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First Asset Equal Weight Small-Cap Income Fund Announces Notice of Intention to Purchase Units

Toronto, May 27, 2005 - First Asset Equal Weight Small-Cap Income Fund (TSX: FAS.UN) announced today that to enable it to execute its mandatory market purchase program if and when required, and to permit the Trust to otherwise acquire Units, the Trust has filed with the Toronto Stock Exchange a notice of intention to make normal course purchases of its Units. The TSX has accepted the notice.

Under this normal course issuer bid the Trust may purchase up to 250,000 of the Units of the Trust, representing 10% of the public float of the Trust, which is the same number as the Trust's outstanding Units, being 2,500,000 as of the date hereof. Purchases of Units will commence on May 27, 2005 and will terminate on May 26, 2006, or on such earlier date as the Trust may complete its purchases pursuant to the Notice. Purchases will be made in the open market through the facilities of the TSX in accordance with its rules and policies. The price that the Trust will pay for any such Units will be the market price of such Units at the time of acquisition. Units purchased will be cancelled.

To the knowledge of the Trustee, no director, officer or other insider of the Trustee or the Trust intends at present to sell any Units under this bid.

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