MCB-ARIF HABIB SAVINGS AND INVESTMENTS LIMITED

RISK PROFILE OF COLLECTIVE INVESTMENT SCHEMES/ADMINISTRATIVE PLANS

Name of Collective Investment Scheme Category of Collective Investment Scheme Risk Profile Risk of Principal Erosion
CONVENTIONAL
MCB Cash Management Optimizer Money Market Very Low Principal at very low risk
Pakistan Cash Management Fund Money Market Very Low Principal at very low risk
MCB-DCF Income Fund Income Medium Principal at medium risk
Pakistan Income Fund Income Medium Principal at medium risk
MCB Pakistan Sovereign Fund Income Medium Principal at medium risk
Pakistan Income Enhancement Fund Aggressive Fixed Income Medium Principal at medium risk
MCB Pakistan Asset Allocation Fund Asset Allocation High Principal at high risk
Pakistan Capital Market Fund Balanced High Principal at high risk
MCB Pakistan Stock Market Fund Equity High Principal at high risk
SHARIAH COMPLIANT
Alhamra Islamic Income Fund Shariah Compliant Islamic Income Medium Principal at medium risk
Alhamra Daily Dividend Fund Shariah Compliant Islamic Income Medium Principal at medium risk
Alhamra Islamic Money Market Fund
Shariah Compliant Money Market Very Low Principal at very low risk
[Formerly: MCB Pakistan Frequent Payout Fund]
Alhamra Islamic Asset Allocation Fund Shariah Compliant Islamic Asset Allocation High Principal at high risk
Alhamra Islamic Active Allocation Plan - I Shariah Compliant Islamic Asset Allocation High Principal at high risk
Alhamra Islamic Active Allocation Plan - II Shariah Compliant Islamic Asset Allocation High Principal at high risk
Alhamra Islamic Stock Fund Shariah Compliant Islamic Equity High Principal at high risk

Name of Administrative Plan Risk Profile Risk of Principal Erosion

CONVENTIONAL
Gulluck Plan (MCB-PSM) High Principal at high risk
MCB-PSM Savings Plan High Principal at high risk
Balanced Savings Plan High Principal at high risk
Pension Builder Plan High Principal at high risk
Smart Trader High Principal at high risk
Balanced Portfolio High Principal at high risk
Dynamic Income Provider High Principal at high risk
PIF Savings Plan Medium Principal at medium risk
Smart Portfolio Medium Principal at medium risk
Monthly Income Plan Medium Principal at medium risk
SHARIAH COMPLIANT
Gulluck Plan (ALHISF) High Principal at high risk
Hajj Saver Account (ALHAA) High Principal at high risk
 October 31, 2020

PERSPECTIVE
Economy Reveiw & Outlook
The local economy continued its positive momentum as depicted from the sales of cyclical sectors. Cements, Autos and
Allied industries have shown a stellar growth on YoY basis, and even surpassed Pre-Covid figures. Resultantly, overall
sentiments have improved considerably and it is expected that the target economic growth levels will be achieved
smoothly.
Discount Rate vs. CPI Inflation
The headline CPI inflation clocked in at around 8.9% YoY, in line with market expectations. Food inflation continued to tilt
the overall inflation on the higher side at it grew by ~16.0% on YoY basis. Overall, inflation averaged 8.9% for the first
four months of FY21. Inflation is expected to remain near ~8% in the next few months, however, it will slight jump in the
last quarter as the impact of lower base effect kicks in. Overall, the inflationary numbers are expected to remain in single 16.0
Discount Rate CPI Inflation

digits over the year. We expect CPI to average ~9.2% for next year assuming crude oil prices average at ~USD 45/BBL 15.0
for the next year. With interest rates at 7%, the real rates would stand under negative territory and central bank could 14.0
increase interest rates slightly in next half of the fiscal year. 13.0
v12.0
Balance of Payment continued to show improvement as current account posted another surplus amounting to USD 73 11.0
million in Sep ’20, taking the cumulative surplus for the first quarter to USD 792 million. Major contribution to surplus was 10.0
again provided by remittances which grew by 31% YoY to USD 2.3 billion. Foreign exchange reserves on the other hand 9.0

(%)
did not witness much increase as financial repayments to multilateral kept the financial account in negative. However, 8.0
PKR saw a sharp rebound to 160 vs USD after the global currency lost strength, alongside a sharp improvement in 7.0
current account balance. 6.0
5.0
Fiscal deficit clocked in at 1.1% of GDP during the first quarter of FY21, much better than general expectations. Primary 4.0
balance also remained in positive territory and was recorded at 0.6% of GDP. Total revenue remained flat at PKR 1.4 3.0
trillion, however, government remained successful in maintaining non interest expenditure, thus, bringing the overall fiscal
2.0
balance in a sustainable range.
1.0
-

Oct-17

Jan-18
Feb-18

Jan-19

Jan-20
Aug-18
Sep-18
Oct-18

Feb-19

Aug-19
Sep-19
Oct-19

Feb-20

Aug-20
Sep-20
Oct-20
Dec-17

Mar-18
Apr-18

Jun-18
Nov-17

Jul-18

Dec-18

Mar-19
Apr-19

Jun-19
Jul-19

Dec-19

Mar-20
Apr-20

Jun-20
Jul-20
May-18

Nov-18

May-19

Nov-19

May-20
Money Market Reveiw & Outlook
During the month the second wave of COVID 19 was seen around the globe resulting in lockdown in different parts of the
world. As a result, volatility in oil prices was also observed during this period. Yield in short-term tenor remained flat
during the month however long-term tenor yields remained volatile on the front of inflation expectations.
Yield Curve
State Bank of Pakistan conducted Treasury bill auction on October 21st, 2020. The auction had a total maturity of PKR
484.7 billion against a target of PKR 350 billion. Auction witnessed a total participation of PKR 560 billion. Out of total
participation bids worth PKR 545 billion were received in 3 months’ tenor, PKR 14.5 billion in 6 months, and PKR 13.9
million in 12 months’ tenor. SBP accepted total bids worth PKR 387 billion in a breakup of PKR 368 billion and PKR 19
billion at a cut-off yield of 7.175% and 7.20% in 3 months and 6 months’ tenor respectively. However, bids for 12months Oct-20 Sep-20
tenor were rejected. 10.2

Auction for fixed coupon PIB bonds was held on Oct 14th, 2020 with a total target of PKR 140 billion. Total participation of 9.6
PKR 57.8 billion was witnessed in this auction out of which 3, 5, 10, 15 & 20-year tenor received bids worth PKR 6.7
billion, PKR 12.5 billion, PKR 17.6 billion, PKR 12 billion & PKR 9 billion respectively. State bank of Pakistan accepted
PKR 50 million in 3 years, PKR 8 billion in 15 years, and 5 billion in 20 years at a Cut-off rate of 8.24%, 10%, and 9.0
10.5498% respectively. Bids for 5 and 10-year tenor were rejected.
8.4
Auction for Floating Rate Bond was held on Oct 21st, 2020 with a total target of PKR 110 billion. Total participation of only
(%)

PKR 2 billion was witnessed in this auction which was later rejected by the State Bank of Pakistan. The first auction of
floating rate PIBs with quarterly coupon payments was also conducted on the same date having a total target of PKR 60 7.8
billion. SBP accepted bids worth PKR 113.287 billion against the participation of PKR 155.472 billion.
7.2
Build-up in inflationary pressures coupled with positive external sector outlook and subdued growth environment has
support SBP to keep rates on hold. However, the gradual build-up of inflation, should widen the negative real rate
6.6
environment later in FY21 which possibly could also trigger rate hikes. However, this expectation will remain largely
conditional on the pace of economic recovery from the COVID shock.
6.0

10 Year
1 Year

2 Year

3 Year

4 Year

5 Year

6 Year

7 Year

8 Year

9 Year
Equity Market Review & Outlook
The benchmark KSE-100 Index continued correcting as it retraced by ~1.7% during the month of October 2020.
Heightened political noise along with a rising trend in local COVID-19 cases were the major mood dampeners. On the
global level there were news of lockdowns especially in the Eurozone on rising COVID-19 cases, adding fuel to the fire.
Foreigners continued on their selling course as they sold ~USD 39 million worth of equities over the period. On the local KSE-100 During October 2020
front, Insurance Companies and Banks/DFI proved to be the major participants buying around USD 27 Mn and USD 16
Mn worth of equities respectively. Consequently, trading activity at the bourse declined compared to the previous month
as the average volumes and value traded amounted to ~404 Mn shares/ ~PKR 14 Bn.

