| Atlas Income Fund |
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| Fund Description |
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Atlas Income Fund (AIF) was established by a Trust Deed dated February 20, 2003 between Atlas Asset Management Limited (AAML), as management company and Muslim Commercial Financial Services (Private) Limited (MCFSL)-a wholly owned subsidiary of MCB Bank as trustee. With effect from June 11, 2005, with the signing of the Deed of Change of Trustee and First Supplemental Trust Deed dated June 11, 2005, Central Depository Company of Pakistan Limited, (CDC), has been appointed as trustee in place of the retiring Trustee (MCFSL).
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| Investment Objective and Strategy |
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AIF aims at achieving a good rate of current income consistent with reasonable concern for principal and to provide the investors with liquidity and the facility to join or leave the fund at their convenience.
The Fund invests mainly in high quality fixed income securities. In selecting debt instruments and government securities, the Fund considers individual credit risks, with the understanding that market value of even high quality fixed rate securities can fluctuate with change in interest rate levels. The Fund may also invest in Continuous Funding System (CFS) and Spread Transactions (Ready Futures). The asset allocation depends on prevailing market conditions and exposure limits.
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| Fund Facts |
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| Fund Inception Date |
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March 22, 2004 |
| Type |
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Open-ended - Income |
| Sales Load |
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1% (Frond-end) |
| Management Fee |
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1.50% of Annual Net Assets |
| Rating |
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A+ (f) by PACRA (FY 2009-10) |
| Listing |
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Lahore Stock Exchange |
| Trustee |
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Central Depository Co. |
| Auditors |
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Ernst & Young Ford Rhodes SHC |
| Minimum Investment |
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Rs. 5,000/- |
| Benchmark |
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Average 6 Months KIBOR (Offer) |
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| Benefits at a Glance |
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AIF provides investors with
- Liquidity*
- Diversification
- Competitive returns
- Professional expertise
- Tax credit upto Rs. 100,000/- for salaried individuals**
- No minimum holding period
- Required minimum investment as low as Rs. 5,000/-
- Exemption from Zakat (on submission of Affidavit)
* Redemption process within 6 working days as per Constitutive Documents.
** Under Section 62 of the income tax ordinance 2001, (whose provisions are reproduced below), Rs. 100,000/- is maximum tax credit application on an annual taxable income of Rs 4.55 million, subject to investment being held for at least 3 years.
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| Tax Credit on Investment |
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Unit Holders of Atlas Income Fund, other than a company, shall be entitled to a tax credit under Section 62 of the Income Tax Ordinance 2001 on purchase of new Units. The amount on which tax credit will be allowed shall be lower of: (a) amount invested in purchase of new Units; or
(b) fifteen percent of the taxable income of the Unit Holder; or
(c) Rupees Five Hundred Thousand (Rs 500,000);
and will be calculated by applying the average rate of tax of the Unit Holder for the tax year. If the Units so acquired are disposed within thirty six months, the amount of tax payable for the tax year in which the Units are disposed shall be increased by the amount of credit allowed.
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For payout history and monthly, yearly & Trailing performances please see relevant page in our latest Fund Manager Report.
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| Investment Risks and Implication |
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All investments in mutual funds, pensions funds and securities are subject to market risks. The value of such investments may depreciate as well as appreciate, subject to market fluctuations and risks inherent in all such investments. Investors should read the Offering Document carefully to understand the investment policies, risks and tax implication and should consult their legal, financial or tax adviser before making any investment decisions. Withdrawals from the pension Fund before the retirement age are subject to tax under the provisions of the Income Tax Ordinance, 2001.
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