Js Investments LimitedPSX: JSIL

Transmission of Quarterly Financial Statements For The Period Ended March 31,2026 (Part 1)

Apr 30, 2026 at 6:15 AM UTC · Issued by JS Investments Limited

Better Investments for a Better Future!

GROWING STRONGER. SCALING SMARTER.

JS FIXED TERM MUNAFA FUND

QUARTERLY REPORT MARCH 31,

2026

01.

Table of Content

Company Information
Vision
Mission
Directors' Report to the Unit Holders 08 Trustee Report to the Unit Holders

10 Independent Auditors' Report to the Unit Holders

02.

Financial Statements

13 Condensed Interim Statement of Assets and Liabilities

15 Condensed Interim Income Statement (Un-audited)

19 Condensed Interim Statement of Comprehensive Income (Un-audited)

21 Condensed Interim Cash Flow Statement (Un-audited)

23 Condensed Interim Statement of Movement in Unitholders' Fund (Un-audited)

29 Notes To The Condensed Interim Financial Statement (Un-audited)

Better Investments for a Better Future!

COMPANY INFORMATION

02 QUARTERLY REPORT 2025

BOARD OF DIRECTORS

Mr. Suleman Lalani Non-Executive Director / Chairman

Ms. Iffat Zehra Mankani Chief Executive Officer

Mr. Hasan Shahid Non-Executive Director

Mr. Syed Kazim Raza Non-Executive Director

Mr. Faisal Anwar Non-Executive Director

Ms. Maria Mittermair Non-Executive Director

Ms. Mediha Kamal Afsar Non-Executive Director

Mr. Ahsan Jamal Non-Executive Director

Chief Executive Officer

Ms. Iffat Zehra Mankani

Chief Financial Officer

Mr. Raheel Rehman

Chief Investment Officer

Syed Hussain Haider

Chief Operating Officer & Company Secretary

Mr. Muhammad Khawar Iqbal

Statutory Auditors

Grant Thornton Anjum Rahman, Chartered Accountants

Legal Advisors

Bawaney and Partners

3rd & 4th Floor, 68-C, Lane-13 Bokhari Commercial Area Phase-VI DHA, Karachi

Audit Committee

Ms. Mediha Kamal Afsar (Chairperson) Mr. Hasan Shahid

Ms. Maria Mittermair Mr. Faisal Anwar

Trustee

Digital Custodian Company Limited 4th Floor, Perdesi House

2/1, R-Y-16, Old Queens Road, Karachi - 75530

Management Company

JS Investments Limited

19th Floor, The Centre, Plot # 28,

SB-5 Abdullah Haroon Road, Saddar, Karachi-75600

Tel: (92-21) 111-222-626 Fax: (92-21) 35165540

E-mail: info@jsil.com Website: https://www.jsil.com

QUARTERLY REPORT 2026 03

Better Investments for a Better Future!

VISION

To be the preferred choice of every investor, offering diverse and innovative investment solutions.

MISSION

To establish a leadership position in bringing more investable asset classes and innovative products, while managing them with prudence and excellence.

04 QQUUAARRTTEERRLLYYRREEPPOORRTT22002256

QUARTERLY REPORT 2026 05

DIRECTORS' REPORT TO THE UNITHOLDERS

The Board of Directors of JS Investments Limited ('JSIL'), the Management Company of JS Fixed Term Munafa Fund (the Fund), is pleased to present the directors' report of the Fund along with its unaudited financial statements for the nine-month period ended March 31, 2026.

ECONOMIC REVIEW

The first nine months of FY2025-26 reflected a two-phase macroeconomic trajectory, with steady consolidation gains during the first half, followed by a significant geopolitical shock in the third quarter that tested the resilience of the underlying framework. The escalation of the U.S.-Israel-Iran conflict, alongside disruptions in the Strait of Hormuz, materially altered the global macroeconomic landscape. In this context, Pakistan's staff-level agreement with the IMF under the third review of the Extended Fund Facility and second review of the Resilience and Sustainability Facility-unlocking USD 1.2 billion-provided an important anchor for external stability and policy credibility.

Economic activity remained on a gradual recovery path during the first half, with real GDP growth improving from 3.63% in Q1 to 3.89% in Q2 FY26. Fiscal performance, however, was mixed. FBR collections reached PKR 9.3 trillion for 9MFY26, undershooting targets by PKR 610 billion, while power sector circular debt rose to PKR 1.837 trillion, continuing to weigh on fiscal consolidation efforts.

The external account showed resilience, with a current account surplus of USD 427 million in February, supported by remittance inflows and SBP reserves rising to USD 16.38 billion. Inflation averaged 5.64% over the period before reaccelerating in the third quarter, complicating the monetary policy outlook.

Overall, macroeconomic progress remained intact, though its durability will depend on sustained policy discipline and effective management of external risks.

INCOME / MONEY MARKET REVIEW

Domestic fixed income markets during the first nine months of FY2025-26 evolved through two distinct phases, reflecting a shift from a disinflation-led easing cycle to a more uncertain and data-dependent environment. The first half was characterized by gradual yield compression, as the State Bank of Pakistan (SBP) reduced the policy rate by a cumulative 50 basis points to 10.5%, reinforcing confidence in the underlying disinflation trajectory. This trend reversed in the third quarter, as geopolitical developments altered inflation expectations and curtailed the near-term easing outlook.

Yield movements mirrored this transition. By December 2025, short-term yields had declined to 10.38%, 10.41%, and 10.39% across the 3-month, 6-month, and 12-month tenors, while 3-year and 5-year instruments settled at 10.50% and 10.81%, respectively. The third quarter saw a decisive repricing, with yields rising to 11.28%, 11.64%, and 11.90% at the short end (3M/6M/12M), and to 12.45% and 12.49% across the 3-year and 5-year tenors, reflecting a reassessment of the medium-term monetary trajectory following inflation breaching the SBP's target range.

Globally, tighter financial conditions persisted, with U.S. Treasury yields trending higher amid a more gradual easing outlook. In this context, the domestic fixed income outlook remains cautious, with duration positioning likely to stay measured pending greater clarity on inflation dynamics and the policy path.

REVIEW OF FUND PERFORMANCE

Plans	Net Assets (PKR in billions)	Return %	Benchmark Return %	Total Expense Ratio %	Government levies %	Maturity Date
JS Fixed Term Munafa Fund Plan -1	1.78	-17.16	12.46	1.48	0.29	07-Jan-27
JS Fixed Term Munafa Fund Plan -15	0.75	7.07	8.86	1.19	0.22	17-Apr-26
JS Fixed Term Munafa Fund Plan -19	2.84	-0.94	1.80	0.84	0.17	22-Apr-26
JS Fixed Term Munafa Fund Plan -20	2.92	0.38	1.82	0.88	0.18	22-Jan-27
JS Fixed Term Munafa Fund Plan -21	0.42	-12.06	1.58	1.37	0.24	02-Aug-26

06 QUARTERLY REPORT 2026

ASSET MANAGER RATING

Pakistan Credit Rating Agency Limited (PACRA) has upgraded the asset manager rating of the Company to 'AM1' with 'stable outlook' dated November 5, 2025. This rating reflects the Company's strong management quality, governance framework, and operational performance, underscoring its continued commitment to delivering sustainable value to investors and stakeholders. PACRA has also maintained the stability rating of "AAA(f)" to the Fund.

ACKNOWLEDGMENT

The Directors express their gratitude to the Securities and Exchange Commission of Pakistan and Digital Custodian Company Limited for their valuable support, assistance, and guidance. The Board also thanks the employees of the Management Company for their dedication and hard work, as well as the unit holders for their confidence in the Management.

On behalf of the Board

Chief Executive Officer Director

April 23, 2026 Karachi

QUARTERLY REPORT 2026 07

FINANCIAL

POSITION

CONDENSED INTERIM STATEMENT OF ASSETS AND LIABILITIES (UN-AUDITED)

AS AT MARCH 31, 2026

JS Fixed Term Munafa Fund

Total

Plan-1

Plan-6

Plan-11

Plan-13

Plan-14

Plan-15

Plan-16

Plan-17

Plan-18

Plan-19

Plan-20

Plan-21

March 31, 2026

----------------------------------------------------------------------------------------------------------------------------- Un-audited -----------------------------------------------------------------------------------------------------------------------------

Note

Better Investments for a Better Future!

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

Assets
Bank balances	6	66,090,098	152,549	186,077	3,204,055	590,501	45,134,026	1,998,048	57,460	1,199,947	87,821,161	201,873,315	156,651,379	564,958,616
Investments	7	1,704,217,817	-	-	-	-	699,365,600	-	-	-	2,736,803,233	2,706,329,816	242,444,250	8,089,160,716
Prepayment, Profit and Other Receivables	8	13,220,139	2,621	-	71,327,047	56,814,349	1,320,695	19,724,496	-	55,143,723	18,588,535	11,634,571	19,421,862	267,198,038
Deferred formation cost	9	54,904	-	-	-	-	-	-	-	-	-	-	-	54,904
Total assets		1,783,582,958	155,170	186,077	74,531,102	57,404,850	745,820,321	21,722,544	57,460	56,343,670	2,843,212,929	2,919,837,702	418,517,491	8,921,372,274
Liabilities
Payable to JS Investments Limited - Management Company	10	2,298,155	-	10,000	74,111,588	57,010,000	10,000	21,510,000	-	56,010,000	10,000	10,000	10,000	210,989,743
Payable to Digital Custodian Company Limited - Trustee	11	154,916	-	-	-	-	54,415	-	-	-	208,995	213,550	30,529	662,405
Payable to Securities and Exchange Commission of Pakistan	12	134,658	-	-	-	-	47,341	-	-	-	181,760	185,720	26,571	576,050
Accrued expenses and other liabilities	13	304,012	155,170	176,077	419,514	394,850	104,991	212,544	57,460	333,670	261,370	291,210	387,297	3,098,165
Total liabilities		2,891,741	155,170	186,077	74,531,102	57,404,850	216,747	21,722,544	57,460	56,343,670	662,125	700,480	454,397	215,326,363
Net assets		1,780,691,217	-	-	-	-	745,603,574	-	-	-	2,842,550,804	2,919,137,222	418,063,094	8,706,045,911
Unit holders' Funds (As per Statement Attached)		1,780,691,217	-	-	-	-	745,603,574	-	-	-	2,842,550,804	2,919,137,222	418,063,094	8,706,045,911
Contingencies and Commitments	14

QUARTERLY REPORT 2026

-----------------------------------Number in units----------------------------------

Number of units in issue 19,461,155 - - - - 6,859,090 - - - 28,695,140 29,081,205 4,792,217

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

Net assets value per unit 91.50 - - - - 108.70 - - - 99.06 100.38 87.24

The annexed notes from 1 to 20 form an integral part of these condensed interim financial statements.

June 30, 2025								Total
Plan-1	Plan-6	Plan-11	Plan-13	Plan-14	Plan-15	Plan-16	Plan-17	Total

STATEMENT OF ASSETS AND LIABILITIES

AS AT JUNE 30, 2025

Note --------------------------------------------------------------Rupees--------------------------------------------------------------

Assets
Bank balances	6	172,418,250	102,251,106	21,667,953	89,269,049	75,629,148	58,685,375	59,770,439	376,520,439	956,211,759
Investments	7	1,968,899,512	1,672,581,328	1,260,213,961	6,556,470,771	5,394,928,780	692,791,800	1,151,177,000	4,108,925,751	22,805,988,903
Prepayment, Profit and Other Receivables	8	87,335,708	1,041,564	64,281,527	15,460,638	68,859,205	1,010,425	1,561,710	23,110,754	262,661,531
Deferred formation cost	9	108,061	-	-	-	-	-	-	-	108,061
Receivable against Investment		-	-	16,291	-	-	-	-	-	16,291
Total assets		2,228,761,531	1,775,873,998	1,346,179,732	6,661,200,458	5,539,417,133	752,487,600	1,212,509,149	4,508,556,944	24,024,986,545
Liabilities
Payable to JS Investments Limited
- Management Company	10	14,688,093	2,248,938	1,706,285	14,685,485	9,960,456	863,281	1,375,333	4,435,634	49,963,505
Payable to Digital Custodian Company Limited - Trustee 11 Payable to Securities and Exchange		155,431	124,262	94,204	467,369	389,473	52,969	85,336	317,646	1,686,690
Commission of Pakistan	12	135,182	108,079	81,941	406,433	338,697	46,085	74,230	276,239	1,466,886
Accrued expenses and other liabilities	13	63,978,956	58,693,996	15,386,373	79,519,532	268,895	3,619,378	6,525,561	14,213,990	242,206,681
Payable Against Investment		309,781	-	-	443,516	195,789	7,864	38,030	292,852	1,287,832
Total liabilities		79,267,443	61,175,275	17,268,803	95,522,335	11,153,310	4,589,577	8,098,490	19,536,361	296,611,594
Net assets		2,149,494,088	1,714,698,723	1,328,910,929	6,565,678,123	5,528,263,823	747,898,023	1,204,410,659	4,489,020,583	23,728,374,951

Unit holders' Funds (As per Statement Attached)		2,149,494,088	1,714,698,723	1,328,910,929	6,565,678,123	5,528,263,823	747,898,023	1,204,410,659	4,489,020,583	23,728,374,951
Contingencies and Commitments	14
----------Number in units----------
Number of units in issue		19,461,155	17,029,731	12,236,261	62,701,540	54,103,804	7,366,491	11,851,432	44,533,466
----------Rupees----------
Net assets value per unit		110.45	100.69	108.60	104.71	102.18	101.53	101.63	100.80

QUARTERLY REPORT 2026 10

The annexed notes from 1 to 20 form an integral part of these condensed interim financial statements.

