MKT/FMR/10/11

May 06, 2011

Dear Investor,

The month of May is special for our investors and Al Meezan, as we have successfully completed 16 years of operations.
Our journey began in May 1995 and from that time onward we have continued our efforts to provide diverse Shariah
compliant investment solutions. Currently we are managing eight mutual funds tailored to suit the needs of our valued
investors. It is indeed a proud moment for us to state that with the assets under management of Rs. 29.1bn, Al Meezan
is the largest private sector asset management company in Pakistan and has a huge investor base of 18,000 retail and
more than 300 institutional investors. This has truly been the result of your continued support and patronage and we
will look forward to a long-term relationship with you.

We are pleased to inform you that Al Meezan Mutual Fund (AMMF) -a closed end equity fund is going to be converted
to an open end scheme. Subsequent to the Board of Directors approval, the shareholders have also given their consent
in EOGM. The conversion will provide an opportunity to the investors to increase their exposure by enhancing their
investments whereas they are unable to do it in case of closed end structure. After the conversion of AMMF, investor
will have the ability to redeem the units with Al Meezan instead of going to the stock market and looking for a buyer
of shares of the fund. It will also benefit the investors as they can capture the entire gain of the fund by receiving the
actual value instead of discounted price on stock exchange whenever they want to redeem.

As we approach the end of the fiscal year, we would like to invite our investors to maximize their returns and avail
tax credit benefit by investing in Al Meezan funds and pension fund. You can invest in Al Meezan Funds upto Rs.
800,000/- and avail the tax credit upto Rs. 160,000 (salaried) or Rs. 200,000 (non-salaried). The details of tax benefit
with illustrations are available at our website.

At the end of April 2011, the assets under management of Al Meezan are over Rs. 29.1billion. The net assets of the
open end funds stood as follows:
Meezan Islamic Fund (MIF) Rs. 4,393 million
Meezan Islamic Income Fund (MIIF) Rs. 2,768 million
Meezan Cash Fund (MCF) Rs. 6,266 million
Meezan Sovereign Fund (MSF) Rs. 10,258 million
We are thankful for your valuable support and continued patronage. Fund Managers Report for the month of April
2011 is enclosed for your review and record.

Yours truly,

Muhammad Anas Rehan

Vice President Marketing

Ground Floor, Block B, Finance & Trade Centre, Shahrah-e-Faisal, Karachi 74400, Pakistan.
UAN: (92-21) 111-633-926 (111-MEEZAN) Fax: (92-21) 35630808, Toll Free: 0800 -HALAL (42525)
E-mail: [email protected] Web Site: www.almeezangroup.com
 11/10/FMR/MKT

4,393
2,768
6,266
10,258

Ground Floor, Block B, Finance & Trade Centre, Shahrah-e-Faisal, Karachi 74400, Pakistan.
UAN: (92-21) 111-633-926 (111-MEEZAN) Fax: (92-21) 35630808, Toll Free: 0800 -HALAL (42525)
E-mail: [email protected] Website: www.almeezangroup.com
 April, 2011

Fund Managers Report

AL Meezan Investment Management Limited
0

\
Al Meezan Investments, the company in operation since 1995, has one of the longest track records of managing mutual funds in the private
sector in Pakistan. Al Meezan Investments manages eight mutual funds; namely Al Meezan Mutual Fund, Meezan Balanced Fund, Meezan
Islamic Fund, Meezan Islamic Income Fund, Meezan Tahaffuz Pension Fund, Meezan Capital Protected Fund I, Meezan Cash Fund and
Meezan Sovereign Fund.
The total funds under management of Al Meezan, the only full fledged Shariah compliant asset management company in Pakistan, have
reached Rs. 29.1 billion as on April 30, 2011. With AM2 rating which denotes high management quality, the company clearly stays well
ahead of all its competitors in the Islamic asset management market in Pakistan.

