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To: Ralph W. who wrote (75032)	3/3/2001 11:28:04 AM
From: Joan Osland Graffius	Read Replies (1) \| Respond to of 436258

Ralph, Yes, I own FAX. I had been accumulating it for 6 months. I bought batches at 12%, 13%, and 14% yields. I have not decided if I will buy more than what I have. I suspect if I see it trade with a 15% yield I would buy another batch unless the story changes. My email is available on my profile. I do have a PDF write up from Merrill Lynch from October, that I would send you if you want. Not that I think Merrill Lynch knows what they are doing, but the analysis is a good read. Merrill Lynch was projecting the Aussy $ to be .59 relative to the $ today and you can see they do not have it figured out. <ggg> There is a risk that the dividend will be cut. During that last 3 months a lot of bond funds have lowered their dividends so it would not surprise me if these guys do. It could be if they lowered the dividend the fund would take a hit and it would be a good time to buy, I am just thinking here. But with treasury bills at 4.7%, some of these funds are producing good relative income, especially if you can put them in a tax deferred account. I am using FAX as part of my strategy that the US$ is just plain over priced, but we will see. Have you found any high quality CEF bond funds that are country or region specific? I am hunting for places to park some capital in high quality foreign bonds without outright buying the bonds myself? Right now I am in TGG and FAX. I would like to diversify if I could find something that looks safe. Joan