Transmission of Half Yearly Report for the Period Ended December 31, 2025 (PART-1)

Better Investments for a Better Future!

OF TRUST,

INNOVATION

E EXCELLENCE

JS Fixed Term Munafa Fund II

HALF YEARLY REPORT DECEMBER 31, 2025

Table of Content

1. Company Information

2. Vision

3. Mission

4. Directors' Report to the Unit Holders 08 Trustee Report to the Unit Holders

10 Independent Auditors' Report to the Unit Holders

Financial Statements

12 Condensed Interim Statement of Assets and Liabilities

13 Condensed Interim Income Statement (Un-audited)

15 Condensed Interim Statement of Comprehensive Income (Un-audited)

17 Condensed Interim Cash Flow Statement (Un-audited)

1. Condensed Interim Statement of Movement in Unitholders' Fund (Un-audited)

2. Notes To The Condensed Interim Financial Statement (Un-audited)

Better Investments for a Better Future!

COMPANY INFORMATION

02 HALF YEARLY REPORT 2025

BOARD OF DIRECTORS

Mr. Suleman Lalani Non-Executive Director / Chairman

Ms. Iffat Zehra Mankani Chief Executive Officer

Mr. Hasan Shahid Non-Executive Director

Mr. Syed Kazim Raza Non-Executive Director

Mr. Faisal Anwar Non-Executive Director

Ms. Maria Mittermair Non-Executive Director

Ms. Mediha Kamal Afsar Non-Executive Director

Mr. Ahsan Jamal Non-Executive Director

Chief Executive Officer

Ms. Iffat Zehra Mankani

Chief Financial Officer

Mr. Raheel Rehman

Chief Investment Officer

Syed Hussain Haider

Chief Operating Officer & Company Secretary

Mr. Muhammad Khawar Iqbal

Statutory Auditors

A.F. Ferguson & Co.

Legal Advisors

Bawaney and Partners

3rd & 4th Floor, 68-C, Lane-13 Bokhari Commercial Area Phase-VI DHA, Karachi

Audit Committee

Ms. Mediha Kamal Afsar (Chairperson) Mr. Hasan Shahid

Ms. Maria Mittermair Mr. Faisal Anwar

Trustee

Digital Custodian Company Limited 4th Floor, Perdesi House

2/1, R-Y-16, Old Queens Road, Karachi - 75530

Management Company

JS Investments Limited

19th Floor, The Centre, Plot # 28,

SB-5 Abdullah Haroon Road, Saddar, Karachi-75600

Tel: (92-21) 111-222-626 Fax: (92-21) 35165540

E-mail: info@jsil.com Website: https://www.jsil.com

HALF YEARLY REPORT 2025 03

Better Investments for a Better Future!

To be the preferred choice of every investor, offering diverse and innovative investment solutions.

1. HALF YEARLY REPORT 2025

   
   
   

   Better Investments for a Better Future!

   MISSION

   To establish a leadership position in bringing more investable asset classes and innovative products, while managing them with prudence and excellence.

2. HALF YEARLY REPORT 2025

   
   
   

   DIRECTORS' REPORT TO THE UNITHOLDERS

   The Board of Directors of JS Investments Limited ('JSIL'), the Management Company of JS Fixed Term Munafa Fund II (the Fund), is pleased to present the directors' report of the Fund along with its audited financial statements for the half year ended December 31, 2025.

   ECONOMIC REVIEW

   During the first half of FY26, Pakistan's macroeconomic narrative reflected a continuation of the consolidation process, with policy credibility, institutional signaling, and expectation management moving to the forefront. The operating environment was shaped by easing inflation, improving financial conditions, and sustained engagement with multilateral partners, providing a stabilizing anchor for macroeconomic outcomes during the period.

   Engagement with the IMF remained central to macro management. During 1HFY26, Pakistan received USD 1.3 billion in funding from the IMF under the ongoing program, reinforcing policy discipline, supporting external buffers, and strengthening confidence in the reform trajectory.

   Real-sector conditions during the period showed clear signs of recovery. Real GDP growth accelerated to 3.7% y/y in 1QFY26, led by a strong rebound in industrial activity as financial conditions eased and cost pressures moderated. While agriculture continued to face structural and climate-related headwinds, the broader improvement across key indicators prompted the State Bank of Pakistan (SBP) to raise its FY26 real GDP growth forecast by 50 basis points to 3.75%-4.75%.

   On the structural front, reform momentum showed selective but meaningful progress. The privatization agenda advanced with the completion of First Women Bank's divestment under a government-to-government framework, followed by the long-awaited privatization of Pakistan International Airlines (PIA). In parallel, the government announced the National Industrial Policy 2025-2030, aimed at repositioning the industrial base toward higher-value-added, export-oriented production. While the policy direction was constructive, effective execution and inter-agency coordination remain critical to translating intent into durable outcomes.

   Fiscal coordination and governance reforms remained a focus. The National Finance Commission (NFC) convened to initiate overdue deliberations on provincial tax effort and revenue-sharing arrangements, underscoring growing recognition of the need for a more balanced fiscal compact. Complementing this, the authorities released the Economic Governance Reforms Report following the IMF's Governance and Corruption Assessment, outlining measures to address institutional gaps and strengthen oversight. Notably, fiscal performance improved materially during the period, with Pakistan recording an unprecedented half-year fiscal surplus in 1HFY26, supported by expenditure restraint and a sharp decline in interest costs, despite flood-related relief spending.

   Inflation dynamics improved meaningfully during the period, with headline inflation moderating to an average of 5.1%. Against this backdrop, the SBP reduced the policy rate to 10.5%, balancing growth support with macroeconomic stability. External balances moderated as import demand recovered, with the current account reverting to a deficit after a period of surplus. By end-December, total foreign exchange reserves stood at USD 20.7 billion, including USD 16.1 billion held by the central bank. In addition, a debt-to-equity transaction with the UAE converted USD 1.0 billion of SBP deposits into an equity interest alongside the Fauji Foundation, strengthening the external liability profile without impacting headline reserve levels.

   Overall, 1HFY26 reflected continued macro repair rather than a full cyclical recovery. While policy credibility strengthened and growth momentum improved, the durability of these gains remains contingent on disciplined execution, fiscal coordination, and the ability to manage external and climate-related risks.

   INCOME / MONEY MARKET REVIEW

   The domestic money market and fixed-income environment during 1HFY26 was shaped by the absorption of earlier monetary easing rather than a renewed phase of directional repricing, as markets recalibrated expectations around inflation durability and policy continuity. The State Bank of Pakistan implemented a cumulative 50 basis point reduction in the policy rate during the period, bringing it to 10.5% and reinforcing confidence in the disinflation trajectory.

3. HALF YEARLY REPORT 2025

   
   
   

   Yield dynamics reflected a market transitioning out of stress conditions. Short- and medium-tenor yields eased modestly, while the yield curve gravitated toward flatter configurations, signaling normalization from prior inversion rather than a reflationary steepening. The absence of aggressive duration extension underscored a cautious investor stance, with positioning shaped by balance-sheet discipline and preference for flexibility over conviction-led rate positioning.

   Government borrowing patterns remained skewed toward the front end and floating-rate instruments, reflecting institutional preference for flexibility amid an evolving rate cycle. Strong banking-sector liquidity continued to efficiently absorb sovereign financing needs, reinforcing the domestic financial system's central role in fiscal funding.

   Globally, fixed-income markets were influenced by shifting expectations around monetary easing in advanced economies, alongside heightened fiscal sensitivity and geopolitical uncertainty. This backdrop contributed to elevated volatility at the long end of yield curves, reinforcing a more complex, less linear global bond-market environment and shaping domestic sentiment and positioning.

