Sentry Select Capital Corp. - Products

Diversified Preferred Share Trust

TSX Symbol/Fund Code:	DPS.UN
Inception Date:	December 2003
Maturity Date:	January 1, 0001
Conversion Date:	January 1, 0001
Termination Date:	January 1, 0001
Investment Type:	Closed-end investment trust
Sales Commission:
Annual trailer / service fee:

Portfolio Manager:
Gordon Higgins
Details

Net Asset Value
	NAVPU	NAV Date
Diversified Preferred Share Trust	$20.80	May 7, 2008

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Market Price
	Price	Change	As Of
Diversified Preferred Share Trust	$20.25	-$0.14	May 9, 2008

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Diversified Preferred Share Trust is a passively managed, closed-end investment trust designed to provide quarterly, tax efficient distributions.

The main objective of this Trust is to generate quarterly, tax efficient cash distributions by investing in an equally weighted, diversified portfolio of preferred shares and preferred securities of Canadian issuers. The portfolio is managed on a passive basis to provide investors a low management fee.

Average Annual Compound Returns (as of April 30, 2008)

YTD	3 Month	6 Month	1 Year	3 Year	5 Year	SI
1.0%	0.2%	0.2%	-8.8%	-1.9%	n/a	0.0%

Annual Returns - by NAV

	2007	2006	2005	2004	2003*
	-6.6%	4.6%	2.4%	5.8%	1.2%

Annual Returns - by Market Price

	2007	2006	2005	2004	2003*
	-15.0%	2.7%	4.7%	5.4%	0.0%

*Total return for the period December 12, 2003 - December 31, 2003

Gordon Higgins, Vice-President, Equities

Gordon leads the Equity Management Team, which is responsible for equity selections and risk management techniques for a number of closed-end trust and open-end mutual fund portfolios. Gordon has more than 20 years of experience in the financial services industry, including 15 years as a portfolio manager specializing in North American equities. His experience includes the lead management of a $2.3 billion fund. He joined Sentry Select in 2004.

Current quarterly distributions of $0.30
	2007	2006	2005	2004	2003
From dividends	0.87	0.78	0.79	0.70	-
Return of capital	0.33	0.42	0.41	0.52	-
Total distributions^1,2	1.20	1.20	1.20	1.22	-

¹ Net asset value and distributions are based on the actual number of units outstanding at the relevant time. The increase decrease from operations is based on the weighted average number of units outstanding over the financial period.
² Distributions were paid in cash.

Summary of investment portfolio (as of March 31, 2008):

Net Assets: $ 223,603,026

Top 25 holdings: (unaudited)

Name of security	% Net Assets
Royal Bank of Canada Non-Cumulative 1st Preferred Series N	1.37
Great-West Lifeco Inc. Non-Cumulative 1st Preferred Series F	1.33
BCE Inc. Cumulative Redeemable 1st Preferred Series AH	1.17
Great-West Lifeco Inc. 4.80% Non-Cumulative 1st Preferred Series E	1.16
Manulife Financial Corp. 4.10% Non-Cumulative Class A Preferred Series 1	1.16
Xstrata Canada Corp. 4.58% Cumulative RedeemablePreferred Series 3	1.16
Power Financial Corp. 5.00% Non-Cumulative Preferred 1 Series D	1.15
George Weston Ltd. 5.15% Cumulative Redeemable Preferred Series II Convertible	1.15
Fortis Inc. Cumulative Redeemable 1st Preferred Series E Convertible	1.15
Fortis Inc. Cumulative Redeemable 1st Preferred Series C Convertible	1.14
Power Financial Corp. Non-Cumulative Preferred 1 Series A	1.13
BCE Inc. Cumulative Redeemable 1st Preferred Series S	1.13
BCE Inc. Cumulative Redeemable 1st Preferred Series R Convertible	1.13
ATCO Ltd. 5.75% Cumulative Redeemable Preferred Series 3	1.12
Canadian Utilities Ltd. Cumulative Redeemable Preferred Series X	1.12
Westcoast Energy Inc. 5.50% Cumulative 1st Preferred Series 7	1.12
Royal Bank Canada 4.90% Non-Cumulative 1st Preferred Series W	1.12
Toronto Dominion Bank Non-Cumulative Class A 1st Preferred Series M	1.12
Fortis Inc. Cumulative Redeemable 1st Preferred Series F	1.12
World Financial Split Corp. Preferred	1.12
Canadian Imperial Bank Commerce Non-Cumulative Redeemable Class A Preferred Series 19	1.12
Power Financial Corp. 4.70% Non-Cumulative Preferred 1 Series J	1.12
Canadian Imperial Bank Commerce Non-Cumulative Redeemable Class A Preferred Series 23	1.11
Great-West Lifeco Inc. 4.70% Non-Cumulative Redeemable Preferred Series D	1.11
Manulife Financial Corp. Non-Cumulative Class A Preferred Series 2	1.11

Portfolio Breakdown: (unaudited)

Sector	% of Net Assets
Straight Preferred Shares	51.55
Retractable Preferred Shares	31.68
Floating Rate Preferred Shares	10.65
Fixed Floater Preferred Shares	9.77
Structured Products	3.25
Cash & Cash Equivalents	2.13
Liabilities, net of other assets	(9.03)
Total net assets	100.00

Diversified Preferred Share Trust

Snapshot

Product overview

Performance

Portfolio manager

Gordon Higgins, Vice-President, Equities

Distributions

Portfolio holdings