August 2020 Complete FMR Islamic 1

NBP FUNDS Managing Your Savings
Islamic Savings
Fund Manager Report

of Shari’ah Compliant Schemes
August 2020
NAFA ISLAMIC SAVING PLANS�
� �
�
،� �� SMART SAVINGS
!��
� � � �� EASY WITHDRAWAL
RETIREMENT PLAN UP TO 20% TAX SAVINGS**
WEALTH PLAN
OPTIONAL TAKAFUL COVERAGE*
WEDDING PLAN
EDUCATION PLAN
Performance of Underlying Funds***

Saving Plans Objective Value of Rs. 10 Lacs after 10 Years
Long Term
NAFA Islamic Surmaya Tahaffuz Plan (NISTP) Preservation of Capital 21.1 Lacs
NAFA Islamic Mutawazan Surmaya Plan (NIMSP) Balanced Growth
30.0 Lacs
NAFA Islamic Surmaya Izafa Plan (NISIP) Capital Growth
39.9 Lacs
Dispute Resolution / Complaints Handling Complaint service: www.nbpfunds.com/contact-us/investor-relations
SECP’s Service Desk Management System: sdms.secp.gov.pk
Contact our Investment Consultant for free Investment advice NBP Fund Management Limited AM1 Rated by PACRA
info@nbpfunds.com SMS Invest to 9995 0800-20002 /nbpfunds www.nbpfunds.com

***Underlying investment of the above strategy is as follows NISTP: 100% NRFSF, NIMSP:50% NRFSF and 50% NISIF, NISIP: 100% NISIF. NRFSF: NBP RIBA FREE SAVINGS FUND (Formerly; NAFA RIBA FREE SAVINGS FUND);
NISIF: NBP ISLAMIC SARMAYA IZAFA FUND (Formerly; NAFA ISLAMIC ASSET ALLOCATION FUND); Note: Performance shown is of the underlying funds as on August 31, 2020, based on dividend reinvestment gross of
withholding Taxes, excluding cost of front end load. The performance reported is net of Management Fee, Takaful premium, and all other expenses. Taxes apply as per current income tax law; **Subject to conditions as
per section 62 of the Income Tax Ordinance, 2001; *Terms & Conditions apply; Disclaimer: All investments in mutual funds are subject to market risks. Past performance is not necessarily indicative of future results. Please
read the Offering Documents to understand investment policies and the risks involved. The underlying scheme holds certain non-compliant investments. Before making any investment decision, investors should review
the latest monthly Fund Manager Report and Financial Statements. The reported returns may include provisioning and reversal of provisioning against some debt securities.
Table of Contents NBP FUNDS Managing Your Savings
Islamic Savings
1-2 CEO’s Write-up 03 Capital Market Review
04 NBP Islamic Daily

NIDDF Dividend Fund 05 NBP Riba Free Savings Fund
Table of Contents
NRFSF
06 NBP Islamic Mahana
07
Amdani Fund
NIMAF
NBP Islamic Savings Fund
NBP-ISF
08 NBP Islamic Income Fund

NBP-IIF
09 NBP Islamic Money Market Fund
NIMMF
10 NBP Islamic Sarmaya Izafa Fund

NISIF
11 NBP Islamic Regular Income Fund
NIRIF
12
13
NBP Islamic Stock Fund
NISF NBP Islamic Energy Fund
NIEF
14
NIPF
NAFA Islamic Pension Fund 15 NAFA Islamic Principal Protected
NIPPF-II Fund-II
16 NAFA Islamic Active Allocation

NIAAP-I Plan-I
NIAAP-II Plan-II

NIAAP-III Plan-III
NIAAP-IV Plan-IV

NIAAP-V Plan-V
NIAAP-VI Plan-VI

NIAAP-VII Plan-VII
NIAAP-VIII Plan-VIII
24 NAFA Islamic Capital Preservation

NICPP-I Plan-I
NICPP-II Plan-II

NICPP-III Plan-III
27 NBP Islamic Capital Preservation
NICPP-IV Plan-IV
28
NICPP-V
NAFA Islamic Capital Preservation
Plan-V 29 NBP Active Allocation Riba Free
NAARFSF Savings Fund
30 NBP Islamic Active Allocation

Equity Fund
NIAAEF
Islamic Savings
Performance and Prospects of the Economy and Stock Market

Economy: Encouragingly, the number of active cases of Covid-19 in the country has further dropped
to 8,800 from the peak of 109,000. Regarding the development of an effective and universally
available vaccine, researchers are testing 36 vaccines in clinical trials on humans, nine are in
large-scale efficacy test, and three are approved for limited or early use. While the possibility of
subsequent waves cannot be ruled out, as being witnessed in several countries, relatively low death
rate and higher recovery rate raise hope that Pakistan has escaped the worst as earlier feared.
With the gradual re-opening of the economy from the Coronavirus-induced shutdown, we expect
economic growth to pick-up in the coming months due to unleashing of pent-up demand in some
sectors of the economy, steady increase in investment activity as a result of aggressive monetary
easing, and recovery in the agriculture, real estate & services sectors. The frequently released
economic data points to improving demand and supply situation after Coronavirus-induced
disruption. During June-July 2020 versus April-May 2020, cement dispatches have surged by 47%,
automobile sales have witnessed an increase of 337%, and retail fuel sales volume have shown a
robust growth of 28%. We expect the economy to grow at 1.5-2.0% in FY2021 after a 0.4%
contraction of GDP in FY2020.
Despite recent spike in CPI inflation driven by upward adjustment in retail fuel prices and rise in
prices of some food items; inflation for FY21 is expected to moderate to 7%-8% after clocking-in at
10.7% in FY20. After an aggressive 6.25% reduction in the Policy Rate by the SBP in this easing
cycle, in our view interest rates have bottomed out. We expect the central bank to continue with the
accommodative monetary policy stance in the near term to stimulate the economy that is hit hard by
the Covid-19 induced economic disruption.
External account has so far emerged beneficiary of the Coronavirus as strong workers’ remittances
and a relatively large contraction in the imports vis-à-vis exports, the Current Account Deficit (CAD)
has narrowed to USD 3 bn (1.1% of the GDP) in FY20. Backed by a record USD 2.77 billion workers’
remittances, a healthy 20% growth in exports, and a paltry 2% increase in imports on a
month-on-month basis, the country has posted a sizeable current account surplus of USD 424
million in July 2020. We anticipate the CAD to widen to a still manageable level of USD 4.4 bn
(1.7% of the GDP) in FY21. With Real Effective Exchange Rate (REER) at 93.0, and a manageable
CAD, we expect a gradual 5%-6% devaluation of the PKR against the US Dollar in FY2021.
On public finance, slow growth of tax revenues and additional government expenditures in the 4th
quarter of FY2020, the fiscal deficit widened to 8.1% of the GDP in FY2020. The fiscal deficit is
expected to further expand to 9.3% in FY2021 against the government target of 7.0% due to elevated
debt servicing cost, shortfall in revenue collections amid economic slowdown, and continuation of
the additional government expenditures. Consequently, unveiling of additional revenue measures by
the government to bridge the shortfall in revenues cannot be ruled out.
Stock market: During the Coronavirus-induced recessionary bear market, the benchmark KSE-100
Index fell by a hefty 37% from its peak level of 43,200 on January 13th, 2020 to the bottom level of
27,200 on March 25th, 2020. The market has staged a robust 51% recovery since then. While the
second wave of the Coronavirus pandemic cannot be ruled out, we expect the economic recovery to
continue. From the valuation perspective, despite sharp recovery, the stock market is trading at an
attractive forward Price-to-Earnings (P/E) multiple of 7.8x and Price-to-Book (P/BV) value of 1.0x. The
market also offers a healthy dividend yield of 5%. The historical analysis shows that the stock market
has depicted robust performance during periods of low interest rates and manageable CAD.
Disclaimer: This publication is for informational purpose only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell the fund. All investments
in mutual funds and pension funds are subject to market risks. The price of units may go up as well as down. Past Performance is not necessarily indicative of future results.
Page 01
Islamic Savings
Correla�on between Stock Market and Interest Rate Manageable CAD �me period has resulted in posi�ve market performance
60% 2.0%
52%
1.9%
Coeff. of Determina�on (R2) : 0.48
KIBOR KSE-100
41%
41%
Rela�onship : -ve
38%
36%
34%
Current Account Deficit (% of GDP)

Significance : YES 40% 0.1% 0.0%
16% 60,000
KSE - 100 Index Return
29%
23%
-1.1%-1.3%-1.0%
19%
-1.4% -1.1%
14% 50,000 -1.7%
16%
20% -2.0% -2.0%
-2.2%
10%
10%
12% 40,000
2%
-3.6%
0% -4.2% -4.0%
-4.5%
10% 30,000 -4.8%
-10%
-5.5%
-11%
8% 20,000 -20% -6.3%
-6.0%
-19%
6% 10,000 -40% -8.2% -8.0%
-42%
4% - KSE-100 CAD as % of GDP
-60% -10.0%
31-Jan-06
30-Apr-07
30-Nov-06
30-Sep-07
29-Feb-08
31-Jul-08
31-Dec-08
31-May-09
31-Mar-10
31-Aug-10
31-Jan-11
30-Apr-12
30-Nov-11
30-Sep-12
28-Feb-13
31-Jul-13
31-Dec-13
31-May-14
31-Mar-15
31-Aug-15
31-Jan-16
30-Apr-17
30-Nov-16
30-Sep-17
28-Feb-18
31-Jul-18
30-Jun-06
31-Oct-09
31-Dec-18
31-May-19
31-Mar-20
31-Aug-20
30-Jun-11
31-Oct-14
30-Jun-16
31-Oct-19
FY21*
FY05
FY06
FY07
FY08
FY09
FY10
FY11
FY12
FY13
FY14
FY15
FY16
FY17
FY18
FY19
FY20
* Stock Market Performance as of August 31, 2020
Source: SBP, PSX & NBP Funds Research
Bottom Line: After robust rally, while market may depict enhanced volatility, we expect the market to
deliver heathy double digit returns over the medium to long-term driven by good corporate earnings
growth, attractive dividend yield, and some Price-to-Earnings ratio rerating. Therefore, we advise
investors to build position in equities through our stock funds, keeping their long-term investment
objectives in mind.
Disclaimer: This publication is for informational purpose only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell the fund. All investments
in mutual funds and pension funds are subject to market risks. The price of units may go up as well as down. Past Performance is not necessarily indicative of future results.
Page 02
Capital Market Review NBP FUNDS Managing Your Savings
Islamic Savings
August 2020
Stock Market Review
During Aug-20, the stock market carried forward the positive momentum from the previous month as the benchmark
KMI-30 Index surged by around 2,544 points (4.0%) on a month-on-month basis. The market derived its optimism from
improving business environment as Covid-19 related restrictions were further lifted from the remaining sectors, and the
entire economy was re-opened, backed by major decline in new Covid-19 cases as well as total active cases. Moreover, the
high frequency economic data released during August also points to normalization of economic and trade activities, e.g.
cement sales grew by 33%, FBR collection mounted by 15%, POL product sale exhibited growth of around 10% YoY, and
fertilizer sales surged by 20-30% on a YoY basis. The improving trend was also observed in the external trade numbers, as
exports rebounded to USD 2 billion, from USD 1.9 billion, a year ago, showing a YoY growth of 6%. The key highlight was
the record workers’ remittances, which clocked in at USD 2.77 billion during July leading to a large current account surplus
of USD 424 million. Notably, the market remained impervious to the negative news related to the GIDC decision by the SC,
MoUs signed by IPPs agreeing to reduce their returns, and rumours of strains in Pak-Saudi relations after the agreement
between UAE and Israel for normalization of relations between two countries.
During the month, Automobile Parts & Accessories, Cements, Engineering, Oil & Gas Marketing Companies, Paper &
Board, Power Generation & Distribution, Refineries, Technology & Communication, Textile and Transport sectors performed
better than the market. On the contrary, Auto Assembler, Commercial Banks, Fertilizers, Food & Personal Care, and Oil &
Gas Exploration sectors lagged behind. On participant-wise activity, Insurance Companies and Banks/DFIs remained major
sellers in the market, liquidating stocks worth USD 37 million and USD 28 million, respectively. Foreign selling abated a bit
to USD 7 million during the month. On the contrary, Individuals and Mutual Funds were the largest buyers with net inflows
to the tune of USD 59 million and USD 12 million, respectively.
It has been an impressive start of the year FY2021, as the market has surged by a significant 19% during 2MFY21. Looking
ahead, we maintain our positive outlook for the market over the medium to long-term. Our liking for the stock market is
underpinned by growing optimism on health as well as economic fronts. Economic activity is gathering pace as
corroborated by high frequency economic data. We expect continuation of monetary easing going forward given benign
near-term inflation outlook. Though one cannot rule out second wave of the Coronavirus pandemic that might again impede
the economic activity; the repair/policy response market phase is likely to be followed by the recovery phase where the
economic fundamentals would improve and catch-up investors’ optimism. External account is also likely to remain
manageable given decent export growth and continuation of multilateral inflows. From the valuation standpoint, the market
is trading at an undemanding Price-to-Earnings multiple of 7.8x and offers a healthy 5% dividend yield. Taken it all together,
we advise investors to ignore the short term market volatility and consolidate position in equities, focusing on their long-term
investment objectives.
Money Market Review

After clocking in at 9.3% in July 2020, driven by upward adjustment in retail fuel prices and spike in prices of some food
items; CPI inflation for August stood at 8.2%. We expect inflation to moderate to 7%-8% in FY21 after clocking-in at 10.7%
in FY20. After an aggressive 6.25% reduction in the Policy Rate by the SBP in this easing cycle, interest rates have bottomed
out, in our view. We expect the central bank to continue with the accommodative monetary policy stance in the near term
to stimulate the economy that is hit hard by the Covid-19 induced economic disruption.
During the outgoing month, SBP held two T-Bill auctions with a combined target of Rs. 600 billion against the maturity of Rs.
832 billion. In the first T-Bill auction, an amount of Rs. 111 billion was accepted at a cut-off yield of 6.99%, 7.18% and
7.15% for 3-month, 6-month and 12-month tenures, respectively. In the second T-Bill auction, an amount of Rs. 532 billion
was accepted at a cut-off yield of 7.15%, 7.18% and 7.30% for 3-month, 6-month and 12-month tenures, respectively. In
the PIB auction, bids worth Rs. 45 billion were realized for 3-year, 5-year, 10-year, 15-year & 20-year at a cut-off yield of
8.20%, 8.45%, 8.99%, 9.98% and 10.55%, respectively. Furthermore, SBP in the recent floating rate PIB auction dated 27th
August, attracted bids worth around Rs. 218 billion. Out of the total bids, only Rs. 88 billion was accepted at a cut-off margin
of 30 basis points for 3 year tenure, 37 basis points for 5 year, and 54 basis points for 10 year over the benchmark.
We have calibrated the portfolio of our money market and income funds based on our interest rate outlook and will remain
alert to any developments that may influence our investment strategy.
Disclaimer: This publication is for informational purposes only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual
funds are subject to market risks. The price of units may go up as well as down. Past performance is not necessarily indicative of future results. Please read the Offering Documents to understand
the investment policies and the risks involved.
Page 03
NBP ISLAMIC DAILY DIVIDEND FUND (NIDDF)
MONTHLY REPORT (MUFAP's Recommended Format) August 2020

Unit Price (31/08/2020): Rs.10.0000
Performance %
Rolling 6 Months Since Launch November 1,
Performance Period Aug-2020 FYTD - 2021
2019*
NBP ISLAMIC DAILY DIVIDEND FUND 6.4% 6.6% 8.4% 10.4%
BENCHMARK 4.1% 3.9% 4.7% 5.0%
* Simple Annualized return.

