Sentry Select Capital Corp.

Alliance Split Income Trust Capital Units

Alliance Split Income Trust Capital Units
Diversified Income Trust II

MORTGAGE-BACKED SECURITIES TRUST ($C)

MORTGAGE-BACKED SECURITIES TRUST ($US)

MULTI SELECT INCOME TRUST CAPITAL UNITS

MBS Adjustable Rate Income Fund

Pro-Vest Growth & Income Fund

Select 50 S-1 Income Trust

Select 50 S-1 Income Trust II

SENTRY SELECT FOCUSED GROWTH & INCOME TRUST

COMMERCIAL AND INDUSTRIAL SECURITIES INCOME TRUST

January 21, 2005 13:36 ET

Sentry Select Capital Corp. Announces January Distributions for Income Trusts


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: SENTRY SELECT CAPITAL CORP.

AND ALLIANCE SPLIT INCOME TRUST CAPITAL UNITS

TSX SYMBOL: ASI.UN

AND DIVERSIFIED INCOME TRUST II

TSX SYMBOL: DTT.UN

AND MORTGAGE-BACKED SECURITIES TRUST ($C)

TSX SYMBOL: MF.UN

AND MORTGAGE-BACKED SECURITIES TRUST ($US)

TSX SYMBOL: MF.U

AND MULTI SELECT INCOME TRUST CAPITAL UNITS

TSX SYMBOL: MST.UN

AND MBS ADJUSTABLE RATE INCOME FUND

TSX SYMBOL: MTF.UN

AND PRO-VEST GROWTH & INCOME FUND

TSX SYMBOL: PRG.UN

AND SELECT 50 S-1 INCOME TRUST

TSX SYMBOL: SON.UN

AND SELECT 50 S-1 INCOME TRUST II

TSX SYMBOL: SDE.UN

AND SENTRY SELECT FOCUSED GROWTH & INCOME TRUST

TSX SYMBOL: SFG.UN

AND COMMERCIAL AND INDUSTRIAL SECURITIES INCOME TRUST

TSX SYMBOL: COI.UN

JANUARY 21, 2005 - 13:36 ET

Sentry Select Capital Corp. Announces January
Distributions for Income Trusts

TORONTO, ONTARIO--(CCNMatthews - Jan. 21, 2005) - Sentry Select Capital
Corp. is pleased to announce the January distribution amounts for the
following income trusts.



-----------------------------------------------------------------------
Trust Trading Distribu- Record Payable
symbol tion date date
amount
(per unit)
-----------------------------------------------------------------------
Alliance Split Income
Trust Capital Units ASI.UN $0.1125 January 31, February 14,
2005 2005
-----------------------------------------------------------------------
Diversified Income
Trust II DTT.UN $0.09 January 31, February 14,
2005 2005
-----------------------------------------------------------------------
Mortgage-Backed
Securities Trust ($C) MF.UN $0.075 January 31, February 14,
2005 2005
-----------------------------------------------------------------------
Mortgage-Backed
Securities Trust ($US) MF.U $0.0614 January 31, February 14,
2005 2005
-----------------------------------------------------------------------
Multi Select Income
Trust Capital Units MST.UN $0.075 January 31, February 14,
2005 2005
-----------------------------------------------------------------------
MBS Adjustable Rate
Income Fund MTF.UN $0.06 January 31, February 14,
2005 2005
-----------------------------------------------------------------------
Pro-Vest Growth &
Income Fund PRG.UN $0.0667 January 31, February 14,
2005 2005
-----------------------------------------------------------------------
Select 50 S-1 Income
Trust SON.UN $0.0675 January 31, February 14,
2005 2005
-----------------------------------------------------------------------
Select 50 S-1 Income
Trust II SDE.UN $0.06 January 31, February 14,
2005 2005
-----------------------------------------------------------------------
Sentry Select
Focused Growth &
Income Trust SFG.UN $0.0625 January 31, February 14,
2005 2005
-----------------------------------------------------------------------
COmmercial and
INdustrial Securities
Income Trust COI.UN $0.05 January 31, February 14,
2005 2005
-----------------------------------------------------------------------


