FMR September 2023

Fund Manager's Report - September 2023 | IN TOUCH MONTHLY
Risk Profile of Collective Investmant Scheme / Plans

New Account Opening
Fund Name Symbol Funds Category Risk Profile Risk of Principal Erosion
Meezan Islamic Fund MIF Islamic Equity High High
Al Meezan Mutual Fund AMMF Islamic Equity High High
Meezan Dedicated Equity Fund MDEF Islamic Equity High High
Meezan Energy Fund MEF Islamic Equity High High
KSE Meezan Index Fund KMIF Islamic Index Tracker High High
Meezan Pakistan Exchange Traded Fund MP-ETF Exchange Traded Fund High High
Meezan Asset Allocation Fund MAAF Islamic Asset Allocation High High
Meezan Balanced Fund MBF Islamic Balanced Medium Medium
Meezan Islamic Income Fund MIIF Islamic Income Medium Medium
Meezan Sovereign Fund MSF Islamic Income Low Low
Meezan Daily Income Fund MDIF Islamic Income Plan Specific (Low to Moderate) Plan Specific (Low to Moderate)
Meezan Cash Fund MCF Islamic Money Market Low Low
Meezan Rozana Amdani Fund MRAF Islamic Money Market Low Low
Open End Islamic CIS as per

Meezan Fixed Term Fund MFTF Very Low Very Low
Meezan Gold Fund MGF Islamic Commodity High High
Meezan Financial Planning Fund of Fund MFPF Islamic Fund of Funds Plan Specific (Medium to High) Plan Specific (Medium to High)
Meezan Strategic Allocation Fund MSAF Islamic Fund of Funds Plan Specific (Medium to High) Plan Specific (Medium to High)
Meezan Strategic Allocation Fund - II MSAF-II Islamic Fund of Funds Medium Medium
MSAF-III Islamic Fund of Funds Medium Medium
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 and pension fund 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. Performance data does not include cost incurred
by investor in the form of sales-load etc. Please read the offering document to understand the investment policies and risks involved.
Al Meezan Investment Management Ltd. www.almeezangroup.com MUFAP's Recommended Format

From the
CIO's Desk
New Account Opening
CIO Note: September 2023

Stock market rises amid PKR appreciation and status quo in policy rate
Dear Investor,
KMI-30 index improved by 3.6% while the KSE-100 index also increased by 2.7% after posting a loss in Aug-23. Overall during 1QFY24, the KMI-30 index is up by 9.8%. The crackdown on
currency speculation enabled the PKR to improve versus the USD. This in turn emboldened the SBP to resist increasing interest rates in the September monetary policy meeting, against the
market expectations of a policy rate hike. Moreover, the ECP also announced that the general elections will be held in the last week of Jan-24 which further boosted investor confidence. Key
events to watch in Oct-23 will be gas tariff hike, MPC meeting, any development to attract foreign investment, and election-related political developments.
The crackdown on currency speculation enabled the PKR to improve by 6% MoM versus the USD in Sep-23. PKR had initially plunged to an all-time low of 307 during the month amid political
uncertainty and a widening current account deficit, but gradually recovered to close the quarter at PKR 287.7/USD, down by only 0.6% QoQ. It must be noted that SBP foreign exchange
reserves are still far from comfortable, standing at USD 7.6 billion as of September 22, barely enough to cover two months of imports. The interim government has promised steadfast
implementation of the policy actions committed under the SBA with IMF during the tenure of the caretaker government to ensure economic stability. Oil prices remained strong, rising by
10% during the month with Brent oil closing at USD 95.3/barrel as additional cuts by Saudi Arabia and Russia took hold.
On the economic front, CPI-based inflation increased to 31.4% in Sep-23 compared to an increase of 27.4% in the previous month. On MoM basis, it rose by 2.0%, with the main rise
emanating from Fuel, selected Food items and Health related items. Core inflation for the month of Sep-23 stood at 22.1%. Overall 1QFY24 CPI has clocked in at 29.0% compared to 25.1% in
the same period last year. However, the deceleration has continued when compared to the 4QFY23 reading of 34.6%. Despite the MoM rise in various items, the CPI for Oct-23 is expected to
slow down to nearly 28%. As against the market expectations, the Monetary Policy Committee (MPC) of the SBP has maintained the key policy rate at 22% during its mid-September-23
meeting as inflation is projected to remain on a downward trajectory in the future. The Current Account Deficit (CAD) moderated to a more manageable USD 0.9 billion during 2MFY24,
down from USD 2.0 billion during the same period last year. While exports declined by 8% YoY to USD 4.5 billion, imports contracted more sharply by 26% YoY to USD 8.5 billion. During
KSE100 Index | L.H.S. KMI30 Index | R.H.S. KSE100 Index companies profitability rebounded despite economic challenges
(Rs. Bn)
49,500 84,000 350 1.2
48,000 81,000 Quarterly Profitability 1
300
46,500 78,000 YoY Growth 0.8
45,000 75,000 250
0.6
43,500 72,000 200 0.4
42,000 69,000 0.2
150
40,500 66,000
0
39,000 63,000 100
-0.2
37,500 60,000
50 -0.4
Resilient corporate earnings amid tough economic conditions

Despite tough economic conditions, multi-decade high inflation reading in FY23, Balance of Payment issues and lower demand across major sectors, the profitability of the KSE-100 index
improved, posting a decent growth of around 20% YoY in FY23. On a sequential basis, KSE-100 index earnings posted a QoQ decline during 4QFY23 due to the absence of exchange gain and
the imposition of additional super tax. Key listed sectors continuing to show YoY earnings growth during FY23 were Bank, E&P, Cement and Foods, while negative growth was witnessed in
Autos, OMCs, Power and Pharmaceutical sectors. Valuations continue to remain very attractive, by historical averages, with the market trading at a forward P/E ratio of around 3.7x
compared to its long-term average P/E of about 7.9x and promising a handsome dividend yield of 8.3%, while selected blue chips are offering dividend yield in excess of 15%.
Advice for investors: Investors looking to invest for shorter tenors and low to medium risk are advised to invest in our Money Market and Income Funds given high-interest rates. Investors
with a high-risk appetite and long-term view should continue to enhance long-term exposures to the equities at these levels as economic conditions will continue to gradually improve as the
forex reserve situation improves and the election roadmap is finalized.

Performance Summary
New Account Opening
Return (net of all expenses including

Fund size (Rs. Management Fee)
S.No. Funds Category Fund Name Symbol Inception date FY23TD Since Inception CAGR
in million)
Fund Benchmark Fund Benchmark
1 Islamic Equity Al Meezan Mutual Fund AMMF 3,345 13-Jul-95 10.54% 9.78% 15.22% 12.39%
2 Islamic Equity Meezan Islamic Fund MIF 16,187 8-Aug-03 9.93% 9.78% 13.39% 12.32%
3 Islamic Index Tracker KSE Meezan Index Fund KMIF 2,532 23-May-12 9.22% 9.78% 8.61% 10.80%
4 Islamic Balanced Meezan Balanced Fund MBF 1,521 20-Dec-04 7.37% 5.54% 11.13% 9.05%
5 Islamic Asset Allocation Meezan Asset Allocation Fund MAAF 327 18-Apr-16 9.67% 8.72% 1.09% 4.12%
6 Islamic Income Meezan Islamic Income Fund MIIF 12,765 15-Jan-07 19.88% 7.60% 9.25% 5.19%
7 Islamic Income Meezan Sovereign Fund MSF 28,462 10-Feb-10 21.32% 17.24% 8.76% 7.17%
8 Islamic Money Market Meezan Cash Fund MCF 30,090 15-Jun-09 19.77% 8.35% 8.72% 5.87%
9 Islamic Exchange Traded Meezan Pakistan Exchange Traded Fund MP-ETF 65 5-Oct-20 13.31% 14.47% -0.34% 1.41%
10 Islamic Money Market Meezan Rozana Amdani Fund MRAF 94,195 28-Dec-18 19.92% 8.35% 11.59% 6.10%
11 Islamic Commodity Meezan Gold Fund MGF 1,532 13-Aug-15 -5.70% -5.19% 15.83% 17.69%
12 Islamic Equity Meezan Energy Fund MEF 591 29-Nov-16 17.09% 9.78% -3.77% 1.14%
13 Islamic Equity Meezan Dedicated Equity Fund MDEF 368 9-Oct-17 10.27% 9.78% -2.08% 2.10%
14 Meezan Daily Income Fund
Islamic Income Meezan Daily Income Plan - I MDIP-I 105,621 13-Sep-21 20.40% 7.60% 15.04% 8.44%
Islamic Income Meezan Mahana Munafa Plan MMMP 6,766 29-Oct-22 18.60% 7.60% - -
Islamic Income MDIF-Meezan Sehl Account Plan MSAP 45 19-Jun-23 18.36% 7.60% - -
Islamic Income MDIF-MEEZAN MUNAFA PLAN-I MMP-I 1,274 29-Aug-23 25.94% 7.84% - -
15 Meezan Fixed Term Fund
Meezan Paaidar Plan III MPMP-III 568 28-Mar-23 18.43% 6.38% - -
Meezan Paaidar Plan IV MPMP-IV 4,740 18-Apr-23 18.62% 6.41% - -
Meezan Paaidar Plan V MPMP-V 3,396 29-Aug-23 20.20% 8.99% - -

Circular No.3 of 2022
Meezan Paaidar Plan VI MPMP-VI 992 22-May-23 19.65% 6.75% - -
Meezan Paaidar Plan VII MPMP-VII 800 11-Jul-23 20.50% 7.52% - -
Meezan Paaidar Plan VIII MPMP-VIII 868 5-Jun-23 20.15% 8.99% - -

16 Meezan Financial Planning Fund of Fund
Islamic Fund of Funds Scheme MFPF-Aggressive Allocation Plan MPFP-AGG 62 11-Apr-13 8.37% 7.87% 7.39% 7.31%
Islamic Fund of Funds Scheme MFPF-Moderate Allocation Plan MPFP-MOD 63 11-Apr-13 2.86% 5.95% 8.24% 6.74%
Islamic Fund of Funds Scheme MFPF-Conservative Allocation Plan MPFP-CON 56 11-Apr-13 6.29% 4.02% 8.16% 5.53%
Islamic Fund of Funds Scheme MFPF-VERY CONSERVATIVE ALLOCATION PLAN MPFP-V. CON 0.3 22-Aug-23 19.85% 22.29% - -
Islamic Fund of Funds Scheme Meezan Asset Allocation Plan-I MPFP-MAAP-I 73 10-Jul-15 8.49% 6.21% 4.84% 5.12%
17 Meezan Strategic Allocation Fund
Islamic Fund of Funds Scheme Meezan Strategic Allocation Plan-I MSAP-I 140 19-Oct-16 7.91% 6.11% 1.74% 2.47%
Islamic Fund of Funds Scheme Meezan Strategic Allocation Plan-II MSAP-II 83 21-Dec-16 8.27% 6.02% 0.26% 0.79%
Islamic Fund of Funds Scheme Meezan Strategic Allocation Plan-III MSAP-III 124 16-Feb-17 8.12% 6.08% -0.17% 0.51%
Islamic Fund of Funds Scheme Meezan Strategic Allocation Plan-IV MSAP-IV 70 20-Apr-17 7.92% 5.99% 0.17% 0.37%
Islamic Fund of Funds Scheme Meezan Strategic Allocation Plan-V MSAP-V 35 10-Aug-17 7.94% 5.78% 2.27% 3.09%
Islamic Fund of Funds Scheme MSAF-Meezan Capital Preservation Plan-III MSAP-MCPP-III 161 19-Dec-17 6.16% 3.65% 5.58% 1.78%
18 Meezan Strategic Allocation Fund - II
Islamic Fund of Funds Scheme MSAF-II Meezan Capital Preservation Plan-IV MSAP-II-MCPP-IV 245 6-Mar-18 6.45% 4.12% 5.38% 1.88%
Islamic Fund of Funds Scheme MSAF-II Meezan Capital Preservation Plan-V MSAP-II-MCPP-V 44 4-May-18 6.42% 4.02% 6.48% 2.24%
Islamic Fund of Funds Scheme MSAF-II Meezan Capital Preservation Plan-VI MSAP-II-MCPP-VI 30 10-Jul-18 5.45% 2.43% 7.34% 2.06%
Islamic Fund of Funds Scheme MSAF-II Meezan Capital Preservation Plan-VII MSAP-II-MCPP-VII 26 25-Sep-18 5.32% 2.35% 7.12% 2.40%
19 Meezan Strategic Allocation Fund - III
Islamic Fund of Funds Scheme MSAF-III Meezan Capital Preservation Plan-IX MSAP-III-MCPP-IX 241 14-May-19 6.44% 4.14% 8.84% 4.90%
20 Meezan Tahaffuz Pension Fund
MTPF-Equity sub Fund MTPF-EQT 3,554 28-Jun-07 11.16% - 10.93% -
Islamic Voluntary Pension MTPF-Debt sub Fund MTPF-DEBT 5,235 28-Jun-07 18.82% - 8.28% -
Scheme MTPF-Money Market sub Fund MTPF-MMKT 8,979 28-Jun-07 20.39% - 8.14% -
MTPF-Gold sub Fund MTPF-Gold 468 4-Aug-16 -5.51% - 15.26% -

Al Meezan Investment
Management Limited
New Account Opening
Al Meezan Investments, the company in operation since 1995, has one of the longest track records of managing mutual funds in the private sector in Pakistan. Al Meezan Investments
manages nineteen mutual funds; namely Al Meezan Mutual Fund, Meezan Balanced Fund, Meezan Islamic Fund, Meezan Islamic Income Fund, Meezan Daily Income Fund - MDIP-I, Meezan
Tahaffuz Pension Fund, Meezan Cash Fund, Meezan Sovereign Fund, Meezan Financial Planning Fund of Funds, KSE Meezan Index Fund, Meezan Gold Fund, Meezan Asset Allocation Fund,
Meezan Strategic Allocation Fund, Meezan Energy Fund, Meezan Dedicated Equity Fund, Meezan Strategic Allocation Fund II, Meezan Rozana Amdani Fund, Meezan Fixed Term Fund,
Meezan Strategic Allocation Fund III, Meezan Pakistan Exchange Traded Fund and Meezan Daily Income Fund. The total funds under management of Al Meezan, the only full-fledged
Shariah compliant asset management company in Pakistan, have reached Rs.335.29 billion as on September 30, 2023 With an AM1 credit rating denoting high management quality, the
company clearly stays well ahead of all its competitors in the Islamic asset management market in Pakistan.
Stock Market Review Money Market Review
During the month of September 2023, the KSE-100 index went up by 1,230 points (up Inflation for September 2023 clocked in at 31.4% YoY compared to 27.4% in August
2.73%) to close at 46,233 points. The average daily volume of the market stood at 160 2023. With this, average inflation for FY24TD clocked in at 29.04% compared to 25.11%
mn shares, down by 46% on a MoM basis. Power Generation, E & and Cement were in FY23.
the major positive contributing sectors to the Index performance.
During the month of September, 3M, 6M and 12M KIBOR rates declined by 51 bps, 26
The major reason behind the increase in the stock market performance was the PKR bps and 20 bps to close at 22.66%, 22.95%, and 23.29% respectively. Similarly, secondary
appreciation against USD due to the crackdown against the foreign currency smuggling. market T-Bill yields declined in the range of 38 to 67 bps. At the end of the month, 3Ms,
Moreover, the SBP in its last MPS has maintained the status quo in the policy rate as 6Ms, and 12Ms yields closed at 22.46%, 22.81% & 22.90% respectively. In longer tenor
against the market expectations of policy rate hike. Additionally, the ECP announced PIBs, 3 years yield was down by 146 bps, 5 years was up by 1 bp and 10 years yield was
that the general elections in the country would be held in the last week of January 2024, down by 19 bps. In the primary market, two T-bill auctions were conducted during the
further boosting investor confidence. month. In total, Rs 3.7 trillion were accepted against a target of Rs. 4.2 trillion with
major acceptance in 3 months T-bills. On the Islamic front, Government of Pakistan
Foreigners were net sellers with net selling aggregating USD 9 mn during the month and raised PKR 94.7 billion through auction of 1 year, 3 years and 5 years floating rate and
on local front, Banks were major sellers with net selling aggregating USD 16 mn while fixed rate Ijarah. SBP received bids worth PKR 565.7 billion against the target of PKR 180
Individuals, Other Organizations and Insurance Companies were major buyers with net billion.
buying aggregating USD 10 mn, USD 7 mn and USD 6 mn respectively. The oil prices
increased by 9.7% during the month with Brent closing at USD 95.31/barrel. On the forex front, the PKR appreciated against USD in the interbank by Rs. 17.80 and by
Rs. 35 rupee in the open market to close at Rs. 287.7 and 288.0.
While near-term volatility cannot be ruled out, we maintain a long-term positive outlook
on the equity market. We encourage investors to enhance their long-term exposures to
equities at these levels.
KSE - 100 Index Performance 6 Month Kibor
Vol (mn) (L.H.S.) Index (R.H.S.)

24.8
24.7
280 47,000 24.6
24.5
24.4
24.3
210 24.2
46,000 24.1
24
23.9
140 23.8
23.7
23.6
45,000 23.5
23.4
70 23.3
23.2
23.1
23
0 44,000 22.9

Meezan
Islamic Fund
AMC RATING AM1 (STABLE OUTLOOK) Note : High Risk means Risk of Principal Erosion is high
Fund Review
index (KMI-30) while KSE-100 Index during the same period increased by 2.73%. As on , the fund was 96% invested in equities.
Investment Objective Fund's Performance
To maximize total investor returns by investing in Shariah Compliant equities focusing on both capital
MIF Benchmark
gains and dividend income.
Fund Details 1,800
Fund Type Open End

1,600
Fund Category Equity
Risk Profile/Risk of Principal Erosion High 1,400
Launch Date 08-Aug-2003
Benchmark KMI-30 1,200
Listing Pakistan Stock Exchange (PSX)
1,000
Trustee Central Depository Company Pakistan Limited (CDC).
Auditor d 800
AMC Rating AM1
Rating Agency PACRA (23-Jun-22)/VIS (27-Dec-21) 600
Unit Type A, B and C
Front End Load 2.00% 400
Back End Load Nil
200
Leverage Nil
Valuation Days Monday to Friday -
Subscription | Redemption Days 9:00 AM | 3:00 PM (Mon to Thr), 9:00 AM | 4:00 PM (Fri)
Pricing Mechanism Forward
Management Fee 2.00%
Actual Rate of Management Fee 2.00% Top Ten Equity Holdings : (% of Total Assets)
Fund Manager Muhammad Asad Mari Petroleum Company Limited 10.34%
Investment Committee Mohammad Shoaib, CFA | Muhammad Asad | Taha Khan Oil & Gas Devp.Co.Ltd 9.92%
Javed, CFA |Ahmed Hassan, CFA | Faizan Saleem | Asif Pakistan Petroleum Limited 9.89%
Imtiaz, CFA | Ali Hassan Khan, CFA, FRM | Ali Asghar, CFA, The Hub Power Company Limited 8.73%
FDP | Akhtar Munir, CFA, FRM | Zohaib Saeed, CFA, ACCA Systems Limited 8.66%
Fund Net Assets Lucky Cement Ltd 7.25%
Aug'23 Sep'23 MoM % Meezan Bank Limited 7.05%
Net Assets (Rs. mn) ** 15,773 16,187 2.63% Kohat Cement 5.99%
Net Assets (excluding FoFs) (Rs. mn) 15,773 16,093 2.03% Engro Corp 4.03%
NAV Per Unit (Rs.) 57.92 60.25 4.02% Cherat Cement Co.Ltd 2.53%
** This includes Rs. 118 mn invested by Fund of Funds. Sector Allocation
Asset Allocation
Aug'23 Sep'23 Other, 25.39%
Oil & Gas
Equity 94.08% 95.50% Exploration
Cash 5.39% 3.78% Companies, 30.23%
Other Receivables 0.53% 0.71%
P/E 4.19%
Expense Ratio Bank, 7.59%
Expense Ratio * Mtd | 3.97% Ytd | 3.94%
* This includes Mtd | 0.38% and Ytd | 0.40% representing Government Levy and SECP Fee. (Annualized),
(Selling and Marketing expenses - for the period ended September 30, 2023 were Rs. 43.44 million)
Risk Measures - September-23 Technology &

Communication,
MIF KSE-100 Index KMI-30 Index 8.66%
Power Generation
Standard Deviation 4.19% 3.32% 3.87%
& Distribution, Cement, 18.26%
Sharpe Ratio 0.51% 0.25% 0.44% 9.87%
Performance - Cumulative Returns
1M 3M 6M FYTD 1Yr 3Yr 5Yr PSD * CAGR *
MIF 4.02% 9.93% 12.10% 9.93% 7.67% 9.74% 3.18% 1159.77% 13.39%
Benchmark ** 3.60% 9.78% 12.02% 9.78% 15.13% 19.97% 12.19% 940.80% 12.32%
* Performance start date of August 08, 2003, CAGR since inception
Annual Returns
FY23 FY22 FY21 FY20 FY19 FY18 FY17 FY16 FY15
MIF -2.54% -11.27% 35.50% 2.81% -24.30% -17.10% 22.90% 17.40% 21.60%
Benchmark 2.88% -10.25% 39.32% 1.62% -23.80% -9.60% 18.80% 15.50% 20.10%
1-In case of complaint you may contact your Relationship Manager or call us at Toll free number 0800-HALAL (42525) or email us at info@almeezangroup.com
2-In case of unsatisfactory resolution, you can also send your complaints at HOD.CS@almeezangroup.com or you may contact on +92 300 0208399
3-In case your complaint has not been properly redressed by us, you may also lodge your complaint with SECP on SECP Service Desk : https://sdms.secp.gov.pk/
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 and pension fund 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. Performance data
does not include cost incurred by investor in the form of sales-load etc. Please read the offering document to understand the investment policies and risks involved.

Al Meezan
Mutual Fund
Fund Review
benchmark index (KMI-30) while KSE-100 Index during the same period increased by 2.73%. As on September 30, 2023, the fund was 96% invested in equities.
Investment Objective Investment Growth from FY 1996 to Date
The objective of Al Meezan Mutual Fund is to optimize the total investment returns, both capital gains
AMMF
and dividend income, through prudent investment management.
Fund Details 6,000,000
4,798,803
Fund Type Open End
Fund Category Equity 5,000,000
Risk Profile/Risk of Principal Erosion High
Launch Date 13-Jul-1995
Benchmark KMI-30 4,000,000
3,000,000
Auditor A.F. Ferguson & Company
AMC Rating AM1 Conversion from
close end fund to
Rating Agency PACRA (23-Jun-22)/VIS (27-Dec-21) 2,000,000 open end fund
Unit Type A, B,C and D
Front End Load 2.00%
1,000,000
Back End Load Contingent Load
Leverage Nil
Valuation Days Monday to Friday -
Fund Manager Ahmed Hassan, CFA Mari Petroleum Company Limited 13.83%
Investment Committee Mohammad Shoaib, CFA | Muhammad Asad | Taha Khan Oil & Gas Devp.Co.Ltd 10.07%
Imtiaz, CFA | Ali Hassan Khan, CFA, FRM | Ali Asghar, CFA, Meezan Bank Limited 8.71%
FDP | Akhtar Munir, CFA, FRM | Zohaib Saeed, CFA, ACCA Lucky Cement Ltd 7.56%
Fund Net Assets Systems Limited 7.42%
Aug'23 Sep'23 MoM % The Hub Power Company Limited 6.75%
Net Assets (Rs. mn) ** 3,259 3,345 2.62% Engro Corp 6.00%
Net Assets (excluding FoFs) (Rs. mn) 3,259 3,305 1.41% Pakistan State Oil Company Limited 3.95%
NAV Per Unit (Rs.) 16.74 17.33 4.02% Sui Northern Gas Pipelines Limited 3.79%
Asset Allocation
Oil & Gas
Equity 94.68% 95.71% Exploration
Cash 4.59% 2.72% Companies, 33.04%
P/E 5.11%
Technology &
Expense Ratio Communication,
Expense Ratio * Mtd | 4.10% Ytd | 4.00% 7.42%
Risk Measures - September-23 Oil & Gas

AMMF KSE-100 Index KMI-30 Index Marketing
4.07% 3.32% 3.87% Companies, 7.78%
Standard Deviation Cement, 14.64%
Sharpe Ratio 0.39% 0.25% 0.44% Bank, 10.43%
AMMF 3.49% 10.54% 14.83% 10.54% 11.07% 12.01% 4.68% 5357.42% 15.22%
Benchmark ** 3.60% 9.78% 12.02% 9.78% 15.13% 19.97% 12.19% 2603.92% 12.39%
* Performance start date of July 13, 1995, CAGR since inception
Annual Returns
AMMF -0.28% -10.91% 32.51% 3.09% -24.40% -16.50% 23.00% 15.50% 22.00%
Benchmark 2.88% -10.25% 39.32% 1.62% -23.80% -9.60% 18.80% 15.50% 20.10%

Meezan
Dedicated Equity Fund
Fund Review

To provide Fund of Funds scheme a dedicated equity platform to seek long term capital appreciation. MDEF Benchmark
Fund Details 125
Fund Type Open End

115
Fund Category Equity
105
Launch Date 09-Oct-2017
Benchmark KMI-30
95
85
AMC Rating AM1
75
Rating Agency PACRA (23-Jun-22)/VIS (27-Dec-21)
Unit Type A and B
65
Front End Load 0-3%
Back End Load 2% | Class B 55
Leverage Nil
Valuation Days Monday to Friday 45
Management Fee Up to 3%
Fund Manager Asif Imtiaz, CFA Oil & Gas Devp.Co.Ltd 12.20%
Investment Committee Mohammad Shoaib, CFA | Muhammad Asad | Taha Khan Mari Petroleum Company Limited 11.37%
Imtiaz, CFA | Ali Hassan Khan, CFA, FRM | Ali Asghar, CFA, The Hub Power Company Limited 8.83%
FDP | Akhtar Munir, CFA, FRM | Zohaib Saeed, CFA, ACCA Lucky Cement Ltd 8.78%
Aug'23 Sep'23 MoM % Meezan Bank Limited 7.76%
Net Assets (Rs. mn) ** 376 368 -2.02% Kohat Cement 5.81%
Net Assets (excluding FoFs) (Rs. mn) 376 368 -2.02% Engro Corp 4.88%
Asset Allocation
Equity 92.87% 97.43% Oil & Gas
Cash 6.33% 1.86% Exploration
Companies, 35.35%
Other Receivables 0.79% 0.71% Technology &
Expense Ratio Communication,
8.13%
* This includes Mtd | 0.99% and Ytd | 0.41% representing Government Levy and SECP Fee. (Annualized), Bank, 8.77%
Risk Measures - September-23

MDEF KSE-100 Index KMI-30 Index Power Generation
Standard Deviation 6.20% 3.32% 3.87% & Distribution,
9.38% Cement, 17.40%
Sharpe Ratio 0.34% 0.25% 0.44%
MDEF 4.01% 10.27% 13.08% 10.27% 10.39% 9.28% -5.91% -11.80% -2.08%
Benchmark 3.60% 9.78% 12.02% 9.78% 15.13% 19.97% 12.19% 13.26% 2.10%
* Performance start date of October 09,2017.
Annual Returns
MDEF -0.56% -14.26% 35.55% -2.56% -26.80% -2.90% - - -
Benchmark 2.88% -10.25% 39.32% 1.62% -23.80% 3.60% - - -
* 263 days of Operation

Meezan
Energy Fund
Fund Review
Investment Objective Portfolio: Salient Features

To seek long term capital appreciation through investments in Shariah compliant equity stocks, primarily Benefits Up to 100% equity Participation possible in energy sector, based on fund
from the energy sector / segment / industry, as defined in the constitutive documents. managers outlook on the market.
Fund Details Participation in a mature sector that is envisioned to benefit from the
Flagship CPEC projects.
Fund Type Open End
Actively managed by experienced Fund Managers.
Fund Category Sector (Equity) Scheme
Launch Date 29-Nov-2016 Investment Policy MEF shall primarily invest in Shariah compliant equity securities of the
Benchmark KMI-30 energy sector / segment / Industry as defined in the offering document.
Listing Pakistan Stock Exchange (PSX) In case the fund manager expects the stock market to drop, based on his
Trustee Central Depository Company Pakistan Limited (CDC). analysis of macroeconomic factors such as interest rates, economic
growth rates, political climate, corporate earnings, stock market
valuations, etc, portfolio may be temporarily allocated to other
AMC Rating AM1
allowable asset classes, subject to the prescribed limits. While making
stock selection decisions, fundamental and technical models will be
Unit Type A, B and C employed and qualitative and quantitative analysis will be conducted to
Front End Load 3.00% identify undervalued stocks.
Back End Load Nil
Leverage Nil
Valuation Days Monday to Friday Top Ten Equity Holdings : (% of Total Assets)
Subscription | Redemption Days 9:00 AM | 3:00 PM (Mon to Thr), 9:00 AM | 4:00 PM (Fri) Pakistan Petroleum Limited 17.23%
Pricing Mechanism Forward Oil & Gas Devp.Co.Ltd 17.16%
Management Fee Up to 3% Mari Petroleum Company Limited 16.84%
Actual Rate of Management Fee 2.00% The Hub Power Company Limited 14.49%
Fund Manager Ahmed Hassan, CFA Sui Northern Gas Pipelines Limited 9.05%
Investment Committee Mohammad Shoaib, CFA | Muhammad Asad | Taha Khan Pakistan State Oil Company Limited 8.39%
Javed, CFA |Ahmed Hassan, CFA | Faizan Saleem | Asif Pakistan Oilfields Limited 4.70%
Imtiaz, CFA | Ali Hassan Khan, CFA, FRM | Ali Asghar, CFA, Attock Refinery Ltd 1.75%
FDP | Akhtar Munir, CFA, FRM | Zohaib Saeed, CFA, ACCA Nishat Chunian Power Limited 1.50%
Fund Net Assets National Refinery Ltd 0.86%
Aug'23 Sep'23 MoM % Sector Allocation
Net Assets (Rs. mn) 429 591 37.90% Other, 7.23%
NAV Per Unit (Rs.) 33.60 36.12 7.51%
Refinery, 2.60%
Asset Allocation
Aug'23 Sep'23 Power Generation
& Distribution, Oil & Gas
Equity 94.37% 92.78%
16.76% Exploration
Cash 3.84% 3.49% Companies, 55.93%
Expense Ratio
Oil & Gas
Marketing
Companies, 17.48%

MEF 7.51% 17.09% 13.85% 17.09% 20.47% 9.42% -23.77% -23.10% -3.77%
Benchmark 3.60% 9.78% 12.02% 9.78% 15.13% 19.97% 12.19% 8.04% 1.14%
* Performance start date of November 29,2016, NAV to NAV return with Dividend reinvested.
Annual Returns
FY23 FY22 FY21 FY20 FY19 FY18 FY17 * FY16 FY15
MEF -2.13% -8.10% 14.25% -10.04% -33.00% -0.90% 6.90% - -
Benchmark 2.88% -10.25% 39.32% 1.62% -23.80% -9.60% 9.30% - -
* 213 days Operation

KSE-Meezan
Index Fund
Fund Review

KSE Meezan Index Fund (KMIF) is a Shariah Compliant Index Fund that aims to provide investors an
KMIF Benchmark
opportunity to track closely the performance of the KSE-Meezan Index 30 (KMI 30) by investing in
companies of the Index in proportion to their weightages. 400
Fund Details
Fund Type Open End 350
Fund Category Index Tracker Scheme
Risk Profile/Risk of Principal Erosion High 300
Launch Date 23-May-2012
Benchmark KMI-30
250
200
AMC Rating AM1
Unit Type A and B
Front End Load 2.00% 100
Back End Load Nil
Leverage Nil 50
Valuation Days Monday to Friday
Management Fee 1.00% Top Ten Equity Holdings : (% of Total Assets)
Actual Rate of Management Fee 1.00% The Hub Power Company Limited 10.62%
Fund Manager Asif Imtiaz, CFA Systems Limited 9.19%
Investment Committee Mohammad Shoaib, CFA | Muhammad Asad | Taha Khan Engro Corp 8.56%
Javed, CFA |Ahmed Hassan, CFA | Faizan Saleem | Asif Oil & Gas Devp.Co.Ltd 7.70%
Imtiaz, CFA | Ali Hassan Khan, CFA, FRM | Ali Asghar, CFA, Lucky Cement Ltd 7.66%
FDP | Akhtar Munir, CFA, FRM | Zohaib Saeed, CFA, ACCA
Meezan Bank Limited 6.34%
Fund Net Assets Pakistan Petroleum Limited 6.12%
Aug'23 Sep'23 MoM % Engro Fertilizer 5.65%
Net Assets (Rs. mn) ** 2,400 2,532 5.53% Mari Petroleum Company Limited 5.15%
Net Assets (excluding FoFs) (Rs. mn) 2,376 2,506 5.47% Dawood Hercules 4.62%
NAV Per Unit (Rs.)* 68.55 70.92 3.46% Sector Allocation
** This includes Rs. 26 mn invested by Fund of Funds. Other, 26.60%
Oil & Gas
*Transaction Cost of 0.25% shall be charged on purchase of units of KSE-Meezan Index Fund. Exploration
Asset Allocation Companies, 18.97%
Aug'23 Sep'23
Equity 99.03% 98.79%
Cash 0.51% 0.71%
Expense Ratio Technology &
Expense Ratio * Mtd | 1.77% Ytd | 2.05% Communication, Fertilizer, 18.83%
10.10%
(Selling and Marketing expenses - for the period ended September 30, 2023 were Rs. 0.00 million) Power Generation
& Distribution,
10.62%
Cement, 14.88%

