Balanced Growth Fund · SECP annual fee payable 32,223 117,485 Brokerage payable 201,211 225,232...

Financial Statements for the Quarter EndedSeptember 30, 2016

Balanced Growth Fund

10 FAYSAL BALANCED GROWTH FUND

(Un-Audited) (Audited)September 30, June 30,

2016 2016Note

6. RECEIVABLE FROM THE MANAGEMENT COMPANY 3,230,314 3,230,314

7. ACCRUED AND OTHER LIABILITIES

SECP annual fee payable 32,223 117,485 Brokerage payable 201,211 225,232 Accrued liabilities 766,156 962,268 Zakat payable 588 588 Witholding tax payable 2,860 2,055 Dividend payable - - Provision for Workers' Welfare Fund 7.1 5,443,878 5,443,878 Provision for indirect taxes and duties 7.2 1,209,652 1,209,652

7,656,568 7,961,158

7.1

7.2

8. TAXATION

9. TRANSACTIONS WITH CONNECTED PERSONS / RELATED PARTIES

As per the requirements of the Finance Act 2013, Federal Excise Duty (FED) at the rate of 16% (June 30,2016: 16%) on the services of the Management Company has been applied effective June 13, 2013. TheManagement Company is of the view that since the remuneration is already subject to provincial sales tax,further levy of FED results in double taxation, which does not appear to be the spirit of the law. The matterhas been collectively taken up by the Management Company jointly with other Asset ManagementCompanies and CDC on behalf of schemes through a constitutional petition filed in the SHC in September2013. The Fund, as a matter of abundant caution, has charged FED and sales tax on service thereon in itsfinancial statements with effect from June 13, 2013. The Sindh High Court in its decision dated July 16, 2016 maintained the previous order passed againstother constitutional petition whereby levy of FED is declared to be ‘Ultra Vires’ the Constitution. During thequarter, the Deputy Commissioner Inland Revenue (Zone-II), has filed a civil petition for leave to appealunder section 185 (3) of the Constitution of Islamic Republic of Pakistan, 1973, before the HonorableSupreme Court of Pakistan against the judgment passed by Honorable Sindh High Court.In view of the pending appeal against the order before the Hornorable Supreme Court, the provision for FEDaggregating to Rs. 1.21 million (June 30, 2016: Rs. 1.21 million) held has not been reversed.Further, as per the Finance Act, 2016, the management fees charged by the asset management companyhave been declared exempt from the levy of FED with effect from July 01, 2016. Accordingly, no provisionfor FED is made from July 01, 2016 onwards.

The Fund's income is exempt from income tax as per clause (99) of part I of the Second Schedule to the IncomeTax Ordinance, 2001 subject to the condition that not less than 90% of the accounting income for the year asreduced by capital gains whether realized or unrealized is distributed in cash amongst the unit holders. TheManagement Company intends to distribute not less than 90% of its annual accounting income in cash, if any, tocomply with the above clause at year end. Accordingly, no tax provision has been made in this condensedinterim financial information.

In the matter involving the levy of Workers' Welfare Fund (WWF) on mutual funds (as fully explained in note13.2 for the year ended June 30, 2016) the Fund, as a matter of abundant caution, has created a provision forWWF since July 2008. Further, inorder to compensate the unit holders of the Fund, the Board of Directors of theManagement Company in their meeting held on October 02, 2010 decided to reduce their management fee forRs.3,230,314 i.e. the amount of provision for WWF as on June 30, 2010. Accordingly, this amount has beenthe year ended June 30, 2010 by recorded as receivable from the Management Company and will be settled bythe Management Company onlyupon payment of WWF to the relevant authorities otherwise it will be reversedin case decision regarding the applicability of WWF on Collective Investment Schemes is in favour of the Fund.

There is no change in the status of the petition pending with the Honourable Sindh High Court (SHC) inrespect of WWF as reported in note 13.2 to the annual financial statements of the Fund for the year endedJune 30, 2016.

The Fund maintained a provision for WWF as on September 30, 2016 amounting to Rs. 5.44 million (June 30, 2016: Rs.5.44 million). Had the provision not been made, the net assets value per unit of the Fund would have been higher by Re.0.74 (1.12%) per unit (June 30, 2016: Rs. 1.34 (2.06%) per unit).

