Abl FMR April 2013

For details:
Visit www.ablamc.com | Call 0800 22526 Or visit any Allied Bank Branch
STAY TUNED FOR THE LAUNCH OF ABL AMCS FIRST
ISLAMIC EQUITY FUND AT THE END OF MAY 2013.
FUND MANAGERS REPORT
APRIL 2013
RATED AM2 - (JCR-VIS)
ECONOMY AND CAPITAL MARKETS UPDATE
FUND MANAGER S REPORT, APRI L 2013
Government Securities
Equity Market Performance
Not much change was witnessed in Pakistans economic landscape over April, 2013 with all eyes now on the General Elections
scheduled for May 11, 2013. Monetary authorities, as per expectations, kept the policy rate unchanged at 9.5% for the next 2
months. Soaring fiscal deficit and declining FX reserves were highlighted as key concerns for Pakistans economy in the April MPS,
however, lower than expected CPI figures implied rates were kept unchanged by SBP. Overall economic indicators showed little
signs of improvement over the last month as Current Account deficit was recorded at USD513mn for March 2013 (9MFY13 deficit
at USD1,028mn) while 9MFY13 fiscal deficit was reported at 5% of GDP. Incessant electricity subsidies coupled with below target
tax collection (Tax Collection 10MFY13 PKR1,508bn vs. Annual Target PKR 2,050bn) infers fiscal deficit is expected to miss the initial
target of 4.7% by a significant margin. FX reserves continued its downward slide as IMF repayments and weak current situation
resulted in SBP FX reserves dropping to USD6.640bn at month end (Total FX reserves at USD11.938bn on April 26, 2013). CPI figures,
however, remained immune to the frail economic conditions with inflation clocking in at 5.8% for April 2013 (lowest since Mar-
2004). Low inflation emanated from high base effect and stagnant food prices. As we move ahead, the newly elected political set
up and the IMF (re-entry appears imminent) are expected to chalk out a plan on economic policies which will provide some direction
to Pakistans future fiscal and monetary policies.
A major shift was witnessed in the money market where bank borrowing via weekly Open Market Operations declined from a
month high of PKR500 billion to a low of PKR379 billion. As the SBP OMO injection rate increased, money injection amounts
gradually reduced. Consequently the SBP discount window was approached several times during the month as banks struggled
on liquidity. Thus minimal participation was witnessed in T-bill auctions where against a monthly target of PKR575 billion only
PKR347 billion was accepted despite cut offs being stretched to extreme levels. As liquidity conditions worsened interbank rates
and PKRV yields surpassed the Discount rate of 9.50%. A PIB auction having a pre-defined target of PKR25 billion was conducted
during the month where investor bias in the 3 year issue was witnessed. As aresult, the targeted amount was not achieved owing
to minimal participation (only PKR14.9 billion was accepted in 3 years). Towards month end, however, PKRV rates declined as
liquidity situation improved owing to T-bill maturities while market built up expectations of a low inflation figure for the month.
Status quo on interest rates in the MPS announcement in the earlier part of the month had minimal impact on market yields as
the market had already incorporated a no change scenario. Preference towards short dated instruments thus remained strong.
Equities witnessed an extended rally over April 2013, with the benchmark KSE100 index breaching the 19,000 points level on its
way for the first time, eventually closing the month at 18,982 points, +5.2% MoM. Pre-election euphoria, buoyant March 2013
results season, expected liquidity from the delisting of Unilever shares and strong foreign flows boosted investor sentiment. Contrary
to expectations, banks reported only a minor drop in profitability, while other sectors such as fertilizers, power and cement posted
significant earnings growth. Foreign flows also remained strong, clocking in at +USD28mn for April 2013 (USD256mn for 10MFY13).
Looking ahead, election results will shape up investor sentiment in the next couple of months. The market is expected to cheer
any change in the current political set up as it is expected to result in improved investment climate for Pakistan. Overall valuations
of the market remain attractive with KSE100 trading at 2013E P/E of 7.5x and offers dividend yield of 6.6%.
Last
Reported Current Previous
Month Month Month YTD
Economic Summary
All eyes on elections for
future economic direction.
