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Features & Benefits
Tax-Efficient Income
Depending on the characteristics of income received by the Fund, unitholders may receive a portion of the distributions as a return of capital under Canadian tax rules. The return of capital component reduces the adjusted cost base of the trust units for purposes of calculating capital gains tax when the units are sold. A portion of the distributions is deemed a return on capital and taxable as income.
 
Distribution Reinvestment Plan
Unitholders have the opportunity to elect to reinvest monthly cash distributions made by the Fund in additional units and to purchase additional units for cash through participation in the Distribution Reinvestment Plan.
 
Distribution Enhancement
The Fund can utilize its loan facility when necessary to assist in earning distributable income, as well as effecting market purchases of units, maintaining liquidity and funding redemptions. The Fund can borrow up to an amount not exceeding 30% of the value of the assets within the portfolio.
 
Liquidity
TSX Listing. The Fund's units can be bought and sold on the TSX under the symbol PAZ.un.
 
Mandatory Market Purchase Program. To enhance liquidity and provide market support for the units, the Fund will be obligated to purchase for cancellation any units offered in the market at the then prevailing market price if the price at which units are then offered for sale is less than 95% of the Net Asset Value per Unit, subject to some limitations. See the Fund's prospectus for details.
 
Redemptions. Units may be surrendered for redemption on any business day that is at least 20 business days prior to November 30 and will be redeemed on November 30 of such year, subject to the Fund's right to suspend redemptions in certain circumstances. A Unitholder who surrenders Units for redemption at least 20 business days prior to November 30 of any year will receive payment on or before the 10th business day following November 30. Unitholders whose Units are redeemed will be entitled to receive a redemption price per Unit calculated with reference to the net asset value of the Fund (NAV) (however, at the sole option of the Manager, the redemption price may be calculated by using a 3-day volume weighted average trading price of a security instead of the closing price) determined as of the applicable November 30 date less any costs associated with the redemption. Any unpaid distribution declared on or before November 30 in respect of Units redeemed on such date will be paid to the Unitholder redeeming such Units on the date on which such distribution is payable to Unitholders. For further information, please refer to the Fund's prospectus.
 
Eligibility For Investment
The Fund's units are considered Canadian property for RRSPs, RRIFs, DPSPs and RESPs.
 
     
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