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First Asset Funds Inc. Announces February, 2006 Distributions

TORONTO, February 17, 2006 - First Asset Funds Inc. announces the following confirmed distributions for the month ending February 28, 2006. In all cases, the distribution will be paid on or before March 15, 2006 to unitholders of record on February 28, 2006.

Name TSX
Symbol
Distribution
Amount
(per unit)
TSX
trading
price per
(Feb. 15/06)
Annualized
Yield(a)
Pre-Tax
Interest
Equivalent(b)
MONTHLY
First Asset Yield Opportunity FAY.UN $0.1458 $23.40 7.48% 10.72%
Preferred Securities Income Fund PFS.UN $0.12 $20.30 7.09% 10.17%
Preferred Securities Limited Duration Fund - Series A PLD.UN $0.1042 $21.00 5.95% 8.53%
Preferred Securities Limited Duration - Series B PLD.U US
$0.0417
US
$8.05
6.22% 8.91%
Global 45 Split Corp. - Class A GFV $0.10 $11.55 10.39% 14.89%
First Asset Equal Weight REIT Income Fund RIT.UN $0.0625 $10.71 7.00% 8.82%
First Asset Equal Weight Pipes & Power Income Fund EWP.UN $0.05833 $8.73 8.02% 9.41%
First Asset Equal Weight Small-Cap Income Fund FAS.UN $0.06042 $7.85 9.24% 10.44%
First Asset/BlackRock North American Dividend AchieversTM Trust BDA.UN $0.05 $9.24 6.49% 9.31%
(a) Based on trading price as at Feb. 15, 2006 (b) Estimated. Based on Ontario tax rates

For further information, please call Rob MacNiven, Investor Relations, First Asset Funds Inc. at 416-642-1289 or 1-877-642-1289, or visit www.firstassetfunds.com.