utp-a30+ fundstock dividend of 0.50% has been declared (rs. 0.25 per unit of par value of rs. 50),...

ANNUAL REPORT 2006

UTP-A30+ FUND

CONTENTSVision and Mission Statement

Organization

Directors' Report

Performance Table / Key Financial Data

Report of the Trustee

Auditor's Report

Financial Statements

Statement of Assets and Liabilities

Income Statement

Statement of Movement in Unit Holders’ Fund

Distribution Statement

Cash Flow Statement

Notes to the Financial Statements

Branch Network

01

02

03

07

09

10

12

13

14

15

16

17

18

29

UTP-A30 + Fund1

To be Industry Leaders in Financial Services

mission

vision

core values

Pursuit of Professional Excellence

Shareholder Value Integrity Commitment

Annual Report 2006 2

ORGANIZATIONManagement Company

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

Board of Directors

Munawar Alam Siddiqui Chairman Muhammad Najam Ali Chief Executive OfficerAli Raza Siddiqui Executive DirectorMunaf Ibrahim Nazar Mohammad Shaikh Lt. General (R) Masood Parwaiz William H. Kleh

Audit Committee

Nazar Mohammad Shaikh ChairmanMunawar Alam Siddiqui MemberMunaf Ibrahim Member

Chief Financial Officer & Company Secretary

Suleman Lalani

Trustee

Muslim Commercial Financial Services(Private) Limited3rd Floor, Adamjee HouseI. I. Chundrigar Road, Karachi-74400, Pakistan.Tel: (92-21) 2419770 Fax: (92-21) 2416371

Auditors

Ford Rhodes Sidat Hyder & Co.Chartered AccountantsProgressive Plaza, Beaumont Road, P.O. Box No. 15541Karachi-75530

Legal Adviser

Bawaney & PartnersRoom No. 404, 4th floor,Beaumont Plaza, 6 - CL - 10Beaumont Road, Civil Lines Karachi-75530.

Bankers

Bank Alfalah Limited

Transfer Agent

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

UTP-A30 + Fund3

DIRECTORS REPORT TO THE UNIT HOLDERS

1. Market Outlook

The KSE 100 Index closed at 9989.41 on June 30, 2006 compared to 7450.12 on June 30, 2005 - anincrease of 34% during the year. The KSE 100 Index reached the highest ever level of 12,273.77 onApril 17, 2006. Market capitalization increased to Rs. 2,801.182 billion as on June 30, 2006 asagainst Rs. 2,068.187 billion on June 30, 2005 showing an impressive increase of 35% during theyear.

The market remained highly volatile between March and June 2006. The Budget 2006-07 doubledthe Capital Value Tax on share purchases to 0.02% and Withholding Tax on sale of shares to0.01% from 0.005%. These measures led to a negative market sentiment in the short term;however its long term impact will become clear in the following months. At the same time, taxexemption for mutual funds on income from CFS financing was proposed to be withdrawn in theFinance Bill 2006; however this clause has been subsequently removed in the Finance Act 2006.The deadline for the demutualization of bourses was extended to December 2006.

Significant progress was made on the privatization front as the much awaited privatization ofPakistan Telecommunication Corporation Limited (PTCL) and Karachi Electric SupplyCorporation (KESC) were completed. On the flip side, the Supreme Court (SC) cancelled PakistanSteel Mills (PSM) sell-off citing certain irregularities in the privatization process. We are optimisticthat the apex Court's ruling will not alter the privatization plans of the government.

The SBP kept a firm hand on interest rates and controlled supply side bottle necks in its bid tofight against inflation. In view of rising international oil prices and Pakistan's growing machinerydemand for its large scale manufacturing sector, the country's trade deficit may suffer furtherwhich in turn will put pressure on the exchange rate. As a result, going forward the central bankmay opt for further tightening of the monetary policy by raising interest rates. However, this maycome about at a measured pace so as to ensure that economic growth and capacity expansionalong with domestic demand are not stifled too much.

Based on the given scenario, we remain optimistic on how the future economic cycle will developand look forward to provide the best investment solutions to the investors.

