Toronto-based BMO Investments Inc. announced several upcoming changes to its mutual fund line-up on Tuesday.
As of Sept. 18, 2013, investors in the BMO U.S. Dollar Dividend Fund, BMO U.S. Dollar Balanced Fund and BMO U.S. Dollar Monthly Income fund will be able to buy units in Canadian dollars as well as American dollars.
The BMO ETF Portfolio trusts and BMO SelectTrust Portfolios will offer Series T6 Securities starting Nov. 4, 2013. The new series is meant to offer tax efficiencies through the deferral of taxes while also providing a cash flow stream with the distribution rate set at the beginning of each year. The distributions will be monthly and based on six per cent of the net asset value per security of the series.
Finally, the risk rating for the BMO Floating Rate Income Fund is now “medium,” up from “low-to-medium,” to better suit its new objectives and investment style under the portfolio manager, Monegy, Inc.