KARACHI- Arif Habib Investments Limited (AHIL) has declared the monthly dividend for two of its open-end fixed income funds namely Pakistan Income Enhancement Fund (PIEF) and Pakistan Cash Management Fund (PCF) for April 2009. Interestingly these two are the only funds distributing monthly payouts in the industry. Pakistan Income Enhancement Fund has declared a dividend of Re.0.63 per unit to all unit-holders, whose name appeared in the register of unit holders on 25th April. An investor holding 100 units will get 1.25 bonus units on the basis of ex-dividend NAV of Rs.50.35 as of 25th April. The current payout translates to a dividend distribution of 1.26pc of the face value. Cumulative dividend payout of the fund is Rs.5.87, an annualised distribution of 17.56pc since inception date of 28th August, 2008. PIEF is an open-end fund which primarily invests in debt and fixed income instruments. Despite the countrys challenging economic conditions, the Fund has managed to provide relatively better returns than its peers. PIEF is now the best performing Fund in the fixed income funds category on the basis of year- to-date annualized return of 19.66pc (20.28pc Morningstar method) as compared to the industrys average annualized return of 6pc. The Fund held portfolio comprising of short-dated Treasury Bills (33pc of fund size), TDRs (15pc), bank deposits (12pc) and TFCs (37pc) and other assets (3pc). The TFC portfolio remained concentrated in Commercial Banking, Fertilizer and Telecom sectors. Pakistan Cash Management Fund (PCF) has declared dividend of Re. 0.43 (0.86pc of face value) for all its investors. Type 'A investors will get 0.86 bonus units for each 100 units on the basis of ex-NAV price of Re. 50.09, while Type 'B will get cash dividend. PCF is a single asset class money market fund which invests in 3-months Treasury Bills ('AAA+) only with the residual cash placed with at least 'AA rated banks. PCF is a highly liquid fund with an effective maturity of one day. The year-to-date annualized return of PCF is 11.76pc (11.88pc Morningstar method) and is currently placed amongst the top five performing money market and income funds. Cumulative dividend payout of the Fund is Rs.4.57, an annualized distribution of 11.05pc in current financial year. All the four Money Market & Income funds being managed by Arif Habib Investments Ltd (formerly: Arif Habib Investment Management Ltd) are amongst the top 8 funds in the same category, which is an achievement for AHI. In order to improve transparency and investors confidence, AHI has been posting daily fact sheets for three of its income funds (PIF, PIEF & PCF) on website for the last few months. Now investors can track the asset quality and allocation details of these funds on a daily basis rather than waiting for monthly Fund Managers Report. One of its kind MetroBank-Pakistan Sovereign fund (Government Bond fund) which invests only in Government securities has delivered annualized YTD return of 13.43pc and has been in recent limelight amid falling yields on Govt paper.