FROM THE CIO’s DESK:

Stock Market Undeterred by BREXIT! Pakistan’s Reclassification in MSCI’s Emerging Markets Index Leading Investors’
Sentiments
Dear Investor,
FY’16 turned out to be quite an eventful year for the stock market. The year initiated
with continued foreign investors’ selling which dragged the market down during the
first half but positive developments later like continued monetary easing by the SBP
(whereby the policy rate was slashed by 75bps cumulatively and brought down to
5.75%) and reclassification of Pakistan in MSCI’s emerging markets category (after
eight years) provided the much needed impetus to keep the investors’ confidence
intact and drive the market to new highs. Despite a total net sell of USD 282 million by
foreigners during FY’16, the KMI-30 appreciated by 15.53% while the KSE-100 closed
9.84% up thereby reflecting on the consistently improving macroeconomic
fundamentals of Pakistan as well as the potential inherent in the market which has kept
it resilient so far.
Pakistan: Star Performer among Global Equities
As evident in the table, Pakistan was among the best performing markets globally
during FY’16 which coupled with healthy participations by global investors in the
country’s international bond/sukuk issues, improving economy (falling inflation and
interest rates, strengthening forex reserves, lowered deficits, etc) and upcoming
investments scheduled under CPEC, highlight that the future case for Pakistan is very
strong.
In our notes issued on Pakistan’s inclusion in the MSCI’s emerging markets category
and post BREXIT, it had been stated that the stock market will continue gaining
momentum on the back of foreign inflows into Pakistan on account of country’s
reclassification as an emerging market. It had also been highlighted that BREXIT will not
have much of an impact on Pakistan and MSCI’s development will override the
perceived concerns over BREXIT. Both the above mentioned factors have been seen to
have played out whereby currently, the market has recuperated the ground it lost post
Britain’s referendum result announcement and is now at an all-time high.
Islamic Fixed Income: Monetary Easing and Lack of Investment Avenues Still a
Concern
While the SBP carried out three Ijarah sukuk auctions during FY’16 cumulatively amounting to Rs. 314 billion, it is important to
note that a total of six GoP Ijarah Sukuks amounting to Rs. 277 billion also matured during the year. While the shariah compliant
end of the money market has continued to grow at an impressive pace, the growth in Islamic investment avenues has not been
reasonable enough which in turn leads to lower yields as demand/supply factors end up playing a bigger role in the Islamic
Market. Interest rates are also expected to slide further as lower oil prices have kept inflation in check and provided the SBP
with ample cushion with reference to its real interest rate requirement. In the budget announcement for FY’17, the government
has not provided any borrowing requirement through local Ijarah sukuk issuance which coupled with SBP’s continued monetary
easing stance, is expected to keep the fixed income returns on the lower side.
Outlook
The reclassification of Pakistan in the MSCI Emerging Markets category will work as a catalyst driving the market’s performance
during the new fiscal year. While some political concerns may stay in the near term, it is pertinent to note that continued
monetary softening, low international oil prices, Pakistan’s stock market being attractive among peers on the basis of P/E
multiple, strong corporate profitability expected to continue, improving macroeconomic fundamentals and ongoing
development under the China Pakistan Economic Corridor are expected to keep the equities strong and performing in the long
run. Commodities, especially precious metals like Gold are expected to continue rising as the volatility in the Global Economic
landscape is expected to keep the demand for Gold intact.
While a summary of the returns of our equity mutual funds can be observed in the table,
investors with relevant risk profiles and investment horizons are advised to go through our
detailed Fund Manager Report hereunder for a detailed performance review of our
mutual funds. Investment in Meezan Gold Fund and recently launched Meezan Asset
Allocation Fund are strongly advised.

Ground Floor Block “B”, Finance and Trade Center, Shahrah-e-Faisal Karachi.
UAN: 111-633-926 (111-Meezan) Call Center: 0800-42525, Web Site: www.almeezangroup.com
 June, 2016

Fund Managers’ Report

AL Meezan
0
Investment Management Limited
Al Meezan Investments, the company in operation since 1995, has one of the longest track record of managing mutual funds in the private sector
in Pakistan. Al Meezan Investments manages twelve mutual funds; namely Al Meezan Mutual Fund, Meezan Balanced Fund, Meezan Islamic
Fund, Meezan Islamic Income Fund, Meezan Tahaffuz Pension Fund, Meezan Cash Fund, Meezan Sovereign Fund, Meezan Capital Preservation
Fund II, Meezan Financial Planning Fund of Funds, KSE Meezan Index Fund, Meezan Gold Fund and Meezan Asset Allocation Fund.
The total funds under management of Al Meezan, the only full-fledged Shariah compliant asset management company in Pakistan, have reached
Rs. 77.77 billion as on June 30, 2016. With an AM2++ credit rating denoting high management quality, the company clearly stays well ahead of all
its competitors in the Islamic asset management market in Pakistan.

Stock Market Review Money Market Review

During the month of June 2016, the KSE-100 index appreciated by The money market faced relatively tight liquidity scenario evidenced
4.78% to close at 37,783 points. Banks, Power and Cements were by Rs. 6.9 trillion worth of OMO injections carried out by the SBP
positive contributors whereas Oil stocks were negative coupled with Rs. 18 billion worth of discounting availed by various
contributors. The average daily volume of the market was 172 mn counters during this month. However, the floor placements during
shares, down by 36% on a MoM basis. The market’s performance the month were of Rs. 270 bn. The 3MK closed 6 bps down at 6.05%
was largely driven by Pakistan’s reclassification into Emerging and 6MK closed 8 bps down at 6.06%. The T-bill and PIB yields also
markets as announced by MSCI. took downward adjustments in the range of 3-8 bps and 32-43 bps
Foreigners reported a net buy of USD 74 mn in June. Individuals respectively.
were net buyers of USD 82mn, Companies were net sellers of USD Inflation for the month of June, 2016 clocked in at 3.19% as
168mn whereas Banks sold stocks worth USD 23mn. Foreign buying compared to 3.17% in May 2016 and 3.16% in June 2015. The
was witnessed in the Fertilizer, Oil, Cement and Banking sectors in average inflation for FY 16 now stands at 2.86% as against to 4.56% in
stocks which were included in the MSCI Emerging markets Index. FY 15.
Along with budget announcement, another major event during the Moreover, two T-bill auctions were conducted during this period
month was Britain’s vote to exit the European Union, which sent whereby in total Rs. 331 billion was accepted against the
equity and commodity markets tumbling. Although major equity participation of Rs. 798 billion with major participation and
Indexes across the globe have recovered since, Oil was 2.4% down acceptance in 6 months category. A PIB auction was also conducted
at month end. whereby Rs. 43 billion was accepted against the participation of Rs.
MSCI’s decision to reclassify Pakistan into emerging markets is 220 billion with major participation and acceptance in 3 years
positive for the equity market in the longer term as it will attract category.
foreign flows and put Pakistan to the larger radar. However, On the forex front, the rupee in interbank market closed Rs. 0.03
concerns over global growth after Brexit and the tense political stronger at Rs. 104.86/$ while in the open market, it closed Rs. 0.15
situation in Pakistan remain potential risks to equities. stronger at Rs. 105.10/$ during the month.

KSE-100 Index Performance 6 Month KIBOR

Vol (mn) (LHS) Index (RHS)

6.80
400 39,200

6.60
38,400
300
6.40
37,600
200
6.20
36,800

100 6.00
36,000

0 35,200 5.80
1-Jun

6-Jun

9-Jun

14-Jun

17-Jun

22-Jun

27-Jun

30-Jun
1-Jun

6-Jun

9-Jun

14-Jun

17-Jun

22-Jun

27-Jun

30-Jun

Disclaimer
This publication is for informational purpose only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in
mutual funds are subject to market risk. The NAV based prices of units and any dividends/returns thereon are dependent on force and factors affecting the capital markets. These
may go up or down based on market conditions. Past performance is not necessarily indicative of future results.
(This report has been prepared in line with MUFAP’s recommended Format)
 MEEZAN ISLAMIC FUND (MIF) June, 2016

EQUITY
AMC RATING AM2++ (STABLE OUTLOOK)

Fund Review:
Net assets of Meezan Islamic Fund stood at Rs. 32.55 billion as on June 30, 2016. The fund’s NAV increased by 4.3% during the month of June
as compared to 4.6% increased in benchmark index (KMI-30) while KSE-100 Index during the same period increased by 4.8%. As on June 30,
the fund was 90% invested in equities.

