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First Asset Funds Inc. Announces November, 2006 Distributions

TORONTO, ONTARIO--(CCNMatthews - Nov. 21, 2006) - First Asset Funds Inc. announces the following confirmed distributions for the month ending November 30, 2006. In all cases, the distribution will be paid on or before December 15, 2006 to unitholders of record on November 30, 2006.

Name TSX
Symbol
Distribution
Amount
(per unit)
TSX
Trading
Price
(Nov. 17/06)
Annualized
Yield(a)
Pre-Tax
Interest
Equivalent(b)
MONTHLY
First Asset Yield Opportunity FAY.UN $0.1458 $23.85 7.34% 8.61%
Preferred Securities Income Fund PFS.UN $0.12 $20.00 7.20% 10.32%
Preferred Securities Limited Duration Fund - Series A PLD.UN CDN
$0.1042
CDN
$20.25
6.17% 8.85%
Preferred Securities Limited Duration - Series B PLD.U US
$0.0417
US
$8.11
6.17% 8.84%
Global 45 Split Corp. - Class A GFV $0.10 $13.94 8.61% 12.34%
First Asset Equal Weight REIT Income Fund RIT.UN $0.0800 $12.85 7.47% 9.41%
First Asset Pipes & Power Income Fund EWP.UN $0.05833 $7.15 9.79% 11.49%
First Asset/BlackRock North American Dividend Achievers™ Trust BDA.UN $0.05 $9.67 6.20% 8.89%
Payout Performers™ Income Fund PPF.UN $0.05 $7.94 7.56% 9.19%
Split REIT Opportunity Trust - Capital Units SOT.UN $0.07813 $15.35 6.11% 8.75%
(a) Based on trading price as at close on November 17, 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.