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Preferred Securities Limited Duration Fund Announces Notice of Intention to Purchase Units

April 14, 2004 - Preferred Securities Limited Duration Fund (TSX: PLD.UN and PLD.U) announces that to enable it to execute its mandatory market purchase program if and when required, and to permit the Fund to otherwise acquire Series A Units and/or Series B Units (collectively, the "Units"), the Fund has filed with the Toronto Stock Exchange a notice of intention to make normal course purchases of its Units (the "Notice").

The TSX has accepted the Notice. Under this normal course issuer bid the Fund may purchase up to 537,500 of the Series A Units of the Fund, representing 10% of the public float of the Fund, which is the same number as the Fund's outstanding Series A Units, being 5,375,000 as of the date hereof. Under this normal course issuer bid the Fund may purchase up to 376,500 of the Series B Units of the Fund, representing 10% of the public float of the Fund, which is the same number as the Fund's outstanding Series B Units, being 3,765,000 as of the date hereof. Purchases of the Series A Units and Series B Units will commence on April 16, 2004 and will terminate on April 15, 2005, or on such earlier date as the Fund may complete its purchases pursuant to the Notice. Purchases will be made in the open market through the facilities of the TSX in accordance with its rules and policies. The price that the Fund will pay for any such Units will be the market price of such Units at the time of acquisition. Units purchased will be cancelled.

To the knowledge of the Trustee, no director, officer or other insider of the Trustee or the Fund intends at present to sell any Units under this bid.

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