Franklin Resources is readying a new closed-end fund that will invest in retail distressed debt. The San Mateo based firm recently filed paperwork with the SEC on the fund. David Winters, president, chief executive and chief investment officer of Franklin Mutual Advisers, and Michael Embler will be the fund's portfolio managers.

The fund will be sold to individuals with $5 million minimum investment. It will also be offered to institutional investors and registered investment advisers.  

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