FROM THE CIOs DESK:

Stock Market Touching New Highs with Pakistan on the Verge of Classification into MSCI Emerging Markets Index
Dear Investor,
KSE 100 KMI 30
During May16, the stock markets momentum continued whereby the KMI-30
closed 4.51% up while the KSE-100 appreciated by 3.87%. For the first time in 38,000 37,500
65,000
64,500
64,000
the current fiscal year, foreigners reported a Net Buy of USD 3.6mn for the 37,000 63,500
36,500 63,000
month taking the FYTD FIPI outflow to USD 355.5 million. Along with foreigners 36,000 62,500
62,000
buying, the Stock market was bolstered further by the upcoming MSCI decision 35,500 61,500
35,000
to reclassify Pakistan into emerging markets and stable oil prices keeping 34,500 61,000
60,500
interest in Oil stocks healthy; Brent Crude closed at USD 49.89/barrel (up 7.89% 34,000 60,000

1-May-16
3-May-16
5-May-16
7-May-16
9-May-16

19-May-16

23-May-16
11-May-16
13-May-16
15-May-16
17-May-16

21-May-16

25-May-16
27-May-16
29-May-16
31-May-16
during the month).
Pakistan Remained Star Performer Amongst Global Equities
Pakistans Stock market was among the highest returning indices during the Market Index MTD Return
month of May, its performance led by foreign inflows and local interest on the Pakistan KMI 30 4.51%
USA Nasdaq 4.45%
back of a possible reclassification into emerging markets. Global equity markets India BSE 30 4.30%
eyed major events such as the US Federal Reserves interest rate decision due Pakistan KSE 100 3.87%
in June, the upcoming vote in Britain for a possible exit from the European France CAC 40 3.45%
Union and OPECs meeting to decide on a possible freeze in oil output. Central Japan N225 3.41%
banks across the globe continue to add stimulus to economies, with the Germany DAX 2.23%
exception of USA. Going forward, oil prices, vote on Brexit, and the US interest USA S&P 500 1.80%
Kuwait KSE 1.04%
rates are likely to determine the direction of global equities in the near term. SriLanka CSEALL 0.85%
Pakistan to resurface among Emerging Markets! USA DJI 0.49%
Seven years back, Pakistan had been removed from MSCIs Emerging Markets UK FTSE 0.32%
category, which made it fade away from the Investable universe of emerging Indonesia JSX -0.16%
market funds across the globe. After getting classified as a Frontier market in Hong Kong HIS -0.50%
China SSEC -0.60%
2009, Pakistan is now all set to be reclassified into MSCIs Emerging Markets Venezuela IBVC -0.85%
Category, the decision of which is expected around mid-June. If approved, the Egypt EGX-30 -3.73%
reclassification would bring the Pakistani Stock market under limelight once Russia RTSI -4.80%
again as Emerging market funds would seek to build exposure in the market. Saudi Arabia TASI -5.04%
We believe this development would be positive for the market as not only will Dubai DFM -5.07%
Turkey XU100 -8.18%
it increase market volumes and activity, but also bring stocks under the radar of
Brazil Bovespa -10.09%
major investors around the world, therefore unlocking valuations.
Interest Rates Slashed
The SBP, in its Monetary Policy Statement for during the month slashed the policy rate by 25bps to bring it down to 5.75%,
despite the recent recovery in oil prices and increasing inflation. Monthly CPI clocked in at 3.17% for the month of May,
taking the 11MFYTD16 average inflation to 2.80%. The central bank expressed comfort over the external account owing to
steady foreign remittances and contained trade deficit. Despite higher inflation readings, the overall inflation stayed well
below the SBPs target for the current fiscal year. Going forward, with real interest rate still providing room for further
monetary easing, possibility of another interest rate cut cannot be ruled out in the coming months.
Outlook
The recent budget announced during the first week of June16 has been perceived very positively by the market with
Textiles and Fertilizers expected to be the major beneficiaries. Overall, the budget for FY17 will serve to be a catalyst
driving the markets performance during the new fiscal year. Alongside, with improving economic fundamentals, ongoing
development under the China Pakistan Economic Corridor, expected classification of Pakistan Stock Market in MSCI
Emerging markets category and SECPs measures for improving the stock markets depth, equities are expected to continue
performing in the near term.
Investors with relevant risk profiles and investment horizons are advised to go through our 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
 May, 2016

