Investors voted in favour of Counsel Portfolio Services Inc.’s recent proposals at a special meeting held Monday.

Implementation of a fixed rate administration fee

Unitholders of all Counsel funds and portfolios approved the firm’s proposal to replace the method of charging operating expenses to Counsel investment solutions with a fixed rate administration fee.

The fixed rate administration fee will be effective retroactive to January 1, 2010 for all series of all Counsel funds and portfolios.

Change in investment objective for Counsel Managed Portfolio

Unitholders of Counsel Managed Portfolio voted in favour of the resolution to change the investment objective of the portfolio. Counsel Managed Portfolio will now be permitted to invest its assets either directly in debt and equity securities, or through securities of other mutual funds.

This change along with several related changes will take effect on February 5.

The portfolio’s investment strategy will change to include the following underlying funds: Counsel Fixed Income; Counsel Canadian Dividend; Counsel U.S. Value; Counsel U.S. Growth; Counsel International Value; and Counsel International Growth.

In addition, its target asset allocation weights and asset class weighting range will change.

There will be several changes to its line up of portfolio sub-advisors.

Thornmark Asset Management, Inc. will be retained as a portfolio sub-advisor. In addition to providing asset allocation advice, Thornmark will implement asset allocation changes by investing a portion of the portfolio’s assets.

Cumberland Private Wealth Management Inc. will no longer provide portfolio sub-advisory services.

Acuity Investment Management Inc. will no longer
provide portfolio sub-advisory services for the portfolio’s fixed income mandate. Instead, Acuity will be a portfolio sub- advisor to the portfolio’s underlying fund, Counsel Fixed Income.

Leon Frazer & Associates Inc. will no longer provide portfolio sub-advisory services for the portfolio’s
Canadian dividend mandate. Instead, Leon Frazer will be a portfolio sub-advisor to the portfolio’s underlying fund, Counsel Canadian Dividend.

Mawer Investment Management Ltd. will no longer provide portfolio sub-advisory services for the portfolio’s international growth mandate. Instead, Mawer will be a portfolio sub-advisor to the portfolio’s underlying fund, Counsel International Growth.

Merger of Counsel Select Funds

Investors of Counsel Select Canada, Counsel Select America, Counsel Select International and Counsel U.S. Growth voted in favour of merging the investment solutions as follows:

• Counsel Select Canada will be merged into Counsel Canadian Growth,
• Counsel Select America will be merged into Counsel U.S. Growth; and
• Counsel Select International will be merged into Counsel International Growth.

All of the above mergers are expected to be effective on or about February 5.

Counsel Portfolio Services Inc. is a direct subsidiary of IPC Portfolio Services Inc., which is an indirect subsidiary of Investment Planning Counsel Inc.

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