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					                                                       September 2010

Lakson Outlook
                                         Economic and Markets Review
                                         FMR Lakson Money Market Fund
                                         FMR Lakson Income Fund
                                         FMR Lakson Equity Fund
                                         Mutual Funds Performance Comparison
                                         Markets Information




                        Rated “AM3” with                        LAKSON
                   “Positive Outlook” by PACRA                  investments
                                                                partner with confidence
The Lakson Group
      Economic and Markets Review                              4
      FMR Lakson Money Market Fund                             5
      FMR Lakson Income Fund                                   6
      FMR Lakson Equity Fund                                   7
      Mutual Funds Performance Comparison                      8
      Markets Information                                     11




This Report has been prepared by Lakson Investments Limited
                                                                                          Economic & Markets Review

Economic Review (Monetary and Fiscal)                                                                                                                         Yield Curve
                                                                                                                          15.0%
Pakistan is facing challenges on the fiscal front and the International Monetary Fund ("IMF") showed serious
concerns over a rising budget deficit, provincial fiscal indiscipline, a delay in the imposition of a Reformed
General Sales Tax ("RGST") and generally slow progress on implementation of power sector reforms. The IMF                 14.0%
has projected that the Balance of Payments will weaken by USD 1.6 billion as a result of the recent floods while
the GDP growth is not expected to be more than 2.75%; the GDP growth could be even lower if crop damage
exceeds preliminary assessments or if the floods recede at a slower pace than expected. The IMF has projected             13.0%
an average annual inflation of 13.50% for FY11 while the Non-Performing Loans ("NPLs") of the commercial
banks are expected to rise by PKR 54 billion due to the floods. The IMF disbursed emergency aid of USD 450                12.0%
million to Pakistan during the month that helped the forex reserves of the country to move to USD 16.99 billion.
The State Bank of Pakistan ("SBP") announced its second monetary policy for FY11, first after the flood, and
increased the policy rate by 50bps to 13.50% due to continued inflation and dependence of the Government                  11.0%
on the SBP and banking system for budgetary support. During FY11 the SBP used a proactive approach and
increased the policy rate by 100bps in anticipation of the deterioration on the fiscal front. The SBP has identified                 1W 1M 3M 6M               1Y   3Y     5Y     7Y      9Y 15Y 30Y
four areas for economic stability and growth and they include implementation of tax reforms, energy sector                                         31-Aug-10                  30-Sep-10
reforms and resolution of circular debt issue, relief measures for flood victims, and containment of the
Government borrowing from the SBP.
There is mounting pressure from international community, especially the US on Pakistan to increase its tax to                                   USD/PKR vs. Forex Reserves
GDP ratio in order to get crucial foreign assistance. In this scenario the imposition of a flood tax / surcharge
on property, land and higher income group and the RGST are all fair game. With these measures in place the                  87.0                 Forex Res. (USD bn.) - RHS                             17
Federal Board of Revenue ("FBR") may be assigned a revised tax collection target of PKR 1,689 billion which                                      USD/PKR
would be a difficult target considering the downward revision of the GDP growth. On September 16, 2010 the                  86.5
European Union ("EU") announced to increase market access to the EU through the immediate and time limited
reduction of duties on key imports from Pakistan in conformity with WTO rules and to commit to Pakistan's                                                                                               16
eligibility for GSP+ status for 2014, provided it meets the necessary criteria.                                             86.0

The MoM headline inflation as measured by the Consumer Price Index ("CPI") for September '10 stood at 2.65%
however because of food supply disruption MoM food inflation showed a substantial increase of 5.26%. The                    85.5
                                                                                                                                                                                                        15
YoY CPI for September '10 has clocked in at 15.71% on the back of 21.24% YoY food inflation and 20.81% YoY
increase in fuel and lighting component. The YoY inflation in September '10 is at the highest level in last 17              85.0
months mainly due to supply disruptions and loss of agricultural output caused by the floods. Amid declining
foreign investment and increasing trade deficit the remittances continue to follow an upward trajectory and
give some respite to the external current account position. In September '10 the country received USD 922                   84.5                                                                        14
million which takes the total remittances in 1QFY11 to USD 2.65 billion (up by 13.54% YoY). If the similar trend                   1-Sep          8-Sep        15-Sep         22-Sep         29-Sep
is followed in the remaining nine months of FY11 then the remittances can surpass the USD 10 billion mark.
In September '10 the Rupee was under pressure and it depreciated in value from PKR 85.62 at the month start
to PKR 86.32 at the month end because of heavy demand of foreign exchange for making payments of imports.                 20.0%                     Inflation vs. Discount Rate
Fixed Income Markets Review
Market remained very liquid throughout the month of September '10 and the overnight repo rates averaged
                                                                                                                          16.0%
11.25% as compared to 12.18% in August '10. Better foreign flows in the form of IMF emergency aid and flood
related assistance from other countries along with higher Government sector borrowing from the SBP for
budgetary support caused monetary expansion that kept the money market rates down. The SBP conducted
8 Open Market Operations ("OMOs") during the month and on net basis mopped up PKR 74 billion from the
                                                                                                                          12.0%
market as compared to an injection of PKR 90 billion in August '10. Market yields witnessed an adjustment
during the month in anticipation of the hike in the discount rate by the SBP in the monetary policy. Yields went
up by 34bps on average on Government securities of different tenures while an upward trend was also witnessed
in KIBOR and it went up by 31bps after the announcement of the monetary policy. The SBP conducted two
T-Bill auctions during the month and raised PKR 147 billion against a pre-auction target of PKR 150 billion and            8.0%
increased the cut-off yields by 23 and 18bps on 3 and 6 month T-Bills respectively. The SBP was not able to                       Oct-09         Dec-09         Mar-10           Jun-10          Sep-10
raise the target amount as very low participation was witnessed in the auctions despite excess liquidity in the
                                                                                                                                           Discount Rate            Core Inflation               CPI
banking system as the market had already anticipated a policy rate hike in the monetary policy.

Equity Market Review
                                                                                                                                                           Market Rates
The KSE-100 Index went up by 200 points (2.04%) during the month of September '10 and the KSE-100 index
regained the 5-digit mark. After a steep decline of 6.71% in August '10 a recovery was seen in the market                 14.0%
mainly on the news of approval of the Margin Trading System ("MTS") by the Securities and Exchange Commission
of Pakistan ("SECP"). Average daily volumes traded during the month were 61 million shares, compared to 57                13.0%
million shares in August '10, up 7% MoM. Volumes usually decline in the month of Ramadan and a similar
trend is observed this year however after Eid a recovery was seen in volumes. Result season was in full swing
and many companies announced their results. Market reacted positively to the stocks that declared healthy                 12.0%
payouts along with their results. During the month buying was seen in energy, banking, cement and textile
stocks. Foreigners were once again the major buyers in the market with a net buying of USD 22.54 million
while the domestic companies were the major sellers with a net selling of USD 14.15 million. The foreigners               11.0%
continued to take fresh positions despite the fact that the country is facing serious economic challenges.
                                                                                                                          10.0%
Political Review                                                                                                                  1-Sep              9-Sep              21-Sep              29-Sep
Political instability is increasing in the country as the differences between the Government and Judiciary have                       6M KIBOR               O/N Repo Rate                6M T-Bill
increased on the implementation of the orders of the Supreme Court in the NRO case. The Government is
also facing resistance from the opposition parties as well as its allies on the imposition of flood tax / surcharge
and the implementation of the RGST resulting in economic challenges for the Government. Pakistan closed
the supply route through its territory after NATO helicopters strayed over the border several times, culminating        10,600                    KSE-100 Index vs. FPI                               15.0
in the shooting killing two Pakistani soldiers.
                                                                                                                                                                                                      10.0
                                                                                                                        10,200
Outlook
                                                                                                                                                                                                      5.0
 Pakistan is facing severe economic challenges after the flood and initial estimates indicate that the flood has          9,800
 caused a loss of USD 9 billion to the economy. Going forward the SBP is expected to continue a tight monetary                                                                                        0.0
 policy stance and there are expectations of a 50-100bps further increase in the discount rate during FY11.
 Inflation is expected to show persistence in the short term however the situation will improve in a couple of            9,400
                                                                                                                                                                                                      -5.0
 months once the supply of food items improves that was adversely affected by the flood. Money market is
 expected to remain liquid in the short term as the foreign flows related to assistance for the flood victims             9,000                                                                       -10.0
 continues. The Government will have to implement the RGST in order to overcome its fiscal imbalances and
 we expect the rate of the RGST to be higher than 15% in order to cover the revenue shortfalls caused by the                       1-Sep            9-Sep           21-Sep             29-Sep
 flood and delay in the implementation of the RGST.                                                                                          KSE-100 Index               FPI (USD Mn) - RHS



DISCLAIMER: This publication is for informational purposes only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments
in mutual funds are subject to market risks. The NAV based prices of units and any dividends/returns thereon are dependant on forces and factors affecting the capital markets. These
may go up or down based on market conditions. Past performance is not necessarily an indication of future results.

                                                                                                                                                           4 Lakson Outlook - September 2010
                                                                                        Lakson Money Market Fund

Investment Objective                                                                                                                         Fund Facts
The investment objective of the Lakson Money Market Fund is to provide stable and competitive returns in
line with the money markets, exhibiting low volatility consistent with capital preservation by constructing a      Fund Type                        Open-End
liquid portfolio of low risk short term investments.                                                               Category                         Money Market Fund
Performance Review                                                                                                 Net Assets (PKR Mil.)            3,397
The Lakson Money Market Fund ("LMMF") yielded an annualized return of 10.98% in September '10 in                   NAV (30.09.2010)                 102.6190
comparison to the Benchmark (average return of all money market returns) return of 11.27%. The LMMF                Pricing Mechanism                Previous Day
underperformed by 29bps to an average money market as the LMMF continues to provide liability related to
Workers Welfare Fund ("WWF") that comes out to approximately 20bps. The Yield since inception (13th                Trustee                          CDC Pakistan Limited
November 2009) of the LMMF stood at 10.79% p.a. compared to a 10.80% p.a. return for the average money             Auditor                          KPMG Taseer Hadi & Co.
market fund. During the month the LMMF reduced exposure in T-Bills from 89% at the start of September
'10 to 59% at the end of the month in anticipation of the increase in discount rate by the SBP in the monetary     Management Fee                   1.25%
policy. Proceeds from the sale of T-Bills were invested in short term TDRs with highly rated commercial banks      Front End Load                   None
at attractive rates. Switching from the T-Bills to the TDRs helped the LMMF to avoid mark to market losses in
the scenario of rising interest rates.                                                                             Back End Load                    None
As of September 30, 2010, the Weighted Average Maturity ("WAM") of the LMMF portfolio is 34 days as                Launch Date                      November 13, 2009
compared to 55 days at the start of the month. The WAM has gone down as the LMMF has switched from T-
Bills to short term TDRs. The portfolio of the LMMF comprises of very liquid instruments and as on September                                        Average of returns earned
30, 2010, 85% of the portfolio comprises of liquid instruments that can be liquidated within six (6) business      Benchmark                        by Money Market Funds in
days keeping in view the present market situation. The Standard Deviation, a measure of the volatility of the                                       the industry.
fund's performance, of monthly returns of the LMMF is just 0.46% since its inception which shows that investors
can utilize the LMMF as their cash management solution.                                                            Dealing Days                     Mon - Fri
Outlook                                                                                                            Cut-Off Time                     04:00 PM
The LMMF will maintain a sizeable exposure in TDRs in order to avoid losses on the T-Bills in rising interest      Fund Rating                      'AA' by PACRA
rates scenario however the LMMF will continue to take exposure in short dated T-Bills as they offer an
opportunity to book some gains due to better liquidity in the market. Market yields are expected to move
upward as the next monetary policy approaches therefore the WAM of the LMMF will be kept low.


                                                                                                                  Fund Performance                 LMMF              Benchmark
                     Asset Allocation                                 Credit Split                                September-10                     10.98%                11.27%
                                                                                                                  2 Months                         10.78%                10.89%
                                                                                                                  3 Months                         10.80%                10.91%
                                                                     AA                                           4 Months                         10.80%                10.85%
                                                                    15%
                                                                                                                  6 Months                         10.64%                10.71%
                                                                                                                  FY11 - YTD                       10.80%                10.91%
                                                                                                                  Since Inception                  10.79%                10.80%
              TDRs                                                                                                *  All returns have been calculated by Morning Star Method
              41%                       T-Bills                                          AAA                      ** Since Inception returns are from November 13, 2009
                                         59%                 AA+                         59%
                                                             26%




                                                                                                                                     LMMF vs. Benchmark
                                                                                                                  110


                                                                                                                  108


                                                                                                                  106


                                                                                                                  104
Asset Allocation
Instruments                                              Jul-10       Aug-10      Sep-10            WAM*          102
                                                                  % of Net Assets                   Days
Government Securities (T-Bills)                           73%          89%         59%               51           100
Term Deposits (TDRs)                                      12%           0%         41%               12             Nov-09     Jan-10     Mar-10    May-10      Jul-10     Sep-10
Certificates of Investment (COIs)                         8%            4%          0%                0                                 LMMF             Benchmark

Money Market Placements (LOPs)                            4%            7%          0%                0
Cash                                                      3%            0%          0%                0
* Weighted Average Maturity

Key Interest Rates (Monthly Average)                                                                                                 Investment Committee
KIBOR (1W, 1M, 3M, 6M, 12M)               12.28%        12.73%        12.78%         12.91%         13.32%        Iqbal Ali Lakhani                     Chairman
T-Bills (3M, 6M, 12M)                     12.57%        12.75%        12.86%                                      A. Aziz H. Ebrahim                    Director
Repo (O/N, 1M, 3M, 6M, 12M)               11.25%        12.35%        12.49%         12.63%         12.71%        Babar Ali Lakhani                     CEO
* Source: Bloomberg, Reuters                                                                                      Muhammad Umair Chauhan                CIO
Key Interest Rates (Monthly Average)                                                                              Amir Mobin                            CFO
                                                                                                                  Syed Imran Raza Kazmi                 Asst. Fund Manager
The LMMF does not have any borrowing as on September 30, 2010




                                                                                                                                             5 Lakson Outlook - September 2010
                                                                                                                     Lakson Income Fund

Investment Objective
                                                                                                                                                        Fund Facts
The investment objective of the Lakson Income Fund is to provide competitive total return through investment
in a diversified portfolio of fixed income securities. Investments will be made in a variegated mix of short term,    Fund Type                              Open-End
medium term and longer term maturities depending on the assessment by the Investment Team of interest                 Category                               Income Fund
rate trends and prospective returns.
                                                                                                                      Net Assets (PKR Mil.)                  574
Performance Review                                                                                                    NAV (30.09.2010)                       102.8451
The Lakson Income Fund ("LIF") provided an annualized yield of 11.37% for the month of September '10,                 Pricing Mechanism                      Forward Day
underperforming the Benchmark (average return of all income funds) return of 17.41% by 604bps. The Yield
since inception (13th November 2009) for the LIF stands at an annualized 11.12% compared to a Benchmark               Trustee                                CDC Pakistan Limited
return of 8.33%. Size of the LIF increased by 8.5% during the month to PKR 574 million. Performance of the            Auditor                                KPMG Taseer Hadi & Co.
income funds in general was better in September '10 as a couple of corporate bonds were reclassified by the
MUFAP from non-performing to non-investment grade category that caused reversals in provisions by the                 Management Fee                         1.50%
income funds. During the month the LIF rebalanced its portfolio and switched exposure from the T-Bills to
TDRs, Commercial Papers and Reverse Repo. The LIF reduced exposure in T-Bills in anticipation of an increase          Front End Load                         1.50%
in discount rate by the SBP in the monetary policy.                                                                   Back End Load                          None
As of September 30, 2010, the WAM of the LIF portfolio is 164 days as compared to 186 days at the start of            Launch Date                            November 13, 2009
the month. The WAM has gone down as the LIF switched its exposure to short term TDRs and Reverse Repo
transactions. As of September 30, 2010, 69% of the portfolio can be liquidated within six (6) business days                                                  Average of returns earned
keeping in view the prevailing market conditions. In a situation where the income funds are providing very            Benchmark                              by the Income Funds in the
volatile returns, the standard deviation of annualized monthly returns of the LIF is only 1.11%.                                                             industry
Outlook
                                                                                                                      Dealing Days                           Mon - Fri
The LIF will maintain a diversified portfolio with a higher exposure on short term instruments offering better
yield and lower volatility. The T-Bills will continue to be the largest investment instrument however the focus       Cut-Off Time                           04:00 PM
will be on short dated T-Bills to avoid mark to market losses in rising interest rates scenario. The LIF will keep    Fund Rating                            'AA-' by PACRA
on building a high credit quality debt securities portfolio and may increase exposure in floating rate debt
instruments.



                                                                                                                      Fund Performance                         LIF               Benchmark
                                                                                                                      September-10                           11.37%                  17.41%
                  Asset Allocation                                          Credit Split
                                                                                                                      2 Months                               10.64%                  12.14%
                                                                                                                      3 Months                               10.40%                  11.16%
                         TFCs                                                A+                                       4 Months                               10.44%                  10.61%
                          8%                                                11%
                 RR                                                                                                   6 Months                               10.80%                  10.79%
                 9%                                                AA-                                                FY11 - YTD                             10.40%                  11.16%
                                                                   9%
           CPs                                                                                    AAA                 Since Inception                        11.12%                   8.33%
           7%                              T-Bills
                                            41%                                                   41%
                                                                   AA
                                                                  12%                                                 * All returns have been calculated by Morning Star Method
                                                                                                                      ** Since Inception returns are from November 13, 2009
                                                                                                                      *** Funds having negative returns Since Inception are not included in Benchmark

                  TDRs
                  34%               Cash                                     AA+
                                     1%                                      26%

                                                                                                                                                LIF vs. Benchmark
                                                                                                                       110


                                                                                                                       108


TFCs Portfolio                                                                                                         106

