Michael Simpson, CFAOsprey Media Income FundOSP.UNDON'T BUYMar 31, 2006

Doesn't really follow this one, but believes it's in the middle of a takeover. Not very heavily weighted on the trusts it in general.

A decent business, but it wasn't structured properly. At the time of its IPO, it had too much debt and the payout ratio was too high. You are in danger of getting a distribution cut. Once the cut is announced, probably in 2006, there will be a viscoral reaction by the market. They will look at the valuation at that time to see if it is worth while.

Torstar has been very competitive outside the Greater Toronto Area which puts some pressure on some of their holdings. Would consider at around $8.

Likes the newspaper business. Deadly dull, but predictabe stable income.

Became an IPO at the end of March and got hit with a very weak market in April. A reasonably decent outlook.