1.   When the preference shares are redeemed, the amount payable on redemption, less any premium, will not amount to a distribution.

2.   Also, you actually own all the underlying stocks in the portfolio and can redeem HOLDRs shares for the underlying stocks.

3.   Annual expenses generally increase because fixed expenses are spread over a smaller pool of assets as shareholders redeem shares after the conversion.

4.   Any fractional shares will be redeemed for cash.

5.   At a time when investors are begging fund managers to redeem their shares, Tobey is telling his readers exactly the opposite -- to buy discounted funds.

6.   A smaller group redeemed shares and just as many bought shares via automatic investment programs, companies said.

7.   A spokesman said that it was unclear whether Waksal violated the rule because it is not legally certain whether redeeming his shares from the fund constituted buying them.

8.   But if enough fickle indexers begin redeeming their shares, the fund will have to sell.

9.   But they did not redeem the shares for cash in large numbers or for extended periods.

10.   By contrast, open-end funds continually issue and redeem shares, which always trade at net asset value.