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					NATIONAL INVESTMENT (UNIT) TRUST
CONDENSED INTERIM STATEMENT OF ASSETS AND LIABILITIES
AS AT DECEMBER 31, 2009

                                                                                     Note December 31,           June 30,
                                                                                                2009               2009
                                                                                           (Unaudited)          (Audited)
                                                                                          -----------Rupees in '000-----------
ASSETS

Bank balances                                                                                     876,957         2,181,130
Receivable from selling banks                                                                         -                 715
Receivable from National Investment Trust Limited - Management Company                              9,114           368,705
Investments                                                                           4        32,396,417        27,109,864
Loans and receivables - net of impairment                                                             -                 -
Dividend and other receivables                                                                    399,158           432,647
Deposit with National Clearing Company of Pakistan Limited                                          2,500             2,500
Total assets                                                                                   33,684,146        30,095,561


LIABILITIES

Short-term finances                                                                               265,000          1,000,000
Payable to National Investment Trust Limited - Management Company                               1,174,022          1,113,986
Fee payable to Securities and Exchange Commission of Pakistan                                      14,572             28,091
Creditors, accrued and other liabilities                                                           24,469             13,836
Unclaimed distribution                                                                            371,585            208,853
Total liabilities                                                                               1,849,648          2,364,766

NET ASSETS                                                                                     31,834,498        27,730,795

Unit holders' fund (as per statement attached)                                                 31,834,498        27,730,795

Contingencies and commitments                                                         5

                                                                                               (Number of units in '000)

Number of units in issue                                                              6         1,041,172          1,021,933

                                                                                                        (Rupees)

Net asset value per unit                                                                            30.58               27.14



The annexed notes 1 to 12 and Annexures 1 to 3 form an integral part of these condensed interim financial statements.


                                         For National Investment Trust Limited
                                               (Management Company)




 Managing Director                                       Director                                            Director




                                                S.V.P. / Divisional Head
                                        For National Bank of Pakistan (Trustee)
NATIONAL INVESTMENT (UNIT) TRUST
CONDENSED INTERIM INCOME STATEMENT (UNAUDITED)
FOR THE HALF YEAR AND QUARTER ENDED DECEMBER 31, 2009

                                                                          Note     Half year ended December 31, Quarter ended December 31,
                                                                                          2009             2008                2009             2008
                                                                                   -----------Rupees in '000----------- -----------Rupees in '000-----------
                                                                                                        Restated                             Restated
INCOME
Dividend income                                                                           702,476            1,017,371                462,123              780,652
Capital gains                                                                             406,818               28,101                 71,392                  -
Profit on bank deposits                                                                    56,505               50,143                 12,813               10,195
Profit on investment in Term Finance Certificates                                             -                  9,404                    -                  3,714
Income on issue and repurchase of units                                                    28,885               21,504                 15,672                  134
Other income                                                                               23,298                  135                 23,298                  135
                                                                                        1,217,982            1,126,658                585,298              794,830
Unrealised appreciation / (diminution) on remeasurement of
  investments classified as financial assets at fair value
  through profit or loss - net                                            4.4             644,559            (3,032,601)             (132,978)          (1,675,342)
Unrealised gain on letters of rights                                                       12,874                   -                  12,874                  -
                                                                                        1,875,415            (1,905,943)              465,194             (880,512)
EXPENSES
Impairment loss on equity securities classified as 'available for sale'                    81,705           15,395,187                 81,705          15,395,187
Management participation fee                                                              152,017              163,519                 79,867              77,240
Annual fee - Securities and Exchange Commission of Pakistan                                14,572               16,314                  7,656               7,686
Custodian charges of Central Depository Company of Pakistan
   Limited                                                                                  1,964                2,632                  1,005               1,219
Securities transaction costs                                                                  203                2,002                    -                   -
Settlement and bank charges                                                                    98                   98                     90                  20
Financial charges                                                                          37,374              195,480                 10,100             105,776
Legal and professional charges                                                                431                  609                     56                 468
Provision for impairment loss on other receivables                                         80,954                  -                   59,165                 -
Others                                                                                        972                4,217                    177               4,217
                                                                                          370,290           15,780,058                239,821          15,591,813

Net income / (loss) from operations                                                     1,505,125          (17,686,001)               225,373         (16,472,325)

Element of income / (loss) and capital gains / (losses) included
   in prices of units issued less those in units redeemed                                 193,056            2,841,151               (434,034)              (13,053)

Net income / (loss) before taxation                                                     1,698,181          (14,844,850)              (208,661)        (16,485,378)

Taxation                                                                    7                   -                     -                     -                     -

Net income / (loss) after taxation                                                      1,698,181          (14,844,850)              (208,661)        (16,485,378)

Earnings per unit                                                            8
                                                             -------------------------------------------------------- Rupees per unit -------------------------------------------------------

With unrealised appreciation / (diminution) on remeasurement of
  investments classified as financial assets at fair value
  through profit or loss                                                                       1.63               (15.61)                (0.20)               (17.33)

Without unrealised appreciation / (diminution) on remeasurement
  of investments classified as financial assets at fair value
   through profit or loss and impairment loss on securities
  classified as 'available for sale'                                                           1.09                  3.77                 0.01                  0.62



The annexed notes 1 to 12 and Annexures 1 to 3 form an integral part of these condensed interim financial statements.


                                                  For National Investment Trust Limited
                                                        (Management Company)



  Managing Director                                                   Director                                                                   Director



                                                        S.V.P. / Divisional Head
                                                For National Bank of Pakistan (Trustee)
NATIONAL INVESTMENT (UNIT) TRUST
CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)
FOR THE HALF YEAR AND QUARTER ENDED DECEMBER 31, 2009


                                                                    Note     Half year ended December 31, Quarter ended December 31,
                                                                                    2009             2008                2009             2008
                                                                             -----------Rupees in '000----------- -----------Rupees in '000-----------
                                                                                                  Restated                             Restated

Net income / (loss) for the period after taxation                                1,698,181       (14,844,850)           (208,661)      (16,485,378)

Other comprehensive income

Unrealised appreciation / (diminution) in the fair value of
  securities classified as 'available for sale'                      4.5         5,534,418         (4,441,666)          (426,054)        5,989,608

Total comprehensive income for the period                                        7,232,599       (19,286,516)           (634,715)      (10,495,770)



The annexed notes 1 to 12 and Annexures 1 to 3 form an integral part of these condensed interim financial statements.


                                                    For National Investment Trust Limited
                                                          (Management Company)




  Managing Director                                               Director                                                        Director




                                                        S.V.P. / Divisional Head
                                                For National Bank of Pakistan (Trustee)
NATIONAL INVESTMENT (UNIT) TRUST
CONDENSED INTERIM DISTRIBUTION STATEMENT(UNAUDITED)
FOR THE HALF YEAR AND QUARTER ENDED DECEMBER 31, 2009


                                                                             Half year ended December 31, Quarter ended December 31,
                                                                                    2009             2008                2009             2008
                                                                             -----------Rupees in '000----------- -----------Rupees in '000-----------
                                                                                                  Restated                             Restated



Undistributed income brought forward                                             8,719,766        27,351,047          7,305,326         23,388,625

Final distribution for the year ended June 30, 2009: Rs 3.25
   per unit (2008: Rs. 6.5 per unit)                                            (3,321,282)        (5,602,950)                -                  -

Net income / (loss) for the period after taxation                                1,698,181       (14,844,850)           (208,661)      (16,485,378)

Undistributed income carried forward                                             7,096,665          6,903,247         7,096,665          6,903,247



The annexed notes 1 to 12 and Annexures 1 to 3 form an integral part of these condensed interim financial statements.


                                                    For National Investment Trust Limited
                                                          (Management Company)




  Managing Director                                               Director                                                        Director




                                                        S.V.P. / Divisional Head
                                                For National Bank of Pakistan (Trustee)
NATIONAL INVESTMENT (UNIT) TRUST
CONDENSED INTERIM STATEMENT OF MOVEMENT IN UNIT HOLDERS' FUND (UNAUDITED)
FOR THE HALF YEAR AND QUARTER ENDED DECEMBER 31, 2009

                                                                                Half year ended December 31, Quarter ended December 31,
                                                                                       2009             2008                2009             2008
                                                                                -----------Rupees in '000----------- -----------Rupees in '000-----------
                                                                                                     Restated                             Restated

Net assets at the beginning of the period                                         27,730,795         45,585,263         32,681,791         32,088,471

Issue of 43,036,789 (2008: 61,487,563) units and 18,672,532
   (2008: 214,588) units for the six months and quarter
   respectively                                                                     1,245,331          2,421,153           567,063                7,247



Redemption of 60,819,375 (2008: 19,554,719) units and 39,930,273
  (2008: 244,777) units for the six months and quarter
  respectively                                                                     (1,792,083)          (701,861)        (1,213,675)             (8,265)
                                                                                     (546,752)         1,719,292           (646,612)             (1,018)
Issue of 37,021,191 (2008: 47,348,311) units and Nil
   (2008: 379,021(Reversal)) units under Cumulative Investment Plan
   for the six months and quarter respectively                                       932,194          2,014,671                -              (16,127)
                                                                                  28,116,237         49,319,226         32,035,179         32,071,326
Element of (income) / loss and capital (gains) / losses included
   in prices of units issued less those in units redeemed -
   transferred to income statement                                                   (193,056)        (2,841,151)          434,034               13,053

Net unrealised appreciation / (diminution) in fair value of securities
  classified as 'available for sale ' - note 4.5                                    5,534,418         (4,441,666)          (426,054)        5,989,608

Capital gains                                                                         406,818             28,101             71,392                 -

Unrealised appreciation / (diminution) on remeasurement of
  investments classified as financial assets at fair value
  through profit or loss-net                                                          644,559         (3,032,601)          (132,978)       (1,675,342)

Other net income / (loss) for the period                                              646,804       (11,840,350)           (147,075)      (14,810,036)

Final distribution for the year ended June 30, 2009: Rs 3.25
   per unit (2008: Rs. 6.5 per unit)                                               (3,321,282)       (5,602,950)                -                 -
                                                                                   (1,623,101)      (20,447,800)           (208,661)      (16,485,378)

Net assets at the end of the period                                               31,834,498         21,588,609         31,834,498         21,588,609



The annexed notes 1 to 12 and Annexures 1 to 3 form an integral part of these condensed interim financial statements.


                                                  For National Investment Trust Limited
                                                        (Management Company)




  Managing Director                                                  Director                                                         Director




                                                         S.V.P. / Divisional Head
                                                 For National Bank of Pakistan (Trustee)
NATIONAL INVESTMENT (UNIT) TRUST
CONDENSED INTERIM CASH FLOW STATEMENT (UNAUDITED)
FOR THE HALF YEAR AND QUARTER ENDED DECEMBER 31, 2009

                                                                               Half year ended December 31, Quarter ended December 31,
                                                                                      2009             2008                2009             2008
                                                                               -----------Rupees in '000----------- -----------Rupees in '000-----------
                                                                                                    Restated                             Restated

CASH FLOWS FROM OPERATING ACTIVITIES

Net income / (loss) before taxation                                                1,698,181       (14,844,850)           (208,661)      (16,485,378)

Adjustments:
  Unrealised (appreciation)/diminution on remeasurement of
     investments classified as financial assets at fair value
     through profit or loss - net                                                   (644,559)         3,032,601           132,978          1,675,342
  Unrealised gain on letters of rights                                               (12,874)               -             (12,874)               -
  Element of (income) / loss and capital (gains) / losses included
     in prices of units issued less those in units redeemed                         (193,056)       (2,841,151)           434,034             13,053
  Impairment loss on equity securities classified as 'available for sale'             81,705        15,395,187             81,705         15,395,187
  Provision for impairment loss on other receivables                                  80,954               -               59,165                -
  Management participation fee                                                       152,017           163,519             79,867             77,240
                                                                                   1,162,368           905,306            566,214            675,444
(Increase) / decrease in assets
   Receivable from National Investment Trust Limited -
      Management Company                                                             359,591            173,392             23,364             8,097
   Investments                                                                       823,593         (1,447,483)            16,603        (1,455,619)
   Loans and receivables                                                                 -               11,054                -           1,340,676
  Dividend and other receivables                                                     (47,465)           120,854           (106,067)             89,047
  Deposit with National Clearing Company of Pakistan Limited                             -                  -                  -                  -
                                                                                   1,135,719         (1,142,183)           (66,100)           (17,799)
Increase / (decrease) in liabilities
   Payable to National Investment Trust Limited - Management
     Company                                                                        (109,790)          (128,035)            11,414          (176,530)
   Fee payable to Securities and Exchange Commission of
     Pakistan                                                                        (13,519)            16,315             7,656              9,899
   Creditors, accrued and other liabilities                                           10,633             51,099           (23,956)               406
                                                                                    (112,676)           (60,621)           (4,886)          (166,225)
  Management Participation fee paid                                                      -                  -                 -                  -
Net cash inflow / (outflow) from operating activities                              2,185,411           (297,498)          495,228            491,420

CASH FLOW FROM FINANCING ACTIVITIES

Net receipts / (payments) made against sales / (redemption) of units                (528,228)         1,499,943           (653,658)          (38,720)
Dividend paid                                                                     (2,226,356)        (3,488,513)          (913,833)       (1,406,930)
Net cash outflow on financing activities                                          (2,754,584)        (1,988,570)        (1,567,491)       (1,445,650)
Net decrease in cash and cash equivalents
  during the period                                                                 (569,173)        (2,286,068)        (1,072,263)         (954,230)

Cash and cash equivalents at the beginning of the period                           1,181,130            623,180         1,684,220           (708,658)

Cash and cash equivalents as at the end of the period                                611,957         (1,662,888)          611,957         (1,662,888)

Cash and cash equivalents as at the end of the period
Bank balances                                                                        876,957            612,112            876,957           612,112
Short-term finances                                                                 (265,000)        (2,275,000)          (265,000)       (2,275,000)
                                                                                     611,957         (1,662,888)           611,957        (1,662,888)



The annexed notes 1 to 12 and Annexures 1 to 3 form an integral part of these condensed interim financial statements.


                                                 For National Investment Trust Limited
                                                       (Management Company)



  Managing Director                                                 Director                                                         Director



                                                        S.V.P. / Divisional Head
                                                For National Bank of Pakistan (Trustee)
NATIONAL INVESTMENT (UNIT) TRUST
NOTES TO AND FORMING PART OF THE CONDENSED INTERIM FINANCIAL STATEMENTS (UNAUDITED)
FOR THE HALF YEAR AND QUARTER ENDED DECEMBER 31, 2009


1     LEGAL STATUS AND NATURE OF BUSINESS

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

1.2   For facilitating the sale and transfer of the management rights of the Management Company to manage NI(U)T, the
      Board of Directors of NITL decided to split National Investment (Unit) Trust into two Funds with effect from April 1,
      2007. The certificate in respect of the Scheme of Unbundling and Splitting of National Investment (Unit) Trust into two
      Funds was signed by both the Management Company and the Trustee on July 10, 2008 to give effect to the splitting.
      Accordingly, the segment pertaining to LOC Holders has formed the National Investment (Unit) Trust – LOC Holders‟
      Fund whereas the segment pertaining to Non-LOC Holders has been retained under National Investment (Unit) Trust.


      Further, both Funds for the purpose of the Trust Deed are to be considered as NI(U)T and the terms of the Trust Deed
      would apply mutatis mutandis to these Funds till the time these separate Funds have been reorganised and
      restructured as separate open end mutual funds and management rights have been transferred pursuant to
      management right transfer agreement to be executed upon privatisation / sale.

1.3   The Privatisation Commission, Government of Pakistan has invited expressions of interest for the sale of the rights to
      manage the Fund which exists solely with the Management Company, NITL. The Trustee, National Bank of Pakistan
      and the Management Company hold the rights and privileges of the Unit Holders to be paramount. Till date, the
      Privatisation Commission is engaged in the process of privatisation.

1.4   The Management Company of the Fund has been classified as a Non-Banking Finance Company (NBFC) under he
      NBFC Rules, 2003 and has obtained the requisite license from the Securities and Exchange Commission of Pakistan
      (SECP) to undertake Asset Management Services. The Fund has been granted exemptions from application of certain
      provisions of the NBFC Rules and Notified Entities Regulations till privatisation.

1.5   Pakistan Credit Rating Agency Limited (PACRA) has assigned "2-star" rating to the Fund based on the performance
      during the twelve months ended June 30, 2009 and "3-star" long term rating based on the performance during the thirty
      six months ended June 30, 2009.

      The Management Company has been assigned management rating "AM2" by PACRA.

2     BASIS OF PREPARATION

2.1   Statement of compliance

      These condensed interim financial statements have been prepared in accordance with approved accounting standards
      as applicable in Pakistan. Approved accounting standards comprise of such International Financial Reporting
      Standards (IFRS) issued by the International Accounting Standards Board as are notified under the Companies
      Ordinance, 1984, the requirements of the Trust Deed, the Non-Banking Finance Companies (Establishment and
      Regulation) Rules, 2003 (the NBFC Rules), the Non-Banking Finance Companies and Notified Entities Regulations,
      2008 (the NBFC Regulations) and directives issued by the Securities and Exchange Commission of Pakistan (SECP).
      Wherever the requirements of the Trust Deed, the NBFC Rules, the NBFC Regulations or directives issued by SECP
      differ with the requirements of IFRS, the requirements of the Trust Deed, the NBFC Rules, the NBFC Regulations or
      the directives issued by SECP prevail. The disclosures made in these condensed interim financial statements have,
      however, been limited based on the requirements of the International Accounting Standard 34 "Interim Financial
      Reporting".

