Dec 2022 Complete FMR Islamic 4

NBP FUNDS Managing Your Savings
Islamic Savings
AM1
Rated by PACRA
FUND MANAGER
REPORT
SHARI’AH COMPLIANT FUND(s)
DECEMBER-2022
INSIDE THIS REPORT

Note on “Stock Market Outlook – Beyond
the Short-Term Turmoil” by Dr. Amjad Waheed
Capital Market Review
Funds Performance
FOR INVESTMENTS & FURTHER DETAILS Scan Now Scan Now
SMS “OPEN” to 8095

info@nbpfunds.com
Disclaimer: All investments in mutual funds and pension funds are subject to market risks. Past performance is not necessarily
indicative of future results. Please read the Offering Documents of the Fund to understand the investment policies and risk involved.
NBP Fund Management Limited or any of its sales representative cannot guarantee preservation / protection of capital and / or
expected returns / profit on investments. The use of the name and logo of National Bank of Pakistan does not mean that it is WhatsApp NBP FUNDS
responsible for the liabilities / obligations of the Company (NBP Fund Management Limited) or any investment scheme managed Self Service
by it.
Note: Detailed monthly reports of NBP Funds are also available on our website www.nbpfunds.com
Table of Contents
NBP Fund Management Limited
1-2 CEO’s Write-up

03 Capital Market Review
04
NIDDF
NBP Islamic Daily
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 Active Allocation
Equity Fund
NIAAEF
12
13
NBP Islamic Stock Fund
NISF NBP Islamic Energy Fund
NIEF
14
NIPF
NAFA Islamic Pension Fund 15 NAFA Islamic Active Allocation
NIAAP-I Plan-I
16 NAFA Islamic Active Allocation

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
23 NAFA Islamic Capital Preservation
NICPP-I Plan-I

NICPP-II Plan-II
NICPP-III Plan-III
26 NBP Islamic Capital Preservation

NICPP-IV Plan-IV
NICPP-V Plan-V
28 NBP Islamic Capital Preservation

NICPP-VI Plan-VI
Stock Market Outlook – Beyond the Short-Term Turmoil
During CY22, Pakistan stock market has declined by 9.4% due to political turbulence, heightened economic risks arising
from devastating floods, elevated inflation, slowing economic growth, PKR devaluation, and declining foreign exchange
reserves. Given very little room to maneuver in the backdrop of abysmally low reserves position, we believe that the coun-
try has no other option than to go back to IMF. It is only a matter of time that the government will be forced to continue to
take the harsh but necessary measures and reforms required by the IMF. Inflows from the friendly countries, particularly
KSA and China are also critical and contingent upon the IMF program resumption, which should buttress our reserves.
Therefore, we expect the stock market to provide double digit return in excess of 20% for CY23 based on record low valua-
tions. The IMF's scheduled visit to Pakistan is now overdue by almost three months and despite holding virtual talks, the
IMF and Pakistan have yet to reach an agreement on tax collection targets, exchange rate policy, and overdue energy
reforms including resolution of the circular debt. The IMF has also expressed concern over Pakistan's recently announced
package of PKR 1,800 billion for the agriculture sector and unfunded PKR 110 billion subsidies for concessional electricity
to export-oriented sectors. We believe that the implementation of the economic reforms under the IMF program will deter-
mine the direction of economy and its capital markets.
Though the administrative policies pursued by the government and the central bank have achieved desired results in
containing the ballooning Current Account Deficit (CAD), the same has resulted in considerable slowdown in economic
activity, and falling business confidence. Inflation and interest rates are also expected to remain elevated in the first half of
CY23, though in the second half we expect an ease off due to high base effect. Importantly, CY23 will also be an election
year which should keep the political noise high, amidst heightened security risks from the Afghan border.
Despite these challenging times, we believe that the current stock market valuations compensate for the heightened
political, economic, and security risks highlighted above. Due to lackluster market performance over the last few years,
Price-to-Earnings Ratio (P/E) has come down to a multi-year low of around 3.8 times. The Market Capitalization to GDP
ratio, has also touched historic low level of 7.8% against the long-term average of 22.3%. While inflation and interest rates
remain high, we highlight that the difference between earnings and bond yield is also at historic highs (earnings yield of
around 26.3% vs 10-yr PIB yield of 13.7%), which further strengthens the case for equities.
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 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. Please read the Offering Documents to understand the
investment policies and the risks involved. NBP Funds or any of its sales representative cannot guarantee preservation / protection of capital and / or expected returns / profit on investments. The use of the name
and logo of National Bank of Pakistan does not mean that it is responsible for the liabilities/ obligations of the Company (NBP Fund Management Limited) or any investment scheme managed by it.
Page 01
Foreign selling, which has been a key reason for market underperformance, has also slowed down significantly, as foreign
holdings are now a very small proportion of the total free float. From FY17 where the stock market hit its peak, annual
foreign selling each year has averaged USD 378mn with highest outflow of USD 652mn witnessed in FY17. For FY23, we
expect a significant decline in foreign selling. During the first six months of FY23, foreign outflow stands at USD 0.9
million. This slowdown in foreign selling should help stock market generate better returns in CY23.
Well managed equity mutual funds have provided better returns to their investors than the stock market and other asset
classes including real estate and gold over the last twelve (12) year period. For performance comparison, we have used the
index provided by zameen.com for the performance of real estate sector. As a case in point, our flagship equity fund, NBP
Stock Fund (NSF) has out-performed the stock market by 118% over the last 12 years (from January 2011 till November
2022) by earning a return of 370% versus 252% rise in the stock market. It is also pertinent to mention here that during the
same period, NSF has outperformed gold by 144%. An investment of Rs.100 in NBP Stock Fund 12 years ago would have
grown to Rs.470 today, whereas an investment of Rs.100 in the stock market (KSE-100 Index) and gold 12 years ago would
be worth Rs.352 and Rs.326 today, respectively. This out-performance of the NBP Stock Fund is net of management fee, and
all other expenses.
We highlight that current valuations are more attractive than what we had seen at the bottom of the 2008 financial crisis,
when the market touched 4,815 points. Given a strong case for equities, we advise investors to gradually build position in
the stock market via NBP Stock Funds, keeping their long-term investment objectives in mind.
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 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. Please read the Offering Documents to understand the
investment policies and the risks involved. NBP Funds or any of its sales representative cannot guarantee preservation / protection of capital and / or expected returns / profit on investments. The use of the name
and logo of National Bank of Pakistan does not mean that it is responsible for the liabilities/ obligations of the Company (NBP Fund Management Limited) or any investment scheme managed by it.
Page 02
Capital Market Review
December 2022
Stock Market Review
The outgoing month of December remained punitive for the stock market, as the benchmark KMI-30 Index fell sharply by
around 3,491 points (down by 4.9%) on a monthly basis. With this, calendar year 2022 comes to an end during which the
index declined by 4.8% on a yearly basis.
The equities started off on a frail note and it remained under the grips of bear throughout the month, as a combination of
economic and political factors dented the sentiments. The surprise 100 basis points increase in Policy Rate towards end of
November rattled investors, as it quashed hopes that monetary tightening cycle has peaked. In fact, it led many to believe
that there is further room for rates to increase by another 100-200 basis points. The news-flow on resumption of IMF
program was also deterring, as major differences on various policy matters & economic targets could not be ironed out
between authorities and IMF. Reportedly, the areas of contention were exchange rate regime, where there was wide gap in
interbank & open market rates, burgeoning circular debt (on both gas and electricity), unfunded subsidies to exporters &
farmers and higher than envisaged fiscal deficit for the ongoing year. This comes at a time, when foreign exchange reserves
are at a precarious level and on a continuous decline. Due to scheduled external debt repayments, FX reserves held by
central bank fell by another USD 1.9 billion, till 23rd Dec, clocking is at USD 5.8 billon (lowest level since April 2014),
despite benign current account deficit (CAD) of USD 276 million as goods and services deficit further improved by USD
364 million on a MoM basis. Manufacturing data of large industries was released for Oct-22, which reflected 7.75% YoY
drop in LSM activity with 2.9% contraction in LSM output during 4MFY23. Workers’ remittance remained another area of
concern, which stood at USD 2.1 (YoY decline of 14%) for Nov-22, taking 5MFY23 overall inflows to USD 12 billion (down
by 10% YoY). The unending political uncertainty also weighed on sentiments as PTI chairman threatened to dissolve Punjab
and KPK assemblies, while the opposition in Punjab submitted a no-confidence motion against the chief minister in a bid
to forestall the dissolution of assembly. However, towards the end of month, there was some recovery led by Oil & Gas
sector, as government formed a committee to undertake a detailed mapping of gas sector circular debt stock & to work out
a comprehensive settlement plan through cash/non-cash adjustments.
During December, Fertilizer, Food & personal Care, Insurance, Oil & Gas Exploration, Sugar & Allied Industries, Textile
Composite, Tobacco, and REIT sectors outperformed the market. On the other hand, Auto Assemblers, Auto Parts & Access.,
Cable & Elec. Goods, Cements, Chemicals, Engineering, Glass & Ceramics, Oil & Gas Marketing, Paper & Board,
Pharmaceutical, Refinery, Transport & Technology sectors lagged the market. On participant-wise activity, Banks/DFIs
emerged the largest buyers, with net inflow of USD 44 million. Alongside, Companies and Other Org. also increased their
equity holdings by USD 13 million & USD 5 million, respectively. On the contrary, Foreigner & Mutual Funds sold stocks
worth USD 34 million and USD 14 million, respectively.
Looking ahead, we believe the state of macro-economic affairs, particularly any tangible development on IMF program will
shape market outlook. The precarious level of FX reserves and its decline have unhinged investors and only the resumption
of IMF program will lead to gradual build-up in reserves, and will restore confidence of the market. So far, there has been
an impasse, but we believe that necessary policy actions for continuation of IMF program are inevitable. It entails higher
revenue collection, further rationalization of utility especially gas tariffs, and flexible exchange rate regime. We reckon that
with the positive nod of the IMF, inflows from friendly countries will also crystalize, particularly from KSA and China. It is
also interesting to note that inflows from the multilaterals have not dried up so far, as the country signed multiple loan
agreements in December with ADB and WB to the tune of USD 775 million and USD 1.7 billion respectively for various
flood rehabilitation activities & reconstruction efforts and for other project & program loans. This pipeline is expected to
improve further when the country will be under the umbrella of IMF.
Looking at the fundamentals, Price-to-Earnings Ratio (P/E) of the market is at multi-year low of around 3.8 times (earnings
yield of around 26.3%). In addition, it offers healthy dividends yield in excess of 8%. Therefore, we advise investors with
medium to long-term horizon to build position in stock market through our NBP stock funds.
Money Market Review
The Monetary Policy Committee (MPC) in November 2022, raised the policy rate by 100 basis points to 16%, to ensure
inflation and risks to financial stability are contained. According to the SBP, inflation being driven by global & domestic
supply shocks, could de-anchor inflation expectations and undermine (short term-medium) growth. To counter these risk,
administrative measures to resolve supply-chain bottlenecks and any necessary imports remain a high priority. The net
liquid foreign exchange reserves with SBP stands at USD 5.8 billion (as at 23-Dec-22), posing challenges and persistent
risks to the financial stability and fiscal consolidation.
SBP held two T-Bill auctions with a target of Rs. 2,000 billion against the maturity of Rs. 2,077 billion. In the first T-Bill
auction, an amount of Rs. 1,599 billion was accepted at a cut-off yield of 16.99%, 16.89% and 16.80% for 3-month,
6-month and 12-month tenures. In the second T-Bill auction, an amount of Rs. 343 billion was accepted at a cut-off yield
of 16.99%, 16.83% and 16.85% for 3-month, 6-month and 12-month tenures. In the PIB auction, bids for 3-years, 5-years
and 10-years tenure were rejected, whereas no bids for 15-years, 20-years and 30-years were received.
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. NBP Funds or any of its sales representative cannot guarantee preservation / protection of capital and / or expected returns / profit on investments. The use of the name and logo of National Bank
of Pakistan does not mean that it is responsible for the liabilities/ obligations of the Company (NBP Fund Management Limited) or any investment scheme managed by it.
Page 02
03
NBP ISLAMIC DAILY DIVIDEND FUND (NIDDF)
MONTHLY REPORT (MUFAP's Recommended Format) NBP Fund Management Limited

Unit Price (31/12/2022): Rs.10.0000 December 2022
Performance %
Rolling 12 Since Launch
Performance Period Dec-2022 FYTD - 2023 FY - 2022 FY - 2021 Last 3 Years* November 1, 2019*
Months
NBP ISLAMIC DAILY DIVIDEND