Fund Managers
AL Meezan Investment Management Report
Limited
0

\
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. 75.01 billion as on May 31, 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 May 2016, the KSE-100 index appreciated by
3.87% to close at 36,062 points. Oil, Power and Fertilizer were
positive contributors where as Banks were negative contributors.
The average daily volume of the market was 269 mn shares, up by
15% on a MoM basis.
After 10 months on net selling, foreigners reported a net buy of
USD 3.6mn in May. Banks were major sellers during the month with
a net sell of USD 29mn whereas NBFCs were buyers with a net buy
of USD 33.8mn. Foreign buying was witnessed in the Oil & Gas
marketing and Food sectors whereas foreign selling was seen in the
Banking sector. Oil prices increased by 5% during the month due to
supply disruptions and falling inventories, however they failed to
break the psychological barrier of USD 50 per barrel.
MSCIs decision to reclassify Pakistan in emerging markets has
driven the stock markets performance in recent months. In the
case where Pakistan is reclassified into Emerging markets, the
equity market will benefit as it will fall under the radar of Emerging
market funds across the globe, which will increase market activity.
The decision is expected to be announced mid-June. Another
critical factor that is likely to affect market performance in the near
term in the Federal budget for fiscal year 2016-17 where budgetary
measures such as taxation, subsidies and incentives will affect
overall economic performance and various sectors of the equity
market.
KSE-100 Index Performance
The State Bank of Pakistan (SBP) in its recent Monetary Policy
Statement (MPS) on May 21, 2016 slashed to discount rate by 25 bps
bring it down to 6.25% (Policy rate at 5.75%) in light of benign
inflation and improvements in macroeconomic indicators, contrary to
market expectation of status quo. Consequently, the Reverse repo
rate and Overnight repo rate were adjusted to 6.25% and 4.25%,
respectively.
Inflation for May, 2016 clocked in at 3.2% compared to 4.17% in
April, 2016 and 3.16% in May 2015. The 11MFY16 (Jul-May) inflation
now stands at 2.8% as against to 4.9% in the same period last year.
The money market faced relatively tight liquidity scenario evidenced
by Rs. 5.1 trillion worth of OMO injections carried out by the SBP
coupled with Rs. 44 billion worth of discounting availed by various
counters during this month. The 3MK closed 24bps down at 6.11%
and 6MK closed 22bps down at 6.14%. The T-bill and PIB yields also
took downward adjustments in the range of 25-26bps and 31-39bps
respectively.
On the forex front, the rupee in interbank market closed Rs. 0.05
weaker at Rs. 104.87/$ while in the open market, it also closed Rs.
0.05 weaker at Rs. 105.25/$ during the month.
Moreover, two T-bill auctions were conducted during this period
whereby in total Rs. 502 billion was accepted against a participation
of Rs. 1 trillion. A PIB auction was also conducted whereby no bids
were accepted against the participation of Rs. 83 billion.
6 Month KIBOR

Vol (mn) (LHS) Index (RHS) 7.20

500 37,600
7.00
36,800
400 6.80

36,000 6.60
300
35,200 6.40
200
34,400 6.20

100 6.00
33,600
5.80
0 32,800
2-May

5-May

10-May

13-May

18-May

23-May

26-May

31-May
2-May

5-May

10-May

13-May

18-May

23-May

26-May

31-May

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 MUFAPs recommended Format)
 MEEZAN ISLAMIC FUND (MIF) May, 2016

EQUITY
AMC RATING AM2++ (STABLE OUTLOOK)

Fund Review:
Net assets of Meezan Islamic Fund stood at Rs. 29.98 billion as on May 31, 2016. The funds NAV increased by 2.9% during the month of May as
compared to 4.5% increased in benchmark index (KMI-30) while KSE-100 Index during the same period increased by 3.9%. As on May 31, the
fund was 94% 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 3% 16% 15% 13% 18% 74% 220% 1083% 21%
Funds
Fund Details
Details: Benchmark #
5% 18% 18% 10% 16% 68% 207% 748% 18%

Fund Type: Open End * Performance start date of August 08, 2003, CAGR since inception
Risk Level High # KMI-30 replaced DJIIMPK as the Funds 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.
FY15 FY14 FY13 FY12 FY11 FY10 FY09 FY08
Unit Types A, B and C
Management Fee 2% MIF 22% 29% 51% 19% 39% 31% -30% 0%
Front End Load 2%
Fund Category Equity Benchmark 20% 30% 54% 14% 44% 37% -35% 1%
Back End Load Nil
Benchmark KMI-30 Funds Performance:
Leverage Nil
Listing KSE 1,400
AMC Rating AM2++
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 Muhammad Asad 600

Ali Khan, CFA

400
Ahmed Hassan, CFA
Asif Imtiaz, CFA
200
Zain Malik
Asmar Hamoodi
-
Imad Ansari

May-16
Jan-05

Dec-14
Jun-06

Sep-10
Apr-09

Jul-13
Aug-03

Nov-07

Feb-12

Fund Net Assets:

Apr '16 May '16 MoM %
Net Assets (Rs mn) 27,897 29,980 7.5% Top Ten Equity Holdings:(% of Total Assets):
NAV Per Unit (Rs) 64.43 66.29 2.9%
Packages Ltd. 9% Mari Petroleum Ltd. 5%
Asset Allocation: The Hub Power Co. Ltd. 9% Fauji Cement Co. Ltd. 4%
Engro Corporation 8% Honda Atlas Cars 3%
Apr '16 May '16 Lucky Cement Ltd. 7% The Searle Co. Ltd. 3%
Equity (%) 94.09 93.62 Pakistan State Oil Co. Ltd. 6% K-Electric Ltd. 3%
Cash (%) 4.75 6.22
Other receivables (%) 1.16 0.17 Sector Allocation:
Expense Ratio 2.59% 1.87% Cement
23% 12%
P/E 9.0 9.2 Power Generation & Distribution
10%
Risk Measures May 16: Oil & Gas Exploration Companies

Fertilizer
KSE-100 KMI-30
MIF Index Index 9% Paper & Board
Standard Deviation (%) 0.72 0.67 0.77
37% 9% Others
Sharpe Ratio 3.37 5.05 5.24

