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Preferred Securities Limited Duration Fund Announces Distributions

August 20, 2004 - Preferred Securities Limited Duration Fund announces a distribution for the month ending August 31, 2004 of CDN $0.1042 per Series A unit (TSX: PLD.UN) and of US $0.0417 per Series B unit (TSX: PLD.U). In both cases , the distribution will be paid on September 15, 2004 to unitholders of record on August 31, 2004.

Mr. Bernard Sussman, Chief Investment Officer of Spectrum Asset Management, the lead portfolio manager of Preferred Securities Limited Duration Fund, together with Mr. Barry Gordon, President and CEO of First Asset Funds will be available via conference call at 4:30 p.m. (Toronto time) Monday, August 23, 2004 to provide an update and discuss Spectrum's market outlook and views on the portfolio. Callers may participate in the call at 416-695-9757or 1-800-446-4472. The call will be recorded and available for playback by calling 416-695-6059 or 1-800-758-7977 Passcode 7561#.

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