Pakistan: NAFA Active Allocation Riba Free Savings Fund Quarterly Report - 31 March 2017

Transcription

2. NAFA ACTIVE ALLOCATION RIBA FREE SAVINGS FUND MISSION STATEMENT To rank in the top quartile in performance of NAFA FUNDS relative to the competition , and to consistently offer Superior risk-adjusted returns to investors. Quarterly Report Page 01
3. Contents NAFA ACTIVE ALLOCATION RIBA FREE SAVINGS FUND Page 02 FUND 'S INFORMATION 03 DIRECTORS' REPORT 05 CONDENSED INTERIM STATEMENT OF ASSETS AND LIABILITIES 09 CONDENSED INTERIM INCOME STATEMENT 10 CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME 11 CONDENSED INTERIM DISTRIBUTION STATEMENT 12 CONDENSED INTERIM STATEMENT OF MOVEMENT IN UNIT HOLDERS' FUND 13 CONDENSED INTERIM CASH FLOW STATEMENT 14 NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS 15 Quarterly Report
4. NAFA ACTIVE ALLOCATION RIBA FREE SAVINGS FUND Mr . Nausherwan Adil Dr. Amjad Waheed Mr. Aamir Sattar Mr. Abdul Hadi Palekar Mr. Foo Chiah Shiung (Kelvin Foo) Mr. Lui Mang Yin (Martin Lui) Mr. Kamal Amir Chinoy Mr. Shehryar Faruque Mr. Humayun Bashir Chairman Chief Executive Officer Director Director Director Director Director Director Director Chief Financial Officer Mr. Khalid Mehmood Mr. Foo Chiah Shiung (Kelvin Foo) Mr. Aamir Sattar Human Resource and Remuneration Committee Mr. Kamal Amir Chinoy Mr. Lui Mang Yin (Martin Lui) Mr. Abdul Hadi Palekar Chairman Member Member Dubai Islamic Bank Limited Silk Bank Limited Quarterly Report Page 03
5. NAFA ACTIVE ALLOCATION RIBA FREE SAVINGS FUND Auditors A .F. Ferguson & Co. Chartered Accountants State Life Building No. 1-C I.I. Chundrigar Road, P.O.Box 4716 Karachi. Legal Advisor M/s Jooma Law Associates 205, E.I. Lines, Dr. Daudpota Road, Karachi. 7th Floor Clifton Diamond Building, Block No. 4, Scheme No. 5, Clifton Karachi. UAN: 111-111NFA (111-111-632), (Toll Free): 0800-20001, Fax: (021) 35825329 Website: www.nafafunds.com Lahore Office: 7-Noon Avenue, Canal Bank, Muslim Town, Lahore. UAN: 042-111-111-632 Fax: 92-42-35861095 Islamabad Office: Plot No. 395, 396 Industrial Area, I-9/3 Islamabad. UAN: 051-111-111-632 Phone: 051-2514987 Fax: 051-4859031 Peshawar Office: 1st Floor, Haji Tehmas Centre, Near KFC, Tehkal Payan University Road, Peshawar. Phone: 92-91-5711784, 5711782 Fax: 92-91-5211780 Multan Office: Page 04 Quarterly Report
6. NAFA ACTIVE ALLOCATION RIBA FREE SAVINGS FUND DIRECTORS ’ REPORT The Board of Directors of NBP Fullerton Asset Management Limited is pleased to present the unaudited financial statements of NAFA Active Allocation Riba Free Savings Fund (NAARFSF) for the period ended March 31, 2017. Fund’s Performance The size of NAFA Active Allocation Riba Free Savings Fund has declined from Rs. 997 million to Rs. 946 million during the period (i.e. a decline of 5%). During the period, the unit price of the Fund has increased from Rs. 9.9933 (Ex-Div) on June 30, 2016 to Rs. 10.2676 on March 31, 2017, thus showing return of 3.7% as compared to the benchmark return of 3.3% for the same period. The performance of the Fund is net of management fee and all other expenses. The Fund has been assigned a stability rating of ‘A- (f)’ by PACRA. NAARFSF is an Islamic Income Scheme. The Fund aims to consistently generate a better return than profit rates offer by Islamic by Islamic banks/ Islamic windows of commercial banks, while also providing easy liquidity along with a high quality credit profile. The Fund is allowed to invest in Shariah Compliant Government Securities of maturity upto 3 years as well as S hariah Compliant money market and debt securities of upto 2 years maturity rated AA- or better. During the period under review, State Bank of Pakistan (SBP) maintained the discount rate and policy rate at 6.25% and 5.75% respectively. The improved interbank liquidity conditions (due to net government retirement and increase in bank deposits) were well calibrated through the open market operations – keeping the weighted average overnight repo rate close to the policy rate. Overall trading activity in corporate debt securities was recorded at Rs. 7.8 billion. The trades were primarily concentrated in Banking sector TFCs. CPI on year-on-year basis was recorded at 4.01% in 9MFY17 as compared to 2.64% in corresponding period last year. The Fund has earned total income of Rs.37.699 million during the period. After deducting expenses of Rs.12.421 million, the net income is Rs.25.278 million. The below chart presents the asset allocation and the weighted average credit rating of each of the sub-asset classes of NAARFSF. Quarterly Report Page 05