FUND
14.9% 14.8% 13.4% 9.6% 6.6% 9.7% 9.9%
BENCHMARK 6.4% 5.9% 5.0% 3.7% 3.4% 4.2% 4.3%
* Annualized Return Based on Morning Star Methodology. All other returns are Annualized Simple 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. 17,835 million Compliant money market instruments.
Fund Size: (Excluding investment Rs. 17,682 Million Fund Manager Commentary
by fund of funds):
The Fund generated an annualized return of 14.9% p.a. during the month versus the
Type: Open-end - Shariah Compliant Money Market
Benchmark return of 6.4% p.a., thus registering an out-performance of 8.5% p.a. This
Dealing Days: Daily – Monday to Friday reported return is net of management fee and all other expenses.
Dealing Time: (Mon - Fri) 9:00 A.M to 12:30 P.M
Settlement: 2-3 business days The fund aims to consistently provide better return than the profit rates offered by
Pricing Mechanism: Backward Pricing Islamic Banks / Islamic windows of commercial banks. The minimum eligible rating is
Load: Front End Load (Individual with takaful coverage): AA, while the Fund is not allowed to invest in any security exceeding six months
Amount up to Rs.5 million: 3%, maturity.
Amount over and above Rs.5 million : 1%.
Front end load (Individual under Health Takaful The weighted average time to maturity of the Fund cannot exceed 90 days, thereby
Plan): Amount up to Rs. 4 million: 3%, providing easy liquidity along with a high-quality credit profile.
Amount over and above Rs.4 million: 1%,
Front End (others): 1%, Around 48% of net assets of the Fund are invested in bank deposits which enhances
Back end Load: 0% the liquidity profile of the Fund. The weighted average time to maturity of the Fund is
around 33 days.
Management Fee: 0.5% of Net Income (min 0.1% p.a, max 1.0% p.a) We will rebalance the allocation of the Fund proactively based on the capital market
0.12% p.a. of average net assets during the month outlook.
(w.e.f July 01, 2022)
Credit Quality of the Portfolio as of December 31 , 2022 (% of Total Assets)
Total Expense Ratio: YTD 0.67% p.a (including 0.07% government
levies) AAA 54.6%
MTD 0.79% p.a (including 0.05% government AA+ 23.4%
levies) AA 20.9%
Selling & Marketing Expenses: 0.40% p.a. (w.e.f Dec 15, 2022) Others including Receivables 1.1%
Risk Profile / Risk of principal Low / Principal at low risk
Total 100%
erosion:
Fund Stability Rating: "AA+(f)" by PACRA
Listing: Pakistan Stock Exchange
Custodian & Trustee: Central Depository Company (CDC)
Auditors: A.F. Ferguson & Co, 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 Asim Wahab Khan, CFA
Conventional Banks as selected by MUFAP.
Hassan Raza, CFA
Fund Manager: Salman Ahmed, CFA Salman Ahmed, CFA
Minimum Subscription: Growth Unit: Rs. 10,000/- Usama Bin Razi
Asset Manager Rating: AM1 by PACRA (Very High Quality) Dispute Resolution / Complaint Handling
Asset Allocation (% of Total Assets) 31-Dec-22 30-Nov-22 Complaint Service : www.nbpfunds.com/contact-us/investor-relations
Short Term Sukuk 15.6% 11.0% SECP’s Service Desk Management System: sdms.secp.gov.pk
Placements with Banks and DFIs 20.8% 14.7%
Bank Deposits 47.6% 72.7%
Others including Receivables 2.0% 1.6%
Certificate of Investments (COI) 14.0% 0.0%
Total 100.0% 100.0%
Leverage Nil Nil
Note: Amount invested by fund of funds is Rs. 153 million.
Top Sukuk (as at December 31 , 2022) (% of Total Assets)

KE STS-12 13-DEC-22 13-JUN-23 3.7%
KE STS-8 29-AUG-22 28-FEB-23 2.8%
KE STS-7 10-AUG-22 10-FEB-23 2.8%
NML STS 01-NOV-22 01-MAY-23 2.5%
CPHGC STS 07-DEC-22 07-JUN-23 2.0%
KE STS-9 21-SEP-22 21-MAR-23 1.5%
KE STS-10 05-OCT-22 05-APR-23 0.3%
Notes: 1) The calculation of performance does not include cost of front end load.
2) Taxes apply.
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. NBP Fund
Management Limited or any of its sales representative cannot guarantee preservation / protection of capital and / or expected returns / profit on investments. The use of the name and logo of National
Bank of Pakistan does not mean that it is responsible for the liabilities/ obligations of the Company (NBP Fund Management Limited) or any investment scheme managed by it.
Page 04
NBP RIBA FREE SAVINGS FUND (NRFSF)

Performance %
FYTD - Rolling 12 FY - FY - FY - FY - FY - Last 3 Last 5 Last 10 Since Launch
Performance Period Dec-2022 August 20,
2023 Months 2022 2021 2020 2019 2018 Years* Years* Years*
2010*
NBP RIBA FREE SAVINGS FUND 13.0% 12.7% 11.2% 8.7% 6.2% 11.0% 8.8% 5.2% 8.7% 8.8% 7.7% 8.2%
BENCHMARK 6.6% 5.4% 4.5% 3.3% 3.6% 6.3% 3.7% 2.4% 4.3% 4.2% 4.7% 5.3%

Launch Date: August 20, 2010 To provide preservation of capital and earn a reasonable rate of return along with a
Fund Size: Rs. 1,811 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 - Fri) 9:00 A.M to 5:30 P.M The Fund generated an annualized return of 13.0% p.a. for the month versus the
Settlement: 2-3 business days Benchmark return of 6.6% p.a. This reported return is net of management fee and all
Pricing Mechanism: Forward Pricing other expenses.
Load: Front End Load (Individual with takaful coverage):
Amount up to Rs.5 million: 3%, Amount over and The Fund aims to consistently provide better return than the profit rates offered by
above Rs.5 million : 1%. Front end load (Individual Islamic Banks / Islamic windows of commercial banks, while also providing easy
under Health Takaful Plan): Amount up to Rs. 4 liquidity along with a high-quality credit profile.
million: 3%, Amount over and above Rs.4 million:
1%, Front End (others): 1%, Back end Load: 0% Around 53% of net assets of the portfolio are invested in bank deposits which enhance
the liquidity profile of the Fund. The weighted average time to maturity of the Fund is
around 1.2 years.
Management Fee: 6% of Net Income (min: 0.5% p.a., max: 1.25%
average net assets during the month. p.a.) w.e.f We will rebalance the allocation of the Fund proactively based on the capital market
12-Jul-19. 0.87% p.a. of average net assets during outlook.
the month. Credit Quality of the Portfolio as of December 31 , 2022 (% of Total Assets)
Total Expense Ratio: (YTD): 2.21% p.a (including 0.13% government
levies), Government Securities (AAA rated) 23.1%
(MTD): 2.33% p.a (including 0.14% government AAA 11.7%
levies) AA+ 8.1%
Selling & Marketing Expenses: 0.95% per annum (w.e.f March 07, 2022) AA 14.7%
Risk Profile / Risk of principal Moderate / Principal at moderate risk
AA- 0.2%
erosion:
Fund Stability Rating: "A+ (f)" by PACRA A+ 40.1%
Listing: Pakistan Stock Exchange Others including receivables 2.1%
Custodian & Trustee: Central Depository Company (CDC) Total 100%
Auditors: A.F. Ferguson & Co, Chartered Accountants
Benchmark: 6-month average deposit rates of three A rated
Islamic Banks/Islamic windows of conventional Name of the Members of Investment Committee
banks as selected by MUFAP
Dr. Amjad Waheed, CFA
Fund Manager: Salman Ahmed, CFA
Minimum: Growth Unit: Rs. 10,000/- Asim Wahab Khan, CFA
Subscription: Income Unit: Rs. 100,000/- Hassan Raza, CFA
Asset Manager Rating: AM1 by PACRA (Very High Quality) Salman Ahmed, CFA
Usama Bin Razi
Asset Allocation (% of Total Assets) 31-Dec-22 30-Nov-22
GOP Ijara Sukuk 12.2% 10.2% Dispute Resolution / Complaint Handling
Government backed security 10.9% 9.0% Complaint Service : www.nbpfunds.com/contact-us/investor-relations
Sukuk 14.6% 12.2% SECP’s Service Desk Management System: sdms.secp.gov.pk
Placements with NBFCs 8.1% 6.8%
Others including receivables 2.1% 1.6%
Total 100.0% 100.0%
Leverage Nil Nil

GOPIS-02 5y 29-MAY-20 29-MAY-25 12.2%
PakEnergy Suk-2 21-MAY-20 20-MAY-30 10.9%
KE STS-9 21-SEP-22 21-MAR-23 6.8%
KE STS-8 29-AUG-22 28-FEB-23 4.1%
KE STS-7 10-AUG-22 10-FEB-23 3.8%
2) Taxes apply.
Page 05
NBP ISLAMIC MAHANA AMDANI FUND (NIMAF)

Performance %
FYTD - Rolling 12 Since Launch October 6,
Performance Period Dec-2022 FY - 2022 FY - 2021 FY - 2020 Last 3 Years*
2023 Months 2018*
NBP ISLAMIC MAHANA AMDANI FUND 15.2% 13.7% 12.0% 8.9% 6.5% 11.3% 9.1% 9.7%
BENCHMARK 6.6% 5.4% 4.5% 3.3% 3.6% 6.3% 4.3% 4.5%

Launch Date: October 6, 2018 To provide monthly income to investors by investing in Shariah Compliant money
Fund Size: Rs. 10,998 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 15.2% p.a. during the month versus the
Dealing Time: (Mon - Fri) 9:00 A.M to 5:30 P.M Benchmark return of 6.6% p.a. This reported return is net of management fee and all
Settlement: 2-3 business days other expenses.
Pricing Mechanism: Forward Pricing
Load: Front End Load (Individual with takaful coverage): The Fund aims to provide monthly income to investors by investing in Shariah
Amount up to Rs.5 million: 3%, Compliant money market and debt avenues. Minimum eligible rating is A-, while the
Amount over and above Rs.5 million : 1%. Fund is allowed to invest with Islamic Banks, Islamic branches / windows of
Front end load (Individual under Health Takaful conventional banks providing easy liquidity. The Fund is allowed to invest in Shariah
Plan): Amount up to Rs. 4 million: 3%, Compliant Money Market instruments & debt securities rated A- or better. The Fund is
Amount over and above Rs.4 million: 1%, not authorized to invest in Equities. The weighted average time to maturity of the Fund
Front End (others): 1%, cannot exceed 4 years excluding government securities.
Back end Load: 0%
Around 54% 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
Management Fee: 1.5% of Net Income (Min 0.2%, Max 1.5% p.a.) 1.3 years.
w.e.f 12-July-2019 0.24% p.a. of average net
assets during the month We will re-balance the allocation of the Fund proactively based on the capital market
Total Expense Ratio: YTD : 1.56% (including 0.06% government levies) outlook.
MTD : 1.59% (including 0.07% government levies)
Selling & Marketing Expenses: 1.05% p.a ( w.e.f May 09, 2022) Government Securities (AAA rated) 15.6%
Risk Profile / Risk of principal Medium / Principal at medium risk AAA 12.3%
erosion: AA+ 25.1%
Fund Stability Rating: "A+(f)" by PACRA AA 3.3%
Listing: Pakistan Stock Exchange AA- 0.1%
A+ 41.6%
Auditors: A. F. Ferguson & Co. Chartered Accountants
Others including Receivables 2.0%
Islamic Banks/Islamic windows of conventional Total 100%
banks as selected by MUFAP
Name of the Members of Investment Committee

Minimum: Growth Unit: Rs. 10,000/-
Asim Wahab Khan, CFA
Subscription: Income Unit: Rs. 100,000/-
Asset Manager Rating: AM1 by PACRA (Very High Quality) Hassan Raza, CFA
Salman Ahmed, CFA
Usama Bin Razi
GOP Ijara Sukuk 5.4% 6.0%
Dispute Resolution / Complaint Handling
Government backed security 10.3% 11.4%
Complaint Service : www.nbpfunds.com/contact-us/investor-relations
Sukuk 18.0% 20.0%
SECP’s Service Desk Management System: sdms.secp.gov.pk
Certificate of Musharika (COM) 11.9% 13.2%
Total 100.0% 100.0%
Leverage Nil Nil

PakEnergy Suk-2 21-MAY-20 20-MAY-30 10.3%
GOPIS-02 5y 29-MAY-20 29-MAY-25 5.4%
Hub Power Holding Limited 12-NOV-20 12-NOV-25 5.2%
HUBCO Rev 19-MAR-20 19-MAR-24 4.4%
KE Suk 03-AUG-20 03-AUG-27 3.6%
KE STS-9 21-SEP-22 21-MAR-23 3.2%
Meezan 16-DEC-21 16-DEC-31 1.6%
2) Taxes apply.
Page 06
NBP ISLAMIC SAVINGS FUND (NBP-ISF)

