Word: open-ended
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...Dwight P. Robinson Jr., 53, moved up to chairman of the board of trustees of Massachusetts Investors Trust, oldest and biggest open-end investment trust. Robinson set up the trust's research department, became a trustee in 1937, vice chairman of the board in 1950. He replaces Harvardman ('07) Merrill Griswold, who retired to the newly created part-time job of chairman of the advisory board. While Griswold was chairman, the investment trust idea grew so fast that M.I.T.'s assets swelled from $13.6 million to more than $500 million...
...Fund began as a "closed-end" trust (i.e., issuing a limited number of shares), but the demand for shares far exceeded the supply. Next week the Canadian Fund, Inc. will be transformed into an open-end fund, issue as many shares as it can sell...
...four (open-end): Massachusetts Investors Trust, $362 million; Investors Mutual $235 million; Keystone, $222 million; Wellington tuna, $154 million...
...Open-end investment trusts are the wonder children of the securities industry. In ten years, their assets have jumped from less than $500 million to almost $2 billion. But as the children grew, the Securities & Exchange Commission thought that some of them had picked up bad habits. Three months ago, SEC got together with leaders in the investment company field, for a heart-to-heart talk about the selling methods of some of the funds' underwriters and dealers. Some of them, complained SEC, were advertising their shares as "guaranteed by the Government," "like a bank deposit," or "better than...
...just what private U.S. citizens now spend on doctors, hospitals and drugs. But with the same amount of money, Ewing planned to give more of this kind of care to more people-85% of the nation.* Since the money could not possibly stretch so far, Ewing also wanted an open-end account to draw from general tax funds. He estimated that he might need, after the first year or so, an extra $2 billion a year...