UTP-Growth Fund - JS Investments Limited (JSIL) & Gas Marketing 1,089.438 19.66% Cement 558.720...

UTP-Growth Fundannual report 2006

CONTENTS

Vision and Mission Statement 01

Organization 02

Directors' Report 03

Performance Table / Key Financial Data 07

Statement of Compliance with the Code of Corporate Governance 09

Review Report to the Members on Statement of Compliance with Best Practices of Code of Corporate Governance 11

Report of the Trustee 12

Auditors’ Report 13

Financial Statements 14

Statement of Assets and Liabilities 15

Income Statement 16

Cash Flow Statement 17

Statement of Changes in Equity 18

Distribution Statement 19

Statement of Movements in Equity and Reserves 20

Notes to the Financial Statements 21

Pattern of Certificate Holding 43

Disclosure to Pattern of Certificate Holding 46

Branch Network 47

Annual Report 2006 | 1UTP-Growth Fund

To be Industry Leaders in Financial Services

mission

vision

core values

Pursuit of Professional Excellence

Shareholder Value Integrity Commitment

2 | Annual Report 2006UTP-Growth Fund

ORGANIZATION

Investment AdviserJS ABAMCO Limited(Formerly ABAMCO Limited)7th Floor, The Forum,G-20Khayaban-e-Jami, Block-9, CliftonKarachi-75600Tel: (92-21) 111-222-626Fax: (92-21) 5361724E-mail: [email protected]: www.abamco.com

Board of DirectorsMunawar Alam Siddiqui ChairmanMuhammad Najam Ali Chief Executive OfficerAli Raza SiddiquiMunaf IbrahimNazar Mohammad ShaikhLt.General (R) Masood ParvaizWilliam H.Kleh

Audit CommitteeNazar Mohammad Shaikh ChairmanMunawar Alam Siddiqui MemberMunaf Ibrahim Member

Chief Financial Officer &Company SecretarySuleman Lalani

TrusteeCentral Depository Company of Pakistan LimitedCDC House, 99-B, Block. 'B', S.M.C.H.S.,Main Shahra-e-Faisal, Karachi-74400, Pakistan.Tel : (92-21) 111-111-500Fax: (92-21) 4326005

AuditorsKPMG Taseer Hadi & Co.Chartered Accountants1st Floor, Sheikh Sultan Trust Building No.2, Beaumont RoadKarachi-75530

Legal AdviserBawaney & PartnersRoom No.404, 4th floor,Beaumont Plaza,Beaumont Road, Civil Lines Karachi-75530.

BankersBank Alfalah LimitedMCB Bank LimitedSoneri Bank LimitedThe Bank of PunjabFaysal Bank LimitedMetropolitan Bank LimitedAtlas Bank LimitedMybank LimitedAllied Bank Lmited

RegistrarTechnology Trade (Private) Limited241-C, Block 2, P.E.C.H.S, KarachiTel: (92-21) 4391316-7Fax: (92-21) 4391318


DIRECTORS’ REPORT TO THE CERTIFICATE HOLDERS

The Board of Directors of JS ABAMCO Limited, the Investment Adviser of UTP - GrowthFund (UTP-GF), is pleased to present the Annual Report for the year ended June 30, 2006.

1. Reorganization

With a view to achieve the economy of scales and to carry on the business moreeconomically and efficiently, Board of Directors of JS ABAMCO Limited, decided thatABAMCO Capital Fund, ABAMCO Stock Market Fund and ABAMCO Growth Fund(the Merging Funds") be merged into UTP - Growth Fund. Subsequently on February2, 2006, the certificate holders of the Merging Funds in their separately calledextraordinary general meetings approved the amalgamation into UTP - Growth Fundin accordance with the Scheme of Arrangement for Amalgamation. The Effective Datefor the merger of three funds was decided to be December 31, 2005 on which date thenet asset values of the Merging Funds were determined for ascertaining the swap ratio.

2. Market Outlook

The KSE 100 Index closed at 9989.41 on June 30, 2006 compared to 7450.12 on June 30,2005 - an increase of 34% during the year. The KSE 100 Index reached the highest everlevel of 12,273.77 on April 17, 2006. Market capitalization increased to Rs. 2,801.182billion as on June 30, 2006 as against Rs. 2,068.187 billion on June 30, 2005 showing animpressive increase of 35% during the year.

The market remained highly volatile between March and June 2006. The Budget 2006-07 doubled the Capital Value Tax on share purchases to 0.02% and Withholding Tax onsale of shares to 0.01% from 0.005%. These measures led to a negative market sentimentin the short term; however its long term impact will become clear in the followingmonths. At the same time, tax exemption for mutual funds on income from CFSfinancing was proposed to be withdrawn in the Finance Bill 2006, however this clausehas been subsequently removed in the Finance Act 2006. The deadline for thedemutualization of bourses was extended to December 2006.

Significant progress was made on the privatization front as the much awaitedprivatization of Pakistan Telecommunication Corporation Limited (PTCL) and KarachiElectric Supply Corporation (KESC) were completed. On the flip side, the SupremeCourt (SC) cancelled Pakistan Steel Mills (PSM) sell-off citing certain irregularities inthe privatization process. We are optimistic that the apex Court's ruling will not alterthe privatization plans of the government.

The SBP kept a firm hand on interest rates and controlled supply issues in its bid tofight inflation. In view of rising international oil prices and Pakistan's growingmachinery demand for its large scale manufacturing sector, the country's trade deficitmay suffer further which in turn will put pressure on the exchange rate. As a result,going forward the central bank may opt for further tightening of the monetary policyby raising interest rates. However, this may come about at a measured pace so as toensure that economic growth and capacity expansion along with domestic demand arenot stifled too much.

Based on the given scenario, we remain optimistic on how the future economic cyclewill develop and look forward to provide the best investment solutions to the investors.


3. Fund Performance

The net assets of the Fund as on June 30, 2006 were Rs. 5.540 billion compared to Rs. 5.375billion on June 30, 2005. The increase in net assets, including the interim dividend of Rs.1.113 billion, comes to Rs. 1.278 billion or 23.8%.

Investment in listed equity securities at market value stood at Rs. 5.342 billion as on June30, 2006 which was 96% of the net assets. Sector wise allocation of significant investment ispresented below:

The income for year ended June 30, 2006 including unrealized loss on investments was Rs.1.278 billion, which works out to Rs. 4.02 per certificate (2005: Rs. 2.22 per certificate) of thepar value of Rs. 10.

The Fund has paid an interim dividend @ Rs. 3.50 (35%) per certificate of UTP-GrowthFund. The interim dividend of Rs. 1.113 billion comes to 87% of the net income for the yearincluding the realized capital gain. As this dividend is more than 90% of the Fund's netincome excluding the realized capital gains for the year; therefore, the income of the Fundwill not be subject to income tax under Clause 99 of Part 1 of the 2nd Schedule of the TaxOrdinance, 2001.

4. Investment Strategy

The investment strategy devised for UTP - GF aims to diversify investor interests acrossequity securities, debt instruments and short term placements, thereby providing ourcertificate holders with an optimum exposure. The fund's strategy aims at not onlypreserving investors' capital but also maximizing the value of their investments whileproviding a stable stream of income.

5. Investment Adviser Rating

Pakistan Credit Rating Agency (PACRA) has awarded an AM2 asset management ratingto JS ABAMCO Ltd on February 15th 2006, which reflects our strong capacity to managethe risks inherent in asset management and to meet very high standards and benchmarks.

6. Compliance

The Board of Directors of the Investment Adviser states that:

a. The financial statements, prepared by the Investment Adviser, present fairly the state ofaffairs of the Fund, the results of its operations, cash flows and movement in net assets ofthe Fund.

b. Proper books of accounts of the Fund have been maintained.

Sector Amount - Rs. in millions % of net assetsCommercial Banks 1,138.705 20.55%Oil & Gas Exploration 1,147.984 20.72%Oil & Gas Marketing 1,089.438 19.66%Cement 558.720 10.08%

c. Appropriate accounting policies have been consistently applied in preparation of financialstatements, and financial estimates are based on reasonable and prudent judgment.

d. International Accounting Standards, as applicable in Pakistan, provisions of the Non-Banking Finance Companies (Establishment & Regulation) Rules, 2003, requirements of theTrust Deed and directives of the Securities and Exchange Commission of Pakistan havebeen followed in preparation of the financial statements (except as explained above forvaluation of TFCs).

e. The system of internal control is sound in design and has been effectively implemented andmonitored.

f. There are no significant doubts upon the Fund's ability to continue as a going concern.g. There has been no material departure from the best practices of the Code of Corporate

Governance, as detailed in the listing regulations.h. A performance table / key financial data is given on page 07 of this annual report.i. The Directors have signed the "Statement of Ethics and Business Practices."j. The number of certificates of the Fund held by the Chief Executive, directors and executives

and their spouses as at June 30, 2006 are disclosed in the pattern of certificate holding.k. No certificates were traded by the Chief Executive, directors and executives, their spouses

and minor children during the financial year ended June 30, 2006.l. The value of investments of the staff provident fund of JS ABAMCO Limited, as per the

audited accounts for the year ended June 30, 2006 was Rs. 10.127 million.

7. Meetings of the Directors

During the year 11 meetings of the Board of Directors were held. The attendance of eachdirector for these meetings is as follows:

8. Auditors

The Fund's external auditors, Messrs. KPMG Taseer Hadi & Co., Chartered Accountants,have expressed their willingness to continue as the Fund's auditors for the ensuing yearending June 30, 2007. The Audit Committee of the Investment Adviser has recommendedthe reappointment of KPMG Taseer Hadi & Co., Chartered Accountants, as the Fund'sauditors for the year ending June 30, 2007.

