Download UBL Money Market Fund

UMMF
UBL Money Market Fund (Formerly UBL Savings Income Fund)
INVESTMENT OBJECTIVE
The objective of UBL Money Market Fund is to generate competitive returns within a low risk portfolio
to provide a regular stream of income and easy liquidity to its investors by
investing more than 50% of the portfolio in short term government securities.
Management Company
UBL Fund Managers Limited
Trustee
Central Depository Company of Pakistan Limited
99-B, Block-B, S.M.C.H.S., Main Shahra-e-Faisal,
Karachi. Tel: (9221) 111-111-500
Distribution Company
United Bank Limited
(for detail of others, please visit our website: www.UBLFunds.com)
Auditors
Ernst & Young Ford Rhodes Sidat Hyder, Chartered Accountants
Legal Advisor
Mohsin Tayebaly & Co.
Bankers
United Bank Limited
Bank Alfalah Limited
Standard Chartered Bank Limited
Faysal Bank Limited
Deutsche Bank A.G.
Barclays Bank Limited
Allied Bank Limited
Habib Bank Limited Islamic Banking
Habib Metropolitan Bank Limited
Meezan Bank Limited
Askari Bank Limited
Management Co.Rating
AM2+ (JCR‐VIS)
Fund Rating
AA Minus (f) (JCR‐VIS)
CORPORATE INFORMATION
Board of Directors
Tariq Kirmani
Chairman
Mir Muhammad Ali, CFA
Chief Executive
Zia Ijaz
Director
Syed Furrukh Zaeem
Director
Shabbir Hussain Hashmi
Director
Funds Under Management
UBL Liquidity Plus Fund
Launch Date: 21 June 2009
UBL Government Securities Fund
Launch Date: 27 July 2011
UBL Money Market Fund
(formerly UBL Savings Income Fund)
Launch Date: 14 October 2010
UBL Financial Sector Bond Fund
Launch Date: 29 March 2013
United Growth & Income Fund
Launch Date: 2 March 2006
UBL Gold Fund
Launch Date: 13 February 2013
UBL Asset Allocation Fund
Launch Date: 20 August 2013
Zulfiqar Alavi
Director
UBL Stock Advantage Fund
Launch Date: 4 August 2006
Audit Committee
UBL Principal Protected Fund-II
Launch Date: 23 July 2013
Shabbir Hussain Hashmi
Chariman
UBL Principal Protected Fund-III
Launch Date: 06 March 2014
Zia Ijaz
Member
Al-Ameen Islamic Sovereign Fund
(formerly UBL Islamic Sovereign Fund)
Launch Date: 07 November 2010
Syed Furrukh Zaeem
Member
Al-Ameen Islamic Aggressive Income Fund
(formerly United Islamic Income Fund)
Launch Date: 20 October 2007
Zulfiqar Alavi
Member
Al-Ameen Islamic Cash Fund
(formerly UBL Islamic Cash Fund)
Launch Date: 17 September 2012
Risk Management Committee
Zulfiqar Alavi
Chairman
Mir Muhammad Ali, CFA
Member
Syed Furrukh Zaeem
Member
Al-Ameen Shariah Stock Fund
(formerly UBL Shariah Stock Fund)
Launch Date: 24 December 2006
Al-Ameen Islamic Asset Allocation Fund
(formerly UBL Islamic Asset Allocation Fund)
Launch Date: 10 December 2013
Al-Ameen Islamic Principal Preservation Fund I
(formerly UBL Islamic Principal Preservation Fund I)
Launch Date: 15 March 2013
Al-Ameen Islamic Principal Preservation Fund II
(formerly UBL Islamic Principal Preservation Fund II)
Launch Date: 15 March 2013
Tariq Kirmani
Member
Al-Ameen Islamic Principal Preservation Fund III
Launch Date: 20 June 2014
HR & Compensation Committee
Al-Ameen Islamic Principal Preservation Fund IV
Launch Date: 16 October 2014
Tariq Kirmani
Chairman
Shabbir Hussain Hashmi
Member
Zia Ijaz
Member
Mir Muhammad Ali, CFA
Member
Al-Ameen Islamic Principal Preservation Fund V
Launch Date: 26 December 2014
UBL Retirement Savings Fund
Launch Date: 10 May 2010
Al-Ameen Islamic Retirement Savings Fund
(formerly UBL Islamic Retirement Savings Fund)
