Annual Report 2013 22 23

Operating as an Open-end Equity Fund Since 1962, NI(U)T is the flagship carrier of a diversified portfolio of collective Investment

Schemes managed by NITL. With net assets of over PKR 47.297 billion and 55,109 unit holders, it is the first and largest mutual fund in Pakistan. 20 21

NATIONAL INVESTMENT (UNIT) TRUST FUND MANAGER REPORT 2012-2013

NI(U)T Objective

The core objective of NI(U)T is to maximize return for Unit holders, provide a regular stream of current income through dividends, while long term growth is achieved by the management of diversified portfolio and investments into growth and high yielding equity securities.

CORPORATE INFORMATION Profile of Investment Manager National Investment Trust Ltd. (NITL) is the first Asset Management Company of Pakistan, formed in 1962. NITL is the largest asset management company of Pakistan with approximately Rs. 81 billion assets under management. The family of Funds of NIT comprises of five funds including 3 equity Funds and 2 fixed income nature Funds. NIT’s distribution network comprises of 24 NIT branches and various Authorized bank branches all over Pakistan. To cater the matters relating to investments in NIT and day to day inquiries / issues of NIT’s unit holders, state of the art Investors’ Facilitation Centre is also in place. The Board of Directors of NITL consists of top executives from leading financial institutions, prominent industrialists and nominee of Govt. of Pakistan. The Company has been assigned an Asset Manager rating of “AM2-” by Pakistan Credit Rating Agency, which FUND NAME reflects the company’s very strong capacity to manage the risks inherent in the asset management business and the asset manager meets very high investment management industry standards and benchmarks. All Investment decisions are taken by the Investment Committee of NITL. National Investment (Unit) Trust Fund Information - NI(U)T NAME OF AUDITORS A.F. Ferguson & Co. Chartered Accountants • Launch date 12th November 1962 • Minimum Investment: Rs. 5,000 • Type Open End Equity Fund • Management Fee: 1.00% LIST OF BANKERS • Fund Manager Manzoor Ahmed • Front End Load: 3.00% Allied Bank Limited • Fund Size as on June 30, 2013 Rs. 47.297 Billion • Back End Load: 0.00% Askari Bank • Par Value Rs. 10 • Auditors: A.F. Ferguson & Co. Chartered Accountants Bank Al Falah Limited • NAV/unit Rs. 42.41 • Trustee: National Bank of Pakistan Bank Al Habib Limited • Pricing Mechanism Forward Pricing • Risk Profile Moderate / High Faysal Bank Limited • Benchmark KSE 100 Index • Fund Rating assigned 2-Star Ranking (rating based on the performance Habib Bank Limited by PACRA during the twelve months ended June 30, 2012) Habib Metropolitan Bank Limited 2-star long term rating (based on the performance during the thirty six months ended June 30, 2012). MCB Bank Limited National Bank of Pakistan NIB Bank Limited Standard Chartered Bank (Pakistan) Limited Fund Performance Analysis:

Soneri Bank Limited 2012-13 2011-12 Summit Bank Limited (Formerly Arif Habib Bank Limited) Opening Net Assets (Rs. in billion) 41.48 40.46 United Bank Limited Opening NAV /unit (Rs.) (Ex Div) 26.77 28.14 Ending Net Assets (Rs. in billion) 47.29 41.48 Ending NAV/unit (Rs.) 42.41 30.27 Cash Distribution / unit (Rs.) 3.75 3.50 Dividend Yield (%) 14.01% 12.44 Capital Growth (%) 44.42% (4.87%) Total Return (%) 58.42% 7.57% Maximum Funds under management during the year (Rs. in billion) 48.03 41.48

NATIONAL INVESTMENT (UNIT) TRUST NATIONAL INVESTMENT (UNIT) TRUST FUND MANAGER REPORT FUND MANAGER REPORT 2012-2013 2012-2013

Asset Allocation the spreads of the sector under pressure. This problem was further compounded as central bank also hiked the rate of profit on savings account from 5% to 6% and made it mandatory for banks to pay this profit on average monthly deposit. Keeping in view the market conditions the Fund has been changing its asset allocation during the year. As on 30th June 2013, the Fund was invested to the extent of 89.61% in Equities whereas the remaining exposure was in Treasury Bills and cash. The asset allocation position of the Fund as on Exposure in Chemical sector also declined to 11% compared to 15% last year. The sector has underperformed the broader market due to uncertain 30-06-2013 is depicted in the pie chart below: gas supply to the fertilizer plants and weak pricing owing to decline in the international urea prices resultantly bringing down the discount between the local and imported urea prices.

During the year, strategic investments of NI(U)T Fund in Personal Goods, Food Producers and Pharmaceutical sectors provided the real boost to the June 2013 Equities overall impressive performance of the Fund. During the year, the Fund booked massive capital gain of Rs. 1.5 billion by divesting its entire holding in T.Bills 89.61% a buy-back transaction of Unilever Pakistan Ltd. 3.12% Others In line with the strategy adopted during the last few years, we are striving to reduce the number of companies held in our portfolio by offloading the Cash 0.15% shares of companies where the Fund’s holding is quiet insignificant or non-remunerative. This effort also continued this year as a result the number 7.13% of companies now stands at 388 as compared to 425 last year. This exercise will continue in the period ahead as well, while keeping the best interest of the Fund in mind.

Top Ten Holdings

Top ten holdings of the Fund’s portfolio as % of total assets as on June 30th 2013 are as follows: Sector Wise Breakdown of Equity Portfolio Pakistan State Oil Habib Metropolitan Bank

Sector-wise breakdown of Fund’s Equity portfolio as % of total assets as on 30-06-2013 is given below: Fauji Fertilizer Co. Ltd. GlaxoSmithKline (Pak) Ltd. Bank Al-Habib Ltd. Pakistan OilFields Ltd.

Bata Pakistan Ltd. Packages Ltd. 21% OIL & GAS National Refinery Ltd. Soneri Bank Ltd.

12% BANKS Categorization of Unit Holders By Size - (JUNE 2013) 12% PERSONAL GOODS Category NI(U)T Unit Holders % of Holding Institutional Investors 1,025 66% 11% CHEMICALS Individual 50,982 34% 5% PHARMA & BIO TECH TOTAL 52,007 100.00%

28% OTHERS Stock Market & Fund Performance Review

Though, FY 2012-13 has been one of the best years for Pakistan Capital market front but nonetheless proved challenging for the Fund. With a Fiscal year ending June, 2013 has been one of the best years for Pakistan stock market history. In the outgoing fiscal year the benchmark KSE-100 substantial increase in the stock market, many investors opted to book capital gains by redeeming their units. The Fund witnessed an unprecedented index gained 52% i.e. 7,204pts. Overall, average daily volumes improved to 200mn shares during FY13 as compared to 129mn in FY12, while in value amount of redemption to the tune of Rs. 17.2 billion during the year ended on 30th June 2013. However, all redemptions were met in a timely manner terms they reached Rs5.8bn (US$58.1mn) up 38% against Rs4.0bn (US$44mn) in the same period last year. to the utmost satisfaction of investors. Due to such a hefty amount of redemptions and with the market at its historically high levels, your fund generally remained on the selling side across all the sectors at opportune times. The KSE started off FY13 on a strong note, buoyed by a deep 150bps reduction in the SBP benchmark discount rate from 12% to 10.5% in Aug 2012. The monetary easing followed on the heels of decling inflation, which has averaged 7.5% in FY13, as compared to 11% in the corresponding period In spite of ample selling the Fund’s exposure in Oil & Gas sector remained at 21% as compared to 19% last year. As anticipated last year, resolution last year. As a result further discount rate reductions were also witnessed during the year, with a cumulative cut of 300bps to 9.00%. The other key of the circular debt issue played a vital role in turning the fortune of the sector. Due to the poor cash flow situation and lack of dividend paying driving force to the bullish trend of the market was the restoration of the confidence of foreign investors. As per the Central Bank statistics, presently capacity, the stocks in the energy sector which were trading well below their intrinsic values last year, witnessed exceptional turnaround on the back foreigners hold nearly US$4bn worth of shares in Pakistan market, which is 30% of free-float (7% of market cap). On the back of historic political of improved cash flows, expectation of worthier payouts going forward and reduction in working capital requirements. transition and with a hope of change in political canvas, foreigners in FY13 invested US$567mn compared to an outflow of US$169 mn in FY12.

Exposure in the banking sector declined to 12% as compared to 16% last year. Besides reducing the exposure from the Fund the sector’s profitability During the last quarter KSE-100 witnessed phenomenal performance and recorded a gain of 16.4%. Smooth transition of power as a result of general remained muted, as aggressive monetary easing witnessed during later part of FY12 and early FY13 took its toll on Net Interest Income (NII) and kept elections held on May 11, 2013 and comfortable majority in the center by PML(N) lifted the confidence level of investors as the ruling party is

NATIONAL INVESTMENT (UNIT) TRUST NATIONAL INVESTMENT (UNIT) TRUST FUND MANAGER REPORT FUND MANAGER REPORT 2012-2013 2012-2013 generally perceived to instigate the economic reforms at a faster pace, with a commitment to resolve the long-standing circular debt issue and 177% YoY in income from operating activities. NI(U)T in line with its remarkable history of regularly paying cash dividends over the entire 51 years life attract foreign investment by speeding up the privatization process. The incoming government presented its first budget soon after taking charge. of the Trust, declared a cash dividend of Rs. 3.75 per unit for the year ended June 30, 2013. The payment of dividend @ Rs. 3.75 per unit involved The unveiled Federal Budget offers a fine balancing act between aspirations and realities and has come with its fair share of tough reforms including a total cash payout of Rs. 4,182 million among its unit holders. phasing out of subsidies and measures to broaden the tax base. As anticipated, the energy sector drew a considerable focus with commitment to erase inter-corporate debt within 60 days while rolling out a hefty increase in development expenditures. Overall, the KSE-100 rounded off FY13 with 52% gain YoY, making it one of the best performing stock markets in the region. WWF Disclosure:

As of 30th June 2013, the Scheme has maintained provisions against Workers’ Welfare Fund’s liability to the tune of Rs. 269.5 million, If the same Relative Performance of NAV vs. KSE 100 were not made, the NAV per unit/ year to date return of the Scheme would be higher by Rs. 0.24 / 0.9%. For details, investors are advised to read the latest Financial Statement of the Scheme.

Economic Review: 26,000 23,000 During FY2013, Pakistan’s economy faced myriad challenges on the external and internal front including large scale power shortages, internal 20,000 security hazards, continuing depreciation of Pak Rupee against the US Dollar and massive losses incurred by the public sector enterprises resulting 17,000 in unsustainably large fiscal deficits that were financed mainly through domestic debt. Due to the above factors coupled with the fact that this was an 14,000 election year with heightened uncertainty the GDP growth during the year was restricted to 3.6%, compared to the target of 4.3 %. This growth is a 11,000 18% drop compared to the previous fiscal year where the growth was recorded at 4.4%

Agriculture Sector accounts for 21.4% of the GDP and engages 45% of the country’s labor force. In FY 2012-13. The agriculture sector grew by 3.3%

09-Jul-12 as against 3.5% in the preceding year. The year-on-year decline is attributed to adverse unfavorable conditions that resulted in lower production of 23-Apr-13 13-Oct-12 18-Feb-13 17-Jan-13 26-Jun-13 22-Mar-13 11-Sep-12 16-Dec-12 14-Nov-12 10-Aug-12 25-May-13 our cash crops (cotton and rice). KSE-100 NAV OF NI(U)T The industrial sector grew by 3.5% compared to 2.7 % in the previous year, showing some improvement during FY12. In particular, the mining and construction sectors reflected a healthy growth of 7.6 % and 5.2 %, respectively, in comparison to growth rate of 4.6 % and 3.2 % during last year. During the period under review, the KSE-100 index increased by 52.2% whereas the NAV of your Fund increased by 58.4%, resulting into a robust Manufacturing sector which comprises of 13.2 % of the GDP has shown some recovery by achieving a growth rate of 3.5% against 2.1 % last year out performance of 6.20%. mainly on account of a tremendous growth of 8.2 % for small scale manufacturing.

The growth in services sector remained to 3.7% in FY13 in comparison with 5.3 % in FY12. Growth in the services sector remained subdued due to 10 Year Performance of Fund decline in growth rates of transport, storage and communication.

FY FY FY FY FY FY FY FY FY FY 10yr. According to provisional data of FBS, a slight improvement in the trade sector has been witnessed as the trade deficit reduced to USD 19.9 billion 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 Annualized during, FY13 as compared to USD 21.3 billion in the comparable period of FY12. During FY13, exports stood at USD 25 billion against 23.6 USD in Return FY12, while imports amounted to USD 44.9 billion, almost the same in the comparable period of FY12. NI(U)T (%) 60.74% 35.70% 28.20% 44.80% -5.76% -41.48% 17.92% 24.00% 7.57% 58.42% 18.71% Perhaps the consistently positive feature of the economy is a healthy increase in workers’ remittances since the past few years, which are estimated KSE 100 (%) 55.21% 41.08% 34.10% 37.90% -10.80% -41.72% 35.74% 28.54% 10.45% 52.20% 19.97% at USD 13.9 billion during FY13, reflecting nearly a 5.6% increase compared to the corresponding period.

Dividend Per Unit (Rs.) 2.55 3.3 5.80 6.20 6.50 3.25 2.25 4.00 3.50 3.75 On a positive note, inflation fell significantly and the annualized inflation rate measured in terms of Consumer Price Index (CPI) for 2012-13 averaged at 7.4% as against 11 % recorded in the same period of 2011-12. One of SBP’s primary challenges was to manage inflation rates and the average inflation of 7.4% in FY13 was around 200 bps lower than the target of 9.5%. This was one of the main factors in SBP adopting a monetary easing *Up till FY 07, returns are based on consolidated information of NI(U)T & LOC Funds. stance through the year.

During FY13, Foreign direct investment (FDI) increased by 76% in contrast to a decline of 50% during the same period last year. Portfolio investment Dividend declaration for the FY12-13: witnessed a sharp rise during FY13 as according to NCCPL figures net inflow of $567 million was recorded against a net outflow of $169 million during same period last year. The inflow of portfolio investment played a major role in driving the Pakistan stock market which witnessed a bullish During FY13, NI(U)T Fund realized capital gains of Rs. 4,448 million against Rs. 1,439 million in FY12, depicting a huge growth of over 209% YoY. trend during FY13. Pakistan’s overall external account would remain under pressure due to sizeable repayments especially to that of IMF, with more The dividend income earned by the Fund grew by 16.6% YoY and stood at Rs. 2,822 million as compared to Rs. 2,421 million in FY12. During FY than USD 3.0bn needs to be repaid during FY14. 13, the Fund registered a net income of Rs. 1,365 million translating into earning per unit of Rs. 1.22 compared to a net income of Rs. 4,508 million translating into an earning per unit of Rs. 3.29 last year. The accounting treatment of element of income which resulted due to huge redemptions impacted the earnings of the Fund negatively. Nevertheless, excluding the element of income, NIUT earned an income of Rs. 7,129 million (EPU of Rs. 6.39) during FY13 from its operating activities compared to Rs. 2,577 million (EPU of Rs. 1.88) during last year, showing a remarkable growth of

NATIONAL INVESTMENT (UNIT) TRUST FUND MANAGER REPORT 2012-2013 TRUSTEE REPORT

The Pakistan’s economy is facing lot of difficulties and there is plenty of room to improve governance in law and order, education and energy. The National Investment Trust Limited (NITL), the Management Company of National Investment (Unit) Trust, has in material government in its bid to diversify its energy mix must focus on providing incentives through policy frameworks with the collaboration of both local and foreign investors while offering them a level playing field. In a bid to attract foreign investors, the Board of Investment (BOI) recently launched respects managed NI(U)T during the period July 01, 2012 to June 30, 2013 in accordance with the provisions of the a new investment policy to provide more investment friendly environment to investors. Pakistan economy still has to come up a long way but on a comparative basis still allows a lot of freedom. With some immediate and long-term fixtures, the economy can be revived. Trust Deed dated November 12, 1962 amended by the Supplemental Trust Deeds dated June 26, 1968, June 07, 1981, (Economic data source: Economic Survey of Pakistan, FBS & SBP Website) November 27, 1998, November 12, 2002, December 31, 2003 and January 18, 2007, the Non-Banking Finance Companies Other Disclosures under NBFC Regulations 2008: (Establishment and Regulations) Rules, 2003 and the Non-Banking Finance Companies and Notified Entities Regulations, The Fund Manager hereby makes the following disclosures as required under the NBFC Regulations 2008; 2008. a. The Management Company or any of its delegates did not receive any soft commission (goods & services) from any of its brokers / dealers by virtue of transactions conducted by the Fund. b. There was no unit split undertaken during the year.

Sd/- Sd/-

Faisal Ahmed Topra Aamir Sattar SVP / Wing Head EVP / Divisional Head

For National Bank of Pakistan Dated July 19, 2013

NATIONAL INVESTMENT (UNIT) TRUST STATEMENT OF ASSETS AND LIABILITIES AUDITORS’ REPORT AS AT JUNE 30, 2013

INDEPENDENT AUDITORS’ REPORT TO THE UNIT HOLDERS Note 2013 2012 ------Rupees in '000------REPORT ON THE FINANCIAL STATEMENTS ASSETS

We have audited the accompanying financial statements of National Investment (Unit) Trust (here in after referred to as “The Fund”), which comprise Bank balances 4 3,643,410 3,400,060 the statement of assets and liabilities as at June 30, 2013, the related income statement, statement of comprehensive income, distribution statement, Investments 5 47,406,331 38,831,919 Loans and receivables 6 - - statement of movement in unit holders’ fund and cash flow statement for the year then ended, and a summary of significant accounting policies and Receivable against sale of investments 30,101 - other explanatory notes. Dividend and other receivables 7 44,783 39,793 Deposit with National Clearing Company of Pakistan Limited 2,500 2,500 Management Company’s responsibility for the financial statements Total assets 51,127,125 42,274,272

The Management Company of the Fund is responsible for the preparation and fair presentation of these financial statements in accordance with LIABILITIES approved accounting standards as applicable in Pakistan, and for such internal control as management determines is necessary to enable the preparation of financial Statements that are free from material misstatement, whether due to fraud or error. Short term finances 8 2,752,000 - Payable to National Investment Trust Limited - Management Company 9 320,944 119,985 Auditors’ responsibility Fee payable to Securities and Exchange Commission of Pakistan 10 39,261 35,365 Creditors, accrued and other liabilities 11 335,162 290,804 Dividend payable & unclaimed distribution 12 382,299 340,623 Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Total liabilities 3,829,666 786,777 International Standard on Auditing as applicable in Pakistan. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatements. NET ASSETS 47,297,459 41,487,495

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures Unit holders' fund (as per statement attached) 47,297,459 41,487,495 selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor consider internal control relevant to the entity’s preparation and fair presentation Contingencies and commitments 13 of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control . An audit also includes evaluating the appropriateness of accounting policies used and the (Number of units in '000) reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained sufficient and appropriate to provide a basis for our audit opinion. Number of units in issue 14 1,115,274 1,370,777

Opinion ------(Rupees)------Net asset value per unit 42.41 30.27 In our opinion, the financial statements give a true and fair view of the financial position of the Fund as at June 30, 2013, and of its financial performance, cash flows and transactions for the year then ended in accordance with approved accounting standards as applicable in Pakistan. The annexed notes from 1 to 29 and annexures 1 to 4 form an integral part of these financial statements.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

In our opinion, the financial statements have been prepared in all material respects in accordance with the relevant provisions of the Non-Banking Finance Companies and Notified Entities Regulations, 2008. For National Investment Trust Limited (Management Company)

Sd/- Sd/- Sd/- Sd/- Managing Director Director Director

A.F. Ferguson & Co. Sd/- Chartered Accountants E.V.P. / Divisional Head Engagement Partner: Rashid A. Jafer For National Bank of Pakistan (Trustee) Dated: August 06, 2013 Karachi

NATIONAL INVESTMENT (UNIT) TRUST NATIONAL INVESTMENT (UNIT) TRUST INCOME STATEMENT STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED JUNE 30, 2013 FOR THE YEAR ENDED JUNE 30, 2013

Note 2013 2012 Note 2013 2012 ------Rupees in '000------Rupees in '000------

INCOME Net income for the year after taxation 1,365,033 4,507,627 Dividend income 2,822,451 2,420,692 Capital gains 4,447,764 1,438,870 Other comprehensive income Income from government securities 55,368 102,729 Profit on bank deposits 85,768 215,838 Net unrealised appreciation on re-measurement of investments Income on issue and repurchase of units 36,946 27,759 classified as 'available for sale' 5.6 11,797,674 436,086 Other Income - 2,809 7,448,297 4,208,697 Total comprehensive income for the year 13,162,707 4,943,713 Unrealised appreciation / (diminution) on re-measurement of investments classified as financial assets at fair value through profit or loss - net 5.5 519,466 (28,318) The annexed notes from 1 to 29 and annexures 1 to 4 form an integral part of these financial statements. 7,967,763 4,180,379 EXPENSES Impairment loss on equity securities classified as 'available for sale' 5.8 193,641 1,127,875 Management participation fee 9.1 411,557 373,030 Sindh Sales tax on Management participation fee 65,849 59,685 Annual fee - Securities and Exchange Commission of Pakistan 10 39,261 35,365 For National Investment Trust Limited Custodian charges of Central Depository Company of Pakistan Limited 4,215 3,478 (Management Company) Settlement and bank charges 1,155 566 Financial charges 120,434 - Legal and professional charges 158 - Sd/- Sd/- Sd/- Printing and related costs 1,901 3,333 Managing Director Director Director Others 546 252 838,717 1,603,584 Sd/- Net income from operating activities 7,129,046 2,576,795 E.V.P. / Divisional Head For National Bank of Pakistan (Trustee) Element of income / (loss) and capital gains / (losses) included in price of units issued less those in units redeemed - net (5,736,155) 2,022,743 Provision for Workers' Welfare Fund 15 (27,858) (91,911)

Net income for the year before taxation 1,365,033 4,507,627 Taxation 16 - -

Net income for the year after taxation 1,365,033 4,507,627

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

Earnings per unit - basic and diluted 17 1.22 3.29

The annexed notes from 1 to 29 and annexures 1 to 4 form an integral part of these financial statements.

For National Investment Trust Limited (Management Company)

Sd/- Sd/- Sd/- Managing Director Director Director

Sd/- E.V.P. / Divisional Head For National Bank of Pakistan (Trustee)

NATIONAL INVESTMENT (UNIT) TRUST NATIONAL INVESTMENT (UNIT) TRUST DISTRIBUTION STATEMENT STATEMENT OF MOVEMENT IN UNIT HOLDERS’ FUND FOR THE YEAR ENDED JUNE 30, 2013 FOR THE YEAR ENDED JUNE 30, 2013

2013 2012 2013 2012 ------Rupees in '000------Rupees in '000------

Undistributed income brought forward 10,236,793 10,765,890 Net assets at the beginning of the year 41,487,495 40,464,551

Final distribution for the year ended June 30, 2012: Rs 3.50 Issue of 202,269,867 units (2012: 181,274,311 units) 7,596,007 5,323,861 per unit (2011: Rs. 4.00 per unit) (4,797,718) (5,036,724) Redemption of 507,971,513 units (2012: 139,553,942 units) (17,265,147) (4,159,143) (9,669,140) 1,164,718 Net income for the year after taxation 1,365,033 4,507,627 Issue of 50,198,900 units under Cumulative Investment Plan Undistributed income carried forward 6,804,108 10,236,793 (2012: 69,875,411 units) 1,377,960 1,973,980 33,196,315 43,603,249 The annexed notes from 1 to 29 and annexures 1 to 4 form an integral part of these financial statements. Element of (income) / loss and capital (gains) / losses included in prices of units issued less those in units redeemed - net 5,736,155 (2,022,743)

Net unrealised appreciation on re-measurement of investments For National Investment Trust Limited classified as 'available for sale ' 11,797,674 436,086 (Management Company) Capital gains 4,447,764 1,438,870 Sd/- Sd/- Sd/- Unrealised appreciation / (diminution) on re-measurement of Managing Director Director Director investments classified as financial assets 'at fair value through profit or loss' - net 519,466 (28,318) Sd/- Other net income for the year (3,602,197) 3,097,075 E.V.P. / Divisional Head For National Bank of Pakistan (Trustee) Final distribution for the year ended June 30, 2012: Rs 3.50 per unit (2011: Rs. 4.00 per unit) (4,797,718) (5,036,724) (3,432,685) (529,097)

Net assets at the end of the year 47,297,459 41,487,495

The annexed notes from 1 to 29 and annexures 1 to 4 form an integral part of these financial statements.

For National Investment Trust Limited (Management Company)

Sd/- Sd/- Sd/- Managing Director Director Director

Sd/- E.V.P. / Divisional Head For National Bank of Pakistan (Trustee)

NATIONAL INVESTMENT (UNIT) TRUST NATIONAL INVESTMENT (UNIT) TRUST CASH FLOW STATEMENT NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30, 2013 FOR THE YEAR ENDED JUNE 30, 2013

Note 2013 2012 1 LEGAL STATUS AND NATURE OF BUSINESS ------Rupees in '000------CASH FLOWS FROM OPERATING ACTIVITIES 1.1 The National Investment (Unit) Trust (NI(U)T), was established under a Trust Deed executed between National Investment Trust Limited (NITL) as Management Company and National Bank of Pakistan (NBP) as Trustee. The Trust Deed was executed on Net income before taxation 1,365,033 4,507,627 November 12, 1962, and was amended vide Supplemental Trust Deeds dated June 26, 1968, June 7, 1981, November 27, 1998, November 12, 2002, December 31, 2003 and January 18, 2007. The functions of the Fund are governed by the Trust Deed and the Adjustments: National Investment (Unit) Trust Ordinance, 1965. Unrealised (appreciation) / diminution on remeasurement of investments classified as financial assets at fair value through profit or loss - net (519,466) 28,318 1.2 The Management Company of the Fund has been classified as a Non-Banking Finance Company (NBFC) under the NBFC Rules, Element of (income) / loss and capital (gains) / losses included 2003 and has obtained the requisite license from the Securities and Exchange Commission of Pakistan (SECP) to undertake Asset in prices of units issued less those in units redeemed - net 5,736,155 (2,022,743) Management Services. The registered office of the Management Company is situated at 6th floor, National Bank of Pakistan Impairment loss on equity securities classified as 'available for sale' 193,641 1,127,875 Building I.I. Chundrigar Road, Karachi. Management participation fee 411,557 373,030 Sindh Sales tax on Management participation fee 65,849 59,685 1.3 The Privatisation Commission, Government of Pakistan had invited expressions of interest for the sale of the rights to manage the 7,252,769 4,073,792 Fund which exists solely with the Management Company, NITL. The Trustee, National Bank of Pakistan and the Management (Increase) / decrease in assets Company hold the rights and privileges of the Unit Holders to be paramount. Till date, the Privatisation Commission is engaged in Investments 3,549,087 (397,454) the process of privatisation. The Fund has been granted exemptions from application of certain provisions of the NBFC Rules and Receivable against sale of investments (30,101) 51,625 Notified Entities Regulations till privatisation. Dividend and other receivables (4,990) 12,274 3,513,996 (333,555) 1.4 The Fund is an open end mutual fund. Units are offered for public subscription on a continuous basis. The units are transferable Increase / (decrease) in liabilities and can be redeemed by surrendering them to the Fund. Payable to National Investment Trust Limited -Management Company 53,104 31,060 Fee payable to Securities and Exchange Commission of Pakistan 3,896 2,345 1.5 Pakistan Credit Rating Agency Limited (PACRA) has assigned "2-star" rating based on the performance during the twelve months Creditors, accrued and other liabilities 44,358 116,900 ended June 30, 2012 and "2-star" long term rating based on the performance during the thirty six months ended June 30, 2012. 101,358 150,305 Management Participation fee paid (472,143) (423,298) PACRA has assigned an asset manager rating of " AM2- " to the Management Company. Net cash generated from operating activities 10,395,980 3,467,244 2 BASIS OF PREPARATION

CASH FLOWS FROM FINANCING ACTIVITIES 2.1 Statement of compliance

Net receipts from sales of units (9,526,548) 973,438 These financial statements have been prepared in accordance with approved accounting standards as applicable in Pakistan. Dividend paid (3,378,082) (3,029,299) Approved accounting standards comprise of such International Financial Reporting Standards (IFRS) issued by the International Net cash used in financing activities (12,904,630) (2,055,861) Accounting Standards Board as are notified under the Companies Ordinance, 1984, the requirements of the Trust Deed, the Non- Banking Finance Companies (Establishment and Regulation) Rules, 2003 (the NBFC Rules), the Non-Banking Finance Companies Net (decrease) / increase in cash and cash equivalents during the year (2,508,650) 1,411,383 and Notified Entities Regulations, 2008 (the NBFC Regulations) and directives issued by the Securities and Exchange Commission Cash and cash equivalents at the beginning of the year 3,400,060 1,988,677 of Pakistan (SECP). Wherever the requirements of the Trust Deed, the NBFC Rules, the NBFC Regulations or directives issued by the SECP differ with the requirements of IFRS, the requirements of the Trust Deed, the NBFC Rules, the NBFC Regulations or the Cash and cash equivalents as at the end of the year 891,410 3,400,060 directives issued by the SECP prevail.

Cash and cash equivalents as at the end of the period 2.2 Standards, interpretations and amendments to published approved accounting standards that are effective in the current Bank balances 4 3,643,410 3,400,060 year: Short-term finances 8 (2,752,000) - 891,410 3,400,060 The following amendments to approved accounting standards have been published and are mandatory for the Fund's period beginning July 1, 2012 : The annexed notes from 1 to 29 and annexures 1 to 4 form an integral part of these financial statements. - IAS 1, 'Financial statement presentation'. The main change resulting from these amendments is a requirement for entities to group items presented in 'other comprehensive income' (OCI) on the basis of whether they are potentially reclassifiable to profit or loss subsequently (reclassification adjustments). The amendments do not address which items are presented in OCI. The amendment does not have any effect on the Fund's financial statements. For National Investment Trust Limited (Management Company) There are other new and amended standards and interpretations that are mandatory for accounting periods beginning July 1, 2012 but are considered not to be relevant or do not have any significant effect on the Fund's operations and are therefore not detailed in Sd/- Sd/- Sd/- these financial statements. Managing Director Director Director 2.3 Standards, interpretations and amendments to published approved accounting standards that are not yet effective:

Sd/- There are certain new and amended standards and interpretations that are mandatory for accounting periods beginning on or after E.V.P. / Divisional Head July 1, 2013 but are considered not to be relevant or do not have any significant effect on the Fund's operations and are therefore For National Bank of Pakistan (Trustee) not detailed in these financial statements. 2.4 Critical accounting estimates and judgments

Corporate Fund Manager Trustee Auditor Financial Notes Movement in Portfolio Performance CorporateTheFundpreparation Manager ofTrusteefinancialAuditorstatementsFinancialin NotesconformityMovementwith inapproved Portfolio accountingPerformance standards requires theAnnualuse of Reportcertain 2013critical accounting estimates. It also requires the management to exercise its judgment in the process of applying the Fund's accounting policies. Estimates and judgments are continually evaluated and are based on historical experience, including expectations of future events that are believed to be reasonable under the circumstances. The areas where various assumptions and estimates are significant to the Fund's financial statements or where judgment was exercised in application of accounting policies principally relate to classification and valuation of investments (note 3.1 and note 5).

2.5 Accounting convention

These financial statements have been prepared under the historical cost convention except that certain investments have been carried at fair value.

2.6 Functional and presentation currency

These financial statements are presented in Pak Rupees, which is the Fund's functional and presentation currency. 1 LEGAL STATUS AND NATURE OF BUSINESS

1.1 The National Investment (Unit) Trust (NI(U)T), was established under a Trust Deed executed between National Investment Trust Limited (NITL) as Management Company and National Bank of Pakistan (NBP) as Trustee. The Trust Deed was executed on November 12, 1962, and was amended vide Supplemental Trust Deeds dated June 26, 1968, June 7, 1981, November 27, 1998, November 12, 2002, December 31, 2003 and January 18, 2007. The functions of the Fund are governed by the Trust Deed and the National Investment (Unit) Trust Ordinance, 1965.

1.2 The Management Company of the Fund has been classified as a Non-Banking Finance Company (NBFC) under the NBFC Rules, 2003 and has obtained the requisite license from the Securities and Exchange Commission of Pakistan (SECP) to undertake Asset Management Services. The registered office of the Management Company is situated at 6th floor, National Bank of Pakistan Building I.I. Chundrigar Road, Karachi.

1.3 The Privatisation Commission, Government of Pakistan had invited expressions of interest for the sale of the rights to manage the Fund which exists solely with the Management Company, NITL. The Trustee, National Bank of Pakistan and the Management Company hold the rights and privileges of the Unit Holders to be paramount. Till date, the Privatisation Commission is engaged in the process of privatisation. The Fund has been granted exemptions from application of certain provisions of the NBFC Rules and Notified Entities Regulations till privatisation. 3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 1.4 The Fund is an open end mutual fund. Units are offered for public subscription on a continuous basis. The units are transferable and can be redeemed by surrendering them to the Fund. The principal accounting policies applied in preparation of these financial statements are set out below. These policies have been consistently applied unless otherwise stated. 1.5 Pakistan Credit Rating Agency Limited (PACRA) has assigned "2-star" rating based on the performance during the twelve months ended June 30, 2012 and "2-star" long term rating based on the performance during the thirty six months ended June 30, 2012. 3.1 TheYieldChargeCapitalMarketTheseTheCreditConcentratrationsLiquidityMRORFinancialConnectedYieldCorrespondingThe investment riskConnected FundBoardincomeFundfeeThePakistan significant Fund financial riskriskgains/(losses) for isof totalrisk risk is assetsisthe ofcurrentarisingparty Investmentiscarries is alsotax exempt theadviserIndustrialDirectorstheisauthorisedrisk person statements figuresassessment the exemptincludesthe risk riskprior riskoffromtaxation5,380,000 risk fromcredit arisingthatriskdeclinemanagesthat / ofAdviserhave relatedofCredit theyear's fromthat number thePICICdeclinethatwerethe tax isofrisk inability beenon aninshares valuebased the valueInvestment the partymarketandunder an hasfiguresauthorisedsaleearnings enterpriseexist Asset of provisions rearranged,Fund in enterpriseInvestment ofbeencertificateson of transactionsof earningsclause whenariskChairman financialinvestmentstaxable NationalManagementthefinancialhave whichduedetermined Adviser forwillby counterparties changes99 of tobeen monitoring issue willwhereverincome,Corporation dueare sectionencounter ofadverseRefineryinstrumenthave instrumentsinstrumentare in 283,500,000encounterpartfinalized aretoon stated Companyatits in beenadverse July113includedif 1themovementsmeetingnecessary, economic Limitedany exposuredifficultyof toon (minimum willLimitedrate29, willupmay reclassifiedSecond meetatcommercialdifficulty fluctuatesbeing 2006 tomovementsfluctuate(2005:ofin the (NRL)heldfluctuate the thetwo or ontheinforcurrent (PICIC)of bySchedule the onIncome industryincometax)raisingmarketable 157,500,000)the underpercenttermsinthe dueJulyinvestment as consequenttermsasraisingpurposesunderyield Boardrates aofheld toa Investments funds29,ofyearstatement result ofresultfactorsperchangesthe andcurve.fortheclause 200615,077,358theofsecurities funds 2005, annumyield totaxationconditions. ofwithadviserDirectors Fund'sof Income meetsimilarlycomparison. Interestchangesapprovedupon 11changes in in excepttoacurve. – theofmarket par bycommitmentsHeld financialofmeet after Partcertificates thecertainTaxperiod of valuethe ratefollowing affect infor Interestthea foraverage IVtaking interestcommitmentsOrdinance, marketFund,final riskthe Trading,Investmentofinof instrumentDirectorgroupschanges Rs.whichincometheis cash intoof Pakistan internal rateannualassociatedrates.thepriceprice. 10/-SecondRs.10/- dividendaccount as ofrisktheyrisk2001, yearper ofAdviser.indetailed net risk Industrialthatsecurit arise.isSchedulecertificate.currenteach 2003 subjectwithassets anythe manageme @the inas ies 10%riskavailable fiwhich value note nancialatof year'sCreditduetoof Junethat (i.e. thet 4 heofnttois TheYieldChargeCapitalMarketTheseTheCreditConcentratrationsLiquidityMRORConnectedYieldCorrespondingThe investment riskConnected FundBoardincomeFundfeeThePakistan significant Fund financial riskriskgains/(losses) for isof totalrisk risk is isthe ofcurrentarisingparty Investmentiscarries is alsotax exempt theadviserIndustrialDirectorstheisauthorisedrisk person statements figuresassessment the exemptincludesthe risk riskprior riskoffromtaxation5,380,000 risk fromcredit arisingthatriskdeclinemanagesthat / ofAdviserhave relatedofCredit theyear's fromthat number thePICICdeclinethatwerethe tax isofrisk inability beenon aninshares valuebased the valueInvestment the partymarketandunder an hasfiguresauthorisedsaleearnings enterpriseexist Asset of provisions rearranged,Fund in enterpriseInvestment ofbeencertificateson of transactionsof earningsclause whenariskChairman financialinvestmentstaxable NationalManagementthefinancialhave whichduedetermined Adviser forwillby counterparties changes99 of tobeen monitoring issue willwhereverincome,Corporation dueare sectionencounter ofadverseRefineryinstrumenthave instrumentsinstrumentare in 283,500,000encounterpartfinalized aretoon stated Companyatits in beenadverse July113includedif 1themovementsmeetingnecessary, economic Limitedany exposuredifficultyof toon (minimum willLimitedrate29, willupmay reclassifiedSecond meetatcommercialdifficulty fluctuatesbeing 2006 tomovementsfluctuate(2005:ofin the (NRL)heldfluctuate the thetwo or ontheinforcurrent (PICIC)of bySchedule the onIncome industryincometax)raisingmarketable 157,500,000)the underpercenttermsinthe dueJulyinvestment as consequenttermsasraisingpurposesunderyield Boardrates aofheld toa Investments funds29,ofyearstatement result ofresultfactorsperchangesthe andcurve.fortheclause 200615,077,358theofsecurities funds 2005, annumyield totaxationconditions. ofwithadviserDirectors Fund'sof Income meetsimilarlycomparison. Interestchangesapprovedupon 11changes in in excepttoacurve. – theofmarket par bycommitmentsHeld financialofmeet after Partcertificates thecertainTaxperiod of valuethe ratefollowing affect infor Interestthea foraverage IVtaking interestcommitmentsOrdinance, marketFund,final riskthe Trading,Investmentofinof instrumentDirectorgroupschanges Rs.whichincometheis cash intoof Pakistan internal rateannualassociatedrates.thepriceprice. 10/-SecondRs.10/- dividendaccount as ofrisktheyrisk2001, yearper ofAdviser.indetailed net risk Industrialthatsecurit arise.isSchedulecertificate.currenteach 2003 subjectwithassets anythe manageme @the inas ies 10%riskavailable fiwhich value note nancialatof year'sCreditduetoof Junethat (i.e. thet 4 heofnttois PACRA has assigned an asset manager rating of " AM2- " to the Management Company. 3.1.1 Classification

2 BASIS OF PREPARATION The Fund classifies its financial assets in the following categories: loans and receivables, at fair value through profit or loss, available for sale and held to maturity. The classification depends on the purpose for which the financial assets were acquired. 2.1 Statement of compliance Management determines the classification of its financial assets at initial recognition. These financial statements have been prepared in accordance with approved accounting standards as applicable in Pakistan. a) Loans and receivables Approved accounting standards comprise of such International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board as are notified under the Companies Ordinance, 1984, the requirements of the Trust Deed, the Non- These are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Banking Finance Companies (Establishment and Regulation) Rules, 2003 (the NBFC Rules), the Non-Banking Finance Companies and Notified Entities Regulations, 2008 (the NBFC Regulations) and directives issued by the Securities and Exchange Commission b) Financial assets at fair value through profit or loss of Pakistan (SECP). Wherever the requirements of the Trust Deed, the NBFC Rules, the NBFC Regulations or directives issued by the SECP differ with the requirements of IFRS, the requirements of the Trust Deed, the NBFC Rules, the NBFC Regulations or the Financial assets that are acquired principally for the purpose of generating profit from short-term fluctuations in prices are classified directives issued by the SECP prevail. as held for trading in the 'Financial assets at fair value through profit or loss' category.

2.2 Standards, interpretations and amendments to published approved accounting standards that are effective in the current c) Held to maturity year: These are securities with fixed or determinable payments and fixed maturity that the Fund has the positive intent and ability to hold The following amendments to approved accounting standards have been published and are mandatory for the Fund's period to maturity. beginning July 1, 2012 : d) Available for sale - IAS 1, 'Financial statement presentation'. The main change resulting from these amendments is a requirement for entities to group items presented in 'other comprehensive income' (OCI) on the basis of whether they are potentially reclassifiable to Available for sale financial assets are those non-derivative financial assets that are designated as available for sale or are not profit or loss subsequently (reclassification adjustments). The amendments do not address which items are presented in OCI. classified as (a) loans and receivables, (b) held to maturity investments or (c) financial assets at fair value through profit or loss. 36 The amendment does not have any effect on the Fund's financial statements. 3.1.2 Regular way contracts 37 There are other new and amended standards and interpretations that are mandatory for accounting periods beginning July 1, 2012 but are considered not to be relevant or do not have any significant effect on the Fund's operations and are therefore not detailed in Regular purchases and sales of financial assets are recognised on the trade date - the date on which the Fund commits to NATIONALthese financial INVESTMENT statements. (UNIT) TRUST NATIONALpurchase or INVESTMENTsell the asset. (UNIT) TRUST NOTES2.3 Standards, TO AND interpretations FORMING and amendments PART to OF published THE approved FINANCIAL accounting STATEMENTSstandards that are not yet effective: NOTES3.1.3 Initial TO recognition AND and FORMING measurement PART OF THE FINANCIAL STATEMENTS FOR THEThere areYEARcertain ENDEDnew and amended JUNEstandards 30, 2013and interpretations that are mandatory for accounting periods beginning on or after FOR FinancialTHE YEARassets areENDEDinitially recognised JUNE 30,at fair 2013value plus transaction costs except for financial assets carried at fair value through July 1, 2013 but are considered not to be relevant or do not have any significant effect on the Fund's operations and are therefore profit or loss. Financial assets carried at fair value through profit or loss are initially recognised at fair value and transaction costs not detailed in these financial statements. are expensed in the income statement.

2.4 Critical accounting estimates and judgments 3.1.4 Subsequent measurement

The preparation of financial statements in conformity with approved accounting standards requires the use of certain critical Subsequent to initial recognition, financial assets designated by the management as at fair value through profit or loss and available accounting estimates. It also requires the management to exercise its judgment in the process of applying the Fund's accounting for sale are valued as follows: policies. Estimates and judgments are continually evaluated and are based on historical experience, including expectations of future events that are believed to be reasonable under the circumstances. The areas where various assumptions and estimates are a) Basis of valuation of equity securities / units of mutual funds significant to the Fund's financial statements or where judgment was exercised in application of accounting policies principally relate The investment of the Fund in equity securities is valued on the basis of closing quoted market prices available at the stock to classification and valuation of investments (note 3.1 and note 5). exchange.

2.5 Accounting convention Mutual funds units are valued by reference to the net asset values (redemption prices) declared by the respective funds.

These financial statements have been prepared under the historical cost convention except that certain investments have been Investments in unquoted equity securities are carried at lower of investment price or their breakup value as per latest audited carried at fair value. accounts.

2.6 Functional and presentation currency b) Basis of valuation of government securities The investment of the Fund in government securities is valued on the basis of rates announced by the Financial Markets These financial statements are presented in Pak Rupees, which is the Fund's functional and presentation currency. Association of Pakistan.

