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

Transcription

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

2 ECONOMY AND CAPITAL MARKETS UPDATE Imports ; Breathing Space to CAD CPI inflation for the month of Mar 18 clocked in at 3.2%YoY as compared to an increase of 3.8% in Feb 18 and 4.9% in Mar 17. On sequential basis, the ease in CPI was primarily due to decrease in perishable food prices, Tomatoes (20.06%), Onion (19.16%), Potatoes (8.53%), Fresh Vegetables (7.33%). Overall 9MFY18 average CPI stands at 3.78%YoY as compared to 4.01%YoY in the SPLY. On the other hand, pressure on external account relieved a bit as current account deficit for Feb 18 was reported at USD1,241 million compared to USD1,665 million in Jan 17. The overall deficit for 8MFY18 stood at USD10,826 million (4.8% of GDP), registering an increase of 50%YoY from USD7,216 million (3.6% GDP). On sequential basis, slight improvement in current account can be attributed mainly to 12%MoM decrease in StatusQuo in MPS The interbank market remained fairly liquid throughout the month of March due to regular Open Market Operation (OMO) injections (5.0x) from State Bank of Pakistan (SBP). On average the market traded close to policy rate. On the Tbill auctions front, the market witnessed participation of PKR241 billion against the target and maturity of PKR950 billion and PKR697 billion respectively. The central bank however accepted bids worth PKR45 billion in s tenor only where the cut off stayed at The Rise of the Bulls During Mar 18, KSE 100 index offered a remarkable return of 5.4%, gaining 2,321 points and closing at 45,560 points on 30th Mar, after shedding 1.8% in Feb 18. Market remained positive during majority of the trading sessions(14 out of total 21) last month on the back of 1) Expectation that SBP will increase the interest rate by 25 basis points (bps). 2) Increase in cement prices by ~PKR 35 per bag 3) PKR devaluation by 4.5% to PKR115.44/USD leading to positive sentiment for sectors that contribute to exports. Volumes, declined by 5% MoM to 193 million shares, along with average daily value traded settled at USD71 million (down by 8% MoM). On the local front, Companies and Insurance Co. remained the biggest local investors with a net buying of USD40 million and USD20 million respectively. While individuals and other organizations remained net sellers of USD26 million and USD14 million, respectively. Imports on the back of Import duties and PKR/USD devaluation, we believe. As per recent available figures, Foreign exchange reserves further declined to USD17.9 billion from USD18.3 billion in Feb 18, largely on account of external debt servicing. Reserves held by the SBP decline by USD451 million to USD11.8 billion, however, banks' foreign exchange reserves increased by USD83 million to reach at USD6.2 billion. On the fiscal front, FBR posted revenue collection of PKR362 billion in Mar 18, up meager 6.5%YoY. Provisional net revenue collection for 9MFY18 clocked in at PKR2,621 billion (up 16.1%YoY) but fell short of the target by PKR129 billion. Going forward, external accounts are likely to face pressure in case of absence of amnesty scheme, foreign loans, and/or further auction of eurobonds & Sukuk s. 6.26%. On Pakistan Investment Bonds (PIBs) front, corporates and banks continued to avoid taking exposure in longer tenor instruments amid possible further increase in interest rates. Secondary market PKRVs increased by 17bps to 24bps across all tenors. SBP announced Monetary Policy on 30th March, where contrary to marketwide expectation of 25bps increase, the policy rate was kept steady at 6%. Although, Foreigners were net sellers for the month of Mar 18 with total outflow of USD22 million, however, the pace of outflow has slowed down after devaluation. On the sectoral front, Commercial Banks contributed 845 points (Expectation of interest rate hike), Cements contributed 466 points (Price increase by PKR 35/bag), E&P s contributed 382 points (PKR devaluation as E&P s have USD linked revenue stream), and Fertilizer contributed 339 points (improved fertilizer off take). Going forward, it is expected that commercial banks will take a hit due to policy rate being maintained at 6%; contrary to the expectation of 25bps increase, while cement sector will remain in the limelight due to stable prices in short term and exports gaining momentum. KSE100 has provided an impressive return of 12.57% CYTD and is trading at P/E of 8.8x with a dividend yield of 6.1% compared to regional average of 13.4x. 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) March February February February February 3.25% (2,255) 1,672 (1,241) % (2,793) 1,904 (1,665) % (19,691) 15,279 (10,826) 1,943 March 30, Change (bps) Source : FMA EQUITY MARKET Tax Collection ** (PKR bn) M2 Growth* March March , % Mar18 Feb18 M/M 1 Yr Low 1 Yr High FX Reserves* (USD bn) Source SBP, FBS * Latest monthly figures ** Provisional figures March 17.9 KSE 100 Index Avg. Daily Vol. (mn) Avg. Daily Val. (USD mn) E PE(X) E DY 45, % 43, % (9%) (5%) 37, , Source: KSE, Bloomberg REPORT, MAR

