First Asset

First Asset
First Asset Yield Opportunity Trust
TSX : FAY.UN
TSX : FAY.U

First Asset Yield Opportunity Trust
Global 45 Split Corp. - Class A Shares
TSX : GFV

Global 45 Split Corp. - Class A Shares
Global 45 Split Corp. - Preferred Shares
TSX : GFV.PR.A

Global 45 Split Corp. - Preferred Shares
First Asset REIT Income Fund
TSX : RIT.UN

First Asset REIT Income Fund
First Asset Income & Growth Fund
TSX : IGF.UN

First Asset Income & Growth Fund
First Asset Pipes & Power Income Fund
TSX : EWP.UN

First Asset Pipes & Power Income Fund
First Asset/BlackRock North American Dividend Achievers(TM) Trust
TSX : BDA.UN

First Asset/BlackRock North American Dividend Achievers(TM) Trust
Split REIT Opportunity Trust - Capital Units
TSX : SOT.UN

Split REIT Opportunity Trust - Capital Units
Split REIT Opportunity Trust - Preferred Securities
TSX : SOT.PR.A

Split REIT Opportunity Trust - Preferred Securities
Utility Split Trust - Capital Units
TSX : UST.UN

Utility Split Trust - Capital Units
Utility Split Trust - Preferred Securities
TSX : UST.PR.A

Utility Split Trust - Preferred Securities
First Asset Diversified Convertible Debenture Fund
TSX : DCD.UN

First Asset Diversified Convertible Debenture Fund
First Asset Global Infrastructure Fund
TSX : FAI.UN

First Asset Global Infrastructure Fund

December 18, 2007 18:20 ET

First Asset Funds Announces Estimated Regular and Special Distributions for December, 2007

TORONTO, ONTARIO--(Marketwire - Dec. 18, 2007) - First Asset Funds Inc. announces the estimated regular distributions and estimated special distributions for the period-ending December 31, 2007 for the funds listed in the tables below. The estimated regular distributions are identified under Part I of the table below (Estimated Regular Distributions). The estimated regular distributions will be payable on December 31, 2007, and will be paid in cash on or before January 15, 2008 to unitholders of record on December 31, 2007.

The estimated special capital gains distributions identified in Part II of the table below (Estimated Special Distributions) will be payable by the issuance of securities of the funds in question, and immediately thereafter, the issued and outstanding capital of each fund will be consolidated such that the number of issued and outstanding securities of each fund does not change. The special distributions will be payable on December 31, 2007, and will be paid in securities on or before January 15, 2008 to unitholders of record on December 31, 2007.

All of the distributions referred to in this press release will be confirmed shortly after the year-end, and prior to payment, once the funds' year-end tax positions are known.



Part I - Estimated Regular Distributions

---------------------------------------------------------------------------
Name TSX Estimated TSX Annualized Pre-Tax
Symbol Regular Trading Yield (b) Interest
Distribution Price (a) Equivalent (c)
Amount
(per unit)
---------------------------------------------------------------------------
First Asset
Yield
Opportunity
Trust -
Series A FAY.UN $0.1458 $21.31 8.21% 11.77%
---------------------------------------------------------------------------
First Asset
Yield
Opportunity
Trust -
Series B FAY.U $0.0440 $6.01 (a) 8.79% 12.59%
---------------------------------------------------------------------------
Global 45
Split Corp.
- Class A
Shares GFV $0.10 $14.16 8.47% 12.14%
---------------------------------------------------------------------------
Global 45
Split Corp.
- Preferred
Shares GFV.PR.A $0.13125 $10.16 5.17% 7.41%
---------------------------------------------------------------------------
First Asset
REIT Income
Fund (See
Part II
below also) RIT.UN $0.08 $11.86 8.09% 11.60%
---------------------------------------------------------------------------
First Asset
Income &
Growth Fund IGF.UN $0.05833 $8.44 8.29% 10.99%
---------------------------------------------------------------------------
First Asset
Pipes & Power
Income Fund EWP.UN $0.05833 $7.04 9.94% 11.67%
---------------------------------------------------------------------------
First Asset/
BlackRock
North American
Dividend
Achievers™
Trust (See
Part II
below also) BDA.UN $0.05 $8.80 6.82% 9.77%
---------------------------------------------------------------------------
Split REIT
Opportunity
Trust - Capital
Units (See
Part II
below also) SOT.UN $0.0875 $13.58 7.73% 11.08%
---------------------------------------------------------------------------
Split REIT
Opportunity
Trust -
Preferred
Securities SOT.PR.A $0.14375 $10.26 5.60% 5.60%
---------------------------------------------------------------------------
Utility Split
Trust -
Capital
Units (d) UST.UN $0.09688 $11.20 10.38% 14.88%
---------------------------------------------------------------------------
Utility Split
Trust -
Preferred
Securities UST.PR.A $0.15 $10.26 5.85% 5.85%
---------------------------------------------------------------------------
First Asset
Diversified
Convertible
Debenture
Fund DCD.UN $0.30 $16.92 7.09% 10.16%
---------------------------------------------------------------------------
First Asset
Global
Infrastructure
Fund FAI.UN $0.15 $8.55 7.02% n/a
---------------------------------------------------------------------------

(a) As at close on December 14, 2007. The closing trading price for PLD.U
was used for FAY.U.
(b) Based on trading price as at December 14, 2007.
(c) Estimated - based on Ontario tax rates.
(d) In respect of the Capital Units of Utility Split Trust, based upon
prevailing market conditions, and the Manager's estimate of
distributable cash, the Manager has determined that the indicative
distribution amount for 2008 is expected to remain unchanged at
$0.09688 per Capital Unit.



Part II - Estimated Special Distributions of Capital Gains

----------------------------------------------------------------------
Name TSX Estimated
Symbol Special
Distribution
Amount
(per unit)
----------------------------------------------------------------------
First Asset REIT Income Fund RIT.UN $0.74
----------------------------------------------------------------------
Split REIT Opportunity Trust - Capital Units SOT.UN $2.00
----------------------------------------------------------------------

Contact Information

  • First Asset Funds Inc.
    Rob MacNiven
    Investor Relations
    (416) 642-1289 or 1-877-642-1289
    Website: www.firstasset.com