Icb Amcl Open End Mutual Funds: Annual Report 2017-18

ICB AMCL OPEN END MUTUAL FUNDS
ANNUAL REPORT
2017-18
ICB AMCL
Open End Mutual Funds
YEAR
Particulars
2013-14 2014-15 2015-16 2016-17 2017-18
Second ICB Unit Fund
Gross sale - - - 1.79 26.14
Repurchase - - - 399.81 104.84
Net sale - - - -398.02 -78.70
Dividend Per Unit (Tk.) - - - 0.50 1.00
Third ICB Unit Fund
Gross sale - - - 4346.89 45.21
Repurchase - - - 1140.32 120.16
Net sale - - - 3206.57 -74.95
Fourth ICB Unit Fund
Gross sale - - - 0.18 11.81
Repurchase - - - 678.08 101.41
Net sale - - - -677.90 -89.60
Fifth ICB Unit Fund
Gross sale - - - 4771.50 50.94
Repurchase - - - 1024.62 123.81
Net sale - - - 3746.88 -72.87
Sixth ICB Unit Fund
Gross sale - - - - 3305.61
Repurchase - - - - 440.09
Net sale - - - - 2865.52
Dividend Per Unit (Tk.) - - - - 1.10
Seventh ICB Unit Fund
Gross sale - - - - 5397.66
Repurchase - - - - 1477.40
Net sale - - - - 3920.26
Eighth ICB Unit Fund
Gross sale - - - - 3999.31
Repurchase - - - - 312.17
Net sale - - - - 3687.14
08
ANNUAL REPORT
2017-18
OPEN END MUTUAL FUNDS

Managed by
Contents of Annual Report 2017-18
Page 03 Corporate Information
06 Open End Funds Under Management
07 Performance of the Open End Funds at A Glance
10 Board of Directors
10 Trustee Committee
11 Shariah Committee
14 Economic Environment of the FY 2017-18
17 Mutual Fund Industry of Bangladesh
22 World Mutual Fund Industry
25 Report of the Trustee
Performance Overview
27 ICB AMCL Unit Fund
31 ICB AMCL Pension Holders’ Unit Fund
34 ICB AMCL Converted 1st Unit Fund
37 ICB AMCL Islamic Unit Fund
40 First ICB Unit Fund
43 Second ICB Unit Fund
46 Third ICB Unit Fund
49 Fourth ICB Unit Fund
52 Fifth ICB Unit Fund
55 Sixth ICB Unit Fund
58 Seventh ICB Unit Fund
61 Eighth ICB Unit Fund
64 Report of the Trustee (Bangladesh Fund)
65 Bangladesh Fund
Financial Statments
71 ICB AMCL Unit Fund
100 ICB AMCL Pension Holders’ Unit Fund
120 ICB AMCL Converted 1st Unit Fund
141 ICB AMCL Islamic Unit Fund
160 First ICB Unit Fund
183 Second ICB Unit Fund
202 Third ICB Unit Fund
224 Fourth ICB Unit Fund
245 Fifth ICB Unit Fund
267 Sixth ICB Unit Fund
292 Seventh ICB Unit Fund
316 Eighth ICB Unit Fund
339 Bangladesh Fund
ICB AMCL
Corporate Information
Registered Name:
ICB Asset Management Company Limited
Legal Form:
ICB Asset Management Company Limited was established as part of the restructuring programme of ICB
under Capital Market Development Programme (CMDP) initiated by the Government of Bangladesh and the
Asian Development Bank (ADB). The Company was incorporated as a public limited company with an
authorized capital of Tk. 100.00 crore and a nominal paid up capital of Tk. 2.00 lac, which was subsequently
increased to Tk. 39.38 crore, under the †Kv¤úvbx AvBb, 1994 with the Registrar of Joint Stock Companies and
Firms on 05 December 2000. The Company obtained license on 14 October 2001 from the Bangladesh
Securities and Exchange Commission under wmwKDwiwUR I G·‡PÄ Kwgkb (wgDPz¨qvj dvÛ) wewagvjv, 2001 to carry out
the mutual fund activities. The Company started its operation from 01 July 2002 upon issuance of Govt.
gazette notification.
Registration No. BSEC License No.

SEC/AMC/2001/003 C-41984(1343)/2000
Capital Structure of the Company

BDT in Million
Particular Value
Authorized Capital 1000.00
Paid-up Capital 393.75
Reserve 1,512.99
Retained Profit 1,470.14
Total 3,376.88
12%
43%
Paid up Capital
45%
Reserve
Retained Profit
03
ICB AMCL
Chairman Dr. Mojib Uddin Ahmed

Professor
Department of Tourism and Hospitality Management
University of Dhaka
Chief Executive Officer Md. Golam Rabbani

(Additional Charge) Deputy General Manager
Investment Corporation of Bangladesh (ICB)
Sponsors of Funds Investment Corporation of Bangladesh (ICB)

ICB Capital Management Limited (ICML)
Trustee Investment Corporation of Bangladesh (ICB)

BDBL Bhaban (Level 14-17)
8, RAJUK Avenue, Dhaka- 1000.
Green City Edge (5th Floor)
89, Kakrail, Dhaka-1000.
Custodian Investment Corporation of Bangladesh (ICB)

BDBL Bhaban (Level 14-17)
8, RAJUK Avenue, Dhaka- 1000.
Green City Edge (5th Floor)
89, Kakrail, Dhaka-1000.
Auditor of the Funds Rahman Mostafa Alam & Co. ;Chartered Accountants
Paramount Heights (7th Floor-D2)
65/2/1, Box Culvert Road, Purana Paltan, Dhaka-1000.
Khan Wahab Shafique Rahman & Co., Chartered Accountants
Rupali Bima Bhaban (5th & 6th Floor)
7, Rajuk Avenue, Motijheel, Dhaka-1000.
Ahmed Zaker & Co; Chartered Accountants
Green City Edge, 89, Kakrail, Dhaka -1000
Bankers IFIC Bank Ltd.

Motijheel Branch
Shahjalal Islami Bank Bangladesh Ltd.
Motijheel Branch
Sonali Bank Limited
Local Office
Janata Bank Limited
Local Office
Agrani Bank Limited
Principal Branch
Rupali Bank Limited
Local Office
Bangladesh Development Bank Limited
Principal Branch
04
ICB AMCL
Milestones
Major Events/Milestones: Date
Date of Incorporation 05 December 2000
Registration with BSEC 14 October 2001
Operation started 01 July 2002
Floatation of ICB AMCL Unit Fund 21 June 2003
Floatation of ICB AMCL Pension Holders' Unit Fund 18 October 2004
Floatation of ICB AMCL Second NRB Mutual Fund 15 May 2008
Floatation of Prime Finance First Mutual Fund 04 January 2009
Floatation of ICB AMCL Second Mutual Fund 09 August 2009
Floatation of ICB Employees Provident Mutual Fund One: Scheme One 22 November 2009
Floatation of Prime Bank 1st ICB AMCL Mutual Fund 06 December 2009
Floatation of Phoenix Finance 1st Mutual Fund 07 March 2010
Floatation of ICB AMCL Third NRB Mutual Fund 28 March 2010
Floatation of IFIL Islamic Mutual Fund-1 26 September 2010
Floatation of Bangladesh Fund 10 October 2011
Floatation of ICB AMCL Sonali Bank Limited 1st Mutual Fund 21 April 2013
Floatation of ICB AMCL Converted 1st Unit Fund 23 February 2014
Shifting to its own premises 16 November 2014
Flotation of ICB AMCL Islamic Unit Fund 17 May 2015
Flotation of First ICB Unit Fund 08 March 2016
Flotation of Second ICB Unit Fund 17 April 2016
Flotation of Third ICB Unit Fund 15 May 2016
Flotation of Fourth ICB Unit Fund 15 May 2016
Flotation of Fifth ICB Unit Fund 15 May 2016
Flotation of Sixth ICB Unit Fund 10 July 2016
Flotation of Seventh ICB Unit Fund 09 October 2016
Flotation of Eighth ICB Unit Fund 05 February 2017
Flotation of ICB AMCL First Agrani Bank Mutual Fund 01 August 2017
05
ICB AMCL
Open End Funds Under Managment

Sl. Name of the Fund Date of Nature of the Size of the Fund
No. Floatation Fund (Tk. in Crore)
1. ICB AMCL Unit Fund 21 June 2003 Open-end 350.00*
2. ICB AMCL Pension Holders' Unit Fund 18 October 2004 Open-end 30.00*
3. Bangladesh Fund 10 October 2011 Open-end 5000.00*
4. ICB AMCL Converted 1st Unit Fund 23 February 2014 Open-end 70.00*
5. ICB AMCL Islamic Unit Fund 17 May 2015 Open-end 80.00*
6. First ICB Unit Fund 08 March 2016 Open-end 142.00*
7. Second ICB Unit Fund 17 April 2016 Open-end 20.00*
8. Third ICB Unit Fund 15 May 2016 Open-end 44.00*
9. Fourth ICB Unit Fund 15 May 2016 Open-end 31.50*
10. Fifth ICB Unit Fund 15 May 2016 Open-end 46.00*
11. Sixth ICB Unit Fund 10 July 2016 Open-end 30.00*
12. Seventh ICB Unit Fund 09 October 2016 Open-end 47.00*
13. Eighth ICB Unit Fund 05 February 2017 Open-end 40.00*
*Present targeted size
06
ICB AMCL
Performance of the Open End Funds at A Glance

YEAR
Particulars
2013-14 2014-15 2015-16 2016-17 2017-18
ICB AMCL Mutual Funds
Numbers 15 14 15 19 22
Capital Fund 260,855 270,661 285,641 310,953.99 411,844.25
Investments at Cost 312,771.60 335,754.99 373,400.99 410,746.07 428,280.05
Market value of investment 255,644.59 264,013.44 282,978.82 364,910.19 340,972.37
ICB AMCL Unit Fund
Gross sale 7,154.69 10,299.09 12,729.91 12644.74 14136.17
Repurchase 2,616.09 2,278.86 4,702.22 4114.07 4055.35
Net sale 4,538.60 8,020.22 8,027.69 8530.66 10080.82
Dividend Per Unit (Tk.) 30 28 20 20.50 19.00
ICB AMCL Pension Holders’ Unit Fund
Gross sale 569.10 427.66 194.50 139.36 232.26
Repurchase 486.18 742.29 656.45 398.64 255.12
Net sale 82.92 -314.63 -461.95 -259.27 -22.86
Dividend Per Unit (Tk.) 20 15 14 13.50 12.5
Bangladesh Fund
Gross sale 3,557.40 7,495.73 9,203.33 2973.59 439.87
Repurchase 1,176.87 253.48 335.35 1625.44 2972.35
Net sale 2,380.53 7,242.24 8,867.98 1348.14 -2532.48
Dividend Per Unit (Tk.) 10 10 6.50 6.50 6.00
ICB AMCL Converted 1st Unit Fund
Gross sale 4,120.75 1,524.38 145.99 85.19 83.48
Repurchase 194.26 307.68 389.34 477.72 333.27
Net sale 3,926.49 1,216.69 -243.35 -392.53 -249.79
Dividend Per Unit (Tk.) 0.50 0.50 0.50 0.60 0.60
ICB AMCL Islamic Unit Fund
Gross sale - - 2,208.54 2436.60 2177.41
Repurchase - - 508.68 535.00 579.96
Net sale - - 1,699.86 1901.60 1597.45
Dividend Per Unit (Tk.) - - 0.80 0.80 0.80
First ICB Unit Fund
Gross sale - - - 96.09 8.99
Repurchase - - - 4431.57 302.04
Net sale - - - -4335.48 -293.05
07
ICB AMCL
Md. Kamal Hossain Gazi, Member of the Trustee Committee is presided over the 261st Trustee Meeting held
on 31st July, 2018 in which the audited accounts of open-end mutual funds except Bangladesh Fund for FY
2017-18 were approved. Chief Executive Officer of ICB AMCL Md. Golam Rabbani and other senior officials of
ICB and IAMCL are also seen.
Md. Kamal Hossain Gazi, Chairman of the Trustee Committee is presided over the 38th Trustee Meeting held
on 31st July, 2018 in which the audited accounts of Bangladesh Fund for FY 2017-18 were approved. Chief
Executive Officer of ICB AMCL Md. Golam Rabbani and other senior officials of ICB and IAMCL are also seen.
09
ICB AMCL
Board of Directors
Chairman
Dr. Mojib Uddin Ahmed
Chairman
Investment Corporation of Bangladesh
Chief Executive Officer (Add. Charge)

Md. Golam Rabbani
Deputy General Manager
Directors
Dr. Mijanur Rahman
Vice Chancellor, Jagannath University
& Former Treasurer, University of Dhaka
Md. Rafiqul Islam
General Manager
Dr.Hamid Ullah Bhuiyan
Professor
Department of Accounting & Information Systems
Faculty of Business Studies, University of Dhaka
Dr. Akram Hossain
Professor
Department of Management Information Systems (MIS)
Faculty of Business Studies, University of Dhaka
Md. Saidur Rahman
Deputy Secretary
Financial Institutions Division
Ministry of Finance
People’s Republic of Bangladesh
Secretary
Babul Chandra Debnath
Deputy Chief Executive Officer
10
ICB AMCL
Trustee Committee -
Excluding Bangladesh Fund
(as on June 30, 2018)
Md. Mosaddake-Ul-Alam
Member of the Trustee Committee & Deputy Managing Director
Md. Kamal Hossain Gazi
Member of the Trustee Committee & General Manager
Dipika Bhattacharjee
Md. Taleb Hossain
Member of the Trustee Committee & Deputy General Manager
Md. Mahbub Alam
Member Secretary of the Trustee Committee & Assistant General Manager
Trustee Committee - Bangladesh Fund

(as on June 30, 2018)
Md. Kamal Hossain Gazi

Md. Sohel Rahman
Member of the Trustee Committee & Chief Executive Officer (Add. Charge)
ICB Capital Management Ltd.
Tanjina Chowdhury
Tarek Nizam Uddin Ahmed
Md. Shafiul Alam
Member Secretary of the Trustee Committee & Deputy Chief Executive
Officer
ICB Capital Management Ltd.
11
ICB AMCL
Shariah Committee
(as on June 30, 2018)
Dr. M. Shamsher Ali

