Press Releases

Preferred Securities Limited Duration Fund Announces Notice Of Intention To Purchase Units

TORONTO, ONTARIO--(CCNMatthews - April 13, 2006) - Preferred Securities Limited Duration Fund (TSX:PLD.UN)(TSX:PLD.U) announced today 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, the Fund has filed with the Toronto Stock Exchange a notice of intention to make normal course purchases of its Units. The TSX has accepted the Notice. First Asset Funds Inc., as trustee of the Fund, believes it is in the best interest of the Fund and the Fund and the holders of the Units to undertake this normal course issuer bid.

Under this normal course issuer bid the Fund may purchase up to 370,797 of the Series A Units of the Fund, representing 10% of the public float of Series A Units of the Fund, which is the same number as the Fund's outstanding Series A Units, being 3,707,969 as of April 10, 2006. Under this normal course issuer bid the Fund may purchase up to 288,556 of the Series B Units of the Fund, representing 10% of the public float of Series B Units of the Fund, which is the same number as the Fund's outstanding Series B Units, being 2,885,564 as of April 10, 2006. Purchases of the Series A Units and Series B Units will commence on April 18, 2006 and will terminate on April 17, 2007, 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.

Within the past 12 months, the Trust has purchased a total of 11,900 Series A Units through the facilities of the TSX at an average price of $21.11 per Series A Unit. Within the past 12 months, the Trust has purchased a total of 7,500 Series B Units through the facilities of the TSX at an average price of $8.30 per Series B Unit.

For further information, please call Rob MacNiven, Investor Relations, First Asset Funds Inc. at 416-642-1289 or 1-877-642-1289, or visit www.firstassetfunds.com.