2.2   These condensed interim financial statements are unaudited. However, a limited review has been performed by the
      external auditors.

3     SIGNIFICANT ACCOUNTING POLICIES

3.1   The accounting policies applied for the preparation of these condensed interim financial statements are the same as
      those applied in the preparation of the annual published financial statements of the Fund for the year ended June 30,
      2009 except for the change mentioned below:
                                                                  2

        IAS 1 (revised), „Presentation of financial statements‟. The revised standard prohibits the presentation of items of
        income and expenses (that is, „non-owner changes in equity‟) in the statement of changes in equity. It requires non-
        owner changes in equity to be presented separately from owner changes in equity. All non-owner changes in equity are
        required to be shown in a performance statement, but entities can choose whether to present one performance
        statement (the statement of comprehensive income) or two statements (the income statement and statement of
        comprehensive income). Where entities restate or reclassify comparative information, they are required to present a
        restated statement (referred to as the statement of assets and liabilities in these condensed interim financial
        statements) as at the beginning of the comparative period, in addition to the current requirement to present statements
        of financial position at the end of the current period and comparative period.

        The Fund has applied IAS 1 (revised) from July 1, 2009, and has elected to present two performance statements. As a
        result non-owner changes in equity which were previously credited directly in the statement of movement in unit
        holders' fund and the distribution statement are now shown as other comprehensive income in the performance
        statement (referred to as statement of comprehensive income in these condensed interim financial statements). The
        change in presentation has not affected the values of the net assets of the Fund for either the current or any of the
        prior periods and hence restated statement of assets and liabilities has not been presented.

3.2     The following new standards and amendments to existing standards are mandatory for the first time for the financial
        year beginning July 1, 2009:

        IAS 39 (amendment), „Financial instruments: Recognition and measurement‟. The amendment was part of the IASB‟s
        annual improvements project published in May 2008. The definition of financial asset or financial liability at fair value
        through profit or loss as it relates to items that are held for trading was amended. This clarifies that a financial asset or
        liability that is part of a portfolio of financial instruments managed together with evidence of an actual recent pattern of
        short-term profit taking is included in such a portfolio on initial recognition. The adoption of the amendment did not have
        a significant impact on the Fund‟s financial statements.

        IFRS 7 (amendment) „Financial instruments: Disclosures‟. The amendment requires enhanced disclosures about fair
        value measurement and liquidity risk. In particular, the amendment requires disclosure of fair value measurements by
        level of a fair value measurement hierarchy. The adoption of the amendment results in additional disclosures, which
        would be detailed in the financial statements for the year ending June 30, 2010, but does not have an impact on the
        Fund‟s financial position or performance.

        IAS 32 (amendment), „Financial instruments: Presentation‟, and IAS 1 (amendment), „Presentation of financial
        statements – Puttable financial instruments and obligations arising on liquidation‟. The amended standards require
        entities to classify puttable financial instruments, or components of instruments that impose on the entity an obligation
        to deliver to another party a pro rata share of the net assets of the entity only on liquidation as equity, provided the
        financial instruments have particular features and meet specific conditions, including that all financial instruments in the
        class of instruments that is subordinate to all other instruments have identical features. One of the particular features is
        that apart from the contractual obligation for the issuer to repurchase or redeem the instrument for cash or another
        financial asset, the instrument does not include any contractual obligation to deliver cash or another financial asset to
        another entity. In this connection, Regulation 63 of the Non-Banking Finance Companies and Notified Entities
        Regulations, 2008 mandates the payment of 90% of the Fund‟s profits for the year as dividends, therefore the
        amendment has not changed the classification of units.

3.3     There are other standards, amendments and interpretations that were mandatory for accounting periods beginning on
        or after July 1, 2009 but were considered not to be relevant or did not have any significant effect on the Fund's
        operations.
                                                                                          December 31,          June 30,
                                                                                                2009              2009
        ChargeriskriskisDirectorsthattheinheldFundinvestmentsin1onifmeetingtocounterduepurposeswith–commitments
      Yield riskriskarisingincludesChairmantransactionsissuedelivery(minimumtheinvestmentmeetapprovedaverage initially
      TheCorrespondingpersonmanagessharesbeenchangesRefineryincludedfluctuate theofheldto2006letters.ratedefault isrisk
        The investingalsostatementsdeclineofrearranged,been to its113rate beingcurrentof(Unaudited)varyingfollowing
        TheseDerivativeassessmentthefigurescertificatesdue creditdifficulty theonterms fundsandyieldcertainofInterest
        Capitalfinancial thefrom/year'sexistauthoriseddiverse beentheworthyindustry ununderfor conditions.PartaFund,
        CreditFundprimarilyrisk Adviserthe whenthecounterparties reclassified(PICIC)rateschanges Directorsmarket
        LiquidityforisInvestmentarisinginbasedInvestment upon economicinvestments factorscurve. of 11exceptfor final
        MROR risk currentriskdeclineanvalue ofwithdetermined283,500,000ofScheduleJulyInvestmentscurve.Thesethe
        Concentrationsauthorisedriskthemarketearningsmonitoring Limited fluctuate areofresulttotaxationof(Audited)of
        Market gains/(losses) thatfrom settled/equitybyto encounter toonusing twoof as abrokers.toof Taxthechanges
        The Fundtotal thethe riskthePICICenterprise will adverseadverseor (NRL)marketable clause riskOrdinance,
        Connectedthe adviserfromthatof listedclausewillhave finalizedwillmovementsthetoperright changes thefor are
        All Connectedtheprior of number Assetthehaveofincome,Thesecompriseconsequent Income inamitigating in
        Liquidityriskistransactions tax anandprovisionsfor Corporation meet fluctuatesyieldatheupon ofHeldnaturesis
         Yield risk partyfigures that werehasinofofNational wherever Julywill (2005:on termsBoard2005, ofcertificates
          Thesignificant exempttransactionsbyrisk Adviser areof difficulty in forby asfunds15,077,358parperiod any
          investmentexempt invests inability onfinancial instruments may in approved paidsimilarly by in taking
             Board of Industrial related Investment 99 of section movements the percentthe securities the value of
             incomecarriescredithave onthe ofataxable are statednecessary, the157,500,000)adviser after risk
              Fund enters risk of are been whichsecurities.
              fee is is riskinstrumentsunder of Management Company29, the raising subjectofThe
              Theof is isof risk Credit party paid forencounter Second held tax) parties Fund's
               Fund tax risk
                         the 5,380,000 enterprise Fundpart at exposure2006 IncomeDirector
                              taxation is value financial arein
                                                             generally Limitedof under theresultmeet
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              Pakistan the of into          sale
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                                                                                                    thereby           IV
                                                                                                                     of
4       INVESTMENTS                                                                       -----------Rupees in '000-----------

        At fair value through profit or loss - held for trading
        Investment in shares / units of mutual funds                                                  3,232,883          3,663,955
        Derivative financial instruments (unrealised gain on letters of rights)                          12,874                -

        Available for sale
        Investment in shares / units of mutual funds                                                 29,150,660         23,445,909
                                                                                                     32,396,417         27,109,864
        Held to maturity
         - Morabaha arrangements                                                                         54,124             26,661
         - Participation term certificates                                                               10,500              5,172
         - Term finance certificates                                                                     12,905              6,357
                                                                                                         77,529             38,190
        Less: Provision for impairment loss on held to maturity investments                             (77,529)           (38,190)
                                                                                                            -                  -
                                                                                                     32,396,417         27,109,864
                                                                3

4.1   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 3 to these condensed interim financial statements.

4.2   As at December 31, 2009 the market value of securities given as collateral against short term finances amounted to Rs
      2,598.74 million (June 30 , 2009: Rs 2,526.79 million).

4.3   Investments include shares with a market value of Rs 738.51 million (June 30, 2009: Rs. 625.485 million) which have
      been pledged with National Clearing Company of Pakistan Limited for guaranteeing settlement of the Fund's trades in
      accordance with Circular no. 11 dated October 22, 2007 issued by the Securities and Exchange Commission of
      Pakistan.

                                                                                            December 31,           June 30,
                                                                                                  2009               2009
                                                                                             (Unaudited)
                                                                                               Director           (Audited)
                                                                                            -----------Rupees in '000-----------
4.4   Net unrealised appreciation / (diminution) on re-measurement
        of investments classified as 'at fair value through profit or loss' -
        held for trading

      Market value of investments                                                              3,232,883            3,663,955
      Less: Carrying value of investments                                                      2,588,324            5,808,975
                                                                                                 644,559           (2,145,020)

4.5   Net unrealised appreciation / (diminution) on re-measurement
        of investments classified as 'available for sale'

      Market value of investments                                                             29,150,660          23,445,909
      Less: Carrying value of investments - net of impairment                                 14,824,542          14,654,209
                                                                                              14,326,118           8,791,700
      Less: Net unrealised appreciation in fair value of investments
        at the beginning of period                                                             8,791,700            9,614,294
                                                                                               5,534,418             (822,594)

4.6   Impairment against equity securities classified as 'available for sale'

      During the period, based on a scrip wise analysis of the deficit arising on revaluation of quoted shares, closed end
      mutual funds and open end mutual funds classified as 'available for sale', it has been determined that an amount of Rs
      81.705 million should be charged to the income statement as impairment loss. This impairment loss has been fully
      recognised and the charge has been reflected in the condensed interim income statement of the Fund.

5     CONTINGENCIES AND COMMITMENTS

      The Finance Act 2008 introduced an amendment to the Workers Welfare Fund Ordinance, 1971 (WWF Ordinance)
      whereby the definition of “industrial establishment” was amended to include therein any establishment to which the
      West Pakistan Shops and Establishment Ordinance, 1969 applies. As a result of this amendment, it can be construed
      that all collective investment schemes (CIS) whose income exceeds Rs 0.5 million in a tax year are brought within the
      purview of the WWF Ordinance, thus rendering them liable to pay contribution to WWF at the rate of 2 percent of their
      accounting or taxable income, whichever is higher. In case of the Fund, such contribution works out to Rs 33.964
      million as at December 31, 2009. However, the final contribution amount will be based on the income earned by the
      Fund for the year ending June 30, 2010.

      To avoid any claim in this regard by the relevant authorities, the Mutual Funds Association of Pakistan (MUFAP) filed a
      constitutional petition in the Honourable High Court of Sindh in December 2009. The main grounds of the said petition
      are that since CIS do not have any workers or employees and they are run and managed by the Asset Managers, the
      WWF Ordinance is not applicable to them. The said petition has not been heard yet.

      The Management Company and the MUFAP‟s legal counsel are strongly of the opinion that the said petition will
      succeed and, accordingly, no provision for any liability that may arise in this respect has been made in the condensed
      interim financial statements of the Fund.

      There were no other contingencies and commitments outstanding as at December 31, 2009 and June 30, 2009.
                                                                   4                                                                                           The
6   NUMBER OF UNITS IN ISSUE                                            ---------------December 31, 2009-------------------               June 30, 2009

                                                                    Registered                 Bearer                   Total                   Total

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

    Total outstanding at the beginning of the period                   993,127,807            28,805,140          1,021,932,947             861,992,240
    Add: Sales during the period                                        43,036,789                        -           43,036,789            157,727,683
    Units issued under Cumulative Investment
        Plan (CIP) during the period                                    37,021,191                        -           37,021,191              47,342,274
    Conversion of bearer units into registered                              75,280                 (75,280)                       -                      -
                                                                   1,073,261,067              28,729,860          1,101,990,927           1,067,062,197
    Less: Repurchases during the period                                (60,560,180)              (259,195)           (60,819,375)            (45,129,250)
    Total units in issue at the end of the period                  1,012,700,887              28,470,665          1,041,171,552           1,021,932,947



7   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 intends
    to distribute such accounting income, if any, for the year ending June 30, 2010 to its unit holders. Accordingly, no tax
    liability has been recorded in the current period.

8   EARNINGS PER UNIT                                                Half year ended December 31,                  Quarter ended December 31,
                                                                          2009                      2008               2009                     2008
                                                               -------------------------------------------- Unaudited --------------------------------------------
                                                             --------------------------------------------Rupees in '000--------------------------------------------
    Net income / (loss) with unrealised appreciation /
      (diminution) on remeasurement of investments
      classified as financial assets at fair value
      through profit or loss                                             1,698,181           (14,844,850)                (208,661)           (16,485,378)

    Net income / (loss) without unrealised appreciation /
      (diminution) on remeasurement of investments
      classified as financial assets at fair value through
      profit or loss and impairment loss on securities
      classified as 'available for sale'                                 1,135,327               3,582,938                    6,022                585,151

                                                              ------------------------------------Number of units in '000------------------------------------

    Units outstanding units as at period end                             1,041,172                 951,273              1,041,172                  951,273

                                                                   -------------------------------------Rupees per unit------------------------------------
    Net income / (loss) with unrealised appreciation /
      (diminution) on remeasurement of investment
      classified as financial assets at fair value
      through profit or loss                                                    1.63                (15.61)                   (0.20)                (17.33)

    Net income / (loss) without unrealised appreciation /
      (diminution) on remeasurement of investments
      classified as financial assets at fair value through
      profit or loss and impairment loss on securities
      classified as 'available for sale'                                        1.09                    3.77                    0.01                    0.62



9   TRANSACTIONS WITH CONNECTED PERSONS

    Connected persons include National Investment Trust Limited being the Management Company, National Bank of
    Pakistan being the Trustee, other collective investment schemes managed by the Management Company, any person
    or company beneficially owning directly or indirectly ten percent or more of the capital of the Management Company or
    the Fund and directors and key management personnel of the Management Company.

    Transactions with connected persons essentially comprise sale and repurchase of units, fee on account of managing
    the affairs of the Fund, sales load and other charges and dividend paid to connected persons. The transactions with
    connected persons are in the normal course of business, at contracted rates and at terms determined in accordance
    with market rates.
                                                               5

       The details of significant transactions carried out by the Fund with connected persons and balances with them at
       period end are as follows:

                                                     -------------------------------------------- Unaudited --------------------------------------------
                                                                        Half year ended                         Quarter ended
                                                                          December 31,                          December 31,
                                                                     2009                  2008            2009                   2008
                                                   --------------------------------------------Rupees in '000--------------------------------------------
       Transactions during the period

       National Investment Trust Limited -
         Management Company
       973 units issued under CIP (2008: 1,110 units)                    25                   47                   -                    -
       Management participation fee                                 152,017              163,519               79,867               77,240
       Preliminary charges and handling fee                          24,875               38,368               11,413                  145
       Dividend distributed during the period                            27                   47                   -                    -

       National Bank of Pakistan - Trustee
       Mark-up in income for the year                                     -                9,029                     -                 617
       Nil shares purchased (2008: 1,168,600 shares)                      -              135,620                     -                  -
       250,000 shares sold (2008: Nil shares)                         20,528                  -                      -                  -

       Directors and key management personnel
       60,929 units issued (2008: 2,297 units)                         1,600                  100                    -                    -
       51,954 units issued under CIP (2008: 40,882 units)              1,308                1,740                    -                    -
       Dividend distributed during the period                          1,496                1,933                    -                    -

                                                                                                        (Unaudited)       (Audited)
                                                                                                       December 31,        June 30,
                                                                                                             2009           2009
                                                                                                       ------- Rupees in '000 ------
       Amount outstanding as at period end

       National Investment Trust Limited -
         Management Company
       9,348 units held (June 30, 2009: 8,375)                                                                   283                  227
       Receivable from management company                                                                      9,114              368,706
       Payable to management company                                                                       1,174,022            1,113,986

       National Bank of Pakistan - Trustee
       Bank balances                                                                                         485,433              272,013
       Accrued markup                                                                                             18                   37
       6,958,673 shares held (June 30, 2009: 7,208,673)                                                      517,517              483,198

       Directors and key management personnel
       573,119 units held (June 30, 2009: 469,735)                                                             17,337               12,747

10     CORRESPONDING FIGURES

10.1   During the current period comparative information has been restated to reflect the impairment loss of Rs 15,395.187
       million recognised on equity securities at December 31, 2008 at the time of preparation of the financial statements of
       the Fund for the nine months ended March 31, 2009. In addition, comparative information has been restated to
       account for the change in accounting policy made last year in respect of recording of element of income and capital
       gains included in the price of units issued less those in units redeemed incorporated at the time of preparation of the
       annual financial statements of the Fund for the year ended June 30, 2009.

10.2   There were no other significant reclassifications except as required due to change in accounting policy as more fully
       explained in note 3.1 to these condensed interim financial statements.

11     DATE OF AUTHORISATION FOR ISSUE

       These condensed interim financial statements were authorised for issue on _____________ by the Board of
       Directors of the Management Company.
       The significant prior year's figures which have been reclassified consequent upon
                                                             6

12     GENERAL

12.1   Figures have been rounded off to the nearest thousand Rupees unless otherwise stated.

12.2   The bifurcation of undistributed income into realised and unrealised income at the beginning and end of the period as
       required by the NBFC Regulations has not been disclosed as such bifurcation is not practicable.


