US Treasury bonds in one corner, everything else paying a high yield in the other: That’s the market income investors have faced since mid-2008, when the US financial meltdown triggered an historic credit crunch and recession.

On days when the news seems to indicate a recovering economy, it’s the “everything else” that shines. Increasingly in recent months, however, fears have grown of a double-dip recession and a second down-leg in a “Big W” for the stock market.

As a result, the “everything else”–including the majority of our Canadian Edge Portfolio Holdings–has been increasingly wobbly and volatile. Meanwhile, the yield on the benchmark 10-year Treasury note has slipped again toward 3 percent.

High-yielding investments have traditionally rallied when interest rates drop. The bust-up of this relationship is very positive in one respect. That is, income investors have little to fear from a global recovery, even if it does stir inflation pressures. Rather, a building recovery promises to add to the gains we’ve seen since the March 2009 bottom.

The biggest negative here in summer 2010 is that every nuance that seems to indicate a less than robust economy has the power to knock stock prices lower across the board, even very conservative high-yielding ones. And volatility is compounded by the misuse of stop-losses, usually by cautious investors anxious to minimize potential downside.

Thankfully, so far this summer we’ve yet to see a repeat of the violence of the May “Flash Crash,” when prices in many blue-chip stocks suddenly and mysteriously plunged sharply, only to cover their losses within days, even minutes in some cases.

But all too many investors are still being churned out of positions in strong companies at extremely bad prices, as their executed stops create temporary but massive selling waves, enriching short sellers and leaving them whipsawed out.

Unhappily, I don’t see any immediate end to this kind of action, at least until the economy improves enough to change market attitudes. And given the gloom I’m seeing among many investors, we may have to wait a while for that.

Until then, we’re going to see more violent selloffs in individual companies for reasons that have nothing to do with the health of the underlying business, hence dividend safety. The good news is this kind of selling almost always gets reversed in short order. In fact, hits like the one taken by Yellow Pages Income Fund (TSX: YLO-U, OTC: YLWPF) in early July are generally solid buying opportunities for those looking to establish or add to positions.

This summer has already presented numerous opportunities for investors to buy into my favorites at prices sometimes well below my value-based buy targets. And I definitely think we’ll see more, particularly if the US S&P 500 swoons again toward support levels, as so many seem to expect.

My advice for new investors is to take positions every month in the two companies featured in the High Yield of the Month section. From the Conservative Holdings, July’s entry is Artis REIT (TSX: AX-U, OTC: ARESF), a REIT based in western Canada with a safe yield near 10 percent. From the Aggressive Holdings, it’s Provident Energy Trust (TSX: PVE-U, NYSE: PVX), a pure play on midstream natural gas liquids assets that yields around 11 percent after the spinoff of its oil and gas production operations. Both trade below my buy prices already but would be even better buys on a dip.

As an alternative, pick out eight to 10 Portfolio Holdings depending on your risk tolerance. If you’re aggressive and want to bet on energy, draw more from the commodity price-sensitive Aggressive Holdings. If all you want is recession-proof income, buy from the Conservative Holdings. Make a third of your investment in each company now, a third in four to six weeks and the final third four to six weeks after that. That way, you’ll maximize your chances of buying more at the lowest price in the coming months.

Unfortunately, many investors are going to assume something is really wrong every time a stock loses ground. As a result, they’ll be perpetually vulnerable to unloading at bad prices, only to see the stocks rebound. Particularly endangered are investors who utilize trailing stop-losses in stocks that are heavily owned by other conservative investors. Once that price all of them have picked is hit, all of their sell orders will be executed at the same time, and the stocks will plunge. The stocks will rebound, but the stopped-out won’t participate.

Canadian Edge recommendations have an added element of volatility that makes trailing stop-losses particularly dangerous. Mainly, all are priced in and pay dividends in Canadian dollars. As a result, changes in the loonie’s value versus the US dollar have a significant impact on returns.

That’s generally a very good thing. In fact, I expect the loonie to eventually move well past parity with the US dollar, thanks to Canada’s better trade position, lower deficits, stronger financial system and more progressive regulation.

In the near term, however, the loonie moves with oil prices, and that means volatility. In the past month, for example, the currency has traded as low as USD0.94 and as high as USD0.99. And every move has had an equal impact on the value of Canadian stock prices and dividends.

I can’t advise you on your comfort level. But anyone who’s relying on their investments–either to live off of or to build wealth–is going to have to own equities. And that means living with volatility. If you want income from your investments, you’ve got to stick around long enough to collect the cash. And that also means living with ups and downs in principal.

