Unitholders of Global Plus Income Trust, which operates as Premium Global Plus Fund, have overwhelmingly approved a proposal to reposition the trust and its portfolio, Mulvihill Capital Management Inc. said Monday.

Under the proposal, the term of the trust will be extended and the trust will be repositioned so that it might grow in size, increase in value and utilize its existing tax losses. Since its inception, the trust has accumulated approximately $29.96 million of capital losses for which it would receive no value if the trust ceased to operate, Mulvihill said.

Under the proposal approved by unitholders, several changes to the trust will be made.

The trust’s investment strategy and investment restrictions will be changed to invest in a portfolio principally consisting of common shares selected from the energy, financials and materials sectors of the S&P/TSX 60 Index. In addition, the trust may invest up to 20% of its net assets in equity securities of other issuers selected from the S&P/TSX composite index.

The investment objectives of the trust will be amended to maximize total returns for unitholders including both long-term appreciation in NAV per unit and distributions, and to pay monthly tax-deferred distributions in an amount targeted to be 6.5% per year on the NAV of the trust.

A one-time redemption right will be added to permit unitholders to redeem units at 100% of NAV on Nov. 16, 2009. Unitholders will also have annual and monthly redemption rights.

The termination date of the trust will be extended to Dec. 31, 2014 from Dec. 31, 2009.

The trust will be permitted to issue additional units, but only on a non-dilutive basis.

An annual service fee of 0.40% of NAV will become payable if the trust completes a public offering of additional units after the Nov. 16, 2009 redemption date.

In connection with the approval of the proposal, the trust has changed its name to Premier Canadian Income Fund, effective immediately.

As well, Mulvihill Capital Management Inc., as investment manager of the trust, has agreed to reduce its fees from 1.15% to 1.00% of NAV.

The trust’s units are listed on the Toronto Stock Exchange under the symbol GIP.UN.

IE