AGF Global High Income Fund To Be Terminated

    TORONTO, Oct. 31 /CNW/ - AGF Funds Inc. announced today that AGF Global
High Income Fund will be terminated on December 31, 2008.
    Effective today, units of AGF Global High Income Fund are no longer
available for purchase.
    The decision to terminate the Fund was made due to the small number of
unit holders, relatively low assets and the associated costs of maintaining
such a small fund.
    Prior to the termination on December 31, 2008, unit holders of the Fund
will have the option to switch their investment to any of AGF's family of more
than 50 mutual funds or to redeem their units. Any remaining assets on the
termination date will be redeemed and re-invested in units of AGF Canadian
Money Market Fund or AGF U.S. Dollar Money Market Account, depending on the
currency denomination of the original purchase. Unit holders will not be
required to pay any redemption fees or sales charges.
    As part of the Fund's investment objective to provide investors with a
tax efficient stream of monthly distributions, the Fund entered into a forward
contract with a Canadian chartered bank under which it sold forward the
Canadian equity securities held by the Fund in return for the total return of
an investment in securities of AGF Global High Income Pool. In order to effect
termination of the Fund, the Fund will promptly settle the forward contract
and invest its assets in cash equivalents pending the termination of the Fund
on December 31, 2008.
    AGF is encouraging unit holders to consult with their financial advisor
about their options to determine the solution that best meets their investment
needs and circumstances.

    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 more than 50 mutual
funds, the evolutionary 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 $43 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 further information:

For further information: AGF Corporate Communications, Lucy Becker,
Vice-President, (416) 865-4284,; Christine Ramsay,
Communications Manager, (416) 815-6321,

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