%) (0.42%) 32.43% 25.69% 71.06% 52.39% % 56.81% % % % % % % % % % % % % ABL CF 8.18% 6.57% 9.37% 6.06% 5.78% 3.81% 5.41% 4.96% 5.41% 5.35% 11.88% 7.49% 12.18% 7.49% 11.87% 7.19% 11.65% 7.03% 12.06% 6.83% 11.58% 6.32% 12.01% 6.13% 11.75% 6.03% ABL IIF 8.88% 6.78% 8.69% 6.61% 5.82% 5.10% 5.68% 3.05% 4.37% 2.46% 10.16% 9.30% 11.12% 8.34% 11.15% 7.75% 11.30% 7.51% 11.56% 7.32% 11.15% 6.94% 10.90% 6.38% 10.53% 5.89% ABL GSF 9.17% 8.82% 15.14% 8.00% 8.03% 5.67% 5.10% 5.85% 5.09% 6.20% 10.68% 10.52% 11.85% 9.46% 11.48% 9.21% 13.75% 8.87% 13.37% 8.17% 12.88% 7.76% 12.28% 7.52% ABL ISF 24.66% 29.89% 29.03% 20.10% 5.58% 15.53% 31.18% 18.80% (15.93%) (9.59%) (3.24%) (2.30%) 20.63% 26.90% 55.64% 52.40% 64.32% 76.07% % % 81.22% 89.10% ABL IDSF 2.86% (2.62%) (16.40%) (9.59%) 2.86% (2.62%) (14.01%) (11.96%) ABL PF DSF MMSF ESF 20.92% 6.14% 28.79% 12.14% 4.15% 10.56% 4.42% 3.89% 31.31% 3.72% 3.85% (16.26%) 20.92% 6.14% 28.79% 17.37% 5.18% 42.39% 13.35% 4.86% 86.97% 11.22% 4.74% 56.58% ABL IPF DSF MMSF ESF 6.56% 6.31% 30.84% 3.52% 2.24% 11.31% 4.52% 3.22% 28.01% 1.26% 1.68% (11.98%) 6.56% 6.31% 30.84% 5.03% 4.18% 45.65% 5.00% 3.93% 86.96% 4.08% 3.40% 64.56% ABL FPF Conservative Plan Active Plan SAP 4.41% 4.17% 5.29% 6.99% 10.35% 9.44% 19.28% 13.56% 0.57% (0.25%) 3.45% (11.47%) (5.21) (2.43%) 0.98% 4.41% 4.17% 5.29% 6.99% 15.22% 14.01% 25.59% 20.32% 0.57% (0.25%) 15.23% 18.02% 11.18% 14.21% (1.88%) 0.67% ABL IFPF SAP Conservative Plan Aggressive Fund Active Plan SAP II SAP III SAP IV 1.69% 4.00% 3.52% 5.92% 6.46% 14.58% 3.53% 10.27% 12.18% 5.73% 10.08% 6.51% 21.85% 14.12% 18.26% 10.06% 1.22% (2.84%) 0.34% (0.95%) (7.64%) (3.62%) (0.67%) 0.40% (10.64%) (5.46%) (10.92%) (6.14%) (7.18%) (4.22%) (1.72%) (0.99%) 1.80% 1.30% 1.69% 4.00% 3.52% 5.92% 6.46% 14.58% 3.53% 10.27% 14.08% 9.37% 13.96% 12.82% 29.72% 30.77% 22.44% 19.88% 1.22% (2.84%) 0.34% (0.95%) 5.37% 5.43% 13.19% 13.27% 15.93% 23.63% 9.07% 12.56% (6.06%) (6.95%) (1.38%) (2.05%) 1.80% 1.30% ABL IAAF 0.07% (0.02%) ABL ACPF 2.83% 0.75% REPORT, JUNE to understand the investment policies and the risk involved including risk disclosures for special features.

17 REGISTERED ADDRESS Plot No. 14. Sector MB, DHA, Phase 6, Lahore KARACHI 2nd Floor, Main Khayaban eittehad DHA, Karachi. Tel: Mobile: , LAHORE Plot # 24B Mezznine Floor, Main Market Gulberg 111, Lahore. Tel: Mobile: , RAWALPINDI Plot # 171 A1 Phase 1 DHA, Rawalpindi. Tel: Fax: Mobile: FAISALABAD 15 Club Road, Main Faisal Lane, Off Club Road, Cilvil. Lines, Faislabad. Tel: , Mobile: PESHAWAR Plot # 19, Pc10918, Sector08 Phase VII Stage1 Office Enclave, Hayatabad Peshawar. Mobile: SIALKOT Aziz Shaheed Road, Cantt. Branch Sialkot. Mobile:

18 SMS Call : : Website : INVEST to ABLAM ( ) contactus@ablamc.com ABLAssetManagement ABLAssetManagement ablamcl Rating as per JCRVIS