| HOLD | | Calloway REIT | CWT.UN-T | 16.000 | This is a favorite. Think the distributions will be increased. The US REIT's were off last week which probably had some effect on the stock. Could have more weakness. | 2004-04-12 | |
| WAIT | | Canadian Oil Sands Trust | COS.UN-T | 44.500 | Likes their long life reserves. Not happy with the volatility of oil prices. Had some cost overruns. | 2004-04-12 | |
| BUY | | BCE Inc. | BCE-T | 27.930 | In a trading range. Buy below $28 and sell when it nears $31. 4% yield. Has concerns for the long term with the competition. | 2004-04-12 | |
| BUY | | Fording Canadian Coal Trust (Inc Trust) | FDG.UN-T | 57.900 | A long life asset with good-quality. Building synergies. Because of commodities, it should be good for this year and next. | 2004-04-12 | |
| BUY | | Superior Plus Income Fund | SPF.UN-T | 26.360 | Instead of paying a bonus payment this year, they decided to level their payments and this created a drop in the price. Disbursements have been increased. Great management. | 2004-04-12 | |
| BUY | | Yellow Pages Income Fund | YLO.UN-T | 11.760 | Very high quality. Very comfortable with the payments and that they will be maintained. Expects an increase. | 2004-04-12 | |
| BUY | | Bank of Nova Scotia | BNS-T | 37.150 | Likes the banks. Banks have had a big run. Keeping an eye out on the interest rates. | 2004-04-12 | |
| BUY | | Advantage Energy Income Fund | AVN.UN-T | 19.350 | Mainly gas weighted. Locked in gas prices so not affected by the vagaries of the commodities. Good management. 14% yield. | 2004-04-12 | |
| BUY | | Brascan Corporation | BAM.LV.A-T | 50.900 | Very financially focused. Low yield but they have a good business. | 2004-04-12 | |
| BUY | | Manulife Financial | MFC-T | 53.460 | Very well-managed. Likes their diversification. Yield is low, but stock could continue going up. | 2004-04-12 | |
| BUY | | Newalta Income Fund | NAL.UN-T | 19.100 | Great company. Distribution is about 50/60% allowing them to keep cash for expansion. Yield is about 8%. | 2004-04-12 | |
| DON'T BUY | | InnVest Reit | INN.UN-T | 10.700 | Have to be careful on real estate, because the yields have been bid down to a low level. Any interest rate increase could hurt. Expect volatility because of short leases. | 2004-04-12 | |
| BUY | | Acclaim Energy Trust | AE.UN-T | 12.590 | A high-quality company. Continuing to make accretive acquisitions. | 2004-04-12 | |
| TOP PICK | | Bonavista Energy Trust | BNP.UN-T | 22.130 | Yielding about 13 1/2%. Excellent management. One of the low-cost companies for adding reserves. Payout is only 60% with 40% available for growth. Have a huge land base. | 2004-04-12 | |
| TOP PICK | | Chemtrade Logisitics Inc. | CHE.UN-T | 18.690 | Could have further appreciation as it gets recognized. 9 1/2% yield. Had a difficult year but have been able to maintain their distributions. | 2004-04-12 | |
| TOP PICK | | Parkland Income Fund | PKI.UN-T | 20.250 | They don't have a lot of competition. Very disciplined. 8 1/2% yield. Good balance sheet. | 2004-04-12 | |
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