KARACHI Al Meezan Mutual Fund (AMMF) the closed-end equity fund managed by Al Meezan Investment Management Ltd (Al Meezan) since 1995 has now been converted into an open-end equity fund with effect from August 5, 2011, says a press release. The fund has provided a cumulative return of 883pc since its inception till June 30, 2011 with return of 16.45pc on annualized basis. As an investor in AMMF your initial investment of Rs. 100,000 has increased to Rs 983,000 (on NAV basis) as at June 30, 2011. In this regard, Al Meezan has completed all regulatory and statutory formalities of the conversion process. On the basis of swap ratio of 1:1, the existing share holders of the closed-end fund would receive one unit of open-end fund in lieu of one share held of the closed-end entity.