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 For the month of Mar 18, ABL Income Fund posted a return of 5.88% against the benchmark return of 6.51% therefore underperforming the benchmark by 63 bps due to adverse changes in market price of Corporate TFC / Sukuks. On YTD basis, the fund s return stood at 4.63% against the benchmark return of 6.24%. Fund's size as at Mar'18 stood at PKR 2, million. At month end, the total exposure in, TDRs and TFCs stood at 50.29%, 11.93% and 32.15% respectively as compared to 39.94%, 15.08% and 29.76% at the end of Feb'18. exposure in Government Guaranteed TFCs stood at 2.39%. Alee Khalid Ghaznavi CEO Saqib Matin, ACA CFO & CS Kashif Rafi CIO M. Abdul Hayee, CFA Aniel Victor Head of Risk Management 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 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 679 TOP TFCs / SUKUK HOLDING (% OF TOTAL ASSETS) MCB BANK TFC (190614) (Formerly NIB Bank LTD TFC II) JSBL TFC I ( ) The Bank of Punjab TFC (231216) JSCL TFC X (180717) Askari Bank LtdTFC IV (231211) DHCL SUKUK I (161117) WAPDA PPTFC III (270913) 7.65% 6.77% 6.39% 5.2% 3.26% 2.88% 2.39% 34.54% The Fund's weighted average maturity at the end of Mar'18 stood at 679 days as compared to 631 days at the end of Feb'18. 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) 1.52% (0.24% representing Government Levies and SECP Fee etc). 7.0% ABL IF Vs (12M Rolling Returns) 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 31Mar17 30Apr17 31May17 30Jun17 31Jul17 31Aug17 30Sep17 31Oct17 30Nov17 31Dec17 31Jan18 28Feb18 31Mar18 ABLIF Mar 31, 5.88% 6.51% YTD* St. Dev** Ratio*** Sharpe Alpha 4.63% 0.56% (2.60) (1.53%) 6.24% *Funds returns computed on to with the dividend reinvestment (excluding sales load) ** 12M Trailing Data ***3MPKRV used as RFR Placements with Banks(TDRs) Spread Transactions TFCs WAPDA PPTFC III including Receivables TBills Amount Invested by Fund of Funds is Rs million. ABLIF ABLIF 4.69% 6.39% 4.71% 6.29% 4.84% 6.22% 6.66% 6.37% 0% 39.94% 15.08% 0.47% 29.76% 2.37% 2% 10.38% 100% 9.61% 7.64% % 11.93% 0% 32.15% 2.39% 3.24% 0% 100% 15.24% 10.08% *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) AA, 6.24% / Unrated, 3.25% 6 Months KIBOR Credit Quality of Portfolio (% of Assets) AAA, 22.12% *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) ZTBL TDR 10% 12.09% 11.93% 2.09% 1.93% *The scheme holds certain noncompliant investments. Before making any investment decision, investors should review this document and latest Financial Statements A+, 6.77% AA, 6.48% AA+, 55.14% REPORT, MAR

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 increased by 5.27% in March against 5.37% increase of the benchmark, reflecting an underperformance of 10 basis points. During the period under review, allocation to Commercial Banks increased from 24.71% to 26.72%. As at, ABLSF was 85.35% invested in equities and remaining in bank deposits. The KSE100 Index jumped by 5.4% in March mainly owning to rally in Commercial Banks on the back of expected hike in interest rates. Besides, gradual increase in bag prices (PKR ~35/bag) attracted decent interest in Cement stocks as well during past one month. Though, foreigners were net sellers yet local liquidity absorbed the whole selling. Going forward, sectors like Banks, E&P, IPPs, Textile etc. Alee Khalid Ghaznavi CEO Saqib Matin, ACA CFO & CS Kashif Rafi CIO M. Abdul Hayee, CFA Aniel Victor Head of Risk Management Net Assets Net Assets (Net of FoF Investments) Cutoff time Management Fee Performance Ranking Openend Equity Scheme June 27, 2009 Rs mn as at Rs mn 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 Muhammad Abdul Hayee, CFA 20% 10% 0% 10% 20% 30% having positive impact on revenues with currency depreciation are expected to perform well. In the longrun, positive stance is intact based on abundant domestic liquidity, foreign inflows and attractive valuation. 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 2.5% (0.34% 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. 