Atlas Fund of Funds  (ATFF)  is  a  closed-end  fund   established  by   a  Trust   Deed  dated May 29, 2004 between Atlas Asset Management Limited (AAML), as the investment adviser and Central Depository Company of Pakistan Limited (CDC), as the Trustee.

With effect from February 23, 2007, with the signing of the First Supplemental Trust Deed for Change of Trustee dated February 23, 2007, Muslim Commercial Financial Services (Pvt.) Limited (MCFSL) has been appointed as the Trustee of ATFF in place of the retiring Trustee Central Depository Company of Pakistan Limited (CDC). The retirement of CDC and the appointment of MCFSL has been approved by the Securities and Exchange Commission of Pakistan vide letter no. NBFC-II/AD-JAM/ATFF/912/2006 dated December 13, 2006.

ATFF is listed and traded at the Karachi Stock Exchange.

The purpose of introducing ATFF is to provide investors a one-window facility to invest in diversified portfolio of equity securities of closed-end schemes and open-end schemes offering consistent returns and growth. Any amounts, which have not been invested in securities of closed-end schemes, may be invested in authorized investments as under:

• Repurchase transactions (REPOs) and reverse REPOs, including Continuous Funding System (CFS) through the clearing house of a Stock Exchange
• Money Market Instruments
• Deposits in banks on profit and loss (PLS) basis

The Fund will invest mainly in other closed-end funds. In selecting the closed-end funds, the investment adviser shall follow the following three criteria.

• Discount at which a closed-end fund is traded
• Evaluation of portfolio of the investee fund
• Trading activities in shares of investee funds

The open-end schemes shall be selected on the basis of their returns.

ATFF may also invest in CFS transactions and money market instruments.

The asset allocation in each instrument will depend on the prevailing market conditions.