Condensed Interim Financial Information for the Nine ... Interim Financial Information for the Nine Months & Quarter Ended March 31, 2016

Condensed Interim Financial Information for the Nine Months & Quarter EndedMarch 31, 2016

The Faysal Asset Allocation Fund (FAAF) is an open-ended mutual fund. The units of FAAF are listed on the Pakistan Stock Exchange Limited (Formerly Lahore Stock Exchange). FAAF seeks to provide long-term capital appreciation optimizing through broad mix of asset classes encompassing equity, fixed income & money market instruments.

Fund Information

Mission Statement

Report of the Directors of the Management Company

Condensed Interim Statement of Assets and Liabilities

Condensed Interim Income Statement

Condensed Interim Distribution Statement

Condensed Interim Cash Flow Statement

Condensed Interim Statement of Movement in Unit Holders’ Fund

Notes to the Condensed Interim Financial Information

04

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29

NIB Bank LimitedSoneri Bank LimitedBank Alfalah LimitedFaysal Bank LimitedThe Bank of PunjabAskari Bank LimitedUBL Ameen - Islamic Banking

Deloitte Yousuf Adil, Chartered Accountants

Central Depository Company of Pakistan Limited,CDC House, 99B, Block B, S.M.C.H.S.,Main Shahrah-e-Faisal, Karachi.

Chief Financial Officer & Company Secretary of the Management Company

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

Mr. Umairullah Khan

HR CommitteeMr. Osman Khan, ChairmanMr. Razi-ur-Rahman Khan, MemberMr. Enamullah Khan, Member

Mr. Razi-ur-Rahman Khan, ChairmanMr. Osman Khan, MemberSyed Ibad-ur-Rehman Chishti, Member

improvements in areas such as business climate, transparency, and governance were vital to generate high and more inclusive growth.

The State Bank of Pakistan (SBP), in its monetary policies released during the third quarter of fiscal year 2016, kept the policy rate unchanged at 6.0%. The decisions came mainly on the back of rising inflationary concerns along with challenges on external account position. According to the Bank, better value addition and diversification of products was essential for sustainable growth in export. In this regard, favorable economic indicators coupled with all time low interest rates provide necessary ground to implement these growth oriented strategies.

According to the figures of State Bank of Pakistan (SBP), current account deficit (CAD) for the period of 8MFY16 contracted by 4.5% to USD 1.86bn as compared to USD 1.95bn in the same period last year. According to Pakistan Bureau of Statistics (PBS), overall Large Scale Manufacturing (LSM) sector has shown growth of 4.1% during July-January 2015-16 when compared with the same period of last year.

Going forward, restructuring or privatization of loss-making public sector enterprises, despite recent setbacks, would be crucial to address fiscal vulnerabilities. In addition to this, the mid-to-long term economic growth prospects would largely hinge upon the realization of investment inflows stemming from the China-Pakistan Economic Corridor (CPEC) project.

EQUITY REVIEW

The PSX – 100 ended the 3QFY16 at 33,139 points generating a quarterly return of 0.98% on the back of strong recovery observed in March where the Stock Market posted a monthly return of 5.64% compared to (4.62%) in January & 0.23% in February 2016 . On an YTD basis the bourse was down by 3.66%. During the 3QFY16 the Government took steps for PIA privatization which resulted in serious protest and led to a halt in flight operations, the multibillion LNG deal with Qatar was eventually signed, IMF disbursed USD 500mn under the EFF and the political tension peaked as the Federal Capital came under siege by a religious group. Also during the quarter the Crude Oil rallied near USD 40/bbl mark owing to a possibility of a production freeze between OPEC and Non-OPEC members after the prices went below USD 30/bbl in January.