Stock Market Review Money Market Review

During the month of April, the KSE-100 index appreciated by During the month, a mix trend was witnessed in the money
2.1% to close at 12,058. However, the average traded volume market. To normalize the liquidity situation, State Bank regularly
decreased by 26% month on month, while the average traded conducted OMOs and mopped up around Rs. 170 billion at
value declined by 35% during the same period. weighted average yield of 12.19%, while State Bank injected
For most of the month, institutional and retail investors around Rs. 97 billion at weighted average yield of 13.11%.
remained on the sidelines although the market got some support Banks also deposited around Rs. 100 billion on floor rate to the
due to the result season. Majority of the blue chip scrips State Bank while banks borrowed around Rs. 34 billion from
announced their quarterly results which were fairly impressive State Bank through discounting window. During the month,
compared to the general market expectations. The banking State Bank conducted two T-Bill auctions and accepted Rs.434
sector announced above average results, while the fertilizer billion against total bid of Rs. 630 billion. The target of the
companies posted better earnings for the quarter due to the auctions was Rs.425 billion against maturity of Rs. 531 billion.
recent price hikes. Furthermore, E&P companies posted growth, The cut off yield of six-month paper has decreased by 2 bps to
but earnings were lower in contrast with the expectations. close at 13.62%. State Bank also conducted PIB auction and
Moreover, the alliance of PML-Q with the government has accepted Rs.23 billion against bid of Rs.43 billion while the
provided much needed stability on the political front which could target of the auction was Rs.20 billion. The cut off yield of ten
turn out to be a major trigger that will lend support to the year bond has decreased by 2 bps to close at 14.1%. The
market in the long term. On the downside, crude oil prices have KIBOR rates remained stable during the month with six month
remained strong with limited downward movement which may KIBOR rate decreased by 6 bps to close at 13.67%.
impact economic numbers. On the forex front, rupee appreciated against dollar by Rs.0.67
Going forward, the key trigger for the market will be budget to close at Rs. 84.7 per dollar in the interbank market. Rupee
also appreciated against dollar by Rs.0.70 to close at Rs. 84.65
related news, the sustainability of the foreign flows and activity
per dollar in the Kerb market.
on the political front.

KSE-100 Index Performance 6 Month KIBOR

Vol (mn) (LHS) Index (RHS) 13.90

160 12,300
13.82

11,800 13.74

80
13.66
11,300
13.58

0 10,800
13.50
11-Apr

13-Apr

15-Apr

19-Apr

21-Apr

25-Apr

27-Apr

29-Apr
1-Apr

5-Apr

7-Apr

1-Apr

5-Apr

9-Apr

13-Apr

17-Apr

21-Apr

25-Apr

29-Apr

Disclaimer
This publication is for informational purpose only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in
mutual funds are subject to market risk. The NAV based prices of units and any dividends/returns thereon are dependent on force and factors affecting the capital markets. These
may go up or down based on market conditions. Past performance is not necessarily indicative of future results.
 April, 2011

EQUITY MEEZAN ISLAMIC FUND (MIF)

INVESTMENT OBJECTIVE
To maximize total investor returns by investing in Shariah Compliant
equities focusing on both capital gains and dividend income.

