The net assets of the APS Income Fund exceeded €20 million according to an announcement made during the Annual General Meeting of APS Funds Sicav plc, when the financial statements for the period between January and December 2010 were approved. The distributor shares received a dividend of €3.76 net of all taxes. Total return on the APS Income Fund amounted to 5.25% during 2010.

Dr Mario Felice, APS Funds Sicav plc Chairman, said he was pleased that in 2010, new fund subscriptions reached €6.5 million. “The objective of the APS Income Fund is to provide a sustainable dividend that is constantly above a fixed deposit rate, with a moderate potential for growth. It is a prescribed fund investing mainly in local bonds and equities and its prescribed status allows for a reduced rate of tax for dividends,” he said.

During the meeting, investors had an opportunity to examine the performance of the Fund. Mr Marvin Farrugia, the fund manager gave a brief overview of recent developments in the local and international markets and responded to a number of queries raised by the investors present.

APS Funds SICAV plc, was set up by APS Bank in January 2008. It launched its Income Fund in April 2008, to offer additional investment opportunities to members of the public.