AGF Funds Inc. today announced that AGF Global Balanced High Income Fund will be terminated on or about July 6, 2009. Effective today, units of AGF Global Balanced High Income Fund will no longer be available for purchase.

The decision to terminate the Fund was driven by a combination of the small number of unitholders, relatively low assets and the costs associated with maintaining such a small fund.

Prior to the termination on or about July 6, 2009, unitholders of the Fund will have the option to switch their investment to any of AGF's diversified family of mutual funds or to redeem their units.

Any unitholders who hold AGF Global Balanced High Income Fund in an AGF registered account and who remain in the Fund on July 3, 2009 will have their holdings redeemed and re-invested into the Front-End (FE) mutual fund series of AGF Canadian Money Market Fund.

For those unitholders who hold AGF Global Balanced High Income Fund in a non-registered account or a non-AGF registered account, including all self-directed accounts under a nominee or intermediary, AGF will liquidate any remaining holdings of the Fund at fair market value on or about July 6, 2009. A final distribution of any income and capital gains, if any, will be made on July 3, 2009 and the remaining net assets will be distributed to unitholders on or about July 6, 2009.

Unitholders will not be required to pay any redemption fees or sales charges.

AGF strongly encourages unitholders to consult with their financial advisor to discuss their individual circumstances, including possible tax consequences, and determine the solution that best meets their investment needs.

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. AGF's products and services include a diversified family of award-winning mutual funds, AGF Elements portfolios, the Harmony asset management program, AGF Asset Management Group services for institutional and high-net-worth clients, as well as AGF Trust GICs, loans and mortgages. With approximately $34.5 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, contact AGF Corporate Communications: