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Operating As an Open-End Equity Fund Since 1962, NI(U)T Is the Flagship Carrier of a Diversified Portfolio of Collective Investment

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Operating As an Open-End Equity Fund Since 1962, NI(U)T Is the Flagship Carrier of a Diversified Portfolio of Collective Investment Operating as an Open-end Equity Fund Since 1962, NI(U)T is the flagship carrier of a diversified portfolio of Collective Investment Schemes managed by NITL with net assets of PKR 66.83 billion and 48,170 unit holders. TRUSTEE REPORT TRUSTEE REPORT TO THE UNIT HOLDERS Report of the Trustee pursuant to Regulation 41(h) and Clause 9 of Schedule V of the Non-Banking Finance Companies and Notified Entities Regulations, 2008 We, Central Depository Company of Pakistan Limited, being the Trustee of National Investment (Unit) Trust (the Fund) CORPORATE INFORMATION are of the opinion that National Investment Trust Limited being the Management Company of the Fund has in all material respects managed the Fund during the year ended June 30, 2016 in accordance with the provisions of the following: (i) Limitations imposed on the investment powers of the Management Company under the constitutive documents of the Fund; FUND NAME National Investment (Unit) Trust (ii) The pricing, issuance and redemption of units are carried out in accordance with the requirements of the constitutive NAME OF AUDITORS documents of the Fund; and KPMG Taseer Hadi & Co. Chartered Accountants (iii) The Non-Banking Finance Companies (Establishment and Regulations) Rules, 2003, the Non-Banking Finance LIST OF BANKERS Allied Bank Limited Companies and Notified Entities Regulations, 2008 and the constitutive documents of the Fund. Bank Al Falah Limited Bank Al Habib Limited Habib Bank Limited National Bank of Pakistan Sd/- NIB Bank Limited Summit Bank Limited Muhammad Hanif Jakhura United Bank Limited Chief Executive Officer Central Depository Company of Pakistan Limited Karachi, September 22, 2016 NATIONAL INVESTMENT (UNIT) TRUST STATEMENT OF ASSETS AND LIABILITIES AUDITORS’ REPORT AS AT 30 JUNE 2016 INDEPENDENT AUDITORS’ REPORT TO THE UNIT HOLDERS Note 2016 2015 (Rupees in '000) REPORT ON THE FINANCIAL STATEMENTS Assets Bank balances 5 2,046,114 4,272,389 We have audited the accompanying financial statements of National Investment (Unit) Trust (“the Fund”), which comprise the statement of assets Investments 6 67,468,477 70,699,317 Receivable against sale of investments 15,457 and liabilities as at 30 June 2016 and the related income statement, statement of comprehensive income, distribution statement, cash flow statement, 130 Dividend and other receivables 7 49,913 71,752 statement of movement in unit holders’ fund for the year then ended and a summary of significant accounting policies and other explanatory notes. Security deposits 8 2,600 2,600 Total assets 69,567,234 75,061,515 Management’s responsibility for the financial statements Liabilities The Management Company of the Fund is responsible for the preparation and fair presentation of the financial statements in accordance with approved Payable to National Investment Trust Limited - Management Company 9 269,011 69,734 accounting standards as applicable in Pakistan, and for such internal control as the management determines is necessary to enable the preparation Payable to Central Depository Company of Pakistan Limited - Trustee 10 2,584 2,365 of the financial statements that are free from material misstatement, whether due to fraud or error. Payable to Securities and Exchange Commission of Pakistan 11 61,950 65,580 Payable against redemption of units 15,554 15,281 Payable against purchase of investments 39,678 39,413 Auditors’ responsibility Accrued expenses and other liabilities 12 888,742 1,113,662 Dividend payable and unclaimed distribution 13 1,459,418 2,903,455 Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing Total liabilities 2,736,937 4,209,490 standards as applicable in Pakistan. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement. Net assets 66,830,297 70,852,025 An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures Unit holders' fund (as per statement attached) 66,830,297 70,852,025 selected depend on our judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, we consider internal control relevant to the Fund’s preparation and fair presentation of the financial Contingencies and commitments 14 statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the (Number of units in '000) effectiveness of the Fund’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. Number of units in issue 15 1,025,841 1,111,490 We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. (Rupees) Opinion Net assets value per unit 65.15 63.75 In our opinion, the financial statements give a true and fair view of the state of the Fund’s affairs as at 30 June 2016 and of