7. NAFA ACTIVE ALLOCATION RIBA FREE SAVINGS FUND Acknowledgement The Board takes this opportunity to thank its valued unit-holders for their confidence and trust in the Management Company , and providing the opportunity to serve them. It also offers its sincere gratitude to the Securities & Exchange Commission of Pakistan and State Bank of Pakistan for their patronage and guidance. The Board also wishes to place on record its appreciation for the hard work, dedication and commitment shown by the staff and the Trustee. On behalf of the Board of NBP Fullerton Asset Management Limited Chief Executive Director Date: April 28, 2017 Place: Karachi. Page 06 Quarterly Report
8. NAFA ACTIVE ALLOCATION RIBA FREE SAVINGS FUND Quarterly Report Page 07
9. NAFA ACTIVE ALLOCATION RIBA FREE SAVINGS FUND Page 08 Quarterly Report
10. NAFA ACTIVE ALLOCATION RIBA FREE SAVINGS FUND CONDENSED INTERIM STATEMENT OF ASSETS AND LIABILITIES AS AT MARCH 31 , 2017 Note (Un-audited) March 31, 2017 Audited June 30, 2016 (Rupees in '000) ASSETS Balances with banks Profit receivable Receivable against sale of units Preliminary expenses and floatation costs Advances, deposits and other receivables Total assets 941,427 8,148 760 791 951,126 336,226 2,583 660,000 910 791 1,000,510 3,470 178 453 1,422 5,523 2,450 69 230 454 3,203 NET ASSETS 945,603 997,307 UNIT HOLDERS’ FUNDS (AS PER STATEMENT ATTACHED) 945,603 997,307 LIABILITIES Payable to NBP Fullerton Asset Management Limited - Management Company Payable to Central Depository Company of Pakistan Limited - Trustee Payable to Securities and Exchange Commission of Pakistan Accrued expenses and other liabilities Total liabilities CONTINGENCIES AND COMMITMENTS 7 -----------Number of units--------- Number of units in issue 92,095,935 99,574,255 --------------(Rupees)-------------NET ASSET VALUE PER UNIT 10.0157 10.2676 The annexed notes 1 to 11 form an integral part of these condensed interim financial statements. For NBP Fullerton Asset Management Limited (Management Company) Chief Executive Quarterly Report Director Page 09
11. NAFA ACTIVE ALLOCATION RIBA FREE SAVINGS FUND CONDENSED INTERIM INCOME STATEMENT (UN-AUDITED) FOR THE NINE MONTHS PERIOD AND QUARTER ENDED MARCH 31, 2017 Note NINE MONTH ENDED MARCH 31, 2017 INCOME QUARTER For the period ENDED MARCH from January 18, 31, 2017 2016 to March 31, 2016 (Rupees in '000) 35,313 35,313 12,922 12,922 9,207 9,207 Remuneration of NBP Fullerton Asset Management Limited Management Company Sindh sales tax on remuneration of the Management Company FED on remuneration of the Management Company Accounting and operational charges to the Management Company Remuneration of the Central Depository Company of Pakistan Limited - Trustee Sindh Sales Tax on remuneration of the Trustee Annual fee - Securities and Exchange Commission of Pakistan Settlement and bank charges Provision for Sindh Workers' Welfare Fund - previous years Auditors' remuneration Fund rating fee Amortisation of preliminary expenses and floatation costs Shariah advisor fee Legal & Professional charges Total Expenses 7,554 982 604 1,027 133 453 28 151 350 137 150 307 29 11,905 2,800 364 224 379 49 168 27 151 103 45 50 128 16 4,504 1,782 289 285 142 242 34 107 4 66 40 2,991 Net income / (loss) from operating activities 23,408 8,418 6,216 2,386 13,314 2,378 (516) (516) 25,278 21,216 Profit on bank deposits Total Income EXPENSES Element of income / (loss) and capital gains / (losses) included in the prices of units issued less those in units redeemed - net Provision for Sindh Workers' Welfare Fund 5 Net income / (loss) for the period before taxation Taxation - Net income / (loss) for the period after taxation 25,278 8,594 - 21,216 8,594 The annexed notes 1 to 11 form an integral part of these condensed interim financial statements. For NBP Fullerton Asset Management Limited (Management Company) Chief Executive Page 10 Director Quarterly Report