Name of the Issue                                       Issue Date       Rating % of Net Assets                        104
Engro Fertilizer Limited                                17-Dec-09         AA         0.87%
NIB Bank Limited                                        05-Mar-08         A+         2.52%                             102
Pakistan Mobile Communications Ltd.                     01-Oct-10         AA-        2.61%
United Bank Limited                                     14-Feb-08         AA         2.49%                             100
                                                                                                                         Nov-09        Jan-10      Mar-10      May-10       Jul-10       Sep-10
Asset Allocation
                                                                                                                                                  LIF              Benchmark
Instruments                                               Jul-10        Aug-10      Sep-10              WAM*
                                                                    % of Net Assets                     Days
Government Securities (T-Bills)                             58%          85%         41%                  47
Term Deposits (TDRs)                                        21%           0%         34%                  11
                                                                                                                                            Investment Committee
Certificates of Investment (COIs)                           8%            4%          0%                   0
Term Finance Certificates (TFCs)                            11%           9%          8%                1,630           Iqbal Ali Lakhani                            Chairman
Commercial Papers (CPs)                                     0%            0%          7%                 175            A. Aziz H. Ebrahim                           Director
Reverse Repo against TFCs (RR)                              0%            0%          9%                  20            Babar Ali Lakhani                            CEO
Cash                                                        2%            2%          1%                   1
* Weighted Average Maturity
                                                                                                                        Muhammad Umair Chauhan                       CIO
                                                                                                                        Amir Mobin                                   CFO
Key Interest Rates (Monthly Average)                                                                                    Syed Imran Raza Kazmi                        Asst. Fund Manager
The LIF does not have any borrowing as on September 30, 2010




                                                                                                                                                        6 Lakson Outlook - September 2010
                                                                                                                       Lakson Equity Fund

Investment Objective                                                                                                                                  Fund Facts
The investment objective of the Lakson Equity Fund is to provide long term capital appreciation by investing           Fund Type                             Open-End
mainly in equity and related listed securities. Investments will be made in companies of substance, financial          Category                              Equity Fund
strength and demonstrably superior management skills with some exposure given to smaller capitalized value
stocks.                                                                                                                Net Assets (PKR Mil.)                 132
Performance Review                                                                                                     NAV (30.09.2010)                      102.3608
The Lakson Equity Fund ("LEF") went up by 0.78% in September '10 compared to the Benchmark (KSE-100                    Pricing Mechanism                     Forward Day
Index) gain of 2.04% translating into an underperformance of 126bps. The LEF has appreciated by 2.36% since            Trustee                               CDC Pakistan Limited
its inception in November '09. The LEF reduced its exposure in equities to 75% in September '10 as compared
to 79% in August '10 as the LEF booked some gains in Oil & Gas, Banks and Chemical sectors. The LEF reduced            Auditor                               BDO Ebrahim & Co.
exposure in equities due to prevailing economic and political uncertainty and booked some gains in the stocks          Management Fee                        3.00%
that approached their fair values. The LEF does not have exposure in any speculative stocks and its portfolio
comprises of fundamentally strong stocks. Majority of the portfolio of the LEF comprises of the stocks that            Front End Load                        3.00%
can show resilience in volatile and tough economic situation. The market is currently trading at a P/E of 7.83x
with a dividend yield of 5.46%, while the P/E and dividend yield of the portfolio of the LEF is 7.09x and 6.52%
                                                                                                                       Back End Load                         None
respectively.                                                                                                          Launch Date                           November 13, 2009
Outlook                                                                                                                Benchmark                             KSE-100 Index
The market has underperformed as compared to the regional and global markets and further recovery can be               Dealing Days                          Mon-Fri
seen in the market if the economic or political instability reduces. Despite all the uncertainty we don't expect       Cut-Off Time                          04:00 PM
any major downside in the market in the wake of continued foreign support for the market. The LEF will maintain
at least 70% exposure in equities that offer attractive dividend yields and potential upside from current price
levels.




                                                                                  Asset Allocation                     Fund Performance                       LEF               Benchmark
Top 10 Holdings (In Alphabetical Order)                                                                                September-10                           0.78%                2.04%
                                                                                                                       2 Months                              -4.52%               -4.81%
Allied Bank Limited
                                                                                                                       3 Months                               3.04%                2.90%
Attock Petroleum Limited                                                     Cash & Equi.
                                                                                 25%                                   4 Months                               4.65%                7.36%
Engro Corporation Limited
                                                                                                                       6 Months                              -5.80%               -1.62%
Fauji Fertilizer Company Limited                                                                                       FY11 - YTD                             3.04%                2.90%
MCB Bank Limited                                                                                                       Since Inception                        2.36%               10.43%
Pakistan Oilfields Limited                                                                                Equities     * Since Inception returns are from November 13, 2009
Pakistan Petroleum Limited                                                                                  75%
Pakistan State Oil Company Limited
The Hub Power Company Limited
United Bank Limited
                                                                             Sectorwise Exposure
                                                                                                                                                LEF vs. Benchmark
                                                                                       Others                          120
Sectorwise Exposure                   % of Net Assets
                                                                            Const. &
Oil and Gas                                  23.99%                           Mat.                                     116
                                                                                                         Oil and Gas
Banks                                        15.92%
Chemicals                                    13.57%                      Electricity                                   112
Electricity                                   8.46%
Construction & Materials                      4.37%                                                                    108

Others                                        8.69%                          Chemicals
                                                                                                                       104
                                                                                                      Banks

                                                                                                                       100


Asset Allocation                                                                                                        96
                                                                                                                         Nov-09      Jan-10         Mar-10    May-10     Jul-10     Sep-10
                                                                        Jul-10             Aug-10             Sep-10
                                                                                                                                              LEF                   Benchmark
Equities                                                                 82%                79%                75%
Cash and Equivalents                                                     18%                    21%            25%
Pakistan vs. Global Markets
Country                                    Index                     1M Return               P/E          Div. Yield
Pakistan                                   KSE-100                     2.04%                7.83           5.46%                              Investment Committee
India                                      BSE Sensex 30              11.67%                21.43          1.07%
                                                                                                                        Iqbal Ali Lakhani                           Chairman
Malaysia                                   FTSE KLCI                   2.88%                17.27          2.68%
                                                                                                                        A. Aziz H. Ebrahim                          Director
Dubai                                      DFM General                13.48%                 8.68          3.81%
                                                                                                                        Babar Ali Lakhani                           CEO
USA                                        DJIA                        7.72%                14.65          2.75%
USA                                        S&P 500                     8.76%                11.90          2.46%        Muhammad Umair Chauhan                      CIO
* Source: Reuters                                                                                                       Amir Mobin                                  CFO
Key Interest Rates (Monthly Average)                                                                                    Syed Imran Raza Kazmi                       Asst. Fund Manager

