Communiqués de presse

First Asset Yield Opportunity Trust announces distribution for month ending October 31, 2003

October 21, 2003 - First Asset Yield Opportunity Trust (TSX: FAY.UN) announces a distribution for the month ending October 31, 2003 of $0.1458 per Unit. The distribution will be paid on November 14, 2003 to unitholders of record on October 31, 2003.

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 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.

For further information, please contact Tanya Carey, Investor Relations, First Asset Funds Inc. at (416) 642-1289 or 1-877-642-1289.