MarketReview&Outlook

FromtheCIOsDesk
sentimentstayedsubduedduetothedirepolitical/securitysituationasinvestorswaitfortheupcomingFederalBudget.

FundManagersReportMay2011

During May11, security issues continued to make headlines as Osama Bin Ladin was liquidated in a US operation early in the month, followed by a retaliatory terrorist attack on a naval base in Karachi. The events significantly deteriorated the US / Pakistan relations and also fuelled political sword wrangling amongst the local political parties. Investor

As expected, the performance of KSE remained dull during the month due to the political unrest and uncertainty regarding the upcoming budget. The market volumes also remained thin (25% MoM to an average of USD $28mn) as the local investors preferred to stay on the sidelines. An inflow of USD26mn was recorded under Foreign Portfolio Investment, which was a pleasant surprise, considering the negative developments during the period. Rumors regarding the potential relaxation in Capital Gains Tax helped the market to round off the month in the positive zone with a 0.5% MoM gain. On the macroeconomic front, positives like current account surplus and steady inflation are fading gradually as concerns regarding the expected foreign inflows specifically from the US are increasing. SBP in its latest monetary policy review has once again maintained a status quo stance on the discount rate despite considerable Government borrowing number from the SBP. However, we believe that any hiccups in the materialization of the foreign inflows could push up Government borrowing from the Central Bank. This in turn will make it extremely difficult for the monetary authorities to contain the Discount rate at currentlevels. For international markets, the month of May was marked by concerns over another round of European debt crises. These were driven by potential sovereign debt restructuring by Greece as a result of which Standard & Poors and Fitch rating agencies downgraded Greeces credit rating by one and two notches to B and B+ respectively. The disappointing news flow was not limited to the European countries. Faltering economic growth in the US and slowdown in Emerging Market economic growth caused a substantial decline in commodity prices Gold: 1.9%, Silver: 19.8%, Crude Oil: 9.9%. Spurred by rising inflation, Reserve Bank of India raised its discount rate by 50bps to 7.25% 6th such move during the last one year. There were however a few bright spots in the market during the month. The response to IPOs of technology companies in the US and 78 billion bailout package for Portugal brought some cheer to the investors. We believe that other European nations will come to Greeces rescue and the global economy will continuetoshowgrowthalbeitataslowerpacecomparedtolastyear. Our funds performed inline with the market returns while the market share increased as investors appreciate the value UBL Fund Managers adds to their investments. USIF & UISF recorded a 44% and 17% increase in fund size respectively during the month and maintained their commanding positions in their respective categories. ULPF maintained its position as the largest money market fund in the industry and once again delivered competitive returns during the month. For our investors in the Equity scheme we aim to maintainourdefensiveapproachintheseuncertaintimesthatwillshelterourinvestorsagainstanypotentialvolatilitythatcomesintheway.

MoneyMarketReview&Outlook
Developmentsduringthemonth
SBP announced its Monetary Policy Statement on May 21, 2011 where the policy rate was kept unchanged due to a variety of factors including an externalcurrentaccountsurplusandstrongforexreservesposition.

EquityMarketReview&Outlook
Developmentsduringthemonth
MSCI announced its quarterly review report in May11 where Pakistan continues to be a part of the MSCI Frontier Markets Index constituent weights have been adjusted inline with the changes in free float factors of theconstituentstocks.

SBP conducted an auction of Ijara Sukuk with a total participation of PKR 51.2bn against which PKR 45.8bn was accepted at 13.45% p.a. (weighted average6MTbillyields).

SBPconductedaPIBAuctiononMay25,2011;thetakeupwasPKR~26.9bn againstthetargetofPKR20bnandparticipationofPKR40.1bn.TheCutoff yieldsare: 03years:14.0031%(Lastcutoff14.0036%) 05years:14.0564%(Lastcutoff14.0718%) 10years:14.0998%(Lastcutoff14.0995%)

Partial relief on circular debt came with PkR120bn payment to energy companies, bringing down total receivables on PSOs balance sheet to PkR92bn from PkR175bn. The development is positive for cashflows of energychaincompaniesimpactedbythecirculardebtissue.

TheGovernmentofPakistan(GoP)hasfinallyagreedtoraisemarginsofOil MarketingCompaniesonregulatedproducts(gasoline,diesel,Keroseneand LDO).Weexpect2030%increaseinmarginswithin12monthswhichcould potentiallyboostearningsby515%formajorOMCs.

SBP conducted Tbills auction twice during the month with an aggregate target of PKR 375bn; the accepted amount was PKR~417bn against the participation of PKR~683bn and maturity of PKR~332bn. The latest Cutoff yieldsare: 03months:13.2081%(Lastcutoff13.1620%) 06months:13.5984%(Lastcutoff13.5527%) 12months:13.8424%(Lastcutoff13.8164%)

Tight Gas Exploration Policy was formally approved by the Petroleum Ministry. The policy envisages 40% higher gas prices with additional 10% premiumforproductioninitiatedwithintwoyearsofthepolicy.

EconomicFiguresrecentlyreleased
CPIInflationstoodat13.04%YoYforthemonthofApril11against14.20% YoYthepreviousmonth.

TheGoPapproved40mmcfdofgasbetransferred fromfournew dualfuel IPPs to urea producers. IPPs would in turn use diesel (HSD) to generate power while the cost differential between gas & diesel would be met collectively by the Government and fertilizer sector. The development will help urea manufacturers maintain a higher capacity utilization while the GoP will save considerably on fertilizer import cost which would have spikediflocalureaproductionremainedconstrained.

Pakistansforeignexchange reservesincreasedto USD~17.1bnfortheweek ending,May21,2011,fromUSD17.0bnpreviously.ReserveswithSBPstood at USD~13.7bn on May 21, 2011 as compared to USD~13.6bn previously, reservesheldbycommercialbanksdecreasedbyUSD~0.01bntoUSD3.4bn.

Engro Foods, a wholly owned subsidiary of Engro Corp has reportedly received bids worth over PRs1.2bn in an international preIPO placement and is all set to offer 5% stake to retail investors through an IPO later this year.

In10MFY11remittancesfromoverseasPakistanisincreasedby23.81%over previousyeartoUSD9bninthefirst10monthsofFY11.

Outlook
Themarketisexpectedtoremainvolatileinthecomingmonthasitabsorbs the various announcements to be made in the upcoming Federal Budget scheduledforMay3,2011.IntheBudgetitwouldbetoughforgovernment to appease all sectors in the economy considering the highly optimistic revenuecollectiontargets.Furthermore,anynewsregardingchangeinCGT calculation methodology or replacement of CGT with any other form of taxationwillbeakeysentimentdrivergoingforward.

Total deposits of scheduled banks as of April, 2011 stood at PKR~5.1tn whereas the investments stood at PKR~2.1tn and gross advances stood at PKR~3.4tn,translatingintoanAdvancestoDepositRatio(ADR)of66.9% andanInvestmenttoDepositRatio(IDR)of41.4%.

Outlook
GoingforwardweexpectTBillyieldsinthemonthofJunetoremaininthe range of 13.35% 13.27% for 3 months, 13.68% 13.64% for 6 months and 13.88%13.81%for12monthstenor.

The Federal Budget expected on June 3rd is expected to havean important bearingonthefixedincomemarketasmeasuressuchastaxationchangesfor commercial banks on Government securities holding (above SLR requirement)isexpectedtobeincreasedfrom35%to40%.