Funds Details Performance

Fund Type: Open End
Cumulative Returns
Risk Level High
1M 3M 6M FYTD 1Yr 3Yr 5Yr PSD**
Launch Date 8th Aug 2003
MIF 2% 3% 15% 37% 25% 11% 48% 268%
Trustee CDC
Benchmark# 2% 2% 13% 40% 29% 5% 21% 168%
Auditors A.F. Ferguson & Co. ** Performance start date of August 08, 2003,
Registrar Meezan Bank Ltd.
Unit Types A, B and C Annual Returns
Management Fee 2% FY10 FY09 FY08 FY07 FY06 FY05 FY04
Front End Load 2% MIF 31% -30% 0.27% 29% 30% 40% 24%*
Fund Category Equity Benchmark# 37% -35% 1% 17% 25% 22% 26%*
Back End Load Nil * Return from inception date
Benchmark KMI-30
Fund Review
Leverage Nil
Listing KSE Net assets of Meezan Islamic Fund stood at Rs. 4.4 billion as at April 30, 2011. The
AMC Rating AM2 funds NAV increased by 2.1% during the period under review as compared to increase
Rating Agency JCRVIS of 1.8% in the benchmark index (KMI-30) while KSE-100 Index, during the same
Pricing Mechanism Forward period increased by 2.1%.
Valuation Days Mon-Fri
The market is trading at attractive multiples and we hold a positive view on the market
Subscription/
Mon-Fri 9am 3pm due to improved macroeconomic situation. As on April 30, the fund was 87% invested
Redemption Days
in equities.
Fund Manager Muhammad Asad
Members of M. Shoaib, CFA
Investment
Committee
Muhammad Asad
Sanam Zaib
Portfolio
Madiha Javed
M. Ali, CFA, FRM
Top Ten Holdings
M. Farhan Lakhani Company Names Sectors %
Fauji Fertilizer Company Limited Chemicals 15%
Fund Assets: Pakistan Petroleum Limited Oil & Gas 11%
Mar' Apr' MoM
11 11 % Pakistan Oilfields Limited Oil & Gas 10%
Net Assets (Rs mn) 4,376 4,393 0.4% ICI Pakistan Limited Chemicals 8%
NAV Per Unit (Rs) 49.97 51.02 2.1%
Pakistan State Oil Company Limited Oil & Gas 8%
Stock/equities (%) 78.93 86.81
Cash (%) 20.16 13.31 Lucky Cement Limited Construction and Materials 6%
Other including
0.91 -0.11 The Hub Power Company Limited Electricity 5%
receivables (%)
Expense Ratio* 0.02 0.02 Oil & Gas Development Company Limited Oil & Gas 5%
P/E 8.04 8.33 Meezan Bank Limited Banks 5%
*Management fee is included in the expense ratio
Packages Limited General Industrials 3%

Sector Allocation
Risk MeasuresApril11
KSE- KMI- 34% Oil & Gas
100 30
MIF index Index Chemicals
Standard Deviation 0.38 0.62 0.51
Sharpe Ratio 0.18 0.11 0.10 Construction and Materials
# KMI-30 replaced DJIIMPK as the Funds benchmark in
FY10 while KSE-100 index remained as the benchmark till
23% General Industrials
FY06 30%
6% Fixed Line Telecommunication
2% 5%
Others

Disclaimer This publication is for informational purpose only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds are subject to market
risk. The NAV based prices of units and any dividends/returns thereon are dependent on force and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not
necessarily indicative of future results. (This report has been prepared in line with MUFAPs recommended Format)
 April 2011

INCOME MEEZAN ISLAMIC INCOME FUND (MIIF)

INVESTMENT OBJECTIVE: To provide investors with a high and stable rate of current income
consistent with long term preservation of capital in a Shariah compliant way. A secondary objective
is to take advantage of opportunities to realize capital appreciation.

