BMO Investments Inc. - MRRS Decision

Headnote

Mutual Reliance Review System for Exemptive Relief Applications -- s 62(5) of the Securities Act (Ontario) -- Application for lapse date extension for the simplified prospectus of the BMO Funds -- Filer is contemplating fund mergers and mandate changes and requires an extension to allow it sufficient time to obtain the necessary approvals for these changes.

Applicable Legislative Provisions

Securities Act, R.S.O. 1990, c. S.5, as am., s. 62(5).

March 17, 2006

IN THE MATTER OF

THE SECURITIES LEGISLATION OF

BRITISH COLUMBIA, ALBERTA, SASKATCHEWAN,

MANITOBA, ONTARIO, QUEBEC,

NEW BRUNSWICK, NOVA SCOTIA,

PRINCE EDWARD ISLAND

AND NEWFOUNDLAND AND LABRADOR

AND

IN THE MATTER OF

THE MUTUAL RELIANCE REVIEW SYSTEM

FOR EXEMPTIVE RELIEF APPLICATIONS

AND

IN THE MATTER OF

BMO INVESTMENTS INC.

AND

THE MUTUAL FUNDS SET OUT

IN APPENDIX "A"

(COLLECTIVELY, THE FUNDS)

MRRS DECISION DOCUMENT

WHEREAS the Canadian securities regulatory authority or regulator (the "Decision Maker") in each of the provinces of British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec, New Brunswick, Nova Scotia, Prince Edward Island, and Newfoundland and Labrador (the "Jurisdictions") has received an application (the "Application") from BMO Investments Inc. (the "Manager") and the Funds for a decision pursuant to the securities legislation of the Jurisdictions (the "Legislation") that the time limits for the renewal of the simplified prospectus of the Funds dated April 21, 2005 (the "Prospectus") be extended to those time limits that would be applicable if the lapse date of the Prospectus were May 11, 2006.

AND WHEREAS pursuant to the Mutual Reliance Review System for Exemptive Relief Applications (the "System"), the Ontario Securities Commission is the principal regulator for this application;

AND WHEREAS it has been represented by the Manager to the Decision Makers that:

(a) The Manager is the manager of the Funds.

(b) The Funds are either open-ended mutual fund trusts established under the laws of Ontario or classes of BMO Global Tax Advantage Funds Inc., a mutual fund corporation.

(c) The Funds are currently qualified for distribution in all of the provinces and territories of Canada under the simplified prospectus of the Funds dated April 21, 2005, as amended.

(d) In each province of Canada, provided a pro forma simplified prospectus is filed 30 days prior to April 21, 2006, a final version of the simplified prospectus is filed by May 1, 2006, and a receipt for the simplified prospectus is issued by the securities regulatory authorities by May 11, 2006, the units of the Funds may be distributed without interruption throughout this prospectus renewal period.

(e) The Funds are reporting issuers under the Legislation. None of the Funds is in default of any of the requirements of the Legislation.

(f) The Manager is contemplating a fund merger and mandate changes that may affect the Funds, and which, should they occur, will take effect by May 5, 2006. Any fund mergers and mandate changes that occur will be effected in accordance with the requirements of National Instrument 81-102 including, without limitation, filing appropriate amendments to the Prospectus and seeking unitholder and regulatory approval where necessary.

(g) The trustees and directors of the Funds are independent of the Manager. The trustees must approve any proposed mergers or mandate changes as well as the Funds' prospectus documents and any amendments to such prospectus documents.

(h) If the requested relief is not granted, a prospectus must be filed in accordance with the existing time limits for the renewal of the Prospectus, and must be filed by May 1, 2006. Such a prospectus may need to be substantially revised shortly after final filing should the fund merger and/or mandate changes take place in early May, 2006. The financial costs and time involved in preparing, filing and printing a revised prospectus for the Funds would be unduly costly.

(i) Since April 21, 2005, the date of the Prospectus, no material change has occurred that has not been disclosed by way of an amendment to the Prospectus. Accordingly, as amended, the Prospectus presents up to date information regarding the Funds. The extension requested will not affect the currency or accuracy of the information contained in the Prospectus, as amended, and as may be further amended in accordance with disclosure obligations, and, accordingly, will not be prejudicial to the public interest.

AND WHEREAS pursuant to the System this MRRS Decision Document evidences the decision of each Decision Maker (collectively, the "Decision");

AND WHEREAS each of the Decision Makers is satisfied that the test contained in the Legislation that provides the Decision Maker with the jurisdiction to make the Decision has been met;

THE DECISION of the Decision Makers pursuant to the Legislation is that the time limits provided by Legislation as they apply to a distribution of securities under a prospectus are hereby extended to the time limits that would be applicable if the lapse date for the Prospectus of the Funds were May 11, 2006 and that units of the Funds may continue to be distributed provided that a final simplified prospectus is filed no later than 10 days after May 11, 2006 and that a receipt for the simplified prospectus is obtained no later than 20 days after May 11, 2006.

Appendix "A"

{†} All funds within this category are part of BMO Global Tax Advantage Funds Inc., a mutual fund corporation

{1} Formerly BMO International Bond Fund

{2} Formerly BMO RSP U.S. Equity Index Fund

{3} Formerly BMO U.S. Value Fund

{4} Formerly BMO RSP International Index Fund