KMIF 3.46% 9.22% 10.92% 9.22% 12.70% 14.28% 4.40% 155.60% 8.61%
Benchmark ** 3.60% 9.78% 12.02% 9.78% 15.13% 19.97% 12.19% 220.61% 10.80%
* Performance start date of May 23,2012, NAV to NAV return with Dividend reinvested.
Annual Returns
KMIF 0.69% -10.69% 36.43% 0.88% -25.00% -11.20% 15.90% 13.30% 17.10%
Benchmark 2.88% -10.25% 39.32% 1.62% -23.80% -9.60% 18.80% 15.50% 20.10%

Meezan
Pakistan Exchange Traded Fund
Fund Review

Meezan Pakistan Exchange Traded Fund is a Shariah-compliant Exchange Traded Fund that aims to Benefits Lower fee structure.
provide investors an opportunity to track the performance of Meezan Pakistan Index that has been
constituted and is maintained by Al Meezan, and comprises Shariah-compliant equity securities selected Access to a diversified portfolio of securities.
with high consideration towards market capitalization and traded Value. Trades like a stock. ETF can be bought or sold on the exchange at any
time during market hours.
Fund Details Transparency of holdings.
Fund Type Open End
Fund Category Shariah Compliant Exchange Traded Fund Investment Policy The Index will consist of selected liquid stocks in accordance with KMI-30
Risk Profile/Risk of Principal Erosion High index, which will be derived through the security selection criteria, in
Launch Date 06-Oct-2020 order to achieve the investment objective. The fund manager shall
Benchmark Meezan Pakistan Index monitor the performance of the Fund and the benchmark index on a
continuous basis.
Auditor A.F. Ferguson & Company Top Ten Equity Holdings : (% of Total Assets)
AMC Rating AM1 The Hub Power Company Limited 14.84%
Rating Agency PACRA (23-Jun-22)/VIS (27-Dec-21) Engro Corp 13.45%
Unit Type - Systems Limited 13.23%
Ticker MZNP-ETF Oil & Gas Devp.Co.Ltd 11.02%
Authorized Participant JS Global, Adam Sec, MRA Sec Lucky Cement Ltd 10.11%
Valuation Days As per PSX Pakistan Petroleum Limited 8.30%
Subscription | Redemption Days As per Market hours Meezan Bank Limited 7.83%
Pricing Mechanism Backward Pakistan State Oil Company Limited 4.67%
Management Fee Upto 0.5% P.a. Attock Refinery Ltd 3.99%
Actual Rate of Management Fee 0.50% Sui Northern Gas Pipelines Limited 3.58%
Fund Manager Ali Hassan Khan, CFA, FRM Sector Allocation
Investment Committee Mohammad Shoaib, CFA | Muhammad Asad | Taha Khan
Javed, CFA |Ahmed Hassan, CFA | Faizan Saleem | Asif Other, 23.02% Oil & Gas
Imtiaz, CFA | Ali Hassan Khan, CFA, FRM | Ali Asghar, CFA, Exploration
FDP | Akhtar Munir, CFA, FRM | Zohaib Saeed, CFA, ACCA Companies, 19.31%
Fund Net Assets

Aug'23 Sep'23 MoM %
Net Assets (Rs. mn) 62 65 3.88%
NAV Per Unit (Rs.) 8.52 8.85 3.88%
Asset Allocation
Aug'23 Sep'23 Technology & Cement, 16.15%
Equity 97.35% 97.06% Communication,
Cash 1.92% 2.11% 13.23%

Expense Ratio Power Generation
& Distribution,
Fertilizer, 13.45% 14.84%

MP-ETF 3.88% 13.31% 13.67% 13.31% 14.69% - - -1.01% -0.34%
Benchmark 4.22% 14.47% 14.87% 14.47% 15.81% - - 4.26% 1.41%
* Performance start date of October 06,2020. NAV to NAV return with Dividend reinvested.
Annual Returns
FY23 FY22 FY21 * FY20 FY19 FY18 FY17 FY16 FY15
MP-ETF -1.32% -23.41% 15.57% - - - - - -
Benchmark -1.04% -22.37% 18.57% - - - - - -
* 268 days of Operations

Meezan
Balanced Fund
AMC RATING AM1 (STABLE OUTLOOK) Note : Medium Risk means Risk of Principal Erosion is Medium
Fund Review
Investment Objective Top Ten Portfolio Holdings : (% of Total Assets)

The objective of Meezan Balanced Fund is to generate long term capital appreciation as well as current Equity - Top 5 Portfolio Holding
income by creating a balanced portfolio that is invested both in high quality equity securities and Islamic Oil & Gas Devp.Co.Ltd 5.65%
Income Instruments such as TFCs, COIs, Certificates of Musharika, Islamic Sukuk, Ready-future hedges, Pakistan Petroleum Limited 4.62%
and other Shariah compliant instruments. Mari Petroleum Company Limited 4.60%
Fund Details Lucky Cement Ltd 3.98%
Fund Type Open End The Hub Power Company Limited 3.86%
Fund Category Balanced Sukuks | Commercial Paper - Top 5 Portfolio Holding
Risk Profile/Risk of Principal Erosion Medium HPHL Sukuk (12-Nov-20) 9.59%
Launch Date 20-Dec-04 Dubai Islamic Bank - Sukuk 6.30%
Benchmark Weighted avg. return of KMI 30 Index and Fixed Income/ Agha Steel Industries Sukuk 4.27%
Money Market Scheme as per actual allocation. Shakarganj Food Products Limited 2.05%
Trustee Central Depository Company Pakistan Limited (CDC). Sector Allocation
Auditor A.F. Ferguson & Company Cash & Others,
AMC Rating AM1 26.15%
Sukuk, Commercial
Front End Load 2.00%
Paper & GOP,
Back End Load Nil Technology & 39.19%
Leverage Nil Communication,
3.72%
Subscription | Redemption Days 9:00 AM | 3:00 PM (Mon to Thr), 9:00 AM | 4:00 PM (Fri) Bank, 4.00%
Power Generation
Management Fee Up to 2% & Distribution,
Actual Rate of Management Fee 2.00% 4.06%
Fund Manager Asif Imtiaz, CFA Oil & Gas
Investment Committee Mohammad Shoaib, CFA | Muhammad Asad | Taha Khan Exploration
Javed, CFA |Ahmed Hassan, CFA | Faizan Saleem | Asif Cement, 8.01% Companies, 14.87%
Imtiaz, CFA | Ali Hassan Khan, CFA, FRM | Ali Asghar, CFA, Asset Allocation
Aug'23 Sep'23
Fund Net Assets Equity 42.03% 43.08%
Aug'23 Sep'23 MoM % Sukuks and Commercial Paper 22.45% 22.20%
Net Assets (Rs. mn) 1,488 1,521 2.22% GoP Guaranteed Securities 20.35% 16.99%
Net Assets (excluding FoFs) (Rs. mn) 1,488 1,521 2.22% Cash Others including Receivable 15.17% 17.73%
NAV Per Unit (Rs.) 16.33 16.75 2.53% Expense Ratio
(Selling and Marketing expenses - for the period ended September 30, 2023 were Rs. 4.05 million) Expense Ratio * Mtd | 3.90% Ytd | 3.89%
Details of Non Compliant Investements

Value of Investment Provision held if any / Diminis hing Value of Investment after
Name of Non-Compliant Investment Investment Type % of Net Assets % of Gross Assets
before provision Market Value provision
Security Leasing Corporation Ltd - II Sukuk 7,701,000 7,701,000 - - -
Arzoo Textile Mills Ltd. Sukuk 25,000,000 25,000,000 - - -
Eden Housing Ltd Sukuk 4,922,000 4,922,000 - - -
Hascol Petroleum Ltd. Sukuk 62,500,000 62,500,000 - - -
Shakarganj Food Products Ltd Sukuk 36,637,567 13,610,889 23,026,678 1.51% 1.45%
MBF 2.53% 7.37% 9.79% 7.37% 11.39% 17.80% 22.92% 626.91% 11.13%
Benchmark ** 1.89% 5.54% 7.34% 5.54% 10.59% 17.40% 20.07% 409.01% 9.05%
* Performance start date of December 20,2004, CAGR since inception. NAV to NAV return with Dividend reinvested.
Annual Returns
MBF 4.87% -3.61% 18.13% 8.14% -12.80% -9.00% 14.90% 12.10% 15.90%
Benchmark 4.55% -3.11% 19.45% 5.80% -12.10% -4.20% 12.00% 9.50% 12.60%
The Meezan Balance Fund scheme holds certain non-compliant investments. Before making any investment decision, investors should review this document and latest Financial Statements.

Meezan
Asset Allocation Fund
Fund Review

To earn a potentially high return through asset allocation between Shariah Compliant Equity Instruments,
MAAF Benchmark
Shariah Compliant Fixed Income Instruments, Shariah Compliant Money Market Instruments and any
other Shariah Compliant instrument as permitted by the SECP and Shariah Advisor. 75
Fund Details
70
Fund Type Open End
Fund Category Asset Allocation 65
Launch Date 18-Apr-16 60
Benchmark Weighted avg. return of KMI 30 Index and Fixed Income/
Money Market Scheme as per actual allocation. 55
Listing Pakistan Stock Exchange (PSX) 50

Auditor A.F. Ferguson & Company 45
AMC Rating AM1
Front End Load Upto 3%
35
Back End Load Nil
Leverage Nil 30
Management Fee Upto 3% Top Ten Equity Holdings : (% of Total Assets)
Actual Rate of Management Fee 1.50% Oil & Gas Devp.Co.Ltd 11.95%
Fund Manager Asif Imtiaz, CFA Pakistan Petroleum Limited 9.94%
Investment Committee Mohammad Shoaib, CFA | Muhammad Asad | Taha Khan Mari Petroleum Company Limited 7.13%
Javed, CFA |Ahmed Hassan, CFA | Faizan Saleem | Asif Lucky Cement Ltd 6.95%
Imtiaz, CFA | Ali Hassan Khan, CFA, FRM | Ali Asghar, CFA, Meezan Bank Limited 6.84%
FDP | Akhtar Munir, CFA, FRM | Zohaib Saeed, CFA, ACCA The Hub Power Company Limited 6.33%
Aug'23 Sep'23 MoM % Engro Corp 4.40%
Net Assets (Rs. mn) 323 327 1.20% Kohat Cement 3.93%
Sector Allocation
Asset Allocation
Aug'23 Sep'23 Oil & Gas
Other, 34.04% Exploration
Equity 71.69% 80.51% Companies, 29.02%
Money Market 0.00% 0.00%
Cash 26.70% 17.87%
Expense Ratio
(Selling and Marketing expenses - for the period ended September 30, 2023 were Rs. 0.96 million) Power Generation
& Distribution,
6.98%
Cement, 14.19%
Technology &
Communication,
7.85% Bank, 7.92%
MAAF 3.42% 9.67% 12.46% 9.67% 10.80% 5.91% 5.09% 8.40% 1.09%
Benchmark 3.00% 8.72% 10.83% 8.72% 14.00% 19.36% 22.19% 35.08% 4.12%
* Performance start date of April 18, 2016. NAV to NAV return with Dividend reinvested.
Annual Returns
FY23 FY22 FY21 FY20 FY19 FY18 FY17 FY16 * FY15
MAAF 0.35% -19.10% 35.16% 6.61% -20.40% -12.50% 18.10% 2.80% -
Benchmark 3.28% -8.39% 33.53% 6.97% -18.60% -6.90% 15.20% 5.00% -
* 37 days of Operation

Meezan
Islamic Income Fund
AMC RATING AM1 (STABLE OUTLOOK) Note : Medium Risk means Risk of Principal Erosion is Medium
Fund Review
Net assets of Meezan Islamic Income Fund (MIIF) stood at Rs. 12.77 billion as on September 30, 2023. MIIF has provided an annualized return of 19.21% for the month of September as compared to its
benchmark which has provided an annualized return of 7.87% during the same period.
To provide investors with a high and stable rate of current income consistent with long term preservation
MIIF Benchmark
of capital in a Shariah compliant way. A secondary objective is to take advantage of opportunities to
realize capital appreciation. 25%
Fund Details
Fund Type Open End 20%
Fund Category Income
Risk Profile/Risk of Principal Erosion Medium
15%
Launch Date 15-Jan-07
Benchmark Six (6) months average deposit rates of three (3) A rated
scheduled Islamic Banks or Islamic windows of 10%
conventional bank as Selected by MUFAP.
Weighted average time to maturity 3.81 Years
5%
Auditor A.F. Ferguson & Company 0%
Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23
AMC Rating AM1
Fund Stability Rating A+ (f) by VIS (27-Dec-21) Top Portfolio Holdings : (% of Total Assets)
Rating Agency PACRA (23-Jun-22)/VIS (27-Dec-21) K-Electric Sukuk (3-Aug-20) 5.43%
Unit Type A, B and C HPHL Sukuk (12-Nov-20) 4.03%
Front End Load 1.00% OBS AGP Private Limited (15-July-21) 1.54%
Back End Load Contingent load for Type C investors Engro Powergen Thar Pvt Limited 1.21%
Leverage Nil Agha Steel Industries Sukuk 0.96%
Valuation Days Monday to Friday Javedan Corporation Limited 0.35%
Subscription | Redemption Days 9:00 AM | 3:00 PM (Mon to Thr), 9:00 AM | 4:00 PM (Fri) Masood Textile Mills Limited 0.35%
Pricing Mechanism Forward Shakarganj Food Products Limited 0.31%
Management Fee Up to 10% of Gross Earnings (min. 0.25% of avg. annual
net assets max. 1.5% of avg. annual net assets
Actual Rate of Management Fee 0.70% Asset Allocation
Fund Manager Faizan Saleem Aug'23 Sep'23
Investment Committee Mohammad Shoaib, CFA | Muhammad Asad | Taha Khan Government Backed / Guaranteed Securities 53.74% 52.61%
Javed, CFA |Ahmed Hassan, CFA | Faizan Saleem | Asif Cash 26.06% 27.82%
Imtiaz, CFA | Ali Hassan Khan, CFA, FRM | Ali Asghar, CFA, Sukuks 16.33% 14.19%
Commercial Paper 0.00% 0.00%
Fund Net Assets Others including Receivable 3.87% 5.38%
Aug'23 Sep'23 MoM % Expense Ratio
Net Assets (Rs. mn) ** 12,709 12,765 0.45% Expense Ratio * Mtd | 1.33% Ytd | 1.33%
Net Assets (excluding FoFs) (Rs. mn) 12,709 12,765 0.44% * This includes Mtd | 0.18% and Ytd | 0.17% representing Government Levy and SECP Fee. (Annualized),
NAV Per Unit (Rs.) 53.39 54.24 1.58% Credit Quality of Portfolio
** This includes Rs. 0 mn invested by Fund of Funds. AAA 54.3% AA- 2.2% BBB+ 0.3%
(Selling and Marketing expenses - for the period ended September 30, 2023 were Rs. 8.30 million) AA+ 9.5% A+ 2.5%
AA 0.0% A 25.8%
Details of Non Compliant Investements
Value of Investment Provision held if any / Diminis hing Value of Investment after
Name of Non-Compliant Investment Investment Type % of Net Assets % of Gross Assets
before provision Market Value provision
Security Leasing Corporation Ltd - II Sukuk 15,403,641 15,403,641 - - -
Arzoo Textile Mills Ltd. Sukuk 70,000,000 70,000,000 - - -
Eden Housing Ltd Sukuk 58,471,875 58,471,875 - - -
Hascol Petroleum Ltd. Sukuk 100,000,000 100,000,000 - - -
Shakarganj Food Products Ltd Sukuk 44,679,960 15,395,524 29,284,436 0.23% 0.23%
Performance - Annualized Returns
MIIF 19.21% 19.88% 19.00% 19.88% 17.06% 12.37% 13.18% 20.26% 9.25%
Benchmark 7.87% 7.60% 7.17% 7.60% 6.79% 4.59% 4.84% 4.86% 5.19%
* Performance start date of January 15, 2007. NAV to NAV return with Dividend reinvested.
Annual Returns
MIIF 14.86% 8.63% 6.64% 11.57% 7.92% 4.26% 5.09% 5.76% 8.15%
Benchmark 6.06% 3.34% 3.56% 6.33% 3.69% 2.44% 2.78% 3.49% 5.04%
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 and pension fund 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.
Performance data does not include cost incurred by investor in the form of sales-load etc. Please read the offering document to understand the investment policies and risks involved.
The Meezan Islamic Income Fund scheme holds certain non-compliant investments. Before making any investment decision, investors should review this document and latest Financial Statements.

