We are pleased to announce that the Board of Directors of the IGI Funds Limited, the Asset Management Company of IGI Income Fund in their meeting held on January 04, 2010 at 6.00 P.M, at 7th Floor, The Forum, Khayaban-e-Jami, Karachi has declared a payout constituting 90% of its income for the period ended December 31, 2009 in the form of Bonus Units to Growth Unit Holders and Cash Dividends to Income Units Holders. Each Growth unit holder will be entitled to receive 4.9579 bonus units for every 100 units held and each Income Unit Holder will be entitled to Rs. 4.9854/- for each unit.
 

The persons holding units of the above Fund at the close of business on 31st December 2009 will be entitled to the above dividend/bonus respectively.

Karachi – October 23rd, 2009: IGI Stock Fund (IGISF), an open ended equity market fund of IGI Funds Ltd, has recently been awarded 5-Star rating by PACRA. The rating signifies stellar performance, well rounded management and strict adherence to regulatory parameters.
The Mutual Fund Performance Ranking (Star Ranking) aims to distinguish funds based on their relative actual performance within a similar category of funds. In measuring performance, PACRA considers absolute monthly return and risk adjusted return measured through standard deviation.
Ms. Maheen Rahman, CEO of IGI Funds said, “We intend to continue with the philosophy of a strong portfolio of dividend yielding stocks, which are at a fundamental discount to the market. Our commitment remains the betterment of our unit holders. Therefore, risk mitigation will remain a prime objective along with high return generation.”

At the end of FY09, IGISF posted a stellar performance. The fund registered a Month to Date return of 0.6% against a benchmark decline of (1.57%). Since Inception, the fund has appreciated by 32.9% against a KSE-100 depreciation of (34.65%). IGISF was among the very few to announce a payout. The Fund treated its unit holders to a Cash Dividend of Rs.25.3111 (Bonus Issue of 23.5268 per 100 units). Presently, the fund has net assets of PKR ~500Mn.

OBJECTIVE
The objective of this document is to analyze all the factors that could have an impact on repayment capabilities of entities issuing fixed income securities and to set out the basis and parameters which should be instigated while making provision against default in repayment of principal and interest / markup/ profit thereon. Further, the management also wants to maintain consistency while making provisions against such fixed income securities held by the Collective Investment Schemes (CIS) under its management, so that all the unit holders may receive pari passu share in the net assets value of the respective CIS.

1-ELIGIBILITY CRITERIA
The provisioning policy shall be applicable to fixed income security that has become non-performing including, but not limited to, the following;

• Term Finance Certificates
• Sukuks
• Commercial Papers
• Pre- IPO contribution to any debt issue
• Application money for any debt issue
• Certificate of Deposits
• Certificate of Investments
• Certificate of Musharika
• Term Deposit Receipts
• Letter of Placements
• Call Placements
• Morabaha Certificates

2- CRITERIA FOR CLASSIFICATION AS NON-PERFORMING ASSET (NPA):
A security shall be classified as non-performing, if the interest/markup/profit and/or principal amount is past or overdue by 15 calendar days from due date. However in case of any forced rollover of investment due to inability of the borrower to pay, the security will be classified as not performing from the date of rollover;

3- MINIMUM PROVISIONING REQUIREMENT AGAINST PRINCIPAL AMOUNT:
All non-performing fixed income securities whether secured or unsecured shall be provided for in accordance with the following time-based criteria from the day of classification as non-performing:

The management company through its Investment Committee(IC) shall ensure that the minimum provisioning requirements are met in compliance of the above time-based criteria.

4- MINIMUM TIME FRAME FOR MAINTAINING PROVISION AGAINST PRINCIPAL AMOUNT:
The above minimum provision shall be monitored and maintained till the time the conditions giving rise to the classification of security as non-performing exist.