JS Fixed Term Munafa Fund

Plan - 1

Plan - 6

Plan - 11

Plan - 13

Plan - 14

Plan - 15

Plan - 16

Plan - 17

Plan - 18

Plan - 19

Plan - 20

Plan - 21

For the Period

from July 01,

2025 to February 17, 2026

For the Period

March

from July 01,

from July 01, 2025

March

from July 01,

from July 01, 2025

from January 23,

from February 3,

31, 2026

2025 to July

2025 to October

to Janaury

to February

31, 2026

2025 to August

to January

2026 to March

25, 2025

31, 2025

14, 2026

24, 2026

06, 2025

29, 2026

31, 2026

Total

CONDENSED INTERIM INCOME STATEMENT (UN-AUDITED)

FOR THE NINE MONTHS PERIOD ENDED MARCH 31, 2026

QUARTERLY REPORT 2026

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

Income	Note
Profit/markup on balances with banks and investments		182,671,620	13,614,483	49,641,675	114,845,033	250,739,200	62,342,565	87,767,020	77,245,250	275,233,351	20,539,754	19,396,331	27,655,361	1,181,691,643
Net realised (loss) / gain on re-measurement of investment Net unrealised (loss) on re-measurement of investment classified at "fair value through profit or loss"		(494,344,443) (32,720,391)	21,075,038 -	13,639,300 -	357,520,743 -	249,969,147 -	(154,796) (3,599,500)	3,547,934 -	(4,498,420) -	305,073,545 -	- (43,031,068)	446,750 (4,039,725)	(46,067,721) (785,269)	406,207,077 (84,175,953)
Total loss		(344,393,214)	34,689,521	63,280,975	472,365,776	500,708,347	58,588,269	91,314,954	72,746,830	580,306,896	(22,491,314)	15,803,356	(19,197,629)	1,503,722,767
Expenses
Remuneration to JS Investments Limited - Management Company	10.1	16,481,027	3,468,352	4,430,826	34,845,933	37,438,023	5,059,883	7,832,225	1,877,453	46,916,022	2,904,331	2,952,802	2,214,507	166,421,384
Sindh sales tax on Management Company's remuneration	10.2	2,472,153	520,253	664,627	5,226,890	5,615,668	758,985	1,174,835	281,618	7,037,403	435,650	442,920	332,176	24,963,178
Remuneration of Digital Custodian Company Limited - Trustee	11.1	1,236,077	88,460	332,312	2,720,292	2,807,833	426,805	587,416	323,990	3,518,707	399,553	407,149	193,080	13,041,674
Sindh sales tax on Trustee remuneration	11.2	185,411	13,269	49,847	408,044	421,174	64,020	88,113	48,598	527,805	59,934	61,072	28,962	1,956,249
Accounting and operational charges	10.3	-	-	-	-	-	-	-	-	-	-	-	-	-
Selling and marketing expense	10.4	-	-	-	-	-	-	-	-	-	-	-	-	-
Fee of the Securities and Exchange Commission of Pakistan (SECP)	12	1,236,077	88,460	332,312	2,720,292	2,807,858	426,830	587,490	323,990	3,518,733	399,553	407,149	193,080	13,041,824
Banks and settlement charges		1,752,600	117,875	300,684	930,018	583,099	-	230,000	604,528	3,208,440	231,834	473,727	675,952	9,108,757
Auditors' remuneration		116,651	3,270	32,142	262,625	270,285	40,024	56,959	35,716	333,670	41,021	41,820	14,210	1,248,393
Formation Cost & others		929,661	4,015,837	4,840,980	-	-	-	-	15,906,961	-	-	-	-	25,693,439
		24,409,657	8,315,776	10,983,730	47,114,094	49,943,940	6,776,547	10,557,038	19,402,854	65,060,780	4,471,876	4,786,639	3,651,967	255,474,898
Net (loss) / income for the period before taxation		(368,802,871)	26,373,745	52,297,245	425,251,682	450,764,407	51,811,722	80,757,916	53,343,976	515,246,116	(26,963,190)	11,016,717	(22,849,596)	1,248,247,869
Taxation	15	-	-	-	-	-	-	-	-	-		-	-	-
Net (loss) / income for the period after taxation		(368,802,871)	26,373,745	52,297,245	425,251,682	450,764,407	51,811,722	80,757,916	53,343,976	515,246,116	(26,963,190)	11,016,717	(22,849,596)	1,248,247,869
Allocation of net income for the period:
Net income for the period after taxation		(368,802,871)	26,373,745	52,297,245	425,251,682	450,764,407	51,811,722	80,757,916	53,343,976	515,246,116	(26,963,190)	11,016,717	(22,849,596)	1,248,247,869
Income already paid on units redeemed		-	(26,373,745)	(52,297,245)	(425,251,682)	(450,764,407)	(2,603,618)	(80,757,916)	(53,343,976)	(515,246,116)	-	-	(1,720,031)	(1,608,358,736)
Accounting income available for distribution		(368,802,871)	-	-	-	-	49,208,104	-	-	-	(26,963,190)	11,016,717	(24,569,627)	(360,110,867)

-Relating to capital gains		-	21,075,038	13,639,300	357,520,743	249,969,147	-	3,547,934	-	305,073,545	-	-	-	950,825,707
-Excluding capital gains		(368,802,871)	(21,075,038)	(13,639,300)	(357,520,743)	(249,969,147)	49,208,104	(3,547,934)	-	(305,073,545)	(26,963,190)	11,016,717	(24,569,627)	(1,310,936,574)

		(368,802,871)	-	-	-	-	49,208,104	-	-	-	(26,963,190)	11,016,717	(24,569,627)	(360,110,867)

Better Investments for a Better Future!

The annexed notes from 1 to 20 form an integral part of these condensed interim financial statements.

JS Fixed Term Munafa Fund

Plan - 1

Plan - 2

Plan - 3

Plan - 4

Plan - 5

Plan - 6

Plan - 7

Plan - 8

Plan - 9

Plan - 10

Plan - 11

Plan - 12

Plan - 13

Plan - 14

Total

CONDENSED INTERIM INCOME STATEMENT (UN-AUDITED)

FOR THE NINE MONTHS PERIOD ENDED MARCH 31, 2025

Quarter ended

For the period	For the period	For the period	For the period	For the period
from July 01,	from July 01,	from July 01,	from July 01,	from July 01,
2024 to March	2024 to January	2024 to February	2024 to July	2024 to August
31, 2025	08, 2025	06, 2025	31, 2024	16, 2024

For the Period from July 26,

2024 to March 31,

2025

For the Period from August 13,

2024 to November

13, 2024

For the Period from August 21,

2024 to January

21, 2025

For the Period from September 13, 2024 to March

13, 2025

For the Period from December 05, 2024 to March

31, 2025

For the Period from November 01, 2024 to

March 31, 2025

For the Period from November 07, 2024 to

February 07,

2025

For the Period from January 15,

2025 to March 31,

2025

For the Period from February 25, 2025 to

March 31, 2025

Income

Note

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

Profit on bank balances		218,284,737	193,390,522	397,480,698	16,130,241	38,314,118	188,269,324	105,889,549	285,335,519	216,198,499	688,490,430	48,958,768	5,468,505	344,202,574	57,105,854	2,803,519,338
Other		-	-	-	-	-	-	-	-	-	-	-	(101,851)	-	-	(101,851)
Net realised gain / (loss) on re-measurement of investment Net unrealised gain / (loss) on re-measurement of investment classified at "fair value through profit or loss"		103,446,605 13,735,633	40,245,042 -	25,113,387 -	1,676,625 -	11,745,825 -	- 19,227,422	25,328,295 -	91,497,218 -	88,138,745 -	34,038,421 (87,725,678)	54,350 107,560	841,586 -	(7,828,685) (204,986,555)	(696,246) (16,860,814)	413,601,168 (276,502,432)
Total loss		335,466,975	233,635,564	422,594,085	17,806,866	50,059,943	207,496,746	131,217,844	376,832,737	304,337,244	634,803,173	49,120,678	6,208,240	131,387,334	39,548,794	2,940,516,223
Expenses
Remuneration to JS Investments Limited - Management Company	10.1	2,982,553	2,342,461	4,070,032	89,045	398,887	2,237,688	1,296,956	3,507,940	3,233,651	9,440,626	1,070,704	78,471	2,614,686	990,176	34,353,876
Sindh sales tax on Management Company's remuneration	10.2	447,383	351,369	610,502	14,543	59,833	335,654	190,812	526,191	485,048	1,416,094	160,607	11,771	392,202	148,527	5,150,536
Remuneration of Digital Custodian Company Limited - Trustee	11.1	1,118,457	878,422	1,526,258	68,402	149,583	839,132	486,358	1,414,962	1,212,623	3,540,235	401,511	30,357	980,507	371,316	13,018,123
Sindh sales tax on Trustee remuneration	11.2	167,768	131,764	228,940	10,079	22,438	125,870	71,554	210,256	181,892	531,035	60,227	4,307	147,077	55,698	1,948,905
Accounting and operational charges	10.3	1,491,276	1,171,228	2,035,005	85,502	199,443	1,097,848	648,475	1,753,975	1,616,841	4,720,615	535,345	40,476	1,307,345	495,088	17,198,462
Selling and marketing expense	10.4	5,119,519	2,799,634	23,182,716	-	4,046,357	5,781,961	9,680,907	3,089,946	1,927,644	10,444,503	916,902	30,319	3,870,260	1,485,267	72,375,935
Fee of the Securities and Exchange Commission of Pakistan (SECP)	12	1,118,457	878,422	1,526,256	64,127	149,593	839,132	486,358	1,414,962	1,212,623	3,540,235	401,511	30,356	980,507	371,316	13,013,855
Banks and settlement charges		718,407	601,791	1,987,929	38,628	413,244	367	641,070	2,691,312	1,174,319	2,350,844	158,935	6,504	200,010	891,920	11,875,280
Auditors' remuneration		203,153	140,753	116,803	6,815	16,166	47,880	16,537	180,138	51,583	154,222	19,713	8,032	43,053	15,644	1,020,492
Others		318,945	493,370	311,744	-	-	-	-	-	-	-	-	-	-	-	1,124,059
Printing Charges		76,130	12,227	13,854	6,816	2,550	-	-	-	-	-	-	-	-	-	111,577
		13,762,048	9,801,441	35,610,039	383,957	5,458,094	11,305,532	13,519,027	14,789,682	11,096,224	36,138,409	3,725,455	240,593	10,535,647	4,824,952	171,191,100
Net income for the period before taxation		321,704,927	223,834,123	386,984,046	17,422,909	44,601,849	196,191,214	117,698,817	362,043,055	293,241,020	598,664,764	45,395,223	5,967,647	120,851,687	34,723,842	2,769,325,123
Taxation		-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income for the period after taxation		321,704,927	223,834,123	386,984,046	17,422,909	44,601,849	196,191,214	117,698,817	362,043,055	293,241,020	598,664,764	45,395,223	5,967,647	120,851,687	34,723,842	2,769,325,123
Allocation of net income for the period:
Net income for the period after taxation		321,704,927	223,834,123	386,984,046	17,422,909	44,601,849	196,191,214	117,698,817	362,043,055	293,241,020	598,664,764	45,395,223	5,967,647	120,851,687	34,723,842	2,769,325,123
Income already paid on units redeemed		-	(223,834,123)	(386,984,046)	(17,422,909)	(44,601,849)	-	(117,698,817)	(362,043,055)	(293,241,020)	-	-	(635,509)	-	-	(1,446,461,328)
Accounting income available for distribution		321,704,927	-	-	-	-	196,191,214	-	-	-	598,664,764	45,395,223	5,332,138	120,851,687	34,723,842	1,322,863,795

-Relating to capital gains		13,735,633	-	-	-	-	19,227,422	-	-	-	(87,725,678)	107,560	-	(204,986,555)	(16,860,814)	(276,502,432)
-Excluding capital gains		307,969,294	-	-	-	-	176,963,792	-	-	-	686,390,442	45,287,663	5,332,138	325,838,242	51,584,656	1,599,366,227

		321,704,927	-	-	-	-	196,191,214	-	-	-	598,664,764	45,395,223	5,332,138	120,851,687	34,723,842	1,322,863,795

QUARTERLY REPORT 2026 12

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

JS Fixed Term Munafa Fund

Plan - 1

Plan - 6

Plan - 11

Plan - 13

Plan - 14

Plan - 15

Plan - 16

Plan - 17

Plan - 18

Plan - 19

Plan - 20

Plan - 21

For the period from January 01,

2025 to March

31, 2025

For the Period from July 01,

2025 to July

25, 2025

For the Period from July 01,

2025 to October

31, 2025

For the Period from July 01,

2025 to Janaury

14, 2026

For the Period from July 01,

2025 to February

24, 2026

March 31, 2026

For the Period from July 01,

2025 to February

17, 2026

For the Period from July 01,

2025 to August

06, 2025

For the Period from July 01,

2025 to January

29, 2026

For the Period from January 23,

2026 to March

31, 2026

For the Period from January 23,

2026 to March

31, 2026

For the Period from February 3,

2026 to March

31, 2026

Total

CONDENSED INTERIM INCOME STATEMENT (UN-AUDITED)

FOR THE THREE MONTHS PERIOD ENDED MARCH 31, 2026

QUARTERLY REPORT 2026

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

Income	Note
Profit/markup on balances with banks and investments		49,350,517	-	-	5,279,215	(50,735,545)	18,997,250	18,637,576	-	(684,702,087)	20,539,754	19,396,331	27,655,361	(575,581,628)
Net realised (loss) / gain on re-measurement of investment Net unrealised (loss) / gain on re-measurement of investment		(315,176,646)	-	-	(25,982,406)	251,492,196	(154,796)	3,547,934	-	305,073,545	-	446,750	(46,067,721)	173,178,856
classified at "fair value through profit or loss"		(172,415,754)	-	-	69,428,972	(65,116,302)	(849,334)	3,799,761	-	427,179,589	(43,031,068)	(4,039,725)	(785,269)	214,170,870
Total loss		(438,241,883)	-	-	48,725,781	135,640,349	17,993,120	25,985,271	-	47,551,047	(22,491,314)	15,803,356	(19,197,629)	(188,231,902)
Expenses
Remuneration to JS Investments Limited - Management Company	10.1	5,442,949	-	-	1,071,349	8,916,487	1,204,575	1,624,762	-	7,389,768	2,904,331	2,952,802	2,214,507	33,721,530
Sindh sales tax on Management Company's remuneration	10.2	1,655,711	-	-	160,703	1,337,437	180,690	243,714	-	1,108,465	435,650	442,920	332,176	5,897,466
Remuneration of Digital Custodian Company Limited - Trustee	11.1	408,221	-	-	187,199	668,719	137,654	121,857	-	554,238	399,553	407,149	193,080	3,077,670
Sindh sales tax on Trustee remuneration	11.2	61,233	-	-	28,080	100,307	20,649	18,279	-	83,135	59,934	61,072	28,962	461,651
Accounting and operational charges	10.3	-	-	-	-	-	-	-	-	-	-	-	-	-
Selling and marketing expense	10.4	-	-	-	-	-	-	-	-	-	-	-	-	-
Fee of the Securities and Exchange Commission of Pakistan (SECP)	12	408,221	-	-	187,199	668,719	137,704	121,906	-	554,239	399,553	407,149	193,080	3,077,770
Banks and settlement charges		299,000	-	-	625,285	373,547	-	56,959	-	1,126,030	231,834	473,727	675,952	3,862,334
Auditors' remuneration		36,608	-	-	17,800	63,467	12,039	11,946	-	53,651	41,021	41,820	14,210	292,562
Others		290,519	-	-	-	-	-	-	-	-	-	-	-	290,519
Printing Charges		(4,205)	-	-	-	-	(2,793)	(3,690)	-	-	-	-	-	(10,688)
		8,598,257	-	-	2,277,615	12,128,683	1,690,518	2,195,732	-	10,869,526	4,471,876	4,786,639	3,651,967	50,670,813
Net (loss) / income for the period before taxation		(446,840,140)	-	-	46,448,166	123,511,666	16,302,602	23,789,539	-	36,681,521	(26,963,190)	11,016,717	(22,849,596)	(238,902,715)
Taxation		-	-	-	-	-	-	-	-	-	-	-	-	-
Net (loss) / income for the period after taxation		(446,840,140)	-	-	46,448,166	123,511,666	16,302,602	23,789,539	-	36,681,521	(26,963,190)	11,016,717	(22,849,596)	(238,902,715)
Allocation of net income for the period:
Net income for the period after taxation		(446,840,140)	-	-	46,448,166	123,511,666	16,302,602	23,789,539	-	36,681,521	(26,963,190)	11,016,717	(22,849,596)	(238,902,715)
Income already paid on units redeemed		-	-	-	-	-	-	-	-	-	-	-	-	-
Accounting income available for distribution		(446,840,140)	-	-	46,448,166	123,511,666	16,302,602	23,789,539	-	36,681,521	(26,963,190)	11,016,717	(22,849,596)	(238,902,715)

-Relating to capital gains		-	-	-	43,446,566	-	-	3,799,761	-	305,073,545	-	(4,039,725)	-	348,280,147
-Excluding capital gains		(446,840,140)	-	-	3,001,600	123,511,666	16,302,602	19,989,778	-	(268,392,024)	(26,963,190)	15,056,442	(22,849,596)	(587,182,862)

		(446,840,140)	-	-	46,448,166	123,511,666	16,302,602	23,789,539	-	36,681,521	(26,963,190)	11,016,717	(22,849,596)	(238,902,715)

Better Investments for a Better Future!

The annexed notes from 1 to 20 form an integral part of these condensed interim financial statements.

