Dividend Payout of Meezan Sovereign Fund and Meezan Cash Fund

MKT/FMR/06/12, January 06, 2012
Dear Investor, Continuing with our tradition, as the New Calendar Year dawns upon us, we at Al Meezan will continue to strive in our aim for excellence at par as we continue to provide superior services to our valued investors. We would like to wish all our valued investors a blessed New Year and we pray that this year brings in peace, prosperity and success your way. Dividend Payout of Meezan Sovereign Fund and Meezan Cash Fund The size of our funds have grown from Rs. 27.2 billion as at December 31st 2010 to Rs. 36.2 billion at the end of December 31st 2011. The main contribution came from Meezan Sovereign Fund (MSF) , which provided an annualized return of 12.1% in the last calendar year. Keeping this into consideration and with investor interest at the forefront, we are pleased to announce interim dividends for MSF & MCF for the period ending 21st December 2011. Fund MSF MCF Period Sep 23 - Dec 21, 2011 Nov 22 - Dec 21, 2011 Dividend (Rs.) /unit 1.30 0.40 % of par value of Rs. 50 Total Return % for FY12 2.60% 0.80% 12.13% 11.50%
As far the equity markets are considered this year was very rocky for the stock exchange as KSE-100 index slumped down by 5%. Despite these challenges, our equity fund continued with their superb performance and posted high returns as depicted in the table below: 3 Years CY09 Equity Funds MIF AMMF 107% 105% 26% 27% 5% 4% 176% 171% 40% 39% CY10 CY11 Cumulative Annualized
Moreover, if we look from the perspective of long term i.e. three years horizon, the investors of MIF have managed to attain cumulative return of 176% i.e. an annualized of 40%. Keeping the investor interest as our top priority, we at Al Meezan, promise that just like the past 16 years, we shall keep on striving for excellence in fund management and superior financial services The Fund Managers Report for the month of December 2011 is enclosed for your review. Yours truly,
Shahid Gul Motiwala SVP- Head of Marketing and Sales
Customer Services
Call Centre
Internet Banking
Member Services
Email Services
SMS Alerts
Ground Floor, Block B, Finance & Trade Centre, Shahrah-e-Faisal, Karachi 74400, Pakistan. UAN: (92-21) 111-633-926 (111-MEEZAN) Fax: (92-21) 35630808, Toll Free: 0800 -HALAL (42525) E-mail: [email protected] Web Site: www.almeezangroup.com
12/06/FMR/MKT
12.13% 11.50%
2.60% 0.80%
1.30 0.40
107% 105%
26% 27%
5% 4%
176% 171%
40% 39%
MIF AMMF
Customer Services
Call Centre
Internet Banking
Member Services
Email Services
SMS Alerts
December, 2011
Fund Managers Report
AL Meezan Investment Management 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 eight 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 and Meezan Capital Protected Fund (MCPF-II). The total funds under management of Al Meezan, the only full fledged Shariah compliant asset management company in Pakistan, have reached Rs. 36.2 billion as on December 31, 2011. 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

During the month of December, KSE100 index declined by 1.61% to close at the level of 11,347. The market witnessed a dull month as averaged traded volume contracted to 41mn shares per day compared to 45mn shares in the previous month. Throughout the month, political uncertainty hovered the market along with the memo gate scandal that continued to raise suspicions, both on the local and foreign front. This was in addition to the freeze in USD700mn aid from US. On the local front, the gas crisis aggravated in the peak winter season with the major brunt falling on the fertilizer sector. Foreigners thus remained net sellers during the month worth USD 24mn. On the other hand, SECP relaxed margin trading rules by reducing the cash margin requirement and permitting the individuals to act as financiers. At the same time, the regulator has also sent a proposal to FBR regarding changing the modalities of collection of Capital Gain tax in order to develop an effective mechanism without disturbing the collection of CGT. Going forward, the key drivers for the market will be outcome of the Pak US confrontation, update on the Memo Gate scandal, issue of gas curtailment and the start of the result season. We believe that the stock fundamentals valuations can be temporarily pushed to the sidelines as the surge in FPI outflows is likely to take on added importance with investors questioning its persistent recurrence.
Money Market Review