Meezan
Sovereign Fund
AMC RATING AM1 (STABLE OUTLOOK) Note : Low Risk means Risk of Principal Erosion is Low
Fund Review
Net assets of Meezan Sovereign Fund (MSF) stood at Rs. 28.46 billion as on September 30, 2023. For the month of September, the fund has provided an annualized return of 22.05% as compared to its
To seek maximum possible preservation of capital and a reasonable rate of return. MSF Benchmark
Fund Details 25%
Fund Type Open End

Fund Category Income 20%
Risk Profile/Risk of Principal Erosion Low
Launch Date 10-Feb-10
15%
Benchmark 6 Months PKISRV Rate
Weighted average time to maturity 2 years
Listing Pakistan Stock Exchange (PSX) 10%
Auditor A.F. Ferguson & Company 5%
AMC Rating AM1
Fund Stability Rating AA (f) by VIS (27-Dec-21) 0%
Unit Type A, B, C and D
Front End Load 1.00% Portfolio: Salient Features
Back End Load Nil Key Benefits Maximum Preservation of Principal Investment.
Leverage Nil Primary Investments in securities issued by Government of Pakistan.
Valuation Days Monday to Friday Low Risk.
Subscription | Redemption Days 9:00 AM | 3:00 PM (Mon to Thr), 9:00 AM | 4:00 PM (Fri) Liquidity (Redemption on average in 2-3 working days).
Management Fee Up to 0.6% p.a.(min 0.25)
Actual Rate of Management Fee 0.60% Investment Policy Investments in High Grade & Liquid avenues:
Fund Manager Zohaib Saeed, CFA, ACCA and Strategy Minimum 70% Investment in Government backed / issued securities
Javed, CFA |Ahmed Hassan, CFA | Faizan Saleem | Asif Placements in top rated banks and financial institutions.
Imtiaz, CFA | Ali Hassan Khan, CFA, FRM | Ali Asghar, CFA,
Fund Net Assets Benchmark 6 Months PKISRV Rate
Aug'23 Sep'23 MoM % Asset Allocation
Net Assets (Rs. mn) ** 20,812 28,462 36.76%
Net Assets (excluding FoFs) (Rs. mn) 20,812 27,802 33.59% Others including
NAV Per Unit (Rs.) 53.96 54.94 1.81% Receivables, 7.14%
** This includes Rs. 660 mn invested by Fund of Funds.
Asset Allocation
Aug'23 Sep'23
GoP Guaranteed Securities 71.50% 64.67%
Cash 24.66% 28.19%
Non-Compliance Disclosure
Description Monthly Min. Monthly Avg.
Avg. Requirement
Exposure in Govt. Securities
69.73% 70.00%
Expense Ratio
* This includes Mtd | 0.17% and Ytd | 0.16% representing Government Levy and SECP Fee. (Annualized), Cash, 28.19%
Asset Rating
AAA 91.9% AA- 0.9% GoP Guaranteed
AA+ 0.0% A+ 0.0% Securities, 64.67%
AA 0.0% A 0.0%
MSF 22.05% 21.32% 20.31% 21.32% 18.21% 12.61% 13.51% 15.73% 8.76%
Benchmark 20.71% 17.24% 11.98% 17.24% 9.20% 5.39% 6.14% 6.26% 7.17%
* Performance start date of February 10, 2010. NAV to NAV return with Dividend reinvested.
Annual Returns
MSF 15.37% 8.27% 7.65% 11.17% 7.02% 2.57% 6.57% 5.12% 6.81%
Benchmark 6.06% 3.34% 3.71% 7.93% 7.15% 4.96% 4.65% 4.49% 6.24%

Meezan
Daily Income Plan
(Managed under Meezan Daily Income Fund)
AMC RATING AM1 (STABLE OUTLOOK) Note : Moderate Risk means Risk of Principal Erosion is Moderate
Fund Review
Net assets of Meezan Daily Income Fund (MDIP-I) stood at Rs. 105.62 billion as on September 30, 2023. MDIP-I has provided an annualized return of 20.67% for the month of September as compared to
its benchmark which has provided an annualized return of 7.87% during the same period.
The Daily Income Plan is an Allocation Plan under Daily Income Fund
MDIP-I Benchmark
with an objective to provide investors with a competitive rate of return, together with daily payout,
through investment in Shariah Compliant Fixed Income Instruments. 25%
Fund Details
Fund Type Open End 20%
Risk Profile/Risk of Principal Erosion Moderate 15%
Launch Date 13-Sep-21
Benchmark Six (6) months average deposit rate of three (3) A rated 10%
scheduled Islamic Banks or Islamic windows of
conventional banks as selected by MUFAP. 5%
Weighted average time to maturity 30 Days
Trustee Central Depository Company Pakistan Limited (CDC). Oct-22 Nov-22Dec-22 Jan-23 Feb-23 Mar- Apr-23 May- Jun-23 Jul-23 Aug-23Sep-23
23 23
AMC Rating AM1 Top Portfolio Holdings : (% of Total Assets)
Rating Agency PACRA (23-Jun-22)/VIS (27-Dec-21) Lucky Electric Power Co Ltd - LEPCL Sukuk IX 0.98%
Fund Stability Rating A+ (f) by VIS (19-Jan-23) Lucky Electric Power Co Ltd - LEPCL Sukuk XII 0.89%
Unit Type A, B and S Lucky Electric Power Co Ltd - LEPCL Sukuk XIII 0.70%
Front End Load Up to 1.5% Lucky Electric Power Co Ltd - LEPCL Sukuk XI 0.56%
Back End Load Nil K-Electric Sukuk XVIII 0.28%
Leverage Nil K-Electric Sukuk XX 0.24%
Management Fee up to 5% of the gross earnings of the Scheme, calculated
on a daily basis, subject to a minimum of 0.1% of the Credit Quality of Portfolio
average daily net assets
AAA 42.92%
Actual Rate of Management Fee 0.64% AA+ 12.53%
Fund Manager Zohaib Saeed, CFA, ACCA AA 11.62%
Investment Committee Mohammad Shoaib, CFA | Muhammad Asad | Taha Khan AA- 7.76%
Javed, CFA |Ahmed Hassan, CFA | Faizan Saleem | Asif A+ 22.44%
Asset Allocation
Placements with
Fund Net Assets Sukuks and
NBFC and Others including
Commercial Paper,
Aug'23 Sep'23 MoM % Modarabs, 2.81% Receivable, 2.64%
3.66%
Net Assets (Rs. mn) ** 99,622 105,621 6.02%
Net Assets (excluding FoFs) (Rs. mn) 99,348 105,375 6.07% GoP Guaranteed
Securities, 10.23%
NAV Per Unit (Rs.) 50.00 50.00 1.70%
Asset Allocation
Aug'23 Sep'23
Cash 50.94% 68.26%
Placements with Banks and DFIs 28.63% 12.40%
GoP Guaranteed Securities 10.79% 10.23% Placements with
Sukuks and Commercial Paper 4.69% 3.66% Banks and DFIs,
Placements with NBFC and Modarabs 2.49% 2.81% 12.40%
Others including Receivable 2.46% 2.64% Cash, 68.26%

Expense Ratio

MDIP-I 20.67% 20.40% 20.22% 20.40% 18.60% - - 16.22% 15.04%
Benchmark 7.87% 7.60% 7.17% 7.60% 6.79% - - 5.18% 8.44%
* Performance start date of September 13, 2021. NAV to NAV return with Dividend reinvested.
Annual Returns
FY23 FY22 * FY21 FY20 FY19 FY18 FY17 FY16 FY15
MDIP-I 16.86% 10.58% - - - - - - -
Benchmark 6.06% 3.39% - - - - - - -
* 290 days of operations.

Meezan
Mahana Munafa Plan
Fund Review
Net assets of Meezan Daily Income Fund (MMMP) stood at Rs. 6.77 billion as on September 30, 2023. MMMP has provided an annualized return of 18.51% for the month of September as compared to its
The Investment Objective of the Plan is to provide Investors with a competitive rate of return,
MDIP-II Benchmark
together with monthly profit, through investment in Shariah Compliant fixed income
instruments. 25%
Fund Details
20%
Fund Type Open End
15%
Launch Date 29-Oct-22

Auditor A.F. Ferguson & Company Credit Quality of Portfolio
AMC Rating AM1 AAA 60.40%
Rating Agency PACRA (23-Jun-22)/VIS (27-Dec-21) AA+ 0.00%
Fund Stability Rating Not Rated AA 38.42%
Unit Type A and S
Front End Load Nil
Back End Load Nil
Leverage Nil
Actual Rate of Management Fee 1.47%
Fund Manager Zohaib Saeed, CFA, ACCA
Javed, CFA |Ahmed Hassan, CFA | Faizan Saleem | Asif
Fund Net Assets

Aug'23 Sep'23 MoM %
Net Assets (Rs. mn) ** 6,475 6,766 4.50%
Net Assets (excluding FoFs) (Rs. mn) 6,475 6,766 4.49%
NAV Per Unit (Rs.) 50.00 50.00 1.52%
Asset Allocation
Aug'23 Sep'23
Cash 98.31% 98.82%
Others including Receivable 1.69% 1.18%
Expense Ratio

1M 3M 6M FYTD 1Yr 3Yr 5Yr PSD *
MDIP-II 18.51% 18.60% 18.50% 18.60% - - - 16.70%
Benchmark 7.87% 7.60% 7.17% 7.60% - - - 6.79%
* Performance start date of October 29, 2022. NAV to NAV return with Dividend reinvested.
Annual Returns
FY23* FY22 FY21 FY20 FY19 FY18 FY17 FY16 FY15
MDIP-II 15.28% - - - - - - - -
Benchmark 6.52% - - - - - - - -
* 245 days Operation

Meezan
Sehl Account Plan
Fund Review
Net assets of Meezan Daily Income Fund (MSHP) stood at Rs. 44.92 million as on September 30, 2023. SEHL has provided an annualized return of 18.83% for the month of September as compared to its
The investment objective of the Plan is to meet liquidity needs of investors by providing investors
MSHP Benchmark
with a 24/7 access to their invested funds through investment in Shariah Compliant Fixed Income
and money market instruments. 20%
18%
Fund Details
16%
Fund Type Open End
14%
12%
19-Jun-23 10%
Launch Date
scheduled Islamic Banks or Islamic windows of 6%
Weighted average time to maturity 1 Days 2%

Jun-23 Jul-23 Aug-23 Sep-23
Fund Stability Rating Not Rated
Unit Type A and S
Front End Load Nil
Back End Load Nil
Leverage Nil
Pricing Mechanism Backward
Fund Manager Zohaib Saeed, CFA, ACCA
Fund Net Assets

Aug'23 Sep'23 MoM %
Net Assets (Rs. mn) ** 34 45 30.73%
Net Assets (excluding FoFs) (Rs. mn) 34 45 30.73%
NAV Per Unit (Rs.) 51.65 52.45 1.55%
Asset Allocation
Aug'23 Sep'23
Cash 98.54% 97.42%
Expense Ratio

MSHP 18.83% 18.36% - 18.36% - - - 17.37%
Benchmark 7.87% 7.60% - 7.60% - - - 7.47%
* Performance start date of June 19, 2023. NAV to NAV return with Dividend reinvested.
Annual Returns
FY23* FY22 FY21 FY20 FY19 FY18 FY17 FY16 FY15
MSHP 8.72% - - - - - - -
Benchmark 7.08% - - - - - - -
* 11 days Operation

Meezan
Munafa Plan I
Note : Moderate Risk means Risk of Principal Erosion is Moderate
Fund Review
Net assets of Meezan Daily Income Fund (MMP-I) stood at Rs. 1.27 billion as on September 30, 2023. MMP-I has provided an annualized return of 26.01% for the month of September as compared to its
The Munafa Plan I is an Allocation Plan under Daily Income Fund
with an objective to provide investors with a competitive rate of return through investment in Shariah MMP Benchmark
Compliant fixed income instruments. 30%
Fund Details
25%
Fund Type Open End
Fund Category Income 20%
Risk Profile/Risk of Principal Erosion Moderate
29-Aug-23 15%
Launch Date
Benchmark Six (6) months average deposit rates of three (3) A rated 10%
conventional bank as selected by MUFAP. 5%
Weighted average time to maturity 0.55 years
0%
Listing -
Aug-23 Sep-23
Fund Stability Rating -
Unit Type A, B and S
Front End Load 0 to 1.5%
Back End Load Nil
Leverage Nil
Management Fee Up to 5% of the gross earnings of the Scheme, calculated
on a daily basis, subject to a minimum of 0.10% of the
average daily net assets of the Scheme.
Fund Manager Faizan Saleem
Fund Net Assets

Aug'23 Sep'23 MoM %
Net Assets (Rs. mn) ** 1,138 1,274 11.98%
NAV Per Unit (Rs.) 50.07 51.14 2.14%
Asset Allocation
Aug'23 Sep'23
Cash 28.42% 32.61%
Expense Ratio

MMP-I 26.01% - - 25.94% - - - 25.94%
Benchmark 7.87% - - 7.84% - - - 7.84%
* Performance start date of August 29, 2023. NAV to NAV return with Dividend reinvested.

Meezan
Cash Fund
Fund Review
Net assets of Meezan Cash Fund (MCF) stood at Rs. 30.09 billion as on September 30, 2023. MCF has provided an annualized return of 19.47% for the month as compared to its benchmark which has provided
an annualized return of 8.99% during the same period.
Investment Objective Monthly Performance
To seek maximum possible preservation of capital and a reasonable rate of return via investing primarily
MCF Benchmark
in liquid Shariah compliant money market and debt securities.
Fund Details 25%
Fund Type Open End
Fund Category Money Market 20%
Launch Date 15-Jun-09
15%
Benchmark Three (3) months average deposit rates of Three (3) AA
rated Islamic Banks or Islamic windows of conventional
bank as Selected by MUFAP. 10%
5%
AMC Rating AM1 0%
Fund Stability Rating AA+ (f) by VIS (03-Jan-23) Rating Exposure
Unit Type A, B and C AAA 61.34%
Front End Load Nil AA+ 10.37%
Back End Load 0.1% if redemption within 3 days AA 26.33%
Leverage Nil A 0.00%
Valuation Days Monday to Friday Portfolio: Salient Features
Subscription | Redemption Days 9:00 AM | 3:00 PM (Mon to Thr), 9:00 AM | 4:00 PM (Fri) Key Benefits Maximum Preservation of Principal Investment.
Pricing Mechanism Forward High Liquidity (Redemption within two working days).
Management Fee Upto 0.6% p.a. (min 0.10%) No Sales Load (No Entry or Exit charges).
Actual Rate of Management Fee 0.60% Investment Policy Investments in High Grade & Liquid avenues:
Fund Manager Faizan Saleem and Strategy
Investment Committee Mohammad Shoaib, CFA | Muhammad Asad | Taha Khan Maximum Maturity of Instruments: Six Months
Javed, CFA |Ahmed Hassan, CFA | Faizan Saleem | Asif Average Time to Maturity of Portfolio: Three Months
Benchmark 3 Months average deposit rates of 3 AA rated Islamic Banks
Asset Allocation
Fund Net Assets
Aug'23 Sep'23 MoM %
Net Assets (Rs. mn) ** 29,745 30,090 1.16%
Cash, 80.38% Placements with
Net Assets (excluding FoFs) (Rs. mn) 29,745 30,090 1.16% Bank and DFIs,
NAV Per Unit (Rs.) 52.71 53.56 1.60% 10.36%
Asset Allocation
Aug'23 Sep'23
Cash 67.43% 80.38%
Placements with Bank and DFIs 17.42% 10.36%
Sukuks and Commercial Paper 12.63% 7.30%
Non-Compliance Disclosure
Description Max Limit (%) Placement (%)
Bank Alfalah Limited 10.00% 10.47%
Expense Ratio Sukuks and
Commercial Paper,
7.30%
Others including
(Selling and Marketing expenses - for the period ended September 30, 2023 were Rs. 26.25 million) Receivable, 1.96%
MCF 19.47% 19.77% 19.80% 19.77% 17.94% 12.84% 13.16% 16.13% 8.72%
Benchmark 8.99% 8.35% 7.56% 8.35% 6.95% 4.81% 4.70% 5.45% 5.87%
* Performance start date of June 15, 2009. NAV to NAV return with Dividend reinvested.
Annual Returns
MCF 16.11% 9.00% 5.81% 10.95% 7.84% 4.27% 6.07% 4.59% 7.46%
Benchmark 6.23% 3.68% 3.41% 5.37% 3.37% 2.58% 2.90% 4.49% 6.24%

