Toronto-based BMO Investments Inc., the manager of BMO Mutual Funds, announced on Tuesday its intention to terminate six mutual funds.
BMO LifeStage 2017 Class, BMO LifeStage 2020 Class, BMO LifeStage 2025 Class, BMO LifeStage 2030 Class, BMO LifeStage 2035 Class and BMO LifeStage 2040 Class will be terminated on or about June 28.
Effective on Tuesday, the funds will no longer accept additional investments, including purchases through regular investment savings plans.
Clients invested in these funds may redeem or switch their investments in the funds until the close of business on June 27. If alternative investment instructions are not received by June 27, investments in the terminating funds will be redeemed and investors will be paid the proceeds of these investments if they’re in non-registered accounts. If they’re in registered accounts, the investments will be transferred automatically into BMO Money Market Fund on the termination date.
Investors will not be required to pay any redemptions fees or sales charges upon redemption of their investment or the termination of the funds.
BMO Investments will send a notice to each investor in the funds concerning the terminations.