   REVIEW OF FUND PERFORMANCE

   Plans	Net Assets (PKR in billions)	Return	Benchmark Return	Total Expense Ratio	Government levies
   JS Fixed Term Munafa II Plan-1	1.10	9.73	11.28	1.35	0.24
   JS Fixed Term Munafa II Plan-4	3.14	12.40	10.96	1.08	0.19
   JS Fixed Term Munafa II Plan-5	2.84	9.84	10.94	0.93	0.16
   JS Fixed Term Munafa II Plan-6	1.40	14.40	11.35	1.13	0.17

   ASSET MANAGER RATING

   Pakistan Credit Rating Agency Limited (PACRA) has upgraded the asset manager rating of the Company to 'AM1' with 'stable outlook' dated November 5, 2025. This rating reflects the Company's highest management quality, sound governance framework, and consistent operational performance, underscoring its continued commitment to delivering sustainable value to investors and stakeholders.

   ACKNOWLEDGMENT

   The Directors express their gratitude to the Securities and Exchange Commission of Pakistan and Digital Custodian Company Limited for their valuable support, assistance, and guidance. The Board also thanks the employees of the Management Company for their dedication and hard work, as well as the unit holders for their confidence in the Management.

   On behalf of the Board

   Chief Executive Officer Director

   February 20, 2026 Karachi

   HALF YEARLY REPORT 2025 07

   
   
   

   REPORT OF THE TRUSTEE TO THE UNIT HOLDERS JS FIXED TERM MUNAFA FUND II

   Report of the Trustee Pursuant to Regulation 41(h) of the Non-Banking Finance Companies and Notified Entities Regulations, 2008

   JS Fixed Term Munafa Fund II (the Fund) was established and registered under the Trust Deed and under section 16 of the Sindh Trusts Act, 2020 respectively executed between JS Investments Limited as the Management Company and Digital Custodian Company Limited as the Trustee. The Trust Deed was executed on January 29, 2025 in accordance with the requirement of Non-Banking Finance Companies (Establishment and Regulation) Rules, 2003 (the NBFC Rules). The Fund commenced its operations on May 6, 2025.

   1. JS Investments Limited, the Management Company of JS Fixed Term Munafa Fund II has, in all material respects, managed JS Fixed Term Munafa Fund II during the period ended December 31st, 2025 in accordance with the provisions of the following:

      1. Investment limitations imposed on the Asset Management Company and the Trustee under the trust deed and other applicable laws;

      2. the valuation or pricing is carried out in accordance with the deed and any regulatory requirement;

      3. the creation and cancellation of units are carried out in accordance with the deed;

      4. and any regulatory requirement

   2. Statement on the shortcoming(s) that may have impact on the decision of the existing or the potential unit holders remaining or investing in the Collective Investment Scheme; and

      Statement

      No short coming has been addressed during the period ended December 31st, 2025.

   3. Disclosure of the steps taken to address the shortcoming(s) or to prevent the recurrence of the short coming(s).

      Disclosure of the steps

      We have critically examine the fund in accordance with circular, directives, NBFC Regulations 2008 and its constitutive documents. However, no shortcoming has been addressed.

   4. Trustee's opinion regarding the calculation of the management fee, CIS Monthly Fee Payable to the Commission and other expenses in accordance with the applicable regulatory framework.

08 HALF YEARLY REPORT 2025

Trustee Opinion

"The Management fee, CIS monthly fee payable to the Commission and other expenses has been accurately calculated in accordance with the NBFC Regulations, 2008 and its constitutive documents".

Dabeer Khan Manager Compliance

Karachi: February 25, 2026 Digital Custodian Company Limited

HALF YEARLY REPORT 2025 09

@WC A•F FERGUSONé<>

INDEPENDENT AUDITOR'S REVICW REPORT

To the unltholders of JS Fixed Term Munafa Fund II Repnrt on revlew of Interim PinancisI Statements

We haxz reviewed tbe accompanying condensed interim statement of assets :ind liabilities of JS Fixed Term Munafn Pund II as at December 3i, 2Oz5 and the related condensed interim income statement, condensed interim statement of comprehensive income, condensed interim statement of movernent8in unit holders' fund, aad condensed interim cash flow statement,and nDtes to the condensed interim financial statements for the half year then ended there-in-afterreferred to as the "interim finaneia) statements"). The Management Company (JS Investments Limited) is responsible for the preparation and presentation of these interim finan4fal statements in accordance with accounting and reporting standards as applicable in Pakistan for interim financial reporting. Our responsibility' is to express a conclusion on these interim financial statements based on our review.

We conducted oilr review in accordance with International Standard on R ew Engagem »t 410, "Review of Interim Financial InfDZTH3tion Performed by the Independent Auditor of the Entity". A revaew of interim financial statements consists of making inquiries, primarily of persons respon8ilile for financial and accounting matters, and applying analytical and other re 'iew procedures. A resaew' is substantially less in sco}›e than an audit conducted in accurdarice wit)i Iulcriiational Standards on Auditing and consequently does not enable us to obtain assurance thal we would become aware of all significant matters that might be identified in an audit. Aecoidingly, we dn nnt express .an audit opinion.

Based on our rmaew, nothing has cDme to our attention that causes us to believe that the accompanying interim financial statements are not prepared, in all material respects, in accordance with the accounting and reporting standards as applicable in Pakistan for interim financial reporting.

The figures of the condensed interim income statement and the condensed interim statement of comprehensive income for the quaner ended December 3i, 2O25 have not lieen subjected to the revie ', as our engagement ss-as limited to the review of the cumulative. figures for the half year ended

fi)ie engagement partner on the audit resulting in this independent auditor's report is

Nomau Abbas Sheikh.

A. F. Ferg s Chartered

ountants

Date: February n6, ooz6

UDIN: RR 2025l006l4e8gPlLpCq

HALF YEARLY REPORT 2025

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CONDENSED INTERIM STATEMENT OF ASSETS AND LIABILITIES

AS AT DECEMBER 31, 2025

Note

-----------------------------------------------------------------------------------Rupees ----------------------------------------------------------------------------------- -------------------------------------- Rupees --------------------------------------

NET ASSETS 1,104,429,086 - - 3,140,453,935 2,840,692,071 1,408,266,826 8,493,841,918 1,052,791,940 2,224,421,440 3,277,213,380

UNIT HOLDERS' FUND

(as per statement attached) 1,104,429,086 - - 3,140,453,935 2,840,692,071 1,408,266,826 8,493,841,918 1,052,791,940 2,224,421,440 3,277,213,380

The annexed notes from 1 to 18 form an integral part of these condensed interim financial statements.

Chief Financial Officer Chief Executive Officer Director

CONDENSED INTERIM INCOME STATEMENT (UN-AUDITED)

FOR THE HALF YEAR ENDED DECEMBER 31, 2025

Note ---------------------------------------------------------------- Rupees--------------------------------------------------------------

The annexed notes from 1 to 18 form an integral part of these condensed interim financial statements.

CONDENSED INTERIM INCOME STATEMENT (UN-AUDITED)

FOR THE QUARTER ENDED DECEMBER 31, 2025

-------------------------------------------------------- Rupees'-------------------------------------------------------

Gain / (loss) on sale of investments - net - 5,447,743 19,524,557 (24,736,528) (441,089) (18,599,114) (18,804,431)

Net unrealised appreciation on re-measurement of investments

The annexed notes from 1 to 18 form an integral part of these condensed interim financial statements.

CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME

(UN-AUDITED)

FOR THE HALF YEAR ENDED DECEMBER 31, 2025

----------------------------------------------------------------------------------- Rupees -----------------------------------------------------------------------------------

Net income for the period after taxation 51,637,146 76,033,469 94,331,593 95,477,750 28,812,865 27,780,709 374,073,532 Other comprehensive income for the period - - - - - - -Total comprehensive income for the period 51,637,146 76,033,469 94,331,593 95,477,750 28,812,865 27,780,709 374,073,532

The annexed notes from 1 to 18 form an integral part of these condensed interim financial statements.

CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME (UN-AUDITED)

FOR THE QUARTER ENDED DECEMBER 31, 2025

-------------------------------------------------------------------------------- Rupees --------------------------------------------------------------------------------

Net income for the period after taxation 29,590,474 26,384,209 53,299,167 95,477,750 28,812,865 27,780,709 261,345,174 Other comprehensive income for the period - - - - - - -Total comprehensive income for the period 29,590,474 26,384,209 53,299,167 95,477,750 28,812,865 27,780,709 261,345,174

The annexed notes from 1 to 18 form an integral part of these condensed interim financial statements.

----------------Rupees ----------------

----------------Rupees ----------------

----------------Rupees ----------------

Net assets at beginning of the period (audited) 1,049,599,033 3,192,907 1,052,791,940 2,203,930,216 20,491,224 2,224,421,440 - - -Issuance of units:

JSFTMFII P1: Nil, JSFTMFII P2: Nil, JSFTMFII P3: 34,095,347, JSFTMFII P4: 30,571,262, JSFTMFII P5: 28,121,392, JSFTMFII P6: 13,804,861 units

• Capital value (at net asset value per unit at the beginning of the period)

• Element of income

  Total proceeds on issuance of units - - - - - - 3,409,534,693 - 3,409,534,693

  Redemption of units:

  JSFTMFII P1: Nil JSFTMFII P2: 21,737,304 JSFTMFII P3: 34,095,347 JSFTMFII P4: 118,732 JSFTMFII P5: 2,589 JSFTMFII P6: Nil

  - -

  - -

  - -

  (2,203,930,216)	-	(2,203,930,216)
  -	(76,033,469)	(76,033,469)

  (3,409,534,693)	-	(3,409,534,693)
  -	(91,518,986)	(91,518,986)

• Capital value (at net asset value per unit at the beginning of the period)

  -	51,637,146	51,637,146
  -	-	-

  -	76,033,469	76,033,469
  -	(20,491,224)	(20,491,224)

  -	94,331,593	94,331,593
  -	(2,812,607)	(2,812,607)

• Element of loss

Net assets as at the end of the period (un-audited) 1,049,599,033 54,830,053 1,104,429,086 - - - - - -

CONDENSED INTERIM STATEMENT OF MOVEMENTS IN UNIT HOLDERS' FUND (UN-AUDITED)

FOR THE HALF YEAR ENDED DECEMBER 31, 2025

----------------Rupees ---------------- ----------------Rupees ----------------

Net assets at beginning of the period (audited) - - - - - -

Issuance of units:

JSFTMFII P1: Nil, JSFTMFII P2: Nil, JSFTMFII P3: 34,095,347, JSFTMFII P4: 30,571,262, JSFTMFII P5: 28,121,392, JSFTMFII P6: 13,804,861 units

• Capital value (at net asset value per unit at the beginning of the period)

• Element of income

  Total proceeds on issuance of units 3,057,126,185 - 3,057,126,185 2,812,139,207 - 2,812,139,207

  Redemption of units:

  JSFTMFII P1: Nil JSFTMFII P2: 21,737,304 JSFTMFII P3: 34,095,347 JSFTMFII P4: 118,732 JSFTMFII P5: 2,589 JSFTMFII P6: Nil

  (11,873,175)	-	(11,873,175)
  -	(276,825)	(276,825)

  (258,883)	-	(258,883)
  -	(1,118)	(1,118)

• Capital value (at net asset value per unit at the beginning of the period)

• Element of loss

The annexed notes from 1 to 18 form an integral part of these condensed interim financial statements.

----------------Rupees ---------------- ----------------Rupees ----------------

Net assets at beginning of the period (audited) - - - 3,253,529,249 23,684,131 3,277,213,380 Issuance of units:

JSFTMFII P1: Nil, JSFTMFII P2: Nil, JSFTMFII P3: 34,095,347, JSFTMFII P4: 30,571,262, JSFTMFII P5: 28,121,392,

JSFTMFII P6: 13,804,861 units

• Capital value (at net asset value per unit at the beginning of the period)

• Element of income

  Total proceeds on issuance of units 1,380,486,117 - 1,380,486,117 10,659,286,202 - 10,659,286,202

  Redemption of units:

  JSFTMFII P1: Nil JSFTMFII P2: 21,737,304

  JSFTMFII P3: 34,095,347 JSFTMFII P4: 118,732 JSFTMFII P5: 2,589 JSFTMFII P6: Nil

  - -

  - -

  - -

  (5,625,596,967)	-	(5,625,596,967)
  -	(167,830,398)	(167,830,398)

• Capital value (at net asset value per unit at the beginning of the period)

  -	27,780,709	27,780,709
  -	-	-

• Element of loss

The annexed notes f rom 1 to 18 f orm an integral part of these condensed interim f inancial statements.

Chief Financial Officer Chief Executive Officer Director

CONDENSED INTERIM CASH FLOW STATEMENT (UN-AUDITED)

FOR THE HALF YEAR ENDED DECEMBER 31, 2025

Note ---------------------------------------------------------------------------------- Rupees --------------------------------------------------------------------------------

CASH FLOWS FROM OPERATING ACTIVITIES

Net income for the period before taxation 51,637,146 76,033,469 94,331,593 95,477,750 28,812,865 27,780,709

Adjustments for:

(Increase) / decrease in assets

(152,347,167) 2,133,769,782 19,968,459 (2,974,547,854) (476,305,357) (1,299,126,405)

(Decrease) / increase in liabilities

Payable to JS Investments Limited - Management Company

Payable to Digital Custodian Company Limited - Trustee

Payable to the Securities and Exchange Commission of Pakistan

Accrued expenses and other liabilities

(6,472,589) (10,377,024) 23,557,754 3,908,108 3,448,668 1,982,409

CASH FLOWS FROM FINANCING ACTIVITIES

Amount received on issuance of units

Amount paid on the redemption of units

Dividend paid during the period

Net cash generated from / (used in) financing activities - (2,300,454,909) (94,331,593) 3,044,976,185 2,811,879,206 1,380,486,117

Net (decrease) / increase in cash and cash equivalents (111,956,704) (51,746,218) 17,814,862 68,202,421 2,364,231,479 83,143,598 during the period

Cash and cash equivalents at beginning of the period 148,058,145 55,324,102 - - - -

Cash and cash equivalents at end of the period 4.2 36,101,441 3,577,884 17,814,862 68,202,421 2,364,231,479 83,143,598

The annexed notes from 1 to 18 form an integral part of these condensed interim financial statements.

1. LEGAL STATUS AND NATURE OF BUSINESS

   1. JS Fixed Term Munafa Fund II (the Fund) was established and registered under the Trust Deed and under section 16 of the Sindh Trusts Act, 2020 respectively executed between JS Investments Limited as the Management Company and Digital Custodian Company Limited as the Trustee. The Trust Deed was executed on January 29, 2025 in accordance with the requirement of Non-Banking Finance Companies (Establishment and Regulation) Rules, 2003 (the NBFC Rules). The Fund commenced its operations on May 6, 2025.

   2. The Management Company of the Fund has been licensed to act as an Asset Management Company under the NBFC Rules through a certificate of registration issued by the Securities and Exchange Commission of Pakistan (SECP). The registered office of the Management Company is situated at The Centre, 19th Floor, Plot No. 28 SB-5, Abdullah Haroon Road, Saddar, Karachi, Pakistan.

   3. The Fund is an open end mutual fund categorised as "Fixed Rate / Return Scheme" and is listed on the Pakistan Stock Exchange. The investment objectives and policies are explained in the Fund's offering document. The units of the Fund were initially offered for public subscription at par value of Rs. 100 per unit.

   4. As per the offering document, the Fund shall invest in investment grade debt securities and government securities, including money market instruments.

   5. The objective of the Fund is to provide promised returns to its unit holders subject to the holding of the investments till maturity of the respective plans.

