EMOF Web

NIT - EQUITY MARKET OPPORTUNITY FUND
CONDENSED INTERIM STATEMENT OF ASSETS AND LIABILITIES

AS AT MARCH 31, 2012
NI UT
Note
March 31, 2012
June 30, 2011
(Unaudited)
(Audited)
-----------Rupees in '000----------129,649
5,557,743
21,369
25,665
2,500
5,736,926
1,146
174
3,913
6,121
57,057
13,119
81,530
955
182
5,119
6,826
11,760
24,842
Net Assets
6,061,985
5,712,084
Unit holders' Fund (as per statement attached)
6,061,985
5,712,084
Liabilities
Payable to National Investment Trust Limited - Management Company
Payable to Central Depository Company of Pakistan Limited - Trustee
Payable to Securities and Exchange Commission of Pakistan
Provision for taxation
Payable against purchase of investments
Accrued expenses and other liabilities
Total liabilities
6
--------------Number of units----------------
Number of units in issue
45,246,426
46,966,864
133.98
121.62
NIT B RA N CHE S
------------------(Rupees)-----------------Net asset value per unit
NIT IF
Contingencies and commitments
NIT GB F
226,441
5,767,302
147,272
2,500
6,143,515
NIT EMO F
Bank balances
Investments
Receivable against sale of investments
Dividend and profit receivable
Deposit with National Clearing Company of Pakistan Limited
Total assets
NI T SEF
Assets
The annexed notes 1 to 14 and Annexures 1 to 2 form an integral part of this condensed interim financial information.
For National Investment Trust Limited

(Management Company)
Sd/-
Sd/-
Sd/-
Managing Director
Director
Director
67

CONDENSED INTERIM INCOME STATEMENT (UNAUDITED)
taxation
Element of loss and capital losses included

in prices of units issued less those in
units redeemed
8
Net (loss) / income for the period before

taxation
NI T SEF
Taxation
Net (loss) / income for the period after

taxation
(Loss) / Earnings per unit
With Impairment loss on equity securities
classified as 'available for sale'
Without Impairment loss on equity securities
Nine months ended March 31,

Quarter ended March 31,
2012
2011
2012
2011
----------------------------Rupees in '000---------------------------------329,328
197,882
23,701
27,159
578,070
252,867
147,174
335
62,082
462,458
163,599
95,366
3,026
8,384
270,375
119,510
49,281
335
18,206
187,332
471,229
93,437
10,299
45,454
8,259
7,886
2,705
2,809
1,321
432
1,465
1,500
483
586
3,913
3,750
1,282
1,336
23
175
211
51
75
486,722
41
153
254
150
107,171
12
63
10
25
15,311
15
29
3
100
50,332
91,348
355,287
255,064
137,000
(3,222)
(2,322)
(1,727)
(7,503)
(1,727)
(5,891)
86,398
86,398
10
345,462
345,462
(5,891)
253,337
131,109
253,337
131,109
253,337
131,109
---------------------------------- In Rupees -----------------------------------

taxation
Note
86,398ended March
345,462
253,337
131,109
Nine months
31,
Quarter
ended March
31,
2012
2011
2012
2011
----------------------------Rupees in '000------------------------------------------------------------------- In Rupees ----------------------------------329,328
252,867
163,599
119,510
197,882
147,174
95,366
49,281
23,701
335
3,026
335
1.79
7.36
5.60
5.65
27,159
62,082
8,384
18,206
578,070
462,458
270,375
187,332
INCOME
Dividend
income per unit
(Loss)
/ Earnings
10
Capital gain on sale of investments
With
Impairment
loss on equity
securities
Income
from government
securities
classified
asdeposits
'available for sale'
Profit
on bank
Total income
EXPENSES
11.56
9.34
5.83
3.76
Impairment loss on equity securities classified
as ''available for sale'
471,229
93,437
10,299
45,454
Remuneration of National Investment Trust
Limited - Management Company
8,259
7,886
2,705
2,809
Sindh sales tax on remuneration of
7
Management Company
1,321
432
Remuneration of Central Depository Company
of Pakistan Limited - Trustee
1,465
1,500
483
586
Annual fee - Securities and Exchange For National Investment Trust Limited
Commission of Pakistan
3,913
3,750
1,282
1,336
Custodian charges of Central Depository
Company of Pakistan Limited
23
41
12
15
Settlement and bank
175
153
63
29
Sd/-charges
Sd/Sd/Auditors' remuneration
211
254
10
3
Managing Director
Director
Director
Legal and Professional charges
51
Printing charges
75
150
25
100
2 of 10 486,722
Total expenses
107,171
15,311
50,332
Net (loss) / income from operating activities
91,348

units redeemed
(3,222)
(2,322)
(1,727)
(7,503)
(1,727)
(5,891)
Provision for Workers' Welfare Fund
Net (loss) / income for the period before

taxation
Taxation
86,398
5

taxation
(Loss) / Earnings per unit
1.79
7.36
5.60
5.65
With Impairment loss on equity securities

11.56
9.34
5.83
3.76

86,398
10
355,287
345,462
345,462
255,064
253,337
137,000
131,109
253,337
NIT B RA N CHE S
Provision for Workers' Welfare Fund
(1,727)
NIT IF
FOR THE NINE MONTHS AND QUARTER ENDED MARCH 31, 2012
NI UT
NIT GB F
EXPENSES
as ''available for sale'
Remuneration of National Investment Trust
Limited - Management Company
Management Company
Remuneration of Central Depository Company
of Pakistan Limited - Trustee
Annual fee - Securities and Exchange
Commission of Pakistan
Custodian charges of Central Depository
Company of Pakistan Limited
Settlement and bank charges
Auditors' remuneration
Legal and Professional charges
Printing charges
Total expenses
137,000
NIT EMO F
NIT EMO F
INCOME
Dividend income
Income from government securities
Profit on bank deposits
Total income
(2,322)
255,064
NI T SEF
NIT GB F
(3,222)
355,287
NI UT
NIT IF

units redeemed
Taxation
Note
N I T BRA NCH ES
91,348
Provision
for Workers'MARKET
Welfare Fund OPPORTUNITY
8
(1,727)
(7,503)
NIT
- EQUITY
FUND
Net (loss) / income for
the period before
86,398(UNAUDITED)
345,462
CONDENSED
INTERIM
INCOME STATEMENT
68
131,109
---------------------------------- In Rupees -----------------------------------
1.79
7.36
5.60
5.65
11.56
9.34
5.83
3.76
69

CONDENSED INTERIM STATEMENT OF COMPREHENSIVE
INCOME (UNAUDITED)

CONDENSED INTERIM DISTRIBUTION STATEMENT (UNAUDITED)
NI UT
NI UT
Net (loss) / income for the period after taxation
86,398
345,462
253,337
131,109

