Conventional FMR July 2017

DEAR
I
NVESTORS,
As
sal
am-
o-Al
aikum andgr
eet
ingsf
rom yourpr
efer
redFundManager
!
Thankyouf
ort
aki
ngoutyourt
imet
orevi
ew ourFundManager
’sr
epor
tfort
hemont
hofJul
y201
7.W eext
end
ourear
nes tgr
ati
tudet
oourinves
tor
sfort
hei
rconti
nuousconfidenceandf
ait
hinus.Iti
syourt
rus
twhi
chdr
ives
andmot i
vatesustoprovi
deyouwit
hincr
eas
ingl
yinnovat
iveproduct
sandservi
ces
.
Tor evi
ew t
heFi
scalYear201
7,wewi
lldi
scus
stheper
for
manceoft
hedi
ff
erentas
setcl
ass
eswi
thyoui
nthi
s
report.
ThefiscalyearendedonJune201 7hasr
emainedvolati
leduet omajoreconomi candpoli
ticaldevelopmentsin
thecount
ry.Paki
stan’sincl
usioninMSCIaswellast
hepol i
ti
caldynamicsconcerningtheJI
Tver dict
sforPanama
Casehavecausedacons i
derableamountofvari
ati
onsinthemar ketbehavi
our.
W hi l
ethei
ndexl ost8.0% dur
ing
themonthofJune'17,itmanagedt opostagainof23.2% overtheyear.
Speaki
ngofourf
unds
,thePaki
stanSt
ockMar
ketFund(
PSM)pos
tedar
etur
nof29.
5% whi
chi
s6.
3% abovet
he
benchmar
kwhileAl
hamraIsl
amicSt
ockFundpost
edar et
urnof30.
0%,compar
edt
othebenchmarkr
eturnof
18.
8%,out
paci
ngthebenchmarkbyaheal
thy1
1.
2%.Bot
hoft hes
ehaveal
sobeat
ent
hePSX100indexwelland
of
fer
edi
nves
tor
sbet
terr
etur
nst
hant
hemar
ket
.
Thel
ow i
nter
es tr
ateenvir
onmentduetostabl
eUSDPKRpar ityandl
ow i
nflati
onarypr
ess
urekepti
nter
estr
ates
i
nthelowerrangeretur
nsf ormoneymar
kets.Hence,fixedi
ncomeretur
nsremainedi
ntherangeof6-8%.
W earealso pl
eased t
o announcethataccording t
o MUFAP (
MutualFundsAssoci
ati
on ofPaki
stan),t
heAl
HamraIsl
amicIncomeFundi sthebestper
formingIsl
amicI
ncomeFundinPakis
tanovera365dayper i
odended
Jul
y31,2017.
Thes
eret
urnsar
eat
est
amentt
oourt
eamscapabi
li
ti
esandourdedi
cat
iont
oser
veyou.
Team MCB- AH hasalsobeens tr

ivi
nghardallyeartoenhanceyourcus t
omerexper iencet hr
oughnew ser
vices
and branches.iSAVE,acompl etel
y onl
ine i
nvestmentpor talhasbeen int
roduced t o make youri
nvest
ment
tr
ansact i
onsseamlessandmuchmor econvenient.New brancheshavebeenl aunchedi nLahore,Pes
hawarand
Gujr
att oextendawi derhori
zonofaccessi
bil
itytoourvaluedcus tomer
s.W ehaveals olauncheda24/7helpl
ine
toassi
s tyouwithallyourinves
tmentrel
atedconcer nsandquer ies.
W ehopet hatwit
ht hes
echangesandadditi
onswecancont i
nuet oserveyoubet
terandourmut ualtr
ustgr
ows
st
ronger.Forinvestmentrelat
edquer
iesandfeelf
reetocontactusatour24/7helpli
ne0800- 622-24oremai
l
usatinf
o@mcbah. com tospeakt
oourhelpfuls
upportteam thatisal
waysreadytohelpyou.
MuhammadSaqi
bSal
eem
Chi
efExecui
veOf
ficer
JULY31
,201
7
MACRO-
ENVI
RONMENTREVI
EW AND OUTLOOK
Thefirstmont hoffiscalyear2018beganwithbenigninflati
onof2.
9% pri
maril
ydr i
venby
l
owert hanantici
pated f
ood inflati
on.Forf
ullyearFY18 weexpectaverageinflati
onto
remai
nwel lanchoredbetween4. 25%-4.
5%.
SBP i
ni tsrecent monet
ary pol
icy s
tat
ement kept di
scount r
atestabl
e cit
ing l
ow
i
nflati
onary pr
essures
,growing demand and i
nt hei
r view,manageable bal
ance of
payment.
Largescalemanufact
uringsectorhasrecor
dedgr owt
hof5.48% for11
MFY1 7withmajor
contr
ibuti
oncomingfrom automobiles
,constr
uctionandconsumergoods .Nextyear
,we
remainoptimi
sti
conLSM gr owt hasworkonvar iousCPEC proj
ectsgetsunderwayand
capaci
tyexpansi
onofl ocali
ndustr
iescomeonl i
ne.
CurrentAccountr emainsas ourpointt oanot herwiserosyout l

ookofPaki st
an'sgrowt h
outlook.W ehavegr owing reservat
ionsoni ncreasing CA deficitand deplet
ing Foreign
exchange reserves . Growing imports,fal
li
ng expor t
s,and s l
owing remit
tancesar e al
l
pointsofconcer n,addedt owhi ch,t
hepol i
ti
calinstabil
it
yoft heelect
ionyearmayhi nder
gover nment'
s abilit
yt or ai
se financing forbot h mul t
il
ater
aland bi l
ater
als ources to
containdeficit.FY18wi l
lbeat oughyearf orPKR,wef oreseerisi
ngpres s
ureonPKR/USD
parity.
EQUI
TYMARKETREVI
EW AND OUTLOOK
The new fiscalyears t
arted wit
h hei
ghtened pol
it
icaluncert
ainty havi
ng a tumultuous
effectonthestockmar ketwhichremainedchoppyt hroughoutthemont h.Theoutcome
ofPanama cas e provi
ded an unexpected t
wistto Pakist
an’
ss tory,result
ing i
n Pri
me
minister
’sdi
squali
ficati
on.Thebenchmar k i
ndexlost~6% bythemi doft hemont hbefore
recoupingit
slossestofinishthemont hat46,010pts(down~ 1% MoM) .
Forei
gner scont i
nued to offload t
heirposi
tionsinPakistan,l
iquidat
ing USD 37.9 mi
ll
ion
worth ofequitieswhi le on t
he l
ocalside I
nsurance companies( USD 39.3 mil
li
on)and
Banks( USD 21mi ll
ion)remainedt hemajorbuyers.Averagevol umesdecr easedby~ 31%
to175mi l
li
ons hareswhi levaluetr
adeddecr easedby~ 24% toPKR9. 6bil
li
on.
Oi landGasExpl orationcompani esr al

liedby1 3% duet os ur
gei noi lpr icesby~ 1
1% dur i
ng
themont h.Alongs ide,amaj orannouncementi nt hef orm ofr e-pricingofSuifiel df rom
2001pr i
cingpol i
cyt o201 2pr icingpol icyt r
iggeredar all
yinPaki s t
anPet r
oleum Li mi ted
("PPL" ).On t he otherhand,Cement sand Aut osr emai ned the maj orunder per former s
l
os i
ng 7. 8% and 7. 5% r espect ively.Cements ectorcont inued itslackl us terper formance
mai nl y on the bas isofdi s appoi nting dispat ches(-1
9% YoY)i nt he mont h ofJune and
concer nsoverf uturepr icingdi sci pl
ineonupcomi ngcapaci tyexpans ionsof~ 5Mnt onsi n
thenext6- 7mont hsi nt heSout her nr egion.Af terpos t
ing anas toundi ng r eturnof98%
dur ingt heFY1 7,Aut oswi tnes seds har pcor recti
onal ongwi thdampeneds ent i
ment sdue
toant ici
pat edpr ess ureonUSD- PKRpar it
yasext ernalaccountcont i
nuedt odet er i
orat e.