The good news is, as long as the underlying businesses of your companies are healthy, the dividends will be secure. That means any near-term losses taken in this market environment will prove fleeting, even if selling worsens, just as the massive hits of late 2008 proved to be. All you really have to do is be sure your companies’ businesses are holding up.

That’s the approach I’ve advocated since the inception of Canadian Edge back in mid-2004.  It’s enabled us to continue building wealth through some pretty major storms, including the natural gas price crash of 2006, the credit freeze and market meltdown of 2008, even the trust tax announcement of Halloween 2006. And it’s set to do so again in the rest of 2010 and beyond, no matter what the market throws at us.

The key is the health of our companies’ underlying businesses. Assessing that– rather than trying to guess the near-term bottom on the S&P 500–is the best use of our time.

Building Growth

How healthy are the underlying businesses of our recommended companies? The welcome answer is strong and getting stronger. The best clues are always found in earnings numbers, which we’ll start to see in quantity for the second quarter later this month.

Already in are results from Colabor Group (TSX: GCL, OTC: COLFF), which reported a 66.7 percent jump in its earnings per share. The eastern Canada-based distributor of food and other items operates a largely recession-proof business that’s stood up well to continued economic pressures, even as the company has continued to expand its market reach.

Earlier this year Colabor announced the loss of a major customer, which hit sales 13.6 percent from year-ago levels. Sales also fell 2.6 percent excluding this contract, which management attributed to “typical post-recession lag in the recovery of distribution-segment sales related to the food service industry.” Cash flow margin, however, rose to 3.66 percent from 3.52 percent the year before, reflecting tight control of operating expenses.

That was a major factor pushing up profits and enabled the company to cover its quarterly distribution with a low payout ratio of 79 percent of cash flow.

It also helped Colabor reduce the amount of its CAD100 million credit line outstanding from CAD62.1 million at the end of the first quarter to just CAD20.5 million now.

The balance sheet was further strengthened by the issue of CAD50 million in convertible bonds, pushing the total debt-to-cash flow ratio down to just 0.66, versus a maximum allowed of 3-to-1.

That adds up to considerable funds available to resume the company’s pace of acquisitions. Management views the second half of 2010 as “encouraging due to the gradual improvement of economic conditions and the resulting effect on discretionary spending, including spending on meals taken away from home.”

Looking ahead, the company’s biggest challenge will be replacing the volume lost to the recession, which its strong financial position gives it the wherewithal to do. There’s no 2011 risk, as it has long since converted to a corporation. And coverage of the 9 percent-plus dividend should continue to improve.

Very much on track for building investor wealth for years to come, Colabor Group remains a buy up to USD12 for those who don’t already own it.

As for the rest of the Canadian Edge Portfolio, indications are second-quarter results will be equally solid. One reason is the continued unwinding of debt leverage. The other is continued expansion by utilizing low-cost capital to add cash generating assets.

Last month I presented a table of Portfolio companies showing debt maturities and expiring credit agreements in 2011 and 2011. Below, I show a slight variant of that metric: debt due before the end of 2011 as a percentage of market capitalization, along with the percentage that has fallen or risen over the past month.

Conservative Holdings

• AltaGas Ltd–6.3%, -86.7% (debt due, change)
• Artis REIT–0.5%, 0%
• Atlantic Power Corp–0%, 0%
• Bell Aliant Regional Communications–0%, 0%
• Bird Construction Income Fund–0%, 0%
• Brookfield Renewable Power–0%, 0%
• Canadian Apartment Properties REIT–0%, 0%
• Cineplex Galaxy Income Fund–0%, 0%
• CML Healthcare Income Fund–0%, 0%
• Colabor Group–12.3%, 0%
• Davis + Henderson Income Fund–0%, -100%
• IBI Income Fund–0%, 0%
• Innergex Renewable Energy–0%, 0%
• Just Energy Income Fund–2.1%, -87.1%
• Keyera Facilities Income Fund–2.9%, -84.9%
• Macquarie Power & Infrastructure–11.5%, -4.6%
• Northern Property REIT–0%, 0%
• Pembina Pipeline Income Fund–1.1%, -84.2%
• RioCan REIT–4.2%, -14.1%
• TransForce–1.4%, 0%
• Yellow Pages Income Fund–2.8%, 0%