The LEF does not have any borrowing as on September 30, 2010



                                                                                                                                                      7 Lakson Outlook - September 2010
                                       Mutual Funds Performance Comparison

Position as of October 08, 2010                                                        Annualized Returns
Income Funds                                                      2W          1M              2M             3M               4M            6M
ABL Income Fund                                                  11.58%       11.15%         11.05%         10.77%           10.66%       10.61%
AKD Income Fund                                                 -44.42%      -12.71%         -4.78%           0.52%          11.21%         6.10%
Askari Islamic Income Fund                                       -4.61%       10.10%          9.33%           8.99%           8.76%         8.67%
Atlas Income Fund                                                15.57%       11.65%         -2.09%           2.14%          -0.30%         1.82%
Atlas Islamic Income Fund                                         9.72%        9.40%          8.89%           8.97%           9.09%         8.65%
BMA Chundrigar Road Savings Fund                                -85.15%       11.48%         -0.98%          -2.93%         -12.43%        -6.13%
Crosby Phoenix Fund                                              10.17%       10.12%         10.36%          11.44%           3.96%         5.92%
Dawood Money Market Fund                                        -12.20%       15.25%         6.44%           13.20%          19.71%       19.73%
Faysal Islamic Savings Growth Fund                               7.94%         8.56%          9.45%           9.44%            N.A.          N.A.
Faysal Savings Growth Fund                                       -1.51%        4.87%          8.07%           8.87%           9.26%         9.93%
First Habib Income Fund                                          6.06%         7.93%          8.67%           9.01%           9.42%         9.31%
HBL Income Fund                                                 -18.85%       -0.12%          7.46%           7.51%           9.81%         9.83%
IGI Income Fund                                                  12.04%      11.89%          11.58%          11.94%          11.68%       11.55%
IGI Islamic Income Fund                                          9.60%         9.46%          9.36%           9.77%           9.62%         9.27%
JS Income Fund                                                   14.72%       14.37%         20.36%          12.38%          -1.43%       -18.19%
KASB Islamic Income Fund                                        -65.20%      -20.47%        -17.95%         -12.54%          -7.97%        -4.76%
KASB Liquid Fund                                                -69.50%      -45.92%        -37.53%         -21.93%         -31.83%       -24.38%
Lakson Income Fund                                               12.26%       11.76%         11.08%          10.58%          10.59%        10.78%
MCB Dynamic Cash Fund                                            11.75%      11.32%          10.98%          11.11%          11.29%       10.13%
Meezan Islamic Income Fund                                       -0.25%      12.83%           9.40%          9.83%            9.64%       10.18%
Meezan Sovereign Fund                                            14.34%      11.92%          10.85%          10.76%          10.59%       10.35%
MetroBank Pakistan Sovereign Fund                                8.75%         6.83%         10.21%           7.06%           6.36%         7.53%
NAFA Cash Fund                                                  -39.15%      -19.86%        -10.66%          -5.95%          -3.77%        -1.58%
NAFA Income Fund                                                -42.36%      -21.19%         -5.03%         -13.18%          -9.23%         2.57%
NAFA Islamic Income Fund                                        -90.11%      -56.46%        -31.01%         -17.47%          67.76%        47.56%
NAFA Savings Plus Fund                                           9.98%       10.02%           9.85%           9.65%           9.58%         9.63%
NIT Government Bond Fund                                         10.94%      10.03%          10.75%          10.06%           9.65%         9.79%
NIT Income Fund                                                  14.64%      15.89%           9.95%          11.30%          10.66%       10.44%
Pak Oman Advantage Islamic Income Fund                          -20.16%       -6.30%          0.26%          2.77%           15.72%       12.65%
Pakistan Income Fund                                             7.84%         7.01%         10.71%          10.84%           9.40%       10.83%
PICIC Income Fund                                                11.40%      11.18%          11.01%            N.A.            N.A.          N.A.
Money Market Funds
ABL Cash Fund                                                   11.63%       11.19%          11.28%          N.A.            N.A.          N.A.
ABL Islamic Cash Fund                                           8.80%         8.80%           8.91%          N.A.            N.A.          N.A.
Alfalah GHP Cash Fund                                           11.24%       11.13%          11.03%         10.73%          10.64%        10.55%
Askari Sovereign Cash Fund                                      15.12%       13.10%          12.07%         11.58%          11.27%        11.18%
Atlas Money Market Fund                                         11.59%       11.20%          11.13%         10.82%          10.77%        10.58%
BMA Empress Cash Fund                                           11.75%       11.27%          10.99%          N.A.           10.99%        10.50%
HBL Money Market Fund                                           12.38%       11.82%          11.56%          N.A.            N.A.          N.A.
IGI Money Market Fund                                           11.53%       11.36%          10.90%         10.90%          11.00%         N.A.
JS Cash Fund                                                    11.37%       11.59%          12.01%         11.27%          11.18%        10.68%
KASB Cash Fund                                                  11.54%       11.54%          11.20%         11.00%          10.91%        10.89%
Lakson Money Market Fund                                        11.21%       11.12%          11.07%         10.84%          10.80%        10.64%
MCB Cash Management Optimizer Fund                              10.71%       10.91%          10.97%         10.90%          10.89%        10.63%
Meezan Cash Fund                                                10.03%       10.19%          10.26%         10.28%          10.17%        10.17%
NAFA Government Securities Liquid Fund                          11.31%       11.31%          11.18%         10.83%          10.75%        10.62%
Pakistan Cash Management Fund                                   11.74%       11.75%          11.69%         11.42%          11.35%        11.37%
UBL Liquidity Plus Fund                                         11.34%       11.31%          11.28%         10.96%          10.98%        10.87%
Aggressive Income Funds
Alfalah GHP Income Multiplier Fund                              -84.46%      -54.74%        -37.41%         -24.02%         -22.86%       -14.59%
Askari Income Fund                                              -39.83%      -19.84%        -27.34%         -16.80%         -36.02%       -28.18%
Faysal Income and Growth Fund                                   -21.41%       -5.87%         -1.42%           2.67%           5.51%        0.37%
JS Aggressive Income Fund                                       -50.17%       -8.08%          0.12%           4.25%           6.24%        5.02%
Pakistan Income Enhancement Fund                                 -6.99%       -4.70%          3.64%           6.15%           7.47%        9.37%
United Growth and Income Fund                                   -19.59%       -5.67%         -4.32%          -5.13%          -0.97%        1.91%
United Islamic Income Fund                                       9.11%       54.39%         18.85%           11.97%          0.72%         2.65%
N.A. = Not Available
Calculation Formula
Annualized Return = (Ending NAV / Beginning NAV) ^ (365 / No. of Days) - 1                                            8 Lakson Outlook - September 2010
                                            Mutual Funds Performance Comparison