Launch Date: 10 May 2010
Quarterly Report March 2015 - UBL Money Market Fund (Formerly UBL Savings Income Fund)
CONDENSED INTERIM STATEMENT OF ASSETS AND LIABILITIES
As at March 31, 2015
Note
(Un-audited)
(Audited)
March 31,
June 30,
2015
2014
------- (Rupees in '000) -------
Assets
Bank balances
Placements and term deposit receipts
Investments
Mark-up / interest receivable
Preliminary expenses and floatation costs
Deposits, prepayments and other receivables
Total assets
4
5
6
44,225
200,000
1,115,235
3,859
536
1,533
1,365,389
131,194
645,000
770,065
20,785
1,288
1,664
1,569,996
1,446
149
828
5,414
7,930
15,766
406
162
1,845
3,831
9,108
15,351
Net assets
1,349,622
1,554,644
Unit holders' funds (as per the statement attached)
1,349,622
Liabilities
Payable to UBL Fund Managers Limited - Management Company
Payable to Central Depository Company of Management Company - Trustee
Payable to Securities and Exchange Commission of Pakistan
Provision for Workers' Welfare Fund
Accrued expenses and other liabilities
Total liabilities
Contingencies and commitments
7
8
1,554,644
9
---------------- (Numbers) ----------------
Number of units in issue
12,633,782
15,458,928
---------------- (Rupees) ----------------
Net assets value per unit
106.8265
100.5662
The annexed notes from 1 to 13 form an integral part of this condensed interim financial information.
For UBL Fund Managers Limited
(Management Company)
--- SD --Chief Executive Officer
--- SD --Director
Quarterly Report March 2015 - UBL Money Market Fund (Formerly UBL Savings Income Fund)
CONDENSED INTERIM INCOME STATEMNET
For the nine months and quarter ended March 31, 2015 (un-audited)
Note
Nine months period ended
March 31,
March 31,
2015
2014
------- (Rupees in '000) -------
Quarter ended
March 31,
March 31,
2015
2014
------- (Rupees in '000) -------
Income
Mark-up / interest income
Gain / (loss) on sale of government securities - net
Unrealised appreciation / (diminution) on remeasurement of investments
classified as financial asset at fair value through profit or loss - net
Total income
Expenses
Remuneration of UBL Fund Managers Limited Management Company
Sales tax on remuneration of Management Company
Provision for indirect duties and taxes
Remuneration of the Trustee
Annual fee to the SECP
Amortisation of preliminary expenses and floatation costs
Bank and settlement charges
Auditors' remuneration
Brokerage expenses
Fees and subscription
Printing expenses
Total operating expenses
8
Net income for the period from operating activities
Element of Income / (loss) and capital gains / (losses) included in the
prices of units sold less those in units redeemed - net
Provision for Workers' Welfare Fund
7
Net income for the period before taxation
Taxation
188,069
(4,702)
31,409
826
57,111
46
1,162
110,121
(548)
182,819
1,288
33,523
(129)
57,028
11,508
1,726
2,118
1,391
828
751
85
441
163
158
247
19,416
20,842
3,657
3,547
2,336
1,498
751
144
412
416
162
219
33,984
3,551
533
654
439
254
247
39
100
47
62
81
6,007
5,950
952
1,104
696
429
247
26
81
105
52
95
9,737
90,705
148,835
27,516
47,291
(10,030)
(5,706)
(4,793)
(4,193)
(1,583)
(2,808)
(445)
(844)
79,092
10
Net income for the period after taxation
108,467
492
79,092
140,321
140,321
22,278
42,254
-
-
22,278
42,254
The annexed notes from 1 to 13 form an integral part of this condensed interim financial information.
