BMO Funds

N-CSR 1 d775554dncsr.htm BMO FUNDS BMO Funds

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number 811-58433

BMO Funds, Inc.

(Exact name of registrant as specified in charter)

111 East Kilbourn Avenue, Suite 200

Milwaukee, WI 53202

(Address of principal executive offices) (Zip code)

John M. Blaser

BMO Asset Management Corp.

111 East Kilbourn Avenue, Suite 200

Milwaukee, WI 53202

(Name and address of agent for service)

Copies to:

Michael P. O’Hare, Esq.

Stradley, Ronon, Stevens & Young, LLP

2005 Market Street, Suite 2600

Philadelphia, PA 19103

Registrant’s telephone number, including area code: (800) 236-3863

Date of fiscal year end: August 31

Date of reporting period: August 31, 2014

Item 1. Reports to Stockholders.

The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the “Act”) (17 CFR 270.30e-1).

BMO Funds

Annual Report

August 31, 2014

Equity Funds

BMO Low Volatility Equity Fund

BMO Dividend Income Fund

BMO Large-Cap Value Fund

BMO Large-Cap Growth Fund

BMO Mid-Cap Value Fund

BMO Mid-Cap Growth Fund

BMO Small-Cap Value Fund

BMO Small-Cap Core Fund

BMO Small-Cap Growth Fund

BMO Micro-Cap Fund

International & Global Funds

BMO Global Low Volatility Equity Fund

BMO Pyrford Global Equity Fund

BMO Pyrford Global Strategic Return Fund

BMO Pyrford International Stock Fund

BMO Global Natural Resources Fund

BMO LGM Emerging Markets Equity Fund

BMO TCH Emerging Markets Bond Fund

Fixed Income Funds

BMO Ultra Short Tax-Free Fund

BMO Short Tax-Free Fund

BMO Short-Term Income Fund

BMO Intermediate Tax-Free Fund

BMO Mortgage Income Fund

BMO TCH Intermediate Income Fund

BMO TCH Corporate Income Fund

BMO TCH Core Plus Bond Fund

BMO Monegy High Yield Bond Fund

BMO Multi-Asset Income Fund

Money Market Funds

BMO Government Money Market Fund

BMO Tax-Free Money Market Fund

BMO Prime Money Market Fund

Table of Contents



Commentaries

BMO Low Volatility Equity Fund	2	BMO TCH Emerging Markets Bond Fund	18
BMO Dividend Income Fund	3	BMO Ultra Short Tax-Free Fund	19
BMO Large-Cap Value Fund	4	BMO Short Tax-Free Fund	20
BMO Large-Cap Growth Fund	5	BMO Short-Term Income Fund	21
BMO Mid-Cap Value Fund	6	BMO Intermediate Tax-Free Fund	22
BMO Mid-Cap Growth Fund	7	BMO Mortgage Income Fund	23
BMO Small-Cap Value Fund	8	BMO TCH Intermediate Income Fund	24
BMO Small-Cap Core Fund	9	BMO TCH Corporate Income Fund	25
BMO Small-Cap Growth Fund	10	BMO TCH Core Plus Bond Fund	26
BMO Micro-Cap Fund	11	BMO Monegy High Yield Bond Fund	27
BMO Global Low Volatility Equity Fund	12	BMO Multi-Asset Income Fund	28
BMO Pyrford Global Equity Fund	13	BMO Government Money Market Fund	29
BMO Pyrford Global Strategic Return Fund	14	BMO Tax-Free Money Market Fund	30
BMO Pyrford International Stock Fund	15	BMO Prime Money Market Fund	31
BMO Global Natural Resources Fund	16	Explanation of the Indexes and Notes in the Commentary
BMO LGM Emerging Markets Equity Fund	17	Explanation of the Indexes and Notes in the Commentary	32

Financial Information

Expense Example			36

Schedules of Investments:
BMO Low Volatility Equity Fund	39	BMO TCH Emerging Markets Bond Fund	66
BMO Dividend Income Fund	40	BMO Ultra Short Tax-Free Fund	67
BMO Large-Cap Value Fund	42	BMO Short Tax-Free Fund	71
BMO Large-Cap Growth Fund	44	BMO Short-Term Income Fund	74
BMO Mid-Cap Value Fund	45	BMO Intermediate Tax-Free Fund	78
BMO Mid-Cap Growth Fund	47	BMO Mortgage Income Fund	83
BMO Small-Cap Value Fund	48	BMO TCH Intermediate Income Fund	84
BMO Small-Cap Core Fund	50	BMO TCH Corporate Income Fund	86
BMO Small-Cap Growth Fund	53	BMO TCH Core Plus Bond Fund	90
BMO Micro-Cap Fund	55	BMO Monegy High Yield Bond Fund	95
BMO Global Low Volatility Equity Fund	57	BMO Multi-Asset Income Fund	100
BMO Pyrford Global Equity Fund	59	BMO Government Money Market Fund	100
BMO Pyrford Global Strategic Return Fund	60	BMO Tax-Free Money Market Fund	102
BMO Pyrford International Stock Fund	62	BMO Prime Money Market Fund	104
BMO Global Natural Resources Fund	63	Notes to Schedules of Investments	107
BMO LGM Emerging Markets Equity Fund	65

Statements of Assets and Liabilities			108
Statements of Operations			114
Statements of Changes in Net Assets			120
Financial Highlights			128
Notes to Financial Statements			137

Results of the Special Meeting of Shareholders			163

Report of Independent Registered Public Accounting Firm			164

Directors and Officers of the Funds			165

Shareholder Report Disclosure of Directors’ Approval of Continuation of Contracts			167


Not FDIC Insured		No Bank Guarantee		May Lose Value


Annual Report — Commentary		BMO Low Volatility Equity Fund

The BMO Low Volatility Equity Fund (the Fund) returned 19.60% for the fiscal year ended August 31, 2014 versus the Russell 1000^® Index and the Lipper Large-Cap Core Funds Index, which returned 25.36% and 22.86%, respectively.

The fiscal year was an exceptionally strong market environment. In fact, the Index returns were positive in 10 out of 12 months. During particularly strong markets like these, the Fund aims to participate meaningfully in the market’s upside. Capturing around 80% of this strong upside exceeds our expectations for performance in this type of market. In limiting our upside participation, we also aim to limit downside participation, should the market correct in the future. The Fund also seeks to deliver lower risk returns than that of the market and the Fund accomplished this goal with volatility of returns about 80% of that of the Russell 1000^® Index.

The Fund’s underperformance is largely attributable to holding lower risk stocks. During the period, higher risk stocks outperformed lower risk stocks substantially as the Russell 1000^® Index rose over 25%. Specifically, underweights in Information Technology and Energy contributed to underperformance, as did an overweight within Consumer Staples. This headwind was mitigated by the Fund’s large overweight in Healthcare stocks, which contributed to performance. Top contributors to the Fund during the period were McKesson Corp. (0.0% of the Fund, 56%), Mylan, Inc. (0.0% of the Fund, 55%), and Entergy Corp. (2.0% of the Fund, 32%). Top detractors during the period were DSW, Inc. (1.1% of the Fund, -29%), Target Corp. (0.0% of the Fund, -6%), and ConAgra Foods, Inc. (1.3% of the Fund, -2%).

Heading into fiscal 2015, we view the primary themes in the market to be the perception of downside risk to equity markets after more than five years of strong performance, the evolution of central banking policy particularly in the U.S., and geopolitical tensions in the Middle East.


Average annual total returns (%)
	1-year		Since inception*
Investor Class (Y)		19.60		17.07
Advisor Class (A) NAV		—		4.03
Advisor Class (A) OFFER		—		(1.17	)
Institutional Class (I)		19.97		17.40
Russell 1000^® Index		25.36		22.03
Lipper Large-Cap Core Funds Index		22.86		20.97

*	Cumulative for periods less than one year. Benchmarks since inception reflect the inception date of the investor class.

The performance data quoted represents past performance which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original costs. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. To receive current performance to the most recent month-end, please call 1-800-236-3863 or visit www.bmofunds.com.

Fund Managers; Investment Experience

David A. Corris, CFA; since 1999

Jason C. Hans, CFA; since 1999

Ernesto Ramos, Ph.D.; since 1988

Inception

date

Expenses (%)

Share class

Ticker

CUSIP

Gross

Net

Investor (Y)

MLVYX

09658L109

9/28/2012

1.54

0.91

Advisor (A)

BLVAX

09658W105

5/27/2014

1.54

0.91

Institutional (I)

MLVEX

09658L208

9/28/2012

1.29

0.66

The net expense ratio shown reflects contractual expense limitations made by the Adviser, currently through December 31, 2014. The Adviser has committed to continue this arrangement through December 31, 2015. The Fund’s return would have been lower without these contractual expense limitations.


Portfolio sector allocation
Sector	Fund (%)
Consumer Discretionary		9.4
Consumer Staples		18.7
Energy		4.0
Financials		18.7
Healthcare		15.3
Information Technology		12.3
Materials		3.4
Telecommunication Services		3.2
Utilities		13.4
Other Assets & Liabilities, Net		1.6
Total		100.0

Portfolio composition will change due to the ongoing management of the Fund. The percentages are based on net assets as of August 31, 2014 and may not necessarily reflect adjustments that are routinely made when presenting net assets for formal financial statement processes.

Growth of an assumed $10,000 investment

See Explanation of the Indexes and Notes in the Commentary for additional information. The above graph relates to the Investor Class shares of the Fund. Performance for the Institutional Class and Advisor Class shares will vary from the performance of the Investor Class shares shown above due to differences in charges and expenses. This graph illustrates the hypothetical investment of $10,000 in the Investor Class shares of the Fund from the lesser of the Fund’s inception date or August 31, 2004 to August 31, 2014.


Annual Report — Commentary		BMO Dividend Income Fund

The BMO Dividend Income Fund (the Fund) returned 23.52% for the fiscal year ended August 31, 2014 versus the Russell 1000^® Value Index, the Standard & Poor’s 500^® Index and the Lipper Equity Income Funds Index, which returned 24.43%, 25.25% and 21.47%, respectively.

The U.S. economy withstood a deep winter freeze during the fiscal year. The broad recovery has been led by the pickup in manufacturing, auto sales, and consumer confidence. Companies, despite hiring more workers, were able to maintain attractive profit margins due to tepid inflation and low wage growth. Corporate earnings grew in this environment and investors bid up the market accordingly. The Fund slightly underperformed against two of the indices in this strong market, as expected, due to its lower risk profile, while outperforming its Lipper peer group. We remain committed to our strategy of investing in stable, mature, dividend paying companies that historically have performed well over long-term investment cycles.

The main source of underperformance came from the Fund’s stock selection within the Healthcare sector. Due to the attractive yields offered, the Fund primarily invests in pharmaceutical companies. Unfortunately, this industry trailed other areas within the Healthcare sector, specifically the Biotech industry which offers little-to-no yield opportunities. Pfizer, Inc. (3.1% of the Fund, 8%) launched an unsuccessful takeover attempt of a large European drug maker. The company also saw falling margins at its fastest growth business lines.

The Fund benefited from strong stock selection within Consumer Staples and Consumer Discretionary. Within Consumer Staples, the Fund’s tobacco holdings Lorillard, Inc. (1.8% of the Fund, 48%) and Altria Group, Inc. (2.4% of the Fund, 34%) led due to industry consolidation. In Consumer Discretionary, top performers included Macy’s, Inc. (1.5% of the Fund, 43%) and Time Warner Cable, Inc. (0.0% of the Fund, 29%). Macy’s leadership team has successfully managed their business in a tough consumer environment. Time Warner Cable, which was sold from the Fund during the fiscal year, is being acquired by rival Comcast Corp. (1.4% of the Fund, 32%).


Average annual total returns (%)
	1-year		Since inception*
Investor Class (Y)		23.52		18.43
Advisor Class (A) NAV		—		5.84
Advisor Class (A) OFFER		—		0.58
Institutional Class (I)		23.87		18.76
Russell 1000^® Value Index		24.43		22.21
Standard & Poor’s 500^® Index		25.25		21.42
Lipper Equity Income Funds Index		21.47		18.71

*	Cumulative for periods less than one year. Benchmarks since inception reflect the inception date of the investor class.

Fund Managers; Investment Experience

Kenneth M. Conrad, Ph.D., CFA; since 2000

Casey J. Sambs, CFA; since 2004

Inception

date

Expenses (%)

Share class

Ticker

CUSIP

Gross

Net

Investor (Y)

MDIYX

09658L505

12/29/2011

1.07

0.91

Advisor (A)

BADIX

09658W204

5/27/2014

1.07

0.91

Institutional (I)

MDIVX

09658L604

12/29/2011

0.82

0.66


Portfolio sector allocations
Sector	Fund (%)
Consumer Discretionary		9.3
Consumer Staples		9.5
Energy		9.3
Financials		14.6
Healthcare		12.7
Industrials		9.0
Information Technology		15.7
Materials		5.7
Telecommunication Services		6.0
Utilities		6.0
Other Assets & Liabilities, Net		2.2
Total		100.0

Growth of an assumed $10,000 investment


Annual Report — Commentary		BMO Large-Cap Value Fund

The BMO Large-Cap Value Fund (the Fund) returned 26.47% for the fiscal year ended August 31, 2014 versus the Russell 1000^® Value Index and the Lipper Multi-Cap Value Funds Index, which returned 24.43% and 23.41%, respectively.

The fiscal year featured continued strength in the U.S. equity markets, driven by continuing signs of economic improvement as well as ongoing accommodative monetary policy by the Federal Reserve. In general, stocks with exposure to higher growth markets such as Information Technology and Health Care stocks, were the strongest performers over the year. Conversely, the more defensive sectors, Consumer Staples and Telecommunications, lagged the overall market. Additionally, stocks with attractive valuation characteristics, especially those producing strong cash flows, outperformed over the year.

The Fund benefited modestly from sector allocation during the period with stock selection driving the majority of the Fund’s outperformance versus the benchmark and peers. Security selection was particularly strong within the Industrial and Financial sectors. Within Industrials, the Fund’s position in Southwest Airlines Co. (2.0% of the Fund, 152%) was the top contributor to performance. Within Financials, Ameriprise Financial, Inc. (2.0% of the Fund, 49%) was a top contributor. Other contributors included Helmerich & Payne, Inc. (1.4% of the Fund, 71%) and DIRECTV Group, Inc. (0.0% of the Fund, 46%). Stock selection was most negative in the Technology sector, with detractors including Symantec Corp. (0.0% of the Fund, -2%), NetApp, Inc. (1.5% of the Fund, 19%), and Cisco Systems, Inc. (2.1% of the Fund, 11%).

Heading into fiscal 2015, we view the primary themes in the market to be the evolution of Federal Reserve policy and the pace/extent of stimulus withdrawal; geopolitical tensions in the Middle East; and a busy fall calendar in Washington that includes mid-term elections.


Average annual total returns (%)
	1-year		5-year		10-year		Since inception*
Investor Class (Y)		26.47		15.21		7.20		—
Advisor Class (A) NAV		—		—		—		5.32
Advisor Class (A) OFFER		—		—		—		0.08
Institutional Class (I)		26.74		15.51		—		6.69
Russell 1000^® Value Index		24.43		16.62		8.23		—
Lipper Multi-Cap Value Funds Index		23.41		15.44		7.53		—

*	Cumulative for periods less than one year.

Fund Managers; Investment Experience

David A. Corris, CFA; since 1999

Jason C. Hans, CFA; since 1999

Ernesto Ramos, Ph.D.; since 1988

Inception

date

Expenses (%)

Share class

Ticker

CUSIP

Gross

Net

Investor (Y)

MREIX

09658L836

9/30/1993

1.27

1.24

Advisor (A)

BALVX

09658W303

5/27/2014

1.27

1.24

Institutional (I)

MLVIX

09658L844

1/31/2008

1.02

0.99


Portfolio sector allocation
Sector	Fund (%)
Consumer Discretionary		7.4
Consumer Staples		7.2
Energy		15.8
Financials		24.4
Healthcare		14.0
Industrials		8.2
Information Technology		11.8
Materials		3.4
Utilities		5.7
Other Assets & Liabilities, Net		2.1
Total		100.0

Growth of an assumed $10,000 investment


Annual Report — Commentary		BMO Large-Cap Growth Fund

The BMO Large-Cap Growth Fund (the Fund) returned 30.33% for the fiscal year ended August 31, 2014 versus the Russell 1000^® Growth Index and the Lipper Multi-Cap Growth Funds Index, which returned 26.29% and 24.86%, respectively.

The fiscal year featured continued strength in the U.S. Equity markets, driven by continuing signs of economic improvement as well as ongoing accommodative monetary policy by the Federal Reserve. In general, stocks with exposure to higher growth markets, such as Information Technology and Healthcare stocks, were the strongest performers over the year. Conversely, the more defensive sectors, Consumer Staples and Telecommunications, lagged the overall market. Additionally, stocks with attractive valuation characteristics, especially those producing strong cash flows, outperformed over the year.

The Fund modestly benefited from sector allocation during the period, however, stock selection drove the majority of the Fund’s outperformance versus the benchmark and peers. Security selection was particularly strong within the Healthcare and Industrials sectors. Within Healthcare, the Fund’s positions in pharmaceutical companies Endo Health Solutions, Inc. (0.0% of the Fund, 63%) and Jazz Pharmaceuticals PLC (0.0% of the Fund, 63%) were top contributors to Fund performance. Within the Industrials sector, Southwest Airlines Co. (2.0% of the Fund, 152%) was the biggest contributor. Stock selection was most negative in the Energy sector, including several of the largest detractors to Fund performance for the year. The Fund’s positions in energy equipment manufacturer Dril-Quip, Inc. (0.0% of the Fund, -10%) and energy exploration and production company Anadarko Petroleum Corp. (0.0% of the Fund, -11%) were amongst the largest detractors to Fund performance this year.


Average annual total returns (%)
	1-year		5-year		10-year		Since inception*
Investor Class (Y)		30.33		17.18		8.66		—
Advisor Class (A) NAV		—		—		—		6.72
Advisor Class (A) OFFER		—		—		—		1.41
Institutional Class (I)		30.63		17.47		—		9.44
Russell 1000^® Growth Index		26.29		17.82		9.20		—
Lipper Multi-Cap Growth Funds Index		24.86		17.10		9.45		—

*	Cumulative for periods less than one year.

Fund Managers; Investment Experience

David A. Corris, CFA; since 1999

Jason C. Hans, CFA; since 1999

Ernesto Ramos, Ph.D.; since 1988

Inception

date

Expenses (%)

Share class

Ticker

CUSIP

Gross

Net

Investor (Y)

MASTX

09658L745

11/20/1992

1.25

1.24

Advisor (A)

BALGX

09658W402

5/27/2014

1.25

1.24

Institutional (I)

MLCIX

09658L752

1/31/2008

1.00

0.99


Portfolio sector allocation
Sector	Fund (%)
Consumer Discretionary		15.2
Consumer Staples		7.5
Energy		4.0
Financials		7.6
Healthcare		15.9
Industrials		11.5
Information Technology		29.3
Materials		2.4
Telecommunication Services		5.3
Other Assets & Liabilities, Net		1.3
Total		100.0

Growth of an assumed $10,000 investment


Annual Report — Commentary		BMO Mid-Cap Value Fund

The BMO Mid-Cap Value Fund (the Fund) returned 24.65% for the fiscal year ended August 31, 2014 versus the Russell Midcap^® Value Index and the Lipper Mid-Cap Value Funds Index, which returned 27.20% and 24.40%, respectively.

Stocks continued their march higher during the fiscal year, adding to the large gains of the previous year. Similar to last year, an accommodative Federal Reserve and an improving domestic economy remained positive influences on stock prices. Not that challenges were absent, considering the unrest in Russia/Ukraine and escalating violence in the Middle East, but they remained relatively benign. All ten economic sectors in the Russell Index recorded positive double-digit results ranging from 20% to 56%.

In terms of performance attribution for the Fund, stock selection in the Energy and Financial sectors displayed strong relative results. In the Energy sector, Newfield Exploration Co. (1.0% of the Fund), Cimarex Energy Co. (1.1% of the Fund) and Helmerich & Payne, Inc. (0.0% of the Fund) each advanced over 70%, while in the Financial sector, asset managers Ameriprise Financial, Inc. (1.6% of the Fund) and Invesco, Ltd. (1.9% of the Fund) gained 49% and 38%, respectively.

Alternatively, the Fund’s Healthcare and Technology sectors trailed their respective categories. Both categories advanced close to 40%, creating stiff hurdles to overcome. In Healthcare, Bruker Corp. (1.5% of the Fund) and Hologic, Inc. (0.0% of the Fund) were flattish versus the index average of 38%. In Technology, Western Digital Corp. (1.7% of the Fund) and Broadcom Corp. (1.8% of the Fund) moved higher by 69% and 50%, respectively, but Symantec Corp. (1.9% of the Fund) and Teradata Corp. (2.1% of the Fund) were down during the year.

Sector allocation was a slightly positive contributor to overall performance. An average cash position of slightly under four percent detracted from relative performance. Underweight positions in Financials and Utilities provided positive relative sector results and an overweight position in Technology boosted relative returns. Sector allocation is a by-product of the stock selection process, and is not the driving force of investment decisions. The Fund’s focus has always been on company fundamentals, valuations, and a “bottom-up” individual stock selection process.


Average annual total returns (%)
	1-year		5-year		10-year		Since inception*
Investor Class (Y)		24.65		17.59		9.36		—
Advisor Class (A) NAV		—		—		—		6.32
Advisor Class (A) OFFER		—		—		—		1.03
Institutional Class (I)		24.96		17.89		—		10.11
Retirement Class (R-3)		—		—		—		6.27
Retirement Class (R-6)		—		—		—		6.45
Russell Midcap^® Value Index		27.20		19.45		10.92		—
Lipper Mid-Cap Value Funds Index		24.40		17.76		9.97		—

*	Cumulative for periods less than one year.

Fund Managers; Investment Experience

Gregory S. Dirkse, CFA; since 1999

Matthew B. Fahey; since 1984

Brian J. Janowski, CFA, CPA; since 2002

Inception

date

Expenses (%)

Share class

Ticker

CUSIP

Gross

Net

Investor (Y)

MRVEX

09658L695

9/30/1993

1.22

Advisor (A)

BAMCX

09658W501

5/27/2014

1.22

Institutional (I)

MRVIX

09658L711

1/31/2008

0.97

Retirement
(R-3)

BMVDX

09658V446

5/27/2014

1.47

Retirement
(R-6)

BMVGX

09658V438

5/27/2014

0.82


Portfolio sector allocation
Sector	Fund (%)
Consumer Discretionary		12.2
Consumer Staples		3.2
Energy		7.2
Financials		24.0
Healthcare		8.6
Industrials		11.0
Information Technology		17.9
Materials		8.1
Telecommunication Services		1.1
Utilities		2.9
Other Assets & Liabilities, Net		3.8
Total		100.0

Growth of an assumed $10,000 investment

See Explanation of the Indexes and Notes in the Commentary for additional information. The above graph relates to the Investor Class shares of the Fund. Performance for the Institutional Class, Advisor Class, Retirement R-3 and Retirement R-6 Class shares will vary from the performance of the Investor Class shares shown above due to differences in charges and expenses. This graph illustrates the hypothetical investment of $10,000 in the Investor Class shares of the Fund from the lesser of the Fund’s inception date or August 31, 2004 to August 31, 2014.


Annual Report — Commentary		BMO Mid-Cap Growth Fund

The BMO Mid-Cap Growth Fund (the Fund) returned 19.16% for the fiscal year ended August 31, 2014 versus the Russell Midcap^® Growth Index and the Lipper Mid-Cap Growth Funds Index, which returned 23.66% and 20.64%, respectively.

Despite continuing geopolitical and macroeconomic risks during fiscal year 2014, the continued improvement in the U.S. economy, manageable inflation, and a still accommodative Federal Reserve resulted in muted volatility and strong equity performance. Investor interest in a narrow swath of “darling” companies resulted in a handful of names contributing on an outsized basis to benchmark returns, as investor risk-seeking and price momentum outweighed any valuation concerns for most of the period. As the fiscal year concludes, we are hopeful that investors will once again stay focused on fundamentals and have a renewed focus on valuations as the now 5+ year bull market continues.

Our stock selection process remains disciplined and active. Companies must demonstrate improving rates of what we view to be sustainable growth prior to us investing. In effect, this serves to limit risk, as we are not betting shareholders’ money on turnaround situations, nor speculating on the hopes and dreams of other investors and company management teams. Benchmark returns in industries where the Fund tends to be underweight historically, specifically semiconductors and airlines, performed well over the fiscal year and served as a headwind to performance. We strongly believe that our strict adherence to our process continues to uncover new investment ideas that should benefit Fund returns over the coming years.

The Fund’s performance was driven by positive stock selection in the Energy and Financial sectors, along with a group overweight to Healthcare and Industrials and group underweight to Consumer Staples. Stock selection within the Industrial, Consumer Discretionary, and Technology sectors was most detrimental to relative returns. The top contributors to total return for the Fund during the year were: United Rentals, Inc. (1.5% of the Fund, 115%), Actavis PLC (2.1% of the Fund, 68%), and Bellatrix Exploration, Ltd. (4.2% of the Fund, 21%). The positions most detrimental to relative returns for the Fund were: Acacia Research Corp. (1.6% of the Fund, -17%), Aegerion Pharmaceuticals, Inc. (0.2% of the Fund, -62%), and Infoblox, Inc. (0.0% of the Fund, -49%).


Average annual total returns (%)
	1-year		5-year		10-year		Since inception*
Investor Class (Y)		19.16		18.18		10.68		—
Advisor Class (A) NAV		—		—		—		4.54
Advisor Class (A) OFFER		—		—		—		(0.66	)
Institutional Class (I)		19.43		18.46				9.61
Retirement Class (R-3)		—		—		—		4.46
Retirement Class (R-6)		—		—		—		4.64
Russell Midcap^® Growth Index		23.66		19.14		10.97		—
Lipper Mid-Cap Growth Funds Index		20.64		16.92		10.54		—

*	Cumulative for periods less than one year.

Fund Managers; Investment Experience

Patrick M. Gundlach, CFA; since 2002

Kenneth S. Salmon; since 1986

Share class

Inception
date

Expenses (%)

Ticker

CUSIP

Gross

Net

Investor (Y)

MRMSX

09658L729

9/30/1993

1.21

Advisor (A)

BGMAX

09658W600

5/27/2014

1.21

Institutional (I)

MRMIX

09658L737

1/31/2008

0.96

Retirement
(R-3)

BMGDX

09658V420

5/27/2014

1.46

Retirement
(R-6)

BMGGX

09658V412

5/27/2014

0.81


Portfolio sector allocation
Sector	Fund (%)
Consumer Discretionary		21.1
Consumer Staples		1.4
Energy		6.7
Financials		9.6
Healthcare		20.9
Industrials		17.8
Information Technology		18.0
Telecommunication Services		2.5
Other Assets & Liabilities, Net		2.0
Total		100.0

Growth of an assumed $10,000 investment

See Explanation of the Indexes and Notes in the Commentary for additional information. The above graph relates to the Investor Class shares of the Fund. Performance for the Institutional Class, Advisor Class, Retirement R-3 and Retirement R-6 Class shares will vary from the performance of the Investor Class shares shown above due to differences in charges and expenses. This graph illustrates the hypothetical investment of $10,000 in the Investor Class shares of the Fund from the lesser of the Fund’s inception date or August 31, 2004 to August 31, 2014.


Annual Report — Commentary		BMO Small-Cap Value Fund

The BMO Small-Cap Value Fund (the Fund) returned 17.36% for the fiscal year ended August 31, 2014 versus the Russell 2000^® Value Index and the Lipper Small-Cap Core Funds Index, which returned 18.10% and 17.89%, respectively.

Stocks continued their march higher during the fiscal year, adding to the large gains of the previous year. Similar to last year, an accommodative Federal Reserve and an improving domestic economy remained positive influences on stock prices. Not that challenges were absent, considering the unrest in Russia/Ukraine and escalating violence in the Middle East, but they remained relatively benign. Nine of ten economic sectors in the Russell 2000^® Value Index recorded positive double-digit results ranging from 12% to 25%. Telecom Services, which represents less than 1% of the index, was down approximately 1%.

In terms of performance attribution, individual stock selection was a positive contributor to overall performance. In the Technology sector, superior stock selection led to strong relative results. Synaptics, Inc. (1.5% of the Fund) advanced over 100%, while Lattice Semiconductor Corp. (0.0% of the Fund) was up approximately 70%. The Fund’s Basic Material sector posted a 36% return, which compared favorably to its respective sector in the Russell 2000^® Value Index which appreciated 21%. The investments in two packaging companies, namely Graphic Packaging Holding Co. (2.2% of the Fund, 54%) and Kapstone Paper and Packaging Corp. (2.0% of the Fund, 46%) led the group.

Stock selection in the Financial sector detracted from relative performance, as the Fund’s investments in this sector advanced approximately 10%, while the Russell 2000^® Value Index sector was up 17%. Tower Group, Inc. (0.0% of the Fund), an insurance company, fell approximately 40% after disclosing adverse reserve development. Gain Capital Holdings, Inc. (0.9% of the Fund), a provider of online trading services dropped 37% due to weak trading volumes.

Sector allocation was slightly negative to overall performance. An average cash position of slightly under five percent detracted from relative performance as did underweight positions in Financials (REIT-related) and Utilities. Sector allocation is a by-product of the stock selection process, and is not the driving force of investment decisions. The Fund’s focus has always been on company fundamentals, valuation, and a “bottom-up” individual stock selection process.


Average annual total returns (%)
	1-year		Since inception*
Investor Class (Y)		17.36		15.09
Advisor Class (A) NAV		—		2.93
Advisor Class (A) OFFER		—		(2.24	)
Institutional Class (I)		17.68		15.38
Retirement Class (R-3)		—		2.91
Retirement Class (R-6)		—		3.06
Russell 2000^® Value Index		18.10		11.38
Lipper Small-Cap Core Funds Index		17.89		11.83

*	Cumulative for periods less than one year. Benchmarks since inception reflect the inception date of the investor class.