Funds Details Performance

Value of Value of
Fund Type Open End Investment investment % of
Cumulative Returns (annualized)
Risk Level Name ofMinimal
Non -compliant Type of before Provision held after % of Net gross
Launch Date investment
15-Jan-07 Investment 1M
provision 3M 6M
if any FYTD 1Yr
provision 3Yr
assets 5Yr PSD**
Assets
Trustee CDC MIIF 16.28% 16.67% 10.65% 11.19% 10.57% 9.47% - 9.46%
Arzoo Textile Mills Ltd. Sukuk 70,000,000 59,675,000 10,325,000 0.33% 0.33%
Registrar Meezan Bank Ltd Benchmark 5.87% 5.88% 5.89% 5.88% 5.88% 5.92% - 5.89%
Eden Housing Limited Sukuk 222,750,000 69,288,318 153,461,682 4.93% 4.90%
Unit Types A, B & C ** Performance start date of Jan 15, 2007
Maple Leaf
Front End Load
Cement - I
0.5%
Sukuk 319,796,000 79,949,000 239,847,000 7.71% 7.65%
Fund CategoryMaple Leaf Cement - II
Income
Annual Returns
Sukuk 12,000,000 3,000,000 9,000,000 0.29% 0.29%
Back End LoadSecurity Leasing Ltd. - II Sukuk 31,250,000 7,812,500 23,437,500 0.75% 0.75%FY04
Contingent load for FY10 FY09 FY08 FY07 FY06 FY05
Type C investors
MIIF 7.31% 10.15% 9.28% 10.07%* - - -
Listing KSE
Benchmark 5.75% 6.54% 5.75% 4.66% - - -
Management Fee 1.5%
* 163 days of operations.
Benchmark Average bank
deposit rate of three Fund Review
Islamic banks
Leverage Nil Net assets of Meezan Islamic Income Fund (MIIF) stood at Rs. 2.8 billion as at April
Auditors A.F. Ferguson & Co. 30, 2011. MIIF has provided an annualized return of 16.28% for the month of April as
Weighted average
2.07 Years compared to its benchmark which has provided an annualized return of 5.87% during
time to maturity
AMC Rating AM2 the same period.
Rating Agency JCRVIS
Fund Stability Rating A (f)
Pricing Mechanism Forward Portfolio
Valuation Days Mon-Sat Top Ten Sukuk Holdings
Subscription/ Mon-Fri 9am3 pm
Redemption Days Sat 9am 12:00pm Sukuks Names Sectors %
Fund Manager M. Ali, CFA, FRM GoP Ijarah Sukuk V GoP Ijarah 19%
Members of M. Shoaib, CFA GoP Ijarah Sukuk III GoP Ijarah 10%
Investment Muhammad Asad
Committee Karachi Shipyard II GoP Backed 10%
Sanam Zaib
Madiha Javed Engro Fertilizer Limited Chemical 7%
M. Ali, CFA, FRM Maple Leaf Cement Construction and Materials 7%
M. Farhan lakhani
GoP Ijarah Sukuk VII GoP Ijarah 5%
Fund Assets: Eden Housing Limited Construction and Materials 5%
Mar Apr' MoM
11 11 % GoP Ijarah Sukuk IV GoP Ijarah 5%

Net Assets (Rs mn) 2,743 2,768 0.89% Century Paper & Board Mills Ltd. Forestry and Paper 3%

NAV Per Unit (Rs) 50.26 50.89 4.73% Sitara Chemicals Ltd. III Chemical 3%
Portfolio Composition
Mar11 Apr11
Credit Quality of portfolio Sukuks 29% 29%
Government Securities 39.5%
52% 51%
Government backed / Guaranteed Securities
Government Guaranteed 11.8%
Cash 18% 17%
AA+ 5.3%
AA 3.9% Others Including receivables 1% 3%
AA- 11.0%

A+ 3.4%
Details of Non Compliant Investment
A 9.4%
Below BBB 13.3%
Unrated 0.7%

Disclaimer This publication is for informational purpose only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds are subject to market
risk. The NAV based prices of units and any dividends/returns thereon are dependent on force and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not
necessarily indicative of future results. (This report has been prepared in line with MUFAPs recommended Format)
 April 2011

MONEY MARKET MEEZAN CASH FUND (MCF)

INVESTMENT OBJECTIVE: To seek maximum possible preservation of
capital and a reasonable rate of return via investing primarily in liquid
Shariah compliant money market and debt securities.