Chairman
Dr. Mohd. Haroon Rashid
Member
Muhammad Musa
Member
Dr. Muhammad Abdur Rashid
Member
Dr. Muhammad Abdul Wadud
Member
Dr. Mojib Uddin Ahmed
Member
Kazi Sanaul Hoq
Member
Md. Golam Rabbani
Member Secretary
12
ICB AMCL
Senior Executives of
ICB Asset Management Company Ltd.
13
ICB AMCL
Economic Environment
of the FY 2017-18
The Trend of the Global Economy Bangladesh Bureau of Statistics has estimated the
growth rate at 7.65 per cent. The ‘Quantum Index of
The world economy came back to a stable position Medium and Large-Scale Manufacturing Industries’
up to the end of 2017 in the process of recovery. The
increased 14.0 per cent in January 2017 compared
global GDP growth rate stands at 3.8 per cent which
to January 2016. Although the agricultural
is the highest since 2011. According to IMF’s
production suffered a major setback due to flood in
projection, this trend in GDP growth will continue
the beginning of the fiscal year, the production of
in the medium term and the global growth rate is
Amon and Boro remained satisfactory thanks to
expected to be 3.9 per cent in 2018 and 2019. There
government’s subsidy support and supply of
are indications that the growth momentum will
agricultural inputs. Overall, in the current fiscal
prevail in almost all the countries including the
year, the target of food grains production has been
developed emerging-developing ones and in Middle
set at 4.07 crore metric tonnes. On the other hand,
East and North Africa. The output growth of our
a solid domestic demand induced by increased
main export destinations, the United States and the
personal consumption and government
Euro area, stood at 2.3 per cent in 2017, which was
1.5 and 1.8 per cent respectively in the previous expenditure has made positive impact on growth.
year. Although the long-term growth prospects in Furthermore, the upward trend in global growth
these countries are expected to slow down, it is and trade will stimulate our exports, foreign
projected that it will continue to increase in the remittance flow and foreign investment. Despite
medium-term. The positive trend of growth will the fact that there is a downward trend in food
also continue in our neighbor India as well as our inflation due to increased agricultural production
friendly nations China and Japan in the coming supported by efficient supply management,
days. Although the global trade had been sluggish in non-food inflation is ticking up under the influence
the past two years, the good news is that, it grew 4.9 of rising global commodity prices. The food and
per cent in 2017 and is expected to grow 5.1 per non-food inflation in April 2018 were 7.3 per cent
cent in 2018. and 3.5 per cent respectively. In the first nine
months of the current fiscal year, the collection of
59. Our sense of comfort is tainted by some worries. total revenue stood at Tk. 1,62,109 crore which is
Supply did not increase in tandem with the increase 62.48 per cent of the revised target. During the
in demand. As a result, global commodity prices same period, the growth of NBR revenue collection
have increased in the first three months of 2018. stood at 15.4 per cent which is more than the
According to the World Bank forecast, crude oil average growth (14.6 per cent) of last six years
prices may reach US$65 per barrel in 2018 which (from FY2011-12 to 2016-17). Further, tax revenue
was US$53 per barrel in 2017 on average. After collection will also gain momentum because of
three years of stability, the prices of agricultural strong domestic demand in days to come. I observe
and metal products have been projected to increase that there is an increased tax-compliance among
by 2 per cent and 9 per cent respectively in 2018. the taxpayers particularly the youths who pay their
Besides, there is an upward trend in the rate of income tax spontaneously. The government
inflation in the neighboring countries including spending in the first nine months is 45.0 per cent of
India and China. the revised target of the current fiscal year. The ADP
Internal Economic Situation implementation has gathered increased
momentum this year. In the first 10 months, 52.4
Bangladesh government set the target for this per cent of ADP allocation has been spent. The
year's GDP growth at 7.4 per cent. Meanwhile, utilization of project aid, for the first time, has
14
ICB AMCL
increased significantly. In the first 10 months of last seven months, as reflected in price indices,
FY2017-18, the utilization rate is 61.1 per cent market capitalization, price earnings ratio, and
compared to 47.7 per cent in same period of the turnover. The corrections reflected both domestic
previous fiscal year. Currently the implementation and external market developments, including the
of mega projects is under way in full swing. price corrections in the global equity markets, the
Therefore, it is assumed that there will be DSE broad index (DSEX) and DSE-30 index had
dynamism in the implementation of government some price corrections. The DSEX index declined by
expenditures, especially the ADP. However, the 4.43 percent in FY 17-18 from June 2017, but it
overall budget deficit will stay within 5 per cent of rose 6.49 percent from June 2017 to February
GDP. In recent times, imbalance of liquidity in 2018. DSE- 30 index decreased by 5.94 percent
money market together with problems with the from June 2017, but it rose 6.92 percent from June
management of a few banks created worries. 2017 to February 2018.
Overall, at the end of April, 2018, the growth of
In FY 17-18, overall price-earnings (PE) ratio of the
broad money and domestic credit growth stood at
DSE decreased compared to the year. The average
9.1 and 14.4 per cent respectively which are very
price earnings ratio reached 14.97 in June 2018
much within the targets set out in the monetary
from 15.74 at the end of June 2017. Sector-wise PE
policy statement of the Bangladesh Bank. During
data show that mutual fund sector's PE score was
this period, private sector credit growth was 17.7
the lowest position while that of the cement sector
per cent which was slightly higher than the target
was highest in FY 17-18.
(16.8 per cent). The increase in credit growth in the
private sector indicates higher investment by the Thus the number of listed securities increased to
private sector. In the external sector, export and 351 at the end of FY 17-18. Total turnover value
foreign remittance have achieved a growth of 6.4 dropped by 0.03 percent during FY 17-18 compared
and 17.5 respectively in the first 10 months of the to previous year. Market liquidity as measured by
current fiscal year compared to the same period in Turnover Velocity Ratio (TVR)1 dropped to 35.27
the previous one. Similarly, imports up to April percent in FY 17-18 from 37.26 percent in FY
2018 of the current fiscal registered a growth of 16-17.
24.5 per cent over the corresponding period of the The net investment by foreign and non-resident
previous year. The exchange rate of Taka against US Bangladeshi decreased during FY 17-18 to BDT
dollar has depreciated which is favorable for 14.60 billion from BDT 15.24 billion in FY 16-17.
exports and remittance. The import cover of seven
months equivalent to US$32.20 billion (30 May, Market Capitalization & DSEX Index Trend
2018) foreign exchange reserve is satisfactory. It is Market Capitalization Index
expected that the positive trends in global growth 7000
and trade and improvement in the working 6000
5000
environment of the country’s RMG sector will help 4000
continue growth in the export sector. The rising 3000
2000
trend in import will continue for some time to meet 1000
the requirements of mega projects. In the current 0
fiscal, the rate of overseas employment has
17
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increased quite significantly. As a result, the foreign

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remittance flow is expected to increase

proportionately. The Sector Wise DSE Data
Adopted from the Budget Speech of 2017-18
The sector-wise DSE data shows that during the FY
2017-18 market capitalizations in banks,
pharmaceuticals & chemicals, fuel & power,
Capital Market Environment 2017-18
telecommunications, contributed 62.17 percent of
Capital markets underwent some corrections the total market capitalization. Total market
during FY 17-18 after rallying consecutively for the capitalization stood at 3263117.95 million as on 30
15
ICB AMCL
June, 2018 against TK 3239413.39 million of 30 IPO

June, 2017 registering 0.73% increase. Among
these banks, Food & Allied Product, Jute, Paper & In the FY 2017-18 total 6 companies and 2 mutual
Printing, IT and Ceramics market capitalization funds have been listed on the Dhaka Stock
increase during the FY 2017-18. Market Exchange and raised funds through IPOs which
capitalization of the other sectors decreased during worth TK. 2800.05 million while the numbers of
FY 2017-18.Some sectors like Food & Allied, IPOs were 05 during the same period in FY 2016-17
Textile, Pharmaceuticals & chemicals, Cement, with an amount of TK.830.00 million. The name of
Ceramic, Travel & Leisure industries P/E increased the companies which were listed on DSE through
and other sectors P/E decreased during the FY IPOs in the FY2017-18are presented in the
2017-18. following table:
Sl. No. of Shares Issue Price Fund raised Trading

Name of the Company Sector (BDT in millions)
No. Issued (BDT) Start Date
1 Intraco Refueling Station Engineering 30,000,000 10.00 300.00 May 17, 2018
Limited
2 Advent Pharma Limited Chemical & 20,000,000 10.00 200.00 April 12, 2018
Pharmaceuticals
3 Queen South Textile Textile 15,000,000 10.00 150.00 March 13, 2018
Mills Ltd.
4 CAPM IBBL Islamic Mutual Funds 66,853,500 10.00 668.54 March 5, 2018
Mutual Fund
5 Nahee Aluminum Composite Engineering 15,000,000 10.00 150.00 December 24, 2017
Panel Ltd.
6 Oimex Electrode Limited Engineering 15,000,000 10.00 150.00 November 6, 2017
7 First Agrani Bank Mutual Fund Mutual Funds 98,151,000 10.00 981.51 October 8, 2017
8 BBS Cables Limited Engineering 20,000,000 10.00 200.00 July 31, 2017
Total 280,004,500 2800.05
Sector Wise Fund Raised in the FY 2017-18 lowest PE ratio among the South and East Asian
countries while dividend yield of Bangladesh is the
highest. Market capitalization in Bangladesh
remains low at around 15 percent of GDP.
Country Index P/E Yield M. Cap to

GDP %
Bangladesh DSEX 15.11 3.59 14.38
Engineering 29% India SENSEX 22.91 1.20 77.41
Chemical & Pharmaceuticals 7% Sri Lanka CSE All 10.39 1.25 -
Textile 5% Share Index
Mutual Funds 59% Thailand SET 16.57 1.86 114.18
Hong Kong Hang Seng 11.49 - 1223.20
Comparison Among Regional Capital China Composite 15.17 - -
Markets- June 2018
Source: DSE Monthly Review, June 2018
Cross country data on price earnings (PE) ratios as
of June 2018 show that Bangladesh has the second
16
ICB AMCL
Mutual Fund Industry of Bangladesh

With the floatation of “First ICB Mutual Fund” on 25 April 1980 by Investment Corporation of Bangladesh
(ICB) the mutual fund industry started its journey in the capital market of Bangladesh. ICB is the pioneer
organization of initiating mutual funds in Bangladesh. Though the industry started its journey in 1980, the
industry has experienced a slow progress in the first two decades. Till the year 2000 only 10 mutual funds were
listed in the stock exchanges. However at present 37 mutual funds are listed in both the bourses. Out of 37
close-end mutual funds, ICB Asset Management Company Ltd is managing 10 mutual funds. Besides 37
close-end mutual funds, there are at present 40 open-end mutual funds in the country, 13of which are
managed by ICB Asset Management Company Ltd.
Number of Close - end Mutual Funds under

different AMCs (as on 30 June 2018)
12
10
8
6
4
2
0
L
CL
M
L
PM
AT L
CE
S
PB
G
M
M
CA
M
LR
RA
VA
VI
CA
SE
AI
IA
Number of Open-end Mutual Funds under

different AMCs (as on 30 June 2018)
14
12
10
8
6
4
2
0
HFAML
PFAMCL
IDLC
ZIL
IAMCL
LBAML
ATCPAM
PAMCL
ICL
ACAML
CAML
VIPB
SAML
AAML
ICB
UFS
CAPM
Asset Management Companies (AMCs)

At present there are 36 asset management companies in the country among which ICB and 8 other AMCs are
managing all the 37 listed close end mutual funds. 42 open-end mutual funds of the country are managed by
ICB and 16other AMCs of the country.
17
ICB AMCL
Fund's Name According to AMC Nature of Capital size of Fund as on Year of listing/
the Fund June 30 2018 (BDT mn) floatation
Alif Asset Management Company Ltd.
Sandhani Life Unit Fund Open-end 341.40 2012
Alliance Capital Asset Management Ltd.
MTB Unit Fund Open-end 799.00 2012
Asian Tiger Capital Partners Asset Management Ltd.
Asian Tiger Sandhani Life Growth Fund Close-end 617.90 2015
ATC Shariah Unit Fund. Open-end 150.10 2016
Asset & Investment Management Services of Bangladesh Ltd. (AIMS)
Grameen One : Scheme Two Close-end 1824.00 2008
Reliance One" the first scheme of Reliance Insurance Mutual Fund Close-end 605.00
2011
CAPM Company Ltd
CAPM Unit Fund Open-end 88.70 2014
CAPM BDBL Mutual Fund 01 Close-end 501 2017
CAPM IBBL Mutual Fund Open-end 668.50 2017
CAPM IBBL Islamic Mutual Fund Close-end 669 2018
ICB Asset Management Company Ltd. (ICB AMCL)
ICB AMCL Unit Fund Open-end 3379.40 2003
ICB AMCL Pension Holders' Unit Fund Open-end 172.90 2004
ICB AMCL 2nd NRB Mutual Fund Close-end 1000.00 2008
Prime Finance First Mutual Fund Close-end 200.00 2009
ICB AMCL Second Mutual Fund Close-end 500.00 2009
ICB Employees Provident M.F. 1: Scheme 1 Close-end 750.00 2010
Prime Bank 1st ICB AMCL Mutual Fund Close-end 1000.00 2010
Phoenix Finance 1st Mutual Fund Close-end 600.00 2010
ICB AMCL Third NRB Mutual Fund Close-end 1000.00 2010
IFIL Islamic Mutual Fund-1 Close-end 1000.00 2010
Bangladesh Fund Open-end 17701.90 2011
ICB AMCL Sonali Bank Ltd. 1st Mutual Fund Close-end 1000.00 2013
ICB AMCL First Agrani Bank Mutual Fund Close-end 981.50 2017
ICB AMCL Converted First Unit Fund Open-end 402.30 2014
ICB AMCL Islamic Unit Fund Open-end 687.40 2016
1stICB Unit Fund Open-end 907.60 2016
2ndICB Unit Fund Open-end 118.40 2016
3rdICB Unit Fund Open-end 301.80 2016
4th ICB Unit Fund Open-end 227.10 2016
ICB Unit Fund Open-end 5764.10 1981
L-R Global Bangladesh Asset Management Company Ltd.
DBH First Mutual Fund Close-end 1200.00 2010
Green Delta Mutual Fund Close-end 1500.00 2010
AIBL 1st Islamic Mutual Fund Close-end 1000.00 2011
LR Global Bangladesh Mutual Fund One Close-end 3110.80 2011
MBL 1st Mutual Fund Close-end 1000.00 2011
NCCBL Mutual Fund-1 Close-end 1085.00 2012
Prime Finance Asset Management Company Ltd.
Prime Financial First Unit Fund Open-end 183.70 2010
Rupali Life Insurance First Mutual Fund Open-end 332.30 2015
Prime Finance Second Mutual Fund Open-end 396.60 2017
18
ICB AMCL
Fund's Name According to AMC Nature of Capital size of Fund as on Year of listing/
the Fund June 30 2018 (BDT mn) floatation
RACE Management Pvt. Co. Ltd.
EBL First Mutual Fund Close-end 1353.90 2009
First Janata Bank Mutual Fund Close-end 2754.60 2010
IFIC Bank 1st Mutual Fund Close-end 1616.50 2010
PHP First Mutual Fund Close-end 2677.50 2010
Popular Life First Mutual Fund Close-end 2851.50 2010
Trust Bank 1st Mutual Fund Close-end 2844.60 2010
EBL NRB Mutual Fund Close-end 2114.70 2011
First Bangladesh Fixed Income Fund Close-end 7334.70 2011
AB Bank 1st Mutual Fund Close-end 2441.50 2012
Exim Bank 1st Mutual Fund Close-end 1329.40 2013
VIPB Asset Management Company Ltd.
Southeast Bank 1st Mutual Fund Close-end 997.80 2011
NLI First Mutual Fund Close-end 503.30 2012
VIPB Accelerated Income Unit Fund Open-end 159.80 2016
VIPB Growth Fund Open-end 200.00 2018
Vanguard Asset Management Ltd. Bangladesh
Vanguard AML BD Finance M.F. One Close-end 1043.20 2016
Vanguard AML Rupali Bank Balanced Fund Close-end 1587.50 2016
SEMLLECMF
SEML lecture Equity Management Fund Close-end 500.00 2016
SEML IBBL Shariah Fund Close-end 1000.00 2016
UFS Asset Management Company Limited
UFS-Popular life Unit Fund Open-end 717.50 2015
UFS-Padma life Islamic Unit Fund Open-end 318.00 2016
UFS-Pragati life Unit Fund Open-end 70.10 2016
UFS-Bank Asia Unit Fund Open-end 300.00 2018
UFS-IBBL Shariah Unit Fund Open-end 1000.10 2010
Peninsula Asset Management Company Limited
Peninsula AMCL BDBL Unit Fund Open-end 196.10 2015
LankaBangla Asset Management Company Ltd.
LankaBangla 1st Balanced Unit Fund Open-end 446.80 2016
LankaBangla Al-ArafahShariah Unit Fund Open-end 500.00 2018
Credence Asset management Company Ltd.
Credence First Growth Fund Open-end 189.00 2017
Credence First Shariah Unit Fund Open-end 100.00 2018
Impress Capital limited
ICL Balanced Fund Open-end 314.10 2016
Shanta Asset Management
Shanta First Income Unit Fund Open-end 210.90 2018
IDLC Asset Management Limited
IDLC Balanced Fund Open-end 500.00 2017
IDLC Growth Fund Open-end 500.00 2018
HF Asset Management Limited
HF Unit Fund Open-end 500.00 2017
Zenith Investments Limited
Zenith Annual Income Fund Open-end 100.00 2017
19
ICB AMCL
Performance of Mutual Funds

