Charles DillinghamTGS North American Real Estate InvNAR.UN.TOBUYJul 18, 2003

Cut their distributions resulting in a drop of the share price. Has benefited from the government's turnaround on trusts. Company is focused on office retail/industrial, in Canada and the US and are now divesting their US assets.

No clear evaluations . Mostly Canadian assets, cleaned up the US situation. They have made it clear that they are looking for buyers. Very strong buying in it right now. Very good yield. If you hold it, this stock is close to the exit button.

(A Top Pick Mar 4/05. Down 22%.) Had put it in as a turn around situation, but it's taking longer than expected. Cut their distributions. Still a good turn around situation.

Has had its share of problems from turnover in management. Payout ratio is well north of 100% and as a result there has been cuts in distributions. Have a lot of work ahead of them. Expect they will be selling some of their Texas properties. Have had a lot of problems with their retail outlet malls.

Still trading at IPO price.

Have significantly decreased his position. Management is relatively new. High yield. Buyer beware.