Fund Managers; Investment Experience

Gregory S. Dirkse, CFA; since 1999

Matthew B. Fahey; since 1984

Brian J. Janowski, CFA, CPA; since 2002

Inception

date

Expenses (%)

Share class

Ticker

CUSIP

Gross

Net

Investor (Y)

MRSYX

09658L588

2/28/2011

1.52

1.26

Advisor (A)

BACVX

09658W709

5/27/2014

1.52

1.26

Institutional (I)

MRSNX

09658L596

2/28/2011

1.27

1.01

Retirement (R-3)

BSVDX

09658V396

5/27/2014

1.77

1.51

Retirement (R-6)

BSVGX

09658V388

5/27/2014

1.12

0.86


Portfolio sector allocation
Sector	Fund (%)
Consumer Discretionary		10.4
Consumer Staples		1.4
Energy		8.4
Financials		26.8
Healthcare		8.0
Industrials		15.3
Information Technology		16.2
Materials		6.9
Telecommunication Services		1.0
Utilities		3.3
Other Assets & Liabilities, Net		2.3
Total		100.0

Growth of an assumed $10,000 investment

See Explanation of the Indexes and Notes in the Commentary for additional information. The above graph relates to the Investor Class shares of the Fund. Performance for the Institutional Class, Advisor Class, Retirement R-3 and Retirement R-6 Class shares will vary from the performance of the Investor Class shares shown above due to differences in charges and expenses. This graph illustrates the hypothetical investment of $10,000 in the Investor Class shares of the Fund from the lesser of the Fund’s inception date or August 31, 2004 to August 31, 2014.


Annual Report — Commentary		BMO Small-Cap Core Fund

The BMO Small-Cap Core Fund (the Fund) returned 3.80% for the period from inception (December 27, 2013) through August 31, 2014 versus the Russell 2000^® Index and the Lipper Small-Cap Core Funds Index, which returned 1.98% and 2.60%, respectively.

In many ways, this has been a year of digestion in the U.S. equity markets. Following a strong 2013, the U.S. equity market produced a moderately positive return this year. Economic growth struggled early in the year with a weather-related slowdown, but since then has shown signs of steady recovery. The Federal Reserve remains on course to finish tapering by the end of the year, despite concerns over slow growth and lack of inflation. Interest rates, after rising in the second half of 2013, have fallen so far this year. Within equity markets, small caps have lagged large caps after leading most of last year, and some expensive areas of the market, such as biotechnology and internet-related stocks, have experienced strong corrections.

Against this backdrop, the Fund outperformed its benchmark and peer group. The Fund’s focus on valuation was particularly additive this year, as investors paid a lot of attention to valuation during this period of digestion. Stock selection was also positive, led by the Energy sector, where top contributors included Pioneer Energy Services Corp. (0.8% of the Fund, 92%) and Warren Resources, Inc. (0.9% of the Fund, 105%). Another area of strength was Healthcare, where contributors included Providence Service Corp. (1.0% of the Fund, 77%) and Albany Molecular Research, Inc. (0.8% of the Fund, 96%). Underperformers during the period included Roundy’s, Inc. (0.0% of the Fund, -64%), Regional Management Corp. (0.5% of the Fund, -50%), and Acxiom Corp. (0.0% of the Fund, -50%).


Cumulative total returns (%)
	Since inception*
Investor Class (Y)		3.80
Advisor Class (A) NAV		2.98
Advisor Class (A) OFFER		(2.17	)
Institutional Class (I)		4.00
Russell 2000^® Index		1.98
Lipper Small-Cap Core Funds Index		2.60

*	Benchmarks since inception reflect the inception date of the investor class.

Fund Managers; Investment Experience

David A. Corris, CFA; since 1999

Thomas Lettenberger, CFA; since 1994

Inception

date

Expenses (%)

Share class

Ticker

CUSIP

Gross

Net

Investor (Y)

BSCYX

09658V545

12/27/2013

1.94

1.15

Advisor (A)

BCCAX

09658W808

5/27/2014

1.94

1.15

Institutional (I)

BSCNX

09658V537

12/27/2013

1.69

0.90


Portfolio sector allocation
Sector	Fund (%)
Consumer Discretionary		10.0
Consumer Staples		3.8
Energy		7.3
Financials		21.0
Healthcare		16.0
Industrials		15.2
Information Technology		18.7
Materials		2.6
Utilities		3.0
Other Assets & Liabilities, Net		2.4
Total		100.0

Growth of an assumed $10,000 investment


Annual Report — Commentary		BMO Small-Cap Growth Fund

The BMO Small-Cap Growth Fund (the Fund) returned 14.44% for the fiscal year ended August 31, 2014 versus the Russell 2000^® Growth Index and the Lipper Small-Cap Growth Funds Index, which returned 17.30% and 13.51%, respectively.

Despite continuing geopolitical and macroeconomic risks during the fiscal year, the continued improvement in the U.S. economy, manageable inflation, and a still accommodative Federal Reserve resulted in muted volatility and strong equity performance. Investor speculation in some sectors, notably developmental stage bio-techs and internet services, was also high, as risk-seeking and price momentum outweighed any valuation concerns for most of the period. As the fiscal year concludes, we are hopeful that investors will once again stay focused on fundamentals and have a renewed focus on valuations as the now 5+ year bull market continues.

Our stock selection process remains disciplined and active. Companies must demonstrate improving rates of what we view to be sustainable growth prior to us investing. In effect, this serves to limit risk, as we are not betting shareholders’ money on turnaround situations, nor speculating on the hopes and dreams of other investors and company management teams. We strongly believe that our strict adherence to our process continues to uncover new investment ideas that should benefit Fund returns over the coming years.

The Fund’s performance was driven by strong stock selection in the Consumer Discretionary, Financial, and Material sectors, along with group underweights to the Industrial and Technology sectors. Stock selection within the Consumer Staples, Healthcare, Industrial and Technology sectors were most detrimental to relative returns, along with a group underweight to the Material sector. The top contributors to total return for the Fund during the year were: Penn Virginia Corp. (0.0% of the Fund, 162%), Actuant Corp. (formerly ICG Group) (0.9% of the Fund, 39%), and Unit Corp. (0.0% of the Fund, 38%). The positions most detrimental to relative returns for the Fund were: Rocket Fuel, Inc. (0.0% of the Fund, -47%), TearLab Corp 0.5% of the Fund, -71%), and Aegerion Pharmaceuticals, Inc. 0.5% of the Fund, -62%).


Average annual total returns (%)
	1-year		5-year		10-year		Since inception*
Investor Class (Y)		14.44		19.54		12.49		—
Institutional Class (I)		14.69		19.82		—		11.16
Russell 2000^® Growth Index		17.30		18.29		10.22		—
Lipper Small-Cap Growth Funds Index		13.51		17.02		9.12		—

*	Cumulative for periods less than one year.

Fund Managers; Investment Experience

Patrick M. Gundlach, CFA; since 2002

Kenneth S. Salmon; since 1986

Inception
date

Expenses (%)

Share class

Ticker

CUSIP

Gross

Net

Investor (Y)

MRSCX

09658L612

10/31/1995

1.42

Institutional (I)

MSGIX

09658L620

1/31/2008

1.17


Portfolio sector allocation
Sector	Fund (%)
Consumer Discretionary		15.3
Consumer Staples		0.8
Energy		9.8
Financials		12.6
Healthcare		23.3
Industrials		12.3
Information Technology		18.1
Materials		1.1
Telecommunication Services		4.0
Other Assets & Liabilities, Net		2.7
Total		100.0

Growth of an assumed $10,000 investment

See Explanation of the Indexes and Notes in the Commentary for additional information. The above graph relates to the Investor Class shares of the Fund. Performance for the Institutional Class shares will vary from the performance of the Investor Class shares shown above due to differences in charges and expenses. This graph illustrates the hypothetical investment of $10,000 in the Investor Class shares of the Fund from the lesser of the Fund’s inception date or August 31, 2004 to August 31, 2014.


Annual Report — Commentary		BMO Micro-Cap Fund

The BMO Micro-Cap Fund (the Fund) returned 14.90% for the period from inception (September 30, 2013) through August 31, 2014 versus the Russell Microcap^® Index and the Lipper Micro-Cap Funds Index, which returned 9.17% and 7.75%, respectively.

The Fund’s inception period began during a very strong market environment, with many of the major indices, including the Russell Microcap^® Index, up over 10% from inception through December 31, 2013. Entering 2014, investors began to digest the strong returns of calendar 2013. In particular, investors began to harvest gains within small-cap and micro-cap stocks, which had significantly outperformed large-caps during all of 2013. As a result, calendar 2014-to-date has been a lackluster period for small- and micro-caps, with the Russell Microcap^® Index down 0.99% versus the 9.90% gain for the Russell 1000^® Index.

Against this backdrop, the Fund outperformed its benchmark and peer group. While the Fund modestly benefited from positive sector allocation during the period, the vast majority of the outperformance was due to strong stock selection particularly within the Healthcare sector. Included within Healthcare were three holdings that returned greater than 100% during the period; RadNet, Inc. (1.4% of the Fund, 177%), Fonar Corp. (0.9% of the Fund, 112%) and PharMerica Corp. (0.0% of the Fund, 102%). Another area of strength was within the Industrial sector, including the Fund’s holdings in CTPartners Executive Search, Inc. (1.3% of the Fund, 90%) and ARC Document Solutions, Inc. (0.9% of the Fund, 77%). Underperformers during the period included two stocks within the volatile Biotechnology industry; MEI Pharma, Inc. (0.0% of the Fund, -50%) and Coronado Biosciences (0.0% of the Fund, -74%). Other notable detractors included Roundy’s, Inc. (0.4% of the Fund, -63%) and Support.com, Inc. (0.4% of the Fund, -56%).


Cumulative total returns (%)
	Since inception*
Investor Class (Y)		14.90
Advisor Class (A) NAV		3.89
Advisor Class (A) OFFER		(1.29	)
Institutional Class (I)		15.20
Russell Microcap^® Index		9.17
Lipper Micro-Cap Funds Index		7.75

*	Benchmarks since inception reflect the inception date of the investor class.

Fund Managers; Investment Experience

David A. Corris, CFA; since 1999

Thomas Lettenberger, CFA; since 1994

Inception

date

Expenses (%)

Share class

Ticker

CUSIP

Gross

Net

Investor (Y)

BMMYX

09658V792

9/30/2013

2.25

1.35

Advisor (A)

BMACX

09658W881

5/27/2014

2.25

1.35

Institutional (I)

BMMIX

09658V784

9/30/2013

2.00

1.10


Portfolio sector allocation
Sector	Fund (%)
Consumer Discretionary		10.7
Consumer Staples		0.9
Energy		6.9
Financials		23.7
Healthcare		20.8
Industrials		13.5
Information Technology		14.7
Materials		3.6
Telecommunication Services		2.2
Utilities		1.1
Other Assets & Liabilities, Net		1.9
Total		100.0

Growth of an assumed $10,000 investment


Annual Report — Commentary		BMO Global Low Volatility Equity Fund

The BMO Global Low Volatility Equity Fund (the Fund) returned 14.70% for the period from inception (September 30, 2013) through August 31, 2014 versus the Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) and the Lipper Global Multi-Cap Core Funds Index, which returned 15.05% and 13.52%, respectively.

The Fund’s inception period was a very strong market environment. In fact, both the Fund and the ACWI Index returns were positive in 9 out of 11 months during this period. Not only did the Fund nearly match the total return of the ACWI Index and outperform the Lipper Global Multi-Cap Core Funds Index, it also did so with lower volatility: the Fund’s volatility of return was less than 75% of that of the ACWI Index.

The Fund’s positive and stable performance is largely attributable to strong stock selection packaged into a low risk portfolio. The Fund’s focus on stocks with cheap valuations, strong fundamentals, and improving investor interest was rewarded during the period. Top contributors to the Fund during the period were McKesson Corp. (2.0% of the Fund, 53%), Dr. Pepper Snapple Group, Inc. (2.2% of the Fund, 44%), and Next PLC (1.4% of the Fund, 47%). Top detractors during the period were Wowprime Corp. (0.9% of the Fund, -22%), Magellan Health, Inc. (1.5% of the Fund, -7%), and Morningstar, Inc. (1.5% of the Fund, -15%). Sector selection was also a modest positive, with overweights in Healthcare and Utilities and underweights in the Financial and Material sectors adding value. The Fund’s underweight in Information Technology and overweight of Telecommunications Services and Consumer Staples sectors detracted value. Country selection was a modest drag on the portfolio, particularly with an underweight in a strong U.S. stock market. This was more than offset, however, by strong stock selection within the United Kingdom, China, and New Zealand.


Cumulative total returns (%)
	Since inception*
Investor Class (Y)		14.70
Advisor Class (A) NAV		3.15
Advisor Class (A) OFFER		(2.05	)
Institutional Class (I)		15.00
Morgan Stanley Capital International All Country World Index		15.05
Lipper Global Multi-Cap Core Funds Index		13.52

*	Benchmarks since inception reflect the inception date of the investor class.

Fund Managers; Investment Experience

David A. Corris, CFA; since 1999

Jay Kaufman, CFA; since 2006

Ernesto Ramos, Ph.D.; since 1988

Inception

date

Expenses (%)

Share class

Ticker

CUSIP

Gross

Net

Investor (Y)

BGLVX

09658V776

9/30/2013

1.80

1.10

Advisor (A)

BAEGX

09658W873

5/27/2014

1.80

1.10

Institutional (I)

BGLBX

09658V768

9/30/2013

1.55

0.85


Portfolio sector allocation
Sector	Fund (%)
Consumer Discretionary		8.5
Consumer Staples		13.9
Energy		3.6
Financials		11.0
Healthcare		22.1
Industrials		8.2
Information Technology		5.0
Materials		1.2
Telecommunication Services		8.8
Utilities		8.7
Other Assets & Liabilities, Net		9.0
Total		100.0

Growth of an assumed $10,000 investment

LOGO

See Explanation of the Indexes and Notes in the Commentary for additional information. The above graph relates to the Investor Class shares of the Fund. Performance for the Institutional Class shares will vary from the performance of the Investor Class shares shown above due to differences in charges and expenses. This graph illustrates the hypothetical investment of $10,000 in the Investor Class shares of the Fund from the lesser of the Fund’s inception date or August 31, 2004 to August 31, 2014.


Annual Report — Commentary		BMO Pyrford Global Equity Fund

The BMO Pyrford Global Equity Fund (the Fund) returned 7.40% for the period from inception (December 27, 2013) through August 31, 2014 versus the Morgan Stanley Capital International World Index and the Lipper Global Multi-Cap Core Funds Index, which returned 7.24% and 5.96%, respectively.

The period saw global equity markets continue their steady rise, a rise that has now proceeded with few interruptions since March 2009. Once again, ample supplies of liquidity have been central to this advance. Over the period ending August 31, 2014 the effect of country allocation was broadly neutral to performance. The portfolio’s significant underweight allocation in Japanese equities added notably over the period. The largest negative contributor to returns over the period was the large underweight position to U.S. equities. The portfolio’s overweight position in Malaysia also detracted over the period.

In terms of currency allocation, the hedging of the Australian dollar was a negative contributor. This hedging position seeks to protect the portfolio from expected weakness in the underlying currency. Stock selection was notably strong over the period, led by stock picking throughout the Pacific Basin. Stock picking in Hong Kong, Japan, Australia, and Malaysia was particularly strong. Stock picking in Europe also added to performance however U.S. stock picking was notably weak over the period. Geographically, the portfolio remains overweight in the Asia Ex-Japan region and significantly underweight the U.S., Japan and U.K. Within Europe there is very little exposure to the problem countries in the south where sovereign debt concerns are at their greatest. The European portfolio is concentrated in Switzerland and the relatively healthy economies of core Europe, like Germany and the Netherlands.

In terms of sectors, the portfolio is very defensively positioned with underweight exposure to cyclical sectors and particularly banks (the portfolio has a zero weighting in European banks). Overweight sectors include Energy, Utilities and Telecommunications which offer high dividend yields and visible earnings streams. Due to private sector deleveraging and public sector budgetary constraints we expect a prolonged period of subdued economic growth. China and the rest of Asia ex-Japan will continue to provide the lead.

Key portfolio characteristics relative to the index include higher dividend yield, lower debt to equity, and higher return on equity. These characteristics have been consistent throughout our history of managing international equity portfolios and reflect our commitment to issues of value and quality.


Cumulative total returns (%)
	Since inception*
Investor Class (Y)		7.40
Advisor Class (A) NAV		2.29
Advisor Class (A) OFFER		(2.81	)
Institutional Class (I)		7.60
Morgan Stanley Capital International World Index		7.24
Lipper Global Multi-Cap Core Funds Index		5.96

*	Benchmarks since inception reflect the inception date of the investor class.

Investment Adviser:

BMO Asset Management Corp.

Sub-adviser:

Pyrford International Ltd.

Inception

date

Expenses (%)

Share class

Ticker

CUSIP

Gross

Net

Investor (Y)

BGEYX

09658V529

12/27/2013

1.87

1.15

Advisor (A)

BAGEX

09658W865

5/27/2014

1.87

1.15

Institutional (I)

BGENX

09658V511

12/27/2013

1.62

0.90


Portfolio sector allocation
Sector	Fund (%)
Consumer Discretionary		8.2
Consumer Staples		13.3
Energy		13.5
Financials		9.4
Healthcare		8.1
Industrials		14.4
Information Technology		14.3
Materials		4.5
Telecommunication Services		8.0
Utilities		2.1
Other Assets & Liabilities, Net		4.2
Total		100.0

Growth of an assumed $10,000 investment


Annual Report — Commentary		BMO Pyrford Global Strategic Return Fund

The BMO Pyrford Global Strategic Return Fund (the Fund) returned 3.67% for the fiscal year ended August 31, 2014 versus the Consumer Price Index + 4% target, which returned 5.85%.

The portfolio continues to be very defensively positioned with an asset allocation of equity 25%, fixed income 72% and cash 3%. This reflects the view that there is very little fundamental value in either global equities or longer duration quality sovereign bonds and that capital market valuations do not discount the significant structural economic problems and material risks that exist.

After rising towards the end of 2013, government bond yields declined steadily throughout 2014, with some of the most spectacular declines occurring in the most troubled parts of the eurozone. As a result of declining yields, the portfolio’s bonds produced positive returns over the period (North America 0.25%, Europe 3.74%); however, by owning only short duration bonds, returns were muted. The constant liquidity injections throughout the world combined with the frenetic pursuit of return by investors have pushed bond markets into bubble territory. Negative real yields remain in several markets and we continue to adopt a defensive stance by owning only short duration securities to protect the capital value of the portfolio from expected rises in yields.

The year ending August 31, 2014 saw equity markets continue their steady rise, a rise that has now proceeded with few interruptions since March 2009. Over the period, the portfolio’s U.S. equities rose over 19% while overseas equities were up 17%. Markets continue to be awash with central bank-created liquidity through programs of quantitative easing. Because debt levels are already very high in many developed economies, this newly created money is not finding its way into credit growth through the usual transmission mechanism and instead is “leaking” into capital markets and chasing asset prices higher. We remain a value manager and will not be enticed into such significantly overvalued markets. The equity portfolio remains defensively positioned with a zero weighting in European banks and limited exposure to more cyclical sectors such as Capital Goods and Materials. The portfolio is well represented in defensive sectors such as Utilities, Energy and Telecommunications. These sectors offer predictable revenue streams and attractive valuations. The focus of the portfolio remains on balance sheet strength, profitability, earnings visibility, and value.


Average annual total returns (%)
	1-year		Since inception*
Investor Class (Y)		3.67		2.63
Advisor Class (A) NAV		—		0.00
Advisor Class (A) OFFER		—		(4.96	)
Institutional Class (I)		4.47		3.08
Consumer Price Index + 4%		5.85		5.82

*	Cumulative for periods less than one year. Benchmarks since inception reflect the inception date of the investor class.

Investment Adviser:

BMO Asset Management Corp.

Sub-adviser:

Pyrford International Ltd.

Inception
date

Expenses (%)

Share class

Ticker

CUSIP

Gross

Net

Investor (Y)

MGRYX

09658L455

12/29/2011

1.59

1.24

Advisor (A)

BPGAX

09658W857

5/27/2014

1.59

1.24

Institutional (I)

MGRNX

09658L463

12/29/2011

1.34

0.99


Portfolio sector allocation
Sector	Fund (%)
Consumer Discretionary		2.8
Consumer Staples		3.0
Energy		3.8
Financials		2.3
Healthcare		1.5
Industrials		3.7
Information Technology		4.4
Materials		0.4
Telecommunication Services		3.3
Utilities		0.1
International Bonds		29.0
U.S. Government & U.S. Government Agency Obligations		41.1
Other Assets & Liabilities, Net		4.6
Total		100.0

Growth of an assumed $10,000 investment

LOGO


Annual Report — Commentary		BMO Pyrford International Stock Fund

The BMO Pyrford International Stock Fund (the Fund) returned 13.69% for the fiscal year ended August 31, 2014 versus the Morgan Stanley Capital International Europe, Australasia, Far East Index and the Lipper International Multi-Cap Core Funds Index which returned 16.43% and 16.23%, respectively.

The period saw international equity markets continue their steady rise, a rise that has now proceeded with few interruptions since March 2009. Once again, ample supplies of liquidity have been central to this advance. Over the year ending August 31, 2014 the effect of country allocation was a positive contributor to performance. The portfolio’s overweights to Taiwan and Hong Kong added notably. The largest negative contributor to returns over the period was the overweight position in Malaysia.

In terms of currency allocation, the hedging of the Australian dollar was a negative contributor. This hedging position seeks to protect the portfolio from expected weakness in the underlying currency. Stock selection was negative over the period. Value was added by stock picking in Japan while selection was largely negative in the Euro-zone. Stock selection was also notably negative in Hong Kong over the year. Geographically the portfolio remains overweight in the Asia Ex-Japan region and significantly underweight in Japan and U.K. Within Europe, there is very little exposure to the problem countries in the south where sovereign debt concerns are at their greatest. The European portfolio is concentrated in Switzerland and the relatively healthy economies of core Europe, like Germany and the Netherlands.

In terms of sectors, the portfolio is very defensively positioned with underweight exposure to cyclical sectors and particularly banks (the portfolio has a zero weighting in European banks). Overweight sectors include Energy, Utilities and Telecommunications which offer high dividend yields and visible earnings streams. Due to private sector deleveraging and public sector budgetary constraints we envisage a prolonged period of subdued economic growth. China and the rest of Asia ex-Japan will continue to provide the lead.


Average annual total returns (%)
	1-year		Since inception*
Investor Class (Y)		13.69		13.61
Advisor Class (A) NAV		—		(0.15	)
Advisor Class (A) OFFER		—		(5.14	)
Institutional Class (I)		14.00		13.92
Retirement Class (R-3)		—		(0.23	)
Retirement Class (R-6)		—		0.00
Morgan Stanley Capital International Europe, Australasia, Far East Index		16.43		16.28
Lipper International Multi-Cap Core Funds Index		16.23		15.99

*	Cumulative for periods less than one year. Benchmarks since inception reflect the inception date of the investor class.

Investment Adviser:

BMO Asset Management Corp.

Sub-adviser:

Pyrford International Ltd.

Share class

Inception

date

Expenses (%)

Ticker

CUSIP

Gross

Net

Investor (Y)

MISYX

09658L497

12/29/2011

1.33

1.24

Advisor (A)

BPIAX

09658W840

5/27/2014

1.33

1.24

Institutional (I)

MISNX

09658L513

12/29/2011

1.08

0.99

Retirement
(R-3)

BISDX

09658V370

5/27/2014

1.58

1.49

Retirement
(R-6)

BISGX

09658V362

5/27/2014

0.93

0.84


Portfolio sector allocation
Sector	Fund (%)
Consumer Discretionary		4.5
Consumer Staples		9.7
Energy		11.1
Financials		7.2
Healthcare		10.9
Industrials		20.0
Information Technology		7.8
Materials		7.4
Telecommunication Services		10.1
Utilities		5.8
Other Assets & Liabilities, Net		5.5
Total		100.0

Growth of an assumed $10,000 investment

See Explanation of the Indexes and Notes in the Commentary for additional information. The above graph relates to the Investor Class shares of the Fund. Performance for the Institutional Class, Advisor Class, Retirement R-3 and Retirement R-6 Class shares will vary from the performance of the Investor Class shares shown above due to differences in charges and expenses. This graph illustrates the hypothetical investment of $10,000 in the Investor Class shares of the Fund from the lesser of the Fund’s inception date or August 31, 2004 to August 31, 2014.


Annual Report — Commentary		BMO Global Natural Resources Fund

The BMO Global Natural Resources Fund (the Fund) returned 7.30% for the period from inception (December 27, 2013) through August 31, 2014 versus the Morgan Stanley Capital International (MSCI) All Country World Commodity Producers Sector Capped Index and the Lipper Global Natural Resources Funds Index, which returned 5.82% and 10.00%, respectively.

Fund inception through August 31, 2014 was a volatile period for commodity prices. Political turmoil in the Middle East and Africa was continuously weighed with and against the outlook for World Gross Domestic Product growth, a potential start to Federal Reserve interest rate increases, and growing U.S. oil production. The Energy and Precious Metals sectors were most impacted by these factors. Grain prices were negatively impacted through the period due to an outlook for a large corn and soy bean crop harvest.

Through this period of commodity price volatility, the Fund was able outperform its benchmark. Stock selection within the Energy sector was the main driver. The three Energy equities with the highest contribution were; Keyera Corp. (2.1% of the Fund, 50%), Halliburton Co. (1.3% of the Fund, 34%), and Canyon Services Group, Inc. 0.7% of the Fund, 38%). The Fund underperformed in both the Agriculture and Base Metals due to two specific holdings; MBAC Fertilizer Corp. (0.0% of the Fund, -64%), and Imperial Metals Corp. (0.0% of the Fund, -39%).

We believe that a weak grain price environment will persist through 2015 and has therefore positioned the Agriculture holding towards companies for whom grains are an input cost. Energy remains an overweight with the view that global geopolitics create continued supply side risk to oil prices, but look to own high quality exploration and production companies with a large, low cost resource base and energy service companies that offer customers high value add. Low global inflation and the specter of Federal Reserve interest rate increases act as an albatross around the neck of gold equities, so as we enter 2015 that exposure has been reduced. Within the Precious Metals group the outlook for palladium and platinum in the new fiscal year is positive on supply constraints and increased pollution controls. We continue to be underweight the Base Metals sector due to slower economic growth in China and a flood of supply in the iron ore markets.


Cumulative total returns (%)
	Since inception*
Investor Class (Y)		7.30
Advisor Class (A) NAV		3.77
Advisor Class (A) OFFER		(1.38	)
Institutional Class (I)		7.70
Morgan Stanley Capital International All Country World Commodity Producers Sector Capped Index		5.82
Lipper Global Natural Resources Funds Index		10.00

*	Benchmarks since inception reflect the inception date of the investor class.

Fund Manager; Investment Experience

Jon Borchardt; since 1984

Inception

date

Expenses (%)

Share class

Ticker

CUSIP

Gross

Net

Investor (Y)

BNRYX

09658V479

12/27/2013

1.99

1.24

Advisor (A)

BAGNX

09658W832

5/27/2014

1.99

1.24

Institutional
(I)

BNRIX

09658V461

12/27/2013

1.74

0.99


Portfolio sector allocation
Sector	Fund (%)
Consumer Discretionary		5.5
Consumer Staples		11.5
Energy		42.2
Healthcare		1.5
Industrials		6.8
Materials		34.0
Other Assets & Liabilities, Net		(1.5	)
Total		100.0

Growth of an assumed $10,000 investment


Annual Report — Commentary		BMO LGM Emerging Markets Equity Fund

The BMO LGM Emerging Markets Equity Fund (the Fund) returned 15.35% for the fiscal year ended August 31, 2014 versus the Morgan Stanley Capital International Emerging Markets Index and the Lipper Emerging Markets Funds Index, which returned 19.98% and 20.27%, respectively.

Domestically-oriented companies in India contributed positively to performance such as new investments Yes Bank, Ltd. (4.5% of the Fund, 143%), a full service commercial bank in India; as well as Emami, Ltd. (3.0% of the Fund, 47%), a household and personal care company; and Titan Co., Ltd. (2.1% of the Fund, 56%), the country’s largest gold jewelry retailer. The Fund also added to its investment in ITC, Ltd. (5.6% of the Fund, 8%), India’s leading tobacco and fast moving consumer goods company. The Fund’s performance also benefited from the overweight and positive stock selection in the Philippines, as the Fund’s second largest holding, local snack producer Universal Robina Corp. (4.8% of the Fund, 41%), continues to execute well on the domestic market. The Fund’s only investment in South Korea, a leading tobacco and ginseng producer, KT&G Corp. (2.4% of the Fund, 48%), also contributed positively to the Fund’s performance as the government’s proposed excise tax hike, the first one in nearly a decade, was likely to be reciprocated by the company, preserving margin and cash flow expansion.

The Fund’s performance was hurt by its stock selection in Hong Kong-listed companies such as Giordano International, Ltd. (1.2% of the Fund, -33%) as the company continues to face challenges re-positioning its products in a highly competitive Chinese market. Parkson Retail Asia, Ltd. (1.4% of the Fund, -29%) was another detractor to performance as consumption slowdown in Malaysia, its main market, was reflected in the negative like-for-like sales growth. The weakness in Coca-Cola Embonor SA (1.3% of the Fund, -31%), Chile’s leading soft-drink bottler, was driven by slowing domestic consumption.

The Fund’s key objective is to invest actively in emerging market companies to drive the long-term capital appreciation of our clients’ wealth. We believe we can add value through sound, bottom-up fundamental investment analysis with a long-term approach. Our unconstrained approach focuses on identifying companies that meet our quality criteria that include strong business models, robust balance sheets, proven management teams and clear and fair alignments between majority and minority shareholders. We typically invest in companies generating high free cash flows to support a growing dividend stream, which is also reflective of a quality factor.


Average annual total returns (%)
	1-year		5-year		Since inception*
Investor Class (Y)		15.35		5.80		12.12
Advisor Class (A) NAV		—		—		4.46
Advisor Class (A) OFFER		—		—		(0.76	)
Institutional Class (I)		15.57		6.04		12.37
Morgan Stanley Capital International Emerging Markets Index		19.98		7.90		15.33
Lipper Emerging Markets Funds Index		20.27		8.52		15.49

*	Cumulative for periods less than one year. Benchmarks since inception reflect the inception date of the investor class.

Investment Adviser:

BMO Asset Management Corp.