Investment Objective: Performance - Cumulative Returns:

To maximize total investor returns by investing in
1M 3M 6M FYTD 1Yr 3Yr 5Yr PSD* CAGR*
Shariah Compliant equities focusing on both capital
gains and dividend income. MIF 4% 12% 15% 17% 17% 84% 232% 1134% 21%
Funds
Fund Details
Details: Benchmark# 5% 14% 19% 16% 16% 80% 216% 787% 18%

Fund Type: Open End * Performance start date of August 08, 2003, CAGR since inception
Risk Level High # KMI-30 replaced DJIIMPK as the Fund’s benchmark from July 01, 2009, while KSE-100 index
remained as the benchmark till June 30, 2006
Launch Date 8th Aug 2003
Trustee CDC
Auditors
KPMG Taseer Hadi Annual Returns:
& Co.
Registrar Meezan Bank Ltd.
FY16 FY15 FY14 FY13 FY12 FY11 FY10 FY09
Unit Types A, B and C
Management Fee 2% MIF 17% 22% 29% 51% 19% 39% 31% -30%
Front End Load 2%
Fund Category Equity Benchmark 16% 20% 30% 54% 14% 44% 37% -35%
Back End Load Nil
Benchmark KMI-30 Fund’s Performance:
Leverage Nil
Listing KSE
AMC Rating AM2++ 1,400
Rating Agency JCRVIS MIF Benchmark
1,200
Pricing Mechanism Forward
Valuation Days Mon-Fri
1,000
Subscription/ Redemption Days Mon-Fri 9am – 4pm
Fund Manager Muhammad Asad
800
Members of M. Shoaib, CFA
Investment Committee 600
Muhammad Asad
Ali Khan, CFA
400
Ahmed Hassan, CFA
Asif Imtiaz, CFA 200
Zain Malik
Asmar Hamoodi -
Imad Ansari

Jan-15
Jan-05

Sep-10
Jun-06

Jun-16
Apr-09
Aug-03

Aug-13
Nov-07

Feb-12

Fund Net Assets:

May '16 Jun '16 MoM %
Net Assets (Rs mn) 29,980 32,554 8.6% Top Ten Equity Holdings:(% of Total Assets):
NAV Per Unit (Rs) 66.29 66.21 4.3%
Packages Ltd. 9% Mari Petroleum Ltd. 5%
Asset Allocation: The Hub Power Co. Ltd. 8% Engro Fertilizer Ltd. 4%
Engro Corporation 8% Honda Atlas Cars 3%
May '16 Jun '16 Lucky Cement Ltd. 7% Fauji Cement Co. Ltd. 3%
Equity (%) 93.62 90.25 Pakistan State Oil Co. Ltd. 6% The Searle Co. Ltd. 3%
Cash (%) 6.22 9.57
Other receivables (%) 0.17 0.18 Sector Allocation:
Expense Ratio 2.87% 3.14% Cement
22% 11%
P/E 9.2 9.8
Power Generation & Distribution
9%
Risk Measures – Jun ‘16: Oil & Gas Exploration Companies

KSE-100 KMI-30 Fertilizer

MIF Index Index 13% Paper & Board
Standard Deviation (%) 15.51 13.49 15.69
36% 9% Others
Sharpe Ratio 0.83 0.28 0.58

WWF Disclosure: The Board of Directors of the management company in its meeting held on October 25, 2013 have resolved that unrecorded accumulated WWF provision in the fund
from the date of its application till December 31, 2012, in case is required to be paid, shall be borne by Al Meezan Investment Management Limited (Management Company of the fund).
adf
Thus, the Fund is no longer liable to pay any expense under WWF until December 31, 2012.
The Fund has maintained provisions against Workers’ Welfare Fund liability of Rs. 184.61 million till June 30, 2015, if the same was not made the NAV per unit/return of the fund would have
been higher by Rs. 0.38/0.57%. Effective from July 1, 2015 no provision is being made as mutual funds have been excluded from levy of WWF vide Finance Act 2015.

Disclaimer This publication is for informational purpose only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds are subject to market
risk. The NAV based prices of units and any dividends/returns thereon are dependent on force and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not
necessarily indicative of future results. (This report has been prepared in line with MUFAP’s recommended Format)
 AL MEEZAN MUTUAL FUND (AMMF) June, 2016

EQUITY
AMC RATING AM2++ (STABLE OUTLOOK)

Fund Review:
The net assets of Al Meezan Mutual Fund (AMMF) as at June 30, 2016 stood at Rs. 5.42 billion. The fund’s NAV increased by 4.0% during the
month of June as compared to 4.6% increased in benchmark index (KMI-30) while KSE-100 Index during the same period increased by 4.8%.
As on June 30, the fund was 94% invested in equities.

Investment Objective: Performance - Cumulative Returns:

The objective of Al Meezan Mutual Fund is to optimize
1M 3M 6M FYTD 1Yr 3Yr 5Yr PSD* CAGR*
the total investment returns, both capital gains and
dividend income, through prudent investment AMMF 4% 12% 15% 16% 16% 83% 228% 2,547% 17%
management. Benchmark# 5% 14% 19% 16% 16% 80% 216% 2,203% 16%

Fund Details: * Performance start date of July 13, 1995, CAGR since inception
Funds Details # KMI-30 replaced DJIIMPK as the Fund’s benchmark from July 01, 2009, while KSE-100 index
remained as the benchmark till June 30, 2006.
Fund Type: Open End
Risk Level High
Launch Date 13th Jul 1995 Annual Returns:
Trustee CDC
KPMG Taseer Hadi
Auditors FY16 FY15 FY14 FY13 FY12 FY11 FY10 FY09
& Co.
Registrar Meezan Bank Ltd. AMMF 16% 22% 30% 51% 19% 38% 31% -32%
Unit Types A, B,C and D
Management Fee 2% Benchmark 16% 20% 30% 54% 14% 44% 37% -35%
Front End Load 2%
Fund Category Equity
Back End Load Contingent Load Investment Growth from FY 1996 - to Date
Benchmark KMI-30
Leverage Nil 3,000,000
Listing ISE 2,646,806
AMC Rating AM2++
2,500,000
Rating Agency JCRVIS
Pricing Mechanism Forward
Valuation Days Mon-Fri 2,000,000
Subscription/ Redemption Days Mon-Fri 9am – 4pm
Fund Manager Ahmed Hassan, CFA 1,500,000
1,172,192
Members of M. Shoaib, CFA 968,549
Investment Committee 1,000,000
Muhammad Asad Conversion from
Ali Khan, CFA close end fund to
500,000 open end fund
Ahmed Hassan, CFA 100,000
Asif Imtiaz, CFA 487,122
122,800
Zain Malik -

Jan 16
Dec 11

Jul 12

Jun 15
Sep 13
June 03

June 10
July 95

Apr 14

Nov 14
Feb 13

Asmar Hamoodi

Jun 16
Imad Ansari

Fund Net Assets:

Top Ten Equity Holdings:(% of Total Assets):
May '16 Jun '16 MoM %
Net Assets (Rs mn) 5,213 5,418 3.9% The Hub Power Co. Ltd. 9% Mari Petroleum Ltd. 5%
NAV Per Unit (Rs) 18.08 17.99 4.0% Engro Corporation 9% Engro Fertilizer Ltd. 5%
Lucky Cement Ltd. 8% Fauji Cement Co. Ltd. 3%
Asset Allocation: Packages Ltd. 7% Cherat Cement Co. Ltd. 3%
May '16 Jun '16 Pakistan State Oil Co. Ltd. 5% K-Electric Ltd. 3%
Equity (%) 93.26 93.86
Cash (%) 6.19 4.88
Sector Allocation:
Other receivables (%) 0.55 1.27 Cement
23% 13%
Expense Ratio 2.91% 3.20%
Power Generation & Distribution
P/E 9.2 9.8 11%
Oil & Gas Exploration Companies
*Management fee is included in the expense ratio
Risk Measures – Jun ‘16: Fertilizer

KSE-100 KMI-30 Paper & Board

AMMF Index Index 30% 15%
Standard Deviation (%) 14.88 13.49 15.69 Others
8%
Sharpe Ratio 0.62 0.28 0.58

WWF Disclosure The Board of Directors of the management company in its meeting held on October 25, 2013 have resolved that unrecorded accumulated WWF provision in the fund
from the date of its application till December 31, 2012, in case is required to be paid, shall be borne by Al Meezan Investment Management Limited (Management Company of the fund). Thus,
the Fund is no longer liable to pay any expense under WWF until December 31, 2012.

The Fund has maintained provisions against Workers’ Welfare Fund liability of Rs. 34.83 million till June 30, 2015, if the same was not made the NAV per unit/return of the fund would have
been higher by Rs. 0.12/0.64%. Effective from July 1, 2015 no provision is being made as mutual funds have been excluded from levy of WWF vide Finance Act 2015.

Disclaimer This publication is for informational purpose only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds are subject to market
risk. The NAV based prices of units and any dividends/returns thereon are dependent on force and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not
necessarily indicative of future results. (This report has been prepared in line with MUFAP’s recommended Format)
 MEEZAN ISLAMIC INCOME FUND (MIIF) June, 2016

INCOME
AMC RATING AM2++ (STABLE OUTLOOK)

Fund Review
Net assets of Meezan Islamic Income Fund (MIIF) stood at Rs. 9.1 billion as on June 30, 2016. MIIF has provided an annualized return of 2.96%
for the month of June as compared to its benchmark which has provided an annualized return of 3.12% during the same period.

