Global DiSCS Trust 2004-1 is a closed-end investment trust designed to provide a steady stream of quarterly distributions. The Trust offers exposure to the international credit risk market, through securities of 120 companies located around the world.

Each of the 120 companies requires protection against its respective corporate credit. Essentially, the Trust’s holdings serve to provide credit protection to these companies, and the companies pay for that protection – resulting in quarterly distributions for investors.

Investors benefit in several key ways:
• Attractive quarterly distributions, with an annual yield of 5.20 per cent
• A new investment opportunity, as the credit risk market has traditionally been limited to financial institutions – not individual investors
• No exposure to foreign currency risk

The Trust meets the needs of investors seeking a fixed income investment with an attractive yield. It particularly suits those who want to diversify their income portfolio with a professionally managed product representing a new asset class for individual investors.