JS Fixed Term Munafa Fund

Plan - 1

Plan - 6

Plan - 10

Plan - 11

Plan - 13

Plan - 14

For the period from January 01,

For the period

from January 01,

2025 to March

31, 2025

For the Period from January 15,

For the Period from February

Total

2025 to March

2025 to March 31,

25, 2025 t o

31, 2025

2025

March 31, 2025

CONDENSED INTERIM INCOME STATEMENT (UN-AUDITED)

FOR THE THREE MONTHS PERIOD ENDED MARCH 31, 2025

63,505,914	67,999,890	513,320,656	27,320,549	344,202,574	57,105,854	1,073,662,454
-	-	-	-	-	-	-
(6,008 ,683)	-	16,204,682	-	(7,828 ,685)	(696,2 46)	1,464,050
(2,728 ,378)	(19,68 7,809)	7,266,188	6,738,360	(204,9 86,555)	(16,86 0,814)	(230,2 59,008)

1,033,117	840,381	7,365,477	646,830	2,614,686	990,176	13,490,668
154,968	126,058	1,104,822	97,025	392,202	148,527	2,023,602
387,418	315,141	2,762,054	242,559	980,507	371,316	5,058,995
58,113	47,271	414,311	36,385	147,077	55,698	758,855
516,559	420,193	3,683,042	323,408	1,307,345	495,088	6,745,635
1,464,519	1,191,461	10,444,503	916,902	3,870,260	1,485,267	19,372,912
387,418	315,141	2,762,054	242,559	980,507	371,316	5,058,995
77,322	-	701,262	-	200,010	891,920	1,889,207
89,145	14,481	126,891	11,145	43,053	15,644	300,359
104,871	-	-	-	-	-	104,871
66,149	-	-	-	-	-	66,149

Note -------------Ru pees---------------

Income
Profit on bank balances Other Net rea lised (l oss) / gain on re-measu rement of investmen t Net unrealised (l oss) / gai n on re-measu rement of investmen t classified at "fair value through profi t or loss"
Total loss		54,768,853	48,312,081	536,791,526	34,058,909	131,387,334	39,548,794	844,867,496
Expenses
Remunerati on to JS Investmen ts Limited - Man agement Compan y	10.1
Sindh sales tax on Management Compan y's remunerati on	10.2
Remunerati on of Digital Custodi an Company Limited - Tru stee	11.1
Sindh sales tax on Trustee remu nerati on	11.2
Accounting and operati onal charges	10.3
Selling and marketi ng expense	10.4
Fee of the Securities and Exchange Commi ssion of Paki stan (SECP) Banks and settl ement charges Auditors' remunerati on Others Printing Charges	12
		4,339,599	3,270,128	29,364,416	2,516,813	10,535,647	4,824,952	54,870,248
Net income for the period before taxation		50,429,253	45,041,953	507,427,110	31,542,095	120,851,687	34,723,842	789,997,247
Taxation		-	-	-	-	-	-	-
Net income for the period after taxation		50,429,253	45,041,953	507,427,110	31,542,095	120,851,687	34,723,842	789,997,247
Allocation of net income for the period:
Net income for th e peri od after tax ation		50,464,951	45,041,953	507,427,110	31,542,096	120,851,687	34,723,842	790,051,639
Income al ready pai d on units redeemed		-	-	-	73,456	-	-	73,456
Accounting incom e available for dist ribution		50,464,951	45,041,953	507,427,110	31,615,552	120,851,687	34,723,842	790,125,095

-Relating to capi tal gains -Excluding capi tal gains		(112,1 83,666) 162,648,617	(19,68 7,809) 64,729,762	(105,5 59,417) 612,986,527	53,211 31,562,341	(204,9 86,555) 325,838,242	(16,86 0,814) 51,584,656	(498,1 82,813) 1,288,307,908

		50,464,951	45,041,953	507,427,110	31,615,552	120,851,687	34,723,842	790,125,095

QUARTERLY REPORT 2026 14

The annexed notes from 1 to 19 form an integral part of th ese condensed interim financial statemen ts.

JS Fixed Term Munafa Fund

Plan - 1

Plan - 6

Plan - 11

Plan - 13

Plan - 14

Plan - 15

Plan - 16

Plan - 17

Plan - 18

Plan - 19

Plan - 20

Plan - 21

March 31, 2026

For the Period from July 01,

2025 to July

25, 2025

For the Period from July 01,

2025 to October

31, 2025

For the Period from July 01,

2025 to Janaury

14, 2026

For the Period from July 01,

2025 to February

24, 2026

March 31, 2026

For the Period from July 01,

2025 to February

17, 2026

For the Period from July 01,

2025 to August

06, 2025

For the Period from July 01,

2025 to January

29, 2026

For the Period from January 23,

2026 to March

31, 2026

For the Period from January 23,

2026 to March

31, 2026

For the Period from February 3,

2026 to March

31, 2026

Total

Better Investments for a Better Future!

CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME

(UN-AUDITED)

FOR THE NINE MONTHS PERIOD ENDED MARCH 31, 2026

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

QUARTERLY REPORT 2026

Net (loss) / income for the period (368,802,871) 26,373,745 52,297,245 425,251,682 450,764,407 51,811,722 80,757,916 53,343,976 515,246,116 (26,963,190) 11,016,717 (22,849,596) 1,248,247,869

Other comprehensive income for the period - - - - - - - - - - - - -

Total comprehensive (loss) / income for the period (368,802,871) 26,373,745 52,297,245 425,251,682 450,764,407 51,811,722 80,757,916 53,343,976 515,246,116 (26,963,190) 11,016,717 (22,849,596) 1,248,247,869

The annexed notes from 1 to 20 form an integral part of these condensed interim financial statements.

JS Fixed Term Munafa Fund

Plan - 1

Plan - 2

Plan - 3

Plan - 4

Plan - 5

Plan - 6

Plan - 7

Plan - 8

Plan - 9

Plan - 10

Plan - 11

Plan - 12

Plan - 13

Plan - 14

Quarter ended

For the period from July 01,

2024 to March

31, 2025

For the period from July 01,

2024 to January

08, 2025

For the period from July 01,

2024 to February 06, 2025

For the period from July 01,

2024 to July

31, 2024

For the period from July 01,

2024 to August

16, 2024

For the Period from July 26,

2024 to March

31, 2025

For the Period from August 13,

2024 to

November 13,

2024

For the Period from August 21,

2024 to January

21, 2025

For the Period from September 13, 2024 to

March 13, 2025

For the Period from December 05, 2024 to

March 31, 2025

For the Period from November 01, 2024 to

March 31, 2025

For the Period from November 07, 2024 to

February 07,

2025

For the Period from January 15, 2025 to

March 31, 2025

For the Period from February 25, 2025 to

March 31, 2025

Total

CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME

(UN-AUDITED)

FOR THE NINE MONTHS PERIOD ENDED MARCH 31, 2025

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

Net income for the period	321,704,927	223,834,123	386,984,046	17,422,909	44,601,849	196,191,214	117,698,817	362,043,055	293,241,020	598,664,764	45,395,223	5,967,647	120,851,687	34,723,842	2,769,325,123
Other comprehensive income for the period	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-

Total comprehensive income for the period 321,704,927 223,834,123 386,984,046 17,422,909 44,601,849 196,191,214 117,698,817 362,043,055 293,241,020 598,664,764 45,395,223 5,967,647 120,851,687 34,723,842 2,769,325,123

QUARTERLY REPORT 2026 16

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

JS Fixed Term Munafa Fund

Plan - 1

Plan - 6

Plan - 11

Plan - 13

Plan - 14

Plan - 15

Plan - 16

Plan - 17

Plan - 18

Plan - 19

Plan - 20

Plan - 21

March 31, 2026

For the Period from July 01,

2025 to July

25, 2025

For the Period from July 01,

2025 to October

31, 2025

For the Period from July 01,

2025 to Janaury

14, 2026

For the Period from July 01,

2025 to February

24, 2026

March 31, 2026

For the Period from July 01,

2025 to February

17, 2026

For the Period from July 01,

2025 to August

06, 2025

For the Period from July 01,

2025 to January

29, 2026

For the Period from January 23,

2026 to March

31, 2026

For the Period from January 23,

2026 to March

31, 2026

For the Period from February 3,

2026 to March

31, 2026

Total

Better Investments for a Better Future!

CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME

(UN-AUDITED)

FOR THE THREE MONTHS PERIOD ENDED MARCH 31, 2026

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

QUARTERLY REPORT 2026

Net (loss) / income for the period (446,840,140) - - 46,448,166 123,511,666 16,302,602 23,789,539 - 36,681,521 (26,963,190) 11,016,717 (22,849,596) (238,902,715)

Other comprehensive income for the period - - - - - - - - - - - - -Total comprehensive (loss) / income for the period (446,840,140) - - 46,448,166 123,511,666 16,302,602 23,789,539 - 36,681,521 (26,963,190) 11,016,717 (22,849,596) (238,902,715)

The annexed notes from 1 to 20 form an integral part of these condensed interim financial statements.

JS Fixed Term Munafa Fund

Total

Plan - 1

Plan - 6

Plan - 10

Plan - 11

Plan - 13

Plan - 14

For the period

from January 01,

2025 to March

31, 2025

For the period from January 01, 2025 to March 31, 2025

For the period

from January 01,

2025 to March

31, 2025

For the Period from January 15, 2025 to March 31, 2025

For the Period from Feb ruary 25, 2025 t o

March 31, 2025

CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME

(UN-AUDITED)

FOR THE THREE MONTHS PERIOD ENDED MARCH 31, 2025

----------------Rupee s----------------

Net income for the period

50,429,253

45,041,953

507,427,110

31,542,095

120,851,687

34,723,842

789,997,247

Other co mprehensiv e income for the period

Total comprehensiv e income f or

the period

50,429,253

45,041,953

507,427,110

31,542,095

120,851,687

34,723,842

789,997,247

QUARTERLY REPORT 2026 18

The annex ed notes f rom 1 to 19 f orm an integral p art of these cond ensed interim financial statem ents.

JS Fixed Term Munafa Fund

Plan - 1

Plan - 6

Plan - 11

Plan - 13

Plan - 14

Plan - 15

Plan - 16

Plan - 17

Plan - 18

Plan - 19

Plan - 20

Plan - 21

March 31, 2026

For the Period from July 01, 2025 to July

25, 2025

For the Period from

July 01, 2025 to October

31, 2025

For the Period from

July 01, 2025 to Janaury

14, 2026

For the Period from

July 01, 2025 to February 24, 2026

March 31, 2026

For the Period from

July 01, 2025 to February 17, 2026

For the Period from

July 01, 2025 to August

06, 2025

For the Period from

July 01, 2025 to January

29, 2026

For the Period from

January 23, 2026 to March

31, 2026

For the Period from

January 23, 2026 to March

31, 2026

For the Period from

February 3, 2026 to March

31, 2026

Total

Better Investments for a Better Future!

CONDENSED INTERIM CASH FLOW STATEMENT (UN-AUDITED)

FOR THE NINE MONTHS PERIOD ENDED MARCH 31, 2026

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

Cash Flow From Operating Activities

Net (loss) / income for the period (368,802,871) 26,373,745 52,297,245 425,251,682 450,764,407 51,811,722 80,757,916 53,343,976 515,246,116 (26,963,190) 11,016,717 (22,849,596) 1,248,247,869

QUARTERLY REPORT 2026

Adjustments

Net realised loss / (gain) on re-measurement of investment 494,344,443 (21,075,038) (13,639,300) (357,520,743) (249,969,147) 154,796 (3,547,934) 4,498,420 (305,073,545) - (446,750) 46,067,721 (406,207,077)

Net unrealised loss on re-measurement of investment

classified at "fair value through profit or loss" 32,720,391 - - - - 3,599,500 - - - 43,031,068 4,039,725 785,269 84,175,953

	527,064,834	(21,075,038)	(13,639,300)	(357,520,743)	(249,969,147)	3,754,296	(3,547,934)	4,498,420	(305,073,545)	43,031,068	3,592,975	46,852,990	(322,031,124)
(Increase) / Decrease in current assets
Investments - net	(262,383,139)	1,693,656,366	1,273,853,261	6,913,991,514	5,644,897,927	(10,328,096)	1,154,724,934	4,104,427,331	305,073,545	(2,779,834,301)	(2,709,922,791)	(289,297,240)	20,817,913,643
Profit Receivable	74,115,569	1,038,943	64,281,527	(55,866,409)	12,044,856	(310,270)	(18,162,786)	23,110,754	(55,143,723)	(18,588,535)	(11,634,571)	(19,421,862)	45,108,461
Deposits and Other Receivables	53,157	-	16,291	-	-	-	-	-	-	-	-	-	69,448
	(188,214,413)	1,694,695,309	1,338,151,079	6,858,125,105	5,656,942,783	(10,638,366)	1,136,562,148	4,127,538,085	249,929,822	(2,798,422,836)	(2,721,557,362)	(308,719,102)	20,863,091,552
(Decrease) / Increase in current liabilities
Payable to JS Investments Limited - Management Company	(12,389,938)	(2,248,938)	(1,696,285)	59,426,103	47,049,544	(853,281)	20,134,667	(4,435,634)	56,010,000	10,000	10,000	10,000	160,996,238
Payable to Digital Custodian Company Limited - Trustee	(515)	(124,262)	(94,204)	(467,369)	(389,473)	1,446	(85,336)	(317,646)	-	208,995	213,550	30,529	(1,477,359)
Payable to the Securities and Exchange Commission													-
of Pakistan (SECP)	(524)	(108,079)	(81,941)	(406,433)	(338,697)	1,256	(74,230)	(276,239)	-	181,760	185,720	26,571	(1,284,887)
Accrued expenses and other liabilities	(63,984,725)	(58,538,826)	(15,210,296)	(79,543,534)	(69,834)	(3,522,251)	(6,351,047)	(14,449,382)	333,670	261,370	291,210	387,297	(241,336,225)
	(76,375,702)	(61,020,105)	(17,082,726)	(20,991,233)	46,251,540	(4,372,830)	13,624,054	(19,478,901)	56,343,670	662,125	700,480	454,397	(83,102,233)
Net cash generated from operating activities	(106,328,152)	1,638,973,911	1,359,726,298	6,904,864,811	5,903,989,583	40,554,822	1,227,396,184	4,165,901,580	516,446,063	(2,781,692,833)	(2,706,247,190)	(284,261,311)	22,028,237,188
Cash Flow From Financing Activities
Distribution during the period	-	-	(42,687,004)	(44,868,388)	(566,690,792)	-	(490,707)	(10,327,276)	(251,756,144)	-	-	(36,588,999)	(916,820,311)
Amount received from issuance of units	-	-	42,353,509	16,998,934	566,626,510	26,749	401,431	10,327,276	9,739,662,299	2,869,513,994	2,908,120,505	5,041,536,434	10,376,396,708
Amount paid on redemption of units	-	(1,741,072,468)	(1,380,874,679)	(6,963,060,351)	(5,978,963,948)	(54,132,920)	(1,285,079,299)	(4,542,364,559)	(10,003,152,271)	-	-	(4,564,034,745)	(31,948,700,495)
Net cash generated from financing activities	-	(1,741,072,468)	(1,381,208,174)	(6,990,929,805)	(5,979,028,230)	(54,106,171)	(1,285,168,575)	(4,542,364,559)	(515,246,116)	2,869,513,994	2,908,120,505	440,912,690	(22,489,124,098)
Net increase in cash and cash equivalents	(106,328,152)	(102,098,557)	(21,481,876)	(86,064,994)	(75,038,647)	(13,551,349)	(57,772,391)	(376,462,979)	1,199,947	87,821,161	201,873,315	156,651,379	(391,253,143)
Cash and cash equivalents at the beginning of the period	172,418,250	102,251,106	21,667,953	89,269,049	75,629,148	58,685,375	59,770,439	376,520,439	-	-	-	-	956,211,759

Cash and cash equivalents at the end of the period 66,090,098 152,549 186,077 3,204,055 590,501 45,134,026 1,998,048 57,460 1,199,947 87,821,161 201,873,315 156,651,379 564,958,616

The annexed notes from 1 to 20 form an integral part of these condensed interim financial statements.

