TORONTO, ONTARIO -- (MARKET WIRE) -- 10/20/2006 -- 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.

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Name                      TSX       Distri-      TSX  Annual-  Pre-Tax 
                       Symbol       bution   Trading    ized  Interest 
                                    Amount     Price   Yield    Equiva-
                                 (per unit)     (Oct.     (a)  lent (b)
                                               18/06)
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First Asset Yield      FAY.UN      $0.1458    $23.68    7.39%     8.67%
 Opportunity Trust
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Preferred Securities   PFS.UN        $0.12    $20.00    7.20%    10.32%
 Income Fund
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Preferred Securities                   CDN       CDN
 Limited Duration Fund PLD.UN      $0.1042    $20.45    6.11%     8.76%
- Series A
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Preferred Securities                    US        US
 Limited Duration Fund  PLD.U      $0.0417     $8.09    6.19%     8.86%
- Series B
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Global 45 Split Corp.     GFV        $0.10    $13.05    9.20%    13.18%
- Class A Shares
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First Asset Equal      RIT.UN      $0.0800    $12.33    7.79%     9.81%
 Weight REIT
 Income Fund
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First Asset Pipes &    EWP.UN     $0.05833     $8.66    8.08%     9.48%
 Power Income Fund
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First Asset/BlackRock  BDA.UN        $0.05     $9.61    6.24%     8.95%
 North American   
 Dividend Achievers
 ™Trust         
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Payout Performers™  PPF.UN        $0.05     $9.40    6.38%     7.77%
 Income Fund
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Split REIT Opportunity SOT.UN     $0.07813    $14.52    6.46%     9.25%
 Trust - Capital Units
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(a) Based on trading price as at close on October 18, 2006
(b) Estimated. Based on Ontario tax rates