Internationalmarketsareexpectedtoremainnervousonthestateofglobal economic recovery as the US posted jobs and manufacturing data which were considerably below the expectations. This has resulted in murmurs about a possible re entry in to recession and also hints of Phase 3 of the Quantitativeeasing(QE3)beingimplemented.Weseethelikelihoodofthe global economy entering recession as low. However, we do expect the marketstobevolatileoverthenextfewweeks.

UBLLiquidityPlusFund
PerformanceReview&Outlook

FundManagersReportMay2011

During May11, the monthly returns remained somewhat subdued at 11.77% p.a. due to volatality in secondary market interest rates. Placements with banks and DFIs increased to 15% from11%(ofnetassets)previously;andtheinvestmentintheTreasuryBillsdecreasedmarginallyto84%from87%ofnetassets. The Weighted Average Time to Maturity (WAM) stood at 86 days, positioning the fund appropriately to benefit from any abrupt changes in the interest rate environment. The Fund Manager intends to have a well balanced portfolio with medium to high WAM in order to deliver market competitive returns to our investors. Fund size showed an appreciable increase ofover8%showingtheinvestorconfidenceintheperformanceofthefund.

InvestmentObjective
ULPFisanopenendMoneyMarketFund,investinginadiversifiedportfolio oflowriskassets.TheFundseekstoprovideattractivedailyreturnswhile maintainingcomparativelyhighliquidity.

ULPFv/sBenchmark
15% ULPF Benchmark

13%

FundPerformance
SinceInception(p.a.) May2011(p.a.) CalendarYear2011(p.a.) StandardDeviation* SharpeRatio** WeightedAvgTimetoMaturity ULPF 11.11% 11.77% 12.42% 0.09% 12.68 86days Benchmark 10.28% 10.31% 10.50% 0.27% 9.42

Yield(p.a)

11%

9%

7% 13Nov10 28Nov10 15Aug10 30Aug10 13Mar11 28Mar11 12Apr11 27Jan11 11Feb11 13Dec10 28Dec10 14Sep10 29Sep10 26Feb11 14Oct10 29Oct10 12Jan11 16Jul10 31Jul10 1Jul10 27Apr11 12May11

FundSize(PKRMn) NAV(PKR)
*12mTrailing

Apr30 May31 14,490 15,697 101.4283 102.3916

% 8.33% 0.98%

AssetAllocation
Cash,1.7%

PortfolioQuality

**12mTrailing,3MPKRVyieldisusedasariskfreerate Others, Placements 0.9% AA,11.3% TBills, 84.0% withBanks, 10.8% AAA,84.0%

FundInformation
FundType FundCategorization RiskProfile LaunchDate Benchmark Listing Trustee Auditor ManagementCo.Rating FundRating MinimumInvestment Load DealingDays Cutofftimes PricingMechanism ManagementFee FundManager InvestmentCommittee Members Openend MoneyMarket Low June21,2009 50%3MPKRV+50%3MTDR(withAAorbetter banks) IslamabadStockExchange(ISE) CentralDepositoryCompany(CDC) Ernst&YoungFordRhodesSidatHyder AM2(JCRVIS) AAPlus(JCRVIS) Rs.500 Nil(Frontend) Nil(Backend) MondaytoSaturday
Issuance:1:00p.m.(MonFri)|12:00pm(Sat) Redemption:9:30am(MonFri)|4:30p.m.Fri(forSat)

Placements withDFIs, 4.5% Others,0.9%

AA+,5.7%

AssetAllocation(%ofNAV)
PlacementswithBanks PlacementswithDFIs PlacementswithNBFCs ReverseRepo TBills Cash Others Leverage

Mar11
20% 2% 0% 0% 75% 4% 0% 0% 13.08% 13.60% 14.06% 12.95%

Apr11
10% 1% 0% 0% 87% 2% 0% 0% 13.52% DiscountRate 13.84% CPI(Apr)YoYBasis 14.10% *Averageduringmonth 13.14%

May11
11% 4% 0% 0% 84% 2% 1% 0% 14.00% 13.04%

Backward 1.25%p.a. JunaidQamar

MirMuhammadAli,HasnainRazaNensey, JunaidQamar,AliAlvi,RahimKhakiani,

KeyInterestRates
KIBOR(1M,6M)* TBillCutOff(3M,6M,12M) PIBCutOff(3Yr,5Yr,10Yr) RepoRate(Overnight,1M,3M)* 13.21% 14.00% 12.83%

MonthlyYield
ULPF Benchmark

Jun10
10.58% 9.94% 10.52% 10.24%

Jul10
11.25% 9.96% 10.62% 10.26%

Aug10
10.43% 9.96% 10.69% 10.25%

Sep10
11.29% 10.03% 10.77% 10.21%

Oct10
11.72% 10.09% 10.87% 10.16%

Nov10
11.50% 10.38% 10.88% 10.16%

Dec10
11.72% 10.55% 10.96% 10.16%

Jan11
12.14% 10.67% 11.09% 10.20%

Feb11
12.94% 10.68% 11.31% 10.23%

Mar11
12.26% 10.47% 11.45% 10.25%

Apr11
13.06% 10.36% 11.63% 10.26%

May11
11.77% 10.31% 11.71% 10.28%

YTD
11.81% 10.31%

12MonthRollingYield
ULPF Benchmark

Disclaimer: This publication is for informational purpose only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds are subject to market risks. The NAV based prices of units and any dividends/returns thereon are dependant on forces and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not necessarily indicative offutureresults.

27May11

UBLSavingsIncomeFund
PerformanceReview&Outlook

FundManagersReportMay2011

During May11, Fund size depicted an impressive MoM growth of ~44% and stood at PKR 2.2bn. The monthly return remained somewhat subdued due to upward movement in PKRV /secondarymarketratesintheshortrun;however,goingforward,theinvestorswouldbenefitfromthehigherprevailingratesinthemarket. Placement with banks and DFI increased to 9% from 8% (of net assets). Since the secondary market TBills yields increased considerably during the month, the portfolio was reallocated withincreasedexposureinTbillsto89%from85%(ofnetassets).ConsequentlyexposureinGOPIjarahSukukwasreduced. TheWeightedAverageTimetoMaturityofthefundstoodat134days,higherthanthemoneymarketcounterpartyetmanageableandgivingroomforflexibilityinthecurrentinterest rateenvironment.

InvestmentObjective
UBLSavingsIncomeFundisanopenendIncomefundwhichaimsto provideacompetitiverateofreturn,withamoderatelevelofrisktoits investorsbyinvestinginfixedincomesecurities/instruments.

