Reserve Fund Limited, it was revealed yesterday.

The BSX announced the approval of the listing of up to 100,000,000 voting, redeemable shares of the company which was incorporated and registered in Bermuda as an exempted company on April 19, 1995.

The fund's investment objective is to seek as high an overall rate of return as possible while endeavouring to maintain liquidity and limited price volatility.

According to the company, in order to achieve this the Fund will invest in US dollar denominated short-dated fixed and floating rate debt securities.

The company said the expected maturities will be limited, respectively, to three and five years and the fund will be managed so that the weighted average duration of such instruments does not exceed one year.

The listing of the Butterfield Liquid Reserve Fund Limited is sponsored by Butterfield Securities Limited (Bermuda).

The security is being listed under the BSX listing regulations for collective investment schemes and the provisions for publicly traded issues.

"We are very pleased to add our Butterfield Liquid Reserve Fund to the range of Butterfield Funds listed on the BSX'', said Dianne Brewer, Vice President of Butterfield Asset Management.

"The liquid reserve fund, incorporated in April 1995, has been assigned an S1 bond fund volatility rating which indicates its low level of risk and reflects the Fund's conservative holdings of short-term securities.

"It was also rated AAf by S&P for credit quality indicating the fund's strong protection against losses from credit defaults.'' "The BSX is pleased to welcome Butterfield Liquid Reserve Fund to its listing'', said Mr. James S. McKirdy, listing manager of the BSX.

"This adds further to the number of Butterfield Funds already listed on the Exchange.'' --Mairi Mallon