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Subject:  What is a closed fund? Date:  6/14/1999  10:00 AM
Author:  czei Number:  201 of 2244


I was looking for a Nikkei index fund, and found the Merill Lynch Mitts 2002 fund. Their web site didn't list it, so I called up their local office for a prospectus, and the broker told me there wasn't one available because it had "already started" and they only gave out a prospectus for "new" funds. He said it was a "closed" fund, not a mutual fund, but I could buy shares. Apparently the 2002 in the name means the fund matures in 2002, which I take to mean they sell all of the assetts and give out cash to the share holders.

I looked all over the Fools book I have, plus the web site, and there's no mention of a "closed" fund. Any pointers? Also, can anyone recommend an index fund that tracks the Nikkei?


Michael Czeiszperger
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