May, 2013

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 nine 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 Protected Fund
(MCPF-II) and KSE Meezan Index Fund.
The total funds under management of Al Meezan, the only full fledged Shariah compliant asset management company in Pakistan, have reached
Rs. 47.8 billion as on May 31, 2013. With AM2 rating which denotes 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

KSE 100 index posted a return of 15% for the month of May 2013 to The money market continued to witness relative illiquidity
close at the level of 21,823. The performance of the month of May throughout the month as evidenced by the continuously rising OMO
brings the cumulative return for the FY13 to 58.12% for KSE-100 rates along with commercial banks regular approach to SBPs
and 58.32% for KMI-30. Average volumes for May 2013 stood at discount window; the same was also reflective in the continued rising
202mn versus 109mn shares per day in previous month. trend of KIBORs where the 3MK closed 5bps higher at 9.59% while
Market activity in the month of May was initially dominated by the the 6MK, after trading as high as 9.62%, closed at the previous
pre elections rally, followed by further gains subsequent to the months level of 9.58%. In line with the above, SBP kept injecting
outcome of the General Elections. PML (N)s victory was key in regular liquidity in the system throughout the month Rs. 1.5 trillion
carrying markets momentum forward, where a single party was at a weighted yield of 9.34%.
seen key to swifter reforms and policy implementation. In addition Activity in the Ijarah market remained subdued during this period
to a smooth political transition, expectations from the new with wide gaps in bid and offer prices continuing to persist, hence
government for turnaround in investment climate and resolution of affecting the trading ability/opportunities. Moreover, two T-bill
circular debt issue were the key triggers behind current auctions were conducted during the month whereby in total,
momentum. The political transition has also improved confidence Rs.521.3 billion was accepted against a participation of Rs. 640.7
of foreigners as evidenced by portfolio investment inflow (FPI) of billion with major acceptance in the 1 year T-bills (Rs. 407.8 billion in
USD 271 million buying in the month. total at cut off yields of 9.45% and 9.39%). A PIB auction was also
Key performers in the market were stocks in the energy chain conducted whereby Rs. 34.6 billion was accepted against a
namely, PSO, MARI and PPL, while Electricity (Power), Banks and participation of Rs. 91.6 billion with major acceptance in the 3 years
Gas Utilities also remained in the lime-light this month. category (Rs. 15.6 billion at a cut-off yield of 10.05%).
Going forward, we believe following events will likely impact the On the forex front, in the interbank market the rupee closed 7 paisas
market sentiment (1) first address of the newly elected PM (2) weaker at Rs. 98.55/$ while in the open market, it closed 5 paisas
upcoming monetary policy (3) Federal budget announcement. stronger than the previous month at Rs. 99.90/$.

KSE-100 Index Performance 6 Month KIBOR

Vol (mn) (LHS) Index (RHS) 10.00
700 22,200

600
21,200 9.80
500

400 20,200
9.60
300 19,200
200 9.40
18,200
100

0 17,200 9.20
10-May

15-May

20-May

23-May

28-May

31-May
2-May

7-May
10-May

15-May

20-May

23-May

31-May
28-May
2-May

7-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, 2013

EQUITY
AMC RATING AM2 (STABLE OUTLOOK)

Fund Review:
Net assets of Meezan Islamic Fund stood at Rs. 9.30 billion as on May 31, 2013. The funds NAV increased by 14.1% during the month of May as
compared to 14.2% increase in benchmark index (KMI-30) while KSE-100 Index during the same period increased by 15.0%. As on May 31, the
fund was 86% 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 14% 18% 31% 53% 52% 155% 137% 580% 22%
Funds
Fund Details
Details: Benchmark #
14% 20% 32% 58% 57% 163% 123% 394% 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.
FY12 FY11 FY10 FY09 FY08 FY07 FY06 FY05
Unit Types A, B and C
Management Fee 2% MIF 19% 39% 31% -30% 0% 29% 30% 40%
Front End Load 2%
Fund Category Equity Benchmark 14% 44% 37% -35% 1% 17% 25% 22%
Back End Load Nil
Benchmark KMI-30 Funds Performance:
Leverage Nil
Listing KSE 700
AMC Rating AM2 MIF Benchmark
Rating Agency JCRVIS 600
Pricing Mechanism Forward
Valuation Days Mon-Fri 500
Subscription/ Redemption Days Mon-Fri 9am 3pm
Fund Manager Muhammad Asad 400
Members of M. Shoaib, CFA 300
Investment Committee Muhammad Asad
Sanam Zaib, CFA 200
Ahmed Hassan, CFA
Dr. Gohar Rasool 100
Zain Malik
0
Dec-10
Sep-07

