互惠基金

问得好！互惠基金是由专业人士管理的投资池。 Your money is grouped with people who have similar goals and can be invested in stocks, ETF（交易所买卖基金）s, bonds, cash or other mutual funds.

互惠基金让您能够轻松投资起投金额较低的、由专业人士管理的多样化投资组合。

Learn more about mutual funds with our mutual fund basics article or by getting in touch with a BMO investment professional.

您不需要很多钱就能投资互惠基金。 For example, you can invest in a BMO SelectTrust^® Portfolio with as little as $500 or set up a Continuous Savings Plan for as little as $50 each month

如需查看各种互惠基金的明细信息，请访问我们的互惠基金列表或互惠基金“基金资料”文档。

To invest in mutual funds, just book an appointment online to book an appointment. Open a new tab to book an appointment.to meet with a BMO investment professional at your local branch. 如果您愿意的话，也可以致电1-800-665-7700，通过电话咨询投资事宜。 If you're already a BMO customer, you can log into Online Banking and open an investment account or purchase mutual funds for an existing investment account. 

如果您已在我们这里拥有投资账户，您只需登录即可购买互惠基金。如果您在我们这里还没有账户，请在网上预约或致电1-800-665-7700。

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指数基金旨在通过持有代表着某股市指数（例如标准普尔/多伦多证券交易所综合指数）所追踪的股票的投资组合，实现紧贴此指数表现的目标。这种基金有时被称为“被动型投资”，因为此基金的投资并不会受到主动管理以影响其业绩， 而只会根据特定指数所基于的股票来进行选择。

简而言之，股票是一家公司所有权的一部分，而互惠基金则包含多种不同的股票、债券、现金，乃至其他基金。当您购买某公司的股份（股票）时，您购买的是该公司的一部分所有权。当您购买互惠基金时，您投资的是基金中所有投资项的一小部分。

任何投资都存在一定的风险。在您购买某只互惠基金（或互惠基金投资组合）前，您应确保其与您的目标和风险承受能力相符。既有试图将风险降至最低的较为保守的互惠基金，也有试图最大程度地提高回报的注重增长的互惠基金，以及介于二者之间的众多选择。

互惠基金往往被认为比其他投资更加安全，因为其并非与某一项资产绑定在一起（例如特定股票），而是包含多种多样不同的投资。

互惠基金的种类繁多，每一种都是为了满足特定类型投资者的目标而创建的。BMO Mutual Fund options include Security Funds, Equity Growth Funds, Income Funds, 美国 Dollar Funds, Growth Funds and Managed Programs.

You can access the full mutual fund list here or learn more by reaching out to a BMO investment professional by booking an appointment or giving us a call.

互惠基金有一些相关的费用——管理费、服务费、税费和其他运营费用。这些费用会在计算您的回报之前扣除，因此不会单独收费。加拿大互惠基金的管理费率（MER）一般都低于3%。您可以在任何BMO互惠基金的基金资料文档中查看与其相关的所有费用。

进一步深入了解 关于 BMO Investments Inc.’s processes for unclaimed property.

A mutual fund distribution generally represents the amount of income earned on a fund's portfolio investments (income earned), as well as net capital gains from the sale of those portfolio investments, passed on to the fund's investors (or unitholders). The fund's income earned and net capital gains for a calendar year may be passed on to the fund's unitholders on a monthly, quarterly, or annual basis. Certain distributions may also represent a return of capital (ROC).

In addition to providing income to unitholders, distributions also reduce the tax liability for BMO mutual funds, as they're subject to tax at the highest personal income tax rate on income earned and net capital gains retained in the fund (undistributed income). This rate is often higher than the rate of tax paid by individual unitholders, who are generally taxed based on marginal personal income tax rates. It is therefore generally more tax efficient for a mutual fund's income earned and net capital gains to be distributed to unitholders.

The distributions most commonly paid by mutual funds are capital gains, interest income, Canadian dividend income, foreign income, and return of capital (ROC).

• Capital gains distribution is made from the profits (i.e., net capital gains) realized by the mutual fund on the sale of the fund’s assets (investments).
• Interest income distribution occurs when a mutual fund receives interest on its investments in debt securities, such as bonds.
• Canadian dividend income distribution represents dividends received by the mutual fund from its investments in shares of Canadian corporations.
• Foreign income distribution generally occurs when the mutual fund receives investment income (such as interest and dividends) from its non-Canadian investments.
• Return of capital (ROC) occurs when a portion of the original investment amount (capital) is returned to investors by the mutual fund (see the section How do ROC distributions differ from other distributions?). ROC can be distributed for one of two reasons:
  1. To pay a fund’s fixed distribution rate (i.e., under a monthly income fund, Series T, etc.). ROC may be used, in these circumstances, as part of the distribution if the fund is not generating enough income to support the target payout.
  2. To adjust the income distribution when the distribution estimate is higher than the actual amount of income generated in the fund. As explained further in the When and how does BMO report distributions? section below, a mutual fund typically finalizes its distribution after year end (i.e., after amounts are distributed for the year). This may result in excess distributions paid throughout the year. The amount of any excess distributions would be reclassified as ROC in February.

When a mutual fund pays out a distribution on units held in a non-registered account, investors can either receive it in cash or have it reinvested in the form of additional units.

• Reinvested distributions are treated as new purchases and, therefore, impact the book value of an investment.
• Cash distributions do not affect the book value of an investment, unless the distribution is ROC (see the section on How do ROC distributions differ from other distributions?).

