European Stars And Stripes (Newspaper) - May 29, 1988, Darmstadt, Hesse Page 20 the stars and stripes sunday May 29,1988 investor s guide by Bill Doyle q. The Bank that is trustee for the municipal Bond unit inv tamil Trust in which i have hunted sent letter n filled will Legal jargon it is incomprehensible. It says beginning on certain Dale unit offered and repurchased in he secon Dary Market will be priced hosed git the bid Side value of the under lying Securi ties. Previously unit prices fur offering Sand repurchases in the secondary Market were based on the offer Side value of the underlying can you Transl to that a. Let s Start by explaining to All readers that the investment Trust in which you own units holds a diversified list of municipal Bonds As its investment portfolio. Those Bonds Are the underly ing securities mentioned in the band s letter. Your units represent indirect ownership of those Securi ties. Ii simplifies things to think of units As a unit investment Trust is some what similar to a Mutual fund. But while most Mutual funds continuously offer new shares for Sale unit investment trusts do no Issue and sell additional units. After the initial Public offering of units by the Trust s sponsor a brokerage firm or group of brokerage firms no new units arc added. If you want Cash for your units. You have two choices. You can redeem them by turn ing them in to the trustee Bank. The Price you get will be deter mined by the Market values of the municipal Bonds the Trust holds. That calculation is done by adding up the total value of those Bonds and dividing by the number of units outstanding owned by investors. Or you can sell your unit in the marketplace known As the secon Dary Market because the initial of Fering is the primary Market. The brokerage firm sponsor maintains a Market by buying and Selling units. In the Over Llic count or mar Ket where municipal Bonds arc traded prices Are quoted As bid and asked the latter also called the bid is the Price a Market making dealer will pay for a Bond. The higher asked or offer is the Price at which the dealer will sell the Bond. The trustee Bank is telling you if you sell your unit on or Aller the Date in the notice tic Price you Jet will be based on the lower bid quotations for the Bonds the this holds. If you had sold previously you would i ave received a Price based on the higher asked quotation. Yes this is a far from simple thing. The Bank should have put some Lime and Effort into providing a detailed explanation. As trustee the Bank is supposed to act for the Benefit of you and other investors in the unit Trust. Ikra pm few. Cold Tami Dor w Uttira. You can or tit w w1 Mot this a slr.p.1. To will. U 3, f3 01 us to go 700 01 to sep 11.9? Hios ep1-.0 17.71 no it c4td 1910 1173 .03 co Citi 170 703 Mil ii3c. To a Toimi 1014 10w119 440 02 1717 17 Tel til741 fish. 747 in til 7s7771 109 .734 171 do 04 724732 16cis 1� .ij4 771in t94 by 957.13 749 Bill 140. Bis sm709 741 11771 157 01tn i. Comp it Chi ibis 0 36 1ik dl330 let. 912 1023 m 437 Iso .01 but Illel 19 3 he Al Gusc 1qd1 him 1196 no o1hnl 1 1111. 01 Ooper 1731 ii .10stb4 1017 i. Fth 22 my to Iii it51 19 a m Imrit in 975 1 Nilli no ice Nyutu ow.7. Clio cd Gimp Tobl Imd Brair squat i7.h 17.b b into 1049 1134 .07 head t 914 971 06 if Egil 11113 1211 .10 Ulm 11751224us his 1371so grip ii1sii9i-.i Ngugi 7.9 1e7 gris 417 401 01ni&h to to 190 01uah 4b 503n.ok 132 111 Flirta 571 563 sting 1h1113a a 111 pm 01 Mihn let c11 1s.79 i 03 917 i 01 s1ul pm cuu h in 140 Chw 7� Smil i&30 sigm ibis 107 1111 s3"&tits did m 0 my do my 01 Kun 01hihl is m.-.1i he. 177. My. 01 gwm bad us i germ Tut Dihua 10 55 w 793 i. 14 44 i. 13 h Tii 1271 ii 917. I 01 1231 he 1171 us 01 7.16 716 in 06jj 03 44 my 01 ii7s m. B41 he. I04h i 01ih u 91 bit spun. Want 1393 13 Jim s he 1sss Isu .11 Huttl 11iq its 0 i?4 i d311h i 07 such 1413 a 04 in Tell 7199 i 0? lt., 1 it he .01 tit tip hmm Cal st7 6ji 01t,j1 Job 471 is Ita 43 472 do Vii Vii 2454 my i 1140 no m 1426 no .04 002 he. 934 he 01999 my jul hit 3t 4 41 my jh169 ml-.01 f 7.00 703lira in. D7376 a do 9000 m Iii u i 11 0700 he 093m he 01 she 01 11 s i 0 191 let ill 1131 H 1093 a. P.e6 he 03 1644 he m i jul. Li.7 i 01 1039 m 01 it 34 i 1775 my. W7i u fll155 a. 1144 i4l1c u 75 0 6h7 163 01 11.10 lit-.1 .01 u 04my .01 940 no 01 151 no .03 1j5 m. 61 i 01 103 no 01 Iii hit 01 a i. 91 i. I Bill he. 1003 he. Uhi 0 5 m. 01 1410 1111 my 05 1119 my. So a is do 13041i7s-.1z a top 349 1qzb whip 9 11 14-. Ii gun Emu ipod l0cw not of Pitcl con Ira Inton it. Ii omd Vung aug is us 911 Nyia go pm bib shr ii Wasni Ion Smi 17.14vskl us Vyr. In Mai i ii n Wolm 1 is 74 Waku 1 11 Muhu do hmm 1101mius tse Nunu Ihnn Lar Ali mj1i 111mvn in Jubi a Ftp cd Jln 171 Otap 1471 iks 01 Cut 1141 Iii 07 St 17m-. Bijj smuk.14 n i 43 a i .11 m he ii t a 17544 i 02 Frei a a .03 71d9 my .13 to i 11ih i ii �30 i m 1979 i 01 1057 no 02 3451 m. .11 4393 u 04 11s4 u., 07 711 it to Iipp Iccy my. He. M 04 no my m u .01 hl-0 no Oil a h Himl 113 hot no 01 b97 07 Irett 04 he in h mpg i flt no 01 my nil.26 v4& 101 641 o3 but flu Ului 11.10 03 Cash 1711 in i .06 1336 13 s6 0? ii 54 1 us 1.101 him 1109 no do wifi ti7 t m to cum a at Dalri 1j m Guys vows v a j1m my 1-Fllxu 11yi Wou my to. Find thu n mud to put a p4u4m0i Laid Iray a Fth i