The performance reported is net of management fee & all other expenses and based on dividend reinvestment gross of with-holding tax where applicable.
General Information Investment Objective

Launch Date: November 1, 2019 To provide competitive return along with daily dividend by investing in Shariah
Fund Size: Rs. 10,519 million Compliant money market instruments.
Fund Size: (Excluding investment Rs. 10,315 million Fund Manager Commentary
by fund of funds):
The Fund generated an annualized return of 6.4% p.a. during August 2020 versus the
Type: Open-end - Shari'ah Compliant Money Market
Benchmark return of 4.1% p.a., thus registering an out-performance of 2.3% p.a. This
Fund
reported return is net of management fee and all other expenses.
Dealing Days: Daily – Monday to Friday
Dealing Time: (Mon - Fri) 9:00 A.M to 12:30 P.M
The fund aims to consistently provide better return than the profit rates offered by
Settlement: 2-3 business days Islamic Banks / Islamic windows of commercial banks. Minimum eligible rating is AA,
Pricing Mechanism: Forward Pricing while the Fund is not allowed to invest in any security exceeding six months maturity.
Load: Front End Load (Individual with takaful coverage):
Amount upto Rs.5 million: 3%, Amount over and The weighted average time to maturity of the Fund cannot exceed 90 days, thereby
above Rs.5 million and up to Rs.25 million: 1%, providing easy liquidity along with a high-quality credit profile.
Amount exceeding Rs.25 million, load will be
charged on Rs.5 million: 3%. Front End Load Around 59% of net assets of the Fund are invested in bank deposits which enhances
(others): 1% (Nil if amount greater than 25 million), the liquidity profile of the Fund. The weighted average time to maturity of the Fund is
Back end Load: 0%. around 45 days.
We will rebalance the allocation of the Fund proactively based on the capital market
Management Fee: 1% of Net Income (min 0.1% p.a, max 1.0% p.a) outlook.
0.10% p.a. of average net assets during the month.
Total Expense Ratio: 0.65% p.a (including 0.17% government levies)

Credit Quality of the Portfolio as of August 31 , 2020 (% of Total Net Assets)
Selling & Marketing Expenses: 0.2% p.a. (w.e.f June 18, 2020) AAA 73.9%
Risk Profile / Risk of principal Very Low / Principal at very low risk AA+ 12.7%
erosion: AA 12.4%
Fund Stability Rating: "AA(f)" by PACRA Others including Receivables 1.0%
Listing: Pakistan Stock Exchange
Total 100.0%
Custodian & Trustee: Central Depository Company (CDC)
Auditors: A.F. Ferguson & Co, Chartered Accountants
Benchmark: Three months average deposit rates of three (3) AA
rated Islamic Banks or Islamic windows of
Conventional Banks as selected by MUFAP. Name of the Members of Investment Committee
Dr. Amjad Waheed, CFA
Fund Manager: Muhammad Ali Bhabha CFA,FRM Sajjad Anwar, CFA
Minimum Subscription: Growth Unit: Rs. 10,000/-
Asim Wahab Khan, CFA
Asset Manager Rating: AM1 by PACRA (Very High Quality)
Muhammad Ali Bhabha, CFA, FRM
Asset Allocation (% of Total Assets) 31-Aug-20 31-Jul-20 Hassan Raza, CFA
Short Term Sukuk 1.6% 1.7%
Commercial Paper (Islamic) 12.2% 5.7%
Placements with Banks and DFIs 26.1% 27.6%
Bank Deposits 59.1% 64.4%
Others including Receivables 1.0% 0.6%
Total 100.0% 100.0%
Leverage Nil Nil
Note: Amount invested by fund of funds is Rs. 204 million.
Top Sukuk (as at Auguﬆ 31 , 2020) (% of Total Assets)

HUBCO 6M SUK-4 19-MAY-20 19-NOV-20 1.6%
Sindh Workers' Welfare Fund (SWWF)

The scheme has maintained provisions against Sindh Workers' Welfare Fund's liability
to the tune of Rs.6,747,217/-. If the same were not made the NAV per unit/since
inception return of scheme would be higher by Rs. 0.0064/.08%. For details investors
are advised to read the Note 5 of the latest Financial Statements of the Scheme.

Notes: 1) The calculation of performance does not include cost of front end load.
2) Taxes apply. Further, tax credit also available as per section 62 of the Income Tax Ordinance, 2001.
Disclaimer: This publication is for informational purposes only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in mutual funds are subject to market risks. Past performance is
not necessarily indicative of future results. Please read the offering Document to understand investment policies and the risks involved.
Page 04
NBP RIBA FREE SAVINGS FUND (NRFSF)

Unit Price (31/08/2020): Rs.10.3811
Performance %
Since Launch
FYTD - Rolling 12 FY - FY - FY - FY - FY - Last 3 Last 5
Performance Period Aug-2020 August 20,
2021 Months 2020 2019 2018 2017 2016 Years* Years*
2010*
NBP RIBA FREE SAVINGS FUND 9.0% 8.6% 10.4% 11.0% 8.8% 5.2% 5.9% 5.5% 8.6% 7.4% 8.1%
BENCHMARK 4.4% 4.7% 6.2% 6.3% 3.7% 2.4% 3.1% 4.9% 4.3% 4.1% 5.7%
* Annualized Return Based on Morning Star Methodology. All other returns are Annualized Simple Return.

Launch Date: August 20, 2010 To provide preservation of capital and earn a reasonable rate of return along with a
Fund Size: Rs. 5,545 million high degree of liquidity by investing in Shariah Compliant banks and money market /
Type: Open-end – Shari'ah Compliant Income debt securities.
Dealing Days: Daily – Monday to Friday Fund Manager Commentary
Dealing Time: (Mon - Thr) 9:00 A.M to 5:00 P.M The Fund generated an annualized return of 9.0% p.a. for the month of August 2020
(Friday) 9:00 A.M to 5:30 P.M versus the Benchmark return of 4.4% p.a. This reported return is net of management
Settlement: 2-3 business days fee and all other expenses.
Pricing Mechanism: Forward Pricing
Load: Front End Load (Individual with takaful coverage): The Fund aims to consistently provide better return than the profit rates offered by
Amount upto Rs.5 million: 3%, Amount over and Islamic Banks / Islamic windows of commercial banks, while also providing easy
above Rs.5 million and up to Rs.25 million: 1%, liquidity along with a high-quality credit profile.
charged on Rs.5 million: 3% Around 47% of net assets of the portfolio are invested in bank deposits which enhance
Front End Load (others): 1% (Nil if amount greater the liquidity profile of the Fund. The weighted average time to maturity of the Fund is
than 25 million), around 1.2 years.
Back end Load: 0%
outlook.
Management Fee: 6% of Net Income (min: 0.5% p.a., max: 1.25% Government Securities (AAA rated) 18.2%
p.a.) w.e.f 12-Jul-19. 0.57% p.a. of average net AAA 51.2%
assets during the month. AA+ 5.4%
Total Expense Ratio: 1.79% p.a. (including 0.28% government levies)
AA 16.6%
Selling & Marketing Expenses: 0.7% p.a. AA- 7.1%
Risk Profile / Risk of principal Low / Principal at low risk Un-rated 0.2%
erosion: Others including receivables 1.3%
Fund Stability Rating: "A(f)" by PACRA Total 100.0%
Auditors: Deloitte Yousuf Adil Chartered Accountants
Name of the Members of Investment Committee
Benchmark: 6-month average deposit rates of three A rated
Islamic Banks/Islamic windows of conventional Dr. Amjad Waheed, CFA
banks as selected by MUFAP Sajjad Anwar, CFA
Fund Manager: Muhammad Ali Bhabha CFA,FRM Asim Wahab Khan, CFA
Minimum: Growth Unit: Rs. 10,000/- Muhammad Ali Bhabha, CFA, FRM
Subscription: Income Unit: Rs. 100,000/- Hassan Raza, CFA
Asset Allocation (% of Total Assets) 31-Aug-20 31-Jul-20
GOP Ijara Sukuk 13.3% 13.4%
Government backed security 4.9% 4.9%
Sukuk 0.0% 21.3%
Placement with Banks and DFIs 20.1% 22.8%
Others including receivables 1.3% 1.8%
Total 100.0% 100.0%
Leverage Nil Nil

The scheme has maintained provisions against Sindh Workers' Welfare Fund's
liability to the tune of Rs. 29,565,493/-. If the same were not made the NAV per
unit/last one year return of scheme would be higher by Rs. 0.0553/0.59% For details
investors are advised to read note 8 of the latest financial statements of
the Scheme.

Page 05
NBP ISLAMIC MAHANA AMDANI FUND (NIMAF)

Unit Price (31/08/2020): Rs.10.1592
Performance %
Since Launch October 6,
Performance Period Aug-2020 FYTD - 2021 Rolling 12 Months FY - 2020
2018*
NBP ISLAMIC MAHANA AMDANI FUND 6.5% 7.0% 10.4% 11.3% 10.4%
BENCHMARK 4.4% 4.7% 6.2% 6.3% 5.3%

Launch Date: October 6, 2018 To provide monthly income to investors by investing in Shariah Compliant money
Fund Size: Rs. 19,769 million market and debt avenues.
Type: Open-end – Shari'ah Compliant Income Fund Fund Manager Commentary
Dealing Days: Daily – Monday to Friday The Fund generated an annualized return of 6.5% p.a. in August 2020 versus the
Dealing Time: (Mon - Thr) 9:00 A.M to 5:00 P.M Benchmark return of 4.4% p.a. This reported return is net of management fee and all
(Friday) 9:00 A.M to 5:30 P.M other expenses.
Settlement: 2-3 business days
Pricing Mechanism: Forward Pricing The Fund aims to provide monthly income to investors by investing in Shariah
Load: Front End Load (Individual with takaful coverage): Compliant money market and debt avenues. Minimum eligible rating is A-, while the
Amount upto Rs.5 million: 3%, Amount over and Fund is allowed to invest with Islamic Banks, Islamic branches / windows of
above Rs.5 million and up to Rs.50 million: 1%, conventional banks providing easy liquidity. The Fund is allowed to invest in Shariah
Amount exceeding Rs.50 million, load will be Compliant Money Market instruments & debt securities rated A- or better. The Fund is
charged on Rs.5 million: 3% Front End Load not authorized to invest in Equities. The weighted average time to maturity of the Fund
(others): 1% (Nil if amount greater than 50 million), cannot exceed 4 years excluding government securities.
Back end Load: 0%
Around 38% of net assets of the Fund are invested in bank deposits which enhances
the liquidity profile of the Fund. The weighted average time to maturity of the Fund is
1.4 years.
Management Fee: 1.5% of Net Income (Min 0.2%, Max 1.5% p.a.) We will re-balance the allocation of the Fund proactively based on the capital market
w.e.f 12-July-2019 0.22% p.a. of average net outlook.
assets during the month
Total Expense Ratio: 1.32% (including 0.2% government levies)
Selling & Marketing Expenses: 0.7% p.a
Government Securities (AAA rated) 17.0%
Risk Profile / Risk of principal Medium / Principal at medium risk
erosion: AAA 17.6%
Fund Stability Rating: ‘A(f)’ by PACRA AA+ 19.3%
Listing: Pakistan Stock Exchange AA 12.1%
Custodian & Trustee: Central Depository Company (CDC) AA- 0.1%
Auditors: A. F. Ferguson & Co. Chartered Accountants A- 32.4%
Un-rated 0.1%
Islamic Banks/Islamic windows of conventional
banks as selected by MUFAP Others including Receivables 1.4%
Fund Manager: Muhammad Ali Bhabha, CFA, FRM Total 100.0%
Minimum: Growth Unit: Rs. 10,000/-
Subscription: Income Unit: Rs. 100,000/-
Asset Manager Rating: AM1 by PACRA (Very High Quality) Name of the Members of Investment Committee
Asset Allocation (% of Total Assets) 31-Aug-20 31-Jul-20 Dr. Amjad Waheed, CFA
Placement with Banks and DFIs (Islamic) 20.1% 20.7% Sajjad Anwar, CFA
GOP Ijara Sukuk 10.5% 10.0% Asim Wahab Khan, CFA
Government backed security 6.5% 6.2% Muhammad Ali Bhabha, CFA, FRM
Sukuk 8.9% 3.2% Hassan Raza, CFA
Certificate of Musharika (COM) 5.3% 5.0%
Total 100.0% 100.0%
Leverage Nil Nil
Top Sukuk (as at August 31 , 2020) (% of Total Assets)

HUBCO 6M SUK-4 19-MAY-20 19-NOV-20 3.4%
HUBCO Rev 19-MAR-20 19-MAR-24 3.4%
KE Suk 03-AUG-20 03-AUG-27 2.1%

to the tune of Rs. 47,989,148/-. If the same were not made the NAV per unit/last one
year return of scheme would be higher by Rs. 0.0247/.27%. For details investors are
advised to read note 6 of the latest financial statements of the Scheme.