5- ADDITIONAL PROVISIONING:
The Risk Committee of the Management Company will continuously review the provisioning status of all fixed income securities held by its Collective Investment Scheme, to assess whether there is objective evidence which may lead to additional provision. The events which may call for additional provisioning over and above the minimum requirements include, but not limited to, the following:

• There is a qualification in the audit report on the going concern assumption of the investee company;
  
  
• The issuer is incurring operational losses for two consecutive years as per the audited financial statements and the quantum of loss is such that it has eroded the entire equity of the issuer;
  
  
• Rating of the instrument or the issuer has gone down by two notches in a single year.
  
  
• Discontinuation or closure of major line of business / product;
  
  
• License to carry on primary business activity has been cancelled by the concerned authority;
  
  
• It becomes probable that the issuer of security will enter bankruptcy or other financial reorganization;
  
  
• There are observable data that indicate that there is severe measurable decrease in the cash flows of the issuer or;
  
  
• The issuer has been declared insolvent or declared defaulted by the court of law etc.;

After reviewing the change in circumstances which warrant additional provision, a separate committee called Risk Committee would determine whether additional provision is required or not along with rationale and appropriate grounds and recommend it to Board of Directors for their satisfaction and approval. The Board of Directors will review the recommendation made by the said Committee and accordingly will give its approval. The Board of Directors has discretion to approve the recommendation or not.

6- CRITERIA FOR SUSPENSION AND REVERSAL OF INTEREST/ MARK UP/ PROFIT:

• The accrual of interest/ markup/ profit shall be suspended from the first day the interest/ markup/ profit payments falls due and is not received.
• All interest/ markup/ profit accrued and recognized in the books of Collective Investment Scheme shall be reversed immediately once a security is classified as non-performing.

7- CRITERIA FOR REVERSAL OF PROVISIONING:

• In case a Collective Investment Scheme has received all the arrears of interest/ markup/ profit, the interest/ markup/ profit amount reversed shall be written back to the extent it is received.
  
  
• In case a CIS has received all arrears of interest/ markup/ profit and the security/ instrument has not been reclassified as performing, the suspension of interest/ markup/ profit shall continue.
  
  
• The security/ instrument shall only be reclassified as performing once all the arrears have been received in cash and such security/ instrument is regular on all payments (interest/ markup/ profit as well as principal) for the next two installments.
  
  
• The provision made for the principal amount shall be written back in the following manner:  
  
  
  • Where provision of principal was made due to the interest/ markup/ profit default only, 100% of the debt security provided for in the books shall be written back upon reclassification of the debt security as performing.
    
    
  • Where both principal installment and interest/ markup/ profit were in default, 50% of the provision made in the books shall be written back at the receipt of the first payment (interest/ markup/ profit/ principal) and 50% at the receipt of second payment and the asset shall be reclassified as performing.
    
    
• Where additional provision was made over and above the minimum provision requirements, it shall only be reversed when the conditions calling for the additional provision ceased to exist.
  
  
• Where any exposure to a fixed income security classified as non-performing undergoes restructuring, the exposure shall be treated as performing upon successful completion of the restructuring arrangements. However, any provision against principal and suspended interest/ markup/ profit may only be written back after receipt of atleast two installments under the terms and conditions of the restructuring arrangement.

8- DISCLOSURES:
The provisioning policy or any amendments therein as approved by the Board of Directors of IGI Funds Limited shall be disclosed:

1. To the Investors / unit holders, Trustee of the Scheme and the Securities and Exchange Commission of Pakistan (SECP).
2. On the website of the Management Company
3. In the quarterly, half yearly and annual accounts of the respective Scheme.

9- EFFECTIVE DATE:
The Provisioning Policy shall be effective with immediate effect.

We are pleased to announce that the Board of Directors of the IGI Funds Limited, the Asset Management Company of IGI Income Fund & IGI Stock Fund in their meeting held on July 2, 2009 at 06.30 P.M, at 7th Floor, The Forum, Khayaban-e-Jami Clifton, Karachi has declared payouts constituting 97% of the income of IGI Income Fund and 97% of the income of IGI Stock Fund respectively for the period ended June 30, 2009 in the form of Bonus Units to Growth Unit Holders and Cash Dividends to Income Units Holders.

Each Growth unit holder of IGI Income Fund will be entitled to receive 6.2810 bonus units for every 100 units held and each Income Unit Holder will be entitled to Rs. 6.2932/- for each unit.
 