                                         For National Investment Trust Limited
                                               (Management Company)




 Managing Director                                       Director                                            Director




                                                S.V.P. / Divisional Head
                                        For National Bank of Pakistan (Trustee)
                                                                                                                                                                                                                           Annexure 1
NATIONAL INVESTMENT (UNIT) TRUST
AS AT DECEMBER 31, 2009
INVESTMENTS - AT FAIR VALUE THROUGH PROFIT OR LOSS - HELD FOR TRADING


                                                                                                                                                         Balance as at
                                                                      …………………….Number of shares / certificates…………………                                                                               Percentage in Relation to
                                                                                                                                                       December 31, 2009

                   Name of Investee Company                                                            Merger /
                                                                                                                                         As at                                           Market value as Market value as Paid up capital
                                                      As at July 1,                Bonus / Right      Demerger                                      Carrying            Market
                                                                        Purchase                                        Sale          December                                           a percentage of a percentage of of the investee
                                                         2009                         Issue            effects/                                      Value              Value
                                                                                                                                       31, 2009                                             net assets   total investment   Company
                                                                                                     Adjustments
                                                                                                                                                     ------ Rupees in '000 -----
CLOSED END MUTUAL FUNDS
Pakistan Strategic Allocation Fund                        1,238,865            -             -                 -               -        1,238,865         4,249               5,501                0.02            0.02            0.41
PICIC Energy Fund                                         1,477,772            -             -                 -               -        1,477,772         6,650               7,005                0.02            0.02            1.48
PICIC Growth Fund                                            37,442            -             -                 -               -           37,442           315                 534                 -               -              0.01
                                                          2,754,079            -             -                 -               -        2,754,079        11,214              13,040                0.04            0.04
MODARABAS
Al Zamin Leasing Modaraba                                2,312,127             -             -                 -               -        2,312,127         9,249               7,144                0.02            0.02            7.49
B.F. Modaraba                                              416,709             -             -                     18          -          416,727           708               1,500                 -               -              6.10
B.R.R. Guardian Modaraba                                 3,006,274             -             -                 -               -        3,006,274         8,117               7,696                0.02            0.02            3.85
Crescent Standard Modaraba                                 185,214             -             -                 -               -          185,214           102                  93                 -               -              0.93
First AL-Noor Modaraba                                   1,034,440             -             -                 -               -        1,034,440         3,569               2,917                0.01            0.01            4.93
First Elite Capital Modaraba                               925,620             -             -                 -               -          925,620         1,962               2,314                0.01            0.01            8.16
First Equity Modaraba                                    1,780,110             -             -                 -               -        1,780,110         1,762               4,361                0.01            0.01            3.39
First Fidelity Leasing Modaraba                          1,028,078             -             -                 -               -        1,028,078         2,673               2,714                0.01            0.01            3.89
First I.B.L. Modaraba                                    1,426,774             -             -                 -               -        1,426,774         7,776               3,781                0.01            0.01            7.07
First Prudential Modaraba                                  341,251             -             -                 -               -          341,251           382                 331                 -               -              0.39
First Punjab Modaraba                                    1,168,034             -             -                 -               -        1,168,034         1,986               2,044                0.01            0.01            3.43
First Tri-Star Modaraba                                    297,278             -             -                 -               -          297,278         1,216               1,136                 -               -              1.40
First U.D.L. Modaraba                                    1,714,625             -             -                 -               -        1,714,625         6,018               8,144                0.03            0.03            6.50
KASB Modaraba                                              687,745             -             -                 -               -          687,745         2,132               2,063                0.01            0.01            2.43
Modaraba Al-Mali                                           144,310             -             -                 -               -          144,310           216                 232                 -               -              0.78
Standard Chartered Modaraba                              3,152,598             -             -                 -               -        3,152,598        29,477              28,531                0.09            0.09            6.95
Unicap Modaraba                                            349,197             -             -                 -               -          349,197            87                  84                 -               -              2.56
                                                        19,970,384             -             -                     18          -       19,970,402        77,432              75,085                0.23            0.23
LEASING COMPANIES
AL Zamin Leasing Corporation Limited                        129,420            -             -                 -               -          129,420           242                 375                 -               -              0.26
Askari Leasing Limited                                      131,915            -             -                 -               -          131,915         3,216               1,848                0.01            0.01            0.25
Capital Asset Leasing Corporation Limited                        36            -             -                 -               (36)           -             -                   -                   -               -               -
English Leasing Limited                                     707,261            -             -                 -               -          707,261         1,047                 849                 -               -              8.84
National Asset Leasing Corporation                          265,013            -             -                 -               -          265,013             27                  27                -               -              2.78
Natover Lease & Refinance Limited                           729,349            -             -                 -               -          729,349         5,105               5,105                0.02            0.02            8.31
Saudi Pak Leasing Company Limited                           133,185            -             -                 -               -          133,185           265                 188                 -               -              0.29
Standard Chartered Leasing Limited                          773,924            -             -                 -               -          773,924         1,556               1,989                0.01            0.01            0.79
                                                          2,870,103            -             -                 -               (36)     2,870,067        11,458              10,381                0.04            0.04
INVESTMENT BANKS/ COMPANIES/SECURITIES
First Dawood Investment Bank Limited                       109,416             -             -                 -               -          109,416           336                    305              -               -              0.17
JS Investments Limited                                      34,480             -             -                 -               -           34,480           584                    495              -               -              0.03
Trust Investment Bank Limited                                   55             -             -                 -               (55)           -             -                      -                -               -               -
                                                           143,951             -             -                 -               (55)       143,896           920                    800              -               -
COMMERCIAL BANKS
Allied Bank Limited                                        104,074             -             -                 -        (100,000)           4,074           153                 239                 -               -              0.00
Askari Bank Limited                                        695,363             -             -                 -             -            695,363        10,625              18,983                0.06            0.06            0.14




                                                                                                   Page 13 of 29
                                                                                                                                                                                                                       Annexure 1
NATIONAL INVESTMENT (UNIT) TRUST
AS AT DECEMBER 31, 2009
INVESTMENTS - AT FAIR VALUE THROUGH PROFIT OR LOSS - HELD FOR TRADING


                                                                                                                                                       Balance as at
                                                                             …………………….Number of shares / certificates…………………                                                                    Percentage in Relation to
                                                                                                                                                     December 31, 2009

                   Name of Investee Company                                                                 Merger /
                                                                                                                                       As at                                         Market value as Market value as Paid up capital
                                                             As at July 1,              Bonus / Right      Demerger                               Carrying            Market
                                                                             Purchase                                   Sale        December                                         a percentage of a percentage of of the investee
                                                                2009                       Issue            effects/                               Value              Value
                                                                                                                                     31, 2009                                           net assets   total investment   Company
                                                                                                          Adjustments
                                                                                                                                                   ------ Rupees in '000 -----
Bank AL Habib Limited                                           3,001,811           -            -                  -        -        3,001,811         76,516            98,339               0.31            0.30            0.49
Bank Alfalah Limited                                            1,740,025           -            -                  -        -        1,740,025         18,355            23,958               0.08            0.07            0.13
Faysal Bank Limited                                             1,795,153           -            -                  -        -        1,795,153         17,377            31,469               0.10            0.10            0.29
Habib Bank Limited                                                 95,880           -            -                  -    (50,000)        45,880           3,948             5,663              0.02            0.02            0.01
Habib Metropolitan Bank Limited                                   444,588           -            -                  -        -          444,588         11,030            13,849               0.04            0.04            0.06
JS Bank Limited                                                    72,000           -            -                  -        -           72,000             434                366              -               -              0.01
KASB Bank Limited                                                     492           -            127                -        -              619               5                  5              -               -              0.00
MCB Bank Limited                                                   66,220           -            -                  -    (66,220)           -               -                  -                -               -               -
Meezan Bank Limited                                                   121           -            -                  -       (121)           -               -                  -                -               -               -
National Bank of Pakistan                                       2,816,956           -            -                  -   (250,000)     2,566,956        172,063           190,905               0.60            0.59            0.24
NIB Bank Limited                                               19,092,042           -            -                  -        -       19,092,042         90,687            91,642               0.29            0.28            0.47
Samba Bank Limited                                              1,777,740           -            -                  -        -        1,777,740           5,298             5,884              0.02            0.02            0.20
Silkbank Limited                                                2,698,371           -            -                  -        -        2,698,371         14,598            12,790               0.04            0.04            0.30
Soneri Bank Limited                                             2,857,931           -            -                  -        -        2,857,931         31,323            31,637               0.10            0.10            0.57
The Bank of Punjab                                                221,430           -            -                  -   (221,430)           -               -                  -                -               -               -
United Bank Limited                                               353,210           -            -                  -   (250,000)       103,210           3,952             6,033              0.02            0.02            0.01
                                                               37,833,407           -            127                -   (937,771)    36,895,763        456,364           531,762               1.68            1.64
TEXTILE SPINNING
D.S.Industries Limited                                             883,102          -             -                 -          -        883,102         2,729              3,038               0.01            0.01            1.47
Din Textile Mills Limited                                           18,943          -             -                 -          -         18,943           245                515                -               -              0.10
Gadoon Textile Mills Limited                                       513,399          -             -                 -          -        513,399         8,225             14,098               0.04            0.04            2.19
Maqbool Textile Mills Limited                                      245,873          -             -                 -          -        245,873         3,366              2,950               0.01            0.01            1.46
Premium Textile Mills Limited                                        2,216          -             -                 -          -          2,216            65                 57                -               -              0.04
Saif Textile Mills Limited                                          46,244          -             -                 -          -         46,244           185                255                -               -              0.18
                                                                 1,709,777          -             -                 -          -      1,709,777        14,815             20,913               0.06            0.06
TEXTILE COMPOSITE
Azgard Nine Limited                                                144,303          -             -                 -        -          144,303         3,195              3,000               0.01            0.01            0.04
Blessed Textile Mills Limited                                       32,018          -             -                 -        -           32,018         1,273              1,267                -               -              0.50
Crescent Textile Mills Limited                                     190,058          -             -                 -        -          190,058         4,656              6,449               0.02            0.02            0.39
Fateh Textile Mills Limited                                         58,125          -             -                 -        -           58,125        27,223             20,983               0.07            0.06            4.65
Gul Ahmed Textile Mills Limited                                    853,784          -             -                 -        -          853,784        33,161             23,052               0.07            0.07            1.55
Kohinoor Mills Limited                                           1,662,229          -             -                 -        -        1,662,229         8,078              8,145               0.03            0.03            3.26
Kohinoor Textile Mills Limited                                      71,577          -             -                 -        -           71,577           316                558                -               -              0.05
Mehmood Textile Mills Limited                                       75,128          -          37,733               -        -          112,861         5,409              5,632               0.02            0.02            0.75
Nishat (Chunian) Limited                                           475,236          -         237,618               -        -          712,854         6,468             15,113               0.05            0.05            0.57
Nishat (Chunian) Limited-15% Convertible Preference Shares         237,618          -             -                 -        -          237,618         2,376              5,097               0.02            0.02            0.57
Nishat Mills Limited                                             1,830,997          -             -                 -   (700,000)     1,130,997        42,774             79,057               0.25            0.24            0.47
Sapphire Fibers Limited                                            322,552          -          40,319               -        -          362,871        27,417             39,916               0.13            0.12            1.84
Sapphire Textile Mills Limited                                     571,112          -             -                 -        -          571,112        39,407             49,687               0.16            0.15            2.84
                                                                 6,524,737          -         315,670               -   (700,000)     6,140,407       201,753            257,956               0.83            0.79




                                                                                                        Page 14 of 29
                                                                                                                                                                                                                            Annexure 1
NATIONAL INVESTMENT (UNIT) TRUST
AS AT DECEMBER 31, 2009
INVESTMENTS - AT FAIR VALUE THROUGH PROFIT OR LOSS - HELD FOR TRADING


                                                                                                                                                          Balance as at
                                                                          …………………….Number of shares / certificates…………………                                                                            Percentage in Relation to
                                                                                                                                                        December 31, 2009

                    Name of Investee Company                                                                Merger /
                                                                                                                                          As at                                           Market value as Market value as Paid up capital
                                                          As at July 1,                Bonus / Right       Demerger                                  Carrying            Market
                                                                          Purchase                                      Sale           December                                           a percentage of a percentage of of the investee
                                                             2009                         Issue             effects/                                  Value              Value
                                                                                                                                        31, 2009                                             net assets   total investment   Company
                                                                                                          Adjustments
                                                                                                                                                      ------ Rupees in '000 -----
WOOLEN
Bannu Woollen Mills Limited                                    374,490           -               -                  -           -          374,490         5,082               4,827                0.02            0.01            4.92
                                                               374,490           -               -                  -           -          374,490         5,082               4,827                0.02            0.01
SYNTHETIC AND RAYON
Dewan Salman Fibre Limited                                    1,766,986          -               -                  -           -        1,766,986         2,633               2,615                0.01            0.01            0.48
Gatron (Industries) Limited                                         738          -               -                  -          (738)           -             -                   -                   -               -               -
Ibrahim Fibres Limited                                           18,530          -               -                  -           -           18,530           552                 679                 -               -              0.01
Pakistan Synthetics Limited                                   2,656,283          -               -                  -           -        2,656,283        16,150              23,242                0.07            0.07            4.74
Rupali Polyester Limited                                        202,223          -               -                  -           -          202,223         5,955               7,644                0.02            0.02            0.59
                                                              4,644,760          -               -                  -          (738)     4,644,022        25,290              34,180                0.10            0.10
JUTE
Thal Limited (Rs 5/ share)                                        6,861          -             1,372                -           -            8,233           531                    699              -               -              0.02
                                                                  6,861          -             1,372                -           -            8,233           531                    699              -               -
SUGAR & ALLIED INDUSTRIES
Habib-ADM Limited (Rs 5/share)                                 119,017           -               -                  -           -          119,017         1,910               1,865                0.01            0.01            0.30
                                                               119,017           -               -                  -           -          119,017         1,910               1,865                0.01            0.01
CEMENT
Al-Abbas Cement Industries Limited                              788,148          -               -                  -        -             788,148         5,517               5,438                0.02            0.02            0.43
Attock Cement Pakistan Limited                                   26,838          -             5,367                -        -              32,205         1,885               1,675                0.01            0.01            0.04
Cherat Cement Company Limited                                    56,488          -               -                  -        -              56,488           764                 709                 -               -              0.06
D. G. Khan Cement Company Limited                             2,582,992          -               -                  -   (150,000)        2,432,992        72,138              79,218                0.25            0.24            0.80
Lucky Cement Limited                                          1,352,226      250,000             -                  -   (200,000)        1,402,226        85,720              92,883                0.29            0.29            0.43
Maple Leaf Cement Factory Limited                               922,806          -               -                  -        -             922,806         3,931               3,470                0.01            0.01            0.25
Maple Leaf Cement Factory Limited - Right                           -            -            89,974                -        -              89,974                                                   -               -               -
                                                              5,729,498      250,000          95,341                -   (350,000)        5,724,839       169,955            183,393                 0.58            0.57
TOBACCO
Pakistan Tobacco Company Limited                                 29,714          -               -                  -           -           29,714         2,165               3,120                0.01            0.01            0.01
                                                                 29,714          -               -                  -           -           29,714         2,165               3,120                0.01            0.01
REFINERY
Attock Refinery Limited                                       1,663,134          -               -                  -           -        1,663,134       207,542            229,396                 0.72            0.72            1.95
National Refinery Limited                                       405,864          -               -                  -           -          405,864        89,298             71,765                 0.23            0.22            0.51
Pakistan Refinery Limited                                        21,616          -               -                  -           -           21,616         1,941              2,609                 0.01            0.01            0.06
                                                              2,090,614          -               -                  -           -        2,090,614       298,781            303,770                 0.96            0.95
POWER GENERATION AND DISTRIBUTION
The Hub Power Company Limited                                1,303,059           -               -                  -   (500,000)          803,059        21,755             24,959                 0.08            0.08            0.07
Karachi Electric Supply Company Limited (Rs 3.5/ share)      9,170,161           -               -                  -        -           9,170,161        24,301             24,393                 0.08            0.08            0.05
Karachi Electric Supply Company- Right                       2,842,750           -        (2,842,750)               -        -                 -             -                  -                    -               -               -
Kohinoor Energy Limited                                        660,867           -               -                  -        -             660,867        19,165             20,487                 0.06            0.06            0.39
Kot Addu Power Company Limited                                 908,329           -               -                  -   (200,000)          708,329        29,934             32,491                 0.10            0.10            0.08
                                                            14,885,166           -        (2,842,750)               -   (700,000)       11,342,416        95,155            102,330                 0.32            0.32




                                                                                                        Page 15 of 29
                                                                                                                                                                                                                               Annexure 1
NATIONAL INVESTMENT (UNIT) TRUST
AS AT DECEMBER 31, 2009
INVESTMENTS - AT FAIR VALUE THROUGH PROFIT OR LOSS - HELD FOR TRADING


                                                                                                                                                               Balance as at
                                                                                   …………………….Number of shares / certificates…………………                                                                      Percentage in Relation to
                                                                                                                                                             December 31, 2009