During the quarter under review the foreign selling witnessed a substantial slow down and were net sellers with USD 50.80mn compared to net selling of USD 135.42mn in the previous quarter. Banks/DFI’s ended the quarter as net buyers with USD 11.57mn and Mutual Funds booked gains during March and were net sellers with USD 23.90mn. The Construction & Material was up by 11.74% QoQ (ACPL +21.61%, CHCC +19.66% DGKC +17.77% QoQ) on the back of strong export dispatches up by 17.35% during the 3rd quarter. Pharma & Bio tech posted a quarterly return of 5.92% (Searl +11.06% QoQ, GSK +10.19% QoQ). The Oil & Gas was up by 4.72% QoQ owing to a sharp reversal in oil prices and Government looking to increase OMC margins kept the investors interested in the sector. Almost all the other major sectors generated negative returns with Commercial Banks (-7.12% QoQ), Chemicals (-7.38%) and the new auto policy which did not go down well with existing OEM’s the sector was down by 7.75 QoQ primarily led by PSMC (-16.87% QoQ) on

The Board of Directors of the Faysal Asset Management Limited, the management company of the Faysal Asset Allocation Fund (FAAF), is pleased to present the un-audited condensed interim financial information of FAAF for the nine months and quarter ended March 31, 2016.

FINANCIAL HIGHLIGHTS

ECONOMIC REVIEW

The overall economic activity continues to exhibit substantial progress and stability. Steady improvements are becoming more visible as construction activity picks up, demand for consumer durables rises and credit to private sector soars. Consequently, mild pressure on the headline inflation, which remained below 2%, is quite visible now amid strong aggregate demand. Despite all the positives, challenges on the external front amid declining exports need to be addressed.

During the period between Jul-15 to Mar-16, average CPI inflation declined to 2.64% against 5.12% in the same period last year. Lately, all time low inflationary trend is somewhat reversing with CPI index reaching to 4.02% and 3.94% for the months of February and March respectively. Going forward, upward pressures on the inflation index would likely be visible on account of a) uptick in aggregate demand, b) forthcoming Ramadan season and c) stability in oil prices. Nonetheless, the overall inflation index is expected to remain well-anchored by the fiscal year end.

On March 25, 2016, the Executive Board of the International Monetary Fund (IMF) completed the tenth review of Pakistan’s economic performance under a three-year program supported by an Extended Fund Facility (EFF) arrangement. This enabled the immediate disbursement of USD 502.6 million, bringing total disbursements to USD 5.53 billion.

From the IMF’s perspective, overall economic landscape remains vibrant whereas short-term vulnerabilities have receded. Nonetheless, swift progress on structural reforms was essential in order to achieve economic resilience and inclusive growth. According to the Fund, matters such as restructuring or privatization of loss-making public sector enterprises remain fundamental to address long term vulnerabilities of the economy. Moreover, further

Quarter Ended March 31

2016 2015

Total Income

Operating Expenses

(Loss) / Profit Before Tax

Taxation

(Loss) / Profit After Tax

NAV per unit (Rs. Per unit)

(49.17)(6.48)

(55.65)-

(55.65)65.63

(0.26)

(2.98)

(3.24)

-

(3.24)

71.75

Nine Months Ended March 31

2016 2015

(35.02)(19.35)(54.37)

-(54.37)65.63

15.73

(7.02)

8.71

-

8.71

71.75

the back of lower than expected earnings, conclusion of the apna rozgar scheme creating worries over the future sales volume & the company is expected to suffer most from the new policy.

Going forward, the events to follow will determine the future direction of the market. The most prominent are the possible inclusion of Pakistan in the MSCI Emerging Market index which may be the conceivable rationale behind the significant decrease in foreign selling, monetary policy in May and the as the budget season draws closer we may see volumes to reduce as investors will prefer a wait and see approach.

FUND PERFORMANCE

Faysal Asset Allocation Fund generated a 3QFY16 return of (7.21%) compared to its benchmark of 1.10%. During the period under review your fund reduced its losses by decreasing its equity exposure from 84.00% in December to 75.33% in March 2016. Going forward your fund is expected to benefit from a diversified portfolio consisting of stocks with high growth potential.

FUND RANKING

The Pakistan Credit Agency Limited (PACRA) has assigned a "Mutual Fund Performance Ranking 3 - Star" (3 years), (Average) fund ranking to FAAF.