For UBL Fund Managers Limited
(Management Company)
--- SD --Chief Executive Officer
--- SD --Director
Quarterly Report March 2015 - UBL Money Market Fund (Formerly UBL Savings Income Fund)
CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME
For the nine months and quarter ended March 31, 2015 (un-audited)
Note
Net income for the period after taxation
Nine months period ended
March 31,
March 31,
2015
2014
------- (Rupees in '000) ------79,092
140,321
Quarter ended
March 31,
March 31,
2015
2014
------- (Rupees in '000) ------22,278
42,254
Other comprehensive income
Items that may be reclassified subsequently to income statement
-
-
-
-
Items that will not be reclassified subsequently to income statement
-
-
-
-
22,278
42,254
Total comprehensive income for the period
79,092
140,321
The annexed notes from 1 to 13 form an integral part of this condensed interim financial information.
For UBL Fund Managers Limited
(Management Company)
--- SD --Chief Executive Officer
--- SD --Director
Quarterly Report March 2015 - UBL Money Market Fund (Formerly UBL Savings Income Fund)
CONDENSED INTERIM DISTRIBUTION STATEMENT
For the nine months ended March 31, 2015 (un-audited)
Nine months period ended
March 31,
March 31,
2015
2014
------------- (Rupees in '000) ------------Undistributed income brought forward
9,489
5,002
Net income for the period after taxation
79,092
140,321
-
(12,555)
(12,555)
-
(11,089)
(11,089)
-
(16,252)
(16,252)
-
(14,712)
(14,712)
-
(17,972)
(17,972)
-
(14,157)
(14,157)
-
(14,031)
(14,031)
-
(15,723)
(15,723)
-
(10,373)
(10,373)
Distributions during the period
- July 29, 2013 : Re 0.46 per unit
- Issue of bonus units
- Cash distribution
- August 23, 2013 : Re 0.4 per unit
- Issue of bonus units
- Cash distribution
- September 25, 2013 : Re 0.60 per unit
- Issue of bonus units
- Cash distribution
- October 24, 2013 : Re 0.49 per unit
- Issue of bonus units
- Cash distribution
- November 24, 2013 : Re 0.62 per unit
- Issue of bonus units
- Cash distribution
- December 24, 2013 : Re 0.54 per unit
- Issue of bonus units
- Cash distribution
- January 24, 2014 : Re 0.61 per unit
- Issue of bonus units
- Cash distribution
- February 25, 2014 : Re 0.66 per unit
- Issue of bonus units
- Cash distribution
- March 25, 2014 : Re 0.52 per unit
- Issue of bonus units
- Cash distribution
Undistributed income carried forward
88,581
The annexed notes from 1 to 13 form an integral part of this condensed interim financial information.
