Al Meezan announces interim dividends for fixed income funds

Al Meezan Investment Management Limited (Al Meezan) has announced the third interim dividends for its three fixed income funds: Meezan Sovereign Fund (MSF) - Rs 2.10 per unit, Meezan Islamic Income Fund (MIIF) - Rs 1.75 per unit and Meezan Cash Fund (MCF) - Rs 1.35 per unit. All the funds are Shariah compliant.
The payouts are in the form of Bonus Units to the Growth Unit holders and Cash Dividend to the Income Unit holders. A Growth Unit holder having 100 units of MSF as at March 28, 2011 will get 4.1992 additional units at the ex-div. NAV of Rs 50.01 while an Income Unit holder will get Cash Dividend of Rs 2.10 per unit.
A Growth Unit holder having 100 units of MIIF as at March 28, 2011 will get 3.486 additional units at the ex-div. NAV of Rs 50.20 while an Income Unit holder will get Cash Dividend of Rs 1.75 per unit. A Growth Unit holder having 100 units of MCF as at March 28, 2011 will get 2.699 additional units at the ex-div. NAV of Rs 50.02 while an Income Unit holder will get Cash Dividend of Rs 1.35 per unit.
Meezan Sovereign Fund (MSF) is the first Shariah compliant open end government securities fund in Pakistan. The annualised return for the period from January 01 to March 28, 2011 was 11.77%. The current net assets of MSF are Rs 10,159 million. Meezan Islamic Income Fund (MIIF) is the first and the largest Shariah compliant open end income fund in Pakistan. The annualised return for the period from January 1 to March 28, 2011 was 13.69%. The current net assets of MIIF are Rs 2,792 million. Meezan Cash Fund (MCF) is the first Shariah compliant open end money market fund in Pakistan. The annualised return for the period from January 1 to March 28, 2011 was 11.43%. The current net assets of MCF are Rs 6,357 million.

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Fund                       Dividend (Rs)        % of par value

                                 per unit           of Rs 50/-

Meezan Sovereign Fund (MSF)          2.10                4.20%

Meezan Islamic Income Fund (MIIF)    1.75                3.50%

Meezan Cash Fund (MCF)               1.35                2.70%

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