Page 06
NBP ISLAMIC SAVINGS FUND (NBP-ISF)

Unit Price (31/08/2020): Rs.9.6254
Performance %
FYTD - Rolling 12 FY - FY - FY - FY - FY - Last 3 Last 5 Last 10 Since Launch
Performance Period Aug-2020 October 26,
2021 Months 2020 2019 2018 2017 2016 Years* Years* Years*
2007*
NBP ISLAMIC SAVINGS FUND 5.7% 5.8% 10.0% 10.9% 8.5% 5.1% 5.4% 7.4% 8.3% 7.4% 9.3% 7.0%
BENCHMARK 4.4% 4.7% 6.2% 6.3% 3.7% 2.4% 3.9% 4.8% 4.3% 4.2% 5.6% 5.7%

Launch Date: October 26, 2007 To earn a reasonable rate of return in a Shariah Compliant manner by investing
Fund Size: Rs. 3,685 million primarily in Shariah Compliant money markets instruments and bank deposits.
Type: Open-end – Shari'ah Compliant Income Fund
Dealing Time: Monday to Friday 9:00am to 12:30pm During the month under review, the Fund posted an annualized return of 5.7% p.a. as
Settlement: 2-3 business days compared to the Benchmark return of 4.4% p.a., thus registering an out-performance
Pricing Mechanism: Backward Pricing of 1.3% p.a. This out-performance is net of management fee and all other expenses.
Load: Front End Load (Individual with takaful
coverage):Amount upto Rs.5 million: 3%, Amount Around 62% of net assets of the portfolio are allocated in bank deposits. The higher
over and above Rs.5 million and up to Rs.50 allocation in bank deposits is due to better yields as compared to other authorized
million: 1%,Amount exceeding Rs.50 million, load alternative investment avenues. The weighted average time to maturity of the Fund is
will be charged on Rs.5 million: 3% 32 days.
Front End Load (others): 1% (Nil if amount greater
than 50 million) We will rebalance the allocation of the fund proactively based on the capital market
Back end Load: 0% outlook.
Management Fee: 8% of Net Income (min: 0.5% p.a., max: 1.5% p.a. Credit Quality of the Portfolio as of August 31 , 2020 (% of Total Net Assets)
of Net Assets) w.e.f 10-Jan-20, 0.52% of average
AAA 33.4%
net assets during the month
AA+ 8.4%
Total Expense Ratio: 1.64% p.a (including 0.21% government levies) AA 14.5%
AA- 42.9%
Selling & Marketing Expenses: 0.7% per annum
A+ 0.1%
Risk Profile / Risk of principal Low / Principal at low risk
erosion: Un-rated 0.1%
Fund Stability Rating: "A-(f)" by PACRA Others including Receivables 0.6%
Listing: Pakistan Stock Exchange Total 100.0%
Auditors: Deloitte Yousuf Adil, Chartered Accountants
Details of Non-Compliant Investments
slamic Banks/Islamic windows of conventional
banks as selected by MUFAP Value of Value of
Type of % of % of
Fund Manager: Muhammad Ali Bhabha, CFA, FRM Investments Provision Investments
Particulars Investment Net Gross
before held after
Minimum: Growth Unit: Rs. 10,000/- Provision
Assets Assets
Subscription: Income Unit: Rs. 100,000/- New Allied Electronics Limited I -
Sukkuk 110,000,000 110,000,000 0 0.0% 0.0%
Sukuk 25-JUL-07 25-JUL-22
Asset Manager Rating: AM1 by PACRA (Very High Quality) New Allied Electronics Limited II -
Sukkuk 4,905,437 4,905,437 0 0.0% 0.0%
Sukuk 03-DEC-07 03-DEC-
Asset Allocation (% of Total Assets) 31-Aug-20 31-Jul-20 Total 114,905,437 114,905,437 0 0.0% 0.0%
Placement with Banks and DFIs (Islamic) 23.9% 37.6%

Commercial Papers (Islamic) 14.4% 10.5%
Sajjad Anwar, CFA
Total 100.0% 100.0%
Leverage Nil Nil
Hassan Raza, CFA

The scheme has maintained provisions against Sindh Workers' Welfare Fund's
liability to the tune of Rs.19,418,683/-. If the same were not made the NAV per unit/last
one year return of scheme would be higher by Rs. 0.0507/.58%. For details investors
are advised to read note 5 of the latest financial statements of the Scheme.

not necessarily indicative of future results. Please read the Offering Documents to understand the investment policies and the risks involved. The scheme holds certain non-compliant investments. Before making any investment decision, investors
should review the latest monthly Fund Manager Report and Financial statements. The reported return may include provisions and reversal of provisions. Page 07
NBP ISLAMIC INCOME FUND (NBP-IIF)

Unit Price (31/08/2020): Rs.10.0487
Performance %
Performance Period Since Launch August 13, 2020*
NBP ISLAMIC INCOME FUND 9.9%
BENCHMARK 4.4%
* Simple Annualized return.


Launch Date: August 13, 2020 The objective of NBP Islamic Income Fund is to provide competitive returns by
Fund Size: Rs. 525 million investing in Shariah compliant debt securities and money market instruments.
Type: Open-end - Shari'ah Compliant Income
Dealing Days: Daily-Monday to Friday
Dealing Time: (Mon - Thr) 9:00 A.M to 5:00 P.M (Friday) 9:00 A.M Fund Manager Commentary
to 5:30 P.M The Fund posted an annualized return of 9.9% p.a. since inception versus the
Settlement: 2-3 business days Benchmark return of 4.4% p.a. The reported return is net of management fee and all
Pricing Mechanism: Forward Pricing other expenses.
Load: Amount upto Rs. 25 million: 1%, Amount more than
Rs.25 million: 0%, The weighted average time to maturity of the Fund is around 0.7 years. Sukuk portfolio
of the Fund is predominantly floating rate linked to KIBOR. However, since sukuk
Back end Load: 0% prices may go up or down, therefore, only investors with medium-term investment
Management Fee: Management Fee: 6% of Net Income (min: 0.5% p.a., horizon are advised to invest in this Fund.
max: 1.25% p.a.). 0.55% of average net assets during
the month We will rebalance the allocation of the Fund proactively based on the capital market
Total Expense Ratio: 1.99% p.a. (including 0.30% government levies) outlook.
Selling & Marketing Expenses: 0.70% p.a. Credit Quality of the Portfolio as of August 31 , 2020 (% of Total Net Assets)
Risk Profile / Risk of principal Medium / Principal at medium risk AA+ 23.0%
erosion: AA 56.0%
Fund Stability Rating: "A(f)" by PACRA A- 19.0%
Listing: Pakistan Stock Exchange Others including Receivables 2.0%
Custodian & Trustee: Central Depository Company (CDC) Total 100.0%
Auditors: A.F. Ferguson & Co, Chartered Accountants
Islamic Banks/Islamic windows of conventional
banks as selected by MUFAP Name of the Members of Investment Committee
Fund Manager: Muhammad Ali Bhabha CFA,FRM Dr. Amjad Waheed, CFA
Minimum Subscription: Growth Unit: Rs. 1,000/- Sajjad Anwar, CFA
Hassan Raza, CFA
Income Unit: Rs. 100,000/-
Asset Allocation (% of Total Assets) 31-Aug-20
Cash 75.0%
TFCs / Sukuk 19.5%
Commercial Papers 3.5%
Others including Receivables 2.0%
Total 100.0%
Leverage Nil

to the tune of Rs. 48,807/-. If the same were not made the NAV per unit/last one year
return of scheme would be higher by Rs. 0.0009/0%. For details investors are advised
to read note of the latest financial statements of the Scheme.

Page 08
NBP ISLAMIC MONEY MARKET FUND (NIMMF)

Unit Price (31/08/2020): Rs.10.1418
Performance %
Since Launch February
Performance Period Aug-2020 FYTD - 2021 Rolling 12 Months FY - 2020 FY - 2019
28, 2018*
NBP ISLAMIC MONEY MARKET FUND 6.2% 6.2% 10.8% 11.8% 8.1% 9.0%
BENCHMARK 4.1% 3.9% 5.2% 5.4% 3.4% 4.1%

Launch Date: February 28, 2018 To provide competitive return with maximum possible capital preservation by investing
Fund Size: Rs. 4,466 million in low risk and liquid Shari'ah Compliant authorized instruments.
Fund Size: (Excluding investment Rs. 4,381 million
by fund of funds): Fund Manager Commentary
Type: Open-end - Sharia'h Compliant Money Market
The Fund generated an annualized return of 6.2% p.a. for the month of August 2020
Fund
versus the Benchmark return of 4.1% p.a., thus registering an out performance of 2.1%
p.a. This reported return is net of management fee and all other expenses.
Dealing Time: (Mon - Thr) 9:00 A.M to 5:00 P.M
(Friday) 9:00 A.M to 5:30 P.M The Fund aims to consistently provide better return than the profit rates offered by
Islamic Banks / Islamic windows of commercial banks. Minimum eligible rating is AA,
Pricing Mechanism: Forward Pricing while the Fund is not allowed to invest in any security exceeding six months maturity.
Load: Front End Load (Individual with takaful coverage):
Amount upto Rs.5 million: 3%, Amount over and The weighted average time to maturity of the Fund cannot exceed 90 days, thereby
above Rs.5 million and up to Rs.50 million: 1%, providing easy liquidity along with a high-quality credit profile.
charged on Rs.5 million: 3% Around 59% of total assets of the Fund are invested in bank deposits which enhances
the liquidity profile of the Fund. The weighted average time to maturity of the Fund is
Front End Load (others): 1% (Nil if amount greater 30 days.
than 50 million),
Back end Load: 0% outlook.

Management Fee: 1% of Net Income (Min 0.1% p.a., Max 1.0% p.a.). AAA 72.6%
0.10% p.a. of average net assets during the month AA+ 11.1%
AA 14.5%
Total Expense Ratio: 1.20% (including 0.17% government levies)
AA- 0.8%
Selling & Marketing Expenses: 0.7% p.a.
Others including Receivables 1.0%
Risk Profile / Risk of principal Very Low / Principal at very low risk
erosion: Total 100.0%
Fund Stability Rating: "AA (f)" by PACRA
Auditors: Deloitte Yousuf Adil Chartered Accountants Name of the Members of Investment Committee
Benchmark: Three months average deposit rates of three (3) AA Dr. Amjad Waheed, CFA
rated Islamic Banks or Islamic windows of
Sajjad Anwar, CFA
Conventional Banks as selected by MUFAP.
Fund Manager: Muhammad Ali Bhabha, CFA, FRM Muhammad Ali Bhabha, CFA, FRM
Minimum: Growth Unit: Rs. 10,000/- Hassan Raza, CFA
Subscription: Income Unit: Rs. 100,000/-
Placements with Banks and DFIs (Islamic) 25.7% 25.3%
Total 100.0% 100.0%
Leverage Nil Nil

to the tune of Rs.11,254,954/-. If the same were not made the NAV per unit/since
inception return of scheme would be higher by Rs. 0.0256/.28%. For details investors
are advised to read note 5 of the latest financial statements of the Scheme

Page 09
NBP ISLAMIC SARMAYA IZAFA FUND (NISIF)

Unit Price (31/08/2020): Rs.15.7020
Performance %
FYTD - Rolling 12 FY - FY - FY - FY - FY - Last 3 Last 5 Last 10 Since Launch
Performance Period Aug-2020 October 26,
2021 Months 2020 2019 2018 2017 2016 Years* Years* Years*
2007*
NBP ISLAMIC SARMAYA IZAFA
FUND
2.2% 10.7% 31.6% 8.6% (11.4)% (8.7)% 20.3% 13.1% 1.6% 5.2% 15.2% 12.1%
BENCHMARK 2.1% 10.1% 31.0% 9.2% (10.5)% (3.6)% 11.9% 9.2% 3.6% 4.6% 11.2% 8.8%
* Annualized return. All other returns are cumulative.


Launch Date: October 26, 2007 To generate capital appreciation by investing in Shariah Compliant equity and equity
Fund Size: Rs. 5,842 millions related securities and income by investing in Shariah Compliant bank deposits, debt &
Type: Open-end - Shari'ah Compliant Asset Allocation money market securities.
Fund Manager Commentary
During the month under review, unit price (NAV) of NBP Islamic Sarmaya Izafa Fund
Dealing Time: (Mon-Thr) 9:00 A.M to 3:00 P.M (NISIF) increased by 2.2% whereas the Benchmark increased by 2.1%, thus an
(Friday) 9:00 A.M to 4:00 P.M outperformance of 0.1% was recorded. Since inception your Fund has posted 12.1%
Settlement: 2-3 business days p.a return, versus 8.8% p.a by the Benchmark. Thus, to-date the outperformance of
Pricing Mechanism: Forward Pricing your Fund stands at 3.3% p.a. This outperformance is net of management fee and all
Load: Front end: 3% (Nil if amount greater than Rs. 50 other expenses.
million),
Back end: 0% NISIF started off the month with an allocation of around 48% in equities, which
Management Fee: 1.5% per annum w.e.f 12-Jul-19 decreased to around 43% towards the end of the month. NISIF outperformed the
Total Expense Ratio: 4.81% p.a (including 1.42% government levies) Benchmark in August as the Fund was underweight in select Oil & Gas Exploration
Companies and Fertilizer sectors stocks which underperformed the market and
Selling & Marketing Expenses: 1.5% per annum overweight in select Glass & Ceramics, Power Generation & Distribution Companies,
Risk Profile / Risk of principal Medium / Principal at medium risk and Textile Composite sectors stocks which outperformed the market. During the
erosion: month, the allocation was reduced primarily in Cement, Fertilizer, and Oil & Gas
Listing: Pakistan Stock Exchange Exploration Companies sectors.
Auditors: Deloitte Yousuf Adil Chartered Accountants
Benchmark: Daily weighted return of KMI-30 Index & 6-month Top Ten Holdings (as on August 31 ,2020)
average deposit rates of three A rated Islamic
Banks/Islamic windows of conventional banks as Asset % of Total
Name
selected by MUFAP, based on Fund's actual Class Assets
allocation Hub Power Company Limited Sukkuk 5.1%
Fund Manager: Asim Wahab Khan, CFA Engro powergen Thar (Pvt) Limited Sukkuk 5.0%
Minimum Subscription: Growth Unit: Rs. 10,000/- Mari Petroleum Company Limited Equity 4.9%
Income Unit: Rs. 100,000/
Asset Manager Rating: AM1 by PACRA (Very High Quality) Engro Corporation Limited Equity 4.2%
Hub Power Company Limited Equity 4.1%
Lucky Cement Limited Equity 4.0%
Equities / Stocks 42.8% 47.9%
Pak Petroleum Limited Equity 3.1%
Oil and Gas Development Co Limited Equity 3.0%
Cash 19.8% 12.4%
Meezan Bank Limited Equity 2.5%
Sukuk 15.3% 16.0%
Dubai Islamic Bank Limited Sukkuk 2.2%
Total 100.0% 100.0%
Details of Non-Compliant Investments
Leverage Nil Nil
Value of Value of
Type of % of % of
Investments Provision Investments
Particulars Investment Net Gross
before held after
Assets Assets
Provision
Characterstics of Equity Portfolio** Eden House Limited - Sukuk
Sukkuk 4,921,875 4,921,875 0 0.0% 0.0%
PER PBV DY Revised 29-MAR-08 29-SEP-25
Total 4,921,875 4,921,875 0 0.0% 0.0%

NISIF 7.9 1.2 3.9%
KMI-30 7.8 1.0 4.5% Name of the Members of Investment Committee
** Based on NBP Funds estimates Dr. Amjad Waheed, CFA
Top Five Sectors (% of Total Assets) (as on August 31 ,2020) Sajjad Anwar, CFA
Oil & Gas Exploration Companies 11.7 % Muhammad Ali Bhabha, CFA, FRM
Cement 6.4 % Asim Wahab Khan, CFA
Fertilizer 5.2 % Hassan Raza, CFA
Power Generation & Distribution 4.2 %
Textile Composite 3.2 %
Others 12.1 %
The Scheme has maintained provisions against worker’s welfare Fund’s
liability to the tune of Rs.78,918,320/- if the same were not made the NAV Per
unit/return of the Scheme would be higher by Rs.0.2121/1.79%. For details investors
are advised to read the note 4 of the latest Financial Statements of the Scheme.