Funds Details Performance

Fund Type Open End
Risk Level Minimal
Cumulative Returns (annualized)
Launch Date 15-Jun-09
1M 3M 6M FYTD 1Yr 3Yr 5Yr PSD**
Trustee CDC
MCF 11.77% 11.63% 11.29% 10.86% 10.73% - - 10.39%
Registrar Meezan Bank Ltd
Benchmark 8.29% 8.33% 8.31% 8.28% 8.04% - - 7.82%
Unit Types A, B and C
** Performance start date of June 15, 2009
Front End Load Nil
Back End Load 0.1% if redemption
within 3 days Annual Returns
Listing
ISE
Fund Category Money Market FY10 FY09 FY08 FY07 FY06 FY05 FY04

Management Fee 1% MCF (Annualized) 10.10% 8.08%* - - - - -

Benchmark Average return on
Benchmark 7.48% 7.60% - - - - -
6-month Islamic
bank deposits * 15 days of operations.
Auditors A.F. Ferguson & Co.
Leverage Nil Fund Review
Weighted average
12.38 Days
time to maturity Net assets of Meezan Cash Fund (MCF) stood at Rs. 6.3 billion as at April 30, 2011. MCF
AMC Rating AM2 has provided an annualized return of 11.77% for the month of April as compared to its
Rating Agency JCRVIS benchmark which has provided an annualized return of 8.29% during the same period.
Fund Stability Rating AA (f)
Pricing Mechanism Forward
Valuation Days Mon-Sat
Subscription/ Mon-Fri 9am3 pm
Redemption Days Sat 9am 12:00pm
Portfolio
Fund Manager M. Ali, CFA, FRM
Members of M. Shoaib, CFA Salient Features
Investment
Muhammad Asad
Committee Maximum Preservation of Principal Investment
Sanam Zaib
Madiha Javed High Liquidity (Redemption within Two working days)
Key Benefits
M. Ali, CFA, FRM No Sales Load (No Entry or Exit charges)*
M. Farhan Lakhani
Tax Credit as per tax laws
Fund Assets: Investments in High Grade & Liquid avenues:
Mar Apr MoM
Investment Policy and Instrument/Issuer Rating : Minimum AA
'11 '11 %
Strategy Maximum Maturity of Instruments : Six Months
Net Assets (Rs mn) 6,376 6,266 -1.73%
Average Time to Maturity of Portfolio : Three Months
NAV Per Unit (Rs) 50.06 50.52 0.92% Benchmark Average return on 6-month Islamic bank deposits

Rating Exposure Portfolio Composition

AA+ 70.5%

AA 27.8%
33.5%
Placements with Banks and DFIs
Mar11 Apr11
Cash
Placements with Banks and
DFIs 42.4% 33.5%
Other Including receivables
Cash 55.6% 65.0%
Other Including receivables 2.0% 1.5%
65.0%
1.5%

Disclaimer This publication is for informational purpose only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds are subject to market
risk. The NAV based prices of units and any dividends/returns thereon are dependent on force and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not
necessarily indicative of future results. (This report has been prepared in line with MUFAPs recommended Format)
 April 2011

INCOME MEEZAN SOVEREIGN FUND (MSF)

INVESTMENT OBJECTIVE: To seek maximum possible preservation of
capital and a reasonable rate of return

Funds Details Performance

Cumulative Returns (annualized)
Fund Type Open End
1M 3M 6M FYTD 1Yr 3Yr 5Yr PSD**
Risk Level Minimal
Launch Date 10-Feb-10 MSF 12.24% 11.89% 11.76% 11.26% 11.04% - - 10.78%

Trustee CDC Benchmark 8.29% 8.33% 8.31% 8.28% 8.04% - - 7.99%

Registrar Meezan Bank Ltd ** Performance start date of Feb 10, 2010
Unit Types A, B , C & D
Front End Load 0.5% Fund Review
Fund Category Income
Back End Load Nil Net assets of Meezan Sovereign Fund (MSF) stood at Rs. 10.3 billion as at April 30, 2011.