Performance %
Performance Period Dec-2022 October 26,
2007*
NBP ISLAMIC SAVINGS FUND 13.3% 12.8% 11.6% 9.2% 5.7% 10.9% 8.5% 5.1% 8.8% 8.7% 8.7% 7.3%
BENCHMARK 6.6% 5.4% 4.5% 3.3% 3.6% 6.3% 3.7% 2.4% 4.3% 4.2% 4.7% 5.4%

Launch Date: October 26, 2007 To earn a reasonable rate of return in a Shariah Compliant manner by investing
Fund Size: Rs. 3,216 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 13.3% p.a. as
Settlement: 2-3 business days compared to the Benchmark return of 6.6% p.a., thus registering an out-performance
Pricing Mechanism: Backward Pricing of 6.7% p.a. This out-performance is net of management fee and all other expenses.
Load: Front end: 3%, (Takaful coverage and Health
Takaful Plan option available for individual) Around 85% of net assets of the portfolio are allocated in bank deposits. The weighted
Back end: 0% average time to maturity of the Fund is 6 days.
Management Fee: 8% of Net Income (min: 0.5% p.a., max: 1.5% p.a.
of Net Assets) w.e.f 10-Jan-20, 1.17% of average We will rebalance the allocation of the fund proactively based on the capital market
net assets during the month outlook.
Total Expense Ratio: YTD : 2.44 (including 0.17% government levies)
MTD: 2.49 (including 0.18% government levies)
AAA 38.4%
Selling & Marketing Expenses: 0.85% per annum w.e.f March 07, 2022
Risk Profile / Risk of principal Moderate / Principal at moderate risk AA+ 8.8%
erosion: AA 5.6%
Fund Stability Rating: "AA-(f)" by PACRA AA- 0.3%
Listing: Pakistan Stock Exchange A+ 44.7%
Custodian & Trustee: Central Depository Company (CDC) Others including Receivables 2.2%
Auditors: Grant Thornton Anjum Rahman, Chartered
Total 100%
Accountant,
islamic Banks/Islamic windows of conventional
banks as selected by MUFAP Details of Non-Compliant Investments
Value of Value of
Minimum: Initial Investment: Rs. 1,000/- Type of
Investments Provision Investments
% of % of
Subscription: Subsequent Investment: Rs. 100/- Particulars Investment Net Gross
before held after
Assets Assets
Asset Manager Rating: AM1 by PACRA (Very High Quality) Provision
New Allied Electronics Limited I -
Asset Allocation (% of Total Assets) 31-Dec-22 30-Nov-22 Sukuk 25-JUL-07 25-JUL-25
New Allied Electronics Limited II -
Sukkuk 110,000,000 110,000,000 0 0.0% 0.0%
Sukkuk 4,905,437 4,905,437 0 0.0% 0.0%

Short Term Sukuks 5.5% 7.3% Sukuk 03-DEC-07 03-DEC-
Total 114,905,437 114,905,437 0 0.0% 0.0%

Others including Receivables 1.7% 1.6% Name of the Members of Investment Committee
Certificate of Musharika (COM) 8.8% 11.7% Dr. Amjad Waheed, CFA
Total 100.0% 100.0% Asim Wahab Khan, CFA
Leverage Nil Nil Hassan Raza, CFA
Salman Ahmed, CFA
Usama Bin Razi
KE STS-7 10-AUG-22 10-FEB-23 1.7% Dispute Resolution / Complaint Handling
KE STS-8 29-AUG-22 28-FEB-23 1.5% Complaint Service : www.nbpfunds.com/contact-us/investor-relations
KE STS-9 21-SEP-22 21-MAR-23 1.5%
KE STS-10 05-OCT-22 05-APR-23 0.8%
2) Taxes apply.
funds are subject to market risks. Past performance is 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 Fund Management Limited or any of its sales representative cannot guarantee preservation / protection of capital and / or expected returns
/ profit on investments. The use of the name and logo of National Bank of Pakistan does not mean that it is responsible for the liabilities/ obligations of the Company (NBP Fund Management Limited) or
any investment scheme managed by it.
Page 07
NBP ISLAMIC INCOME FUND (NBP-IIF)

Performance %
Performance Period Dec-2022 FYTD - 2023 Rolling 12 Months FY - 2022 Since Launch August 13, 2020*
NBP ISLAMIC INCOME FUND 14.2% 14.0% 12.9% 9.4% 9.5%
BENCHMARK 6.6% 5.4% 4.5% 3.3% 3.8%

Launch Date: August 13, 2020 The objective of NBP Islamic Income Fund is to provide competitive returns by
Fund Size: Rs. 7,389 million investing in Shariah compliant debt securities and money market instruments.
Fund Size: (Excluding investment Rs. 7,267 million
by fund of funds): Fund Manager Commentary
Type: Open-end - Shari'ah Compliant Income
During the month, the Fund posted an annualized return of 14.2% p.a. versus the
Dealing Days: Daily-Monday to Friday Benchmark return of 6.6% p.a. The reported return is net of management fee and all
Dealing Time: (Mon - Thr) 9:00 A.M to 5:00 P.M (Friday) 9:00 A.M other expenses.
to 5:30 P.M
Settlement: 2-3 business days The weighted average time to maturity of the Fund is around 0.4 year. Sukuk portfolio
Pricing Mechanism: Forward Pricing of the Fund is predominantly floating rate linked to KIBOR. However, since sukuk
Load: Front End Load (Individual with takaful coverage) prices may go up or down, therefore, only investors with medium-term investment
Amount up to Rs.5 million: 3% Amount over and horizon are advised to invest in this Fund.
above Rs.5 million : 1%. Front end load (Individual
under Health Takaful Plan): Amount up to Rs. 4 We will rebalance the allocation of the Fund proactively based on the capital market
million: 3%, Amount over and above Rs.4 million: outlook.
1%, Front End (others): 1%, Back end Load: 0% Credit Quality of the Portfolio as of December 31 , 2022 (% of Total Assets)
Government Securities (AAA rated) 5.1%
Management Fee: 6% of Net Income (min: 0.5% p.a., max: 1.25% AAA 4.1%
0.92% p.a. of average net assets during the month AA+ 22.7%
AA 10.3%
Total Expense Ratio: YTD: 1.40% p.a. (including 0.14% government AA- 3.6%
levies), A+ 52.3%
MTD: 1.58% p.a. (including 0.15% government Others including Receivables 1.9%
levies) Total 100%
Selling & Marketing Expenses: 0.15% w.e.f 09 May 2022
Risk Profile / Risk of principal Medium / Principal at medium risk
erosion:
Fund Stability Rating: "A+(f)" by PACRA Name of the Members of Investment Committee
Listing: Pakistan Stock Exchange Dr. Amjad Waheed, CFA
Custodian & Trustee: Central Depository Company (CDC) Asim Wahab Khan, CFA
Auditors: A.F. Ferguson & Co, Chartered Accountants Hassan Raza, CFA
Benchmark: 6-month average rates of three A rated Islamic Salman Ahmed, CFA
Banks/Islamic windows of conventional banks as
Usama Bin Razi
selected by MUFAP
Fund Manager: Salman Ahmed, CFA SECP’s Service Desk Management System: sdms.secp.gov.pk
Minimum Subscription: Growth Unit: Rs. 1,000/-
Income Unit: Rs. 100,000/-

Asset Manager Rating: AM1 by PACRA (Very High Quality)
Cash 58.5% 63.0%
Placements with Banks and DFIs 8.1% 5.6%
Certificate of Musharika (COM) 10.5% 9.7%
TFCs / Sukuk 15.7% 14.5%
GOP IJARA 5.1% 4.6%
Total 100.0% 100.0%
Leverage Nil Nil

KE STS-9 21-SEP-22 21-MAR-23 6.5%
GIS-VRR-26 26-OCT-22 26-OCT-27 3.7%
KE STS-10 05-OCT-22 05-APR-23 3.4%
ENGRO POWERGEN THAR (PVT) LTD 02-AUG-19 02-AUG-24 3.3%
GOPIS-02 5y 29-MAY-20 29-MAY-25 1.3%
Hub Power Holding Limited 12-NOV-20 12-NOV-25 1.0%
KE Suk 03-AUG-20 03-AUG-27 0.7%
HUBCO Rev 19-MAR-20 19-MAR-24 0.5%
HUBCO Suk-2 Rev 22-AUG-19 22-AUG-23 0.5%
GIS-VRR-25 27-APR-22 27-APR-27 0.1%
2) Taxes apply.
Bank of Pakistan does not mean it is responsible for the liabilities/ obligations of the Company (NBP Fund Management Limited) or any investment scheme managed by it.
Page 08
NBP ISLAMIC MONEY MARKET FUND (NIMMF)

Performance %
Since Launch
FYTD - Rolling 12
Performance Period Dec-2022 FY - 2022 FY - 2021 FY - 2020 FY - 2019 Last 3 Years* February 28, 2018*
2023 Months
NBP ISLAMIC MONEY MARKET FUND 14.8% 14.1% 12.7% 9.2% 6.2% 11.8% 8.1% 9.3% 9.1%
BENCHMARK 6.4% 5.9% 5.0% 3.7% 3.4% 5.4% 3.4% 4.2% 4.1%

Launch Date: February 28, 2018 To provide competitive return with maximum possible capital preservation by investing
Fund Size: Rs. 9,388 million in low risk and liquid Shari'ah Compliant authorized instruments.
Fund Size: (Excluding investment Rs. 9,314 Million
Type: Open-end - Shari'ah Compliant Money Market
The Fund generated an annualized return of 14.8% p.a. for the month versus the
Benchmark return of 6.4% p.a., thus registering an outperformance of 8.4% p.a. This
Dealing Days: Daily – Monday to Friday
reported return is net of management fee and all other expenses.
Dealing Time: (Mon - Fri) 9:00 A.M to 5:30 P.M
Settlement: 2-3 business days The Fund aims to consistently provide better return than the profit rates offered by
Pricing Mechanism: Forward Pricing Islamic Banks / Islamic windows of commercial banks. The minimum eligible rating is
Load: Front End Load (Individual with takaful coverage): AA, while the Fund is not allowed to invest in any security exceeding six months
Amount up to Rs.5 million: 3%, maturity.
Amount over and above Rs.5 million : 1%.
Front end load (Individual under Health Takaful The weighted average time to maturity of the Fund cannot exceed 90 days, thereby
Plan): Amount up to Rs. 4 million: 3%, providing easy liquidity along with a high-quality credit profile.
Amount over and above Rs.4 million: 1%,
Front End (others): 1%, Around 58% of net assets of the Fund are invested in bank deposits which enhances
Back end Load: 0% the liquidity profile of the Fund. The weighted average time to maturity of the Fund is
25 days.
Management Fee: 1% of Net Income (Min 0.1% p.a., Max 1.0% p.a.). We will rebalance the allocation of the Fund proactively based on the capital market
0.15% p.a. of average net assets during the month outlook.