JS Fixed Term Munafa Fund

Total

Plan - 1

Plan - 6

Plan - 10

Plan - 11

Plan - 13

Plan - 14

For the period from July 01,

2024 to March

31, 2025

For the Period from July 26, 2024 to

March 31, 2025

For the Period from December 05, 2024 to

March 31, 2025

For the Period from November 01, 2024

to March 31, 2025

For the Period from January 15, 2025 to

March 31, 2025

For the Period from February 25, 2025 to

March 31, 2025

CONDENSED INTERIM CASH FLOW STATEMENT (UN-AUDITED)

FOR THE NINE MONTHS PERIOD ENDED MARCH 31, 2026

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

(159,784,460)	(1,700,861,709)	(14,802,786,928)	(1,156,460,846)	(6,596,880,559)	(5,243,896,411)	(29,660,670,913)
68,530,790	(155,417)	(402,954,218)	(7,132,683)	(8,103,015)	(66,331,193)	(416,145,736)
-	-	-	-	-	-	-

(2,230,846)	1,682,918	14,777,057	1,296,531	5,662,178	2,975,307	24,163,145
30,452	125,836	1,103,543	96,607	468,339	389,441	2,214,218
24,574	109,422	959,603	84,006	407,252	338,602	1,923,459
(12,078,906)	72,984	485,104	30,731	157,702	24,014	(11,308,371)

Net income for the period Adjustments	321,704,927
Net realised (gain) / loss on re-measurement of investment	(103,446,605)
Net unrealised (gain) / loss on re-measurement of investment
classified at "fair value through profit or loss"	(13,735,633)

Cash Flow From Operating Activities

196,191,214 598,664,764				45,395,223	120,851,687	34,723,842	1,317,531,657
- (34,038,421)				(54,350)	7,828,685	696,246	(129,014,445)
(19,227,422) 87,725,678 Amortization of deferred formation cost 53,352 - -				(107,560) -	204,986,555 -	16,860,814 -	276,502,432 53,352
(117,128,886) (19,227,422) (Increase) / Decrease in current assets			53,687,257	(161,910)	212,815,240	17,557,060	147,541,339
Investments - net Profit Receivable Deposits and Other Receivables
(91,253,670) (1,701,017,126) (Decrease) / Increase in current liabilities			(15,205,741,146)	(1,163,593,529)	(6,604,983,574)	(5,310,227,604)	(30,076,816,649)
Payable to JS Investments Limited - Management Company Payable to Digital Custodian Company Limited - Trustee Payable to the Securities and Exchange Commission of Pakistan (SECP) Accrued expenses and other liabilities
(14,254,726) 1,991,160			17,325,307	1,507,875	6,695,471	3,727,364	16,992,451
Net cash generated from operating activities 99,067,645 (1,522,062,174) Cash Flow From Financing Activities			(14,536,063,818)	(1,116,852,341)	(6,264,621,176)	(5,254,219,338)	(28,742,292,541)
Distribution during the period Amount received from issuance of units Amount paid on redemption of units
Net cash generated from financing activities - 1,527,974,952			14,546,164,213	1,276,496,393	6,286,019,177	5,297,908,824	28,934,563,559
Net increase in cash and cash equivalents 99,067,645 5,912,778 Cash and cash equivalents at the beginning of the period 57,360,220 -			10,100,395 -	159,644,052 -	21,398,001 -	43,689,486 -	339,812,357 57,360,220
Cash and cash equivalents at the end of the period	156,427,865	5,912,778	10,100,395	159,644,052	21,398,001	43,689,486	397,172,577

QUARTERLY REPORT 2026 20

-	-	-	-	-	-	-
-	1,527,974,952	14,546,164,213	1,286,496,393	6,286,019,177	5,297,908,824	28,944,563,559
-	-	-	(10,000,000)	-	-	(10,000,000)

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

Plan - 1
March 31, 2026
Capital Value	Undistributed income / (loss)	Total

Plan - 6			Plan - 11
For the Period from July 01, 2025 to July 25, 2025			For the Period from July 01, 2025 to October 31, 2025
Capital Value	Undistributed income / (loss)	Total	Capital Value	Undistributed income / (loss)	Total

Better Investments for a Better Future!

CONDENSED INTERIM STATEMENT OF MOVEMENT IN UNIT HOLDERS' FUND

(UNAUDITED)

FOR THE NINE MONTHS PERIOD ENDED MARCH 31, 2026

QUARTERLY REPORT 2026

-	-	-	42,353,509	-	42,353,509
-	-	-	-	-	-

(1,703,883,067)	-	(1,703,883,067)	(1,319,920,239)	-	(1,319,920,239)
-	(37,189,401)	(37,189,401)	-	(8,657,195)	(8,657,195)
-	-	-	-	(52,297,245)	(52,297,245)

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

Net assets at beginning of the period	1,981,736,765	167,757,323	2,149,494,088	1,703,883,067	10,815,656	1,714,698,723	1,292,327,974	36,582,955	1,328,910,929
Issuance - Element of Loss
Total proceeds on issuance of units	-	-	-	-	-	-	42,353,509	-	42,353,509
Redemption - Element of income -Amount paid / payable on redemption of units
Total payments on redemption of units	-	-	-	(1,703,883,067)	(37,189,401)	(1,741,072,468)	(1,319,920,239)	(60,954,440)	(1,380,874,679)
Total comprehensive income for the period	-	(368,802,871)	(368,802,871)	-	26,373,745	26,373,745	-	52,297,245	52,297,245
Interim distribution- June 30, 2025	-	-	-	-	-	-	-	(42,687,004)	(42,687,004)

Net assets at end of the period 1,981,736,765 (201,045,548) 1,780,691,217 - - - 14,761,244 (14,761,244) -

Undistributed (loss) / income brought forward
- Realised income 103,267,263		7,275,414	17,980,880
- Unrealised (loss) 64,490,060		3,540,242	18,602,075
167,757,323 Accounting income available for distribution		10,815,656	36,582,955
- Relating to capital gains -		21,075,038	13,639,300
- Excluding capital gains (368,802,871)		(21,075,038)	(13,639,300)
(368,802,871)		-	-
Net income for the period after taxation
Net (loss) / income for the period after taxation (368,802,871)		-	-
Distributions during the period -		-	-
Undistributed gain carried forward (201,045,548)		-	-
Undistributed gain / (loss) carried forward
- Realised gain (168,325,157) - Unrealised gain / (loss) (32,720,391)		- -	- -
(201,045,548)		-	-
Net assets value per unit at beginning of the period	110.45	100.69	108.60
Net assets value per unit at end of the period	91.50	-	-
The annexed notes from 1 to 20 form an integral part of these condensed interim financial statements.

Plan - 13

Plan - 14

Plan - 15

March

31, 2026

March

31, 2026

March

31, 2026

Capital Value

Undistributed income / (loss)

Total

Capital Value

Undistributed income / (loss)

Total

Capital Value

Undistributed income / (loss)

Total

NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENT (UNAUDITED)

FOR THE NINE MONTHS PERIOD ENDED MARCH 31, 2026

Note

Net assets at beginning of the period 6,537,935,432 27,742,691 6,565,678,123 5,412,337,438 115,926,385 5,528,263,823 743,373,800 4,524,223 747,898,023

16,998,934	-	16,998,934	566,626,510	-	566,626,510	26,749	-	26,749
-	-	-	-	-	-	-	-	-

Issuance

- Element of Loss

Total proceeds on issuance of units 16,998,934 - 16,998,934				566,626,510	-	566,626,510	26,749 - 26,749
Redemption	(6,554,934,366)	-	(6,554,934,366)	(5,978,963,948)	-	(5,978,963,948)	(51,529,302)	-	(51,529,302)
- Element of income	-	-	-	-	-	-	-	(2,603,618)	(2,603,618)
-Amount paid / payable on redemption of units	-	(408,125,985)	(408,125,985)	-	-	-	-	-	-
Total payments on redemption of units (6,554,934,366) (408,125,985) (6,963,060,351)				(5,978,963,948)	-	(5,978,963,948)	(51,529,302) (2,603,618) (54,132,920)
Total comprehensive income for the period	-	425,251,682	425,251,682	-	450,764,407	450,764,407	-	51,811,722	51,811,722
Interim distribution- March, 2026	-	(44,868,388)	(44,868,388)	-	(566,690,792)	(566,690,792)	-	-	-
Net assets at end of the period	-	-	-	-	-	-	691,871,247	53,732,327	745,603,574
Undistributed (loss) / income brought forward
- Realised income		207,695,200			82,830,420			680,217
- Unrealised (loss)		(179,952,509)			33,095,965			3,844,006
Accounting income available for distribution		27,742,691			115,926,385			4,524,223
- Relating to capital gains		357,520,743			249,969,147			950,825,707
- Excluding capital gains		(357,520,743)			(249,969,147)			49,208,104
	-			-			1,000,033,811
Net (loss) / income for the period after taxation	17,125,697			450,764,407			49,208,104
Distributions during the period	(44,868,388)			(566,690,792)			-
Undistributed gain carried forward	0.00			-			53,732,327
Undistributed gain / (loss) carried forward
- Realised gain	(357,520,743)			(249,969,147)			53,732,327
- Unrealised gain / (loss)	357,520,743			249,969,147			-
	-			-			53,732,327
Net assets value per unit at beginning of the period	104.71			102.18			101.53
Net assets value per unit at end of the period	-			-			108.70

QUARTERLY REPORT 2026 22

The annexed notes from 1 to 20 form an integral part of these condensed interim financial statements.

Plan - 16

Plan - 17

Plan - 18

March

31, 2026

For the Period from July 01, 2025 to August

06, 2025

For the Period from July 01, 2025 to August

06, 2025

Capital Value

Undistributed income / (loss)

Total

Capital Value

Undistributed income / (loss)

Total

Capital Value

Undistributed income / (loss)

Total

Net assets at beginning of the period	Note	1,200,743,053	3,667,606	1,204,410,659	4,474,271,157	14,749,426	4,489,020,583	-	-	-
Issuance		401,431	-	401,431	10,327,276	-	10,327,276	9,739,662,299	-	9,739,662,299
- Element of Loss		-	-	-	-	-	-	-	-	-
Total proceeds on issuance of units		401,431	-	401,431	10,327,276	-	10,327,276	9,739,662,299	-	9,739,662,299
Redemption		(1,201,144,484)	-	(1,201,144,484)	(4,484,598,433)	-	(4,484,598,433)	(9,739,662,299)	-	(9,739,662,299)
- Element of income		-	(3,176,899)	(3,176,899)	-	(4,422,150)	(4,422,150)	-	251,756,144	251,756,144
-Amount paid / payable on redemption of units		-	(80,757,916)	(80,757,916)	-	(53,343,976)	(53,343,976)	-	(515,246,116)	(515,246,116)
Total payments on redemption of units		(1,201,144,484)	(83,934,815)	(1,285,079,299)	(4,484,598,433)	(57,766,126)	(4,542,364,559)	(9,739,662,299)	(263,489,972)	(10,003,152,271)
Total comprehensive income for the period		-	80,757,916	80,757,916	-	53,343,976	53,343,976	-	515,246,116	515,246,116
Interim distribution- March, 2026		-	(490,707)	(490,707)	-	(10,327,276)	(10,327,276)	-	(251,756,144)	(251,756,144)
Net assets at end of the period		- - -			- - -			-	- -
Undistributed (loss) / income brought forward
- Realised income		(1,434,667)			46,409,136				-
- Unrealised (loss)		5,102,273			(31,659,710)				-
		3,667,606			14,749,426				-
Accounting income available for distribution
- Relating to capital gains		3,547,934			249,969,147				305,073,545
- Excluding capital gains		(3,547,934)			249,969,147				(305,073,545)
		-			499,938,294				-
Net (loss) / income for the period after taxation		(3,176,899)			(4,422,150)				251,756,144
Distributions during the period		(490,707)			(10,327,276)				(251,756,144)
Undistributed gain carried forward		-			-				-
Undistributed gain / (loss) carried forward
- Realised gain		-			-				-
- Unrealised gain / (loss)		-			-				-
		-			-				-
Net assets value per unit at beginning of the period				101.63	100.80			-
Net assets value per unit at end of the period				-	-			-
The annexed notes from 1 to 20 form an integral part of these condensed interim financial statements.

Better Investments for a Better Future!

NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENT (UNAUDITED)

FOR THE NINE MONTHS PERIOD ENDED MARCH 31, 2026

QUARTERLY REPORT 2026

Plan - 19			Plan - 20			Plan - 21
For the Period from January 23, 2026 to March 31, 2026			For the Period from January 23, 2026 to March 31, 2026			For the Period from February 3, 2026 to March 31, 2026
Capital Value	Undistributed income / (loss)	Total	Capital Value	Undistributed income / (loss)	Total	Capital Value	Undistributed income / (loss)	Total

Net assets at beginning of the period	-	-	-	-	-	-	-	-	-
Issuance	2,869,513,994	-	2,869,513,994	2,908,120,505	-	2,908,120,505	5,041,536,434	-	5,041,536,434
- Element of Loss	-	-	-	-	-	-	-	-	-
Total proceeds on issuance of units	2,869,513,994	-	2,869,513,994	2,908,120,505	-	2,908,120,505	5,041,536,434	-	5,041,536,434
Redemption	-	-	-	-	-	-	(4,562,314,714)	-	(4,562,314,714)
- Element of income	-	-	-	-	-	-	-	-	-
-Amount paid / payable on redemption of units	-	-	-	-	-	-	-	(1,720,031)	(1,720,031)
Total payments on redemption of units	-	-	-	-	-	-	(4,562,314,714)	(1,720,031)	(4,564,034,745)
Total comprehensive income for the period	-	(26,963,190)	(26,963,190)	-	11,016,717	11,016,717	-	(22,849,596)	(22,849,596)
Interim distribution- March, 2026	-	-	-	-	-	-	-	(36,588,999)	(36,588,999)

NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENT (UNAUDITED)

FOR THE NINE MONTHS PERIOD ENDED MARCH 31, 2026

Net assets at end of the period 2,869,513,994 (26,963,190) 2,842,550,804 2,908,120,505 11,016,717 2,919,137,222 479,221,720 (61,158,626) 418,063,094

Undistributed (loss) / income brought forward Realised income Unrealised (loss)	- -	- -	- -
Accounting income available for distribution	-	-	-
Relating to capital gains Excluding capital gains	- (26,963,190)	- 11,016,717	- (24,569,627)
	(26,963,190)	11,016,717	(24,569,627)
Net (loss) / income for the period after taxation	(26,963,190)	11,016,717	(24,569,627)
Distributions during the period	-	-	(36,588,999)
Undistributed gain carried forward	(26,963,190)	11,016,717	(61,158,626)
Undistributed gain / (loss) carried forward
- Realised gain	16,067,878	11,016,717	(60,373,357)
- Unrealised gain / (loss)	(43,031,068)	-	(785,269)
	(26,963,190)	11,016,717	(61,158,626)
Net assets value per unit at beginning of the period	-	-		-
Net assets value per unit at end of the period	99.06	100.38		87.24

QUARTERLY REPORT 2026 24

The annexed notes from 1 to 20 form an integral part of these condensed interim financial statements.

Total

Undistribute d income / (loss)

Capital Value

For the period from July 01, 2024 to March 31, 2025

Plan - 1

Plan - 2			Plan - 3
For the period from July 01, 2024 to January 08, 2025			For the period from July 01, 2024 to February 06, 2025
Capital Value	Undistributed income / (loss)	Total	Capital Value	Undistributed income / (loss)	Total

Plan - 4			Plan - 5
For the period from July 01, 2024 to July 31, 2024			For the period from July 01, 2024 to August 16, 2024
Capital Value	Undistribute d income / (loss)	Total	Capital Value	Undistribute d income / (loss)	Total

Better Investments for a Better Future!

