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First Asset Funds Inc. Announces July, 2008 Distributions

TORONTO, July 22, 2008 - First Asset Funds Inc. announces the following confirmed distributions for the month ending July 31, 2008. In all cases, the distribution will be paid on or before August 15, 2008 to unitholders of record on July 31, 2008.


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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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First Asset Yield  FAY.UN      $0.1458    $18.42        9.50%         13.61%
 Opportunity Trust
 - Series A
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First Asset Yield   FAY.U          USD     $5.49        9.62%         13.78%
 Opportunity Trust             $0.0440
 - Series B
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Global 45 Split
 Corp.                GFV        $0.10    $10.25       11.71%         16.78%
 - Class A Shares
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First Asset REIT
 Income Fund       RIT.UN        $0.07     $9.70        8.66%         12.04%
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First Asset
 Income & Growth   IGF.UN     $0.05833     $8.08        8.66%         11.66%
 Fund
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First Asset Pipes
 & Power           EWP.UN     $0.05833     $6.50       10.77%         13.57%
 Income Fund
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First
 Asset/BlackRock
 North
 American Dividend BDA.UN        $0.05     $7.06        8.50%         12.18%
 Achievers(TM)
 Trust
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Split REIT
 Opportunity       SOT.UN      $0.0875    $12.00        8.75%         12.54%
 Trust - Capital
 Units (d)
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Utility Split
 Trust             UST.UN     $0.09688    $10.40       11.18%         15.05%
 - Capital Units
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(a) As at close on July 18, 2008. (b) Based on trading price as at July 18,
2008. (c) Estimated - based on Ontario tax rates. (d) In respect of the
Capital Units of Split REIT Opportunity Trust, normally in July of each year
the Manager provides guidance as to the anticipated distributions for the
coming year, however, due to the prevailing market conditions, the Manager
will determine distribution amounts on a month-to-month basis and will give
further guidance in due course.

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