For UBL Fund Managers Limited
(Management Company)
--- SD --Chief Executive Officer
--- SD --Director
18,459
Quarterly Report March 2015 - UBL Money Market Fund (Formerly UBL Savings Income Fund)
CONDENSED INTERIM CASH FLOW STATEMENT
For the nine months ended March 31, 2015 (un-audited)
Nine months period ended
March 31,
March 31,
2015
2014
------- (Rupees in '000) ------CASH FLOWS FROM OPERATING ACTIVITIES
Net income for the period
Adjustments for:
Mark-up / interest income
Unrealised (appreciation) / diminution on re-measurement of investments
classified as financial assets at fair value through profit and loss - net
(Gain) / Loss on sale of government securities - net
Element of (income) / loss and capital (gains) / losses included in the
prices of units sold less those in units redeemed - net
Amortisation of preliminary expenses and floatation costs
Provision for indirect duties and taxes
Provision for Workers' Welfare Fund
(Increase) / decrease in assets
Investments - net
Placements and term deposit receipts
Receivable against sale of investment
Deposits and other receivables
79,092
140,321
(108,467)
(188,069)
(1,162)
(492)
10,030
751
2,118
1,583
(95,640)
(16,548)
(343,516)
185,000
131
(158,385)
Increase / (decrease) in liabilities
Payable to UBL Fund Managers Limited - Management Company
Payable to Central Depository Company of Management Company - Trustee
Annual fee payable to Securities and Exchange Commission of Pakistan (SECP)
Accrued expenses and other liabilities
Mark-up / interest income received
Net cash flow (used in) / generated from operating activities
1,040
(13)
(1,017)
(3,296)
(3,286)
548
4,702
5,706
751
3,547
2,808
(170,007)
(29,686)
476,191
400,000
150,375
9,815
1,036,381
(1,622)
(23)
(1,742)
1,226
(2,161)
125,393
(52,827)
224,016
1,228,550
Receipts from issuance of units
Payment against redemption of units
Net cash used in financing activities
424,859
(719,003)
(294,144)
1,285,560
(2,001,849)
(716,289)
Net (decrease) / increase in cash and cash equivalents
Cash and cash equivalents at beginning of the period
(346,971)
591,194
512,261
158,329
244,223
670,590
44,225
200,000
244,223
45,590
625,000
670,590
CASH FLOWS FROM FINANCING ACTIVITIES
Cash and cash equivalents at end of the period
CASH AND CASH EQUIVALENTS
Bank Balances
Placements and term deposit receipts
The annexed notes from 1 to 13 form an integral part of this condensed interim financial information.
For UBL Fund Managers Limited
(Management Company)
--- SD --Chief Executive Officer
--- SD --Director
Quarterly Report March 2015 - UBL Money Market Fund (Formerly UBL Savings Income Fund)
CONDENSED INTERIM STATEMENT OF MOVEMENT IN UNIT HOLDERS' FUNDS
For the nine months ended March 31, 2015 (un-audited)
Nine months period ended
March 31,
March 31,
2015
2014
------- (Rupees in '000) ------1,554,644
2,595,443
Net assets at the beginning of the period
[ Rs 100.5662 (June 30, 2013: Rs 100.2758) per unit ]
Issue of 4,099,819 units (2014: 12,770,449 units)
Redemption of 6,924,964 units (2014: 19,853,803 units)
424,859
(719,003)
(294,144)
1,260,500
Issue of Nill bonus units (2014: 1,262,199 bonus units)
1,285,560
(2,001,849)
(716,289)
1,879,154
-
Element of loss / (income) and capital losses / (gains) included in prices
of units sold less those in units redeemed - net
Gain / (loss) on sale of investments - net
Unrealised appreciation / (diminution) on re-measurement of investments
classified as financial assets at fair value through profit and loss - net
Other income for the period
Distribution to unit holders during the period
- Cash*
- Bonus*
Net assets at the end of the period
126,864
10,030
492
(4,702)
1,162
77,438
(548)
145,571
79,092
140,321
-
(126,864)
1,349,622
[ Rs 106.8265 (March 31, 2014: Rs 100.9467 per unit ]
*Full details on distributions are given in condensed interim distribution statement.
The annexed notes from 1 to 13 form an integral part of this condensed interim financial information.
For UBL Fund Managers Limited
(Management Company)
--- SD --Chief Executive Officer
5,706
--- SD --Director
2,025,181
Quarterly Report March 2015 - UBL Money Market Fund (Formerly UBL Savings Income Fund)
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS
For the nine months ended March 31, 2015 (un-audited)
1.
LEGAL STATUS AND NATURE OF BUSINESS
UBL Money Market Fund (foemerly UBL Savings Income Fund) (the Fund) was established under the Non-Banking Finance Companies
(Establishment and Regulation) Rules, 2003 (the NBFC Rules) and Non-Banking Finance Companies and Notified Entities Regulations, 2008
(NBFC Regulations) as an open-end mutual fund. It has been constituted under the Trust Deed executed between UBL Fund Managers (a
wholly owned subsidiary of United Bank Limited), as its Management Company and Central Depository Company of Pakistan Limited, as its
Trustee. The Trust Deed was executed on August 10, 2010 and was approved by the Securities and Exchange Commission of Pakistan (SECP).
