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Mutual Fund News

CI shareholders okay income trust conversion

CI Financial Inc. shareholders have approved the investment services and mutual fund company's conversion into an income trust, to be known as CI Financial Income Fund. CI said yesterday it now expects the conversion to be completed between June 28 and June 30, in line with its recent timeline and three months ahead of an earlier forecast. Its units will be listed as CIX.UN on the Toronto Stock Exchange. The company also announced that its management expects initial monthly distributions of 16.75 cents per unit, or $2.01 per unit on an annualized basis, pending approvals. CIX (TSX) rose 41 cents to $29.25. CP

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