1 Alfalah GHP Investment Management Limited Fund Managers' Report October 2017

Economic & Capital Markets Review

Economic Review & Outlook

LSM Data released in October continued to show strong production growth in the country, up by 11.3% YoY in the Jul-Aug period. Biggest contributors to the growth were Automobiles, Non Metallic Mineral Products and Food and Beverages. Going forward GDP growth is expected to remain strong on the back of higher energy availability, continued public sector expenditure on CPEC and PSDP projects, and low cost of borrowing. Most monetary and credit agencies expect the country’s GDP growth rate in FY18 to be above 5%, with SBP forecasting it to be in the range of 5-6%, and IMF expecting it to average at 5.57%. Moreover, S&P anticipates growth to average 5.7% in the period 2017-2020. Meanwhile, the high GDP growth has continued to create pressure on the external sector, leading to a rise in imports of goods by 25% in 1QFY18, which in turn has led to a rise in current account deficit (CAD) to USD 3.6b (CAD/GDP: 4.2%), up by 2.25x from the corresponding period last year. According to data released by SBP, the rise in imports was mostly driven by Oil and Petroleum products, Iron and Steel, and Machinery and Mechanical Appliances. Due to the worsening trade balance, stagnant remittances and repayments of foreign loan, foreign exchange reserves continued to decline in the first four months of FY18, reaching USD 19.9b towards the end of October. As usual, the USD/PKR exchange rate remained stable, and is expected to remain constant till the end of the tenure of this Government next year. Due to the impact of an uptick in international crude oil prices and upward revision in house rent index , inflation was up by 0.7% MoM during the month. CPI was recorded at 3.8% YoY in October, compared to an average of 3.39% in 1QFY18 and 4.58% in 4QFY17. Inflation is expected to remain at a somewhat elevated level for the rest of the fiscal year due to higher international oil and coal prices, demand pressures due to economic growth and greater fiscal stimulus due to the planned expenditure ahead of general elections next year. SBP is expecting inflation to remain in the range of 4.5-5.5% during the year, while IMF expects inflation to average at around 4.8

Money Market Review & Outlook

During the month of Oct-17, money market remained largely range bound owing to frequent injections from the central bank. SBP conducted T-bill auction twice during the month with a cumulative target of PKR 1.3 trillion, while maturity stood at PKR 1.4 trillion. Market participation was largely skewed towards 3 months tenor, while 6months & 12 tenor witnessed a negligible participation. In PIB auction, the total target was around PKR 50bn however, due to limited market participation at scattered levels the SBP refrained from giving a cut off level and rejected all bids.

Going forward, market is expected to remain range bound in the shorter tenure owing to stable interest rate scenario, however long term yields may witness an uptick owing to the surge in international oil prices and uncertain macroeconomic situation.

Equity Market Review & Outlook

After posting a slight recovery in September, the KSE-100 Index slipped again in October to post a negative return of 6.6%. The decline brought the return of 4M FY18 to a negative 15%. As has been the case since the rout began in May, politics played a pivotal role in dampening sentiments as the ex-Prime Minister was indicted by the anti-corruption court, leaving the ruling political party as well as the general political environment of the country in a state of uncertainty. Sentiments were further worsened by a return to foreign portfolio investment outflow during the month (negative USD 9m), versus an inflow during September (USD 28m). Moreover, a less than exciting earnings season could not salvage the market, as a number of results disappointed investors, especially those of PAEL, ASTL and NCL. On the other hand, investors were pleasantly surprised by results of PSMC, EFOODS, GTYR and NBP. Furthermore, SNGP surprised investors by not only posting EPS of PKR 13.58 for FY17, but by also announcing an annual dividend after a lapse of 5 years, of PKR 6/share and a further PKR 1.5/sh with the 1Q FY18 results. The Index was further buoyed by Oil and Gas stocks, especially PPL and POL, both of which were the top gainers in the KSE-100 Index by index points. The rally in E&P stocks was mostly attributable to the surge in International Crude Oil prices following separate statements by the Saudi Prince and Oil Minister that indicated that Saudi Arabia will be looking to extend the current oil production agreement beyond March 2018. Going forward the market is expected to trade within a narrow range until the tenure of the current Government ends in the first half of 2018, and till the PKR depreciates.

		KSE-100 Index (Monthly)				Yield Curve (Monthly)
43,000	Vol [R.H.S, mn shares]		KSE100 Index [L.H.S]	140	11.80		Sep-17	Oct-17
	Vol [R.H.S, mn shares]		KSE100 Index [L.H.S]

					10.80
				120	10.80
42,000				120	9.80
42,000				100

41,000					8.80
41,000				80	8.80
40,000				60	7.80
40,000				60


39,000	40	6.80
		6.80
	20
	20
	5.80
38,000	0

2-Oct3-Oct4-Oct5-Oct6-Oct9-Oct10-Oct11-Oct12-Oct13-Oct16-Oct17-Oct

18-Oct19-Oct20-Oct23-Oct24-Oct25-Oct26-Oct27-Oct

4.80

10Y

15Y

30Y

Basic Information

	Category: Money Market Schem Management Fee: 1.00%
	Fund Type: Open Ended						Min. Initial Investment: PKR 5,000/-
	Benchmark: 70% 3month PKRV rates						Min. Subseq. Investment: PKR 1,000/-
	+30% 3-months average deposit
	rates of 3 'AA' rated schedule banks as
	selected by MUFAP ****						Trustee: MCB Financial Services Limited
	Launch Date: March 12, 2010 Auditor: A.F Ferguson & Co. Pakistan
	Par Value: PKR 500						Listing: Pakistan Stock Exchange
	Pricing: Forward Day						Dealing Days: Monday - Friday
	Sales Load: NA						Cut-off Time: 9:00 am - 4:00 pm
	Risk Profile: Low						Leverage: Nil
	Asset Allocation (as % of Total Assets)

100		99.4				September			October			97.1
100


78
56
34
12		2.5	--	--	--	--	--		-----			--	--	--60.0.4

-10		Cash	Plac. with Banks/DFIs	Plac. with NBFCs	Rev. Repo ag. GS	Rev. Repo ag. other Secs.		Govt. Backed/ Gov. Guar.	TFCs/Sukuks	PIBs	T-Bills	CPs	MTS	Spread Trans.	Others
-10

	Amount invested by fund of funds is Rs. 75 million subtracted from total
	Historical Performance (%)

	18			AGCF		BM
	18

	12	11.0
	12		8.8	19.
	6		8.8	19.	7.2		18.	17.		68.	76.	25.	84.	6.8	5.0
	0
	0	FY12		FY13			FY14			FY15		FY16		FY17
		FY12		FY13			FY14			FY15		FY16		FY17

Investment Committee

Maheen Rahman Chief Executive Officer

Noman Soomro Chief Operating Officer

Nabeel Malik Chief Investment Officer

Muddasir Ahmed Shaikh Head of Investment Advisory/

Senior Portfolio Manager

Shariq Mukhtar Hashmi Head of Compliance

Kashif Kasim Jr. Portfolio Manager

Fund Statistics

Fund Size (PkR mn; as on October 31, 2017)				53.386
Fund size including fund of fund schemes				128.237
NAV (PkR):				503.47
Sharpe Ratio*				0.27
Standard Deviation*				1.70%
Wtd. Average Maturity (months):				2.34
Total Expense Ratio***				0.83%

Fund Performance			BM	AGCF
Since Inception Return**			6.54%	8.46%
YTD			5.17%	4.01%
Month	(October, 2017):		5.16%	4.37%

Credit Quality (as % of Total Assets)
Govt. Guar.	97.15%	A		0.00%
AAA	0.00%	A-		0.00%
AA+	2.47%	BBB+		0.00%
AA	0.00%	BBB		0.00%
AA-	0.00%	Below IG		0.00%
A+	0.00%	NR/UR		0.39%

Portfolio Credit Quality

Gov. Secs.,

97.15%

AA, 0.00%

NR/UR/MTS, AA+

0.39% 2.47%

Basic Information

	Category: Income Scheme							Management Fee: 1.00%
	Fund Type: Open Ended							Min. Initial Investment: PKR 5,000/-
	Benchmark: Six (6) months PKRV							Min. Subseq. Investment: PKR 1,000/-
	rates. ****							Trustee: CDC Pakistan Limited
	Launch Date: May 09, 2014							Auditor: A.F Ferguson & Co. Pakistan
	Par Value: 100							Listing: Pakistan Stock Exchange
	Pricing: Forward Day							Dealing Days: Monday - Friday
	Sales Load: 1.00%							Cut-off Time: 9:00 am - 4:00 pm
	Risk Profile: Low							Leverage: Nil
	Asset Allocation (as % of Total Assets)
	Asset Allocation (as % of Total Assets)

100								September		October
100
90
90
80
70		947.	45.9								542.	944.
60		947.	45.9								542.	944.
60
50
40
30				--	--	--	--	--	9.08.7	--			--	0.1-	--	40.50.
10				--	--	--	--	--	9.08.7	--			--	0.1-	--	40.50.
20
0
0		Cash		Plac. withBanks/DFIs	Plac. withNBFCs	Rev. Repo ag.GS	Rev. Repo ag.otherSecs.	Govt. Backed/Gov.Guar.	TFCs/Sukuks	PIBs	T-Bills		CPs	MTS	Spread Trans.	Others
		Cash		Plac. withBanks/DFIs	Plac. withNBFCs	Rev. Repo ag.GS	Rev. Repo ag.otherSecs.	Govt. Backed/Gov.Guar.	TFCs/Sukuks	PIBs	T-Bills		CPs	MTS	Spread Trans.	Others

	+Amount invested by fund of funds is Rs73 million subtracted from total
	Historical Performance (%)
	18				AGSF		BM		416.
	18

	12					78.	9.1
	6					78.	9.1			8.2		47.	5.9		55.	5.8
	6
	0
	0			FY13		FY14			FY15			FY16			FY17
				FY13		FY14			FY15			FY16			FY17
	Details of Non-Compliant Investments												Value before
	Details of Non-Compliant Investments

