BTE_U.TO - Sell

Chart of BTE_U.TO as of Sept. 28, 2005

Sell Price
$17.60 Cdn

Company
BAYTEX ENERGY TRUST
Open-ended mutual fund trust which through its ownership of Baytex Resources Ltd. earns an income which is used to provide monthly distributions to Trust unitholders. (i.e. oil/gas).

Reason
In keeping w/ my income trust liquidation strategy, today I dumped the red hot Baytex. As soon as I sold it, it went up another 60 cents in the intraday, but fell back to $17.80 at the close. Obviously Baytex could go higher, but I'd rather plow it into a natural gas play or something like Precision Drilling as opposed to this one. Will wait for a correction.

NVG_UN.TO - Sell

Chart of NVG_UN.TO as of Sept. 23, 2005

Sell Price
$9.90 Cdn

Company
NAV ENERGY TRUST
Open-ended mutual fund trust which through its ownership of Navigo Energy Inc. earns an income used as the basis for monthly distributions to Trust unitholders. (i.e. oil/gas)

Reason
How can you lose money on an oil stock? Try buying this one! Anyway, after it's huge collapse a few months ago, it's made a nice comeback so I could pretty much call it even. I sold it because oil is showing signs of slowing down (finally), but more so because it's an income trust.

The gov't released news a couple days ago that they are going to crack down on income trusts. Too bad that news came out 3 days after I bought Gateway Casino.

I will be looking to sell all of my income trusts as soon as I can. If I really want to go back in oil, I will look for a pullback and perhaps try something like Canadian Oil Sands or Suncor.

GCI-UN.TO - Buy

Chart of GCI-UN.TO as of Sept. 18, 2005

Purchase Price
$17.65 Cdn

Company
GATEWAY CASINOS INC FUND
GATEWAY CASINOS INCOME FUND is an unincorporated open-ended limited purpose trust which indirectly operates the Burnaby Casino, the Palace Casino and the Lake City Casinos. (i.e. Alberta and British Columbia)

Reason
The distribution is reasonable at $1.34/annually (or 7.6% at the price I bought at). I assume they don't carry a ton of debt, even though they do need to build lavish facilities to attract the gamblers. I like the market they are in...British Columbia w/ the asian market, and Alberta, with the booming economy. They almost have a 2-yr. track record which actually featured a dividend boost already.

Risk?
Risk is medium. The most obvious threat to me would be competition from other operators, and of course, rising interest rates.

TWX - Sell

Chart of TWX as of Sept. 9, 2005

Sell Price
$18.45 US

Company
Time Warner
Time Warner, Inc. operates as a media and entertainment company. It operates in five segments: America Online, Inc. (AOL), Cable, Filmed Entertainment, Network, and Publishing. AOL segment provides interactive services, Web brands, Internet technologies, and e-commerce services in the United States and Europe.

Reason
One of the few times I sold a stock even though I think it will go higher. The problem is, I was losing more on the weakness of US currency than I was in the appreciation of the stock. (hurricane Katrina doesn't help the US dollar much) As I also have Brystol-Myers, I decided to play it safe and unload some of my US holdings in case the Cdn dollar does go to par of the US dollar, as some are predicting.