2. Fund Performance & Distribution

The Fund constituted as an investment scheme with the approval of the Securities and ExchangeCommission of Pakistan (SECP) on April 20, 2006 with seed capital of Rs. 100 million. The netassets of the Fund as on June 30, 2006 were Rs. 190.376 million. Market value of investment inABAMCO 30 index securities was 186.714 million which constituted 98.08% of the net assets ason June 30, 2006.

The Board of Directors of JS ABAMCO Limited (formerly ABAMCO Limited), the ManagementCompany of UTP - A30+ Fund, is pleased to present the First Annual Report for the period endedJune 30, 2006.


Realized income for the year ended June 30, 2006 was Rs. 5.288 million comprising of capitalgains on sale of investment of Rs. 1.382 million, return on bank deposits of Rs. 1.519 million andother income of Rs. 2.387 million. Total operating expenses for the year were Rs. 0.710 millionand unrealized loss on investments was Rs. 2.669 million.

Stock dividend of 0.50% has been declared (Rs. 0.25 per unit of par value of Rs. 50), whichentitles unit holders 0.4999 additional units for each 100 existing units held on June 30, 2006.After the distribution of stock dividend, the net asset value per unit will be Rs. 50.0094 on June30, 2006.

As the above distribution is more than 90% of the income for the year, the income of the Fundwill not be subject to tax under Clause 99 of the Part I of the Second Schedule of Income TaxOrdinance, 2001.

3. Investment Strategy

The Fund tracks the ABAMCO 30 index since it is a free float adjusted market capitalizationindex. With its efficient methodology, professional management and transparent and objectcriteria of stock selection, ABAMCO 30 index covers the entire inevitable, making it an idealindex for replication.

The Fund invests in ABAMCO 30 index stocks in proportion to their weighing in the index. Thestrategy is to buy and hold securities, trading only when changes in the index composition occuror when cash flow activities occur or are expected to occur due to sale and redemption requests.

4. Fund and Asset Manager Rating

The Fund shall be put in the process of being rated by Pakistan Credit Rating Agency (PACRA)based on its one year track record which is a prerequisite for rating.

PACRA has awarded an AM2 asset management rating to JS ABAMCO Ltd on February 15th2006, which reflects our strong capacity to manage the risks inherent in asset management andto meet very high standards and benchmarks.

5. Compliance

The Board of Directors of the Management Company states that:

a. The financial statements, prepared by the Management Company, present fairly the stateof affairs of the Fund, the results of its operations, cash flows and movement in net assetsof the Fund.

b. Proper books of accounts of the Fund have been maintained.c. Appropriate accounting policies have been applied in preparation of financial statements,

and financial estimates are based on reasonable and prudent judgment.d. International Accounting Standards, as applicable in Pakistan, provisions of the Non-

Banking Finance Companies (Establishment & Regulation) Rules, 2003, requirements ofthe Trust Deed and directives of the Securities and Exchange Commission of Pakistanhave been followed in preparation of the financial statements.

e. The system of internal control is sound in design and has been effectively implementedand monitored.

f. There are no significant doubts upon the Fund's ability to continue as a going concern.g. A performance table / key financial data is given on page 07 of this annual report.h. Particulars of all investments and redemptions by the Chief Executive, directors and

executives, their spouses and minor children during the year ended June 30, 2006:

i. The value of investments of the staff provident fund of ABAMCO Limited, as per theaudited accounts for the year ended June 30, 2006 was Rs. 10.127 million.

6. Meetings of the Directors

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

7. External Auditors

The Fund's external auditors, Messers. Ford, Rhodes Sidat, Hyder & Co., CharteredAccountants, have expressed their willingness to continue as the Fund's auditors for the ensuingyear ending June 30, 2007. The Audit Committee of the Board has recommended reappointmentof Ford, Rhodes Sidat, Hyder & Co., Chartered Accountants as auditors of the Fund for the yearending June 30, 2007.

UTP-A30 + Fund5

Name Number of units acquired Number of units redeemedMr. Nabil Daudur Rahman 2,000 -

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

8. Acknowledgment

The Directors expresses their gratitude to SECP for its valuable support, assistance andguidance. The Board also thanks the employees of the Management Company and theTrustee for their dedication and hard work and the unit holders for their confidence in theManagement.

Karachi: July 15, 2006 Muhammad Najam AliChief Executive Officer


PERFORMANCE TABLE /KEY FINANCIAL DATA

UTP-A30 + Fund7

30-June-062006

Net Assets 190,376,215Net Income 1,909,039Net asset value per unit 50.26Earning per unit 0.50Dividend Distribution 0.50%Highest Offer price per unit 52.50Lowest offer price per unit 46.03Highest repurchase price per unit 51.46Lowest repurchase price per unit 45.12Number of Units in issue 3,787,874

UTP-A30 + Fund9

Report of the Trustee Pursuant to Rule 76(h) of the Non--Banking Finance Companies (Establishmentand Regulation) Rules 2003

JS ABAMCO Limited (Formerly ABAMCO Limited), the Management Company of UTP - A30+ Fund hasin all material respectes managed UTP - A30+ Fund in accordance with the provisions of the Trust Deeddated December 26, 2005 of UTP - A30+ Fund and the Non-Banking Finance Companies (Establishmentand Regulations) Rules 2003, during the period from December 26, 2005 to June 30, 2006.

Agha Ahmed ShahChief Executive Officer

Muslim CommercialFinancial Services (Pvt.) Limited

KarachiDate: July 15, 2006

REPORT OF THE TRUSTEE


We have audited the annexed statement of assets and liabilities of UTP-A 30+ Fund as at June 30, 2006 and therelated income statement, distribution statement, cash flow statement and statement of movement in unitholders' funds, together with the notes forming part thereof, for the period then ended and we state that we haveobtained all the information and explanations which, to the best of our knowledge and belief, were necessary forthe purposes of our audit.

It is the responsibility of the Management Company of the Fund to establish and maintain a system of internalcontrol and prepare and present the above said statements in conformity with the requirements of the TrustDeed, and the Non-Banking Finance Companies (Establishment and Regulation) Rules, 2003 and approvedaccounting standards as applicable in Pakistan. Our responsibility is to express an opinion on these statementsbased on our audit.

We conducted our audit in accordance with the auditing standards as applicable in Pakistan. These standardsrequire that we plan and perform the audit to obtain reasonable assurance about whether the above saidstatements are free of any material misstatement. An audit includes examining on a test basis, evidencesupporting the amounts and disclosures in the above said statements. An audit also includes assessing theaccounting policies and significant estimates made by management, as well as, evaluating the overallpresentation of the above said statements. We believe that our audit provides a reasonable basis for our opinionand after due verification, we report that:

a) in our opinion, proper books of account have been kept by the Management Company in respect of UTP-A 30+ Fund as required by the Trust Deed and the Non-Banking Finance Companies (Establishment andRegulation) Rules, 2003; and

b) in our opinion and to the best of our information and according to the explanations given to us, thestatement of assets and liabilities, income statement, distribution statement, cash flow statement andstatement of movement in unit holders' funds, together with the notes forming part thereof have beenprepared in accordance with the relevant provisions of the Trust Deed, the Non-Banking FinanceCompanies (Establishment and Regulation) Rules, 2003 and approved accounting standards as applicablein Pakistan and respectively give a true and fair view of the state of Fund's affairs as at June 30, 2006 andof the income, changes in undistributed income, cash flows and changes in unit holders' funds for theperiod then ended.

Ford Rhodes Sidat Hyder & Co.Chartered Accountants

Karachi:Date: July 15, 2006

AUDITORS’ REPORT TO THE UNIT HOLDERS

FINANCIAL STATEMENTS

STATEMENT OF ASSETS AND LIABILITIESAs at June 30, 2006

Note Rupees

ASSETS

Bank balances 5 2,203,315Investments 6 186,713,790Other receivables 7 1,716,995Deferred formation cost 10 966,573

TOTAL ASSETS 191,600,673

LIABILITIES

Remuneration payable to the management company 8 -Remuneration payable to the trustee 9 44,109Creditors, accrued and other liabilities 11 1,180,349

TOTAL LIABILITIES 1,224,458

NET ASSETS 190,376,215

UNIT HOLDERS' FUND (as per statement attached) 190,376,215

Number of units in issue 3,787,874

Net asset value per unit 50.26

The annexed notes from 1 to 19 form an integral part of these financial statements.