Cement, Automobile Assemblers and Automobile Parts were the gainers as they increased by ~6.6% and ~4.2% and KSE-100 Index Volume KSE-100 Index
mn shares
~1.7% respectively during the month. However, Oil & Gas Exploration Companies, Oil & Gas Marketing Companies,
Chemicals, Power Generation & Distribution were the laggards as they lost ~11.5% and ~6.8% and ~4.0% and ~2.8% 44,000 700
respectively during the month. Cement surged significantly on account of healthy despatch figures over the period and a
41,000 600
favorable environment for the sector amid various government initiatives. Similar was the case with Autos as there were
stimuli that continued to generate positive numbers for the industry. Concurrently, crude oil prices lost nearly 9% during 500
the month which adversely affected the exploration sector. In addition, power sector value was eroded as circular debts 38,000
continued to pile up exceeding Rs. 2.25 Trillion. 400
35,000
From capital market perspective, recovery path seems most likely. Covid curve remains flattened as the percentage of 300
cases emerging remains range bound. Though the threat of second wave of cases looms, the country’s situation is far
32,000
better when compared to the global peers. The valuations are still on the course to catch up with historical norms. Barring 200
a second wave of the virus, we still think equities have a lot to offer to the investors. Market cap to GDP ratio is at
~17.8%, still at a discount of ~30% from its historical average. Similarly, risk premiums are close to 3.4%, compared to 29,000 100
historical average of 0.9% signifying decent upside for long term investors. We believe a micro view of sectors and stock
will remain more important this year and investment selection should focus on companies which trade at a deep discount 26,000 -
to their intrinsic value. Similarly, focus should also revert back to companies that are expected to exhibit stellar earnings
1-Oct-20
2-Oct-20
5-Oct-20
6-Oct-20
7-Oct-20
8-Oct-20
9-Oct-20
12-Oct-20
13-Oct-20
14-Oct-20
15-Oct-20
16-Oct-20
19-Oct-20
20-Oct-20
21-Oct-20
22-Oct-20
23-Oct-20
26-Oct-20
27-Oct-20
28-Oct-20
29-Oct-20

growth over the medium term.

 MCB Cash Management Optimizer
October 31, 2020 NAV - PKR 101.1022

General Information
Fund Type An Open End Scheme Investment Objective
Category Money Market Scheme
Asset Manager Rating AM1 (AM One) by PACRA
To provide Unit-Holders competitive returns from a low risk portfolio of short duration assets while maintaining
(06-Oct-20)
Stability Rating AA+(f) by PACRA (19-Oct-20) high liquidity.
Risk Profile Very Low (Principal at very low risk)
Launch Date 1-Oct-09
Fund Manager Saad Ahmed
Trustee Central Depository Company of Pakistan Limited
Auditor A.F.Ferguson & Co., Chartered Accountants Manager’s Comment
Management Fee Upto 7.5% of the gross earnings subject to a minimum fee of 0.25%
of average daily Net Assets.
[Actual rate of Management Fee : 0.25%]
The fund generated an annualized return of 7.02% during the month against benchmark of 6.64%. Allocations in
Front / Back end Load* Nil cash was decreased. WAM of the fund was 26 days at month end.
Min. Subscription
Growth Units PKR 500
Cash Dividend Units PKR 500
Income Units PKR 100,000
Listing Pakistan Stock Exchange
Benchmark 70% three (3) months PKRV rates plus 30% three
(3) months average deposit rates of three (3) AA
rated scheduled Banks as selected by MUFAP
Pricing Mechanism Backward
Dealing Days Monday - Friday
Cut off Timing Mon - Thu (3:00 PM) Fri (4:00 PM)
For same day redemption
Mon - Fri (9:30AM) Provision against Sindh Workers' Welfare Fund's liability
Leverage Nil
MCB-CMOP has maintained provisions against Sindh Workers’ Welfare Fund’s liability to the tune of Rs 103.29
million, if the same were not made the NAV per unit of MCB-CMOP would be higher by Rs 0.3353 and YTD return
would be higher by 0.34%. For details investors are advised to read Note 8.1 of the latest Financial Statements for
the quarter ended September 30, 2020 of MCB-CMOP.
*Subject to government levies

Fund Facts / Technical Information MCB CMOP Asset Allocation (%age of Total Assets) Oct-20 Sep-20
NAV per Unit (PKR) 101.1022 Cash 19.7% 99.6%
Net Assets (PKR M) 31,144 T-Bills 70.0% 0.0%
Weighted average time to maturity (Days) 26 Others including receivables 10.3% 0.4%
Sharpe Ratio* 0.06
Correlation** 15.28%
Standard Deviation 0.03
Total expense ratio with government levy*** (Annualized) 0.71% Performance Information (%) MCB CMOP Benchmark
Total expense ratio without government levy (Annualized) 0.50% Year to Date Return (Annualized) 6.58% 6.70%
*as against 12 month PKRV ** as against Benchmark Month to Date Return (Annualized) 7.02% 6.64%
*** This includes 0.21% representing government levy, Sindh Workers' welfare fund and SECP Fee 180 Days Return (Annualized) 7.01% 7.17%
Selling and Marketing Expenses Charged to the Fund MTD YTD 365 Days Return (Annualized) 10.35% 9.63%
(PKR) - - Since inception (CAGR)* 8.95% 6.96%
Average Annual Return (Geometric Mean) 9.02%
Members of the Investment Committee *Adjustment of accumulated WWF since Oct 1, 2009
Muhammad Saqib Saleem Chief Executive Officer Returns are computed on the basis of NAV to NAV with dividends reinvested
Muhammad Asim, CFA Asset Class Specialist - Equities
Saad Ahmed Asset Class Specialist - Fixed Income
Syed Mohammad Usama Iqbal Fund Manager - Fixed Income Funds Annualized 2016 2017 2018 2019 2020
Awais Abdul Sattar, CFA Head of Research Benchmark (%) 4.42 4.18 5.35 8.79 11.60
MCB CMOP (%) 5.77 7.11 5.41 8.88 12.71

Asset Quality (%age of Total Assets)

Asset-wise Maturity (No. of Days)
Not Rated ,
10.3%
AAA , 19.7%

AAA T-Bills
1 38
Government Securities
Not Rated

Government - 100
Securities ,
70.0%

DISPUTE RESOLUTION/ COMPLAINTS HANDLING: MUFAP’s Recommended Format.

Investors may lodge their complaints to our Investor Services Department through any of the following options where our dedicated staff is available 24/7 to provide assistance: Call at (+92-21) 11 11 ISAVE (47283), Email at info@mcbah.com, Whatsapp us at +923004362224, Chat
with us through our website www.mcbah.com or Submit through our Website https://www.mcbah.com/helpdesk/. In case your complaint has not been properly redressed by us, you may lodge your complaint with SECP at the link https://sdms.secp.gov.pk/. However, please note
that SECP will entertain only those complaints which were at first directly requested to be redressed by the Company and the Company has failed to redress the same. Further, the complaints that are not relevant to SECP’s regulatory domain/competence shall not be entertained by
the SECP.

DISCLAIMER
This publication is for informational purposes 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 risks. The NAV based prices of units and any dividends/returns
thereon are dependant on forces and factors affecting the financial markets. These may go up or down based on market conditions. Past performance is not necessarily indicative of future results.
Performance data does not include the cost incurred directly by an investor in the form of sales loads etc.
 Pakistan Cash Management Fund
October 31, 2020 NAV - PKR 51.2771

General Information
Fund Type An Open End Scheme Investment Objective
Category Money Market Scheme
The objective of PCF is to provide Unit Holders competitive returns from a low risk portfolio of short duration assets
Asset Manager Rating AM1 (AM One) by PACRA (06-Oct-20 )
while maintaining high liquidity.
Stability Rating AA+(f) by PACRA (19-Oct-20)
Risk Profile Very Low (Principal at very Low risk)
Launch Date 20-Mar-08 Manager’s Comment
Fund Manager Saad Ahmed
The fund generated an annualized return of 7.26% during the month against benchmark of 6.64%. WAM of the fund
Trustee MCB Financial Services Limited was 59 days.
Auditor A.F.Ferguson & Co., Chartered Accountants
Management Fee Up to 10% of the gross earnings, calculated on a daily The fund would remain vigilant towards the changes in macroeconomic variables and would continue to harvest
attractive opportunities in the market.
basis (Actual rate of Management fee:0.07%)
Listing Pakistan Stock Exchange
Front end Load* 0% to 1.0%
Back end Load* Nil
Min. Subscription PKR 500
Benchmark 70% three(3) months PKRV rates + 30% three (3)
months average deposit rates of three (3) AA rated Provision against Sindh Workers' Welfare Fund's liability
scheduled Banks as selected by MUFAP.
Pricing Mechanism Backward PCF has maintained provisions against Sindh Workers’ Welfare Fund’s liability to the tune of Rs. 10.22 million, if the
same were not made the NAV per unit of PCF would be higher by Rs. 0.2914 and YTD return would be lower by
Dealing Days Monday - Friday 0.58%. For details ,investors are advised to read Note 7.1 of the latest Financial Statements for the quarter ended
Cut off Timing Mon - Thu (3:00 PM) Fri (4:00 PM) September 30, 2020 of PCF.
For same day redemption
Mon - Fri (9:30AM)
Leverage Nil Asset Allocation (%age of Total Assets) Oct-20 Sep-20
Cash 1.7% 99.6%
T-Bills 97.4% 0.0%
Others including receivables 0.9% 0.4%
*Subject to government levies
Fund Facts / Technical Information PCF
NAV per Unit (PKR) 51.2771
Net Assets (PKR M) 1,798 Performance Information (%) PCF Benchmark
Weighted average time to maturity (Days) 59 Year to Date Return (Annualized) 6.39% 6.70%
Sharpe Ratio* 0.02 Month to Date Return (Annualized) 7.26% 6.64%
Correlation** 12.8% 180 Days Return (Annualized) 6.81% 7.17%
Standard Deviation 0.05 365 Days Return (Annualized) 10.15% 9.62%
Total expense ratio with government levy*** (Annualized) 0.45% Since inception (CAGR) 9.14% 9.64%
Total expense ratio without government levy (Annualized) 0.27% Average Annual Return (Geometric Mean) 9.10%
*as against 12 month PKRV **as against Benchmark "Returns are computed on the basis of NAV to NAV with dividends reinvested"
***This includes 0.18% representing government levy, Sindh Workers' welfare fund and SECP fee