12. NAFA ACTIVE ALLOCATION RIBA FREE SAVINGS FUND CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME (UN-AUDITED) FOR THE NINE MONTHS PERIOD AND QUARTER ENDED MARCH 31, 2017 NINE MONTH ENDED MARCH 31, 2017 Net income / (loss) for the period after taxation Other Comprehensive Income 25,278 - Total comprehensive income / (loss) for the period 25,278 QUARTER For the period ENDED MARCH from January 18, 31, 2017 2016 to March 31, 2016 (Rupees in '000) 21,216 8,594 - - 21,216 8,594 The annexed notes 1 to 11 form an integral part of these condensed interim financial statements. For NBP Fullerton Asset Management Limited (Management Company) Chief Executive Quarterly Report Director Page 11
13. NAFA ACTIVE ALLOCATION RIBA FREE SAVINGS FUND CONDENSED INTERIM DISTRIBUTION STATEMENT (UN-AUDITED) FOR THE NINE MONTHS PERIOD AND QUARTER ENDED MARCH 31, 2017 NINE MONTH ENDED MARCH 31, 2017 QUARTER For the period ENDED MARCH from January 18, 31, 2017 2016 to March 31, 2016 (Rupees in '000) Undistributed income at the beginning of the period 1,565 1,565 4,128 4,128 Net income / (loss) for the period after taxation 25,278 21,216 Final distribution made during the period - Re 0.0226 per unit distribution for the year ended June 30, 2016 declared on September 23, 2016 (1,499) Undistributed income / (loss) carried forward 25,344 25,344 8,594 25,344 25,344 25,344 25,344 8,594 8,594 Realised gain 8,594 - - Undistributed income / (loss) at the end of the period comprising of: Realised gain The annexed notes 1 to 11 form an integral part of these condensed interim financial statements. For NBP Fullerton Asset Management Limited (Management Company) Chief Executive Page 12 Director Quarterly Report
14. NAFA ACTIVE ALLOCATION RIBA FREE SAVINGS FUND CONDENSED INTERIM STATEMENT OF MOVEMENT IN UNIT HOLDERS ’ FUND (UN-AUDITED) FOR THE NINE MONTHS PERIOD AND QUARTER ENDED MARCH 31, 2017 NINE MONTH ENDED MARCH 31, 2017 QUARTER For the period ENDED MARCH from January 18, 31, 2017 2016 to March 31, 2016 (Rupees in '000) - 997,307 201,900 2,101,981 (2,175,078) (73,097) 1,258,483 (522,682) 735,801 1,064,581 (100,000) 964,581 Element of income / (loss) and capital gains / (losses) included in the prices of units issued less those in units redeemed - net (2,386) (13,314) (2,378) Capital (loss) on sale of investments - net Other income (net of expenses) for period Net income / (loss) for the period 25,278 25,278 21,216 21,216 9,207 (613) 8,594 Final distribution made during the period - Re 0.0226 per unit distribution for the year ended June 30, 2016 declared on September 23, 2016 (1,499) Net assets at the beginning of the period Issue of 207,151,048 units (March 31, 2016 : 106,149,851 units) Redemption of 214,629,368 units (March 31, 2016: 9,929,568 units) Net assets at the end of the period 945,603 - 945,603 970,797 The annexed notes 1 to 11 form an integral part of these condensed interim financial statements. For NBP Fullerton Asset Management Limited (Management Company) Chief Executive Quarterly Report Director Page 13
15. NAFA ACTIVE ALLOCATION RIBA FREE SAVINGS FUND CONDENSED INTERIM CASH FLOW STATEMENT (UN-AUDITED) FOR THE NINE MONTHS PERIOD AND QUARTER ENDED MARCH 31, 2017 NINE MONTH ENDED MARCH 31, 2017 QUARTER For the period ENDED MARCH from January 18, 31, 2017 2016 to March 31, 2016 (Rupees in '000) CASH FLOW FROM OPERATING ACTIVITIES Net income for the period before taxation 25,278 21,216 8,594 (2,386) 150 23,042 (13,314) 50 7,952 (2,378) 40 6,256 (5,565) (5,565) (3,988) 618 (3,370) (4,843) (1,000) (5,843) 1,020 109 223 968 2,320 676 71 168 642 1,557 2,516 146 107 157 2,926 19,797 6,139 3,339 2,761,981 (2,175,078) (1,499) 585,404 1,258,483 (522,682) 735,801 1,064,581 (100,000) 964,581 Net increase in cash and cash equivalents during the period Cash and cash equivalents at the beginning of the period 605,201 336,226 741,940 199,487 967,920 - Cash and cash equivalents at the end of the period 941,427 941,427 967,920 Adjustments Element of income / (loss) and capital gains / (losses) included in the prices of units issued