Investment Objective: Performance - Annualized Returns:

To provide investors with a high and stable rate of
current income consistent with long term preservation 1M 3M 6M FYTD 1Yr 3Yr 5Yr PSD*
of capital in a Shar iah compliant way. A secondary MIIF 2.96% 3.53% 4.33% 5.76% 5.76% 9.32% 11.57% 14.58%
objective is to take advantage of opportunities to
Benchmark 3.12% 3.12% 3.21% 3.49% 3.49% 4.64% 5.10% 5.45%
realize capital appreciation.
* Performance start date of Jan 15, 2007
Fund Details:
FundFunds
Type: Details Open End
Annual Returns:
Risk Level Minimal
Launch Date 15-Jan-07 FY16 FY15 FY14 FY13 FY12 FY11 FY10 FY09
Trustee CDC
MIIF 5.76% 8.15% 11.90% 14.45% 7.79% 11.77% 7.31% 10.14%
KPMG Taseer Hadi
Auditors
& Co. Benchmark 3.49% 5.04% 5.38% 5.54% 6.02% 5.88% 5.80% 6.12%
Registrar Meezan Bank Ltd.
Unit Types A, B and C
Management Fee 1.5% Monthly Performance:
Front End Load 0.5%
25%
Fund Category Income
Leverage Nil
Listing KSE 20%
AMC Rating AM2++
Rating Agency JCRVIS 15% MIIF Benchmark
Fund Stability Rating A- (f)
Pricing Mechanism Forward
Weighted average time to 10%
1.60 Years
maturity
Back End Load Contingent load for 5%
Type C investors
Benchmark Average bank deposit
0%
rate of three Islamic
Dec-15

Jan-16
Sep-15

Oct-15

Jun-16
Apr-16
Aug-15

Nov-15
Jul-15

Feb-16

May-16
Mar-16
banks
Valuation Days Mon-Fri
Subscription/ Redemption Days Mon-Fri 9am – 4pm
Fund Manager Zain Malik Top Portfolio Holdings:(% of Total Assets):
Members of M. Shoaib, CFA GoP Ijarah Sukuks XVII 13% K-Electric Limited-II 2%
Investment Committee Muhammad Asad K-Electric Limited-III 12% Lalpir (Commercial Paper) 2%
Ali Khan, CFA Engro Fertilizer Limited - II 8% GoP Ijarah Sukuks XVI 0.4%
Ahmed Hassan, CFA Engro Fertilizer Limited - I 4%
Asif Imtiaz, CFA
Hascol Sukuk 3%
Zain Malik
Asmar Hamoodi
Imad Ansari
Asset Allocation:
May ’16 Jun ’16
Fund Net Assets: Sukuks 30% 29%
Government backed / Guaranteed Securities 13% 13%
May '16 Jun '16 MoM %
Commercial Paper 2% 2%
Net Assets (Rs mn) 9,392 9,051 -3.62%
Placements with Banks and DFIs 20% 19%
NAV Per Unit (Rs) 53.65 51.28 0.24%
Cash 34% 35%
Credit Quality of Portfolio: Others Including receivables 1% 2%
AAA 17.2%
AA+ 0.1%
Details of Non Performing Investments:
AA 23.8%
AA- 15.4%
A+ 30.8%
A 8.6%
A- 3.2%

60%
Credit Quality
WWF Disclosure: The Board of Directors of the management company in its meeting held on October 25, 2013 have
31% resolved that unrecorded accumulated WWF provision in the fund from the date of its application till December 31, 2012, in
30% 24%
17% case is required to be paid, shall be borne by Al Meezan Investment Management Limited (Management Company of the
15%
9% fund). Thus, the Fund is no longer liable to pay any expense under WWF until December 31, 2012.
3%
0.1% The Fund has maintained provisions against Workers’ Welfare Fund liability of Rs. 45.46 million till June 30, 2015, if the same
0%
was not made the NAV per unit/return of the fund would have been higher by Rs. 0.26/0.50%. Effective from July 1, 2015 no
AA-
AAA

A
A+

A-
AA
AA+

provision is being made as mutual funds have been excluded from levy of WWF vide Finance Act 2015.

Disclaimer This publication is for informational purpose only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds are subject to market
risk. The NAV based prices of units and any dividends/returns thereon are dependent on force and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not
necessarily indicative of future results. (This report has been prepared in line with MUFAP’s recommended Format)
 MONEY MARKET
MEEZAN CASH FUND (MCF) June, 2016

AMC RATING AM2++ (STABLE OUTLOOK)

Fund Review
Net assets of Meezan Cash Fund (MCF) stood at Rs. 3.4 billion as on June 30, 2016. MCF has provided an annualized return of 4.98% for the
month of June as compared to its benchmark which has provided an annualized return of 4.36% during the same period.

Investment Objective: Performance – Annualized Returns:

To seek maximum possible preservation of capital and
a reasonable rate of return via investing primarily in 1M 3M 6M FYTD 1Yr 3Yr 5Yr PSD*
liquid Shariah compliant money market and debt MCF 4.98% 4.60% 4.44% 4.59% 4.59% 6.77% 8.98% 11.03%
securities.
Benchmark 4.36% 4.35% 4.29% 4.49% 4.49% 5.76% 6.48% 6.88%
Fund Details: * Performance start date of June 15, 2009
FundFunds
Type: Details Open End
Risk Level Minimal Annual Returns:
Launch Date 15-Jun-09
Trustee CDC
FY16 FY15 FY14 FY13 FY12 FY11 FY10 FY09
KPMG Taseer Hadi
Auditors MCF 4.59% 7.46% 7.08% 8.78% 10.71% 11.02% 10.09% 8.03%≠
& Co.
Registrar Meezan Bank Ltd. Benchmark 4.49% 6.24% 6.55% 6.91% 8.13% 8.24% 7.50% 7.60%
Unit Types A, B and C ≠15 days of operations
Management Fee 1%
Front End Load Nil Monthly Performance:
Back End Load* 0.1% if redemption
within 3 days 6%
Fund Category Money Market MCF Benchmark

Leverage Nil
Listing ISE
AMC Rating AM2++ 4%

Rating Agency JCRVIS

Fund Stability Rating AA (f)
Pricing Mechanism Forward
2%
Weighted average time to
23.84 Days
maturity
Benchmark Average return on
6-month Islamic
0%
bank deposits
Dec-15

Jan-16
Sep-15

Oct-15

Jun-16
Apr-16
Aug-15

Nov-15
Jul-15

Feb-16

May-16
Mar-16
Valuation Days Mon-Fri
Subscription/ Redemption Days Mon-Fri 9am – 4pm
Fund Manager Zain Malik
Portfolio: Salient Features
Members of M. Shoaib, CFA
Investment Committee Muhammad Asad Maximum Preservation of Principal Investment
Ali Khan, CFA High Liquidity (Redemption within two working days)
Ahmed Hassan, CFA Key Benefits
*No Sales Load (No Entry or Exit charges)
Asif Imtiaz, CFA
Zain Malik Tax Credit as per tax laws
Asmar Hamoodi Investments in High Grade & Liquid avenues:
Imad Ansari
Instrument/Issuer Rating : Minimum ‘AA’
Investment Policy and
Fund Net Assets: Strategy Maximum Maturity of Instruments : Six Months
May '16 June'16 MoM % Average Time to Maturity of Portfolio : Three
Net Assets (Rs mn) 3,175 3,432 8.14% Months
NAV Per Unit (Rs) 52.18 50.14 0.40% Benchmark Average return on 6-month Islamic bank deposits

Asset Allocation:
Rating Exposure: 79%
AAA 42.65% Placements with Banks and DFIs
AA+ 0.08%
Cash
AA 56.19%
Commercial Paper

Other Including receivables

Portfolio Composition: 12%
7%
May ’16 Jun ’16 2%

Placements with Banks and DFIs 12% 12% WWF Disclosure: The Board of Directors of the management company in its meeting held on October 25, 2013 have
resolved that unrecorded accumulated WWF provision in the fund from the date of its application till December 31, 2012, in
Cash 77% 79% case is required to be paid, shall be borne by Al Meezan Investment Management Limited (Management Company of the fund).
Commercial Paper 9% 7% Thus, the Fund is no longer liable to pay any expense under WWF until December 31, 2012.

Other Including receivables 2% 2% The Fund has maintained provisions against Workers’ Welfare Fund liability of Rs. 58.58 million till June 30, 2015, if the same
was not made the NAV per unit/return of the fund would have been higher by Rs. 0.86/1.71%. Effective from July 1, 2015 no
provision is being made as mutual funds have been excluded from levy of WWF vide Finance Act 2015.

Disclaimer This publication is for informational purpose only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds are subject to market
risk. The NAV based prices of units and any dividends/returns thereon are dependent on force and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not
necessarily indicative of future results. (This report has been prepared in line with MUFAP’s recommended Format)
 MEEZAN SOVEREIGN FUND (MSF) June, 2016

INCOME
AMC RATING AM2++ (STABLE OUTLOOK)

Fund Review
Net assets of Meezan Sovereign Fund (MSF) stood at Rs. 7.94 billion as on June 30, 2016. For the month of June, the fund has provided an
annualized return of 2.78% as compared to its benchmark which has provided an annualized return of 4.36% during the same period.