Annualized 2016 2017 2018 2019 2020

Members of the Investment Committee Benchmark (%) 6.75 6.07 5.35 8.72 11.59
Muhammad Saqib Saleem Chief Executive Officer PCF(%) 5.88 8.34 4.67 7.48 12.02
Muhammad Asim, CFA Asset Class Specialist-Equities
Saad Ahmed Asset Class Specialist-Fixed Income
Syed Mohammad Usama Iqbal Fund Manager - Fixed Income Funds Asset-wise Maturity (No. of Days)
Awais Abdul Sattar, CFA Head of Research

Asset Quality (%age of Total Assets)

AA+
1.3%
AAA
0.4% T-Bills 60
Not Rated
0.9%

Government
Securities
97.4% 0 100

DISPUTE RESOLUTION/ COMPLAINTS HANDLING: MUFAP’s Recommended Format.

Investors may lodge their complaints to our Investor Services Department through any of the following options where our dedicated staff is available 24/7 to provide assistance: Call at (+92-21) 11 11 ISAVE (47283), Email at info@mcbah.com, Whatsapp us at +923004362224, Chat with us through our website www.mcbah.com or Submit through
our Website https://www.mcbah.com/helpdesk/. In case your complaint has not been properly redressed by us, you may lodge your complaint with SECP at the link https://sdms.secp.gov.pk/. However, please note that SECP will entertain only those complaints which were at first directly requested to be redressed by the Company and the
Company has failed to redress the same. Further, the complaints that are not relevant to SECP’s regulatory domain/competence shall not be entertained by the SECP.

DISCLAIMER
This publication is for informational purposes 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 risks. The NAV based prices of units and any dividends/returns thereon are dependant on forces and factors affecting
the financial markets. These may go up or down based on market conditions. Past performance is not necessarily indicative of future results.
Performance data does not include the cost incurred directly by an investor in the form of sales loads etc.
 MCB DCF Income Fund
October 31, 2020 NAV - PKR 109.3280

Investment Objective
Manager’s Comment
To deliver superior fixed income returns by investing in an optimal mix of authorized debt instruments while taking into account capital security and
.liquidity considerations During the month the fund generated an annualized return of 6.27% against its benchmark return of 7.36%.
Allocations in cash was decreased. WAM of the fund was 2.1 years.
General Information

Fund Type An Open End Scheme

Provision against Sindh Workers' Welfare Fund's liability
Category Income Scheme

Asset Manager Rating AM1 (AM One) by PACRA (06-Oct-20 ) MCB-DCFIF has maintained provisions against Sindh Workers’ Welfare Fund’s liability to the tune of Rs. 39.41
million, if the same were not made the NAV per unit of MCB-DCFIF would be higher by Rs. 1.0952 and YTD return
Stability Rating AA-(f) by PACRA (19-Oct-20) would be higher by 1.02%. For details investors are advised to read Note 9.1 of the latest Financial Statements for
the quarter ended September 30,2020 of MCB-DCFIF.
Risk Profile Medium (Principal at medium risk)

Launch Date 1-Mar-07

Fund Manager Saad Ahmed Performance Information (%) MCB-DCFIF Benchmark

Trustee Central Depository Company of Pakistan Limited Year to Date Return (Annualized) 6.56% 7.24%

Auditor A.F.Ferguson & Co., Chartered Accountants Month to Date Return (Annualized) 6.27% 7.36%

Management Fee** Upto 1.5% per annum of average daily Net Assets. (Actual rate of management fee 1.50%) 180 Days Return (Annualized) 4.99% 7.51%

Front-end Load* 365 Days Return (Annualized) 9.72% 10.49%

Growth and Income Units: Individual 1.5% Since inception (CAGR) ** 9.45% 10.30%
Corporate Nil Average Annual Return (Geometric Mean) 9.51%
Bachat Units Nil
Back-end Load* Annualized 2016 2017 2018 2019 2020
Growth & Income Units Nil Benchmark (%) 7.01 6.09 6.22 10.75 13.04
Bachat Units 3% if redeemed before completion of two years from the date of initial investment. MCB-DCFIF (%) 6.23 6.50 4.62 7.80 11.69
0% if redeemed after completion of two years from the date of initial investment. **One off hit of 4% due to SECP directive on TFCs’ portfolio
Min. Subscription Adjustment of accumulated WWF since July 1, 2008
Growth & Bachat Units PKR 500 "Returns are computed on the basis of NAV to NAV with dividends reinvested"

Income Units PKR 100,000 Asset Allocation (%age of Total Assets) Oct-20 Sep-20
Listing Pakistan Stock Exchange Cash 16.4% 31.7%
Benchmark Six(6) months KIBOR rates TFCs/Sukuks 12.4% 14.3%
Pricing Mechanism Forward Government Backed / Guaranteed Securities 8.7% 10.1%
Dealing Days Monday - Friday GOP Ijara Sukuk 0.8% 0.9%
Cut off Timing Mon - Thu (3:00 PM) PIBS 8.9% 1.6%
Fri (4:00 PM) T-Bills 7.5% 4.0%
Leverage Nil Spread Transactions 16.1% 22.9%
*Subject to government levies Others including receivables 25.1% 8.9%
Margin Trading 4.1% 5.6%

Top 10 TFC / SUKUK Holdings (%age of Total Assets) Fund Facts / Technical Information
The Bank Of Punjab (23-Dec-16) 2.6% NAV per Unit (PKR) 109.3280
Dawood Hercules Corporation Limited (16-Nov-17) 1.9% Net Assets (PKR M) 3,934
Jahangir Siddiqui And Company Limited (06-Mar-18) 1.6% Weighted average time to maturity (Years) 2.1
The Bank Of Punjab (23-Apr-18) 1.6% Sharpe Ratio* 0.04
Askari Bank Limited (17-Mar-20) 1.1% Correlation** 11.37%
Bank Al-Habib Limited (17-Mar-16) 1.0% Standard Deviation 0.09
Habib Bank Limited (19-Feb-16) 0.9% Total expense ratio with government levy*** (Annualized) 3.09%
Dawood Hercules Corporation Limited (01-Mar-18) 0.8% Total expense ratio without government levy (Annualized) 2.73%
Jahangir Siddiqui And Company Limited (18-Jul-17) 0.5% *Against 12M PKRV **as against benchmark
Ghani Chemical Industries Limited (03-Feb-17) 0.4% ***This includes 0.36% representing government levy, Sindh workers' welfare fund and SECP fee

Selling and Marketing Expenses Charged to the Fund (PKR)

MTD YTD Members of the Investment Committee
1,325,655 5,473,281 Muhammad Saqib Saleem Chief Executive Officer

Muhammad Asim, CFA Asset Class Specialist-Equities

Asset Quality (%age of Total Assets) Saad Ahmed Asset Class Specialist-Fixed Income

Syed Mohammad Usama Iqbal Fund Manager - Fixed Income Funds

Government Securities,
Not Rated, 45.3% Awais Abdul Sattar, CFA Head of Research
25.9%

A-, 0.4% AAA, 3.9%

AA+, 3.3%
A, 7.7%
AA, 4.8%
A+, 4.5%
AA-, 4.2%

Details of non-compliant investments with the investment criteria of assigned category (securities below investment grade - Rs. in millions)
Name & Type of Non-Compliant Outstanding Value of investment Value of investment
Provision held, if any % of Net Assets % of Gross Assets
Investment face value before provision after provision

Saudi Pak Leasing Company Limited - TFC 27.55 27.55 27.55 0.00 0.00% 0.00%

New Allied Electronics Industries - TFC 21.98 21.98 21.98 0.00 0.00% 0.00%

New Allied Electronics Industries - Sukuk 35.00 35.00 35.00 0.00 0.00% 0.00%

MUFAP’s Recommended Format.

