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First Asset Funds Inc. Announces January, 2005 Distributions

TORONTO, January 20, 2005 - First Asset Funds Inc. announces the following confirmed distributions for the month ending January 31, 2005. In all cases, the distribution will be paid on or before February 15, 2005 to unitholders of record on January 31, 2005.

Fund /
Trust
TSX
Trading
Symbol
Distribution
Amount
(per unit)
Distribution
Amount
Annualized
TSX
trading
price per
unit as at
Jan 18/05
Annualized
Yield
Pre-Tax
Interest
Equivalent
(based on
Ontario
Rates
First Asset Yield Opportunity FAY.UN $0.1458 $1.7496 $25.35 6.90% 9.89%
Preferred Securities Income Fund PFS.UN $0.12 $1.44 $22.65 6.36% 9.11%
Preferred Securities Limited Duration Fund - Series A PLD.UN $0.1146 $1.3752 $22.75 6.04% 8.66%
Preferred Securities Limited Duration - Series B PLD.U US
$0.0458
US
$0.5496
US
$9.17
5.99% 8.59%
Global 45 Split Corp. - Class A GFV $0.10 $1.20 $13.08 9.17% 13.15%
First Asset Equal Weight REIT Income Fund RIT.UN $0.0625 $0.75 $10.05 7.46% 10.69%

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