1Apr17 15Apr17 29Apr17 13May17 ABLSF Mar 31, YTD* St. Dev** Beta*** Alpha * 5.27% (9.83%) 19.22% (6.88%) 5.37% (2.16%) 18.62% 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 27May17 10Jun17 24Jun % 12.57% ABLSF vs BENCHMARK (12m ROLLING RETURNS) 8Jul17 22Jul17 5Aug % 7.43% KSE100 19Aug17 2Sep17 16Sep17 (11.47%) (5.39%) 51.85% 35.13% 86.54% 13.25% 0.20% % 82.90% 85.35% 12.65% 2.00% *Funds returns computed on Absolute basis. Performance data does not include cost incurred by investor in the form of sales load. 30Sep17 ABL SF 14Oct17 28Oct17 11Nov17 25Nov17 9Dec17 23Dec17 6Jan18 20Jan18 3Feb18 17Feb18 3Mar18 17Mar % % 31Mar18 TOP TEN HOLDINGS (% OF TOTAL ASSETS) United Bank Limited Mari Petroleum Company Limited Habib Bank Limited Pakistan Petroleum Limited Pakistan Oilfields Limited Engro Corporation Limited Bank AlFalah Limited Oil and Gas Development Co. Ltd. MCB Bank Limited Hub Power Company Limited 6.07% 6.05% 5.84% 4.48% 4.64% 3.86% 3.94% 4.22% 2.89% 3.42% 6.39% 5.70% 5.68% 4.98% 4.78% 4.49% 4.29% 4.28% 3.57% 3.33% SECTOR ALLOCATION (% OF TOTAL ASSETS) Commercial Banks Oil & Gas Exploration Companies Bank Balance & Fertilizer Cement Textile Composite Power Generation & Distribution Engineering Chemical Oil & Gas Marketing Companies Insurance Paper & Board Automobile Assembler Technology & Communication Automobile Parts & Accessories Pharmaceuticals 7.74% 7.24% 4.15% 3.83% 3.27% 2.87% 2.48% 2.36% 1.99% 1.47% 0.74% 0.67% 0.08% 14.65% 19.74% 26.72% 0% 5% 10% 15% 20% 25% 30% REPORT, MAR 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 For the month of Mar'18, ABL Fund posted a return of 5.19% against the benchmark return of 5.47%. On yeartodate basis, the fund posted a return of 5.35% against the benchmark return of 5.24% thereby outperforming the benchmark by 11 basis points. Fund's size as at Mar 18 stood at PKR 16, million. On the Asset Allocation side, exposure in cash during the month of Mar'18 increased to 78.24% from 25.09% at the end of Feb1'8 while exposure in TDRs increased to 21.18% from 3.29% at the end of Feb 18. Exposure in Tbills decreased to from 71.09% last month. At month end, fund s weighted average maturity stood at 2.49 days. 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) 0.86% (0.15% 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 9.0% 8.0% 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 31Mar17 30Apr17 31May17 30Jun17 31Jul17 31Aug17 30Sep17 31Oct17 30Nov17 31Dec17 31Jan18 28Feb18 31Mar18 Openend Money Market Scheme July 31, 2010 Net Assets PKR mn as at Net Assets (Excluding FoF investments) PKR mn as at 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) Decemebr 29,2017 Low Fund Stability Rating AA(f) (JCRVIS) January 16, Fahad Aziz ABL CF ABLCF Mar 31, 5.19% 5.47% YTD* St. Dev** Ratio*** Sharpe 5.35% 0.94% % *Funds returns computed on to with the dividend reinvestment (excluding sales load) ** 12M Trailing Data ***3MPKRV used as RFR Placements with Banks(TDRs) 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 5.24% 5.35% 5.31% 5.27% 6.41% 5.24% 7.57% 4.66% 0% 25.09% 3.29% 71.09% 0.53% 100% (187.41) 8.86% 5.39% Alpha 1.03% 78.24% 21.18% 0% 0.58% 100% 11.8% 6.04% *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 2.49 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, 0.58% AAA, 62.51% AA+, 36.91% REPORT, MAR

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 For the month of Mar'18, ABL GSF posted a return of 6.37% against the benchmark return of 6.46%. On year to date basis, the fund posted a return of 4.99% against the benchmark return of 6.08% thereby underperforming the benchmark by 109bps. At month end, the fund maintained a total of 41.55% in government securities whereas 4.36% was placed with Banks as TDRs. Exposure in was increased to 42.29% in Mar'18 from 32.83% in Feb'18. The fund s weighted average maturity stood at 401 days at the end of Mar'18 as compared to 424 days at the end of Feb'18. 