initial public offerings (IPOs) and secondary offerings.

President of Leviathan Fund Managers Ltd., Government Sen. Allan Marshall and vice president Paul E. Claude are behind Leviathan Public Offering Fund Ltd.

Other directors include chairman of J.B. Astwood & Sons Ltd., J. Christopher (Kit) Astwood and Conyers Dill & Pearman law partner, Anthony D. Whaley.

Sen. Marshall, who founded Pure Water (Bermuda) Ltd. with Mr. Claude, stated: "This new and highly specialised offshore fund allows investors to participate in the trading opportunities available from the usual first day increase in value of initial public offerings issued in major world markets, with a primary focus on the US markets.

"Additionally, in order to minimise the risk profile for this investment and maximise the potential rate of return, only offerings from the largest and most prestigious underwriters will be included in the portfolio.

"Statistically speaking, the average new offering over the last six years has appreciated over eight percent on the fist day of trading, about nine percent after one week, and about ten percent after the first month.

"We see little advantage in holding the shares for more than one day, so we expect that each night the fund will end the day the way it started...with 100 percent of its assets in cash.

"That style will certainly minimise `market risk' as well as allow us to participate in as many offerings as possible.'' The prospectus outlines the investment objective as primarily to provide investors with above average capital appreciation, with a diversification of risk, by investing in the equity securities of worldwide companies which offer their common stock in IPOs.

The fund will also invest in money market instruments and may occasionally purchase or sell securities offered in the open market or as part of a secondary offering.

The initial offering of shares at US$10 per share is expected to have an initial closing June 9, with a minimum investment subscription of $100,000. If subscriptions amounting to US$2.5 million are not raised by the initial closing, the fund will cease to have effect and subscription monies will be returned without interest.

The registered office of the fund is at Hemisphere Management Ltd., the fund's administrator, registrar and transfer agent. The investment manager is Leviathan Capital Management Ltd. in the British Virgin Islands.

Custodian and Bermuda banker is the Bank of Bermuda Ltd.

NEW FUND -- Sen. Allan Marshall Graphic file name: ALMAR