TORONTO: Sentry Select Capital Corp. (“Sentry Select” or the “Manager”) is pleased to announce that a merger of Commercial and Industrial Securities Income Trust (the “Terminating Fund”) with Sentry Select Canadian Income Fund (“Canadian Income Fund”), an open-end mutual fund, (the “Merger”) was completed effective August 20, 2008.
The Terminating Fund transferred all of its assets to Canadian Income Fund in exchange for units of Canadian Income Fund and the assumption by Canadian Income Fund of all the liabilities of the Terminating Fund. Each unitholder of the Terminating Fund received units of Canadian Income Fund having the same aggregate net asset value (“NAV”) as their units of the Terminating Fund as of the close of business on August 19, 2008.
Each unitholder of the Terminating Fund received 0.4438 units of Canadian Income Fund in exchange for each unit of the Terminating Fund.
Special distribution: The Merger triggered a tax year-end for the Terminating Fund. The Manager confirms that a special distribution of $0.59 per unit will be paid prior to September 15, 2008 to all Terminating Fund unitholders of record as of August 20, 2008.
Throughout the year, the Terminating Fund realized capital gains from the sale of securities and must distribute the net income and net realized capital gains to unitholders to ensure that it is not liable for income tax. The special distribution represents the total remaining undistributed net income and net realized capital gains for the year.
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