First Asset Equal Weight Small-Cap Income Fund

First Asset Equal Weight Small-Cap Income Fund
First Asset

First Asset

April 07, 2005 15:37 ET

First Asset Equal Weight Small-Cap Income Fund Files Final Prospectus


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: FIRST ASSET EQUAL WEIGHT SMALL-CAP INCOME FUND

APRIL 7, 2005 - 15:37 ET

First Asset Equal Weight Small-Cap Income Fund Files
Final Prospectus

TORONTO, ONTARIO--(CCNMatthews - April 7, 2005) - First Asset Funds Inc.
is pleased to announce that First Asset Equal Weight Small-Cap Income
Fund (the "Fund") has filed and has received a receipt dated April 7,
2005 from the securities regulators of all the Canadian provinces for
the final prospectus for its offering of up to 10 million units ($100
million). The offering is scheduled to close on or about April 26, 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 (FAS.UN), subject to
fulfillment by the Fund of the requirements of the TSX.

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

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 and that has a
market capitalization of not less than $50 million and not more than
$400 million at the time of investment. As at March 29, 2005, there were
80 qualifying Small-Cap Income Trusts. As a result of the equal weight
approach, each Small-Cap Income Trust would constitute approximately
1.25% of the portfolio. The portfolio will be rebalanced annually to
maintain the equal weighting.

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 $28.9
billion in assets under management or administration as at February 28,
2005.

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


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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