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 .
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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
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