For JS ABAMCO Limited (Formerly ABAMCO Limited)(Management Company)

UTP-A30 + Fund13

Muhammad Najam Ali Munawar Alam Siddiqui Munaf IbrahimChief Executive Officer Chairman Director

INCOME STATEMENTFor the period from December 26, 2005 to June 30, 2006

Note Rupees

INCOME

Net gain on sale of held-for-trading investments 1,381,964 Unrealised loss on held-for-trading investments (2,668,890)

Net loss on held-for-trading investments (1,286,926)

Return on bank balances and term deposits 1,518,952

Element of income and capital gains in prices of units sold less those in units redeemed 2,387,074

2,619,100 EXPENSES

Remuneration of the management company 8 -Remuneration of the trustee 9 130,410SECP annual fee 11.2 24,041Amortisation of formation cost 33,427Bank and settlement charges 14,070Capital value tax 37,354Brokerage commission 236,015Auditors' remuneration 12 171,644Legal and professional charges 63,100

710,061

NET INCOME FOR THE PERIOD 1,909,039

EARNINGS PER UNIT 0.50





STATEMENT OF MOVEMENT IN UNIT HOLDERS' FUNDSFor the period from December 26, 2005 to June 30, 2006

Rupees

Net assets as at the beginning of the period -

Issue of 2,595,267 units 190,854,250

Element of income and capital gains in prices of units sold less those in units redeemed - transferred to income statement (2,387,074)

Net income for the period 1,909,039

Net assets as at the end of the period 190,376,215



UTP-A30 + Fund15


DISTRIBUTION STATEMENTFor the period from December 26, 2005 to June 30, 2006

Rupees

Undistributed income as at the beginning of the period -

Net income for the period 1,909,039

Undistributed income carried forward 1,909,039





CASH FLOW STATEMENTFor the period from December 26, 2005 to June 30, 2006

Note Rupees

Cash Flows from operating activitiesNet income for the period 1,909,039

Adjustments for:Gain on sale of held-for-trading investment-net (1,381,964)Unrealised loss on held-for-trading investment 2,668,890 Amortisation of formation cost 33,427 Element of income and capital gains in prices

of units sold less those in units redeemed (2,387,074)

(Increase) in assetsOther receivables (1,716,995)

(Decrease) / increase in liabilitiesRemuneration payable to management company -Remuneration payable to trustee 44,109 Creditors, accrued and other liabilities 180,349

224,458 (650,219)

Sale of held-for-trading investments 183,966,091 Purchase of held-for-trading investments (371,966,807)

Cash outflow from operating activities (188,650,935)

Cash flows from financing activities

Amounts received on issue of units 190,854,250

Cash generated from financing activities 190,854,250

Net increase in cash and cash equivalents 2,203,315

Bank balances at the beginning of the period -

Bank balances at the end of the period 5 2,203,315



UTP-A30 + Fund17


NOTES TO THE FINANCIAL STATEMENTSFor the period from December 26, 2005 to June 30, 2006

1. LEGAL STATUS AND NATURE OF BUSINESS

The UTP-A 30+ Fund (the fund) has been established under the Non-Banking FinanceCompanies (Establishment and Regulation) Rules, 2003 (NBFC Rules) and has beenapproved as an investment scheme by the Securities and Exchange Commission of Pakistan(SECP) on April 20, 2006. It has been constituted under a Trust Deed, dated December 26,2005 between JS ABAMCO Limited [Formerly ABAMCO Limited] as the ManagementCompany, a company incorporated under the Companies Ordinance, 1984 and the MuslimCommercial Financial Services (Pvt) Limited as the Trustee, also incorporated under theCompanies Ordinance, 1984.

The fund is an open end mutual fund and offers units for public subscription on acontinuous basis. The units are transferable and can also be redeemed by surrendering themto the fund.

The principal activity of the fund is to make investments primarily in equity securities ofABAMCO 30 index criteria, companies, fixed rate corporate debt instruments, governmentsecurities and other money market instruments.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with the requirements of theTrust Deed, the NBFC Rules and the directives issued by the SECP and approvedaccounting standards as applicable in Pakistan. Wherever, the requirements of the NBFCRules and the said directives differ with the requirements of these standards, therequirements of the NBFC Rules and the directives take precedence.