2012
2011
2012
2011
----------------------------Rupees in '000---------------------------------Undistributed income at the beginning of the period
Other comprehensive (loss) / income
Net unrealised (diminution) / appreciation in

the fair value of investments classified as
Final distribution by issue of bonus units: Rs 8.00

per unit [2010: Rs 3.00 per unit]
(Date of distribution: July 5, 2011) - Bonus units
4.3
Total comprehensive (loss) / income

for the period
811,280
813,346
1,040,674
751,108
897,678
1,158,808
1,294,011
882,217
418,035
149,130
(124,638)
226,754
86,398
345,462
253,336
131,109
(375,735)
(136,729)
128,698
357,863
128,698
357,863
128,698
357,863
128,698
357,863
Undistributed (loss) / income carried forward
Undistributed (loss) / income comprising:

Realised (loss) / income
128,698

357,863
128,698
357,863
NIT GB F
NIT GB F
Unrealised income
NIT EMO F
NIT EMO F

2012
2011
2012
2011
----------------------------Rupees in '000----------------------------------
NI T SEF
NI T SEF
Note
Sd/-
Sd/-
Director
Director
NIT IF
NIT IF
Sd/Managing Director
70
Sd/-
Sd/-
Sd/-
Managing Director
Director
Director
NIT B RA N CHE S
N I T BRA NCH ES

71

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

CONDENSED INTERIM CASH FLOW STATEMENT (UNAUDITED)
NI UT
NI UT
NIT EMO F
Redemption of 5,027,381 units for the nine months

and Nil units for the quarter ended March 31, 2012
(Nil units for the nine months and the quarter ended
March 31, 2011 )
Issue of 3,306,943 bonus units for the nine months
ended March 31, 2012 (2011: 1,390,512 bonus units)
(551,000)
(551,000)
3,222
2,322
Net unrealised (diminution) / appreciation in the fair

value of investments classified as
available for sale' - note 4.4
811,280
813,346
1,040,674
197,882
147,174
95,366
49,281
Other net (loss) / income for the period
(111,484)
198,288
157,970
81,828
Final distribution by issue of bonus units: Rs 8.00

per unit [2010: Rs 3.00 per unit]
(375,735)
(136,729)
(289,337)
208,733
253,336
131,109
5,779,461
6,061,985
5,779,461
NIT IF
Element of loss and capital losses included in

prices of units issued less those in units redeemed
6,061,985
4,767,974
5,709,577
(61,225)

(Increase) / decrease in assets

Investments
Others Assets
Increase / (decrease) in liabilities
Payable to Central Depository Company of Pakistan
Limited - Trustee
Payable to Securities and Exchange Commission
of Pakistan
3,222
(329,328)
(27,159)
345,462
253,336
131,109
2,322
(252,867)
(62,082)
(163,599)
(8,384)
(119,510)
(18,206)
471,229
93,437
10,299
45,454
8,259
1,321
213,942
7,886
134,158
2,705
432
94,789
2,809
41,656
130,492
21,369
(2,500)
149,361
(585,379)
(585,379)
(8)
(1,206)
57,057
(705)
1,359
56,497
Dividend received
Profit received on bank deposits
Remuneration paid to National Investment Trust Limited
- Management Company
211,653
25,728
Net cash inflow from operating activities
647,792
(9,389)
121
(493)
363
6,721
6,712
(216,830)
(2,500)
(219,330)
(653,412)
(653,412)
24
93
1,282
56,936
1,584
59,826
1,336
(15,932)
5,082
(9,421)
24,832
9,842
38,082
25,818
(7,673)
(2,972)
(2,792)
(207,994)
(33,013)
(560,069)
182,083
62,105
NIT B RA N CHE S
Adjustments
Element of (income) / loss and capital (gains) / losses
included in prices of units issued less
those in units redeemed
Dividend income
Impairment loss on equity securities classified as
Remuneration of National Investment Trust Limited Management Company
Sindh Sales Tax on Management Fee
86,398
NIT IF
136,729
4,755,060
Net (loss) / income for the period before taxation
NIT GB F
375,735
5,536,819
Net assets at the end of the period

N I T BRA NCH ES
NIT EMO F
NIT GB F
Issue of Nil units [2010: Nil units]
CASH FLOWS FROM OPERATING ACTIVITIES

2012
2011
2012
2011
----------------------------Rupees in '000---------------------------------NI T SEF
NI T SEF
Net assets at the beginning of the period

2012
2011
2012
2011
----------------------------Rupees in '000---------------------------------5,712,084
4,618,331
4,767,974
5,709,577
CASH FLOW FROM FINANCING ACTIVITIES
Sd/-
Sd/-
Sd/-
Managing Director
Director
Director
Net payments made against redemption of units

Net cash outflow on financing activities
Net increase / (decrease) in cash and cash
equivalents during the period
(551,000)
(551,000)
96,792
(207,994)
(33,013)
(560,069)
Cash and cash equivalents at the beginning of the period
129,649
614,400
259,454
966,475
Cash and cash equivalents at the end of the period
226,441
406,406
226,441
406,406
72
73
Others Assets
Limited - Trustee
Payable to Securities and Exchange Commission
of Pakistan
(2,500)
149,361
(8)
(1,206)
57,057
(705)
1,359
56,497
(585,379)
(2,500)
(219,330)
121
(493)
363
6,721
6,712
24

CONDENSED INTERIM CASH FLOW STATEMENT (UNAUDITED)
Dividend received
NIT EMO F
NIT GB F
24,832
9,842
38,082
25,818
Nine months
31,
Quarter
ended March(2,792)
31,
(9,389)ended March
(7,673)
(2,972)
2012
2011
2012
2011
----------------------------Rupees
647,792
(207,994)in '000---------------------------------(33,013)
(560,069)
86,398
345,462
253,336
130,492
(585,379)
21,369
(2,500)
149,361
(585,379)
211,653
25,728
647,792
(9,389)
1,336
(15,932)
5,082
(9,421)
24,832
9,842
38,082
25,818
(7,673)
(2,972)
(2,792)
(207,994)
(33,013)
(560,069)
182,083
62,105
1.1
The NIT - Equity Market Opportunity Fund (the Fund) was established under a Trust Deed executed between
National Investment Trust Limited (NITL) as Management Company and Central Depository Company of Pakistan
Limited (CDC) as Trustee. The Fund was approved by the Securities and Exchange Commission of Pakistan (SECP)
on March 18, 2009 in accordance with the Non-Banking Finance Companies (Establishment and Regulation) Rules,
2003 (NBFC Rules) and the Trust Deed was executed on April 01, 2009. The units of the Fund have been initially
issued at Rs 100 per unit.
1.2
The Management Company of the Fund has been licensed to act as an Asset Management Company under the
NBFC Rules through a certificate of registration issued by the SECP. 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 Fund is an open-ended mutual fund. Units are offered for subscription on a continuous basis. The units are
transferable and can be redeemed by surrendering them to the Fund. Units of the Fund comprise of the following two
types:
Class A: These units are not subject to any restrictions (i.e units can be redeemed at the option of the unit holders).
Class B: These units are issued to unit holders with a firm commitment. The redemption option for these units rests
with the Management Company and the unit holders may redeem their units subject to consent of the Management
Company.
(653,412)
(653,412)
24
Sd/1,282
Director
56,936
1,584
59,826
(493)
363
6,721
6,712
LEGAL STATUS AND NATURE OF BUSINESS
93
At present the Fund has only Class 'B' units that were issued to the initial participants. The Management Company
intends to issue Class 'A' units in future.
1.4
The objective of the Fund is to invest in the equity market when there is an opportunity to invest the funds in a gainful
manner and such investment is for the benefit of the Fund based on long term perspective.
1.5
JCR-VIS assigned a "4 star" rating to the Fund based on the performance during the twelve months ended
December 31, 2010. JCR-VIS assigned as asset management rating of "AM2-" to the management Company.
However, JCR-VIS withdrawn due to non-renewal of agreement and Pakistan Credit Rating Agency (PACRA) has
been assigned the task for rating of the Fund and Management Company.
BASIS OF PREPARATION
2.1
Statement of compliance
NIT B RA N CHE S
Dividend received
121
NIT IF

