Press Releases

First Asset Funds Inc. Announces December, 2004 Distributions

TORONTO, December 20, 2004 - First Asset Funds Inc. announces the following distributions for the month and quarter ending December 31, 2004. In all cases, the distribution will be paid on or before January 14, 2005 to unitholders of record on December 31, 2004.

Fund /
Trust
TSX
Trading
Symbol
Confirmed
or
Estimated
Distribution
Amount
(per unit)
Distribution
Amount
Annualized
TSX
trading
price per
unit as at
Dec 16/04
Annualized
Yield
Pre-Tax
Interest
Equivalent
(based on
Ontario
Rates
MONTHLY
First Asset Yield Opportunity FAY.UN Confirmed $0.1458 $1.7496 $26.10 6.70% 9.61%
Preferred Securities Income Fund PFS.UN Confirmed $0.12 $1.44 $22.57 6.38% 9.14%
Preferred Securities Limited Duration Fund - Series A PLD.UN Confirmed $0.1146 $1.3752 $22.60 6.08% 8.72%
Preferred Securities Limited Duration - Series B PLD.U Confirmed US
$0.0458
US
$0.5496
US
$8.74
6.29% 9.01%
Global 45 Split Corp. - Class A GFV Confirmed $0.10 $1.20 $13.00 9.23% 13.23%
First Asset Equal Weight REIT Income Fund RIT.UN Confirmed $0.0625 $0.75 $10.25 7.32% 10.49%
QUARTERLY
Global 45 Split Corp. - Preferred Shares GFV.PR.A Confirmed $0.13125 $0.525 $10.55 4.98% 7.13%

For more information, please call First Asset Funds Inc. at 416-642-1289 or 1-877-642-1289, or visit www.firstassetfunds.com.