USIFv/sBenchmark
16% 14% 12% Yield(p.a.) 10% 8% 6% 4% 2% 0% 27Apr11 12May11 27May11 13Nov10 28Nov10 13Mar11 28Mar11 12Apr11 27Jan11 11Feb11 13Dec10 28Dec10 26Feb11 14Oct10 29Oct10 12Jan11 USIF Benchmark

FundPerformance
SinceInception(p.a.) May2011(p.a.) CalendarYear2011(p.a.) StandardDeviation* SharpeRatio** WeightedAvgTimetoMaturity Apr30 FundSize(PKRMn) NAV(PKR)
*12mTrailing **12mTrailing,3MPKRVyieldisusedasariskfreerate

USIF 12.06% 11.76% 12.30% 0.12% 9.11 134days May31

Benchmark 13.31% 13.47% 13.41% 0.15% 1.33

% 44.14% 0.92%

1,552 2,238 106.4596 107.4363

AssetAllocation
Others, 0.3%

PortfolioQuality
AA,0.2% Others,0.3%

Cash,1.7%

AA,6.1%

AA+,4.9%

FundInformation
FundType FundCategorization RiskProfile LaunchDate Benchmark Listing Trustee Auditor ManagementCo.Rating FundRating MinimumInvestment Load DealingDays Cutofftimes PricingMechanism ManagementFee FundManager InvestmentCommittee Members Openend Income Low October14,2010 Averageof6MKIBOR IslamabadStockExchange(ISE) CentralDepositoryCompany(CDC) Ernst&YoungFordRhodesSidatHyder AM2(JCRVIS) AA(JCRVIS) Rs.500 1%(Frontend) MondaytoSaturday 1:00p.m.(MonFri)|12:00p.m.(Sat) Forward 1.25%p.a. JunaidQamar MirMuhammadAli,HasnainRazaNensey, JunaidQamar,AliAlvi,RahimKhakiani

TBills, 88.8%

Placements withBanks, 5.4% Placements withDFIs, 4.5% AAA,89.1%

AssetAllocation(%ofNAV)
CommercialPapers PlacementswithBanks PlacementswithDFIs PlacementswithNBFCs ReverseRepo PIB/GOPIjarahSukuk TBills Cash Others Leverage

Mar11
0% 9% 0% 0% 0% 8% 81% 3% 1% 0% 13.52% 13.21% 14.00% 12.83% 13.93% 13.60% 14.06% 12.95%

Apr11
0% 8% 0% 0% 0% 6% 85% 2% 1% 0% 14.17% DiscountRate 13.84% CPI(Apr)YoYBasis 14.10% *Averageduringmonth 13.14%

May11
0% 5% 4% 0% 0% 0% 89% 2% 0% 0% 14.00% 13.04%

KeyInterestRates
KIBOR(6M,1Y,3Y)* TBillCutOff(3M,6M,12M) PIBCutOff(3Yr,5Yr,10Yr) RepoRate(Overnight,1M,3M)*

MonthlyYield
USIF Benchmark

Jun10

Jul10

Aug10

Sep10

Oct10
12.26% 13.08% 12.26% 13.08%

Nov10
10.95% 13.10% 11.44% 13.09%

Dec10
11.81% 13.19% 11.58% 13.13%

Jan11
12.42% 13.30% 11.82% 13.18%

Feb11
12.41% 13.38% 11.94% 13.22%

Mar11
12.18% 13.43% 11.98% 13.26%

Apr11
12.78% 13.46% 12.10% 13.29%

May11
11.76% 13.47% 12.06% 13.31%

YTD
12.06% 13.31%

12MonthRollingYield
USIF Benchmark

Disclaimer: This publication is for informational purpose only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds are subject to market risks. The NAV based prices of units and any dividends/returns thereon are dependant on forces and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not necessarily indicativeoffutureresults.

UnitedGrowth&IncomeFund
PerformanceReview&Outlook

FundManagersReportMay2011

During May11, the activity in the corporate debt market remained subdued. Investment in Corporate Bonds declined marginally to 53% from 54% (of net assets) in the prior month. Cash at hand increased marginally to 30% from 29% (of net assets) in the prior month, while investment in Tbills remained constant at 6% (of net assets). Overall fund size decline was marginal at under1%. The lower return during the month is partly attributable to the fact that the prices of NonTraded corporate bonds were lowered significantly due to the pricing model. Overall no significant movement was seen in the asset allocation during the month of May11. We expect writebacks of certain restructured instruments to start coming through in the second half of CY11 and long terminvestorshaveagoodchancetobenefitfromthis.

InvestmentObjective
UGIFisanopenendAggressiveFixedIncomeFund,investinginmediumto longtermfixedincomeinstrumentsaswellasshorttenormoneymarket instrumentsandseekstogeneratesuperior,longterm,riskadjustedreturns whilepreservingcapitaloverthelongterm.

UGIFv/sBenchmark
20% 17% 14% 11% 8% Yield(p.a) 5% 2% 1% 4% 7% 10% 13Nov10 15Aug10 30Aug10 28Nov10 13Mar11 28Mar11 12Apr11 27Jan11 11Feb11 13Dec10 28Dec10 14Sep10 29Sep10 26Feb11 14Oct10 29Oct10 12Jan11 31Jul10 12May11 27May11 16Jul10 1Jul10 27Apr11 UGIF Benchmark

FundPerformance
SinceInception(p.a.) May2011(p.a.) CalendarYear2011(p.a.) StandardDeviation* SharpeRatio** WeightedAvg.TimetoMaturity Apr30 FundSize(PKRMn) NAV(PKR)
*12MTrailing **12MTrailing&3MPKRVyieldisusedasariskfreerate

UGIF 6.63% 3.97% 3.19% 2.85% 5.64 1.33Years May31 3,684 93.3371

Benchmark 11.59% 13.53% 13.31% 0.49% 0.08

% 0.86% 0.33%

TopTenTFC/SukukHoldings
AgritechLtdTFC(140108) MapleLeafCementSukuk(031207) JahangirSiddiqui&CompanyLtdTFC(040707) KohatCementSukuk(131207) AgritechLtdTFC(301107)

PortfolioQuality
12% 6% 6% 5% 4% 3% 3% 2% 2% 1%
Below Investment Grade,32.2% UnRated,15.9%

3,716 93.0289

BBB,2.3% A,0.9% A,2.8% A+,3.4% AA,0.1% AA,7.1%

AAA,6.3%

FundInformation
FundType FundCategorization RiskProfile LaunchDate Benchmark Listing Trustee Auditor ManagementCo.Rating FundRating MinimumInvestment Load(IncomeUnits) Load(GrowthUnits) DealingDays Cutofftimes PricingMechanism ManagementFee FundManager InvestmentCommittee Members Openend AggressiveFixedIncome Moderate March2,2006 6MonthRollingAverageof6MKIBOR KarachiStockExchange(KSE) CentralDepositoryCompany(CDC) Ernst&YoungFordRhodesSidatHyder AM2(JCRVIS) BBB(JCRVIS) Rs.500 1.5%(Frontend) Steppeddownstructure(Backend) MondaytoSaturday 1:00p.m.(MonFri)|12:00p.m.(Sat) Forward 1.5%p.a. JunaidQamar MirMuhammadAli,HasnainRazaNensey, JunaidQamar,AliAlvi,RahimKhakiani

AzgardNineLtdPPTFC(041207) PakistanMobileCommunicationLtdTFC(281008) TrustInvestmentBankTFC(040708) WorldCallTelecomTFC(071008) BRRGuardianModarabaSukuk(070608)

AA+,29.0%

AssetAllocation(%ofNAV)
TermFinanceCertificates/Sukuks PlacementswithBanks PlacementswithDFIs PlacementswithNBFCs Cash TBills PIBs/GoPIjarahSukuk Others Leverage Nameof Investment ChenabLtd PakElektronLtd AzgardNineLtd ShakarganjMills

