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Market Review April 2016

ECONOMY Headline inflation clocked in at 4.17% YoY for April 2016 compared to 2.11% YoY recorded in April 2015. On a MoM basis CPI recorded an increase of 1.55%, highest pace recorded since July 2014. The uptick was fueled by rise in food item prices by 2.5%MoM compared to 0.5% MoM in the previous month. Furthermore, quarterly house rent index adjustments (1.2%MoM) and annual educational index adjustments (4.97%MoM) contributed ~0.5%MoM towards inflation. Inflation for the period stood at 2.78% YoY in 10MFY16 compared to 4.81% YoY in the same period last year. Going forward inflation is expected to witness slight uptick considering recent rise in oil prices and advent of Ramadan in June. On monetary side, SBP kept discount rate unchanged at 6% in its April Monetary Policy Statement on the back of lower inflation, easing pressures on the external account, and outlook on improved foreign exchange flows from CPEC related investments. Credit off-take to private sector improved during 9MFY16 scheduled banks provided PKR 30.07tn to private sector against PKR 28.17tn last year growing by at least 6.74%. This uptake is expected to further funnel consumption in economy as consumer financing also increased by 10.5% to clock at PKR 2.59tn. Along with that FDI increased by 15% to reach USD 957mn during 9MFY16. In April 2016, foreign reserves stood at USD 20.79bn strengthened partly by remittances inflow of USD 14.3bn which increased by 5.74% during 9MFY16 YoY. However exports are down by 9.08% to USD 16.3tn as Pakistan’s exports are exposed to global decreasing commodity prices. Government revenues during 1HFY16 clocked at PKR 2.0tn which increased by 13.8% QoQ due to extended efforts to increase tax net as tax revenue increased by 26.6% to clock at PKR 1.6tn however non tax revenue also increased to PKR 0.3tn. Hence fiscal deficit remained in bounds. Pakistan also remains strong on external front as current account balance has improved by 18.5% during 9MFY16 to clock at a deficit of USD 1.9bn against deficit of USD 2.2bn in the same period last year. Provisional current account balance remained positive for the month of March 2016 at USD 0.2bn up by 86% MoM. MONEY MARKET REVIEW

In April, the State Bank of Pakistan borrowed funds worth PKR 67bn in the T-bill auction held on April 13,2016 while rejected the other auction on April 28,2016 against the month’s target of 525bn while maturity of PKR 556bn and the cut off yield for 3, 6 and 12 month averaged at 6.1697%, 6.1720% and 6.2079% respectively. Furthermore, SBP borrowed funds of PKR 136bn against the target of PKR 50bn through the sale of 3, 5 and 10 years PIBs averaged at 6.4605%,6.9029% and 8.1002% respectively while no bids received in 20 years. Going forward the possible reversal of inflation trajectory provide little room for downward adjustment of policy rate while larger maturity of long term bonds maintained pressure on their respective yields. EQUITY MARKET REVIEW KSE-30 index closed up 5.4 % MoM in Apr-16. With discounted valuations in large cap stocks garnering participants’ attention towards likely move towards MSCI EM. KSE-30 index gained nearly 1,038.14 points during the month to close at 20,205 points. Oil & Gas led the rally as the participants weighed discounted valuations over downside profitability risks amid rising oil prices. While interest in banking sectors was garnered by better than expected results subsiding earlier concerns of earnings attrition. Nevertheless, foreign participants continued to be net sellers and pulled out approximately USD 18mn during the month, taking cumulative net outflow since the beginning of the calendar year to USD 119mn.

Monthly YoY Inflation

0.0%

4.0%

8.0%

12.0%

16.0%

Apr

-12

Jul-1

2O

ct-1

2Ja

n-13

Apr

-13

Jul-1

3O

ct-1

3Ja

n-14

Apr

-14

Jul-1

4O

ct-1

4Ja

n-15

Apr

-15

Jul-1

5O

ct-1

5Ja

n-16

Apr

-16

Interbank rates KIBOR (Average) Apr ’16 vs. Mar ’16

6.5

6.3

6.4 6.

6

6.7 6.7 6.8

6.5

6.3

6.4 6.

6

6.6 6.7 6.8

5.50

6.00

6.50

7.00

7.50

8.00

1M 3M 6M 9M 1Y 2Y 3Y

Apr '16 Mar '16

Market activity Daily volume vs. KSE-30 movement

17,000

18,000

19,000

20,000

-

20

40

60

80

100

120

1-Apr 7-Apr 13-Apr 19-Apr 25-Apr 29-Apr

Shrs in mnVolume (L.H.S) KSE-30 (R.H.S)

Unit Trust of Pakistan (UTP) April 2016

MUFAP Recommended Format

Investment philosophy UTP is a balanced fund that aims to preserve and grow investor’s capital in the long term while providing a regular stream of current income on an annual basis. The fund operates a diverse portfolio of equity and fixed income investments whereby the equity component is meant to provide the growth in capital while dividends on the equity component along with the fixed income investments help generate the current income.

Key information Fund type Open endCategory Balanced SchemeFund launch date 27 October, 1997Net Assets (PKR mn) 1,367.19NAV (PKR) 155.42Benchmark 50% 6M KIBOR & 50% KSE 30 IndexManagement fee 2.00% (Exclusive of SST & FED)Front-end Load 3.00%Back-end Load NILPricing mechanism Forward Trustee Central Depository Company of Pakistan Ltd.Dealing Days & Cut-off time (Monday to Friday) 3:00 p.m.Auditor KPMG Taseer Hadi & Co.Risk profile MediumListing PSXLeverage NILManagement Quality Rating AM2- by JCR-VISEntity Rating A+ (Long Term), A1 (Short Term) by PACRAInvestment Committee MembersDr. Ali Akhtar Ali - Chief Executive Officer Mr. Suleman Rafiq Maniya - Fund ManagerMr. Khawar Iqbal - Chief Financial Officer Mr. Yousuf Muhammad Farooq - Head of Research

Fund manager's review April-16 started with a bang with the benchmark KSE-30 rising by 5.4% following a rise in international oil prices along with anticipation of possible upgrading of Pakistan to the Emerging markets, a scenario which your fund manager has stated a number of times over the last year. The key index heavy weights outperformed during this rally. Your fund also benefitted from this however our portfolio slightly underperformed the benchmark during this month as our off benchmark bets underperformed. Higher international oil prices guided sentiment in the oil sector which being a key sector of the index helped in improving the overall trend.

Your Portfolio Manager continues to maintain an equity bias and professes the “Lower for Longer” stance on domestic inflation along with lower global interest rates which inturn are expected to reduce currency volatility for a country like Pakistan. Moreover with a major expected announcement of MSCI upgradation of Pakistan into Emerging markets due by Jun’16, the equity theme remains compelling and valuations are still not stretched even after Apr-16's rally.

The KSE-30 index gained 5.4% MoM in Apr-16 as the risk on sentiment revived on the local and international equity markets. Foreigners continued to remain sellers with a FIPI outflow of USD18.1mn in Apr-16 and taking total outflows to USD359mn in 10MFY16 concentrated mainly in EnP’s and Banking Sector. Your Fund built further position into EnPs which were trading at trough valuations along with some exposure into Fertilizer sector. We have also aggressively built a strategic position in NRL which we believe will continue to be in the limelight due to its outstanding results and stable business model and feel there is a lot of room before valuations catch up. In the EnP space PPL remains our top bet while we reduced some exposure in cements. We also added some off the benchmark bets in Pharmaceutical space and a relatively new company exposed to pharmaceutical space through manufacturing glass tubes called Ghani Global Glass which we believe will help the fund in generating decent alpha for the medium term.

After accounting for the slight underperformance in Apr’16, Your fund still continues to deliver stable returns compared to peers where the Fund has managed to post a return of 4.84% in 10MFY16 vs the Benchmark which was down by 0.28% during this period, leading to an outperformance of 5.12%. We continued to be invested in fundamentally strong companies with more than double digit earnings growth.

Your Portfolio Manager still believes that the equity market is well poised for a substantial rally during this year therefore the current allocation will remain geared towards equity as an asset class as explained earlier. Focus will remain towards Cements, Autos, Insurance and Auto allied, Refineries and EnP's which are likely to outperform the benchmark in the medium term. This is driven by the fact that we continue to see robust earnings growth in these sectors. In addition, we have witnessed substantial foreign participation in these sectors which we think is likely to result in additional re-rating of these sectors further adding to the underlying value in these investments. On the flip side we are still cognizant of the risks in the equity market and have adequate cash levels to benefit from any further decline.

Non Compliant Investments under Circular 07/2009 Name ofInvestment Type Value before

provision

Provision held

(if any)

Value after provision

% of Net Assets

% of Gross Assets

Agritech Ltd. Sukuks 112,298,115 112,298,115 - 0.00 0.00Azgard Nine Ltd.a PPTFC 31,980,766 (31,980,766) - 0.00 0.00Agritech Ltd.b PPTFC - - - 0.00 0.00Azgard Nine Ltd.c PPTFC - - - 0.00 0.00

(a) The commercial paper amounting to Rs. 75 mn of Azgard Nine Ltd has been settled through Issuance of 15,000 PPTFC's of an equivalent amount in the name of the fund. The said PPTFCs were restructured and ANL provided 772,253 shares of Agritech Limited at the rate of Rs. 35 each which reduced our provision accordingly. During the month of January 2013 5000 PPTFC'S have been disposed off. (b) Fund has received Agritech PPTFC's against interest receivable of Agritech Sukuk which is valued at zero but cost is carried at 18,665,000. (c) The Fund has received 3,853 Zero Coupon PPTFC against interest receivable of unlisted TFC's. Since these PPTFC's are received against already defaulted securities and even MUFAP started its revaluation, the management as a matter of prudence is not revaluing said PPTFC's. These PPTFC's are valued at zero but cost is carried at 19,265,000.

1 Cumulative return is based as per MUFAP stated methodology.

Performance (%) 1M 1Y 3Y 5Y Launch Avg. Ann.*

Fund 2.25 4.02 60.83 129.84 1558.44 16.37Benchmark 2.95 0.11 34.94 70.20 819.09 12.72Difference -0.70 3.91 25.89 59.64 739.35 3.65

* Average Annualized Return since inception as per Morning Star formula

Monthly performance (%) FY16 FY15 FY14 FY13 FY12

July 2.89 2.42 5.47 3.57 -0.15August -0.90 -6.41 -5.57 5.07 -1.21September -4.24 3.76 -0.66 -0.06 4.13October 5.66 3.43 2.44 1.64 0.39November -2.36 5.31 6.40 4.01 -2.44December 2.10 3.88 4.53 1.89 -2.45January 0.99 4.50 1.18 2.37 7.38February -4.01 -1.95 -0.19 4.73 5.16March 2.85 -8.59 4.49 1.70 4.88April 2.25 8.55 4.07 1.64 2.08May -2.10 1.18 9.46 -0.67June 1.35 -1.36 -0.08 -1.05YTD 4.84 13.52 23.56 42.01 16.60Benchmark -0.28 7.85 18.21 22.77 8.37Difference 5.12 5.67 5.35 19.24 8.23

Asset allocation (%) Apr-16 Mar-16

Cash 13.51 12.27 Placement with Banks and DFIs - - Equity 64.43 64.42 TFCs / Sukkuks - - PIBs 10.56 11.60 T Bills 10.11 10.42 MTS / Spread Transactions - - Other including receivables 1.39 1.29 Total 100.00 100.00

Asset quality (%age of total assets)

AA-12.51%

AA+0.11%

AA0.88%

A+0.01%

AAA*20.67%

* Govt. securities (20.67)

Equity sector breakdown (%)

Apr-16 Mar-16Oil & Gas Exploration Companies 9.42 5.22 Cement 9.16 16.11 Automobile Assembler 7.83 8.48 Insurance 6.97 9.28 Oil & Gas Marketing Companies 5.37 5.03 Others 25.69 20.29 Total 64.43 64.42

Top holding (%age of total assets) Pak Suzuki Motor Co. Ltd. 6.07 Cherat Cement Co. Ltd. 6.04 Pakistan State Oil Co. Ltd. 5.37 Pakistan Petroleum Ltd. 4.96 Fauji Fertilizer Bin Qasim Ltd. 4.56 Adamjee Insurance Co. Ltd. 4.34 Synthetic Products Enterprises Ltd. 4.02 Rafhan Maize Products Ltd. 3.86 National Refinery Ltd. 3.75 Agriautos Industries Ltd. 3.09

Disclosure for WWF Liability under Circular 17 of 2012 The Scheme has maintained provisions against Worker's Welfare Fund’s liability to the tune of Rs. 31,865,820, if the same were not made the NAV per unit/return of the Scheme would be higher by Rs. 3.62 / 2.3%. For details investors are advised to read the Note 9.1 of the latest Financial Statements of the Scheme.

Statistical analysis Fund Fund BM

Information Ratio 0.11 Beta 0.5 1.0Correlation 0.75 Largest Month Gain 14.0% 19.3%Standard Deviation 14.8% Largest Month Loss -24.0% -33.8%Expense Ratio* 0.25% % Positive Months 71.7% 64.6%

* For the month of April 2016.

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JS Growth Fund (JS GF) April 2016


Investment philosophy

The main objective of JSGF is to enable the Certificate Holders to participate in a diversified portfolio of high quality equity securities listed on the stock exchanges and to maximize the investment return, by prudent investment management. Key information Fund type Open endCategory Equity SchemeFund launch date 06 June, 2006 *Net Assets (PKR mn) 2,282.21NAV (PKR) 162.89Benchmark KSE30 IndexManagement fee 2.00% (Exclusive of SST & FED)Front-end Load 3.00%Back-end Load NILPricing mechanism Forward Trustee MCB Financial Services LtdDealing Days & Cut-off time (Monday to Friday) 3:00 p.m.Auditor Grant Thorton Anjum Rahman & CoRisk profile HighListing PSXLeverage NILManagement Quality Rating AM2- by JCR-VISEntity Rating A+ (Long Term), A1 (Short Term) by PACRAInvestment Committee MembersDr. Ali Akhtar Ali - Chief Executive OfficerMr. Khawar Iqbal - Chief Financial OfficerMr. Arslan Asif Soomro - Fund ManagerMr. Yousuf Muhammad Farooq - Head of Research Fund manager's review Bank of Japan disappointed the market by not introducing additional monetary surplus, creating havoc in currency markets as yen touched a high of 106.14 to USD (appreciating by 16% against its lows against USD). Although, the BoJ intended to watch the results of the recently introduced negative interest rates by assessing the damage prior to any medicine, it seems that the so-called Abenomics has been jeaopardised by the investors. The Yen has touched almost the same levels with Shinzo Abe was elected in December 2012. With such a high Debt to GDP ratio - 230%- and paltry yield on government bonds, the Japanese investors have two alternative assets; currency or equity. The local Auto-assembles, nonetheless, have the pricing power to pass it on to consumers, the impact of which would be lower than the increase in the prices of imported cars, which have a 100% Foreign currency exposure compared to a lower Foreign currency exposure of Auto Assemblers. We believe Automobile industry is a growing reflective of emerging middle-class of Pakistan attracting the attention of foreign players, such as, Audi, Renault-Nissan, Fiat etc. The Auto-led growth enabled companies such as, General Tyre, Thal Limited and Agri Autos to post robust earnings growth and margin improvement thereby, affirming our view on medium term out-look of the sector. International Oil prices increased in the out-going month despite the Doha talk failing to material any concrete agreement on freezing the Oil production. Saudi Arab's insistence on Iran's freeze, coupled with the new plan unveiled by the Prince to reduce reliance on Oil prevented any agreement from taking place. Moreover, reduction in Kuwait's oil production owing to a strike in the oil industry, coupled with tumbling oil prices have led to reduction in US Shale production from 9.6mn barrels/day to 8.9mn barrels/day creating stability in the oil prices which have rallied to highs of $45/barrel. The increase led to a temporary improvement in the share prices of index-heavy OGDC, PPL and POL enabling the index to cross 34,500 points. However, we brush the exploration companies with bleak-earnings outlook and massive foreign selling in the stocks along with "lower for longer" oil outlook have realigned the portfolio to growth-oriented stocks. A higher exploration costs for OGDC and PPL reaffirm our hypothesis that these organization may be covertly forced to aggressively explore for Oil and Gas despite falling Return on Investments (RoIs) and may not necessarily act in the best interest of for-profit minority share-holders. Our outlook on global metal and energy prices is quite bearish too. Coal prices are likely to remain depressed as US's largest coal company Peabody defaulted and filed for bankruptcy along with Norway's sovereign fund decision to exclude coal related companies from approved investment universe of ethical grounds. Moreover, with plenty of excess capacity in Iron and Steel industry in China, the recent spike in these metals appears to be short-lived and another soft-landing of China would pull these prices back to new lows benefiting local Auto-assemblers again. Your Fund Manager believes, the China's splurge in debt-induced-growth has increased Debt/GDP from 148% to 237% is going to shake the Global Markets primarily when the government is hell-bent on interfering in the "free-markets" operations of the industry. Next month could be a lull period owing to uncertainty surrounding over the next year's Fiscal Budget along with already perked up Banking and Oil sector shares prices. But the interest level is expected to remain high on the back of expected inclusion of Pakistan in the much-glorified MSCI Emerging Market Index. For the Banking sector, the government reduced the borrowing Target of PIBs maturity worth Rs 1.4 trillion to Rs 200 billion thus, the Banks invested in higher yielding PIBs would be forced to settle for lesser yields going forward. Moreover, the Finance Minister, Mr. Dar, recently implied that a one-off "Super Tax" would be applicable for another year and thus could further squeeze Banking sector earnings that in one of the remaining quarters of CY 16, they would be forced to record massive 45-50% tax rate and may disappoint investors. Therefore, we remain prudent in our exposure to the Banking Sector, where we believe MSCI Emerging Market update would nominally re-rate the Banking Sector which may be off-settled by decline in the earnings stemming from decline in Net Interest Margins (NIMs) and higher tax rate. Next month could be a lull period owing to uncertainty surrounding over the next year's Fiscal Budget along with already perked up Banking and Oil sector shares prices. But the interest level is expected to remain high on the back of expected inclusion of Pakistan in the much-glorified MSCI Emerging Market Index.


Fund 3.49 1.55 82.52 191.71 154.32 9.88Benchmark 5.42 -6.77 38.01 72.46 65.89 5.24Difference -1.93 8.32 44.51 119.25 88.43 4.64



July 3.44 2.92 11.41 3.80 -1.13August -2.40 -9.21 -8.85 5.36 -5.05September -6.80 4.22 0.45 -0.71 5.12October 6.53 1.46 1.83 2.34 -3.31November -4.82 3.53 15.14 6.32 -3.28December 3.81 8.28 4.63 1.24 -3.95January -0.79 8.17 1.43 2.12 8.93February -4.46 -5.12 0.06 7.11 9.60March 4.74 -11.16 6.43 2.25 6.89April 3.49 11.54 3.18 3.00 2.49May -2.67 1.78 14.87 2.07June 2.53 -1.28 -0.87 -0.35YTD 1.76 12.42 40.12 56.91 17.92Benchmark -6.34 5.67 25.96 35.95 2.90Difference 8.10 6.75 14.16 20.96 15.02 Asset allocation (%)

Apr-16 Mar-16Cash 7.73 9.32Equity 90.74 83.57Other including receivables 1.53 7.11Total 100.00 100.00 Equity sector breakdown (%)

Apr-16 Mar-16Cement 14.14 16.86Insurance 13.98 14.19Automobile Assembler 11.97 12.48Oil & Gas Marketing Companies 9.93 10.25Oil & Gas Exploration Companies 7.70 2.50Others 33.03 27.29Total 90.74 83.57 Top holding (%age of total assets) D. G. Khan Cement Co. Ltd. 7.16IGI Insurance Ltd. 7.11Adamjee Insurance Co. Ltd. 6.86Pakistan State Oil Co. Ltd. 6.57Cherat Cement Co. Ltd. 6.40Pak Suzuki Motor Co. Ltd. 6.31Indus Motor Co. Ltd. 5.65Fauji Fertilizer Bin Qasim Ltd. 4.85Rafhan Maize Products Ltd. 4.84MCB Bank Ltd. 4.65 Disclosure for WWF Liability under Circular 17 of 2012 The Scheme has maintained provisions against Worker's Welfare Fund’s (WWF) liability to the tune of Rs. 91,288,040, if the same were not made the NAV per unit/return of the Scheme would be higher by Rs. 6.52 / 4.0%. For details investors are advised to read the Note 9 of the latest Financial Statements of the Scheme. However, from July 01, 2015 WWF is not being charged. * Converted into open end scheme on 19 July, 2013. 1 Cumulative return is based as per MUFAP stated methodology.



*For the month of April 2016.

JS Value Fund (JS VF) April 2016



The fund maintains a portfolio of high yielding equity securities aiming at earnings derived from capital appreciation and dividend income. The portfolio seeks capital growth through investments in listed equity securities with better-than-average appreciation potential and liberal dividend policies. To benefit from changing interest rate environment and some portion of the portfolio is also kept in cash and near cash instruments (excluding TDR) which may include Government securities not exceeding ninety (90) days maturity. Key information Fund type Open endCategory Equity SchemeFund launch date 14 January, 1996 *Net Assets (PKR mn) 1,186.75NAV (PKR) 196.16Benchmark KSE30 IndexManagement fee 2.00% (Exclusive of SST & FED)Front-end Load 3.00%Back-end Load NILPricing mechanism Forward Trustee MCB Financial Services LtdDealing Days & Cut-off time (Monday to Friday) 3:00 p.m.Auditor KPMG Taseer Hadi & Co.Risk profile HighListing PSXLeverage NILManagement Quality Rating AM2- by JCR-VISEntity Rating A+ (Long Term), A1 (Short Term) by PACRAInvestment Committee MembersDr. Ali Akhtar Ali - Chief Executive OfficerMr. Khawar Iqbal - Chief Financial OfficerMr. Suleman Rafiq Maniya - Fund ManagerMr. Yousuf Muhammad Farooq - Head of Research Fund manager's review April-16 started with a bang with the benchmark KSE-30 rising by 5.4% following a rise in international oil prices along with anticipation of possible upgrading of Pakistan to the Emerging markets, a scenario which your fund manager has stated a number of times over the last year. The key index heavy weights outperformed during this rally. Your fund also benefitted from this however our portfolio slightly underperformed the benchmark during this month as our off benchmark bets underperformed. Higher international oil prices guided sentiment in the oil sector which being a key sector of the index helped in improving the overall trend. Your Portfolio Manager continues to maintain an equity bias and professes the “Lower for Longer” stance on domestic inflation along with lower global interest rates which inturn are expected to reduce currency volatility for a country like Pakistan. Moreover with a major expected announcement of MSCI upgradation of Pakistan into Emerging markets due by Jun’16, the equity theme remains compelling and valuations are still not stretched even after Apr-16's rally. The KSE-30 index gained 5.4% MoM in Apr-16 as the risk on sentiment revived on the local and international equity markets. Foreigners continued to remain sellers with a FIPI outflow of USD18.1mn in Apr-16 and taking total outflows to USD359mn in 10MFY16 concentrated mainly in EnP’s and Banking Sector. Your Fund built further position into EnPs which were trading at trough valuations along with some exposure into Fertilizer sector. We have also aggressively built a position in Banks and EnP's while reducing our weight in cements. In the EnP space POL remains our top bet. After accounting for the slight underperformance in Apr’16, Your fund still continues to deliver stable returns compared to peers where the Fund has managed to post a return of 9.06% in 10MFY16 vs the Benchmark which was down by 6.3% during this period, leading to an outperformance of 15.4%. We continued to be invested in fundamentally strong companies with more than double digit earnings growth. Your Portfolio Manager still believes that the equity market is well poised for a substantial rally during this year therefore the current allocation will remain geared towards equity as an asset class as explained earlier. Focus will remain towards Cements, Autos, Insurance and Auto allied, Refineries and EnP's which are likely to outperform the benchmark in the medium term. This is driven by the fact that we continue to see robust earnings growth in these sectors. In addition, we have witnessed substantial foreign participation in these sectors which we think is likely to result in additional re-rating of these sectors further adding to the underlying value in these investments. On the flip side we are still cognizant of the risks in the equity market and have adequate cash levels to benefit from any further decline.

Performance (%) 1M 1Y 3Y 5Y 10Y Avg. Ann.*


* Average Annualized Return since last ten year as per Morning Star formula Monthly performance (%)

FY16 FY15 FY14 FY13 FY12July 5.69 2.04 8.16 3.57 -0.10August -2.69 -6.80 -7.20 5.88 -3.25September -5.87 4.69 -0.82 1.11 4.09October 7.55 1.33 3.02 4.23 -0.60November -3.25 2.17 12.94 4.98 -5.32December 4.21 5.83 4.30 1.86 -2.97January 0.09 6.26 0.57 1.37 7.42February -5.23 -2.35 0.73 7.90 5.08March 5.88 -10.97 6.46 2.58 5.61April 3.44 10.44 2.87 3.74 0.00May -3.52 2.13 14.40 5.13June 2.16 -1.00 -0.16 0.09YTD 9.06 9.72 35.52 64.30 15.25Benchmark -6.34 5.67 25.96 35.95 2.90Difference 15.40 4.05 9.56 28.35 12.35 Asset allocation (%)


Apr-16 Mar-16Cement 14.54 16.86Insurance 10.98 9.72Oil & Gas Exploration Companies 10.34 5.51Automobile Assembler 9.30 9.09Commercial Banks 7.91 7.26Others 36.38 28.75Total 89.45 77.20 Top holding (%age of total assets) Adamjee Insurance Co. Ltd. 7.84Pakistan State Oil Co. Ltd. 7.30Cherat Cement Co. Ltd. 7.03D. G. Khan Cement Co. Ltd. 6.37Pak Suzuki Motor Co. Ltd. 6.11Al-Abbas Sugar Mills Ltd. 6.05Fauji Fertilizer Bin Qasim Ltd. 5.54Rafhan Maize Products Ltd. 5.04MCB Bank Ltd. 4.93Pakistan Oilfields Ltd. 4.05 Disclosure for WWF Liability under Circular 17 of 2012 The Scheme has maintained provisions against Worker's Welfare Fund’s (WWF) liability to the tune of Rs. 39,130,068 if the same were not made the NAV per unit/return of the Scheme would be higher by Rs. 6.47 / 3.3%. For details investors are advised to read the Note 9.1 of the latest Financial Statements of the Scheme. However, from July 01, 2015 WWF is not being charged.

* Converted into open end scheme on 27 June, 2013. 1 Cumulative return is based as per MUFAP stated methodology.




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JS Large Cap. Fund (JS LCF) April 2016



JS LCF is an open-end Equity Scheme that aims to benefit from an attractive Capital Market in an economy with growth potential, to maximize the total investment return consisting of a combination of capital appreciation and dividend income. Consistent with its Investment Objective, the Fund shall invest primarily in equity securities of listed Large-Cap companies with market capitalization of over Rupees one billion. The remaining Funds shall be invested in Authorized Investments including cash and/or near cash instruments which include cash in bank accounts, and Government securities not exceeding ninety (90) days maturity.

Key information Fund type Open endCategory Equity SchemeFund launch date 14 May, 2004 *Net Assets (PKR mn) 1,006.98NAV (PKR) 109.78Benchmark KSE30 IndexManagement fee 2.00% (Exclusive of SST & FED)Front-end Load 3.00%Back-end Load NILPricing mechanism Forward Trustee Central Depository Company of Pakistan Ltd.Dealing Days & Cut-off time (Monday to Friday) 3:00 p.m.Auditor KPMG Taseer Hadi & Co.Risk profile HighListing PSXLeverage NILManagement Quality Rating AM2- by JCR-VISEntity Rating A+ (Long Term), A1 (Short Term) by PACRAInvestment Committee MembersDr. Ali Akhtar Ali - Chief Executive OfficerMr. Khawar Iqbal - Chief Financial OfficerMr. Arslan Asif Soomro - Fund ManagerMr. Yousuf Muhammad Farooq - Head of Research

Fund manager's review Bank of Japan disappointed the market by not introducing additional monetary surplus, creating havoc in currency markets as yen touched a high of 106.14 to USD (appreciating by 16% against its lows against USD). Although, the BoJ intended to watch the results of the recently introduced negative interest rates by assessing the damage prior to any medicine, it seems that the so-called Abenomics has been jeaopardised by the investors. The Yen has touched almost the same levels with Shinzo Abe was elected in December 2012. With such a high Debt to GDP ratio - 230%- and paltry yield on government bonds, the Japanese investors have two alternative assets; currency or equity. The local Auto-assembles, nonetheless, have the pricing power to pass it on to consumers, the impact of which would be lower than the increase in the prices of imported cars, which have a 100% Foreign currency exposure compared to a lower Foreign currency exposure of Auto Assemblers. We believe Automobile industry is a growing reflective of emerging middle-class of Pakistan attracting the attention of foreign players, such as, Audi, Renault-Nissan, Fiat etc. The Auto-led growth enabled companies such as, General Tyre, Thal Limited and Agri Autos to post robust earnings growth and margin improvement thereby, affirming our view on medium term out-look of the sector. International Oil prices increased in the out-going month despite the Doha talk failing to material any concrete agreement on freezing the Oil production. Saudi Arab's insistence on Iran's freeze, coupled with the new plan unveiled by the Prince to reduce reliance on Oil prevented any agreement from taking place. Moreover, reduction in Kuwait's oil production owing to a strike in the oil industry, coupled with tumbling oil prices have led to reduction in US Shale production from 9.6mn barrels/day to 8.9mn barrels/day creating stability in the oil prices which have rallied to highs of $45/barrel. The increase led to a temporary improvement in the share prices of index-heavy OGDC, PPL and POL enabling the index to cross 34,500 points. However, we brush the exploration companies with bleak-earnings outlook and massive foreign selling in the stocks along with "lower for longer" oil outlook have realigned the portfolio to growth-oriented stocks. A higher exploration costs for OGDC and PPL reaffirm our hypothesis that these organization may be covertly forced to aggressively explore for Oil and Gas despite falling Return on Investments (RoIs) and may not necessarily act in the best interest of for-profit minority share-holders. Our outlook on global metal and energy prices is quite bearish too. Coal prices are likely to remain depressed as US's largest coal company Peabody defaulted and filed for bankruptcy along with Norway's sovereign fund decision to exclude coal related companies from approved investment universe of ethical grounds. Moreover, with plenty of excess capacity in Iron and Steel industry in China, the recent spike in these metals appears to be short-lived and another soft-landing of China would pull these prices back to new lows benefiting local Auto-assemblers again. Your Fund Manager believes, the China's splurge in debt-induced-growth has increased Debt/GDP from 148% to 237% is going to shake the Global Markets primarily when the government is hell-bent on interfering in the "free-markets" operations of the industry. Next month could be a lull period owing to uncertainty surrounding over the next year's Fiscal Budget along with already perked up Banking and Oil sector shares prices. But the interest level is expected to remain high on the back of expected inclusion of Pakistan in the much-glorified MSCI Emerging Market Index. For the Banking sector, the government reduced the borrowing Target of PIBs maturity worth Rs 1.4 trillion to Rs 200 billion thus, the Banks invested in higher yielding PIBs would be forced to settle for lesser yields going forward. Moreover, the Finance Minister, Mr. Dar, recently implied that a one-off "Super Tax" would be applicable for another year and thus could further squeeze Banking sector earnings that in one of the remaining quarters of CY 16, they would be forced to record massive 45-50% tax rate and may disappoint investors. Therefore, we remain prudent in our exposure to the Banking Sector, where we believe MSCI Emerging Market update would nominally re-rate the Banking Sector which may be off-settled by decline in the earnings stemming from decline in Net Interest Margins (NIMs) and higher tax rate. Next month could be a lull period owing to uncertainty surrounding over the next year's Fiscal Budget along with already perked up Banking and Oil sector shares prices. But the interest level is expected to remain high on the back of expected inclusion of Pakistan in the much-glorified MSCI Emerging Market Index.





July 6.07 3.43 12.94 4.07 -1.09August -3.30 -10.37 -8.41 4.39 -6.17September -7.28 8.70 -1.23 -1.16 6.94October 7.83 6.87 3.16 1.89 -2.67November -5.91 7.34 12.98 6.40 -3.43December 4.67 9.16 5.55 1.40 -4.21January -0.49 8.86 4.48 2.87 9.03February -5.33 -3.83 -6.70 7.98 9.81March 6.35 -9.81 8.30 3.96 4.94April 2.23 12.66 3.63 0.66 0.44May -3.00 3.40 12.08 3.08June 1.18 -1.79 0.52 -1.16YTD 3.44 31.74 39.64 54.57 14.87Benchmark -6.34 5.67 25.96 35.95 2.90Difference 9.78 26.07 13.68 18.62 11.97 Asset allocation (%)


Apr-16 Mar-16Cement 27.42 28.85Oil & Gas Marketing Companies 13.82 14.23Automobile Assembler 13.26 13.46Insurance 11.14 11.10Automobile Parts & Accessories 6.68 5.70Others 19.21 15.78Total 91.52 89.13 Top holding (%age of total assets) Indus Motor Co. Ltd. 7.71Pakistan State Oil Co. Ltd. 7.57Cherat Cement Co. Ltd. 7.31The General Tyre & Rubber Co. of Pakistan Ltd. 6.68Lucky Cement Ltd. 6.53Attock Petroleum Ltd. 6.25Adamjee Insurance Co. Ltd. 5.59IGI Insurance Ltd. 5.55Pak Suzuki Motor Co. Ltd. 5.55D. G. Khan Cement Co. Ltd. 5.34

Disclosure for WWF Liability under Circular 17 of 2012 The Scheme has maintained provisions against Worker's Welfare Fund’s (WWF) liability to the tune of Rs. 45,687,183, if the same were not made the NAV per unit/return of the Scheme would be higher by Rs. 4.98 / 4.5%. For details investors are advised to read the Note 9.1 of the latest Financial Statements of the Scheme. However, from July 01, 2015 WWF is not being charged. * Converted into open end scheme on 26 September, 2010.




JS Islamic Fund (JS ISF) April 2016



JS Islamic Fund [JS ISF] aims to grow investor’s capital in the long term in adherence with principles of Shariah compliance as advised by the Shariah Advisory Council (SAC) of this fund. The fund investments are limited to asset classes approved by the Shariah Advisory Council (SAC) and all companies under investment consideration are semiannually screened for Shariah compliance. Key information Fund type Open endCategory Shariah Compliant Islamic - Equity SchemeFund launch date 27 December, 2002Net Assets (PKR mn) 697.06NAV (PKR) 99.84Benchmark KMI-30 IndexManagement fee 2.00% (Exclusive of SST & FED)Front-end Load 3.00%Back-end Load NILPricing mechanism Forward Trustee Central Depository Company of Pakistan Ltd.Dealing Days & Cut-off time (Monday to Friday) 3:00 p.m.Auditor A. F. Ferguson & Co.Risk profile HighListing PSXLeverage NILManagement Quality Rating AM2- by JCR-VISEntity Rating A+ (Long Term), A1 (Short Term) by PACRAInvestment Committee MembersDr. Ali Akhtar Ali - Chief Executive OfficerMr. Khawar Iqbal - Chief Financial OfficerMr. Arslan Asif Soomro - Fund ManagerMr. Yousuf Muhammad Farooq - Head of Research

Fund manager's review Bank of Japan disappointed the market by not introducing additional monetary surplus, creating havoc in currency markets as yen touched a high of 106.14 to USD (appreciating by 16% against its lows against USD). Although, the BoJ intended to watch the results of the recently introduced negative interest rates by assessing the damage prior to any medicine, it seems that the so-called Abenomics has been jeaopardised by the investors. The Yen has touched almost the same levels with Shinzo Abe was elected in December 2012. With such a high Debt to GDP ratio - 230%- and paltry yield on government bonds, the Japanese investors have two alternative assets; currency or equity. The local Auto-assembles, nonetheless, have the pricing power to pass it on to consumers, the impact of which would be lower than the increase in the prices of imported cars, which have a 100% Foreign currency exposure compared to a lower Foreign currency exposure of Auto Assemblers. We believe Automobile industry is a growing reflective of emerging middle-class of Pakistan attracting the attention of foreign players, such as, Audi, Renault-Nissan, Fiat etc. The Auto-led growth enabled companies such as, General Tyre, Thal Limited and Agri Autos to post robust earnings growth and margin improvement thereby, affirming our view on medium term out-look of the sector.

International Oil prices increased in the out-going month despite the Doha talk failing to material any concrete agreement on freezing the Oil production. Saudi Arab's insistence on Iran's freeze, coupled with the new plan unveiled by the Prince to reduce reliance on Oil prevented any agreement from taking place. Moreover, reduction in Kuwait's oil production owing to a strike in the oil industry, coupled with tumbling oil prices have led to reduction in US Shale production from 9.6mn barrels/day to 8.9mn barrels/day creating stability in the oil prices which have rallied to highs of $45/barrel. The increase led to a temporary improvement in the share prices of index-heavy OGDC, PPL and POL enabling the index to cross 34,500 points. However, we brush the exploration companies with bleak-earnings outlook and massive foreign selling in the stocks along with "lower for longer" oil outlook have realigned the portfolio to growth-oriented stocks. A higher exploration costs for OGDC and PPL reaffirm our hypothesis that these organization may be covertly forced to aggressively explore for Oil and Gas despite falling Return on Investments (RoIs) and may not necessarily act in the best interest of for-profit minority share-holders.

Our outlook on global metal and energy prices is quite bearish too. Coal prices are likely to remain depressed as US's largest coal company Peabody defaulted and filed for bankruptcy along with Norway's sovereign fund decision to exclude coal related companies from approved investment universe of ethical grounds. Moreover, with plenty of excess capacity in Iron and Steel industry in China, the recent spike in these metals appears to be short-lived and another soft-landing of China would pull these prices back to new lows benefiting local Auto-assemblers again. Your Fund Manager believes, the China's splurge in debt-induced-growth has increased Debt/GDP from 148% to 237% is going to shake the Global Markets primarily when the government is hell-bent on interfering in the "free-markets" operations of the industry.

Next month could be a lull period owing to uncertainty surrounding over the next year's Fiscal Budget along with already perked up Banking and Oil sector shares prices. But the interest level is expected to remain high on the back of expected inclusion of Pakistan in the much-glorified MSCI Emerging Market Index.


Fund 2.37 6.00 122.40 267.50 684.14 16.68Benchmark 3.98 9.59 83.63 196.51 577.28 15.41Difference -1.61 -3.59 38.77 70.99 106.86 1.27



July 2.96 3.79 15.35 3.24 2.57August -4.33 -11.70 -11.98 6.71 -4.25September -6.10 9.19 1.59 0.11 7.38October 5.97 8.71 1.02 -0.36 1.10November -5.64 7.98 10.07 1.40 -6.35December 4.56 8.68 4.84 1.89 -7.14January 0.54 7.41 5.64 3.05 11.00February -5.20 -1.86 -3.33 7.08 6.68March 7.66 -10.57 7.37 2.83 12.78April 2.37 13.79 3.46 2.07 -3.64May -1.15 0.81 11.39 5.59June 5.55 0.67 -0.64 -0.12YTD 1.59 42.90 38.43 45.51 25.84Benchmark 5.69 20.10 29.89 54.41 13.57Difference -4.10 22.80 8.54 -8.90 12.27 Asset allocation (%)


Apr-16 Mar-16Cement 34.90 33.52Automobile Assembler 19.96 23.37Oil & Gas Marketing Companies 16.20 15.64Textile Composite 8.64 7.74Jute 5.65 5.05Others 7.88 10.41Total 93.22 95.74 Top holding (%age of total assets) Cherat Cement Co. Ltd. 14.30Indus Motor Co. Ltd. 10.35Pakistan State Oil Co. Ltd. 9.33Nishat Mills Ltd. 8.64Pak Suzuki Motor Co. Ltd. 7.65Lucky Cement Ltd. 7.16Attock Petroleum Ltd. 6.87Thal Ltd. 5.65Kohat Cement Ltd. 4.95D. G. Khan Cement Co. Ltd. 4.37 Disclosure for WWF Liability under Circular 17 of 2012 The Scheme has maintained provisions against Worker's Welfare Fund’s (WWF) liability to the tune of Rs. 12,977,854, if the same were not made the NAV per unit/return of the Scheme would be higher by Rs. 1.86 / 1.9%. For details investors are advised to read the Note 9 of the latest Financial Statements of the Scheme. However, from July 01, 2015 WWF is not being charged. 1 Cumulative returns are based as per MUFAP stated methodology.


Beta 0.9 1.0Correlation 0.90 Largest Month Gain 15.4% 20.2%Standard Deviation 22.2% Largest Month Loss -28.7% -37.1%Expense Ratio* 0.27% % Positive Months 68.3% 65.0%


JS Fund of Funds (JS FoF) April 2016



JS FoF is a fund of funds that aims to grow investor’s capital in the long term while diversifying the asset manager risk bundled together with the benefits of an asset allocation fund. The fund operates a diverse portfolio of equity, balanced, fixed income and money market funds (both open and closed ended) with the option to adjust the asset mix as equity markets rise or fall and the economy strengthens or weakens.

Key information Fund type Open endCategory Fund of Fund SchemeFund launch date 31 October, 2005Net Assets (PKR mn) 234.44NAV (PKR) 53.16Benchmark Average of asset allocation funds returnsManagement fee 1.00% (Exclusive of SST & FED)Front-end Load 3.00%Back-end Load NILPricing mechanism Forward Trustee Central Depository Company of Pakistan Ltd.Dealing Days & Cut-off time (Monday to Friday) 3:00 p.m.Auditor KPMG Taseer Hadi & Co.Risk profile MediumListing PSXLeverage NILManagement Quality Rating AM2- by JCR-VISEntity Rating A+ (Long Term), A1 (Short Term) by PACRAInvestment Committee MembersDr. Ali Akhtar Ali - Chief Executive OfficerMr. Khawar Iqbal - Chief Financial OfficerMr. Arslan Asif Soomro - Fund ManagerMr. Yousuf Muhammad Farooq - Head of Research

Fund manager's review Bank of Japan disappointed the market by not introducing additional monetary surplus, creating havoc in currency markets as yen touched a high of 106.14 to USD (appreciating by 16% against its lows against USD). Although, the BoJ intended to watch the results of the recently introduced negative interest rates by assessing the damage prior to any medicine, it seems that the so-called Abenomics has been jeaopardised by the investors. The Yen has touched almost the same levels with Shinzo Abe was elected in December 2012. With such a high Debt to GDP ratio - 230%- and paltry yield on government bonds, the Japanese investors have two alternative assets; currency or equity. The local Auto-assembles, nonetheless, have the pricing power to pass it on to consumers, the impact of which would be lower than the increase in the prices of imported cars, which have a 100% Foreign currency exposure compared to a lower Foreign currency exposure of Auto Assemblers. We believe Automobile industry is a growing reflective of emerging middle-class of Pakistan attracting the attention of foreign players, such as, Audi, Renault-Nissan, Fiat etc. The Auto-led growth enabled companies such as, General Tyre, Thal Limited and Agri Autos to post robust earnings growth and margin improvement thereby, affirming our view on medium term out-look of the sector. International Oil prices increased in the out-going month despite the Doha talk failing to material any concrete agreement on freezing the Oil production. Saudi Arab's insistence on Iran's freeze, coupled with the new plan unveiled by the Prince to reduce reliance on Oil prevented any agreement from taking place. Moreover, reduction in Kuwait's oil production owing to a strike in the oil industry, coupled with tumbling oil prices have led to reduction in US Shale production from 9.6mn barrels/day to 8.9mn barrels/day creating stability in the oil prices which have rallied to highs of $45/barrel. The increase led to a temporary improvement in the share prices of index-heavy OGDC, PPL and POL enabling the index to cross 34,500 points. However, we brush the exploration companies with bleak-earnings outlook and massive foreign selling in the stocks along with "lower for longer" oil outlook have realigned the portfolio to growth-oriented stocks. A higher exploration costs for OGDC and PPL reaffirm our hypothesis that these organization may be covertly forced to aggressively explore for Oil and Gas despite falling Return on Investments (RoIs) and may not necessarily act in the best interest of for-profit minority share-holders. Our outlook on global metal and energy prices is quite bearish too. Coal prices are likely to remain depressed as US's largest coal company Peabody defaulted and filed for bankruptcy along with Norway's sovereign fund decision to exclude coal related companies from approved investment universe of ethical grounds. Moreover, with plenty of excess capacity in Iron and Steel industry in China, the recent spike in these metals appears to be short-lived and another soft-landing of China would pull these prices back to new lows benefiting local Auto-assemblers again. Your Fund Manager believes, the China's splurge in debt-induced-growth has increased Debt/GDP from 148% to 237% is going to shake the Global Markets primarily when the government is hell-bent on interfering in the "free-markets" operations of the industry. Next month could be a lull period owing to uncertainty surrounding over the next year's Fiscal Budget along with already perked up Banking and Oil sector shares prices. But the interest level is expected to remain high on the back of expected inclusion of Pakistan in the much-glorified MSCI Emerging Market Index. For the Banking sector, the government reduced the borrowing Target of PIBs maturity worth Rs 1.4 trillion to Rs 200 billion thus, the Banks invested in higher yielding PIBs would be forced to settle for lesser yields going forward. Moreover, the Finance Minister, Mr. Dar, recently implied that a one-off "Super Tax" would be applicable for another year and thus could further squeeze Banking sector earnings that in one of the remaining quarters of CY 16, they would be forced to record massive 45-50% tax rate and may disappoint investors. Therefore, we remain prudent in our exposure to the Banking Sector, where we believe MSCI Emerging Market update would nominally re-rate the Banking Sector which may be off-settled by decline in the earnings stemming from decline in Net Interest Margins (NIMs) and higher tax rate. Next month could be a lull period owing to uncertainty surrounding over the next year's Fiscal Budget along with already perked up Banking and Oil sector shares prices. But the interest level is expected to remain high on the back of expected inclusion of Pakistan in the much-glorified MSCI Emerging Market Index.


Fund 3.63 4.40 77.89 154.00 295.93 14.00Benchmark 2.47 3.27 58.72 108.31 155.91 9.36Difference 1.16 1.13 19.17 45.69 140.02 4.64

* Average Annualized Return since inception as per Morning Star formula Monthly performance (%)

FY16 FY15 FY14 FY13 FY12July 2.66 4.88 13.60 0.36 0.03August -2.28 -7.37 -8.62 3.11 -3.49September -6.25 3.52 6.78 -0.38 6.18October 5.78 2.93 -0.05 1.52 0.88November -2.97 4.47 7.87 3.20 0.10December 3.78 5.34 4.63 1.07 -1.88January -1.11 5.35 3.32 2.31 4.34February -3.30 -0.95 -2.52 4.35 4.21March 6.21 -7.01 5.38 1.20 5.66April 3.63 10.03 4.43 2.59 -1.28May -1.97 1.77 11.12 2.98June 1.01 -0.67 -10.01 1.15YTD 5.43 20.44 40.09 21.01 20.00Benchmark 1.78 21.16 19.79 26.91 9.88Difference 3.65 -0.72 20.30 -5.90 10.12 Asset allocation (%)

Apr-16 Mar-16Open-end 92.83 91.83 Close-end - - T Bills - - Cash 7.09 8.06 Other including receivables 0.08 0.11 Total 100.00 100.00 Top holding (%age of total assets) JS Large Cap. Fund 25.77Atlas Stock Market Fund 25.31NAFA Stock Fund 21.82JS Islamic Fund 19.92

Disclosure for WWF Liability under Circular 17 of 2012 The Scheme has maintained provisions against Worker's Welfare Fund’s (WWF) liability to the tune of Rs. 11,932,101, if the same were not made the NAV per unit/return of the Scheme would be higher by Rs. 2.71 / 5.1%. For details investors are advised to read the Note 9.1 of the latest Financial Statements of the Scheme. However, from July 01, 2015 WWF is not being charged. 1 Cumulative returns are based as per MUFAP stated methodology.




JS Cash Fund (JS CF) April 2016



JS Cash Fund (JS CF) is an open-end 'Money Market Scheme' that mainly invests in low risk short-term fixed income instruments including money market instruments to provide a regular and reasonable return to investors while ensuring high liquidity. The Fund shall invest primarily in short duration instruments and may even hold some or all of its assets in cash for the purpose maintaining liquidity. Key information Fund type Open endCategory Money Market SchemeFund launch date 29 March, 2010Net Assets (PKR mn) 593.80NAV (PKR) 107.30Benchmark BM CF1

Management fee 0.50% (Exclusive of SST & FED)Front-end Load 1.00%Back-end Load NILPricing mechanism BackwardTrustee MCB Financial Services Ltd Dealing Days & Cut-off time (Monday to Friday) 3:00 p.m.Auditor KPMG Taseer Hadi & Co.Risk profile Extremely LowListing PSXFund stability rating (JCR-VIS) AA+ (f)Leverage NILManagement Quality Rating AM2- by JCR-VISEntity Rating A+ (Long Term), A1 (Short Term) by PACRAInvestment Committee MembersDr. Ali Akhtar Ali - Chief Executive OfficerMr. Khawar Iqbal - Chief Financial OfficerMr. Umair Ahmed Khan - Fund ManagerMr. Yousuf Muhammad Farooq - Head of Research Fund manager's review

JS Cash Fund reported an annualized return of 5.35% for the month of April, 2016 as compared to the annualized benchmark return of 5.16%, outperforming by the margin of 19 basis points.

During the month, fund maintained exposure towards Treasury Bills to time the reducing trend in yields and intend to further allocate funds to GOP treasury papers having longer maturities on the anticipation of higher liquidity in the money market going forward while placed funds in daily product at comparable higher rates.

Performance (%) Annualized performance2 1M 1Y 3Y 5Y Launch

Fund 5.35 6.63 8.53 10.78 12.04Benchmark 5.16 5.99 8.34 10.12 11.14Difference 0.19 0.64 0.20 0.66 0.90 Monthly performance (%) Annualized performance2

FY16 FY15 FY14 FY13 FY12July 5.87 8.62 7.28 10.42 11.66August 5.72 8.69 7.24 13.78 13.06September 6.94 8.68 5.83 8.35 11.85October 5.66 9.05 7.27 9.77 13.81November 4.54 9.34 7.65 7.65 10.43December 5.61 8.33 8.04 7.97 9.64January 5.70 10.03 8.06 7.72 11.03February 5.47 7.62 8.17 7.10 9.72March 5.54 7.17 8.86 7.79 10.31April 5.35 8.93 8.88 8.29 10.79May 6.65 8.91 8.17 10.00June 14.10 8.84 7.70 10.13YTD 5.76 9.30 8.21 9.11 11.62Benchmark 5.83 8.20 8.73 8.98 10.09Difference -0.07 1.10 -0.52 0.13 1.53 Asset allocation (%)

Apr-16 Mar-16Cash 66.90 66.07 Placement with Banks and DFIs - - T Bills 32.70 33.48 Other including receivables 0.41 0.45 Total 100.00 100.00 Asset quality (%age of total assets)

AAA*32.81% AA

66.64%

AA+0.10%

A+0.05%

AA-0.00%

* Govt. securities (32.70%)

Disclosure for WWF Liability under Circular 17 of 2012

Consequent upon the approval of the Board of Directors, the Management Company of the fund has prudently indemnify the unrecognized amount of WWF amounting to Rs. 10.884 million aggregated up to June 30, 2013. The fund is maintaining prospective provisioning against WWF with effect from July 01, 2013. The Scheme has maintained provisions against Worker's Welfare Fund’s (WWF) liability to the tune of Rs. 3,441,484, if the same were not made the NAV per unit/return of the Scheme would be higher by Re. 0.62 / 0.6%. For details investors are advised to read the Note 9.2 of the latest Financial Statements of the Scheme. However, from July 01, 2015 WWF is not being charged.

1. 50% Average return of 3-months deposit rates of AA and above rated

scheduled commercial Bank(s), and 50% average 3-months T-Bill rate. 2. Annualized return is based as per MUFAP stated methodology.

Statistical analysis Fund BM Fund BM

Standard Deviation 0.7% 0.5% Largest Month Gain 1.2% 0.9%Expense Ratio* 0.1% Largest Month Loss 0.0% 0.0%Duration (Days) 30 % Positive Months 100.0% 100.0%WAM (Days) 30


JS Income Fund (JS IF) April 2016



JS IF is an income fund that aims to preserve investor’s capital while providing a regular stream of current income on an annual basis which is higher than that offered by commercial banks on deposits of a similar liquidity profile as this fund. The fund operates a diverse portfolio of investment-grade debt securities, government securities and money market instruments. The fund may maintain liquidity in the form of spread transactions and bank deposits. Key information Fund type Open endCategory Income Fund SchemeFund launch date 26 August, 2002Net Assets (PKR mn) 896.80NAV (PKR) 98.85Benchmark 40% 1Year PKRV Rate + 60% 6M KIBORManagement fee 0.75% (Exclusive of SST & FED)Front-end Load 1.00%Back-end Load NILPricing mechanism Forward Trustee MCB Financial Services LtdDealing Days & Cut-off time (Monday to Friday) 3:00 p.m.Auditor Grant Thorton Anjum Rahman & CoRisk profile Low To MediumListing PSXFund stability rating (PACRA) A+ (f)Leverage NILManagement Quality Rating AM2- by JCR-VISEntity Rating A+ (Long Term), A1 (Short Term) by PACRAInvestment Committee MembersDr. Ali Akhtar Ali - Chief Executive OfficerMr. Khawar Iqbal - Chief Financial OfficerMr Asim Ilyas - Fund ManagerMr. Yousuf Muhammad Farooq - Head of Research Fund manager's review For the month of April, 2016, JSIF yielded an annualized return of 0.8% as compared to the benchmark of 6.32%, underperforming by 552 basis points. During the month, fund has increased exposure towards PIBs although yields subsequently increased in the secondary market while during the current week of reporting, yields reverted back as SBP announced PIBs target of PKR 200 bn against maturity of PKR 1.39 trn for the upcoming auctions. Going forward, with benign inflation we will reallocate funds towards PIBs and rebalance the portfolio as per the market developments and interest rate outlook while the monetary policy will be announced in May, 2016. Non Compliant Investments under Circular 07/2009 Name ofInvestment Type Value before

provisionProvision held

(if any)Value after provision

% of Net Assets

% of Gross Assets

Azgard Nine a TFC 6,661,110 (6,661,110) - - -

Azgard Nine b PPTFCs 31,980,766 (31,980,766) - - -

Agritech Ltd. c Sukuk 59,572,782 (59,572,782) - - -

Agritech Ltd.d PPTFC - - - - -

Dewan Cement e TFC 50,000,000 (49,990,000) 10,000 0.00 0.00

Azgard Nine f PPTFC - - - - - a) The fund has made a full provision against the principal amount in accordance with the requirements of regulatory body & the provisioning policy of the Fund. (b) The CP of ANL has been settled through issuance of 15,000 PPTFCs in the name of the Fund. These PPTFCs have been restructured however, the mgt. as a matter of prudence has maintained the provision against the said PPTFCs. In lieu of restructuring of Azgard Nine existing debt securities, Agritech pledge shares has been credited in Faysal Bank (Trustee of the Issuer) CDS account. These shares are booked and marked to market accordingly. (c) The fund has made a full provision against the principal amount in accordance with the requirements of Circular 1 & the provisioning policy of the Fund. (d) The Fund has made a full provision against the principal amount of Agritech Limited’s Sukuk in accordance with the requirements of Circular 1 of 2009 issued by the SECP and the provisioning policy of the Fund. The Fund has received Agritech Limited’s PPTFC of face value of Rs. 11.245 million against interest due on Agritech Limited’s Sukuk which is not recognized as income by the Fund and these PPTFCs are valued at zero. (e) Non rated securities. (f) The fund received 4,827 zero coupon PPTFCs against interest receivable of listed and unlisted TFCs. Since these PPTFCs are received against already defaulted securities and have non-performing status in MUFAP, therefore the management as a matter of prudence maintained the provision against the said PPTFCs. These PPTFCs are valued at zero but cost is carried at 24,135,000.

Performance (%) Annualized performance1 1M 1Y 3Y 5Y Launch

Fund 0.86 5.28 8.81 9.12 13.94 Benchmark 6.32 6.86 9.80 12.52 15.91 Difference (5.45) (1.57) (0.99) (3.40) (1.98) Monthly performance (%) Annualized performance1

FY16 FY15 FY14 FY13 FY12July 11.50 7.44 4.86 11.24 11.58August 5.82 9.04 6.71 20.78 22.81September 3.69 9.55 -0.15 11.71 12.05October 3.31 8.90 5.81 11.72 21.02November 5.95 14.85 12.33 5.78 10.81December 6.58 20.84 7.77 23.72 6.45January 3.76 16.64 10.36 6.49 13.54February 9.81 7.55 7.29 -0.85 11.42March 6.23 5.65 12.38 7.00 11.29April 0.86 17.17 13.93 8.69 3.67May 2.59 -0.41 7.67 12.94June 1.75 8.34 6.40 10.16YTD 5.87 10.65 7.67 10.60 13.07Benchmark 6.73 9.35 10.30 10.38 13.01Difference -0.86 1.30 -2.63 0.22 0.05 Asset allocation (%)

Apr-16 Mar-16Cash 27.93 51.49 Placement with Banks and DFIs - - Equity* 1.00 1.13 T Bills 13.67 15.37 PIBs 34.43 18.90 TFCs / Sukkuks 9.37 10.56 MTS / Spread Transactions 4.41 1.41 Other including receivables 9.19 1.14 Total 100.00 100.00

* Under debt-swap arrangement with Azgard Nine Limited (ANL), the fund has received shares of Agritech Limited (AGL), against the investments of ANL-PPTFC and listed TFCs, these listed TFCs and PPTFCs had been fully provided. Asset quality (%age of total assets)

A+4.67%

AAA*48.10%

AA9.59%

"<BBB"0.00%

AA+0.32%

AA-22.72%

* Govt. securities (48.10%) Disclosure for WWF Liability under Circular 17 of 2012 Consequent upon the approval of the Board of Directors, the Management Company of the fund has prudently indemnified the unrecognized amount of WWF amounting to Rs. 20.426 million aggregated up to June 30, 2013. The fund is maintaining prospective provisioning against WWF with effect from July 01, 2013. The Scheme has maintained provisions against Worker's Welfare Fund’s (WWF) liability to the tune of Rs. 1,693,409, if the same were not made the NAV per unit/return of the Scheme would be higher by Re. 0.19 / 0.2%. For details investors are advised to read the Note 9.1 of the latest Financial Statements of the Scheme. However, from July 01, 2015 WWF is not being charged. 1 Annualized performance return is based as per MUFAP stated methodology.


Standard Deviation 4.5% 1.0% Largest Month Gain 3.7% 1.2%Expense Ratio 0.11% Largest Month Loss -10.3% 0.0%Duration (Yr) 0.34 % Positive Months 92.1% 100.0%WAM (Yr) 2.63

* For the month of April 2016

JS Islamic Government Securities Fund (JS IGSF) April 2016



JS Islamic Government Securities Fund (JS IGSF) is an open end 'Shariah Compliant Sovereign Income Scheme' which aims at generating a stable stream of current HALAL income while ensuring low risk (volatility) and capital preservation in the medium to long term by investing primarily in Shariah Compliant Government Securities. Key information Fund type Open endCategory Shariah Compliant Income Scheme Fund launch date 5 June, 2013Net Assets (PKR mn) 256.37NAV (PKR) 102.98Benchmark BM IGSF1

Management fee 0.75% (Exclusive of SST & FED)Front-end Load 1.00%Back-end Load NILPricing mechanism Forward Trustee MCB Financial Services Ltd Dealing Days & Cut-off time (Monday to Friday) 3:00 p.m.Auditor KPMG Taseer Hadi & Co.Risk profile Low to MediumListing PSXFund stability rating (PACRA) AA- (f)Leverage NILManagement Quality Rating AM2- by JCR-VISEntity Rating A+ (Long Term), A1 (Short Term) by PACRAInvestment Committee MembersDr. Ali Akhtar Ali - Chief Executive OfficerMr. Khawar Iqbal - Chief Financial OfficerMr. Asim Ilyas - Fund ManagerMr. Yousuf Muhammad Farooq - Head of Research Fund manager's review

The fund recorded annualized return of 4.03% for the month of April, 2016 as compared to the benchmark return of 4.5% an underperformance of 47 bps. During the month, fund manager maintained exposure into floater rental Ijara Sukuk while higher exposure was maintained in Fixed Rental Ijara Sukuk on anticipation of increased interest in the fixed rental ijaras going forward.

Furthermore, the remaining fund placed in banks at relatively better rate. The next monetary policy will be announced in May, 2016.

Performance (%) ` Annualized performance2 1M 6M 1Y 2Y Launch

Fund 4.03 3.69 3.77 5.24 6.62Benchmark 4.50 5.24 5.86 14.05 7.38Difference -0.47 -1.55 -2.09 -8.82 -0.76 Monthly performance (%) Annualized performance2

FY16 FY15 FY14 FY13July 4.58 2.42 6.83 n/aAugust 3.98 3.13 6.91 n/aSeptember -0.12 4.26 7.88 n/aOctober 2.33 6.45 6.81 n/aNovember 1.56 5.54 12.54 n/aDecember 6.75 5.80 9.47 n/aJanuary -1.27 12.25 6.55 n/aFebruary 3.34 5.95 11.28 n/aMarch 7.50 8.08 13.07 n/aApril 4.03 7.13 6.10 n/aMay 7.42 10.17 n/aJune 4.05 4.19 6.03YTD 3.32 6.22 8.80 6.03Benchmark 5.63 7.62 7.16 6.70Difference -2.31 -1.41 1.64 -0.67 Asset allocation (%)

Apr-16 Mar-16Cash 18.98 24.32Placement with Banks and DFIs - - TFCs / Sukkuks 79.01 69.91Other including receivables 2.01 5.77Total 100.00 100.00 Asset quality (%age of total assets)

AAA79.01%

A+17.84%

AA-0.81%

AA0.01%

AA+0.31%

* Govt. securities (79.01%)

Sukuks allocation - Top Ten Holding

79.01%

0.0%

25.0%

50.0%

75.0%

100.0%

125.0%

GoP Ijara Sukkuks

Disclosure for WWF Liability under Circular 17 of 2012

The Scheme has maintained provisions against Worker's Welfare Fund’s (WWF) liability to the tune of Rs. 981,093, if the same were not made the NAV per unit/return of the Scheme would be higher by Re. 0.39 / 0.4%. For details investors are advised to read the Note 10.1 of the latest Financial Statements of the Scheme. However, from July 01, 2015 WWF is not being charged.

1. The benchmark of the scheme shall be the average 6 month

Placement (Deposit) rate of 3 Islamic Banks (including Islamic windows of Commercial Banks)

2. Annualized return is based as per MUFAP stated methodology.


Standard Deviation 1.0% 0.4% Largest Month Gain 1.1% 0.7%Expense Ratio 0.13% Largest Month Loss -0.1% 0.0%Duration (Yr) 0.18 % Positive Months 94.4% 100.0%WAM (Yr) 2.13


JS Pension Savings Fund (JS PSF) April 2016



JS Pension Savings Fund (JS PSF) is designed to provide a secure source of savings and retirement income to individuals. JS PSF is a portable pension scheme allowing individuals the flexibility of contributions and portfolio customization through allocation of such contributions among equity and fixed income investment avenues suited to their specific needs and risk profile. Key information Fund type Open endCategory Pension Savings FundFund launch date 26 June, 2007Benchmark n/aManagement fee 1.50% (Exclusive of SST & FED)Front-end Load 3.00%Back-end Load NILPricing mechanism Forward Trustee Central Depository Company of Pakistan Ltd.Dealing Days & Cut-off time (Monday to Friday) 3:00 p.m.Auditor A. F. Ferguson & Co.Risk profile Investor dependent Leverage NILManagement Quality Rating AM2- by JCR-VISEntity Rating A+ (Long Term), A1 (Short Term) by PACRAInvestment Committee MembersDr. Ali Akhtar Ali - Chief Executive OfficerMr. Khawar Iqbal - Chief Financial OfficerMr. Suleman Rafiq Maniya - Fund ManagerMr. Yousuf Muhammad Farooq - Head of Research

Net Assets (PKR mn)JS-PSF - Equity Sub Fund 154.71JS-PSF - Debt Sub Fund 140.63JS-PSF - MM Sub Fund 105.80

NAV (PKR)JS-PSF - Equity Sub Fund 397.86JS-PSF - Debt Sub Fund 215.95JS-PSF - MM Sub Fund 175.78

Fund manager's review The Debt and Money Market Sub Fund recorded return of 0.45% p.a. and 3.61% p.a. respectively for the month of April, 2016 reduction in PSFDSF yield is due to exposure in PIBs and yields risen up towards the end of the month. Going forward we will maintain investment in Treasury Bill in Money Market Sub Fund while maintain exposure towards PIBs in Debt Sub Fund. The monetary policy will be announced in May, 2016. April-16 started with a bang with the benchmark KSE-30 rising by 5.4% following a rise in international oil prices along with anticipation of possible upgrading of Pakistan to the Emerging markets, a scenario which your fund manager has stated a number of times over the last year. The key index heavy weights outperformed during this rally. Your fund also benefitted from this however our portfolio slightly underperformed the benchmark during this month as our off benchmark bets underperformed. Higher international oil prices guided sentiment in the oil sector which being a key sector of the index helped in improving the overall trend.


The KSE-30 index gained 5.4% MoM in Apr-16 as the risk on sentiment revived on the local and international equity markets. Foreigners continued to remain sellers with a FIPI outflow of USD18.1mn in Apr-16 and taking total outflows to USD359mn in 10MFY16 concentrated mainly in EnP’s and Banking Sector. Your Fund built further position into EnPs which were trading at trough valuations along with some exposure into Fertilizer sector. We have also aggressively built a strategic position in NRL which we believe will continue to be in the limelight due to its outstanding results and stable business model and feel there is a lot of rooms before valuations catch up. In the EnP space PPL remains our top bet while we reduced some exposure in cements. We also added some off the benchmark bets in Pharmaceutical space.

Your Portfolio Manager still believes that the equity market is well poised for a substantial rally during this year therefore the current allocation will remain geared towards equity as an asset class as explained earlier. Focus will remain towards Cements, Autos, Insurance and Auto allied, Refineries and EnP's which are likely to outperform the benchmark in the medium term. This is driven by the fact that we continue to see robust earnings growth in these sectors. In addition, we have witnessed substantial foreign participation in these sectors which we think is likely to result in additional re-rating of these sectors further adding to the underlying value in these investments. On the flip side we are still cognizant of the risks in the equity market and have adequate cash levels to benefit from any further decline. Disclosure for WWF Liability under Circular 17 of 2012 The Scheme has maintained provisions against Worker's Welfare Fund’s (WWF) liability to the tune of Rs. 4,587,149, if the same were not made the NAV per unit/return of the Scheme would be higher by Rs. 5.70 (ESF), Rs. 2.17 (DSF), Rs. 1.59 (MMF) / 1.4% (ESF), 1.0% (DSF), 0.9% (MMF). For details investors are advised to read the Note 6.1 of the latest Financial Statements of the Scheme. However, from July 01, 2015 WWF is not being charged. 1 Annualized performance return is based as per MUFAP stated methodology.

Performance (%) 1M 1Y 3Y 5Y Launch

Equity Sub Fund 2.38 0.28 133.55 318.51 297.91Debt Sub Fund 1 0.45 4.45 20.11 51.53 115.94MM Sub Fund 1 3.61 4.33 18.56 48.20 75.77

Monthly performance (%) Annualized performance1

Equity Debt 1 MM 1

FY16 FY15 FY16 FY15 FY16 FY15July 2.86 2.37 6.81 10.18 7.76 5.62August -0.49 -9.03 8.91 10.22 3.44 6.40September -5.79 6.19 4.57 12.06 3.19 7.26October 5.99 12.91 4.74 11.13 3.15 6.47November -5.25 9.35 3.16 14.90 4.37 7.78December 3.21 4.98 3.93 18.85 4.76 7.62January -0.08 7.03 4.47 14.61 2.44 8.50February -4.95 -3.96 5.41 6.76 4.12 6.28March 4.27 -13.63 4.82 7.47 3.77 5.65April 2.38 9.14 0.45 11.89 3.61 6.10May -3.78 4.73 4.89June 2.85 -0.06 5.32YTD 1.33 22.91 4.83 10.75 4.13 6.69

Asset allocation (%) Equity Apr-16 Mar-16Cash 6.25 3.11 Equity 92.54 95.37 Other including receivables 1.21 1.52 Total 100.00 100.00 Debt Apr-16 Mar-16Cash 4.77 4.98 Equity* 0.16 0.15 TFCs / Sukkuks - - T Bills & PIBs 94.92 93.96 Other including receivables 0.15 0.91 Total 100.00 100.00 Money Market Apr-16 Mar-16Cash 1.36 3.02 Placement with Banks - - Equity* 1.03 1.02 T Bills 97.51 95.84 Other including receivables 0.10 0.12 Total 100.00 100.00

* Under debt-swap arrangement with Azgard Nine Limited (ANL), debt and money market sub funds have received shares of Agritech Limited (AGL), against the investments of ANL-PPTFC, these PPTFCs in sub funds had been fully provided. Equity sector breakdown (%)

Apr-16 Mar-16Cement 13.32 19.08 Automobile Assembler 12.92 13.59 Oil & Gas Exploration Companies 12.69 5.73 Food & Personal Care Products 9.40 9.71 Insurance 9.20 12.50 Others 35.02 34.77 Total 92.54 95.37

Top holding (%age of total assets) Cherat Cement Co. Ltd. 8.14 Agriautos Industries Ltd. 7.52 Rafhan Maize Products Ltd. 5.86 HinoPak Motors Ltd. 5.81 National Refinery Ltd. 5.58 Pakistan State Oil Co. Ltd. 5.53 Pak Suzuki Motor Co. Ltd. 5.36 Pakistan Petroleum Ltd. 5.07 Adamjee Insurance Co. Ltd. 4.85 Fauji Fertilizer Bin Qasim Ltd. 4.40

VPS

-SH

AR

IAH

C

OM

PLIA

NT

FUN

D JS Islamic Pension Savings Fund (JS IPSF) April 2016



JS Islamic Pension Savings Fund (JS IPSF) is designed to provide a Halal and secure source of savings and retirement income to individuals according to the principles of Islamic Shariah. JS IPSF is a portable pension scheme allowing individuals the flexibility of contributions and portfolio customization through allocation of such contributions among equity, fixed income and other Halal investment avenues suited to their specific needs and risk profile.

Key information Fund type Open endCategory Shariah Compliant Voluntary Pension SchemeFund launch date 16 June, 2008Benchmark n/aManagement fee 1.50% (Exclusive of SST & FED)Front-end Load 3.00%Back-end Load NILPricing mechanism Forward Trustee Central Depository Company of Pakistan Ltd.Dealing Days & Cut-off time (Monday to Friday) 3:00 p.m.Auditor A. F. Ferguson & Co.Risk profile Investor dependent Leverage NILManagement Quality Rating AM2- by JCR-VISEntity Rating A+ (Long Term), A1 (Short Term) by PACRAInvestment Committee MembersDr. Ali Akhtar Ali - Chief Executive OfficerMr. Khawar Iqbal - Chief Financial OfficerMr. Suleman Rafiq Maniya - Fund ManagerMr. Yousuf Muhammad Farooq - Head of Research

Net Assets (PKR mn)JS-IPSF - Equity Sub Fund 119.36JS-IPSF - Debt Sub Fund 62.13JS-IPSF - MM Sub Fund 53.90

NAV (PKR)JS-IPSF - Equity Sub Fund 553.84JS-IPSF - Debt Sub Fund 185.45JS-IPSF - MM Sub Fund 162.61

Fund manager's review In the month of April, 2016, JS Islamic Pension Savings Debt Sub Fund and Money Market Sub Fund delivered returns of 4.02% p.a. and 2.25% p.a. respectively. During the month, allocation of government Ijara Sukuk has reduced in IPSDSF to meet redemption request while slightly reduced exposure to book trading gains in IPSMMSF in fixed rental Ijara Sukuk issued by SBP during the last month. April-16 started with a bang with the benchmark KSE-30 rising by 5.4% following a rise in international oil prices along with anticipation of possible upgrading of Pakistan to the Emerging markets, a scenario which your fund manager has stated a number of times over the last year. The key index heavy weights outperformed during this rally. Your fund also benefitted from this however our portfolio slightly underperformed the benchmark during this month as our off benchmark bets underperformed. Higher international oil prices guided sentiment in the oil sector which being a key sector of the index helped in improving the overall trend.


The KMI-30 index gained 3.9% MoM in Apr-16 as the risk on sentiment revived on the local and international equity markets. Foreigners continued to remain sellers with a FIPI outflow of USD18.1mn in Apr-16 and taking total outflows to USD359mn in 10MFY16 concentrated mainly in EnP’s and Banking Sector. Your Fund built further position into EnPs which were trading at trough valuations along with some exposure into Fertilizer sector. We have also aggressively built a strategic position in NRL which we believe will continue to be in the limelight due to its outstanding results and stable business model and feel there is a lot of room before valuations catch up. In the EnP space PPL remains our top bet while we reduced some exposure in cements. We also added some off the benchmark bets in Pharmaceutical space.

Your Portfolio Manager still believes that the equity market is well poised for a substantial rally during this year therefore the current allocation will remain geared towards equity as an asset class as explained earlier. Focus will remain towards Cements, Autos, Insurance and Auto allied, Refineries and EnP's which are likely to outperform the benchmark in the medium term. This is driven by the fact that we continue to see robust earnings growth in these sectors. In addition, we have witnessed substantial foreign participation in these sectors which we think is likely to result in additional re-rating of these sectors further adding to the underlying value in these investments. On the flip side we are still cognizant of the risks in the equity market and have adequate cash levels to benefit from any further decline.

Disclosure for WWF Liability under Circular 17 of 2012 The Scheme has maintained provisions against Worker's Welfare Fund’s (WWF) liability to the tune of Rs. 2,977,965, if the same were not made the NAV per unit/return of the Scheme would be higher by Rs. 9.87(ESF), Rs. 1.42 (DSF), Rs. 1.13 (MMF) / 1.8% (ESF), 0.8% (DSF), 0.7% (MMF). For details investors are advised to read the Note 6.1 of the latest Financial Statements of the Scheme. However, from July 01, 2015 WWF is not being charged. 1 Annualized performance return is based as per MUFAP stated methodology.

Performance (%) 1M 1Y 3Y 5Y Launch

Equity Sub Fund 3.41 3.19 123.64 261.22 451.62Debt Sub Fund 1 4.02 3.88 15.42 36.25 84.67MM Sub Fund 1 2.25 2.92 15.48 35.96 61.93 Monthly performance (%) Annualized performance1

Equity Debt 1 MM 1

FY16 FY15 FY16 FY15 FY16 FY15July 1.17 2.68 6.74 0.61 5.24 2.72August -1.58 -7.17 5.08 0.14 4.85 1.32September -6.20 10.70 2.54 0.77 0.23 1.76October 6.14 4.65 2.59 5.98 2.49 6.19November -4.74 6.66 1.40 -8.03 0.45 0.64December 3.41 3.64 7.28 5.58 5.33 5.77January 1.24 5.39 -1.35 11.85 0.07 12.56February -5.26 0.20 -0.89 6.53 -0.85 6.12March 3.61 -9.73 8.66 7.07 3.42 7.32April 3.41 10.35 4.02 6.37 2.25 7.13May -1.38 6.46 6.71June 4.26 2.64 3.98YTD 0.36 32.03 3.69 3.90 2.40 5.32 Asset allocation (%) Equity Apr-16 Mar-16Cash 7.33 4.05 Equity 89.76 92.72 Other including receivables 2.91 3.23 Total 100.00 100.00 Debt Apr-16 Mar-16Cash 13.71 12.61 IJARA Sukuk Bond 84.64 86.15 Other including receivables 1.66 1.24 Total 100.00 100.00 Money Market Apr-16 Mar-16Cash 63.91 63.45 IJARA Sukuk Bond 34.93 35.55 TDR - - Other including receivables 1.15 1.00 Total 100.00 100.00 Equity sector breakdown (%)

Apr-16 Mar-16Cement 19.61 23.23 Automobile Assembler 11.41 12.37 Oil & Gas Marketing Companies 8.56 9.03 Pharmaceuticals 8.39 9.40 Automobile Parts & Accessories 7.05 7.87 Others 34.73 30.83 Total 89.76 92.72 Top holding (%age of total assets) Cherat Cement Co. Ltd. 8.87 Agriautos Industries Ltd. 7.05 Rafhan Maize Products Ltd. 6.64 Abbott Laboratories Pakistan Ltd. 6.38 Pakistan State Oil Co. Ltd. 6.31 Synthetic Products Enterprises Ltd. 5.97 Fauji Fertilizer Bin Qasim Ltd. 5.89 HinoPak Motors Ltd. 5.72 Pak Suzuki Motor Co. Ltd. 5.69 National Refinery Ltd. 5.63

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