Constricted liquidity
Extended rally at KSE
Apr-13 Mar-13 M/M 1yr Low 1yr High
KSE-100 Index 18,982 18,043 5.2% 13,369 18,982
Avg. Daily Vol. (mn) 176 197 -10.5% 28 399
Avg. Daily Val. (USD mn) 61 62 -1.5% 10 126
2013E PE (x) 7.5
2013E DY 6.6%
Source: KSE
CPI Inflation Apr 5.80% 6.57% 7.75%
Trade Deficit (USD mn) Mar (1,174) (1,236) (11,264)
Remittances (USD mn) Mar 1,119 1,028 10,354
Current A/C (USD mn) Mar (513) (596) (1,028)
FDI (USD mn) Mar (118) (14) 622
Tax Collection** (PKR bn) Apr 156 158 1,508
M2 Growth* Apr - - 8.92%
FX Reserves* (USD bn) Apr - - 11.938
Source: SBP, FBS
* Latest monthly figures
** Provisional figures
PKRV Yields (%) 6M 1yr 3yr 5yr 10yr
Mar29, 2013 9.42 9.51 10.86 11.36 11.90
Apr30, 2013 9.44 9.50 10.50 10.96 11.83
Change (bps) 2 -1 -36 -40 -7
Source: FMA
To earn superi or ri sk
adjusted rate of return by
investing in a blend of short,
medium and long term
instruments, both within
and outside Pakistan.
FUND MANAGERS COMMENTS
FUND RETURNS* ABL-IF 6M-KIBOR
8.24%
10.06%
9.58%
10.01%
* Returns are net of management fee & all other expenses
BASIC FUND INFORMATION
ASSET ALLOCATION (% OF TOTAL ASSETS) March 31
th
, 2013 April 30
th
, 2013
CREDIT QUALITY OF PORTFOLIO
INVESTMENT COMMITTEE MEMBERS
1. Farid A. Khan, CFA CEO
2. Muhammad Imran CIO
3. Abid Jamal Head of Research
4. Kamran Aziz, CFA Fund Manager
5. Faizan Saleem Fund Manager
INVESTMENT
OBJECTIVE
Fund Type Open-end
Category Income Scheme
Launch Date September 20
th
, 2008
Net Assets PKR 2,377 mn as at April 30
th
,

2013
NAV PKR 10.0885 as at April 30
th
,

2013
Benchmark 6 Month Kibor Average
Dealing Days As per Banking Days
Cut-off time 4:00 pm
Pricing mechanism Forward
Management Fee 1.5% p. a.
Front-end load Nil
Trustee Central Depository Company of Pakistan Ltd. (CDC)
Auditor A.F. Ferguson & Co. Chartered Accountants
Asset Manager Rating AM2- (Positive Outlook) ( JCR-VIS)
Risk Profile of the Fund Low
Fund Stability Rating A+(f ) ( JCR-VIS)
Fund Manager Faizan Saleem
Listing Karachi Stock Exchange
TOP TFC/SUKUK HOLDINGS (% OF TOTAL ASSETS)
April 2013
Year to Date (FYTD)
ABL Income Fund generated a return of 8.24% for the month of April, up113 bps compared to March 2013
due to valuation gains on TFCs and bond portfolio. On YTD basis, the fund has outperformed its benchmark
by 5bps though last month it lagged behind by 134bps.
In view of a tight money market situation, ABL IF reduced its exposure to long tenure treasury bills. As a
result,duration of the fundcame down to 474 days. At month end, exposure in T-Bills was 52.55% of total
asset, while exposure in Money Market placement, TDR and Cash was around 8.28%, 4.14% and 3.16%
respectively. TFC allocation was increased by 4.02% to at 16.85% of total assets. Moreover, the fund is in
process of furtherincreasing allocation in high quality Banking and Corporate TFCs in order to boost returns.
The fund will continue to take active positions in government securities to benefit from highly volatile
money market. Furthermore, we expect improvement in returns owing to high baseline yields in T-bills
and increased exposure in TFCs.
The Scheme has maintained the provisional asset against Workers welfare Funds Liability to the tune of
Rs.31.702 million, if the same were not made the NAV per unit of the scheme would be higher by Rs.0.1345
per unit.
April 30
th
, 2013
ABL-IF 6M-KIBOR
Disclaimer: This publication is for informational purposes only and nothing herein should be construed as a solicitation, recommendation or an offer to buy or sell any fund. All
investments in mutual funds are subject to market risks. The NAV based prices of units and any dividends/returns thereon are dependant on forces and factors affecting the capital
markets. These may go up or down based on market conditions. Past performance is not necessarily indicative of future results.