Page 10
not necessarily indicative of future results. Please read the Offering Documents to understand the investment policies and the risks involved. The scheme holds certain non-compliant investments. Before making any investment decision, investors
should review the latest monthly Fund Manager Report and Financial statements. The reported return may include provisions and reversal of provisions.
NBP ISLAMIC REGULAR INCOME FUND (NIRIF)

Unit Price (31/08/2020): Rs.9.5890
Performance %
Since Launch October 31,
2018*
NBP ISLAMIC REGULAR INCOME FUND 2.1% 13.6% 34.9% 7.6% 0.7%
BENCHMARK 3.1% 14.9% 42.4% 10.8% 1.5%


Launch Date: October 31, 2018 The objective of the Fund is to provide regular payments to investors by investing in
Fund Size: Rs. 125 million Shariah Compliant Debt, Money Market & Equity investment avenues.
Type: Open-end-Shariah Compliant -Asset Allocation
Fund Fund Manager Commentary
NBP Islamic Regular Income Fund is aimed at meeting investors' regular income
Dealing Time: (Mon-Thr) 9:00 A.M to 3:00 P.M needs along with growth in investment value through payment of regular dividend by
(Friday) 9:00 A.M to 4:00 P.M investing in Shariah Compliant Debt, Money Market & Equity investment avenues.
Pricing Mechanism: Forward Pricing NIRIF started off the month with an allocation of around 80% in equities, which was
Load: Front end: 3% (Nil if amount greater than Rs. 50 decreased to 67% towards the end of the month. NIRIF underperformed the
million), Back end: 0% Benchmark in August as the Fund was underweight in select Cement, Oil & Gas
Management Fee: 1.5% per annum (Currently no fee is being Marketing Companies, Chemical, and Refinery sectors stocks which outperformed the
changed) market and overweight in select Fertilizer sectors stocks which underperformed the
Total Expense Ratio: 4.26% p.a (including 1.53% government levies) market. During the month, the allocation was increased primarily in Textile Composite
sector, whereas it was reduced primarily in Fertilizer, Oil & Gas Exploration
Selling & Marketing Expenses: 1.5% per annum Companies, and Automobile Assembler sectors.
Risk Profile / Risk of principal High / Principal at high risk
erosion:
Auditors: KPMG Taseer Hadi & Co, Chartered Accountants
Top Ten Holdings (as on August 31 , 2020)
Benchmark: Daily weighted return of KMI-30 Index & 6-month Name % of Total Assets
average deposit rates of three A rated Islamic Hub Power Company Limited 9.9%
Banks/Islamic windows of conventional banks as
Pakistan Oilfields Limited 8.8%
selected by MUFAP, based on Fund's actual
allocation. Engro Corporation Limited 6.9%
Fund Manager: Asim Wahab Khan, CFA
Lucky Cement Limited 5.6%
Income Unit: Rs. 100,000/- Oil and Gas Development Co Limited 4.9%
Pak Petroleum Limited 4.4%
Asset Allocation (% of Total Assets) 31-Aug-20 31-Jul-20 Engro Fertilizer Limited 3.4%
Kohat Cement Limited 3.3%
Cash 31.5% 18.1%
Others 1.2% 2.3% Pakistan State Oil Co Limited 3.2%
Total 100.0% 100.0% Attock Petroleum Limited 3.0%
Leverage Nil Nil
Characterstics of Equity Portfolio** Sajjad Anwar, CFA
PER PBV DY Muhammad Ali Bhabha, CFA, FRM
NIRIF 7.5 1.2 5.5% Asim Wahab Khan, CFA
KMI-30 7.8 1.0 4.5% Hassan Raza, CFA
** Based on NBP Funds estimates
Top Five Sectors (% of Total Assets) (as on August 31 ,2020)

Oil & Gas Exploration Companies 18.0 %
Cement 13.0 %
Fertilizer 10.3 %
Oil & Gas Marketing Companies 7.0 %
Others 8.7 %
The scheme has maintained provision against Sindh Workers’ Welfare Fund’s liability
to the tune of Rs 473,504/-If the same were not made the NAV per unit/last one year
return of scheme would be higher by Rs 0.0363/0.54%.

Page 11
NBP ISLAMIC STOCK FUND (NISF)

Unit Price (31/08/2020): Rs.11.3446
Performance %
Since Launch
FYTD - Rolling 12 FY - FY - FY - FY - FY - Last 3 Last 5
Performance Period Aug-2020 January 9, 2015*
2021 Months 2020 2019 2018 2017 2016 Years* Years*
NBP ISLAMIC STOCK FUND 4.8% 19.9% 46.1% 3.9% (20.1)% (12.8)% 32.5% 12.9% (0.7)% 4.9% 6.7%
BENCHMARK 4.0% 19.4% 42.0% 1.6% (23.8)% (9.6)% 18.8% 15.5% (2.0)% 2.6% 4.1%


Launch Date: January 9, 2015 The objective of the Fund is to provide investors with long term capital growth from an
Fund Size: Rs. 6,215 million actively managed portfolio of Shariah Compliant listed equities.
Type: Open-end-Shariah Compliant-Equity Fund
Dealing Time: (Mon-Thr) 9:00 A.M to 3:00 P.M During the month under review, NBP Islamic Stock Fund’s (NISF) unit price (NAV)
increased by 4.8%, whereas the Benchmark increased by 4.0%, thus an
(Friday) 9:00 A.M to 4:00 P.M outperformance of 0.8% was recorded. Since inception on January 9, 2015 your Fund
Settlement: 2-3 business days NAV has increased by 6.7% p.a versus 4.1% p.a by the Benchmark. Thus, to-date the
Pricing Mechanism: Forward Pricing outperformance of your Fund stands at 2.6% p.a. This outperformance is net of
Load: Front end: 3% (Nil if amount greater than Rs. 50 management fee and all other expenses.
million), NISF started off the month with an allocation of around 94% in equities, which
Back end: 0% decreased to around 92% towards the end of the month. NISF outperformed the
Management Fee: 1.5% per annum w.e.f 12-Jul-19 Benchmark in August as the Fund was underweight in select Oil & Gas Exploration
Total Expense Ratio: 5.71% p.a (including 2.32% government levies) Companies, Automobile Assembler, and Fertilizer sectors stocks which
underperformed the market and overweight in select Cement, Engineering, Glass &
Selling & Marketing Expenses: 1.5% per annum Ceramics, and Textile Composite sector stock which outperformed the market. During
Risk Profile / Risk of principal High / Principal at high risk the month, the allocation was increased primarily in Cement, Paper & Board, and
erosion: Textile Composite sectors, whereas it was reduced primarily in Oil & Gas Exploration
Listing: Pakistan Stock Exchange Companies, Fertilizer, and Engineering sectors.
Auditors: KPMG Taseer Hadi & Co, Chartered Accountants
Benchmark: KMI-30 Index Top Ten Holdings (as on August 31 , 2020)

Fund Manager: Sajjad Anwar, CFA Name % of Total Assets
Income Unit: Rs. 100,000/- Pak Petroleum Limited 7.7%
Asset Manager Rating: AM1 by PACRA (Very High Quality) Mari Petroleum Company Limited 7.7%
Asset Allocation (% of Total Assets) 31-Aug-20 31-Jul-20 Engro Corporation Limited 7.3%
Equities / Stocks 91.7% 93.8% Hub Power Company Limited 6.9%
Cash Equivalents 7.8% 4.9%
Lucky Cement Limited 6.4%
Oil and Gas Development Co Limited 5.4%
Total 100.0% 100.0%
Leverage Nil Nil Meezan Bank Limited 4.7%
Kohat Cement Limited 4.4%
Characterstics of Equity Portfolio** Nishat Mills Limited 3.2%
PER PBV DY
NISF 8.2 1.3 4.0%
KMI-30 7.8 1.0 4.5%
Sajjad Anwar, CFA
Oil & Gas Exploration Companies 24.9 % Hassan Raza, CFA
Cement 14.5 %
Fertilizer 10.5 %
Others 29.5 %
The Scheme has maintained provisions against Sindh worker’s welfare Fund’s liability
to the tune of Rs. 64,692,992/- if the same were not made the NAV Per unit/last one
year return of the Scheme would be higher by Rs. 0.1181/1.56%.For details investors
are advised to read the Note 5 of the latest Financial Statements of the Scheme.

Page 12
NBP ISLAMIC ENERGY FUND (NIEF)

Unit Price (31/08/2020): Rs.9.8218
Performance %
FYTD - Rolling 12 Since Launch April
Performance Period Aug-2020 FY - 2020 FY - 2019 FY - 2018 FY - 2017 Last 3 Years*
2021 Months 21, 2016*
NBP ISLAMIC ENERGY FUND 4.9% 15.7% 33.9% (7.2)% (27.8)% (3.2)% 32.2% (7.8)% 1.9%
BENCHMARK 4.0% 19.4% 42.0% 1.6% (23.8)% (9.6)% 18.8% (2.0)% 2.5%


Launch Date: April 21, 2016 The objective of NBP Islamic Energy Fund is to provide investors with long term capital
Fund Size: Rs. 574 million growth from an actively managed portfolio of Shari’ah Compliant listed equities
Type: Open-end - Shari'ah Compliant Equity Scheme belonging to the Energy Sector.
NBP Funds launched its third open-end Islamic Equity Fund namely NBP Islamic
Dealing Time: (Mon-Thr) 9:00 A.M to 3:00 P.M Energy Fund (NIEF) in April, 2016. The aim of the Fund is to provide growth to the
investment of unit holders over the long-term in approved Shariah Compliant energy
(Friday) 9:00 A.M to 4:00 P.M stocks.
Load: Front end: 3% (Nil if amount greater than Rs. 50 NIEF started off the month with an allocation of around 92% in equities, which was
million), Back end: 0% increased to around 93% towards the end of the month. NIEF outperformed the
Benchmark in August as the Fund was overweight in select Energy sectors stocks
Management Fee: 1.5% per annum w.e.f 12-Jul-19 which outperformed the market. During the month, the allocation was increased
Total Expense Ratio: 5.82% p.a (including 2.02% government levies) primarily in Oil & Gas Marketing Companies and Power Generation & Distribution
Companies sectors, whereas it was reduced primarily in Oil & Gas Exploration
Selling & Marketing Expenses: 1.5% per annum w.e.f 11-May-2020 Companies sector.
Risk Profile / Risk of principal Risk of principal erosion: High / Principal at high
erosion: risk
Name % of Total Assets
Auditors: A. F. Ferguson & Co.
Chartered Accountants Mari Petroleum Company Limited 18.5%
Benchmark: KMI-30 Index Pak Petroleum Limited 15.0%
Fund Manager: Asim Wahab Khan, CFA
Minimum Subscription: Growth Unit: Rs. 10,000/- Oil and Gas Development Co Limited 12.8%
Income Unit: Rs. 100,000/- Hub Power Company Limited 12.1%
Pakistan State Oil Co Limited 7.6%
Sui Northern Gas Pipelines Limited 5.3%
Others including Receivables 1.4% 3.3% Hi-Tech Lubricants Limited 2.8%
Total 100.0% 100.0% Attock Petroleum Limited 2.7%
Leverage Nil Nil Hascol Petroleum Limited 1.5%

Characterstics of Equity Portfolio** Dr. Amjad Waheed, CFA
PER PBV DY Sajjad Anwar, CFA
NIEF 6.1 1.2 4.6% Asim Wahab Khan, CFA
KMI-30 7.8 1.0 4.5% Hassan Raza, CFA
Top Sectors (% of Total Assets) (as on August 31 ,2020)

Oil & Gas Marketing Companies 21.1 %
The Scheme has maintained provisions against sindh worker’s welfare Fund’s
liability to the tune of Rs.15,842,019/- if the same were not made the NAV Per
unit/return of the Scheme would be higher by Rs.0.2712/3.7%. For details investors are
advised to read the note 5 of the latest Financial
Statements

Page 13
NAFA ISLAMIC PENSION FUND (NIPF)

Performance %
NAV Per Since Launch
Fund Size Unit (Rs.) Aug FYTD - Rolling 12 FY - FY - FY - FY - FY - Last 3 Last 5
(Rs. in mln) Aug 31, 2020 July 02,
2020 2021 Months 2020 2019 2018 2017 2016 Years Years
2013
NIPF-Equity Sub-fund 1,417.8 313.0922 4.5%* 20.3%* 52.1%* (18.2)%* (10.5)%* 35.8%*16.9%* 51.5%* 2.4% 7.7% 17.1%
NIPF-Debt Sub-fund 574.7 149.7337 3.6% 5.0% 8.8% 6.1% 2.8% 3.9% 3.8% 5.6% 6.3% 5.2% 5.7%
NIPF-Money Market Sub-fund 791.3 153.1499 3.1% 4.2% 8.7% 7.5% 3.6% 3.8% 3.9% 6.2% 7.0% 5.7% 6.0%
*Cumulative Returns All Other returns are annualized