Total Net Asset Value of the At present there are 42 open-end mutual funds in the
country. As on 30 June 2018, the total net assets of the 42
Mutual Funds open end mutual funds of the country is BDT 52565.7
million. The following graph shows the AMC wise distribu-
At the end of June 2018 the total Net Asset Value of all the
tion of the NAV of the open-end mutual funds:
close-end mutual funds listed in the DSE andCSE reached to
BDT 61524.6 million, which was 60746.4 million i.e. 1.28 % Total size of the mutual fund industry of Bangladesh as on
more than that of June 2017. A total number of 01 mutual 30 June 2018 was BDT 114090.3 million i.e, which is only
fund named CAPM IBBL Islamic Mutual Fund raised funds 0.51% of the GDP of FY 2017-18. The following graph shows
through IPOs during the FY 2017-18 with an amount of 669 the AMC wise distribution of the NAV of all the mutual
million. funds:
Dividend Performance
Face
Fund's Name Value Count Dividend
According to AMC Per Unit As
(BDT) FY 2017-18 2016-17 2015-16 2014-15 2013-14 2012-13
Alif Asset Management Company Ltd.
Sandhani Life Unit Fund 10 Tk. Per July- 1.3 N/A 1.25 0.85 0.75 0.50
Unit June
Alliance Capital Asset Management Ltd.
MTB Unit Fund 10 Tk. Per July- 1.30 1 1 0.95 1.10 0.50
Unit June
Asian Tiger Capital Partners Asset Management Limited.
Asian Tiger Sandhani Life 10 Tk. Per July- 1.30 N/A 1.3 7.50Cash, NA NA
Growth Fund Unit June 2.50RIU
Asset & Investment Management Services of Bangladesh Ltd. (AIMS)
Grameen One : Scheme Two 10 % July- 11 Cash, 11 Cash, 10 Cash, 10 Cash, 15 RIU
June 4 RIU 4 RIU 9 RIU 15 RIU 10%
Reliance One" the first 10 % July- 10 10 11 11 11 10 RIU
scheme of Reliance June
Insurance Mutual Fund
ICB AMCL Unit Fund 100 Tk. Per July- 19 20.5 20 28 30 30
Unit June
ICB AMCL Pension 100 Tk. Per July- 12.5 13.5 14 15 20 28
Holders' Unit Fund Unit June
Bangladesh Fund 100 Tk. Per July- 6 6.5 6.5 10 10 5
Unit June
ICB AMCL Converted 10 Tk. Per July- 0.60 0.60 0.50 0.50 0.50 NA
First Unit Fund Unit June
ICB AMCL Islamic 10 Tk. Per July- 0.80 0.80 0.80 NA NA NA
Unit Fund Unit June
Prime Finance First 10 % Jan- 8.5 6 FY not yet 5 10 10
Mutual Fund Dec
ICB AMCL Second 10 % July- 6 6 5 5 5 0
Mutual Fund June
ICB Employees Provident 10 % July- 5.5 6.5 6% 7.50% 5% 0
MF 1: Scheme 1 June
Prime Bank 1st ICB 10 % July- 7 7 7% 7% 5% 0
AMCL Mutual Fund June
Phoenix Finance 1st Mutual Fund 10 % July-June 5 5 5% 5% 5% 0
ICB AMCL Third NRB Mutual Fund 10 % July-June 5 5 5% 5% 5% 0
IFIL Islamic Mutual Fund-1 10 % July-June 9 9 10% 10% 10% 0
20
ICB AMCL
Face
(BDT) FY 2017-18 2016-17 2015-16 2014-15 2013-14 2012-13
ICB AMCL Sonali Bank Ltd. 10 % July-June 7 7.5 7.5% 10% 10% NA
1st Mutual Fund
ICB AMCL First Agrani 10 % July- 5.5 NA NA NA NA NA
Bank Mutual Fund June
1st ICB U.F. 10 Tk. Per Unit Jan-Dec 1 .50 NA NA NA NA
2nd ICB U.F. 10 Tk. Per Unit Jan-Dec 1 .50 NA NA NA NA
3rd ICB U.F 10 Tk. Per Unit Jan-Dec 1 .50 NA NA NA NA
4th ICB U.F. 10 Tk. Per Unit Jan-Dec 1 .50 NA NA NA NA
5th ICB U.F. 10 Tk. Per Unit Jan-Dec 1 .50 NA NA NA NA
6th ICB U.F. 10 Tk. Per Unit Jan-Dec 1.10 NA NA NA NA NA
ICB Unit Fund 100 Tk. Per Unit July-June 40 45 43 42.50 40 36.50
CAPM Company Ltd
CAPM Unit Fund 100 Tk. Per Unit July-June .20 5 5 6 1.90 NA
L-R Global Bangladesh Asset Management Company Ltd.
DBH First Mutual Fund 10 % July-June 5 5 5 4 0.60 0
Green Delta Mutual Fund 10 % July-June 5 5 5 4.50 0 0
AIBL 1st Islamic Mutual Fund 10 % Apr-Mar 7 7 13 0 5.50 0
LR Global Bangladesh Mutual 10 % Oct-Sep 5 7.8 10 5 4 RIU
Fund One
MBL 1st Mutual Fund 10 % Apr-Mar 8 8 10 0 3 0
NCCBL Mutual Fund-1 10 % Jan-Dec 4.5 6.5 3 10
Prime Finance Asset Management Company Ltd.
Prime Financial First Unit Fund 100 Tk. Per Unit Jan-Dec 1.2 FY not yet 7 14 10
Rupali Life Insurance First Mutual Fund 10 % Jan-Dec 12 FY not yet NA NA NA
Prime Finance Second Mutual Fund 10 % Jan-Dec 17.5 NA NA NA NA
RACE Management Pvt. Co. Ltd.
EBL 1st Mutual Fund 10 % July-June 2 Cash, 2 Cash, 7 RIU 7 RIU 7 10 RIU
10 RIU 10 RIU
First Janata Bank Mutual Fund 10 % July-June 2 Cash, 2 Cash, 12 RIU 12 RIU 12.50 RIU 0
10 RIU 10 RIU
IFIC Bank 1st Mutual Fund 10 % July-June 2 Cash, 2 Cash, 10 RIU 10 RIU 9 RIU 10 RIU
10 RIU 10 RIU
PHP First Mutual Fund 10 % July-June 2.5 2.5 Cash, 7.5 RIU 7.5 RIU 10 RIU 0
10 RIU
Popular Life First Mutual Fund 10 % July-June 3.5 3.5 Cash, 12 RIU 12 RIU 12 RIU 2.50
10 RIU
Trust Bank 1st Mutual Fund 10 % July-June 2 2 Cash, 8 RIU 8 RIU 10 RIU 10 RIU
10 RIU
EBL NRB Mutual Fund 10 % July-June 2 Cash, 2 Cash, 6 RIU 6 RIU 10 RIU 10 RIU
10 RIU 10 RIU
First Bangladesh Fixed 10 % July-June 2 Cash, 2 Cash, 9 RIU 9 RIU 10 RIU 12 RIU
10 RIU 10 RIU
AB Bank 1st Mutual Fund 10 % July-June 3 Cash, 3 Cash, 15 RIU 15 RIU 10 RIU 10 RIU
10 RIU 10 RIU
Exim Bank 1st Mutual Fund 10 % July-June 2 Cash, 2 Cash, 8 RIU 8 RIU 12 RIU NA
10 RIU 10 RIU
21
ICB AMCL
Face
(BDT) FY 2017-18 2016-17 2015-16 2014-15 2013-14 2012-13
VIPB Asset Management Company Ltd.
Southeast Bank 1st Mutual Fund 10 % July-June 13.5 12.50 12.50 12 10 RIU
NLI First Mutual Fund 10 % July-June 14 15 13 13 12 10 RIUVIPB
Accelerated Income Unit Fund 10 Tk. Per Unit July-June NA NA NA NA NA NA
Vanguard Asset Management Ltd. Bangladesh
Vanguard AML BD Finance M.F. One 10 % Oct-Sep 7.5 10 NA NA NA NA
Vanguard AML Rupali Bank Balanced Fund 10 Tk. Per Unit Oct-Sep 12 NA NA NA NA NA
SEMLLECMF
SEML lecture Equity Management Fund 10 % July-June 10 10 NA NA NA NA
SEML IBBL Shariah Fund 10 % July-June 2.5 2.5 NA NA NA NA
UFS Asset Management Company Limited
UFS-Popular life unit Fund 10 Tk. Per Unit July-June 1.3 NA NA NA NA
UFS-Padma life Islamic Unit Fund 10 Tk. Per Unit July-June 1.3 NA NA NA NA
UFS-Pragati life Unit Fund 10 Tk. Per Unit July-June 1.2 NA NA NA NA
Peninsula Asset Management Company Limited
Peninsula AMCL BDBL Unit Fund 10 Tk. Per Unit July-June NA NA NA NA
LankaBangla Asset Management Company Ltd.
LankaBangla 1st Balanced Unit Fund 10 Tk. Per Unit July-June 0 NA NA NA NA
Credence Asset management Company Ltd.
Credence First Growth Fund 10 % July-June 0 NA NA NA NA
Impress Capital limited
ICL Balanced Fund 10 % July-June 5 NA NA NA NA
RIU= Re -Investment Unit
World Mutual Fund Industry

