First Asset Equal Weight Pipes & Power Income Fund

First Asset Equal Weight Pipes & Power Income Fund

January 28, 2005 09:00 ET

First Asset Equal Weight Pipes & Power Income Fund Files Final Prospectus


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: FIRST ASSET EQUAL WEIGHT PIPES & POWER INCOME FUND

JANUARY 28, 2005 - 09:00 ET

First Asset Equal Weight Pipes & Power Income Fund
Files Final Prospectus

TORONTO, ONTARIO--(CCNMatthews - Jan. 28, 2005) - First Asset Funds Inc.
is pleased to announce that First Asset Equal Weight Pipes & Power
Income Fund (the "Fund") has filed and has received a receipt dated
January 27, 2005 from the securities regulators of all the Canadian
provinces for the final prospectus for its offering of up to 15 million
units ($150 million). The offering is scheduled to close on or about
February 17, 2005. The subscription price per unit is $10, with a
minimum initial investment of $1,000. The Toronto Stock Exchange ("TSX")
has conditionally approved the listing of the units (EWP.UN), subject to
fulfillment by the Fund of the requirements of the TSX.

The Fund is designed to provide unitholders with high monthly cash
distributions and low management fees together with the opportunity for
capital appreciation by investing in an equally weighted diversified
portfolio of Pipeline & Power Income Trusts on a passive basis.

The Fund's portfolio will be comprised of an approximate equal dollar
amount of securities of each Pipeline & Power Income Trust listed on the
TSX that pays a regular distribution and that has a market
capitalization of at least $200 million at the time of investment. The
portfolio will be rebalanced annually to adjust for changes in market
capitalizations, to add newly qualified Pipeline & Power Income Trusts
and to remove those Pipeline & Power Income Trusts that cease to qualify
under the Fund's investment guidelines. As at January 14, 2005, there
were 20 qualifying Pipeline & Power Income Trusts. As a result of the
equal weight approach, each Pipeline & Power Income Trust would
constitute approximately 5% of the portfolio.

First Asset Funds Inc., the manager of the Fund, is a wholly-owned
subsidiary of First Asset Management Inc. ("First Asset"). First Asset
is an integrated wealth management company that has acquired top tier
investment management firms in Canada, rapidly growing to become a
leading Canadian asset management company with approximately $27 billion
in assets under management or administration as at December 31, 2004.

The syndicate of agents for this offering is being led by CIBC World
Markets Inc. and RBC Dominion Securities Inc., and includes BMO Nesbitt
Burns Inc., National Bank Financial Inc., Scotia Capital Inc., TD
Securities Inc., HSBC Securities (Canada) Inc., Canaccord Capital
Corporation, Desjardins Securities Inc., Dundee Securities Corporation,
First Associates Investments Inc., Raymond James Ltd. and Wellington
West Capital Inc.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    First Asset Funds Inc.
    Tanya Carey
    (416) 642-1289 or 1-877-642-1289
    www.firstassetfunds.com