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) 1.35% (0.21% representing Government Levy and SECP Fee etc). ABL GSF 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 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 PKR as at 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 7.0% 6.0% 5.0% 4.0% 3.0% 2.0% 1.0% 31Mar17 30Apr17 31May17 30Jun17 31Jul17 31Aug17 30Sep17 31Oct17 30Nov17 31Dec17 31Jan18 28Feb18 31Mar18 ABLGSF *Funds returns computed on to with the dividend reinvestment (excluding sales load) ** 12M Trailing Data ***3MPKRV used as RFR ABL GSF Placements with Banks(TDRs) TBills TFCs including Receivables Amount Invested by Fund of Funds is Rs million. Mar 31, 6.37% 6.46% YTD* St. Dev** Ratio*** Sharpe Alpha 4.99% 0.34% (3.91) (1.28%) 6.08% 6 Months PKRV 0.01% 32.83% 10.6% 42.81% 11.17% 2.59% 100% (5.26) 42.29% 4.36% 41.55% 10.01% 1.79% 100% TECHNICAL INFORMATION Weighted average time to maturity of net assets TOP TFCs / SUKUK HOLDING (% OF TOTAL ASSETS) The Bank of Punjab TFC (231216) JSCL TFC X (180717) DHCL SUKUK I (161117) Askari Bank LtdTFC IV (231211) % 3.09% 2.04% 1.37% 10.01% ABLGSF 5.12% 6.24% 4.93% 6.13% 4.97% 6.06% PORTFOLIO QUALITY (% OF TOTAL ASSETS) 7.06% 5.89% 10.74% 7.01% 12.37% 7.56% *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, 41.55% *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) AAA, 4.37% AA+, 9.85% Unrated/Other, 1.79% AA, 3.42% AA, 39.02% REPORT, MAR

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 For the month of Mar 18, ABL Islamic Income Fund posted a return of 4.75% against the benchmark return of 2.48%, hence outperforming the benchmark by 227 bps. On YTD basis, the fund continued to outperform the benchmark of 2.50% by posting a return of 4.27%. During the month, the fund s exposure in cash stood at 64.30%, exposure in TDRs however increased to 8.17% in Mar'18 from 7.83% in Feb'18. Exposure in Corporate Sukuks increased further to 22.24% in Mar'18 from 20.64% in Feb'18. The fund s WAM increased to 549 days in Mar'18 from 524 days in Feb'18. 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) 1.10% (0.18% representing Government Levies and SWWF etc). 6.0% Alee Khalid Ghaznavi CEO Saqib Matin, ACA CFO & CS Kashif Rafi CIO M. Abdul Hayee, CFA Aniel Victor Head of Risk Management 5.0% 4.0% 3.0% 2.0% 1.0% 31Mar17 30Apr17 31May17 30Jun17 31Jul17 31Aug17 30Sep17 31Oct17 30Nov17 31Dec17 31Jan18 28Feb18 31Mar18 ABL IIF Average of 6 Month Deposit Rate of 3 A Rated Islamic Banks 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 PKR mn as at PKR as at 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, Kashif Rafi 549 ABLIIF *Funds returns computed on to with the dividend reinvestment (excluding sales load) ** 12M Trailing Data ***3MPKRV used as RFR Placements with Banks(TDRs) GoP Ijara Sukuk Corporate Sukuk including Receivables Amount Invested by Fund of Funds is Rs million. ABLIIF 4.17% 2.5% 4.43% 2.53% Mar 31, 4.75% 2.48% 4.39% 2.5% YTD* St. Dev** Ratio*** Sharpe Alpha 4.27% 0.79% (2.40%) 1.86% 2.5% 5.81% 3.87% 0.01% 65.66% 7.83% 0.71% 20.64% 5.16% 100% 7.8% 5.01% 64.3% 8.17% 0% 22.24% 5.29% 100% 10.57% 6% *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) (623.56%) TOP TFCs / SUKUK HOLDING (% OF TOTAL ASSETS) DHCL SUKUK (16NOV17) 10.25% Meezan Bank Ltd Sukuk ( ) 6.75% DIB SUKUK ( ) 4.16% IBL SUKUK (15NOV2017) 0.82% FFCL SUKUK ( ) 0.26% 22.24% / Unrated, 5.29% Credit Quality of Portfolio (% of Assets) AA, 19.24% AA+, 0.35% AAA, 0.03% AA, 28.27% *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) A, 13.84% A+, 32.98% REPORT, MAR

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 increased by 3.99% in March against 5.31% increase of the benchmark, reflecting an underperformance of 132 basis points. During the period under review, allocation to Cement Companies increased from 6.08% to 10.45%. As at, ABLISF was 82.28% invested in equities and remaining in bank deposits. The KMI30 Index jumped by 5.3% in March mainly owning to rally in Oil stocks due to expected depreciation of PKR against greenback. Besides, gradual increase in bag prices (PKR ~35/bag) attracted decent interest in Cement stocks as well during past one month. Though, foreigners were net sellers yet local liquidity absorbed the whole selling. Going forward, sectors like E&P, IPPs, Textile etc. having positive impact on revenues with currency depreciation are expected to perform well. In the longrun, positive stance is intact based on abundant domestic liquidity, foreign inflows and attractive valuation. 