Press Releases

First Asset Funds Inc. Announces August, 2007 Distributions

TORONTO, ONTARIO--(Marketwire - Aug. 22, 2007) - First Asset Funds Inc. announces the following confirmed distributions for the month ending August 31, 2007. In all cases, the distribution will be paid on or before September 14, 2007 to unitholders of record on August 31, 2007.

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                              Distrib-
                                 ution
                                Amount       TSX     Annua-        Pre-Tax
                          TSX     (per   Trading      lized       Interest
Name                   Symbol     unit) Price (a)  Yield (b) Equivalent (c)
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First Asset Yield      FAY.UN  $0.1458    $20.50       8.53%         10.01%
 Opportunity Trust
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Preferred Securities 
 Income Fund           PFS.UN    $0.12    $17.20       8.37%         12.00%
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Preferred Securities 
 Limited Duration                  CAD       CAD 
 Fund - Series A       PLD.UN  $0.1042    $18.50       6.76%          9.69%
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Preferred Securities 
 Limited Duration                  USD       USD 
 Fund - Series B        PLD.U  $0.0417     $7.50       6.67%          9.56%
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Global 45 Split Corp.     GFV    $0.10    $13.80       8.70%         12.46%
 - Class A Shares
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First Asset REIT 
 Income Fund           RIT.UN    $0.08    $12.39       7.75%          9.76%
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First Asset 
 Pipes & Power
 Income Fund           EWP.UN $0.05833     $7.44       9.41%         11.04%
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First Asset/BlackRock 
 North American 
 Dividend 
 Achievers(TM) Trust   BDA.UN    $0.05     $8.90       6.74%          9.66%
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Payout Performers(R)
 Income Fund (d)       PPF.UN    $0.05     $9.19       6.53%          7.09%
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Split REIT 
 Opportunity  
 Trust - Capital 
 Units                 SOT.UN  $0.0875    $15.50       6.77%          9.71%
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Utility Split Trust          
 - Capital Units       UST.UN $0.09688    $12.25       9.49%         13.60%
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(a) As at close on August 20, 2007.
(b) Based on trading price as at August 20, 2007.
(c) Estimated - based on Ontario tax rates. 
(d) Final distribution before merger into First Asset/BlackRock 
    North American Dividend Achievers(TM) Trust.

For more information, please call Rob MacNiven (Investor Relations) at (416) 642-1289 or (877) 642-1289, or visit www.firstasset.com.