Each Growth unit holder of IGI Stock Fund will be entitled to receive 23.5268 bonus units for every 100 units held and each Income Unit Holder will be entitled to Rs. 25.3111/- for each unit.

The persons holding units of the above Funsd at the close of business on 30 June 2009 will be entitled to the above dividend/bonus respectively.

Karachi:                                               
July 2, 2009                                                                                          

Akbar Ali
Company Secretary

The Register of Unit Holders of IGI Income Fund (Open-end) managed by IGI Funds Limited will be closed from January 01, 2010 to January 05, 2010 (both days inclusive).

All authorized branches and distribution centers will receive applications for sale, redemption, transfer and pledge of units only up to Thursday, December 31, 2009. Unit Holders whose names appear in the Register at the close of business on December 31, 2009 will be entitled to dividend/bonus, if declared, for the period ending December 31, 2009. Transactions in units will recommence from Wednesday, January 06, 2010.

Unit Holders are requested to notify any change in their address and other particulars to the transfer agent on or before December 31, 2009 on the address mentioned below:

IGI Funds Limited
The Forum Suite # 701-713 G-20,
Khayaban-e-Jami, Clifton, Karachi.

-Sd-
Akbar Ali
Company Secretary

December 02, 2009

The Register of Unit Holders of IGI Income Fund (Open-end) & IGI Stock Fund (Open-end) managed by IGI Funds Limited will be closed from July 01, 2009 to July 07, 2009 (both days inclusive).

All authorized branches and distribution centers will receive applications for sale, redemption, transfer and pledge of Units only up to Tuesday, June 30, 2009. Unit Holders whose names appear in the Register at the close of business on June 30, 2009 will be entitled to dividend/bonus, if declared, for the period ending June 30, 2009. Transactions in Units will recommence from Wednesday, July 08, 2009.

Unit Holders are requested to notify any change in their address and other particulars to the Transfer Agent on or before June 30, 2009 on the address mentioned below:

IGI Funds Limited
The Forum
Suite # 701-713
G-20, Khayaban-e-Jami
Clifton, Karachi

-Sd-
Akbar Ali
Company Secretary

June 01, 2009

Karachi: February 03, 2009 – IGI Funds Limited the asset management company of the IGI Financial Services Group launched its Stock Fund on the 15th of July 2008. Inspite of the volatile and uncertain economic scenario, IGI Stock Fund outperformed its benchmark by 43.14%. This performance has been evaluated on the basis of growth and value parameters and the KSE 100 index serves as a benchmark.

IGI Stock Fund an open ended fund, allows investors to offset the volatility of the stock market through a diversified stock market portfolio managed by an experienced team of professionals. Therefore in view of the current KSE 100 performance, IGI Stock Fund has become one of the best bet on the risk and return scale because of its strategic focus on value and growth stocks, positive month to date returns in comparison to its peer group, experienced fund team and strong research support for stock selection.

Syed Javed Hassan, CEO IGI Funds said “Investment decisions and portfolio management are critical to fund performance and we expect to sustain growth.”

IGI Funds Limited, since its establishment in 2006, has grown to PKR 1,460 million and earned a rating of AM3 with positive outlook from PACRA in 2008.The performance of its funds has been outstanding, based on returns, Sharpe ratio and standard deviation.

Karachi: September 9, 2008 – IGI Funds Limited, the Asset Management Company of IGI Financial Services and Packages Group, announced at CDC House today that it had signed a Trust Deed for the launch of the ‘IGI Pak Brunei Income Plus Fund’.

Speaking at the occasion, Syed Javed Hassan, CEO – IGI Funds said, “We are confident in signing this Trust Deed as the scheme seeks to provide investors with steady income stream by investing in high quality Fixed Income Instruments comprising, money market and other available fixed alternatives to achieve higher returns relative to risk. The new fund will provide our clients a wider selection of portfolio to choose from”.