MUFAP
Recommended
Format
ABL Income Fund
Other assets account for 6.33% of Total Assets.
TECHNICAL INFORMATION
Leverage NIL
Weighted average time to maturity of net assets 474
SCB Ltd - PPTFC 4.64%
UBL TFC - IV 3.80%
BAFL - V 3.74%
PMCL - Listed 2.78%
Askari Bank - IV 1.90%
Cash 7.18% 3.16%
Placements with Banks (TDRs) 3.78% 4.14%
Placements with DFIs 7.56% 8.28%
T-Bills 59.01% 52.55%
PIBs 4.04% 4.47%
GoP Ijarah Sukuk 0.02% 0.08%
TFCs 12.83% 16.85%
Short Term Sukuk 3.78% 4.14%
Others Including Receivables 1.80% 6.33%
A+
0.02%
AA-
5.38%
AA
14.18%
AA+
12.28%
AAA
4.71%
Govt.
Securities
57.10%
To provide higher risk-
adjusted returns over the
long term by investing in a
diversified portfolio of equity
instruments offering capital
gains and dividends.
PERFORMANCE* ABL-SF KSE-30
ABL-SF increased by 4.0% in April13 against 3.0% increase in the benchmark KSE-30 index, which reflects
an outperformance of 100 basis points. On YTD basis, the fund has increased by 38% and has outperformed
its benchmark by a wide margin.
During the month, investment in Oil & Gas sector was decreased from 27.6% to 25.8%of the portfolio,
exposure in Chemicals sector was increased from 12.5% to 13.2% and allocation to Construction sector
was decreased from 13.8% to 12.0%.ABL-SF as of April 30th 2013is 80.9% invested in equities and
remaining in bank deposits.
The month of May will be a watershed on the political front and could determine the medium term
direction of the market. A smooth progress towards elections will bode positive for the market and will
entice local as well as foreign investors to participate in the current run. Hefty cash influx, in the form
of Unilevers buyback and tender offer by Askari Bank, will keep interest in equity markets alive and
generate strong liquidity, in our opinion. We will maintain high exposure in equities, especially in stocks
offering value and will benefit from changing industrial dynamics. Low interest rates, attractive valuations
and consistent foreign flows continue to promise high returns for equity investors.
The Scheme has maintained the provision against Workers Welfare Funds liability to the tune of PKR
6.65mn. If the same were not made the NAV per unit of the scheme would be higher by PKR 0.1872 per
unit.
TOP TEN HOLDINGS (% OF TOTAL ASSETS) SECTOR ALLOCATION (% OF TOTAL ASSETS)
INVESTMENT
OBJECTIVE
ABL-SF KSE-30
ASSET ALLOCATION (% OF TOTAL ASSETS)
March 31
th
, 2013 April 30
th
, 2013
March 31
th
, 2013 April 30
th
, 2013
MUFAP
Recommended
Format
ABL Stock Fund
Fund Type Open-end
Category Equity Scheme
Launch Date June 28, 2009
Net Assets Rs 502.88 million as at April 30
th
,

2013
NAV Rs 14.1618 as at April 30
th
,

2013
Benchmark KSE-30 Index
Dealing Days As Per Local Stock Exchanges
Cut-off Time 4:00 PM
Pricing Mechanism Forward
Management Fee 3% p.a.
Front-end Load 3%
Trustee Central Depositary Company of Pakistan Limited
Auditor A.F. Ferguson & Co, Chartered Accountants
Asset Manager Rating AM2- (JCR-VIS) (Positive outlook)
Risk Profile of the Fund High
Performance Ranking MFR 3-Star (JCR VIS) (Based on one Year weighted
average ranking), MFR 4-Star (JCR VIS) (Based on
Two Year weighted average ranking), MFR 4-Star
(JCR VIS) (Based on Three Year weighted average ranking)
for periods ended December 31, 2012.
