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To: DanZ who wrote (16387)	9/18/1998 8:11:00 PM
From: Larry S.	Respond to of 53068

CLosed end funds and more on BTO: - Dan, some closed end funds tend to trade at a discount to NAV and some at a premium, similiar types of closed enders seem to be on the same side of premium/discount at a given time. Whether a fund trades at a premium or discount to NAV depends to a large extent on the outlook for that sector, the more positive the investor sentiment going forward, the more likely a premium: the more negative the sentiment the more likely a discount. banks certainly are in the negative sentiment camp now. There is a table every Sunday in Barrons that lists sector closed end funds and where they are trading relative to NAV. BTO announced stock buyback of up to 4 million shares starting 9/21/98 and going forward for one year. The company has 88.4 million shares outstanding, so we are looking at about a 5% re-purchase authorization. The 30-day average volume on BTO is 341,000. It is likely to assume that the fund will support the stock near its present price and buy more aggressively when the discount to NAV is greater. I will check barron's on Sunday to see what the discount is for BTO, or perhaps someone else has it more handy. larrry