its financial performance, The annexed notes from 1 to 30 form an integral part of these financial statements. cash flows and transactions for the year then ended in accordance with approved accounting standards as applicable in Pakistan. REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS In our opinion, the financial statements have been prepared in accordance with the relevant provisions of the Non-Banking Finance Companies (Establishment and Regulation Rules, 2003) and Non-Banking Finance Companies and Notified Entities Regulations, 2008. For National Investment Trust Limited (Management Company) Sd/- Sd/- Sd/- Sd/- Managing Director Director Director KPMG Taseer Hadi & Co. Chartered Accountants Muhammad Nadeem Dated: September 07, 2016 Karachi NATIONAL INVESTMENT (UNIT) TRUST NATIONAL INVESTMENT (UNIT) TRUST INCOME STATEMENT STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 JUNE 2016 FOR THE YEAR ENDED 30 JUNE 2016 Note 2016 2015 Note 2016 2015 (Rupees in '000) (Rupees in '000) Income Dividend income 16 3,176,697 2,472,681 Net income for the year 7,657,952 6,166,741 Gain on sale of investments - net 5,264,473 3,713,444 Net unrealised appreciation on re-measurement of investments classified as Other comprehensive income 'financial assets at fair value through profit or loss' 6.7 141,163 950,166 Income from government securities 6,164 80,476 Items to be reclassified to income statement in subsequent periods: Profit on bank deposits 96,586 230,241 Income on issue of units 2,199 51,629 Net unrealised (diminution) / appreciation on re-measurement of Other income - 8,670 investments classified as 'available for sale' 6.8 (1,656,676) 6,600,193 Total income 8,687,282 7,507,307 Total comprehensive income for the year 6,001,276 12,766,934 Expenses Impairment loss on equity securities classified as 'available for sale' 6.8.1 17,465 44,060 The annexed notes from 1 to 30 form an integral part of these financial statements. Remuneration of National Investment Trust Limited - Management Company 9.1 654,396 691,221 Federal Excise Duty on remuneration of Management Company 12.2 104,703 110,595 Sindh Sales Tax on remuneration of Management Company 9.2 106,274 120,273 Remuneration of Central Depository Company of Pakistan Limited - Trustee 10.1 27,627 28,319 Sindh Sales Tax on remuneration of trustee 10.2 3,867 - Annual fee - Securities and Exchange Commission of Pakistan 11 61,950 65,580 Allocation of expenses related to registrar services, accounting, operation and valuation services 9.3 38,583 - Custodian charges of Central Depository Company of Pakistan Limited 563 265 For National Investment Trust Limited Securities transaction costs 155 411 (Management Company) Settlement and bank charges 1,313 1,577 Financial charges 17 24,548 8,998 Auditors' remuneration 18 959 924 Sd/- Sd/- Sd/- Legal and professional charges 1,322 105 Managing Director Director Director SECP registration fee - 1,000 Printing and other charges 1,909 2,350 Mutual fund rating fee 232 211 Others 7.2 11,703 58 Total expenses 1,057,569 1,075,947 Net income from operating activities 7,629,713 6,431,360 Element of income / (loss) and capital gains / (losses) included in prices of units issued less those in units redeemed - net 28,239 (137,608) Provision for Workers' Welfare Fund 12.1 - (127,011) Net income before taxation 7,657,952 6,166,741 Taxation 19 - - Net income for the year 7,657,952 6,166,741 The annexed notes from 1 to 30 form an integral part of these financial statements. For National Investment Trust Limited (Management Company) Sd/- Sd/- Sd/- Managing Director Director Director NATIONAL INVESTMENT (UNIT) TRUST NATIONAL INVESTMENT (UNIT) TRUST DISTRIBUTION STATEMENT STATEMENT OF MOVEMENT IN UNIT HOLDERS’ FUND FOR THE YEAR ENDED 30 JUNE 2016 FOR THE YEAR ENDED 30 JUNE 2016 2016 2015 Note 2016 2015 (Rupees in '000) (Rupees in '000) Undistributed income brought forward comprising Net assets at beginning of the year 70,852,025 59,902,173 - Realised income 1,914,694 2,421,656 [Rs. 63.75 per unit (2015: Rs. 56.59 per unit)] - Unrealised income 2,419,321 747,282 4,334,015 3,168,938 Issue of 37,956,495 units (2015: 161,489,471 units) 150 2,423,085 9,808,129 Redemption of 153,353,516 units (2015: 167,773,021 units) 15 (9,835,580) (10,686,547) Element of income / (loss) and capital gains / (losses) included Issue of 29,748,619 units under Cumulative Investment Plan (2015: 59,304,106 units) 15 1,900,044 3,525,453 in prices of units issued less those in units redeemed - amount (5,512,451) 2,647,035 representing income / (loss) that form part of unit holders' fund - net (85,329) (399,939) 65,339,574 62,549,208 Element of (income) / loss and capital (gains) / losses included Net income for the year 7,657,952 6,166,741 in prices of units issued less those in units redeemed - net Interim distribution for the year ended 30 June 2016: Rs.
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