Goi ng f or ward,we expect mar ket t or emai n volatil
e albeit cont i
nui ng i ts pos i
tive
traject oryinthemedi um t er m ast hepr essureonext ernalaccountmount s.Af teracer tain
cur rency adj us tment ,we expectact ive foreign investorst ot ake int er estint he local
bour seasourmar ketr emai nsr elativelycheap compar ed toi tspeer s( 25% di scountt o
emer ging mar ketgr oup) .Al ongs i
de,Paki stan continuest or emai n highl ighted int he
i
nt er nationalar enaowi ngt os moot hexecut i
onofCPEC pr ojectsandcont i
nuedgr owt h.
Thus ,weadvi cel ocalinves torst or emai nlongandbui l
dexpos ureonanyweaknes s.
MONEYMARKETREVI
EW AND OUTLOOK
Dur ing the mont h ofJul y 201 7,yield cur ve ofbondsmoved i nt he upwar dt raject ory
owi ng t o uncer tainties on the pol i
ticalf rontal ong wi thi ncreas ing concer ns on t he
exter nalfront .Hugel iquidityemer gedaf tert heT- bi
llandPI Bmat urityofPKR~ 1
.3tr i
llion.
Howeverduet oapr ecariousext ernalaccount ,mos toft heact ivi
t ywasl i
mitedt oT- bi l
ls
withmat urit
yl essert han90 days .Int hel at estPI B auct i
on,par t
icipat i
onwasl imited at
PKR 75 bi ll
ion agai ns ta targetofPKR 1 00 bi l
lion,outofwhi ch 3 year sPI Brecei ved
maj oritybidsamount i
ngt oPKR35bi lli
on,wher eas5year sPI Band1 0year sPI Brecei ved
PKR 1 5bi ll
ionand24bi l
lionr espectively.SBPaccept edbi dswor thPKR 23. 3bi l
li
oni n3
year s,whi l
ei taccept edPKR 1 0.
1and22. 1bi l
li
oni n5yearand1 0 yearbonds .Thecut off
yields wer et raced at 6. 4091 %,6. 8961 % and 7. 9360% f or tenor 3,5 and 1 0 year s
respect ively.IntheMTBauct ion,thecutof fwasmai ntainedf or3,6mont hsand1yearat
5.991 0,6.0109% and6. 0386% r espect i
vely.Thet argetf ort heauct ionwass etatPKR650
bill
ion,wher eashugepar tici
pat i
onofPKR1 .1tri
ll
ionwaswi tnessedoutofwhi chat ot alof
aroundPKR1 .091t ri
ll
ionwasaccept ed,t husut il
izingahugel iquidityint hemar ket.

Onbackofs trongr ealGDPgr owt handl ow i nflat ion,monet arypol icycommi tteekeptt he
policyr at eat5. 75%.Goi ng f orward,wor s ening ext ernalaccountwi llpos et hebi gges t
challenget otheeconomy, whi l
ethemanagementofext er nalflowswi l
lremai ncont ingent
ont hegover nment 'scapaci tyt ofetchi nflowsf rom var i
ouss ources .W ebel i
evei nt er est
rateshavebot t
omedoutandwi l
lmovei nt heupwar ddi rection,albeitunderamanaged
range.
4 MCB Cash Management Optimizer NAV - PKR 100.9872
July 31, 2017
General Information Others

Fund Type An Open End Scheme Provision against Sindh Workers' Welfare Fund's liability
Category Money Market Scheme MCB-CMOP has maintained provisions against Sindh Workers’ Welfare Fund’s
Asset Manager Rating AM2++ (AM Two Double Plus) by PACRA (23-Jun-17) liability to the tune of Rs.5.91 million, if the same were not made the NAV per
Stability Rating AA(f ) by PACRA (12-July-17) unit of MCB-CMOP would be higher by Rs. 0.0579 and YTD return would be
Risk Profile Low higher by 0.06%. For details investors are advised to read Note 7.1 of the latest
Launch Date 1-Oct-09 Financial Statements for the nine months ended March 31, 2017 of MCB-CMOP.
Fund Manager Saad Ahmed
Trustee Central Depository Company of Pakistan Limited
Auditor Deloitte Yousuf Adil & Co. Chartered Accountants Members of the Investment Committee
Management Fee 10% of the Gross Earnings subject to a minimum fee
of 0.25% of average daily Net Assets and maximum Muhammad Saqib Saleem Chief Executive Officer
fee of 1% of average Annual Net Assets.
Muhammad Asim, CFA Asset Class Specialist Equities
Front / Back end Load* Nil
Min. Subscription Saad Ahmed Asset Class Specialist - Fixed Income
Growth Units PKR 500 Syed Mohammad Usama Iqbal Fund Manager Fixed Income Funds
Cash Dividend Units PKR 500
Awais Abdul Sattar, CFA Senior Research Analyst
Income Units PKR 100,000
Listing Pakistan Stock Exchange
Benchmark 70% three (3) months PKRV rates plus 30% three Asset Allocation (%age of Total Assets)
(3) months average deposit rates of three (3) AA
rated scheduled Banks as selected by MUFAP
Pricing Mechanism Backward Particulars Jul-17 Jun-17
Dealing Days Monday - Friday Cash 82.5% 91.2%
Cut off Timing Mon - Fri (9:00AM to 4:30 PM) T-Bills 8.7% 0.0%
For same day redemption PIBs 0.0% 0.0%
Mon - Fri (9:00AM to 10:00 AM) Others including receivables 0.6% 0.5%
Leverage Nil Term Deposits with Banks 7.7% 7.8%
*Subject to government levies Commercial Paper 0.5% 0.5%
Investment Objective Performance Information (%)

To provide Unit-Holders competitive returns from a low risk portfolio of short
duration assets while maintaining high liquidity. Particulars MCB CMOP Benchmark
Year to Date Return (Annualized) 5.31% 5.20%
Manager’s Comment Month to Date Return (Annualized)

180 Days Return (Annualized)
5.31%
5.92%
5.20%
4.79%
365 Days Return (Annualized) 7.12% 4.28%
The fund generated an annualized return of 5.33% during the month against Since inception (CAGR)* 9.00% 6.30%
benchmark of 5.20%. The fund decreased its exposure in cash to 82.5% and Average Annual Return (Geometric Mean) 8.09% -
maintained it's exposure in TDRs at 7.7%. *Adjustment of accumulated WWF since Oct 1, 2009
WAM of the fund was 10 days.

