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Preferred Securities Income Fund announces Distribution

March 22, 2004 - Preferred Securities Income Fund (TSX: PFS.UN) announces a distribution for the month ending March 31, 2004 of $0.12 per unit. The distribution will be paid on April 15, 2004 to unitholders of record on March 31, 2004.

For further information, please call First Asset Funds Inc. at (416) 642-1289 or 1-877-642-1289.