Mar11
54% 0% 0% 6% 28% 8% 0% 4% 0%

Apr11
54% 0% 0% 6% 29% 6% 0% 4% 0%

May11
53% 0% 0% 6% 30% 6% 0% 4% 0%

DisclosureofNonCompliantInvestmentsasatMay31,2011
Type PreferenceShares OrdinaryShares PreferenceShares PreferenceShares
ValueBefore Provision Valueafter %ofNet %ofGross Provision held(ifany) Provision Assets Assets

3,631,996 4,765,751 850,000 32,312,640

32,312,640

3,631,996 4,765,751 850,000

0.10% 0.13% 0.02% 0.00%

0.08% 0.11% 0.02% 0.00%

MonthlyYield
UGIF Benchmark

Jun10
15.14% 12.22% 9.26% 12.53%

Jul10
8.47% 12.21% 6.99% 12.44%

Aug10
6.23% 12.26% 6.80% 12.39%

Sep10
1.58% 12.34% 5.65% 12.36%

Oct10
3.00% 12.46% 4.19% 12.35%

Nov10
2.94% 12.61% 2.36% 12.35%

Dec10
23.27% 12.80% 0.20% 12.39%

Jan11
8.09% 13.01% 1.53% 12.44%

Feb11
6.66% 13.20% 1.63% 12.50%

Mar11
5.49% 13.34% 0.13% 12.59%

Apr11
20.68% 13.46% 3.14% 12.68%

May11
3.97% 13.53% 3.25% 12.79%

YTD
4.75% 12.84%

12MonthRollingYield
UGIF Benchmark

Disclaimer: This publication is for informational purpose only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds are subject to market risks. The NAV based prices of units and any dividends/returns thereon are dependant on forces and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not necessarily indicative of future results.

UnitedStockAdvantageFund
PerformanceReview&Outlook

FundManagersReportMay2011

During May11, USF posted a return of 1.37% against the benchmark return of 0.10%. The market remained volatile during the month as macroeconomic, political and law & order woes continued after the Osama Bin Laden episode in early May11. Post events of 2nd May, USPakistan relations showed significant strain and the impact was consequently seen on foreigninvestmentsinflows.Consideringthelevelofuncertaintyinthemarket,theFundManagerreducedequityexposurefrom88%to80%acrossvarioussectors. International markets remained subdued during the month as concerns over sustainability of global economic growth resurfaced broad declines in commodity (Crude Oil: down 10%) and commodity linked equity prices was witnessed during May11. As a result, USFs international investments declined by 3.3% against MSCI All Country World Index return of 2.5%. We continue to prefer Emerging Markets and Commodity based companies as the investment thesis of higher growth in emerging markets and higher demand for commodities / materialsinthefuturestillstands. Our outlook on the market remains cautiously optimistic. In the near term, any news regarding Capital Gains Tax in the upcoming budget, any positive development in USPakistan relationsandmostimportantly,thefateofnegotiationswiththeIMFwilldefinethemarketsdirectiongoingforward.

InvestmentObjective
USF is an openend Equity Fund, investing primarily in equities listed on the KSE. The Fund seeks to maximize total returns and outperform its benchmark by investing in a combination of securities offering long term capitalgainsanddividendyieldpotential.

USFv/sBenchmark
USF Benchmark

45% 40% 35%

FundPerformance
SinceInception May2011 CalendarYear2011 StandardDeviation* SharpeRatio** Beta* Alpha*^ RSquare^^ PricetoEarningRatio DividendYield ValueatRisk ExpenseRatio^^^ FundSize(PKRMn) NAV(PKR)
signifyingaperfectcorrelation.^^^NAVbased.

USF 37.69% 1.37% 5.60% 15.13% 1.61 0.90 9.06% 90% 6.4x 6.47% 1.17% 3.80% Apr30 May31 1,299 1,341 44.58 43.97

Benchmark 13.44% 0.10% 0.65% 13.14% 1.29 1.00

30% Return 25% 20% 15% 10% 5% 0% -5% 28Nov10 15Aug10 30Aug10 13Nov10 13Mar11 28Mar11 12Apr11 27Jan11 11Feb11 28Dec10 13Dec10 14Sep10 29Sep10 26Feb11 14Oct10 29Oct10 12Jan11 31Jul10 12May11 27May11 01Jul10 16Jul10 27Apr11

7.9x 7.00% 0.56% N/A % 3.25% 1.37%

TopTenEquityHoldings(%ofNAV)
PakistanOilfields PakistanPetroleum PakistanStateOil FaujiFertilizer MCBBank 9% 8% 7% 7% 7% HubPowerCompany NishatMills EngroCorporation NationalRefinery Thal 6% 4% 4% 4% 4%

*12MTrailing.**12MTrailing,3MPKRVyieldusedasRiskFreerate.^Alphameasurestheriskadjustedperformanceofthefund vs.thebenchmark.^^RSquaremeasuresthecorrelationbetweenthebenchmarkandthefund;Range0%100%with100%

FundInformation
FundType FundCategorization RiskProfile LaunchDate Benchmark* Listing Trustee Auditor ManagementCo.Rating FundRating MinimumInvestment Load DealingDays Cutofftimes PricingMechanism ManagementFee FundManager
InvestmentCommittee Members

Openend Equity High August4,2006

85%ofKSE100Index+15%ofMSCIACWIIndex

AssetAllocation(%ofNAV)
Equities InternationalInvestments Cash Leverage

Mar11
88% 9% 3%

Apr11
88% 9% 3%

May11
80% 9% 11%

KarachiStockExchange(KSE) CentralDepositoryCompany(CDC) KPMGTaseerHadi&Co. AM2(JCRVIS) MFR4STAR(JCRVIS) Rs.500 2.5%(Frontend) MondaytoFriday 4:00p.m. Forward 3%p.a. AsifMobin MirMuhammadAli,HasnainRazaNensey, RahimKhakiani,AsifMobin,AliAlvi

SectorAllocation(%ofNAV)
Oil&Gas Chemicals Banks Electricity PersonalGoods GeneralIndustrials

Mar11
32% 29% 12% 5% 4% 7%

Apr11
33% 27% 13% 5% 4% 7%

May11
30% 20% 12% 8% 5% 4%

MonthlyYield
USF Benchmark

Jun10
0.43% 4.24% 24.11% 35.74%

Jul10
10.08% 8.18% 25.54% 36.12%

Aug10
6.44% 6.69% 6.43% 13.11%

Sep10
2.80% 2.04% 0.05% 7.09%

Oct10
6.40% 5.84% 8.81% 15.72%

Nov10
7.35% 6.00% 14.84% 24.65%

Dec10
7.86% 7.01% 22.77% 28.07%

Jan11
3.64% 2.81% 26.01% 28.55%

Feb11
6.33% 8.66% 18.13% 16.89%

Mar11
9.07% 4.61% 23.47% 16.03%

Apr11
1.13% 2.36% 24.35% 15.92%

May11
1.37% 0.10% 37.15% 29.75%

YTD
37.74% 24.47%

12MonthRollingYield
USF Benchmark

Disclaimer: This publication is for informational purpose only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds are subject to market risks. The NAV based prices of units and any dividends/returns thereon are dependant on forces and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not necessarily indicativeoffutureresults.