During the month of December, money market depicted a mixed trend. To normalize the liquidity situation, State Bank of Pakistan (SBP) conducted OMOs and injected around Rs 1,410 bn at a weighted average yield of 11.59% while it mopped up around Rs24 bn at a weighted average yield of 10.28%. Banks borrowed around Rs 128 bn through the discounting window while it deposited Rs 249 bn with the SBP at floor rate. During the month, SBP conducted two T-Bill auctions, one PIB auction and one Ijarah auction. SBP scraped first T-Bill auction and also scraped six month paper bidding in the second auction, while accepted around Rs252 mn against total bid of Rs 69 bn. The targets of the auction were Rs165 bn against maturity of Rs 161 bn. One year paper cut off yield increased by around 10 bps to close at 11.90%. Accordingly, six month KIBOR rate also increased by 20 bps to close at 12.02%. In the PIB auction, SBP accepted around Rs 6 bn against the target of Rs15 bn. The cut off yield of 10 year paper had increased by around 38 bps to close at 12.70%. In Ijarah Sukuk IX auction, SBP accepted around Rs 70 billion at par against the total participation of around Rs. 84 bn. The target of the auction was Rs50 bn and coupon of the auction was 11.94%. On the forex front, rupee remained under pressure against dollar and depreciated by Rs.1.21 to close at Rs. 89.96 per dollar in the interbank market and by Rs.1.70 in the open market to close at Rs. 90.10.
KSE-100 Index Performance

Vol (mn) (LHS) Index (RHS)
6 Month KIBOR
120
11,600 11,400 11,200
14.8 14.0
80
13.2 12.4 11.6
40
11,000 10,800
10.8
13-Dec
17-Dec
21-Dec
25-Dec
13-Dec
16-Dec
21-Dec
26-Dec
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)
29-Dec
29-Dec
1-Dec
5-Dec
1-Dec
8-Dec
9-Dec
10.0
AMC RATING AM2 (STABLE OUTLOOK)
Fund Review:
Net assets of Meezan Islamic Fund stood at Rs. 4.3 billion as at December 31, 2011. The funds NAV decreased by 5% during the month of December as compared to 5% decrease in benchmark index (KMI-30) while KSE-100 Index during the same period decreased by 2%. We expect the market to perform as valuations are attractive. As on December 31, the fund was 95% invested in equities.
Investment Objective:
To maximize total investor returns by investing in Shariah Compliant equities focusing on both capital gains and dividend income.
Performance - Cumulative Returns:

1M MIF Benchmark Open End High 8th Aug 2003 CDC A.F. Ferguson & Co. Meezan Bank Ltd. A, B and C 2% 2% Equity Nil KMI-30 Nil KSE AM2 JCRVIS Forward Mon-Fri Mon-Fri 9am 3pm Muhammad Asad M. Shoaib, CFA Muhammad Asad Sanam Zaib M. Ali, CFA, FRM M. Farhan Lakhani Bushra Tariq Shakil Ahmed
#
3M -6% -6%
6M -4% -4%
FYTD -4% -4%
1Yr 5% 6%
3Yr 176% 166%
5Yr 56% 46%
PSD** 257% 164%
-5% -5%
Funds Details Fund Details:

Fund Type: Risk Level Launch Date Trustee Auditors Registrar Unit Types Management Fee Front End Load Fund Category Back End Load Benchmark Leverage Listing AMC Rating Rating Agency Pricing Mechanism Valuation Days Subscription/ Redemption Days Fund Manager Members of Investment Committee
** Performance start date of August 08, 2003,

# KMI-30 replaced DJIIMPK as the Funds benchmark in FY10 while KSE-100 index remained as the benchmark till FY06
Annual Returns:
FY11 MIF Benchmark 39% 44% FY10 31% 37% FY09 -30% -35% FY08 0.27% 1% FY07 29% 17% FY06 30% 25% FY05 40% 22%
Funds Performance:
430 380 330 280 230 180 130 80 30
MIF Benchmark
Fund Asset:
Net Assets (Rs mn) NAV Per Unit (Rs) Nov' 11 4,573 41.82 Dec' 11 4,330 39.89 MoM % -5.3% -4.6%
Top Ten Equity holdings:(% of NAV):