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. 0.41/0.62%. 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 MUFAPs recommended Format)
 AL MEEZAN MUTUAL FUND (AMMF) May, 2016

EQUITY
AMC RATING AM2++ (STABLE OUTLOOK)

Fund Review:
The net assets of Al Meezan Mutual Fund (AMMF) as at May 31, 2016 stood at Rs. 5.21 billion. The funds NAV increased by 3.2% during the
month of May as compared to 4.5% increased in benchmark index (KMI-30) while KSE-100 Index during the same period increased by 3.9%. As
on May 31, the fund was 93% 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 3% 16% 14% 11% 16% 72% 217% 2,490% 17%
#
management. Benchmark 5% 18% 18% 10% 16% 68% 207% 2,102% 16%

Fund Details: * Performance start date of July 13, 1995, CAGR since inception
Funds Details # KMI-30 replaced DJIIMPK as the Funds 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 FY15 FY14 FY13 FY12 FY11 FY10 FY09 FY08
& Co.
Registrar Meezan Bank Ltd. AMMF 22% 30% 51% 19% 38% 31% -32% 0%
Unit Types A, B,C and D
Management Fee 2% Benchmark 20% 30% 54% 14% 44% 37% -35% 1%
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 2,589,711
AMC Rating AM2++ 2,500,000
Rating Agency JCRVIS
Pricing Mechanism Forward
2,000,000
Valuation Days Mon-Fri
Subscription/ Redemption Days Mon-Fri 9am 4pm
Fund Manager Ahmed Hassan, CFA 1,500,000
1,172,192
968,549
Members of M. Shoaib, CFA
1,000,000
Investment Committee 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 12

Dec 12

Oct 14

Sep 15
June 07
July 95

Nov 13

May 16
Asmar Hamoodi
Imad Ansari

Fund Net Assets:

Top Ten Equity Holdings:(% of Total Assets):
Apr '16 May '16 MoM %
Net Assets (Rs mn) 4,941 5,213 5.5% Engro Corporation 9% Mari Petroleum Ltd. 5%
NAV Per Unit (Rs) 17.52 18.08 3.2% The Hub Power Co. Ltd. 8% Fauji Cement Co. Ltd. 4%
Packages Ltd. 7% Cherat Cement Co. Ltd. 3%
Asset Allocation: Lucky Cement Ltd. 7% K-Electric Ltd. 3%
Apr '16 May '16 Pakistan State Oil Co. Ltd. 6% Pakistan Oilfields Ltd. 3%
Equity (%) 90.64 93.26
Cash (%) 7.27 6.19
Sector Allocation:
Other receivables (%) 2.10 0.55
24% 13% Cement
Expense Ratio 2.64% 2.91%
Power Generation & Distribution
P/E 9.0 9.2
11% Oil & Gas Exploration Companies
*Management fee is included in the expense ratio
Risk Measures May 16: Fertilizer

KSE-100 KMI-30 Paper & Board

AMMF Index Index
11%
33%
Standard Deviation (%) 0.71 0.67 0.77 8% Others
Sharpe Ratio 3.91 5.05 5.24

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. 0.12/0.67%. 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 MUFAPs recommended Format)
 MEEZAN ISLAMIC INCOME FUND (MIIF) May, 2016

INCOME
AMC RATING AM2++ (STABLE OUTLOOK)

Fund Review
Net assets of Meezan Islamic Income Fund (MIIF) stood at Rs. 9.4 billion as on May 31, 2016. MIIF has provided an annualized return of 3.78%
for the month of May as compared to its benchmark which has provided an annualized return of 3.13% 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 3.78% 5.03% 5.45% 5.98% 6.10% 9.68% 11.85% 14.65%
objective is to take advantage of opportunities to
Benchmark 3.13% 3.16% 3.25% 3.52% 3.59% 4.70% 5.15% 5.47%
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 FY15 FY14 FY13 FY12 FY11 FY10 FY09 FY08
Trustee CDC
MIIF 8.15% 11.90% 14.45% 7.79% 11.77% 7.31% 10.14% 9.28%
KPMG Taseer Hadi
Auditors
& Co. Benchmark 5.04% 5.38% 5.54% 6.02% 5.88% 5.80% 6.12% 5.75%
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
10%
Weighted average time to
1.56 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

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:
Apr 16 May 16
Fund Net Assets: Sukuks 21% 30%
Government backed / Guaranteed Securities 13% 13%
Apr '16 May '16 MoM %
Commercial Paper 0% 2%
Net Assets (Rs mn) 9,624 9,392 -2.41%
Placements with Banks and DFIs 22% 20%
NAV Per Unit (Rs) 53.47 53.65 0.33%
Cash 42% 34%
Credit Quality of Portfolio: Others Including receivables 2% 1%
AAA 13.5%
AA+ 0.1%
Details of Non Performing Investments:
AA 16.2%
A+ 39.4%
A 10.5%
A- 3.2%
AA- 15.4%

60%
Credit Quality
39% 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
30%
case is required to be paid, shall be borne by Al Meezan Investment Management Limited (Management Company of the
14% 16% 15%
11% fund). Thus, the Fund is no longer liable to pay any expense under WWF until December 31, 2012.
3%
0% 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. 0.26/0.48%. 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 MUFAPs recommended Format)
 MONEY MARKET
MEEZAN CASH FUND (MCF) May, 2016