Investors across the globe have demonstrated strong the rest of the world. Among other factors, rising demand
demand for regulated open-end funds (referred to in this for regulated funds has been driven by investors’ demand
chapter as regulated funds). Total net assets of worldwide for professionally managed and well-diversified products
regulated funds have more than doubled in the past 10 offering access to capital markets and by the increasing
years, surpassing $49 trillion at year-end 2017. This depth and liquidity of global capital markets.
demand has been influenced by a number of long-term
factors, as well as cyclical and macroeconomic factors. Fund Total Net Assets of Worldwide
providers have responded to the increasing interest in these
funds, offering more than 114,000 regulated funds that
Regulated Funds
provide a vast array of choices for investors. In many Total net assets in worldwide regulated funds hit $49.3
countries, markets for regulated funds are well-developed trillion at year-end 2017, more than double their level in
and highly competitive. 2008. In 2017 alone, total net assets in these funds jumped
nearly $9 trillion.
Investor Demand for Worldwide
Regulated Funds Worldwide Net Sales of Regulated
Worldwide regulated funds have seen robust growth in Long-Term Funds
assets in the past two decades across four broad regions In the past decade, total net assets in worldwide regulated
consisting of the United States, Europe, Asia-Pacific, and long-term (equity, bond, and mixed/other) funds also were
22
ICB AMCL
boosted by strong investor demand for new fund shares, maintained its position as the world’s largest fund market,
with net sales totaling $11.4 trillion (Figure 1.4). In 2017 with $22.1 trillion (45 percent) of the world’s $49.3 trillion
alone, investors across the globe purchased $2.1 trillion in in regulated fund total net assets. Funds domiciled in
additional shares of regulated long-term funds. Forty-two Europe held $17.7 trillion, or 36 percent of the worldwide
percent of those net sales ($879 billion) went to bond funds total. The Asia-Pacific region had $6.5 trillion in total net
in 2017. Much of these sales were attributable to the United assets, and $2.9 trillion were in funds domiciled in the rest
States, where bond funds posted exceptionally strong of the world.
inflows. With stock prices rising rapidly around the world,
United States
some fund investors may have felt it appropriate to add to
their bond fund holdings to keep their allocations of stocks The relatively large size of the US market stems from a
and bonds in line with their long-term objectives. number of factors. One factor is the longevity of
Worldwide demand for regulated long-term funds has been US-regulated funds, which have been available in the United
fairly robust over most of the past decade. With the States for around 100 years. For example, mutual funds
exception of 2008—the worst year of the global financial have been available to US investors since the 1920s.
crisis—net sales of regulated long-term funds were positive. Another factor is the strong regulatory framework for
Moreover, in eight of the past 10 years (2008 and 2011 securities markets and regulated funds in the United States
being the exceptions), each long-term fund type recorded that was established in the wake of the stock market crash
positive net sales. Since 2008, net sales of bond funds and of 1929 and the Great Depression—most notably, the
mixed/other funds have been particularly strong, far Securities Act of 1933 and the Investment Company Act of
outpacing net sales of equity funds. Although a number of 1940. Renewed investor confidence in securities markets
factors likely affected net flows, two stand out as the most and regulated funds led to steady growth in US regulated
applicable. First, some investors, such as those nearing funds’ assets. In recent decades, US demand has been fueled
retirement, may have reassessed their willingness to accept by the availability of regulated funds as investment options
above-average or substantial investment risk. The global in tax-advantaged accounts (for example, 401(k) plans), and
population is aging—in 2017, around 23 percent of the by a wide and growing availability of types of funds that
world’s population was individuals 50 and older, up from help investors meet their investment goals (for example,
nearly 20 percent in 2007.* Against this backdrop, investors ETFs and target date funds). Also, assets of regulated funds
may have elected to weight their purchases toward have been boosted by stock market appreciation and by
regulated funds with less-variable returns. Returns on reinvestment of dividends back into funds.
bonds tend to be less variable than those on stocks. Because
Europe
of this, returns on bond funds, and some mixed/ other
funds that hold substantial proportions of their total net Europe’s regulated fund market has grown briskly over the
assets in bonds, tend to be less variable than those of equity past few decades. One important factor helping to drive this
funds. Second, investor demand may have responded to growth is the UCITS regulatory framework, which includes
favorable returns on bonds. In many countries, long-term pass porting—the ability for funds domiciled in one EU
interest rates declined during and after the financial crisis. country to be offered for sale and purchased by investors in
To shore up their economies, major central banks cut another EU country. Additionally, many countries outside
short-term interest rates and held them at very low levels of Europe, such as in the Asia-Pacific region, allow UCITS to
for much of the past decade. In addition, some major central be offered for sale to their citizens. The pooling of assets
banks, notably the US Federal Reserve and the European from investors in a range of countries allows for economies
Central Bank, undertook “quantitative easing” policies, of scale that help to lower the costs of funds to individual
which added to the downward pressure on long-term investors. The UCITS framework further promotes asset
interest rates. When interest rates fall, bond prices rise, pooling across countries by allowing an individual fund to
boosting returns on bond funds and other funds that have offer share classes that are denominated in a range of
substantial holdings of bonds, such as some mixed/other different currencies (for example, euros, US dollars, British
funds. pounds sterling) and adaptable to tax structures that differ
across jurisdictions.
Total Net Assets of Worldwide Asia-Pacific
Regulated Funds by Region Although the Asia-Pacific region had only 13 percent ($6.5
The United States and Europe have the world’s largest trillion out of $49.3 trillion) of the worldwide total net
regulated fund markets. In 2017, the United States assets of regulated funds, the market has been growing
23
ICB AMCL
rapidly. Moreover, given the size of the population in the (AMC) in accordance with the Trust Deed, the wmwKDwiwUR I
Asia-Pacific region, and the rapidly increasing economic G·‡PÄ Kwgkb (wgDPz¨qvj dvÛ) wewagvjv, 2001 as amended
development and wealth in many countries, there is from time to time, the Investment Management Agreement
potential for growth in the region’s regulated fund market. and other applicable rules & regulations. The Trustee
maintains arms-length relationship with the AMC and does
Factors Influencing Demand for not interfere in day-to-day business decisions. The Trustee
Worldwide Regulated Funds does not participate in the decision making process. The
Trustee is responsible for ensuring that the AMC performs
Research indicates that the size of the regulated fund the functions assigned to it under the rules & regulations.
market in a particular country or region depends on a broad The Trustee’s liability is to ensure that the AMC has carried
range of factors, including: out its duties in good faith and with diligence and care. The
» access to well-developed capital markets, details of duties, responsibilities and functions of the
» household demand for well-diversified investments, Trustee are spelt out in the Trust Deeds. The rights and
» strong and appropriate regulation of funds and obligations of the Trustee are also governed by the
financial markets, wmwKDwiwUR I G·‡PÄ Kwgkb (wgDPz¨qvj dvÛ) wewagvjv, 2001.
» availability of distribution structures that facilitate
access to regulated funds, RISK MANAGEMENT
» regulated fund returns and costs relative to other Market risk
available investment products,
» demographics, and The Funds primarily invest in shares of listed securities.
» high or improving levels of economic development Investment in shares carries risk that is considered higher
than that of investment in debt
Size of Worldwide Regulated securities. Capital invested in the stock market could, in
Funds in Global Capital Markets extreme circumstances, lose its entire value. The Company
manages market risk by monitoring exposure to marketable
Regulated funds are a growing source of capital for world
securities by following the internal risk management
financial markets, helping to finance businesses,
policies and investment guidelines approved by the
governments, and household activities. As of 2017,
Securities and Exchange Commission and the Board of
worldwide capital markets, as measured by the value of
Directors of the Company.
equity and debt securities outstanding, totaled $186.3
trillion. Total net assets of regulated long-term funds Credit risk
constituted 23 percent ($43.4 trillion) of the $186.3 trillion The credit risk arising from the possibility of default by
in worldwide capital markets. The share of worldwide participants or failure of the financial markets/stock
capital markets held by regulated long-term funds has exchanges, the depositories, the settlements or clearing
grown over the past seven years. In 2010, worldwide system, etc. is covered by the internal risk management
regulated long-term funds accounted for 16 percent of policies and investment guidelines.
worldwide capital markets, rising to 23 percent in 2017.
Despite this increase, regulated long-term funds still Liquidity risk
accounted for a relatively small share of worldwide capital The Company manages the liquidity risk by investing a
markets. The remaining 77 percent of worldwide capital maximum portion of the Fund's assets in highly liquid
markets are held by a wide range of investors, such as shares and money market instruments.
central banks, sovereign wealth funds, defined benefit
pension plans, banks, insurance companies, hedge funds, Market Rate of Return (MROR) Risk
broker-dealers, and households’ direct holdings of stocks MROR risk is the risk that the value of a financial
and bonds. instrument will fluctuate due to changes in the market
interest rates. The Fund has minimal MROR exposure as it
DUTIES & RESPONSIBILITIES OF primarily invests in highly rated listed securities and money
THE TRUSTEE market instruments.
The Funds are constituted as trust. As per Trust Deeds, the

Trustee holds all the assets of the funds in its trust for the
benefit of the unit holders. The Trustee seeks to ensure that
the Funds are managed by Asset Management Company
24
REPORT OF THE TRUSTEE
Investment Corporation of Bangladesh (ICB), the Trustee of 1) ICB AMCL

Unit Fund, 2) ICB AMCL Pension Holders’ Unit Fund, 3) ICB AMCL
Converted First Unit Fund 4) ICB AMCL Islamic Unit Fund 5) First ICB Unit
Fund 6) Second ICB Unit Fund 7) Third ICB Unit Fund 8) Fourth ICB Unit
Fund 9) Fifth ICB Unit Fund 10) Sixth ICB Unit Fund 11) Seventh ICB Unit
Fund 12) Eighth ICB Unit Fund presents herewith the Annual Reports for
2017-18 and the affairs of the Funds, managed by the ICB Asset
Management Company Ltd., audited reports together with the separate
Audited Accounts of the aforesaid funds for the year ended 30 June 2017 and
31 December 2017.
25
ICB AMCL

2017 & 2017-18
PERFORMANCE OVERVIEW
1. ICB AMCL Unit Fund

2. ICB AMCL Pension Holders’ Unit Fund
3. ICB AMCL Converted 1st Unit Fund
4. ICB AMCL Islamic Unit Fund
5. First ICB Unit Fund
6. Second ICB Unit Fund
7. Third ICB Unit Fund
8. Fourth ICB Unit Fund
9. Fifth ICB Unit Fund
10. Sixth ICB Unit Fund
11. Seventh ICB Unit Fund
12. Eighth ICB Unit Fund
13. Bangladesh Fund
26
ICB AMCL
ICB AMCL Unit Fund
BASIC FACTS
Sponsor ICB Capital Management Limited (ICML)
Trustee & Custodian Investment Corporation of Bangladesh (ICB)
Auditor Khan Wahab Shafique Rahman & Co.,
Chartered Accountants
Trust Deed Executed May 18, 2003
Registration of the Fund June 03, 2003
Publication of Prospectus June 16, 2003
Types of the Fund Open-end Mutual Fund
Subscription Open June 21, 2003
Size (As on 30-06-2018) Tk. 350.00 crore
Face Value Tk. 100.00 per unit
Investment Opportunity Tax rebate as per Income Tax Ordinance, 1984
Dividend for FY 2017-18 Tk. 19.00 per unit
Net Asset Value (NAV) At cost price Tk. 273.21
as on 30-06-2018 At market price Tk. 222.78
Earning Per Unit Tk. 18.07
(as on 30-06-2018)
27
ICB AMCL
ICB AMCL Unit Fund

ICB AMCL Unit Fund was established under a Trust Transaction of ICB AMCL Unit Fund
Deed executed between ICB Capital Management (Cumulative as on June 30, 2018)
Limited (ICML) as 'Sponsor' and the Investment Gross Issue Repurchase Net Issue
Corporation of Bangladesh (ICB) as 'Trustee'. The 50000000
45000000
Trust Deed was executed on May 18, 2003. The Fund 40000000
was registered with the Securities and Exchange 35000000
30000000
Commission (SEC) on June 03, 2003 under the 25000000
wmwKDwiwUR I G·‡PÄ Kwgkb (wgDPz¨qvj dvÛ) wewagvjv 2001. The 20000000
15000000
Securities and Exchange Commission approved the 10000000
prospectus on June 06, 2003 in accordance with the 5000000
0
wmwKDwiwUR I G·‡PÄ Kwgkb (wgDPz¨qvj dvÛ) wewagvjv 2001. ICB
08
09
10
11
12
13
14
15
16
17
18
AMCL Unit Fund is an open-end mutual fund with
20
20
20
20
20
20
20
20
20
20
20
perpetual life. The operation of the Fund commenced
on June 21, 2003. Any individual, charitable Income of the Fund
organization and recognized provident funds can Net Income of ICB AMCL Unit Fund
invest in the Fund. The Units are transferable and can
7000
be redeemed by surrendering them to the Fund.
6000
Minimum and maximum limit of investments by an 5000
individual are 20 units and 50,000 units respectively. 4000
Units are sold and repurchased at NAV based pricing 3000
mechanism throughout the year, on all working days 2000
except Thursday, holidays and book closure period. 1000

0
Repurchase is made at a discount of Tk. 5.00 per unit
8
8
to the prevailing sale price. In the cumulative
-0
-0
-1
-1
-1
-1
-1
-1
-1
-1
-1
07
08
09
10
11
12
13
14
15
16
17
20
20
20
20
20
20
20
20
20
20
20
investment plan (CIP), the investors can re-invest
their income from the Fund at a discount of Tk. 1.00
per unit of the opening sale price. As per Income Tax Classification of Income of
ICB AMCL Unit Fund FY 2017-18
Ordinance, 1984 income is tax free up to certain level
and investments qualify for tax credit. Dividend @ Tk. Dividend Interest Income
19.00 per unit has been declared for 2017-18, which is Capital Gains Premium on sale of units
less than the previous year’s dividend @ Tk. 20.50 per Profit on sale of unit certificates
unit. 4%
37%
0%
Units in Issue
During the period under review, a total number of
6193498 units amounting to Tk. 14,136.17 lacs were 3%
issued and 1816518 units of Tk. 4,055.35 lacs were 56%
redeemed. As a result, 33793864 units with a value of
Tk. 78126.34 lacs were outstanding as on June 30, The Fund earned a total income of Tk. 7,150.95 lacs by
2018 of which 10,000 units subscribed by the way of dividend, interest, capital gains and premium
sponsors were under “lock in” as per rules. on sale of units during FY 2017-18, which were Tk.
7,450.27 lacs in FY 2016-17 showing an decrease of
Tk. 299.32 lacs i.e. 4.02%. On the other hand, the total
expenditure of the Fund was Tk. 1045.14 lacs in FY
2017-18 as against the previous year’s expenditure of
Tk. 868.96 lacs, showing an increase of Tk. 176.18 lacs
28
ICB AMCL
i.e. 20.27%. After deducting total expenditure Price Determination

including provisions against investment for the The prices of the units are determined based on the
current year, the fund had a net income of Tk. 6105.81 Net Asset Value (NAV). NAV is published weekly. The
lacs, which was 1.16% less than the previous year’s net highest and lowest prices of units were Tk. 235.00 and
income of Tk. 6177.68 lacs. The earning per unit for Tk. 227.00 respectively during FY 2017-18.
the FY 2017-18 stood at Tk. 18.07, which was Tk.
21.00 in FY 2016-17. Market Price of ICB AMCL Unit Fund
Investment Activities Minimum Unit Price Maximum Unit Price
FY Closing Price
Investment Pattern of ICB AMCL Unit Fund
350
Unit certificate Preference Share
300
Non Listed ordinary share Equity Shares
250
200
Axis Title
2017-18
150
2016-17
100
2015-16
50
2014-15
0
2013-14
8
-0
-0
-1
-1
-1
-1
-1
-1
-1
-1
-1
07
08
09
10
11
12
13
14
15
16
17
20
20
20
20
20
20
20
20
20
20
20
2012-13
2011-12
Income Distribution
2010-11
The company declared dividend @ Tk. 19.00 per unit
for FY 2017-18 to the unit holders, which is less than
0 20000 40000 60000 80000 100000
the previous year dividend Tk. 20.50 per unit.
As on June 30, 2018, the Fund had a total investment Dividend Performance of ICB AMCL Unit Fund
of Tk. 88619.45 lacs at cost, of which Tk. 87676.72
lacs was invested in equity share, Tk. 239.00 lacs in
Dividend
Preference Share and Tk. 703.73 lacs in non-listed
35
securities. The market value of the investments was
30
Tk. 78680.44 lacs as on June 30, 2018 showing an
25
erosion of 11.22%.
20
Sector wise Investment of 15
ICB AMCL Unit Fund as on 30 June 2018
10
Banks Pharmaceuticals Insurance
5
Investment Service and real estate Telecomunication
0
Engineering Cement Travel & leisure
8
Food and allied products Information tech. Finance and leasing

-0
-0
-1
-1
-1
-1
-1
-1
-1
-1
-1
07
08
09
10
11
12
13
14
15
16
17
Fuel and power Tannery and footwear Corporate bond

20
20
20
20
20
20
20
20
20
20
20
Textiles Ceramic Miscellaneous
1% 1%
5% 10% 4%
1% 8%
7% 10%
3% 2%
1%
6%
0% 15%
19% 5%
1%
29
ICB AMCL
Net Asset Value

The Net Asset Value of the Fund as on June 30, 2018
was Tk. 273.21 at cost and Tk. 222.78 at market price.
Per Unit Asset Value Per Unit Asset Value

(At Cost) (At Market Value)
450
400
350
300
250
200
150
100
50
0
2006-07
2007-08
2008-09
2009-10
2010-11
2011-12
2012-13
2013-14
2014-15
2015-16
2016-17
2017-18
Corporate Governance
Although the Fund is not listed on the stock
exchanges, the management observed the prescribed
code of corporate governance. The financial
statements of the fund present fairly the state of
affairs of the Fund and results of its operation.
30
ICB AMCL
ICB AMCL Pension Holders' Unit Fund
BASIC FACTS
Trust Deed Executed July 15, 2004
Registration of the Fund September 15, 2004
Publication of Prospectus September 22, 2004
Subscription Open October18, 2004
(as on 30-06-2018) At market price Tk. 192.36
(as on 30-06-2018)
31
ICB AMCL

