KARACHI - Income Funds managed by UBL Fund Managers have recorded strong performance over the last quarter ending September 2008. UBL Fund Managers is currently managing assets of Rs. 27.9 billion (as of 30 September 2008).   The United Growth & Income Fund (UGIF) yielded 11.59% p.a. during the quarter ending 30 September '08. The fund's return improved throughout the period, with monthly yield during September standing at 13.06% p.a. The United Money Market Fund (UMF) gave a return of 11.55% p.a. during the 1QFY'09, whereas the monthly return during September '08 improved to 12.91% p.a. Similarly, the yield for United Islamic Income Fund (UIIF) also improved through out the period with 11.04% p.a. monthly yield during September '08. UIIF yield for the 1QFY'09 was 11.02% p.a. Unlike bank deposits, the return earned from investment in these funds is tax free under existing tax laws. Investors also have the flexibility to withdraw their investment at their convenience without any minimum holding period requirement or penalty. With returns of income funds expected to rise further in the near future, they seem to be an ideal investment avenue for individual investors who want to cope with inflation and maximize the return on their savings. Income funds invest in medium to long term income based instruments with no direct exposure to the stock market. Mir Muhammad Ali CFA, CEO UBL Fund Managers, commented on the current interest rate scenario saying that "given our efficient portfolio management, capital base, liquidity, and strong counterparty relationships, we are confident that we are well positioned to manage and benefit from the current period of higher interest rates, thus offering our clients greater value on their investment." The Mahana Munafa Savings Plan launched in July 2008 has given an average monthly profit of Rs. 1,008 on an investment of Rs. 100,000 for the last quarter. The 'Riba Free' Islamic Mahana Munafa Plan gave an average monthly profit of Rs. 881 on an investment of Rs. 100,000 to its investors during this period.