BMO Intermediate Tax Free Fund Class Y
MITFX
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- BMO Intermediate Tax-Free Fund Class Y (MITFX) is a mutual fund managed by BMO Funds, Inc. that seeks to provide a high level of current income exempt from federal income tax, including the federal alternative minimum tax, consistent with the preservation of capital. The fund invests at least 80% of its assets in municipal securities issued by state and local governments and their agencies, with a portfolio composition primarily consisting of bonds (approximately 99.29%), minimal cash (0.71%), and no stocks, preferred securities, or other assets; it targets an average dollar-weighted effective maturity of three to ten years and approximately 4.0-6.0 years duration, with limited floating rate exposure of around 10% under neutral positioning. Share classes include Class Y (MITFX, net expense ratio 0.33%), Class I (MIITX, net expense ratio 0.33%), and Class A (BITAX, net expense ratio 0.56%), offered through BMO Asset Management Corp. as investment adviser with a focus on investment-grade municipal bonds tracked against the Bloomberg Barclays 1-15 Year Blend Municipal Bond Index. Established in February 1994 with Class Y shares and headquartered through its adviser in Chicago, Illinois, the fund operates within the U.S. municipal bond market, targeting retail and institutional investors seeking tax-exempt income amid a $3.9 trillion municipal sector featuring over 50,000 issuers. BMO employs a proprietary credit scoring process categorizing holdings into Strong, Core, and Watch buckets based on financial strength, sector trends, legal covenants, and outlooks, supported by a team averaging over 25 years of experience and relationships with more than 25 national and regional broker/dealers. The fund maintains a turnover rate of 45% and minimum investment of $1,000, with net assets around $1.93 billion as of recent data. In recent developments as of 2025, BMO Funds, Inc. announced portfolio management changes effective October 28, 2025, including the termination of BMO Capital Markets Corp. and Brian Belski as sub-advisors for various BMO ETFs and mutual funds, with BMO Asset Management Inc. assuming continued oversight; additional fund launches, series qualifications, and management fee reductions were implemented effective September 1, 2025, alongside elimination of certain fixed administration fees for select series. BMO completed the acquisition of Burgundy Asset Management Ltd. on November 3, 2025, expanding its wealth management capabilities in discretionary investment for high-net-worth clients, endowments, and pensions. On November 12, 2025, BMO announced estimated annual reinvested distributions for its ETFs, with final amounts and tax characteristics to be reported in 2026, reflecting ongoing enhancements to its mutual fund lineup without direct alterations to MITFX operations.