First Asset Equal Weight Small-Cap Income Fund

First Asset Equal Weight Small-Cap Income Fund
First Asset

First Asset

April 26, 2005 08:58 ET

First Asset Equal Weight Small-Cap Income Fund Closes Initial Public Offering


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: FIRST ASSET EQUAL WEIGHT SMALL-CAP INCOME FUND

APRIL 26, 2005 - 08:58 ET

First Asset Equal Weight Small-Cap Income Fund Closes
Initial Public Offering

TORONTO, ONTARIO--(CCNMatthews - April 26, 2005) - First Asset Funds
Inc. is pleased to announce the closing today of the initial public
offering of 2.3 million units of First Asset Equal Weight Small-Cap
Income Fund (the "Fund"). The units are listed on the Toronto Stock
Exchange ("TSX") under the symbol FAS.UN. The Fund has granted the
agents for the offering an over-allotment option to acquire additional
units exercisable at any time during the next 30 days.

The Fund is designed to provide unitholders with monthly cash
distributions and the opportunity for capital appreciation by investing
in an equally weighted passive portfolio of Small-Cap Income Trusts.

The Fund's portfolio will be comprised of an approximate equal dollar
amount of securities of each Small-Cap Income Trust listed on the
Toronto Stock Exchange that pays a regular distribution, that has a
market capitalization of not less than $50 million and not more than
$400 million at the time of investment and which satisfies a minimum
trading volume requirement. The portfolio will be rebalanced annually.

The Fund's first distribution will be paid to unitholders of record on
May 31, 2005 and will reflect the period from the closing (April 26,
2005) to May 31, 2005.

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 $29 billion
in assets under management or administration as at March 31, 2005.

The syndicate of agents for this offering was led by CIBC World Markets
Inc. and RBC Capital Markets, and included 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., Wellington West Capital Inc.,
Berkshire Securities Inc., Research Capital Corporation, and Richardson
Partners Financial Limited.


-30-

Contact Information

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