Aggressive Holdings

• Ag Growth International–0%, 0%
• ARC Energy Trust–1.8%, 0%
• Chemtrade Logistics Income Fund–13.1%, 0%
• Daylight Energy–6.7%, 0%
• Enerplus Resources Fund–0%, -100%
• Newalta Corp–47.5%, 0%
• Paramount Energy Trust–0.9%, 0%
• Penn West Energy Trust–2.9%, 0%
• Peyto Energy Trust–24.7%, 0%
• Provident Energy Trust–8.7, -84.8%
• Trinidad Drilling–0%, 0%
• Vermilion Energy Trust–7.4%, 0%

Takeaway No. 1 is that none of these companies have significant refinancing risk over the next couple years. Only Newalta Corp (TSX: NAL, OTC: NALUF) and Peyto Energy Trust (TSX: PEY-U, OTC: PEYUF) have anything approaching a significant amount of debt to refinance through the end of 2011, which certainly takes things out far enough to eliminate any risk from an event resulting from, for example, European sovereign debt concerns.

Both companies’ debt is essentially bank credit lines that have been drawn. Both are well in compliance with any conditions on these lines–Peyto’s isn’t subject to any so-called covenants. Both have strong relations with the banks that loan them money, which they demonstrated by weathering the 2008 credit crunch and 2009 recession. In sum, their refinancing risk is minimal–and that goes double for the other Portfolio holdings, a fair number of which have no debt or credit to be refinanced before the end of 2011.

Takeaway No. 2 is that a number of companies have markedly reduced their near-term refinancing needs over the past month. That includes Provident Energy Trust, featured in High Yield of the Month.

That also includes AltaGas Ltd (TSX: ALA), which completed its conversion to a corporation on July 2. I expect to see a solid combination of profit and dividend growth in coming years from this very solid power and gas asset play, which was confirmed by DBRS this week with a rating of BBB (stable).

AltaGas, which remains a buy up to USD20, now pays a monthly distribution of CAD0.11 per share.

In other words, not only is refinancing risk very low to nonexistent for Canadian Edge picks, but it continues to decline as companies take advantage of what are still near record low interest rates to strengthen their balance sheets.

That means they’re even better equipped to handle another 2008 meltdown than they were two years ago, when they still managed to weather the worst conditions in 80 years.

The second reason for my optimism is our picks’ continued expansion, adding cash-generating projects. Atlantic Power Corp (TSX: ATP, OTC: ATLIF) announced its first major wind power acquisition in early July, a CAD40 million purchase of 27 percent of Idaho Wind Partners. The deal will temporarily boost near-term debt by CAD20 million by drawing on a credit facility. But it’s set to begin adding to cash flow immediately after startup, which is slated for in December 2010.

The 183 megawatt project consists of 11 wind farms currently in the latter stages of construction and utilizes equipment guaranteed by General Electric (NYSE: GE), which will also provide for all maintenance needs and operational services for seven years. Output is fully contracted for sale to regulated utility Idaho Power, a wholly owned subsidiary of Idacorp (NYSE: IDA), under a 20-year contract.

The purchase is Atlantic’s first foray into wind power. But this is precisely the kind of deal management has always sought out: long-term niche opportunities with extremely reliable and accretive cash flows in the power sector where it can factor out its various risks. Management is slated to release more details on the deal in coming weeks, as well as a progress report on its New York Stock Exchange listing, which it says is now in the “final stages” of regulatory approval. The new symbol is expected to be AT.

Atlantic Power Corp shares have been up and down lately, along with everything else, but are still below my buy target of USD12. I may consider raising that target once more details of the wind power deal are known.

Keyera Facilities Income Fund (TSX: KEY-U, OTC: KEYUF) won’t complete its cut-less conversion to a corporation until the end of 2010 in order to maximize tax advantages. But management is hardly standing still, inking a CAD65 million investment to acquire ownership interests in two additional gas plants and increase ownership interests in four others it already has stakes in.

That will boost its processing ability by 9 percent in Canada’s most prolific producing regions for gas and natural gas liquids, in which the company is rapidly becoming a major player. The company also demonstrated its continuing ability to raise low-cost capital to fuel its growth. Buy Keyera Facilities Income Fund up to USD26 if you haven’t yet.

Macquarie Power & Infrastructure Income Fund’s (TSX: MPT-U, OTC: MCQPF) unit price had some ups and downs last month. The only significant development, however, was its successful purchase of a 20 megawatt solar power project set for startup in June 2011.

The project is being constructed by SunPower (NSDQ: SPWRA) and will sell its output at a guaranteed minimum price of CAD420 per megawatt hour to the Ontario Power Authority for the next 20 years. As part of the deal, SunPower will financially support the performance of the facility at expected production rates, minimizing Macquarie’s operating as well as financial risk.

