Communiqués de presse

First Asset Funds Inc. Confirms Distributions

TORONTO, January 3, 2007 - First Asset Funds Inc. announces that the estimated distributions for the period ending December 31, 2006 which were announced on December 18, 2006 (as set out below) have all been confirmed with the exception of the special distribution for First Asset Equal Weight REIT Income Fund (TSX: RIT.UN) (the "Fund") which is now confirmed at $0.12 per Unit as opposed to $0.17 per Unit. This takes the aggregate distribution for the Fund to $0.20 per Unit. The change in the special distribution is attributable to the Fund's ability to retain additional taxable capital gains in the Fund, thereby further deferring tax for Unitholders. 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 $24.10 7.26% 8.52%
Preferred Securities Income Fund PFS.UN $0.12 $20.06 7.18% 10.29%
Preferred Securities Limited Duration Fund - Series A PLD.UN CDN
$0.1042
CDN
$20.22
6.18% 8.86%
Preferred Securities Limited Duration - Series B PLD.U US
$0.0417
US
$8.06
6.21% 8.90%
Global 45 Split Corp. - Class A GFV $0.10 $14.04 8.55% 12.25%
First Asset Equal Weight REIT Income Fund RIT.UN $0.2000 $13.49 6.84%(d) 8.62%
First Asset Pipes & Power Income Fund EWP.UN $0.05833 $7.60 9.21% 10.81%
First Asset/BlackRock North American Dividend Achievers™ Trust BDA.UN $0.05 $9.89 6.07% 8.69%
Payout Performers™ Income Fund PPF.UN $0.05 $8.50 7.06% 8.59%
Split REIT Opportunity Trust - Capital Units SOT.UN $0.07813 $16.68 5.62% 8.06%
Utility Split Trust - Capital Units UST.UN $0.0906 $14.50 7.50% 10.75%
Global 45 Split Corp. - Preferred Shares GFV.PR.A $0.13125 $10.40 5.05% 7.23%
Split REIT Opportunity Trust - Preferred Securities SOT.PR.A $0.14375 $10.25 5.61% 5.61%
Utility Split Trust - Preferred Securities UST.PR.A $0.07397(e) $10.40 6.00% 6.00%
(a) As at close on January 2, 2007
(c) Estimated. Based on Ontario tax rates.
(e) Reflects interest from closing date (45 days).
(b) Based on trading price as at Jan. 2, 2007
(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.