                    Name of Investee Company                                                                      Merger /
                                                                                                                                               As at                                         Market value as Market value as Paid up capital
                                                                   As at July 1,              Bonus / Right      Demerger                                 Carrying            Market
                                                                                   Purchase                                   Sale          December                                         a percentage of a percentage of of the investee
                                                                      2009                       Issue            effects/                                 Value              Value
                                                                                                                                             31, 2009                                           net assets   total investment   Company
                                                                                                                Adjustments
                                                                                                                                                           ------ Rupees in '000 -----
OIL AND GAS MARKETING COMPANIES
Pakistan State Oil Company Limited                                       728,674          -             -                 -    (600,000)        128,674        27,491             38,273               0.12            0.12            0.08
Shell Pakistan Limited                                                     2,305          -             -                 -         -             2,305           516                577                -               -              0.00
Sui Northern Gas Pipelines Limited                                        41,067          -             -                 -         -            41,067         1,312              1,018                -               -              0.01
Sui Southern Gas Company Limited                                       5,546,967          -             -                 -         -         5,546,967        77,658             74,496               0.23            0.24            0.83
                                                                       6,319,013          -             -                 -    (600,000)      5,719,013       106,977            114,364               0.35            0.36
OIL AND GAS EXPLORATION COMPANIES
Mari Gas Company Limited                                                  84,299          -          84,299               -          -          168,598        12,546             23,069               0.07            0.07            0.23
Oil & Gas Development Company Limited                                  4,401,831          -             -                 -   (4,050,000)       351,831        27,668             38,916               0.12            0.12            0.01
Pakistan Oilfields Limited                                               694,191          -             -                 -     (650,000)        44,191         6,447             10,198               0.03            0.03            0.02
Pakistan Petroleum Limited                                             2,818,888          -         333,777               -   (1,900,000)     1,252,665       197,858            237,493               0.75            0.74            0.13
                                                                       7,999,209          -         418,076               -   (6,600,000)     1,817,285       244,519            309,676               0.97            0.96
ENGINEERING
Crescent Steel & Allied Proudcts Limited                                  16,596          -             -                 -          -           16,596           298                 432               -               -              0.03
International Industries Limited                                          50,832          -             -                 -          -           50,832         2,292               2,983              0.01            0.01            0.05
                                                                          67,428          -             -                 -          -           67,428         2,590               3,415              0.01            0.01
AUTOMOBILE ASSEMBLERS
Al-Ghazi Tractors Limited                                                   496           -             -                 -         (496)           -             -                   -                 -               -               -
Dewan Farooque Motors Limited                                             5,418           -             -                 -       (5,418)           -             -                   -                 -               -               -
Hinopak Motors Limited                                                    9,152           -             -                 -          -            9,152         1,405               1,822              0.01            0.01            0.07
Honda Atlas Cars (Pakistan) Limited                                     389,158           -             -                 -          -          389,158         5,001               7,441              0.02            0.02            0.27
Millat Tractors Limited                                                  12,306           -           3,076               -          -           15,382         3,436               5,842              0.02            0.02            0.05
Pak Suzuki Motor Company Limited                                          1,090           -             -                 -          -            1,090             74                  97              -               -              0.00
                                                                        417,620           -           3,076               -       (5,914)       414,782         9,916              15,202              0.05            0.05
CABLE AND ELECTRICAL GOODS
Pak Elektron - Convertible Preference Shares (Loaded)                    307,869          -             -                 -          -          307,869         3,079               3,079              0.01            0.01            0.32
Pak Elektron - Non-Convertible Preference Shares (Unloaded)              923,607          -             -                 -          -          923,607         9,236               9,236              0.03            0.03            0.95
Pak Elektron Limited                                                     673,698          -          67,369               -          -          741,067        16,512              13,888              0.04            0.04            0.69
Siemens Pakistan Engineering Company Limited                              34,713          -             -                 -          -           34,713        35,338              43,768              0.14            0.14            0.42
                                                                       1,939,887          -          67,369               -          -        2,007,256        64,165              69,971              0.22            0.22
TRANSPORT & COMMUNICATION
Pakistan International Airlines Corporation - (A)                      2,410,150          -             -                 -          -        2,410,150         8,002               6,290              0.02            0.02            0.11
                                                                       2,410,150          -             -                 -          -        2,410,150         8,002               6,290              0.02            0.02
TECHNOLOGY AND COMMUNICATION
Callmate Telips Telecom Limited (Under winding up through court)              83          -             -                 -         -                83           -                   -                 -               -              0.00
Pakistan Telecommunication Company Limited                             1,271,184          -             -                 -    (500,000)        771,184        13,295              13,611              0.04            0.04            0.02
Southern Networks Limited (Under winding up through court)               301,260          -             -                 -         -           301,260           404                 404               -               -              0.60
Telecard Limited                                                         449,735          -             -                 -         -           449,735           778               1,183               -               -              0.15
Worldcall Telecom Limited                                                310,591          -             -                 -         -           310,591           776               1,149               -               -              0.04
                                                                       2,332,853          -             -                 -    (500,000)      1,832,853        15,253              16,347              0.04            0.04




                                                                                                              Page 16 of 29
                                                                                                                                                                                                                              Annexure 1
NATIONAL INVESTMENT (UNIT) TRUST
AS AT DECEMBER 31, 2009
INVESTMENTS - AT FAIR VALUE THROUGH PROFIT OR LOSS - HELD FOR TRADING


                                                                                                                                                              Balance as at
                                                                      …………………….Number of shares / certificates…………………                                                                                  Percentage in Relation to
                                                                                                                                                            December 31, 2009

                   Name of Investee Company                                                               Merger /
                                                                                                                                              As at                                         Market value as Market value as Paid up capital
                                                      As at July 1,                  Bonus / Right       Demerger                                        Carrying            Market
                                                                        Purchase                                            Sale           December                                         a percentage of a percentage of of the investee
                                                         2009                           Issue             effects/                                        Value              Value
                                                                                                                                            31, 2009                                           net assets   total investment   Company
                                                                                                        Adjustments
                                                                                                                                                          ------ Rupees in '000 -----
FERTILIZER
Dawood Hercules Chemicals Limited                           267,718            -               -                  -                -           267,718        34,404             48,138               0.15            0.15            0.24
Engro Chemical Pakistan Limited                             587,528        350,000             -                  -           (500,000)        437,528        62,990             80,186               0.25            0.25            0.15
Fauji Fertilizer Bin Qasim Limited                        1,423,090            -               -                  -                -         1,423,090        25,174             37,185               0.12            0.11            0.15
Fauji Fertilizer Company Limited                          3,698,596            -               -                  -           (900,000)      2,798,596       243,338            288,059               0.90            0.89            0.30
                                                          5,976,932        350,000             -                  -         (1,400,000)      4,926,932       365,906            453,568               1.42            1.40
PHARMACEUTICALS
Abbot Laboatories (Pakistan) Limited                        77,509             -               -                  -                 -           77,509         6,216               9,396              0.03            0.03            0.08
Glaxosmithkline Pakistan Limited                            84,253             -               -                  -                 -           84,253        10,094               9,206              0.03            0.03            0.05
Highnoon Laboratories Limited                               98,717             -               -                  -                 -           98,717         3,010               3,224              0.01            0.01            0.60
                                                           260,479             -               -                  -                 -          260,479        19,320              21,826              0.07            0.07
CHEMICALS
BOC Pakistan Limited                                         66,660            -               -                  -                -            66,660         7,666               8,529              0.03            0.03            0.27
I.C.I Pakistan Limited                                      328,181            -               -                  -                -           328,181        46,027              55,295              0.17            0.17            0.24
Lotte Pakistan PTA Limited                                3,515,471            -               -                  -         (2,500,000)      1,015,471         2,904               7,951              0.02            0.02            0.07
Sitara Chemical Industries Limited                           19,585            -               -                  -                -            19,585         3,055               3,134              0.01            0.01            0.10
                                                          3,929,897            -               -                  -         (2,500,000)      1,429,897        59,652              74,909              0.23            0.23
PAPER & BOARD
Century Paper & Board Mills Limited                          52,518            -               -                  -                 -           52,518           693                 695               -               -              0.07
Packages Limited                                              9,145            -               -                  -                 -            9,145         1,436               1,317               -               -              0.01
Security Papers Limited                                      34,812            -               -                  -                 -           34,812         1,741               1,674              0.01            0.01            0.08
                                                             96,475            -               -                  -                 -           96,475         3,870               3,686              0.01            0.01
VANASPATI AND ALLIED INDUSTRIES
Wazir Ali Industries Limited                                    102            -               -                  -                (102)           -              -                     -              -               -               -
                                                                102            -               -                  -                (102)           -              -                     -              -               -
LEATHER AND TANNERIES
Service Industries Limited                                1,681,975            -               -                  -                 -        1,681,975       178,340            447,389               1.41            1.38           13.06
                                                          1,681,975            -               -                  -                 -        1,681,975       178,340            447,389               1.41            1.38
FOOD AND PERSONAL CARE PRODUCTS
Nestle Pakistan Limited                                       2,796            -               -                  -                 -            2,796         3,053               3,484              0.01            0.01            0.01
Unilever Pakistan Limited - Preference Shares                   123            -               -                  -                 -              123           237                 237               -               -               -
Unilever Pakistan Limited (Rs 50/share)                         589            -               -                  -                 -              589         1,149               1,355               -               -              0.00
                                                              3,508            -               -                  -                 -            3,508         4,439               5,076              0.01            0.01
GLASS AND CERAMICS
Ghani Glass Limited                                       1,058,498            -           105,849                -                 -        1,164,347        60,341              60,012              0.19            0.19            1.20
                                                          1,058,498            -           105,849                -                 -        1,164,347        60,341              60,012              0.19            0.19
MISCELLANEOUS
Pakistan Services Limited                                  210,756             -               -                  -                 -          210,756        23,826              37,142              0.12            0.11            0.65
Tri-Pack Films Limited                                     484,358             -               -                  -                 -          484,358        48,383              49,889              0.16            0.15            1.61
                                                           695,114             -               -                  -                 -          695,114        72,209              87,031              0.28            0.26

GRAND TOTAL                                            134,875,698         600,000      (1,835,870)                   18   (14,294,616)    119,345,230     2,588,324          3,232,883              10.16            9.98




                                                                                                      Page 17 of 29
NATIONAL INVESTMENT (UNIT) TRUST                                                                                                                                                                                                                                 Annexure 2
AS AT DECEMBER 31, 2009
INVESTMENTS - AVAILABLE FOR SALE

                                                                                             …………………….Number of shares / certificates…………………                                         Balance as at December 31, 2009                       Percentage in Relation to
                                                                                                                                                                                                                                                 Market value
                                                                                                                               Merger /                                                                                           Market value                      Paid up
                                                                                                                                                                                                                                                     as a
                   Name of Investee Company                                             Purchases                             Demerger        Sales during the    As at December      Carrying                 Market                 as a                      capital of the
                                                                As at July 1, 2009                       Bonus / Right Issue                                                                                                                    percentage of
                                                                                     during the period                         effects/           period             31, 2009          Value                   Value             percentage of                     investee
                                                                                                                                                                                                                                                     total
                                                                                                                             Adjustments                                                                                           net assets                     Company
                                                                                                                                                                                                                                                  investment
                                                                                                                                                                                         ------Rupees in '000 ------
OPEN END MUTUAL FUNDS
AKD Income Fund                                                          108,691                  -                     -              -                   -               108,691            4,926                      5,073             0.02           0.02            -
Faysal Savings Growth Fund                                                50,624                  -                     -              -                   -                50,624            5,000                      5,210             0.02           0.02            -
First Habib Income Fund                                                  124,994                  -                     -              -                   -               124,994           12,315                     12,847             0.04           0.04            -
HBL Income Fund                                                          379,225                  -                     -              -                   -               379,225           36,944                     37,263             0.12           0.12            -
HBL Multi Asset Fund                                                     750,000                  -                     -              -                   -               750,000           75,000                     72,075             0.23           0.22            -
HBL Stock Fund                                                           264,573                  -                     -              -                   -               264,573           26,457                     24,944             0.08           0.08            -
IGI Income Fund                                                          127,430                  -                     -              -                   -               127,430           12,500                     13,445             0.04           0.04            -
                                                                       1,805,537                  -                     -              -                   -             1,805,537          173,142                    170,857             0.55           0.54
CLOSED END MUTUAL FUNDS
Al-Meezan Mutual Fund                                                  2,866,385                  -                     -              -                   -             2,866,385           10,262                     18,918             0.06           0.06           2.08
Asian Stocks Fund Limited                                                344,813                  -                     -              -                   -               344,813            1,414                      1,414              -              -             0.38
Dominion Stock Fund Limited                                              157,629                  -                     -              -                   -               157,629               54                         54              -              -             3.15
First Capital Mutual Fund Limited                                        143,097                  -                     -              -                   -               143,097              341                        509              -              -             0.48
Golden Arrow Selected Stocks Fund Limited (Rs 5/ certificate)              4,963                  -                     -              -                (4,963)                -                -                          -                -              -              -
Investec Mutual Fund                                                     172,406                  -                     -              -                   -               172,406               29                         29              -              -             1.72
JS Growth Fund                                                         9,787,430                  -                     -              -                   -             9,787,430           29,167                     48,350             0.15           0.15           3.08
JS Large Capital Fund                                                  1,369,104                  -                     -              -                   -             1,369,104            3,149                      6,298             0.02           0.02           0.42
JS Value Fund Limited                                                  1,190,610                  -                     -              -                   -             1,190,610            5,298                      6,691             0.02           0.02           1.00
Pakistan Premier Fund Limited                                            722,456                  -                     -              -                   -               722,456            1,459                      4,299             0.01           0.01           0.43
PICIC Growth Fund                                                      6,429,358                  -                     -              -                   -             6,429,358           35,941                     91,683             0.29           0.29           2.27
PICIC Investment Fund                                                 10,108,128                  -                     -              -                   -            10,108,128           20,519                     58,829             0.18           0.18           3.56
                                                                      33,296,379                  -                     -              -                (4,963)         33,291,416          107,633                    237,074             0.73           0.73
MODARBAS
Al Zamin Leasing Modaraba                                              1,429,009                  -                     -              -                   -             1,429,009             4,416                     4,416             0.01           0.01           4.63
B.R.R. Guardian Modarba                                                1,858,028                  -                     -               49                 -             1,858,077             4,757                     4,757             0.01           0.01           2.38
First Habib Bank Modarba                                               5,035,756                  -                     -              -                   -             5,035,756            15,258                    20,898             0.07           0.06          12.68
First Habib Modarba (Rs 5/ certificate)                                1,584,070                  -                     -              -                   -             1,584,070             8,982                     9,235             0.03           0.03           0.79
First Paramount Modaraba                                                  38,322                  -                     -              -                   -                38,322               -                         -                -              -             0.65
First Tawakkal Modaraba                                                  474,032                  -                     -              -                   -               474,032               -                         -                -              -             1.83
LTV Capital Modaraba (Rs 5/ certificate)                                     321                  -                     -              -                   -                   321               -                         -                -              -              -
Standard Chartered Modaraba                                            1,948,462                  -                     -              -                   -             1,948,462            13,269                    17,634             0.06           0.05           4.29
                                                                      12,368,000                  -                     -               49                 -            12,368,049            46,682                    56,940             0.18           0.16
LEASING COMPANIES
Al Zamin Leasing Corporation Limited                                   1,898,388                  -                     -              -                   -             1,898,388             2,924                     5,505             0.02           0.02           3.83
Askari Leasing Limited                                                 1,207,530                  -                     -              -                   -             1,207,530            16,917                    16,917             0.05           0.05           2.33
Dadabhoy Leasing Limited                                                 370,674                  -                     -              -                   -               370,674               -                         -                -              -             4.93
Orix Leasing Pakistan Limited                                          2,903,580                  -                     -              -                   -             2,903,580            22,212                    22,212             0.07           0.07           3.63
Saudi Pak Leasing Company Limited                                      2,972,567                  -                     -              -                   -             2,972,567             4,191                     4,191             0.01           0.01           6.58
Security Leasing Corporation Limited                                     447,026                  -                     -              -                   -               447,026               885                     1,292              -              -             1.23
                                                                       9,799,765                  -                     -              -                   -             9,799,765            47,129                    50,117             0.15           0.15
INVESTMENT BANKS / COMPANIES / SECURITIES
Arif Habib Investments Limited                                           143,589                  -                     -              -                   -               143,589             2,874                     3,561             0.01           0.01           0.48
Arif Habib Limited                                                        35,268                  -                   8,817            -                   -                44,085             2,636                     2,665             0.01           0.01           0.12
Arif Habib Securities Limited                                          1,101,895                  -                     -              -                   -             1,101,895            30,457                    54,290             0.17           0.17           0.29
Bankers Equity Limited (Under winding up through court)                3,408,091                  -                     -              -                   -             3,408,091               -                         -                -              -              -
Dawood Capital Management Limited                                        663,832                  -                     -              -                   -               663,832             2,882                     3,279             0.01           0.01           4.43
Dawood Equities Limited                                                    2,306                  -                     -              -                (2,306)                -                 -                         -                -              -              -
Equity Participation Limited                                               4,925                  -                     -              -                (4,925)                -                 -                         -                -              -              -
First Capital Securities Corporation Limited                           3,177,518                  -                 476,627            -                   -             3,654,145             7,281                    34,678             0.11           0.11           1.27
First Dawood Investment Bank Limited                                   2,626,148                  -                     -              -                   -             2,626,148             7,327                     7,327             0.02           0.02           4.19
First National Equities Limited                                           65,227                  -                     -              -                   -                65,227               525                       860              -              -             0.11