Launch Date: July 2, 2013 To provide a secure source of savings and regular income after retirement to the
Fund Size: Rs. 2,784 million Participants.
Type: Open-end – Shariah Compliant Voluntary Pension Scheme
Dealing Time: (Mon-Thr) 9:00 A.M to 3:00 P.M During the month of August:
(Friday) 9:00 A.M to 4:00 P.M
Pricing Mechanism: Forward Pricing NIPF Equity Sub-fund unit price increased by 4.5% compared with 4.0% increase
Front End Load: Upto 3% on Contributions in KMI-30 Index. The Sub-fund was around 94% invested in equities with major
Back end Load: 0% weights in Oil & Gas Exploration Companies, Cement and Fertilizer sectors.
On average Annual Net Assets of each Sub-Fund. Equity Sub-fund maintains exposure of atleast 90% in listed equities on average.
Management Fee:
Equity, Debt, Money Market 1.50% p.a. Last 90 days average allocation in equity was 97% of net asset.
Total Expense Ratio: Equity 4.25% p.a. (including 2.39% government levies)
Debt 2.09% p.a. (including 0.34% government levies) NIPF Debt Sub-fund generated annualized return of 3.6%. The Sub-fund was
Money Market 2.01% p.a. (including 0.32% government levies) invested primarily in GoP Ijara Sukuks and Islamic bank deposits. Debt Sub-fund
Risk Profile: Investor dependent maintains a minimum combined exposure of 50% in Islamic Government
Custodian & Trustee: Central Depository Company (CDC) Securities (25% minimum) and AA+ rated Islamic banks. Weighted Average
Auditors: Deloitte Yousuf Adil Maturity of Sub-fund is 1.7 years.
Chartered Accountants
Fund Manager: Sajjad Anwar, CFA NIPF Money Market Sub-fund generated annualized return of 3.1%. The Sub-fund
Minimum: Initial: Rs. 10,000/- was invested primarily in Islamic bank deposits. Money Market Sub-fund average
Subscription: Subsequent: Rs. 1000/- maturity cannot exceed 1 year. Weighted Average Maturity of Sub-fund is 0.8
Asset Manager Rating: AM1 by PACRA (Very High Quality) year.
Leverage: Nil
Top Five Sectors (% of Total Assets) (as on August 31, 2020)
Asset Allocation
Credit(%Quality
of Totalof
Assets)
the Portfolio (as on August 31, 2020)
Oil & Gas Exploration Companies 23.6%
Debt Money Market Cement 16.8%
Government Securities (AAA rated) 27.7% 15.1% 8.8%
Fertilizer
AAA 56.3% 54.1%
Power Generation & Distribution 6.2%
AA+ 9.0% 4.2%
Oil & Gas Marketing Companies 5.6%
AA 5.1% 4.7%
AA- Others 33.2%
- 18.7%
A+ 0.5% - Top Ten Holdings of Equity Sub-fund (as on August 21, 2020)
Others 1.4% 3.2%
Total 100.0% 100.0% Name (% of Total Assets) Name (% of Total Assets)
Mari Petroleum Company Limited 8.4% Oil & Gas Dev.Co Limited 5.4%
Asset Allocation (% of Total Assets) Lucky Cement Limited 7.8% Meezan Bank Limited 4.8%
30-Nov-17 6.5% 4.5%
Equity Sub-fund 31-Aug-20 31-Jul-20 Pak Petroleum Limited Kohat Cement Limited
Engro Corporation Limited 5.8% Pakistan State Oil Co. Limited 3.4%
Equity 94.2% 94.5% Hub Power Company Limited 5.7% Pakistan Oilfields Limited 3.3%
Others including receivables 1.2% 0.7% As on August 31, 2020
Total 100.0% 100.0% Top Sukuk Holdings of Debt Sub-fund
(% of Total
Debt Sub-fund 31-Aug-20 31-Jul-20 Name Assets)
Cash Equivalents 38.2% 22.2% Hub Power Company Ltd 6.2%
Bank Placement 19.7% 39.5% K Electric Limited 1.8%
Government Backed Security 2.2% 2.2%
Sukuk 8.0% 7.9% Sindh Workers' Welfare Fund (SWWF)
Commercial Papers 5.0% -
Others 1.4% 2.3% NIPF has maintained provisions against Sindh Workers’ Welfare Fund’s liability in
Total 100.0% 100.0% individual sub-Funds as stated below:
Amount Per Last One Year
Total amount
return would
Money Market Sub-fund 31-Aug-20 31-Jul-20 Provided Unit otherwise have
Rs Rs been higher by:
Bank Placement 19.5% 37.2% Equity Sub-fund 12,792,634.32 2.825 1.43%
GOP Ijara Sukuk 15.1% 11.6% Debt Sub-fund 2,285,327.75 0.5954 0.43%
Commercial Papers 4.6% -
Money Market Sub-fund 2,693,955.20 0.5214 0.37%
Others 3.2% 0.5%
Total 100.0% 100.0% For details investors are advised to read the Note 10.1 of the latest Financial Statement
Name of the Members of Investment Committee of the Scheme.
Sajjad Anwar, CFA
Hassan Raza, CFA

Disclaimer: This publication is for informational purposes only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All investments in pension funds are subject to market risks. Past performance is
Page 14
NAFA ISLAMIC PRINCIPAL PROTECTED FUND-II (NIPPF-II)

Unit Price (31/08/2020): Rs.109.6881
Performance %
FYTD - Rolling 12 FY - FY - FY - FY - FY - Last 3 Last 5 Since Launch
Performance Period Aug-2020
2021 Months 2020 2019 2018 2017 2016 Years* Years* June 27, 2014*
NAFA ISLAMIC PRINCIPAL PROTECTED

FUND-II
1.8% 7.1% 21.6% 12.0% (1.4)% 0.8% 25.8% 3.3% 6.2% 9.0% 10.7%
BENCHMARK 1.8% 7.3% 20.3% 10.0% (3.7)% 1.6% 16.1% 8.9% 5.1% 7.7% 8.4%


Launch Date: June 27, 2014 The objective of NAFA Islamic Principal Protected Fund-II is to earn a potentially high
Fund Size: Rs. 120 million return through dynamic asset allocation between Shariah Compliant Equities and
Type: Shariah Compliant Open-end - Capital Protected Money Market investment avenues, while providing principal protection.
Fund
Dealing Time: (Mon-Thr) 9:00 A.M to 3:00 P.M Since inception, NIPPF-II has generated a return of 10.7% p.a versus Benchmark
(Friday) 9:00 A.M to 4:00 P.M return of 8.4% p.a. The current equity exposure stands at around 32%. During the
Settlement: 2-3 business days month, multiplier stood at 0.6. Key holdings of the Fund belong to Oil & Gas
Pricing Mechanism: Forward Pricing Exploration Companies, Fertilizer, and Cement sectors. During the month, the
Load: Front end: 0%, Back end: 0% maximum multiplier stood at 0.8 whereas the minimum multiplier was 0.7.
Management Fee: Equity component 2% per annum
Others: 12% of Net Income (Min 0.5%
p.a., Max 1.0% p.a.) 1.22% p.a of Average Net
Assets during the month. Top Ten Holdings (as on August 31 , 2020)
Total Expense Ratio: 3.60%% p.a (including 1.01% government levies)
Selling & Marketing Expenses: 0.4% p.a Engro Corporation Limited 3.5%
Risk Profile / Risk of principal Medium / Principal at medium risk
Mari Petroleum Company Limited 3.2%
erosion:
Listing: Pakistan Stock Exchange Lucky Cement Limited 2.8%
Custodian & Trustee: Central Depository Company (CDC) Pakistan Oilfields Limited 2.4%
Auditors: KPMG Taseer Hadi & Co. Chartered Accountants
Hub Power Company Limited 2.1%
Benchmark: Daily weighted return of KMI-30 Index & Islamic Kohat Cement Limited 2.0%
Bank Deposits based on Fund's actual allocation.
Pak Petroleum Limited 1.9%
Fund Manager: Sajjad Anwar, CFA Meezan Bank Limited 1.7%
Engro Fertilizer Limited 1.7%
Oil and Gas Development Co Limited 1.6%
Others including Receivables 3.2% 2.9% Name of the Members of Investment Committee
Total 100.0% 100.0%
Sajjad Anwar, CFA
Leverage Nil Nil
Hassan Raza, CFA
Characterstics of Equity Portfolio**
PER PBV DY
NIPPF-II 8.0 1.2 4.6%
KMI-30 7.8 1.0 4.5%

Fertilizer 5.2 %
Cement 4.8 %
Others 8.8 %
The scheme has maintained provision against Sindh Workers’ Welfare Fund’s
liability to the tune of Rs 4,025,695/-If the same were not made the NAV per
unit/ last one year return of scheme would be higher by Rs 3.6717/4.06%.For details
investors are advised to read the Note 5 of the latest Financial Statements.

Page 15
not necessarily indicative of future results. Please read the offering Document to understand investment policies and the risks involved. Capital preservation only applies to unit holders who hold their investments until initial maturity of two years.
NAFA ISLAMIC ACTIVE ALLOCATION PLAN-I (NIAAP-I)

Unit Price (31/08/2020): Rs.123.9214
Performance %
FYTD - Rolling 12 Since Launch January
2021 Months 15, 2016*
NAFA ISLAMIC ACTIVE ALLOCATION PLAN-I

3.6% 15.9% 46.3% 16.0% (9.5)% (12.0)% 24.3% 5.3% 8.7%
BENCHMARK 2.8% 14.7% 40.2% 12.2% (11.0)% (8.5)% 16.3% 4.5% 7.8%


Launch Date: January 15, 2016 The objective of the Fund is to provide investors an opportunity to earn attractive return
Fund Size: Rs. 19 million from an actively managed portfolio of Shari’ah Compliant Equity Fund and Income
Type: Open Ended Shariah Compliant Fund of Funds Fund.
NBP Funds launched its NAFA Islamic Active Allocation Plan-I (NIAAP-I) in January,
Dealing Time: (Mon-Thr) 9:00 A.M to 3:00 P.M 2016 which is the first plan under NAFA Islamic Active Allocation Fund-I. The Active
(Friday) 9:00 A.M to 4:00 P.M Allocation Plan is dynamically managed between dedicated equity related and income
Settlement: 2-3 business days schemes managed by NBP Funds based on the Fund Manager’s outlook of the
Pricing Mechanism: Forward Pricing authorized asset-classes. The Plan is presently closed for new subscription. NIAAP-I
Back end Load: Nil has an initial maturity of two years.
Management Fee: 1) On invested amount in NBP funds, no additional
fee. Since inception, NIAAP-I has generated a return of 8.7% p.a versus Benchmark return
2) Cash in Bank account: 1.25% p.a. of 7.8% p.a. The current exposure in Income Fund and Equity Fund stands at 51.6% &
0.00 % p.a of Average Net Assets during the 42.2%, respectively. The Plan can invest up to 100% in equity funds. We are confident
month. that the Plan will generate good returns considering the improved macroeconomic and
Total Expense Ratio: 4.71% p.a (including 1.79% government levies) political outlook and dynamic equity allocation mechanism of the Fund.

erosion:
Top Holdings (as on August 31 , 2020)
Chartered Accountants Name % of Total Assets
Benchmark: Daily weighted return of KMI-30 Index & 6-month NBP Active Allocation Riba Free Savings Fund (Formerly:
average deposit rates of three A rated Islamic NAFA Active Allocation Riba Free Savings Fund) 51.6%
NBP Islamic Active Allocation Equity Fund (Formerly: NAFA
allocation (which is combination of benchmarks of 42.2%
Islamic Active Allocation Equity Fund)
underlying schemes)
Fund Manager: Sajjad Anwar, CFA Name of the Members of Investment Committee
Asset Manager Rating: AM1 by PACRA (Very High Quality) Dr. Amjad Waheed, CFA
Asset Allocation (% of Total Assets) 31-Aug-20 31-Jul-20 Sajjad Anwar, CFA
Shari'ah Compliant Funds 93.8% 93.6% Muhammad Ali Bhabha, CFA, FRM
Cash Equivalents 6.1% 6.3% Asim Wahab Khan, CFA
Others including receivables 0.1% 0.1% Hassan Raza, CFA
Total 100.0% 100.0%
Leverage Nil Nil

PER PBV DY
NIAAEF 8.3 1.3 3.5%
KMI-30 7.8 1.0 4.5%

liability to the tune of Rs 5,279,997/-If the same were not made the NAV perunit/ last
one year return of scheme would be higher by Rs 34.6285/40.71%.
For details investors are advised to read the Note 5 of the latest Financial
Statements of the Scheme.

Page 16
NAFA ISLAMIC ACTIVE ALLOCATION PLAN-II (NIAAP-II)

Unit Price (31/08/2020): Rs.121.9657
Performance %
FYTD - Rolling 12 Since Launch March
2021 Months 4, 2016*
NAFA ISLAMIC ACTIVE ALLOCATION PLAN-

II
3.5% 15.6% 17.8% 3.7% (4.1)% (11.1)% 23.6% 3.7% 7.0%
BENCHMARK 2.8% 14.5% 11.5% (1.7)% (6.0)% (8.1)% 15.9% 2.0% 5.0%


Launch Date: March 4, 2016 The objective of the Fund is to provide investors an opportunity to earn attractive return
NBP Funds launched its NAFA Islamic Active Allocation Plan-II (NIAAP-II) in March
Dealing Time: (Mon-Thr) 9:00 A.M to 3:00 P.M 2016 which is the second plan under NAFA Islamic Active Allocation Fund-I. The
Active Allocation Plan is dynamically managed between dedicated equity related and
(Friday) 9:00 A.M to 4:00 P.M income schemes managed by NBP Funds based on the Fund Manager’s outlook of the
authorized asset-classes. The Plan is presently closed for new subscription. NIAAP-II
Pricing Mechanism: Forward Pricing has an initial maturity of two years.
Back end Load: Nil
Management Fee: 1) On invested amount in NBP funds, no additional Since inception, NIAAP-II has increased by 7.0% p.a versus Benchmark return of 5.0%
fee. p.a. The current exposure in Income Fund and Equity stands at 46.3% and 47.3%
2) Cash in Bank account: 1.25% p.a. 0.00% respectively. We are confident that the Plan will generate good returns considering the
p.a of Average Net Assets during the month. improved macroeconomic and political outlook and dynamic equity allocation
mechanism of the Fund.
Total Expense Ratio: 3.81% p.a (including 1.76% government levies)

erosion:
Listing: Pakistan Stock Exchange Top Holdings (as on August 31 , 2020)
Custodian & Trustee: Central Depository Company (CDC) Name % of Total Assets
Auditors: A. F. Ferguson & Co. NBP Islamic Active Allocation Equity Fund (Formerly: NAFA
47.3%
Chartered Accountants Islamic Active Allocation Equity Fund)
Benchmark: Daily weighted return of KMI-30 Index & 6-month
NBP Active Allocation Riba Free Savings Fund (Formerly:
average deposit rates of three A rated Islamic
NAFA Active Allocation Riba Free Savings Fund) 46.3%
allocation (which is combination of benchmarks of
underlying schemes) Name of the Members of Investment Committee
Fund Manager: Sajjad Anwar, CFA
Sajjad Anwar, CFA
Asset Allocation (% of Total Assets) 31-Aug-20 31-Jul-20 Asim Wahab Khan, CFA
Shari'ah Compliant Funds 93.6% 93.5% Hassan Raza, CFA
Total 100.0% 100.0%
Leverage Nil Nil

PER PBV DY
NIAAEF 8.3 1.3 3.5%
KMI-30 7.8 1.0 4.5%

to the tune of Rs 4,051,452/-If the same were not made the NAV per unit/ last one year
return of scheme would be higher by Rs 21.0023/20.19%.
For details investors are advised to read the Note 5 of the latest Financial Statements
of the Scheme.