Total Expense Ratio: YTD 0.92% (including 0.04% government levies)
MTD 1.03% (including 0.05% government levies) AAA 61.5%
AA+ 14.0%
AA 22.6%
Selling & Marketing Expenses: 0.5% per annum w.e.f 27-Oct-2020
AA- 0.1%
Risk Profile / Risk of principal Low / Principal at low risk
erosion: A+ 0.1%
Fund Stability Rating: "AA (f)" by PACRA Others including Receivables 1.7%
Listing: Pakistan Stock Exchange Total 100%
Accountants
Benchmark: Three months average deposit rates of three (3) AA
rated Islamic Banks or Islamic windows of Name of the Members of Investment Committee
Conventional Banks as selected by MUFAP Dr. Amjad Waheed, CFA
Fund Manager: Salman Ahmed, CFA Hassan Raza, CFA
Minimum: Growth Unit: Rs. 10,000/- Salman Ahmed, CFA
Subscription: Income Unit: Rs. 100,000/-
Usama Bin Razi
Bank Deposits 57.3% 70.2% SECP’s Service Desk Management System: sdms.secp.gov.pk
Placements with Banks and DFIs (Islamic) 12.9% 14.9%
Short term Sukuk 12.2% 12.8%
Certificate of Investments (COI) 15.9% 0.0%
Total 100.0% 100.0%
Leverage Nil Nil

KE STS-7 10-AUG-22 10-FEB-23 3.7%
KE STS-10 05-OCT-22 05-APR-23 2.7%
KE STS-9 21-SEP-22 21-MAR-23 1.9%
KE STS-8 29-AUG-22 28-FEB-23 1.6%
NML STS 01-NOV-22 01-MAY-23 1.3%
CPHGC STS 07-DEC-22 07-JUN-23 1.1%
2) Taxes apply.
Page 09
NBP ISLAMIC SARMAYA IZAFA FUND (NISIF)

Performance %
Performance Period Dec-2022 October 26,
2007*
NBP ISLAMIC SARMAYA IZAFA
FUND
(3.1)% 0.2% (8.0)% (8.9)% 21.3% 8.6% (11.4)% (8.7)% 0.6% 1.5% 10.0% 10.1%
BENCHMARK (3.9)% (0.03)% (2.6)% (7.4)% 21.7% 9.2% (10.5)% (3.6)% 1.3% 2.6% 6.9% 7.5%
* 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. 2,167 million 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
Dealing Time: (Mon-Thr) 9:00 A.M to 3:00 P.M (Friday) 9:00 A.M During the month under review, unit price (NAV) of NBP Islamic Sarmaya Izafa Fund
to 4:00 P.M (NISIF) decreased by 3.1%, whereas the Benchmark decreased by 3.9%, thus an
Settlement: 2-3 business days outperformance of 0.8% was recorded. Since inception your Fund has posted 10.1% p.a
Pricing Mechanism: Forward Pricing return, versus 7.5% p.a by the Benchmark. Thus, to-date the outperformance of your
Load: Front end: 3%, (Takaful coverage and Health Fund stands at 2.6% p.a. This outperformance is net of management fee and all other
Takaful Plan option available for individual) expenses.
Back end: 0%
NISIF started off the month with an allocation of around 78% in equities which was
Management Fee: 2.00% per annum w.e.f 02-Feb-22 increased to around 81 % towards the end of the month. NISIF outperformed the
Total Expense Ratio: YTD: 4.11% p.a (including 0.30% government Benchmark as the Fund was overweight in select, Automobile Parts & Accessories, Oil &
levies) Gas Exploration Companies, and Textile Composite sectors stocks which outperformed
MTD: 4.20% (including 0.30% government levies) the market and underweight in select Automobile Assembler, Food & Personal Care
Products, Refinery and Technology & Communication sectors stocks which underper-
Selling & Marketing Expenses: 1.30% per annum (w.e.f Feb 01, 2022)
formed the market. During the month, the allocation was primarily increased in Oil & Gas
Risk Profile / Risk of principal High / Principal at high risk
Exploration Companies, Commercial Banks, Fertilizer and Technology & Communication
erosion:
sectors, whereas it was reduced primarily in Cement.
Auditors: Grant Thornton Anjum Rahman Chartered
Accountants
Benchmark: Daily weighted return of KMI-30 Index & 6-month Top Ten Holdings (as on December 31 ,2022)
average deposit rates of three A rated Islamic Asset % of Total
Name
Banks/Islamic windows of conventional banks as Class Assets
selected by MUFAP, based on Fund's actual Oil and Gas Development Co Limited Equity 8.5%
allocation
Mari Petroleum Company Limited Equity 8.4%
Fund Manager: Asim Wahab Khan, CFA Engro Corporation Limited Equity 7.8%
Minimum Subscription: Growth Unit: Rs. 10,000/-
Kohat Cement Limited Equity 7.1%
Income Unit: Rs. 100,000/
Asset Manager Rating: AM1 by PACRA (Very High Quality) Systems Limited Equity 7.0%
Pak Petroleum Limited Equity 6.8%
Hub Power Company Limited Equity 6.3%
Equities / Stocks 80.5% 77.8%
Meezan Bank Limited Equity 5.2%
Cash 10.5% 9.7%
Lucky Cement Limited Equity 4.2%
Sukuk 6.3% 10.7%
HUBCO Suk-2 Rev Sukkuk 4.1%
Total 100.0% 100.0%
Leverage Nil Nil Details of Non-Compliant Investments
Value of Value of
Type of % of % of
Investments Provision Investments
Particulars Investment Net Gross
before held after
Assets Assets
Characterstics of Equity Portfolio** Provision
Eden House Limited - Sukuk
PER PBV DY Revised 29-MAR-08 29-SEP-25
Sukkuk 4,921,875 4,921,875 0 0.0% 0.0%
NISIF 3.8 0.6 7.9% Total 4,921,875 4,921,875 0 0.0% 0.0%
KMI-30 3.7 0.6 8.4% Name of the Members of Investment Committee

** Based on NBP Fund Management Ltd estimates Dr. Amjad Waheed, CFA
Top Five Sectors (% of Total Assets) (as on December 31 ,2022) Asim Wahab Khan, CFA
Oil & Gas Exploration Companies 25.4 % Salman Ahmed, CFA
Cement 12.5 % Hassan Raza, CFA
Fertilizer 7.8 % Dispute Resolution / Complaint Handling
Technology & Communication 7.0 % Complaint Service : www.nbpfunds.com/contact-us/investor-relations
Power Generation & Distribution 6.4 % SECP’s Service Desk Management System: sdms.secp.gov.pk
Others 21.4 %
2) Taxes apply.
funds are subject to market risks. Past performance is 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 Fund Management Limited or any of its sales representative cannot guarantee preservation / protection of capital and / or expected returns
/ profit on investments. The use of the name and logo of National Bank of Pakistan does not mean that it is responsible for the liabilities/ obligations of the Company (NBP Fund Management Limited) or
any investment scheme managed by it.
Page 10
NBP ISLAMIC ACTIVE ALLOCATION EQUITY FUND (NIAAEF)

Performance %
Since Launch
FYTD - Rolling 12 FY - FY - FY - FY - FY - Last 3 Last 5
Performance Period Dec-2022 January 18,
2023 Months 2022 2021 2020 2019 2018 Years* Years*
2016*
NBP ISLAMIC ACTIVE ALLOCATION
EQUITY FUND
(3.8)% (0.5)% (13.2)% (9.8)% 37.7% 5.7% (19.9)% (14.1)% 2.7% 1.1% 4.8%
BENCHMARK (4.9)% (0.7)% (4.8)% (10.3)% 39.3% 1.6% (23.8)% (9.6)% 1.1% (0.1)% 3.9%


Launch Date: January 18, 2016 The objective of the Fund is to provide investors with long term capital growth from an
Fund Size: Rs. 179 million actively managed portfolio of Shari’ah Compliant listed equities.
Fund Size: (Excluding investment Nil
Type: Open-end - Shariah Compliant Equity Fund
NBP Funds launched its second open-end Islamic Equity Fund namely NBP Islamic
Dealing Days: Daily – Monday to Friday Active Allocation Equity Fund (NIAAEF) in January, 2016. The aim of the Fund is to
Dealing Time: (Mon-Thr) 9:00 A.M to 3:00 P.M (Friday) 9:00 A.M provide growth to the investment of unit holders over the long-term in approved
to 4:00 P.M Shariah Compliant equities.
Settlement: 2-3 business days
Pricing Mechanism: Forward Pricing NIAAEF started off the month with an allocation of around 88% in equities, which was
Load: Front end: 0%, Back end: 0% increased to around 90% towards the end of the month. NIAAEF outperformed the
Management Fee: 2% per annum w.e.f 02-Feb-22 Benchmark as the Fund was overweight in select, Food & Personal Care Products, Oil
Total Expense Ratio: YTD: 4.74% (including 0.31% government levies) & Gas Exploration Companies, and Textile Composite sectors stocks which
MTD: 4.55% (including 0.31% government levies) outperformed the market and underweight in select Fertilizer, Refinery and Technology
& Communication sectors stocks which underperformed the market. During the month,
the allocation was primarily increased in , Food & Personal Care Products, Oil & Gas
Selling & Marketing Expenses: 1.55% per annum (w.e.f 02-Feb-22) Exploration Companies, and Glass & Ceramics sectors, whereas it was reduced
Risk Profile / Risk of principal High / Principal at high risk primarily in Cement, Chemical, and Engineering sectors.
erosion:
Auditors: Grant Thornton Anjum Rahman.
Chartered Accountants Top Ten Holdings (as on December 31 , 2022)
Benchmark: KMI-30 Index
Name % of Total Assets
Fund Manager: Asim Wahab Khan, CFA
Asset Manager Rating: AM1 by PACRA (Very High Quality) Pak Petroleum Limited 9.5%
Kohat Cement Limited 9.3%
Equities / Stocks 90.1% 88.3% Oil and Gas Development Co Limited 8.4%
Cash Equivalents 2.3% 7.3% Engro Corporation Limited 7.8%
Others including Receivables 7.6% 4.4% Mari Petroleum Company Limited 7.7%
Total 100.0% 100.0%
Systems Limited 7.5%
Leverage Nil Nil
Meezan Bank Limited 6.2%
Note: Amount invested by fund of funds is Rs. "179" million.
Hub Power Company Limited 5.6%
Characterstics of Equity Portfolio** Pakistan State Oil Co Limited 3.5%
PER PBV DY Kohinoor Textile Mills Ltd. 3.1%
NIAAEF 4.0 0.7 7.5%
KMI-30 3.7 0.6 8.4%
** Based on NBP Fund Management Ltd estimates
Top Five Sectors (% of Total Assets) (as on December 31 ,2022) Asim Wahab Khan, CFA
Oil & Gas Exploration Companies 27.2 % Hassan Raza, CFA
Cement 13.6 % Dispute Resolution / Complaint Handling
Fertilizer 7.8 % Complaint Service : www.nbpfunds.com/contact-us/investor-relations
Technology & Communication 7.5 % SECP’s Service Desk Management System: sdms.secp.gov.pk
Commercial Banks 6.2 %
Others 27.8 %
2) Taxes apply.
Page 11
NBP ISLAMIC STOCK FUND (NISF)

Performance %
Since Launch
Performance Period Dec-2022 January 9, 2015*
NBP ISLAMIC STOCK FUND (4.5)% (2.0)% (14.5)% (16.7)% 36.2% 3.9% (20.1)% (12.8)% (1.4)% (1.2)% 3.8%
BENCHMARK (4.9)% (0.7)% (4.8)% (10.3)% 39.3% 1.6% (23.8)% (9.6)% 1.1% (0.1)% 3.4%


Launch Date: January 9, 2015 The objective of the Fund is to provide investors with long term capital growth from an
Fund Size: Rs. 4,203 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)
decreased by 4.5%, whereas the Benchmark decreased by 4.9%, thus an
(Friday) 9:00 A.M to 4:00 P.M outperformance of 0.4% was recorded. Since inception on January 9, 2015 your Fund
Settlement: 2-3 business days NAV has increased by 3.8% p.a versus 3.4% p.a by the Benchmark. Thus, to-date the
Pricing Mechanism: Forward Pricing outperformance of your Fund stands at 0.4% p.a. This outperformance is net of
Load: Front end: 3%, (Takaful coverage and Health management fee and all other expenses.
Takaful Plan option available for individual)
Back end: 0% NISF started off the month with an allocation of around 95% in equities which was
Management Fee: 2% per annum (w.e.f 02-Feb-22) increased to around 97% towards the end of the month. NISF outperformed the
Benchmark as the Fund was overweight in select, Automobile Assembler, Oil & Gas
Total Expense Ratio: YTD: 4.33% p.a (including 0.30% government
Exploration Companies, and Textile Composite sectors stocks which outperformed the
levies),
market and underweight in select Fertilizer, Food & Personal Care Products, Refinery
MTD: 4.34% p.a (including 0.30% government
and Technology & Communication sectors stocks which underperformed the market.
levies)
Selling & Marketing Expenses: 1.55% per annum (w.e.f 02-Feb-22) During the month, the allocation was primarily increased in Oil & Gas Exploration
Companies, Fertilizer and Technology & Communication sectors, whereas it was
reduced primarily in Cement, Chemical , Engineering and Glass & Ceramics sectors.
erosion:
Auditors: Yousuf Adil
Chartered Accountants
Benchmark: KMI-30 Index Top Ten Holdings (as on December 31 , 2022)
Fund Manager: Asim Wahab Khan, CFA Name % of Total Assets
Minimum Subscription: Growth Unit: Rs. 10,000/- Oil and Gas Development Co Limited 8.9%
Asset Manager Rating: AM1 by PACRA (Very High Quality) Systems Limited 8.8%
Pak Petroleum Limited 8.3%
Equities / Stocks 96.7% 95.2% Mari Petroleum Company Limited 8.2%
Cash Equivalents 1.7% 3.9% Engro Corporation Limited 8.0%
Others including Receivables 1.6% 0.9% Kohat Cement Limited 7.6%
Total 100.0% 100.0%
Hub Power Company Limited 6.4%
Leverage Nil Nil
Meezan Bank Limited 6.2%
Characterstics of Equity Portfolio**
Lucky Cement Limited 5.7%
PER PBV DY
NISF 3.9 0.6 7.8% Pakistan Oilfields Limited 3.6%
KMI-30 3.7 0.6 8.4%
** Based on NBP Fund Management Ltd estimates Name of the Members of Investment Committee
Top Five Sectors (% of Total Assets) (as on December 31 ,2022) Dr. Amjad Waheed, CFA
Oil & Gas Exploration Companies 29.0 % Asim Wahab Khan, CFA
Cement 15.2 % Hassan Raza, CFA
Technology & Communication 8.8 % Dispute Resolution / Complaint Handling
Fertilizer 8.6 % Complaint Service : www.nbpfunds.com/contact-us/investor-relations
Power Generation & Distribution 6.4 % SECP’s Service Desk Management System: sdms.secp.gov.pk
Others 28.7 %
2) Taxes apply.
Page 12
NBP ISLAMIC ENERGY FUND (NIEF)