   6. The maturity of the Fund is perpetual, however plans may have a set time frame. The plans overview is as follows:

      Plans	Duration	Risk Profile	Issue date (close of subscription	Maturity date	Status
      JS Fixed Term Munafa Fund II Plan - 1	1 Year	Moderate	May 6, 2025	May 5, 2026	Active
      JS Fixed Term Munafa Fund II Plan - 2	6 Months	Low	May 6, 2025	November 5, 2025	Matured
      JS Fixed Term Munafa Fund II Plan - 3	3 Months	Low	August 15, 2025	November 14, 2025	Matured
      JS Fixed Term Munafa Fund II Plan - 4	6 months	Moderate	September 30, 2025	March 31, 2026	Active
      JS Fixed Term Munafa Fund II Plan - 5	3 months	Low	November 21, 2025	February 23, 2026	Active
      JS Fixed Term Munafa Fund II Plan - 6	1 Year	Moderate	November 10, 2025	November 10, 2026	Active

   7. The Management Company measured the assets and liabilities of the plans in accordance with material accounting policy information as disclosed in note 3 to these condensed interim financial statements. In preparing these condensed interim financial statements, the management has given due consideration to the fact that the measurement of assets and liabilities of the Plan may be affected by changes in judgements that can arise when the going concern assumption ceases to be valid.

   8. The Pakistan Credit Rating Agency Limited (PACRA) has upgraded the asset manager rating of 'AM1' with 'stable outlook' dated November 5, 2025 (June 30, 2025: 'AM2++' with 'stable outlook') of the Management Company. Further, the Fund is not rated by any rating agency as at December 31, 2025.

   9. The title to the assets of the Fund are held in the name of Digital Custodian Company Limited (DCCL) as the Trustee of the Fund.

   10. The Fund commenced its operations on May 6, 2025; therefore, comparative figures in the condensed interim income statement, condensed interim statement of comprehensive income, condensed interim cash flow statement, and condensed interim statement of movements in unit holders' fund have not been presented.

       NOTES TO AND FORMING PART OF THE CONDENSED INTERIM FINANCIAL STATEMENTS (UN-AUDITED)

       FOR THE HALF YEAR ENDED DECEMBER 31, 2025

2. BASIS OF PREPARATION

   1. Statement of compliance

      These condensed interim financial statements have been prepared in accordance with the accounting and reporting standards as applicable in Pakistan for interim financial reporting. Accounting and reporting standards as applicable in Pakistan for interim financial reporting comprise of:

      • International Accounting Standard (IAS) 34, Interim Financial Reporting, issued by the International

        Accounting Standards Board (IASB) as notified under the Companies Act, 2017;

      • Provisions of, directives and notifications issued under the Companies Act, 2017 along with part VIIIA of the

        repealed Companies Ordinance, 1984; and

      • Non-Banking Finance Companies (Establishment and Regulation) Rules, 2003 (the NBFC Rules), the Non-

        Banking Finance Companies and Notified Entities Regulations, 2008 (the NBFC Regulations).

        Where provisions of, directives and notifications issued under the Companies Act, 2017, part VIIIA of the repealed Companies Ordinance, 1984, the NBFC Rules, the NBFC Regulations and the requirements of the Trust Deed differ from IAS 34, the provisions of, directives and notifications issued under the Companies Act, 2017, part VIIIA of the repealed Companies Ordinance, 1984, the NBFC Rules, the NBFC Regulations have been followed.

   2. The disclosures made in these condensed interim financial statements have, however, been limited based on the requirements of the International Accounting Standard 34: 'Interim Financial Reporting'. These condensed interim financial statements do not include all the information and disclosures required in a full set of financial statements and should be read in conjunction with the annual published audited financial statements of the Fund for the year ended June 30, 2025.

   3. These condensed interim financial statements are unaudited. However, a limited scope review has been performed by the statutory auditors. These condensed interim financial statements also include the condensed interim income statement and the condensed interim statement of comprehensive income for the quarter ended December 31, 2025 which are not subjected to auditor's review. In compliance with Schedule V of the NBFC Regulations, the directors of the Management Company declare that these condensed interim financial statements give a true and fair view of the state of affairs of the Fund as at and for the half year ended December 31, 2025.

3. MATERIAL ACCOUNTING POLICY INFORMATION, SIGNIFICANT ACCOUNTING ESTIMATES, JUDGMENTS AND RISK MANAGEMENT POLICIES

   1. The material accounting policies adopted and the methods of computation of balances used in the preparation of these condensed interim financial statements are the same as those applied in the preparation of the annual audited financial statements of the Fund for the year ended June 30, 2025.

   2. The preparation of these condensed interim financial statements are in conformity with the accounting and reporting standards as applicable in Pakistan for interim financial reporting require management to make estimates, assumptions and use judgments that affect the application of policies and reported amounts of assets, liabilities, income and expenses. Estimates, assumptions and judgments are continually evaluated and are based on historical experience and other factors, including reasonable expectations of future events. Revisions to accounting estimates are recognised prospectively commencing from the period of revision. In preparing the condensed interim financial statements, the significant judgments made by management in applying the Fund's accounting policies and the key sources of estimation and uncertainty were the same as those applied to the financial statements as at and for the year ended June 30, 2025. The Fund's financial risk management objectives and policies are also consistent with those disclosed in the annual audited financial statements of the Fund for the year ended June 30, 2025.

      In preparation of the condensed interim statement of movements in unit holders' fund, the Fund has restricted the capital value of the redemptions to the extent available and the amount paid to the unit holders' on maturity of the Plan in excess of undistributed income and capital value has been shown as distribution during the period.

   3. Standards, interpretations and amendments to published accounting and reporting standards that are effective in the current period

      There are certain amendments to the published accounting and reporting standards that are mandatory for the Fund's annual accounting period beginning on July 1, 2025. However, these are not considered relevant or do not have any material impact on the Fund's financial statements and, therefore, have not been detailed in these condensed interim financial statements.

   4. Standards, interpretations and amendments to published accounting and reporting standards that are not yet effective in the current period

      There are certain new standards and amendments to the published accounting and reporting standards that will be applicable to the Fund for its annual periods beginning on or after July 1, 2026. However, these are not considered to be relevant or did not have any material effect on the Fund's condensed interim financial statements except for:

      • The new standard - IFRS 18 Presentation and Disclosure in Financial Statements (IFRS 18) (published in April 2024) with applicability date of January 1, 2027. IFRS 18 when applicable shall impact the presentation of 'Income Statement' with certain additional disclosures in the financial statements; and

      • Amendments to IFRS 9 'Financial Instruments' which clarify the date of recognition and derecognition of a financial asset or financial liability including settlement of liabilities through banking instruments and channels including electronic transfers with effective date of January 1, 2026. The amendment when applied may impact the timing of recognition and derecognition of financial assets and financial liabilities.

        The management is in the process of assessing the impacts of the new standard and amendments on the

        condensed interim financial statements of the Fund.

        December 31, 2025							June 30, 2025
        (Unaudited)							(Audited)
        JS Fixed Term Munafa Fund II Plan - 1	JS Fixed Term Munafa Fund II Plan - 2	JS Fixed Term Munafa Fund II Plan - 3	JS Fixed Term Munafa Fund II Plan - 4	JS Fixed Term Munafa Fund II Plan - 5	JS Fixed Term Munafa Fund II Plan - 6	Total	JS Fixed Term Munafa Fund II Plan - 1	JS Fixed Term Munafa Fund II Plan -2	Total

4. BANK BALANCES Note ----------------------------------------------------------------------------------------------- Rupees ------------------------------------------------------------------------------------------- --------------------------------------- Rupees -----------------------------------

   In savings accounts 4.1 36,101,441 3,577,884 17,814,862 68,202,421 40,655,029 83,143,598 249,495,235 148,058,145 55,324,102 203,382,247

   1. These represent balances maintained with JS Bank Limited (a related party) and carry profit at the rate of 9.0% (June 30, 2025: 9.0%) per annum.

