Quarterly Reports Sep 2012

7/30/2019 Quarterly Reports Sep 2012

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Management Company &

Funds Information(i)

CONDENSED INTERIM FINANCIAL STATEMENTS

Askari Sovereign Cash Fund (ASCF)

Directors Report ......................... 01

Financial Statements................. 05

Askari High Yield Scheme (AHYS)


Financial Statements................... 20

Askari Islamic Income Fund (AIIF)



Askari Sovereign Yield Enhancer (ASYE)

Directors Report ......................... 34Financial Statements................... 38

Askari Asset Allocation Fund (AAAF)


Financial Statements....................68

Askari Islamic Asset Allocation Fund (AIAAF)


Financial Statements....................84

Askari Equity Fund (AEF)



Contents


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Directors Report 01

Sovereign Cash Fund

Category: Money Market Scheme


5/112


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Sovereign Cash Fund

QUARTERLY REPORT SEPTEMBER 2012 03

ASCF Performance Review

ASCF generated a return of 11.61% for the quarter ending September 2012 which is 46 basis points higher than the average

returns generated by the money market fund category and 171 basis points higher than its benchmark hence maintaining

the pole position amongst its category.

During the quarter, the funds size decreased by 46% to 5.37 billion, with an average fund size of PKR 7.65billion for the

quarter ended September 2012. Major asset class of the Fund remained Treasury Bills, where the Fund was invested on

average 73% of Fund size. The market witnessed a cut in the policy rate during the quarter by 150bps as 3month & 6month

PKRV rates closed at 10.14% & 10.01 end September compared to 11.92% & 11.95 respectively at June end. The fund

manager captured maximum advantage of this decreasing interest rate scenario by maximizing the duration (i.e. 90days)

at the right time reflected through the funds return and outperformance. However, average duration for the quarter was

maintained at 50days. During the quarter, the Fund was invested on average 22% of Fund size in TDRs of AA rated banks,

and availed those opportunities when the rates of return were higher than the yields on treasury securities.

ASCF has the flexibility to shift 30% of its asset to AA (and above) rated banks when they offer better rates and may stay

liquid with AAA quality T-Bills to enjoy safety and highest liquidity profile.

at the end of quarter. Rate on 10-year bond came down by 185bps to 11.4% from 13.3% at the start of the quarter.

Moreover, as of the latest developments, yields across all tenors are still trading below their historical levels. Hence one

can deduce that market is expecting another cut of 50-100bps in the policy rate to be announced in the 1st week of October,

2012.

During the quarter auctions conducted by SBP, participation remained skewed on the short-end of the paper. On a cumulative

basis, the SBP raised almost 1,736bn in the bi-monthly auctions conducted during the quarter.


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Sovereign Cash Fund


Dividend Distribution

The Chief Executive on behalf of the Board of Directors has approved the following interim distributions for the unit holders

of the Fund:

Date of distribution Distribution Rs per unitDistributionpercentage for the

month-Annualized

8.45%0.5804July 25, 2012

August 27, 2012 1.0995 12.90%

10.00%0.8532September 25, 2012

Total distribution 2.5331

Acknowledgements

We thank our valued investors who have placed their confidence in us. The Board is also thankful to the Securities and

Exchange Commission of Pakistan, the State Bank of Pakistan, the Trustee of the Fund and the Islamabad Stock Exchange

for their continued cooperation and support. The Board of Directors also appreciates the efforts put in by the management

team and for their commitment and hard work.

For and on behalf of the Board of Directors of the Management Company

Chief Executive Officer

Karachi: October 23, 2012


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Financial Statements 05

Sovereign Cash Fund

Category: Money Market Scheme


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Sovereign Cash Fund


ASKARI SOVEREIGN CASH FUND

CONDENSED INTERIM STATEMENT OF ASSETS AND LIABILITIESAS AT SEPTEMBER 30, 2012

For Askari Investment Management Limited

(Management Company)

DirectorChief Executive Officer

Assets

Bank Balances

Investments

Term Deposits and Money Market Placements

Receivable Against Sale of Securities

Prepayments and other receivables

Deferred formation cost

Total assets

Liabilities

Payable to Askari Investment Management Ltd - Management Company

Payable to Central Depository Company of Pakistan Ltd - Trustee

Annual fee payable to the Securities and Exchange Commission of PakistanDividend Payable

Payable Against Redemption of Units

Accrued and other Liabilities

Total liabilities

Net assets

Unit holders' fund (as per statement attached)

Contingencies and commitments

Number of units in issue

Net asset value per unit

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

Note

5 492,193,370 176,432,663

6 3,826,138,184 8,321,569,813

7 1,500,000,000 1,500,000,000

1,500,000 -

3,855,226 2,675,710

804,812 906,516

5,824,491,593 10,001,584,702

6,111,923 10,079,421

498,917 739,381

1,446,096 8,595,7521,278,235 -

399,210,865 2,319,577

43,416,649 39,268,792

451,962,684 61,002,923

5,372,528,909 9,940,581,779

5,372,528,909 9,940,581,779

9

-----------(Number of Units)--------------

53,461,830 98,305,942

100.4928 101.1188

------------ Rupees ------------

Un-audited

September

30, 2012

Audited

June

30, 2012


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Sovereign Cash Fund



CONDENSED INTERIM INCOME STATEMENT (UNAUDITED)FOR THE QUARTER ENDED SEPTEMBER 30, 2012




Income

Income from Government Securities

Profit on Bank Balances and Term Deposits

Income on Reverse Repurchase Transactions

Net Realized Gain on sale of investments

Net unrealised Gain on revaluation of investments classified as 'at fair

value through profit or loss'

Total Income

Expenses

Remuneration of the Management Company

Sindh Sales Tax on Services

Remuneration of the Trustee

Annual fee - Securities and Exchange Commission of Pakistan

Amortisation of formation cost

Listing fee

Legal fee

Securities Transaction Cost

Auditors' remuneration

Printing expensesBank charges

Provision for contribution to Workers' Welfare Fund

Total Expenses

Net Income from Operating Activities

Element of (loss) / income and capital (loss) / gain included

in prices of units issued less those in units redeemed - net

Net Income for the quarter before taxation

Taxation

Net income for the quarter after taxation

Earnings per unit


167,719,605 187,219,390

47,515,417 42,987,767

4,272,169 7,742,893

20,492,296 2,409,806

2,068,875 1,169,687

22,561,171 3,579,493

242,068,362 241,529,543

19,297,739 17,943,297

3,087,638 2,868,216

1,752,716 1,658,217

1,446,097 1,345,747

101,703 101,703

6,341 2,521

12,568 8,798

716,366 319,075

100,547 84,208

62,038 62,038234,608 222,660

------------ Rupees ------------

September

30, 2012

September

30, 2011

, ,

3,662,143 -

30,556,514 24,660,456

211,511,848 216,869,087

(32,066,813) (9,909,631)

179,445,035 206,959,456

- -

179,445,035 206,959,456

8


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Sovereign Cash Fund



CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)FOR THE QUARTER ENDED SEPTEMBER 30, 2012




Net income for the quarter after taxation

Other comprehensive income

Total comprehensive income for the quarter


179,445,035 206,959,456

-

179,445,035 206,959,456

------------ Rupees ------------

September30, 2012

September30, 2011

-


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Sovereign Cash Fund



CONDENSED INTERIM DISTRIBUTION STATEMENT (UNAUDITED)FOR THE QUARTER ENDED SEPTEMBER 30, 2012




Realised Income

Unrealised Loss

Net income for the quarter

Final Distribution of Rs 0.8827 per unit on July 6, 2012

For the period ended June 30, 2012 (2011 : 0.3522 per unit on July 6, 2011)