Fauji Fertilizer Co. Ltd. Pakistan Oilfields Ltd. The Hub Power Co. Ltd. Pakistan Petroleum Ltd. Oil & Gas Development Co. Ltd. 14% 11% 10% 10% 9% Pakistan State Oil Co. Ltd. Lucky Cement ICI Pakistan Ltd. Meezan Bank Ltd. Packages Ltd. 8% 6% 6% 5% 3%
Asset Allocation:
Nov' 11 Equity (%) Cash (%) Other receivables (%) Expense Ratio* P/E 92.83 6.52 0.65 0.017 6.14 Dec' 11 95.29 4.82 -0.11 0.047 6.00
Sector Allocation:
Oil & Gas Chemicals Construction and Materials
KMI-30 Index 1.05 -0.20
*Management fee is included in the expense ratio
38%
Risk MeasuresDecember11:
MIF Standard Deviation (%) Sharpe Ratio 0.95 -0.28 KSE-100 index 0.96 -0.07
17% 5% 10%
20%
Electricity General Industrials Others
adf
10%
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)
EQUITY
MEEZAN ISLAMIC FUND (MIF)
December, 2011
Jan-05
Jan-06
Jan-07
Jan-08
Jan-09
Jan-10
Dec-10
Dec-11
Jun-11
Jul-05
Jul-06
Jul-07
Jul-08
Jul-09
Jul-10
Aug-03
Aug-04
Feb-04
Fund Review:
The net assets of Al Meezan Mutual Fund (AMMF) as at December 31, 2011 stood at Rs. 1.4 billion. The funds NAV decreased by 4.0% during the month of December as compared the 5% decrease in benchmark index (KMI-30) while KSE-100 Index during the same period decreased by 2%. We expect the market to perform market valuations are attractive. As on December 31, the fund was 95% invested in equities.
The objective of Al Meezan Mutual Fund is to optimize the total investment returns, both capital gains and dividend income, through prudent investment management.

1M AMMF Benchmark# -4% -5% 3M -6% -6% 6M -4% -4% FYTD -4% -4% 1Yr 4% 6% 3Yr 171% 166% 5Yr 54% 46% PSD** 885% 587%
Fund Details: Funds Details

Fund Type: Risk Level Launch Date Trustee Auditors Registrar Unit Types Management Fee Front End Load Fund Category Back End Load Benchmark Leverage Listing AMC Rating Rating Agency Pricing Mechanism Valuation Days Subscription/ Redemption Days Fund Manager Members of Investment Committee Open End High 13th Jul 1995 CDC A.F. Ferguson & Co. Meezan Bank Ltd. A, B,C and D 2% 2% Equity Contingent Load KMI-30 Nil ISE AM2 JCRVIS Forward Mon-Fri Mon-Fri 9am 3pm Muhammad Asad M. Shoaib, CFA Muhammad Asad Sanam Zaib M. Ali, CFA, FRM M. Farhan Lakhani Bushra Tariq Shakil Ahmed
** Performance start date of July 13, 1995,

# KMI-30 replaced DJIIMPK as the Funds benchmark in FY10 while KSE-100 index remained as the benchmark till FY06
Annual Returns:
FY11 AMMF Benchmark 38% 44% FY10 31% 37% FY09 -32% -35% FY08 0.43% 1% FY07 27% 17% FY06 28% 25% FY05 45% 22%
Investment Growth from FY 1996- 2012 To Date

1,400,000 1,200,000 1,000,000 800,000 600,000 400,000 200,000 111,800 122,800 549,708 696,979 1,026,991 1,006,537 968,549 1,007,499 985,008 732,210 652,197 487,122
1,084,518
1,172,192
847,614
715,592
Fund Asset:
-
105,000 88,600 397,530 100,000 126,500 72,400
Sep-11
June 97
June 99
June 00
June 01
June 02
June 04
June 06
June 08
June 10
June 96
June 98
June 03
June 05
June 07
June 09
June 11
Asset Allocation:
Nov' 11 Equity (%) Cash (%) Other receivables (%) Expense Ratio* 91.34 8.11 0.55 0.011 Dec' 11 95.37 4.70 -0.06 0.019
Top Ten Equity holdings:(% of NAV):

Fauji Fertilizer Co. Ltd. Pakistan Oilfields Ltd. Oil & Gas Development Co. Ltd. Pakistan Petroleum Ltd. The Hub Power Co. Ltd. 13% 10% 10% 10% 10% Pakistan State Oil Co. Ltd. Lucky Cement ICI Pakistan Ltd. DG Khan Cement Co. Ltd. Meezan Bank Ltd. 7% 7% 6% 3% 3%
*Management fee is included in the expense ratio
Sector Allocation:
39% Oil & Gas Chemicals Construction and Materials
Risk MeasuresDecember11:
KSE-100 index 0.96 -0.07 KMI-30 Index 1.05 -0.20
AMMF Standard Deviation (%) Sharpe Ratio
adf
0.94 -0.27
15% 6% 10% 10%
20%
Electricity General Industrials Others
Nov-11
Aug-11
Dec-11
Oct-11
Jul-11
EQUITY
AL Meezan Mutual FUND (AMMF)
December, 2011
Fund Review
Net assets of Meezan Islamic Income Fund (MIIF) stood at Rs. 1.7 billion as at December 31, 2011. MIIF has provided an annualized return of 27.3% for the month of December as compared to its benchmark which has provided an annualized return of 6.0% during the same period.
To provide investors with a high and stable rate of current income consistent with long term preservation of capital in a Shariah compliant way. A secondary objective is to take advantage of opportunities to realize capital appreciation.
Performance - Annualized Returns:

1M MIIF Benchmark 27.3% 6.0% 3M -0.5% 6.0% 6M 2.8% 6.0% FYTD 2.8% 6.0% 1Yr 8.4% 5.9% 3Yr 10.6% 5.9% 5Yr PSD** 8.9% 5.9%
** Performance start date of Jan 15, 2007
Funds Fund Type: Details Risk Level Launch Date Trustee Auditors Registrar Unit Types Management Fee Front End Load Fund Category Leverage Listing AMC Rating Rating Agency Fund Stability Rating Pricing Mechanism Weighted average time to maturity Back End Load
Benchmark Valuation Days Subscription/ Redemption Days Fund Manager Members of Investment Committee
Fund Details:
Open End Minimal 15-Jan-07 CDC A.F. Ferguson & Co. Meezan Bank Ltd. A, B and C 1.5% 0.5% Income Nil KSE AM2 JCRVIS A(f) Forward 1.42 Years Contingent load for Type C investors Average bank deposit rate of three Islamic banks Mon-Fri Mon-Fri 9am 3pm M. Ali, CFA, FRM M. Shoaib, CFA Muhammad Asad Sanam Zaib M. Ali, CFA, FRM M. Farhan Lakhani Bushra Tariq Shakil Ahmed
Annual Returns:
FY11 MIIF Benchmark 11.8% 5.9% FY10 7.31% 5.75% FY09 10.15% 6.54% FY08 9.28% 5.75% FY07 10.07%* 4.66% FY06 FY05 -
* 163 days of operations
Monthly Performance:
25% 15% 5% -5%
MIIF
Benchmark
-15%
-25%
-35%
Top Ten Portfolio holdings:(% of NAV):

GoP Ijarah Sukuks III GoP Ijarah Sukuks IX Engro Fertilizer Ltd. GoP Ijarah Sukuks IV Eden Housing Ltd. 16% 15% 9% 8% 8% Century Paper & Board Mills Ltd. Maple Leaf Sukuk I HUBCO (Commercial Paper) KAPCO (Commercial Paper) Sitara Chemicals Ltd. - III 7% 6% 6% 6% 3%
Fund Assets:
Nov' 11 Dec' 11 MoM %
Net Assets (Rs mn) NAV Per Unit (Rs)
2,343 49.73
1,718 50.76
-26.65% 2.07%
Credit Quality of portfolio:

Government Securities AA+ AA AAA+ A Below BBB Unrated
60% 40% 20% 0% 39%
Sector Allocation:
Nov11
Sukuks Government backed / Guaranteed Securities Cash Commercial Paper Others Including receivables 29% 26% 33% 11% 2%
39% 14% 0.04% 9% 10% 10% 14% 1%
Dec11
36% 39% 12% 11% 3%
Credit Quality
14% 0.04% 9% 10% 10% 14%
Details of Non Performing Investments:
1%
INCOME
MEEZAN ISLAMIC INCOME FUND (MIIF)
December, 2011
May-11
Jan-11
Mar-11
Dec-11
Oct-11
Sep-11
Jun-11
Apr-11
Jul-11
Aug-11
Nov-11
Feb-11
AA-
A+
AA
AA+
Below BBB
Unrated
Government Securities
MEEZAN CASH FUND (MCF)

Fund Review
December, 2011
Net assets of Meezan Cash Fund (MCF) stood at Rs. 6.6 billion as at December 31, 2011. MCF has provided an annualized return of 10.9% for the month of December as compared to its benchmark which has provided an annualized return of 8.1% during the same period.
To seek maximum possible preservation of capital and a reasonable rate of return via investing primarily in liquid Shariah compliant money market and debt securities.
Performance Annualized Returns:

1M MCF Benchmark 10.9% 8.1% 3M 11.2% 8.2% 6M 11.5% 8.3% FYTD 11.5% 8.3% 1Yr 11.5% 8.3% 3Yr 5Yr PSD** 10.7% 7.9%
Fund Details: Funds Details

Fund Type: Risk Level Launch Date Trustee Auditors Registrar Unit Types Management Fee Front End Load Back End Load* Fund Category Leverage Listing AMC Rating Rating Agency Fund Stability Rating Pricing Mechanism Weighted average time to maturity Benchmark Valuation Days Subscription/ Redemption Days Fund Manager Members of Investment Committee Open End Minimal 15-Jun-09 CDC A.F. Ferguson & Co. Meezan Bank Ltd. A, B and C 1% Nil 0.1% if redemption within 3 days Money Market Nil ISE AM2 JCRVIS AA (f) Forward 16.11 Days Average return on 6-month Islamic bank deposits Mon-Fri Mon-Fri 9am 3pm M. Ali, CFA, FRM M. Shoaib, CFA Muhammad Asad Sanam Zaib M. Ali, CFA, FRM M. Farhan Lakhani Bushra Tariq Shakil Ahmed
** Performance start date of June 15, 2009
Annual Returns:
FY11 MCF Benchmark 11.0% 8.2% FY10 10.10% 7.48% FY09 8.08% 7.6% FY08 FY07 FY06 FY05 -
15 days of operations
14%
12% MCF Benchmark
10%
8% 6% 4% 2%
0%
Jan-11
Key Benefits
Portfolio: Salient Features

Maximum Preservation of Principal Investment High Liquidity (Redemption within Two working days) *No Sales Load (No Entry or Exit charges) Tax Credit as per tax laws Investments in High Grade & Liquid avenues: Investment Policy and Strategy Instrument/Issuer Rating : Minimum AA Maximum Maturity of Instruments : Six Months Average Time to Maturity of Portfolio : Three Months Benchmark Average return on 6-month Islamic bank deposits
Fund Assets:
Net Assets (Rs mn) NAV Per Unit (Rs) *

*Ex-Dividend NAV
6,532 50.11
6,601 50.15
1.05% 0.88%
Rating Exposure:
AA+ AA AA69% 29% 0.2%##
Asset Allocation:
##Account with Meezan Bank is being maintained only for collection /redemption purposes as Meezan Bank is the distributor for Al Meezan Funds.
Placements with Banks and DFIs Cash
Portfolio Composition:
Nov11 Dec11
Commercial Paper Other Including receivables 15.2% 2.1%
Placements with Banks and DFIs Commercial Paper Cash Other Including receivables
23% 8% 66% 3%
15% 8% 75% 2%
8.0%
74.9%
MONEY MARKET
Dec-11
Sep-11
Apr-11
Aug-11
Nov-11
Feb-11
May-11
Mar-11
Oct-11
Jun-11
Jul-11
Fund Review
Net assets of Meezan Sovereign Fund (MSF) stood at Rs. 18.80 billion as at December 31, 2011. For the month of December, the fund has provided an annualized return of 12.6% as compared to its benchmark which has provided an annualized return of 8.1% during the same period.
To seek maximum possible preservation of capital and a reasonable rate of return
Performance - Annualized Returns:

1M MSF 12.6% 8.1% Benchmark 3M 12.0% 8.2% 6M 12.1% 8.3% FYTD 12.1% 8.3% 1Yr 12.1% 8.3% 3Yr 5Yr PSD** 11.3% 8.1%
Fund Details:
Fund Type: Funds Details Risk Level Launch Date Trustee Auditors Registrar Unit Types Management Fee Front End Load Back End Load Fund Category Leverage Listing AMC Rating Rating Agency Fund Stability Rating Pricing Mechanism Weighted average time to maturity Benchmark Valuation Days Subscription/ Redemption Days Fund Manager Members of Investment Committee Open End Minimal 10-Feb-10 CDC A.F. Ferguson & Co. Meezan Bank Ltd. A, B, C and D 1% 0.5% Nil Income Nil ISE AM2 JCRVIS AA+ (f) Forward 1.92 Years Average return on 6-month Islamic bank deposits Mon-Fri Mon-Fri 9am 3pm M. Ali, CFA, FRM M. Shoaib, CFA Muhammad Asad Sanam Zaib M. Ali, CFA, FRM M. Farhan Lakhani Bushra Tariq Shakil Ahmed
** Performance start date of Feb 10, 2010,
Annual Returns:
FY11 MSF Benchmark 11.5% 8.2% FY10 9.76%* 7.48% FY09 FY08 FY07 FY06 FY05 -
* 140 days of operations
14% 12% 10% 8%
MSF Benchmark
6% 4% 2%
0%
May-11