Position as of October 08, 2010                                        Absolute Returns
Equity Funds                                          2W        1M           2M             3M             4M             6M
ABL Stock Fund                                       2.48%    2.22%        2.36%          3.44%           6.61%         -6.06%
AKD Index Tracker Fund                               3.44%    3.59%        1.98%           2.41%          8.07%         -4.52%
AKD Opportunity Fund                                 3.56%     6.76%       6.76%           3.75%          7.50%         -8.88%
Alfalah GHP Alpha Fund                               1.77%    0.83%        1.34%           2.35%          5.18%         -5.57%
Alfalah GHP Islamic Fund                             0.24%    -0.34%       0.73%           0.78%          1.58%         -5.80%
Atlas Islamic Stock Fund                             4.71%    4.25%        6.70%           7.51%         12.29%         -2.82%
Atlas Stock Market Fund                              4.54%     4.72%        5.05%         6.71%          11.71%         -4.99%
Crosby Dragon Fund                                   3.30%     2.57%        1.81%          3.14%          6.31%         -9.67%
First Habib Stock Fund                               2.39%    1.68%        -0.17%         -0.36%          3.72%         -9.91%
HBL Stock Fund                                       3.06%    2.86%         1.94%          2.73%          6.13%         -6.85%
IGI Stock Fund                                       2.10%    1.17%         1.40%          3.15%          6.65%         -8.22%
JS Islamic Fund                                      1.82%    3.02%         3.70%          3.07%          5.36%        -10.78%
JS KSE-30 Index Fund                                 3.22%    2.71%         3.26%          3.47%          8.97%         -7.22%
KASB Stock Market Fund                               2.09%    1.61%         0.70%          0.93%          3.98%        -11.43%
Lakson Equity Fund                                   3.09%    2.51%         2.18%          2.93%          6.53%         -6.35%
MCB Dynamic Stock Fund                               3.39%     3.27%        2.78%          4.46%          7.87%         -6.58%
Meezan Islamic Fund                                  3.43%    3.86%         4.42%          5.13%          8.80%         -3.74%
NAFA Stock Fund                                      3.27%    2.45%         1.88%         2.44%           7.37%         -6.62%
National Investment Unit Trust                       2.46%    3.09%         1.29%          0.83%          4.38%         -9.55%
Pak Oman Advantage Stock Fund                        1.05%    0.41%         0.14%          0.43%         -3.10%        -10.62%
Pakistan Stock Market Fund                           1.76%    1.20%         0.47%          1.46%          4.25%         -6.86%
United Composite Islamic Fund                        1.67%     4.74%        4.51%          6.03%          8.10%         -1.31%
United Stock Advantage Fund                          4.18%    4.65%         4.09%          5.99%          9.06%         -5.72%


Balanced Funds
HBL Multi Asset Fund                                 2.35%    1.04%        1.08%           1.60%         5.29%         -2.89%
Faysal Balanced Growth Fund                           1.35%   1.14%         1.28%          2.55%          4.78%        -4.93%
KASB Balanced Fund                                   -0.13%   -1.05%       -2.35%         -2.31%         -2.63%        -7.77%
NAFA Islamic Multi Asset Fund                        -1.31%   0.61%         1.02%          2.86%         11.16%         6.31%
NAFA Multi Asset Fund                                 0.28%   1.32%         1.77%          3.48%          6.85%         1.01%
Pakistan Capital Market Fund                          0.83%   1.67%         1.39%          1.53%          4.94%        -1.58%
United Composite Islamic Fund                         1.67%    4.74%        4.51%          6.03%          8.10%        -1.31%
Unit Trust of Pakistan                                1.81%   1.71%         1.31%          2.18%          1.24%        -8.28%


Asset Allocation Funds
Alfalah GHP Value Fund                               -1.32%   -2.10%       -1.82%         -2.25%          -1.91%        -9.39%
Askari Asset Allocation Fund                          2.97%    0.97%        0.48%          1.63%          -0.28%        -7.00%
Askari Islamic Asset Allocation Fund                  1.62%    1.76%        2.49%          2.18%           2.61%        1.77%
Faysal Asset Allocation Fund                         -0.82%   1.75%         0.60%          0.03%           3.15%        -5.44%
JS Aggressive Asset Allocation Fund                   1.51%   1.46%         3.06%          1.61%           5.10%       -11.37%
MCB Dynamic Allocation Fund                           2.22%   3.10%         2.86%          4.28%           6.67%        -1.89%
Pakistan International Element Islamic Fund           1.83%   1.31%         1.10%          1.73%           4.06%        -6.79%
Pak Oman Advantage Islamic Fund                      -0.82%   -0.88%       -0.99%         -0.99%           5.73%        -0.64%


Capital Protected Funds
Alfalah GHP Principal Protected Fund                 0.39%    0.71%         1.52%          1.67%           2.04%        0.82%
Alfalah GHP Principal Protected Fund - II            0.40%    0.78%         1.48%          1.37%           2.05%        0.94%
JS Capital Protected Fund IV                         0.42%    0.74%         1.94%          3.07%           4.17%        3.50%
JS Principal Secured Fund I                          0.41%    0.87%         3.09%         11.18%           8.55%        5.39%
JS Principal Secured Fund II                         0.48%    1.04%         1.32%          2.11%           3.07%        2.86%
KASB Capital Protected Gold Fund                     0.59%    1.24%         2.18%          2.88%           2.89%        5.26%
Meezan Capital Protected Fund                        0.90%    1.42%         1.80%          2.95%           4.48%        3.93%
MCB Sarmaya Mahfooz Fund I                           0.55%    0.97%         1.57%          2.25%            N.A.         N.A.
Pakistan Capital Protected Fund - FIS                0.00%    0.59%         1.18%          1.98%          -0.39%        1.28%