Name Eligible to attend Meetings attendedMr. Munawar Alam Siddiqui 11 11Mr. Muhammad Najam Ali 11 11Mr. Ali Raza Siddiqui 11 11Mr. Munaf Ibrahim 11 10Mr. William H. Kleh 11 01Mr. Muhammad Arshad 09 0Mr. Nazar Mohammad Shaikh 05 02Lt. General (Retired) Masood Parvaiz 01 01


9. Acknowledgment

The Directors expresses their gratitude to the Securities and Exchange Commission ofPakistan for its valuable support, assistance and guidance. The Board also thanks theemployees of the Investment Adviser and the Trustee for their dedication and hard workand the certificate holders for their confidence in the Management.

Muhammad Najam AliKarachi: July 27, 2006 Chief Executive Officer



PERFORMANCE TABLE / KEY FINANCIAL DATA

2006 2005

Net Assests (Rs.) 5,540,271,927 5,374,963,745

Net Assests value per certificate(Rs.) 17.42 16.90

No.of certificates outstanding (Nos.) 318,004,463 318,004,463

Net profit for the year (Rs.) 1,278,323,812 584,113,026

Earning per certificate (Rs.) 4.02 2.22

Dividend Distribution (%)

Cash 35% 14.35%

Althoug the fund has been merged effective December 31, 2005, however the performance

table is shown for two years as per the financial statements.


This Statement is being presented in compliance with the Code of Corporate Governance('the Code') contained in Regulation 37, 43 and 36 of the Listing Regulations of theKarachi, Lahore and Islamabad Stock Exchanges, respectively. The purpose of the Codeis to establish a framework of good governance, whereby a listed company is managedin compliance with the best practices of corporate governance.

JS ABAMCO Limited (Formerly ABAMCO Limited), the Investment Advisor of the UTPGrowth Fund ('the Fund') although an unlisted company, complies with the Code as theFund is listed on the Karachi, Lahore and Islamabad Stock Exchanges. The Board ofDirectors of the Investment Advisor manages the affairs of the Fund and has appointedthe Chief Executive Officer (CEO), Chief Financial Officer (CFO), Company Secretary andother necessary personnel to manage its affairs.

The Investment Advisor has applied the principles contained in the Code in thefollowing manner:

1. The Investment Advisor encourages representation of independent non-executivedirectors. Presently, the Board includes five non-executive directors. TheInvestment Advisor, being an unlisted company, does not have minority interest.

2. The directors have confirmed that none of them is serving as a director in more thanten listed companies, including the Investment Advisor.

3. All the resident directors of the Investment Advisor are registered as taxpayers andnone of them has defaulted in payment of any loan to a banking company, a DFI oran NBFI or, being a member of a stock exchange, has been declared as a defaulterby that stock exchange.

4. During the year under review two casual vacancies occurred in the Board whichwere duly filled in by other directors.

5. The Investment Advisor has prepared a "Statement of Ethics and BusinessPractices", which has been signed by all the directors and employees of theInvestment Advisor.

6. The Investment Advisor has developed a vision / mission statement, overallcorporate strategy and significant policies of the Fund which have been approvedby the Board. A complete record of particulars of significant policies along with thedates on which they were approved or amended has been maintained.

7. All the powers of the Board have been duly exercised and decisions on materialtransactions, including appointment and determination of remuneration and termsand conditions of employment of the CEO and other Executive Directors, have beentaken by the Board.

8. The meetings of the Board were presided over by the Chairman, and in his absence,by a director elected by the Board for this purpose and the Board met at least oncein every quarter during the year. Written notices of the meetings of the Board ofDirectors, along with agenda and working papers, were circulated at least seven

STATEMENT OF COMPLIANCE WITH THE CODE OFCORPORATE GOVERNANCEFor the year ended June 30, 2006


days before the meetings. The minutes of the meetings were appropriately recorded andcirculated.

9. The Investment Advisor arranged an orientation course for its directors during the yearto apprise them of their responsibilities and roles.

10. During the year, there was no change of CFO / Company Secretary and Head of InternalAudit. Their remuneration and terms and conditions of employment have been approvedby the board.

11. The directors' report has been prepared in compliance with the requirements of the Codeand fully describes the salient matters required to be disclosed.

12. The financial statements of the Fund were duly endorsed by the CEO and CFO beforeapproval of the Board.

13. The directors, CEO and Executives do not hold any interest in the certificates of the Fundother than those disclosed in the directors' report.

14. The Investment Advisor has complied with all the corporate and financial reportingrequirements of the Code with respect to the Fund.

15. The Board has formed an Audit Committee comprising of three non-executive directorsincluding the chairman of the Committee.

16. The meetings of the Audit Committee are held every quarter prior to approval of interimand annual results of the Fund as required by the Code. The Board has approved termsof reference of the Audit Committee.

17. The Board of the Investment Advisor has setup an effective internal audit function.

18. The statutory auditors of the Fund have confirmed that they have been given asatisfactory rating under the quality control review program of the Institute of CharteredAccountants of Pakistan, that they or any of the partners of the firm, their spouses andminor children do not hold Certificates of the Fund and that the firm and all its partnersare in compliance with International Federation of Accountants (IFAC) guidelines onCode of Ethics as adopted by the Institute of Chartered Accountants of Pakistan.

19. The statutory auditors or the persons associated with them have not been appointed toprovide other services except in accordance with the listing regulations and the auditorshave confirmed that they have observed IFAC guidelines in this regard.

20. We confirm that all other material principles contained in the Code have been compliedwith.

Muhammad Najam AliKarachi: July 27, 2006 Chief Executive Officer


We have reviewed the Statement of Compliance with the best practices contained in theCode of Corporate Governance prepared by the Board of Directors of the InvestmentAdviser of the UTP-Growth Fund to comply with the listing regulation of the Karachi,Lahore and Islamabad Stock Exchanges, where the Fund is listed.

The responsibility for compliance with the Code of Corporate Governance is that of theBoard of Directors of the Investment Adviser of the Fund. Our responsibility is to review,to the extent where such compliance can be objectively verified, whether the Statement ofCompliance reflects the status of the Fund's compliance with the provisions of the Code ofCorporate Governance and report if it does not. A review is limited primarily to inquiriesof the Investrhent Adviser's personnel and review of various documents prepared by theInvestment Adviser to comply with the Code.

As part of our audit of financial statements we are required to obtain an understanding ofthe accounting and internal control systems sufficient to plan the audit and develop aneffective audit approach. We have not carried out any special review of the internal controlsystem to enable us to express an opinion as to whether the Board's statement on internalcontrol covers all controls and the effectiveness of such internal controls.

Based on our review, nothing has come to our attention, which causes us to believe thatthe Statement of Compliance does not appropriately reflect the Fund's compliance, in allmaterial respects, with the best practices contained in the Code of Corporate Governance.

KPMG Taseer Hadi & Co.Date: July 27, 2006 Chartered AccountantsKarachi


REVIEW REPORT TO THE CERTIFICATE HOLDERSON STATEMENT OF COMPLIANCE WITH BESTPRACTICES OF CODE OF CORPORATE GOVERNANCE


REPORT OF THE TRUSTEE

Report of the Trustee Pursuant to Rule 45(g) of the Non-Banking Finance Companies(Establishment and Regulation) Rules, 2003.

The UTP-Growth Fund, a closed end fund was established under a trust deed executed betweenJS ABAMCO Limited (Formerly ABAMCO Limited) as the Investment Adviser and CentralDepository Company of Pakistan Limited as the Trustee with the approval of the Securities andExchange Commission of Pakistan (SECP) on April 5, 2006.

The UTP-Growth Fund was formed as a result of amalgamation of ABAMCO Stock Market Fund,ABAMCO Growth Fund and ABAMCO Capital Fund.

In our opinion, JS ABAMCO Limited (Formerly ABAMCO Limited), the Investment Adviser ofUTP-Growth Fund has in all material respects managed UTP-Growth Fund during the periodfrom April 5, 2006 to June 30, 2006 and ABAMCO Stock Market Fund, ABAMCO Growth Fundand ABAMCO Capital Fund (subsequently amalgamated as UTP-Growth Fund) during theperiod from July 1, 2005 to April 4, 2006, in accordance with the provisions of the Trust Deed ofthe respective Funds (and the modifications authorized by the SECP from time to time) and Non-Banking Finance Companies (Establishment and Regulation) Rules, 2003.

Mohammad Hanif JakhuraChief Executive Officer

Central Depository Company of Pakistan Limited

Karachi: July 27, 2006


AUDITORS' REPORT TO THE CERTIFICATE HOLDERSWe have audited the annexed Statement of Assets and Liabilities of UTP-Growth Fund ("theFund") as at 30 June 2006 and the related income statement, cash flow statement, statement ofchanges in equity, distribution statement and statement of movement in equity and reservestogether with the notes forming part thereof (here-in-after referred to as the "financialstatements"), for the year then ended and we state that we have obtained all the information andexplanations which, to the best of our knowledge and belief, were necessary for the purposes ofour audit.

It is the responsibility of the Investment Adviser to establish and maintain a system of internalcontrol and prepare and present the above said statements in conformity with the requirementsof the Trust Deed, and the Non-Banking Finance Companies (Establishment and Regulation)Rules, 2003. Our responsibility is to express an opinion on these statements based on our audit.

We conducted our audit in accordance with the auditing standards as applicable in Pakistan.These standards require that we plan and perform the audit to obtain reasonable assurance aboutwhether the above said statements are free of any material misstatement. An audit includesexamining on a test basis, evidence supporting the amounts and disclosures in the above saidstatements. An audit also includes assessing the accounting policies and significant estimatesmade by management, as well as, evaluating the overall presentation of the above saidstatements. We believe that our audit provides reasonable basis for our opinion and after dueverification, we report that:

a) in our opinion, proper books of accounts have been kept by the Investment Adviser inrespect of the Fund as required by the Trust Deed and the Non-Banking Finance Companies(Establishment and Regulation) Rules, 2003;

b) in our opinion, the statement of assets and liabilities, income statement, cash flowstatement, statement of changes in equity, distribution statement and statement ofmovement in equity and reserves have been drawn up in conformity with the Non-BankingFinance Companies (Establishment and Regulation) Rules, 2003 and are in agreement withthe books of account and are further in accordance with accounting policies consistentlyapplied, except for the changes indicated in notes 5.1 and 5.13, with which we concur;

c) in our opinion and to the best of our information and according to the explanations givento us, the statement of assets and liabilities, income statement, cash flow statement,statement of changes in equity, distribution statement and statement of movement in equityand reserves, together with the notes forming part thereof, conform with approvedaccounting standards as applicable in Pakistan, and, give the information required by theTrust Deed and the Non-Banking Finance Companies (Establishment and Regulation) Rule,2003, in the manner so required and respectively give a true and fair view of the state of theFund's affairs as at 30 June 2006 and of the transactions of the Fund for the year then ended.

