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First Asset Yield Opportunity Trust Files Final Prospectus

Aug. 1 - First Asset Funds Inc. is pleased to announce that it has teamed up with Goldman Sachs Asset Management, L.P., one of the world's pre-eminent high-yield investment managers, 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 and has received receipts dated July 31, 2003 from the securities regulators of all the Canadian provinces for the final prospectus for its offering of up to 4 million units. The offering is scheduled to close on or about August 19, 2003. The subscription price per unit is $25, with a minimum initial investment of $2,500. The Toronto Stock Exchange ("TSX") has conditionally approved the listing of the units (FAY.UN), subject to fulfillment by the Trust of the requirements of the TSX.

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.

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.

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. Please read the prospectus before investing. For a copy of the prospectus, please contact your Investment Advisor. Commissions, trailing commissions, management fees and expenses all may be associated with an investment in the Trust. The Trust (including its investment objectives) is not guaranteed, its value changes frequently and past performance may not be repeated.

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.

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