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First Asset Closed-End Funds March Distributions

TORONTO, ONTARIO -- (Marketwired) -- 03/20/14 -- First Asset Closed-End Funds announces the following distributions for the month and quarter ending March 31, 2014. In all cases, the distribution will be paid on or before April 15, 2014, to holders of record on March 31, 2014.

                                                         TSX    Distribution
Name                                                  Symbol      (per unit)
First Asset Yield Opportunity Trust - Series A        FAY.UN  $       0.1458
First Asset Yield Opportunity Trust - Series B         FAY.U  $ 0.0440 (USD)
First Asset Canadian REIT Income Fund                 RIT.UN  $       0.0500
First Asset Pipes & Power Income Fund                 EWP.UN  $       0.0300
Utility Split Trust - Capital Units                   UST.UN  $       0.0500
Utility Split Trust - Preferred Shares              UST.PR.B  $       0.1313
Triax Diversified High-Yield Trust                    TRH.UN  $       0.0700
First Asset Diversified Convertible Debenture Fund    DCD.UN  $       0.3000
Preferred Share Investment Trust                      PSF.UN  $    0.1500(1)
First Asset CanBanc Split Corp. - Preferred Shares  CBU.PR.A  $       0.1625
CanBanc Income Corp.                                     CIC  $       0.1750
Can-60 Income Corp.                                      CSY  $       0.1625
Canadian Advantaged Convertibles Fund                 ADC.UN  $       0.1500
Can-Financials Income Corp.                              FIC  $       0.1500
North American Advantaged Convertibles Fund           NCD.UN  $       0.1250
CanBanc 8 Income Corp.                                   CBF  $       0.1500
First Asset Morningstar U.S. Consumer Defensive
 Index Fund                                           UCD.UN  $       0.0569
First Asset U.S. & Canada LifeCo Income Fund          ULC.UN  $       0.1625

1.  With respect to Preferred Share Investment Trust (TSX: PSF.UN), the
    amount of the quarterly distribution has been lowered to $0.150 per unit
    (from $0.175 per unit). This reduction reflects the current defensive
    positioning of the Fund and the desire to conserve cash for the benefit
    of the Fund's NAV and for deployment into higher yielding opportunities
    as they are expected to become available. The Manager will continue to
    assess the amount of the distribution on a quarterly basis having regard
    to, among other things, the anticipated net cash flows, the net asset
    value and markets generally. There can be no assurance that the amount
    will not vary from quarter to quarter, or that the Fund will make any
    distribution in any particular quarter.

Company Overview

First Asset is an independent Canadian investment management company focused on delivering superior risk-adjusted investment returns to Canadian investors and their investment advisors. Founded in 1996, First Asset is a leading manager of ETFs, mutual funds, and closed end funds in Canada.

First Asset
Investor Relations
416-642-1289 or 1-877-642-1289

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