As indicated in notes 1 and 2 to these financial statements, UTP-Growth Fund has beenconstituted as a result of the amalgamation of ABAMCO Capital Fund, ABAMCO StockMarket Fund and ABAMCO Growth Fund. The financial statements of ABAMCO CapitalFund for the year ended 30 June 2005 were audited by another firm of CharteredAccountants, who vide their report dated 13 August 2005 issued an unqualified opinionthereon.

KPMG Taseer Hadi & Co.Date: July 27, 2006 Chartered AccountantsKarachi

FINANCIAL STATEMENTS

STATEMENT OF ASSETS AND LIABILITIESAs at June, 30 2006

Note 2006 2005------- Rupees -------

ASSETSBank balances 6 1,111,297,522 807,353,262 Investments 7 5,344,974,319 4,235,781,191 Receivables and prepayments 8 165,139,885 426,161,029 Security deposits 9 2,662,500 2,662,500 Deferred formation cost 10 1,593,000 3,157,699 Total assets 6,625,667,226 5,475,115,681

LIABILITIES

Balance payable to the Investment Adviser 11 71,665,230 48,606,511 Remuneration payable to the Trustee 12 514,026 949,999 Creditors, accrued and other liabilities 13 37,533,675 27,630,903 Dividend payable (interim dividend) 963,720,893 11,003,048 Provision for taxation 14 11,961,475 11,961,475 Total liabilities 1,085,395,299 100,151,936

NET ASSETS 5,540,271,927 5,374,963,745

FINANCED BY:

CERTIFICATE HOLDERS' EQUITY

Certificate capital:Issued, subscribed and paid upcertificate capital 15 3,180,044,630 3,180,044,630

Capital reserves:Certificate premium reserve 16 306,437,500 306,437,500 Reserve on amalgamation 17 200,000,000 200,000,000

Revenue reserve:Unappropriated income 1,853,789,797 1,688,481,615

2,360,227,297 2,194,919,115

TOTAL CERTIFICATE HOLDERS' FUND 5,540,271,927 5,374,963,745

NET ASSETS VALUE PER CERTIFICATE 18 17.42 16.90

Contingency 19 - -

The annexed notes 1 to 32 form an integral part of these financial statements.

For JS ABAMCO Limited(formerly ABAMCO Limited)

(Investment Adviser)

Muhammad Najam Ali Munwar Alam Siddiqui Munaf Ibrahim Chief Executive Chairman Director

Annual Report 2006 |15UTP-Growth Fund

INCOME STATEMENTFor the year ended June, 30 2006

Note 2006 2005------- Rupees -------

Income

Net gain / income from transactions inmarketable securities 20 1,619,789,077 519,832,459 Dividend income 178,536,168 194,013,547 Return on:- bank deposits 154,596,053 16,624,864 - debt securities 376,724 373,362 - government securities 44,401 800,000 Other income 81,093 -

1,953,423,516 731,644,232

Unrealised loss on remeasurement ofinvestments - net (503,984,056) (2,360,972)

1,449,439,460 729,283,260 Expenses

Remuneration to the Investment Adviser 11.1 128,665,437 96,234,762 Remuneration to the Trustee 12 6,102,515 8,130,727 Securities and Exchange Commissionof Pakistan - fee 13.1 6,433,273 4,774,600 Brokerage expenses 14,387,176 18,859,925 Auditors' remuneration 22 1,143,215 1,003,155 Amortisation of formation cost 10 3,184,699 1,052,566 Others expenses 23 11,199,333 15,114,499

171,115,648 145,170,234

Net income for the year 1,278,323,812 584,113,026

Earnings per certificate - basic and diluted 24 4.02 2.22






CASH FLOW STATEMENT

2006 2005------- Rupees -------

Cash flows from operating activities


Adjustments for:Gain / income on sale of investments (1,592,627,650) (430,605,643)Dividend income (178,536,168) (194,013,547)Unrealised loss on investment inmarketable securities - net 503,984,056 5,830,788 Amortisation of formation cost 3,184,699 1,052,566 Operating gain / (loss) before workingcapital changes 14,328,749 (33,622,810)

Working capital changes

Decrease in current assets - Receivables and prepayments 269,746,256 501,964,748 Increase / (decrease) in current liabilitiesRemuneration payable to the Investment Adviser 21,438,719 (29,587,953)Remuneration payable to the Trustee (435,973) 331,190 Creditors, accrued and other liabilities 5,188,910 (44,661,544)Cash generated from operations 310,266,661 394,423,631

Sale of investments 17,625,992,761 11,314,098,574 Purchase of investments (17,646,542,303) (11,928,861,301)Dividend received 169,663,090 189,074,572 Tax refund / (paid) 147,966 (1,354,369)Security deposits - (1,937,500)

149,261,514 (428,980,024)

Net cash flows from operating activities 459,528,175 (34,556,393)

Cash flows from financing activitiesDividend paid (155,583,915) (446,191,182)Proceeds from issue of right certificates - 1,091,888,130 Net cash flows from financing activities (155,583,915) 645,696,948

Net increase in cash and cash equivalents 303,944,260 611,140,555 Cash and cash equivalents at beginning of the year 807,353,262 196,212,707 Cash and cash equivalents at end of the year 1,111,297,522 807,353,262





For the year ended June, 30 2006


STATEMENT OF CHANGES IN EQUITYFor the year ended June, 30 2006

ReservesCapital Capital RevenueIssued, Certificate Reserve Reserves for Unappropriated Total Total

subscribed premium on issue of bonus income reserves equityNote and paid up account amalgamation certificates

Balance as at 1 July 2004(as originally stated) 1,816,276,250 183,937,500 200,000,000 394,380,250 1,560,958,042 2,339,275,792 4,155,552,042

Proposed issue of bonus certificatesfor the year ended 30 June 2004(adjusted due to the change inaccounting policy) 5.13 - - - (394,380,250) 394,380,250 - -

Balance as at 1 July 2004 (as restated) 1,816,276,250 183,937,500 200,000,000 - 1,955,338,292 2,339,275,792 4,155,552,042

Issue of bonus certificates for the yearended 30 June 2004 5.13 394,380,250 - - - (394,380,250) (394,380,250) -

Issue of right certificates 969,388,130 122,500,000 - - - 122,500,000 1,091,888,130

Net income for the year ended30 June 2005 - - - - 584,113,026 584,113,026 584,113,026

Interim dividend for the year ended30 June 2005 - - - - (456,589,453) (456,589,453) (456,589,453)

Balance as at 30 June 2005 3,180,044,630 306,437,500 200,000,000 - 1,688,481,615 2,194,919,115 5,374,963,745

Net income for the year ended30 June 2006 - - - - 1,278,323,812 1,278,323,812 1,278,323,812

Interim dividend for the year ended30 June 2006 - - - - (1,113,015,630) (1,113,015,630)(1,113,015,630)

Balance as at 30 June 2006 Rupees 3,180,044,630 306,437,500 200,000,000 - 1,853,789,797 2,360,227,297 5,540,271,927






DISTRIBUTION STATEMENT


Note 2006 2005------- Rupees -------

Unappropriated income as at 1 July(as originally stated) 1,688,481,615 1,560,958,042

Proposed issue of bonus certificatesfor the year ended

30 June 2004 (adjusted due to thechange in accounting policy) 5.13 - 394,380,250

Unappropriated income as at 1 July(as restated) 1,688,481,615 1,955,338,292

Issue of bonus certificates for the yearended 30 June 2004 - (394,380,250)


Interim dividend @ Rs. 3.50per certificate (35%)

(2005: ABAMCO Capital Fund 12.5%,ABAMCO Growth Fund 26% andABAMCO Stock Market Fund 15%) (1,113,015,630) (456,589,453)(refer note 2 to the financial statements)

Unappropriated income at 30 June 1,853,789,797 1,688,481,615






2006 2005------- Rupees -------

Net assets per certificate at beginningof the year 16.90 22.88

Net income for the year - per certificateoutstanding at year end

Gain on sale of marketable securities 5.01 1.69

Unrealised gain on investments heldfor trading securities (1.59) (0.01)

Net income for the year excluding gain onsale of marketable securities and unrealisedgain on investment in held for trading securities 0.60 0.53

Net income for the year - per weightedaverage certificates 4.02 2.23

Adjustment to per certificate income forchange of number of certificates at beginningof the year to number of certificates outstanding at year end - (10.20)

Proceeds from issue of right certificates - 3.43

Dividend per certificate (3.50) (1.44)

Net assets per certificate at the end of the year 17.42 16.90





STATEMENT OF MOVEMENTS IN EQUITY AND RESERVESFor the year ended June, 30 2006


NOTES TO THE FINANCIAL STATEMENTS


1. STATUS AND NATURE OF BUSINESS

UTP-Growth Fund ("the Fund"), a closed-end scheme, was constituted under Trust Deedentered into between JS ABAMCO Limited (formerly ABAMCO Limited) as anInvestment Adviser, a public limited company incorporated under the CompaniesOrdinance, 1984 and Central Depository Company of Pakistan Limited (CDC) as aTrustee with the approval of the Securities and Exchange Commission of Pakistan (SECP)through their letter dated 5 April 2006. The Fund is governed under the Non-BankingFinance Companies (Establishment and Regulation) Rules, 2003 and is listed on all thestock exchanges of Pakistan.

The major objective of the Fund is to enable certificate holders to participate in adiversified portfolio of high quality equity securities listed on the stock exchanges and tomaximize the investment return by prudent investment management (investment returnbeing of a combination of capital appreciation and income).