Page 17
NAFA ISLAMIC ACTIVE ALLOCATION PLAN-III (NIAAP-III)

Unit Price (31/08/2020): Rs.114.7027
Performance %
FYTD - Rolling 12 Since Launch June
2021 Months 28, 2016*
NAFA ISLAMIC ACTIVE ALLOCATION PLAN-

III
3.6% 15.6% 44.3% 14.6% (8.2)% (8.9)% 20.0% 6.5% 7.1%
BENCHMARK 2.8% 14.4% 40.4% 12.6% (9.5)% (5.0)% 13.4% 6.4% 5.8%

The performance reported is net of management fee & all other expenses and based on dividend reinvestment gross of with-holding tax where applicable.Disclaimer: This

Launch Date: June 28, 2016 The objective of the Fund is to provide investors an opportunity to earn attractive return
NBP Funds launched its NAFA Islamic Active Allocation Plan-III (NIAAP-III) in June
Dealing Time: (Mon-Thr) 9:00 A.M to 3:00 P.M (Friday) 9:00 A.M 2016 which is the third plan under NAFA Islamic Active Allocation Fund-I. The Active
to 4:00 P.M Allocation Plan is dynamically managed between dedicated equity related and income
Pricing Mechanism: Forward Pricing authorized asset-classes. The Plan is presently closed for new subscription. NIAAP-III
fee. Since inception, NIAAP-III has increased by 7.1% p.a versus Benchmark return of
2) Cash in Bank account: 1.25% p.a. 0.01% p.a of 5.8% p.a. The current exposure in Income Fund and Equity Fund stands at 32.4% &
Average Net Assets during the month. 58.6%, respectively. The Plan can invest up to 100% in equity funds. We are confident
Total Expense Ratio: 2.26% p.a (including 1.74% government levies) that the Plan will generate good returns considering the improved macroeconomic and
political outlook and dynamic equity allocation mechanism of the Fund.
erosion:
Benchmark: Daily weighted return of KMI-30 Index & 6-month Name % of Total Assets
average deposit rates of three A rated Islamic NBP Islamic Active Allocation Equity Fund (Formerly: NAFA
Banks/Islamic windows of conventional banks as 58.6%
underlying schemes)

Shari'ah Compliant Funds 91.0% 92.9% Sajjad Anwar, CFA
Cash Equivalents 6.0% 7.0% Muhammad Ali Bhabha, CFA, FRM
Others including Receivables 3.0% 0.1% Asim Wahab Khan, CFA
Total 100.0% 100.0% Hassan Raza, CFA
Leverage Nil Nil

PER PBV DY
NIAAEF 8.3 1.3 3.5%
KMI-30 7.8 1.0 4.5%

liability to the tune of Rs.5,284,630/-If the same were not made the NAV per unit/ last
one year return of scheme would be higher by Rs.4.1409/5.23%.For details investors
are advised to read the Note 5 of the latest Financial Statements.

Page 18
NAFA ISLAMIC ACTIVE ALLOCATION PLAN-IV (NIAAP-IV)

Unit Price (31/08/2020): Rs.103.4126
Performance %
Rolling 12 Since Launch
Performance Period Aug-2020 FYTD - 2021 FY - 2020 FY - 2019 FY - 2018 Last 3 Years*
Months September 30, 2016*
NAFA ISLAMIC ACTIVE

ALLOCATION PLAN-IV
3.5% 15.5% 44.1% 14.5% (9.3)% (9.6)% 5.8% 5.1%
BENCHMARK 2.8% 14.4% 40.6% 12.8% (10.3)% (5.9)% 5.8% 4.9%


Launch Date: September 30, 2016 The objective of the Fund is to provide investors an opportunity to earn attractive return
NBP Funds launched its NAFA Islamic Active Allocation Plan-IV (NIAAP-IV) in
Dealing Time: (Mon-Thr) 9:00 A.M to 3:00 P.M September, 2016 which is the fourth plan under NAFA Islamic Active Allocation Fund-I.
(Friday) 9:00 A.M to 4:00 P.M The Active Allocation Plan is dynamically managed between dedicated equity related
Settlement: 2-3 business days and income schemes managed by NBP Funds based on the Fund Manager’s outlook
Pricing Mechanism: Forward Pricing of the authorized asset-classes. The Plan is presently closed for new subscription.
Back end Load: Nil NIAAP-IV has an initial maturity of two years.
Management Fee: 1) On invested amount in NBP Funds, no
additional fee. Since inception, NIAAP-IV has increased by 5.1% p.a versus Benchmark return of
2) Cash in Bank account: 1.25% p.a. 4.9% p.a. The current exposure in Income Fund and Equity Fund stands at 31.2% &
0.07% p.a of Average Net Assets during the month. 60.3%, respectively. The Plan can invest up to 100% in equity funds. We are confident
that the Plan will generate good returns considering the improved macroeconomic and
Total Expense Ratio: 2.36% p.a (including 1.75% government levies) political outlook and dynamic equity allocation mechanism of the Fund.

erosion:
Benchmark: Daily weighted return of KMI-30 Index & 6-month NBP Islamic Active Allocation Equity Fund (Formerly: NAFA
average deposit rates of three A rated Islamic 60.3%
underlying schemes)
Others including Receivables 0.1% 0.1% Hassan Raza, CFA
Total 100.0% 100.0%
Leverage Nil Nil

PER PBV DY
NIAAEF 8.3 1.3 3.5%
KMI-30 7.8 1.0 4.5%

to the tune of Rs 2,722,774/-If the same were not made the NAV per unit/ last one year
return of scheme would be higher by Rs 1.8646/2.63%. For details investors are
advised to read the Note 5 of the Financial Statements.

Page 19
NAFA ISLAMIC ACTIVE ALLOCATION PLAN-V (NIAAP-V)

Unit Price (31/08/2020): Rs.94.8701
Performance %
Rolling 12 Since Launch
Months January 12, 2017*
NAFA ISLAMIC ACTIVE

ALLOCATION PLAN-V
3.6% 15.7% 43.7% 13.8% (9.5)% (9.1)% 5.6% 1.8%
BENCHMARK 2.9% 14.5% 40.5% 12.2% (10.9)% (4.9)% 5.8% 1.0%


Launch Date: January 12, 2017 The objective of the Fund is to provide investors an opportunity to earn attractive return
NBP Funds launched its NAFA Islamic Active Allocation Plan-V (NIAAP-V) in January,
Dealing Time: (Mon-Thr) 9:00 A.M to 3:00 P.M 2017 which is the fifth plan under NAFA Islamic Active Allocation Fund-I. The Active
Pricing Mechanism: Forward Pricing authorized asset-classes. The Plan is presently closed for new subscription. NIAAP-V
fee. Since inception, unit price of NIAAP-V has increased by 1.8% p.a versus Benchmark
2) Cash in Bank account: 1.25% p.a. return of 1.0% p.a. The current exposure in Income Fund and Equity Fund stands at
0.10% p.a of average net assets during the month. 28.9% & 61.8%, respectively. The Plan can invest up to 100% in equity funds. We are
confident that the Plan will generate good returns considering the improved
Total Expense Ratio: 2.35% p.a (including 1.76% government levies) macroeconomic and political outlook and dynamic equity allocation mechanism of the
Fund.
erosion:
underlying schemes)
Total 100.0% 100.0%
Leverage Nil Nil

PER PBV DY
NIAAEF 8.3 1.3 3.5%
KMI-30 7.8 1.0 4.5%

liability to the tune of Rs 984,026/-If the same were not made the NAV per
unit/ last one year return of scheme would be higher by Rs 0.6824/1.07%. For
details investors are advised to read the Note 5 of the Financial Statements

Page 20
NAFA ISLAMIC ACTIVE ALLOCATION PLAN-VI (NIAAP-VI)

Unit Price (31/08/2020): Rs.92.7541
Performance %
Rolling 12 Since Launch May 26,
Months 2017*
NAFA ISLAMIC ACTIVE

ALLOCATION PLAN-VI
3.6% 15.7% 43.1% 13.5% (9.1)% (7.8)% 5.7% 1.2%
BENCHMARK 2.8% 14.4% 39.3% 11.5% (10.7)% (3.8)% 5.7% 0.5%


Launch Date: May 26, 2017 The objective of the Fund is to provide investors an opportunity to earn attractive return
NBP Funds launched its NAFA Islamic Active Allocation Plan-VI (NIAAP-VI) in May,
Dealing Time: (Mon-Thr) 9:00 A.M to 3:00 P.M 2017 which is the first plan under NAFA Islamic Active Allocation Fund-II. The Active
Pricing Mechanism: Forward Pricing authorized asset-classes. The Plan is presently closed for new subscription. NIAAP-VI
Management Fee: 1) On invested amount in NBP Funds, no additional
fee. Since inception, unit price of NIAAP-VI has increased by 1.2% p.a versus the
2) Cash in Bank account: 1.25% p.a. Benchmark return of 0.5% p.a. The current exposure in Income Fund and Equity Fund
0.08 % p.a of average net assets during the month. stands at 28.9% & 61.5%, respectively. The Plan can invest up to 100% in equity
funds. We are confident that the Plan will generate good returns considering the
Total Expense Ratio: 2.18% p.a (including 1.76 % government levies) improved macroeconomic and political outlook and dynamic equity allocation
erosion:
underlying schemes)
Total 100.0% 100.0%
Leverage Nil Nil

PER PBV DY
NIAAEF 8.3 1.3 3.5%
KMI-30 7.8 1.0 4.5%

liability to the tune of Rs.881,310/-If the same were not made the NAV per unit/ last
one year return of scheme would be higher by Rs.0.5098/.83%. For details investors
are advised to read the Note 6 of the Financial Statements

Page 21
NAFA ISLAMIC ACTIVE ALLOCATION PLAN-VII (NIAAP-VII)

Unit Price (31/08/2020): Rs.97.9079
Performance %
Rolling 12 Since Launch June
Months 29, 2017*
NAFA ISLAMIC ACTIVE

ALLOCATION PLAN-VII
3.6% 15.7% 33.6% 7.1% (9.3)% (6.5)% 3.8% 1.6%
BENCHMARK 2.8% 14.6% 29.6% 5.8% (10.8)% (3.0)% 3.8% 1.4%


Launch Date: June 29, 2017 The objective of the Fund is to provide investors an opportunity to earn attractive return
NBP Funds launched its NAFA Islamic Active Allocation Plan-VII (NIAAP-VII) in June,
Dealing Time: (Mon-Thr) 9:00 A.M to 3:00 P.M 2017 which is the second plan under NAFA Islamic Active Allocation Fund-II. The
(Friday) 9:00 A.M to 4:00 P.M Active Allocation Plan is dynamically managed between dedicated equity related and
Settlement: 2-3 business days income schemes managed by NBP Funds based on the Fund Manager’s outlook of the
Pricing Mechanism: Forward Pricing authorized asset-classes. The Plan is presently closed for new subscription. NIAAP-VII
fee. Since inception, unit price of NIAAP-VII has increased by 1.6% p.a versus the
2) Cash in Bank account: 1.25% p.a. Benchmark return of 1.4% p.a. The current exposure in Income Fund and Equity Fund
0.06% p.a of average net assets during the month. stands at 29.6% & 60.9%, respectively. The Plan can invest up to 100% in equity
funds. We are confident that the Plan will generate good returns considering the
Total Expense Ratio: 2.68% p.a (including 1.78% government levies) improved macroeconomic and political outlook and dynamic equity allocation
erosion:
underlying schemes)
Total 100.0% 100.0%
Leverage Nil Nil

PER PBV DY
NIAAEF 8.3 1.3 3.5%
KMI-30 7.8 1.0 4.5%

unit/ last one year return of scheme would be higher by Rs 0.4301/.61%. For details
investors are advised to read the Note 6 of the Financial Statements.

Page 22
NAFA ISLAMIC ACTIVE ALLOCATION PLAN-VIII (NIAAP-VIII)

Unit Price (31/08/2020): Rs.112.4584
Performance %
Since Launch November
3, 2017*
NAFA ISLAMIC ACTIVE ALLOCATION PLAN-VIII 3.6% 16.0% 23.3% 8.1% (4.1)% 6.8%
BENCHMARK 2.8% 14.4% 18.7% 4.7% (5.2)% 5.2%


Launch Date: November 3, 2017 The objective of the Fund is to provide investors an opportunity to earn attractive return
NBP Funds launched its NAFA Islamic Active Allocation Plan-VIII (NIAAP-VIII) in
Dealing Time: (Mon-Thr) 9:00 A.M to 3:00 P.M November, 2017 which is the third plan under NAFA Islamic Active Allocation Fund-II.
(Friday) 9:00 A.M to 4:00 P.M The Active Allocation Plan is dynamically managed between dedicated equity related
Settlement: 2-3 business days and income schemes managed by NBP Funds based on the Fund Manager’s outlook
Pricing Mechanism: Forward Pricing of the authorized asset-classes. The Plan is presently closed for new subscription.
Back end Load: Nil NIAAP-VIII has an initial maturity of two years.
fee. Since inception, NIAAP-VIII has increased by 6.8% p.a versus Benchmark return of
2) Cash in Bank account: 1.25% p.a. 5.2% p.a. The current exposure in Income Fund and Equity Fund stands at 28.6% &
0.08% p.a of average net assets during the month 61.9%, respectively. The Plan can invest up to 100% in equity funds. We are confident
that the Plan will generate good returns considering the improved macroeconomic and
Total Expense Ratio: 2.36%% (including 1.85% government levies) political outlook and dynamic equity allocation mechanism of the Fund.

erosion:
underlying schemes)
Total 100.0% 100.0%
Leverage Nil Nil

PER PBV DY
NIAAEF 8.3 1.3 3.5%
KMI-30 7.8 1.0 4.5%

unit/ since inception return of scheme would be higher by Rs 0.8300/.92%.For details
investors are advised to read the Note 6 of the latest Financial Statements.

