The better strategy, they are told, is to buy fund shares and hold them long term.

As an alternative this year, why not give mutual fund shares?

Then in early 1987, when interest rates rose sharply, the value of fund shares dropped.

About 60 percent of new sales came in fund shares with the high annual fees.

The next day, he could buy back the fund shares at a lower price.

Given a choice of ways to pay for fund shares, which is best?

But shareholders will not have to buy or sell fund shares on line.

And how many fund shares were bought or sold on that day?

The value of a fund share ended the third quarter at $6.15, down about 40 percent in the fund's 15-month life.

But that's more than 5 percent of the $9,500 that will be invested in fund shares.