The Fund was formed as a result of the amalgamation of ABAMCO Capital Fund (ACF),ABAMCO Stock Market Fund (ASMF) and ABAMCO Growth Fund (AGF) herein afterreferred to as "the amalgamating funds". The Board of Directors of JS ABAMCO Limited(formerly ABAMCO Limited) in their meeting held on 30 November 2005, approved themerger of ABAMCO Capital Fund, ABAMCO Stock Market Fund and ABAMCO GrowthFund into a new Fund titled as UTP-Growth Fund, under a scheme of arrangement foramalgamation ("the scheme") approved by the directors in their above meeting. Thescheme was also approved by the certificate holders of respective amalgamating funds intheir separate extra ordinary general meetings held on 2 February 2006 and by theSecurities and Exchange Commission of Pakistan vide letter dated 5 April 2006. Theamalgamation, as per the above referred "scheme", is effective as of 31 December 2005.

ABAMCO Capital Fund, a closed end scheme was formed as a result of the merger of 1st,3rd, 8th, 11th, 12th, 15th, 19th and 20th ICP Mutual Funds. ABAMCO Stock Market Fund,also a closed end scheme, was formed as a result of the merger of 21st, 23rd and 25th ICPMutual Funds. ABAMCO Growth Fund (a closed end fund) was formerly the 4th ICPMutual Fund. The management rights of the above three funds were transferred fromInvestment Corporation of Pakistan to JS ABAMCO Limited (formerly ABAMCOLimited) under a management right transfer agreement executed on 11 October 2002between JS ABAMCO Limited (formerly ABAMCO Limited) and the PrivatisationCommission of the Government of Pakistan.

The registered office of JS ABAMCO Limited (formerly ABAMCO Limited) is situated inKarachi, Pakistan.

2. AMALGAMATION

According to the scheme of amalgamation of ACF, ASMF and AGF into UTP-GrowthFund, the swap ratios for the amalgamating funds based on the net assets as of 31December 2005 for every 1000 certificates are as follow:



Funds Previous Swap ratio for Certificatescertificates 1000 certificates allotted

---------------- (each of Rs. 10) ----------------

ABAMCO Capital Fund 202,941,963 898.072 182,256,544 ABAMCO Stock Market Fund 87,500,000 970.229 84,895,066 ABAMCO Growth Fund 27,562,500 1,845.001 50,852,853

Number 318,004,463 Number 318,004,463

None of the operations, resulting from the business combination are being disposed off.The total amount of assets and liabilities contributed by each fund as at 31 December2005, the effective date of amalgamation, are as follows:

Funds Assets Liabilities

ABAMCO Capital Fund 3,927,485,454 79,931,532 ABAMCO Stock Market Fund 1,843,840,472 51,650,525 ABAMCO Growth Fund 1,091,724,589 18,187,857

Rupees 6,863,050,515 149,769,914

The summarised results of the amalgamating funds before amalgamation for the periodfrom 1 July 2005 to 31 December 2005 included in these financial statements are givenbelow:

ABAMCO ABAMCO Stock ABAMCOCapital Fund Market Fund Growth Fund

Realised income 541,196,428 212,762,868 121,119,688 Unrealised gain on investment - net 321,259,279 151,240,901 65,626,698 Total income 862,455,707 364,003,769 186,746,386 Total expenditure 43,940,295 19,363,230 11,585,481 Net income Rupees 818,515,412 344,640,539 175,160,905

Due to the amalgamation and constitution of a new Fund (UTP-Growth Fund), inaccordance with the swap ratio discussed above, the corresponding figures include theconsolidated figures of all the above three individual Funds. The details of thecorresponding figures (for the year ended 30 June 2005) included in the statement ofassets and liabilities are as follows:

Funds Assets Liabilities

ABAMCO Capital Fund 3,086,145,768 57,107,258 ABAMCO Stock Market Fund 1,466,547,458 18,998,050 ABAMCO Growth Fund 916,348,362 17,972,535

Rupees 5,469,041,588 94,077,843


3. STATEMENT OF COMPLIANCE

3.1 These financial statements have been prepared in accordance with the requirementsof approved accounting standards as applicable in Pakistan, the requirements of theCompanies Ordinance, 1984, Non Banking Finance Companies (Establishment andRegulations) Rules, 2003, and the directives issued by the Securities and ExchangeCommission of Pakistan. Approved accounting standards comprise of suchInternational Accounting Standards as notified under the provisions of theCompanies Ordinance, 1984. Wherever, the requirements of the CompaniesOrdinance, 1984, Non Banking Finance Companies (Establishment andRegulations) Rules, 2003 and the said directives differ with the requirements ofthese standards, the requirements of the Companies Ordinance, 1984, Non BankingFinance Companies (Establishment and Regulations) Rules, 2003 and the saiddirectives take precedence.

3.2 New accounting standards and IFRIC interpretations that are not yet effective

IAS 19 (Amendment), Employee Benefits (effective from 1 January 2006).Management considers that this amendment is not relevant to the Fund, as allemployees are on the payroll of the management company.

IAS 39 (Amendment), Cash Flow Hedge Accounting of Forecast IntragroupTransactions (effective from 1 January 2006). This amendment is not relevant to theFund's operations, as the Fund does not have any intragroup transactions thatwould qualify as a hedged item in the financial statements.

IAS 39 (Amendment), The Fair Value Option (effective 1 January 2006). Thisamendment changes the definition of financial instruments classified at fair valuethrough profit or loss and restricts the ability to designate financial instruments aspart of this category. The Fund believes that this amendment should not have asignificant impact on the classification of financial instruments, as the Fund shouldbe able to comply with the amended criteria for the designation of financialinstruments at fair value through profit or loss.

IAS 39 and IFRS 4 (Amendment), Financial Guarantee Contracts (IFRS 4 not yetadopted by local regulatory authorities). This amendment requires issued financialguarantees, other than those previously asserted by the entity to be insurancecontracts. Management considers that this amendment is not relevant to the Fund.

IFRS 1 (Amendment), First-time Adoption of International Financial ReportingStandards and IFRS 6 (Amendment), Exploration for and Evaluation of MineralResources (effective from 1 July 2006). These amendments are not relevant to theFund's operations.

IFRS 6, Exploration for an Evaluation of Mineral Resources (expected to be locallyeffective from 1 July 2006). IFRS 6 is not relevant to the Fund.


IFRS 7, Financial Instruments: Disclosures, and a complementary amendment toIAS 1, Presentation of Financial Statements - Capital Disclosures (adoption status isnot yet confirmed by local regulatory authorities). IFRS 7 introduces newdisclosures to improve information about financial instruments. It requires thedisclosure for qualitative and quantitative information about exposures to risksarising from financial instrument, including specified minimum disclosures aboutcredit risk and market risk, including sensitivity analysis to market risk. It replacesIAS 30, Disclosures in the Financial Statements of Banks and Similar FinancialInstitutions, and disclosure requirements in IAS 32, Financial Instruments:Disclosure and Presentation. The amendment to IAS 1 introduces disclosures aboutthe level of an entity's capital and how it manages capital.

IFRIC 4, Determining whether an Arrangement contains a Lease (effective from 1January 2006). IFRIC 4 requires the determination of whether an arrangement is orcontains a lease to be based on the substance of the arrangement. This IFRIC is notrelevant to the Fund's operations.

IFRIC 5, Rights to Interests arising from Decommissioning, Restoration andEnvironmental Rehabilitation Funds (effective from 1 January 2006). IFRIC 5 is notrelevant to the Fund's operations.

IFRIC 6, Liabilities arising from Participating in a Specific market - Waste Electricaland Electronic Equipment (effective for financial periods beginning 1 December2005). IFRIC 6 is not relevant to the Fund's operations.

4. BASIS OF PRESENTATION

4.1 These financial statements have been prepared under the historical cost convention,except that investments, other than held to maturity investments, are carried at fairvalue.

4.2 The preparation of financial statements in conformity with approved accountingstandards, as applicable in Pakistan, requires management to make judgments,estimates, and assumptions that affect the application of policies and reportedamount of assets, liabilities, income and expenses. The estimates and associatedassumptions are based on historical experience and various other factors that arebelieved to be reasonable under the circumstances, the results of which form basisof making the judgments about carrying values of assets and liabilities that are notreadily apparent from other sources. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on ongoing basis.Revision to accounting estimates are recognised in the period in which the estimateis revised if the revision affects only that period, or in the period of its revision andfuture periods if the revision affects both current and future periods.

Judgments made by management in the application of approved accountingstandards, as applicable in Pakistan, that have significant effect on the financialstatements and estimates with a significant risk of material judgment in the nextyear are discussed in note 31 to these financial statements.


5. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

5.1 Investments

All investments are initially recognised at cost, being the fair value of theconsideration given including acquisition charges associated with the investmentexcluding pertaining to held-for-trading which charged to the income statementimmediately.

The Fund classifies its investments in the following categories:

Financial asset at fair value through profit or loss

This category has two sub-categories, namely; financial instruments held fortrading, and those designated at fair value through profit or loss at inception.

Investments which are acquired principally for the purposes of generating profitfrom short term fluctuation in price or are part of the portfolio in which there isrecent actual pattern of short term profit taking are classified as held for trading.

Investments designated at fair value through profit or loss upon initial recognitioninclude those that are not held for trading purposes and which may be sold.

After initial recognition, the above investments are remeasured at fair valuedetermined with reference to Stock Exchange quoted market prices at the close ofbusiness on balance sheet date except for those term finance certificates not activelytraded on the Stock Exchanges, in respect of which rates quoted by brokers areused. (Also see note 7.7) Gains or losses on investments on remeasurement of theseinvestments are recognised in income.