Meezan
Rozana Amdani Fund
AMC RATING AM1 (STABLE OUTLOOK) Note : Low Risk means Risk of Principal Erosion is low
Fund Review
Net assets of Meezan Rozana Amdani Fund (MRAF) stood at Rs. 94.19 billion as on September 30, 2023. MRAF has provided an annualized return of 19.73% for the month of September as compared to its
Investment Objective Monthly Performance
The investment objective of the fund is to meet liquidity needs of investors by providing investors a daily
MRAF Benchmark
payout through investment in Shariah compliant money market instruments.
25%
Fund Details
Fund Type Open End
Fund Category Money Market 20%
Launch Date 28-Dec-18
15%
Benchmark Three (3) months average deposit rates of Three (3) AA
rated Islamic Banks or Islamic windows of conventional
bank as Selected by MUFAP 10%
5%
AMC Rating AM1 0%
Fund Stability Rating AA+ (f) by VIS (27-Dec-21) Rating Exposure
Unit Type A, B and C AAA 53.10%
Front End Load Nil AA+ 29.66%
Back End Load Nil AA 15.39%
Leverage Nil Portfolio: Salient Features
Valuation Days Monday to Friday Key Benefits Provides better returns than Shariah compliant savings accounts
Subscription | Redemption Days 9:00 AM | 3:00 PM (Mon to Thr), 9:00 AM | 4:00 PM (Fri) Daily distribution of dividends
Pricing Mechanism Forward Tax efficient manner of parking funds
Management Fee Up to 3.5% of gross earnings subject to minimum floor of Online investment and redemption facility available
0.10% of net assets p.a and maximum cap of 0.75% of net Investment Policy Meezan Rozana Amdani Fund primarily invests in Shariah compliant
assets p.a and Strategy authorized Investments.
Actual Rate of Management Fee 0.69% The fund shall be subject to such exposure limits as are specified in the
Fund Manager Faizan Saleem rules, the regulations and directives issued by SECP from time to time.
Mohammad Shoaib, CFA | Muhammad Asad | Taha Khan The fund will distribute daily payout to the unit holders, which will be
Investment Committee
Javed, CFA |Ahmed Hassan, CFA | Faizan Saleem | Asif reinvested as agreed upon by the unit holders.
Imtiaz, CFA | Ali Hassan Khan, CFA, FRM | Ali Asghar, CFA, Benchmark 3 Months average deposit rates of 3 AA rated Islamic Banks
Asset Allocation
Fund Net Assets Sukuks and Others including
Aug'23 Sep'23 MoM % Commercial Paper, Receivable, 1.83%
Net Assets (Rs. mn) ** 94,004 94,195 0.20% 4.61%

NAV Per Unit (Rs.) 50.00 50.00 -
Asset Allocation
Aug'23 Sep'23
Cash 59.64% 68.29%
Placements with Bank and DFIs 33.58% 25.24% Placements with
Bank and DFIs,
Sukuks and Commercial Paper 4.96% 4.61% 25.24%
Others including Receivable 1.82% 1.83% Cash, 68.29%
Expense Ratio

MRAF 19.73% 19.92% 19.94% 19.92% 18.44% 13.85% - 14.44% 11.59%
Benchmark 8.99% 8.35% 7.56% 8.35% 6.95% 4.81% - 4.76% 6.10%
* Performance start date of December 28, 2018. NAV to NAV return with Dividend reinvested.
Annual Returns
FY23 FY22 FY21 FY20 FY19 * FY18 FY17 FY16 FY15
MRAF 16.83% 9.95% 6.61% 11.76% 9.97% - - - -
Benchmark 6.23% 3.68% 3.41% 5.37% 3.83% - - - -

Meezan
PaaidaarMunafa Plan III
(Managed under Meezan Fixed Term)
AMC RATING AM1 (STABLE OUTLOOK) Note : Very Low means Risk of Principal Erosion is Very Low
Fund Review
Net assets of Paaidaar Munafa Plan-III (MPMP-III) stood at Rs. 0.57 billion as on September 30, 2023. MPMP-III has provided an annualized return of 18.87% for the month of as compared to its benchmark
which has provided an annualized return of 6.38% during the same period.
The "Meezan Paaidaar Munafa an allocation plan under "Meezan Fixed Term Fund"
with an objective to provide investors with a competitive rate of return, for fixed tenure by investing
primarily in Shariah Compliant TDRs and money market placements/ Instruments for a specific duration.
Fund Details
Fund Type Open End
MPMP-III Benchmark
Fund Category
dated February 10, 2022 60%
Risk Profile/Risk of Principal Erosion Very Low
50%
Launch Date 29-Mar-23
Benchmark Twelve (12) months average deposit rates of three (3) AA
40%
rated scheduled Islamic Banking Windows as selected by
MUFAP at the time of plan launch.
30%
Weighted average time to maturity 7 Months
Listing - 20%
Auditor Yousuf Adil Chartered Accountants 10%
AMC Rating AM1
Rating Agency PACRA (23-Jun-22)/VIS (27-Dec-21) 0%
Fund Stability Rating - Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23
Unit Type B
Front End Load Nil Portfolio: Salient Features
Contingent Load * Contingent load shall be deducted from redemption Key Benefits 19%* Expected Annualized Halal Return
amount subject to applicable expenses.
Leverage Nil Easy access through Mobile Application and Meezan Funds Online Web
Valuation Days Monday to Friday portal
Pricing Mechanism Forward Rating Exposure
Management Fee Up to 5% of the gross earnings of the Scheme, calculated AAA 100.0%
average daily net assets of the Scheme
Actual Rate of Management Fee 0.80% Expense Ratio
Fund Manager Faizan Saleem Expense Ratio * Mtd | 1.36% Ytd | 1.20%
Investment Committee Mohammad Shoaib, CFA | Muhammad Asad | Taha Khan * This includes Mtd | 0.21% and Ytd | 0.20% representing Government Levy and SECP Fee. (Annualized),
Javed, CFA |Ahmed Hassan, CFA | Faizan Saleem | Asif (Selling and Marketing expenses - for the period ended September 30, 2023 were Rs. 0.00 million)
* Contingent load shall commensurate with net loss incurred due to early redemption
Fund Net Assets
Aug'23 Aug'23 MoM %
Net Assets (Rs. mn) ** 560 568 1.55%
NAV Per Unit (Rs.) 52 52 1.55%
Asset Allocation
Aug'23 Sep'23
Cash and Others including Receivable 12.00% 13.42%

MPMP-III 18.87% 18.43% 19.25% 18.43% - - - 19.83%
Benchmark 6.38% 6.38% 6.38% 6.38% - - - 6.38%
* Performance start date of March 29, 2023 . NAV to NAV return with Dividend reinvested.

Meezan
PaaidaarMunafa Plan IV
Fund Review
Net assets of Paaidaar Munafa Plan-IV (MPMP-IV) stood at Rs. 4.74 billion as on September 30, 2023. MPMP-IV has provided an annualized return of 18.19% for the month of September as compared to its
The"MeezanPaaidaarMunafaPlan-IV an allocation plan under "Meezan Fixed Term Fund"
primarily in Shariah Compliant TDRs and money market placements / Instruments for a specific duration.
Fund Details MPMP-IV Benchmark

Fund Type Open End
30%
Fund Category Open End Islamic CIS as per Circular No.3 of 2022
dated February 10, 2022
25%
Launch Date 19-Apr-23 20%
rated scheduled Islamic Banking Windows as selected by 15%
Weighted average time to maturity 8 Months 10%
Listing -
Trustee Central Depository Company Pakistan Limited (CDC). 5%
Auditor Yousuf Adil Chartered Accountants
AMC Rating AM1 0%
Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23
Unit Type B Portfolio: Salient Features
Front End Load Nil Key Benefits 19.25%* Expected Annualized Halal Return
Contingent Load * Contingent load shall be deducted from redemption
Leverage Nil
Subscription | Redemption Days 9:00 AM | 3:00 PM (Mon to Thr), 9:00 AM | 4:00 PM (Fri) Rating Exposure
Pricing Mechanism Forward AAA 100.0%
average daily net assets of the Scheme Expense Ratio
Actual Rate of Management Fee 1.65% Expense Ratio * Mtd | 1.61% Ytd | 1.70%
Fund Manager Faizan Saleem * This includes Mtd | 0.25% and Ytd | 0.26% representing Government Levy and SECP Fee. (Annualized),
Investment Committee Mohammad Shoaib, CFA | Muhammad Asad | Taha Khan (Selling and Marketing expenses - for the period ended September 30, 2023 were Rs. 0.00 million)
Fund Net Assets
Aug'23 Sep'23 MoM %
Net Assets (Rs. mn) ** 4,674 4,740 1.41%
NAV Per Unit (Rs.) 51.68 52.45 1.49%
Asset Allocation
Aug'23 Sep'23

MPMP-IV 18.19% 18.62% - 18.62% - - - 19.61%
Benchmark 6.41% 6.41% - 6.41% - - - 6.41%
* Performance start date of April 19, 2023 . NAV to NAV return with Dividend reinvested.

Meezan
PaaidaarMunafa Plan V
Fund Review
Net assets of Paaidaar Munafa Plan-V (MPMP-V) stood at Rs. 3.40 billion as on September 30, 2023. MPMP-V has provided an annualized return of 20.20% for the month of September as compared to its
The Meezan Paaidaar Munafa Plan-V (MPMP-V) is an allocation plan under "Meezan Fixed Term Fund" MPMP-V Benchmark
with an objective to provide investors with a competitive rate of return, for fixed tenure by investing 25%
Fund Details 20%

Fund Type Open End
Fund Category Open End Islamic CIS as per Circular No.3 of 2022 15%
dated February 10, 2022
Risk Profile/Risk of Principal Erosion Very Low 10%
Launch Date 4-Sep-23
Benchmark Thirsty Six (36) days average deposit rates of three (03) AA
5%
Weighted average time to maturity 36 Days 0%
Sep-23
Listing -
Trustee Central Depository Company Pakistan Limited (CDC). Portfolio: Salient Features
Auditor Yousuf Adil Chartered Accountants Key Benefits 20.10%* Expected Annualized Halal Return
AMC Rating AM1
Unit Type B
Front End Load Nil Rating Exposure
Contingent Load * Contingent load shall be deducted from redemption AAA 100.0%
Leverage Nil
Valuation Days Monday to Friday Expense Ratio
Subscription | Redemption Days 9:00 AM | 3:00 PM (Mon to Thr), 9:00 AM | 4:00 PM (Fri) Expense Ratio * Mtd | 1.21% Ytd | 1.21%
Pricing Mechanism Forward * This includes Mtd | 0.19% and Ytd | 0.19% representing Government Levy and SECP Fee. (Annualized),
Management Fee Up to 5% of the gross earnings of the Scheme, calculated (Selling and Marketing expenses - for the period ended September 30, 2023 were Rs. 0.00 million)
average daily net assets of the Scheme
Fund Net Assets
Sep'23
Net Assets (Rs. mn) ** 3,396
Net Assets (excluding FoFs) (Rs. mn) 3,396
NAV Per Unit (Rs.) 50.28
Asset Allocation
Sep'23
Placements with Bank 98.78%
Cash and Others including Receivable 1.22%

MPMP-V 20.20% - - 20.20% - - - 20.20%
Benchmark 8.99% - - 8.99% - - - 8.99%
* Performance start date of Sep 04, 2023. NAV to NAV return with Dividend reinvested.

Meezan
PaaidaarMunafa Plan VI
Fund Review
Net assets of Paaidaar Munafa Plan-VI (MPMP-VI) stood at Rs. 0.99 billion as on September 30, 2023. MPMP-V has provided an annualized return of 18.81% for the month of September as compared to its
The "Meezan Paaidaar Munafa Plan-VI is an allocation plan under "Meezan Fixed Term
Fund" with an objective to provide investors with a competitive rate of return, for fixed tenure by
investing primarily in Shariah Compliant TDRs and money market placements / Instruments for a specific
duration.
MPMP-VI Benchmark
Fund Details
25%
Fund Type Open End
Fund Category Open End Islamic CIS as per Circular No.3 of 2022
Launch Date 22-May-23 15%
10%
MUFAP at the time of plan launch
5%
Listing -
May-23 Jun-23 Jul-23 Aug-23 Sep-23
AMC Rating AM1
Fund Stability Rating - Portfolio: Salient Features
Unit Type B Key Benefits 19.70%* Expected Annualized Halal Return
Front End Load Nil
Contingent Load * Contingent load shall be deducted from redemption
Leverage Nil
Valuation Days Monday to Friday Rating Exposure
Subscription | Redemption Days 9:00 AM | 3:00 PM (Mon to Thr), 9:00 AM | 4:00 PM (Fri) AAA 100.0%
on a daily basis, subject to a minimum of 0.10% of the Expense Ratio
average daily net assets of the Scheme Expense Ratio * Mtd | 1.39% Ytd | 1.24%
Actual Rate of Management Fee 1.25% * This includes Mtd | 0.22% and Ytd | 0.20% representing Government Levy and SECP Fee. (Annualized),
Fund Manager Faizan Saleem (Selling and Marketing expenses - for the period ended September 30, 2023 were Rs. 0.00 million)
Fund Net Assets
Aug'23 Sep'23 MoM %
Net Assets (Rs. mn) ** 978 992 1.44%
NAV Per Unit (Rs.) 51.78 52.58 1.55%
Asset Allocation
Aug'23 Sep'23

MPMP-VI 18.81% 19.65% - 19.65% - - - 19.94%
Benchmark 6.75% 6.75% - 6.75% - - - 6.75%
* Performance start date of May 22, 2023 . NAV to NAV return with Dividend reinvested.

Meezan
PaaidaarMunafa Plan VII
Fund Review
Net assets of Paaidaar Munafa Plan-VII (MPMP-VII) stood at Rs. 0.80 billion as on September 30, 2023. MPMP-VII has provided an annualized return of 19.93% for the month of September as compared to its
The Meezan Paaidaar Munafa Plan-VII(MPMP-VII) is an allocation plan under "Meezan Fixed Term
Fund" with an objective to provide investors with a competitive rate of return, for fixed tenure by
investing primarily in Shariah Compliant TDRs and money market placements / Instruments for a specific
duration.
MPMP-VII Benchmark
Fund Details
25%
Fund Type Open End
Fund Category
Launch Date 11-Jul-23 15%
Benchmark Average deposit rates (for comparable period of the plan)
of three (3) AA rated scheduled Islamic Banks or Islamic
10%
windows of conventional bank as selected by MUFAP at
the time of plan launch.
5%
Listing -
Trustee Central Depository Company Pakistan Limited (CDC). 0%
May-23 Jun-23 Jul-23 Aug-23 Sep-23
AMC Rating AM1
Rating Agency PACRA (23-Jun-22)/VIS (27-Dec-21) Portfolio: Salient Features
Fund Stability Rating - Key Benefits Over 20% (expected annualized Halal Return)
Unit Type B
Front End Load Nil Very Low Risk Product; suitable for investors looking for short to
Contingent Load * Contingent load shall be charged on redemption prior medium term investment horizon
to initial maturity and shall commensurate with net loss
incurred due to Early Redemption, as determined by the Rating Exposure
Management Company
AAA 100.0%
Leverage Nil
Subscription | Redemption Days 9:00 AM | 3:00 PM (Mon to Thr), 9:00 AM | 4:00 PM (Fri) Expense Ratio
Pricing Mechanism Forward Expense Ratio * Mtd | 1.67% Ytd | 1.79%
Management Fee Up to 5% of the gross earnings of the Scheme, calculated * This includes Mtd | 0.25% and Ytd | 0.27% representing Government Levy and SECP Fee. (Annualized),
on a daily basis, subject to a minimum of 0.10% of the (Selling and Marketing expenses - for the period ended September 30, 2023 were Rs. 0.00 million)
Fund Net Assets
Aug'23 Sep'23 MoM %
Net Assets (Rs. mn) ** 791 800 1.11%
NAV Per Unit (Rs.) 51.43 52.27 1.64%
Asset Allocation
Aug'23 Sep'23

MPMP-VII 19.93% - - 20.50% - - - 20.50%
Benchmark 7.52% - - 7.52% - - - 7.52%
* Performance start date of July 11, 2023 . NAV to NAV return with Dividend reinvested.