less those in units redeemed - net Amortisation of preliminary expenses and floatation costs (Increase) / decrease in assets Profit receivable Preliminary expenses and floatation costs Advances, deposits and other receivables Increase / (decrease) in liabilities Payable to the Management Company Payable to the Trustee Payable to the Securities and Exchange Commission of Pakistan Accrued expenses and other liabilities Net cash generated / (used in) operating activities CASH FLOW FROM FINANCING ACTIVITIES Net receipts from issue of units Net payments on redemption of units Distributions made Net cash (used in) / generated from financing activities The annexed notes 1 to 11 form an integral part of these condensed interim financial statements. For NBP Fullerton Asset Management Limited (Management Company) Chief Executive Page 14 Director Quarterly Report
16. NAFA ACTIVE ALLOCATION RIBA FREE SAVINGS FUND NOTES TO AND FORMING PART OF THE CONDENSED INTERIM FINANCIAL INFORMATION (UN-AUDITED) FOR THE NINE MONTHS PERIOD AND QUARTER ENDED MARCH 31, 2017 1 LEGAL STATUS AND NATURE OF BUSINESS NAFA Active Allocation Riba Free Savings Fund (the Fund) was established under a Trust Deed executed between NBP Fullerton Asset Management Limited as the Management Company and the Central Depository Company of Pakistan Limited (CDC) as the Trustee. The Trust Deed was executed on November 03, 2015 and was approved by the Securities and Exchange Commission of Pakistan (SECP), under the Non-Banking Finance Companies and Notified entities Regulations, 2008 (the NBFC Regulations). The Management Company of the Fund has been licensed to act as an Asset Management Company under the NBFC Rules through a certificate of registration issued by the SECP. The principal office of the Management Company is situated at 7th Floor, Clifton Diamond Building, Block No. 4, Scheme No. 5, Clifton, Karachi. The Management Company is a member of the Mutual Funds Association of Pakistan (MUFAP). The Fund has been categorised as an Open-End "Shariah Compliant Income Scheme" as per the criteria laid down by the SECP for categorisation of Collective Investment Schemes (CIS). The objective of the Fund is to earn a reasonable rate of return along with a high degree of liquidity by investing in short-term Shariah compliant banks deposits and money market / debt securities. The Pakistan Credit Rating Agency (PACRA) has assigned an asset manager rating of “AM1” w.e.f April 21, 2017 to the Management Company. Title of the assets of the Fund is held in the name of Central Depository Company of Pakistan limited (CDC) as trustee of the Fund. The Fund commenced its operations from January 18, 2016. As per the offering documents only fund of funds managed by NBP Fullerton Asset Management Limited may subscribe for units of the Fund. Comparative information for the nine months period is not presented for condensed interim income statement, statement of comprehensive income, distribution statement, statement of movement in unit holders' fund and cash flow statement as the Fund commenced its operation on January 18, 2016. 2 BASIS OF PREPARATION 2.1 Statement of Compliance This condensed interim financial information has been prepared in accordance with the approved accounting standards as applicable in Pakistan. Approved accounting standards comprise of such International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board as are notified under the Companies Ordinance, 1984, the requirements of the Trust Deed, the Non-Banking Finance Companies (Establishment and Regulation) Rules, 2003 (the NBFC Rules), the Non-Banking Finance Companies and Notified Entities Regulations, 2008 (the NBFC Regulations) and directives issued by the SECP. Wherever the requirements of the Trust Deed, the NBFC Rules, the NBFC Regulations or directives issued by the SECP differ with the requirements of IFRSs, the requirements of the Trust Deed, the NBFC Rules, the NBFC Regulations or the directives issued by the SECP prevail. The disclosures made in this condensed interim financial information have been limited based on the requirements of the International Accounting Standard 34: 'Interim Financial Reporting'. This condensed interim financial information does not include all the information and disclosures required in a full set of financial statements and should be read in conjunction with the annual published financial statements of the Fund for the year ended June 30, 2016. In compliance with schedule V of the NBFC Regulations the directors of the Management Company hereby declare that this condensed interim financial information gives a true and fair view of the state of the Fund’s affairs as at March 31, 2017. 