The Class AI shares are institutional U.S. dollar denominated shares for the U.S. dollar money market class and represent the fourth class of shares of the LOM Money Market Fund to list on the BSX. The Class A (US Dollar), Class B (Canadian Dollar) and Class C (Euro) were listed on the BSX on 14 August, 2000.
The Fund was incorporated as an exempted Company under the laws of the Cayman Islands on February 19, 1998.
The LOM Money Market Fund is a Fund designed to preserve investors' capital and liquidity while providing, though active management, a return in line with short -term money rates of the currency in which the class is denominated.
The assets of the Fund's U.S. Money Market Class AI may be invested in cash equivalents and various forms of short-term debt instruments which include government or agency paper, commercial paper and other short-term corporate obligations, certificates of deposit, guaranteed investment certificates, bankers acceptances, bank deposits and other financial institution obligations. These instruments may carry fixed or variable interest rates.
These instruments are short-term, high quality instruments that are believed by LOM Asset Management Limited (the Investment Manager) and confirmed by major world rating agencies to present minimal credit risk and a high degree of safety.
The listing of this additional class of the LOM Money Market Fund is sponsored by Lines Overseas Management Limited. The security is being listed under the BSX Listing Regulations for Collective Investment Schemes and the provisions for Publicly Traded Issues.
"The addition of Class AI will provide a strong alternative for institutions and high-net-worth individuals in Bermuda and around the world. The fund will provide safety of capital, daily liquidity and competitive income; in addition the manager's fee of 20 basis points is amongst the lowest in the industry", said Jonathan Heckscher, Fund Manager.
"The BSX welcomes listing of the Class AI shares of the LOM Money Market Fund", said Mr. James S. McKirdy, Listing & Compliance Manager of the BSX.