ACKNOWLEDGEMENT

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

For and on behalf of the Board

Enamullah KhanKarachi: April 22, 2016 Chief Executive Officer





EQUITY REVIEW





ECONOMIC REVIEW







FUND PERFORMANCE


FUND RANKING


ACKNOWLEDGEMENT








EQUITY REVIEW





ECONOMIC REVIEW





8



FUND PERFORMANCE


FUND RANKING


ACKNOWLEDGEMENT




Condensed Interim Statement of Assets and LiabilitiesAs at March 31, 2016

9

(Un- Audited) (Audited)March 31, June 30,

2016 2015Note

Assets

Bank balances 4 148,715,678 207,426,860 Investments 5 567,345,554 309,142,284 Prepayments, deposits and other receivables 5,115,162 4,013,428 Receivable against sale of investments 31,959,650 5,694,901 Receivable against Margin Trading System (MTS) - 76,585,764 Total assets 753,136,044 602,863,237

Liabilities

Payable to the Management Company 1,323,803 812,791 Remuneration payable to the Trustee 132,782 70,591 Accrued and other liabilities 6 9,592,582 10,120,478 Payable against purchase of investments 23,147,398 4,172,109 Total liabilities 34,196,565 15,175,969

Net assets 718,939,479 587,687,268

974,939,817)dehcatta tnemetats eht rep sa( dnuf ’sredloh tinU 587,687,268

Commitments 7

876,459,01eussi ni stinu fo rebmuN 8,324,904

36.56tinu rep eulav tessa teN 70.59

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

(Management Company)

FAYSAL ASSET ALLOCATION FUNDCONDENSED INTERIM STATEMENT OF ASSETS AND LIABILITIES

AS AT MARCH 31, 2016

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

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

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

For Faysal Asset Management Limited

____________________ ___________________ ___________________Chief Executive Officer Director Director

Condensed Interim Income StatementFor the Nine Months & Quarter Ended March 31, 2016 (Un-Audited)

10

March 31, March 31, March 31, March 31,2016 2015 2016 2015

NoteIncome

Income from Margin Trading System (MTS) 1,502,390 1,365,350 - 225,166 Dividend income on investment and markup on preference shares

classified as at fair value through profit or loss' - held-for-trading 4,884,000 4,150,500 1,001,750 2,659,000 Income from participation in purchase of shares 2,000,000 - - - Return on bank balances 5,641,516 2,968,321 2,360,439 1,068,176 Net (loss) / gain on investments classified as 'at fair value

- Net capital (loss) / gain on sale of investments (12,854,821) 10,728,155 (40,406,957) 5,405,139 - Net unrealised (loss) / gain on revaluation of investments (37,393,153) (10,242,191) (8,848,266) (12,165,974)

(50,247,974) 485,964 (49,255,223) (6,760,835)

Total income (36,220,068) 8,970,135 (45,893,034) (2,808,493)

Expenses

Remuneration of the Management Company 9,597,544 2,539,381 3,299,427 1,128,094 Provision for indirect taxes and duties 6.2 1,750,590 467,247 601,815 207,569 Sales tax on management fee 1,343,657 380,908 461,921 169,215 Remuneration of the Trustee 959,816 525,480 329,965 172,603 Sales tax on Trustee fee 134,374 - 46,195 - Brokerage charges 2,947,864 1,179,674 1,014,698 679,794 Bank charges 63,938 63,948 14,026 27,254 Auditors' remuneration 480,455 423,256 138,595 130,365 SECP non refundable annual fee 454,465 120,563 156,723 53,584 Fees and subscriptions 117,214 108,452 38,786 35,754 Settlement charges, federal excise duty and capital value tax 1,353,960 827,019 332,425 348,522 Printing charges and other expenses 147,532 203,754 48,814 88,457 Provision for Workers' Welfare Fund 6.1 - 177,759 - (65,988)

Total expenses 19,351,409 7,017,441 6,483,390 2,975,223 Net (loss) / income from operating activities (55,571,477) 1,952,694 (52,376,424) (5,783,716)

Element of income / (loss) and capital gains / (losses) included inprices of units sold less those in units redeemed - net 1,199,332 6,759,608 (3,277,487) 2,552,416

