VMS STRATEGIC LAND TRUST <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.