MONTREAL, April 2 /CNW Telbec/ - As provided in the prospectus of Global
Diversified Investment Grade Income Trust Series 2004-1 (the "Trust")
(TSX symbol: DG.UN), a net asset value ("NAV") is published monthly for the
units of the Trust. In order to calculate the NAV of the Trust, the
co-trustees, Metcalfe & Mansfield Alternative Investments Corp. and 4227298
Canada Inc. (the "Co-Trustees") receive from the counterparty to the financial
contracts (the "Bank") an indicative price on the value of such financial
contracts. As of February 28, 2007, the published NAV for the units of the
Trust was $9.43, factoring in the prior indicative price received.
Based on the latest indicative price received from the Bank, the
estimated NAV as at March 31, 2007 would be approximately $9.33 representing a
minor reduction of about 1% from the NAV published as at February 28, 2007, in
the absence of material variations in the value of the other components of the
NAV since February 28, 2007.
As the Trust provides an exposure to a mezzanine tranche of portfolios of
mortgage-backed securities, asset-backed securities, synthetic corporate
exposures and other fixed-income securities, the recent volatility observed in
the United States subprime and home equity mortgage markets has not affected
materially the indicative price received from the Bank. It is however not
possible to predict the evolution of these markets in future months and their
impact on the NAV.
The Co-Trustees understand that since December 31, 2006, none of the
reference obligations in the Trust's portfolios have experienced any credit
downgrades nor have any of them been made subject to credit review since that
time and there have been no credit defaults for which the Trust could assume a
loss. To the knowledge of the Co-Trustees, no event has occurred which would
affect the Trust's ability to pay its monthly distribution of $0.0495 per
This press release contains forward-looking statements regarding
assessment of market conditions. By their very nature, these statements
involve uncertainties and inherent risks, both general and specific, which
give rise to the possibility that predictions will not materialize. We
therefore caution investors against placing undue reliance on these
statements. The Trust has no obligation to update forward-looking statements
and does not undertake to do so. Any information about industry or general
economic conditions contained in this press release is derived from third
party sources that the Trustee believes to be accurate and widely accepted.
However the Trustee has not independently verified this information and cannot
assure its accuracy.
For further information:
For further information: François Rivard, (514) 879-6405,