The fund will pay investors of the Colonial First State Mortgage Income Fund at least 10 percent of their accounts in late March while further payments will be made as cash becomes available from mortgage repayments, Colonial said late on Tuesday. The Colonial First State Mortgage Income Fund, which primarily invests in commercial mortgages, was closed to withdrawals in October 2008, other than for periods when redemptions were allowed, and it may take at least four years to wind up the fund.

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