DISPUTE RESOLUTION/ COMPLAINTS HANDLING:
Investors may lodge their complaints to our Investor Services Department through any of the following options where our dedicated staff is available 24/7 to provide assistance: Call at (+92-21) 11 11 ISAVE (47283), Email at info@mcbah.com, Whatsapp us at +923004362224, Chat with us through our
website www.mcbah.com or Submit through our Website https://www.mcbah.com/helpdesk/. In case your complaint has not been properly redressed by us, you may lodge your complaint with SECP at the link https://sdms.secp.gov.pk/. However, please note that SECP will entertain only those
complaints which were at first directly requested to be redressed by the Company and the Company has failed to redress the same. Further, the complaints that are not relevant to SECP’s regulatory domain/competence shall not be entertained by the SECP.

DISCLAIMER
This publication is for informational purposes 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 risks. The NAV based prices of units and any dividends/returns thereon are dependant on forces and factors affecting the financial markets. These may go up or down
based on market conditions. Past performance is not necessarily indicative of future results.
Performance data does not include the cost incurred directly by an investor in the form of sales loads etc.
 Pakistan Income Fund
October 31, 2020 NAV - PKR 55.5943

Investment Objective Manager’s Comment

The objective of the Fund is to deliver returns primarily from debt and fixed income investments without During the month the fund posted an annualized return of 5.99% against its benchmark return of
taking excessive risk. 7.36%. WAM of the fund was 264 days. Exposure in cash was decreased to 21.6%.

General Information
Fund Type An Open End Scheme
Category Income Scheme
Asset Manager Rating AM1 (AM One) by PACRA (06-Oct-20) Provision against Sindh Workers' Welfare Fund's liability
Stability Rating A+(f) by PACRA (19-Oct-20)
Risk Profile Medium (Principal at medium risk)
PIF has maintained provisions against Sindh Workers’ Welfare Fund’s liability to the tune of Rs.
Launch Date 11-Mar-02
12.02 million, if the same were not made the NAV per unit of PIF would be higher by Rs. 0.2599
and YTD return would be higher by 0.48%. For details investors are advised to read Note 6.1 of the
Fund Manager Syed Mohammad Usama Iqbal
latest Financial Statements for the quarter ended September 30, 2020 of PIF.
Trustee Central Depository Company of Pakistan Limited
Auditor Yousuf Adil, Chartered Accountants
Management Fee Upto 10% of the Gross Earnings subject to a minimum fee of 0.25% Performance Information (%) PIF Benchmark
of the average daily net assets. [Actual rate of Management Fee: 0.91%] Year to Date Return (Annualized) 7.59% 7.24%
Front-end Load* Individual 2% Month to Date Return (Annualized) 5.99% 7.36%
Corporate Nil 180 Days Return (Annualized) 6.73% 7.51%
Back-end Load* Nil 365 Days Return (Annualized) 11.61% 10.49%
Min. Subscription PKR 500 Since inception (CAGR) 9.52% 9.03%
Listing Pakistan Stock Exchange Average Annual Return (Geometric Mean) 9.59%
Benchmark Six(6) months KIBOR rates "Returns are computed on the basis of NAV to NAV with dividends reinvested"
Pricing Mechanism Forward
Dealing Days Monday - Friday Annualized 2016 2017 2018 2019 2020
Cut off Timing Mon - Thu (3:00 PM) Benchmark (%) 6.97 6.05 5.90 10.75 13.04
Fri (4:00 PM) PIF(%) 6.14 6.90 4.77 8.13 13.96
Leverage Nil
*Subject to government levies Asset Allocation (%age of Total Assets) Oct-20 Sep-20
Top 10 TFC/Sukuk Holdings (%age of Total Assets) Cash 21.6% 41.6%
Jahangir Siddiqui & Company Limited (06-Mar-18) 3.3% TFCs/Sukuks 15.8% 19.5%
Hub Power Company Limited (19-May-20) 2.7% T-Bills 10.8% 3.3%
Bank Al Habib Limited (17-Mar-16) 2.5% Commercial Papers 0.0% 0.0%
Dawood Hercules Corporation Limited (01-Mar-18) 2.1% PIBs 5.5% 6.8%
Habib Bank Limited (19-Feb-16) 1.8% Others including receivables 32.2% 8.0%
International Brands Limited (15-Nov-17) 1.3% Margin Trading 2.8% 1.5%
Askari Bank Limited (17-Mar-20) 1.1% GoP Ijara Sukuk 0.0% 0.0%
Ghani Chemical Industries Limited (03-Feb-17) 0.7% Spread Transactions 11.3% 19.3%
The Bank of Punjab (23-Apr-18) 0.3%
Byco Petroleum Pakistan Limited (18-Jan-17) 0.0%
Fund Facts / Technical Information
Selling and Marketing Expenses Charged to the Fund (PKR) NAV per Unit (PKR) 55.5943
MTD YTD Net Assets (PKR M) 2,571
268,240 901,451 Weighted average time to maturity (Days) 264
Sharpe Ratio 0.03
Asset Quality (%age of Total Assets) Standard Deviation 0.16
Correlation** 7.01%
Government Total expense ratio with government levy* (Annualized) 2.34%
Securities, 16.3% Total expense ratio without government levy (Annualized) 2.02%
Not Rated, 46.3%
A , 6.4%
* This includes 0.32%representing government levy, Sindh workers' welfare fund and SECP fee.
**as against benchmark.
AAA , 4.9%
Members of the Investment Committee
A+, 9.7% AA+ , 8.4%
Muhammad Saqib Saleem Chief Executive Officer
Muhammad Asim, CFA Asset Class Specialist - Equities
AA , 7.0% Saad Ahmed Asset Class Specialist - Fixed Income
Syed Mohammad Usama Iqbal Fund Manager - Fixed Income Funds
A-, 0.7% Awais Abdul Sattar, CFA Head of Research
AA- , 0.3%

Details of non-compliant investments with the investment criteria of assigned category (securities below investment grade - Rs. in millions)
Name & Type of Non- Value of investment Value of investment after % of Net
Outstanding face value Provisions held, if any % of Gross Assets
Compliant Investment before provision provision Assets
Pace Pakistan Limited TFC 49.94 49.94 49.94 - 0.00% 0.00%
Telecard Limited- TFC 31.09 31.09 31.09 - 0.00% 0.00%
Trust Investment Bank Limited - TFC 18.74 18.74 18.74 - 0.00% 0.00%

DISPUTE RESOLUTION/ COMPLAINTS HANDLING: MUFAP’s Recommended Format.

Investors may lodge their complaints to our Investor Services Department through any of the following options where our dedicated staff is available 24/7 to provide assistance: Call at (+92-21) 11 11 ISAVE (47283), Email at info@mcbah.com, Whatsapp us at +923004362224, Chat with us through our website www.mcbah.com or Submit through our Website
https://www.mcbah.com/helpdesk/. In case your complaint has not been properly redressed by us, you may lodge your complaint with SECP at the link https://sdms.secp.gov.pk/. However, please note that SECP will entertain only those complaints which were at first directly requested to be redressed by the Company and the Company has failed to redress the same. Further, the
complaints that are not relevant to SECP’s regulatory domain/competence shall not be entertained by the SECP.