June 30, 2012)
Fund Manager Kamran Aziz CFA
*Returns are net of management fee & all other expenses
Year to Date (YTD)* 38.2% 22.8%
Trailing 12 months* 35.9% 19.5%
Month to Date (MTD)* 4.0% 3.0%
Pakistan Petroleum 8.2% 8.1%
Pakistan Oilfields 8.1% 7.9%
Engro Corporation 7.9% 7.7%
Hub Power Company 8.4% 7.5%
Oil & Gas Development Co. 6.9% 5.6%
D.G.K.Cement 6.6% 5.0%
Nishat Mills 6.3% 4.8%
Fauji Fertilizer Company 4.6% 4.8%
Fauji Cement 5.3% 4.6%
Packages Limited 3.6% 4.6%
Stock/Equities 91.3% 80.9%
Bank Balances 6.7% 18.2%
Others 2.0% 0.9%
Leverage NIL NIL
1. Farid Ahmed Khan, CFA, CEO
2. Muhammad Imran, CIO
4. Faizan Saleem, Fund Manager
5. Abid Jamal, Head of Research
Contruction &
Materials (Cement)
12.0%
Commercial Banks
4.3%
Chemicals
13.2%
Oil & Gas
25.8%
Personal Goods
6.4%
Tobacco
1.9%
Electricity
10.7%
General Industrial
4.6%
Non Life Insurance
1.9%
Bank Balance and
Others
19.1%
FUND RETURNS* ABL-CF
BASIC FUND INFORMATION ASSET ALLOCATION (% OF TOTAL ASSETS) CREDIT QUALITY OF PORTFOLIO
Fund Type Open-end
Category Money Market Scheme
Launch Date July 30
th
, 2010
Net Assets PKR 13,721mn as at April 30
th
,

2013
NAV PKR 10.0026 as at April 30
th
,

2013 (Ex-dividend)
Benchmark 50% - Average of 3 Month Bank Deposit rate & 50%
- 3M PKRV(net of expenses)
Dealing Days As Per Banking Days
Pricing mechanism Backward
Management Fee 10% of annualized Gross Return (subject to Upper
Cap of 1.25% & Lower Cap of 1%). The fee shall be
calculated on daily basis.
Front-end load Nil
Fund Stability Rating AA(f ) ( JCR-VIS)
To provi de i nvestors,
consistent returns with a
hi gh l evel of l i qui di ty,
through a blend of money
market and sovereign debt
instruments.
INVESTMENT
OBJECTIVE
April 2013
Year to Date (FYTD)
7.98%
9.19%
6.54%
6.65%
ABL-CF
During the month, ABL CF generated an impressive return of 7.98% as against its benchmark return of
6.54%. Return performance for the month of April improved by 22bps over the previous month due to
active fund management. Money market yields remained on the higher side due to liquidity shortages
in the market as weekly injections dropped in Open Market Operations conducted by SBP.
Fund duration was maintained at a low level of 40 days and maturities ofTDRs were also channeled
towards short term bills. As a result,T-bill allocation jumped to 94.05% as compared to 71.07% in previous
month, whereas cash balances decreased to 5.17%(of total asset) against 12.13% in previous month.
As fiscal year end approaches, the fund will increase exposure to bank placements in order to
enhancebaseline yields and generate stable returns.
The Scheme has maintained the provision against Workers welfare Funds Liability to the tune of Rs.
86.414 million, if the same were not made the NAV per unit of the scheme would be higher by Rs.0.063
per unit.
March 31
th
, 2013 April 30
th
, 2013
Other assets account for 0.06% of Total Assets
MUFAP
Recommended
Format
ABL Cash Fund
Leverage NIL
50% - Average of 3 Month
Bank Deposit rate & 50% -
3M PKRV(net of expenses)
50% - Average of 3 Month
Bank Deposit rate & 50% -
3M PKRV(net of expenses)
Cash 12.13% 5.17%
Placements with Banks (MM) 2.30% 0.00%
Reverse Repo against Gov. Securities 1.94% 0.00%
Short Term Sukuk 0.66% 0.72%
T-bills 71.07% 94.05%
Others Including Receivables -1.27% 0.06%
AA
4.12%
AA+
1.04%
AAA
0.73%
Govt.
Securities
94.05%
The fund generated a stable return of 8.72% for the month of April 2013, surpassing the benchmark
yield by 12 bps. On YTD basis, ABL GSF return stood at 12.01% versus the benchmark return of 8.91%,
showing substantial outperformance of 310 bps. Fund size increased by 9.96% during the month to close
at PKR 1.116 billion.
