Press Releases

First Asset Funds Inc. Announces October, 2007 Distributions

TORONTO, ONTARIO--(Oct. 22, 2007) - First Asset Funds Inc. announces the following confirmed distributions for the month ending October 31, 2007. In all cases, the distribution will be paid on or before November 15, 2007 to unitholders of record on October 31, 2007.


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Name            TSX Distribution        TSX  Annualized           Pre-Tax 
             Symbol       Amount    Trading    Yield (b)         Interest 
                       (per unit)  Price (a)                Equivalent (c)
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First Asset  FAY.UN   $   0.1458    $ 22.66        7.72%             9.06%
 Yield                                                                    
 Opportunity                                                              
 Trust                                                                    
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Preferred    PFS.UN   $     0.12    $ 18.25        7.89%            11.31%
 Securities                                                               
 Income                                                                   
 Fund                                                                     
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Preferred    PLD.UN          CAD        CAD                               
 Securities           $   0.1042    $ 18.64        6.71%             9.61%
 Limited                                                                  
 Duration                                                                 
 Fund                                                                     
 - Series A                                                               
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Preferred                    USD        USD                               
 Securities   PLD.U   $   0.0417    $  7.51        6.66%             9.55%
 Limited                                                                  
 Duration                                                                 
 Fund                                                                     
 - Series B                                                               
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Global 45       GFV   $     0.10    $ 15.29        7.85%            11.25%
 Split Corp.                                                              
 - Class A                                                                
 Shares                                                                   
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First Asset  RIT.UN   $     0.08    $ 12.81        7.49%             9.44%
 REIT Income                                                              
 Fund                                                                     
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First Asset  IGF.UN   $  0.05833    $  8.55        8.19%             9.60%
 Income &                                                                 
 Growth                                                                   
 Fund                                                                     
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First Asset  EWP.UN   $  0.05833    $  7.66        9.14%            10.72%
 Pipes &                                                                  
 Power                                                                    
 Income Fund                                                              
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First Asset  BDA.UN   $     0.05    $  9.59        6.26%             8.97%
 /BlackRock                                                               
 North                                                                    
 American                                                                 
 Dividend                                                                 
 Achievers(TM)                                                            
 Trust                                                                    
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Split REIT   SOT.UN   $    0.0875   $ 17.05        6.16%             8.83%
 Opportunity                                                              
 Trust                                                                    
 - Capital                                                                
 Units                                                                    
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Utility      UST.UN   $   0.09688   $ 13.00        8.94%            12.82%
 Split                                                                    
 Trust                                                                    
 - Capital                                                                
 Units                                                                    
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(a) As at close on October 18, 2007.
(b) Based on trading price as at October 18, 2007.
(c) Estimated - based on Ontario tax rates.

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