Stock Exchange (BSX). The open ended investment company will list up to 4,990,000 common shares on the BSX.

Firebird registered in the Cayman Islands in January, 1997 with the aim of investing in publicly traded securities of companies operating in the former Soviet republics and some Eastern European emerging markets.

Fund managers may also invest in debt securities, use derivatives or sell short. The investment advisor is New York limited liability company Firebird Management LLC. Firebird's principals have participated in the Russian market since 1994, managing an offshore fund, Firebird Fund, L.P.

"We believe there will be significant portfolio investment opportunities in the former Soviet Union, and that is why we created the first fund dedicated to seeking them out,'' Firebird Management principal Harvey Sawikin said. "So far the idea seems to be working, as Republics Fund has a 68 percent net gain since its inception in April 1997. Over the longer term we hope to replicate the success of our first vehicle, Firebird Fund, which was, according to Micropal, the best-performing emerging markets fund in teh world for the three-year period ended january 31, 1998.'' Harbour Financial Services Ltd., a wholly-owned subsidiary of M.L.H Quin and Co., sponsored the listing. The shares may only be distributed to qualified investors in minimum lots of $100,000.