Sentry Select Dividend Fund aims to generate tax-efficient income, as well as capital appreciation over the long term, by investing primarily in dividend-paying North American equities, convertible securities and preferred shares. The Fund also seeks to provide lower volatility through broad diversification across a variety of sectors of the economy.

Average Annual Compound Returns (as of July 31, 2008) - Series A

YTD	3 Month	6 Month	1 Year	3 Year	5 Year	SI
-6.4%	-0.8%	-2.4%	-7.0%	n/a	n/a	-1.4%

Annual Returns

				2007	2006
				-2.3%	5.5%

Current monthly distributions of $0.03
		2007	20061
From dividends		0.06	0.03
Return of capital		0.30	0.27
Total distributions2		0.36	0.30

¹ Results are for the period from January 20, 2006 to December 31, 2006.
² Distributions are based on the actual number of units outstanding at the relevant time.

Summary of investment portfolio (as of June 30, 2008):

Assets under management: $3,250,139 

Top 25 holdings (unaudited)

Security	% of net assets
BCE Inc.	10.32
Rothmans Inc.	4.91
Emera Inc.	4.82
TransAlta Corp.	4.53
Bank of Nova Scotia	4.45
TransCanada Corp.	4.25
Manitoba Telecom Services	4.18
CIBC	3.45
Telus Corp.	3.32
EnCana Corp.	3.16
Fording Canadian Coal Trust	3.00
TransCanada Pipelines Pfd 1 Ser Y	2.98
Norbord Inc.	2.92
Talisman Energy Inc.	2.78
Saputo Inc.	2.51
Barrick Gold Corp.	2.29
Great-West Lifeco Inc.	2.24
Dundee Corp.	2.10
Westcoast Energy Inc. 1st Pfd Ser 7 5.5%	2.08
TMX Group Inc.	2.07
Bank of Montreal	1.83
Methanex Corp.	1.77
Manulife Financial Corp. Pfd Class A Ser 2	1.54
George Weston Ltd.	1.48
Sun Life Financial Inc. Prd Class A Ser 4	1.21

Portfolio Allocation by Sector (unaudited)

Sector	% of net assets
Telecommunication service	17.82
Preferreds	17.60
Financial	14.04
Energy	10.18
Utilities	9.35
Consumer staples	7.42
Industrial	4.69
Resource	3.00
Gold and precious metals	2.29
Cash	13.61
Total net assets	100.00