Page 23
NAFA ISLAMIC CAPITAL PRESERVATION PLAN-I (NICPP-I)

Unit Price (31/08/2020): Rs.108.2187
Performance %
Since Launch February
28, 2018*
NAFA ISLAMIC CAPITAL PRESERVATION PLAN-I 2.4% 7.9% 14.7% 6.6% 1.8% 6.7%
BENCHMARK 1.9% 7.3% 13.4% 5.0% (0.9)% 4.6%


Launch Date: February 28, 2018 The objective of NAFA Islamic Capital Preservation Plan-I is to earn a potentially high
Fund Size: Rs. 174 million return through dynamic asset allocation between Shariah Compliant Dedicated Equity
Type: Open Ended Shariah Compliant Fund of Funds - and Money Market based Collective Investment Schemes, while providing Capital
CPPI Preservation of the Initial Investment Value including sales load at completion of twenty
four months and beyond.
Dealing Time: (Mon-Thr) 9:00 A.M to 3:00 P.M NBP Funds launched its NAFA Islamic Capital Preservation Plan-I (NICPP-I) in
(Friday) 9:00 A.M to 4:00 P.M February, 2018 which is the fourth plan under NAFA Islamic Active Allocation Fund-II.
Settlement: 2-3 business days The Plan is dynamically allocated between the Equity Component and Money Market
Pricing Mechanism: Forward Pricing Component by using the Constant Proportion Portfolio Insurance (CPPI) Methodology.
Back end Load: Nil Allocation to Equity Component is generally increased when equity market is rising,
Management Fee: 1) On invested amount in NBP funds, no additional while allocation to the Money Market Component is generally increased when the
fee. equity market declines. The Plan is presently closed for new subscription. NICPP-I has
2) Cash in Bank account: 1.0% p.a. an initial maturity of two years.
0.05% p.a of Average Net Assets during the month.
Since inception, unit price of NICPP-I has increased by 6.7% p.a versus the
Total Expense Ratio: 1.32% (including 0.95% government levies) Benchmark return of 4.6% p.a. The current exposure in Income Fund and Equity Fund
Risk Profile / Risk of principal Medium / Principal at medium risk stands at 48.2% & 43.4%, respectively. During the month, maximum multiplier stood at
erosion: 3.9 whereas minimum multiplier was 3.3.
Benchmark: Daily Weighted Return of KMI-30 Index and 3-
months average deposit rate of three AA rated Name % of Total Assets
Islamic Banks or Islamic windows of Conventional NBP Islamic Money Market Fund (Fomerly: NAFA Islamic
48.2%
Banks as selected by MUFAP, on the basis of Money Market Fund)
actual investment by the Plan in equity and money NBP Islamic Active Allocation Equity Fund (Formerly: NAFA
market schemes. 43.4%
Asset Allocation (% of Total Assets) 31-Aug-20 31-Jul-20 Name of the Members of Investment Committee
Shari'ah Compliant Funds 91.6% 94.8%
Sajjad Anwar, CFA
Total 100.0% 100.0%
Hassan Raza, CFA
Leverage Nil Nil

PER PBV DY
NIAAEF 8.3 1.3 3.5%
KMI-30 7.8 1.0 4.5%

unit/ since inception return of scheme would be higher by Rs 1.0984/1.16%.
Statements.

Page 24
NAFA ISLAMIC CAPITAL PRESERVATION PLAN-II (NICPP-II)

Unit Price (31/08/2020): Rs.104.8853
Performance %
Since Launch April 27,
2018*
NAFA ISLAMIC CAPITAL PRESERVATION PLAN-II 1.4% 4.7% 10.9% 5.7% 0.1% 4.7%
BENCHMARK 1.2% 4.4% 9.3% 3.6% (2.5)% 2.4%


Launch Date: April 27, 2018 The objective of NAFA Islamic Capital Preservation Plan-II is to earn a potentially high
Dealing Days: Daily – Monday to Friday four months and beyond.
Dealing Time: (Mon-Thr) 9:00 A.M to 3:00 P.M Fund Manager Commentary
(Friday) 9:00 A.M to 4:00 P.M NBP Funds launched its NAFA Islamic Capital Preservation Plan-II (NICPP-II) in April,
Settlement: 2-3 business days 2018 which is the fifth plan under NAFA Islamic Active Allocation Fund-II. The Plan is
Pricing Mechanism: Forward Pricing dynamically allocated between the Equity Component and Money Market Component
Back end Load: Nil by using the Constant Proportion Portfolio Insurance (CPPI) Methodology. Allocation to
Management Fee: 1) On invested amount in NBP funds, no additional Equity Component is generally increased when equity market is rising, while allocation
fee. to the Money Market Component is generally increased when the equity market
2) Cash in Bank account: 1.00% p.a. declines. The Plan is presently closed for new subscription. NICPP-II has an initial
0.76% p.a of Average Net Assets during the month. maturity of two years.
Total Expense Ratio: 1.94% (including 0.68% government levies) Since inception, unit price of NICPP-II has increased by 4.7% p.a versus the
Risk Profile / Risk of principal Medium / Principal at medium risk Benchmark return of 2.4% p.a. The current exposure in Equity Fund stands at 24.5%.
erosion: During the month, maximum multiplier stood at 3.8 whereas minimum multiplier was
Listing: Pakistan Stock Exchange 3.3.
Benchmark: Daily Weighted Return of KMI-30 Index and 3- Top Holdings (as on August 31 , 2020)
months average deposit rate of three AA rated
Islamic Banks or Islamic windows of Conventional Name % of Total Assets
Banks as selected by MUFAP, on the basis of NBP Islamic Active Allocation Equity Fund (Formerly: NAFA
24.5%
actual investment by the Plan in equity and money Islamic Active Allocation Equity Fund)
market schemes.

Sajjad Anwar, CFA
Fund Manager: Sajjad Anwar, CFA Muhammad Ali Bhabha, CFA, FRM
Asset Allocation (% of Total Assets) 31-Aug-20 31-Jul-20 Hassan Raza, CFA
Total 100.0% 100.0%
Leverage Nil Nil

PER PBV DY
NIAAEF 8.3 1.3 3.5%
KMI-30 7.8 1.0 4.5%

unit/ since inception return of scheme would be higher by Rs 0.5150/.54%.
Statements.

Page 25
NAFA ISLAMIC CAPITAL PRESERVATION PLAN-III (NICPP-III)

Unit Price (31/08/2020): Rs.101.4132
Performance %
Since Launch June 22,
2018*
NAFA ISLAMIC CAPITAL PRESERVATION PLAN-III 0.9% 2.4% 7.8% 4.5% (0.03)% 3.2%
BENCHMARK 0.7% 2.2% 6.8% 2.7% (2.5)% 1.1%


Launch Date: June 22, 2018 The objective of NAFA Islamic Capital Preservation Plan-III is to earn a potentially high
(Friday) 9:00 A.M to 4:00 P.M NBP Funds launched its NAFA Islamic Capital Preservation Plan-III (NICPP-III) in
Settlement: 2-3 business days June, 2018 which is the first plan under NAFA Islamic Active Allocation Fund-III. The
Pricing Mechanism: Forward Pricing Plan is dynamically allocated between the Equity Component and Money Market
Back end Load: Nil Component by using the Constant Proportion Portfolio Insurance (CPPI) Methodology.
Management Fee: 1) On invested amount in NBP funds, no additional Allocation to Equity Component is generally increased when equity market is rising,
fee. while allocation to the Money Market Component is generally increased when the
2) Cash in Bank account: 1.00% p.a. equity market declines. The Plan is presently closed for new subscription. NICPP-III
0.90% p.a of Average Net Assets during the month. has an initial maturity of two years.
Total Expense Ratio: 1.82%(including 0.43% government levies) Since inception, unit price of NICPP-III has increased by 3.2% p.a. versus the
Risk Profile / Risk of principal Medium / Principal at medium risk Benchmark decline of 1.1% p.a. The current exposure in Equity Fund stands at 12.3%.
erosion: During the month, maximum multiplier stood at 3.8 whereas minimum multiplier was
Listing: Pakistan Stock Exchange 3.2.
Auditors: A. F. Ferguson & Co. Chartered Accountants
months average deposit rate of three AA rated Top Holdings (as on August 31 , 2020)
Islamic Banks or Islamic windows of Conventional
Banks as selected by MUFAP, on the basis of
actual investment by the Plan in equity and money NBP Islamic Active Allocation Equity Fund (Formerly: NAFA
12.3%
market schemes. Islamic Active Allocation Equity Fund)
Shari'ah Compliant Funds 12.3% 10.0% Sajjad Anwar, CFA
Cash Equivalents 85.9% 88.6% Muhammad Ali Bhabha, CFA, FRM
Others including Receivables 1.8% 1.4% Asim Wahab Khan, CFA
Total 100.0% 100.0% Hassan Raza, CFA
Leverage Nil Nil

PER PBV DY
NIAAEF 8.3 1.3 3.5%
KMI-30 7.8 1.0 4.5%

liability to the tune of Rs.511,591/-If the same were not made the NAV per unit/ since
inception return of scheme would be higher by Rs.0.3787/.4%.- For details investors
are advised to read the Note 5 of the latest Financial Statements

Page 26
NAFA ISLAMIC CAPITAL PRESERVATION PLAN-IV (NICPP-IV)

Unit Price (31/08/2020): Rs.99.7307
Performance %
Since Launch September 14,
2018*
NAFA ISLAMIC CAPITAL PRESERVATION PLAN-IV 0.4% 0.8% 6.6% 3.7% 1.6%
BENCHMARK 0.3% 0.7% 5.8% 2.6% 0.2%


Launch Date: September 14, 2018 The objective of NAFA Islamic Capital Preservation Plan-IV is to earn a potentially high
(Friday) 9:00 A.M to 4:00 P.M NBP Funds launched its NAFA Islamic Capital Preservation Plan-IV (NICPP-IV) in
Settlement: 2-3 business days September, 2018 which is the second plan under NAFA Islamic Active Allocation Fund-
Pricing Mechanism: Forward Pricing III. The Plan is dynamically allocated between the Equity Component and Money
Back end Load: Nil Market Component by using the Constant Proportion Portfolio Insurance (CPPI)
Management Fee: 1) On invested amount in NBP funds, no additional Methodology. Allocation to Equity Component is generally increased when equity
fee. market is rising, while allocation to the Money Market Component is generally
2) Cash in Bank account: 1.00% p.a. increased when the equity market declines. The Plan is presently closed for new
0.06% p.a of Average Net Assets during the month. subscription. NICPP-IV has an initial maturity of two years.
Total Expense Ratio: 1.56% (including 0.18% government levies) Since inception, unit price of NICPP-IV has increased by 1.6% p.a versus the
Risk Profile / Risk of principal Medium / Principal at medium risk Benchmark increase of 0.2% pa. The current exposure in Money Market Fund stands
erosion: at 93.9%. During the month, maximum multiplier stood at 0.
Benchmark: Daily Weighted Return of KMI-30 Index and 3- Top Holdings (as on August 31 , 2020)
months average deposit rate of three AA rated Name % of Total Assets
Banks as selected by MUFAP, on the basis of NBP Islamic Daily Dividend Fund 93.9%
actual investment by the Plan in equity and money
market schemes.
Sajjad Anwar, CFA
Hassan Raza, CFA
Total 100.0% 100.0%
Leverage Nil Nil

PER PBV DY
NIAAEF 8.3 1.3 3.5%
KMI-30 7.8 1.0 4.5%

to the tune of Rs 152,497/-If the same were not made the NAV per unit/ since inception
return of scheme would be higher by Rs 0.1077/.12%.- For details investors are
advised to read the Note 5 of the latest Financial Statements.

Page 27
NBP ISLAMIC CAPITAL PRESERVATION PLAN-V (NICPP-V)

Unit Price (31/08/2020): Rs.99.0968
Performance %
Since Launch December 17,
2018*
NBP ISLAMIC CAPITAL PRESERVATION PLAN-V 0.4% 0.8% 6.0% 3.1% 1.2%
BENCHMARK 0.3% 0.7% 6.1% 2.7% 0.2%


Launch Date: December 17, 2018 The objective of NAFA Islamic Capital Preservation Plan-V is to earn a potentially high
(Friday) 9:00 A.M to 4:00 P.M NBP Funds launched its NBP Islamic Capital Preservation Plan-V (NICPP-V) in
Settlement: 2-3 business days December, 2018 which is the third plan under NAFA Islamic Active Allocation Fund-III.
Pricing Mechanism: Forward Pricing The Plan is dynamically allocated between the Equity Component and Money Market
Back end Load: Nil Component by using the Constant Proportion Portfolio Insurance (CPPI) Methodology.
Management Fee: 1) On invested amount in NBP funds, no additional Allocation to Equity Component is generally increased when equity market is rising,
fee. while allocation to the Money Market Component is generally increased when the
2) Cash in Bank account: 1.00% p.a. equity market declines. The Plan is presently closed for new subscription. NICPP-V
0.11% p.a of Average Net Assets during the month. has an initial maturity of two years.
Total Expense Ratio: 1.75% (including 0.18% government levies) Since inception, unit price of NICPP-V has increased by 1.2% p.a whereas the
Risk Profile / Risk of principal Medium / Principal at medium risk Benchmark increased by 0.2% p.a. The current exposure in Money Market Fund
erosion: stands at 87.6%. During the month, maximum multiplier stood at 0.
months average deposit rate of three AA rated Top Holdings (as on August 31 , 2020)
Banks as selected by MUFAP, on the basis of
actual investment by the Plan in equity and money NBP Islamic Daily Dividend Fund 87.6%
market schemes.
Shari'ah Compliant Fund 87.6% 88.7% Muhammad Ali Bhabha, CFA, FRM
Total 100.0% 100.0%
Leverage Nil Nil

PER PBV DY
NIAAEF 8.3 1.3 3.5%
KMI-30 7.8 1.0 4.5%

liability to the tune of Rs.109,846/-If the same were not made the NAV per unit/ since
inception return of scheme would be higher by Rs 0.1386/.15%.- For details investors
are advised to read the Note 5 of the latest Financial Statements.

