European Stars And Stripes (Newspaper) - August 3, 1986, Darmstadt, Hesse                                Sunday Augusta 1986 the stars and stripes Page 19 investor s guide by Wiliam a. Doyle  Lowda Mutual funds establish the pries of Thor shares at the end of their fiscal years and How do inc calculate capital Rains i Fure. A. All Mutual funds Price their shares every business Day thai s done by adding up a fund s assets subtracting any liabilities and dividing by the number of fund shares of Island ing owned by investors. The resulting number is the fund s net asset value per share. The fund s assets arc the stocks Bonds and other securities it holds in its investment pro Folio. Capital gains  re sult from the net profit a Mutual fund realizes by Selling securities from its investment portfolio. Lei s say Xyz Mutual fund has exactly 10 million shares outstand ing and that Over a year s Lime it realized exactly 110 million in Capi Tal pains. Xyz fund will make a capital gains distribution of $1 per share. Now let s say Xyz fund had a net asset value per share of $10 on the Day before the capital gains distribution. As a result of the capital gains distribution the per share net asset value will go in distribution and the $1 distribution automatically will be deducted from the per snare net asset value the per share value will drop to exactly $9 Only if the Market value of the fund s investment portfolio remains absolutely unchanged. That Seldom happens. It s obvious that the value of the investment portfolio of your wife s fund fell a bit on the Day of the Capi Tal gains distribution. So the Day to Day drop in that fund s per share value was greater than the amount of the capital gains distribution. If that had t happened the total value of the larger number of shares she owns As a result of re investing her distribution would have equalled the value of the smaller number of shares she owned before the distribution. Q. Four and a half months ago i put $5,000 into a no Load Mutual fund that invests in Gintle Mae securities. I set it up to reinvest All dividends. 1 added another $1,000 to its fund investment about a month ago. My latest statement shows a gain of a Tittle More thin $10 in the flu of my investment. Had 1 taken the dividends by Check i would have received �175. Is reinvesting for the Birds or did i do something wrong with my arithmetic a. Assuming your latest statement lists the value of the total number of shares you own at $6,010, your arithmetic is pn5i on that Point. And if the statements show you have re invested $175 of dividends you re also right  you had taken your dividends by Check the total value of your in vestment would be about of ,835. Your reinvestment have Pur chased More shares. But the per share value no doubt has dropped. That s been the unhappy Story with Many Ginnie Mae Mutual funds in recent months.1c King future , to. Business Tiefs Market resumes decline Economy worries investors new York up the Slock mar Ket resumed its Sharp slide Las week More than erasing the Advance of the previous week As investors worried about the weak Economy. The Dow junes average fell 46.40 Points to 1763.64 after gaining 32.06 the week before. Since reaching its record Peak of 1909.03 july 2, the Dow has alien 14s.39 Points. Investors Are Antic Spalink the same sluggish Economy unrelieved by any new Federal Reserve Board efforts to stimulate it said Monte Gordon Tosca Rich director of Dreyfus corp. Although the inflation adjusted Gross National product grew by Only  per cent during the second Quarter Gordon said Many investors believe that the fed probably will not act to stimulate the Economy further until the end of the third Quarter analysts said the Slock Market could get a bit of a lift this week if the Treasury department s Sale of �28 billion in notes and Bonds goes Well. If the quarterly refunding goes Well. It might provide he Slock Market