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First Asset Funds Inc. Announces May, 2008 Distributions

TORONTO, ONTARIO -- (May 21, 2008) - First Asset Funds Inc. announces the following confirmed distributions for the month ending May 31, 2008. In all cases, the distribution will be paid on or before June 13, 2008 to unitholders of record on May 30, 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    $20.31        8.61%         12.35%
 Opportunity Trust
 - Series A
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First Asset Yield
 Opportunity Trust  FAY.U          USD     $6.30        8.38%         12.01%
 - Series B                    $0.0440
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Global 45 Split
 Corp. - Class A      GFV        $0.10    $12.90        9.30%         13.33%
 Shares
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First Asset REIT
 Income Fund       RIT.UN        $0.07    $10.75        7.81%         10.86%
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First Asset
 Income & Growth   IGF.UN     $0.05833     $8.67        8.07%         10.87%
 Fund
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First Asset Pipes
 & Power           EWP.UN     $0.05833     $6.93       10.10%         12.73%
 Income Fund
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First
 Asset/BlackRock
 North
 American Dividend BDA.UN        $0.05     $7.90        7.59%         10.88%
 Achievers(TM)
 Trust
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Split REIT
 Opportunity       SOT.UN      $0.0875    $13.16        7.98%         11.43%
 Trust - Capital
 Units
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Utility Split
 Trust - Capital   UST.UN     $0.09688    $10.62       10.95%         14.74%
 Units
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(a) As at close on May 16, 2008. (b) Based on trading price as at
    May 16, 2008.
(c) Estimated - based on Ontario tax rates.

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.