The registered office of the Management Company is situated at the 8th Floor, State Life Building No. 1, I. I. Chundrigar Road, Karachi,
The Management Company of the Fund is registered with the SECP as a Non-Banking Finance Company under the NBFC Rules.
The Fund is a money market scheme and the units are listed on the Islamabad Stock Exchange Limited. Units are offered for public
subscription on a continuous basis. The units are transferable and can also be redeemed by surrendering them to the Fund at the option of the
unit holder.
The principal activity of the Fund is to seek and provide attractive daily returns while maintaining comparatively high liquidity by investing in
diversified portfolio of low risk assets.
JCR-VIC Credit rating Company has assigned an asset manager rating of 'AM2+' (stable outlook) to the Management Company as at
December 31, 2014 and a stability rating "AA (f)" to the Fund as at March 31, 2015.
2
BASIS OF PRESENTATION
Statement of Compliance
This condensed interim financial information has been prepared in accordance with the approved accounting standards as applicable in
Pakistan for interim financial reporting. The approved accounting standards comprise of such International Financial Reporting Standards
("IFRSs") issued by the International Accounting Standards Board as are notified under the Companies Ordinance, 1984, the requirements of
the Trust Deed, the NBFC Rules, the Non-Banking Finance Companies and Notified Entities Regulations, 2008 (the "NBFC Regulations") and
the directives issued by the SECP. Wherever the requirements of the Trust Deed, the NBFC Rules, the NBFC Regulations or the directives
issued by the SECP differ with the requirements of the IFRS, the requirements of the Trust Deed, the NBFC Rules, the NBFC Regulations or
the directives issued by the SECP prevail.
The disclosures made in this condensed interim financial information have, however, been limited based on the requirements of International
Accounting Standard 34: 'Interim Financial Reporting'. This condensed interim financial information does not include all the information and
disclosures required in a full set of financial statements and should be read in conjunction with the annual published audited financial
statements of the Fund for the year ended June 30, 2014.
In compliance with schedule V of the NBFC Regulations the directors of the Management Company hereby declare that this condensed interim
financial information gives a true and fair view of the state of the Fund’s affairs as at March 31, 2015.
Quarterly Report March 2015 - UBL Money Market Fund (Formerly UBL Savings Income Fund)
3
SIGNIFICANT ACCOUNTING AND RISK MANAGEMENT POLICIES, ESTIMATES, ASSUMPTIONS AND CHANGES
THEREIN
The accounting policies applied for the preparation of this condensed interim financial information are the same as those applied in the
preparation of the annual published audited financial statements of the Fund for the year ended June 30, 2014.The preparation of this
condensed interim financial information in conformity with the approved accounting standards requires management to make estimates,
assumptions and use judgments that affect the application of policies and reported amounts of assets and liabilities and income and expenses.
Estimates, assumptions and judgments are continually evaluated and are based on historical experience and other factors, including reasonable
expectations of future events. Revisions to accounting estimates are recognised prospectively commencing from the period of revision.
The significant estimates, judgments and assumptions made by the management in applying the accounting policies and the key sources of
estimation of uncertainty were the same as those applied to the annual audited financial statements as at and for the year ended June 30, 2014.
The financial risk management objectives and policies are consistent with those disclosed in the annual financial statements of the Fund for the
year ended June 30, 2014.
Note
4
BANK BALANCES
Savings accounts
Current accounts
4.1
4.1
25,744
18,481
44,225
131,088
106
131,194
Profit rates on these savings accounts range between 5.5% to 7.75% per annum (June 30, 2014: 6.5% to 10% per annum).
Note
5
(Un-audited)
(Audited)
March 31,
June 30,
2015
2014
------- (Rupees in '000) -------
(Un-audited)
(Audited)
March 31,
June 30,
2015
2014
------- (Rupees in '000) -------
PLACEMENTS AND TERM DEPOSIT RECEIPTS
- Term deposit receipts (TDRs)
- Letters of placements (LOPs)
5.1
5.1
5.1
200,000
200,000
645,000
645,000
These Letters Of Placement (LOPs) carry profit at rates ranging between 9.10% and 9.85% per annum with maturities till April 2015.