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 2.48% (0.34% 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 Net Assets Net Assets (Excluding FoF Investments) Cutoff time Performance Ranking TOP TEN HOLDINGS (% OF TOTAL ASSETS) Oil and Gas Development Co. Ltd. Pakistan Oilfields Limited Pakistan Petroleum Limited Engro Corporation Limited Mari Petroleum Company Limited Engro Fertilizers Limited Lucky Cement Limited Nishat Mills Limited Meezan Bank Limited Pakistan State Oil 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 7.29% 6.79% 5.74% 5.55% 6.02% 5.02% 2.41% 4.16% 3.59% 3.73% 15.0% 1 5.0% 5.0% % % 7.79% 7.28% 6.69% 6.33% 6.06% 4.78% 4.42% 4.15% 3.82% 3.77% 1Apr17 12Apr17 23Apr17 4May17 15May17 26May17 6Jun17 17Jun17 ABLISF 28Jun17 9Jul17 *Funds returns computed on to with the dividend reinvestment (excluding sales load) ** 12M Trailing Data *** 3MPKRV used as RFR Stock/Equities Bank Balances ABLISF vs BENCHMARK (12m ROLLING RETURNS) Note: Amount invested by Fund of Fund is Rs mn KMI30 20Jul17 31Jul17 11Aug17 22Aug17 2Sep17 13Sep17 24Sep17 5Oct17 16Oct17 27Oct17 7Nov17 18Nov17 29Nov17 10Dec17 21Dec17 1Jan18 12Jan18 23Jan18 3Feb18 14Feb18 25Feb18 8Mar18 19Mar18 30Mar18 Mar 31, * YTD* St. Dev** Beta*** Alpha 3.99% (10.65%) 20.15% 0.87 (6.75%) 5.31% ABL ISF SECTOR ALLOCATION (% OF TOTAL ASSETS) (2.05%) 21.48% 76.33% 23.25% 0.42% % 16.17% 1.55% ABLISF 7.79% 12.21% 1.96% 7.76% (12.66%) (5.91%) 41.15% 55.96% 92.60% % *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 Bank Balance & Fertilizer Cement Engineering Textile Composite Oil & Gas Marketing Companies Commercial Banks Power Generation & Distribution Paper & Board Chemical Automobile Assembler Automobile Parts & Accessories Technology & Communication Pharmaceuticals 4.64% 4.15% 3.97% 3.82% 3.73% 3.71% 3.23% 3.06% 1.51% 0.79% 0.28% 11.11% 10.45% 17.72% 0% 2% 4% 6% 8% 10%12%14%16%18%20%22%24%26%28% 27.82% REPORT, MAR 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 increased by 4.01% in March against 5.31% increase of the benchmark, reflecting an underperformance of 130 basis points. During the period under review, allocation to Cement Companies increased from 6.08% to 9.23%. As at, ABLIDSF was 83.21% invested in equities and remaining in bank deposits. The KMI30 Index jumped by 5.3% in March mainly owning to rally in Oil stocks due to expected depreciation of PKR against greenback. Besides, gradual increase in bag prices (PKR ~35/bag) attracted decent interest in Cement stocks as well during past one month. Though, foreigners were net sellers yet local liquidity absorbed the whole selling. Going forward, sectors like E&P, IPPs, Textile etc. having positive Alee Khalid Ghaznavi CEO Saqib Matin, ACA CFO & CS Kashif Rafi CIO M. Abdul Hayee, CFA Aniel Victor Head of Risk Management 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 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 1Apr17 15Apr17 impact on revenues with currency depreciation are expected to perform well. In the longrun, positive stance is intact based on abundant domestic liquidity, foreign inflows and attractive valuation. 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 2.45% (0.33% 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. 29Apr17 13May17 27May17 10Jun17 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. 1,838.37mn ABLIDSF 24Jun17 ABLIDSF vs BENCHMARK (12m ROLLING RETURNS) 8Jul17 22Jul % 12.21% 5Aug17 19Aug17 KMI30 2Sep % 7.76% 16Sep17 30Sep17 Mar 31, YTD* St. Dev** Beta*** Alpha * 4.01% (10.59%) 20.29% 0.90 (6.56%) 5.31% ABL IDSF 14Oct17 28Oct17 (12.47%) (5.91%) 11Nov17 25Nov17 (2.05%) 9Dec % 84.18% 15.37% 0.46% % 14.27% 2.52% 23Dec17 6Jan18 20Jan18 3Feb18 17Feb18 3Mar18 17Mar18 31Mar18 (8.03%) (4.62%) TOP TEN HOLDINGS (% OF TOTAL ASSETS) Mari Petroleum Company Limited Oil and Gas Development Co. Ltd. Pakistan Petroleum Limited Pakistan Oilfields Limited Engro Corporation Limited Meezan Bank Limited Nishat Mills Limited Engro Fertilizers Limited Pakistan State Oil Company Limited I.C.I. Pakistan Limited 8.16% 7.29% 6.75% 6.39% 5.55% 4.28% 4.44% 4.21% 4.14% 4.78% 8.00% 7.58% 6.87% 6.83% 5.82% 4.43% 4.31% 4.10% 4.00% 3.92% 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 Bank Balance & Fertilizer Cement Engineering Commercial Banks Textile Composite Oil & Gas Marketing Companies Chemical Automobile Assembler Power Generation & Distribution Paper & Board Automobile Parts & Accessories Pharmaceuticals Technology & Communication 5.04% 4.43% 4.31% 4.00% 3.92% 3.76% 3.37% 3.37% 1.88% 0.32% 0.08% 9.23% 10.22% 16.79% 29.27% 4.00% 8.00% 12.00% 16.00% 2 REPORT, MAR 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 5.11% during the month of March'18. During the month, exposure in cash increased. At month end, portfolio comprised of 62.09%, Tbills, while cash at bank and investment in Corporate TFC / sukuks stood at 24.09% & 11.30% respectively. Going forward, we intend to maintain a low duration portfolio in order 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 3.97% in March 18. On YTD basis, ABLPF MMSF yielded an annualized return of 3.90% respectively. At the end of the month, cash