Franklin Templeton Investments Corp. announced today that the Bissett Income Fund will be closed to new investors on November 30.

“In order to remain focused on our strategy of finding quality income trusts while managing investment risk, we believe it is in the best interest of current unitholders to close the fund to new investors,” said Leslie Lundquist, the Calgary based portfolio manager of the Bissett Income Fund, in a news release. “Bissett Income Fund is approaching the optimal size to allow us to continue to participate in the very active Canadian income trust market while still remaining true to both our investment criteria and the overall objectives of the fund.”

The seeks to provide investors with after tax cash flow by investing primarily in income producing Canadian securities, with an emphasis on income trusts. As of October 31, the fund had $485 million in assets under management.

According to Franklin Templeton Investments, existing unitholders will be able to continue to add to their investments and the fund will also remain part of the company’s new Quotential Program portfolios. The fund may reopen to new investors at a later date.

http://www.newswire.ca/releases/November2002/07/c9138.html