Communiqués de presse

First Asset Funds Inc. Announces January, 2007 Distributions

TORONTO, ONTARIO--(CCNMatthews - Jan. 22, 2007) - First Asset Funds Inc. announces the following confirmed distributions for the month ending January 31, 2007. The monthly distribution in respect of First Asset Equal Weight REIT Income Fund, which consists of income and capital gains, will remain at $0.08. Split REIT Opportunity Trust is increasing its monthly distribution from $0.07813 per Capital Unit to $0.0875, consisting of income and capital gains. In all cases, the distribution will be paid on or before February 15, 2007 to unitholders of record on January 31, 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 $23.80 7.35% 8.62%
Preferred Securities Income Fund PFS.UN $0.12 $20.15 7.15% 10.24%
Preferred Securities Limited Duration Fund - Series A PLD.UN CDN
$0.1042
CDN
$20.35
6.14% 8.81%
Preferred Securities Limited Duration - Series B PLD.U US
$0.0417
US
$8.20
6.10% 8.75%
Global 45 Split Corp. - Class A GFV $0.10 $13.90 8.63% 12.37%
First Asset Equal Weight REIT Income Fund RIT.UN $0.08 $13.30 7.22% 9.09%
First Asset Pipes & Power Income Fund EWP.UN $0.05833 $7.78 9.00% 10.56%
First Asset/BlackRock North American Dividend AchieversTM Trust BDA.UN $0.05 $9.91 6.05% 8.68%
Payout PerformersTM Income Fund PPF.UN $0.05 $8.31 7.22% 8.78%
Split REIT Opportunity Trust - Capital Units SOT.UN $0.0875 $17.85 5.88% 8.43%
Utility Split Trust - Capital Units UST.UN $0.0906 $14.30 7.60% 10.90%
(a) As at close on January 18, 2007.
(c) Estimated. Based on Ontario tax rates.
(b) Based on trading price as at January 18, 2007.

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.