CONDENSED INTERIM STATEMENT OF MOVEMENT IN UNIT HOLDERS' FUND

(UNAUDITED)

FOR THE NINE MONTHS PERIOD ENDED MARCH 31, 2025

QUARTERLY REPORT 2026

Note

Net assets at beginning of the period 1,781,774,469 7,847,830 1,789,622,299 2,470,290,209 9,131,551 2,479,421,760 3,566,223,230 12,214,453 3,578,437,683 1,028,292,916 3,142,951 1,031,435,867 1,557,650,252 4,271,961 1,561,922,213

Issuance

- Element of Loss

- - -

Total proceeds on issuance of units - - - - - - - - - - - - - - -

Redemption

- Element of income

- - -

(2,478,493,751)	-	(2,478,493,751)	(3,578,437,683)	-	(3,578,437,683)
-	-	-	-	-	-
-	(223,834,123)	(223,834,123)	-	(386,984,046)	(386,984,046)

(1,031,435,867)	-	(1,031,435,867)	(1,561,922,213)	-	(1,561,922,213)
-	-	-	-	-	-
-	(17,422,909)	(17,422,909)	-	(44,601,849)	(44,601,849)

- - -

-Amount paid / payable on redemption of units - - -

Total payments on redemption of units - - - (2,478,493,751) (223,834,123) (2,702,327,874) (3,578,437,683) (386,984,046) (3,965,421,729) (1,031,435,867) (17,422,909) (1,048,858,776) (1,561,922,213) (44,601,849) (1,606,524,062)

Total comprehensive income for the period - 321,704,927 321,704,927 - 223,834,123 223,834,123 - 386,984,046 386,984,046 - 17,422,909 17,422,909 - 44,601,849 44,601,849

Interim distribution- March 31, 2025 - - - - (928,009) (928,009) - - - - - - - - -Net assets at end of the period 1,781,774,469 329,552,757 2,111,327,226 (8,203,542) 8,203,542 - (12,214,453) 12,214,453 - (3,142,951) 3,142,951 - (4,271,961) 4,271,961 -

Undistributed (loss) / income brought forward
- Realised income	8,438,374	-	-	-	-
- Unrealised (loss)	(590,544)	-	-	-	-
	7,847,830	-	-	-	-
Accounting income available for distribution
- Relating to capital gains	13,735,633	-	-	-	-
- Excluding capital gains	307,969,294	-	-	-	-
	321,704,927	-	-	-	-
Net income for the period after taxation
Net income for the period after taxation	321,704,927	-	-	-	-
Distributions during the period	-	-	-	-	-
Undistributed gain carried forward	329,552,757	-	-	-	-
Undistributed gain / (loss) carried forward
- Realised gain	315,817,124	-	-	-	-
- Unrealised gain / (loss)	13,735,633	-	-	-	-
	329,552,757	-	-	-	-
Net assets value per unit at beginning of the period	100.44	100.27	100.34	100.31	100.27
Net assets value per unit at end of the period	118.50	-	-	-	-

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

Plan - 6
For the Period from July 26, 2024 to March 31, 2025
Capital Value	Undistributed income / (loss)	Total

Plan - 7
For the Period from August 13, 2024 to November 13, 2024
Capital Value	Undistributed income / (loss)	Total

Plan - 8
For the Period from August 21, 2024 to January 21, 2025
Capital Value	Undistributed income / (loss)	Total

Plan - 9
For the Period from September 13, 2024 to March 13, 2025
Capital Value	Undistributed income / (loss)	Total

Plan - 10
For the Period from December 05, 2024 to March 31, 2025
Capital Value	Undistributed income / (loss)	Total

CONDENSED INTERIM STATEMENT OF MOVEMENT IN UNIT HOLDERS' FUND

(UNAUDITED)

FOR THE NINE MONTHS PERIOD ENDED MARCH 31, 2025

1,527,974,953	-	1,527,974,953
-	-	-

2,509,569,657	-	2,509,569,657
-	-	-

4,871,950,406	-	4,871,950,406
-	-	-

3,373,503,854	-	3,373,503,854
-	-	-

14,546,164,213	-	14,546,164,213
-	-	-

(2,509,569,657)	-	(2,509,569,657)
-	-	-
-	(117,698,817)	(117,698,817)

(4,629,747,988)	-	(4,629,747,988)
-	-	-
-	(362,043,055)	(362,043,055)

(3,373,503,854)	-	(3,373,503,854)
-	-	-
-	-	-

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

Net assets at beginning of the period	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Issuance - Element of Loss
Total proceeds on issuance of units	1,527,974,953	-	1,527,974,953	2,509,569,657	-	2,509,569,657	4,871,950,406	-	4,871,950,406	3,373,503,854	-	3,373,503,854	14,546,164,213	-	14,546,164,213
Redemption - Element of income -Amount paid / payable on redemption of units
Total payments on redemption of units	-	-	-	(2,509,569,657)	(117,698,817)	(2,627,268,474)	(4,629,747,988)	(362,043,055)	(4,991,791,043)	(3,373,503,854)	-	(3,373,503,854)	-	-	-
Total comprehensive income for the period	-	196,191,214	196,191,214	-	117,698,817	117,698,817	-	362,043,055	362,043,055	-	-	-	-	598,664,764	598,664,764
Interim distribution- March 19, 2024	-	-	-	-	-	-	-	(242,202,418)	(242,202,418)	-	(293,241,020)	(293,241,020)	-	-	-

QUARTERLY REPORT 2026 26

Net assets at end of the period 1,527,974,953 196,191,214 1,724,166,167 - - - 242,202,418 (242,202,418) - - (293,241,020) (293,241,020) 14,546,164,213 598,664,764 15,144,828,977

Undistributed (loss) / income brought forward Realised income - Unrealised (loss) -		- -	- -	- -	- -
- Accounting income available for distribution		-	-	-	-
- Relating to capital gains 19,227,422		-	-	-	(87,725,678)
- Excluding capital gains 176,963,792		-	-	-	686,390,442
196,191,214		-	-	-	598,664,764
Net income for the period after taxation 196,191,214 Distributions during the period - Undistributed gain carried forward 196,191,214		- - -	- - -	- - -	598,664,764 - 598,664,764
Undistributed gain / (loss) carried forward - Realised gain 176,963,792		-	-	-	686,390,442
- Unrealised gain / (loss) 19,227,422		-	-	-	(87,725,678)
196,191,214		-	-	-	598,664,764
Net assets value per unit at beginning of the period	-	-	-	-	-
Net assets value per unit at end of the period	112.84	-	-	-	104.12
The annexed notes from 1 to 19 form an integral part of these condensed interim financial statements.

Plan - 11

For the Period from November 01, 2024 to

March 31, 2025

Capital Value

Undistributed income / (loss)

Total

Plan - 12

For the Period from November 07, 2024 to

February 07, 2025

Capital Value

Undistributed income / (loss)

Total

Plan - 13

For the Period from January 15, 2025 to March

31, 2025

Capital Value

Undistributed income / (loss)

Total

Plan - 14

For the Period from February 25, 2025 to

March 31, 2025

Capital Value

Undistributed income / (loss)

Total

Net assets at beginning of the period	-	-	-		-	-	-		-	-	-		-	-	-		10,404,231,076	36,608,746	10,440,839,822
Issuance - Element of Loss																	39,881,834,063 -	- -	39,881,834,063 -
Total proceeds on issuance of units	1,286,496,393	-	1,286,496,393		182,246,586	-	182,246,586		6,286,019,177	-	6,286,019,177		5,297,908,824	-	5,297,908,824		39,881,834,063	-	39,881,834,063
Redemption - Element of income -Amount paid / payable on redemption of units																	(19,354,722,090) - -	- -(1,153,220,308)	(19,354,722,090) -(1,153,220,308)
Total payments on redemption of units	(10,000,000)	-	(10,000,000)	(181,611,077)		(635,509) (182,246,586)		-		-	-	-		-	-	(19,354,722,090)		(1,153,220,308) (20,507,942,398)
Total comprehensive income for the period	-	45,395,223	45,395,223	-		5,332,138 5,332,138		-		120,851,687	120,851,687	-		34,723,842	34,723,842	-		2,475,448,594 2,475,448,594
Interim distribution- March 19, 2024	-	-	-	-		(5,332,138) (5,332,138)		-		-	-	-		-	-	-		(541,703,585) (541,703,585)

Better Investments for a Better Future!

CONDENSED INTERIM STATEMENT OF MOVEMENT IN UNIT HOLDERS' FUND

(UNAUDITED)

FOR THE NINE MONTHS PERIOD ENDED MARCH 31, 2025

QUARTERLY REPORT 2026

1,286,496,393	-	1,286,496,393
-	-	-

182,246,586	-	182,246,586
-	-	-

6,286,019,177	-	6,286,019,177
-	-	-

5,297,908,824	-	5,297,908,824
-	-	-

(10,000,000)	-	(10,000,000)
-	-	-
-	-	-

(181,611,077)	-	(181,611,077)
-	-	-
-	(635,509)	(635,509)

Net assets at end of the period 1,276,496,393 45,395,223 1,321,891,616 635,509 (635,509) - 6,286,019,177 120,851,687 6,406,870,864 5,297,908,824 34,723,842 5,332,632,666 30,931,343,049 817,133,447 31,748,476,495

Undistributed (loss) / income brought forward
- Realised income	-	-	-	-	8,438,374
- Unrealised (loss)	-	-	-	-	(590,544)
	-	-	-	-	7,847,830
Accounting income available for distribution
- Relating to capital gains	107,560	-	(16,860,814)	-	(71,515,877)
- Excluding capital gains	45,287,663	-	(16,860,814)	-	1,199,750,377
	45,395,223	-	(33,721,628)	-	1,128,234,500
Net income for the period after taxation	45,395,223	-	120,851,687	34,723,842	1,317,531,657
Distributions during the period	-	-	-	-	-
Undistributed gain carried forward	45,395,223	-	120,851,687	34,723,842	1,325,379,487
Undistributed gain / (loss) carried forward
- Realised gain	45,287,663	-	137,712,501	34,723,842	1,396,895,364
- Unrealised gain / (loss)	107,560	-	(16,860,814)	-	(71,515,877)
	45,395,223	-	120,851,687	34,723,842	1,325,379,487
Net assets value per unit at beginning of the period	-	-	-	-
Net assets value per unit at end of the period	103.55	-	101.92	100.66

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

NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENT (UNAUDITED)

FOR THE NINE MONTHS PERIOD ENDED MARCH 31, 2026

LEGAL STATUS AND NATURE OF BUSINESS
1. JS Fixed Term Munafa Fund ("the Fund") was established/registered under the Trust Deed and under section 16 of the Sindh Trust Act, 2020 executed between JS Investments Limited as the Management Company and Digital Custodian Company Limited as the Trustee. The trust deed was approved by the Securities and Exchange Commission of Pakistan (the SECP) vide its letter dated October 20, 2023 consequent to which the Trust Deed was executed on October 24, 2023 in accordance with the requirement of Non-Banking Finance Companies (Establishment and Regulations) Rules, 2003 (the NBFC Rules). The Management Company has launched the Fund on January 09, 2024.
2. As per the offering document, the Fund shall invest in investment grade debt securities and government securities, including money market instruments.
3. Title to the assets of the Fund is held in the name of Digital Custodian Company Limited as Trustee of the Fund.
4. Pakistan Credit Rating Agency Limited (PACRA) has upgraded an asset manager rating of 'AM1' with 'stable outlook' dated November 5, 2025 (June 30, 2024: 'AM2++' with 'stable outlook'). Further, PACRA has also maintained stability rating of 'AAA(f)' to the Fund on dated December 10, 2025 (June 30, 2025: "AAA(f)" on june 10, 2025).
5. Following plans are launched under this Fund:
  JS Fixed Term Munafa Fund - Plan 1 The duration of the Fund will be perpetual; however, the maturity of the Plan shall be 3 years (from the close of subscription period)
  JS Fixed Term Munafa Fund - Plan 2 The duration of the Fund will be perpetual; however, the maturity of the Plan shall be 1 year (All units of the plan were redeemed and the plan was wound up with effect from January 8, 2025.)
  JS Fixed Term Munafa Fund - Plan 3 The duration of the Fund will be perpetual; however, the maturity of the Plan shall be 10 Months (All units of the plan were redeemed and the plan was wound up with effect from February 8, 2025.)
  JS Fixed Term Munafa Fund - Plan 4 The duration of the Fund will be perpetual; however, the maturity of the Plan shall be 3 Months (All units of the plan were redeemed and the plan was wound up with effect from July 30, 2024.)
  JS Fixed Term Munafa Fund - Plan 5 The duration of the Fund will be perpetual; however, the maturity of the Plan shall be 3 Months (All units of the plan were redeemed and the plan was wound up with effect from August 16, 2024.)
  JS Fixed Term Munafa Fund - Plan 6 The duration of the Fund will be perpetual; however, the maturity of the Plan shall be 12 Months (from the close of subscription period)
  JS Fixed Term Munafa Fund - Plan 7 The durationof the Fund will be perpetual;however, the maturity of the Plan shall be 3 Months (All units of the plan were redeemed and the plan was wound up with effect from November 13, 2024.)
  JS Fixed Term Munafa Fund - Plan 8 The duration of the Fund will be perpetual; however, the maturity of the Plan shall be 5 Months (All units of the plan were redeemed and the plan was wound up with effect from January 10, 2025.)
  JS Fixed Term Munafa Fund - Plan 9 The duration of the Fund will be perpetual; however, the maturity of the Plan shall be 6 Months (All units of the plan were redeemed and the plan was wound up with effect from March 13, 2025.)
  JS Fixed Term Munafa Fund - Plan 10 The duration of the Fund will be perpetual; however, the maturity of the Plan shall be 6 Months (All units of the plan were redeemed and the plan was wound up with effect from June 3, 2025.)
  28
  QUARTERLY REPORT 2026
  Better Investments for a Better Future!
  NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENT (UNAUDITED)
  FOR THE NINE MONTHS PERIOD ENDED MARCH 31, 2026
  JS Fixed Term Munafa Fund - Plan 11 The duration of the Fund will be perpetual; however, the maturity of the Plan shall be 12 Months (All units of the plan were redeemed and the plan was wound up with effect from October 31, 2025.)
  JS Fixed Term Munafa Fund - Plan 12 The duration of the Fund will be perpetual; however, the maturity of the Plan shall be 3 Months (All units of the plan were redeemed and the plan was wound up with effect from February 7, 2025.)
  JS Fixed Term Munafa Fund - Plan 13 The duration of the Fund will be perpetual; however, the maturity of the Plan shall be 12 Months (All units of the plan were redeemed and the plan was wound up with effect from January 14, 2026.)
  JS Fixed Term Munafa Fund - Plan 14 The duration of the Fund will be perpetual; however, the maturity of the Plan shall be 12 Months (All units of the plan were redeemed and the plan was wound up with effect from February 24, 2026.)
  JS Fixed Term Munafa Fund - Plan 15 The duration of the Fund will be perpetual; however, the maturity of the Plan shall be 12 Months (from the close of subscription period)
  JS Fixed Term Munafa Fund - Plan 16 The duration of the Fund will be perpetual; however, the maturity of the Plan shall be 10 Months (All units of the plan were redeemed and the plan was wound up with effect from February 17, 2026.)
  JS Fixed Term Munafa Fund - Plan 17 The duration of the Fund will be perpetual; however, the maturity of the Plan shall be 03 Months (All units of the plan were redeemed and the plan was wound up with effect from Ausgust 6, 2025.)
  JS Fixed Term Munafa Fund - Plan 18 The duration of the Fund will be perpetual; however, the maturity of the Plan shall be 06 Months (All units of the plan were redeemed and the plan was wound up with effect from January 29, 2026.)
  JS Fixed Term Munafa Fund - Plan 19 The duration of the Fund will be perpetual; however, the maturity of the Plan shall be 03 Months (from the close of subscription period)
  JS Fixed Term Munafa Fund - Plan 20 The duration of the Fund will be perpetual; however, the maturity of the Plan shall be 12 Months (from the close of subscription period)
  JS Fixed Term Munafa Fund - Plan 21 The duration of the Fund will be perpetual; however, the maturity of the Plan shall be 06 Months (from the close of subscription period)
BASIS OF PREPARATION
1. Statement of compliance
  These condensed interim financial statements have been prepared in accordance with the accounting and reporting standards as applicable in Pakistan for interim financial reporting. The accounting and reporting standards as applicable in Pakistan for interim financial reporting comprise of:
  29 QUARTERLY REPORT 2026
  NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENT (UNAUDITED)
  FOR THE NINE MONTHS PERIOD ENDED MARCH 31, 2026
  - International Accounting Standard (IAS) 34, "Interim Financial Reporting", issued by the International
    Accounting Standards Board (IASB) as notified under the Companies Act, 2017;
  - Provisions of and directives issued under the Companies Act, 2017 along with part VIIIA of the repealed Companies Ordinance, 1984; and
  - Non-Banking Finance Companies (Establishment and Regulations) Rules, 2003 (the NBFC Rules), 'Non-
    Banking Finance Companies and Notified Entities Regulations, 2008 (the NBFC Regulations).
    The disclosures made in this condensed interim financial information have, however, been limited based on the requirements of IAS 34. This condensed interim financial information does not include all the information and disclosures required in a full set of financial statements and should be read in conjunction with the annual published financial statements of the Fund for the year ended June 30, 2025.
    In compliance with schedule V of the Non-Banking Finance Companies and Notified Entities Regulations, 2008, the directors of the Management Company hereby declare that this condensed interim financial information gives a true and fair view of the state of the Fund's affairs as at March 31, 2026.
Basis of Measurement
These condensed interim financial statements have been prepared under the historical cost convention except for
certain investments which have been marked to market and carried at fair value.
1. Functional and presentation currency
  These condensed interim financial statements are presented in Pakistani Rupees, which is the Fund's functional and presentation currency of the Fund. All amounts have been rounded off to the nearest of Rupee, unless otherwise indicated.
MATERIAL ACCOUNTING POLICIES INFORMATION AND ESTIMATES
1. The accounting policies, basis of accounting estimates applied and method of computation adopted in the preparation of these condensed interim financial statements and financial risk management objectives and policies are the same as those applied in the preparation of the annual financial statements of the Fund for the year ended June 30, 2025.
  The preparation of this condensed interim financial information in conformity with approved accounting standards requires management to make estimates, assumptions and use judgements that affect the application of accounting policies and reported amounts of assets, liabilities, income and expenses. Estimates, assumptions and judgments are continually evaluated and are based on historical experience and other factors, including reasonable expectations of future events. Revisions to accounting estimates are recognised prospectively commencing from the period of revision.
  The significant estimates, judgements and assumptions made by the management in applying the accounting policies and the key sources of estimation uncertainty are the same as those applied to the annual audited financial statements as at and for the year ended June 30, 2025.
2. Standards, amendments and interpretations to the published standards that may be relevant to the Fund and adopted in the Fund
  There are certain new and amended standards, interpretations and amendments that are mandatory for the Fund's accounting periods beginning on or after July 01, 2025 but are considered not to be relevant or do not have any significant effect on the Fund's operations and therefore are not detailed in these condensed interim financial information.
  30
  QUARTERLY REPORT 2026
  Better Investments for a Better Future!
  NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENT (UNAUDITED)
  FOR THE NINE MONTHS PERIOD ENDED MARCH 31, 2026
3. Standards, amendments and interpretations to the published standards that may be relevant but not yet effective and not early adopted by the Fund
  In addition certain IFRS, amendments and interpretations to approved accounting standards are not yet effective. The Fund is in the process of assessing the impact of these Standards, amendments and interpretations to the published standards on the financial statements of the Fund.
4. Standards, amendments and interpretations to the published standards that are not yet notified by the Securities and Exchange Commission of Pakistan (SECP)
  Further, certain IFRS have been issued by the International Accounting Standards Board (IASB) which are yet to be
  notified by the SECP for the purpose of applicability in Pakistan.