International Accounting Standard (IAS) - 39 dealing with "Financial InstrumentsRecognition and Measurement" is applicable for annual periods beginning on orafter 1 January 2005. Under the above mentioned IAS, assets may be classified as"Financial Assets at Fair Value through Profit or Loss", which in turn (as discussedabove) contains two further categories; namely held for trading instruments andthose instruments which upon initial recognition are designated by themanagementat fair value through profit or loss. In accordance with the transitionalprovision of the above IAS, the Fund's investments up to the previous year in heldfor trading category (amounting to Rs.1,318.316 million) have been reclassified intothe later category of financial assets at fair value through profit / loss. Thisreclassification had no impact on the income statement and the statement of assetsand liabilities of the current or the previous years.

All regular way purchases / sales of investments are recognised on the trade date,i.e., the date that the Fund commits to purchase / sell the investments. Regular waypurchases or sales of investment require delivery of securities within three daysafter the transaction date as required by the Stock Exchange regulations.


Change in Accounting Policy

The Fund has changed its accounting policy in relation to transaction costs such asbrokerage fee, commission, etc that are directly attributable to the acquisition ofheld-for-trading investments. From the current period transaction costs are beingrecognised in the profit and loss account for the period. Previously, the same wereadded to the acquisition cost of held for trading investments. This change has beenmade to bring its accounting policy in line with the requirements of the revisedInternational Accounting Standard 39, "Financial Instruments (Recognition andMeasurement)". However, this change had no net impact on the income statementfor the year. The brokerage expense for the year has increased by Rs. 14.387 million(2005: Rs. 18.860 million) with simultaneous increase in income from investmentswith the same amount (2005: Rs. 18.860 million).

5.2 Derivatives

Derivatives instruments held by the Fund generally comprise of futures contractsin the capital market. These are initially recognised at cost and are subsequentlyremeasured at their fair value. The fair value of futures contracts is calculated asbeing the net difference between the contract price and the closing price reportedon the primary exchange of the futures contract. Derivatives with positive marketvalues (unrealized gains) are included in other assets and derivatives with negativemarket values (unrealized losses) are included in other liabilities in the balancesheet. The resultant gains and losses are included in the income currently.

5.3 Securities under repurchase / resale agreements

Transactions of purchase under resale (reverse-repo) of marketable andgovernment securities are entered into at contracted rates for specified periods oftime. Securities purchased with a corresponding commitment to resell at a specifiedfuture date (reverse repos) are not recognised in the statement of assets andliabilities. Amounts paid under these agreements are included in receivable inrespect of reverse repurchase transactions. The difference between purchase andresale price is treated as income from reverse repurchase transactions and accruedover the life of the reverse-repo agreement.

Transactions of sale under repurchase (repo) of marketable and governmentsecurities are entered into at contracted rates for specified periods of time. Securitiessold with a simultaneous commitment to repurchase at a specified future date(repos) continue to be recognised in the statement of assets and liabilities and aremeasured in accordance with accounting policies for investment securities. Thecounterparty liabilities for amounts received under these transactions are recordedas liabilities. The difference between sale and repurchase price is treated asborrowing charges and accrued over the life of the repo agreement.


5.4 Revenue recognition

Gains or loss on sale of marketable and government securities is recognised in theyear in which the transaction takes place.

Dividend income is recorded at the time of the closure of share / certificate transferbook of the company / fund declaring the dividend. Dividend received onmarketable securities acquired after the announcement of dividend till the bookclosure date are not taken to income but reflected as reduction in the cost ofinvestment.

Return on government securities, term finance certificates and the bank balances isrecognised at effective profit rate on a time proportion basis.

5.5 Taxation

The Fund is exempt from taxation under clause 99 of Part 1 of the 2nd Schedule ofthe Income Tax Ordinance, 2001, subject to the condition that not less than 90% ofits accounting income excluding realised and unrealised capital gains for the year isdistributed amongst the certificate holders.

5.6 Provisions

Provisions are recognised when the Fund has a legal or constructive obligation as aresult of past events, it is probable that an outflow of resources will be required tosettle the obligation and reliable estimate of the amount can be made. Provisions arereviewed at each balance sheet date and are adjusted to reflect the current bestestimate.

5.7 Deferred formation cost

These represent costs incurred in connection with the formation of the Fund and arebeing amortized over the period of five years effective from the date of occurrence.

5.8 Financial instruments

All the financial assets and financial liabilities are recognised at the time when theFund becomes a party to the contractual provisions of the instrument. Any gain orloss on derecognition of the financial assets and financial liabilities is taken toincome directly.

5.9 Offsetting of financial assets and liabilities

Financial assets and financial liabilities are offset and the net amount reported in thestatement of assets and liabilities only when there is a legally enforceable right toset off the recognised amount and the Fund intends to either settle on a net basis, orto realise the asset and settle the liability simultaneously.


5.10 Impairment

The carrying amounts of the Fund's assets are reviewed at each balance sheet dateto determine whether there is any indication of impairment. If any such indicationexists, the asset's recoverable amount is estimated. An impairment loss isrecognised whenever the carrying amount of an asset exceed its recoverableamount. Impairment losses are recognised in the income statement.

5.11 Cash and cash equivalents

Cash and cash equivalents comprise of bank balances.

5.12 Other assets

Other assets are stated at cost less impairment losses, if any.

5.13 Change in accounting policy relating to distribution of cash and bonuscertificates

The Fund during the year changed its accounting policy whereby distribution ofcash and bonus certificates are now recognised in the year in which it is declared.Previously, the financial statements were adjusted for cash and bonus certificatesdistribution approved subsequent to the year-end. The change was made in light ofa circular issued by the Institute of Chartered Accountants of Pakistan, whereby therequirements of International Accounting Standard 10, "Events after the BalanceSheet Date", are now fully applicable to the mutual funds. However, this changehad no impact on the financial statements of the Fund in the current year or theprevious year as no final cash / bonus dividend was / has been declared.

Note 2006 2005------- Rupees -------

6. BANK BALANCES - local currency

In- profit / loss sharing accounts 6.1 752,961,400 793,975,336 - current accounts 358,336,122 - - fixed term deposit - 13,377,926

1,111,297,522 807,353,262

6.1 The profit and loss sharing accounts carry profit rates ranging from 1.2% to 9.9%(2005: 1.2% to 7%).


Note 2006 2005 ------- Rupees -------

7. INVESTMENTS

Held-for-tradingQuoted equity securities 7.1 4,290,000,688 2,907,822,981 Government securities 7.2 - 9,642,320

4,290,000,688 2,917,465,301

At fair value through profit or loss 7.3Quoted equity securities 1,052,293,011 1,314,514,894 Quoted debt securities 2,680,620 3,800,996

Rupees 5,344,974,319 4,235,781,191

Sectors / companies Holding at Acquired Bonus / right Disposed Holding at Market % of total(Ordinary shares / certificates/ units have 1 July during the shares received during the 30 June Value investment

a face value of Rs 10 each unless stated 2005 year during year 2006 otherwise.) the year

(Number of shares / certificates) (Rupees) 7.1 Held for trading - quoted equity securities

Mutual fund**UTP Aggressive Asset Allocation Fund (related party) - 2,644,383 - 2,644,383 - - -

ModarabasStandard Chartered Modaraba 191,345 - 9,517 1,000 199,862 3,477,599 0.07 First Punjab Modaraba 2,875,000 - - - 2,875,000 28,462,500 0.53

31,940,099 0.60

Investment / leasing companiesFirst National Equities Limited - 150,000 - 150,000 - - - Orix Leasing Pakistan Limited 840,000 - 126,000 - 966,000 24,777,900 0.46

24,777,900 0.46

Commercial banksAskari Commercial Bank Limited 5,217,240 - - 5,217,240 - - - National Bank of Pakistan 488,800 15,482,300 239,600 13,816,100 2,394,600 516,036,300 9.65 United Bank Limited - 1,909,950 - 472,450 1,437,500 198,015,625 3.70 Faysal Bank Limited - 3,031,000 - 2,942,000 89,000 5,473,500 0.10 The Bank of Punjab 4,416,500 6,366,400 423,000 10,205,900 1,000,000 82,700,000 1.55 Allied Bank Limited - 340,000 - 340,000 - - - Bank Alfalah Limited - 870,500 - 870,500 - - - MCB Bank Limited - 9,972,600 75,000 8,447,600 1,600,000 336,480,000 6.30

1,138,705,425 21.30

InsuranceEFU General Insurance Limited 84,370 - 4 84,374 - - - EFU Life Assurance Limited 52,435 - 22,473 - 74,908 14,532,152 0.27 International General InsuranceCompany of Pakistan Limited 26,056 - 7,816 - 33,872 12,024,560 0.22 Adamjee Insurance Company Limited - 1,448,900 58,150 1,196,400 310,650 38,054,625 0.72

64,611,337 1.21

JuteThal Jute Limited - 171,700 - - 171,700 29,025,885 0.54

Textile Composite / SyntheticAzgard Nine Limited 50,000 74,500 261,450 - 385,950 8,510,198 0.16 Azgard Nine Limited - Non-convertible

preference shares - 2,775,000 - - 2,775,000 27,750,000 0.52 Nishat Mills Limited 3,763,400 6,984,500 - 8,640,900 2,107,000 220,813,600 4.13 Dewan Salman Fiber Limited - 1,000,000 - 1,000,000 - - - Nishat Chunian Limited - 788,100 24,030 7,090 805,040 35,824,280 0.67

292,898,078 5.48 ** Fund managed by JS ABAMCO Limited (formerly ABAMCO Limited) (Investment adviser of the Fund).