                                                                                                                              Page 18 of 29
NATIONAL INVESTMENT (UNIT) TRUST                                                                                                                                                                                                                             Annexure 2
AS AT DECEMBER 31, 2009
INVESTMENTS - AVAILABLE FOR SALE

                                                                                        …………………….Number of shares / certificates…………………                                          Balance as at December 31, 2009                       Percentage in Relation to
                                                                                                                                                                                                                                             Market value
                                                                                                                          Merger /                                                                                            Market value                      Paid up
                                                                                                                                                                                                                                                 as a
                   Name of Investee Company                                        Purchases                             Demerger        Sales during the     As at December      Carrying                 Market                 as a                      capital of the
                                                           As at July 1, 2009                       Bonus / Right Issue                                                                                                                     percentage of
                                                                                during the period                         effects/           period              31, 2009          Value                   Value             percentage of                     investee
                                                                                                                                                                                                                                                 total
                                                                                                                        Adjustments                                                                                            net assets                     Company
                                                                                                                                                                                                                                              investment
                                                                                                                                                                                     ------Rupees in '000 ------
IGI Investment Bank Limited                                       7,682,579                  -                     -              -                   -              7,682,579             24,200                   27,120             0.09           0.08           3.62
Industrial Development Bank of Paksitan                               1,970                  -                     -              -                   -                  1,970                208                      208              -              -              -
Innovative Investment Bank Limited                                   35,227                  -                     -              -                   -                 35,227                -                        352              -              -             0.19
Invest & Finance Securites Limited                                      695                  -                     -              -                  (695)                 -                  -                        -                -              -              -
Investec Securities Limited                                          98,518                  -                     -              -                   -                 98,518                 41                       41              -              -             0.60
Islamic Investment Bank Limited                                     139,990                  -                     -              -                   -                139,990                -                        -                -              -             0.71
Jahangir Siddiqui & Company Limited                                 393,701                  -                     -              -                   -                393,701              9,130                   11,839             0.04           0.04           0.05
Javed Omer Vohra & Company Limited                                1,775,606                  -                     -              -                   -              1,775,606             10,594                   17,543             0.06           0.05           3.49
JS Investments Limited                                                7,302                  -                     -              -                   -                  7,302                105                      105              -              -             0.01
Pervaiz Ahmed Securites Limited                                     230,884                  -                     -              -                   -                230,884                833                    1,134              -              -             0.30
Pervaiz Ahmed Securites Limited - Right                                 -                    -                 533,526            -                   -                533,526                -                        -                -              -             0.69
Prudential Investment Bank Limited                                  326,292                  -                     -              -                   -                326,292                -                        -                -              -             3.26
Security Investment Bank Limited                                  2,277,698                  -                     -              -                   -              2,277,698              6,059                    6,059             0.02           0.02           4.43
                                                                 24,199,261                  -               1,018,970            -                (7,926)          25,210,305            105,152                  171,061             0.54           0.52
COMMERCIAL BANKS
Allied Bank Limited                                               1,856,827                  -                     -              -              (211,026)           1,645,801           46,860                   96,658              0.30            0.30           0.23
Arif Habib Bank Limited                                             842,013                  -                     -              -                   -                842,013            4,736                    5,641              0.02            0.02           0.17
Askari Bank Limited                                              17,752,222                  -                     -            1,085                 -             17,753,307          206,898                  484,665              1.52            1.51           3.50
Atlas Bank Limited                                               16,766,336                  -                     -              -                   -             16,766,336           55,664                   57,676              0.18            0.18           3.35
Bank AL-Habib Limited                                            52,478,431                  -                     -              -                   -             52,478,431        1,023,633                1,719,193              5.40            5.31           8.60
BankIslami Pakistan Limited                                         599,368                  -                     -              -                   -                599,368            3,583                    3,518              0.01            0.01           0.11
Faysal Bank Limited                                               8,721,255                  -                     -               43                 -              8,721,298           84,421                  152,884              0.48            0.47           1.43
Habib Bank Limited                                                1,088,938                  -                     -              -              (100,000)             988,938           61,693                  122,075              0.38            0.38           0.11
Habib Metropolitan Bank Limited                                  50,152,164                  -                     -              640                 -             50,152,804        1,056,393                1,562,260              4.91            4.83           6.66
Indus Bank Limited (Under winding up through court)                     147                  -                     -              -                   -                    147              -                        -                 -               -              -
JS Bank Limited                                                  21,025,241                  -                     -              -                   -             21,025,241          100,206                  106,808              0.34            0.34           3.43
KASB Bank Limited                                                 1,457,776                  -                 379,021            -                   -              1,836,797           13,635                   13,574              0.04            0.04           0.19
Mehran Bank Limited                                                 738,590                  -                     -              -                   -                738,590              -                        -                 -               -             2.46
Mybank Limited                                                          110                  -                     -              -                  (110)                 -                -                        -                 -               -              -
National Bank of Pakistan                                         4,391,717                  -                     -              -                   -              4,391,717          190,934                  326,612              1.03            1.01           0.41
NIB Bank Limited                                                 10,608,990                  -                     -              -                   -             10,608,990           49,853                   50,923              0.16            0.16           0.26
Samba Bank Limited                                               10,452,500                  -                     -              -                   -             10,452,500           31,148                   34,598              0.11            0.11           1.19
Silkbank Limited                                                  3,047,384                  -                     -              -                   -              3,047,384           14,445                   14,445              0.05            0.04           0.34
Soneri Bank Limited                                              57,298,108                  -                     -              -                   -             57,298,108          516,623                  634,290              1.99            1.96          11.42
United Bank Limited                                                 980,122                  -                     -              -                   -                980,122           32,888                   57,288              0.18            0.18           0.09
                                                                260,258,239                  -                 379,021          1,768            (311,136)         260,327,892        3,493,613                5,443,108             17.10           16.85
INSURANCE
Union Insurance Company of Pakistan Limited                             306                  -                     -              -                   -                   306                 -                         8               -              -              -
                                                                        306                  -                     -              -                   -                   306                 -                         8               -              -
TEXTILE SPINNING
Accord Textile Limited                                              458,109                  -                     -              -                   -                458,109                -                        -                -              -             4.93
Adil Textile Mills Limited                                           93,592                  -                     -              -                   -                 93,592                -                        833              -              -             1.21
Afsar Textile Mills Limited                                          64,184                  -                     -              -                   -                 64,184                -                        -                -              -              -
Allawasaya Textile and Finishing Mills Limited                           49                  -                     -              -                     (2)                 47                 4                         4              -              -             0.01
Al-Qaim Textile Mills Limited                                       358,753                  -                     -              -                   -                358,753               -                         -                -              -             4.81
Asim Textile Mills Limited                                        1,142,712                  -                     -              -                   -              1,142,712               -                         -                -              -             7.53
Awan Textile Mills Limited                                          213,390                  -                     -              -                   -                213,390               -                         -                -              -             2.46
Azam Textile Mills Limited                                          620,655                  -                     -              -                   -                620,655               -                         -                -              -             4.68
Babri Cotton Mills Limited                                           70,006                  -                     -              -                   -                 70,006               392                     1,243              -              -             2.42
Baig Spinning Mills Limited (Under voluntary winding up)             51,106                  -                     -              -               (51,106)                 -                 -                         -                -              -              -
Bawany Textile Mills Limited                                         84,233                  -                     -              -                   -                 84,233               -                         -                -              -              -
Brothers Textile Mills Limited                                      617,961                  -                     -              -                   -                617,961               -                         -                -              -             6.31




                                                                                                                         Page 19 of 29
NATIONAL INVESTMENT (UNIT) TRUST                                                                                                                                                                                                              Annexure 2
AS AT DECEMBER 31, 2009
INVESTMENTS - AVAILABLE FOR SALE

                                                                          …………………….Number of shares / certificates…………………                                         Balance as at December 31, 2009                       Percentage in Relation to
                                                                                                                                                                                                                              Market value
                                                                                                            Merger /                                                                                           Market value                      Paid up
                                                                                                                                                                                                                                  as a
                  Name of Investee Company                           Purchases                             Demerger        Sales during the    As at December      Carrying                 Market                 as a                      capital of the
                                             As at July 1, 2009                       Bonus / Right Issue                                                                                                                    percentage of
                                                                  during the period                         effects/           period             31, 2009          Value                   Value             percentage of                     investee
                                                                                                                                                                                                                                  total
                                                                                                          Adjustments                                                                                           net assets                     Company
                                                                                                                                                                                                                               investment
                                                                                                                                                                      ------Rupees in '000 ------
Central Cotton Limited                                 34,948                  -                     -              -                   -                34,948                -                        -                -              -              -
Chakwal Spinning Mills Limited                        754,008                  -                     -              -                   -               754,008                -                        -                -              -             1.89
Crescent Fibres Limited                               852,681                  -                     -              -                   -               852,681                -                      7,248             0.02           0.02           6.87
Crescent Spinning Mills Limited                       727,080                  -                     -              -                   -               727,080                -                        -                -              -             4.80
D. M. Textile Mills Limited                           336,614                  -                     -              -                   -               336,614              1,414                    1,414              -              -            11.03
D.S.Industries Limited                                 44,780                  -                     -              -                   -                44,780                138                      154              -              -             0.07
Dar-es-Salaam Textile Mills Limited                   266,787                  -                     -              -                   -               266,787                587                      587              -              -             3.33
Data Textiles Limited                                 618,595                  -                     -              -                   -               618,595                -                        -                -              -             6.24
Dewan Khalid Textile Mills Limited                    279,486                  -                     -              -                   -               279,486              1,098                    1,098              -              -             4.92
Dewan Mushtaq Textile Mills Limited                   240,424                  -                     -              -                   -               240,424                846                      846              -              -             7.00
Din Textile Mills Limited                             281,239                  -                     -              -                   -               281,239              3,847                    7,653             0.02           0.02           1.52
Ellcot Spinning Mills Limited                         706,880                  -                     -              -                   -               706,880              7,509                   13,784             0.04           0.04           6.46
Fatima Enterprises Limited                            628,671                  -                     -              -                   -               628,671              5,468                    9,141             0.03           0.03           4.42
Fazal Cloth Mills Limited                           1,105,611                  -                     -              -                   -             1,105,611             13,415                   26,701             0.08           0.08           5.89
Fazal Textile Mills Limited                            67,755                  -                     -              -                   -                67,755              1,232                   28,457             0.09           0.09           1.10
Gadoon Textile Mills Limited                        1,335,356                  -                     -              -                   -             1,335,356             21,392                   36,669             0.12           0.11           5.70
Ghaffar Textile Mills Limited                          45,835                  -                     -              -                   -                45,835                -                        -                -              -              -
Globe Textile Mills Limited                            65,972                  -                     -              -                   -                65,972                346                    1,049              -              -             0.40
Gulistan Spinning Mills Limited                       265,532                  -                  26,553            -                   -               292,085              1,129                    2,188             0.01           0.01           1.99
Gulistan Textile Mills Limited                        667,834                  -                  66,783            -                   -               734,617              6,011                   15,868             0.05           0.05           3.87
Gulshan Spinning Mills Limited                        911,590                  -                  91,159            -                   -             1,002,749              4,558                    8,022             0.03           0.02           5.41
Haji Mohammed Ismail Mills Limited                        147                  -                     -              -                  (147)                -                  -                        -                -              -              -
Hajra Textile Mills Limited                           518,063                  -                     -              -                   -               518,063                -                        -                -              -             3.77
Harum Textile Mulls Limited                            58,248                  -                     -              -                   -                58,248                -                        -                -              -             0.62
Ideal Spinning Mills Limited                          658,396                  -                     -              -                   -               658,396                922                      922              -              -             6.64
Indus Dyeing Manufacturing Company Limited            525,295                  -                     -              -                   -               525,295              5,510                  101,939             0.32           0.31           2.91
J. A. Textile Mills Limited                           677,361                  -                     -              -                   -               677,361                -                        -                -              -             5.38
J. K. Spinning Mills Limited                          324,568                  -                     -              -                   -               324,568                373                    2,061             0.01           0.01           4.64
Junaid Cotton Mills Limited                            37,436                  -                     -              -                   -                37,436                -                        -                -              -             1.50
Karim Cotton Mills Limited                            110,562                  -                     -              -                   -               110,562                -                        -                -              -             9.34
Khalid Siraj Textile Mills Limited                    700,498                  -                     -              -                   -               700,498                -                        -                -              -             6.55
Kohat Textile Mills Limited                            38,569                  -                     -              -                   -                38,569                 30                       62              -              -             0.19
Kohinoor Cotton Limited                                62,553                  -                     -              -                   -                62,553                -                        -                -              -             0.63
Kohinoor Spinning Mills Limited                       602,327                  -                     -              -                   -               602,327                -                        -                -              -             0.46
Lafayette Industries Synthetics Limited                92,360                  -                     -              -                   -                92,360                -                        -                -              -             0.26
Landmark Spinning Industries Limited                  447,937                  -                     -              -                   -               447,937                -                        -                -              -             3.69
Maqbool Textile Mills Limited                       1,420,216                  -                     -              -                   -             1,420,216             14,849                   17,043             0.05           0.05           8.45
Mehr Dastgir Textile Mills Limited                     49,259                  -                     -              -                   -                49,259                -                        -                -              -             0.54
Mohib Textile Mills Limited                           159,813                  -                     -              -                   -               159,813                -                        -                -              -             1.33
Nagina Cotton Mills Limited                             2,546                  -                     -              -                (2,546)                -                  -                        -                -              -              -
Naveed Textile Mills Limited                           70,637                  -                     -              -                   -                70,637                -                        -                -              -             3.62
Norrie Textile Mills Limited                          136,500                  -                     -              -                   -               136,500                -                        -                -              -             2.81
Nusrat Textile Mills Limited                          306,342                  -                     -              -                   -               306,342                -                        -                -              -             3.06
Olympia Spinning And Weaving Mills Limited             42,855                  -                     -              -                   -                42,855                 77                       88              -              -             0.36
Olympia Textile Mills Limited                         358,359                  -                     -              -                   -               358,359                -                        -                -              -             3.32
Premium Textile Mills Limited                         807,307                  -                     -              -                   -               807,307              8,803                   20,586             0.06           0.06          13.10
Punjab Cotton                                          56,155                  -                     -              -                   -                56,155                -                        -                -              -             0.11
Qayyum Spinning Mills Limited                          73,149                  -                     -              -                   -                73,149                -                        -                -              -             0.61
Ravi Textile Mills Limited                            346,636                  -                     -              -                   -               346,636                -                        -                -              -             1.39
Reliance Cotton Spinning Mills Limited                465,638                  -                     -              -                   -               465,638              3,824                   12,107             0.04           0.04           4.52
Resham Textile Industries Limited                     212,405                  -                     -              -                   -               212,405                -                        -                -              -             0.59
Ruby Textile Mills Limited                            610,664                  -                     -              -                   -               610,664                -                        -                -              -             1.56




                                                                                                           Page 20 of 29
NATIONAL INVESTMENT (UNIT) TRUST                                                                                                                                                                                                              Annexure 2
AS AT DECEMBER 31, 2009
INVESTMENTS - AVAILABLE FOR SALE