Details of transactions with the connected persons / related parties and balances with them at the period end are as follows:

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Fund Information

Mission Statement

Report of the Directors of the Management Company

Condensed Interim Statement of Assets and Liabilities

Condensed Interim Income Statement

Condensed Interim Distribution Statement

Condensed Interim of Statement Cash Flows

Condensed Interim Statement of Movement in Unit Holders’ Fund

Notes to the Condensed Interim Financial Information

04

05

06

09

10

11

12

13

14

27



2016 2016Note




7,656,568 7,961,158

7.1

7.2

8. TAXATION








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September 30, September 30,2016 2015

Transactions during the periodFaysal Asset Management Limited (Management Company)

Remuneration of the Management Company 758,941 676,950 Sales tax on management fee 98,662 94,772 Bonus issue of Nil units in lieu of 5% payment of Tax(2015: 7,134 units) - 454,752 Cash dividend paid 239,189 - Redemption of 286,693 units (2015: Nil units) 16,103,000 - Issue of 2,791 units (2015: Nil units) 179,392 - Reimbursement of Expenses from the Managment Company 20,025 -

Faysal Bank Limited (Group / Associated Company)Profit on PLS savings account 1,092 2,728 Cash dividend paid 162,698 -

Central Depository Company of Pakistan Limited - (Trustee of the Fund)

Remuneration of the Trustee 176,439 174,523 Sales tax on trustee fee 22,937 24,433 Settlement charges 15,492 5,606

Unit holder holding 10% or more of the units in issue

*Private Fund 14 FF REGTIssue of 2,636 units (2015: Nil units) 171,541 -

FREOZSONS LABORATORIES LTD EMPLOYEES PROVIDENT FUNDIssue of 481,417 units (2015: Nil units) 32,168,330 -


2016 2016

Outstanding balances

Faysal Asset Management Limited (Management Company)Receivable from the Management Company 3,230,314 3,230,314 Remuneration payable to the Management Company 318,346 166,246 Sales tax on management fee payable 38,854 23,274 Units in issue 15,084 units (June 30, 2016: 298,986) 995,570 19,458,009 Reimbursement of expense receivabe from /(Payable to) the Management Company 159,546 (139,517)

Faysal Bank Limited - (Group / Associated Company)Issue of 203,373 units (June 30, 2016: 203,373 units) 13,422,964 13,235,515 Balance in PLS savings account 108,539 108,221 Profit receivable on PLS savings account 1,790 1,217


Remuneration payable to the Trustee 53,798 53,641 Sales tax payable on trustee fee 9,500 7,510 Security deposits 107,500 107,500


*Private Fund 14 FF REGTUnits in issue of 226,420 units (June 30, 2016: 223,784 units) 14,944,105 14,563,863

FREOZSONS LABORATORIES LTD EMPLOYEES PROVIDENT FUNDUnits in issue of 481,417 units (June 30, 2016: Nil units) 31,774,340 -

*Unit holding as at September 30, 2016 is less than 10%.10. FAIR VALUE OF FINANCIAL INSTRUMENTS

Level 1: Quoted prices in active markets for identical assets or liabilities;

Level 2:

Level 3:

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Those with inputs for the asset or liability that are not based on observable market

IFRS 13 establishes a single source of guidance under IFRS for all fair value measurements and disclosures about fair value measurement where such measurements are required as permitted by other IFRSs. It defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (i.e. an exit price). Adoption of IFRS 13 has not affected the condensed interim financial information.

Financial assets which are tradable in an open market are revalued at the market prices prevailing on the statement of assets and liabilities date. The estimated fair value of all other financial assets and financial liabilities is considered not significantly different from book value.

The following table shows financial instruments recognized at fair value, analyzed between those whose fair value is based on:

Those involving inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices); and

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Faysal Asset Management Limited

Mr. Nauman Ansari, ChairmanMr. Razi-Ur-Rahman Khan, DirectorMr. Osman Khan, DirectorSyed Ibad-Ur-Rehman Chishti, DirectorMr. Mohammad Zahid Ahmed, DirectorMr. Farooq Hadi, DirectorMr. Enamullah Khan, Chief Executive Officer

Mr. Umairullah Khan

Mr. Razi-Ur-Rahman Khan, ChairmanSyed Ibad-ur-Rehman Chisti, MemberMr. Osman Khan, Member

Central Depository Company of Pakistan Limited,

Chief Financial Officerand Company Secretary of theManagement Company

Mr. Osman Khan, ChairmanMr. Razi-Ur-Rahman Khan, MemberSyed Ibad-Ur-Rehman Chishti, MemberMr. Enamullah Khan, Member

HR Comittee

EY Ford Rhodes, Chartered Accountants

Allied Bank Limited











2016 2016











Level 2:

Level 3:

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landscape, the SBP maintained the status quo primarily on the basis of prevalent uncertainty on global macroeconomic front and its looming impact on external position and anticipated rise in inflation index.

