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

TORONTO, Dec. 18, 2014 /CNW/ - First Asset announces the following estimated regular distributions ("Estimated Regular Distributions") and estimated special distributions (if any) ("Estimated Special Distributions") for the year ending December 31, 2014.  The final distribution amounts will be announced shortly after the year-end and, prior to payment, once each Fund's year-end tax position is finalized.

Estimated Regular Distributions

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

Name	TSX Symbol	Estimated 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

Estimated Special Distributions

The following Estimated Special Distributions 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 Estimated Special Distributions. The cash portion of the Estimated 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 Estimated Special Distributions will be paid (in cash or in securities as described above) on or before January 15, 2015 to holders of record on December 31, 2014.

Name	TSX Symbol	Estimated Special Distribution (per unit)
		In Cash	In Units
First Asset Canadian REIT Income Fund	RIT.UN	$0.025	$0.075
JFT Strategies Fund – Class A	JFS.UN	$0.25	$0.75
JFT Strategies Fund – Class F	n/a	$0.29	$0.86

For the fund listed below, the Estimated Special Distribution will be paid in cash on December 31, 2014 to the Class A Shareholders of record on December 31, 2014.

Name	TSX Symbol	Estimated Special Distribution (per unit)
		In Cash
First Asset CanBanc Split Corp. – Class A Shares	CBU	$0.60

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.

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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.

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

SOURCE: First Asset

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