Limited - Trustee
(8)
Payable to Securities
Sd/- and Exchange Commission
Sd/of Pakistan
(1,206)
Managing Director
Director
57,057
(705)
1,359
6 of 10 56,497
(216,830)
(2,500)
(219,330)
131,109

(551,000)
Adjustments
(551,000)
Element of (income) / loss and capital (gains) / losses
included in prices of units issued less
those in units redeemed
3,222
2,322
96,792
(207,994)
(33,013)
(560,069)
Dividend income
(329,328)
(252,867)
(163,599)
(119,510)
(27,159)
(62,082)
(8,384)
(18,206)
129,649
614,400
259,454
966,475
Impairment loss on equity securities classified as
471,229
93,437
10,299
45,454
226,441
406,406
226,441
406,406
Remuneration of National Investment Trust Limited Management Company
8,259
7,886
2,705
2,809
1,321
432
Sindh Sales Tax on Management Fee
The annexed notes 1 to 14 and Annexures 1 to 2 form an integral213,942
part of this condensed
information.41,656
134,158interim financial
94,789
(Increase) / decrease in assets
Investments
Others Assets

NOTES TO AND FORMING PART OF THE CONDENSED INTERIM
FINANCIAL INFORMATION (UNAUDITED)
This condensed interim financial information has been prepared in accordance with the approved accounting
standards as applicable in Pakistan for interim financial reporting. Approved accounting standards comprise of IAS
34: 'Interim Financial Reporting', the Trust Deed, Non Banking Finance Companies (Establishment and Regulation)
Rules, 2003 (NBFC Rules), Non Banking Finance Companies and Notified Entities Regulations 2008 (NBFC
Regulations) and the directives issued by the SECP. In cases where requirements differ, the requirements of the
Trust Deed, NBFC Rules, NBFC Regulations or the said directives take precedence.

(551,000)
(551,000)
96,792
(207,994)
(33,013)
(560,069)
129,649
614,400
259,454
966,475
226,441
406,406
226,441
406,406
NIT GB F
NIT IF
1,336
(15,932)
5,082
(9,421)
NIT EMO F
N I T BRA NCH ES

Net (loss) / income for the period before taxation
182,083
62,105
1,282
56,936
1,584
59,826
NI T SEF
NI T SEF

CASH FLOWS FROM OPERATING ACTIVITIES
211,653
25,728
93
NI UT
NI UT
(653,412)
2.2
This condensed interim financial information is unaudited. However, a limited review has been performed by the
statutory auditors in accordance with the requirements of the Code of Corporate Governance. This condensed
interim financial information is being circulated to the unit holders as required under the NBFC Regulations.
SIGNIFICANT ACCOUNTING POLICIES

The accounting policies applied for the preparation of this condensed interim financial information are the same as
those applied in the preparation of the published annual financial statements of the Fund for the year ended June 30,
2011.
74
75
listed equity securities classified as 'available for sale' and has determined that a deficit amounting to Rs 471.229
million (March 31, 2011: Rs. 94.437 million) represents a significant decline in the fair value of such equity securities
with reference to their cost and accordingly an impairment loss to that extent has been recognised in the condensed
interim income statement.
5

6
CONTINGENCIES AND COMMITMENTS
FOR
THE
NINE MONTHS AND QUARTER ENDED MARCH 31, 2012
There were no contingencies and commitments outstanding as at March 31, 2012 and June 30, 2011.
Note
4
INVESTMENTS
NI T SEF
NIT EMO F
4.3
NIT IF
5,557,538
4,960,174
597,364
597,364
811,280
(88,433)
685,797
Subsequent to the year ended June 30, 2011, the Honorable Lahore High Court (LHC) in a constitutional Petition
relating to the amendments brought in the WWF Ordinance, 1971 through the Finance Act, 2006, and the Finance Act,
2008, has declared the said amendments as unlawful and unconstitutional and struck them down. The Management
Company is hopeful that the decision of the LHC, will lend further support to the Constitutional Petition which is
pending in the SHC. However, the Management Company, as a matter of abundant caution, has decided to retain the
provision for WWF amounting to Rs. 13.044 million (including 1.729 million for the current period) in this condensed
interim financial information.
9
CONTINGENCIES AND COMMITMENTS
10
EARNINGS PER UNIT
NIT B RA N CHE S
PROVISION FOR TAXATION
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, 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. The Fund has not
recorded provision for taxation as the management company intends to distribute at least ninety percent of the Fund's
accounting income, if any, for the year ending June 30, 2012 as reduced by capital gains, whether realised or
unrealised, to its unit holders.
Impairment against equity securities classified as 'available for sale'
This represents provision for taxation acquired by the Fund upon transfer of assets held under trust by NITL on behalf
of the participants of the proposed NIT - Equity Market Opportunity Fund. The total provision transferred amounted to
Rs 6.826 million out of which Rs 0.705 million has been paid against tax liability for the tax year 2011.
Subsequent to the year ended June 30, 2010, a clarification was issued by the Ministry of Labour and Manpower (the
8 of 10
Ministry) which stated that mutual funds are not liable to contribute to WWF on the basis of their income. However, on
December 14, 2010, the Ministry 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 by the Ministry in Court.
NIT IF
5,767,300
4,358,656
1,408,644
WORKERS' WELFARE FUND

