Smart & Easy

Savings!

FUND MANAGER REPORT FEB-2025

RS. 10 Lacs

91.6
Grew To

RS. Lac
Since Inception* (Equity Sub - Fund)

Life Takaful Coverage of up to Rs. 70 Lacs or investment amount whichever is lower

(Terms and conditions apply)

Accidental Death & Permanent Disability Coverage of up to Rs. 70 Lacs or invest-

ment amount whichever is lower (Terms and conditions apply)

Rs. 10 Lacs (Terms and conditions apply)

Scan Now
(in Last 11 years)*

91.6 Lacs
34.5 Lacs
29.8 Lacs
WHATSAPP
SELF SERVICE

*from July 02, 2013 to 28 February, 2025

Dispute Resolu�on / Complaint Handling
AM1
Rated by PACRA

Complaint Service : www.nbpfunds.com/contact-us/investor-rela�ons

SECP’s Service Desk Management System: sdms.secp.gov.pk
Fund Category Open -end - Voluntary Pension Scheme; Fund Size; Rs 791 Crore as on 28 February 2025; Return of NPF - Equity in fiscal year 2024, 2023, 2022, 2021 & 2020 was 82.2%,
-0.3%, -12.5%, 40.1% & 4.3% respec�vely. Last one year return was 84.7% and Since incep�on annualized return from July 02, 2013 to 28 February 2025 was 20.9%. Return of NPF -
Debt in fiscal year 2024, 2023, 2022, 2021 & 2020 was 22.3%, 16.9%, 10.4%, 4.6% & 19.7% respec�vely, Last one year return was 19.3% and since incep�on annualized return from
July 02 2013 to 28 February 2025 was 11.2% & Return of NPF - Money Market in fiscal year 2024, 2023, 2022, 2021 & 2020 was 22.0%, 17.8%, 10.7%, 5.4% & 11.9% respec�vely, Last
one year return was 18.4% and Since incep�on annualized return from July 02, 2013 to 28 February 2025 was 9.8%. *Return up to 28 February 2025; **Subject to condi�on as per
sec�on 63 of the income tax ordinance, 2001; Terms and condi�on apply; Note: Performance is net management fee and all other expenses, Excluding cost of frontend load. Taxes
apply as per current income tax law; VPS par�cipants can withdraw up to 50% of the accumulated balance tax free at the �me of re�rement and remaining withdrawal will be taxable
at the average tax rate of last three years; Disclaimer: All investment in pension funds are subject to market risk. Past performances is not necessarily indica�ve of future results. Please
read the offering documents to understand the investment policies and the risk involved. NBP Fund Management Limited will play a facilita�ng role by assis�ng the insured or the
nominee in the claim processing. NBP Fund Management Limited or any of its sales representa�ve cannot guarantee preserva�on / protec�on of capital and / or expected returns /
profit on investments. The use of the name and logo of Na�onal Bank of Pakistan does not mean that it is responsible for the liabili�es / obliga�ons of the Company (NBP Fund
Management Limited) or any investment scheme managed by it.

Note: Detailed monthly reports of NBP Funds are also available on our website www.nbpfunds.com
Table of Contents NBP FUNDSManaging Your Savings

NBP Fund Management Limited

01-02 CEO’s Write-up 03 Capital Market Review

Table of Contents
04 05
NBP Government Securities NBP Money Market Fund
Liquid Fund NGSLF NMMF

06 07
NBP Government Securities NBP Mahana Amdani Fund
Savings Fund NGSSF NMAF

08
NBP Financial Sector
Income Fund NFSIF 09 NBP Income Opportunity Fund
NIOF

10
NBP Savings Fund
NBP-SF 11 NBP Sarmaya Izafa Fund
NSIF

12 NBP Balanced Fund

NBF 13 NBP Stock Fund
NSF
NBP Pakistan Growth Exchange
14 NBP Financial Sector Fund
NFSF 15 Traded Fund
NBP-GETF

16 NAFA Pension Fund

NPF 17 Investment Plan Summary

NBP Mustahkam Fund- NBP Mustahkam Fund-II

18 NBP Fixed Term Munafa Plan - VIII
NFTMP-VIII 19 NBP Fixed Term Munafa Plan - XII
NFTMP-XII
NBP Mustahkam Fund-II NBP Mustahkam Fund-II
20 NBP Fixed Term Munafa Plan - XIV
NFTMP-XIV
21 NBP Fixed Term Munafa Plan - XVI
NFTMP-XVI
NBP Mustahkam Fund-II NBP Mustahkam Fund-II
22 NBP Fixed Term Munafa Plan - XVII
NFTMP-XVII
23 NBP Fixed Term Munafa Plan - XIX
NFTMP-XIX
NBP Mustahkam Fund-II NBP Mustahkam Fund
24 NBP Fixed Term Munafa Plan - XX
NFTMP-XX
25 NBP Fixed Term Munafa Plan - IA
NFTMP-IA
NBP Mustahkam Fund NBP Mustahkam Fund
26 NBP Fixed Term Munafa Plan - IIIA
NFTMP-IIIA
27 NBP Fixed Term Munafa Plan - IVA
NFTMP-IVA
NBP Mustahkam Fund NBP Mustahkam Fund
28 NBP Fixed Term Munafa Plan - VA
NFTMP-VA 29 NBP Fixed Term Munafa Plan - XA
NFTMP-XA
NBP Income Fund of Fund - NBP Income Fund of Fund -
30 NBP Cash Plan - I (NCP-I)
NCP-I
31 NBP Cash Plan - II
NCP-II
NBP Income Fund of Fund - NBP GOVERMENT
32 NBP Income Plan - I (NIP-I)
NIP-I
33 SECURITIES PLAN - IV
NGSP-IV
NBP GOKP PENSION FUND
34 MONEY MARKET SUB FUND
GoKP MMF
 NBP FUNDS Managing Your Savings

NBP Fund Management Limited

Advantages of Stock Market Investing through Mutual Funds

Investing in the stock market can pave the way for long-term wealth creation through both capital growth and
dividends. However, it comes with challenges such as dealing with market volatility, managing risks effectively, and
overcoming emotional decision-making. Tackling these obstacles demands knowledge, patience, perseverance, and
a disciplined investment strategy, challenges that even seasoned investors frequently encounter.

Equity Mutual Funds provide investors with the opportunity to entrust their investments to a skilled team of
professionals who handle stock market activities on their behalf. The mutual fund team makes critical decisions, such
as selecting stocks, timing purchases, and determining when to sell, freeing investors from these responsibilities.
Professional managers carry out detailed fundamental and technical analysis of the listed companies to try to identify
those that they believe are the best buys. We briefly mention here some of the key considerations of investing in stock
market via mutual funds and elaborate on some in detail.

Equity Mutual Funds Direct Stock Market Investment

Professional Management: Professional team manages Investor makes his/her own decisions, but may not have
the investment on behalf of the investor. �me or exper�se to make such decisions.
Buying individual stocks may expose the investment to
Diversifica�on: Mutual funds offer built-in diversity.
unsystema�c risk.
Liquidity: Mutual funds offer instant liquidity and switch Individuals may have liquidity issues while selling, which
between equity and fixed income schemes. may delay their execu�on and increase costs.
Access to Ins�tu�onal Deals: Large size allows access to May miss out on transac�ons not offered/available to small
deals that may only be available to ins�tu�onal investors. investors.
Performance Poten�al: Mutual funds may outperform the Direct costs are rela�vely low, limited only to transac�on
stock market despite charging the management fee and costs. Investors may be exposed to frequent trading, that
other expenses, based on their experience and exper�se. may increase brokerage fee.
Administra�ve Convenience: All administra�ve tasks such
Investors must handle these tasks themselves, which can be
as dividend reinvestment, por�olio rebalancing, and record-
�me-consuming and complex.
keeping are handled by the fund manager.
Regulatory Oversight: Mutual funds are regulated by SECP,
Direct investors may end up taking higher risk in the
ensuring investor protec�on and adherence to compliance
absence of regulatory investment guidelines.
standards.
Advantage 1: Professional Management and potential of
superior performance
Over the past fourteen (14) years, well-managed equity
mutual funds have delivered superior returns to investors
compared to the stock market and other asset classes
such as real estate and gold. As a case in point, our
flagship equity fund, NBP Stock Fund (NSF) has
out-performed the stock market by 368% over the last 14
years (from January 2011 till February 2025) by earning a
cumulative return of 1210% versus 842% rise in the
stock market. An investment of Rs.100 in NBP Stock
Fund 14 years ago would have grown to Rs.1,310 today,
whereas an investment of Rs. 100 in the stock market (KSE-100 Index) and gold 14 years ago would be worth Rs.942
and Rs.658 today, respectively. This out-performance of the NBP Stock Fund is net of management fee, and all other
expenses.

Advantage 2: Diversification
Investing in a mutual fund provides investors with access to a well-diversified portfolio that encompasses a variety of
industries, sectors, and geographic regions. This diversification minimizes risk by mitigating the effects of
underperformance from any single asset. In assessing the performance of KSE-30 Index vs NBP Stock Fund (NSF)
since December 31st, 2010 till February 28, 2025, a compelling case for diversification emerges. NSF has not only
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 01
 NBP FUNDS Managing Your Savings

NBP Fund Management Limited

outperformed 82% of the market cap of the KSE-30 but has also surpassed 20 out of the 30 companies within the
Index. Notably, several prominent names such as HBL Bank, National Bank, Oil and Gas Development Company,
and Pakistan State Oil, among others, have significantly From January 2011 to February 2025
underperformed our fund. For investors solely invested in these
NSF Return 1210%
individual stocks, substantial underperformance would have
KSE-30 Return 587%
ensued. However, by diversifying their investments through the NBP
Stock Fund, they could have mitigated this risk and potentially Number of Stocks Outperformed 20
achieved more consistent returns. Market Capitaliza�on Outperformed 82%

Advantage 3: Liquidity
The liquidity advantage of mutual funds over direct
stock market investments is an important factor to
consider. Direct stock investments can face periods of
low liquidity, where traded values fall below the
market average. For example, between December 31,
2010, and February 28, 2025, the average daily stock
market liquidity was approximately Rs. 10.3 billion,
with instances dropping below Rs. 4 billion. In such
situations, investors might struggle to sell their stocks
quickly and could incur high impact costs. In
contrast, mutual funds allow for immediate
redemption without any impact costs. Investors can
access their funds effortlessly, whether through a
signature or a click, irrespective of market liquidity
conditions. This convenience and flexibility highlight the significant liquidity advantage of mutual funds.

Considering the advantages of investing with mutual funds discussed above, investors with medium to long-term
investment horizon are advised to invest in the stock market via our NBP Stock Funds, which have a strong
long-term performance track record.

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
 Capital Market Review
NBP FUNDS Managing Your Savings

NBP Fund Management Limited

Feb 2025
Stock Market Review
Stock market remained directionless during February-25, and oscillated within a range of around 4,000 points. At month-end, the benchmark KSE-100 Index
fell by around 1,000 points, translating into a MoM decline of 0.9%.

The market started off on a frail note driven by profit-taking by investors amid heightened geopolitical and global economic uncertainties. Investors’ sentiments
were dampened by U.S. President’s announcement of trade tariffs against various countries, which led to a wave of sell-off in global equity markets. Though
global equities rebounded subsequently, Pakistani equities remained sideways as investors exercised caution as they remained apprehensive of any potential
delays in IMF mission’s Staff Level approval.

Market Highlights:

• Robust performance was witnessed in Cements and Glass and Ceramics sectors, owing to superior quarterly results that surpassed investors expectations.
Despite anaemic economic growth, margins of the companies showed marked improvement, which led to outperformance of these sector stocks during
February.
• Overall profitability of the KSE-100 Index fell slightly during CY24, mainly driven by sequential drop in Oil & Gas Exploration sector due to YoY decline
in crude oil prices, falling hydrocarbon production and one-off income recorded in last year.
• In terms of other key sectors, Banks reported double digit PAT growth, despite imposition of higher taxes. Robust profitability growth was also seen in
Fertilizer, Cement, Autos, Food and Pharmaceutical sectors.

Economic Indicators:
• Inflation was reported at 1.5% for Feb-25 (lowest reading since Sept-15) as overall CPI basket witnessed MoM price drop of 0.8%. Core inflation
remained unchanged as last month at 8.8% in Feb-25.
• Remittances remained strong, with January 2025 inflows reaching USD 3.0 billion (+25% YoY), taking cumulative 7MFY25 remittances to USD 20.8
billion.
• Current account for January turned into a deficit of USD 420 million, compared to the surplus of USD 474 million in December 2024. This brings the
7MFY25 current account balance to a surplus of USD 682 million, versus a deficit of USD 1,801 million in SPLY.
• Budget deficit for 1HFY25 was reported at at PKR 1.5 trillion (1.2% of GDP) as total revenues stood at PKR 9.8 trillion against expenditures of PKR 11.3
trillion. Primary balance posted a surplus of PKR 3.6 trillion, exceeding the target of PKR 2.9 trillion, mainly due to the realization of PKR 2.5 trillion SBP
profits.
• The Large-Scale Manufacturing Index (LSM) for December-2024 posted a MoM increase of 19%. However, on a YoY basis, it fell by 3.7%, taking 1HFY25
LSM contraction to 1.9% on a yearly basis.
• SBP also released the Real Effective Exchange Rate (REER) index, which stood at 104.05 in January 2025, compared to 103.67 in December 2024.
• SBP’s forex reserves increased by USD 21 mn WoW to USD 11.2 bn, while the country’s overall foreign exchange reserves dropped by USD 22 million
to USD 15.9 billion.

Sectoral Performance:
Outperformers: Cable & Electrical Goods, Cements, Chemicals, Commercial Banks, Fertilizers, Food & Personal Care, Leather & Tanneries, Miscellaneous,
Power Generation & Distribution, and Textile Composite.
Underperformers: Auto Parts & Accessories, Engineering, Investment Banks/Companies, Oil & Gas Exploration, Oil & Gas Marketing, Papers & Board,
Pharmaceutical, Refinery, Sugar & Allied, Technology & Communication, and Transport.

Participant Activity:
• Insurance and Mutual Funds were buyers with net inflows of USD 16 million & USD 9 million, respectively.
• Foreigners and Individuals trimmed their net positions by around USD 28 mn and USD 10 mn, respectively.

Market Prospects:
The recent two-month market lull follows an impressive 47% return in the preceding six months of FY25. While short-term volatility may persist due to global
and regional uncertainties and US political transition, the medium to long-term outlook for equities remains positive. This optimism is driven by:
i) Improving economic conditions with lower inflation and a better external account position,
ii) Resilient corporate earnings despite recent challenges,
iii) Softening global commodity prices, and
iv) Potential liquidity shift from fixed income to equities.

Investor sentiment hinges on the finalization of the USD 1-1.5bn RSF facility and the upcoming EFF review, where Pakistan is expected to remain on track
despite minor setbacks. Equities continue to offer attractive valuations with a forward PE of 6x versus the historical average of 7.9x and a dividend yield of
6-7%. For medium to long-term investors, NBP stock funds remain a compelling avenue to capitalize on this outlook.

Money Market Review

The Monetary Policy Committee's (MPC) decision to adopt a tighter monetary policy played a key role in maintaining the downward trend in inflation. This
was further bolstered by favourable developments in the external account and a reduction in food inflation, driven by stable global commodity prices and
improved supply-side conditions. The Consumer Price Index (CPI) for February 2025, which stood at 1.5%, has heightened expectations of additional rate cuts
by the State Bank of Pakistan (SBP) in future monetary policies. A moderate increase in private sector credit during the fiscal year indicated a rise in business
confidence and economic activity, although risks remain, including potential volatility in global commodity prices, shifts in global economic policies, adjust-
ments to administered energy tariffs, instability in food prices, and challenges in meeting revenue targets.

SBP conducted two T-Bill auctions targeting Rs. 800 billion against the maturity of Rs. 819 billion. In the first auction, bids totalling around Rs. 452 billion
were accepted at cut-off yields of 11.80%, 11.50% and 11.59% for 3-month, 6-month, and 12-month tenures respectively. In the second auction, bids totalling
around Rs. 259 billion were accepted at cut-off yields of 11.82%, 11.67% and 11.65% for 3-month, 6-month, and 12-month tenures respectively. In the PIB
auction, bids worth around Rs. 476 billion were accepted for 2-year (zero coupon), 3-year, 5-year and 10-years at cut-off yields of 11.69%, 11.71%, 12.37
and 12.66%respectively.

We have calibrated the portfolios of money market and income funds based on our macro-economic outlook and will remain vigilant 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 03
 NBP GOVERNMENT SECURITIES LIQUID FUND (NGSLF) NBP FUNDS Managing Your Savings

NBP Fund Management Limited

MONTHLY REPORT (MUFAP's Recommended Format)
Unit Price (28/02/2025): Rs.11.4087 February 2025
Performance %
FYTD - ROLLING 12 FY - FY - FY - FY - FY - Last 3 Last 5 Last 10 Since Launch
Performance Period Feb-2025 May 15, 2009*
2025 MONTHS 2024 2023 2022 2021 2020 Years* Years* Years*

FUND RETURNS 9.9% 16.4% 18.6% 22.5% 17.8% 11.5% 6.4% 12.5% 18.5% 14.5% 11.0% 10.6%

BENCHMARK 11.7% 15.1% 16.9% 20.9% 17.0% 9.3% 6.7% 11.7% 17.3% 13.4% 10.4% 10.2%

PREVIOUS BENCHMARK 11.4% 15.1% 16.9% 20.9% 17.0% 9.3% 6.7% 11.7% 17.3% 13.4% 10.4% 10.2%
The Peer Group Average Return for the month of February 2025 is 10.6% p.a.
* 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: May 15, 2009 To generate optimal return with minimum risk, to provide easy liquidity and reasonable
Fund Size: Rs. 13,147 million income to its unit holders by investing primarily in short-term Government Securities.
Type: Open-end - Money Market Fund
Dealing Days: Daily – Monday to Friday Fund Manager Commentary
Dealing Time: (Mon - Fri) 9:00 A.M to 5:30 P.M The Fund earned an annualized return of 9.9% p.a. during the month versus the
Settlement: 2-3 business days Benchmark return of 11.7% p.a. The return generated by the Fund is net of
Pricing Mechanism: Forward Pricing management fee and all other expenses.
Front end Load: Front End Load (Individual with takaful coverage):
Amount up to Rs.5 million: 3%, Amount over and NGSLF's stability rating is 'AAA (f)' awarded by PACRA. The rating reflects
above Rs.5 million : 1%. Front end load (Individual exceptionally strong credit and liquidity profile of the Fund. Average daily allocation for
under Health Takaful Plan): Amount up to Rs. 4 the last 365 days in short-term Government Securities was around 90% of the Net
million: 3%, Amount over and above Rs.4 million: Assets. While at the end of the month, Government Securities comprises of around
1%, Front End (others): 1% Back end Load: 0% 99% of the Total Assets and around 100% of the Net Assets. The weighted average
time to maturity of the Fund is 77 days.

Management Fee: Up to 1.8% of total average daily net assets w.e.f We will rebalance the allocation of the Fund proactively based on the capital market
09-December-2024. outlook.
1.10% p.a. of average net assets during the month.
Credit Quality of the Portfolio as of February 28 , 2025 (% of Total Assets)
Total Expense Ratio: YTD: 1.38% p.a. (including 0.24% government
Government Securities (AAA rated) 98.8%
levies),
MTD:1.42% p.a. (including 0.25% government AAA 0.8%
levies) AA- 0.1%
Selling & Marketing Expenses: Nil (w.e.f December 09, 2024) Others including Receivables 0.3%
Risk Profile / Risk of principal Very Low / Principal at very low risk Total 100%
erosion:
Fund Stability Rating: "AAA (f)" by PACRA
Listing: Pakistan Stock Exchange
Custodian & Trustee: Central Depository Company (CDC)
Name of the Members of Investment Committee
Auditors: A. F. Ferguson & Co., Chartered Accountants
Dr. Amjad Waheed, CFA
Benchmark: 90% three (3) months PKRV rates + 10% three (3)
months average of the highest rates on savings Asim Wahab Khan, CFA
account of three (3) AA rated scheduled Banks as Hassan Raza, CFA
selected by MUFAP* Salman Ahmed, CFA
Usama Bin Razi
Fund Manager: Salman Ahmed, CFA
Minimum: Growth Unit: Rs. 10,000/- Dispute Resolution / Complaint Handling
Subscription: Income Unit: Rs. 100,000/- 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
*effective from Jan 01, 2025; Previously 70% 3-Month PKRV & 30% average 3-Month deposit rates
of three AA rated banks as selected by MUFAP
Asset Allocation (% of Total Assets) 28-Feb-25 31-Jan-25
T-Bills 91.3% 85.4%
Money Market Placements (LOP) 0.0% 3.0%
Cash 0.9% 3.8%
Others including Receivables 0.3% 0.4%
PIBs 7.5% 7.4%
Total 100.0% 100.0%
Leverage Nil Nil

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 MONEY MARKET FUND (NMMF) NBP FUNDS Managing Your Savings

NBP Fund Management Limited

MONTHLY REPORT (MUFAP's Recommended Format)
Unit Price (28/02/2025): Rs.11.1007 February 2025
Performance %
FYTD - ROLLING 12 FY - FY - FY - FY - FY - Last 3 Last 5 Last 10 Since Launch
Performance Period Feb-2025 February 23,
2025 MONTHS 2024 2023 2022 2021 2020 Years* Years* Years*
2012*
FUND RETURNS 10.0% 16.4% 18.5% 22.3% 17.7% 11.4% 6.7% 12.8% 18.6% 14.5% 11.1% 10.6%

BENCHMARK 11.7% 15.1% 16.9% 20.9% 17.0% 9.3% 6.7% 11.7% 17.3% 13.4% 10.1% 9.4%

PREVIOUS BENCHMARK 11.4% 15.1% 16.9% 20.9% 17.0% 9.3% 6.7% 11.7% 17.3% 13.4% 10.1% 9.4%
The Peer Group Average Return for the month of February 2025 is 10.6% p.a.
* 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: February 23, 2012 To provide stable income stream with preservation of capital by investing in AA and
Fund Size: Rs. 128,246 million above rated banks and money market instruments.
Fund Size: (Excluding investment Rs. 115,699 Million Fund Manager Commentary
by fund of funds): The Fund earned an annualized return of 10% p.a. during the month versus the
Type: Open-end - Money Market Fund Benchmark return of 11.7% p.a. Since its launch in February 2012, the Fund has
Dealing Days: Daily – Monday to Frirday generated an annualized return of 10.6% p.a. against the Benchmark return of 9.4%
Dealing Time: (Mon - Fri) 9:00 A.M to 5:30 P.M p.a. hence an out-performance of 1.2% p.a. This out-performance is net of
Settlement: 2-3 business days management fee and all other expenses.
Pricing Mechanism: Forward Pricing
Front end Load: Front End Load (Individual with takaful coverage): Being a money market scheme, the Fund has very restrictive investment guidelines.
Amount up to Rs.5 million: 3%, The authorized investments of the Fund include T-Bills, Bank Deposits and Money
Amount over and above Rs.5 million : 1%. Market instruments. Minimum eligible rating is AA, while the Fund is not allowed to
Front end load (Individual under Health Takaful invest in any security exceeding six months maturity. The weighted average time to
Plan): Amount up to Rs. 4 million: 3%, maturity of the Fund cannot exceed 90 days. The Fund is rated AA(f) by PACRA which
Amount over and above Rs.4 million: 1%, denotes a very strong capacity to maintain relative stability in returns and very low
Front End (others): 1% exposure to risks.
Back end Load: 0%
The weighted average time to maturity of the Fund is 76 days. We will rebalance the
allocation of the Fund proactively based on the capital market outlook.
Management Fee: Up to 1.8% of total average daily net assets. 1.10%
p.a. of average net assets during the month
Credit Quality of the Portfolio as of February 28 , 2025 (% of Total Assets)
Total Expense Ratio: YTD: 1.41% p.a (including 0.25% government
Government Securities (AAA rated) 97.6%
levies),
MTD: 1.41% (including 0.25% government levies) AAA 0.6%
AA 1.6%
Selling & Marketing Expenses: Nil w.e.f. December 09, 2024 Others including receivables 0.2%
Risk Profile / Risk of principal Very Low / Principal at very low risk Total 100%
erosion:
Fund Stability Rating: "AA (f)" by PACRA
Listing: Pakistan Stock Exchange
Custodian & Trustee: Central Depository Company (CDC)
Name of the Members of Investment Committee
Auditors: A. F. Ferguson & Co., Chartered Accountants
Dr. Amjad Waheed, CFA
Benchmark: 90% three (3) months PKRV rates + 10% three (3)
months average of the highest rates on savings Asim Wahab Khan, CFA
account of three (3) AA rated scheduled Banks as Hassan Raza, CFA
selected by MUFAP* Salman Ahmed, CFA
Usama Bin Razi
Fund Manager: Salman Ahmed, CFA
Minimum: Growth Unit: Rs. 10,000/- Dispute Resolution / Complaint Handling
Subscription: Income Unit: Rs. 100,000/- 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
*effective from Jan 01, 2025; Previously 70% 3-Month PKRV & 30% average 3-Month deposit rates
of three AA rated banks as selected by MUFAP
Asset Allocation (% of Total Assets) 28-Feb-25 31-Jan-25
T-Bills 94.1% 94.2%
Cash 0.6% 1.3%
Money Market Placements (LOP) 1.6% 1.4%
Others including receivables 0.2% 0.1%
PIBs 3.5% 3.0%
Total 100.0% 100.0%
Leverage Nil Nil
Note: Amount invested by fund of funds is Rs. 12,547 million.

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 05
 NBP GOVERNMENT SECURITIES SAVINGS FUND (NGSSF) NBP FUNDS Managing Your Savings

NBP Fund Management Limited

MONTHLY REPORT (MUFAP's Recommended Format)
Unit Price (28/02/2025): Rs.11.7861 February 2025
Performance %
FYTD - ROLLING 12 FY - FY - FY - FY - FY - Last 3 Last 5 Last 10 Since Launch
Performance Period Feb-2025
2025 MONTHS 2024 2023 2022 2021 2020 Years* Years* Years* July 10, 2014*
FUND RETURNS 9.0% 18.6% 20.4% 22.6% 17.1% 10.3% 5.3% 21.2% 18.6% 15.4% 11.6% 11.9%

BENCHMARK 11.8% 14.7% 16.8% 21.7% 18.1% 10.7% 7.3% 12.1% 18.1% 14.1% 28.2% 11.0%

PREVIOUS BENCHMARK 11.7% 14.6% 16.8% 21.7% 18.1% 10.7% 7.3% 12.1% 18.1% 14.1% 28.2% 11.0%
The Peer Group Average Return for the month of February 2025 is 9.2% p.a.
* 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: July 10, 2014 To provide competitive return from portfolio of low credit risk by investing primarily in
Fund Size: Rs. 8,740 million Government Securities.
Type: Open-end - Income Fund Fund Manager Commentary
Dealing Days: Daily – Monday to Friday During the month under review, the Fund generated a return of 9% p.a. against the
Dealing Time: (Mon - Fri) 9:00 A.M to 5:30 P.M Benchmark return of 11.8% p.a. However, since its launch in July 2014, the Fund
Settlement: 2-3 business days offered an annualized return of 11.9% p.a. against the Benchmark return of 11.0% p.a.,
Pricing Mechanism: Forward Pricing hence an out-performance of 0.9% p.a. This out-performance is net of management
Front end Load: Front End Load (Individual with takaful coverage): fee and all other expenses.
Amount up to Rs.5 million: 3% Amount over and
above Rs.5 million : 1%. Front end load (Individual NBP Government Securities Savings Fund (NGSSF) invests a minimum of 70% in
under Health Takaful Plan): Amount up to Rs. 4 Government Securities. The Fund invests a minimum 10% of its assets in less than 90
million: 3%, Amount over and above Rs.4 million: days T-Bills or saving accounts with banks, which enhances liquidity profile of the
1%, Front End (others): 1% Back end Load: 0% Fund.

As the asset allocation of the Fund shows, exposure in Government Securities was
Management Fee: Up to 2.25% of daily net assets subject to Total around 97% of the Total Assets and 99% of Net Assets at the end of the month. Last
Expense Ratio limit prescribed by Rules one year allocation in Government Securities was around 90% of Net Assets. The
and Regulations. 1.23% p.a. of average net weighted average time-to-maturity of the Fund is around 1.7 years.
assets during the month.
Total Expense Ratio: YTD: 1.44% (including 0.25% government levies) We will rebalance the allocation of the Fund proactively based on the capital market
MTD: 1.58% (including 0.27% government levies) outlook.

Selling & Marketing Expenses: Nil Credit Quality of the Portfolio as of February 28 , 2025 (% of Total Assets)
Risk Profile / Risk of principal Medium / Principal at medium risk Government Securities (AAA rated) 97.4%
erosion:
Fund Stability Rating: "AA- (f)" by PACRA AAA 0.1%
Listing: Pakistan Stock Exchange AA+ 0.1%
Custodian & Trustee: Central Depository Company (CDC) AA- 1.2%
Auditors: Yousuf Adil, Chartered Accountants Others including Receivables 1.3%
Benchmark: 90% six (6) months PKRV rates + 10% six (6) Total 100%
months average of the highest rates on savings
account of three (3) AA rated scheduled Banks as Name of the Members of Investment Committee
selected by MUFAP* Dr. Amjad Waheed, CFA
Fund Manager: Salman Ahmed, CFA Asim Wahab Khan, CFA
Minimum: Growth Unit: Rs. 10,000/-
Hassan Raza, CFA
Subscription: Income Unit: Rs. 100,000/-
Salman Ahmed, CFA
Asset Manager Rating: AM1 by PACRA (Very High Quality)
*effective from Jan 01, 2025; Previously 6-Month PKRV
Usama Bin Razi
Dispute Resolution / Complaint Handling
Asset Allocation (% of Total Assets) 28-Feb-25 31-Jan-25
Complaint Service : www.nbpfunds.com/contact-us/investor-relations
PIBs 42.8% 26.0%
SECP’s Service Desk Management System: sdms.secp.gov.pk
T-Bills 54.6% 72.3%
Cash 1.3% 0.9%
Others including Receivables 1.3% 0.8%
Total 100.0% 100.0%
Leverage Nil Nil

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 06
 NBP MAHANA AMDANI FUND (NMAF) NBP FUNDS Managing Your Savings

NBP Fund Management Limited

MONTHLY REPORT (MUFAP's Recommended Format)
Unit Price (28/02/2025): Rs.11.3774 February 2025
Performance %
FYTD - ROLLING 12 FY - FY - FY - FY - FY - Last 3 Last 5 Last 10 Since Launch
Performance Period Feb-2025 November 21,
2025 MONTHS 2024 2023 2022 2021 2020 Years* Years* Years*
2009*
FUND RETURNS 11.1% 16.1% 18.3% 22.5% 17.7% 9.4% 7.2% 12.9% 18.4% 14.3% 11.1% 10.6%

BENCHMARK 12.0% 15.0% 17.1% 21.9% 18.3% 10.8% 7.4% 12.2% 18.3% 14.3% 11.0% 9.8%

PREVIOUS BENCHMARK 11.8% 14.9% 17.0% 21.9% 18.3% 10.8% 7.4% 12.2% 18.3% 14.3% 11.0% 9.8%
The Peer Group Average Return for the month of February 2025 is 9.4% p.a.
* 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 21, 2009 To minimize risk, preserve capital and generate a reasonable return along with a high
Fund Size: Rs. 13,587 million degree of liquidity from a portfolio primarily constituted of bank deposits and money
Type: Open-end – Income Fund market instruments.
Dealing Days: Daily – Monday to Friday Fund Manager Commentary
Dealing Time: (Mon - Fri) 9:00 A.M to 5:30 P.M The Fund earned an annualized return of 11.1% p.a. during the month versus the
Settlement: 2-3 business days Benchmark return of 12% p.a. Since its launch in November 2009, the Fund has
Pricing Mechanism: Forward Pricing offered an annualized return of 10.6% p.a. against the Benchmark return of 9.8% p.a.
Front end Load: Front End Load (Individual with takaful coverage): hence an out-performance of 0.8% p.a. This out-performance is net of management
Amount up to Rs.5 million: 3%, Amount over and fee and all other expenses.
above Rs.5 million : 1%. Front end load (Individual
under Health Takaful Plan): Amount up to Rs. 4 The Fund is allowed to invest in Government Securities up to a maximum duration of 6
million: 3%, Amount over and above Rs.4 million: months and in money market instruments. The Fund invests 25% of its net assets in
1%, Front End (others): 1% Back end Load: 0% less than 90 days T-Bills or saving accounts with banks, which further enhances
liquidity profile of the Fund.

Management Fee: Up to 2.25% of total average daily net assets. The portfolio of NMAF is invested in Government Securities of 39% of Total and 40%
1.13% p.a. of average net assets during the month of Net Assets. The weighted average time to maturity of the entire Fund is around 37
days. Our internal guidelines permit MTS financing in only fundamentally strong
Total Expense Ratio: (YTD): 1.72% p.a (including 0.26% government companies with lower volatility. It is pertinent to mention that in this asset class the
levies) Fund provides financing at only pre-determined rates of return with no direct exposure
(MTD): 1.65% p.a (including 0.25% government to the stock market.
levies)
Selling & Marketing Expenses: Nil (w.e.f December 09, 2024) We will rebalance the allocation of the Fund proactively based on the capital market
Risk Profile / Risk of principal Moderate / Principal at moderate risk outlook.
erosion: Credit Quality of the Portfolio as of February 28 , 2025 (% of Total Assets)
Fund Stability Rating: "AA- (f)" by PACRA Government Securities (AAA rated) 39.4%
Listing: Pakistan Stock Exchange
AAA 0.5%
Custodian & Trustee: Central Depository Company (CDC)
AA 5.1%
Auditors: Yousuf Adil Chartered Accountants
Benchmark: 75% six (6) months KIBOR + 25% six (6) months AA- 32.2%
average of the highest rates on savings accounts of A 4.0%
three (3) AA rated scheduled Banks as selected by MTS 18.0%
MUFAP* Others including receivables 0.8%
Fund Manager: Salman Ahmed, CFA
Total 100%
Minimum: Growth Unit: Rs. 1,000/-
Subscription: Income Unit: Rs. 100,000/-
Asset Manager Rating: AM1 by PACRA (Very High Quality)
*effective from Jan 01, 2025; Previously 6-Month KIBOR
Name of the Members of Investment Committee
Asset Allocation (% of Total Assets) 28-Feb-25 31-Jan-25 Dr. Amjad Waheed, CFA
T-Bills 39.4% 51.7% Asim Wahab Khan, CFA
Cash 36.7% 15.0% Hassan Raza, CFA
MTS 18.0% 24.1% Salman Ahmed, CFA
Money Market Placements (LOP) 5.1% 7.4% Usama Bin Razi
Others including receivables 0.8% 1.8% 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

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 07
 NBP FINANCIAL SECTOR INCOME FUND (NFSIF) NBP FUNDS Managing Your Savings

NBP Fund Management Limited

MONTHLY REPORT (MUFAP's Recommended Format)
Unit Price (28/02/2025): Rs.11.8198 February 2025
Performance %
FYTD - ROLLING 12 FY - FY - FY - FY - FY - Last 3 Last 5 Last 10 Since Launch
Performance Period Feb-2025 October 28,
2025 MONTHS 2024 2023 2022 2021 2020 Years* Years* Years*
2011*
FUND RETURNS 10.2% 16.4% 18.6% 23.0% 18.4% 10.7% 7.8% 13.5% 19.0% 15.0% 11.7% 11.2%

BENCHMARK 12.0% 15.0% 17.1% 21.9% 18.3% 10.8% 7.4% 12.2% 18.3% 14.3% 11.2% 10.7%

PREVIOUS BENCHMARK 11.8% 14.9% 17.0% 21.9% 18.3% 10.8% 7.4% 12.2% 18.3% 14.3% 11.1% 10.7%
The Peer Group Average Return for the month of February 2025 is 10.5% p.a.
* 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: October 28, 2011 To provide income enhancement and preservation of capital by investing in prime
Fund Size: Rs. 71,604 million quality Financial Sector TFCs/Sukuks, Bank deposits and short-term money market
Fund Size: (Excluding investment Rs. 68,970 Million instruments.
by fund of funds): Fund Manager Commentary
Type: Open-end - Income Fund The Fund generated an annualized return of 10.2% p.a. during the month versus the
Dealing Days: Daily – Monday to Friday Benchmark return of 12% p.a. Since its launch in October 2011, the Fund has
Dealing Time: (Mon - Fri) 9:00 A.M to 5:30 P.M generated an annualized return of 11.2% p.a. against the Benchmark return of 10.7%
Settlement: 2-3 business days p.a., hence an out-performance of 0.5% p.a. This out-performance is net of
Pricing Mechanism: Forward Pricing management fee and all other expenses.
Front end Load: Front End Load (Individual with takaful coverage):
Amount up to Rs.5 million: 3%, The Fund is unique as it invests a minimum 70% of its assets in Financial Sector
Amount over and above Rs.5 million : 1%. (mainly banks) debt securities, instruments or deposits. The minimum entity rating of
Front end load (Individual under Health Takaful issuers of debt securities is "AA-". This minimizes credit risk and at the same time
Plan): Amount up to Rs. 4 million: 3%, enhances liquidity of the Fund. Duration of the overall portfolio cannot be more than
Amount over and above Rs.4 million: 1% one year. This minimizes interest rate or pricing risk.
Front End (others): 1% Back end Load: 0%
Exposure in Corporate TFC & Sukuk is around 3.7% of Net Assets at the end of the
month with average time to maturity of around 3.8 years. The TFC portfolio of the Fund
Management Fee: Up to 2.25% of daily net assets subject to Total is predominantly floating rate linked to KIBOR. The weighted average time-to-maturity
Expense Ratio limit prescribed by Rules and of the Fund is around 0.4 year.
Regulations. 1.21% p.a. of average net assets
during the month. We will rebalance the allocation of the Fund proactively based on the capital market
Total Expense Ratio: YTD: 1.57% p.a (including 0.26% government outlook.
levies),
MTD: 1.57% (including 0.27% government levies) Credit Quality of the Portfolio as of February 28 , 2025 (% of Total Assets)
Government Securities (AAA rated) 25.1%
Selling & Marketing Expenses: 0% w.e..f January 13, 2025
Risk Profile / Risk of principal Medium / Principal at medium risk AAA 0.4%
erosion: AA+ 7.4%
Fund Stability Rating: ‘A+(f)’ by PACRA AA 13.2%
Listing: Pakistan Stock Exchange AA- 11.1%
Custodian & Trustee: Central Depository Company (CDC) A+ 20.7%
Auditors: Yousuf Adil, Chartered Accountants
A 18.5%
Benchmark: 75% six (6) months KIBOR + 25% six (6) months
average of the highest rates on savings accounts of MTS 1.5%
three (3) AA rated scheduled Banks as selected by Others including Receivables 2.0%
MUFAP* Total 100%
Fund Manager: Salman Ahmed, CFA
Minimum: Growth Unit: Rs. 10,000/-
Subscription: Income Unit: Rs. 100,000/-
Asset Manager Rating: AM1 by PACRA (Very High Quality) Name of the Members of Investment Committee
*effective from Jan 01, 2025; Previously 6-Month KIBOR Dr. Amjad Waheed, CFA
Asim Wahab Khan, CFA
Asset Allocation (% of Total Assets) 28-Feb-25 31-Jan-25
Hassan Raza, CFA
TFCs / Sukuk 3.7% 2.6%
Salman Ahmed, CFA
Placements with Banks and DFIs 4.2% 4.3%
Usama Bin Razi
T-Bills 17.3% 17.5%
Cash 42.2% 48.1% Dispute Resolution / Complaint Handling
Others including Receivables 2.0% 3.0% Complaint Service : www.nbpfunds.com/contact-us/investor-relations
Money Market Placements (LOP) 22.5% 15.6% SECP’s Service Desk Management System: sdms.secp.gov.pk
PIBs 6.6% 6.8%
MTS 1.5% 2.1%
Total 100.0% 100.0%
Leverage Nil Nil
Note: Amount invested by fund of funds is Rs. 2,634 million.

Top TFC (as at February 28 , 2025) (% of Total Assets)

Samba Bank Limited 01-MAR-21 01-MAR-31 1.2%
KE Suk 03-AUG-20 03-AUG-27 0.5%
Askari Commercial Bank Limited 17-MAR-20 17-MAR-30 0.4%
Meezan 16-DEC-21 16-DEC-31 0.2%
Soneri 26-DEC-22 26-DEC-32 0.1%
Bank of Punjab Limited 23-APR-18 23-APR-28 0.1%

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 08
 NBP INCOME OPPORTUNITY FUND (NIOF) NBP FUNDS Managing Your Savings

NBP Fund Management Limited

MONTHLY REPORT (MUFAP's Recommended Format)
Unit Price (28/02/2025): Rs.12.2018 February 2025
Performance %
FYTD - ROLLING 12 FY - FY - FY - FY - FY - Last 3 Last 5 Last 10 Since Launch
Performance Period Feb-2025 April 21, 2006*
2025 MONTHS 2024 2023 2022 2021 2020 Years* Years* Years*

FUND RETURNS 9.8% 18.4% 19.6% 21.4% 15.9% 9.9% 7.8% 13.3% 17.9% 14.4% 11.2% 9.9%

BENCHMARK 12.0% 15.0% 17.1% 21.9% 18.3% 10.8% 7.4% 12.2% 18.3% 14.3% 11.2% 11.3%

PREVIOUS BENCHMARK 11.8% 14.9% 17.0% 21.9% 18.3% 10.8% 7.4% 12.2% 18.3% 14.3% 11.2% 11.3%
The Peer Group Average Returns for the month of February 2025 is 9.4% p.a.
* 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: April 21, 2006 To seek maximum possible preservation of capital and a reasonable rate of return via
Fund Size: Rs. 9,004 million investing primarily in money market & debt securities having good credit rating and
Type: Open-end - Income Fund liquidity.
Dealing Days: Daily – Monday to Friday Fund Manager Commentary
Dealing Time: (Mon - Fri) 9:00 A.M to 5:30 P.M The Fund posted an annualized return of 9.8% p.a. during the month versus the
Settlement: 2-3 business days Benchmark return of 12.0% p.a. The reported return is net of management fee and all
Pricing Mechanism: Forward Pricing other expenses.
Front end Load: Front End Load (Individual with takaful coverage):
Amount up to Rs.5 million: 3% The weighted average time to maturity of the Fund is around 1.1 years. The Fund's
Amount over and above Rs.5 million : 1%. sector allocation is fairly diversified with exposure to Banking, Financial Service, Sugar
Front end load (Individual under Health Takaful & Allied Industries and Power Generation & Distribution. TFC portfolio of the Fund is
Plan): Amount up to Rs. 4 million: 3%, predominantly floating rate linked to KIBOR. However, since TFCs prices may go up or
Amount over and above Rs.4 million: 1%, down, therefore, only investors with medium-term investment horizon are advised to
Front End (others): 1%, invest in this Fund.
Back end Load: 0%
We will rebalance the allocation of the Fund proactively based on the capital market
outlook.
Management Fee: Up to 2.25% of daily net assets subject to Total
Expense Ratio limit prescribed by Rules and Credit Quality of the Portfolio as of February 28 , 2025 (% of Total Assets)
Regulations) 1.41% p.a. of average net assets
Government Securities (AAA rated) 63.0%
during the month
Total Expense Ratio: YTD: 2.06% p.a (including 0.33% government AAA 2.1%
levies) AA+ 1.2%
MTD: 1.86% (including 0.30% government levies) AA 1.0%
AA- 15.9%
Selling & Marketing Expenses: 0% p.a. (w.e.f 13-Jan-2025)
Risk Profile / Risk of principal Medium / Principal at medium risk BBB- 0.2%
erosion: A1 2.2%
Fund Stability Rating: "A+(f)" by PACRA Others including Receivables 14.0%
Listing: Pakistan Stock Exchange Spread Transaction 0.4%
Custodian & Trustee: Central Depository Company (CDC) Total 100%
Auditors: A. F. Ferguson & Co., Chartered Accountants
Benchmark: 75% six (6) months KIBOR + 25% six (6) months Details of Non-Compliant Investments
average of the highest rates on savings accounts of
Value of Value of
three (3) AA rated scheduled Banks as selected by Type of % of % of
Investments Provision Investments
MUFAP* Particulars Investment
before held after
Net Gross
Fund Manager: Salman Ahmed, CFA Assets Assets
Provision
Minimum: Growth Unit: Rs. 10,000/- AgriTech Limited V 01-JUL-11 01-*
TFC 32,320,000 32,320,000 0 0.0% 0.0%
Subscription: Income Unit: Rs. 100,000/- Saudi Pak Leasing Company
TFC 41,321,115 41,321,115 0 0.0% 0.0%
Asset Manager Rating: AM1 by PACRA (Very High Quality) Limited - Revised II 13-MAR-
New Allied Electronics Limited
TFC 31,706,536 31,706,536 0 0.0% 0.0%
*effective from Jan 01, 2025; Previously 6-Month KIBOR (PP) 15-MAY-07 15-NOV-25
Dewan Cement Limited (Pre-IPO)
Pre IPO TFC 150,000,000 150,000,000 0 0.0% 0.0%
17-JAN-08 17-JAN-30
Asset Allocation (% of Total Assets) 28-Feb-25 31-Jan-25 Eden House Limited - Sukuk
Revised 29-MAR-08 29-SEP-25
Sukkuk 9,056,250 9,056,250 0 0.0% 0.0%

Bank Deposits 16.8% 21.0% PACE Pakistan Limited - Revised

15-FEB-08 15-FEB-45
TFC 149,820,000 149,820,000 0 0.0% 0.0%

TFCs / Sukuk 5.8% 4.4% Worldcall RS - III 10-APR-18 20-

SEP-26
TFC 69,157,224 69,157,224 0 0.0% 0.0%

PIBs 23.9% 18.0% New Allied Electronics Limited II -

Sukuk 03-DEC-07 03-DEC-
Sukkuk 44,148,934 44,148,934 0 0.0% 0.0%

T-Bills 39.1% 35.2% ANL PPTFC - 7 29-APR-21 29-

APR-31
TFC 52,308,750 52,308,750 0 0.0% 0.0%

Spread Transaction 0.4% 6.2% ANL ZERO COUPON - 8 29-APR-

21 29-APR-31
TFC 195,465,000 195,465,000 0 0.0% 0.0%

Others including Receivables 14.0% 15.2% Silk Bank Limited 10-AUG-17 10-
AUG-25
TFC 99,920,000 99,920,000 0 0.0% 0.0%

Total 100.0% 100.0% AgriTech Limited I - Revised II 29-

NOV-07 29-NOV-25*
TFC 147,335,961 147,335,961 0 0.0% 0.0%

Leverage Nil Nil Total 1,022,559,770 1,022,559,770 0 0.0% 0.0%

* Company has issued Preference Shares against the investment

Top TFC (as at February 28 , 2025) (% of Total Assets) Name of the Members of Investment Committee
RYK Mills STS-I 11-FEB-25 11-AUG-25 1.7% Dr. Amjad Waheed, CFA
KE Suk 03-AUG-20 03-AUG-27 1.2% Asim Wahab Khan, CFA
KASHF TFC 08-DEC-23 08-DEC-26 1.1% Hassan Raza, CFA
Bank of Punjab Limited 23-APR-18 23-APR-28 1.0% Salman Ahmed, CFA
Select Technologies STS 13-DEC-24 13-JUN-25 0.6% Usama Bin Razi
SHAKARGANJ FOODS (Rev) 10-JUL-18 10-JUL-26 0.2%
Dispute Resolution / Complaint Handling
Sitara Chemical LTS 13-FEB-25 13-FEB-32 0.1%
Complaint Service : www.nbpfunds.com/contact-us/investor-relations
Javedan Corp Ltd. SUK 04-OCT-18 04-OCT-26 0.1%
SECP’s Service Desk Management System: sdms.secp.gov.pk

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. 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
returns may include provisioning and reversal of provisioning against some debt securities. 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 09
 NBP SAVINGS FUND (NBP-SF) NBP FUNDS Managing Your Savings

NBP Fund Management Limited

MONTHLY REPORT (MUFAP's Recommended Format)
Unit Price (28/02/2025): Rs.10.9694 February 2025
Performance %
FYTD - ROLLING 12 FY - FY - FY - FY - FY - Last 3 Last 5 Last 10 Since Launch
Performance Period Feb-2025 March 28, 2008*
2025 MONTHS 2024 2023 2022 2021 2020 Years* Years* Years*

FUND RETURNS 11.1% 16.3% 18.8% 22.1% 16.4% 9.4% 6.6% 12.1% 17.7% 13.7% 10.8% 7.6%

BENCHMARK 12.0% 15.0% 17.1% 21.9% 18.3% 10.8% 7.4% 12.2% 18.3% 14.3% 11.2% 11.3%

PREVIOUS BENCHMARK 11.8% 14.9% 17.0% 21.9% 18.3% 10.8% 7.4% 12.2% 18.3% 14.3% 11.2% 11.3%
The Peer Group Average Return for the month of February 2025 is 9.4% p.a.
* 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: March 28, 2008 To earn a competitive rate of return while preserving capital to the extent possible by
Fund Size: Rs. 9,937 million investing in liquid assets.
Type: Open-end - Income Fund Fund Manager Commentary
Dealing Days: Daily – Monday to Friday The Fund posted an annualized return of 11.1% p.a. during the month versus the
Dealing Time: Monday to Friday 9:00am to 12:30pm Benchmark return of 12% p.a. The reported return is net of management fee and all
Settlement: 2-3 business days other expenses.
Pricing Mechanism: Backward Pricing
Front end Load: Front end: 3%, (Takaful coverage and Health The weighted average time to maturity of the Fund is around 36 days. The Fund is
Takaful Plan option available for individual) Back expected to perform well over the medium to long term horizon. Only investors with
end: 0% medium term investment horizon are advised to invest in this Fund.
Management Fee: Up to 2.25% of daily net assets subject to Total
Expense Ratio limit prescribed by Rules and We will rebalance the allocation of the Fund proactively based on the capital market
Regulations. 1.01% p.a. of average net assets outlook.
during the month.
Total Expense Ratio: YTD : 1.11% (including 0.19% government levies) Credit Quality of the Portfolio as of February 28 , 2025 (% of Total Assets)
MTD: 1.47% (including 0.23% government levies)
Government Securities (AAA rated) 51.2%
AAA 0.2%
Selling & Marketing Expenses: 0% AA- 28.7%
Risk Profile / Risk of principal Moderate / Principal at moderate risk A+ 1.6%
erosion: A 4.9%
Fund Stability Rating: "A+ (f)" by PACRA
MTS 13.1%
Listing: Pakistan Stock Exchange
Custodian & Trustee: Central Depository Company (CDC) Others including Receivables 0.3%
Auditors: A.F. Ferguson & Co, Chartered Accountants Total 100%
Benchmark: 75% six (6) months KIBOR + 25% six (6) months
average of the highest rates on savings accounts of
three (3) AA rated scheduled Banks as selected by Details of Non-Compliant Investments
MUFAP* Value of Value of
Fund Manager: Salman Ahmed, CFA Type of % of % of
Investments Provision Investments
Particulars Investment Net Gross
Minimum: Growth Unit: Rs. 1,000/- before held after
Assets Assets
Subscription: Income Unit: Rs. 100,000/- Provision
Worldcall RS - III 10-APR-18 20-
Asset Manager Rating: AM1 by PACRA (Very High Quality) SEP-26
TFC 21,515,581 21,515,581 0 0.0% 0.0%
New Allied Electronics Limited II -
*effective from Jan 01, 2025; Previously 6-Month KIBOR Sukuk 03-DEC-07 03-DEC-
Sukkuk 49,054,371 49,054,371 0 0.0% 0.0%
AgriTech Limited V 01-JUL-11 01-
TFC 22,180,000 22,180,000 0 0.0% 0.0%
Asset Allocation (% of Total Assets) 28-Feb-25 31-Jan-25 JAN-28*
Saudi Pak Leasing Company
TFC 41,321,115 41,321,115 0 0.0% 0.0%
T-Bills 51.2% 58.6% Limited - Revised II 13-MAR-
Eden House Limited - Sukuk
Sukkuk 19,687,500 19,687,500 0 0.0% 0.0%
MTS 13.1% 16.2% Revised 29-MAR-08 29-SEP-25
AgriTech Limited II - Revised II
TFC 147,491,841 147,491,841 0 0.0% 0.0%
Cash 35.4% 24.7% 14-JAN-08 14-JUL-25*

Total 301,250,408 301,250,408 0 0.0% 0.0%

Others including Receivables 0.3% 0.5%
* Company has issued Preference Shares against the investment
Total 100.0% 100.0%
Leverage Nil Nil Name of the Members of Investment Committee
Dr. Amjad Waheed, CFA
Asim Wahab Khan, CFA
Hassan Raza, CFA
Salman Ahmed, CFA
Usama Bin Razi
Dispute Resolution / Complaint Handling
Complaint Service : www.nbpfunds.com/contact-us/investor-relations
SECP’s Service Desk Management System: sdms.secp.gov.pk

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 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 SARMAYA IZAFA FUND (NSIF) NBP FUNDS Managing Your Savings

NBP Fund Management Limited

MONTHLY REPORT (MUFAP's Recommended Format)
Unit Price (28/02/2025): Rs.32.0906 February 2025
Performance %
FYTD - ROLLING 12 FY - FY - FY - FY - FY - Last 3 Last 5 Last 10 Since Launch
Performance Period Feb-2025 August 20,
2025 MONTHS 2024 2023 2022 2021 2020 Years* Years* Years*
2010*
FUND RETURNS (0.2)% 46.2% 70.1% 71.5% 2.6% (8.3)% 19.6% 8.2% 33.3% 21.8% 14.3% 16.6%

BENCHMARK (1.2)% 40.1% 65.3% 75.1% 8.3% (6.4)% 21.9% 10.8% 37.0% 23.5% 14.5% 14.1%

PREVIOUS BENCHMARK (1.2)% 40.1% 65.3% 75.1% 8.3% (6.4)% 21.9% 10.8% 37.0% 23.5% 14.5% 14.1%
* Annualized return. All other returns are cumulative.
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: August 20, 2010 To generate income by investing in Debt & Money Market securities and to generate
Fund Size: Rs. 740 million capital appreciation by investing in equity and equity related securities.
Type: Open-end - Asset Allocation Fund
Dealing Days: Daily – Monday to Friday Fund Manager Commentary
Dealing Time: (Mon-Thr) 9:00 A.M to 3:00 P.M During the month under review, NBP Sarmaya Izafa Fund's (NSIF) unit price (NAV)
(Friday) 9:00 A.M to 4:00 P.M decreased by 0.2%, whereas the Benchmark decreased by 1.2%, thus an
Settlement: 2-3 business days outperformance of 1.0% was recorded. Since inception on August 20, 2010 the Fund
Pricing Mechanism: Forward Pricing has posted 16.6% p.a return, versus 14.1% p.a by the Benchmark. Thus, to date the
Front end Load: Front end: 3%, (Takaful coverage and Health outperformance of your Fund stands at 2.5% p.a. This outperformance is net of
Takaful Plan option available for individual) management fee and all other expenses. NSIF started off the month with an allocation
Back end: 0% of around 81% in equities which was increased to around 82% towards the end of the
Management Fee: Up to 4.0% of daily net assets subject to Total month.
Expense Ratio limit prescribed by Rules and
Regulations, w.e.f 13-Jan-2025, Top Ten Holdings (as on February 28 ,2025)
3.33% per annum.
Total Expense Ratio: YTD 4.65% p.a (including 0.64% government Asset % of Total
Name
levies) Class Assets
MTD 4.57% p.a (including 0.65% government Fauji Fertilizer Company Limited Equity 9.7%
levies) Pak Petroleum Limited Equity 7.9%
Selling & Marketing Expenses: 0% per annum (w.e.f 13-Jan-2025)
Kohat Cement Limited Equity 7.6%
Risk Profile / Risk of principal High / Principal at high risk
erosion: Oil and Gas Development Co Limited Equity 6.9%
Listing: Pakistan Stock Exchange Askari Commercial Bank Limited Equity 3.4%
Custodian & Trustee: Central Depository Company (CDC) Hub Power Company Limited Equity 3.0%
Auditors: A.F.Ferguson & Co. Bank Alfalah Limited Equity 2.9%
Chartered Accountants
Pakistan State Oil Co Limited Equity 2.6%
Benchmark: Daily weighted return of KSE-30 Total Return Index
for equity portion & 75% six (6) Soneri TFC 2.6%
months KIBOR + 25% six (6) months average of Bank AL-Habib Limited Equity 2.4%
the highest rates on savings accounts of
three (3) AA rated scheduled Banks as selected by
MUFAP for fixed income portion & 90% Name of the Members of Investment Committee
three (3) months PKRV rates + 10% three (3) Dr. Amjad Waheed, CFA
months average of the highest rates on
savings account of three (3) AA rated scheduled Asim Wahab Khan, CFA
Banks as selected by MUFAP for Money Hassan Raza, CFA
Market portion, based on Fund's actual allocation. Salman Ahmed, CFA
Dispute Resolution / Complaint Handling
Fund Manager: Asim Wahab Khan, CFA Complaint Service : www.nbpfunds.com/contact-us/investor-relations
Minimum Subscription: Growth Unit: Rs. 10,000/- SECP’s Service Desk Management System: sdms.secp.gov.pk
Income Unit: Rs. 100,000/-
Asset Manager Rating: AM1 by PACRA (Very High Quality)
*effective from Jan 01, 2025; Previously Daily weighted return of KSE-30 Total Return Index & 6-
month KIBOR based on Fund's actual allocation.
Asset Allocation (% of Total Assets) 28-Feb-25 31-Jan-25
Equity Securities 81.7% 80.7%
Cash 12.9% 14.1%
TFCs / Sukuks 3.1% 2.5%
Others including Receivables 2.3% 2.7%
Total 100.0% 100.0%
Leverage Nil Nil
Characteristics of Equity Portfolio**
PER PBV DY
NSIF 5.7 0.9 6.8%
KSE-30 5.9 1.2 8.5%
** Based on NBP Fund Management Ltd estimates
Top Five Sectors (% of Total Assets) (as on February 28 ,2025)
Commercial Banks 17.3 %
Oil & Gas Exploration Companies 16.4 %
Fertilizer 11.0 %
Cement 10.7 %
Textile Composite 4.4 %
Others 21.9 %

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 11
 NBP BALANCED FUND (NBF) NBP FUNDS Managing Your Savings

NBP Fund Management Limited

MONTHLY REPORT (MUFAP's Recommended Format)
Unit Price (28/02/2025): Rs.34.5706 February 2025
Performance %
FYTD - ROLLING 12 FY - FY - FY - FY - FY - Last 3 Last 5 Last 10 Since Launch
Performance Period Feb-2025 January 19,
2025 MONTHS 2024 2023 2022 2021 2020 Years* Years* Years*
2007*
FUND RETURNS (0.3)% 40.6% 58.4% 52.3% 2.6% (6.3)% 19.3% 7.4% 27.0% 18.5% 12.7% 14.4%

BENCHMARK (0.6)% 35.4% 56.7% 63.8% 10.8% (2.9)% 21.9% 10.7% 34.1% 22.6% 14.2% 12.2%

PREVIOUS BENCHMARK (0.8)% 34.9% 56.2% 63.8% 10.8% (2.9)% 21.9% 10.7% 34.0% 22.5% 14.1% 12.2%
* Annualized return. All other returns are cumulative.
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: January 19, 2007 The objective of NBP Balanced Fund (NBF) is to provide investors with a combination
Fund Size: Rs. 1,397 million of capital growth and income. NBF aims to achieve attractive returns at moderate
Type: Open-end – Balanced Fund levels of risk by investing in a variety of asset classes such as stocks, bonds, money
Dealing Days: Daily – Monday to Friday market instruments, MTS, commodities etc.
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 During the month under review, NBP Balanced Fund's (NBF) unit price (NAV)
Settlement: 2-3 business days decreased by 0.3% whereas the Benchmark decreased by 0.6%, thus an
Pricing Mechanism: Forward Pricing outperformance of 0.3% was recorded. Since inception on January 19, 2007 your
Front end Load: Front end: 3%, (Takaful coverage and Health Fund has posted 14.4% p.a return, versus 12.2% p.a by the Benchmark. Thus, to-date
Takaful Plan option available for individual) the outperformance of your Fund stands at 2.2% p.a. This outperformance is net of
Back end: 0% management fee and all other expenses. NBF started off the month with an allocation
Management Fee: Up to 4.0% of daily net assets subject to Total of around 68% in equities which was maintained towards the end of the month.
Expense Ratio limit prescribed by Rules and
Regulations, w.e.f 13-Jan-25,
3.70% per annum. Top Ten Holdings (as on February 28 ,2025)
Total Expense Ratio: YTD: 4.95% p.a (including 0.68% government
levies), Asset % of Total
Name
MTD: 4.77% p.a (including 0.68% government Class Assets
levies) Fauji Fertilizer Company Limited Equity 9.0%
Selling & Marketing Expenses: 0% p.a. w.e.f. Jan. 13, 2025 Kohat Cement Limited Equity 7.5%
Risk Profile / Risk of principal High / Principal at high risk
Pak Petroleum Limited Equity 6.9%
erosion:
Listing: Pakistan Stock Exchange Oil and Gas Development Co Limited Equity 5.8%
Custodian & Trustee: Central Depository Company (CDC) Askari Commercial Bank Limited Equity 2.9%
Auditors: A.F.Ferguson & Co. Chartered Accountants Pakistan National Shipping Corporation Equity 2.8%
Benchmark: 60% of benchmark of Equity CIS + 40% of Pakistan State Oil Co Limited Equity 2.2%
benchmark of Income CIS Hub Power Company Limited Equity 2.2%
Fund Manager: Asim Wahab Khan, CFA
Bank Alfalah Limited Equity 2.1%
Minimum Subscription: Growth Unit: Rs. 10,000/-
Income Unit: Rs. 100,000/- Kohinoor Textile Mills Limited Equity 2.1%
Asset Manager Rating: AM1 by PACRA (Very High Quality)
*effective from Jan 01, 2025; Previously Daily weighted return of KSE-30 Total Return Index & 6- Details of Non-Compliant Investments
month KIBOR based on Fund's actual allocation.
Value of Value of
Type of % of % of
Asset Allocation (% of Total Assets) 28-Feb-25 31-Jan-25 Particulars Investment
Investments Provision Investments
Net Gross
before held after
Equities / Stocks 68.3% 67.6% Provision
Assets Assets
TFCs / Sukuks 2.6% 2.3% New Allied Electronics Limited I -
Sukkuk 10,000,000 10,000,000 0 0.0% 0.0%
Sukuk 25-JUL-07 25-JUL-25
T-Bills 0.0% 17.3% Saudi Pak Leasing Company
TFC 27,547,410 27,547,410 0 0.0% 0.0%
Limited - Revised II 13-MAR-
Cash 27.6% 12.1% Eden House Limited - Sukuk
Sukkuk 9,843,750 9,843,750 0 0.0% 0.0%
Revised 29-MAR-08 29-SEP-25
Others including receivables 1.5% 0.7%
Total 47,391,160 47,391,160 0 0.0% 0.0%
Total 100.0% 100.0%
Leverage Nil Nil
Name of the Members of Investment Committee
Dr. Amjad Waheed, CFA
Characteristics of Equity Portfolio** Asim Wahab Khan, CFA
PER PBV DY Hassan Raza, CFA
NBF 5.7 0.9 6.6% Salman Ahmed, CFA
KSE-30 5.9 1.2 8.5% Dispute Resolution / Complaint Handling
** Based on NBP Fund Management Ltd estimates Complaint Service : www.nbpfunds.com/contact-us/investor-relations
Top Five Sectors (% of Total Assets) (as on February 28 ,2025) SECP’s Service Desk Management System: sdms.secp.gov.pk
Oil & Gas Exploration Companies 14.2 %
Commercial Banks 11.6 %
Cement 10.9 %
Fertilizer 9.7 %
Textile Composite 4.2 %
Others 17.7 %

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 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 12
 NBP STOCK FUND (NSF) NBP FUNDS Managing Your Savings

NBP Fund Management Limited

MONTHLY REPORT (MUFAP's Recommended Format)
Unit Price (28/02/2025): Rs.32.7880 February 2025
Performance %
FYTD - ROLLING 12 FY - FY - FY - FY - FY - Last 3 Last 5 Last 10 Since Launch
Performance Period Feb-2025 January 19,
2025 MONTHS 2024 2023 2022 2021 2020 Years* Years* Years*
2007*
FUND RETURNS (0.8)% 53.1% 79.3% 85.1% (2.2)% (14.0)% 35.9% (0.2)% 34.7% 23.7% 14.1% 15.8%

BENCHMARK (1.6)% 46.6% 77.2% 95.0% 4.4% (10.4)% 36.5% (0.5)% 41.3% 26.0% 13.1% 10.3%
The Peer Group Average Return for the month of February 2025 is (0.05%)
* Annualized return. All other returns are cumulative.
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: January 19, 2007 To provide investors with long term capital growth from an actively managed portfolio
Fund Size: Rs. 37,055 million invested primarily in listed companies in Pakistan.
Type: Open-end – Equity Fund Fund Manager Commentary
Dealing Days: Daily – Monday to Friday During the month under review, NBP Stock Fund’s (NSF) unit price (NAV) decreased
Dealing Time: (Mon-Thr) 9:00 A.M to 3:00 P.M by 0.8%, whereas the Benchmark decreased by 1.6%, thus an outperformance of
(Friday) 9:00 A.M to 4:00 P.M 0.8% was recorded. Since inception on January 19, 2007 your Fund has posted 15.8%
Settlement: 2-3 business days p.a return, versus 10.3% p.a by the Benchmark. Thus, to-date the outperformance of
Pricing Mechanism: Forward Pricing your Fund stands at 5.5% p.a. This outperformance is net of management fee and all
Front end Load: Front end: 3%, (Takaful coverage and Health other expenses. NSF started off the month with an allocation of around 95% in equities
Takaful Plan option available for individual) which was decreased to around 94% towards the end of the month.
Back end: 0%
Management Fee: Up to 4.0% of daily net assets subject to Total
Expense Ratio limit prescribed by Rules and
Regulations, Top Ten Holdings (as on February 28 , 2025)
4.00% p.a. (w.e.f. Jan 13, 2025) Name % of Total Assets
Total Expense Ratio: YTD: 5.04% p.a (including 0.74% government
levies) Oil and Gas Development Co Limited 9.6%
MTD: 5.07% p.a (including 0.74% government Fauji Fertilizer Company Limited 9.3%
levies)
Selling & Marketing Expenses: 0% per annum Pak Petroleum Limited 9.2%
Risk Profile / Risk of principal High / Principal at high risk Kohat Cement Limited 6.5%
erosion:
Listing: Pakistan Stock Exchange Pakistan State Oil Co Limited 5.1%
Custodian & Trustee: Central Depository Company (CDC) Askari Commercial Bank Limited 4.0%
Auditors: Yousuf Adil Chartered Accountants
Hub Power Company Limited 3.7%
Benchmark: KSE-30 Total Return Index
Fund Manager: Asim Wahab Khan, CFA Kohinoor Textile Mills Limited 3.5%
Minimum Subscription: Growth Unit: Rs. 10,000/- Bank Alfalah Limited 3.3%
Income Unit: Rs. 100,000/-
Asset Manager Rating: AM1 by PACRA (Very High Quality) Nishat Mills Limited 3.2%

Name of the Members of Investment Committee

Asset Allocation (% of Total Assets) 28-Feb-25 31-Jan-25
Dr. Amjad Waheed, CFA
Equities / Stock 93.5% 95.4%
Asim Wahab Khan, CFA
T-Bills 0.0% 1.4%
Hassan Raza, CFA
Cash 6.1% 2.9%
Others including Receivables 0.4% 0.3% Dispute Resolution / Complaint Handling
Total 100.0% 100.0% Complaint Service : www.nbpfunds.com/contact-us/investor-relations
SECP’s Service Desk Management System: sdms.secp.gov.pk
Leverage Nil Nil

Characteristics of Equity Portfolio**

PER PBV DY
NSF 5.6 0.9 6.6%
KSE-30 5.9 1.2 8.5%
** Based on NBP Fund Management Ltd estimates
Top Five Sectors (% of Total Assets) (as on February 28 ,2025)
Oil & Gas Exploration Companies 20.7 %
Commercial Banks 17.4 %
Cement 13.0 %
Fertilizer 10.8 %
Textile Composite 7.1 %
Others 24.5 %

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 13
 NBP FINANCIAL SECTOR FUND (NFSF) NBP FUNDS Managing Your Savings

NBP Fund Management Limited

MONTHLY REPORT (MUFAP's Recommended Format)
Unit Price (28/02/2025): Rs.18.3464 February 2025
Performance %
Since Launch
FYTD - ROLLING 12 FY - FY - FY - FY - FY - Last 3 Last 5
Performance Period Feb-2025 February 14,
2025 MONTHS 2024 2023 2022 2021 2020 Years* Years*
2018*
FUND RETURNS (1.8)% 35.9% 71.4% 139.3% (5.2)% (7.6)% 20.6% (15.6)% 38.2% 21.5% 14.7%

BENCHMARK (1.6)% 46.6% 77.2% 95.0% 4.4% (10.4)% 36.5% (0.5)% 41.3% 26.0% 16.3%
* Annualized return. All other returns are cumulative.
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: February 14, 2018 The objective of NBP Financial Sector Fund is to provide investors with long term
Fund Size: Rs. 207 Million capital growth from an actively managed portfolio of listed equities belonging to the
Type: Open Ended Equity Scheme Financial Sector.
Dealing Days: Daily – Monday to Friday Fund Manager Commentary
Dealing Time: (Mon-Thr) 9:00 A.M to 3:00 P.M During the month under review NBP Financial Sector Fund (NFSF) unit price (NAV)
decreased by 1.8%, whereas the Benchmark decreased by 1.6%, thus an
(Friday) 9:00 A.M to 4:00 P.M under performance of 0.2% was recorded. Since inception on February 14, 2018 your
Settlement: 2-3 business days Fund NAV has increased by 14.7% p.a return versus 16.3% p.a by the Benchmark.
Pricing Mechanism: Forward Pricing Thus, to date the underperformance of your Fund stands at 1.6% p.a. This
Front end Load: Front end: 3%, (Takaful coverage and Health underperformance is net of management fee and all other expenses. NFSF started off
Takaful Plan option available for individual) Back the month with an allocation of around 92% in equities which was increase to around
end: 0% 96% towards the end of the month.
Management Fee: Up to 4.0% of daily net assets subject to Total
Expense Ratio limit prescribed by Rules and
Regulations.1.5% per annum (w.e.f 13-Jan-25)
Top Ten Holdings (as on February 28 , 2025)
Name % of Total Assets
Total Expense Ratio: YTD: 3.43% p.a (including 0.45% government
levies), Askari Commercial Bank Limited 12.3%
MTD: 3.03% p.a (including 0.37% government MCB Bank Limited 11.9%
levies)
Selling & Marketing Expenses: Nil Bank Alfalah Limited 9.1%
Risk Profile / Risk of principal High / Principal at high risk Meezan Bank Limited 8.1%
erosion:
Listing: Pakistan Stock Exchange Allied Bank Limited 6.7%
Custodian & Trustee: Central Depository Company (CDC) National Bank Of Pakistan Limited 6.7%
Auditors: A.F. Ferguson & Co, Chartered Accountants
Bank AL-Habib Limited 6.7%
Benchmark: KSE 30 Index (Total Return Index)
Fund Manager: Asim Wahab Khan, CFA IGI Holdings Limited 5.8%
Minimum Subscription: Growth Unit: Rs. 10,000/- Habib Bank Limited 5.7%
Income Unit: Rs. 100,000/-
Asset Manager Rating: AM1 by PACRA (Very High Quality) United Bank Limited 5.5%

Name of the Members of Investment Committee

Asset Allocation (% of Total Assets) 28-Feb-25 31-Jan-25
Dr. Amjad Waheed, CFA
Equities / Stocks 95.8% 92.4%
Asim Wahab Khan, CFA
Cash 0.7% 5.1%
Hassan Raza, CFA
Others including Receivables 3.5% 2.5%
Total 100.0% 100.0% Dispute Resolution / Complaint Handling
Leverage Nil Nil Complaint Service : www.nbpfunds.com/contact-us/investor-relations
SECP’s Service Desk Management System: sdms.secp.gov.pk

Characteristics of Equity Portfolio**

PER PBV DY
NFSF 4.5 0.7 10.3%
KSE-30 5.9 1.2 8.5%
** Based on NBP Fund Management Ltd estimates
Top Sectors (% of Total Assets) (as on February 28 ,2025)
Commercial Banks 77.9 %
Insurance 15.9 %
Inv. Banks / Inv. Cos. / Securities Cos. 2.0 %

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 14
 NBP PAKISTAN GROWTH EXCHANGE TRADED FUND (NBPGETF)
NBP FUNDS Managing Your Savings

NBP Fund Management Limited

MONTHLY REPORT (MUFAP's Recommended Format)
Unit Price (28/02/2025): Rs.22.2538 February 2025
Performance %
FYTD - ROLLING 12 Since Launch October
Performance Period Feb-2025 FY - 2024 FY - 2023 FY - 2022 Last 3 Years*
2025 MONTHS 6, 2020*

FUND RETURNS (1.6)% 39.9% 71.6% 85.4% 5.4% (13.5)% 36.1% 26.0%

BENCHMARK (1.1)% 42.9% 77.7% 92.9% 7.9% (12.5)% 40.0% 29.6%

* Annualized return. All other returns are cumulative.
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: October 06, 2020 NBP Pakistan Growth Exchange Traded Fund (NBP-GETF) aims to track the
Fund Size: Rs. 128 Million authorized benchmark index as per the investment methodology constituted by the
Fund Size: (Excluding investment Rs. 18 Million Management Company.
by fund of funds): Fund Manager Commentary
Type: Open-end - Exchange Traded Fund During the month under review, NBP-GETF unit price (NAV) decreased by 1.6%
Dealing Days: As per PSX versus Benchmark decreased by 1.1%. Tracking error for the period was 0.1%. This
Dealing Time: Every Dealing Day – 9:00 AM – 4:00 PM performance is net of management fee and all other expenses. The Fund started off
Settlement: 2-3 Business days the month with an allocation of around 98% in equities. The stocks in the NBP-GETF
Pricing Mechanism: Backward Pricing belong to Commercial Banks, Cements, Fertilizers, Oil & Gas Marketing Com Oil &
Front end Load: Front end: 0%, Back end: 0% Gas Exploration, Power Generation & Distribution, and Technology & Communication
Management Fee: 0.00% sectors. During the month, Cement, Commercial Banks, Fertilizer and Power
Total Expense Ratio: YTD: 1.75% p.a (including 0.14% government Generation & Distribution stocks outperformed the market and Inv. Banks/ Inv.
levies) Cos./Securities Cos., Oil & Gas Marketing Com, Oil & Gas Exploration Co, and
MTD: 1.82% (including 0.21% government levies) Technology & Communication sector stocks underperformed the market.

