STOCKCHASE

43.750

A core holding in the oil/gas sector.

2006-07-14

BUY

Connors Bros. Income Fund

34.200

35% in the Syncrude oil sands project. Yield is low as they have focused on paying down debt rather than increasing distributions. Acquiring Canada Southern Petroleum which has reserves in the high Arctic.

2006-07-14

SELL

Baytex Energy Trust

BTE.UN-T

24.630

A heavy oil trust. The spread between heavy oil and light oil has narrowed so the trust has done very well. This is a seasonal stock and demand is highest in the summer, so you might want to take profits now.

2006-07-14

DON'T BUY

CBF.UN-T

11.460

When they emerged in with Bumble Bee they strayed away from their core competencies. It has taken 1 or 2 years for the integrated company to put through all the cost savings. The cost savings may be starting to kick in. Very competitive business.

2006-07-14

DON'T BUY

Shiningbank Energy Income Fund

SHN.UN-T

21.160

Just made an acquisition. Made 2 distribution cuts this year. Payout ratio is too high.

2006-07-14

BUY

Newalta Income Fund

NAL.UN-T

32.750

Low yield of about 6.7%. This is a growth part of a portfolio. They clean up waste in the oil patch. Very high margins. Low payout ratio of about 67%.

2006-07-14

SELL

Cinram

CRW.UN-T

25.960

Excellent management and balance sheet. Didn't like the changes in technology were they were going from CDs and DVDs to a new format and the new format is unclear. Also not sure what the CapX requirements would be to move over.

2006-07-14

TOP PICK

First National Financial

FN.UN-T

11.500

Current yield of 8.5%. Mortgage broker, but also manages mortgages. Have software that allows mortgage brokers to get real-time information about mortgage applications. Gives them a very strong niche.

2006-07-14

TOP PICK

Crescent Point Energy Trust

CPG.UN-T

22.600

An excellent play on oil. They made some interesting acquisitions. Good management. Excellent technical expertise. 10.5% yield.

2006-07-14

PAST TOP PICK

Tree Island Wire Income Fund

16.860

(A Top Pick Apr 28/06. Down 7.4%.) Getting caught in the decline of need of drilling rigs. A very good trust.

2006-07-14

Comment

Trilogy Energy Trust

TET.UN-T

18.620

8% gas. 13% yield. All bets are off regarding distribution cuts. Doesn't think there is much risk to the underlying trust however. Good management.

2006-07-14

BUY

Bonavista Energy Trust

BNP.UN-T

35.600

58% gas weighted. Excellent management. Current yield of about 11% but has a very low payout ratio.

2006-07-14

DON'T BUY

Teranet Income Fund

TF.UN-T

10.040

Passed on the original IPO as the government would be selling their holdings in 6 months. Also was not convinced that management would stick around. Likes the model and the business.

2006-07-14

DON'T BUY

TIL.UN-T

9.090

16% yield in their market is expecting a decrease. Can have a lot of competition in nail production and weakening housing sales can be a problem.

2006-07-14

BUY

Chartwell Seniors housing

27.840

Equally weighted in oil/gas. Excellent management. Actively traded in the US.

2006-07-14

BUY

CSH.UN-T

14.130

This was an amalgamation of 3 large senior citizens residences and initially there was disappointment in the lack of synergies. Believes it is a good place to be in the long-term.

2006-07-14

DON'T BUY

Harvest Energy Trust

HTE.UN-T

34.330

Oil-based trust with a yield in the 14% range. Payout ratio is in the 70% range. The assets they took on from Viking are not the highest quality. Sold his holdings because of the integration risks.

2006-07-14

BUY

Provident Energy Trust

PVE.UN-T

14.020

67% oil. 10% yield with a 71% payout. A combination of oil production and gas refining.

2006-07-14

BUY

Crescent Point Energy Trust

CPG.UN-T

22.750

Reserve life is 7/8 years. Likes management which is a very conservative group. Have consolidated in a geographic area and have got to know the area very well. Made some smart acquisitions.

2006-04-28

BUY on WEAKNESS

BFI Canada Income Fund

BFC.UN-T

27.850

A waste management trust. Market is a little concerned about the rising costs they are facing. Long-term, have an excellent franchise. Sensitive to interest rates.

2006-04-28

BUY

Armtec Infrastructure Income Fund

ARF.UN-T

18.510

A thinly traded trust, so he can't hold it in his portfolio. Likes the business model. Public infrastructure spending continues to go up. They have a cost advantage in the products they use. 20% of their revenues are from the oil/gas business. Low debt. Very conservative management.

