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First Asset Yield Opportunity Trust Files Preliminary Prospectus

July 9, 2003 - First Asset Funds Inc., a member of the First Asset Management Inc. family, is pleased to announce that it has teamed up with Goldman Sachs Asset Management, L.P., to offer Canadian retail investors access to the global high yield market through the First Asset Yield Opportunity Trust (the "Trust"). The Trust has filed a preliminary prospectus with the securities commissions of all the Canadian provinces for an initial public offering of units of the Trust.

The Trust has two investment objectives. The first is to pay to unitholders, on a monthly basis, tax-efficient distributions consisting of capital gains and returns of capital. The Trust is targeting monthly distributions of $0.1458 per Unit or $1.75 per annum to yield 7% on the $25 subscription price. The second investment objective is to seek to preserve and enhance the net asset value of the Trust in order to return at least the original subscription price of the units to unitholders on or about December 31, 2013, the Trust's scheduled termination date.

The distributions are characterized as tax efficient because returns of capital are generally not subject to tax, and distributions that are designated as capital gains will generally be taxed at a lower rate than distributions of interest, dividend and/or other investment income. The return to unitholders and the Trust will depend upon the return on the Global Bond Portfolio by virtue of a Forward Agreement. The Global Bond Portfolio will consist primarily of global high-yield instruments selected by Goldman Sachs Asset Management, L.P., one of the world's pre-eminent high-yield investment managers.

First Asset Funds Inc., the manager of the Trust, 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 focused on providing sophisticated products and services to the institutional, high net worth and affluent markets.

A syndicate of agents is being led by CIBC World Markets Inc. and TD Securities Inc. and includes RBC Capital Markets, BMO Nesbitt Burns Inc., National Bank Financial Inc., Scotia Capital Inc., Canaccord Capital Corporation, Desjardins Securities Inc., Dundee Securities Corporation, First Associates Investments Inc. and Raymond James Ltd. For a copy of the preliminary prospectus, please contact your Investment Advisor. Units of the Trust cannot be acquired until the relevant securities commissions or similar authorities issue receipts for Trust's prospectus. Commissions, trailing commissions, management fees and expenses all may be associated with an investment in the Trust. Please read the prospectus before investing. The Trust (including its investment objectives) is not guaranteed, its value changes frequently and past performance may not be repeated.

For further information, please contact Tanya Carey, Investor Relations, First Asset Funds Inc. at 1-877-642-1289.