Investment Objective: Performance - Annualized Returns:

To seek maximum possible preservation of capital and
a reasonable rate of return 1M 3M 6M FYTD 1Yr 3Yr 5Yr PSD*
Fund Details: MSF 2.78% 4.83% 4.14% 5.12% 5.12% 7.27% 9.55% 11.07%
Benchmark 4.36% 4.35% 4.29% 4.49% 4.49% 5.76% 6.48% 6.81%
Fund Type: Open End * Performance start date of Feb 10, 2010,
Risk Funds
Level Details Minimal
Launch Date 10-Feb-10 Annual Returns:
Trustee CDC
KPMG Taseer Hadi FY16 FY15 FY14 FY13 FY12 FY11 FY10 FY09
Auditors
& Co.
MSF 5.12% 6.81% 8.50% 9.11% 11.19% 11.45% 9.76%* -
Registrar Meezan Bank Ltd.
Unit Types A, B, C and D Benchmark 4.49% 6.24% 6.55% 6.91% 8.13% 8.24% 7.50% -
Management Fee 1% * 140 days of operations
Front End Load 0.5%
Back End Load Nil Monthly Performance:
Fund Category Income
Leverage Nil 16%
Listing ISE 14% MSF Benchmark
AMC Rating AM2++
Rating Agency JCRVIS 12%
Fund Stability Rating AA (f)
10%
Pricing Mechanism Forward
Weighted average time to 8%
1.96 years
maturity
6%
Benchmark Average return on
6-month Islamic 4%
bank deposits
2%
Valuation Days Mon-Fri
Subscription/ Redemption Days Mon-Fri 9am – 4pm 0%
Fund Manager Zain Malik
Nov-15
Jul-15

Feb-16

May-16
Mar-16
Dec-15

Jan-16
Oct-15
Sep-15

Jun-16
Apr-16
Aug-15

Members of M. Shoaib, CFA

Investment Committee Muhammad Asad
Ali Khan, CFA Portfolio: Salient Features
Ahmed Hassan, CFA Maximum Preservation of Principal Investment
Asif Imtiaz, CFA
Primary Investments in securities issued by
Zain Malik
Government of Pakistan
Asmar Hamoodi
Imad Ansari Key Benefits Very Low Risk
Liquidity (Redemption on average in 2-3 working
Fund Net Assets: days)
May '16 Jun '16 MoM %
Tax Credit as per tax laws
Net Assets (Rs mn) 9,533 7,945 -16.66%
NAV Per Unit (Rs) 52.93 50.80 0.23% Investments in High Grade & Liquid avenues:
Minimum 70% Investment in Government backed /
Asset Rating: Investment Policy and issued securities (rated ‘AAA’)
Strategy Placements in top rated banks and financial
AAA 72.4% institutions
AA+ 0.1%
Weighted Average Time to Maturity of Portfolio : Not
AA 10.2%
more than 4 years
A+ 16.5%
Benchmark Average return on 6-month Islamic bank deposits
Asset Allocation:
May ’16 Jun’16 Asset Allocation:
Government Guaranteed 84% 58%
Cash 14% 41% 58%
41%
Other Including receivables 2% 1%
Government Guaranteed

WWF Disclosure: The Board of Directors of the management company in its

meeting held on October 25, 2013 have resolved that unrecorded accumulated WWF Cash
provision in the fund from the date of its application till December 31, 2012, in case is
required to be paid, shall be borne by Al Meezan Investment Management Limited
(Management Company of the fund). Thus, the Fund is no longer liable to pay any expense
under WWF until December 31, 2012. Other Including receivables
The Fund has maintained provisions against Workers’ Welfare Fund liability of Rs. 133.89 1%
million till June 30, 2015, if the same was not made the NAV per unit/return of the fund
would have been higher by Rs. 0.86/1.69%. Effective from July 1, 2015 no provision is being
made as mutual funds have been excluded from levy of WWF vide Finance Act 2015.

Disclaimer This publication is for informational purpose only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds are subject to market
risk. The NAV based prices of units and any dividends/returns thereon are dependent on force and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not
necessarily indicative of future results. (This report has been prepared in line with MUFAP’s recommended Format)
 MEEZAN TAHAFFUZ PENSION FUND (MTPF) June, 2016

PENSION
AMC RATING AM2++ (STABLE OUTLOOK)

Fund Review:
As at June 30, 2016, total size of net assets of Meezan Tahaffuz Pension Fund (MTPF) stood at Rs. 6,549 million. For the month of June, the NAV
of equity sub fund increased by 3.93% while the NAV of debt and money Market sub funds provided an annualized return of 3.68% and 2.89%
respectively.

Investment Objective: MTPF - Allocation Schemes

To provide participants a regular Halal income stream
after retirement/disability when they can no longer 1M 3M 6M YTD 1Yr 3Yr 5Yr PSD* CAGR*
earn regular income to support their living so that they High Volatility 3% 9% 10% 15% 15% 82% 215% 334% 18%
are not dependent on other members of the society. Med. Volatility 2% 6% 7% 11% 11% 59% 150% 248% 15%
Low Volatility 1% 3% 5% 8% 8% 39% 96% 176% 12%
Fund Details: Lower Volatility 0.3% 1% 2% 4% 4% 19% 42% 104% 8%
Fund Type: Open End * Performance start date of June 28, 2007. CAGR since inception
RiskFunds
Level Details Minimal
Launch Date 28-Jun-07 Allocation Scheme Equity Debt Money Market
Trustee CDC
Auditors KPMG Taseer Hadi High Volatility 80% 20% 0%
& Co. Medium Volatility 50% 40% 10%
Registrar Meezan Bank Ltd.
Low Volatility 25% 60% 15%
Fund Category Pension
Management Fee 1.5% Lower Volatility 0% 50% 50%
Front End Load 3%
Leverage Nil Annual Returns:
AMC Rating AM2++ FY16 FY15 FY14 FY13 FY12 FY11 FY10 FY09
Rating Agency JCRVIS -
Pricing Mechanism Forward MTPF- Equity 18.1% 26.6% 32.4% 54.9% 16.8% 36.0% 31.5% 25.8%
Valuation Days Mon-Fri
MTPF- Debt 4.5% 6.4% 7.7% 8.3% 9.5% 10.9% 8.5% 10.2%
Subscription/ Redemption Days Mon-Fri 9am – 4pm
Fund Manager Asmar Hamoodi MTPF- MMkt 4.0% 6.9% 6.9% 7.8% 10.9% 10.7% 8.5% 11.1%

Members of M. Shoaib, CFA

Investment Committee
(MTPF – Equity): Sector Allocation & Top Holdings (Jun’16)
Muhammad Asad
Ali Khan, CFA Cement 25% Engro Corporation 8%
Ahmed Hassan, CFA Packages Ltd. 7%
Asif Imtiaz, CFA Fertilizer 14%
Lucky Cement Ltd. 7%
Zain Malik Oil & Gas Exploration Companies 11%
Asmar Hamoodi The Hub Power Co. Ltd. 5%
Imad Ansari Power Generation & Distribution 10% Pakistan State Oil Co. Ltd. 5%
Engro Fertilizer Ltd. 5%
Paper & Board 8%
Mari Petroleum Ltd. 4%
Fund Net Assets: Other Sectors 27% Fauji Cement Co. Ltd 4%
Cash & Others including receivable 5% DG Khan Cement Co. Ltd. 4%
Rs (Mn) May '16 Jun '16 MoM %
Pioneer Cement Co. Ltd. 3%
MTPF- Equity 3,816 4,099 7.4%
MTPF- Debt 1,799 1,997 11.0%
MTPF Debt Sub Fund:
MTPF- MMkt 425 453 6.7%
30.9%
Total Fund 6,040 6,549 8.4%
4.0%
NAV per unit: GoP Guaranteed Securities
Rs May '15 Jun '16 MoM % Sukuk
MTPF- Equity 473.4 492.0 3.93% Placement
MTPF- Debt 203.9 204.5 0.30% 11.8%
Cash & Other Including receivables
MTPF- MMkt 202.8 203.2 0.24%
53.3%
Sukuk Holdings – MTPF (MMKT Fund)
GoP Ijarah Sukuks XVI 22.48% MTPF Money Market Sub Fund:
68.0%
GoP Ijarah Sukuks XVII 5.01%
Engro Fertilizer 4.50%

Sukuk
GoP Guaranteed Securities
Cash & Other Including receivables
4.5%
27.5%

WWF Disclosure: The Board of Directors of the management company in its meeting held on October 25, 2013 have resolved that unrecorded accumulated WWF provision in the fund from the
date of its application till December 31, 2012, in case is required to be paid, shall be borne by Al Meezan Investment Management Limited (Management Company of the fund). Thus, the Fund is no
longer liable to pay any expense under WWF until December 31, 2012.

Effective from January 1, 2013, the Fund has maintained provisions against Workers’ Welfare Fund liability to the tune of Rs. 36.40mn (Equity), Rs. 5.62mn (Debt) and Rs. 1.42mn (MMKT), if the
same were not made the NAV per unit/return of the fund would be higher by Rs. 4.37/0.89% (Eq.), Rs. 0.58/0.28% (Dt.) and Rs. 0.64/0.31 (MM.). For further details, investors are advised to read
financial statements of the fund.

Disclaimer This publication is for informational purpose only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds are subject to market
risk. The NAV based prices of units and any dividends/returns thereon are dependent on force and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not
necessarily indicative of future results. (This report has been prepared in line with MUFAP’s recommended Format)
 KSE-MEEZAN INDEX FUND (KMIF)

INDEX TRACKER
June, 2016

AMC RATING AM2++ (STABLE OUTLOOK)

Fund Review:

As at June 30, 2016, the net assets of KSE-Meezan Index Fund (KMIF) stood at Rs. 882 million. For the month of June, KMIF provided a return
of 4.57%.

Investment Objective: Performance - Cumulative Returns:

KSE Meezan Index Fund (KMIF) is a Shariah Compliant
1M 3M 6M FYTD 1Yr 3Yr 5Yr PSD* CAGR
Index Fund that aims to provide investors an
KMIF 4.6% 13.3% 18.1% 13.3% 13.3% 67.8% - 145.2% 24.4%
opportunity to track closely the performance of the 4.6% 13.6% 19.0% 15.5% 15.5% 80.2% - 173.1%
Benchmark 27.7%
KSE-Meezan Index 30 (KMI 30) by investing in
* Performance start date of May 23, 2012.
companies of the Index in proportion to their
Annual Returns:
weightages.

