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Sounding a warning on Yellow Pages

The Yellow Pages cash machine is running out of gas.

After years of churning out steady distributions for its owners, there's a growing realization that the mighty Yellow Pages Income Fund will soon bow to economic and fiscal realities and cut its payout.

The changing fortunes of Yellow Pages show no company is immune to the realities of this downturn. The phone directories monopoly has a well-deserved reputation for strong performance; it's well run, has an enviable touch with acquisitions, and is gracefully navigating the move into electronic media.