UnitedCompositeIslamicFund
PerformanceReview&Outlook

FundManagersReportMay2011

During May11, UCIF posted a return of negative 0.6% against the benchmark return of 1.01%. Our broad allocations as of month end were: 59% in equity, 23% in Sukuks, 5% in InternationalSecuritiesand12%inCash(ofnetassets). The fund manager trimmed exposures across sectors in an effort to limit the downside risk amid heightened economic uncertainity and upcoming budget. The trading volumes in the equity market stayed dry due to the same reasons. The fund manager preferred defensive companies in the electricity sector which will benefit from the resolution of circulardebt. Further,thefundmanageralsofinetunedtheexposureswithintheOil&Gassectorasanupwardrevisioninwellheadgaspriceswillbodewellforthesector. On the fixed income front, the Sukuk allocation stood at 23% of net assets. International markets remained subdued during the month as concerns over sustainability of global economic growth resurfaced broad declines in commodity (Crude Oil: down 10%) and commodity linked equity prices were seen. During the month of May11, our international portfolio yielded anegativereturnof4.35%.

InvestmentObjective
UCIF is an openend Fund which offers its investors an opportunity to invest in a diversified portfolio of Shariah Compliant investments. The Fund seeks to maximizemediumtolongtermreturnsforagivenlevelofrisk.

UCIFv/sBenchmark
UCIF 34% 29% 24% Return Benchmark

FundPerformance
SinceInception May2011 CalendarYear2011 StandardDeviation* SharpeRatio** UCIF 41.28% 0.60% 5.62% 10.66% 1.53 Apr30 May31 504 487 86.47 85.95 Benchmark 65.07% 1.01% 6.58% 7.83% 1.78 % 3.28% 0.60%

19% 14% 9% 4% 1% 14Oct10 29Oct10 13Nov10 28Nov10 27Apr11 1Jul10 12May11 27May11 16Jul10 31Jul10 15Aug10 30Aug10 14Sep10 29Sep10 13Dec10 28Dec10 12Jan11 27Jan11 11Feb11 26Feb11 13Mar11 28Mar11 12Apr11

FundSize(PKRMn) NAV(PKR)
*12MTrailing

TopTenEquityHoldings (%ofNAV)
HubPowerCompany PakistanPetroleum PakistanOilfields FaujiFertilizer NationalRefinery 8% 7% 7% 6% 6%

Thal MeezanBank ICIPakistan PakistanStateOil LottePakistanPTA 5% 5% 4% 3% 3%

**12MTrailing,3MPKRVusedasRiskfreerate

FundInformation
FundType FundCategorization RiskProfile LaunchDate Benchmark Listing Trustee Auditor ManagementCo.Rating FundRating MinimumInvestment Load DealingDays Cutofftimes PricingMechanism ManagementFee FundManager InvestmentCommittee Members Openend IslamicBalanced Moderate December24,2006 50%KMI30Index+20%Avg.1YrPlacement Rateof3IslamicBanks+30%6MKIBOR IslamabadStockExchange(ISE) CentralDepositoryCompany(CDC) KPMGTaseerHadi&Co. AM2(JCRVIS) MFR3STAR(JCRVIS) Rs.500 2.5%(Frontend), MondaytoFriday 4:00p.m Forward 3%p.a. WahajAslam MirMuhammadAli,HasnainRazaNensey RahimKhakiani,AliAlvi,WahajAslam

AssetAllocation(%ofNAV)
Equities Sukuks InternationalInvestments Cash&Equivalents Leverage

Mar11
64% 22% 6% 7% 0%

Apr11
65% 22% 5% 8% 0%

May11
59% 23% 5% 12% 0%

SectorAllocation(%ofNAV)
Oil&Gas Chemicals Electricity GeneralIndustrials Banks Others

Mar11
29% 15% 3% 8% 6% 3% Provision held (ifany)

Apr11
29% 16% 5% 7% 5% 3%

May11
26% 14% 8% 5% 5% 2% %of Gross Assets 6.60% 4.37% 6.40% 2.84%

Nil(Backend)

DisclosureofNonCompliantInvestmentsasatMay31,2011
NameofInvestment KohatCement SitaraEnergy MapleLeafCement IttehadChemicals Type Sukuk Sukuk Sukuk Financing ValuBefore Provision 32,265,563 21,391,967 31,323,940 13,888,800 Valueafter %ofNet Provision Assets 32,265,563 21,391,967 31,323,940 13,888,800 6.62% 4.39% 6.43% 2.85%

MonthlyYield
UCIF Benchmark

Jun10
0.50% 1.38% 16.36% 27.55%

Jul10
5.74% 5.18% 16.14% 26.90%

Aug10
3.68% 2.26% 4.08% 18.62%

Sep10
4.05% 2.02% 3.14% 15.53%

Oct10
3.88% 3.72% 8.38% 20.05%

Nov10
6.16% 4.26% 13.55% 23.81%

Dec10
4.10% 3.43% 18.79% 25.40%

Jan11
2.76% 2.93% 21.12% 26.69%

Feb11
5.33% 2.93% 14.98% 20.26%

Mar11
6.88% 4.20% 19.43% 20.35%

Apr11
2.20% 1.34% 20.92% 20.09%

May11
0.60% 1.01% 29.14% 26.74%

YTD
28.50% 25.02%

12MonthRollingYield
UCIF Benchmark

Disclaimer: This publication is for informational purpose only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds are subject to market risks. The NAV based prices of units and any dividends/returns thereon are dependant on forces and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not necessarily indicative offutureresults.

UBLIslamicSavingsFund
PerformanceReview&Outlook

FundManagersReportMay2011

During May11, the funds yield stood at 12.34% p.a. versus 11.91% last month (the benchmark return stood at 7.72% at month end). The fund size grew by 17% to close the month at PKR 2,083mn.WearepleasedtoinformourvaluedinvestorsthatJCRVISCreditRatingCo.Ltd.(JCRVIS)hasassignedaninitialFundStabilityRatingofAA(f)(DoubleAMinus(f))toUBL IslamicSavingsFundwhichsignifiesahighdegreeofstabilityinNetAssetValue. The fund remained overweight on GoP Ijarah Sukuks which contributed positively to the overall return of the fund. Profit rate reset during the month on certain issues also helped to boost the fund returns against the benchmark and peers. The Fund manager also availed trading opportunities in Ijarah Sukuks at different times during the month. Excess cash was deployed in Ijarah Sukuks through aggressive participation in the auctions the exposure in GoP Ijarah Sukuk stood at 72% of net assets against 62% last month while 28% of net assets wereinvestedinCashandequivalents. Overall, we will continue to have an overweight stance on GoP Ijarah Sukuks due to their attractive returns and low risk. Further due to growing Islamic Banking industry, the demand forGoPIjaraSukuksisexpectedtoremainhigh.

InvestmentObjective
UISF is an openend Shariah Compliant Income Fund which aims to provide a competitive return with a moderate level of risk to its investors by investing in Shariahcompliantfixedincomesecurities/instruments.

