First Asset Canadian REIT Income Fund to Convert into Actively Managed ETF

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TORONTO, June 30, 2015 /CNW/ - First Asset Investment Management Inc. announces that unitholders of First Asset Canadian REIT Income Fund (the "Fund") (TSX: RIT.UN) 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 (the "ETF Conversion"), 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 CEO, First Asset Investment Management Inc.

Below is a summary of the Fund's performance since its inception in 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.

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.

You will usually pay brokerage fees to your dealer if you purchase or sell units of the Fund on the TSX. If the units are purchased or sold on the TSX, investors may pay more than the current net asset value when buying units of the Fund and may receive less than the current net asset value when selling them. There are ongoing fees and expenses associated with owning units of the Fund. The Fund must prepare disclosure documents that contain key information about the Fund. You can find more detailed information about the Fund in these documents. The indicated rate of return is the historical annual compounded total return including changes in unit value and reinvestment of all distributions and does not take into account certain fees (such as redemption fees or optional charges) or income taxes payable by any securityholder that would have reduced returns. The Fund is not guaranteed, its value changes frequently and past performance may not be repeated. The Fund is managed by First Asset Investment Management Inc.

S&P/TSX Capped REIT Total Return Index is a capitalization-weighted index designed to measure market activity of the real estate sector issuers listed on the Toronto Stock Exchange. The Index is used as a benchmark to help you understand the Fund's performance relative to the general performance of the Canadian real estate sector.

SOURCE First Asset Close-End Funds