-----------------------------------------------------------------------
Trust Distribution TSX trading Annualized
amount price per unit trailing
annualized as at yield
January 20, 2005
-----------------------------------------------------------------------
Alliance Split Income
Trust Capital Units $1.35 $17.00 7.9%
-----------------------------------------------------------------------
Diversified Income
Trust II $1.08 $13.85 7.8%
-----------------------------------------------------------------------
Mortgage-Backed
Securities Trust ($C) $0.90 $9.00 10.0%
-----------------------------------------------------------------------
Mortgage-Backed
Securities Trust ($US) $0.7368 $7.18 10.3%
-----------------------------------------------------------------------
Multi Select Income
Trust Capital Units $0.90 $10.55 8.5%
-----------------------------------------------------------------------
MBS Adjustable Rate
Income Fund $0.72 $10.30 7.0%
-----------------------------------------------------------------------
Pro-Vest Growth &
Income Fund $0.8004 $10.48 7.6%
-----------------------------------------------------------------------
Select 50 S-1 Income
Trust $0.81 $11.64 7.0%
-----------------------------------------------------------------------
Select 50 S-1 Income
Trust II $0.72 $10.83 6.6%
-----------------------------------------------------------------------
Sentry Select Focused
Growth & Income Trust $0.75 $9.28 8.1%
-----------------------------------------------------------------------
COmmercial and INdustrial
Securities Income Trust $0.60 $8.84 6.8%
-----------------------------------------------------------------------


Future distributions

The Manager expects to pay these monthly distributions based upon the
current make-up of each individual Trust's portfolio and the indicated
distribution policies of the income funds in the portfolios. However, if
the make-up of the portfolios changes or if such income funds make
distributions other than in accordance with their indicated policies,
future distributions may differ.
Continued over page

Sentry web site

To find out more about each trust, including portfolio holdings, net
asset values and investment objectives, go to www.sentryselect.com.

The Manager

Sentry Select is a wealth management company with total assets under
management of approximately $4.0 billion. Sentry Select has over 85
employees across Canada, including an investment team of 12 portfolio
managers, research analysts and traders.

It is the manager or portfolio manager of:

- Sentry Select Diversified Income Trust (TSX: SDT.UN);

- Diversified Income Trust II (TSX: DTT.UN);

- Select 50 S-1 Income Trust (TSX: SON.UN);

- Select 50 S-1 Income Trust II (TSX: SDE.UN);

- Pro-Vest Growth & Income Fund (TSX: PRG.UN);

- Sentry Select Focused Growth & Income Trust (TSX: SFG.UN);

- COmmercial and INdustrial Securities Income Trust "COINS" (TSX:
COI.UN);

- Sentry Select Principal-Protected Blue Chip Notes™;

- MBS Adjustable Rate Income Fund (TSX: MTF.UN);

- Multi Select Income Trust (TSX: MST.UN, MST.PR.A);

- Strategic Energy Fund (TSX: SEF.UN);

- Mortgage-Backed Securities Trust (TSX: MF.UN; TSX: MF.U);

- Sentry Select Blue-Chip Income Trust (TSX: SIT.UN);

- Sentry Select Global Index Income Trust (TSX: SGT.UN);

- Alliance Split Income Trust (TSX: ASI.UN, ASI.PR.A);

- CAPVEST Income Corp. (TSX-V: CVS);

- Eight mutual funds that focus on a broad range of sectors of the
economy; and

- Four flow-through investment funds.



The Exchange Tower
130 King Street West
Suite 2850, P.O. Box 104
Toronto, Ontario M5X 1A4



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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Investor Services
    (investor enquiries)
    1-888-246-6656
    416-364-1330 (FAX)
    or
    Jason Graham/Patrick Schryburt
    (media enquiries)
    1-888-246-6656
    416-364-1330 (FAX)
    info@sentryselect.com
    www.sentryselect.com