AGF Funds Inc. today announced that it is increasing the foreign content limits on seven of its equity funds. The maximum limits are effective immediately.

"We want to ensure AGF funds continue to be managed in the best interest of our clients and investors," said Randy G. Ambrosie, President of AGF Funds Inc.  "With the federal government’s changes to allow more foreign content, our portfolio managers will have another tool to gain greater access to the numerous attractive opportunities abroad. They will also have more securities within sectors to choose from in enhancing portfolio diversification."

Executive Vice-President and Chief Investment Officer Martin Hubbes explained that AGF portfolio managers are welcoming the freedom and flexibility to diversify outside of Canada but added that the new limits will not change how the funds are currently being managed.

"It will be up to each of the managers to decide if and by how much they want to increase the foreign content and this will depend on their investment styles and strategies," said Mr. Hubbes. "Attractive investment opportunities and the potential for long-term returns will continue to determine where we invest – whether in Canada or overseas."

The following table outlines the maximum allowable foreign content changes.

About AGF Management Limited

AGF Management Limited is one of Canada's premier investment management companies with offices across Canada and subsidiaries around the world. 2007 marks AGF's 50th anniversary of providing Canadians with innovative investment solutions across the wealth continuum. AGF's products and services include a diversified family of more than 50 mutual funds, the evolutionary AGF Elements portfolios, the Harmony asset management program, AGF Private Investment Management, Institutional Account Services and AGF Trust GICs, loans and mortgages. With approximately $53 billion in total assets under management, AGF serves more than one million investors. AGF trades on the Toronto Stock Exchange under the symbol "AGF.B".

For more information or interview opportunities, contact:

AGF Communications:
Lucy Becker, Vice President
416-865-4284
lucy.becker@AGF.com

Karen Archer, Media Relations Specialist
416-865-4295
Karen.archer@agf.com

Analyst Contact:
Adrian Basaraba, Vice-President
Finance and Investor Relations
416-865-4203
Adrian.basaraba@agf.com