Registration for Mutual Fund Firm before Sec / Only One Based in State

Article excerpt

A registration for a new mutual fund firm, called Capital Trust Funds Inc., is pending before the Securities and Excha nge Commission, it was reported Thursday by Leslie L. Ming, president of Ming & Co. of Oklahoma City, the underwriter.

The mutual fund, which may be the only one based in Oklahoma if it is approved by the SEC, would include a public offering of two series, according to the registration statement filed last September.

"Each series in effect represents a separate fund," said the statement. The series would include:

- U.S. Government Securities Series registered for 1.2 million shares with a proposed offering price of $10 per unit and a registration fee of $2,400. The objective would be preservation of principal and maximum of available interest, the statement said.

- Growth Series registered for 300,000 shares, also at $10 per share, with a registration fee of $600. The objective would be capital appreciation, the statement said.

The minimum initial purchase during the initial and later continuous offerings would be $2,500, with a minimum subsequent purchase of $50, according to the statement.

Authorized capitalization would be 500 million shares of capital stock, including 400 million in the U.S. Government Securties Series and 100 million in the Growth Series, according to the statement.

The fund would be managed by Ming as president and director of Capital Trust Funds Inc.

Other directors would include Edwina H. Ming, secretary and director of Ming & Co.; Brian Upp, attorney with Warren, Ricks & Associates of Oklahoma City; Robert Sandmeyer, dean of the College of Business Administration at Oklahoma State University, and Fred Boston, president and director of First Boston Corp. and chairman of the Public Employees Relations Board of Oklahoma.

Investment advisor for Capital Trust Funds would be Ming & Associates, a wholly-owned subsidiary of Ming Investment Co., which is 100 percent owned by Leslie Ming.

Ming & Associates, headquartered in the Triad Building, was started in 1981 and manages fixed income investments in U.S. government issues and equities, said Ming.

The total return for a Ming & Associates $64.9 million fund from June 30, 1984, through June 30, 1985, was 25.6 percent.

This included 75 percent fixed income investments in U.S. Treasuries and goverment issues, plus 20 percent equity investment in B-plus or better issues and 5 percent cash equivalents invested in a government-backed money market account.

The investment record of Ming & Associates has included:

- Fixed income - A 23.34 percent return in U.S. Treasury issues for 1985; a total return of 225.50 percent from Oct. 1, 1981, through Dec. 31, 1985, or a 29.53 percent annual return.

- Equity - A 22.65 percent return for 1985. These include 67 percent stocks rated A-plus, A and A-minus by Standard & Poor's; and 30 percent B-plus (Standard & Poor's). …