Citadel HYTES Fund

Citadel HYTES Fund

December 19, 2007 12:40 ET

Citadel HYTES Fund Announces Regular & Special Distributions

CALGARY, ALBERTA--(Marketwire - Dec. 19, 2007) - Citadel HYTES Fund ("Citadel HYTES" of the "Fund") (TSX:CHF.UN) reports the distribution to unitholders of record at the close of business on December 31, 2007 and payable on January 8, 2008 is $0.14 Cdn per unit.

In addition, Citadel HYTES announces the following special distributions:

- a special cash distribution of $0.20 per unit to unitholders of record at the close of business on December 31, 2007 and payable on January 8, 2008; and

- a special non-cash distribution of approximately $0.60 per unit to unitholders of record on December 31, 2007. This non-cash distribution will be in the form of trust units to be distributed on a pro rata basis to unitholders of record on December 31, 2007 and will be included in unitholders' income for the 2007 calendar year. Immediately after this pro rata distribution of trust units, the number of outstanding trust units will be consolidated, such that each unitholder holds, following the consolidation, the same number of trust units as before the non-cash distribution.

The special distributions are required in order to ensure that the Fund, as is required by its Declaration of Trust, is not liable to pay income taxes in respect of its current taxation year ended December 31, 2007.

Throughout the month of November 2007, Citadel HYTES repurchased 44,800 units under its mandatory repurchase program when the Fund traded at a discount greater than 5%.

As at December 13, 2007, Citadel HYTES's net asset value was $14.35 Cdn per unit. The current portfolio consists of 33% oil and gas royalty trusts, 39% income funds, 10% real estate investment trusts, and 15% utility and infrastructure, and 3% cash and cash equivalents.

Top Ten Holdings at December 17, 2007:

1) IBI Income Fund
2) Vermilion Energy Trust
3) ARC Energy Trust
4) Medical Facilities Corporation
5) NAL Oil & Gas Trust
6) Enerplus Resources
7) Fort Chicago Energy Partners
8) Rogers Sugar Income Fund
9) Keyera Facilities Income Fund
10) Bonavista Energy Trust

Contact Information

  • Citadel HYTES Fund
    Joe MacDonald
    Executive Vice President, Sales and Marketing