Communiqués de presse

Preferred Securities Limited Duration Fund<br/>"TSX: PLD.UN; PLD.U"

TORONTO, June 12, 2006 - First Asset Funds Inc., the Manager and Trustee of Preferred Securities Limited Duration Fund announces that all of the special resolutions proposed in the Management Information Circular dated May 1, 2006 (and referred to in a press release dated May 1, 2006) were approved by unitholders at the adjourned meeting held today.

The Trustee anticipates implementing the changes approved today on or before June 19, 2006.

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