Cash DistributionBonus Units

First Interim Distribution of Rs 0.5804 per unit on July 25, 2012

For the quarter ended September 30, 2012 (2011: 2.7726 per unit on Sep 26, 2011)

Cash Distribution

Bonus Units

Second Interim Distribution of Rs 1.0995 per unit on August 27, 2012

For the quarter ended September 30, 2012

Cash Distribution

Bonus Units

Third Interim Distribution of Rs 0.8532 per unit on September 25, 2012For the quarter ended September 30, 2012

Cash Distribution

Bonus Units

Realised income

Unrealised income


111,628,656 43,873,448

(1,640,815) (83,412)

109,987,841 43,790,036

179,445,035 206,959,456

-

(14,020,722) (4,910,160)(72,753,933) (17,440,843)

(86,774,655) (22,351,003)

(2,277,109) (51,390,965)

(45,597,786) (139,227,133)

(47,874,895) (190,618,098)

(1,652,417) -

(75,380,686) -

(77,033,103) -

(1,280,859) -

(50,127,044) -

(51,407,903) -

26,342,320 37,780,391

24,273,445 36,610,704

2,068,875 1,169,68726,342,320 37,780,391

------------ Rupees ------------

September 30,

2012

September 30,

2011

Undistributed income comprising :

Undistributed income carried forward

Undistributed income brought forward:

l

l

l

l

l

l

l

l


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Sovereign Cash Fund



CONDENSED INTERIM STATEMENT OF MOVEMENT IN UNIT HOLDERS' FUND (UNAUDITED)FOR THE QUARTER ENDED SEPTEMBER 30, 2012




September

30, 2012

September

30, 2011

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

Net assets at the beginning of the quarter 9,940,581,779 6,389,900,643

Issue of 9,900,568 (2011: 30,753,342) uni ts

Redemption of 57,174,665 (2011: 39,037,540) units

997,666,256 3,125,584,093

(5,757,999,867) (3,964,697,708)

(4,760,333,611) (839,113,615)

Issuance of 2,430,002 bonus Units (2011: 1,558,832) units 243,859,449 156,667,976

(4,516,474,162) (682,445,639)

Element of (income) / loss and capital (gain) / loss included in prices of

units issued less those in units redeemed - net 32,066,813 9,909,631

Net Realized Gain on sale of Investments

Net Unrealized Gain on revaluation of investments classified as "at fair value

through profit or loss' - note 6.1

Other Comprehensive income

Other Net income for the period

Total comprehensive income for the period

20,492,296 2,409,806

2,068,875 1,169,687

- -

156,883,864 203,379,963

179,445,035 206,959,456

Final Distribution of Rs 0.8827 per unit on July 6, 2012

For the period ended June 30, 2012 (2011 : 0.3522 per unit on July 6, 2011)

Cash Distribution

Bonus Units

(14,020,722) (4,910,160)

(72,753,933) (17,440,843)

(86,774,655) (22,351,003)

First Interim Distribution of Rs 0.5804 per unit on July 25, 2012

For the quarter ended September 30, 2012 (2011: 2.7726 per unit on Sep 26, 2011)

Cash Distribution

Bonus Units

(2,277,109) (51,390,965)

(45,597,786) (139,227,133)

(47,874,895) (190,618,098)

Second Interim Distribution of Rs 1.0995 per unit on August 27, 2012


Cash Distribution

Bonus Units

(1,652,417) -

(75,380,686) -

(77,033,103) -

Third Interim Distribution of Rs 0.8532 per unit on September 25, 2012


Cash Distribution

Bonus Units

(1,280,859) -

(50,127,044) -(51,407,903) -


Net assets at the end of the period 5,372,528,909 5,711,354,990

l

l

l

l

l

l

l

l


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Sovereign Cash Fund



CONDENSED INTERIM CASH FLOW STATEMENT (UN-AUDITED)

FOR THE QUARTER ENDED SEPTEMBER 30, 2012




CASH FLOWS FROM OPERATING ACTIVITIES

Net income for the period

Adjustments for:

Net Unrealized gain on revaluation of investments classified as 'at fair value

through profit or loss'

Amortisation of formation cost

Element of (income) / loss and capital (gain) / loss included

in prices of units issued less those in units redeemed-net

Decrease / (Increase) assets:Investments - net

Receivable Against Sale of Securities

Prepayments and Other Receivable

(Decrease) / Increase in liabilities:

Payable to the Management Company

Remuneration payable to the Trustee

Annual fee payable to the Securities and Exchange Commission of Pakistan

Accrued and other liabilities

Net cash inflow from operating activities

CASH FLOWS FROM FINANCING ACTIVITIES

Proceeds from issuance of units

Payments against redemption of units

Dividend paid

Net cash outflow from financing activities

Net increase in cash and cash equivalents during the quarter

Cash and cash equivalent at the beginning of the quarter

Cash and cash equivalent at the end of the quarter


179,445,035 206,959,456

(2,068,875) (1,169,687)

101,703 101,703

32,066,813 9,909,631

30,099,641 8,841,647

209,544,676 215,801,103

4,497,500,504 735,181,647

(1,500,000) (47,166,147)

(1,179,516) (11,285,084)

4,494,820,988 676,730,416

(3,967,498) 1,311,196

(240,464) 27,500

(7,149,656) (1,061,197)

4,147,857 974,833

(7,209,762) 1,252,332

4,697,155,902 893,783,851

997,666,256 3,125,584,093

(5,361,108,579) (3,971,156,846)

(17,952,872) (46,046,933)

(4,381,395,195) (891,619,686)

315,760,707 2,164,165

176,432,663 95,672,470

492,193,370 97,836,635

September 30, September 30,

2011

------------ Rupees ------------

2012


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Sovereign Cash Fund

QUARTERLY REPORT SEPTEMBER 2012

52,231,524 151,521,031

197,753 340,551

Bank balances

Profit receivable on bank deposits

15

Un-audited Un-Audi ted

September 30, September 30,

2012 2011

------------ Rupees ------------




Askari Investment Management Limited Employees Provident Fund(Group Company)

- 9,294,954- 256,368

Issue of Nil units (2011: 92,335 units)Issue of Nil bonus units (2011: 2547 Units)

Un-audited Audited

September 30, June 30,

2012 2012

------------ Rupees ------------

Balance as at Period end :

5,268,899 8,689,155

843,024 1,390,265

95,066 92,501

Askari Investment Management Limited (Management Company)

Remuneration payable

Sindh sales tax payable on remuneration

Outstanding 946 units (June 30, 2012: 915 units)

498,917 739,381

Central Depository Company of Pakistan Limited (Trustee)


Askari Bank Limited (Holding company of the Management Company)

37,606,516 36,580,018

Askari General Insurance Company Limited (Group Company)

Outstanding units 374,221 (June 30, 2012: 361,753) units

31,853,906 30,984,439

Askari Bank Limited Employees Provident Fund

Outstanding units 316,977 (June 30, 2012: 306,416) units

11 GENERAL

Figures have been rounded off to the nearest rupee.

12 DATE OF AUTHORISATION FOR ISSUE

These condensed interim financial statements were authorised for issue by the Board of the Directors of theManagement Company on October 23, 2012.