Sep-11
Apr-05

Apr-09
Aug-03

Nov-06

Feb-10

May-13
Jan-06
Jun-04

Jun-08

Jul-12
Fund Net Assets:
Apr' 13 May' 13 MoM %
Net Assets (Rs mn) 7,687 9,301 21.0%
NAV Per Unit (Rs) 55.64 63.48 14.1% Top Ten Equity Holdings:(% of Total Assets):
Asset Allocation: Pakistan Oilfields Ltd. 11% Oil & Gas Development Co. Ltd. 6%
The Hub Power Co. Ltd. 10% Lucky Cement Ltd. 6%
Apr'13 May' 13
Pakistan State Oil Co. Ltd. 8% DG Khan Cement Co. Ltd. 6%
Equity (%) 96.20 85.64
Pakistan Petroleum Ltd. 7% Engro Foods Ltd. 6%
Cash (%) 3.34 8.95 Fauji Fertilizer Co. Ltd. 7% Packages Ltd. 4%
Other receivables (%) 0.46 5.41
Expense Ratio* 3.11% 3.23%
Sector Allocation:
P/E 7.9 8.2
33% Oil & Gas
*Management fee is included in the expense ratio Chemicals
9%
Construction and Materials
Risk MeasuresMay13: Electricity
12%
KSE-100 KMI-30 30% Food Producers
MIF index Index
10% Others
Standard Deviation (%) 0.95 0.94 0.98 6%
Sharpe Ratio 0.61 0.65 0.59

adf Disclosure: The fund has not made provision amount to Rs. 89.30mn upto December 31, 2012 against Workers Welfare Fund liability. If the same were made the
WWF
NAV per unit/return of the fund would be lower by Rs. 0.61/0.96% . For details, investors are advised to read Financial Statements of the Scheme.

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, 2013

EQUITY
AMC RATING AM2 (STABLE OUTLOOK)
Fund Review:
The net assets of Al Meezan Mutual Fund (AMMF) as at May 31, 2013 stood at Rs. 2.37 billion. The funds NAV increased by 14.4% during the
month of May as compared to 14.2% increase in benchmark index (KMI-30) while KSE-100 Index during the same period increased by 15.0%.
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 14% 18% 31% 54% 52% 152% 104% 1,468% 18%
#
management. Benchmark 14% 20% 32% 58% 57% 163% 123% 1,183% 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 FY12 FY11 FY10 FY09 FY08 FY07 FY06 FY05
& Co.
Registrar Meezan Bank Ltd. AMMF 19% 38% 31% -32% 0% 27% 28% 45%
Unit Types A, B,C and D
Management Fee 2% Benchmark 14% 44% 37% -35% 1% 17% 25% 22%
Front End Load 2%
Fund Category Equity
Back End Load Contingent Load Investment Growth from FY 1996 - to Date
Benchmark KMI-30
Leverage Nil
Listing ISE 1,800,000
1,567,779
AMC Rating AM2 1,600,000
Rating Agency JCRVIS
Pricing Mechanism Forward 1,400,000
Valuation Days Mon-Fri 1,172,192
Subscription/ Redemption Days Mon-Fri 9am 3pm 1,200,000
968,549
Fund Manager Dr. Gohar Rasool
1,000,000
Members of M. Shoaib, CFA
Investment Committee 800,000
Muhammad Asad
Conversion
Sanam Zaib, CFA 600,000 from close end
Ahmed Hassan, CFA
Dr. Gohar Rasool 400,000
487,122
Zain Malik 100,000
200,000
122,800
Fund Net Assets: -

May 13
Jan 12
Mar 12

Jan 12
Mar 12

Mar 13
Sep 11

Sep 12
Jul 12
Jul 11

Nov 11

Nov 12
June 96

June 00

June 04
June 06
June 08
June 10
June 98

June 02

Apr' 13 May' 13 MoM %

Net Assets (Rs mn) 2,021 2,371 17.33%
NAV Per Unit (Rs) 14.35 16.42 14.4%
Top Ten Equity Holdings:(% of Total Assets):
Asset Allocation:
Oil & Gas Development Co. Ltd. 11% Fauji Fertilizer Co. Ltd. 7%
Apr' 13 May' 13 Pakistan Oilfields Ltd. 11% Lucky Cement Ltd. 6%
Equity (%) 96.86 92.73 The Hub Power Co. Ltd. 10% DG Khan Cement Co. Ltd. 6%
Cash (%) 2.58 6.56 Pakistan State Oil Co. Ltd. 9% Engro Food Ltd. 5%
Other receivables (%) 0.56 0.71 Pakistan Petroleum Ltd. 8% Packages Ltd. 5%

Expense Ratio* 3.41% 3.30%

Sector Allocation:
*Management fee is included in the expense ratio
39% Oil & Gas
Risk Measures May13:
Chemicals
KSE-100 KMI-30 8%
AMMF index Index Construction and Materials
Standard Deviation (%) 0.97 0.94 0.98
Electricity
Sharpe Ratio 0.61 0.65 0.59
24% 12% General Industrials

Others
6% 11%

WWF Disclosure: The fund has not made provision amount to Rs. 24.53mn upto December 31, 2012 against Workers Welfare Fund liability. If the same were made the
NAV per unit/return of the fund would be lower by Rs. 0.17/1.04% . For details, investors are advised to read Financial Statements of the Scheme.