Distributions on units held in a registered account, such as a Registered Retirement Savings Account (RRSP), 免税储蓄账户 (TFSA) or a First Home Savings Account (FHSA), must be reinvested in additional units. The reinvested distributions do not count as contributions to the plan (so there is no impact on an investor's contribution room). The distributions representing income earned or net capital gains are not taxable to the investor while held within the registered plan.

Given the non-impact to investors of distributions on mutual fund investments held in registered accounts, the remainder of this FAQ focuses on the distribution impacts for mutual fund investments held in non-registered accounts.

BMO mutual funds finalize distributions in January and February of each year when the total income earned in a fund and the types of income are determined and reported to investors.

The income distributed throughout the year must be reclassified to match the actual amount and types of income earned. As noted in the ROC description above (under What are the different types of distributions? section), if the income distributed is more than the income earned in the fund, the amount is reclassified as ROC which has an impact on the BV of an investor’s units (as described under the How do ROC distributions differ from other distributions? section).

Distributions on units held in non-registered accounts are reported to Canadian resident unitholders on a T3 tax slip, as well as on an RL-16 tax slip for Quebec unitholders. In the case of a non-resident unitholder, the distributions are reported on an NR4 tax slip.

When a mutual fund pays a distribution, it can impact both the Net Asset Value and Book Value of holdings in the following ways:

• Net Asset Value (NAV) is the price of a mutual fund’s assets, less its liabilities, and is used to determine the price per unit of the fund. It is calculated daily using the closing market price of the securities held by the mutual fund to determine the value of the fund’s assets (investments). The NAV will fall when distributions are paid, because the distribution is withdrawn from the fund’s assets. Conversely, the NAV may increase during the year as interest, dividends and net capital gains accumulate in the fund.
  
  例如：
  
  An investor owns 10 units with a NAV of $11/unit. (Market value = $110)
  The fund pays a distribution of $0.50/unit. The NAV decreased to $10.50/unit following the distribution ($11/unit - $0.50/unit = $10.50/unit) and the new market value is $105. (10 units x $10.50/unit = $105).
• Book Value (BV) (or cost) is the amount that an investor paid for their investment in a mutual fund. The BV is generally the gross amount paid by the investor to acquire units in the mutual fund, including any transaction charges related to the purchase where applicable, adjusted for reinvested distributions and any ROC. The BV is relevant to determining the adjusted cost base of units for income tax purposes. The adjusted cost base is generally equal to the average price paid on a per-unit basis (after considering certain adjustments for income tax purposes) and is used to calculate any capital gain or loss when an investor sells units in the mutual fund. The BV divided by the number of units owned will generally represent the adjusted cost base per unit. However, it is advisable to consult with a tax advisor to determine if any additional adjustments are required in your specific circumstances.

To calculate the book value of a mutual fund investment prior to the sale of units, refer to the BMO mutual fund client statement or transaction history, along with the annual tax slip(s) (see When and how does BMO report distributions? for more information on the relevant tax slips). When an investor sells units in the mutual fund, the disposition details, including the BV, will be reported on a T5008 tax slip and, for residents of Quebec, on an RL-18 tax slip.

The BV is generally the gross amount paid by the investor to acquire units in the mutual fund, including any transaction charges related to the purchase, adjusted for reinvested distributions and any ROC. If any units have previously been redeemed, the book value will be reduced by the cost of those units. As indicated in the section How do distributions impact your investment? the market value represents the current value of the mutual fund investment, which fluctuates due to changes in the mutual fund's NAV.

ROC distributions are not part of a fund's rate of return or yield; rather, they reduce the book value of investments. This may impact the amount of any capital gain or loss investors realize when eventually they sell units. ROC can impact investments in the following ways:

• ROC amount is not taxable as it is a return of an investor’s own invested capital, which has already been subject to taxation.
• ROC distribution lowers the book value of an investor’s holdings and the adjusted cost base per unit for income tax purposes.
• ROC can impact the sustainability of a mutual fund's distribution rate. It is sustainable when the invested capital is not depleted over time. However, if a fund dips into the invested capital to support the distribution, the practice may leave less investment for future years.

Let’s look at an example of how ROC can impact BV (or cost)

Example of BV (without ROC distribution):

• $1,000 initial investment, $500 subsequent purchase, and a $75 distribution (of interest and other income).
• Distributions are automatically reinvested in additional units.
• BV (or cost) = Initial investment + subsequent purchases + reinvested distributions.
• $1,000 + $500 + $75 = $1,575 BV (or cost).

Example of BV (with ROC distribution):

• $1,000 investment, $500 subsequent purchase, and a $75 distribution (of which $50 is interest and other income and $25 is ROC).
• Distributions are automatically reinvested in additional units.
• The total BV (or cost) will be reduced by the ROC that was received. So, the BV (or cost) in this case will be: $1,000 + $500 + ($75 - $25) = $1,550 BV (or cost).

Note: ROC lowers the book value

ROC distributions can reduce the BV of a mutual fund investment to zero. This occurs when the fund has distributed all the money that the investor has invested in a fund as ROC distributions. If the BV of an investment is zero, the ACB of that investment on a per-unit basis will generally also be zero. In these circumstances, ROC distributions may continue to be paid, resulting in a negative BV of the investment and a negative ACB on a per-unit basis. For income tax purposes, a negative ACB is treated as a capital gain for income tax purposes. As an investor, it is therefore important to track the BV and its impact on the per-unit ACB to ensure that any negative ACB is reported by the investor as a capital gain for income tax purposes. The amount of any reported capital gain should be added back to the ACB of the units to avoid double tax when the units are actually sold.

It is recommended that investors seek the advice of a tax professional when determining the ACB of their units and the potential requirement to report a negative ACB as a capital gain.