Michael Simpson, CFA ACS Media Income Fund AYP.UN-T WEAK BUY Dec 30, 2005

Has a strangle hold on the yellow pages in Alaska. Their hedging program runs out in May or June requiring a decrease in distributions, but this has been priced into the market. A pretty attractive play and you're getting a significant premium in yield over Yellow Pages (YLO.UN-T). Likes it and will hold for the longer term.

The Alaskan yellow pages. Very stable, slow growth business. IPO came out when the Cdn$ was in the low $0.70's. Didn't have the growth to offset the currency premium. Just cut its distribution. Feels that the CDn$ will go lower and the margin squeeze over the last 2 years will go the other way.

(A Top Pick May 13/05. Up 6%.) The yellow pages business in Alaska. Trades at a 8.75/9% yield. Have stabilized their currency. Tight payout ratio. Could become a takeout target.

Form of Yellow Pages based in Alaska so there is a smaller market. The only risk is the foreign exchange risk. All of its cash flow is in US currency. He feels the Canadian dollar will continue to be strong.