John Priestman

A terrific core holding. Has grown at 15%+ every year. Great management and make smart acquisitions.

Has had a great run and have been trimming back their positions. Good substitutions for a 2/3 year hold would be Arc Energy or Canadian Oil Sands.

Good holdings for 2/3 years would be Arc Energy or Canadian Oil Sands.

Good holdings for 2/3 years would be Arc Energy or Canadian Oil Sands.

A good trust, especially if you are looking for income. About 2/3 of its distribution is tax deferred income. Yield is about 12 1/2%. Good up front tax-effective income.

Has new management from top to bottom and a new game plan. Currently merging with Calpine which will make it into a much larger trust. Will be a big high quality name with an equal balanced production between natural gas and oil. High yield.

A reasonable distribution for next year would probably be around $1.20/1.25 which is a substantial increase from what they have been paying for the last 4/5 years. Volumes and coal prices will be going up.

The embarrassment of the year in income trusts. Standard Poor ranked it as a very stable trust. A lot of the acquisitions they have made have not produced cash flow.

Distributions have been high at 13% or so which was 138% of cash flow in the 3rd quarter. There will probably be a cut. A better trust in the seafood industry is Connor Bros. Low payout ratio at 70%. Better balance sheets.

A good trust in the seafood industry is Connor Bros. Low payout ratio at 70%. Good balance sheets.

Retirement home business is very fragmented so it's an area where there is the opportunity to make accretive acquisitions. Likes all 3 of the plays in this space including Retirement REIT and Chartwell. This one caters to high income earners. Will be a little slower growing.

Retirement home business is very fragmented so it's an area where there is the opportunity to make accretive acquisitions. Likes all 3 of the plays in this space including Retirement REIT and Sunrise Senior. This one will be the most aggresive. Have doubled their assets in less than 18 months.

Retirement home business is very fragmented so it's an area where there is the opportunity to make accretive acquisitions. Likes all 3 of the plays in this space including Chartwell and Sunrise Senior. Had surplus capacity and a high yield, so cut its distribution, so it's a good turnaround story.

Has increased distributions every year for 11 years. Low payout ratio. Great balance sheet and terrific management. Could be a core holding.

Very expensive. Has had a huge move. Trading at over 20% premium to its net asset value. 7% yield. Do some profit taking. Can repurchase at a cheaper price down the road.