Press Releases

First Asset Funds Inc. Announces May, 2005 Distributions

TORONTO, May 19, 2005 - First Asset Funds Inc. announces the following confirmed distributions for the month ending May 31, 2005. In all cases, the distribution will be paid on or before June 15, 2005 to unitholders of record on May 31, 2005.

Fund /Trust TSX
Trading
Symbol
Distribution
Amount
(per unit)
Distribution
Amount
Annualized
TSX
trading
price per
unit as at
Mar 17/05
Annualized
Yield
based on
trading
price as at
Mar 17/05)
Pre-Tax
Interest
Equivalent
(based on
Ontario
tax rates)
First Asset Yield Opportunity FAY.UN $0.1458 $1.7496 $23.65 7.40% 10.60%
Preferred Securities Income Fund PFS.UN $0.12 $1.44 $21.05 6.84% 9.80%
Preferred Securities Limited Duration Fund - Series A PLD.UN $0.1146 $1.3752 $21.25 6.47% 9.27%
Preferred Securities Limited Duration - Series B PLD.U US
$0.0458
US
$0.5496
US
$8.40
6.54% 9.38%
Global 45 Split Corp. - Class A GFV $0.10 $1.20 $12.35 9.72% 13.92%
First Asset Equal Weight REIT Income Fund RIT.UN $0.0625 $0.75 $9.40 7.98% 10.05%
First Asset Equal Weight Pipes & Power Income Fund EWP.UN $0.0583 $0.6996 $9.70 7.21% 8.46%
First Asset Equal Weight Small-Cap Income Fund* FAS.UN $0.0803 $0.8496 $9.00 9.44% 10.67%
* This initial distribution reflects the period from the closing (April 26, 2005) to May 31, 2005.

For further information, please call Tanya Carey, Investor Relations, First Asset Funds Inc. at 416-642-1289 or 1-877-642-1289, or visit www.firstassetfunds.com.