11.   But the fund has never taken such a teeth-shattering punch.

12.   Critics worry that certain funds have taken too large of a stake in computer-oriented companies.

13.   Gregory Simmons, a Merrill Lynch broker who sells Aurora, says he likes the fact that the fund takes investors into places they normally might not venture.

14.   He did not say when the fund would take a decision over its shares.

15.   He expects the large new fund to take four years to invest.

16.   If one fund takes on extra risk and wins, it will excel.

17.   If Merrill was aware of the risks the fund was taking, why did it agree to underwrite the notes?

18.   In all such ventures, he said, the fund would take a minority position and rely on its partner to manage the business.

19.   In fact, these funds generally take a mild-mannered, risk-conscious approach.

20.   In the insurance industry, the fund has taken advantage of better pricing in the property and casualty market.