Askari Bank Limited Employees Provident Fund

1,059,885 -Issue of Bonus units 10,561 (2011: Nil units)

160,000 -

753,809 -

9,649 -

Key Management Personnel

Issue of 1,592 units (2011: Nil units)

Redemption of 7,498 units(2011:Nil units)

Issue of Bonus units 96 (2011: Nil units)

86,323


Outstanding units 859 (June 30, 2012: 7,238) units 731,862


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Directors Report 16

High Yield Scheme

Category: Aggressive Income Scheme


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QUARTERLY REPORT SEPTEMBER 2012

High Yield Scheme

19

Acknowledgements


Exchange Commission of Pakistan, the State Bank of Pakistan, the Trustee of the Fund and the Lahore Stock Exchange








23/112


High Yield Scheme

Category: Aggressive Income Scheme



24/112

High Yield Scheme

ASKARI HIGH YIELD SCHEMECONDENSED INTERIM STATEMENT OF ASSETS AND LIABILITIES

AS AT SEPTEMBER 30, 2012




ASSETS

Bank balances

Term deposit and money market placements

Investments

Accrued profit and other receivables

Security deposits

Assets acquired in set tlement of investments

Net investment in finance lease

Properties - held for sale

Total assets

LIABILITIES


Payable to the Trustee

Payable to Securities and Exchange Commission of Pakistan

Payable against redemption of units

Accrued and other liab ilities

Total liabilities

NET ASSETS

UNIT HOLDERS' FUND (as per statement attached)

CONTINGENCIES AND COMMITMENTS

NUMBER OF UNITS IN ISSUE

NET ASSET VALUE PER UNIT

The annexed notes 1 to 13 form an integral part of these condensed interim financial statements.

Unaudited Audited

NoteSeptember 30,

2012

June 30,

2012

4 31,535,879 117,466,593

5 23,899,999 42,639,079

6 976,455,465 904,459,981

31,285,705 36,750,495

3,600,000 3,600,000

7 62,962,307 68,717,739

7 73,443,673 73,593,673

1,203,183,028 1,247,227,560

1,717,377 1,769,234

153,757 156,004

273,640 1,276,801

259,779 10,973

11,592,647 12,171,405

13,997,200 15,384,417

1,189,185,828 1,231,843,143

1,189,185,828 1,231,843,143

9

---------------------Rupees-------------------

12,287,975 12,511,355

96.7764 98.4580

----------------Number of units-----------

---------------------Rupees-------------------



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High Yield Scheme

ASKARI HIGH YIELD SCHEMECONDENSED INTERIM INCOME STATEMENT (UNAUDITED)





INCOME

Note 2012 2011

(Rupees)

Quarter ended

September 30

Return on bank balances and placements

Income on government securities

Income from reverse repurchase transaction

Mark-up on term finance and sukuk certificates

Net realised gain on sale of investments

Mark-up on finance lease

Rental income

Other income

4 2,058,063 7,261,948

11,451,932 16,833,844

149,148 1,541,917

30,251,283 (2,299,040)

5,144,630 4,214,349

2,179,485 3,382,863

688,282

998,104 955,126

52,920,927 31,891,007

Net unrealised appreciation in value of investments

classified as 'at fair value through profit or loss' - net 4,816,544 11,866,285

(Provision) / reversal of provision against non-performingplacements - net

(Provision) / reversal of provision against assets acquired in

settlement of investments - net

Provision against non-performing investments

(18,739,080) 18,966,666

(150,000) 39,200,302

(32,721,568) (78,764,755)

(51,610,648) (20,597,787)

Total income 6,126,823 23,159,505


Sindh sales tax on remuneration of the Management

Company


Annual fee of Securities and Exchange Commission

of Pakistan

Security transaction costs

Listing fee

Rating fee

Custodian fee

Bank and settlement charges

Legal and professional charges

Auditors remuneration

Printing and stationery

Property Expenses

Total expenses

5,405,726 7,037,864

10 864,821 1,125,044

520,662 612,463

273,639 351,893

175,843 239,989

10,081 10,082

25,205 -

1,500 5,000

129,430 72,977

12,603 8,820

201,644 199,627

42,597 42,450

217,403 163,332

7,881,154 9,869,541

EXPENSES

Net (loss) / income from operating activities (1,754,331) 13,289,964

Element of (loss) / income and capital (losses) / gains included

in prices of units issued less those in units redeemed - net (6,714,244) (2,408,317)

Net (loss) / income for the period (8,468,575) 10,881,647

Earnings per unit

The annexed notes 1 to 13 form an integral part ofthese condensed interim financial statements.

3.2

-



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High Yield Scheme

ASKARI HIGH YIELD SCHEMECONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)





Net (loss) / income for the period


Total comprehensive (loss) / income for the period


2012 2011

(8,468,575) 10,881,647

- -

(8,468,575) 10,881,647

Quarter ended

September 30

(Rupees)



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High Yield Scheme

ASKARI HIGH YIELD SCHEMECONDENSED INTERIM DISTRIBUTION STATEMENT (UNAUDITED)





Accumulated (loss) / undistributed income brought forward:

- Realised (loss) / income

- Unrealised income / (loss)


Final distribution of Rs 0.9492 unit on July 6, 2012 for the year

ended June 30, 2012: (2011: Rs 1.8786 per unit)

- Cash dividend

- Bonus

Accumulated (loss) carried forward:

Accumulated (loss) carried forward:

- Realised (loss)

- Unrealised income


2012 2011

(28,298,890) 5,477,502

9,034,897 (4,991,582)

(19,263,993) 485,920

(8,468,575) 10,881,647

(11,070,446) (19,084,554)

(805,332) (13,434,567)

(11,875,778) (32,519,121)

(39,608,346) (21,151,554)

(44,424,890) (33,017,839)

4,816,544 11,866,285

(39,608,346) (21,151,554)

September 30

Quarter ended

(Rupees)



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High Yield Scheme

ASKARI HIGH YIELD SCHEMECONDENSED INTERIM STATEMENT OF MOVEMENT IN UNIT HOLDERS' FUND (UNAUDITED)





Net assets at the beginning of the period

Issue of 4,268,489 units (2011: 4,257,801 units)

Redemption of 4,500,129 units (2011: 2,965,945 units)

Element of loss / (income) and capital losses / (gains) included




Total comprehensive (loss) / income for the period

Final distribution of Rs 0.9492 unit on July 6, 2012 for the year

ended June 30, 2012: (2011: Rs 1.8786 per unit)

- Cash dividend

- Bonus

Net assets at the end of the period


Issue of 8,259 bonus units (2011: 136,879 bonus units)

2012 2011

1,231,843,143 1,731,515,674

412,219,449 423,740,544

(442,051,987) (296,710,013)

(29,832,538) 127,030,531

805,332 13,434,567

(29,027,206) 140,465,098

6,714,244 2,408,317

(8,468,575) 10,881,647

- -

(8,468,575) 10,881,647

(11,070,446) (19,084,554)

(805,332) (13,434,567)

(11,875,778) (32,519,121)

1,189,185,828 1,852,751,615

Quarter ended

September 30

(Rupees)



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High Yield Scheme

ASKARI HIGH YIELD SCHEMECONDENSED INTERIM CASH FLOW STATEMENT (UN-AUDITED)





CASH FLOW FROM OPERATING ACTIVITIES

2012 2011

(Rupees)

Quarter ended

September 30

Decrease / (increase) in assets

Term deposit and money market placements

Investments - net

Assets acquired in settlement of investments

Accrued profit and other receivables

(Decrease) / increase in liabilities

Remuneration payable to the Management Company

Remuneration payable to the Trustee

Payable to Securities and Exchange Commission of PakistanPayable against purchase of investment



