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DENVER-The Denver-based Real Estate Opportunity Fund by Invesco, which is loaded up with REITs, reports that it lost 1.12% for the year that ended on March 31. That trounces the 24.75% decline in the S&P 500.

Real estate investment trusts account for 86.86% of its holdings. Its next biggest holdings, accounting for 4.79% of its portfolio, is actually cash and cash equivalents.

Its 10 largest holdings, it reported last week, as of March 31, 2003, were: Boston Properties, General Growth Properties, Weingarten Realty Investors, ProLogis (which is locally based), Alexandria Real Estate Equities, Developers Diversified Realty, iStar Financial, Vornado Realty Trust, Equity Office Properties and CarrAmerica Realty.

Sean D. Katof, the fund’s manager, says he has reduced the fund’s exposure to the lodging industry, “believing that the group’s prospects remain murky in light of the war and resulting economic softness.”

However, he has increased the fund’s exposure to shopping centers. “Although this group is trading at a premium to other property types, we believe the sub-sector possesses visibility into its earning prospects that’s hard to find in other areas,” he says in his latest report.

Katof says he remains “cautiously optimistic” about REITs, because of their high dividend yields and their relative financial stability.

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