Maximum Preservation of Principal Investment Primary Investments in securities issued by Government of Pakistan Key Benefits Very Low Risk Liquidity (Redemption on average in 2-3 working days) Tax Credit as per tax laws Investments in High Grade & Liquid avenues: Investment Policy and Strategy Minimum 70% Investment in Government backed / issued securities (rated AAA) Placements in top rated banks and financial institutions Weighted Average Time to Maturity of Portfolio : Not more than 4 years Average return on 6-month Islamic bank deposits
Fund Assets:
Net Assets (Rs mn) NAV Per Unit (Rs) *

*Ex-Dividend NAV
16,659 51.12
18,798 50.33
12.84% 1.01%
Asset Rating:
Government Guaranteed AA+ AA AA80% 8% 10% 0.2%
Benchmark
Asset Allocation:
Nov 11 Government Guaranteed Cash Other Including receivables 57% 41% 2% Dec 11 80% 18% 2%
Asset Allocation:
80% Government Guaranteed
Cash Other Including receivables
2%
18%
INCOME
MEEZAN SOVEREIGN FUND (MSF)
December, 2011
Jan-11
Mar-11
Dec-11
Oct-11
Sep-11
Jun-11
Apr-11
Jul-11
Aug-11
Nov-11
Feb-11
MEEZAN CAPITAL PROTECTED FUND (MCPF-II)

Fund Review:
December, 2011
The fund was launched on July 5, 2011. As at December 31, the net assets of Meezan Capital Protected Fund (MCPF-II) stood at Rs. 408 million. For the month of December 2011, MCPF-II provided a return of -0.6%.
The objective of this fund is to provide investors 100% protection of their capital while offering competitive returns by participating in the equity market.

1M MCPF-II -0.6% 3M 0.1% 6M 3.3% FYTD 3.3% 1Yr 3Yr 5Yr PSD** 3.3%
Funds Details Fund Details:

Fund Type: Risk Level Launch Date Trustee Auditors Registrar Unit Types Management Fee Front End Load Fund Category Back End Load Leverage Listing AMC Rating Rating Agency Pricing Mechanism Valuation Days Subscription/ Redemption Days Fund Manager Members of Investment Committee Open End Minimal 5-Jul-11 CDC A.F. Ferguson & Co. Meezan Bank Ltd. A, B,C and D 1.5% 3% Capital Protected Contingent Load Nil ISE AM2 JCRVIS Forward Mon-Fri Mon-Fri 9am 3pm M. Farhan Lakhani M. Shoaib, CFA Muhammad Asad Sanam Zaib M. Ali, CFA, FRM M. Farhan Lakhani Bushra Tariq Shakil Ahmed
** Performance start date of Jul 5, 2011,
Annual Returns:
FY11 MCPF-II FY10 FY09 FY08 FY07 FY06 FY05 -

100% Capital Protection. Optimal Halal returns while remaining in Capital Protection structure. Tax exempt returns (under applicable Tax Laws) Tax Credit ( as per Tax Law) Professional Fund Management by the largest asset management company in private sector in Pakistan Capital Protection Segment Approximately 75.5% of the Fund would be allocated to Capital Protection Segment which will grow to initial investment, at maturity of life of the Fund. The investment will be made in 'AAA' rated Government of Pakistan Ijarah Sukuk. Investment Segment 24.5% of the Fund would be allocated to Investment Segment that is expected to provide the upside over and above principal at the time of maturity. This amount will be invested in Shariah compliant equity securities listed on Pakistani Stock Exchanges.
Key Benefits
on
Funds Asset:
Investment Policy and Strategy 410 51.96 408 51.63 -0.63% -0.64%
Jul' 11 306 50.28
Net Assets (Rs mn) NAV Per Unit (Rs)
Asset Allocation:
Equity (%) GoP Guaranteed Securities (%) Cash & Cash Equivalents (%) 21.6 74.0 4.4
Asset Allocation:
22%
4% Equity
GoP Guaranteed Securities Cash & Cash Equivalents
74%
CAPITAL PROTECTED
Fund Review:
As at December 31, 2011, total size of Meezan Tahaffuz Pension Fund (MTPF) stood at Rs. 476 million. For the month of December, the NAV of equity sub fund decreased by 4% while the NAV of debt and money sub funds provided an annualized return of 11.9% and 10.1% respectively.
To provide participants a regular Halal income stream after retirement/disability when they can no longer earn regular income to support their living so that they are not dependent on other members of the society.
Performance Cumulative Returns:

1M MTPF- Equity MTPF- Debt* MTPF- MMkt* -4.1% 11.9% 10.1% 3M -5.6% 7.6% 11.9% 6M -4.6% 8.6% 11.6% YTD -4.6% 8.6% 11.6% 1Yr 3.5% 10.5% 11.2% 3Yr 182.7% 9.5% 10.2% 5Yr PSD** 30.8% 9.4% 9.5%
Fund Details: Funds Fund Type: Details

Risk Level Launch Date Trustee Auditors
** Performance start date of June 28, 2007,

Open End Minimal 28-Jun-07 CDC Ford Rhodes Siddat Hyder & Co. Meezan Bank Ltd. Pension Nil AM2 JCRVIS Forward Mon-Fri Mon-Fri 9am 3pm Muhammad Asad M. Shoaib, CFA Muhammad Asad Sanam Zaib M. Ali, CFA, FRM M. Farhan Lakhani Bushra Tariq Shakil Ahmed
* annualized return
Annual Returns:
FY11 MTPF- Equity MTPF- Debt MTPF- MMkt 36.% 10.9% 10.7% FY10 31.5% 8.50% 8.50% FY09 25.8% 10.2% 11.1% FY08 3.10% 8.30% 7.70% FY07 FY06 FY05 -
Registrar Fund Category Leverage AMC Rating Rating Agency Pricing Mechanism Valuation Days Subscription/ Redemption Days Fund Manager Members of Investment Committee
Sector Weightage as % of Net Assets (MTPF Equity):

100% 19% 12% 13% Cash & Others
80%
60% 40%
10%
Electricity Oil & Gas General Industrials
35%
34%
FUND ASSETS:
Rs (Mn) MTPF- Equity MTPF- Debt MTPF- MMkt Total Fund Nov '11 197 165 105 467 Dec '11 199 170 107 476 MoM % 0.8% 3.0% 1.3% 1.7%
10% 20%
11% 13% 17%
Construction and Materials

Chemicals
12% 15%
0% Nov' 11 Dec' 11
MTPF Debt Sub Fund:

92%
NAV per unit:

Rs MTPF- Equity MTPF- Debt MTPF- MMkt Nov '11 136.8 148.6 149.9 Dec '11 131.1 150.1 151.1 MoM % -4.1% 1.0% 0.8%
GoP Guaranteed Securities Sukuks 2% 4% 2% Cash Other Including receivables
Sukuk Holdings
GoP Ijarah Sukuks V GoP Ijarah Sukuks IX GoP Ijarah Sukuks IV
MTPF(Debt fund):
34.1% 31.7% 16.4% 7.6% 1.8% 1.0% 0.6% 0.4%
MTPF Money Market Sub Fund:

93% Gop Guaranteed Securities Sukuk Cash Other Including receivables
GoP Ijarah Sukuks VIII GoP Ijarah Sukuks VI Maple Leaf Cement Eden Housing Limited Security Leasing Sukuk II
1%
1% 5%
PENSION
MEEZAN TAHAFFUZ PENSION FUND (MTPF)
December, 2011
Meezan Balanced Fund (MBF)
December, 2011
PAKISTANS ONLY SHARIAH-COMPLIANT CLOSED-END FUND

Fund Review:
Net assets of Meezan Balanced Fund (MBF) as at December 31, 2011 stood at Rs. 1.33 billion. The funds NAV decreased by 2.2% during the month.
Investment Objective: Funds Details

The objective of Meezan Balanced Fund is to generate long term capital appreciation as well as current income by creating a balanced portfolio that is invested both in high quality equity securities and Islamic Income Instruments such as TFCs, COIs, Certificates of Musharika, Islamic Sukuk, Ready-future hedges, and other Shariah compliant instruments.

