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Products April 5, 2001
Merrill Retires Tech Fund
May 4, 2001 (PLANSPONSOR.com) - Merrill Lynch is
closing its Internet Strategies Fund barely a year after
launching it at NASDAQ's March 2000 peak.
Reported by Camilla Klein
The portfolio has shrunk by 71% since its inception, running up losses of more than $700 million in investor capital.
The fund’s managers plan to merge the fund into the investment bank’s Global Technology Funds by the fourth quarter, subject to shareholder approval. Merrill will seek that approval in August.