Counsel Portfolio Services makes product changes

Counsel Portfolio Services has made changes to its product offerings, concurrent with filing the renewal of its simplified prospectus, says a release.

The firm has adjusted its funds’ classification included in its prospectus to align with Canadian Investment Funds Standards Committee. The changes didn’t impact the funds’ investment objectives or strategies, says the release.

Counsel also changed the risk ratings of two funds, based on the Canadian Securities Administrators’ risk classification methodology, as shown in the table below. No changes were made to the funds’ investment objectives or strategies, says the release.

Counsel also revised the distribution policies of the Counsel Global Dividend and Counsel Global Real Estate funds to provide monthly distributions of net income. Previously, these funds distributed quarterly and annually, respectively. The revision reflects the funds’ yield characteristics and ensures a more consistent allocation of income to investors throughout the year.

Also, the fixed monthly distribution of Counsel Retirement Income Portfolio was changed to $0.03 per unit, or $0.36 annually, down from $0.40 annually. The change is based on a review of the fund’s current yield characteristics and Counsel’s aim to approximate a 4% yield based on the current NAV per unit.

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