Arriscraft International Income Fund (AIN.UN.TO)

Specialty stone, brick, limestone etc. Have restarted distributions and the yield is about 8.5%. Have a debt level that is not in the danger zone, but to high for him. They are also using a lot of money to update their Georgian plants. A void until the debt level is a bit better.

Manufactures stoned for residential/commercial building. Trading pretty close to private market value. Their Ontario market remains pretty good. A higher risk name.

(A Top Pick Dec 20/05. Down 21.5%.) Had sold this at about $7 for a profit.

Has been a disappointment. A classic example of a company that increased production, but not sales. They make a great product.

A lot of problems here. Really jammed up the revenues when they went public. Showed a lot of growth elements and got priced that way. Earnings went to zero and they had to cut their distributions.

Manufacturers of brick. The beauty of this is that they came out at $10, cut their distributions and the stock went to $3.50. They were in trouble and the banks pulled their lines. They were probably going to file for bankruptcy as they needed $16 million but then the family that sold the business to the trust, gives a subordinated debt to pay off the bank. Just replaced management. Dirt cheap.