We present a 35 day ASCA observation of the Narrow-Line Seyfert 1 galaxy MGC +05-53-012 ( catalog Akn~564 ) , yielding an on-source exposure \sim 1 Ms .
The ASCA observation was part of a multiwavelength AGN Watch monitoring campaign .
The soft X-ray light curve binned to 256 s reveals trough-to-peak flux variations up to a factor of \sim 16 and changes in the fractional amplitude of variability across the observation .

Akn 564 shows small variations in photon index across the observation , with \Gamma in the range 2.45–2.72 .
The presence of the soft hump component below 1 keV , previously detected in ASCA data , is confirmed .
Time-resolved spectroscopy with \sim daily sampling reveals a distinction in the variability of the soft hump and power-law components over a timescale of weeks , with the hump varying by a factor of \sim 6 across the 35-day observation compared to a factor 4 in the power-law .
This difference in the long-term amplitudes of variation causes changes in the softness ratio across the observation .
Flux variations in the power-law component are measured down to a timescale of \sim 1000 s and accompanying spectral variability suggests the soft hump is not well-correlated with the power-law on such short timescales .
However , some correlated events are observed in the soft hump , UV flux and hard X-ray flux when all are sampled daily .
No significant UV to X-ray lags are found , with upper limits \sim 1 day .

We detect Fe K \alpha and a blend of Fe K \beta plus Ni K \alpha , the line energies indicating an origin in highly ionized gas .
Variability measurements constrain the bulk of the Fe K \alpha line to originate within \sim a light week of the nucleus .
The large EW of the emission lines may be due to high metallicity in NLS1s , supporting some evolutionary models for AGN .