DISCLAIMER
This publication is for informational purposes 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 risks. The NAV based prices of units and any dividends/returns thereon are dependant on forces and factors affecting the financial markets.
These may go up or down based on market conditions. Past performance is not necessarily indicative of future results.
Performance data does not include the cost incurred directly by an investor in the form of sales loads etc.
 MCB Pakistan Sovereign
MetroBank-Pakistan Fund Fund
Sovereign
October
June 30, 31,
20142020 NAV -NAV
PKR- 54.2400
PKR 50.04

General Information
Fund Type An Open End Scheme Investment Objective
Category Income Scheme
The objective of the fund is to deliver income primarily from investment in government securities.
Asset Manager Rating AM1 (AM One) by PACRA (06-Oct-20)
Stability Rating AA-(f ) by PACRA (19-Oct-20)
Risk Profile Medium (Principal at medium risk)
Launch Date 1-Mar-03
Fund Manager Saad Ahmed
Trustee Central Depository Company of Pakistan Limited Manager’s Comment
Auditor Yousuf Adil, Chartered Accountants
During the month, the fund generated an annualized return of 6.77% as against its benchmark return of 7.23%.
Management Fee Upto 10% of the gross revenue subject to a minimum fee WAM of the fund was 3.4 year. Exposure in PIBs was increased.
of 0.5% of the net assets. (Actual rate of management fee: 0.83%)
Front -end Load* Type A Units
For Individual 1.5%
For Corporate Nil
Type B “Bachat ” Units Nil
Back-end Load* Type A Units Nil
Type B “Bachat ” Units Provision against Sindh Workers' Welfare Fund's liability
3% if redeemed before completion of two years
MCB-PSF has maintained provisions against Sindh Workers’ Welfare Fund’s liability to the tune of Rs. 12.66
from the date of initial investment. million, if the same were not made the NAV per unit of MCB-PSF would be higher by Rs. 0.4688 and YTD
0% if redemption after completion of two years return would be higher by 0.88%. For details investors are advised to read Note 8.1 of the latest Financial
Statements for the quarter ended September 30, 2020 of MCB-PSF.
from the date of initial investment.
Min. Subscription PKR 500
Listing Pakistan Stock Exchange
Benchmark 6 month PKRV rates
Pricing Mechanism Forward
Dealing Days Monday - Friday
Cut off Timing Mon - Thu (3:00 PM)
Fri (4:00 PM)
Leverage Nil Asset Allocation (%age of Total Assets) Oct-20 Sep-20
*Subject to government levies Cash 0.4% 46.2%
T-Bills 5.6% 14.9%
Fund Facts / Technical Information MCB-PSF PIBs 72.1% 37.9%
NAV per Unit (PKR) 54.24 Others including Receivables 21.9% 1.0%
Net Assets (PKR M) 1,464
Weighted average time to maturity (Years) 3.4
Sharpe Ratio* 0.01
Correlation*** 20.36% Performance Information (%) MCB-PSF Benchmark
Standard Deviation 0.15 Year to Date Return (Annualized) 5.40% 7.10%
Total expense ratio with government levy** (Annualized) 1.57% Month to Date Return (Annualized) 6.77% 7.23%
Total expense ratio without government levy (Annualized) 1.31% 365 Days Return (Annualized) 11.49% 10.34%
*Against 12M PKRV 180 Days Return (Annualized) 4.27% 7.38%
**This includes 0.26% representing government levy, Sindh workers' welfare fund and SECP fee Since inception (CAGR) 7.95% 8.64%
*** as against benchmark Average Annual Return (Geometric Mean) 7.49%
"Returns are computed on the basis of NAV to NAV with dividends reinvested"
Annualized 2016 2017 2018 2019 2020
Members of the Investment Committee Benchmark (%) 6.93 5.88 5.74 10.51 12.86
Muhammad Saqib Saleem Chief Executive Officer MCB-PSF (%) 7.30 5.89 5.08 7.88 16.39
Muhammad Asim, CFA Asset Class Specialist-Equities
Saad Ahmed Asset Class Specialist-Fixed Income
Syed Mohammad Usama Iqbal Fund Manager - Fixed Income Funds Asset-wise Maturity (No. of days)
Awais Abdul Sattar, CFA Head of Research
PIBs 1,407

Selling and Marketing Expenses Charged to the Fund (PKR)

MTD YTD
177,239 760,940
Asset Quality (%age of Total Assets) T-Bills 60

AA+ , 0.1% 0 500 1000 1500

Government
Securities ,77.7%
Not Rated ,
21.9% AAA , 0.3% MUFAP’s Recommended Format.

DISPUTE RESOLUTION/ COMPLAINTS HANDLING:

Investors may lodge their complaints to our Investor Services Department through any of the following options where our dedicated staff is available 24/7 to provide assistance: Call at (+92-21) 11 11 ISAVE (47283), Email at info@mcbah.com, Whatsapp us at +923004362224, Chat with us through our website www.mcbah.com or Submit through
our Website https://www.mcbah.com/helpdesk/. In case your complaint has not been properly redressed by us, you may lodge your complaint with SECP at the link https://sdms.secp.gov.pk/. However, please note that SECP will entertain only those complaints which were at first directly requested to be redressed by the Company and the
Company has failed to redress the same. Further, the complaints that are not relevant to SECP’s regulatory domain/competence shall not be entertained by the SECP.

DISCLAIMER
This publication is for informational purposes 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 risks. The NAV based prices of units and any dividends/returns thereon are dependant on forces and factors
affecting the financial markets. These may go up or down based on market conditions. Past performance is not necessarily indicative of future results.
Performance data does not include the cost incurred directly by an investor in the form of sales loads etc.
 Pakistan
PakistanIncome
IncomeEnhancement
Enhancement Fund
Fund
October 31, 2020 NAV - PKR 55.2174
June 30, 2014 NAV - PKR 51.0500

Investment Objective Manager’s Comment

The objective of the Fund is to deliver return from Aggressive investment During the month, the fund generated a return of 6.02% against its benchmark return of 7.68%. Cash
allocation was decreased during the month. WAM of the fund was 1.3 years.
strategy in the debt and fixed income market.

General Information
Fund Type An Open End Scheme
Category Aggressive Fixed Income Scheme Provision against Sindh Workers' Welfare Fund's liability
Asset Manager Rating AM1 (AM One) by PACRA (6-Oct-20)
Stability Rating A+(f) by (PACRA) (19-Oct-20) PIEF has maintained provisions against Sindh Workers’ Welfare Fund’s liability to the tune of Rs 8.80 million,
Risk Profile Medium (Principal at medium risk) if the same were not made the NAV per unit of PIEF would be higher by Rs. 0.6819 and YTD return would be
Launch Date 28-Aug-2008 higher by 1.27%. For details investors are advised to read Note 9.1 of the latest Financial Statements for the
Fund Manager Saad Ahmed quarter ended September 30, 2020 of PIEF.
Trustee Central Depository Company of Pakistan Limited
Auditor A.F. Ferguson & Co. Chartered Accountants
Management Fee Upto 15% of the gross earnings subject to a minimum fee of 0.25% Performance Information (%) PIEF Benchmark
of the average daily net assets.
[Actual rate of Management Fee :0.65%] Year to Date Return (Annualized) 7.29% 7.51%
Front end Load * For Type A Units: Month to Date Return (Annualized) 6.02% 7.68%
-For individual 2%
180 Days Return (Annualized) 6.10% 7.70%
-For Corporate Nil
For Type B Units: 365 Days Return (Annualized) 11.79% 10.55%
- For individual 2% Since inception (CAGR) 10.12% 10.63%
- For Corporate Nil
Average Annual Return (Geometric Mean) 9.85%
For Type C "Bachat" Units Nil
Returns are computed on the basis of NAV to NAV with dividends reinvested
Back-end load* Type A & Type B Units Nil Annualized 2016 2017 2018 2019 2020
Type C "Bachat" Unit
- 3% if redeemed before completion of two (2) years from the Benchmark (%) 7.52 6.40 6.53 11.33 13.08
date of initial investment. PIEF (%) 8.33 5.06 5.17 7.84 14.45
- 0% if redeemed after completion of two (2) years from
the date of initial investment.
Min. Subscription Type A Units Rs. 500/- Asset Allocation (%age of Total Assets) Oct-20 Sep-20
Type B Units Rs. 10,000,000/- Others including receivables 30.8% 4.9%
Type C "Bachat" Units Rs. 500/-
Listing Pakistan Stock Exchange PIBs 0.0% 0.0%
Benchmark One(1) year KIBOR rates T-Bills 6.5% 7.0%
Pricing Mechanism Forward
TFCs/SUKUKs 20.0% 21.8%
Dealing Days Monday - Friday
Cut off Timing Mon- Thu (3:00 PM) Cash 23.8% 47.0%
Fri (4:00 PM)
Leverage Nil
GoP Ijara Sukuk 0.0% 0.0%
Margin Trading 1.0% 6.1%
*Subject to government levies Spread Transactions 17.9% 13.2%

Top TFC/Sukuk Holdings (%age of Total Assets)

Habib Bank Limited (19-Feb-16) 5.3% Fund Facts / Technical Information
THE BANK OF PUNJAB (23-Dec-16) 5.2% NAV per Unit (PKR) 55.2174
Bank Al-Habib Limited (17-Mar-16) 2.5% Net Assets (PKR M) 712
ASKARI BANK LIMITED (17-Mar-20) 2.2% Weighted average time to maturity (Years) 1.3
JAHANGIR SIDDIQUI & COMPANY LIMITED (18-July-2017) 4.7% Sharpe Ratio* 0.05
BYCO PETROLEUM PAKISTAN LIMITED (18-Jan-17) 0.1% Correlation** 16.3%
Standard Deviation 0.11
Total expense ratio with government levy*** (Annualized) 2.67%
Total expense ratio without government levy (Annualized) 2.40%
*as against 12 month PKRV **as against benchmark
***This includes 0.27% representing government levy, Sindh Workers' Welfare Fund and SECP fee
Selling and Marketing Expenses Charged to the Fund (PKR) MTD YTD
Asset Quality (%age of Total Assets) 472,262 1,786,383

Government
Securities , 6.5%
AAA , 9.1%

AA+ , 9.9%
Members of the Investment Committee
Not Rated ,
49.7% Muhammad Saqib Saleem Chief Executive Officer
AA , 4.7% Muhammad Asim, CFA Asset Class Specialist - Equities
AA- , 5.2% Saad Ahmed Asset Class Specialist - Fixed Income
A+ , 7.5% Syed Muhammad Usama Iqbal Fund Manager Fixed Income Funds
Awais Abdul Sattar, CFA Head of Research
A , 7.4%

DISPUTE RESOLUTION/ COMPLAINTS HANDLING: MUFAP’s Recommended Format.

