Sentry Select MBS Adjustable Rate Income Fund II (converted 06/16/2009)

Snapshot

MBS Adjustable Rate Income Fund II (converted 06/16/2009)

TSX Symbol/Fund Code:	MGS.UN
Inception Date:	April 19, 2005
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:

On June 16, 2009, Sentry Select MBS Adjustable Rate Income Fund II was de-listed from the Toronto Stock Exchange, following unitholder approval of amendments to the Fund’s Declaration of Trust. New Class A and Class F units of the Sentry Select MBS Adjustable Rate Income Fund II are now being offered by way of an offering memorandum.

Portfolio holdings

Summary of investment portfolio of the partnership (as of March 31, 2009):

Net assets of the Trust: $ 65,771,691
Net assets of Mortgage-Backed Securities Limited Partnership: US $ 66,550,281

Top 25 holdings: (unaudited)

Name of Security	% of Net Assets
Pool 833087	46.0
Pool 943059	40.0
Pool 833171	40.0
Pool 805753	39.9
Pool 889796	32.3
Pool 838444	23.9
Pool 835237	20.7
Pool 889343	20.3
Pool 828471	18.8
Pool 822100	17.5
Pool 961240	17.0
Pool 735819	14.1
Pool 915508	13.6
Pool 811915	13.0
Pool 708889	11.5
Pool 899376	11.0
Pool 806539	10.5
Pool 745679	10.5
Pool 847789	9.6
Pool 745671	9.1
Pool 822304	7.7
Pool 809625	7.2
Pool 907868	6.9
Pool 920047	6.6
Pool 851428	4.8

Portfolio Breakdown: (unaudited)

Sector	% of Net Assets
Federal National Mortgage Association - MBS	464,7
Repurchase Agreements	(396,7)
Cash and cash equivalents	30.4
Other assets net of liabilities	1,6
Total Net Assets	100,0

Mortgage-Backed Securities Limited Partnership - Summary of Investment Portfolio (as of March 31, 2009)

Products

Sentry Select MBS Adjustable Rate Income Fund II (converted 06/16/2009)

Snapshot

Portfolio holdings