3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Net gains and losses arising from changes in the fair value of financial assets carried at fair value through profit or loss are taken to the 'income statement'. The principal accounting policies applied in preparation of these financial statements are set out below. These policies have been consistently applied unless otherwise stated. Net gains and losses arising from changes in fair value of available for sale financial assets are taken to the 'statement of comprehensive income' until these are derecognised or impaired. At this time, the cumulative gain or loss previously recognised 3.1 TheYieldChargeCapitalMarketTheseTheCreditConcentratrationsLiquidityMRORFinancialConnectedYieldCorrespondingThe investment riskConnected FundBoardincomeFundfeeThePakistan significant Fund financial riskriskgains/(losses) for isof totalrisk risk is assetsisthe ofcurrentarisingparty Investmentiscarries is alsotax exempt theadviserIndustrialDirectorstheisauthorisedrisk person statements figuresassessment the exemptincludesthe risk riskprior riskoffromtaxation5,380,000 risk fromcredit arisingthatriskdeclinemanagesthat / ofAdviserhave relatedofCredit theyear's fromthat number thePICICdeclinethatwerethe tax isofrisk inability beenon aninshares valuebased the valueInvestment the partymarketandunder an hasfiguresauthorisedsaleearnings enterpriseexist Asset of provisions rearranged,Fund in enterpriseInvestment ofbeencertificateson of transactionsof earningsclause whenariskChairman financialinvestmentstaxable NationalManagementthefinancialhave whichduedetermined Adviser forwillby counterparties changes99 of tobeen monitoring issue willwhereverincome,Corporation dueare sectionencounter ofadverseRefineryinstrumenthave instrumentsinstrumentare in 283,500,000encounterpartfinalized aretoon stated Companyatits in beenadverse July113includedif 1themovementsmeetingnecessary, economic Limitedany exposuredifficultyof toon (minimum willLimitedrate29, willupmay reclassifiedSecond meetatcommercialdifficulty fluctuatesbeing 2006 tomovementsfluctuate(2005:ofin the (NRL)heldfluctuate the thetwo or ontheinforcurrent (PICIC)of bySchedule the onIncome industryincometax)raisingmarketable 157,500,000)the underpercenttermsinthe dueJulyinvestment as consequenttermsasraisingpurposesunderyield Boardrates aofheld toa Investments funds29,ofyearstatement result ofresultfactorsperchangesthe andcurve.fortheclause 200615,077,358theofsecurities funds 2005, annumyield totaxationconditions. ofwithadviserDirectors Fund'sof Income meetsimilarlycomparison. Interestchangesapprovedupon 11changes in in excepttoacurve. – theofmarket par bycommitmentsHeld financialofmeet after Partcertificates thecertainTaxperiod of valuethe ratefollowing affect infor Interestthea foraverage IVtaking interestcommitmentsOrdinance, marketFund,final riskthe Trading,Investmentofinof instrumentDirectorgroupschanges Rs.whichincometheis cash intoof Pakistan internal rateannualassociatedrates.thepriceprice. 10/-SecondRs.10/- dividendaccount as ofrisktheyrisk2001, yearper ofAdviser.indetailed net risk Industrialthatsecurit arise.isSchedulecertificate.currenteach 2003 subjectwithassets anythe manageme @the inas ies 10%riskavailable fiwhich value note nancialatof year'sCreditduetoof Junethat (i.e. thet 4 heofnttois directly in the 'statement of comprehensive income' is transferred to the 'income statement'. TheYieldChargeCapitalMarketTheseTheCreditConcentratrationsLiquidityMRORConnectedYieldCorrespondingThe investment riskConnected FundBoardincomeFundfeeThePakistan significant Fund financial riskriskgains/(losses) for isof totalrisk risk is isthe ofcurrentarisingparty Investmentiscarries is alsotax exempt theadviserIndustrialDirectorstheisauthorisedrisk person statements figuresassessment the exemptincludesthe risk riskprior riskoffromtaxation5,380,000 risk fromcredit arisingthatriskdeclinemanagesthat / ofAdviserhave relatedofCredit theyear's fromthat number thePICICdeclinethatwerethe tax isofrisk inability beenon aninshares valuebased the valueInvestment the partymarketandunder an hasfiguresauthorisedsaleearnings enterpriseexist Asset of provisions rearranged,Fund in enterpriseInvestment ofbeencertificateson of transactionsof earningsclause whenariskChairman financialinvestmentstaxable NationalManagementthefinancialhave whichduedetermined Adviser forwillby counterparties changes99 of tobeen monitoring issue willwhereverincome,Corporation dueare sectionencounter ofadverseRefineryinstrumenthave instrumentsinstrumentare in 283,500,000encounterpartfinalized aretoon stated Companyatits in beenadverse July113includedif 1themovementsmeetingnecessary, economic Limitedany exposuredifficultyof toon (minimum willLimitedrate29, willupmay reclassifiedSecond meetatcommercialdifficulty fluctuatesbeing 2006 tomovementsfluctuate(2005:ofin the (NRL)heldfluctuate the thetwo or ontheinforcurrent (PICIC)of bySchedule the onIncome industryincometax)raisingmarketable 157,500,000)the underpercenttermsinthe dueJulyinvestment as consequenttermsasraisingpurposesunderyield Boardrates aofheld toa Investments funds29,ofyearstatement result ofresultfactorsperchangesthe andcurve.fortheclause 200615,077,358theofsecurities funds 2005, annumyield totaxationconditions. ofwithadviserDirectors Fund'sof Income meetsimilarlycomparison. Interestchangesapprovedupon 11changes in in excepttoacurve. – theofmarket par bycommitmentsHeld financialofmeet after Partcertificates thecertainTaxperiod of valuethe ratefollowing affect infor Interestthea foraverage IVtaking interestcommitmentsOrdinance, marketFund,final riskthe Trading,Investmentofinof instrumentDirectorgroupschanges Rs.whichincometheis cash intoof Pakistan internal rateannualassociatedrates.thepriceprice. 10/-SecondRs.10/- dividendaccount as ofrisktheyrisk2001, yearper ofAdviser.indetailed net risk Industrialthatsecurit arise.isSchedulecertificate.currenteach 2003 subjectwithassets anythe manageme @the inas ies 10%riskavailable fiwhich value note nancialatof year'sCreditduetoof Junethat (i.e. thet 4 heofnttois 3.1.1 Classification Subsequent to initial recognition financial assets classified as 'Loans and receivables' and 'Held to maturity' are carried at amortised cost using the effective interest method. The Fund classifies its financial assets in the following categories: loans and receivables, at fair value through profit or loss, available for sale and held to maturity. The classification depends on the purpose for which the financial assets were acquired. Gain or loss is also recognised in the 'income statement' when financial assets carried at amortised cost are derecognised or Management determines the classification of its financial assets at initial recognition. impaired, and through the amortisation process.

a) Loans and receivables 3.1.5 Impairment

These are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. The Fund assesses at each reporting date whether there is objective evidence that the financial asset or a group of financial assets is impaired. In case of equity securities classified as available for sale, a significant or prolonged decline in the fair value of the b) Financial assets at fair value through profit or loss security below its cost is considered, among other indicators, as an indicator that the securities are impaired. If any such evidence exists for available for sale financial assets, the cumulative loss measured as the difference between the acquisition cost and the Financial assets that are acquired principally for the purpose of generating profit from short-term fluctuations in prices are classified current fair value, less any impairment loss on that financial asset previously recognised in income statement is reclassified from as held for trading in the 'Financial assets at fair value through profit or loss' category. unit holders' fund to 'income statement'. Impairment losses recognised on equity instruments are not reversed through the income statement. c) Held to maturity For financial assets classified as 'loans and receivables' and 'held to maturity', a provision for impairment is established when there is objective evidence that the Fund will not be able to collect all amounts due according to the original terms. The amount of the These are securities with fixed or determinable payments and fixed maturity that the Fund has the positive intent and ability to hold provision is determined based on the provisioning criteria specified by SECP. to maturity. 3.1.6 Derecognition d) Available for sale Financial assets are derecognised when the rights to receive cash flows from the investments have expired or have been Available for sale financial assets are those non-derivative financial assets that are designated as available for sale or are not transferred and the Fund has transferred substantially all risks and rewards of ownership. classified as (a) loans and receivables, (b) held to maturity investments or (c) financial assets at fair value through profit or loss. 3.1.7 Offsetting of financial assets and liabilities 3.1.2 Regular way contracts Financial assets and financial liabilities are offset and the net amount is reported in the Statement of Assets and Liabilities when Regular purchases and sales of financial assets are recognised on the trade date - the date on which the Fund commits to there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis, or realise the purchase or sell the asset. assets and settle the liabilities simultaneously. 3.2 Cash and cash equivalents 3.1.3 Initial recognition and measurement

Financial assets are initially recognised at fair value plus transaction costs except for financial assets carried at fair value through Cash and cash equivalents include stamps in hand, deposits with banks and other short term highly liquid investments with original profit or loss. Financial assets carried at fair value through profit or loss are initially recognised at fair value and transaction costs maturities of three months or less and which are subject to insignificant changes in value, net of short-term finances. are expensed in the income statement. 3.3 Derivatives 3.1.4 Subsequent measurement Derivative instruments are initially recognised at fair value and subsequent to initial measurement each derivative instrument is Subsequent to initial recognition, financial assets designated by the management as at fair value through profit or loss and available remeasured to its fair value and the resultant gain or loss is recognised in the income statement. Annual Report 2013 Corporatefor saleFund areManager valuedTrustee as follows:Auditor Financial Notes Movement in Portfolio Performance Corporate Fund Manager Trustee Auditor Financial Notes Movement in Portfolio Performance 3.4 Financial liabilities a) Basis of valuation of equity securities / units of mutual funds All financial liabilities are recognised at the time when the Fund becomes a party to the contractual provisions of the instrument. The investment of the Fund in equity securities is valued on the basis of closing quoted market prices available at the stock They are initially recognised at fair value and subsequently stated at amortised cost. exchange.

Mutual funds units are valued by reference to the net asset values (redemption prices) declared by the respective funds. A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expired.

Investments in unquoted equity securities are carried at lower of investment price or their breakup value as per latest audited 3.5 Provisions accounts. Provisions are recognised when the Fund has a present legal or constructive obligation as a result of past events, it is probable that b) Basis of valuation of government securities an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate of the amount of obligation can be made. Provisions are regularly reviewed and adjusted to reflect the current best estimate. The investment of the Fund in government securities is valued on the basis of rates announced by the Financial Markets Association of Pakistan. 3.6 Taxation

Net gains and losses arising from changes in the fair value of financial assets carried at fair value through profit or loss are taken to The income of the Fund is exempt from income tax under clause 99 of Part I of the Second Schedule to the Income Tax Ordinance, the 'income statement'. 2001 subject to the condition that not less than ninety percent of its accounting income for the year, as reduced by capital gains, whether realised or unrealised, is distributed amongst the unit holders. Net gains and losses arising from changes in fair value of available for sale financial assets are taken to the 'statement of comprehensive income' until these are derecognised or impaired. At this time, the cumulative gain or loss previously recognised The Fund is also exempt from the the Provisions of Section 113 (minimum tax) under clause 11A of Part IV of the Second Schedule directly in the 'statement of comprehensive income' is transferred to the 'income statement'. to the Income Tax Ordinance, 2001. Subsequent to initial recognition financial assets classified as 'Loans and receivables' and 'Held to maturity' are carried at amortised cost using the effective interest method. The Fund provides for deferred taxation using the balance sheet liability method on all major temporary differences between the amounts used for financial reporting purposes and amounts used for taxation purposes. In addition, the Fund also records deferred Gain or loss is also recognised in the 'income statement' when financial assets carried at amortised cost are derecognised or tax asset on unutilised tax losses to the extent that it is no longer probable that the related tax benefit will be realised. However, the impaired, and through the amortisation process. Fund has not recognised any amount in respect of deferred tax in these financial statements as the Fund intends to continue availing the tax exemption in future years by distributing at least ninety percent of its accounting income for the year as reduced by capital gains, whether realised or unrealised, to its unit holders every year.

3.7 Issue and redemption of units

Units issued are recorded at the offer price, determined by the Management Company for the applications received by the distributors during business hours on that date. The offer price represents the net asset value per unit as of the close of the business day plus the allowable sales load, provision for transaction costs and any provision for duties and charges, if applicable. The sales load is payable to the investment facilitators, distributors and the Management Company. Transaction costs are recorded as the income of the Fund.

Units redeemed are recorded at the redemption price, applicable to units for which the distributors receive redemption requests during business hours of that day. The redemption price represents the net asset value per unit as of the close of the business day less any back-end load, any duties, taxes, charges on redemption and any provision for transaction costs, if applicable. 3.1.5 Impairment

The Fund assesses at each reporting date whether there is objective evidence that the financial asset or a group of financial assets is impaired. In case of equity securities classified as available for sale, a significant or prolonged decline in the fair value of the security below its cost is considered, among other indicators, as an indicator that the securities are impaired. If any such evidence exists for available for sale financial assets, the cumulative loss measured as the difference between the acquisition cost and the current fair value, less any impairment loss on that financial asset previously recognised in income statement is reclassified from unit holders' fund to 'income statement'. Impairment losses recognised on equity instruments are not reversed through the income statement.

For financial assets classified as 'loans and receivables' and 'held to maturity', a provision for impairment is established when there is objective evidence that the Fund will not be able to collect all amounts due according to the original terms. The amount of the provision is determined based on the provisioning criteria specified by SECP.

3.1.6 Derecognition

Financial assets are derecognised when the rights to receive cash flows from the investments have expired or have been 3.8 Proposed distributions transferred and the Fund has transferred substantially all risks and rewards of ownership. 38 Distributions declared subsequent to the year end reporting date are considered as non-adjusting events and are recognised in the 39 3.1.7 Offsetting of financial assets and liabilities financial statements of the period in which such distributions are declared. Financial assets and financial liabilities are offset and the net amount is reported in the Statement of Assets and Liabilities when NATIONALthere is a legally INVESTMENTenforceable right to set(UNIT)off the recognised TRUSTamounts and there is an intention to settle on a net basis, or realise the NATIONAL3.9 Element of incomeINVESTMENT / (loss) and capital (UNIT) gains / (losses) TRUST included in prices of units issued less those in units redeemed assets and settle the liabilities simultaneously. An equalisation account called the "element of income / (loss) and capital gains / (losses) included in prices of units issued less NOTES3.2 Cash TOand cashAND equivalents FORMING PART OF THE FINANCIAL STATEMENTS NOTESthose TOin units ANDredeemed" FORMINGis created, in PARTorder to preventOF THEthe dilution FINANCIALof per unit income STATEMENTSand distribution of income already paid out on redemption. FOR CashTHEand YEARcash equivalents ENDEDinclude JUNEstamps 30,in 2013hand, deposits with banks and other short term highly liquid investments with original FOR THE YEAR ENDED JUNE 30, 2013 maturities of three months or less and which are subject to insignificant changes in value, net of short-term finances. The "element of income/ (loss) and capital gains/ (losses) in prices of units issued less those in units redeemed " account is credited with the amount representing net income/ (loss) and capital gains/ (losses) accounted for in the net asset value and 3.3 Derivatives included in the sale proceeds of units. Upon redemption of units, the "element of income/ (loss) and capital gains/ (losses) in prices of units issued less those in units redeemed" account is debited with the amount representing net income/ (loss) and capital gains/ Derivative instruments are initially recognised at fair value and subsequent to initial measurement each derivative instrument is (losses) accounted for in the net asset value and included in the redemption price. remeasured to its fair value and the resultant gain or loss is recognised in the income statement. The net "element of income/ (loss) and capital gains/ (losses) in prices of units issued less those in units redeemed" during an 3.4 Financial liabilities accounting period is transferred to the 'income statement'.

All financial liabilities are recognised at the time when the Fund becomes a party to the contractual provisions of the instrument. 3.10 Borrowing costs They are initially recognised at fair value and subsequently stated at amortised cost. Borrowings costs directly attributable to the acquisition of qualifying assets (one that takes substantial period of time to get ready for A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expired. use or sale) are capitalised as part of the cost of the asset. Other borrowing costs are taken to the income statement in the period in which they are incurred. Currently the Fund does not have any qualifying assets. 3.5 Provisions 3.11 Revenue recognition Provisions are recognised when the Fund has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate of the amount - Realised capital gains / (losses) arising on sale of investments are included in the Income Statement on the date at which the of obligation can be made. Provisions are regularly reviewed and adjusted to reflect the current best estimate. transaction takes place.

3.6 Taxation - Unrealised capital gains / (losses) arising on marking to market of investments classified as 'Financial assets at fair value through profit or loss' are included in the Income Statement in the period in which they arise. The income of the Fund is exempt from income tax under clause 99 of Part I of the Second Schedule to the Income Tax Ordinance, 2001 subject to the condition that not less than ninety percent of its accounting income for the year, as reduced by capital gains, - Income from investment in morabaha arrangements, term finance certificates and other redeemable capital is recognised on whether realised or unrealised, is distributed amongst the unit holders. an accrual basis, except where recovery is doubtful, in which case it is credited to the suspense account.

The Fund is also exempt from the the Provisions of Section 113 (minimum tax) under clause 11A of Part IV of the Second Schedule - Dividend income is recognised when the right to receive the dividend is established. to the Income Tax Ordinance, 2001. - Income on government securities, bank deposits and placements is recognised on an accrual basis. The Fund provides for deferred taxation using the balance sheet liability method on all major temporary differences between the amounts used for financial reporting purposes and amounts used for taxation purposes. In addition, the Fund also records deferred - Income on issue and repurchase of units is recognised when the units are issued and redeemed at the transaction date. tax asset on unutilised tax losses to the extent that it is no longer probable that the related tax benefit will be realised. However, the Fund has not recognised any amount in respect of deferred tax in these financial statements as the Fund intends to continue 3.12 Net asset value per unit availing the tax exemption in future years by distributing at least ninety percent of its accounting income for the year as reduced by capital gains, whether realised or unrealised, to its unit holders every year. The net asset value (NAV) per unit, as disclosed on the Statement of Assets and Liabilities, is calculated by dividing the net assets of the Fund by the number of units in issue at the year end. 3.7 Issue and redemption of units 3.13 Earnings per unit Units issued are recorded at the offer price, determined by the Management Company for the applications received by the distributors during business hours on that date. The offer price represents the net asset value per unit as of the close of the Earning per unit (EPU) has been calculated by dividing the net income after taxation by the number of units in issue at the year end business day plus the allowable sales load, provision for transaction costs and any provision for duties and charges, if applicable. as in the opinion of the management determination of weighted average units for calculating EPU is not practicable. The sales load is payable to the investment facilitators, distributors and the Management Company. Transaction costs are recorded Note 2013 2012 as the income of the Fund. 4 BANK BALANCES ------Rupees in '000------

Units redeemed are recorded at the redemption price, applicable to units for which the distributors receive redemption requests In current accounts 342,428 343,226 during business hours of that day. The redemption price represents the net asset value per unit as of the close of the business day In deposit accounts 4.2 3,300,982 3,056,834 less any back-end load, any duties, taxes, charges on redemption and any provision for transaction costs, if applicable. 3,643,410 3,400,060

3.8 Proposed distributions 4.1 The above include an amount of Rs. 451.753 million (2012: Rs. 375.690 million) relating to unclaimed distribution.

Distributions declared subsequent to the year end reporting date are considered as non-adjusting events and are recognised in the 4.2 Deposit accounts carry profit at the rates ranging from 6% to 12% (2012: 6% to 13%) per annum. financial statements of the period in which such distributions are declared. Note 2013 2012 3.9 Element of income / (loss) and capital gains / (losses) included in prices of units issued less those in units redeemed 5 INVESTMENTS ------Rupees in '000------At fair value through profit or loss - held for trading An equalisation account called the "element of income / (loss) and capital gains / (losses) included in prices of units issued less Investment in shares / units of mutual funds 5.1 1,929,018 1,766,900 those in units redeemed" is created, in order to prevent the dilution of per unit income and distribution of income already paid out on redemption. Available for sale Investment in shares / units of mutual funds 5.1 43,884,552 34,455,517 The "element of income/ (loss) and capital gains/ (losses) in prices of units issued less those in units redeemed " account is Investment in government securities 5.1 1,592,761 2,609,502 credited with the amount representing net income/ (loss) and capital gains/ (losses) accounted for in the net asset value and 45,477,313 37,065,019 included in the sale proceeds of units. Upon redemption of units, the "element of income/ (loss) and capital gains/ (losses) in prices Held to maturity 5.1 of units issued less those in units redeemed" account is debited with the amount representing net income/ (loss) and capital gains/ - Morabaha arrangements 54,125 54,125 (losses) accounted for in the net asset value and included in the redemption price. - Participation term certificates 10,500 10,500 - Term finance certificates 10,839 10,839 Corporate Fund Manager Trustee Auditor Financial Notes Movement in Portfolio Performance Corporate Fund Manager Trustee Auditor Financial Notes Movement in Portfolio Performance Annual Report 2013 The net "element of income/ (loss) and capital gains/ (losses) in prices of units issued less those in units redeemed" during an 75,464 75,464 accounting period is transferred to the 'income statement'.

3.10 Borrowing costs

Borrowings costs directly attributable to the acquisition of qualifying assets (one that takes substantial period of time to get ready for use or sale) are capitalised as part of the cost of the asset. Other borrowing costs are taken to the income statement in the period in which they are incurred. Currently the Fund does not have any qualifying assets.

3.11 Revenue recognition

- Realised capital gains / (losses) arising on sale of investments are included in the Income Statement on the date at which the transaction takes place.

- Unrealised capital gains / (losses) arising on marking to market of investments classified as 'Financial assets at fair value through profit or loss' are included in the Income Statement in the period in which they arise.

- Income from investment in morabaha arrangements, term finance certificates and other redeemable capital is recognised on an accrual basis, except where recovery is doubtful, in which case it is credited to the suspense account.

- Dividend income is recognised when the right to receive the dividend is established.

- Income on government securities, bank deposits and placements is recognised on an accrual basis.

- Income on issue and repurchase of units is recognised when the units are issued and redeemed at the transaction date.

3.12 Net asset value per unit

The net asset value (NAV) per unit, as disclosed on the Statement of Assets and Liabilities, is calculated by dividing the net assets of the Fund by the number of units in issue at the year end.

3.13 Earnings per unit

Earning per unit (EPU) has been calculated by dividing the net income after taxation by the number of units in issue at the year end as in the opinion of the management determination of weighted average units for calculating EPU is not practicable. Note 2013 2012 4 BANK BALANCES ------Rupees in '000------

In current accounts 342,428 343,226 In deposit accounts 4.2 3,300,982 3,056,834 3,643,410 3,400,060

4.1 The above include an amount of Rs. 451.753 million (2012: Rs. 375.690 million) relating to unclaimed distribution.

4.2 Deposit accounts carry profit at the rates ranging from 6% to 12% (2012: 6% to 13%) per annum.

Note 2013 2012 5 INVESTMENTS ------Rupees in '000------At fair value through profit or loss - held for trading Investment in shares / units of mutual funds 5.1 1,929,018 1,766,900

Available for sale Investment in shares / units of mutual funds 5.1 43,884,552 34,455,517 Investment in government securities 5.1 1,592,761 2,609,502 45,477,313 37,065,019 Held to maturity 5.1 - Morabaha arrangements 54,125 54,125 - Participation term certificates 10,500 10,500 - Term finance certificates 10,839 10,839 75,464 75,464 3.8 Proposed distributions

Distributions declared subsequent to the year end reporting date are considered as non-adjusting events and are recognised in the financial statements of the period in which such distributions are declared.

3.9 Element of income / (loss) and capital gains / (losses) included in prices of units issued less those in units redeemed 3.8 Proposed distributions An equalisation account called the "element of income / (loss) and capital gains / (losses) included in prices of units issued less Distributionsthose in unitsdeclaredredeemed"subsequentis created,to thein orderyear endto preventreportingthedatedilutionare consideredof per unit incomeas non-adjustingand distributioneventsofandincomeare recognisedalready paidin theout financialon redemption. statements of the period in which such distributions are declared.

3.9 ElementThe "element of incomeof income/ / (loss)(loss) and capitaland capital gainsgains/ / (losses)(losses) includedin prices in pricesof units of issuedunits issuedless those less inthoseunits inredeemed units redeemed" account is credited with the amount representing net income/ (loss) and capital gains/ (losses) accounted for in the net asset value and Anincludedequalisationin the saleaccountproceedscalledoftheunits."elementUpon redemptionof income /of(loss)units,andthe capital"elementgainsof income// (losses)(loss)includedand capitalin pricesgains/of units(losses)issuedin pricesless thoseof unitsinissuedunits redeemed"less those inis unitscreated,redeemed"in orderaccountto preventis debitedthe dilutionwithoftheperamountunit incomerepresentingand distributionnet income/of income(loss) andalreadycapitalpaidgains/out on(losses) redemption. accounted for in the net asset value and included in the redemption price.

The net"element"elementof income/of income/(loss)(loss)andandcapitalcapitalgains/gains/(losses)(losses)in pricesin pricesof unitsof unitsissuedissuedlesslessthosethosein inunitsunitsredeemedredeemed"" accountduring anis creditedaccountingwith periodthe amountis transferredrepresenting to the 'incomenet income/ statement'.(loss) and capital gains/ (losses) accounted for in the net asset value and included in the sale proceeds of units. Upon redemption of units, the "element of income/ (loss) and capital gains/ (losses) in prices 3.10 ofBorrowingunits issued costsless those in units redeemed" account is debited with the amount representing net income/ (loss) and capital gains/ (losses) accounted for in the net asset value and included in the redemption price. Borrowings costs directly attributable to the acquisition of qualifying assets (one that takes substantial period of time to get ready for Theuse ornetsale)"elementare capitalisedof income/as(loss)part ofandthe capitalcost of thegains/asset.(losses)Otherinborrowingprices ofcostsunitsareissuedtakenlessto thethoseincomein unitsstatementredeemed"in theduringperiodanin accountingwhich they areperiod incurred. is transferred Currently to thethe Fund'income does statement'. not have any qualifying assets. 5.1 The investment portfolio of the Fund specifying the movement in portfolio during the year since the preceding accounting year, the 3.11 Revenue recognition 3.10 Borrowing costs carrying value and market value of the investments held and the value of each holding as a percentage of the net asset value, total investments of the Fund and investee paid up capital has been set out in annexures 1 to 4 to these financial statements. Borrowings- Realisedcostscapitaldirectlygainsattributable/ (losses)toarisingthe acquisitionon sale ofofinvestmentsqualifying assetsare included(one thatin thetakesIncomesubstantialStatementperiodonofthetimedateto getat whichreadythefor use ortransactionsale) are capitalisedtakes place.as part of the cost of the asset. Other borrowing costs are taken to the income statement in the period in 5.2 As at June 30, 2013 the market value of securities given as collateral against short term finances amounted to Rs. 6,479.113 million which they are incurred. Currently the Fund does not have any qualifying assets. (June 30 , 2012: Nil). - Unrealised capital gains / (losses) arising on marking to market of investments classified as 'Financial assets at fair value 3.11 Revenuethrough recognition profit or loss' are included in the Income Statement in the period in which they arise. 5.3 Investments include shares with a market value of Rs 789.445 million (2012: Rs 804.105 million) which have been pledged with National Clearing Company of Pakistan Limited for guaranteeing settlement of the Fund's trades in accordance with Circular no. 11 - RealisedIncome fromcapitalinvestmentgains / (losses)in morabahaarisingarrangements,on sale of investmentsterm financeare certificatesincluded in andthe Incomeother redeemableStatement oncapitalthe dateis recognisedat which theon dated October 22, 2007 issued by the Securities and Exchange Commission of Pakistan. transactionan accrual basis,takes exceptplace. where recovery is doubtful, in which case it is credited to the suspense account. 5.4 The investment portfolio of the Fund includes shares of Pakistan State Oil Company Limited and Sui Northern Gas Pipelines Limited, that have been frozen by the Government of Pakistan (GoP) for sale in the equity market due to their proposed - UnrealisedDividend incomecapital is gainsrecognised/ (losses) whenarising the righton tomarking receive tothemarket dividendof isinvestments established.classified as 'Financial assets at fair value privatisation. through profit or loss' are included in the Income Statement in the period in which they arise. - Income on government securities, bank deposits and placements is recognised on an accrual basis. 2013 2012 - Income from investment in morabaha arrangements, term finance certificates and other redeemable capital is recognised on 5.5 Net unrealised appreciation / (diminution) on re-measurement of ------Rupees in '000------anIncome accrual on basis,issue andexcept repurchase where recovery of units isis doubtful,recognised in whichwhen casethe units it is arecredited issued to andthe suspenseredeemed account. at the transaction date. investments classified as 'at fair value through profit or loss' - held for trading 3.12 -Net assetDividend value income per unit is recognised when the right to receive the dividend is established. Market value of investments 1,929,018 1,766,900 -The netIncomeasset onvalue government(NAV) per securities,unit, as bankdisclosed depositson the andStatement placementsof Assetsis recognisedand Liabilities, on an accrualis calculated basis. by dividing the net assets Less: Carrying value of investments (1,409,552) (1,795,218) of the Fund by the number of units in issue at the year end. 519,466 (28,318) - Income on issue and repurchase of units is recognised when the units are issued and redeemed at the transaction date. 5.6 Net unrealised appreciation on re-measurement of 3.13 Earnings per unit investments classified as 'available for sale' 3.12 Net asset value per unit Market value of investments 45,477,313 37,065,019 Earning per unit (EPU) has been calculated by dividing the net income after taxation by the number of units in issue at the year end Less: Carrying value of investments - net of impairment (16,136,700) (19,522,080) Theas innet theasset opinionvalue of the(NAV) managementper unit, as determinationdisclosed on ofthe weightedStatement averageof Assets units andfor calculatingLiabilities, EPUis calculated is not practicable.by dividing the net assets 29,340,613 17,542,939 of the Fund by the number of units in issue at the year end. Note 2013 2012 Less: Net unrealised appreciation in fair value of investments 4 BANK BALANCES ------Rupees in '000------at the beginning of the period (17,542,939) (17,106,853) 3.13 Earnings per unit 11,797,674 436,086 In current accounts 342,428 343,226 5.7 Movement in provision for impairment loss on EarningIn depositper accountsunit (EPU) has been calculated by dividing the net income after taxation by the4.2number of 3,300,982 units in issue at the 3,056,834 year end held to maturity investments as in the opinion of the management determination of weighted average units for calculating EPU is not 3,643,410 practicable. 3,400,060 40 Note 2013 2012 Opening balance (75,464) (75,464) 41 44.1 BANKThe above BALANCES include an amount of Rs. 451.753 million (2012: Rs. 375.690 million) relating to unclaimed------Rupees distribution. in '000------Charge for the year - - Reversals during the year - - 4.2 InDeposit current accounts accounts carry profit at the rates ranging from 6% to 12% (2012: 6% to 13%) per annum. 342,428 343,226 Closing balance (75,464) (75,464) NATIONALIn deposit accounts INVESTMENT (UNIT) TRUST 4.2 3,300,982 3,056,834 NATIONAL INVESTMENT (UNIT) TRUST 5.8 Impairment against equity securities classified as 'available for sale' Note 20133,643,410 20123,400,060 NOTES5 INVESTMENTS TO AND FORMING PART OF THE FINANCIAL STATEMENTS------Rupees in '000------NOTESDuring TOthe year,ANDbased FORMINGon a scrip wise PARTanalysis of OFthe deficitTHEarising FINANCIALon revaluation ofSTATEMENTSquoted shares, closed end mutual funds and 4.1 The above include an amount of Rs. 451.753 million (2012: Rs. 375.690 million) relating to unclaimed distribution. open end mutual funds classified as 'available for sale', it has been determined that an amount of Rs 193.641 million (2012: Rs FOR AtTHE fair valueYEAR through ENDED profit orJUNE loss - held30, for 2013 trading FOR 1,127.875THE YEARmillion) ENDEDshould be JUNEcharged 30,to the 2013income statement as an impairment loss. This impairment loss has been fully 4.2 DepositInvestment accounts in shares carry / units profit of at mutual the rates funds ranging from 6% to 12% (2012: 6% to 13%) per annum.5.1 1,929,018 1,766,900 recognised and the charge has been reflected in the income statement of the Fund. Available for sale Investment in shares / units of mutual funds Note5.1 43,884,552 2013 34,455,517 2012 Note 2013 2012 5 INVESTMENTSInvestment in government securities 5.1 ------Rupees 1,592,761 in '000------2,609,502 6 LOANS AND RECEIVABLES ------(Rupees in '000)------At fair value through profit or loss - held for trading 45,477,313 37,065,019 Term finance certificates 6.1 802 802 InvestmentHeld to maturity in shares / units of mutual funds 5.1 1,929,018 1,766,900 Less: Provision for impairment loss on term finance certificates (802) (802) - Morabaha arrangements 54,125 54,125 - - Available - Participation for sale term certificates 10,500 10,500 Investment - Term finance in shares certificates / units of mutual funds 5.1 43,884,552 10,839 34,455,517 10,839 6.1 This represents term finance certificates of Crescent Standard Investment Bank Limited (Pacific Leasing).These carry interest at the Investment in government securities 5.1 1,592,761 75,464 2,609,502 75,464 rate of Nil (2012: Nil) per annum. Less: Provision for impairment loss on held to maturity investments 5.7 45,477,313 (75,464) 37,065,019 (75,464) Note 2013 2012 Held to maturity 5.1 47,406,331 38,831,919 - Morabaha arrangements 54,125 54,125 7 DIVIDEND AND OTHER RECEIVABLES ------(Rupees in '000)------Participation term certificates 10,500 10,500 5.1 The - Terminvestment finance portfoliocertificatesof the Fund specifying the movement in portfolio during the year since the preceding 10,839 accounting year, 10,839 the Dividend receivable 30,698 26,600 carrying value and market value of the investments held and the value of each holding as a percentage of75,464 the net asset value, 75,464 total Profit on term finance certificates 24,599 24,599 investments of the Fund and investee paid up capital has been set out in annexures 1 to 4 to these financial statements. Less: Provision against doubtful receivables (24,599) (24,599) - - 5.2 As at June 30, 2013 the market value of securities given as collateral against short term finances amounted to Rs. 6,479.113 million (June 30 , 2012: Nil). Profit on morabaha arrangements 51,267 51,267 Less: Provision against profit on morabaha arrangements (51,267) (51,267) 5.3 Investments include shares with a market value of Rs 789.445 million (2012: Rs 804.105 million) which have been pledged with - - National Clearing Company of Pakistan Limited for guaranteeing settlement of the Fund's trades in accordance with Circular no. 11 dated October 22, 2007 issued by the Securities and Exchange Commission of Pakistan. Mark-up receivable on bank deposits 14,085 13,193 5.4 The investment portfolio of the Fund includes shares of Pakistan State Oil Company Limited and Sui Northern Gas Pipelines Advance against pre IPO-investment 7.1 150,000 150,000 Limited, that have been frozen by the Government of Pakistan (GoP) for sale in the equity market due to their proposed Less: Provision against doubtful receivables (150,000) (150,000) privatisation. - - 2013 2012 Other receivables 2,991 2,991 5.5 Net unrealised appreciation / (diminution) on re-measurement of ------Rupees in '000------Less: Provision against doubtful receivables (2,991) (2,991) investments classified as 'at fair value through profit or loss' - - - held for trading 44,783 39,793 Market value of investments 1,929,018 1,766,900 7.1 The Fund had subscribed towards the term finance certificates of an issuer as Pre-IPO on March 13, 2008. Under the agreement, Less: Carrying value of investments (1,409,552) (1,795,218) the issuer was required to complete the public offering by November 23, 2008. However no public offering has been carried out by 519,466 (28,318) the issuer as at June 30, 2013. In addition, profit on the advance against subscription, due after six months from the date of 5.6 Net unrealised appreciation on re-measurement of subscription, has also not been received by the Fund. As a matter of prudence, the Fund has made a provision of 100% against this investments classified as 'available for sale' advance. Market value of investments 45,477,313 37,065,019 Note 2013 2012 Less: Carrying value of investments - net of impairment (16,136,700) (19,522,080) 8 SHORT-TERM FINANCES ------(Rupees in '000)------29,340,613 17,542,939 From commercial bank - secured 8.1 2,752,000 - Less: Net unrealised appreciation in fair value of investments at the beginning of the period (17,542,939) (17,106,853) 8.1 The rate of mark-up on these short term finances ranges from 9.72% to 10.43% per annum (2012: Nil). These finances are secured 11,797,674 436,086 by pledge of marketable securities as mentioned in note 5.2 of these financial statements. 5.7 Movement in provision for impairment loss on held to maturity investments Note 2013 2012 9 PAYABLE TO NATIONAL INVESTMENT TRUST LIMITED ------(Rupees in '000)------Opening balance (75,464) (75,464) - MANAGEMENT COMPANY Charge for the year - - Reversals during the year - - On account of : Closing balance (75,464) (75,464) - repurchase of units 163,633 21,041 - management participation fee 9.1 47,605 42,342 5.8 Impairment against equity securities classified as 'available for sale' - others 9.2 109,706 56,602 320,944 119,985 During the year, based on a scrip wise analysis of the deficit arising on revaluation of quoted shares, closed end mutual funds and open end mutual funds classified as 'available for sale', it has been determined that an amount of Rs 193.641 million (2012: Rs 9.1 Management Company is entitled to receive management participation fee on account of services rendered to the Trust. 1,127.875 million) should be charged to the income statement as an impairment loss. This impairment loss has been fully Management participation fee is charged at 1% of the average funds under management during the year subject to a maximum of recognised and the charge has been reflected in the income statement of the Fund. 1% of the value of the Fund as on June 30 each year.

Note 2013 2012 9.2 Others include preliminary charges on sale of units amounting to Rs 93.708 million (2012: Rs 47.970 million). 6 LOANS AND RECEIVABLES ------(Rupees in '000)------10 FEE PAYABLE TO SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN (SECP) Term finance certificates 6.1 802 802 Less: Provision for impairment loss on term finance certificates (802) (802) Under the provisions of the Non Banking Finance Companies and Notified Entities Regulations, 2008 (the NBFC Regulations), a - - collective investment scheme categorised as equity scheme is required to pay as annual fee to the SECP, an amount equal to 0.095 percent of the average annual net assets of the scheme. The Fund has been categorised as an equity scheme by the 6.1 This represents term finance certificates of Crescent Standard Investment Bank Limited (Pacific Leasing).These carry interest at the Management Company. Corporate Fund Manager Trustee Auditor Financial Notes Movement in Portfolio Performance Corporate Fund Manager Trustee Auditor Financial Notes Movement in Portfolio Performance Annual Report 2013 rate of Nil (2012: Nil) per annum.

Note 2013 2012 7 DIVIDEND AND OTHER RECEIVABLES ------(Rupees in '000)------

Dividend receivable 30,698 26,600 Profit on term finance certificates 24,599 24,599 Less: Provision against doubtful receivables (24,599) (24,599) - - Profit on morabaha arrangements 51,267 51,267 Less: Provision against profit on morabaha arrangements (51,267) (51,267) - - Mark-up receivable on bank deposits 14,085 13,193 Advance against pre IPO-investment 7.1 150,000 150,000 Less: Provision against doubtful receivables (150,000) (150,000) - - Other receivables 2,991 2,991 Less: Provision against doubtful receivables (2,991) (2,991) - - 44,783 39,793 Note 2013 2012 11 CREDITORS, ACCRUED AND OTHER LIABILITIES ------(Rupees in '000)------

Provision for Workers' Welfare Fund 15 269,516 241,658 Excess dividend received 14,053 10,122 Distributions not claimed by unit holders 3,917 3,599 Brokerage payable against purchase of securities 28 23,689 Others 47,648 11,736 335,162 290,804

12 UNCLAIMED DISTRIBUTION

As at each accounting date, the amount of cash required to effect distribution of profits amongst holders of registered and bearer units, is transferred to a special account titled distribution account. The aggregate balance in such accounts for the years 1997-98 and earlier in case of distribution to registered unit holders and 1999-2000 and earlier in case of distribution to bearer unit holders exceeds the liability for unclaimed distribution by approximately Rs. 31.469 million (2012: 31.469 million). This amount represents payments of dividend out of accounts other than the relevant distribution account and is included as part of the deposited property of the Fund.

13 CONTINGENCIES AND COMMITMENTS

There were no contingencies and commitments outstanding as at June 30, 2013 (2012:Nil).

14 NUMBER OF UNITS IN ISSUE

Registered Bearer Total Total 2013 2012 7.1 The Fund had subscribed towards the term finance certificates of an issuer as Pre-IPO on March 13, 2008. Under the agreement, ------(Number of units)------the issuer was required to complete the public offering by November 23, 2008. However no public offering has been carried out by the issuer as at June 30, 2013. In addition, profit on the advance against subscription, due after six months from the date of Total outstanding at the beginning of the period 1,343,442,865 27,333,750 1,370,776,615 1,259,180,836 subscription, has also not been received by the Fund. As a matter of prudence, the Fund has made a provision of 100% against this Add: Sales during the year 202,269,871 - 202,269,871 181,274,311 advance. Units issued under Cumulative Investment Note 2013 2012 Plan (CIP) during the period 50,198,900 - 50,198,900 69,875,410 8 SHORT-TERM FINANCES ------(Rupees in '000)------Conversion of bearer units into registered 179,930 (179,930) - - 1,596,091,566 27,153,820 1,623,245,386 1,510,330,557 From commercial bank - secured 8.1 2,752,000 - Less: Repurchases during the period (507,532,628) (438,885) (507,971,513) (139,553,942) Total units in issue at the end of the period 1,088,558,938 26,714,935 1,115,273,873 1,370,776,615 8.1 The rate of mark-up on these short term finances ranges from 9.72% to 10.43% per annum (2012: Nil). These finances are secured by pledge of marketable securities as mentioned in note 5.2 of these financial statements. 14.1 Pattern of Unit Holding Note 2013 2012 Pattern of unit holding as at June 30, 2013: 9 PAYABLE TO NATIONAL INVESTMENT TRUST LIMITED ------(Rupees in '000)------MANAGEMENT COMPANY Number of Investment 42 Category Percentage On account of : unit holders Amount (Rupees in '000) 43 - repurchase of units 163,633 21,041 - management participation fee 9.1 47,605 42,342 Individuals 50,980 16,211,580 34.29% - others 9.2 109,706 56,602 Associated Companies / Directors 2 28,944 0.06% NATIONAL INVESTMENT (UNIT) TRUST 320,944 119,985 NATIONALInsurance Companies INVESTMENT (UNIT) TRUST 22 6,016,464 12.72% Banks / DFIs 32 3,568,190 7.54% NOTES9.1 Management TO ANDCompany FORMINGis entitled to PARTreceive managementOF THE participationFINANCIALfee on STATEMENTSaccount of services rendered to the Trust. NOTESNBFCs TO AND FORMING PART OF THE FINANCIAL STATEMENTS22 4,263,723 9.01% Management participation fee is charged at 1% of the average funds under management during the year subject to a maximum of Retirement funds 396 11,695,130 24.73% FOR 1%THE of the YEAR value of ENDED the Fund as JUNE on June 30,30 each 2013 year. FOR PublicTHE Limited YEAR Companies ENDED JUNE 30, 2013 20 432,761 0.91% Others 533 5,080,667 10.74% Others include preliminary charges on sale of units amounting to Rs 93.708 million (2012: Rs 47.970 million). 9.2 52,007 47,297,459 100.00% 10 FEE PAYABLE TO SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN (SECP) Pattern of unit holding as at June 30, 2012:

Under the provisions of the Non Banking Finance Companies and Notified Entities Regulations, 2008 (the NBFC Regulations), a Number of Investment Category Percentage collective investment scheme categorised as equity scheme is required to pay as annual fee to the SECP, an amount equal to unit holders Amount 0.095 percent of the average annual net assets of the scheme. The Fund has been categorised as an equity scheme by the (Rupees in '000) Management Company. Individuals 53,111 11,351,250 27.36% Note 2013 2012 Associated Companies / Directors 1 16,558 0.04% 11 CREDITORS, ACCRUED AND OTHER LIABILITIES ------(Rupees in '000)------Insurance Companies 23 3,997,275 9.63% Banks / DFIs 34 3,929,197 9.47% Provision for Workers' Welfare Fund 15 269,516 241,658 NBFCs 32 2,259,565 5.45% Excess dividend received 14,053 10,122 Retirement funds 440 11,934,159 28.77% Distributions not claimed by unit holders 3,917 3,599 Public Limited Companies 19 562,992 1.36% Brokerage payable against purchase of securities 28 23,689 Others 557 7,436,500 17.92% Others 47,648 11,736 54,217 41,487,496 100.00% 335,162 290,804 15 WORKERS' WELFARE FUND 12 UNCLAIMED DISTRIBUTION The Finance Act 2008 introduced an amendment to the Workers' Welfare Fund Ordinance, 1971 (WWF Ordinance). As a result of As at each accounting date, the amount of cash required to effect distribution of profits amongst holders of registered and bearer this amendment it may be construed that all Collective Investment Schemes / mutual funds (CISs) whose income exceeds Rs. 0.5 units, is transferred to a special account titled distribution account. The aggregate balance in such accounts for the years 1997-98 million in a tax year, have been brought within the scope of the WWF Ordinance, thus rendering them liable to pay contribution to and earlier in case of distribution to registered unit holders and 1999-2000 and earlier in case of distribution to bearer unit holders WWF at the rate of two percent of their accounting or taxable income, whichever is higher. In this regard, a constitutional petition exceeds the liability for unclaimed distribution by approximately Rs. 31.469 million (2012: 31.469 million). This amount represents has been filed by certain CISs through their trustees in the Honorable High Court of Sindh (the Court), challenging the applicability payments of dividend out of accounts other than the relevant distribution account and is included as part of the deposited property of WWF to the CISs, which is pending adjudication. of the Fund. During the year ended June 30, 2011, a clarification was issued by the Ministry of Labour and Manpower (the Ministry) which stated 13 CONTINGENCIES AND COMMITMENTS that mutual funds are not liable to contribute to WWF on the basis of their income. However, on December 14, 2010, the Ministry There were no contingencies and commitments outstanding as at June 30, 2013 (2012:Nil). filed its response against the constitutional petition requesting the Court to dismiss the petition. According to the legal counsel who is handling the case there is a contradiction between the aforementioned clarification issued by the Ministry and the response filed 14 NUMBER OF UNITS IN ISSUE by the Ministry in Court.