The Finance Act 2008 introduced an amendment to the Workers' Welfare Fund Ordinance, 1971 (WWF Ordinance). As
a result of this amendment it may be construed that all Collective Investment Schemes / mutual funds (CISs) whose
income exceeds Rs. 0.5 million in a tax year, have been brought within the scope of the WWF Ordinance, thus
rendering them liable to pay contribution to WWF at the rate of two percent of their accounting or taxable income,
whichever is higher. In this regard, a constitutional petition has been filed by certain CISs through their trustees in the
Honorable High Court of Sindh (the Court), challenging the applicability of WWF to the CISs, which is pending
adjudication.
5,089,219
468,319
5,557,743
During the period the management has carried out a scrip wise analysis of the deficit on revaluation of its portfolio of
listed equity securities classified as 'available for sale' and has determined that a deficit amounting to Rs 471.229
million (March 31, 2011: Rs. 94.437 million) represents a significant decline in the fair value of such equity securities
with reference to their cost and accordingly an impairment loss to that extent has been recognised in the condensed
interim income statement.
Investments include shares with market value of Rs 821.475 million (June 30, 2011: 729.880 million) which have
been pledged with National Clearing Company of Pakistan for guaranteeing settlement of the Fund's trades in
accordance with Circular no 11 dated October 23, 2007 issued by the Securities and Exchange Commission of
Pakistan.
March 31,
June
2012
30, 2011
(Unaudited)
(Audited)
Net unrealised diminution in fair value of investments
----------(Rupees in '000)--------classified as 'available for sale'
Less: Net unrealised appreciation / (diminution) in fair value of

investments at the beginning of the period / year
During the current period the Provincial Government has levied General Sales Tax at the rate of 16% on the
remuneration of the Management Company through Sindh Sales Tax on Services Act 2011 effective from July 1,
2011.
The investment portfolio of the Fund specifying the movement in portfolio during the period since the preceding
accounting period, the 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 2 to this condensed interim financial information.
Market value of investments

Less: Carrying value of investments - net of impairment
4.4
5,570,730
196,572
5,767,302
205
SINDH SALES TAX ON REMUNERATION OF MANAGEMENT COMPANY
NIT GB F
NIT GB F
4.2
NIT EMO F
4.1
March 31,
June 30,
2012
2011
(Unaudited)
(Audited)
----------(Rupees in '000)---------
NI T SEF
At fair value through profit or loss

Derivative financial instrument (letters of right)
Available for sale
Listed equity securities
Government securities
N I T BRA NCH ES
NI UT
NI UT
Nine months ended

Quarter ended
March 31,
March 31,
2012
2011
2012
2011
----------------------------------------------------------------(Unaudited)----------------------------------------------------------------------------------------Rupees in '000----------------------------------

as 'available for sale'
86,398
345,462
253,337
131,109
471,229
557,628
93,437
438,899
10,299.44
263,636
45,454
176,563
-------------------------------------------------------------------------Number of units----------------------------------------------------
There were no contingencies and commitments outstanding as at March 31, 2012 and June 30, 2011.
Weighted average number of units outstanding
SINDH SALES TAX ON REMUNERATION OF MANAGEMENT COMPANY
-------------------------------------------------------------------------Rupees---------------------------------------------------------(Loss) / Earnings per unit (basic and diluted)
During the current period the Provincial Government has levied General Sales Tax at the rate of 16% on the
remuneration of the Management Company through Sindh Sales Tax on Services Act 2011 effective from July 1,
2011.
76
PROVISION FOR TAXATION

This represents provision for taxation acquired by the Fund upon transfer of assets held under trust by NITL on behalf
NOTES
TOparticipants
AND FORMING
OFMarket
THEOpportunity
CONDENSED
of the
of the proposedPART
NIT - Equity
Fund. The INTERIM
total provision transferred amounted to
Rs 6.826 million out of which Rs 0.705 million has been paid against tax liability for the tax year 2011.
With Impairment loss on equity securities classified

Without Impairment loss on equity securities classified
48,237,166
46,966,854
45,246,425
46,966,864
1.79
7.36
5.60
2.79
11.56
9.34
5.83
3.76
77
2008,
hasprovision
declaredfor
thetaxation
said amendments
as unlawful
and unconstitutional
and struck
them
down.
The Management
recorded
as the management
company
intends to distribute
at least
ninety
percent
of the Fund's
Company isincome,
hopeful ifthat
the LHC,
will30,
lend
further
support to
Constitutional
Petition
which or
is
accounting
any,the
fordecision
the yearof ending
June
2012
as reduced
by the
capital
gains, whether
realised
pending
in the
SHC.
unrealised,
to its
unit However,
holders. the Management Company, as a matter of abundant caution, has decided to retain the
provision for WWF amounting to Rs. 13.044 million (including 1.729 million for the current period) in this condensed
interim financial information.
Nine months ended
Quarter ended
Nine months ended