AMC RATING AM2++ (STABLE OUTLOOK)

Fund Review
Net assets of Meezan Cash Fund (MCF) stood at Rs. 3.2 billion as on May 31, 2016. MCF has provided an annualized return of 4.42% for the
month of May as compared to its benchmark which has provided an annualized return of 4.37% 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 4.42% 4.33% 4.36% 4.52% 4.71% 6.85% 9.12% 11.05%
securities.
Benchmark 4.37% 4.27% 4.29% 4.50% 4.57% 5.82% 6.55% 6.91%
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
FY15 FY14 FY13 FY12 FY11 FY10 FY09 FY08
KPMG Taseer Hadi
Auditors MCF 7.46% 7.08% 8.78% 10.71% 11.02% 10.09% 8.03% -
& Co.
Registrar Meezan Bank Ltd. Benchmark 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
4%
AMC Rating AM2++
Rating Agency JCRVIS
Fund Stability Rating AA (f)
Pricing Mechanism Forward
2%
Weighted average time to
4.43 Days
maturity
Benchmark Average return on
6-month Islamic 0%
bank deposits Dec-15

Jan-16
Sep-15

Oct-15

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
Apr '16 May'16 MoM % Average Time to Maturity of Portfolio : Three
Net Assets (Rs mn) 3,312 3,175 -4.14% Months
NAV Per Unit (Rs) 51.98 52.18 0.39% Benchmark Average return on 6-month Islamic bank deposits

Asset Allocation:
Rating Exposure: 77%
AAA 7%
Placements with Banks and DFIs
AA+ 13%
Cash
AA 79%
Commercial Paper

Other Including receivables

Portfolio Composition: 12%

9%
Apr 16 May 16 2%

Placements with Banks and DFIs 28% 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 71% 77% case is required to be paid, shall be borne by Al Meezan Investment Management Limited (Management Company of the fund).
Commercial Paper 0% 9% Thus, the Fund is no longer liable to pay any expense under WWF until December 31, 2012.

Other Including receivables 1% 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. 0.96/1.85%. 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 MUFAPs recommended Format)
 MEEZAN SOVEREIGN FUND (MSF) May, 2016

INCOME
AMC RATING AM2++ (STABLE OUTLOOK)

Fund Review
Net assets of Meezan Sovereign Fund (MSF) stood at Rs. 9.53 billion as on May 31, 2016. For the month of May, the fund has provided an
annualized return of 6.80% as compared to its benchmark which has provided an annualized return of 4.37% 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 6.80% 6.27% 5.97% 5.30% 5.42% 7.42% 9.77% 11.15%
Benchmark 4.37% 4.27% 4.29% 4.50% 4.57% 5.82% 6.55% 6.84%
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 FY15 FY14 FY13 FY12 FY11 FY10 FY09 FY08
Auditors
& Co.
MSF 6.81% 8.50% 9.11% 11.19% 11.45% 9.76%* - -
Registrar Meezan Bank Ltd.
Unit Types A, B, C and D Benchmark 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%
2.33 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%
Nov-15
Jul-15

Feb-16

May-16
Mar-16
Dec-15

Jan-16
Oct-15
Sep-15

Apr-16
Aug-15

Fund Manager Zain Malik

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)
Apr '16 May '16 MoM %
Tax Credit as per tax laws
Net Assets (Rs mn) 10,130 9,533 -5.89%
NAV Per Unit (Rs) 52.62 52.93 0.60% 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 83.8% institutions
AA+ 0.1%
Weighted Average Time to Maturity of Portfolio : Not
AA 6.2%
more than 4 years
A+ 7.7%
Benchmark Average return on 6-month Islamic bank deposits
Asset Allocation:
Apr 16 May16 Asset Allocation:
Government Guaranteed 83% 84%
Cash 13% 14%
Placements with Banks and DFIs 2% 0%
Other Including receivables 2% 2% 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
provision in the fund from the date of its application till December 31, 2012, in case is Cash
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. 133.89
Other Including receivables
million till June 30, 2015, if the same was not made the NAV per unit/return of the fund
84% 14%
would have been higher by Rs. 0.74/1.40%. Effective from July 1, 2015 no provision is being 2%
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 MUFAPs recommended Format)
 MEEZAN TAHAFFUZ PENSION FUND (MTPF) May, 2016

PENSION
AMC RATING AM2++ (STABLE OUTLOOK)

Fund Review:
As at May 31, 2016, total size of net assets of Meezan Tahaffuz Pension Fund (MTPF) stood at Rs. 6,040 million. For the month of May, the NAV
of equity sub fund increased by 2.82% while the NAV of debt and money Market sub funds provided an annualized return of 5.42% and 4.61%
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 2% 13% 11% 12% 17% 74% 204% 319% 17%
are not dependent on other members of the society. Med. Volatility 2% 8% 8% 9% 12% 54% 144% 239% 15%
Low Volatility 1% 5% 5% 6% 8% 37% 93% 171% 12%
Fund Details: Lower Volatility 0.4% 1% 2% 4% 4% 20% 43% 103% 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++ FY15 FY14 FY13 FY12 FY11 FY10 FY09 FY08
Rating Agency JCRVIS
Pricing Mechanism Forward MTPF- Equity 26.6% 32.4% 54.9% 16.8% 36.0% 31.5% -25.8% 3.1%
Valuation Days Mon-Fri MTPF- Debt 6.4% 7.7% 8.3% 9.5% 10.9% 8.5% 10.2% 8.3%
Subscription/ Redemption Days Mon-Fri 9am 4pm MTPF- MMkt 6.9% 6.9% 7.8% 10.9% 10.7% 8.5% 11.1% 7.7%
Fund Manager Asmar Hamoodi

