Annual Reports Competition sponsored by the Bermuda branch of The Institute of Chartered Secretaries and Administrators in Canada (ICSA).

A panel of judges will examine submitted entries of the annual reports prepared by the companies for shareholders through focusing on comprehension, public relations/marketing, conformity and professionalism.

After 38 entries last year, The Bermuda Monetary Authority won the top prize for local companies, EXEL Ltd. won for international companies and The Bermuda Biological Station won for best non-profit/charitable organisation.

Winners receive inscribed trophies in the three categories.

Competitors submit five copies of their latest annual report, together with an entry form and $30 entry fee by September 18.

SS&C DIRECT ENTERS INTO AGREEMENT BUC SS&C Direct enters into agreement SS&C Direct, a unit of SS&C Technologies has entered into an agreement with PRP Performa AG (Performa), an institutional asset manager based in Bermuda, Liechtenstein and Zurich.

SS&C Direct will provide Performa with a comprehensive investment processing back-office solution.

SS&C Direct will use CAMRA 2000(tm) and SS&C GO Trading(tm), which will be integrated directly with Performa's Bloomberg Portfolio Trading System(tm).

Trades executed by Performa will flow electronically to SS&C Direct's back-office operation for processing, accounting, custodial settlement verification, and client reporting.

VALUATION OF FUNDS'S NET ASSETS SUSPENDED BUC Valuation of fund's net assets suspended SWGI Russia Growth Fund, which is listed on the Bermuda Stock Exchange, has temporarily suspended valuation of its net assets as of August 31.

BSX APPROVES LISTING OF NON-VOTING SHARES STK BSX approves listing of non-voting shares The Bermuda Stock Exchange has approved the listing of up to 10 million non-voting common shares of the Bermuda Insurance Index Fund Ltd.

The fund was incorported in June to provide investment results that, before expesnes, correspond to the return of the FTSE/BSX Bermuda Insurance Index.

The fund is co-managed by Kast Investment Management Ltd. and MRM Securities Ltd.

MICHELSEN TAKES UP POSITION AT ACT APP Michelsen takes up position at ACT Jim Michelsen has been appointed quality assurance officer at systems integrator and reseller, Applied Computer Technologies Ltd. (ACT).

Mr. Michelsen, who left a sales projects job at John Barritt & Son Ltd. for the new posting, is to promote quality and contiuous improvement programmes.

He has spent 27 years in sales, service and marketing at Holmes, Williams & Purvey Ltd., A.F. Smith, H. Davidson & Co. Ltd. and Piggly Wiggly Ltd.