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Preferred Securities Income Fund Files Preliminary Prospectus

November 4, 2003 - First Asset Funds Inc. is pleased to announce that a preliminary prospectus for Preferred Securities Income Fund (the "Fund") has been filed with the securities regulatory authorities of all the Canadian provinces for an initial public offering of units of the Fund. The Fund will offer Canadian retail investors access to the US preferred securities market in a fund managed by one of the world's pre-eminent investment managers in this asset class.

The Fund 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 second investment objective is to preserve and enhance the net asset value of the Fund in order to return at least the original subscription price of the units to unitholders on or about December 31, 2013, the Fund's scheduled termination date.

Portfolio selection will be made by Stamford, Connecticut based Spectrum Asset Management, Inc., an independently managed, wholly-owned subsidiary of Principal Global Investors, LLC, which, together with its subsidiaries and affiliates, had over $90 billion in assets under management as of September 30, 2003.

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 over $21.5 billion in assets under management or administration, focused on providing sophisticated products and services to the institutional, high net worth and affluent markets.

The syndicate of agents for this offering is being led by CIBC World Markets Inc. and TD Securities Inc. and includes RBC Dominion Securities Inc., BMO Nesbitt Burns Inc., National Bank Financial Inc., Scotia Capital Inc., Canaccord Capital Corporation, Desjardins Securities Inc., Dundee Securities Corporation, First Associates Investments Inc., HSBC Securities (Canada) Inc. and Raymond James Ltd.

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