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, 2013

INCOME
AMC RATING AM2 (STABLE OUTLOOK)

Fund Review
Net assets of Meezan Islamic Income Fund (MIIF) stood at Rs. 2.4 billion as on May 31, 2013. MIIF has provided an annualized return of 5.60%
for the month of May as compared to its benchmark which has provided an annualized return of 5.11% 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 Shariah compliant way. A secondary MIIF 5.60% 12.26% 13.63% 14.41% 14.22% 12.27% 12.50% 13.18%
objective is to take advantage of opportunities to
Benchmark 5.11% 5.01% 5.08% 5.58% 5.72% 5.84% 5.88% 5.87%
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 FY12 FY11 FY10 FY09 FY08 FY07 FY06 FY05
Trustee CDC
MIIF 7.79% 11.77% 7.31% 10.14% 9.28% 10.07%* - -
KPMG Taseer Hadi
Auditors
& Co. Benchmark 6.02% 5.88% 5.80% 6.12% 5.75% 5.00% - -
Registrar Meezan Bank Ltd.
Unit Types A, B and C * 163 days of operations
Management Fee 1.5%
Front End Load 0.5% Monthly Performance:
Fund Category Income
Leverage Nil MIIF Benchmark
Listing KSE 25%
AMC Rating AM2
Rating Agency JCRVIS 20%
Fund Stability Rating A(f)
Pricing Mechanism Forward 15%
Weighted average time to
1.35 Years
maturity 10%
Back End Load Contingent load for
Type C investors 5%
Benchmark Average bank deposit
rate of three Islamic
0%
banks
Dec-12

Jan-13
Oct-12
Sep-12

Apr-13
Aug-12

Nov-12
Jul-12

Feb-13

May-13
Mar-13
Valuation Days Mon-Fri
Subscription/ Redemption Days Mon-Fri 9am 3pm
Fund Manager Zain Malik
Members of M. Shoaib, CFA Top Ten Portfolio Holdings:(% of Total Assets):
Investment Committee Muhammad Asad GoP Ijarah Sukuk XIV 14.99% GoP Ijarah Sukuk XII 4.16%
Sanam Zaib, CFA HUBCO (Commercial Paper) 9.37% KAPCO (Commercial Paper) 4.16%
Ahmed Hassan, CFA
GoP Ijarah Sukuk XIII 9.36% Maple Leaf Sukuk I 3.94%
Dr. Gohar Rasool
Engro Fertilizer Ltd. 7.39% Eden Housing Ltd. 3.22%
Zain Malik
GoP Ijarah Sukuk IX 7.08% Eden Builders Limited 0.50%
Fund Net Assets:
Asset Allocation:
Apr' 13 May' 13 MoM %
Net Assets (Rs mn) 2,164 2,360 9.05% Apr13 May13
NAV Per Unit (Rs) 53.12 53.37 0.48% Sukuks 17% 15%
Government backed / Guaranteed Securities 39% 36%
Credit Quality of Portfolio: Cash 27% 33%
AAA Commercial Paper 15% 14%
35.6%
Others Including receivables 2% 3%
AA+ 18.8% s
AA- 0.1% Details of Non Performing Investments:
A 27.9%
A- 7.4%
Below BBB 7.2%
Unrated 0.4%

36%
Credit Quality
40%
28%
19%
20%
7% 7%
0.1% 0.4%
0%
WWF Disclosure: The Scheme has maintained provisions against Workers Welfare Funds liability to the tune of
AA-
AAA

A-
AA+

Below BBB

Unrated

Rs.28.10mn. If the same were not made the NAV per Unit/return of the Scheme would be higher by Rs.0.64/1.19%.
For details investors are advised to read Financial Statements of the Scheme.

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, 2013

AMC RATING AM2 (STABLE OUTLOOK)

Fund Review
Net assets of Meezan Cash Fund (MCF) stood at Rs. 6.7 billion as at May 31, 2013. MCF has provided an annualized return of 7.15% for the
month of May as compared to its benchmark which has provided an annualized return of 6.65% 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 7.15% 7.53% 7.86% 8.86% 8.61% 11.00% - 11.81%
securities.
Benchmark 6.65% 6.63% 6.68% 6.94% 7.19% 7.30% - 7.74%
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 FY12 FY11 FY10 FY09 FY08 FY07 FY06 FY05
KPMG Taseer Hadi
Auditors MCF 10.49% 10.95% 10.09% 8.03% - - - -
& Co.
Registrar Meezan Bank Ltd. Benchmark 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
MCF Benchmark
within 3 days 12%
Fund Category Money Market
Leverage Nil 10%
Listing ISE
AMC Rating AM2 8%
Rating Agency JCRVIS
Fund Stability Rating AA (f) 6%
Pricing Mechanism Forward
Weighted average time to 4%
67 Days
maturity
2%
Benchmark Average return on
6-month Islamic 0%
bank deposits
Dec-12

Jan-13
Sep-12

Oct-12

Apr-13
Aug-12

Nov-12
Jul-12

Feb-13

May-13
Mar-13
Valuation Days Mon-Fri
Subscription/ Redemption Days Mon-Fri 9am 3pm
Fund Manager Zain Malik