At month end, investment in T-bills constituted 68.45% of assets compared to 80.05% in previous month
whereas term deposits, money market placement and cash constituted at 7.92%, 7.92% and 10.71% of
total assets respectively. Keeping in view the current interest rate environment and tight liquidity situation
in the money market, ABL GSF shifted its exposure from government securities to short term money
market placements. As a result, weighted average maturity of the fund decreased from 104 days to 59
days.
The fund will actively manage its exposure in government securities to benefit from ever changing
interest rate environment. As fiscal year end approaches, the fund will increase exposure in bank
placements in order to boost return.
116.164 million, if the same were not made the NAV per unit of the scheme would be higher by Rs.
1.0411 per unit.
The objective of the scheme
is to deliver optimal risk
adjusted returns by investing
mainly in mix of short to long
term Government Securities
and other debt Instruments.
INVESTMENT
OBJECTIVE
ASSET ALLOCATION(% OF TOTAL ASSETS)
Fund Type Open-end
Category Income Scheme
Launch Date November 30
th
, 2011
Net Assets PKR 1,116 million as at April 30
th
,

2013
NAV Class - B units 10.0027 as at April 30
th
,

2013 (Ex-dividend)
Benchmark 70% average 6m-PKRV & 30% average 3 Months -
deposit rates of AA- & above rated banks
Dealing Days As per Banking Days
Management Fee Class-A unit 0.25%, Class-B unit 1.25%
Front-end load Nil
Fund Stability Rating A+(F) ( JCR-VIS)
FUND RETURNS* ABL-GSF B Units
April 2013
Year to Date (FYTD)
8.60%
8.91%
March 31
th
, 2013 April 30
th
, 2013
8.72%
12.01%
6M-PKRV & Average of 3
Month Bank Deposit rate
ABL-GSF B Units 70% 6M-PKRV & 30% Average of 3
Month Bank Deposit rate
CREDIT QUALITY OF PORTFOLIO
MUFAP
Recommended
Format
ABL Government Securities Fund
Leverage Nil
Cash 10.52% 10.71%
Money Market Placements 0.00% 7.92%
T-bills 80.05% 68.45%
Govt.
Securities
68.45%
AAA
1.31%
AA+
8.35%
AA
16.88%
FUND RETURNS* ABL-IIF
To provide investors with
an opportunity to earn
higher income over the
medium to long-term by
investing in a diversified
portfol i o consi sti ng of
different money market
and debt i nstruments
permi ssi bl e under the
Shariah principles.
INVESTMENT
OBJECTIVE
Average of 6 Month
Bank Deposit Rate
ASSET ALLOCATION (% OF TOTAL ASSETS) CREDIT QUALITY OF PORTFOLIO
Fund Type Open-end
Category Islamic Income Scheme
Launch Date July 30
th
, 2010
Net Assets PKR 1,171.189 mn as at April 30, 2013
NAV PKR 10.0739 as at April 30, 2013
Benchmark Average of 6 Month Deposit rates of 3 Islamic
Banks
Dealing Days As Per Banking Days
Management Fee 1.0% p. a.
Front-end load Nil
Fund Stability Rating A+(F) ( JCR-VIS)
Fund Manager Kamran Aziz, CFA
ABL IIF generated an annualized return of 7.14% in April 2013 versus the benchmark return of 6.48%,
an outperformance of 66 bps. On YTD basis ABL IIF performance stood at 9.54%, outperforming the
benchmark yield by 292 bps.
The Fund has increased its allocation to GoP Ijarah Sukuk to 63.06% of total assets compared to 49.66%
in previous month, while cash holdings stood at 22.53% of the fund. Around 12.6% of net assets were
invested in high rated (AA plus) corporate short term Sukuk. Fund size reduced by 2.11% during the
month to close at PKR 1,173.189million.The weighted average maturity of the fund was435 days at
month end.
Going forward, weintend to enhance funds exposure to bank placements in order to capitalize on any
high yield opportunity that may arise due to year end.
4.611 million, if the same were not made the NAV per unit of the scheme would be higher by Rs. 0.0396
per unit.
