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First Asset Global Infrastructure Fund Files Final Prospectus

TORONTO, May 31, 2007 - First Asset Funds Inc. is pleased to announce that First Asset Global Infrastructure Fund (the "Fund") has received a receipt dated May 31, 2007 from the securities regulators of all the Canadian provinces for the final prospectus for its offering of up to 10 million units ($100 million). The offering is scheduled to close on or about June 19, 2007. The subscription price per unit is $10, with a minimum initial investment of $1,000. The Toronto Stock Exchange ("TSX") has conditionally approved the listing of the units (FAI.UN), subject to fulfillment by the Fund of the requirements of the TSX.

The Fund has been created to provide unitholders with exposure to a portfolio of listed infrastructure issuers ("Infrastructure Issuers"). The portfolio will be comprised of the 75 Infrastructure Issuers which are included in the S&P Global Infrastructure Index, and select Canadian Infrastructure Issuers chosen by First Asset Investment Management Inc, the investment advisor.

The Fund's investment objectives are to (a) pay quarterly cash distributions of $0.15 per unit, or 6% per annum based on the original price of $10.00 per unit; and (b) provide long term capital appreciation through growth in the portfolio.

The syndicate of agents for this offering is being led by CIBC World Markets Inc., National Bank Financial Inc., Scotia Capital Inc., BMO Nesbitt Burns Inc., TD Securities Inc., and includes, HSBC Securities (Canada) Inc, Dundee Securities Corporation, Canaccord Capital Corporation, Raymond James Ltd., Wellington West Capital Inc., Blackmont Capital Inc., Berkshire Securities Inc., Desjardins Securities Inc., Research Capital Corporation and Richardson Partners Financial Limited.

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.

The "S&P Global Infrastructure Index" is a trademark of The McGraw-Hill Companies, Inc. and has been licensed for use by First Asset Funds Inc. The Fund is not sponsored, endorsed, sold or promoted by Standard & Poor's® ("S&P"), and S&P makes no representation regarding the advisability of investing in units of the Fund.