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First Asset Funds Inc. Announces July, 2007 Distributions

TORONTO, ONTARIO--(Marketwire - July 20, 2007) - First Asset Funds Inc. announces the following confirmed distributions for the month ending July 31, 2007. In all cases, the distribution will be paid on or before August 15, 2007 to unitholders of record on July 31, 2007.

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Name                     TSX  Distribution       TSX  Annualized    Pre-Tax
                      Symbol        Amount   Trading   Yield (b)   Interest
                                (per unit) Price (a)             Equivalent
                                                                        (c)
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                                  MONTHLY
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First Asset Yield
 Opportunity Trust    FAY.UN       $0.1458    $22.21       7.88%      9.24%
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Preferred Securities
 Income Fund          PFS.UN         $0.12    $18.31       7.86%     11.27%
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Preferred Securities
 Limited Duration                      CAD       CAD
 Fund - Series A      PLD.UN       $0.1042    $19.30       6.48%      9.28%
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Preferred Securities
 Limited Duration                      USD       USD
 Fund - Series B       PLD.U       $0.0417     $7.76       6.45%      9.24%
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Global 45 Split Corp.
 - Class A Shares        GFV         $0.10    $15.02       7.99%     11.45%
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First Asset Equal
 Weight REIT
 Income Fund          RIT.UN         $0.08    $13.20       7.27%      9.16%
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First Asset Pipes &
 Power Income Fund    EWP.UN      $0.05833     $8.00       8.75%     10.27%
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First Asset/BlackRock
 North American
 Dividend
 Achievers(TM) Trust  BDA.UN         $0.05     $9.52       6.30%      9.03%
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Payout Performers(R)
 Income Fund          PPF.UN         $0.05     $9.60       6.25%      6.79%
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Split REIT
 Opportunity Trust
 - Capital Units      SOT.UN       $0.0875    $17.50       6.00%      8.60%
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Utility Split Trust 
 - Capital Units      UST.UN      $0.09688    $13.55       8.58%     12.30%
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(a) As at close on July 18, 2007. (b) Based on trading price as at July 18,
 2007.
(c) Estimated - based on Ontario tax rates.

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.firstasset.com.