Members of M. Shoaib, CFA Portfolio: Salient Features

Investment Committee Muhammad Asad
Sanam Zaib, CFA Maximum Preservation of Principal Investment
Ahmed Hassan, CFA High Liquidity (Redemption within two working days)
Dr. Gohar Rasool Key Benefits
Zain Malik *No Sales Load (No Entry or Exit charges)
Tax Credit as per tax laws
Fund Net Assets:
Investments in High Grade & Liquid avenues:
Apr' 13 May' 13 MoM %
Instrument/Issuer Rating : Minimum AA
Net Assets (Rs mn) 6,505 6,737 3.58% Investment Policy and
NAV Per Unit (Rs) * 50.08 50.09 0.61% Strategy Maximum Maturity of Instruments : Six Months
Average Time to Maturity of Portfolio : Three
*Ex-Dividend NAV
Months
Rating Exposure: Benchmark Average return on 6-month Islamic bank deposits

AAA 66%
Asset Allocation:
AA+ 10%
AA 21% 41%
##
AA- 0.2%
Placements with Banks and DFIs
##Account with Meezan Bank is being maintained only for
collection /redemption purposes as Meezan Bank is the distributor Cash
for Al Meezan Funds.
Government Guaranteed
Portfolio Composition:
Commercial Paper
Apr13 May13 Other Including receivables
21% 29%
Placements with Banks and DFIs 23% 21% 3% 6%
Commercial Paper 7% 6%
Government Guaranteed - 29% WWF Disclosure: The Scheme has maintained provisions against Workers Welfare Funds liability to the tune of
Rs.45.23mn. If the same were not made the NAV per Unit/return of the Scheme would be higher by Rs.0.34/0.67%.
Cash 72% 41%
For details investors are advised to read Financial Statements of the Scheme.
Other Including receivables -2% 3%
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, 2013

INCOME
AMC RATING AM2 (STABLE OUTLOOK)

Fund Review
Net assets of Meezan Sovereign Fund (MSF) stood at Rs. 19.89 billion as on May 31, 2013. For the month of May, the fund has provided an
annualized return of 7.61% as compared to its benchmark which has provided an annualized return of 6.65% 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*
MSF 7.61% 7.68% 8.04% 9.19% 9.05% 10.72% - 11.88%

Fund Details: Benchmark 6.65% 6.63% 6.68% 6.94% 7.19% 7.30% - 7.78%
* Performance start date of Feb 10, 2010,
Fund Type: Open End
Funds Details
Risk Level Minimal Annual Returns:
Launch Date 10-Feb-10
Trustee CDC FY12 FY11 FY10 FY09 FY08 FY07 FY06 FY05
KPMG Taseer Hadi
Auditors MSF 11.19% 11.45% 9.76%* - - - - -
& Co.
Registrar Meezan Bank Ltd. Benchmark 8.13% 8.24% 7.5% - - - - -
Unit Types A, B, C and D * 140 days of operations
Management Fee 1%
Front End Load 0.5% Monthly Performance:
Back End Load Nil
Fund Category Income MSF Benchmark
12%
Leverage Nil
Listing ISE
AMC Rating AM2 10%
Rating Agency JCRVIS
Fund Stability Rating AA 8%
Pricing Mechanism Forward
Weighted average time to 6%
1.05 Years
maturity
Benchmark Average return on 4%
6-month Islamic
bank deposits 2%
Valuation Days Mon-Fri
Subscription/ Redemption Days Mon-Fri 9am 3pm 0%
Fund Manager Zain Malik
Nov-12
Jul-12

Feb-13

May-13
Mar-13
Dec-12

Jan-13
Sep-12

Oct-12

Apr-13
Aug-12

Members of M. Shoaib, CFA

Investment Committee Muhammad Asad
Sanam Zaib, CFA
Ahmed Hassan, CFA Portfolio: Salient Features
Dr. Gohar Rasool
Zain Malik Maximum Preservation of Principal Investment
Primary Investments in securities issued by
Fund Net Assets: Government of Pakistan
Key Benefits Very Low Risk
Apr' 13 May' 13 MoM %
Liquidity (Redemption on average in 2-3 working
Net Assets (Rs mn) 20,053 19,889 -0.82% days)
NAV Per Unit (Rs)* 50.43 50.75 0.65%
Tax Credit as per tax laws
*Ex-Dividend NAV Investments in High Grade & Liquid avenues:
Minimum 70% Investment in Government backed /
Asset Rating:
Investment Policy and issued securities (rated AAA)
AAA 74% Strategy Placements in top rated banks and financial
AA+ 0.3% institutions
AA 21% Weighted Average Time to Maturity of Portfolio : Not
AA- 0.2% more than 4 years
Benchmark Average return on 6-month Islamic bank deposits
Asset Allocation:
Apr 13 May 13 Asset Allocation:
Government Guaranteed 74% 69%
Cash 23% 26% 69%
Other Including receivables 3% 5%
Government Guaranteed

WWF Disclosure: The Scheme has maintained provisions

Cash
against Workers Welfare Funds liability to the tune of
Rs.86.90mn. If the same were not made the NAV per Unit/return
of the Scheme would be higher by Rs.0.22/0.44%. For details
investors are advised to read Financial Statements of the Scheme. Other Including receivables
26%
5%

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)
 CAPITAL PROTECTED
MEEZAN CAPITAL PROTECTED FUND (MCPF-II) May, 2013

AMC RATING AM2 (STABLE OUTLOOK)

Fund Review:
For the month of May 2013, MCPF-II provided a return of 3.0%. The net assets of Meezan Capital Protected Fund (MCPF-II) have grown to Rs.
504 million as on May 31, 2013.