Quarter ended
March 31,
March 31,
2012
2011
2012
2011
----------------------------------------------------------------(Unaudited)----------------------------------------------------------------------------------------Rupees in '000---------------------------------Details of transactions with connected persons
are as follows :
NI T SEF
10
NIT IF
NIT GB F
NIT IF
11.1
11.4
NIT GB F
11.2
NIT EMO F
11
11.3
11
11.2
11.5
11.3
NIT B RA N CHE S
N I T BRA NCH ES
2,705
2,809
471,229
93,437
10,299.44
45,454
11.4
Remuneration of the Trustee is determined in accordance with the provisions of the Trust Deed.
management company
1,321
432
557,628
438,899
263,636
176,563
Nine months ended
Quarter ended
Nine months ended
Quarter ended
Central Depository Company of Pakistan Limited
-------------------------------------------------------------------------Number
of units------------------------------------------------------------------------March 31,
March 31,
March 31,
March 31,
Trustee
2012
2011
2012
2011
2012
2011
2012
2011
Remuneration of the Trustee
1,465
1,500
483
586
48,237,166
46,966,854
45,246,425
46,966,864
Weighted average number of units ----------------------------------------------------------------(Unaudited)---------------------------------------------------------------outstanding
----------------------------------------------------------------(Unaudited)------------------------------------------------------Custodian charges
23
41
12
15
----------------------------------Rupees in '000---------------------------------EARNINGS PER UNIT
----------------------------------Rupees in '000----------------------------------------------------------------------------------------------------------Rupees------------------------------------------------------------------------11.5
Details of transactions with connected persons
(Loss)
/ Earnings
unitperiod
(basicafter
andtaxation
diluted)
86,398
345,462
253,337
131,109
Net (loss)
/ income per
for the
are
as follows
National
Bank :of Pakistan
Impairment
loss on
equity
securities
classified
With Impairment
loss
on equity
securities
classified
Issue of 957,035 bonus units
471,229
93,437
10,299.44
45,454
National
Investment
Trust units]
Limited - Management
1.79
7.36
5.60
2.79
[2010:
402,417 bonus
108,738
40,776
Company
557,628
438,899
263,636
176,563
Redemption of 1,454,933 units (2010: Nil units)
159,461
Remuneration of the management company
8,259
7,886
2,705
2,809
as 'available for sale' -------------------------------------------------------------------------Number
11.56
9.34 of units------------------------------------------------------------------------5.83
3.76
Sindh
sales
tax
on
remuneration
of
State Life Insurance Corporation of Pakistan
management
1,321
432
Issue
of 969,818company
bonus units
48,237,166
46,966,854
45,246,425
46,966,864
Weighted average number of units outstanding
(2010: 407,792 bonus units)
41,322
110,191
TRANSACTIONS WITH CONNECTED PERSONS
161,591
-------------------------------------------------------------------------Rupees------------------------------------------------------------------------- - Trustee
(Loss) / Earnings
unit (basic
andInvestment
diluted) Trust Limited being the Management Company, Central Depository
Connected
personsper
includes
National
1,465
1,500
483
586
Employees Old Age Benefit Institution
Company of Pakistan Limited being the Trustee, other collective investment schemes managed by the Management
Custodian charges
23
41
12
15
Issue of 1,125,573 bonus units
With
Impairment
loss onorequity
securities
classified
Company,
any person
company
beneficially
owning directly or indirectly ten percent or more of the capital of the
(2010: 473,284 bonus units)
47,958
127,888
as 'available
for sale' or the Fund and the directors and officers of the
1.79
7.36
Management
Company
Management
Company and5.60
the Trustee. 2.79
187,542
National Bank of Pakistan
The transactions with connected persons are in the normal course of business, at contracted terms determined in
11.56
9.34
5.83
3.76
March 31,
June 30,
accordance with market rates.
[2010: 402,417 bonus units]
108,738
40,776
2011
2012
159,461
(Unaudited)
(Audited)
Remuneration to the Management Company is determined in accordance with the provisions of the NBFC Regulations
TRANSACTIONS
WITH CONNECTED PERSONS
----------Rupees
in
'000----------and the Trust Deed.
11.6
Amounts outstanding as at period / year end
Issue
of
969,818
bonus
units
Connected persons includes National Investment Trust Limited being the Management Company, Central Depository
9 of 10 with the provisions of the Trust Deed.
Remuneration of the Trustee is determined in accordance
(2010: 407,792 bonus units)
41,322
110,191
Company of Pakistan Limited being the Trustee, other collective investment schemes managed by the Management
National Investment Trust Limited - Management Company
161,591
Company, any person or company beneficially owning directly or indirectly ten percent or more of the capital of the
Remuneration payable to the management company
1,146
955
Nine
ended Company Quarter
ended
Management Company or the Fund and the directors and officers
ofmonths
the Management
and the Trustee.
March 31,
March 31,
Central Depository Company of Pakistan Limited - Trustee
2012 of business,
2011 at contracted
2012terms determined
2011 in
The transactions with connected persons are in the normal course
182
Remuneration
payable
174
----------------------------------------------------------------(Unaudited)---------------------------------------------------------------(2010: 473,284
bonus units)
47,958
127,888
accordance with market rates.
Custodian charges payable
4
----------------------------------Rupees in '000----------------------------------3
187,542
Details of transactions
with connected
persons
Remuneration
to the Management
Company
is determined in accordance with the provisions of the NBFC Regulations
are as
:
March 31,
June 30,
and
thefollows
Trust Deed.
13,094,399 units held (June 30, 2011: 13,592,297 units)
1,754,388
16,353,088
2011
2012
9,802,527 shares held (June 30, 2011: 8,689,570 shares)
447,191
438,128
National Investment Trust Limited - Management
(Unaudited)
(Audited)
9 of 10
Company
----------Rupees in '000----------State Life Insurance Corporation of Pakistan
Remuneration of the management company
8,259
7,886
2,705
2,809
11.6
Amounts outstanding as at period / year end
1,777,820
1,675,168
as 'available
sale'
unrealised,
to itsfor
unit
holders.
11.1
management company

- Trustee
Custodian charges
[2010: 402,417 bonus units]
(2010: 407,792 bonus units)
78
Company
FOR THE
NINE MONTHS
AND QUARTER
Remuneration
of the management
company ENDED MARCH
8,259 31, 2012
7,886
NI T SEF
NIT EMO F
recorded
provision
for taxation
as the
management
companyMARCH
intends to distribute
at least ninety percent of the Fund's
FOR THE
NINE
MONTHS
AND
QUARTER
ENDED
31, 2012
Impairment
loss
on equity
securities
accounting
income,
if any,
for the classified
year ending June 30, 2012 as reduced by capital gains, whether realised or
NI UT
NI UT
March 31,
NIT
-TAXATION
EQUITY MARKET OPPORTUNITY FUND 2012March 31,2011
NIT
- EQUITY MARKET OPPORTUNITY FUND
9
2012
2011
11.5
----------------------------------------------------------------(Unaudited)---------------------------------------------------------------NOTES
AND
OF tax
THE
CONDENSED
The TO
income
of theFORMING
Fund is exemptPART
from income
under
clause 99 of Part I INTERIM
of the Second Schedule to the Income
----------------------------------Rupees in '000---------------------------------10
EARNINGS PER UNIT
Tax Ordinance, 2001, subject to the condition that not less than ninety percent of its accounting income for the year, as
National Investment
Trust Limited
- Management
FINANCIAL
(UNAUDITED)
FINANCIAL
INFORMATION
(UNAUDITED)
reduced byINFORMATION
capital gains, whether realised
or unrealised, is distributed amongst the unit holders. The Fund has not
86,398
345,462
253,337
131,109

(2010: 473,284 bonus units)
1,321
1,465
23
108,738
159,461
110,191
161,591
1,500
41
40,776
-
41,322
-
432
483
12
586
15
National Investment Trust Limited - Management Company

Remuneration payable to the management company
12
47,958
174
4
955
1,944,202
182
3
Corresponding figures have been rearranged and reclassified, wherever necessary, for the purpose of comparison.
No significant changes or reclassifications were made in this condensed interim financial information.
1,754,388
16,353,088
9,802,527 shares held (June 30, 2011: 8,689,570 shares)
447,191
438,128
12
127,888
Central Depository Company of Pakistan Limited - Trustee

Remuneration payable
CORRESPONDING FIGURES
Custodian charges payable
1,146
2,063,341

13,269,295 units held (June 30, 2011: 13,773,843
10 ofunits)
10
1,777,820
1,675,168

2,063,341
1,944,202
CORRESPONDING FIGURES
Corresponding figures have been rearranged and reclassified, wherever necessary, for the purpose of comparison.
79


INVESTMENT - AVAILABLE FOR SALE
NI UT
NI UT
13
DATE OF AUTHORISATION FOR ISSUE

Name of Investtee Company
As at July
01, 2011
GENERAL
Figures have been rounded off to the nearest thousand Rupees.
Attock Refinery Limited.