                                                                            …………………….Number of shares / certificates…………………                                         Balance as at December 31, 2009                     Percentage in Relation to
                                                                                                                                                                                                                              Market value
                                                                                                              Merger /                                                                                         Market value                      Paid up
                                                                                                                                                                                                                                  as a
                    Name of Investee Company                           Purchases                             Demerger        Sales during the    As at December      Carrying                Market                as a                      capital of the
                                               As at July 1, 2009                       Bonus / Right Issue                                                                                                                  percentage of
                                                                    during the period                         effects/           period             31, 2009          Value                  Value            percentage of                     investee
                                                                                                                                                                                                                                  total
                                                                                                            Adjustments                                                                                         net assets                     Company
                                                                                                                                                                                                                               investment
                                                                                                                                                                        ------Rupees in '000 ------
Saif Textile Mills Limited                            1,965,871                  -                     -              -                   -             1,965,871              7,863                 10,852             0.03           0.03           7.44
Saitex Spinning Mills Limited                           358,212                  -                     -              -                   -               358,212                -                      -                -              -             4.84
Sajjad Textile Mills Limited                            316,932                  -                     -              -                   -               316,932                -                      -                -              -             1.49
Salfi Textile Mills Limited                             104,645                  -                     -              -                   -               104,645                956                  1,321              -              -             3.13
Sally Textile Mills Limited                             348,279                  -                     -              -                   -               348,279                -                      871              -              -             3.97
Salman Noman Enterpries Limited                         292,746                  -                     -              -                   -               292,746                -                    1,165              -              -             7.36
Sana Industries Limited                                 270,721                  -                     -              -                   -               270,721              3,925                  9,841             0.03           0.03           4.92
Sargoda Spinning Mills Limited                          588,202                  -                     -              -                   -               588,202                -                      600              -              -             1.89
Saritow Spinning Mills Limited                          648,933                  -                     -              -                   -               648,933                -                      -                -              -             4.89
Service (Textile) Industries Limited                    162,908                  -                     -              -                   -               162,908                -                      -                -              -             3.66
Shadab Textile Mills Limited                             94,207                  -                     -              -                   -                94,207                -                      -                -              -             3.14
Shaheen Cotton Mills Limited                                217                  -                     -              -                  (217)                -                  -                      -                -              -              -
Shahpur Textile Mills Limited                           890,850                  -                     -              -                   -               890,850                -                      -                -              -             6.37
Shahyar (O.E.)                                           78,469                  -                     -              -                   -                78,469                -                      -                -              -             0.78
Shahyar Textile Mill                                    222,109                  -                     -              -                   -               222,109                -                      -                -              -             2.22
Shahzad Textile Mills Limited                             2,610                  -                     -              -                (2,610)                -                  -                      -                -              -              -
Siftaq International Limited                            108,222                  -                     -              -                   -               108,222                -                      -                -              -             3.59
Sind Fine Textile Mills Limited                          78,011                  -                     -              -                   -                78,011                -                      -                -              -             2.28
Sunrays Tetile Mills Limited                            271,565                  -                     -              -                   -               271,565              2,741                  8,079             0.03           0.02           3.94
Sunshine Cotton Mills Limited                           426,521                  -                     -              -                   -               426,521                -                      -                -              -             5.43
Tariq Cotton Mills Limited                               43,101                  -                     -              -                   -                43,101                -                      -                -              -             6.16
Tata Textile Mills Limited                            2,094,285                  -                     -              -                   -             2,094,285             18,725                 26,639             0.08           0.08          12.09
Zaffar Textile Limited                                   66,844                  -                     -              -                   -                66,844                -                      -                -              -             0.67
                                                     33,419,689                  -                 184,495            -               (56,628)         33,547,556            137,984                377,135             1.14           1.10
TEXTILE WEAVING
Amazai Textile Mills Limited                             20,299                  -                     -              -                   -                20,299                 -                   -                  -              -             0.48
Apex Fabrics Limited                                    284,101                  -                     -              -                   -               284,101                 -                   -                  -              -             4.93
Ayaz Textile Mills Limited                              210,188                  -                     -              -                   -               210,188                 -                   -                  -              -             2.46
Crown Textile Limited                                   317,647                  -                     -              -                   -               317,647                 -                   -                  -              -             3.18
Hakkim Textile Mills Limited                            257,368                  -                     -              -                   -               257,368                 -                   -                  -              -             4.77
I.C.C. Textiles Limited                                 164,870                  -                     -              -                   -               164,870                 198                 297                -              -             1.65
Itti Textile Mills Limited                              163,151                  -                     -              -                   -               163,151                 -                   -                  -              -             2.46
Kohinoor Looms Limited                                  169,648                  -                     -              -                   -               169,648                 -                   -                  -              -             1.57
Nakshbandi Industries Limited                           115,407                  -                     -              -                   -               115,407                 863               1,183                -              -             0.10
Nakshbandi Industries Limited - Right                    65,781                  -                 (65,781)           -                   -                   -                   -                   -                  -              -              -
Pearl Fabrics                                           229,970                  -                     -              -                   -               229,970                 -                   -                  -              -             2.30
Prosperity Weaving Mills Limited                          1,083                  -                     -              -                (1,083)                -                   -                   -                  -              -              -
Sadoon Textile Mills Limited                                985                  -                     -              -                   -                   985                 -                   -                  -              -             0.03
Saleem Denim (Kaytex Mills) Limited                     162,160                  -                     -              -                   -               162,160                 -                   -                  -              -             4.16
Samin Textiles Limited                                  139,945                  -                     -              -                   -               139,945                 805               2,201               0.01           0.01           1.05
Service Fabircs Limited                               1,349,180                  -                     -              -                   -             1,349,180                 -                   -                  -              -             8.56
Shahtaj Textile Mills Limited                           475,726                  -                     -              -                   -               475,726               4,370               8,111               0.03           0.03           4.92
Sunrise Textile Mills Limited                            15,024                  -                     -              -                   -                15,024                 -                   -                  -              -              -
Yousuf Weaving Mills Limited                          1,188,621                  -                     -              -                   -             1,188,621               1,248               4,041               0.01           0.01           2.97
                                                      5,331,154                  -                 (65,781)           -                (1,083)          5,264,290               7,484              15,833               0.05           0.05




                                                                                                             Page 21 of 29
NATIONAL INVESTMENT (UNIT) TRUST                                                                                                                                                                                                                                       Annexure 2
AS AT DECEMBER 31, 2009
INVESTMENTS - AVAILABLE FOR SALE

                                                                                                …………………….Number of shares / certificates…………………                                            Balance as at December 31, 2009                       Percentage in Relation to
                                                                                                                                                                                                                                                       Market value
                                                                                                                                  Merger /                                                                                              Market value                      Paid up
                                                                                                                                                                                                                                                           as a
                   Name of Investee Company                                                Purchases                             Demerger           Sales during the    As at December      Carrying                 Market                 as a                      capital of the
                                                                   As at July 1, 2009                       Bonus / Right Issue                                                                                                                       percentage of
                                                                                        during the period                         effects/              period             31, 2009          Value                   Value             percentage of                     investee
                                                                                                                                                                                                                                                           total
                                                                                                                                Adjustments                                                                                              net assets                     Company
                                                                                                                                                                                                                                                        investment
                                                                                                                                                                                               ------Rupees in '000 ------
TEXTILE COMPOSITE
(Colony) Sarhad Textile Mills Limited                                       328,879                  -                     -              -                      -               328,879               -                         115              -              -             8.22
Adamjee Industries                                                              121                  -                     -              -                      -                   121               -                         -                -              -              -
Ahmad Hassan Textile Mills Limited                                          913,009                  -                     -              -                      -               913,009            10,966                    13,704             0.04           0.04           6.34
Alif Textile Mills Limited                                                  320,085                  -                     -              -                      -               320,085               -                         -                -              -             8.21
Aruj Garment Accessories Limited                                             67,780                  -                     -              -                      -                67,780               356                       573              -              -             1.10
Aswan Tentage Limited                                                       168,712                  -                     -              -                      -               168,712               -                         -                -              -              -
Azgard Nine Limited                                                       1,064,053                  -                     -                  1                  -             1,064,054            14,424                    22,122             0.07           0.07           0.24
Bahawalpur Textile Mills Limited                                             64,258                  -                     -              -                      -                64,258               -                         -                -              -             6.43
Blessed Textile Mills Limited                                                23,152                  -                     -              -                      -                23,152               650                       916              -              -             0.36
Colony Mills Limited                                                      1,521,599                  -                     -              -                      -             1,521,599             2,736                    10,940             0.03           0.03           0.62
Crescent Knitwear Limited                                                    81,277                  -                     -              -                      -                81,277               -                         -                -              -              -
Dawood Lawrencepur Limited                                                  234,769                  -                     -                (1)                  -               234,768             6,004                    13,856             0.04           0.04           0.46
Faisal Spinning Mills Limited                                                 1,527                  -                     -              -                   (1,527)                -                 -                         -                -              -              -
Fateh Sports Wear Limited                                                    45,219                  -                     -              -                      -                45,219               -                         -                -              -             2.26
Fateh Textile Mills Limited                                                  35,925                  -                     -              -                      -                35,925            12,969                    12,969             0.04           0.04           2.87
Gul Ahmed Textile Mills Limited                                             527,681                  -                     -              -                      -               527,681            14,247                    14,247             0.04           0.04           0.83
Hafiz Textile Mills Limited                                                   7,585                  -                     -              -                      -                 7,585               -                         118              -              -             0.63
International Knitwear Limited                                              110,832                  -                   8,312            -                      -               119,144               -                       1,787             0.01           0.01           3.69
Ishaq Textile Mills Limited                                                 443,946                  -                     -              -                      -               443,946             1,554                     1,554              -              -             4.60
Jubilee Spinning & Weaving Mills Limited                                        130                  -                     -              -                     (130)                -                 -                         -                -              -              -
Kaiser Arts & Krafts Mills Limited                                           36,944                  -                     -              -                      -                36,944               -                         -                -              -             0.43
Kohinoor Industries Limited                                                 334,468                  -                     -              -                      -               334,468               -                         669              -              -             1.10
Kohinoor Mills Limited                                                    2,859,830                  -                     -              -                      -             2,859,830            13,899                    14,013             0.04           0.04           5.62
Kohinoor Textile Mills Limited                                            3,161,234                  -                     -              -                      -             3,161,234            13,972                    24,658             0.08           0.08           2.17
Marr Fabrics Limited                                                        118,221                  -                     -              -                      -               118,221               -                         -                -              -             4.93
Masood Textile Mills Limited                                              1,012,914                  -                     -              -                      -             1,012,914            17,030                    37,478             0.12           0.12           3.38
Mian Textile Mills Limited                                                  736,078                  -                     -              -                      -               736,078               221                       221              -              -             3.33
Muhammad Farooq Textile Mills Limited                                     1,860,277                  -                     -              -                      -             1,860,277             2,604                     3,218             0.01           0.01           9.85
Nishat (Chunian) Limited                                                  2,479,243                  -               1,242,238             54                    -             3,721,535            33,769                    78,895             0.25           0.24           3.09
Nishat (Chunian) Limited - 15% Convertible Non Voting Preference
Shares                                                                    1,239,757                  -                     -              -                      -             1,239,757           12,398                     26,593             0.08           0.08           3.00
Nishat Mills Limited                                                      5,034,661                  -                     -                   1                 -             5,034,662          117,812                    351,923             1.11           1.09           2.08
Paramount Spinning Mills Limited                                          1,612,535                  -                 161,253                (1)                -             1,773,787           11,288                     20,824             0.07           0.06          11.24
Quetta Textile Mills Limited                                                 19,005                  -                     -              -                      -                19,005              290                        975              -              -             0.61
Quetta Textile Mills Limited - Right                                         60,055                  -                 (60,055)           -                      -                   -                -                          -                -              -              -
Redco Textiles Limited                                                      786,569                  -                     -              -                      -               786,569              -                          -                -              -             3.69
Reliance Weaving Mills Limited                                              592,645                  -                     -              -                      -               592,645            2,074                      6,092             0.02           0.02           1.92
Sapphire Fibers Limited                                                     199,354                  -                  24,919            -                      -               224,273           16,945                     24,670             0.08           0.08           1.14
Sapphire Textile Mills Limited                                              352,976                  -                     -              -                      -               352,976           24,355                     30,709             0.10           0.09           1.76
Schon Textiles Limited                                                      258,610                  -                     -              -                      -               258,610              -                          -                -              -             2.16
Shams Textile Mills Limited                                               1,211,998                  -                     -              -                      -             1,211,998            6,908                     21,222             0.07           0.07          14.03
Suraj Cotton Mills Limited                                                  389,555                  -                     -              -                      -               389,555            4,947                     10,226             0.03           0.03           2.16
Taj Textile Mills Limited                                                 1,409,947                  -                     -              -                      -             1,409,947              -                          522              -              -             4.22
Tawakkal Garments Industries Limited                                        118,664                  -                     -              -                      -               118,664              -                          -                -              -             0.98
The Crescent Textile Mills Limited                                        1,870,010                  -                     -              -                      -             1,870,010           45,816                     63,449             0.20           0.20           3.80
Zahur Cotton Mills Limited                                                  485,694                  -                     -              -                      -               485,694              -                          -                -              -             4.93
Zahur Textile Mills Limited                                                 412,147                  -                     -              -                      -               412,147              -                          -                -              -             0.55
                                                                         34,613,930                  -               1,376,667             54                 (1,657)         35,988,994          388,234                    809,258             2.53           2.48




                                                                                                                                 Page 22 of 29
NATIONAL INVESTMENT (UNIT) TRUST                                                                                                                                                                                                                                        Annexure 2
AS AT DECEMBER 31, 2009
INVESTMENTS - AVAILABLE FOR SALE

                                                                                                …………………….Number of shares / certificates…………………                                             Balance as at December 31, 2009                       Percentage in Relation to
                                                                                                                                                                                                                                                        Market value
                                                                                                                                   Merger /                                                                                              Market value                      Paid up
                                                                                                                                                                                                                                                            as a
                    Name of Investee Company                                               Purchases                              Demerger           Sales during the    As at December      Carrying                 Market                 as a                      capital of the
                                                                   As at July 1, 2009                        Bonus / Right Issue                                                                                                                       percentage of
                                                                                        during the period                          effects/              period             31, 2009          Value                   Value             percentage of                     investee
                                                                                                                                                                                                                                                            total
                                                                                                                                 Adjustments                                                                                              net assets                     Company
                                                                                                                                                                                                                                                         investment
                                                                                                                                                                                                ------Rupees in '000 ------
WOOLEN
Moonlite (Pak) Limited                                                      115,477                  -                      -                -                    -              115,477                973                     1,269              -              -             5.35
                                                                            115,477                  -                      -                -                    -              115,477                973                     1,269              -              -
SYNTHETIC AND RAYON
Adil Polyproplene Limited                                                   136,201                  -                      -                -                    -               136,201              -                          -                -              -             2.46
Al-Abid Silk Mills Limited                                                  954,306                  -                      -                -                    -               954,306           19,630                     30,414             0.10           0.09           9.96
Dewan Salman Fibre Limited                                                4,192,737                  -                      -                -                    -             4,192,737            5,911                      6,205             0.02           0.02           1.14
Ibrahim Fibres Limited                                                    1,800,000                  -                      -                -                    -             1,800,000           53,658                     65,916             0.21           0.20           0.58
Indus Polyester Company Limited (Under voluntary winding up)                      4                  -                      -                -                    -                     4              -                          -                -              -              -
Karim Silk Mills Limited                                                     19,223                  -                      -                -                    -                19,223              -                          -                -              -             1.97
Polyron Limited (Under winding up through court)                                147                  -                      -                -                    -                   147              -                          -                -              -              -
Rupali Polyester Limited                                                  1,400,000                  -                      -                -                    -             1,400,000           45,622                     52,920             0.17           0.16           4.11
Sunshine Cloth Mills Limited                                                440,918                  -                      -                -                    -               440,918              -                          -                -              -             5.62
Tri-Star Polyester Limited                                                  629,772                  -                      -                -                    -               629,772              -                          -                -              -             2.93
                                                                          9,573,308                  -                      -                -                    -             9,573,308          124,821                    155,455             0.50           0.47
JUTE
Crescent Jute Proudcts Limited                                            1,488,808                  -                      -                -                    -             1,488,808              -                          -                -              -             6.27
Mehran Jute Mills Limited                                                   121,543                  -                      -                -                    -               121,543              -                          -                -              -             3.96
Thal Limited (Rs 5/ share)                                                1,750,638                  -                  350,127              -                    -             2,100,765          125,958                    178,292             0.56           0.55           4.11
                                                                          3,360,989                  -                  350,127              -                    -             3,711,116          125,958                    178,292             0.56           0.55
SUGAR AND ALLIED INDUSTRIES
Adam Sugar Mills Limited                                                        268                  -                      -                -                   (268)                -                 -                         -                -              -              -
Al-Abbas Sugar Mills Limited                                              1,427,183                  -                      -                -                    -             1,427,183            13,539                   136,296             0.43           0.42           8.22
Al-Noor Sugar Mills Limited                                               2,296,656                  -                      -                -                    -             2,296,656               -                      60,861             0.19           0.19          12.37
Baba Farid Sugar Mills Limited                                                  107                  -                      -                -                   (107)                -                 -                         -                -              -              -
Bawany Sugar Mills Limited                                                   27,523                  -                      -                -                    -                27,523               -                         -                -              -             0.32
Chashma Sugar Mills Limited                                                 942,227                  -                      -                -                    -               942,227             3,062                     6,596             0.02           0.02           3.28
Colony Sugar Mills Limited                                                  335,682                  -                      -                -                    -               335,682               -                       4,038             0.01           0.01           0.34
Crescent Sugar Mills And Distillery Limited                               1,048,579                  -                      -                -                    -             1,048,579             5,505                     5,820             0.02           0.02           4.91
Dewan Sugar Mills Limited                                                 2,415,432                  -                      -                -                    -             2,415,432             4,299                     5,773             0.02           0.02           6.62
Faran Sugar Mills Limited                                                 2,668,982                  -                      -                -                    -             2,668,982            36,797                    48,042             0.15           0.15          12.33
Habib Sugar Mills Limited (Rs 5/ share)                                   8,283,681                  -                      -                -                    -             8,283,681            40,933                   330,270             1.09           1.02           8.63
Husein Sugar Mills Limited                                                    1,282                  -                      -                -                    -                 1,282               -                         -                -              -             0.01
Kohinoor Sugar Mills Limited                                                719,955                  -                      -                -                    -               719,955             5,544                     5,544             0.02           0.02           6.60
Mian Muhammed Sugar Mills Limited                                           172,406                  -                      -                -                    -               172,406               -                         -                -              -             1.17
Mirpurkhas Sugar Mills Limited                                              819,932                  -                      -                -                    -               819,932               -                      63,709             0.20           0.21          12.83
Mirza Sugar Mills Limited                                                        49                  -                      -                -                    (49)                -                 -                         -                -              -              -
Noon Sugar Mills Limited                                                     20,274                  -                      -                -                    -                20,274               262                       557              -              -             0.14
Pangrio Sugar Mills Limited                                                 779,820                  -                      -                -                    -               779,820               -                         -                -              -             7.19