      NOTES TO AND FORMING PART OF THE CONDENSED INTERIM FINANCIAL STATEMENTS (UN-AUDITED)

      FOR THE HALF YEAR ENDED DECEMBER 31, 2025

      December 31, 2025

      (Unaudited)

      JS Fixed Term Munafa Fund II Plan - 1

      JS Fixed Term Munafa Fund II Plan - 2

      JS Fixed Term Munafa Fund II Plan - 3

      JS Fixed Term Munafa Fund II Plan - 4

      JS Fixed Term Munafa Fund II Plan - 5

      JS Fixed Term Munafa Fund II Plan - 6

      Total

   2. Cash and cash equivalents

      ----------------------------------------------------------------------------------------------- Rupees -------------------------------------------------------------------------------------------

      Bank balances	36,101,441		3,577,884		17,814,862		68,202,421		40,655,029		83,143,598		249,495,235
      Market Treasury Bills	-		-		-		-		2,323,576,450		-		2,323,576,450
      	36,101,441		3,577,884		17,814,862		68,202,421		2,364,231,479		83,143,598		2,573,071,685

      December 31, 2025

      (Unaudited)

      JS Fixed Term Munafa Fund II Plan - 1

      JS Fixed Term Munafa Fund II Plan - 2

      JS Fixed Term Munafa Fund II Plan - 3

      JS Fixed Term Munafa Fund II Plan - 4

      JS Fixed Term Munafa Fund II Plan - 5

      JS Fixed Term Munafa Fund II Plan - 6

      Total

      June 30, 2025
      (Audited)
      JS Fixed Term Munafa Fund II Plan - 1		JS Fixed Term Munafa Fund II Plan -2		Total

5. INVESTMENTS

   Face value
   As at July 1, 2025		Purchased during the period		Sold / matured during the period		Holding as at December 31, 2025
   -----------------------------------Rupees-----------------------------------

   Value as at December 31, 2025
   Carrying Value		Market Value		Unrealised (diminution) / appreciation
   ------------------------------Rupees------------------------------

   Market value as percentage
   Total investments		Net assets
   ------------ % ------------

   Financial assets 'at fair value through profit or loss'

   Note ----------------------------------------------------------------------------------------------- Rupees ------------------------------------------------------------------------------------------- --------------------------------------- Rupees -----------------------------------

   	Market Treasury Bills	5.1	957,798,500		-		-		-		2,801,625,450		-		3,759,423,950		908,579,500		727,656,900		1,636,236,400
   	Pakistan Investment Bonds	5.2	103,869,531		-		-		2,965,473,294		-		1,264,322,813		4,333,665,638		-		1,400,268,124		1,400,268,124
   			1,061,668,031		-		-		2,965,473,294		2,801,625,450		1,264,322,813		8,093,089,588		908,579,500		2,127,925,024		3,036,504,524
   5.1	Market Treasury Bills

   Particulars		Issue date
   											-						-
   JS Fixed Term Munafa Fund II Plan - 1
   -1 Month		16-Oct-25		-		200,000,000		200,000,000		-		-		-		-		-		-
   -1 Month		21-Aug-25		-		100,000,000		100,000,000		-		-		-		-		-		-
   -12 Month		29-May-25		500,000,000		-		-		500,000,000		480,395,062		479,749,500		(645,562)		45.19		43.44
   -12 Month		12-Jun-25		500,000,000		-		-		500,000,000		478,317,340		478,049,000		(268,340)		45.03		43.28
   Total as at December 31, 2025 (unaudited)												958,712,402		957,798,500		(913,902)		90.22		86.72
   Total as at June 30, 2025 (audited)												907,410,722		908,579,500		1,168,778
   JS Fixed Term Munafa Fund II Plan - 2
   - 1 Month		2-Oct-25		-		75,000,000		75,000,000		-		-		-		-		-		-
   - 1 Month		30-Oct-25		-		75,000,000		75,000,000		-		-		-		-		-		-
   - 1 Month		21-Aug-25		-		30,000,000		30,000,000		-		-		-		-		-		-
   - 12 Months		12-Jun-25		500,000,000				500,000,000		-		-		-		-		-		-
   - 12 Months		15-May-25		300,000,000		-		300,000,000		-		-		-		-		-		-
   Total as at December 31, 2025 (unaudited)												-		-		-		-		-
   Total as at June 30, 2025 (audited)												726,704,518		727,656,900		952,382
   JS Fixed Term Munafa Fund II Plan - 3
   - 1 Month		30-Oct-25		-		75,000,000		75,000,000		-		-		-		-		-		-
   - 1 Month		18-Sep-25		-		125,000,000		125,000,000		-		-		-		-		-		-
   - 1 Month		21-Aug-25		-		250,000,000		250,000,000		-		-		-		-		-		-
   - 3 Month		21-Aug-25		-		500,000,000		500,000,000		-		-		-		-		-		-
   - 3 Month		26-Jun-25		-		2,000,000,000		2,000,000,000		-		-		-		-		-		-
   - 6 months		2-May-25		-		2,500,000,000		2,500,000,000		-		-		-		-		-		-
   - 6 months		15-May-25		-		16,000,000		16,000,000		-		-		-		-		-		-
   - 6 months		20-Feb-25		-		36,000,000		36,000,000		-		-		-		-		-		-
   - 12 Months		5-Sep-24		-		750,000,000		750,000,000		-		-		-		-		-		-
   - 12 Months		9-Jan-25		-		14,000,000		14,000,000		-		-		-		-		-		-
   - 12 Months		12-Jun-25		-		500,000,000		500,000,000		-		-		-		-		-		-
   - 12 Months		15-May-25		-		300,000,000		300,000,000		-		-		-		-		-		-
   - 12 Months		22-Aug-24		-		231,000,000		231,000,000		-		-		-		-		-		-
   Total as at December 31, 2025 (unaudited)												-		-		-		-		-
   JS Fixed Term Munafa Fund II Plan - 4
   -1 Month		2-Oct-25		-		75,000,000		75,000,000		-		-		-		-		-		-
   -1 Month		27-Nov-25		-		75,000,000		75,000,000		-		-		-		-		-		-
   -1 Month		30-Oct-25		-		75,000,000		75,000,000		-		-		-		-		-		-
   Total as at December 31, 2025 (unaudited)												-		-		-		-		-
   JS Fixed Term Munafa Fund II Plan - 5
   - 1 Month		11-Dec-25		-		500,000,000		-		500,000,000		498,974,250		499,001,000		26,750		17.81		17.57
   - 3 Month		27-Nov-25		-		1,850,000,000				1,850,000,000		1,823,458,308		1,824,575,450		1,117,142		65.13		64.23
   - 12 Month		11-Dec-25		-		500,000,000		500,000,000		-						-		-		-
   - 12 Month		12-Jun-25		-		500,000,000		-		500,000,000		476,712,795		478,049,000		1,336,205		17.06		16.83
   Total as at December 31, 2025 (unaudited)												2,799,145,353		2,801,625,450		2,480,097		100.00		98.63

   1. Pakistan Investment Bonds

      Particulars

JS Fixed Term Munafa Fund II Plan - 1

- 5 Years - Fixed Rate January 16, 2025 January 16, 2030 12.00% - 100,000,000 - 100,000,000 101,036,190 103,869,531 2,833,341 9.78 9.40

Total as at December 31, 2025 (unaudited) 101,036,190 103,869,531 2,833,341 9.78 9.40

Total as at June 30, 2025 (audited) - - -

JS Fixed Term Munafa Fund II Plan - 2

Total as at June 30, 2025 (audited) 1,379,894,070 1,400,268,124 20,374,054

JS Fixed Term Munafa Fund II Plan - 3

re-measurement of investments classified as financial assets at fair value through profit or loss'

------------------------------------------------------------------------------------------------------ Rupees ---------------------------------------------------------------------------------------------------