Net cash outflow from operating activities

CASH FLOW FROM FINANCING ACTIVITIES


- (223,214,753)

(94,755,878) 70,960,030

5,755,432 3,261,723

5,464,790 7,339,570

(83,535,656) (141,653,430)

(51,857) 878,984

(2,247) 28,420

(1,003,161) (651,026)- 17,991,171

248,806 55,894

(578,758) 203,392

(1,387,217) 18,506,835

(45,027,730) (105,339,478)

412,219,449 423,740,544

(442,051,987) (296,710,013)

(11,070,446) (19,084,554)

(40,902,984) 107,945,977

(85,930,714) 2,606,499117,466,593 76,576,482

31,535,879 79,182,981

Receipts in respect of issuance of units

Payments against redemption of units

Dividend paid

Net cash (outflow) / inflow from financing activities

Net (decrease) / increase in cash and cash equivalentsCash and cash equivalents at the beginning of the period

Cash and cash equivalents at the end of the period

Net (loss) / income for the period (8,468,575) 10,881,647

Adjustments:

Capital gain on sale of investments

Net unrealised appreciation in value of investments

classified as 'at fair value through profit or loss' - net

Provision / (reversal) of provision against non-performing

placements - net

Provision against non-performing investments

Provision / (reversal) of provision against assets acquired

in settlementElement of loss / (income) and capital losses / (gains) included


(5,144,630) (4,214,349)

(4,816,544) (11,866,285)

18,739,080 (18,966,666)

32,721,568 78,764,755

150,000 (39,200,302)

6,714,244 2,408,317

48,363,718 6,925,470

Note:

4


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High Yield Scheme

4.1 These carry profit rates ranging from 5.00% to 12.00% (June 30, 2012: 6.00% to 12.25%) per annum.

TERM DEPOSIT AND MONEY MARKET PLACEMENTS5.

5.1.1 The facilities have been classified as non-performing in accordance with the Fund's provisioning policy. Accordingly,

the carrying value stated above has been arrived at after taking into account provision as under:

Note

(Un-audited) (Audited)


2012 2012

5.1 23,899,999 42,639,079

23,899,999 42,639,079

Placements with banks and financial institutions

3.1 Net Asset Value per unit

The net asset value (NAV) per unit, as disclosed on the condensed interim statement of assets and liabilities, is

calculated by dividing the net assets of the Fund by the number of units in issue at the period end.

3.2 Earning / ( loss) per unit

Earnings / (loss) per unit has not been disclosed as in the opinion of the management, determination of cumulativeweighted average number of outstanding units for calculating earnings per unit is not practicable.

(Unaudited) (Audited)

Note September

30, 2012

June 30,

2012

4.1 31,535,879 117,466,593

------------ Rupees ------------BANKS BALANCES4.

Savings accounts

6.

6.1 228,954,215 103,411,460

6.2 395,975,696 382,520,590

6.2 190,557,110 184,273,099

6.3 160,968,444 234,254,832

351,525,852 418,527,931

976,455,465 904,459,981

INVESTMENTS

At fair value through profit or loss (held-for-trading)

Government securities

Listed

Term finance certificates

Unlisted

Term finance certificates

Sukuk certificates

105,211,799 86,472,719

15,000,000 15,000,000

120,211,799 101,472,719

------------ Rupees ------------

Trust Investment Bank Limited

Saudi Pak Leasing Company Limited

Total Provision

(Un-audited) (Audited)


2012 2012

5.1.1 129,111,798 129,111,798

5.1.1 15,000,000 15,000,000

(120,211,799) (101,472,719)

23,899,999 42,639,079

------------ Rupees ------------

Placements with banks and financial institutions:

Trust Investment Bank Limited

Saudi Pak Leasing Company Limited:

Less: Provisions

5.1


32/112


33/112


34/112


35/112



36/112

High Yield Scheme

11.2 Amounts outstanding at the period end / year end:

(Unaudited) (Audited)


2012 2012

------------ Rupees ------------

President Askari Bank Limited Fund

Outstanding units: 84,830 units (June 30, 2012: 84,012 units) 8,209,542 8,271,653

Askari Bank Employees' Provident Fund

Outstanding units: 310,134 units (June 30, 2012: 307,145 units) 30,013,652 30,240,882

Askari General Insurance Company Limited (Group Company)Outstanding units: 52,391 units (June 30,2012: 51,885 units) 5,070,212 5,108,493

Central Depository Company of Pakistan Limited (Trustee)

Trustee remuneration payable

Security deposit

153,757 156,004

100,000 100,000

Management remuneration payable

Sindh sales tax payable

Other payable

Sales load payable

Outstanding units: 86,364 units (June 30, 2012: 161,004 units)

1,480,497 1,525,120

236,880 244,114

1,259,274 1,259,274

56,016 55,891

8,357,997 15,852,132

Askari Investment Management Limited (Management Company)


Balance with bank

Accrued profit receivable

Outstanding units:11,642,356 units (June 30, 2012: 11,642,356 units)Investment - term finance certificates

Profit receivable on term finance certificates

2,592,233 16,506,393

53,982 6,957

1,126,705,301 1,146,283,087- 52,484,063

- 842,043

12 GENERAL

12.1 Figures have been rounded off to the nearest rupee unless otherwise stated.

12.2 Corresponding figures have been rearranged and reclassified, where necessary, for the purpose of comparison.

No significant reclassification was done during the period.


This condensed interim financial information was authorised for issue by the Board of the Directors of the Management

Company on October 23, 2012.




Directors Report 34


37/112

Sovereign Yield Enhancer

Category: Income Scheme


38/112



39/112


ASYE Performance Review

ASYE generated a return of 15.54% for the quarter ending September 2012 outperforming its benchmark by 559 bas is

points.

Strong performance of the fund led to an increase in the fund size by a huge 97% closing at PKR 1.59billion against PKR

809million at the start of the quarter. The fund maintained an average allocation against Treasury Bills at 61% of the total

assets while 17% allocation was maintained against GoP Ijara Sukuk and 3% of the total assets were invested in PIBs on

quarterly average basis. Allocation in banking sector Term Finance Certificates (TFCs) was on an average 15% of the totalassets for the purpose of yield enhancement. Capital gains were realized during the quarter as a result of trading in different

banking sector TFCs as reflected in the fund's return for the quarter. The exposure in this asset class mainly consists of

fixed coupon TFCs which are expected to perform relatively better in declining interest rate scenario. The market witnessed

a cut in the policy rate during the quarter by 150bps as 3month & 6month PKRV rates closed at 10.14% & 10.01 end

September compared to 11.92% & 11.95 respectively at June end. The fund manager captured the maximum advantage

of this decreasing interest rate scenario by trading in instruments like GoP Ijara Sukuks, PIBs, T-Bills and Banking Sector

TFCs reflected through the increase in the NAV of the fund.

ASYE has the flexibility to shift 30% of its asset to AA (and above) rated banks when they offer better rates and may stay

liquid with AAA quality T-Bills to enjoy safety and highest liquidity profile.




40/112




of the Fund:

Date of distribution Distribution Rs per unitDistribution

percentage for the

month- Annualized

July 25, 2012 0.8077 11.79%

August 27, 2012 1.1063 13.00%

September 25, 2012 0.9370 11.00%


Acknowledgements










41/112


Category: Income Scheme


ASKARI SOVEREIGN YIELD ENHANCER


42/112






ASSETS

Bank balances

Investments


Preliminary expenses and floatation costs

Security deposits

Total assets

LIABILITIES


Payable to the trustee

Payable to Securities and Exchange Commission of PakistanPayable against purchase of investments


Total liabilities

NET ASSETS

UNIT HOLDERS' FUND (as per statement attached)



NET ASSET VALUE PER UNIT

The annexed notes 1 to 11 form an integral part of these condensed Interim financial statements.