FINANCIAL RISK MANAGEMENT

The Fund's financial risk management objectives and policies are consistent with that disclosed in the annual audited financial statements for the period ended March 31, 2026.

JS Fixed

Term Munafa Fu

Total

Plan - 1

Plan-6

Plan-11

Plan-13

Plan-14

Plan-15

Plan-16

Plan-17

Plan-18

Plan-19

Plan-20

Plan-21

March 31, 2026

For the Period from July 01,

2025 to

For the Period from January 23, 2026 to

March

For the Period from January 23, 2026 to

March

For the Period from February 3,

2026 to March

(Un-audited)

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

Bank balances Note

Profit and loss (PLS) sharing account 6.1 66,090,098 152,549 186,077 3,204,055 590,501 45,134,026 1,998,048 57,460 1,199,947 87,821,161 201,873,315 156,651,379 564,958,616

JS Fixed Term Munafa Fund
Plan - 1	Plan-6	Plan-11	Plan-13	Plan-14	Plan-15	Plan-16	Plan-17
June 30, 2025
(Audited)

Total

Profit and loss (PLS) sharing account 6.1 172,418,250 102,251,106 21,667,953 89,269,049 75,629,148 58,685,375 59,770,439 376,520,439 956,211,759

1. These include a balance of Rs. 563.96 million (June 30, 2025: Rs. 350.46) maintained with JS Bank Limited (a related party) and carries profit rates ranging from 9.00% (June 30, 2025 9.00%) per annum. Other profit and loss sharing accounts of the Fund carry profit rates ranging from 06.00% to 9.00% per annum (June 30, 2025: 6.00% to 9.00% per annum).

INVESTMENTS

JS Fixed Term

Munafa Fund

Total

Plan - 1

Plan-6

Plan-11

Plan-13

Plan-14

Plan-15

Plan-16

Plan-17

Plan-18

Plan-19

Plan-20

Plan-21

March 31, 2026

For the Period

from July 01,

2025 to January

For the Period

from January 23,

2026 to March

For the Period

from January 23,

2026 to March

For the Period

from February 3,

2026 to March

(Un-audited)

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

Note

Financial assets 'at fair value through profit or loss'											29, 2026 31, 2026		31, 2026	31, 2026
Market Treasury Bills	7.1	-	-		-	-		- 699,365,600	-	-		- -	879,901,550	242,444,250	1,821,711,400
Pakistan Investment Bond	7.2	1,704,217,817	-		-	-		- -	-	-		- 2,736,803,233	1,826,428,266	-	6,267,449,316
Ijara Sukuk Bonds	7.3	-	-		-	-		- -	-	-		- -	-	-	-
		1,704,217,817		-	-		-	- 699,365,600	-		-	- 2,736,803,233	2,706,329,816	242,444,250	8,089,160,716

			JS Fixed Term	Munafa Fund				Total
Plan - 1	Plan-6	Plan-11	Plan-13	Plan-14	Plan-15	Plan-16	Plan-17
June 30, 2025
(Audited)
------------------------------------------------------------------------------------------------------------Rupees ------------------------------------------------------------------------------------------------------------

Financial assets 'at fair value through profit or loss'
Market Treasury Bills	7.1	-	1,645,444,348	137,061,900	1,843,672,400	1,316,422,025	692,791,800	1,151,177,000	2,343,147,250	9,129,716,723
Pakistan Investment Bond	7.2	1,968,899,512	27,136,980	1,123,152,061	4,712,798,371	4,078,506,755	-	-	1,765,778,501	13,676,272,180

1,968,899,512 1,672,581,328 1,260,213,961 6,556,470,771 5,394,928,780 692,791,800 1,151,177,000 4,108,925,751 22,805,988,903

Market treasury bills - 'at fair value through profit or loss'

(Face value of Rs. 100,000/- each)

31 QUARTERLY REPORT 2026

NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENT (UNAUDITED)

FOR THE NINE MONTHS PERIOD ENDED MARCH 31, 2026

7.1 Plan-6

Particulars	-------------------------Face value---------------------				Value as at March 31, 2026		Market value as percentage of
Particulars	As at July 01, 2025	Purchased	Sold/ matured	As at March 31, 2026	Carrying value	Market value	Total investments of the fund	Net assets of the fund
					-------------Rupees-------------				%
3 - Months Treasury Bills	-	- -		-	-		-	-		-
6 - Months Treasury Bills	-	- -		-	-		-	-		-
12 - Months Treasury Bills	16,500	- 16,500		-	-		-	-		-
					-		-
Total cost as at March 31, 2026					-
7.1 Plan-11

Particulars

-------------------------Face value---------------------

Value as at March 31, 2026

Market value as percentage of

As at July 01, 2025

Purchased

Sold/ matured

As at March 31, 2026

Carrying value

Market value

Total

investments of the fund

Net assets of the fund

-------------Rupees------------- %

1 - Months Treasury Bills - 750 750 - - - - -

12 - Months Treasury Bills 1,500 - 1,500 - - - - -

- -

Total cost as at March 31, 2026 -

Plan-13

Particulars

-------------------------Face value---------------------

Value as at March 31, 2026

Market value as percentage of

As at July 01, 2025

Purchased

Sold/ matured

As at March 31, 2026

Carrying value

Market value

Total

investments of the fund

Net assets of the fund

-------------Rupees------------- %

1 - Months Treasury Bills - 2,500 2,500 - - - - -

12 - Months Treasury Bills 19,000 - 19,000 - - - - -

- -

Total cost as at March 31, 2026 -

Plan-14

Particulars

-------------------------Face value---------------------

Value as at March 31, 2026

Market value as percentage of

As at July 01, 2025

Purchased

Sold/ matured

As at March 31, 2026

Carrying value

Market value

Total investments of

the fund

Net assets of the fund

					-------------Rupees-------------			%
1 - Months Treasury Bills	-	3,350	3,350	-	-	-	-		-
12 - Months Treasury Bills	13,750	1,250	15,000	-	-	-	-		-
					-	-
Total cost as at March 31, 2026					-

Plan-15

Particulars	-------------------------Face value---------------------				Value as at March 31, 2026		Market value as percentage of
Particulars	As at July 01, 2025	Purchased	Sold/ matured	As at March 31, 2026	Carrying value	Market value	Total investments of the fund	Net assets of the fund
					-------------Rupees-------------			%
1 - Months Treasury Bills	-	2,100	2,100	-	- -		-		-
12 - Months Treasury Bills	7,500	-	500	7,000	702,965,100 699,365,600		100.00		93.80

702,965,100 699,365,600

Total cost as at March 31, 2026 699,385,926

Plan-16

Particulars	-------------------------Face value---------------------				Value as at March 31, 2026		Market value as percentage of
Particulars	As at July 01, 2025	Purchased	Sold/ matured	As at March 31, 2026	Carrying value	Market value	Total investments of the fund	Net assets of the fund
					-------------Rupees-------------			%
1 - Months Treasury Bills	-	1,800	1,800	-	- -		-		-
12 - Months Treasury Bills	12,500	-	12,500	-	- -		-		-
					- -
Total cost as at March 31, 2026					-

QUARTERLY REPORT 2026

Better Investments for a Better Future!

NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENT (UNAUDITED)

FOR THE NINE MONTHS PERIOD ENDED MARCH 31, 2026

Plan-17

Particulars

-------------------------Face value---------------------

Value as at March 31, 2026

Market value as percentage of

As at July 01, 2025

Purchased

Sold/ matured

As at March 31, 2026

Carrying value

Market value

Total

investments of the fund

Net assets of the fund

					-------------Rupees-------------			%
3 - Months Treasury Bills	5,000	-	5,000	-	-	-	-		-
6 - Months Treasury Bills	7,000	-	7,000	-	-	-	-		-
12 - Months Treasury Bills	13,000	-	13,000	-	- -		-	-

- -

Total cost as at March 31, 2026 -

Plan-18

Particulars

-------------------------Face value---------------------

Value as at March 31, 2026

Market value as percentage of

As at July 01, 2025

Purchased

Sold/ matured

As at March 31, 2026

Carrying value

Market value

Total

investments of the fund

Net assets of the fund

					-------------Rupees-------------			%
1 - Months Treasury Bills	-	4,750	4,750	-	-	-	-		-
3 - Months Treasury Bills	-	5,000	5,000	-	-	-	-		-
6 - Months Treasury Bills	-	7,550	7,550	-	-	-	-		-
12 - Months Treasury Bills	-	5,600	5,600	-	- -		-	-

- -

Total cost as at March 31, 2026 -

Plan-20

Particulars

-------------------------Face value---------------------

Value as at March 31, 2026

Market value as percentage of

As at July 01, 2025

Purchased

Sold/ matured

As at March 31, 2026

Carrying value

Market value

Total

investments of the fund

Net assets of the fund

				-------------Rupees-------------	%
12 - Months Treasury Bills	-	9,500	-	9,500 891,155,541 879,901,550	32.51	30.14

891,155,541 879,901,550

Total cost as at March 31, 2026 891,155,541

Plan-21

Particulars

-------------------------Face value---------------------

Value as at March 31, 2026

Market value as percentage of

As at July 01, 2025

Purchased

Sold/ matured

As at March 31, 2026

Carrying value

Market value

Total

investments of the fund

Net assets of the fund

				-------------Rupees-------------	%
6 - Months Treasury Bills	-	5,000	2,500	2,500 243,229,519 242,444,250	100.00	57.99

243,229,519 242,444,250

Total cost as at March 31, 2026 243,229,519

7.2	Pakistan Investment Bonds - Floating
7.2	Plan-1

Particulars

-------------------------Face value---------------------

Value as at March 31, 2026

Market value as percentage of

As at July 01, 2025

Purchased

Sold/ matured

As at March 31, 2026

Carrying value

Market value

Total

investments of the fund

Net assets of the fund

-------------Rupees------------- %

PIB 05 Year 18,100 81,900 84,000 16,000 1,700,540,069 1,667,558,829 97.85 93.65

PIB 10 Year 375 238,940 238,940 375 36,398,136 36,658,988 2.15 2.06

1,736,938,205 1,704,217,817

Total cost as at March 31, 2026 1,724,668,525

Plan-13

Particulars

-------------------------Face value---------------------

Value as at March 31, 2026

Market value as percentage of

As at July 01, 2025

Purchased

Sold/ matured

As at March 31, 2026

Carrying value

Market value

Total

investments of the fund

Net assets of the fund

					-------------Rupees-------------			%
PIB 02 Year	53,000	5,000	58,000	-	-	-	-		-
PIB 03 Year	-	4,500	4,500	-	-	-	-		-
PIB 05 Year	1,000	20,500	21,500	-	- -		-	-

- -

Total cost as at March 31, 2026 -

33 QUARTERLY REPORT 2026

NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENT (UNAUDITED)

FOR THE NINE MONTHS PERIOD ENDED MARCH 31, 2026

Plan-14

Particulars

-------------------------Face value---------------------

Value as at March 31, 2026

Market value as percentage of

As at July 01 2025

Purchased

Sold/ matured

As at March 31, 2026

Carrying value

Market value

Total

investments of the fund

Net assets of the fund

PIB 02 Year

-------------Rupees------------- %

27,500 - 27,500 - - - - -

PIB 05 Year 16,000 15,000 31,000 - - - - -

- -

Total cost as at March 31, 2026 -

Plan-16

Particulars

-------------------------Face value---------------------

Value as at March 31, 2026

Market value as percentage of

-------------------

- Face

value-----------

Purchased

Sold/ matured

As at March 31, 2026

Carrying value

Market value

Total

investments of the fund

Net assets of the fund

-------------Rupees------------- %

PIB 05 Year - 10,000 10,000 - - - - -

- -

Total cost as at March 31, 2026 -

Plan-17

Particulars

-------------------------Face value---------------------

Value as at March 31, 2026

Market value as percentage of

As at July 01 2025

Purchased

Sold/ matured

As at March 31, 2026

Carrying value

Market value

Total

investments of the fund

Net assets of the fund

PIB 02 Year

-------------Rupees------------- %

15,000 - 15,000 - - - - -

PIB 05 Year 4,500 12,750 17,250 - - - - -

- -

Total cost as at March 31, 2026 -

Plan-18

Particulars

-------------------------Face value---------------------

Value as at March 31, 2026

Market value as percentage of

As at July 01 2025

Purchased

Sold/ matured

As at March 31, 2026

Carrying value

Market value

Total

investments of the fund

Net assets of the fund

PIB 02 Year

-------------Rupees------------- %

- 52,550 52,550 - - - - -

PIB 05 Year - 90,300 90,300 - - - - -

- -

Total cost as at March 31, 2026 -

Plan-19

Particulars

-------------------------Face value---------------------

Value as at March 31, 2026

Market value as percentage of

As at July 01 2025

Purchased

Sold/ matured

As at March 31, 2026

Carrying value

Market value

Total

investments of the fund

Net assets of the fund

PIB 02 Year

-------------Rupees------------- %

- 20,500 500 20,000 1,875,044,001 1,896,280,226 69.29 66.71

PIB 05 Year - 8,000 - 8,000 904,790,300 840,523,007 30.71 29.57

2,779,834,301 2,736,803,233

Total cost as at March 31, 2026 2,779,834,300

Plan-20

Particulars

-------------------------Face value---------------------

Value as at March 31, 2026

Market value as percentage of

As at July 01 2025

Purchased

Sold/ matured

As at March 31, 2026

Carrying value

Market value

Total

investments of the fund

Net assets of the fund

					-------------Rupees-------------	%
PIB 02 Year	-	42,500	22,500	20,000	1,819,214,000 1,826,428,266	67.49	62.57
PIB 03 Year	-	2,500	2,500	-	- -	-	-
PIB 05 Year	-	30,000	30,000	-	- -	-	-
PIB 10 Year	-	20,000	20,000	-	- -	-	-
					1,819,214,000 1,826,428,266

Total cost as at March 31, 2026 1,819,214,000

QUARTERLY REPORT 2026

Better Investments for a Better Future!

NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENT (UNAUDITED)

FOR THE NINE MONTHS PERIOD ENDED MARCH 31, 2026

Plan-21

Particulars

-------------------------Face value---------------------

Value as at March 31, 2026

Market value as percentage of

As at July 01 2025

Purchased

Sold/ matured

As at March 31, 2026

Carrying value

Market value

Total

investments of the fund

Net assets of the fund

-------------Rupees------------- %

PIB 03 Year - 20,000 20,000 - - - - -

PIB 05 Year - 47,500 47,500 - - - - -

- -

Total cost as at March 31, 2026 -

Ijara Sukuk Bonds

Plan-13

Particulars

-------------------------Face value---------------------

Value as at March 31, 2026

Market value as percentage of

As at July 01 2025

Purchased

Sold/ matured

As at March 31, 2026

Carrying value

Market value

Total

investments of the fund

Net assets of the fund

-------------Rupees------------- %

Pakistan Ijara Sukuk Bonds - 300 300 - - - - -

18-09-2025 (FRR)

- -

Total cost as at March 31, 2026 -

JS Fixed Term Munafa Fund

Total

Plan - 1

Plan-6

Plan-11

Plan-13

Plan-14

Plan-15

Plan-16

Plan-17

Plan-18

Plan-19

Plan-20

Plan-21

March 31, 2026

For the Period from July 01, 2025 to January

29, 2026

For the Period from January 23, 2026 to March

31, 2026

For the Period from January 23, 2026 to March

31, 2026

For the Period from February 3, 2026 to March

31, 2026

(Un-audited)

PREPAYMENT, PROFIT AND OTHER RECEIVABLES

Accrued markup on government securities	7,755,734	-	- 381,465	-	-	-	- -	12,840,920	67,013	10,277,647	31,322,779
Accrued profit on bank balances	4,103,365	2,621	- 1,644,150	971,518	712,745	1,803,906	- (317,495)	5,747,615	11,567,558	9,144,215	35,380,198
Advance tax	1,292,413	-	- 69,301,432	55,842,831	607,950	17,920,590	- 55,461,218	-	-	-	200,426,434
PSX listing fee	15,583	-	- -	-	-	-	- -	-	-	-	15,583
Mutual Fund reting fee	53,044	-	- -	-	-	-	- -	-	-	-	53,044
	13,220,139	2,621	- 71,327,047	56,814,349	1,320,695	19,724,496	- 55,143,723	18,588,535	11,634,571	19,421,862	267,198,038

June 30, 2025								Total
Plan - 1	Plan-6	Plan-11	Plan-13	Plan-14	Plan-15	Plan-16	Plan-17
(Audited)

Accrued markup on government securities	82,134,277	979,621	60,530,386	5,502,762	62,695,653	-	-	17,633,151	229,475,850
Accrued profit on bank balances	4,323,777	61,943	3,751,141	9,957,876	6,163,552	1,010,425	1,561,710	5,477,603	32,308,027
Mutual Fund reting fee	877,654	-	-	-	-	-	-	-	877,654

87,335,708 1,041,564 64,281,527 15,460,638 68,859,205 1,010,425 1,561,710 23,110,754 262,661,531

JS Fixed Term Munafa Fund

Total

Plan - 1

Plan-6

Plan-11

Plan-13

Plan-14

Plan-15

Plan-16

Plan-17

Plan-18

Plan-19

Plan-20

Plan-21

March 31, 2026

For the Period from July 01, 2025 to January

29, 2026

For the Period from January 23, 2026 to March

31, 2026

For the Period from January 23, 2026 to March

31, 2026

For the Period from February 3, 2026 to March

31, 2026

(Un-audited)

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

DEFERRED FORMATION COST



Note
Preliminary expenses and formation costs 9.1	108,061	-	-	-	-	-	-	-	-	-	-	-	108,061
Less: Amortization during the period	(53,157)	-	-	-	-	-	-	-	-	-	-	-	(53,157)
	54,904	-	-	-	-	-	-	-	-	-	-	-	54,904

June 30, 2025								Total
Plan - 1	Plan-6	Plan-11	Plan-13	Plan-14	Plan-15	Plan-16	Plan-17
(Audited)

Preliminary expenses and formation costs 9.1	179,068	-		-		-	-	-	-	-	179,068
Less: Amortization during the period	(71,007)		-		-	-	-	-	-	-	(71,007)
	108,061	-		-		-	-	-	-	-	108,061

9.1 Preliminary expenses and formation costs represent expenditure incurred prior to the commencement of the operations of the Fund and are being amortised over a period of five years commencing from January 09, 2024 as per the requirements set out in the Trust Deed of the Fund.

JS Fixed Term Munafa Fund

Total

Plan - 1

Plan-6

Plan-11

Plan-13

Plan-14

Plan-15

Plan-16

Plan-17

Plan-18

Plan-19

Plan-20

Plan-21

March 31, 2026

For the Period from July 01, 2025 to January

29, 2026

For the Period from January 23, 2026 to March

31, 2026

For the Period from January 23, 2026 to March

31, 2026

For the Period from February 3, 2026 to March

31, 2026

(Un-audited)

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

Note

PAYABLE TO JS INVESTMENTS LIMITED -

MANAGEMENT COMPANY

Remuneration of the Management Company 10.1 1,796,109 1,796,109

Sindh sales tax on management remuneration 10.2 269,415 - - - - - - - - - - - 269,415 Accounting and operational charges 10.3 - - - - - - - - - - - - -Selling and marketing expense payable 10.4 - - - - - - - - - - - - -Formation Cost 232,631 - - - - - - - - - - - 232,631 Other payable - - 10,000 74,111,588 57,010,000 10,000 21,510,000 - 56,010,000 10,000 10,000 10,000 208,691,588

2,298,155 - 10,000 74,111,588 57,010,000 10,000 21,510,000 - 56,010,000 10,000 10,000 10,000 210,989,743

June 30, 2025								Total
Plan - 1	Plan-6	Plan-11	Plan-13	Plan-14	Plan-15	Plan-16	Plan-17
(Audited)

Remuneration of the Management Company	10.1	12,045,359	1,561,983	1,181,126	11,366,818	7,489,857	665,700	1,072,508	3,834,986	39,218,337
Sindh sales tax on management remuneration	10.2	1,806,804	234,298	177,169	1,705,022	942,875	99,854	160,877	575,248	5,702,147
Accounting and operational charges	10.3	-	-	-	-	-	-	-	-	-
Selling and marketing expense payable	10.4	524,099	427,257	322,590	1,588,245	1,502,324	72,327	116,548	-	4,553,390
Payable to the Management Company		232,631	10,000	10,000	10,000	10,000	10,000	10,000	10,000	302,631
Printing fee Payable		79,200	15,400	15,400	15,400	15,400	15,400	15,400	15,400	187,000
		14,688,093	2,248,938	1,706,285	14,685,485	9,960,456	863,281	1,375,333	4,435,634	49,963,505

35 QUARTERLY REPORT 2026

NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENT (UNAUDITED)

FOR THE NINE MONTHS PERIOD ENDED MARCH 31, 2026

Previously, as per Regulation 61 of the NBFC Regulations, 2008, the Management Company was entitled to a remuneration not exceeding the maximum rate of management fee as disclosed in the Offering Document, subject to the total expense ratio limit. The Securities and Exchange Commission of Pakistan (SECP) Vide S.R.O. 600(I)/2025 dated April 10, 2025, introduced the management fee cap of 1.00%, to be calculated on per annum basis of the average daily net assets, to an "Fixed Rate / Return Scheme" The revision is effective from July 1, 2025. Keeping in view the maximum allowable threshold, the Management Company has charged remuneration at the rate of upto 1.00% (2025: 1.50%) per annum of the average daily net assets of the Fund. The remuneration is payable to the Management Company in arrears.
The Provincial Government of Sindh has levied Sindh sales tax at the rate of 15% (June 2025: 15%) on the
remuneration of the Management Company through the Sindh Sales Tax on Services Act, 2011.
Previously, as per Regulation 60 of the NBFC Regulations, the Management Company was entitled to charge fees and expenses for registrar services, accounting, operation and valuation services related to a Collective Investment Scheme (CIS). The SECP, vide S.R.O.600(I)/2025 dated April 10, 2025, issued amendments to Schedule XX of the NBFC Regulations, whereby the chargeability of expenses related to these services has been excluded. This amendment became effective immediately upon its release on April 10, 2025. Accordingly The Management Company has not charged any such expenses during the current period. For the year ended June 30, 2025, such expenses were charged up to April 10, 2025, at rates ranging between 0.00% to 0.10% per annum on average daily net assets of the Fund.
Previously, as per Circular 11 dated July 5, 2019, the Management Company was entitled to charge selling and marketing expenses to the Fund. The SECP, vide S.R.O.600(I)/2025 dated April 10, 2025, issued amendments to Schedule XX of the NBFC Regulations, whereby the chargeability of expenses related to selling and marketing services has been excluded. This amendment became effective immediately upon its release on April 10, 2025. Accordingly The Management Company has not charged any such expenses during the current period. For the year ended June 30, 2025, such expenses were charged up to April 10, 2025, at rates up to 1.00% per annum on average daily net assets of the Fund.

Total

March 31, 2026

(Un-Auduited)

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

Plan-21

Plan-20

Plan-19

Plan-18

Plan-17

Plan-16

Plan-15

Plan-14

Plan-13

Plan-11

Plan-6

Plan-1

JS Fixed Term Munafa Fund

For the Period from February 3,

2026 to March

31, 2026

For the Period from January 23,

2026 to March

31, 2026

For the Period from January 23, 2026 to March

31, 2026

For the Period from July 01, 2025 to January

29, 2026

PAYABLE TO DIGITAL CUSTODIAN COMPANY LIMITED - TRUSTEE

Note

Trustee remuneration 11.1 134,709 - - - - 47,317 - - - 181,734 185,695 26,547 576,002

Sindh sales tax on trustee remuneration 11.2 20,207 - - - - 7,098 - - - 27,261 27,855 3,982 86,403

154,916 - - - - 54,415 - - - 208,995 213,550 30,529 662,405

(Auduited)

Total

Plan-17

Plan-16

Plan-15

Plan-14

Plan-13

Plan-11

Plan-6

Plan-1

June 30, 2025

Trustee remuneration 11.1 135,157 108,054 81,916 406,408 338,672 46,060 74,205 276,214 1,466,686

Sindh sales tax on trustee remuneration 11.2 20,274 16,208 12,288 60,961 50,801 6,909 11,131 41,432 220,004

155,431 124,262 94,204 467,369 389,473 52,969 85,336 317,646 1,686,690

The Trustee is entitled to a monthly remuneration for services rendered to the Fund under the provisions of the trust deed at 0.075% (June 30, 2024: 0.075%) per annum on the average annual net assets of the Fund calculated on a daily basis.
The Sindh Provincial Government has levied Sindh Sales Tax at the rate of 15% (June 30, 2025: 15%) on Management

Company's remuneration.

PAYABLE TO THE SECURITIES AND EXCHANGE COMMISSION OF PAKISTAN (SECP)
Effective from July 1, 2023, the SECP vide SRO No. 592(I)/2023 dated May 17, 2023, revised the rate of annual fee to 0.075% of net assets, applicable on "Fixed Rate / Return Scheme". Previously, the rate of fee applicable on all categories of CISs was 0.02% per annum of the daily net assets of the Fund. Accordingly, the Fund has charged SECP Fee at the rate of 0.075% of net assets during the current period.
36
QUARTERLY REPORT 2026
Better Investments for a Better Future!
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENT (UNAUDITED)
FOR THE NINE MONTHS PERIOD ENDED MARCH 31, 2026

ACCRUED EXPENSES AND OTHER LIABILITIES

JS Fixed Term

Munafa Fund

Plan-1

Plan-6

Plan-11

Plan-13

Plan-14

Plan-15

Plan-16

Plan-17

Plan-18

Plan-19

Plan-20

Plan-21

March 31, 2026

For the Period

from July 01, 2025

For the Period from

January 23, 2026 to

For the Period

from January 23,

For the Period

from February 3,

Total

(Un-Auduited)

to January

March

2026 to March

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

29, 2026

31, 2026

Audit fee payable	75,531	155,170	176,077	419,514	394,850	40,422	212,544	57,460	333,670	41,021	41,820	14,210	1,962,289
Witholding tax payable	228,481	-	-	-	-	64,569	-	-	-	220,349	249,390	373,087	1,135,876

304,012 155,170 176,077 419,514 394,850 104,991 212,544 57,460 333,670 261,370 291,210 387,297 3,098,165

			June 30,	2025
Plan-1	Plan-6	Plan-11	Plan-13	Plan-14	Plan-15	Plan-16	Plan-17
			(Auduite	d)

Total

Audit fee payable	33,805	23,459	13,223	84,103	89,332	4,565	7,355	21,744	277,586
Capital gain tax payable	8,389,066	-	13,891,701	76,860,096	-	2,921,175	6,159,920	11,576,523	119,798,481
Other Payable	223,647	-	-	-	-	-	-	-	223,647
Witholding tax payable	55,332,438	58,670,537	1,481,449	2,575,333	179,563	693,638	358,286	2,615,723	121,906,967
	63,978,956	58,693,996	15,386,373	79,519,532	268,895	3,619,378	6,525,561	14,213,990	242,206,681

CONTINGENCIES AND COMMITMENTS
There were no contingencies and commitments outstanding as at March 31, 2026 and June 30, 2025.
TAXATION
The Fund's income is exempt from income tax as per clause (99) of part I of the Second Schedule to the Income Tax Ordinance, 2001 subject to the condition that not less than 90% of the accounting income available for distribution for the year as reduced by capital gains whether realised or unrealised is distributed amongst the unit holders by way of cash dividend. Furthermore, as per regulation 63 of the Non-Banking Finance Companies and Notified Entities Regulations, 2008, the Fund is required to distribute 90% of the net accounting income available for distribution other than capital gains to the unit holders. The management intends to distribute atleast 90% of the income to be earned by the Fund in cash during the year ending June 30, 2026 to the unit holders in the manner as explained above. Accordingly, no provision for taxation has been made in these condensed interim financial statements.
The Fund is also exempt from the provisions of Section 113 (minimum tax) under clause 11A of Part IV of the Second Schedule to the Income Tax Ordinance, 2001.

