Merger Details:

Effective April 5, 2007, MBS Adjustable Rate Income Fund merged with Sentry Select MBS Adjustable Rate Income Fund II, with Sentry Select MBS Adjustable Rate Income Fund II the surviving fund. MBS Adjustable Rate Income Fund holders received in exchange, 0.9780 units of Sentry Select MBS Adjustable Rate Income Fund II for each unit of MBS Adjustable Rate Income Fund previously held. This resulted in a disposition of MBS Adjustable Rate Income Fund as of the date of merger, April 5, 2007. Therefore, units of Sentry Select MBS Adjustable Rate Income Fund II received by former holders of MBS Adjustable Rate Income Fund should be entered as a purchase using a value equal to the settlement amount of the disposition of the MBS Adjustable Rate Income Fund previously held and using a purchase settlement date of April 5, 2007.