Investors may lodge their complaints to our Investor Services Department through any of the following options where our dedicated staff is available 24/7 to provide assistance: Call at (+92-21) 11 11 ISAVE (47283), Email at info@mcbah.com, Whatsapp us at +923004362224, Chat with us through our website

www.mcbah.com or Submit through our Website https://www.mcbah.com/helpdesk/. In case your complaint has not been properly redressed by us, you may lodge your complaint with SECP at the link https://sdms.secp.gov.pk/. However, please note that SECP will entertain only those complaints which were at

first directly requested to be redressed by the Company and the Company has failed to redress the same. Further, the complaints that are not relevant to SECP’s regulatory domain/competence shall not be entertained by the SECP.

DISCLAIMER
This publication is for informational purposes 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 risks. The NAV based prices of units and any dividends/returns thereon are
dependant on forces and factors affecting the financial markets. These may go up or down based on market conditions. Past performance is not necessarily indicative of future results.
Performance data does not include the cost incurred directly by an investor in the form of sales loads etc.
 MCB Pakistan Asset Allocation Fund
October 31, 2020 NAV - PKR 76.2032

General Information
Fund Type An Open End Scheme Investment Objective
Category Asset Allocation Scheme
Asset Manager Rating AM1 (AM One) by PACRA (06-Oct-20)
Stability Rating Not Applicable MCB Pakistan Asset Allocation Fund is an asset allocation fund and its objective is to aim to
Risk Profile High (Principal at high risk) provide a high absolute return by investing in equity and debt markets.
Launch Date 17-Mar-08
Fund Manager Syed Abid Ali
Trustee Central Depository Company of Pakistan Limited
Auditor Yousuf Adil, Chartered Accountants
Management Fee Up to 2% p.a. per annum of the average daily net asset (Actual rate of Management Fee: 2%)
Front end Load* Growth & Cash Dividend Units Manager’s Comment
Front End Load for other than online / Website Investor (s)......3%
Front End Load for online / website Investor (s)..... Nil
Bachat Units (Two Years) Nil During the month, the fund generated a return of -0.44% against its benchmark return
Bachat Units (Three Years) Nil of -1.39%.
Back end Load* Growth & Cash Dividend Units
Bachat Units (Two Years):
- 3% if redeemed before completion of one year (12 months) from date of initial investment.
- 2% if redeemed after completion of one year (12 months) but before two years (24 months) from the date of
initial investment.
- 0% if redemption after completion of two years (24 months) from the date of initial investment.
Bachat Units (Three Years):
- 3% if redeemed before completion of one and a half year (18 mon ths) from the date of initial investment. -
2% if redeemed after completion of one and a half year (18 months) but before the three years (36 months) Provision against Sindh Workers' Welfare Fund's liability
from the date of initial investment.
- 0% if redemption after completion of three years (36 months) from the date of initial investment.
Class "B" Units
MCB-PAAF has maintained provisions against Sindh Workers’ Welfare Fund's liability to the tune
Year since purchase of units Backend Load of Rs. 11.89 million, if the same were not made the NAV per unit of MCB-PAAF would be higher
First 3% by Rs. 0.6485 and YTD return would be higher by 0.94%. For details investors are advised to read
Second 2% Note 9.1 of the latest Financial Statements for the quarter ended September 30, 2020 of MCB-
Third 1%
Fourth and beyond 0%
PAAF.
Min. Subscription PKR 500
Listing Pakistan Stock Exchange
Benchmark Weighted average of 70% of three (3) months PKRV rates plus 30% of three (3) months average deposit
rates of three (3) AA rated commercial banks as selected by MUFAP and six (6) month KIBOR and
KSE-100 index based on the actual proportion of the scheme in money market, fixed income and
equity securities
Pricing Mechanism Forward
Dealing Days Monday - Friday Asset Allocation (%age of Total Assets) Oct-20 Sep-20
Cut off Timing Mon-Thu (3:00 PM)
Fri (4:00 PM)
Cash 13.2% 0.4%
Leverage Nil TFCs/Sukuk 0.0% 0.0%
Stocks / Equities 85.0% 85.6%
Spread Transactions 0.0% 0.0%
*Subject to government levies T-Bills 0.0% 10.1%
PIBs 0.0% 0.0%
Others including receivables 1.8% 3.9%

Fund Facts / Technical Information MCB -PAAF

NAV per Unit (PKR) 76.2032
Net Assets (PKR M) 1,398
Sharpe Ratio* -0.01
Standard Deviation 0.64
Correlation 73.31%
Total expense ratio with government levy** (Annualized) 5.49%
Total expense ratio without government levy (Annualized) 4.60%
*as against 12M PKRV
**This includes 0.89% representing government levy, Sindh Workers' Welfare Fund and SECP fee

Selling and Marketing Expenses Charged to the Fund (PKR) MTD YTD
1,568,984 6,123,637
Top 10 Holdings (%age of Total Assets)
Performance Information MCB -PAAF Benchmark Lucky Cement Limited Equity 9.2%
Year to Date Return 10.95% 10.65% Habib Bank Limited Equity 8.2%
Month to Date Return -0.44% -1.39% Hub Power Company Limited Equity 7.4%
180 Days Return 9.83% 12.05% United Bank Limited Equity 6.0%
365 Days Return 5.37% 7.33% Maple Leaf Cement Factory Limited Equity 4.1%
Since inception* 74.08% Engro Polymer and Chemicals Limited Equity 4.6%
*Adjustment of accumulated WWF since July 1, 2008 Pakistan State Oil Company Limited Equity 2.9%
Returns are computed on the basis of NAV to NAV with dividends reinvested Thal Limited Equity 2.9%
Abbott Laboratories (Pakistan) Limited Equity 2.9%
2016 2017 2018 2019 2020 Pioneer Cement Limited Equity 2.7%
Benchmark (%) 9.86 7.75 8.71 1.0 -0.29
MCB-PAAF (%) 3.21 9.54 -2.55 -9.79 -3.58

Members of the Investment Committee

Muhammad Saqib Saleem Chief Executive Officer
Muhammad Asim, CFA Chief Investment Officer Sector Allocation (%age of Total Assets)
Syed Abid Ali Asset Class Specialist - Equities
Saad Ahmed Asset Class Specialist - Fixed Income
Awais Abdul Sattar, CFA Head of Research Other Assets, 1.8% Commercial
Banks, 19.6%
Muhammad Aitazaz Farooqui, CFA Senior Research Analyst
Asset Quality (%age of Total Assets)*
AA+, 2.9%
Cement, 19.7%

AAA , 0.4%
Cash, 13.2%

Not Rated, 86.8%

Power Generation
& Distribution,
Chemicals, 5.5% Oil & Gas 9.6%
A+ , 9.9% Other Sectors,
Exploration
25.4%
Companies, 5.2%

* Inclusive of equity portfolio MUFAP’s Recommended Format.

DISPUTE RESOLUTION/ COMPLAINTS HANDLING:

Investors may lodge their complaints to our Investor Services Department through any of the following options where our dedicated staff is available 24/7 to provide assistance: Call at (+92-21) 11 11 ISAVE (47283), Email at info@mcbah.com, Whatsapp us at +923004362224, Chat with us through our website www.mcbah.com or Submit through our

Website https://www.mcbah.com/helpdesk/. In case your complaint has not been properly redressed by us, you may lodge your complaint with SECP at the link https://sdms.secp.gov.pk/. However, please note that SECP will entertain only those complaints which were at first directly requested to be redressed by the Company and the Company has

failed to redress the same. Further, the complaints that are not relevant to SECP’s regulatory domain/competence shall not be entertained by the SECP.

