SEC OKs Trade of County Fund
Newport Securities Corp. of Newport Beach said it has received approval from the Securities and Exchange Commission to begin trading its Orange County Growth Fund today.
The fund is an open-end mutual fund that will invest at least 65% of its assets in the securities of publicly traded companies with headquarters in the county. It will begin trading at $10 a share, with a minimum initial investment of $2,000, or $1,000 for an individual retirement account.
Although it is the only mutual fund concentrating on county companies and is one of a very few regional funds in the country, the Orange County Growth Fund will join a field of almost 2,150 mutual funds traded across the nation.
Newport Securities President Jeffrey Kilpatrick said he developed the fund because of his belief that the county has one of the nation’s premier business communities.
Kilpatrick said he expects to begin selecting stocks for the fund after it has accumulated about $1 million in initial investments.
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