UISFv/sBenchmark
13% 12% 11% 10% UISF Benchmark

FundPerformance
SinceInception(p.a.) May2011(p.a.) CalendarYear2011(p.a.) StandardDeviation* SharpeRatio** WeightedAvg.TimetoMaturity Apr30 FundSize(PKRMn) NAV(PKR) UISF 12.03% 12.34% 12.09% 0.11% 10.06 1.94 years May31 Benchmark 7.60% 7.72% 7.64% 0.10% 55.85

9% 8% 7% 6% 5% 4% 21May11 22Nov10 22Mar11 21Apr11 22Dec10 20Feb11 6May11 A 13.7% Others GoPIjara Sukuk,72.4% AAA 72.6% 2.3% 21Jan11 7Nov10 7Mar11 6Apr11 AA+ 11.4% 7Dec10 5Feb11 6Jan11

% 17.1% 0.99%
Cash,25.4%

1,779 2,083 105.5693 106.6178

AssetAllocation

PortfolioQuality

*12Mtrailing**12Mtrailing,3MPKRVusedasRiskfreerate

FundInformation
FundType FundCategorization RiskProfile LaunchDate Benchmark Listing Trustee Auditor ShariahAdvisoryBoard ManagementCo.Rating FundRating MinimumInvestment Load DealingDays Cutofftimes PricingMechanism ManagementFee FundManager I.CommitteeMembers Openend ShariahCompliantIncomeFund Low 7Nov10 Averageof6MonthPlacementRateof3Islamic Banks IslamabadStockExchange(ISE) CentralDepositoryCompany(CDC) FordRhodesSidatHyderandCo. Mr.HassaanKaleem&Mr.NajeebKhan AM2(JCRVIS) AA(JCRVIS) Rs.500 Nil MondaytoSaturday 01:00p.m.(MonFri)|12:00p.m.(Sat) Forward 1.00%p.a. WahajAslam MirMuhammadAli,HasnainRazaNensey, RahimKhakiani,AliAlvi,WahajAslam

Others,2.2%

AssetAllocation
GoPIjaraSukuks Cash Others PlacementswithBanks&DFIs

Mar11
71% 26% 3%

Apr11
62% 35% 3%

May11
72% 25% 3%

KeyInterestRates
KIBOR(6M,1Y,3Y)* AvgI.B.PlacementRate(1M,3M,6M,12M) RepoRate(Overnight,1M,3M)* DiscountRate
*Averageduringmonth

14.00%

13.52% 7.56% 12.83% CPI(Apr)YoYBasis 6.90%

13.93% 7.73% 12.95%

14.17% 8.65% 13.14% 13.04%

MonthlyYield
UISF Benchmark

Jun10
`

Jul10

Aug10

Sep10

Oct10

Nov10
11.32% 7.49% 11.32% 7.49%

Dec10
12.23% 7.46% 11.84% 7.46%

Jan11
12.27% 7.49% 11.99% 7.49%

Feb11
11.95% 7.59% 11.99% 7.59%

Mar11
11.97% 7.66% 11.98% 7.55%

Apr11
11.91% 7.71% 11.97% 7.57%

May11
12.34% 7.72% 12.03% 7.60%

YTD
12.03% 7.60%

12MonthRollingYield
UISF Benchmark

Disclaimer: This publication is for informational purpose only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds are subject to market risks. The NAV based prices of units and any dividends/returns thereon are dependant on forces and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not necessarily indicative offutureresults.

UnitedIslamicIncomeFund
PerformanceReview&Outlook
DuringMay11,thefundsreturnstoodat17.49%p.a.versusthebenchmarkreturnof8.63%p.a.whereasthefundsizeclosed2%loweratPKR358mn.

FundManagersReportMay2011

The asset allocation of the Fund comprised of 63% Corporate Sukuks and 8% Government Securities (Ijarah Sukuk) while Cash & equivalents stood at 17% of net assets. During the month, the funds return was detracted due to asset provisioning, however, we still expect these deeply discounted issues to generate value over the longterm on the back of their sustainable business models. It is pertinent to mention here that MUFAP is working closely with market participants as well as the Regulator to improve the pricing mechanism of TFC/Sukuks which mayeventuallyleadtomorerealisticpricingandreducedvolatility. Going forward, economic data especially Federal Budget for FY12 will be closely monitored as any positive impetus to the economy (corporate sector in particular) may increase activity in corporatecreditmarkets.

InvestmentObjective
UIIF is an openend Shariah Compliant Aggressive Fixed Income Fund which invests in medium to longterm income instruments as well as shorttenor money market instruments to generate superior, longterm, riskadjusted returnswhilepreservingcapitaloverthelongterm.

UIIFv/sBenchmark
15% 10% 5% UIIF Benchmark

FundPerformance
SinceInception(p.a.) May2011(p.a.) CalendarYear2011(p.a.) StandardDeviation* SharpeRatio** WeightedAvg.TimetoMaturity April30 FundSize(PKRMn) NAV(PKR) 366 100.0699 UIIF 4.06% 17.49% 1.92% 5.63% 2.22 2.26 years May31 358 98.4497 Benchmark 7.89% 8.65% 8.02% 0.33% 15.56
0% 13Nov10 15Aug10 30Aug10 28Nov10 13Mar11 28Mar11 12Apr11 27Jan11 11Feb11 13Dec10 28Dec10 14Sep10 29Sep10 26Feb11 14Oct10 29Oct10 12Jan11 16Jul10 31Jul10 1Jul10 27Apr11 12May11 5% 10% 15% 20% 27May11

% 2.21% 1.62% KohatCementSukuk MapleLeafCementSukuk AgritechSukuk SecurityLeasingSukukII EdenBuilders MapleLeafCementSukukII 23% 19% 13% 5% 3% 1%
AA AA+ 15.95% Below AAA 8.82% Others 11.43% Unrated 27.74% Investment Grade 32.36% 0.18% AA 0.05% A 3.48%

TopTenSukukHoldings

PortfolioQuality

*12Mtrailing**12Mtrailing,3MPKRVusedasRiskfreerate

FundInformation
FundType FundCategorization RiskProfile LaunchDate Benchmark Listing Trustee Auditor ShariahAdvisoryBoard ManagementCo.Rating FundRating MinimumInvestment Load(IncomeUnits) Load(GrowthUnits) DealingDays Cutofftimes PricingMechanism ManagementFee FundManager
InvestmentCommittee Members

Openend ShariahCompliantAggressiveFixedIncome Moderate 20Oct07 Weightedaverageof12Monthdepositratesof3 differentIslamicBanks IslamabadStockExchange(ISE) CentralDepositoryCompany(CDC) KPMGTaseerHadi&Co. Mr.HassaanKaleem&Mr.NajeebKhan AM2(JCRVIS) BBB(JCRVIS) Rs.500 1%(Frontend) Steppeddownstructure(Backend) MondaytoSaturday 01:00p.m.(MonFri)|12:00p.m.(Sat) Forward 1.25%p.a. WahajAslam MirMuhammadAli,HasnainRazaNensey, RahimKhakiani,AliAlvi,WahajAslam

AssetAllocation
Sukuks GoPIjaraSukuk Cash Others PlacementswithBanks&DFIs Leverage

Mar11
76% 0% 14% 9% 0%

Apr11
77% 0% 14% 9% 0%

May11
63% 8% 17% 12% 0%

KeyInterestRates
KIBOR(6M,1Y,3Y)* AvgI.B.PlacementRate(1M,3M,6M,12M) RepoRate(Overnight,1M,3M)* DiscountRate
*Averageduringmonth

14.00%

13.52% 7.56% 12.83% CPI(Apr)YoYBasis 6.90%

13.93% 7.73% 12.95%

14.17% 8.65% 13.14% 13.04%

MonthlyYield
UIIF Benchmark

Jun10
8.29% 7.54% 5.44% 7.68%

July10
4.71% 7.54% 4.04% 7.59%

Aug10
3.76% 7.52% 2.78% 7.56%

Sep10
54.95% 7.53% 5.44% 7.53%

Oct10
11.46% 7.53% 5.48% 7.50%

Nov10
1.20% 7.49% 4.77% 7.47%

Dec10
43.28% 7.42% 0.93% 7.43%

Jan11
14.84% 7.76% 2.05% 7.48%

Feb11 Mar11
10.23% 7.83% 2.65% 7.52% 0.14% 7.92% 3.33% 7.59%

Apr11
6.37% 8.87% 2.31% 7.62%

May11
17.49% 8.65% 0.31% 7.72%

YTD
0.37% 7.74%

12MonthRollingYield
UIIF Benchmark

Disclaimer: This publication is for informational purpose only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds are subject to market risks. The NAV based prices of units and any dividends/returns thereon are dependant on forces and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not necessarily indicative of future results.