Fund Details: FY16 FY15 FY14 FY13 FY12 FY11 FY10 FY09
Fund Type: Open End -
KMIF 13.3% 17.1% 26.5% 49.6% - - -
Risk Level High 2.4%*
Launch Date 23-May-12 Benchmark 15.5% 20.1% 29.9% 54.4% -1.9% - - -
Trustee CDC
KPMG Taseer Hadi * 38 days of operations.
Auditors
& Co.
Registrar Meezan Bank Ltd.
Unit Types A and B
Fund’s Performance:
Management Fee 1%
290
Front End Load 2%
Fund Category Index Tracker Scheme 270 KMIF Benchmark
Back End Load Nil 250
Leverage Nil 230
Listing ISE
210
AMC Rating AM2++
Rating Agency JCRVIS 190
Pricing Mechanism Forward 170
Benchmark KMI-30 Index 150
Valuation Days Mon-Fri
130
Subscription/ Redemption Days Mon-Fri 9am – 1pm
Fund Manager Asmar Hamoodi 110
90
Members of M. Shoaib, CFA
Dec-12

Dec-15
Jan-15
Sep-12

Oct-14

Oct-15
Jun-12

Jun-16
Apr-15
Aug-13

Nov-13

Jul-14

Jul-15
Feb-14
May-13

May-14
Mar-13

Mar-16
Investment Committee Muhammad Asad
Ali Khan, CFA
Ahmed Hassan, CFA
Asif Imtiaz, CFA Top Ten Equity Holdings:(% of Total Assets):
Zain Malik
Asmar Hamoodi The Hub Power Co. Ltd. 11% DG Khan Cement Co. Ltd. 5%
Imad Ansari
Engro Corporation 10% Kot Addy Power Co. Ltd. 5%
Lucky Cement Ltd. 10% Pakistan Oilfields Ltd. 4%
Fund Net Assets: Pakistan Petroleum Ltd. 9% Fauji Cement Co.Ltd. 3%
Dawood Hercules 6% Maple Leaf Cement Ltd. 3%
May '16 Jun '16 MoM %
Net Assets (Rs mn) 842 882 4.70%
NAV Per Unit (Rs) 77.71 78.91 4.57%
Sector Allocation:
25% Cement
18%
Assets Allocation: Power Generation & Distribution

Oil & Gas Exploration Companies

May '16 Jun '16
97.5 97.3 Fertilizer
Equity (%) 16%
16%
Cash (%) 2.1 1.6 Pharmaceuticals
Other Including receivables (%) 0.4 1.1 4%
21% Others

WWF Disclosure: The Board of Directors of the management company in its meeting held on October 25, 2013 have resolved that unrecorded accumulated WWF provision in the fund from the
date of its application till December 31, 2012, in case is required to be paid, shall be borne by Al Meezan Investment Management Limited (Management Company of the fund). Thus, the Fund is no longer
liable to pay any expense under WWF until December 31, 2012.
The Fund has maintained provisions against Workers’ Welfare Fund liability of Rs. 12.90 million till June 30, 2015, if the same was not made the NAV per unit/return of the fund would have been higher by
Rs.1.15/1.46%. Effective from July 1, 2015 no provision is being made as mutual funds have been excluded from levy of WWF vide Finance Act 2015.

Disclaimer This publication is for informational purpose only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds are subject to market
risk. The NAV based prices of units and any dividends/returns thereon are dependent on force and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not
necessarily indicative of future results. (This report has been prepared in line with MUFAP’s recommended Format)
 FUND OF FUNDS
MEEZAN FINANCIAL PLANNING FUND OF FUNDS (MFPFOF) June, 2016

AMC RATING AM2++ (STABLE OUTLOOK)

Fund Review:
As at June 30, 2016, total size of net assets of Meezan Financial Planning Fund of Fund (MFPFOF) stood at Rs. 11,334 million. For the month of
June, the NAV of Aggressive plan increased by 3.1% while the NAV of moderate, Conservative plan, Preservation plan I, Preservation plan II,
MAAP-I, MAAP-II, MAP-III and MAAP-IV provided a return of 2.0%, 1.3%, 2.6%, 1.4%, 3.5%, 3.4%, 3.4% and 0.7% respectively.

Investment Objective:
To generate returns on Investment as per respective
MFPFOF - Allocation Plan:
allocation plans by investing in Shariah Compliant 1M 3M 6M FYTD 1Yr 3Yr 5Yr PSD*
Fixed Income and Equity Mutual Funds in line with the Aggressive 3.1% 8.9% 11.2% 13.3% 13.3% 61.1% - 75.5%
risk tolerance of the Investor. Benchmark 3.1% 9.3% 13.1% 11.7% 11.7% 50.3% 71.9%
2.0% 6.3% 8.2% 11.3% 11.3% 48.3% - 57.9%
Fund Details: Moderate
Benchmark 2.5% 7.4% 10.6% 10.0% 10.0% 42.7% 59.7%
Fund Type: Open End Conservative 1.3% 3.8% 5.1% 8.7% 8.7% 34.7% - 39.8%
Risk Level Details
Funds Plan specific Benchmark 1.2% 3.6% 5.5% 6.7% 6.7% 27.4% 35.1%
Launch Date 11-April-13 MCPP – I** 2.6% 6.7% 8.1% 10.5% 10.5% - - 19.1%
Trustee CDC Benchmark 2.8% 7.5% 9.6% 8.7% 8.7% - - 17.8%
KPMG Taseer Hadi
Auditors MCPP – II*** 1.4% 4.2% 4.9% 6.5% 6.5% - - 7.0%
& Co. 1.7% 4.6% 5.4% 5.6% 5.6% - - 7.8%
Benchmark
Registrar Meezan Bank Ltd.
MAAP – I**** 3.5% 9.7% 12.7% 11.7% - - - 11.7%
Unit Types A and B
Benchmark 3.9% 11.3% 16.3% 14.9% - - - 14.9%
Management Fee Same as underlying
MAAP – II***** 3.4% 9.4% 14.0% 14.8% - - - 14.8%
Funds and 1% on Cash
Benchmark 3.8% 11.0% 17.9% 18.3% - - - 18.3%
Front End Load Aggressive Plan 2.0% MAAP – III# 3.4% 8.2% - 13.5% - - - 13.5%
Moderate Plan 1.5% Benchmark 3.8% 10.1% - 17.1% - - - 17.1%
Conservative Plan 1.0% MAAP – IV## 0.7% - - 0.7% - - - 0.7%
Other Plans 0% to 3% Benchmark 0.1% - - 0.2% - - - 0.2%
Fund Category Fund of Funds * Performance start date of April 12, 2013. ** Performance start date of September 01, 2014. *** Performance start date of
Back End Load Nil December 16, 2014. **** Performance start date of July 10, 2015, ***** Performance start date of November 24, 2015.
Leverage Nil # Performance start date of January 26, 2016, ## Performance start date of May 24, 2016.
AMC Rating AM2++
Rating Agency JCRVIS
Annual Returns:
Pricing Mechanism Forward FY16 FY15 FY14 FY13 FY12 FY11 FY10 FY09
Fund Manager Ahmed Hassan, CFA Aggressive 13.3% 16.5% 22.1% 9.0%* - - - -
Benchmark Benchmark 11.7% 15.1% 21.7% 7.9% - - - -

65% KMI-30 & 35% 6M Moderate 11.3% 13.6% 17.3% 6.5%* - - - -

Aggressive Allocation Plan 10.0% 12.9% 18.2% 6.2% - - - -
dep. rate* Benchmark
50% KMI-30 & 50% 6M Conservative 8.7% 10.1% 12.6% 3.8%* - - - -
Moderate Allocation Plan
dep. rate* Benchmark 6.7% 8.6% 11.2% 3.6% - - - -
20% KMI-30 & 80% 6M MCPP – I 1 10.5% 7.8%** - - - - - -
Conservative Allocation Plan
dep. rate* Benchmark 8.7% 8.5% - - - - - -
MCPP – Plan I Weighted average MCPP – II2 6.5% 0.4%*** - - - - - -
return of KMI-30 5.6% 2.0% - - - - - -
MCPP – Plan II Benchmark
Index and Average
return on 6-month MAAP - I3 11.7% - - - - - - -
MAAP – I, II, III & IV 14.9% - - - - - - -
Islamic bank Deposits Benchmark
Valuation Days Mon-Fri MAAP - II4 14.8% - - - - - - -
Subscription/ Redemption Benchmark 18.3% - - - - - - -
Mon-Fri 9am – 4pm
Days MAAP – III5 13.5% - - - - - - -
Benchmark 17.1% - - - - - - -
Members of Investment M. Shoaib, CFA
Committee MAAP – IV6 0.7% - - - - - - -
Muhammad Asad
Benchmark 0.2% - - - - - - -
Ali Khan, CFA
* 80 days of operations, 1 303 days of operations, 2 196 days of operations, 3 356 days of operation, 4 219 days of operation,
Ahmed Hassan, CFA 5
156 days of operation, 6 37 days of operation.
Asif Imtiaz, CFA
Zain Malik NAV per unit:
Asmar Hamoodi
Imad Ansari Rs May '16 Jun '16 MoM%
* Average return on 6-month Islamic bank deposits Aggressive 76.95 73.37 3.1%
Fund Net Assets:
Moderate 70.16 65.32 2.0%
Rs (Mn) May '16 Jun '16 MoM % Conservative 65.77 60.71 1.3%
Aggressive 413 443 7.3% MCPP - I 58.04 55.64 2.6%
375 367 -2.2% MCPP - II 52.68 50.73 1.4%
Moderate
MAAP - I 53.93 54.03 3.5%
Conservative 272 327 19.9%
MAAP - II 55.49 54.75 3.4%
MCPP - I 1,557 1,576 1.2%
MAAP - III 54.86 54.03 3.4%
MCPP - II 3,037 3,035 -0.1%
MAAP - IV 50.00 48.42 0.74%
MAAP - I 1,277 1,278 0.0%
MAAP - II 907 925 2.0% Funds Multiplier:
MAAP - III 2,788 2,851 2.3%
MCPP-I MCPP-II
MAAP - IV 15 532 3336.8% High Multiplier 4.00 4.00
Low Multiplier 3.56 3.79
(to be contd..)