at bank increased to 27.37% while exposure in Tbills also marginally to 72.42% Mar'18. Going forward, we intend to maintain a low duration portfolio in order to avoid volatility in returns. The Scheme has maintained the provision against Sindh Workers Welfare Fund s Liability to 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 increased by 5.24% in the month of March 18. The KSE100 Index jumped by 5.4% in March mainly owning to rally in Commercial Banks on the back of expected hike in interest rates. Besides, gradual increase in bag prices (PKR ~35/bag) attracted decent interest in Cement stocks as well during past one month. Though, foreigners were net sellers yet local liquidity absorbed the whole selling. Going forward, sectors like Banks, E&P, IPPs, Textile etc. having positive impact on revenues with currency depreciation are expected to perform well. In the longrun, positive stance is intact based on abundant domestic liquidity, foreign inflows and attractive valuation. 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. Alee Khalid Ghaznavi CEO Saqib Matin, ACA CFO & CS Kashif Rafi CIO M. Abdul Hayee, CFA Aniel Victor Head of Risk Management 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 Investor dependent M. Abdul Hayee, CFA EQUITY SUBFUND (% OF TOTAL ASSETS) United Bank Limited Lucky Cement Limited Habib Bank Limited Nishat Mills Limited Mari Petroleum Company Limited Thal Limited Engro Corporation Limited I.C.I. Pakistan Limited Pakistan Oilfields Limited D.G. Khan Cement Company Limited 6.90% 6.11% 6.19% 5.79% 5.41% 6.29% 4.37% 4.35% 3.32% 3.74% DISCLOSURE IN COMPLIANCE WITH SECP'S DISCRETION NO # 23 OF % 6.77% 6.09% 5.57% 5.26% 5.11% 4.34% 4.26% 4.26% 4.10% APF DEBT SUB FUND The Scheme has also mantained expense ratio (TER) 1.64% (0.22% representing Government Levies and SECP Fee etc.). APF MONEY MARKET SUB FUND Scheme has also mantained expense ratio (TER) 1.74% (0.22% representing Government Levies and SECP Fee etc). APF EQUITY SUB FUND The Scheme has also mantained expense ratio (TER) 1.64% (0.22% representing Government Levies and SECP Fee etc.). *DETAILS OF NONCOMPLIANT INVESTMENT WITH THE INVESTMENT CRITERIA OF ASSIGNED CATEGORY Name of Fund Exposure Type % of Net Assets Limit Excess / Short March18 YTD *Funds returns computed on to with the dividend reinvestment (excluding sales load) APF DEBT SUB FUND Placements with Banks (TDRs) Corporate Sukuk TBills PIBs Including Receivables Corporate Sukuk PIBs TBills Including Receivables 22.33% 11.16% 61.51% 5.01% 24.69% 71.94% 3.37% 24.09% 11.30% 62.09% 2.52% APF MONEY MARKET SUB FUND Stock/Equities Bank Balances TBills 90.39% 4.84% 4.77% 27.37% 72.42% 0.21% APF EQUITY SUB FUND APFDSF* APF MMSF* APF ESF** 4.49% 4.08% 10.57% 3.89% 3.86% 5.86% 3.89% 3.87% (9.97%) 6.93% 4.27% 53.11% SECTOR ALLOCATION (% OF EQUITY SUBFUND) APFDSF APFMMSF APFESF 5.11% 3.97% 5.24% 3.89% 3.90% (7.75%) 89.62% 7.61% 2.77% 11.69% 4.78% 72.48% *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 Cement Bank Balance & Fertilizer Automobile Parts & Accessories Oil & Gas Marketing Companies Textile Composite Chemical Paper & Board Automobile Assembler Engineering Pharmaceuticals Insurance 12.37% 10.38% 7.99% 6.27% 6.09% 5.57% 4.25% 2.83% 2.72% 2.17% 2.02% 1.83% 18.75% 16.76% 3.00% 6.00% 9.00% 12.00% 15.00% 18.00% REPORT, MAR

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 0.81%. Other than GoP Ijarah Sukuk, portfolio comprised of 7.71% allocated in Corporate Sukuk and 6.32% 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 1.88% in Mar 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 27.08% of the portfolio was placed in GoP Ijarah Sukuks. 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 Cutoff time Front end Fund Stability Rating 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) Decenmber 29, 2017 NA Investor dependent M. Abdul Hayee, CFA TECHNICAL INFORMATION APFIDSF APFIMMSF APFIESF Fund Size (PKR Millions) EQUITY SUBFUND (% OF TOTAL ASSETS) Lucky Cement Limited Nishat Mills Limited Mari Petroleum Company Limited Oil and Gas Development Co. Ltd. Thal Limited Engro Fertilizers Limited Engro Corporation Limited Pakistan Petroleum Limited I.C.I. Pakistan Limited Pakistan Oilfields Limited 7.47% 7.80% 7.66% 5.91% 6.83% 5.93% 5.50% 5.38% 5.61% 5.19% DISCLOSURE IN COMPLIANCE WITH SECP'S DISCRETION NO # 23 OF % 7.51% 7.46% 6.09% 6.08% 5.73% 5.48% 5.44% 5.36% 5.23% APF ISLAMIC DEBT SUB FUND The Scheme has also mantained expense ratio (TER) 1.78% (0.22% representing Government Levies and SECP Fee etc). APF