3. BASIS OF MEASUREMENT

These financial statements have been prepared under the historical cost convention exceptfor investments and derivatives which are accounted for as stated in notes 4.1 and 4.2 below.

4. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

4.1 Investments

The management of the fund determines the appropriate classification of itsinvestments at the time of purchase and classifies these investments as follows:

Held-to-maturity

Investment securities with fixed maturities where management has both the intent andability to hold to maturity, are classified as held to maturity.

Available-for-sale

Investments intended to be held for an indefinite period of time which may be sold inresponse to need for liquidity or changes to interest rates or equity prices are classifiedas available-for-sale.


Investments at fair value through income statement

Investments classified as held-for-trading are included in this category. Investmentsare classified as held-for-trading if they are acquired for the purpose of selling in thenear term.

All investments are initially measured at fair value plus, in the case of investments notat fair value through income statement, transaction costs that are directly attributableto acquisition.

After initial recognition, investments which are classified as held-for-trading andavailable-for-sale are remeasured at fair value. Gains or losses on investments held-for-trading are recognised in income. Gains or losses on available-for-sale investmentsare recognised in the unit holders' funds until the investment is sold, derecognised oris determined to be impaired, at which time the cumulative gain or loss previouslyreported in unit holders' funds is included in income. Investments classified as held tomaturity are stated at amortised cost.

For investments in quoted marketable securities, fair value is determined by referenceto Stock Exchange quoted market prices at the close of business on balance sheet date.Unquoted securities are valued at investment price or the break-up value as per lastaudited accounts whichever is later.

4.2 Derivatives

These are initially recognised at cost and are subsequently remeasured at their fairvalue. Derivatives with positive market values (unrealised gains) are included in otherassets and derivatives with negative market values (unrealised losses) are included inother liabilities in the balance sheet. The resultant gains and losses are included in theincome currently.

4.3 Securities under repurchase / resale agreements

Transactions of purchase under resale (reverse-repo) of marketable and governmentsecurities are entered into at contracted rates for specified periods of time. Securitiespurchased with a corresponding commitment to resell at a specified future date(reverse-repos) are not recognised in the statement of assets and liabilities. Amountspaid under these agreements are included as receivables in respect of reverserepurchase transactions. The difference between purchase and resale price is treated asincome from reverse repurchase transactions and accrued over the life of the reverse-repo agreement.Transactions of sale under repurchase (repo) of marketable and government securitiesare entered into at contracted rates for specified periods of time. Securities sold with asimultaneous commitment to repurchase at a specified future date (repos) continue to

UTP-A30 + Fund19

be recognised in the balance sheet and are measured in accordance with accountingpolicies for investment. The counterparty liabilities for amounts received under thesetransactions are recorded as liabilities. The difference between sale and repurchaseprice is treated as borrowing charges and accrued over the life of the repo agreement.

4.4 Deferred formation cost

The fund has recorded all expenses incurred in connection with the incorporation andregistration or establishment and autorisation of the fund, as deferred formation costwhich are to be amortised by the fund over a period of five years in accordance withthe trust deed. These expenses were paid for by the management company and arereimbursable to them by the fund.

4.5 Issue and redemption of units

Units are issued at the offer price determined at the close of business when funds inrespect of purchase of units are realised. The offer price represents the net asset valueof units at the close of the business day plus the allowable sales load. The sales load ispayable to the distribution company and the management company as processing fee.Issue of units is recorded upon realisation of related funds.

Units redeemed are recorded at the redemption price prevalent during the day inwhich the units are redeemed. The redemption price represents the net asset value perunit at the close of the business day. Redemption of units is recorded on acceptance ofapplication for redemption.

4.6 Revenue recognition

Gain or loss on sale of marketable securities and derivatives is accounted for in theperiod in which it arises.

Dividend income is recorded at the time of the closure of share transfer book of thecompany declaring the dividend. Dividend received on marketable securities acquiredafter the announcement of dividend till the book closure date is not taken to incomebut accounted for as reduction in the cost of investment.

Return on bank balances is recognised on a time proportion basis.

4.7 Element of income and capital gains in prices of units sold less those in unitsredeemed

To prevent the dilution of per unit income and distribution of income already paid outon redemption, as dividend, an equalization account called “element of income andcapital gains in prices of units sold less those in units redeemed” is created.


