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First Asset Funds Inc. Announces December, 2005 Distributions

TORONTO, December 19, 2005 - First Asset Funds Inc. announces the following confirmed distributions for the month and quarter ending December 31, 2005. In all cases, the distribution will be paid on or before January 13, 2006 to unitholders of record on December 30, 2005.

Name TSX
Symbol
Distribution
Amount
(per unit)
TSX
trading
price per
(Dec. 15/05)
Annualized
Yield(a)
Pre-Tax
Interest
Equivalent(b)
MONTHLY
First Asset Yield Opportunity FAY.UN $0.1458 $24.30 7.20% 10.32%
Preferred Securities Income Fund PFS.UN $0.12 $20.55 7.01% 10.04%
Preferred Securities Limited Duration Fund - Series A PLD.UN $0.1042 $20.62 6.06% 8.69%
Preferred Securities Limited Duration - Series B PLD.U US
$0.0417
US
$8.25
6.07% 8.69%
Global 45 Split Corp. - Class A GFV $0.10 $11.85 10.13% 14.51%
First Asset Equal Weight REIT Income Fund RIT.UN $0.0625 $10.45 7.18% 9.04%
First Asset Equal Weight Pipes & Power Income Fund EWP.UN $0.05833 $8.97 7.80% 9.16%
First Asset Equal Weight Small-Cap Income Fund FAS.UN $0.06417 $7.35 10.48% 11.84%
First Asset/BlackRock North American Dividend Achievers(TM) Trust BDA.UN $0.05 $10.10 5.94% 8.51%
QUARTERLY
Global 45 Split Corp. - Preferred Shares GFV.PR.A $0.13125 $11.72 4.90% 7.02%
(a) Based on trading price as at Dec 15, 2005 (b) Estimated. Based on Ontario tax rates

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