Calculation Formula
Absolute Return = (Ending NAV / Beginning NAV) - 1
                                                                                                   9 Lakson Outlook - September 2010
             Notes




10 Lakson Outlook - September 2010
                                                                                                                             Markets Information

Equities
                                                                 Total Return                                   Total Return, in USD and %
Markets                    Index                YTD-CY10       3-mo          1-yr        5-yr       YTD-CY10        3-mo         1-yr          5-yr                        -30%           -5%         20%            45%          70%

China                      CSI 300               -17.90%       14.53%     -2.30%       219.99%       -16.24%        16.05%      -0.35%       287.62%
Dubai                      DFM                    -6.65%       15.18%     -23.16%      -78.13%        -6.65%        15.18%     -23.16%        -78.14%
India                      BSE Sensex 30         14.91%        13.38%     17.18%       130.74%       19.65%         18.14%      25.51%       127.64%
Japan                      Nikkei 225            -11.16%       -0.14%     -7.54%       -30.73%        -1.10%        5.77%       -0.55%        -5.81%
Malaysia                   FTSE Bursa            14.98%        11.38%     21.75%       58.16%        27.57%         17.07%      36.53%        93.06%
Pakistan                   KSE 100                6.67%        3.00%       7.10%       20.21%         4.27%         2.10%       3.38%         -16.92%
Sri Lanka                  Colombo All Share     106.68%       51.70%    138.11%       187.43%       111.73%        54.26%     144.82%       156.09%
UK                         FTSE 100               2.51%        12.91%      8.08%        0.86%         -0.31%        18.68%      6.10%         -10.15%
US                         DJIA                   3.45%        10.37%     11.08%        2.40%         3.45%         10.37%      11.08%        2.40%
KSE Sectors
Automobile and Parts                              -7.51%      -14.79%      4.07%       -42.56%        -9.60%       -15.53%      0.46%         -60.30%
Banks                                            -22.59%       -6.43%     -23.20%      -40.54%       -24.33%        -7.24%     -25.87%        -58.90%
Chemicals                                        11.69%        -0.09%     12.64%        9.92%         9.17%         -0.96%      8.73%         -24.03%
Construction & Materials                          -0.48%       9.63%      -19.41%      -48.26%        -2.72%        8.68%      -22.21%        -64.24%
Electricity                                       -3.79%       1.08%      -3.27%        0.17%         -5.96%        0.20%       -6.63%        -30.76%
Fixed Line Tele.                                  9.29%        2.58%      -5.24%       -67.35%        6.83%         1.69%       -8.53%        -77.43%
Food Producers                                   41.33%        10.67%     33.74%       135.12%       38.14%         9.71%       29.10%        62.50%
Non Life Insurance                               -26.86%      -19.72%     -31.31%      -38.80%       -28.51%       -20.42%     -33.69%        -57.70%                              YTD
                                                                                                                                                                                   3-mo
Oil and Gas                                      17.90%        4.79%      18.14%        3.25%        15.24%         3.88%       14.04%        -28.64%
Personal Goods                                    8.00%        8.83%       8.13%       -23.75%        5.57%         7.89%       4.38%         -47.30%
Fixed Income
                                                          Current Interbank Rates on                     Historic 6-month Interbank Rates                      14.00%                      KIBOR vs. Govt. Papers
Money Market                                      1M            3M           6M         12M         YTD-CY10        3-mo         1-yr         2-yr
China                      SHIBOR                 3.51%        2.61%       2.61%        2.68%         2.23%         2.53%       2.14%     2.15%                13.50%

Dubai                      UAE IBOR               1.79%        2.31%       2.47%        2.69%         2.40%         2.48%       2.34%     2.84%
                                                                                                                                                               13.00%
India                      MIBOR                  6.97%        7.49%         N.A.        N.A.          N.A           N.A         N.A          N.A
Japan                      TIBOR                  0.19%        0.36%       0.47%        0.51%         0.52%         0.49%       0.54%     0.65%
                                                                                                                                                               12.50%
Malaysia                   KLIBOR                 2.84%        2.93%       2.96%        3.08%         2.67%         2.93%       2.54%     2.56%
Pakistan                   KIBOR                 12.98%       13.09%      13.27%       13.73%        12.45%        12.71%      12.49%    13.12%
                                                                                                                                                               12.00%
Sri Lanka                  SLIBOR                 9.07%        9.25%       9.49%        9.74%         9.85%         9.64%       9.97%    12.98%
UK                         LIBOR                  0.57%        0.73%       1.03%        1.47%         0.95%         1.02%       0.91%     1.66%                                      Interbank Sep-10               Govt. Sec. Sep-10
                                                                                                                                                               11.50%
US                         SIBOR                  0.27%        0.31%       0.48%        0.81%         0.55%         0.61%       0.55%     1.13%                               1W      1M         3M         6M          1Y        2Y

                                                                                                                                                                               12M Yields of Government Securities
                                                           Current Market Yields on                          Historic 12-Month Paper Rates
                                                                                                                                                                China
Government Securities                              3M           12M          5Y          10Y        YTD-CY10        3-mo         1-yr        2-yr
                                                                                                                                                                India
China                                             1.72%        2.38%       2.71%        3.32%         2.03%         2.16%       1.98%     1.78%
India                                             6.30%        6.48%       7.70%        7.85%         5.44%         6.23%       5.29%     5.15%                 Japan
Japan                                             0.11%        0.13%       0.27%        0.94%         0.13%         0.13%       0.14%     0.24%              Malaysia
Malaysia                                          2.82%        2.86%       3.25%        3.62%         2.42%         2.87%       2.30%     2.45%
                                                                                                                                                             Pakistan
Pakistan                                         12.81%       13.16%      13.89%       14.03%        12.37%        12.67%      12.36%    12.63%
                                                                                                                                                             Sri Lanka
Sri Lanka                                         7.03%        1.21%       8.81%         N.A.         9.10%         8.38%       9.28%    12.53%
UK                                                0.55%        0.60%       1.60%        2.94%         0.63%         0.61%       0.61%     0.85%                   UK
US                                                0.16%        0.25%       1.27%        2.51%         0.32%         0.26%       0.32%     0.47%                    US

