BMO Investments Inc. Retains Existing Investment Objectives of BMO Short-Term Income Class
BMO Investments Inc., the manager of BMO Short-Term Income Class, announced today that it will not proceed with changes to the investment objectives of the fund. Shareholders of BMO Short-Term Income Class previously approved changes to the investment objectives of the fund on April 26, 2007, although shareholders also gave the manager the right not to proceed with the proposed changes in its sole and absolute discretion. The proposed changes, including a name change from ‘BMO Short-Term Income Class’ to ‘BMO Capital Yield Class’, will not be implemented as BMO Investments Inc. is not in a position to proceed with the changes in a manner that is cost-effective and compliant with applicable regulatory requirements, and in the best interests of shareholders of BMO Short-Term Income Class.
The investment objectives of BMO Short-Term Income Class are to provide the opportunity to invest in a fixed-income fund for the short term, as an alternative or in addition to the equity funds included in the BMO Global Tax Advantage Funds and to provide current income while preserving capital and maintaining liquidity. As part of its current investment objectives, this fund invests primarily in high quality securities like Canadian treasury bills, other Canadian short-term fixed-income securities and highly rated commercial paper with terms to maturity of less than three years. BMO Short-Term Income Class is a class of shares of BMO Global Tax Advantage Funds Inc.
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