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First Asset Equal Weight Small-Cap Income Fund and First Asset Equal Weight REIT Income Fund Confirm Date of Merger

TORONTO, September 20, 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), announced today that the effective date of the merger (the "Merger") of the Small-Cap Fund into the REIT Fund will be September 29, 2006 and accordingly, that the last day of trading on the Toronto Stock Exchange for the Small-Cap Fund would be September 28, 2006.

First Asset also confirmed today that the merger will be accomplished on a tax-deferred "roll-over" basis for unitholders of the Small-Cap Fund. Prior to the effective date of the merger, the Small-Cap Fund will liquidate the portfolio securities in an orderly manner such that at the time of the merger, assets of the Small-Cap Fund will be comprised entirely of cash.

Former unitholders of the Small-Cap Fund who receive units of the REIT Fund pursuant to the merger will be entitled to receive the distribution payable in respect of the REIT Fund for the month ended September 30, 2006.

The exchange ratio for the Merger will be announced by way of press release following the close of trading on September 28, 2006. The exchange ratio will be calculated based on the relative net asset value of the units of the Funds.

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.