1. PRELIMINARY EXPENSES AND FLOATATION COSTS

   December 31, 2025

   (Unaudited)

   JS Fixed Term Munafa Fund II Plan - 1

   JS Fixed Term Munafa Fund II Plan - 2

   JS Fixed Term Munafa Fund II Plan - 3

   JS Fixed Term Munafa Fund II Plan - 4

   JS Fixed Term Munafa Fund II Plan - 5

   JS Fixed Term Munafa Fund II Plan - 6

   Total

   June 30, 2025
   (Audited)
   JS Fixed Term Munafa Fund II Plan - 1		JS Fixed Term Munafa Fund II Plan -2		Total

   Note --------------------------------------------------------------------------------------------------- - Rupees ------------------------------------------------------------------------------------------------- ----------------------------------- - Rupees ----------------------------------

   Preliminary expenses and floatation costs 6.1 319,796	545,729	- 220,025	220,025	220,025	1,525,600	319,796	545,729	865,525
   Less: accumulated amortisation of preliminary expenses

   (241,900)		(545,729)		-		(112,042)		(95,664)		(31,260)		(1,026,595)		(43,953)		(148,714)		(192,667)
   77,896		-		-		107,983		124,361		188,765		499,005		275,843		397,015		672,858

   and floatation costs

   1. Preliminary expenses and floatation costs represent expenditure incurred prior to the commencement of operations of the Fund and are being amortised over the period.

      December 31, 2025

      (Unaudited)

      JS Fixed Term Munafa Fund II Plan - 1

      JS Fixed Term Munafa Fund II Plan - 2

      JS Fixed Term Munafa Fund II Plan - 3

      JS Fixed Term Munafa Fund II Plan - 4

      JS Fixed Term Munafa Fund II Plan - 5

      JS Fixed Term Munafa Fund II Plan - 6

      Total

      June 30, 2025
      (Audited)
      JS Fixed Term Munafa Fund II Plan - 1		JS Fixed Term Munafa Fund II Plan -2		Total

2. ADVANCES AND PREPAYMENTS Note --------------------------------------------------------------------------------------------------- - Rupees ------------------------------------------------------------------------------------------------- ----------------------------------- - Rupees ----------------------------------

   Advance tax refundable	7.1 1,150,294		- 35,348		5,309		171,004		-		1,361,955		-		-		-
   Prepaid fees	225,728		- -		167,622		-		170,743		564,093		-		-		-
   	1,376,022		- 35,348		172,931		171,004		170,743		1,926,048		-		-		-

   1. As per clause 47(B) of part IV of the Second Schedule to the Income Tax Ordinance, 2001, payments made to collective investment schemes (CISs) are exempt from withholding tax under section 151 and 150. However, withholding tax on profit on government securities and profit on bank deposits paid to the Fund was deducted by various withholding agents based on the interpretation issued by FBR vide letter C. no. 1(43) DG (WHT)/2008-VOL.II-66417-R dated May 12, 2015 which requires every withholding agent to withhold income tax at applicable rates in case a valid exemption certificate under section 159(1) issued by the concerned Commissioner of Inland Revenue (CIR) is not produced before him by the withholdee. The tax withheld on profit on debt securities and profit on bank balances amounts to Rs. 1.362 million (June 30, 2025: Nil).

      NOTES TO AND FORMING PART OF THE CONDENSED INTERIM FINANCIAL STATEMENTS (UN-AUDITED)

      FOR THE HALF YEAR ENDED DECEMBER 31, 2025

      December 31, 2025							June 30, 2025
      (Unaudited)							(Audited)
      JS Fixed Term Munafa Fund II Plan - 1	JS Fixed Term Munafa Fund II Plan - 2	JS Fixed Term Munafa Fund II Plan - 3	JS Fixed Term Munafa Fund II Plan - 4	JS Fixed Term Munafa Fund II Plan - 5	JS Fixed Term Munafa Fund II Plan - 6	Total	JS Fixed Term Munafa Fund II Plan - 1	JS Fixed Term Munafa Fund II Plan - 2	Total

      For this purpose, the Mutual Funds Association of Pakistan (MUFAP) on behalf of various mutual funds (including the Funds being managed by the Management Company) had filed a petition in the Honourable Sindh High Court (SHC) challenging the above mentioned interpretation of the Federal Board of Revenue (FBR) which was decided by the SHC in favour of FBR. A petition was filed in the Supreme Court of Pakistan by the Funds together with other CISs (managed by the Management Company and other Asset Management Companies) whereby the Supreme Court granted the petitioners leave to appeal from the initial judgment of the SHC. Pending resolution of the matter, the amount of withholding tax deducted on profit on debt securities and profit on bank deposits has been shown as advance tax refundable as at December 31, 2025 as, in the opinion of the management, the amount of tax deducted at source will be refunded.

3. PAYABLE TO JS INVESTMENTS

   LIMITED - MANAGEMENT COMPANY

   Note ------------------------------------------------------------------------------------------------------ Rupees --------------------------------------------------------------------------------------------------- -------------------------------------- Rupees ----------------------------------

   Remuneration payable to the Management Company	8.1	932 ,252	496 ,817	622 ,736	2,632 ,470	2,403 ,349	1,179 ,713	8,267 ,337	2,724,233	4,980,327	7,704,560
   Sindh sales tax payable on remuneration of
   Management Company	8.2	139 ,837	74,523	93,409	394 ,868	360 ,502	176 ,957	1,240 ,096	408,634	747,051	1,155,685
   Preliminary expenses and floatation costs		319 ,796	545 ,729	-	220 ,025	220 ,025	220 ,025	1,525 ,600	319,796	545,729	865,525
   Payable against printing and stationery		22,247	62,080	27,300	15,295	6,514	21,334	154 ,770	35,000	35,000	70,000
   Account opening charges		10,000	-	-	10,000	10,000	10,000	40,000	-	-	-
   Other payable to the Management Company		-	2,956 ,104	22,722 ,931	-	-	-	25,679 ,035	-	-	-
   		1,424 ,132	4,135 ,253	23,466 ,376	3,272 ,658	3,000 ,390	1,608 ,029	36,906 ,838	3,487,663	6,308,107	9,795,770

   1. As per Regulation 61 of the NBFC Regulations, 2008, the Management Company is entitled to a remuneration equal to an amount not exceeding the maximum rate of management fee as disclosed in the Offering Document and subject to the capping of 1% for a collective investment scheme categorised as an 'Fixed Rate / Return Scheme'. Keeping in view the maximum allowable threshold, the Management Company has charged its remuneration at the rate ranging from 0.8% to 1% per annum of the average daily net assets of the Fund during the period ended December 31, 2025. The remuneration is payable to the Management Company monthly in arrears.

   2. Sindh Sales Tax is levied at the rate of 15% under the Sindh Sales Tax on Services Act, 2011 on the Management

      December 31, 2025

      (Unaudited)

      JS Fixed Term Munafa Fund II Plan - 1

      JS Fixed Term Munafa Fund II Plan - 2

      JS Fixed Term Munafa Fund II Plan - 3

      JS Fixed Term Munafa Fund II Plan -4

      JS Fixed Term Munafa Fund II Plan -5

      JS Fixed Term Munafa Fund II Plan -6

      Total

      June 30, 2025
      (Audited)
      JS Fixed		JS Fixed
      Term Munafa Fund		Term Munafa Fund		Total
      II Plan - 1		II Plan - 2

      Company's remuneration and any reimbursable expenditure to the Management Company.

