Communiqués de presse

First Asset Equal Weight Small-Cap Income Fund and First Asset Equal Weight REIT Income Fund

TORONTO, September 27, 2006 - First Asset Funds Inc. ("First Asset"), Trustee and Manager of First Asset Equal Weight Small-Cap Income Fund ("Small-Cap Fund") (TSX: FAS.UN) and First Asset Equal Weight REIT Income Fund ("REIT Fund") (TSX: RIT.UN), confirmed today receipt of all necessary regulatory approvals in connection with the merger of the Funds (the "Merger"). The effective date of the Merger will be September 29, 2006.

The Merger will be effected by the exchange of assets of the Small-Cap Fund for Units of the REIT Fund. The Small-Cap Fund's portfolio has been liquidated and the fund is currently holding cash in anticipation of the Merger. The exchange ratio that will determine the number of REIT Units to be issued to the Fund pursuant to the Merger will be calculated based on the relative net asset of the Small-Cap Fund and the REIT Fund at the close of trading on September 28, 2006. On September 29, 2006 following the Merger, the Small-Cap Fund will redeem its outstanding Units and Unitholders will receive their pro rata share of the REIT Units received by the Fund pursuant to the Merger. The former Unitholders of the Small-Cap Fund who receive REIT Units pursuant to the redemption will be entitled to receive the distribution payable to Unitholders of record of the REIT Fund on September 29, 2006.

In connection with the Merger, the TSX has announced special settlement rules that will permit trading in the Units of the Small-Cap Fund to and including Friday, September 29, 2006.

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