2006-04-28

BUY

175.000

A unique trust in that it is a mining oil/gas trust. Just increased their distributions from $1 to $1.50. Have announced a 5 for 1 split. Last quarter had high operating costs because of high gas prices. Gas prices have dropped some next quarter should be good.

2006-04-28

BUY

Fording Canadian Coal Trust (Inc Trust)

43.270

Since becoming a trust, they have made substantial improvement in their cost structure. Farming out a lot of their properties so they are moving towards being a landlord. A very solid trust. Just made a strategic acquisition.

2006-04-28

DON'T BUY

FDG.UN-T

41.000

Has been reducing his holdings in light of their rising costs. It looks like there is a surplus of coal right now. Their customers, especially the Chinese, are turning back orders.

2006-04-28

BUY

Progress Energy Trust

PGX.UN-T

17.400

Has a shorter reserve life and is a gas weighted trust. Yield is in the 10/11% range. Feels the management is doing a fine job in replacing their reserves. In time it will become a growth trust.

2006-04-28

PAST TOP PICK

Freehold Royalty Trust

FRU.UN-T

20.680

(A Top Pick Jan 20/06. Up 7.7%.) Still likes it. Currently yielding about 10%. Its unique in that it owns properties and farms out for other companies to drill on and then collect a royalty. Very conservative management.

2006-04-28

PAST TOP PICK

Calloway REIT

CWT.UN-T

24.900

(A Top Pick Jan 20/06. Down 6.3%.) Still likes it. Feels it's one of the highest quality REITs out there.

2006-04-28

HOLD

Jazz Air Income Fund

JAZ.UN-T

9.150

Not a growth play. Has a covenant from Air Canada to meet the revenues. You have to be comfortable with that covenant. Recent sell off has been a function of interest rates and the perception that oil prices are going to hurt them. Thinks management will turn this into a growth play, maybe next year.

2006-04-28

DON'T BUY

Connors Bros. Income Fund

CBF.UN-T

10.050

Sold his holdings when they acquired Bumblebee. Wasn't comfortable with the business on a going forward basis. Felt margins were too narrow on the business they were moving in to. Very competitive market.

2006-04-28

SELL

26.600

Management disappointed the market. They have a very solid business model, but the model is predicated on them aggressively finding and replacing their reserve.

2006-04-28

BUY

27.000

A premier income trust. Management continues to do a good job in replacing reserves and making small acquisitions.

2006-04-28

BUY

Daylight Energy Trust

DAY.UN-T

12.880

In the process of merging with Sequoia (SQE.UN-T) and will become a much bigger trust. Expects they will go for a US listing which probably would result in an uptick.

2006-04-28

TOP PICK

18.410

A drilling trust. Good management. Payout ratio of about 60%. Made 2 acquisitions, one in Canada and one in the US. This gives them a firm foothold in the US. Rigs are in very sharp demand. Looking for further distribution increases this year.

2006-04-28

WEAK BUY

Enbridge Income Fund

ENF.UN-T

14.160

A pipeline trust moving oil across western Canada. Very low growth rate but very stable distributions. A very good trust, but there are better trusts out there.

2006-01-20

DON'T BUY

Transalta Power Lp

TPW.UN-T

9.500

A co-generation power trust. His concern is that their long-term gas contracts are going to be coming to an end over the next couple of years. Will they be able to convert to a higher priced in gas and sell their electricity. Too risky.

2006-01-20

BUY

Hot House Growers Income Fund

18.510

Likes the sector they are in. Management owns a large stake in the trust. Increased distributions six times since becoming a trust. Made some exciting acquisitions. Transforming themselves into an international player.

2006-01-20

TOP PICK

Calloway REIT

CWT.UN-T

26.050

Sees the REIT sector as a good growth area. This is the one REIT that has double-digit growth. 30% of its revenues come from Wal-Mart with the rest coming from the top 10 retailers in Canada. One of the more solid REITs.

2006-01-20

DON'T BUY

VEG.UN-T

5.850

In 2004 and early 2005, they had a good hothouse crop, but unfortunately regular crops were exceptionally good. They were forced to reduce their distributions materially. Just recently they partially reinstated the distributions. A very seasonal business. Would avoid this one.

2006-01-20

SELL

Superior Plus Income Fund

SPF.UN-T

23.630

The acquisitions they were making bothered them. They were turning into a mini conglomerate. Prefers purer trusts. As much more commodity risks than other trusts.

