APS Funds SICAV plc held its first annual general meeting on 20 May at the Corinthia Palace Hotel in Attard.

The Net Assets of the APS Income Fund reached e10.879 million in less than a year. The announcement was made during the presentation of the financial statements.

The distributor shares received a dividend e2.8133 net of all taxes for the period between April and December 2008. The Chairman was pleased to comment that an annualised distribution of 4.07% net of taxes was very satisfactory.

During the meeting unit holders had an opportunity to analyse the performance of the Fund, with a particular focus on the challenging months since the second half of 2008. In particular it was observed that the Fund managed to maintain a reasonably stable price, even during the worst period in September – October 2008. This was a reflection of the Fund's moderate-to-cautious risk profile, in line with the Fund's target to keep the price of distributor shares relatively stable and to achieve a distribution which was higher than that obtained from one-year term bank deposits.