Communiqués de presse

Preferred Securities Limited Duration Fund Announces Intention to Purchase Units

TORONTO, ONTARIO--(CCNMatthews - April 16, 2007) - Preferred Securities Limited Duration Fund (the "Trust") (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 Trust to otherwise acquire Series A Units and/or Series B Units, the Trust has filed with the Toronto Stock Exchange (the "TSX") a Notice of Intention to make a normal course issuer bid (the "NCIB"). The TSX has accepted the NCIB. First Asset Funds Inc., as manager of the Trust, believes it is in the best interest of the Trust and the holders of the Series A Units and the Series B Units to undertake this normal course issuer bid.

Pursuant to the NCIB, the Trust proposes to purchase, from time to time, if it is considered advisable, up to 285,274 Series A Units of the Trust, representing approximately 10% of the public float which is the same number as the Trust's issued and outstanding Series A Units, being 2,852,744 as of the date hereof, and up to 204,322 Series B Units of the Trust, representing approximately 10% of the public float which is the same number as the Trust's issued and outstanding Series B Units, being 2,043,222 as of the date hereof. Purchases of Series A Units and Series B Units (collectively, the "Units") under the NCIB may commence on April 18, 2007 and will terminate on April 17, 2008, or on such earlier date as the Trust 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 Trust will pay for such Units will be the market price of such Units at the time of acquisition. Units purchased will be cancelled.

On April 13, 2006, the Trust announced that it was making a Normal Course Issuer Bid, which commenced April 18, 2006, to purchase up to 370,797 Series A Units and 288,556 Series B Units through the facilities of the TSX. Under the bid, which expires on April 17, 2007, an aggregate of 27,300 Series A Units were repurchased and cancelled at an average price of $19.40 per Series A Unit excluding commissions and an aggregate of 4,100 Series B Units were repurchased and cancelled at an average price of $7.55 per Series B Unit excluding commissions.

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