Ms. Ayesha Aziz, Managing Director of Pak Brunei Investment Company Ltd (“PBIC”) said “traditional fixed income investment avenues available in Pakistani market have been giving comparatively lower returns to the market risk. At the same time, the volatility in the debt markets have resulted in investors looking for investment avenues that can deliver consistent returns over medium and long term tenors. The new Income Plus Fund offers a unique product that blends stability of return with aggressive fixed income investment solutions; it is an ideal option for investors who are looking for competitive returns as well as cope with rising inflation.”

IGI Funds Limited is a Group company of the IGI Financial Services and Packages Limited and provides Asset Management and Investment Advisory Services in conformity with the NBFC Rules, 2003. For more information please call 0800-2-34-34.

Pak Brunei Investment Company is a joint venture between the Government of Pakistan & Brunei Investment Agency. For more information please write to info@pakbrunei.com.pk

IGI Funds Limited, a part of IGI Financial Services Group signed a Trust Deed with the Pak Brunei Investment Company. Photo shows Syed Javed Hassan (seated third from right), CEO, IGI Funds Limited and Ms. Ayesha Aziz (seated fourth from right), Managing Director of Pak Brunei Investment Company Ltd (“PBIC”) along with senior company executives at the signing ceremony held at Karachi recently.

July 15, 2008-IGI Funds Ltd, the Asset Management Company of IGI Financial Services and Packages Group has launched the much anticipated ‘IGI Stock Fund’ on June 15, 2008. The Fund aims to capture interest of investors who seek long-term capital growth by investing primarily in a diversified pool of equities and equity related investments. The IGI Stock Fund, an open ended scheme will provide investors an opportunity to benefit from a diversified stock market portfolio which will be prudently managed by a professional fund manager at IGI Funds.

Currently, IGI Funds also manages the IGI Income Fund which has provided consistent returns of 9.5 % and above since its inception in April 2007 to its retails and institutional investors. The company has also recently signed the Trust Deed for the IGI Islamic Income and Growth Fund which will be launched in the very near future.

“The Stock Market has suffered major corrections in its levels in response to changes in interest rates and the economic scenario. IGI Stock Fund is being launched at a good time and will get an opportunity to deploy funds at very attractive Stock Market levels. The Fund should perform better against existing funds as all deployments will be fresh and in sectors/ stocks that are attractive in the new economic scenario.” said Ali Azam Shirazee, CEO, IGI Funds Ltd.

IGI Funds Limited is a Group company of the IGI Financial Services and Packages Limited and provides Asset Management and Investment Advisory Services in conformity with the NBFC Rules, 2003. For more information please log on to www.igifunds.com.pk or call 0800-2-34-34.

Karachi: July 8, 2008 – IGI Funds Limited, the Asset Management Company of IGI Financial Services and Packages Group, announced at CDC House today that it had signed a Trust Deed for the launch of the IGI Islamic Income & Growth Fund.

IGI Funds Limited currently manages the IGI Income Fund which was launched in April 2007 and has offered returns of 9.5% & above since its inception. The company also recently signed the Trust Deed for the IGI Stock Fund and aims to launch both the funds in the very near future.

Mr. Ali Azam Shirazee, CEO – IGI Funds believes the new fund will be ideal for investors seeking regular and steady returns from a Shariah compliant investment portfolio. He said, “The Islamic & Income Growth Fund will be another initiative taken by IGI Funds to offer investors a new investment solution and help them gain low risk Riba-free profits in such a volatile investment environment.”

“We are pleased to sign the Trust Deed of the IGI Islamic Income & Growth Fund, as IGI Funds has proven itself to be a strong and consistent performer in our financial markets”, said Mr. Kamran Ahmed Qazi, CFO & Company Secretary – Central Depository  Company of Pakistan Limited.

IGI Funds Limited is a Group company of the IGI Financial Services and Packages Limited and provides Asset Management and Investment Advisory Services in conformity with the NBFC Rules, 2003. For more information please log on to www.igifunds.com.pk or call 0800-2-34-34.