ICB AMCL Pension Holders’ Unit Fund was Transaction of
established under a Trust Deed executed between the ICB AMCL Pension Holders' Unit Fund
ICB Capital Management Limited (ICML) as ‘Sponsor’ Gross Issue Repurchase Net Issue
and the Investment Corporation of Bangladesh (ICB) 4500000
4000000
as ’Trustee’. The Trust Deed was executed on July 15,
3500000
2004. The Fund was registered with the Securities and
No of Units
3000000
Exchange Commission (SEC) on September 15, 2004. 2500000
The Fund was established with the aim to provide 2000000
regular income and capital appreciation in the long 1500000
run to the retired people by investing their funds both 1000000

500000
in the Capital Market and Money Market
0
instruments. The Securities and Exchange 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018
Commission approved the prospectus of the Fund on
September 18, 2004 in accordance with the wmwKDwiwUR I Income of the Fund
G·‡PÄ Kwgkb (wgDPz¨qvj dvÛ) wewagvjv 2001. The Prospectus Net Income of
of the Fund was published on September 22, 2004. ICB AMCL Pension Holders' Unit Fund
The Pension Holders’ Unit Fund is an open-end
Net Income
Mutual Fund with a perpetual life. The units are not 800
transferable but can be redeemed by surrendering 700
them to the Fund. Minimum and maximum limit of 600
500
investments in the Fund by an individual are 100 400
units and 50,000 units respectively. Units are sold and 300
repurchased at NAV based prices throughout the year 200
100
on all working days except Thursday, holidays and 0
book closure period. Repurchase is made at a discount
8
8
-0
-0
-1
-1
-1
-1
-1
-1
-1
-1
-1
07
08
09
10
11
12
13
14
15
16
17
of Tk. 5.00 per unit to the prevailing sale price.
20
20
20
20
20
20
20
20
20
20
20
Investors can re-invest the Fund at a concession of Tk.
1.00 per unit than the opening sale price in the The total income of the Fund during FY 2017-18 was
Cumulative Investment Plan (CIP). As per Income Tax Tk. 309.47 lacs, comprising capital gains of Tk. 150.96
Ordinance, 1984 income from the fund is tax-free up lacs, dividend of Tk. 141.97 lacs, and interest of Tk.
to certain level and investments qualify for tax credit. 10.51 lacs. In addition, there was a premium income
The Fund declared dividend @ Tk. 12.50 per unit of Tk. 6.02 lac being the allowable difference between
(including @ Tk. 5.00 paid for the 1st half of 2017-18) the sale and repurchase prices of units. After
per unit for the year 2017-18, which is lower than the deducting the total expenditure of Tk. 87.72 lacs, the
previous year’s dividend @ Tk. 13.50 per unit. Fund had a net income of Tk. 221.74 lcas. The earning
per unit for the year FY 2017-18 stood at Tk. 12.24,
Units in Issue which was Tk. 13.74 in FY 2016-17.
ICB AMCL Pension Holders' Unit Fund is an open-end Classification of Income of
ICB AMCL Pension Holders' Unit Fund FY 2017-18
mutual fund. During the period under review, a total
2%
of 120424 units amounting to Tk. 232.26 lacs were
issued and 133441 units with a value of Tk. 255.12 Dividend & Profit
46% on sale of unit cer.
lacs were redeemed. As a result, 1729737 units with a
49% Interest Income
value of Tk. 3396.05 lacs were in circulation as on
Capital Gains
June 30, 2018, of which 10,000 units of sponsors
Premium on
were under “lock in” as per rules. sale of units
3%
32
ICB AMCL
Investment Activities The prices of the units were determined based on

Investment Pattern of
NAV. NAV is published weekly. The highest and lowest
ICB AMCL Pension Holders' Unit Fund prices of units were Tk. 197.00 and Tk. 190.00
respectively during FY 2017-18.
Others/Unit certificate Corporate Bond
Preference Share Equity Shares Income Distribution
2017-18 The fund declared dividend @ Tk. 12.50 per unit
(including Tk 5.00 per unit paid for the 1st half of FY
2015-16
2017-18) for FY 2017-18 to the unit holders, which
2013-14 was 13.50 for FY 2016-17.
2011-12 Dividend Performance of

ICB AMCL Pension Holders Unit Fund
2009-10
Dividend
2007-08 30
0.00 1000.00 2000.00 3000.00 4000.00 5000.00 6000.00 25
Tk. Per Unit

20
15
As on June 30, 2018, the Fund had a total investment 10
of Tk. 5128.81 lacs at cost price in equity share and 5
preference share. The market value of the investments 0
2008-09 2009-10 2010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18
was Tk. 3306.96 lacs showing an erosion of 35.52%.
Sector wise Investment of ICB AMCL Pension Net Asset Value
Holders' Unit Fund as on June 30, 2018
The Net Asset Value of the Fund as on June 30, 2018
Bank Textiles Insurance was Tk. 298.04 at cost price and Tk. 192.36 at market
Investment Pharmaceuticals Travel & leisure
Engineering Service and real estate Finance and leasing price.
Food and allied products Cement Corporate bond
Fuel and power Ceramic Industry Miscellaneous Year wise Net Asset Value per Unit of
ICB AMCL Pension Holders' Unit
1%
9% 9%
6% Per Unit Asset Value (At Cost)
18% 6% 1% Per Unit Asset Value (At Market Value)
450
11%
400
1% 7% 350
18%
4% 300
5% 3%
250
200
1%
150
100
Price Determination 50
0
Market Prices of
8
8
-0
-0
-1
-1
-1
-1
-1
-1
-1
-1
-1
07
08
09
10
11
12
13
14
15
16
17

20
20
20
20
20
20
20
20
20
20
20
Minimum Unit Price Maximum Unit Price Corporate Governance

FY Closing Price
300 Although the Fund is not listed with the stock
250 exchanges, the management observed the prescribed
200 code of corporate governance. The financial
150 statements present fairly the state of affairs of the
100 Fund and results of its operation.
50
0
20 7
20 08
20 9
20 0
20 1
20 2
20 3
20 4
20 5
20 6
20 7
8
-0
-0
-1
-1
-1
-1
-1
-1
-1
-1
-1
-
06
07
08
09
10
11
12
13
14
15
16
17
20
33
ICB AMCL
ICB AMCL Converted First Unit Fund
BASIC FACTS
Trust Deed Executed January 21, 2014
Registration of the Fund February 03, 2014
Publication of Prospectus February 20, 2014
Subscription Open February 23, 2014
Size (As on 30-06-2018) Tk. 70 crore
(as on 30-06-2018)
34
ICB AMCL
ICB AMCL Converted First Unit Fund

ICB AMCL Converted First Unit Fund was established Transaction of ICB AMCL Convertwd Unit Fund
under a Trust Deed executed between ICB Capital
Management Limited (ICML) as 'Sponsor' and the Gross Issue Repurchase Net Issue
Investment Corporation of Bangladesh (ICB) as 70000000
'Trustee'. The Trust Deed was executed on January 21, 60000000

2014. The Fund was registered with the Securities and 50000000
Exchange Commission (SEC) on February 03, 2014 40000000
under the wmwKDwiwUR I G·‡PÄ Kwgkb (wgDPz¨qvj dvÛ) wewagvjv
30000000
2001. The Bangladesh Securities and Exchange
Commission approved the prospectus on February 19, 20000000
2014 in accordance with the wmwKDwiwUR I G·‡PÄ Kwgkb 10000000

(wgDPz¨qvj dvÛ) wewagvjv 2001. ICB AMCL Converted First 0
Unit Fund is an open-end mutual fund with perpetual 2015 2016 2017 2018
life. The operation of the Fund commenced on
February 23, 2014. Any individual, charitable Income of the Fund
organization and recognized provident funds can Net Income of ICB AMCL Converted
invest in the Fund. The Units are transferable and can First Unit Fund
be redeemed by surrendering them to the Fund. Net Income
Minimum and maximum limit of investments by an
individual are 1000 units and unlimited units
respectively. Units are sold and repurchased at NAV
based pricing mechanism throughout the year, on all 287.02 344.35 323.33 248.45
working days except Thursday, holidays and book
closure period. Repurchase is made at a discount of
Tk. 0.30 per unit to the prevailing sale price. In the
cumulative investment plan (CIP), the investors can 2014-15 2015-16 2016-17 2017-18
re-invest their income from the Fund at a discount of The Fund earned a total income of Tk. 400.80 lacs by
Tk. 0.10 per unit of the opening sale price. As per way of dividend, interest, capital gains and premium
Income Tax Ordinance, 1984 income is tax-free up to on sale of units during FY 2017-18. On the other
certain level and investments qualify for tax credit. hand, the total expenditure of the Fund was Tk.
Dividend @ Tk. 0.60 per unit has been declared for the 102.34 lacs in FY 2017-18. After deducting total
FY 2017-18, which is the same of the previous year’s expenditure including provisions against investment
dividend @ Tk. 0.60 per unit. for the current year, the fund had a net income of Tk.
Units in Issue 248.45 lacs. The earning per unit for the year FY
2017-18 stood at Tk. 0.62, which was Tk. 0.75 in FY
2016-17.
842729 units amounting to Tk. 83.48 lacs were issued Clasification of Inccome 2017-18
and 3435456 units of Tk. 333.27 lacs were redeemed.
As a result, 40233075 units with a value of Tk. Dividend Interest Income Capital Gains Premium on sale
of units
1%
4257.52 lacs were outstanding as on June 30, 2018, of
which 248200 units subscribed by the sponsors were 35%
under “lock in” as per rules.
60%
4%
35
ICB AMCL
Investment Activities The prices of the units are determined based on Net
Investment pattern of ICB AMCL Converted
Asset Value (NAV). NAV is published weekly. The
First Unit Fund highest and lowest prices of units were Tk. 10.20 and
Tk. 10.00 respectively during FY 2017-18.
Equity Shares Unit Certificate
0% Income Distribution
The fund declared dividend @ Tk. 0.60 per unit for FY
2017-18 to the unit holders, which was tk. 0.60 for FY
100%
2016-17.
Dividend Performance of ICB AMCL Converted
First Unit Fund
Dividend
As on June 30, 2018, the Fund had a total investment 0.7

of Tk. 4870.62 lacs at cost and the market value of the 0.6
investments was Tk. 3760.46 lacs as on June 30, 2018 0.5
showing an erosion of 22.79%. 0.4
Sectorwise Investment of ICB AMCL Converted 0.3

First Unit Fund as on 2017-18 0.2
0.1
Banks Investment Engineering
Food and allied products Fuel and power Textiles 0
2014-15 2015-16 2016-17 2017-18
Pharmaceuticals Service and real estate Cement
Ceramic Insurance Telecomunication
Travel & leisure Finance and leasing Corporate bond Net Asset Value
Miscellaneous
1% 1% The Net Asset Value of the Fund as on June 30, 2017
3% 9%
3% 5%
10%
was Tk. 12.35 at cost and Tk. 9.59 at market price.
2%
4%
NAV of ICB AMCL Converted First Unit Fund
11% 16%
Per Unit Asset Value Per Unit Asset Value
(At Cost) (At Market Value)
7% 14
13%
2%
13% 12
10
1%
Price Determination 6
Market Price of ICB AMCL Converted First Unit Fund 4
Uint Price FY Uint Price Maximum Uint Price Minimum 2

Closing Price Unit Price Unit Price
0
2014-15 2015-16 2016-17 2017-18
2017-18
2016-17 Corporate Governance

Although the Fund is not listed with the stock
2015-16
2014-15
statements present fairly the state of affairs of the
8 9 10 11 12 Fund and results of its operation.
36
ICB AMCL
BASIC FACTS
Trust Deed Executed July 07, 2015
Registration of the Fund July 30, 2015
Publication of Prospectus April 13, 2015
Subscription Open May 17, 2015
Size (As on 30-06-2018) Tk. 80 crore
Earning Per Unit Tk. 0.82 per unit
(as on 30-06-2018)
37
ICB AMCL

ICB AMCL Converted First Unit Fund was established During the period under review, a total number of
under a Trust Deed executed between ICB Capital 21104390 units amounting to Tk. 2177.41 lacs were
Management Limited (ICML) as 'Sponsor' and the issued and 5798593 units of Tk. 579.96 lacs were
Investment Corporation of Bangladesh (ICB) as redeemed. As a result, 68737405 units with a value of
'Trustee'. The Trust Deed was executed on July 07, Tk. 7095.60 lacs were outstanding as on June 30,
2015. The Fund was registered with the Securities and 2018, of which 78700 units subscribed by the
Exchange Commission (SEC) on July 30, 2015 under sponsors were under “lock in” as per rules.
the wmwKDwiwUR I G·‡PÄ Kwgkb (wgDPz¨qvj dvÛ) wewagvjv, 2001.
The Bangladesh Securities and Exchange Commission Income of the Fund
approved the prospectus on April 07, 2015 in
Net Income of ICB AMCL Islamic Unit Fund
accordance with the wmwKDwiwUR I G·‡PÄ Kwgkb (wgDPz¨qvj
dvÛ) wewagvjv, 2001. ICB AMCL Converted First Unit Net Income
Fund is an open-end mutual fund with perpetual life.
The operation of the Fund commenced on May 17, 600
2015. Any individual, charitable organization and
500
recognized provident funds can invest in the Fund.
The Units are transferable and can be redeemed by 400
surrendering them to the Fund. Minimum and 300

maximum limit of investments by an individual are
200
100 units and unlimited units respectively. Units are
sold and repurchased at NAV based pricing 100
mechanism throughout the year, on all working days 0
except Thursday, holidays and book closure period. 2015-16 2016-17 2017-18
Repurchase is made at a discount of Tk. 0.30 per unit

to the prevailing sale price. In the cumulative The Fund earned a total income of Tk. 751.97 lacs by
investment plan (CIP), the investors can re-invest way of dividend, capital gains and premium on sale of
their income from the Fund at a discount of Tk. 0.10 units during FY 2017-18. On the other hand, the total
per unit of the opening sale price. As per Income Tax expenditure of the Fund was Tk. 133.30 lacs in FY
Ordinance, 1984 income is tax-free up to certain level 2017-18. After deducting total expenditure including
and investments qualify for tax credit. Dividend @ Tk. provisions against investment for the current year,
0.80 per unit has been declared for the FY 2017-18, the fund had a net income of Tk. 565.42 lacs. The
which is the same of the previous year’s dividend @ Tk. earning per unit for the year FY 2017-18 stood at Tk.
0.80 per unit. 0.82.
Units in Issue Classification of Income
Transection of ICB AMCL Islamic Unit Fund
Dividend Interest Income Capital Gains
Gross Issue Repurchase Net Issue
Premium on sale of units
90000000
80000000 6%
26%
70000000
60000000
50000000 8%
40000000 60%
30000000
20000000
10000000
0
2016 2017 2018
38
ICB AMCL
Investment Activities The prices of the units are determined based on Net
As on June 30, 2018, the Fund had a total investment Asset Value (NAV). NAV is published weekly. The
of Tk. 6668.11 lacs at cost and the market value of the highest and lowest prices of units were Tk. 10.50 and
investments was Tk. 4956.07 lacs as on June 30, 2018 Tk. 10.30 respectively during FY 2017-18.
showing depreciation of 25.68%.
Income Distribution
Investment pattern of ICB AMCL
Islamic Unit Fund The fund declared dividend @ Tk. 0.80 per unit for FY
2017-18 to the unit holders, which was tk. 0.80 for FY
Equity Shares Unit Certificate 2016-17.
0%
Dividend performance of ICB Islamic Unit Fund

