KARACHI (PR) - Arif Habib Investments has declared dividend for two of its open-end fixed income funds for the month of February, 2009. Pakistan Income Enhancement Fund (PIEF) has declared a dividend of Rs 1.48 per unit to all unit-holders whose name appeared in the register of unit-holders on February 25, 2009. The current payout translates to a dividend distribution of 2.96 percent on face value. The PIEF is an open-end fund that primarily invests in debt and fixed income instruments. Despite the country's challenging economic conditions, the fund has managed to provide relatively stable returns and is now the best performing fund in the fixed income funds category. The year-to-date annualised return of PIEF is 17.63 percent as compared to the industry average of 2.93 percent. The fund is currently holding the portfolio of fixed income instruments with the weighted average credit quality of AA. The fund was launched on August 28, 2008 and has declared an annualised distribution of 16.40 percent of the par value since inception. Pakistan Cash Management Fund (PCF) has declared the dividend of Re 0.53 per unit to all its unit holders. PCF is a single asset class fund which invests in 3 months T-bills only with the residual cash placed with at least AA rated bank. It is a highly liquid fund with an effective maturity of one day. The year-to-date annualised return of PCF is 11.97% and is currently amongst the top five performing fund in the income/money market funds category. The annualised bonus distribution is 10.47 percent of the par value since inception.