UBLCapitalProtectedFundII
PerformanceReview&Outlook

FundManagersReportMay2011

During May11, UCPFII generated a return of 0.57% against the benchmark return of 0.84%. Overall equity exposure during the month stood at 7% of net assets. Investor sentiment stayed depressed during the month due to uncertainty emanating from macroeconomic and law & order situation in the Country. In order to traject upwards in an uncertain environment, the market issearchingforsomestrongtriggerslikeCGTexemptionintheupcomingbudget. ThecapitalprotectionfeatureoftheFundisinplacethroughtheTermDepositPlacementswithAAandbetterratedbanksforanaggregateof84%ofnetassetsasattheendofMay11.

UCPFIIv/sBenchmark InvestmentObjective
UCPFII is an openend Capital Protected Fund which provides principal protection by investing major portion of assets in TDR with Scheduled Bank(s). The remaining funds are used to aggressively participate in equity markets and anyotherSECPpermittedinvestments,tomaximizeyieldovertheFundslife.
UCPFII 15% Benchmark

10% Return 5% 0% 13Nov10 28Nov10 15Aug10 30Aug10 13Mar11 28Mar11 12Apr11 27Jan11 11Feb11 13Dec10 28Dec10 14Sep10 29Sep10 26Feb11 14Oct10 29Oct10 12Jan11 16Jul10 31Jul10 1Jul10 27Apr11 12May11

FundPerformance
SinceInception May2011 CalendarYear2011 UCPFII 7.31% 0.57% 1.77% Benchmark 12.80% 0.84% 4.15%

FundSize(PKRMn) NAV(PKR)

Apr30 May31 205 205 106.37 106.98

% 0.05% 0.57%

FundInformation
FundType FundCategorization RiskProfile LaunchDate Benchmark Listing Trustee Auditor ManagementCo.Rating FundRating MinimumInvestment Load DealingDays Cutofftimes PricingMechanism ManagementFee FundManager InvestmentCommittee Members Openend CapitalProtected Low 23May10 85%TDRRate+15%KSE30Index IslamabadStockExchange(ISE) MCBFinancialServices Ernst&YoungFordRhodesSidatHyder AM2(JCRVIS) AA+(cpf)(JCRVIS) Rs10,000/=initial&Rs5,000/=subsequent 5%(Backend) MondaytoFriday 1:00p.m Forward 1.5%p.a. AsifMobin MirMuhammadAli,HasnainRazaNensey RahimKhakiani,AliAlvi,AsifMobin

TopTenEquityHoldings(%ofNAV)
PakistanPetroleum Oil&GasDevelopment DGKhanCement FaujiFertilizer 3% 2% 1% 1%

AssetAllocation(%ofNAV)
Equities TDR Cash Leverage

Mar11
6% 85% 9%

Apr11
7% 84% 9%

May11
7% 84% 9%

SectorAllocation(%ofNAV)
Oil&Gas Construction&Materials Chemicals GeneralIndustrials PersonalGoods

Mar11
0% 0% 3% 0.3% 3%

Apr11
0% 0% 6% 0.5% 0%

May11
5% 1% 1% 0% 0%

MonthlyYield
UCPFII Benchmark

Jun10
0.15% 1.29%

Jul10
1.72% 2.19%

Aug10
0.62% 0.36%

Sep10
0.70% 0.72%

Oct10
0.87% 1.51%

Nov10
1.05% 1.75%

Dec10
1.31% 1.80%

Jan11
0.25% 1.34%

Feb11
0.83% 0.68%

Mar11
1.49% 1.64%

Apr11
0.29% 0.96%

May11
0.57% 0.84%

YTD
6.97% 12.31%

Disclaimer: This publication is for informational purpose only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds are subject to market risks. The NAV based prices of units and any dividends/returns thereon are dependant on forces and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not necessarily indicative of future results.

27May11

UBLRetirementSavingsFund
PerformanceReviewandOutlook
oninvestinginqualitycompanieswithpotentialforsustainabledividendpayoutandlongtermgrowth.

FundManagersReportMay2011

May11 was a subdued month for equity investors with the Equity Sub Fund returning 0.8% over the period versus +0.55% return for the KSE 100 index. The main contributors to this underperformance were our holdings in HBL (returning 4% over the month), Lucky Cement (3%), Hub Power Company (1%) and Allied Bank (1%). The Equity Sub Fund focuses

The Debt Sub Fund is invested primarily in Treasury Bills with a limited allocation to PIBs and TFCs. This Sub Fund yielded 15.83% p.a. over the month, supported by the valuation gainsonitsTFCholdings.TheMoneyMarketSubFundwhichhasmajorityofitsassetsinvestmentinTreasuryBillsyielded10.78%p.a.inMay11.

InvestmentObjective
URSF is an openend fund that aims to provide a secure source of savings and regular income after retirement to the Participants. The Participants would contribute to the Fund during their working life and would typicallywithdrawfromtheFundonorafterretirement.

URSFDebt(%ofNAV)
TreasuryBills TermFinanceCertificates TenorPlacementswithBanks PakistanInvestmentBonds Cash&Equivalent

Mar11
81% 10% 0% 5% 5%

Apr11
84% 8% 0% 5% 3%

May11
83% 7% 0% 4% 6%

FundPerformance
Debt 10.31%p.a 15.83%p.a. 13.07%p.a. 2.46% 43.01 110.96 MoneyMarket 10.11%p.a. 10.78%p.a. 11.69%p.a. 2.42% 42.40 110.75 Equity 26.55% 0.84% 4.57% 2.93% 41.60 126.55

URSFMoneyMarket(%ofNAV)
TreasuryBills TenorPlacementswithBanks Cash&Equivalent

Mar11
96% 0% 4%

Apr11
98% 0% 2%

May11
97% 0% 3%

SinceInception May2011 CalendarYear2011 ExpenseRatio^ FundSize(PKRMn) NAV(PKR)

URSFEquity(%ofNAV)
Equities TreasuryBills Cash&Equivalent

Mar11
88% 0% 12%

Apr11
85% 0% 15%

May11
84% 0% 16%

^NAVBased

EquitySectorAllocation(%ofNAV)
Oil&Gas Chemical Banks

Mar11
19% 21% 13% 8% 7% 6% 4% 5% 3% 1%

Apr11
20% 19% 14% 8% 7% 5% 4% 4% 4% 0%

May11
20% 18% 13% 8% 7% 5% 5% 4% 3% 0%

FundInformation
FundType FundCategorization RiskProfile LaunchDate Benchmark Trustee Auditor PensionManagerRating FundRating MinimumInvestment Load DealingDays Cutofftimes PricingMechanism ManagementFee FundManager
InvestmentCommittee Members