Holding at Acquired Bonus / right Disposed Holding at Market % of total1 July during the shares received during the 30 June Value investment2005 year during year 2006

the year(Number of shares / certificates) (Rupees)

SugarShahtaj Sugar Mills Limited 637,886 - - - 637,886 33,807,958 0.63 Ansari Sugar Mills Limited 50 - - 50 - - -

33,807,958 0.63

CementD.G. Khan Cement Company Limited - 12,252,900 - 9,902,900 2,350,000 211,500,000 3.96 Lucky Cement Company Limited - 13,920,000 - 10,872,000 3,048,000 315,620,400 5.90 Pioneer Cement Limited - 100,000 - 100,000 - - - Fauji Cement Limited - 300,000 - 300,000 - - - Dewan Cement Limited - 2,000,000 - - 2,000,000 31,600,000 0.59

558,720,400 10.45

RefineryNational Refinery Limited 7.4 670,000 - - 670,000 - - -

Power generation and distributionKohinoor Energy Limited 811,038 - - 811,038 - - - Sitara Energy Limited 75,500 - - 75,500 - - - The Hub Power Company Limited 7,464,000 - - 7,464,000 - - -

Oil and gas marketing companiesAttock Petroleum Limited - 621,400 - 506,400 115,000 37,145,000 0.69 Sui Northern Gas Pipelines Limited 7.5 2,973,136 10,000 - 2,983,136 - - - Pakistan State Oil Company

Limited - 40,000 - 40,000 - - - 37,145,000 0.69

Oil and gas exploration companiesMari Gas Company Limited 174,500 - - 74,500 100,000 12,650,000 0.24 Oil and Gas Development Company Limited - 16,853,900 - 14,053,900 2,800,000 382,900,000 7.16 Pakistan Petroleum Limited - 4,541,800 - 3,392,300 1,149,500 243,521,575 4.56 Pakistan Oilfields Limited 1,134,500 3,487,800 402,850 3,505,100 1,520,050 508,912,740 9.52

1,147,984,315 21.48

EngineeringDadex Eternit Limited 600,000 - - - 600,000 33,300,000 0.62

Auto mobile assemblerHonda Atlas Cars Limited - 24,500 - 24,500 - - - Pak Suzuki Motors Company Limited - 10,000 - 10,000 - - -

- -

Cable and electrical goodsSinger Pakistan Limited 489,111 - - 489,111 - - -

TransportPakistan International ContainerTerminal Limited 1,236,764 - - - 1,236,764 95,416,342 1.79

Technology and communicationPakistan TelecommunicationCompany Limited - 19,999,900 - 18,574,900 1,425,000 57,855,000 1.08 Callmate Telips Telecom Limited - 400,000 - 400,000 - - - World Call Telecom Limited - 1,831,000 218,400 - 2,049,400 18,342,130 0.35

76,197,130 1.43


Holding at Acquired Bonus / right Disposed Holding at Market % of total1 July during the shares received during the 30 June Value investment2005 year during year 2006

the year(Number of shares / certificates) (Rupees)

FertilizerDawood Hercules Chemicals Limited 88,396 - - 88,396 - - - Fauji Fertilizer Bin Qasim Company Limited - 17,229,500 - 12,829,500 4,400,000 128,700,000 2.41 Fauji Fertilizer Company Limited - 715,000 16,650 358,650 373,000 45,133,000 0.84 Engro Chemical Pakistan Limited - 1,582,800 - 914,500 668,300 113,210,020 2.12

287,043,020 5.37

PharmaceuticalAbbot Laboratories Pakistan Limited 131,588 - - 131,588 - - - Glaxo SmithKline Pakistan Limited 275,328 - 68,831 - 344,159 60,571,984 1.13

60,571,984 1.13

ChemicalBOC Pakistan Limited 209,124 - - 209,124 - - - ICI Pakistan Limited - 251,300 - 251,300 - - -

Paper and boardPackages Limited 3,018,797 - - 1,213,897 1,804,900 377,855,815 7.07

Glass and ceramicsEmco Industries Limited 4 - - 4 - - -

Food and personal care productsUnilever Pakistan Limited (ordinaryshares of Rs 50 each) 33,986 - - 33,986 - - -

MiscellaneousTripack Films Limited 1,011,780 - - 1,011,780 - - -

4,290,000,688 80.26

7.2 Held for trading - government securitiesPakistan Investment Bonds (face value of

Rs. 100,000/- each) 100 - - 100 - - -

7.3 Investments at fair value through profit or loss

- Quoted equity securitiesOrdinary shares of Pakistan State Oil Company Limited - (Frozen) 7.6 3,405,479 - - - 3,405,479 1,052,293,011 19.69

- Quoted debt securitiesTerm finance certificates ofPakistan Services Limited(face value of Rs 5,000/- each) 7.7 750 - - - 750 2,680,620 0.05

Market value of investmentsas at 30 June 2006 5,344,974,319 100.00

2006 2005

Cost of investments as at 30 June Rupees 4,813,610,789 3,168,078,776


7.4 During the year ended 30 June 2005, 670,000 frozen shares of National Refinery Limitedwere held by the Fund, out of which 651,216 shares have been taken up by thePrivatization Commission of the Government of Pakistan for the privatisation of thecompany, while the remaining shares have been sold in the market under the authorityof the Privatisation Commission of the Government of Pakistan.

7.5 The 2,973,136 shares of Sui Northern Gas Pipelines Limited were frozen / blocked by anorder of the Government of Pakistan (GoP) as the same formed part of the strategicshareholding under the control of the GoP. As a result, the Fund was restricted fromselling, transferring, encumbering or otherwise disposing off or dealing with interest inthe said shares, including any future bonus / right shares in respect thereof. However,the Privatization Commission, GoP, through its letter dated 24 December 2005, hasintimated that the said shares are now released and the Fund may at its discretion tradefreely, sell or transfer the shares.

7.6 Shares of Pakistan State Oil Company Limited have been frozen / blocked by an order ofthe Government of Pakistan (GoP) as the same form part of the strategic shareholdingunder the control of GoP. As a result, the Fund is restricted from selling, transferring,encumbering or otherwise disposing off or dealing with interest in the said shares,including any future bonus / right shares in respect thereof. In respect of the said sharespertaining to all the ICP Mutual Funds Lot "A" (acquired by ABAMCO Limited, now JSABAMCO Limited), an agreement was executed on 27 December 2002 betweenABAMCO Limited (now JS ABAMCO Limited) and GoP, whereby ABAMCO Limited(now JS ABAMCO Limited) has authorized GoP to act on its behalf in respect of sale ofthe said shares for the purpose of facilitating the privatization of Pakistan State OilCompany Limited. As per the Management Rights Transfer Agreement, the Fund isentitled to gains (if any) at the price at which this company will be privatized by the GoP,which is expected to be higher than the market value.

7.7 These term finance certificates carry profit rate equal to State Bank of Pakistan discountrate plus 2.25% per annum with a floor of 9.75% per annum and a cap of 13.75% perannum receivable semi-annually in arrears and will mature in November 2008. Theseterm finance certificates are secured by way of first equitable mortgage on all immovableassets of Pearl Continental Hotel, Karachi with the 25% margin and first pari-passucharge by way of hypothecation over all current and future movable assets of the PearlContinental Hotel, Karachi with the 25% margin.

As stated in note 5.1, these Term Finance Certificates are valued at the average of ratesquoted by certain reputable brokerage houses. However, the Non-Banking FinanceCompanies (Establishment and Regulation) Rules, 2003 require that term financecertificates should be valued on the basis of the closing price of the Stock Exchange onwhich the same are listed. Had these been valued on this basis, the net assets and netincome for the year would have been higher by Rs. 0.104 million.


2006 2005------- Rupees -------

8. RECEIVABLES AND PREPAYMENTS- considered good

In respect of reverse repurchasetransactions of listed securities- Connected persons - 88,126,990 - Others - 293,338,021

- 381,465,011 Against sale of marketable securities- Connected persons - 9,438,527 - Others 119,148,140 -

119,148,140 9,438,527

Dividend receivable 27,941,645 19,068,567 Advance tax 12,772,972 12,920,938

Return on:- Term Finance Certificates 40,919 55,701 - Bank deposits 5,153,709 1,844,786 - Pakistan Investment Bonds - 587,729 - Reverse repurchase transactions of

listed securities - 712,270 5,194,628 3,200,486

Prepaid expenses 82,500 67,500 165,139,885 426,161,029

9. SECURITY DEPOSITS

Central Depository Company of Pakistan Limited 662,500 662,500 National Clearing Company of Pakistan Limited 2,000,000 2,000,000

2,662,500 2,662,500

10. DEFERRED FORMATION COST

This represents expenses incurred on the formation of the UTP-Growth Fund mentionedin note 1. The Trust Deed of the Fund, approved by the Securities and ExchangeCommission of Pakistan, permits the deferral of cost over a period not exceeding fiveyears.


Note 2006 2005------- Rupees -------

Total formation cost at 1 July 5,262,831 5,262,831

Amortisation:At July 1 (2,105,132) (1,052,566)For the year (3,157,699) (1,052,566)

(5,262,831) (2,105,132)- 3,157,699

Formation cost incurred during theyear in respect of the UTP-Growth Fund 1,620,000 - Amortisation for the year (27,000) - Balance as at 30 June Rupees 1,593,000 3,157,699

11. BALANCE PAYABLE TO THE INVESTMENTADVISER - associated company (unsecured)

Remuneration payable 11.1 70,045,230 48,606,511 Amount payable in respect of theincorporation of the Fund 11.2 1,620,000 -

Rupees 71,665,230 48,606,511

11.1 Remuneration payable to the investment adviser has been calculated at the rate of 2% onaverage net assets value calculated on monthly basis in accordance with the requirementsof Rule 53 of the Non-Banking Finance Companies (Establishment and Regulation) Rules,2003.

11.2 This represents expenses incurred in respect of the incorporation of the Fund, asdiscussed in note 1 to these financial statements.

12. REMUNERATION PAYABLE TO THE TRUSTEE

The Trustee is entitled to a monthly remuneration for services rendered to the Fundunder the provisions of the Trust Deed on the basis of the average net assets of the Fundas of the last day of each calendar month. The remuneration of the Trustee has beencalculated as per following applicable tariff:

Average net assets Tariff(Rs. in million)

Upto 250 0.20% per annum250 to 500 Rs. 500,000 plus 0.15% per annum on amount

exceeding Rs 250 million.500 to 2,000 Rs. 875,000 plus 0.08% per annum on amount

exceeding Rs 500 million.2,000 to 5,000 Rs. 2,075,000 plus 0.06% per annum on

amount exceeding Rs 2,000 million.5,000 and above Rs. 3,875,000 plus 0.05% per annum on

amount exceeding Rs 5,000 million.