Members of M. Shoaib, CFA

Investment Committee
(MTPF Equity): Sector Allocation & Top Holdings (May16)
Muhammad Asad
Ali Khan, CFA Cement 24% Engro Corporation 8.22%
Ahmed Hassan, CFA Packages Ltd. 6.72%
Asif Imtiaz, CFA Oil & Gas Exploration Companies 11%
Lucky Cement Ltd. 6.46%
Zain Malik Fertilizer 11%
Asmar Hamoodi The Hub Power Co. Ltd. 5.65%
Imad Ansari Power Generation & Distribution 11% Pakistan State Oil Co. Ltd. 5.26%
Mari Petroleum Ltd. 4.81%
Paper & Board 8%
DG Khan Cement Co. Ltd. 4.08%
Fund Net Assets: Other Sectors 30% Cherat Cement Co. Ltd 3.73%
Cash & Others including receivable 5% Kohat Cement Co. Ltd. 3.55%
Rs (Mn) Apr'16 May '16 MoM %
K-Electric Ltd. 3.45%
MTPF- Equity 3,572 3,816 6.8%
MTPF- Debt 1,734 1,799 3.8%
MTPF Debt Sub Fund:
MTPF- MMkt 418 425 1.7%
Total Fund 5,724 6,040 5.5% 4.4%
21.6%
NAV per unit: GoP Guaranteed Securities
Rs Apr '15 May '16 MoM % Sukuk
MTPF- Equity 460.4 473.4 2.82%
Placement
MTPF- Debt 202.9 203.9 0.48%
6.7% Cash & Other Including receivables
MTPF- MMkt 201.9 202.8 0.40%

67.2%
Sukuk Holdings MTPF (MMKT Fund)
GoP Ijarah Sukuks XVI 24.28% MTPF Money Market Sub Fund:
65.5%
GoP Ijarah Sukuks XVII 5.38%
Engro Fertilizer 4.85%

Sukuk
GoP Guaranteed Securities
Cash & Other Including receivables
4.9%
29.7%

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. 32.93mn (Equity), Rs. 5.34mn (Debt) and Rs. 1.38mn (MMKT), if the
same were not made the NAV per unit/return of the fund would be higher by Rs. 4.08/0.86% (Eq.), Rs. 0.61/0.30% (Dt.) and Rs. 0.66/0.32 (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 MUFAPs recommended Format)
 KSE-MEEZAN INDEX FUND (KMIF)

INDEX TRACKER
May, 2016

AMC RATING AM2++ (STABLE OUTLOOK)

Fund Review:

As at May 31, 2016, the net assets of KSE-Meezan Index Fund (KMIF) stood at Rs. 842 million. For the month of May, KMIF provided a return of
4.34%.

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 4.3% 17.1% 17.0% 8.4% 12.9% 56.1% - 134.5% 23.6%
opportunity to track closely the performance of the 4.5% 17.7% 18.3% 10.5% 15.7% 68.1% - 161.1%
Benchmark 26.9%
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: FY15 FY14 FY13 FY12 FY11 FY10 FY09 FY08
Fund Type: Open End KMIF 17.1% 26.5% 49.6% -2.4%* - - - -
Risk Level High
Launch Date 23-May-12 Benchmark 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
Funds Performance:
Management Fee 1% 290
Front End Load 2% 270 KMIF Benchmark
Fund Category Index Tracker Scheme
250
Back End Load Nil
Leverage Nil 230
Listing ISE 210
AMC Rating AM2++
190
Rating Agency JCRVIS
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-14

Jan-15
Sep-12

Oct-14

Sep-15
Jun-12

Jun-15
Apr-14
Aug-13

Nov-13

Jul-14

Feb-16
May-13

May-16
Mar-13

Mar-15
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% Dawood Hercules 5%
Imad Ansari Engro Corporation 10% DG Khan Cement Co. Ltd. 5%
Fauji Fertilizer Co. Ltd. 9% Pakistan Oilfields Ltd. 4%
Fund Net Assets: Lucky Cement Ltd. 9% Fauji Cement Co.Ltd. 3%
Pakistan Petroleum Ltd. 8% Engro Fertilizer 3%
Apr '16 May '16 MoM %
Net Assets (Rs mn) 820 842 2.71% Sector Allocation:
NAV Per Unit (Rs) 74.48 77.71 4.34%
23% Cement
14%
Power Generation & Distribution
Assets Allocation:
Oil & Gas Exploration Companies
15% Fertilizer
Apr '16 May '16 15%
Equity (%) 97.3 97.5 Pharmaceuticals
Cash (%) 1.7 2.1 3%
30% Others
Other Including receivables (%) 1.0 0.4

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.1.19/1.53%. 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 MUFAPs recommended Format)
 FUND OF FUNDS
MEEZAN FINANCIAL PLANNING FUND OF FUNDS (MFPFOF) May, 2016