Sub-adviser:

LGM Investments Limited

Inception

date

Expenses (%)

Share class

Ticker

CUSIP

Gross

Net

Investor (Y)

MEMYX

09658L471

12/22/2008

1.65

1.40

Advisor (A)

BAEMX

09658W824

5/27/2014

1.65

1.40

Institutional (I)

MIEMX

09658L489

12/22/2008

1.40

1.15


Portfolio sector allocation
Sector	Fund (%)
Consumer Discretionary		18.5
Consumer Staples		31.7
Financials		28.5
Healthcare		5.6
Industrials		4.9
Telecommunication Services		5.8
Utilities		2.4
Participation Notes		1.8
Other Assets & Liabilities, Net		0.8
Total		100.0

Growth of an assumed $10,000 investment

See Explanation of the Indexes and Notes in the Commentary for additional information. The above graph relates to the Investor Class shares of the Fund. Performance for the Institutional Class shares will vary from the performance of the Investor Class shares shown above due to differences in charges and expenses. This graph illustrates the hypothetical investment of $10,000 in the Investor Class shares of the Fund from the lesser of the Fund’s inception date or August 31, 2004 to August 31, 2014.


Annual Report — Commentary		BMO TCH Emerging Markets Bond Fund

The BMO TCH Emerging Markets Bond Fund (the Fund) returned 12.66% for the period from inception (September 30, 2013) through August 31, 2014 versus the JP Morgan Emerging Markets Bond Global Diversified Index and the Lipper Emerging Markets Hard Currency Debt Funds Index, which returned 11.70% and 9.01%, respectively.

Leading up to the period, fear surrounding the Federal Reserve’s tapering program weighed on Emerging Market (EM) securities as investors became concerned about EM sovereigns’ external vulnerabilities, including pressure on foreign exchange rates, foreign direct investment, and market liquidity. The Federal Reserve’s decision not to taper at its September 2013 meeting, coupled with a commitment to continue accommodation, reversed much of this sentiment and provided significant support to the asset class over the period.

Geopolitical events and country specific news drove performance variability within the asset class during the period. Reform agendas such as those put forth in Mexico, Indonesia, India, and China were viewed constructively. Some countries, such as Mexico, further benefitted from stabilizing growth in developed markets. The dispute between Russia and Ukraine over their borders drove significant geopolitical volatility, reprising regional risk as the duration of the crisis extended and spilled over into economic impact. Favorable country and security selection within this environment was a strong contributor to Fund performance. This was partially offset by the higher quality nature of the Fund, as higher beta securities largely outperformed higher quality peers during the period.

Continued market support from global Central Banks and a “soft landing” for China continue to provide a constructive backdrop for EM securities over the near term. The Fund remains overweight corporate and quasi-sovereign exposure to capture additional spread where it believes valuations remain attractive. The Fund continues to maintain duration in line with the benchmark.


Cumulative total returns (%)
	Since inception*
Investor Class (Y)		12.66
Advisor Class (A) NAV		3.15
Advisor Class (A) OFFER		(0.45	)
Institutional Class (I)		12.89
JP Morgan Emerging Markets Bond Global Diversified Index		11.70
Lipper Emerging Markets Hard Currency Debt Funds Index		9.01

*	Benchmarks since inception reflect the inception date of the investor class.

Investment Adviser:

BMO Asset Management Corp.

Sub-adviser:

Taplin, Canida & Habacht, LLC (TCH)

Inception

date

Expenses (%)

Share class

Ticker

CUSIP

Gross

Net

Investor (Y)

MEBYX

09658L430

9/30/2013

1.79

1.00

Advisor (A)

BAMEX

09658W816

5/27/2014

1.79

1.00

Institutional (I)

MEBIX

09658L448

9/30/2013

1.54

0.85


Portfolio sector allocation
Sector	Fund (%)
Corporate Bonds & Notes		74.2
International Bonds		21.5
Other Assets & Liabilities, Net		4.3
Total		100.0

Growth of an assumed $10,000 investment


Annual Report — Commentary		BMO Ultra Short Tax-Free Fund

The BMO Ultra Short Tax-Free Fund (the Fund) returned 1.10% for the fiscal year ended August 31, 2014 versus the Barclays 1 Year Municipal Bond Index and the Blended Index benchmark (50% Barclays 1 Year Municipal Bond Index and 50% iMoneyNet Money Market Fund Tax-Free National Retail Index), which returned 0.86% and 0.44%, respectively.

Expectations can change a lot in a twelve month period. Last year, municipal funds were seeing rising rates, consistent redemptions, and negative credit headlines from the Detroit bankruptcy and Puerto Rico’s fiscal concerns. But as the Federal Reserve began the tapering of monthly asset purchases, rates stopped rising and fell steadily through August. In January, tax-free fund flows turned positive once again and remained so through the end of this fiscal period. Credit spreads tightened as investors treated Detroit and Puerto Rico as one-off events and saw the strength in the overall municipal market as worthy of a lower risk premium.

The Fund performed well against both money market funds, which are yielding near zero percent, as well as the blended benchmark. Individual bond selection, especially among issues in lower-rated credit categories, enhanced returns as did an overweight in the revenue-backed sector, particularly to hospital issues. While an overweight to floating rate issues over much of the year helped to minimize price volatility, in hindsight, this detracted modestly from performance since having a greater allocation to fixed rate debt would have benefited from a modest decline in short-term yields.

We look forward to the day when the Federal Reserve moves off its zero interest rate policy, which we expect will occur in 2015. As short-term rates begin to rise, Fund investors should benefit from higher yields on the floating rate debt. In addition to the floating rate securities to help minimize share price volatility as rates rise, a below-benchmark duration will be targeted and a prudent level of A and BBB rated securities will be held, the excess yield of which helps to offset price declines when yields rise. The backdrop for municipal credits continues to improve as the economy grows and municipalities are focused more on operational efficiencies and pension reform than on new borrowing.


Average annual total returns (%)
	1-year		Since inception*
Investor Class (Y)		1.10		1.20
Advisor Class (A) NAV		—		0.13
Advisor Class (A) OFFER		—		(1.91	)
Institutional Class (I)		1.35		1.45
Barclays 1 Year Municipal Bond Index		0.86		1.12
Blended Index (50% Barclays 1 Year Municipal Bond Index and 50% iMoneyNet Money Market Fund Tax-Free National Retail Index)		0.44		0.57

*	Cumulative for periods less than one year. Benchmarks since inception reflect the inception date of the investor class.

Fund Managers; Investment Experience

Craig J. Mauermann; since 1997

Duane A. McAllister, CFA; since 1987

Erik R. Schleicher; since 2003

Inception

date

Expenses (%)

Share class

Ticker

CUSIP

Gross

Net

Investor (Y)

MUYSX

09658L521

9/30/2009

0.58

0.56

Advisor (A)

BAUSX

09658W790

5/27/2014

0.58

0.56

Institutional (I)

MUISX

09658L539

9/30/2009

0.33

0.31


Municipal Issuance/Industry Type
Issuance/Industry	Fund (%)
General Obligation — 23.2%
School District		8.1
State or Local		15.1
Revenue Bonds — 73.7%
Appropriation		15.1
Education		6.7
General Revenue		3.8
Healthcare		19.2
Housing		3.0
Industrial Revenue		2.5
Power		1.6
Special Tax		5.8
Student Loan		0.1
Transportation		8.6
Water & Sewer		7.3
Other Assets & Liabilities, Net		3.1
Total		100.0

Growth of an assumed $10,000 investment


Annual Report — Commentary		BMO Short Tax-Free Fund

The BMO Short Tax-Free Fund (the Fund) returned 3.86% for the fiscal year ended August 31, 2014 versus the Barclays Short (1 – 5 Year) Municipal Index and the Lipper Short Municipal Debt Funds Index, which returned 2.35% and 1.46%, respectively.

A year ago yields were on the rise as investors feared the end of the Federal Reserve’s quantitative easing program. Municipal funds were experiencing persistent redemptions due to rate concerns and negative credit headlines from the Detroit bankruptcy and Puerto Rico’s fiscal concerns. Looking back, this was a classic “sell the rumor, buy the fact” investing opportunity. Rates stopped rising just as the Federal Reserve tapering of monthly asset purchases began and fell steadily through the rest of the fiscal period. Tax-free fund flows also turned positive in January and remained so through fiscal year-end, as inflows occurred in eight out of every ten weeks. Even credit spreads, the difference in yield between lower quality and higher quality credits, narrowed as investors accepted both Detroit and Puerto Rico as specific rather than systemic credit challenges.

The Fund was well positioned for the change in the yield curve and tighter credit spreads. The Fund’s barbell curve posture benefited as intermediate yields fell more than shorter maturities. In addition, an overweight in both BBB and A rated bonds enhanced performance as lower-rated issues outperformed higher quality. This same risk-on theme that helped to tighten credit spreads also played out in sector performance, benefitting the Fund’s overweight in local general obligation and hospital issues. Detracting from performance was the Fund’s overweight in floating rate securities.


Average annual total returns (%)
	1-year		Since inception*
Investor Class (Y)		3.86		2.38
Advisor Class (A) NAV		—		0.64
Advisor Class (A) OFFER		—		(1.40	)
Institutional Class (I)		4.12		2.59
Barclays Short (1-5 Year) Municipal Index		2.35		1.43
Lipper Short Municipal Debt Funds Index		1.46		0.69

*	Cumulative for periods less than one year. Benchmarks since inception reflect the inception date of the investor class.

Fund Managers; Investment Experience

Duane A. McAllister, CFA; since 1987

Erik R. Schleicher; since 2003

Inception

date

Expenses (%)

Share class

Ticker

CUSIP

Gross

Net

Investor (Y)

MTFYX

09658L638

11/29/2012

1.07

0.56

Advisor (A)

BASFX

09658W782

5/27/2014

1.07

0.56

Institutional
(I)

MTFIX

09658L646

11/29/2012

0.82

0.41


Municipal Issuance/Industry Type
Issuance/Industry	Fund (%)
General Obligation — 23.9%
School District		9.0
State or Local		14.9
Revenue Bonds — 75.5%
Appropriation		16.8
Education		9.0
General Revenue		4.4
Healthcare		16.7
Housing		6.9
Industrial Revenue		2.7
Power		2.7
Special Tax		3.8
Student Loan		0.6
Tobacco		0.2
Transportation		7.0
Water & Sewer		4.7
Other Assets & Liabilities, Net		0.6
Total		100.0

Growth of an assumed $10,000 investment


Annual Report — Commentary		BMO Short-Term Income Fund

The BMO Short-Term Income Fund (the Fund) returned 1.55% for the fiscal year ended August 31, 2014 versus the Bank of America Merrill Lynch 1-3 Year U.S. Government/Corporate Index and the Lipper Short Investment-Grade Debt Funds Index, which returned 1.18% and 2.07%, respectively.

The bond market experienced significant interest rate volatility over the fiscal year, with short term rates ending moderately higher than at the beginning of the year. Interest rates have fluctuated as investors have digested mixed economic data in an attempt to predict future actions of the Federal Reserve. With quantitative easing coming to a close this fall, the market anticipates a future increase of the target rate, which has remained close to zero since late 2008. Despite this volatility in interest rates, bonds saw positive returns across all sectors for the fiscal year, with the spread sectors contributing strong outperformance as investors search for yield amid record low interest rates.

Corporate, Asset-Backed (ABS) and Commercial Mortgage Backed Securities (CMBS) all outperformed for the fiscal year, which helped performance given the Fund’s overweight bias to those sectors. In the past year, the Fund markedly increased its allocation to the securitized sector, CMBS in particular. An overweight to BBB rated securities also added to relative performance as lower quality credits outperformed the index. The Fund’s barbell yield curve position detracted from performance as the front end of the curve steepened.

Looking ahead, we expect a bias toward higher rates in the front-end of the yield curve with the greatest volatility being seen in maturities longer than 2 years. We anticipate a continued yield curve steepening out to 3 year maturities and expect that longer yields will increase at a slower pace than those on the front-end. We will look for ongoing improvement in unemployment and expect moderate improvement in consumer and private investment spending amidst modest wage gains. There will be minimal change in government spending in an election year and the associated gridlock in Washington. Export growth is a wildcard amidst geopolitical tensions and slower international growth. We expect inflation to continue trending upward but remain in the Federal Reserve’s comfort zone, close to 2%. Uncertainty surrounding the geopolitical environment will continue. While QE3 is anticipated to conclude in fall 2014, there is no expected change to the Federal Funds target rate for the balance of the year, but do expect to see a rate hike before the latter part of 2015.


Average annual total returns (%)
	1-year		5-year		10-year		Since inception*
Investor Class (Y)		1.55		2.96		3.34		—
Advisor Class (A) NAV		—		—		—		0.10
Advisor Class (A) OFFER		—		—		—		(1.88	)
Institutional Class (I)		1.80		3.24		—		3.61
Bank of America Merrill Lynch 1-3 Year U.S. Government/Corporate Index		1.18		1.61		2.85		—
Lipper Short Investment-Grade Debt Funds Index		2.07		2.85		2.82		—

*	Cumulative for periods less than one year.

Fund Managers; Investment Experience

Peter J. Arts; since 1992

Boyd R. Eager; since 1997

Inception

date

Expenses (%)

Share class

Ticker

CUSIP

Gross

Net

Investor (Y)

MSINX

09658L562

11/1/1992

0.71

0.63

Advisor (A)

BTMAX

09658W774

5/27/2014

0.71

0.63

Institutional (I)

MSIFX

09658L570

5/31/2007

0.46

0.38


Portfolio sector allocation
Sector	Fund (%)
Asset-Backed Securities		19.2
Collateralized Mortgage Obligations		7.6
Commercial Mortgage Securities		6.6
Corporate Bonds & Notes		51.2
Municipals		1.1
Mutual Funds		3.0
U.S. Government & U.S. Government Agency Obligations		7.4
U.S. Government Agency—Mortgage Securities		1.4
Other Assets & Liabilities, Net		2.5
Total		100.0

Growth of an assumed $10,000 investment


Annual Report — Commentary		BMO Intermediate Tax-Free Fund

The BMO Intermediate Tax-Free Fund (the Fund) returned 8.29% for the fiscal year ended August 31, 2014 versus the Barclays 1-15 Year Blend Municipal Bond Index and the Lipper Intermediate Municipal Debt Funds Index, which returned 7.52% and 7.57%, respectively.

A year ago yields were on the rise as investors feared the end of the Federal Reserve’s quantitative easing program. Municipal funds were experiencing persistent redemptions due to rate concerns and negative credit headlines from the Detroit bankruptcy and Puerto Rico’s fiscal concerns. Looking back, this was a classic “sell the rumor, buy the fact” investing opportunity. Rates stopped rising just as the Federal Reserve tapering of monthly asset purchases began. Tax-free fund flows also turned positive in January and remained so through the end of this fiscal period in August, receiving inflows in eight out of every ten weeks. Even credit spreads, which is the difference in yield between lower quality and higher quality credits, narrowed as investors accepted both Detroit and Puerto Rico as specific rather than systemic credit challenges.

The Fund was well positioned for the shift in both sentiment and yield. Having a barbell allocation along the yield curve was helpful as yields on long debt fell more than shorter maturities. In addition, an overweight in both BBB and A rated bonds enhanced performance as lower-rated issues outperformed higher quality. This same risk-on theme that helped to tighten credit spreads also played out in sector performance, benefitting the Fund’s overweight in revenue bonds, particularly hospital issues. Detracting from performance was a modest interest rate hedge in Treasury futures that fell in price as market yields declined.

In spite of the impressive returns of the municipal market over the past year, there are still value opportunities in the tax-free market. Intermediate and long-term maturities remain on the cheaper side of historical valuations relative to Treasuries, while shorter, fixed rate issues appear to be fully valued. The backdrop for municipal credits continues to improve as the economy grows and municipalities are focused more on operational efficiencies and pension reform than on new borrowing. Nonetheless, with rates lower now than a year ago, the market is more susceptible to a reversal in rates, warranting a more cautious duration posture going forward. The Fund has raised both its liquidity and floating rate exposure in anticipation of greater market volatility the closer we get to an increase in the Fed Funds rate in 2015.


Average annual total returns (%)
	1-year		5-year		10-year		Since inception*
Investor Class (Y)		8.29		5.19		4.54		—
Advisor Class (A) NAV		—		—		—		1.46
Advisor Class (A) OFFER		—		—		—		(2.05	)
Institutional Class (I)		8.50		—		—		5.53
Barclays 1-15 Year Blend Municipal Bond Index		7.52		4.53		4.38		—
Lipper Intermediate Municipal Debt Funds Index		7.57		4.51		3.87		—

*	Cumulative for periods less than one year.

Fund Managers; Investment Experience

John D. Boritzke, CFA; since 1983

Duane A. McAllister, CFA; since 1987

Inception

date

Expenses (%)

Share class

Ticker

CUSIP

Gross

Net

Investor (Y)

MITFX

09658L760

2/1/1994

0.62

0.56

Advisor (A)

BITAX

09658W766

5/27/2014

0.62

0.56

Institutional (I)

MIITX

09658L778

12/27/2010

0.37


Municipal Issuance/Industry Type
Issuance/Industry	Fund (%)
General Obligation — 19.8%
School District		10.7
State or Local		9.1
Revenue Bonds — 78.7%
Appropriation		19.6
Education		8.2
General Revenue		2.7
Healthcare		17.5
Housing		6.4
Industrial Revenue		1.1
Power		3.0
Special Tax		3.2
Student Loan		0.9
Tobacco		0.1
Transportation		9.3
Water & Sewer		6.7
Other Assets & Liabilities, Net		1.5
Total		100.0

Growth of an assumed $10,000 investment


Annual Report — Commentary		BMO Mortgage Income Fund

The BMO Mortgage Income Fund (the Fund) returned 4.87% for the fiscal year ended August 31, 2014 versus the Barclays U.S. Mortgage Backed Securities Index and the Lipper U.S. Mortgage Funds Index, which returned 5.42% and 5.33%, respectively.

Despite fears surrounding the initiation of the Federal Reserve’s tapering program, fixed income broadly performed well during the trailing year. Interest rates on the 10 year U.S. Treasury fell from 2.75% on August 31, 2013 to 2.34% on August 31, 2014 even with the notable interest rate increase during the fourth quarter of 2013 when tapering was formally announced. Agency Mortgage Backed Securities (MBS) in particular were expected to struggle given the tapering announcement as the Fed’s quantitative easing program directly purchased MBS. However, the decreased purchases by the Federal Reserve were offset by the decline in issuance of MBS.

Given dramatic declines in refinancings, combined with banks continued reluctance to lend to all but the highest quality borrowers, MBS issuance has underwhelmed the consensus estimates, thus creating a supply/demand imbalance and driving spreads tighter. The Fund’s overweight to conventionals (Fannie Mae and Freddie Mac) vs. Ginnie Mae contributed to performance as those market segments outperformed. The Fund’s overweight to commercial mortgage-backed securities and non-agency mortgage-backed securities were also additive, with investors search for yield favoring these sectors. The Fund maintained a modestly short duration to the benchmark, resulting in underperformance versus the benchmark as interest rates declined during the fiscal year.

Recent U.S. growth and improving labor markets (6.1% unemployment at August 31, 2014 vs 7.2% a year prior) are encouraging signs, though global economic trends are not uniformly positive. Our view remains for an improving, but tepid growth picture in the United States, which favors spread sectors over Treasuries, while contained inflation supports only a measured reduction of accommodative monetary policy.


Average annual total returns (%)
	1-year		5-year		10-year		Since inception*
Investor Class (Y)		4.87		4.02		4.41		—
Advisor Class (A) NAV		—		—		—		0.86
Advisor Class (A) OFFER		—		—		—		(2.68	)
Institutional Class (I)		5.13		4.26		—		5.04
Barclays U.S. Mortgage Backed Securities Index		5.42		3.68		4.73		—
Lipper U.S. Mortgage Funds Index		5.33		4.41		4.39		—

*	Cumulative for periods less than one year.

Fund Managers; Investment Experience

Scott M. Kimball, CFA; since 2004

David M. Komberec, CFA; since 1997

Daniela Mardarovici, CFA; since 2000

Inception

date

Expenses (%)

Share class

Ticker

CUSIP

Gross

Net

Investor (Y)

MRGIX

09658L810

12/13/1992

0.89

0.81

Advisor (A)

BMTAX

09658W758

5/27/2014

0.89

0.81

Institutional
(I)

MGIIX

09658L828

5/31/2007

0.64

0.56


Portfolio sector allocation
Sector	Fund (%)
Asset-Backed Securities		0.3
Collateralized Mortgage Obligations		13.4
Commercial Mortgage Securities		7.9
U.S. Government Agency—Mortgage Securities		70.4
Other Assets & Liabilities, Net		8.0
Total		100.0

Growth of an assumed $10,000 investment


Annual Report — Commentary		BMO TCH Intermediate Income Fund

The BMO TCH Intermediate Income Fund (the Fund) returned 5.37% for the fiscal year ended August 31, 2014 versus the Barclays U.S. Intermediate Government/Credit Bond Index and the Lipper Short-Intermediate Investment-Grade Debt Funds Index, which returned 3.55% and 3.30%, respectively.

Despite fears surrounding the initiation of the Federal Reserve’s tapering program, fixed income broadly performed well during the trailing year. Interest rates on the 10 year U.S. Treasury fell from 2.75% on August 31, 2013 to 2.34% on August 31, 2014 even with the notable interest rate increase during the fourth quarter of 2013 when tapering was formally announced. Against this interest rate backdrop, U.S. Treasury securities delivered a 3.57% return.

Yield curve positioning, quality selection, and security selection all contributed to Fund outperformance during the fiscal year. The Fund’s barbell position on the yield curve emphasizing longer maturity securities paired with high quality floating rate notes contributed to performance as the yield curve flattened.

The Fund benefited from its above-market exposure to credit during the past year. Intermediate credit securities outperformed duration-matched Treasuries by 304 basis points as the option-adjusted spread of the Barclays Capital U.S. Credit Index tightened 41 basis points to 75 over the course of the fiscal year. Within credit, the Fund was overweight lower quality investment grade securities which outperformed higher quality securities with BBB rated securities outperforming AAA rated securities by 400 basis points of excess return.

Individual security selection was favorable and added value during the past year. We expect that security selection and relative value decisions will play an important role in the portfolio in the coming year as yields remain low and credit and mortgage spreads have tightened. Among the detractors to performance was our relative underweight to Financials versus Industrials as longer-term Financials in particular outperformed. In addition, our underweight to dollar-denominated foreign sovereign securities detracted as some of the troubled European periphery securities recovered, outperforming corporates.


Average annual total returns (%)
	1-year		5-year		10-year		Since inception*
Investor Class (Y)		5.37		5.20		4.42		—
Advisor Class (A) NAV		—		—		—		0.88
Advisor Class (A) OFFER		—		—		—		(2.60	)
Institutional Class (I)		5.63		5.46		—		5.21
Barclays U.S. Intermediate Government/Credit Bond Index		3.55		3.70		4.12		—
Lipper Short-Intermediate Investment-Grade Debt Funds Index		3.30		3.82		3.71		—

*	Cumulative for periods less than one year.

Investment Adviser:

BMO Asset Management Corp.

Sub-adviser:

Taplin, Canida & Habacht, LLC (TCH)

Inception

date

Expenses (%)

Share class

Ticker

CUSIP

Gross

Net

Investor (Y)

MAIBX

09658L653

11/19/1992

0.90

0.81

Advisor (A)

BAIIX

09658W741

5/27/2014

0.90

0.81

Institutional (I)

MIBIX

09658L661

5/31/2007

0.65

0.56


Portfolio sector allocation
Sector	Fund (%)
Asset-Backed Securities		11.6
Commercial Mortgage Securities		1.9
Corporate Bonds & Notes		56.6
U.S. Government & U.S. Government Agency Obligations		14.1
U.S. Government Agency—Mortgage Securities		12.2
Other Assets & Liabilities, Net		3.6
Total		100.0

Growth of an assumed $10,000 investment


Annual Report — Commentary		BMO TCH Corporate Income Fund

The BMO TCH Corporate Income Fund (the Fund) returned 11.20% for the fiscal year ended August 31, 2014 versus the Barclays U.S. Credit Index and the Lipper Core Plus Bond Funds Index, which returned 9.06% and 7.14%, respectively.

Despite fears surrounding the initiation of the Federal Reserve’s tapering program, fixed income broadly performed well during the trailing year. Interest rates on the 10 year U.S. Treasury fell from 2.75% on August 31, 2013 to 2.34% on August 31, 2014 even with the notable interest rate increase during the fourth quarter of 2013 when tapering was formally announced. Against this interest rate backdrop, U.S. Treasury securities delivered a 3.57% return.

The Fund was overweight lower quality investment grade securities which outperformed higher quality securities with BBB rated securities outperforming AAA rated securities by 498 basis points of excess return. The Fund also benefitted from an overweight to longer-dated credit securities which outperformed intermediate credit delivering 619 basis points of excess return vs 304. Allocations to emerging market corporate debt were additive to portfolio performance during the period.

Individual security selection was favorable and added value during the past year. We expect that security selection and relative value decisions will play an important role in the portfolio in the coming year as yields remain low and credit and mortgage spreads have tightened. Among the detractors to performance was our relative underweight to Financials vs. Industrials as long Financials in particular outperformed. In addition, our underweight to dollar-denominated foreign sovereign securities detracted as some of the troubled European periphery securities recovered, outperforming corporates.


Average annual total returns (%)
	1-year		5-year		Since inception*
Investor Class (Y)		11.20		8.16		10.53
Advisor Class (A) NAV		—		—		2.02
Advisor Class (A) OFFER		—		—		(1.56	)
Institutional Class (I)		11.32		8.34		10.72
Barclays U.S. Credit Index		9.06		6.77		8.30
Lipper Core Plus Bond Funds Index		7.14		6.28		7.73

*	Cumulative for periods less than one year. Benchmarks since inception reflect the inception date of the investor class.

Investment Adviser:

BMO Asset Management Corp.

Sub-adviser:

Taplin, Canida & Habacht, LLC (TCH)

Inception

date

Expenses (%)

Share class

Ticker

CUSIP

Gross

Net

Investor (Y)

MCIYX

09658L851

12/22/2008

0.76

0.60

Advisor (A)

BATIX

09658W733

5/27/2014

0.76

0.60

Institutional (I)

MCIIX

09658L869

12/22/2008

0.51


Portfolio sector allocation
Sector	Fund (%)
Asset-Backed Securities		2.5
Corporate Bonds & Notes		87.3
Municipals		0.3
U.S. Government & U.S. Government Agency Obligations		4.2
Other Assets & Liabilities, Net		5.7
Total		100.0

Growth of an assumed $10,000 investment


Annual Report — Commentary		BMO TCH Core Plus Bond Fund

The BMO TCH Core Plus Bond Fund (the Fund) returned 8.68% for the fiscal year ended August 31, 2014 versus the Barclays U.S. Aggregate Bond Index and the Lipper Core Plus Bond Funds Index, which returned 5.66% and 7.14%, respectively.

Despite fears surrounding the initiation of the Federal Reserve’s tapering program, fixed income broadly performed well during the trailing year. Interest rates on the 10 year U.S. Treasury fell from 2.75% on August 31, 2013 to 2.34% on August 31, 2014 even with the notable interest rate increase during the fourth quarter of 2013 when tapering was formally announced. Against this interest rate backdrop, U.S. Treasury securities delivered a 3.57% return.

Yield curve positioning, sector and quality selection, and security selection all contributed to Fund outperformance during the fiscal year. The Fund’s barbell position on the yield curve emphasizing longer maturity securities paired with high quality floating rate notes contributed to performance as the yield curve flattened.

The Fund benefited from its above-market exposure to credit during the past year. Credit securities outperformed duration-matched Treasuries by 385 basis points as the option-adjusted spread of the Barclays Capital U.S. Credit Index tightened 38 basis points to 97 over the course of the fiscal year. Within credit, the Fund was overweight lower quality investment grade securities which outperformed higher quality securities with BBB bonds outperforming AAA equivalents by 498 basis points of excess return. The Fund also benefitted from an overweight to longer-dated credit securities which outperformed intermediate credit delivering 619 basis points of excess return versus 304.

Individual security selection was favorable and added value during the past year. We expect that security selection and relative value decisions will play an important role in the portfolio in the coming year as yields remain low and credit and mortgage spreads have tightened. Among the detractors to performance was our relative underweight to Financials versus Industrials as long Financials in particular outperformed. In addition, our underweight to dollar-denominated foreign sovereign securities detracted as some of the troubled European periphery securities recovered, outperforming corporates.


Average annual total returns (%)
	1-year		5-year		Since inception*
Investor Class (Y)		8.68		6.75		7.84
Advisor Class (A) NAV		—		—		1.85
Advisor Class (A) OFFER		—		—		(1.73	)
Institutional Class (I)		8.82		6.98		8.08
Barclays U.S. Aggregate Bond Index		5.66		4.48		4.80
Lipper Core Plus Bond Funds Index		7.14		6.28		7.73

*	Cumulative for periods less than one year. Benchmarks since inception reflect the inception date of the investor class.

Investment Adviser:

BMO Asset Management Corp.

Sub-adviser:

Taplin, Canida & Habacht, LLC (TCH)

Inception

date

Expenses (%)

Share class

Ticker

CUSIP

Gross

Net

Investor (Y)

MCYBX

09658L877

12/22/2008

0.69

0.60

Advisor (A)

BATCX

09658W725

5/27/2014

0.69

0.60

Institutional (I)

MCBIX

09658L885

12/22/2008

0.44


Portfolio sector allocation
Sector	Fund (%)
Asset-Backed Securities		0.6
Commercial Mortgage Securities		0.1
Corporate Bonds & Notes		51.7
U.S. Government & U.S. Government Agency Obligations		15.9
U.S. Government Agency—Mortgage Securities		27.1
Other Assets & Liabilities, Net		4.6
Total		100.0

Growth of an assumed $10,000 investment


Annual Report — Commentary		BMO Monegy High Yield Bond Fund

The BMO Monegy High Yield Bond Fund (the Fund) returned 8.06% for the fiscal year ended August 31, 2014 versus the Bank of America Merrill Lynch U.S. High Yield, BB-B Rated, Constrained Index and the Lipper High Current Yield Funds Index, which returned 10.54% and 10.10%, respectively.

The U.S. high yield market continued its ascent through June before a sharp dip in July and a snapback in August as investors took quick advantage of more compelling valuations. Despite concerns of global instability and some volatility in industry retail inflows, the high yield market posted strong gains over the year, on the back of positive fundamentals and declining interest rates. Indeed, the advance was led by the more treasury-sensitive BB segment of the market, which rose 10.88%. The spread differential between U.S. high yield and investment grade bonds tightened by over 50 basis points to 272 basis points, compared to pre-crisis spreads of 147 basis points. Defaults remained benign over the year, with the 12-month trailing issuer defaults easing from 2.8% to 1.8%, well below historical norms.