The "element of income and capital gains in prices of units sold less those in unitsredeemed" account is credited with the amount representing net income and capitalgains accounted for in the last announced net asset value and included in the saleproceeds of units. Upon redemption of units, the "element of income and capital gainsin prices of units sold less those in units redeemed" account is debited with the amountrepresenting net income and capital gains accounted for in the last announced net assetvalue and included in the redemption price.

The net "element of income and capital gains in prices of units sold less those in unitsredeemed" during an accounting period is transferred to the income statement.

4.8 Taxation

The fund is exempt from taxation under clause 99 of the Part I of the 2nd Schedule ofthe Income Tax Ordinance, 2001, subject to the condition that not less than 90% of itsaccounting income excluding realised and unrealised capital gains for the year isdistributed amongst the funds' unit holders. The fund intends to avail this exemptionfor current and future periods. Accordingly, no provision is made for current anddeferred taxation in these financial statements.

4.9 Financial instruments

All the financial assets and financial liabilities are recognised at the time when the fundbecomes a party to the contractual provisions of the instrument. Financial assets arederecognised when the fund loses control of the contractual rights that comprise thefinancial assets. Financial liabilities are derecognised when they are extinguished, thatis, when the obligation specified in the contract is discharged, cancelled, or expires.Any gain or loss on derecognition of the financial assets and financial liabilities is takento income currently.

4.10 Trade date accounting

All regular way purchases / sales of investments are recognised on the trade date, i.e.,the date on which the fund commits to purchase / sell the investment. Regular waypurchases / sales of investment require delivery of securities within three days aftertransaction date as required by stock exchange regulations.

4.11 Offsetting of financial assets and liabilities

Financial assets and financial liabilities are only offset and the net amount reported inthe statement of assets and liabilities when there is a legally enforceable right to set offthe recognised amount and the fund intends to either settle on a net basis, or to realisethe asset and settle the liability simultaneously.

UTP-A30 + Fund21

4.12 Distribution to unit holders'

Distribution to unit holders' is recognised upon declaration and approval by the Boardof Directors of the management company.

4.13 Net asset value per unit

The net asset value per unit disclosed in the Statement of Assets and Liabilities iscalculated by dividing the net assets of the fund by the number of units in circulationat the period end.

4.14 Earnings per unit

Earnings per unit (EPU) have been calculated based on the number of unitsoutstanding at the year end as the management is of the opinion that determination ofweighted average units for calculating EPU is not practicable.

Note 2006 Rupees

5. BANK BALANCES In PLS savings account 5.1 2,203,315

5.1 PLS savings accounts carry rate of return at 9.90% per annum.


6. INVESTMENTS - held-for-tradingListed equity securities 6.1 186,713,790

6.1 Listed equity securities*

* Ordinary shares/certificates have a face value of Rs. 10/- each unless statedotherwise.

Number of shares / certificatesRight shares

At the Acquired received Disposed At the Market beginning during the during the during the end of the Value % of

Sectors / Companies of the period period period period period (Rupees) net assets

Investment Bank

Pakistan Industrial Credit & Investment Corporation Limited (PICIC) - 167,800 - 83,900 83,900 3,565,750 1.87

Commercial Banks

Askari Commercial Bank Limited - 88,000 - 44,000 44,000 3,412,200 1.79 The Bank of Punjab - 108,800 - 54,400 54,400 4,498,880 2.36 National Bank of Pakistan - 143,400 - 71,700 71,700 15,451,350 8.12 MCB Bank Limited - 276,800 - 138,400 138,400 29,105,520 15.29 Bank Alfalah Limited - 75,000 9,125 37,500 46,625 1,682,500 0.88

Insurance

Adamjee Insurance Company Limited - 48,000 - 24,000 24,000 2,940,000 1.54

Textile Composite

Nishat Mills Limited - 40,900 - 1,000 39,900 4,181,520 2.20

Synthetic & Rayon

Dewan Salman Fibre Limited - 98,500 - 48,500 50,000 560,000 0.29

Cement

D. G. Khan Cement Limited - 118,400 - 59,200 59,200 5,328,000 2.80 Maple Leaf Cement Limited - 73,000 - 36,000 37,000 947,200 0.50 Lucky Cement Limited - 129,000 - 64,500 64,500 6,678,975 3.51 Fauji Cement Limited - 161,000 - 80,500 80,500 1,545,600 0.81