Registered Bearer Total Total During the year ended June 30, 2012, the Honorable Lahore High Court (LHC) in a Constitutional Petition relating to the 2013 2012 amendments brought in the WWF Ordinance, 1971 through the Finance Act, 2006, and the Finance Act, 2008, had declared the ------(Number of units)------said amendments as unlawful and unconstitutional. In March 2013, a larger bench of the Sindh High Court (SHC) passed an order Total outstanding at the beginning of the period 1,343,442,865 27,333,750 1,370,776,615 1,259,180,836 declaring that the amendments introduced in the WWF Ordinance, 1971 through the Finance Act 2006 and 2008 respectively do not Add: Sales during the year 202,269,871 - 202,269,871 181,274,311 suffer from any constitutional or legal infirmity. However, the Honourable High Court of Sindh has not addressed the other Units issued under Cumulative Investment amendments made in the WWF Ordinance 1971 about applicability of WWF to the CISs which is still pending before the Court. Plan (CIP) during the period 50,198,900 - 50,198,900 69,875,410 Without prejudice to the above, the Management Company, as a matter of abundant caution, has decided to retain the provision for Conversion of bearer units into registered 179,930 (179,930) - - WWF amounting to Rs 269.516 million (including Rs 27.858 million for the current year) in these financial statements. Had the 1,596,091,566 27,153,820 1,623,245,386 1,510,330,557 same not been made the net asset value per unit of the Fund would have been higher by Rs 0.24 per unit. Less: Repurchases during the period (507,532,628) (438,885) (507,971,513) (139,553,942) Total units in issue at the end of the period 1,088,558,938 26,714,935 1,115,273,873 1,370,776,615 16 TAXATION

The income of the Fund is exempt from income tax under clause 99 of Part I of the Second Schedule to the Income Tax Ordinance, 14.1 Pattern of Unit Holding 2001 subject to the condition that not less than ninety percent of its accounting income for the year, as reduced by capital gains, Pattern of unit holding as at June 30, 2013: whether realised or unrealised, is distributed amongst the unit holders. The Fund has not recorded provision for taxation as the Board of Directors of the Management Company has distributed more than ninety percent of the Fund's accounting income for the Number of Investment year as reduced by capital gains, whether realised or unrealised, to its unit holders as further explained in note 27 to these financial Category Percentage unit holders Amount statements. (Rupees in '000) 2013 2012 Individuals 50,980 16,211,580 34.29% (Rupees in '000) Associated Companies / Directors 2 28,944 0.06% 17 EARNINGS PER UNIT - BASIC AND DILUTED Insurance Companies 22 6,016,464 12.72% Banks / DFIs 32 3,568,190 7.54% Net income after taxation 1,365,033 4,507,627 NBFCs 22 4,263,723 9.01% Retirement funds 396 11,695,130 24.73% Public Limited Companies 20 432,761 0.91% ---Number of units in '000--- Others 533 5,080,667 10.74% 52,007 47,297,459 100.00% Units outstanding at the year end 1,115,274 1,370,777 Pattern of unit holding as at June 30, 2012: ------Rupees per unit------Number of Investment Category Percentage unit holders Amount Earnings per unit 1.22 3.29 (Rupees in '000) Annual Report 2013 Corporate Fund Manager Trustee Auditor Financial Notes Movement in Portfolio Performance CorporateEarningsFund Managerper unit Trustee(EPU) hasAuditorbeenFinancialdeternminedNotesusingMovementunits inoutstanding Portfolio Performanceas at period end as in the opinion of the management, Individuals 53,111 11,351,250 27.36% determination of cumulative weighted average number of outstanding units as at period end is not practicable. Associated Companies / Directors 1 16,558 0.04% Insurance Companies 23 3,997,275 9.63% Banks / DFIs 34 3,929,197 9.47% NBFCs 32 2,259,565 5.45% Retirement funds 440 11,934,159 28.77% Public Limited Companies 19 562,992 1.36% Others 557 7,436,500 17.92% 54,217 41,487,496 100.00% 18 FINANCIAL INSTRUMENTS BY CATEGORY

------As at June 30, 2013 ------At fair value Loans and Available for through profit Held to maturity Total 15 WORKERS' WELFARE FUND receivables sale or loss The Finance Act 2008 introduced an amendment to the Workers' Welfare Fund Ordinance, 1971 (WWF Ordinance). As a result of ------(Rupees in '000) ------Assets this amendment it may be construed that all Collective Investment Schemes / mutual funds (CISs) whose income exceeds Rs. 0.5 Bank balances 3,643,410 - - - 3,643,410 million in a tax year, have been brought within the scope of the WWF Ordinance, thus rendering them liable to pay contribution to Investments - 1,929,018 45,477,313 - 47,406,331 WWF at the rate of two percent of their accounting or taxable income, whichever is higher. In this regard, a constitutional petition Dividend and other receivables 44,783 - - - 44,783 has been filed by certain CISs through their trustees in the Honorable High Court of Sindh (the Court), challenging the applicability Deposit with National Clearing Company of Pakistan Limited 2,500 - - - 2,500 3,690,693 1,929,018 45,477,313 - 51,097,024 15 ofWORKERS' WWF to the WELFARE CISs, which FUND is pending adjudication. ------As at June 30, 2013 ------DuringThe Financethe yearActended2008 Juneintroduced30, 2011,an amendmenta clarificationtowasthe Workers'issued byWelfarethe MinistryFundofOrdinance,Labour and1971Manpower(WWF (theOrdinance).Ministry)Aswhicha resultstatedof thatthis amendmentmutual fundsit aremaynotbeliableconstruedto contributethat all Collectiveto WWF onInvestmentthe basisSchemesof their income./ mutualHowever,funds (CISs)on Decemberwhose income14, 2010,exceedsthe MinistryRs. 0.5 Liabilities at fair filedmillionitsinresponsea tax year,againsthavethebeenconstitutionalbrought withinpetitionthe scoperequestingof thetheWWFCourtOrdinance,to dismissthusthe petition.renderingAccordingthem liableto theto paylegalcontributioncounsel whoto value through Others Total profit or loss isWWFhandlingat thetheratecaseof twotherepercentis a contradictionof their accountingbetweenorthetaxableaforementionedincome, whicheverclarificationis higher.issued Inbythisthe regard,Ministryaandconstitutionalthe responsepetitionfiled byhas thebeen Ministryfiled byin Court.certain CISs through their trustees in the Honorable High Court of Sindh (the Court), challenging the applicability ------(Rupees in '000) ------of WWF to the CISs, which is pending adjudication. Liabilities During the year ended June 30, 2012, the Honorable Lahore High Court (LHC) in a Constitutional Petition relating to the Short-Term Finances - 2,752,000 2,752,000 Payable to National Investment Trust Limited - Management Company - 320,944 320,944 amendmentsDuring the yearbroughtendedinJunethe 30,WWF2011,Ordinance,a clarification1971wasthroughissuedthebyFinancethe MinistryAct, 2006,of Labourandandthe ManpowerFinance Act,(the2008,Ministry)had declaredwhich statedthe said amendments as unlawful and unconstitutional. In March 2013, a larger bench of the Sindh High Court (SHC) passed an order Creditors, accrued and other liabilities - 65,646 65,646 that mutual funds are not liable to contribute to WWF on the basis of their income. However, on December 14, 2010, the Ministry Unclaimed distribution - 382,299 382,299 declaringfiled its response that the againstamendmentsthe constitutional introduced inpetition the WWFrequesting Ordinance,the Court1971 throughto dismiss thethe Financepetition. ActAccording 2006 and to2008the respectivelylegal counsel dowho not - 3,520,889 3,520,889 sufferis handlingfrom theanycaseconstitutionalthere is a contradictionor legal infirmity.betweenHowever,the aforementionedthe HonourableclarificationHigh Courtissuedof bySindhthe Ministryhas notandaddressedthe responsethe otherfiled amendmentsby the Ministrymade in Court.in the WWF Ordinance 1971 about applicability of WWF to the CISs which is still pending before the Court. ------As at June 30, 2012 ------At fair value Without prejudice to the above, the Management Company, as a matter of abundant caution, has decided to retain the provision for Loans and Available for through profit Held to maturity Total WWFDuringamountingthe year endedto Rs 269.516June 30,million2012,(includingthe HonorableRs 27.858LahoremillionHighforCourtthe current(LHC)year)in a inConstitutionalthese financialPetitionstatements.relatingHadto the receivables sale same not been made the net asset value per unit of the Fund would have been higher by Rs 0.24 per unit. or loss amendments brought in the WWF Ordinance, 1971 through the Finance Act, 2006, and the Finance Act, 2008, had declared the ------(Rupees in '000) ------said amendments as unlawful and unconstitutional. In March 2013, a larger bench of the Sindh High Court (SHC) passed an order Assets 16 TAXATIONdeclaring that the amendments introduced in the WWF Ordinance, 1971 through the Finance Act 2006 and 2008 respectively do not Bank balances 3,400,060 - - - 3,400,060 suffer from any constitutional or legal infirmity. However, the Honourable High Court of Sindh has not addressed the other Investments - 1,766,900 37,065,019 - 38,831,919 The income of the Fund is exempt from income tax under clause 99 of Part I of the Second Schedule to the Income Tax Ordinance, Dividend and other receivables 39,793 - - - 39,793 amendments made in the WWF Ordinance 1971 about applicability of WWF to the CISs which is still pending before the Court. Deposit with National Clearing Company of Pakistan Limited 2,500 - - - 2,500 2001 subject to the condition that not less than ninety percent of its accounting income for the year, as reduced by capital gains, Without prejudice to the above, the Management Company, as a matter of abundant caution, has decided to retain the provision for 3,442,353 1,766,900 37,065,019 - 42,274,272 44 whetherWWF amountingrealised orto unrealised,Rs 269.516ismilliondistributed(includingamongstRs 27.858the unitmillionholders.forThethe Fundcurrenthasyear)not inrecordedthese financialprovisionstatements.for taxationHadas the Boardsame notof Directorsbeen madeof the Managementnet asset valueCompany per unit ofhas thedistributed Fund wouldmore havethan beenninety higherpercent by Rsof 0.24the perFund's unit.accounting income for the ------As at June 30, 2012 ------45 year as reduced by capital gains, whether realised or unrealised, to its unit holders as further explained in note 27 to these financial 16 statements.TAXATION Liabilities at fair value through Others Total profit or loss NATIONALThe income INVESTMENTof the Fund is exempt from (UNIT)income tax TRUSTunder clause 99 of Part I of the Second Schedule to2013the Income Tax Ordinance,2012 NATIONAL INVESTMENT (UNIT) TRUST 2001 subject to the condition that not less than ninety percent of its accounting income for the year, as reduced(Rupeesby in capital'000) gains, ------(Rupees in '000) ------NOTES17 EARNINGSwhether TOrealised AND PER orUNIT unrealised,FORMING - BASIC isANDdistributed DILUTEDPARTamongst OF THEthe unit FINANCIALholders. The Fund hasSTATEMENTSnot recorded provision for taxation as the NOTESLiabilities TO AND FORMING PART OF THE FINANCIAL STATEMENTS Board of Directors of the Management Company has distributed more than ninety percent of the Fund's accounting income for the Payable to National Investment Trust Limited - Management Company - 119,985 119,985 FOR NetTHE income YEAR after taxationENDED JUNE 30, 2013 1,365,033 4,507,627 FOR Creditors,THE YEARaccrued and ENDED other liabilities JUNE 30, 2013 - 49,146 49,146 year as reduced by capital gains, whether realised or unrealised, to its unit holders as further explained in note 27 to these financial Unclaimed distribution - 340,623 340,623 statements. - 509,754 509,754 ---Number of units in '000--- 2013 2012 19 TRANSACTIONS WITH CONNECTED PERSONS Units outstanding at the year end 1,115,274(Rupees in '000)1,370,777 17 EARNINGS PER UNIT - BASIC AND DILUTED 19.1 Connected persons include National Investment Trust Limited being the Management Company, National Bank of Pakistan being ------Rupees per unit------the Trustee, other collective investment schemes managed by the Management Company, any person or company beneficially Net income after taxation 1,365,033 4,507,627 owning directly or indirectly ten percent or more of the capital of the Management Company or the net assets of the Fund and Earnings per unit 1.22 3.29 directors and key management personnel of the Management Company. ---Number of units in '000--- Earnings per unit (EPU) has been deternmined using units outstanding as at period end as in the opinion of the management, 19.2 Transactions with connected persons essentially comprise sale and repurchase of units, fee on account of managing the affairs of determinationUnits outstanding of cumulative at the year weighted end average number of outstanding units as at period end is not practicable.1,115,274 1,370,777 the Fund, sales load and other charges and dividend payments to connected persons. The transactions with connected persons are in the normal course of business, at contracted rates and at terms determined in accordance with market rates. 18 FINANCIAL INSTRUMENTS BY CATEGORY ------Rupees per unit------19.3 Remuneration to the Management Company is determined in accordance with the provisions of the NBFC regulations and the Trust Earnings per unit ------As at June 30, 2013 ------1.22 3.29 Deed. At fair value Loans and Available for through profit Held to maturity Total Earnings per unit (EPU) has been deternmined using unitsreceivablesoutstanding as at period end saleas in the opinion of the management, 19.4 The details of significant transactions carried out by the Fund with connected persons and balances with them at the year end are or loss as follows: determination of cumulative weighted average------number of outstanding units as at period (Rupeesend is not in '000) practicable. ------Assets 2013 2012 Bank balances 3,643,410 - - - 3,643,410 Transactions during the year ------Rupees in '000------Investments - 1,929,018 45,477,313 - 47,406,331 Dividend and other receivables 44,783 - - - 44,783 National Investment Trust Limited - Management Company Deposit with National Clearing Company of Pakistan Limited 2,500 - - - 2,500 18,757,327 units issued [2012: 16,355,904 units] 800,000 500,000 3,690,693 1,929,018 45,477,313 - 51,097,024 8,329,348 units issued under CIP [2012: 6,355,488 units] 228,641 179,543 Management participation fee 411,557 373,030 ------As at June 30, 2013 ------Sindh Sales Tax on Management Fee 65,849 59,685 Liabilities at fair Preliminary charges and handling fee 53,104 31,060 value through Others Total profit or loss Directors and key management personnel 72,401 units issued 2,500 ------(Rupees in '000) ------62,801 units issued under CIP [2012: 61,858 units] 1,724 1,747 Liabilities Short-Term Finances - 2,752,000 2,752,000 National Investment Trust Limited Provident Fund Payable to National Investment Trust Limited - Management Company - 320,944 320,944 7,605 units issued under CIP [2012: 7,490 units] 209 212 Creditors, accrued and other liabilities - 65,646 65,646 962,198 units redeemed 32,865 - Unclaimed distribution - 382,299 382,299 - 3,520,889 3,520,889 National Investment Trust Limited Pension Fund 40,556 units issued under CIP [2012: 39,451 units] 1,113 1,114 ------As at June 30, 2012 ------At fair value 2,343,018 units issued 100,000 Loans and Available for through profit Held to maturity Total 1,627,668 units redeemed 55,579 - receivables sale or loss ------(Rupees in '000) ------Amount outstanding as at year end Assets Bank balances 3,400,060 - - - 3,400,060 Investments - 1,766,900 37,065,019 - 38,831,919 National Investment Trust Limited - Management Company Dividend and other receivables 39,793 - - - 39,793 99,671,823 units held (2012: 72,585,148) 4,227,082 2,197,152 Deposit with National Clearing Company of Pakistan Limited 2,500 - - - 2,500 Payable to management company 320,944 119,985 3,442,353 1,766,900 37,065,019 - 42,274,272 National Bank of Pakistan - Trustee ------As at June 30, 2012 ------Bank balances 1,080,666 629,395 6,165,078 shares held (2012: 10,577,242) 253,508 460,533 Liabilities at fair value through Others Total Directors and key management personnel profit or loss 682,472 units held (2012: 547,269) 28,944 16,556

------(Rupees in '000) ------National Investment Trust Limited Provident Fund Liabilities Payable to National Investment Trust Limited - Management Company - 119,985 119,985 Nil units held (2012: 954,593 units) - 28,896 Creditors, accrued and other liabilities - 49,146 49,146 Unclaimed distribution - 340,623 340,623 National Investment Trust Limited Pension Fund - 509,754 509,754 2,343,018 units held (2012: 1,587,112 units) 99,367 48,042

19 TRANSACTIONS WITH CONNECTED PERSONS 20 FINANCIAL RISK MANAGEMENT The Fund's activities expose it to a variety of financial risks: market risk, credit risk and liquidity risk. 19.1 Connected persons include National Investment Trust Limited being the Management Company, National Bank of Pakistan being the Trustee, other collective investment schemes managed by the Management Company, any person or company beneficially 20.1 Market risk owning directly or indirectly ten percent or more of the capital of the Management Company or the net assets of the Fund and Market risk is that the fair value or the future cash flows of a financial instrument may fluctuate as a result of changes in market directors and key management personnel of the Management Company. prices. 19.2 Transactions with connected persons essentially comprise sale and repurchase of units, fee on account of managing the affairs of The Management Company manages market risk through diversification of the investment portfolio by exposuresAnnual andReportby following 2013 Corporatethe Fund,Fund Managersales loadTrusteeand otherAuditorchargesFinancialand dividendNotes Movementpayments in Portfolioto connectedPerformancepersons. The transactions with connected persons are Corporatethe Fundinternal ManagerguidelinesTrusteeestablishedAuditor Financialby the investmentNotes Movementcommittee in Portfolioand Performanceregulations laid down by the Securities and Exchange in the normal course of business, at contracted rates and at terms determined in accordance with market rates. Commission of Pakistan. Market risk comprises of three types of risk: currency risk, interest rate risk and price risk. 19.3 Remuneration to the Management Company is determined in accordance with the provisions of the NBFC regulations and the Trust Deed. 20.1.1 Currency risk Currency risk is that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. The Fund, at present is not exposed to currency risk as all transactions are carried out in Pak Rupees.

20.1.2 Interest rate risk Interest rate risk is that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. 19.4 The details of significant transactions carried out by the Fund with connected persons and balances with them at the year end are as follows: 2013 2012 Transactions during the year ------Rupees in '000------a) Sensitivity analysis for variable rate instruments Presently, the Fund does not hold any variable rate instruments and is not exposed to cash flow interest rate risk. National Investment Trust Limited - Management Company 18,757,327 units issued [2012: 16,355,904 units] 800,000 500,000 b) Sensitivity analysis for fixed rate instruments 8,329,348 units issued under CIP [2012: 6,355,488 units] 228,641 179,543 Management participation fee 411,557 373,030 As at June 30, 2013, the Fund holds Treasury Bills which are classified as available for sale, exposing the Fund to fair value interest Sindh Sales Tax on Management Fee 65,849 59,685 rate risk. In case of 100 basis points increase in rates announced by the Financial Market Association of Pakistan on June 30, Preliminary charges and handling fee 53,104 31,060 2013, with all other variables held constant, the net assets would have been lower by Rs 0.894 million. In case of 100 basis points decrease in rates announced by the Financial Market Association on June 30, 2013, with all other variables held constant, the net Directors and key management personnel assets would have been higher by Rs 0.895 million. 72,401 units issued 2,500 - 62,801 units issued under CIP [2012: 61,858 units] 1,724 1,747 The composition of the Fund's investment portfolio and rates announced by the Financial Market Association is expected to change over time. Therefore, the sensitivity analysis prepared as of June 30, 2013 is not necessarily indicative of the effect on the Fund's National Investment Trust Limited Provident Fund net assets due to future movements in interest rates. 7,605 units issued under CIP [2012: 7,490 units] 209 212 Yield / interest rate sensitivity position for on balance sheet financial instruments is based on the earlier of contractual repricing or 962,198 units redeemed 32,865 - maturity date and for off balance sheet instruments is based on settlement date.

National Investment Trust Limited Pension Fund ------As at June 30, 2013 ------40,556 units issued under CIP [2012: 39,451 units] 1,113 1,114 Exposed to yield / interest rate risk Not exposed 2,343,018 units issued 100,000 More than Effective yield / to yield / Upto three three months More than Total 1,627,668 units redeemed 55,579 - interest rate interest rate months and up-to one one year risk year Amount outstanding as at year end On-balance sheet financial instruments Percentage------(Rupees in '000)------

National Investment Trust Limited - Management Company Financial Assets Bank balances 6 - 12 3,300,982 - - 342,428 3,643,410 99,671,823 units held (2012: 72,585,148) 4,227,082 2,197,152 Investments 9.07 - 12 1,592,761 - - 45,813,570 47,406,331 Payable to management company 320,944 119,985 Receivable against sale of investments - - - 30,101 30,101 Dividend and other receivables - - - 44,783 44,783 National Bank of Pakistan - Trustee Deposit with National Clearing Company of Pakistan Limited - - - 2,500 2,500 Bank balances 1,080,666 629,395 4,893,743 - - 46,233,382 51,127,125 6,165,078 shares held (2012: 10,577,242) 253,508 460,533 Financial Liabilities Short-Term Finances 9.72 - 10.43 - 2,752,000 - - 2,752,000 46 Directors and key management personnel Payable to National Investment Trust Limited -Management Company - - - 320,944 320,944 47 682,472 units held (2012: 547,269) 28,944 16,556 Creditors, accrued and other liabilities - - - 65,646 65,646 Unclaimed distribution - - - 382,299 382,299 National Investment Trust Limited Provident Fund - 2,752,000 - 768,889 3,520,889 On-balance sheet gap 4,893,743 (2,752,000) - 45,464,493 47,606,236 Nil units held (2012: 954,593 units) - 28,896 NATIONAL INVESTMENT (UNIT) TRUST NATIONALOff-balance sheet INVESTMENT financial instruments (UNIT) TRUST - - - - - National Investment Trust Limited Pension Fund Off-balance sheet gap - - - - - NOTES2,343,018 TO unitsAND held FORMING(2012: 1,587,112 units)PART OF THE FINANCIAL STATEMENTS 99,367 48,042 NOTES TO AND FORMING PART OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30, 2013 FOR TotalTHE interest YEAR rate sensitivity ENDED gap JUNE 30, 2013 4,893,743 (2,752,000) - 45,464,493 47,606,236 20 FINANCIAL RISK MANAGEMENT Cumulative interest rate sensitivity gap 4,893,743 2,141,743 2,141,743 The Fund's activities expose it to a variety of financial risks: market risk, credit risk and liquidity risk. 20.1 Market risk ------As at June 30, 2012 ------Exposed to yield / interest rate risk Not exposed More than Market risk is that the fair value or the future cash flows of a financial instrument may fluctuate as a result of changes in market Effective yield / to yield / Upto three three months More than Total prices. interest rate interest rate months and up-to one one year risk The Management Company manages market risk through diversification of the investment portfolio by exposures and by following year the internal guidelines established by the investment committee and regulations laid down by the Securities and Exchange On-balance sheet financial instruments Percentage------(Rupees in '000)------Commission of Pakistan. FinancialThe significant Assets prior year's figures which have been reclassified consequent upon certain changes in current year's Bank balances 6-13 3,056,834 - - 343,226 3,400,060 Market risk comprises of three types of risk: currency risk, interest rate risk and price risk. Investments 11.98-12.59 2,609,502 - - 36,222,417 38,831,919 Receivable against sale of investments - - - - - 20.1.1 Currency risk Dividend and other receivables - - - 39,793 39,793 Deposit with National Clearing Company of Pakistan Limited - - - 2,500 2,500 Currency risk is that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign 5,666,336 - - 36,607,936 42,274,272 exchange rates. The Fund, at present is not exposed to currency risk as all transactions are carried out in Pak Rupees. Financial Liabilities Payable to National Investment Trust Limited -Management Company - - - 119,985 119,985 20.1.2 Interest rate risk Creditors, accrued and other liabilities - - - 49,146 49,146 Unclaimed distribution - - - 340,623 340,623 Interest rate risk is that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market - - - 509,754 509,754 interest rates. On-balance sheet gap 5,666,336 - - 36,098,182 41,764,518

a) Sensitivity analysis for variable rate instruments Off-balance sheet financial instruments - - - - - Off-balance sheet gap - - - - - Presently, the Fund does not hold any variable rate instruments and is not exposed to cash flow interest rate risk. Total interest rate sensitivity gap 5,666,336 - - 36,098,182 41,764,518 b) Sensitivity analysis for fixed rate instruments Cumulative interest rate sensitivity gap 5,666,336 5,666,336 5,666,336 As at June 30, 2013, the Fund holds Treasury Bills which are classified as available for sale, exposing the Fund to fair value interest rate risk. In case of 100 basis points increase in rates announced by the Financial Market Association of Pakistan on June 30, 20.1.3 Price Risk 2013, with all other variables held constant, the net assets would have been lower by Rs 0.894 million. In case of 100 basis points decrease in rates announced by the Financial Market Association on June 30, 2013, with all other variables held constant, the net Price risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market assets would have been higher by Rs 0.895 million. prices (other than those arising from interest risk or currency risk) whether those changes are caused by factors specific to the The composition of the Fund's investment portfolio and rates announced by the Financial Market Association is expected to change individual financial instrument or its issuer, or factors affecting all similar financial instruments traded in the market. over time. Therefore, the sensitivity analysis prepared as of June 30, 2013 is not necessarily indicative of the effect on the Fund's net assets due to future movements in interest rates. The Fund is exposed to equity price risk because of investments held by the Fund and classified on the Statement of Assets and Liabilities as available for sale and at fair value through profit or loss. To manage its price risk arising from investments in equity Yield / interest rate sensitivity position for on balance sheet financial instruments is based on the earlier of contractual repricing or securities, the Fund diversifies its portfolio within the eligible stocks prescribed in the Trust Deed. The NBFC Regulations also limit maturity date and for off balance sheet instruments is based on settlement date. individual equity securities to no more than 10% of net assets, or issued capital of the investee company and sector exposure limit ------As at June 30, 2013 ------to 30% of net assets or index weight of the security whichever is higher, subject to maximum of 35% of the net assets. However, Exposed to yield / interest rate risk relaxation in this regard has been obtained from the SECP. Not exposed More than Effective yield / to yield / Upto three three months More than Total interest rate interest rate In case of 5% increase / decrease in KSE 100 index on June 30, 2013, with all other variables held constant, net income of the months and up-to one one year risk Fund for the year would increase / decrease by Rs. 4.370 million (2012: Rs. 7.519 million) and the net assets would increase / year On-balance sheet financial instruments Percentage------(Rupees in '000)------decrease by the same amount, as a result of gains / losses on equity securities included in KSE 100 index classified as at fair value through profit or loss. Other components of equity and net assets of the Fund would increase / decrease by Rs. 331.537 million Financial Assets Bank balances 6 - 12 3,300,982 - - 342,428 3,643,410 (2012: Rs. 259.914 million) as a result of gains / (losses) on equity securities included in KSE 100 index classified as available for Investments 9.07 - 12 1,592,761 - - 45,813,570 47,406,331 sale. Receivable against sale of investments - - - 30,101 30,101 Dividend and other receivables - - - 44,783 44,783 The analysis is based on the assumption that the equity index had increased / decreased by 5% with all other variables held Deposit with National Clearing Company of Pakistan Limited - - - 2,500 2,500 constant and all the Fund's equity instruments moved according to the historical correlation with the index. This represents 4,893,743 - - 46,233,382 51,127,125 Financial Liabilities management's best estimate of a reasonable possible shift in the KSE 100 index, having regard to the historical volatility of the Short-Term Finances 9.72 - 10.43 - 2,752,000 - - 2,752,000 index. The composition of the Fund's investment portfolio and the correlation thereof to the KSE 100 index, is expected to change Payable to National Investment Trust Limited -Management Company - - - 320,944 320,944 over time. Accordingly, the sensitivity analysis prepared as of June 30, 2013 is not necessarily indicative of the effect on the Fund's Creditors, accrued and other liabilities - - - 65,646 65,646 net assets of future movements in the level of the KSE 100 index. Unclaimed distribution - - - 382,299 382,299 - 2,752,000 - 768,889 3,520,889 On-balance sheet gap 4,893,743 (2,752,000) - 45,464,493 47,606,236 20.2 Credit risk

Off-balance sheet financial instruments - - - - - Credit risk represents the risk of a loss if counter parties fail to perform as contracted. Credit risk arises from deposits with banks Off-balance sheet gap - - - - - and financial institutions, receivable from management company, investment in debt securities, credit exposure arising as a result of dividends receivable on equity securities and receivable against sale of investments. For banks and financial institutions, only Total interest rate sensitivity gap 4,893,743 (2,752,000) - 45,464,493 47,606,236 reputed parties are accepted. Risk attributable to investment in Treasury Bills is limited as these are guaranteed by the Federal Cumulative interest rate sensitivity gap 4,893,743 2,141,743 2,141,743 Government. Credit risk on dividends receivable is minimal due to statutory protection. All transactions in listed securities are settled / paid for upon delivery using the central clearing company. The risk of default is considered minimal due to inherent systematic measures taken therein. ------As at June 30, 2012 ------Exposed to yield / interest rate risk Not exposed More than The Fund’s policy is to enter into financial contracts in accordance with the internal risk management policies and investment Effective yield / to yield / Upto three three months More than Total guidelines approved by the Investment Committee. The Fund does not expect to incur material credit losses on its financial assets. interest rate interest rate months and up-to one one year risk Annual Report 2013 Corporate Fund Manager Trustee Auditor Financial Notes Movement in Portfolio Performance year Corporate Fund Manager Trustee Auditor Financial Notes Movement in Portfolio Performance On-balance sheet financial instruments Percentage------(Rupees in '000)------The analysis below summarises the credit quality of the Fund's financial assets as at June 30, 2013 and June 30, 2012. FinancialThe significant Assets prior year's figures which have been reclassified consequent upon certain changes in current year's Bank balances 6-13 3,056,834 - - 343,226 3,400,060 Bank balances by rating category 2013 2012 Investments 11.98-12.59 2,609,502 - - 36,222,417 38,831,919 Receivable against sale of investments - - - - - A -1+ 99.83% 49.00% Dividend and other receivables - - - 39,793 39,793 A - 2 0.17% 51.00% Deposit with National Clearing Company of Pakistan Limited - - - 2,500 2,500 100.00% 100.00% 5,666,336 - - 36,607,936 42,274,272 Financial Liabilities Payable to National Investment Trust Limited -Management Company - - - 119,985 119,985 The maximum exposure to credit risk before any credit enhancement as at June 30, 2013 is the carrying amount of the financial Creditors, accrued and other liabilities - - - 49,146 49,146 assets. Investments in equity securities, however, are not exposed to credit risk. Unclaimed distribution - - - 340,623 340,623 - - - 509,754 509,754 On-balance sheet gap 5,666,336 - - 36,098,182 41,764,518 Concentration of credit risk Off-balance sheet financial instruments - - - - - Concentration of credit risk exists when changes in economic or industry factors similarly affect groups of counterparties whose Off-balance sheet gap - - - - - aggregate credit exposure is significant in relation to the Fund's total credit exposure. The Funds portfolio of financial instruments is mostly concentrated in equity securities. Total interest rate sensitivity gap 5,666,336 - - 36,098,182 41,764,518 Cumulative interest rate sensitivity gap 5,666,336 5,666,336 5,666,336 20.3 Liquidity risk

Liquidity risk is the risk that the Fund may not be able to generate sufficient cash resources to settle its obligations in full as they fall due or can only do so on terms that are materially disadvantageous.

The Fund is exposed to the daily settlement of equity securities and to daily cash redemptions, if any. The Fund's approach to managing liquidity is to ensure, as far as possible, that the Fund will always have sufficient liquidity to meet its liabilities when due under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Fund's reputation. Its policy is therefore to invest the majority of its assets in investments that are traded in an active market and can be readily disposed off. The Fund’s listed securities are considered readily realisable, as they are listed on the Karachi Stock Exchange.

The Fund has the ability to borrow in the short term to ensure settlement. The maximum amount available to the Fund from the borrowing would be limited to fifteen percent of the net assets upto 90 days and would be secured by the assets of the Fund. The facility would bear interest at commercial rates.

In order to manage the Fund's overall liquidity, the Fund may also withhold daily redemption requests in excess of ten percent of the units in issue and such requests would be treated as redemption requests qualifying for being processed on the next business day. Such procedure would continue until the outstanding redemption requests come down to a level below ten percent of the units then in issue. The Fund did not withhold any significant redemptions during the year. 20.1.3 Price Risk

Price risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices (other than those arising from interest risk or currency risk) whether those changes are caused by factors specific to the individual financial instrument or its issuer, or factors affecting all similar financial instruments traded in the market.

The Fund is exposed to equity price risk because of investments held by the Fund and classified on the Statement of Assets and Liabilities as available for sale and at fair value through profit or loss. To manage its price risk arising from investments in equity securities, the Fund diversifies its portfolio within the eligible stocks prescribed in the Trust Deed. The NBFC Regulations also limit individual equity securities to no more than 10% of net assets, or issued capital of the investee company and sector exposure limit to 30% of net assets or index weight of the security whichever is higher, subject to maximum of 35% of the net assets. However, relaxation in this regard has been obtained from the SECP.

In case of 5% increase / decrease in KSE 100 index on June 30, 2013, with all other variables held constant, net income of the Fund for the year would increase / decrease by Rs. 4.370 million (2012: Rs. 7.519 million) and the net assets would increase / decrease by the same amount, as a result of gains / losses on equity securities included in KSE 100 index classified as at fair value through profit or loss. Other components of equity and net assets of the Fund would increase / decrease by Rs. 331.537 million (2012: Rs. 259.914 million) as a result of gains / (losses) on equity securities included in KSE 100 index classified as available for sale.

The analysis is based on the assumption that the equity index had increased / decreased by 5% with all other variables held constant and all the Fund's equity instruments moved according to the historical correlation with the index. This represents management's best estimate of a reasonable possible shift in the KSE 100 index, having regard to the historical volatility of the The table below analyses the Fund's financial liabilities into relevant maturity groupings based on the remaining period at the end index. The composition of the Fund's investment portfolio and the correlation thereof to the KSE 100 index, is expected to change date to the contractual maturity date. The amounts in the table are the contractual undiscounted cash flows. over time. Accordingly, the sensitivity analysis prepared as of June 30, 2013 is not necessarily indicative of the effect on the Fund's 48 net assets of future movements in the level of the KSE 100 index. ------As at June 30, 2013 ------Over three 49 Upto three Over one 20.2 Credit risk Total months and months year upto one Credit risk represents the risk of a loss if counter parties fail to perform as contracted. Credit risk arises from deposits with banks Liabilities ------(Rupees in '000)------NATIONALand financial INVESTMENTinstitutions, receivable from (UNIT)management TRUSTcompany, investment in debt securities, credit exposure arising as a result of NATIONAL INVESTMENT (UNIT) TRUST dividends receivable on equity securities and receivable against sale of investments. For banks and financial institutions, only Short-Term Finances 2,752,000 - 2,752,000 - NOTESreputed TOparties ANDare accepted.FORMINGRisk attributable PARTto OFinvestment THE inFINANCIALTreasury Bills is limited STATEMENTSas these are guaranteed by the Federal NOTESPayable TO to NationalAND InvestmentFORMING Trust Limited PART - Management OF THE Company FINANCIAL 320,944 STATEMENTS 320,944 - - Government. Credit risk on dividends receivable is minimal due to statutory protection. All transactions in listed securities are settled Creditors, accrued and other liabilities 65,646 65,646 - - FOR /THEpaid for YEARupon delivery ENDEDusing JUNEthe central 30,clearing 2013company. The risk of default is considered minimal due to inherent systematic FOR UnclaimedTHE YEAR distribution ENDED JUNE 30, 2013 382,299 382,299 - - measures taken therein. 3,520,889 768,889 2,752,000 -

The Fund’s policy is to enter into financial contracts in accordance with the internal risk management policies and investment ------As at June 30, 2012 ------guidelines approved by the Investment Committee. The Fund does not expect to incur material credit losses on its financial assets. Over three Upto three Over one Total months and months year The analysis below summarises the credit quality of the Fund's financial assets as at June 30, 2013 and June 30, 2012. upto one Liabilities ------(Rupees in '000)------Bank balances by rating category 2013 2012 Payable to National Investment Trust Limited - Management Company 119,985 119,985 - - A -1+ 99.83% 49.00% Creditors, accrued and other liabilities 49,146 49,146 - - A - 2 0.17% 51.00% Unclaimed distribution 340,623 340,623 - - 100.00% 100.00% 509,754 509,754 - -

The maximum exposure to credit risk before any credit enhancement as at June 30, 2013 is the carrying amount of the financial 21 UNIT HOLDERS' FUND RISK MANAGEMENT assets. Investments in equity securities, however, are not exposed to credit risk. The unit holders' fund is represented by redeemable units. They are entitled to distributions and to payment of a proportionate share Concentration of credit risk based on the Fund's net asset value per unit on the redemption date. The relevant movements are shown on the 'Statement of Movement in Unit Holders' Fund'. Concentration of credit risk exists when changes in economic or industry factors similarly affect groups of counterparties whose aggregate credit exposure is significant in relation to the Fund's total credit exposure. The Funds portfolio of financial instruments is The Fund has no restrictions on the subscription and redemption of units. There is no specific capital requirement which is mostly concentrated in equity securities. applicable to the Fund.