ISLAMIC MONEY MARKET SUB FUND The Scheme has also mantained expense ratio (TER) 1.83% (0.22% representing Government Levies and SECP Fee etc). APF ISLAMIC EQUITY SUB FUND The Scheme has also mantained expense ratio (TER) 1.94% (0.22% representing Government Levies and SECP Fee etc). *DETAILS OF NONCOMPLIANT INVESTMENT WITH THE INVESTMENT CRITERIA OF ASSIGNED CATEGORY 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 increased by 4.91% in the month of March 18. The KMI30 Index jumped by 5.3% in March mainly owning to rally in Oil stocks due to expected depreciation of PKR against greenback. Besides, gradual increase in bag prices (PKR ~35/bag) attracted decent interest in Cement stocks as well during past one month. Though, foreigners were net sellers yet local liquidity absorbed the whole selling. Going forward, sectors like E&P, IPPs, Textile etc. having positive impact on revenues with currency depreciation are expected to perform well. In the longrun, positive stance is intact based on abundant domestic liquidity, foreign inflows and attractive valuation. 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. March18 YTD *Funds returns computed on to with the dividend reinvestment (excluding sales load) APF ISLAMIC DEBT SUB FUND GoP Ijarah Sukuk Corporate Sukuk Including Receivables GoP Ijarah Sukuk Corporate Sukuk Including Receivables 4.74% 82.40% 7.74% 5.12% 68.48% 27.19% 4.34% 6.32% 82.07% 7.71% 3.90% APF ISLAMIC MONEY MARKET SUB FUND Shariah Compliant Equities Bank Balances 93.67% 5.23% 1.10% 72.03% 27.08% 0.89% APF ISLAMIC EQUITY SUB FUND APFIDSF* APF IMMSF* APF IESF** 0.44% 1.42% 10.54% 1.52% 1.72% 5.78% 1.77% 1.93% (8.24%) 3.45% 2.73% 56.91% SECTOR ALLOCATION (% OF EQUITY SUBFUND) APFIDSF APFIMMSF APFIESF 0.81% 1.88% 4.91% 0.76% 1.48% (5.01%) 92.45% 5.14% 2.41% 4.14% 3.46% 77.59% *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 Cement Fertilizer Oil & Gas Marketing Companies Automobile Parts & Accessories Bank Balance & Textile Composite Chemical Paper & Board Engineering Pharmaceuticals 11.20% 9.14% 7.96% 7.55% 7.51% 5.36% 4.27% 3.13% 2.80% 16.85% 24.22% 4.00% 8.00% 12.00% 16.00% % 28.00% Name of Fund Exposure Type % of Net Assets Limit Excess / Short REPORT, MAR

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 t 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), (Back end Contingent) MCB Financial Services Limited (MCBFSL) Deloitte Yousuf Adil. Chartered Accountants AM2++ (Stable Outlook) (JCRVIS) December 29, 2017 Low to High Kashif Rafi Conv: 0.41% (0.08% including Gop Levy and SECP FEE etc) Active: 0.29% (0.08% including Gop Levy and SECP FEE etc) Strategic: 0.27% (0.08% 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 % 64.12% 4.02% 13.56% 68.71% 29.26% 1.01% 1.02% 19.37% 64.78% 13.23% 2.17% 0.45% 19.23% 74.56% 0.21% 6.00% 70.54% 28.68% 0.71% 0.07% 30.18% 63.72% 5.93% 0.17% 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 273,534, ,097, ,326, Conservative Allocation Active Allocation Strategic Allocation Returns* Returns* Returns* Mar % 1.49% 3.81% 3.95% 1.93% 1.94% YTD 0.69% 3.73% (6.59%) (0.37%) 3.01% 3 Months 2.62% 3.68% 7.37% 9.81% 3.22% 4.15% 6 Months 2.33% 4.17% 2.93% 6.81% 3.02% 4.63% Since Inception 16.02% 18.26% 17.31% 20.33% 0.19% 2.75% *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, MAR

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 Kashif Rafi TER Conv: 0.53% (0.08% including Gop Levy and SECP FEE etc) Aggressive: 0.27% (0.08% including Gop Levy and SECP FEE etc) Active: 0.27% (0.08% including Gop Levy and SECP FEE etc) Strategic: 0.28% (0.08% including Gop Levy and SECP FEE etc) Strategic II: 0.28% (0.08% including Gop Levy and SECP FEE etc) Strategic III: 0.27% (0.08% including Gop Levy and SECP FEE etc) Strategic IV: 0.18% (0.06% 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 maintained the provision against Sindh Workers Welfare Fund s Liability to the tune of Rs. 0 million, had the same not been made, the per unit of the scheme would have been higher by Rs. 0 per unit. Investment Alee Khalid Ghaznavi CEO Committee Members: Saqib Matin, ACA CFO & CS Kashif Rafi CIO Period Mar18 YTD 3 Months 6 Months Since Inception Period Mar18 YTD 3 Months 6 Months Since Inception Strategic IV Returns* 1.08% 1.22% 2.63% 3.01% 2.46% 2.88% 2.39% 3.04% 2.63% 3.01% M. Abdul Hayee, CFA Aniel Victor Head of Risk Management ***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 18.46% 78.57% 1.84% 1.13% 68.64% 29.23% 0.82% 1.31% 65.29% 34.29% 0.07% 0.35% 49.35% 50.30% 0.34% 0.01% 39.25% 60.60% 0.14% 0.01% 19.71% 