Annualized
Fund Facts / Technical Information Particulars 2013 2014 2015 2016 2017
Benchmark (%) 5.40 7.19 6.74 4.42 4.18

NAV per Unit (PKR) 100.9872
MCB CMOP (%) 9.20 8.25 8.83 5.77 7.11
Net Assets (PKR M) 10.307
Weighted average time to maturity (Days) 10
Sharpe Ratio* 0.28 Asset-wise Maturity (No. of Days)
Correlation* 12%
Standard Deviation 0.039
Total expense ratio with government levy** 0.10%
Total expense ratio without government levy Commercial
0.07% 99
Paper
*As against 3 month PKRV net of expenses
** This includes 0.03% representing government levy, Sindh Workers' Welfare fund and SECP Fee
Term Deposits
43
Asset Quality (%age of Total Assets) with Banks
AA , 0.6% Government T-Bills 72

Securities , 8.7%
Not Rated, 0.6%
Cash 1
AAA , 22.0%
AA+ , 68.1%
- 50 100 150
DISCLAIMER MUFAP’s Recommended Format

This publication is for informational purposes only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds are subject to market risks. The
NAV based prices of units and any dividends/returns thereon are dependant on forces and factors affecting the financial markets. These may go up or down based on market conditions. Past performance is not necessarily
indicative of future results. Performance data does not include the cost incurred directly by an investor in the form of sales loads etc.
5 Pakistan Cash Management Fund NAV - PKR 50.4847
July 31, 2017

Category Money Market Scheme PCF has maintained provisions against Sindh Workers’ Welfare Fund’s liability to
Asset Manager Rating AM2++ (AM Two Double Plus) by PACRA (23-Jun-17 ) the tune of Rs. 1.32 million, if the same were not made the NAV per unit of PCF
Stability Rating AAA(f ) by PACRA (12-Jul-17) would be higher by Rs. 0.0455 and YTD return would be higher by 0.09%. For
Risk Profile Low details ,investors are advised to read Note 7.2 of the latest Financial Statements for
Launch Date 20-March-2008 the nine months ended March 31, 2017 of PCF.
Trustee MCB Financial Services Limited
Auditor
Management Fee
EY Ford Rhodes, Chartered Accountants
10% of the Gross Earnings subject to a minimum fee Members of the Investment Committee
of 0.25% of average daily Net Assets.
Frontend Load* Nil Muhammad Saqib Saleem Chief Executive Officer
Back end Load* Nil Muhammad Asim, CFA Asset Class Specialist Equities
Min. Subscription PKR 500 Saad Ahmed Asset Class Specialist - Fixed Income
Benchmark 70% three(3) months PKRV rates + 30% three (3) Syed Mohammad Usama Iqbal Fund Manager - Fixed Income Funds
months average deposit rates of three (3) AA rated Awais Abdul Sattar, CFA Senior Research Analyst
scheduled Banks selected by MUFAP.
Pricing Mechanism Backward
Dealing Days Monday - Friday Asset Allocation (%age of Total Assets)
Cut off Timing Mon - Fri (9:00AM to 4:30 PM)
For same day redemption Particulars Jul-17 Jun-17
Mon - Fri (9:00AM to 10:00AM)
Cash 1.7% 55.4%
Leverage Nil
T-Bills 98.1% 44.3%
*Subject to government levies Others including receivables 0.2% 0.3%
Investment Objective
Performance Information (%)
The objective of PCF is to deliver regular income and provide high level of
liquidity, primarily from short duration government securities investments. Particulars PCF Benchmark
Manager’s Comment Month to Date Return (Annualized) 4.78% 5.21%
During the month the fund generated a return of 4.78% during the month 365 Days Return (Annualized) 8.31% 6.01%
against its benchmark return of 5.21%. The fund was 98.1% allocated in T-Bills. Since inception (CAGR) 9.56% 10.50%
WAM of the fund at month end stood at 51 Days. Average Annual Return (Geometric Mean) 8.61% -
The fund would remain vigilant towards the changes in macroeconomic

variables and would continue to harvest attractive opportunities in the market. Annualized
Benchmark (%) 10.5 9.56 9.83 6.75 6.07

Particulars PCF Benchmark
PCF (%) 9.0 8.41 8.86 5.88 8.34
Net Assets (PKR M) 1,463
Weighted average time to maturity (Days)
Sharpe Ratio*
51
0.03 0.28
Asset-wise Maturity (No. of Days)
Correlation* 26.5%
Standard Deviation 0.05 0.02
T-Bills 51
Total expense ratio without government levy 0.09%
*as against 3 month PKV net of expenses
**This includes 0.03% representing government levy, Sindh Workers’ Welfare fund and SECP fee
Cash 1
Asset Quality (%age of Total Assets) 0 10 20 30 40 50 60
AAA , 0.4% Not Rated,

0.2%
AA+ , 1.3%
Government
Securities ,
98.1%

This publication is for informational purposes only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds are subject to market risks. The NAV
based prices of units and any dividends/returns thereon are dependant on forces and factors affecting the financial markets. These may go up or down based on market conditions. Past performance is not necessarily indicative
of future results. Performance data does not include the cost incurred directly by an investor in the form of sales loads etc.
6 MCB DCF Income Fund NAV - PKR 106.9203
July 31, 2017

Category Income Scheme MCB-DCFIF has maintained provisions against Sindh Workers’ Welfare Fund’s liability to the
Asset Manager Rating AM2 ++ (AM Two Double Plus) by PACRA (23-Jun-17) tune of Rs. 17.31 million, if the same were not made the NAV per unit of MCB-DCFIF would
Stability Rating A+(f ) by PACRA (12-Jul-17) be higher by Rs. 0.2966 and YTD return would be higher by 0.28%. For details investors are
Risk Profile Low advised to read Note 6.1 of the latest Financial Statements for nine months ended March
Launch Date 1-Mar-07 31,2017 of MCB-DCFIF.
Auditor EY Ford Rhodes, Chartered Accountants Members of the Investment Committee
Management Fee 1.5% p.a.
Front -end Load* Muhammad Saqib Saleem Chief Executive Officer
Growth and Income Units: Individual 1.5% Muhammad Asim, CFA Asset Class Specialist - Equities
Corporate Nil Saad Ahmed Asset Class Specialist - Fixed Income
Bachat Units: Nil Syed Mohammad Usama Iqbal Fund Manager - Fixed Income Funds
Back-end Load* Awais Abdul Sattar, CFA Senior Research Analyst
Growth & Income Units Nil
Bachat Units 3% if redeemed before completion of two years
from the date of initial investment.
0% if redeemed after completion of two years
Asset Allocation (%age of Total Assets)
Min. Subscription Particulars Jul-17 Jun-17
Growth & Bachat Units PKR 500
Income Units PKR 100,000 Cash 32.3% 51.8%
Listing Pakistan Stock Exchange Term Deposits with Banks 12.0% 11.7%
Benchmark Six(6) months KIBOR rates PIBs 0.0% 0.0%
Pricing Mechanism Forward TFCs 25.0% 24.5%
Dealing Days Monday - Friday Spread Transactions 1.9% 4.3%
Cut off Timing Mon - Fri (9:00AM to 4:30 PM) T-Bills 3.8% 3.8%
Leverage Nil Others including receivables 9.3% 2.9%
*Subject to government levies Margin Trading 15.7% 1.0%
To deliver superior fixed income returns by investing in an optimal mix of authorized debt
instruments while taking into account capital security and liquidity considerations. Particulars MCB - DCFIF Benchmark
Manager’s Comment
Month to Date Return (Annualized) 5.43% 6.07%
During the month the fund generated an annualized return of 5.43% against its benchmark 9.94% 10.46%
Since inception (CAGR)**
return of 6.07%. Allocations in cash was decreased to 32.3%, while exposure in T-Bills, TDRs
Average Annual Return (Geometric Mean) 9.25% -
and TFCs was kept approximately same as last month.
Fund Facts / Technical Information Annualized

Net Assets (PKR M) 6,239 Particulars 2013 2014 2015 2016 2017
Weighted average time to maturity (Days) 1.6 Benchmark (%) 9.3 9.57 10.57 7.01 6.09
Duration (Years) 1.5 MCB-DCFIF (%) 9.8 10.79 12.64 6.23 6.50
Sharpe Ratio* 0.04 **One off hit of 4% due to SECP directive on TFCs’ portfolio
Correlation* 5.0% Adjustment of accumulated WWF since July 1, 2008
Top 10 TFC Holdings (%age of Total Assets)