Disclaimer This publication is for informational purpose only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds are subject to market
risk. The NAV based prices of units and any dividends/returns thereon are dependent on force and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not
necessarily indicative of future results. (This report has been prepared in line with MUFAP’s recommended Format)
 FUND OF FUNDS
MEEZAN FINANCIAL PLANNING FUND OF FUNDS (MFPFOF) June, 2016

AMC RATING AM2++ (STABLE OUTLOOK)

Fund Review:
As at June 30, 2016, total size of net assets of Meezan Financial Planning Fund of Fund (MFPFOF) stood at Rs. 11,334 million. For the month of
June, the NAV of Aggressive plan increased by 3.1% while the NAV of moderate, Conservative plan, Preservation plan I, Preservation plan II,
MAAP-I, MAAP-II, MAP-III and MAAP-IV provided a return of 2.0%, 1.3%, 2.6%, 1.4%, 3.5%, 3.4%, 3.4% and 0.7% respectively.

Investment Objective:
To generate returns on Investment as per respective
Asset Allocation:
allocation plans by investing in Shariah Compliant
Equity/ Index Income/Money Cash Other Including
Fixed Income and Equity Mutual Funds in line with the
Funds (%) market Funds (%) (%) receivables (%)
risk tolerance of the Investor.
Aggressive 69.7% 29.9% 0.5% 0.0%
Fund Details: Moderate 48.8% 48.8% 2.4% 0.0%
Fund Type: Open End Conservative 22.2% 66.7% 11.0% 0.1%
Risk Level Details
Funds Plan specific MCPP-I 60.6% 38.7% 0.7% 0.0%
Launch Date 11-April-13 MCPP-II 36.1% 63.7% 0.2% 0.0%
Trustee CDC MAAP-I 87.5% 11.9% 0.6% 0.0%
KPMG Taseer Hadi MAAP-II 83.8% 13.9% 2.3% 0.0%
Auditors
& Co. MAAP-III 85.6% 14.0% 0.0% 0.4%
Registrar Meezan Bank Ltd. MAAP-IV 60.5% 19.9% 0.0% 19.6%
Unit Types A and B
Management Fee Same as underlying
Funds and 1% on Cash
Portfolio: Salient Features (MAAP-III)
Front End Load Aggressive Plan 2.0%
Strategy reflective of investor’s risk appetite as market
Moderate Plan 1.5% conditions change
Conservative Plan 1.0% Up to 100% equity Participation possible, based on fund
Other Plans 0% to 3% managers outlook on the market
Benefits
Fund Category Fund of Funds
Actively managed by experienced Fund Managers
Back End Load Nil
Leverage Nil Tax Rebate as per Section 62 of ITO
AMC Rating AM2++
Rating Agency JCRVIS Based on the Fund Manager’s outlook on asset classes, the
Pricing Mechanism Forward allocation plan will actively allocate its portfolio between the
Equity asset Schemes and Fixed Income/Money Market Schemes
Fund Manager Ahmed Hassan, CFA based on the macroeconomic view and outlook of such asset
Benchmark classes.
65% KMI-30 & 35% 6M For exposure to equities, this Plan shall primarily be invested in
Aggressive Allocation Plan Investment Islamic Equity and Islamic Index Funds managed by Al Meezan
dep. rate*
Policy and also other Asset Management Companies. Whereas for
50% KMI-30 & 50% 6M
Moderate Allocation Plan taking exposure to Fixed Income/Money Market, the Plan shall
dep. rate* invest in Islamic Money Market and Islamic Fixed Income
20% KMI-30 & 80% 6M Scheme(s) managed by Al Meezan or any other Asset
Conservative Allocation Plan Management Company as well as in Cash at Bank Accounts of
dep. rate*
Weighted average Islamic Banks and licensed Islamic Banking windows of
MCPP – Plan I conventional Banks.
return of KMI-30
MCPP – Plan II Index and Average The allocation plan will actively allocate its portfolio between the
return on 6-month Trading Equity Schemes and Fixed Income/Money Market Schemes
MAAP – I, II , III & IV
Islamic bank Deposits Strategy based on the Fund Manager’s view on macroeconomic outlook of
Valuation Days Mon-Fri such asset classes.
Subscription/ Redemption
Mon-Fri 9am – 4pm
Days

Members of Investment M. Shoaib, CFA

Committee Muhammad Asad
Ali Khan, CFA
Ahmed Hassan, CFA
Asif Imtiaz, CFA
Zain Malik
Asmar Hamoodi
Imad Ansari
* Average return on 6-month Islamic bank deposits

WWF Disclosure: The Board of Directors of the management company in its meeting held on October
25, 2013 have resolved that unrecorded accumulated WWF provision in the fund from the date of its
application till December 31, 2012, in case is required to be paid, shall be borne by Al Meezan Investment
Management Limited (Management Company of the fund). Thus, the Fund is no longer liable to pay any
expense under WWF until December 31, 2012.
The Scheme has maintained provisions against Workers’ Welfare Fund’s liability to the tune of Rs.2.69mn
(Aggressive), Rs.1.74mn (moderate), Rs.1.45mn (Conservative), Rs.2.35mn (Preservation Plan I), 0.28mn
(Preservation Plan II). If the same were not made the NAV per unit/return of the Scheme would be higher by
Rs. 0.45/0.61% (Aggressive), Rs. 0.31/0.48% (Moderate), Rs. 0.27/0.44% (Conservative), Rs. 0.09/0.15%
(Preservation Plan I) and Rs. 0.005/0.01% (Preservation Plan II). For details, investors are advised to read
Financial Statements of the Scheme. Effective from July 1, 2015 no provision is being made as mutual funds
have been excluded from levy of WWF vide Finance Act 2015.

Disclaimer This publication is for informational purpose only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds are subject to market
risk. The NAV based prices of units and any dividends/returns thereon are dependent on force and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not
necessarily indicative of future results. (This report has been prepared in line with MUFAP’s recommended Format)
 MEEZAN GOLD FUND (MGF) June, 2016

GOLD FUND
AMC RATING AM2++ (STABLE OUTLOOK)

Fund Review:

Net assets of Meezan Gold asdf

Fund (MGF) as at June 30, 2016 stood at Rs. 321 million. The fund’s NAV increased by 8.27% during the month.

Investment Objective: Performance - Cumulative Returns (net of expenses):

“Meezan Gold Fund (MGF)” aims to provide maximum
exposure to prices of Gold in a Shariah Compliant 1M 3M 6M FYTD 1Yr 3Yr 5Yr PSD*
(Islamic) manner, by investing a significant portion of
MGF 8.3% 5.2% 16.6% 10.5% - - - 10.5%
the Fund’s net assets in deliverable gold based
Funds
contracts Details
available on Pakistan Mercantile Exchange Benchmark 6.2% 4.9% 16.5% 16.0% - - - 16.0%
(PMEX).” * Performance start date of Aug 13, 2015,
Fund Details:
Annual Returns:
Fund Type: Open End
Risk Level High
Launch Date 13-Aug-15 FY16 FY15 FY14 FY13 FY12 FY11 FY10 FY09
Trustee CDC
MGF 10.5% - - - - - - -
KPMG Taseer Hadi
Auditors
& Co.
Benchmark 16.0% - - - - - - -
Registrar Meezan Bank Ltd.
Unit Types C
Management Fee 1.5%
Front End Load 2%
Fund Category Commodity Fund Portfolio: Salient Features
Back End Load Nil
Benchmark Combination of 70% Fully Shariah Compliant means of investing in gold
PKR base closing price Efficient Store of value, thereby providing investors
of physical gold the opportunity to invest in a high priced (valuable)
and 30% Average commodity through unit certificates (mutual funds)
return on 6-month Key Advantages
Islamic bank deposits Tracks price performance of gold
Leverage Nil Maximum exposure to gold prices
Listing ISE
Good hedge against Inflation
AMC Rating AM2++
Rating Agency JCRVIS MGF, in line with its Investment Objectives, will
Pricing Mechanism Forward invest in Authorized Investments as approved by the
Valuation Days Mon-Fri Shariah Advisor
Subscription/ Redemption Days Mon-Fri 9am – 4pm To meet Fund’s investment objective, at least
Fund Manager Ali Khan, CFA seventy percent (70%) of Fund’s net assets, will
remain invested in deliverable gold based contracts
Members of M. Shoaib, CFA available at a Commodity Exchange, during the year
Investment Committee Muhammad Asad based on quarterly average investment calculated on
Ali Khan, CFA daily basis.
Investment Strategy
Ahmed Hassan, CFA Remaining net assets of the Fund shall be invested in
Asif Imtiaz, CFA cash and near cash instruments which include cash in
Zain Malik bank accounts of Islamic banks and licensed Islamic
Asmar Hamoodi banking windows of conventional banks (excluding
Imad Ansari TDR). However, at least 10% of the net assets of the
Fund shall remain invested in cash and near cash
instruments at all times.
Fund Net Assets: Weighted Average Time to Maturity of Portfolio : Not
more than 4 years
May ’16 Jun '16 MoM % Long term
Net Assets (Rs mn) 262 321 22.79% Investment Horizon (Investors are advised to take a long term view of a
NAV Per Unit (Rs) 51.01 54.53 8.27% minimum of 3 to 5 years)

