Likes this trust. If you believe in the new format of retail shopping centres, this is really their bread and butter. A great way to play retail real estate.

A stalwart in the retail real estate industry. Quality track record. A history of increased distributions. Probably get a bit more growth in the near term out of Calloway (CWT.UN-T).

A turn around story. Previous management had made some acquisitions that were not too good. New management made 3 good acquistions in the last 1.5 years which significantly increased the size and reduced the payout ratio.

A core holding in his portfolios. A very large oil/gas trust at about 100,000 barrels a day. Underperformed in '03 and '04. Now at a point where existing management is comitted to the trust structure. Have about 5.5 million acres of undeveloped land. Expects some decent perfomance out of this company.

Their stage 3 upgrader has been much delayed and over budget over the last 2/3 years. It is now about 90% complete and will be completed this time next year. Expects Syncrude production (they own 37%) will ramp up to over 300,000 a day. $2 distribution will likely move to $5/6 in '06.

Good quality management teams. Has been the most acquisitive trust in the last 6 months. He has confidence in management, but would be concerned if they made any more acquisitions before they got the others integrated.

Good business that is well suited to the income trust model. Has been an enormous amount of expansion in British Columbia and they are an active participant. Could see some consolidation in this area and they are well positioned to take part.