IYS

Just bought some shares of "Infrastructure Yield Securities" (IYS.AX). This is listed on the Australian Stock Exchange but is actually a complicated real estate investment. I originally bought some in the IPO in 2000 but had to sell in 2002. They have certain tax advantages. But what is interesting now is that there is an offer to roll up the fund with a final distribution greater than what I just paid. And there should be a scheduled distribution still for this month. Seems an interesting trade. There never was great interest in these securities. Deutsche Bank never managed to issue all of them despite the very high after tax yields they offered. This would qualify for my "core investments" I discussed recently if I didn't think the scheme was soon to be closed. So I am considering this a trade. For my NetWorthIQ pages I am listing this as a stock as that is how it is listed on the exchange.