VMS STRATEGIC LAND TRUST &lt;VLANS> SETS PAYOUT

  VMS Strategic Land Trust declared an
  initial dividend of 30 cts a share payable May 15 to
  shareholders of record April 20.
      The dividend represents a 12 pct annual return based on the
  company's original offering price in December of 10 dlrs a
  share. The return is guaranteed through December 31, 1988, the
  company said.
      The trust invests in short term junior preconstruction
  mortgage loans and has total principal amount of investments of
  approximately 105.7 mln dlrs.
  