Listing ISE For the month of April, the fund has provided an annualized return of 12.24% as

Management Fee 1% compared to its benchmark which has provided an annualized return of 8.29% during the
same period.
Auditors A.F. Ferguson & Co.
Benchmark Average return on
6-month Islamic
bank deposits
Leverage Nil
Weighted average
1.96 Years
time to maturity

Portfolio
AMC Rating AM2
Rating Agency JCRVIS
Fund Stability Rating AA+ (f)
Salient Features
Pricing Mechanism Forward
Maximum Preservation of Principal Investment
Valuation Days Mon-Fri
Primary Investments in securities issued by Government
Subscription/ Mon-Fri 9am3 pm of Pakistan
Redemption Days Sat 9am 12:00pm Key Benefits Very Low Risk
Fund Manager M. Ali, CFA, FRM
Liquidity (Redemption on average in 2-3 working days)
Members of M. Shoaib, CFA Tax Credit as per tax laws
Investment Muhammad Asad
Committee Sanam Zaib Investments in High Grade & Liquid avenues:
Madiha Javed Minimum 70% Investment in Government backed /
M. Ali, CFA, FRM Investment Policy and issued securities (rated AAA)
M. Farhan Lakhani Strategy Placements in top rated banks and financial institutions
Fund Assets: Weighted Average Time to Maturity of Portfolio : Not
more than 4 years
Mar Apr MoM
Benchmark Average return on 6-month Islamic bank deposits
'11 '11 %

Net Assets (Rs mn) 9,491 10,258 8.08%

NAV Per Unit (Rs) 50.06 50.54 0.95% Sector Allocation

Asset Rating 77%

Government Securities 76.9%
AA+ 7.4%
AA 11.0%
Government Guaranteed
AA- 0.3%

Mar Apr
Cash
11 11
Other Including receivables
Government Guaranteed 85% 77%
Cash 11% 19%
Other Including receivables 4% 4% 19%
4%

Disclaimer This publication is for informational purpose only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds are subject to market
risk. The NAV based prices of units and any dividends/returns thereon are dependent on force and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not
necessarily indicative of future results. (This report has been prepared in line with MUFAPs recommended Format)
 April 2011

PENSION MEEZAN TAHAFFUZ PENSION FUND (MTPF)

INVESTMENT OBJECTIVE: To provide participants a regular Halal income stream
after retirement/disability when they can no longer earn regular income to support their
living so that they are not dependent on other members of the society.
.

Performance
Funds Details Cumulative Returns
Fund Type Open End 1M 3M 6M YTD 1Yr 3Yr 5Yr PSD**
Risk Level Minimal MTPF- Equity 2.1% 2.8% 22.8% 34.9% 23.3% 11.8% - 36.0%
Launch Date 28-Jun-07 12.6% 11.9% 9.8% 10.5% 10.1% 9.6% - 9.3%
MTPF- Debt*
Trustee CDC -
MTPF- MMkt* 11.6% 10.5% 10.5% 10.5% 10.1% 9.6% 9.2%
Registrar Meezan Bank Ltd
Fund Category Pension ** Performance start date of June 28, 2007,
E & Y Ford Rhodes * annualized return
Auditors
Sidat Hyder & Co. Annual Returns
AMC Rating AM2
FY10 FY09 FY08 FY07 FY06 FY05 FY04
Rating Agency JCRVIS
MTPF- Equity 31.50% -25.80% 3.10% - - - -
Pricing Mechanism Forward
MTPF- Debt 8.50% 10.20% 8.30% - - - -
Valuation Days Mon-Fri
Subscription/ MTPF- MMkt 8.50% 11.10% 7.70% - - - -
Redemption Day Mon-Fri 9 am 3 pm
Fund Review
Fund Manager Muhammad Asad
Members of As at April 30, 2011, total size of Meezan Tahaffuz Pension Fund (MTPF) stood at Rs.
M. Shoaib, CFA
Investment Muhammad Asad 364 million. For the month of April, the NAV of equity sub fund appreciated by 2.1%
Committee while the NAV of debt and money sub funds posted an annualized return of 12.6% and
Sanam Zaib
Madiha Javed 11.6% respectively.
M. Ali, CFA, FRM
M. Farhan Lakhani
Portfolio
Funds Assets
Mar Apr MoM
Rs (Mn) '11 '11 %
Sector Weightage as a % of Net Assets (MTPF Equity)
MTPF- Equity 145 154 6.0%