Note 2006 2005------- Rupees -------

13. CREDITORS, ACCRUED ANDOTHER LIABILITIES

Settlement charges payable to CentralDepository Company Limited 250,933 163,827 Annual fee payable to the Securitiesand ExchangeCommission of Pakistan 13.1 6,433,273 4,774,600 Accrued expenses 6,261,807 2,755,974 Payable to JS ABAMCO Limited(formerly ABAMCO Limited)- connected person 390,582 412,791 Unclaimed dividend 24,197,080 19,483,219 Annual fee payable to the CentralDepository Company Limited - 22,500 Others - 17,992

Rupees 37,533,675 27,630,903

13.1 This represents annual fee payable to Securities and Exchange Commission ofPakistan in accordance with Rule 54 of the Non-Banking Finance Companies(Establishment and Regulation) Rules, 2003, at the rate of one tenth of 1% perannum of the average annual net assets of the Fund.

14. TAXATION - NET

The income tax assessments of the former ABAMCO Stock Market Fund (formerly 21st,23rd and 25th ICP Mutual Funds), former ABAMCO Growth Fund (formerly 4th ICPMutual Fund) and former ABAMCO Capital Fund (formerly 1st, 3rd, 8th, 11th, 12th, 15th,19th and 20th ICP Mutual Funds) have been finalised upto and including assessment year2002- 2003. The tax returns in respect of the tax years 2004 and 2005 have been filed byABAMCO Stock Market Fund, ABAMCO Growth Fund and ABAMCO Capital Fund,which are deemed to be assessed under section 120 of Income Tax Ordinance, 2001.

Assessment by the Income Tax Department for the Assessment years from 1993-1994 to2000-2001 are in appeals at various levels. The management is confident that the decisionsin respect of the matters under appeals will be given in its favour. However, full taxprovisions have been made in the financial statements on the basis of decision of appeals,appeal effect orders and assessments finalised to date.


15. ISSUED, SUBSCRIBED AND PAID-UP CERTIFICATE CAPITAL

15.1 This represents 318,004,463 (2005: 318,004,463) ordinary certificates of Rs. 10 each.

15.2 Certificates in the Fund held by associated undertakings

2006 2005Certificates Holding Certificates Holding(Number) (%) (Number) (%)

JS ABAMCO Limited (formerlyABAMCO Limited) 35,738,312 11.24 36,124,079 11.36 Jahangir Siddiqui andCompany Limited - - 31,346,250 9.86 Jahangir Siddiqui InvestmentBank Limited - - 4,665,300 1.47 Unit Trust of Pakistan 3,295,473 1.04 19,695,995 6.19 UTP Islamic Fund 3,342,839 1.05 18,523,507 5.82 UTP Fund of Funds 526,675 0.17 - -

42,903,299 13.49 110,355,131 34.70

16. CERTIFICATE PREMIUM RESERVE

This represents certificate premium on issue of right certificates in prior years by formerABAMCO Capital Fund and former ABAMCO Growth Fund amounting to Rs. 82,687,500and Rs. 223,750,000, respectively.

17. RESERVE ON AMALGAMATION

This represents reserve created on amalgamation of 21st , 23rd and 25th ICP Funds intoformer ABAMCO Stock Market Fund. The aggregate paid up capitals of 21st, 23rd and 25thICP Funds amounting to Rs. 700 million were reorganised and converted into paid upcapital of Rs. 500 million, thereby creating a reserve of Rs. 200 million.

Note 2006 2005

18. NET ASSET VALUE PER CERTIFICATE

Total net assets Rupees 5,540,271,927 5,374,963,745

Total certificate in issue Number 318,004,463 318,004,463

Net asset value per certificate Rupees 17.42 16.90


19. CONTINGENCY

A notice was published in an English daily on 13 and 14 December 2004 with regard to2,062,998 and 625,000 right shares of Jahangir Siddiqui and Company Limited subscribedby the two amalgamating funds, ABAMCO Capital Fund and ABAMCO Growth Fundrespectively. As per the legal advice obtained by JS ABAMCO Limited (formerlyABAMCO Limited), it does not appear possible that certificate holders of the Fund shallbe exposed to any current or future liability in this regard.

2006 2005 ------- Rupees -------

20. NET GAIN / INCOME FROM TRANSACTIONSIN MARKETABLE SECURITIES

Gain on sale of investments 1,592,627,650 445,995,752 Income from reverse repurchase

transactions of listed equity securities 27,779,267 73,836,707 Loss on sale of investment in

Pakistan Investment Bonds (617,840) - 1,619,789,077 519,832,459

22. AUDITORS' REMUNERATION

KPMG Taseer Hadi & Co., Chartered Accountants

Audit fee 375,000 370,000 Half yearly review fee 143,000 143,000 Half yearly audit fee 222,000 - Other services 85,000 96,935 Out of pocket expenses 43,215 43,220

868,215 653,155

M. Yousuf Adil Saleem & Co., Chartered Accountants(previous auditors of ABAMCO Capital Fund)

Audit fee - 250,000 Half yearly review fee 100,000 100,000 Half yearly audit fee 150,000 - Other services 25,000 -

275,000 350,000 1,143,215 1,003,155


2006 2005 ------- Rupees -------

23. OTHER EXPENSES

Custodian fee and settlement charges 1,778,285 4,068,732 Registrar fee - 358,980 Listing fee - stock exchanges 352,500 2,772,180 Annual and other fee -

Central Depository Company ofPakistan Limited 5,851,044 118,125

Professional tax 300,000 300,000 National Clearing Company of

Pakistan Limited - charges 217,377 1,085,320 Stamp duty 973,029 2,176,945 Commission and other expenses

in respect of right issue - 2,826,644 Mutual Funds' Association of Pakistan- subscription fee 66,547 50,230 Legal and professional charges 1,178,488 1,138,945 Postage, Printing and stationery 214,740 163,876 Bank charges 125,174 34,963 Other charges 142,149 19,559

11,199,333 15,114,499

24. EARNINGS PER CERTIFICATE- basic and diluted

Profit for the year Rupees 1,278,323,812 584,113,026

Weighted average certificatesoutstanding during the year Number 318,004,463 263,227,888

Earnings per certificate -basic and diluted Rupees 4.02 2.22

25. TRANSACTIONS WITH RELATED PARTIES

Related parties include JS ABAMCO Limited (formerly ABAMCO Limited) being theinvestment adviser of the Fund, the Central Depository Company of Pakistan Limitedbeing the trustee, Jahangir Siddiqui and Company Limited being the holding company ofthe Investment Adviser, Jahangir Siddiqui Capital Markets Limited and JahangirSiddiqui Investment Bank Limited being subsidiaries of the holding company of theInvestment Adviser, Unit Trust of Pakistan, UTP Income Fund, UTP Aggressive AssetAllocation Fund, UTP Islamic Fund, UTP Fund of Funds, UTP A30+ Fund, ABAMCOComposite Fund and BSJS Balanced Fund Limited being funds under commonmanagement and key management personnel of the management company.


Note 2006 2005 ------- Rupees -------

The transactions with connected /related persons are as follows:

JS ABAMCO Limited(formerly ABAMCO Limited)- connected person

Remuneration to theInvestment Adviser 11 128,665,437 96,234,762

Dividend paid 125,084,134 40,509,540 Proceeds from issue of

right certificates - 189,725,930

Jahangir Siddiqui and Company Limited

Dividend paid - 44,813,250 Proceeds from issue of


Jahangir Siddiqui Investment Bank Limited

Dividend paid - 9,309,375

Jahangir Siddiqui Capital Markets Limited

Brokerage fee 2,917,356 1,680,102 Dividend paid - 663,669

The amount disclosed represents the amount of brokerage paid to connected person andnot the purchase or sale value of securities transacted through them. The purchase or salevalue have not been treated as transactions with connected person as ultimate counter-parties are not connected persons.

UTP Aggressive Asset Allocation Fund

Purchase of units 250,000,000 - Redemption of units 264,649,851 -

Unit Trust of Pakistan

Dividend paid 11,535,906 28,174,978 Proceeds from issue of



2006 2005 ------- Rupees -------

UTP Islamic Fund

Dividend paid 11,629,937 32,272,353 Proceeds from issue of right certificates - 37,284,300

UTP Fund of Funds

Dividend paid 1,752,363 -

25.1 For details of balances with related parties, refer notes 7.1, 11, 12 and 13 to these financialstatements.

26. MARK-UP / PROFIT RATE RISK EXPOSURE

Information about the Fund's exposures to mark-up / profit rate risk based on contractualrepricing and maturity dates, whichever is earlier, is as follows:

30 June 2006Profit Profit bearing Non mark-up Total

(%) upto one one month to / profit bearing month three years

Financial assetsBank balances 1.2 to 9.9 752,961,400 - 358,336,122 1,111,297,522 Investments 9.75 to 13.75 - 2,680,620 5,342,293,699 5,344,974,319 Receivables - - 152,284,413 152,284,413 Security deposits - - 2,662,500 2,662,500

752,961,400 2,680,620 5,855,576,734 6,611,218,754

Financial liabilitiesBalance payable to the Investment Adviser - - 71,665,230 71,665,230 Remuneration payable to the Trustee - - 514,026 514,026 Creditors, accrued and other liabilities - - 37,533,675 37,533,675 Dividend payable - - 963,720,893 963,720,893

- - 1,073,433,824 1,073,433,824 On-balance sheet gap 2006 (a) Rupees 752,961,400 2,680,620 4,782,142,910 5,537,784,930 On-balance sheet gap 2005 (a) Rupees 793,975,336 101,741,340 4,475,785,252 5,371,501,928

(a) On-balance sheet gap represents the net amounts of on-balance sheet financial instruments.

27. MARKET RISK

Market risk is the risk that the value of financial instrument will fluctuate as a result ofchanges in market prices. The Investment Adviser manages market risk by monitoringexposure on marketable securities by following the internal guidelines of the InvestmentCommittee and regulations laid down by Securities and Exchange Commission of Pakistan.At 30 June 2006, investments of Rs. 5.343 billion were exposed to market risk.

