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BMO Harris Private Banking Announces Changes to Three BMO Harris Private Portfolios

TORONTO, June 24, 2009 – BMO Harris Investment Management Inc. (BMO Harris), the investment management arm of BMO Harris Private Banking, today announced proposed changes to the BMO Harris Canadian Dividend Income Portfolio, the BMO Harris Opportunity Bond Portfolio and the BMO Harris Income Opportunity Bond Portfolio to be effective on or about September 25, 2009. BMO Harris delivers discretionary investment management solutions to high net worth individuals and families that include allocations to multiple assets classes, across geographies and investment styles.

As part of an approach to refocus select investment strategies on BMO Harris' investment platform:

  • The BMO Harris Canadian Dividend Income Portfolio will be merged into the BMO Harris Canadian Income Equity Portfolio
  • It is proposed that the BMO Harris Opportunity Bond Portfolio be merged into the BMO Harris Canadian Total Return Bond Portfolio
  • It is proposed that the BMO Harris Income Opportunity Bond Portfolio be merged into the BMO Harris Canadian Bond Income Portfolio.

Neither regulatory approval nor investor approval is required for the merger involving the BMO Harris Canadian Dividend Income Portfolio. The manager will seek regulatory approval for the proposed mergers involving the BMO Harris Opportunity Bond Portfolio and the BMO Harris Income Opportunity Bond Portfolio. In the event investor approval is also required for these proposed mergers, such approval will be sought at special meetings to be held on or about September 24, 2009.

When the mergers are implemented, holders of units of the BMO Harris Canadian Dividend Income Portfolio will receive units of the BMO Harris Canadian Income Equity Portfolio, holders of units of the BMO Harris Opportunity Bond Portfolio will receive units of the BMO Harris Canadian Total Return Bond Portfolio and holders of units of the BMO Harris Income Opportunity Bond Portfolio will receive units of the BMO Harris Canadian Bond Income Portfolio.

The independent review committee of the BMO Harris Canadian Dividend Income Portfolio, the BMO Harris Opportunity Bond Portfolio and the BMO Harris Income Opportunity Bond Portfolio has determined that the mergers achieve a fair and reasonable result for each of the portfolios and has provided its approval in respect of each of the mergers.

About BMO Harris Private Banking
BMO Harris Private Banking serves the needs of high net worth clients and their families and helps them deal with a wide range of complex financial issues, providing comprehensive wealth management expertise. The bank's team of professionals is comprised of leading specialists in a variety of disciplines including banking, investment management, estate, trust and various family office services such as philanthropic and business succession planning. BMO Harris Private Banking is part of BMO Financial Group's Private Client Group. The Private Client Group provides integrated wealth management services in Canada and the United States and had total assets under management and administration and term investments of $273 billion as at April 30, 2009.

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