MTPF- Debt 118 124 4.8%

MTPF- MMkt 84 86 2.7% Chemicals

8%
Total Fund 347 364 4.8% 9%
Construction and Materials
34%
NAV per unit General Industrials
Mar Apr MoM
Rs '11 '11 % Oil & Gas
MTPF- Equity 133.6 136.3 2.1%
MTPF- Debt 139.7 141.0 0.9% 20% Automobile and Parts
MTPF- MMkt 139.1 140.3 0.9% 6%
23% Cash & Others
Sukuk Holdings MTPF (Debt fund)
GoP Ijarah Sukuks V 46.9%
GoP Ijarah Sukuks IV 22.6% MTPF Debt Sub Fund MTPF Money Market Sub Fund
KSEW II 8.0% und
GoP Guaranteed
Gop Guaranteed
Securities
GoP Ijarah Sukuks VII 6.5% Securities
Cash Sukuks 50%
Maple Leaf Cement 2.6%
78%
3%
6%
GoP Ijarah Sukuks VI 2.4%
Other Including
Dawood Hercules 1.7% receivables Cash
5% Sukuk 46%
Eden Housing Limited 1.0%
GoP Backed 1%
Security Leasing Sukuk II 0.8% Securities Other Including
8% receivables
3%
Disclaimer This publication is for informational purpose only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds are subject to market
risk. The NAV based prices of units and any dividends/returns thereon are dependent on force and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not
necessarily indicative of future results. (This report has been prepared in line with MUFAPs recommended Format)
 April 2011

CAPITAL PROTECTED MEEZAN CAPITAL PROTECTED FUND (MCPF-1)

INVESTMENT OBJECTIVE: To protect investors principal investment till the
maturity of the fund and provide a reasonable return

Performance
Funds Details Cumulative Returns
Fund Type Open End 1M 3M 6M FYTD 1Yr 3Yr 5Yr PSD**

Risk Level Minimal MCPF-1 1.05% 2.82% 7.85% 12.77% 26.01% - - 28.90%

Launch Date 19-May-08 ** Performance start date of May 19, 2008

Trustee CDC
Registrar Meezan Bank Ltd
Annual Returns
Unit Types A, B , C & D FY10 FY09 FY08 FY07 FY06 FY05 FY04
Front End Load 3% MCPF-1 14.07% 0.75% -0.54%* - - - -
Fund Category Capital Protected
* 41 days of operations.
Back End Load Contingent Load
Listing KSE Fund Review
Management Fee 3% of equity
Segment As at April 30, the net assets of Meezan Capital Protected Fund (MCPF-1) stood at Rs.
1% of Capital
Protected Segment 716 million, showing an increase of 1.05% month-on-month. For April 2011, MCPF-1
provided a return of 1.05%.
Auditors A.F. Ferguson & Co.
Leverage Nil
AMC Rating AM2
Rating Agency
Pricing Mechanism
JCRVIS
Forward
Portfolio
Valuation Days Mon-Fri Salient Features
Subscription/ Mon-Fri 9am3pm Preservation of Principal Investment upon maturity of
Redemption Days investment
Fund Manager M.Farhan Lakhani
Primary Investment in Murabahah
Members of M. Shoaib, CFA
Investment Muhammad Asad Key Benefits Exposure to equity coupled with capital protection
Committee Sanam Zaib
Very Low Risk
Madiha Javed
M. Ali, CFA, FRM Tax-free Returns (for holdings till maturity)
M. Farhan Lakhani
Tax Credit as per tax laws