Since this deal was announced, I’ve talked to a number of skeptical readers, several of whom have taken issue with a high government-mandated price for alternative energy. My answer is as investors our sole concern about any project is the cash flow it generates and whether it contributes to higher dividends. This deal definitely measures up on that score.

Second, this deal is small relative to the overall size of the company. Even if more problems appear–not likely considering SunPower’s experience developing utility-scale solar power, including several completed projects in operation–it won’t be a disaster to the balance sheet or the dividend, which is set at a conservative level that already reflects Macquarie’s plans to convert to a corporation in late 2010.

Finally, the renewable energy industry is subject to extreme hype, but government support ensures existing projects under contract are here to stay. Macquarie has what should be a very profitable contract in Ontario that may lead to more deals, boosting cash flow. In short, I’m maintaining my buy recommendation up to USD8 for those who don’t already have a position in Macquarie Power & Infrastructure Income Fund.

TransForce (TSX: TFI, OTC: TFIFF) is back on the acquisition track after buying a new trucking terminal in Calgary. The purchase of the 52-door cross-dock terminal is a major step into western Canada, where management has stated it wants to increase its presence in coming years.

Details on the deal are still scarce, with even the purchase price a subject of speculation. But it likely signals more action for Canada’s No. 2 cross-border carrier. And because it is a relatively small deal, the company should be able to finance it with available cash and without resorting to accessing credit markets. Buy TransForce, still my favorite bet in Canada’s far-flung transportation industry, up to USD12.

Yellow Pages Income Fund units took a pounding over the past month before gaining back at least some ground this week. The only news out of the company, however, was positive. Management demonstrated its continuing ability to raise low cost capital with a successful CAD200 million convertible bond offering. The proceeds will go to permanently finance the company’s CAD225 million purchase of Canpages.

The Canpages deal significantly boosts Yellow’s ability to market digitally on the web, its clear path to growth for more than a decade with print advertising in a slow decline. The company will continue to operate Canpages separately, according to management, an arrangement that may have caused some unwarranted concern and contributed to Yellow’s share price volatility of late. But the deal is clearly accretive to Yellow’s long-term fortunes and another reason to expect good things for the rest of 2010. Buy Yellow Pages Income Fund up to USD8 if you haven’t yet.

Turning to the Aggressive Portfolio, both ARC Energy Trust (TSX: AET-U, OTC: AETUF) and Daylight Energy Ltd (TSX: DAY, OTC: DAYYF) announced transactions last month that should be accretive to cash flow, excluding the impact of volatile energy prices. Daylight’s was actually an asset sale of non-core oil and gas assets in eastern Alberta.

The deal will net the company CAD100 million in cash and CAD25 million in equity of the purchaser, privately held Gear Energy Ltd. That will drop Daylight’s first quarter output by 2,300 barrels of oil equivalent per day. But it will provide cash to spur development opportunities elsewhere, while retaining the company an interest in the operating area. The overall operating capital budget of CAD300 million remains unchanged. Now converted to a corporation and paying a very conservative dividend of a little less than 7 percent, Daylight Energy is a solid bet on gas with a growing production profile up to USD11.

ARC’s deal in contrast is an acquisition, an all-equity CAD680 million purchase of the former Storm Exploration (TSX: SEO, OTC: STXPF). The assets produced 9,861 barrels of oil equivalent per day in April, which will lift ARC’s output. Their primary appeal as an acquisition, however, is their proximity to the trust’s most promising existing finds.

The Parkland Montney field, which accounts for 84 percent of Storm’s output, gives the company in management’s words “three of the highest quality Montney fields.” In fact, the company believes the acquired properties could bring an even better return, due to a high quantity of natural gas liquids. ARC has identified already some 33 horizontal drilling opportunities to further boost output and reserves, which are currently estimated at 0.8 trillion cubic feet of net gas.

The deal is a further step in ARC’s multi-year plan to remake its asset base into a longer-lived, lower-cost portfolio capable of sustaining and growing output, cash flows and dividends for many years to come. Management still hasn’t set its post-corporate conversion dividend and likely won’t until much closer to conversion on Jan. 1, 2011. But the Storm deal gives a powerful boost to the trust’s ambitions and ability to remain a solid dividend payer. And ultimately, that’s likely to prove a lot more important for shareholder returns than what management decides based on prevailing energy prices. ARC Energy Trust remains a buy up to USD22.

