frontierAlt Oasis Funds Management Inc. has announced that effective Friday, it is ceasing distribution of units of the frontierAlt Oasis Canada Fund.

The decision to terminate the fund is due to a low number of unitholders and the costs associated with maintaining a small fund, the company said.

The fund will be terminated on or about June 30, 2010, following 60 days’ written notice to existing unitholders.

The fund, which launched in November 2006, was one of the only Shariah-compliant mutual funds in Canada, investing in compliance with Islamic law.

The costs associated with the implementation of the termination of the fund will be borne by the fund, the company said. Unitholders will not be required to pay any redemption fees associated with the termination.

Existing unitholders may redeem their units for settlement on or prior to the termination date.

Two other funds managed by frontierAlt Oasis – the frontierAlt Oasis World Fund and frontierAlt Oasis Global Income Fund – were terminated in 2008. The frontierAlt Oasis Canada Fund was the last remaining fund in the Oasis family.

IE