Dividend
100%
100%
80%
60%
Sectorwise Investment of ICB AMCL 40%

Islamic Unit Fund
20%

0%
Food and allied products Fuel and power Textiles
2015-16 2016-17 2017-18
Pharmaceuticals Service and real estate Cement
Tannary Ceramic Insurance
Telecomunication Finance and leasing Corporate bond
Miscellaneous Net Asset Value
0% 2% 3% The Net Asset Value of the Fund as on June 30, 2018
1%1% 0%
5% 3% 11% was Tk. 11.14 at cost and Tk. 9.89 at market price.
7%
9%
6% NAV of ICB AMCL Islamic Unit Fund
4%
14% Per Unit Asset Value (At Cost)

Per Unit Asset Value (At Market Value)
4% 11.4
32%
11.2
11
10.8
10.6
10.4
Price Determination
10.2
Market price of ICB AMCL Islamic Unit Fund 10
9.8
9.6
9.4
2017-18 9.2
2015-16 2016-17 2017-18
FY Closing Price
2016-17 Maximum Unit Price
Minimum Unit Price Although the Fund is not listed with the stock
2015-16
9.8 10.0 10.2 10.4 10.6 10.8 11.0 11.2 statements present fairly the state of affairs of the
Fund and results of its operation.
39
ICB AMCL
First ICB Unit Fund
BASIC FACTS
Sponsor Investment Corporation of Bangladesh (ICB)
Auditor M/S Ahmed Zaker & Co.
Trust Deed Executed 11 April 2016
Registration of the Fund 02 March 2016
Publication of Prospectus 03 March 2016
Subscription Open 08 March 2016
Initial Size Tk. 142 crore
Dividend for FY 2017 Tk. 1.00 per unit
(as on 31-12-2017)
40
ICB AMCL
First ICB Unit Fund

First ICB Unit Fund was established under a Trust expenditure of the Fund was Tk. 201.57 lacs in FY
Deed executed on 01 March 2016. Investment 2017 as against the previous year’s expenditure of Tk.
Corporation of Bangladesh (ICB) acts as 151.74 lacs, showing an increase of Tk. 49.83 lacs i.e.
'Sponsor'/‘Initiator’ and 'Trustee' of the Fund. The 32.84% After deducting total expenditure including
Fund was registered with the Securities and Exchange provisions against investment for the current year,
Commission (SEC) on 02 March 2016 under the the fund had a net income of Tk. 1010.03 lacs, which
wmwKDwiwUR I G·‡PÄ Kwgkb (wgDPz¨qvj dvÛ) wewagvjv, 2001. The was 65.49% more than the previous year’s net income
Bangladesh Securities and Exchange Commission of Tk. 610.32 lacs. The earning per unit for the FY
approved the prospectus on 03 March 2016 in 2017 stood at Tk. 1.10, which was Tk. 0.64 in FY 2016.
dvÛ) wewagvjv, 2001. First ICB Unit Fund is an open-end Classification of Income of First ICB
mutual fund with perpetual life. The operation of the Unit Fund FY 2017
Fund commenced on 08 March 2016. Any individual,
0% 0%
charitable organization and recognized provident
funds can invest in the Fund. The Units are Dividend
transferable and can be redeemed by surrendering
them to the Fund. Minimum and maximum limit of 23% Interest Income
investments by an individual are 1000 units and
unlimited units respectively through their BO A/C. 2% Capital Gains
Units are sold and repurchased at NAV based pricing
mechanism throughout the year, on all working days 75%
Profit on sale of unit
certificates
except Thursday, holidays and book closure period.
Repurchase is made at a discount of Tk. 0.30 per unit Premium on sale of
units
per unit of the opening sale price. As per Income Tax Investment Activities
Ordinance, 1984 income is tax free up to certain level
As on December 31, 2017, the Fund had a total
and investments qualify for tax credit. Dividend @ Tk.
investment of Tk. 11104.51 lacs at cost, invested in
1.00 per unit has been declared for 2017, which is
equity share. The market value of the investments was
higher than the previous year’s dividend @ Tk. 0.50
Tk. 11122.99 lacs as on December 31, 2017 showing
per unit
appreciation of 0.166%.
Units in Issue
Investment Pattern of First ICB Unit Fund
87614 units amounting to Tk. 8.99 lacs were issued
and 3030515 units of Tk. 302.04 lacs were redeemed. Money Market
As a result, 91833942 units with a value of Tk.
9321.26 lacs were outstanding as on 31 December
2017. Mutual Fund
Income of the Fund

Bond
The Fund earned a total income of Tk. 1261.60 lacs by
way of dividend, interest, capital gains and premium
on sale of units during FY 2017, which were Tk. Equity Shares
812.06 lacs in FY 2016 showing an increase of Tk.
0 5000 10000 15000
449.5 lacs i.e. 55.36%. On the other hand, the total
41
ICB AMCL
Sector wise Investment of First

ICB Unit Fund as on 31 Dec 2017
Food and allied products Fuel and power Jute
Textiles Pharmaceuticals Service and real estate
Cement Information tech. Tannery and footwear
Travel & leisure Finance and leasing Corporate bond
Miscellaneous
1% 3% 1%
1%
1% 7% 7%
6%
1% 7%
8%
1%
1% 9%
14%
1%
30%
0%
3%
Price Determination
The prices of the units are determined based on the
Net Asset Value (NAV). NAV is published weekly. The
highest and lowest prices of units were Tk. 10.70 and
Tk. 10.20 respectively during FY 2017.
Income Distribution
The company declared dividend @ Tk. 1.00 per unit for
FY 2017 to the unit holders, which is more than the
previous year dividend Tk. 0.50 per unit.
Net Asset Value
The Net Asset Value of the Fund as on December 31,
2017 was Tk. 11.55 at cost and Tk. 11.57 at market
price.
42
ICB AMCL
BASIC FACTS
Registration of the Fund 03 April 2016
Publication of Prospectus 10 April 2016
Subscription Open 17 April 2016
(as on 31-12-2017)
43
ICB AMCL

Second ICB Unit Fund was established under a Trust expenditure of the Fund was Tk. 43.17 lacs in FY 2017
Deed executed on 11 April 2016. Investment as against the previous year’s expenditure of Tk. 21.63
Corporation of Bangladesh (ICB) acts as lacs, showing an increase of Tk. 21.54 lacs i.e 99.58%.
'Sponsor'/‘Initiator’ and 'Trustee' of the Fund. The After deducting total expenditure including
Commission (SEC) on 03 April 2016 under the the fund had a net income of Tk. 149.57 lacs, which
Bangladesh Securities and Exchange Commission of Tk. 80.81 lacs. The earning per unit for the FY 2017
approved the prospectus on 10 April 2016 in stood at Tk. 1.23, which was Tk. 0.62 in FY 2016.
dvÛ) wewagvjv, 2001. Second ICB Unit Fund is an Classification of Income of Second ICB Unit
open-end mutual fund with perpetual life. The Fund FY 2017
operation of the Fund commenced on 17 April 2016. Dividend Interest Income Capital Gains
Any individual, charitable organization and Profit on sale of unit certificates
recognized provident funds can invest in the Fund. 1%
0%
The Units are transferable and can be redeemed by
surrendering them to the Fund. Minimum and
1000 units and unlimited units respectively through 24%
their BO A/C. Units are sold and repurchased at NAV
based pricing mechanism throughout the year, on all
6%
Tk. 0.30 per unit to the prevailing sale price. In the 69%
cumulative investment plan (CIP), the investors can
re-invest their income from the Fund at a discount of
Tk. 0.10 per unit of the opening sale price. As per
Income Tax Ordinance, 1984 income is tax free up to
certain level and investments qualify for tax credit. Investment Activities
Dividend @ Tk. 1.00 per unit has been declared for
2017, which is higher than the previous year’s As on December 31, 2017, the Fund had a total
dividend @ Tk. 0.50 per unit investment of Tk.1451.98 lacs at cost, invested in
Units in Issue Tk. 1507.32 lacs as on December 31, 2017 showing
During the period under review, a total number of appreciation of 3.81%.
Investment Pattern of Second ICB Unit Fund
1231.20 lacs were outstanding as on 31 December Money Market
2017.
Mutual Fund
Income of the Fund
Bond
way of dividend, interest, capital gains and premium Equity Shares
on sale of units during FY 2017, which were Tk.
0 200 400 600 800 1000 1200 1400
167.44 lacs in FY 2016 showing an increase of Tk.
44
ICB AMCL
Sector wise Investment of Second ICB Unit Fund

as on 31 Dec 2017

Food and allied products Fuel and power Textiles
Pharmaceuticals Cement Information technology
Telecomunication Travel & leisure Finance and leasing
Corporate bond Miscellaneous
1% 3%
3%
5% 7%
6% 6%
1%
14%
13%
15% 1%
21% 4%
Price Determination
Income Distribution
Net Asset Value
price.
45
ICB AMCL
Third ICB Unit Fund
BASIC FACTS
Trust Deed Executed 04 May 2016
Publication of Prospectus 10 May 2016
Subscription Open 15 May 2016
(as on 31-12-2017)
46
ICB AMCL
Third ICB Unit Fund

Third ICB Unit Fund was established under a Trust expenditure of the Fund was Tk. 96.10 lacs in FY 2017
Deed executed on 04 May 2016. Investment as against the previous year’s expenditure of Tk. 38.15
Corporation of Bangladesh (ICB) acts as lacs, showing an increase of Tk. 57.95 lacs i.e.
approved the prospectus on 10 May 2016 in 2017 stood at Tk. 1.33, which was Tk. 0.70 in FY 2016.
dvÛ) wewagvjv, 2001. Third ICB Unit Fund is an open-end Classification of Income of Third ICB
mutual fund with perpetual life. The operation of the Unit Fund FY 2017
Fund commenced on 15 May 2016. Any individual,
charitable organization and recognized provident 0% 0%
funds can invest in the Fund. The Units are
transferable and can be redeemed by surrendering Dividend
them to the Fund. Minimum and maximum limit of 19%
investments by an individual are 1000 units and 2% Interest Income
unlimited units respectively through their BO A/C.
Capital Gains
mechanism throughout the year, on all working days
Repurchase is made at a discount of Tk. 0.30 per unit Profit on sale of
79% unit certificates
per unit of the opening sale price. As per Income Tax
Ordinance, 1984 income is tax free up to certain level Investment Activities
and investments qualify for tax credit. Dividend @ Tk.
As on December 31, 2017, the Fund had a total
1.00 per unit has been declared for 2017, which is
investment of Tk. 3256.30 lacs at cost, invested in
higher than the previous year’s dividend @ Tk. 0.50
per unit
Units in Issue appreciation of 8.66%.
Investment Pattern of Third ICB Unit Fund
and 1148661 units of Tk.120.16 lacs were redeemed.
As a result, 31068459 units with a value of Tk. Money Market
2017. Bond
Income of the Fund

Mutual Fund
way of dividend, interest, capital gains and premium Equity Shares
359.95 lacs in FY 2016 showing an increase of Tk. 0 500 1000 1500 2000 2500 3000 3500
47
ICB AMCL
Sector wise Investment of Third ICB

Unit Fund as on 31 Dec 2017
Finance and leasing Corporate bond Miscellaneous
1%
2% 2%
3% 2%
5% 10% 9%
1%
0% 13%
0% 6%
17%
1%
28%
0%
1%
Price Determination
Income Distribution
Net Asset Value
price.
48
ICB AMCL
BASIC FACTS
Initial Size Tk. 31.50 crore
(as on 31-12-2017)
49
ICB AMCL

Fourth ICB Unit Fund was established under a Trust expenditure of the Fund was Tk. 75.44 lacs in FY 2017
Deed executed on 04 May 2016. Investment as against the previous year’s expenditure of Tk. 30.38
Corporation of Bangladesh (ICB) acts as lacs, showing an increase of Tk. 45.06 lacs i.e.
approved the prospectus on 10 May 2016 in 2017 stood at Tk. 1.24, which was Tk. 0.68 in FY 2016.
dvÛ) wewagvjv, 2001. Fourth ICB Unit Fund is an Classification of Income of Fourth ICB Unit Fund
open-end mutual fund with perpetual life. The FY 2017
operation of the Fund commenced on 15 May 2016.
Any individual, charitable organization and 1%
Dividend
22% Interest Income
1000 units and unlimited units respectively through
their BO A/C. Units are sold and repurchased at NAV 2% Capital Gains
working days except Thursday, holidays and book Profit on sale of unit
closure period. Repurchase is made at a discount of certificates
75%
Premium on sale of
Income Tax Ordinance, 1984 income is tax free up to Investment Activities
certain level and investments qualify for tax credit.
Dividend @ Tk. 1.00 per unit has been declared for As on December 31, 2017, the Fund had a total
2017, which is higher than the previous year’s investment of Tk. 2911.00 lacs at cost, invested in
dividend @ Tk. 0.50 per unit. equity share. The market value of the investments was
Units in Issue appreciation of 3.82%.
Investment Pattern of Fourth ICB Unit Fund
Money Market
2017.
Bond
Income of the Fund
Mutual Fund
way of dividend, interest, capital gains and premium
Equity Shares
294.38 lacs in FY 2016 showing an increase of Tk. 0 500 1000 1500 2000 2500 3000
50
ICB AMCL
Sector wise Investment of

Fourth ICB Unit Fund as on 31 Dec 2017

1%
0%
2%
0% 5%
2% 6% 6%
13%
17%
9%
3%
16% 17%
0% 3%
0%
Price Determination
Income Distribution
Net Asset Value
price.
The Fund is not listed on the stock exchanges, the
management observed the prescribed code of
corporate governance. The financial statements of the
fund present fairly the state of affairs of the Fund and
results of its Although operation.
51
ICB AMCL
Fifth ICB UNIT FUND
BASIC FACTS
(as on 31-12-2017)
52
ICB AMCL
Fifth ICB UNIT FUND