*as against benchmark
**This includes 0.04% representing government levy, Sindh workers' welfare fund and SECP fee Bank Alfalah Limited (20-Feb-13) 5.7%
Habib Bank Limited (19-Feb-16) 5.4%
Asset Quality (%age of Total Assets) Askari Bank Limited (30-Sep-14) 4.4%
Bank Al Habib Limited (17-Mar-16) 3.4%
Not Rated Government Standard Chartered Bank (Pakistan) Limited (29-Jun-12) 2.8%
26.9% Securities, 3.8%
Bank Alfalah Limited - Floating (02-Dec-09) 1.0%
AAA 17.6% Engro Fertilizer Limited (09-Jul-14) 0.9%
Ghani Gases Limited (02-Feb-17) 0.7%
A 3.2% AA+ 1.0% Bank Al Falah Limited - Fixed (02-Dec-09) 0.5%
Faysal Bank Lmited (27-Dec-10) 0.2%
AA 10.7%
A- 3.5%
A+ 6.9% AA- 26.4%
Details of non-compliant investments with the investment criteria of assigned category (securities below investment grade - Rs. in millions)
Outstanding Value of investment Provision held, Value of investment

Name & Type of Non-Compliant Investment face value before provision if any after provision
% of Net Assets % of Gross Assets
Saudi Pak Leasing Company Limited - TFC 27.55 27.55 27.55 - 0.00% 0.00%
Security Leasing Corporation Limited - Sukuk 3.81 1.33 1.33 - 0.00% 0.00%
Security Leasing Corporation Limited - TFC 4.57 2.70 2.70 - 0.00% 0.00%
New Allied Electronics Industries - TFC 21.98 21.98 21.98 - 0.00% 0.00%
New Allied Electronics Industries - Sukuk 35.00 35.00 35.00 - 0.00% 0.00%

7 Pakistan Income Fund NAV - PKR 54.0011
July 31, 2017

Category Income Scheme PIF has maintained provisions against Sindh Workers’ Welfare Fund’s liability to the tune of Rs.
Asset Manager Rating AM2++ (AM Two Doube Plus ) by PACRA (23-Jun- 17) 2.99 million, if the same were not made the NAV per unit of PIF would be higher by Rs. 0.0946
Stability Rating A+(f ) by PACRA (12-Jul-17) and YTD return would be higher by 0.18%. For details investors are advised to read Note 7.1
Risk Profile Low of the latest Financial Statements for the nine months ended March 31, 2017 of PIF.
Launch Date 11-Mar-2002
Fund Manager Syed Mohammad Usama Iqbal
Trustee
Auditor
Central Depository Company of Pakistan Limited
A.F.Ferguson & Co., Chartered Accountants
Front -end Load* Individual 2% Particulars Jul-17 Jun-17
Corporate Nil
Nil Cash 50.6% 68.6%
Back-end Load*
Min. Subscription PKR 500 TFCs 15.9% 16.2%
Listing Pakistan Stock Exchange Spread Transactions 0.0% 0.0%
Benchmark Six(6) months KIBOR rates T-Bills 3.7% 2.8%
Pricing Mechanism Forward Term Deposits with Banks 8.5% 8.6%
Dealing Days Monday - Friday PIBs 0.4% 0.5%
Cut off Timing Mon - Fri (9:00AM to 4:30 PM) Others including receivables 2.2% 2.3%
Leverage Nil Margin Trading 18.7% 1.0%
*Subject to government levies
Investment Objective Performance Information (%)

The objective of the Fund is to deliver returns primarily from debt and fixed income Particulars PIF Benchmark
investments without taking excessive risk. Year to Date Return (Annualized) 5.22% 5.98%
Month to Date Return (Annualized) 5.22% 5.98%
Manager’s Comment 365 Days Return (Annualized)
Since inception (CAGR)
6.90%
9.66%
6.02%
8.89%
During the month the fund posted an annualized return of 5.22% against its benchmark return
of 5.98%. Weighted Average Time to Maturity of the Fund stood at 1 year. Exposure in Cash was
decreased from 68.6% to 50.6% while exposure in TFCs and TDRs were slightly altered.
Annualized
Benchmark (%) 11.00 9.33 10.43 6.97 6.05

NAV per Unit (PKR) 54.0011 PIF(%) 7.20 8.13 11.31 6.14 6.90
Weighted average time to maturity (Years) 1.0
Duration (Days) 327
Top 10 TFC Holdings (%age of Total Assets)
Sharpe Ratio 0.03
Correlation 6.20% Bank Alfalah Limited (20-Feb-13) 3.9%
Standard Deviation 0.18 Habib Bank Limited (19-Feb-16) 2.8%
Total expense ratio with government levy** 0.17% Ghani Gases Limited (02-Feb-17) 2.6%
Total expense ratio without government levy 0.13% Bank AI Habib Limited (17-Mar-16) 2.6%
* This includes 0.04%representing government levy, Sindh workers' welfare fund and SECP fee.
Askari Bank limited (23-Dec-11) 2.1%
Askari Bank limited (30-Sep-14) 1.4%
Members of the Investment Committee Bank Al Falah Limited- Floating (02-Dec-09) 0.4%
Byco Oil Pakistan Limited - PPTFC 0.1%
Muhammad Saqib Saleem Chief Executive Officer PACE Pakistan Limited (15-Feb-08) 0.0%
Telecard Limited (27-May-05) 0.0%
Muhammad Asim, CFA Asset Class Specialist - Equities
Saad Ahmed Asset Class Specialist - Fixed Income
Syed Mohammad Usama Iqbal Fund Manager - Fixed Income Funds Asset Quality (%age of Total Assets)
Awais Abdul Sattar, CFA Senior Research Analyst Government AAA , 3.1%
Securities, 4.1%
Not Rated, 20.9% AA+ , 1.2%
A- , 4.0% AA , 7.1%
A , 6.1%
A+ , 7.9% AA- , 45.6%
Details of non-compliant investments with the investment criteria of assigned category (securities below investment grade - Rs. in millions)
Outstanding Value of investment Provision held, Value of investment

Name & Type of Non-Compliant Investment face value before provision if any after provision
% of Net Assets % of Gross Assets
Pace Pakistan Limited TFC 49.94 49.94 49.94 - 0.00% 0.00%

Telecard Limited- TFC 31.09 31.09 31.09 - 0.00% 0.00%
Trust Investment Bank Limited - TFC 18.74 18.74 18.74 - 0.00% 0.00%

8 MCB Pakistan Sovereign Fund NAV - PKR 53.3500
July 31, 2017

Provision against Sindh Workers' Welfare Fund's liability
Fund Type An Open End Scheme
Category Income Scheme MCB-PSF has maintained provisions against Sindh Workers’ Welfare Fund’s
Asset Manager Rating AM2++ (AM Two Double Plus) by PACRA (23-Jun-17) liability to the tune of Rs. 3.62 million, if the same were not made the NAV per
Stability Rating AA-(f ) by PACRA (12-Jul-17) unit of MCB-PSF would be higher by Rs. 0.1513 and YTD return would be higher
Risk Profile Low to Moderate by 0.28%. For details investors are advised to read Note 6.1 of the latest Financial
Launch Date 1-March-2003 Statements for the nine months ended March 31, 2017 of MCB-PSF.
Auditor
Management Fee
EY Ford Rhodes, Chartered Accountants Members of the Investment Committee
10% of the gross revenue subject to a minimum fee
of 0.5% of the net assets and maximum fee of 1.5%
of the net assets of the Scheme. Muhammad Saqib Saleem Chief Executive Officer
Front -end Load* Type A Units Muhammad Asim, CFA Asset Class Specialist - Equities
For Individual 1.5% Saad Ahmed Asset Class Specialist - Fixed Income
For Corporate Nil
Type B “Bachat ” Units Nil Syed Mohammad Usama Iqbal Fund Manager - Fixed Income Funds
Back-end Load* Type A Units Nil Awais Abdul Sattar, CFA Senior Research Analyst
Type B “Bachat ” Units
3% if redeemed before completion of two years
from the date of initial investment. Asset Allocation (%age of Total Assets)
0% if redemption after completion of two years
Min. Subscription PKR 500 Particulars Jul-17 Jun-17
Listing Pakistan Stock Exchange Cash 14.3% 56.1%
Benchmark 6 month PKRV rates T-Bills 70.4% 41.2%
Pricing Mechanism Forward PIBs 14.7% 2.3%
Dealing Days Monday - Friday Others including Receivables 0.6% 0.4%
Cut off Timing Mon - Fri (9:00AM to 4:30 PM)
Leverage Nil
*Subject to government levies Particulars Benchmark
MCB-PSF
Investment Objective Month to Date Return (Annualized) 4.88% 5.84%
The objective of the fund is to deliver income primarily from investment in
Since inception (CAGR) 7.64% 8.44%
government securities.
Manager’s Comment Annualized

