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

Toronto, 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.

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