Risk Profile / Risk of principal High / Principal at high risk

erosion:
Listing: Pakistan Stock Exchange
Custodian & Trustee: Central Depository Company (CDC) Top Ten Holdings (as on February 28 , 2025)
Auditors: Yousuf Adil, Chartered Accountants Name % of Total Assets
Benchmark: NBP Pakistan Growth Index (NBPPGI) Oil and Gas Development Co Limited 10.3%
Fund Manager: Asim Wahab Khan, CFA
Fauji Fertilizer Company Limited 10.1%
Asset Manager Rating: AM1 by PACRA (Very High Quality)
Hub Power Company Limited 10.0%
Pak Petroleum Limited 9.6%
Asset Allocation (% of Total Assets) 28-Feb-25 31-Jan-25
Equity Securities 97.2% 97.5% United Bank Limited 7.6%
Cash 2.4% 2.4% Pakistan State Oil Co Limited 7.0%
Others including Receivables 0.4% 0.1% Engro Holding Limited 7.0%
Total 100.0% 100.0%
Engro Fertilizer Limited 6.1%
Leverage Nil Nil
Meezan Bank Limited 5.5%
Note: Amount invested by fund of funds is Rs.110 million.
Habib Bank Limited 5.1%
Characteristics of Equity Portfolio**
PER PBV DY Name of the Members of Investment Committee
NBPGETF 5.4 1.0 9.5% Dr. Amjad Waheed, CFA
NBPPGI 5.6 1.1 9.5% Asim Wahab Khan, CFA
** Based on NBP Fund Management Ltd estimates Hassan Raza, CFA
Top Five Sectors (% of Total Assets) (as on February 28 ,2025) Dispute Resolution / Complaint Handling
Commercial Banks 25.6 % Complaint Service : www.nbpfunds.com/contact-us/investor-relations
Oil & Gas Exploration Companies 22.7 % SECP’s Service Desk Management System: sdms.secp.gov.pk
Fertilizer 16.1 %
Power Generation & Distribution 10.0 %
Oil & Gas Marketing Companies 7.0 %
Others 15.8 %

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 15
 NAFA PENSION FUND (NPF) NBP FUNDS Managing Your Savings

NBP Fund Management Limited

MONTHLY REPORT (MUFAP's Recommended Format) February 2025
Performance %
NAV Per Since Launch
Fund Size Unit (Rs.) Feb FYTD- Rolling FY- FY- FY - FY - FY - Last 3 Last 5 Last 10
Performance Period (Rs. in mln) Feb 28, 2025 July 02,
2025 2025 12 Months 2024 2023 2022 2021 2020 Years Years Years
2013

NPF-Equity Sub-fund 1,701 925.4601 (1.2%*) 57.6%* 84.7%* 82.2%* (0.3%)* (12.5%)* 40.1%* 4.3%* 36.7% 26.5% 16.7% 20.9%

NPF-Debt Sub-fund 2,269 349.2708 9.9% 17.8% 19.3% 22.3% 16.9% 10.4% 4.6% 19.7% 18.4% 15.0% 10.9% 11.2%

NPF-Money Market Sub-fund 3,944 301.5303 9.9% 16.2% 18.4% 22.0% 17.8% 10.7% 5.4% 11.9% 18.5% 14.0% 10.1% 9.8%
*Cumulative Returns All Other returns are annualized
The performance reported is net of management fee & all other expenses.

General Information Investment Objective

Launch Date: July 2, 2013 To provide a secure source of savings and regular income after retirement to the
Fund Size: Rs. 7,914 Million Participants.
Type: Open-end – Voluntary Pension Scheme
Dealing Days: Daily – Monday to Friday Fund Manager Commentary
Dealing Time: (Mon-Thr) 9:00 A.M to 3:00 P.M During this Month:
(Friday) 9:00 A.M to 4:00 P.M
Pricing Mechanism: Forward Pricing NPF Equity Sub-fund unit price decreased by 1.2% compared with 0.9% decreased
Front End Load: Upto 3% on Contributions in KSE-100 Index. The Sub-fund was around 96% invested in equities with major
Back end Load: 0% weights in Oil & Gas Exploration, Commercial Banks, and Cement sectors. Equity
On average Annual Net Assets of each Sub-Fund. Sub-fund maintains exposure of atleast 90% in listed equities on average. Last 90
Management Fee*: Equity 1.50%, Debt 1.12%, Money Market 1.07% days average allocation in equity was 97% of net asset.
Selling and Marketing Expense*: NIL
*w.e.f 01 Mar, 2024 NPF Debt Sub-fund generated annualized return of 9.9%. The Sub-fund was
Total Expense Ratio: Equity: YTD: 2.25% p.a (including 0.32% government levies) invested primarily in Bank Deposits, Government Securities and TFCs. Debt
MTD: 2.00% p.a (including 0.29% government levies) Sub-fund maintains a minimum exposure of 25% in A+ rated banks. Weighted
Debt: YTD: 1.47% p.a (including 0.22% government levies) Average Maturity of Sub-fund is 1.8 years.
MTD:1.46% p.a (including 0.22% government levies)
Money Market:YTD: 1.39% p.a (including 0.22% government levies) NPF Money Market Sub-fund generated annualized return of 9.9%. In line with its
MTD:1.38% p.a (including 0.21% government levies) investment strategy, the Sub Fund will maintain high exposure in money market
Risk Profile: Investor dependent securities. Money Market Sub-fund average maturity cannot exceed 90 days.
Custodian & Trustee: Central Depository Company (CDC) Weighted Average Maturity of Sub-fund is 80 days.
Auditors: Grant Thornton Anjum Rahman, Chartered Accountants
Fund Manager: Asim Wahab Khan, CFA Top Five Sectors (% of Total Assets) (as on 28 February, 2025)
Minimum: Initial: Rs. 10,000/-
Subscription: Subsequent: Rs. 1000/- Oil & Gas Exploration Companies 19.3%
Asset Manager Rating: AM1 by PACRA (Very High Quality) Commercial Banks 16.6%
Leverage: Nil Cement 12.3%
Fertilizer 11.5%
Textile Composite 6.6%
Asset Allocation
Credit(%Quality
of Total of
Assets)
the Portfolio (as on 28 February, 2025) Others 29.5%
Debt Money Market
Government Securities (AAA rated) 92.1% 97.6%
Top Ten Holdings of Equity Sub-fund (as on 28 February, 2025)
AAA 2.0% 2.0% Name (% of Total Assets) Name (% of Total Assets)
AA+ - 0.2% Fauji Fertilizer Co. Limited 9.9% Kohinoor Textile Mills Limited 3.8%
AA 0.9% - Oil & Gas Dev Co Limited 9.2% Askari Bank Limited 3.8%
AA- 1.3% - Pak Petroleum Limited 8.6% Pakistan National Shipping Corporation 2.8%
A+ 0.5% - Kohat Cement Limited 6.5% MCB Bank Limited 2.8%
A1+ - - Pakistan State Oil Co Limited 4.9% Bank Al-Falah Limited 2.7%
A1 - - As on 28 February, 2025
Others 3.2% 0.2% Top TFC/Sukuk Holdings of Debt Sub-fund
Total 100.0% 100.0% (% of Total
Name Assets)
Meezan 16-DEC-21 16-DEC-31 1.1%
Asset Allocation (% of Total Assets) Samba Bank Limited 01-MAR-21 01-MAR-31 0.9%
30-Nov-17
Equity Sub-fund 28-Feb-25 31-Jan-25 Askari Commercial Bank Limited 17-MAR-20 17-MAR-30 0.9%
Equity 95.9% 93.9% Soneri 26-DEC-22 26-DEC-32 0.4%
Cash 3.7% 4.8%
Others 0.4% 1.3%
Total 100.0% 100.0%

Debt Sub-fund 28-Feb-25 31-Jan-25

Cash 1.4% 9.3%
TFC/Sukuk 3.3% 3.3%
PIBs 40.9% 27.8% Name of the Members of Investment Committee
T-Bills 51.2% 55.3% Dr. Amjad Waheed, CFA
Others 3.2% 4.3% Asim Wahab Khan, CFA
Total 100.0% 100.0% Hassan Raza, CFA
Salman Ahmed, CFA
Money Market Sub-fund 28-Feb-25 31-Jan-25
Cash 2.2% 2.1% Dispute Resolution / Complaint Handling
T-Bills 97.6% 96.3%
Others 0.2% 1.6% Complaint Service : www.nbpfunds.com/contact-us/investor-relations
Total 100.0% 100.0% SECP’s Service Desk Management System: sdms.secp.gov.pk

Notes: 1) The calculation of performance does not include cost of front end load.
2) Taxes apply. Further, tax credit also available as per section 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
Management Limited or any of its sales representative cannot guarantee preservation / protection of capital and / or expected returns / profit on investments. In case of initiation of any legal proceeding or
any case is filed against the pension fund impacting any sub-fund(s), may also affect the unit holders of other sub-fund(s) under the same pension fund. 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 16
INVESTMENT PLAN SUMMARY - FEBRUARY 2025
NBP FUNDS Managing Your Savings

NBP Fund Management Limited

Year to date details of expenses charged
Date of from July 01, 2024 - February 28, 2025
Fund Name Risk Profile Net Maturity
Plan S.No Launch / Active Matured Other
(Risk Profile of CIS) of Plan Assets Date Audit Rating Formation Fixed
IPO
Fee Fee Cost Cost
NBP FIXED TERM 1 21-Mar-2023 Very Low / Principal N/A - Matured 21-Sep-2023 - - - -
MUNAFA PLAN - I at very low risk
NBP FIXED TERM 2 03-May-2023 Very Low / Principal at N/A - Matured 25-Jul-2023 - - - -
MUNAFA PLAN - II very low risk
NBP FIXED TERM 3 15-Nov-2022 Very Low / Principal at N/A - Matured 17-Nov-2023 - - - -
MUNAFA PLAN - III very low risk
NBP FIXED TERM 4 18-Oct-2023 Moderate / Principal at N/A - Matured 17-Oct-2024 - - - -
MUNAFA PLAN - IV Moderate risk
NBP FIXED TERM 5 01-Nov-2023 Moderate / Principal at N/A - Matured 31-Oct-2024 - - - -
MUNAFA PLAN - V Moderate risk
NBP FIXED TERM 6 13-Dec-2023 Moderate / Principal at N/A - Matured 28-Nov-2024 - - - -
MUNAFA PLAN - VI Moderate risk
NBP FIXED TERM Moderate / Principal at
7 27-Dec-2023 N/A - Matured 27-Dec-2024 - - - -
MUNAFA PLAN - VII Moderate risk
NBP FIXED TERM Moderate / Principal at
NBP MUSTAHKAM FUND 8 29-Mar-2024 10,946,300,191 Active - 31-Mar-2026 616,922 - - 155,457
MUNAFA PLAN - VIII Moderate risk
(Moderate /
NBP FIXED TERM Moderate / Principal at
Principal at Moderate Risk) 9 24-Jan-2024 N/A - Matured 27-Nov-2024 - - - -
MUNAFA PLAN - IX Moderate risk

NBP FIXED TERM Moderate / Principal at

10 07-Mar-2024 Moderate risk N/A - Matured 17-Oct-2024 - - - -
MUNAFA PLAN - X
NBP FIXED TERM Moderate / Principal at
11 27-Nov-2024 Moderate risk 8,189,740,362 Active 11-Dec-2026 57,329 - - 201,209
MUNAFA PLAN - IA
NBP FIXED TERM Moderate / Principal at
12 14-Nov-2024 Moderate risk N/A Matured 22-Jan-2025 - - - -
MUNAFA PLAN - IIA
NBP FIXED TERM Moderate / Principal at
13 28-Nov-2024 Moderate risk 1,413,710,327 Active - 29-May-2025 146,948 - - 25,457
MUNAFA PLAN - IIIA
NBP FIXED TERM Moderate / Principal at
14 17-Dec-2024 Moderate risk 10,261,002,064 Active - 11-Dec-2025 70,000 - - 334,164
MUNAFA PLAN - IVA
NBP FIXED TERM Moderate / Principal at
15 17-Dec-2024 3,066,824,927 Active - 12-Jun-2025 49,035 - - 173,459
MUNAFA PLAN - VA Moderate risk
NBP FIXED TERM Moderate / Principal at
16 02-Jan-2025 4,071,187,875 Active - 26-Jun-2025 32,758 - - 190,086
MUNAFA PLAN - XA Moderate risk

Total 16 37,948,765,747 6 10 972,991 1,079,833

NBP FIXED TERM 1 25-Apr-2024 Moderate / Principal at N/A 17-Oct-2024 - - - -

- Matured
MUNAFA PLAN - XI Moderate risk
NBP FIXED TERM 2 25-Apr-2024 Moderate / Principal at 1,409,631,767 17-Apr-2025 842,161 - 112,086 91,375
Active -
MUNAFA PLAN - XII Moderate risk
NBP FIXED TERM Moderate / Principal at
3 23-May-2024 4,128,051,619 Active - 02-May-2025 224,727 - 110,514 40,272
MUNAFA PLAN - XIV Moderate risk
NBP FIXED TERM Moderate / Principal at
4 22-Jul-2024 N/A - Matured 10-Jan-2025 - - - -
MUNAFA PLAN - XV Moderate risk
NBP FIXED TERM Moderate / Principal at
5 22-Jul-2024 637,359,297 Active - 26-Jun-2025 181,644 - - 70,258
MUNAFA PLAN - XVI Moderate risk
NBP MUSTAHKAM FUND -II
(Moderate / NBP FIXED TERM Moderate / Principal at
6 08-Aug-2024 1,116,435,754 Active - 29-May-2025 167,672 - - 64,554
Principal at Moderate Risk) MUNAFA PLAN - XVII Moderate risk
NBP FIXED TERM Moderate / Principal at
7 14-Oct-2024 N/A - Matured 10-Jan-2025 - - - -
MUNAFA PLAN - XVIII Moderate risk
NBP FIXED TERM Moderate / Principal at
8 17-Oct-2024 4,456,793,260 Active - 04-Jul-2026 91,781 - - 38,182
MUNAFA PLAN - XIX Moderate risk
NBP FIXED TERM 9 23-Oct-2024 Moderate / Principal at 2,096,028,066 17-Apr-2025 87,671 - - 36,472
Active -
MUNAFA PLAN - XX Moderate risk
Total 9 13,844,299,764 6 3 1,595,655 222,600 341,113

NBP GOVERNMENT Medium / Principal at

1 18-Mar-2019 medium risk N/A - Matured 12-Jul-2021 - - - -
SECURITIES PLAN-I
NBP GOVERNMENT Medium / Principal at
SECURITIES PLAN-II 2 28-Feb-2023 N/A - Matured 10-Sep-2024 - - - -
medium risk
NBP GOVERNMENT Medium / Principal at
SECURITIES PLAN-III 3 27-Mar-2023 N/A - Matured 29-Aug-2023 - - - -
NBP GOVERNMENT medium risk
SECURITIES FUND - I NBP GOVERNMENT
4 10-May-2023 Medium / Principal at 11,781,020,539 Active - Perpetual 286,925 113,843 - 1,071,940
(Medium / SECURITIES PLAN-IV medium risk
Principal at Medium Risk)
NBP GOVERNMENT Medium / Principal at
5 17-May-2023 N/A - Matured 02-Jan-2024 - - - -
SECURITIES PLAN-V medium risk
NBP GOVERNMENT Medium / Principal at
6 04-Oct-2023 N/A - Matured 10-Sep-2024 - - - -
SECURITIES PLAN-VI medium risk
Total 6 11,781,020,539 1 5 286,925 113,843 1,071,940

NBP CASH PLAN - I Very Low / Principal at

1 10-Jan-2023 very low risk 3,458,584,915 Active - Perpetual 282,164 - 52,262 89,669
NBP INCOME
FUND OF FUND Very Low / Principal at
NBP CASH PLAN - II 2 10-Jan-2023 9,147,804,196 Active - Perpetual 265,782 - 52,388 7,966
(Very Low to Medium / very low risk
Principal at Very Low Medium / Principal at
to Medium Risk) NBP INCOME PLAN - I 3 10-Jan-2023 2,674,206,581 Active - Perpetual 179,754 - 52,403 74,089
medium risk
Total 3 15,280,595,692 3 0 727,701 157,053 171,724

In case of initiation of any legal proceeding or any case is filed against the CIS impacting any Investment Plan(s), may also affect the unit holders of other Investment Plan(s) under the same CIS.
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. 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 17
 NBP MUSTAHKAM FUND - NBP FIXED TERM MUNAFA PLAN - VIII
(NFTMP-VIII) NBP FUNDS Managing Your Savings

NBP Fund Management Limited

MONTHLY REPORT (MUFAP's Recommended Format)
Unit Price (28/02/2025): Rs.10.0000 February 2025
Performance %
ROLLING 6 MONTHS Since Launch March 29, 2024*
Performance Period Feb-2025 FYTD - 2025

FUND RETURNS 10.2% 15.2% 13.8% 17.4%

BENCHMARK 17.1% 14.9% 14.4% 15.5%

PREVIOUS BENCHMARK 11.8% 13.6% 12.6% 14.6%

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

General Information Investment Objective

Launch Date: March 29, 2024 To earn promised fixed returns by investing primarily in Fixed Income Instruments till
Fund Size: Rs. 10,946 million Maturity of the Plan.
Type: Open End Fixed Rate / Return Fund Manager Commentary
Dealing Days: Daily - Monday to Friday The Plan has invested in T-bill, in order to deliver a fixed return to its unit holders at
Dealing Time: Monday to Friday 9:00 A.M to 10:30 A.M maturity. The Plan shall offer an expected return of 12% p.a. to the unitholders who
Pricing Mechanism: Forward Pricing retain their investment until the plan matures. NFTMP-VIII will mature on 31-Mar-2026.
Front end Load: NIL
Contingent Load: Contingent load shall be charged on NFTMP-VIII allocation at the end of the month was around 97% of Total Assets and
redemption prior to initial maturity and 98% of Net Assets in the T-bill respectively. The weighted average time to maturity of
shall commensurate with net loss the Plan is 0.3 year.
incurred due to Early Redemption, as
determined by the Management Credit Quality of the Portfolio as of February 28 , 2025 (% of Total Assets)
Company. Government Securities (AAA rated) 97.4%
Management Fee: Up to 8% of the gross earnings of the Scheme
calculated on a daily basis, subject to minimum of AAA 2.5%
0.15% of the average daily net assets of the Others including Receivables 0.1%
scheme. 0.50% p.a. of average net assets during Total 100%
the month.

Name of the Members of Investment Committee

Total Expense Ratio: YTD : 0.75% (including 0.16% government levies).
MTD : 0.72% (including 0.16% government levies). Dr. Amjad Waheed, CFA
Asim Wahab Khan, CFA
Hassan Raza, CFA
Selling & Marketing Expenses: Nil Salman Ahmed, CFA
Risk Profile / Risk of principal Moderate / Principal at Moderate risk
Usama Bin Razi
erosion:
Fund Stability Rating: Not yet rated Dispute Resolution / Complaint Handling
Listing: Pakistan Stock Exchange Complaint Service : www.nbpfunds.com/contact-us/investor-relations
Custodian & Trustee: Central Depository Company Pakistan Limited SECP’s Service Desk Management System: sdms.secp.gov.pk
(CDC)
Auditors: Yousuf Adil Chartered Accountants
Benchmark: 2 Years PKRV Rates on the last date of IOP of the
Plan*
Fund Manager: Salman Ahmed, CFA
Asset Manager Rating: AM1 by PACRA (Very High Quality)
*effective from Jan 01, 2025; Previously Average 2 Years PKRV Rates

Asset Allocation (% of Total Assets) 28-Feb-25 31-Jan-25

Cash 2.5% 3.3%
T-Bills 97.4% 96.5%
Others including Receivables 0.1% 0.2%
Total 100.0% 100.0%
Leverage Nil Nil

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. In case of
initiation of any legal proceeding or any case is filed against the CIS impacting any Investment Plan(s), may also affect the unit holders of other Investment Plan(s) under the same CIS. 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 18
 NBP MUSTAHKAM FUND - II - NBP FIXED TERM MUNAFA PLAN - XII
(NFTMP-XII) NBP FUNDS Managing Your Savings

NBP Fund Management Limited

MONTHLY REPORT (MUFAP's Recommended Format)
Unit Price (28/02/2025): Rs.11.3118 February 2025
Performance %
ROLLING 6 MONTHS Since Launch April 25, 2024*
Performance Period Feb-2025 FYTD - 2025

FUND RETURNS 10.4% 19.5% 17.6% 20.0%

BENCHMARK 20.2% 16.2% 15.7% 17.0%

PREVIOUS BENCHMARK 11.6% 14.2% 12.9% 15.4%

*Annualized Return
The performance reported is net of management fee & all other expenses and based on dividend reinvestment gross of with-holding tax where applicable."

General Information Investment Objective

Launch Date: April 25, 2024 To earn promised fixed returns by investing primarily in Fixed Income Instruments till
Fund Size: Rs. 1,410 million Maturity of the Plan.
Type: Open End Fixed Rate / Return Plan Fund Manager Commentary
Dealing Days: Daily – Monday to Frirday The Plan has invested in T-bill in line with the maturity of the plan, in order to deliver a
Dealing Time: (Mon - Fri) 9:00 A.M to 10:30 A.M fixed return to its unit holders at maturity. The Plan shall offer an expected return of
Pricing Mechanism: Forward Pricing 19.2% p.a. to the unitholders who retain their investment until the plan matures.
Front end Load: NIL NFTMP-XII will mature on 17-Apr-2025.
Contingent Load: Contingent load shall be charged on redemption
prior to initial maturity and shall commensurate with NFTMP-XII allocation at the end of the month was around 100% of Total Assets and
net loss incurred due to Early Redemption, as Net Assets in the T-bill respectively. The weighted average time to maturity of the Plan
determined by the Management Company. is 0.1 year.
Credit Quality of the Portfolio as of February 28 , 2025 (% of Total Assets)
Management Fee: Up to 2% of the average daily net asset value
Government Securities (AAA rated) 99.9%
0.67% p.a. of average net assets during the month.
AA+ 0.1%
Total Expense Ratio: YTD : 1.04 (including 0.18% government levies). Total 100%
MTD: 0.96 (including 0.18% government levies).

Selling & Marketing Expenses: Nil Name of the Members of Investment Committee
Risk Profile / Risk of principal Moderate / Principal at Moderate risk Dr. Amjad Waheed, CFA
erosion:
Fund Stability Rating: Not yet rated Asim Wahab Khan, CFA
Listing: Pakistan Stock Exchange Hassan Raza, CFA
Custodian & Trustee: Central Depository Company (CDC) Salman Ahmed, CFA
Auditors: A. F Ferguson & Co. Usama Bin Razi
Benchmark: 12 Months PKRV Rates on the last date of IOP of
Dispute Resolution / Complaint Handling
the Plan*
Fund Manager: Salman Ahmed, 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
*effective from Jan 01, 2025; Previously Average 12 month PKRV Rates

Asset Allocation (% of Total Assets) 28-Feb-25 31-Jan-25

Cash 0.1% 0.0%
T-Bills 99.9% 100.0%
Total 100.0% 100.0%
Leverage Nil Nil

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. In case of
initiation of any legal proceeding or any case is filed against the CIS impacting any Investment Plan(s), may also affect the unit holders of other Investment Plan(s) under the same CIS. 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 19
 NBP MUSTAHKAM FUND - II - NBP FIXED TERM MUNAFA PLAN - XIV
(NFTMP-XIV) NBP FUNDS Managing Your Savings

NBP Fund Management Limited

MONTHLY REPORT (MUFAP's Recommended Format)
Unit Price (28/02/2025): Rs.11.3314 February 2025
Performance %
ROLLING 6 MONTHS Since Launch May 23, 2024*
Performance Period Feb-2025 FYTD - 2025

FUND RETURNS 10.2% 19.8% 18.1% 20.4%

BENCHMARK 20.0% 16.2% 15.6% 16.6%

PREVIOUS BENCHMARK 11.6% 14.2% 12.9% 14.9%

* Annualized Return
The performance reported is net of management fee & all other expenses and based on dividend reinvestment gross of with-holding tax where applicable."

General Information Investment Objective

Launch Date: May 23,2024 To earn promised fixed returns by investing primarily in Fixed Income Instruments till
Fund Size: Rs. 4,128 million Maturity of the Plan.
Type: Open End Fixed Rate / Return Plan Fund Manager Commentary
Dealing Days: Daily – Monday to Frirday The Plan has invested in T-bill in line with the maturity of the plan, in order to deliver a
Dealing Time: (Mon - Fri) 9:00 A.M to 10:30 A.M fixed return to its unit holders at maturity. The Plan shall offer an expected return of
Pricing Mechanism: Forward Pricing 19.2% p.a. to the unitholders who retain their investment until the plan matures.
Front end Load: NIL NFTMP-XIV will mature on 02-May-2025.
Contingent Load: Contingent load shall be charged on
redemption prior to initial maturity and NFTMP-XIV allocation at the end of the month was around 100% of Total Assets and
shall commensurate with net loss Net Assets in the T-bill respectively. The weighted average time to maturity of the Plan
incurred due to Early Redemption, as is 0.2 year.
determined by the Management Credit Quality of the Portfolio as of February 28 , 2025 (% of Total Assets)
Company. Government Securities (AAA rated) 99.9%
Management Fee: Up to 2% of the average daily net asset value
0.65% p.a. of average net assets during the month. Others including Receivables 0.1%
Total 100%
Total Expense Ratio: YTD : 0.90 % p.a (including 0.18% government
levies).
MTD: 0.90 % p.a (including 0.18% government
levies). Name of the Members of Investment Committee
Selling & Marketing Expenses: Nil
Dr. Amjad Waheed, CFA
Risk Profile / Risk of principal Moderate / Principal at Moderate risk
erosion: Asim Wahab Khan, CFA
Fund Stability Rating: Not yet rated Hassan Raza, CFA
Listing: Pakistan Stock Exchange Salman Ahmed, CFA
Custodian & Trustee: Central Depository Company (CDC) Usama Bin Razi
Auditors: A. F. Ferguson & Co., Chartered Accountants
Dispute Resolution / Complaint Handling
Benchmark: 12 Months PKRV Rates on the last date of IOP of
the Plan* Complaint Service : www.nbpfunds.com/contact-us/investor-relations
Fund Manager: Salman Ahmed, CFA SECP’s Service Desk Management System: sdms.secp.gov.pk
Asset Manager Rating: AM1 by PACRA (Very High Quality)
*effective from Jan 01, 2025; Previously Average 12 month PKRV Rates

Asset Allocation (% of Total Assets) 28-Feb-25 31-Jan-25

T-Bills 99.9% 100.0%
Others including Receivables 0.1% 0.0%
Total 100.0% 100.0%
Leverage Nil Nil

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. In case of
initiation of any legal proceeding or any case is filed against the CIS impacting any Investment Plan(s), may also affect the unit holders of other Investment Plan(s) under the same CIS. 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 20
 NBP MUSTAHKAM FUND - II NBP FIXED TERM MUNAFA PLAN - XVI
(NFTMP-XVI) NBP FUNDS Managing Your Savings

NBP Fund Management Limited

MONTHLY REPORT (MUFAP's Recommended Format)
Unit Price (28/02/2025): Rs.11.1894 February 2025
Performance %
ROLLING 6 MONTHS
Performance Period 1 Feb-2025 Since Launch July 22, 2024*

FUND RETURNS 9.5% 18.7% 19.6%

BENCHMARK 18.5% 15.1% 15.6%

PREVIOUS BENCHMARK 11.6% 12.9% 13.7%

* Annualized Return
The performance reported is net of management fee & all other expenses and based on dividend reinvestment gross of with-holding tax where applicable."

General
* Information Investment Objective
Launch Date: July 22nd, 2024 To earn promised fixed returns by investing primarily in Fixed Income Instruments till
Fund Size: Rs. 637 million Maturity of the Plan
Type: Open End Fixed Rate / Return Fund Manager Commentary
Dealing Days: Daily - Monday to Friday The Plan has invested in T-bill in line with the maturity of the plan, in order to deliver a
Dealing Time: Monday to Friday 9:00 A.M to 10:30 A.M fixed return to its unit holders at maturity. The Plan shall offer an expected return of
Pricing Mechanism: Forward Pricing 17.1% p.a. to the unitholders who retain their investment until the plan matures.
Front end Load: 0% NFTMP-XVI will mature on 26-Jun-2025.
Contingent Load: Contingent load shall be charged on
redemption prior to initial maturity and NFTMP-XVI allocation at the end of the month was around 100% of Total Assets and
shall commensurate with net loss Net Assets in the T-bill respectively. The weighted average time to maturity of the Plan
incurred due to Early Redemption, as is 0.3 year.
determined by the Management Credit Quality of the Portfolio as of February 28 , 2025 (% of Total Assets)
Company. Government Securities (AAA rated) 99.8%
Management Fee: Up to 2% of the average daily net
asset value 0.94% p.a. of average net assets AA+ 0.2%
during Total 100%
the month.
Total Expense Ratio: YTD : 1.30% (including 0.22% government levies).
MTD : 1.30% (including 0.23% government levies).
Name of the Members of Investment Committee
Dr. Amjad Waheed, CFA
Selling & Marketing Expenses: Nil
Risk Profile / Risk of principal Moderate / Principal at moderate risk Asim Wahab Khan, CFA
erosion: Hassan Raza, CFA
Fund Stability Rating: Not yet rated Salman Ahmed, CFA
Listing: Pakistan Stock Exchange (PSX) Usama Bin Razi
Custodian & Trustee: Central Depository
Company of Pakistan (CDC) Dispute Resolution / Complaint Handling
Auditors: A.F.Ferguson & Co, Complaint Service : www.nbpfunds.com/contact-us/investor-relations
Chartered Accountants SECP’s Service Desk Management System: sdms.secp.gov.pk
Benchmark: 12 Months PKRV Rates on the last date of IOP of
the Plan*
Fund Manager: Salman Ahmed, CFA
Asset Manager Rating: AM1 by PACRA (Very High Quality)
*effective from Jan 01, 2025; Previously Average 12 month PKRV Rates

Asset Allocation (% of Total Assets) 28-Feb-25 31-Jan-25

Cash 0.2% 0.2%
T-Bills 99.8% 99.8%
Total 100.0% 100.0%
Leverage Nil Nil

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. In case of
initiation of any legal proceeding or any case is filed against the CIS impacting any Investment Plan(s), may also affect the unit holders of other Investment Plan(s) under the same CIS. 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 21
 NBP MUSTAHKAM FUND - II NBP FIXED TERM MUNAFA PLAN - XVII
(NFTMP-XVII) NBP FUNDS Managing Your Savings

NBP Fund Management Limited

MONTHLY REPORT (MUFAP's Recommended Format)
Unit Price (28/02/2025): Rs.11.0472 February 2025
Performance %
ROLLING 6 MONTHS
Performance Period 1 Feb-2025 Since Launch August 8, 2024*

FUND RETURNS 9.8% 18.4% 18.7%

BENCHMARK 18.0% 15.1% 15.4%

PREVIOUS BENCHMARK 11.7% 13.1% 13.6%

* Annualized Return
The performance reported is net of management fee & all other expenses and based on dividend reinvestment gross of with-holding tax where applicable."

General Information Investment Objective

Launch Date: Aug 08, 2024 To earn promised fixed returns by investing primarily in Fixed Income Instruments till
Fund Size: Rs. 1,116 million Maturity of the Plan
Type: Open End Fixed Rate/Return Fund Manager Commentary
Dealing Days: Monday to Friday The Plan has invested in T-bill in line with the maturity of the plan, in order to deliver a
Dealing Time: Monday to Friday 9:00 AM to 10:30 AM fixed return to its unit holders at maturity. The Plan shall offer an expected return of
Pricing Mechanism: Forward Pricing 16.75% p.a. to the unitholders who retain their investment until the plan matures.
Front end Load: 0% NFTMP-XVII will mature on 29-May-2025.
Contingent Load: Contingent load shall be charged on redemption
prior to initial maturity and shall commensurate with NFTMP-XVII allocation at the end of the month was around 100% of Total Assets and
net loss incurred due to Early Redemption, as Net Assets in the T-bill respectively. The weighted average time to maturity of the Plan
determined by the Management Company. is 0.2 year.
Credit Quality of the Portfolio as of February 28 , 2025 (% of Total Assets)
Management Fee: Up to 2% of average daily net asset value 0.50%
Government Securities (AAA rated) 100.0%
p.a of average net asset during the month
Total 100%
Total Expense Ratio: YTD : 1.18% p.a (Including 0.21% of government
levis).
MTD : 1.18% p.a (Including 0.21% of government
levis) Name of the Members of Investment Committee
Selling & Marketing Expenses: Nil Dr. Amjad Waheed, CFA
Risk Profile / Risk of principal Moderate / Principal at moderate risk Asim Wahab Khan, CFA
erosion:
Fund Stability Rating: Not yet rated Hassan Raza, CFA
Listing: Pakistan Stock Exchange (PSX) Salman Ahmed, CFA
Custodian & Trustee: Central Depository Company of Pakistan (CDC) Usama Bin Razi
Dispute Resolution / Complaint Handling
Auditors: A.F. Ferguson & Co. Chartered Accountants
Benchmark: 10 Months PKRV Rates on the last date of IOP of Complaint Service : www.nbpfunds.com/contact-us/investor-relations
the Plan* SECP’s Service Desk Management System: sdms.secp.gov.pk
Fund Manager: Salman Ahmed. CFA
Asset Manager Rating: AM1 by PACRA (Very High Quality)
*effective from Jan 01, 2025; Previously Average 10 Month PKRV Rates

Asset Allocation (% of Total Assets) 28-Feb-25 31-Jan-25

T-Bills 100.0% 100.0%
Total 100.0% 100.0%
Leverage Nil Nil

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. In case of
initiation of any legal proceeding or any case is filed against the CIS impacting any Investment Plan(s), may also affect the unit holders of other Investment Plan(s) under the same CIS. 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 22
 NBP MUSTAHKAM FUND - II NBP FIXED TERM MUNAFA PLAN - XIX
(NFTMP-XIX) NBP FUNDS Managing Your Savings

NBP Fund Management Limited

MONTHLY REPORT (MUFAP's Recommended Format)
Unit Price (28/02/2025): Rs.10.6447 February 2025
Performance %

Performance Period Feb-2025 Since Launch October 17, 2024*

FUND RETURNS 9.3% 17.6%

BENCHMARK 13.2% 12.8%

PREVIOUS BENCHMARK 11.7% 12.2%

* Annualized Return
The performance reported is net of management fee & all other expenses and based on dividend reinvestment gross of with-holding tax where applicable."

General Information Investment Objective

Launch Date: October 17th, 2024 To earn promised fixed returns by investing primarily in Fixed Income Instruments till
Fund Size: Rs. 4,457 million Maturity of the Plan
Type: Open End Fixed Rate/Return Fund Manager Commentary
Dealing Days: Monday to The Plan has invested in PIB in line with the maturity of the plan, in order to deliver a
Friday fixed return to its unit holders at maturity. The Plan shall offer an expected return of
Dealing Time: Monday to Friday 9:00 AM to 10:30 AM 10% p.a. to the unitholders who retain their investment until the plan matures. NFTMP-
Pricing Mechanism: Forward Pricing XIX will mature on 04-Jul-2026.
Front end Load: 0%
Contingent Load: Contingent load shall be charged on NFTMP-XIX allocation at the end of the month was around 93% of Total Assets and
redemption prior to initial maturity and Net Assets in the PIB respectively. The weighted average time to maturity of the Plan
shall commensurate with net loss is 1.2 years.
incurred due to Early Redemption, as Credit Quality of the Portfolio as of February 28 , 2025 (% of Total Assets)
determined by the Management
Government Securities (AAA rated) 92.7%
Company.
Management Fee: Up to 2% of average daily net asset value 0.22% AA+ 5.5%
p.a Others including Receivables 1.8%
of average net asset during the month Total 100%
Total Expense Ratio: YTD : 0.40% p.a. (Including 0.12% of government
levis).
MTD : 0.40% p.a. (Including 0.12% of government
levis)
Name of the Members of Investment Committee
Selling & Marketing Expenses: Nil Dr. Amjad Waheed, CFA
Risk Profile / Risk of principal Moderate / Principal at moderate risk Asim Wahab Khan, CFA
erosion: Hassan Raza, CFA
Fund Stability Rating: Not yet rated
Salman Ahmed, CFA
Listing: Pakistan Stock Exchange (PSX)
Usama Bin Razi
Custodian & Trustee: Central Depository
Company of Pakistan (CDC) Dispute Resolution / Complaint Handling
Auditors: A.F.Ferguson & Co, Complaint Service : www.nbpfunds.com/contact-us/investor-relations
Chartered Accountants SECP’s Service Desk Management System: sdms.secp.gov.pk
Benchmark: 21 Months PKRV Rates on the last date of IOP of
the Plan*
Fund Manager: Salman Ahmed. CFA
Asset Manager Rating: AM1 by PACRA (Very High Quality)
*effective from Jan 01, 2025; Previously Average 21 Months PKRV Rates

Asset Allocation (% of Total Assets) 28-Feb-25 31-Jan-25

Cash 5.5% 0.0%
PIBs 92.7% 93.5%
Others including Receivables 1.8% 6.5%
Total 100.0% 100.0%
Leverage Nil Nil

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. In case of
initiation of any legal proceeding or any case is filed against the CIS impacting any Investment Plan(s), may also affect the unit holders of other Investment Plan(s) under the same CIS. 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
 NBP MUSTAHKAM FUND - II - NBP FIXED TERM MUNAFA PLAN - XX
(NFTMP-XX) NBP FUNDS Managing Your Savings

NBP Fund Management Limited

MONTHLY REPORT (MUFAP's Recommended Format)
Unit Price (28/02/2025): Rs.10.4896 February 2025
Performance %

Performance Period Feb-2025 Since Launch October 23, 2024*

FUND RETURNS 11.0% 14.0%

BENCHMARK 13.8% 13.2%

PREVIOUS BENCHMARK 11.7% 12.2%

* Annualized Return
The performance reported is net of management fee & all other expenses and based on dividend reinvestment gross of with-holding tax where applicable."