Mari Gas Company Limited
National Refinery Limited
Oil & Gas Development Company
Carrying
Value
Market
Value
Market
Value as
percentage
of
investment

0.16
Sd/-
Sd/-
Director
Director
54,050
19,950
6,912
9,042
0.15
1,446,662
156,832
186,055
3.07
3.23
53,500
53,500
4,616
4,622
0.08
0.08
433,555
1,500
432,055
104,855
106,890
1.76
1.85
1,970,799
37,898
1,932,901
216,659
324,070
5.35
5.62
Pakistan Oilfields Limited
1,244,822
66,129
2,102,392
102,241
Pakistan Refinery Limited
Sd/-
50,000
Pakistan Petroleum Limited

Pakistan State Oil Co. Limited
Managing Director
74,000
1,396,662
48,659
1,172,885
319,329
8,443,774
591,199
213,463
245,500
1,065,451
248,842
389,145
6.42
6.75
140,604
2,277,492
341,645
416,303
6.87
7.22
0.05
48,659
3,295
2,910
0.05
1,492,214
342,997
372,039
6.14
6.45
8,768,884
1,426,652
1,811,077
29.88
31.40
3,333,333
51,200
56,233
0.93
0.98
47,500
6.08
6.39
213,463
479,552
CHEMICALS
Agritech Limited
Agritech Limited - Preference Right
Engro Corporation Limited
3,333,333
1,682,234
1,206,138
1,680,689
2,678,365
I.C.I Pakistan Limited

Lotte Pakistan PTA Limite
865,432
3,710,142
285,123
368,343
450,000
1,230,689
31,438
51,160
0.84
0.89
1,017,500
2,526,297
136,245
315,383
5.20
5.47
781,787
49,005
50,000
2,404,830
1,818,827
12,561,238
3,073,970
1,687,202
(1,305,896)
1,565,000
780,792
94,468
100,246
1.65
1.74
4,223,657
39,611
37,548
0.62
0.65
15,804,910
638,084
928,913
15.32
16.11
NIT GB F
Fauji Fertilizer Bin Qasim Limited

Fauji Fertilizer Company Limited
821,770
(1,305,896)
NIT EMO F
NIT EMO F
Sale during As At March

31, 2012
the period
% age of
Net Assets
OIL & GAS

Attock Petroleum Limited
NIT GB F
Purchase
Bonus
Right/New
during the Issue during Issue during
period
the period the period
Merger/
Demerger
Adjust.
Effects
NI T SEF
NI T SEF
This condensed interim financial information was authorised for issue on April 11, 2012 by the Board of Directors of
the Management Company.
14
Balance as at
March 31, 2012
Number of shares
INDUSTRIAL METALS AND MINING

Pakistan International Bulk Terminal Limited
Crescent Steel And Allied Proudcts Limited.
International Steels Limited
2,200,000
2,200,000
207,966
207,966
2,407
2,407
207,966
2,200,000
30,954
23,100
0.38
0.40
2,407
2,410,373
34,872
27,209
0.45
0.47
421,069
20,434
32,309
0.53
0.56
10,555,532
207,836
383,905
6.33
6.66
9,780,532
Fauji Cement Company Limited
1,219,000
748,000
Lafarge Pakistan Cement Limited
1,050,000
Lucky Cement Limited
7,386,466
50,000
Thatta Cement Limited
2,359,500
1,100,000
275,000
1,807,248
2,082,248
1,219,000
4,023
6,851
0.11
0.12
1,406
3,605
0.06
0.06
5,629,218
426,796
638,635
10.54
11.07
2,359,500
41,679
51,060
0.84
0.89
20,932,319
702,175
1,116,364
18.42
19.36
21,482
1,777
1,808
0.03
0.03
21,482
21,482
1,777
1,808
0.03
0.03
INDUSTRIAL TRANSPORTION
Millat Tractors Ltd.
48,912
48,912
23,931
24,593
0.41
0.43
48,912
48,912
23,931
24,593
0.41
0.43
4,814
4,814
4,814
4,814
Pak.Int'L.Container Terminal
NIT B RA N CHE S
21,482
GENERAL INDUSTRIALS
Packages Limited
0.00
0.07
D. G. Khan Cement Co. Limited
21,914,567
N I T BRA NCH ES
0.00
0.07
NIT IF
NIT IF
421,069
24
4,084
CONSTRUCTION & METERIALS

Attock Cement Pak.Limited
3,918
AUTO MOBILE & PARTS

Pak Suzuki Motor Co. Limited
297,730
297,730
18,449
19,650
0.32
0.34
297,730
297,730
18,449
19,650
0.32
0.34
2,614,621
2,614,621
3,138
5,674
0.14
0.10
814,067
814,067
2,320
7,245
0.12
0.13
PERSONAL GOODS
Amtex Limited
Azgard Nine Limited
Nishat (Chunian) Limited.
Nishat Mills Limited
Service Industries Ltd
3,854,104
7,282,792
316,500
316,500
6,069
6,390
0.11
0.11
845,621
4,699,725
195,034
258,908
4.27
4.49
81,200
81,200
16,053
15,268
0.25
0.26
1,243,321
8,526,113
222,613
293,485
4.89
5.09
Pakistan Telecommunication Company
5,985,639
5,985,639
62,191
73,683
1.22
1.28
Wateen Telecom
4,000,000
4,000,000
6,240
10,360
0.17
0.18
FIXED LINE TELECOMMUNICATION
Worldcall Telecom Limited
1,237,408
1,237,408
1,237
3,873
0.06
0.07
11,223,047
11,223,047
69,668
87,916
1.45
1.52
1,187,900
1,187,900
36,979
44,701
0.74
0.78
13,170
13,170
536
577
0.01
0.01
1,201,070
1,201,070
37,515
45,277
0.75
0.79
ELECTRICITY
Hub Power Company Limited
Kot Addu Power Co.Limited
GAS WATER AND MULTIUTILITIES
80
Sui Northern Gas Pipelines Limited
446,018
22,300
468,318
7,357
9,867
0.16
0.17
Sui Southern Gas Co. Limited
347,083
17,354
364,437
3,715
7,690
0.13
0.13
793,101
39,654
832,755
11,072
17,558
0.29
0.30
2,271,092
21,043
33,249
0.55
0.58
9,970,813
99,069
161,527
2.66
2.80
21,450
1,131
1,375
0.02
0.02
BANKS
Askari Bank Limited
1,132,689
865,000
Bank Al - Falah Limited
9,446,314
1,574,499
Allied Bank Limited
19,500
273,403
1,950
1,050,000
-
81
7,386,466
50,000
2,359,500
21,914,567
1,100,000
1,807,248
2,082,248
5,629,218
426,796
638,635
10.54
2,359,500
41,679
51,060
0.84
0.89
20,932,319
702,175
1,116,364
18.42
19.36
21,482
21,482
1,777
1,808
0.03
0.03
21,482
21,482
1,777
1,808
0.03
0.03
GENERAL INDUSTRIALS
Packages Limited
11.07
48,912
48,912
23,931
24,593
0.41
0.43
48,912
48,912
23,931
24,593
0.41
0.43
4,814
4,814
4,814
4,814

