Buy Morgan Stanley growth fund. Yes the same close ended mutual fund that people choose to hate. Let us look at the logic. MSGF a fund by Morgan stanley fund house is a good well rounded large cap fund. Whenever a fund house launches itself it starts with a large cap fund. So this close ended fund will be made open ended soon. Also no fund house in its right senses will give up a 5k crore fund. Raising 5k crore will cost at least Rs. 500 crore + the uncertainty. If you have taken such high cost people, you will not return the money and then seek to raise it again. So surely it will become open ended. Now the question is when. In case they do not announce it BEFORE FEB 2008, HNI buying will stop – they will not be interested in short term capital gains. What is your gain in this? Simple you are getting the market at a 10% discount (in the already bleeding) market. Simple! Buy morgan stanley mutual fund and wait for it to become open ended!