First Asset Closed-End Funds Confirms Distributions for Year-End 2013
TORONTO, January 9, 2014 – First Asset confirms the regular distributions ("Regular Distributions") previously announced on December 18, 2013, for the period ending December 31, 2013. The special distribution announced on December 18, 2013, in respect of First Asset Canadian REIT Income Fund has been revised as noted below under the heading "Special Distribution".
Regular Distributions
The following Regular Distributions will be paid in cash on or before January 15, 2014, to holders of record on December 31, 2013.
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Confirmed Regular
Name TSX Symbol Distribution (per unit)
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First Asset Yield Opportunity Trust -
Series A FAY.UN $ 0.1458
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First Asset Yield Opportunity Trust -
Series B FAY.U $ 0.044 (USD)
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First Asset Canadian REIT Income Fund RIT.UN $ 0.05
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First Asset Pipes & Power Income Fund EWP.UN $ 0.03
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Utility Split Trust - Capital Units UST.UN $ 0.05
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Utility Split Trust - Preferred Shares UST.PR.B $ 0.13125
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Triax Diversified High-Yield Trust TRH.UN $ 0.07
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First Asset Diversified Convertible
Debenture Fund DCD.UN $ 0.30
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Preferred Share Investment Trust PSF.UN $ 0.175
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First Asset CanBanc Split Corp. -
Preferred Shares CBU.PR.A $ 0.1625
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CanBanc Income Corp. CIC $ 0.175
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Can-60 Income Corp. CSY $ 0.1625
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Canadian Advantaged Convertibles Fund ADC.UN $ 0.15
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Can-Financials Income Corp. FIC $ 0.15
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North American Advantaged Convertibles
Fund NCD.UN $ 0.125
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First Asset Canadian Dividend Opportunity
Fund II DVF.UN $ 0.04167
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CanBanc 8 Income Corp. CBF $ 0.15
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First Asset Morningstar U.S. Consumer
Defensive Index Fund UCD.UN $ 0.05
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First Asset U.S. & Canada LifeCo Income
Fund ULC.UN $0.235 (Note 1)
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Note 1 - Includes a pro- rated amount for the period from the Fund's first
day of trading (August 22, 2013) to December 31, 2013.
Special Distribution
The special distribution announced on December 18, 2013 in respect of First Asset Canadian REIT Income Fund has been revised (the "Special Distribution") as noted in the table below. The Special Distribution is 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 Distribution. The cash portion of the Special Distribution 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).
The Special Distribution will be paid (in cash or in securities as described above) on or before January 15, 2014 to holders of record on December 31, 2013.
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Estimated Revised, Confirmed
TSX Special Distribution Special Distribution
Name Symbol (per unit) (per unit)
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In Cash In Units In Cash In Units
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First Asset Canadian
REIT Income Fund RIT.UN $0.21 $0.64 $0.198 $0.594
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For further information, please call Investor Relations, First Asset at 416-642-1289 or 1-877-642-1289 or visit www.firstasset.com.