Upto 23% exposure to equity

Investment Policy
and Strategy 77% of Investment in Capital Protected segment

Murabahah Placement with a top rated Islamic bank

Fund Assets:
Mar Apr MoM %
'11 '11 Sector Allocation
Net Assets (Rs mn) 709 716 1.05%

NAV Per Unit (Rs) 56.68 57.27 1.05% 14%

Equity
Mar Apr
'11 '11
Murabahah Placement
Equity 13.1% 13.6%

Murabahah Placement 86.9% 86.5%

86%

Disclaimer This publication is for informational purpose only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds are subject to market
risk. The NAV based prices of units and any dividends/returns thereon are dependent on force and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not
necessarily indicative of future results. (This report has been prepared in line with MUFAPs recommended Format)
 April 2011

CLOSED END FUNDS

PAKISTANS ONLY SHARIAH-COMPLIANT CLOSED-END FUNDS

Al Meezan Mutual Fund Meezan Balanced Fund

Performance Performance

Month on Month Mar '11 Apr '11 Month on Month Mar '11 Apr '11

Return on AMMF 6.35% 1.63% Return on MBF 4.16% 1.45%

Return on KSE-100 index 4.61% 2.10% Benchmark Return* 3.97% 1.12%

Return on KMI-30 Index* 7.45% 1.75% Return on KMI-30 Index 7.45% 1.75%

Year to - date (FY) Year to - date (FY)

Return on AMMF 33.38% 35.55% Return on MBF 21.38% 23.14%

Return on KSE-100 index 21.47% 24.02% Benchmark Return* 20.80% 22.25%

Return on KMI-30 Index* 37.67% 40.09% Return on KMI-30 Index 37.67% 40.09%

* Benchmark *50% return on Islamic deposits and 50% return on KMI-30

AMMF Assets Distribution April 11 MBF Assets Distribution April 11

Oil & Gas 39% 3% Sukuk
31%
Chemicals 18% General Industrials

29% Automobile and Parts Oil & Gas

24% 15%
General Industrials Chemicals

5% Construction and Materials 4%

Construction and Materials
5% 6% 21%
Cash & others
Cash & Others

Fund Assets: Fund Assets:

Mar11 Apr11 MoM % Mar11 Apr11 MoM %

Net Assets (mn) 1,658 1,685 1.63% Net Assets (mn) 1,475 1,496 1.45%

NAV Per Unit (Rs) 12.05 12.25 1.63% NAV Per Unit (Rs) 12.29 12.47 1.45%

Investment Objective Investment Objective

The objective of Meezan Balanced Fund is to generate long
The objective of Al Meezan Mutual Fund is to optimize the
term capital appreciation as well as current income by
total investment returns, both capital gains and dividend
creating a balanced portfolio that is invested both in high
income, through prudent investment management.
quality equity securities and Islamic Income Instruments
such as TFCs, COIs, Certificates of Musharika, Islamic
Fund Review Sukuk, Ready-future hedges, and other Shariah compliant
instruments.
The net assets of Al Meezan Mutual Fund (AMMF) as at April
30, 2011 stood at Rs. 1.66 billion. The funds NAV increased Fund Review
by 1.63% during the month of April compared to 1.75%,
increase in the benchmark index (KMI-30) while KSE-100 Net assets of Meezan Balanced Fund (MBF) as at April 30,
Index, during the same period increased by 2.10%. 2011 stood at Rs. 1.50 billion. The funds NAV increased by
1.45% during the month.

Disclaimer This publication is for informational purpose only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds are subject to market
risk. The NAV based prices of units and any dividends/returns thereon are dependent on force and factors affecting the capital markets. These may go up or down based on market conditions. Past performance is not
necessarily indicative of future results. (This report has been prepared in line with MUFAPs recommended Format)