We are pleased to announce that the Board of Directors of the IGI Funds Limited, the Asset Management Company of IGI Income Fund in their meeting held on July 3, 2008 at 10.00 A.M, at 7th Floor, The Forum, Khayaban-e-Jami has declared a payout constituting 97% of its income for the period ended June 30, 2008 in the form of Bonus Units to Growth Unit Holders and Cash Dividends to Income Units Holders. Each Growth unit holder will be entitled to receive 2.6479 bonus units for every 100 units held and each Income Unit Holder will be entitled to Rs. 2.65/- for each units.

Karachi: June 20^th, 2008 – IGI Funds Limited, the Asset Management Company of IGI Financial Services and Packages Group announced at CDC House that it had signed a Trust Deed for the launch of the IGI Stock Fund.

Speaking at the occasion, Mr. Ali Azam Shirazee, CEO – IGI Funds said, “We are optimistic in signing this Trust Deed and feel confident that this is the right time to enter the stock market. The new fund will provide our clients a wider selection of portfolio to choose from”.

“We are pleased to sign the Trust Deed of IGI Stock Fund, as we believe that IGI has proven itself to be a strong and consistent performer in our financial markets”, said Mr. Kamran Ahmed Qazi, CFO & Company Secretary – Central Depository  Company of Pakistan Limited. The aim of CDC is to operate as a central securities depository on behalf of the financial services industry in Pakistan and contribute to the country’s ability to support an effective capital market system.

IGI Funds Limited had launched IGI Income Fund in April 2007, offering returns of 9.5% and above, since inception, on its superior fixed income portfolio. The company aims to launch its Stock Fund and Islamic Income & Growth Fund in the near future.

IGI Funds Limited is a Group company of the IGI Financial Services and Packages Limited and provides Asset Management and Investment Advisory Services in conformity with the NBFC Rules, 2003. For more information please log on to www.igifunds.com.pk or call 0800-2-34-34.

Karachi: May 27^th, 2008 – IGI Funds Limited, the Asset Management Company of IGI Financial Services Group, has announced that it has signed a Distribution Agreement with Bulls & Bulls, to promote the distribution of its mutual funds through their direct sales force and call centers across Pakistan.

IGI Funds launched IGI Income Fund in April 2007 and has consistently offered returns of 9.5% & above since inception on its superior investment portfolio. It also plans to launch an “Islamic Income and Growth Fund” and a “Stock Fund” in the near future.

Speaking at the occasion, Mr. Ali A. Shirazee, CEO – IGI Funds said, “Bulls & Bulls will provide an extensive retail distribution capability to IGI Funds for all its product lines.”

“We are pleased to sign a Distribution Agreement with IGI Funds to act as the distributor and believe this agreement will provide a multiple product range covering critical market segments with complete and in-depth knowledge of consumers, especially in the retail market. “, said Mohammad Intesar-Ud-din, CEO – Bulls & Bulls.

IGI Funds Limited-is a group company of the IGI Financial Services and Packages Limited and it provides Asset Management and Investment Advisory Services in conformity with the NBFC Rules, 2003. For more information please log on to www.igifunds.com.pk or call 0800-2-34-34.

IGI Funds Limited, in alliance with the Chamber of Commerce and Industries Faisalabad organized an exclusive seminar on June 18, 2008 called ‘Investment Opportunities’ to introduce the advantages of Mutual Funds to the Faisalabad business community. The event was well attended by top business professionals, government officials and media personnel, giving the company an opportunity to promote its current and upcoming line of mutual funds.

In continuation with its objective to raise awareness about mutual funds, IGI Funds highlighted mutual funds as an ideal mode of investment which offer diversification, liquidity & professional fund management to its investors whilst providing a considerable rate of return. IGI Funds also introduced the IGI Income Fund at the seminar and announced plans of launching an “Islamic Income and Growth Fund” and a “Stock Fund” in the near future.

In his welcome speech, Mr. Muzammil Sultan, Vice President, FCCI, said, “The Mutual Funds industry in Pakistan has shown remarkable growth in recent years both in terms of numbers of funds as well as in net assets under management.” He further expressed his confidence, “Due to sound economic growth and higher corporate earnings it is expected that mutual funds would continue to be an attractive investment avenue for investors.”