DISCLAIMER
This publication is for informational purposes 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 risks. The NAV based prices of units and any dividends/returns thereon are dependant on forces and
factors affecting the financial markets. These may go up or down based on market conditions. Past performance is not necessarily indicative of future results.
Performance does not include the cost incurred directly by an investor in the form of sales loads etc
 Pakistan Capital Market Fund
October 31, 2020 NAV - PKR 11.24

General Information Investment Objective

Fund Type An Open End Scheme
Category Balanced Scheme The objective of the Fund is to provide investors a mix of income and capital growth over medium to long
Asset Manager Rating AM1 (AM One) by PACRA (06-Oct-20) term from equity and debt investments.
Stability Rating Not Applicable
Risk Profile High (Principal at high risk)
Launch Date 24-Jan-2004
Fund Manager Syed Abid Ali Manager’s Comment
Trustee Central Depository Company of Pakistan Limited
Auditor A.F. Ferguson & Co. Chartered Accountants The fund posted a return of -0.79% in October 2020 against its benchmark of -1.24%. Exposure
Management Fee 2.0% p.a. in both cash and equities decreased compared to the previous month.
Front end Load* For Individual 2%
For Corporate Nil
Back-end load* Nil
Min. Subscription PKR 500
Listing Pakistan Stock Exchange
Benchmark KSE 100 Index and Six (6) months KIBOR rates on the basis of
actual proportion held by the Scheme
Pricing Mechanism Forward Provision against Sindh Workers' Welfare Fund's iability
Dealing Days Monday - Friday
PCMF has maintained provisions against Sindh Workers’ Welfare Fund's liability to the tune of Rs. 5.25
Cut off Timing Mon-Thu (3:00 PM)
million, if the same were not made the NAV per unit of PCMF would be higher by Rs. 0.1276 and YTD
Fri (4:00 PM) return would be higher by 1.26%. For details investors are advised to read Note 8.1 of the latest Financial
Leverage Nil Statements for the quarter ended September 30, 2020 of PCMF.

*Subject to government levies Asset Allocation (%age of Total Assets) Oct-20 Sep-20
Cash 21.7% 31.3%
Fund Facts / Technical Information PCM T-Bills 10.3% 0.0%
NAV per Unit (PKR) 11.24 TFCs / Sukuks 0.1% 0.1%
Net Assets (PKR M) 462 Stocks / Equities 65.9% 66.3%
Sharpe Ratio 0.03 GoP Ijara Sukuk 0.0% 0.0%
Beta 0.91 Others including receivables 2.0% 2.3%
Standard Deviation 0.81 PlBs 0.0% 0.0%
Total expense ratio with government levy* (Annualized) 5.58%
Total expense ratio without government levy (Annualized) 4.69%
*This includes 0.89% representing government levy, Sindh Workers' Welfare Fund and SECP fee
Performance Information PCM Benchmark
Selling and Marketing Expense Charged to the MTD YTD Year to Date Return 10.74% 12.96%
Fund (PKR)
540,842 2,122,472 Month to Date Return -0.79% -1.24%
180 Days Return 10.59% 14.49%
365 Days Return 13.36% 12.62%
Asset Quality (%age of Total Assets)* Since inception 676.68% 547.80%
Returns are computed on the basis of NAV to NAV with dividends reinvested
2016 2017 2018 2019 2020
Benchmark (%) 8.89 19.62 -4.32 -13.84 2.25%
AAA 2.2%
PCM (%) 5.17 25.36 -3.21 -9.41 4.86%

AA+ 19.6% Sector Allocation (%age of Total Assets)

Commercial Government Securities, 10.3%

Banks , 15.7%
Other Assets,
2.0% Cement , 15.0%
Government Oil & Gas
Securities Exploration
Not Rated 67.9% 10.3%
Cash, 21.7% Companies ,
* Inclusive of equity portfolio 4.4%

Power
Generation &
Other sectors ,
Distribution ,
21.6% Pharmaceuticals ,
* Inclusive of equity portfolio 5.1%
4.2%

Members of the Investment Committee Top 10 Holdings (%age of Total Assets)

Muhammad Saqib Saleem Chief Executive Officer Habib Bank Limited Equity 6.8%
Muhammad Asim, CFA Chief Investment Officer Lucky Cement Limited Equity 6.7%
Syed Abid Ali Asset Class Specialist - Equities United Bank Limited Equity 5.1%
Saad Ahmed Asset Class Specialist - Fixed Income Hub Power Company Limited Equity 4.3%
Awais Abdul Sattar, CFA Head of Research Maple Leaf Cement Factory Limited Equity 3.9%
Muhammad Aitazaz Farooqui , CFA Senior Research Analyst Pakistan State Oil Company Limited Equity 3.0%
Thal Limited Equity 3.0%
Engro Polymer and Chemicals Limited Equity 2.9%
Abbott Laboratories (Pakistan) Limited Equity 2.6%
Pakistan Petroleum Limited Equity 2.2%

DISPUTE RESOLUTION/ COMPLAINTS HANDLING: MUFAP’s Recommended Format.

Investors may lodge their complaints to our Investor Services Department through any of the following options where our dedicated staff is available 24/7 to provide assistance: Call at (+92-21) 11 11 ISAVE (47283), Email at info@mcbah.com, Whatsapp us at +923004362224, Chat with us through our website

www.mcbah.com or Submit through our Website https://www.mcbah.com/helpdesk/. In case your complaint has not been properly redressed by us, you may lodge your complaint with SECP at the link https://sdms.secp.gov.pk/. However, please note that SECP will entertain only those complaints which

were at first directly requested to be redressed by the Company and the Company has failed to redress the same. Further, the complaints that are not relevant to SECP’s regulatory domain/competence shall not be entertained by the SECP.

DISCLAIMER
This publication is for informational purposes 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 risks. The NAV based prices of units and any dividends/returns thereon are dependant
on forces and factors affecting the financial markets. These may go up or down based on market conditions. Past performance is not necessarily indicative of future results.
Performance does not include the cost incurred directly by an investor in the form of sales loads etc
 MCB Pakistan Stock Market Fund
October 31, 2020 NAV - PKR 89.1513

General Information Investment Objective

Fund Type An Open End Scheme The objective of the fund is to provide investors long term capital appreciation from its
Category Equity Scheme investment in Pakistani equities
Asset Manager Rating AM1 (AM One) by PACRA (06-Oct-20)
Stability Rating Not Applicable
Risk Profile High (Principal at high risk)
Launch Date 11-Mar-2002 Manager’s Comment
Fund Manager Syed Abid Ali The Fund posted a return of -1.96% . during the month, Exposure in Banks and Oil & Gas Exploration
Trustee Central Depository Company of Pakistan Limited Companies decreased while that of Cement sector increased. Moreover, the exposure in overall equities
Auditor EY Ford Rhodes, Chartered Accountants stood at ~95% compared to ~98% at the end of previous month.
Management Fee 2.0% p.a.
Front end Load*
Growth Units: Individual 3%
Corporate Nil
Bachat Units Nil
Back-end Load*
Growth Units: Nil
Bachat Units: 3% if redeemed before completion of two years
from the date of initial investment
0% if redemption after completion of two years
from the date of initial investment
Provision against Sindh Workers' Welfare Fund's liability
Min. Subscription PKR 500
Listing Pakistan Stock Exchange
Benchmark KSE 100 Index MCB-PSM has maintained provisions against Sindh Workers’ Welfare Fund's liability to the tune of Rs
85.26 million, if the same were not made the NAV per unit of MCB-PSM would be higher by Rs. 0.6860
Pricing Mechanism Forward
Dealing Days Monday - Friday and YTD return would be higher by 0.89%. For details investors are advised to read Note 8.1 of latest
Financial Statements for the quarter ended September 30,2020 of MCB-PSM.
Cut off Timing Mon-Thu (3:00 PM)
Fri (4:00 PM)
Leverage Nil
Asset Allocation (%age of Total Assets) Oct-20 Sep-20
*Subject to government levies Stocks / Equities 94.6% 98.1%
Cash 0.8% 1.7%
Fund Facts / Technical Information MCB-PSM KSE-100 T-Bills 0.0% 0.0%
NAV per Unit (PKR) 89.1513 Others including receivables 4.6% 0.2%
Net Assets (PKR M) 11,081
Price to Earning (x)* 8.45 7.44
Dividend Yield (%) 5.70 7.07 Top 10 Equity Holdings (%age of Total Assets)
No. of Holdings 61 100 Habib Bank Limited 7.9%
Weighted. Avg Mkt Cap (PKR Bn) 94.15 114.71 Lucky Cement Limited 6.8%
Sharpe Measure 0.05 0.03 Hub Power Company Limited 5.3%
Beta 0.79 1 United Bank Limited 4.9%
Correlation*** 92.4% Maple Leaf Cement Factory Limited 4.1%
Standard Deviation 1.11 1.30 Abbott Laboratories (Pakistan) Limited 3.8%
Total expense ratio with government levy** (Annualized) 5.31% Pakistan State Oil Companylimited. 3.3%
Total expense ratio without government levy (Annualized) 4.27% Engro Polymer and Chemicals Limited 2.9%
*prospective earnings Thal Limited 2.8%
**This includes 1.04% representing government levy Sindh Workers' welfare fund and SECP Fee. Pakistan Petroleum Limited 2.8%
*** as against benchmark
Selling and Marketing Expenses Charged to the Fund (PKR) MTD YTD
12,652,316 47,788,053

