Positive year for funds

The annual report and audited financial statements of the HSBC No-Load Funds SICAV plc were approved by members present at the sixth annual general meeting.

The report, which covered the funds' financial statements for the year ended April 30, 2004, highlighted a positive year for both the Malta Government Bond Fund and the Maltese Assets Fund.

During the meeting, Peter Xuereb was re-appointed chairman while Joseph D. Camilleri and Robert Scott were re-appointed directors.

Mr Camilleri, managing director of HSBC Fund Management (Malta) Limited, gave a brief overview of recent developments in the local and international markets and responded to a number of questions raised by the investors present.

Over the period May 1, 2003 to April 30, 2004 the Malta Government Bond Fund generated a return of 4.6 per cent while the Maltese Assets Fund increased its unit price by 16.2 per cent. The annualised return of these funds since launch now stands at 5.4 per cent and 5.9 per cent respectively.

The meeting re-appointed KPMG as auditors.