Page 28
NBP ACTIVE ALLOCATION RIBA FREE SAVINGS FUND (NAARFSF)

Unit Price (31/08/2020): Rs.10.1175
Performance %
2021 Months 18, 2016*
NBP ACTIVE ALLOCATION RIBA FREE

SAVINGS FUND
4.6% 4.7% 9.4% 10.2% 7.6% 4.1% 3.8% 7.4% 6.2%
BENCHMARK 4.4% 4.7% 6.2% 6.3% 3.7% 2.4% 3.1% 4.3% 4.0%

Launch Date: January 18, 2016 To earn a reasonable rate of return along with a high degree of liquidity by investing in
Fund Size: Rs. 257 million short-term Shari’ah Compliant bank deposits and money market/debt securities.
Fund Size: (Excluding investment Nil
Type: Open-end – Shari'ah Compliant Income Fund
During the month, the Fund generated an annualized return of 4.6% p.a. against the
Dealing Days: Daily – Monday to Friday Benchmark return of 4.4% p.a. Since its launch in January 2016, the Fund offered an
Dealing Time: (Mon-Thr) 9:00 A.M to 5:00 P.M (Friday) 9:00 A.M annualized return of 6.2% p.a. against the Benchmark return of 4.0% p.a., hence an
to 5:30 P.M out-performance of 2.2% p.a. This out-performance is net of management fee and all
Settlement: 2-3 business days other expenses.
Load: Front end: 0%, Back end: 0% The Fund aims to consistently generate better return than the profit rates offered by
Management Fee: 9% of Net Income (min: 0.5% p.a., max: 1.25% Islamic Banks / Islamic windows of commercial banks, while also providing easy
p.a.) w.e.f 12-July-19. 0.50% p.a. of average net liquidity along with a high-quality credit profile. The Fund is allowed to invest in Shariah
assets during the month Compliant Government Securities of maturity up to 3 years as well as Shariah
Total Expense Ratio: 2.12% p.a. (including 0.19% government levies) Compliant money market and debt securities of up to 2 years maturity rated AA- or
better.
Selling & Marketing Expenses: 0.7% p.a.
Risk Profile / Risk of principal Medium / Principal at medium risk Around 76% of net assets of the portfolio are allocated in bank deposits. The higher
erosion: allocation in bank deposits is due to better yields as compared to other authorized
Fund Stability Rating: "A-(f)" by PACRA alternative investment avenues. The weighted average time-to-maturity of the Fund is
Custodian & Trustee: Central Depository Company (CDC) 37 days.
Auditors: A. F. Ferguson & Co.Chartered Accountants
Benchmark: 6-month average deposit rates of three A rated We will rebalance the allocation of the Fund proactively based on the capital market
Islamic Banks/Islamic windows of conventional outlook.
banks as selected by MUFAP Credit Quality of the Portfolio as of August 31 , 2020 (% of Total Net Assets)
Fund Manager: Muhammad Ali Bhabha, CFA, FRM AAA 34.6%
Asset Manager Rating: AM1 by PACRA (Very High Quality) AA 14.3%
Asset Allocation (% of Total Assets) 31-Aug-20 31-Jul-20 AA- 49.3%
Bank Deposits 70.2% 81.7% A+ 0.4%
Placement with Banks (Islamic) 14.8% 16.2% A- 0.3%
Commercial Paper (Islamic) 13.9% 0.0% Others including Receivables 1.1%
Others including Receivables 1.1% 2.2% Total 100.0%
Total 100.0% 100.0%
Leverage Nil Nil
Sajjad Anwar, CFA
Sindh Workers' Welfare Fund (SWWF) Asim Wahab Khan, CFA
to the tune of Rs.5,222,337/-. If the same were not made the NAV per unit/last one
year return of scheme would be higher by Rs. 0.2054/2.22%. For details investors are Hassan Raza, CFA
advised to read note 5 of the latest financial statements of the Scheme.

Page 29
NBP ISLAMIC ACTIVE ALLOCATION EQUITY FUND (NIAAEF)

Unit Price (31/08/2020): Rs.10.5982
Performance %
2021 Months 18, 2016*
NBP ISLAMIC ACTIVE ALLOCATION EQUITY

FUND
5.3% 21.7% 50.4% 5.7% (19.9)% (14.1)% 30.1% (0.1)% 7.0%
BENCHMARK 4.0% 19.4% 42.0% 1.6% (23.8)% (9.6)% 18.8% (2.0)% 5.1%


Launch Date: January 18, 2016 The objective of the Fund is to provide investors with long term capital growth from an
Fund Size: Rs. 621 million actively managed portfolio of Shari’ah Compliant listed equities.
Fund Size: (Excluding investment Nil
Type: Open-end - Shari'ah Compliant Equity Scheme
NBP Funds launched its second open-end Islamic Equity Fund namely NBP Islamic
Active Allocation Equity Fund (NIAAEF) in January, 2016. The aim of the Fund is to
provide growth to the investment of unit holders over the long-term in approved
Dealing Time: (Mon-Thr) 9:00 A.M to 3:00 P.M Shariah Compliant equities.
(Friday) 9:00 A.M to 4:00 P.M NIAAEF started off the month with an allocation of around 93% in equities, which was
decreased to 90% towards the end of the month. NIAAEF outperformed the
Pricing Mechanism: Forward Pricing Benchmark in August as the Fund was underweight in select Oil & Gas Exploration
Load: Front end: 0%, Back end: 0% Companies, Oil & Gas Marketing Companies, and Fertilizer sectors stocks which
Management Fee: 1.5% per annum w.e.f 12-Jul-19 underperformed the market and overweight in select Engineering, Cement, Textile
Total Expense Ratio: 6.48% p.a (including 2.65% government levies) Composite, and Glass & Ceramics sectors stocks which outperformed the market.
During the month, the allocation was increased primarily in Chemical, Cement, and
Selling & Marketing Expenses: 1.35% per annum (w.e.f 11-May-2020 1.5% p.a.) Power Generation & Distribution Companies sectors, whereas it was reduced primarily
in Fertilizer, Glass & Ceramics, and Automobile Assembler sectors.
erosion:
Benchmark: KMI-30 Index Name % of Total Assets
Fund Manager: Asim Wahab Khan, CFA Mari Petroleum Company Limited 8.6%
Asset Manager Rating: AM1 by PACRA (Very High Quality) Pak Petroleum Limited 8.0%
Asset Allocation (% of Total Assets) 31-Aug-20 31-Jul-20 Lucky Cement Limited 6.8%
Hub Power Company Limited 6.6%
Engro Corporation Limited 6.2%
Total 100.0% 100.0% Oil and Gas Development Co Limited 5.7%
Leverage Nil Nil Kohat Cement Limited 5.5%
Note: Amount invested by fund of funds is Rs. 621 million. Meezan Bank Limited 5.4%
Nishat Mills Limited 3.2%
PER PBV DY
NIAAEF 8.3 1.3 3.5%
KMI-30 7.8 1.0 4.5% Name of the Members of Investment Committee
** Based on NBP Funds estimates Dr. Amjad Waheed, CFA
Sajjad Anwar, CFA
Hassan Raza, CFA
Cement 15.0 %
Fertilizer 6.2 %
Others 30.6 %
unit/last one year return of scheme would be higher by Rs 0.5854/8.31%. For
details investors are advised to read the Note 5 of the Financial Statements of
the scheme.

Page 30
ADDRESSES
Head Office Branch Office
7th Floor Clifton Diamond Building, Islamabad
Block No. 4, Scheme No. 5, Clifton, Plot # 395-396, Industrial Area,
Karachi. Sector I-9/3. Islamabad.
Ph # 0800-20002 Fax # 051- 4859029
Fax # 021-35825329
Regional Offices
Lahore Islamabad Peshawar
7 -Noon Avenue, Canal Bank, 1st Floor, Ranjha Arcade, 2nd Floor, National Bank Building,
Muslim Town, Lahore. Main Double Road, Gulberg Greens, University Road, Opposite Gul Haji Plaza.
Fax # 042- 35861095 Islamabad. Ph # 091-5703200
Fax # 0915703202
Multan
NBP City Branch, Hussain-a-Gahi,
Multan.
Ph # 061- 4502204
Fax # 061- 4502203
Islamic Savings Center

Karachi
D.H.A - Badar Commercial Gulistan-e-Jauhar Khayaban-e-Rahat
Shop # 1, Plot # 34-C, Street # 10, Ground floor, Rufi Lake Drive, Shop # 12-A, Rahat Residency,
Badar Commercial, Phase-V Ext, DHA, Gulistan-e-Jauhar, Block - 18, Plot # 34-C, Rahat Commercial Area,
Karachi. Karachi. Lane 3, Phase VI, DHA, Karachi.
Ph # 021- 35851541-43 (03 Lines) Ph # 021- 34160350-57 (08 Lines) Ph # 021- 35853487-89 (03 Lines)
Bahadurabad North Nazimabad

Shop # 10, Silver Line Apartments,
Gulshan-e-Iqbal
Shop # 2 & 3, Famous Tower Plot #
Mian Jamal Uddin Afghani Road, Shop # 1, Ground Floor, Islamic Plaza,
B-153, Block – H,North Nazimabad,
Plot # 15/5, Block-3, Bihar Muslim Plot # SB-2, Block 13-B, KDA Scheme 24,
Karachi.
Cooperative Housing Society, Karachi. Gulshan-e-Iqbal, Karachi.
Ph # 021-36620280-85 (06 Lines)
Ph # 021- 34929933-35 (03 Lines) Ph # 021- 34825043-52 (10 Lines)
Hyderabad
Ghari Khata
Plot # 1054 station road near Haider
Chowk Ghari Khata Hyderabad.
Ph # 022-2720912-19 (08 Lines)
Lahore
Faisal Town Main Market Gulberg II Commercial Area Cavalry Ground
926-C Maulana Shaukat Ali Road, Regional Office 21-E Main Market Shop # 1 Plaza 65 Commercial Area
Faisal Town, Lahore. Gulberg II Lahore. Cavalry Ground Lahore.
Ph # 042 - 35175501-7 (07 Lines) Ph# 042 - 35752782-83, 35752734-40, Ph # 042 - 36670171-75 (05 lines),
35752790-92 (12 Lines) 36619878
Main Boulevard DHA Phase VI Saddar Bazar

Plot # 114, Sector Main Boulevard Building No 992-Tufail Road,
DHA Phase 6-C Lahore. Main Saddar Bazar, Cantt Lahore.
Ph # 042 - 37135560-2, Ph # 042 - 36613749-50,
37135564-8 (07 Lines) 36613754-59 (08 Lines)
Faisalabad Sialkot Gujranwala

Liaqat Road Paris Road Bhatia Nagar GT Road
P-74 First Floor Liaqat Road Faisalabad. Office # B1-16-S, Paris Road, Sialkot. Building 94,96 Street # 2 Mohallah Bhatia
Ph # 041- 2610157-63 (07-Lines) Ph # 052 - 4581501-8 (08-Lines) Nagar GT Road Gujranwala.
Ph # 055 - 3842601-06, 3842608
3252911 (08-Lines)
Rawalpindi
Bharia Town Committee Chowk Saddar
Office # 5, Ground Floor, Plot # 99-F, Mehar Plaza, Plot # 2, Sherpao Colony, Shop # 55/T-5, Haider Road, Saddar,
Sama Arcade 3, Spring North, Phase 7, Committe Chowk, Muree Road, Rawalpindi.
Bahria Town, Rawalpindi. Rawalpindi. Ph # 051- 5580140-45, 5120148
Ph # 051- 5412014-18 (05-Lines) Ph # 051- 5781931-38 (08-Lines) (07 Lines)
Chaklala Scheme 3 Sadiqabad

13/4, Awan Plaza, Bilal Shaheed Chowk Shop # DT 183-184, Chirah Road,
Chaklala Scheme - III, Rawalpindi. Sadiqabad, Muslim Town, Rawalpindi.
Ph # 051-5766129, 5766240-1, Ph # 051- 4573804 -08 (05 Lines)
5766244-5 (05-Lines)
Azad Jammu & Kashmir

Mirpur - Azad Jammu & Kashmir
Al Manzar building, Allama Iqbal road,
Plot # 2, Nangi Mirpur Azad Jammu &
Kashmir.
Ph # 058 - 27448627-31 (05-Lines)

August 2020 Complete FMR Islamic 1

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NBP FUNDS Managing Your Savings

Fund Manager Report

RETIREMENT PLAN UP TO 20% TAX SAVINGS**

Performance of Underlying Funds***

info@nbpfunds.com SMS Invest to 9995 0800-20002 /nbpfunds www.nbpfunds.com

1-2 CEO’s Write-up 03 Capital Market Review

04 NBP Islamic Daily

06 NBP Islamic Mahana

08 NBP Islamic Income Fund

10 NBP Islamic Sarmaya Izafa Fund

16 NAFA Islamic Active Allocation

18 NAFA Islamic Active Allocation

20 NAFA Islamic Active Allocation

22 NAFA Islamic Active Allocation

24 NAFA Islamic Capital Preservation

26 NAFA Islamic Capital Preservation

30 NBP Islamic Active Allocation

Performance and Prospects of the Economy and Stock Market

Current Account Deﬁcit (% of GDP)

KSE - 100 Index Return

Money Market Review

MONTHLY REPORT (MUFAP's Recommended Format) August 2020

NBP ISLAMIC DAILY DIVIDEND FUND 6.4% 6.6% 8.4% 10.4%

BENCHMARK 4.1% 3.9% 4.7% 5.0%

* Simple Annualized return.

General Information Investment Objective

Total Expense Ratio: 0.65% p.a (including 0.17% government levies)

Top Sukuk (as at Auguﬆ 31 , 2020) (% of Total Assets)

Sindh Workers' Welfare Fund (SWWF)

Dispute Resolution / Complaints Handling Complaint service: www.nbpfunds.com/contact-us/investor-relations

MONTHLY REPORT (MUFAP's Recommended Format) August 2020

General Information Investment Objective

Sindh Workers' Welfare Fund (SWWF)

Dispute Resolution / Complaints Handling Complaint service: www.nbpfunds.com/contact-us/investor-relations

MONTHLY REPORT (MUFAP's Recommended Format) August 2020

BENCHMARK 4.4% 4.7% 6.2% 6.3% 5.3%

General Information Investment Objective

Top Sukuk (as at August 31 , 2020) (% of Total Assets)

Sindh Workers' Welfare Fund (SWWF)

Dispute Resolution / Complaints Handling Complaint service: www.nbpfunds.com/contact-us/investor-relations

MONTHLY REPORT (MUFAP's Recommended Format) August 2020

General Information Investment Objective

Placement with Banks and DFIs (Islamic) 23.9% 37.6%

Sindh Workers' Welfare Fund (SWWF)

Dispute Resolution / Complaints Handling Complaint service: www.nbpfunds.com/contact-us/investor-relations

MONTHLY REPORT (MUFAP's Recommended Format) August 2020

Performance Period Since Launch August 13, 2020*

NBP ISLAMIC INCOME FUND 9.9%

* Simple Annualized return.

General Information Investment Objective

Sindh Workers' Welfare Fund (SWWF)

Dispute Resolution / Complaints Handling Complaint service: www.nbpfunds.com/contact-us/investor-relations

MONTHLY REPORT (MUFAP's Recommended Format) August 2020

BENCHMARK 4.1% 3.9% 5.2% 5.4% 3.4% 4.1%

General Information Investment Objective

Credit Quality of the Portfolio as of August 31 , 2020 (% of Total Net Assets)

Sindh Workers' Welfare Fund (SWWF)

Dispute Resolution / Complaints Handling Complaint service: www.nbpfunds.com/contact-us/investor-relations

MONTHLY REPORT (MUFAP's Recommended Format) August 2020

* Annualized return. All other returns are cumulative.

General Information Investment Objective

Total 4,921,875 4,921,875 0 0.0% 0.0%

Dispute Resolution / Complaints Handling Complaint service: www.nbpfunds.com/contact-us/investor-relations