3 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accounting policies adopted for the preparation of the condensed interim financial information are the same as those applied in the preparation of the annual audited financial statements for the year ended June 30, 2016. Quarterly Report Page 15
17. NAFA ACTIVE ALLOCATION RIBA FREE SAVINGS FUND Note 4 BALANCES WITH BANKS Profit and loss savings accounts 4 .1 (Un-Audited) (Audited) March 31, June 30, 2017 2016 (Rupees in '000) 941,427 4.1 These carry profits at rates ranging from 3.75% to 6.80% (June 30, 2016: 5.75% to 7%) per annum. 5 PROVISION FOR SINDH WORKERS' WELFARE FUND 336,226 The Sindh Revenue Board (SRB) had written to few mutual funds in January 2016 to register and pay Sindh Workers Welfare Fund (SWWF) for the accounting year closing on or after December 31, 2013. The Mutual Fund Association of Pakistan (MUFAP) reviewed the issue and based on an opinion decided that SWWF is not applicable on mutual funds as they are not financial institutions as required by SWWF Act, 2014. The MUFAP wrote to the SRB that mutual funds are not establishments and are pass through vehicles hence, they do not have any worker and no SWWF is payable by them. The SRB responded back that as mutual funds are included in definition of financial institutions in the Financial Institutions (Recovery of Finance) Ordinance, 2001, therefore SWWF is applicable on mutual funds. The MUFAP has taken up this matter before the Sindh Finance Ministry to exclude mutual funds from SWWF. In view of the above developments regarding the applicability of SWWF on CISs / mutual funds the MUFAP has recommended that the provision in respect of SWWF should be made on a prudent basis on January 12, 2017 with effect from the date of enactment of the SWWF Act, 2014 (i.e. starting from May 21, 2015). Accordingly, the provision for SWWF is being made on a daily basis going forward. The above decision was communicated to the SECP and the Pakistan Stock Exchange Limited on January 12, 2017 and the SECP vide its letter dated February 1, 2017 has advised the MUFAP that the adjustments relating to the above should be prospective and supported by adequate disclosures in the financial statements of the CISs/ mutual funds. Accordingly, the Fund has recorded this adjustment in its books on January 12, 2017. The Scheme has maintained provisions against Sindh Workers' Welfare Fund's liability to the tune of Rs.0.667 million. If the same were not made the NAV per unit of scheme would be higher by Rs.0.0072. 6 TOTAL EXPENSE RATIO Total Expense Ratio (all the expenses incurred during the period divided by Average net assets value for the period) is 2.06% per annum including 0.37% representing government levies on collective investment scheme such as sales tax, worker's welfare fund and SECP fee for the period. 7 CONTINGENCIES AND COMMITMENTS There were no contingencies and commitments outstanding as at March 31, 2017 and June 30, 2016. 8 TAXATION The income of the Fund is exempt from income tax under clause 99 of Part I of the Second Schedule to the Income Tax Ordinance, 2001 subject to the condition that not less than ninety percent of its accounting income for the period, as reduced by capital gains, whether realised or unrealised, is distributed to the unit holders. The management intends to distribute atleast 90% of the Fund's net accounting income earned by the year end to the unit holders. Accordingly, no provision for taxation has been made in this condensed interim financial information. The Fund is also exempt from the provision of section 113 (minimum tax) under clause 11A of Part IV of the Second Schedule to the Income Tax Ordinance, 2001. Page 16 Quarterly Report