Saleem Sugar Mills Limited- 6% Preference shares (Rs 100/ share)                198                      -                      -                -                  -                 198                -                          -                -              -           0.02
Saleem Sugar Mills Limited                                                    8,761                  -                      -                -                    -                 8,761              -                          -                -              -             1.75
Sanghar Sugar Mills Limited                                               1,063,616                  -                      -                -                    -             1,063,616              -                          -                -              -             8.90
Shahmurad Sugar Mills Limited                                             2,417,910                  -                      -                -                    -             2,417,910              -                          -                -              -            11.45
Shahtaj Sugar Mills Limited                                                 801,695                  -                      -                -                    -               801,695           13,394                     87,770             0.28           0.27           6.67
Shakarganj Mills Limited                                                  7,194,553                  -                      -                -                    -             7,194,553           36,694                     59,499             0.19           0.18          10.35
Tandlianwala Sugar Mills Limited                                             35,220                  -                      -                -                    -                35,220              141                        497              -              -             0.03
The Premier Sugar Mills And Distillery Company Limited                       73,463                  -                      -                -                    -                73,463            3,047                      3,317             0.01           0.01           1.96
                                                                         33,555,454                  -                      -                -                   (424)         33,555,030          163,217                    818,589             2.63           2.54
CEMENT
Al-Abbas Cement Industries Limited                                           14,821                  -                      -                -                    -               14,821                 42                      102               -              -             0.01




                                                                                                                                    Page 23 of 29
NATIONAL INVESTMENT (UNIT) TRUST                                                                                                                                                                                                                            Annexure 2
AS AT DECEMBER 31, 2009
INVESTMENTS - AVAILABLE FOR SALE

                                                                                       …………………….Number of shares / certificates…………………                                          Balance as at December 31, 2009                       Percentage in Relation to
                                                                                                                                                                                                                                            Market value
                                                                                                                         Merger /                                                                                            Market value                      Paid up
                                                                                                                                                                                                                                                as a
                   Name of Investee Company                                       Purchases                             Demerger         Sales during the    As at December      Carrying                 Market                 as a                      capital of the
                                                          As at July 1, 2009                       Bonus / Right Issue                                                                                                                     percentage of
                                                                               during the period                         effects/            period             31, 2009          Value                   Value             percentage of                     investee
                                                                                                                                                                                                                                                total
                                                                                                                       Adjustments                                                                                            net assets                     Company
                                                                                                                                                                                                                                             investment
                                                                                                                                                                                    ------Rupees in '000 ------
Cherat Cement Company Limited                                   12,699,288                  -                     -              -                    -            12,699,288            144,900                  159,376             0.50           0.49          13.29
D. G. Khan Cement Company Limited                                  643,178              150,000                   -              -                    -               793,178             17,575                   25,826             0.08           0.08           0.26
Dewan Cement Limited                                             4,921,424                  -                     -              -                    -             4,921,424             12,353                   12,353             0.04           0.04           1.38
Fecto Cement Limited                                             1,570,478                  -                 157,047            -                    -             1,727,525             18,139                   18,139             0.06           0.06           3.44
Javedan Cement Limited                                                  35                  -                     -              -                    (35)                -                  -                        -                -              -              -
Kohat Cement Company Limited                                       245,503                  -                     -              -                    -               245,503              1,760                    1,760             0.01           0.01           0.19
Lafarge Pakistan Cement Limited                                 20,715,094                  -                     -              -                    -            20,715,094             45,366                   45,366             0.14           0.15           1.58
Lucky Cement Limited                                             3,537,763            1,097,742                   -              -                    -             4,635,505            193,982                  307,056             0.96           0.96           1.43
Maple Leaf Cement Factory Limited                                2,606,440                  -                     -              -                    -             2,606,440              9,800                    9,800             0.03           0.03           0.70
Maple Leaf Cement Factory Limited - Right                              -                    -                 254,128            -                    -               254,128                -                        -                -              -              -
Mustehkam Cement Limited                                           678,819                  -                     -              -                    -               678,819              5,235                   21,926             0.07           0.07           1.63
Pioneer Cement Limited                                           1,286,444                  -                     -              -                    -             1,286,444             13,739                   13,739             0.04           0.04           0.64
Punjab Building                                                    443,845                  -                     -              -                    -               443,845                -                        -                -              -              -
Thatta Cement Copany Limited                                           275                  -                     -              -                   (275)                -                  -                        -                -              -              -
Zeal-Pak Cement Factory Limited                                    486,248                  -                     -              -                    -               486,248                -                        214              -              -             0.11
                                                                49,849,655            1,247,742               411,175            -                   (310)         51,508,262            462,891                  615,657             1.93           1.93
TOBACCO
Pakistan Tobacco Company Limited                                 1,807,339                  -                     -              -                    -             1,807,339          131,665                    189,771             0.60           0.59           0.71
                                                                 1,807,339                  -                     -              -                    -             1,807,339          131,665                    189,771             0.60           0.59
REFINERY
Attock Refinery Limited                                          4,027,598                  -                     -              -                    -             4,027,598          241,213                  555,527               1.75           1.71           4.72
National Refinery Limited                                        4,274,528                  -                     -              -                    -             4,274,528          406,765                  755,822               2.37           2.33           5.35
Pakistan Refinery Limited                                        1,575,000                  -                     -              -                    -             1,575,000          141,435                  190,103               0.60           0.59           4.50
                                                                 9,877,126                  -                     -              -                    -             9,877,126          789,413                1,501,452               4.72           4.63
POWER GENERATION AND DISTRIBUTION
The Hub Power Company Limited                                   14,710,605                  -                     -              -                    -            14,710,605          207,273                    457,206             1.44           1.41           1.27
Karachi Electric Supply Company Limited - Right                  1,756,960                  -              (1,756,960)           -                    -                   -                -                          -                -              -              -
Karachi Electric Supply Company Limited (Rs 3.5/ share)          5,667,614                  -                     -              -                    -             5,667,614           11,732                     15,076             0.05           0.05           0.03
Kohinoor Energy Limited                                            410,390                  -                     -              -                    -               410,390            7,900                     12,722             0.04           0.04           0.24
Kohinoor Power Company Limited                                     290,160                  -                     -              -                    -               290,160            2,170                      2,284             0.01           0.01           2.30
Kot Addu Power CompanyLimited                                    1,231,503                  -                     -              -                    -             1,231,503           38,867                     56,489             0.18           0.17           0.14
Nishat Chunnian Power Limited                                          -              3,000,000                   -                                                 3,000,000           30,000                     30,900             0.10           0.10           0.82
S. G. Power Limited                                                323,376                  -                     -              -                    -               323,376              233                        369              -             0.01           1.81
Sitara Energy Limited                                              256,117                  -                     -              -                    -               256,117            5,007                      5,558             0.02           0.02           1.34
                                                                24,646,725            3,000,000            (1,756,960)           -                    -            25,889,765          303,182                    580,604             1.84           1.81
OIL AND GAS MARKETING COMPANIES
Pakistan State Oil Company Limited                              12,814,137                  -                     -              -                    -            12,814,137        1,105,863                3,811,437             11.97           11.76           7.47
Shell Gas LPG (Pakistan) Limited                                 1,534,033                  -                     -              -                    -             1,534,033           33,779                   92,548              0.29            0.29           6.78
Sui Northern Gas Pipelines Limited                              16,894,303                  -                     -              -                    -            16,894,303          109,283                  418,979              1.32            1.30           3.08
Sui Southern Gas Company Limited                                10,069,822                  -                     -              -                    -            10,069,822          105,835                  135,238              0.42            0.42           1.50
                                                                41,312,295                  -                     -              -                    -            41,312,295        1,354,760                4,458,202             14.00           13.77
OIL AND GAS EXPLORATION COMPANIES
Mari Gas Company Limited                                         1,566,707                  -               1,566,707            -                    -             3,133,414          155,027                  428,745               1.35           1.33           4.26
Oil & Gas Development Company Limited                            3,868,472                  -                     -              -                    -             3,868,472          197,744                  427,892               1.34           1.32           0.09
Pakistan Oilfields Limited                                       3,167,856                  -                     -              -               (700,000)          2,467,856          255,524                  569,507               1.79           1.76           1.04
Pakistan Petroleum Limited                                       1,029,118                  -                 205,823                2                -             1,234,943          105,965                  234,133               0.74           0.72           0.12
                                                                 9,632,153                  -               1,772,530                2           (700,000)         10,704,685          714,260                1,660,277               5.22           5.13




                                                                                                                        Page 24 of 29
NATIONAL INVESTMENT (UNIT) TRUST                                                                                                                                                                                                                               Annexure 2
AS AT DECEMBER 31, 2009
INVESTMENTS - AVAILABLE FOR SALE

                                                                                       …………………….Number of shares / certificates…………………                                             Balance as at December 31, 2009                       Percentage in Relation to
                                                                                                                                                                                                                                               Market value
                                                                                                                         Merger /                                                                                               Market value                      Paid up
                                                                                                                                                                                                                                                   as a
                   Name of Investee Company                                       Purchases                             Demerger         Sales during the       As at December      Carrying                 Market                 as a                      capital of the
                                                          As at July 1, 2009                       Bonus / Right Issue                                                                                                                        percentage of
                                                                               during the period                         effects/            period                31, 2009          Value                   Value             percentage of                     investee
                                                                                                                                                                                                                                                   total
                                                                                                                       Adjustments                                                                                               net assets                     Company
                                                                                                                                                                                                                                                investment
                                                                                                                                                                                       ------Rupees in '000 ------
ENGINEERING
Balochistan Tower                                                   74,114                  -                     -              -                    -                   74,114              -                          -                -              -              -
Bolan Castings Limited                                             337,439                  -                  67,487            -                    -                  404,926            4,850                     14,986             0.05           0.05           4.27
Crescent Steel And Allied Proudcts Limited                       3,891,245                  -                     -              -                    -                3,891,245           66,269                    101,211             0.32           0.31           6.89
Dadex Eternit Limited                                                5,832                  -                     -              -                    -                    5,832              151                        201              -              -             0.05
Dost Steels Limited                                                 29,656                  -                     -              -                    -                   29,656              144                        144              -              -             0.04
Huffaz Seamless Pipe Industries Limited                            838,398                  -                 523,998            -                    -                1,362,396            6,759                     28,488             0.09           0.09           2.46
International Industries Limited                                10,464,279                  -                     -              -                    -               10,464,279          471,834                    614,044             1.93           1.90          10.47
K.S.B. Pumps Company Limited                                     1,501,659                  -                     -              -                    -                1,501,659           31,743                    112,654             0.35           0.35          11.38
Karachi Pipe                                                       156,102                  -                     -              -                    -                  156,102              -                          -                -              -              -
Metropolitan Steel Corporation Limited                              98,518                  -                     -              -                    -                   98,518              -                        1,572              -              -             0.32
Nowshera Engineering                                                26,057                  -                     -              -                    -                   26,057              -                          -                -              -              -
Quality Steel Works Limited                                          3,422                  -                     -              -                    -                    3,422              -                          -                -              -             0.19
RCD Ball Bearing                                                    19,716                  -                     -              -                    -                   19,716              -                          -                -              -              -
Taxila Engineering Company Limited                                 206,888                  -                     -              -                    -                  206,888              -                          -                -              -             4.87
                                                                17,653,325                  -                 591,485            -                    -               18,244,810          581,750                    873,300             2.74           2.70
AUTOMOBILE ASSEMBLERS
Atlas Honda Limited                                                146,005                  -                     -              -                    -                  146,005              645                     20,270             0.06           0.06           0.27
Ghandara Nissan Limited                                          2,688,711                  -                     -              -                    -                2,688,711           14,385                     15,030             0.05           0.05           5.97
Ghandhara Industries Limited                                       258,577                  -                     -              -                    -                  258,577            1,943                      1,859             0.01           0.01           1.21
Ghani Automobile Industries Limited                                    147                  -                     -              -                   (147)                   -                -                          -                -              -              -
Hinopak Motors Limited                                             500,000                  -                     -              -                    -                  500,000           76,750                     99,565             0.31           0.31           4.03
Honda Atlas Cars (Pakistan) Limited                              3,619,831                  -                     -              -                    -                3,619,831           41,700                     69,211             0.22           0.21           2.53
Indus Motor Company Limited                                        873,608                  -                     -              -                (63,500)               810,108           87,265                    159,202             0.50           0.49           1.03
Millat Tractors Limited                                            312,512                  -                  78,128            -                    -                  390,640           41,848                    148,365             0.47           0.46           1.33
Pak Suzuki Motor Company Limited                                 2,084,415                  -                     -              -                    -                2,084,415          141,532                    185,430             0.58           0.57           2.53
Saif Nadeem Kawasaki Motors Limited                                  4,482                  -                     -              -                 (4,000)                   482              -                          -                -              -             0.02
                                                                10,488,288                  -                  78,128            -                (67,647)            10,498,769          406,068                    698,932             2.20           2.16
AUTOMOBILE PARTS AND ACCESORIES
Agriauto Industries Limited (Rs 5/ share)                        1,304,660                  -                     -              -                    -                1,304,660            9,755                     78,606             0.25           0.24           4.53
Atlas Engineering Limited                                           25,164                  -                     -              -                    -                   25,164              -                          325              -              -             0.10
Baluchistan Wheels Limited                                       1,592,160                  -                     -              -                    -                1,592,160           48,873                     46,173             0.15           0.14          11.94
Bela Engineering Limited                                           266,145                  -                     -              -                    -                  266,145              -                          -                -              -             7.83
Exide Pakistan Limited                                             388,992                  -                     -              -                    -                  388,992           15,429                     67,198             0.21           0.21           7.20
Rex Baren Battery                                                   56,155                  -                     -              -                    -                   56,155              -                          -                -              -              -
Taga Pakistan Limited                                               96,055                  -                     -              -                    -                   96,055              -                          -                -              -             3.69
The General Tyre And Rubber Company of Pakistan Limited          3,765,976                  -                     -              -                    -                3,765,976           38,225                     90,233             0.28           0.28           6.30
                                                                 7,495,307                  -                     -              -                    -                7,495,307          112,282                    282,535             0.89           0.87
CABLE AND ELECTRICAL GOODS
Aslo Electronics                                                    39,407                  -                     -              -                    -                   39,407              -                        -                  -              -              -
Casspak Industries Limited                                          54,184                  -                     -              -                    -                   54,184              -                        -                  -              -             2.46
Greaves Aircondition                                                59,110                  -                     -              -                    -                   59,110              -                        -                  -              -              -
Hyderabad Electronic                                                98,518                  -                     -              -                    -                   98,518              -                        -                  -              -             0.60
Johnson And Phillips (Pakistan) Limited                            574,324                  -                     -              -                    -                  574,324              -                      8,994               0.03           0.03          10.54
Pak Elektron Limited                                             6,522,044                  -                 652,205            -                    -                7,174,249          134,443                  134,443               0.42           0.41           6.72
Pakistan Cables Limited                                          1,758,827                  -                     -              -                    -                1,758,827           11,873                   89,718               0.28           0.28           8.19
Pakistan Telephone Cables Limited                                   91,424                  -                     -              -                    -                   91,424              279                      283                -              -             0.44
Punjab Lamp                                                        108,468                  -                     -              -                    -                  108,468              -                        -                  -              -              -
Refrigerators Manufacturer Company of Pakistan Limited                  26                  -                     -              -                    -                       26              -                        -                  -              -              -
Siemens Pakistan Engineering Company Limited                       983,658                  -                     -              -                    -                  983,658        1,001,364                1,240,255               3.90           3.83          11.93
Singer Pakistan Limited                                                  9                  -                     -                  2                    (9)                  2              -                        -                  -              -              -
                                                                10,289,999                  -                 652,205                2                    (9)         10,942,197        1,147,959                1,473,693               4.63           4.55




                                                                                                                        Page 25 of 29
NATIONAL INVESTMENT (UNIT) TRUST                                                                                                                                                                                                                    Annexure 2
AS AT DECEMBER 31, 2009
INVESTMENTS - AVAILABLE FOR SALE