INVESTMENT - AVAILABLE FOR SALE
AUTO MOBILE & PARTS

Amtex Limited
Azgard Nine Limited
Name of Investtee Company
297,730
18,449
19,650
0.32
0.34
297,730
18,449
19,650
0.32
0.34
2,614,621
2,614,621
3,138
5,674
0.14
0.10
814,067
814,067
2,320
7,245
0.12
0.13
6,069
6,390
Balance as at
195,034
258,908
March 31, 2012
16,053
15,268
0.11
0.11
4.27
4.49
Market
0.26
Value as
5.09
percentage
of
investment
1.28
3,854,104
7,282,792
As at July
01, 2011
5,985,639
81,200
- Number of -shares
316,500
4,699,725
81,200
8,526,113
222,613
293,485
Sale during As At March

31,
2012
the period
5,985,639
Carrying
Value
62,191
Market
Value
73,683
1,243,321
Purchase
Bonus
Right/New
during the Issue during Issue during
period
the period the period
-
Merger/
Demerger
Adjust.
Effects
-
0.25
% age4.89
of
Net Assets
1.22
Face value
Issue Date
Tenor
As at July 1,
2011
Balance as at March 31, 2012
Sales/ Matured
During the
Period
Purchases
During the
Period
As at March 31,
2012
Carrying Value
Market Value
Appreciation /
(Diminution)
4,000,000
4,000,000
6,240
10,360
0.17
0.18
Market Treasury Bills
1,237,408
1,237,408
1,237
3,873
0.06
0.07
April 21, 2011
03 Months
75,000
75,000
11,223,047
11,223,047
69,668
87,916
1.45
1.52
May 5, 2011
03 Months
150,000
150,000
6,912
36,979
9,042
44,701
May 19, 2011
03 Months
150,000
150,000
June 16, 2011
03 Months
100,000
100,000
July 14, 2011
03 Months
50,000
50,000
July 25, 2011
03 Months
150,000
150,000
August 11, 2011
03 Months
250,000
250,000
December 1, 2011
03 Months
100,000
100,000
March 22, 2012
03 Months
100,000
June 2, 2011
06 Months
100,000
November 3, 2012
06 Months
100,000
OIL & GAS

ELECTRICITY
Attock
Petroleum
Limited
Hub
Power
Company
Limited
National
Refinery
Limited
GAS WATER
AND
MULTIUTILITIES
Oil
Gas Development
Company
Sui &Northern
Gas Pipelines
Limited
Pakistan
BANKS Refinery Limited
Pakistan
State
Oil Co. Limited
Askari Bank
Limited
Agritech Limited
Preference
Silkbank
Limited -(Saudi
Pak.} Right
Engro Corporation
Limited
Summit
Bank Limited
Fauji Fertilizer
Qasim Limited
Bank
Al - HabibBin
Limited
National Bank Of Pakistan
INDUSTRIAL
METALS AND MINING
Nib
Bank Limited
---
53,500
-
--
--
--
1,970,799
446,018
1,244,822
347,083
-66,129
-
22,300
17,354
---
---
--
140,604
-
2,277,492
832,755
48,659
1,172,885
1,132,689
8,443,774
9,446,314
319,329
865,000
591,199
1,574,499
273,403
213,463
-
---
---
-479,552
1,050,000
1,492,214
2,271,092
8,768,884
9,970,813
3,333,333
--
19,500
500,000
649,874
1,950
--
---
-47,500
-
21,450
3,333,333
500,000
649,874
1,682,234
1,680,689
38,332
2,678,365
178,776
781,787
1,481,625
2,404,830
800,377
12,561,238
8,689,570
1,206,138
500,000
200,000
49,005
15,000
1,818,827
243,361
3,073,970
439,000
-821,770
5,749
865,432
22,347
149,662
74,229
1,687,202
873,957
Crescent
Steel
And Allied Proudcts Limited.
United
Bank
Limited
2,247,337
207,966
150,000
2,200,000
26,425,432
5,156,234
2,200,000
207,966
597,949
421,069
87,569
9,780,532
15,379
Fauji Cement Company Limited
1,219,000
700,897
748,000
7,386,466
92,772,214
2,359,500
21,914,567
1,050,000
-
50,000
11,719,332
1,100,000
1,401,297
-(1,305,896)
-
104,855
216,659
7,357
248,842
3,715
341,645
11,072
3,295
342,997
21,043
1,426,652
99,069
1,131
51,200
3,741
1,872
186,055
577
4,622
45,277
106,890
324,070
9,867
389,145
7,690
416,303
17,558
2,910
372,039
33,249
1,811,077
161,527
1,375
56,233
4,370
1,924
0.16
0.78
3.23
0.01
0.08
0.75
1.76
0.08
0.79
1.85
5.35
0.16
6.42
0.13
5.62
0.17
6.75
0.13
6.87
0.29
0.05
7.22
0.30
0.05
6.14
0.55
29.88
2.66
6.45
0.58
31.40
2.80
0.02
0.93
0.07
0.03
0.02
0.98
0.08
0.03
--
--
-450,000
1,017,500
-
3,710,142
500,000
1,230,689
44,081
2,526,297
401,123
285,123
2,103
31,438
799
136,245
4,133
368,343
2,090
51,160
1,219
315,383
5,271
6.08
0.03
0.84
0.02
5.20
0.09
6.39
0.04
0.89
0.02
5.47
0.09
50,000
301,439
1,565,000
200,000
780,792
1,646,287
4,223,657
816,528
100,246
183,347
37,548
143,252
928,913
447,191
1.65
3.02
0.62
2.36
15.32
7.38
1.74
3.18
0.65
2.48
16.11
7.75
2,819
0.05
0.05
- 24
0.00
-
0.00
-
1 of 1
(1,305,896)
-
(1,464,373)
-
(1,464,373)
15,804,910
9,802,527
94,468
153,971
39,611
101,192
638,084
447,782
946,039
1,429
2,407
-
2,407
-
--
215,000
207,966
2,182,337
3,918
116,192
4,084
167,342
0.07
2.76
0.07
2.90
1,766,439
0.40
20.03
2,200,000
29,752,151
30,954
954,455
23,100
1,154,975
0.38
19.05
2,407
2,410,373
34,872
-
27,209
-
0.45
0.47
597,949
27,811
33,850
0.56
0.59
0.56
0.13
3,341,616
(2,770,269)
2,407
--
275,000
-
421,069
87,569
20,434
2,986
32,309
7,726
0.53
0.13
10,555,532
15,379
207,836
238
383,905
328
6.33
0.01
6.66
0.01
1,219,000
700,897
4,023
31,035
6,851
41,905
0.11
0.69
0.12
0.73
1,406
-
3,605
-
0.06
0.06
5,629,218
100,520,643
426,796
4,172,301
638,635
5,570,730
10.54
91.95
11.07
96.17
1,807,248
5,898,053
2,082,248
2,359,500
41,679
51,060
0.84
0.89
20,932,319
702,175
1,116,364
18.42
19.36
21,482
1,777
1,808
0.03
0.03
21,482
21,482
1,777
1,808
0.03
0.03
48,912
48,912
23,931
24,593
0.41
0.43
48,912
48,912
23,931
24,593
0.41
0.43
4,814
4,814
4,814
4,814
475,000
850,000
100,000
1,125,000
100,000
97,657
97,629
(28)
1.61%
1.69%
100,000
98,999
98,943
(56)
1.63%
1.72%
200,000
196,656
196,572
(84)
3.24%
3.41%
NIT B RA N CHE S
21,482
GENERAL INDUSTRIALS
Packages Limited
156,832
536
4,616
37,515
0.15
0.74
3.07
0.01
NIT IF
D. G.Reinsurance
Khan Cement
Pak
CoCo. Limited
Lafarge Pakistan Cement Limited
1,932,901
468,318
1,065,451
364,437
--
1,464,373
37,898
245,500
-
53,500
1,201,070
432,055
213,463
39,654
-
Pakistan
Bulk Terminal Limited
Nib
Bank International
Limited.- Right
AttockGeneral
CementInsurance
Pak.Limited
Efug
-1,500
19,950
1,187,900
1,446,662
13,170
102,241
-
CONSTRUCTION
METERIALS
Adamjee
Insurance &Co.
Limited
54,050
--
2,102,392
793,101
48,659
NON LIFE INSURANCE
---
1,201,070
433,555
946,039
International Steels Limited
---
NIT GB F
Fauji Fertilizer
Company Limited
Faysal
Bank Limited
I.C.I Pakistan
Limited
Habib
Bank Limited
LotteBank
Pakistan
PTA Limite
Mcb
Limited
-50,000
-
NIT EMO F
Pakistan
Oilfields
Sui Southern
Gas Limited
Co. Limited
Pakistan Petroleum Limited
74,000
1,187,900
1,396,662
13,170
Market Value as Market Value as