20.3 Liquidity risk The Fund's objectives when managing unit holders' funds are to safeguard its ability to continue as a going concern so that it can continue to provide returns to the unit holders and to maintain a strong base of assets to meet unexpected losses or opportunities. Liquidity risk is the risk that the Fund may not be able to generate sufficient cash resources to settle its obligations in full as they fall due or can only do so on terms that are materially disadvantageous. In accordance with the risk management policies as stated in note 20, the Fund endeavours to invest the subscriptions received in appropriate investments while maintaining sufficient liquidity to meet redemption requests, such liquidity being augmented by short- The Fund is exposed to the daily settlement of equity securities and to daily cash redemptions, if any. The Fund's approach to term borrowings or disposal of investments where necessary. managing liquidity is to ensure, as far as possible, that the Fund will always have sufficient liquidity to meet its liabilities when due under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Fund's reputation. Its 22 FAIR VALUE OF FINANCIAL INSTRUMENTS policy is therefore to invest the majority of its assets in investments that are traded in an active market and can be readily disposed The significant prior year's figures which have been reclassified consequent upon certain off. The Fund’s listed securities are considered readily realisable, as they are listed on the Karachi Stock Exchange. Fair value is the amount for which an asset could be exchanged, or liability settled, between knowledgeable willing parties in an arm's length transaction. Consequently, differences can arise between carrying values and the fair value estimates. The Fund has the ability to borrow in the short term to ensure settlement. The maximum amount available to the Fund from the borrowing would be limited to fifteen percent of the net assets upto 90 days and would be secured by the assets of the Fund. The Underlying the definition of fair value is the presumption that the Fund is a going concern without any intention or requirement to facility would bear interest at commercial rates. curtail materially the scale of its operations or to undertake a transaction on adverse terms. Financial assets which are tradable in an open market are revalued at the market prices prevailing at the close of trading on the In order to manage the Fund's overall liquidity, the Fund may also withhold daily redemption requests in excess of ten percent of the year end date. The estimated fair value of all other financial assets and liabilities is considered not significantly different from book units in issue and such requests would be treated as redemption requests qualifying for being processed on the next business day. values as the items are either short term in nature or periodically repriced. Such procedure would continue until the outstanding redemption requests come down to a level below ten percent of the units then in issue. The Fund did not withhold any significant redemptions during the year. IFRS 7 requires the Fund to classify fair value measurements using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The fair value hierarchy has the following levels: The table below analyses the Fund's financial liabilities into relevant maturity groupings based on the remaining period at the end date to the contractual maturity date. The amounts in the table are the contractual undiscounted cash flows. - quoted prices (unadjusted) in active markets for identical assets or liabilities (level 1) - inputs other than quoted prices included within level 1 that are observable for the asset or liability, whether directly (i.e. as ------As at June 30, 2013 ------prices) or indirectly (i.e. derived from prices) (level 2) ; and Over three - inputs for the asset or liability that are not based on observable market data (unobservable inputs) (level 3) Upto three Over one Total months and months year upto one Investments of the Fund carried at fair value are categorised as follows: Liabilities ------(Rupees in '000)------Assets Level 1 Level 2 Level 3 Total Short-Term Finances 2,752,000 - 2,752,000 - Payable to National Investment Trust Limited - Management Company 320,944 320,944 - - Financial assets classified as 'at fair value through profit or loss' Creditors, accrued and other liabilities 65,646 65,646 - - - Investment in shares / units of mutual funds 1,929,018 - - 1,929,018 Unclaimed distribution 382,299 382,299 - - - Derivative financial instruments 3,520,889 768,889 2,752,000 - (unrealised gain on letter of rights) - - - - Financial assets classified as 'available for sale' ------As at June 30, 2012 ------Investment in shares / units of mutual funds 43,884,552 - - 43,884,552 Over three Upto three Over one - Investment in government securities - 1,592,761 - 1,592,761 Total months and months year upto one 23 TRANSACTIONS WITH TOP TEN BROKERS / DEALERS Liabilities ------(Rupees in '000)------List of top ten brokers by percentage of commission paid for the year ended June 30, 2013 Payable to National Investment Trust Limited - Management Company 119,985 119,985 - - Creditors, accrued and other liabilities 49,146 49,146 - - (i) AKD Securities Limited CorporateUnclaimedFund Manager distributionTrustee Auditor Financial Notes Movement in Portfolio Performance 340,623 340,623 - - Corporate(ii) FundArif HabibManager LimitedTrustee Auditor Financial Notes Movement in Portfolio Performance Annual Report 2013 (iii) JS Global Capital Limited 509,754 509,754 - - (iv) KASB Securites Limited (v) Al-Habib Capital Markets (Pvt) Limited 21 UNIT HOLDERS' FUND RISK MANAGEMENT (vi) Amin Tai Securities (Pvt) Limited (vii) Global Securities Pakistan Limited The unit holders' fund is represented by redeemable units. They are entitled to distributions and to payment of a proportionate share (viii)BMA Capital Management Limited based on the Fund's net asset value per unit on the redemption date. The relevant movements are shown on the 'Statement of (ix) Cassim Investment (Pvt) Limited Movement in Unit Holders' Fund'. (x) D.J.M Securities (Pvt.) Limited

The Fund has no restrictions on the subscription and redemption of units. There is no specific capital requirement which is List of top ten brokers by percentage of commission paid for the year ended June 30, 2012 applicable to the Fund. (i) JS Global Capital Limited (ii) AKD Securities Limited The Fund's objectives when managing unit holders' funds are to safeguard its ability to continue as a going concern so that it can (iii) Arif Habib Limited continue to provide returns to the unit holders and to maintain a strong base of assets to meet unexpected losses or opportunities. (iv) KASB Securites Limited (v) BMA Capital Management Limited In accordance with the risk management policies as stated in note 20, the Fund endeavours to invest the subscriptions received in (vi) Global Securities Pakistan Limited appropriate investments while maintaining sufficient liquidity to meet redemption requests, such liquidity being augmented by short- (vii) Elixir Securities Pakistan (Pvt) Limited term borrowings or disposal of investments where necessary. (viii)Al-Habib Capital Markets (Pvt) Limited (ix) Amin Tai Securities (Pvt) Limited (x) Concordia Securities (Pvt) Limited 22 FAIR VALUE OF FINANCIAL INSTRUMENTS The significant prior year's figures which have been reclassified consequent upon certain Fair value is the amount for which an asset could be exchanged, or liability settled, between knowledgeable willing parties in an arm's length transaction. Consequently, differences can arise between carrying values and the fair value estimates. Underlying the definition of fair value is the presumption that the Fund is a going concern without any intention or requirement to curtail materially the scale of its operations or to undertake a transaction on adverse terms. 24 PARTICULARS OF INVESTMENT COMMITTEE AND FUND MANAGER

Financial assets which are tradable in an open market are revalued at the market prices prevailing at the close of trading on the Details of members of the investment committee of the Fund are as follow: year end date. The estimated fair value of all other financial assets and liabilities is considered not significantly different from book values as the items are either short term in nature or periodically repriced. Experience S.No. Name Designation Qualification in years IFRS 7 requires the Fund to classify fair value measurements using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The fair value hierarchy has the following levels: 1 Manzoor Ahmed Acting Managing Director/Chief Operating MBA, DAIBP & Candidate for 24 - quoted prices (unadjusted) in active markets for identical assets or liabilities (level 1) Officer CFA Level III - inputs other than quoted prices included within level 1 that are observable for the asset or liability, whether directly (i.e. as prices) or indirectly (i.e. derived from prices) (level 2) ; and 2 Shahid Anwar Head of MD's Secretariat and Personnel MBA & DAIBP 36 - inputs for the asset or liability that are not based on observable market data (unobservable inputs) (level 3) 4 S. Zubair Ahmed Controller of Branches/Company Secretary MPhill, MBA .PGD-General 40 Investments of the Fund carried at fair value are categorised as follows: Management & PGD- 50 Development Policies Assets Level 1 Level 2 Level 3 Total 51 5 Aamir Amin Head of Finance CA 16 Financial assets classified as 'at fair value through profit or loss' 6 M. Imran Rafiq Head of Research MBA and CFA 7 - Investment in shares / units of mutual funds 1,929,018 - - 1,929,018 7 M. Atif Khan Manager Compliance and Risk ACMA and CIA 9 NATIONAL- Derivative INVESTMENT financial instruments (UNIT) TRUST NATIONAL INVESTMENT (UNIT) TRUSTManagement NOTES (unrealisedTO AND gain FORMING on letter of rights) PART OF THE FINANCIAL - STATEMENTS - - - NOTES24.1 Mr. Manzoor TO AND Ahmed isFORMING the Manager of thePART Fund. OtherOF fundsTHE beings FINANCIAL managed by the STATEMENTSFund Manager are as follows: Financial assets classified as 'available for sale' - NIT-State Enterprise Fund FOR -THEInvestment YEAR in ENDED shares / units JUNE of mutual 30, funds 2013 43,884,552 - - 43,884,552 FOR THE YEAR ENDED JUNE 30, 2013 - Investment in government securities - 1,592,761 - 1,592,761 Note: Mr. Wazir Ali Khoja was releived from services wef May 10, 2013.

23 TRANSACTIONS WITH TOP TEN BROKERS / DEALERS 25 ATTENDANCE AT MEETINGS OF BOARD OF DIRECTORS List of top ten brokers by percentage of commission paid for the year ended June 30, 2013 The 294th, 295th, 296th, 297th, 298th, 299th and 300th Board meetings were held on July 05, 2012, August 13, 2012, August 27,2012, October 11, 2012,February 7, 2013 ,April 18, 2013 and June 10, 2013 respectively. Information in respect of attendance (i) AKD Securities Limited by the Directors in the meetings is given below: (ii) Arif Habib Limited (iii) JS Global Capital Limited Number of meetings (iv) KASB Securites Limited (v) Al-Habib Capital Markets (Pvt) Limited Held during Name of Director Leave Meetings not attended (vi) Amin Tai Securities (Pvt) Limited tenor of Attended granted (vii) Global Securities Pakistan Limited directorship (viii)BMA Capital Management Limited (ix) Cassim Investment (Pvt) Limited 1 Mr. Wazir Ali Khoja 6 6 - (x) D.J.M Securities (Pvt.) Limited 1(a) Mr. Manzoor Ahmed 1 1 - List of top ten brokers by percentage of commission paid for the year ended June 30, 2012 2 Mian Tajammal Hussain 7 - 7 294th, 295th, 296th, 297th, 298th, 299th and 300th BOD (i) JS Global Capital Limited 3 Mr. Qamar Hussain 4 3 1 297th BOD. (ii) AKD Securities Limited 3(a) Mr. Asif A. Brohi 3 3 - (iii) Arif Habib Limited 4 Ms. Rukhsana Saleem 3 3 - (iv) KASB Securites Limited 4(a) Mr. Munawar Opel 2 2 - (v) BMA Capital Management Limited 4(b) Mr. Rasul Bux Phupoto 2 2 - (vi) Global Securities Pakistan Limited 5 Mr. Jamal Nasim 7 7 - (vii) Elixir Securities Pakistan (Pvt) Limited 6 Mr. Abdul Razak Adamjee 7 - 7 294th, 295th, 296th, 297th, 298th, 299th and (viii)Al-Habib Capital Markets (Pvt) Limited 300th BOD (ix) Amin Tai Securities (Pvt) Limited 7 Mr. Muhtashim Ahmed Ashai 7 6 1 298th BOD. (x) Concordia Securities (Pvt) Limited 8 Mr. Ali Sameer Farooqi 5 3 2 297th and 299th BOD. 9 Mr. Mahmood Akhtar 4 4 - 9(a) Mr. Abdur Rauf Khan 3 2 1 299th BOD. 24 PARTICULARS OF INVESTMENT COMMITTEE AND FUND MANAGER

Details of members of the investment committee of the Fund are as follow: 26 CORRESPONDING FIGURES Corresponding figures have been re-classified, re-arranged or additionally incorporated in these financial statements, wherever Experience S.No. Name Designation Qualification necessary to facilitate comparison and to conform with changes in presentation in the current year. No significant rearrangements in years or reclassifications were made in these financial statements.

1 Manzoor Ahmed Acting Managing Director/Chief Operating MBA, DAIBP & Candidate for 24 27 NON-ADJUSTING EVENT AFTER THE REPORTING DATE Officer CFA Level III The Board of Directors of the Management Company in their meeting held on July 04, 2013 approved a distribution of Rs 3.75 per 2 Shahid Anwar Head of MD's Secretariat and Personnel MBA & DAIBP 36 unit for the year ended June 30, 2013 (2012: Rs 3.50 per unit). The financial statements of the Fund for the year ended June 30, 2013 do not include the effect of the final distribution which will be accounted for in the financial statements of the Fund for the year 4 S. Zubair Ahmed Controller of Branches/Company Secretary MPhill, MBA .PGD-General 40 ending June 30, 2014. Management & PGD- Development Policies 28 DATEThe significant OF AUTHORISATION prior year's FOR figures ISSUE which have been reclassified consequent upon certain These financial statements were authorised for issue on August 06, 2013 by the Board of Directors of the Management Company. 5 Aamir Amin Head of Finance CA 16 6 M. Imran Rafiq Head of Research MBA and CFA 7 The significant prior year's figures which have been reclassified consequent upon certain changes in current year's 29 GENERAL 7 M. Atif Khan Manager Compliance and Risk ACMA and CIA 9 Management 29.1 Figures have been rounded off to the nearest thousand rupees unless otherwise specified. 24.1 Mr. Manzoor Ahmed is the Manager of the Fund. Other funds beings managed by the Fund Manager are as follows: 29.2 The bifurcation of undistributed income into realised and unrealised income at the beginning and end of the year as required by the - NIT-State Enterprise Fund NBFC Regulations has not been disclosed as such bifurcation is not practicable.

Note: Mr. Wazir Ali Khoja was releived from services wef May 10, 2013. For National Investment Trust Limited (Management Company) 25 ATTENDANCE AT MEETINGS OF BOARD OF DIRECTORS The 294th, 295th, 296th, 297th, 298th, 299th and 300th Board meetings were held on July 05, 2012, August 13, 2012, August Sd/- Sd/- Sd/- 27,2012, October 11, 2012,February 7, 2013 ,April 18, 2013 and June 10, 2013 respectively. Information in respect of attendance Managing Director Director Director by the Directors in the meetings is given below:

Number of meetings Sd/- Held during E.V.P. / Divisional Head Name of Director Leave Meetings not attended tenor of Attended granted For National Bank of Pakistan (Trustee) directorship

Corporate Fund Manager Trustee Auditor Financial Notes Movement in Portfolio Performance Corporate Fund Manager Trustee Auditor Financial Notes Movement in Portfolio Performance Annual Report 2013 1 Mr. Wazir Ali Khoja 6 6 - 1(a) Mr. Manzoor Ahmed 1 1 - 2 Mian Tajammal Hussain 7 - 7 294th, 295th, 296th, 297th, 298th, 299th and 300th BOD 3 Mr. Qamar Hussain 4 3 1 297th BOD. 3(a) Mr. Asif A. Brohi 3 3 - 4 Ms. Rukhsana Saleem 3 3 - 4(a) Mr. Munawar Opel 2 2 - 4(b) Mr. Rasul Bux Phupoto 2 2 - 5 Mr. Jamal Nasim 7 7 - 6 Mr. Abdul Razak Adamjee 7 - 7 294th, 295th, 296th, 297th, 298th, 299th and 300th BOD 7 Mr. Muhtashim Ahmed Ashai 7 6 1 298th BOD. 8 Mr. Ali Sameer Farooqi 5 3 2 297th and 299th BOD. 9 Mr. Mahmood Akhtar 4 4 - 9(a) Mr. Abdur Rauf Khan 3 2 1 299th BOD.

26 CORRESPONDING FIGURES Corresponding figures have been re-classified, re-arranged or additionally incorporated in these financial statements, wherever necessary to facilitate comparison and to conform with changes in presentation in the current year. No significant rearrangements or reclassifications were made in these financial statements.

27 NON-ADJUSTING EVENT AFTER THE REPORTING DATE The Board of Directors of the Management Company in their meeting held on July 04, 2013 approved a distribution of Rs 3.75 per unit for the year ended June 30, 2013 (2012: Rs 3.50 per unit). The financial statements of the Fund for the year ended June 30, 2013 do not include the effect of the final distribution which will be accounted for in the financial statements of the Fund for the year ending June 30, 2014.

28 DATEThe significant OF AUTHORISATION prior year's FOR figures ISSUE which have been reclassified consequent upon certain These financial statements were authorised for issue on August 06, 2013 by the Board of Directors of the Management Company. The significant prior year's figures which have been reclassified consequent upon certain changes in current year's 29 GENERAL

29.1 Figures have been rounded off to the nearest thousand rupees unless otherwise specified. Balance as at June 30, Number of shares 2013 Market % age of Value as Investee Bonus Right/New Merger/ Name of Investtee Company Purchase Sale Net percentage Co. Paid- As at July Issue Issue Demerger As at June Carrying Market during the during the Assets of up Capital 01, 2012 during the during the Adjust. 30, 2013 Value Value period period investment period period Effects

Oil & Gas Attock Refinery Limited 1,067,694 - - - - 1,067,694 ------Mari Gas Company Limited 210,747 - - - - - 210,747 19,770 28,782 0.06 0.06 0.23 National Refinery Limited 155,014 - - - - 50,000 105,014 24,299 25,264 0.05 0.05 0.13 Oil & Gas Development Co. 1,831 - - - - 1,831 ------Pakistan Oilfields Limited 191 - - - - 191 ------Pakistan Petroleum Limited 11 - 2 - - 13 ------Pakistan Refinery Limited 21,616 - - - - - 21,616 1,242 1,760 - - 0.06 Pakistan State Oil Co. Limited 27,674 - 5,534 - - 33,208 ------Shell Pakistan Limited 2,906 - - - - 2,906 ------1,487,684 - 5,536 - - 1,155,843 337,377 45,311 55,806 0.11 0.11 Chemicals Linde Pakistan Limited (BOC) 66,660 - - - - - 66,660 8,462 11,933 0.03 0.03 0.27 Dawood Hercules Corporation Limited 1,177,956 - - - - - 1,177,956 38,884 54,316 0.11 0.11 0.24 Dewan Salman Fibre Limited. 1,766,986 - - - - 1,766,986 ------Fauji Fertilizer Company Limited. 1,407 - - - - 1,407 ------LOTTE Pakistan Pta Limited 15,471 - - - - - 15,471 109 118 - - 0.00 Sitara Chemical Industries Limited 20,564 - - - - - 20,564 2,160 4,112 0.01 0.01 0.10 3,049,044 - - - - 1,768,393 1,280,651 49,615 70,479 0.15 0.15 Forestry And Paper Century Paper & Board Mills Limited 52,518 - 10,503 15,755 - - 78,776 1,310 2,131 - - 0.07 Century Paper & Board Mills Ltd.Right ------Security Papers Limited 34,812 - - - - - 34,812 1,532 2,332 - - 0.08 87,330 - 10,503 15,755 - - 113,588 2,842 4,463 - - Industrial Metals And Mining Crescent Steel & Allied Proudcts Limited 16,596 - - - - 16,596 ------International Industries Limited 60,998 - - - - 60,998 ------77,594 - - - - 77,594 - - - - - Construction & Meterials Power Cement 788,148 - - - - - 788,148 3,783 6,888 0.01 0.01 0.22 Cherat Cement Company Limited 56,488 - - - - 56,488 ------D. G. Khan Cement Co. Limited 192,052 - - - - 192,052 ------Lucky Cement Limited 3,229 - - - - 3,229 ------Maple Leaf Cement Factory Limited 922,806 - - - - 922,806 ------1,962,723 - - - - 1,174,575 788,148 3,783 6,888 0.01 0.01 General Industrials Ghani Glass Mills Limited 1,280,781 - 128,078 - - 250,000 1,158,859 60,219 72,545 0.15 0.15 0.99 Packages Limited 9,145 - - - - - 9,145 912 2,043 - - 0.01 Siemens Pakistan Engineering Co. Limited 34,713 - - - - - 34,713 25,934 22,605 0.05 0.05 0.42 Thal Limited 11,854 - 1,185 - - - 13,039 1,102 1,662 - - 0.02 Tri-Pack Films Limited 484,358 - - - - - 484,358 101,710 97,840 0.21 0.21 1.61 1,820,851 - 129,263 - - 250,000 1,700,114 189,877 196,695 0.41 0.41 Industrial Engineering 52 Hinopak Motors Limited 9,152 - - - - - 9,152 692 1,081 - - 0.07 Millat Tractors Limited 882 - 8 - - 800 90 40 47 - - 0.00 53 10,034 - 8 - - 800 9,242 732 1,128 - - NATIONAL INVESTMENT (UNIT) TRUST NATIONALAuto Mobile & Parts INVESTMENT (UNIT) TRUST Honda Atlas Cars Limited 389,158 - - - - 129,500 259,658 2,856 11,355 0.02 0.02 0.18 Pak Suzuki Motor Co. Limited 1,090 - - - - 1,090 ------INVESTMENTS - AT FAIR VALUE THROUGH PROFIT OR LOSS - INVESTMENTS - AT 390,248 FAIR VALUE - - THROUGH - - PROFIT 130,590 259,658 OR LOSS 2,856 11,355 - 0.02 0.02 Food Producers HELD FOR TRADING HELDHabib Adm Limited FOR TRADING 89,335 - - - - 89,335 ------Nestle Pakistan Limited 2,796 - - - - - 2,796 11,226 18,171 0.04 0.04 0.01 Annexure 1 Unilever Brothers-Preference 123 - - - - - 123 871 1,845 - Annexure - - 1 AS AT JUNE 30, 2013 ASUnilever AT Pakistan JUNE Limited 30, 2013 589 - - - - 589 ------Page 1 of 3 92,843 - - - - 89,924 2,919 12,097 20,016 0.04 Page 0.04 2 of 3 Household Goods Pak Elektron Limited 1,529,429 - - - - - 1,529,429 8,458 24,670 0.05 0.05 1.25 Balance as at June 30, Balance as at June 30, Number of shares 1,529,429 - - Number of - shares - - 1,529,429 8,458 24,670 0.05 0.05 2013 Market Personal Goods 2013 Market % age of Value as Investee Azgard Nine Limited 144,302 - - - - - 144,302 924 918 % age - of Value as - Investee 0.03 Bonus Right/New Merger/ Bonus Right/New Merger/ Name of Investtee Company Purchase Sale Net percentage Co. Paid- Bannu WoollenName of Mills Investtee Limited Company 374,490 Purchase - - - - Sale - 374,490 8,426 28,798 Net 0.06 percentage 0.06 Co. Paid- 4.92 As at July Issue Issue Demerger As at June Carrying Market As at July Issue Issue Demerger As at June Carrying Market during the during the Assets of up Capital during the during the Assets of up Capital 01, 2012 during the during the Adjust. 30, 2013 Value Value Crescent Textile Mills Limited 01, 190,058 2012 - during - the during - the Adjust. - - 30, 190,058 2013 Value 1,692 Value 3,364 0.01 0.01 0.39 period period investment period period investment period period Effects D.S.Industries Limited 883,102 - period - period - Effects - - 883,102 1,333 4,477 0.01 0.01 1.47 Din Textile Mills Limited 20,837 - - - - - 20,837 354 1,271 - - 0.10 Oil & Gas FatehOil & GasTextile Mills Limited. 58,125 - - - - - 58,125 6,045 - - - 4.65 Attock Refinery Limited 1,067,694 - - - - 1,067,694 ------GulAttock Ahmed Refinery Textile Limited Mills Limited 1,067,6941,707,568 - - 341,514 - - 1,067,694 - 2,049,082 - 39,462 - 48,645 - 0.10 - 0.10 - 1.34 - Mari Gas Company Limited 210,747 - - - - - 210,747 19,770 28,782 0.06 0.06 0.23 IbrahimMari Gas Fibres Company Limited Limited 210,747 18,530 - - - - - 210,747 18,530 19,770 927 28,782 964 0.06 - 0.06 - 0.230.01 National Refinery Limited 155,014 - - - - 50,000 105,014 24,299 25,264 0.05 0.05 0.13 NationalKohinoor Refinery Mills Limited 1,662,229 155,014 - - - - 50,000 - 1,662,229 105,014 24,299 3,923 25,26426,928 0.050.06 0.050.06 0.133.26 Oil & Gas Development Co. 1,831 - - - - 1,831 ------OilKohinoor & Gas Textile Development Mills Limited Co. 71,577 1,831 - - - - 1,831 - 71,577 - 298 - 1,192 - - - 0.03 - Pakistan Oilfields Limited 191 - - - - 191 ------PakistanMaqbool TextileOilfields Mills Limited Limited 245,873 191 - - - - 191 - 245,873 - 2,828 - 5,114 - 0.01 - 0.01 - 1.46 - Pakistan Petroleum Limited 11 - 2 - - 13 ------MehmoodPakistan Petroleum Textile Mills Limited Limited 128,063 11 - - 2 - - - 13 128,063 - 13,044 - 12,654 - 0.03 - 0.03 - 0.85 - Pakistan Refinery Limited 21,616 - - - - - 21,616 1,242 1,760 - - 0.06 NishatPakistan (Chunian) Refinery Limited Limited 845,472 21,616 - 84,547 - - - 930,019 - 21,616 - 1,242 - 1,760 - - - 0.06 - Pakistan State Oil Co. Limited 27,674 - 5,534 - - 33,208 ------PakistanNishat Mills State Limited Oil Co. Limited 175,445 27,674 - 5,534 - - - 175,445 33,208 ------Shell Pakistan Limited 2,906 - - - - 2,906 ------ShellPakistan Pakistan Synthetics Limited Limited 2,656,283 2,906 - - - - 2,906 - 2,656,283 - 43,776 - 49,088 - 0.10 - 0.10 - 4.74 - 1,487,684 - 5,536 - - 1,155,843 337,377 45,311 55,806 0.11 0.11 Premium Textile Mills Limited 1,487,684 2,216 - 5,536 - - - 1,155,843 - 337,377 2,216 45,311 70 55,806 410 0.11 - 0.11 - 0.04 Chemicals ChemicalsRupali Polyester Limited 202,223 - - - - - 202,223 5,189 4,712 0.01 0.01 0.59 Linde Pakistan Limited (BOC) 66,660 - - - - - 66,660 8,462 11,933 0.03 0.03 0.27 LindeSaif Textile Pakistan Mills Limited Limited (BOC) 66,66046,244 - - - - - 66,66046,244 8,462 389 11,933 1,128 0.03 - 0.03 - 0.270.18 Dawood Hercules Corporation Limited 1,177,956 - - - - - 1,177,956 38,884 54,316 0.11 0.11 0.24 SapphireDawood Hercules Fibers Limited Corporation Limited 1,177,956 362,871 - - - - - 1,177,956 362,871 38,88444,808 54,31661,355 0.130.11 0.130.11 0.241.84 Dewan Salman Fibre Limited. 1,766,986 - - - - 1,766,986 ------SapphireDewan Salman Textile Fibre Mills Limited.Limited 1,766,986 571,112 - - - - 1,766,986 - 571,112 - 79,956 - 162,767 - 0.34 - 0.34 - 2.84 - Fauji Fertilizer Company Limited. 1,407 - - - - 1,407 ------SapphireFauji Fertilizer Holding Company Limited Limited. 571,112 1,407 - - - - 1,407 - 571,112 - Balance 5,711 - as at June 5,711 - 30, 0.01 - 0.01 - 2.84 - Number of shares LOTTE Pakistan Pta Limited 15,471 - - - - - 15,471 109 118 - - 0.00 SFLLOTTE Limited Pakistan Pta Limited 362,871 15,471 - 7,257 - - - 370,128 - 15,471 - 109 - 2013 118 - - Market - 0.00 - Sitara Chemical Industries Limited 20,564 - - - - - 20,564 2,160 4,112 0.01 0.01 0.10 ServiceSitara Chemical Industries Industries Limited Limited 1,681,975 20,564 - - - - 15,500 - 1,666,475 20,564 276,502 2,160 434,933 4,112 % age 0.920.01 of Value 0.920.01 as Investee 13.85 0.10 Bonus Right/New Merger/ 3,049,044 - - - - 1,768,393 1,280,651 49,615 70,479 0.15 0.15 Name of Investtee Company 12,982,578 3,049,044 Purchase - 91,804 - 341,514 - - 1,491,0921,768,393 Sale 11,924,804 1,280,651 535,657 49,615 854,429 70,479 Net 0.151.79 percentage 0.151.79 Co. Paid- As at July Issue Issue Demerger As at June Carrying Market Forestry And Paper TobaccoForestry And Paper during the during the Assets of up Capital 01, 2012 during the during the Adjust. 30, 2013 Value Value Century Paper & Board Mills Limited 52,518 - 10,503 15,755 - - 78,776 1,310 2,131 - - 0.07 Century Paper & Board Mills Limited 52,51829,714 period - 10,503 - 15,755 - - period - 78,77629,714 1,3101,570 2,1314,665 0.01 - investment 0.01 - 0.070.01 Pakistan Tobacco Co. Limited period period Effects Century Paper & Board Mills Ltd.Right ------Century Paper & Board Mills Ltd.Right 29,714 ------29,714 - 1,570 - 4,665 - 0.01 - 0.01 - - Security Papers Limited 34,812 - - - - - 34,812 1,532 2,332 - - 0.08 PharmaSecurity PapersAnd Bio Limited Tech 34,812 - - - - - 34,812 1,532 2,332 - - 0.08 87,330 - 10,503 15,755 - - 113,588 2,842 4,463 - - Abbot Laboatories (Pakistan) Limited 87,33077,509 - 10,503 - 15,755 - - - 113,588 77,509 2,8429,227 25,430 4,463 0.05 - 0.05 - 0.08 Industrial Metals And Mining IndustrialGlaxosmithkline Metals (Pak) And Limited Mining 106,579 - 10,657 - - - 117,236 6,740 14,224 0.03 0.03 0.04 Crescent Steel & Allied Proudcts Limited 16,596 - - - - 16,596 ------CrescentHighnoon Steel Laboratories & Allied LimitedProudcts Limited 108,588 16,596 - - - - 16,596 - 108,588 - 3,985 - 8,611 - 0.02 - 0.02 - 0.60 - International Industries Limited 60,998 - - - - 60,998 ------International Industries Limited 292,676 60,998 - 10,657 - - - 60,998 - 303,333 - 19,952 - 48,265 - 0.10 - 0.10 - - 77,594 - - - - 77,594 - - - - - Media 77,594 - - - - 77,594 - - - - - Construction & Meterials SouthernConstruction Networks & Meterials Limited 301,260 - - - - 301,260 ------Power Cement 788,148 - - - - - 788,148 3,783 6,888 0.01 0.01 0.22 Power Cement 788,148301,260 - - - - 301,260 - 788,148 - 3,783 - 6,888 - 0.01 - 0.01 - 0.22 Cherat Cement Company Limited 56,488 - - - - 56,488 ------CheratTravel AndCement Leisure Company Limited 56,488 - - - - 56,488 ------D. G. Khan Cement Co. Limited 192,052 - - - - 192,052 ------D.Pakistan G. Khan International Cement Co. Airlines Limited Corp. 2,410,150 192,052 - - - - 1,982,500 192,052 427,650 - 941 - 3,875 - 0.01 - 0.01 - 0.01 - Lucky Cement Limited 3,229 - - - - 3,229 ------PakistanLucky Cement Services Limited Limited 210,756 3,229 - - - - 3,229 - 210,756 - 31,613 - 62,405 - 0.13 - 0.13 - 0.65 - Maple Leaf Cement Factory Limited 922,806 - - - - 922,806 ------Maple Leaf Cement Factory Limited 2,620,906 922,806 - - - - 1,982,500 922,806 638,406 - 32,554 - 66,280 - 0.14 - 0.14 - - 1,962,723 - - - - 1,174,575 788,148 3,783 6,888 0.01 0.01 Fixed Line Telecommunication 1,962,723 - - - - 1,174,575 788,148 3,783 6,888 0.01 0.01 General Industrials GeneralCallmate IndustrialsTelips Telecom 83 - - - - - 83 - - - - 0.00 Ghani Glass Mills Limited 1,280,781 - 128,078 - - 250,000 1,158,859 60,219 72,545 0.15 0.15 0.99 PakistanGhani Glass Telecommunication Mills Limited Company 1,280,781 771,184 - 128,078 - - - 250,000771,184 1,158,859 - 60,219 - 72,545 - 0.15 - 0.15 - 0.99 - Packages Limited 9,145 - - - - - 9,145 912 2,043 - - 0.01 PackagesTelecard Limited Limited 449,735 9,145 - - - - 449,735 - 9,145 - 912 - 2,043 - - - 0.01 - Siemens Pakistan Engineering Co. Limited 34,713 - - - - - 34,713 25,934 22,605 0.05 0.05 0.42 SiemensWorldcall PakistanTelecom EngineeringLimited Co. Limited 310,591 34,713 - - - - 310,591 - 34,713 - 25,934 - 22,605 - 0.05 - 0.05 - 0.42 - Thal Limited 11,854 - 1,185 - - - 13,039 1,102 1,662 - - 0.02 Thal Limited 1,531,593 11,854 - 1,185 - - - 1,531,510 - 13,039 83 1,102 - 1,662 - - - 0.02 Tri-Pack Films Limited 484,358 - - - - - 484,358 101,710 97,840 0.21 0.21 1.61 ElectricityTri-Pack Films Limited 484,358 - - - - - 484,358 101,710 97,840 0.21 0.21 1.61 1,820,851 - 129,263 - - 250,000 1,700,114 189,877 196,695 0.41 0.41 Hub Power Company Limited 1,820,851 58,692 - 129,263 - - - 250,000 58,692 1,700,114 - 189,877 - 196,695 - 0.41 - 0.41 - - Industrial Engineering KarachiIndustrial Electric Engineering Supply Co.Limited 9,170,161 - - - - 3,739,000 5,431,161 17,597 33,782 0.07 0.07 0.02 Hinopak Motors Limited 9,152 - - - - - 9,152 692 1,081 - - 0.07 HinopakKohinoor Motors Energy Limited Limited 660,867 9,152 - - - - - 660,867 9,152 14,209 692 24,783 1,081 0.05 - 0.05 - 0.070.39 Millat Tractors Limited 882 - 8 - - 800 90 40 47 - - 0.00 MillatKot Addu Tractors Power Limited Co.Limited 564,329 882 - - 8 - - 564,329 800 - 90 - 40 - 47 - - 0.00 - 10,034 - 8 - - 800 9,242 732 1,128 - - 10,454,049 10,034 - - 8 - - 4,362,021 800 6,092,028 9,242 31,806 732 58,565 1,128 0.12 - 0.12 - Auto Mobile & Parts AutoGas Water Mobile And & Parts Multiutilities Honda Atlas Cars Limited 389,158 - - - - 129,500 259,658 2,856 11,355 0.02 0.02 0.18 SuiHonda Northern Atlas Cars Gas LimitedPipelines Limited 389,158 43,120 - 4,312 - - - 129,500 - 259,658 47,432 2,856 728 11,355 951 0.02 - 0.02 - 0.180.01 Pak Suzuki Motor Co. Limited 1,090 - - - - 1,090 ------SuiPak Southern Suzuki Motor Gas Co.Company Limited Limited 7,260,378 1,090 - - - - 1,090 - 7,260,378 - 141,577 - 141,723 - 0.30 - 0.30 - 0.82 - 390,248 - - - - 130,590 259,658 2,856 11,355 0.02 0.02 7,303,498 390,248 - 4,312 - - - 130,590 - 7,307,810 259,658 142,305 2,856 142,674 11,355 0.300.02 0.300.02 Food Producers BanksFood Producers Habib Adm Limited 89,335 - - - - 89,335 ------AlliedHabib BankAdm Limited 89,335 5,421 - 542 - - - 89,335 5,963 ------Nestle Pakistan Limited 2,796 - - - - - 2,796 11,226 18,171 0.04 0.04 0.01 NestleAskari BankPakistan Limited Limited 1,164,982 2,796 - - - - - 1,164,982 2,796 15,80911,226 18,17117,731 0.04 0.04 0.010.14 Unilever Brothers-Preference 123 - - - - - 123 871 1,845 - - - UnileverBank Al -Brothers-Preference Habib Limited 4,970,998 123 - - - - 1,050,000 - 3,920,998 123 111,631 871 106,612 1,845 0.23 - 0.22 - 0.39 - Unilever Pakistan Limited 589 - - - - 589 ------UnileverFaysal Bank Pakistan Limited Limited 2,423,455 589 - 302,931 - - - 589 - 2,726,386 - 26,513 - 25,601 - 0.05 - 0.05 - 0.29 - 92,843 - - - - 89,924 2,919 12,097 20,016 0.04 0.04 Habib Bank Limited 61,06592,843 - 6,106 - - - 67,17189,924 2,919 - 12,097 - 20,016 - 0.04 - 0.04 - - Household Goods HabibHousehold Metropolitan Goods Bank Limited 618,866 - - - - - 618,866 10,682 10,830 0.02 0.02 0.06 Pak Elektron Limited 1,529,429 - - - - - 1,529,429 8,458 24,670 0.05 0.05 1.25 PakJS Bank Elektron Limited Limited 1,529,429 95,760 - - - - - 1,529,429 95,760 8,458 488 24,670 417 0.05 - 0.05 - 1.250.01 1,529,429 - - - - - 1,529,429 8,458 24,670 0.05 0.05 KASB Bank Limited 1,529,429 619 - - - - 619 - 1,529,429 - 8,458 - 24,670 - 0.05 - 0.05 - - Personal Goods PersonalNational Bank Goods Of Pakistan 179,454 - - - - 179,454 ------Azgard Nine Limited 144,302 - - - - - 144,302 924 918 - - 0.03 AzgardNIB Bank Nine Limited Limited 16,692,042 144,302 - - - - 10,639,000 - 6,053,042 144,302 12,046 924 14,043 918 0.03 - 0.03 - 0.030.06 Bannu Woollen Mills Limited 374,490 - - - - - 374,490 8,426 28,798 0.06 0.06 4.92 BannuSamba Woollen Bank Limited Mills Limited 1,777,740 374,490 - - - - - 1,777,740 374,490 8,4264,089 28,798 4,569 0.060.01 0.060.01 4.920.12 Crescent Textile Mills Limited 190,058 - - - - - 190,058 1,692 3,364 0.01 0.01 0.39 SilkbankCrescent LimitedTextile Mills(Saudi Limited Pak.} 11,090,305 190,058 - - - - - 11,090,305 190,058 23,401 1,692 25,064 3,364 0.050.01 0.050.01 0.420.39 D.S.Industries Limited 883,102 - - - - - 883,102 1,333 4,477 0.01 0.01 1.47 SoneriD.S.Industries Bank Limited Limited 5,141,058 883,102 - 565,516 - - - - 5,706,574 883,102 37,992 1,333 42,799 4,477 0.090.01 0.090.01 0.571.47 Din Textile Mills Limited 20,837 - - - - - 20,837 354 1,271 - - 0.10 Din Textile Mills Limited 44,221,765 20,837 - 875,095 - - - 11,942,207 - 33,154,653 20,837 242,651 354 247,666 1,271 0.52 - 0.51 - 0.10 Fateh Textile Mills Limited. 58,125 - - - - - 58,125 6,045 - - - 4.65 FinancialFateh Textile Services Mills Limited. 58,125 - - - - - 58,125 6,045 - - - 4.65 Gul Ahmed Textile Mills Limited 1,707,568 - - 341,514 - - 2,049,082 39,462 48,645 0.10 0.10 1.34 EnglishGul Ahmed Leasing Textile Mills Limited 1,707,568 707,261 - - 341,514 - - - 2,049,082 707,261 39,462 460 48,645 460 0.10 - 0.10 - 1.348.84 Ibrahim Fibres Limited 18,530 - - - - - 18,530 927 964 - - 0.01 FirstIbrahim Dawood Fibres Investment Limited Bank 109,415 18,530 - - - - 109,415 - 18,530 - 927 - 964 - - - 0.01 - Kohinoor Mills 1,662,229 - - - - - 1,662,229 3,923 26,928 0.06 0.06 3.26 InvestKohinoor Capital Mills Investment Bank Limited 6,322,1381,662,229 - - - - 395,000 - 1,662,2295,927,138 3,9234,801 26,928 9,246 0.060.02 0.060.02 2.083.26 KohinoorCorporate TextileFund Mills LimitedManager Trustee Auditor 71,577 Financial - Notes - Movement - in Portfolio - Performance - 71,577 298 1,192 - - 0.03 JSKohinoorCorporate Investments TextileFund Mills LimitedManager Trustee Auditor 71,57734,480 Financial - Notes - Movement - in Portfolio - 34,480 Performance - 71,577 - 298 - 1,192 - Annual - Report - 2013 0.03 - Maqbool Textile Mills Limited 245,873 - - - - - 245,873 2,828 5,114 0.01 0.01 1.46 NationalMaqbool AssetTextile Leasing Mills Limited Corp. 265,013245,873 - - - - - 265,013245,873 2,828 27 5,114 27 0.01 - 0.01 - 1.462.78 Mehmood Textile Mills Limited 128,063 - - - - - 128,063 13,044 12,654 0.03 0.03 0.85 NatoverMehmood Lease Textile & RefinanceMills Limited 729,349128,063 - - - - - 729,349128,063 13,044 5,105 12,654 5,105 0.010.03 0.010.03 8.310.85 Nishat (Chunian) Limited 845,472 - 84,547 - - 930,019 ------SaudiNishat Pak(Chunian) Leasing Limited 133,185845,472 - 84,547 - - - 930,019 - 133,185 - 107 - 349 - - - 0.29 - Nishat Mills Limited 175,445 - - - - 175,445 ------StandardNishat Mills Chartered Limited Leasing 175,445773,924 - - - - 175,445773,924 ------Pakistan Synthetics Limited 2,656,283 - - - - - 2,656,283 43,776 49,088 0.10 0.10 4.74 Pakistan Synthetics Limited 9,074,7652,656,283 - - - - 1,312,819 - 2,656,2837,761,946 43,77610,500 15,18749,088 0.030.10 0.030.10 4.74 Premium Textile Mills Limited 2,216 - - - - - 2,216 70 410 - - 0.04 EquityPremium Investment Textile Mills Instrument Limited 2,216 - - - - - 2,216 70 410 - - 0.04 Rupali Polyester Limited 202,223 - - - - - 202,223 5,189 4,712 0.01 0.01 0.59 AlnoorRupali PolyesterModarba FirstLimited 1,034,440 202,223 - - - - - 1,034,440 202,223 5,0695,189 5,1834,712 0.01 0.01 4.930.59 Saif Textile Mills Limited 46,244 - - - - - 46,244 389 1,128 - - 0.18 B.F.ModarbaSaif Textile Mills Limited 458,449 46,244 - - - - - 458,449 46,244 2,060 389 2,0891,128 - - 6.100.18 Sapphire Fibers Limited 362,871 - - - - - 362,871 44,808 61,355 0.13 0.13 1.84 B.R.R.Sapphire Guardian Fibers LimitedModarba 3,006,274 362,871 - - - - 450,000 - 2,556,274 362,871 44,808 6,263 61,355 9,586 0.020.13 0.020.13 3.281.84 Sapphire Textile Mills Limited 571,112 - - - - - 571,112 79,956 162,767 0.34 0.34 2.84 EliteSapphire Capital Textile Modarba Mills LimitedFirst 925,620 571,112 - - - - 211,500 - 714,120 571,112 79,956 2,278 162,767 2,785 0.010.34 0.010.34 6.302.84 Sapphire Holding Limited 571,112 - - - - - 571,112 5,711 5,711 0.01 0.01 2.84 EquitySapphire Modarba Holding First Limited 1,780,110 571,112 - - - - 1,780,110 - 571,112 - 5,711 - 5,711 - 0.01 - 0.01 - 2.84 - SFL Limited 362,871 - 7,257 - - 370,128 ------FirstSFL LimitedFidelity Leasing Modarba 1,028,078 362,871 - 7,257 - - - 370,128 - 1,028,078 - 2,673 - 3,444 - 0.01 - 0.01 - 3.89 - Service Industries Limited 1,681,975 - - - - 15,500 1,666,475 276,502 434,933 0.92 0.92 13.85 IBLService Modarba Industries First Limited 1,426,7741,681,975 - - - - 291,000 15,500 1,135,7741,666,475 276,502 1,590 434,933 1,704 0.92 - 0.92 - 13.85 5.63 12,982,578 - 91,804 341,514 - 1,491,092 11,924,804 535,657 854,429 1.79 1.79 KASB Modaraba 12,982,578 687,745 - 91,804 - 341,514 - - 1,491,092 - 11,924,804 687,745 535,657 3,287 854,429 2,751 1.790.01 1.790.01 2.43 Tobacco ModarbaTobacco Al-Mali 144,310 - - - - 144,310 ------Pakistan Tobacco Co. Limited 29,714 - - - - - 29,714 1,570 4,665 0.01 0.01 0.01 PICICPakistan Energy Tobacco Fund Co. Limited 1,477,772 29,714 - - - - - 1,477,772 29,714 11,512 1,570 18,901 4,665 0.040.01 0.040.01 1.480.01 29,714 - - - - - 29,714 1,570 4,665 0.01 0.01 PICIC Growth Fund 37,44229,714 - - - - - 37,44229,714 1,570 459 4,665 904 0.01 - 0.01 - 0.01 Prudential Modaraba First 341,251 - - - - 341,251 ------Punjab Modaraba First 1,168,034 - - - - 412,000 756,034 1,119 1,701 - - 2.22 Standard Chartered Modaraba 3,152,598 - - - - 563,500 2,589,098 29,749 35,988 0.08 0.08 5.70 Tri-Star Modaraba First 297,278 - - - - 297,278 ------U.D.L. Modaraba First 1,714,625 - - - - 238,000 1,476,625 10,927 14,751 0.03 0.03 5.60 Unicap Modaraba 349,197 - - - 3 349,200 ------19,029,997 - - - 3 5,078,149 13,951,851 76,986 99,787 0.21 0.21

Grand Total 118,350,581 - 1,127,178 357,269 3 32,649,277 87,185,754 1,409,552 1,929,018 4.01 4.00 Balance as at June 30, Number of shares 2013 Market % age of Value as Investee Bonus Right/New Merger/ Name of Investtee Company Purchase Sale Net percentage Co. Paid- As at July Issue Issue Demerger As at June Carrying Market during the during the Assets of up Capital 01, 2012 during the during the Adjust. 30, 2013 Value Value period period investment period period Effects