Syed Ali Raza Bukhari, Head of Institutional Investments, IGI Funds Limited while addressing the media opined, “We aim to be a reliable partner for investors in Pakistan, offering a portfolio of structured investments to meet their specific needs. IGI Funds aims to offer a wide range of investment products to investors to meet their requirement and risk profiles.”

IGI Funds launched its first fund, IGI Income Fund in April 2007. The Fund has an investment objective to maximize medium to long-term returns while providing cash management solutions with minimal risk along with a liquid portfolio to its retail and institutional investors. The IGI Income fund has offered consistent returns of 9.5% and above to its unit holders since its inception.

IGI Funds Limited-is a Group company of the IGI Financial Services and Packages Limited and it provides Asset Management and Investment Advisory Services in conformity with the NBFC Rules, 2003. For more information please log on to www.igifunds.com.pk or call 0800-2-34-34.

Karachi: May 13th, 2008 – IGI Funds Limited, a part of the IGI Financial Services Group, signed a Memorandum of Understanding (MoU) with Pak Brunei Investment Company to set up a “Hybrid Portfolio Fund” which will offer a steady income while providing a high degree of principal safety to its investors. The Fund will be unique in its nature as it is directed towards the needs of a specific investor class.

Speaking at the ceremony, Ms. Ayesha Aziz, Managing Director, Pak Brunei Investment Company Ltd. expressed her confidence that the Pakistani mutual fund market will continue to grow. She also emphasized the need for focused distribution efforts and customized investor based solutions.

“In line with our commitment to offer the best products, we have decided to work together with IGI Funds Ltd. to launch the PBIC Hybrid Portfolio Fund, a truly unique fund that will offer a safe investment opportunity while providing attractive returns.”

“We are pleased to sign a Memorandum of Understanding with Pak Brunei Investment Company to act as Fund Managers for the PBIC Hybrid Portfolio Fund and believe that the Fund will provide good value in terms of risk-adjusted returns and expect that the Portfolio mix will dominate the mutual fund industry in its asset class in the years to come,” said Mr. Ali Shirazee, CEO, IGI Funds Limited.

IGI Funds launched its first fund, IGI Income Fund in April 2007. The Fund has an investment objective to maximize medium to long-term returns while providing cash management solutions with minimal risk along with a liquid portfolio to its retail and institutional investors. The IGI Income fund has offered consistent returns of 9.5% and above to its unit holders since its inception. The company plans to launch an “Islamic Income and Growth Fund” and a “Blue Chip Fund” in the near future to cater to a broader range of customers.

About IGI Funds Limited-IGIFL & Pak Brunei Investment Company:

IGI Funds Limited-is a group company of the IGI Financial Services and Packages Limited and it provides Asset Management and Investment Advisory Services in conformity with the NBFC Rules, 2003. For more information please log on to www.igifunds.com.pk or call 0800-2-34-34.

Pak Brunei Investment Company is a joint venture between the Government of Pakistan & Brunei Investment Agency. For more information please write to info@pakbrunei.com.pk

On April 26, 2008, IGI Funds participated in the first BMA Financial investor forum, arranged by the ‘BMA Financial’ and 'Pakistan Software Houses Association’ to increase awareness among professionals of the IT industry regarding their savings, investment options and incentives after retirements.

Ali Raza Bukhari, Head of Corporate Investments, Mohammad Zabe Khan, Head of Retail Investments and Syed Hassan Askary, Head of Investor Relations represented IGI Funds at the forum, where they had an opportunity to inform IT professionals about the benefits of investing in the IGI Income Fund. BMA Financial especially invited IGI Funds to the forum to highlight the performance of the IGI Income Fund, which is currently offering the most competitive returns in the fixed income fund arena. UBL Fund Managers and Atlas Asset Management were also present on the occasion to provide information on other investment options such as equity products and voluntary pension schemes.

The presentations made by the fund management companies emphasized implementation of investment tools, like provident funds, gratuity, and pension funds to rationalize benefits for employees in the industry. They stressed the need to introduce investment tools aimed to make the industry more lucrative for IT professionals. BMA Financial intends to conduct similar forums in the future to providing advice on investments, savings, and retirement products available in Pakistan.