with a positive note said Gordon. Bui he cautioned that even a Good reception in the auctions probably would not propel equity prices much higher. Right now the Market is holding on Bui the 1720-1760 area is a fairly per Ilous technical area on the  Gor Don said. If in Breaks below 1720. A lot of people could turn Tail and  on the trading floor Safeway stores was the most Active nose listed Issue rising 3v to 65 a. The nation s biggest supermarket Chain agreed to a s69-a share takeover offer from the investment firm of Kohlberg Kravis Roberts. The Dart group said thursday that in had obtained Ai option to buy 20 per cent of ssi holdings the company formed by Kohlberg Kravis Roberts & co. To acquire Safeway. Dart said it had agreed to terminate ils earlier $64-a share bid for Safeway. Southern co. Followed dropping i it to 241/, and at to was third for the week losing a to 2j a. Us fell 1v. To 15%. 11 was struck by the United Ste workers after in rejected inc Union s offer to extend ill labor con tract pending Al Tern Pis to reach a new agreement. On tuesday. Us reported earnings of is i million for the it and Quarter a 91.2 percent drop from in year ago Quarter. Overall 1,416 issues pied kisses while 557 showed gains among a total of 2,165 issues traded. The Dow transportation Xvi Rnic full 7,50 to 713,00. The Utility a rage lust 4.17lo203.28. Standard a Eipur us up Lyllo of off Yuhal no Darior by untold Pumi Sikut Eugual 1.1mia Compola mom Rel Bertum. Vol Clow earn be via 3431.500 20v, t 2.43 120 7.7 1,740.800 15w 10b 140 7.7 1.818.200 17v. 1,576400 47v1 194 2so 1-s 1,438,100 3v, s9v1 3h 1,340.100 s9v 3-58 70 2.d 134.700 3k z40 10 s.9fi," i Siso is  i5s a Junco 112000 64v. 472 140 22 n�6ec i�luuiga.lnalch.9g.i c k a full Al Choa Elf Al be Yob dim a -12h 1 4,38 18 0 0.6 bust = go 01 Rhu 2km 4 11.53 16.0 2.3 307v 3 / 2736 11.016 3vt 1.77 100 1.2 64v.3v, 4-72 14.0 2.2 7i 3s 8.so 130 3,3 by 1 3 4,11 22.0 2,0 Soh 3 4.81 8.0 a air tsp own of Parvy in Maliu Matt Compo Illa mom tuna of Vatu Moslock Dava clo Beaini pc 1m Allan spell 1.31e 400 14 a Lokai Mifoo 5 i do 480  565.100 23, eco bin 488,100 17 07 Wanna a 41800 t3u 035 340 1,2 Homo Gap 351-400 22 007 3240 Clamp in 232.700 1% Boomga 236,600 7 aim a 207.700 18 o.j4 830 Wou Amoa 188.mo 12v, a Tiai Cem Loilta Lei Gate n1 in in Stock Clou Cha e4in� be Vul Libra cd 49v, 3 $ 3.22 Iso  Saab on 117 � 2 12-48110 04 Rotor Tlell a s1 a in Eldoph Jim 33. A atom shop 68vi n Bifora 54m 1bktfcnum i9w a i Ulli Malo 16v. 1 4  101 1u new lip 14v. Is 051 29.0 be or Luau taming ratio Ift Yew in �ti1 i atari 12 Mondia. Unwind fwd 1 98 17 0 4,02 14 0 s3 0.17 1150 1.70 10.0 1985. That Sale effectively moved the balance of Power from Gygox to Wil Liams and the court has reaffirmed her control. During the court fight compared by Gygax to a custody Battle Over a child an injunction put Williams in control of the company. Geygan had opposed Williams control of the company because of her announced plans to change the focus of the company away from the fantasy games. An attorney for the Blumes had said they had offered their Slock to Gygax on two separate occasions prior to Selling it to Williams and therefore they had Dis solved their obligation to give him notice of Sale. The five Day trial took on a fantasy appearance itself. Attorneys for the Blume Brothers and Williams claimed Gygax had brought the company to the Brink of bankruptcy put his Girlfriend on the company payroll and wasted More than $300,000 on an unsuccessful Busi Ness venture in California. Gygax s attorneys countered by saying the reputation of str and Gygax were so entertained they could not of Sepa rated and giving control of the company away would ruin in. Str skyrocketed 1o one of the Lap Ley company s in inc country in 1974 when College students snapped up dungeons & dragons games As last As Gygax and his family could assemble hem around the family s Kitchen table