European Stars And Stripes (Newspaper) - December 21, 1986, Darmstadt, Hesse                                Paga 20 the stars and stripes sunday december 21,1986 investor s guide by William Doyle q. Three times Over the past be months my broker has called and tried to so a shares of new closed end funds 1 declined and trn lad Ihil i did because ill three Are now trading below their initial offering prices. However the main reason 1 did t Bay was that i did t understand closed end funds and still Don t. When i ask my broker for information he does t seem to know much about them either. Are they the same As Mutual funds a. N o i quite. They Are similar in that the people who run them use the Money raised through the Sale of shares to in Vest in Many differ ent securities and then Nia Nagi inc invest mum portfolios by Doyle Selling some of those securities and buying others on occasion. A closed end fund technically a closed end investment company has a fixed number of shares. Thill s How it differs from a Mutual fund which is an open end investment company. Every Mutual fund stands ready to redeem its shares on any bust Ness Day. The redemption feature makes Mutual funds open ended As defined by the investment company act of 1940. Most Mutual funds also continuously sell new shares o the Public though some Don t. When you redeem Mutual fund shares you get the redemption value. For inc vast majority of funds the redemption Price is the asset value per share the actual Dollar and cents value behind each share on the Day you redeem. The exceptions ate those Mutual funds which Levy redemption fees. You can t redeem shares of a closed end fund. When you want to unload a closed endur s shares you sell in the open Market just As you sell most stocks. Some Are listed on Stock exchanges. Others Are traded Over the counter. Because there is no redemption procedure the Market Price of closed end fund s shares might be equal to above or below asset value per share. A recent tabulation of closed Enders shows that 16 were trading at premiums above net asset value while 22 were trading at Dis counts below net asset value. Q. My financial planner says thai certain closed end funds Are the Only sensible Way la invest in foreign Stock markets. A you agree a. Some closed end funds invest in stocks around the world. Others concentrate on individual coun tries or regions such As Australia new zealand Germany Italy Japan Korea Mexico and scandi Navia. Many have done very Well in recent years. Buying shares of such funds is much easier and less complicated than buying individual foreign stocks and or american depository receipts for those stocks. Also you get diversification. However that s not the Only Way to go. A number of Mutual funds also invest primarily or entirely in foreign stocks and have Good invest ment performance records. Also some of those International or global Mutual funds Are no Load meaning you pay no commis Sion when you buy their shares. Financial news inflation rate for All of 1986 Likely to be lowest in 22 years by the associated press the labor department said Friday that prices in the United Stales were up 0.3 percent in november As higher food and automobile prices offset marginally lower Energy costs. With the year nearly Over inflation for All of 1986 will probably finish at or slightly under 1.3 percent which would be the lowest annual rate in 22 years the department said. The record Low. However is almost completely due to the precipitous drop in world Oil prices Early this year. Eco nomic analysts both inside and outside the government predict that inflation will Rise nest year to about 4 percent close to the level that prevailed before Oil prices plunged in Early 1986. One item reflecting the Low inflation level has been gasoline. During inc Christmas Holiday season for example motorists probably will find gasoline prices unchanged from thanksgiving and around 35 cents a gallon lower than prices a year ago the american Auto Mobile association said Friday. Gasoline prices at the pump average 90.4 cents a gallon compared with 11.256 during last Christmas according loan aaa Survey of 6,000 Gat stations. An open Accord reached saturday in Geneva Switzerland to reduce crude Oil output is expected to drive Energy prices higher in inc