During the period between Jul-16 to Sep-16, the all-time low inflationary trend started reversing as average CPI inflation for 1QFY17 stood at 3.86% as compared to the 1.66% during the same period of last year. According to the SBP, inflationary anticipations for FY17 would hover in the range of 4.5% to 5.5% whereas red flags such as expected pick up in domestic demand, upward adjustment in gas tariff, supply side disruptions and uncertain global oil price might pose upside risk to the projections.

According to the figures of State Bank of Pakistan (SBP), current account deficit (CAD) for 2MFY17 rose sharply by 92% to USD 1.32 billion as compared to USD 686 million in the same period last year. This worsening performance came on the heels of 18% increase in balance on trade in goods and services coupled with 3.2% attrition in workers’ remittances. Moreover, the absence of Coalition Support Funds (CSF) further marred the current account balance. As a percentage of GDP, the deficit has widened to 2.5% in 2MFY17 as compared to 1.4% in the same period last year. According to Pakistan Bureau of Statistics (PBS), overall Large Scale Manufacturing (LSM) sector has exhibited growth of 2.62% during July 2016 as compared to the same period of last year whereas the LSM output decreased by 2.59% on month-on-month basis.

Going forward, the macroeconomic landscape is anticipated to further bolster amid CPEC related inflows and rising private sector credit growth. However, the position of Current Account Deficit (CAD) remains at the risk of widening further owing to declining exports (global slowdown), rising imports (higher machinery imports) and looming risks to the growth of workers’ remittances. Addressing the challenges on external account and continuance of economic reforms agenda post IMF program would remain critical factors determining the strength of growth trajectory moving forward.

EQUITY REVIEW

The KSE-100 Index managed to gain 7.30% during the quarter shrugging off border skirmishes to close at 40,542points. Despite escalation of negative rhetoric between India and Pakistan as situation around LOC (Line of Control) remains tense, the market remained resilient and expected to post fresh highs as the next quarter historically has provided strong returns.

Average Daily Volumes during the quarter gained 1.4x QoQ primarily as retail activity picked up in penny stocks. Average volumes rose to 334mn as compared to 225mn in the previous quarter. Besides low interest rates, increased regulatory oversight of the property market has caused diversion of some flows to the equity market and aided by loosening up of exposure requirements by NCCPL have added to the positive inflows.

On the other hand, foreigners for the quarter remained net sellers. During the quarter, they offload shares worth of USD38.4mn. Mutual funds were the main buyers during the quarter having accumulated USD76.8mn worth of shares as investors tried to cash in on the MSCI EM upgrade through funds. Companies and NBFCs were not far behind with purchases of

USD25.5 and USD36.3mn respectively. On the local front, mainly individual investors were net sellers with total for the quarter at USD60.3mn.

In terms of performance, Autos remained in the limelight following strong sales data, launch of new models and restart of plant operations (+55.9%QoQ), followed by Engineering (+24.8%) led by strong construction activity. Other performers were Telecommunications (+22.3%) and General Industries (+19.2) while the laggards were fertilizers (-0.7%) falling under the burden of falling urea prices and oversupply; and Electricity (0.7%) as delays in project approvals led to profit taking in the sector.

Global developments including positive stance of OPEC to stabilize oil prices will further add impetus to the oil and gas sector which has been relatively subdued of late. Developments and progress on CPEC and Pakistan inclusion into MSCI- EM from next year is also expected to keep interest alive in the bourse as underlying strong valuations remain intact.

FUND PERFORMANCE

Faysal Balanced Growth Fund generated return of 2.68% during the 1QFY17. By the end of 1QFY17, your fund is invested in cash (18.2%), PIBs (13.5%) and equities (70.3%). Going forward, your fund would devise the portfolio keeping in view the long-term capital appreciation as well as the changing dynamics of the local bourse.

FUND RANKING

PACRA (Pakistan Credit Rating Agency Limited) has assigned three years fund performance ranking of “MFR 2- Star” (3 years ranking), “Weak performance” to FBGF.

ACKNOWLEDGEMENT

The Board of Directors of the Management Company thanks the unit holders for their confidence in the Management, the Securities and Exchange Commission of Pakistan for its valuable support, assistance and guidance. The Board also thanks the employees of the Management Company and the Trustee for their dedication and hard work.

For and on behalf of the Board

Enamullah KhanKarachi: October 21, 2016 Chief Executive Officer

The Board of Directors of the Faysal Asset Management Limited, the management company of the Faysal Balanced Growth Fund (FBGF), is pleased to present the un- audited condensed interim financial information of FBGF for the quarter ended September 30, 2016.