2006-01-20

HOLD

Viking Energy Royalty Trust

VKR.UN-T

9.500

This one is merging with Harvest Energy (HTE.UN-T). The combined trust will be attractive to large institutional investors which will create an improved valuation. It is possible they could get a US listing that would improve the valuation. On Mergers, there is always integration risks but in 6/9 months, it will be a good trust.

2006-01-20

PAST TOP PICK

Morneau Sobeco Income Fund

MSI.UN-T

13.000

(A Top Pick Oct 21/05. Up 32%.) Still likes it. Still buying.

2006-01-20

PAST TOP PICK

Yellow Pages Income Fund

YLO.UN-T

16.850

(A Top Pick Oct 21/05. Up 29%.) It continues to do exactly what it was expected to do.

2006-01-20

PAST TOP PICK

Pollard Banknote Income Fund

PBL.UN-T

13.570

(A Top Pick Oct 21/05. Up 25%.) They are in an enviable position where they print material such as gambling chips, lotto tickets etc where others cannot get licensed.

2006-01-20

BUY

Canetic Resources Trust

CNE.UN-T

23.850

This was the result of a merger of two trusts. They owned both. Excellent management. Working towards a US listing in February which will give it a higher valuation. About 11% yield. Payout ratio will be about 65/70%.

2006-01-20

BUY

Chemtrade Logisitics Inc.

26.650

Just made an acquisition that the market felt was too high a price. They feel the acquisition, even though it is expensive, is an excellent one and they are continuing to buy. Expecting news on a secondary recovery scene that should increase the value.

2006-01-20

DON'T BUY

CHE.UN-T

12.000

Has a spectacular history. Raised its distributions several times. Recently went into some chemicals that are destined for the paper industry but hurricanes destroyed refineries which cut off some raw materials. Yield of 11% indicates some concerns. Distributions are expected to be cut.

2006-01-20

BUY

Aeroplan Income Fund

AER.UN-T

12.950

Likes its growth profile. Current yield are about 5.5/6%. Looking to increase retailers that will give out miles. A very good trust.

2006-01-20

BUY

Duke Energy Income Fund

DET.UN-T

11.690

This is a midstream gas producer. Has 6 plants between Calgary and Edmonton. A good solid trust.

2006-01-20

SELL

24.910

A low yielding growth trust. Believes the growth rate is slowing down and they sold their holdings.

2006-01-20

SELL

Alexis Nihon REIT

AN.UN-T

13.150

Montréal based. Has quite a mix of properties, commercial and office. They have had problems with occupancy as well as renovation expenses. More attractive trusts out there.

2006-01-20

BUY

Fort Chicago Energy Partners

42.230

Payout ratio is about 60%. A gas weighted trust. Excellent management. Likes the way it is progressing.

2006-01-20

Comment

FCE.UN-T

11.920

Just cut their distributions, largely because of a stronger Canadian$. Offsetting this is a new contract which should add stability which wasn't there before.

2006-01-20

TOP PICK

Freehold Royalty Trust

FRU.UN-T

19.200

This is the one trust that the bulk of their assets have a gross overriding royalty. Payout ratio is 78%, but because they don't have to do capital expenditures the higher payout ratio is okay. Yield of about 11%.

2006-01-20

TOP PICK

Mullen Group Income Fund

MTL.UN-T

31.250

A very old family owned company. Basically, anything in the oil patch that moves, they move it. Basically have a lock on this business in western Canada. Down the road, the development in northern Canada is going to be really critical to their continued growth.

2006-01-20

BUY

Enerplus Resources Fund

ERF.UN-T

48.890

A high quality trust. This and ARC Energy (AET.UN-T) are the blue chip trusts in the market place. Sensitive to the prices of oil and gas. If you feel that oil/gas prices are going to be stronger, than this is a core holding.

2005-10-21

BUY

Gateway Casinos Income Fund

21.260

A high quality trust. This and Enerplus Resources (ERF.UN-T) are the blue chip trusts in the market place. Sensitive to the prices of oil and gas.

2005-10-21

HOLD

GCI.UN-T

14.750

The market in this sector is becoming over crowded. Expects this stock will bounce back in the short term.

2005-10-21

WAIT

24.700

A quality growth trust. Ranks in the lower end of yields in oil/gas trusts at 6/7%. However, distribution increases are expected next year. You may want to wait before buying until the tax question is cleared up.

2005-10-21

BUY

StarPoint Energy Trust

SPN.UN-T

19.320

An oil based trust. Has been growing by acquisition. Recently made 3 acquisitions and is currently being merged with Acclaim (AE.UN-T). Likes the management. They have got a lot to prove in putting this together. There will be synergies that will be accretive to unit holders.

