BMO Investments Inc. is proposing changes to the BMO Income Trust Fund and BMO International Equity Fund, the firm said Thursday.

Subject to unitholder approval, the investment objectives of BMO Income Trust Fund will change to allow the fund to invest primarily in companies that operate in, or are expected to benefit from, infrastructure-related businesses from around the world.

If the change to investment objectives, along with proposed changes to the management and administration fees, of this fund are approved, the investment strategies and distribution policy for this fund will be revised to reflect the new objectives.

In addition, the portfolio manager of the fund will change from Guardian Capital LP to Macquarie Capital Investment Management LLC, and the fund’s name will change to BMO Global Infrastructure Fund to reflect the above changes. A meeting of unitholders of this fund will be held on July 30.

Subject to unitholder approval, BMO International Equity Fund will be merged into BMO International Value Class. BMO International Value Class is a class of special shares of BMO Global Tax Advantage Funds Inc.

Units of BMO International Equity Fund will continue to be available for sale until the close of business on July 24, at which time new purchases into the fund will cease, except under a continuous savings plan or similar systemic plan established prior to July 24, 2009.

If the proposed merger is approved, unitholders of the BMO International Equity Fund will receive shares of BMO International Value Class.

BMO says the Independent Review Committee of each of BMO International Equity Fund and BMO International Value Class has determined that the proposed merger achieves a fair and reasonable result for each of these funds.

A meeting of securityholders of both funds will be held on July 30, 2009.

BMO says it expects the changes to be effective July 31, if approved.

IE