FINANCIAL HIGHLIGHTS

ECONOMIC REVIEW

Continued progress and stability remained the hallmark of economy during the first quarter of fiscal year 2017. The overall macroeconomic environment strengthened further with recovering industrial activity, better energy supply and improving security situation. In addition to this, gaining traction on the projects related to China Pakistan Economic Corridor (CPEC) provided much needed impetus to the recovery theme. However, uncertainties on the global economic front continue to pose significant risks to the progress made so far, more specifically on the external account position.

The Extended Fund Facility (EFF) arrangement for Pakistan under the IMF was also completed during the period. The Fund in its final review underscored the objectives of the EFF facility which were successfully achieved during the tenure of the program. The program helped the country in achieving overall macroeconomic stability with reduced vulnerabilities. Structural challenges were addressed which paved the way for higher growth trajectory. The inflation index declined to its historical lows along with significant boost in foreign exchange reserves. Structural improvements in the energy sector revitalized the entire industrial activity with significant uptick in private sector credit growth. Privatization / restructuring of the public sector enterprises reduced the government’s footprint in the economy while also improving the fiscal discipline. The IMF Board also underlined that continuance of the reform agenda, in the post-program period, was pivotal to consolidate the economic gains and foster higher and more inclusive growth.

During the first quarter of fiscal year 2017, the State Bank of Pakistan (SBP) issued two Monetary Policy Statements wherein the Monetary Policy Committee decided to maintain the policy rate at 5.75%. Notwithstanding the discernible resurgence of macroeconomic

Quarter Ended September 30,

2016 2015

Total income / (loss)

Operating expenses

Income / (loss) before tax

Element of income

Taxation

Income / (loss) after tax

NAV per unit (Rs. Per unit)

2.592 (1.712) 0.880 4.289 5.169

- 5.169 66.00

(3.726)

(1.867)

(5.593)

0.014

(5.579)

-

(5.579)

61.26





EQUITY REVIEW







FUND PERFORMANCE


FUND RANKING


ACKNOWLEDGEMENT






ECONOMIC REVIEW








EQUITY REVIEW




8




FUND PERFORMANCE


FUND RANKING


ACKNOWLEDGEMENT






ECONOMIC REVIEW




9

Condensed Interim Statement of Assets and LiabilitiesAs at September 30, 2016

1


2016 2016Note

Assets

4secnalab knaB 35,876,781 50,809,377 5stnemtsevnI 165,305,597 53,227,286

Prepayments, deposits and other receivables 5,010,116 3,668,0666ynapmoC tnemeganaM eht morf elbavieceR 3,230,314 3,230,314

Receivable on sale of units - 7,937,075Receivable against sale of investments 9,245,988 -

697,866,812stessa latoT 118,872,118

Liabilities

Payable to the Management Company 357,200 189,520Remuneration payable to the Trustee 63,298 61,151Payable against purchase of investments 13,188,910 3,364,113

7seitilibail rehto dna deurccA 7,656,568 7,961,158679,562,12seitilibail latoT 11,575,942

028,204,791stessa teN 107,296,176

618,204,791)dehcatta tnemetats rep sa( dnuf 'sredloh tinU 107,296,176

678,099,2eussi ni stinu fo rebmuN 1,648,776

00.66tinu rep eulav tessa teN 65.08

The annexed notes from 1 to 12 form an integral part of this condensed interim financial information.

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FAYSAL BALANCED GROWTH FUNDCONDENSED INTERIM STATEMENT OF ASSETS AND LIABILITIES

AS AT SEPTEMBER 30, 2016

(Management Company)For Faysal Asset Management Limited

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10

Condensed Interim Income StatementFor the Quarter Ended September 30, 2016 (Un-Audited)

2


NoteIncomeDividend income on preference shares classified as:

-gnidart-rof-dleh - 'ssol ro tiforp hguorht eulav riaf ta' - 53,912 Dividend income from investments classified as:

- 'at fair value through profit or loss' - held-for-trading 475,405 334,944 Return on bank balances 756,440 281,900 Return on Govt Securites classified as'at fair valuethrough profit or loss' - held-for-trading 194,990 - Net gain / (loss) on investments:

- Net capital gain on sale of investments classified as - 'at fair value through profit or loss' - held-for-trading 5,458,539 3,714,004

- Net unrealised loss on revaluation of investments - 'at fair value through profit or loss'- held-for-trading (4,292,948) (8,111,172)

1,165,591 (4,397,168)

