TAKEN OUT BY TAKE-OVER

VFC

VFC was taken out by TD this morning at 19.50. Needless to say that I am rather satisfied and more than happy to submit my shares. I also tool some half of ISC's profit off the table. I believe the near term out look for energy and drillers remain downward and I did not like the announcement from ECA that its capex will be cut. I suspect that more producers will announce similar cuts in the next few months. This does not bode well for drillers. Although the drillers tend to lag for about six months or a year so, better be early than late. I would like to continue to cut my energy and driller holdings.

I also add some FMD.UN. I like this little trust because (1) it is in the health care industry, a stable and growing one; (2) recurring business; (3) relatively little competition; (4) decent valuation; (5) modest growth (5%-10%) going forward; (6) decent yield (9.%).

I would also add more ATS, although I would like to buy them at 16 level. I believe I still have some time and I do not have to rush.