Unitholders of Four Citadel Funds Approve the Reorganization Proposal

TORONTO, Nov. 17 /CNW/ - Citadel Fund Administrator (the "Administrator") today announced Unitholders of the Citadel HYTES Fund (CHF.UN, TSX), Citadel Premium Income Fund (CPF.UN, TSX), Citadel S-1 Income Trust Fund (SDL.UN, TSX), and Citadel Stable S-1 Income Fund (CSR.UN, TSX) (collectively the "four Citadel Funds") approved the Reorganization Proposal at the Special Meetings of Unitholders (the "Meetings") held earlier today, November 17, 2009.

As part of the Reorganization Proposal, the four Citadel Funds will be merged with Equal Weight Plus Fund (EQW.UN, TSX) and the Crown Hill Fund (MYT.UN, TSX) into the continuing fund that will be renamed the Citadel Income Fund. The Effective Date for the merger of the funds is expected to be December 2, 2009. An application has been filed with the Toronto Stock Exchange ("TSX") and the Citadel Income Fund is expected to begin trading on the TSX on December 7, 2009 under a new trading symbol that will be announced by press release prior to that date.

"We are very pleased that an overwhelming majority of unitholders approved the Reorganization Proposal for the four Citadel Funds," said Mr. Wayne Pushka, President and Chief Executive Officer of Citadel Fund Administrator. "As we proceed with the next steps forward, we would also like to thank unitholders, investment advisors and the analysts for their support and feedback during the past few months."

All unitholders of the four Citadel Funds will receive the November distribution, which will be payable to unitholders of record on November 30, 2009. The November distributions are expected to be paid on or about December 3, 2009. Unitholders who redeemed units are also expected to receive the proceeds of such redemptions on December 3, 2009. The exchange ratio for units of the four Citadel Funds will be based on the relative net asset values per unit. The exchange ratio will be determined prior to the merger and will be announced by press release.

As part of the Reorganization Resolution, unitholders of Citadel HYTES Fund approved the removal of the current trustee and the appointment of Valiant Trust Company as the replacement trustee. The appointment will be effective November 18, 2009. Unitholders of the Citadel Premium Income Fund, Citadel S-1 Income Trust Fund and Citadel Stable S-1 Income Fund confirmed the appointment of Valiant Trust Company as trustee.

The Reorganization resolution for the Citadel SMaRT Fund (CRT.UN, TSX) was not approved. Detailed voting results of the Meetings will be promptly filed on www.sedar.com.

This release contains forward-looking statements. Forward-looking statements are given only as at the date of this release and the Funds and Citadel Fund Administrator disclaims any obligation to update or revise the forward looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

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SOURCE CITADEL S-1 INCOME TRUST FUND

For further information: For further information: Unitholder and Advisors Contact: Citadel Funds Administrator, Email: investorrelations@citadelfunds.com, Phone: 1-877-261-9674; Media Contact: Camilla Bartosiewicz, Kingsdale Communications Inc., Email: camilla@kingsdalecommunications.com, Phone: (416) 867-2316

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CITADEL S-1 INCOME TRUST FUND

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