Merrill Retires Tech Fund

May 4, 2001 ( - Merrill Lynch is closing its Internet Strategies Fund barely a year after launching it at NASDAQ's March 2000 peak.

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.