                                                                                                                                                                         0%           3%              6%             9%            12%

Commodities
                                                              Total Return                       Current Prices                                     1
Commodity                    Unit               YTD-CY10     3-mo        1-yr          5-yr
Coal                       USD/Tonne             13.70%      -5.80%     33.17%      106.07%          93.35                                   0.75
Copper                     USc/lbs               9.70%       24.10%     29.62%        98.10%          370                                      0.5
Cotton                     USc/lbs               44.55%      18.50%     78.44%      100.35%          113.40
Gold                       USD/t oz.             19.49%      5.40%      29.92%      179.13%          1,311                                   0.25
Palm Oil                   USD/Tonne             16.99%      17.74%     40.38%      122.56%           913
                                                                                                                                                    0
Sugar                      USc/lbs               -0.52%      47.66%     0.73%       128.81%          24.94
Wheat                      USD/Bushel (60Ibs)    24.49%      34.36%     63.51%        87.78%          6.99                                   -0.25
WTI                        USD/bbl               0.71%       5.77%      13.46%        20.75%         79.97                                                        WTI               GOLD                COTTON                 WHEAT
                                                                                                                                              -0.5
                                                                                                                                                        Oct-09           Dec-09      Feb-10      Apr-10       Jun-10         Aug-10

Currencies
                                                          Change Versus PKR in %                 Current Exchange Rates                        160                   GBP                   EUR                   CAD                USD

                                                YTD-CY10     3-mo        1-yr          5-yr
Canadian Dollar            CAD                   4.59%       4.37%      7.59%         63.58%       CAD - PKR      84.03                        140
Euro                       EUR                   -2.59%      12.39%     -3.50%        63.91%        EUR - PKR     117.88
Indian Rupee               INR                   6.59%       4.86%      10.86%        42.65%        INR - PKR      1.94                        120
Japanese Yen               JPY                   14.29%      7.22%      11.83%        85.71%        JPY - PKR      1.04
Pound Sterling             GBP                   -0.50%      6.03%      1.71%         28.89%       GBP - PKR      135.86                       100
Singaporian Dollar         SGD                   9.26%       7.30%      10.96%        86.10%       SGD - PKR      65.73
US Dollar                  USD                   2.31%       0.88%      3.59%         44.69%       USD - PKR      86.45                         80


Source: Bloomberg, Reuters                                                                                                                      60
                                                                                                                                                    Oct-09      Dec-09         Feb-10       Apr-10         Jun-10       Aug-10


                                                                                                                                                                              11 Lakson Outlook - September 2010
                                                                                                                                          Disclaimer
This information has been prepared by Lakson Investments for your general information and private use only. It does not constitute investment advice and is not intended
to be an offer to buy or sell or a solicitation of an offer to buy or sell any securities mentioned. It should not be considered as an incentive to invest. The securities described
in this document may not be eligible for sale or subscription in all jurisdictions or to certain categories of investors. This document is not intended for distribution to a person
or within a jurisdiction where such distribution would be restricted or illegal. This document may not be conveyed to or used by a third party without our express consent.
Any other use is not authorized.

The information contained herein has been obtained from sources believed to be reliable and no member of Lakson Investments makes any warranty, expressed or implied,
as to the accuracy or completeness of the information. All the information included in this presentation is current when this document is prepared and subject to changes at
any time. Any forecast or projection or forward looking statement made in this document is not necessarily indicative of future or likely performance, future events or future
financial performance of securities, countries, markets or companies. Such statements are only predictions and actual events or results may differ.

Lakson Investments may from time to time provide services to the companies and their affiliates mentioned herein. Employees of Lakson Investments or ersons/entities
connected to them may from time to time have position in or are holding any of the securities mentioned in this document.

No consideration have been given to and no investigation was made of your investment objectives, financial situation or particulars, and accordingly, no warranty whatsoever
is given and no liability whatsoever is accepted for any loss arising whether directly or indirectly as a result of you acting on such information or opinion or estimate. Lakson
Investments expressly disclaims any fiduciary responsibility or liability for any consequences, financial or otherwise arising from any reliance placed on this information in
this document.

Disclaimer: All investments in mutual funds are subject to market risks. The NAV of Units may go up or down based on market conditions. Past performance is not necessarily
indicative of the future results. The investors are advised in their own interest to carefully read the Offering Document in particular the investment policy in Clause 2.2 and
risk disclosure and warning statements contained in Clause 2.11 and Part 11 respectively in this Offering Document.




Transaction Locations:
Islamabad:
Contact Person: Mr. Ali Kazmi - Branch Manager
26-D, Mezzanine Floor, Kashmir Plaza,
Jinnah Avenue, Blue Area,
Islamabad.
Tel: 051-2801327-29
Fax: 051 .287.0228

Lahore:
Contact Person: Mr. Rao Ashraf - Branch Manager
Suit No.209, Eden Center
43-Jail Road, Lahore.
Tel: 042.759.0500/756.7390
Fax: 042.756.7881

Rawalpindi:
Contact Person: Mr. Tariq Aziz - Branch Manager
Suite No.3, 1 st Floor, Majeed Plaza
Bank Road, Rawalpindi
Tel: 051.551.2251/52
Fax: 051.511.0996

Faisalabad:
Contact Person: Mr. Shahbaz Choudhry - Branch Manager
1 st Floor, FM Plaza
15-D, Peoples Colony, Faisalabad
Tel: 041.324.1704/07
Fax: 041.855.4453

Sialkot:
Contact Person: Mr. Nisar Bhatti - Branch Manager
1 st Floor, Karim Plaza
Iqbal Town, Defence Road, Sialkot
Tel: 052.324.1704/07
Fax: 052.324.1703



 Lakson Investments Limited
Lakson Square Building No.2, Sarwar Shaheed Road
Karachi- 74200, Pakistan
UAN: + 92. 21 111.534.111 Fax: + 92. 21 3568.1653
www.laksoninvestments.com.pk

				
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