Net (loss) / income for the period before taxation (54,372,145) 8,712,302 (55,653,911) (3,231,300)

Taxation 8 - - - -

Net (loss) / income for the period after taxation (54,372,145) 8,712,302 (55,653,911) (3,231,300)

Other comprehensive income for the period - - - -

Total comprehensive (loss) / income for the period (54,372,145) 8,712,302 (55,653,911) (3,231,300)



FAYSAL ASSET ALLOCATION FUNDCONDENSED INTERIM INCOME STATEMENT

FOR THE NINE MONTHS & QUARTER ENDED MARCH 31, 2016 (Un-Audited)

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

Nine months ended Quarter ended

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


through profit or loss'-held for trading:


Condensed Interim Distribution StatementFor the Nine Months Ended March 31, 2016 (Un-Audited)

11

March 31, March 31,2016 2015

Accumulated loss brought forward [includes unrealised gain on investments of Rs.7,522,132(June 30,2014: unrealised gain of Rs. 5,547,369)] (159,427,430) (173,194,751)

Net (loss) / income for the period after taxation (54,372,145) 8,712,302

Accumulated loss carried forward (213,799,575) (164,482,449)[includes unrealised loss on investments of Rs. 31,057,027(March 31,2015: unrealised gain of Rs 6,437,850)]


FAYSAL ASSET ALLOCATION FUNDCONDENSED INTERIM DISTRIBUTION STATEMENT

FOR THE NINE MONTHS ENDED MARCH 31, 2016 (Un-Audited)

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

(Management Company)For Faysal Asset Management Limited

Half year ended


Condensed Interim Cash Flow StatementFor the Nine Months Ended March 31, 2016 (Un-Audited)

12

March 31, March 31,2016 2015

NoteCASH FLOWS FROM OPERATING ACTIVITIESNet (loss) / income for the period before taxation (54,372,145) 8,712,302

Adjustments for non-cash and other items:Income on Margin Trading System (MTS) (1,502,390) (1,365,350) Dividend income on investment and markup on preference shares

'at fair value through profit or loss' - held-for-trading (4,884,000) (4,150,500) Return on bank balances (5,641,516) (2,968,321) Net loss / (gain) on investments classified as 'at fair value through profit or loss'-held for trading:

- Net capital loss / (gain) on sale of investments 12,854,821 (10,728,155) - Net unrealised loss / (gain) on revaluation of investments 37,393,153 10,242,191

Element of income and capital gains included inprices of units sold less those in units redeemed - net (1,199,332) (6,759,608)

(17,351,409) (7,017,441) (Increase) / decrease in assetsPrepayments, deposits and other receivables (502,109) 68,368

(Decrease) / increase in liabilitiesPayable to the Management Company 511,012 238,236 Remuneration payable to the Trustee 62,191 1,919 Accrued and other liabilities (527,896) 745,939

45,307 986,094 (17,808,211) (5,962,979)

Proceeds from sale of investments 1,448,616,576 660,059,906 Proceeds from redemption of Preference shares - Mari Petroluem 3,771,510 - Payments made against purchase of investments (1,768,128,781) (728,492,251) Receipts / (payments) against Margin Trading System (MTS) 76,585,764 (75,097) Income received on Margin Trading System (MTS) 1,569,042 1,365,315 Markup received on Preference Shares - Mari Petroluem 97,441 - Dividend received 4,097,735 1,923,000 Return received on bank balances 5,664,063 2,733,885 Net cash used in operating activities (245,534,861) (68,448,221)

CASH FLOWS FROM FINANCING ACTIVITIESAmounts received against issue of units 771,488,335 137,800,304 Payments made against redemption of units (584,664,647) (43,028,850) Dividend paid - (2,144,625) Net cash generated from financing activities 186,823,688 92,626,829

Net (decrease) / increase in cash and cash equivalents during the period (58,711,173) 24,178,608 Cash and cash equivalents at the beginning of the period 207,426,860 32,746,342 Cash and cash equivalents at the end of the period 4 148,715,687 56,924,950