AMC RATING AM2++ (STABLE OUTLOOK)

Fund Review:
As at May 31, 2016, total size of net assets of Meezan Financial Planning Fund of Fund (MFPFOF) stood at Rs. 10,642 million. For the month of
May, the NAV of Aggressive plan increased by 2.2% 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 1.8%, 1.1%, 1.6%, 1.2%, 2.3%, 2.2%, 1.9% and 0.01% 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 2.2% 11.8% 11.6% 9.8% 14.0% 54.5% - 70.2%
risk tolerance of the Investor. Benchmark 3.1% 11.9% 12.6% 8.2% 11.8% 50.4% 66.1%
1.8% 8.8% 8.7% 9.1% 12.2% 51.1% - 52.2%
Fund Details: Moderate
Benchmark 2.4% 9.4% 10.2% 7.3% 10.1% 42.8% 55.1%
Fund Type: Open End Conservative 1.1% 5.0% 5.7% 7.3% 9.2% 36.4% - 36.5%
Risk Level Details
Funds Plan specific Benchmark 1.2% 4.4% 5.4% 5.4% 6.8% 27.6% 33.0%
Launch Date 11-April-13 MCPP I** 1.6% 7.8% 7.7% 7.7% 11.6% - - 16.1%
Trustee CDC Benchmark 2.4% 7.9% 8.6% 5.7% 9.1% - - 14.6%
KPMG Taseer Hadi
Auditors MCPP II*** 1.2% 4.8% 4.9% 5.0% 7.5% - - 5.5%
& Co. 1.6% 4.0% 4.8% 3.8% 6.3% - - 5.9%
Benchmark
Registrar Meezan Bank Ltd.
MAAP I**** 2.3% 13.8% 12.4% 7.9% - - - 7.9%
Unit Types A and B
Benchmark 3.5% 15.1% 15.6% 10.7% - - - 10.7%
Management Fee Same as underlying
MAAP II***** 2.2% 13.4% 11.0% 11.0% - - - 11.0%
Funds and 1% on Cash
Benchmark 3.5% 14.8% 13.9% 14.0% - - - 14.0%
Front End Load Aggressive Plan 2.0% MAAP III# 1.9% 10.8% - 9.7% - - - 9.7%
Moderate Plan 1.5% Benchmark 3.1% 12.4% - 12.8% - - - 12.8%
Conservative Plan 1.0% MAAP IV## 0.01% - - 0.01% - - - 0.01%
Other Plans 0% to 3% Benchmark 0.08% - - 0.08% - - - 0.08%
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 FY15 FY14 FY13 FY12 FY11 FY10 FY09 FY08
Fund Manager Ahmed Hassan, CFA Aggressive 16.5% 22.1% 9.0%* - - - - -
Benchmark Benchmark 15.1% 21.7% 7.9% - - - - -

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

Aggressive Allocation Plan 12.9% 18.2% 6.2% - - - - -
dep. rate* Benchmark
50% KMI-30 & 50% 6M Conservative 10.1% 12.6% 3.8%* - - - - -
Moderate Allocation Plan
dep. rate* Benchmark 8.6% 11.2% 3.6% - - - - -
20% KMI-30 & 80% 6M MCPP - I 7.8%** - - - - - - -
Conservative Allocation Plan
dep. rate* Benchmark 8.5% - - - - - - -
MCPP Plan I Weighted average MCPP II 0.4%*** - - - - - - -
return of KMI-30 2.0% - - - - - - -
MCPP Plan II Benchmark
Index and Average
return on 6-month MAAP - I - - - - - - - -
MAAP I, II, III & IV - - - - - - - -
Islamic bank Deposits Benchmark
Valuation Days Mon-Fri MAAP - II - - - - - - - -
Subscription/ Redemption Benchmark - - - - - - - -
Mon-Fri 9am 4pm
Days MAAP III - - - - - - - -
Benchmark - - - - - - - -
Members of Investment M. Shoaib, CFA
* 80 days of operations, **303 days of operations, ***196 days of operations
Committee Muhammad Asad
Ali Khan, CFA
Ahmed Hassan, CFA NAV
Rs per unit: Apr '16 May '16 MoM%
Asif Imtiaz, CFA
Aggressive 75.29 76.95 2.2%
Zain Malik
Asmar Hamoodi Moderate 68.93 70.16 1.8%
Imad Ansari Conservative 65.05 65.77 1.1%
* Average return on 6-month Islamic bank deposits MCPP - I 57.12 58.04 1.6%
Fund Net Assets:
MCPP - II 52.04 52.68 1.2%
Rs (Mn) Apr '16 May '16 MoM % MAAP - I 52.71 53.93 2.3%
Aggressive 407 413 1.5% MAAP - II 54.30 55.49 2.2%
Moderate 334 375 12.3% MAAP - III 53.84 54.86 1.9%
Conservative 238 272 14.3% MAAP - IV 50.00
MCPP - I 1,544 1,557 0.8%
MCPP - II 3,014 3,037 0.7%
MAAP - I 1,263 1,277 1.1%
MAAP - II 890 907 1.9% Funds Multiplier:
MAAP - III 2,738 2,788 1.8%
MCPP-I MCPP-II
MAAP - IV 15 High Multiplier 4.00 4.00
Low Multiplier 3.50 3.88
(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 MUFAPs recommended Format)
 FUND OF FUNDS
MEEZAN FINANCIAL PLANNING FUND OF FUNDS (MFPFOF) May, 2016