Pharma And Bio Tech Abbot Laboatories (Pakistan) Limited 77,509 - - - - - 77,509 9,227 25,430 0.05 0.05 0.08 Glaxosmithkline (Pak) Limited 106,579 - 10,657 - - - 117,236 6,740 14,224 0.03 0.03 0.04 Highnoon Laboratories Limited 108,588 - - - - - 108,588 3,985 8,611 0.02 0.02 0.60 292,676 - 10,657 - - - 303,333 19,952 48,265 0.10 0.10 Media Southern Networks Limited 301,260 - - - - 301,260 ------301,260 - - - - 301,260 - - - - - Travel And Leisure Pakistan International Airlines Corp. 2,410,150 - - - - 1,982,500 427,650 941 3,875 0.01 0.01 0.01 Pakistan Services Limited 210,756 - - - - - 210,756 31,613 62,405 0.13 0.13 0.65 2,620,906 - - - - 1,982,500 638,406 32,554 66,280 0.14 0.14 Fixed Line Telecommunication Callmate Telips Telecom 83 - - - - - 83 - - - - 0.00 Pakistan Telecommunication Company 771,184 - - - - 771,184 ------Telecard Limited 449,735 - - - - 449,735 ------Worldcall Telecom Limited 310,591 - - - - 310,591 ------1,531,593 - - - - 1,531,510 83 - - - - Electricity Hub Power Company Limited 58,692 - - - - 58,692 ------Karachi Electric Supply Co.Limited 9,170,161 - - - - 3,739,000 5,431,161 17,597 33,782 0.07 0.07 0.02 54 Kohinoor Energy Limited 660,867 - - - - - 660,867 14,209 24,783 0.05 0.05 0.39 Kot Addu Power Co.Limited 564,329 - - - - 564,329 ------55 10,454,049 - - - - 4,362,021 6,092,028 31,806 58,565 0.12 0.12 NATIONALGas Water And Multiutilities INVESTMENT (UNIT) TRUST Sui Northern Gas Pipelines Limited 43,120 - 4,312 - - - 47,432 728 951 - - 0.01 Sui Southern Gas Company Limited 7,260,378 - - - - - 7,260,378 141,577 141,723 0.30 0.30 0.82 INVESTMENTS - AT 7,303,498 FAIR VALUE - 4,312 THROUGH - - PROFIT - 7,307,810 OR LOSS 142,305 142,674 - 0.30 0.30 NATIONAL INVESTMENT (UNIT) TRUST Banks HELDAllied Bank Limited FOR TRADING 5,421 - 542 - - 5,963 ------INVESTMENTS - AVAILABLE FOR SALE Askari Bank Limited 1,164,982 - - - - - 1,164,982 15,809 17,731 0.04 0.04 0.14 ASBank Al AT - Habib JUNE Limited 30, 2013 4,970,998 - - - - 1,050,000 3,920,998 111,631 106,612 0.23 Annexure 0.22 0.39 1 AS AT JUNE 30, 2013 Annexure 2 Faysal Bank Limited 2,423,455 - 302,931 - - - 2,726,386 26,513 25,601 0.05 Page 0.05 3 of 0.29 3 Page 1 of 7 Habib Bank Limited 61,065 - 6,106 - - 67,171 ------Habib Metropolitan Bank Limited 618,866 - - - - - 618,866 10,682 10,830 0.02 0.02 0.06 JS Bank Limited 95,760 - - - - - 95,760 488 417 - - 0.01 Balance as at June 30, Number of shares Balance as at June 30, 2013 KASB Bank Limited 619 - - - - 619 ------%age of Number of shares Merger/ % age of Market Value 2013 Market Purchase Bonus Issue Right/New Sale Investee National Bank Of Pakistan 179,454 - - - - 179,454 ------Name of Investtee Company As at July 01, Demerger As at June 30, Net as %age of during the during the Issue during during the Carrying Value Market Value Co. Paid- NIB Bank Limited 16,692,042 - - - - 10,639,000 6,053,042 12,046 14,043 % age 0.03 of Value 0.03 as Investee 0.06 2012 Adjust. 2013 Assets investment Bonus Right/New Merger/ period period the period period up Capital Name of Investtee Company Purchase Sale Net percentage Co. Paid- Effects Samba Bank Limited As 1,777,740 at July - Issue - Issue - Demerger - - As 1,777,740 at June Carrying 4,089 Market 4,569 0.01 0.01 0.12 during the during the Assets of up Capital Silkbank Limited (Saudi Pak.} 11,090,30501, 2012 - during - the during - the Adjust. - - 11,090,30530, 2013 Value 23,401 Value 25,064 0.05 0.05 0.42 Open End Mutual Funds period period investment 2,866,385 - - - - 2,866,385 ------Soneri Bank Limited 5,141,058 - period565,516 period - Effects - - 5,706,574 37,992 42,799 0.09 0.09 0.57 Al-Meezan Mutual Fund JS Large Capital Fund 228,287 - - - - - 228,287 3,149 21,190 0.04 0.04 0.69 44,221,765 - 875,095 - - 11,942,207 33,154,653 242,651 247,666 0.52 0.51 3,094,672 - - - - 2,866,385 228,287 3,149 21,190 0.04 0.04 FinancialPharma And Services Bio Tech Abbot Laboatories (Pakistan) Limited 77,509 - - - - - 77,509 9,227 25,430 0.05 0.05 0.08 Oil & Gas English Leasing 707,261 - - - - - 707,261 460 460 - - 8.84 114,616 - - - - 53,000 61,616 19,089 34,573 0.07 0.07 0.09 Glaxosmithkline (Pak) Limited 106,579 - 10,657 - - - 117,236 6,740 14,224 0.03 0.03 0.04 Attock Petroleum Limited First Dawood Investment Bank 109,415 - - - - 109,415 ------Attock Refinery Limited 7,333,757 - - - - 2,679,000 4,654,757 429,444 803,178 1.70 1.69 5.46 Highnoon Laboratories Limited 108,588 - - - - - 108,588 3,985 8,611 0.02 0.02 0.60 Invest Capital Investment Bank Limited 6,322,138 - - - - 395,000 5,927,138 4,801 9,246 0.02 0.02 2.08 Mari Gas Company Limited 3,998,807 5,000 - - - - 4,003,807 162,836 546,800 1.16 1.15 4.36 292,676 - 10,657 - - - 303,333 19,952 48,265 0.10 0.10 JS Investments 34,480 - - - - 34,480 ------National Refinery Limited 5,518,137 45,000 - - - - 5,563,137 763,442 1,338,379 2.83 2.82 6.96 NationalMedia Asset Leasing Corp. 265,013 - - - - - 265,013 27 27 - - 2.78 Oil & Gas Development Co. 1,792,312 - - - - 359,769 1,432,543 73,227 327,694 0.69 0.69 0.03 SouthernNatover Lease Networks & Refinance Limited 301,260729,349 - - - - 301,260 - 729,349 - 5,105 - 5,105 - 0.01 - 0.01 - 8.31 - Pakistan Oilfields Limited 2,778,581 - - - - 699,109 2,079,472 417,253 1,034,267 2.19 2.18 0.88 Saudi Pak Leasing 301,260133,185 - - - - 301,260 - 133,185 - 107 - 349 - - - 0.29 Pakistan Petroleum Limited 2,728,519 - 682,129 - 1 699,587 2,711,062 263,339 573,606 1.21 1.21 0.16 1,575,000 - - - - - 1,575,000 90,484 128,221 0.27 0.27 4.50 TravelStandard And Chartered Leisure Leasing 773,924 - - - - 773,924 ------Pakistan Refinery Limited 2,410,150 - - - - 1,982,500 427,650 941 3,875 0.01 0.01 0.01 Pakistan State Oil Co. Limited 13,971,599 - 6,093,342 - - 1,440,800 18,624,141 1,318,236 5,966,802 12.62 12.59 7.54 Pakistan International Airlines Corp. 9,074,765 - - - - 1,312,819 7,761,946 10,500 15,187 0.03 0.03 Pakistan Services Limited 210,756 - - - - - 210,756 31,613 62,405 0.13 0.13 0.65 Burshane LPG Pak Limited 1,534,033 - - - - - 1,534,033 33,779 59,520 0.13 0.13 6.78 Equity Investment Instrument 2,620,906 - - - - 1,982,500 638,406 32,554 66,280 0.14 0.14 41,345,361 50,000 6,775,471 - 1 5,931,265 42,239,568 3,571,129 10,813,040 22.87 22.80 Alnoor Modarba First 1,034,440 - - - - - 1,034,440 5,069 5,183 0.01 0.01 4.93 Chemicals Fixed Line Telecommunication B.F.Modarba 458,449 - - - - - 458,449 2,060 2,089 - - 6.10 Arif Habib Corporation 1,212,084 - 121,208 - - - 1,333,292 27,426 29,546 0.06 0.06 0.29 Callmate Telips Telecom 83 - - - - - 83 - - - - 0.00 B.R.R. Guardian Modarba 3,006,274 - - - - 450,000 2,556,274 6,263 9,586 0.02 0.02 3.28 Agritech Limited 6,666,667 - - - - - 6,666,667 77,200 77,200 0.16 0.16 1.70 771,184 - - - - 771,184 ------PakistanElite Capital Telecommunication Modarba First Company 925,620 - - - - 211,500 714,120 2,278 2,785 0.01 0.01 6.30 Linde Pakistan Limited (BOC) 900,681 - - - - - 900,681 70,316 161,231 0.34 0.34 3.60 EquityTelecard Modarba Limited First 1,780,110 449,735 - - - - 1,780,110 449,735 ------Clariant Pakistan Limited 1,940,646 - - - - - 1,940,646 18,443 618,775 1.31 1.31 5.69 FirstWorldcall Fidelity Telecom Leasing Limited Modarba 1,028,078 310,591 - - - - 310,591 - 1,028,078 - 2,673 - 3,444 - 0.01 - 0.01 - 3.89 - Dawood Hercules Corporation Limited 942,940 - - - - - 942,940 27,540 43,479 0.09 0.09 0.20 IBL Modarba First 1,426,7741,531,593 - - - - 1,531,510 291,000 1,135,774 83 1,590 - 1,704 - - - 5.63 Descon Chemicals Limited 513,395 - - - - - 513,395 - 1,545 - - 0.26 Dewan Salman Fibre Limited. 4,192,737 - - - - 2,143,014 2,049,723 2,480 5,165 0.01 0.01 0.56 KASBElectricity Modaraba 687,745 - - - - - 687,745 3,287 2,751 0.01 0.01 2.43 Dynea Pakistan Limited 1,787,610 - - - - - 1,787,610 17,622 71,058 0.15 0.15 9.47 ModarbaHub Power Al-Mali Company Limited 144,310 58,692 - - - - 144,310 58,692 ------Karachi Electric Supply Co.Limited 9,170,161 - - - - 3,739,000 5,431,161 17,597 33,782 0.07 0.07 0.02 Engro Corporation Limited 7,613,278 125,000 - - - 3,290,000 4,448,278 366,200 542,112 1.15 1.14 0.87 PICIC Energy Fund 1,477,772 - - - - - 1,477,772 11,512 18,901 0.04 0.04 1.48 Fatima Fertilizer Company 5,775,298 - 59,264 - - 1,150,000 4,684,562 47,508 116,318 0.25 0.25 0.22 Kohinoor Energy Limited 660,867 - - - - - 660,867 14,209 24,783 0.05 0.05 0.39 PICIC Growth Fund 37,442 - - - - - 37,442 459 904 - - 0.01 Fauji Fertilizer Bin Qasim Limited 1,233,435 - - - - 300,000 933,435 23,902 35,041 0.07 0.07 0.10 Kot Addu Power Co.Limited 564,329 - - - - 564,329 ------Prudential Modaraba First 341,251 - - - - 341,251 ------Fauji Fertilizer Company Limited. 37,413,588 - - - - 5,010,633 32,402,955 744,298 3,481,039 7.36 7.34 2.55 Punjab Modaraba First 10,454,049 1,168,034 - - - - 4,362,021 412,000 6,092,028 756,034 31,806 1,119 58,565 1,701 0.12 - 0.12 - 2.22 I.C.I Pakistan Limited 990,111 - - - (1) 961,701 28,409 3,427 4,728 0.01 0.01 0.03 StandardGas Water Chartered And Multiutilities Modaraba 3,152,598 - - - - 563,500 2,589,098 29,749 35,988 0.08 0.08 5.70 Leiner Pak Gelatine Limited 20,957 - - - - 20,957 ------Tri-StarSui Northern Modaraba Gas PipelinesFirst Limited 297,278 43,120 - 4,312 - - - 297,278 - 47,432 - 728 - 951 - - - 0.01 - LOTTE Chemical Pakistan 16,335,601 - - - - - 16,335,601 114,839 124,477 0.26 0.26 1.08 SuiU.D.L. Southern Modaraba Gas FirstCompany Limited 7,260,3781,714,625 - - - - 238,000 - 7,260,3781,476,625 141,577 10,927 141,723 14,751 0.300.03 0.300.03 0.825.60 Pakistan Gum & Chemiclas Limited 97,057 - - - - - 97,057 1,449 13,686 0.03 0.03 2.28 Sardar Chemical Industries Limited 147,777 - - - - - 147,777 - 925 - - 2.46 Unicap Modaraba 7,303,498 349,197 - 4,312 - - - 3 349,200 - 7,307,810 - 142,305 - 142,674 - 0.30 - 0.30 - - Sitara Chemical Industries Limited 698,153 - - - - - 698,153 50,407 139,554 0.30 0.29 3.26 Banks 19,029,997 - - - 3 5,078,149 13,951,851 76,986 99,787 0.21 0.21 Allied Bank Limited 5,421 - 542 - - 5,963 ------Sitara Peroxide Limited 104,322 - - - - 104,322 ------Askari Bank Limited 1,164,982 - - - - - 1,164,982 15,809 17,731 0.04 0.04 0.14 United Distributors Pakistan Limited. 452,388 - - - - - 452,388 - - - - 4.93 Grand Total 118,350,581 - 1,127,178 357,269 3 32,649,277 87,185,754 1,409,552 1,929,018 4.01 4.00 Akzo Nobel Pakistan Limited 497,882 - - - - - 497,882 29,938 29,938 0.06 0.06 1.07 Bank Al - Habib Limited 4,970,998 - - - - 1,050,000 3,920,998 111,631 106,612 0.23 0.22 0.39 Wah-Noble Chemicals Limited. 636,624 - - - - - 636,624 10,157 35,021 0.07 0.07 7.07 Faysal Bank Limited 2,423,455 - 302,931 - - - 2,726,386 26,513 25,601 0.05 0.05 0.29 90,173,231 125,000 180,472 - (1) 12,980,627 77,498,075 1,633,152 5,530,838 11.68 11.64 Habib Bank Limited 61,065 - 6,106 - - 67,171 ------Forestry And Paper - Habib Metropolitan Bank Limited 618,866 - - - - - 618,866 10,682 10,830 0.02 0.02 0.06 Century Paper & Board Mills Limited 5,500,015 - 1,100,003 1,650,004 - - 8,250,022 104,500 223,163 0.47 0.47 7.78 JS Bank Limited 95,760 - - - - - 95,760 488 417 - - 0.01 Pakistan Paper Products Limited 386,750 - 77,350 - - - 464,100 568 20,369 0.04 0.04 7.74 KASB Bank Limited 619 - - - - 619 ------Security Papers Limited 1,800,000 - - - - - 1,800,000 60,498 120,582 0.25 0.25 4.37 National Bank Of Pakistan 179,454 - - - - 179,454 ------7,686,765 - 1,177,353 1,650,004 - - 10,514,122 165,566 364,114 0.76 0.76 NIB Bank Limited 16,692,042 - - - - 10,639,000 6,053,042 12,046 14,043 0.03 0.03 0.06 Industrial Metals And Mining Samba Bank Limited 1,777,740 - - - - - 1,777,740 4,089 4,569 0.01 0.01 0.12 Aisha Steel Mills Limited 2,129,388 - - - - - 2,129,388 21,294 19,250 0.04 0.04 0.79 Aisha Steel Mills Limited-Preference 121,208 - - - - - 121,208 - 971 - - 0.16 Silkbank Limited (Saudi Pak.} 11,090,305 - - - - - 11,090,305 23,401 25,064 0.05 0.05 0.42 Crescent Steel And Allied Proudcts Ltd 4,119,394 - - - - 386,404 3,732,990 64,607 167,947 0.36 0.35 6.61 Soneri Bank Limited 5,141,058 - 565,516 - - - 5,706,574 37,992 42,799 0.09 0.09 0.57 Huffaz Seamless Pipe Industries Ltd 1,362,396 - - - - - 1,362,396 6,758 30,368 0.06 0.06 2.46 44,221,765 - 875,095 - - 11,942,207 33,154,653 242,651 247,666 0.52 0.51 International Industries Limited 12,557,136 - - - - 9,002 12,548,134 354,485 566,046 1.20 1.19 10.47 Financial Services International Steels Limited 4,800,000 - - - - 450,000 4,350,000 45,675 76,952 0.16 0.16 1.00 English Leasing 707,261 - - - - - 707,261 460 460 - - 8.84 Quality Steel Works Limited 2,922 - - - - - 2,922 - - - - 0.16 First Dawood Investment Bank 109,415 - - - - 109,415 ------25,092,444 - - - - 845,406 24,247,038 492,819 861,534 1.82 1.80 Invest Capital Investment Bank Limited 6,322,138 - - - - 395,000 5,927,138 4,801 9,246 0.02 0.02 2.08 Construction & Meterials JS Investments 34,480 - - - - 34,480 ------Power Cement 14,821 - - - - - 14,821 31 130 - - 0.00 National Asset Leasing Corp. 265,013 - - - - - 265,013 27 27 - - 2.78 Attock Cement Pakistan Limited 677,112 - 62,311 - - 668,200 71,223 3,006 9,401 0.02 0.02 0.07 591,534 - - - - 591,534 ------Natover Lease & Refinance 729,349 - - - - - 729,349 5,105 5,105 0.01 0.01 8.31 Balochistan Glass Limited Berger Paints Pakistan Limited 618,426 - - - - - 618,426 7,421 14,286 0.03 0.03 3.40 Saudi Pak Leasing 133,185 - - - - - 133,185 107 349 - - 0.29 Buxly Paints Limited 175,218 - - - - - 175,218 983 2,453 0.01 0.01 12.17 Standard Chartered Leasing 773,924 - - - - 773,924 ------Cherat Cement Company Limited 12,699,288 - - - - 957,512 11,741,776 84,659 683,255 1.44 1.44 12.28 9,074,765 - - - - 1,312,819 7,761,946 10,500 15,187 0.03 0.03 D. G. Khan Cement Co. Limited 6,436,129 - - - - 3,684,948 2,751,181 62,900 230,246 0.49 0.49 0.63 Equity Investment Instrument Dadabhoy Construction Technology Ltd 69,085 - - - - - 69,085 - - - - 2.97 Alnoor Modarba First 1,034,440 - - - - - 1,034,440 5,069 5,183 0.01 0.01 4.93 Dewan Cement Limited 4,921,424 - - - - 4,100,000 821,424 1,027 5,635 0.01 0.01 0.21 B.F.Modarba 458,449 - - - - - 458,449 2,060 2,089 - - 6.10 Emco Industries Limited 754,929 - - - - 235,000 519,929 572 1,570 - - 1.49 B.R.R. Guardian Modarba 3,006,274 - - - - 450,000 2,556,274 6,263 9,586 0.02 0.02 3.28 Fauji Cement Company Limited 2,392,367 - - - - 850,000 1,542,367 6,245 20,498 0.04 0.04 0.12 Elite Capital Modarba First 925,620 - - - - 211,500 714,120 2,278 2,785 0.01 0.01 6.30 Fecto Cement Limited 1,727,655 - - - - - 1,727,655 6,738 82,945 0.18 0.17 3.44 Equity Modarba First 1,780,110 - - - - 1,780,110 ------Karam Ceramices Limited 358,232 - - - - 358,232 ------Kohat Cement Limited 245,503 - - - - 245,503 ------First Fidelity Leasing Modarba 1,028,078 - - - - - 1,028,078 2,673 3,444 0.01 0.01 3.89 Lafarge Pakistan Cement Limited 21,464,909 - - - - 964,500 20,500,409 38,542 174,048 0.37 0.37 1.56 IBL Modarba First 1,426,774 - - - - 291,000 1,135,774 1,590 1,704 - - 5.63 Lucky Cement Limited 4,939,109 - - - - 2,219,774 2,719,335 156,405 570,299 1.21 1.20 0.84 KASB Modaraba 687,745 - - - - - 687,745 3,287 2,751 0.01 0.01 2.43 Maple Leaf Cement Factory Limited 2,606,440 - - - - 627,194 1,979,246 3,563 43,405 0.09 0.09 0.38 Modarba Al-Mali 144,310 - - - - 144,310 ------Mustehkam Cement Limited Normail 678,819 - - - - - 678,819 5,235 35,604 0.08 0.08 0.53 PICIC Energy Fund 1,477,772 - - - - - 1,477,772 11,512 18,901 0.04 0.04 1.48 Pioneer Cement Limited 1,286,444 - - - - 500,000 786,444 2,595 23,098 0.05 0.05 0.35 PICIC Growth Fund 37,442 - - - - - 37,442 459 904 - - 0.01 Regal Ceramics Limited 89,947 - - - - - 89,947 - - - - 1.23 Prudential Modaraba First 341,251 - - - - 341,251 ------Shabbir Tiles & Ceramics Limited 3,535,939 - - - - - 3,535,939 23,019 34,475 0.07 0.07 2.45 Punjab Modaraba First 1,168,034 - - - - 412,000 756,034 1,119 1,701 - - 2.22 Thatta Cement Limited 3,606,080 - - - - 79,000 3,527,080 63,155 93,468 0.20 0.20 3.54 Standard Chartered Modaraba 3,152,598 - - - - 563,500 2,589,098 29,749 35,988 0.08 0.08 5.70 Zeal Pak Cement Factory Limited 486,248 - - - - - 486,248 - 214 - - 0.11 70,375,658 - 62,311 - - 16,081,397 54,356,572 466,096 2,025,030 4.29 4.27 Tri-Star Modaraba First 297,278 - - - - 297,278 ------General Industrials U.D.L. Modaraba First 1,714,625 - - - - 238,000 1,476,625 10,927 14,751 0.03 0.03 5.60 Corporate Fund Manager Trustee Auditor Financial Notes Movement in Portfolio Performance BalochistanCorporate ParticleFund Board Manager Limited Trustee Auditor 781,130 Financial - Notes - Movement - in Portfolio - Performance - 781,130 - Annual - - Report - 2013 13.02 349,197 - - - 3 349,200 ------Unicap Modaraba Dadabhoy Sack Limited 49,259 - - - - - 49,259 - - - - 1.23 19,029,997 - - - 3 5,078,149 13,951,851 76,986 99,787 0.21 0.21 Ghani Glass Mills Limited 791,589 - 79,158 - 1 - 870,748 32,756 54,509 0.12 0.11 0.74 Hashmi Can Company Limited 160,986 - - - - - 160,986 - - - - 9.86 Grand Total 118,350,581 - 1,127,178 357,269 3 32,649,277 87,185,754 1,409,552 1,929,018 4.01 4.00 Merit Packaging Limited 684,145 - - - - - 684,145 3,169 14,018 0.03 0.03 14.42 Packages Limited 4,569,383 - - - - - 4,569,383 370,988 1,020,663 2.16 2.15 5.42 Siemens Pakistan Engineering Co. Ltd 983,658 - - - - - 983,658 598,221 640,558 1.35 1.35 11.93 Syed Match Co. Limited 14,777 - - - 23 14,800 ------Thal Limited 3,025,714 - 302,571 - 84 - 3,328,369 125,957 424,334 0.90 0.90 4.11 Tri-Pack Films Limited 378,091 - - - - - 378,091 36,875 76,374 0.16 0.16 1.26 11,438,732 - 381,729 - 108 14,800 11,805,769 1,167,966 2,230,456 4.72 4.70 Electronic And Electrical Equipment Johnson And Phillips (Pakistan) Ltd 574,324 - - - - - 574,324 - 5,921 0.01 0.01 10.54 Pakistan Cables Limited 1,758,827 - - - - - 1,758,827 11,872 113,972 0.24 0.24 6.18 Singer Pakistan Limited 4 - - - - - 4 - - - - - 2,333,155 - - - - - 2,333,155 11,872 119,893 0.25 0.25 Industrial Engineering Bolan Castings Limited 445,706 - - - - - 445,706 4,850 17,828 0.04 0.04 4.27 Ghandhara Industries Limited 258,577 - - - - - 258,577 1,681 4,745 0.01 0.01 1.21 Number of shares Balance as at June 30, 2013 %age of Merger/ % age of Market Value Purchase Bonus Issue Right/New Sale Investee Name of Investtee Company As at July 01, Demerger As at June 30, Net as %age of during the during the Issue during during the Carrying Value Market Value Co. Paid- 2012 Adjust. 2013 Assets investment period period the period period up Capital Effects Open End Mutual Funds Al-Meezan Mutual Fund 2,866,385 - - - - 2,866,385 ------JS Large Capital Fund 228,287 - - - - - 228,287 3,149 21,190 0.04 0.04 0.69 3,094,672 - - - - 2,866,385 228,287 3,149 21,190 0.04 0.04 Oil & Gas Attock Petroleum Limited 114,616 - - - - 53,000 61,616 19,089 34,573 0.07 0.07 0.09 Attock Refinery Limited 7,333,757 - - - - 2,679,000 4,654,757 429,444 803,178 1.70 1.69 5.46 Mari Gas Company Limited 3,998,807 5,000 - - - - 4,003,807 162,836 546,800 1.16 1.15 4.36 National Refinery Limited 5,518,137 45,000 - - - - 5,563,137 763,442 1,338,379 2.83 2.82 6.96 Oil & Gas Development Co. 1,792,312 - - - - 359,769 1,432,543 73,227 327,694 0.69 0.69 0.03 Pakistan Oilfields Limited 2,778,581 - - - - 699,109 2,079,472 417,253 1,034,267 2.19 2.18 0.88 Pakistan Petroleum Limited 2,728,519 - 682,129 - 1 699,587 2,711,062 263,339 573,606 1.21 1.21 0.16 Pakistan Refinery Limited 1,575,000 - - - - - 1,575,000 90,484 128,221 0.27 0.27 4.50 Pakistan State Oil Co. Limited 13,971,599 - 6,093,342 - - 1,440,800 18,624,141 1,318,236 5,966,802 12.62 12.59 7.54 Burshane LPG Pak Limited 1,534,033 - - - - - 1,534,033 33,779 59,520 0.13 0.13 6.78 41,345,361 50,000 6,775,471 - 1 5,931,265 42,239,568 3,571,129 10,813,040 22.87 22.80 Chemicals Arif Habib Corporation 1,212,084 - 121,208 - - - 1,333,292 27,426 29,546 0.06 0.06 0.29 Agritech Limited 6,666,667 - - - - - 6,666,667 77,200 77,200 0.16 0.16 1.70 Linde Pakistan Limited (BOC) 900,681 - - - - - 900,681 70,316 161,231 0.34 0.34 3.60 Number of shares Balance as at June 30, 2013 %age of Clariant Pakistan Limited 1,940,646 - - - - - 1,940,646 18,443 618,775 1.31 1.31 5.69 Merger/ % age of Market Value Purchase Bonus Issue Right/New Sale Investee Dawood Hercules Corporation Limited 942,940 - - - - - 942,940 27,540 43,479 0.09 0.09 0.20 Name of Investtee Company As at July 01, Demerger As at June 30, Net as %age of during the during the Issue during during the Carrying Value Market Value Co. Paid- Descon Chemicals Limited 513,395 - - - - - 513,395 - 1,545 - - 0.26 2012 Adjust. 2013 Assets investment period period the period period up Capital Dewan Salman Fibre Limited. 4,192,737 - - - - 2,143,014 2,049,723 2,480 5,165 0.01 0.01 0.56 Effects Dynea Pakistan Limited 1,787,610 - - - - - 1,787,610 17,622 71,058 0.15 0.15 9.47 Hinopak Motors Limited 500,000 - - - - - 500,000 35,025 59,050 0.12 0.12 4.03 Engro Corporation Limited 7,613,278 125,000 - - - 3,290,000 4,448,278 366,200 542,112 1.15 1.14 0.87 K.S.B. Pumps Co. Limited 1,501,659 - - - - - 1,501,659 31,742 125,989 0.27 0.27 11.38 Fatima Fertilizer Company 5,775,298 - 59,264 - - 1,150,000 4,684,562 47,508 116,318 0.25 0.25 0.22 Millat Tractors Limited 579,684 - 55,998 - - 19,700 615,982 110,904 323,384 0.68 0.68 1.53 Fauji Fertilizer Bin Qasim Limited 1,233,435 - - - - 300,000 933,435 23,902 35,041 0.07 0.07 0.10 Taxila Engineering Company Limited 206,888 - - - - - 206,888 - - - - 4.87 Fauji Fertilizer Company Limited. 37,413,588 - - - - 5,010,633 32,402,955 744,298 3,481,039 7.36 7.34 2.55 3,492,514 - 55,998 - - 19,700 3,528,812 184,202 530,996 1.12 1.12 I.C.I Pakistan Limited 990,111 - - - (1) 961,701 28,409 3,427 4,728 0.01 0.01 0.03 Industrial Transportion Leiner Pak Gelatine Limited 20,957 - - - - 20,957 ------Pakistan National Shipping Corporation 436,564 - - - - - 436,564 4,483 20,082 0.04 0.04 0.33 LOTTE Chemical Pakistan 16,335,601 - - - - - 16,335,601 114,839 124,477 0.26 0.26 1.08 Pan Islamic Steamship Co. Limited 1,136 - - - - - 1,136 - - - - 0.02 Pakistan Gum & Chemiclas Limited 97,057 - - - - - 97,057 1,449 13,686 0.03 0.03 2.28 437,700 - - - - - 437,700 4,483 20,082 0.04 0.04 Sardar Chemical Industries Limited 147,777 - - - - - 147,777 - 925 - - 2.46 Auto Mobile & Parts Sitara Chemical Industries Limited 698,153 - - - - - 698,153 50,407 139,554 0.30 0.29 3.26 Agriauto Industries Limited. 1,308,720 - - - - - 1,308,720 9,754 98,324 0.21 0.21 4.54 Sitara Peroxide Limited 104,322 - - - - 104,322 ------Atlas Honda Limited 222,053 - 55,513 - - - 277,566 645 50,278 0.11 0.11 0.27 United Distributors Pakistan Limited. 452,388 - - - - - 452,388 - - - - 4.93 Baluchistan Wheels Limited 1,592,160 - - - - 125,000 1,467,160 38,322 71,891 0.15 0.15 11.00 Akzo Nobel Pakistan Limited 497,882 - - - - - 497,882 29,938 29,938 0.06 0.06 1.07 Exide Pakistan Limited 486,240 - - - - 2,700 483,540 15,343 217,496 0.46 0.46 6.85 Wah-Noble Chemicals Limited. 636,624 - - - - - 636,624 10,157 35,021 0.07 0.07 7.07 General Tyre And Rubber Co. Of Pak. Ltd 3,765,976 - - - - 101,500 3,664,476 37,194 154,641 0.33 0.33 6.13 90,173,231 125,000 180,472 - (1) 12,980,627 77,498,075 1,633,152 5,530,838 11.68 11.64 Ghandara Nissan Limited 2,688,711 - - - - - 2,688,711 6,507 20,515 0.04 0.04 5.97 Forestry And Paper - Honda Atlas Cars Limited 3,619,831 - - - - - 3,619,831 31,275 158,295 0.33 0.33 2.53 Century Paper & Board Mills Limited 5,500,015 - 1,100,003 1,650,004 - - 8,250,022 104,500 223,163 0.47 0.47 7.78 Indus Motor Company Limited 695,806 - - - - 2,100 693,706 78,730 215,743 0.46 0.46 0.88 Pakistan Paper Products Limited 386,750 - 77,350 - - - 464,100 568 20,369 0.04 0.04 7.74 Pak Suzuki Motor Co. Limited 3,007,800 38,500 - - - 59,410 2,986,890 184,033 444,210 0.94 0.94 3.63 Security Papers Limited 1,800,000 - - - - - 1,800,000 60,498 120,582 0.25 0.25 4.37 Saif Nadeem Kawasaki Motors Limited 482 - - - - - 482 - - - - 0.02 7,686,765 - 1,177,353 1,650,004 - - 10,514,122 165,566 364,114 0.76 0.76 17,387,779 38,500 55,513 - - 290,710 17,191,082 401,803 1,431,393 3.03 3.03 Industrial Metals And Mining Beverages Aisha Steel Mills Limited 2,129,388 - - - - - 2,129,388 21,294 19,250 0.04 0.04 0.79 Shezan International Limited 1,141,177 - 114,117 - - - 1,255,294 70,519 824,728 1.74 1.74 19.02 Aisha Steel Mills Limited-Preference 121,208 - - - - - 121,208 - 971 - - 0.16 1,141,177 - 114,117 - - - 1,255,294 70,519 824,728 1.74 1.74 Crescent Steel And Allied Proudcts Ltd 4,119,394 - - - - 386,404 3,732,990 64,607 167,947 0.36 0.35 6.61 Food Producers Huffaz Seamless Pipe Industries Ltd 1,362,396 - - - - - 1,362,396 6,758 30,368 0.06 0.06 2.46 Al- Abbas Sugar Mills Limited 1,427,183 - - - - 12,500 1,414,683 13,419 148,542 0.31 0.31 8.15 International Industries Limited 12,557,136 - - - - 9,002 12,548,134 354,485 566,046 1.20 1.19 10.47 Al-Noor Sugar Mills Limited 2,296,656 - 114,832 - - - 2,411,488 - 113,340 0.24 0.24 12.37 International Steels Limited 4,800,000 - - - - 450,000 4,350,000 45,675 76,952 0.16 0.16 1.00 Chashma Sugar Mills Limited. 942,227 - - - - - 942,227 3,062 8,480 0.02 0.02 3.28 Quality Steel Works Limited 2,922 - - - - - 2,922 - - - - 0.16 Colony Sugar Mills Limited 335,682 - - - - 335,682 ------25,092,444 - - - - 845,406 24,247,038 492,819 861,534 1.82 1.80 Data Agro Limited 98,518 - - - 82 - 98,600 - - - - 2.47 56 Construction & Meterials Dewan Sugar Mills Limited 2,415,432 - - - - - 2,415,432 4,058 9,879 0.02 0.02 6.62 Power Cement 14,821 - - - - - 14,821 31 130 - - 0.00 Faran Sugar Mills Limited 2,668,982 - 266,898 - - 200,000 2,735,880 34,290 80,435 0.17 0.17 11.49 57 Attock Cement Pakistan Limited 677,112 - 62,311 - - 668,200 71,223 3,006 9,401 0.02 0.02 0.07 Habib Sugar Mills Limited 12,943,251 - - - - 109,500 12,833,751 40,586 303,133 0.64 0.64 8.56 Balochistan Glass Limited 591,534 - - - - 591,534 ------Kohinoor Sugar Mills Limited 719,955 - - - - - 719,955 2,145 10,648 0.02 0.02 6.60 Berger Paints Pakistan Limited 618,426 - - - - - 618,426 7,421 14,286 0.03 0.03 3.40 Mian Muhammed Sugar Mills Limited 172,406 - - - - - 172,406 - - - - 1.17 Buxly Paints Limited 175,218 - - - - - 175,218 983 2,453 0.01 0.01 12.17 Mirpurkhas Sugar Mills Limited 1,244,656 - 186,698 - - - 1,431,354 - 66,200 0.14 0.14 12.83 NATIONALCherat Cement Company Limited INVESTMENT 12,699,288 (UNIT) - -TRUST - - 957,512 11,741,776 84,659 683,255 1.44 1.44 12.28 NATIONALMitchell'S Fruit Farms Limited INVESTMENT 562,203 (UNIT) - 140,550 TRUST - - 4,000 698,753 31,193 349,377 0.74 0.74 11.09 D. G. Khan Cement Co. Limited 6,436,129 - - - - 3,684,948 2,751,181 62,900 230,246 0.49 0.49 0.63 Morafco Industries Limited 57,409 - - - - - 57,409 - - - - 10.10 Dadabhoy Construction Technology Ltd 69,085 - - - - - 69,085 - - - - 2.97 Nestle Pakistan Limited 98,000 - - - - - 98,000 107,014 636,902 1.35 1.34 0.22 INVESTMENTSDewan Cement Limited - AVAILABLE 4,921,424 - FOR - SALE - - 4,100,000 821,424 1,027 5,635 0.01 0.01 0.21 INVESTMENTSPangrio Sugar Mills Limited - AVAILABLE 779,820 - FOR - SALE - - - 779,820 - - - - 7.19 Emco Industries Limited 754,929 - - - - 235,000 519,929 572 1,570 - - 1.49 Premier Sugar Mills And Distillery Co. 58,825 - - - - - 58,825 2,440 3,317 0.01 0.01 1.57 ASFauji Cement AT Company JUNE Limited 30, 2013 2,392,367 - - - - 850,000 1,542,367 6,245 20,498 0.04 Annexure 0.04 0.12 2 ASPunjab OilAT Mills LimitedJUNE 30, 2013 527,151 - - - - - 527,151 6,579 33,474 0.07 Annexure 0.07 9.78 2 Fecto Cement Limited 1,727,655 - - - - - 1,727,655 6,738 82,945 0.18 Page 0.17 2 of 3.44 7 Sakrand Sugar Mills Limited 340,700 - - - - - 340,700 - 1,141 - Page - 3 of 1.53 7 Karam Ceramices Limited 358,232 - - - - 358,232 ------Saleem Sugar Limited (O) 8,761 - - - - - 8,761 - - - - 0.78 Kohat Cement Limited 245,503 - - - - 245,503 ------Saleem Suger Limited .(P) 6 % 198 - - - - - 198 - - - - 0.40 Lafarge Pakistan Cement Limited 21,464,909 - - - - 964,500 20,500,409 38,542 174,048 0.37 0.37 1.56 Sanghar Sugar Mills Limited 1,063,616 - - - - - 1,063,616 - 22,570 0.05 0.05 8.90 Lucky Cement Limited 4,939,109 - -Number of shares - - 2,219,774 2,719,335 Balance 156,405 as at June 30, 570,299 2013 1.21 1.20 0.84 Shahmurad Sugar Mills Limited 2,417,910 - -Number of shares - - - 2,417,910 Balance as - at June 30, 43,522 2013 0.09 0.09 11.45 %age of %age of Maple Leaf Cement Factory Limited 2,606,440 - - - Merger/ - 627,194 1,979,246 3,563 43,405 % age 0.09 of Market Value 0.09 0.38 Shahtaj Sugar Mills Limited 801,695 - - - Merger/ - - 801,695 13,393 65,338 % age 0.14 of Market Value 0.14 6.67 Purchase Bonus Issue Right/New Sale Investee Purchase Bonus Issue Right/New Sale Investee Name of Investtee Company As at July 01, Demerger As at June 30, Net as %age of Name of Investtee Company As at July 01, Demerger As at June 30, Net as %age of Mustehkam Cement Limited Normail 678,819 during the - during the - Issue during - - during the - 678,819 Carrying 5,235 Value Market 35,604 Value 0.08 0.08 Co. Paid- 0.53 Shakarganj Mills Limited 7,194,553 during the - during the - Issue during - - during the - 7,194,553 Carrying 27,339 Value Market 157,273 Value 0.33 0.33 Co. 10.35Paid- 2012 Adjust. 2013 Assets investment 2012 Adjust. 2013 Assets investment Pioneer Cement Limited 1,286,444 period - period - the period - - period 500,000 786,444 2,595 23,098 0.05 0.05 up Capital 0.35 Unilever Pakistan Limited 111,000 period - period - the period - - period 111,000 - - - - - up Capital - Effects Effects Regal Ceramics Limited 89,947 - - - - - 89,947 - - - - 1.23 39,286,789 - 708,978 - 82 772,682 39,223,167 285,518 2,053,571 4.34 4.33 500,000 - - - - - 500,000 35,025 59,050 0.12 0.12 4.03 ShabbirOpen End Tiles Mutual & Ceramics Funds Limited 3,535,939 - - - - - 3,535,939 23,019 34,475 0.07 0.07 2.45 HinopakHousehold Motors Goods Limited Al-Meezan Mutual Fund 2,866,385 - - - - 2,866,385 ------1,501,659 - - - - - 1,501,659 31,742 125,989 0.27 0.27 11.38 Thatta Cement Limited 3,606,080 - - - - 79,000 3,527,080 63,155 93,468 0.20 0.20 3.54 Al-AbidK.S.B. Pumps Silk Mills Co. Limited. Limited 1,145,187 - - - - - 1,145,187 18,323 18,323 0.04 0.04 8.54 JS Large Capital Fund 228,287 - - - - - 228,287 3,149 21,190 0.04 0.04 0.69 579,684 - 55,998 - - 19,700 615,982 110,904 323,384 0.68 0.68 1.53 Zeal Pak Cement Factory Limited 486,248 - - - - - 486,248 - 214 - - 0.11 CasspakMillat Tractors Industries Limited Limited 54,184 - - - - - 54,184 - - - - 2.46 3,094,672 - - - - 2,866,385 228,287 3,149 21,190 0.04 0.04 206,888 - - - - - 206,888 - - - - 4.87 70,375,658 - 62,311 - - 16,081,397 54,356,572 466,096 2,025,030 4.29 4.27 PakTaxila Elektron Engineering Limited Company Limited 7,896,556 - - - - - 7,896,556 27,559 127,371 0.27 0.27 6.48 Oil & Gas 3,492,514 - 55,998 - - 19,700 3,528,812 184,202 530,996 1.12 1.12 General Industrials 9,095,927 - - - - - 9,095,927 45,882 145,694 0.31 0.31 Attock Petroleum Limited 114,616 - - - - 53,000 61,616 19,089 34,573 0.07 0.07 0.09 Balochistan Particle Board Limited 781,130 - - - - - 781,130 - - - - 13.02 IndustrialLeisure Goods Transportion Attock Refinery Limited 7,333,757 - - - - 2,679,000 4,654,757 429,444 803,178 1.70 1.69 5.46 436,564 - - - - - 436,564 4,483 20,082 0.04 0.04 0.33 Dadabhoy Sack Limited 49,259 - - - - - 49,259 - - - - 1.23 PakistanGrays Of NationalCambridge Shipping (Pakistan) Corporation Ltd 315,909 - - - - - 315,909 4,072 12,646 0.03 0.03 4.30 Mari Gas Company Limited 3,998,807 5,000 - - - - 4,003,807 162,836 546,800 1.16 1.15 4.36 1,136 - - - - - 1,136 - - - - 0.02 Ghani Glass Mills Limited 791,589 - 79,158 - 1 - 870,748 32,756 54,509 0.12 0.11 0.74 Pan Islamic Steamship Co. Limited 315,909 - - - - - 315,909 4,072 12,646 0.03 0.03 National Refinery Limited 5,518,137 45,000 - - - - 5,563,137 763,442 1,338,379 2.83 2.82 6.96 Hashmi Can Company Limited 160,986 - - - - - 160,986 - - - - 9.86 Personal Goods 437,700 - - - - - 437,700 4,483 20,082 0.04 0.04 Oil & Gas Development Co. 1,792,312 - - - - 359,769 1,432,543 73,227 327,694 0.69 0.69 0.03 Merit Packaging Limited 684,145 - - - - - 684,145 3,169 14,018 0.03 0.03 14.42 (Colony)Auto Mobile Sarhad & Parts Textile Mills Limited 328,879 - - - - - 328,879 - 164 - - 8.22 Pakistan Oilfields Limited 2,778,581 - - - - 699,109 2,079,472 417,253 1,034,267 2.19 2.18 0.88 1,308,720 - - - - - 1,308,720 9,754 98,324 0.21 0.21 4.54 Packages Limited 4,569,383 - - - - - 4,569,383 370,988 1,020,663 2.16 2.15 5.42 AgriautoAccord Textile Industries Limited Limited. 458,109 - - - - - 458,109 - - - - 4.93 Pakistan Petroleum Limited 2,728,519 - 682,129 - 1 699,587 2,711,062 263,339 573,606 1.21 1.21 0.16 222,053 - 55,513 - - - 277,566 645 50,278 0.11 0.11 0.27 Siemens Pakistan Engineering Co. Ltd 983,658 - - - - - 983,658 598,221 640,558 1.35 1.35 11.93 AtlasAdil Textile Honda Mills Limited Limited 93,592 - - - - - 93,592 - 833 - - 1.21 Pakistan Refinery Limited 1,575,000 - - - - - 1,575,000 90,484 128,221 0.27 0.27 4.50 1,592,160 - - - - 125,000 1,467,160 38,322 71,891 0.15 0.15 11.00 Syed Match Co. Limited 14,777 - - - 23 14,800 ------BaluchistanAhmed Hassan Wheels Textile Limited Mills Limited 913,009 - - - - - 913,009 10,966 19,356 0.04 0.04 6.34 Pakistan State Oil Co. Limited 13,971,599 - 6,093,342 - - 1,440,800 18,624,141 1,318,236 5,966,802 12.62 12.59 7.54 486,240 - - - - 2,700 483,540 15,343 217,496 0.46 0.46 6.85 Thal Limited 3,025,714 - 302,571 - 84 - 3,328,369 125,957 424,334 0.90 0.90 4.11 ExideAl - Qaim Pakistan Textile Limited Mills Limited 358,753 - - - - - 358,753 - - - - 4.81 Burshane LPG Pak Limited 1,534,033 - - - - - 1,534,033 33,779 59,520 0.13 0.13 6.78 3,765,976 - - - - 101,500 3,664,476 37,194 154,641 0.33 0.33 6.13 Tri-Pack Films Limited 378,091 - - - - - 378,091 36,875 76,374 0.16 0.16 1.26 AmtexGeneral Limited Tyre And Rubber Co. Of Pak. Ltd 2,586,023 - - - - - 2,586,023 3,103 7,060 0.01 0.01 1.00 41,345,361 50,000 6,775,471 - 1 5,931,265 42,239,568 3,571,129 10,813,040 22.87 22.80 2,688,711 - - - - - 2,688,711 6,507 20,515 0.04 0.04 5.97 11,438,732 - 381,729 - 108 14,800 11,805,769 1,167,966 2,230,456 4.72 4.70 AsimGhandara Textile Nissan Mills LimitedLimited 1,142,712 - - - - - 1,142,712 - - - - 7.53 Chemicals Honda Atlas Cars Limited 3,619,831 - - - - - 3,619,831 31,275 158,295 0.33 0.33 2.53 Electronic And Electrical Equipment Ayaz Textile Mills Limited. 210,188 - - - - - 210,188 - - - - 2.46 Arif Habib Corporation 1,212,084 - 121,208 - - - 1,333,292 27,426 29,546 0.06 0.06 0.29 695,806 - - - - 2,100 693,706 78,730 215,743 0.46 0.46 0.88 Johnson And Phillips (Pakistan) Ltd 574,324 - - - - - 574,324 - 5,921 0.01 0.01 10.54 AzgardIndus Motor Nine CompanyLimited Limited 1,064,055 - - - - - 1,064,055 3,033 6,767 0.01 0.01 0.24 Agritech Limited 6,666,667 - - - - - 6,666,667 77,200 77,200 0.16 0.16 1.70 3,007,800 38,500 - - - 59,410 2,986,890 184,033 444,210 0.94 0.94 3.63 Pakistan Cables Limited 1,758,827 - - - - - 1,758,827 11,872 113,972 0.24 0.24 6.18 BabriPak Suzuki Cotton Motor Mills LimitedCo. Limited 80,578 - - - - - 80,578 392 5,068 0.01 0.01 2.21 Linde Pakistan Limited (BOC) 900,681 - - - - - 900,681 70,316 161,231 0.34 0.34 3.60 482 - - - - - 482 - - - - 0.02 Singer Pakistan Limited 4 - -Number of shares - - - 4 Balance as - at June 30, 2013 - - - - BahawalpurSaif Nadeem Textile Kawasaki Mills Motors Limited Limited 64,250 - - - - - 64,250 - - - - 6.43 Clariant Pakistan Limited 1,940,646 - - - - - 1,940,646 18,443 618,775 1.31 1.31 %age 5.69 of 17,387,779 38,500 55,513 - - 290,710 17,191,082 401,803 1,431,393 3.03 3.03 2,333,155 - - - Merger/ - - 2,333,155 11,872 119,893 % age 0.25 of Market Value 0.25 Bata Pakistan Limited 1,090,234 - - - - - 1,090,234 58,347 1,950,429 4.12 4.11 14.42 Dawood Hercules Corporation Limited 942,940 Purchase - Bonus Issue - Right/New - - Sale - 942,940 27,540 43,479 0.09 0.09 Investee 0.20 IndustrialName Engineering of Investtee Company As at July 01, Demerger As at June 30, Net as %age of BrothersBeverages Textile Mills Limited 617,961 - - - - - 617,961 - - - - 6.31 during the during the Issue during during the Carrying Value Market Value Co. Paid- Descon Chemicals Limited 2012 513,395 - - - Adjust. - - 2013 513,395 - 1,545 Assets - investment - 0.26 ShezanChakwal International Spinning Mills Limited Limited 1,141,177 754,008 - 114,117 - - - - 1,255,294 754,008 70,519 - 824,728 8,664 1.740.02 1.740.02 19.02 1.89 Bolan Castings Limited 445,706 period - period - the period - - period - 445,706 4,850 17,828 0.04 0.04 up Capital 4.27 Dewan Salman Fibre Limited. 4,192,737 - - - - 2,143,014 2,049,723 2,480 5,165 0.01 0.01 0.56 Ghandhara Industries Limited 258,577 - - - Effects - - 258,577 1,681 4,745 0.01 0.01 1.21 Colony Mills Limited 1,141,1771,521,599 - 114,117 - - - - 1,255,2941,521,599 70,519 1,522 824,728 6,741 1.740.01 1.740.01 0.62 HinopakDynea Pakistan Motors Limited 1,787,610 500,000 - - - - - 1,787,610 500,000 35,02517,622 59,05071,058 0.120.15 0.120.15 4.039.47 FoodCrescent Producers Cotton Mills Limited 1,048,579 - - - - - 1,048,579 5,505 52,429 0.11 0.11 4.91 K.S.B.Engro CorporationPumps Co. Limited 1,501,6597,613,278 125,000 - - - - 3,290,000 - 1,501,6594,448,278 366,200 31,742 125,989542,112 0.271.15 0.271.14 11.38 0.87 Al-Crescent Abbas Fibres Sugar LimitedMills Limited 1,427,183 852,681 - - - - 12,500 - 1,414,683 852,681 13,419 - 148,542 26,476 0.310.06 0.310.06 8.156.87 MillatFatima Tractors Fertilizer Limited Company 5,775,298 579,684 - 55,99859,264 - - 1,150,000 19,700 4,684,562 615,982 110,904 47,508 323,384116,318 0.680.25 0.680.25 1.530.22 Al-NoorCrescent Sugar Jute Proudcts Mills Limited Limited 2,296,6561,488,808 - 114,832 - - - - 1,488,808 2,411,488 - 113,340 - 0.24 - 0.24 - 12.37 6.27 TaxilaFauji Fertilizer Engineering Bin QasimCompany Limited Limited 1,233,435 206,888 - - - - 300,000 - 206,888933,435 23,902 - 35,041 - 0.07 - 0.07 - 4.870.10 ChashmaCrescent Textile Sugar Mills LimitedLimited. 1,870,010 942,227 - - - - - 1,870,010 942,227 14,773 3,062 33,099 8,480 0.020.07 0.020.07 3.283.80 Fauji Fertilizer Company Limited. 37,413,588 3,492,514 - 55,998 - - - 5,010,633 19,700 32,402,955 3,528,812 184,202744,298 3,481,039 530,996 1.127.36 1.127.34 2.55 ColonyD. M. Textile Sugar Mills Mills Limited Limited 335,682336,614 - - - - 335,682 - 336,614 - 606 - 4,039 - 0.01 - 0.01 - 11.03 - IndustrialI.C.I Pakistan Transportion Limited 990,111 - - - (1) 961,701 28,409 3,427 4,728 0.01 0.01 0.03 DataD.S.Industries Agro Limited Limited 98,51844,780 - - - - 82 - 98,60044,780 - 34 227 - - - 2.470.07 PakistanLeiner Pak National Gelatine Shipping Limited Corporation 436,564 20,957 - - - - 20,957 - 436,564 - 4,483 - 20,082 - 0.04 - 0.04 - 0.33 - DewanDar-Es-Salaam Sugar Mills Textile Limited Mills Limited 2,415,432 266,787 - - - - - 2,415,432 266,787 4,058 587 9,8792,228 0.02 - 0.02 - 6.623.33 PanLOTTE Islamic Chemical Steamship Pakistan Co. Limited 16,335,601 1,136 - - - - - 16,335,601 1,136 114,839 - 124,477 - 0.26 - 0.26 - 0.021.08 FaranData Textile Sugar Limited Mills Limited 2,668,982 618,595 - 266,898 - - - 200,000 - 2,735,880 618,595 34,290 - 80,435 - 0.17 - 0.17 - 11.49 6.24 Pakistan Gum & Chemiclas Limited 437,700 97,057 - - - - - 437,700 97,057 4,4831,449 20,08213,686 0.040.03 0.040.03 2.28 HabibDawood Sugar Lawrencepur Mills Limited Limited 12,943,251 275,595 - - - - 109,500 - 12,833,751 275,595 40,586 6,004 303,133 16,536 0.640.03 0.640.03 8.560.47 AutoSardar Mobile Chemical & Parts Industries Limited 147,777 - - - - - 147,777 - 925 - - 2.46 KohinoorDewan Khalid Sugar Textile Mills Limited Mills Limited 719,955279,486 - - - - - 719,955279,486 2,145 279 10,648 1,260 0.02 - 0.02 - 6.604.92 AgriautoSitara Chemical Industries Industries Limited. Limited 1,308,720 698,153 - - - - - 1,308,720 698,153 50,407 9,754 139,554 98,324 0.210.30 0.210.29 4.543.26 MianDewan Muhammed Mushtaq Texytile Sugar Mills Limited 172,406240,424 - - - - - 172,406240,424 481 - 2,404 - 0.01 - 0.01 - 1.177.00 AtlasSitara Honda Peroxide Limited Limited 222,053104,322 - 55,513 - - - 104,322 - 277,566 - 645 - 50,278 - 0.11 - 0.11 - 0.27 - MirpurkhasDin Textile Mills Sugar Limited Mills Limited 1,244,656 309,364 - 186,698 - - - - 1,431,354 309,364 3,847 - 18,87166,200 0.040.14 0.040.14 12.83 1.52 UnitedBaluchistan Distributors Wheels Pakistan Limited Limited. 1,592,160 452,388 - - - - 125,000 - 1,467,160 452,388 38,322 - 71,891 - 0.15 - 0.15 - 11.00 4.93 EllcotMitchell'S Spinning Fruit Farms Mills Limited Limited 706,880562,203 - 140,550 - - - 4,000 - 706,880698,753 31,193 7,509 349,377 45,869 0.100.74 0.100.74 11.09 6.46 AkzoExide Nobel Pakistan Pakistan Limited Limited 497,882486,240 - - - - 2,700 - 497,882483,540 29,93815,343 217,496 29,938 0.060.46 0.060.46 1.076.85 FatehMorafco Industries Industries Limited. Limited 23,06257,409 - - - - 56 - 57,409 23,118 - - - - 10.10 1.16 GeneralWah-Noble Tyre Chemicals And Rubber Limited. Co. Of Pak. Ltd 3,765,976 636,624 - - - - 101,500 - 3,664,476 636,624 37,19410,157 154,641 35,021 0.330.07 0.330.07 6.137.07 FatehNestle SportsPakistan Wear Limited Limited 45,21998,000 - - - - 81 - 45,30098,000 107,014 - 636,902 - 1.35 - 1.34 - 2.270.22 Ghandara Nissan Limited 90,173,231 2,688,711 125,000 - 180,472 - - - (1) 12,980,627 - 77,498,075 2,688,711 1,633,152 6,507 5,530,838 20,515 11.68 0.04 11.64 0.04 5.97 FazalPangrio Cloth Sugar Mills Mills Limited Limited . 1,332,261 779,820 - 141,479 - - - - 1,473,740 779,820 13,415 - 136,026 - 0.29 - 0.29 - 5.897.19 HondaForestry Atlas And Cars Paper Limited 3,619,831 - - - - - 3,619,831 31,275 158,295 0.33 0.33 - 2.53 FazalPremier Textile Sugar Mills Mills Limited And Distillery Co. 67,75558,825 - - - - - 67,75558,825 1,2312,440 22,291 3,317 0.050.01 0.050.01 1.101.57 IndusCentury Motor Paper Company & Board Limited Mills Limited 5,500,015 695,806 - 1,100,003 - 1,650,004 - - 2,100 - 8,250,022 693,706 104,500 78,730 215,743223,163 0.460.47 0.460.47 0.887.78 FazalPunjab Vegetable Oil Mills Limited Ghee Mills Limited 527,151 42,005 - - - - - 527,151 42,005 6,579 - 33,474 - 0.07 - 0.07 - 2.109.78 PakPakistan Suzuki Paper Motor Products Co. Limited Limited 3,007,800 386,750 38,500 - 77,350 - - - 59,410 - 2,986,890 464,100 184,033 568 444,210 20,369 0.940.04 0.940.04 3.637.74 GulSakrand Ahmed Sugar Textile Mills Mills Limited Limited 1,055,362 340,700 - - 211,072 - - - 1,266,434 340,700 11,889 - 30,065 1,141 0.06 - 0.06 - 0.831.53 SaifSecurity Nadeem Papers Kawasaki Limited Motors Limited 1,800,000 482 - - - - - 1,800,000 482 60,498 - 120,582 - 0.25 - 0.25 - 0.024.37 GulistanSaleem SugarSpinning Limited Mills Limited (O) 292,085 8,761 - -Number of shares - - 292,085 - 8,761 - Balance as - at June 30, 2013 - - - 0.78 - 7,686,765 - 1,177,353 1,650,004 - - 10,514,122 165,566 364,114 0.76 0.76 Saleem Suger Limited .(P) 6 % 198 - - - - - 198 - - - - %age 0.40 of 17,387,779 38,500 55,513 - - 290,710 17,191,082 401,803 1,431,393 3.03 3.03 Gulistan Textile Mills Limited 734,617 - - - Merger/ - - 734,617 6,011 7,383 % age 0.02 of Market Value 0.02 3.87 Purchase Bonus Issue Right/New Sale Investee IndustrialBeverages Metals And Mining GulshanSanghar NameSpinningSugar ofMills InvestteeMills Limited Limited Company As at July1,203,4741,063,616 01, - - - Demerger - - As at 1,203,4741,063,616June 30, 4,558 - 22,570 5,355 Net 0.010.05 as %age 0.010.05 of 5.418.90 during the during the Issue during during the Carrying Value Market Value Co. Paid- AishaShezan Steel International Mills Limited Limited 2,129,3881,141,177 - 114,117 - - - - 2,129,3881,255,294 21,29470,519 824,728 19,250 0.041.74 0.041.74 19.02 0.79 HafizShahmurad Textile SugarMills Limited. Mills Limited 2012 2,417,910 85 - - - Adjust. - - 85 20132,417,910 - - 43,522 - Assets 0.09 - investment 0.09 - 11.45 - period period the period period up Capital Aisha Steel Mills Limited-Preference 1,141,177 121,208 - 114,117 - - - - 1,255,294 121,208 70,519 - 824,728 971 1.74 - 1.74 - 0.16 HajraShahtaj Textile Sugar Mills Mills Limited Limited 801,695518,063 - - - Effects - - 801,695518,063 13,393 - 65,338 - 0.14 - 0.14 - 6.673.77 CrescentFood Producers Steel And Allied Proudcts Ltd 4,119,394 - - - - 386,404 3,732,990 64,607 167,947 0.36 0.35 6.61 HakkimShakarganj Textile Mills Mills Limited Limited 7,194,553 257,368 - - - - - 7,194,553 257,368 27,339 - 157,273 - 0.33 - 0.33 - 10.35 4.77 Al-Huffaz Abbas Seamless Sugar Mills Pipe Limited Industries Ltd 1,427,1831,362,396 - - - - 12,500 - 1,414,6831,362,396 13,419 6,758 148,542 30,368 0.310.06 0.310.06 8.152.46 HarumUnilever Textile Pakistan Mulls Limited Limited 111,000 58,248 - - - - 111,000 - 58,248 - - - - - 0.62 - Al-NoorInternational Sugar Industries Mills Limited Limited 12,557,136 2,296,656 - 114,832 - - - 9,002 - 12,548,134 2,411,488 354,485 - 566,046113,340 0.241.20 0.241.19 12.3710.47 Ibrahim Fibres Limited 39,286,789 1,800,000 - 708,978 - - - 82 772,682 - 39,223,167 1,800,000 285,518 48,672 2,053,571 93,600 0.204.34 0.204.33 0.58 InternationalChashma Sugar Steels Mills Limited Limited. 4,800,000 942,227 - - - - 450,000 - 4,350,000 942,227 45,675 3,062 76,952 8,480 0.160.02 0.160.02 3.281.00 IdealHousehold Spinning Goods Mills Limited. 658,396 - - - - - 658,396 922 6,294 0.01 0.01 6.64 ColonyQuality SteelSugar Works Mills Limited Limited 335,682 2,922 - - - - 335,682 - 2,922 - - - - - 0.16 - Al-AbidIndus Dyeing Silk Mills Manufacturing Limited. Co. Ltd 1,145,187 525,295 - - - - - 1,145,187 525,295 18,323 5,509 309,661 18,323 0.040.65 0.040.65 8.542.91 Data Agro Limited 25,092,444 98,518 - - - - 82 845,406 - 24,247,038 98,600 492,819 - 861,534 - 1.82 - 1.80 - 2.47 CasspakInternational Industries Knitwear Limited Limited 119,144 54,184 - - - - - 119,144 54,184 - 840 - - - 2.463.69 DewanConstruction Sugar Mills& Meterials Limited 2,415,432 - - - - - 2,415,432 4,058 9,879 0.02 0.02 6.62 PakIshaq Elektron Textile MillsLimited Limited 7,896,556 443,946 - - - - - 7,896,556 443,946 27,559 919 127,371 7,259 0.270.02 0.270.02 6.484.60 FaranPower SugarCement Mills Limited 2,668,982 14,821 - 266,898 - - - 200,000 - 2,735,880 14,821 34,290 31 80,435 130 0.17 - 0.17 - 11.49 0.00 J. A. Textile Mills Limited 9,095,927 677,361 - - - - - 9,095,927 677,361 45,882 - 145,694 - 0.31 - 0.31 - 5.38 HabibAttock SugarCement Mills Pakistan Limited Limited 12,943,251 677,112 - 62,311 - - - 109,500668,200 12,833,751 71,223 40,586 3,006 303,133 9,401 0.640.02 0.640.02 8.560.07 LeisureJ. K. Spinning Goods Mills Limited 340,796 - - - - 55,000 285,796 313 6,859 0.01 0.01 0.47 KohinoorBalochistan Sugar Glass Mills Limited Limited 719,955591,534 - - - - 591,534 - 719,955 - 2,145 - 10,648 - 0.02 - 0.02 - 6.60 - GraysKaiser OfArts Cambridge & Krafts Mills (Pakistan) Limited Ltd 315,909 36,944 - - - - - 315,909 36,944 4,072 - 12,646 - 0.03 - 0.03 - 4.300.43 MianBerger Muhammed Paints Pakistan Sugar Limited Mills Limited 172,406618,426 - - - - - 172,406618,426 7,421 - 14,286 - 0.03 - 0.03 - 1.173.40 Karim Cotton Mills Limited 315,909110,562 - - - - - 315,909 110,562 4,072 - 12,646 - 0.03 - 0.03 - 9.34 MirpurkhasBuxly Paints Sugar Limited Mills Limited 1,244,656 175,218 - 186,698 - - - - 1,431,354 175,218 983 - 66,200 2,453 0.140.01 0.140.01 12.8312.17 KhalidPersonal Siraj Goods Textile Mills Limited 700,498 - - - - - 700,498 - - - - 6.55 Mitchell'SCherat Cement Fruit FarmsCompany Limited Limited 12,699,288 562,203 - 140,550 - - - 957,512 4,000 11,741,776 698,753 84,65931,193 683,255349,377 1.440.74 1.440.74 12.2811.09 Kohinoor(Colony) SarhadIndustries Textile Limited Mills Limited 334,468328,879 - - - - 334,468 - 328,879 - - 164 - - - 8.22 - D.Morafco G. Khan Industries Cement Limited Co. Limited 6,436,129 57,409 - - - - 3,684,948 - 2,751,181 57,409 62,900 - 230,246 - 0.49 - 0.49 - 10.10 0.63 KohinoorAccord Textile Looms Limited Limited 169,648458,109 - - - - - 169,648458,109 - - - - 1.574.93 DadabhoyNestle Pakistan Construction Limited Technology Ltd 69,08598,000 - - - - - 69,08598,000 107,014 - 636,902 - 1.35 - 1.34 - 2.970.22 KohinoorAdil Textile Mills Mills Limited 2,859,830 93,592 - - - - - 2,859,830 93,592 3,003 - 46,329 833 0.10 - 0.10 - 5.621.21 DewanPangrio Cement Sugar Mills Limited Limited 4,921,424 779,820 - - - - 4,100,000 - 821,424779,820 1,027 - 5,635 - 0.01 - 0.01 - 0.217.19 KohinoorAhmed Hassan Spinning Textile Mills Mills Limited Limited 602,327913,009 - - - - - 602,327913,009 10,966 - 19,356 6,547 0.010.04 0.010.04 0.466.34 EmcoPremier Industries Sugar Mills Limited And Distillery Co. 754,929 58,825 - - - - 235,000 - 519,929 58,825 2,440 572 1,5703,317 0.01 - 0.01 - 1.491.57 KohinoorAl - Qaim TextileTextile MillsMills LimitedLimited 3,161,234 358,753 - - - - - 3,161,234 358,753 9,673 - 52,635 - 0.11 - 0.11 - 1.294.81 FaujiPunjab Cement Oil Mills Company Limited Limited 2,392,367 527,151 - - - - 850,000 - 1,542,367 527,151 6,2456,579 20,49833,474 0.040.07 0.040.07 0.129.78 LandAmtex Mark Limited Spinning Industries Ltd 2,586,023 447,937 - - - - - 2,586,023 447,937 3,103 - 7,060 - 0.01 - 0.01 - 3.691.00 FectoSakrand Cement Sugar Limited Mills Limited 1,727,655 340,700 - - - - - 1,727,655 340,700 6,738 - 82,945 1,141 0.18 - 0.17 - 3.441.53 MaqboolAsim Textile Textile Mills Mills Limited Limited. 1,420,2161,142,712 - - - - - 1,420,2161,142,712 11,362 - 29,540 - 0.06 - 0.06 - 8.457.53 KaramSaleem Ceramices Sugar Limited Limited (O) 358,232 8,761 - - - - 358,232 - 8,761 - - - - - 0.78 - MasoodAyaz Textile Textile Mills Mills Limited. Limited 2,025,828 210,188 - - - - - 2,025,828 210,188 37,288 - 51,679 - 0.11 - 0.11 - 3.382.46 KohatSaleem Cement Suger Limited .(P) 6 % 245,503 198 - - - - 245,503 - 198 - - - - - 0.40 - MehrAzgard Dastgir Nine LimitedTextile Mills Limited 1,064,055 259 - - - - - 1,064,055 259 3,033 - 6,767 - 0.01 - 0.01 - 0.000.24 LafargeSanghar Pakistan Sugar Mills Cement Limited Limited 21,464,909 1,063,616 - - - - 964,500 - 20,500,409 1,063,616 38,542 - 174,048 22,570 0.370.05 0.370.05 1.568.90 MianBabri TextileCotton Mills Mills Limited Limited 736,078 80,578 - - - - - 736,078 80,578 221392 1,8625,068 0.01 - 0.01 - 3.332.21 LuckyShahmurad Cement Sugar Limited Mills Limited 4,939,1092,417,910 - - - - 2,219,774 - 2,719,3352,417,910 156,405 - 570,299 43,522 1.210.09 1.200.09 11.45 0.84 MoonliteBahawalpur (Pak) Textile Limited Mills Limited 115,477 64,250 - - - - - 115,477 64,250 635 - 866 - - - 5.356.43 MapleShahtaj Leaf Sugar Cement Mills LimitedFactory Limited 2,606,440 801,695 - - - - 627,194 - 1,979,246 801,695 13,393 3,563 65,33843,405 0.140.09 0.140.09 6.670.38 MuhammadBata Pakistan Farooq Limited Textile Mills Ltd 1,860,2771,090,234 - - - - - 1,860,2771,090,234 58,347 893 1,950,429 5,525 0.014.12 0.014.11 14.42 9.85 ShakarganjMustehkam MillsCement Limited Limited Normail 7,194,553 678,819 - - - - - 7,194,553 678,819 27,339 5,235 157,273 35,604 0.080.33 0.080.33 10.35 0.53 NishatBrothers (Chunian) Textile Mills Limited. Limited 7,423,071 617,961 - 742,307 - - - 774,981 - 7,390,397 617,961 85,949 - 441,576 - 0.93 - 0.93 - 4.066.31 PioneerUnilever CementPakistan Limited Limited 1,286,444 111,000 - - - - 500,000 111,000 786,444 - 2,595 - 23,098 - 0.05 - 0.05 - 0.35 - NishatChakwal Mills Spinning Limited Mills Limited 13,031,554 754,008 - - - - 4,948,555 - 8,082,999 754,008 313,357 - 761,499 8,664 1.610.02 1.610.02 2.301.89 Regal Ceramics Limited 39,286,789 89,947 - 708,978 - - - 82 772,682 - 39,223,167 89,947 285,518 - 2,053,571 - 4.34 - 4.33 - 1.23 ParamountColony Mills Spinning Limited Mills Limited. 1,951,1861,521,599 - - - - - 1,951,1861,521,599 9,1711,522 9,1716,741 0.020.01 0.020.01 11.24 0.62 ShabbirHousehold Tiles Goods & Ceramics Limited 3,535,939 - - - - - 3,535,939 23,019 34,475 0.07 0.07 2.45 PremiumCrescent TextileCotton Mills Limited 1,048,579 807,307 - - - - - 1,048,579 807,307 8,8035,505 149,441 52,429 0.320.11 0.320.11 13.10 4.91 ThattaAl-Abid Cement Silk Mills Limited Limited. 3,606,0801,145,187 - - - - 79,000 - 3,527,0801,145,187 63,15518,323 93,46818,323 0.200.04 0.200.04 3.548.54 RaviCrescent Textile Fibres Mills Limited Limited 346,636852,681 - - - - 346,636 - 852,681 - - 26,476 - 0.06 - 0.06 - 6.87 - ZealCasspak Pak IndustriesCement Factory Limited Limited 486,248 54,184 - - - - - 486,248 54,184 - 214 - - - 2.460.11 RedcoCrescent Textiles Jute Proudcts Limited Limited 1,488,808 786,569 - - - - 31 - 1,488,808 786,600 - - - - 3.696.27 Pak Elektron Limited 70,375,658 7,896,556 - 62,311 - - - 16,081,397 - 54,356,572 7,896,556 466,096 27,559 2,025,030 127,371 4.290.27 4.270.27 6.48 RelianceCrescent CottonTextile MillsSpinning Limited Mills Ltd 1,870,010 465,638 - - - - - 1,870,010 465,638 14,773 3,824 24,35833,099 0.050.07 0.050.07 4.523.80 General Industrials 9,095,927 - - - - - 9,095,927 45,882 145,694 0.31 0.31 RelianceD. M. Textile Weaving Mills Limited Mills Limited 592,645336,614 - - - - - 592,645336,614 2,074 606 20,150 4,039 Annual 0.040.01 Report 0.040.01 2013 11.03 1.92 LeisureBalochistanCorporate Goods ParticleFund Board Manager Limited Trustee Auditor 781,130 Financial - Notes - Movement - in Portfolio - Performance - 781,130 - - - - 13.02 RubyD.S.IndustriesCorporate Textile Mills Limited LimitedFund Manager Trustee Auditor 610,664 44,780 Financial - Notes - Movement - in Portfolio - Performance - 610,664 44,780 - 34 227 - - - 1.170.07 DadabhoyGrays Of Cambridge Sack Limited (Pakistan) Ltd 315,909 49,259 - - - - - 315,909 49,259 4,072 - 12,646 - 0.03 - 0.03 - 1.234.30 RupaliDar-Es-Salaam Polyester Textile Limited Mills Limited 1,400,000 266,787 - - - - - 1,400,000 266,787 32,620 587 32,620 2,228 0.07 - 0.07 - 3.334.11 Ghani Glass Mills Limited 791,589315,909 - 79,158 - - - 1 - 870,748315,909 32,756 4,072 54,50912,646 0.120.03 0.030.11 0.74 SadoonData Textile Textile Limited Mills Limited 618,595 985 - - - - - 618,595 985 - - - - 0.036.24 HashmiPersonal Can Goods Company Limited 160,986 - - - - - 160,986 - - - - 9.86 SaifDawood Textile Lawrencepur Mills Limited Limited 1,965,871 275,595 - - - - - 1,965,871 275,595 6,0044,856 16,53647,948 0.030.10 0.030.10 0.477.44 (Colony)Merit Packaging Sarhad LimitedTextile Mills Limited 328,879684,145 - - - - - 328,879684,145 3,169 - 14,018 164 0.03 - 0.03 - 14.42 8.22 DewanSajjad Textile Khalid Mills Textile Limited Mills Limited 279,486316,932 - - - - - 279,486316,932 279 - 1,260 - - - 4.921.49 AccordPackages Textile Limited Limited 4,569,383 458,109 - - - - - 4,569,383 458,109 370,988 - 1,020,663 - 2.16 - 2.15 - 4.935.42 DewanSalfi Textile Mushtaq Mills TexytileLimited Mills Limited 240,424104,645 - - - - - 240,424104,645 481956 17,720 2,404 0.010.04 0.040.01 3.137.00 AdilSiemens Textile Pakistan Mills Limited Engineering Co. Ltd 983,658 93,592 - - - - - 983,658 93,592 598,221 - 640,558 833 1.35 - 1.35 - 11.93 1.21 SallyDin Textile Textile Mills Mills Limited Limited 348,279309,364 - - - - - 348,279309,364 3,847 - 10,03018,871 0.020.04 0.020.04 3.971.52 AhmedSyed Match Hassan Co. Textile Limited Mills Limited 913,009 14,777 - - - - 23 14,800 - 913,009 - 10,966 - 19,356 - 0.04 - 0.04 - 6.34 - SalmanEllcot Spinning Noman EnterpriesMills Limited Limited 328,899706,880 - - - - - 328,899706,880 7,509 - 45,869 1,970 0.10 - 0.10 - 7.366.46 AlThal - Qaim Limited Textile Mills Limited 3,025,714 358,753 - 302,571 - - - 84 - 3,328,369 358,753 125,957 - 424,334 - 0.90 - 0.90 - 4.814.11 SaminFateh IndustriesTextiles Limited Limited. 139,945 23,062 - - - - 56 139,945 - 23,118 - - - - - 1.16 - Tri-PackAmtex Limited Films Limited 2,586,023 378,091 - - - - - 2,586,023 378,091 36,875 3,103 76,374 7,060 0.160.01 0.160.01 1.261.00 SanaFateh IndustriesSports Wear Limited Limited 338,401 45,219 - - - - 81 - 338,401 45,300 3,925 - 17,194 - 0.04 - 0.04 - 4.922.27 Asim Textile Mills Limited 11,438,732 1,142,712 - 381,729 - - 108- 14,800 - 11,805,769 1,142,712 1,167,966 - 2,230,456 - 4.72 - 4.70 - 7.53 SapphireFazal Cloth Fibers Mills LimitedLimited . 1,332,261 224,435 - 141,479 - - - - 1,473,740 224,435 16,94513,415 136,026 37,948 0.080.29 0.080.29 1.145.89 AyazElectronic Textile And Mills Electrical Limited. Equipment 210,188 - - - - - 210,188 - - - - 2.46 SapphireFazal Textile Holding Mills LimitedLimited 352,976 67,755 - - - - - 352,976 67,755 1,231 - 22,291 3,530 0.010.05 0.010.05 1.761.10 AzgardJohnson Nine And Limited Phillips (Pakistan) Ltd 1,064,055 574,324 - - - - - 1,064,055 574,324 3,033 - 6,7675,921 0.01 0.01 10.54 0.24 SapphireFazal Vegetable Textile MillsGhee Limited Mills Limited 352,976 42,005 - - - - - 352,976 42,005 24,355 - 100,598 - 0.21 - 0.21 - 1.762.10 BabriPakistan Cotton Cables Mills Limited Limited 1,758,827 80,578 - - - - - 1,758,827 80,578 11,872 392 113,972 5,068 0.010.24 0.010.24 2.216.18 SargodaGul Ahmed Spinning Textile Mills Limited 1,055,362 588,202 - - 211,072 - - - 1,266,434 588,202 11,889 - 30,065 5,294 0.010.06 0.010.06 1.890.83 BahawalpurSinger Pakistan Textile Limited Mills Limited 64,250 4 - - - - - 64,250 4 - - - - 6.43 - SaritowGulistan Spinning Spinning Mills Mills Limited Limited 1,423,435 292,085 - - - - 292,085 - 1,423,435 - - 12,199 - 0.03 - 0.03 - 4.77 - Bata Pakistan Limited 1,090,2342,333,155 - - - - - 1,090,2342,333,155 58,34711,872 1,950,429 119,893 4.120.25 0.254.11 14.42 SchonGulistan Textiles Textile Limited Mills Limited 258,610734,617 - - - - - 258,610734,617 6,011 - 7,383 - 0.02 - 0.02 - 2.163.87 BrothersIndustrial Textile Engineering Mills Limited 617,961 - - - - - 617,961 - - - - 6.31 ServiceGulshan (Textile) Spinning Industries Mills Limited Limited 1,203,474 162,908 - - - - - 1,203,474 162,908 4,558 - 5,355 - 0.01 - 0.01 - 3.665.41 ChakwalBolan Castings Spinning Limited Mills Limited 754,008445,706 - - - - - 754,008445,706 4,850 - 17,828 8,664 0.020.04 0.020.04 1.894.27 ServiceHafiz Textile Fabircs Mills Limited Limited. 1,349,180 85 - - - - - 85 1,349,180 - - - - - 8.56 - ColonyGhandhara Mills Industries Limited Limited 1,521,599 258,577 - - - - - 1,521,599 258,577 1,5221,681 6,7414,745 0.01 0.01 0.621.21 ShadabHajra Textile Textile Mills Mills Limited Limited 518,063 94,207 - - - - - 518,063 94,207 - - - - 3.143.77 Crescent Cotton Mills Limited 1,048,579 - - - - - 1,048,579 5,505 52,429 0.11 0.11 4.91 Shahpur Textile Mills Limited. 890,850 - - - - - 890,850 - - - - 6.37 Crescent Fibres Limited 852,681 - - - - - 852,681 - 26,476 0.06 0.06 6.87 Shahtaj Textile Mills Limited 475,726 - - - - - 475,726 4,370 17,602 0.04 0.04 4.92 Crescent Jute Proudcts Limited 1,488,808 - - - - - 1,488,808 - - - - 6.27 Shams Textile Mills Limited 1,211,998 - - - - - 1,211,998 6,908 63,327 0.13 0.13 14.03 Crescent Textile Mills Limited 1,870,010 - - - - - 1,870,010 14,773 33,099 0.07 0.07 3.80 Sind Fine Textile Mills Limited 78,011 - - - 24 - 78,035 - - - - 2.28 D. M. Textile Mills Limited 336,614 - - - - - 336,614 606 4,039 0.01 0.01 11.03 Sunrays Tetile Mills Limited 271,565 - 47,277 - - - 318,842 2,741 61,855 0.13 0.13 4.62 D.S.Industries Limited 44,780 - - - - - 44,780 34 227 - - 0.07 Sunshine Cotton Mills Limited 426,521 - - - - - 426,521 - - - - 5.43 Dar-Es-Salaam Textile Mills Limited 266,787 - - - - - 266,787 587 2,228 - - 3.33 Suraj Cotton Mills Limited 428,540 - - - - - 428,540 4,947 36,554 0.08 0.08 2.16 Data Textile Limited 618,595 - - - - - 618,595 - - - - 6.24 Suraj Ghee Industries Limited 54,324 - - - - - 54,324 - - - - 5.67 Dawood Lawrencepur Limited 275,595 - - - - - 275,595 6,004 16,536 0.03 0.03 0.47 Taj Textile Mills Limited 1,409,947 - - - - - 1,409,947 - 578 - - 4.22 Dewan Khalid Textile Mills Limited 279,486 - - - - - 279,486 279 1,260 - - 4.92 Tata Textile Mills Limited 2,094,285 - 124,213 - - - 2,218,498 18,725 68,773 0.15 0.15 12.81 Dewan Mushtaq Texytile Mills Limited 240,424 - - - - - 240,424 481 2,404 0.01 0.01 7.00 Treet Corporation Limited 3,550,640 - - - - - 3,550,640 8,280 294,987 0.62 0.62 8.49 Din Textile Mills Limited 309,364 - - - - - 309,364 3,847 18,871 0.04 0.04 1.52 Treet Corporation Limited-PTC - 3,550,640 - - - - 3,550,640 106,530 159,956 0.34 0.34 8.49 Ellcot Spinning Mills Limited 706,880 - - - - - 706,880 7,509 45,869 0.10 0.10 6.46 Turbo Tec Limited 170,879 - - - - - 170,879 - - - - 1.71 Fateh Industries Limited. 23,062 - - - 56 - 23,118 - - - - 1.16 Yousuf Weaving Mills Limited. 1,188,621 - - - - - 1,188,621 1,189 4,861 0.01 0.01 2.97 Fateh Sports Wear Limited 45,219 - - - 81 - 45,300 - - - - 2.27 Zahur Cotton Mills Limited 485,694 - - - - - 485,694 - - - - 4.93 Fazal Cloth Mills Limited . 1,332,261 - 141,479 - - - 1,473,740 13,415 136,026 0.29 0.29 5.89 SFL Limited 224,435 - 4,488 - 1 228,924 ------Fazal Textile Mills Limited 67,755 - - - - - 67,755 1,231 22,291 0.05 0.05 1.10 ZIL Limited 340,859 - - - - - 340,859 4,865 36,039 0.08 0.08 6.40 Fazal Vegetable Ghee Mills Limited 42,005 - - - - - 42,005 - - - - 2.10 Tri-Star Polyester Limited 629,772 - - - - 629,772 ------Gul Ahmed Textile Mills Limited 1,055,362 - - 211,072 - - 1,266,434 11,889 30,065 0.06 0.06 0.83 94,097,501 3,550,640 1,059,764 211,072 193 7,750,451 91,168,719 938,892 5,466,914 11.53 11.52 Gulistan Spinning Mills Limited 292,085 - - - - 292,085 ------Tobacco Gulistan Textile Mills Limited 734,617 - - - - - 734,617 6,011 7,383 0.02 0.02 3.87 Pakistan Tobacco Co. Limited 1,807,339 - - - - - 1,807,339 84,439 283,752 0.60 0.60 0.71 Gulshan Spinning Mills Limited 1,203,474 - - - - - 1,203,474 4,558 5,355 0.01 0.01 5.41 1,807,339 - - - - - 1,807,339 84,439 283,752 0.60 0.60 Hafiz Textile Mills Limited. 85 - - - - 85 ------Health Care Equipment And Services Hajra Textile Mills Limited 518,063 - - - - - 518,063 - - - - 3.77 Medi Glass Limited 295,554 - - - - - 295,554 - - - - 3.89 295,554 - - - - - 295,554 - - - - Pharma And Bio Tech Abbot Laboatories (Pakistan) Limited 2,593,029 - - - - - 2,593,029 207,961 850,747 1.80 1.79 2.65 Ferozsons Laboratories Limited 1,636,977 - 81,848 - - - 1,718,825 1,877 190,824 0.40 0.40 5.69 Glaxosmithkline (Pak) Limited 8,014,704 - 801,470 - 1 - 8,816,175 481,135 1,069,667 2.26 2.26 3.05 Highnoon Laboratories Limited 352,688 - - - - - 352,688 3,639 27,968 0.06 0.06 1.94 IBL Health Care Limited 295,437 - - - - 295,437 ------Otsuka Pakistan Limited 80,106 - - - - 80,106 ------Sanofi-Aventis Limited 229,461 - - - - - 229,461 21,056 130,194 0.28 0.27 2.38 Searle Pakistan Limited 995,243 - 398,097 - - - 1,393,340 21,204 110,046 0.23 0.23 2.95 Wyeth Pakistan Limited 111,574 - - - - - 111,574 43,913 178,574 0.38 0.38 7.85 14,309,219 - 1,281,415 - 1 375,543 15,215,092 780,785 2,558,020 5.41 5.39 Travel And Leisure Pakistan Services Limited 893,795 - - - - - 893,795 101,044 264,653 0.56 0.56 2.75 893,795 - - - - - 893,795 101,044 264,653 0.56 0.56 Fixed Line Telecommunication Pak Datacom Limited 178,898 - - - - - 178,898 2,538 12,882 0.03 0.03 1.83 Pakistan Telecommunication Company 7,374,384 - - - - 1,302,000 6,072,384 63,092 134,746 0.28 0.28 0.16 Wateen Telecom 3,500,000 - - - - - 3,500,000 5,460 15,085 0.03 0.03 0.57 11,053,282 - - - - 1,302,000 9,751,282 71,090 162,713 0.34 0.34 Electricity Hub Power Company Limited 14,810,605 - - - - 4,714,308 10,096,297 146,827 622,437 1.32 1.31 0.87 Karachi Electric Supply Co.Limited 5,667,614 - - - - - 5,667,614 9,068 35,253 0.07 0.07 0.02 Kohinoor Energy Limited 410,390 - - - - - 410,390 6,472 15,390 0.03 0.03 0.24 Number of shares Balance as at June 30, 2013 %age of Merger/ % age of Market Value Purchase Bonus Issue Right/New Sale Investee Name of Investtee Company As at July 01, Demerger As at June 30, Net as %age of during the during the Issue during during the Carrying Value Market Value Co. Paid- 2012 Adjust. 