Assets Allocation:
May '16 Jun '16
Gold (%) 85.2 65.6
Cash (%) 14.8 34.3
Other Including receivables (%) 0.0 0.1

Disclaimer This publication is for informational purpose only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds are subject to market
risk. The NAV based prices of units and any dividends/returns thereon are dependent on force and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not
necessarily indicative of future results. (This report has been prepared in line with MUFAP’s recommended Format)
 ASSET ALLOCATION
MEEZAN ASSET ALLOCATION FUND (MAAF) June, 2016
FUNDma(MBF) AMC R AM2++ (S O ) ATING TABLE UTLOOK

Fund Review:

Net assets of Meezan Asset Allocation Fund (MAAF) as at June 30, 2016 stood at Rs. 460 million. The fund’s NAV increased by 2.04% during the
month.

Investment Objective:
Funds Details Performance - Cumulative Returns:
The objective of Meezan Asset Allocation Fund (MAAF)
is to earn a potentially high return through asset
allocation between Shariah Compliant Equity 1M 3M 6M FYTD 1Yr 3Yr 5Yr PSD*
Instruments, Shariah Compliant Fixed Income MAAF 2.0% - - 2.8% - - - 2.8%
Instruments, Shariah Compliant Money Market
Instruments and any other Shariah Compliant Benchmark 3.1% - - 5.0% 5.0%
instrument as permitted by the SECP and Shariah * Performance start date of Apr 18, 2016,
Advisor.
Annual Returns:
Fund Details:
Fund Type: Open End FY16 FY15 FY14 FY13 FY12 FY11 FY10 FY09
Risk Level Low to Moderate MAAF 2.8% - - - - - - -
Launch Date 18-Apr-2016
Trustee CDC Benchmark 5.0% - - - - - - -
KPMG Taseer Hadi
Auditors
& Co.
Registrar Meezan Bank Ltd.
Shariah Compliant Equity Asset Class (Instruments): 0% to
Management Fee 1.5% 90%
Fund Category Asset Allocation Investment
Shariah Compliant Fixed Income/Money Market Asset Class
Front End Load 3% Pattern
Back End Load Nil
(Instruments): 0% to 90%
Leverage Nil Shariah Compliant REITs: 0% to 35%
Listing -
AMC Rating AM2++
- Strategy reflective of investor’s risk appetite as market
Rating Agency JCRVIS conditions change
Pricing Mechanism Forward - Up to 90% equity participation is possible, based on fund
Valuation Days Mon-Fri
Subscription/ Redemption Days Mon-Fri 9am – 4pm Benefits manager’s outlook on the market while also taking exposure
Benchmark Weighted average to fixed income instruments.
return of KMI-30 - Actively managed by experienced fund managers
Index and Average
return on 6-month - Tax free returns
Islamic bank Deposits Based on the Fund Manager’s outlook on asset classes, the
Fund Manager Ahmed Hassan, CFA
allocation plan will actively allocate its portfolio between the
Members of M. Shoaib, CFA Equity asset classes and Fixed Income/Money Market asset
Investment Committee Muhammad Asad
Ali Khan, CFA
classes based on the macroeconomic view and outlook of
Ahmed Hassan, CFA such asset classes.
Investment
Asif Imtiaz, CFA For exposure to equities, this fund shall primarily be invested
Zain Malik Policy
in Listed Islamic Equity. Whereas for taking exposure to Fixed
Asmar Hamoodi
Imad Ansari Income/Money Market, the fund shall invest in Islamic
Money Market and Islamic Fixed Income instruments as well
as in Cash at Bank Accounts of Islamic Banks and licensed
Fund Net Asset:
Islamic Banking windows of conventional Banks .
May '16 Jun '16 MoM % *
Net Assets (Rs mn) 328 460 40.27%
NAV Per Unit (Rs) 50.35 51.06 2.04% Top Ten Equity Holdings:(% of Total Assets):
Engro Fertilizer 11% Pakistan State Oil Co. Ltd. 3%
Assets Allocation: Engro Corporation 6% Pak. Telecomunication. Co. Ltd 2%
May Jun Pakistan Petroleum Ltd. 6% The Hub Power Co. Ltd. 2%
'16 '16 Abbott Pharmaceutical 5% K-Electric Ltd. 2%
Equity (%) 67.8 56.5
Packages Ltd. 4% Honda Atlas Cars 2%
Money Market (%) 0.0 0.0
Cash (%) 31.0 40.7
Other Including receivables (%) 1.2 2.8

Disclaimer This publication is for informational purpose only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds are subject to market
risk. The NAV based prices of units and any dividends/returns thereon are dependent on force and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not
necessarily indicative of future results. (This report has been prepared in line with MUFAP’s recommended Format)
 FUND OF FUNDS
MEEZAN CAPITAL PRESERVATION FUND-II June, 2016

AMC RATING AM2++ (STABLE OUTLOOK)

Fund Review:

For the month of June 2016, KSE-Meezan Index (KMI-30) increased by 4.58% with which the fund also decreased its exposure to equities. The
NAV as a result increased from Rs. 59.12 to Rs. 61.38 translating into a gain of 3.81% for the month.

Investment Objective: Performance - Cumulative Returns (net of expenses):

Objective of this fund is to earn a potentially high
return through dynamic asset allocation between 1M 3M 6M FYTD 1Yr 3Yr 5Yr PSD*

Shariah Compliant Equities and Shariah Compliant MCPRF-II 3.8% 7.8% 9.4% 11.2% 11.2% - - 22.8%
Funds Details
Income/Money Market based Collective Investment Benchmark 2.8% 7.3% 9.5% 8.9% 8.9% - - 18.7%
Schemes. * Performance start date of Jun 28, 2014,
Fund Details:
Annual Returns:
Fund Type: Open End
Risk Level Low to Moderate
Launch Date 28-Jun-14 FY16 FY15 FY14 FY13 FY12 FY11 FY10 FY09
Trustee CDC
KPMG Taseer Hadi MCPRF-II 11.2% 10.3% - - - - - -
Auditors
& Co.
Registrar Meezan Bank Ltd. Benchmark 8.9% 8.5% - - - - - -
Unit Types A and B
Management Fee 1%
Front End Load 3% Fund’s Performance:
Fund Category Fund of Funds
Back End Load Contingent Load
Benchmark Combination of 63.00
KMI-30 Index and MCPRF-II Benchmark
Average return 61.00
on 6-month Islamic
bank deposits
59.00
Leverage Nil
Listing ISE
AMC Rating AM2++ 57.00
Rating Agency JCRVIS
Pricing Mechanism Forward 55.00
Valuation Days Mon-Fri
Subscription/ Redemption Days Mon-Fri 9am – 4pm
53.00
Fund Manager Asif Imtiaz, CFA
Members of M. Shoaib, CFA 51.00
Investment Committee Muhammad Asad
Ali Khan, CFA
49.00
Ahmed Hassan, CFA
Asif Imtiaz, CFA
Zain Malik 47.00
May-15

May-16
Mar-15
Jan-15

Jan-16

Mar-16
Oct-14

Dec-14

Dec-15
Oct-15
Sep-14

Jun-15

Jun-16
Apr-16
Jul-14

Jul-15
Aug-14

Aug-15

Nov-15
Feb-15

Asmar Hamoodi
Imad Ansari

Fund Net Assets: Asset Allocation:

May ’16 Jun '16 MoM % Apr ’16 May ’16 Jun ’16
Net Assets (Rs mn) 2,333 1,217 -47.38% 47.6 56.7 45.7
Equity/ Index Funds (%)
NAV Per Unit (Rs) 59.12 61.38 3.81%
Income/Money market Funds (%) 52.2 43.2 19.1

Cash (%) 0.2 0.1 35.1

Funds Multiplier: 0.0 0.0 0.1
Other Including receivables (%)
MCPRF-II WWF Disclosure: The Board of Directors of the management company in its meeting held on October
25, 2013 have resolved that unrecorded accumulated WWF provision in the fund from the date of its
High Multiplier 3.97
application till December 31, 2012, in case is required to be paid, shall be borne by Al Meezan Investment
Low Multiplier 0.00 Management Limited (Management Company of the fund). Thus, the Fund is no longer liable to pay any
expense under WWF until December 31, 2012.

The Fund has maintained provisions against Workers’ Welfare Fund liability of Rs. 4.28 million till June 30,
2015, if the same was not made the NAV per unit/return of the fund would have been higher by Rs.
0.22/0.35%. Effective from July 1, 2015 no provision is being made as mutual funds have been excluded from
levy of WWF vide Finance Act 2015.

