News Releases

BMO Investments Inc. and Guardian Group of Funds Ltd. Announce Changes to their Mutual Fund Line-Ups

TORONTO, September 25, 2009 – BMO Investments Inc. and Guardian Group of Funds Ltd. today announced proposed changes to the BMO Guardian Funds and BMO Mutual Funds line-ups. The primary goal of these changes is to reduce duplicate fund offerings and streamline the product suite to provide more cost-effective investment solutions.

Proposed Mergers
Subject to securityholder approval, it is proposed that each Terminating Fund (as set out below) will be merged into the applicable Continuing Fund (as set out below) effective on the merger dates listed in the following table. For each of the Continuing Funds, BMO Guardian Advisor Series exists or, where indicated, is proposed to be launched in the month of October:

Terminating Fund	Continuing Fund	Merger Date	Advisor Series
BMO Guardian Canadian Bond Fund	BMO Bond Fund	November 27, 2009	BMO Guardian Bond Fund Advisor Series*
BMO Guardian Canadian Money Market Fund	BMO Money Market Fund	November 20, 2009	BMO Guardian Money Market Fund Advisor Series*
BMO Guardian U.S. Money Market Fund	BMO U.S. Dollar Money Market Fund	November 13, 2009	BMO Guardian U.S. Dollar Money Market Fund Advisor Series *
BMO Guardian American Equity Fund Ltd.	BMO American Equity Class�	November 20, 2009	BMO Guardian American Equity Class Advisor Series �
GGOF Canadian Equity Fund Ltd.	BMO Canadian Equity Class�	November 27, 2009	BMO Guardian Canadian Equity Class Advisor Series �
BMO Guardian Emerging Markets Fund	BMO Emerging Markets Fund	November 27, 2009	BMO Guardian Emerging Markets Fund Advisor Series *
BMO Guardian European Equity Fund	BMO European Fund	November 20, 2009	BMO Guardian European Fund Advisor Series *
BMO Guardian Global Dividend Growth Fund	BMO Global Dividend Class�	November 20, 2009	BMO Guardian Global Dividend Class Advisor Series �
BMO Guardian Global Real Estate Fund	BMO Global Infrastructure Fund	November 13, 2009	BMO Guardian Global Infrastructure Fund Advisor Series
BMO Guardian Japanese Equity Fund	BMO Guardian Asian Growth and Income Fund	November 27, 2009	Mutual Fund Class
BMO Guardian Canadian Resource Fund	BMO Resource Fund	November 27, 2009	BMO Guardian Resource Fund Advisor Series
BMO Guardian Canadian Balanced Fund	BMO Asset Allocation Fund	November 13, 2009	BMO Guardian Asset Allocation Fund Advisor Series *
BMO Guardian Small Cap Growth and Income Fund	BMO Special Equity Fund	November 13, 2009	BMO Guardian Special Equity Fund Advisor Series
BMO Guardian U.S. Diversified Monthly Income Fund	BMO U.S. Dollar Monthly Income Fund	November 20, 2009	BMO Guardian U.S. Dollar Monthly Income Fund Advisor Series *

� A class of BMO Global Tax Advantage Funds Inc.
*New BMO Guardian Advisor Series

Securityholder approval of each Terminating Fund plus two Continuing Funds will be sought at special meetings to be held on or about November 10, 2009. If the proposed mergers are approved, securityholders of each class of each Terminating Fund will receive securities of the equivalent series or class of the applicable Continuing Fund, determined on a dollar-for-dollar basis and, as soon as possible following the mergers, the Terminating Funds will be wound up. Securities of the Terminating Funds will continue to be available for sale until the close of business on the date that is six business days before the effective date of each merger, following which time they will cease distribution of new securities. The Independent Review Committee of each of the relevant funds has reviewed the potential conflict of interest matters related to the proposed mergers and has provided the managers with a positive recommendation for the mergers, after determining that the proposed mergers, if implemented, achieve a fair and reasonable result for each of the applicable funds.

Change of Investment Objectives of BMO American Equity Class
Subject to obtaining securityholder approval, the investment objectives of BMO American Equity Class will change on or about November 20, 2009, to adopt investment objectives that are substantially similar to the current investment objectives of BMO Guardian American Equity Fund Ltd. As such, the investment objectives of BMO American Equity Class will change to allow the fund to provide long term growth through capital appreciation, by investing primarily in equities and equity-related securities of U.S. companies [with no restrictions on the capitalization of those companies]. If the proposed changes to investment objectives are approved, corresponding changes will be made to the investment strategies for this fund.

Portfolio Manager Changes
BMO Investments Inc. intends to change the portfolio manager of each of BMO American Equity Class, BMO European Fund, BMO Emerging Markets Fund and BMO U.S. Dollar Monthly Income Fund.

The portfolio manager of BMO American Equity Class is currently Jones Heward Investment Counsel Inc. Effective on or about November 20, 2009, Harris Investment Management, Inc. will become the portfolio manager of the fund.

The portfolio manager of BMO European Fund is currently Sanford C. Bernstein & Co., LLC. Effective on or about November 20, 2009, Vontobel Asset Management Inc. will be appointed sub-advisor by Jones Heward Investment Counsel Inc., which will become the portfolio manager of the fund.

The portfolio manager of BMO Emerging Markets Fund is currently Sanford C. Bernstein & Co., LLC. Effective on or about November 27, 2009, Lazard Asset Management (Canada) Inc. will become the portfolio manager of the fund.

The portfolio manager of BMO U.S. Dollar Monthly Income Fund is currently UBS Global Asset Management (Canada) Co. Effective on or about November 20, 2009, Jones Heward Investment Counsel Inc. and Lazard Asset Management (Canada) Inc. will become the portfolio managers of the fund.

BMO AIR MILES^�† Money Market Fund
BMO Investments Inc. intends to terminate the AIR MILES feature of BMO AIR MILES Money Market Fund and change the name of the fund to “BMO Canadian Money Market Fund”, effective on or about December 31, 2009.

About BMO Guardian Funds
BMO Guardian Funds is a diversified family of funds and includes a broad range of domestic and global investment options covering a full array of asset classes, sectors, regions and specialized mandates. BMO Guardian Funds are currently offered by Guardian Group of Funds Ltd. and/or BMO Investments Inc., which are members of BMO Financial Group and part of the organization's Private Client Group.

Internet: www.bmoguardianfunds.com

About BMO Mutual Funds
BMO Mutual Funds are offered by BMO Investments Inc., which is a member of the 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 had total assets under management and administration and term investments of $273 billion as at April 30, 2009.

Internet: www.bmo.com/mutualfunds

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