News Releases

Effective July 23, 2003, the BMO Mortgage Fund has been renamed “BMO Mortgage and Short-Term Income Fund” to reflect the changes to the Fund’s investment objectives that were approved at a special meeting of unitholders held on July 21, 2003.

The Fund’s investment objectives have been broadened to allow high-quality, short-term corporate fixed-income securities to be included in the portfolio in addition to fixed-income securities issued or guaranteed by Canadian federal, provincial or municipal governments. The restriction that half of the Fund’s portfolio must be invested in mortgage investments also has been removed.

“The BMO Mortgage and Short-Term Income Fund remains an appropriate investment choice for investors with low to medium risk tolerance,” said Ed Legzdins, President and CEO, BMO Investments Inc.  “These changes will allow the Fund to remain competitive, offer further diversification and provide the potential for long-term growth for investors.”

Changing the Fund’s investment objectives will result in greater diversification of the Fund’s portfolio by allowing the fixed-income holdings to be divided between government and corporate securities.  Since the fixed-income investments are restricted to short-term securities, the Fund will remain appropriate for investors who are comfortable with low to medium investment risk.  Adding short-term corporate fixed-income securities to the portfolio may also increase the Fund’s potential return.

Mary Jane Yule and Robert Featherby of Jones Heward Investment Management Inc. will continue to manage the Fund.

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 $269 billion at April 30, 2003.

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