Leith Wheeler Investment Counsel Ltd. announced today that it will be discontinuing the Leith Wheeler Income Trust Fund on March 31.

Effective immediately, units of the fund are no longer available for purchase.

Prior to termination on March 31, unitholders of the fund have the option to switch their investment to other Leith Wheeler Investment Funds or to redeem their units for cash. On March 31, any remaining assets on the termination date will be redeemed in cash.

Leith Wheeler says available options for an income trust focused fund have been reduced since the federal government announced its intention to eliminate certain tax advantages enjoyed by companies structured as income trusts.

Since the announced tax changes in November 2006, the income trust market has experienced several privatizations and takeovers.

Effective January 25, Leith Wheeler will waive the management fee normally applied to the fund until its termination on March 31. In addition, all costs related to terminating the fund will be paid by Leith Wheeler.

Vancouver-based Leith Wheeler manages assets on behalf of institutional, foundation and private clients.