Press Releases

First Asset Closed-End Funds Confirms Distributions for Year-End 2014

TORONTO, January 7, 2015 - First Asset confirms the following regular distributions ("Regular Distributions") previously announced on December 18, 2014, for the year ending December 31, 2014. The estimated special distributions announced on December 18, 2014, in respect of First Asset Canadian REIT Income Fund and JFT Strategies Fund have been revised and confirmed, as noted below under the heading "Special Distributions".

Regular Distributions
The following Regular Distributions will be paid in cash on or before January 15, 2015, to holders of record on December 31, 2014.

Name

TSX Symbol

Confirmed Regular

Distribution

(per unit)

First Asset Yield Opportunity Trust – Series A

FAY.UN

$0.1458

First Asset Yield Opportunity Trust – Series B

FAY.U

$0.044 (USD)

First Asset Canadian REIT Income Fund

RIT.UN

$0.05

First Asset Pipes & Power Income Fund

EWP.UN

$0.03

Utility Split Trust – Capital Units

UST.UN

$0.05

Utility Split Trust – Preferred Shares

UST.PR.B

$0.13125

Triax Diversified High-Yield Trust

TRH.UN

$0.07

First Asset Diversified Convertible Debenture Fund

DCD.UN

$0.30

Preferred Share Investment Trust

PSF.UN

$0.15

First Asset CanBanc Split Corp. – Preferred Shares

CBU.PR.A

$0.1625

CanBanc Income Corp.

CIC

$0.175

Can-60 Income Corp.

CSY

$0.1625

Canadian Advantaged Convertibles Fund

ADC.UN

$0.15

Can-Financials Income Corp.

FIC

$0.15

North American Advantaged Convertibles Fund

NCD.UN

$0.125

CanBanc 8 Income Corp.

CBF

$0.15

First Asset Morningstar U.S. Consumer Defensive Index Fund

UCD.UN

$0.0569

Special Distributions
The special distributions announced on December 18, 2014 (the "Special Distributions") have been revised as noted in the table below. The revised Special Distributions are now confirmed and will be paid in cash and in units. One-quarter will be paid in cash, and the balance will be paid by the issuance of units of the fund, and immediately thereafter, the issued and outstanding capital of the fund will be consolidated such that the number of issued and outstanding units of the fund does not change. As a result, the net asset value per unit of the Fund will decrease by an amount equal to the cash portion of the Special Distributions. The cash portion of the Special Distributions is intended to cover the maximum tax liability for capital gains for unitholders in the highest marginal tax bracket (premised on the Special Distribution being comprised of capital gains).

For the 2 funds listed below, the Special Distributions will be paid (in cash and in securities as described above) on or before January 15, 2015 to holders of record on December 31, 2014.

Name

TSX Symbol

Revised, Confirmed Special

 Distribution (per unit)



In Cash

In Units

First Asset Canadian REIT Income Fund

RIT.UN

$0.035

$0.105

JFT Strategies Fund – Class A

JFS.UN

$0.205

$0.615

JFT Strategies Fund – Class F

n/a

$0.25

$0.75

The actual taxable amounts of all distributions for 2014, including the tax characteristics of the distributions, will be reported to brokers (through CDS Clearing and Depository Services Inc. or "CDS") in early 2015.

First Asset – Smart SolutionsTM
First Asset is an independent investment firm focused on providing smart, low cost solutions that address the real-world investment needs of Canadians - capital appreciation, income generation and risk mitigation. Rooted in strong fundamentals, First Asset’s smart solutions strive to deliver better risk-adjusted returns than the broad market while helping investors achieve their personal financial goals.

For further information, please contact Investor Relations, First Asset at 416-642-1289 or 1-877-642-1289 or visit www.firstasset.com.

This communication is intended for informational purposes only. Commissions, management fees and expenses all may be associated with investments funds. Please read the prospectus before investing. The funds are not guaranteed, their values change frequently and past performance may not be repeated.

Not for dissemination to U.S. newswire services or for dissemination to the United States of America.