First National Financial Income Fund (the Fund) is an unincorporated, open-ended trust. The Fund was established to acquire and hold, through a newly constituted wholly owned trust, First National Financial Operating Trust (the Trust), investments in the outstanding limited partnership units of First National Financial LP (FNFLP). FNFLP operates in two segments: residential, which includes single-family residential mortgages and commercial, which includes multi-unit and commercial mortgages. FNFLP earns revenue from placement, securitization and servicing activities related to its mortgage business. The majority of originated mortgages are funded either by placement of mortgages with institutional investors or the sale of mortgages to securitization conduits.
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