624,295,2emocni latoT (3,726,412)

ExpensesRemuneration of the Management Company 758,941 676,950

2.7seitud dna sexat tceridni rof noisivorP - 123,476 Sales tax on management fee 98,662 94,772 Remuneration of the Trustee 176,439 174,523 Sales tax on Trustee fee 22,937 24,433 Brokerage charges 214,169 296,901 Bank charges 4,159 3,920 Auditors' remuneration 183,541 123,327 SECP annual fee 32,248 28,770 Fees and subscription 60,793 57,931 Settlement charges, federal excise duty and capital value tax 128,672 182,012 Printing charges and other expenses 51,550 79,650 Provisin for Workers' Welfare Fund 7.1 - - Reimbursement of Expenses from the Managment Company (20,025) -

680,217,1sesnepxe latoT 1,866,665

Net income / (loss) from operating activities 880,340 (5,593,077)

Element of income and capital gains included in prices of

827,982,4ten - demeeder stinu ni esoht ssel dlos stinu 13,912

Net income / (loss) for the period before taxation 5,170,068 (5,579,165)

8noitaxaT - -

860,071,5noitaxat retfa doirep eht rof )ssol( / emocni teN (5,579,165)

Other comprehensive income for the period - -

860,071,5doirep eht rof )ssol( / emocni evisneherpmoc latoT (5,579,165)


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For Faysal Asset Management Limited(Management Company)

FAYSAL BALANCED GROWTH FUND

---------- (Rupees) -----------

FOR THE QUATER ENDED SEPTEMBER 30, 2016 (UN-AUDITED)CONDENSED INTERIM INCOME STATEMENT

2


NoteIncomeDividend income on preference shares classified as:

-gnidart-rof-dleh - 'ssol ro tiforp hguorht eulav riaf ta' - 53,912 Dividend income from investments classified as:

- 'at fair value through profit or loss' - held-for-trading 475,405 334,944 Return on bank balances 756,440 281,900 Return on Govt Securites classified as'at fair valuethrough profit or loss' - held-for-trading 194,990 - Net gain / (loss) on investments:

- Net capital gain on sale of investments classified as - 'at fair value through profit or loss' - held-for-trading 5,458,539 3,714,004

- Net unrealised loss on revaluation of investments - 'at fair value through profit or loss'- held-for-trading (4,292,948) (8,111,172)

1,165,591 (4,397,168)

624,295,2emocni latoT (3,726,412)

ExpensesRemuneration of the Management Company 758,941 676,950

2.7seitud dna sexat tceridni rof noisivorP - 123,476 Sales tax on management fee 98,662 94,772 Remuneration of the Trustee 176,439 174,523 Sales tax on Trustee fee 22,937 24,433 Brokerage charges 214,169 296,901 Bank charges 4,159 3,920 Auditors' remuneration 183,541 123,327 SECP annual fee 32,248 28,770 Fees and subscription 60,793 57,931 Settlement charges, federal excise duty and capital value tax 128,672 182,012 Printing charges and other expenses 51,550 79,650 Provisin for Workers' Welfare Fund 7.1 - - Reimbursement of Expenses from the Managment Company (20,025) -

680,217,1sesnepxe latoT 1,866,665

Net income / (loss) from operating activities 880,340 (5,593,077)

Element of income and capital gains included in prices of

827,982,4ten - demeeder stinu ni esoht ssel dlos stinu 13,912

Net income / (loss) for the period before taxation 5,170,068 (5,579,165)

8noitaxaT - -

860,071,5noitaxat retfa doirep eht rof )ssol( / emocni teN (5,579,165)

Other comprehensive income for the period - -

860,071,5doirep eht rof )ssol( / emocni evisneherpmoc latoT (5,579,165)


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FOR THE QUATER ENDED SEPTEMBER 30, 2016 (UN-AUDITED)CONDENSED INTERIM INCOME STATEMENT

11

Condensed Interim Distribution StatementFor the Quarter Ended September 30, 2016 (Un-Audited)

3


Accumulated loss brought forward (186,214,019) (194,800,172) [includes unrealised loss on investments of Rs. 2,135,601

(2015: unrealised gain of Rs. 6,623,829)]

Final cash dividend for the year ended June 30, 2016 @ Re. 0.80per unit declared for distribution on July 04, 2016 (1,333,616) -

Net income for the period after taxation 5,170,068 (5,579,165)

)765,773,281(drawrof deirrac ssol detalumuccA (200,379,337)[includes unrealised loss on investments of Rs. 4,877,146

(2015: unrealised gain of Rs. 5,174,062)]