During the month, the fund generated an annualized return of 4.88% as against
Particulars 2013 2014 2015 2016 2017
its benchmark return of 5.84%.
Allocation in T-Bills was increased from 41.2% to 70.4%. While exposure in Cash Benchmark (%) 11.00 9.11 10.41 6.93 5.88
was decreased to 14.3%. MCB-PSF (%) 12.30 9.26 16.58 7.30 5.89
WAM of the fund stood at 250 days at month end.

Asset-wise Maturity (No. of Days)
Fund Facts / Technical Information
Cash 1
Weighted average time to maturity (Days) 250 T-Bills 110
Duration (Days) 250
Sharpe Ratio* 0.003 PIBs 1,052
Correlation 20.20%
Standard Deviation 0.16 - 200 400 600 800 1000 1,200
Asset Quality (%age of Total Assets)

*Against 12M PKRV
**This includes 0.02% representing government levy, Sindh workers' welfare fund and SECP fee
AA- , 13.2% Not Rated ,
0.6%
AAA , 0.3%
AA+ , 0.8% Government

Securities ,
85.1%

9 Pakistan Income Enhancement Fund NAV - PKR 53.3661
July 31, 2017

Category Aggressive Fixed Income Scheme PIEF has maintained provisions against Sindh Workers’ Welfare Fund’s liability to
Asset Manager Rating AM2++ (AM Two Double Plus) by PACRA (23-Jun-17) the tune of Rs 3.36 million, if the same were not made the NAV per unit of PIEF
Stability Rating A+(f ) by PACRA (12-Jul-17) would be higher by Rs. 0.1003 and YTD return would be higher by 0.19%. For
Risk Profile Low to Moderate
Launch Date 28-Aug-2008 details investors are advised to read Note 7.2 of the latest Financial Statements
Fund Manager Saad Ahmed for the nine months ended March 31, 2017 of PIEF.
Auditor Deloitte Yousuf Adil & Co. , Chartered Accountants
Management Fee 15% of the gross earnings subject to a minimum fee Members of the Investment Committee
of 0.25% of the average daily net assets and
maximum fee of 1.5% of average Annual Net Assets
Muhammad Saqib Saleem Chief Executive Officer
Front -end Load* For Type A Units : Muhammad Asim, CFA Asset Class Specialist - Equities
For Individual 2% Saad Ahmed Asset Class Specialist - Fixed Income
For Corporate Nil
Type B Units : Syed Mohammad Usama Iqbal Fund Manager Fixed Income Funds
For Individual 2% Awais Abdul Sattar, CFA Senior Research Analyst
For Corporate Nil
For Type C “Bachat” Units Nil
Back-end Load* Type A & Type B Units Nil Asset Allocation (%age of Total Assets)
Type C “Bachat ” Units
3% if redeemed before completionof two (2) years
from the date of initial investment. Particulars Jul-17 Jun-17
0% if redeemed after completion of two (2)years Cash 25.5% 36.4%
from the date of initial investment. PIBs 1.1% 1.1%
Min. Subscription Type A Units PKR 500/- TFCs 32.1% 27.7%
Type B Units PKR 10,000,000/- T-Bills 2.7% 4.3%
Type C “ Bachat” Units PKR 500/-
Term Deposits with Banks 11.0% 11.3%
Others including receivables 2.4% 7.5%
Benchmark One (1)year KIBOR rates
Margin Trading 14.3% 0.6%
Pricing Mechanism Forward
Monday - Friday Spread Transactions 0.1% 0.0%
Dealing Days
Cut off Timing Mon - Fri (9:00AM to 4:30 PM) Commerical Papers 10.8% 11.1%
Leverage Nil
Particulars PIEF Benchmark
The objective of the Fund is to deliver return from aggressive investment Year to Date Return (Annualized) 5.99% 6.37%
strategy in the debt and fixed income market Month to Date Return (Annualized) 5.99% 6.37%
Manager’s Comment Since inception (CAGR) 10.54% 10.83%
During the month the fund generated an annualized return of 5.99% as against
its benchmark return of 6.37%. Exposure in TFCs and Term Deposits stood at
32.1% and 11.0%, respectively. Exposure in cash decreased to 25.5% from 36.4% Top 10 TFC Holdings (%age of Total Assets)
in the previous month.
Jahangir Siddiqui & Company Limited - PPTFC 6.90%
The Bank of Punjab (23-Dec-16) 5.40%
Fund Facts / Technical Information Habib Bank Limited (19-Feb-16)

Askari Bank Limited (23-Dec-11)
5.30%
4.60%
Askari Bank Limited (30-Sep-14) 4.20%
Bank Alfalah Limited (20-Feb-13) 3.30%
Bank Al Habib Limited (17-Mar-16) 2.50%
Weighted average time to maturity (Years) 2.2
Byco Oil Pakistan Limited - PPTFC 0.10%
Duration (Years) 2.2
Eden Housing Limited (31-Mar-08) 0.00%
Sharpe Ratio* 0.04
PACE Pakistan Limited (15-Feb-08) 0.00%
Correlation* 15.66%
Total expense ratio with government levy** 0.17% Asset Quality (%age of Total Assets)
*as against benchmark
Not Rated , 16.8% Government
**This includes 0.04% representing government levy, Sindh Workers' Welfare Fund and SECP fee
Securities , 3.8%
A, 3.8%
Annualized AAA , 16.5%
A-, 5.6%
Particulars 2013 2014 2015 2016 2017 AA+ , 11.9%
A+ , 10.9%
Benchmark (%) 12.30 8.73 11.75 7.52 6.40
PIEF (%) 7.20 8.73 13.63 8.33 5.06 AA- , 19.6% AA , 11.1%