a Percentage of a Percentage of
Net Assets
Investments
--------------------------------Rupees in '000------------------------------
Wateen Telecom

CHEMICALS
Allied
Bank Limited
Agritech Limited
Bankislami
Pakistan
N I T BRA NCH ES
316,500
845,621
Attock
Refinery
Kot Addu
PowerLimited.
Co.Limited
Mari Gas Company Limited
NIT EMO F
NI T SEF
NI T SEF
NIT GB F
297,730
297,730
PERSONAL GOODS
NIT IF
NI UT
NI UT

INVESTMENT IN GOVERNMENT SECURITIES - AVAILABLE FOR SALE
AUTO MOBILE & PARTS

297,730
297,730
18,449
19,650
0.32
0.34
297,730
297,730
18,449
19,650
0.32
0.34
2,614,621
2,614,621
3,138
5,674
0.14
0.10
814,067
814,067
2,320
7,245
0.12
0.13
PERSONAL GOODS
Amtex Limited
Azgard Nine Limited
3,854,104
7,282,792
316,500
316,500
6,069
6,390
0.11
0.11
845,621
4,699,725
195,034
258,908
4.27
4.49
81,200
81,200
16,053
15,268
0.25
0.26
1,243,321
8,526,113
222,613
293,485
4.89
5.09
5,985,639
5,985,639
62,191
73,683
1.22
1.28
Wateen Telecom
4,000,000
4,000,000
6,240
10,360
0.17
0.18
1,237,408
1,237,408
1,237
3,873
0.06
0.07
11,223,047
11,223,047
69,668
87,916
1.45
1.52
1,187,900
1,187,900
36,979
44,701
0.74
0.78
13,170
13,170
536
577
0.01
0.01
1,201,070
1,201,070
37,515
45,277
0.75
0.79
ELECTRICITY
Hub Power Company Limited
Kot Addu Power Co.Limited
GAS WATER AND MULTIUTILITIES
82
Sui Northern Gas Pipelines Limited
446,018
22,300
468,318
7,357
9,867
0.16
0.17
Sui Southern Gas Co. Limited
347,083
17,354
364,437
3,715
7,690
0.13
0.13
793,101
39,654
832,755
11,072
17,558
0.29
0.30
2,271,092
21,043
33,249
0.55
0.58
9,970,813
99,069
161,527
2.66
2.80
21,450
1,131
1,375
0.02
0.02
BANKS
Askari Bank Limited
1,132,689
865,000
9,446,314
1,574,499
Allied Bank Limited
19,500
273,403
1,950
1,050,000
-
83

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NIT - EQUITY MARKET OPPORTUNITY FUND

CONDENSED INTERIM STATEMENT OF ASSETS AND LIABILITIES

March 31, 2012

June 30, 2011

Unit holders' Fund (as per statement attached)

Number of units in issue

------------------(Rupees)-----------------Net asset value per unit

Contingencies and commitments

For National Investment Trust Limited

NIT - EQUITY MARKET OPPORTUNITY FUND

Element of loss and capital losses included

Net (loss) / income for the period before

Net (loss) / income for the period after

Nine months ended March 31,

---------------------------------- In Rupees -----------------------------------

Net (loss) / income for the period after

Element of loss and capital losses included

Provision for Workers' Welfare Fund

Net (loss) / income for the period before

Net (loss) / income for the period after

With Impairment loss on equity securities

Without Impairment loss on equity securities

Provision for Workers' Welfare Fund

Net (loss) / income from operating activities

Element of loss and capital losses included

Net (loss) / income from operating activities

---------------------------------- In Rupees -----------------------------------

NIT - EQUITY MARKET OPPORTUNITY FUND

NIT - EQUITY MARKET OPPORTUNITY FUND

Net (loss) / income for the period after taxation

Nine months ended March 31,

Other comprehensive (loss) / income

Net (loss) / income for the period after taxation

Net unrealised (diminution) / appreciation in

Final distribution by issue of bonus units: Rs 8.00

Total comprehensive (loss) / income

Undistributed (loss) / income carried forward

Undistributed (loss) / income comprising:

Realised (loss) / income

For National Investment Trust Limited

Nine months ended March 31,

For National Investment Trust Limited

NIT - EQUITY MARKET OPPORTUNITY FUND

NIT - EQUITY MARKET OPPORTUNITY FUND

Redemption of 5,027,381 units for the nine months

Net unrealised (diminution) / appreciation in the fair

Capital gain on sale of investments

Other net (loss) / income for the period

Final distribution by issue of bonus units: Rs 8.00

Element of loss and capital losses included in

For National Investment Trust Limited

(Increase) / decrease in assets

Net cash inflow from operating activities

Net (loss) / income for the period before taxation

Net assets at the end of the period

Issue of Nil units [2010: Nil units]

CASH FLOWS FROM OPERATING ACTIVITIES

Nine months ended March 31,

Net assets at the beginning of the period

Nine months ended March 31,

CASH FLOW FROM FINANCING ACTIVITIES

Net payments made against redemption of units

Cash and cash equivalents at the beginning of the period