The relative underperformance of the Fund was largely a reflection of its construction of a diversified portfolio of attractive risk/return names that are expected to outperform in the long run with much less volatility. Performance lagged primarily due to the Fund’s shorter duration. From a sector perspective, the largest detractors to our relative performance were our name selection in Energy and lack of exposure to the Banking sector. Conversely, the key contributors were our positioning in Financials (largely our positioning in CIT Group) and Materials.

Despite the continued strength in high yield markets, we believe valuations are fair and there is further room for spread tightening given a backdrop of a continued U.S. economic recovery, still healthy issuer balance sheets, and expectations for defaults to remain low for several years to come. We do foresee some volatility putting pressure on high yield prices as we transition from this extraordinarily low interest rate environment. We remain comfortable with the risk/return profile of the Fund.


Average annual total returns (%)
	1-year		Since inception*
Investor Class (Y)		8.06		7.66
Advisor Class (A) NAV		—		0.58
Advisor Class (A) OFFER		—		(2.93	)
Institutional Class (I)		8.32		7.93
Bank of America Merrill Lynch U.S. High Yield, BB-B Rated, Constrained Index		10.54		10.06
Lipper High Current Yield Funds Index		10.10		10.62

*	Cumulative for periods less than one year. Benchmarks since inception reflect the inception date of the investor class.

Investment Adviser:

BMO Asset Management Corp.

Sub-adviser:

Monegy, Inc.

Inception

date

Expenses (%)

Share class

Ticker

CUSIP

Gross

Net

Investor (Y)

MHBYX

09658L307

12/29/2011

1.09

0.91

Advisor (A)

BMHAX

09658W717

5/27/2014

1.09

0.91

Institutional
(I)

MHBNX

09658L406

12/29/2011

0.84

0.66


Portfolio sector allocation
Sector	Fund (%)
Corporate Bonds & Notes		97.9
Other Assets & Liabilities, Net		2.1
Total		100.0

Growth of an assumed $10,000 investment


Annual Report — Commentary		BMO Multi-Asset Income Fund

The BMO Multi-Asset Income Fund returned 3.66% for the period from inception (December 27, 2013) through August 31, 2014 versus the 75% Barclays U.S. Aggregate Bond Index / 25% Russell 3000^® Index, the Barclays U.S. Aggregate Bond Index and the Lipper Mixed-Asset Target Allocation Conservative Funds Index, which returned 6.14%, 4.81% and 5.81%, respectively.

The Fund has been and will continue to be designed for investors that are worried about the potentially negative effects future inflation and rising interest rates will have on traditional fixed income portfolios. During the first eight months of 2014, investors pushed these interest rate and inflation worries to the backburner and sent bond yields lower. After ending 2013 at a yield of 3.03%, the 10 year Treasury note has rallied in 2014, sending its yield to just 2.34% by the end of August.

With the calendar and conversation changing to the October 2014 end of the Federal Reserve’s Quantitative Easing (QE) program coupled with potential interest rate hikes in mid-2015, the Fund has been positioned with a decided under-weight to fixed income, especially those instruments with longer term maturities. Simply put, we believe this part of the curve offers limited income and upside in exchange for plenty of downside risk, especially when real inflation adjusted returns are considered. The Fund maintains its underweight to the least credit worthy fixed income instruments, namely high yield bonds.

While the Fund’s fixed income positioning provided a relative performance headwind, the overall return was bolstered by its holdings of convertible bonds, real estate investment trusts, master limited partnerships and dividend equities. We continue to believe that in the current environment these investments offer a better risk/return profile than aggregate bonds.

While bonds have surprisingly rallied in 2014, their paltry yields, an improving economic backdrop and a less accommodative Federal Reserve loom as large future headwinds. Investors should continue to employ shorter term fixed income maturities to meet near term cash needs while doing “something different” to replace the intermediate and long end of their bond portfolios. Through a diversified allocation to a handful of different asset classes, the Fund attempts to offer prudent income generation with an inherent buffer against upside shocks to inflation and interest rates, all in a risk aware manner.


Cumulative total returns (%)
	Since inception*
Investor Class (Y)		3.66
Advisor Class (A) NAV		1.03
Advisor Class (A) OFFER		(2.49	)
Institutional Class (I)		3.83
75% Barclays U.S. Aggregate Bond Index / 25% Russell 3000^® Index		6.14
Barclays U.S. Aggregate Bond Index		4.81
Lipper Mixed-Asset Target Allocation Conservative Funds Index		5.81

*	Cumulative for periods less than one year. Benchmarks since inception reflect the inception date of the investor class.

Fund Managers; Investment Experience

Brett Schutte, CFA, CFP; since 1995

Jeff Weniger, CFA; since 2006

Inception
date

Expenses (%)

Share class

Ticker

CUSIP

Gross

Net

Investor (Y)

BMAYX

09658V495

12/27/2013

1.98

1.55

Advisor (A)

BAMIX

09658W691

5/27/2014

1.98

1.55

Institutional
(I)

BMANX

09658V487

12/27/2013

1.73

1.30


Portfolio sector allocation
Sector	Fund (%)
Exchange Traded Funds		56.6
Mutual Funds		41.9
Other Assets & Liabilities, Net		1.5
Total		100.0

Growth of an assumed $10,000 investment


Annual Report — Commentary		BMO Government Money Market Fund

The BMO Government Money Market Fund (the Fund) returned 0.01% for the fiscal year ended August 31, 2014 versus the iMoneyNet, Inc. Government Money Market Index and the Lipper U.S. Government Money Market Funds Index, which returned 0.01% and 0.01%, respectively.

BMO Government Money Market Fund performed well within its peer group overall. Money market yields remain at historically low levels, as the Federal Funds rate continues to be anchored near zero and the Federal Reserve is projected to retain its near zero interest rate policy until mid-to-late 2015. Demand for high-quality, short-term securities remains strong, while supply continues to be limited.

The Fund continues to emphasize municipal Variable Rate Demand Notes (VRDNs) backed by Fannie Mae and Freddie Mac as well as fixed rate agency notes to add incremental yield. The Fund’s investment in municipal VRDNs contributed to performance as these securities had elevated yields during tax season. Higher rates on repurchase agreements at certain points during the fiscal year also helped the Fund’s return. The Federal Reserve’s reverse repurchase facility continues to place a floor on rates for repurchase agreements backed by government securities.

Looking ahead, we expect a bias toward higher rates in the front-end of the yield curve. The recent regulations from the Securities and Exchange Commission surrounding institutional money market funds may encourage investors to move into Government money market funds, increasing demand for 2a-7 eligible government securities. We will look for ongoing improvement in unemployment and expect moderate improvement in consumer and private investment spending amidst modest wage gains. There will be minimal change in government spending in an election year and the associated gridlock in Washington. Export growth is a wildcard amidst geopolitical tensions and slower international growth. We expect inflation to continue trending upward but remain in the Federal Reserve’s comfort zone, close to 2%. Uncertainty surrounding the geopolitical environment will continue. While Quantitative Easing 3 is anticipated to conclude in fall 2014, there is no expected change to the Federal Funds rate for the balance of the year, but do expect to see a rate hike before the latter part of 2015.


Average annual total returns (%)
	7-day current yield		1-year		5-year		10-year
Investor Class (Y)		0.01		0.01		0.01		1.49
Institutional Class (I)		0.01		0.01		0.03		1.63
iMoneyNet, Inc. Government Money Market Index				0.01		0.01		1.27
Lipper U.S. Government Money Market Funds Index				0.01		0.01		1.37

An investment in the Fund is neither insured nor guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.

Fund Managers; Investment Experience

Peter J. Arts; since 1992

Boyd R. Eager; since 1997

Genevieve C. Lynkiewicz, CFA; since 2000

Inception

date

Expenses (%)

Share class

Ticker

CUSIP

Gross

Net

Investor (Y)

MGYXX

09658L786

5/17/2004

0.56

0.46

Institutional (I)

MGNXX

09658L794

5/28/2004

0.31

0.21


Portfolio sector allocation
Sector	Fund (%)
Municipals		13.7
Mutual Funds		4.7
Repurchase Agreements		52.0
U.S. Government & U.S. Government Agency Obligations		29.6
Total		100.0

Growth of an assumed $10,000 investment

See Explanation of the Indexes and Notes in the Commentary for additional information. The above graph relates to the Investor Class shares of the Fund. Performance for the Institutional Class shares will vary from the performance of the Investor Class shares shown above due to differences in charges and expenses. This graph illustrates the hypothetical investment of $10,000 in the Investor Class shares of the Fund from the lesser of the Fund’s inception date or August 31, 2004 to August 31, 2014.


Annual Report — Commentary		BMO Tax-Free Money Market Fund

The BMO Tax-Free Money Market Fund (the Fund) returned 0.02% for the fiscal year ended August 31, 2014 versus the iMoneyNet, Inc. Fund Report/Tax-Free National Retail and the Lipper Tax-Exempt Money Market Funds Index, which returned 0.01% and 0.01%, respectively.

Over the past year, the slow and plodding economic recovery in the U.S. has progressed, but not yet to the point where the Federal Reserve feels a rate increase is warranted. The unemployment rate has fallen from 7.2% to 6.1%, but the labor participation rate also has fallen further, from 63.2% to 62.8%, a level last seen in the 1970s. Car sales have been very strong this year, but housing sales have weakened over the summer. The Federal Reserve has reduced its purchase of treasury bonds and mortgage securities, but will not completely stop until sometime this fall. So things are better, but not yet good. The Federal Reserve is projecting that the overnight lending rate could be raised beginning around June of 2015, dependent on data continuing to improve. That would be a welcome change for American savers who are currently being penalized for the benefit of borrowers.

Last year, the municipal bond market was seeing rising rates, steady redemptions, and some negative headlines from Detroit and Puerto Rico. As the Federal Reserve began its “tapering” of monthly asset purchases, rates stopped rising and fund flows turned positive by the start of 2014. Since then, credit spreads have tightened in response to strong demand outpacing new bond issuance as investors have witnessed the continuing strength in municipal finances and treated the “headline” municipalities more as one-off issues. We believe that the gradually improving economy will aid cities, counties, and school districts in keeping their finances strong.

The Fund performed well during the past year versus peers, though the yield of the Fund continued to decline. The Fund remains widely diversified with ample liquidity. Average maturity was positioned roughly in-line with others. We anticipate continuing to shorten the maturity of the Fund in the coming months as we move closer to what would be a very welcome rise in rates by the Federal Reserve sometime in 2015. We are still inclined toward buying some notes for the added yield potential, but we will generally be seeking maturities of less than a year as we hope to be writing here a year from now about the impact of rising rates and an improving yield for shareholders.


Average annual total returns (%)
	7-day current yield		1-year		5-year		Since inception*
Investor Class (Y)		0.04		0.02		0.09		1.22
Institutional Class (I)		0.04		0.03		0.26		1.39
iMoneyNet, Inc. Fund Report/Tax-Free National Retail				0.01		0.02		1.02
Lipper Tax-Exempt Money Market Funds Index				0.01		0.02		1.03

*	Cumulative for periods less than one year. Benchmarks since inception reflect the inception date of the investor class.

Fund Manager; Investment Experience

Craig J. Mauermann; since 1997

Inception
date

Expenses (%)

Share class

Ticker

CUSIP

Gross

Net

Investor (Y)

MTFXX

09658L547

9/22/2004

0.53

0.45

Institutional (I)

MFIXX

09658L554

6/29/2005

0.28

0.20


Portfolio sector allocation
Sector	Fund (%)
Municipals		99.2
Mutual Funds		0.8
Total		100.0


Municipal Issuance/Industry Type
Issuance/Industry	Fund (%)
General Obligation — 19.3%
School District		11.0
State or Local		8.3
Revenue Bonds — 79.9%
Appropriation		13.2
Education		6.2
General Revenue		4.2
Healthcare		6.5
Housing		5.3
Industrial Revenue		10.3
Power		3.9
Special Tax		18.0
Transportation		0.5
Water & Sewer		11.8
Other Assets & Liabilities, Net		0.8
Total		100.0

Growth of an assumed $10,000 investment

See Explanation of the Indexes and Notes in the Commentary for additional information. The above graph relates to the Investor Class shares of the Fund. Performance for the Institutional Class shares will vary from the performance of the Investor Class shares shown above due to differences in charges and expenses. This graph illustrates the hypothetical investment of $10,000 in the Investor Class shares of the Fund from the lesser of the Fund’s inception date or August 31, 2004 to August 31, 2014.


Annual Report — Commentary		BMO Prime Money Market Fund

The BMO Prime Money Market Fund (the Fund) returned 0.01% for the fiscal year ended August 31, 2014 versus the iMoneyNet, Inc. Money Fund Report Averages and the Lipper Money Market Instrument Funds Index, which returned 0.01% and 0.01%, respectively.

The Fund performed well within its peer group overall. Money market yields remain at historically low levels, as the Federal Funds rate continues to be anchored near zero and the Federal Reserve is projected to retain its’ near zero interest rate policy until mid-to-late 2015. Demand for high-quality, short-term securities remain strong, while supply continues to be limited.

The Fund continues to focus on securities issued by major banks, asset-backed commercial paper, and municipal variable-rate demand notes to add incremental yield. The Fund’s investment in municipal variable rate demand notes also contributed to performance as these securities had elevated yields during tax season. Higher rates on repurchase agreements at certain points during the fiscal year also helped the Fund’s return. The Federal Reserve’s reverse repurchase facility continues to place a floor on rates for repurchase agreements backed by government securities.

Looking ahead, we expect a bias toward higher rates in the front-end of the yield curve. We believe the recent regulations from the Securities and Exchange Commission surrounding money market funds may cause investors to move out of institutional prime money market funds, as they adopt a floating net asset value. We will look for ongoing improvement in unemployment and expect moderate improvement in consumer and private investment spending amidst modest wage gains. There will be minimal change in government spending in an election year and the associated gridlock in Washington. Export growth is a wildcard amidst geopolitical tensions and slower international growth. We expect inflation to continue trending upward but remain in the Federal Reserve’s comfort zone, close to 2%. Uncertainty surrounding the geopolitical environment will continue. While Quantitative Easing 3 is anticipated to conclude in fall 2014, there is no expected change to the Federal Funds target rate for the balance of the year, but do expect to see a rate hike before the latter part of 2015.


Average annual total returns (%)
	7-day current yield		1-year		5-year		10-year
Investor Class (Y)		0.01		0.01		0.02		1.62
Institutional Class (I)		0.01		0.01		0.15		1.82
iMoneyNet, Inc. Money Fund Report Averages				0.01		0.03		1.44
Lipper Money Market Instrument Funds Index				0.01		0.02		1.49

Fund Managers; Investment Experience

Peter J. Arts; since 1992

Boyd R. Eager; since 1997

Genevieve C. Lynkiewicz, CFA; since 2000

Inception
date

Expenses (%)

Share class

Ticker

CUSIP

Gross

Net

Investor (Y)

MARXX

09658L679

11/23/1992

0.47

0.46

Institutional (I)

MAIXX

09658L687

4/3/2000

0.22

0.21


Portfolio sector allocation
Sector	Fund (%)
Certificates of Deposit		27.6
Commercial Paper		38.7
Funding Agreements		3.5
Municipals		8.1
Mutual Funds		3.9
Notes-Variable		3.5
Repurchase Agreements		13.9
U.S. Government & U.S. Government Agency Obligations		0.8
Total		100.0

Growth of an assumed $10,000 investment

See Explanation of the Indexes and Notes in the Commentary for additional information. The above graph relates to the Investor Class shares of the Fund. Performance for the Institutional Class shares will vary from the performance of the Investor Class shares shown above due to differences in charges and expenses. This graph illustrates the hypothetical investment of $10,000 in the Investor Class shares of the Fund from the lesser of the Fund’s inception date or August 31, 2004 to August 31, 2014.


Explanation of the Indexes and Notes in the Commentary

The views expressed in the commentary are as of August 31, 2014 and are those of the Funds’ investment adviser and/or portfolio manager(s). The views are subject to change at any time in response to changing circumstances in the market and are not intended to predict or guarantee the future performance of the Funds or any individual security, industry, market sector or the markets generally. Statements involving predictions, assessments, analyses or outlook for individual securities, industries, market sectors and/or markets involve risks and uncertainties. In addition to the general risks described for the Funds in their current Prospectuses, other factors bearing on these commentaries include the accuracy of the investment adviser’s or portfolio manager’s forecasts and predictions and the appropriateness of the investment programs designed by the investment adviser or portfolio managers to implement their strategies efficiently and effectively. Any one, or more, of these factors, as well as other risks affecting the securities markets and investment instruments generally, could cause the actual results of a Fund to differ materially as compared to benchmarks associated with that Fund. The line graphs and tables do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund shares. The gross and net expense ratios are based on annualized expenses incurred by a Fund as disclosed in the Funds’ Prospectus dated December 27, 2013. Each Fund’s performance assumes the reinvestment of all dividends and distributions. Performance returns for all benchmark comparisons assume dividends and distributions were reinvested for the entire period. All indexes are unmanaged and are not available for direct investment.


Fund/Benchmark Comparison per Fund		Explanation
Low Volatility Equity Fund	Russell 1000^® Index	The Russell 1000^® Index consists of approximately 1,000 of the largest companies in the U.S. equity markets.(4)
Low Volatility Equity Fund	Lipper Large-Cap Core Funds Index	Lipper indexes are comprised of a certain number of eligible mutual funds designated by Lipper, Inc. as falling into the respective categories indicated.(5)
Dividend Income Fund	Russell 1000^® Value Index	The Russell 1000^® Value Index measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values.(4)
	Standard & Poor’s 500^® Index	The S&P 500^® is an unmanaged index of large-cap common stocks.
	Lipper Equity Income Funds Index	Lipper indexes are comprised of a certain number of eligible mutual funds designated by Lipper, Inc. as falling into the respective categories indicated.(5)
Large-Cap Value Fund	Russell 1000^® Value Index	The Russell 1000^® Value Index measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values.(4)
Large-Cap Value Fund	Lipper Multi-Cap Value Funds Index	Lipper indexes are comprised of a certain number of eligible mutual funds designated by Lipper, Inc. as falling into the respective categories indicated.(5)
Large-Cap Growth Fund	Russell 1000^® Growth Index	The Russell 1000^® Growth Index measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values.(4)
Large-Cap Growth Fund	Lipper Multi-Cap Growth Funds Index	Lipper indexes are comprised of a certain number of eligible mutual funds designated by Lipper, Inc. as falling into the respective categories indicated.(5)
Mid-Cap Value Fund	Russell Midcap^® Value Index	This index measures the performance of those Russell Midcap companies with lower price-to-book ratios and lower forecasted growth values. The stocks are also members of the Russell 1000^® Value Index.(4)
Mid-Cap Value Fund	Lipper Mid-Cap Value Funds Index	Lipper indexes are comprised of a certain number of eligible mutual funds designated by Lipper, Inc. as falling into the respective categories indicated.(5)
Mid-Cap Growth Fund	Russell Midcap^® Growth Index	This index measures the performance of those Russell Midcap companies with higher price-to-book ratios and higher forecasted growth values. The stocks are also members of the Russell 1000^® Growth Index.(4)
Mid-Cap Growth Fund	Lipper Mid-Cap Growth Funds Index	Lipper indexes are comprised of a certain number of eligible mutual funds designated by Lipper, Inc. as falling into the respective categories indicated.(5)
Small-Cap Value Fund(1)	Russell 2000^® Value Index	The Russell 2000^® Value Index measures the performance of those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values.(4)
Small-Cap Value Fund(1)	Lipper Small-Cap Core Funds Index	Lipper indexes are comprised of a certain number of eligible mutual funds designated by Lipper, Inc. as falling into the respective categories indicated.(5)
Small-Cap Core Fund(1)	Russell 2000^® Index	The Russell 2000^® Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000 is a subset of the Russell 3000^® Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership.(4)
Small-Cap Core Fund(1)	Lipper Small-Cap Core Funds Index	Lipper indexes are comprised of a certain number of eligible mutual funds designated by Lipper, Inc. as falling into the respective categories indicated.(5)


Explanation of the Indexes and Notes in the Commentary (continued)


Fund/Benchmark Comparison per Fund		Explanation
Small-Cap Growth Fund(1)	Russell 2000^® Growth Index	The Russell 2000^® Growth Index measures the performance of those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values.(4)
Small-Cap Growth Fund(1)	Lipper Small-Cap Growth Funds Index	Lipper indexes are comprised of a certain number of eligible mutual funds designated by Lipper, Inc. as falling into the respective categories indicated.(5)
Micro-Cap Fund(1)	Russell Microcap^® Index	The Russell Microcap^® Index measures performance of the micro cap segment, representing less than 3% of the U.S. equity market. The Russell Microcap^® Index includes the smallest 1,000 securities in the small-cap Russell 2000^® Index plus the next smaller 1,000 securities.(4)
Micro-Cap Fund(1)	Lipper Micro-Cap Funds Index	Lipper indexes are comprised of a certain number of eligible mutual funds designated by Lipper, Inc. as falling into the respective categories indicated.(5)
Global Low Volatility Equity Fund(3)	Morgan Stanley Capital International All Country World Index	The MSCI All Country World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets.(4)
Global Low Volatility Equity Fund(3)	Lipper Global Multi-Cap Core Funds Index	Lipper indexes are comprised of a certain number of eligible mutual funds designated by Lipper, Inc. as falling into the respective categories indicated.(5)
Pyrford Global Equity Fund(3)	Morgan Stanley Capital International World Index	MSCI World Index is a free float-adjusted market capitalization weithted index that is designed to measure the equity market performance of developed markets. The MSCI World Index consists of the following 23 developed market country indices: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom, and the United States.(4)
Pyrford Global Equity Fund(3)	Lipper Global Multi-Cap Core Funds Index	Lipper indexes are comprised of a certain number of eligible mutual funds designated by Lipper, Inc. as falling into the respective categories indicated.(5)
Pyrford Global Strategic Return Fund(3)	Consumer Price Index (CPI) + 4%	The Consumer Price Index is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services.(4)
Pyrford International Stock Fund(3)	Morgan Stanley Capital International Europe, Australasia, Far East Index	Europe, Australasia and Far East Index is a standard unmanaged foreign securities index representing major non-U.S. stock markets, as monitored by Morgan Stanley Capital International.(4)
Pyrford International Stock Fund(3)	Lipper International Multi-Cap Core Funds Index	Lipper indexes are comprised of a certain number of eligible mutual funds designated by Lipper, Inc. as falling into the respective categories indicated.(5)
Global Natural Resources Fund(3)	Morgan Stanley Capital International All Country World Commodity Producers Sector Capped Index	The MSCI All Country World Commodity Producers Sector Capped Index captures the global opportunity set of commodity producers in the energy, metal and agricultural sectors.(4)
Global Natural Resources Fund(3)	Lipper Global Natural Resources Funds Index	Lipper indexes are comprised of a certain number of eligible mutual funds designated by Lipper, Inc. as falling into the respective categories indicated.(5)
LGM Emerging Markets Equity Fund(3)	Morgan Stanley Capital International Emerging Markets Index	The MSCI Emerging Markets Index is a market capitalization weighted index comprised of over 800 companies representative of the market structure of the emerging countries in Europe, Latin America, Africa, Middle East and Asia, as monitored by Morgan Stanley Capital International.(4)
LGM Emerging Markets Equity Fund(3)	Lipper Emerging Markets Funds Index	Lipper indexes are comprised of a certain number of eligible mutual funds designated by Lipper, Inc. as falling into the respective categories indicated.(5)
TCH Emerging Markets Bond Fund(3)	JP Morgan Emerging Markets Bond Global Diversified Index	The JP Morgan Emerging Markets Bond Global Diversified Index tracks total returns for traded external debt instruments (external meaning foreign currency denominated fixed income) in the emerging markets and limits the weights of those index countries with larger debt stocks by only including a specified portion of these countries eligible current face amounts of debt outstanding.(4)
TCH Emerging Markets Bond Fund(3)	Lipper Emerging Markets Hard Currency Debt Funds Index	Lipper indexes are comprised of a certain number of eligible mutual funds designated by Lipper, Inc. as falling into the respective categories indicated.(5)
Ultra Short Tax-Free Fund(2)(6)	Barclays 1 Year Municipal Bond Index	This benchmark is the 1 year component of the Barclays Municipal Bond Index, which is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. To qualify for inclusion, a bond or security must have outstanding par value of at least $7 million, issued as part of a transaction of at least $75 million, fixed rate, dated-date after December 31, 1990 and must have at least one year from final Maturity.(4)
Ultra Short Tax-Free Fund(2)(6)	Blended Index (50% Barclays 1 Year Municipal Bond Index and 50% iMoneyNet Money Market Fund Tax-Free National Retail Index)	The blended index consists of 50% Barclays Capital 1 Year Municipal Bond Index and 50% iMoneyNet Money Market Fund Tax-Free National Retail Index. The Barclays Capital 1 Year Municipal Bond Index is the 1 year component of the Barclays Capital Municipal Bond Index, which is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. The iMoneyNet Money Market Fund Tax-Free National Retail Index is an average of money funds with investment objectives similar to that of the Fund.(4)


Explanation of the Indexes and Notes in the Commentary (continued)


Fund/Benchmark Comparison per Fund		Explanation
Short Tax-Free Fund(2)(6)	Barclays Short (1-5 Year) Municipal Index	The Barclays Short (1-5 Year) Municipal Index includes invetment-grade tax-exempt bonds that are issued by state and local governments and have maturities of 1 to 5 years.(4)
Short Tax-Free Fund(2)(6)	Lipper Short Municipal Debt Funds Index	Lipper indexes are comprised of a certain number of eligible mutual funds designated by Lipper, Inc. as falling into the respective categories indicated.(5)
Short-Term Income Fund(6)	Bank of America Merrill Lynch 1-3 Year U.S. Government/Corporate Index	This is an index tracking short-term U.S. government and corporate securities with maturities between 1 and 2.99 years. The index is produced by Merrill Lynch, Pierce, Fenner & Smith.(4)
Short-Term Income Fund(6)	Lipper Short Investment-Grade Debt Funds Index	Lipper indexes are comprised of a certain number of eligible mutual funds designated by Lipper, Inc. as falling into the respective categories indicated.(5)
Intermediate Tax-Free Fund(2)(6)	Barclays 1-15 Year Blend Municipal Bond Index	This index is the 1-15 year Blend component of the Barclays Municipal Bond Index, which is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa and a range of maturities between 1-17 years. To qualify for inclusion, a bond or security must have outstanding par value of at least $7 million, issued as part of a transaction of at least $75 million, fixed rate, dated-date after December 31, 1990 and must have at least one year from final maturity.(4)
Intermediate Tax-Free Fund(2)(6)	Lipper Intermediate Municipal Debt Funds Index	Lipper indexes are comprised of a certain number of eligible mutual funds designated by Lipper, Inc. as falling into the respective categories indicated.(5)
Mortgage Income Fund(6)	Barclays U.S. Mortgage Backed Security Index	This index is an unmanaged index that includes 15 and 30 year fixed-rate securities backed by mortgage pools of the Government National Mortgage Association (GNMA), Federal Home Loan Mortgage Corp. (FHLMC) and the Federal National Mortgage Association (FNMA).(4)
Mortgage Income Fund(6)	Lipper U.S. Mortgage Funds Index	Lipper indexes are comprised of a certain number of eligible mutual funds designated by Lipper, Inc. as falling into the respective categories indicated.(5)
TCH Intermediate Income Fund(6)	Barclays U.S. Intermediate Government/Credit Bond Index	This index is comprised of government and corporate bonds rated BBB or higher with maturities between 1-10 years.(4)
TCH Intermediate Income Fund(6)	Lipper Short-Intermediate Investment-Grade Debt Funds Index	Lipper indexes are comprised of a certain number of eligible mutual funds designated by Lipper, Inc. as falling into the respective categories indicated.(5)
TCH Corporate Income Fund(6)	Barclays U.S. Credit Index	Barclays U.S. Credit Index represents securities that are SEC registered, taxable and U.S. dollar denominated. The index covers U.S. corporate and specified foreign debentures and secured notes that meet the specified maturity, liquidity and quality requirements.(4)
TCH Corporate Income Fund(6)	Lipper Core Plus Bond Funds Index	Lipper indexes are comprised of a certain number of eligible mutual funds designated by Lipper, Inc. as falling into the respective categories indicated.(5)
TCH Core Plus Bond Fund(6)	Barclays U.S Aggregate Bond Index	Barclays U.S. Aggregate Bond Index is an unmanaged index that covers the U.S. investment-grade fixed-rate bond market, including government and credit securities, agency mortgage pass-through securities, asset-backed securities and commercial mortgage-based securities. To qualify for inclusion, a bond or security must have at least one year to final maturity, rated investment grade Baa3 or better, dollar denominated, non-convertible, fixed rate and be publicly issued.(4)
TCH Core Plus Bond Fund(6)	Lipper Core Plus Bond Funds Index	Lipper indexes are comprised of a certain number of eligible mutual funds designated by Lipper, Inc. as falling into the respective categories indicated.(5)
Monegy High Yield Bond Fund(3)(6)	Bank of America Merrill Lynch U.S. High Yield, BB-B Rated, Constrained Index	This is a benchmark index for high yield corporate bonds which excludes lower-rated securities and caps exposure to any one issuer at 2% and is administrated by Merrill Lynch.(4)
Monegy High Yield Bond Fund(3)(6)	Lipper High Current Yield Funds Index	Lipper indexes are comprised of a certain number of eligible mutual funds designated by Lipper, Inc. as falling into the respective categories indicated.(5)
Multi-Asset Income Fund(6)	Barclays U.S. Aggregate Bond Index	Barclays U.S. Aggregate Bond Index is an unmanaged index that covers the U.S. investment-grade fixed-rate bond market, including government and credit securities, agency mortgage pass-through securities, asset-backed securities and commercial mortgage-based securities. To qualify for inclusion, a bond or security must have at least one year to final maturity, rated investment grade Baa3 or better, dollar denominated, non-convertible, fixed rate and be publicly issued.(4)
	Russell 3000^® Index	The Russell 3000^® Index is composed of 3000 large U.S. Companies, as determined by market capitalization. This portfolio of Securities represents approximately 98% of the investable U.S. equity market. The Russell 3000^® Index is comprised of stocks within the Russell 1000^® and the Russell 2000^® Indices. The Index was developed with a vase value of 140.00 as of December 31, 1986.(4)
	Lipper Mixed-Asset Target Allocation Conservative Funds Index	Lipper indexes are comprised of a certain number of eligible mutual funds designated by Lipper, Inc. as falling into the respective categories indicated.(5)


Explanation of the Indexes and Notes in the Commentary (continued)


Fund/Benchmark Comparison per Fund		Explanation
Government Money Market Fund	iMoneyNet, Inc. Government Money Market Index	This index is an average of money funds with investment objectives similar to that of the Fund.
Government Money Market Fund	Lipper U.S. Government Money Market Funds Index	Lipper indexes are comprised of a certain number of eligible mutual funds designated by Lipper, Inc. as falling into the respective categories indicated.(5)
Tax-Free Money Market Fund	iMoneyNet, Inc. Fund Report/Tax-Free National Retail	This index is an average of money funds with investment objectives similar to that of the Fund.
Tax-Free Money Market Fund	Lipper Tax-Exempt Money Market Funds Index	Lipper indexes are comprised of a certain number of eligible mutual funds designated by Lipper, Inc. as falling into the respective categories indicated.(5)
Prime Money Market Fund	iMoneyNet, Inc. Money Fund Report Averages	This index is an average of money funds with investment objectives similar to that of the Fund.
Prime Money Market Fund	Lipper Money Market Instrument Funds Index	Lipper indexes are comprised of a certain number of eligible mutual funds designated by Lipper, Inc. as falling into the respective categories indicated.(5)

(1)	Small-Cap stocks are less liquid and more volatile than large-cap stocks.