TOTAL EXPENSE RATIO

Previously, the annualised Total Expense Ratio (TER) of the Fund was subject to the maximum limit of 2.5% (excluding Government levies) prescribed under the NBFC Regulations for a collective investment scheme categorised as an "Fixed Rate / Return Scheme. The Securities and Exchange Commission of Pakistan (SECP) Vide S.R.O. 600(I)/2025 dated April 10, 2025, amended the previously applicable Total Expense Ratio (TER) caps. With effect from July 1, 2025, this amendment replaces the earlier TER-based cap structure with a direct cap on the management fee, irrespective of the scheme's overall expense ratio. The revised management fee limits have been disclosed in note 10.1 to the financial statements.

JS Fixed Term Munafa Fund
Plan-1	Plan-6	Plan-11	Plan-13	Plan-14	Plan-15	Plan-16	Plan-17	Plan-18	Plan-19	Plan-20	Plan-21
March 31, 2026								For the Period from	For the Period from	For the Period	For the Period
								July 01, 2025 to	January 23, 2026 to	from January 23,	from February 3,
(Un-Auduited)
								January	March	2026 to March	2026 to March
-----------------------------------Rupees-----------------------------------
								29, 2026	31, 2026	31, 2026	31, 2026

Total Expense Ratio (TER)	1.48%	0.00%	0.00%	0.00%	0.00%	1.19%	0.00%	0.00%	0.00%	0.84%	0.88%	1.37%
Government levies	0.26%	0.00%	0.00%	0.00%	0.00%	0.22%	0.00%	0.00%	0.00%	0.17%	0.18%	0.24%

June 30, 2025
Plan-1	Plan-6	Plan-11	Plan-13	Plan-14	Plan-15	Plan-16	Plan-17
			(Auduit	ed)

Total Expense Ratio (TER)	1.84%	0.91%	0.52%	0.50%	0.39%	0.23%	0.23%	0.16%
Government levies	0.21%	0.06%	0.09%	0.08%	0.06%	0.04%	0.04%	0.03%

TRANSACTIONS WITH RELATED PARTIES/CONNECTED PERSONS

Connected persons / related parties include JS Investments Limited (JSIL) being the Management Company of the Fund, Digital Custodian Company Limited being the Trustee of the Fund, JS Bank Limited (JSBL) being the Holding Company of JSIL (Holding 84.56% shares of JS Investment Limited), Jahangir Siddiqui & Co. Limited (JSCL) (Holding 71.20% shares of JS Bank Ltd.) being the Holding Company of JSBL, BankIslami Pakistan Limited (BIPL) (75.12% shares held by JS Bank) being the fellow subsidiary of JSBL, JS Global Capital Limited (JSGCL) (92.90% shares held by JS Bank) being the fellow subsidiary of JSBL, and other associated companies of JSBL,

37 QUARTERLY REPORT 2026

NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENT (UNAUDITED)

FOR THE NINE MONTHS PERIOD ENDED MARCH 31, 2026

JSIL and its subsidiaries, Key Management Personnel of the above entities and other funds being managed by JSIL and includes entities holding 10% or more in the units of the Fund as at March 31, 2026. It also includes staff retirement benefit funds of the above related parties / connected persons. Details of balances and transactions with the related parties / connected persons not disclosed elsewhere are as follows:

Transactions with connected persons are carried out in normal course of business at contracted rates and thus determined in accordance with the market terms.

Remuneration of the Management Company and the Trustee is determined in accordance with the provisions of the NBFC Regulations and the Trust Deed.

Transactions and balances with related parties other than disclosed elsewhere in these financial statements are as

JS Fixed Term Munafa Fund

Plan-1

Plan-6

Plan-11

Plan-13

Plan-14

Plan-15

Plan-16

Plan-17

Plan-18

Plan-19

Plan-20

Plan-21

March 31, 2026

For the Period from

July 01, 2025 to

For the Period from

January 23, 2026 to

For the Period

from January 23,

For the Period

from February 3,

Total

(Un-Auduited)

January

March

2026 to March

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

29, 2026

31, 2026

JS Fixed Term Munafa Fund

Plan-1

Plan-6

Plan-11

Plan-13

Plan-14

Plan-15

Plan-16

Plan-17

Plan-18

Plan-19

Plan-20

Plan-21

March 31, 2026

For the Period from

July 01, 2025 to

For the Period from

January 23, 2026 to

For the Period

from January 23,

For the Period

from February 3,

Total

(Un-Auduited)

January

March

2026 to March

29, 2026

31, 2026

follows:





17.1	Details of transactions with related parties / connected persons during the period
	JS Investments Limited - Management Company
	Remuneration to the Management Company	16,481,027	3,468,352	4,430,826	34,845,933	37,438,023	5,059,883	7,832,225	1,877,453	46,916,022	2,904,331	2,952,802	2,214,507	166,421,384
	Sindh Sales tax on Management Company	2,472,153	520,253	664,627	5,226,890	5,615,668	758,985	1,174,835	281,618	7,037,403	435,650	442,920	332,176	24,963,178
	Amortization of formation cost	53,157	-	-	-	-	-	-	-	-	-	-	-	53,157
	Digital Custodian Company Limited - Trustee
	Remuneration to the trustees	1,236,077	88,460	332,312	2,720,292	2,807,833	426,805	587,416	323,990	3,518,707	399,553	407,149	193,080	13,041,674
	Sales tax on trustee remuneration	185,411	13,269	49,847	408,044	421,174	64,020	88,113	48,598	527,805	59,934	61,072	28,962	1,956,249
17.1	Details of transactions with related parties / connected persons
	during the period



JS Bank Limited (Parent Company of JSIL)
Interest income on bank balances			10,763,513	- 652,303	4,630,283	7,846,502	1,545,648	2,556,820	3,496,009	10,419,416	306,569	4,681,190	3,585,990	50,484,243
Al-Abbas Sugar Mills Limited (Common Directorship of JSIL)
Investment by the Allocation Baskets JS Fixed Term Munafa Fund		Units	-	- -	-	-	-	-	-	1,006,666	-	-	-	1,006,666
		Amount	-	- -	-	-	-	-	-	100,666,634	-	-	-	100,666,634
Disposals by the Allocation Baskets JS Fixed Term Munafa Fund		Units	-	- -	-	-	-	-	10,100,920	1,006,666	-	-	-	11,107,587
		Amount	-	- -	-	-	-	-	1,031,607,006	106,314,032	-	-	-	1,137,921,039
Key management personnel of the Management Company
Disposals by the Allocation Baskets JS Fixed Term Munafa Fund		Units	-	- -	11,819	-	-	-	506,426	-	-	-	-	518,245
		Amount	-	- -	1,312,145	-	-	-	51,645,282	-	-	-	-	52,957,427

Remuneration payable to the Management Company and the Trustee is determined in accordance with the provisions of NBFC Regulations, and the Trust Deed respectively.
Purchase and redemption of the Fund's units by related parties / connected persons are recorded at the applicable net asset value per unit. Other transactions are at agreed rates.

JS Investments Limited - Management Company
Investment by the JS Fixed Term Munafa Fund	Units	-	-	-	-	-	-	-	-	-	3,000,000	-	-	-	-	3,000,000
	Amount	-	-	-	-	-	-	-	-	-	300,000,000	-	-	-	-	300,000,000
Remuneration to the Management Company	2,982,553 2,342,461			4,070,032	89,045	398,887	2,237,688	1,296,956	3,507,940	3,233,651	9,440,626	1,070,704	78,471	2,614,686	990,176	34,353,876
Sindh Sales tax on Management Company	447,383 351,369			610,502	14,543	59,833	335,654	190,812	526,191	485,048	1,416,094	160,607	11,771	392,202	148,527	5,150,536
Accounting and operational charges	1,491,276 1,171,228			2,035,005	85,502	199,443	1,097,848	648,475	1,753,975	1,616,841	4,720,615	535,345	40,476	1,307,345	495,088	17,198,462
Printing & stationery	76,130 12,227			13,855	6,816	2,550	-	-	-	-	-	-	-	-	-	111,578
Amortization of formation cost	53,352 112,125			154,205	18,693	-	-	-	-	-	-	-	-	-	-	338,375
Selling and marketing expense	5,119,519 2,799,634			23,182,716	-	4,046,357	5,781,961	9,680,907	3,089,946	1,927,644	10,444,503	916,902	30,319	3,870,260	1,485,267	72,375,935
Digital Custodian Company Limited - Trustee
Remuneration to the trustees 1,118,457			878,422	1,526,258	68,402	149,583	839,132	486,358	1,414,962	1,212,623	3,540,235	401,511	30,357	980,507	371,316	13,018,123
Sales tax on trustee remuneration 167,768			131,764	228,940	10,079	22,438	125,870	71,554	210,256	181,892	531,035	60,227	4,307	147,077	55,698	1,948,905
Interest income on bank balances 4,200,689			-	-	-	-	-	4,314,946	55,551,824	-	15,107,523	10,141,546	3,102,040	7,679,451	1,234,582	101,332,601
Investment by the Allocation Baskets JS Fixed Term Munafa Fund Units -			-	-	-	-	-	-	-	-	-	-	-	11,799	-	11,799
Amount -			-	-	-	-	-	-	-	-	-	-	-	1,179,872	-	1,179,872
Disposals by the Allocation Baskets JS Fixed Term Munafa Fund Units -			332,614	-	-	-	-	-	-	-	-	-	-	-	-	332,614
Amount -			36,907,433	-	-	-	-	-	-	-	-	-	-	-	-	36,907,433

Details of transactions with related parties / connected persons during the period

Fixed Term Mu

nafa Fund

Total

Plan-1

Plan-2

Plan-3

Plan-4

Plan-5

Plan-6

Plan-7

Plan-8

Plan-9

Plan-10

Plan-11

Plan-12

Plan-13

Plan-14

March 31, 2025

(Un-Auduited)

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

JS Bank Limited (Parent Company of JSIL)

Key management personnel of the Management Company

JS Fixed Term Munafa Fund

Total

Plan-1

Plan-6

Plan-11

Plan-13

Plan-14

Plan-15

Plan-16

Plan-17

Plan-18

Plan-19

Plan-20

Plan-21

March 31, 2026

For the Period from July 01, 2025 to January

29, 2026

For the Period from January 23, 2026 to March

31, 2026

For the Period from January 23, 2026 to March

31, 2026

For the Period from February 3,

2026 to March

31, 2026

(Un-Auduited)

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

Details of balances with related parties / connected

JS Investments Limited - Management Company

Remuneration payable to the Management Company 1,796,109 1,796,109

Sindh sales tax on management remuneration 269,415 - - - - - - - - - - - 269,415

Formation cost payable 232,631 - 10,000 74,111,588 57,010,000 10,000 21,510,000 - 56,010,000 10,000 10,000 10,000 208,924,219

Digital Custodian Company Limited - Trustee

Remuneration to the trustees 134,709 - - - - 47,317 - - - 181,734 185,695 26,547 576,002

Sales tax on trustee remuneration 20,207 - - - - 7,098 - - - 27,261 27,855 3,982 86,403

QUARTERLY REPORT 2026

Better Investments for a Better Future!

NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENT (UNAUDITED)

FOR THE NINE MONTHS PERIOD ENDED MARCH 31, 2026

		JS Fixed Term Munafa Fund
		Plan-1	Plan-6	Plan-11	Plan-13	Plan-14	Plan-15	Plan-16	Plan-17
17.2	Details of balances with related parties / connected		June 30, 2025								Total
			(Auduited)
	JS Investments Limited - Management Company		-----------------------------------Rupees-----------------------------------
	Remuneration payable to the Management Company		12,045,359	1,561,983	1,181,126	11,366,818	7,489,857	665,700	1,072,508	3,834,986	39,218,337
	Sindh sales tax on management remuneration		1,806,804	234,298	177,169	1,705,022	942,875	99,854	160,877	575,248	5,702,147
	Formation cost payable		232,631	10,000	10,000	10,000	10,000	10,000	10,000	10,000	302,631
	Selling and marketing expense payable		524,099	427,257	322,590	1,588,245	1,502,324	72,327	116,548	-	4,553,390
	Printing charges payable		79,200	15,400	15,400	15,400	15,400	15,400	15,400	15,400	187,000
	Digital Custodian Company Limited - Trustee
	Remuneration to the trustees		135,157	108,054	81,916	406,408	338,672	46,060	74,205	276,214	1,466,686
	Sales tax on trustee remuneration		20,274	16,208	12,288	60,961	50,801	6,909	11,131	41,432	220,004
	JS Bank Limited (Parent Company of JSIL)
	Bank balance		168,980,857	-	21,657,953	89,259,049	75,619,148	58,675,375	59,760,439	376,510,439	850,463,261
	Profit receivable		4,307,613	-	3,751,141	9,957,876	6,163,552	1,010,425	1,561,710	5,477,603	32,229,920
	Al-Abbas Sugar Mills Limited (Common Directorship of JSIL)
	Units held by the Allocation Baskets	Units	-	-	-	-	-	-	-	10,100,920	10,100,920
	JS Fixed Term Munafa Fund	Amount	-	-	-	-	-	-	-	1,018,172,782	1,018,172,782
	Key management personnel of the Management Company
	Units held by the Allocation Baskets	Units	-	-	-	11,819	-	-	-	506,426	518,245
	JS Fixed Term Munafa Fund	Amount	-	-	-	1,237,565	-	-	-	51,047,700	52,285,265
	Entity holding 10% or more than 10% of units of the Fund
	Units held by the Allocation Baskets	Units	17,513,041	16,896,834	-	4,975,999	19,320,534	54,092,108	5,004,539	10,149,198	127,952,254
	JS Fixed Term Munafa Fund	Amount	1,934,315,427	1,701,342,248	-	540,393,511	2,023,053,138	5,527,131,626	508,110,816	1,031,462,945	13,265,809,711

FAIR VALUE OF FINANCIAL INSTRUMENTS
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
Underlying the definition of fair value is the presumption that the Fund is a going concern without any intention or
requirement to curtail materially the scale of its operations or to undertake a transaction on adverse terms.
Financial assets which are tradable in an open market are revalued at the market prices prevailingon the statement of assets and liabilities date. The estimated fair value of all other financial assets and financial liabilities is considered not significantly different from book value.
18.1. Fair value hierarchy
IFRS 13, 'Fair Value Measurements' requires the Fund to classify fair value measurements using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The fair value hierarchy has the following levels:
The Fund uses the following hierarchy for determining and disclosing the fair value of financial instruments by
valuation technique:
Level 1: quoted prices in active markets for identical assets.
Level 2: other techniques for which all inputs which have a significant effect on the recorded fair value are
observable, either directly or indirectly.
Level 3: techniques which use inputs which have a significant effect on the recorded fair value that are not based
on observable market data.
39 QUARTERLY REPORT 2026
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENT (UNAUDITED)
FOR THE NINE MONTHS PERIOD ENDED MARCH 31, 2026
GENERAL
1. Figures in the financial statements have been rounded off to nearest rupee.
2. Units have been rounded off to the nearest decimal place.
DATE OF AUTHORIZATION FOR ISSUE

These financial statements were authorized for issue by Board of Directors of the Management Company of the

Fund on April 23, 2026.

Chief Financial Officer Chief Executive Officer Director

QUARTERLY REPORT 2026

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