Westcott Securities, a Houston-based broker/dealer, is launching the "Nothing But Net" Fund. The firm will stock the fund solely with Internet and Internet-related companies. It will try to strike a balance between lay-ups like Yahoo and Amazon and three-point shots consisting of smaller start-ups.

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Layng Guerriero, the portfolio manager, initially conceived of the fund as a complement to his more traditional investments which have typically invested in smokestack industries. The fund is designed to attract investors who have have been sitting on the bench while the run-and-gun Internet sector has been scoring big.

The fund launched on December 8 with $2 million under management. The managers are aiming for the $10 million mark. Three types of shares will be offered, A shares with a 5% front load and B shares with a %5 back-end load and Institutional shares. The expense ratio for A shares will be 1.97%.

Westcott is a regional firm whose holdings include Aegis Asset Management, the new fund's advisor, and Netbroker.com, an online brokerage.

The colorful name chosen by Aegis means that SEC will enforce the fund's commitment to the Internet sector. "They've got me backed into a corner," admits Guerriero.

Wescott will be following its new Internet fund with two more traditionally named and managed funds, the Wescott Large-Cap Fund and the Wescott Fixed Income Fund, to be launched early in 2000.

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