(2)	Income generated by the Fund may be subject to the federal alternative minimum tax.

(3)	International investing involves special risks including currency risk, political risk, increased volatility of foreign securities, and differences in auditing and other financial standards.

(4)	Performance returns do not reflect the deduction of sales charges, expenses, or other fees that the Securities and Exchange Commission requires to be reflected in a mutual fund’s performance.

(5)	Performance returns do not reflect the deduction of sales charges of component funds, or taxes, but do reflect the deduction of fund expenses.

(6)	Investors should be aware that in an environment of rising interest rates, they may expect to see declining bond prices.


Expense Example (Unaudited)

For the Six Months Ended August 31, 2014

As a shareholder of the Fund, you may incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments, reinvested dividends, or other distributions; redemption fees; and exchange fees; and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six month period ended August 31, 2014 (3/1/14-8/31/14).

Actual Expenses

The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of the table below provides information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in a Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transaction costs were included, your costs would have been higher.


	Investor									Advisor										Institutional
Fund	Beginning account value 3/1/14		Ending account value 8/31/14		Annualized Expense Ratio(1)			Expenses paid during period 3/1/14- 8/31/14(1)		Beginning account value 3/1/14		Ending account value 8/31/14		Annualized Expense Ratio			Expenses paid during period 3/1/14- 8/31/14			Beginning account value 3/1/14		Ending account value 8/31/14		Annualized Expense Ratio(1)			Expenses paid during period 3/1/14- 8/31/14(1)
Low Volatility Equity Fund
Actual	$	1,000.00	$	1,072.50		0.90	%	$	4.70	$	1,000.00	$	1,040.30		0.90	%(2)	$	2.40	(2)	$	1,000.00	$	1,074.70		0.65	%	$	3.40
Hypothetical (5% return before expenses)		1,000.00		1,020.46		0.90			4.58		1,000.00		1,020.49		0.90	(3)		4.56	(3)		1,000.00		1,021.73		0.65			3.31
Dividend Income Fund
Actual		1,000.00		1,102.70		0.90			4.77		1,000.00		1,058.40		0.90	(2)		2.43	(2)		1,000.00		1,104.70		0.65			3.45
Hypothetical (5% return before expenses)		1,000.00		1,020.47		0.90			4.58		1,000.00		1,020.48		0.90	(3)		4.57	(3)		1,000.00		1,021.73		0.65			3.31
Large-Cap Value Fund
Actual		1,000.00		1,084.60		1.23			6.46		1,000.00		1,053.20		1.23	(2)		3.33	(2)		1,000.00		1,085.80		0.98			5.15
Hypothetical (5% return before expenses)		1,000.00		1,018.81		1.23			6.25		1,000.00		1,018.79		1.23	(3)		6.27	(3)		1,000.00		1,020.07		0.98			4.98
Large-Cap Growth Fund
Actual		1,000.00		1,078.10		1.24			6.50		1,000.00		1,067.20		1.24	(2)		3.38	(2)		1,000.00		1,079.50		0.99			5.20
Hypothetical (5% return before expenses)		1,000.00		1,018.74		1.24			6.32		1,000.00		1,018.73		1.24	(3)		6.33	(3)		1,000.00		1,020.00		0.99			5.05
Mid-Cap Value Fund
Actual		1,000.00		1,086.80		1.21			6.35		1,000.00		1,063.20		1.20	(2)		3.27	(2)		1,000.00		1,087.60		0.96			5.03
Hypothetical (5% return before expenses)		1,000.00		1,018.92		1.21			6.14		1,000.00		1,018.93		1.20	(3)		6.13	(3)		1,000.00		1,020.18		0.96			4.87
Mid-Cap Growth Fund
Actual		1,000.00		1,020.90		1.24			6.30		1,000.00		1,045.40		1.24	(2)		3.32	(2)		1,000.00		1,022.20		0.99			5.03
Hypothetical (5% return before expenses)		1,000.00		1,018.76		1.24			6.30		1,000.00		1,018.77		1.24	(3)		6.28	(3)		1,000.00		1,020.02		0.99			5.03
Small-Cap Value Fund
Actual		1,000.00		1,032.30		1.24			6.34		1,000.00		1,029.30		1.24	(2)		3.30	(2)		1,000.00		1,033.50		0.99			5.06
Hypothetical (5% return before expenses)		1,000.00		1,018.76		1.24			6.29		1,000.00		1,018.77		1.24	(3)		6.28	(3)		1,000.00		1,020.02		0.99			5.03
Small-Cap Core Fund
Actual		1,000.00		1,038.00		1.15			5.91		1,000.00		1,029.80		1.15	(2)		3.07	(2)		1,000.00		1,040.00		0.90			4.62
Hypothetical (5% return before expenses)		1,000.00		1,019.20		1.15			5.85		1,000.00		1,019.19		1.15	(3)		5.86	(3)		1,000.00		1,020.47		0.90			4.58


Expense Example (Unaudited) (continued)


	Investor									Advisor										Institutional
Fund	Beginning account value 3/1/14		Ending account value 8/31/14		Annualized Expense Ratio(1)			Expenses paid during period 3/1/14- 8/31/14(1)		Beginning account value 3/1/14		Ending account value 8/31/14		Annualized Expense Ratio			Expenses paid during period 3/1/14- 8/31/14			Beginning account value 3/1/14		Ending account value 8/31/14		Annualized Expense Ratio(1)			Expenses paid during period 3/1/14- 8/31/14(1)
Small-Cap Growth Fund
Actual	$	1,000.00	$	939.00		1.40	%	$	6.85											$	1,000.00	$	940.10		1.15	%	$	5.63
Hypothetical (5% return before expenses)		1,000.00		1,017.94		1.40			7.13												1,000.00		1,019.20		1.15			5.86
Micro-Cap Fund
Actual		1,000.00		1,007.00		1.35			6.82		1,000.00		1,038.90		1.35	(2)		3.61	(2)		1,000.00		1,008.80		1.10			5.56
Hypothetical (5% return before expenses)		1,000.00		1,018.20		1.35			6.86		1,000.00		1,018.21		1.35	(3)		6.85	(3)		1,000.00		1,019.46		1.10			5.59
Global Low Volatility Equity Fund
Actual		1,000.00		1,075.00		1.10			5.75		1,000.00		1,031.50		1.10	(2)		2.94	(2)		1,000.00		1,075.80		0.85			4.45
Hypothetical (5% return before expenses)		1,000.00		1,019.46		1.10			5.60		1,000.00		1,019.46		1.10	(3)		5.60	(3)		1,000.00		1,020.72		0.85			4.33
Pyrford Global Equity Fund
Actual		1,000.00		1,074.00		1.15			6.01		1,000.00		1,022.90		1.15	(2)		3.06	(2)		1,000.00		1,076.00		0.90			4.73
Hypothetical (5% return before expenses)		1,000.00		1,019.20		1.15			5.85		1,000.00		1,019.20		1.15	(3)		5.85	(3)		1,000.00		1,020.44		0.90			4.61
Pyrford Global Strategic Return Fund
Actual		1,000.00		1,015.40		1.24			6.30		1,000.00		1,000.00		1.24	(2)		3.26	(2)		1,000.00		1,022.10		0.99			5.05
Hypothetical (5% return before expenses)		1,000.00		1,018.75		1.24			6.31		1,000.00		1,018.75		1.24	(3)		6.31	(3)		1,000.00		1,020.01		0.99			5.04
Pyrford International Stock Fund
Actual		1,000.00		1,039.20		1.24			6.37		1,000.00		998.50		1.24	(2)		3.26	(2)		1,000.00		1,040.30		0.99			5.09
Hypothetical (5% return before expenses)		1,000.00		1,018.75		1.24			6.31		1,000.00		1,018.75		1.24	(3)		6.31	(3)		1,000.00		1,020.01		0.99			5.04
Global Natural Resources Fund
Actual		1,000.00		1,074.10		1.24			6.48		1,000.00		1,037.70		1.24	(2)		3.32	(2)		1,000.00		1,078.10		0.99			5.19
Hypothetical (5% return before expenses)		1,000.00		1,018.75		1.24			6.31		1,000.00		1,018.75		1.24	(3)		6.31	(3)		1,000.00		1,020.01		0.99			5.04
LGM Emerging Markets Equity Fund
Actual		1,000.00		1,156.00		1.40			7.61		1,000.00		1,044.60		1.40	(2)		3.76	(2)		1,000.00		1,156.60		1.15			6.25
Hypothetical (5% return before expenses)		1,000.00		1,017.94		1.40			7.12		1,000.00		1,017.94		1.40	(3)		7.12	(3)		1,000.00		1,019.20		1.15			5.85
TCH Emerging Markets Bond Fund
Actual		1,000.00		1,082.60		1.00			5.25		1,000.00		1,031.50		1.00	(2)		2.67	(2)		1,000.00		1,083.50		0.85			4.46
Hypothetical (5% return before expenses)		1,000.00		1,019.96		1.00			5.09		1,000.00		1,019.96		1.00	(3)		5.09	(3)		1,000.00		1,020.72		0.85			4.33
Ultra Short Tax-Free Fund
Actual		1,000.00		1,003.70		0.55			2.78		1,000.00		1,001.30		0.55	(2)		1.44	(2)		1,000.00		1,005.90		0.30			1.52
Hypothetical (5% return before expenses)		1,000.00		1,022.23		0.55			2.80		1,000.00		1,022.24		0.55	(3)		2.79	(3)		1,000.00		1,023.49		0.30			1.53
Short Tax-Free Fund
Actual		1,000.00		1,013.30		0.55			2.79		1,000.00		1,006.40		0.55	(2)		1.44	(2)		1,000.00		1,015.10		0.40			2.03
Hypothetical (5% return before expenses)		1,000.00		1,022.23		0.55			2.80		1,000.00		1,022.25		0.55	(3)		2.78	(3)		1,000.00		1,022.99		0.40			2.04
Short-Term Income Fund
Actual		1,000.00		1,003.60		0.60			3.03		1,000.00		1,001.00		0.60	(2)		1.57	(2)		1,000.00		1,004.90		0.35			1.77
Hypothetical (5% return before expenses)		1,000.00		1,021.97		0.60			3.06		1,000.00		1,021.99		0.60	(3)		3.04	(3)		1,000.00		1,023.23		0.35			1.79
Intermediate Tax-Free Fund
Actual		1,000.00		1,034.50		0.55			2.82		1,000.00		1,014.60		0.55	(2)		1.46	(2)		1,000.00		1,035.60		0.35			1.79
Hypothetical (5% return before expenses)		1,000.00		1,022.23		0.55			2.80		1,000.00		1,022.23		0.55	(3)		2.80	(3)		1,000.00		1,023.24		0.35			1.78
Mortgage Income Fund
Actual		1,000.00		1,022.10		0.80			4.09		1,000.00		1,008.60		0.80	(2)		2.11	(2)		1,000.00		1,022.30		0.55			2.81
Hypothetical (5% return before expenses)		1,000.00		1,020.96		0.80			4.09		1,000.00		1,020.98		0.80	(3)		4.06	(3)		1,000.00		1,022.22		0.55			2.81
TCH Intermediate Income Fund
Actual		1,000.00		1,023.50		0.80			4.08		1,000.00		1,008.80		0.80	(2)		2.10	(2)		1,000.00		1,024.80		0.55			2.81
Hypothetical (5% return before expenses)		1,000.00		1,020.97		0.80			4.08		1,000.00		1,020.98		0.80	(3)		4.06	(3)		1,000.00		1,022.23		0.55			2.80
TCH Corporate Income Fund
Actual		1,000.00		1,047.30		0.59			3.03		1,000.00		1,020.20		0.59	(2)		1.57	(2)		1,000.00		1,047.90		0.49			2.51
Hypothetical (5% return before expenses)		1,000.00		1,022.04		0.59			2.99		1,000.00		1,022.02		0.59	(3)		3.01	(3)		1,000.00		1,022.55		0.49			2.47
TCH Core Plus Bond Fund
Actual		1,000.00		1,041.50		0.59			3.03		1,000.00		1,018.50		0.59	(2)		1.57	(2)		1,000.00		1,041.80		0.36			1.86
Hypothetical (5% return before expenses)		1,000.00		1,022.03		0.59			3.01		1,000.00		1,022.02		0.59	(3)		3.01	(3)		1,000.00		1,023.18		0.36			1.84
Monegy High Yield Bond Fund
Actual		1,000.00		1,018.30		0.90			4.58		1,000.00		1,005.80		0.90	(2)		2.37	(2)		1,000.00		1,020.50		0.65			3.32
Hypothetical (5% return before expenses)		1,000.00		1,020.46		0.90			4.59		1,000.00		1,020.48		0.90	(3)		4.57	(3)		1,000.00		1,021.72		0.65			3.32


Expense Example (Unaudited) (continued)


	Investor										Advisor										Institutional
Fund	Beginning account value 3/1/14		Ending account value 8/31/14		Annualized Expense Ratio(1)			Expenses paid during period 3/1/14- 8/31/14(1)			Beginning account value 3/1/14		Ending account value 8/31/14		Annualized Expense Ratio			Expenses paid during period 3/1/14- 8/31/14			Beginning account value 3/1/14		Ending account value 8/31/14		Annualized Expense Ratio(1)			Expenses paid during period 3/1/14- 8/31/14(1)
Multi-Asset Income Fund
Actual	$	1,000.00	$	1,026.40		0.80	%	$	4.06		$	1,000.00	$	1,010.30		0.80	%(2)	$	2.11	(2)	$	1,000.00	$	1,028.00		0.55	%	$	2.81
Hypothetical (5% return before expenses)		1,000.00		1,020.99		0.80			4.05			1,000.00		1,020.97		0.80	(3)		4.07	(3)		1,000.00		1,022.23		0.55			2.80
Government Money Market Fund
Actual		1,000.00		1,000.10		0.07			0.35													1,000.00		1,000.10		0.07			0.35
Hypothetical (5% return before expenses)		1,000.00		1,024.65		0.07			0.35													1,000.00		1,024.66		0.07			0.35
Tax-Free Money Market Fund
Actual		1,000.00		1,000.10		0.21			1.04													1,000.00		1,000.20		0.19			0.98
Hypothetical (5% return before expenses)		1,000.00		1,023.96		0.21			1.05													1,000.00		1,024.02		0.19			0.99
Prime Money Market Fund
Actual		1,000.00		1,000.10		0.18			0.91													1,000.00		1,000.10		0.18			0.91
Hypothetical (5% return before expenses)		1,000.00		1,024.09		0.18			0.92													1,000.00		1,024.09		0.18			0.92

	Retirement Class R-3										Retirement Class R-6
Fund	Beginning account value 3/1/14		Ending account value 8/31/14		Annualized Expense Ratio			Expenses paid during period 3/1/14- 8/31/14			Beginning account value 3/1/14		Ending account value 8/31/14		Annualized Expense Ratio			Expenses paid during period 3/1/14- 8/31/14
Mid-Cap Value Fund
Actual	$	1,000.00	$	1,062.70		1.45	%(2)	$	3.92	(2)	$	1,000.00	$	1,064.50		0.80	%(2)	$	2.19	(2)
Hypothetical (5% return before expenses)		1,000.00		1,017.72		1.45	(3)		7.35	(3)		1,000.00		1,020.94		0.80	(3)		4.10	(3)
Mid-Cap Growth Fund
Actual		1,000.00		1,044.60		1.49	(2)		4.02	(2)		1,000.00		1,046.40		0.84	(2)		2.27	(2)
Hypothetical (5% return before expenses)		1,000.00		1,017.46		1.49	(3)		7.60	(3)		1,000.00		1,020.74		0.84	(3)		4.30	(3)
Small-Cap Value Fund
Actual		1,000.00		1,029.10		1.49	(2)		3.96	(2)		1,000.00		1,030.60		0.84	(2)		2.25	(2)
Hypothetical (5% return before expenses)		1,000.00		1,017.51		1.49	(3)		7.55	(3)		1,000.00		1,020.75		0.84	(3)		4.30	(3)
Pyrford International Stock Fund
Actual		1,000.00		997.70		1.49	(2)		3.91	(2)		1,000.00		1,000.00		0.84	(2)		2.21	(2)
Hypothetical (5% return before expenses)		1,000.00		1,017.49		1.49	(3)		7.58	(3)		1,000.00		1,020.77		0.84	(3)		4.28	(3)

(1)	Expenses are equal to the Funds’ annualized expense ratios for the period March 1, 2014 through August 31, 2014, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

(2)	Expenses are equal to the Funds’ annualized expense ratios for the period May 27, 2014 (inception date) through August 31, 2014, multiplied by the average account value over the period, multiplied by 96/365 (to reflect the partial period).

(3)	Expenses are equal to the Funds’ annualized expense ratios for the period May 27, 2014 (inception date) through August 31, 2014, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

August 31, 2014


Schedules of Investments		BMO Funds

Low Volatility Equity Fund


Description	Shares		Value
Common Stocks — 98.4%

Consumer Discretionary — 9.4%

Apparel Retail — 1.1%
DSW, Inc., Class A		20,043	$	620,131

Automotive Retail — 2.9%
AutoZone, Inc. (1)(2)		1,858		1,001,165
O’Reilly Automotive, Inc. (1)(2)		4,276		666,970

				1,668,135

Department Stores — 0.4%
Kohl’s Corp. (2)		3,705		217,817

Education Services — 0.9%
Graham Holdings Co., Class B (2)		765		549,882

Publishing — 1.9%
John Wiley & Sons, Inc., Class A		13,355		800,632
Morningstar, Inc. (2)		4,659		319,980

				1,120,612

Restaurants — 1.3%
McDonald’s Corp.		8,003		750,041

Specialty Stores — 0.9%
PetSmart, Inc. (2)		7,434		532,051

Total Consumer Discretionary				5,458,669

Consumer Staples — 18.7%

Drug Retail — 0.1%
CVS Caremark Corp. (2)		920		73,094

Food Distributors — 0.2%
Sysco Corp.		2,379		89,998

Food Retail — 1.3%
Kroger Co.		14,119		719,787

Household Products — 3.9%
Church & Dwight Co., Inc.		9,442		644,322
Clorox Co. (2)		5,446		482,516
Kimberly-Clark Corp.		9,201		993,708
Procter & Gamble Co. (2)		1,875		155,831

				2,276,377

Hypermarkets & Super Centers — 3.2%
Costco Wholesale Corp. (2)		7,823		947,209
Wal-Mart Stores, Inc. (2)		12,019		907,434

				1,854,643

Packaged Foods & Meats — 6.0%
ConAgra Foods, Inc. (2)		23,172		746,138
General Mills, Inc. (2)		17,342		925,716
Hershey Co.		5,391		492,845
Kellogg Co.		13,330		866,050
Tyson Foods, Inc., Class A		11,424		434,798

				3,465,547

Soft Drinks — 3.4%
Dr. Pepper Snapple Group, Inc. (2)		15,805		994,451
PepsiCo, Inc.		10,456		967,075

				1,961,526

Tobacco — 0.6%
Lorillard, Inc.		6,032		360,110

Total Consumer Staples				10,801,082

Energy — 4.0%

Integrated Oil & Gas — 2.9%
Chevron Corp. (2)		7,149		925,438
Exxon Mobil Corp. (2)		7,631		758,979

				1,684,417


Description	Shares		Value
Common Stocks (continued)

Energy (continued)

Oil & Gas-Exploration & Production — 0.9%
Southwestern Energy Co. (1)(2)		12,130	$	499,514

Oil & Gas-Refining & Marketing — 0.2%
World Fuel Services Corp. (2)		3,360		149,117

Total Energy				2,333,048

Financials — 18.7%

Diversified Banks — 0.4%
Wells Fargo & Co.		4,324		222,426

Mortgage REIT’s — 1.6%
Annaly Capital Management, Inc. (2)		79,588		947,097

Property & Casualty Insurance — 6.4%
Allied World Assurance Co. Holdings AG (2)		28,429		1,051,589
Axis Capital Holdings, Ltd.		20,115		969,945
Erie Indemnity Co., Class A (2)		4,160		318,282
Travelers Cos., Inc. (2)		6,645		629,348
W.R. Berkley Corp.		1,010		48,833
White Mountains Insurance Group, Ltd. (2)		1,053		667,855

				3,685,852

Regional Banks — 1.9%
BOK Financial Corp. (2)		12,728		857,613
PNC Financial Services Group, Inc.		2,640		223,740

				1,081,353

Reinsurance — 6.8%
Everest Re Group, Ltd.		6,252		1,024,328
PartnerRe, Ltd. (2)		9,867		1,102,045
RenaissanceRe Holdings, Ltd. (2)		9,211		943,114
Validus Holdings, Ltd. (2)		22,094		864,096

				3,933,583

Residential REIT’s — 1.6%
Home Properties, Inc. (2)		14,926		958,548

Total Financials				10,828,859

Healthcare — 15.3%

Healthcare Equipment — 1.8%
C.R. Bard, Inc. (2)		3,896		578,322
Edwards Lifesciences Corp. (1)(2)		4,871		483,495

				1,061,817

Healthcare Services — 5.8%
Express Scripts Holding Co. (1)		12,986		960,055
Laboratory Corporation of America Holdings (1)(2)		9,125		978,474
MEDNAX, Inc. (1)(2)		8,514		487,426
Quest Diagnostics, Inc. (2)		14,413		911,046

				3,337,001

Managed Healthcare — 2.6%
Cigna Corp. (2)		7,393		699,378
Humana, Inc.		2,622		337,556
WellPoint, Inc.		3,776		439,942

				1,476,876

Pharmaceuticals — 5.1%
Eli Lilly & Co.		5,563		353,584
Johnson & Johnson		10,399		1,078,688
Merck & Co., Inc.		17,005		1,022,171
Pfizer, Inc.		17,207		505,714

				2,960,157

Total Healthcare				8,835,851

(See Notes which are an integral part of the Financial Statements)

August 31, 2014


Schedules of Investments

Low Volatility Equity Fund (continued)


Description	Shares		Value
Common Stocks (continued)

Information Technology — 12.3%

Application Software — 0.9%
Citrix Systems, Inc. (1)(2)		7,865	$	552,595

Communications Equipment — 1.7%
Brocade Communications Systems, Inc.		14,439		152,332
Cisco Systems, Inc.		26,496		662,135
QUALCOMM, Inc.		1,971		149,993

				964,460

Consulting & Other Services — 2.0%
Amdocs, Ltd.		24,354		1,147,073

Data Processing & Outsourced Services — 0.6%
Genpact, Ltd. (1)		21,585		375,579

Internet Software & Services — 0.3%
VeriSign, Inc. (1)(2)		3,420		195,196

Systems Software — 0.3%
Symantec Corp.		6,217		150,949

Technology Hardware, Storage & Peripherals — 6.5%
Apple, Inc.		12,077		1,237,893
EMC Corp.		32,645		964,007
Hewlett-Packard Co.		14,061		534,318
NetApp, Inc. (2)		24,064		1,014,538

				3,750,756

Total Information Technology				7,136,608

Materials — 3.4%

Metal & Glass Containers — 1.6%
Silgan Holdings, Inc.		17,659		889,131

Specialty Chemicals — 1.8%
Sigma-Aldrich Corp.		10,080		1,048,320

Total Materials				1,937,451

Telecommunication Services — 3.2%

Integrated Telecommunication Services — 2.8%
AT&T, Inc. (2)		20,680		722,973
Verizon Communications, Inc. (2)		17,962		894,867

				1,617,840

Wireless Telecommunication Services — 0.4%
SBA Communications Corp., Class A (1)(2)		1,824		201,169

Total Telecommunication Services				1,819,009

Utilities — 13.4%

Electric Utilities — 8.8%
American Electric Power Co., Inc. (2)		17,601		945,174
Edison International		17,537		1,037,138
Entergy Corp. (2)		15,112		1,169,820
Exelon Corp. (2)		28,168		941,375
Southern Co. (2)		15,126		671,594
Xcel Energy, Inc. (2)		10,405		333,480

				5,098,581

Gas Utilities — 1.4%
AGL Resources, Inc.		15,551		829,024

Multi-Utilities — 1.5%
Consolidated Edison, Inc.		12,839		743,249
DTE Energy Co. (2)		1,711		133,886

				877,135


Description	Shares		Value
Common Stocks (continued)

Utilities (continued)

Water Utilities — 1.7%
American Water Works Co., Inc. (2)		18,902	$	956,630

Total Utilities				7,761,370

Total Common Stocks (identified cost $51,222,529)				56,911,947

Short-Term Investments — 41.6%

Collateral Pool Investments for Securities on Loan — 40.1%
Collateral pool allocation (12)				23,229,986

Mutual Funds — 1.5%
BMO Prime Money Market Fund, Class I, 0.010% (10)		848,192		848,192

Total Short-Term Investments (identified cost $24,078,178)				24,078,178

Total Investments — 140.0% (identified cost $75,300,707)				80,990,125
Other Assets and Liabilities — (40.0)%				(23,130,018	)

Total Net Assets — 100.0%			$	57,860,107

Dividend Income Fund


Description	Shares		Value
Common Stocks — 97.8%

Consumer Discretionary — 9.3%

Advertising — 1.3%
Omnicom Group, Inc. (2)		21,252	$	1,530,356

Automobile Manufacturers — 0.9%
General Motors Co.		30,792		1,071,562

Cable & Satellite — 1.4%
Comcast Corp., Class A (2)		31,525		1,725,363

Computer & Electronics Retail — 0.5%
GameStop Corp., Class A		14,029		592,024

Department Stores — 1.5%
Macy’s, Inc.		29,127		1,814,321

Home Furnishings — 1.1%
Leggett & Platt, Inc. (2)		36,408		1,277,557

Home Improvement Retail — 1.7%
Home Depot, Inc.		21,155		1,977,992

Publishing — 0.9%
Gannett Co., Inc.		33,642		1,135,754

Total Consumer Discretionary				11,124,929

Consumer Staples — 9.5%

Agricultural Products — 1.0%
Archer-Daniels-Midland Co.		22,633		1,128,481

Household Products — 1.4%
Kimberly-Clark Corp.		15,870		1,713,960

Hypermarkets & Super Centers — 0.6%
Wal-Mart Stores, Inc. (2)		8,728		658,964

Soft Drinks — 1.7%
Dr. Pepper Snapple Group, Inc. (2)		22,475		1,414,127
PepsiCo, Inc.		6,434		595,081

				2,009,208

Tobacco — 4.8%
Altria Group, Inc. (2)		66,221		2,852,801
Lorillard, Inc.		35,769		2,135,409

(See Notes which are an integral part of the Financial Statements)


		BMO Funds

Dividend Income Fund (continued)


Description	Shares		Value
Common Stocks (continued)

Consumer Staples (continued)

Tobacco (continued)
Philip Morris International, Inc. (2)		8,981	$	768,594

				5,756,804

Total Consumer Staples				11,267,417

Energy — 9.3%

Integrated Oil & Gas — 5.4%
Chevron Corp.		24,329		3,149,389
Exxon Mobil Corp. (2)		5,610		557,971
Occidental Petroleum Corp.		25,885		2,685,051

				6,392,411

Oil & Gas-Drilling — 1.1%
Ensco PLC (2)		12,327		622,267
Helmerich & Payne, Inc. (2)		6,703		704,150

				1,326,417

Oil & Gas-Exploration & Production — 1.7%
ConocoPhillips (2)		24,938		2,025,465

Oil & Gas-Refining & Marketing — 1.1%
Phillips 66 (2)		7,210		627,414
Valero Energy Corp.		13,344		722,444

				1,349,858

Total Energy				11,094,151

Financials — 14.6%

Asset Management & Custody Banks — 2.3%
Ameriprise Financial, Inc. (2)		13,152		1,653,996
Invesco, Ltd. (2)		25,456		1,039,623

				2,693,619

Consumer Finance — 3.6%
Capital One Financial Corp.		8,993		737,966
Discover Financial Services (2)		18,333		1,143,429
Navient Corp.		134,216		2,407,835

				4,289,230

Diversified Banks — 6.4%
JPMorgan Chase & Co. (2)		51,516		3,062,626
U.S. Bancorp		14,211		600,841
Wells Fargo & Co.		77,680		3,995,859

				7,659,326

Hotel & Resort REIT’s — 0.5%
Host Hotels & Resorts, Inc. (2)		25,250		576,205

Regional Banks — 0.9%
Fifth Third Bancorp (2)		52,183		1,064,794

Retail REIT’s — 0.9%
Kimco Realty Corp. (2)		48,431		1,137,644

Total Financials				17,420,818

Healthcare — 12.7%

Biotechnology — 0.6%
Amgen, Inc.		5,259		732,999

Healthcare Equipment — 0.7%
Medtronic, Inc. (2)		12,719		812,108

Pharmaceuticals — 11.4%
AbbVie, Inc. (2)		27,339		1,511,300
Bristol-Myers Squibb Co. (2)		14,563		737,616
Eli Lilly & Co. (2)		22,850		1,452,346
Johnson & Johnson		27,463		2,848,737


Description	Shares		Value
Common Stocks (continued)

Healthcare (continued)

Pharmaceuticals (continued)
Merck & Co., Inc.		56,367	$	3,388,221
Pfizer, Inc.		125,811		3,697,585

				13,635,805

Total Healthcare				15,180,912

Industrials — 9.0%

Aerospace & Defense — 5.2%
Boeing Co. (2)		15,414		1,954,495
General Dynamics Corp. (2)		5,579		687,612
Honeywell International, Inc.		10,402		990,582
Lockheed Martin Corp.		14,714		2,560,236

				6,192,925

Air Freight & Logistics — 0.8%
United Parcel Service, Inc., Class B (2)		9,450		919,768