10 MCB Pakistan Asset Allocation Fund NAV - PKR 80.7979
July 31, 2017

Category Asset Allocation Scheme MCB-PAAF has maintained provisions against Sindh Workers’ Welfare Fund's liability to the
Asset Manager Rating AM2++ (AM Two Double Plus) by PACRA (23-Jun-17) tune of Rs. 8.90 million, if the same were not made the NAV per unit of MCB-PAAF would be
Stability Rating Not Applicable higher by Rs. 0.2117 and YTD return would be higher by 0.26%. For details investors are
Risk Profile Moderate to High advised to read Note 7.2 of the latest Financial Statements for the nine months ended
Launch Date 17-Mar-08 March 31, 2017 of MCB-PAAF.
Fund Manager Syed Abid Ali
Auditor A.F. Ferguson & Co. Chartered Accountants Members of the Investment Committee
Management Fee 2% p.a.
Front/Back end Load* Growth & Cash Dividend Units 3% Muhammad Saqib Saleem Chief Executive Officer
Bachat Units (Two Years) Nil Muhammad Asim, CFA Chief Investment Officer
Bachat Units (Three Years) Nil
Back-end Load* Growth & Cash Dividend Units Nil Syed Abid Ali Asset Class Specialist - Equities
Bachat Units (Two Years): Saad Ahmed Asset Class Specialist - Fixed Income
- 3% if redeemed before completion of two years Awais Abdul Sattar, CFA Senior Research Analyst
- 0% if redemption after completion of two years Muhammad Aitazaz Farooqui Research Analyst
Bachat Units (Three Years):
- 3% if redeemed before completion of three years Asset Allocation (%age of Total Assets)
- 0% if redemption after completion of three years
from the date of initial investment. Particulars Jul-17 Jun-17
Min. Subscription PKR 500 Cash 17.4% 34.8%
Listing Pakistan Stock Exchange TFCs 3.8% 3.8%
Benchmark 6 months KIBOR plus 200 bps Stocks / Equities 27.2% 24.0%
Pricing Mechanism Forward Spread Transactions 0.0% 0.0%
Dealing Days Monday - Friday
T-Bills 34.7% 17.6%
Cut off Timing Mon - Fri (9:00 AM to 4:30 PM)
PIBs 1.5% 0.1%
Leverage Nil
MCB Pakistan Asset Allocation Fund is an asset allocation fund and its objective is
Absolute
to aim to provide a high absolute return by investing in equity and debt markets.
Particulars 2013 2014 2015 2016 2017
Manager’s Comment Benchmark (%) NA NA 8.85* 9.86 7.75

MCB-PAAF (%) 19.20 11.95 19.41 3.21 9.54
The Fund posted a return of -0.28% during the month against the benchmark * November-14 to June-15
return of 0.69%, while since inception return stood at 84.58%.
Exposure in equities was increased.
Top 10 Holdings (%age of Total Assets)
Fund Facts / Technical Information Habib Bank Limited (19-Feb-16) TFC 3.5%
Hub Power Company Limited Equity 2.8%
NAV per Unit (PKR) 80.7979 Engro Corporation Limited Equity 2.7%
Pak Elektron Limited Equity 2.2%
Sharp Ratio* -0.0008
Lucky Cement Limited Equity 2.0%
Beta** 0.17
MCB Bank Limited Equity 1.5%
Max draw up 266.96%
International Industries Limited Equity 1.5%
Max draw down -48.57%
K-Electric Limited Equity 1.3%
United Bank Limited Equity 1.2%
Total expense ratio with government levy*** 032%
Bank Al Falah Limited Equity 1.1%
*as against 3 Year PIB, ** against KSE 30
***This includes 0.03% representing government levy, Sindh Workers' Welfare Fund and SECP fee Asset Quality (%age of Total Assets)
Branch Renovation Expense Charged to the Fund (PKR) Not Rated Government
38.4% Securities
36.2%
MTD YTD
AAA , 7.9%
1,212,001 1,212,001 AA-, 16.7%
AA , 0.3% AA+ , 0.5%

Sector Allocation (%age of Total Assets)
Particulars MCB -PAAF Benchmark Cement , 4.2% Power Generation &
Other Assets , 15.4% Distribution , 4.7%
Year to Date Return -0.28% 0.69%
Commercial Banks , 8.7%
Month to Date Return -0.28% 0.69%
Engineering , 2.5%
180 Days Return -3.64% 4.10%
365 Days Return 5.46% 3.84% Fertilizer , 2.7%
Since inception* 84.58% - Government Other Sectors , 8.2%

Securities , 36.2% Cash , 17.4%
*Adjustment of accumulated WWF since July 1, 2008

11 MCB Pakistan Frequent Payout Fund NAV - PKR 101.4504
July 31, 2017

Fund Type An Open End Scheme Provisions against Sindh Workers' Welfare Fund's liability
Category Asset Allocation Scheme MCB-PFPF has maintained provisions against Sindh Workers' Welfare Fund's
Asset Manager Rating AM2++ (AM Two Double Plus) by PACRA (23-Jun-17) liability to the tune of Rs. 1.59 million, if the same were not made the NAV per unit
Stability Rating Not Applicable of MCB PFPF would be higher by 0.1961 and YTD return would be higher by
Risk Profile Moderate to High 0.19%. For details investors are advised to read Note 6.2 of the latest Financial
Launch Date 16-Nov-15 Statements for the nine months ended March 31, 2017 of MCB-PFPF.
Fund Manager Awais Abdul Sattar, CFA
Trustee MCB Financial Services Limited
Auditor A.F. Ferguson & Co. Chartered Accountants Asset Allocation (%age of Total Assets)
Management Fee 15% of the gross earnings subject to a minimum of
0.25% of the average daily net assets and maximum
Particulars Jul-17 Jun-17
of 2% of the average daily net assets of the scheme
Front end Load* 3% Stock / Equities 1.0% 1.2%
Back end Load* Nil Cash 9.7% 59.2%
Min. Subscription PKR 500 PIBS 0.0% 0.0%
Listing Pakistan Stock Exchange T-Bills 69.6% 8.2%
Benchmark KSE 100 Index and Six (6) months KIBOR rates on Term Deposits with Banks 16.1% 22.4%
the basis of actual proportion held by the Scheme
Margin Trading 0.1% 1.8%
Dealing Days First five business days of every month TFCs 0.1% 0.1%
Cut off Timing Mon - Fri (9:00 AM to 4:30 PM) Others including receivables 3.4% 7.1%
Leverage Nil Spread Transactions 0.0% 0.0%
*Subject to government levies Top Holdings (%age of Total Assets)

Investment Objective Dolmen City REIT Equity 0.4%
Engro Corporation Limited Equity 0.1%
The objective of the Fund is to provide investors regular monthly payments by Byco Oil Pakistan Limited Sukuk 0.1%
investing Fund's assets in Debt and Equity instruments.

Manager’s Comment NAV per Unit (PKR) 101.4504
During the month, the Fund posted a return of 0.45% against its benchmark return Net Assets (PKR M) 823
of 0.50%. The fund decreased its exposure in cash from 59.2% to 9.7%. Exposure in Total expense ratio with government levy* 0.21%
T-bills was increased to 69.6%, while TDRs were decreased from 22.4% to 16.1%. Total expense ratio without government levy 0.18%
*This includes 0.03% representing government levy, Sindh Workers' Welfare fund and SECP fee
Members of the Investment Committee Branch Renovation Expense Charged to the Fund (PKR)
Muhammad Saqib Saleem Chief Executive Officer MTD YTD

Muhammad Asim, CFA Chief Investment Officer 287,162 287,162
Syed Abid Ali Asset Class Specialist - Equities
Awais Abdul Sattar, CFA Senior Research Analyst Sector Allocation (%age of Total Assets)
Mohammad Aitazaz Farooqui Research Analyst Real Estate Investment Trust, 0.4%
Refinery, 0.1%
Technology &
Commercial Banks, 0.5%
Performance Information (%) Communication, 0.1%
Other Assets, 19.5%

Fertilizer, 0.1%
Cash , 9.7%
Particulars MCB PFPF Benchmark
Year to Date Return 0.45 0.50 Government

Securities, 69.6%
Month to Date Return 0.45 0.50
365 days Return
180 days Return
5.56
1.66
6.11
1.66
Since inception 9.77 11.05
AA+ AA-
AAA 4.8% 10.9% Not rated
Absolute 10.2% 4.5%
2016** 2017
Benchmark (%) 4.36 5.88

MCB-PFPF (%) 3.54 5.54
** From November 16, 2015 to June 30, 2016 Government
Securities
69.6%

12 Pakistan Capital Market Fund NAV - PKR 11.3800
July 31, 2017

Fund Type An Open End Scheme Provision against Sindh Workers' Welfare Fund's iability
Category Balanced Scheme PCMF has maintained provisions against Sindh Workers’ Welfare Fund's liability
Asset Manager Rating AM2++ (AM Two Double Plus) by PACRA (23-Jun-17) to the tune of Rs. 3.66 million, if the same were not made the NAV per unit of
Stability Rating Not Applicable PCMF would be higher by Rs. 0.0632 and YTD return would be higher by 0.55%.
Risk Profile Moderate to High For details investors are advised to read Note 6.1 of the latest Financial
Launch Date 24-Jan-2004 Statements for the nine months ended March 31, 2017 of PCMF.
Trustee
Auditor
Central Depository Company of Pakistan Limited
Deloitte Yousuf Adil & Co., Chartered Accountants
Front end Load* For Individual 2% Particulars Jul-17 Jun-17
For Corporate Nil Cash 8.1% 29.6%
Back end Load* Nil
T-Bills 22.1% 21.5%
Min. Subscription PKR 500
Listing Pakistan Stock Exchange TFCs 0.1% 0.1%
Benchmark KSE 100 Index and Six (6) months KIBOR rates on Stocks / Equities 41.6% 39.0%
the basis of actual proportion held by the Scheme Term Deposit Receipts 7.4% 7.2%
Pricing Mechanism Forward Others including receivables 20.7% 2.6%
Cut off Timing Mon - Fri (9:00 AM to 4:30 PM)
Leverage Nil Top 10 Holdings (%age of Total Assets)
Mari Petroleum Company Limited Equity 4.0%
Sui Northen Gas Company Limited Equity 3.2%
Investment Objective Pakistan Petroleum Limited

Faysal Bank Limited
Equity
Equity
2.2%
2.0%
Oil & Gas Development Comapny Limited Equity 2.0%
The objective of the Fund is to provide investors a mix of income and capital Bank Al-Falah Limited Equity 1.9%
growth over medium to long term from equity and debt investments. United Bank Limited Equity 1.8%
Tariq Glass Industries Limited Equity 1.8%
Service Industries Limited Equity 1.8%
Manager’s Comment
The fund posted a return of -1.30% during the month against the benchmark Fund Facts / Technical Information
returnof -0.60% The Fund increased its exposure in equities and T-Bills.
Particulars PCM Benchmark
Members of the Investment Committee Net Assets (PKR M)

Sharpe Ratio
660
0.047 0.044
Beta 0.93
Max draw up 723.16% 652.61%
Muhammad Asim, CFA Chief Investment Officer Max draw down -44.71% -46.24%
Syed Abid Ali Asset Class Specialist - Equities Standard Deviation 0.81 0.77
Total expense ratio with government levy* 0.29%
*This includes 0.01% representing government levy, Sindh workers' welfare fund and SECP Fee
Muhammad Aitazaz Farooqui Research Analyst
Performance Information (%) Sector Allocation (%age of Total Assets)

Automobile Assembler 3.6% Engineering 2.7%
Particulars PCM Benchmark Commercial Banks 9.2%
Other Assets 28.1%
Year to Date Return -1.30 -0.60
Oil & Gas Exploration
Month to Date Return -1.30 -0.60
Companies 8.2%
180 days Return -2.89 -5.23
365 days Return 19.05 14.98
Cash 8.1%
Since inception 652.60 576.25 Other sectors 14.5%
2013 2014 2015 2016 2017 Government
Securities 22.1% Oil & Gas Marketing Companies 3.5%
Benchmark (%) 29.2 27.12 13.92 8.89 19.62
PCM (%) 28.10 26.10 31.11 5.17 25.36
Government
Securities, 22.1%
Not
Rated, AAA, 8.8%
62.3%
AA+, 6.8%

13 MCB Pakistan Stock Market Fund NAV - PKR 100.3429
July 31, 2017

Category Equity Scheme MCB-PSM has maintained provisions against Sindh Workers’ Welfare Fund's
Asset Manager Rating AM2++ (AM Two Double Plus) by PACRA (23-Jun-17) liability to the tune of Rs 54.58 million, if the same were not made the NAV per
Stability Rating Not Applicable unit of MCB-PSM would be higher by Rs. 0.4926 and YTD return would be higher
Risk Profile Moderate to High by 0.48%. For details investors are advised to read Note 6.1 of the latest Financial
Launch Date 11-Mar-2002 Statements for the nine months ended March 31, 2017 of MCB-PSM
Auditor A.F. Ferguson & Co. Chartered Accountants Asset Allocation (%age of Total Assets)
Front end Load* Particulars Jul-17 Jun-17
Growth Units: Individual 3%
Corporate Nil Stocks / Equities 78.1% 80.6%
Bachat Units: Nil Cash 2.4& 18.3%
Back end Load* T-Bills 7.4% 0.0%
Growth Units: Nil Others including receivables 12.1% 1.1%
Bachat Units: 3% if redeemed before completion of two years
from the date of initial investment
0% if redemption after completion of two years Top 10 Equity Holdings (%age of Total Assets)
from the date of initial investment
Min. Subscription PKR 500 Hub Power Company Limited 6.5%
Listing Pakistan Stock Exchange Engro Corporation Limited 5.5%
Benchmark KSE 100 Index
Lucky Cement Limited 4.5%
Dealing Days Monday - Friday Oil and Gas Development Company Limited 4.4%
Cut off Timing Mon - Fri (9:00AM to 4:30 PM) MCB Bank Limited 4.0%
Leverage Nil Pakistan Petroleum Limited 4.0%
Bank Al-Falah Limited 3.8%
*Subject to government levies Mari Petroleum Company Limited 3.4%
International Industries Limited 2.8%
Pakistan Oilfields Limited 2.7%
The objective of the fund is to provide investors long term capital appreciation
from its investment in Pakistani equities
Particulars MCB-PSM KSE-100
Manager’s Comment Net Assets (PKR M) 11,120
Price to Earning (x)* 10.04 10.33
The Fund’s NAV dropped by 2.1% in July 2017 compared to benchmark drop of Dividend Yield (%) 5.1%
4.92
1.2%, as political uncertainty took its toll on the stock market. We reduced No. of Holdings 100
63
allocation in Cements from 14.8% to 9.2% during the month mainly on account of
Weighted. Avg Mkt Cap (PKR Bn) 98.75 164
expected demand slowdown in monsoon. Exposure in Banks, however was
Sharpe Ratio 0.07 0.05
increased by 6.9% during the month as we believe challenges on the external
Beta 0.76 1.0
account and bottomed out interest rates point towards a favorable outlook for the
Correlation 91.4%
sector. Similarly we increased exposure towards Power Generation sector by 0.9%,
Max draw up 4115.48% 3361.45%
given defensive nature of the sector. The fund, on month end was 78.10% invested
Max draw down -56.21% -69.28%
in equities, while remaining in cash and others.
Standard Deviation 1.09 1.31
Members of the Investment Committee Total expense ratio without government levy
*prospective earnings
0.29%
**This includes 0.01% representing government levy, Sindh Workers’ Welfare fund and SECP fee
Muhammad Asim, CFA Chief Investment Officer Branch Renovation Expense Charged to the Fund (PKR)
Syed Abid Ali Asset Class Specialist-Equities MTD YTD
Awais Abdul Sattar, CFA Senior Research Analyst 3,779,868 3,779,868
Muhammad Aitazaz Farooqui Research Analyst

Sector Allocation (%age of Total Assets)
Government
Particulars MCB-PSM Benchmark
Securities, 7.4% Cement, 9.2% Oil & Gas
Cash & Other Exploration Year to Date Return -2.11% -1.19%
Assets, 14.5% Companies, 14.4%
Month to Date Return -2.11% -1.19%
180 days Return -6.85% -6.97%
365 days Return 19.40% 16.40%
Since inception 3242.23% 2356.89%
Commercial
Other Equities, Banks, 16.0% 2013 2014 2015 2016 2017
24.8%
Fertilizers, 5.5% Benchmark (%) 52.20 41.16 16.01 9.84 23.24
Power Generation
& Distribution, MCB-PSM (%) 49.40 34.78 39.35 5.25 29.54
8.2%

This publication is for informational purposes only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in Mutual Funds are subject to market risks. The
NAV based prices of units and any dividends/returns thereon are dependant on forces and factors affecting the financial markets. These may go up or down based on market conditions. Past performance is not necessarily
indicative of future results. Performance data does not include the cost incurred directly by an investor in the form of sales loads etc.
14 Pakistan Pension Fund
July 31, 2017

Category Voluntary Pension Scheme PPF-EQ has maintained provisions against Sindh Workers’ Welfare Fund's
Asset Manager Rating AM2++ (AM Two Double Plus) by PACRA (23-Jun-17) liability to the tune of Rs. 3.49 million, if the same were not made the NAV per
Stability Rating Not Applicable unit would be higher by Rs. 2.5454 and YTD return would be higher by 0.45%.
Launch Date 29-Jun-2007 For details investors are advised to read Note 8.2 of the latest Financial
Fund Manager Syed Abid Ali Statements for the nine months ended March 31, 2017 of PPF.
Auditor Deloitte Yousuf Adil & Co., Chartered Accountants PPF-DT has maintained provisions against Sindh Workers’ Welfare Fund's liability
Management Fee 1.5% p.a. to the tune of Rs. 1.22 million , if the same were not made the NAV per unit
Front / Back end Load* 3% / 0% would be higher by Rs. 0.5405 and YTD return would be higher by 0.24%. For
Min. Subscription PKR 500 details investors are advised to read Note 8.2 of the latest Financial Statements
Pricing Mechanism Forward for the nine months ended March 31, 2017 of PPF.
Cut off Timing Mon - Fri (9:00AM to 5:00 PM) PPF-MM has maintained provisions against Sindh Workers’ Welfare Fund's
Leverage Nil liability to the tune of Rs. 0.29 million, if the same were not made the NAV per
unit would be higher by Rs 0.3500 and YTD return would be higher by 0.17%.
*Subject to government levies For details investors are advised to read Note 8.2 of the latest Financial
Statements for the nine months ended March 31, 2017 of PPF.
PPF - Money Market (%age of Total Assets)
The investment objective of the fund is to seek steady returns with a moderate
risk for investors by investing in a portfolio of equity, short - medium term debt Particulars Jul-17 Jun-17
and money market instruments. Cash 21.3% 5.0%
T-Bills 46.8% 45.2%
Manager’s Comment
During the month, equity sub‐fund generated return of -2.80% while the
KSE-100 return stood at -1.19%. Overall equity allocation was decreased. PPF - Debt (%age of Total Assets)
Debt sub‐fund generated an annualized return of 4.66% during the month.
Particulars Jul-17 Jun-17
Exposure in TDRs was decreased.
Cash 14.0% 5.0%
Money Market sub‐fund generated an annualized return of 4.31% during the PIBs 8.3% 11.2%
month. Funds exposure in T-Bills was increased. TFCs 15.5% 14.4%
T-Bills 15.4% 34.5%
Members of the Investment Committee
Muhammad Saqib Saleem Chief Executive Officer PPF -Equity (%age of Total Assets)
Muhammad Asim, CFA Chief Investment Officer
Syed Abid Ali Asset Class Specialist - Equities Particulars Jul-17 Jun-17
Saad Ahmed Asset Class Specialist - Fixed Income Cash 1.3% 3.0%
Cement 8.4% 18.4%
Commercial Banks 12.7% 12.2%
Muhammad Aitazaz Farooqui Research Analyst Oil & Gas Exploration Companies 15.3% 13.0%
Top 10 Equity Holdings (%age of Total Assets)- Automobile Assembler

Power Generation & Distribution
7.8%
8.0%
9.1%
7.5%
Equity Sub Fund Other equity sectors 34.8% 36.1%
Hub Power Company Limited 7.1%
Engro Corporation Limited 5.3%
Mari Petroleum Company Limited
Lucky Cement Limited
5.1%
4.4%
Performance Information & Net Assets
Oil & Gas Development Company Limited 3.8%
Pakistan Oilfields Limited 3.5% Particulars PPF-EQ* PPF-DT** PPF-MM**
United Bank Limited 3.5% Year to Date Return (%) -2.80 4.66 4.31
Pakistan Petroleum Limited 2.9% Month to Date Return (%) -2.80 4.66 4.31
Pak Elektron Limited 2.7% Since inception (%) 449.19 8.64 7.68
Cherat Cement Company Limited 2.4% Net Assets (PKR M) 753.86 519.33 173.38
NAV (Rs. Per unit) 549.30 230.68 210.97
2013 2014 2015 2016 2017
PPF - EQ* 55.70 49.60 37.95 10.77 35.72
PPF - DT** 10.10 7.16 16.85 7.35 4.31
PPF - MM** 8.20 7.15 7.17 4.40 4.30
* Total Return ** Annualized return
DISCLAIMER
This publication is for informational purposes only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in Voluntary Pension Schemes are subject to market
risks. The NAV based prices of units and any dividends/returns thereon are dependant on forces and factors affecting the financial markets. These may go up or down based on market conditions. Past performance is not
necessarily indicative of future results. Performance data does not include the cost incurred directly by an investor in the form of sales loads etc.

Conventional FMR July 2017

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Conventional FMR July 2017

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General Information Others

Investment Objective Performance Information (%)

Manager’s Comment Month to Date Return (Annualized)

WAM of the fund was 10 days.

Benchmark (%) 5.40 7.19 6.74 4.42 4.18

AA , 0.6% Government T-Bills 72

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General Information Others

The fund would remain vigilant towards the changes in macroeconomic

Benchmark (%) 10.5 9.56 9.83 6.75 6.07

Asset Quality (%age of Total Assets) 0 10 20 30 40 50 60

AAA , 0.4% Not Rated,

DISCLAIMER MUFAP’s Recommended Format

July 31, 2017

General Information Others

Fund Facts / Technical Information Annualized

Top 10 TFC Holdings (%age of Total Assets)

A+ 6.9% AA- 26.4%

Outstanding Value of investment Provision held, Value of investment

DISCLAIMER MUFAP’s Recommended Format

General Information Others

*Subject to government levies

Investment Objective Performance Information (%)

Benchmark (%) 11.00 9.33 10.43 6.97 6.05

A+ , 7.9% AA- , 45.6%

Outstanding Value of investment Provision held, Value of investment

Pace Pakistan Limited TFC 49.94 49.94 49.94 - 0.00% 0.00%

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General Information Others

Manager’s Comment Annualized

WAM of the fund stood at 250 days at month end.

Asset Quality (%age of Total Assets)

AA+ , 0.8% Government

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General Information Others

Fund Facts / Technical Information Habib Bank Limited (19-Feb-16)

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General Information Others

Manager’s Comment Benchmark (%) NA NA 8.85* 9.86 7.75

AA , 0.3% AA+ , 0.5%

Performance Information (%)

Since inception* 84.58% - Government Other Sectors , 8.2%

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General Information Others

*Subject to government levies Top Holdings (%age of Total Assets)

investing Fund's assets in Debt and Equity instruments.

Fund Facts / Technical Information

Muhammad Saqib Saleem Chief Executive Oﬃcer MTD YTD

Other Assets, 19.5%

Year to Date Return 0.45 0.50 Government

Benchmark (%) 4.36 5.88

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General Information Others

Investment Objective Pakistan Petroleum Limited

Members of the Investment Committee Net Assets (PKR M)

Performance Information (%) Sector Allocation (%age of Total Assets)

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General Information Others

Muhammad Aitazaz Farooqui Research Analyst

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