Quarterly Report March 2015 - UBL Money Market Fund (Formerly UBL Savings Income Fund)
Note
6
(Un-audited)
(Audited)
March 31,
June 30,
2015
2014
------- (Rupees in '000) -------
INVESTMENTS
Government securities designated at fair value through Profit or Loss
- Pakistan Investment Bonds
- Market Treasury Bills
6.1
6.1
6.1
1,115,235
1,115,235
360,541
409,524
770,065
Designated at fair value through Profit or Loss
Sold /
matured
during
the period
Market
Market
At the
value as at
value as at
end of
% of
March 31,
June 30,
the period
2015
2014
investment
----------------- (Rupees in '000) ----------------Note
------------------------------------No. of holdings ------------------------------------At the
beginning
of the period
Pakistan Investment Bonds
(face value of Rs.100,000)
- 3 years
3,600
Acquired
during
the period
-
3,600
-
-
360,541
0%
Market Treasury Bills
(face value of Rs.100,000)
- 3 months
- 6 months
- 1 year
6.2-6.4
6.2-6.4
6.2-6.4
3,415
703
-
34,714
29,748
3,000
36,379
20,831
3,000
1,750
9,620
-
172,290
942,945
-
340,704
68,820
-
15%
85%
-
7,718
64,462
60,810
11,370
1,115,235
770,065
100%
6.2
These represent Market Treasury Bills (MTBs) having a face value of Rs. 1,137 million and carrying purchase yield ranging between
8.14 % and 9.50 % per annum having maturity till September 2015.
6.3
The cost of the Market Treasury Bills amounted to Rs. 1,114.07 million (June 30, 2014: Rs 409.52 million).
6.4
These Market Treasury Bills have nominal value of Rs.100,000 each (June 30, 2014: Rs 100,000).
Quarterly Report March 2015 - UBL Money Market Fund (Formerly UBL Savings Income Fund)
7
PROVISION FOR WORKERS WELFARE FUND
There is no change in the status of petition pending with the Honourable sindh High court (SHC) as reported in note 17 to the annual financial
statements of the fund for the year ended June 30, 2014.
The Fund maintained a provision for WWF as on March 31, 2015 amounting to Rs.5.41 million (June 30, 2014: Rs.3.83 miltion).
Had the provision not been made, the net asset value per unit of the Fund would have been higher by Rs.0.43 (0.40%) (June 30,2014: Rs.0.25
(0.25%)).
8
ACCRUED EXPENSES AND OTHER LIABILITIES
This includes provision for indirect duties and taxes amounting to Rs. 7.15 million. As per the requirements of the Finance Act 2013, Federal
Exercise Duty (FED) at the rate of 16% on the remuneration of the Management Company has been applied effective June 13, 2013. The
Management Company is of the view that since the remuneration is already subject to provincial sales tax, further levy of FED result in double
taxation, which does not appear to be the spirit of the law. The matter has been collectively taken up by the Management Company jointly with
other Asset Management Companies and Central Depository Company on behalf of schemes through a Constitutional Petition filed in the
Honourable Sindh High Court (SHC) during September 2013 which is pending adjudication. However, the SHC has issued a stay order against
the recovery of FED. The Fund, as a matter of abundant caution, has made full provision in respect of FED effective June 13, 2013.
9
CONTINGENCIES AND COMMITMENTS
There were no contingencies and commitments outstanding as at March 31, 2015 and June 30, 2014.
