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

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TORONTO, Jan. 7, 2015 /CNW/ - 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 Solutions^TM

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.

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.

SOURCE First Asset Close-End Funds

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