Sentry Select Capital Inc.

Sentry Select Capital Inc.
Select 50 S-1 Income Trust


Multi Select Income Trust

Multi Select Income Trust
Pro-Vest Growth & Income Fund

May 20, 2009 17:31 ET

Unitholders Approve Mergers of Funds With Sentry Select Canadian Income Fund

TORONTO, ONTARIO--(Marketwire - May 20, 2009) - Sentry Select Capital Inc. ("Sentry Select" or the "Manager") is pleased to announce that the unitholders of Select 50 S-1 Income Trust (TSX:SON.UN), Sentry Select Focused Growth & Income Trust (TSX:SFG.UN), Multi Select Income Trust (TSX:MST.UN), Pro-Vest Growth & Income Fund (TSX:PRG.UN) and Sentry Select 40 Split Income Trust (collectively, the "Terminating Funds") have today voted, at successively held special meetings, to approve the mergers of the Terminating Funds with Sentry Select Canadian Income Fund (the "Continuing Fund"), an open-end mutual fund (collectively, the "Mergers").

The Mergers are expected to take place on or about June 12, 2009. Those Terminating Funds currently listed on the Toronto Stock Exchange are expected to be de-listed from trading on or about June 2, 2009.

The Mergers remain subject to regulatory approval.

Costs of the Mergers

All costs and expenses associated with the Mergers will be borne by the Manager.

Sentry Select Canadian Income Fund

Sentry Select Canadian Income Fund is an open-end mutual fund with approximately $360 million in assets. The investment objective of the Continuing Fund is to provide consistent monthly income and capital appreciation by investing primarily in a diversified portfolio of Canadian securities including equities, fixed-income instruments, real estate investment trusts and income trusts. The Continuing Fund currently pays a distribution of $0.0775 which represents an annual yield of approximately 8.00% as of May 19, 2009. The net assets of the Continuing Fund will be approximately $570 million following the Mergers.

Sentry Select

Sentry Select is a Canadian wealth management company that offers a diverse range of investment products including closed-end trusts, mutual funds, principal-protected notes, flow-through limited partnerships and hedge funds, covering a variety of domestic and global mandates.

Certain statements included in this news release constitute forward-looking statements, including, but not limited to, those identified by the expressions "expect", "intend", "will" and similar expressions to the extent they relate to Sentry Select. The forward-looking statements are not historical facts but reflect Sentry Select's current expectations regarding future results or events. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations including, but not limited to, the proposed timing of the Mergers or the failure to receive the required regulatory approvals to implement the Mergers. Although Sentry Select believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and, accordingly, readers are cautioned not to place undue reliance on such statements due to the inherent uncertainty therein. Sentry Select undertakes no obligation to update publicly or otherwise revise any forward-looking statement or information whether as a result of new information, future events or other such factors which affect this information, except as required by law. Past results are not a guarantee of future performance. For a complete disclosure record for all of the Terminating Funds and of the Continuing Fund, please visit their respective profiles at

Sentry Select Capital Inc.
The Exchange Tower
130 King Street West
Suite 2850, P.O. Box 104
Toronto, Ontario M5X 1A4
Telephone: (416) 861-8729
Fax: (416) 364-5615

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