Press Releases

First Asset Funds Inc. Announces October, 2006 Distributions

TORONTO, October 20, 2006 - First Asset Funds Inc. announces the following confirmed distributions for the month ending October 31, 2006. In all cases, the distribution will be paid on or before November 15, 2006 to unitholders of record on October 31, 2006.

First Asset Funds Inc. also announces an increase in the distribution for First Asset Equal Weight REIT Income Fund from $0.0625 to $0.08 per unit for October and estimates the same for the November and December distributions, reflecting realized gains from, among other things, the disposition of the Fund's position in Summit REIT. The REIT sector is benefiting from a growing trend of both domestic and cross-border merger and acquisition activity.

Name TSX
Symbol
Distribution
Amount
(per unit)
TSX
Trading
Price
(Oct. 18/06)
Annualized
Yield(a)
Pre-Tax
Interest
Equivalent(b)
First Asset Yield Opportunity FAY.UN $0.1458 $23.68 7.39% 8.67%
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 $20.45 6.11% 8.76%
Preferred Securities Limited Duration - Series B PLD.U US
$0.0417
US
$8.09
6.19% 8.86%
Global 45 Split Corp. - Class A GFV $0.10 $13.05 9.20% 13.18%
First Asset Equal Weight REIT Income Fund RIT.UN $0.0800 $12.33 7.79% 9.81%
First Asset Pipes & Power Income Fund EWP.UN $0.05833 $8.66 8.08% 9.48%
First Asset/BlackRock North American Dividend Achievers™ Trust BDA.UN $0.05 $9.61 6.24% 8.95%
Payout Performers™ Income Fund PPF.UN $0.05 $9.40 6.38% 7.77%
Split REIT Opportunity Trust - Capital Units SOT.UN $0.07813 $14.52 6.46% 9.25%
(a) Based on trading price as at close on October 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.