Press Releases

First Asset Announces September, 2007 Distributions

TORONTO, ONTARIO (Marketwire - Sept. 19, 2007) - First Asset announces the following confirmed distributions for the month ending September 30, 2007. In all cases, the distribution will be paid on or before October 15, 2007 to unitholders of record on September 28, 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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                               MONTHLY
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First Asset Yield      
 Opportunity Trust     FAY.UN  $0.1458    $21.51       8.13%          9.54%
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Preferred Securities    
 Income Fund           PFS.UN    $0.12    $17.80       8.09%         11.59%
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Preferred Securities               
 Limited Duration                  CAD       CAD
 Fund - Series A       PLD.UN  $0.1042    $18.05       6.93%          9.93%
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Preferred Securities    
 Limited Duration                  USD       USD
 Fund - Series B        PLD.U  $0.0417     $7.41       6.75%          9.68%
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Global 45 Split Corp. 
 - Class A Shares         GFV    $0.10    $14.20       8.45%         12.11%
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First Asset REIT       
 Income Fund           RIT.UN    $0.08    $12.63       7.60%          9.58%
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First Asset Income &    
 Growth Fund (d)       MBL.UN $0.05833     $8.40       8.33%         10.32%
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First Asset Pipes &     
 Power Income Fund     EWP.UN $0.05833     $7.52       9.31%         10.92%
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First Asset/BlackRock
 North American 
 Dividend      
 Achievers(TM) Trust   BDA.UN    $0.05     $9.30       6.45%          9.25%
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Split REIT             
 Opportunity             
 Trust - Capital  
 Units                 SOT.UN  $0.0875    $17.03       6.17%          8.84%
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Utility Split Trust   
 - Capital Units (e)   UST.UN $0.09688    $12.25       9.49%         13.60%
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                             QUARTERLY
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Global 45 Split Corp. 
 - Preferred Shares  GFV.PR.A $0.13125    $10.22       5.14%         7. 36%
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Split REIT    
 Opportunity                   
 Trust - Preferred
 Securities          SOT.PR.A $0.14375    $10.25       5.61%          5.61%
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Utility Split Trust  
 - Preferred 
 Securities          UST.PR.A    $0.15    $10.15       5.91%          5.91%
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First Asset 
 Diversified                   
 Convertible Debenture
 Fund                  DCD.UN    $0.30    $18.50       6.49%          9.30%
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First Asset Global      
 Infrastructure 
 Fund (f)              FAI.UN  $0.1710     $8.55       7.02%           n/a
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(a) As at close on September 17, 2007. (b) Based on trading price as at September 17, 2007. (c) Estimated - based on Ontario tax rates. (d) Formerly Montrusco Bolton Income & Growth Fund (e) The Trust wishes to clarify that commencing in 2008, Capital Units may be surrendered for redemption during the period from April 15 to 5:00 p.m. (Toronto time) on the tenth Business Day prior to the second last Business Day of May. The French version of the Trust's Prospectus dated October 24, 2006 incorrectly states that the Capital Units may be surrendered for redemption during a period beginning on October 15. (f) Reflects distribution from closing date (104 days).

For further information, please contact Rob MacNiven, Investor Relations, First Asset Funds Inc. at 416-642-1289 or 1-877-642-1289, or visit www.firstasset.com.