1M MBF Benchmark -2% -2% 3M -2% -2% 6M 1% -0.7% FYTD 1% -0.7% 1Yr 9% 6% 3Yr 111% 83% 5Yr 44% 23% PSD** 143% 55%
** Performance start date of Dec 20, 2004
Annual Returns:
Fund Details:
Fund Type: Risk Level Launch Date Trustee Auditors Registrar Management Fee Fund Category Leverage Listing AMC Rating Rating Agency Benchmark Close End Minimal 20-Dec-2004 CDC A.F. Ferguson & Co. THK Associates 2% Balanced Nil KSE AM2 JCRVIS 50% KMI-30 Index 50% Average bank Deposit rate of three Islamic banks N/A N/A N/A M. Farhan Lakhani M. Shoaib, CFA Muhammad Asad Sanam Zaib M. Ali, CFA, FRM M. Farhan Lakhani Bushra Tariq Shakil Ahmed MBF Benchmark
FY11 25% 25%
FY10 23% 21%
FY09 -11% -14%
FY08 1% 3%
FY07 26% 11%
FY06 23% 15%
FY05 2%* 13%
Top Ten Portfolio holdings:(% of NAV):

Equity Fauji Fertilizer Co. Ltd. Hub Power Co. Ltd. Pakistan Oilfields Ltd. Pakistan Petroleum Ltd. Oil & Gas Development Co. Ltd. 8% 8% 6% 5% 4% KAPCO (Commercial Paper) HUBCO (Commercial Paper) GoP Ijarah Sukuks -IV Engro Fertilizer Ltd. GoP Ijarah Sukuks -III Sukuk 13% 8% 7% 4% 2%
* Performance start date of Dec 20, 2004 *
Pricing Mechanism Valuation Days Subscription/ Redemption Days Fund Manager Members of Investment Committee
Sector Allocation:
Nov11
Equity GoP Guaranteed Securities Sukuk Commercial Paper Cash 54% 16% 7% 20% 3%
Dec11
54% 9% 6% 21% 10%
Sector Performance: Funds Asset:

43%
Jul' 11 306 50.28
Sukuk
8% 19%
Electricity
Oil & Gas Chemicals
11%
7%
12%
Construction and Materials Cash & others
BALANCED

Dividend Payout of Meezan Sovereign Fund and Meezan Cash Fund

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MKT/FMR/06/12, January 06, 2012

Shahid Gul Motiwala SVP- Head of Marketing and Sales

Fund Managers Report

AL Meezan Investment Management Limited

Stock Market Review

Money Market Review

KSE-100 Index Performance

11,600 11,400 11,200

13.2 12.4 11.6

AMC RATING AM2 (STABLE OUTLOOK)

Performance - Cumulative Returns:

FYTD -4% -4%

3Yr 176% 166%

5Yr 56% 46%

PSD** 257% 164%

Funds Details Fund Details:

** Performance start date of August 08, 2003,

Top Ten Equity holdings:(% of NAV):

*Management fee is included in the expense ratio

Electricity General Industrials Others

MEEZAN ISLAMIC FUND (MIF)

AMC RATING AM2 (STABLE OUTLOOK)

Performance - Cumulative Returns:

Fund Details: Funds Details

** Performance start date of July 13, 1995,

Investment Growth from FY 1996- 2012 To Date

105,000 88,600 397,530 100,000 126,500 72,400

Top Ten Equity holdings:(% of NAV):

*Management fee is included in the expense ratio

AMMF Standard Deviation (%) Sharpe Ratio

15% 6% 10% 10%

Electricity General Industrials Others

AL Meezan Mutual FUND (AMMF)

AMC RATING AM2 (STABLE OUTLOOK)

Performance - Annualized Returns:

** Performance start date of Jan 15, 2007

* 163 days of operations

Top Ten Portfolio holdings:(% of NAV):

Net Assets (Rs mn) NAV Per Unit (Rs)

Credit Quality of portfolio:

39% 14% 0.04% 9% 10% 10% 14% 1%

Details of Non Performing Investments:

MEEZAN ISLAMIC INCOME FUND (MIIF)

MEEZAN CASH FUND (MCF)

AMC RATING AM2 (STABLE OUTLOOK)

Performance Annualized Returns:

Fund Details: Funds Details

** Performance start date of June 15, 2009

Portfolio: Salient Features

Net Assets (Rs mn) NAV Per Unit (Rs) *

Placements with Banks and DFIs Cash

Commercial Paper Other Including receivables 15.2% 2.1%

AMC RATING AM2 (STABLE OUTLOOK)

Performance - Annualized Returns:

** Performance start date of Feb 10, 2010,

* 140 days of operations

Portfolio: Salient Features

Net Assets (Rs mn) NAV Per Unit (Rs) *

MEEZAN SOVEREIGN FUND (MSF)