coming months. The Energy ministers of Mexico and Norway said they would cooperate with open producers to achieve world Oil Price stability once the Cartel s 13 Mem Bers agreed among themselves to reduce output. Oil prices Rose sharply thursday after saudi Arabia and Iran abandoned their ill i tin in to Force Iraq to participate in the reductions and the trend continued Fri Day. On inc new York mercantile Exchange contracts for january delivery of West Texas intermediate the Benchmark . Crude Oil closed at si6.21 a barrel up 15 cents from thursday s close. In other economic news Friday. The Treasury department said the Federal budget deficit last month was $27 billion a fall of 19.1 percent from its november 1985 level. The Reagan administration predicts that the 1986 Defi Cit will probably reach $163 billion Well Over the ceiling target set up in the Gramm Rudman deficit reduction Law but below the record $220.7 billion Defi Cit registered in the fiscal year ended sept. 30. The labor department reported that . Average weekly earnings in creased  percent last month after adjusting for inflation the Best performance in eight months. Market ends week with slight gain new York up the quarterly triple witching hour passed Friday with out a major move in prices but jumpy investors traded 85 million shares in the last two minutes of the session giving the Market a modest gain for the week. At the witching hour Stock Index futures contracts come due and options on those contracts and options on individual stocks simultaneously expire often causing eccentric swings in Stock prices. The Market advanced monday and Stock pulse by Urt Llad Praia int c19u Al Mai atm Mytr it. 1�m nt5e comp outa Molt acl Lill by Volinn tuesday fell wednesday and thursday and drifted for most of Friday in the last hour of trading Friday the Dow jumped 21 Points. Friday s Overall volume was a record 24s million shares. For the week the Dow Jones Industrial average advanced 16.59 Points to 1928.85. Analysts said that with the witching hour out of the Way and a Good portion of tax related Selling Complete the mar Ket May be ready to embark on a year Kant com Oihi Moil Acyl Iii of Volun Rornal Exxon in mire in Mold Dupell Caryl Qinmei so Csc Val ciq3d Edna be old 11.us.400 is /. S 1.sb 160 4,8 8.175.900 4k to 863.551.300 z.874.700 2.m3.700 72 4997,79 9.0 50 tit 110 3i4.5smo 1.9. 10.31 60a 53 13.0 3.0 Oki so is 531 170 2.9  Alturo llfith1/ Marcx Start co Elton Oil uhf Armada 2 384.hu 887, 2.214.000 Bah s 2,071.300 10 2.031.200 67% Mvusi Coupe Ilia Gargam   cnut Evnin Eta tin t i t ibb so 04 127 87 70 Mim Rita Ich pit 7s by Tirmiz Husk Iol to in and annul Obris he of Loyal vol Cloae earns be Yio 1.006,900 3f, s 071 08 961.600 12k 009139013 488.000 12 k 168.700 23 347.700 38k 1.59 24.0 09 293.300 8 2.5 38i 8 209.500 17 261.200 25 254.600 1% 243.200 5v. 0.44 s7.0 0.8 tie -. 31 14 0. 3 1015 130 2.3 602 140 0,7 3-77 190 4-7 1851 140 is 155 260 19 662 60 50 416 17.0 m 136 no 1.7 020 70.0 Slock Stan Ood Nutima Flam Hagan ii a Gnu drug. Anti com Poult Ling Tel kit Chigi Clou in in Beaini be a. Zyk i 0 is 300 z1/. A proc Prai pm slash pm Htit Rautan to Hanoi Elt Juki in mock air Nungi Cuil 11 month i unit Dinkl. 38y, leu a. _ _ 47 2 13k t 2 4ju t i Jaii t Iti 30v. T 1m 9s 1ft Aramid i 58 21 0 09 0 64 28,0 041 550 05 0,15 13800.1 045 290 1.5 is 170 i 1 09 150 1.7 2.4 130 23 7,10 13,0 17.9 end  the Dow goes through 2,000 before the end of the year or takes until sometime during the first Quarter of 1987 to do it really makes no differ ence said Harry Villec of Sutra is co. In san Francisco. Villec said investors should take advantage of Market declines to buy stocks. On he trading floor. At to was the most Active nose listed Issue falling i h to 25v,. Gainers outnumbered losers 1,030 949 among a total of 2,233 issues traded on inc new York Stock Exchange. The Dow Utility Index Rose 2.42 to 212.06. Standard & poor s 500-Slock Index Rose 2.38 to 249.73 the new York Stock Exchange composite Index added 1.12 to 142.65. Big Board volume totalled 853,819,002 shares compared with 639.970,876 a week earlier and 767,184,740 during the same week a year ago. Composite volume totalled 999,711,612 shares compared with 831,418,706 a week earlier. 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