Investment Objective: Performance - Cumulative Returns:

The objective of this fund is to provide investors 100%
protection of their capital while offering competitive 1M 3M 6M FYTD 1Yr 3Yr 5Yr PSD* CAGR*

returns by participating in the equity market. MCPF-II 3.0% 4.1% 7.8% 14.8% 15.4% - - 30.3% 14.9%
Funds
Fund Details
Details: Benchmark 4.0% 6.2% 10.5% 18.9% 19.6% - - 29.9% 14.7%

Fund Type: Open End * Performance start date of Jul 5, 2011, CAGR since inception
Risk Level Minimal
Launch Date 5-Jul-11
Trustee CDC Annual Returns:
KPMG Taseer Hadi
Auditors
& Co. FY12 FY11 FY10 FY09 FY08 FY07 FY06 FY05
Registrar Meezan Bank Ltd.
Unit Types A, B,C and D MCPF-II 13.5% - - - - - - -
Management Fee 1.5%
Front End Load 3% Benchmark 9.5% - - - - - - -
Fund Category Capital Protected
Back End Load Contingent Load
Benchmark Combination of
KMI-30 Index and Portfolio: Salient Features
Average return
on 6-month Islamic
bank deposits 100% Capital Protection.
Leverage Nil
Listing ISE Optimal Halal returns while remaining in Capital
AMC Rating AM2 Protection structure.
Rating Agency JCRVIS Tax exempt returns (under applicable Tax Laws)
Key Benefits
Pricing Mechanism Forward Tax Credit ( as per Tax Law)
Valuation Days Mon-Fri
Subscription/ Redemption Days Mon-Fri 9am 3pm Professional Fund Management by the largest asset
Fund Manager Ahmed Hassan, CFA management company in private sector in Pakistan

Members of M. Shoaib, CFA

Investment Committee Muhammad Asad Capital Protection Segment
Sanam Zaib, CFA Approximately 75.5% of the Fund would be allocated
Ahmed Hassan, CFA to Capital Protection Segment which will grow to
Dr. Gohar Rasool initial investment, at maturity of life of the Fund. The
Zain Malik investment will be made in 'AAA' rated Government
of Pakistan Ijarah Sukuk.
Investment Policy
Fund Net Assets: and Strategy Investment Segment
24.5% of the Fund would be allocated to Investment
Apr' 13 May' 13 MoM % Jul' 11 Segment that is expected to provide the upside over
Net Assets (Rs mn) 489 504 3.03% 306 and above principal at the time of maturity. This
NAV Per Unit (Rs) 56.26 57.97 3.03% 50.28 amount will be invested in Shariah compliant equity
securities listed on Pakistani Stock Exchanges.

Asset Allocation:
GoP Guaranteed Securities (%) 73.7 Asset Allocation:
Equity (%) 17.6
Cash (%) 7.5
73.7%
Other Including receivables (%) 1.2

Equity

GoP Guaranteed Securities

WWF Disclosure: The fund has not made provision amount
to Rs. 1.69mn upto December 31, 2012 against Workers Welfare Cash
Fund liability. If the same were made the NAV per unit/return of
the fund would be lower by Rs. 0.19/0.34%. For details, Other Including receivables
investors are advised to read Financial Statements of the
Scheme.
17.6%
1.2% 7.5%

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, 2013

PENSION
AMC RATING AM2 (STABLE OUTLOOK)

