Press Releases

First Asset Funds Inc. Announces September, 2006 Distributions

TORONTO, September 20, 2006 - First Asset Funds Inc. announces the following confirmed distributions for the month and quarter ending September 30, 2006. In all cases, the distribution will be paid on or before October 13, 2006 to unitholders of record on September 29, 2006.

Name TSX
Symbol
Distribution
Amount
(per unit)
TSX
Trading
Price
(Sep. 18/06)
Annualized
Yield(a)
Pre-Tax
Interest
Equivalent(b)
MONTHLY
First Asset Yield Opportunity FAY.UN $0.1458 $23.47 7.45% 8.75%
Preferred Securities Income Fund PFS.UN $0.12 $20.00 7.20% 10.32%
Preferred Securities Limited Duration Fund - Series A PLD.UN $0.1042 $20.00 6.25% 8.96%
Preferred Securities Limited Duration - Series B PLD.U US
$0.0417
US
$8.01
6.25% 8.95%
Global 45 Split Corp. - Class A GFV $0.10 $13.25 9.06% 12.98%
First Asset Equal Weight REIT Income Fund RIT.UN $0.0625 $11.88 6.31% 7.95%
First Asset Pipes & Power Income Fund EWP.UN $0.05833 $8.62 8.12% 9.53%
First Asset/BlackRock North American Dividend AchieversTM Trust BDA.UN $0.05 $9.21 6.51% 9.34%
Payout PerformersTM Income Fund PPF.UN $0.05 $9.10 6.59% 8.02%
Split REIT Opportunity Trust - Capital Units SOT.UN $0.07813 $14.00 6.70% 9.60%
QUARTERLY
Global 45 Split Corp. - Preferred Shares GFV.PR.A $0.13125 $10.49 5.00% 7.17%
Split REIT Opportunity Trust - Preferred Securities SOT.PR.A $0.14375 $10.35 5.56% 5.56%
(a) Based on trading price as at close on September 18, 2006 (b) Estimated. Based on Ontario tax rates

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.