10
TAXATION
The Fund's income is exempt from Income Tax as per clause (99) of part I of the Second Schedule of the Income Tax Ordinance, 2001 subject
to the condition that not less than 90% of the accounting income for the year as reduced by capital gains whether realised or unrealised is
distributed in the form of cash amongst the unit holders. Furthermore, as per regulation 63 of the Non-Banking Finance Companies and
Notified Entities Regulations, 2008, the Fund is required to distribute 90% of the net accounting income other than unrealized capital gains to
the unit holders. The Fund is also exempt from the provisions of section 113 (minimum tax) under clause II of Part IV of the Second Schedule
to the Income Tax Ordinance, 2001. The management intends to distribute in cash form at least 90% of the income earned excluding realized &
unrealized gains for the year by the Fund to unit holders, accordingly no provision has been made in this condensed interim financial
information.
Quarterly Report March 2015 - UBL Money Market Fund (Formerly UBL Savings Income Fund)
11
TRANSACTIONS WITH RELATED PARTIES / CONNECTED PERSONS
Connected persons / related parties comprise of United Bank Limited (Holding Company of Management Company), UBL Fund Managers
Limited (Management Company), Al-Ameen Financial Services (Private) Limited (Subsidary of Management Company) , entities under
common management or directorships, Central Depository Company of Pakistan Limited (Trustee) and the Directors and Officers of
Management Company.
Remuneration to the Management Company and the trustee is determined in accordance with the provision of Non Banking Finance
Companies Rules, 2003, Non Banking Finance Companies and Notified Entities Regulations, 2008 and the Trust Deed respectively.
Other transactions with the related parties / connected persons have been carried out at agreed / commercial terms.
Details of transaction with the related parties and balances with them at the period end are as follows;
Other
Connected
Management Associated
Trustee
persons /
Company
Companies
related
parties
------------------------------------------ (Rupees in '000) ------------------------------------------------------------------For the period ended 31 March 2015 ---------------------------Funds under
Common
Management
Directors
and Key
Executives
Transactions during the period
Profit on savings accounts
bank charges
units issued
units redeemed
bonus units issued
divided paid
purchase of securities
sale of securities
dividend received
Remuneration for the period
Custody fee
13,235
-
290
41
107,726
1,077,242
655,706
-
1,391
-
49,907
806,958
-
387
9,490
132
10,200
16,460
-
323,837
80,642
-
------------------------For the period ended 31 March 2014 ---------------------------Transactions during the period
Profit on savings accounts
bank charges
units issued
units redeemed
bonus units issued
divided paid
purchase of securities
sale of securities
dividend received
Remuneration for the period
Custody fee
96,428
3,709
24,499
-
261
71
5,255
108,670
75,967
-
2,336
-
214,706
-
20,900
10,699
1,259
-
7
-
Quarterly Report March 2015 - UBL Money Market Fund (Formerly UBL Savings Income Fund)
Other
Connected
Management Associated
Trustee
persons /
Company
Companies
related
parties
------------------------------------------ (Rupees in '000) -------------------------------------------------------------------------------As at 31 March 2015 ------------------------------------Funds under
Common
Management
Directors
and Key
Executives
Balances held
Units held (in Units)
Units held (in Rupees '000)
Bank balances
deposits
Securities
Remuneration payable
sales load payable
Other payables
Profit recievable
custody fee payable
1,365
80
1
-
111
11,896
22,714
-
100
149
-
-
11
1,151
-
3,389
361,996
5,222
-
-------------------------------------As at 30 June 2014 ------------------------------------Balances held
Units held (number of units in '000)
Units held (in Rupees '000)
Bank balances
deposits
Securities
Remuneration payable
sales load payable
Other payables
Profit recievable
custody fee payable
295
45
66
-
1,131
113,695
6,263
27
-
100
162
-
-
100
10,099
-
2,030
204,171
473
103
12. DATE OF AUTHORIZATION
This condensed interim financial information was authorized for issue by Board of Directors of the Management Company on ____________.
13. GENERAL
This condensed interim financial information is presented in Pakistan Rupees which is also the Fund's functional currency and all financial
information presented has been rounded off to the nearest thousand rupees unless otherwise stated.
For UBL Fund Managers Limited
(Management Company)
--- SD --Chief Executive Officer
--- SD --Director