Construction Machinery & Heavy Trucks — 0.7%
Caterpillar, Inc. (2)		8,009		873,542

Industrial Conglomerates — 1.5%
General Electric Co. (2)		69,016		1,793,036

Railroads — 0.8%
Union Pacific Corp.		8,345		878,478

Total Industrials				10,657,749

Information Technology — 15.7%

Communications Equipment — 2.6%
Cisco Systems, Inc.		99,438		2,484,956
QUALCOMM, Inc.		7,320		557,052

				3,042,008

Semiconductor Equipment — 1.2%
KLA-Tencor Corp. (2)		19,403		1,482,777

Semiconductors — 1.9%
Intel Corp. (2)		65,679		2,293,511

Systems Software — 3.9%
CA, Inc.		41,655		1,176,337
Microsoft Corp. (2)		75,013		3,407,841

				4,584,178

Technology Hardware, Storage & Peripherals — 6.1%
Apple, Inc.		29,610		3,035,025
Hewlett-Packard Co.		19,350		735,300
NetApp, Inc. (2)		18,780		791,765
Seagate Technology PLC (2)		43,037		2,693,255

				7,255,345

Total Information Technology				18,657,819

Materials — 5.7%

Commodity Chemicals — 2.4%
LyondellBasell Industries NV (2)		25,527		2,919,013

Diversified Chemicals — 1.1%
Dow Chemical Co.		25,439		1,362,258

Paper Packaging — 0.5%
Avery Dennison Corp.		11,420		549,645

Paper Products — 1.7%
International Paper Co. (2)		41,152		1,993,814

Total Materials				6,824,730

Telecommunication Services — 6.0%

Integrated Telecommunication Services — 6.0%
AT&T, Inc. (2)		93,973		3,285,296
Verizon Communications, Inc. (2)		77,351		3,853,627

Total Telecommunication Services				7,138,923

(See Notes which are an integral part of the Financial Statements)

August 31, 2014


Schedules of Investments

Dividend Income Fund (continued)


Description	Shares		Value
Common Stocks (continued)

Utilities — 6.0%

Electric Utilities — 5.1%
American Electric Power Co., Inc. (2)		44,756	$	2,403,397
Exelon Corp. (2)		26,515		886,131
Pinnacle West Capital Corp. (2)		25,409		1,447,043
PPL Corp. (2)		36,613		1,267,908

				6,004,479

Multi-Utilities — 0.9%
CMS Energy Corp. (2)		35,627		1,088,049

Total Utilities				7,092,528

Total Common Stocks (identified cost $90,639,591)				116,459,976

Short-Term Investments — 43.0%

Collateral Pool Investments for Securities on Loan — 41.1%
Collateral pool allocation (12)				49,002,695

Mutual Funds — 1.9%
BMO Prime Money Market Fund, Class I, 0.010% (10)		2,260,802		2,260,802

Total Short-Term Investments (identified cost $51,263,497)				51,263,497

Total Investments — 140.8% (identified cost $141,903,088)				167,723,473
Other Assets and Liabilities — (40.8)%				(48,622,993	)
Total Net Assets — 100.0%
Total Net Assets — 100.0%			$	119,100,480

Large-Cap Value Fund


Description	Shares		Value
Common Stocks — 97.9%

Consumer Discretionary — 7.4%

Apparel Retail — 0.3%
Foot Locker, Inc.		13,411	$	752,491

Auto Parts & Equipment — 1.9%
Delphi Automotive PLC (2)		8,791		611,678
Lear Corp.		39,849		4,029,929

				4,641,607

Automotive Retail — 0.2%
O’Reilly Automotive, Inc. (1)(2)		3,999		623,764

Department Stores — 2.5%
Dillard’s, Inc., Class A (2)		11,384		1,301,419
Macy’s, Inc.		80,481		5,013,162

				6,314,581

Homefurnishing Retail — 1.7%
Bed Bath & Beyond, Inc. (1)(2)		65,059		4,180,691

Movies & Entertainment — 0.8%
Walt Disney Co. (2)		22,528		2,024,817

Total Consumer Discretionary				18,537,951

Consumer Staples — 7.2%

Drug Retail — 2.4%
CVS Caremark Corp. (2)		74,281		5,901,625

Food Retail — 1.9%
Kroger Co.		95,698		4,878,684


Description	Shares		Value
Common Stocks (continued)

Consumer Staples (continued)

Hypermarkets & Super Centers — 0.3%
Wal-Mart Stores, Inc. (2)		9,713	$	733,332

Packaged Foods & Meats — 0.8%
Tyson Foods, Inc., Class A		49,385		1,879,593

Soft Drinks — 1.8%
Dr. Pepper Snapple Group, Inc. (2)		71,516		4,499,787

Total Consumer Staples				17,893,021

Energy — 15.8%

Integrated Oil & Gas — 8.1%
Chevron Corp. (2)		71,533		9,259,947
Exxon Mobil Corp. (2)		94,398		9,388,825
Occidental Petroleum Corp.		15,979		1,657,502

				20,306,274

Oil & Gas-Drilling — 1.4%
Helmerich & Payne, Inc. (2)		32,218		3,384,501

Oil & Gas-Equipment & Services — 2.3%
Baker Hughes, Inc.		26,998		1,866,641
Halliburton Co.		58,667		3,966,476

				5,833,117

Oil & Gas-Exploration & Production — 1.5%
EOG Resources, Inc. (2)		34,778		3,821,407

Oil & Gas-Refining & Marketing — 2.5%
Marathon Petroleum Corp.		49,355		4,491,798
Valero Energy Corp.		33,555		1,816,668

				6,308,466

Total Energy				39,653,765

Financials — 24.4%

Asset Management & Custody Banks — 2.0%
Ameriprise Financial, Inc. (2)		39,437		4,959,597

Consumer Finance — 3.8%
Capital One Financial Corp.		53,668		4,403,996
Discover Financial Services (2)		80,386		5,013,675

				9,417,671

Diversified Banks — 5.0%
JPMorgan Chase & Co. (2)		32,727		1,945,620
Wells Fargo & Co.		204,934		10,541,805

				12,487,425

Hotel & Resort REIT’s — 1.0%
Host Hotels & Resorts, Inc. (2)		106,046		2,419,970

Life & Health Insurance — 1.5%
Unum Group (2)		101,099		3,666,861

Multi-Line Insurance — 1.0%
Assurant, Inc. (2)		39,735		2,652,311

Office REIT’s — 1.1%
Boston Properties, Inc., REIT (2)		23,248		2,822,772

Property & Casualty Insurance — 2.0%
Travelers Cos., Inc. (2)		52,638		4,985,345

Regional Banks — 4.5%
Fifth Third Bancorp (2)		203,082		4,143,888
Huntington Bancshares, Inc. (2)		214,075		2,107,568
PNC Financial Services Group, Inc. (2)		60,782		5,151,275

				11,402,731

Reinsurance — 2.1%
Everest Re Group, Ltd.		21,800		3,571,712
PartnerRe, Ltd. (2)		14,695		1,641,284

(See Notes which are an integral part of the Financial Statements)


		BMO Funds

Large-Cap Value Fund (continued)


Description	Shares		Value
Common Stocks (continued)

Financials (continued)

Reinsurance (continued)
Reinsurance Group of America, Inc.		1,100	$	91,278

				5,304,274

Residential REIT’s — 0.4%
Equity Residential, REIT (2)		15,214		1,011,275

Total Financials				61,130,232

Healthcare — 14.0%

Biotechnology — 1.4%
United Therapeutics Corp. (1)(2)		30,532		3,597,585

Healthcare Equipment — 2.3%
Medtronic, Inc. (2)		91,225		5,824,716

Managed Healthcare — 0.6%
Aetna, Inc.		2,266		186,107
Cigna Corp.		13,364		1,264,234

				1,450,341

Pharmaceuticals — 9.7%
Johnson & Johnson		89,753		9,310,079
Merck & Co., Inc.		134,428		8,080,467
Mylan, Inc. (1)(2)		46,980		2,283,228
Pfizer, Inc.		154,933		4,553,481

				24,227,255

Total Healthcare				35,099,897

Industrials — 8.2%

Aerospace & Defense — 3.1%
Boeing Co. (2)		9,102		1,154,134
L-3 Communications Holdings, Inc.		3,305		363,385
Northrop Grumman Corp.		20,641		2,625,948
Raytheon Co. (2)		38,021		3,662,943

				7,806,410

Airlines — 2.6%
Alaska Air Group, Inc. (2)		33,268		1,541,639
Southwest Airlines Co. (2)		153,231		4,904,924

				6,446,563

Diversified Support Services — 0.4%
Cintas Corp. (2)		15,065		996,399

Human Resource & Employment Services — 0.4%
ManpowerGroup, Inc.		13,186		1,022,970

Industrial Machinery — 0.5%
Snap-on, Inc.		10,148		1,267,993

Railroads — 1.2%
Union Pacific Corp.		27,756		2,921,874

Total Industrials				20,462,209

Information Technology — 11.8%

Communications Equipment — 4.0%
Brocade Communications Systems, Inc.		217,158		2,291,017
Cisco Systems, Inc.		214,224		5,353,458
QUALCOMM, Inc.		31,292		2,381,321

				10,025,796

Consulting & Other Services — 0.6%
Amdocs, Ltd.		34,024		1,602,530

Data Processing & Outsourced Services — 0.6%
DST Systems, Inc.		6,181		573,659
Global Payments, Inc. (2)		13,189		959,104

				1,532,763


Description	Shares		Value
Common Stocks (continued)

Information Technology (continued)

Semiconductors — 1.2%
Intel Corp. (2)		35,704	$	1,246,784
Skyworks Solutions, Inc. (2)		28,937		1,639,570

				2,886,354

Systems Software — 0.5%
Microsoft Corp. (2)		24,777		1,125,619

Technology Hardware, Storage & Peripherals — 4.9%
Apple, Inc.		47,608		4,879,820
Hewlett-Packard Co.		99,635		3,786,130
NetApp, Inc. (2)		86,534		3,648,274

				12,314,224

Total Information Technology				29,487,286

Materials — 3.4%

Commodity Chemicals — 1.9%
LyondellBasell Industries NV (2)		42,079		4,811,734

Fertilizers & Agricultural Chemicals — 1.1%
CF Industries Holdings, Inc. (2)		10,491		2,703,216

Paper Packaging — 0.4%
Graphic Packaging Holding Co. (1)(2)		71,442		913,743

Total Materials				8,428,693

Utilities — 5.7%

Electric Utilities — 2.9%
American Electric Power Co., Inc. (2)		78,399		4,210,026
Exelon Corp. (2)		94,196		3,148,030

				7,358,056

Gas Utilities — 1.0%
AGL Resources, Inc.		11,317		603,309
UGI Corp. (2)		36,717		1,945,267

				2,548,576

Independent Power Producers & Energy Traders — 1.8%
AES Corp. (2)		288,744		4,383,134

Total Utilities				14,289,766

Total Common Stocks (identified cost $183,942,474)				244,982,820

Short-Term Investments — 48.1%

Collateral Pool Investments for Securities on Loan — 46.3%
Collateral pool allocation (12)				115,890,935

Mutual Funds — 1.8%
BMO Prime Money Market Fund, Class I, 0.010% (10)		4,567,614		4,567,614

Total Short-Term Investments (identified cost $120,458,549)				120,458,549

Total Investments — 146.0% (identified cost $304,401,023)				365,441,369
Other Assets and Liabilities — (46.0)%				(115,139,688	)

Total Net Assets — 100.0%			$	250,301,681

(See Notes which are an integral part of the Financial Statements)

August 31, 2014


Schedules of Investments

Large-Cap Growth Fund


Description	Shares		Value
Common Stocks — 98.7%

Consumer Discretionary — 15.2%

Apparel, Accessories & Luxury Goods — 1.9%
Hanesbrands, Inc. (2)		43,239	$	4,439,781

Auto Parts & Equipment — 3.4%
Lear Corp.		39,650		4,009,804
Magna International, Inc.		32,146		3,647,607

				7,657,411

Automotive Retail — 1.5%
AutoZone, Inc. (1)(2)		1,884		1,015,174
O’Reilly Automotive, Inc. (1)(2)		15,461		2,411,607

				3,426,781

Broadcasting — 0.5%
Scripps Networks Interactive, Inc., Class A		14,753		1,175,962

Cable & Satellite — 1.3%
Comcast Corp., Class A (2)		54,402		2,977,421

Department Stores — 1.5%
Macy’s, Inc.		56,289		3,506,242

Internet Retail — 2.0%
Expedia, Inc. (2)		7,104		610,233
Priceline.com, Inc. (1)(2)		3,215		4,000,457

				4,610,690

Movies & Entertainment — 2.8%
Live Nation Entertainment, Inc. (1)(2)		110,852		2,434,310
Walt Disney Co. (2)		44,060		3,960,113

				6,394,423

Restaurants — 0.3%
Chipotle Mexican Grill, Inc., Class A (1)(2)		955		648,111

Total Consumer Discretionary				34,836,822

Consumer Staples — 7.5%

Agricultural Products — 1.9%
Archer-Daniels-Midland Co.		89,198		4,447,412

Distillers & Vintners — 1.5%
Constellation Brands, Inc., Class A (1)		39,444		3,435,178

Drug Retail — 1.9%
CVS Caremark Corp. (2)		53,412		4,243,584

Household Products — 0.9%
Church & Dwight Co., Inc.		30,947		2,111,823

Soft Drinks — 1.3%
PepsiCo, Inc.		31,878		2,948,396

Total Consumer Staples				17,186,393

Energy — 4.0%

Oil & Gas-Drilling — 1.5%
Helmerich & Payne, Inc. (2)		32,119		3,374,101

Oil & Gas-Equipment & Services — 0.4%
Baker Hughes, Inc.		12,171		841,503

Oil & Gas-Exploration & Production — 2.1%
EOG Resources, Inc. (2)		44,991		4,943,611

Total Energy				9,159,215


Description	Shares		Value
Common Stocks (continued)

Financials — 7.6%

Consumer Finance — 1.2%
Discover Financial Services (2)		44,745	$	2,790,746

Diversified Banks — 1.6%
Wells Fargo & Co.		72,868		3,748,330

Life & Health Insurance — 2.6%
Aflac, Inc. (2)		49,718		3,044,730
Prudential Financial, Inc. (2)		33,020		2,961,894

				6,006,624

Regional Banks — 0.6%
Signature Bank (1)(2)		11,429		1,353,879

Reinsurance — 0.7%
RenaissanceRe Holdings, Ltd. (2)		15,184		1,554,690

Residential REIT’s — 0.9%
Equity Lifestyle Properties, Inc. (2)		43,946		2,007,893

Total Financials				17,462,162

Healthcare — 15.9%

Biotechnology — 8.6%
Amgen, Inc. (2)		20,486		2,855,339
Celgene Corp. (1)(2)		51,284		4,873,005
Gilead Sciences, Inc. (1)(2)		72,221		7,769,535
United Therapeutics Corp. (1)(2)		35,548		4,188,621

				19,686,500

Healthcare Equipment — 2.9%
C.R. Bard, Inc. (2)		17,157		2,546,785
Edwards Lifesciences Corp. (1)		42,295		4,198,202

				6,744,987

Healthcare Services — 1.9%
DaVita HealthCare Partners, Inc. (1)(2)		56,846		4,245,259

Managed Healthcare — 1.3%
Centene Corp. (1)(2)		36,893		2,882,450

Pharmaceuticals — 1.2%
Johnson & Johnson		26,553		2,754,343

Total Healthcare				36,313,539

Industrials — 11.5%

Airlines — 2.0%
Southwest Airlines Co. (2)		141,786		4,538,570

Construction Machinery & Heavy Trucks — 2.3%
Caterpillar, Inc. (2)		37,814		4,124,373
Wabtec Corp. (2)		14,232		1,186,379

				5,310,752

Electrical Components & Equipment — 2.8%
AMETEK, Inc.		46,437		2,458,375
Roper Industries, Inc. (2)		26,858		4,043,740

				6,502,115

Industrial Machinery — 1.8%
IDEX Corp. (2)		53,237		4,096,055

Railroads — 2.6%
Union Pacific Corp.		56,491		5,946,808

Total Industrials				26,394,300

Information Technology — 29.3%

Application Software — 1.8%
Open Text Corp.		34,870		1,960,740
Synopsys, Inc. (1)		54,941		2,247,087

				4,207,827

(See Notes which are an integral part of the Financial Statements)


		BMO Funds

Large-Cap Growth Fund (continued)


Description	Shares		Value
Common Stocks (continued)

Information Technology (continued)

Communications Equipment — 2.8%
QUALCOMM, Inc.		84,637	$	6,440,876

Consulting & Other Services — 0.6%
Cognizant Technology Solutions Corp., Class A (1)(2)		30,004		1,372,083

Data Processing & Outsourced Services — 2.5%
Global Payments, Inc. (2)		15,288		1,111,743
MasterCard, Inc., Class A (2)		60,686		4,600,606

				5,712,349

Internet Software & Services — 6.6%
eBay, Inc. (1)		23,549		1,306,969
Google, Inc., Class A (1)		8,887		5,175,433
Google, Inc., Class C (1)		8,886		5,079,238
VeriSign, Inc. (1)(2)		62,014		3,539,449

				15,101,089

Semiconductors — 2.8%
Intel Corp. (2)		45,112		1,575,311
Skyworks Solutions, Inc. (2)		85,830		4,863,128

				6,438,439

Systems Software — 6.9%
Check Point Software Technologies, Ltd. (1)(2)		37,591		2,669,713
Microsoft Corp. (2)		142,319		6,465,552
Oracle Corp.		156,903		6,516,181

				15,651,446

Technology Hardware, Storage & Peripherals — 5.3%
Apple, Inc.		118,648		12,161,420

Total Information Technology				67,085,529

Materials — 2.4%

Commodity Chemicals — 1.2%
LyondellBasell Industries NV (2)		23,387		2,674,303

Specialty Chemicals — 1.2%
Sigma-Aldrich Corp.		26,365		2,741,960

Total Materials				5,416,263

Telecommunication Services — 5.3%

Integrated Telecommunication Services — 3.4%
Verizon Communications, Inc. (2)		154,069		7,675,718

Wireless Telecommunication Services — 1.9%
SBA Communications Corp., Class A (1)(2)		39,463		4,352,374

Total Telecommunication Services				12,028,092

Total Common Stocks (identified cost $166,160,937)				225,882,315

Short-Term Investments — 43.8%

Collateral Pool Investments for Securities on Loan — 42.5%
Collateral pool allocation (12)				97,271,919

Mutual Funds — 1.3%
BMO Prime Money Market Fund, Class I, 0.010% (10)		2,829,759		2,829,759

Total Short-Term Investments (identified cost $100,101,678)				100,101,678

Total Investments — 142.5% (identified cost $266,262,615)				325,983,993
Other Assets and Liabilities — (42.5)%				(97,271,531	)

Total Net Assets — 100.0%			$	228,712,462

Mid-Cap Value Fund


Description	Shares		Value
Common Stocks — 96.2%

Consumer Discretionary — 12.2%

Advertising — 1.4%
The Interpublic Group of Cos., Inc.		237,900	$	4,646,187

Apparel Retail — 0.5%
Guess?, Inc. (2)		67,903		1,591,646

Auto Parts & Equipment — 2.1%
Visteon Corp. (1)(2)		71,349		7,219,805

Automotive Retail — 1.8%
Advance Auto Parts, Inc. (2)		43,452		5,927,722

Catalog Retail — 1.7%
Liberty Interactive Corp. (1)		189,100		5,582,232

Department Stores — 1.4%
Kohl’s Corp.		80,600		4,738,474

Homebuilding — 1.2%
TRI Pointe Homes, Inc. (1)		265,300		3,926,440

Leisure Products — 1.3%
Hasbro, Inc. (2)		86,700		4,565,189

Specialty Stores — 0.8%
Staples, Inc. (2)		238,600		2,786,848

Total Consumer Discretionary				40,984,543

Consumer Staples — 3.2%

Agricultural Products — 1.3%
Darling Ingredients, Inc. (1)(2)		234,496		4,521,083

Food Retail — 1.3%
Kroger Co.		85,240		4,345,535

Household Products — 0.6%
Energizer Holdings, Inc.		16,700		2,029,384

Total Consumer Staples				10,896,002

Energy — 7.2%

Coal & Consumable Fuels — 1.6%
Consol Energy, Inc. (2)		132,210		5,325,419

Oil & Gas-Equipment & Services — 1.7%
Tidewater, Inc.		111,600		5,677,092

Oil & Gas-Exploration & Production — 3.9%
Cimarex Energy Co. (2)		26,250		3,810,450
Newfield Exploration Co. (1)		76,420		3,425,144
QEP Resources, Inc. (2)		168,100		5,979,317

				13,214,911

Total Energy				24,217,422

Financials — 24.0%

Asset Management & Custody Banks — 3.5%
Ameriprise Financial, Inc. (2)		43,000		5,407,680
Invesco, Ltd. (2)		153,600		6,273,024

				11,680,704

Consumer Finance — 2.2%
Discover Financial Services (2)		116,050		7,238,039

Life & Health Insurance — 1.9%
Lincoln National Corp. (2)		118,050		6,497,472

Property & Casualty Insurance — 1.5%
Axis Capital Holdings, Ltd.		103,100		4,971,482

Real Estate Operating Companies — 1.6%
Forest City Enterprises, Inc., Class A (1)(2)		254,250		5,288,400

(See Notes which are an integral part of the Financial Statements)

August 31, 2014


Schedules of Investments

Mid-Cap Value Fund (continued)


Description	Shares		Value
Common Stocks (continued)

Financials (continued)

Regional Banks — 7.2%
East West Bancorp, Inc.		151,400	$	5,274,776
Fifth Third Bancorp		336,510		6,866,487
Huntington Bancshares, Inc. (2)		658,900		6,486,870
Regions Financial Corp.		557,000		5,653,550

				24,281,683

Reinsurance — 3.2%
PartnerRe, Ltd. (2)		46,600		5,204,754
Reinsurance Group of America, Inc. (2)		66,300		5,501,574

				10,706,328

Residential REIT’s — 1.4%
UDR, Inc. (2)		156,500		4,682,480

Retail REIT’s — 1.5%
Brixmor Property Group, Inc. (2)		209,330		4,954,841

Total Financials				80,301,429

Healthcare — 8.6%

Healthcare Distributors — 2.1%
AmerisourceBergen Corp.		90,100		6,972,839

Healthcare Services — 1.7%
Omnicare, Inc. (2)		90,500		5,771,185

Life Sciences Tools & Services — 1.6%
Bruker Corp. (1)(2)		257,650		5,168,459

Managed Healthcare — 1.8%
Cigna Corp.		65,060		6,154,676

Pharmaceuticals — 1.4%
Mallinckrodt PLC (1)(2)		56,560		4,609,074

Total Healthcare				28,676,233

Industrials — 11.0%

Aerospace & Defense — 2.6%
L-3 Communications Holdings, Inc.		35,300		3,881,235
Spirit Aerosystems Holdings, Inc., Class A (1)		129,200		4,954,820

				8,836,055

Agricultural & Farm Machinery — 1.2%
AGCO Corp. (2)		84,900		4,146,516

Construction & Engineering — 3.2%
Fluor Corp.		73,100		5,401,359
Jacobs Engineering Group, Inc. (1)(2)		95,000		5,121,450

				10,522,809

Electrical Components & Equipment — 1.5%
Regal-Beloit Corp. (2)		68,700		4,882,509

Industrial Machinery — 2.5%
Dover Corp.		47,200		4,147,464
Parker-Hannifin Corp.		37,300		4,308,150

				8,455,614

Total Industrials				36,843,503

Information Technology — 17.9%

Communications Equipment — 2.9%
CommScope Holding Co., Inc. (1)(2)		200,555		5,166,297
InterDigital, Inc. (2)		99,381		4,409,535

				9,575,832


Description	Shares		Value
Common Stocks (continued)

Information Technology (continued)

Consulting & Other Services — 2.1%
Teradata Corp. (1)(2)		152,900	$	6,982,943

Data Processing & Outsourced Services — 0.9%
Western Union Co. (2)		173,700		3,034,539

Semiconductors — 1.8%
Broadcom Corp., Class A		151,430		5,963,313

Systems Software — 3.4%
Check Point Software Technologies, Ltd. (1)(2)		70,340		4,995,547
Symantec Corp.		265,700		6,451,196

				11,446,743

Technology Distributors — 1.0%
Avnet, Inc.		77,900		3,467,329

Technology Hardware, Storage & Peripherals — 5.8%
NetApp, Inc. (2)		183,200		7,723,712
Seagate Technology PLC (2)		94,000		5,882,520
Western Digital Corp.		56,300		5,799,463

				19,405,695

Total Information Technology				59,876,394

Materials — 8.1%

Metal & Glass Containers — 1.9%
Berry Plastics Group, Inc. (1)(2)		259,850		6,264,983

Paper Products — 1.4%
International Paper Co.		98,500		4,772,325

Specialty Chemicals — 3.3%
Ashland, Inc.		51,510		5,522,902
W.R. Grace & Co. (1)		57,150		5,659,565

				11,182,467

Steel — 1.5%
Reliance Steel & Aluminum Co. (2)		69,500		4,859,440

Total Materials				27,079,215

Telecommunication Services — 1.1%

Integrated Telecommunication Services — 1.1%
CenturyLink, Inc.		87,246		3,576,214

Utilities — 2.9%

Electric Utilities — 2.9%
Edison International (2)		94,300		5,576,902
Great Plains Energy, Inc.		156,300		4,012,221

Total Utilities				9,589,123

Total Common Stocks (identified cost $222,005,745)				322,040,078

Short-Term Investments — 50.1%

Collateral Pool Investments for Securities on Loan — 46.7%
Collateral pool allocation (12)				156,260,314

Mutual Funds — 3.4%
BMO Prime Money Market Fund, Class I, 0.010% (10)		11,427,237		11,427,237

Total Short-Term Investments (identified cost $167,687,551)				167,687,551

Total Investments — 146.3% (identified cost $389,693,296)				489,727,629
Other Assets and Liabilities — (46.3)%				(155,025,705	)

Total Net Assets — 100.0%			$	334,701,924

(See Notes which are an integral part of the Financial Statements)


		BMO Funds

Mid-Cap Growth Fund


Description	Shares		Value
Common Stocks — 98.0%

Consumer Discretionary — 21.1%

Apparel, Accessories & Luxury Goods — 1.6%
Ralph Lauren Corp. (2)		8,600	$	1,455,120
VF Corp.		42,300		2,712,276

				4,167,396

Auto Parts & Equipment — 1.2%
BorgWarner, Inc.		52,000		3,233,880

Automotive Retail — 2.6%
Advance Auto Parts, Inc. (2)		28,100		3,833,402
O’Reilly Automotive, Inc. (1)(2)		20,370		3,177,313

				7,010,715

Broadcasting — 0.9%
Discovery Communications, Inc., Class A (1) (2)		26,900		1,176,068
Discovery Communications, Inc., Class C (1)(2)		26,900		1,155,893

				2,331,961

Cable & Satellite — 0.7%
Sirius XM Holdings, Inc. (1)(2)		502,800		1,825,164

Casinos & Gaming — 1.0%
MGM Resorts International (1)(2)		112,200		2,745,534

Department Stores — 1.1%
Macy’s, Inc.		46,900		2,921,401

Distributors — 1.5%
LKQ Corp. (1)(2)		141,400		4,015,760

General Merchandise Stores — 1.1%
Dollar Tree, Inc. (1)		52,400		2,809,950

Homebuilding — 3.1%
KB Home (2)		73,500		1,304,625
Lennar Corp., Class A (2)		51,500		2,017,770
TRI Pointe Homes, Inc. (1)		342,791		5,073,307

				8,395,702

Homefurnishing Retail — 0.9%
Restoration Hardware Holdings, Inc. (1)(2)		28,173		2,362,869

Hotels, Resorts & Cruise Lines — 2.9%
Marriott International, Inc., Class A (2)		56,700		3,934,980
Wyndham Worldwide Corp.		48,600		3,933,684

				7,868,664

Restaurants — 1.0%
Dunkin’ Brands Group, Inc. (2)		61,329		2,670,265

Specialized Consumer Services — 0.9%
LifeLock, Inc. (1) (2)		155,700		2,307,474

Specialty Stores — 0.6%
Tractor Supply Co. (2)		22,600		1,513,070

Total Consumer Discretionary				56,179,805

Consumer Staples — 1.4%

Packaged Foods & Meats — 1.4%
Hain Celestial Group, Inc. (1)(2)		22,600		2,222,936
Hershey Co.		14,900		1,362,158

Total Consumer Staples				3,585,094


Description	Shares		Value
Common Stocks (continued)

Energy — 6.7%

Oil & Gas-Exploration & Production — 6.7%
Approach Resources, Inc. (1)(2)		380,374	$	6,801,087
Bellatrix Exploration, Ltd. (1)(2)(5)(6)		1,441,160		11,154,578

Total Energy				17,955,665

Financials — 9.6%

Asset Management & Custody Banks — 1.2%
Ameriprise Financial, Inc. (2)		25,200		3,169,152

Investment Banking & Brokerage — 1.0%
E*TRADE Financial Corp. (1)(2)		125,200		2,786,952

Mortgage REIT’s — 2.1%
Newcastle Investment Corp. (2)		408,564		5,536,042

Multi-Line Insurance — 1.0%
Hartford Financial Services Group, Inc.		74,900		2,775,045

Real Estate Services — 1.7%
CBRE Group, Inc., Class A (1)(2)		74,000		2,351,720
Jones Lang LaSalle, Inc. (2)		15,400		2,057,594

				4,409,314

Regional Banks — 0.9%
Home BancShares, Inc. (2)		76,400		2,272,900

Specialized Finance — 0.8%
IntercontinentalExchange Group, Inc. (2)		12,000		2,268,000

Specialized REIT’s — 0.9%
Pebblebrook Hotel Trust (2)		59,300		2,297,282

Total Financials				25,514,687

Healthcare — 20.9%

Biotechnology — 3.7%
Aegerion Pharmaceuticals, Inc. (1)(2)		16,860		515,073
Alkermes PLC (1)(2)		44,512		1,991,022
Myriad Genetics, Inc. (1)(2)		57,800		2,091,782
Quintiles Transnational Holdings, Inc. (1)		59,300		3,327,916
Vertex Pharmaceuticals, Inc. (1)(2)		21,200		1,983,684

				9,909,477

Healthcare Distributors — 2.1%
AmerisourceBergen Corp. (2)		36,700		2,840,213
Cardinal Health, Inc. (2)		36,400		2,682,680