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FAYSAL BALANCED GROWTH FUNDCONDENSED INTERIM DISTRIBUTION STATEMENT

FOR THE QUATER ENDED SEPTEMBER 30, 2016 (UN-AUDITED)

12

Condensed Interim Statement of Cash FlowsFor the Quarter Ended September 30, 2016 (Un-Audited)

4


NoteCASH FLOWS FROM OPERATING ACTIVITIES

Net income / (Loss) for the period before taxation 5,170,068 (5,579,165)

Adjustments for non-cash and other items:Net gain on investments:

- Net capital gain on sale of investments classified as:- 'at fair value through profit or loss' - held-for-trading (5,458,539) (3,714,004)

- Net unrealised loss on revaluation of investments - 'at fair value through profit or loss'- held-for-trading 4,292,948 8,111,172 Dividend income from investments classified as:

- 'at fair value through profit or loss' - held-for-trading (475,405) (334,944) Return on bank balances (756,440) (281,900) Return on Govt Securites (194,990) Profit earned of preference shares - (53,912) Element of income and capital gains included

in prices of units sold less those in units redeemed - net (4,289,728) (13,912) (1,712,086) (1,866,665)

(Increase) / decrease in assets Prepayments, deposits and other receivables (8,518) 40,739

(Decrease) / increase in liabilitiesPayable to the Management Company 167,680 (936) Remuneration payable to the Trustee 2,147 3,747 Accrued and other liabilities (304,590) (371,492)

(134,763) (368,681) (1,855,367) (2,194,607)

Proceeds from sale / redemption of investments 122,960,869 69,969,837 Payments made against purchase of investments (233,294,776) (70,022,996) Dividend received 127,500 87,444 Profits and returns received (34,197) 287,577

)179,590,211(seitivitca gnitarepo ni desu hsac teN (1,872,745)

CASH FLOWS FROM FINANCING ACTIVITIES

Amounts received against issue of units 141,043,609 454,752 Payments made against redemption of units (42,546,618) - Dividend paid (1,333,616) -

573,361,79seitivitca gnicnanif morf detareneg hsac teN 454,752

Net decrease in cash and cash equivalents during the period (14,932,596) (1,417,993) Cash and cash equivalents at the beginning of the period 50,809,377 15,063,231 Cash and cash equivalents at the end of the period 4 35,876,781 13,645,238


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FAYSAL BALANCED GROWTH FUNDCONDENSED INTERIM STATEMENT OF CASH FLOWS

FOR THE QUATER ENDED SEPTEMBER 30, 2016 (UN-AUDITED)

13

Condensed Interim Statement of Movement in Unit Holders’ FundFor the Quarter Ended September 30, 2016 (Un-Audited)

5


Net asset value per unit at the beginning of the period 65.08 64.00

Net asset value per unit at the end of the period 66.00 61.26

671,692,701doirep eht fo gninnigeb eht ta stessa teN 130,152,694

Amounts received on issue of units * 133,106,534 454,752

Amounts paid on redemption of units ** (42,546,618) -

90,559,916 454,752 Element of income and capital gains included

in prices of units sold less those in units redeemed - net (4,289,728) (13,912)

Final cash dividend for the year ended June 30, 2016 @ Re. 0.80per unit declared for distribution on July 04, 2016 (1,333,616) -

Net capital gain on sale of investments 5,458,539 3,714,004 Net unrealised loss on revaluation of investments (4,292,948) (8,111,172) Net income / (loss) for the period 4,004,477 (1,181,997) Other comprehensive income for the period - - Total comprehensive income / (loss) for the period 5,170,068 (5,579,165)

618,204,791doirep eht fo dne eht ta stessa teN 125,014,369

* Number of units issued (including Nil bonus units issued during the period ended September 30, 2016 and Nil bonus units issued during the period ended September 30, 2015) 1,979,818 7,134

** Number of units redeemed 637,718 -


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(Management Company)

-------- (Number of units) --------

CONDENSED INTERIM STATEMENT OF MOVEMENT IN UNIT HOLDERS' FUNDFOR THE QUATER ENDED SEPTEMBER 30, 2016 (UN-AUDITED)

For Faysal Asset Management Limited

14

Notes to the Condensed Interim Financial InformationFor the Quarter Ended September 30, 2016 (Un-Audited)

6

1. LEGAL STATUS AND NATURE OF BUSINESS

2. BASIS OF PREPARATION

3. SIGNIFICANT ACCOUNTING POLICIES, ESTIMATES AND FINANCIAL RISK MANAGEMENT POLICIES

The principal activity of the Fund is to make investments in equity market and fixed income securities includingmoney market instruments.