28. OTHER RISK MANAGEMENT POLICIES

The Fund is primarily subject to market risk, yield / interest rate risk, liquidity risk and creditrisk. The Fund has designed and implemented a framework of controls to identify, monitorand manage these risks as follows:


28.1 Yield / interest rate risk

Yield risk is the risk of decline in earnings due to adverse movement of the yieldcurve.

Interest rate risk is the risk that the value of financial instrument will fluctuate dueto changes in the market interest rates. Sensitivity to interest rate risk arises frommismatches of financial assets and liabilities and off-balance sheet financialinstruments that mature or reprice in a given period. The Investment Advisormanages these mismatches through risk management strategies where significantchanges in gap position can be adjusted.

At 30 June 2006, bank balances of Rs. 752.961 million and Term Finance Certificatesof Rs. 2.68 million were exposed to interest rate risk. However, the Fund is notmaterially exposed to yield / interest rate risk as there are no interest bearingfinancial liabilities giving rise to mismatches of financial assets and financialliabilities.

28.2 Liquidity risk

Liquidity risk is the risk that an enterprise will encounter difficulty in raising fundsto meet commitments associated with financial instruments. The InvestmentAdvisor manages liquidity risk by following internal guidelines of the InvestmentCommittee such as monitoring maturities of financial assets and financial liabilitiesand investing in highly liquid financial assets.

The Fund is not materially exposed to liquidity risk as all obligations /commitments of the Fund are short term in nature and all assets of the Fund arereadily disposable on the stock exchanges and over-the-counter market.

28.3 Credit risk

Credit risk arising from the inability of the counterparties to meet the terms of theFund's financial instrument contracts is generally limited to the amounts, if any, bywhich the counterparty obligations exceed the obligations of the Fund. The Fund'spolicy is to enter into financial instrument contracts by following internalguidelines duly approved by the Investment Committee such as approvingenterprises, approving credit and obtaining adequate collateral.

Concentration of credit risk exist when changes in economic or industry factorssimilarly affect groups of counterparties whose aggregate credit risk exposure issignificant in relation to the Fund's total credit exposure. The Fund's portfolio offinancial instruments is broadly diversified. At 30 June 2006, financial assets subjectto credit risk amounted to Rs. 154.947 million.


29. FAIR VALUE OF FINANCIAL INSTRUMENTS

Fair value is the amount for which an asset could be exchanged, or a liability settled,between knowledgeable willing parties in an arm's length transaction. Consequentlydifferences can arise between carrying values and the fair values estimates. Underlyingthe definition of fair value is the presumption that the Fund is a going concern withoutany intention or requirement to curtail materially the scale of its operations or toundertake a transaction on adverse terms.

Financial assets which are tradable in an open market are revalued at the market pricesprevailing on the balance sheet date. The estimated fair value of all other financial assetsand liabilities is not significantly different from their book values as the items are shortterm in nature.

30. ACCOUNTING ESTIMATES AND JUDGMENTS

The Fund makes judgments and assumptions that effect the reported amount of assetsand liabilities within the next financial year. Estimates and judgments are continuallyevaluated and are based on historical experience and other factors, includingexpectations of future events that are believed to be reasonable under the circumstances.

The significant judgment exercised by the management in respect of these financialstatements was the determination of the fair value of financial instruments. Managementhas determined fair value of certain investments by using quotations from active market.Fair value estimates are made at a specific point of time, based on market conditions andinformation about the financial instrument. These estimates are subjective in nature andinvolve uncertainties and matter of judgment (e.g. valuation, interest rates, etc.) andtherefore, can not be determined with precision.

31. DATE OF AUTHORIZATION FOR ISSUE

These financial statement were authorized for issue by the Board of Directors of theInvestment Adviser on July 27, 2006

32. GENERAL

The Fund has no employees.





No. of Certificate Certificate Holding Total CertificatesHolders From To Held

3695 1 100 201,76311886 101 500 3,045,068 3388 501 1000 2,384,375 3214 1001 5000 7,004,547 682 5001 10000 4,880,340 233 10001 15000 2,784,803 149 15001 20000 2,587,641 90 20001 25000 2,017,953 51 25001 30000 1,397,856 35 30001 35000 1,123,467 31 35001 40000 1,163,310 25 40001 45000 1,069,222 33 45001 50000 1,552,561 13 50001 55000 690,914 18 55001 60000 1,035,595 9 60001 65000 561,078

18 65001 70000 1,211,423 11 70001 75000 799,753 6 75001 80000 460,655 4 80001 85000 322,288 9 85001 90000 787,651 9 90001 95000 832,922 2 95001 100000 197,698 2 100001 105000 202,452 4 105001 110000 429,133 4 110001 115000 452,605 4 115001 120000 467,832 3 120001 125000 367,263 4 125001 130000 506,279 3 130001 135000 401,850 1 135001 140000 137,596 1 140001 145000 142,312 2 145001 150000 295,010 3 150001 155000 457,118 2 155001 160000 316,080 1 160001 165000 163,990 1 165001 170000 165,428 1 170001 175000 174,507 1 175001 180000 179,614 2 180001 185000 365,154 2 185001 190000 371,229 3 200001 205000 607,842 2 205001 210000 413,853 1 210001 215000 212,843 1 220001 225000 223,910 1 225001 230000 227,410 2 230001 235000 465,285 2 235001 240000 479,383

PATTERN OF CERTIFICATE HOLDINGAs at June 30, 2006


No. of Certificate Certificate Holding Total CertificatesHolders From To Held

1 245001 250000 245,043 2 275001 280000 557,481 1 295001 300000 296,563 1 310001 315000 312,130 1 315001 320000 318,872 2 355001 360000 714,131 1 375001 380000 375,590 1 410001 415000 412,590 1 445001 450000 449,469 1 450001 455000 453,435 3 500001 505000 1,501,509 1 510001 515000 511,234 1 525001 530000 526,675 1 530001 535000 530,571 1 560001 565000 562,108 1 575001 580000 575,807 1 590001 595000 593,256 1 600001 605000 601,322 1 605001 610000 606,082 1 735001 740000 736,419 1 785001 790000 786,711 1 795001 800000 796,117 1 870001 875000 873,824 1 1100001 1105000 1,100,081 1 1180001 1185000 1,181,270 1 1605001 1610000 1,606,416 1 1675001 1680000 1,678,950 1 1855001 1860000 1,858,893 1 2060001 2065000 2,064,609 1 2910001 2915000 2,910,687 1 3295001 3300000 3,295,973 1 3340001 3345000 3,342,839 1 3950001 3955000 3,950,660 1 5590001 5595000 5,594,819 1 5600001 5605000 5,604,905 1 10175001 10180000 10,178,285 1 11040001 11045000 11,043,245 1 13125001 13130000 13,126,437 1 13150001 13155000 13,154,860 1 19605001 19610000 19,605,297 1 19865001 19870000 19,869,413 1 23855001 23860000 23,858,411 1 35730001 35735000 35,732,924 1 36865001 36870000 36,868,488 1 40700001 40705000 40,701,201

23713 318,004,463

Categories of No. of Certificate Total Certificates PercentageCertificate Holders Holders Held

Individual 23447 53,454,943 16.81Investment Companies 103 1,869,920 0.59Insurance Companies 21 27,249,008 8.57Joint Stock Companies 26 36,894,259 11.60Financial Institution 52 35,540,741 11.18Modaraba & Mutual Funds 17 12,978,816 4.08Foreign Investors 17 115,793,810 36.41

OthersTrust/Foundations 11 210,451 0.07Provident & Pension Funds 16 5,103,033 1.60Govt. Institutions 3 28,909,155 9.09

23713 318,004,136 100.00

Sr.No.

1234567

8


DISCLOSURE TO PATTERN OF CERTIFICATE HOLDING(% of Certificate holding indicated where holding is 10% or more)

1 Associated Companies, Undertakings and Related Parties: CertificatesHeld

JS ABAMCO Limited 11.24% 35,732,924 UTP-Islamic Fund 3,342,839 Unit Trust of Pakistan 3,295,973 UTP-Fund of Funds 526,675

42,898,4112 NIT and ICP

Investment Corporation of Pakistan 1,325,419 National Investment (Unit) Trust 19,869,608

21,195,0273 Banks, DFIs,NBFCs, Insurance Companies, Leasing,

Modarabas & Mutual Funds 17.11% 54,418,088

4 Director, CEO and their Spouse and Minor children

Nazar Mohmmad Shaikh 394

5 Executives 1265

6 Public Sector Companies and Corporations NIL

7 Secretary Zakat & Ushr Division 23,858,411



BRANCH NETWORK OF THE INVESTMENT ADVISOR

JS ABAMCO Head Office7th Floor, The Forum,G-20Khayaban-e-Jami, Block-9, CliftonKarachi-75600Tel: (92-21) 111-222-626Fax: (92-21) 5361724

JS ABAMCO (Shahra - e -Faisal branch)Shop No. 8, Ground Floor,Plot No 26-A, Block 6,Business Avenue, PECHS, Main Shahra - e -Faisal, Karachi - 75350Ph: 021-4322094-96Fax: 021-4322093

JS ABAMCO LahoreGround Floor, 307-Upper Mall, Lahore - 54000UAN: 042-111-222-626Fax: 042-5789108

JS ABAMCO IslamabadShop No 6&7, Razia Sharif Plaza,Blue Area, Islamabad - 44000Ph: 051-2802095-96Fax: 051-2802094

JS ABAMCO HyderabadProperty No 97, Ground Floor,Saddar, Hydrabad Cantonment, Hyderabad - 71000Ph: 022-2720250, 2720077, 2720010Fax: 022-2720581

JS ABAMCO Gujranwala40, Trust Plaza, GT. Road, Gujranwala - 52250Ph: 055-3252953Fax: 055-3253373

JS ABAMCO Sialkot27th Paris Road,Sialkot - 53100Ph: 052-4298501-02Fax: 052-4298503

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