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Funds listed in Pakistan
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               NAME                    SYMBOL       TYPE          OBJECTIVE
ABL AMC Capital Protected Fund                    Open-End   Corporate/Preferred-Inv
                                     ABLACAP:PA
(ABLACAP)                                         Fund       Grade
                                                  Open-End
ABL Cash Fund (ABLCSHA)              ABLCSHA:PA
                                                  Fund
ABL Government Securities Fund                    Open-End
                                     ABLGOSF:PA              Govt/Agency-Long Term
(ABLGOSF)                                         Fund
ABL Government Securities Fund                    Open-End
                                     ABLGOSA:PA              Govt/Agency-Long Term
(ABLGOSA)                                         Fund
                                                  Open-End   Region Fund-Geo
ABL Income Fund (ABLINCM)            ABLINCM:PA
                                                  Fund       Focused-Debt
                                                  Open-End   Region Fund-Geo
ABL Islamic Income Fund (ABLCASH) ABLCASH:PA
                                                  Fund       Focused-Debt
                                                  Open-End
ABL Stock Fund (ABLSTFD)             ABLSTFD:PA              Growth
                                                  Fund
AKD Aggressive Income Fund                        Open-End
                                     AKDINCO:PA              Government/Corporate
(AKDINCO)                                         Fund
                                                  Open-End
AKD Cash Fund (AKDCASH)              AKDCASH:PA
                                                  Fund
                                                  Open-End
AKD Index Tracker Fund (AKDITFA)     AKDITFA:PA              Index Fund-Large Cap
                                                  Fund
                                                  Open-End
AKD Opportunity Fund (AKDOPRF)       AKDOPRF:PA              Growth and Income
                                                  Fund
                                                  Open-End   Sector Fund-
Al-Meezan Mutual Fund Ltd (AMMF)     AMMF:PA
                                                  Fund       Equity/Islamic
                                                  Open-End
Alfalah GHP Alpha Fund (ALFGHPA)     ALFGHPA:PA              Growth
                                                  Fund
                                                  Open-End
Alfalah GHP Cash Fund (ALFGHPC)      ALFGHPC:PA
                                                  Fund
Alfalah GHP Income Multiplier Fund                Open-End
                                     ALFINMA:PA              Government/Corporate
(ALFINMA)                                         Fund
                                                  Open-End
Alfalah GHP Islamic Fund (ALFISLM) ALFISLM:PA                Balanced
                                                  Fund
                                                  Open-End
Alfalah GHP Value Fund (ALFVALU)     ALFVALU:PA              Balanced
                                                  Fund
                                                  Open-End
AMZ Plus Income Fund (AMZINCO)       AMZINCO:PA              Government/Corporate
                                                  Fund
AMZ Plus Stock Fund (AMZSTOK)        AMZSTOK:PA   Open-End   Growth and Income
Fund
Arif Habib Investment Management -                Open-End
                                     ARIFPIF:PA            Govt/Corp Short Term
Pakistan Income Fund (ARIFPIF)                    Fund
Arif Habib Investment Management -                Open-End
                                     ARIFPSM:PA            Growth and Income
Pakistan Stock Market Fund (ARIFPSM)              Fund
Arif Habib Investment Management -
                                                  Open-End
Pakistan Strategic Allocation Fund   PSAF:PA               Growth
                                                  Fund
(PSAF)
Arif Habib Investment Management -
                                                  Open-End
Pakistan Cash Management Fund        PKCASHF:PA
                                                  Fund
(PKCASHF)
Arif Habib Investment Management -                Open-End
                                     PPFL:PA               Growth
Pakistan Premier Fund (PPFL)                      Fund
Arif Habib Investment Management-
                                                  Open-End
MetroBank-Pakistan Sovereign Fund-   ARIFM12:PA            Government/Agency
                                                  Fund
December 2012 (ARIFM12)
Arif Habib Investment Management-
                                                  Open-End
MetroBank-Pakistan Sovereign Fund-   ARIFMSP:PA            Government/Agency
                                                  Fund
Perpetual (ARIFMSP)
Arif Habib Investment Management -
                                                  Open-End
Pakistan Capital Market Fund         ARIFPCM:PA            Balanced
                                                  Fund
(ARIFPCM)
Arif Habib Investment Management -
                                                  Closed-
Pakistan Capital Protected Fund 1    PCPF/1:PA             Balanced
                                                  End Fund
(PCPF/1)
                                                Closed-
Asian Stocks Fund Ltd (ASFL)      ASFL:PA                    Growth and Income
                                                End Fund
Askari Asset Allocation Fund                    Open-End
                                     ASKAAFB:PA              Balanced
(ASKAAFB)                                       Fund
Askari Asset Allocation Fund                    Open-End
                                     ASKAAFC:PA              Balanced
(ASKAAFC)                                       Fund
                                                Open-End
Askari Equity Fund (ASKEQTY)         ASKEQTY:PA              Blend
                                                Fund
                                                Open-End
Askari High Yield Scheme (ASKINCO) ASKINCO:PA
                                                Fund
Askari Islamic Asset Allocation Fund            Open-End     Sector Fund-Ast
                                     ASKISAB:PA
(ASKISAB)                                       Fund         Alloc/Islamic
Askari Islamic Asset Allocation Fund            Open-End     Sector Fund-Ast
                                     ASKISAC:PA
(ASKISAC)                                       Fund         Alloc/Islamic
                                                Open-End
Askari Islamic Income Fund (ASKISIB) ASKISIB:PA              Sector Fund-Debt/Islamic
                                                Fund
Askari Islamic Income Fund (ASKISIC) ASKISIC:PA Open-End     Sector Fund-Debt/Islamic
Fund
Askari Sovereign Cash Fund                            Open-End
                                         ASKSOVC:PA              Govt/Agency-Short Term
(ASKSOVC)                                             Fund
Askari Sovereign Yield Enhancer Fund                  Open-End
                                         ASKSOYE:PA              Sector Fund-Debt
(ASKSOYE)                                             Fund
                                                      Fund of
Atlas Fund of Funds (ATFF)               ATFF:PA                 Growth
                                                      Funds
                                                      Open-End
Atlas Income Fund (ATLINCF)              ATLINCF:PA              Government/Corporate
                                                      Fund
                                                      Open-End
Atlas Islamic Income Fund (ATISINC)      ATISINC:PA              Sector Fund-Debt/Islamic
                                                      Fund
                                                      Open-End   Sector Fund-
Atlas Islamic Stock Fund (ATLISLM)       ATLISLM:PA
                                                      Fund       Equity/Islamic
Atlas Money Market Fund/Pakistan                      Open-End
                                         ATLMMKT:PA
(ATLMMKT)                                             Fund
Atlas Pension Islamic Fund - Debt Sub-                Open-End
                                         APIFDBT:PA              Sector Fund-Debt/Islamic
Fund (APIFDBT)                                        Fund
Atlas Pension Islamic Fund - Equity                   Open-End   Sector Fund-
                                         APIFEQY:PA
Sub-Fund (APIFEQY)                                    Fund       Equity/Islamic
Atlas Pension Islamic Fund - Money                    Open-End
                                         APIFMMK:PA
Market Sub-Fund (APIFMMK)                             Fund
                                                      Open-End
Atlas Stock Market Fund (ATLSTMF)        ATLSTMF:PA              Growth and Income
                                                      Fund
BMA Chundrigar Road Savings Fund                      Open-End
                                         BMAROAD:PA              Govt/Corp Intermediate
(BMAROAD)                                             Fund
                                                      Open-End
BMA Empress Cash Fund (BMAEMPC) BMAEMPC:PA
                                                      Fund
                                                      Open-End
Crosby Dragon Fund (CRODRAG)             CRODRAG:PA              Growth and Income
                                                      Fund
                                                      Open-End
Dawood Income Fund (DAMONEY)             DAMONEY:PA              Govt/Corp Long Term
                                                      Fund
                                                      Open-End
Dawood Islamic Fund (DAISLAM)            DAISLAM:PA              Balanced
                                                      Fund
                                                      Closed-
Dominion Stock Fund Ltd (DOMF)           DOMF:PA                 Growth
                                                      End Fund
Faysal Asset Allocation Fund                          Open-End
                                         FAYSALA:PA              Global Asset Allocation
(FAYSALA)                                             Fund
Faysal Balanced Growth Fund                           Open-End
                                         FAYBALG:PA              Balanced
(FAYBALG)                                             Fund
Faysal Income & Growth Fund                           Open-End
                                         FAYINGR:PA              Government/Corporate
(FAYINGR)                                             Fund
Faysal Islamic Savings Growth Fund       FAYISSG:PA   Open-End   Sector Fund-Debt/Islamic
(FAYISSG)                                         Fund
Faysal Money Market Fund                          Open-End
                                       FAYMMKT:PA
(FAYMMKT)                                         Fund
Faysal Savings Growth Fund - A                    Open-End
                                       FAYSAVA:PA            Government/Agency
(FAYSAVA)                                         Fund
First Capital Mutual Fund Ltd/FUND                Closed-
                                       CPMFI:PA              Growth and Income
(CPMFI)                                           End Fund
                                                  Closed-
First Dawood Mutual Fund (FDMF)        FDMF:PA               Balanced
                                                  End Fund
                                                  Open-End
First Habib Cash Fund (FIRHABC)        FIRHABC:PA
                                                  Fund
First Habib Islamic Balanced Fund                 Open-End   Sector Fund-Ast
                                       FHISBAL:PA
(FHISBAL)                                         Fund       Alloc/Islamic
Golden Arrow Selected Stock Fund                  Closed-
                                       GASF:PA               Growth and Income
(GASF)                                            End Fund
Habib Asset Management - First Habib              Open-End
                                       HABFINC:PA            Government/Corporate
Income Fund (HABFINC)                             Fund
Habib Asset Management - First Habib              Open-End
                                       HABFSTK:PA            Value
Stock Fund (HABFSTK)                              Fund
                                                  Open-End
HBL Income Fund (HBLINCM)              HBLINCM:PA            Government/Corporate
                                                  Fund
HBL Islamic Money Market Fund                     Open-End
                                       HBLIMMK:PA
(HBLIMMK)                                         Fund
                                                  Open-End   Sector Fund-
HBL Islamic Stock Fund (HBLISST)       HBLISST:PA
                                                  Fund       Equity/Islamic
HBL Money Market Fund                             Open-End
                                       HBMMMKT:PA
(HBMMMKT)                                         Fund
                                                  Open-End
HBL Multi-Asset Fund (HBLMTIA)         HBLMTIA:PA            Balanced
                                                  Fund
                                                  Open-End
HBL Stock Fund - B (HBLSTOK)           HBLSTOK:PA            Growth and Income
                                                  Fund
IGI Aggressive Income Fund                        Open-End
                                       POBOPAP:PA            Government/Corporate
(POBOPAP)                                         Fund
                                                  Open-End
IGI Capital Protected Fund (IGICPRO)   IGICPRO:PA            Government/Corporate
                                                  Fund
                                                  Open-End
IGI Income Fund - A (IGINCMA)          IGINCMA:PA            Government/Corporate
                                                  Fund
                                                  Open-End
IGI Islamic Income Fund (IGISLIN)      IGISLIN:PA            Sector Fund-Debt/Islamic
                                                  Fund
                                                  Open-End
IGI Money Market Fund (IGIMMKT)        IGIMMKT:PA
                                                  Fund
IGI Stock Fund - B (IGISTKB)           IGISTKB:PA Open-End   Growth
Fund
                                                    Closed-
Investec Mutual Fund (INMF)           INMF:PA                  Flexible Portfolio
                                                    End Fund
JS Aggressive Asset Allocation Fund                 Open-End
                                      ABAAGRE:PA               Flexible Portfolio
(ABAAGRE)                                           Fund
                                                    Open-End
JS Aggressive Income Fund (JSAGRIC) JSAGRIC:PA                 Government/Corporate
                                                    Fund
                                                    Open-End
JS Cash Fund (JSCASHF)                JSCASHF:PA
                                                    Fund
                                                    Fund of
JS Fund of Funds (ABAMFOF)            ABAMFOF:PA               Balanced
                                                    Funds
                                                    Closed-
JS Growth Fund (JSGF)                 JSGF:PA                  Growth and Income
                                                    End Fund
                                                    Open-End
JS Income Fund (ABAUTIF)              ABAUTIF:PA               Government/Corporate
                                                    Fund
                                                    Open-End
JS Islamic Fund (ABAISLM)             ABAISLM:PA               Balanced
                                                    Fund
JS Islamic Pension Savings Fund -                   Open-End
                                       JSIMMKT:PA
Money Market (JSIMMKT)                              Fund
JS Islamic Pension Savings Fund - Debt              Open-End
                                       JSIPDBT:PA              Sector Fund-Debt/Islamic
(JSIPDBT)                                           Fund
JS Islamic Pension Savings Fund -                   Open-End   Sector Fund-
                                       JSIPEQY:PA
Equity (JSIPEQY)                                    Fund       Equity/Islamic
                                                    Open-End
JS KSE 30 Index Fund (ABAUA30)        ABAUA30:PA               Index Fund
                                                    Fund
                                                    Closed-
JS Value Fund Ltd (JSVFL)             JSVFL:PA                 Balanced
                                                    End Fund
KASB Asset Allocation Fund                          Open-End
                                      KASBBAL:PA               Balanced
(KASBBAL)                                           Fund
                                                    Open-End
KASB Cash Fund (KASCASH)              KASCASH:PA
                                                    Fund
KASB Income Opportunity Fund                        Open-End
                                     KASLIQL:PA
(KASLIQL)                                           Fund
KASB Income Opportunity Fund                        Open-End
                                     KASLIQU:PA
(KASLIQU)                                           Fund
KASB Islamic Income Opportunity Fund                Open-End
                                     KASISIN:PA                Government/Corporate
(KASISIN)                                           Fund
                                                    Open-End
KASB Stock Market Fund (KASSTOK) KASSTOK:PA                    Growth and Income
                                                    Fund
                                                    Open-End
KSE Meezan Index Fund (KSEMIND)       KSEMIND:PA               Index Fund
                                                    Fund
Lakson Asset Allocation Developed     LKAADMF:PA    Open-End   Flexible Portfolio
Markets Fund (LKAADMF)                             Fund
Lakson Asset Allocation Emerging                   Open-End
                                   LKAAEMF:PA                 Global Asset Allocation
Markets Fund (LKAAEMF)                             Fund
Lakson Asset Allocation Global                     Open-End
                                   LKAAGCF:PA                 Commodity
Commodities Fund (LKAAGCF)                         Fund
                                                   Open-End
Lakson Equity Fund (LAKSEQT)       LAKSEQT:PA                 Growth
                                                   Fund
                                                   Open-End
Lakson Income Fund (LAKSINC)       LAKSINC:PA                 Government/Agency
                                                   Fund
Lakson Money Market Fund                           Open-End
                                   LAKSMMF:PA
(LAKSMMF)                                          Fund
MCB Cash Management Optimizer Fund                 Open-End
                                   MCBCSMO:PA
(MCBCSMO)                                          Fund
MCB Dynamic Allocation Fund                        Open-End
                                   MCBDALL:PA                 Balanced
(MCBDALL)                                          Fund
                                                   Open-End
MCB Dynamic Cash Fund (MCBCASH) MCBCASH:PA
                                                   Fund
MCB Dynamic Stock Fund                             Open-End
                                   MCBSTOK:PA                 Growth and Income
(MCBSTOK)                                          Fund
MCB Islamic Income Fund - A                        Open-End
                                   MCBISIA:PA                 Sector Fund-Debt/Islamic
(MCBISIA)                                          Fund
MCB Islamic Income Fund - B                        Open-End
                                   MCBISIB:PA                 Sector Fund-Debt/Islamic
(MCBISIB)                                          Fund
                                                   Closed-    Sector Fund-Ast
Meezan Balanced Fund (MBF)         MBF:PA
                                                   End Fund   Alloc/Islamic
Meezan Capital Protected Fund II                   Open-End   Sector Fund-Ast
                                   MEEZCAP:PA
(MEEZCAP)                                          Fund       Alloc/Islamic
                                                   Open-End
Meezan Cash Fund (MEEZCSH)         MEEZCSH:PA                 Sector Fund-Debt/Islamic
                                                   Fund
                                                   Open-End
Meezan Islamic Fund (MEZISLM)      MEZISLM:PA                 Growth and Income
                                                   Fund
Meezan Islamic Income Fund - B                     Open-End
                                   MZMIIFB:PA                 Sector Fund-Debt/Islamic
(MZMIIFB)                                          Fund
Meezan Islamic Income Fund - C                     Open-End
                                   MZMIIFC:PA                 Sector Fund-Debt/Islamic
(MZMIIFC)                                          Fund
                                                   Open-End
Meezan Sovereign Fund (MEEZSOV)    MEEZSOV:PA                 Government/Corporate
                                                   Fund
Meezan Tahaffuz Pension Fund - Debt                Open-End
                                      MEETPDT:PA              Sector Fund-Debt/Islamic
(MEETPDT)                                          Fund
Meezan Tahaffuz Pension Fund - Equity              Open-End   Sector Fund-
                                      MEETPEQ:PA
(MEETPEQ)                                          Fund       Equity/Islamic
Meezan Tahaffuz Pension Fund - Money MEETPMM:PA    Open-End
Market (MEETPMM)                                   Fund
NAFA Asset Allocation Fund                         Open-End
                                      NAFAASA:PA              Flexible Portfolio
(NAFAASA)                                          Fund
NAFA Financial Sector Income Fund                  Open-End
                                      NAFAFSI:PA              Sector Fund-Debt
(NAFAFSI)                                          Fund
NAFA Government Securities Liquid                  Open-End
                                      NAFAGSL:PA              Govt/Agency-Short Term
Fund (NAFAGSL)                                     Fund
                                                   Open-End
NAFA Income Fund (NAFANIF)            NAFANIF:PA              Government/Corporate
                                                   Fund
NAFA Income Opportunity                            Open-End
                                      NAFCASH:PA
(NAFCASH)                                          Fund
NAFA Islamic Aggressive Income Fund                Open-End
                                      NAFISLI:PA              Sector Fund-Debt/Islamic
(NAFISLI)                                          Fund
NAFA Islamic Multi Asset Fund                      Open-End   Sector Fund-Ast
                                      NAFISMA:PA
(NAFISMA)                                          Fund       Alloc/Islamic
NAFA Money Market Fund                             Open-End
                                      NAFAMMF:PA
(NAFAMMF)                                          Fund
                                                   Open-End
NAFA Multi Asset Fund (NAFMULT)       NAFMULT:PA              Balanced
                                                   Fund
NAFA Riba Free Savings Fund                        Open-End
                                      NAFARFS:PA              Sector Fund-Debt/Islamic
(NAFARFS)                                          Fund
                                                   Open-End
NAFA Savings Plus Fund (NAFASAV) NAFASAV:PA
                                                   Fund
                                                   Open-End
NAFA Stock Fund (NAFSTOK)             NAFSTOK:PA              Growth and Income
                                                   Fund
                                                   Closed-
Namco Balanced Fund (NBF)             NBF:PA                  Balanced
                                                   End Fund
                                                   Open-End
NAMCO Income Fund (NAMCOIB)           NAMCOIB:PA              Government/Corporate
                                                   Fund
National Investment Trust-UNIT Fund                Open-End
                                      NITRUST:PA              Growth and Income
(NITRUST)                                          Fund
National Investment Trust - Income                 Open-End
                                      NITIFRS:PA              Global Debt
Fund - RS (NITIFRS)                                Fund
NIT Government Bond Fund                           Open-End
                                      NITGLOB:PA              Government/Agency
(NITGLOB)                                          Fund
Pak Oman Advantage Asset Allocation                Open-End   Region Fund-Geo
                                      PAKOAAA:PA
Fund (PAKOAAA)                                     Fund       Focused-Asset
                                                   Closed-
Pak Oman Advantage Fund (POAF)        POAF:PA                 Govt/Corp Long Term
                                                   End Fund
Pak Oman Advantage Islamic Income                  Open-End   Sector Fund-
                                    PAKOAII:PA
Fund (PAKOAII)                                     Fund       Equity/Islamic
Pak Oman Government Securities Fund POGOVMS:PA     Open-End   Government/Agency
(POGOVMS)                                             Fund
Pak Oman Islamic Asset Allocation                     Open-End   Sector Fund-
                                         PAKOAIS:PA
Fund (PAKOAIS)                                        Fund       Equity/Islamic
Pakistan Income Enhancement Fund                      Open-End
                                         PAKIENH:PA              Index Fund-Debt
(PAKIENH)                                             Fund
Pakistan International Element Islamic                Open-End
                                         ARIFISL:PA              Balanced
Asset Allocation Fund (ARIFISL)                       Fund
Pakistan Islamic Pension Fund - Debt                  Open-End
                                         PAKIPDB:PA              Government/Corporate
(PAKIPDB)                                             Fund
Pakistan Islamic Pension Fund - Equity                Open-End
                                         PAKIPEQ:PA              Growth
(PAKIPEQ)                                             Fund
Pakistan Islamic Pension Fund - Money                 Open-End
                                         PAKIPMM:PA
Market (PAKIPMM)                                      Fund
                                                      Open-End
PICIC Cash Fund - C (PICCSFC)            PICCSFC:PA
                                                      Fund
                                                      Open-End
PICIC Cash Fund - D (PICCSFD)            PICCSFD:PA
                                                      Fund
                                                      Closed-
PICIC Energy Fund (PEF)                  PEF:PA                  Sector Fund-Energy
                                                      End Fund
                                                      Closed-
PICIC Growth Fund (PGF)                  PGF:PA                  Growth
                                                      End Fund
                                                      Open-End
PICIC Income Fund (PICIINC)              PICIINC:PA              Global Debt
                                                      Fund
                                                      Closed-
PICIC Investment Fund (PIF)              PIF:PA                  Growth
                                                      End Fund
                                                      Open-End
PICIC Stock Fund (PICICST)               PICICST:PA              Global Equity
                                                      Fund
                                                      Closed-
Prudential Stock Fund (PUDF)             PUDF:PA                 Growth and Income
                                                      End Fund
                                                      Closed-
Safeway Mutual Fund Ltd (SFWF)           SFWF:PA                 Balanced
                                                      End Fund
                                                      Closed-
Tri-Star Mutiual Fund Ltd (TSMF)         TSMF:PA                 Growth and Income
                                                      End Fund
UBL Government Securities Fund                        Open-End
                                         UBLGVTS:PA              Global Debt
(UBLGVTS)                                             Fund
                                                      Open-End
UBL Islamic Cash Fund (UBLISCS)          UBLISCS:PA
                                                      Fund
UBL Islamic Retirement Savings Fund -                 Open-End
                                      UBLRMMK:PA
Money Market (UBLRMMK)                                Fund
UBL Islamic Retirement Savings Fund -                 Open-End
                                      UBLRDBT:PA                 Government/Corporate
Debt (UBLRDBT)                                        Fund
UBL Islamic Retirement Savings Fund - UBLREQY:PA      Open-End   Growth
Equity (UBLREQY)                               Fund
UBL Islamic Sovereign Fund                     Open-End
                                    UBLISSF:PA
(UBLISSF)                                      Fund
UBL Liquidity Plus Fund - C RETAIL             Open-End
                                    UBLLIQC:PA                         Government/Corporate
(UBLLIQC)                                      Fund
                                               Open-End
UBL Savings Income Fund (UBLSAIN) UBLSAIN:PA                           Government/Corporate
                                               Fund
                                               Open-End                Sector Fund-Ast
UBL Shariah Stock Fund (UBLISLM) UBLISLM:PA
                                               Fund                    Alloc/Islamic
                                               Open-End
Unit Trust of Pakistan (ABAUTPA)    ABAUTPA:PA                         Balanced
                                               Fund
United Growth and Income Fund -                Open-End
                                    UBLGROW:PA                         Government/Corporate
GROWTH (UBLGROW)                               Fund
United Growth and Income Fund -                Open-End
                                    UBLINCO:PA                         Government/Corporate
INCOME (UBLINCO)                               Fund
United Islamic Income Fund -                   Open-End
                                    UBLISIG:PA                         Government/Corporate
GROWTH UNITS (UBLISIG)                         Fund
United Islamic Income Fund - INCOME            Open-End
                                    UBLISII:PA                         Government/Corporate
UNITS (UBLISII)                                Fund
United Stock Advantage Fund                    Open-End
                                    UBLADVN:PA                         Growth and Income
(UBLADVN)                                      Fund
                                               Closed-
WE Balanced Fund (WEBF)             WEBF:PA                            Balanced
                                               End Fund



Mutual funds in Pakistan are registered and legally established in the form of a Trust, under the
Trust Act of 1882. The mutual fund industry is regulated by, the Securities and Exchange
Commission of Pakistan (SECP) which licenses each Asset Management Company in strict
compliance with the NBFC Rules, 2003 and requires all AMC’s to obtain an independent rating.

The AMC appoints a team of investment professionals, supported by a team of research analysts
to manage the portfolio of the fund in conformity with the stated Investment objective.

How do Pakistan’s Asset Management Companies Work (AMC)?
In Pakistan, asset management companies (AMCs) are licensed and regulated by the Securities
and Exchange Commission of Pakistan (SECP)

What categories of funds are available in Pakistan?
Types of Mutual Funds (By Objective)
Open-ended or closed-end funds can be of several types; however the most basic classifications
are stock funds, income funds, hybrid funds or specialty funds. Further classifications evolve as
each fund pursues diverse investment strategies for instance: Islamic Equity Funds, Sector
Funds, Global Equity Funds, High Yield Debt Funds, Aggressive Equity Funds, Income Funds
and so on.

       Stock Funds
       Income and Money Market Funds
       Hybrid Funds
       Pension Funds
       Islamic Funds
       Specialty Funds

Who Regulates Mutual funds in Pakistan?
All fund companies operating in Pakistan are subject to strict regulation and oversight by the
Securities and Exchange Commission Pakistan (SECP). As part of this regulation, all funds must
provide investors with full and complete disclosure about the fund in a written prospectus
describing the fund’s investment objective, its investment methods, information on how to
purchase and redeem shares, information about the investment adviser, risks of investments and
fund fees and expenses.

Unit holders are also to be provided with annual and semiannual reports that contain recent
information on the fund’s portfolio, performance, and investment goals and policies.

Taxes on Mutual funds:

The income of mutual funds is exempt from Income Tax, if not less than 90% of the income of
the year, as reduced by capital gains is distributed amongst the unit holders as dividend or bonus
units.

Taxes on Shareholders in funds:

Holders of mutual funds are subject to Income Tax on dividend income received from a mutual
fund (excluding the amount of dividend paid out of capital gains on listed securities) as under:

       Public Company and Insurance Company 5%
       If received by any other person, including a non-resident 10%

Capital gain on disposition of units in a mutual fund is exempted from tax till such time that
capital gain on sale of securities listed on the stock exchanges is exempt from such tax.

Tax Credit

As funds are listed at the stock exchanges, unit holders of the mutual funds, other than a
company, are entitled to a tax credit under section 62 of the Income Tax Ordinance, 2001 on
purchase of new units. The amount on which tax credit is allowed is the lower of (a) amount
invested in purchase of new units, (b) ten percent of the taxable income of the unit holder, or (c )
Rupees Three Hundred Thousand (PKR. 300,000), and is calculated by applying the average rate
of tax of the unit holder for the tax year. If the units are disposed within twelve months, the
amount of tax payable for the tax year in which the units are disposed is increased by the amount
of credit allowed.



Links for further information:

Karachi Stock Exchange

Lahore Stock Exchange
Securities and Exchange Commission of Pakistan

Central Depository Company Pakistan

Mutual Funds Association of Pakistan


Mutual Fund Basics
A Mutual Fund is a pool of money that gives investors access to a well-diversified portfolio of
stocks, bonds, and other securities. Each shareholder participates in the gain or loss of the fund.
Shares are issued and can be redeemed as needed (in the case of an open-ended fund). The fund's
net asset value (NAV) is determined each day and is posted on the respective Asset Management
Company’s website on a daily basis.

Equity Funds

An equity fund is one that is invested mainly in a company’s equity through the stock exchange and is
exposed to the risk of volatility associated with the equity market. Although this fund is the riskiest
within the genre of mutual funds, it is also known to provide the maximum yields and dividends.

Fixed Income Funds

A Fixed Income Fund is one that offers fixed returns over a set tenor. These funds are inherently linked
to the general interest rate and are, unlike the stock market, safe from drastic fluctuation. The capital
value is more easily sustainable while the returns are generally modest. However, active fund
management can yield returns which are higher than most fixed income avenues in the market and
therefore, it is an attractive investment avenue for investors with moderate risk appetites.

Money Market Funds

A Money Market Fund is one that invests in liquid, short-term securities which offer fixed returns over
short periods. These funds are inherently linked to the general interest rate and are, therefore, unlike
the stock market, safe from drastic fluctuation. Underlying investment may include securities issued by
corporate bodies, spread transactions, reverse-repo transactions, selective exposure in the CFS market,
Term Finance Certificates (TFCs) and commercial paper.

Balanced Funds

These funds maintain a mix within equity and fixed income markets. This fund offers room to its fund
managers to switch between different investment types i.e. fixed income and capital markets.
Effectively, the risk associated to this category lies between equity funds and fixed income funds and the
returns also vary correspondingly between the ranges of the two.
Why Invest in Mutual Funds
Mutual funds make investing simple, accessible and affordable for everyone, regardless of how
much you have to invest or what your investment goals are. The advantages of mutual funds
include liquidity, tax benefits, professional management, diversification, accessibility, security,
as well as strict government regulation and full disclosure.



                           Mutual Funds provide the opportunity for long term growth without
Liquidity                  the requirement of any long term commitment, as mutual funds
                           provide the option to redeem your investment on a daily basis.
                           Mutual funds in Pakistan are exempted from tax as Mutual Funds
                           have to distribute 90% of their income to Unit Holders.
Tax Benefits
                           Additionally, bonus units may be redeemed without any tax
                           liability.
                           Dedicated research team, specialized portfolio management, and
Professional Management
                           risk management oversight and controls.
Diversification regardless Mutual Funds provide the opportunity to establish a well diversified
of small Investment        portfolio without the large investment typically required to achieve
Amount                     this diversification.
                           Investments with mutual funds attempt to weather all storms as
Active Management          AMC's, who specialize in managing your investments, take
                           advantage of ups & downs in the market.
                           A Mutual Fund allows you to invest without requiring a large
                           investment - in fact at JSIL you can invest for as little as PKR 100.
Accessibility
                           This means that small amounts may be invested over a period of
                           time.
                           Net Assets of a Mutual Fund are completely under the custody the
Security                   Trustee which ensures that the fund is operating within the
                           investment policy as detailed in the Trust Deed.
                           Mutual Funds are fully regulated by the Securities and Exchange
Regulated by SECP          Commission of Pakistan, ensuring investor's rights to be afforded
                           protection.

Mutual Fund Structures
There are two generic types of funds available in the market (1) Closed end & (2) Open end

Close end Funds
Closed-end mutual funds are more like the stock of a listed company, a fixed number of whose
shares are traded on an exchange. The shares of closed-end mutual funds are priced at market
value determined by supply and demand and are not priced at the fund’s net assets per share
value and thus may trade below or above the net asset value; if the shares of a closed-end fund
trade above the net asset value the fund is said to be trading at a "premium" and if it is trading
below the fund is said to be trading at a "discount". A feature of closed-end funds is that they can
be converted into open-end funds.

       Units trade on a stock exchange which is the only exit route
       Trade at last price determined by the market which may be greater than, equal to or less
       than the NAV
       Do not continually offer units for sale
       No sales load (front end or back end), only management fee
       Some funds follow the practice of sharing excess profits above benchmark to align fund
       manager goals with that of the investor

Open end Funds
Open-end mutual fund are also called unit trusts, because they are registered as trusts. An open-
end fund unit holder can redeem or purchase units at any time. Units are priced at their Net Asset
Value (NAV) on per unit basis and its unit price is determined by the net increase and/or
decrease in the share prices of the stocks that the fund owns along with any dividends and capital
gains received. The units of an open-end mutual fund can be bought directly or through the
AMC.

       Registered as trusts
       Bought through the Management Company at offer price, which is NAV plus front end
       load, if any
       Redeemed through the Management Company at redemption price which is NAV less the
       back end load, if any
       In addition to sales load, if any, flat management fee is charged
       Some funds follow the practice of sharing excess profits above benchmark to align fund
       manager goals with that of the investor

Mutual Fund Category JSIL Product Suite Offering (Open-End and Closed-End)
                                  JS Income Fund
Fixed Income Fund                 JS Aggressive Income Fund

                                  Unit Trust of Pakistan
Balanced Fund

                                  JS Large Cap. Fund
                                  JS Growth Fund
Equity Fund
                                  JS Value Fund Limited

                                  JS Aggressive Asset Allocation Fund
Asset Allocation Fund

                                  JS KSE 30 Index Fund
Index Fund
JS Islamic Fund
Islamic Fund

                               JS Fund of Funds
Fund of Funds

                               JS Pension Savings Fund
Pension Funds                  JS Islamic Pension Savings Fund


National Investment Trust Limited Gujranwala Contact Number & Address

Branch Name ::Gujranwala
Branch Code :: -
Address ::42-A/B, Trust Plaza, Ground Floor, G.T Road, Gujranwala.
Telephone No. ::055-9200220
Fax No. :: 055-9200421

Branch Office
Address: G.T Road, Gujranwala
Landmarks: GT Road
City: Gujranwala
PABX +92-55-9200805, 9200856, 9200861, 9200862

Más contenido relacionado

Funds listed in pakistan

  • 1. Funds listed in Pakistan More browse options » NAME SYMBOL TYPE OBJECTIVE ABL AMC Capital Protected Fund Open-End Corporate/Preferred-Inv ABLACAP:PA (ABLACAP) Fund Grade Open-End ABL Cash Fund (ABLCSHA) ABLCSHA:PA Fund ABL Government Securities Fund Open-End ABLGOSF:PA Govt/Agency-Long Term (ABLGOSF) Fund ABL Government Securities Fund Open-End ABLGOSA:PA Govt/Agency-Long Term (ABLGOSA) Fund Open-End Region Fund-Geo ABL Income Fund (ABLINCM) ABLINCM:PA Fund Focused-Debt Open-End Region Fund-Geo ABL Islamic Income Fund (ABLCASH) ABLCASH:PA Fund Focused-Debt Open-End ABL Stock Fund (ABLSTFD) ABLSTFD:PA Growth Fund AKD Aggressive Income Fund Open-End AKDINCO:PA Government/Corporate (AKDINCO) Fund Open-End AKD Cash Fund (AKDCASH) AKDCASH:PA Fund Open-End AKD Index Tracker Fund (AKDITFA) AKDITFA:PA Index Fund-Large Cap Fund Open-End AKD Opportunity Fund (AKDOPRF) AKDOPRF:PA Growth and Income Fund Open-End Sector Fund- Al-Meezan Mutual Fund Ltd (AMMF) AMMF:PA Fund Equity/Islamic Open-End Alfalah GHP Alpha Fund (ALFGHPA) ALFGHPA:PA Growth Fund Open-End Alfalah GHP Cash Fund (ALFGHPC) ALFGHPC:PA Fund Alfalah GHP Income Multiplier Fund Open-End ALFINMA:PA Government/Corporate (ALFINMA) Fund Open-End Alfalah GHP Islamic Fund (ALFISLM) ALFISLM:PA Balanced Fund Open-End Alfalah GHP Value Fund (ALFVALU) ALFVALU:PA Balanced Fund Open-End AMZ Plus Income Fund (AMZINCO) AMZINCO:PA Government/Corporate Fund AMZ Plus Stock Fund (AMZSTOK) AMZSTOK:PA Open-End Growth and Income
  • 2. Fund Arif Habib Investment Management - Open-End ARIFPIF:PA Govt/Corp Short Term Pakistan Income Fund (ARIFPIF) Fund Arif Habib Investment Management - Open-End ARIFPSM:PA Growth and Income Pakistan Stock Market Fund (ARIFPSM) Fund Arif Habib Investment Management - Open-End Pakistan Strategic Allocation Fund PSAF:PA Growth Fund (PSAF) Arif Habib Investment Management - Open-End Pakistan Cash Management Fund PKCASHF:PA Fund (PKCASHF) Arif Habib Investment Management - Open-End PPFL:PA Growth Pakistan Premier Fund (PPFL) Fund Arif Habib Investment Management- Open-End MetroBank-Pakistan Sovereign Fund- ARIFM12:PA Government/Agency Fund December 2012 (ARIFM12) Arif Habib Investment Management- Open-End MetroBank-Pakistan Sovereign Fund- ARIFMSP:PA Government/Agency Fund Perpetual (ARIFMSP) Arif Habib Investment Management - Open-End Pakistan Capital Market Fund ARIFPCM:PA Balanced Fund (ARIFPCM) Arif Habib Investment Management - Closed- Pakistan Capital Protected Fund 1 PCPF/1:PA Balanced End Fund (PCPF/1) Closed- Asian Stocks Fund Ltd (ASFL) ASFL:PA Growth and Income End Fund Askari Asset Allocation Fund Open-End ASKAAFB:PA Balanced (ASKAAFB) Fund Askari Asset Allocation Fund Open-End ASKAAFC:PA Balanced (ASKAAFC) Fund Open-End Askari Equity Fund (ASKEQTY) ASKEQTY:PA Blend Fund Open-End Askari High Yield Scheme (ASKINCO) ASKINCO:PA Fund Askari Islamic Asset Allocation Fund Open-End Sector Fund-Ast ASKISAB:PA (ASKISAB) Fund Alloc/Islamic Askari Islamic Asset Allocation Fund Open-End Sector Fund-Ast ASKISAC:PA (ASKISAC) Fund Alloc/Islamic Open-End Askari Islamic Income Fund (ASKISIB) ASKISIB:PA Sector Fund-Debt/Islamic Fund Askari Islamic Income Fund (ASKISIC) ASKISIC:PA Open-End Sector Fund-Debt/Islamic
  • 3. Fund Askari Sovereign Cash Fund Open-End ASKSOVC:PA Govt/Agency-Short Term (ASKSOVC) Fund Askari Sovereign Yield Enhancer Fund Open-End ASKSOYE:PA Sector Fund-Debt (ASKSOYE) Fund Fund of Atlas Fund of Funds (ATFF) ATFF:PA Growth Funds Open-End Atlas Income Fund (ATLINCF) ATLINCF:PA Government/Corporate Fund Open-End Atlas Islamic Income Fund (ATISINC) ATISINC:PA Sector Fund-Debt/Islamic Fund Open-End Sector Fund- Atlas Islamic Stock Fund (ATLISLM) ATLISLM:PA Fund Equity/Islamic Atlas Money Market Fund/Pakistan Open-End ATLMMKT:PA (ATLMMKT) Fund Atlas Pension Islamic Fund - Debt Sub- Open-End APIFDBT:PA Sector Fund-Debt/Islamic Fund (APIFDBT) Fund Atlas Pension Islamic Fund - Equity Open-End Sector Fund- APIFEQY:PA Sub-Fund (APIFEQY) Fund Equity/Islamic Atlas Pension Islamic Fund - Money Open-End APIFMMK:PA Market Sub-Fund (APIFMMK) Fund Open-End Atlas Stock Market Fund (ATLSTMF) ATLSTMF:PA Growth and Income Fund BMA Chundrigar Road Savings Fund Open-End BMAROAD:PA Govt/Corp Intermediate (BMAROAD) Fund Open-End BMA Empress Cash Fund (BMAEMPC) BMAEMPC:PA Fund Open-End Crosby Dragon Fund (CRODRAG) CRODRAG:PA Growth and Income Fund Open-End Dawood Income Fund (DAMONEY) DAMONEY:PA Govt/Corp Long Term Fund Open-End Dawood Islamic Fund (DAISLAM) DAISLAM:PA Balanced Fund Closed- Dominion Stock Fund Ltd (DOMF) DOMF:PA Growth End Fund Faysal Asset Allocation Fund Open-End FAYSALA:PA Global Asset Allocation (FAYSALA) Fund Faysal Balanced Growth Fund Open-End FAYBALG:PA Balanced (FAYBALG) Fund Faysal Income & Growth Fund Open-End FAYINGR:PA Government/Corporate (FAYINGR) Fund Faysal Islamic Savings Growth Fund FAYISSG:PA Open-End Sector Fund-Debt/Islamic
  • 4. (FAYISSG) Fund Faysal Money Market Fund Open-End FAYMMKT:PA (FAYMMKT) Fund Faysal Savings Growth Fund - A Open-End FAYSAVA:PA Government/Agency (FAYSAVA) Fund First Capital Mutual Fund Ltd/FUND Closed- CPMFI:PA Growth and Income (CPMFI) End Fund Closed- First Dawood Mutual Fund (FDMF) FDMF:PA Balanced End Fund Open-End First Habib Cash Fund (FIRHABC) FIRHABC:PA Fund First Habib Islamic Balanced Fund Open-End Sector Fund-Ast FHISBAL:PA (FHISBAL) Fund Alloc/Islamic Golden Arrow Selected Stock Fund Closed- GASF:PA Growth and Income (GASF) End Fund Habib Asset Management - First Habib Open-End HABFINC:PA Government/Corporate Income Fund (HABFINC) Fund Habib Asset Management - First Habib Open-End HABFSTK:PA Value Stock Fund (HABFSTK) Fund Open-End HBL Income Fund (HBLINCM) HBLINCM:PA Government/Corporate Fund HBL Islamic Money Market Fund Open-End HBLIMMK:PA (HBLIMMK) Fund Open-End Sector Fund- HBL Islamic Stock Fund (HBLISST) HBLISST:PA Fund Equity/Islamic HBL Money Market Fund Open-End HBMMMKT:PA (HBMMMKT) Fund Open-End HBL Multi-Asset Fund (HBLMTIA) HBLMTIA:PA Balanced Fund Open-End HBL Stock Fund - B (HBLSTOK) HBLSTOK:PA Growth and Income Fund IGI Aggressive Income Fund Open-End POBOPAP:PA Government/Corporate (POBOPAP) Fund Open-End IGI Capital Protected Fund (IGICPRO) IGICPRO:PA Government/Corporate Fund Open-End IGI Income Fund - A (IGINCMA) IGINCMA:PA Government/Corporate Fund Open-End IGI Islamic Income Fund (IGISLIN) IGISLIN:PA Sector Fund-Debt/Islamic Fund Open-End IGI Money Market Fund (IGIMMKT) IGIMMKT:PA Fund IGI Stock Fund - B (IGISTKB) IGISTKB:PA Open-End Growth
  • 5. Fund Closed- Investec Mutual Fund (INMF) INMF:PA Flexible Portfolio End Fund JS Aggressive Asset Allocation Fund Open-End ABAAGRE:PA Flexible Portfolio (ABAAGRE) Fund Open-End JS Aggressive Income Fund (JSAGRIC) JSAGRIC:PA Government/Corporate Fund Open-End JS Cash Fund (JSCASHF) JSCASHF:PA Fund Fund of JS Fund of Funds (ABAMFOF) ABAMFOF:PA Balanced Funds Closed- JS Growth Fund (JSGF) JSGF:PA Growth and Income End Fund Open-End JS Income Fund (ABAUTIF) ABAUTIF:PA Government/Corporate Fund Open-End JS Islamic Fund (ABAISLM) ABAISLM:PA Balanced Fund JS Islamic Pension Savings Fund - Open-End JSIMMKT:PA Money Market (JSIMMKT) Fund JS Islamic Pension Savings Fund - Debt Open-End JSIPDBT:PA Sector Fund-Debt/Islamic (JSIPDBT) Fund JS Islamic Pension Savings Fund - Open-End Sector Fund- JSIPEQY:PA Equity (JSIPEQY) Fund Equity/Islamic Open-End JS KSE 30 Index Fund (ABAUA30) ABAUA30:PA Index Fund Fund Closed- JS Value Fund Ltd (JSVFL) JSVFL:PA Balanced End Fund KASB Asset Allocation Fund Open-End KASBBAL:PA Balanced (KASBBAL) Fund Open-End KASB Cash Fund (KASCASH) KASCASH:PA Fund KASB Income Opportunity Fund Open-End KASLIQL:PA (KASLIQL) Fund KASB Income Opportunity Fund Open-End KASLIQU:PA (KASLIQU) Fund KASB Islamic Income Opportunity Fund Open-End KASISIN:PA Government/Corporate (KASISIN) Fund Open-End KASB Stock Market Fund (KASSTOK) KASSTOK:PA Growth and Income Fund Open-End KSE Meezan Index Fund (KSEMIND) KSEMIND:PA Index Fund Fund Lakson Asset Allocation Developed LKAADMF:PA Open-End Flexible Portfolio
  • 6. Markets Fund (LKAADMF) Fund Lakson Asset Allocation Emerging Open-End LKAAEMF:PA Global Asset Allocation Markets Fund (LKAAEMF) Fund Lakson Asset Allocation Global Open-End LKAAGCF:PA Commodity Commodities Fund (LKAAGCF) Fund Open-End Lakson Equity Fund (LAKSEQT) LAKSEQT:PA Growth Fund Open-End Lakson Income Fund (LAKSINC) LAKSINC:PA Government/Agency Fund Lakson Money Market Fund Open-End LAKSMMF:PA (LAKSMMF) Fund MCB Cash Management Optimizer Fund Open-End MCBCSMO:PA (MCBCSMO) Fund MCB Dynamic Allocation Fund Open-End MCBDALL:PA Balanced (MCBDALL) Fund Open-End MCB Dynamic Cash Fund (MCBCASH) MCBCASH:PA Fund MCB Dynamic Stock Fund Open-End MCBSTOK:PA Growth and Income (MCBSTOK) Fund MCB Islamic Income Fund - A Open-End MCBISIA:PA Sector Fund-Debt/Islamic (MCBISIA) Fund MCB Islamic Income Fund - B Open-End MCBISIB:PA Sector Fund-Debt/Islamic (MCBISIB) Fund Closed- Sector Fund-Ast Meezan Balanced Fund (MBF) MBF:PA End Fund Alloc/Islamic Meezan Capital Protected Fund II Open-End Sector Fund-Ast MEEZCAP:PA (MEEZCAP) Fund Alloc/Islamic Open-End Meezan Cash Fund (MEEZCSH) MEEZCSH:PA Sector Fund-Debt/Islamic Fund Open-End Meezan Islamic Fund (MEZISLM) MEZISLM:PA Growth and Income Fund Meezan Islamic Income Fund - B Open-End MZMIIFB:PA Sector Fund-Debt/Islamic (MZMIIFB) Fund Meezan Islamic Income Fund - C Open-End MZMIIFC:PA Sector Fund-Debt/Islamic (MZMIIFC) Fund Open-End Meezan Sovereign Fund (MEEZSOV) MEEZSOV:PA Government/Corporate Fund Meezan Tahaffuz Pension Fund - Debt Open-End MEETPDT:PA Sector Fund-Debt/Islamic (MEETPDT) Fund Meezan Tahaffuz Pension Fund - Equity Open-End Sector Fund- MEETPEQ:PA (MEETPEQ) Fund Equity/Islamic Meezan Tahaffuz Pension Fund - Money MEETPMM:PA Open-End
  • 7. Market (MEETPMM) Fund NAFA Asset Allocation Fund Open-End NAFAASA:PA Flexible Portfolio (NAFAASA) Fund NAFA Financial Sector Income Fund Open-End NAFAFSI:PA Sector Fund-Debt (NAFAFSI) Fund NAFA Government Securities Liquid Open-End NAFAGSL:PA Govt/Agency-Short Term Fund (NAFAGSL) Fund Open-End NAFA Income Fund (NAFANIF) NAFANIF:PA Government/Corporate Fund NAFA Income Opportunity Open-End NAFCASH:PA (NAFCASH) Fund NAFA Islamic Aggressive Income Fund Open-End NAFISLI:PA Sector Fund-Debt/Islamic (NAFISLI) Fund NAFA Islamic Multi Asset Fund Open-End Sector Fund-Ast NAFISMA:PA (NAFISMA) Fund Alloc/Islamic NAFA Money Market Fund Open-End NAFAMMF:PA (NAFAMMF) Fund Open-End NAFA Multi Asset Fund (NAFMULT) NAFMULT:PA Balanced Fund NAFA Riba Free Savings Fund Open-End NAFARFS:PA Sector Fund-Debt/Islamic (NAFARFS) Fund Open-End NAFA Savings Plus Fund (NAFASAV) NAFASAV:PA Fund Open-End NAFA Stock Fund (NAFSTOK) NAFSTOK:PA Growth and Income Fund Closed- Namco Balanced Fund (NBF) NBF:PA Balanced End Fund Open-End NAMCO Income Fund (NAMCOIB) NAMCOIB:PA Government/Corporate Fund National Investment Trust-UNIT Fund Open-End NITRUST:PA Growth and Income (NITRUST) Fund National Investment Trust - Income Open-End NITIFRS:PA Global Debt Fund - RS (NITIFRS) Fund NIT Government Bond Fund Open-End NITGLOB:PA Government/Agency (NITGLOB) Fund Pak Oman Advantage Asset Allocation Open-End Region Fund-Geo PAKOAAA:PA Fund (PAKOAAA) Fund Focused-Asset Closed- Pak Oman Advantage Fund (POAF) POAF:PA Govt/Corp Long Term End Fund Pak Oman Advantage Islamic Income Open-End Sector Fund- PAKOAII:PA Fund (PAKOAII) Fund Equity/Islamic Pak Oman Government Securities Fund POGOVMS:PA Open-End Government/Agency
  • 8. (POGOVMS) Fund Pak Oman Islamic Asset Allocation Open-End Sector Fund- PAKOAIS:PA Fund (PAKOAIS) Fund Equity/Islamic Pakistan Income Enhancement Fund Open-End PAKIENH:PA Index Fund-Debt (PAKIENH) Fund Pakistan International Element Islamic Open-End ARIFISL:PA Balanced Asset Allocation Fund (ARIFISL) Fund Pakistan Islamic Pension Fund - Debt Open-End PAKIPDB:PA Government/Corporate (PAKIPDB) Fund Pakistan Islamic Pension Fund - Equity Open-End PAKIPEQ:PA Growth (PAKIPEQ) Fund Pakistan Islamic Pension Fund - Money Open-End PAKIPMM:PA Market (PAKIPMM) Fund Open-End PICIC Cash Fund - C (PICCSFC) PICCSFC:PA Fund Open-End PICIC Cash Fund - D (PICCSFD) PICCSFD:PA Fund Closed- PICIC Energy Fund (PEF) PEF:PA Sector Fund-Energy End Fund Closed- PICIC Growth Fund (PGF) PGF:PA Growth End Fund Open-End PICIC Income Fund (PICIINC) PICIINC:PA Global Debt Fund Closed- PICIC Investment Fund (PIF) PIF:PA Growth End Fund Open-End PICIC Stock Fund (PICICST) PICICST:PA Global Equity Fund Closed- Prudential Stock Fund (PUDF) PUDF:PA Growth and Income End Fund Closed- Safeway Mutual Fund Ltd (SFWF) SFWF:PA Balanced End Fund Closed- Tri-Star Mutiual Fund Ltd (TSMF) TSMF:PA Growth and Income End Fund UBL Government Securities Fund Open-End UBLGVTS:PA Global Debt (UBLGVTS) Fund Open-End UBL Islamic Cash Fund (UBLISCS) UBLISCS:PA Fund UBL Islamic Retirement Savings Fund - Open-End UBLRMMK:PA Money Market (UBLRMMK) Fund UBL Islamic Retirement Savings Fund - Open-End UBLRDBT:PA Government/Corporate Debt (UBLRDBT) Fund UBL Islamic Retirement Savings Fund - UBLREQY:PA Open-End Growth
  • 9. Equity (UBLREQY) Fund UBL Islamic Sovereign Fund Open-End UBLISSF:PA (UBLISSF) Fund UBL Liquidity Plus Fund - C RETAIL Open-End UBLLIQC:PA Government/Corporate (UBLLIQC) Fund Open-End UBL Savings Income Fund (UBLSAIN) UBLSAIN:PA Government/Corporate Fund Open-End Sector Fund-Ast UBL Shariah Stock Fund (UBLISLM) UBLISLM:PA Fund Alloc/Islamic Open-End Unit Trust of Pakistan (ABAUTPA) ABAUTPA:PA Balanced Fund United Growth and Income Fund - Open-End UBLGROW:PA Government/Corporate GROWTH (UBLGROW) Fund United Growth and Income Fund - Open-End UBLINCO:PA Government/Corporate INCOME (UBLINCO) Fund United Islamic Income Fund - Open-End UBLISIG:PA Government/Corporate GROWTH UNITS (UBLISIG) Fund United Islamic Income Fund - INCOME Open-End UBLISII:PA Government/Corporate UNITS (UBLISII) Fund United Stock Advantage Fund Open-End UBLADVN:PA Growth and Income (UBLADVN) Fund Closed- WE Balanced Fund (WEBF) WEBF:PA Balanced End Fund Mutual funds in Pakistan are registered and legally established in the form of a Trust, under the Trust Act of 1882. The mutual fund industry is regulated by, the Securities and Exchange Commission of Pakistan (SECP) which licenses each Asset Management Company in strict compliance with the NBFC Rules, 2003 and requires all AMC’s to obtain an independent rating. The AMC appoints a team of investment professionals, supported by a team of research analysts to manage the portfolio of the fund in conformity with the stated Investment objective. How do Pakistan’s Asset Management Companies Work (AMC)?
  • 10. In Pakistan, asset management companies (AMCs) are licensed and regulated by the Securities and Exchange Commission of Pakistan (SECP) What categories of funds are available in Pakistan? Types of Mutual Funds (By Objective) Open-ended or closed-end funds can be of several types; however the most basic classifications are stock funds, income funds, hybrid funds or specialty funds. Further classifications evolve as each fund pursues diverse investment strategies for instance: Islamic Equity Funds, Sector Funds, Global Equity Funds, High Yield Debt Funds, Aggressive Equity Funds, Income Funds and so on. Stock Funds Income and Money Market Funds Hybrid Funds Pension Funds Islamic Funds Specialty Funds Who Regulates Mutual funds in Pakistan?
  • 11. All fund companies operating in Pakistan are subject to strict regulation and oversight by the Securities and Exchange Commission Pakistan (SECP). As part of this regulation, all funds must provide investors with full and complete disclosure about the fund in a written prospectus describing the fund’s investment objective, its investment methods, information on how to purchase and redeem shares, information about the investment adviser, risks of investments and fund fees and expenses. Unit holders are also to be provided with annual and semiannual reports that contain recent information on the fund’s portfolio, performance, and investment goals and policies. Taxes on Mutual funds: The income of mutual funds is exempt from Income Tax, if not less than 90% of the income of the year, as reduced by capital gains is distributed amongst the unit holders as dividend or bonus units. Taxes on Shareholders in funds: Holders of mutual funds are subject to Income Tax on dividend income received from a mutual fund (excluding the amount of dividend paid out of capital gains on listed securities) as under: Public Company and Insurance Company 5% If received by any other person, including a non-resident 10% Capital gain on disposition of units in a mutual fund is exempted from tax till such time that capital gain on sale of securities listed on the stock exchanges is exempt from such tax. Tax Credit As funds are listed at the stock exchanges, unit holders of the mutual funds, other than a company, are entitled to a tax credit under section 62 of the Income Tax Ordinance, 2001 on purchase of new units. The amount on which tax credit is allowed is the lower of (a) amount invested in purchase of new units, (b) ten percent of the taxable income of the unit holder, or (c ) Rupees Three Hundred Thousand (PKR. 300,000), and is calculated by applying the average rate of tax of the unit holder for the tax year. If the units are disposed within twelve months, the amount of tax payable for the tax year in which the units are disposed is increased by the amount of credit allowed. Links for further information: Karachi Stock Exchange Lahore Stock Exchange
  • 12. Securities and Exchange Commission of Pakistan Central Depository Company Pakistan Mutual Funds Association of Pakistan Mutual Fund Basics A Mutual Fund is a pool of money that gives investors access to a well-diversified portfolio of stocks, bonds, and other securities. Each shareholder participates in the gain or loss of the fund. Shares are issued and can be redeemed as needed (in the case of an open-ended fund). The fund's net asset value (NAV) is determined each day and is posted on the respective Asset Management Company’s website on a daily basis. Equity Funds An equity fund is one that is invested mainly in a company’s equity through the stock exchange and is exposed to the risk of volatility associated with the equity market. Although this fund is the riskiest within the genre of mutual funds, it is also known to provide the maximum yields and dividends. Fixed Income Funds A Fixed Income Fund is one that offers fixed returns over a set tenor. These funds are inherently linked to the general interest rate and are, unlike the stock market, safe from drastic fluctuation. The capital value is more easily sustainable while the returns are generally modest. However, active fund management can yield returns which are higher than most fixed income avenues in the market and therefore, it is an attractive investment avenue for investors with moderate risk appetites. Money Market Funds A Money Market Fund is one that invests in liquid, short-term securities which offer fixed returns over short periods. These funds are inherently linked to the general interest rate and are, therefore, unlike the stock market, safe from drastic fluctuation. Underlying investment may include securities issued by corporate bodies, spread transactions, reverse-repo transactions, selective exposure in the CFS market, Term Finance Certificates (TFCs) and commercial paper. Balanced Funds These funds maintain a mix within equity and fixed income markets. This fund offers room to its fund managers to switch between different investment types i.e. fixed income and capital markets. Effectively, the risk associated to this category lies between equity funds and fixed income funds and the returns also vary correspondingly between the ranges of the two.
  • 13. Why Invest in Mutual Funds Mutual funds make investing simple, accessible and affordable for everyone, regardless of how much you have to invest or what your investment goals are. The advantages of mutual funds include liquidity, tax benefits, professional management, diversification, accessibility, security, as well as strict government regulation and full disclosure. Mutual Funds provide the opportunity for long term growth without Liquidity the requirement of any long term commitment, as mutual funds provide the option to redeem your investment on a daily basis. Mutual funds in Pakistan are exempted from tax as Mutual Funds have to distribute 90% of their income to Unit Holders. Tax Benefits Additionally, bonus units may be redeemed without any tax liability. Dedicated research team, specialized portfolio management, and Professional Management risk management oversight and controls. Diversification regardless Mutual Funds provide the opportunity to establish a well diversified of small Investment portfolio without the large investment typically required to achieve Amount this diversification. Investments with mutual funds attempt to weather all storms as Active Management AMC's, who specialize in managing your investments, take advantage of ups & downs in the market. A Mutual Fund allows you to invest without requiring a large investment - in fact at JSIL you can invest for as little as PKR 100. Accessibility This means that small amounts may be invested over a period of time. Net Assets of a Mutual Fund are completely under the custody the Security Trustee which ensures that the fund is operating within the investment policy as detailed in the Trust Deed. Mutual Funds are fully regulated by the Securities and Exchange Regulated by SECP Commission of Pakistan, ensuring investor's rights to be afforded protection. Mutual Fund Structures There are two generic types of funds available in the market (1) Closed end & (2) Open end Close end Funds Closed-end mutual funds are more like the stock of a listed company, a fixed number of whose shares are traded on an exchange. The shares of closed-end mutual funds are priced at market value determined by supply and demand and are not priced at the fund’s net assets per share
  • 14. value and thus may trade below or above the net asset value; if the shares of a closed-end fund trade above the net asset value the fund is said to be trading at a "premium" and if it is trading below the fund is said to be trading at a "discount". A feature of closed-end funds is that they can be converted into open-end funds. Units trade on a stock exchange which is the only exit route Trade at last price determined by the market which may be greater than, equal to or less than the NAV Do not continually offer units for sale No sales load (front end or back end), only management fee Some funds follow the practice of sharing excess profits above benchmark to align fund manager goals with that of the investor Open end Funds Open-end mutual fund are also called unit trusts, because they are registered as trusts. An open- end fund unit holder can redeem or purchase units at any time. Units are priced at their Net Asset Value (NAV) on per unit basis and its unit price is determined by the net increase and/or decrease in the share prices of the stocks that the fund owns along with any dividends and capital gains received. The units of an open-end mutual fund can be bought directly or through the AMC. Registered as trusts Bought through the Management Company at offer price, which is NAV plus front end load, if any Redeemed through the Management Company at redemption price which is NAV less the back end load, if any In addition to sales load, if any, flat management fee is charged Some funds follow the practice of sharing excess profits above benchmark to align fund manager goals with that of the investor Mutual Fund Category JSIL Product Suite Offering (Open-End and Closed-End) JS Income Fund Fixed Income Fund JS Aggressive Income Fund Unit Trust of Pakistan Balanced Fund JS Large Cap. Fund JS Growth Fund Equity Fund JS Value Fund Limited JS Aggressive Asset Allocation Fund Asset Allocation Fund JS KSE 30 Index Fund Index Fund
  • 15. JS Islamic Fund Islamic Fund JS Fund of Funds Fund of Funds JS Pension Savings Fund Pension Funds JS Islamic Pension Savings Fund National Investment Trust Limited Gujranwala Contact Number & Address Branch Name ::Gujranwala Branch Code :: - Address ::42-A/B, Trust Plaza, Ground Floor, G.T Road, Gujranwala. Telephone No. ::055-9200220 Fax No. :: 055-9200421 Branch Office Address: G.T Road, Gujranwala Landmarks: GT Road City: Gujranwala PABX +92-55-9200805, 9200856, 9200861, 9200862