2013 Assets investment period period the period period up Capital Effects Hakkim Textile Mills Limited 257,368 - - - - - 257,368 - - - - 4.77 Harum Textile Mulls Limited 58,248 - - - - - 58,248 - - - - 0.62 Ibrahim Fibres Limited 1,800,000 - - - - - 1,800,000 48,672 93,600 0.20 0.20 0.58 Ideal Spinning Mills Limited. 658,396 - - - - - 658,396 922 6,294 0.01 0.01 6.64 Indus Dyeing Manufacturing Co. Ltd 525,295 - - - - - 525,295 5,509 309,661 0.65 0.65 2.91 International Knitwear Limited 119,144 - - - - - 119,144 - 840 - - 3.69 58 Ishaq Textile Mills Limited 443,946 - - - - - 443,946 919 7,259 0.02 0.02 4.60 J. A. Textile Mills Limited 677,361 - - - - - 677,361 - - - - 5.38 59 J. K. Spinning Mills Limited 340,796 - - - - 55,000 285,796 313 6,859 0.01 0.01 0.47 Kaiser Arts & Krafts Mills Limited 36,944 - - - - - 36,944 - - - - 0.43 Karim Cotton Mills Limited 110,562 - - - - - 110,562 - - - - 9.34 Khalid Siraj Textile Mills Limited 700,498 - - - - - 700,498 - - - - 6.55 NATIONALKohinoor Industries Limited INVESTMENT 334,468 (UNIT) - -TRUST - - 334,468 ------NATIONAL INVESTMENT (UNIT) TRUST Kohinoor Looms Limited 169,648 - - - - - 169,648 - - - - 1.57 Kohinoor Mills 2,859,830 - - - - - 2,859,830 3,003 46,329 0.10 0.10 5.62 INVESTMENTSKohinoor Spinning Mills Limited - AVAILABLE 602,327 - FOR - SALE - - - 602,327 - 6,547 0.01 0.01 0.46 INVESTMENTS - AVAILABLE FOR SALE Kohinoor Textile Mills Limited 3,161,234 - - - - - 3,161,234 9,673 52,635 0.11 0.11 1.29 ASLand Mark AT Spinning JUNE Industries Ltd 30, 2013 447,937 - - - - - 447,937 - - - Annexure - 3.69 2 AS AT JUNE 30, 2013 Annexure 2 Maqbool Textile Mills Limited. 1,420,216 - - - - - 1,420,216 11,362 29,540 0.06 Page 0.06 4 of 8.45 7 Page 5 of 7 Masood Textile Mills Limited 2,025,828 - - - - - 2,025,828 37,288 51,679 0.11 0.11 3.38 Number of shares Balance as at June 30, 2013 %age of Mehr Dastgir Textile Mills Limited 259 - - - - - 259 - - - - 0.00 Merger/ % age of Market Value Purchase Bonus Issue Right/New Sale Investee Mian Textile Mills Limited 736,078 - - - - - 736,078 221 1,862 - - 3.33 Name of Investtee Company As at July 01, Demerger As at June 30, Net as %age of during the during the Issue during during the Carrying Value Market Value Co. Paid- Moonlite (Pak) Limited 115,477 - -Number of shares - - - 115,477 Balance as 635 at June 30, 2013 866 - - 5.35 2012 Number of shares Adjust. 2013 Balance as at June 30, 2013 Assets investment %age of period period the period period up%age Capital of Muhammad Farooq Textile Mills Ltd 1,860,277 - - - Merger/ - - 1,860,277 893 5,525 % age 0.01 of Market Value 0.01 9.85 Merger/Effects % age of Market Value Purchase Bonus Issue Right/New Sale Investee Purchase Bonus Issue Right/New Sale Investee Name of Investtee Company As at July 01, Demerger As at June 30, Net as %age of Name of Investtee Company As at July 01, Demerger As at June 30, Net as %age of Nishat (Chunian) Limited. 7,423,071 during the - during 742,307 the Issue during - - during 774,981 the 7,390,397 Carrying 85,949 Value Market 441,576 Value 0.93 0.93 Co. Paid- 4.06 Kohinoor Power Company Limited. 290,160 during the - during the - Issue during - - during the - 290,160 Carrying Value 438 Market Value1,590 - - Co. Paid- 2.30 2012 Adjust. 2013 Assets investment 2012 Adjust. 2013 Assets investment Nishat Mills Limited 13,031,554 period - period - the period - - period 4,948,555 8,082,999 313,357 761,499 1.61 1.61 up Capital 2.30 Kot Addu Power Co.Limited 1,231,503 period - period - the period - - period 116,171 1,115,332 35,200 69,017 0.15 0.15 up Capital 0.13 Effects Effects Paramount Spinning Mills Limited. 1,951,186 - - - - - 1,951,186 9,171 9,171 0.02 0.02 11.24 Lalpir Power Limited - 869,500 - - - - 869,500 19,138 19,138 0.04 0.04 3.48 500,000 - - - - - 500,000 35,025 59,050 0.12 0.12 4.03 500,000 - - - - - 500,000 35,025 59,050 0.12 0.12 4.03 PremiumHinopak Motors Textile LimitedMills Limited 807,307 - - - - - 807,307 8,803 149,441 0.32 0.32 13.10 NishatHinopak Chunian Motors PowerLimited Limited 3,000,000 - - - - 1,300,000 1,700,000 17,000 56,220 0.12 0.12 0.46 1,501,659 - - - - - 1,501,659 31,742 125,989 0.27 0.27 11.38 1,501,659 - - - - - 1,501,659 31,742 125,989 0.27 0.27 11.38 RaviK.S.B. Textile Pumps Mills Co. Limited Limited 346,636 - - - - 346,636 ------S.K.S.B. G. Power Pumps Limited Co. Limited 323,376 - - - - 323,376 ------579,684 - 55,998 - - 19,700 615,982 110,904 323,384 0.68 0.68 1.53 579,684 - 55,998 - - 19,700 615,982 110,904 323,384 0.68 0.68 1.53 RedcoMillat Tractors Textiles LimitedLimited 786,569 - - - 31 - 786,600 - - - - 3.69 MillatSitara Tractors Energy Limited 256,117 - - - - - 256,117 4,226 8,196 0.02 0.02 1.34 Taxila Engineering Company Limited 206,888 - - - - - 206,888 - - - - 4.87 Taxila Engineering Company Limited 206,888 - - - - - 206,888 - - - - 4.87 Reliance Cotton Spinning Mills Ltd 465,638 - - - - - 465,638 3,824 24,358 0.05 0.05 4.52 25,989,765 869,500 -Number of shares - - 6,453,855 20,405,410 Balance 238,369 as at June 30, 827,241 2013 1.75 1.74 3,492,514 - 55,998 - - 19,700 3,528,812 184,202 530,996 1.12 1.12 3,492,514 - 55,998 - - 19,700 3,528,812 184,202 530,996 1.12 1.12 %age of Reliance Weaving Mills Limited 592,645 - - - - - 592,645 2,074 20,150 0.04 0.04 1.92 Gas Water And Multiutilities Merger/ % age of Market Value Industrial Transportion Industrial Transportion Purchase Bonus Issue Right/New Sale Investee Ruby Textile Mills Limited 610,664 - - - - - 610,664 - - - - 1.17 Sui NorthernName Gas of InvestteePipelines LimitedCompany As at 17,739,018 July 01, - 1,773,901 - Demerger - - As at 19,512,919 June 30, 109,282 391,429 Net 0.83 as %age 0.83 of 3.08 Pakistan National Shipping Corporation 436,564 - - - - - 436,564 4,483 20,082 0.04 0.04 0.33 Pakistan National Shipping Corporation 436,564 during the - during the - Issue during - - during the - 436,564 Carrying 4,483 Value Market 20,082 Value 0.04 0.04 Co. Paid- 0.33 Rupali Polyester Limited 1,400,000 - - - - - 1,400,000 32,620 32,620 0.07 0.07 4.11 Sui Southern Gas Company Limited 201213,218,323 - - - Adjust. - - 13,218,323 2013 105,834 258,022 Assets 0.55 investment 0.54 1.50 1,136 - - - - - 1,136 - - - - 0.02 1,136 period - period - the period - - period - 1,136 - - - - up Capital 0.02 SadoonPan Islamic Textile Steamship Mills Limited Co. Limited 985 - - - - - 985 - - - - 0.03 Pan Islamic Steamship Co. Limited 30,957,341 - 1,773,901 - Effects - - 32,731,242 215,116 649,451 1.38 1.37 437,700 - - - - - 437,700 4,483 20,082 0.04 0.04 437,700 - - - - - 437,700 4,483 20,082 0.04 0.04 Saif Textile Mills Limited 1,965,871 - - - - - 1,965,871 4,856 47,948 0.10 0.10 7.44 Banks Auto Mobile & Parts Auto Mobile & Parts Sajjad Textile Mills Limited 316,932 - - - - - 316,932 - - - - 1.49 Allied Bank Limited 2,053,674 - 186,967 - - 287,037 1,953,604 43,207 133,900 0.28 0.28 0.19 Agriauto Industries Limited. 1,308,720 - - - - - 1,308,720 9,754 98,324 0.21 0.21 4.54 Agriauto Industries Limited. 1,308,720 - - - - - 1,308,720 9,754 98,324 0.21 0.21 4.54 Salfi Textile Mills Limited 104,645 - - - - - 104,645 956 17,720 0.04 0.04 3.13 Askari Bank Limited 31,296,486 56,500 - - - - 31,352,986 263,215 477,193 1.01 1.01 3.86 Atlas Honda Limited 222,053 - 55,513 - - - 277,566 645 50,278 0.11 0.11 0.27 Atlas Honda Limited 222,053 - 55,513 - - - 277,566 645 50,278 0.11 0.11 0.27 Sally Textile Mills Limited 348,279 - - - - - 348,279 - 10,030 0.02 0.02 3.97 Bank Al - Habib Limited 86,904,938 - - - (2) 200,000 86,704,936 1,021,276 2,357,507 4.98 4.97 8.58 Baluchistan Wheels Limited 1,592,160 - - - - 125,000 1,467,160 38,322 71,891 0.15 0.15 11.00 Baluchistan Wheels Limited 1,592,160 - - - - 125,000 1,467,160 38,322 71,891 0.15 0.15 11.00 Salman Noman Enterpries Limited 328,899 - - - - - 328,899 - 1,970 - - 7.36 Bank Al - Falah Limited 11,591,409 - - - - 4,133,500 7,457,909 84,808 135,883 0.29 0.29 0.55 Exide Pakistan Limited 486,240 - - - - 2,700 483,540 15,343 217,496 0.46 0.46 6.85 Exide Pakistan Limited 486,240 - - - - 2,700 483,540 15,343 217,496 0.46 0.46 6.85 Samin Textiles Limited 139,945 - - - - 139,945 ------Bankislami Pakistan 2,384,189 - - - - - 2,384,189 18,080 15,521 0.03 0.03 0.45 General Tyre And Rubber Co. Of Pak. Ltd 3,765,976 - - - - 101,500 3,664,476 37,194 154,641 0.33 0.33 6.13 General Tyre And Rubber Co. Of Pak. Ltd 3,765,976 - - - - 101,500 3,664,476 37,194 154,641 0.33 0.33 6.13 Sana Industries Limited 338,401 - - - - - 338,401 3,925 17,194 0.04 0.04 4.92 Faysal Bank Limited 12,198,957 - 1,524,869 - 1 - 13,723,827 89,257 128,867 0.27 0.27 1.48 Ghandara Nissan Limited 2,688,711 - - - - - 2,688,711 6,507 20,515 0.04 0.04 5.97 Ghandara Nissan Limited 2,688,711 - - - - - 2,688,711 6,507 20,515 0.04 0.04 5.97 Sapphire Fibers Limited 224,435 - - - - - 224,435 16,945 37,948 0.08 0.08 1.14 Habib Bank Limited 1,890,173 - 189,017 - - 604,229 1,474,961 101,753 175,874 0.37 0.37 0.11 Honda Atlas Cars Limited 3,619,831 - - - - - 3,619,831 31,275 158,295 0.33 0.33 2.53 Honda Atlas Cars Limited 3,619,831 - - - - - 3,619,831 31,275 158,295 0.33 0.33 2.53 Sapphire Holding Limited 352,976 - - - - - 352,976 - 3,530 0.01 0.01 1.76 Habib Metropolitan Bank Limited 69,814,741 - - - - - 69,814,741 1,056,392 1,221,758 2.58 2.58 6.66 Indus Motor Company Limited 695,806 - - - - 2,100 693,706 78,730 215,743 0.46 0.46 0.88 Indus Motor Company Limited 695,806 - - - - 2,100 693,706 78,730 215,743 0.46 0.46 0.88 Sapphire Textile Mills Limited 352,976 - - - - - 352,976 24,355 100,598 0.21 0.21 1.76 JS Bank Limited 30,827,401 - - - - - 30,827,401 59,318 134,099 0.28 0.28 2.87 Pak Suzuki Motor Co. Limited 3,007,800 38,500 - - - 59,410 2,986,890 184,033 444,210 0.94 0.94 3.63 Pak Suzuki Motor Co. Limited 3,007,800 38,500 - - - 59,410 2,986,890 184,033 444,210 0.94 0.94 3.63 Sargoda Spinning Mills Limited 588,202 - - - - - 588,202 - 5,294 0.01 0.01 1.89 KASB Bank Limited 1,836,797 - - - - 1,836,797 ------Saif Nadeem Kawasaki Motors Limited 482 - - - - - 482 - - - - 0.02 Saif Nadeem Kawasaki Motors Limited 482 - - - - - 482 - - - - 0.02 Saritow Spinning Mills Limited 1,423,435 - - - - - 1,423,435 - 12,199 0.03 0.03 4.77 MCB Bank Limited 905,935 - 31,772 - - 813,214 124,493 16,128 30,201 0.06 0.06 0.01 17,387,779 38,500 55,513 - - 290,710 17,191,082 401,803 1,431,393 3.03 3.03 17,387,779 38,500 55,513 - - 290,710 17,191,082 401,803 1,431,393 3.03 3.03 Schon Textiles Limited 258,610 - - - - - 258,610 - - - - 2.16 National Bank Of Pakistan 10,397,788 - 1,119,336 - - 5,352,046 6,165,078 167,415 253,508 0.54 0.53 0.29 Beverages Beverages Service (Textile) Industries Limited 162,908 - - - - - 162,908 - - - - 3.66 NIB Bank Limited 10,808,990 - - - - - 10,808,990 16,330 25,077 0.05 0.05 0.10 Shezan International Limited 1,141,177 - 114,117 - - - 1,255,294 70,519 824,728 1.74 1.74 19.02 Shezan International Limited 1,141,177 - 114,117 - - - 1,255,294 70,519 824,728 1.74 1.74 19.02 Service Fabircs Limited 1,349,180 - - - - - 1,349,180 - - - - 8.56 Samba Bank Limited 10,452,500 - - - - - 10,452,500 15,156 26,863 0.06 0.06 0.73 1,141,177 - 114,117 - - - 1,255,294 70,519 824,728 1.74 1.74 1,141,177 - 114,117 - - - 1,255,294 70,519 824,728 1.74 1.74 Shadab Textile Mills Limited 94,207 - - - - - 94,207 - - - - 3.14 Silkbank Limited (Saudi Pak.} 16,817,699 - - - - - 16,817,699 32,889 38,008 0.08 0.08 0.63 Food Producers Food Producers Shahpur Textile Mills Limited. 890,850 - - - - - 890,850 - - - - 6.37 Soneri Bank Limited 106,175,492 - 11,679,304 - 1,310 - 117,856,106 414,098 883,921 1.87 1.86 11.76 Al- Abbas Sugar Mills Limited 1,427,183 - - - - 12,500 1,414,683 13,419 148,542 0.31 0.31 8.15 Al- Abbas Sugar Mills Limited 1,427,183 - - - - 12,500 1,414,683 13,419 148,542 0.31 0.31 8.15 Shahtaj Textile Mills Limited 475,726 - - - - - 475,726 4,370 17,602 0.04 0.04 4.92 Summit Bank Limited 11,027,978 - - - - - 11,027,978 24,725 25,585 0.05 0.05 1.02 Al-Noor Sugar Mills Limited 2,296,656 - 114,832 - - - 2,411,488 - 113,340 0.24 0.24 12.37 Al-Noor Sugar Mills Limited 2,296,656 - 114,832 - - - 2,411,488 - 113,340 0.24 0.24 12.37 Shams Textile Mills Limited 1,211,998 - - - - - 1,211,998 6,908 63,327 0.13 0.13 14.03 United Bank Limited 1,242,199 - - - - 700,000 542,199 26,043 58,330 0.12 0.12 0.04 Chashma Sugar Mills Limited. 942,227 - - - - - 942,227 3,062 8,480 0.02 0.02 3.28 Chashma Sugar Mills Limited. 942,227 - - - - - 942,227 3,062 8,480 0.02 0.02 3.28 Sind Fine Textile Mills Limited 78,011 - - - 24 - 78,035 - - - - 2.28 418,627,346 56,500 14,731,265 - 1,309 13,926,823 419,489,597 3,450,090 6,122,095 12.92 12.89 Colony Sugar Mills Limited 335,682 - - - - 335,682 ------Colony Sugar Mills Limited 335,682 - - - - 335,682 ------Sunrays Tetile Mills Limited 271,565 - 47,277 - - - 318,842 2,741 61,855 0.13 0.13 4.62 Non Life Insurance Data Agro Limited 98,518 - - - 82 - 98,600 - - - - 2.47 Data Agro Limited 98,518 - - - 82 - 98,600 - - - - 2.47 Sunshine Cotton Mills Limited 426,521 - - - - - 426,521 - - - - 5.43 Union Insurance Co. Of Pakistan Ltd 306 - - - - - 306 - - - - 0.00 Dewan Sugar Mills Limited 2,415,432 - - - - - 2,415,432 4,058 9,879 0.02 0.02 6.62 Dewan Sugar Mills Limited 2,415,432 - - - - - 2,415,432 4,058 9,879 0.02 0.02 6.62 Suraj Cotton Mills Limited 428,540 - - - - - 428,540 4,947 36,554 0.08 0.08 2.16 306 - - - - - 306 - - - - Faran Sugar Mills Limited 2,668,982 - 266,898 - - 200,000 2,735,880 34,290 80,435 0.17 0.17 11.49 Faran Sugar Mills Limited 2,668,982 - 266,898 - - 200,000 2,735,880 34,290 80,435 0.17 0.17 11.49 Suraj Ghee Industries Limited 54,324 - - - - - 54,324 - - - - 5.67 Real State Investment And Services Habib Sugar Mills Limited 12,943,251 - - - - 109,500 12,833,751 40,586 303,133 0.64 0.64 8.56 Habib Sugar Mills Limited 12,943,251 - - - - 109,500 12,833,751 40,586 303,133 0.64 0.64 8.56 Taj Textile Mills Limited 1,409,947 - - - - - 1,409,947 - 578 - - 4.22 Pace ( Pakistan ) Limited 525,716 - - - - - 525,716 683 2,303 - - 0.19 Kohinoor Sugar Mills Limited 719,955 - - - - - 719,955 2,145 10,648 0.02 0.02 6.60 Kohinoor Sugar Mills Limited 719,955 - - - - - 719,955 2,145 10,648 0.02 0.02 6.60 Tata Textile Mills Limited 2,094,285 - 124,213 - - - 2,218,498 18,725 68,773 0.15 0.15 12.81 525,716 - - - - - 525,716 683 2,303 - - Mian Muhammed Sugar Mills Limited 172,406 - - - - - 172,406 - - - - 1.17 Mian Muhammed Sugar Mills Limited 172,406 - - - - - 172,406 - - - - 1.17 Treet Corporation Limited 3,550,640 - - - - - 3,550,640 8,280 294,987 0.62 0.62 8.49 Financial Services Mirpurkhas Sugar Mills Limited 1,244,656 - 186,698 - - - 1,431,354 - 66,200 0.14 0.14 12.83 Mirpurkhas Sugar Mills Limited 1,244,656 - 186,698 - - - 1,431,354 - 66,200 0.14 0.14 12.83 Treet Corporation Limited-PTC - 3,550,640 - - - - 3,550,640 106,530 159,956 0.34 0.34 8.49 Arif Habib Investments Limited 172,306 - - - - 172,306 ------Mitchell'S Fruit Farms Limited 562,203 - 140,550 - - 4,000 698,753 31,193 349,377 0.74 0.74 11.09 Mitchell'S Fruit Farms Limited 562,203 - 140,550 - - 4,000 698,753 31,193 349,377 0.74 0.74 11.09 Turbo Tec Limited 170,879 - - - - - 170,879 - - - - 1.71 Arif Habib Limited 52,902 - 5,877 - 1 58,780 ------Morafco Industries Limited 57,409 - - - - - 57,409 - - - - 10.10 Morafco Industries Limited 57,409 - - - - - 57,409 - - - - 10.10 Yousuf Weaving Mills Limited. 1,188,621 - - - - - 1,188,621 1,189 4,861 0.01 0.01 2.97 Dadabhoy Leasing 370,674 - - - - - 370,674 - - - - 4.93 Nestle Pakistan Limited 98,000 - - - - - 98,000 107,014 636,902 1.35 1.34 0.22 Nestle Pakistan Limited 98,000 - - - - - 98,000 107,014 636,902 1.35 1.34 0.22 Zahur Cotton Mills Limited 485,694 - - - - - 485,694 - - - - 4.93 Dawood Capital Management 663,832 - - - - - 663,832 431 2,357 - - 4.43 Pangrio Sugar Mills Limited 779,820 - - - - - 779,820 - - - - 7.19 Pangrio Sugar Mills Limited 779,820 - - - - - 779,820 - - - - 7.19 SFL Limited 224,435 - 4,488 - 1 228,924 ------First Capital Securities Corp. 4,019,559 - - - - - 4,019,559 7,281 16,038 0.03 0.03 1.27 Premier Sugar Mills And Distillery Co. 58,825 - - - - - 58,825 2,440 3,317 0.01 0.01 1.57 Premier Sugar Mills And Distillery Co. 58,825 - - - - - 58,825 2,440 3,317 0.01 0.01 1.57 ZIL Limited 340,859 - - - - - 340,859 4,865 36,039 0.08 0.08 6.40 First Dawood Inv. Bank 2,626,149 - - - - 147,585 2,478,564 1,884 4,511 0.01 0.01 3.96 Punjab Oil Mills Limited 527,151 - - - - - 527,151 6,579 33,474 0.07 0.07 9.78 Punjab Oil Mills Limited 527,151 - - - - - 527,151 6,579 33,474 0.07 0.07 9.78 Tri-Star Polyester Limited 629,772 - - - - 629,772 ------First National Equities 10,498 - - - - 10,498 ------Sakrand Sugar Mills Limited 340,700 - - - - - 340,700 - 1,141 - - 1.53 Sakrand Sugar Mills Limited 340,700 - - - - - 340,700 - 1,141 - - 1.53 94,097,501 3,550,640 1,059,764 211,072 193 7,750,451 91,168,719 938,892 5,466,914 11.53 11.52 IGI Investment Bank 7,682,579 - - - - 611,500 7,071,079 6,364 13,435 0.03 0.03 3.33 Saleem Sugar Limited (O) 8,761 - - - - - 8,761 - - - - 0.78 Saleem Sugar Limited (O) 8,761 - - - - - 8,761 - - - - 0.78 Tobacco Invest Capital Investment Bank Limited 8,271,554 - - - - - 8,271,554 1,654 12,904 0.03 0.03 2.90 Saleem Suger Limited .(P) 6 % 198 - - - - - 198 - - - - 0.40 Saleem Suger Limited .(P) 6 % 198 - - - - - 198 - - - - 0.40 Pakistan Tobacco Co. Limited 1,807,339 - - - - - 1,807,339 84,439 283,752 0.60 0.60 0.71 Jahangir Siddiqui & Co. 993,701 - - - - - 993,701 4,005 11,487 0.02 0.02 0.13 Sanghar Sugar Mills Limited 1,063,616 - - - - - 1,063,616 - 22,570 0.05 0.05 8.90 Sanghar Sugar Mills Limited 1,063,616 - - - - - 1,063,616 - 22,570 0.05 0.05 8.90 1,807,339 - - - - - 1,807,339 84,439 283,752 0.60 0.60 JS Investments 7,302 - - - - 7,302 ------Shahmurad Sugar Mills Limited 2,417,910 - - - - - 2,417,910 - 43,522 0.09 0.09 11.45 Shahmurad Sugar Mills Limited 2,417,910 - - - - - 2,417,910 - 43,522 0.09 0.09 11.45 Health Care Equipment And Services Next Capital Limited 500,000 - - - - - 500,000 2,450 2,450 0.01 0.01 2.50 Shahtaj Sugar Mills Limited 801,695 - - - - - 801,695 13,393 65,338 0.14 0.14 6.67 Shahtaj Sugar Mills Limited 801,695 - - - - - 801,695 13,393 65,338 0.14 0.14 6.67 Medi Glass Limited 295,554 - - - - - 295,554 - - - - 3.89 Orix Leasing Pakistan 2,903,580 - - - - 122,000 2,781,580 14,548 50,764 0.11 0.11 3.39 Shakarganj Mills Limited 7,194,553 - - - - - 7,194,553 27,339 157,273 0.33 0.33 10.35 Shakarganj Mills Limited 7,194,553 - - - - - 7,194,553 27,339 157,273 0.33 0.33 10.35 295,554 - - - - - 295,554 - - - - Pervaiz Ahmed Securites 230,884 - - - - 230,884 ------Unilever Pakistan Limited 111,000 - - - - 111,000 ------Unilever Pakistan Limited 111,000 - - - - 111,000 ------Pharma And Bio Tech Prudential Investment Bank 326,292 - - - - - 326,292 - - - - 3.26 39,286,789 - 708,978 - 82 772,682 39,223,167 285,518 2,053,571 4.34 4.33 39,286,789 - 708,978 - 82 772,682 39,223,167 285,518 2,053,571 4.34 4.33 Abbot Laboatories (Pakistan) Limited 2,593,029 - - - - - 2,593,029 207,961 850,747 1.80 1.79 2.65 Saudi Pak Leasing 2,972,567 - - - - - 2,972,567 1,427 7,788 0.02 0.02 6.58 Household Goods Household Goods Ferozsons Laboratories Limited 1,636,977 - 81,848 - - - 1,718,825 1,877 190,824 0.40 0.40 5.69 Security Investment Bank 2,277,698 - - - - - 2,277,698 2,847 7,744 0.02 0.02 4.43 Al-Abid Silk Mills Limited. 1,145,187 - - - - - 1,145,187 18,323 18,323 0.04 0.04 8.54 Al-Abid Silk Mills Limited. 1,145,187 - - - - - 1,145,187 18,323 18,323 0.04 0.04 8.54 Glaxosmithkline (Pak) Limited 8,014,704 - 801,470 - 1 - 8,816,175 481,135 1,069,667 2.26 2.26 3.05 Security Leasing Corporation 447,026 - - - - - 447,026 755 1,390 - - 1.23 Casspak Industries Limited 54,184 - - - - - 54,184 - - - - 2.46 Casspak Industries Limited 54,184 - - - - - 54,184 - - - - 2.46 Highnoon Laboratories Limited 352,688 - - - - - 352,688 3,639 27,968 0.06 0.06 1.94 34,529,103 - 5,877 - 1 1,360,855 33,174,126 43,646 130,868 0.28 0.28 Pak Elektron Limited 7,896,556 - - - - - 7,896,556 27,559 127,371 0.27 0.27 6.48 Pak Elektron Limited 7,896,556 - - - - - 7,896,556 27,559 127,371 0.27 0.27 6.48 IBL Health Care Limited 295,437 - - - - 295,437 ------Equity Investment Instrument 9,095,927 - - - - - 9,095,927 45,882 145,694 0.31 0.31 9,095,927 - - - - - 9,095,927 45,882 145,694 0.31 0.31 Otsuka Pakistan Limited 80,106 - - - - 80,106 ------Asian Stocks Fund 344,813 - - - - 344,813 ------Leisure Goods Leisure Goods Sanofi-Aventis Limited 229,461 - - - - - 229,461 21,056 130,194 0.28 0.27 2.38 B.R.R. Guardian Modarba 1,858,077 - - - - - 1,858,077 2,397 6,968 0.01 0.01 2.38 Grays Of Cambridge (Pakistan) Ltd 315,909 - - - - - 315,909 4,072 12,646 0.03 0.03 4.30 Grays Of Cambridge (Pakistan) Ltd 315,909 - - - - - 315,909 4,072 12,646 0.03 0.03 4.30 Searle Pakistan Limited 995,243 - 398,097 - - - 1,393,340 21,204 110,046 0.23 0.23 2.95 Dominion Stock Fund 157,629 - - - - - 157,629 54 54 - - 3.15 315,909 - - - - - 315,909 4,072 12,646 0.03 0.03 315,909 - - - - - 315,909 4,072 12,646 0.03 0.03 Wyeth Pakistan Limited 111,574 - - - - - 111,574 43,913 178,574 0.38 0.38 7.85 First Capital Mutual Fund 143,097 - - - - 143,097 ------Personal Goods Personal Goods 14,309,219 - 1,281,415 - 1 375,543 15,215,092 780,785 2,558,020 5.41 5.39 Habib Bank Modarba First 5,035,756 - - - - 284,000 4,751,756 14,396 47,518 0.10 0.10 11.97 (Colony) Sarhad Textile Mills Limited 328,879 - - - - - 328,879 - 164 - - 8.22 (Colony) Sarhad Textile Mills Limited 328,879 - - - - - 328,879 - 164 - - 8.22 Travel And Leisure Habib Modarba First 1,584,070 - - - - - 1,584,070 8,980 15,682 0.03 0.03 0.79 Accord Textile Limited 458,109 - - - - - 458,109 - - - - 4.93 Accord Textile Limited 458,109 - - - - - 458,109 - - - - 4.93 Pakistan Services Limited 893,795 - - - - - 893,795 101,044 264,653 0.56 0.56 2.75 JS Growth Fund 9,787,430 - - - - 5,244,500 4,542,930 13,536 55,105 0.12 0.12 1.43 Adil Textile Mills Limited 93,592 - - - - - 93,592 - 833 - - 1.21 Adil Textile Mills Limited 93,592 - - - - - 93,592 - 833 - - 1.21 893,795 - - - - - 893,795 101,044 264,653 0.56 0.56 JS Value Fund Limited 1,190,610 - - - - 540,610 650,000 2,338 7,820 0.02 0.02 0.55 Ahmed Hassan Textile Mills Limited 913,009 - - - - - 913,009 10,966 19,356 0.04 0.04 6.34 Ahmed Hassan Textile Mills Limited 913,009 - - - - - 913,009 10,966 19,356 0.04 0.04 6.34 Fixed Line Telecommunication PICIC Growth Fund 6,429,358 - - - - - 6,429,358 35,938 155,268 0.33 0.33 2.27 Al - Qaim Textile Mills Limited 358,753 - - - - - 358,753 - - - - 4.81 Al - Qaim Textile Mills Limited 358,753 - - - - - 358,753 - - - - 4.81 Pak Datacom Limited 178,898 - - - - - 178,898 2,538 12,882 0.03 0.03 1.83 PICIC Investment Fund 10,108,128 - - - - - 10,108,128 20,517 115,839 0.24 0.24 3.56 Amtex Limited 2,586,023 - - - - - 2,586,023 3,103 7,060 0.01 0.01 1.00 Amtex Limited 2,586,023 - - - - - 2,586,023 3,103 7,060 0.01 0.01 1.00 Pakistan Telecommunication Company 7,374,384 - - - - 1,302,000 6,072,384 63,092 134,746 0.28 0.28 0.16 Standard Chartered Modaraba 1,948,462 - - - - - 1,948,462 13,267 27,083 0.06 0.06 4.29 Asim Textile Mills Limited 1,142,712 - - - - - 1,142,712 - - - - 7.53 Asim Textile Mills Limited 1,142,712 - - - - - 1,142,712 - - - - 7.53 Wateen Telecom 3,500,000 - - - - - 3,500,000 5,460 15,085 0.03 0.03 0.57 Tawakkal Modaraba Ist. 474,032 - - - - - 474,032 - - - - 1.83 Ayaz Textile Mills Limited. 210,188 - - - - - 210,188 - - - - 2.46 Ayaz Textile Mills Limited. 210,188 - - - - - 210,188 - - - - 2.46 11,053,282 - -Number of shares - - 1,302,000 9,751,282 Balance 71,090 as at June 30, 162,713 2013 0.34 0.34 39,061,462 - - - - 6,557,020 32,504,442 111,423 431,337 0.91 0.91 Azgard Nine Limited 1,064,055 - - - - - 1,064,055 3,033 6,767 0.01 0.01 %age 0.24 of Azgard Nine Limited 1,064,055 - - - - - 1,064,055 3,033 6,767 0.01 0.01 0.24 Electricity Merger/ % age of Market Value Software And Computer Services 80,578 Purchase - Bonus Issue - Right/New - - Sale - 80,578 392 5,068 0.01 0.01 Investee 2.21 80,578 - - - - - 80,578 392 5,068 0.01 0.01 2.21 BabriHub Power CottonName Company Mills of InvestteeLimited Limited Company As at 14,810,605 July 01, - - - Demerger - 4,714,308 As at 10,096,297 June 30, 146,827 622,437 Net 1.32 as %age 1.31 of 0.87 Babri Cotton Mills Limited during the during the Issue during during the Carrying Value Market Value Co. Paid- Netsol Tecnologies Limited 442,877 - - - - 442,877 ------Bahawalpur Textile Mills Limited 2012 64,250 - - - Adjust. - - 2013 64,250 - - Assets - investment - 6.43 Bahawalpur Textile Mills Limited 64,250 - - - - - 64,250 - - - - 6.43 Karachi Electric Supply Co.Limited 5,667,614 period - period - the period - - period - 5,667,614 9,068 35,253 0.07 0.07 up Capital 0.02 442,877 - - - - 442,877 - - - - - Bata Pakistan Limited 1,090,234 - - - Effects - - 1,090,234 58,347 1,950,429 4.12 4.11 14.42 Bata Pakistan Limited 1,090,234 - - - - - 1,090,234 58,347 1,950,429 4.12 4.11 14.42 Kohinoor Energy Limited 410,390 - - - - - 410,390 6,472 15,390 0.03 0.03 0.24 Delisted/Unquoted Companies Brothers Textile Mills Limited 617,961 - - - - - 617,961 - - - - 6.31 Brothers Textile Mills Limited 617,961 - - - - - 617,961 - - - - 6.31 Kohinoor Power Company Limited. 290,160 - - - - - 290,160 438 1,590 - - 2.30 Adamjee Floorings 59,110 - - - - - 59,110 - - - - 2.46 Chakwal Spinning Mills Limited 754,008 - - - - - 754,008 - 8,664 0.02 0.02 1.89 Chakwal Spinning Mills Limited 754,008 - - - - - 754,008 - 8,664 0.02 0.02 1.89 Kot Addu Power Co.Limited 1,231,503 - - - - 116,171 1,115,332 35,200 69,017 0.15 0.15 0.13 Adamjee Industries 121 - - - - - 121 - - - - 0.00 Colony Mills Limited 1,521,599 - - - - - 1,521,599 1,522 6,741 0.01 0.01 0.62 Colony Mills Limited 1,521,599 - - - - - 1,521,599 1,522 6,741 0.01 0.01 0.62 Lalpir Power Limited - 869,500 - - - - 869,500 19,138 19,138 0.04 0.04 3.48 Adamjee Paper 269,806 - - - - - 269,806 - - - - 6.45 Crescent Cotton Mills Limited 1,048,579 - - - - - 1,048,579 5,505 52,429 0.11 0.11 4.91 Crescent Cotton Mills Limited 1,048,579 - - - - - 1,048,579 5,505 52,429 0.11 0.11 4.91 Nishat Chunian Power Limited 3,000,000 - - - - 1,300,000 1,700,000 17,000 56,220 0.12 0.12 0.46 Afsar Textile Mills 64,184 - - - - - 64,184 - - - - 3.85 Crescent Fibres Limited 852,681 - - - - - 852,681 - 26,476 0.06 0.06 6.87 Crescent Fibres Limited 852,681 - - - - - 852,681 - 26,476 0.06 0.06 6.87 S. G. Power Limited 323,376 - - - - 323,376 ------Al-Hussany Industries Limited 61,573 - - - - - 61,573 - - - - 2.46 Crescent Jute Proudcts Limited 1,488,808 - - - - - 1,488,808 - - - - 6.27 Crescent Jute Proudcts Limited 1,488,808 - - - - - 1,488,808 - - - - 6.27 Sitara Energy Limited 256,117 - - - - - 256,117 4,226 8,196 0.02 0.02 1.34 Arag Industries Limited 189,220 - - - - - 189,220 - - - - - Crescent Textile Mills Limited 1,870,010 - - - - - 1,870,010 14,773 33,099 0.07 0.07 3.80 Crescent Textile Mills Limited 1,870,010 - - - - - 1,870,010 14,773 33,099 0.07 0.07 3.80 25,989,765 869,500 - - - 6,453,855 20,405,410 238,369 827,241 1.75 1.74 Aslo Electronics 39,407 - - - - - 39,407 - - - - 1.97 D. M. Textile Mills Limited 336,614 - - - - - 336,614 606 4,039 0.01 0.01 11.03 D. M. Textile Mills Limited 336,614 - - - - - 336,614 606 4,039 0.01 0.01 11.03 Gas Water And Multiutilities Aswan Tentage Limited 168,712 - - - - - 168,712 - - - - 2.61 D.S.IndustriesCorporate LimitedFund Manager Trustee Auditor 44,780 Financial - Notes - Movement - in Portfolio - Performance - 44,780 34 227 - - 0.07 D.S.IndustriesCorporate LimitedFund Manager Trustee Auditor 44,780 Financial - Notes - Movement - in Portfolio - Performance - 44,780 34 Annual 227 - Report - 2013 0.07 Sui Northern Gas Pipelines Limited 17,739,018 - 1,773,901 - - - 19,512,919 109,282 391,429 0.83 0.83 3.08 Balochistan Tower 74,114 - - - - - 74,114 - - - - 1.49 Dar-Es-Salaam Textile Mills Limited 266,787 - - - - - 266,787 587 2,228 - - 3.33 Dar-Es-Salaam Textile Mills Limited 266,787 - - - - - 266,787 587 2,228 - - 3.33 Sui Southern Gas Company Limited 13,218,323 - - - - - 13,218,323 105,834 258,022 0.55 0.54 1.50 Bankers Equity 3,408,091 - - - - - 3,408,091 - - - - 5.20 Data Textile Limited 618,595 - - - - - 618,595 - - - - 6.24 Data Textile Limited 618,595 - - - - - 618,595 - - - - 6.24 30,957,341 - 1,773,901 - - - 32,731,242 215,116 649,451 1.38 1.37 Bawany Textile Mills 84,233 - - - - - 84,233 - - - - 4.81 Dawood Lawrencepur Limited 275,595 - - - - - 275,595 6,004 16,536 0.03 0.03 0.47 Dawood Lawrencepur Limited 275,595 - - - - - 275,595 6,004 16,536 0.03 0.03 0.47 Central Cotton 34,948 - - - - - 34,948 - - - - 0.45 Dewan Khalid Textile Mills Limited 279,486 - - - - - 279,486 279 1,260 - - 4.92 Dewan Khalid Textile Mills Limited 279,486 - - - - - 279,486 279 1,260 - - 4.92 Chilya C. Board 43,200 - - - - - 43,200 - - - - 6.17 Dewan Mushtaq Texytile Mills Limited 240,424 - - - - - 240,424 481 2,404 0.01 0.01 7.00 Dewan Mushtaq Texytile Mills Limited 240,424 - - - - - 240,424 481 2,404 0.01 0.01 7.00 Crescent Knitwear 81,277 - - - - - 81,277 - - - - - Din Textile Mills Limited 309,364 - - - - - 309,364 3,847 18,871 0.04 0.04 1.52 Din Textile Mills Limited 309,364 - - - - - 309,364 3,847 18,871 0.04 0.04 1.52 Crown Textile 317,647 - - - - - 317,647 - - - - 4.92 Ellcot Spinning Mills Limited 706,880 - - - - - 706,880 7,509 45,869 0.10 0.10 6.46 Ellcot Spinning Mills Limited 706,880 - - - - - 706,880 7,509 45,869 0.10 0.10 6.46 Ghaffar Text Mills 45,835 - - - - - 45,835 - - - - 9.17 Fateh Industries Limited. 23,062 - - - 56 - 23,118 - - - - 1.16 Fateh Industries Limited. 23,062 - - - 56 - 23,118 - - - - 1.16 Greaves Aircondition 59,110 - - - - - 59,110 - - - - - Fateh Sports Wear Limited 45,219 - - - 81 - 45,300 - - - - 2.27 Fateh Sports Wear Limited 45,219 - - - 81 - 45,300 - - - - 2.27 Gypsum Corporation 165,017 - - - - - 165,017 - - - - 5.00 Fazal Cloth Mills Limited . 1,332,261 - 141,479 - - - 1,473,740 13,415 136,026 0.29 0.29 5.89 Fazal Cloth Mills Limited . 1,332,261 - 141,479 - - - 1,473,740 13,415 136,026 0.29 0.29 5.89 H-Shaikh 113,022 - - - - - 113,022 - - - - - Fazal Textile Mills Limited 67,755 - - - - - 67,755 1,231 22,291 0.05 0.05 1.10 Fazal Textile Mills Limited 67,755 - - - - - 67,755 1,231 22,291 0.05 0.05 1.10 Hyderabad Electronic 98,518 - - - - - 98,518 - - - - 3.28 Fazal Vegetable Ghee Mills Limited 42,005 - - - - - 42,005 - - - - 2.10 Fazal Vegetable Ghee Mills Limited 42,005 - - - - - 42,005 - - - - 2.10 Indus Bank Limited 147 - - - - - 147 - - - - 0.00 Gul Ahmed Textile Mills Limited 1,055,362 - - 211,072 - - 1,266,434 11,889 30,065 0.06 0.06 0.83 Gul Ahmed Textile Mills Limited 1,055,362 - - 211,072 - - 1,266,434 11,889 30,065 0.06 0.06 0.83 Industrial Development Bank 1,970 - - - - - 1,970 - - - - 0.04 Gulistan Spinning Mills Limited 292,085 - - - - 292,085 ------Gulistan Spinning Mills Limited 292,085 - - - - 292,085 ------Innovative Investment Bank Limited 35,227 - - - - - 35,227 - - - - 0.35 Gulistan Textile Mills Limited 734,617 - - - - - 734,617 6,011 7,383 0.02 0.02 3.87 Gulistan Textile Mills Limited 734,617 - - - - - 734,617 6,011 7,383 0.02 0.02 3.87 Karachi Pipe 156,102 - - - - - 156,102 - - - - 7.81 Gulshan Spinning Mills Limited 1,203,474 - - - - - 1,203,474 4,558 5,355 0.01 0.01 5.41 Gulshan Spinning Mills Limited 1,203,474 - - - - - 1,203,474 4,558 5,355 0.01 0.01 5.41 Kohinoor Cotton 62,553 - - - - - 62,553 - - - - 5.57 Hafiz Textile Mills Limited. 85 - - - - 85 ------Hafiz Textile Mills Limited. 85 - - - - 85 ------Lafayette Industries Synthetics Limited 92,360 - - - - - 92,360 - - - - 2.59 Hajra Textile Mills Limited 518,063 - - - - - 518,063 - - - - 3.77 Hajra Textile Mills Limited 518,063 - - - - - 518,063 - - - - 3.77 Marr Fabrics Limited 118,221 - - - - - 118,221 - - - - 4.93 Mehran Bank Limited 738,590 - - - - - 738,590 - - - - 2.46 Mohib Textile Mills Limited 159,813 - - - - - 159,813 - - - - 1.33 National Match Industries 26,452 - - - - - 26,452 - - - - 7.56 Naveed Textile Mills 70,637 - - - - - 70,637 - - - - 3.62 Nowshera Engineering 26,057 - - - - - 26,057 - - - - 5.21 Nusrat Textile Mills 306,342 - - - - - 306,342 - - - - 6.81 Pak Paper Corporation 103,848 - - - - - 103,848 - - - - - Pearl Fabrics 229,970 - - - - - 229,970 - - - - 2.64 Number of shares Balance as at June 30, 2013 %age of Merger/ % age of Market Value Purchase Bonus Issue Right/New Sale Investee Name of Investtee Company As at July 01, Demerger As at June 30, Net as %age of during the during the Issue during during the Carrying Value Market Value Co. Paid- 2012 Adjust. 2013 Assets investment period period the period period up Capital Effects Banks Allied Bank Limited 2,053,674 - 186,967 - - 287,037 1,953,604 43,207 133,900 0.28 0.28 0.19 Askari Bank Limited 31,296,486 56,500 - - - - 31,352,986 263,215 477,193 1.01 1.01 3.86 Bank Al - Habib Limited 86,904,938 - - - (2) 200,000 86,704,936 1,021,276 2,357,507 4.98 4.97 8.58 Bank Al - Falah Limited 11,591,409 - - - - 4,133,500 7,457,909 84,808 135,883 0.29 0.29 0.55 Bankislami Pakistan 2,384,189 - - - - - 2,384,189 18,080 15,521 0.03 0.03 0.45 Faysal Bank Limited 12,198,957 - 1,524,869 - 1 - 13,723,827 89,257 128,867 0.27 0.27 1.48 Habib Bank Limited 1,890,173 - 189,017 - - 604,229 1,474,961 101,753 175,874 0.37 0.37 0.11 Habib Metropolitan Bank Limited 69,814,741 - - - - - 69,814,741 1,056,392 1,221,758 2.58 2.58 6.66 JS Bank Limited 30,827,401 - - - - - 30,827,401 59,318 134,099 0.28 0.28 2.87 KASB Bank Limited 1,836,797 - - - - 1,836,797 ------MCB Bank Limited 905,935 - 31,772 - - 813,214 124,493 16,128 30,201 0.06 0.06 0.01 National Bank Of Pakistan 10,397,788 - 1,119,336 - - 5,352,046 6,165,078 167,415 253,508 0.54 0.53 0.29 NIB Bank Limited 10,808,990 - - - - - 10,808,990 16,330 25,077 0.05 0.05 0.10 Samba Bank Limited 10,452,500 - - - - - 10,452,500 15,156 26,863 0.06 0.06 0.73 Silkbank Limited (Saudi Pak.} 16,817,699 - - - - - 16,817,699 32,889 38,008 0.08 0.08 0.63 Soneri Bank Limited 106,175,492 - 11,679,304 - 1,310 - 117,856,106 414,098 883,921 1.87 1.86 11.76 Summit Bank Limited 11,027,978 - - - - - 11,027,978 24,725 25,585 0.05 0.05 1.02 United Bank Limited 1,242,199 - - - - 700,000 542,199 26,043 58,330 0.12 0.12 0.04 418,627,346 56,500 14,731,265 - 1,309 13,926,823 419,489,597 3,450,090 6,122,095 12.92 12.89 Non Life Insurance Number of shares Balance as at June 30, 2013 %age of Union Insurance Co. Of Pakistan Ltd 306 - - - - - 306 - - - - 0.00 Merger/ % age of Market Value Purchase Bonus Issue Right/New Sale Investee 306 - - - - - 306 - - - - Name of Investtee Company As at July 01, Demerger As at June 30, Net as %age of during the during the Issue during during the Carrying Value Market Value Co. Paid- 2012 Adjust. 2013 Assets investment Real State Investment And Services period period the period period up Capital Pace ( Pakistan ) Limited 525,716 - - - - - 525,716 683 2,303 - - 0.19 Effects 525,716 - - - - - 525,716 683 2,303 - - Premier Board 29,998 - - - - - 29,998 - - - - - Financial Services Punjab Building 443,845 - - - - - 443,845 - - - - - Arif Habib Investments Limited 172,306 - - - - 172,306 ------Punjab Cotton 56,155 - - - - - 56,155 - - - - - Arif Habib Limited 52,902 - 5,877 - 1 58,780 ------Punjab Lamp 108,468 - - - - - 108,468 - - - - - Dadabhoy Leasing 370,674 - - - - - 370,674 - - - - 4.93 RCD Ball 19,716 - - - - - 19,716 - - - - 1.31 Dawood Capital Management 663,832 - - - - - 663,832 431 2,357 - - 4.43 Rex Baren Battery 56,155 - - - - - 56,155 - - - - 1.50 First Capital Securities Corp. 4,019,559 - - - - - 4,019,559 7,281 16,038 0.03 0.03 1.27 Saleem Denim(Kaytex Mills) 162,160 - - - - - 162,160 - - - - 3.77 First Dawood Inv. Bank 2,626,149 - - - - 147,585 2,478,564 1,884 4,511 0.01 0.01 3.96 Shahyar (O.E.) 78,469 - - - - - 78,469 - - - - 3.79 First National Equities 10,498 - - - - 10,498 ------Shahyar Textile Mill 222,109 - - - - - 222,109 - - - - 5.14 IGI Investment Bank 7,682,579 - - - - 611,500 7,071,079 6,364 13,435 0.03 0.03 3.33 Sunrise Textile Mills Limited 15,024 - - - - - 15,024 - - - - 0.14 Invest Capital Investment Bank Limited 8,271,554 - - - - - 8,271,554 1,654 12,904 0.03 0.03 2.90 Sunshine Cloth Mills Limited 440,918 - - - - - 440,918 - - - - 5.62 Jahangir Siddiqui & Co. 993,701 - - - - - 993,701 4,005 11,487 0.02 0.02 0.13 Zaffar Textile 66,844 - - - - - 66,844 - - - - 6.68 JS Investments 7,302 - - - - 7,302 ------Investec Mutual Fund 172,406 - - - - - 172,406 - - - - 1.72 Next Capital Limited 500,000 - - - - - 500,000 2,450 2,450 0.01 0.01 2.50 Investec Securities Limited 98,518 - - - - - 98,518 - - - - 0.60 Orix Leasing Pakistan 2,903,580 - - - - 122,000 2,781,580 14,548 50,764 0.11 0.11 3.39 J.O.V.& Co. 1,775,606 - - - - - 1,775,606 - - - - 3.49 Pervaiz Ahmed Securites 230,884 - - - - 230,884 ------Fateh Textile Mills Limited. 35,925 - - - - - 35,925 - - - - 2.87 Prudential Investment Bank 326,292 - - - - - 326,292 - - - - 3.26 Fatima Enterprises Limited 628,671 - - - - - 628,671 - - - - 4.42 Saudi Pak Leasing 2,972,567 - - - - - 2,972,567 1,427 7,788 0.02 0.02 6.58 Globe Textile Mills Limited 2,472 - - - - - 2,472 - - - - 0.02 Security Investment Bank 2,277,698 - - - - - 2,277,698 2,847 7,744 0.02 0.02 4.43 Refr's Manufacturing Co.Pk 26 - - - - - 26 - - - - 0.00 Security Leasing Corporation 447,026 - - - - - 447,026 755 1,390 - - 1.23 National Overseas 24,629 - - - - - 24,629 - - - - - 34,529,103 - 5,877 - 1 1,360,855 33,174,126 43,646 130,868 0.28 0.28 Adil Polyproplene Limited 136,201 - - - - - 136,201 - - - - 2.46 60 Equity Investment Instrument Polyron Limited 147 - - - - - 147 - - - - 0.00 Asian Stocks Fund 344,813 - - - - 344,813 ------Sind Alkalis Limited 704,745 - - - - - 704,745 - - - - 9.42 61 B.R.R. Guardian Modarba 1,858,077 - - - - - 1,858,077 2,397 6,968 0.01 0.01 2.38 Bela Engineering Limited 266,145 - - - - - 266,145 - - - - 7.83 Dominion Stock Fund 157,629 - - - - - 157,629 54 54 - - 3.15 Taga Pakistan Limited 96,055 - - - - - 96,055 - - - - 3.69 First Capital Mutual Fund 143,097 - - - - 143,097 ------Pak Ghee Industries Limited 58,618 - - - - - 58,618 - - - - 2.66 Habib Bank Modarba First 5,035,756 - - - - 284,000 4,751,756 14,396 47,518 0.10 0.10 11.97 Uqab Breeding Farms Limited 139,748 - - - - - 139,748 - - - - 5.27 NATIONALHabib Modarba First INVESTMENT 1,584,070 (UNIT) - -TRUST - - - 1,584,070 8,980 15,682 0.03 0.03 0.79 NATIONALAlif Textile Mills Limited INVESTMENT 320,085 (UNIT) - -TRUST - - - 320,085 - - - - 8.21 JS Growth Fund 9,787,430 - - - - 5,244,500 4,542,930 13,536 55,105 0.12 0.12 1.43 Amazai Textile Mills Limited 299 - - - - - 299 - - - - 0.01 JS Value Fund Limited 1,190,610 - - - - 540,610 650,000 2,338 7,820 0.02 0.02 0.55 Apex Fabrics Limited 284,101 - - - - - 284,101 - - - - 4.93 INVESTMENTSPICIC Growth Fund - AVAILABLE 6,429,358 - FOR - SALE - - - 6,429,358 35,938 155,268 0.33 0.33 2.27 INVESTMENTSAwan Textile Mills Limited - AVAILABLE 213,390 - FOR - SALE - - - 213,390 - - - - 2.46 PICIC Investment Fund 10,108,128 - - - - - 10,108,128 20,517 115,839 0.24 0.24 3.56 Crescent Spinning Mills Limited 727,080 - - - - - 727,080 - - - - 4.80 ASStandard AT Chartered JUNE Modaraba 30, 2013 1,948,462 - - - - - 1,948,462 13,267 27,083 0.06 Annexure 0.06 4.29 2 ASGhulam MuhammadAT JUNE Dadabhoy 30, 2013 49,259 - - - - - 49,259 - - - Annexure - 0.99 2 Tawakkal Modaraba Ist. 474,032 - - - - - 474,032 - - - Page - 6 of 1.83 7 Indus Polyester Company Limited 4 - - - - - 4 - - - Page - 7 of 0.00 7 39,061,462 - - - - 6,557,020 32,504,442 111,423 431,337 0.91 0.91 Itti Textile Mills Limited 163,151 - - - - - 163,151 - - - - 2.46 Software And Computer Services Junaid Cotton Mills Limited 37,436 - - - - - 37,436 - - - - 1.50 Netsol Tecnologies Limited 442,877 - - - - 442,877 ------Karim Silk Mills Limited 19,223 - - - - - 19,223 - - - - 1.97 442,877 - -Number of shares - - 442,877 - Balance as - at June 30, 2013 - - - Mehran Jute Mills Limited 121,543 - -Number of shares - - - 121,543 Balance as - at June 30, 2013 - - - 3.96 %age of %age of Merger/ % age of Market Value Mubarik Dairies Limited 416 - - - Merger/ - - 416 - - % age - of Market Value - 0.01 Delisted/Unquoted Companies Purchase Bonus Issue Right/New Sale Investee Purchase Bonus Issue Right/New Sale Investee Name of Investtee Company As at July 01, Demerger As at June 30, Net as %age of Norrie TextileName Mills of Investtee Limited Company As at July 136,500 01, - - - Demerger - - As at June 136,500 30, - - Net - as %age - of 2.81 Adamjee Floorings 59,110 during the - during the - Issue during - - during the - 59,110 Carrying Value - Market Value - - - Co. Paid- 2.46 during the during the Issue during during the Carrying Value Market Value Co. Paid- 2012 Adjust. 2013 Assets investment 2012 Adjust. 2013 Assets investment Adamjee Industries 121 period - period - the period - - period - 121 - - - - up Capital 0.00 Olympia Textile Mills Limited. 358,359 period - period - the period - - period - 358,359 - - - - up Capital 3.32 Effects Effects Adamjee Paper 269,806 - - - - - 269,806 - - - - 6.45 Qayyum Spinning Mills Limited 149 - - - - - 149 - - - - 0.00 Hinopak Motors Limited 500,000 - - - - - 500,000 35,025 59,050 0.12 0.12 4.03 Hinopak Motors Limited 500,000 - - - - - 500,000 35,025 59,050 0.12 0.12 4.03 Afsar Textile Mills 64,184 - - - - - 64,184 - - - - 3.85 Saitex Spinning Mills Limited 358,212 - - - - - 358,212 - - - - 4.84 K.S.B. Pumps Co. Limited 1,501,659 - - - - - 1,501,659 31,742 125,989 0.27 0.27 11.38 K.S.B. Pumps Co. Limited 1,501,659 - - - - - 1,501,659 31,742 125,989 0.27 0.27 11.38 Al-Hussany Industries Limited 61,573 - - - - - 61,573 - - - - 2.46 Siftaq International Limited 108,222 - - - - - 108,222 - - - - 3.59 Millat Tractors Limited 579,684 - 55,998 - - 19,700 615,982 110,904 323,384 0.68 0.68 1.53 Millat Tractors Limited 579,684 - 55,998 - - 19,700 615,982 110,904 323,384 0.68 0.68 1.53 Arag Industries Limited 189,220 - - - - - 189,220 - - - - - Tariq Cotton Mills Limited 43,100 - - - - - 43,100 - - - - 6.16 Taxila Engineering Company Limited 206,888 - - - - - 206,888 - - - - 4.87 Taxila Engineering Company Limited 206,888 - - - - - 206,888 - - - - 4.87 Aslo Electronics 39,407 - - - - - 39,407 - - - - 1.97 Tawakkal Garments Industries Limited 118,664 - - - - - 118,664 - - - - 0.98 Aswan Tentage Limited 3,492,514 168,712 - 55,998 - - - 19,700 - 3,528,812 168,712 184,202 - 530,996 - 1.12 - 1.12 - 2.61 Tawakkal Limited 3,492,514 113,264 - 55,998 - - - 19,700 - 3,528,812 113,264 184,202 - 530,996 - 1.12 - 1.12 - 0.81 BalochistanIndustrial Transportion Tower 74,114 - - - - - 74,114 - - - - 1.49 IndustrialZahur Textile Transportion Mills Limited 412,147 - - - - - 412,147 - - - - 0.55 Pakistan National Shipping Corporation 436,564 - - - - - 436,564 4,483 20,082 0.04 0.04 0.33 Pakistan National Shipping Corporation 436,564 - - - - - 436,564 4,483 20,082 0.04 0.04 0.33 Bankers Equity 3,408,091 - - - - - 3,408,091 - - - - 5.20 Islamic Investment Bank 139,990 - - - - - 139,990 - - - - 0.71 Pan Islamic Steamship Co. Limited 1,136 - - - - - 1,136 - - - - 0.02 Pan Islamic Steamship Co. Limited 1,136 - - - - - 1,136 - - - - 0.02 Bawany Textile Mills 84,233 - - - - - 84,233 - - - - 4.81 LTV Capital Modaraba 322 - - - - - 322 - - - - 0.00 Central Cotton 437,700 34,948 - - - - - 437,700 34,948 4,483 - 20,082 - 0.04 - 0.04 - 0.45 17,070,123 437,700 - - - - - 17,070,123 437,700 4,483 - 20,082 - 0.04 - 0.04 - ChilyaAuto Mobile C. Board & Parts 43,200 - - - - - 43,200 - - - - 6.17 Auto Mobile & Parts Agriauto Industries Limited. 1,308,720 - - - - - 1,308,720 9,754 98,324 0.21 0.21 4.54 Agriauto Industries Limited. 1,308,720 - - - - - 1,308,720 9,754 98,324 0.21 0.21 4.54 Crescent Knitwear 81,277 - - - - - 81,277 - - - - - Grand Total 1,012,358,542 4,690,140 28,364,164 1,861,076 1,694 77,972,396 969,303,220 14,543,805 43,884,552 92.72 92.46 - Atlas Honda Limited 222,053 - 55,513 - - - 277,566 645 50,278 0.11 0.11 0.27 Atlas Honda Limited 222,053 - 55,513 - - - 277,566 645 50,278 0.11 0.11 0.27 Crown Textile 317,647 - - - - - 317,647 - - - - 4.92 Baluchistan Wheels Limited 1,592,160 - - - - 125,000 1,467,160 38,322 71,891 0.15 0.15 11.00 Baluchistan Wheels Limited 1,592,160 - - - - 125,000 1,467,160 38,322 71,891 0.15 0.15 11.00 Ghaffar Text Mills 45,835 - - - - - 45,835 - - - - 9.17 Exide Pakistan Limited 486,240 - - - - 2,700 483,540 15,343 217,496 0.46 0.46 6.85 Exide Pakistan Limited 486,240 - - - - 2,700 483,540 15,343 217,496 0.46 0.46 6.85 Greaves Aircondition 59,110 - - - - - 59,110 - - - - - General Tyre And Rubber Co. Of Pak. Ltd 3,765,976 - - - - 101,500 3,664,476 37,194 154,641 0.33 0.33 6.13 General Tyre And Rubber Co. Of Pak. Ltd 3,765,976 - - - - 101,500 3,664,476 37,194 154,641 0.33 0.33 6.13 Gypsum Corporation 165,017 - - - - - 165,017 - - - - 5.00 Ghandara Nissan Limited 2,688,711 - - - - - 2,688,711 6,507 20,515 0.04 0.04 5.97 Ghandara Nissan Limited 2,688,711 - - - - - 2,688,711 6,507 20,515 0.04 0.04 5.97 H-Shaikh 113,022 - - - - - 113,022 - - - - - Honda Atlas Cars Limited 3,619,831 - - - - - 3,619,831 31,275 158,295 0.33 0.33 2.53 Honda Atlas Cars Limited 3,619,831 - - - - - 3,619,831 31,275 158,295 0.33 0.33 2.53 Hyderabad Electronic 98,518 - - - - - 98,518 - - - - 3.28 Indus Motor Company Limited 695,806 - - - - 2,100 693,706 78,730 215,743 0.46 0.46 0.88 Indus Motor Company Limited 695,806 - - - - 2,100 693,706 78,730 215,743 0.46 0.46 0.88 Indus Bank Limited 147 - - - - - 147 - - - - 0.00 Pak Suzuki Motor Co. Limited 3,007,800 38,500 - - - 59,410 2,986,890 184,033 444,210 0.94 0.94 3.63 Pak Suzuki Motor Co. Limited 3,007,800 38,500 - - - 59,410 2,986,890 184,033 444,210 0.94 0.94 3.63 Industrial Development Bank 1,970 - - - - - 1,970 - - - - 0.04 Saif Nadeem Kawasaki Motors Limited 482 - - - - - 482 - - - - 0.02 Saif Nadeem Kawasaki Motors Limited 482 - - - - - 482 - - - - 0.02 Innovative Investment Bank Limited 35,227 - - - - - 35,227 - - - - 0.35 Karachi Pipe 17,387,779 156,102 38,500 - 55,513 - - - 290,710 - 17,191,082 156,102 401,803 - 1,431,393 - 3.03 - 3.03 - 7.81 17,387,779 38,500 55,513 - - 290,710 17,191,082 401,803 1,431,393 3.03 3.03 KohinoorBeverages Cotton 62,553 - - - - - 62,553 - - - - 5.57 Beverages Shezan International Limited 1,141,177 - 114,117 - - - 1,255,294 70,519 824,728 1.74 1.74 19.02 Shezan International Limited 1,141,177 - 114,117 - - - 1,255,294 70,519 824,728 1.74 1.74 19.02 Lafayette Industries Synthetics Limited 92,360 - - - - - 92,360 - - - - 2.59 Marr Fabrics Limited 1,141,177 118,221 - 114,117 - - - - 1,255,294 118,221 70,519 - 824,728 - 1.74 - 1.74 - 4.93 1,141,177 - 114,117 - - - 1,255,294 70,519 824,728 1.74 1.74 FoodMehran Producers Bank Limited 738,590 - - - - - 738,590 - - - - 2.46 Food Producers Al- Abbas Sugar Mills Limited 1,427,183 - - - - 12,500 1,414,683 13,419 148,542 0.31 0.31 8.15 Al- Abbas Sugar Mills Limited 1,427,183 - - - - 12,500 1,414,683 13,419 148,542 0.31 0.31 8.15 Mohib Textile Mills Limited 159,813 - - - - - 159,813 - - - - 1.33 Al-Noor Sugar Mills Limited 2,296,656 - 114,832 - - - 2,411,488 - 113,340 0.24 0.24 12.37 Al-Noor Sugar Mills Limited 2,296,656 - 114,832 - - - 2,411,488 - 113,340 0.24 0.24 12.37 National Match Industries 26,452 - - - - - 26,452 - - - - 7.56 Chashma Sugar Mills Limited. 942,227 - - - - - 942,227 3,062 8,480 0.02 0.02 3.28 Chashma Sugar Mills Limited. 942,227 - - - - - 942,227 3,062 8,480 0.02 0.02 3.28 Naveed Textile Mills 70,637 - -Number of shares - - - 70,637 Balance as - at June 30, 2013 - - - 3.62 Colony Sugar Mills Limited 335,682 - - - - 335,682 - - - - - %age -of Colony Sugar Mills Limited 335,682 - - - - 335,682 ------Nowshera Engineering 26,057 - - - Merger/ - - 26,057 - - % age - of Market Value - 5.21 Data Agro Limited 98,518 Purchase - Bonus Issue - Right/New - 82 Sale - 98,600 - - - - Investee 2.47 Data Agro Limited 98,518 - - - 82 - 98,600 - - - - 2.47 Nusrat TextileName Mills of Investtee Company As at July 306,342 01, - - - Demerger - - As at June 306,342 30, - - Net - as %age - of 6.81 Dewan Sugar Mills Limited 2,415,432 during the - during the - Issue during - - during the - 2,415,432 Carrying 4,058 Value Market Value9,879 0.02 0.02 Co. Paid- 6.62 Dewan Sugar Mills Limited 2,415,432 - - - - - 2,415,432 4,058 9,879 0.02 0.02 6.62 Pak Paper Corporation 2012 103,848 - - - Adjust. - - 2013 103,848 - - Assets - investment - - Faran Sugar Mills Limited 2,668,982 period - period 266,898 the period - - period 200,000 2,735,880 34,290 80,435 0.17 0.17 up Capital 11.49 Faran Sugar Mills Limited 2,668,982 - 266,898 - - 200,000 2,735,880 34,290 80,435 0.17 0.17 11.49 Pearl Fabrics 229,970 - - - Effects - - 229,970 - - - - 2.64 Habib Sugar Mills Limited 12,943,251 - - - - 109,500 12,833,751 40,586 303,133 0.64 0.64 8.56 Habib Sugar Mills Limited 12,943,251 - - - - 109,500 12,833,751 40,586 303,133 0.64 0.64 8.56 Premier Board 29,998 - - - - - 29,998 - - - - - Kohinoor Sugar Mills Limited 719,955 - - - - - 719,955 2,145 10,648 0.02 0.02 6.60 Kohinoor Sugar Mills Limited 719,955 - - - - - 719,955 2,145 10,648 0.02 0.02 6.60 Punjab Building 443,845 - - - - - 443,845 - - - - - Mian Muhammed Sugar Mills Limited 172,406 - - - - - 172,406 - - - - 1.17 Mian Muhammed Sugar Mills Limited 172,406 - - - - - 172,406 - - - - 1.17 Punjab Cotton 56,155 - - - - - 56,155 - - - - - Mirpurkhas Sugar Mills Limited 1,244,656 - 186,698 - - - 1,431,354 - 66,200 0.14 0.14 12.83 Mirpurkhas Sugar Mills Limited 1,244,656 - 186,698 - - - 1,431,354 - 66,200 0.14 0.14 12.83 Punjab Lamp 108,468 - - - - - 108,468 - - - - - Mitchell'S Fruit Farms Limited 562,203 - 140,550 - - 4,000 698,753 31,193 349,377 0.74 0.74 11.09 Mitchell'S Fruit Farms Limited 562,203 - 140,550 - - 4,000 698,753 31,193 349,377 0.74 0.74 11.09 RCD Ball 19,716 - - - - - 19,716 - - - - 1.31 Morafco Industries Limited 57,409 - - - - - 57,409 - - - - 10.10 Morafco Industries Limited 57,409 - - - - - 57,409 - - - - 10.10 Rex Baren Battery 56,155 - - - - - 56,155 - - - - 1.50 Nestle Pakistan Limited 98,000 - - - - - 98,000 107,014 636,902 1.35 1.34 0.22 Nestle Pakistan Limited 98,000 - - - - - 98,000 107,014 636,902 1.35 1.34 0.22 Saleem Denim(Kaytex Mills) 162,160 - - - - - 162,160 - - - - 3.77 Pangrio Sugar Mills Limited 779,820 - - - - - 779,820 - - - - 7.19 Pangrio Sugar Mills Limited 779,820 - - - - - 779,820 - - - - 7.19 Shahyar (O.E.) 78,469 - - - - - 78,469 - - - - 3.79 Premier Sugar Mills And Distillery Co. 58,825 - - - - - 58,825 2,440 3,317 0.01 0.01 1.57 Premier Sugar Mills And Distillery Co. 58,825 - - - - - 58,825 2,440 3,317 0.01 0.01 1.57 Shahyar Textile Mill 222,109 - - - - - 222,109 - - - - 5.14 Punjab Oil Mills Limited 527,151 - - - - - 527,151 6,579 33,474 0.07 0.07 9.78 Punjab Oil Mills Limited 527,151 - - - - - 527,151 6,579 33,474 0.07 0.07 9.78 Sunrise Textile Mills Limited 15,024 - - - - - 15,024 - - - - 0.14 Sakrand Sugar Mills Limited 340,700 - - - - - 340,700 - 1,141 - - 1.53 Sakrand Sugar Mills Limited 340,700 - - - - - 340,700 - 1,141 - - 1.53 Sunshine Cloth Mills Limited 440,918 - - - - - 440,918 - - - - 5.62 Saleem Sugar Limited (O) 8,761 - - - - - 8,761 - - - - 0.78 Saleem Sugar Limited (O) 8,761 - - - - - 8,761 - - - - 0.78 Zaffar Textile 66,844 - - - - - 66,844 - - - - 6.68 Saleem Suger Limited .(P) 6 % 198 - - - - - 198 - - - - 0.40 Saleem Suger Limited .(P) 6 % 198 - - - - - 198 - - - - 0.40 Investec Mutual Fund 172,406 - - - - - 172,406 - - - - 1.72 Sanghar Sugar Mills Limited 1,063,616 - - - - - 1,063,616 - 22,570 0.05 0.05 8.90 Sanghar Sugar Mills Limited 1,063,616 - - - - - 1,063,616 - 22,570 0.05 0.05 8.90 Investec Securities Limited 98,518 - - - - - 98,518 - - - - 0.60 Shahmurad Sugar Mills Limited 2,417,910 - - - - - 2,417,910 - 43,522 0.09 0.09 11.45 Shahmurad Sugar Mills Limited 2,417,910 - - - - - 2,417,910 - 43,522 0.09 0.09 11.45 J.O.V.& Co. 1,775,606 - - - - - 1,775,606 - - - - 3.49 Shahtaj Sugar Mills Limited 801,695 - - - - - 801,695 13,393 65,338 0.14 0.14 6.67 Shahtaj Sugar Mills Limited 801,695 - - - - - 801,695 13,393 65,338 0.14 0.14 6.67 Fateh Textile Mills Limited. 35,925 - - - - - 35,925 - - - - 2.87 Shakarganj Mills Limited 7,194,553 - - - - - 7,194,553 27,339 157,273 0.33 0.33 10.35 Shakarganj Mills Limited 7,194,553 - - - - - 7,194,553 27,339 157,273 0.33 0.33 10.35 Fatima Enterprises Limited 628,671 - - - - - 628,671 - - - - 4.42 Unilever Pakistan Limited 111,000 - - - - 111,000 ------Unilever Pakistan Limited 111,000 - - - - 111,000 ------Globe Textile Mills Limited 2,472 - - - - - 2,472 - - - - 0.02 39,286,789 - 708,978 - 82 772,682 39,223,167 285,518 2,053,571 4.34 4.33 39,286,789 - 708,978 - 82 772,682 39,223,167 285,518 2,053,571 4.34 4.33 Refr's Manufacturing Co.Pk 26 - - - - - 26 - - - - 0.00 NationalHousehold Overseas Goods 24,629 - - - - - 24,629 - - - - - Household Goods Al-Abid Silk Mills Limited. 1,145,187 - - - - - 1,145,187 18,323 18,323 0.04 0.04 8.54 Al-Abid Silk Mills Limited. 1,145,187 - - - - - 1,145,187 18,323 18,323 0.04 0.04 8.54 Adil Polyproplene Limited 136,201 - - - - - 136,201 - - - - 2.46 Casspak Industries Limited 54,184 - - - - - 54,184 - - - - 2.46 Casspak Industries Limited 54,184 - - - - - 54,184 - - - - 2.46 Polyron Limited 147 - - - - - 147 - - - - 0.00 Pak Elektron Limited 7,896,556 - - - - - 7,896,556 27,559 127,371 0.27 0.27 6.48 Pak Elektron Limited 7,896,556 - - - - - 7,896,556 27,559 127,371 0.27 0.27 6.48 Sind Alkalis Limited 704,745 - - - - - 704,745 - - - - 9.42 9,095,927 - - - - - 9,095,927 45,882 145,694 0.31 0.31 9,095,927 - - - - - 9,095,927 45,882 145,694 0.31 0.31 Bela Engineering Limited 266,145 - - - - - 266,145 - - - - 7.83 LeisureTaga Pakistan Goods Limited 96,055 - - - - - 96,055 - - - - 3.69 Leisure Goods Grays Of Cambridge (Pakistan) Ltd 315,909 - - - - - 315,909 4,072 12,646 0.03 0.03 4.30 Grays Of Cambridge (Pakistan) Ltd 315,909 - - - - - 315,909 4,072 12,646 0.03 0.03 4.30 Pak Ghee Industries Limited 58,618 - - - - - 58,618 - - - - 2.66 315,909 - - - - - 315,909 4,072 12,646 0.03 0.03 315,909 - - - - - 315,909 4,072 12,646 0.03 0.03 Uqab Breeding Farms Limited 139,748 - - - - - 139,748 - - - - 5.27 PersonalAlif Textile GoodsMills Limited 320,085 - - - - - 320,085 - - - - 8.21 Personal Goods (Colony) Sarhad Textile Mills Limited 328,879 - - - - - 328,879 - 164 - - 8.22 (Colony) Sarhad Textile Mills Limited 328,879 - - - - - 328,879 - 164 - - 8.22 Amazai Textile Mills Limited 299 - - - - - 299 - - - - 0.01 Accord Textile Limited 458,109 - - - - - 458,109 - - - - 4.93 Accord Textile Limited 458,109 - - - - - 458,109 - - - - 4.93 Apex Fabrics Limited 284,101 - - - - - 284,101 - - - - 4.93 Adil Textile Mills Limited 93,592 - - - - - 93,592 - 833 - - 1.21 Adil Textile Mills Limited 93,592 - - - - - 93,592 - 833 - - 1.21 Awan Textile Mills Limited 213,390 - - - - - 213,390 - - - - 2.46 Ahmed Hassan Textile Mills Limited 913,009 - - - - - 913,009 10,966 19,356 0.04 0.04 6.34 Ahmed Hassan Textile Mills Limited 913,009 - - - - - 913,009 10,966 19,356 0.04 0.04 6.34 Crescent Spinning Mills Limited 727,080 - - - - - 727,080 - - - - 4.80 Al - Qaim Textile Mills Limited 358,753 - - - - - 358,753 - - - - 4.81 Al - Qaim Textile Mills Limited 358,753 - - - - - 358,753 - - - - 4.81 Ghulam Muhammad Dadabhoy 49,259 - - - - - 49,259 - - - - 0.99 Amtex Limited 2,586,023 - - - - - 2,586,023 3,103 7,060 0.01 0.01 1.00 Amtex Limited 2,586,023 - - - - - 2,586,023 3,103 7,060 0.01 0.01 1.00 Indus Polyester Company Limited 4 - - - - - 4 - - - - 0.00 Asim Textile Mills Limited 1,142,712 - - - - - 1,142,712 - - - - 7.53 Asim Textile Mills Limited 1,142,712 - - - - - 1,142,712 - - - - 7.53 Itti Textile Mills Limited 163,151 - - - - - 163,151 - - - - 2.46 Ayaz Textile Mills Limited. 210,188 - - - - - 210,188 - - - - 2.46 Ayaz Textile Mills Limited. 210,188 - - - - - 210,188 - - - - 2.46 Junaid Cotton Mills Limited 37,436 - - - - - 37,436 - - - - 1.50 Azgard Nine Limited 1,064,055 - - - - - 1,064,055 3,033 6,767 0.01 0.01 0.24 Azgard Nine Limited 1,064,055 - - - - - 1,064,055 3,033 6,767 0.01 0.01 0.24 Karim Silk Mills Limited 19,223 - - - - - 19,223 - - - - 1.97 Babri Cotton Mills Limited 80,578 - - - - - 80,578 392 5,068 0.01 0.01 2.21 Babri Cotton Mills Limited 80,578 - - - - - 80,578 392 5,068 0.01 0.01 2.21 Mehran Jute Mills Limited 121,543 - - - - - 121,543 - - - - 3.96 Bahawalpur Textile Mills Limited 64,250 - - - - - 64,250 - - - - 6.43 Bahawalpur Textile Mills Limited 64,250 - - - - - 64,250 - - - - 6.43 Mubarik Dairies Limited 416 - - - - - 416 - - - - 0.01 Bata Pakistan Limited 1,090,234 - - - - - 1,090,234 58,347 1,950,429 4.12 4.11 14.42 Bata Pakistan Limited 1,090,234 - - - - - 1,090,234 58,347 1,950,429 4.12 4.11 14.42 Norrie Textile Mills Limited 136,500 - - - - - 136,500 - - - - 2.81 Brothers Textile Mills Limited 617,961 - - - - - 617,961 - - - - 6.31 Brothers Textile Mills Limited 617,961 - - - - - 617,961 - - - - 6.31 Olympia Textile Mills Limited. 358,359 - - - - - 358,359 - - - - 3.32 Chakwal Spinning Mills Limited 754,008 - - - - - 754,008 - 8,664 0.02 0.02 1.89 Chakwal Spinning Mills Limited 754,008 - - - - - 754,008 - 8,664 0.02 0.02 1.89 Qayyum Spinning Mills Limited 149 - - - - - 149 - - - - 0.00 Colony Mills Limited 1,521,599 - - - - - 1,521,599 1,522 6,741 0.01 0.01 0.62 Colony Mills Limited 1,521,599 - - - - - 1,521,599 1,522 6,741 0.01 0.01 0.62 Saitex Spinning Mills Limited 358,212 - - - - - 358,212 - - - - 4.84 Crescent Cotton Mills Limited 1,048,579 - - - - - 1,048,579 5,505 52,429 0.11 0.11 4.91 Crescent Cotton Mills Limited 1,048,579 - - - - - 1,048,579 5,505 52,429 0.11 0.11 4.91 Siftaq International Limited 108,222 - - - - - 108,222 - - - - 3.59 Crescent Fibres Limited 852,681 - - - - - 852,681 - 26,476 0.06 0.06 6.87 Crescent Fibres Limited 852,681 - - - - - 852,681 - 26,476 0.06 0.06 6.87 Tariq Cotton Mills Limited 43,100 - - - - - 43,100 - - - - 6.16 Crescent Jute Proudcts Limited 1,488,808 - - - - - 1,488,808 - - - - 6.27 Crescent Jute Proudcts Limited 1,488,808 - - - - - 1,488,808 - - - - 6.27 Tawakkal Garments Industries Limited 118,664 - - - - - 118,664 - - - - 0.98 Crescent Textile Mills Limited 1,870,010 - - - - - 1,870,010 14,773 33,099 0.07 0.07 3.80 Crescent Textile Mills Limited 1,870,010 - - - - - 1,870,010 14,773 33,099 0.07 0.07 3.80 Tawakkal Limited 113,264 - - - - - 113,264 - - - - 0.81 D. M. Textile Mills Limited 336,614 - - - - - 336,614 606 4,039 0.01 0.01 11.03 D. M. Textile Mills Limited 336,614 - - - - - 336,614 606 4,039 0.01 0.01 11.03 Zahur Textile Mills Limited 412,147 - - - - - 412,147 - - - - 0.55 D.S.IndustriesCorporate LimitedFund Manager Trustee Auditor 44,780 Financial - Notes - Movement - in Portfolio - Performance - 44,780 34 227 - - 0.07 D.S.IndustriesCorporate LimitedFund Manager Trustee Auditor 44,780 Financial - Notes - Movement - in Portfolio - Performance - 44,780 34 Annual 227 - Report - 2013 0.07 Islamic Investment Bank 139,990 - - - - - 139,990 - - - - 0.71 Dar-Es-Salaam Textile Mills Limited 266,787 - - - - - 266,787 587 2,228 - - 3.33 Dar-Es-Salaam Textile Mills Limited 266,787 - - - - - 266,787 587 2,228 - - 3.33 LTV Capital Modaraba 322 - - - - - 322 - - - - 0.00 Data Textile Limited 618,595 - - - - - 618,595 - - - - 6.24 Data Textile Limited 618,595 - - - - - 618,595 - - - - 6.24 17,070,123 - - - - - 17,070,123 - - - - Dawood Lawrencepur Limited 275,595 - - - - - 275,595 6,004 16,536 0.03 0.03 0.47 Dawood Lawrencepur Limited 275,595 - - - - - 275,595 6,004 16,536 0.03 0.03 0.47 Dewan Khalid Textile Mills Limited 279,486 - - - - - 279,486 279 1,260 - - 4.92 Dewan Khalid Textile Mills Limited 279,486 - - - - - 279,486 279 1,260 - - 4.92 Grand Total 1,012,358,542 4,690,140 28,364,164 1,861,076 1,694 77,972,396 969,303,220 14,543,805 43,884,552 92.72 92.46 - Dewan Mushtaq Texytile Mills Limited 240,424 - - - - - 240,424 481 2,404 0.01 0.01 7.00 Dewan Mushtaq Texytile Mills Limited 240,424 - - - - - 240,424 481 2,404 0.01 0.01 7.00 Din Textile Mills Limited 309,364 - - - - - 309,364 3,847 18,871 0.04 0.04 1.52 Din Textile Mills Limited 309,364 - - - - - 309,364 3,847 18,871 0.04 0.04 1.52 Ellcot Spinning Mills Limited 706,880 - - - - - 706,880 7,509 45,869 0.10 0.10 6.46 Ellcot Spinning Mills Limited 706,880 - - - - - 706,880 7,509 45,869 0.10 0.10 6.46 Fateh Industries Limited. 23,062 - - - 56 - 23,118 - - - - 1.16 Fateh Industries Limited. 23,062 - - - 56 - 23,118 - - - - 1.16 Fateh Sports Wear Limited 45,219 - - - 81 - 45,300 - - - - 2.27 Fateh Sports Wear Limited 45,219 - - - 81 - 45,300 - - - - 2.27 Fazal Cloth Mills Limited . 1,332,261 - 141,479 - - - 1,473,740 13,415 136,026 0.29 0.29 5.89 Fazal Cloth Mills Limited . 1,332,261 - 141,479 - - - 1,473,740 13,415 136,026 0.29 0.29 5.89 Fazal Textile Mills Limited 67,755 - - - - - 67,755 1,231 22,291 0.05 0.05 1.10 Fazal Textile Mills Limited 67,755 - - - - - 67,755 1,231 22,291 0.05 0.05 1.10 Fazal Vegetable Ghee Mills Limited 42,005 - - - - - 42,005 - - - - 2.10 Fazal Vegetable Ghee Mills Limited 42,005 - - - - - 42,005 - - - - 2.10 Gul Ahmed Textile Mills Limited 1,055,362 - - 211,072 - - 1,266,434 11,889 30,065 0.06 0.06 0.83 Gul Ahmed Textile Mills Limited 1,055,362 - - 211,072 - - 1,266,434 11,889 30,065 0.06 0.06 0.83 Gulistan Spinning Mills Limited 292,085 - - - - 292,085 ------Gulistan Spinning Mills Limited 292,085 - - - - 292,085 ------Gulistan Textile Mills Limited 734,617 - - - - - 734,617 6,011 7,383 0.02 0.02 3.87 Gulistan Textile Mills Limited 734,617 - - - - - 734,617 6,011 7,383 0.02 0.02 3.87 Gulshan Spinning Mills Limited 1,203,474 - - - - - 1,203,474 4,558 5,355 0.01 0.01 5.41 Gulshan Spinning Mills Limited 1,203,474 - - - - - 1,203,474 4,558 5,355 0.01 0.01 5.41 Hafiz Textile Mills Limited. 85 - - - - 85 ------Hafiz Textile Mills Limited. 85 - - - - 85 ------Hajra Textile Mills Limited 518,063 - - - - - 518,063 - - - - 3.77 Hajra Textile Mills Limited 518,063 - - - - - 518,063 - - - - 3.77 62 63