Unaudited Audited

Note September 30, 2012 June 30, 2012

4 43,101,444 29,148,674

5 1,544,202,485 780,296,260

12,909,715 4,792,074

919,534 969,945

100,000 100,000

1,601,233,178 815,306,953

2,855,399 1,823,486

149,684 92,774

181,574 65,516- -

3,109,127 1,270,846

6,295,784 3,252,622

1,594,937,394 812,054,331

1,594,937,394 812,054,331

7

15,822,267 8,043,093

100.8033 100.9629

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

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



CONDENSED INTERIM INCOME STATEMENT (UNAUDITED)


43/112






IncomeProfit on balances with banks

Markup on government securities

Markup on term finance certificates and sukuks


Other income

Net unrealised appreciation in the value of investments classified

as 'at fair value through profit or loss'

Expenses


Sindh sales tax on remuneration of the Management CompanyRemuneration of the Trustee

Annual fee of Securities and Exchange Commission of Pakistan



Securities transaction costs

Settlement and bank charges

Fee and subscription

Printing and stationery expenses

Amortisation of preliminary expenses and floatation costs

Total expenses

Net income from operating activities

Element of income and capital gains included in prices

of units issued less those in units redeemed - net

Provision for the Workers' Welfare Fund

Net income for the period before taxation

Taxation

Net income for the period after taxation

Earning per unit


Note September 30, 2012

---(Rupees)---

1,745,990

17,719,026

7,632,145

10,795,908

22,800

37,915,869

3,983,573

41,899,442

2,663,122

426,099336,210

181,575

71,836

12,603

792,195

189,489

52,932

12,603

50,411

4,789,075

37,110,367

5,633,282

(854,875)

41,888,774

8 -

41,888,774

3.2



CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)


44/112



For Askari Investment Management Limited(Management Company)




Total comprehensive income for the period


September 30, 2012

---(Rupees)---

41,888,774

-

41,888,774



CONDENSED INTERIM DISTRIBUTION STATEMENT (UNAUDITED)


45/112






Undistributed income brought forward:

Realised income

Unrealised loss


Final distribution of Re 0.9437 per unit on July 06, 2012

for the period ended June 30, 2012:

- Cash distribution

- Bonus units

First interim distribution of Re 0.8077 per unit on July 25, 2012for the period ending June 30, 2013:

- Cash distribution

- Bonus units

Second interim distribution of Re 1.1063 per unit on August 25, 2012

for the period ending June 30, 2013:

- Cash distribution

- Bonus units

Third interim distribution of Re 0.937 per unit on September 25, 2012


- Cash distribution- Bonus units


Undistributed income carried forward:

Realised income

Unrealised gain


September 30, 2012

---(Rupees)---

7,916,685

(171,677)

7,745,008

41,888,774

(943,700)

(6,646,567)

(7,590,267)

(807,700)

(4,351,746)

(5,159,446)

(1,106,300)

(8,489,579)

(9,595,879)

(937,000)(13,640,328)

(14,577,328)

12,710,862

8,727,289

3,983,573

12,710,862



CONDENSED INTERIM STATEMENT OF MOVEMENT IN UNIT HOLDERS' FUND (UNAUDITED)


46/112


( )FOR THE QUARTER ENDED SEPTEMBER 30, 2012




Net assets at the beginning of the period

September 30, 2012

---(Rupees)---

812,054,331



- transferred to income statement (5,633,282)

Redemption of 4,845,447 units

Issue of 330,120 bonus units

Issue of 12,294,501 units 1,237,637,780

(487,215,510)

33,128,221

783,550,491

41,888,774


Net unrealised income on revaluation of investments

classified as 'at fair value through profit or loss'

Other income for the period


1,745,990

3,983,573

36,159,211

-

Final distribution of Re 0.9437 per unit on July 06, 2012

for the period ended June 30, 2012:

- Cash distribution

- Bonus units

(943,700)

(6,646,567)

(7,590,267)

First interim distribution of Re 0.8077 per unit on July 25, 2012


- Cash distribution

- Bonus units

(807,700)

(4,351,746)

(5,159,446)

Second interim distribution of Re 1.1063 per unit on August 25, 2012


- Cash distribution

- Bonus units

(1,106,300)

(8,489,579)

(9,595,879)

Third interim distribution of Re 0.937 per unit on September 25, 2012


- Cash distribution

- Bonus units

(937,000)

(13,640,328)

(14,577,328)

Net assets at the end of the period


1,594,937,394





47/112








Adjustments for:

Net unrealised appreciation in the value of investments classified


Amortisation of prelim inary expenses and f loatation costs



Increase in assetsInvestments - net


Increase in liabilities


Payable to the trustee

Payable to Securities and Exchange Commission of Pakistan

Payable against purchase of investments

Accrued and other l iabilities

Net cash used in operating activities

CASH FLOWS FROM FINANCING ACTIVITIESProceeds from issue of units

Payments on redemption of units

Cash distribution

Net cash generated from financing activities

Net decrease in cash and cash equivalents during the period

Cash and cash equivalents at the beginning of the period



September 30, 2012

Note - -- (Rupees) -- -

41,888,774

(3,983,573)

50,411

(5,633,282)

(9,566,444)

32,322,330

(759,922,652)

(8,117,640)

(768,040,292)

1,031,913

56,910

116,058

-

1,838,281

3,043,162

(732,674,800)

1,237,637,780

(487,215,510)

(3,794,700)

746,627,570

13,952,770

29,148,674

4 43,101,444


48/112


49/112


50/112


51/112


Unaudited

September 30,

2012


52/112


---(Rupees)---


Profit on balances with bank

Cash Dividend

Bank charges

Investment in Term Finance Certificate (TFC)Askari Bank Limited (23-12-11) 25 certificates

Disposal of Investment in Term Finance

Askari Bank Limited (23-12-11) 21 Certificates

10,000 Certificates Askari Bank Limited (18-11-09)

397,361

3,794,700

25,210

25,482,403

21,405,218

52,822,125

Central Depository Company Limited - Trustee


CDS charges

336,210

1,506


Issue of 4,424 units

Redemption of 1,463 units

Issue of 398 bonus units

445,248

147,274

39,973

Markup income on Term Finance Certificates 1,314,609

9.2 Amounts outstanding as at period end: Unaudited Audited

September 30,

2012 2012---(Rupees)---

June 30,

100,803,300 100,962,900

937,000 570,000

26,617,124 9,854,335

164,902 17,789

- 52,822,125

4,077,184 -

149,489 867,175

Units held in the fund 1,000,000 units

Dividend payable

Balance with bank

Profit receivable

Askari Bank Limited TFC (18-11-09) Nil certificates

Askari Bank Limited TFC (23-12-11) 4 certificates

Markup receivable on TFC


1,291,278 680,360

206,605 108,858

1,000,000 1,000,000

357,516 34,268

39,469,633 34,360,401

Askari Investment Management Limited - the Management Company


Sindh sales tax payable on management company remuneration

Preliminary expenses and floatation costs

Sales load

Units held in the fund 391,551 units (June 2012: 340,327 units)

Central Depository Company Limited - Trustee

149,684 92,774

100,000 100,000

Trustee fee payable

Security deposits


1,281,412 134,123Outstanding 12,712 units (June 30, 2012: 1,328 units)


These financial statements were authorised for issue on October 23, 2012 by the Board of Directors of theManagement Company.