Performance Information MCB-PSM Benchmark

Year to Date return 15.15% 15.88% Sector Allocation (%age of Total Assets)
Month to Date Return -1.96% -1.68%
180 Days Return 15.76% 17.61%
365 Days Return 11.17% 16.03%
Cash & Other
Since Inception 2869.46% 2029.96% Assets
5.4% Commercial Banks
"Returns are computed on the basis of NAV to NAV with dividends reinvested" 20.9%
Other Equities
34.4%
2016 2017 2018 2019 2020
Benchmark (%) 9.84 23.24 -10.00 -19.11 1.53 Cement
MCB-PSM (%) 5.25 29.54 -7.51 -16.35 -2.37 17.5%

Members of the Investment Committee

Muhammad Saqib Saleem Chief Executive Officer Pharmaceuticals
6.4% Oil & Gas
Muhammad Asim, CFA Chief Investment Officer Exploration
Saad Ahmed Asset Class Specialist-Fixed Income Power Generation Companies
& Distribution 8.2%
Syed Abid Ali Asset Class Specialist-Equities 7.2%
Awais Abdul Sattar, CFA Head of Research
Mohammad Aitazaz Farooqui, CFA Senior Research Analyst
DISPUTE RESOLUTION/ COMPLAINTS HANDLING: MUFAP’s Recommended Format.
Investors may lodge their complaints to our Investor Services Department through any of the following options where our dedicated staff is available 24/7 to provide assistance: Call at (+92-21) 11 11 ISAVE (47283), Email at info@mcbah.com, Whatsapp us at +923004362224, Chat with us through our website www.mcbah.com or Submit
through our Website https://www.mcbah.com/helpdesk/. In case your complaint has not been properly redressed by us, you may lodge your complaint with SECP at the link https://sdms.secp.gov.pk/. However, please note that SECP will entertain only those complaints which were at first directly requested to be redressed by the
Company and the Company has failed to redress the same. Further, the complaints that are not relevant to SECP’s regulatory domain/competence shall not be entertained by the SECP.

DISCLAIMER
This publication is for informational purposes 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 risks. The NAV based prices of units and any dividends/returns thereon are dependant on forces and
factors affecting the financial markets. These may go up or down based on market conditions. Past performance is not necessarily indicative of future results.
Performance data does not include the cost incurred directly by an investor in the form of sales loads etc.
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Pakistan Pension Fund
October 31, 2020

General Information Investment Objective

Fund Type An Open End Scheme
The investment objective of the fund is to seek steady returns with a moderate risk for
Category Voluntary Pension Scheme investors by investing in a portfolio of equity, short-medium term debt and money
Asset Manager Rating AM1 (AM One) by PACRA (06-Oct-20) market instruments.
Stability Rating Not Applicable
Launch Date 29-Jul-07
Manager’s Comment
Fund Manager Syed Abid Ali
Trustee Central Depository Company of Pakistan Limited During the month, equity sub‐fund generated return of -1.37%. Exposure in Equity
Auditor EY Ford Rhodes, Chartered Accountants increased slightly.

Management Fee 1.5% p.a Debt sub‐fund generated an annualized return of 6.46% during the month. Exposure in
Front / Back end load* 3% / 0% PIBs saw an increase.
Min. Subscription PKR 500
Money Market sub‐fund generated an annualized return of 5.30% during the month.
Pricing Mechanism Forward Exposure in Cash remained fairly stable.
Dealing Days Monday - Friday
Cut off Timing Mon-Thu (3:00 PM)
Fri (4:00 PM)
Leverage Nil
Provision against Sindh Workers' Welfare Fund's liability
PPF-EQ has maintained provisions against Sindh Workers’ Welfare Fund's liability to the
tune of Rs. 6.23 million, if the same were not made the NAV per unit would be higher by
Rs. 3.9026 and YTD return would be higher by 0.89%. For details investors are advised to
read Note 8.1 of the latest Financial Statements for the quarter ended September 30,
2020 of PPF.
PPF-DT has maintained provisions against Sindh Workers’ Welfare Fund's liability to the
tune of Rs. 4.21 million , if the same were not made the NAV per unit would be higher by
Rs. 2.4122 and YTD return would be higher by 0.81%. For details investors are advised to
read Note 8.1 of the latest Financial Statements for the quarter ended September 30,
2020 of PPF
PPF-MM has maintained provisions against Sindh Workers’ Welfare Fund's liability to the
tune of Rs. 1.83 million, if the same were not made the NAV per unit would be higher by
Rs 1.0332 and YTD return would be higher by 0.39%. For details investors are advised to
read Note 8.1 of the latest Financial Statements for the quarter ended September 30,
*Subject to government levies

Top 10 Equity Holdings (%age of Total Assets)- Equity Sub Fund PPF-Money Market (%age of Total Assets) Oct-20 Sep-20
Lucky Cement Limited 8.4% Cash 20.9% 20.7%
Habib Bank Limited 7.3% T-Bills 78.8% 79.1%
United Bank Limited 6.4% Others including receivables 0.3% 0.2%
Hub Power Company Limited 5.5% Commercial Papers 0.0% 0.0%
Abbott Laboratories (Pakistan) Limited 4.7%
Maple Leaf Cement Factory Limited 3.8% PPF-Debt (%age of Total Assets) Oct-20 Sep-20
Pakistan Petroleum Limited 3.7% Cash 17.3% 21.9%
Oil & Gas Development Company Limited 3.5% PIBs 51.7% 43.2%
Engro Polymer and Chemicals Limited 3.2% Commercial Paper 0.0% 0.0%
Pakistan State Oil Company Limited 3.0% TFCs/Sukuks 12.6% 15.2%
T-Bills 16.6% 18.1%
Performance Information & Others including receivables 1.8% 1.6%
Net Assets PPF-EQ* PPF-DT** PPF-MM**

Year to Date Return (%) 15.57% 7.73% 5.32% PPF-Equity (%age of Total Assets) Oct-20 Sep-20
Month to Date Return (%) -1.37% 6.46% 5.30% Cash 1.9% 1.5%
Since inception (%) 409.20% 8.75% 7.73% Commercial Banks 21.4% 21.4%
Net Assets (PKR M) 812.91 533.68 479.27 Cement 18.0% 16.2%
NAV (Rs. Per unit) 509.30 306.13 270.05 Oil & Gas Exploration Companies 9.0% 11.0%
Returns are computed on the basis of NAV to NAV with dividends reinvested Pharmaceuticals 8.5% 8.9%
2016 2017 2018 2019 2020 Chemicals 7.2% 5.8%
PPF - EQ* 10.77 35.72 -9.43 -15.54 1.94 Other equity sectors 33.2% 33.1%
PPF - DT** 7.35 4.31 4.31 7.41 15.90 Others including receivables 0.8% 2.1%
PPF - MM** 4.40 4.30 4.39 7.89 12.06
* Total Return ** Annualized return

Members of the Investment Committee

Muhammad Saqib Saleem Chief Executive Officer
Muhammad Asim, CFA Chief Investment Officer
Syed Abid Ali Asset Class Specialist - Equities
Saad Ahmed Asset Class Specialist - Fixed Income
Awais Abdul Sattar, CFA Head of Research
Muhammad Aitazaz Farooqui Research Analyst

DISPUTE RESOLUTION/ COMPLAINTS HANDLING:

Investors may lodge their complaints to our Investor Services Department through any of the following options where our dedicated staff is available 24/7 to provide assistance: Call at (+92-21) 11 11 ISAVE (47283), Email at info@mcbah.com, Whatsapp us at +923004362224, Chat with us through

our website www.mcbah.com or Submit through our Website https://www.mcbah.com/helpdesk/. In case your complaint has not been properly redressed by us, you may lodge your complaint with SECP at the link https://sdms.secp.gov.pk/. However, please note that SECP will entertain only

those complaints which were at first directly requested to be redressed by the Company and the Company has failed to redress the same. Further, the complaints that are not relevant to SECP’s regulatory domain/competence shall not be entertained by the SECP.

DISCLAIMER
This publication is for informational purposes only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in Voluntary Pension Schemes are subject to market risks. The NAV based prices of units and any
dividends/returns thereon are dependant on forces and factors affecting the financial markets. These may go up or down based on market conditions. Past performance is not necessarily indicative of future results.
Performance data does not include the cost incurred directly by an investor in the form of sales loads etc.