4. PAYABLE TO DIGITAL CUSTODIAN

   COMPANY LIMITED - TRUSTEE

   Note ------------------------------------------------------------------------- Rupees ---------------------------------------------------------------------- --------------------------- Rupees -----------------------

   Remuneration payable to the Trustee	9.1	69,920	10	198	19 7,435	18 0,251	88,478	53 6,292	89,955	159,354	249,309
   Sindh sales tax payable on remuneration of the Trustee	9.2	10,488	2	30	29,615	27,038	13,271	80,444	13,493	23,903	37,396
   		80,408	12	228	22 7,050	20 7,289	10 1,749	61 6,736	103,448	183,257	286,705

   1. The Trustee is entitled to a monthly remuneration for services rendered to the Fund under the provisions of the

      Trust Deed at 0.075% per annum on the average annual net assets of the Fund calculated on a daily basis.

   2. Sindh sales tax is levied at the rate of 15% under the Sindh Sales Tax on Services Act, 2011 on the Trustee

      December 31, 2025

      (Unaudited)

      JS Fixed Term Munafa Fund II Plan - 1

      JS Fixed Term Munafa Fund II Plan -2

      JS Fixed Term Munafa Fund II Plan - 3

      JS Fixed Term Munafa Fund II Plan - 4

      JS Fixed Term Munafa Fund II Plan -5

      JS Fixed Term Munafa Fund II Plan - 6

      Total

      June 30, 2025
      (Audited)
      JS Fixed		JS Fixed
      Term		Term
      Munafa		Munafa		Total
      Fund II Plan -		Fund II Plan -
      1		2

      remuneration

5. PAYABLE TO THE SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN

   ----------------------------------------------------------------------------- Rupees --------------------------------------------------------------------------- ------------------------- Rupees -----------------------

   Fee payable 69,870 - 150 197,385 180,226 88,453 536,084 89,930 159,329 249,259

   1. In accordance with the NBFC Regulations, a Collective Investment Scheme (CIS) is required to pay non refundable fee to the Securities and Exchange Commission of Pakistan (SECP) at the rate of 0.075% per annum of average annual net assets of the Fund applicable on "Fixed Rate / Return Scheme". Accordingly, the Fund has charged SECP fee at the rate of 0.075% per annum of the daily net assets during the period. Further, the Fund is required to pay SECP fee within fifteen days of the close of every calendar month.

      December 31, 2025							June 30, 2025
      (Unaudited)							(Audited)
      JS Fixed Term Munafa Fund II Plan - 1	JS Fixed Term Munafa Fund II Plan - 2	JS Fixed Term Munafa Fund II Plan - 3	JS Fixed Term Munafa Fund II Plan - 4	JS Fixed Term Munafa Fund II Plan - 5	JS Fixed Term Munafa Fund II Plan - 6	Total	JS Fixed Term Munafa Fund II Plan - 1	JS Fixed Term Munafa Fund II Plan - 2	Total

6. ACCRUED EXPENSES AND OTHER LIABILITIES

   ---------------------------------------------------------------------------------- Rupees ------------------------------------------------------------------------------ ------------------------------- Rupees ----------------------------

   Brokerage payable	-	-	-	-	-	-	-	63,923	89,270	153,193
   Auditor's remuneration payable	83,710	62,187	91,000	142,257	60,596	184,178	623,928	175,649	299,551	475,200
   Capital gain tax and other payables	-	-	-	68,758	167	-	68,925	4,210,096	7,534,962	11,745,058
   	83,710	62,187	91,000	211,015	60,763	184,178	692,853	4,449,668	7,923,783	12,373,451

7. CONTINGENCIES AND COMMITMENTS

   There were no contingencies and commitments as at December 31, 2025 and June 30, 2025.

8. TOTAL EXPENSE RATIO

Previously, the annualised Total Expense Ratio (TER) of the Fund was subject to a maximum limit of 2.5% (excluding government levies) prescribed under the NBFC Regulations for a collective investment scheme categorised as an "Fixed Rate / Return Scheme". The SECP, vide S.R.O. 600(I)/2025 dated April 10, 2025, has removed the Total Expense Ratio (TER) limit with effect from July 1, 2025. The TER limit of 2.5% (excluding government levies) for the Fund, applicable previously under the NBFC Regulations, have been replaced with the management fee cap as disclosed in note 8.1 to these condensed interim financial statements. As at December 31, 2025, the annualised total expense ratio (TER) of the Fund is as follows:

The income of the Fund is exempt from income tax under clause 99 of Part I of the Second Schedule to the Income Tax Ordinance, 2001 subject to the condition that not less than 90% of the accounting income for the year as reduced by capital gains, whether realised or unrealised, is distributed amongst the unit holders as cash dividend. Furthermore, as per Regulation 63 of the Non-Banking Finance Companies and Notified Entities Regulations, 2008, the Fund is required to distribute not less than 90% of its accounting income for the year derived from sources other than capital gains as reduced by such expenses as are chargeable thereon to the unit holders. Since the Management Company intends to distribute the required minimum percentage of income earned by the Fund for the year ending June 30, 2026 to the unit holders in the manner as explained above, no provision for taxation has been made in these condensed interim financial statements during the period.

The Fund is also exempt from the provisions of section 113 (minimum tax) under clause 11A (i) of Part IV of the

Second Schedule to the Income Tax Ordinance, 2001.

1. TRANSACTIONS WITH RELATED PARTIES / CONNECTED PERSONS

   Related parties / connected persons include JS Investments Limited (JSIL) being the Management Company of the Fund, Digital Custodian Company Limited being the Trustee of the Fund, JS Bank Limited (JSBL) being the holding company of the Management Company - holding 84.56% shares of JS Investments Limited, Jahangir Siddiqui & Co. Limited (JSCL) being the holding company of JSBL - holding 71.20% shares of JS Bank Limited, BankIslami Pakistan Limited (BIPL) which is a fellow subsidiary of JSBL of which JSBL holds 75.12% shares, JS Global Capital Limited (JSGCL) which is a fellow subsidiary of JSBL of which JSBL holds 92.90% shares and other associated companies of JSBL, JSGCL, JSIL and its subsidiaries, key management personnel, directors and their close family members of the above entities and other Funds being managed by JSIL and includes entities holding 10% or more in the units of the Fund as at December 31, 2025. It also includes staff retirement benefit Funds of the above related parties / connected persons.

   NOTES TO AND FORMING PART OF THE CONDENSED INTERIM FINANCIAL STATEMENTS (UN-AUDITED)

   FOR THE HALF YEAR ENDED DECEMBER 31, 2025

   Transactions with connected persons are carried out in normal course of business at contracted rates and thus determined in accordance with the market terms.

   Remuneration of the Management Company and the Trustee is determined in accordance with the provisions of the NBFC Regulations and the Trust Deed.

   Transactions and balances with related parties other than disclosed elsewhere in these financial statements are

   December 31, 2025
   (Unaudited)
   JS Fixed Term Munafa Fund II Plan - 1		JS Fixed Term Munafa Fund II Plan - 2		JS Fixed Term Munafa Fund II Plan - 3		JS Fixed Term Munafa Fund II Plan - 4		JS Fixed Term Munafa Fund II Plan -5		JS Fixed Term Munafa Fund II Plan - 6

   June 30, 2025
   (Audited)
   JS Fixed Term Munafa Fund II Plan - 1		JS Fixed Term Munafa Fund II Plan -2

   as follows:

   1. Details of balances with related parties / connected persons as at period end

      --------------------------------------------------------------------------------- Rupees ----------------------------------------------------------------------------- ------------------------- Rupees ---------------------