11 GENERAL





Directors Report 50


53/112

Islamic Income Fund

Category: Islamic Income Scheme


54/112


AIIF Performance Review

AIIF generated a retu rn of 12.79% for the quarter ended September 2012 maintaining top quartile position amongst its

peers & outperforming its benchmark by 535bps. Continuous outperformance led to an increase of 22% in the Fund size


55/112

Islamic Income Fund

closing at PKR 769million. During this quarter, the fund had an average allocation of 45% in GoP Ijara Sukuk. In this

segment, the fund availed trading opportunities by actively managing this Sukuk portfolio leading to higher capital gains

and enhanced returns. In addition, 11.13% of the net assets were invested in short term corporate Sukuk of Hub Power

Corporation Limited & Engro Fertilizer Limited resulting in enhanced recurring returns along with providing stability to the

overall Fund portfolio as both the instruments are amortized over a period of 6 months. Short term deposits (with AA &

above rated Islamic Bank / Islamic Wings) were on average 44% of Fund size during the Quarter.

The portfolio mix of the fund is positioned to maintain the deliverance of stable returns going forward.



of the Fund:

Date of distribution Distribution Rs per unitDistribution

percentage for the

month- Annualized

July 25, 2012 0.6607 9.63%

August 27 , 2012 0.9366 11.00%

September 25, 2012 0.8960 10.50%


Acknowledgements










56/112

Islamic Income Fund

Category: Islamic Income Scheme


ASKARI ISLAMIC INCOME FUNDCONDENSED INTERIM STATEMENT OF ASSETS AND LIABILITIES

AS AT SEPTEMBER 30, 2012


57/112

Islamic Income Fund




Assets

Bank balances

Investments

Deposits, prepayments and other receivables

Unamortised formation costs

Total assets

Liabilities

Payable to Askari Investment Management

Limited- Management Company

Payable to MCB Financial Services Limited - Trustee


Payable against redemption of unitsAccrued expenses and other liabilities

Total liabilities

NET ASSETS

Unit holders fund (as per statement attached)





Un Audited Audited

NoteSeptember

30, 2012

June 30,

2012

3 201,405,523 192,080,320

4 561,195,850 431,824,000

14,949,203 13,259,344

866,743 976,272

778,417,318 638,139,936

684,576 680,351

113,899 99,759

129,998 447,721

124,752 3,536,8598,182,843 3,706,457

9,236,067 8,471,147

769,181,250 629,668,789

769,181,250 629,668,789

5

7,637,140 6,227,440

100.7159 101.1120

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

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

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


ASKARI ISLAMIC INCOME FUNDCONDENSED INTERIM INCOME STATEMENT (UNAUDITED)



58/112

Islamic Income Fund



IncomeProfit on balances and placements with banks

Profit on sukuk certificates


Net unrealised gain on revaluation of investments classified


Total income

Expenses


Sind tax on services


Annual fee to the Securities and Exchange Commission of Pakistan

Amortisation of the deferred formation cost

Auditor's remunerationSecurities Transaction Cost


Fee & Subscription

Bank and settlement charges

Printing charges

Total expenses


Element of income / (loss) and capital gains / (losses) included


Provision for contribution to the Workers' Welfare Fund


Taxation


Earnings per unit


Note

8,651,109 7,480,872

11,175,564 7,269,033

1,915,808 1,323,793

2,784,042 177,252

24,526,523 16,250,950

1,906,635 944,609

305,062 150,998

323,009 221,188

129,998 88,536

109,530 109,530

106,830 92,882142,000 73,325

12,568 8,822

79,137 79,138

9,184 1,526

29,529 29,529

3,153,482 1,800,082

21,373,040 14,450,868

800,907 677,473

5.1 443,320 -

21,730,628 15,128,341

- -

21,730,628 15,128,341

7

September 30,2012

September 30,2011

------------------Rupees------------------


ASKARI ISLAMIC INCOME FUNDCONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)



59/112

Islamic Income Fund





Other comprehensive income for the period

Net Comprehensive Income for the period


September 30,2012

September 30,2011

21,730,628 15,128,341

- -

21,730,628 15,128,341

-----------------Rupees-----------------


ASKARI ISLAMIC INCOME FUNDCONDENSED INTERIM DISTRIBUTION STATEMENT (UNAUDITED)



60/112

Islamic Income Fund




Undistributed income brought forwardRealised income

Unrealised (loss) / income

Net Income for the period

Final distribution of Rs 0.9488 per unit on July 6, 2012

(2011: Distribution of Rs. 2.4107 per units)

- Cash dividend

- Bonus units

First interim distribution of Rs 0.6607 per unit on July 25, 2012- Cash dividend

- Bonus units

Second interim distribution of Rs 0.9366 per unit on August 27, 2012

- Cash dividend

- Bonus units

Third interim distribution of Rs 0.8960 per unit on September 25, 2012

- Cash dividend

- Bonus units


Undistributed income comprising:

Realised income

Unrealised income


September 30,2012

September 30,2011

7,159,806 11,481,613

(235,319) 50,205

6,924,487 11,531,818

21,730,628 15,128,341

(3,524,659) (5,729,007)

(2,383,937) (4,907,481)

(5 ,908,595) (10,636 ,488)

(2,454,279) -

(1,626,035) -

(4,080,315) -

(3,712,574) -

(2,694,977) -

(6,407,551) -

(3,551,640) -

(3,240,633) -

(6,792,273) -

5,466,381 16,023,671

2,682,339 15,846,419

2,784,042 177,252

5,466,381 16,023,671

-----------------Rupees------------------


ASKARI ISLAMIC INCOME FUNDCONDENSED INTERIM STATEMENT OF MOVEMENT IN UNIT HOLDERS' FUND (UNAUDITED)


S t b 30 S t b 30


61/112

Islamic Income Fund




Net assets at beginning of the period

Issued 2,092,637 (2011: 1,019,830) units

Redemption of 781,993 (2011: 688,672) units

Issue of 99,055 bonus (2011: 48,975) units

Element of (income) / loss and capital (gains) / losses included in prices


- transferred to income statement


Net unrealised gain on revaluation of investments


Other net income for the period



Final distribution of Rs 0.9488 per unit on July 6, 2012

(2011: Distribution of Rs. 2.4107 per unit)

- Cash dividend

- Bonus units

First interim distribution of Rs 0.6607 per unit on July 25, 2012

- Cash dividend

- Bonus units

Second interim distribution of Rs 0.9366 per unit on August 27, 2012

- Cash dividend

- Bonus units

Third interim distribution of Rs 0.8960 per unit on September 25, 2012

- Cash dividend

- Bonus units

Net assets as at the end of the period


September 30,

2012

September 30,

2011

629,668,789 452,751,707

210,534,458 103,765,095

(78,708,566) (69,982,127)

131,825,892 33,782,968

9,945,582 4,907,481

771,440,263 491,442,156

(800,907) (677,473)

1,915,808 1,323,793

2,784,042 177,252

17,030,778 13,627,296

- -

21,730,628 15,128,341

(3,524,659) (5,729,007)

(2,383,937) (4,907,481)

(5,908,595) (10,636,488)

(2,454,279) -

(1,626,035) -

(4,080,315) -

(3,712,574) -

(2,694,977) -

(6,407,551) -

(3,551,640) -

(3,240,633) -

(6,792,273) -

769,181,250 495,256,536

---------------------Rupees---------------------


ASKARI ISLAMIC INCOME FUNDCONDENSED INTERIM CASH FLOW STATEMENT (UN-AUDITED)


September 30 September 30


62/112

Islamic Income Fund






Adjustments for:

Net unrealised gain on investments classified as financial assets

'at fair value through profit or loss'

Amortisation of formation costs

Element of (income) / loss and capital (gains) / losses included in prices


(Increase) / decrease in assets:

Investments - net

Deposits, prepayments and other receivables

Increase / (decrease) in liabilities

Payable to Askari Investment Management Limited

- Management Company

Payable to MCB Financial Services Limited - Trustee



Accrued expenses and other liabilities

Net cash outflow from operating activities


Proceeds from issuance of unitsPayment against redemption of units

Dividend paid

Net cash inflow / outflow from financing activities

Net increase / decrease in cash and cash equivalents during the period

Cash and cash equivalents at the beginning of the period


The annexed notes 1 to 11 form an integral part of these financial statements.