Performance %
Since Launch
Performance Period Dec-2022 April 21, 2016*
NBP ISLAMIC ENERGY FUND 1.2% 2.6% 1.6% (7.0)% 14.6% (7.2)% (27.8)% (3.2)% (4.3)% (5.2)% 0.4%
BENCHMARK (4.9)% (0.7)% (4.8)% (10.3)% 39.3% 1.6% (23.8)% (9.6)% 1.1% (0.1)% 2.2%


Launch Date: April 21, 2016 The objective of NBP Islamic Energy Fund is to provide investors with long term capital
Fund Size: Rs. 660 million growth from an actively managed portfolio of Shari’ah Compliant listed equities
Type: Open-end Shariah Compliant Equity Fund belonging to the Energy Sector.
Dealing Time: (Mon-Thr) 9:00 A.M to 3:00 P.M NBP Funds Management Ltd launched its third open-end Islamic Equity Fund namely
NBP Islamic Energy Fund (NIEF) in April, 2016. The aim of the Fund is to provide
(Friday) 9:00 A.M to 4:00 P.M growth to the investment of unit holders over the long-term in approved Shariah
Settlement: 2-3 business days Compliant energy stocks.
Load: Front end: 3%, (Takaful coverage and Health NIEF started off the month with an allocation of around 95% in equities which was
Takaful Plan option available for individual) decreased to around 94% towards the end of the month. NIEF outperformed the
Back end: 0% Benchmark as the Fund was overweight in select Energy sectors stocks which
Management Fee: 1.5% per annum w.e.f 12-Jul-19 outperformed the market. During the month, the allocation was primarily increased in
Total Expense Ratio: YTD: 4.56% p.a (including 0.24% government Oil & Gas Exploration Companies and Oil & Gas Marketing Companies sector,
levies), whereas it was reduced primarily in Power Generation & Distribution and Refinery
MTD: 4.62% (including 0.24% government levies) sector.
Selling & Marketing Expenses: 2.05% per annum w.e.f 20-Sep-2021

Risk Profile / Risk of principal High / Principal at high risk Top Ten Holdings (as on December 31 , 2022)
erosion: Name % of Total Assets
Pak Petroleum Limited 20.0%
Auditors: Grant Thornton, Anjum Rahman. Oil and Gas Development Co Limited 19.1%
Chartered Accountants Mari Petroleum Company Limited 16.2%
Benchmark: KMI-30 Index
Fund Manager: Asim Khatri, CFA, ACCA Pakistan Oilfields Limited 15.4%
Minimum Subscription: Growth Unit: Rs. 10,000/- Hub Power Company Limited 11.2%
Asset Manager Rating: AM1 by PACRA (Very High Quality) Pakistan State Oil Co Limited 6.0%
Attock Petroleum Limited 1.8%
Equities / Stocks 94.3% 94.8% Cnergyico PK Limited 1.4%
Cash Equivalents 2.2% 3.1% Attock Refinery Ltd. 1.0%
Others including Receivables 3.5% 2.1% K-Electric Limited 1.0%
Total 100.0% 100.0%
Leverage Nil Nil
Characterstics of Equity Portfolio** Dr. Amjad Waheed, CFA
PER PBV DY Asim Wahab Khan, CFA
NIEF 3.0 0.5 10.1% Hassan Raza, CFA
KMI-30 3.7 0.6 8.4% Dispute Resolution / Complaint Handling
Top Sectors (% of Total Assets) (as on December 31 ,2022) SECP’s Service Desk Management System: sdms.secp.gov.pk
Oil & Gas Exploration Companies 70.8 %
Power Generation & Distribution 12.5 %
Oil & Gas Marketing Companies 8.7 %
Refinery 2.4 %
2) Taxes apply.
Page 13
NAFA ISLAMIC PENSION FUND (NIPF)

MONTHLY REPORT (MUFAP's Recommended Format) December 2022
Performance %
NAV Per Since Launch
Fund Size Unit (Rs.) Dec FYTD - Rolling 12 FY- FY - FY - FY - FY - Last 3 Last 5
Performance Period (Rs. in mln) 31-Dec-2022 July 02,
2022 2023 Months 2022 2021 2020 2019 2018 Years Years
2013
NIPF-Equity Sub-fund 1,075 316.2598 (4.7%)* (1.5%)* (13.1%)* (14.1%)* 43.7%* 7.7%* (18.2%)* (10.5%)* 2.1% 2.2% 12.8%
NIPF-Debt Sub-fund 848 182.6295 13.3% 13.9% 12.5% 9.2% 5.3% 9.4% 6.1% 2.8% 8.4% 7.7% 6.4%
NIPF-Money Market Sub-fund 1,852 185.9045 14.5% 14.1% 12.7% 8.9% 4.8% 9.8% 7.5% 3.6% 8.3% 8.0% 6.6%
*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. 3,775 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:
(Friday) 9:00 A.M to 4:00 P.M
NIPF Equity Sub-fund unit price decreased by 4.7% compared with 4.9%
Front End Load: Upto 3% on Contributions decreased in KMI-30 Index. The Sub-fund was around 97% invested in equities
Back end Load: 0% with major weights in Oil & Gas Exploration Companies, Cement, and Technology
On average Annual Net Assets of each Sub-Fund.
Management Fee*: & Communication sectors. Equity Sub-fund maintains exposure of atleast 90% in
Equity 1.50%, Debt 0.40%, Money Market 0.20%
listed equities on average. Last 90 days average allocation in equity was 98% of
Selling and Marketing Expense*: Equity 1.80%, Debt 0.625%, Money Market 0.325% net asset.
Total Expense Ratio: Equity: YTD: 4.04% p.a (including 0.25% government levies)
MTD: 4.11% p.a (including 0.25% government levies) NIPF Debt Sub-fund generated annualized return of 13.3%. The Sub-fund was
invested primarily in Sukuks and Islamic bank deposits. Debt Sub-fund maintains
Debt: YTD: 1.47% p.a (including 0.11% government levies) a minimum exposure of 25% in A+ rated Islamic banks. Weighted Average
MTD:1.44% p.a (including 0.11% government levies)
Maturity of Sub-fund is 1 years.
Money Market: YTD:0.85% p.a (including 0.08% government
levies) MTD:0.84% p.a (including 0.08% government levies) NIPF Money Market Sub-fund generated annualized return of 14.5%. The
Risk Profile: Investor dependent Sub-fund was invested primarily in Islamic bank deposits. Money Market
Custodian & Trustee: Central Depository Company (CDC) Sub-fund average maturity cannot exceed 1 year. Weighted Average Maturity of
Auditors: Yousuf Adil Chartered Accountants Sub-fund is 0.1 year.
Minimum: Initial: Rs. 10,000/- Top Five Sectors (% of Total Assets) ( As on 31 December, 2022)
Subscription: Subsequent: Rs. 1000/- Oil & Gas Exploration Companies 27.8%
Asset Manager Rating: AM1 by PACRA (Very High Quality) Cement 14.7%
Leverage: Nil Technology & Communication 8.7%
* w.e.f Sep 20, 2021 Fertilizer 7.7%
Commercial Banks 6.0%
Others 31.8%
Asset Allocation (% of Total
Credit Quality Assets)
of the Portfolio (as on 31 December, 2022)
Debt Money Market Top Ten Holdings of Equity Sub-fund ( As on 31 December, 2022)
Government Securities (AAA rated) 13.2% 4.0%
Name (% of Total Assets) Name (% of Total Assets)
AAA 12.5% 75.9%
AA+ 3.3% 5.0% Oil & Gas Dev Co Limited 8.6% Kohat Cement Limited 7.2%
AA 16.0% 12.3% Systems Limited 8.2% Hub Power Company Limited 6.0%
AA- - - Pak Petroleum Limited 7.8% Meezan Bank Limited 5.9%
Mari Petroleum Company Limited 7.6% Lucky Cement Limited 5.5%
A+ 52.3% -
Engro Corporation Limited 7.5% Pakistan Oilfields Limited 3.7%
Others 2.7% 2.8%
Total 100.0% 100.0% As on 31 December, 2022
Asset Allocation (% of Total Assets) Top Sukuk Holdings of Debt Sub-fund
(% of Total
30-Nov-17 Name Assets)
Equity Sub-fund 31-Dec-22 30-Nov-22 OBS AGP Limited Suk 15-JUL-21 15-JUL-26 6.7%
Equity 96.7% 96.8% KE STS-7 10-AUG-22 10-FEB-23 4.7%
Cash Equivalents 2.5% 2.1%
KE STS-9 21-SEP-22 21-MAR-23 4.7%
Meezan 16-DEC-21 16-DEC-31 4.3%
Total 100.0% 100.0%
NML STS 01-NOV-22 01-MAY-23 4.1%
Debt Sub-fund KE STS-8 29-AUG-22 28-FEB-23 2.3%
31-Dec-22 30-Nov-22
HUBCO Suk-2 Rev 22-AUG-19 22-AUG-23 2.1%
Government Backed Security 1.5% 1.6% KE Suk 03-AUG-20 03-AUG-27 1.1%
GOP Ijara Sukuk 11.7% 12.0%
Sukuk 30.0% 30.8%
Others 2.7% 2.3% Dispute Resolution / Complaint Handling
Total 100.0% 100.0% SECP’s Service Desk Management System: sdms.secp.gov.pk
Money Market Sub-fund 31-Dec-22 30-Nov-22

GOP Ijara Sukuk 4.0% 4.3% Name of the Members of Investment Committee
Short term Sukuk 17.2% 13.2% Dr. Amjad Waheed, CFA
Others 2.8% 2.1% Asim Wahab Khan, CFA
Total 100.0% 100.0% Hassan Raza, CFA
Salman Ahmed, CFA
2) Taxes apply. Further, tax credit also available as per section 63 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 pension
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. NBP Funds
or any of its sales representative cannot guarantee preservation / protection of capital and / or expected returns / profit on investments. The use of the name and logo of National Bank of Pakistan does
not mean that it is responsible for the liabilities/ obligations of the Company (NBP Fund Management Limited) or any investment scheme managed by it.
Page 14
NAFA ISLAMIC ACTIVE ALLOCATION PLAN-I (NIAAP-I)

Performance %
Since Launch
2016*
NAFA ISLAMIC ACTIVE ALLOCATION
PLAN-I
(1.4)% 3.2% (6.1)% 24.3% 28.5% 16.0% (9.5)% (12.0)% 16.9% 11.5% 11.2%
BENCHMARK (2.3)% 1.5% (0.8)% (6.5)% 29.9% 12.2% (11.0)% (8.5)% 4.7% 4.5% 6.2%