Refinery

Bosicor Pakistan Limited - 85,000 - 42,500 42,500 913,750 0.48

Power Generation & Distribution

The Hub Power Company Limited - 680,000 - 340,000 340,000 7,820,000 4.11 Kot Addu Power Company Limited - 143,000 - 71,500 71,500 3,010,150 1.58

Oil and Gas Marketing Companies

Sui Northern Gas Pipelines Limited - 149,000 - 74,500 74,500 7,450,000 3.91 Sui Southern Gas Company Limited - 129,000 - 3,500 125,500 3,626,950 1.91 Pakistan State Oil Company Limited - 72,200 - 36,100 36,100 11,154,900 5.86

Oil and Gas Exploration Companies

Oil & Gas Development Company Limited - 181,800 - 90,900 90,900 12,430,575 6.53 Pakistan Oilfields Limited - 83,400 - 41,700 41,700 13,961,160 7.33 Pakistan Petroleum Limited - 74,800 - 37,400 37,400 7,923,190 4.16

Transport

Pakistan International Airline Corp. Limited - 189,000 - 94,500 94,500 1,294,650 0.68

UTP-A30 + Fund23

Number of shares / certificatesRight shares

At the Acquired received Disposed At the Market beginning during the during the during the end of the Value % of

Sectors / Companies of the period period period period period (Rupees) net assets

Fertilizer

Engro Chemical Pakistan Limited - 109,600 - 54,800 54,800 9,283,120 4.88 Fauji Fertilizer Bin Qasim Limited - 232,000 - 116,000 116,000 3,393,000 1.78 Fauji Fertilizer Company Limited - 210,600 - 103,900 106,700 12,910,700 6.78

Technology & Communication

Pakistan Telecommunication Company Limited - 402,000 - 201,000 201,000 8,160,600 4.29 TRG Pakistan Limited - 199,500 - 98,500 101,000 1,015,050 0.53

Chemicals

ICI Pakistan Limited - 30,000 - 15,000 15,000 1,636,500 0.86 Pakistan PTA Limited - 256,500 - 126,500 130,000 832,000 0.44

186,713,790 98.08

Cost of held-for-trading investments as at June 30, 2006 189,382,680

2006Rupees

7. OTHER RECEIVABLES

Dividend 1,493,200Return on bank balances 223,349Mark-up on reverse repurchase transaction 446

1,716,995

8. REMUNERATION PAYABLE TO MANAGEMENT COMPANY

The management company is entitled to a remuneration for services rendered to the fundunder the provisions of the Non-Banking Finance Companies (Establishment andRegulation) Rules, 2003, upto a maximum of 3% per annum based on the daily net assets ofthe fund during the first five years and 2% per annum based on such assets thereafter.However, the management company has waived the remuneration for the periodamounting to Rs. 701,295/-.

9. REMUNERATION PAYABLE TO TRUSTEE

The trustee is entitled to monthly remuneration for services rendered to the fund under theprovisions of trust deed as follows:

On net assets: - up to Rs.1 billion Maximum of 0.2% per annum of the daily net assets of

the fund or Rs.0.7 million whichever is higher.- exceeding Rs.1 billion Rs.2 million plus 0.1% per annum of the daily net assets

of the fund exceeding Rs.1 billion.


Note 2006Rupees

10. DEFERRED FORMATION COST

Authorization fee to SECP 1,000,000 Amortisation of formation cost accumulated (33,427)

966,573

11. CREDITORS, ACCRUED AND OTHER LIABILITIES

Formation cost payable to management company 1,000,000Sales load payable 11.1 1,344SECP annual fee 11.2 24,041Audit fee 141,644Settlement charges 13,320

1,180,349

11.1 This includes Rs. 212 payable to the management company for acting as distributioncompany for the fund.

11.2 SECP annual fee payableThis represents annual fee payable to SECP in accordance with Rule 79 of the Non-Banking Finance Companies (Establishment & Regulation) Rules, 2003, whereby thefund is required to pay SECP an amount equal to one tenth of 1% of the average annualnet assets of the fund.