AMC RATING AM2++ (STABLE OUTLOOK)

Fund Review:
As at May 31, 2016, total size of net assets of Meezan Financial Planning Fund of Fund (MFPFOF) stood at Rs. 10,642 million. For the month of
May, the NAV of Aggressive plan increased by 2.2% 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 1.8%, 1.1%, 1.6%, 1.2%, 2.3%, 2.2%, 1.9% and 0.01% 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 71.0% 28.5% 0.5% 0.0%
Fund Details: Moderate 50.9% 48.1% 1.0% 0.0%
Fund Type: Open End Conservative 25.6% 72.7% 1.6% 0.1%
Risk Level Details
Funds Plan specific MCPP-I 58.2% 41.0% 0.7% 0.0%
Launch Date 11-April-13 MCPP-II 32.5% 67.3% 0.2% 0.0%
Trustee CDC MAAP-I 82.4% 17.3% 0.2% 0.0%
KPMG Taseer Hadi MAAP-II 81.0% 17.0% 2.1% 0.0%
Auditors
& Co. MAAP-III 80.1% 19.4% 0.6% 0.0%
Registrar Meezan Bank Ltd. MAAP-IV 0.0% 0.0% 100.0% 0.0%
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 investors 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 Managers 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 Managers 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 Funds 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. 0.50/0.65% (Aggressive), Rs. 0.33/0.47% (Moderate), Rs. 0.35/0.53% (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 MUFAPs recommended Format)
 MEEZAN GOLD FUND (MGF) May, 2016

GOLD FUND
AMC RATING AM2++ (STABLE OUTLOOK)

Fund Review:

Net assets of Meezan Gold asdf

Fund (MGF) as at May 31, 2016 stood at Rs. 262 million. The funds NAV decreased by 4.96% 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 -5.0% -2.9% 7.6% 2.0% - - - 2.0%
the Funds net assets in deliverable gold based
Funds
contracts Details
available on Pakistan Mercantile Exchange Benchmark -3.3% -1.1% 9.0% 9.1% - - - 9.1%
(PMEX). * Performance start date of Aug 13, 2015,
Fund Details:
Annual Returns:
Fund Type: Open End
Risk Level High
Launch Date 13-Aug-15 FY15 FY14 FY13 FY12 FY11 FY10 FY09 FY08
Trustee CDC
MGF - - - - - - - -
KPMG Taseer Hadi
Auditors
& Co.
Benchmark - - - - - - - -
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 Funds investment objective, at least
Fund Manager Ali Khan, CFA seventy percent (70%) of Funds 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
Apr 16 May'16 MoM % Long term
Net Assets (Rs mn) 242 262 8.0% Investment Horizon (Investors are advised to take a long term view of a
NAV Per Unit (Rs) 53.66 51.01 -4.96% minimum of 3 to 5 years)

Assets Allocation:
Apr '16 May '16
Gold (%) 79.5 85.2
Cash (%) 20.4 14.8
Other Including receivables (%) 0.1 0.0

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 MUFAPs recommended Format)
 ASSET ALLOCATION
MEEZAN ASSET ALLOCATION FUND (MAAF) May, 2016
FUNDma(MBF) AMC R AM2++ (S O ) ATING TABLE UTLOOK

Fund Review:

Net assets of Meezan Asset Allocation Fund (MAAF) as at May 31, 2016 stood at Rs. 328 million. The funds NAV increased by 0.99% 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 1.0% - - 0.7% - - - 0.7%
Instruments, Shariah Compliant Money Market
Instruments and any other Shariah Compliant Benchmark 0.1% - - 1.8% - - - 1.8%
instrument as permitted by the SECP and Shariah * Performance start date of Apr 18, 2016,
Advisor.
Annual Returns:
Fund Details:
Fund Type: Open End FY15 FY14 FY13 FY12 FY11 FY10 FY09 FY08
Risk Level Low to Moderate MAAF - - - - - - - -
Launch Date 18-Apr-2016
Trustee CDC Benchmark - - - - - - - -
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 investors 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 managers 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 Managers 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 .
Apr '16 May '16 MoM % *
Net Assets (Rs mn) 236 328 39.15%
NAV Per Unit (Rs) 49.86 50.35 0.99% Top Ten Equity Holdings:(% of Total Assets):
Engro Fertilizer 9% Abbott Pharmaceutical 5%
Assets Allocation: Pakistan Petroleum Ltd. 9% Pak. Telecommunication. Co. Ltd 4%
Apr May Engro Corporation 8% The Hub Power Co. Ltd. 3%
'16 '16 Pakistan State Oil Co. Ltd. 8% Oil & Gas Development Co. Ltd. 3%
Equity (%) 25.3 67.8
Packages Ltd. 6% Honda Atlas Cars 3%
Money Market (%) 0.0 0.0
Cash (%) 65.1 31.0
Other Including receivables (%) 9.6 1.2

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 MUFAPs recommended Format)
 FUND OF FUNDS
MEEZAN CAPITAL PRESERVATION FUND-II May, 2016

AMC RATING AM2++ (STABLE OUTLOOK)