General Information Investment Objective

Launch Date: October 23, 2024 To earn promised fixed returns by investing primarily in Fixed Income Instruments till
Fund Size: Rs. 2,096 million Maturity of the Plan
Type: Open End Fixed Rate/Return Fund Manager Commentary
Dealing Days: Monday to Friday The Plan has invested in T-bill in line with the maturity of the plan, in order to deliver a
Dealing Time: Monday to Friday 9:00 AM to 10:30 AM fixed return to its unit holders at maturity. The Plan shall offer an expected return of
Pricing Mechanism: Forward Pricing 13.40% p.a. to the unitholders who retain their investment until the plan matures.
Front end Load: 0% NFTMP-XX will mature on 17-Apr-2025.
Contingent Load: Contingent load shall be charged on redemption
prior to initial maturity and shall commensurate with NFTMP-XX allocation at the end of the month was around 99% of Total Assets and
net loss incurred due to Early Redemption, as Net Assets in the T-bill respectively. The weighted average time to maturity of the Plan
determined by the Management Company. is 0.1 year.
Credit Quality of the Portfolio as of February 28 , 2025 (% of Total Assets)
Management Fee: Up to 2 % of average daily net asset value 0.16%
Government Securities (AAA rated) 99.4%
p.a of average net asset during the month.
AA+ 0.6%
Total Expense Ratio: YTD : 0.34% p.a (Including 0.11% of government Total 100%
levies).
MTD : 0.34% p.a (Including 0.11% of government
levies)
Selling & Marketing Expenses: Nil Name of the Members of Investment Committee
Risk Profile / Risk of principal Moderate / Principal at moderate risk Dr. Amjad Waheed, CFA
erosion:
Fund Stability Rating: Not yet rated Asim Wahab Khan, CFA
Listing: Pakistan Stock Exchange (PSX) Hassan Raza, CFA
Custodian & Trustee: Central Depository Company of Pakistan (CDC) Salman Ahmed, CFA
Usama Bin Razi
Auditors: A.F. Ferguson & Co. Chartered Accountants
Benchmark: 6 Months PKRV Rates on the last date of IOP of Dispute Resolution / Complaint Handling
the Plan* Complaint Service : www.nbpfunds.com/contact-us/investor-relations
Fund Manager: Salman Ahmed, CFA SECP’s Service Desk Management System: sdms.secp.gov.pk
Asset Manager Rating: AM1 by PACRA (Very High Quality)
*effective from Jan 01, 2025; Previously Average 6 Months PKRV Rates

Asset Allocation (% of Total Assets) 28-Feb-25 31-Jan-25

Cash 0.6% 0.6%
T-Bills 99.4% 99.4%
Total 100.0% 100.0%
Leverage Nil Nil

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. In case of
initiation of any legal proceeding or any case is filed against the CIS impacting any Investment Plan(s), may also affect the unit holders of other Investment Plan(s) under the same CIS. 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 24
 NBP MUSTAHKAM FUND - NBP FIXED TERM MUNAFA PLAN IA
(NFTMP-IA) NBP FUNDS Managing Your Savings

NBP Fund Management Limited

MONTHLY REPORT (MUFAP's Recommended Format)
Unit Price (28/02/2025): Rs.10.3069 February 2025
Performance %

Performance Period Feb-2025 Since Launch November 27, 2024*

FUND RETURNS 9.2% 12.0%

BENCHMARK 12.4% 12.3%

PREVIOUS BENCHMARK 11.8% 11.9%

* Annualized Return
The performance reported is net of management fee & all other expenses and based on dividend reinvestment gross of with-holding tax where applicable.""

General Information Investment Objective

Launch Date: 27-Nov-2024 To provide promised fixed return to the Unit Holders who hold their investment within
Fund Size: Rs. 8,190 million Plan till Maturity by investing in Authorized Investable Avenues primarily in Fixed
Type: Open End Fixed Rate / Return Income Instruments
Dealing Days: Monday to Friday Fund Manager Commentary
Dealing Time: Monday to Friday 9:00 AM to 10:30 AM The Plan has invested in T-bill in line with the maturity of the plan, in order to deliver a
Pricing Mechanism: Forward Pricing fixed return to its unit holders at maturity. The Plan shall offer an expected return of 8%
Front end Load: 0% p.a. to the unitholders who retain their investment until the plan matures. NFTMP-IA
Contingent Load: Contingent load shall be charged on redemption will mature on 11-Dec-2026.
prior to initial maturity and shall commensurate with
net loss incurred due to Early Redemption, as NFTMP-IA allocation at the end of the month was around 100% of Total Assets and
determined by the Management Company. Net Assets in the T-bill respectively. The weighted average time to maturity of the Plan
is 0.7 year.
Management Fee: Up to 2% of the average daily net asset value Credit Quality of the Portfolio as of February 28 , 2025 (% of Total Assets)
0.15% p.a. of average net assets during the month.
Government Securities (AAA rated) 100.0%
Total 100%
Total Expense Ratio: YTD : 0.32% (including 0.1% government levies).
MTD : 0.31% (including 0.1% government levies).

Name of the Members of Investment Committee

Risk Profile / Risk of principal Moderate/ Principal at Moderate risk Dr. Amjad Waheed, CFA
erosion:
Asim Wahab Khan, CFA
Fund Stability Rating: Not yet rated
Listing: Pakistan Stock Exchange (PSX) Hassan Raza, CFA
Custodian & Trustee: Central Depository Company of Pakistan (CDC) Salman Ahmed, CFA
Usama Bin Razi
Auditors: Yousuf Adil, Chartered Accountants
Dispute Resolution / Complaint Handling
Benchmark: 2 Years PKRV Rates on the last date of IOP of the
Plan* Complaint Service : www.nbpfunds.com/contact-us/investor-relations
Fund Manager: Salman Ahmed, CFA SECP’s Service Desk Management System: sdms.secp.gov.pk
Asset Manager Rating: AM1 by PACRA (Very High Quality)
*effective from Jan 01, 2025; Previously Average 2 Years PKRV Rates

Asset Allocation (% of Total Assets) 28-Feb-25 31-Jan-25

T-Bills 100.0% 100.0%
Total 100.0% 100.0%
Leverage Nil Nil

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. In case of
initiation of any legal proceeding or any case is filed against the CIS impacting any Investment Plan(s), may also affect the unit holders of other Investment Plan(s) under the same CIS. 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 25
 NBP MUSTAHKAM FUND - NBP FIXED TERM MUNAFA PLAN IIIA
(NFTMP-IIIA) NBP FUNDS Managing Your Savings

NBP Fund Management Limited

MONTHLY REPORT (MUFAP's Recommended Format)
Unit Price (28/02/2025): Rs.10.3157 February 2025
Performance %

Performance Period Feb-2025 Since Launch November 28, 2024*

FUND RETURNS 10.6% 12.5%

BENCHMARK 12.3% 12.2%

PREVIOUS BENCHMARK 11.7% 11.8%

* Annualized Return
The performance reported is net of management fee & all other expenses and based on dividend reinvestment gross of with-holding tax where applicable.""

General Information Investment Objective

Launch Date: November 28, 2024 To provide promised fixed return to the Unit Holders who hold their investment within
Fund Size: Rs. 1,414 million Plan till Maturity by investing in Authorized Investable Avenues primarily in Fixed
Type: Open End Fixed Rate/Return Income Instruments.
Dealing Days: Monday to Friday Fund Manager Commentary
Dealing Time: Monday to Friday 9:00 AM to 10:30 AM The Plan has invested in T-bill in line with the maturity of the plan, in order to deliver a
Pricing Mechanism: Forward Pricing fixed return to its unit holders at maturity. The Plan shall offer an expected return of
Front end Load: 0% 12.2% p.a. to the unitholders who retain their investment until the plan matures.
Contingent Load: Contingent load shall be charged on NFTMP-IIIA will mature on 29-May-2025.
redemption prior to initial maturity and
shall commensurate with net loss NFTMP-IIIA allocation at the end of the month was around 100% of Total Assets and
incurred due to Early Redemption, as Net Assets in the T-bill respectively. The weighted average time to maturity of the Plan
determined by the Management is 0.2 year.
Company. Credit Quality of the Portfolio as of February 28 , 2025 (% of Total Assets)
Management Fee: Up to 2% of average daily net asset value 0.16%
Government Securities (AAA rated) 100.0%
p.a
of average net asset during the month. Total 100%
Total Expense Ratio: YTD : 0.42% (Including 0.11% of government
levies).
MTD : 0.38% (Including 0.11% of government
levies) Name of the Members of Investment Committee
Dr. Amjad Waheed, CFA
Selling & Marketing Expenses: Nil
Asim Wahab Khan, CFA
Risk Profile / Risk of principal Moderate / Principal at moderate risk
erosion: Hassan Raza, CFA
Fund Stability Rating: Not yet rated Salman Ahmed, CFA
Listing: Pakistan Stock Exchange (PSX) Usama Bin Razi
Custodian & Trustee: Central Depository Company of Pakistan (CDC)
Dispute Resolution / Complaint Handling
Auditors: Yousuf Adil, Chartered Accountants Complaint Service : www.nbpfunds.com/contact-us/investor-relations
Benchmark: 6 Months PKRV Rates on the last date of IOP of SECP’s Service Desk Management System: sdms.secp.gov.pk
the Plan*
Fund Manager: Salman Ahmed, CFA
Asset Manager Rating: AM1 by PACRA (Very High Quality)
*effective from Jan 01, 2025; Previously Average 6 Months PKRV Rates

Asset Allocation (% of Total Assets) 28-Feb-25 31-Jan-25

T-Bills 100.0% 100.0%
Total 100.0% 100.0%
Leverage Nil Nil

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. In case of
initiation of any legal proceeding or any case is filed against the CIS impacting any Investment Plan(s), may also affect the unit holders of other Investment Plan(s) under the same CIS. 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 26
 NBP MUSTAHKAM FUND – NBP FIXED TERM MUNAFA PLAN - IVA
(NFTMP-IVA) NBP FUNDS Managing Your Savings

NBP Fund Management Limited

MONTHLY REPORT (MUFAP's Recommended Format)
Unit Price (28/02/2025): Rs.10.2367 February 2025
Performance %

Performance Period Feb-2025 Since Launch December 17, 2024*

FUND RETURNS 9.1% 11.8%

BENCHMARK 12.2% 12.2%

PREVIOUS BENCHMARK 11.6% 11.7%

* Annualized Return
The performance reported is net of management fee & all other expenses and based on dividend reinvestment gross of with-holding tax where applicable."

General Information Investment Objective

Launch Date: December 17, 2024 To provide promised fixed return to the Unit Holders who hold their investment within
Fund Size: Rs. 10,261 million Plan till Maturity by investing in Authorized Investable Avenues primarily in Fixed
Type: Open End Fixed Rate / Return Income Instruments.
Dealing Days: Daily – Monday to Frirday Fund Manager Commentary
Dealing Time: (Mon - Fri) 9:00 A.M to 10:30 A.M The Plan has invested in T-bill, in order to deliver a fixed return to its unit holders at
Pricing Mechanism: Forward Pricing maturity. The Plan shall offer an expected return of 11.0% p.a. to the unitholders who
Front end Load: NIL retain their investment until the plan matures. NFTMP-IVA will mature on 11-Dec-2025.
Contingent Load: Contingent load shall be charged on redemption
prior to initial maturity and shall commensurate with NFTMP-IVA allocation at the end of the month was around 100% of Total Assets and
net loss incurred due to Early Redemption, as Net Assets in the T-bill respectively. The weighted average time to maturity of the Plan
determined by the Management Company. is 0.7 year.

Management Fee: Up to 2% of the average daily net asset value Credit Quality of the Portfolio as of February 28 , 2025 (% of Total Assets)
0.15% p.a. of average net assets during the month
Government Securities (AAA rated) 100.0%
Total Expense Ratio: YTD : 0.33% (including 0.10% government levies). Total 100%
MTD: 0.32% (including 0.11% government levies)

Selling & Marketing Expenses: Nil Name of the Members of Investment Committee
Risk Profile / Risk of principal Moderate / Principal at Moderate risk Dr. Amjad Waheed, CFA
erosion: Asim Wahab Khan, CFA
Fund Stability Rating: Not yet rated
Hassan Raza, CFA
Listing: Pakistan Stock Exchange
Custodian & Trustee: Central Depository Company (CDC) Salman Ahmed, CFA
Auditors: Yousuf Adil, Chartered Accountants Usama Bin Razi
Benchmark: 12 Months PKRV Rates on the last date of IOP of Dispute Resolution / Complaint Handling
the Plan*
Complaint Service : www.nbpfunds.com/contact-us/investor-relations
Fund Manager: Salman Ahmed, CFA
SECP’s Service Desk Management System: sdms.secp.gov.pk
Asset Manager Rating: AM1 by PACRA (Very High Quality)
*effective from Jan 01, 2025; Previously Average 12 month PKRV Rates

Asset Allocation (% of Total Assets) 28-Feb-25 31-Jan-25

T-Bills 100.0% 100.0%
Total 100.0% 100.0%
Leverage Nil Nil

Notes: 1) The calculation of performance does not include cost of front end load.
2) Taxes apply.
**Up to 8% of the gross earnings of the Scheme (within the TER limit of 2%)
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. In case of
initiation of any legal proceeding or any case is filed against the CIS impacting any Investment Plan(s), may also affect the unit holders of other Investment Plan(s) under the same CIS. 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 27
 NBP MUSTAHKAM FUND – NBP FIXED TERM MUNAFA PLAN - VA
(NFTMP-VA) NBP FUNDS Managing Your Savings

NBP Fund Management Limited

MONTHLY REPORT (MUFAP's Recommended Format)
Unit Price (28/02/2025): Rs.10.2227 February 2025
Performance %

Performance Period Feb-2025 Since Launch December 17, 2024*

FUND RETURNS 10.6% 11.1%

BENCHMARK 12.0% 12.0%

PREVIOUS BENCHMARK 11.7% 11.7%

* Annualized Return
The performance reported is net of management fee & all other expenses and based on dividend reinvestment gross of with-holding tax where applicable."

General Information Investment Objective

Launch Date: December 17, 2024 To provide promised fixed return to the Unit Holders who hold their investment within
Fund Size: Rs. 3,067 million Plan till Maturity by investing in Authorized Investable Avenues primarily in Fixed
Type: Open End Fixed Rate/Return Income Instruments.
Dealing Days: Monday to Friday Fund Manager Commentary
Dealing Time: Monday to Friday 9:00 AM to 10:30 AM The Plan has invested in T-bill in line with the maturity of the plan, in order to deliver a
Pricing Mechanism: Forward Pricing fixed return to its unit holders at maturity. The Plan shall offer an expected return of
Front end Load: 0% 11.0% p.a. to the unitholders who retain their investment until the plan matures.
Contingent Load: Contingent load shall be charged on redemption NFTMP-VA will mature on 12-Jun-25.
prior to initial maturity and shall commensurate with
net loss incurred due to Early Redemption, as NFTMP-VA allocation at the end of the month was around 100% of Total Assets and
determined by the Management Company. Net Assets in the T-bill respectively. The weighted average time to maturity of the Plan
is 0.3 year.
Management Fee: Up to 2 % of average daily net asset value 0.15% Credit Quality of the Portfolio as of February 28 , 2025 (% of Total Assets)
p.a of average net asset during the month.
Government Securities (AAA rated) 100.0%
Total Expense Ratio: YTD : 0.32% (Including 0.10% of government Total 100%
levies).
MTD : 0.32% (Including 0.10% of government
levies)
Selling & Marketing Expenses: Ni Name of the Members of Investment Committee
Risk Profile / Risk of principal Moderate / Principal at moderate risk Dr. Amjad Waheed, CFA
erosion: Asim Wahab Khan, CFA
Fund Stability Rating: Not yet rated
Hassan Raza, CFA
Listing: Pakistan Stock Exchange (PSX)
Custodian & Trustee: Central Depository Company of Pakistan (CDC) Salman Ahmed, CFA
Usama Bin Razi
Auditors: Yousuf Adil Chartered Accountants
Dispute Resolution / Complaint Handling
Benchmark: 6 Months PKRV Rates on the last date of IOP of
the Plan* Complaint Service : www.nbpfunds.com/contact-us/investor-relations
Fund Manager: Salman Ahmed, CFA SECP’s Service Desk Management System: sdms.secp.gov.pk
Asset Manager Rating: AM1 by PACRA (Very High Quality)
*effective from Jan 01, 2025; Previously Average 6 Months PKRV Rates

Asset Allocation (% of Total Assets) 28-Feb-25 31-Jan-25

T-Bills 100.0% 100.0%
Total 100.0% 100.0%
Leverage Nil Nil

Notes: 1) The calculation of performance does not include cost of front end load.
2) Taxes apply.
**Up to 8% of the gross earnings of the Scheme (within the TER limit of 2%)
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. In case of
initiation of any legal proceeding or any case is filed against the CIS impacting any Investment Plan(s), may also affect the unit holders of other Investment Plan(s) under the same CIS. 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 28
 NBP MUSTAHKAM FUND - NBP FIXED TERM MUNAFA PLAN XA
(NFTMP-XA) NBP FUNDS Managing Your Savings

NBP Fund Management Limited

MONTHLY REPORT (MUFAP's Recommended Format)
Unit Price (28/02/2025): Rs.10.1686 February 2025
Performance %

Performance Period Feb-2025 Since Launch January 2, 2025*

FUND RETURNS 10.5% 10.8%

BENCHMARK 11.8% 11.8%

* Annualized Return
The performance reported is net of management fee & all other expenses and based on dividend reinvestment gross of with-holding tax where applicable."