ABL-IIF Average of 6 Month
Bank Deposit Rate
7.14%
9.54%
6.48%
6.62%
April 2013
Year to Date (FYTD)
March 31
th
, 2013 April 30
th
, 2013
Leverage NIL
MUFAP
Recommended
Format
ABL Islamic Income Fund
Cash 37.04% 22.53%
GoP Ijara Sukuk 49.66% 63.06%
Sukuk Term Sukuk 12.42% 12.61%
Government
Securities
63.06%
AA+
14.32%
AA
0.68%
A
20.15%
Personal
Goods, 1.5%
Bank Balance
and
Other, 9.3%
Oil & Gas, 1.2%
Construction &
Materials
(Cements), 2.3%
Electricity, 0.1%
Chemical, 1.1%
Term
Deposit, 84.6%
To protect Initial Investment
Value and deliver some
return with the prospect of
growth in Initial Investment
Value over the stipulated
time period.
INVESTMENT
OBJECTIVE
Top Holdings (% OF TOTAL ASSETS) SECTOR ALLOCATION (% OF TOTAL ASSETS)
ABL-CPF increased by 0.7% in April13 against 0.8% increase in its benchmark, which reflects a slight
underperformance of 10 basis points. Strong equity performance as well as higher Term Deposit Rates
continued to benefit the fund and compounded gains made in earlier months. Equity portion of the
portfolio was mainly invested in E&P (1.2%), Textile(1.5%) and Cement (2.3%) sectors.
The month of May will be a watershed on the political front and could determine the medium term
direction of the market. A smooth progress towards elections will bode positive for the market and will
entice local as well as foreign investors to participate in the current run. Hefty cash influx, in the form
of Unilevers buyback and tender offer by Askari Bank, will keep interest in equity markets alive and
generate strong liquidity, in our opinion. We will maintain high exposure in equities, especially in stocks
offering value and will benefit from changing industrial dynamics. Low interest rates, attractive valuations
and consistent foreign flows continue to promise high returns for equity investors.
The Scheme has not made provision amounting to Rs. 0.5933 Million against Workers Welfare Funds
liability. If the same were made the NAV per unit of the scheme would be lower by Rs. 0.0184 per unit.
However the scheme now maintained provision and has booked 0.2384 Million against Workers Welfare
Funds liability. If the same were not made the NAV per unit of the scheme would be higher by PKR
0.0074 per unit.
ASSET ALLOCATION (% OF TOTAL ASSETS)
March 31
th
, 2013 April 30
th
, 2013
March 31
th
, 2013
ABL-CPF Benchmark
April 30
th
, 2013
1. Farid Ahmed Khan, CFA, CEO
2. Muhammad Imran, CIO
3. Kamran Aziz, CFA, Fund Manager
4. Faizan Saleem, Fund Manager
5. Abid Jamal, Head of Research
Fund Type Open-end
Category Capital Protected Scheme
Launch Date June 01, 2012
Net Assets Rs 360.67 million as at April 30, 2013
NAV Rs 11.2125 as at April 30, 2013
Benchmark Weightage of Capital Protected segment in fund
with 2 Year Term Deposit Rate of AA- & above
rated banks and weightage of Investment
segment with KSE 30 Index
Dealing Days As Per Local Stock Exchanges
Cut-off Time 4:00 PM
Pricing Mechanism Forward
Management Fee 1.5% p.a.
Front-end Load 1.75%
Back-end Load Minimum 2%
Trustee MCB Financial Services Limited
Auditor M. Yousuf Adil Saleem & Co.
Asset Manager Rating AM2- (JCR-VIS) (Positive outlook)
Performance Ranking N/A
Fund Manager Kamran Aziz, CFA
Listing Islamabad Stock Exchange
Maple Leaf Cement 0.5% 1.3%
Pakistan Oilfields 1.1% 1.2%
Nishat Mills 1.2% 1.1%
Engro Corporation 1.4% 1.1%
Fauji Cement 0.0% 1.0%
Gadoon Textile 0.4% 0.3%
Nishat Power 0.0% 0.1%
Stock/Equities 6.5% 6.1%
Bank Balance 0.4% 0.8%
Term Deposit 85.3% 84.6%
Others 7.8% 8.5%
Leverage NIL NIL
Year to Date (YTD)*
Month to Date (MTD)*
11.8%
0.7%
7.7%
0.8%
PERFORMANCE ABL-CPF
Benchmark
MUFAP
Recommended
Format
ABL AMC CAPITAL PROTECTED FUND
ABL AMC Capital Protected Fund

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