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BMO Investments Inc. Proposes Changes to the BMO Mortgage Fund  


Pending the approval of unitholders, BMO Investments Inc. announces the following proposed changes to the BMO Mortgage Fund’s investment objective, to be effective in July 2003.

To provide greater diversification and enhanced income earning potential, the investment objective of the BMO Mortgage Fund will be revised to allow high-quality, short-term corporate fixed-income securities to be included in its portfolio.  The restriction that 50 per cent of the Fund’s portfolio must be invested in mortgage investments will also be removed from the investment objective.  This proposed change is subject to the approval of unitholders at a special meeting to be held on or about July 7, 2003.  Unitholders will also be asked to approve at this meeting certain amendments to the Declaration of Trust.  These changes, if approved by unitholders, will be effective shortly after the unitholders meeting or any adjournment thereof.

The BMO Mortgage Fund intends to change its name to the “BMO Mortgage and Short-Term Income Fund” if the proposed change to the Fund’s investment objective is approved.

BMO Investments Inc. is a member of BMO Financial Group and part of the organization's Private Client Group. The Private Client Group provides integrated wealth management services in Canada and the United States and has total assets under management and administration and term investments of $279 billion at January 31, 2003, excluding the acquisition of Sullivan, Bruyette, Speros & Blayney Inc.


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