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First Asset Funds Inc. Announces February, 2007 Distributions

TORONTO, ONTARIO--(CCNMatthews - Feb. 19, 2007) - First Asset Funds Inc. announces the following confirmed distributions for the month ending February 28, 2007. Utility Split Trust is increasing its monthly distribution to $0.09688 from $0.0906 per Capital Unit. In all cases, the distribution will be paid on or before March 15, 2007 to unitholders of record on February 28, 2007.

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 $24.35 7.19% 8.43%
Preferred Securities Income Fund PFS.UN $0.12 $20.25 7.11% 10.19%
Preferred Securities Limited Duration Fund - Series A PLD.UN CDN
$0.1042
CDN
$20.20
6.19% 8.87%
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 $14.11 8.50% 12.19%
First Asset Equal Weight REIT Income Fund RIT.UN $0.08 $13.92 6.90% 8.69%
First Asset Pipes & Power Income Fund EWP.UN $0.05833 $7.58 9.23% 10.83%
First Asset/BlackRock North American Dividend AchieversTM Trust BDA.UN $0.05 $10.10 5.94% 8.51%
Payout PerformersTM Income Fund PPF.UN $0.05 $8.60 6.98% 8.49%
Split REIT Opportunity Trust - Capital Units SOT.UN $0.0875 $18.50 5.68% 8.13%
Utility Split Trust - Capital Units UST.UN $0.09688 $13.50 8.61% 12.34%
(a) As at close on February 15, 2007
(c) Estimated. Based on Ontario tax rates.
(b) Based on trading price as at Feb 15, 2007.

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