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

FAYSAL ASSET ALLOCATION FUNDCONDENSED INTERIM CASH FLOW STATEMENT


FOR THE NINE MONTHS ENDED MARCH 31, 2016 (Un-Audited)

Nine months ended


13

Condensed Interim Statement of Movement in Unit Holders’ Fund For the Nine Months Ended March 31, 2016 (Un-Audited)

March 31, March 31,2016 2015

Net asset value per unit at the beginning of the period 70.59 68.94

Net asset value per unit at the end of the period 65.63 71.75

862,786,785doirep eht fo gninnigeb eht ta stessa teN 125,900,748

Amounts received on issue of units * 771,488,335 137,800,304

Amounts paid on redemption of units ** (584,664,647) (43,028,850)

186,823,688 94,771,454 Element of income and capital gains included

in prices of units sold less those in units redeemed - net (1,199,332) (6,759,608)

Net capital (loss) / gain on sale of investments (12,854,821) 10,728,155 Net unrealised loss on revaluation of investments (37,393,153) (10,242,191)Other net (loss) / income for the period (4,124,171) 8,226,338 Other comprehensive income for the period - -

)541,273,45(doirep eht rof emocni / )ssol( evisneherpmoc latoT 8,712,302

974,939,817doirep eht fo dne eht ta stessa teN 222,624,896

* Number of units issued (including Nil bonus units issued during the period ended March 31, 2016 and Nil bonus units issued during the period ended March 31, 2015) 11,258,033 1,862,860

** Number of units redeemed 8,628,259 586,216


FAYSAL ASSET ALLOCATION FUND

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

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

Nine months ended

For Faysal Asset Management Limited(Management Company)

FOR THE NINE MONTHS ENDED MARCH 31, 2016 (Un-Audited)CONDENSED INTERIM STATEMENT OF MOVEMENT IN UNIT HOLDERS' FUND


Notes to the Condensed Interim Financial Information For the Nine Months Ended March 31, 2016 (Un-Audited)

14

1. LEGAL STATUS AND NATURE OF BUSINESS

The policy of the Fund is to invest in a mix of equity securities, fixed income and money market instruments.

2. BASIS OF PREPARATION

3. ACCOUNTING POLICIES,ESTIMATES AND RISK MANAGEMENT PRINCIPLES

The condensed interim financial information is presented in Pakistani Rupees which is the Fund's functional andpresentation currency.

The accounting policies, basis of accounting estimates applied and methods of computation adopted in the preparationof this condensed interim financial information are consistent with those followed in the preparation of the financialstatements of the Fund for the year ended June 30, 2015 except for the following amended IFRS and IFRICinterpretations which became effective during the period as mentioned in note 3.1 below:

The disclosures made in this interim financial information have, however, been limited based on the requirements of theInternational Accounting Standard 34 - Interim Financial Reporting.

This condensed interim financial information does not include all the information and disclosures required in the annualfinancial statements, and should be read in conjunction with the annual financial statements of the Fund for the yearended June 30, 2015.

FAYSAL ASSET ALLOCATION FUNDNOTES TO THE CONDENSED INTERIM FINANCIAL INFORMATIONFOR THE NINE MONTHS ENDED MARCH 31, 2016 (Un-Audited)

Faysal Asset Allocation Fund (the Fund) has been established under the Non-Banking Finance Companies(Establishment and Regulation) Rules, 2003 (the NBFC Rules) and has been authorised as a unit trust scheme by theSecurities and Exchange Commission of Pakistan (SECP) on September 21, 2005. It has been constituted under aTrust Deed, dated January 31, 2006, between AMZ Asset Management Limited (former Management Company) andCentral Depository Company of Pakistan Limited (CDC) as the Trustee till February 24, 2010 and thereafter betweenFaysal Asset Management Limited (the Management Company), a company incorporated under the CompaniesOrdinance, 1984 and CDC as the Trustee, also a company incorporated under the Companies Ordinance, 1984.

The Fund is an open-end asset allocation fund and is listed on the Pakistan Stock Exchange Limited (formerly LahoreStock Exchange Limited). Units are offered for public subscription on a continuous basis and the units are transferableand can be redeemed by surrendering them to the Fund.