NATIONAL INVESTMENT (UNIT) TRUST NATIONAL INVESTMENT (UNIT) TRUST INVESTMENTS IN GOVERNMENT SECURITIES - AVAILABLE FOR SALE INVESTMENTS - HELD TO MATURITY AS AT JUNE 30, 2013 Annexure 3 AS AT JUNE 30, 2013 Annexure 4 Page 1 of 1 Page 1 of 1

Face value Balance as at June 30, 2013 ------At cost------Sales/ Market Value as Market Value as Redemptions % age of net Purchases S No Name Issue date Tenor As at July 1, Matured As at June 30, Carrying a Percentage of a Percentage of Opening during the Closing assets During the Market Value 2012 During the 2013 Value Net Assets Investments Period period Period ------Rupees in '000------Rupees in '000------Market Treasury Bills INVESTMENT IN SECURITIES CLASSIFIED AS - 'HELD TO MATURITY' September 8, 2011 12 Months 500,000 - 500,000 - - - - - Investment under Morabaha Arrangements May 3, 2012 03 Months 200,000 - 200,000 - - - - - May 17, 2012 03 Months 905,000 - 905,000 - - - - - 1 Textile Management (Private) Limited 4,125 - 4,125 0.01 May 31, 2012 03 Months 200,000 - 200,000 - - - - - June 14, 2012 03 Months 700,000 - 700,000 - - - - - 2 Pak China Fertilizers Limited 27,000 - 27,000 0.06 July 12, 2012 12 Months - 500,900 - 500,900 499,590 499,545 1.06 1.05 July 26, 2012 12 Months - 600,000 - 600,000 596,261 596,300 1.26 1.26 3 Quaidabad Woolen Mills Limited 23,000 - 23,000 0.05 August 23, 2012 03 Months - 250,000 250,000 - - - - - August 25, 2012 12 Months 150,000 - 150,000 - - - - - Sub-total 54,125 - 54,125 0.12 September 6, 2012 03 Months - 1,250,000 1,250,000 - - - - - Less : Provision for impairment loss (54,125) - (54,125) (0.12) May 2, 2013 03 Months - 500,000 500,000 497,044 496,917 1.05 1.05 - - - -