General Information Investment Objective

Launch Date: January 2, 2025 To provide promised fixed return to the Unit Holders who hold their investment within
Fund Size: Rs. 4,071 million Plan till Maturity by investing in Authorized Investable Avenues primarily in Fixed
Type: Open End Fixed Rate/Return Income Instruments.
Dealing Days: Monday to Friday Fund Manager Commentary
Dealing Time: Monday to Friday 9:00 AM to 10:30 AM The Plan has invested in T-bill in line with the maturity of the plan, in order to deliver a
Pricing Mechanism: Forward Pricing fixed return to its unit holders at maturity. The Plan shall offer an expected return of
Front end Load: 0% 11.0% p.a. to the unitholders who retain their investment until the plan matures.
Contingent Load: Contingent load shall be charged on redemption NFTMP-XA will mature on 26-Jun-25.
prior to initial maturity and shall commensurate with
net loss incurred due to Early Redemption, as NFTMP-XA allocation at the end of the month was around 100% of Total Assets and
determined by the Management Company. Net Assets in the T-bill respectively. The weighted average time to maturity of the Plan
is 0.3 year.
Credit Quality of the Portfolio as of February 28 , 2025 (% of Total Assets)
Government Securities (AAA rated) 100.0%
Management Fee: Up to 2% of average daily net asset value
0.15% p.a of average net asset during the month. Total 100%

Total Expense Ratio: YTD : 0.35% (Including 0.11% of government

levies).
MTD : 0.32% (Including 0.11% of government Name of the Members of Investment Committee
levies) Dr. Amjad Waheed, CFA
Asim Wahab Khan, CFA
Selling & Marketing Expenses: Nil
Hassan Raza, CFA
Risk Profile / Risk of principal Moderate / Principal at moderate risk
erosion: Salman Ahmed, CFA
Fund Stability Rating: Not yet rated Usama Bin Razi
Listing: Pakistan Stock Exchange (PSX)
Dispute Resolution / Complaint Handling
Custodian & Trustee: Central Depository Company of Pakistan (CDC)
Complaint Service : www.nbpfunds.com/contact-us/investor-relations
Auditors: Yousuf Adil Chartered Accountants SECP’s Service Desk Management System: sdms.secp.gov.pk
Benchmark: 6 Months PKRV Rates on the last date of IOP of
the Plan
Fund Manager: Salman Ahmed, CFA
Asset Manager Rating: AM1 by PACRA (Very High Quality)

Asset Allocation (% of Total Assets) 28-Feb-25 31-Jan-25

T-Bills 100.0% 100.0%
Total 100.0% 100.0%
Leverage Nil Nil

Notes: 1) The calculation of performance does not include cost of front end load.
2) Taxes apply.
**Up to 8% of the gross earnings of the Scheme (within the TER limit of 2%)
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. In case of
initiation of any legal proceeding or any case is filed against the CIS impacting any Investment Plan(s), may also affect the unit holders of other Investment Plan(s) under the same CIS. 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 29
 NBP INCOME FUND OF FUND - NBP CASH PLAN - I (NCP-I) NBP FUNDS Managing Your Savings

NBP Fund Management Limited

MONTHLY REPORT (MUFAP's Recommended Format)
Unit Price (28/02/2025): Rs.11.1597 February 2025
Performance %
ROLLING 12 MONTHS Since Launch January 10,
Performance Period Feb-2025 FYTD - 2025 FY - 2024
2023*

FUND RETURNS 9.8% 16.3% 18.4% 22.2% 20.0%

BENCHMARK 11.7% 15.1% 16.9% 20.9% 18.8%

PREVIOUS BENCHMARK 11.4% 15.1% 16.9% 20.9% 18.8%

*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: January 10, 2023 The objective of NBP Cash Plan – I is to provide stable income stream with
Fund Size: Rs. 3,459 million preservation of capital by investing in AA and above rated banks and money market
Type: Open Ended - Fund of Fund Funds managed by NBP Funds Management Limited.
Dealing Days: Daily – Monday to Frirday Fund Manager Commentary
Dealing Time: (Mon - Fri) 9:00 A.M to 5:30 P.M The NBP Cash Plan I is a plan under Fund of Fund structure which invests primarily in
Settlement: 2-3 business days NBP Money Market Fund.
Pricing Mechanism: Forward Pricing Credit Quality of the Portfolio as of February 28 , 2025 (% of Total Assets)
Front end Load: Front end Load 0 % to 3% Money Market Fund 100.0%
Back End Load 0%
Management Fee: On amount invested in NBP Funds, no additional Total 100%
Fee, cash in bank account up to 1% p.a.
0.01% p.a. of average net assets of Feb 2025

Total Expense Ratio: YTD: 0.20% p.a (including 0.09% government

levies), Name of the Members of Investment Committee
MTD: 0.19% (including 0.10% government levies) Dr. Amjad Waheed, CFA
Asim Wahab Khan, CFA
Risk Profile / Risk of principal Very Low / Principal at very Low Risk Hassan Raza, CFA
erosion: Salman Ahmed, CFA
Fund Stability Rating: Not yet rated Usama Bin Razi
Listing: Pakistan Stock Exchange
Custodian & Trustee: Central Depository Company (CDC) Dispute Resolution / Complaint Handling
Auditors: A. F. Ferguson & Co., Chartered Accountants Complaint Service : www.nbpfunds.com/contact-us/investor-relations
Benchmark: 90% three (3) months PKRV rates + 10% three (3) SECP’s Service Desk Management System: sdms.secp.gov.pk
months average of the highest rates on savings
account of three (3) AA rated scheduled Banks as
selected by MUFAP*

Fund Manager: Salman Ahmed, CFA

Minimum: Growth Unit: Rs. 10,000/-
Subscription: Income Unit: Rs. 100,000/-
Asset Manager Rating: AM1 by PACRA (Very High Quality)
*effective from Jan 01, 2025; Previously 70% 3-Month PKRV & 30% average 3-Month deposit rates
of three AA rated banks as selected by MUFAP
Asset Allocation (% of Total Assets) 28-Feb-25 31-Jan-25
Cash 0.0% 0.6%
Money Market Fund 100.0% 97.4%
Others including Receivables 0.0% 2.0%
Total 100.0% 100.0%
Leverage Nil Nil

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. In case of initiation of any legal proceeding
or any case is filed against the CIS impacting any Investment Plan(s), may also affect the unit holders of other Investment Plan(s) under the same CIS. 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 30
 NBP INCOME FUND OF FUND - NBP CASH PLAN - II (NCP-II) NBP FUNDS Managing Your Savings

NBP Fund Management Limited

MONTHLY REPORT (MUFAP's Recommended Format)
Unit Price (28/02/2025): Rs.10.0000 February 2025
Performance %
ROLLING 12 MONTHS Since Launch January 10,
Performance Period Feb-2025 FYTD - 2025 FY - 2024
2023*

FUND RETURNS 9.9% 16.5% 18.6% 22.4% 20.0%

BENCHMARK 11.7% 15.1% 16.9% 20.9% 18.8%

PREVIOUS BENCHMARK 11.4% 15.1% 16.9% 20.9% 18.8%

*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: January 10, 2023 The objective of NBP Cash Plan – II is to provide stable income stream with
Fund Size: Rs. 9,148 million preservation of capital by investing in AA and above rated banks and money market
Type: Open Ended - Fund of Fund Funds managed by NBP Funds Management Limited.
Dealing Days: (Mon - Fri) 9:00 A.M to 5:30 P.M Fund Manager Commentary
Settlement: 2-3 business days The NBP Cash Plan II is a plan under Fund of Fund structure which invests primarily in
Pricing Mechanism: Forward Pricing NBP Money Market Fund.
Front end Load: Front end Load 0 % to 3% Credit Quality of the Portfolio as of February 28 , 2025 (% of Total Assets)
Back End Load 0%
AAA 0.6%
Management Fee: On amount invested in NBP Funds, no additional
Fee, cash in bank account up to 1% p.a. AA+ 0.3%
0.00% p.a. of average net assets of Feb 2025 AA- 0.1%
Others including Receivables 0.2%
Total Expense Ratio: YTD: 0.21% p.a (including 0.09% government
Money Market Fund 98.8%
levies),
MTD: 0.17% (including 0.09% government levies) Total 100%

Risk Profile / Risk of principal Very Low / Principal at very Low Risk
erosion:
Fund Stability Rating: Not yet rated 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: 90% three (3) months PKRV rates + 10% three (3)
Salman Ahmed, CFA
months average of the highest rates on savings
account of three (3) AA rated scheduled Banks as Usama Bin Razi
selected by MUFAP* Dispute Resolution / Complaint Handling
Fund Manager: Salman Ahmed, CFA Complaint Service : www.nbpfunds.com/contact-us/investor-relations
SECP’s Service Desk Management System: sdms.secp.gov.pk
Minimum: Growth Unit: Rs. 10,000/-
Subscription: Income Unit: Rs. 100,000/-
Asset Manager Rating: AM1 by PACRA (Very High Quality)
*effective from Jan 01, 2025; Previously 70% 3-Month PKRV & 30% average 3-Month deposit rates
of three AA rated banks as selected by MUFAP
Asset Allocation (% of Total Assets) 28-Feb-25 31-Jan-25
Cash 1.0% 0.4%
Money Market Fund 98.8% 99.4%
Others including Receivables 0.2% 0.2%
Total 100.0% 100.0%
Leverage Nil Nil

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

Page 31
 NBP INCOME FUND OF FUND - NBP INCOME PLAN - I (NIP-I) NBP FUNDS Managing Your Savings

NBP Fund Management Limited

MONTHLY REPORT (MUFAP's Recommended Format)
Unit Price (28/02/2025): Rs.10.1069 February 2025
Performance %
Since Launch January 10,
Performance Period Feb-2025 FYTD - 2025 ROLLING 12 MONTHS FY - 2024
2023*

FUND RETURNS 10.0% 16.4% 18.6% 22.9% 20.6%

BENCHMARK 12.0% 15.0% 17.1% 21.9% 19.5%

PREVIOUS BENCHMARK 11.8% 14.9% 17.0% 21.9% 19.5%

*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: January 10, 2023 The objective of NBP Income Plan – I is to provide income enhancement and
Fund Size: Rs. 2,674 million preservation of capital by investing in bank deposits and Income Funds Managed by
Type: Open Ended - Fund of Fund NBP Funds Management Limited.
Dealing Days: Daily – Monday to Frirday Fund Manager Commentary
Dealing Time: (Mon - Fri) 9:00 A.M to 5:30 P.M The NBP Income Plan I is a plan under Fund of Fund structure which invests primarily
Settlement: 2-3 business days in NBP Financial Sector Income Fund.
Pricing Mechanism: Forward Pricing Credit Quality of the Portfolio as of February 28 , 2025 (% of Total Assets)
Front end Load: Front end Load 0 % to 3% AA+ 0.4%
Back End Load 0%
Management Fee: On amount invested in NBP Funds, no additional AA- 0.2%
Fee, cash in bank account up to 1% p.a. Income Fund 97.0%
0.01% p.a. of average net assets Others including Receivables 2.4%
Total 100%
Total Expense Ratio: YTD: 0.20% p.a (including 0.08% government
levies)
MTD: 0.19% (including 0.09% government levies)

Risk Profile / Risk of principal Medium / Principal at medium risk Name of the Members of Investment Committee
erosion: Dr. Amjad Waheed, CFA
Fund Stability Rating: Not yet rated Asim Wahab Khan, CFA
Listing: Pakistan Stock Exchange Hassan Raza, CFA
Custodian & Trustee: Central Depository Company (CDC) Salman Ahmed, CFA
Auditors: A. F. Ferguson & Co., Chartered Accountants
Usama Bin Razi
Benchmark: 75% six (6) months KIBOR + 25% six (6) months
average of the highest rates on savings accounts of Dispute Resolution / Complaint Handling
three (3) AA rated scheduled Banks as selected by Complaint Service : www.nbpfunds.com/contact-us/investor-relations
MUFAP* SECP’s Service Desk Management System: sdms.secp.gov.pk
Fund Manager: Salman Ahmed, CFA
Minimum: Growth Unit: Rs. 10,000/-
Subscription: Income Unit: Rs. 100,000/-
Asset Manager Rating: AM1 by PACRA (Very High Quality)
*effective from Jan 01, 2025; Previously Average 6 Month KIBOR

Asset Allocation (% of Total Assets) 28-Feb-25 31-Jan-25

Cash 0.6% 0.3%
Income Fund 97.0% 99.6%
Others including Receivables 2.4% 0.1%
Total 100.0% 100.0%
Leverage Nil Nil

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. In case of initiation of any legal proceeding
or any case is filed against the CIS impacting any Investment Plan(s), may also affect the unit holders of other Investment Plan(s) under the same CIS. 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 32
 NBP GOVERNMENT SECURITIES PLAN-IV (NGSP-IV) NBP FUNDS Managing Your Savings

NBP Fund Management Limited

MONTHLY REPORT (MUFAP's Recommended Format)
Unit Price (28/02/2025): Rs.11.3061 February 2025
Performance %
Since Launch May 10, 2023*
Performance Period Feb-2025 FYTD - 2025 ROLLING 12 MONTHS FY - 2024

FUND RETURNS 9.6% 19.0% 20.5% 25.4% 23.0%

BENCHMARK 11.8% 14.7% 16.8% 21.7% 19.1%

PREVIOUS BENCHMARK 11.7% 14.6% 16.8% 21.7% 19.1%

The Peer Group Average Return for the month of February 2025 is 9.2% p.a.
* 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: 10th May, 2023 To provide investors with attractive returns, by investing primarily in Government
Fund Size: Rs. 11,781 million Securities.
Type: Open End Income Scheme Fund Manager Commentary
Dealing Days: Daily - Monday to Friday The Plan has invested in Government Securities, in order to deliver attractive return to
Dealing Time: (Mon – Fri) 9:00 AM to 2:00 PM its unit holders.
Settlement: 2-3 business days
Pricing Mechanism: Forward Pricing NGSP-IV allocation at the end of the month was around 95% of Total Assets and 96%
Front end Load: 0% to 3% of Net Assets in Government Securities. The weighted average time to maturity of the
Back end Load: 0% Fund is 1.3 year.
Contingent Load: 0% Credit Quality of the Portfolio as of February 28 , 2025 (% of Total Assets)
Management Fee: Up to 2.25% of daily net assets subject to Total Government Securities (AAA rated) 95.2%
Expense Ratio limit prescribed by Rules and AA- 2.7%
Regulations.,
Others including Receivables 2.1%
1.02% p.a. of average net assets during the month
Total 100%
Total Expense Ratio: YTD : 1.52% p.a. (including 0.26% government
levies), MTD : 1.32% p.a. (including 0.24%
government levies).
Selling & Marketing Expenses: 0% per annum. Name of the Members of Investment Committee
Risk Profile / Risk of principal Medium / Principal at Medium Risk Dr. Amjad Waheed, CFA
erosion: Asim Wahab Khan, CFA
Fund Stability Rating: AA(f) by PACRA
Hassan Raza, CFA
Listing: Pakistan Stock Exchange
Custodian & Trustee: Central Depository Company of Pakistan Limited Salman Ahmed, CFA
Usama Bin Razi
Auditors: Yousuf Adil Chartered Accountants
Dispute Resolution / Complaint Handling
Benchmark: 90% six (6) months PKRV rates + 10% six (6)
months average of the highest rates on savings Complaint Service : www.nbpfunds.com/contact-us/investor-relations
account of three (3) AA rated scheduled Banks as SECP’s Service Desk Management System: sdms.secp.gov.pk
selected by MUFAP
Fund Manager: Salman Ahmed, CFA
Minimum: Growth Unit : Rs. 10,000/-
Subscription: Income Unit : Rs. 10,000/-
Asset Manager Rating: AM1 by PACRA (Very High Quality)
*effective from Jan 01, 2025; Previously Average 6 Month PKRV Rates

Asset Allocation (% of Total Assets) 28-Feb-25 31-Jan-25

Cash 2.7% 16.3%
PIBs 26.9% 17.1%
T-Bills 68.3% 64.9%
Others including Receivables 2.1% 1.7%
Total 100.0% 100.0%
Leverage Nil Nil

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. In case of initiation of any legal proceeding
or any case is filed against the CIS impacting any Investment Plan(s), may also affect the unit holders of other Investment Plan(s) under the same CIS. 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 33
 NBP GOKP PENSION FUND - MONEY MARKET SUB FUND (GoKP-MMF)
NBP FUNDS Managing Your Savings

NBP Fund Management Limited

MONTHLY REPORT (MUFAP's Recommended Format)
Unit Price (28/02/2025): Rs.124.2259 February 2025
Performance %
Since Launch December 13,
Performance Period Feb-2025 FYTD - 2025 ROLLING 12 MONTHS
2023*

FUND RETURNS 10.6% 16.7% 18.9% 19.6%

* 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

General Information Investment Objective

Launch Date: December 13, 2023 To provide a secure source of retirement savings and regular income after retirement
Fund Size: Rs. 142 million to the Employee(s) of KPK.
Type: Open End Voluntary Pension Scheme Fund Manager Commentary
Dealing Days: Daily – Monday to Friday The Fund posted an annualized return of 10.6% p.a. for the month and since its launch
Dealing Time: Monday to Friday 9:00 am to 4:30 pm 19.6% p.a.
Pricing Mechanism: Forward Pricing
Front end Load: NIL Exposure in Govt securities was 99% of net assets at the end of the month. The
Management Fee: 0.35% p.a of net assets weighted average time-to-maturity of the Fund is around 73 days.
Total Expense Ratio: YTD:
Total Expense Ratio, including Insurance / Takaful We will rebalance the allocation of the Fund proactively based on the capital market
charges but excluding Government taxes and outlook.
levies: 0.87% Credit Quality of the Portfolio as of February 28 , 2025 (% of Total Assets)
Total Expense Ratio, including Insurance / Takaful Government Securities (AAA rated) 98.4%
charges as well as Government taxes and levies:
AA+ 0.7%
0.98%
Total Expense Ratio, excluding Insurance / Takaful A+ 0.2%
charges and Government taxes and levies: 0.79% Others including Receivables 0.7%
Total 100%
MTD:
Total Expense Ratio, including Insurance / Takaful
charges but excluding Government taxes and
levies: 0.85%
Name of the Members of Investment Committee
Total Expense Ratio, including Insurance / Takaful
charges as well as Government taxes and levies: Dr. Amjad Waheed, CFA
0.97% Asim Wahab Khan, CFA
Total Expense Ratio, excluding Insurance / Takaful Hassan Raza, CFA
charges and Government taxes and levies: 0.79% Salman Ahmed, CFA
Usama Bin Razi
Risk Profile / Risk of principal Investor dependent Dispute Resolution / Complaint Handling
erosion: Complaint Service : www.nbpfunds.com/contact-us/investor-relations
Custodian & Trustee: Central Depository Company (CDC)
SECP’s Service Desk Management System: sdms.secp.gov.pk
Auditors: Yousuf Adil, Chartered Accountants
Fund Manager: Asim Wahab Khan, CFA`
Minimum Subscription: Initial: Rs. 1,000/-
Asset Manager Rating: AM1 by PACRA (Very High Quality)

Asset Allocation (% of Total Assets) 28-Feb-25 31-Jan-25

Cash 0.9% 1.2%
T-Bills 98.4% 98.1%
Others including Receivables 0.7% 0.7%
Total 100.0% 100.0%
Leverage Nil Nil

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 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 Fund
Management Limited or any of its sales representative cannot guarantee preservation / protection of capital and / or expected returns / profit on investments. In case of initiation of any legal proceeding or
any case is filed against the pension fund impacting any sub-fund(s), may also affect the unit holders of other sub-fund(s) under the same pension fund. 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.

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