Press Release

JCR-VIS reaffirms Fund Stability Rating of ABL Income Fund at A+(f)

Karachi, January 2, 2012: JCR-VIS has reaffirmed the Fund Stability Rating of ABL Income Fund at ‘A+ (f)’ (Single A Plus (f)).

The operational investment policy of the fund allows investment in treasury bills up to 100% of net assets whilst exposure in term finance certificates is capped at 20% of net assets, with minimum issuer rating criterion of ‘AA’. Other investments are subject to minimum credit rating of ‘A+’. The fund is also allowed to invest up to 15% of net assets in spread transactions and the recently launched Margin Trading System, formal criterion for which has been developed and approved by the Investment Committee.
Actual asset allocation strategy has remained conservative, with the fund largely invested in government securities and bank balances with counterparties rated AA. Despite significant investor concentration, the ability of the fund to meet redemptions is considered sound as net assets are mostly invested in liquid avenues. Returns of the fund have lagged behind the benchmark return though comparing favorably to peers.
For further information on this rating announcement, please contact the undersigned (Ext: 501) or Ms. Sabeen Saleem (Ext: 510) at 021-35311861-70 or fax to 021-35311873.



Javed Callea
Advisor

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