2005-10-21

BUY

105.500

A direct play on oil and as a result is probably the highest visibility trust in the market. Has 25/50 years of reserves. Has gone through a phase 3 expansion which has cost billions of dollars and they have loaded up the balance sheet. They are now taking advantage of these high prices and are paying down their debt.

2005-10-21

BUY

Fording Canadian Coal Trust (Inc Trust)

31.600

A gas prone trust. Has the largest land position in Canada.

2005-10-21

BUY

Paramount Energy Trust

PMT.UN-T

20.040

100% natural gas. Raised the distribution and with their hedging can continue the increase through to 2007. Management has a long history in oil/gas and he really likes them.

2005-10-21

BUY

FDG.UN-T

43.960

Coal price is fixed once a year in the spring. Price is now about $120 per ton which is up from $30. At this point you don't know what the price f coal will be. This will depend a lot on China and the economic activity going on there. Feels it is still going to be strong. Feels the yield will stay at 12%.

2005-10-21

PAST TOP PICK

Northland Power Income Fund

NPI.UN-T

11.950

(A Top Pick May 20/05. Down 18% not including distributions.) Has continued to increase its distributions. Expect their Quebec wind farm will be coming on stream next year and are looking for big things.

2005-10-21

PAST TOP PICK

Keyera Facilities Income Fund

KEY.UN-T

16.600

(A Top Pick May 20/05. Up 2% not including distributions.)

2005-10-21

PAST TOP PICK

IPC US Income Commercial REIT

IUR.UN-T

10.860

(A Top Pick May 20/05. Down 5.25% not including distributions.)

2005-10-21

DON'T BUY

KCP Income Fund

KCP.UN-T

9.390

In a very competitive industry. Very small margins. A tough business in which to make money.

2005-10-21

DON'T BUY

Connors Bros. Income Fund

CBF.UN-T

11.800

An industry that is too competitive for him. Margins are not stable enough.

2005-10-21

SELL

Superior Plus Income Fund

SPF.UN-T

23.750

Has moved from a very simple trust to a very complex one covering many industries. These industries are very cyclical. Too complex to follow.

2005-10-21

TOP PICK

Yellow Pages Income Fund

YLO.UN-T

12.980

With its decline to $13, it yields about 8%. On a going forward basis, he is seeing distribution increases between 4% and 6%. Feels the company is morphing and changing, almost into a tech company, because they've built a search engine into their yellow pages. This could be very powerful.

2005-10-21

TOP PICK

Pollard Banknote Income Fund

PBL.UN-T

10.590

A printer of tickets into the lotto industry. They're clients are governments and theyare #2 in North America. A utility type trust. Very conservative. Shows good growth profile.

2005-10-21

BUY

Newalta Income Fund

NAL.UN-T

24.050

In a very nice niche in oil, used oil and clean up oil in western Canada. The strong B.C. markets in forestry and oil/gas has been a great boon. May have gotten ahead of itself, but on a going forward basis it's a very good growth trust

2005-09-09

BUY

Pollard Banknote Income Fund

PBL.UN-T

12.060

Prints lottery tickets. One of three in North America. Government agencies are their major customers. Because of the security needs, there are real barriers to this industry. Not a cyclical business, so fits his criteria. Also recession proof. An excellent trust.

2005-09-09

TOP PICK

Fording Canadian Coal Trust (Inc Trust)

36.480

Have been buying this week. A very exciting trust. Have a very large land position and are in the process of reworking it. Have farmed out 25% of their land to other trusts and exploration companies. Very low debt level. 7/8% yield.

2005-09-09

WEAK BUY

FDG.UN-T

51.700

Payout ratio of about 85/90% after they've paid their CapX. Coal price is negotiated once a year and the risk is that you don't know what the price wil be next year. Have to watch what's happening in China. If their growth rate stays where it is, then prices should remain high.

2005-09-09

BUY

16.000

Really likes this company. Energy prices are going to stay very high for a very long time because of the basic supply/demand characteristics of the world.

2005-09-09

BUY

Stoneham Drilling Trust

SDG.UN-T

24.000

An excellent driller. Energy prices are going to stay very high for a very long time because of the basic supply/demand characteristics of the world.

2005-09-09

BUY

Savanna Energy Services

SVY-T

26.250

Energy prices are going to stay very high for a very long time because of the basic supply/demand characteristics of the world.

