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First Asset Fund Inc. Announces December, 2006 Estimated Distributions

TORONTO, ONTARIO--(CCNMatthews - Dec. 18, 2006) - First Asset Funds Inc. announces the following estimated distributions for the period ending December 31, 2006. For First Asset Equal Weight REIT Income Fund (TSX:RIT.UN), in addition to the regular monthly distribution, the Fund also announces an estimated special distribution of $0.17 per unit for a total of $0.25. In all cases, the distribution will be paid on or before January 15, 2007 to unitholders of record on December 29, 2006.

Name TSX
Symbol
Distribution
Amount
(per unit)
TSX
Trading
Price(a)
Annualized
Yield(b)
Pre-Tax
Interest
Equivalent(c)
First Asset Yield Opportunity FAY.UN $0.1458 $24.00 7.29% 8.55%
Preferred Securities Income Fund PFS.UN $0.12 $20.03 7.19% 10.30%
Preferred Securities Limited Duration Fund - Series A PLD.UN CDN
$0.1042
CDN
$20.24
6.18% 8.85%
Preferred Securities Limited Duration - Series B PLD.U US
$0.0417
US
$8.20
6.10% 8.75%
Global 45 Split Corp. - Class A GFV $0.10 $13.84 8.67% 12.43%
First Asset Equal Weight REIT Income Fund RIT.UN $0.2500 $12.93 7.52%(d) 9.48%
First Asset Pipes & Power Income Fund EWP.UN $0.05833 $7.36 9.51% 11.16%
First Asset/BlackRock North American Dividend AchieversTM Trust BDA.UN $0.05 $9.85 6.09% 8.73%
Payout PerformersTM Income Fund PPF.UN $0.05 $8.06 7.44% 9.06%
Split REIT Opportunity Trust - Capital Units SOT.UN $0.07813 $16.21 5.78% 8.29%
Utility Split Trust - Capital Units UST.UN $0.0906 $14.79 7.35% 10.53%
Global 45 Split Corp. - Preferred Shares GFV.PR.A $0.13125 $10.73 4.89% 7.01%
Split REIT Opportunity Trust - Preferred Securities SOT.PR.A $0.14375 $10.17 5.65% 7.65%
Utility Split Trust - Preferred Securities UST.PR.A $0.0734(e) $10.30 6.00% 6.00%
(a) As at close on December 14, 2006
(c) Estimated. Based on Ontario tax rates.
(e) Reflects interest from closing date (45 days).
(b) Based on trading price as at Dec 14, 2006
(d) Based on trailing 12-month distributions.

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.