Press Releases

First Asset Funds Inc. Announces May, 2007 Distributions

TORONTO, May 22, 2007 - First Asset Funds Inc. announces the following confirmed distributions for the month ending May 31, 2007. In all cases, the distribution will be paid on or before June 15, 2007 to unitholders of record on May 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 $23.57 7.42% 8.71%
Preferred Securities Income Fund PFS.UN $0.12 $19.51 7.38% 10.58%
Preferred Securities Limited Duration Fund - Series A PLD.UN CDN
$0.1042
CDN
$19.88
6.29% 9.01%
Preferred Securities Limited Duration - Series B PLD.U USD
$0.0417
USD
$8.01
6.25% 8.95%
Global 45 Split Corp. - Class A Shares GFV $0.10 $14.50 8.28% 11.86%
First Asset Equal Weight REIT Income Fund RIT.UN $0.08 $13.85 6.93% 8.73%
First Asset Pipes & Power Income Fund EWP.UN $0.05833 $7.93 8.83% 10.36%
First Asset/BlackRock North American Dividend Achievers™ Trust BDA.UN $0.05 $10.09 5.95% 8.52%
Payout Performers® Income Fund PPF.UN $0.05 $9.55 6.28% 7.64%
Split REIT Opportunity Trust - Capital Units SOT.UN $0.0875 $18.35 5.72% 8.20%
Utility Split Trust - Capital Units UST.UN $0.09688 $14.07 8.26% 11.84%
(a) As at close on May 17, 2007
(b) Based on trading price as at May 17, 2007.
(c) 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.