18. NAFA ACTIVE ALLOCATION RIBA FREE SAVINGS FUND 9 TRANSACTIONS WITH CONNECTED PERSONS 9 .1 Connected persons include NBP Fullerton Asset Management Limited being the Management Company, Central Depository Company of Pakistan Limited being the Trustee, National Bank of Pakistan and Alexandra Fund Management Pte. Limited being the sponsors, NAFA provident Trust Fund being the employee contribution plan of the Management Company, other collective investment schemes managed by the Management Company and directors and officers of the Management Company. 9.2 The transactions with connected persons are in the normal course of business, at contracted rates and terms determined in accordance with market rates. 9.3 Remuneration and front-end load payable to the Management Company is determined in accordance with the provisions of the NBFC Regulations and the Trust Deed respectively. 9.4 Remuneration payable to the Trustee is determined in accordance with the provisions of the NBFC regulation and the Trust Deed. ……………..(Un-Audited)…………….. NINE MONTH ENDED MARCH 31, 2017 9.5 QUARTER For the period ENDED MARCH from January 18, 31, 2017 2016 to March 31, 2016 (Rupees in '000) Details of the transactions with connected persons are as follows: NBP Fullerton Asset Management Limited - Management Company Remuneration of the Management Company Sindh sales tax on remuneration of the Management Company FED on remmuneration of the Management Company Allocation of operational expenses from the Management Company 7,554 982 604 2,800 364 224 1,782 289 285 142 NAFA Islamic Active Allocation Fund (Plan I) Units issued 18,142,002 (2016 : 63,433,911 units) Units redeemed 19,827,872 (2016 : 6,456,932 units) Cash dividend 184,396 201,183 296 129,100 31,242 - 634,581 65,000 - NAFA Islamic Active Allocation Fund (Plan II) Units issued 12,803,902 (2016 : 42,715,940 units) Units redeemed 21,541,449 (2016 : 3,472,636 units) Cash dividend 130,292 219,001 292 107,000 51,000 - 430,000 35,000 - NAFA Islamic Active Allocation Fund (Plan III) Units issued 43,977,411 Units redeemed 94,406,670 Cash dividend 443,311 951,868 911 121,400 39,074 - - NAFA Islamic Active Allocation Fund (Plan IV) Units issued 55,133,926 Units redeemed 45,177,830 557,982 459,026 114,982 57,366 - NAFA Islamic Active Allocation Fund (Plan V) Units issued 77,093,807 Units redeemed 33,675,546 786,000 344,000 786,000 344,000 - 1,027 133 379 49 Central Depository Company of Pakistan Limited - Trustee Remuneration Sindh Sales Tax on remuneration of the Trustee Quarterly Report 242 34 Page 17
19. NAFA ACTIVE ALLOCATION RIBA FREE SAVINGS FUND (Un-audited) (Audited) March 31, June 30, 2017 2016 .........(Rupees in '000)......... 9.6 Amounts outstanding as at period end NBP Fullerton Asset Management Limited - Management Company Management remuneration payable Sindh sales tax on remuneration of the Management Company FED on remmuneration of the Management Company Preliminary expenses and floatation costs Allocation of operational expenses from the Management Company Other Payable 1,089 142 612 1,000 604 23 442 72 612 1,000 306 18 NAFA Islamic Active Allocation Fund (Plan I) Units held: 15,598,487 (June 30, 2016: 17,284,357 units) 160,159 173,115 NAFA Islamic Active Allocation Fund (Plan II) Units held: 7,655,809 (June 30, 2016: 16,393,356 units) 78,607 164,191 NAFA Islamic Active Allocation Fund (Plan III) Units held: 15,467,283 (June 30, 2016: 65,896,542 units) Receivable against sale of units 158,812 - 660,000 660,000 NAFA Islamic Active Allocation Fund (Plan IV) Units held: 9,956,096 102,225 - NAFA Islamic Active Allocation Fund (Plan V) Units held: 43,418,261 445,801 - Central Depository Company of Pakistan Limited - Trustee Remuneration payable Sindh Sales Tax on remuneration of the Trustee 10 157 21 61 8 DATE OF AUTHORISATION FOR ISSUE These financial statements were authorised for issue by the Board of Directors of the Management Company on April 28, 2017. 11 GENERAL 11.1 Figures have been rounded off to the nearest thousand rupees. For NBP Fullerton Asset Management Limited (Management Company) Chief Executive Page 18 Director Quarterly Report