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Strategies & Market Trends : REITS - Buying 1 - 2 weeks before going ex-dividend -- Ignore unavailable to you. Want to Upgrade?

To: Paxb2u who wrote (2392)	2/28/2003 1:43:50 PM
From: bob wallace	Read Replies (1) \| Respond to of 2561

Peter know that you wrote James, but I am having good luck with the junk bond closed-end funds. eg DHF PHF CYE. Also have some foreign bond closed-end such as SGL (euro bonds) and EDF (Brady Bonds) - FAX (Asian and Australian bonds) is flat. the foreign bond funds are of course plays on the falling dollar. FAX is the low payer at 8%, the rest range from 10% to 16% I did buy some AXM because that particular mortgage REIT is already beaten down - however, NLY, ANH and others are not on my buy list until at least one of them reports earnings and dividend for 1st Qtr -my thought here is that the continued decline in mortgage rates will hurt the mortgage REITS through continuing refinancing. I do not buy property REITS or preferreds Bob

To: Paxb2u who wrote (2392)	3/1/2003 1:01:15 AM
From: James Kibler	Read Replies (1) \| Respond to of 2561

Peter.........currently own BDN,CPV,EOP,FR,PP,SFI common and GL-A, GLB-A, GRT-B,HCP-A/B, MAA-A recently added FCH-A. Most of the preferred I've held for years and I purchased at lower prices. Watching GL and NHP common as many believe a dividend cut to be likely as PPS and SMT have recently bit the bullet and lowered their payouts.As you know most preferred seem to trade by appointment and I rarely try to "trade" in and out as frequently as I might the common. Other "income" type holdings include MWJ WSF GEC which I view as relatively "safe" holdings but definitely interest rate sensitive. ............. Timing one's entry into any security is always subject to the whims of the market and I don't recommend anybody thinking I know any more than the next guy !!!! ......as I've been burned many times......JIM