Fifth ICB Unit Fund was established under a Trust earning per unit for the year FY 2017 stood at Tk.
Deed executed on 04 May 2016. Investment 1.39.
Corporation of Bangladesh (ICB) acts as
'Sponsor'/‘Initiator’ and 'Trustee' of the Fund. The Classification of Income of Fifth ICB Unit Fund FY 2017
Fund was registered with the Securities and Exchange
Commission (SEC) on 03 April 2016 under the 1%
0%
wmwKDwiwUR I G·‡PÄ Kwgkb (wgDPz¨qvj dvÛ) wewagvjv, 2001. The
Dividend
Bangladesh Securities and Exchange Commission
approved the prospectus on 10 May 2016 in 20%
Interest Income
2%
dvÛ) wewagvjv, 2001. Fifth ICB Unit Fund is an open-end Capital Gains
Growth mutual fund with perpetual life. The
operation of the Fund commenced on 15 May 2016. Profit on sale of unit
certificates
recognized provident funds can invest in the Fund. Premium on sale of
units
their BO A/C. Units are sold and repurchased at NAV Investment Activities
As on 31 December 2017, the Fund had a total
investment of Tk. 4,502.60 lacs at cost and the market
value of the investments Tk 4,799.90 lacs as 31
December 2017 showing appreciation of 6.60%.
re-invest their income from the Fund at a discount of Investment Pattern of Fifth ICB Unit Fund
Income Tax Ordinance, 1984 income is tax-free up to
certain level and investments qualify for tax credit. Money Market
Dividend @ Tk. 1.00 per unit has been declared for the
FY 2017. Bond
Units in Issue Mutual Fund

Equity Shares
and 1214659 units of Tk. 123.82 lacs were redeemed. 0 1000 2000 3000 4000 5000
As a result, (732519) units with a value of Tk. (7.23)
lacs were outstanding as on 31 December 2017.
Income of the Fund
way of dividend, capital gains and premium on sale of
units during FY 2017. On the other hand, the total
2017. After deducting total expenditure including
provisions against investment for the current year,
the fund had a net income of Tk. 506.10 lacs. The
53
ICB AMCL
Sector wise Investment of Fifth ICB

Unit Fund as on 31 Dec 2017
2%
3%
0% 2% 2% 0% 4%
2% 2%
4%
10%
14%
6%
2%
0% 20%
22%
3%
0%
Price Determination
The prices of the units are determined based on Net
Income Distribution
2017 to the unit holders.
Net Asset Value
The Net Asset Value of the Fund as on 31 December
2017 was Tk. 12.26 at cost and Tk. 13.07
at market price.
54
ICB AMCL
Sixth ICB UNIT FUND
BASIC FACTS
Registration of the Fund 09 August 2016
Publication of Prospectus 29 June 2016
Subscription Open 10 July 2016
(as on 31-12-2017)
55
ICB AMCL
Sixth ICB UNIT FUND

Sixth ICB Unit Fund was established under a Trust the fund had a net income of Tk. 437.74 lacs. The
Deed executed on 27 May 2016. Investment earning per unit for the year FY 2017 stood at Tk.
Corporation of Bangladesh (ICB) acts as 'Sponsor'/ 1.55.
‘Initiator’ and 'Trustee' of the Fund. The Fund was
registered with the Securities and Exchange Classification of Income of Sixth ICB Unit Fund
FY 2017
Commission (SEC) on 09 August 2016 under the
Bangladesh Securities and Exchange Commission 1% 1%
approved the prospectus on 10 May 2016 in Dividend
dvÛ) wewagvjv, 2001. Sixth ICB Unit Fund is an open-end 24% Interest Income
Growth mutual fund with perpetual life. The
operation of the Fund commenced on 15 May 2016. Capital Gains

Profit on sale of unit
recognized provident funds can invest in the Fund. certificates
The Units are transferable and can be redeemed by 70% Premium on sale of
surrendering them to the Fund. Minimum and units
their BO A/C. Units are sold and repurchased at NAV
based pricing mechanism throughout the year, on all Investment Activities
As on 31 December 2017, the Fund had a total
investment of Tk. 3,399.14 lacs at cost and the market
value of the investments Tk 3,901.18 lacs as 31
December 2017 showing appreciation of 14.77%.
Tk. 0.10 per unit of the opening sale price. As per Investment Pattern of Sixth ICB Unit Fund
Income Tax Ordinance, 1984 income is tax-free up to
certain level and investments qualify for tax credit.
FY 2017.
Units in Issue Bond
During the period under review, a total number of Mutual Fund
3015505 units amounting to Tk. 345.53 lacs were Equity Shares

issued and 2558173 units of Tk. 262.78 lacs were
redeemed. As a result, 457332 units with a value of 0 500 1000 1500 2000 2500 3000 3500
Tk. 82.75 lacs were outstanding as on 31 December
2017.
Income of the Fund
56
ICB AMCL

Sixth ICB Unit Fund as on 31 Dec 2017

Food and allied products Fuel and power Finance & Leasing
Textiles Pharmaceuticals Paper&Printing
Insurance Cement Information tech.
Tannery and footwear Telecomunication Corporate bond

Miscellaneous
1% 3%
1% 7% 6%
2% 7%
11%
7%
2% 8%
0%
21% 17%
5% 4%
Price Determination
Income Distribution
Net Asset Value
price.
57
ICB AMCL
Seventh ICB UNIT FUND
BASIC FACTS
Trust Deed Executed 27 September 2016
Registration of the Fund 07 November 2016
Publication of Prospectus 02 October 2016
Subscription Open 09 October 2016
(as on 31-12-2017)
58
ICB AMCL
Seventh ICB UNIT FUND

Seventh ICB Unit Fund was established under a Trust the fund had a net income of Tk. 560.94 lacs. The
Deed executed on 27 September 2016. Investment earning per unit for the year FY 2017 stood at Tk.
Corporation of Bangladesh (ICB) acts as 'Sponsor'/ 1.47.
‘Initiator’ and 'Trustee' of the Fund. The Fund was
registered with the Securities and Exchange Classification of Income of
Seventh ICB Unit Fund FY 2017
Commission (SEC) on 07 November 2016 under the
wmwKDwiwUR I G·‡PÄ Kwgkb (wgDPz¨qvj dvÛ) wewagvjv, 2001. The Dividend Interest Income Capital Gains
Bangladesh Securities and Exchange Commission Profit on sale of unit certificates Premium on sale of units
approved the prospectus on 10 May 2016 in 2%
1%
dvÛ) wewagvjv, 2001. Seventh ICB Unit Fund is an
open-end mutual fund with perpetual life. The
operation of the Fund commenced on 15 May 2016. 22%
Any individual, charitable organization and
their BO A/C. Units are sold and repurchased at NAV 72%
Investment Activities
re-invest their income from the Fund at a discount of As on 31 December 2017, the Fund had a total
Tk. 0.10 per unit of the opening sale price. As per investment of Tk. 4,563.84 lacs at cost and the market
Income Tax Ordinance, 1984 income is tax-free up to value of the investments Tk 5,392.18 lacs as 31
certain level and investments qualify for tax credit. December 2017 showing appreciation of 18.15%.
FY 2017. Investment Pattern of Seventh ICB Unit Fund
Units in Issue
Money Market
6985483 units amounting to Tk. 780.45 lacs were Bond
Mutual Fund
redeemed. As a result, (3198741) units with a value of
Tk. (218.05) lacs were outstanding as on 31 December Equity Shares
2017.
0 1000 2000 3000 4000 5000
Income of the Fund
59
ICB AMCL

Seventh ICB Unit Fund as on 31 Dec 2017
Banks Insurance Investment

Engineering Food and allied products Fuel and power
Finance & Leasing Textiles Pharmaceuticals
Paper&Printing Service and real estate Cement
Information technology Tannery and footwear Ceramic
Telecomunication Corporate bond Miscellaneous
1%
0%
4% 2%
1%
0% 5% 4% 14% 4%
0% 4%
10%
25%
6% 14%
4%
2%
Price Determination
Income Distribution
Net Asset Value
price.
60
ICB AMCL
Eighth ICB UNIT FUND
BASIC FACTS
Trust Deed Executed 25 January 2017
Publication of Prospectus 29 January 2017
Subscription Open 05 February 2017
(as on 31-12-2017)
61
ICB AMCL
Eighth ICB UNIT FUND

Eighth ICB Unit Fund was established under a Trust earning per unit for the year FY 2017 stood at Tk.
Deed executed on 25 January 2017. Investment 1.30.
Corporation of Bangladesh (ICB) acts as
'Sponsor'/‘Initiator’ and 'Trustee' of the Fund. The Classification of Income of Eighth ICB Unit
Fund was registered with the Securities and Exchange Fund FY 2017
Commission (SEC) on 15 March 2017 under the
Dividend Interest Income
Capital Gains Profit on sale of unit certificates
Bangladesh Securities and Exchange Commission Premium on sale of units
approved the prospectus on 29 January 2017 in
0%
accordance with the wmwKDwiwUR I G·‡PÄ Kwgkb (wgDPz¨qvj 1%
dvÛ) wewagvjv, 2001. Eighth ICB Unit Fund is an open-end

growth mutual fund with perpetual life. The operation 19%
of the Fund commenced on 15 May 2016. Any
individual, charitable organization and recognized
7%
provident funds can invest in the Fund. The Units are
transferable and can be redeemed by surrendering
them to the Fund. Minimum and maximum limit of
73%
investments by an individual are 100 units and
unlimited units respectively through their BO A/C.
mechanism throughout the year, on all working days
Repurchase is made at a discount of Tk. 0.30 per unit Investment Activities
to the prevailing sale price. In the cumulative As on 31 December 2017, the Fund had a total
investment plan (CIP), the investors can re-invest investment of Tk. 3,760.97 lacs at cost and the market
their income from the Fund at a discount of Tk. 0.10 value of the investments Tk 4,167.12 lacs as 31
per unit of the opening sale price. As per Income Tax December 2017 showing appreciation of 10.80%.
Ordinance, 1984 income is tax-free up to certain level
and investments qualify for tax credit. Dividend @ Tk. Investment Pattern of Eighth ICB Unit Fund
1.10 per unit has been declared for the FY 2017.
Units in Issue Money Market
During the period under review, a total number of Bond

3590962 units amounting to Tk. 400.25 lacs were
Mutual Fund
redeemed. As a result, 472279 units with a value of Equity Shares
Tk. 88.08 lacs were outstanding as on 31 December
0 500 1000 1500 2000 2500 3000 3500 4000
2017.
Income of the Fund
the fund had a net income of Tk. 475.71 lacs. The
62
ICB AMCL
Sector wise Investment of Eighth ICB Unit Fund industry offers long-term value with maximization of
as on 31 Dec 2017 return and minimization of risk, this industry has
Insurance Finance & Leasing Investment
enormous prospects in Bangladesh. Mutual fund is
clearly the only investment avenue that is expected to
Engineering Food and allied products Fuel and power
offer returns that will continue to outpace inflation.
Textiles Pharmaceuticals Paper&Printing
We expect investor’s sentiment to respond positively
Service and real estate Cement Information technology
given the backdrop of markedly improved fiscal
Tannery and footwear Ceramic Telecomunication management and continued earnings growth.
Corporate bond Miscellaneous
Statutory Details
0%
2% 3% 2% 2% 2%
The prices and redemption value of units, and the
2%
0% 11% 11% 0% income from them, can go up as well as go down with
fluctuation in the market value of their underlying
8%
investments.
3%
On written request, present and prospective unit
0%
33% holders/investors can obtain copy of the trust deeds,
19%
the annual report of the Funds and the text of the
4%
relevant Fund.
Acknowledgement
The Trustee wishes to place on record its grateful
thanks to the unit holders for their constant support
Price Determination and patronage extended to the funds. The Trustee
The prices of the units are determined based on Net acknowledges with gratitude the support and
Asset Value (NAV). NAV is published weekly. The co-operation extended from time to time by the
highest and lowest prices of units were Tk. 11.40 and Government, Securities and Exchange Commission,
Tk. 10.00 respectively during FY 2017. Bangladesh Bank, the Sponsor of the Fund, and the
management of the Stock Exchanges. The Trustee also
Income Distribution
put on record the efforts put in by the management
The fund declared dividend @ Tk. 1.10 per unit for FY and employees of ICB Asset Management Company
2017 to the unit holders. for the growth and development of the funds.
Net Asset Value
The Net Asset Value of the Fund as on 31 December For
2017 was Tk. 11.91 at cost and Tk. 13.02
INVESTMENT CORPORATION OF BANGLADESH
at market price.
(Trustee of the Funds)
The Trustee is of the opinion that the performance of
the funds was satisfactory during the year under
review due to the ability of the funds to declare
attractive dividend on their operations. S/d
Future outlook (Md. Mosaddake-Ul-Alam)
Member of the Trustee Committee
Mutual fund is one of the fastest growing industries
&
throughout the world. In Bangladesh this industry is
Deputy Managing Director
beginning to receive the status of preferred savings
mode. With the wide range of products, the industry is
well positioned to meet the investors’ needs even with
different risk profiles. SEC's decisions to allow
pre-emptive right to mutual funds for preferential
allotment in public issue will help in designing strong
and sound portfolio of the funds. Since mutual fund
63
ICB AMCL
REPORT OF THE TRUSTEE