	Name							Type					Provisioning

Investment Committee

Maheen Rahman Chief Executive Officer

Noman Soomro Chief Operating Officer

Nabeel Malik Chief Investment Officer

Muddasir Ahmed Shaikh Head of Investment Advisory/

Senior Portfolio Manager

Shariq Mukhtar Hashmi Head of Compliance

Kashif Kasim Jr. Portfolio Manager

Fund Statistics

+Fund Size (PkR mn; as on Oct 31, 2017):				1,177.96
Fund Size	including fund of fund schemes			1,250.53
NAV (PkR):				107.3163
Wtd. Average Maturity (months):				14.28
Sharpe Ratio*				-0.40
Standard Deviation*				1.18%
Total Expense Ratio***				0.59%
Fund Performance			BM	AGSOF
Since Inception Return**			6.65%	9.13%
YTD			6.00%	4.37%
Month Oct'17			6.01%	5.05%
Credit Quality (as % of Total Assets)
Govt. Secs.		44.91%	A	0.00%
AAA		4.46%	A-	0.00%
AA+		4.61%	BBB+	0.00%
AA		0.00%	BBB	0.00%
AA-		45.47%	Below IG	0.00%
A+		0.00%	NR/UR/MTS	0.54%

TFC/Sukuk Holdings (% of Total Assets)
Standard Chartered Bank TFC (29-Jun-2012)				4.46%
Habib Bank TFC (19-Feb-2016)				4.19%

Provisioning Value after % Gross % Net

Held, if any Provisioning Assets Assets

Basic Information

Category: Income Scheme								Management Fee: 1.25%
Fund Type: Open Ended								Min. Initial Investment: PKR 5,000/-
Benchmark: 6 Month KIBOR								Min. Subseq. Investment: PKR 1,000/-
Launch Date: April 14, 2007								Trustee: CDC Pakistan Limited
Par Value: 100								Auditor: A.F Ferguson & Co. Pakistan
Pricing: Forward Day								Listing: Pakistan Stock Exchange
Sales Load: 1.00%								Dealing Days: Monday - Friday
Risk Profile: Low								Cut-off Time: 9:00 am - 4:00 pm
Leverage: Nil
Asset Allocation (as % of Total Assets)

	100							September		October
	90		754.					September		October
	80	41.9		014.35.					233.35.3		5.33.1		3.7-		91.61.
	70	41.9		014.35.	--	--	--	--	233.35.3	--	5.33.1	--	3.7-	--	91.61.
	60
	50
	40
	30
	20
	10
	0
		Cash		Plac. with Banks/DFIs	Plac. with NBFCs	Rev. Repo ag. GS	Rev. Repo ag. otherSecs.	Govt. Backed/ Gov.Guar.	TFCs/Sukuks	PIBs	T-Bills	CPs	MTS	Spread Trans.	Others

+Amount invested by fund of funds is Rs229 million subtracted from total
Historical Performance (%)

18								AGIF		BM
18

				212.			13.4		12.3
12			99.
6			99.			8.0			9.0		7.6	6.5		5.2	6.1
6
0
0				FY13		FY14			FY15		FY16			FY17
				FY13		FY14			FY15		FY16			FY17

Details of Non-Compliant Investments
												Value before
				Name				Type				Provisioning

Investment Committee

Maheen Rahman			Chief Executive Officer
Noman Soomro			Chief Operating Officer
Nabeel Malik			Chief Investment Officer
Muddasir Ahmed Shaikh			Head of Investment Advisory/
			Senior Portfolio Manager
Shariq Mukhtar Hashmi			Head of Compliance
Kashif Kasim			Jr. Portfolio Manager

Fund Statistics
+Fund Size (PkR mn; as on October 31, 2017):				703.97
Fund Size including fund of funds				932.62
NAV (PkR):				113.5836
Sharpe Ratio*				-0.67
Standard Deviation*				0.82%
Wtd. Average Maturity (months):				23.40
Total Expense Ratio***				0.70%

Fund Performance			BM	AGIF
Since Inception Return			10.12%	9.11%
YTD			6.16%	4.27%
Month (October '17):			6.17%	5.30%
Credit Quality (as % of Total Assets)
Govt. Sec / Guar.	3.12%	A		0.00%
AAA	6.87%	A-		0.00%
AA+	6.45%	BBB+		0.00%
AA	9.30%	BBB		0.00%
AA-	65.31%	Below IG		0.00%
A+	7.36%	MTS/NR/UR		1.60%

TFC/Sukuk Holdings (% of Total Assets)
The bank of Punjab Ltd - (23-Dec-2016)				7.39%
HBL TFC - (19-Feb-2016)				4.69%
BYCO Oil Pakistan Sukuk (18-Jan-2017)				5.26%
Engro Fert Sukuk - (09-07-2014)				3.78%
Bank Alfalah Ltd. V - (20-Feb-13)				3.20%
Dubai Islamic Bank Sukuk - (14-Jul-2017)				2.10%
MCB Bank TFC - (19-Jun-2014) (Formerly: NIB Bank Ltd)				1.59%
Faysal Bank Ltd. - (27-Dec-10)				1.18%
Bank Al Falah ‐ (2‐Dec‐09)‐ Floating				0.32%
International Brands Ltd (28-Sept-2017)				5.78%
Provisioning	Value after		% Gross	% Net
Held, if any	Provisioning		Assets	Assets

Basic Information

	Category: Aggressive Income							Management Fee: 1.25%
	Fund Type: Open Ended							Min. Initial Investment: PKR 5,000/-
	Benchmark: 12 Month KIBOR							Min. Subseq. Investment: PKR 1,000/-
	Launch Date: June 15, 2007							Trustee: CDC Pakistan Limited
	Par Value: PKR 50/-							Auditor: A.F Ferguson & Co. Pakistan
	Pricing: Forward Day							Listing: Pakistan Stock Exchange
	Sales Load: 3.00%							Dealing Days: Monday - Friday
	Risk Profile: High							Cut-off Time: 9:00 am - 4:00 pm
	Leverage: Nil
	Asset Allocation (as % of Total Assets)
	Asset Allocation (as % of Total Assets)

100								September			October
100
90
90
80
70		42.1	51.5						133.	635.
60		42.1	51.5						133.	635.
60
50
40				14.24.9	--	--	--	--			--	52.1.4	--	96.05.	--	21.51.
10				14.24.9	--	--	--	--			--	52.1.4	--	96.05.	--	21.51.
30
20
0
0		Cash		Plac. withBanks/DFIs	Plac. withNBFCs	Rev. Repo ag.GS	Rev. Repo ag.otherSecs.	Gov. Guar./IjaraSukuk	TFCs/Sukuks		PIBs	T-Bills	CPs	MTS	Spread Trans.	Others
		Cash		Plac. withBanks/DFIs	Plac. withNBFCs	Rev. Repo ag.GS	Rev. Repo ag.otherSecs.	Gov. Guar./IjaraSukuk	TFCs/Sukuks		PIBs	T-Bills	CPs	MTS	Spread Trans.	Others

+Amount invested by fund of funds is Rs. 462 million subtracted from total

Historical Performance (%)

18					AGIMF	BM
18					14.2
					14.2
6	211.	10.3	12.4	210.	39.	48.	86.	5.9	46.
12
0
0	FY13			FY14	FY15	FY16		FY17
	FY13			FY14	FY15	FY16		FY17
Details of Non-Compliant Investments
							Value before
Name					Type		Provisioning

Investment Committee

Maheen Rahman				Chief Executive Officer
Noman Soomro				Chief Operating Officer
Nabeel Malik				Chief Investment Officer
Muddasir Ahmed Shaikh				Head of Investment Advisory/
				Senior Portfolio Manager
Shariq Mukhtar Hashmi				Head of Compliance
Kashif Kasim				Jr. Portfolio Manager

Fund Statistics
+Fund Size (PkR mn; as on October 31, 2017):					1,556.37
Fund Size inluding fund of fund schemes					2,018.64
NAV (PkR):					54.0624
Sharpe Ratio*					-0.25
Standard Deviation*					1.00%
Wtd. Average Maturity	(months):				26.62
Total Expense Ratio***					0.67%

Fund Performance				BM	AGIMF
Since Inception				10.81%	6.04%
YTD				6.47%	4.53%
Month (October '17):				6.47%	5.41%
Credit Quality (as % of Total Assets)
Gov. Secs.		1.4%	A		5.3%
AAA		7.1%	A-		0.0%
AA+		7.3%	BBB+		0.0%
AA		6.1%	BBB		0.0%
AA-		56.9%	Below IG		0.0%
A+		9.3%	NR/UR/MTS		6.5%

Top Ten TFC/Sukuk Holdings (% of Total Assets)
The bank of Punjab (23-Dec-2016)					6.38%
International Brands- PP sukuk					6.11%
Habib Bank TFC (19-Feb-2016)					4.60%
BYCO Oil Pakistan (18-Jan-2017)					3.91%
Engro Fertilizer - SUKUK (09-July-2014)					2.82%
Dubai Islamic Bank Sukuk - (14-Jul-2017)					2.73%
Standard Chartered Bank TFC (29-Jun-2012)					2.72%
Jahangir Siddiqui Company Ltd (24-June-2016)					2.50%
Askari Bank Ltd. - (30-Sep-14)					1.70%
JS Bank Ltd TFC (14-Dec-2016)					1.62%

Provisioning		Value after		% Gross	% Net
Provisioning		Value after		% Gross	% Net
Held, if any		Provisioning		Assets	Assets

7 Alfalah GHP Investment Management Limited Fund Managers' Report October 2017

Alfalah GHP Islamic Income Fund

Fund Stability Rating: "A+(f)" by PACRA 12-Jul-17

AMC Rating: "AM2+" by PACRA 16-May-17

Investment Objective The investment objective of Alfalah GHP Islamic Income Fund (AGIIF) is to minimize risk, construct a liquid portfolio of shariah approved fixed income investments and provide competitive returns to the Unit Holders. The management team shall ensure the active implementation of prudent investment practices, the highest professional standards and compliance with applicable laws.

Basic Information

Investment Committee

Category: Islamic Income Scheme

Management Fee: 1.00%

Maheen Rahman

Chief Executive Officer

Fund Type: Open Ended

Min. Initial Investment: PKR 5,000/-

Noman Soomro

Chief Operating Officer

***Benchmark: Avg. 6 Mth Dep.

Min. Subseq. Investment: PKR 1,000/-

Nabeel Malik

Chief Investment Officer

Rates - 3 Islamic Banks provided

by MUFAP

Trustee: CDC Pakistan Limited

Muddasir Ahmed Shaikh

Head of Investment Advisory/

Launch Date: December 3, 2009Auditor: A.F Ferguson & Co. Pakistan

Senior Portfolio Manager

Par Value: 100

Listing: Pakistan Stock Exchange

Shariq Mukhtar Hashmi

Head of Compliance

Pricing: Forward Day

Dealing Days: Monday - Friday

Kashif Kasim

Jr. Portfolio Manager

Sales Load: 1.00%

Cut-off Time: 9:00 am - 4:00 pm

Risk Profile: Low

Leverage: Nil

Asset Allocation (as % of Total Assets)

Fund Statistics

100

72.9

74.2

September

October

+Fund Size (PkR mn; as on Oct 31, 2017):

2,150.12

Fund size

including fund of fund schemes

6,973.63

NAV (PkR):

102.5089

Wtd. Average Maturity (months):

18.79

21.4423.

Total Expense Ratio**

0.51%

Fund Performance

AGIIF

15.

Since Inception Return*

6.39%

7.17%

71.

60.0.6

YTD

2.39%

3.73%

Month (october '17):

2.51%

4.38%

Cash

Plac.withBanks/DFIs

Plac.withNBFCs

Rev.Repoag.GS

Rev.Repoag.otherSecs.

Govt.Backed/

Gov.Guar.

TFCs/Sukuks

PIBs

T-Bills

CPs

MTS

SpreadTrans.

Others

AA+

2.10%

BBB+

0.00%

Credit Quality (as % of Total Assets)

Govt. Guar.

1.72%

0.00%

AAA

1.17%

A-

0.00%

7.86%

BBB

0.00%

+Amount invested by fund of funds is Rs. 4824 million subtracted from total

AA-

29.54%

Below IG

0.00%

Historical Performance (%)

A+

56.99%

NR/UR

0.63%

AGIIF

TFC/Sukuk Holdings (% of Total Assets)

GOP Ijara Sukuk 19

1.72%

Meezan Bank Tier II Modaraba Sukuk (22-Sept-2016)

5.89%

357.

217.

6.02

696.

856.

456.

914.

4.66

5.35

3.29

Dubai Islamic Bank Sukuk - (14-Jul-2017)

4.51%

Hascol Petroleum Ltd Sukuk (07-Jan-2016)

2.35%

Fatima Fertilizer Company Ltd - Sukuk

2.43%

K. Electric Sukuk - 7 year (17-June-2015)

1.42%

BYCO Petroleum Pakistan (18-Jan-2017)

1.14%

Engro Fertilizer Sukuk (09-July-2014)

0.20%

International Brands

5.51%

FY13

FY14

FY15

FY16

FY17

Details of Non-Compliant Investments

Value before

Provisioning

Value after

% Gross

% Net

Name

Type

Provisioning

Held, if any

Provisioning

Assets

1 Year - Rolling Returns

Oct-16

Nov-16

Dec-16

Jan-17

Feb-17

Mar-17

Apr-17

May-17

Jun-17

Jul-17

Aug-17

Sep-17

Oct-17

AGIIF

4.50%

8.13%

5.04%

4.25%

5.21%

5.90%

4.51%

3.47%

7.43%

2.98%

2.92%

4.63%

4.38%

3.84%

2.82%

2.80%

2.82%

2.75%

2.84%

2.83%

2.40%

2.37%

2.39%

2.31%

2.34%

2.51%

Sindh Workers' Welfare Fund (SWWF) The scheme has maintained provisions against Sindh Workers' Welfare Fund's liability to the tune of Rs.3.267 mn. If the same were not made the NAV per unit/last one year return of scheme would be higher by Rs.0.0480/0.05%

Disclaimer This publication is for informational purposes only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds are subject to market risks. Past performance is not necessarily indicative of future results. Please read the Offering Document to understand the investment policies and risks involved. All returns are calculated assuming reinvested dividends. Performance data does not include the cost incurred directly by an investor in the form of sales load etc.

* Since Inception return is calculated on Compound Annual Growth Rate (CAGR)

** This include 0.1004% representing government levy, Worker’s Welfare Fund and SECP Fee.

***Effective from Oct 21st, 2016 Benchmark changed as per SECP direction no: 27 of 2016; Previous benchmark was :

Avg. 6 Mth Dep. Rates - by atleast 3 Islamic Banks with a minimum rating of "A"

MUFAP's Recommended Format

Asset Allocation (as % of Total Assets)

100				189.	84.3
90				189.	84.3		September		October
80							September		October
80
70
60
50
40	79.	13.2	--			--	--	--	--	--	--	--	--	--	31.52.
30	79.	13.2	--			--	--	--	--	--	--	--	--	--	31.52.
20
10
0
0	Cash		T-Bills	Stocks/ Equities		Rev. Repo ag. GS	Rev. Repo ag. otherSecs.	Backed/ Gov. Guar.	TFCs/Sukuks	PIBs	T-Bills	CPs	MTS	Spread Trans.	Others
	Cash		T-Bills	Stocks/ Equities		Rev. Repo ag. GS	Rev. Repo ag. otherSecs.	Backed/ Gov. Guar.	TFCs/Sukuks	PIBs	T-Bills	CPs	MTS	Spread Trans.	Others
								Govt.

+Amount invested by fund of funds is Rs. 247 million subtracted from total Historical Performance (%)

100				AGAF		BM
100

80
20	39.8	52.2	629.	641.	427.	16.0	114.	89.	29.0	223.
60
40
0
0	FY13		FY14		FY15		FY16		FY17
	FY13		FY14		FY15		FY16		FY17

Fund Statistics

+Fund Size (PkR mn; as on October 31, 2017):

Fund size including fund of fund schemes

NAV (PkR):

Sharpe Ratio *

Information Ratio*

Standard Deviation*

Total Expense Ratio***

Fund Performance	BM
Since Inception**	17.19%
YTD	-14.92%
Month (October '17):	-6.58%

Asset Allocation (Sector Wise as a % of Total Assets)

Commercial Banks

Oil & Gas Exploration Companies

Fertilizer

Oil & Gas Marketing Companies

Automobile Assembler

Others

Total

Top 10 Holdings (% of Total Assets)

Oil & Gas Dev.Co

Pakistan Oilfields Ltd.

Sui Northern Gas Ltd.

Mari Petroleum Company Limited

Pakistan State Oil Co. Ltd.

United Bank Ltd.

Engro Corporation Limited

Habib Bank Ltd

Hub Power Company Limited

Bank Al-Falah Limited

1,363.86

1,610.40

70.35

-0.10

0.27

19.60%

1.08%

AGAF

21.28%

-16.75%

-5.35%

17.51%

16.37%

9.07%

8.50%

6.40%

26.41%

84.26%

4.66%

4.59%

4.07%

3.99%

3.94%

3.91%

3.88%

3.85%

3.76%

3.67%

Basic Information

Category: Equity Scheme							Management Fee: 2.00%
Fund Type: Open Ended							Min. Initial Investment: PKR 5,000/-
Benchmark: KSE-100							Min. Subseq. Investment: PKR 1,000/-
Launch Date: July 15, 2008							Trustee: CDC Pakistan Limited
Par Value: 100							Auditor: A.F Ferguson & Co. Pakistan
Pricing: Forward Day							Listing: Pakistan Stock Exchange
Sales Load: 2.50%							Dealing Days: Monday - Friday
Risk Profile: High							Cut-off Time: 9:00 am - 4:00 pm
Leverage: Nil
Asset Allocation (as % of Total Assets)
Asset Allocation (as % of Total Assets)
100				89.985.5			September		October
100
90
80
70
60
50
40	9.1	213.	--		--	--	--	--		--	--	--	--	--	01.41.
30	9.1	213.	--		--	--	--	--		--	--	--	--	--	01.41.
20
10
0
0	Cash		T-Bills	Stocks/ Equities	Rev. Repo ag. GS	Rev. Repo ag. otherSecs.	Govt. Backed/ Gov.Guar.	TFCs/Sukuks		PIBs	T-Bills	CPs	MTS	Spread Trans.	Others
	Cash		T-Bills	Stocks/ Equities	Rev. Repo ag. GS	Rev. Repo ag. otherSecs.	Govt. Backed/ Gov.Guar.	TFCs/Sukuks		PIBs	T-Bills	CPs	MTS	Spread Trans.	Others
+Amount invested by fund of funds is Rs. 280 million subtracted from total
Historical Performance (%)

100		466.					AGSF		BM
100

80
80
60			52.2		624.	241.		727.	016.		14.9	89.		728.	23.2
60
40
20
0
0			FY13		FY14			FY15			FY16			FY17
			FY13		FY14			FY15			FY16			FY17

Details of Non-Compliant Investments												Value before
Details of Non-Compliant Investments

Name							Type					Provisioning

Investment Committee

Maheen Rahman			Chief Executive Officer
Noman Soomro			Chief Operating Officer
Nabeel Malik			Chief Investment Officer
Muddasir Ahmed Shaikh			Head of Investment Advisory/
			Senior Portfolio Manager
Shariq Mukhtar Hashmi			Head of Compliance
Kashif Kasim			Jr. Portfolio Manager

Fund Statistics
+Fund Size (PkR mn; as on October 31, 2017):				2,175.59
Fund Size	including fund of fund schemes			2,455.99
NAV (PkR):				129.66
Sharpe Ratio*				-0.14
Information Ratio*				0.24
Standard Deviation*				19.35%
Total Expense Ratio***				1.15%

Fund Performance			BM	AGSF
Since Inception**			14.82%	25.06%
YTD			-14.92%	-17.35%
Month (October '17):			-6.58%	-5.48%

Asset Allocation (Sector Wise as a % of Total Assets)
Commercial Banks				17.62%
Oil & Gas Exploration Companies				16.43%
Fertilizer				9.24%
Oil & Gas Marketing Companies				8.74%
Automobile Assembler				6.50%
Others				26.94%
Total				85.46%

Top 10 Holdings (% of Total Assets)
Pakistan Oilfields Ltd.				4.59%
Oil & Gas Dev.Co				4.56%
Pakistan State Oil Co. Ltd.				3.99%
Sui Northern Gas Ltd.				3.99%
Mari Petroleum Company Limited				3.97%
United Bank Ltd.				3.86%
Habib Bank Ltd				3.85%
Engro Corporation Limited				3.85%
Hub Power Company Limited				3.76%
Bank Al-Falah Limited				3.65%
Provisioning		Value after	% Gross	% Net
Provisioning		Value after	% Gross	% Net
Held, if any		Provisioning	Assets	Assets

Basic Information

Category: Islamic Equity Scheme

Management Fee: 2.00%

Fund Type: Open Ended

Min. Initial Investment: PKR 5,000/-

Benchmark: KMI 30 Index

Min. Subseq. Investment: PKR 1,000/-

Performance

Trustee: CDC Pakistan Limited

Launch Date: September 4, 2007 Auditor: A.F Ferguson & Co. Pakistan

Par Value: PKR 50/-

Listing: Pakistan Stock Exchange

Pricing: Forward Day

Dealing Days: Monday - Friday

Sales Load: 3.00%

Cut-off Time: 9:00 am - 4:00 pm

Risk Profile: High

Leverage: Nil

Asset Allocation (as % of Total Assets)

84.2983.

September

October

814.411.

1.04.6

----

Cash

T-Bills

Stocks/ Equities

Rev. Repo ag. GS

Rev. Repo ag. otherSecs.

Govt. Backed/ Gov.Guar.

TFCs/Sukuks

PIBs

T-Bills

CPs

MTS

Spread Trans.

Others

+Amount invested by fund of funds is Rs. 1025 million subtracted from total

Historical Performance (%)

100

AGIsF

36.3

530.

418.

117.

23.8

14.8

320.

515.

24.8

18.8

FY13

FY14

FY15

FY16

FY17

Value before

Name

Type

Provisioning

Investment Committee

	Maheen Rahman		Chief Executive Officer
	Noman Soomro		Chief Operating Officer
	Nabeel Malik		Chief Investment Officer
	Muddasir Ahmed Shaikh		Head of Investment Advisory/
			Senior Portfolio Manager
	Shariq Mukhtar Hashmi		Head of Compliance
	Kashif Kasim		Jr. Portfolio Manager
	Fund Statistics
	Fund Statistics
	+Fund Size (PkR mn; as on October 31, 2017):			4,326.70
	Fund size including fund of fund schemes			5,352.08
	NAV (PkR):			60.8350
	Sharpe Ratio*			-0.10
	Standard Deviation*			19.80%
	Information Ratio*			0.07
	Total Expense Ratio***			1.09%

	Fund Performance		BM	AGIsF
	Since Inception**		8.15%	10.55%
	YTD		-14.38%	-16.46%
	Month (October '17):		-5.80%	-5.15%

	Asset Allocation (Sector Wise as a % of Total Assets)
	Oil & Gas Exploration Companies			22.48%
	Fertilizer			11.92%
	Oil & Gas Marketing Companies			9.53%
	Cement			7.42%
	Power Generation & Distribution			5.52%
	Others			27.06%
	Total			83.94%
	Top 10 Holdings (% of Total Assets)
	Oil & Gas Dev.Co			6.93%
	Pakistan Oilfields Ltd.			6.06%
	Hub Power Company Limited			5.52%
	Engro Corporation Limited			5.34%
	Pak Petroleum Ltd.			5.12%
	Engro Fertilizer Limited			4.70%
	Sui Northern Gas Ltd.			4.44%
	Pakistan State Oil Co. Ltd.			4.39%
	Mari Petroleum Company Limited			4.37%
	Nishat Mills Ltd.			4.14%

Provisioning		Value after	% Gross	% Net
Provisioning		Value after	% Gross	% Net
	Held, if any	Provisioning	Assets	Assets

Basic Information

Category: Asset Alloc. Scheme	Management Fee: 2.00%
Fund Type: Open Ended	Min. Initial Investment: PKR 5,000/-

Benchmark: Weighted average of Min. Subsquent Investment: PKR 1,000/-

		KSE-100 Index and 6-months									Auditor: A.F Ferguson & Co. Pakistan
		PKRV rate based on actual									Auditor: A.F Ferguson & Co. Pakistan
		allocation of the fund****
		Launch Date: October 29, 2005									Trustee: CDC Pakistan Limited
		Par Value: PKR 50/-									Listing: Pakistan Stock Exchange
		Pricing: Forward Day									Dealing Days: Monday - Friday
		Sales Load: 3.00%									Cut-off Time: 9:00 am - 4:00 pm
		Risk Profile: Moderate to High									Leverage: Nil
		Asset Allocation (as % of Total Assets)
		Asset Allocation (as % of Total Assets)
100
100							075.	68.2			September		October
80							075.	68.2
90
70
60
50			322.											319.
30			322.											319.
40
20			34.		--				--	--	--	--	--	27.	--	--	--	1.42.3
20
10
0
0				Cash		T-Bills	Stocks/ Equities		Rev. Repo ag. GS	Rev. Repo ag. other Secs.	Govt. Backed/ Gov. Guar.	TFCs/Sukuks	PIBs	T-Bills	CPs	MTS	Spread Trans.	Others
				Cash		T-Bills	Stocks/ Equities		Rev. Repo ag. GS	Rev. Repo ag. other Secs.	Govt. Backed/ Gov. Guar.	TFCs/Sukuks	PIBs	T-Bills	CPs	MTS	Spread Trans.	Others
		Amount invested by fund of funds is Rs. 0 million subtracted from total
		Historical Performance (%)

	100							AGVF		BM
	100

	80
	60				130.	31.1			519.	25.5		25.5	12.5	18.3			26.2	617.
	40				130.	31.1			519.	25.5		25.5	12.5	18.3	28.		26.2	617.
	40
	20
	0
	0				FY13				FY14			FY15		FY16			FY17
					FY13				FY14			FY15		FY16			FY17

Investment Committee

Maheen Rahman Chief Executive Officer

Noman Soomro Chief Operating Officer

Nabeel Malik Chief Investment Officer

Muddasir Ahmed Shaikh Head of Investment Advisory/

Senior Portfolio Manager

Shariq Mukhtar Hashmi Head of Compliance

Kashif Kasim Jr. Portfolio Manager

Fund Statistics

Fund Size (PkR mn; as on October 31, 2017):		2,395.05
NAV (PkR):		60.2615
Sharpe Ratio*		-0.19
Information Ratio		-0.38
Standard Deviation*		15.66%
Total Expense Ratio***		1.12%

Fund Performance	BM	AGVF
Since Inception**	11.33%	10.86%
YTD	-11.11%	-14.48%
Month (October '17):	-4.61%	-4.32%

Asset Allocation (Sector Wise as a % of Total Assets)
Oil & Gas Exploration Companies		13.35%
Commercial Banks		13.08%
Fertilizer		7.46%
Oil & Gas Marketing Companies		6.99%
Automobile Assembler		5.40%
Others		21.92%
Total		68.20%

Top 10 Holdings (% of Total Assets)
Oil & Gas Dev.Co		3.90%
Pakistan Oilfields Ltd.		3.61%
Sui Northern Gas Ltd.		3.29%
Mari Petroleum Company Limited		3.19%
Pakistan State Oil Co. Ltd.		3.15%
Hub Power Company Limited		3.06%
Engro Corporation Limited		3.05%
Bank Al-Falah Limited		2.86%
Habib Bank Ltd		2.85%
United Bank Ltd.		2.84%

AGPPF-Active Front end load: 2%

AGPPF-Active Back end load: 0%

AGPPF-Moderate Front end load: 1.5%

AGPPF-Moderate Back end load: 0%

AGPPF-Conservative Front end load: 1%

AGPPF-Conservative back end load: 0%

Alfalah GHP Active Allocation Plan (Holdings as % of Total Assets)

Alfalah GHP Active Allocation Plan

Holdings

Portfolio Credit Quality

Fund Size (PkR mn; as on Oct 31, 2017):

510.83

September

October

NAV (PkR):

104.2415

Cash

3.16%

1.01%

** 3 Star

5.95%

Total Expense Ratio**

0.12%

Equity

58.87%

57.63%

** 2 Star

0.00%

Income

24.77%

25.75%

0.00%

Performance

AGAAP

Money Market

13.09%

15.55%

AA-

3.98%

Since Inception Return********

8.20%

5.27%

Others

0.12%

0.06%

A+

21.77%

YTD

-9.04%

-11.23%

Total

100.00%

NR/UR

0.06%

Month

-3.62%

-3.05%

Alfalah GHP Moderate Allocation Plan (Holdings as % of Total Assets)

Alfalah GHP Moderate Allocation Plan

Holdings

Portfolio Credit Quality

Fund Size (PkR mn; as on Oct 31, 2017):

783.881

September

October

NAV (PkR):

101.3773

Cash

1.82%

0.97%

** 3 Star

3.54%

Total Expense Ratio***

0.12%

Equity

33.00%

29.50%

** 2 Star

0.00%

Income

55.35%

58.98%

0.00%

Performance

AGMAP

Money Market

9.70%

10.45%

AA-

4.98%

Since Inception Return********

7.88%

6.45%

Others

0.12%

0.10%

A+

54.00%

YTD

-3.61%

-5.21%

Total

100.00%

NR/UR

0.10%

Month

-1.67%

-1.43%

Alfalah GHP Conservative Allocation Plan (Holdings as % of Total Assets)

Alfalah GHP Conservative Allocation Plan

Holdings

Portfolio Credit Quality

Fund Size (PkR mn; as on Oct 31, 2017):

433.2385

September

October

NAV (PkR):

107.8798

Cash

1.23%

0.53%

** 3 Star

2.90%

Total Expense Ratio*******

0.18%

Equity

16.40%

15.95%

** 2 Star

0.00%

Income

37.85%

38.14%

0.00%

Performance

AGCAP

Money Market

43.96%

44.90%

AA-

2.95%

Since Inception Return********

7.17%

5.58%

Others

0.56%

0.48%

A+

35.19%

YTD

-0.76%

-1.87%

Total

100.00%

NR/UR

0.48%

Month

-0.61%

-0.55%

Details of Non-Compliant Investments

Value before

Provisioning

Value after

% Gross

% Net

Fund Name

Type

Provisioning

Held, if any

Provisioning

Assets

Alfalah GHP Active Allocation Plan (1 Year -Rolling Returns)

Oct-16

Nov-16

Dec-16

Jan-17

Feb-17

Mar-17

Apr-17

May-17

Jun-17

Jul-17

Aug-17

Sep-17

Oct-17

AGAAP

-0.59%

5.10%

6.15%

2.00%

-0.06%

0.04%

2.56%

3.25%

-5.90%

-2.16%

-6.56%

0.16%

-3.05%

-0.92%

4.49%

6.82%

1.61%

-0.19%

-0.27%

2.00%

1.99%

-5.56%

-1.21%

-6.34%

1.99%

-3.62%

Alfalah GHP Moderate Allocation Plan (1 Year -Rolling Returns)

Oct-16

Nov-16

Dec-16

Jan-17

Feb-17

Mar-17

Apr-17

May-17

Jun-17

Jul-17

Aug-17

Sep-17

Oct-17

AGMAP

0.12%

2.74%

4.14%

1.24%

0.24%

0.11%

1.41%

1.84%

-2.83%

-0.51%

-3.56%

0.22%

-1.43%

-0.16%

2.79%

4.57%

1.06%

0.14%

0.06%

1.24%

1.33%

-2.52%

0.00%

-3.25%

1.33%

-1.67%

Alfalah GHP Conservative Allocation Plan (1 Year -Rolling Returns)

Oct-16

Nov-16

Dec-16

Jan-17

Feb-17

Mar-17

Apr-17

May-17

Jun-17

Jul-17

Aug-17

Sep-17

Oct-17

AGCAP

0.14%

1.57%

2.21%

1.16%

0.28%

0.27%

0.80%

1.07%

-1.17%

-0.03%

-1.58%

0.28%

-0.55%

0.18%

1.64%

2.48%

0.82%

0.30%

0.83%

0.90%

-0.95%

0.27%

-1.32%

0.90%

-0.61%

Sindh Workers' Welfare Fund (SWWF)

AG-AAP The scheme has maintained provisions against Sindh Workers' Welfare Fund's liability to the tune of Rs. 1.307mn. If the same were not made the NAV per unit/last one year return of scheme would be higher by Rs. 0.2668 / 0.23%.

AG-MAP The scheme has maintained provisions against Sindh Workers' Welfare Fund's liability to the tune of Rs. 2.509mn. If the same were not made the NAV per unit/last one year return of scheme would be higher by Rs. 0.3244 / 0.30%.

AG-CAP The scheme has maintained provisions against Sindh Workers' Welfare Fund's liability to the tune of Rs. 0.915mn. If the same were not made the NAV per unit/last one year return of scheme would be higher by Rs. 0.2278 / 0.21%.

Disclaimer This publication is for informational purposes only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds are subject to market risks. The NAV based prices of units and any dividends/returns/profit lock in thereon are dependent on forces and factors affecting the capital markets. Past performance is not necessarily indicative of future results. Capital Preservation only applies to the unit holders who hold their investments until maturity date. All returns are calculated assuming reinvested dividends. Please read the Offering Document to understand the investment policies and risks involved. Performance data does not include the cost incurred directly by an investor in the form of sales load etc.

* Not Applicable, if invested in funds managed by AGIML

**AGAAP: This include 0.0311% representing government levy, Worker's Welfare Fund and SECP Fee

***AGMAP: This include 0.0303% representing government levy, Worker's Welfare Fund and SECP Fee

*******AGCAP: This include 0.0315% representing government levy, Worker's Welfare Fund and SECP Fee

******** Since Inception return is calculated on Compounded Annual Growth Rate (CAGR)

**** Effective from Oct 21st, 2016 Benchmark changed as per SECP direction no: 27 of 2016; Previous benchmark was : 20% KSE 100 & 80% 6 Months Kibor

***** Effective from Oct 21st, 2016 Benchmark changed as per SECP direction no: 27 of 2016; Previous benchmark was : 40% KSE 100 & 60% 6 Months Kibor

****** Effective from Oct 21st, 2016 Benchmark changed as per SECP direction no: 27 of 2016; Previous benchmark was : Weighted average daily return of KSE 100 index and 6 month KIBOR, based on actual proportion of investment in equity and fixed income / money market component made by the allocation plan.

13 Alfalah GHP Investment Management Limited Fund Managers' Report October, 2017

Alfalah GHP Islamic Prosperity Planning Fund

Fund: Not Yet Rated

AMC: "AM2+" by PACRA 16-May-17

Investment Objective

Alfalah GHP Islamic Prosperity Planning Fund is an Open-ended Shariah Complaint Fund of Funds Scheme that aims to generate returns on investment as per the respective Allocation Plan by investing in Shariah complaint Mutual funds in line with the risk tolerance of the investor.

Basic Information

Investment Committee

Category: Shariah Fund of Funds Scheme

Risk Profile: Plan Specific

Maheen Rahman

Chief Executive Officer

Fund Type: Open Ended

Management Fee: 1.25%*

Noman Soomro

Chief Operating Officer

Benchmark:

Min. Initial Investment: PKR 10,000/-

Nabeel Malik

Chief Investment Officer

AGIPPF-BAP

: Weighted Avg. of KMI30 index and

Min. Subseq. Investment: PKR 1,000/-

Muddasir Ahmed Shaikh

Head of Investment Advisory/

avg. return on 6M deposit rate of 3 (three) A or

Trustee: CDC Pakistan Limited

Senior Portfolio Manager

above rated islamic bank as selected by MUFAP.

Launch Date: June 09, 2016

Shariq Mukhtar Hashmi

Head of Compliance

On the basis of actual investments in underlying

AAP2 Launch Date: Nov 01, 2016

Kashif Kasim

Jr. Portfolio Manager

schemes. ********

AAP3 Launch Date: June 21, 2017

AGIPPF-AAP, AAP2 & AAP3

: Weighted Avg.

Par Value: 100

of KMI30 index and avg. return on 6M

Auditor: A.F Ferguson & Co. Pakistan

deposit rate of 3 (three) A or above rated

Dealing Days: Monday - Friday

islamic bank as selected by MUFAP. based

Listing: Pakistan Stock Exchange

on actual proportion of investment in equity

and income/ money market component

Cut-off Time: 9:00 am - 4:00 pm

made by the allocation plan.

Leverage: Nil

Pricing: Forward Day

AGIPPF-BAP Back-end Load: 0%

AGIPPF-BAP Front-end Load: 1.25%

AGIPPF-AAP Back-end Load ******

AGIPPF-AAP Front-end Load: 2.5%

AGIPPF-AAP 2 Back-end Load*******

AGIPPF-AAP 2 Front-end Load: 2.5%

AGIPPF-AAP 3 Back-end Load*******

AGIPPF-AAP 3 Front-end Load: 2.5%

Alfalah GHP Islamic Balanced Allocation Plan (Holdings as % of Total Assets)

Alfalah GHP Islamic Balanced Allocation Plan

Holdings

Portfolio Credit

Fund Size (PkR mn; as on Oct 31, 2017):

2,869.29

September

October

Quality

NAV (PkR):

103.0381

Cash

4.78%

5.40%

** 3 Star

94.18%

Total Expense Ratio**

0.13%

Equity

15.29%

14.64%

** 2 Star

0.00%

Performance

AGIBAP

Income

79.56%

79.55%

0.00%

Since Inception Return*********

3.73%

4.27%

Others

0.37%

0.42%

AA-

0.00%

YTD

-1.49%

-1.77%

Total

100.00%

A+

0.00%

Month

-0.62%

-0.48%

Alfalah GHP Islamic Active Allocation Plan (Holdings as % of Total Assets)

Alfalah GHP Islamic Active Allocation Plan

Holdings

Portfolio Credit

Fund Size (PkR mn; as on Oct 31, 2017):

1,537.26

September

October

Quality

NAV (PkR):

95.9183

Cash

5.86%

5.47%

** 3 Star

94.38%

Total Expense Ratio***

0.18%

Equity

54.03%

41.66%

** 2 Star

0.00%

Performance

AGIAAP

Income

39.98%

52.71%

0.00%

Since Inception Return*********

1.74%

Others

0.13%

0.15%

AA-

0.00%

YTD

-8.18%

-9.95%

Total

100.00%

A+

0.00%

Month

-2.77%

-2.41%

Alfalah GHP Islamic Active Allocation Plan 2 (Holdings as % of Total Assets)

Alfalah GHP Islamic Active Allocation Plan 2

Holdings

Portfolio Credit

Fund Size (PkR mn; as on Oct 31, 2017):

1,866.08

September

October

Quality

NAV (PkR):

90.9067

Cash

6.13%

5.76%

** 3 Star

94.38%

Total Expense Ratio****

0.13%

Equity

54.09%

41.70%

** 2 Star

0.00%

Performance

AGIAAP2

Income

39.70%

52.43%

0.00%

Since Inception Return*********

-4.50%

-3.28%

Others

0.08%

0.11%

AA-

0.00%

YTD

-8.12%

-9.85%

Total

100.00%

A+

0.00%

Month

-2.77%

-2.39%

Alfalah GHP Islamic Active Allocation Plan 3 (Holdings as % of Total Assets)

Alfalah GHP Islamic Active Allocation Plan 3

Holdings

Portfolio Credit

Fund Size (PkR mn; as on Oct 31, 2017):

1,032.93

September

October

Quality

NAV (PkR):

93.8884

Cash

8.15%

5.47%

** 3 Star

94.38%

Total Expense Ratio*****

0.15%

Equity

35.03%

24.44%

** 2 Star

0.00%

Performance

AGIAAP3

Income

56.78%

70.06%

0.00%

Since Inception Return

-5.11%

-6.04%

Others

0.03%

0.02%

AA-

0.00%

YTD

-4.88%

-5.82%

Total

100.00%

A+

0.00%

Month

-1.68%

-1.42%

Details of Non-Compliant Investments

Value before

Provisioning

Value after

% Gross

% Net

Name

Fund Name

Type

Provisioning

Held, if any

Provisioning

Assets

Alfalah GHP Islamic Balanced Allocation Plan (1 Year -Rolling Returns)

Oct-16

Nov-16

Dec-16

Jan-17 Feb-17 Mar-17

Apr-17 May-17

Jun-17

Jul-17

Aug-17

Sep-17

Oct-17

AGIBAP

0.05%

1.87%

2.16%0.54% 0.30% 0.42%

0.78%

1.06%

-0.94%

0.07%

-1.62%

0.26%

-0.48%

-0.32%

1.42%

2.56%

0.70%

0.13%

-0.17%

0.75%

0.77%

-1.47%

0.32%

-1.76%

0.58%

-0.62%

Alfalah GHP Islamic Active Allocation Plan (1 Year -Rolling Returns)

Oct-16

Nov-16

Dec-16

Jan-17 Feb-17 Mar-17

Apr-17 May-17

Jun-17

Jul-17

Aug-17

Sep-17

Oct-17

AGIAAP

-1.01%

6.07%

6.49%1.22% 0.10% 0.19%

2.34%

3.89%

-12.33%

-0.74%

-7.08%

0.04%

-2.41%

-2.33%

4.79%

8.12%

1.67% -0.12% -1.37%

2.44%

2.60%

-7.27%

0.49%

-7.38%

1.48%

-2.77%

Alfalah GHP Islamic Active Allocation Plan 2 (1 Year -Rolling Returns)

Oct-16

Nov-16

Dec-16

Jan-17 Feb-17 Mar-17

Apr-17 May-17

Jun-17

Jul-17

Aug-17

Sep-17

Oct-17

AGIAAP2

1.11%

4.80%1.24% 0.14% 0.18%

2.33%

3.91%

-11.89%

-0.73%

-6.99%

0.03%

-2.39%

0.59%

6.03%

1.50% -0.12% -1.35%

2.29%

2.60%

-7.15%

0.47%

-7.33%

1.49%

-2.77%

Alfalah GHP Islamic Active Allocation Plan 3 (1 Year -Rolling Returns)

Oct-16

Nov-16

Dec-16

Jan-17

Feb-17

Mar-17

Apr-17

May-17

Jun-17

Jul-17

Aug-17

Sep-17

Oct-17

AGIAAP3

0.00%

-0.31%

-0.07%

-4.59%

0.20%

-1.42%

0.00%

-0.25%

0.41%

-4.63%

1.02%

-1.68%

Sindh Workers' Welfare Fund (SWWF) AGIBAP The scheme has maintained provisions against Sindh Workers' Welfare Fund's liability to the tune of Rs. 5.129mn. If the same were not made the NAV per unit/last one year return of scheme would be higher by Rs. 0.1842 / 0.18%.

AGIAAP The scheme has maintained provisions against Sindh Workers' Welfare Fund's liability to the tune of Rs. 4.737mn. If the same were not made the NAV per unit/last one year return of scheme would be higher by Rs. 0.2956 / 0.28%.

AGIAAP2 The scheme has maintained provisions against Sindh Workers' Welfare Fund's liability to the tune of Rs. 3.002mn. If the same were not made the NAV per unit/last one year return of scheme would be higher by Rs. 0.1462 / 0.15%.

AGIAAP3 The scheme has maintained provisions against Sindh Workers' Welfare Fund's liability to the tune of Rs. 0.000mn. If the same were not made the NAV per unit/last one year return of scheme would be higher by Rs. 0.0000 / 0.00%.

Disclaimer This publication is for informational purposes only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds are subject to market risks. The NAV based prices of units and any dividends/returns/profit lock in thereon are dependent on forces and factors affecting the capital markets. Past performance is not necessarily indicative of future results. Capital Preservation only applies to the unit holders who hold their investments until maturity date. All returns are calculated assuming reinvested dividends. Please read the Offering Document to understand the investment policies and risks involved. Performance data does not include the cost incurred directly by an investor in the form of sales load etc.

* Not Applicable, if invested in funds managed by AGIML

**BAP: This include 0.0317% representing government levy, Worker's Welfare Fund and SECP Fee

***AAP: This include 0.0325% representing government levy, Worker's Welfare Fund and SECP Fee

****AAP 2: This include 0.0329% representing government levy, Worker's Welfare Fund and SECP Fee

*****AAP 3: This include 0.0347% representing government levy, Worker's Welfare Fund and SECP Fee

******** Effective from Oct 21st, 2016 Benchmark changed as per SECP direction no: 27 of 2016; Previous benchmark was : 20% KMI 30 & 80% 6-Month

deposit rate of 3 A+ or above rate Islamic Banks.

****** For the first year 2.5%, for second year 1.5%

******* For the first year 2.5%, for second year 1.5%

********* Since Inception return is calculated on Compounded Annual Growth Rate (CAGR)

14 Alfalah GHP Investment Management Limited Fund Managers' Report October, 2017

Alfalah GHP Islamic Pension Fund

Fund: Not Yet Rated

AMC: "AM2+" by PACRA 16-May-17

Investment Objective

The objective of introducing Alfalah GHP Islamic Pension Fund is to provide individuals with a portable, individualized, Shariah Compliant, funded (based on defined contribution) and flexible pension scheme which is managed by professional investment manager to assist them to plan and provide for their retirement. . The design of the scheme empowers the participants to decide how much to invest in their pensions, and how to invest it, as well as to continue investing in their pension accounts even if they change jobs.

Basic Information

Investment Committee

Category: Voluntary Islamic Pension Fund Scheme

Par Value: 100

Maheen Rahman

Chief Executive Officer

Fund Type: Open Ended

Pricing Mechanism: Forward

Noman Soomro

Chief Operating Officer

Launch Date: January 02, 2017

Frontend load: 3%

Nabeel Malik

Chief Investment Officer

Min. Initial Investment: PKR 1,000/-

Backend load: Nil

Muddasir Ahmed Shaikh

Head of Investment Advisory/

Trustee: CDC Pakistan Limited

Management Fee: 1.5%

Senior Portfolio Manager

Auditor: A.F Ferguson & Co. Pakistan

Shariq Mukhtar Hashmi

Head of Compliance

Cut-off Time: 9:00 am - 4:00 pm

Kashif Kasim

Jr. Portfolio Manager

Dealing Days: Monday - Friday

Alfalah GHP Islamic Equity Sub Fund

Top Ten Holdings (as a % of total assets)

Oil & Gas Dev.Co

7.03%

Sector Allocation (as a % of total assets)

Asset Allocation (as a % of total assets)

Pakistan Oilfields Ltd.

6.81%

Oil & Gas Exploration Companies

22.97%

Hub Power Company Limited

5.58%

Fertilizer

12.57%

1.95%

Engro Corporation Limited

5.38%

Power Generation & Distribution

9.57%

Engro Fertilizer Limited

5.34%

Cement

8.47%

8.04%

Pak Petroleum Ltd.

4.62%

Oil & Gas Marketing Companies

7.81%

Mari Petroleum Company Limited

4.51%

Others

28.63%

Lucky Cement Limited

4.34%

90.01%

Nishat Mills Ltd.

4.32%

Sui Northern Gas Ltd.

4.07%

Fund Size (PKR Mn.)

32.7262

NAV

81.7280

Bank Balance

Equity Investment

Others

Year To Date Return

-15.96%

Since Inception Return

-18.27%

Alfalah GHP Islamic Debt Sub Fund

Alfalah GHP Islamic Money Market Sub Fund

Asset Allocation (as a % of total assets)

90.50%

September

October

90.05%

September

October

60.50%

57.50%

60.05%

50.46%

41.08% _40.43%

57.87%

48.42%

50.22%

48.44%

30.50%

30.05%

1.41%

1.69%

1.11%

1.33%

0.50%

0.05%

Fund Size (PKR Mn.)

34.2653

Fund Size (PKR Mn.)

30.9193

NAV

102.1339

NAV

102.2969

Year To Date Return

1.13%

Year To Date Return

2.57%

Since Inception Return

2.58%

Since Inception Return

2.78%

Alfalah GHP Equity Sub Fund - Details of Non-Compliant Investments

Value before

Provisioning

Value after

% Gross

% Net

Name

Type

Provisioning

Held, if any

Provisioning

Assets

Alfalah GHP Debt Sub Fund - Details of Non-Compliant Investments

Value before

Provisioning

Value after

% Gross

% Net

Name

Type

Provisioning

Held, if any

Provisioning

Assets

Alfalah GHP Money Market Sub Fund - Details of Non-Compliant Investments

Value before

Provisioning

Value after

% Gross

% Net

Name

Type

Provisioning

Held, if any

Provisioning

Assets

Oct-16

Nov-16

Dec-16

Jan-17

Feb-17

Mar-17

Apr-17

May-17

Jun-17

Jul-17

Aug-17Sep-17

Oct-17

Oct-16

Nov-16

Dec-16

Jan-17

Feb-17

Mar-17

Apr-17

May-17

Jun-17

Jul-17

Aug-17

Sep-17

Oct-17

AGESF

-0.79%

0.18%

-0.08%

3.73%

4.24%

-9.44%

-0.01% -10.68% 0.05%

-5.95%

Oct-16

Nov-16

Dec-16

Jan-17

Feb-17

Mar-17

Apr-17

May-17

Jun-17

Jul-17

Aug-17Sep-17

Oct-17

AGDSF

3.42%

3.04%

2.71%

2.89%

2.24%

7.01%

-1.51%

1.16%

2.36%

2.53%

Oct-16

Nov-16

Dec-16

Jan-17

Feb-17

Mar-17

Apr-17

May-17

Jun-17

Jul-17Aug-17Sep-17

Oct-17

AGMMSF

3.46%

3.15%

2.82%

2.93%

2.28%

2.71%

3.11%

2.76%

1.80%

2.53%

Sindh Workers' Welfare Fund (SWWF)

AG-ESF The scheme has maintained provisions against Sindh Workers' Welfare Fund's liability to the tune of Rs. 0.000mn. If the same were not made the NAV per unit/last one year return of scheme would be higher by Rs. 0.0000 / 0.00%.

AG-DSF The scheme has maintained provisions against Sindh Workers' Welfare Fund's liability to the tune of Rs. 0.014mn. If the same were not made the NAV per unit/last one year return of scheme would be higher by Rs. 0.0403 / 0.04%.

AG-MMSF The scheme has maintained provisions against Sindh Workers' Welfare Fund's liability to the tune of Rs. 0.014mn. If the same were not made the NAV per unit/last one year return of scheme would be higher by Rs. 0.0467 / 0.05%.

Disclaimer This publication is for informational purposes only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds are subject to market risks. The NAV based prices of units and any dividends/returns/profit lock in thereon are dependent on forces and factors affecting the capital markets. Past performance is not necessarily indicative of future results. Capital Preservation only applies to the unit holders who hold their investments until maturity date. All returns are calculated assuming reinvested dividends. Please read the Offering Document to understand the investment policies and risks involved. Performance data does not include the cost incurred directly by an investor in the form of sales load etc.

MUFAP's Recommended Format

15 Alfalah GHP Investment Management Limited Fund Managers' Report October, 2017

Alfalah GHP Pension Fund

Fund: Not Yet Rated

AMC: "AM2+" by PACRA 16-May-17

Investment Objective

The objective of introducing Alfalah GHP Pension Fund is to provide individuals with a portable, individualized, funded (based on defined contribution) and flexible pension scheme which is managed by professional investment manager to assist them to plan and provide for their retirement. The design of the scheme empowers the participants to participants to decide how much to invest in their pensions and how to invest it, as well as to continue investing in their pension accounts even if they change jobs.

Basic Information

Investment Committee

Category: Voluntary Pension Fund Scheme

Par Value: 100

Maheen Rahman

Chief Executive Officer

Fund Type: Open Ended

Pricing Mechanism: Forward

Noman Soomro

Chief Operating Officer

Launch Date: January 02, 2017

Frontend load: 3%

Nabeel Malik

Chief Investment Officer

Min. Initial Investment: PKR 1,000/-

Backend load: Nil

Muddasir Ahmed Shaikh

Head of Investment Advisory/

Trustee: CDC Pakistan Limited

Management Fee: 1.5%

Senior Portfolio Manager

Auditor: A.F Ferguson & Co. Pakistan

Shariq Mukhtar Hashmi

Head of Compliance

Cut-off Time: 9:00 am - 4:00 pm

Kashif Kasim

Jr. Portfolio Manager

Dealing Days: Monday - Friday

Alfalah GHP Equity Sub Fund

Top Ten Holdings (as a % of total assets)

Oil & Gas Dev.Co

5.79%

Sector Allocation (as a % of total assets)

Asset Allocation (as a % of total assets)

Pakistan Oilfields Ltd.

4.64%

Oil & Gas Exploration Companies

18.28%

Hub Power Company Limited

4.60%

Commercial Banks

15.29%

2.03%

Engro Fertilizer Limited

4.26%

Power Generation & Distribution

8.28%

6.96%

Lucky Cement Limited

4.25%

Fertilizer

8.23%

Nishat Mills Ltd.

4.20%

Automobile Assembler

8.10%

United Bank Ltd.

4.12%

Others

32.83%

Mari Petroleum Company Limited

3.97%

Engro Corporation Limited

3.97%

91.01%

Sui Northern Gas Ltd.

3.94%

Fund Size (PKR Mn.)

33.9696

NAV

79.4881

Bank Balance

Equity Investment

Others

Year To Date Return

-15.30%

Since Inception Return

-20.51%

Alfalah GHP Debt Sub Fund

Alfalah GHP Money Market Sub Fund

Asset Allocation (as a % of total assets)

September

96.30%

October

September

October

96.76%

92.92%

80.25%

84.83%

60.25%

80.20%

60.20%

40.25%

40.20%

20.25%

20.20%

14.88%

0.28%

3.15%

2.75%

6.80%

0.28%

0.54%

0.50%

0.25%

0.20%

Cash

Plac. with

Plac. with TFCs/Sukuks

PIBs

T-Bills

CPs

MTSSpread

Others

CashPlac. with

Plac. with

TFCs/SukuksPIBs

T-Bills

CPs

MTS

Spread

Others

Banks/DFIs

NBFCs

Trans.

Banks/DFIs

NBFCs

Trans.

Fund Size (PKR Mn.)

36.6080

Fund Size (PKR Mn.)

34.8811

NAV

103.0428

NAV

103.1026

Year To Date Return

3.52%

Year To Date Return

3.54%

Since Inception Return

3.68%

Since Inception Return

3.75%

Alfalah GHP Equity Sub Fund - Details of Non-Compliant Investments

Value before

Provisioning

Value after

% Gross

% Net

Name

Type

Provisioning

Held, if any

Provisioning

Assets

Alfalah GHP Debt Sub Fund - Details of Non-Compliant Investments

Value before

Provisioning

Value after

% Gross

% Net

Name

Type

Provisioning

Held, if any

Provisioning

Assets

Alfalah GHP Money Market Sub Fund - Details of Non-Compliant Investments

Value before

Provisioning

Value after

% Gross

% Net

Name

Type

Provisioning

Held, if any

Provisioning

Assets

Oct-16

Nov-16

Dec-16

Jan-17

Feb-17

Mar-17

Apr-17

May-17

Jun-17

Jul-17

Aug-17Sep-17

Oct-17

Oct-16

Nov-16

Dec-16

Jan-17

Feb-17

Mar-17

Apr-17

May-17

Jun-17

Jul-17

Aug-17

Sep-17

Oct-17

AGPESF

-2.07%

0.27%

-1.23%

2.62%

3.46%

-8.87%

-0.90%

-9.81%

0.53%

-5.73%

Oct-16

Nov-16

Dec-16

Jan-17

Feb-17

Mar-17

Apr-17

May-17

Jun-17

Jul-17Aug-17Sep-17

Oct-17

AGPDSF

4.47%

5.93%

3.04%

3.33%

3.01%

2.73%

3.45%

3.44%

3.58%

3.56%

Oct-16

Nov-16

Dec-16

Jan-17

Feb-17

Mar-17

Apr-17

May-17

Jun-17

Jul-17Aug-17Sep-17

Oct-17

AGPMMSF

4.51%

6.07%

3.14%

3.43%

3.14%

2.87%

3.52%

3.51%

3.60%

3.46%

Sindh Workers' Welfare Fund (SWWF)

AG-DSF The scheme has maintained provisions against Sindh Workers' Welfare Fund's liability to the tune of Rs. 0.020mn. If the same were not made the NAV per unit/last one year return of scheme would be higher by Rs. 0.0567 / 0.06%.

AG-MMSF The scheme has maintained provisions against Sindh Workers' Welfare Fund's liability to the tune of Rs. 0.019mn. If the same were not made the NAV per unit/last one year return of scheme would be higher by Rs. 0.0572 / 0.06%.

Disclaimer

This publication is for informational purposes only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds are subject to market risks. The NAV based prices of units and any dividends/returns/profit lock in thereon are dependent on forces and factors affecting the capital markets. Past performance is not necessarily indicative of future results. Capital Preservation only applies to the unit holders who hold their investments until maturity date. All returns are calculated assuming reinvested dividends. Please read the Offering Document to understand the investment policies and risks involved. Performance data does not include the cost incurred directly by an investor in the form of sales load etc.

MUFAP's Recommended Format

Basic Information

		Category: Islamic Equity Scheme						Management Fee: 1.25%
		Fund Type: Open Ended						Min. Initial Investment: PKR 10,000/-
		Benchmark: KMI-30						Min. Subseq. Investment: PKR 1,000/-
		Launch Date: May 23, 2017						Trustee: CDC Pakistan Limited
		Par Value: 100						Auditor: A.F Ferguson & Co. Pakistan
		Pricing: Forward Day						Listing: Pakistan Stock Exchange
		*Sales Load: 1.50%**						Dealing Days: Monday - Friday
		Risk Profile: Moderate to High						Cut-off Time: 9:00 am - 4:00 pm
		Leverage: Nil
		Asset Allocation (as % of Total Assets)
		Asset Allocation (as % of Total Assets)


100					686.84.1				September		October
100
90
80
70
60
50
40			11.8314.	--		--	--	--	--	--	--	--	--	--	1.661.
30			11.8314.	--		--	--	--	--	--	--	--	--	--	1.661.
30
20
10
0
0			Cash	T-Bills	Stocks/ Equities	Rev. Repo ag. GS	Rev. Repo ag. other Secs.	Govt. Backed/ Gov. Guar.	TFCs/Sukuks	PIBs	T-Bills	CPs	MTS	Spread Trans.	Others
			Cash	T-Bills	Stocks/ Equities	Rev. Repo ag. GS	Rev. Repo ag. other Secs.	Govt. Backed/ Gov. Guar.	TFCs/Sukuks	PIBs	T-Bills	CPs	MTS	Spread Trans.	Others

		Amount invested by fund of funds is Rs. 1148 million subtracted from total
		Historical Performance (%)
		Historical Performance (%)
		0
		0
									FY17

	-5						-3.1
	-5
	-10

	-15							AGIDEF		BM	11.8
	-15										-


		Details of Non-Compliant Investments										Value before
		Details of Non-Compliant Investments

		Name							Type			Provisioning

Investment Committee

Maheen Rahman			Chief Executive Officer
Noman Soomro			Chief Operating Officer
Nabeel Malik			Chief Investment Officer
Muddasir Ahmed Shaikh			Head of Investment Advisory/
			Senior Portfolio Manager
Shariq Mukhtar Hashmi			Head of Compliance
Kashif Kasim			Jr. Portfolio Manager

Fund Statistics
Fund Size (PkR mn; as on October, 2017):				0.0
Fund Size	including fund of funds			1148
NAV (PkR):				81.7084
Sharpe Ratio**				N/M
Information Ratio**				N/M
Standard Deviation**				2.59%
Total Expense Ratio****				2.77%

Fund Performance			BM	AGIDEF
Since Inception***			-24.48%	-18.29%
YTD			-14.38%	-15.66%
Month (October '17):			-5.80%	-5.11%

Asset Allocation (Sector Wise as a % of Total Assets)
Oil & Gas Exploration Companies				23.12%
Fertilizer				12.27%
Oil & Gas Marketing Companies				9.41%
Cement				7.44%
Power Generation & Distribution				5.91%
Others				25.92%
Total				84.07%

Top 10 Holdings (% of Total Assets)
Oil & Gas Dev.Co				7.06%
Pakistan Oilfields Ltd.				6.54%
Hub Power Company Limited				5.91%
Engro Fertilizer Limited				5.55%
Pak Petroleum Ltd.				5.23%
Engro Corporation Limited				4.81%
Sui Northern Gas Ltd.				4.51%
Pakistan State Oil Co. Ltd.				4.39%
Mari Petroleum Company Limited				4.29%
Nishat Mills Ltd.				4.24%
Provisioning		Value after	% Gross	% Net
Provisioning		Value after	% Gross	% Net
Held, if any		Provisioning	Assets	Assets


Basic Information		Investment Committee
Category: Money Market	¹Management Fee: 10% of the Gross Earnings subject to a	Maheen Rahman	Chief Executive Officer
Category: Money Market	minimum fee of 0.25% of average daily Net Assets and	Maheen Rahman	Chief Executive Officer
Scheme	maximum fee of 1% of average Annual Net Assets
Fund Type: Open Ended	Min. Initial Investment: PKR 5,000/-	Noman Soomro	Chief Operating Officer
Benchmark: 70% 3month PKRV rates	Min. Subseq. Investment: PKR 1,000/-	Nabeel Malik	Chief Investment Officer
+30% 3-months average deposit	Min. Subseq. Investment: PKR 1,000/-	Nabeel Malik	Chief Investment Officer
+30% 3-months average deposit
rates of 3 AA rated schedule banks as	Trustee: CDC Pakistan Limited	Muddasir Ahmed Shaikh	Head of Investment Advisory/
selected by MUFAP. ****	Trustee: CDC Pakistan Limited	Muddasir Ahmed Shaikh	Head of Investment Advisory/
Launch Date: May 27, 2010	Auditor: A.F Ferguson & Co. Pakistan		Senior Portfolio Manager
Par Value: 100	Listing: Pakistan Stock Exchange	Shariq Mukhtar Hashmi	Head of Compliance
Pricing: Forward Day	Dealing Days: Monday - Friday	Kashif Kasim	Jr. Portfolio Manager
Sales Load: 1.00%	Cut-off Time: 9:00 am - 4:00 pm
Risk Profile: Low	Leverage: Nil

Asset Allocation (as % of Total Assets)		Fund Statistics

100	190.				September		October			94.7
					September		October


80
60
40		69.-
20	94.	69.-	--	--	--	--	--	--	-	--	--	--	0.30.4
20
0
0	Cash	Plac. with Banks/DFIs	Plac. with NBFCs	Rev. Repo ag. GS	Rev. Repo ag. other Secs.	Govt. Backed/ Gov. Guar.	TFCs/Sukuks	PIBs	T-Bills	CPs	MTS	Spread Trans.	Others
	Cash	Plac. with Banks/DFIs	Plac. with NBFCs	Rev. Repo ag. GS	Rev. Repo ag. other Secs.	Govt. Backed/ Gov. Guar.	TFCs/Sukuks	PIBs	T-Bills	CPs	MTS	Spread Trans.	Others

18
18		AGMMF		BM
		AGMMF		BM
12	11.8
12		9.5
6	7.0	9.5	96.	28.	96.	8.7	66.	45.	84.	75.	5.0
0
0

Fund Size (PkR mn; as on Oct 31, 2017):				1,679.872
Fund size including fund of fund schemes				1,962.759
NAV (PkR):				99.1134
Sharpe Ratio*				-0.74
Standard Deviation*				0.60%
Wtd. Average Maturity (months):				2.16
Total Expense Ratio***				0.36%
Total Expense Ratio***				0.36%
Fund Performance			BM	AGMMF
Since Inception Return			6.54%	8.57%
YTD			5.17%	5.17%
Month(Oct'17):			5.16%	5.20%
Credit Quality (as % of Total Assets)
Govt. Guar.	94.66%	A		0.00%
AAA	0.05%	A-		0.00%
AA+	4.85%	BBB+		0.00%
AA	0.00%	BBB		0.00%
AA-	0.00%	Below IG		0.00%
A+	0.00%	NR/UR		0.44%

Category: Fund of Funds Scheme		Risk Profile: Plan Specific
Fund Type: Open Ended		Management Fee: 1%*
Benchmark:		Min. Initial Investment: PKR 10,000/-
AGHP CAP: Weighted average return of KSE 100 and		Min. Subseq. Investment: PKR 1,000/-

6 months PKRV on the basis of actual investments
in underlying schemes. ****		Trustee: CDC Pakistan Limited
AGHP MAP: Weighted average return of KSE 100		Launch Date: Sep 11, 2015

and 6 months KIBOR on the basis of actual

investments in underlying schemes. *****		Par Value: 100
AGHP AAP: Weighted average return of KSE 100		Auditor: A.F Ferguson & Co. Pakistan
		Dealing Days: Monday - Friday
index and 6 month KIBOR on the basis of actual
investments in underlying schemes.******		Listing: Pakistan Stock Exchange
Pricing: Forward Day		Leverage: Nil
		Cut-off Time: 9:00 am - 4:00 pm

Basic Information		Investment Committee
Category: Shariah CompAsset. Alloc. Scheme	Management Fee: 2.00%	Maheen Rahman	Chief Executive Officer
Fund Type: Open Ended	Min. Initial Investment: PKR 10,000	Noman Soomro	Chief Operating Officer
Benchmark: KMI 30 Index and Six (6) months	Min. Subsquent Investment: PKR 1,000/-	Nabeel Malik	Chief Investment Officer
average deposit rates of three (3) A rated
Scheduled Islamic Banks or Islamic Banking	Auditor: A.F Ferguson & Co. Pakistan
windows of Conventional Banks as selected by	Auditor: A.F Ferguson & Co. Pakistan
MUFAP on the basis of actual proportion held by		Muddasir Ahmed Shaikh	Head of Investment Advisory/
the scheme.		Muddasir Ahmed Shaikh	Head of Investment Advisory/
Launch Date: October 12, 2017	Trustee: CDC Pakistan Limited		Senior Portfolio Manager
Par Value: PKR 100/-	Listing: Pakistan Stock Exchange	Shariq Mukhtar Hashmi	Head of Compliance
Pricing: Forward Day	Dealing Days: Monday - Friday	Kashif Kasim	Jr. Portfolio Manager
Sales Load: 3.00%	Cut-off Time: 9:00 am - 4:00 pm
Risk Profile: Moderately High	Leverage: Nil

Asset Allocation (as % of Total Assets)		Fund Statistics

100	91.2					September		October
100
90
90
80
70
60
50
40
30
20									- 37.
10	-	--	--	--	--	--	--	--	- 37.	--	--	--	-1.4
0
0	Cash	T-Bills	Stocks/ Equities	Rev. Repo ag. GS	Rev. Repo ag. otherSecs.	Govt. Backed/ Gov.Guar.	TFCs/Sukuks	PIBs	Sukuk	CPs	MTS	Spread Trans.	Others
	Cash	T-Bills	Stocks/ Equities	Rev. Repo ag. GS	Rev. Repo ag. otherSecs.	Govt. Backed/ Gov.Guar.	TFCs/Sukuks	PIBs	Sukuk	CPs	MTS	Spread Trans.	Others

+Fund Size (PkR mn; as on October 31, 2017):		268.16
Fund Size including fund of fund schemes:		268.16
NAV (PkR):		100.1006
Sharpe Ratio*		N/M
Information Ratio		N/M
Standard Deviation*		N/M
Total Expense Ratio***		0.17%
Fund Performance	BM	AGVF
Since Inception**	0.14%	0.10%
YTD	0.14%	0.10%
Month (October '17):	0.14%	0.10%

+ Amount invested by fund of funds is Rs. 0 million subtracted from total	Total	0.00%

Historical Performance (%)	Top 10 Holdings (% of Total Assets)
	Dubai Islamic Bank Ltd - Sukuk (14-Jul-17)	7.34%