Long Reserve Life Resource Fund (LRF.UN), Deans Knight Income and Growth Fund (DKI.UN), Fairway Investment Grade Income Fund (FGF.UN), Nuveen Senior Floating Rate Income Fund (FSL.UN), Global Preferred Securities Trust (GPT.UN) and Fairway Diversified Income and Growth Trust (FDT.UN) announce results of unitholder meetings and their approval for the merger of Global Preferred Securities Trust and Fairway Investment Grade Income Fund into Fairway Diversified Income and Growth Trust



    TORONTO, June 21 /CNW/ - Fairway Advisors Inc., the manager of Long
Reserve Life Resource Fund ("Long Reserve"), Deans Knight Income and Growth
Fund ("Deans Knight"), Fairway Investment Grade Income Fund ("Fairway
Investment"), Nuveen Senior Floating Rate Income Fund ("Nuveen"), Global
Preferred Securities Trust ("Global Preferred"), Fairway Diversified Income
and Growth Trust ("Fairway Diversified") (each individually, a "Fund", or
collectively, the "Funds") announce that the unitholders of the Funds
(collectively, "Securityholders"), as applicable, considered various proposals
and the voting results for each were as follows:

    
    1.  Fund Mergers: Global Preferred, Fairway Investment and Fairway
        Diversified: Securityholders of Global Preferred, Fairway Investment
        and Fairway Diversified approved the merger of Global Preferred and
        Fairway Investment into Fairway Diversified. The merger will be
        effective as at the close of business on June 29, 2007. Subject to
        any necessary regulatory approvals, including consent of the Toronto
        Stock Exchange, Securityholders of Global Preferred and Fairway
        Investment will be issued units of Fairway Diversified based on the
        closing net asset value on June 29, 2007 of the respective Fund.

    2.  Issuance of Additional Securities for each Fund: Securityholders of
        each Fund other than Nuveen approved an amendment to its respective
        declaration of trust to permit the issue of securities at a price per
        security that is less than the net asset value per security at such
        time. Securityholders of Nuveen did not approve this same amendment.

    3.  Authority to Convert to an Open-Ended Mutual Fund for each Fund:
        Securityholders of each Fund approved an amendment to its respective
        declaration of trust granting the manager the authority to convert
        the Fund to an open-ended mutual fund if the Fund's units trade at a
        discount to net asset value over a specified time period.

    4.  Additional Redemption Right for each Fund: Securityholders of each
        Fund other than Nuveen approved an amendment to its respective
        declaration of trust to permit unitholders to switch to other
        investment vehicles administered, managed, sponsored or promoted by
        the manager of the Funds or an affiliate of the manager and offered
        to the public by prospectus, by adding a further redemption right at
        100% of the net asset value per unit. Securityholders of Nuveen did
        not approve this same amendment.

    5.  Termination of the Fund by the Manager: Securityholders of each Fund,
        other than Nuveen and Long Reserve approved an amendment to their
        respective declaration of trust to permit the manager to terminate
        the Fund without Securityholder approval if, in its opinion, it is no
        longer economically practical for the Fund to continue, or if it
        determines that it would be in the best interests of the
        Securityholders to terminate the Fund. The declaration of trust of
        each of Nuveen and Long Reserve already provide this discretion.

    6.  Allocation of Realized Capital Gains to Redeeming Unitholders of
        Fairway Diversified: Securityholders of Fairway Diversified approved
        an amendment to its declaration of trust to permit the trustee or the
        manager to designate as payable to redeeming unitholders capital
        gains realized by Fairway Diversified in connection with the
        disposition of portfolio securities required in order to fund the
        redemption.

    7.  Payment of Management Fee in Units: Securityholders of each Fund
        other than Deans Knight, Fairway Investment and Nuveen approved an
        amendment to their respective declarations of trust to permit the
        management fees to be paid in either units or cash and, if in units,
        to a total maximum amount of 100,000 units, at the manager's
        discretion. The declarations of trust for Deans Knight and Fairway
        Investment already permit such action. Securityholders of Nuveen did
        not approve this same amendment.

    8.  Amendment to Investment Restrictions/Investment Strategy for Deans
        Knight and Fairway Diversified: Securityholders of Deans Knight and
        Fairway Diversified approved an amendment to their respective
        declarations of trust to amend the investment restrictions and
        investment strategy, including lowering the amounts required to be
        invested in income trusts, and certain other changes more
        particularly described in the management information circular for the
        meetings.

    9.  Amendment to Investment Restrictions for each Fund: Securityholders
        of each Fund approved an amendment to their respective declarations
        of trust to remove or amend certain investment restrictions which no
        longer apply due to changes in applicable tax legislation.
    

    "We are very pleased with the results of the meeting and expect to
complete the mergers before the end of the month," said Steve Hawkins, CEO and
Managing Partner of Fairway Advisors Inc.
    All amendments to the declarations of trust and the mergers remain
subject to receipt of all necessary regulatory approvals, including consent of
the Toronto Stock Exchange.

    About the Manager

    Fairway Advisors Inc. is the manager and trustee for a range of exchange
traded investment funds and falls within the oversight of JovFunds Management
Inc., a wholly-owned subsidiary of Jovian Capital Corporation.

    About JovFunds Management Inc.

    JovFunds is a nationally run financial services organization which
provides innovative investment solutions for Canadians through the creation,
management and distribution of high quality investment products. As a member
of the Jovian Group of Companies, JovFunds oversees the management and
distribution of a diverse range of mutual funds, structured products and
alternative investments with assets in excess of $1.2 billion.

    About Jovian Capital Corporation

    Jovian is a publicly-traded company listed on the TSX Venture Exchange
(JVN). Jovian is a management and holding company with interests in a variety
of financial service firms specializing in wealth(*) and asset(xx) management.
The Jovian group of companies operates as a national financial services
organization with approximately $14.0 billion of client assets ($4.9 billion
in assets under management and $9.1 billion in assets under administration).

    
    (*) Wealth management entities include Convoy Capital Corporation,
        JovFunds Inc., MGI Securities Inc., MGI Securities (USA) Inc. and
        Rice Financial Group Inc. (xx) Asset management entities include
        Accumulus Management Ltd., BetaPro Management Inc., Charterhouse PSI
        Management Corporation, DOCP Management Corp., Horizons Funds Inc.,
        JovInvestment Management Inc., JovFunds Management Inc., Jovian Asset
        Management Inc., Leon Frazer & Associates Inc., Pescara Partners
        Inc., Taliesin Capital Inc., T.E. Wealth. Financial corporate service
        entities include Felcom Data Services Inc. and Services Felcom Data
        (Quebec) Inc./Felcom Data Services (Quebec) Inc.
    





For further information:

For further information: Don Sangster, Investor Relations, Jovian
Capital Corporation, (416) 933-5744; or Steve Hawkins, Managing Partner,
Fairway Advisors Inc., (416) 601-2442; Additional information about Fairway is
available at www.fairwaycapital.com; Additional information relating to Jovian
is available at www.sedar.com and www.joviancapital.com

Organization Profile

JOVFUNDS MANAGEMENT INC.

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LONG RESERVE LIFE RESOURCE FUND

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