      JS Investments Limited - Management Company Remuneration payable to the Management Company	932,252	496,817	622,736	2,632,470	2,403,349	1,179,713	2,724,233	4,980,327
      Sindh sales tax payable on remuneration of Management Company	139,837	74,523	93,409	394,868	360,502	176,957	408,634	747,051
      Preliminary expenses and floatation costs	319,796	545,729	-	220,025	220,025	220,025	319,796	545,729
      Payable against printing and stationery	22,247	62,080	27,300	15,295	6,514	21,334	35,000	35,000
      Other payable to the Management Company	-	2,956,104	22,722,931	-	-	-	-	-
      Digital Custodian Company Limited - Trustee Remuneration payable to the Trustee	69,920	10	198	197,435	180,251	88,478	89,955	159,354
      Sindh sales tax payable on remuneration of the Trustee	10,488	2	30	29,615	27,038	13,271	13,493	23,903
      JS Bank Limited (Parent Company of JSIL) Bank balances	36,101,441	3,577,884	17,814,862	68,202,421	40,655,029	83,143,598	148,058,145	55,324,102
      Profit receivable on bank balances	1,348,684	570,537	5,705,396	2,844,199	1,732,809	866,814	4,009,161	4,801,405
      Al-Abbas Sugar Mills Limited (Common Directorship of Ultimate Parent Company and Management Company) Amount held	-	-	-	-	1,416,675,377	-	-	408,017,695
      Units held (number of units)	-	-	-	-	14,023,712	-	-	3,987,273
      Unit holder holding 10% or more of units in issue Amount held	1,057,812,300	-	-	2,530,520,807	1,922,298,999	1,025,382,162	1,008,290,925	2,191,903,915
      Units held (number of units)*	9,924,123	-	-	24,537,194	19,028,895	10,051,781	9,924,123	21,419,954
      Key management personnel of the Management Company
      Amount held	-	-	-	20,684,887	-	-	-	-
      Units held (number of units)	-	-	-	200,571	-	-	-	-

      Half year ended December 31, 2025
      JS Fixed Term Munafa Fund II Plan - 1		JS Fixed Term Munafa Fund II Plan - 2		JS Fixed Term Munafa Fund II Plan -3		JS Fixed Term Munafa Fund II Plan - 4		JS Fixed Term Munafa Fund II Plan - 5		JS Fixed Term Munafa Fund II Plan -6
      For the period from July 1, 2025 to December 31, 2025		For the period from July 1, 2025 to November 05, 2025		For the period from August 15, 2025 to November 14, 2025		For the period from October 1, 2025 to December 31, 2025		For the period from November 24, 2025 to December 31, 2025		For the period from November 11, 2025 to December 31, 2025

      *This also includes issuance / redemptions of units Al-Abbas Sugar Mills Limited (Common Directorship of Ultimate Parent Company and Management Company) which has been separately disclosed.

   2. Details of transactions with related parties / connected persons during the period

      ------------------------------------------------------------ Rupees ------------------------------------------------------------

      JS Investments Limited - Management Company
      Remuneration of JS Investments Limited - Management Company	5,122,740	5,540,067	9,119,617	7,758,647	2,944,618	1,927,616
      Sindh sales tax on remuneration of the Management Company	768,411	831,012	1,367,942	1,163,795	441,692	289,142
      Amortisation of preliminary expenses and floatation costs	197,947	397,015	-	112,042	95,664	31,260
      Printing and stationery charges	13,237	70,607	27,300	15,295	6,514	21,334
      Other expenses	-	8,411,445	4,914,542	-	-	-
      Digital Custodian Company Limited - Trustee
      Remuneration of Digital Custodian Company Limited - Trustee	406,871	590,487	637,465	581,898	220,846	144,571
      Sindh sales tax on remuneration of the Trustee	61,031	88,573	95,619	87,285	33,127	21,685
      JS Bank Limited (Parent Company of JSIL)
      Profit on bank balances	3,385,085	2,199,834	11,871,581	2,052,638	3,695,998	1,399,369
      Al-Abbas Sugar Mills Limited (Common Directorship of Ultimate Parent Company and Management Company)
      Amount received against issuance of units	-	-	1,002,382,043	-	1,402,371,191	-
      Units issued (number of units)	-	-	10,023,820	-	14,023,712	-
      Amount paid against redemption of units	-	421,973,152	1,030,148,026	-	-	-
      Units redeemed (number of units)	-	3,987,273	10,023,820	-	-	-
      Unit holder holding 10% or more of units in issue
      Amount received against issuance of units* - - 1,514,910,761				2,465,144,420 1,902,889,526 1,005,178,082
      Units issued (number of units)* - - 15,149,108				24,651,444 19,028,895 10,051,781
      Amount paid against redemption of units* - 2,266,873,755 1,556,873,789				11,700,000 - -
      Units redeemed (number of units)* - 21,419,954 15,149,108				114,250 - -
      Key management personnel of the Management Company
      Amount received against issuance of units	-	-	-	20,057,100	-	-
      Units issued (number of units)	-	-	-	200,571	-	-

      * These amounts include units issued and redeemed by Al-Abbas Sugar Mills Limited (Common Directorship of Ultimate Parent Company and Management Company).

2. FAIR VALUE MEASUREMENT

   Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Consequently, differences can arise between carrying values and the fair value estimates.

   Underlying the definition of fair value is the presumption that the Fund is a going concern without any intention

   or requirement to curtail materially the scale of its operations or to undertake a transaction on adverse terms.

   Financial assets which are tradable in an open market are revalued at the market prices prevailing on the reporting date. The estimated fair value of all other financial assets and liabilities is considered not to be significantly different from the respective book values.

   1. Fair value hierarchy

      International Financial Reporting Standard 13, 'Fair Value Measurement' requires the Fund to classify assets using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The fair value hierarchy has the following levels:

      Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities;

      Level 2: inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and

      Level 3: inputs for the asset or liability that are not based on observable market data (i.e. unobservable inputs).

      As at December 31, 2025 and June 30, 2025, the Fund held the following financial instruments measured at fair

      values:

      December 31, 2025				December 31, 2025				December 31, 2025
      (Unaudited)				(Unaudited)				(Unaudited)
      Level 1	Level 2	Level 3	Total	Level 1	Level 2	Level 3	Total	Level 1	Level 2	Level 3	Total

      ASSETS

      --------------------------------------- Rupees ---------------------------------------

      --------------------------------------- Rupees ---------------------------------------

      --------------------------------------- Rupees ---------------------------------------

      JS Fixed Term Munafa Fund II Plan - 1

      JS Fixed Term Munafa Fund II Plan - 2

      JS Fixed Term Munafa Fund II Plan - 3

      Financial assets 'at fair value through profit or loss'

      - Market Treasury Bills - 957,798,500 - 957,798,500 - - - - - - - -

      - Pakistan Investment Bonds - 103,869,531 - 103,869,531 - - - - - - - -

      - 1,061,668,031 - 1,061,668,031 - - - - - - - -

      JS Fixed Term Munafa Fund II Plan - 4

      JS Fixed Term Munafa Fund II Plan - 5

      JS Fixed Term Munafa Fund II Plan - 6

      Financial assets 'at fair

      value through profit or loss'

      - Market Treasury Bills - - - - - 2,801,625,450 - 2,801,625,450 - - - -

      - Pakistan Investment Bonds - 2,965,473,294 - 2,965,473,294 - - - - - 1,264,322,813 - 1,264,322,813

      - 2,965,473,294 - 2,965,473,294 - 2,801,625,450 - 2,801,625,450 - 1,264,322,813 - 1,264,322,813

      June 30, 2025				June 30, 2025
      (Audited)				(Audited)
      Level 1	Level 2	Level 3	Total	Level 1	Level 2	Level 3	Total

      ASSETS

      --------------------------------------- Rupees ---------------------------------------

      --------------------------------------- Rupees ---------------------------------------

      Financial assets 'at fair

      value through profit or loss'

      JS Fixed Term Munafa Fund II Plan - 1 JS Fixed Term Munafa Fund II Plan - 2

      - Market Treasury Bills	- 908,579,500	- 908,579,500	-	727,656,900	-	727,656,900
      - Pakistan Investment Bonds	- -	- -	-	1,400,268,124	-	1,400,268,124
      	- 908,579,500	- 908,579,500	-	2,127,925,024	-	2,127,925,024

   2. During the half year ended December 31, 2025, there were no transfers between level 1 and level 2 fair value measurements, and no transfer into and out of level 3 fair value measurements.

   3. Valuation techniques used in determination of fair values are as follows: