Jahangir Siddiqui & Co. Limited is the holding company of JS Investments Limited, one of the largest asset management companies in Pakistan. The document provides an overview of JS Investments Limited's board of directors, senior management, scope of services which includes various mutual funds, and key financial indicators for fiscal years 2011 and 2010.

1. INTRODUCTION
Jahangir Siddiqui & Co. Limited (―JS & Co‖) is the holding company. It is rated AA+ long-term and A1+ short-
term by The Pakistan Credit Rating Agency (Pvt.) Limited which are the highest ratings awarded to any non-
government owned corporation in Pakistan. It is the oldest and one of the largest private sector Asset Management
Companies in Pakistan, with over PKR 11.71 billion (as at September 30, 2011) in assets under management, spread
across various mutual funds, pension funds and separately managed accounts.
It is also the only non-bank primary dealer for Government securities in Pakistan and is one of the largest
bond trading firms in Pakistan. JS & Co is listed on the Karachi Stock Exchange. In May 2004, a subsidiary of JS &
Co, Jahangir Siddiqui Capital Markets Ltd. and has a market capitalization of over PKR 368 million (as at
September 30, 2011).
BOARD OF DIRECTORS
 Air Cdre Munawar Alam Siddiqui, SI (M), TI (M) (Retd.) - Chairman
Profile:
Mr. Siddiqui holds an M. Sc. in Defence and Strategic Studies from Quaid-e-Azam University, an M. Sc. in
Strategic Studies from Karachi University, a B. Sc. (Honours) in War Studies from Karachi University and B. Sc.
Avionics from Peshawar University. He is also an alumna of the National Defence College.
Mr. Rashid Mansur - Chief Executive Officer
 Mr. Suleman Lalani - Director Finance & Operations
Profile:
Mr. Lalani joined JSIL as CFO and Company Secretary in January 2005. He is a fellow member of the Institute of
Chartered Accountants of Pakistan and has 18 years of experience in the financial services sector.
 Mr. Mazharul Haq Siddiqui - Director
Profile:
Mr. Siddiqui is one of Pakistan’s senior most civil servants and an eminent educationist. He has served the Federal
Government as Secretary Establishment, Economic Affairs, Education, Management Services, Economic Affairs
Statistics and Youth Affairs Divisions.
 Mr. Sadeq Sayeed - Director
Profile:
Mr. Sayeed holds S.M. with majors in Finance from MIT, Sloan School of Management and S.B also from MIT
with majors in Economics and Electrical Engineering
 Mr. Nazar Mohammad Sheikh - Director
Profile:
He served the Provincial Governments at various levels and also served as the Secretary of Finance Department,
Secretary of Education Department, Secretary of Housing & Town Planning Department and Secretary of
Communication & Works Department. He has also held the position of Additional Secretary of the Social Sector
Wing, Prime Minister’s Secretariat.
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2.  Lt. General (Retd) Masood Parwaiz - Director
Profile:
Mr. Masood Parwaiz holds an M.Sc degree in Strategic Studies from the Quaid-e-Azam University, Islamabad and a
B.Sc (Hons) degree in War Studies from the University of Balochistan, Quetta.
SENIOR MANAGEMENT
Mr. Rashid Mansur - Chief Executive Officer
Mr. Suleman Lalani - Director Finance & Operations
Mr. Assad Hameed Khan - Head of Strategy and Business Development
Dr. Ali Akhtar Ali- Chief Investment Officer
Mr. Muhammad Salman Siddiqui - Head of Research and Risk Management
Ms. Mariam Siraj - Head of Human Resources and Administration
Syed Zeeshan Ali - Head of Information Technology
Mr. Saood Hasan - Head of Internal Audit and Compliance
Mr. Malik Zafar Javaid - Head of Operations
SCOPE OF SERVICES
JSIL possesses a diverse set of licenses catering to investment requirements at both the individual and institutional
level.
Asset Management Services:
SECP has granted renewed license No. NBFC-II/26/JSIL/AMS/14/2010, dated May 17, 2010 to JS Investments
Limited under Rule 5(2) of the Non-Banking Finance Companies (Establishment and Regulation) Rules 2003 as
amended through S.R.O.1131 (1) 2007 and S.R.O.271(I)/2010 (the "Rules"), to undertake asset management
services.
Investment Advisory:
SECP has granted renewed license No. NBFC-II/25/JSIL/IAS/11/2010, dated May 17, 2010 to JS Investments
Limited under Rule 5(2) of the Non-Banking Finance Companies (Establishment and Regulation) Rules 2003 as
amended through S.R.O.1131 (1) 2007 and S.R.O.271(I)/2010 (the "Rules"), to undertake investment advisory.
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3. Funds Name
 Unit Trust of Pakistan
UTP is a balanced fund that aims to preserve and grow investor’s capital in the long term while providing a
regular stream of current income on an annual basis. The fund operates a diverse portfolio of equity and
fixed income investments whereby the equity component is meant to provide the growth in capital while
dividends on the equity component along with the fixed income investments help generate the current
income.
 JS Income Fund
JS - Income Fund (JS - IF) is the second open-end mutual fund launched by JS Investments Limited. JS-IF
is a diversified investment program in fixed income securities through a single investment. The fund aims
at achieving a high rate of current income consistent with reasonable concern for safety of capital and
provides the investors with the convenience to join or leave the fund at their discretion.
 JS Aggressive Income Fund
JS AIF aims at generating current income on investments while maintaining the prospects of capital
appreciation by investing in a diversified portfolio of money market and fixed income instruments. The
fund may aggressively adjust asset weightings to take advantage of directional macro and micro economic
trends and may hold some or even all of its assets in cash to either provide liquidity or for defensive
purposes.
 JS Cash Fund
JS CF is an open-end Money Market Scheme that mainly invests in low risk short-term fixed income
instruments including money market instruments to provide a regular and reasonable return to investors
while ensuring high liquidity. The fund shall invest primarily in short duration instruments within Pakistan
and may even hold some or all of its assets in cash for the purpose of maintaining liquidity.
 JS Islamic Fund
JS ISF aims to grow investor’s capital in the long term in adherence with principles of Shariah compliance
as advised by the Shariah Advisory Board (SAB) of this fund while ensuring liquidity. The fund
investments are limited to asset classes approved by the Shariah Advisory Board and all companies under
investment consideration are regularly screened for Shariah compliance.
 JS Aggressive Asset Allocation Fund
JS AAAF is a dynamic asset allocation fund that aims to achieve superior risk adjusted growth in investors’
capital over the long term. The fund operates a diverse portfolio of equity and fixed income investments
and it may constantly adjust the mix as equity markets rise or fall and the economy strengthens or weakens.
 JS Fund of Funds
JS FoF is a fund of funds that aims to grow investor’s capital in the long term while diversifying the asset
manager risk bundled together with the benefits of an asset allocation fund. The fund operates a diverse
portfolio of equity, balanced, fixed income and money market funds (both open and closed ended) with the
option to adjust the asset mix as equity markets rise or fall and the economy strengthens or weakens.
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4.  JS KSE 30 Index Fund
The main focus of the JS KSE 30 Fund is to approximate the performance of KSE-30 Index, as adjusted for
transaction and other costs, by investing in most or all of the common stocks that comprise the KSE-30
Index in proportions in which they are represented in the Index.
 JS Value Fund Limited
The fund maintains a mix of equities and debt instruments. Earnings comprise of capital appreciation,
dividend income, and interest income. The portfolio seeks capital growth through investments in
marketable securities with better-than-average appreciation potential and liberal dividend policies. To
benefit from rising interest rates, high levels of bank deposits and CFS funding are maintained.
 JS Large Cap. Fund
JS LCF, after conversion into an Open-end Scheme that aims to benefit from an attractive Capital Market
in an economy with growth potential, to maximize the total investment return consisting of a combination
of capital appreciation income. Consistent with its Investment Objective, the Fund shall invest primarily in
equity securities of listed Large-Cap companies with market capitalization of over Rupees one billion. The
remaining Funds shall be invested in Authorized Investments including cash and/or near cash instruments
which include cash in bank accounts, and Government securities not exceeding ninety (90) days maturity
 JS Growth Fund
The main objective of JS GF is to enable the Certificate Holders to participate in a diversified portfolio of
high quality equity securities listed on the stock exchanges and to maximize the investment return, by
prudent investment management. UTP-GF seeks to achieve long term growth in the value of the investment
that is aimed to out perform the underlying inflation rate in Pakistan as well as most of the other types of
investments available.
 JS Principal Secure Fund - I
JS PSF-I aims to combine a strategy of providing 100% security of initial investment and the potential to
beat term deposit returns through exposure asset allocation strategy.
Term sheet
Fund name Fund Type Fund Benchmark Par Management Trustee/Custodian NAV as
Rating* Value Fee of 25
Nov,2011
Unit Trust of Open End - 5 Star 50% 6M Rs 100 2% of Average Central Depository 99.87
Pakistan Balanced (Normal KIBOR & Annual Net Company of Pakistan
& Long 50% KSE 30 Assets Ltd. (CDC)
Term) Index
JS Income Fund Open End - A+(f) 60% one year Rs 100 1.50% of MCB Financial 88.39
Fixed PKRV and Average Services Limited
Income 40% six Annual Net (Formerly Muslim
month Assets Commercial
KIBOR Financial Services
Limited)
JS Aggressive Open End - in 60% one year Rs 100 1.50% of Central Depository 92.08
Income Fund Aggressive process PKRV and Average Company of Pakistan
Income 40% six Annual Net Ltd. (CDC)
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5. month Assets
KIBOR
JS Cash Fund Open End - AA+ 50/50 - Avg. Rs 100 1.00% of MCB Financial 103.45
Money 3 month Average Services Limited
Market deposit rates Annual Net (Formerly Muslim
Scheme of AA & Assets Commercial
above rated Financial Services
banks and Limited)
Avg. 3 month
T-Bill rate
JS Islamic Fund Open End – 4 Star KMI - 30 Rs 100 2.0% of Central Depository 40.6
Islamic (Normal) Index Average Company of Pakistan
Annual Net Ltd. (CDC)
Assets
JS Aggressive Open End - 4 Star KSE - 30 Rs 100 2% of Average Central Depository 21.88
Asset Asset (Normal) Index Annual Net Company of Pakistan
Allocation Fund Allocation Assets Ltd. (CDC)
JS Fund of Open End - 4 Star Average rate Rs 100 1.0% of Central Depository 89.55
Funds Fund Of (Normal) of return of Average Company of Pakistan
Funds asset Annual Net Ltd. (CDC)
allocation Assets
funds for the
period
JS KSE 30 Open End - 4 Star KSE - 30 Rs 100 1.50% of MCB Financial 29.23
Index Fund Index (Normal) Index Average Services Limited
Tracker Annual Net (Formerly Muslim
Assets Commercial
Financial Services
Limited)
JS Value Fund Close End - 5 Star KSE - 30 Rs 10 2.00% of MCB Financial 9.52
Limited Equity (Normal) Index Average Services Limited
Annual Net (Formerly Muslim
Assets Commercial
Financial Services
Limited)
JS Large Cap. Open End - N/A KSE - 30 Rs 100* 2.00% of Central Depository 49.55
Fund Equity Index Average Company of Pakistan
Scheme Annual Net Ltd. (CDC)
(Converted Assets
from a
Closed-end
Scheme)
JS Growth Fund Close End - 3 Star KSE - 30 Rs 10 2.00% of MCB Financial 8.97
Equity (Normal) Index Average Services Limited
Annual Net (Formerly Muslim
Assets Commercial
Financial Services
Limited)
JS Principal Open End - AA(CP) 69% TDR Rs 100 1.75% of Central Depository 115.86
Secure Fund - I Capital Rate & 31% Average Company of Pakistan
Protected KSE - 30 Annual Net Ltd. (CDC)
Index Assets
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6. OFFERING DOCUMENT
JS CAPITAL PROTECTED FUND III
Management Company
JS INVESTMENTS LIMITED
(Formerly JS ABAMCO Limited)
Trustee
CENTRAL DEPOSITORY COMPANY OF
PAKISTAN LIMITED (CDC)
PART 1 -APPROVAL AND CONSENT
PART 2 - CONSTITUTION OF THE SCHEME
PART 3 - INVESTMENT OBJECTIVES AND RESTRICTIONS
PART 4 - ORGANIZATION AND MANAGEMENT
PART 5 - FUNDS UNDER MANAGEMENT
PART 6 -PRINCIPAL FEATURES OF THE FUND
PART 7 -PROCEDURE FOR PURCHASE OF UNITS
PART 8 - PROCEDURE FOR REDEMPTION OF UNITS
PART 9 - TRANSFER OF UNITS
PART 10 - FEES AND CHARGES
PART 11 –TAXATION
PART 12 -SERVICE TO UNIT HOLDERS
PART 13 -INCOME DISTRIBUTION
PART 14 -FINANCIAL INFORMATION
PART 15 –WARNING
PART 16 -GENERAL INFORMATION
PART 17 -TERMINATION OF THE FUND
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7. Classes of fund investment
Fixed Income Investments
Bonds and fixed income instruments are subject to interest rate risk, where rising interest rates may
cause an overall decline in prices. The Fund will aim to minimize interest rate risk by varying the
amount of investment in bonds and fixed income instruments in relation with expected interest rate
shifts. The Management Company will evaluate investments in bonds and fixed income instruments
based on fundamental and quantitative analysis.
Money Market Investments
The Fund may invest in money market instruments when the relative return is higher than other asset
classes. In deteriorating economics conditions, the Fund will not be restricted to holding a minimum
investment in equities and/or fixed income instruments and can reduce risk significantly by allocating
investments to money markets.
Equity Investments
The Fund may invest a portion of its portfolio into equity despite the higher risk than other asset
classes to maximize returns. The Management Company will endeavor to lower volatility risks by
identifying and investing lower beta and long term steady growth stocks.
Mutual Fund Investments
The Fund may invest in other mutual funds if the Management Company deems it necessary. The
Management Company will endeavor to invest with superior fund/ schemes in a way that will lower
volatility of the overall product but strive for good risk adjusted returns, on a best effort basis.
Key Indicators FY 11 FY 10
Performance:
Market capitalization (Rs. in Million) 510 746
Management fee (Rs. in Million) 245 361
No. of funds under management** 15 16
Market value per share - year end 5.10 7.46
Rs.
Investment Objective and Strategy (passive)
The fund will invest in the KSE 30 Index ("Index") stocks in proportion to their weighting in the Index. The strategy
is to buy and hold securities, trading only when changes in the index composition occur or when cash flow activities
occur or are expected to occur due to purchase and redemption requests.
The strategy of investing in the same stocks as the Index using a passive approach in managing the Fund’s holdings
minimizes the need for trading and therefore results in lower transaction expenses.
UTP A30+ shall primarily track the Index, however, it may also as allowed by SECP, invest in CFS during the
interim period i.e. initial six months, but the investments in CFS shall not, at any time, exceed 25% of its total net
assets and investment in one scrip shall be not more than 20% of the 25% of the aforesaid CFS limit.
The fund will maintain minimal liquidity to meet estimated future redemptions. The fund will achieve this objective
by investing in various liquid instruments available within the indigenous market as per the limits prescribed by the
Commission. For liquidity purposes the Fund may also invest not more than fifteen per cent of its portfolio in fixed
income instruments. This will serve a dual purpose of earning better interest.
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8. JS FINANCIAL
JS Financial is the oldest business of the JS Group and remains at its core. It operates through a number of market-
leading companies:
1. Jahangir Siddiqui & Co. Ltd. (JS&Co)
JS&Co is one of the largest investment firms in Pakistan and heads a diversified financial services group. JS&Co
has a tradition of leadership and excellence. It was Pakistan’s first securities firm with a Wall Street pedigree
through its joint venture with Bear Stearns & Co.
JS&Co is rated AA+ (long term) and A1+ (short term) by the Pakistan Credit Rating Agency and issued Pakistan’s
longest-dated (10-year) corporate bond.
2. JS Global Capital Limited (JSGCL)
JS Global Capital Limited (formerly, Jahangir Siddiqui Capital Markets Ltd.) is one of the leading investment
banking and securities firms in Pakistan. Global Investment house KSCC, the leading investment bank in the Middle
East is a 43% shareholder of the company.
The principal activities of JSGCL are:
 Equity, Fixed Income and Foreign Exchange Brokerage
 Fixed Income and Money Market Sales
 Equity Sales and Investment Advisory
 Corporate Finance Advisory
 Research
JSGCL is rated AA (long term) and A1+ (short term) by the Pakistan Credit Rating Agency.
3. JS Bank Limited (JSBL)
JS Bank Limited has been formed subsequent to the merger and amalgamation of Jahangir Siddiqui Investment
Bank Limited and American Express Bank Limited’s Pakistan branches. JSBL’s focus is to provide a quality and
innovative range of banking services and products. The Bank’s key activities can be categorized into three Business
Units:
 Retail and Consumer Banking
 Treasury, Fixed Income and Debt Syndications
 Corporate and Commercial Banking
JS Bank Limited also has a Primary Dealer license for government securities from the State Bank of Pakistan.
In addition to these three financial services companies, JS Group has significant investments in other market-leading
financial services companies.
4. JS Investment Limited
JS Group controls JS Investments one of the largest asset management companies in Pakistan. JS Investments
manages over USD 400 million in assets through twelve open-end funds, two pension funds and two closed-end
funds.
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9. 5. EFU Insurance Group
JS Group is the second-largest shareholder in EFU which comprises:
 EFU General: Pakistan’s second-largest general insurance company
 EFU Life Assurance: Pakistan’s largest private sector life assurance company
 Allianz-EFU Health: Pakistan’s only specialized health insurer
6. Bank Islami
JS Group launched Bank Islami in 2006 to address the growing demand for Shariah compliant banking services in
Pakistan. Bank Islami was launched in partnership with Dubai Bank and the Randeree family, principals of the
DCD Group.
FAQ’s for JS Mutual Funds:
1) Why should I invest with JS investments?
A JS investment has Rs. 43 billion of assets under management, it is the oldest and the largest private-sector asset
management company in Pakistan.
2) Why should I go through JS Bank for investing in mutual funds?
JS Bank Limited is a subsidiary of the Jahangir Siddiqui & Company Limited, and JS Investments is also a group
concern. We focus on serving our customers efficiently, and with highest priority regardless of the size of your
investment. Furthermore, we can truly act as a one-stop shop by offering you professional investment advisory at
the same time as offering high quality banking solutions. We encourage our investors to come and experience our
hassle free service with a complete peace of mind knowing that your investments are with the experts.
We are also coming up with an array of complementary wealth management products.
3) What guarantee do I have regarding the reliability of JS Bank Limited?
We have been present in the Pakistani financial landscape for the last forty years. Our track record has been
exceptional and our forte has always been in the investment advisory arena. We are a strong group that has
significant investments in major business areas. i.e. banking, textile, brokerage, asset management, transportation,
and real estate.
4) How is the investor’s money safe with JSIL?
According to the current laws and regulations, an Asset Management Company is not allowed to hold any
property of the mutual fund directly. All the property of the fund is held in the name of the Trustee who is
independent of the Management Company — their relationship is governed by a Trust Deed. Every transaction
has to be authorized by the Trustee in accordance with the Trust Deed and Offering Document of the respective
fund. An annual audit and half yearly reviews of mutual funds are required to be carried out by external auditors
in order to ensure compliance to laws and regulations. The strong backing of JSIL also ensures that funds are
managed in the most professional manner for the benefit of valued clients like you.
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