Launch Date: January 15, 2016 The objective of the Fund is to provide investors an opportunity to earn attractive return
Fund Size: Rs. 15 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 Management Ltd launched its NAFA Islamic Active Allocation Plan-I
Dealing Time: (Mon-Thr) 9:00 A.M to 3:00 P.M (Friday) 9:00 A.M (NIAAP-I) in January, 2016 which is the first plan under NAFA Islamic Active Allocation
to 4:00 P.M Fund-I. The Active Allocation Plan is dynamically managed between dedicated equity
Settlement: 2-3 business days related and income schemes managed by NBP Funds Management Ltd based on the
Pricing Mechanism: Forward Pricing Fund Manager’s outlook of the authorized asset-classes. The Plan is presently closed
Back end Load: Nil for new subscription. NIAAP-I has an initial maturity of two years.
Management Fee: 1) On invested amount in NBP Fund Management
Ltd, no additional Since inception, NIAAP-I has generated a return of 11.2% p.a versus Benchmark
fee. return of 6.2% p.a. The current exposure in Income Fund and Equity Fund stands at
2) Cash in Bank account: 1.25% p.a. 51.7% & 39.6%, respectively. The Plan can invest up to 100% in equity funds. We are
0.00 % p.a of Average Net Assets during the confident that the Plan will generate good returns considering the improved
month. macroeconomic and political outlook and dynamic equity allocation mechanism of the
Total Expense Ratio: YTD: 2.49% p.a (including 0.03% government Fund.
levies),
levies)
erosion: Top Holdings (as on December 31 , 2022)
Listing: Pakistan Stock Exchange Name % of Total Assets
Custodian & Trustee: Central Depository Company (CDC) NBP Islamic Income Fund 51.7%
Auditors: Grant Thornton Anjum Rahman Chartered
Accountant NBP Islamic Active Allocation Equity Fund 39.6%
Benchmark: Daily weighted return of KMI-30 Index & 6-month
average deposit rates of three A rated Islamic
selected by MUFAP, based on Fund's actual Dr. Amjad Waheed, CFA
allocation (which is combination of benchmarks of Asim Wahab Khan, CFA
underlying schemes) Salman Ahmed, CFA
Hassan Raza, CFA
Asset Allocation (% of Total Assets) 31-Dec-22 30-Nov-22 SECP’s Service Desk Management System: sdms.secp.gov.pk
Shari'ah Compliant Funds 91.3% 91.3%
Total 100.0% 100.0%
Leverage Nil Nil

PER PBV DY
NIAAEF 4.0 0.7 7.5%
KMI-30 3.7 0.6 8.4%
2) Taxes apply.
Page 15
NAFA ISLAMIC ACTIVE ALLOCATION PLAN-II (NIAAP-II)

Performance %
Since Launch
Performance Period Dec-2022 March 4, 2016*

PLAN-II
(1.5)% 3.1% (6.3)% 10.0% 26.6% 3.7% (4.1)% (11.1)% 11.8% 7.5% 8.0%
BENCHMARK (2.3)% 1.7% (0.8)% (6.6)% 29.5% (1.7)% (6.0)% (8.1)% 4.9% 2.9% 4.3%


Launch Date: March 4, 2016 The objective of the Fund is to provide investors an opportunity to earn attractive return
NBP Funds Management Ltd launched its NAFA Islamic Active Allocation Plan-II
Dealing Time: (Mon-Thr) 9:00 A.M to 3:00 P.M (NIAAP-II) in March 2016 which is the second plan under NAFA Islamic Active
Allocation Fund-I. The Active Allocation Plan is dynamically managed between
(Friday) 9:00 A.M to 4:00 P.M dedicated equity related and income schemes managed by NBP Funds Management
Settlement: 2-3 business days
Ltd based on the Fund Manager’s outlook of the authorized asset-classes. The Plan is
Pricing Mechanism: Forward Pricing presently closed for new subscription. NIAAP-II has an initial maturity of two years.
Back end Load: Nil
Management Fee: 1) On invested amount in NBP Fund Management Since inception, NIAAP-II has increased by 8.0% p.a versus Benchmark return of 4.3%
Ltd, no additional fee. p.a. The current exposure in Income Fund and Equity stands at 50.6% and 40.7%
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.
levies),
levies)
Risk Profile / Risk of principal High / Principal at high risk Top Holdings (as on December 31 , 2022)
erosion: Name % of Total Assets
Listing: Pakistan Stock Exchange NBP Islamic Income Fund 50.6%
NBP Islamic Active Allocation Equity Fund 40.7%
Auditors: Grant Thornton Anjum Rahman & Co,
Benchmark: Daily weighted return of KMI-30 Index & 6-month Name of the Members of Investment Committee
selected by MUFAP, based on Fund's actual Asim Wahab Khan, CFA
allocation (which is combination of benchmarks of Salman Ahmed, CFA
underlying schemes) Hassan Raza, CFA
Fund Manager: Asim Wahab Khan, CFA Dispute Resolution / Complaint Handling
Asset Manager Rating: AM1 by PACRA (Very High Quality) Complaint Service : www.nbpfunds.com/contact-us/investor-relations
Total 100.0% 100.0%
Leverage Nil Nil

PER PBV DY
NIAAEF 4.0 0.7 7.5%
KMI-30 3.7 0.6 8.4%
2) Taxes apply.
Page 16
NAFA ISLAMIC ACTIVE ALLOCATION PLAN-III (NIAAP-III)

Performance %
Since Launch
Performance Period Dec-2022 June 28, 2016*

PLAN-III
(1.4)% 2.5% (6.4)% (1.3)% 27.4% 14.6% (8.2)% (8.9)% 7.6% 6.7% 6.3%
BENCHMARK (2.3)% 1.5% (0.9)% (6.5)% 29.5% 12.6% (9.5)% (5.0)% 4.9% 5.4% 4.8%


Launch Date: June 28, 2016 The objective of the Fund is to provide investors an opportunity to earn attractive return
NBP Funds Management Ltd launched its NAFA Islamic Active Allocation Plan-III
Dealing Time: (Mon-Thr) 9:00 A.M to 3:00 P.M (Friday) 9:00 A.M (NIAAP-III) in June 2016 which is the third plan under NAFA Islamic Active Allocation
to 4:00 P.M Fund-I. The Active Allocation Plan is dynamically managed between dedicated equity
Back end Load: Nil for new subscription. NIAAP-III has an initial maturity of two years.
Ltd, no additional fee. Since inception, NIAAP-III has increased by 6.3% p.a versus Benchmark return of
2) Cash in Bank account: 1.25% p.a. 0.06% p.a of 4.8% p.a. The current exposure in Income Fund and Equity Fund stands at 44.9% &
Average Net Assets during the month. 47.0%, respectively. The Plan can invest up to 100% in equity funds. We are confident
Total Expense Ratio: YTD : 0.90% (including 0.04% government levies) that the Plan will generate good returns considering the improved macroeconomic and
MTD : 1.37 (including 0.03% government levies) political outlook and dynamic equity allocation mechanism of the Fund.

erosion:
Custodian & Trustee: Central Depository Company (CDC) Top Holdings (as on December 31 , 2022)
Auditors: Grant Thornton Anjum Rahman, Chartered Name % of Total Assets
Accountant, NBP Islamic Active Allocation Equity Fund 47.0%
average deposit rates of three A rated Islamic NBP Islamic Income Fund 44.9%
selected by MUFAP, based on Fund's actual Name of the Members of Investment Committee
allocation (which is combination of benchmarks of
underlying schemes)
Hassan Raza, CFA
Salman Ahmed , CFA
Total 100.0% 100.0%
Leverage Nil Nil

PER PBV DY
NIAAEF 4.0 0.7 7.5%
KMI-30 3.7 0.6 8.4%
2) Taxes apply.
Page 17
NAFA ISLAMIC ACTIVE ALLOCATION PLAN-IV (NIAAP-IV)

Performance %
Since Launch
Performance Period Dec-2022 September 30,
2016*
PLAN-IV
(1.4)% 2.5% (6.6)% (3.5)% 26.7% 14.5% (9.3)% (9.6)% 6.6% 5.6% 4.6%
BENCHMARK (2.1)% 1.8% (0.6)% (6.6)% 29.3% 12.8% (10.3)% (5.9)% 4.8% 5.0% 4.2%


Launch Date: September 30, 2016 The objective of the Fund is to provide investors an opportunity to earn attractive return
NBP Funds Management Ltd launched its NAFA Islamic Active Allocation Plan-IV
Dealing Time: (Mon-Thr) 9:00 A.M to 3:00 P.M (NIAAP-IV) in September, 2016 which is the fourth plan under NAFA Islamic Active
(Friday) 9:00 A.M to 4:00 P.M Allocation Fund-I. The Active Allocation Plan is dynamically managed between
Settlement: 2-3 business days dedicated equity related and income schemes managed by NBP Funds Management
Pricing Mechanism: Forward Pricing Ltd based on the Fund Manager’s outlook of the authorized asset-classes. The Plan is
Back end Load: Nil presently closed for new subscription. NIAAP-IV has an initial maturity of two years.
Ltd, no Since inception, NIAAP-IV has increased by 4.6% p.a versus Benchmark return of
additional fee. 4.2% p.a. The current exposure in Income Fund and Equity Fund stands at 42.4% &
2) Cash in Bank account: 1.25% p.a. 46.8%, respectively. The Plan can invest up to 100% in equity funds. We are confident
0.25% p.a of Average Net Assets during the month. that the Plan will generate good returns considering the improved macroeconomic and
political outlook and dynamic equity allocation mechanism of the Fund.
levies)
levies)
Custodian & Trustee: Central Depository Company (CDC) NBP Islamic Active Allocation Equity Fund 46.8%
Accountants NBP Islamic Income Fund 42.4%
Hassan Raza, CFA
Asset Allocation (% of Total Assets) 31-Dec-22 30-Nov-22 SECP’s Service Desk Management System: sdms.secp.gov.pk
Total 100.0% 100.0%
Leverage Nil Nil

PER PBV DY
NIAAEF 4.0 0.7 7.5%
KMI-30 3.7 0.6 8.4%
2) Taxes apply.
Page 18
NAFA ISLAMIC ACTIVE ALLOCATION PLAN-V (NIAAP-V)

Performance %
Since Launch
2017*
PLAN-V
(1.5)% 2.2% (7.0)% (4.5)% 26.7% 13.8% (9.5)% (9.1)% 5.9% 5.2% 2.2%
BENCHMARK (2.3)% 1.7% (0.6)% (6.6)% 29.3% 12.2% (10.9)% (4.9)% 4.7% 4.9% 1.8%


Launch Date: January 12, 2017 The objective of the Fund is to provide investors an opportunity to earn attractive return
NBP Funds Management Ltd launched its NAFA Islamic Active Allocation Plan-V
Dealing Time: (Mon-Thr) 9:00 A.M to 3:00 P.M (NIAAP-V) in January, 2017 which is the fifth plan under NAFA Islamic Active
(Friday) 9:00 A.M to 4:00 P.M Allocation Fund-I. The Active Allocation Plan is dynamically managed between
Back end Load: Nil presently closed for new subscription. NIAAP-V has an initial maturity of two years.
Ltd, no additional fee. Since inception, unit price of NIAAP-V has increased by 2.2% p.a versus Benchmark
2) Cash in Bank account: 1.25% p.a. return of 1.8% p.a. The current exposure in Income Fund and Equity Fund stands at
0.10% p.a of average net assets during the month. 42.3% & 48.2%, 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: YTD : 1.41% p.a (including 0.04% government macroeconomic and political outlook and dynamic equity allocation mechanism of the
levies) Fund.
MTD : 1.54% p.a (including 0.05% government
levies)
erosion:
Listing: Pakistan Stock Exchange Top Holdings (as on December 31 , 2022)
Custodian & Trustee: Central Depository Company (CDC) Name % of Total Assets
Auditors: Grant Thornton Anjum Rahman, NBP Islamic Active Allocation Equity Fund 48.2%
Benchmark: Daily weighted return of KMI-30 Index & 6-month NBP Islamic Income Fund 42.3%
Banks/Islamic windows of conventional banks as Name of the Members of Investment Committee
selected by MUFAP, based on Fund's actual
underlying schemes) Asim Wahab Khan, CFA
Salman Ahmed, CFA
Hassan Raza, CFA
Fund Manager: Asim Wahab Khan, CFA Complaint Service : www.nbpfunds.com/contact-us/investor-relations
Asset Manager Rating: AM1 by PACRA (Very High Quality) SECP’s Service Desk Management System: sdms.secp.gov.pk
Total 100.0% 100.0%
Leverage Nil Nil

PER PBV DY
NIAAEF 4.0 0.7 7.5%
KMI-30 3.7 0.6 8.4%
2) Taxes apply.
Page 19
NAFA ISLAMIC ACTIVE ALLOCATION PLAN-VI (NIAAP-VI)

Performance %
Since Launch
Performance Period Dec-2022 May 26, 2017*

PLAN-VI
(1.6)% 2.8% (7.2)% (3.7)% 26.5% 13.5% (9.1)% (7.8)% 6.2% 5.5% 2.1%
BENCHMARK (2.3)% 1.6% (1.7)% (7.7)% 29.4% 11.5% (10.7)% (3.8)% 4.1% 4.6% 1.3%


Launch Date: May 26, 2017 The objective of the Fund is to provide investors an opportunity to earn attractive return
NBP Funds Management Ltd launched its NAFA Islamic Active Allocation Plan-VI
Dealing Time: (Mon-Thr) 9:00 A.M to 3:00 P.M (NIAAP-VI) in May, 2017 which is the first plan under NAFA Islamic Active Allocation
(Friday) 9:00 A.M to 4:00 P.M Fund-II. The Active Allocation Plan is dynamically managed between dedicated equity
Back end Load: Nil for new subscription. NIAAP-VI has an initial maturity of two years.
Ltd, no additional fee. Since inception, unit price of NIAAP-VI has increased by 2.1% p.a versus Benchmark
2) Cash in Bank account: 1.25% p.a. return of 1.3% p.a. The current exposure in Income Fund and Equity Fund stands at
0.06% p.a of average net assets during the month 43.8% & 45.2%, 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 political outlook and dynamic equity allocation mechanism of the
Total Expense Ratio: YTD: 2.33% p.a (including 0.04% government Fund.
levies)
MTD: 2.46% (including 0.03% government levies)