Paramount Energy Trust completed its conversion to a corporation on July 1. The change in the company name to Perpetual Energy (TSX: PMT, OTC: PMGYF), however, is the only thing that’s really different for investors now. Mainly, as promised, management has retained the monthly distribution of CAD0.05 per share.

Perpetual’s fortunes still depend heavily on natural gas prices and its ability to lock in favorable prices going forward with profitable price hedges.

The company, however, is reporting solid progress with the construction of a natural gas storage facility that promises to further stabilize cash flows, either by allowing it to store output or to contract out to other producers for fees. The result should be positive for investors either way, particularly now that the company has arranged funding.

Like Paramount before it, Perpetual remains my most aggressive bet on a revival in the fortunes of natural gas demand and prices in North America. But with an 11 percent-plus dividend that looks safe at least for the next several months, Perpetual Energy–the successor to Paramount Energy Trust–is still a worthy bet up to USD6 for those who can handle the risk.

Only one Portfolio Holding is looking suspect at this time, Trinidad Drilling (TSX: TDG, OTC: TDGCF). Like all drillers, the company has had a hard time in the face of falling energy prices and contracting industry activity over the past couple years. Now it faces a new potential risk from new restrictions over offshore drilling and how these could affect the four barge-based rigs it has in the Gulf of Mexico.

Based on what we know now, the potential for growth in the company’s onshore opportunities–particularly in developing shale oil and gas regions in North America–dramatically outweighs the danger from the Gulf. Bay Street remains very bullish for this reason, as well as the fact that Trinidad relies so heavily on deep drilling and long-term contracts rather than spot rates. But until we see some numbers, I’m putting Trinidad Drilling on hold as a possible candidate for a switch to a rival.

What to Watch

Only five Canadian Edge Portfolio members have still not either converted to corporations or stated what their dividends will be when they do. The rest of the Portfolio Holdings have either converted, don’t have to convert or have yet to convert but have otherwise announced plans for post-conversion dividends.

All of these companies are now likely to maintain their current payout rates until the end of 2010, which is when they’ll most likely convert. All have stated that they will continue to pay dividends after that and that the exact rate will be based on prevailing market conditions.

Last month IBI Income Fund (TSX: IBG-U, OTC: IBIBF) for the first time stated its intention to convert and that it “plans to maintain its current level of distributions…until conversion.”

That removes any doubt that the underlying business is strong enough to maintain the current payout as a trust. And management affirmed it will “continue to be a relatively high distributor of cash earned” and that it “is motivated by the achievement of this income based on performance” so that “interests of management are aligned with the interests of shareholders.”

Beyond that, however, IBI’s post-conversion dividend remains a mystery. On the plus side, it earns substantial and growing income outside of Canada, ensuring it won’t be paying anything close to full rate. On the minus side, management is constantly in the market for new acquisitions, which requires cash that could otherwise be paid out in distributions.

The only thing that is clear is that investors are still pricing in a substantial distribution cut already, despite management’s assurances. That sets a low bar of expectations that the provider of design services for infrastructure projects shouldn’t have any trouble beating. Buy IBI Income Fund up to USD15.

Here are the five Portfolio Holdings yet to make their post-Jan. 1, 2011, dividend intentions clear:

• ARC Energy Trust (TSX: AET-U, OTC: AETUF)
• CML Healthcare Income Fund (TSX: CLC-U, OTC: CMHIF)
• IBI Income Fund (TSX: IBG-U, OTC: IBIBF)
• Penn West Energy Trust (TSX: PWT-U, NYSE: PWE)
• Provident Energy Trust (TSX: PVE-U, NYSE: PVX)

Here’s the list of 16 CE Portfolio companies that have never once cut dividends. Of this list, CML Healthcare Income Fund (TSX: CLC-U, OTC: CMHIF) and IBI have yet to declare definitive post-conversion dividend policies. The rest have put 2011 risk behind them and are safe enough for even the most conservative investor. See the Portfolio table for current yields and prices.