Electricity PersonalGoods Openend VoluntaryPensionScheme Investordependent 19May10 N/A MCBFinancialServices KPMGTaseerHadi&Co. AM2(JCRVIS) Notyetrated Rs.500 3%(Frontend) MondaytoFriday 4:00P.M Forward 1.5%p.a. AsadRazaBhojani MirMuhammadAli,HasnainRazaNensey, RahimKhakiani,AsadRBhojani, AliAlvi

Pharma&Biotech IndustrialEngineering GeneralIndustrials Construction&Materials Automobile&Parts

TopTenEquityHoldings(%ofNAV)
PakistanOilfields FaujiFertilizer ICIPakistan HubPowerCompany AlGhaziTractors 5% 5% 5% 5% 4% NationalRefinery Thal LottePakistanPTA NishatMills AlliedBankLimited 4% 4% 4% 4% 4%

MonthlyYield
URSFDebt (%p.a.) URSFMoneyMarket (%p.a.) URSFEquity

Jun10
6.96% 8.57% 0.06%

Jul10
9.40% 9.83% 4.81%

Aug10
8.15% 10.04% 3.62%

Sep10
8.61% 10.05% 0.75%

Oct10
6.65% 9.96% 4.40%

Nov10
8.04% 10.32% 7.45%

Dec10
17.77% 10.61% 6.82%

Jan11
4.48% 12.90% 3.24%

Feb11
11.12% 12.17% 6.21%

Mar11
21.61% 10.65% 7.52%

Apr11
12.79% 12.01% 1.30%

May11
15.83% 10.78% 0.84%

YTD
11.22% 10.83% 27.53%

Disclaimer: This publication is for informational purpose only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds are subject to market risks. The NAV based prices of units and any dividends/returns thereon are dependant on forces and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not necessarily indicativeoffutureresults.

UBLIslamicRetirementSavingsFund
PerformanceReview&Outlook
aimsatinvestinginqualityShariahCompliantcompanieswithpotentialforsustainabledividendpayoutandlongtermgrowth.

FundManagersReportMay2011

During May11, the Equity SubFund returned 0.4% versus +1% return on the universe of Shariah compliant stocks (KMI30 Index). The Equity SubFund has a long term focus and

The Debt Sub Funds return in May was 13.7% p.a. This was comparatively higher than returns achieved in the preivous months as the SubFund benefited from capital gains resulting from switch in issues of GoP Ijarah Sukuks. The Money Market SubFund yielded 10.2% p.a. over the same time period showing an improved performance as compared to the previousmonth.

InvestmentObjective
UIRSF is a Shariahcompliant openend fund that aims to provide a secure source of savings and regular income after retirement to the Participants. The Participants would contribute to the Fund during their working life and wouldtypicallywithdrawfromtheFundonorafterretirement.

UIRSFDebt(%ofNAV)
GoPIjarahSukuk Sukuk TenorPlacementswithIslamicBanks Cash&Equivalent

Mar11
93% 0% 0% 7%

Apr11
88% 0% 0% 12%

May11
96% 0% 0% 4%

FundPerformance
Debt 8.03%p.a. 13.67%p.a. 10.55%p.a. 2.33% 35.21 108.53 MoneyMarket 6.65%p.a. 10.20%p.a. 9.50%p.a. 2.33% 33.44 107.06 Equity 30.33% 0.44% 8.20% 2.85% 41.95 130.33

UIRSFMoneyMarket(%ofNAV)
GoPIjarahSukuk TenorPlacementswithIslamicBanks Cash&Equivalent

Mar11
37% 37% 27%

Apr11
36% 36% 27%

May11
36% 36% 28%

SinceInception May2011 CalendarYear2011 ExpenseRatio^ FundSize(PKRMn) NAV(PKR)

^NAVBased

UIRSFEquity(%ofNAV)
Equities Cash&Equivalent

Mar11
90% 10%

Apr11
87% 13%

May11
87% 13%

EquitySectorAllocation(%ofNAV)
Chemicals Oil&Gas Electricity GeneralIndustrials

Mar11
31% 25% 9% 6% 6% 4% 3% 4% 3% 1%

Apr11
28% 25% 9% 6% 6% 4% 3% 4% 3% 0%

May11
27% 26% 9% 6% 6% 4% 4% 3% 3% 0%

FundInformation
FundType FundCategorization RiskProfile LaunchDate Benchmark Trustee Auditor PensionManagerRating FundRating MinimumInvestment Load DealingDays Cutofftimes PricingMechanism ManagementFee FundManager
InvestmentCommittee Members

Banks Pharma&Biotech Openend

ShariahCompliantVoluntaryPensionScheme

Investordependent May19,2010 N/A MCBFinancialServices KPMGTaseerHadi&Co. AM2(JCRVIS) Notyetrated Rs.500 3%(Frontend) MondaytoFriday 4:00P.M Forward 1.5%p.a. AsadRazaBhojani MirMuhammadAli,HasnainRazaNensey, RahimKhakiani,AsadRazaBhojani, AliAlvi

IndustrialEngineering PersonalGoods Construction&Materials Automobile&Parts

TopTenEquityHoldings (%ofNAV)
FaujiFertilizer ICIPakistan HubPowerCompany PakistanOilFields PakistanPetroleum 10% 9% 9% 8% 7% Thal MeezanBank NationalRefinery LottePakistanPTA AlGhaziTractors 6% 6% 6% 5% 3%

MonthlyYield
UIRSFDebt(p.a.) UIRSFMoneyMarket(p.a) UIRSFEquity

Jun10
8.08% 2.90% 0.43%

Jul10
9.24% 4.54% 3.97%

Aug10
9.11% 4.89% 2.22%

Sep10
8.94% 6.58% 0.65%

Oct10
9.47% 5.79% 3.85%

Nov10
4.27% 5.90% 7.69%

Dec10
11.04% 7.67% 6.67%

Jan11
10.35% 8.44% 4.36%

Feb11
9.71% 9.36% 5.65%

Mar11
11.08% 9.72% 8.65%

Apr11
7.83% 9.77% 1.59%

May11
13.67% 10.20% 0.44%

YTD
8.68% 7.50% 32.08%

Disclaimer: This publication is for informational purpose only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds are subject to market risks. The NAV based prices of units and any dividends/returns thereon are dependant on forces and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not necessarily indicativeoffutureresults.

For information about our products and services, visit your nearest UBL Fund Managers Investment Center

KARACHI
DHA Main Khayaban-e-Shahbaz, Phase VI Tel: 021-35854126, 35349059 Gulshan-e-Iqbal Data Trade Center, Main University Road Tel: 021-34826304, 34826277

MULTAN
Ali Arcade, Kutchary Road Tel: 061-111-825-262

ISLAMABAD
Basement UBL Building, Blue Area Tel: 051-111-825-262

RAWALPINDI
UBL Kamran Market Branch, Kashmir Road, Saddar Tel: 051-2503248

HYDERABAD
UBL Bank Limited, Mezzanine Floor, Civic Center Branch, Thandi Sarak, Hyderabad Tel: 022-2728333

PESHAWAR
State Life Building, The Mall Tel: 091-5274678

LAHORE
6 Commercial Market, C Block, Model Town Tel: 042-111-825-262

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Disclaimer: This publication is for informational purposes only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds are subject to market risks. The NAV based prices of units and any dividends/returns thereon are dependant on forces and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not necessarily indicative of future results.