				5,522,893

Healthcare Facilities — 2.2%
Acadia Healthcare Co., Inc. (1)(2)		69,687		3,568,671
Brookdale Senior Living, Inc. (1)(2)		68,800		2,404,560

				5,973,231

Healthcare Services — 3.8%
Catamaran Corp. (1)		73,200		3,449,184
Envision Healthcare Holdings, Inc. (1)		97,673		3,570,925
MEDNAX, Inc. (1)(2)		55,000		3,148,750

				10,168,859

Healthcare Technology — 1.4%
Cerner Corp. (1)(2)		63,500		3,661,410

Pharmaceuticals — 7.7%
Actavis PLC (1)(2)		24,600		5,583,708
Akorn, Inc. (1)(2)		86,632		3,380,381
Jazz Pharmaceuticals PLC (1)(2)		25,980		4,232,662

(See Notes which are an integral part of the Financial Statements)

August 31, 2014


Schedules of Investments

Mid-Cap Growth Fund (continued)


Description	Shares		Value
Common Stocks (continued)

Healthcare (continued)

Pharmaceuticals (continued)
Medicines Co. (1)(2)		21,378	$	547,490
Mylan, Inc. (1)(2)		66,700		3,241,620
Salix Pharmaceuticals, Ltd. (1)(2)		22,600		3,595,886

				20,581,747

Total Healthcare				55,817,617

Industrials — 17.8%

Building Products — 0.9%
Fortune Brands Home & Security, Inc.		53,800		2,324,698

Construction & Engineering — 1.2%
Chicago Bridge & Iron Co. NV (2)		51,700		3,278,814

Electrical Components & Equipment — 2.8%
AMETEK, Inc. (2)		74,525		3,945,353
Roper Industries, Inc.		23,800		3,583,328

				7,528,681

Human Resource & Employment Services — 2.0%
Robert Half International, Inc. (2)		71,100		3,569,931
Towers Watson & Co., Class A		17,100		1,874,673

				5,444,604

Industrial Conglomerates — 1.1%
Tyco International, Ltd.		66,000		2,944,920

Industrial Machinery — 1.9%
Flowserve Corp. (2)		30,300		2,299,467
IDEX Corp. (2)		35,400		2,723,676

				5,023,143

Railroads — 1.7%
Genesee & Wyoming, Inc., Class A (1)(2)		22,200		2,182,926
Kansas City Southern		19,550		2,255,288

				4,438,214

Research & Consulting Services — 3.9%
Acacia Research Corp. (2)		232,600		4,137,954
Nielsen Holdings NV		70,300		3,303,397
Verisk Analytics, Inc., Class A (1)(2)		44,626		2,864,543

				10,305,894

Trading Companies & Distributors — 1.5%
United Rentals, Inc. (1)(2)		34,100		4,011,865

Trucking — 0.8%
J.B. Hunt Transport Services, Inc.		29,400		2,221,170

Total Industrials				47,522,003

Information Technology — 18.0%

Application Software — 2.9%
PTC, Inc. (1)		71,800		2,777,942
Qlik Technologies, Inc. (1)(2)		83,000		2,343,090
Solera Holdings, Inc.		45,100		2,749,296

				7,870,328

Communications Equipment — 2.2%
F5 Networks, Inc. (1)(2)		28,700		3,564,253
Palo Alto Networks, Inc. (1)(2)		25,760		2,189,343

				5,753,596

Data Processing & Outsourced Services — 6.4%
Alliance Data Systems Corp. (1)(2)		14,600		3,863,744
Cardtronics, Inc. (1)(2)		111,800		3,968,900


Description	Shares		Value
Common Stocks (continued)

Information Technology (continued)

Data Processing & Outsourced Services (continued)
FleetCor Technologies, Inc. (1)		26,700	$	3,836,523
Total System Services, Inc. (2)		106,600		3,353,636
Vantiv, Inc., Class A (1)		66,300		2,073,864

				17,096,667

Electronic Components — 1.3%
Amphenol Corp., Class A		34,100		3,512,641

Internet Software & Services — 0.8%
Xoom Corp. (1)(2)		93,800		2,144,268

Semiconductors — 1.3%
NXP Semiconductor (1)		50,300		3,446,556

Systems Software — 3.1%
Check Point Software Technologies, Ltd. (1)(2)		40,200		2,855,004
FleetMatics Group PLC (1)(2)		58,000		1,903,560
Red Hat, Inc. (1)		57,709		3,515,632

				8,274,196

Total Information Technology				48,098,252

Telecommunication Services — 2.5%

Wireless Telecommunication Services — 2.5%
Crown Castle International Corp.		37,000		2,941,870
SBA Communications Corp., Class A (1)(2)		34,500		3,805,005

Total Telecommunication Services				6,746,875

Total Common Stocks (identified cost $181,106,707)				261,419,998

Short-Term Investments — 48.9%

Collateral Pool Investments for Securities on Loan — 47.4%
Collateral pool allocation (12)				126,544,942

Mutual Funds — 1.5%
BMO Prime Money Market Fund, Class I, 0.010% (10)		3,959,857		3,959,857

Total Short-Term Investments (identified cost $130,504,799)				130,504,799

Total Investments — 146.9% (identified cost $311,611,506)				391,924,797
Other Assets and Liabilities — (46.9)%				(125,111,698	)

Total Net Assets — 100.0%			$	266,813,099

Small-Cap Value Fund


Description	Shares		Value
Common Stocks — 97.7%

Consumer Discretionary — 10.4%

Apparel Retail — 2.8%
Crocs, Inc. (1)		51,100	$	789,495
Guess?, Inc. (2)		14,900		349,256
The Finish Line, Inc., Class A		38,440		1,138,977

				2,277,728

Automotive Retail — 1.4%
Murphy USA, Inc. (1)(2)		21,197		1,154,600

Department Stores — 1.2%
Dillard’s, Inc., Class A (2)		8,630		986,582

(See Notes which are an integral part of the Financial Statements)


		BMO Funds

Small-Cap Value Fund (continued)


Description	Shares		Value
Common Stocks (continued)

Consumer Discretionary (continued)

Homebuilding — 2.8%
Century Communities, Inc. (1)(2)		62,753	$	1,266,983
TRI Pointe Homes, Inc. (1)		69,910		1,034,668

				2,301,651

Household Appliances — 1.0%
Helen of Troy, Ltd. (1)(2)		14,910		868,060

Specialized Consumer Services — 1.2%
Steiner Leisure, Ltd. (1)(2)		22,640		962,653

Total Consumer Discretionary				8,551,274

Consumer Staples — 1.4%

Agricultural Products — 1.4%
Darling Ingredients, Inc. (1)(2)		57,900		1,116,312

Energy — 8.4%

Oil & Gas-Drilling — 1.9%
Atwood Oceanics, Inc. (1)(2)		18,150		896,791
Unit Corp. (1)		10,550		694,296

				1,591,087

Oil & Gas-Equipment & Services — 3.8%
Helix Energy Solutions Group, Inc. (1)(2)		39,220		1,071,490
Oil States International, Inc. (1)		16,100		1,039,255
Tidewater, Inc.		20,650		1,050,466

				3,161,211

Oil & Gas-Exploration & Production — 2.7%
Bellatrix Exploration, Ltd. (1)		127,700		988,398
Jones Energy, Inc., Class A (1)(2)		62,550		1,202,211

				2,190,609

Total Energy				6,942,907

Financials — 26.8%

Consumer Finance — 2.2%
JGWPT Holdings, Inc., Class A (1)(2)		70,500		951,750
Nelnet, Inc., Class A		19,810		871,046

				1,822,796

Diversified Capital Markets — 2.8%
Encore Capital Group, Inc. (1)(2)		21,700		963,263
HFF, Inc., Class A (2)		43,550		1,306,500

				2,269,763

Life & Health Insurance — 1.4%
American Equity Investment Life Holding Co. (2)		46,630		1,153,626

Office REIT’s — 1.3%
Corporate Office Properties Trust (2)		39,250		1,113,915

Regional Banks — 10.5%
Ameris Bancorp (2)		60,700		1,389,423
BBCN Bancorp, Inc. (2)		64,210		937,466
Customers Bancorp, Inc. (1)(2)		59,070		1,097,521
Fidelity Southern Corp. (2)		66,805		926,585
First NBC Bank Holding Co. (1)(2)		26,837		861,736
FirstMerit Corp.		58,750		1,012,556
South State Corp.		13,830		809,885
Susquehanna Bancshares, Inc.		78,970		814,971
Western Alliance Bancorp (1)(2)		35,700		842,877

				8,693,020


Description	Shares		Value
Common Stocks (continued)

Financials (continued)

Reinsurance — 4.3%
Enstar Group, Ltd. (1)(2)		5,950	$	844,305
Maiden Holdings, Ltd. (2)		75,820		921,971
Montpelier Re Holdings, Ltd. (2)		24,400		767,380
State National Cos., Inc. (1)(5)(6)		100,000		1,000,000

				3,533,656

Residential REIT’s — 0.9%
Mid-America Apartment Communities, Inc. (2)		10,400		752,128

Specialized Finance — 0.9%
Gain Capital Holdings, Inc. (2)		116,700		736,377

Specialized REIT’s — 1.2%
LaSalle Hotel Properties (2)		26,500		968,575

Thrifts & Mortgage Finance — 1.3%
EverBank Financial Corp. (2)		55,633		1,050,351

Total Financials				22,094,207

Healthcare — 8.0%

Healthcare Services — 1.0%
BioScrip, Inc. (1)(2)		97,800		827,388

Healthcare Technology — 1.6%
MedAssets, Inc. (1)(2)		59,090		1,359,070

Life Sciences Tools & Services — 2.6%
Bio-Rad Laboratories, Inc., Class A (1)		8,000		962,080
Bruker Corp. (1)		57,600		1,155,456

				2,117,536

Pharmaceuticals — 2.8%
Impax Laboratories, Inc. (1)(2)		40,110		988,310
Prestige Brands Holdings, Inc. (1)(2)		37,680		1,304,105

				2,292,415

Total Healthcare				6,596,409

Industrials — 15.3%

Aerospace & Defense — 2.4%
Moog, Inc., Class A (1)(2)		9,900		701,910
Triumph Group, Inc.		18,150		1,259,066

				1,960,976

Agricultural & Farm Machinery — 1.2%
Titan International, Inc. (2)		65,900		955,550

Building Products — 1.6%
Continental Building Products, Inc. (1)(2)		80,957		1,294,502

Construction & Engineering — 1.1%
EMCOR Group, Inc. (2)		20,050		866,160

Electrical Components & Equipment — 1.1%
Regal-Beloit Corp. (2)		13,100		931,017

Environmental & Facilities Services — 1.2%
Tetra Tech, Inc. (2)		40,200		1,025,100

Industrial Machinery — 2.0%
Altra Industrial Motion Corp. (2)		28,400		944,584
Kadant, Inc.		13,870		549,807
LB Foster Co., Class A		3,708		194,522

				1,688,913

Research & Consulting Services — 2.1%
Acacia Research Corp. (2)		32,390		576,218
RPX Corp. (1)(2)		76,900		1,168,111

				1,744,329

(See Notes which are an integral part of the Financial Statements)

August 31, 2014


Schedules of Investments

Small-Cap Value Fund (continued)


Description	Shares		Value
Common Stocks (continued)

Industrials (continued)

Trading Companies & Distributors — 1.3%
MRC Global, Inc. (1)(2)		44,000	$	1,092,080

Trucking — 1.3%
Quality Distribution, Inc. (1)(2)		77,900		1,093,716

Total Industrials				12,652,343

Information Technology — 16.2%

Communications Equipment — 6.3%
Brocade Communications Systems, Inc.		150,150		1,584,082
CommScope Holding Co., Inc. (1)(2)		63,800		1,643,488
Finisar Corp. (1)(2)		60,350		1,225,709
InterDigital, Inc. (2)		17,000		754,290

				5,207,569

Data Processing & Outsourced Services — 2.4%
CSG Systems International, Inc.		31,000		859,320
MoneyGram International, Inc. (1)(2)		80,650		1,133,939

				1,993,259

Home Entertainment Software — 1.9%
Take-Two Interactive Software, Inc. (1)(2)		65,200		1,532,852

Semiconductors — 1.0%
CEVA, Inc. (1)(2)		53,500		811,060

Systems Software — 1.4%
AVG Technologies NV (1)		67,500		1,183,950

Technology Hardware, Storage & Peripherals — 3.2%
Datalink Corp. (1)(2)		108,920		1,344,073
Synaptics, Inc. (1)(2)		15,550		1,276,655

				2,620,728

Total Information Technology				13,349,418

Materials — 6.9%

Metal & Glass Containers — 1.8%
Berry Plastics Group, Inc. (1)(2)		61,360		1,479,390

Paper Packaging — 2.2%
Graphic Packaging Holding Co. (1)		142,100		1,817,459

Paper Products — 1.9%
KapStone Paper and Packaging Corp. (1)		52,340		1,608,931

Specialty Chemicals — 1.0%
Innophos Holdings, Inc.		14,200		825,730

Total Materials				5,731,510

Telecommunication Services — 1.0%

Integrated Telecommunication Services — 1.0%
IDT Corp., Class B (2)		50,210		788,799

Utilities — 3.3%

Electric Utilities — 3.3%
Great Plains Energy, Inc.		31,700		813,739
Portland General Electric Co. (2)		29,250		1,008,247
UIL Holdings Corp. (2)		24,200		901,450

Total Utilities				2,723,436

Total Common Stocks (identified cost $68,087,442)				80,546,615


Description	Shares		Value
Short-Term Investments — 47.7%

Collateral Pool Investments for Securities on Loan — 45.5%
Collateral pool allocation (12)			$	37,566,524

Mutual Funds — 2.2%
BMO Prime Money Market Fund, Class I, 0.010% (10)		1,787,767		1,787,767

Total Short-Term Investments (identified cost $39,354,291)				39,354,291

Total Investments — 145.4% (identified cost $107,441,733)				119,900,906
Other Assets and Liabilities — (45.4)%				(37,455,950	)

Total Net Assets — 100.0%			$	82,444,956

Small-Cap Core Fund


Description	Shares		Value
Common Stocks — 97.6%

Consumer Discretionary — 10.0%

Apparel Retail — 2.8%
ANN, Inc. (1)(2)		502	$	20,803
Cato Corp., Class A (2)		759		26,314
Express, Inc. (1)(2)		1,552		26,912
Zumiez, Inc. (1)(2)		819		26,495

				100,524

Auto Parts & Equipment — 3.8%
Cooper-Standard Holding, Inc. (1)(2)		330		21,618
Dana Holding Corp.		1,422		33,033
Strattec Security Corp.		235		18,857
Tenneco, Inc. (1)(2)		565		36,205
Tower International, Inc. (1)(2)		743		24,913

				134,626

Hotels, Resorts & Cruise Lines — 0.5%
Marcus Corp. (2)		945		17,208

Housewares & Specialties — 0.2%
CSS Industries, Inc.		258		6,522

Leisure Products — 1.1%
Brunswick Corp.		575		24,725
Nautilus, Inc. (1)(2)		1,228		14,515

				39,240

Publishing — 0.3%
McClatchy Co., Class A (1)(2)		2,850		12,854

Restaurants — 0.5%
Red Robin Gourmet Burgers, Inc. (1)(2)		379		20,125

Specialty Stores — 0.4%
Outerwall, Inc. (1)(2)		227		13,377

Tires & Rubber — 0.4%
Cooper Tire & Rubber Co.		450		13,873

Total Consumer Discretionary				358,349

Consumer Staples — 3.8%

Drug Retail — 0.5%
Rite Aid Corp. (1)(2)		3,064		19,058

Food Retail — 0.8%
The Pantry, Inc. (1)		1,359		28,770

Packaged Foods & Meats — 2.2%
Cal-Maine Foods, Inc. (2)		350		27,688
Pilgrim’s Pride Corp. (1)(2)		980		29,273
Sanderson Farms, Inc. (2)		237		22,117

				79,078

(See Notes which are an integral part of the Financial Statements)


		BMO Funds

Small-Cap Core Fund (continued)


Description	Shares		Value
Common Stocks (continued)

Consumer Staples (continued)

Personal Products — 0.3%
Nutraceutical International Corp. (1)(2)		403	$	9,769

Total Consumer Staples				136,675

Energy — 7.3%

Oil & Gas-Drilling — 1.5%
Parker Drilling Co. (1)(2)		4,180		26,250
Pioneer Energy Services Corp. (1)		1,839		28,284

				54,534

Oil & Gas-Equipment & Services — 0.9%
Hornbeck Offshore Services, Inc. (1)(2)		690		30,125

Oil & Gas-Exploration & Production — 3.8%
Abraxas Petroleum Corp. (1)(2)		3,109		18,374
Bonanza Creek Energy, Inc. (1)(2)		497		30,521
Carrizo Oil & Gas, Inc. (1)(2)		482		30,231
Stone Energy Corp. (1)		712		25,055
Warren Resources, Inc. (1)(2)		5,112		32,973

				137,154

Oil & Gas-Refining & Marketing — 1.1%
Adams Resources & Energy, Inc.		131		8,592
Western Refining, Inc. (2)		684		31,827

				40,419

Total Energy				262,232

Financials — 21.0%

Asset Management & Custody Banks — 0.8%
Manning & Napier, Inc.		1,431		26,574

Consumer Finance — 2.8%
Cash America International, Inc.		625		27,900
Credit Acceptance Corp. (1)(2)		190		23,416
Nelnet, Inc., Class A		288		12,663
Regional Management Corp. (1)		1,058		17,986
World Acceptance Corp. (1)(2)		210		16,451

				98,416

Diversified REIT’s — 1.4%
American Assets Trust, Inc.		631		22,117
Winthrop Realty Trust (2)		1,921		29,314

				51,431

Hotel & Resort REIT’s — 0.3%
Ryman Hospitality Properties, Inc. (2)		246		12,238

Investment Banking & Brokerage — 1.3%
Investment Technology Group, Inc. (1)		930		15,838
Piper Jaffray Cos. (1)(2)		576		30,735

				46,573

Life & Health Insurance — 1.8%
CNO Financial Group, Inc.		1,816		32,415
Symetra Financial Corp.		1,367		33,273

				65,688

Multi-Line Insurance — 0.7%
Horace Mann Educators Corp. (2)		861		25,658

Office REIT’s — 1.1%
DuPont Fabros Technology, Inc.		1,025		28,864
Franklin Street Properties Corp. (2)		862		10,473

				39,337

Property & Casualty Insurance — 0.8%
Navigators Group, Inc. (1) (2)		193		12,400
ProAssurance Corp.		325		15,015

				27,415


Description	Shares		Value
Common Stocks (continued)

Financials (continued)

Regional Banks — 5.5%
1st Source Corp.		373	$	11,194
Bancfirst Corp. (2)		224		14,255
Financial Institutions, Inc. (2)		708		17,006
First Business Financial Services, Inc. (2)		240		10,959
First Financial Corp. (2)		320		10,343
First Interstate Bancsystem, Inc., Class A		920		24,399
Hanmi Financial Corp. (2)		997		20,488
Preferred Bank/Los Angeles (1)(2)		517		12,418
PrivateBancorp, Inc. (2)		971		28,654
SVB Financial Group (1)		223		24,824
Wintrust Financial Corp.		481		22,400

				196,940

Reinsurance — 1.3%
Greenlight Capital Re, Ltd., Class A (1)(2)		205		7,013
Maiden Holdings, Ltd. (2)		1,838		22,350
Montpelier Re Holdings, Ltd. (2)		193		6,070
Platinum Underwriters Holdings, Ltd.		196		12,244

				47,677

Retail REIT’s — 0.8%
Excel Trust, Inc. (2)		1,028		13,302
Saul Centers, Inc.		311		15,504

				28,806

Specialized REIT’s — 1.8%
Chesapeake Lodging Trust		462		14,234
CubeSmart		925		17,205
EPR Properties		126		7,171
Sovran Self Storage, Inc. (2)		347		26,813

				65,423

Thrifts & Mortgage Finance — 0.6%
Provident Financial Holdings, Inc.		590		8,638
Walker & Dunlop, Inc. (1)		780		11,068

				19,706

Total Financials				751,882

Healthcare — 16.0%

Biotechnology — 1.6%
Cubist Pharmaceuticals, Inc. (1)(2)		224		15,463
Emergent Biosolutions, Inc. (1)(2)		1,179		29,357
Repligen Corp. (1)(2)		682		12,999

				57,819

Healthcare Equipment — 2.9%
AngioDynamics, Inc. (1)(2)		1,878		26,499
Cyberonics, Inc. (1)(2)		401		23,014
Greatbatch, Inc. (1)		211		9,615
NuVasive, Inc. (1)(2)		691		24,254
Thoratec Corp. (1)(2)		342		8,550
Volcano Corp. (1)(2)		946		11,768

				103,700

Healthcare Facilities — 1.6%
Amsurg Corp. (1)(2)		496		26,680
Select Medical Holdings Corp. (2)		1,200		16,824
U.S. Physical Therapy, Inc. (2)		345		12,316

				55,820

Healthcare Services — 2.1%
AMN Healthcare Services, Inc. (1)(2)		1,735		26,233
Corvel Corp. (1)		370		15,133
The Providence Service Corp. (1)(2)		774		35,240

				76,606

(See Notes which are an integral part of the Financial Statements)

August 31, 2014


Schedules of Investments

Small-Cap Core Fund (continued)


Description	Shares		Value
Common Stocks (continued)

Healthcare (continued)

Healthcare Supplies — 0.7%
Align Technology, Inc. (1)(2)		478	$	26,032

Healthcare Technology — 0.6%
MedAssets, Inc. (1)(2)		912		20,976

Life Sciences Tools & Services — 2.2%
Affymetrix, Inc. (1)(2)		1,972		17,097
Albany Molecular Research, Inc. (1)(2)		1,527		30,235
PAREXEL International Corp. (1)(2)		559		31,550

				78,882

Managed Healthcare — 1.5%
Centene Corp. (1)(2)		136		10,626
Magellan Health Services, Inc. (1)		482		26,924
Molina Healthcare, Inc. (1)		306		14,639

				52,189

Pharmaceuticals — 2.8%
Akorn, Inc. (1)(2)		475		18,535
Impax Laboratories, Inc. (1)(2)		836		20,599
Insys Therapeutics, Inc. (1)(2)		367		12,962
Omega Protein Corp. (1)		1,542		23,238
Sagent Pharmaceuticals, Inc. (1)(2)		879		24,454

				99,788

Total Healthcare				571,812

Industrials — 15.2%

Aerospace & Defense — 3.6%
AAR Corp.		901		24,958
Curtiss-Wright Corp. (2)		377		27,084
Ducommun, Inc. (1)(2)		753		23,388
Engility Holdings, Inc. (1)(2)		656		23,052
Moog, Inc., Class A (1)(2)		438		31,054

				129,536

Airlines — 2.1%
Alaska Air Group, Inc. (2)		348		16,126
JetBlue Airways Corp. (1)(2)		2,798		34,220
Spirit Airlines, Inc. (1)		362		25,481

				75,827

Commercial Printing — 0.9%
Multi-Color Corp. (2)		714		33,115

Construction & Engineering — 0.6%
Comfort Systems USA, Inc. (2)		1,289		19,593

Construction Machinery & Heavy Trucks — 0.4%
Meritor, Inc. (1)		1,041		14,189

Diversified Support Services — 0.8%
UniFirst Corp.		286		27,728

Human Resource & Employment Services — 0.3%
Barrett Business Services, Inc.		167		9,885

Industrial Machinery — 2.0%
Blount International, Inc. (1)(2)		1,658		26,495
Kadant, Inc. (2)		591		23,427
Lydall, Inc. (1)(2)		822		22,769

				72,691

Office Services & Supplies — 1.9%
Kimball International, Inc., Class B (2)		960		15,245
Steelcase, Inc., Class A		1,450		22,765
Sykes Enterprises, Inc. (1)(2)		1,355		28,374

				66,384


Description	Shares		Value
Common Stocks (continued)

Industrials (continued)

Security & Alarm Services — 0.7%
The Brink’s Co. (2)		888	$	24,313

Trucking — 1.9%
AMERCO		64		17,780
ArcBest Corp. (2)		726		26,063
Swift Transportation Co., Class A (1)(2)		1,172		24,823

				68,666

Total Industrials				541,927

Information Technology — 18.7%

Application Software — 2.6%
Manhattan Associates, Inc. (1)		830		23,970
Netscout Systems, Inc. (1)(2)		662		30,498
PTC, Inc. (1)		647		25,033
Verint Systems, Inc. (1)		229		11,480

				90,981

Communications Equipment — 1.2%
Plantronics, Inc.		254		12,123
Polycom, Inc. (1)		2,400		31,800

				43,923

Consulting & Other Services — 0.5%
Lionbridge Technologies, Inc. (1)(2)		4,108		19,061

Data Processing & Outsourced Services — 1.9%
Euronet Worldwide, Inc. (1)(2)		603		32,140
ExlService Holdings, Inc. (1)(2)		865		23,588
MAXIMUS, Inc. (2)		278		11,454

				67,182

Electronic Manufacturing Services — 3.6%
Benchmark Electronics, Inc. (1)		1,100		27,093
Fabrinet (1) (2)		743		12,029
Methode Electronics, Inc.		948		31,967
Plexus Corp. (1) (2)		593		24,426
Sanmina Corp. (1)		1,398		32,825

				128,340

Internet Software & Services — 0.4%
Constant Contact, Inc. (1) (2)		452		14,089

Semiconductor Equipment — 1.3%
Kulicke & Soffa Industries, Inc. (1)(2)		1,608		23,621
Photronics, Inc. (1)(2)		2,626		23,188

				46,809

Semiconductors — 5.5%
Diodes, Inc. (1)		593		15,092
Integrated Device Technology, Inc. (1)		2,109		34,693
Integrated Silicon Solution, Inc.		1,765		26,175
IXYS Corp.		1,950		23,380
Lattice Semiconductor Corp. (1)(2)		3,274		24,588
OmniVision Technologies,e Inc. (1)		792		21,471
Silicon Image, Inc. (1)(2)		3,795		19,203
Spansion, Inc., Class A (1)(2)		1,434		31,978

				196,580

Systems Software — 0.3%
TeleCommunication Systems, Inc. (1)		3,756		11,193

Technology Distributors — 0.8%
Insight Enterprises, Inc. (1)(2)		1,112		29,179

Technology Hardware, Storage & Peripherals — 0.6%
QLogic Corp. (1)(2)		2,525		22,851

Total Information Technology				670,188

(See Notes which are an integral part of the Financial Statements)


		BMO Funds

Small-Cap Core Fund (continued)


Description	Shares		Value
Common Stocks (continued)

Materials — 2.6%

Paper Packaging — 0.7%
Graphic Packaging Holding Co. (1)		1,864	$	23,841

Paper Products — 1.3%
Neenah Paper, Inc.		499		27,280
PH Glatfelter Co. (2)		519		12,939
Schweitzer-Mauduit International, Inc.		166		7,111

				47,330

Specialty Chemicals — 0.6%
Kraton Performance Polymers, Inc. (1)(2)		985		20,025

Total Materials				91,196

Utilities — 3.0%

Electric Utilities — 2.3%
El Paso Electric Co. (2)		670		26,358
PNM Resources, Inc.		1,057		27,704
Portland General Electric Co.		883		30,437

				84,499

Multi-Utilities — 0.7%
Avista Corp.		755		24,507

Total Utilities				109,006

Total Common Stocks (identified cost $3,331,068)				3,493,267

Short-Term Investments — 48.4%

Collateral Pool Investments for Securities on Loan — 46.4%
Collateral pool allocation (12)				1,658,788

Mutual Funds — 2.0%
BMO Prime Money Market Fund, Class I, 0.010% (10)		70,868		70,868

Total Short-Term Investments (identified cost $1,729,656)				1,729,656

Total Investments — 146.0% (identified cost $5,060,724)				5,222,923
Other Assets and Liabilities — (46.0)%				(1,645,285	)

Total Net Assets — 100.0%			$	3,577,638

Small-Cap Growth Fund


Description	Shares		Value
Common Stocks — 97.3%

Consumer Discretionary — 15.3%

Apparel, Accessories & Luxury Goods — 0.7%
Vince Holding Corp. (1)(2)		162,175	$	5,886,952

Auto Parts & Equipment — 0.3%
Motorcar Parts of America, Inc. (1)		82,359		2,497,125

Automobile Manufacturers — 0.5%
Winnebago Industries, Inc. (1)(2)		178,280		4,408,864

Broadcasting — 0.6%
Sinclair Broadcast Group, Inc., Class A		152,674		4,435,180

Homebuilding — 7.1%
M/I Homes, Inc. (1)(2)		520,009		11,835,405
TRI Pointe Homes, Inc. (1)		1,509,001		22,333,215


Description	Shares		Value
Common Stocks (continued)

Consumer Discretionary (continued)

Homebuilding (continued)
UCP, Inc., Class A (1)(2)(10)		418,000	$	5,329,500
William Lyon Homes, Class A (1)(2)		664,856		16,973,773

				56,471,893

Homefurnishing Retail — 1.0%
Restoration Hardware Holdings, Inc. (1)(2)		91,049		7,636,280

Housewares & Specialties — 1.6%
Libbey, Inc. (1)		472,778		13,048,673

Publishing — 1.0%
New Media Investment Group, Inc. (2)		439,028		7,669,819

Restaurants — 1.3%
Krispy Kreme Doughnuts, Inc. (1)(2)		607,617		10,335,565

Specialized Consumer Services — 1.2%
LifeLock, Inc. (1)(2)		630,491		9,343,877

Total Consumer Discretionary				121,734,228

Consumer Staples — 0.8%

Packaged Foods & Meats — 0.8%
Hain Celestial Group, Inc. (1)(2)		67,100		6,599,956

Energy — 9.8%

Oil & Gas-Drilling — 0.5%
Independence Contract Drilling, Inc. (1)		371,236		4,269,214

Oil & Gas-Exploration & Production — 9.3%
Advantage Oil & Gas, Ltd. (1)		664,196		4,098,089
American Eagle Energy Corp. (1)(2)		98,866		518,058
Approach Resources, Inc. (1)(2)		1,737,130		31,059,884
Bellatrix Exploration, Ltd. (1)(2)(5)(6)		4,921,301		38,090,870

				73,766,901

Total Energy				78,036,115

Financials — 12.6%

Asset Management & Custody Banks — 1.1%
ICG Group, Inc. (1)(2)		512,661		8,894,668

Investment Banking & Brokerage — 1.2%
FXCM, Inc., Class A (2)		659,400		9,554,706