• Ag Growth International (TSX: AFN, OTC: AGGZF)
• Artis REIT (TSX: AX-U, OTC: ARESF)
• Atlantic Power Corp (TSX: ATP, OTC: ATLIF)
• Bird Construction Income Fund (TSX: BDT-U, OTC: BIRDF)
• Brookfield Renewable Power Fund (TSX: BRC
• Canadian Apartment Properties REIT (TSX: CAR, OTC: CDPYF)
• Cineplex Galaxy Income Fund (TSX: CGX-U, OTC: CPXGF)
• CML Healthcare Income (TSX: CLC-U, OTC: CMHIF)
• Colabor Group (TSX: GCL, OTC: COLFF)
• IBI Income Fund (TSX: IBG-U, OTC: IBIBF)
• Just Energy Income Fund (TSX: JE-U, OTC: JUSTF)
• Keyera Facilities Income Fund (TSX: KEY-U, OTC: KEYUF)
• Northern Property REIT (TSX: NPR-U, OTC: NPRUF)
• Pembina Pipeline Income Fund (TSX: PIF-U, OTC: PMBIF)
• RioCan REIT (TSX: REI-U, OTC: RIOCF)
• Vermilion Energy Trust (TSX: VET-U, OTC: VETMF)

Finally, I’ll be keeping a close eye on Portfolio company earnings as they’re reported over the next four to six weeks. The key isn’t hitting a specific number or projection. Rather, it’s that the companies demonstrate they’re still moving in the right direction and are covering distributions well with cash flow.

As long as that’s the case, I’m comfortable holding them, no matter how volatile the market acts this summer and beyond. But if I see real signs of weakening, we’ll be out and looking for something else. Note that Colabor Group has already reported, as detailed above. Here’s when the others are expected to report.

Aggressive Holdings

• Ag Growth Int’l (TSX: AFN, OTC: AGGZF)–August 17 (estimate)
• ARC Energy Trust (TSX: AET-U, OTC: AETUF)–August 4
• Chemtrade Logistics (TSX: CHE-U, OTC: CGIFF)–July 28 (estimate)
• Daylight Energy (TSX: DAY, OTC: DAYYF)–August 5 (estimate)
• Enerplus Resources Fund (TSX: ERF-U, NYSE: ERF)–Augt 10 (estimate)
• Newalta Income Fund (TSX: NAL, OTC: NWLTF)–August 6  (estimate)
• Perpetual Energy (TSX: PMT, OTC: PMGYF)–August 6 (estimate)
• Penn West Energy Trust (TSX: PWT-U, NYSE: PWE)–August 5
• Peyto Energy Trust (TSX: PEY-U, OTC: PEYUF)–August 12 (estimate)
• Provident Energy Trust (TSX: PVE-U, NYSE: PVX)–August 13 (estimate)
• Trinidad Drilling (TSX: TDG, OTC: TDGCF)–August 11  (estimate)
• Vermilion Energy Trust (TSX: VET-U, OTC: VETMF)–Aug 6 (estimate)

Conservative Holdings

• AltaGas Ltd (TSX: ALA, OTC: ATGFF)–July 29
• Artis REIT (TSX: AX-U, OTC: ARESF)–August 11 (estimate)
• Atlantic Power Corp (TSX: ATP, OTC: ATLIF)–August 11 (estimate)
• Bell Aliant Reg Comm (TSX: BA-U, OTC: BLIAF)–July 28
• Bird Construction (TSX: BDT-U, OTC: BIRDF)–Aug 11 (estimate)
• Brookfield Ren Power (TSX: BRC-U, OTC: BRPFF)–July 28 (estimate)
• Canadian Apartment (TSX: CAR-U, OTC: CDPYF)–August 11 (estimate)
• Cineplex Galaxy (TSX: CGX-U, OTC: CPXGF)–August 13 (estimate)
• CML Healthcare Inc (TSX: CLC-U, OTC: CMHIF)—Aug 12 (estimate)   
• Davis + Henderson Inc (TSX: DHF-U, OTC: DHIFF)–July 28 (estimate)
• IBI Income Fund (TSX: IBG-U, OTC: IBIBF)–August 5 (estimate)
• Innergex Renewable Energy (TSX: INE, OTC: INGXF)–Aug 13 (estimate)
• Just Energy Income Fund (TSX: JE-U, OTC: JUSTF)–Aug 6 (estimate)
• Keyera Facilities (TSX: KEY-U, OTC: KEYUF)–August 4
• Macquarie Power & Infrastructure (TSX: MPT-U, OTC: MCQPF)–Aug 5 (estimate)
• Northern Property REIT (TSX: NPR-U, OTC: NPRUF)–Aug 4
• Pembina Pipeline Income (TSX: PIF-U, OTC: PMBIF)–July 29 (estimate)
• RioCan REIT (TSX: REI-U, OTC: RIOCF)–July 29
• TransForce (TSX: TFI, OTC: TFIFF)–July 29 (estimate)
• Yellow Pages Income (TSX: YLO-U, OTC: YLWPF)–Aug 6 (estimate)