Custodian & Trustee: Central Depository Company (CDC) NBP Islamic Active Allocation Equity Fund 45.2%
Auditors: Grant Thornton Anjum Rahman & Co., Chartered
Accountants NBP Islamic Income Fund 43.8%
Hassan Raza, CFA
Fund Manager: Asim Wahab Khan , CFA SECP’s Service Desk Management System: sdms.secp.gov.pk
Total 100.0% 100.0%
Leverage Nil Nil

PER PBV DY
NIAAEF 4.0 0.7 7.5%
KMI-30 3.7 0.6 8.4%
2) Taxes apply.
Page 20
NAFA ISLAMIC ACTIVE ALLOCATION PLAN-VII (NIAAP-VII)

Performance %
Since Launch
Performance Period Dec-2022 June 29, 2017*

PLAN-VII
(1.6)% 1.8% (7.6)% (5.7)% 24.9% 7.1% (9.3)% (6.5)% 4.9% 3.4% 1.6%
BENCHMARK (2.3)% 1.6% (0.8)% (6.6)% 29.0% 5.8% (10.8)% (3.0)% 4.6% 3.6% 2.0%


Launch Date: June 29, 2017 The objective of the Fund is to provide investors an opportunity to earn attractive return
NBP Funds Management Ltd launched its NAFA Islamic Active Allocation Plan-VII
Dealing Time: (Mon-Thr) 9:00 A.M to 3:00 P.M (NIAAP-VII) in June, 2017 which is the second plan under NAFA Islamic Active
(Friday) 9:00 A.M to 4:00 P.M Allocation Fund-II. The Active Allocation Plan is dynamically managed between
Back end Load: Nil presently closed for new subscription. NIAAP-VII has an initial maturity of two years.
Ltd, no additional 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 2.0% p.a. The current exposure in Income Fund and Equity Fund
0.09% p.a of average net assets during the month. stands at 43.0% & 47.1%, 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: YTD: 2.45% p.a (including 0.04% government improved macroeconomic and political outlook and dynamic equity allocation
levies) mechanism of the Fund.
levies)
erosion:
Auditors: Grant Thornton Anjum Rahman & Co., Chartered NBP Islamic Active Allocation Equity Fund 47.1%
Accountants,
Salman Ahmed, CFA
Hassan Raza, CFA
Total 100.0% 100.0%
Leverage Nil Nil

PER PBV DY
NIAAEF 4.0 0.7 7.5%
KMI-30 3.7 0.6 8.4%
2) Taxes apply.
Page 21
NAFA ISLAMIC ACTIVE ALLOCATION PLAN-VIII (NIAAP-VIII)

Performance %
FYTD - Rolling 12 FY - FY - FY - FY - Last 3 Last 5 Since Launch
Performance Period Dec-2022
2023 Months 2022 2021 2020 2019 Years* Years* November 3, 2017*

PLAN-VIII
(1.5)% 2.3% (7.0)% (4.2)% 26.2% 8.1% (4.1)% 6.0% 5.2% 5.0%
BENCHMARK (2.3)% 1.7% (0.7)% (6.7)% 29.0% 4.7% (5.2)% 4.7% 4.3% 4.2%


Launch Date: November 3, 2017 The objective of the Fund is to provide investors an opportunity to earn attractive return
NBP Funds Management Ltd launched its NAFA Islamic Active Allocation Plan-VIII
Dealing Time: (Mon-Thr) 9:00 A.M to 3:00 P.M (Friday) 9:00 A.M (NIAAP-VIII) in November, 2017 which is the third plan under NAFA Islamic Active
to 4:00 P.M Allocation Fund-II. The Active Allocation Plan is dynamically managed between
Back end Load: Nil presently closed for new subscription. NIAAP-VIII has an initial maturity of two years.
Ltd, no additional fee. Since inception, NIAAP-VIII has increased by 5.0% p.a versus Benchmark return of
2) Cash in Bank account: 1.25% p.a. 4.2% p.a. The current exposure in Income Fund and Equity Fund stands at 47.9% &
0.10% p.a of average net assets during the month 48.0%, 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: YTD : 1.42% (including 0.05% government levies) political outlook and dynamic equity allocation mechanism of the Fund.
MTD : 1.47% (including 0.04% government levies)

erosion:
Auditors: Grant Thornton Anjum Rahman & Co., Chartered NBP Islamic Active Allocation Equity Fund 48.0%
Accountants
Salman Ahmed, CFA
Fund Manager: Asim Wahab Khan, CFA Hassan Raza, CFA
Asset Allocation (% of Total Assets) 31-Dec-22 30-Nov-22 Complaint Service : www.nbpfunds.com/contact-us/investor-relations
Shari'ah Compliant Funds 95.9% 90.1% SECP’s Service Desk Management System: sdms.secp.gov.pk
Total 100.0% 100.0%
Leverage Nil Nil

PER PBV DY
NIAAEF 4.0 0.7 7.5%
KMI-30 3.7 0.6 8.4%
2) Taxes apply.
Page 22
NAFA ISLAMIC CAPITAL PRESERVATION PLAN-I (NICPP-I)

Performance %
Since Launch
FYTD - Rolling 12
Performance Period Dec-2022 FY - 2022 FY - 2021 FY - 2020 FY - 2019 Last 3 Years* February 28, 2018*
2023 Months
NAFA ISLAMIC CAPITAL PRESERVATION

PLAN-I
(0.3)% 4.9% 2.2% 2.1% 16.8% 6.6% 1.8% 5.7% 6.6%
BENCHMARK (0.8)% 2.4% 2.1% (2.6)% 17.9% 5.0% (0.9)% 3.4% 4.3%


Launch Date: February 28, 2018 The objective of NAFA Islamic Capital Preservation Plan-I is to earn a potentially high
Fund Size: Rs. 75 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
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 Management Ltd launched its NAFA Islamic Capital Preservation Plan-I
Settlement: 2-3 business days (NICPP-I) in February, 2018 which is the fourth plan under NAFA Islamic Active
Pricing Mechanism: Forward Pricing Allocation Fund-II. The Plan is dynamically allocated between the Equity Component
Back end Load: Nil and Money Market Component by using the Constant Proportion Portfolio Insurance
Management Fee: 1) On invested amount in NBP funds, no additional (CPPI) Methodology. Allocation to Equity Component is generally increased when
fee. equity market is rising, while allocation to the Money Market Component is generally
2) Cash in Bank account: 1.0% p.a. increased when the equity market declines. The Plan is presently closed for new
0.10% p.a of average net assets during the month. subscription. NICPP-I has an initial maturity of two years.
Total Expense Ratio: YTD: 0.72% p.a (including 0.04% government Since inception, unit price of NICPP-I has increased by 6.6% p.a versus the
levies), Benchmark return of 4.3% p.a. The current exposure in Money Market Fund and
MTD: 0.83% (including 0.04% government levies) Equity Fund stands at 68.5% & 19.4%, respectively. During the month, maximum
multiplier stood at 1.1 whereas minimum multiplier was 0.8.
erosion:
Top Holdings (as on December 31 , 2022)
Accountants Name % of Total Assets
Benchmark: Daily Weighted Return of KMI-30 Index and 3- NBP Islamic Daily Dividend Fund 45.6%
months average deposit rate of three AA rated
Islamic Banks or Islamic windows of Conventional NBP Islamic Money Market Fund 22.9%
Banks as selected by MUFAP, on the basis of NBP Islamic Active Allocation Equity Fund 19.4%
actual investment by the Plan in equity and money
market schemes.
Fund Manager: Asim Wahab Khan, 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-Dec-22 30-Nov-22 Asim Wahab Khan, CFA
Shari'ah Compliant Funds 87.9% 91.1% Salman Ahmed, CFA
Cash Equivalents 11.5% 8.4% Hassan Raza, CFA
Others including Receivables 0.6% 0.5% Dispute Resolution / Complaint Handling
Total 100.0% 100.0% Complaint Service : www.nbpfunds.com/contact-us/investor-relations
Leverage Nil Nil SECP’s Service Desk Management System: sdms.secp.gov.pk

PER PBV DY
NIAAEF 4.0 0.7 7.5%
KMI-30 3.7 0.6 8.4%
2) Taxes apply.
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. Capital
preservation only applies to unit holders who hold their investments until initial maturity of two years. NBP Fund Management Limited or any of its sales representative cannot guarantee preservation /
protection of capital and / or expected returns / profit on investments. The use of the name and logo of National Bank of Pakistan does not mean that it is responsible for the liabilities/ obligations of the
Company (NBP Fund Management Limited) or any investment scheme managed by it.
Page 23
NAFA ISLAMIC CAPITAL PRESERVATION PLAN-II (NICPP-II)

Performance %
FYTD - Rolling 12 Since Launch April
Performance Period Dec-2022 FY - 2022 FY - 2021 FY - 2020 FY - 2019 Last 3 Years*
2023 Months 27, 2018*

PLAN-II
(0.6)% 4.0% 1.2% 0.7% 11.3% 5.7% 0.1% 3.5% 4.7%
BENCHMARK (1.0)% 2.2% 1.9% (2.2)% 12.6% 3.6% (2.5)% 2.0% 2.8%


Launch Date: April 27, 2018 The objective of NAFA Islamic Capital Preservation Plan-II is to earn a potentially high
four months and beyond.
Dealing Time: (Mon-Thr) 9:00 A.M to 3:00 P.M (Friday) 9:00 A.M NBP Funds Management Ltd launched its NAFA Islamic Capital Preservation Plan-II
to 4:00 P.M (NICPP-II) in April, 2018 which is the fifth plan under NAFA Islamic Active Allocation
Settlement: 2-3 business days Fund-II. The Plan is dynamically allocated between the Equity Component and Money
Pricing Mechanism: Forward Pricing Market Component by using the Constant Proportion Portfolio Insurance (CPPI)
Back end Load: Nil Methodology. Allocation to Equity Component is generally increased when equity
Management Fee: 1) On invested amount in NBP Fund Management market is rising, while allocation to the Money Market Component is generally
Ltd, no additionalfee. increased when the equity market declines. The Plan is presently closed for new
2) Cash in Bank account: 1.00% p.a. 0.12% p.a of subscription. NICPP-II has an initial maturity of two years.
Average Net Assets during the month.
Total Expense Ratio: YTD: 1.42% p.a (including 0.05% government Since inception, unit price of NICPP-II has increased by 4.7% p.a versus the
levies), Benchmark return of 2.8% p.a. The current exposure in Money Market Fund, and
erosion:
Accountants Name % of Total Assets
Benchmark: Daily Weighted Return of KMI-30 Index and 3- NBP Islamic Money Market Fund 54.2%
Islamic Banks or Islamic windows of Conventional NBP Islamic Active Allocation Equity Fund 19.4%
Banks as selected by MUFAP, on the basis of NBP Islamic Daily Dividend Fund 9.9%
market schemes.
Asset Allocation (% of Total Assets) 31-Dec-22 30-Nov-22 Asim Wahab Khan, CFA
Shari'ah Compliant Funds 83.5% 81.0% Salman Ahmed, CFA
Cash Equivalents 10.6% 13.7% Hassan Raza, CFA

PER PBV DY
NIAAEF 4.0 0.7 7.5%
KMI-30 3.7 0.6 8.4%
2) Taxes apply.
Page 24
NAFA ISLAMIC CAPITAL PRESERVATION PLAN-III (NICPP-III)

Performance %
FYTD - Rolling 12 Since Launch June
Performance Period Dec-2022 FY - 2022 FY - 2021 FY - 2020 FY - 2019 Last 3 Years*
2023 Months 22, 2018*

PLAN-III
(0.5)% 4.1% 1.8% (0.4)% 7.5% 4.5% (0.03)% 1.7% 3.4%
BENCHMARK (0.8)% 2.3% 2.1% (2.4)% 7.8% 2.7% (2.5)% 0.3% 1.7%