FAYSAL BALANCED GROWTH FUNDNOTES TO THE CONDENSED INTERIM FINANCIAL INFORMATIONFOR THE QUATER ENDED SEPTEMBER 30, 2016 (UN-AUDITED)

Faysal Balanced Growth Fund (the Fund) has been established under the Non-Banking Finance Companies(Establishment and Regulation) Rules, 2003 (the NBFC Rules) and has been authorised as a unit trust schemeby the Securities and Exchange Commission of Pakistan (SECP) on February 18, 2004. It has been constitutedunder a Trust Deed, dated January 29, 2004, between Faysal Asset Management Limited (the ManagementCompany), a company incorporated under the Companies Ordinance, 1984 and Muslim Commercial FinancialServices (Private) Limited as the Trustee till June 04, 2005 and thereafter between Faysal Asset ManagementLimited as Management Company and Central Depository Company of Pakistan Limited (CDC) as the Trustee,also incorporated under the Companies Ordinance, 1984.

The Fund is an open ended balanced mutual fund and offers units for public subscription on a continuous basis.The units are transferable and can also be redeemed by surrendering to the Fund. The units are listed on thePakistan Stock Exchange Limited (formerly Karachi Stock Exchange Limited). The Fund was launched on April19, 2004.

The accounting policies, basis of accounting estimates applied and methods of computation adopted in thepreparation of this condensed interim financial information are consistent with those followed in the preparation ofthe financial statements of the Fund for the year ended June 30, 2016 except for the following amended IFRS andIFRIC interpretations which became effective during the period as mentioned in note 3.1 below:

The Fund is categorized as a "Balanced Scheme" as per the Circular No.7 of 2009 issued by SECP. As per thesaid circular the exposure in the equity securities of balanced scheme should not exceed 70%, however theexposure of Faysal Balanced Growth in the equity securities is 70.26% as at September 30, 2016. Subsequent tothe period end, the equity exposure was within the limit.

The Pakistan Credit Rating Agency Limited (PACRA) has assigned a "2-Star" (3 years) fund performance rankingto Faysal Balanced Growth Fund as of June 29, 2016.

JCR - VIS has awarded an "AM3++" asset manager rating to the Management Company as of May 04, 2016.

This condensed interim financial information has been prepared in accordance with the requirements ofInternational Accounting Standard 34: ‘Interim Financial Reporting’, the Trust Deed, the NBFC Rules, Non-Banking Finance Companies and Notified Entities Regulations, 2008 (NBFC Regulations) and directives issuedby SECP. In case where requirements differ, the requirements of the Trust Deed, the NBFC Rules, the NBFCRegulations or the directives issued by the SECP prevail.

This condensed interim financial information does not include all the information and disclosures required in theannual financial statements, and should be read in conjunction with the annual financial statements of the Fundfor the year ended June 30, 2016.

As at September 30, 2016, the Management Company held15,083 units representing 0.5% of the units in issue of the Fund as at that date. The Management Company has confirmed that it will not redeem its investment within the next nine months to the extent whereby the Fund's net assets fall below the minimum requirement of Rs.100 million.

This condensed interim financial information is presented in Pakistani Rupees which is the Fund's functional and presentation currency.

15



3.1 New and amended standards and interpretations

Effective date(accounting periods

Standard or Interpretation beginning on or after)

IFRS 2 – Share-based Payments – Classification and Measurement 8102 ,10 yraunaJ)stnemdnemA( snoitcasnarT stnemyaP desab-erahS fo

IFRS 10 – Consolidated Financial Statements and IAS 28 Investmentin Associates and Joint Ventures - Sale or Contribution of Assets

dezilanif tey toN)tnemdnemA( erutneV tnioJ ro etaicossA sti dna rotsevnI na neewteb

IAS 7 – Financial Instruments: Disclosures - 7102 ,10 yraunaJ)tnemdnemA( - evitaitinI erusolcsiD

IAS 12 – Income Taxes – Recognition of Deferred Tax Assets 7102 ,10 yraunaJ)stnemdnemA( sessol dezilaernU rof

IASB Effective date(annual periods

Standards beginning on or after)

IFRS 9 – Financial Instruments: Classification and Measurement January 01, 2018

IFRS 14 – Regulatory Deferral Accounts January 01, 2016

IFRS 15 – Revenue from Contracts with Customers January 01, 2018

IFRS 16 – Leases January 01, 2019

3.2


2016 2016Note

4. BANK BALANCES

1.4stnuocca sgnivas SLP - knab ta hsaC 35,876,781 50,809,377

4.1

5. INVESTMENTS

'At fair value through profit or loss'held-for-trading

1.5seitiruces ytiuqe detsiL 138,694,351 53,227,286

2.5seitiruces tnemnrevoG 26,611,246 -

165,305,597 53,227,286

These carry mark-up ranging between3.75% to 6.20% (June 30, 2016: 3.75% to 6.60%) per annum and include abalance of Rs. 108,539 (June 30, 2015: Rs.108,221) held with Faysal Bank Limited (a related party).

The Fund has adopted the following revised standards, amendments and interpretations of IFRSs which becameeffective for the current period:

The above standards and amendments are not expected to have any material impact on the Fund's financial statements in the period of initial application.

In addition to the above standards and amendments, improvements to various accounting standards have also been issued by the IASB in September 2014. Such improvements are generally effective for accounting periods beginning on or after January 01, 2016. The Fund expects that such improvements to the standards will not have any material impact on the Fund's financial statements in the period of initial application.

Further, following new standards have been issued by IASB which are yet to be notified by the SECP for the purpose of applicability in Pakistan.

The adoption of the above amendments, revisions, improvements to accounting standards and interpretations did not have any effect on this condensed interim financial information of the Fund.

The financial risk management objectives and policies are consistent with those disclosed in the annual financialstatements of the Fund for the year ended June 30, 2016.

----------- (Rupees) -----------
















3.2


2016 2016Note

4. BANK BALANCES


4.1

5. INVESTMENTS




165,305,597 53,227,286








----------- (Rupees) -----------

16

















3.2


2016 2016Note

4. BANK BALANCES


4.1

5. INVESTMENTS




165,305,597 53,227,286








----------- (Rupees) -----------
















3.2


2016 2016Note

4. BANK BALANCES


4.1

5. INVESTMENTS




165,305,597 53,227,286








----------- (Rupees) -----------

17


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19




2016 2016Note




7,656,568 7,961,158

7.1

7.2

8. TAXATION








-------------- (Rupees) --------------



2016 2016Note




7,656,568 7,961,158

7.1

7.2

8. TAXATION








-------------- (Rupees) --------------











2016 2016











Level 2:

Level 3:

------------- (Rupees) -------------






------------- (Rupees) -------------

------------- (Un-Audited) -----------



2016 2016Note




7,656,568 7,961,158

7.1

7.2

8. TAXATION








-------------- (Rupees) --------------

20




2016 2016Note




7,656,568 7,961,158

7.1

7.2

8. TAXATION








-------------- (Rupees) --------------











2016 2016











Level 2:

Level 3:

------------- (Rupees) -------------






------------- (Rupees) -------------

------------- (Un-Audited) -----------











2016 2016











Level 2:

Level 3:

------------- (Rupees) -------------






------------- (Rupees) -------------

------------- (Un-Audited) -----------



2016 2016Note




7,656,568 7,961,158

7.1

7.2

8. TAXATION








-------------- (Rupees) --------------











2016 2016











Level 2:

Level 3:

------------- (Rupees) -------------






------------- (Rupees) -------------

------------- (Un-Audited) -----------

21












2016 2016











Level 2:

Level 3:

------------- (Rupees) -------------






------------- (Rupees) -------------

------------- (Un-Audited) -----------











2016 2016











Level 2:

Level 3:

------------- (Rupees) -------------






------------- (Rupees) -------------

------------- (Un-Audited) -----------

22


12FA

YS

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GEN

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whi

ch in

clud

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repr

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ting

gove

rnm

ent l

evy

and

SE

CP

fee.

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.2Fi

gure

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ve b

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roun

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ares

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ee.

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TE O

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UTH

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N F

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E

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con

dens

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terim

fina

ncia

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n w

as a

utho

rised

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ssue

on

____

____

____

____

____

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f Dire

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s of

the

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agem

ent C

ompa

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O evitucexE feihC

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l Ass

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anag

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-------------------- )seepuR( -----------------------------

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------

---

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embe

r 30,

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6eulav riaF

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l

23


11. GENERAL

11.1 The total expense ratio of FBGF is 4.51% which includes 0.51% representing government levy and SECP fee.

11.2 Figures have been rounded off to the nearest rupee.

12. DATE OF AUTHORISATION FOR ISSUE

This condensed interim financial information was authorised for issue on October 21, 2016by the Board of Directors of the Management Company.

__________________________________rotceriD



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Balanced Growth Fund · SECP annual fee payable 32,223 117,485 Brokerage payable 201,211 225,232...

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