Counsel Group of Funds Inc. announced today that it has received unitholder approval to merge several funds and change their investment objectives.

Counsel Focus Value will be merged Counsel Focus. The merged fund will be renamed Counsel Select America.

Counsel World Equity will be merged with Counsel Select Value. The merged fund will be renamed Counsel Select International.

Both newly merged funds will also have new investment mandates.

As well, Counsel will broaden and diversify the fundamental investment objective of Counsel Select Canada by removing the requirement that it follow three particular and different investment styles.

It is expected that these mergers and changes to fundamental investment objectives will take place around the first week of June 2005.

Counsel Group of Funds has approximately $1.5 billion in assets under management.