Meezan
PaaidaarMunafa Plan VIII
Fund Review
Net assets of Paaidaar Munafa Plan-VIII (MPMP-VIII) stood at Rs. 0.87 billion as on September 30, 2023. MPMP-VIII has provided an annualized return of 20.15% for the month of September as compared to its
The Meezan Paaidaar Munafa Plan-VIII(MPMP-VIII) is an allocation plan under "Meezan Fixed Term Fund"
MPMP-VIII Benchmark
Fund Details
25%
Fund Type Open End
Fund Category
Launch Date 19-Sep-23 15%
Benchmark Three (03) months average deposit rates of three (03) AA
10%
5%
Listing -
Sep-23
AMC Rating AM1
Fund Stability Rating - Portfolio: Salient Features
Unit Type B Key Benefits 20.15%* Expected Annualized Halal Return
Front End Load Nil
Contingent Load * No Contingent load shall be applicable on redemptions only on the
45th day. Any redemption made prior or after 45th day (before
maturity) will be subject to Contingent Load which shall
commensurate with net loss incurred due to early redemption as
determined by the Management Company. The deduction as per Rating Exposure
actual will be disclosed to the investor at the time of processing of
AAA 99.99%
redemption
AA+ 0.01%
Leverage Nil
Valuation Days Monday to Friday Expense Ratio
Subscription | Redemption Days 9:00 AM | 3:00 PM (Mon to Thr), 9:00 AM | 4:00 PM (Fri) Expense Ratio * Mtd | 1.13% Ytd | 1.13%
Pricing Mechanism Forward * This includes Mtd | 0.18% and Ytd | 0.18% representing Government Levy and SECP Fee. (Annualized),
Management Fee Up to 5% of the gross earnings of the Scheme, calculated (Selling and Marketing expenses - for the period ended September 30, 2023 were Rs. 0.00 million)
Fund Net Assets
Sep'23
Net Assets (Rs. mn) ** 868
Net Assets (excluding FoFs) (Rs. mn) 868
NAV Per Unit (Rs.) 50.30
Asset Allocation
Sep'23
Placements with Bank 99.04%
Cash and Others including Receivable 0.96%

1M 3M 6M FYTD 1Yr 3Yr 5Yr PSD
MPMP-VIII 20.15% - - 20.15% - - - 20.15%
Benchmark 8.99% - - 8.99% - - - 8.99%
* Performance start date of Sep 19, 2023 . NAV to NAV return with Dividend reinvested.

Meezan
Gold Fund
Fund Review
Investment Objective Portfolio: Salient Features

Aims to provide maximum exposure to prices of Gold in a Shariah Compliant (Islamic) manner, by Key Advantages Fully Shariah Compliant means of investing in gold
investing a significant portion of the net assets in deliverable gold based contracts available on Efficient Store of value, thereby providing investors the opportunity to
Pakistan Mercantile Exchange (PMEX). invest in a high priced (valuable) commodity through unit certificates
(mutual funds)
Fund Details
Tracks price performance of gold
Fund Type Open End Maximum exposure to gold prices
Fund Category Commodity Fund Good hedge against Inflation
Launch Date 13-Aug-15 Investment Strategy MGF, in line with its Investment Objectives, will invest in Authorized
Benchmark Combination of 70% PKR base closing price of physical Investments as approved by the Shariah Advisor
gold and 30% 3 Month average deposit rates of 3 AA rated
Islamic Banks
contracts available at a Commodity Exchange, during the year based on
quarterly average investment calculated on daily basis.
Remaining net assets of the Fund shall be invested in cash and near cash
instruments which include cash in bank accounts of Islamic banks and
AMC Rating AM1 licensed Islamic banking windows of conventional banks (excluding TDR).
Rating Agency PACRA (23-Jun-22)/VIS (27-Dec-21) However, at least 10% of the net assets of the Fund shall remain
Unit Type C invested in cash and near cash instruments, based on monthly average
Front End Load 2.00% investment calculated on daily basis.
Back End Load Nil
Leverage Nil Investment Horizon Long term
Valuation Days Monday to Friday (Investors are advised to take a long term view of a minimum of 3 to 5
Subscription | Redemption Days 9:00 AM | 3:00 PM (Mon to Thr), 9:00 AM | 4:00 PM (Fri) years)
Management Fee Up to 1.5%
Fund Manager Ali Hassan Khan, CFA, FRM
Fund Net Assets

Aug'23 Sep'23 MoM %
Net Assets (Rs. mn) 1,647 1,532 -6.99%
NAV Per Unit (Rs.) ** 162.26 148.45 -8.51%
** Price Adjustment Charge (PAC) of 1% shall be added to NAV to determine Offer Price, and 1% shall be deducted from NAV to
determine Redemption Price.
Asset Allocation
Aug'23 Sep'23
Gold 76.72% 72.87%
Cash 24.84% 27.07%
Other Receivables -1.56% 0.06%
Expense Ratio
Performance - Cumulative Returns (Net of Expenses)

MGF -8.51% -5.70% 1.06% -5.70% 40.45% 69.51% 192.79% 230.64% 15.83%
Benchmark -8.03% -5.19% 0.71% -5.19% 36.30% 65.52% 193.37% 276.34% 17.69%
* Performance start date of August 13, 2015. NAV to NAV return with Dividend reinvested.
Annual Returns
FY23 FY22 FY21 FY20 FY19 FY18 FY17 FY16 * FY15
MGF 52.45% 24.83% -0.65% 23.76% 30.40% 12.00% -7.20% 10.50% -
Benchmark 48.39% 22.71% 2.12% 21.31% 27.60% 12.70% -2.90% 16.00% -

Fund Manager's Report - September, 2023 | IN TOUCH MONTHLY
Meezan
Financial Planning Fund of Funds * Note : Medium Risk means Risk of Principal Erosion is Medium
AMC RATING AM1 (STABLE OUTLOOK) ** Note : High Risk means Risk of Principal Erosion is High
Fund Review
As at September 30, 2023, total size of net assets of Meezan Financial Planning Fund of Fund (MFPF) stood at Rs. 255.16 million. For the month, the NAV of Aggressive plan increased by 3.42%, Moderate plan
increased by 2.86%, Conservative plan increased by 2.25%, and MAAP-I plan increased by 2.88% respectively.
Investment Objective Fund Net Assets
To generate returns on Investment as per respective allocation plans by investing in Shariah Compliant Aug'23 Sep'23 MoM %
Fixed Income and Equity Mutual Funds in line with the risk tolerance of the Investor. Aggressive (Rs. mn) 60 62 4.81%
Fund Details Moderate (Rs. mn) 60 63 4.26%
Fund Type Open End Conservative (Rs. mn) 57 56 -2.05%
Fund Category Fund of Funds V. Conservative (Rs. mn) 0.01 0.29 4616.97%
Risk Profile/Risk of Principal Erosion Plan specific (Medium to High) MAAP-I (Rs. mn) 72 73 2.27%
Launch Date 11-Apr-13 NAV Per Unit
Benchmark Aggressive Allocation Plan | Moderate Allocation Plan | Aug'23 Sep'23 MoM %
Conservative Allocation Plan | Very Conservative Aggressive (Rs. mn) 78.70 81.39 3.42%
Allocation Plan | MAAP I, II, III & IV : Weighted avg. Moderate (Rs. mn) 78.52 80.76 2.86%
return of KMI 30 Index and Fixed Income/ Money Market Conservative (Rs. mn) 78.25 80.01 2.25%
Scheme as per actual allocation.
Listing Pakistan Stock Exchange (PSX) V. Conservative 50.22 51.06 1.67%
Trustee Central Depository Company Pakistan Limited (CDC). MAAP-I (Rs. mn) 64.56 66.42 2.88%
Auditor Yousuf Adil Chartered Accountants Expense Ratio | Government Levy
AMC Rating AM1 Expense Ratio Government Levy * Expense Ratio Government Levy *
Rating Agency PACRA (23-Jun-22)/VIS (27-Dec-21) Mtd Ytd
Unit Type A and B Aggressive 0.71% 0.03% 0.60% 0.03%
Front End Load Aggressive Plan 2.0% | Moderate Plan 1.5% | Conservative Moderate 0.69% 0.03% 0.60% 0.03%
Plan 1.0% | Very Conservative Plan 1.0% | Other Plans 0% Conservative 0.71% 0.01% 0.60% 0.03%
Back End Load Nil V. Conservative 0.79% 0.10% 0.80% 0.10%
Leverage Nil MAAP-I 0.66% 0.03% 0.57% 0.03%
Valuation Days Monday to Friday * This represents government levy and SECP fee. (Annualized)
Management Fee Same as for underlying Funds and 1% on Cash
Actual Rate of Management Fee Management fee of 1% on investments in Cash/ near cash
instruments
Fund Manager Asif Imtiaz, CFA
MFPF - Allocation Plan

Aggressive 3.42% 8.37% 10.85% 8.37% 9.25% 16.33% 19.00% 111.00% 7.39%
Benchmark 2.94% 7.87% 9.94% 7.87% 13.14% 19.22% 21.43% 109.34% 7.31%
Moderate 2.86% 7.45% 10.59% 2.86% 11.83% 25.00% 38.35% 129.14% 8.24%
Benchmark 2.18% 5.95% 7.91% 5.95% 11.16% 18.02% 26.77% 98.11% 6.74%
Conservative 2.25% 6.29% 9.95% 6.29% 14.34% 29.64% 50.35% 127.49% 8.16%
Benchmark 1.46% 4.02% 5.90% 4.02% 9.38% 16.42% 28.06% 75.67% 5.53%
V.Conservative ** 20.38% - - 19.85% - - - 19.85% -
Benchmark 20.71% - - 22.29% - - - 22.29% -
MAAP-I ** 2.88% 8.49% 12.81% 8.49% 12.06% 22.14% 21.18% 47.59% 4.84%
Benchmark 2.27% 6.21% 8.49% 6.21% 11.69% 17.53% 19.91% 50.85% 5.12%
* Performance start date of April 12, 2013.
** Performance start date of July 10, 2015, NAV to NAV return with dividend reinvested
Annual Returns

Aggressive 1.13% -5.35% 27.21% 6.86% -17.20% -12.00% 16.90% 13.30% 16.50%
Benchmark 3.72% -6.88% 30.73% 5.86% -17.20% -6.40% 13.50% 11.70% 15.10%
Moderate 5.29% 0.44% 20.83% 10.11% -9.20% -6.80% 13.30% 11.30% 13.60%
Benchmark 4.64% -3.54% 21.67% 7.83% -10.50% -3.30% 11.50% 10.00% 12.90%
Conservative 9.81% 4.08% 12.93% 10.96% -1.00% -1.60% 9.70% 8.70% 10.10%
Benchmark 5.59% -0.09% 12.19% 7.60% -3.50% -0.30% 7.60% 6.70% 8.60%
MAAP-I 3.20% -3.36% 27.25% 5.62% -18.50% -6.10% 18.80% 11.70% -
Benchmark 3.74% -7.33% 30.91% 5.58% -16.40% -4.70% 16.70% 14.90% -
* 356 days of Operation.

Meezan
Financial Planning Fund of Funds * Note : Medium Risk means Risk of Principal Erosion is Medium
Fund Review
As at September 30, 2023, total size of net assets of Meezan Financial Planning Fund of Fund (MFPF) stood at Rs. 255.16 million. For the month, the NAV of Aggressive plan increased by 3.42%, Moderate plan
increased by 2.86%, Conservative plan increased by 2.25%, and MAAP-I plan increased by 2.88% respectively.
Investment Objective Assets Allocation
To generate returns on Investment as per respective allocation plans by investing in Shariah Compliant Equity / Index Income / Money Other Including
Cash
Fixed Income and Equity Mutual Funds in line with the risk tolerance of the Investor. Fund Market Fund Receivables
Fund Details Aggressive 74.06% 24.68% 1.23% 0.03%
Fund Type Open End Moderate 48.91% 48.89% 0.59% 1.61%
Fund Category Fund of Funds Conservative 24.82% 74.41% 0.74% 0.03%
Risk Profile/Risk of Principal Erosion Plan specific (Medium to High) V. Conservative 0.00% 97.56% 2.44% 0.00%
Launch Date 11-Apr-13 MAAP-I 52.31% 46.98% 0.69% 0.02%
Benchmark Aggressive Allocation Plan | Moderate Allocation Plan | Portfolio: Salient Features
Conservative Allocation Plan | Very Conservative Benefits Strategy reflective of risk appetite as market conditions
Allocation Plan | MAAP I, II, III & IV : Weighted avg. change
return of KMI 30 Index and Fixed Income/ Money Market Up to 100% equity Participation possible, based on fund managers
Scheme as per actual allocation. outlook on the market
Actively managed by experienced Fund Managers
Auditor Yousuf Adil Chartered Accountants Investment Policy Based on the Fund outlook on asset classes, the allocation
AMC Rating AM1 plan will actively allocate its portfolio between the Equity asset
Rating Agency PACRA (23-Jun-22)/VIS (27-Dec-21) Schemes and Fixed Income/Money Market Schemes based on the
Unit Type A and B macroeconomic view and outlook of such asset classes.
Aggressive Plan 2.0% | Moderate Plan 1.5% | Conservative For exposure to equities, this Plan shall primarily be invested in Islamic
Front End Load
Plan 1.0% | Very Conservative Plan 1.0% | Other Plans 0% Equity and Islamic Index Funds managed by Al Meezan and also other
Asset Management Companies. Whereas for taking exposure to Fixed
Back End Load Nil
Income/Money Market, the Plan shall invest in Islamic Money Market
Leverage Nil and Islamic Fixed Income Scheme(s) managed by Al Meezan or any
Valuation Days Monday to Friday other Asset Management Company as well as in Cash at Bank Accounts
Subscription | Redemption Days 9:00 AM | 3:00 PM (Mon to Thr), 9:00 AM | 4:00 PM (Fri) of Islamic Banks and licensed Islamic Banking windows of conventional
Pricing Mechanism Forward Banks.
Management Fee Same as for underlying Funds and 1% on Cash
Actual Rate of Management Fee Management fee of 1% on investments in Cash/ near cash Trading Strategy The allocation plan will actively allocate its portfolio between the Equity
instruments Schemes and Fixed Income/Money Market Schemes based on the Fund
Fund Manager Asif Imtiaz, CFA
Al Meezan Investment Management Ltd. www.almeezangroup.com MUFAP's

MUFAP's
Recommended
Recommended
FormatFormat
Meezan
Strategic Alloction Fund * Note : Medium Risk means Risk of Principal Erosion is Medium
Fund Review
As at September 30, 2023, total size of net assets of Meezan Strategic Allocation Fund (MSAF) stood at Rs. 0.61 billion. For the month of September, NAVs of Meezan Strategic Allocation Plan- I (MSAF-I)
increased by 2.78%, Meezan Strategic Allocation Plan- II (MSAF-II) increased by 2.85%, Meezan Strategic Allocation Plan- III (MSAF-III) increased by 2.87%, Meezan Strategic Allocation Plan- IV (MSAF-IV)
increased by 2.86%, Meezan Strategic Allocation Plan- V (MSAP-V) increased by 2.68% and Meezan Capital Preservation Plan-III increased by 2.16% respectively.

