aimed at attracting new investors.

Investors who subscribe in the mutual fund during October will not have to pay a placing fee, a minimum of $50 on a minimum initial investment of $500, if they present a flyer advertising the fund from Royal Gazette at the time of purchase.

"This is an extension of our advertising of the fund...this is a way to broaden our exposure,'' said Mr. Maxwell Roberts, president of fund managers FBS Asset Management Ltd.

The firm has run general advertisements for the fund before, but this is the first time it has offered to waive the front-end or placing fee, in place to cover application processing costs.

With the waiving of the fee, subscribers to the fund will save amounts varying between two and five percent of the investment.

"Up to five percent is standard for offshore investments,'' Mr. Roberts added.

Meanwhile, the mutual fund's Net Asset Value as of Monday was $10.56.

As of August 31, 1994, the Bermuda Rock Fund had net assets of $1.2 million.

Incorporated June 21, 1988, the mutual is listed on the Bermuda Stock Exchange Index. For investors designated non-resident for exchange control purposes, permission has been given for issue up to 400,000 shares of the company to such residents. The Rock Fund was relaunched by FBS on November 22, 1993.

For the 11 years ending December 31, 1993, the exchange has recorded an annualised total return of 11.6 percent while deposit accounts and savings accounts have returned 6.7 percent and 2.8 percent respectively. The fund has outperformed the exchange for the last 18 months, according to the Rock fund flyer, distributed by FBS in Tuesday's Royal Gazette .