Fund Review:
As at May 31, 2013, total size of net assets of Meezan Tahaffuz Pension Fund (MTPF) stood at Rs. 1,571 million. For the month of May, the NAV
of equity sub fund increased by 14.0% while the NAV of debt and money sub funds provided an annualized return of 6.8% and 6.4%
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 11% 15% 27% 48% 45% 129% 127% 136% 16%
are not dependent on other members of the society. Med. Volatility 7% 10% 18% 33% 31% 92% 101% 111% 14%
Low Volatility 4% 6% 11% 20% 20% 62% 79% 90% 12%
Fund Details: Lower Volatility 1% 2% 4% 8% 8% 32% 58% 70% 9%
* Performance start date of June 28, 2007. CAGR since inception
FundFunds
Type: Details Open End
Risk Level Minimal Allocation Scheme Equity Debt Money Market
Launch Date 28-Jun-07
Trustee CDC High Volatility 80% 20% 0%
Auditors Ernst & Young & Co. Medium Volatility 50% 40% 10%
Registrar Meezan Bank Ltd.
Fund Category Pension Low Volatility 25% 60% 15%
Leverage Nil Lower Volatility 0% 60% 40%
AMC Rating AM2
Rating Agency JCRVIS Annual Returns:
Pricing Mechanism Forward
FY12 FY11 FY10 FY09 FY08 FY07 FY06 FY05
Valuation Days Mon-Fri
Subscription/ Redemption Days Mon-Fri 9am 3pm MTPF- Equity 16.8% 36.0% 31.5% -25.8% 3.1% - - -
Fund Manager Muhammad Asad MTPF- Debt 9.5% 10.9% 8.5% 10.2% 8.3% - - -
Members of M. Shoaib, CFA MTPF- MMkt 10.9% 10.7% 8.5% 11.1% 7.7% - - -
Investment Committee Muhammad Asad
Sanam Zaib, CFA
Ahmed Hassan, CFA (MTPF Equity): Asset Allocation & Top Holdings (May13)
Dr. Gohar Rasool
Zain Malik
Pakistan Petroleum Ltd. 10%
Oil & Gas 34% The Hub Power Co. Ltd. 9%
Fund Net Assets: Construction and Materials 14% Oil & Gas Development Co. Ltd. 9%
Chemicals 10% DG Khan Cement Co. Ltd. 8%
Rs (Mn) Apr '13 May '13 MoM % Food Producers Pakistan State Oil Co. Ltd. 8%
8%
MTPF- Equity 609 751 23.4% Engro Foods 8%
Electricity 9%
MTPF- Debt 527 542 2.9% Pakistan Oilfields Ltd. 7%
Other Sectors 19% Fauji Fertilizer Co. Ltd. 7%
MTPF- MMkt 280 279 -0.3%
Total Fund 1,415 1,571 11.1% Cash & Others including receivable Nishat Mills Ltd. 6%
5%
Packages Ltd. 6%
NAV per unit:
MTPF Debt Sub Fund:
Rs Apr '13 May '13 MoM % 95.0%
GoP Guaranteed Securities
MTPF- Equity 221.7 252.8 14.0%
MTPF- Debt 168.9 169.8 0.6%
MTPF- MMkt 169.3 170.2 0.5% Sukuk

0.2%
Cash
3.4%
1.4% Other Including receivables
Sukuk Holdings MTPF(Debt Fund)
GoP Ijarah Sukuks XIV 25.53% MTPF Money Market Sub Fund:
GoP Ijarah Sukuks XIII 24.00%
92.6%
GoP Guaranteed Securities
GoP Ijarah Sukuks X 13.59%

GoP Ijarah Sukuks XI 11.02% Sukuk

0.2%
GoP Ijarah Sukuks XII 9.18% Cash

GoP Ijarah Sukuks IX 5.33% 8.5%

Other Including receivables
GoP Ijarah Sukuks V 2.48% -1.4%

GoP Ijarah Sukuks VIII 2.39%

GoP Ijarah Sukuks VII 0.92% WWF Disclosure: The fund has not made provision amount to Rs. 3.74mn (Equity), Rs. 1.60mn (Debt) and Rs.
0.98mn (MMKT) upto December 31, 2012 against Workers Welfare Fund liability. If the same were made the NAV
GoP Ijarah Sukuks VI 0.55% per unit/return the fund would be lower by Rs. 1.26/0.50% (Eq.), Rs. 0.50/0.30% (Dt.) and Rs. 0.60/0.35 (MM.).
For details, investors are advised to read Financial Statements of the Scheme.

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)
 INDEX TRACKER
KSE-MEEZAN INDEX FUND (KMIF) May, 2013
AMC RATING AM2 (STABLE OUTLOOK)

Fund Review:
The fund was launched on May 23, 2012. As at May 31, the net assets of KSE-Meezan Index Fund (KMIF) stood at Rs. 894 million. For the month
of May 2013, KMIF provided a return of 13.5%.

Investment Objective: Performance - Cumulative Returns:

KSE Meezan Index Fund (KMIF) is a Shariah Compliant
Index Fund that aims to provide investors an 1M 3M 6M FYTD 1Yr 3Yr 5Yr PSD*

opportunity to track closely the performance of the KMIF 13.5% 18.6% 29.3% 53.9% 52.3% - - 50.3%

KSE-Meezan Index 30 (KMI 30) by investing in Benchmark 14.2% 20.0% 32.0% 58.3% 57.0% - - 55.4%
* Performance start date of May 23, 2012.
companies of the Index in proportion to their
weightages. Annual Returns:

Fund Details: FY12 FY11 FY10 FY09 FY08 FY07 FY06 FY05

Fund Type: Open End KMIF* -2.4% - - - - - - -

Risk Level High * 38 days of operations.
Launch Date 23-May-12
Trustee CDC
KPMG Taseer Hadi Funds Performance:
Auditors
& Co.
Registrar Meezan Bank Ltd.
Unit Types A and B 160
Management Fee 1% KMIF Benchmark
Front End Load 2% 150
Fund Category Index Tracker Scheme
Back End Load Nil 140
Leverage Nil
Listing ISE 130
AMC Rating AM2
Rating Agency JCRVIS 120
Pricing Mechanism Forward
Benchmark KMI-30 Index 110
Valuation Days Mon-Fri
Subscription/ Redemption Days Mon-Fri 9am 1pm 100
Fund Manager Dr. Gohar Rasool

