Citadel Diversified Investment Trust
TSX : CTD.UN

Citadel Diversified Investment Trust
Citadel S-1 Income Trust Fund
TSX : SDL.UN

Citadel S-1 Income Trust Fund
Citadel HYTES Fund
TSX : CHF.UN

Citadel HYTES Fund
Citadel SMaRT Fund
TSX : CRT.UN

Citadel SMaRT Fund
MYDAS Fund
TSX : MYF.UN

MYDAS Fund
Citadel Multi-Sector Income Fund
TSX : CMS.UN

Citadel Multi-Sector Income Fund
Series S-1 Income Fund
TSX : SRC.UN

Series S-1 Income Fund
Citadel Income & Growth Fund
TSX : CIF.UN

Citadel Income & Growth Fund
Income & Equity Index Participation Fund
TSX : IEP.UN

Income & Equity Index Participation Fund
Energy Plus Income Trust
TSX : EPF.UN

Energy Plus Income Trust

September 15, 2005 15:28 ET

Citadel Funds Announces Results of the Special Meeting of the Unitholders

CALGARY, ALBERTA--(CCNMatthews - Sept. 15, 2005) - Citadel Diversified Investment Trust ("Diversified") (TSX:CTD.UN); Citadel S-1 Income Trust Fund ("S-1") (TSX:SDL.UN); Citadel HYTES Fund ("HYTES") (TSX:CHF.UN); Citadel SMaRT Fund ("SMaRT") (TSX:CRT.UN); MYDAS Fund ("MYDAS") (TSX:MYF.UN); Citadel Multi-Sector Income Fund ("Multi-Sector") (TSX:CMS.UN); Series S-1 Income Fund ("Series S-1") (TSX:SRC.UN); Citadel Income & Growth Fund ("Income & Growth") (TSX:CIF.UN); Income & Equity Index Participation Fund ("Income & Equity") (TSX:IEP.UN); and Energy Plus Income Trust ("Energy Plus" and collectively, the "Citadel Funds") (TSX:EPF.UN) announced the results of the special meetings of the Unitholders of the Funds scheduled for September 14, 2005.

Quorum was reached on only 5 out of the 10 Funds. A quorum was present for the special meetings of each of Citadel Diversified Investment Trust, Citadel S-1 Income Trust Fund, Citadel HYTES Fund, MYDAS Fund and Series S-1 Income Fund and accordingly those special meetings proceeded as planned.

A quorum was not present for the special meetings of each of Citadel SMaRT Fund, Citadel Multi-Sector Income Fund, Citadel Income & Growth Fund, Income & Equity Index Participation Fund and Energy Plus Income Trust. As a result the special meetings for these Funds were adjourned until October 12, 2005. A supplemental mailing of proxies will be made to each unitholder, of the Funds with adjourned meetings, who has not yet voted in an effort to reach the quorum requirements for these Funds for the October 12, 2005 meeting date.

A quorum for a special meeting is two or more unitholders present in person or represented by proxy representing not less than 10% of the Trust Units then outstanding.

In respect of the special meetings that proceeded, all of the resolutions were passed with the required majorities. The resolutions that were passed were as follows:

CITADEL DIVERSIFIED INVESTMENT TRUST

CITADEL S-1 INCOME TRUST FUND

CITADEL HYTES FUND

MYDAS FUND

SERIES S-1 INCOME FUND

Merger of Citadel Funds. To authorize the board of directors of each of the Citadel Funds to merge any Citadel Fund with any one or more other Citadel Fund with similar investment objectives, policies and restrictions.

Consolidation of Fund Administrators. To permit the amalgamation of administrators of each of the Citadel Funds and the assignment of the applicable administration agreement to a single operating corporation whose mandate will be to provide administrative services to all of the Citadel Funds.

Securities Lending. To approve the amendment of the investment restrictions in the Declaration of Trust of each of the Citadel Funds to permit the respective Citadel Fund to enter into securities lending agreements.

Unit Issuance At Less Than NAV Pursuant to DRIP. To approve the amendment of the Declaration of Trust of each of MYDAS and Series S-1 to permit the respective Citadel Fund to issue trust units at a price per trust unit that is less than the net asset value per trust unit at such time in connection with its Distribution Reinvestment Program.

Unit Split. To approve the division of the outstanding trust units of Citadel S-1, Citadel HYTES and MYDAS on a two-for-one basis.

Allow Investments in Stapled Units. To approve the amendment of the investment policies contained in the Declaration of Trust of each of MYDAS and Series S-1 to permit the applicable Citadel Fund to invest in stapled units.

Reserve Additional Units for Payment of Fees in Units. To approve the reservation of a number of trust units of Citadel Diversified for issuance to the Administrator and Investment Manager of Citadel Diversified in satisfaction of fees payable to such parties.

Permit Payment of Fees in Either Cash or Units. To approve the amendment of the administrative services agreement for Citadel Diversified to allow for the payment of fees payable thereunder in either cash or trust units, at the election of the Administrator.

Permit Replacement of Trustee. To approve the amendment of the Declaration of Trust of Citadel S-1 to permit the replacement of the trustee of Citadel S-1 by the independent directors of the Administrator of Citadel S-1.

Quorum Amendment Resolution. To approve the amendment of the Declaration of Trust of each of the Citadel Funds to provide that the quorum requirements for each of the Citadel Funds would be deemed to be met at any adjourned unitholder meeting.

Contact Information

  • Citadel Diversified Management Ltd.
    Joe MacDonald
    Executive Vice President, Sales and Marketing
    1-877-261-9674
    Website: www.citadelfunds.com