80.13% 0.16% 19.65% 80.23% 0.12% Net Assets (PKR) 194,378, ,693,514 1,300,913, ,259, ,476, ,570, ,479,412 *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 thereon ** SAP IV: 1.0% till 6M, 0.5% More than 6M to 1Yr and thereon 19.14% 78.65% 1.12% 1.09% 68.85% 28.31% 1.56% 1.28% 66.06% 33.47% 0.47% 50.23% 49.43% 0.22% 0.12% 40.08% 59.74% 0.18% 25.18% 74.37% 0.22% 0.23% 20.22% 79.73% 0.05% ( PKR) Conservative Aggressive Active Allocation Strategic Strategic II Strategic III Returns* Returns* Returns* Returns* Returns* Returns* 0.99% 1.19% 2.86% 3.79% 2.75% 3.56% 2.15% 2.74% 1.78% 2.20% 1.29% 1.42% (0.24%) 1.40% (6.80%) (0.23%) (7.21%) (1.34%) (5.04%) 0.16% (4.93%) (0.88%) (0.50%) 1.12% 2.15% 2.81% 6.09% 8.73% 6.01% 8.41% 5.30% 7.06% 4.15% 5.41% 2.67% 3.10% 1.68% 2.78% 1.43% 6.49% 1.53% 5.98% 1.89% 5.22% 1.93% 4.37% 2.30% 3.05% 13.68% 14.34% 20.90% 30.40% 13.61% 18.17% 8.33% 9.46% (3.78%) (3.70%) (0.17%) 0.08% REPORT, MAR

14 DISCLOSURE AS PER ABL CAPITAL SECP S 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 0.610% in March against 0.360% increase of the benchmarks, reflecting an outperformance of 25 basis points. At month end, the total exposure in Equities, TDRs and stood at 2.56%, 87.63% and 8.70% respectively. The Scheme has not maintained any 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 0.15% (0.02% representing Government Levies and SECP Fee etc.). Alee Khalid Ghaznavi CEO Saqib Matin, ACA CFO & CS Kashif Rafi CIO M. Abdul Hayee, CFA Aniel Victor Head of Risk Management 1.4% 1.2% 1.0% 0.8% 0.6% 0.4% 0.2% (ABLACPF vs BENCHMARK**) 31Mar18 30Mar18 29Mar18 28Mar18 27Mar18 26Mar18 25Mar18 24Mar18 23Mar18 22Mar18 21Mar18 20Mar18 19Mar18 18Mar18 17Mar18 16Mar18 15Mar18 14Mar18 13Mar18 12Mar18 11Mar18 10Mar18 9Mar18 8Mar18 7Mar18 6Mar18 5Mar18 4Mar18 3Mar18 2Mar18 1Mar18 28Feb18 27Feb18 26Feb18 25Feb18 24Feb18 23Feb18 22Feb18 21Feb18 20Feb18 19Feb18 18Feb18 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 mn 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 Kashif Rafi Not yet ratred TOP TEN HOLDINGS (% OF TOTAL ASSETS) Bank AlFalah Limited MCB Bank Limited Habib Metropolitan Bank Limited Bank AlHabib Limited Pakistan Petroleum Limited Allied Bank Limited % 00.68% 00.60% 00.26% 00.16% 0.05% ABLACPF *Fund returns computed on to with the dividend reinvestment (excluding sales load) Stock/Equities Bank Balances TDR ABLACPF ** Mar 31, * 0.61% 0.36% PORTFOLIO QUALITY (% OF TOTAL ASSETS) YTD* St. Dev Beta Alpha 1.17% 0.43% Credit Quality of Portfolio (% of Assets) Unrated/ 3.67% ABL ACPF 14.18% 85.33% 0.48% *Funds returns computed on absolute basis. Performance data does not include cost incurred by investor in the form of sales load. 2.56% 8.70% 87.63% 1.11% 1.17% 0.43% *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 AA % REPORT, MAR 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 DISCLOSURE AS PER SECP S SCD CIRCULAR. 16, 2014 Last 5 Years Performance Since Inception Performance ABL IF FY % 9.96% FY 14 FY 15 FY 16 FY % 14.20% 7.19% 5.85% 9.81% 9.01% 6.54% 6.10% 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% ABL SF 55.87% 35.95% 32.90% 25.96% 27.11% 5.67% 9.91% 0.37% 33.21% 22.44% (0.17%) (0.42%) 32.43% 25.69% 71.06% 52.39% % 56.81% % % % % % % % % % % ABL CF 9.13% 6.62% 8.18% 6.57% 9.37% 6.06% 5.78% 3.81% 5.41% 4.96% 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% ABL IIF 9.22% 6.63% 8.88% 6.78% 8.69% 6.61% 5.82% 5.10% 5.68% 3.05% 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% ABL GSF 11.79% 8.84% 9.17% 8.82% 15.14% 8.00% 8.03% 5.67% 5.10% 5.85% 10.68% 10.52% 11.85% 9.46% 11.48% 9.21% 13.75% 8.87% 13.37% 8.17% 12.88% 7.76% ABL ISF (3.24%) (2.30%) 24.66% 29.89% 29.03% 20.10% 5.58% 15.53% 31.18% 18.80% (3.24%) (2.30%) 20.63% 26.90% 55.64% 52.40% 64.32% 76.07% % % ABL IDSF 2.86% (2.62%) 2.86% (2.62%) ABL PF DSF MMSF ESF 20.92% 6.14% 28.79% 12.14% 4.15% 10.56% 4.42% 3.89% 31.31% 20.92% 6.14% 28.79% 17.37% 5.18% 42.39% 13.35% 4.86% 86.97% ABL IPF DSF MMSF ESF 6.56% 6.31% 30.84% 3.52% 2.24% 11.31% 4.52% 3.22% 28.01% 6.56% 6.31% 30.84% 5.03% 4.18% 45.65% 5.00% 3.93% 86.96% 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%) 4.41% 4.17% 5.29% 6.99% 15.22% 14.01% 25.59% 20.32% 0.57% (0.25%) ABL IFPF SAP Conservative Plan Aggressive Fund Active Plan SAP II SAP III Bencmark SAP IV Bencmark 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%) 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%) ABL ACPF REPORT, MAR

16 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:

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