Disclaimer This publication is for informational purpose only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds are subject to market
risk. The NAV based prices of units and any dividends/returns thereon are dependent on force and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not
necessarily indicative of future results. (This report has been prepared in line with MUFAP’s recommended Format)
 BALANCED
MEEZAN BALANCED FUND June, 2016

(MBF) AMC RATING AM2++ (STABLE OUTLOOK)

Fund Review:

Net assets of Meezan Balanced Fund (MBF) as at June 30, 2016 stood at Rs. 4.71 billion. The fund’s NAV increased by 2.72% during the month.

Investment Objective:
Funds Details Performance - Cumulative Returns:
The objective of Meezan Balanced Fund is to generate
long term capital appreciation as well as current 1M 3M 6M FYTD 1Yr 3Yr 5Yr PSD* CAGR*
income by creating a balanced portfolio that is invested
MBF 3% 8% 10% 12% 12% 55% 139% 475% 16%
both in high quality equity securities and Islamic
Income Instruments such as TFCs, COIs, Certificates of Benchmark 2% 7% 10% 10% 10% 47% 121% 334% 14%
Musharika, Islamic Sukuk, Ready-future hedges, and * Performance start date of Dec 20, 2004, CAGR since inception
other Shariah compliant instruments.
Annual Returns:
Fund Details:
Fund Type: Open End FY16 FY15 FY14 FY13 FY12 FY11 FY10 FY09
Risk Level Minimal
MBF 12% 16% 20% 32% 17% 25% 23% -11%
Launch Date 20-Dec-2004
Trustee CDC Benchmark 10% 13% 18% 30% 10% 25% 21% -14%
KPMG Taseer Hadi
Auditors *
& Co.
Registrar Meezan Bank Ltd.
Top Ten Portfolio Holdings:(% of Total Assets):
Management Fee 2%
Equity Sukuk
Fund Category Balanced
Front End Load 2% Hub Power Co. Ltd. 6% K-Electric Sukuk 3 9%
Back End Load Contingent Load Packages Ltd. 6% Engro Fertilizer Limited – III 6%
Leverage Nil Engro Corporation 6% Hascol Sukuk 5%
Listing ISE Lucky Cement Co. Ltd. 5% Lalpir (Commercial Paper) 3%
AMC Rating AM2++ Engro Fertilizer Ltd. 3% GoP Ijarah Sukuk XVII 2%
Rating Agency JCRVIS
Pricing Mechanism Forward
Valuation Days Mon-Fri Asset Allocation:
Subscription/ Redemption Days Mon-Fri 9am – 4pm
Benchmark 50% KMI-30 Index May ’16 Jun ’16
50% Average bank Equity 56% 57%
Deposit rate of three
GoP Guaranteed Securities 3% 2%
Islamic banks
Sukuk 25% 25%
Fund Manager Asmar Hamoodi
Placement with Banks 4% 0%
Members of M. Shoaib, CFA Cash Others including receivable 12% 16%
Investment Committee Muhammad Asad
Ali Khan, CFA
Ahmed Hassan, CFA Sector Allocation:
Asif Imtiaz, CFA
Zain Malik Sukuk
Asmar Hamoodi 13% 6%
Imad Ansari 27% 8% Cement

10% Paper & Board

Fund Net Asset:
Power Generation & Distribution
May '16 Jun '16 MoM %
Net Assets (Rs mn) 4,666 4,708 0.89%
Fertilizer
NAV Per Unit (Rs) 16.00 15.84 2.72%
40% Cash & others
WWF Disclosure: The Board of Directors of the management company
in its meeting held on October 25, 2013 have resolved that unrecorded accumulated
WWF provision in the fund from the date of its application till December 31, 2012, in Details of Non Performing Investments:
case is required to be paid, shall be borne by Al Meezan Investment Management
Limited (Management Company of the fund). Thus, the Fund is no longer liable to
pay any expense under WWF until December 31, 2012.

The Fund has maintained provisions against Workers’ Welfare Fund liability of Rs.
37.91 million till June 30, 2015, if the same was not made the NAV per unit/return of
the fund would have been higher by Rs. 0.13/0.81%. Effective from July 1, 2015 no
provision is being made as mutual funds have been excluded from levy of WWF vide
Finance Act 2015.

Disclaimer This publication is for informational purpose only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds are subject to market
risk. The NAV based prices of units and any dividends/returns thereon are dependent on force and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not
necessarily indicative of future results. (This report has been prepared in line with MUFAP’s recommended Format)
Performance – Fiscal Year Returns:

FY16 FY15 FY14 FY13 FY12 FY11 FY10 FY09 FY08 FY07
MIF 17% 22% 29% 51% 19% 39% 31% -30% 0% 29%
Benchmark 16% 20% 30% 54% 14% 44% 37% -35% 1% 17%
FY16 FY15 FY14 FY13 FY12 FY11 FY10 FY09 FY08 FY07
AMMF 16% 22% 30% 51% 19% 38% 31% -32% 0% 27%
Benchmark 16% 20% 30% 54% 14% 44% 37% -35% 1% 17%
FY16 FY15 FY14 FY13 FY12 FY11 FY10 FY09 FY08 FY07
MIIF 5.76% 8.15% 11.90% 14.45% 7.79% 11.77% 7.31% 10.14% 9.28% 10.07%
Benchmark 3.49% 5.04% 5.38% 5.54% 6.02% 5.88% 5.80% 6.12% 5.75% 5.00%
FY16 FY15 FY14 FY13 FY12 FY11 FY10 FY09 FY08 FY07
MCF 4.59% 7.46% 7.08% 8.78% 10.71% 11.02% 10.09% 8.03% - -
Benchmark 4.49% 6.24% 6.55% 6.91% 8.13% 8.24% 7.50% 7.60% - -
FY16 FY15 FY14 FY13 FY12 FY11 FY10 FY09 FY08 FY07
MSF 5.12% 6.81% 8.50% 9.11% 11.19% 11.45% 9.76% - - -
Benchmark 4.49% 6.24% 6.55% 6.91% 8.13% 8.24% 7.50% - - -
FY16 FY15 FY14 FY13 FY12 FY11 FY10 FY09 FY08 FY07
MTPF- Equity 18.1% 26.6% 32.40% 54.90% 16.8% 36.00% 31.50% -25.80% 3.10% -
MTPF- Debt 4.5% 6.4% 7.70% 8.30% 9.5% 10.90% 8.50% 10.20% 8.30% -
MTPF- MMkt 4.0% 6.9% 6.90% 7.80% 10.9% 10.70% 8.50% 11.10% 7.70% -
FY16 FY15 FY14 FY13 FY12 FY11 FY10 FY09 FY08 FY07
KMIF 13.3% 17.1% 26.50% 49.60% -2.4% - - - - -
Benchmark 15.5% 20.1% 29.90% 54.40% -1.90% - - - - -
FY16 FY15 FY14 FY13 FY12 FY11 FY10 FY09 FY08 FY07
MCPRF-II 11.2% 10.3% - - - - - - - -
Benchmark 8.9% 8.5% - - - - - - - -
FY16 FY15 FY14 FY13 FY12 FY11 FY10 FY09 FY08 FY07
MCPF-III - 12.1% 5.60% - - - - - - -
Benchmark - 12.0% 5.00% - - - - - - -
FY16 FY15 FY14 FY13 FY12 FY11 FY10 FY09 FY08 FY07
MBF 12% 16% 20% 32% 17% 25% 23% -11% 1% 26%
Benchmark 10% 13% 18% 30% 10% 25% 21% -14% 3% 11%
FY16 FY15 FY14 FY13 FY12 FY11 FY10 FY09 FY08 FY07
Aggressive 13.3% 16.5% 22.10% 9.0% - - - - - -
Benchmark 11.7% 15.1% 21.70% 7.90% - - - - - -
Moderate 11.3% 13.6% 17.30% 6.5% - - - - - -
Benchmark 10.0% 12.9% 18.20% 6.20% - - - - - -
Conservative 8.7% 10.1% 12.60% 3.8% - - - - - -
Benchmark 6.7% 8.6% 11.20% 3.60% - - - - - -
MCPP - I 10.5% 7.8% - - - - - - - -
Benchmark 8.7% 8.5% - - - - - - - -
MCPP – II 6.5% 0.4% - - - - - - - -
Benchmark 5.6% 2.0% - - - - - - - -
MAAP – I 11.7% - - - - - - - - -
Benchmark 14.9% - - - - - - - - -
MAAP – II 14.8% - - - - - - - - -
Benchmark 18.3% - - - - - - - - -
MAAP – III 13.5% - - - - - - - - -
Benchmark 17.1% - - - - - - - - -
MAAP – IV 0.7% - - - - - - - - -
Benchmark 0.2% - - - - - - - - -
FY16 FY15 FY14 FY13 FY12 FY11 FY10 FY09 FY08 FY07
MGF 10.5% - - - - - - - - -
Benchmark 16.0% - - - - - - - - -
FY16 FY15 FY14 FY13 FY12 FY11 FY10 FY09 FY08 FY07
MAAF 2.8% - - - - - - - - -
Benchmark 5.0% - - - - - - - - -

Disclaimer This publication is for informational purpose only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds are subject to market
risk. The NAV based prices of units and any dividends/returns thereon are dependent on force and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not
necessarily indicative of future results. (This report has been prepared in line with MUFAP’s recommended Format)