Mr. Barry Gordon reports
FIRST ASSET CANADIAN REIT INCOME FUND TO CONVERT INTO ACTIVELY MANAGED ETF
Unitholders of First Asset Canadian REIT Income Fund have approved amendments to the fund's declaration of trust in order to permit its conversion from a closed-end fund to an actively managed exchange-traded fund, and certain other changes to the investment objectives, strategies and restrictions of the fund. First Asset Investment Management Inc.'s Lee Goldman will continue to manage the fund following the ETF conversion.
"The fund's outstanding 10-year track record is a testament to Mr. Goldman's expertise in selecting the right REITs at the right time. In addition, the ETF conversion will result in lower fees, greater transparency and improved liquidity that the ETF structure offers to investors," noted Barry Gordon, president and chief executive officer, First Asset Investment Management Inc. Attached is a summary of the fund's performance since its inception in 2004.
Year to date 1 year 3 year 5 year 10 year Since inception
First Asset Canadian REIT Income Fund 5.32% 10.14% 8.54% 13.89% 9.77% 10.56%
S&P/TSX Capped REIT Total Return Index 4.57% 5.98% 5.29% 12.96% 9.54% 10.15%
As at May 29, 2015
Inception date: Nov. 14, 2004
The implementation of the ETF conversion is subject to certain third party and regulatory approvals. First Asset currently anticipates that the ETF conversion will be implemented in mid-July, 2015. First Asset will issue a press release announcing the effective date of the ETF conversion as soon as practicable after all of the approvals have been obtained. Unitholders will not be required to take any action in connection with the ETF conversion.
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