21,730,628 15,128,341

(2,784,042) (177,252)

109,529 109,530

(800,907) (677,473)

(3,475,420) (745,195)

(126,587,807) (180,587,543)

(1,689,859) (4,441,725)

(128,277,665) (185,029,268)

4,225 (26,809)

14,140 8,660

(317,723) (83,616)

(3,412,107) -

4,476,386 56,435,310

764,920 56,333,545

(109,257,537) (114,312,578)

210,534 ,458 103,775,429(78,708,566) (70,868,154)

(13,243,152) (5,729,007)

118,582,740 27,178,268

9,325,203 (87,134,310)

192,080 ,320 287,151,018

8 201,405,523 200,016,708

-----------------Rupees------------------

September 30,2012

September 30,2011


63/112


64/112


65/112


Balances with connected persons as at period end

Askari Investment Management Limited

Management fee payable

Sindh tax payable

9.6

Rupees

Septmber 30, 2012

Un-Audited

93,008

581,294684,576

109,534

June 30, 2012

Audited


66/112

Islamic Income Fund


AIM Employees Provident Fund

Sales load payable

Askari Bank Limited

Balances with Bank - Islamic BankingAccrued Profit receivables

Outstanding 1,598,805 units (June 2012: 1,598,805 units)

Units outstanding 5,055 units (June 2012: 4,885)

MCB Financial Services (Private) Limited

Trustee fee payable

Outstanding units 54,508 (June 2012: 52,927 units) 5,351,554

99,759

493,932

161,658,338

3,4051,139,995

6,049189,636

2,953,64112,480

161,025,057

509,119

113,899

5,489,821


Condense interim financial statements were authorised for issue on October 23, 2012 by the Board of Directors

of the Management Company.

11 GENERAL





Directors Report 64


67/112

Asset Allocation Fund

Category: Asset Allocation Scheme


68/112


69/112



70/112


AcknowledgementsWe thank our valued investors who have placed their confidence in us. The Board is also thankful to the Securities andExchange Commission of Pakistan, the State Bank of Pakistan, the Trustee of the Fund and the Islamabad Stock Exchangefor their continued cooperation and support. The Board of Directors also appreciates the efforts put in by the managementteam and for their commitment and hard work.




QUARTERLY REPORT SEPTEMBER 2012Financial Statements 68


71/112



Category: Asset Allocation Scheme


ASKARI ASSET ALLOCATION FUND


N t

Un-Audited

September

30 2012

Audited

June

30 2012


72/112





ASSETS

Bank balances

Investments

Dividend, prepayments and other receivables

Security deposits

Total assets

LIABILITIES


Limited- Management Company

Payable to Central Depository Company of Pakistan

Limited - TrusteeAnnual f ee payable to Securit ies and Ex change Commission

of Pakistan




Total liabilities

NET ASSETS

Unit holders' fund (as per statement attached)





Note

5 25,488,702 13,883,816

6 193,194,485 178,116,256

2,080,426 1,825,866

3,600,000 3,600,000

224,363,613 197,425,938

623,605 698,906

57,533 57,376

46,852 174,646

- 38,625

13,321,262 -

3,743,620 3,211,050

17,792,872 4,180,603

206,570,742 193,245,335

206,570,742 193,245,335

7

4,811,329 4,198,350

42.9342 46.0289

30, 2012 30, 2012

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

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

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




SeptemberSeptember


73/112





Income

Net realised gain / (loss) on sale of investments

Dividend income

Profit on bank deposits

Income from term finance certificates

Income from government securities

Income from Term Deposit Receipts

Other income

Net unrealised gain / (loss) on revaluation of investments classified


Expenses


Sindh sales tax on services


Annual fee - Securities and Ex change Commission of Pakistan

Amortisation o f formation costs

Securities transaction costs



Printing and stationery expenses

Settlement and bank charges

Rating fee

Listing feeCustodian fee




Net (loss) / income for the quarter before taxation

Taxation

Net (loss) / income for the quarter after taxation

Earnings per unit


Note

3,188,025 (480,979)

1,148,047 3,315,262

585,764 712,327

129,098 417,483

2,093,665 607,729

- 12,342

- 407

7,144,599 4,584,571

9,136,013 (2,013,481)

16,280,612 2,571,090

1,355,422 1,304,944

216,867 208,792

176,438 175,956

46,852 41,324

- 129,639

129,329 170,448

114,372 105,574

12,568 8,799

23,609 23,609

71,728 60,214

27,650 25,136

- 2,513- 3,799

2,174,835 2,260,747

14,105,776 310,343

(35,679,894) 889,948

(21,574,118) 1,200,291

- -

(21,574,118) 1,200,291

8

September

30, 2011

September

30, 2012

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




SeptemberSeptember


74/112




Net (loss) / income for the quarter after taxation


Total comprehensive (loss) / income for the quarter


(21,574,118) 1,200,291

- -

(21,574,118) 1,200,291

p

30, 2011

p

30, 2012

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




September 30,

2011

September 30,

2012


75/112





Accumulated loss brought forward

Realised loss

Unrealised loss

Net (loss) / income for the quarter

- Cash distribution

- Bonus units

Accumulated loss carried forward

Realised loss

Unrealised income / (loss)


Final distribution of Rs 6.2878 per unit on July 6, 2012 for the year ended June

30, 2012. (2011: Rs Nil per unit)

(226,024,921) (251,008,249)

(565,605) (3,369,871)

(226,590,526) (254,378,120)

(21,574,118) 1,200,291

(18,863,849) -

(7,534,536) -

(26,398,385) -

(274,563,029) (253,177,829)

(283,699,042) (251,164,348)

9,136,013 (2,013,481)

(274,563,029) (253,177,829)

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

Accumulated loss carried forward



CONDENSED INTERIM STATEMENT OF MOVEMENT IN UNIT HOLDERS' FUND (UNAUDITED)FOR THE QUARTER ENDED SEPTEMBER 30, 2012

September

30 2011

September

30 2012


76/112





Net assets at beginning of the quarter

Redemption of 1,329,282 units (2011: 23,461 units)

Issue of 189,590 bonus units (2011: Nil)

Element of (loss) / income and capital (losses) / gains included in prices of units

issued less those in units redeemed - net

- transferred to income statement

Net realised gain / (loss) on sale of investments

Net unrealised gain / (loss) on revaluation of investments


Other net (loss) / income for the quarter


- Cash distribution

- Bonus units

Net assets at the end of the quarter


Issue of 1,752,670 units (2011: 8,477 units)

Final distribution of Rs 6.2878 per unit on July 6, 2012 for the year ended June 30,

2012. (2011: Rs Nil per unit)

193,245,335 177,149,656

74,056,449 328,805

(55,972,970) (937,284)