The Fund is categorised as an "Asset Allocation Scheme" as per the circular 07 of 2009 issued by SECP.

The Pakistan Credit Agency Limited (PACRA) has assigned a "Mutual Fund Performance Ranking 3 - Star" (3 years)fund ranking to Faysal Asset Allocation Fund as of August 13, 2015.

JCR - VIS Credit Rating Company limited has awarded an "AM3+" asset manager rating to the Management Companyas of March 25, 2016.

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


15

3.1 New / Revised Standards, Interpretations and Amendments

IAS-28 (Revised 2011)-Investments in Associates and Joint Ventures

IFRS-10 Consolidated Financial Statements

IFRS-12 Disclosure of Interests in Other Entities

IFRS-13 Fair Value Measurement

3.2

(Un-Audited) (Audited)March 31, June 30,

2016 2015Note

4. BANK BALANCES

1.4stnuocca sgnivas SLP - sknab ta hsaC 148,715,678 207,426,860

4.1

(Un-Audited) (Audited)

March 31, June 30,2016 2015

Note

5. INVESTMENTS

At fair value through profit or loss -Held-for-trading

Listed equity securities 5.1 542,345,554 306,313,970 Preference shares - unlisted 5.2 - 2,828,314 Unlisted equity securities 5.3 25,000,000 -

Designated 'at fair value through profit or loss'

Listed debt securities 5.4 13,137,043 13,137,043 Less: Provision against debt securities 5.4 (13,137,043) (13,137,043)

- -

567,345,554 309,142,284

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

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

These carry mark-up ranging between 4 % to 6.65% (June 30, 2015: 4.50% to 6.70%) per annum andinclude balance of Rs.0.27 million (June 30, 2015: Rs.0.174 million) held with Faysal Bank Limited, arelated party.

The Fund has adopted the following revised standard, amendments and interpretation of IFRSs which became effective for the current period:

IAS-27 (Revised 2011)- Separate Financial Statements

The adoption of the above amendments to accounting standards did not have any effect on the condensed interim financial information, except for IFRS 13, which requires additional disclosure (see note 10).

The financial risk management objectives and policies are consistent with those disclosed in the annualfinancial statements of the Fund for the year ended June 30, 2015.


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Mat

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20


2016 2015Note

6. ACCRUED AND OTHER LIABILITIES

SECP non refundable annual fee payable 454,466 197,305 Brokerage payable 841,205 549,224 Accrued liabilities 1,688,663 4,517,499 Zakat payable 9,753 9,753

1.6 dnuF erafleW 'srekroW rof noisivorP 3,819,675 3,819,675 2.6seitud dna sexat tceridni rof noisivorP 2,778,820 1,027,022

9,592,582 10,120,478

6.1

6.2


2016 2015

7. COMMITMENTS

7.1 Commitments

Margin Trading System (MTS) transactions entered into by theFund which have not been settledPurchase transactions - 68,934,015 Sale transactions - 15,344,303

There are no contingencies at the period end.

8. TAXATION - -

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

The Fund's income is exempt from income tax as per clause (99) of part I of the Second Schedule to the IncomeTax Ordinance, 2001 subject to the condition that not less than 90% of the accounting income for the year asreduced by capital gains whether realized or unrealized is distributed in cash amongst the unit holders. TheManagement Company intends to distribute not less than 90% of its annual accounting income in cash, if any, tocomply with the above clause at year end. Accordingly, no tax provision has been made in this condensed interimfinancial information for the nine months ended March 31, 2016.

There is no change in the status of petition pending with SHC in respect of the Federal Excise Duty onmanagement fee as reported in note 13.3 to the annual financial statements of the Fund for the year endedJune 30, 2015.

There is no change in the status of the petition pending with the Honourable Sindh High Court (SHC) in respectof WWF as reported in note 11.2 to the annual financial statements of the Fund for the year ended June 30,2015. Had the provision not been made, the net assets value per unit of the Fund would have been higher byRs.0.35 (0.53%) per unit (June 30, 2015: Rs.0.46 (0.65%) per unit).