                                                                                …………………….Number of shares / certificates…………………                                         Balance as at December 31, 2009                       Percentage in Relation to
                                                                                                                                                                                                                                    Market value
                                                                                                                  Merger /                                                                                           Market value                      Paid up
                                                                                                                                                                                                                                        as a
                   Name of Investee Company                                Purchases                             Demerger        Sales during the    As at December      Carrying                 Market                 as a                      capital of the
                                                   As at July 1, 2009                       Bonus / Right Issue                                                                                                                    percentage of
                                                                        during the period                         effects/           period             31, 2009          Value                   Value             percentage of                     investee
                                                                                                                                                                                                                                        total
                                                                                                                Adjustments                                                                                           net assets                     Company
                                                                                                                                                                                                                                     investment
                                                                                                                                                                            ------Rupees in '000 ------
TRANSPORT
Pakistan National Shipping Corporation                      436,564                  -                     -              -                   -              436,564                4,483                  20,519             0.06           0.06           0.33
Pan Islamic Steamship Limited                                 1,136                  -                     -              -                   -                1,136                  -                       -                -              -             0.02
                                                            437,700                  -                     -              -                   -              437,700                4,483                  20,519             0.06           0.06
TECHNOLOGY AND COMMUNICATIONS
Eye Television Network Limited                                9,159                  -                     -              -                   -                 9,159              258                        267              -              -             0.02
Netsol Technologies Limited                                 442,877                  -                     -              -                   -               442,877            7,910                     12,635             0.04           0.04           0.57
Pak Datacom Limited                                         143,119                  -                     -              -                   -               143,119            2,538                     14,455             0.05           0.04           1.83
Pakistan Telecommunication Company Limited                6,099,384                  -                     -              -                   -             6,099,384          103,020                    107,654             0.34           0.33           0.16
TRG Pakistan Limited - Class A                            1,078,741                  -                     -              -                   -             1,078,741            1,456                      2,287             0.01           0.01           0.28
                                                          7,773,280                  -                     -              -                   -             7,773,280          115,182                    137,298             0.44           0.42
FERTILIZERS
Dawood Hercules Chemicals Limited                           214,304                  -                     -              -                   -               214,304           27,540                   38,534               0.12           0.12           0.20
Engro Chemical Pakistan Limited                           1,262,137              750,000                   -              -                   -             2,012,137          228,392                  368,764               1.16           1.14           0.68
Fauji Fertilizer Bin Qasim Limited                          650,000              500,000                   -              -                   -             1,150,000           20,675                   30,050               0.09           0.09           0.12
Fauji Fertilizer Company Limited                         26,285,813                  -                     -              -                   -            26,285,813        1,132,117                2,705,599               8.50           8.35           3.87
                                                         28,412,254            1,250,000                   -              -                   -            29,662,254        1,408,724                3,142,947               9.87           9.70
PHARMACEUTICALS
Abbot Laboatories (Pakistan) Limited                      2,593,029                  -                     -              -                   -             2,593,029          207,961                  314,327               0.99           0.97           2.65
Ferozsons Laboratories Limited                              988,514                  -                 197,702            -                   -             1,186,216            1,878                  143,532               0.45           0.44           5.69
Glaxosmithkline Pakistan Limited                          6,335,730                  -                     -              -                   -             6,335,730          481,136                  692,305               2.17           2.14           3.71
Highnoon Laboratories Limited                               320,625                  -                     -              -                   -               320,625            3,639                   10,472               0.03           0.03           1.94
Otsuka Pakistan Limited                                     105,217                  -                     -              -                   -               105,217            1,617                    4,128               0.01           0.01           1.05
Sanofi Aventis (Pakistan) Limited                           229,461                  -                     -              -                   -               229,461           21,056                   33,297               0.10           0.10           2.38
Searle Pakistan Limited                                     786,713                  -                 118,006            -                   -               904,719           21,204                   56,613               0.18           0.17           2.95
Wyeth Pakistan Limited (Rs 100/ share)                      111,574                  -                     -              -                   -               111,574           43,914                  143,997               0.45           0.44           0.78
                                                         11,470,863                  -                 315,708            -                   -            11,786,571          782,405                1,398,671               4.38           4.30
CHEMICALS
Bawany Air Products Limited                                  74,314                  -                     -              -                   -                74,314              248                        349              -              -             1.09
Berger Paints Pakistan Limited                              278,378                  -                     -              -                   -               278,378            6,360                      8,800             0.03           0.03           3.40
BOC Pakistan Limited                                        900,681                  -                     -              -                   -               900,681          101,616                    115,242             0.36           0.36           3.60
Buxly Paints Limited                                        175,218                  -                     -              -                   -               175,218            2,525                      3,224             0.01           0.01          12.17
Clariant Pakistan Limited                                 1,552,377                  -                     -              -                   -             1,552,377           18,444                    271,247             0.85           0.84           5.69
Data Agro Limited                                            98,518                  -                     -              -                   -                98,518              -                          -                -              -             2.46
Dynea Pakistan Limited (Rs 5/ share)                      1,787,610                  -                     -              -                   -             1,787,610           17,623                     19,574             0.06           0.06           9.47
ICI Pakistan Limited                                        128,351              481,839                   -              -                   -               610,190           89,691                    102,811             0.32           0.32           0.44
Leiner Pak Gelatine Limited                                  27,277                  -                     -              -                   -                27,277              354                        723              -              -             0.36
Lotte Pakistan PTA Limited                                5,049,259                  -                     -              -                   -             5,049,259            8,028                     39,536             0.12           0.12           0.33
Nimir Resins Limited (Rs 5/ share)                          513,395                  -                     -              -                   -               513,395              -                        1,509              -              -             0.81
Pakistan Gum and Chemicals Limited                           97,057                  -                     -              -                   -                97,057            1,449                      3,009             0.01           0.01           2.28
Sardar Chemical Industries Limited                          147,777                  -                     -              -                   -               147,777              -                          281              -              -             2.46
Sind Alkalis Limited                                        704,745                  -                     -              -                   -               704,745              -                          -                -              -             9.42
Sitara Chemical Industries Limited                          662,495                  -                     -              -                   -               662,495           91,909                    106,012             0.33           0.33           3.25
Sitara Peroxide Limited                                     104,322                  -                     -              -                   -               104,322            1,678                      1,651             0.01           0.01           0.19
Wah Noble Chemicals Limited                                 636,624                  -                     -              -                   -               636,624           10,157                     34,269             0.11           0.11           7.07
                                                         12,938,398              481,839                   -              -                   -            13,420,237          350,082                    708,237             2.21           2.20
PAPER AND BOARDS
Adamjee Paper                                               269,806                  -                     -              -                   -               269,806               -                         -                -              -              -
Balochistan Particle Board Limited (Rs 5/ share)            781,130                  -                     -              -                   -               781,130               -                         -                -              -            13.02
Central Forest Products Limited                             147,777                  -                     -              -              (147,777)                -                 -                         -                -              -              -
Century Paper & Board Mills Limited                       5,500,015                  -                     -              -                   -             5,500,015            72,545                    72,820             0.23           0.22           7.78
Cherat Papersack Limited                                        241                  -                     -              -                  (241)                -                 -                         -                -              -              -




                                                                                                                 Page 26 of 29
NATIONAL INVESTMENT (UNIT) TRUST                                                                                                                                                                                                                    Annexure 2
AS AT DECEMBER 31, 2009
INVESTMENTS - AVAILABLE FOR SALE

                                                                                …………………….Number of shares / certificates…………………                                         Balance as at December 31, 2009                       Percentage in Relation to
                                                                                                                                                                                                                                    Market value
                                                                                                                  Merger /                                                                                           Market value                      Paid up
                                                                                                                                                                                                                                        as a
                   Name of Investee Company                                Purchases                             Demerger        Sales during the    As at December      Carrying                 Market                 as a                      capital of the
                                                   As at July 1, 2009                       Bonus / Right Issue                                                                                                                    percentage of
                                                                        during the period                         effects/           period             31, 2009          Value                   Value             percentage of                     investee
                                                                                                                                                                                                                                        total
                                                                                                                Adjustments                                                                                           net assets                     Company
                                                                                                                                                                                                                                     investment
                                                                                                                                                                            ------Rupees in '000 ------
Chilya C. Board                                              43,200                  -                     -              -                   -                43,200                -                        -                -              -              -
Dadabhoy Sack Limited                                        49,259                  -                     -              -                   -                49,259                -                        -                -              -             1.23
Merit Packaging Limited                                     684,145                  -                     -              -                   -               684,145              3,169                   12,896             0.04           0.04          14.42
Packages Limited                                          4,569,383                  -                     -              -                   -             4,569,383            370,989                  657,991             2.07           2.03           5.42
Pak Paper Corporation                                       103,848                  -                     -              -                   -               103,848                -                        -                -              -             2.77
Pakistan Paper Prouducts Limited                            289,780                  -                     -              -                   -               289,780                568                   13,996             0.04           0.04           7.73
Premier Board                                                29,998                  -                     -              -                   -                29,998                -                        -                -              -              -
Security Papers Limited                                   1,800,000                  -                     -              -                   -             1,800,000             86,580                   86,580             0.27           0.27           4.37
                                                         14,268,582                  -                     -              -              (148,018)         14,120,564            533,851                  844,283             2.65           2.60
VANASPATI AND ALLIED INDUSTRIES
Al-Hussany Industries Limited                                61,573                  -                     -              -                   -               61,573                  -                       -                -              -             2.46
Fazal Vegetable Ghee Mills Limited                           42,005                  -                     -              -                   -               42,005                  -                       -                -              -             2.10
Morafco Industries Limited                                   57,409                  -                     -              -                   -               57,409                  -                       -                -              -            10.10
Pak Ghee Industries Limited                                  58,618                  -                     -              -                   -               58,618                  -                       -                -              -             2.66
Punjab Oil Mills Limited                                    292,999                  -                  73,251            -                   -              366,250                3,222                  17,946             0.06           0.06           9.57
Suraj Ghee Industries Limited                                54,324                  -                     -              -                   -               54,324                  -                       -                -              -             5.67
                                                            566,928                  -                  73,251            -                   -              640,179                3,222                  17,946             0.06           0.06
LEATHER AND TANNERIES
Bata Pakistan Limited                                     1,090,234                  -                     -              -                   -             1,090,234            58,348               1,067,339               3.35           3.30          14.42
Fateh Industries Limited                                     23,062                  -                     -              -                   -                23,062               -                       -                  -              -             1.15
H-Shaikh                                                    113,022                  -                     -              -                   -               113,022               -                       -                  -              -              -
                                                          1,226,318                  -                     -              -                   -             1,226,318            58,348               1,067,339               3.35           3.30
FOOD AND PERSONAL CARE PRODUCTS
IBL Health Care Limited                                     295,437                  -                     -              -                   -               295,437              -                        2,721             0.01           0.01           1.48
Mitchell'S Fruit Farms Limited                              562,203                  -                     -              -                   -               562,203           31,373                     41,867             0.13           0.13          11.15
Mubarik Dairies Limited                                      55,416                  -                     -              -                   -                55,416              -                          -                -              -             1.98
Nestle Pakistan Limited                                      98,000                  -                     -              -                   -                98,000          107,014                    122,104             0.38           0.38           0.22
Shezan International Limited                              1,141,177                  -                     -              -                   -             1,141,177           70,520                    139,372             0.44           0.43          19.02
Treet Corporation Limited                                   355,064                  -                     -              -                   -               355,064            8,280                    100,838             0.32           0.31           8.49
Unilever Pakistan Limited (Rs 50/share)                     111,000                  -                     -              -                   -               111,000          200,657                    255,300             0.80           0.79           0.17
Uqab Breeding Farms Limited                                 139,748                  -                     -              -                   -               139,748              -                          -                -              -             5.27
ZIL Limited                                                 309,872                  -                  30,987            -                   -               340,859            4,866                     22,333             0.07           0.07           6.40
                                                          3,067,917                  -                  30,987            -                   -             3,098,904          422,710                    684,535             2.15           2.12
GLASS AND CERAMICS
Balochistan Glass Limited                                   591,534                  -                     -              -                   -               591,534             1,361                     1,361              -             0.01           0.69
Emco Industries Limited                                     754,929                  -                     -              -                   -               754,929             3,775                     3,775             0.01           0.01           2.16
Ghani Glass Limited                                         654,205                  -                  65,421            -                   -               719,626            32,757                    37,089             0.12           0.11           0.74
Ghulam Muhammad Dadabhoy Pudable                             49,259                  -                     -              -                   -                49,259               -                         -                -              -             0.99
Karam Ceramices Limited                                     358,232                  -                     -              -                   -               358,232             3,582                     3,224             0.01           0.01           2.46
Medi Glass Limited                                          295,554                  -                     -              -                   -               295,554               -                         -                -              -             3.89
Regal Ceramics Limited                                       89,947                  -                     -              -                   -                89,947               -                         -                -              -             1.23
Shabbir Tiles And Ceramics Limited (Rs 5/ share)          3,535,939                  -                     -              -                   -             3,535,939            31,842                    38,895             0.12           0.12           4.90
                                                          6,329,599                  -                  65,421            -                   -             6,395,020            73,317                    84,344             0.26           0.26
MISCELLANEOUS
Adamjee Floorings                                            59,110                  -                     -              -                   -               59,110                  -                       -                -              -              -
Arag Industries Limited                                     189,220                  -                     -              -                   -              189,220                  -                       -                -              -              -
Dadabhoy Construction Technology Limited                     69,085                  -                     -              -                   -               69,085                  -                       -                -              -             2.97
Grays Of Cambridge (Pakistan) Limited                        70,202                  -                 245,707            -                   -              315,909                4,072                  25,001             0.09           0.08           4.30
Gypsum Corporation                                          165,017                  -                     -              -                   -              165,017                  -                       -                -              -              -
Hashmi Can Company Limited                                  160,986                  -                     -              -                   -              160,986                  -                       -                -              -             9.86
National Construction Overseas                               24,629                  -                     -              -                   -               24,629                  -                       -                -              -              -
National Match Industries                                    26,452                  -                     -              -                   -               26,452                  -                       -                -              -              -




                                                                                                                 Page 27 of 29
NATIONAL INVESTMENT (UNIT) TRUST                                                                                                                                                                                                                 Annexure 2
AS AT DECEMBER 31, 2009
INVESTMENTS - AVAILABLE FOR SALE

                                                                            …………………….Number of shares / certificates…………………                                            Balance as at December 31, 2009                     Percentage in Relation to
                                                                                                                                                                                                                                 Market value
                                                                                                              Merger /                                                                                            Market value                      Paid up
                                                                                                                                                                                                                                     as a
                    Name of Investee Company                           Purchases                             Demerger           Sales during the    As at December      Carrying                Market                as a                      capital of the
                                               As at July 1, 2009                       Bonus / Right Issue                                                                                                                     percentage of
                                                                    during the period                         effects/              period             31, 2009          Value                  Value            percentage of                     investee
                                                                                                                                                                                                                                     total
                                                                                                            Adjustments                                                                                            net assets                     Company
                                                                                                                                                                                                                                  investment
                                                                                                                                                                           ------Rupees in '000 ------
Pace (Pakistan) Limited                                 525,716                  -                     -              -                      -               525,716              2,933                  3,075             0.01           0.01           0.19
Pakistan Services Limited                               893,795                  -                     -              -                      -               893,795            101,044                157,513             0.49           0.50           2.75
Syed Match Company Limited                               14,777                  -                     -              -                      -                14,777                148                    207              -              -             4.93
Tawakkal Limited                                        113,264                  -                     -              -                      -               113,264                -                      -                -              -             0.81
Tri-Pack Films Limited                                  378,091                  -                     -              -                      -               378,091             37,769                 38,943             0.12           0.13           1.26
Turbo Tec Limited                                       170,879                  -                     -              -                      -               170,879                -                      -                -              -             1.71
United Brands Limited                                     8,016                  -                     -              -                      -                 8,016                -                      383              -              -             0.67
United Distributors Pakistan Limited                    411,245                  -                  41,124                (1)                -               452,368                -                      -                -              -             4.93
                                                      3,280,484                  -                 286,831                (1)                -             3,567,314            145,966                225,122             0.71           0.72

GRAND TOTAL                                         734,522,023            5,979,581             5,764,260          1,874             (1,299,801)        744,967,937       14,824,542             29,150,660             91.57           90.02




                                                                                                             Page 28 of 29
NATIONAL INVESTMENT (UNIT) TRUST                                                                                                                  Annexure 3
AS AT DECEMBER 31, 2009
INVESTMENTS - HELD TO MATURITY


                                                                ----------------------------------At cost----------------------------------
                                                                                   Transfer
                                                                                                                                                    % age of net
 S No                              Name                                           from LOC          Redemptions
                                                                Opening                                                      Closing                  assets
                                                                                   Holders'        during the year
                                                                                      Fund
                                                                    -------------------------Rupees in '000-------------------------

 Investment under Morabaha Arrangements

  1     Textile Management (Private) Limited                          2,031             2,093                     -                  4,124                   0.01

  2     Pak China Fertilizers Limited                               13,300            13,700                      -                 27,000                   0.08

  3     Quaidabad Woolen Mills Limited                              11,330             11,670                     -                 23,000                   0.07
        Total                                                       26,661             27,463                     -                 54,124                   0.16
        Less : Provision for impairment loss                       (26,661)           (27,463)                    -                (54,124)                 (0.16)
                                                                       -                  -                       -                    -                      -

 Participation Term Certificates

  1     Adamjee Paper & Board Mills Limited                           5,172             5,328                     -                 10,500                   0.03
        Less : Provision for impairment loss                         (5,172)           (5,328)                    -                (10,500)                 (0.03)
                                                                        -                 -                       -                    -                      -

 Term Finance Certificates and Redeemable Capital

  1     Adamjee Paper & Board Mills Limited                           4,002             4,123                     -                  8,125                   0.03

  2     Al-Zamin Leasing Modaraba                                        -                 -                      -                     -                    0.00

  3     Brothers Steel Mills Limited                                    965               994                     -                  1,959                   0.01

  4     Naimat Basal Oil & Gas Securitization Company Limited                2             -                      -                           2              0.00

  5     Pakistan Telecommunication Limited (PTC) / BEL                1,388             1,431                     -                  2,819                   0.01
        Total                                                         6,357             6,548                     -                 12,905                   0.05
        Less : Provision for impairment loss                         (6,357)           (6,548)                    -                (12,905)                 (0.05)
                                                                        -                 -                       -                    -                      -

				
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