relaunched by its manager, FBS Asset Management Ltd., a wholly-owned subsidiary of First Bermuda Securities.

The Rock Fund enables investors to put their money into three classes of funds -- bonds, money market and equity shares.

Only the equity shares are now available for subscription, although the money market class is expected to be available in the New Year.

No date has been fixed for the launch of the bond class.

The previous minimum initial investment of $5,000 has been reduced to $500 to enable more Bermudians to participate in the Fund.

The equity class of the Fund is weighted to approximately reflect the performance of the Bermuda Stock Exchange Index.

It is a way of allowing Bermudians, who have little else to invest their Bermuda Dollars in, to invest in a broad section of securities of publicly-quoted companies while keeping costs to a minimum.

Mr. Maxwell Roberts, president of FBS Asset Management, said it was significantly less expensive than investing in local stocks individually.

"The total expense ratio of of the Rock Fund will be capped at two percent,'' he said.

There is an initial front-end load of up to five percent, the exact percentage to be determined at the discretion of the investment advisor.

The Bermuda Rock Fund had net assets of $775,000 at November 30, 1993, compared with approximately $200,000 when First Bermuda Securities bought it on December 30, 1992.

Mr. Roberts said: "The main objective of the Fund is to achieve the maximum overall return. The Fund has recorded a year-to-date total return of 25.72 percent.

"For the nine months ended November 30, 1993, the equity shares have recorded a total return of 15.22 percent against a 13.27 percent gain recorded by the Bermuda Stock Exchange Index.''