| Tax-Efficient Income |
| Units are intended to
provide Unitholders with tax efficient participation in returns on a
diversified Portfolio. The Manager expects that a portion of the distributions
to be made on the Units during the first 12 months of the Fund will be return
of capital, which generally is not subject to tax but which would reduce the
adjusted cost base of Units. Accordingly, distributions to Unitholders in 2004
should exceed the amount required to be included in their income for tax
purposes for 2004. |
| |
| Distribution Reinvestment Plan |
| Subject to obtaining
any required regulatory approvals, the Fund intends to provide Unitholders with
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 of the Fund. |
| |
| Monthly
Distributions |
| The Fund intends to
provide Unitholders with monthly cash distributions funded from the
distributions, dividends and capital gains received on the Portfolio. Such
distributions will be payable to Unitholders of record on the last day of each
month and will be paid on or before the last business day of the following
month. |
| |
| Liquidity |
| TSX Listing. The
Fund's units can be bought and sold on the TSX under the symbol
YP.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 August 31 and will be redeemed on August 31 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 August 31 of any year will receive payment on or before
the 15th business day following August 31. 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 August 31 date less any costs of funding the
redemption, including commissions. Any unpaid distribution declared on or
before August 31 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. |