To actively allocate its portfolio between the equity schemes and fixed income/money market Aug'23 Sep'23 MoM %
schemes based on the macroeconomic view of the fund manager on such asset classes. MSAP I (Rs. mn) 162 140 -13.25%
Fund Details MSAP II (Rs. mn) 106 83 -21.61%
Fund Type Open End MSAP III (Rs. mn) 130 124 -4.71%
Fund Category Fund of Funds MSAP IV (Rs. mn) 73 70 -3.98%
Risk Profile/Risk of Principal Erosion Plan Specific (Medium to High) MSAP V (Rs. mn) 34 35 2.68%
Launch Date 19-Oct-16 (MSAP I) | 21-Dec-16 (MSAP II) | 16-Feb-17 MCPP III (Rs. mn) 159 161 1.52%
(MSAP III) | 20-Apr-17 (MSAP IV) | 10-Aug-17 (MSAP V) NAV Per Unit
| 19-Dec-17 (MCPP-III)
Aug'23 Sep'23 MoM %
Benchmark Weighted avg. return of KMI 30 Index and Fixed MSAP I (Rs.) 46.75 48.06 2.78%
Income/ Money Market Scheme as per actual MSAP II (Rs.) 46.46 47.79 2.85%
Listing Pakistan Stock Exchange (PSX) MSAP III (Rs.) 43.93 45.19 2.87%
Trustee Central Depository Company Pakistan Limited (CDC). MSAP IV (Rs.) 45.20 46.49 2.86%
Auditor Yousuf Adil Chartered Accountants MSAP V (Rs.) 52.44 53.85 2.68%
AMC Rating AM1 MCPP III (Rs.) 56.55 57.77 2.16%
Rating Agency PACRA (23-Jun-22)/VIS (27-Dec-21) Assets Allocation
Unit Type B and C Income / Money Other Including
Equity / Index Fund Cash
Front End Load 3.00% Market Fund Receivables
Back End Load / Contingent Load Contingent Load of 3% if redeemed within one year of MSAP I 53.76% 45.62% 0.61% 0.02%
close of Initial Subscription Period. Nil after one year.
MSAP II 52.52% 46.72% 0.72% 0.04%
Leverage Nil MSAP III 54.17% 45.13% 0.68% 0.02%
Valuation Days Monday to Friday MSAP IV 52.69% 45.75% 1.55% 0.01%
Subscription | Redemption Days 9:00 AM | 3:00 PM (Mon to Thr), 9:00 AM | 4:00 PM (Fri) MSAP V 51.58% 46.26% 2.13% 0.02%
Pricing Mechanism Forward MCPP III 21.34% 77.72% 0.98% -0.04%
Management Fee 1% if investment is made in CIS of is made in CIS of Expense Ratio | Government Levy
other AMCs or Cash/ near cash instruments Expense Ratio Government Levy * Expense Ratio Government Levy *
Actual Rate of Management Fee Management fee of 1% on investments in Cash/ near Mtd Ytd
cash instruments MSAP I 0.26% 0.03% 0.26% 0.04%
Fund Manager Asif Imtiaz, CFA MSAP II 0.31% 0.04% 0.31% 0.04%
Investment Committee Mohammad Shoaib, CFA | Muhammad Asad | Taha MSAP III 0.26% 0.03% 0.24% 0.03%
Khan Javed, CFA |Ahmed Hassan, CFA | Faizan Saleem MSAP IV 0.28% 0.04% 0.28% 0.04%
| Asif Imtiaz, CFA | Ali Hassan Khan, CFA, FRM | Ali MSAP V 0.23% 0.03% 0.24% 0.03%
Asghar, CFA, FDP | Akhtar Munir, CFA, FRM | Zohaib MCPP III 0.22% 0.03% 0.23% 0.03%
Saeed, CFA, ACCA * This represents government levy and SECP fee. (Annualized)
Fund Multiplier
Low Multiplier High Multiplier
MCPP-III 0.88 0.89
Performance - Cumulative Returns Annual Returns
1M 3M 6M FYTD 1Yr 3Yr 5Yr PSD * CAGR * FY23 FY22 FY21 FY20 FY19 FY18 * FY17 * FY16
MSAP-I 1 2.78% 7.91% 12.14% 7.91% 11.32% 17.97% 21.15% 12.71% 1.74% 3.30% -6.25% 26.96% 7.93% -17.10% -12.80% 8.90% -
Benchmark 2.20% 6.11% 8.30% 6.11% 11.29% 16.90% 19.91% 18.49% 2.47% 3.60% -7.23% 30.07% 5.99% -16.00% -7.10% 8.10% -
MSAP-II 2 2.85% 8.27% 12.65% 8.27% 11.90% 17.50% 20.48% 1.76% 0.26% 3.37% -6.61% 26.29% 6.51% -15.90% -12.80% -1.20% -
Benchmark 2.16% 6.02% 8.21% 6.02% 11.08% 16.62% 18.67% 5.49% 0.79% 3.51% -7.28% 29.94% 5.37% -16.10% -7.20% -2.80% -
MSAP-III 3 2.87% 8.12% 12.18% 8.12% 11.51% 16.70% 19.90% -1.11% -0.17% 3.26% -7.41% 27.13% 6.73% -16.10% -13.10% -3.30% -
Benchmark 2.23% 6.08% 8.25% 6.08% 11.31% 16.84% 18.99% 3.45% 0.51% 3.66% -7.29% 29.92% 5.41% -16.10% -7.00% -5.00% -
MSAP-IV 4 2.86% 7.92% 11.90% 7.92% 11.10% 17.36% 20.51% 1.07% 0.17% 2.87% -6.78% 27.49% 6.89% -16.10% -11.90% -3.00% -
Benchmark 2.17% 5.99% 8.18% 5.99% 11.16% 16.80% 18.94% 2.40% 0.37% 3.60% -7.29% 30.08% 5.45% -16.10% -6.40% -6.50% -
MSAP-V 5 2.68% 7.94% 12.08% 7.94% 10.79% 16.44% 19.91% 14.77% 2.27% 2.65% -7.52% 28.25% 6.47% -15.90% -2.50% - -
Benchmark 2.15% 5.78% 7.91% 5.78% 10.81% 16.68% 19.14% 20.52% 3.09% 3.72% -7.26% 29.80% 5.91% -16.10% 2.70% - -
MCPP-III 6 2.16% 6.16% 10.40% 6.16% 16.08% 31.03% 35.95% 36.86% 5.58% 11.95% 5.13% 7.72% -0.69% 6.10% 0.20% - -
Benchmark 1.34% 3.65% 5.49% 3.65% 8.74% 13.62% 10.95% 10.76% 1.78% 5.36% 1.32% 3.98% -2.41% -0.90% -0.40% - -
* 1 - Performance start date of October 19, 2016. 2 - Performance start date of December 21, 2016. 3 - * 1 - 254 days of Operations, 2 - 191 days of Operations, 3 - 134 days of operation, 4 - 71 days of Operations, 5 -
Performance start date of February 16, 2017. 4 - Performance start date of April 20, 2017. 5 - 323 days of operation, 6 - 192 days of operation
Performance start date of August 10, 2017. 6 - Performance start date of December 19, 2017. NAV to NAV return
with dividend reinvested.
Al Meezan
Al Meezan
Investment
Investment
Management
Management
Ltd. Ltd. www.almeezangroup.com MUFAP's Recommended Format
Meezan
Strategic Alloction Fund - II
Note : Medium Risk means Risk of Principal Erosion is Medium
AMC RATING AM1 (STABLE OUTLOOK)
Fund Review
As at September 30, 2023, total size of net assets of Meezan Strategic Allocation Fund - II stood at Rs. 0.34 billion. For the month of September, NAVs of Meezan Capital Preservation Plan-IV (MCPP-IV)
increased by 2.28%, Meezan Capital Preservation Plan-V (MCPP-V) increased by 2.24%, Meezan Capital Preservation Plan-VI (MCPP-VI) increased by 1.66%, and Meezan Capital Preservation Plan-VII (MCPP-VII)
increased by 1.73% respectively.
To earn potentially high returns through investment as per respective Allocation Plans by investing in Aug'23 Sep'23 MoM %
Shariah Compliant Fixed Income / Money Market Collective Investment Schemes and Equity based MCPP IV (Rs. mn) 242 245 1.41%
Collective Investment Schemes. MCPP V (Rs. mn) 44 44 1.34%
Fund Details MCPP VI (Rs. mn) 29 30 1.66%
Fund Type Open End MCPP VII (Rs. mn) 26 26 -1.40%
Fund Category Fund of Funds NAV Per Unit
Risk Profile/Risk of Principal Erosion Plan Specific (Medium) Aug'23 Sep'23 MoM %
Launch Date 06-Mar-2018 (MCPP-IV) | 04-May-2018 (MCPP-V) | 10-Jul- MCPP IV (Rs.) 57.17 58.47 2.28%
2018 (MCPP-VI) | 25-Sep-2018 (MCPP-VII) MCPP V (Rs.) 55.83 57.08 2.24%
Benchmark Weighted avg. return of KMI 30 Index and Fixed Income/ MCPP VI (Rs.) 56.12 57.05 1.66%
Money Market Scheme as per actual allocation. MCPP VII (Rs.) 54.95 55.90 1.73%
Listing Pakistan Stock Exchange (PSX) Assets Allocation
Trustee Central Depository Company Pakistan Limited (CDC). Equity / Index Income / Money Other Including
Cash
Auditor Yousuf Adil Chartered Accountants Fund Market Fund Receivables
AMC Rating AM1 MCPP IV 26.06% 73.63% 0.10% 0.21%
Rating Agency PACRA (23-Jun-22)/VIS (27-Dec-21) MCPP V 25.66% 73.29% 1.04% 0.01%
Unit Type B MCPP VI 0.00% 99.21% 0.78% 0.01%
Front End Load 0% to 3% MCPP VII 3.63% 94.76% 1.60% 0.02%
Back End Load NIL Expense Ratio | Government Levy
Leverage Nil Expense Ratio Government Levy * Expense Ratio Government Levy *
Valuation Days Monday to Friday Mtd Ytd
Subscription | Redemption Days 9:00 AM | 3:00 PM (Mon to Thr), 9:00 AM | 4:00 PM (Fri) MCPP IV 0.36% 0.03% 0.45% 0.03%
Pricing Mechanism Forward MCPP V 0.29% 0.03% 0.36% 0.03%
Management Fee 1% if investment is made in CIS of other AMCs or Cash/ MCPP VI 0.36% 0.03% 0.45% 0.03%
near cash instruments MCPP VII 0.39% 0.03% 0.47% 0.03%
Actual Rate of Management Fee Management fee of 1% on investments in Cash/ near cash * This represents government levy and SECP fee. (Annualized)
instruments Fund Multiplier
Fund Manager Asif Imtiaz, CFA Low Multiplier High Multiplier
Investment Committee Mohammad Shoaib, CFA | Muhammad Asad | Taha Khan MCPP-IV 0.46 0.47
Javed, CFA |Ahmed Hassan, CFA | Faizan Saleem | Asif MCPP-V 1.08 1.09
Imtiaz, CFA | Ali Hassan Khan, CFA, FRM | Ali Asghar, CFA, MCPP-VI - -
FDP | Akhtar Munir, CFA, FRM | Zohaib Saeed, CFA, ACCA MCPP-VII 0.48 0.51

MCPP-IV 2.28% 6.45% 10.64% 6.45% 15.02% 26.59% 34.06% 33.90% 5.38%
Benchmark 1.48% 4.12% 6.06% 4.12% 9.27% 14.85% 11.79% 10.94% 1.88%
MCPP-V 2.24% 6.42% 10.63% 6.42% 15.81% 32.20% 40.01% 40.48% 6.48%
Benchmark 1.46% 4.02% 5.84% 4.02% 9.06% 14.65% 12.52% 12.73% 2.24%
MCPP-VI 1.66% 5.45% 10.14% 5.45% 18.25% 40.53% 44.04% 44.80% 7.34%
Benchmark 0.74% 2.43% 4.13% 2.43% 7.35% 15.61% 11.47% 11.26% 2.06%
MCPP-VII 1.73% 5.32% 9.84% 5.32% 17.77% 36.97% 41.23% 41.23% 7.12%
Benchmark 0.83% 2.35% 4.06% 2.35% 7.37% 14.24% 12.60% 12.62% 2.40%
* MCPP-IV - Performance start date of Mar 06, 2018. MCPP-V - Performance start date of May 04, 2018. MCPP-VI - Performance start date of Jul 10, 2018. MCPP-VII - Performance start date of Sep 25, 2018.
Annual Returns
FY23 FY22 FY21 FY20 FY19 * FY18 * FY17 FY16 FY15
MCPP-IV 10.16% -0.79% 12.24% 2.30% 0.70% -0.40% - - -
Benchmark 5.17% -2.21% 9.08% -1.43% -2.60% -1.00% - - -
MCPP-V 11.36% 6.02% 8.18% 3.12% 0.20% 0.10% - - -
Benchmark 5.22% 1.63% 4.34% -0.18% -2.80% 0.10% - - -
MCPP-VI 16.32% 9.52% 7.42% 0.43% -0.10% - - - -
Benchmark 6.27% 3.65% 3.76% -1.17% -3.80% - - - -
MCPP-VII 15.82% 7.30% 7.45% 0.34% 0.10% - - - -
Benchmark 6.39% 2.62% 3.52% 1.00% -3.60% - - - -
* MCPP-IV - 115 days of Operations, MCPP-V - 56 days of Operations, MCPP-VI - 353 days of Operations, MCPP-VII - 276 days of Operations.
Al Meezan Investment Management Ltd. www.almeezangroup.com MUFAP's

MUFAP's
Recommended
Recommended
FormatFormat
Meezan
Strategic Alloction Fund - III
Note : Medium Risk means Risk of Principal Erosion is Medium
Fund Review
As at September 30, 2023, total size of net assets of Meezan Strategic Allocation Fund - III stood at Rs. 241.20 million. For the month of , NAVs of Meezan Capital Preservation Plan-IX (MCPP-IX) increased by
2.28% respectively.
To earn potentially high returns through investment as per respective Allocation Plans by investing in Aug'23 Sep'23 MoM %
Shariah Compliant Fixed Income / Money Market Collective Investment Schemes and Equity based MCPP-IX (Rs. mn) 237 241 1.58%
Collective Investment Schemes.
Fund Details
Fund Type Open End
Fund Category Fund of Funds NAV Per Unit
Risk Profile/Risk of Principal Erosion Plan Specific (Medium) Aug'23 Sep'23 MoM %
Launch Date 14-May-2019 (MCPP-IX) MCPP-IX (Rs.) 60.65 62.03 2.28%
Benchmark Weighted avg. return of KMI 30 Index and Fixed Income/
Money Market Scheme as per actual allocation.
Trustee Central Depository Company Pakistan Limited (CDC). Assets Allocation
Auditor Yousuf Adil Chartered Accountants Equity / Index Income / Money Other Including
Cash
AMC Rating AM1 Fund Market Fund Receivables
Rating Agency PACRA (23-Jun-22)/VIS (27-Dec-21) MCPP IX 26.63% 73.01% 0.36% 0.00%
Unit Type B
Front End Load 0% to 3%
Back End Load NIL
Leverage Nil Expense Ratio | Government Levy
Valuation Days Monday to Friday Expense Ratio Government Levy * Expense Ratio Government Levy *
Subscription | Redemption Days 9:00 AM | 3:00 PM (Mon to Thr), 9:00 AM | 4:00 PM (Fri) Mtd Ytd
Pricing Mechanism Forward MCPP-IX 0.36% 0.03% 0.42% 0.03%
Management Fee 1% if investment is made in CIS of other AMCs or Cash/
near cash instruments * This represents government levy and SECP fee. (Annualized)
Actual Rate of Management Fee Management fee of 1% on investments in Cash/ near cash
instruments
Fund Manager Asif Imtiaz, CFA Fund Multiplier
Investment Committee Mohammad Shoaib, CFA | Muhammad Asad | Taha Khan Low Multiplier High Multiplier
Javed, CFA |Ahmed Hassan, CFA | Faizan Saleem | Asif MCPP-IX 0.88 0.89

MCPP-IX 2.28% 6.44% 10.68% 6.44% 15.93% 31.77% - 44.97% 8.84%
Benchmark 1.50% 4.14% 5.97% 4.14% 9.20% 18.11% - 23.32% 4.90%
* Performance start date of May 14, 2019. NAV to NAV return with dividend reinvested
Annual Returns
FY23 FY22 FY21 FY20 FY19 * FY18 FY17 FY16 FY15
MCPP-IX 11.61% 1.37% 18.36% 5.45% -3.60% - - - -
Benchmark 5.58% -1.17% 17.14% -1.17% -2.00% - - - -