Launch Date: June 22, 2018 The objective of NAFA Islamic Capital Preservation Plan-III is to earn a potentially high
Dealing Time: (Mon-Thr) 9:00 A.M to 3:00 P.M NBP Funds Management Ltd launched its NAFA Islamic Capital Preservation Plan-III
(Friday) 9:00 A.M to 4:00 P.M (NICPP-III) in June, 2018 which is the first plan under NAFA Islamic Active Allocation
Settlement: 2-3 business days Fund-III. The Plan is dynamically allocated between the Equity Component and Money
Pricing Mechanism: Forward Pricing Market Component by using the Constant Proportion Portfolio Insurance (CPPI)
Back end Load: Nil Methodology. Allocation to Equity Component is generally increased when equity
Management Fee: 1) On invested amount in NBP Fund Management market is rising, while allocation to the Money Market Component is generally
Limited , no additional fee. increased when the equity market declines. The Plan is presently closed for new
2) Cash in Bank account: 1.00% p.a. subscription. NICPP-III has an initial maturity of two years.
0.14% p.a of Average Net Assets during the month.
Since inception, unit price of NICPP-III has increased by 3.4% p.a. versus the
Total Expense Ratio: YTD: 1.81%(including 0.04% government levies) Benchmark return of 1.7% p.a. The current exposure in Money Market Fund and
MTD: 1.69%(including 0.05% government levies) Equity Fund stands at 65.2% & 20.8%, respectively. During the month, maximum

erosion:
Auditors: Yousuf Adil Chartered Accountants Name % of Total Assets
Benchmark: Daily Weighted Return of KMI-30 Index and 3- NBP Islamic Daily Dividend Fund 38.1%
NBP Islamic Money Market Fund 27.1%
Islamic Banks or Islamic windows of Conventional
market schemes.
Salman Ahmed, CFA
Hassan Raza, CFA

PER PBV DY
NIAAEF 4.0 0.7 7.5%
KMI-30 3.7 0.6 8.4%
2) Taxes apply.
Page 25
NAFA ISLAMIC CAPITAL PRESERVATION PLAN-IV (NICPP-IV)

Performance %
FYTD - Rolling 12 Since Launch
Performance Period Dec-2022 FY - 2022 FY - 2021 FY - 2020 Last 3 Years* September 14, 2018*
2023 Months

PLAN-IV
(2.6)% 2.1% 2.3% 2.0% 4.8% 3.7% 0.7% 2.6%
BENCHMARK (0.7)% 2.4% 3.1% 0.2% 3.8% 2.6% (0.3)% 1.4%


Launch Date: September 14, 2018 The objective of NAFA Islamic Capital Preservation Plan-IV is to earn a potentially high
Dealing Time: (Mon-Thr) 9:00 A.M to 3:00 P.M NBP Funds Management Ltd launched its NAFA Islamic Capital Preservation Plan-IV
(Friday) 9:00 A.M to 4:00 P.M (NICPP-IV) in September, 2018 which is the second plan under NAFA Islamic Active
Settlement: 2-3 business days Allocation Fund-III. The Plan is dynamically allocated between the Equity Component
Pricing Mechanism: Forward Pricing and Money Market Component by using the Constant Proportion Portfolio Insurance
Back end Load: Nil (CPPI) Methodology. Allocation to Equity Component is generally increased when
Management Fee: 1) On invested amount in NBP Fund Management equity market is rising, while allocation to the Money Market Component is generally
Limited no additional fee. increased when the equity market declines. The Plan is presently closed for new
2) Cash in Bank account: 1.00% p.a. subscription. NICPP-IV has an initial maturity of two years.
Since inception, unit price of NICPP-IV has increased by 2.6% p.a versus the
Total Expense Ratio: YTD: 2.55% (including 0.05% government levies), Benchmark increased by 1.4% pa. The current exposure in Money Market and Equity
MTD: 2.70 (including 0.05% government levies) Fund stands at 64.4% & 17.4%, respectively. During the month, maximum multiplier
stood at 2.5 whereas minimum multiplier was 1.9.

erosion:
Auditors: Yousuf Adil Chartered Accountants Name % of Total Assets
Benchmark: Daily Weighted Return of KMI-30 Index and 3- NBP Islamic Money Market Fund 39.2%
NBP Islamic Daily Dividend Fund 25.2%
market schemes.
Salman Ahmed, CFA
Hassan Raza, CFA

PER PBV DY
NIAAEF 4.0 0.7 7.5%
KMI-30 3.7 0.6 8.4%
2) Taxes apply.
Page 26
NBP ISLAMIC CAPITAL PRESERVATION PLAN-V (NICPP-V)

Performance %
FYTD - Rolling 12 Since Launch
Performance Period Dec-2022 FY - 2022 FY - 2021 FY - 2020 Last 3 Years*
2023 Months December 17, 2018*
NBP ISLAMIC CAPITAL PRESERVATION

PLAN-V
(0.6)% 4.1% 4.9% 2.7% 4.6% 3.1% 0.9% 3.1%
BENCHMARK (0.6)% 2.3% 3.3% 1.1% 3.6% 2.7% (0.6)% 1.6%


Launch Date: December 17, 2018 The objective of NAFA Islamic Capital Preservation Plan-V is to earn a potentially high
Dealing Time: (Mon-Thr) 9:00 A.M to 3:00 P.M NBP Funds Management Ltd launched its NBP Islamic Capital Preservation Plan-V
(Friday) 9:00 A.M to 4:00 P.M (NICPP-V) in December, 2018 which is the third plan under NAFA Islamic Active
Settlement: 2-3 business days Allocation Fund-III. The Plan is dynamically allocated between the Equity Component
Pricing Mechanism: Forward Pricing and Money Market Component by using the Constant Proportion Portfolio Insurance
Back end Load: Nil (CPPI) Methodology. Allocation to Equity Component is generally increased when
Management Fee: 1) On invested amount in NBP Fund Management equity market is rising, while allocation to the Money Market Component is generally
Limited, no additional fee. increased when the equity market declines. The Plan is presently closed for new
2) Cash in Bank account: 1.00% p.a. subscription. NICPP-V has an initial maturity of two years.
Since inception, unit price of NICPP-V has increased by 3.1% p.a whereas the
Total Expense Ratio: YTD: 2.37% (including 0.05% government levies), Benchmark increased by 1.6% p.a. The current exposure in Money Market Fund and

erosion:
Auditors: Yousuf Adil Chartered Accountants
Benchmark: Daily Weighted Return of KMI-30 Index and 3- Name % of Total Assets
months average deposit rate of three AA rated NBP Islamic Daily Dividend Fund 61.5%
NBP Islamic Active Allocation Equity Fund 16.5%
Banks as selected by MUFAP, on the basis of
actual investment by the Plan in equity and money NBP Islamic Money Market Fund 11.3%
market schemes.
Asset Manager Rating: AM1 by PACRA (Very High Quality) Name of the Members of Investment Committee
Shari'ah Compliant Fund 89.3% 88.8%
Salman Ahmed, CFA
Hassan Raza, CFA
Total 100.0% 100.0%
Leverage Nil Nil

PER PBV DY
NIAAEF 4.0 0.7 7.5%
KMI-30 3.7 0.6 8.4%
2) Taxes apply.
Page 27
NBP ISLAMIC CAPITAL PRESERVATION PLAN-VI (NICPP-VI)

Performance %
Performance Period Dec-2022 FYTD - 2023 Rolling 6 Months Since Launch June 28, 2022
NBP ISLAMIC CAPITAL PRESERVATION PLAN-VI 0.5% 6.0% 6.0% 6.1%
BENCHMARK (0.2)% 2.7% 2.7% 2.8%
Return is cumulative.

Launch Date: June 28, 2022 The objective of NAFA Islamic Capital Preservation Plan-VI is to earn a potentially high
Type: Open Ended Shariah Compliant Fund of Funds - and Money Market based Collective Investment Schemes, while providing Capital
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 Management Ltd launched its NBP Islamic Capital Preservation Plan-VI
Settlement: 2-3 business days (NICPP-VI) in June, 2022 which is the fourth plan under NAFA Islamic Active Allocation
Pricing Mechanism: Forward Pricing Fund-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 Fund Management Methodology. Allocation to Equity Component is generally increased when equity
Ltd, no additional market is rising, while allocation to the Money Market Component is generally
fee. increased when the equity market declines. The Plan is presently closed for new
2) Cash in Bank account: 1.00% p.a. subscription. NICPP-VI has an initial maturity of two years.
Since inception, unit price of NICPP-VI has increased by 6.1% p.a whereas the
Total Expense Ratio: YTD : 0.76% (including 0.06% government levies) Benchmark increased by 2.8% p.a. The current exposure in Money Market Fund and
MTD : 0.41% (including 0.04% government levies) Equity Fund stands at 79.2% & 15.0%, respectively. During the month, maximum

erosion:
Auditors: Yousuf Adil Chartered Accountants
Benchmark: Daily Weighted Return of KMI-30 Index and 3- Name % of Total Assets
months average deposit rate of three AA rated NBP Islamic Daily Dividend Fund 61.4%
NBP Islamic Money Market Fund 17.8%
Banks as selected by MUFAP, on the basis of
actual investment by the Plan in equity and money NBP Islamic Active Allocation Equity Fund 15.0%
market schemes.

Fund Manager: Asim Wahab Khan , CFA Salman Ahmed, CFA
Hassan Raza, CFA
Asset Allocation (% of Total Assets) 31-Dec-22 30-Nov-22 Dispute Resolution / Complaint Handling
Cash 5.4% 5.9% Complaint Service : www.nbpfunds.com/contact-us/investor-relations
Shari'ah Compliant Fund 94.2% 93.8% SECP’s Service Desk Management System: sdms.secp.gov.pk
Total 100.0% 100.0%
Leverage Nil Nil

PER PBV DY
NIAAEF 4.0 0.7 7.5%
KMI-30 3.7 0.6 8.4%
2) Taxes apply.
Page 28

Dec 2022 Complete FMR Islamic 4

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NBP FUNDS Managing Your Savings

INSIDE THIS REPORT

Capital Market Review

FOR INVESTMENTS & FURTHER DETAILS Scan Now Scan Now

SMS “OPEN” to 8095

1-2 CEO’s Write-up

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 NBP Islamic Capital Preservation

28 NBP Islamic Capital Preservation

Stock Market Outlook – Beyond the Short-Term Turmoil

MONTHLY REPORT (MUFAP's Recommended Format) NBP Fund Management Limited

NBP ISLAMIC DAILY DIVIDEND

BENCHMARK 6.4% 5.9% 5.0% 3.7% 3.4% 4.2% 4.3%

General Information Investment Objective

Top Sukuk (as at December 31 , 2022) (% of Total Assets)

MONTHLY REPORT (MUFAP's Recommended Format) NBP Fund Management Limited

General Information Investment Objective

Top Sukuk (as at December 31 , 2022) (% of Total Assets)

MONTHLY REPORT (MUFAP's Recommended Format) NBP Fund Management Limited

BENCHMARK 6.6% 5.4% 4.5% 3.3% 3.6% 6.3% 4.3% 4.5%

General Information Investment Objective

Name of the Members of Investment Committee

Top Sukuk (as at December 31 , 2022) (% of Total Assets)

MONTHLY REPORT (MUFAP's Recommended Format) NBP Fund Management Limited

General Information Investment Objective

Sukkuk 4,905,437 4,905,437 0 0.0% 0.0%

Total 114,905,437 114,905,437 0 0.0% 0.0%

MONTHLY REPORT (MUFAP's Recommended Format) NBP Fund Management Limited

NBP ISLAMIC INCOME FUND 14.2% 14.0% 12.9% 9.4% 9.5%

BENCHMARK 6.6% 5.4% 4.5% 3.3% 3.8%

General Information Investment Objective

Income Unit: Rs. 100,000/-

Top Sukuk (as at December 31 , 2022) (% of Total Assets)

MONTHLY REPORT (MUFAP's Recommended Format) NBP Fund Management Limited

General Information Investment Objective

Credit Quality of the Portfolio as of December 31 , 2022 (% of Total Assets)

Top Sukuk (as at December 31 , 2022) (% of Total Assets)

MONTHLY REPORT (MUFAP's Recommended Format) NBP Fund Management Limited

* Annualized return. All other returns are cumulative.

General Information Investment Objective

NISIF 3.8 0.6 7.9% Total 4,921,875 4,921,875 0 0.0% 0.0%

KMI-30 3.7 0.6 8.4% Name of the Members of Investment Committee

MONTHLY REPORT (MUFAP's Recommended Format) NBP Fund Management Limited

* Annualized return. All other returns are cumulative.

General Information Investment Objective

MONTHLY REPORT (MUFAP's Recommended Format) NBP Fund Management Limited

* Annualized return. All other returns are cumulative.

General Information Investment Objective

MONTHLY REPORT (MUFAP's Recommended Format) NBP Fund Management Limited

* Annualized return. All other returns are cumulative.

General Information Investment Objective

Selling & Marketing Expenses: 2.05% per annum w.e.f 20-Sep-2021