Bangladesh Fund
ICB Capital Management Limited (ICML), the Trustee of Bangladesh Fund

presents herewith the Annual Reports for 2017-18 and the affairs of the
Fund, managed by the ICB Asset Management Company Ltd., audited
reports together with the separate Audited Accounts of the aforesaid fund for
the year ended 30 June 2018.
64 25
ICB AMCL
Bangladesh Fund
BASIC FACTS
Sonali Bank Limited
Janata Bank Limited
Agrani Bank Limited
Sponsors Bangladesh Development Bank Limited
Rupali Bank Limited
Sadharan Bima Corporation
Jiban Bima Corporation
Trustee & Custodian ICB Capital Management Limited
Auditor Rahman Mostafa Alam & Co.; Chartered Accountants
Registration of the Fund 04 May 2011
Publication of Prospectus 05 October 2011
Subscription Open 10 October 2011
Size (As on 30.06.2018) Tk. 5000.00 Crore
As on 30.06.2018 At market price Tk.93.25
(As on 30.06.2018)
65
ICB AMCL
Bangladesh Fund
Bangladesh Fund, a special purpose open-end growth Fund does not only contribute to the economic,
Mutual Fund is floated and managed by the ICB Asset infrastructure and industrial development of the
Management Company Limited (ICB AMCL) with the country but also broaden the base of ownership in the
initial target size of Tk. 5,000.00 crore divided into securities. This mega Fund is expected to play an
50.00 crore units. The Trust Deed of the Fund was important role in the stabilization and development
registered on April 28, 2011 under the Trust Act, 1882 of capital market particularly the securities segment.
and Registration Act, 1908. The Fund was registered Who can invest in this Fund
by the Securities and Exchange Commission (SEC) on
May 04, 2011 under the wmwKDwiwUR I G·‡PÄ Kwgkb Institutional Investors: Any government
(wgDPz¨qvj dvÛ) wewagvjv, 2001. (hereinafter referred to as organizations including state-owned banks &
the wewagvjv). The SEC approved the prospectus of the financial institutions, authority autonomous bodies,
Fund on October 05, 2011 in accordance with the projects, private commercial banks, insurance
wewagvjv. The operation of the Fund commenced on companies, non-banking financial institutions,
October 10, 2011. As per Income Tax Ordinance, 1984 merchant banks, asset management companies and
income is tax-free up to certain level and investments other institutional investors; Individual investors i.e.
qualify for tax credit. Dividend @ Tk. 6.00 per unit has Non-Resident Bangladeshis (NRB) & General Public
been declared for the FY 2017-18, which is less than and other individuals can invest in this Fund.
the previous year’s dividend @ Tk. 6.50 per unit. Purchase, Surrender & Transfer of Units
Sponsors The unit certificates of the Fund could be purchased
The Fund has been formed and sponsored by surrendered and transferred from the counter of
Investment Corporation of Bangladesh (ICB), Sonali registered office of ICB AMCL, ICB Branch Offices and
Bank Limited, Janata Bank Limited, Agrani Bank designated Selling Agents’ Branches. The unit
Limited, Rupali Bank Limited, Bangladesh certificates of the Fund are freely transferable by way
Development Bank Limited, Sadharan Bima of inheritance/gift and/or by specific operation of the
Corporation and Jiban Bima Corporation with a view law subject to presentation of duly filled in transfer
to match the supply and demand of the securities form by the transferor and transferee.
thereby bringing market stabilization. Cumulative Investment Plan (CIP)
Trustee & Custodian There will be a Cumulative Investment Plan (CIP)
ICB Capital Management Limited, another subsidiary scheme in this Fund. Under this Scheme a unit holder
company of ICB, is acting as the Trustee and instead of receiving cash dividend may re-invest such
Custodian of the Fund in order to ensure maximum dividend income accrued for purchasing unit at a
trust and confidence of the investors of the Fund. concessional rate. In such case, units will be issued at
a discount of Tk. 1.00 from the opening price of that
Objectives of the Fund financial year. This is one of the best options for NRBs
The main objective of the Fund is to bring stability in who are unable to visit Bangladesh every year.
the capital market aiming to bring long-term Advantages
development, provide liquidity in the market and
provide attractive dividend to the unit holders of the Tax exemption is available for investors of the Fund
Fund by investing the proceeds in both the capital and and the dividend income from the Fund will be tax
money market. free up-to certain level, which is permitted as per
Finance Act. Investment in this Fund, would also
Investment Scope qualify for investment tax credit under the Income
Large, medium and small investors get opportunity to Tax Ordinance, 1984. The unit holders of the Fund
invest their fund at any time to a balanced and will enjoy the lien facilities against unit certificates
relatively lower risk portfolio. Investment in this representing the balance of his/her unit holding from
66
ICB AMCL
ICB. Some other banks and financial institutions will Classificationof income of Bangladesh Fund
also extend loan facility against lien of units. FY 2017-18
Units in Issue Dividend Interest Income Capital Gains

Premium on sale of units
0%
442530 units amounting to Tk. 439.87 lacs were
redeemed. As a result, 177018015 units with a value 34%
of Tk. 178096.70 lacs were outstanding as on June 30,
2018, of which 150000000 units subscribed by the
sponsors were under “lock in” as per rules. 64%
Transection of Bangladesh Fund
Gross Issue Repurchase Net Issue 2%
20000000
18000000
16000000
total expenditure including provisions against
14000000
investment for the current year, the fund had a net
12000000
income of Tk. 11757.64 lacs, which was 6.70% lower
10000000
than the previous year’s net income of Tk. 12601.60
80000000
lacs. The earning per unit for the FY 2017-18 stood at
60000000
Tk. 6.64, which was Tk. 7.02 in FY 2016-17.
40000000
20000000 Investment Activities
0
2013 2014 2015 2016 2017 2018
As on June 30, 2018, the Fund had a total investment
of Tk. 205190.65 lacs at cost, of which Tk. 201783.85
lacs was invested in ordinary share. The market value
Income of the Fund of the investments was Tk. 162992.45 lacs as on June
The Fund earned a total income of Tk. 16729.53 lacs 30, 2018 showing depreciation of 20.57%.
by way of dividend, interest, capital gains and
premium on sale of units during FY 2017-18, which Sectorwise Investment of Bangladesh Fund
were Tk. 17676.19 lacs in FY 2016-17 showing an as on 30 June 2018
decrease of Tk. 946.66 lacs i.e. 5.35 %. On the other
hand, the total expenditure of the Fund was Tk. Banks Investment Engineering
4471.89 lacs in FY 2017-18 as against the previous Food and allied products Fuel and power Jute
year’s expenditure of Tk. 4395.84 lacs, showing an Textiles Pharmaceuticals Service and real estate
Cement Information technology Tannery and footwear
increase of Tk. 76.05 lacs i.e. 1.73%. After deducting
Travel & Leasing Finance and leasing Corporate bond
Net Income of Bangladesh Fund Miscellaneous
Net Income 0%
2%
20000 2% 1% 9% 12% 3%
10% 10%
15000
2%
1% 1%
10000
2%
20%
5000 15%
5% 4%
1%
0
13
17
18
-1
-1
-1
0%
-
6-
7-
12
13
14
15
1
20
20
20
20
20
20
67
ICB AMCL
Price Determination Yearwise per unit net asset value of

Bangladesh Fund
highest and lowest prices of units were Tk. 103.00 and Per Unit Asset Value (At Cost)
Tk. 100.00 respectively during FY 2017-18. Per Unit Asset Value (At Market Value)
140
Market Price of Bangladesh Fund
120
Minimum Unit Price Maximum Unit Price FY Closing Price
120 100
100
80
80
60 60
40 40
20
20
0
2012-13 2013-14 2014-15 2015-16 2016-17 2017-18
0
3 4 5 6 7 8
-1 -1 -1 -1 -1 -1
12 13 14 15 16 17
Income Distribution 20 20 20 20 20 20

2017-18 to the unit holders, which was tk. 6.50 for FY Corporate Governance
2016-17.
Dividend performance of Bangladesh Fund exchanges, the management observed the prescribed
Dividend
10 affairs of the Fund and results of its operation.
9
8 The Trustee is of the opinion that the performance of
7 the funds was satisfactory during the year under
6 review due to the ability of the funds to declare
5
4
attractive dividend on their operations.
3
Future outlook
2
1 Mutual fund is one of the fastest growing industries
0
throughout the world. In Bangladesh this industry is
2012-13 2013-14 2014-15 2015-16 2016-17 2017-18
beginning to receive the status of preferred savings
mode. With the wide range of products, the industry is
Net Asset Value well positioned to meet the investors’ needs even with
The Net Asset Value of the Fund as on June 30, 2018 different risk profiles. SEC's decisions to allow
was Tk. 117.20 at cost and Tk. 93.25 at market price. pre-emptive right to mutual funds for preferential
allotment in public issue will help in designing strong
and sound portfolio of the funds. Since mutual fund
industry offers long-term value with maximization of
return and minimization of risk, this industry has
enormous prospects in Bangladesh. Mutual fund is
clearly the only investment avenue that is expected to
offer returns that will continue to outpace inflation.
We expect investor’s sentiment to respond positively
given the backdrop of markedly improved fiscal
management and continued earnings growth.
68
ICB AMCL
Statutory Details
The prices and redemption value of units, and the
income from them, can go up as well as go down with
fluctuation in the market value of their underlying
investments.
On written request, present and prospective unit
holders/investors can obtain copy of the trust deeds,
the annual report of the Funds and the text of the
relevant Fund.
Acknowledgement
The Trustee wishes to place on record its grateful
thanks to the unit holders for their constant support
and patronage extended to the funds. The Trustee
acknowledges with gratitude the support and
co-operation extended from time to time by the
Government, Securities and Exchange Commission,
Bangladesh Bank, the Sponsor of the Fund, and the
management of the Stock Exchanges. The Trustee also
put on record the efforts put in by the management
and employees of ICB Asset Management Company
for the growth and development of the funds.
For ICB Capital Management Limited

(Trustee of the Fund)
S/d
(Md. Kamal Hossain Gazi)
Member of the Trustee Committee
&
General Manager
69
ICB AMCL

2017 & 2017-18
Financial Statements
1. ICB AMCL Unit Fund

2. ICB AMCL Pension Holders’ Unit Fund
3. ICB AMCL Converted 1st Unit Fund
4. ICB AMCL Islamic Unit Fund
5. First ICB Unit Fund
6. Second ICB Unit Fund
7. Third ICB Unit Fund
8. Fourth ICB Unit Fund
9. Fifth ICB Unit Fund
10. Sixth ICB Unit Fund
11. Seventh ICB Unit Fund
12. Eighth ICB Unit Fund
13. Bangladesh Fund
62
ICB AMCL
71
ICB AMCL
72
ICB AMCL
73
ICB AMCL
74
ICB AMCL
75
ICB AMCL
76
ICB AMCL
77
ICB AMCL
78
ICB AMCL
79
ICB AMCL
80
ICB AMCL
81
ICB AMCL
82
ICB AMCL
83
ICB AMCL
84
ICB AMCL
85
ICB AMCL
86
ICB AMCL
87
ICB AMCL
88
ICB AMCL
89
ICB AMCL
90
ICB AMCL
91
ICB AMCL
92
ICB AMCL
93
ICB AMCL
94
ICB AMCL
95
ICB AMCL
96
ICB AMCL
97
ICB AMCL
98
ICB AMCL
99
ICB AMCL
100
ICB AMCL
101
ICB AMCL
102
ICB AMCL
103
ICB AMCL
104
ICB AMCL
105
ICB AMCL
106
ICB AMCL
107
ICB AMCL
108
ICB AMCL
109
ICB AMCL
110
ICB AMCL
111
ICB AMCL
112
ICB AMCL
113
ICB AMCL
114
ICB AMCL
115
ICB AMCL
116
ICB AMCL
117
ICB AMCL
118
ICB AMCL
119
ICB AMCL
120
ICB AMCL
121
ICB AMCL
122
ICB AMCL
123
ICB AMCL
124
ICB AMCL
125
ICB AMCL
126
ICB AMCL
127
ICB AMCL
128
ICB AMCL
129
ICB AMCL
130
ICB AMCL
131
ICB AMCL
132
ICB AMCL
133
ICB AMCL
134
ICB AMCL
135
ICB AMCL
136
ICB AMCL
137
ICB AMCL
138
ICB AMCL
139
ICB AMCL
140
ICB AMCL
141
ICB AMCL
142
ICB AMCL
143
ICB AMCL
144
ICB AMCL
145
ICB AMCL
146
ICB AMCL
147
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148
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Green City Edge (4th Floor), 89, Kakrail Dhaka-1000, Bangladesh
Phone : +88-02-8300412, Fax : +88-02-8300416
E-mail : info@icbamcl.com.bd
Website : www.icbamcl.com.bd
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Icb Amcl Open End Mutual Funds: Annual Report 2017-18

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Icb Amcl Open End Mutual Funds: Annual Report 2017-18

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ICB AMCL OPEN END MUTUAL FUNDS

OPEN END MUTUAL FUNDS

Registration No. BSEC License No.

Capital Structure of the Company

Paid-up Capital 393.75

Retained Profit 1,470.14

Chairman Dr. Mojib Uddin Ahmed

Chief Executive Officer Md. Golam Rabbani

Sponsors of Funds Investment Corporation of Bangladesh (ICB)

Trustee Investment Corporation of Bangladesh (ICB)

Custodian Investment Corporation of Bangladesh (ICB)

Bankers IFIC Bank Ltd.

Major Events/Milestones: Date

Date of Incorporation 05 December 2000

Registration with BSEC 14 October 2001

Operation started 01 July 2002

Floatation of ICB AMCL Unit Fund 21 June 2003

Floatation of ICB AMCL Pension Holders' Unit Fund 18 October 2004

Floatation of ICB AMCL Second NRB Mutual Fund 15 May 2008

Floatation of Prime Finance First Mutual Fund 04 January 2009

Floatation of ICB AMCL Second Mutual Fund 09 August 2009

Floatation of Phoenix Finance 1st Mutual Fund 07 March 2010

Floatation of ICB AMCL Third NRB Mutual Fund 28 March 2010

Floatation of IFIL Islamic Mutual Fund-1 26 September 2010

Floatation of Bangladesh Fund 10 October 2011

Floatation of ICB AMCL Converted 1st Unit Fund 23 February 2014

Shifting to its own premises 16 November 2014

Flotation of ICB AMCL Islamic Unit Fund 17 May 2015

Flotation of First ICB Unit Fund 08 March 2016

Flotation of Second ICB Unit Fund 17 April 2016

Flotation of Third ICB Unit Fund 15 May 2016

Flotation of Fourth ICB Unit Fund 15 May 2016

Flotation of Fifth ICB Unit Fund 15 May 2016

Flotation of Sixth ICB Unit Fund 10 July 2016

Flotation of Seventh ICB Unit Fund 09 October 2016

Flotation of Eighth ICB Unit Fund 05 February 2017

Open End Funds Under Managment

1. ICB AMCL Unit Fund 21 June 2003 Open-end 350.00*

3. Bangladesh Fund 10 October 2011 Open-end 5000.00*

5. ICB AMCL Islamic Unit Fund 17 May 2015 Open-end 80.00*

6. First ICB Unit Fund 08 March 2016 Open-end 142.00*

7. Second ICB Unit Fund 17 April 2016 Open-end 20.00*

8. Third ICB Unit Fund 15 May 2016 Open-end 44.00*

9. Fourth ICB Unit Fund 15 May 2016 Open-end 31.50*

10. Fifth ICB Unit Fund 15 May 2016 Open-end 46.00*

11. Sixth ICB Unit Fund 10 July 2016 Open-end 30.00*

12. Seventh ICB Unit Fund 09 October 2016 Open-end 47.00*

13. Eighth ICB Unit Fund 05 February 2017 Open-end 40.00*

*Present targeted size

Performance of the Open End Funds at A Glance

Chief Executive Officer (Add. Charge)

Trustee Committee - Bangladesh Fund

Md. Kamal Hossain Gazi

Dr. M. Shamsher Ali

increased quite significantly. As a result, the foreign

remittance flow is expected to increase

June, 2018 against TK 3239413.39 million of 30 IPO

Sl. No. of Shares Issue Price Fund raised Trading

6 Oimex Electrode Limited Engineering 15,000,000 10.00 150.00 November 6, 2017

Total 280,004,500 2800.05

Country Index P/E Yield M. Cap to

Mutual Fund Industry of Bangladesh

Number of Close - end Mutual Funds under