Meezan
Tahaffuz Pension Fund
Fund Review
As at September 30, 2023, total size of net assets of Meezan Tahaffuz Pension Fund (MTPF) stood at Rs. 18.24 billion. For the month of September, NAV of equity sub fund increased by 3.68%, that of gold sub
fund decreased by 8.65%, while the NAVs of debt and money Market sub funds provided annualized returns of 18.32% and 20.62% respectively.
Investment Objective (MTPF - Equity) : Top Ten Equity Holdings
To provide participants a regular Halal income stream after retirement/disability when they can no Mari Petroleum Company Limited 13.45%
longer earn regular income to support their living so that they are not dependent on other members of Oil & Gas Devp.Co.Ltd 10.46%
the societ Meezan Bank Limited 8.59%
Fund Details Pakistan Petroleum Limited 8.54%
Fund Type Open End Lucky Cement Ltd 7.46%
Fund Category Pension Systems Limited 7.25%
Risk Profile/Risk of Principal Erosion Investor Dependent The Hub Power Company Limited 7.14%
Launch Date 28-Jun-07 Engro Corp 5.90%
Trustee Central Depository Company Pakistan Limited (CDC). Cherat Cement Co.Ltd 4.18%
Auditor Yousuf Adil Chartered Accountants Kohat Cement 3.89%
AMC Rating AM1 (MTPF - Equity) : Sector Allocation
Rating Agency PACRA (23-Jun-22)/VIS (27-Dec-21) Oil & Gas Exploration Companies 32.58%
Front End Load 3.00% Cement 15.53%
Leverage Nil Bank 10.25%
Valuation Days Monday to Friday Oil & Gas Marketing Companies 7.85%
Subscription | Redemption Days 9:00 AM | 3:00 PM (Mon to Thr), 9:00 AM | 4:00 PM (Fri) Power Generation & Distribution 7.83%
Pricing Mechanism Forward Others Sectors 22.75%
Management Fee Upto (3% Equity, 1.50% Debt, 1% MMKT, 2% Gold) Cash & Other including Receivables 3.21%
Actual Rate of Management Fee 1.5% Equity & Gold, 0.50% Debt & MMKT MTPF Debt Sub Fund
Fund Manager Ahmed Hassan, CFA Cash & Other
including
Investment Committee Mohammad Shoaib, CFA | Muhammad Asad | Taha Khan Receivables ,
Javed, CFA |Ahmed Hassan, CFA | Faizan Saleem | Asif 33.33% GoP Guaranteed
Imtiaz, CFA | Ali Hassan Khan, CFA, FRM | Ali Asghar, CFA, Securities, 50.72%
Placements with
Fund Net Assets NBFC and
Aug'23 Sep'23 MoM % Modarabs, 7.58% Sukuks, 8.37%
MTPF-Equity (Rs. mn) 3,431 3,554 3.59%
MTPF-Debt (Rs. mn) 5,139 5,235 1.87%
MTPF-MMkt (Rs. mn) 8,759 8,979 2.51% MTPF Money Market Sub Fund
MTPF-Gold (Rs. mn) 508 468 -7.87% Cash & Other
Total Fund 17,838 18,236 2.24% including
Receivables ,
NAV Per Unit 46.66%
GoP Guaranteed
Securities, 39.59%
Aug'23 Sep'23 MoM %
MTPF-Equity (Rs.) 521.65 540.84 3.68%
MTPF-Debt (Rs.) 359.61 365.03 1.51%
Placements with
MTPF-MMkt (Rs.) 351.07 357.02 1.70% Bank and DFIs,
MTPF-Gold (Rs.) * 302.66 276.49 -8.65% 8.25%
Sukuks, 5.50%
* Price Adjustment Charge (PAC) of 1% shall be added to NAV to determine Offer Price, and 1% shall be deducted from NAV to
determine Redemption Price Asset Allocation : MTPF Gold Sub Fund
Allocation Scheme Aug'23 Sep'23
Equity Debt Money Market Gold 76.32% 73.32%
High Volatility 80% 20% 0% Cash 22.49% 25.91%
Medium Volatility 50% 40% 10% Other including Receivable 1.19% 0.77%
Low Volatility 25% 60% 15% MTPF-Equity MTPF-Debt MTPF-MMkt MTPF-Gold
Lower Volatility 0% 50% 50% Expense Ratio | Mtd 2.83% 1.95% 1.34% 2.69%
Details of Non Compliant Investments Government Levy * | Mtd 0.25% 0.11% 0.11% 0.24%
Name of Non- Expense Ratio | Ytd 2.73% 2.01% 1.34% 2.78%
Value of Investment before Provision held if any / Diminis Value of Investment after % of Net
Compliant Investment Type % of Gross Assets
provision hing Market Value provision Assets
Investment Government Levy * | Ytd 0.26% 0.11% 0.11% 0.24%
Shakarganj Food ** This includes EQT 0.26%, Debt 0.20%, MMKT 0.20% and Gold 0.23% representing government levy, and SECP fee (Annualized)
Products Ltd Sukuk 3,145,950 4,896,443 0.09% 0.09%
MTPF - Allocation Schemes

High Volatility 3.24% 9.88% 14.46% 9.88% 13.02% 18.77% 22.83% 405.67% 10.48%
Medium Volatility 2.61% 7.99% 12.60% 7.99% 14.47% 24.98% 38.06% 352.13% 9.72%
Low Volatility 2.08% 6.41% 11.03% 6.41% 15.62% 30.08% 50.84% 307.78% 9.02%
Lower Volatility 1.60% 4.94% 9.68% 4.94% 17.20% 35.87% 62.94% 261.02% 8.21%
MTPF-Gold -8.65% -5.51% 1.28% -5.51% 38.07% 64.30% 178.89% 176.49% 15.26%
* Performance start date of June 28, 2007. CAGR since inception, ** Performance state of August 04, 2016.
Annual Returns
FY23 FY22 FY21 FY20 FY19 FY18 FY17 * FY16 FY15
MTPF- Equity 0.21% -9.93% 34.72% 5.97% -23.70% -16.50% 20.40% 18.10% 26.60%
MTPF- Debt 14.39% 8.34% 7.37% 10.99% 7.00% 2.80% 4.90% 4.50% 6.40%
MTPF- MMKT 15.87% 8.26% 5.19% 9.92% 7.30% 2.90% 4.40% 4.00% 6.90%
MTPF- Gold 48.60% 23.88% 0.36% 21.40% 28.40% 12.10% -9.40% - -
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 and pension fund 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. Performance data does not include cost incurred by investor in the form of sales-
load etc. Please read the offering document to understand the investment policies and risks involved.
The MTPF Debt Sub Fund scheme holds certain non-compliant investments. Before making any investment decision, investors should review this document and latest Financial Statements.

Performance - Fiscal Year Returns

New Account Opening
FY23 FY22 FY21 FY20 FY19 FY18 FY17 FY16 FY15 FY14 FY13
MIF -2.54% -11.27% 35.50% 2.81% -24.30% -17.10% 22.90% 17.40% 21.60% 29.20% 50.70%
Benchmark 2.88% -10.25% 39.32% 1.62% -23.80% -9.60% 18.80% 15.50% 20.10% 29.90% 54.40%
AMMF -0.28% -10.91% 32.51% 3.09% -24.40% -16.50% 23.00% 15.50% 22.00% 29.90% 50.60%
Benchmark 2.88% -10.25% 39.32% 1.62% -23.80% -9.60% 18.80% 15.50% 20.10% 29.90% 54.40%
MDEF -0.56% -14.26% 35.55% -2.56% -26.80% -2.90% - - - - -
Benchmark 2.88% -10.25% 39.32% 1.62% -23.80% 3.60% - - - - -
MEF -2.13% -8.10% 14.25% -10.04% -33.00% -0.90% 6.90% - - - -
Benchmark 2.88% -10.25% 39.32% 1.62% -23.80% -9.60% 9.30% - - - -
KMIF 0.69% -10.69% 36.43% 0.88% -25.00% -11.20% 15.90% 13.30% 17.10% 26.50% 49.60%
Benchmark 2.88% -10.25% 39.32% 1.62% -23.80% -9.60% 18.80% 15.50% 20.10% 29.90% 54.40%
MP-ETF -1.32% -23.41% 15.57% - - - - - - - -
Benchmark -1.04% -22.37% 18.57% - - - - - - - -
MAAF 0.35% -19.10% 35.16% 6.61% -20.40% -12.50% 18.10% 2.80% - - -
Benchmark 3.28% -8.39% 33.53% 6.97% -18.60% -6.90% 15.20% 5.00% - - -
MBF 4.87% -3.61% 18.13% 8.14% -12.80% -9.00% 14.90% 12.10% 15.90% 19.60% 31.80%
Benchmark 4.55% -3.11% 19.45% 5.80% -12.10% -4.20% 12.00% 9.50% 12.60% 17.70% 30.00%
MIIF 14.86% 8.63% 6.64% 11.57% 7.92% 4.26% 5.09% 5.76% 8.15% 11.90% 14.50%
Benchmark 6.06% 3.34% 3.56% 6.33% 3.69% 2.44% 2.78% 3.49% 5.04% 5.40% 5.50%
MSF 15.37% 8.27% 7.65% 11.17% 7.02% 2.57% 6.57% 5.12% 6.81% 8.50% 9.10%
Benchmark 6.06% 3.34% 3.71% 7.93% 7.15% 4.96% 4.65% 4.49% 6.24% 6.60% 6.90%
MDIP-I 16.86% 10.58% - - - - - - - - -
Benchmark 6.06% 3.39% - - - - - - - - -
MDIP-II 15.28% - - - - - - - - - -
Benchmark 6.52% - - - - - - - - - -
MCF 16.11% 9.00% 5.81% 10.95% 7.84% 4.27% 6.07% 4.59% 7.46% 7.10% 8.80%
Benchmark 6.23% 3.68% 3.41% 5.37% 3.37% 2.58% 2.90% 4.49% 6.24% 6.60% 6.90%
MRAF 16.83% 9.95% 6.61% 11.76% 9.97% - - - - - -
Benchmark 6.23% 3.68% 3.41% 5.37% 3.83% - - - - - -
MGF 52.45% 24.83% -0.65% 23.76% 30.40% 12.00% -7.20% 10.50% - - -
Benchmark 48.39% 22.71% 2.12% 21.31% 27.60% 12.70% -2.90% 16.00% - - -
Aggressive 1.13% -5.35% 27.21% 6.86% -17.20% -12.00% 16.90% 13.30% 16.50% 22.10% 9.00%
Benchmark 3.72% -6.88% 30.73% 5.86% -17.20% -6.40% 13.50% 11.70% 15.10% 21.70% 7.90%
Moderate 5.29% 0.44% 20.83% 10.11% -9.20% -6.80% 13.30% 11.30% 13.60% 17.30% 6.50%
Benchmark 4.64% -3.54% 21.67% 7.83% -10.50% -3.30% 11.50% 10.00% 12.90% 18.20% 6.20%
Conservative 9.81% 4.08% 12.93% 10.96% -1.00% -1.60% 9.70% 8.70% 10.10% 12.60% 3.80%
Benchmark 5.59% -0.09% 12.19% 7.60% -3.50% -0.30% 7.60% 6.70% 8.60% 11.20% 3.60%
3.20% -3.36% 27.25% 5.62% -18.50% -6.10% 18.80% 11.70% - - -
Benchmark 3.74% -7.33% 30.91% 5.58% -16.40% -4.70% 16.70% 14.90% - - -
MSAP-I 3.30% -6.25% 26.96% 7.93% -17.10% -12.80% 8.90% - - - -
Benchmark 3.60% -7.23% 30.07% 5.99% -16.00% -7.10% 8.10% - - - -
MSAP-II 3.37% -6.61% 26.29% 6.51% -15.90% -12.80% -1.20% - - - -
Benchmark 3.51% -7.28% 29.94% 5.37% -16.10% -7.20% -2.80% - - - -
MSAP-III 3.26% -7.41% 27.13% 6.73% -16.10% -13.10% -3.30% - - - -
Benchmark 3.66% -7.29% 29.92% 5.41% -16.10% -7.00% -5.00% - - - -
MSAP-IV 2.87% -6.78% 27.49% 6.89% -16.10% -11.90% -3.00% - - - -
Benchmark 3.60% -7.29% 30.08% 5.45% -16.10% -6.40% -6.50% - - - -
MSAP-V 2.65% -7.52% 28.25% 6.47% -15.90% -2.50% - - - - -
Benchmark 3.72% -7.26% 29.80% 5.91% -16.10% 2.70% - - - - -
MCPP-III 11.95% 5.13% 7.72% -0.69% 6.10% 0.20% - - - - -
Benchmark 5.36% 1.32% 3.98% -2.41% -0.90% -0.40% - - - - -
MCPP-IV 10.16% -0.79% 12.24% 2.30% 0.70% -0.40% - - - - -
Benchmark 5.17% -2.21% 9.08% -1.43% -2.60% -1.00% - - - - -
MCPP-V 11.36% 6.02% 8.18% 3.12% 0.20% 0.10% - - - - -
Benchmark 5.22% 1.63% 4.34% -0.18% -2.80% 0.10% - - - - -
MCPP-VI 16.32% 9.52% 7.42% 0.43% -0.10% - - - - - -
Benchmark 6.27% 3.65% 3.76% -1.17% -3.80% - - - - - -
MCPP-VII 15.82% 7.30% 7.45% 0.34% 0.10% - - - - - -
Benchmark 6.39% 2.62% 3.52% 1.00% -3.60% - - - - - -
MCPP-IX 11.61% 1.37% 18.36% 5.45% -3.60% - - - - - -
Benchmark 5.58% -1.17% 17.14% -1.17% -2.00% - - - - - -
MTPF- Equity 0.21% -9.93% 34.72% 5.97% -23.70% -16.50% 20.40% 18.10% 26.60% 32.40% 54.90%
MTPF- Debt 14.39% 8.34% 7.37% 10.99% 7.00% 2.80% 4.90% 4.50% 6.40% 7.70% 8.30%
MTPF- MMKT 15.87% 8.26% 5.19% 9.92% 7.30% 2.90% 4.40% 4.00% 6.90% 6.90% 7.80%
MTPF- Gold 48.60% 23.88% 0.36% 21.40% 28.40% 12.10% -9.40% - - - -

FMR September 2023

Uploaded by

Copyright:

Available Formats

FMR September 2023

Uploaded by

Document Information

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

FMR September 2023

Uploaded by

Copyright:

Available Formats

Fund Manager's Report - September 2023 | IN TOUCH MONTHLY

Risk Profile of Collective Investmant Scheme / Plans

Meezan Islamic Fund MIF Islamic Equity High High

Al Meezan Mutual Fund AMMF Islamic Equity High High

Meezan Dedicated Equity Fund MDEF Islamic Equity High High

Meezan Energy Fund MEF Islamic Equity High High

Meezan Balanced Fund MBF Islamic Balanced Medium Medium

Meezan Islamic Income Fund MIIF Islamic Income Medium Medium

Meezan Sovereign Fund MSF Islamic Income Low Low

Meezan Cash Fund MCF Islamic Money Market Low Low

Open End Islamic CIS as per

Meezan Gold Fund MGF Islamic Commodity High High

MSAF-III Islamic Fund of Funds Medium Medium

Al Meezan Investment Management Ltd. www.almeezangroup.com MUFAP's Recommended Format

CIO Note: September 2023

Resilient corporate earnings amid tough economic conditions

Al Meezan Investment Management Ltd. www.almeezangroup.com MUFAP's Recommended Format

Return (net of all expenses including

Meezan Paaidar Plan IV MPMP-IV 4,740 18-Apr-23 18.62% 6.41% - -

Meezan Paaidar Plan V MPMP-V 3,396 29-Aug-23 20.20% 8.99% - -

Meezan Paaidar Plan VII MPMP-VII 800 11-Jul-23 20.50% 7.52% - -

Meezan Paaidar Plan VIII MPMP-VIII 868 5-Jun-23 20.15% 8.99% - -

Al Meezan Investment Management Ltd. www.almeezangroup.com MUFAP's Recommended Format

Stock Market Review Money Market Review

KSE - 100 Index Performance 6 Month Kibor

Vol (mn) (L.H.S.) Index (R.H.S.)

Al Meezan Investment Management Ltd. www.almeezangroup.com MUFAP's Recommended Format

Fund Type Open End

Risk Measures - September-23 Technology &

Al Meezan Investment Management Ltd. www.almeezangroup.com MUFAP's Recommended Format

Risk Measures - September-23 Oil & Gas

Al Meezan Investment Management Ltd. www.almeezangroup.com MUFAP's Recommended Format

Investment Objective Fund's Performance

Fund Details 125

Fund Type Open End

Risk Measures - September-23

Al Meezan Investment Management Ltd. www.almeezangroup.com MUFAP's Recommended Format

Investment Objective Portfolio: Salient Features

Performance - Cumulative Returns

Al Meezan Investment Management Ltd. www.almeezangroup.com MUFAP's Recommended Format

Investment Objective Fund's Performance

Performance - Cumulative Returns

Al Meezan Investment Management Ltd. www.almeezangroup.com MUFAP's Recommended Format

Investment Objective Fund's Performance

Fund Net Assets

Other Receivables 0.73% 0.84%

Performance - Cumulative Returns

Al Meezan Investment Management Ltd. www.almeezangroup.com MUFAP's Recommended Format

Investment Objective Top Ten Portfolio Holdings : (% of Total Assets)

Details of Non Compliant Investements

Al Meezan Investment Management Ltd. www.almeezangroup.com MUFAP's Recommended Format

Investment Objective Fund's Performance

Listing Pakistan Stock Exchange (PSX) 50

Al Meezan Investment Management Ltd. www.almeezangroup.com MUFAP's Recommended Format

Al Meezan Investment Management Ltd. www.almeezangroup.com MUFAP's Recommended Format

Fund Details 25%

Fund Type Open End

Al Meezan Investment Management Ltd. www.almeezangroup.com MUFAP's Recommended Format

Others including Receivable 2.46% 2.64% Cash, 68.26%

Performance - Annualized Returns