Members of M. Shoaib, CFA 90

Dec-12
Sep-12

Apr-13
Aug-12

Nov-12

Feb-13
May-12

May-13
Jan-13

Mar-13
Oct-12
Jun-12

Jul-12

Investment Committee Muhammad Asad

Sanam Zaib, CFA
Ahmed Hassan, CFA
Dr. Gohar Rasool
Zain Malik
Portfolio: Salient Features

Pakistans only tracker Fund - KMIF, which tracks

Fund Net Assets:
Pakistans only Shariah Compliant Index, the KMI
MoM % 30
Apr' 13 May' 13 Jul' 11
Net Assets (Rs mn) 618 894 44.68% 306 The KMI 30 Index has outperformed KSE 100
NAV Per Unit (Rs) 66.17 75.13 13.54% 50.28 every year since its launch in 2009
A one-stop solution for putting your money into
every single company of the KMI 30 Index
Key Benefits
Passive investment philosophy, hence low
operating expenses compared to activity managed
WWF Disclosure: The fund has not made provision amount funds, and little potential for underperformance
to Rs. 1.03mn upto December 31, 2012 against Workers Welfare (relative to benchmark)
Fund liability. If the same were made the NAV per unit/return of No Lock-in Period - Invest Today, En-cash
the fund would be lower by Rs. 0.09/0.12%. For details, investors
are advised to read Financial Statements of the Scheme.
whenever you like

The Fund shall strive to remain fully invested in

accordance with the stated index; however, under no
circumstances shall it be invested less than 85% of
its net assets in securities covered in the index during
the year based on monthly average investment
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
calculated
risk. The NAV based prices of units and any dividends/returns thereon are dependent on force and factors affecting the capital markets. These mayon daily
go up or downbasis. The
based on un-invested
market conditions. Past amount
performance is not
necessarily indicative of future results. shall be kept
(This in has
report Cashbeenand/ or near
prepared in line cash instruments
with MUFAPs recommended Format)
 Meezan Financial Planning Fund of Funds (MFPFOF)

FUND OF FUNDS
May, 2013

AMC RATING AM2 (STABLE OUTLOOK)

Fund Review:
As at May 31, 2013, total size of net assets of Meezan Financial Planning Fund of Fund (MFPFOF) stood at Rs. 565 million. For the month of May,
the NAV of Aggressive plan increased by 10.4% while the NAV of moderate and Conservative plan provided an return of 6.2% and 3.7%
respectively.

Investment Objective: MFPFOF - Allocation Plan:

To generate returns on Investment as per respective
allocation plans by investing in Shariah Compliant
Fixed Income and Equity Mutual Funds in line with the 1M 3M 6M YTD 1Yr 3Yr 5Yr PSD*
Aggressive 10.4% - - - - - - 10.2%
risk tolerance of the Investor.
Moderate 6.2% - - - - - - 7.0%
Fund Details: Conservative 3.7% - - - - - - 3.8%
Funds * Performance start date of April 12, 2013.
Fund Type: Details Open End
Risk Level Plan specific Annual Returns:
Launch Date 12-April-13
Trustee CDC FY12 FY11 FY10 FY09 FY08 FY07 FY06 FY05
KPMG Taseer Hadi
Auditors Aggressive - - - - - - - -
& Co.
Registrar Meezan Bank Ltd. Moderate - - - - - - - -
Unit Types A and B Conservative - - - - - - - -
Management Fee Same as underlying Funds
and 1% on Cash
Front End Load Aggressive Plan 2.0%
Portfolio: Salient Features
Moderate Plan 1.5%
Conservative Plan 1.0%
Fund Category Fund of Funds
The Aggressive Allocation Plan
Back End Load Nil
This Allocation Plan is suitable for Investors having a relatively higher risk
Leverage Nil
tolerance and/or wish to save for long term. It shall invest at least 65% of its
Listing -
net assets in Shariah Compliant Equity Funds, while the remaining portion is
AMC Rating AM2
allocated to Shariah Compliant Fixed Income Funds.
Rating Agency JCRVIS
Pricing Mechanism Forward The Moderate Allocation Plan.
Benchmark This Allocation Plan is suitable for Investors having a relatively moderate risk
Investment
tolerance and/or wish to save for medium to long term. It shall invest at
Aggressive Allocation Plan 65% KMI-30 & 35% 6M dep. rate* Objective
least 45% of its net assets in Shariah Compliant Equity Funds, while the
Moderate Allocation Plan 45% KMI-30 & 55% 6M dep. rate* remaining portion is allocated to Shariah Compliant Fixed Income Funds.
Conservative Allocation Plan 20% KMI-30 & 80% 6M dep. rate*
Valuation Days Mon-Fri The Conservative Allocation Plan This Allocation Plan is suitable for
Subscription/ Redemption Investors having a relatively low risk tolerance and/or wish to save for short
Mon-Fri 9am 1pm to medium term. It shall invest at least 20% of its net assets in Shariah
Days
Compliant Equity Funds, while the remaining portion is allocated to Shariah
Members of Investment M. Shoaib, CFA Compliant Fixed Income Funds.
Committee Muhammad Asad
Sanam Zaib, CFA Minimum percentage allocation invested in Collective Investment
Ahmed Hassan, CFA Asset
Scheme(s)
Dr. Gohar Rasool Allocation
Zain Malik Plans (Based MIF (Equity) MSF (Income)
on specific Aggressive Allocation Plan 65% 25%
* Average return on 6-month Islamic bank deposits Risk profiles) Moderate Allocation Plan 45% 45%
Conservative Allocation Plan 20% 70%
Fund Net Assets:
(i) The above percentages may vary on account of market factors and
Rs (Mn) Apr '13 May '13 MoM % investments in Cash / Near cash instruments as permitted for the Fund of
Aggressive 138 229 66.0% Funds Category, as per SECP directive from time to time.
(ii) The above mentioned allocations shall be rebalanced at a frequency
Moderate 51 119 132.1%
described in Offering document.
Conservative 146 217 47.9% (iii) The Management Company may invest between 0% to 10% (both
percentages being inclusive) of the Allocation Plan in Cash/ near Cash
instruments permitted for the fund of funds category
NAV per unit:
Rs Apr '13 May '13 MoM%
Aggressive 49.9 55.1 10.4%
Moderate 50.3 53.5 6.2%
Conservative 50.1 51.9 3.7%