We are pleased to announce that the Board of Directors of the IGI Funds Limited, the management company of IGI Income Fund in its meeting held on April 3, 2008 has declared a payout constituting 97% of its distributable income for the period ended March 31, 2008 in the form of Bonus Units to Growth Unit Holders and Cash Dividends to Income Units Holders. Each Growth Unit Holder will be entitled to receive 7.0319 bonus units for every 100 units held and each Income Unit Holder will be entitled to Rs. 7.06/- for each unit.

The persons holding units of the above Fund at the close of business on 31st March 2008 will be entitled to the above dividend/bonus respectively.

The Unit Holders of IGI Income Fund (“Fund”) are hereby notified that IGI Funds Limited as the Management Company has amended certain Clauses of the Offering Document of IGI Income Fund, with consent of the Central Depository Company of Pakistan Limited (Trustee of IGI Income Fund), through a Supplemental Offering Document to allow issuance of two types of Units i.e. Growth Units and Income Units. Growth Units shall be entitled to Bonus Units and Income Units shall be entitled to Cash Dividend in case of any distribution by the Fund. These amendments shall not prejudice the interests of Unit Holders in any manner and have already been approved by the Securities and Exchange Commission of Pakistan.

All the Units issued till Friday, March 28, 2008 shall be Growth Units however after that any Unit Holder may opt to switch to Income Units or vice versa by applying to the Management Company in writing on the prescribed form.

The Supplemental Offering Document of IGI Income Fund is available at the office of IGI Funds Limited located at 7th Floor, Shaheen Commercial Complex, Dr. Ziauddin Ahmed Road, Karachi and has also been posted on the website of IGI Funds Limited i.e. www.igifunds.com.pk in the downloads section.

Golf tournaments can be rewarding for both participants and spectators, and even more so when supporting a worthy cause like development of educational institutions for needy children in our country. IGI Funds Limited participated in such an event hosted by ‘The Citizens’ Foundation’ on January 26 and 27. The two day event was held at the Karachi Golf Club at Karsaz and had a successful turnout of CEOs, top business professionals and worldwide TCF supporters. The golf tournament was wholly organized by TCF to raise funds for underprivileged children at nationwide TCF schools and all proceeds raised at the event were donated to promote educational programs in rural areas of Pakistan. In addition to participating, IGI Funds was also one of the major sponsors of the event and gave out ‘closest to the pin’ and ‘longest drive’ awards.

“This is a wonderful opportunity for our company to take part in such an event which will help to further fulfill TCF’s mission of improving educational institutions throughout Pakistan.” said Ali Azam Shirazee, CEO IGI Funds. IGI Funds Limited falls under the umbrella of IGI Financial Services and is licensed to provide asset management & investment advisory services. The company launched its first income fund, IGIIF in April 2007 and has offered consistent returns to its unit holders since its inception. The company also aims to launch similar products in the near future to cater to its retail and institutional clients.

IGI Funds Limited-IGIFL is a group company of the IGI Financial Services and Packages Limited. The company is registered as a Non-Banking Finance Company (NBFC) licensed by the Securities and Exchange Commission of Pakistan (SECP) to provide Asset Management and Investment Advisory Services in conformity with the NBFC Rules, 2003.

IGI Funds Ltd. in collaboration with IGI Insurance Ltd is now offering complimentary personal accident insurance to all retail investors. This offer is being extended to all existing and new investors of IGI Income Fund with a maximum coverage of Rs.100,000 for personal accidents such as accidental death or permanent disablement. Investors who make an initial minimum investment of Rs.5000 or more in IGIIF will be able to avail the benefit of the complimentary coverage.

With the IGI Income Fund, not only will investors benefit from this value-added service, but they will also receive the benefit from investing in the best fund in terms of standard deviation which averaged at 0.26% from July 07 to December 07. A low standard deviation shows low volatility and therefore represents consistency in the NAV of the mutual fund. Moreover, the fund performed quite well during the month of December 2007 yielding a return of 9.45%, the fourth best in the income fund industry. This was the result of the fund manager’s prudent investment policies not investing in any asset having a rating lower than A-.