Fund Review:

For the month of May 2016, KSE-Meezan Index (KMI-30) increased by 4.51% with which the fund also increased its exposure to equities. The
NAV as a result increased from Rs. 58.20 to Rs. 59.12 translating into a gain of 1.58% 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 1.6% 7.5% 7.4% 7.2% 10.9% - - 18.2%
Funds Details
Income/Money Market based Collective Investment Benchmark 2.4% 7.7% 8.4% 6.0% 9.5% - - 15.5%
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 FY15 FY14 FY13 FY12 FY11 FY10 FY09 FY08
Trustee CDC
KPMG Taseer Hadi MCPRF-II 10.3% - - - - - - -
Auditors
& Co.
Registrar Meezan Bank Ltd. Benchmark 8.5% - - - - - - -
Unit Types A and B
Management Fee 1%
Front End Load 3% Funds Performance:
Fund Category Fund of Funds
61.00
Back End Load Contingent Load
Benchmark Combination of MCPRF-II Benchmark
KMI-30 Index and 59.00
Average return
on 6-month Islamic
bank deposits 57.00
Leverage Nil
Listing ISE
AMC Rating AM2++ 55.00
Rating Agency JCRVIS
Pricing Mechanism Forward 53.00
Valuation Days Mon-Fri
Subscription/ Redemption Days Mon-Fri 9am 4pm
Fund Manager Asif Imtiaz, CFA 51.00

Members of M. Shoaib, CFA

Investment Committee Muhammad Asad 49.00
Ali Khan, CFA
Ahmed Hassan, CFA
47.00
Asif Imtiaz, CFA

May-16
May-15
Mar-15

Mar-16
Jan-15

Jan-16
Dec-15
Oct-14

Dec-14

Oct-15
Sep-14

Jun-15
Jul-14

Jul-15

Apr-16
Aug-14

Aug-15

Nov-15
Feb-15

Zain Malik
Asmar Hamoodi
Imad Ansari

Fund Net Assets: Asset Allocation:

Apr 16 May '16 MoM % Mar 16 Apr 16 May 16

Net Assets (Rs mn) 2,300 2,333 1.42% 45.0 47.6 56.7
Equity/ Index Funds (%)
NAV Per Unit (Rs) 58.20 59.12 1.58%
Income/Money market Funds (%) 54.8 52.2 43.2

Cash (%) 0.2 0.2 0.1

Funds Multiplier: 0.0 0.0 0.0
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 4.00
application till December 31, 2012, in case is required to be paid, shall be borne by Al Meezan Investment
Low Multiplier 3.49 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.
0.11/0.18%. 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 MUFAPs recommended Format)
 BALANCED
MEEZAN BALANCED FUND May, 2016

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

Fund Review:

Net assets of Meezan Balanced Fund (MBF) as at May 31, 2016 stood at Rs. 4.67 billion. The funds NAV increased by 1.77% 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 2% 10% 10% 9% 13% 49% 135% 460% 16%
both in high quality equity securities and Islamic
Income Instruments such as TFCs, COIs, Certificates of Benchmark 2% 9% 10% 7% 10% 41% 116% 318% 13%
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 FY15 FY14 FY13 FY12 FY11 FY10 FY09 FY08
Risk Level Minimal
MBF 16% 20% 32% 17% 25% 23% -11% 1%
Launch Date 20-Dec-2004
Trustee CDC Benchmark 13% 18% 30% 10% 25% 21% -14% 3%
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% Engro Corporation 6% K-Electric Sukuk 3 9%
Back End Load Contingent Load Packages Ltd. 6% Engro Fertilizer Limited III 6%
Leverage Nil Hub Power Co. Ltd. 6% Hascol Sukuk 5%
Listing ISE Lucky Cement Co. Ltd. 4% Lalpir (Commercial Paper) 3%
AMC Rating AM2++ Pakistan State Oil Co. Ltd. 3% GoP Ijarah Sukuk XVII 3%
Rating Agency JCRVIS
Pricing Mechanism Forward
Valuation Days Mon-Fri Asset Allocation:
Subscription/ Redemption Days Mon-Fri 9am 4pm
Benchmark 50% KMI-30 Index Apr 16 May 16
50% Average bank Equity 56% 56%
Deposit rate of three
GoP Guaranteed Securities 5% 3%
Islamic banks
Sukuk 16% 25%
Fund Manager Asmar Hamoodi
Placement with Banks 4% 4%
Members of M. Shoaib, CFA Cash Others including receivable 19% 12%
Investment Committee Muhammad Asad
Ali Khan, CFA
Ahmed Hassan, CFA Sector Allocation:
Asif Imtiaz, CFA
Sukuk
Zain Malik
Asmar Hamoodi 28% 14% 6% Cement
Imad Ansari 8%

7% Paper & Board

Fund Net Asset:
Power Generation & Distribution
Apr '16 May '16 MoM %
Net Assets (Rs mn) 4,743 4,666 -1.62% Fertilizer
NAV Per Unit (Rs) 15.73 16.00 1.77%
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 MUFAPs recommended Format)
Performance Fiscal Year Returns:

FY15 FY14 FY13 FY12 FY11 FY10 FY09 FY08 FY07

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

Disclaimer This publication is for informational purpose only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds are subject to market
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 MUFAPs recommended Format)