2,655,000 3,100,900 4,155,000 1,600,900 1,592,895 1,592,761 3.37 3.36 Participation Term Certificates

1 Adamjee Paper & Board Mills Limited 10,500 - 10,500 0.02 Less : Provision for impairment loss (10,500) - (10,500) (0.02) - - - -

Term Finance Certificates and Redeemable Capital

1 Adamjee Paper & Board Mills Limited 8,125 - 8,125 0.02

2 Brothers Steel Mills Limited 1,959 - 1,959 -

3 Naimat Basal Oil & Gas Securitization Company Limited 2 - 2 -

4 Pakistan Telecommunication Limited (PTC) / BEL 753 - 753 - Sub-total 10,839 - 10,839 0.02 Less : Provision for impairment loss (10,839) - (10,839) (0.02) - - - -

Total 75,464 - 75,464 0.16

Less: Provision for impairment (75,464) - (75,464) (0.16) - - - -

JUNE 13 JUNE 12 JUNE 11

Total Net Asset Value Ex-Dividend (Rs. In 000’s) 43,115,182 36,689,776 35,427,827

Net Asset Value per Unit Ex-dividend (Rs./unit) 38.66 26.77 28.14

Last Issue Price per Unit * (Rs./unit) 43.70 31.20 33.10

Last Repurchase Price per Unit * (Rs./unit) 42.41 30.26 32.14

Highest Issue Price During the year (Rs./unit) 45.55 32.85 34.15

Lowest Issue Price During the year (Rs./unit) 28.30 26.35 25.90

Highest Repurchase Price During the year (Rs./unit) 44.20 31.88 33.16

Lowest Repurchase Price During the year (Rs./unit) 27.45 25.57 25.13

Total Return of the Fund % 58.42 7.57 24.00 Capital Growth % 44.41 (4.87) 8.57 Income Distributions % 14.01 12.44 15.43

Distribution per Unit (Final) (Rs./unit) 3.75 3.50 4.00

Distribution Date 4-Jul-13 5-Jul-12 5-Jul-11

KSE 100 Index Return 52.20 10.44 28.55

Average Annual Return One Year % 58.42 7.57 24.00 Two Years % 33.00 15.79 20.96 Three Years % 30.00 16.50 0.15

Note: All investments in Mutual Funds and securities are subject to Market Risks. Our target return/dividend range can not be guaranteed. NIT’s unit price is neither guaranteed nor administered/managed. It is based on Net Asset Value (NAV) and the NAV of NIT units may go up or down depending upon the factors and forces affecting the stock market. Past performance is not indicative of future returns.

* These are cum-dividend prices of 30th June.

Corporate Fund Manager Trustee Auditor Financial Notes Movement in Portfolio Performance