Student Transport of America Ltd. (STB.TO)

(A Top Pick Apr 8/05. Up 10%.) Expects this company to consolidate a bit of the industry over the summer. Sees some upside.

5th biggest busing company in the US. Long term assets and recession proof. They are acquirers and expect they will make acquisitions this summer.

5th largest bus company, bussing students to schools in the US. Highly fragmented market. Good management. Stable. 20% margins.

Was a Top Pick. Hasn't done very much, but it's held its own during the selloff. Very stable. Long contracts that tend to stay around. Passing through about 40% of the energy costs. Energy costs would be the one negative on the whole story. Expects the management to double the company in the next 5 years.

A good little company. Focused on providing bus services for schools in the rural areas in the US. Has 100% payout ratio which she doesn't like. Has had a quite a run up.

A school bus company. Very stable cash generator. Recession proof. Very low payout ratio. Keeps making tuck-in aquisitions for growth. Long term contracts with the school boards.

Pays over 11.5% distribution. A good type of company for an income trust as it spins a lot of cash and is recession proof. Contracts with school boards are pretty long term. Good price.