TORONTO, Aug. 10, 2020 /CNW/ - BMO Investments Inc.
("BMOII"), the manager of BMO LifeStage Plus 2030 Fund (the
"Fund"), today announced that the Fund's portfolio allocation has
been changed to a "protected" asset mix.
The Fund's portfolio will now consist entirely of fixed income
investments (including provincial and corporate bonds) and cash
equivalents until its target end date. In keeping with the Fund's
investment strategies, this reallocation to a fixed income
portfolio is intended to ensure the Fund is able to pay investors
the Guaranteed Maturity Amount1 at its target end date.
As a result of this change, BMOII has reduced the management
fees on Series A, Series D and Advisor Series units of the Fund as
indicated in the table below effective as of the close of business
on August 10, 2020:
Fund
|
Current
Management
Fee
|
New
Management
Fee
|
BMO LifeStage Plus
2030 Fund
|
Series A:
1.65% Series D:
1.20% Advisor Series:
1.65%
|
Series A:
1.05% Series D: 0.85%
Advisor Series: 1.05%
|
As previously announced on May 22,
2020, the Fund is no longer available for purchase by
investors, including under any pre-authorized contribution
plan.
For more information about the Fund and other BMO Mutual Funds
please visit www.bmo.com/mutualfunds.
1 In order to receive the highest daily
locked-in value (the "Guaranteed Maturity Amount"), investors must
remain invested in the Fund until the Fund's target end date. If an
investor redeems any of his or her units of the Fund prior to the
target end date, the investor will receive the price per unit based
on the relevant series' net asset value next determined after BMOII
receives the redemption request, which may be less than the
Guaranteed Maturity Amount. Please read the Fund's annual
information form for important information regarding the Guaranteed
Maturity Amount.
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BMO Global Asset Management is a brand name that comprises BMO
Asset Management Inc., BMO Investments Inc., BMO Asset Management
Corp., BMO Asset Management Limited and BMO's specialized
investment management firms.
BMO Mutual Funds are managed by BMO Investments Inc., which is
an investment fund manager and a separate legal entity from Bank
of Montreal.
Commissions, management fees and expenses all may be associated
with investments in mutual funds. Trailing commissions may be
associated with investments in certain series of securities of
mutual funds. Please read the fund facts or simplified
prospectus of the relevant mutual fund before investing.
Mutual funds are not guaranteed, their values change frequently and
past performance may not be repeated. For a summary of the
risks of an investment in BMO Mutual Funds, please see the specific
risks set out in the simplified prospectus.
About BMO LifeStage Plus Funds
BMO LifeStage Plus
Funds are products designed to protect a customer's investment
provided that the customer remains invested in a fund until its
target end date.
About BMO Financial Group
Serving customers for
200 years and counting, BMO is a highly diversified financial
services provider - the 8th largest bank, by assets, in North
America. With total assets of $987 billion as
of April 30, 2020, and a team of diverse and highly engaged
employees, BMO provides a broad range of personal and commercial
banking, wealth management and investment banking products and
services to more than 12 million customers and conducts business
through three operating groups: Personal and Commercial Banking,
BMO Wealth Management and BMO Capital Markets.
SOURCE BMO Financial Group