Look at term trusts. These are closed end bond funds. There is a bunch of them listed in Barrons. There are several issuers including Hyperion and MS/Dean Witter and Blackrock. They hold bonds, mortgages or muni bonds, depending on which one. Their charter says they will return as much income as possible and on a certain date distribute their net asset value to stockholders and cease to exist. They currently sell at significant discounts to net asset value. As the time for the ultimate distribution nears, the discount narrows. There is a tendency for them to reduce their interest payments as the investments become shorter term. They have been horrible investments for people who bought the new issues, but for people who bought in the last few years they have done quite well. There are also some open-end bond funds which have a target maturity date. When that date arrives, they also will distribute their assets and cease to exist. Best wishes, Chris
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