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First National Mortgage Investment Fund announces discontinuance of trailer fees effective January 1, 2015

Sep 30, 2014

For Immediate Release

Toronto, Ontario, September 30, 2014: First National Mortgage Investment Fund (TSX: FNM.UN) (the “Fund”) today announced that in an effort to maintain its 6% targeted distribution to unitholders without taking on greater credit risk, First National Asset Management Inc. (the “promoter”) has elected to eliminate the portion of management fees collected from the Fund and paid quarterly as trailer fees to investment advisors, effective January 1st 2015.   

In May 2014, the Fund experienced the 15% maximum redemption under its annual redemption provision.  The annual redemption privilege was accrued by the Fund at June 30, 2014 and paid in July 2014 in the amount of $8.15 million. After this payment, the net asset value (“NAV”) of the Fund was reduced to $46.2 million. The lower NAV affected the economics of the Fund making this discontinuance necessary in order to maintain the 6% targeted distribution to unitholders.

The Fund will continue to pay trailer fees to investment advisors for the quarter ending December 31, 2014. 

About First National Mortgage Investment Fund

The Fund was created to obtain economic exposure to a diversified portfolio of mortgages originated by FNLP, a wholly owned subsidiary of First National Financial Corporation.   


Robert Inglis
Chief Financial Officer
First National Financial Corporation
Tel: 416-593-1100
Ernie Stapleton
Fundamental Creative Inc.
Tel: 905-648-9354