IGI Funds Ltd. part of IGI Financial Services, is committed to provide quality services to investors utilizing modern techniques of portfolio management, asset allocation and security selection. For more information please log on to www.igifunds.com.pk or dial toll free at 0800-2-34-34.

IGI Funds Limited (IGIFL), the asset management arm of the IGI Financial Services and Packages Group announced bonus distribution for its open-end fund, the IGI Income Fund (IGIIF). Launched in April 2007 with a Pre-IPO investment of Rs. 1,125 million, the net assets of the IGI Income Fund were Rs. 1,677 million as of June 30, 2007.

According to a press release issued on Friday, July 06, 2007, the Net Asset Value (NAV) per unit of IGIIF has grown from Rs. 100 (since IPO - April 14, 2007) to Rs. 102.04 at the end of FY07. This translates into an annualized return of 9.67% during the period April 14, 2007 to June 30, 2007. The benchmark for IGIIF was the one-month KIBOR which averaged at 9.40% during the period under review.

The announced bonus distribution represents 97% of the fund income and corresponds to 1.944 bonus units per 100 units for investors of the IGI Income Fund.

IGIFL plans to launch a spectrum of mutual funds intended for the institutional as well as retail client base. The guiding premise for IGIFL’s business growth model is providing investment solutions and products designed to address expressed investor needs. Since establishment, IGIFL has developed operational and technical capabilities at an expedited pace. The company has also developed a comprehensive client relationship module developed and implemented company wide, with automated tracking and follow-up support.

IGIFL is in the process of launching the IGI Stock Fund, which shall be open for public subscription in the near future.

IGI Funds Limited (IGIFL), the asset management arm of the Packages and IGI Financial Services Group, held a ceremony at the CDC House to sign and execute the trust deed of the IGI Income Fund (IGIIF). The investment objective of fund is to minimize risk, construct a liquid portfolio of fixed income instruments and provide competitive returns. IGI Income Fund is an open-end mutual fund and shall be listed on the Lahore Stock Exchange. The IPO of IGIIF is expected in January 2007.

The launch of the IGI Income Fund is part of IGI Funds overall strategy of providing investors with a spectrum of funds allowing exposure to various asset classes. IGI Income Fund is a customer-centric product that offers investors ease of entry/exit, simple and hassle free account operations as well as access to the fixed income asset class at a competitive management fee structure.

Ali A. Shirazee, CEO of IGI Funds said that “IGIFL is entering the marketplace with IGIIF in an effort to provide investors with a liquid and correctly constructed portfolio of fixed income instruments backed by sponsors of paramount integrity and sterling standing.”

The sponsors of the management company include the Packages and the IGI Financial Services Group. Packages Limited was established in 1956 as a joint venture between the Ali Group of Pakistan and Akerlund and Rausing of Sweden. Its core area of business is providing packaging solutions of outstanding value to individual and corporate clientele. Currently, the Packages Group’s annual sales are in excess of Rs. 8 billion, whereas annual profit after tax is at Rs. 1 billion. IGI Insurance, the flagship company of the IGI Financial Services Group, was established in 1953 and currently has an asset base of over Rs. 3.2 billion.

IGI Funds, a component entity of the IGI Financial Services Group, is an independent and registered company licensed by the Securities and Commission of Pakistan (SECP) to provide investment advisory and asset management services. Other component entities of IGI Financial Services Group include, IGI Insurance, First International Investment Bank and IGI Finex Securities.

Pakistan’s mutual fund industry has about 50 funds with a total net asset base of close to $ 3 billion. In comparison the mutual fund industry in the United States of America has close to $ 9 trillion in total assets under management in approximately 8,000 funds operating in the market, and the Indian mutual fund industry has over 600 funds in operation with close to $ 60 billion assets under management.

“The guiding premise for IGIFL’s business growth model is providing investment solutions and products designed to address expressed investor needs” said Ali Raza, Group Head of IGI Funds. IGIFL intends to launch a continuum of mutual funds as part of its future plans, designed to cater to the demands of the institutional as well as retail client base.