TORONTO, June 21, 2021 /CNW/ - BMO Investments Inc. (the
"Manager"), the manager of the BMO Mutual Funds, confirmed that the
previously announced merger of BMO Floating Rate Income Fund into
BMO U.S. High Yield Bond Fund will proceed since securityholder
approval was obtained at a special meeting held on
June 18,
2021 and securities regulatory approval has also been
received for this merger.
This merger will be effected on a taxable basis for
securityholders of BMO Floating Rate Income Fund. Effective
on or about June 25, 2021,
securityholders of each series of BMO Floating Rate Income Fund
will receive securities of the same series of BMO U.S. High Yield
Bond Fund, determined on a dollar-for-dollar basis, and then BMO
Floating Rate Income Fund will be wound up as soon as reasonably
possible.
Securityholders of BMO Floating Rate Income Fund will have the
right to redeem securities of, or make switches out of, BMO
Floating Rate Income Fund up to the close of business on
June 24, 2021. If a
securityholder redeems securities of BMO Floating Rate Income Fund
that were purchased under the standard deferred sales charge or the
low load option, any applicable redemption fees will remain payable
by the securityholder.
In addition, the merger of BMO Monthly Dividend Fund Ltd. into
BMO Dividend Fund will not proceed as previously announced since
securityholders of BMO Monthly Dividend Fund Ltd. did not approve
this merger at a special meeting held on June 18, 2021. BMO Monthly Dividend Fund
Ltd. will continue to be available for purchase by
investors. Classic Series securities of BMO Dividend Fund
will not be available for purchase effective June 24, 2021 as this series of securities was
only created to facilitate the merger.
For more information about BMO Mutual Funds, please visit
www.bmo.com/mutualfunds.
®/™Registered trademarks/trademark of Bank of
Montreal, used under licence.
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, trailing commissions (if applicable), management
fees and expenses all may be associated with mutual fund
investments. Please read the fund facts or the 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. Distributions are not
guaranteed and are subject to change and/or elimination. 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 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 $950 billion as of April 30,
2021, 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