18,083,479 (608,479)

7,534,536

218,863,350 176,541,177

35,679,894 (889,948)

3,188,025 (480,979)

9,136,013 (2,013,481)

(33,898,155) 3,694,751

- -

(21,574,117) 1,200,291

(18,863,849) -

(7,534,536) -(26,398,385)

206,570,742 176,851,520

30, 201130, 2012

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





September

30 2011

September

30 2012


77/112






Net (loss) / income for the quarter before taxation

Adjustments for:

Net unrealised (gain) / loss on revaluation of investments


Amortisation of formation costs



(Increase) / decrease in assets

Investments - net

Receivable against sale of investmentsDeposits, prepayments and other receivables

(Decrease) / increase in liabilities


Limited - Management Company

Payable to Central Depository Company of Pakistan Limited - Trustee

Annual fee payable to Securities and Exchange Commission of Pakistan




Net cash inflow from operating activities


Proceeds from issue of units

Payments on redemption of units

Distributions paid

Net cash outflow on financing activities

Net increase in cash and cash equivalents during the quarter

Cash and cash equivalents at the beginning of the quarter

Cash and cash equivalents at the end of the quarter


Note

(21,574,118) 1,200,291

(9,136,013) 2,013,481

- 129,639

35,679,894 (889,948)

26,543,881 1,253,172

4,969,763 2,453,463

(5,942,216) (13,378,495)

- 202,365(254,560) 4,756,101

(6,196,776) (8,420,029)

(75,301) 72,620

157 (158)

(127,794) (107,655)

(38,625) 9,711,370

13,321,262

532,570 264,053

13,612,269 9,940,230

12,385,256 3,973,664

74,056,449 328,805

(55,972,970) (1,241,598)

(18,863,849) -

(780,370) (912,793)

11,604,886 3,060,871

13,883,816 41,309,219

5 25,488,702 44,370,090

30, 201130, 2012

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


78/112


ofPakistan

Commission

1.0

6%

0.0

02%

3.8

1%

0.0

54%

4.9

5%

0.0

17%

9.8

2%

3.8

6%

0.0

81%

3.8

6%

7.3

2%

0.0

64%

6.5

2%

0.0

29%

13

.83%

10

.04%

0.1

21%

9.9

2%

0.0

08%

6.6

8%

0.0

35%

26

.64%

0.0

0%

0.0

00%

0.0

0%

0.0

00%

2.2

7%

0.0

10%

4.1

7%

0.0

06%

5.8

3%

0.0

22%

12

.27%

0.8

8%

0.0

17%

57

.31%

valueasa

ageoftotal

stments

Paidupvalueofshares

heldaspercentageofpaid

upcapitalofinvestee

company


79/112


6.

1.1

Allshareshaveanominalvalue

ofRs10each.

6.

1.2

Investmentsincludeshareswith

marketvalueofRs8,6

46,2

00(June30,

2012:Rs

8,5

88,3

00)whichhavebeen

pledgedwithNationalClearingCompan

yo

LimitedforguaranteeingsettlementoftheFund'stradesinaccordancew

ithCircularno11datedOctober23,

200

7issuedbytheSecuritiesandExchange

C

ofPakistan.

6.1

Heldfortrading-sharesoflist

edcompanies

Bank

UnitedBankLimitd

-

27

,687

-

-

27

,687

2,1

13

,202

2,0

42,470

(70

,732)

0.9

9%

BankAlfalahLimited

184

,000

289

,000

-

-

473

,000

8,2

95

,100

7,3

59,880

935

,220

3.5

6%

AlliedBankLimited

140

,012

17

,000

-

8,0

00

149

,012

9,7

04

,130

9,5

71,041

(133

,089)

4.6

3%

9.1

8%

Personalgoods

NishatMillsLimited

141

,767

-

-

10

,000

131

,767

6,2

69

,474

7,4

65,918

1,1

96

,444

3.6

1%

3.6

1%

ConstructionandMaterials

D.G

KhanCementLimited

94

,514

250

,440

-

63

,962

280

,992

13

,247

,845

14

,133,898

886

,053

6.8

4%

LuckyCementLimited

16

,871

90

,173

-

12

,463

94

,581

12

,662

,857

12

,592,514

(70

,343)

6.1

0%

12

.94%

OilandGas

PakOilfieldsLimited

44

,843

9,5

00

-

9,5

63

44

,780

17

,031

,705

19

,405,861

2,3

74

,156

9.3

9%

PakistanPetroleum

Limited

83

,614

12

,500

21

,778

9,0

00

108

,892

16

,810

,084

19

,157,370

2,3

47

,285

9.2

7%

PakistanStateOilCompanyLimited

54

,515

-

9,9

03

5,0

00

59

,418

11

,677

,618

12

,905,590

1,2

27

,972

6.2

5%

24

.92%

Electricity

PakGenPowerLimited

463

,846

-

-

463

,846

-

-

-

-

0.0

0%

NishatPowerLimited

10

,061

-

-

10

,061

-

-

-

-

0.0

0%

Chemicals

En

roCorporationLimited

37

,752

41

,000

-

37

,752

41

,000

4,3

78

,605

4,3

77,570

1,0

35

2.1

2%

FaujiFertilizersCompanyLimited

60

,672

20

,047

-

8,6

72

72

,047

8,0

07

,985

8,0

52,693

44

,708

3.9

0%

FatimaFertilizersCompanyLimited

469

,555

-

-

3,0

00

466

,555

11

,509

,912

11

,271,969

(237

,943)

5.4

6%

-

11

.47%

GeneralIndustrials

PackagesLimited

14

,576

-

-

-

14

,576

1,4

53

,227

1,7

08,016

254

,788

0.8

3%

Total

123

,161

,743

130

,044,789

6,8

83

,046

53

.60%

Totalcostofinvestments

126

,364,626

Nameoftheinvesteecompany

A

satJuly1,

2012

Purchases

duringthe

period

Bonus

issue

Marketvalueasa

percentageofnet

assets

Market

percenta

inves

AsatSeptember

30,

2012

Carryingvalueas

atSeptember30,

2012

Marketvalueas

at

September30,20

12

-----------------------------------------Numberofshares-----------

--------------------

--------------Rupees---------------

Salesduring

theperiod

Appreciation/

(diminution)


6.6

7%

9.9

8%

0.0

0%

0.0

0%

0.0

0%

0.0

0%

0.0

0%

0.0

0%

0.0

0%

0.0

0%

0.0

0%

0.0

0%

9.9

8%

14

.94%

12

.32%

18

.44%

0.0

0%

0.0

0%

0.0

0%

0.0

0%

28

.97%

1.0

2%

2.8

7%

2.8

7%

Marketvalueasa

percentageoftotal

investments

valueasa

ageofNet

sets

uesizeon

sofmarket

alue

Percentageinrelationto

nto

- -


80/112


6.2

Heldfortrading-Governmentsecurities

MARKETTREASURYBILLS

Decem

ber

1,

2011

1year

14

,000

,000

-

-

14

,000

,000

13,650

,913

13

,771

,828

120

,916

January

26

,2012

1year

15

,000

,000

-

15

,000

,000

-

-

-

May

17

,2012

3Mon

ths

25

,000

,000

-

25

,000

,000

-

-

-

Augus

t9

,2012

1year

25

,000,000

25

,000

,000

-

-

-

Ju

ly26

,2012

3Mon

ths

25

,000,000

25

,000

,000

-

-

-

PAKISTANINVESTMENTBONDS

Augu

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Quarterly Reports Sep 2012

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