2005-09-09

BUY

Precision Drilling

PD-T

59.100

Have started purchasing on its announcement of converting to a trust. Expects that energy prices are going to stay very high for a very long time because of the basic supply/demand characteristics of the world.

2005-09-09

BUY

StarPoint Energy Trust

SPN.UN-T

22.230

A situation where some very far sighted managers have taken a trust and made 3 very interesting acquisitions and bringing them together in one geographic area in southwest Saskatchewan. Creating synergies.

2005-09-09

BUY

Northland Power Income Fund

128.020

This is a very important call on oil on this investment. Won't be any further distribution increases this year. Expects there will be a lot of pressure on them to increase next year. Their 1st objective is to pay down debt.

2005-09-09

PAST TOP PICK

NPI.UN-T

15.070

(A Top Pick May 20/05. Up 4.5%.) Moving into wind power and the economics on wind power is very attractive because of their contracts with the Quebec government. Can see distribution increases coming here.

2005-09-09

PAST TOP PICK

Keyera Facilities Income Fund

KEY.UN-T

20.510

(A Top Pick May 20/05. Up 23%.) Still likes.

2005-09-09

PAST TOP PICK

IPC US Income Commercial REIT

IUR.UN-T

11.820

(A Top Pick May 20/05. Up 7%.) Up until the Katrina hurricane, they were very high on this one. They have a property there so make take time to work through this.

2005-09-09

DON'T BUY

Associated Brands Income Fund

ABF.UN-T

5.000

This is a sector that they stay away from. The consumers product area is an extremely competitive market. Small guys can be squeezed by the big players.

2005-09-09

BUY

Noranda Income Fund

NIF.UN-T

12.110

Sold their position in this trust. Saw other trusts that had a better growth profile. This one has a very stable distributions.

2005-09-09

BUY

CCS Income Trust

CCR.UN-T

34.980

Have a very good growth profile and very little competition. Good management.

2005-09-09

DON'T BUY

Baytex Energy Trust

BTE.UN-T

16.850

A heavy oil producer, so are subject to heavy oil prices. A seasonal commodity. Right now they are having a phenominal quarter and expects the same with the 3rd quarter. He tends to stay away from the seasonal stocks.

2005-09-09

BUY

Gateway Casinos Income Fund

31.860

A very interesting trust model. Distribution from the beginning was going to be very low in order to have surplus for reinvestments. Last quarter they mis-stepped, but could be because of having a rainy quarter. Thinks it's OK now.

2005-09-09

TOP PICK

Yellow Pages Income Fund

YLO.UN-T

15.720

Management has done an excellent job of making themselves a monopoly in Canada.

2005-09-09

BUY

GCI.UN-T

19.450

A perfect model for a trust. Very low capital expenditures and very strong cash flow; therefor the ability to push off very high distributions. Last quarter's numbers were a little disappointing because of competition so the trust has pulled back. Should be able to wade through it with a little more marketing and aggression.

2005-05-20

BUY

Westshore Terminals Inc.

WTE.UN-T

11.250

Operates largest coal loading facility on the N.A. west coast. Last quarter took a currency hedge loss. Also, last year showed a large profit from their Fording Coal (FDG.UN-T) holdings, so the comparison was a problem. Actually, tonnage and profitability is increasing. Still likes it. Note: Management's percentage of ABITDA increases.

2005-05-20

BUY

PBB Global Logisitics

PBB.UN-T

13.000

Has been disappointing, but believes management is turning it around. Going through 3 mergers so this has created some problems. This should clear up.

2005-05-20

DON'T BUY

Rogers Sugar Income Fund

RSI.UN-T

4.330

The good news over the last couple of years is that the company has built themselves into a pretty good financial position and their balance sheet is in very good shape. The bad news is they still have a lot of competition. A big US producer pushes out a lot of subsidized sugar.

2005-05-20

BUY

Freehold Royalty Trust

FRU.UN-T

15.230

Unusual oil/gas trust. Other oil/gas trusts you participate after cash flow. This one you participate right at the top. Management is like a landlord, just collects rent and not involved in exploration/development of oil/gas. By its nature it has the potential to be one of the most sustainable of oil/gas trusts as they have no capital expenditure. Have large land postitions that others want to drill on. Pull back is due to financing of an acquisition during a soft market. Good time to Buy.

2005-05-20

VAGUE

52.450

An unusual trust. Low yield of about 4/4.5%. Recently increased its distribution. A growth trust. Redeploys 60% of its cash flow into capital expenditures. His concern is that it doesn't have a large land position.

2005-05-20

DON'T BUY