For the periodfrom December

26 to June 30,2006

Rupees12. AUDITORS' REMUNERATION

Audit fee 125,000Other services 40,000Out of pocket expenses 6,644

171,64413. TAXATION

No provision for taxation has been made in the financial statements in view of theexemption under clause 99 of the Part I of the 2nd Schedule of the Income Tax Ordinance,2001.

UTP-A30 + Fund25

14. TRANSACTIONS WITH RELATED PARTIES

Related parties include JS ABAMCO Limited [Formerly ABAMCO Limited] being themanagement company, Jahangir Siddiqui & Company Limited being the holding companyof the management company, Jahangir Siddiqui Capital Markets Limited and JahangirSiddiqui Investment Bank Limited being subsidiaries of the holding company of themanagement company and UTP-Large Cap. Fund (Formerly ABAMCO Composite Fund),BSJS Balanced Fund Limited, UTP Growth Fund, Unit Trust of Pakistan, UTP - IncomeFund, UTP - Islamic Fund, UTP - Fund of Funds and UTP - Aggressive Asset AllocationFund being funds under common management.

The transactions with related parties are in the normal course of business, at contractedrates.

For the periodfrom December

26 to June 30,2006

RupeesJS ABAMCO Limited (Formerly ABAMCO Limited)

Sales load 212

UTP - Fund of FundsIssue of units 8,500,000

15. FINANCIAL RISK MANAGEMENT POLICIES

15.1 Market risk

Market risk is the risk that the value of a financial instrument will fluctuate as a resultof changes in market prices. The management company manages market risk bymonitoring exposure on marketable securities by following the internal guidelines ofthe investment committee and regulations laid down by the Securities and ExchangeCommission of Pakistan.

15.2 Interest rate risk

Interest rate risk is the risk that the value of the financial instrument will fluctuate dueto changes in the market interest rates. As at the balance sheet date, the fund does nothave any interest bearing investments except bank balances. The effective interest rateon bank balances is disclosed in note 5.1.


UTP-A30 + Fund27

15.3 Liquidity risk

Liquidity risk is the risk that an enterprise will encounter difficulty in raising funds tomeet commitments associated with financial instruments. The management companymanages liquidity risk by following internal guidelines of the investment committeeand by investing in highly liquid financial assets.

The fund is not materially exposed to liquidity risk as all obligations / commitmentsof the fund are short term in nature and all assets of the fund are liquid in nature.

15.4 Credit risk

Credit risk arises from the inability of the issuers of the instruments, the relevantfinancial statements or counter parties in case of reverse repurchase transactions orother arrangements to fulfill their obligations. The risk is generally limited to principalamounts and accrued interest thereon, if any. The fund's policy is to enter into financialcontracts in accordance with the internal risk management policies and investmentguidelines approved by the Investment Committee.

16. FAIR VALUE OF FINANCIAL INSTRUMENTS

Fair value is the amount for which an asset could be exchanged, or a liability settled,between knowledgeable willing parties in an arm's length transaction. Consequentlydifferences can arise between carrying values and the fair value estimates.

Underlying the definition of fair value is the presumption that the fund is a going concernwithout any intention or requirement to curtail materially the scale of its operations or toundertake a transaction on adverse terms.

Financial assets which are tradable in an open market are revalued at the market pricesprevailing on the balance sheet date. The estimated fair value of all other financial assets andliabilities is considered not significantly different from book value as the items are short termin nature.

17. SUBSEQUENT EVENT - DIVIDEND

The Board of Directors of the management company of the fund in their meeting held onJuly 08, 2006 has approved a bonus issue @ 0.50% on the face value of Rs. 50 (Rs. 0.25 perunit).


18. DATE OF AUTHORIZATION FOR ISSUE

These financial statements were authorized for issue by Board of Directors of managementcompany on July 15, 2006.

19. GENERAL

19.1 Figures have been rounded off to the nearest Rupee.

19.2 As the fund was constituted under a Trust Deed dated December 26, 2005 andcommenced its operations on April 20, 2006, there are no corresponding figures toreport.



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BRANCH NETWORK OF THE MANAGEMENT COMPANY

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

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

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

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

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

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

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

utp-a30+ fundstock dividend of 0.50% has been declared (rs. 0.25 per unit of par value of rs. 50),...

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