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

21


9. TRANSACTIONS WITH CONNECTED PERSONS / RELATED PARTIES

March 31, March 31,2016 2015

Transactions during the period

Faysal Asset Management Limited (Management Company)

Remuneration for the Management Company 9,597,544 2,539,381 Sales tax on management fee 1,343,657 380,908 Redemption of 896,851 units (2015:Nil units) 63,000,000 - Bonus issue of 2,917 units in lieu of 5% payment 209,954 - of with holding tax (2015: Nil units)

Faysal Bank Limited (Group / Associated Company)

Profit on PLS savings accounts 50,779 33,001 Cash dividend paid - 2,049,225 Bank charges 6,930 3,614 Redepmtion of 406,946 units (2014:Nil units) 30,000,000 -

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

Remuneration of the Trustee 959,816 525,480 Settlement charges 207,148 109,722 Sales tax on Trustee fee 134,374 -

Directors and Key Management personnel(Management Company)

Issue of 3,635 units (2015: 4,804 units) 245,000 350,000 Redemption of 43,786 units (2015: 5,337 units) 2,938,619 364,898

Unit holders holding 10% or more units

Pakistan Mobile Communication Limited - Provident FundIssue of Nil units (2015: 296,683 units) - 27,000,000 Redemption of Nil units (2015: 179,906 units) - 13,000,000

Ferozsons Laboratories Ltd

Issue of Nil units (2015: 405,491 units) - 30,700,000

Packages Limited - Staff Pension Fund

Issue of Nil units (2015: 365,145 units) - 27,000,000 Redemption of Nil units (2015: 194,183 units) - 14,000,000

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

----------(Un-Audited)------------Details of transactions with the related parties and balances with them at the period end are as follows:

22



2016 2015

Outstanding Balances

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

Remuneration payable to the Trustee 116,475 70,591 Sales tax on Trustee fee payable 16,307 -

Faysal Asset Management Limited - (Management Company)

Remuneration payable to the Management Company 1,161,231 705,726 Sales tax on management fee payable 162,572 107,065 Units in issue 145,172 units (June 30, 2015: 1,039,106 units) 9,527,640 73,560,215

Faysal Bank Limited - (Group / Associated Company)

Balance in PLS savings account 270,530 174,315 Units in issue 1,046,129 units (June 30, 2015: 1,453,075 units) 68,657,475 102,572,538 Profit receivable on PLS savings account 1,232 665

Directors and Key Management personnel(Management Company)

Units in issue 18,269 units (June 30, 2015: 45,465 units) 348,765 3,209,345

Unit holders holding 10% or more units in issue

Pakistan Mobile Communication Limited - Provident Fund

Units in issue 1,513,957 units (June 30, 2015: 1,513,957 units) 99,360,998 106,870,225

Packages Limited - Staff Pension Fund

Units in issue 403,787 units (June 30, 2015: 595,422 units) 28,559,834 42,030,834

Ferozsons Laboratories Ltd

Units in issue 460,008 units (June 30, 2015: 460,008 units) 32,536,332 32,471,931

10. FAIR VALUE OF FINANCIAL INSTRUMENTS

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

Level 2:

Level 3:

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

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

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

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

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

Those with inputs for the asset or liability that are not based on observable market data(unobservable inputs).

23


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March 31, June 30,2016 2015

Balance as at July 01 2,828,314 - Preference shares received during the period / year - 3,771,100 Redemption during the period / year (3,771,100) - Provision reverse / (made) during the period / year 942,786 (942,786) Balance as at Marchr 31 / June 30 - 2,828,314

11. GENERAL

Figures are rounded off to the nearest rupee.

12. DATE OF AUTHORISATION FOR ISSUE

The following table shows a reconciliation from the beginning balances to the ending balances forfair value measurements in level 3 of the fair value hierarchy.

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

This condensed interim financial information was authorised for issue on April 22, 2016 by theBoard of Directors of the Management Company.

For Faysal Asset Management Limited(Management Company)


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Documents

Condensed Interim Financial Information for the Nine ... Interim Financial Information for the Nine Months & Quarter Ended March 31, 2016