WWF Disclosure: The Scheme has maintained provisions against Workers Welfare Funds liability
to the tune of Rs. 0.42mn (Aggressive), Rs. 0.16mn (moderate) and Rs.0.16mn (Conservative). If the
same were not made the NAV per unit/return of the Scheme would be higher by Rs. 0.10/0.18%
(Aggressive), Rs. 0.07/0.13% (Moderate) and Rs. 0.04/0.07 (Conservative). For details, investors are
advised to read Financial Statements of the Scheme.

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 (MBF) May, 2013

AMC RATING AM2 (STABLE OUTLOOK)

PAKISTANS ONLY SHARIAH-COMPLIANT CLOSED-END FUND

Fund Review:
Net assets of Meezan Balanced Fund (MBF) as at May 31, 2013 stood at Rs. 1.78 billion. The funds NAV increased by 8.6% 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
both in high quality equity securities and Islamic MBF 9% 11% 20% 34% 34% 97% 113% 277% 17%
Income Instruments such as TFCs, COIs, Certificates of Benchmark 7% 11% 17% 31% 31% 84% 64% 149% 11%
Musharika, Islamic Sukuk, Ready-future hedges, and * Performance start date of Dec 20, 2004, CAGR since inception
other Shariah compliant instruments.
Annual Returns:

FY12 FY11 FY10 FY09 FY08 FY07 FY06 FY05

Fund Details:
MBF 17% 25% 23% -11% 1% 26% 23% 2%*
Fund Type: Closed End Benchmark 8% 25% 21% -14% 3% 11% 15% 13%
Risk Level Minimal
Launch Date 20-Dec-2004 * Performance start date of Dec 20, 2004
Trustee CDC *
KPMG Taseer Hadi Top Ten Portfolio Holdings:(% of Total Assets):
Auditors
& Co.
Registrar THK Associates Equity Sukuk
Management Fee 2% Oil & Gas Development Co. Ltd. 7% GoP Ijarah Sukuk -XII 10%
Fund Category Balanced Pakistan Oilfields Ltd. 7% KAPCO (Commercial Paper) 6%
Leverage Nil Hub Power Co. Ltd. 7% HUBC (Commercial Paper) 6%
Listing KSE Pakistan Petroleum Ltd. 5% GoP Ijarah Sukuk -IX 5%
AMC Rating AM2
Pakistan State Oil Co. Ltd. 5% GoP Ijarah Sukuk -XI 3%
Rating Agency JCRVIS
Benchmark 50% KMI-30 Index
50% Average bank
Deposit rate of three Sector Allocation:
Islamic banks
Fund Manager Ahmed Hassan, CFA Apr13 May13
Equity 58% 57%
Members of M. Shoaib, CFA GoP Guaranteed Securities 21% 20%
Investment Committee Muhammad Asad Sukuk 4% 3%
Sanam Zaib, CFA Commercial Paper 12% 11%
Ahmed Hassan, CFA Cash and Other Including receivables 5% 9%
Dr. Gohar Rasool
Zain Malik
Asset Allocation:

Sukuk
Funds Net Asset:
7% Electricity
Apr' 13 May' 13 MoM % 34%
Net Assets (Rs mn) 1,638 1,779 8.62% 25%
Oil & Gas
NAV Per Unit (Rs) 13.65 14.82 8.62%

Chemicals

Construction and Materials

5%
WWF Disclosure: The fund has not made provision 9%
amount to Rs.17.06mn upto December 31, 2012 against 20% Cash & others
Workers Welfare Fund liability. If the same were made the NAV
per unit/return of the fund would be lower by Rs. 0.14/0.96%.
For details, investors are advised to read Financial Statements
of the Scheme.

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)