Mortgage REIT’s — 3.1%
Newcastle Investment Corp. (2)		1,802,656		24,425,989

Multi-Sector Holdings — 2.7%
Pico Holdings, Inc. (1)(2)		965,525		21,338,102

Regional Banks — 0.6%
Home BancShares, Inc. (2)		148,010		4,403,298

Specialized Finance — 1.3%
Gain Capital Holdings, Inc. (2)		1,673,635		10,560,637

Specialized REIT’s — 2.6%
LaSalle Hotel Properties (2)		277,092		10,127,712
Physicians Realty Trust (2)		138,033		2,044,269
Summit Hotel Properties, Inc. (2)		761,000		8,332,950

				20,504,931

Total Financials				99,682,331

(See Notes which are an integral part of the Financial Statements)

August 31, 2014


Schedules of Investments

Small-Cap Growth Fund (continued)


Description	Shares		Value
Common Stocks (continued)

Healthcare — 23.3%

Biotechnology — 5.1%
Aegerion Pharmaceuticals, Inc. (1)(2)		124,068	$	3,790,278
AMAG Pharmaceuticals, Inc. (1)(2)		918,852		20,793,621
Cancer Genetics, Inc. (1)(2)		452,117		4,023,841
Myriad Genetics, Inc. (1)(2)		186,083		6,734,344
NPS Pharmaceuticals, Inc. (1)(2)		180,385		5,444,019

				40,786,103

Healthcare Equipment — 5.2%
ABIOMED, Inc. (1)(2)		257,078		6,696,882
DexCom, Inc. (1)(2)		205,000		9,061,000
Globus Medical, Inc., Class A (1)(2)		352,951		6,402,531
Insulet Corp. (1)(2)		194,552		7,025,273
NxStage Medical, Inc. (1)(2)		642,783		8,433,313
Thoratec Corp. (1)(2)		160,931		4,023,275

				41,642,274

Healthcare Facilities — 2.5%
Acadia Healthcare Co., Inc. (1)(2)		245,018		12,547,372
HealthSouth Corp.		176,000		6,932,640

				19,480,012

Healthcare Services — 0.5%
HMS Holdings Corp. (1)(2)		178,500		4,080,510

Healthcare Supplies — 2.6%
Endologix, Inc. (1)(2)		438,700		6,058,447
Spectranetics Corp. (1)(2)		164,400		4,665,672
TearLab Corp. (1)(2)		997,929		3,861,985
Unilife Corp. (1)(2)		2,334,515		5,953,013

				20,539,117

Life Sciences Tools & Services — 2.5%
ICON PLC, ADR (1)(2)		198,010		9,809,415
PAREXEL International Corp. (1)(2)		170,200		9,606,088

				19,415,503

Managed Healthcare — 1.2%
Centene Corp. (1)		119,315		9,322,081

Pharmaceuticals — 3.7%
Akorn, Inc. (1)(2)		308,255		12,028,110
Lannett Co., Inc. (1)(2)		145,253		5,720,063
Medicines Co. (1)(2)		115,929		2,968,942
Pacira Pharmaceuticals, Inc. (1)(2)		83,100		8,996,406

				29,713,521

Total Healthcare				184,979,121

Industrials — 12.3%

Aerospace & Defense — 1.5%
Hexcel Corp. (1)		285,600		11,763,864

Building Products — 0.8%
Lennox International, Inc. (2)		72,500		6,072,600

Human Resource & Employment Services — 1.0%
On Assignment, Inc. (1)		283,600		8,383,216

Industrial Machinery — 2.6%
Actuant Corp., Class A (2)		200,500		6,762,865
Barnes Group, Inc.		230,580		7,895,059
TriMas Corp. (1)(2)		188,285		5,968,635

				20,626,559


Description	Shares		Value
Common Stocks (continued)

Industrials (continued)

Research & Consulting Services — 4.2%
Acacia Research Corp. (2)		1,510,413	$	26,870,247
Advisory Board Co. (1)(2)		135,508		6,721,197

				33,591,444

Security & Alarm Services — 1.3%
MiX Telematics, Ltd., ADR (1)(2)		1,164,929		10,507,659

Trading Companies & Distributors — 0.9%
Watsco, Inc.		77,165		7,136,991

Total Industrials				98,082,333

Information Technology — 18.1%

Application Software — 2.7%
Aspen Technology, Inc. (1)(2)		260,909		10,720,751
Manhattan Associates, Inc. (1)		245,099		7,078,459
Tangoe, Inc. (1)(2)		269,031		3,744,911

				21,544,121

Communications Equipment — 3.4%
Aruba Networks, Inc. (1)(2)		445,082		9,502,501
CalAmp Corp. (1)(2)		489,517		9,437,888
Ruckus Wireless, Inc. (1)(2)		588,643		8,188,024

				27,128,413

Consulting & Other Services — 0.8%
Virtusa Corp. (1)(2)		173,571		5,910,093

Data Processing & Outsourced Services — 2.6%
Cardtronics, Inc. (1)(2)		351,927		12,493,409
MAXIMUS, Inc. (2)		202,500		8,343,000

				20,836,409

Internet Software & Services — 4.6%
Cornerstone OnDemand, Inc. (1)(2)		127,234		4,763,641
Criteo SA, ADR (1)(2)		292,812		10,995,091
Internap Network Services Corp. (1)(2)		695,987		4,760,551
LogMeIn, Inc. (1)(2)		141,500		5,982,620
Marin Software, Inc. (1)(2)		1,204,390		10,056,656

				36,558,559

Semiconductors — 0.6%
Microsemi Corp. (1)(2)		184,900		4,925,736

Systems Software — 2.7%
FleetMatics Group PLC (1)(2)		272,677		8,949,259
Proofpoint, Inc. (1)(2)		230,052		9,174,474
Rubicon Project, Inc. (1)(2)		341,575		3,326,940

				21,450,673

Technology Distributors — 0.7%
SYNNEX Corp. (1)(2)		81,800		5,704,732

Total Information Technology				144,058,736

Materials — 1.1%

Steel — 1.1%
Walter Energy, Inc. (2)		1,520,055		8,497,108

Telecommunication Services — 4.0%

Alternative Carriers — 4.0%
8x8, Inc. (1)(2)		632,200		4,912,194
inContact, Inc. (1)(2)		2,948,284		27,006,281

Total Telecommunication Services				31,918,475

Total Common Stocks (identified cost $682,538,049)				773,588,403

(See Notes which are an integral part of the Financial Statements)


		BMO Funds

Small-Cap Growth Fund (continued)


Description	Shares		Value
Short-Term Investments — 49.9%

Collateral Pool Investments for Securities on Loan — 47.4%
Collateral pool allocation (12)			$	377,014,080

Mutual Funds — 2.5%
BMO Prime Money Market Fund, Class I, 0.010% (10)		19,470,988		19,470,988

Total Short-Term Investments (identified cost $396,485,068)				396,485,068

Total Investments — 147.2% (identified cost $1,079,023,117)				1,170,073,471
Other Assets and Liabilities — (47.2)%				(374,992,884	)

Total Net Assets — 100.0%			$	795,080,587

Micro-Cap Fund


Description	Shares		Value
Common Stocks — 98.1%

Consumer Discretionary — 10.7%

Auto Parts & Equipment — 3.3%
Shiloh Industries, Inc. (1)		1,102	$	18,414
Standard Motor Products, Inc.		613		23,055
Strattec Security Corp.		320		25,677
Tower International, Inc. (1)		885		29,674

				96,820

Automobile Manufacturers — 0.9%
Winnebago Industries, Inc. (1)		1,086		26,857

Casinos & Gaming — 0.5%
Monarch Casino & Resort, Inc. (1)		1,249		15,887

Distributors — 0.5%
Weyco Group, Inc.		518		13,970

Education Services — 0.4%
National American University Holdings, Inc.		3,925		12,325

Home Furnishings — 1.0%
Flexsteel Industries, Inc.		856		29,994

Homefurnishing Retail — 0.9%
Haverty Furniture Cos., Inc.		1,107		25,760

Internet Retail — 0.6%
1-800-Flowers.com, Inc., Class A (1)		3,095		15,939

Leisure Products — 0.5%
Escalade, Inc.		1,019		14,735

Publishing — 0.7%
New Media Investment Group, Inc.		1,246		21,768

Restaurants — 1.4%
Carrols Restaurant Group, Inc. (1)		3,408		24,844
Einstein Noah Restaurant Group, Inc.		1,212		17,247

				42,091

Total Consumer Discretionary				316,146

Consumer Staples — 0.9%

Food Retail — 0.4%
Roundy’s, Inc.		3,201		11,972

Personal Products — 0.5%
Nutraceutical International Corp. (1)		588		14,253

Total Consumer Staples				26,225


Description	Shares		Value
Common Stocks (continued)

Energy — 6.9%

Oil & Gas-Equipment & Services — 2.8%
Dawson Geophysical Co.		861	$	19,476
Enservco Corp. (1)		6,641		20,321
Matrix Service Co. (1)		796		22,455
Natural Gas Services Group, Inc. (1)		713		21,162

				83,414

Oil & Gas-Exploration & Production — 2.5%
Abraxas Petroleum Corp. (1)		4,811		28,433
Earthstone Energy, Inc. (1)		405		14,479
Warren Resources, Inc. (1)		5,013		32,334

				75,246

Oil & Gas-Refining & Marketing — 1.6%
Renewable Energy Group, Inc. (1)		2,206		26,825
Vertex Energy, Inc. (1)		2,114		19,723

				46,548

Total Energy				205,208

Financials — 23.7%

Asset Management & Custody Banks — 1.5%
Manning & Napier, Inc.		1,373		25,497
Westwood Holdings Group, Inc.		334		19,906

				45,403

Diversified REIT’s — 0.7%
Whitestone		1,451		22,055

Industrial REIT’s — 0.7%
Terreno Realty Corp.		1,030		20,847

Investment Banking & Brokerage — 0.6%
Cowen Group, Inc., Class A (1)		4,489		18,360

Mortgage REIT’s — 1.0%
Apollo Commercial Real Estate Finance, Inc.		832		13,994
Ares Commercial Real Estate Corp.		1,159		14,592

				28,586

Office REIT’s — 0.9%
CyrusOne, Inc.		981		25,546

Property & Casualty Insurance — 3.3%
AMERISAFE, Inc.		618		23,317
Hallmark Financial Services, Inc. (1)		2,043		19,511
HCI Group, Inc.		780		32,846
United Insurance Holdings Corp.		1,257		20,288

				95,962

Regional Banks — 12.1%
Ameris Bancorp		1,198		27,422
Bank of Marin Bancorp		367		17,943
BNC Bancorp		882		14,976
ConnectOne Bancorp, Inc.		650		12,597
Customers Bancorp, Inc. (1)		1,438		26,718
Eagle Bancorp, Inc. (1)		798		26,757
First Busey Corp.		2,945		16,934
German American Bancorp, Inc.		682		18,475
HomeTrust Bancshares, Inc. (1)		1,450		21,866
Independent Bank Corp.		2,199		26,696
Metro Bancorp, Inc. (1)		1,053		24,493
Monarch Financial Holdings, Inc.		962		12,169
Pinnacle Financial Partners, Inc.		639		22,915
Renasant Corp.		850		24,590
TowneBank/Portsmouth		1,364		19,996
Trico Bancshares		1,057		23,624
United Community Banks, Inc.		1,187		20,132

				358,303

(See Notes which are an integral part of the Financial Statements)

August 31, 2014


Schedules of Investments

Micro-Cap Fund (continued)


Description	Shares		Value
Common Stocks (continued)

Financials (continued)

Reinsurance — 0.8%
Maiden Holdings, Ltd.		1,889	$	22,970

Residential REIT’s — 0.6%
Preferred Apartment Communities, Inc., Class A		1,922		16,760

Thrifts & Mortgage Finance — 1.5%
Heritage Financial Group, Inc.		872		17,876
WSFS Financial Corp.		342		25,513

				43,389

Total Financials				698,181

Healthcare — 20.8%

Biotechnology — 6.4%
AMAG Pharmaceuticals, Inc. (1)		1,082		24,486
BioSpecifics Technologies Corp. (1)		840		26,275
Bluebird Bio, Inc. (1)		411		16,444
Geron Corp. (1)		4,709		11,207
LipoScience, Inc. (1)		2,447		6,974
MiMedx Group, Inc. (1)		1,944		13,686
NeoGenomics, Inc. (1)		4,792		25,541
OvaScience, Inc. (1)		1,644		22,211
Repligen Corp. (1)		1,217		23,196
Retrophin, Inc. (1)		1,369		18,728

				188,748

Healthcare Equipment — 2.7%
AngioDynamics, Inc. (1)		1,365		19,260
Exactech, Inc. (1)		743		17,743
Fonar Corp. (1)		2,134		26,078
SurModics, Inc. (1)		784		16,009

				79,090

Healthcare Facilities — 0.8%
U.S. Physical Therapy, Inc.		694		24,776

Healthcare Services — 2.7%
AMN Healthcare Services, Inc. (1)		2,519		38,087
RadNet, Inc. (1)		6,242		41,697

				79,784

Healthcare Supplies — 1.7%
Anika Therapeutics, Inc. (1)		640		26,880
Spectranetics Corp. (1)		855		24,265

				51,145

Healthcare Technology — 1.9%
Icad, Inc. (1)		2,365		24,951
Omnicell, Inc. (1)		1,070		30,120

				55,071

Life Sciences Tools & Services — 0.9%
Albany Molecular Research, Inc. (1)		1,284		25,423

Pharmaceuticals — 3.7%
Alexza Pharmaceuticals, Inc. (1)		2,648		9,268
Hyperion Therapeutics, Inc. (1)		795		20,559
Insys Therapeutics, Inc. (1)		532		18,790
Omega Protein Corp. (1)		1,147		17,285
Sagent Pharmaceuticals, Inc. (1)		1,097		30,519
Sucampo Pharmaceuticals, Inc., Class A (1)		1,916		13,201

				109,622

Total Healthcare				613,659


Description	Shares		Value
Common Stocks (continued)

Industrials — 13.5%

Air Freight & Logistics — 0.6%
Park-Ohio Holdings Corp.		303	$	17,586

Building Products — 2.4%
American Woodmark Corp. (1)		618		24,238
Patrick Industries, Inc. (1)		687		28,641
PGT, Inc. (1)		1,619		16,918

				69,797

Commercial Printing — 1.5%
Courier Corp.		1,408		18,980
Multi-Color Corp.		530		24,581

				43,561

Construction Machinery & Heavy Trucks — 0.8%
Wabash National Corp. (1)		1,768		24,999

Electrical Components & Equipment — 0.7%
Allied Motion Technologies, Inc.		1,299		21,239

Human Resource & Employment Services — 1.3%
CTPartners Executive Search, Inc. (1)		2,107		37,821

Industrial Machinery — 2.0%
ARC Group Worldwide, Inc. (1)		1,007		20,100
Columbus McKinnon Corp.		986		24,709
The Eastern Co.		832		13,112

				57,921

Office Services & Supplies — 0.9%
ARC Document Solutions, Inc. (1)		3,283		26,658

Research & Consulting Services — 1.9%
Franklin Covey Co. (1)		745		14,207
ICF International, Inc. (1)		703		23,747
RPX Corp. (1)		1,271		19,307

				57,261

Trucking — 1.4%
Celadon Group, Inc.		895		18,741
PAM Transportation Services, Inc. (1)		620		22,767

				41,508

Total Industrials				398,351

Information Technology — 14.7%

Application Software — 1.4%
Callidus Software, Inc. (1)		1,687		19,367
Epiq Systems, Inc.		1,442		20,981

				40,348

Communications Equipment — 1.3%
CalAmp Corp. (1)		774		14,923
ShoreTel, Inc. (1)		3,600		24,120

				39,043

Computer Storage & Peripherals — 0.5%
Immersion Corp. (1)		1,520		15,929

Consulting & Other Services — 1.6%
Lionbridge Technologies, Inc. (1)		3,600		16,704
Virtusa Corp. (1)		867		29,521

				46,225

Data Processing & Outsourced Services — 0.6%
Information Services Group, Inc. (1)		4,550		19,337

Electronic Equipment & Instruments — 1.6%
Iteris, Inc. (1)		6,526		11,355
Mesa Laboratories, Inc.		238		16,946
MOCON, Inc.		811		12,733
NAPCO Security Technologies, Inc. (1)		1,594		7,922

				48,956

(See Notes which are an integral part of the Financial Statements)


		BMO Funds

Micro-Cap Fund (continued)


Description	Shares		Value
Common Stocks (continued)

Information Technology (continued)

Electronic Manufacturing Services — 0.7%
Elecsys Corp. (1)		1,318	$	20,047

Internet Software & Services — 3.9%
Brightcove, Inc. (1)		2,092		12,719
Carbonite, Inc. (1)		1,509		16,086
IntraLinks Holdings, Inc. (1)		1,996		15,689
Perficient, Inc. (1)		1,216		20,939
Reis, Inc.		605		14,351
Support.com, Inc. (1)		4,573		11,021
XO Group, Inc. (1)		2,036		23,841

				114,646

Semiconductor Equipment — 0.8%
Cascade Microtech, Inc. (1)		2,080		22,880

Semiconductors — 1.6%
MaxLinear, Inc., Class A (1)		2,858		26,494
Silicon Image, Inc. (1)		3,919		19,830

				46,324

Technology Distributors — 0.7%
PC Connection, Inc.		901		20,435

Total Information Technology				434,170

Materials — 3.6%

Diversified Chemicals — 1.4%
Penford Corp. (1)		1,608		21,901
Trecora Resources (1)		1,403		18,436

				40,337

Specialty Chemicals — 2.2%
Chase Corp.		558		19,809
Landec Corp. (1)		2,136		28,046
Zep, Inc.		1,053		16,721

				64,576

Total Materials				104,913

Telecommunication Services — 2.2%

Integrated Telecommunication Services — 2.2%
General Communication, Inc., Class A (1)		1,692		19,018
Hawaiian Telcom Holdco, Inc. (1)		693		19,058
Premiere Global Services, Inc. (1)		2,090		27,525

Total Telecommunication Services				65,601

Utilities — 1.1%

Water Utilities — 1.1%
Middlesex Water Co.		888		18,231
York Water Co.		695		14,025

Total Utilities				32,256

Total Common Stocks (identified cost $2,607,042)				2,894,710

Short-Term Investments — 1.5%

Mutual Funds — 1.5%
BMO Prime Money Market Fund, Class I, 0.010% (10)		43,685		43,685

Total Short-Term Investments (identified cost $43,685)				43,685

Total Investments — 99.6% (identified cost $2,650,727)				2,938,395
Other Assets and Liabilities — 0.4%				12,932

Total Net Assets — 100.0%			$	2,951,327

Global Low Volatility Equity Fund


Description	Shares		Value
Common Stocks — 97.4%

Austria — 0.6%
EVN AG		533	$	7,214
Oesterreichische Post AG		330		15,449

				22,663

Bermuda — 2.0%
APT Satellite Holdings, Ltd.		11,000		16,181
Everest Re Group, Ltd. (2)		404		66,191

				82,372

Canada — 9.9%
Artis Real Estate Investment Trust		705		10,323
BCE, Inc.		1,120		50,422
Canadian Tire Corp., Ltd., Class A		139		14,359
Cogeco Cable, Inc.		101		5,824
Dollarama, Inc.		868		73,899
Emera, Inc.		519		16,411
Enbridge Income Fund Holdings, Inc.		1,075		31,954
First Capital Realty, Inc.		1,991		35,378
Genworth MI Canada, Inc. (2)		1,930		68,339
High Liner Foods, Inc.		290		5,694
Laurentian Bank of Canada		875		40,052
Medical Facilities Corp.		462		7,546
Metro, Inc.		85		5,511
National Bank of Canada		219		10,536
North West Co., Inc.		552		12,509
Parkland Fuel Corp. (2)		732		13,916

				402,673

China — 0.6%
PetroChina Co., Ltd., Class H		16,000		22,710

France — 0.3%
Boiron SA		82		7,171
Societe d’Edition de Canal +		833		6,502

				13,673

Germany — 0.8%
Fresenius SE & Co. KGaA		672		32,785

Guernsey — 2.0%
Amdocs, Ltd. (2)		1,735		81,718

Hong Kong — 6.2%
China Mobile, Ltd.		2,500		31,048
CLP Holdings, Ltd.		8,000		67,716
PCCW, Ltd.		99,000		63,487
Power Assets Holdings, Ltd.		2,500		22,774
Television Broadcasts, Ltd. (2)		7,300		46,013
Vitasoy International Holdings, Ltd.		10,000		12,619
VTech Holdings, Ltd.		800		9,807

				253,464

Israel — 2.6%
Cellcom Israel, Ltd.		1,038		12,156
Elbit Systems, Ltd.		137		8,152
Ituran Location and Control, Ltd.		410		8,979
Teva Pharmaceutical Industries, Ltd., ADR		1,481		77,782

				107,069

Italy — 0.2%
Engineering SpA		134		6,837

Japan — 7.1%
Benesse Holdings, Inc.		1,200		42,501
Canon Electronics, Inc.		1,600		30,448
Capcom Co., Ltd. (2)		500		9,179
Duskin Co., Ltd.		1,600		28,388

(See Notes which are an integral part of the Financial Statements)

August 31, 2014


Schedules of Investments

Global Low Volatility Equity Fund (continued)


Description	Shares		Value
Common Stocks (continued)

Japan (continued)
Kato Sangyo Co., Ltd.		600	$	13,079
Megmilk Snow Brand Co., Ltd.		2,000		26,258
Morinaga & Co., Ltd./Japan		5,000		10,620
Morinaga Milk Industry Co., Ltd.		8,000		27,911
Nippon Telegraph & Telephone Corp.		600		40,252
Nisshin Oillio Group, Ltd.		5,000		17,637
Noevir Holdings Co., Ltd.		500		10,250
Okinawa Cellular Telephone Co.		300		8,373
Sakata Seed Corp.		1,100		14,632
TOKAI Holdings Corp.		1,600		7,950

				287,478

Malaysia — 4.8%
Petronas Chemicals Group Bhd		8,700		17,389
Public Bank Bhd		10,700		65,449
Sime Darby Bhd		9,603		28,821
Telekom Malaysia Bhd		37,700		76,070
Tenaga Nasional Bhd		1,600		6,284

				194,013

Netherlands — 0.4%
Amsterdam Commodities NV		410		9,616
Sligro Food Group NV		150		5,927

				15,543

New Zealand — 5.1%
Air New Zealand, Ltd.		26,101		47,922
Argosy Property, Ltd.		19,915		16,991
Ebos Group, Ltd.		1,256		10,044
Fisher & Paykel Healthcare Corp., Ltd.		17,920		76,745
Infratil, Ltd.		7,259		14,663
Kiwi Income Property Trust		11,115		11,110
Ryman Healthcare, Ltd.		4,197		28,295
Summerset Group Holdings, Ltd.		1,671		4,179

				209,949

Portugal — 0.3%
REN—Redes Energeticas Nacionais SGPS SA		3,269		11,662

Singapore — 5.4%
CDL Hospitality Trusts (2)		8,000		10,568
Frasers Centrepoint Trust		17,000		27,221
Hutchison Port Holdings Trust, Class U		25,000		18,000
Raffles Medical Group, Ltd. (2)		5,000		15,932
Religare Health Trust		25,000		18,314
Sembcorp Industries, Ltd.		6,000		24,595
Sheng Siong Group, Ltd.		14,000		7,846
Singapore Airlines, Ltd.		3,000		24,258
Singapore Post, Ltd.		31,000		42,813
Venture Corp., Ltd.		5,000		32,144

				221,691

South Korea — 1.8%
GS Home Shopping, Inc.		77		21,491
KT&G Corp.		573		53,630

				75,121

Switzerland — 2.0%
Intershop Holding AG		19		7,394
Metall Zug AG		3		8,369
Novartis AG		585		52,475
Siegfried Holding AG		82		14,246

				82,484


Description	Shares		Value
Common Stocks (continued)

Taiwan — 4.8%
Chunghwa Telecom Co., Ltd.		24,000	$	74,592
Gigabyte Technology Co., Ltd.		11,000		14,684
Shinkong Synthetic Fibers Corp.		46,000		16,928
Taichung Commercial Bank Co., Ltd.		49,755		17,395
Taiwan Secom Co., Ltd.		5,075		14,415
Tung Ho Steel Enterprise Corp.		8,000		6,718
Uni-President Enterprises Corp.		8,180		14,969
Wowprime Corp.		3,030		36,848

				196,549

United Kingdom — 6.4%
AstraZeneca PLC		493		37,379
BP PLC		9,410		75,243
Centrica PLC		2,100		11,135
Greggs PLC		3,092		28,079
Next PLC		476		56,067
Royal Dutch Shell PLC, B Shares		868		36,681
Synergy Health PLC		688		17,133

				261,717

United States — 34.1%
American Capital Mortgage Investment Corp. (2)		2,232		45,935
American Electric Power Co., Inc.		341		18,312
Ameriprise Financial, Inc. (2)		228		28,673
AmerisourceBergen Corp.		1,010		78,164
Atrion Corp. (2)		36		11,520
Avista Corp. (2)		1,872		60,765
Cal-Maine Foods, Inc. (2)		257		20,331
Capstead Mortgage Corp. (2)		4,219		55,775
Cintas Corp. (2)		829		54,830
Cyberonics, Inc. (1)(2)		380		21,808
Dr. Pepper Snapple Group, Inc. (2)		1,411		88,780
Edison International		276		16,323
Entergy Corp. (2)		194		15,018
Exelon Corp. (2)		2,262		75,596
Forrester Research, Inc. (2)		541		21,023
General Mills, Inc. (2)		1,193		63,682
Humana, Inc. (2)		654		84,196
ICU Medical, Inc. (1)(2)		164		10,265
Johnson & Johnson		293		30,393
Kohl’s Corp. (2)		191		11,229
Laboratory Corporation of America Holdings (1)(2)		660		70,772
Magellan Health, Inc. (1)(2)		1,080		60,329
McKesson Corp. (2)		425		82,888
Merck & Co., Inc. (2)		1,349		81,088
Navigators Group, Inc. (1)(2)		246		15,806
NetApp, Inc.		694		29,259
Northfield Bancorp, Inc. (2)		2,111		27,675
PepsiCo, Inc.		803		74,269
Pfizer, Inc. (2)		934		27,450
Portland General Electric Co. (2)		1,229		42,364
Wal-Mart Stores, Inc. (2)		867		65,458

				1,389,976

Total Common Stocks (identified cost $3,774,233)				3,972,147

Preferred Stocks — 0.2%

Japan — 0.2%
Shinkin Central Bank		3		5,827

Total Preferred Stocks (identified cost $5,835)				5,827

(See Notes which are an integral part of the Financial Statements)


		BMO Funds

Global Low Volatility Equity Fund (continued)


Description	Shares		Value
Short-Term Investments — 28.7%

Collateral Investment for Securities on Loan — 26.7%
State Street Navigator Securities Lending Prime Portfolio Fund, 0.150% (12)			$	1,087,904

Mutual Funds — 2.0%
State Street Institutional Liquid Reserves Fund, 0.080%		82,449		82,449

Total Short-Term Investments (identified cost $1,170,353)				1,170,353

Total Investments — 126.3% (identified cost $4,950,421)				5,148,327
Other Assets and Liabilities — (26.3)%				(1,070,781	)

Total Net Assets — 100.0%			$	4,077,546


Industry Allocation
Industry	Value			% of Total Net Assets
Aerospace/Defense	$	8,152			0.2	%
Agriculture		68,262			1.7
Airlines		72,180			1.8
Banks		133,432			3.3
Beverages		175,669			4.3
Chemicals		31,636			0.8
Commercial Services		161,157			4.0
Computers		43,943			1.1
Cosmetics/Personal Care		10,250			0.2
Diversified Financial Services		28,673			0.7
Diversified Holding Companies		37,190			0.9
Electric		375,100			9.2
Electronics		41,123			1.0
Engineering & Construction		24,595			0.6
Food		298,671			7.3
Gas		43,090			1.1
Healthcare-Products		130,381			3.2
Healthcare-Services		321,167			7.9
Home Furnishings		30,448			0.7
Insurance		150,336			3.7
Internet		6,837			0.2
Iron/Steel		6,718			0.2
Media		58,339			1.4
Oil & Gas		156,500			3.8
Pharmaceuticals		474,791			11.6
Real Estate		78,076			1.9
Real Estate Investment Trusts		160,931			3.9
Retail		250,350			6.1
Savings & Loans		27,675			0.7
Software		9,179			0.2
Telecommunications		464,106			11.4
Textiles		16,928			0.4
Transportation		76,262			1.9

Total Common Stocks		3,972,147			97.4
Preferred Stocks		5,827			0.2
Collateral Investment for Securities on Loan		1,087,904			26.7
Mutual Funds		82,449			2.0

Total Investments		5,148,327			126.3
Other Assets and Liabilities		(1,070,781	)		(26.3	)

Total Net Assets	$	4,077,546			100.0	%

Pyrford Global Equity Fund


Description	Shares		Value
Common Stocks — 95.8%

Australia — 8.4%
Brambles, Ltd.		2,354	$	20,886
Computershare, Ltd.		1,616		18,594
Newcrest Mining, Ltd. (1)		751		7,940
QBE Insurance Group, Ltd.		994		10,694
Rio Tinto, Ltd.		115		6,727
Telstra Corp., Ltd. (2)		906		4,704
Woodside Petroleum, Ltd.		401		15,992
Woolworths, Ltd.		452		15,265

				100,802

Belgium — 1.2%
Colruyt SA		307		14,643

Canada — 3.8%
Imperial Oil, Ltd. (2)		512		27,246
Metro, Inc.		279		18,087

				45,333

France — 4.3%
Air Liquide SA		128		16,355
Sanofi		150		16,457
Total SA		278		18,333

				51,145

Germany — 1.2%
SAP AG		183		14,235

Hong Kong — 7.3%
ASM Pacific Technology, Ltd.		1,600		16,609
China Mobile, Ltd.		1,500		18,629
CNOOC, Ltd.		11,000		22,085
Power Assets Holdings, Ltd.		1,500		13,665
VTech Holdings, Ltd.		1,300		15,935

				86,923

Israel — 0.9%
Bezeq Israeli Telecommunication Corp., Ltd.		2,298		4,343
Teva Pharmaceutical Industries, Ltd.		129		6,720

				11,063

Japan — 3.8%
KDDI Corp.		100		5,766
Makita Corp.		100		5,584
Mitsubishi Electric Corp.		1,000		12,514
Nihon Kohden Corp.		100		5,536
Sumitomo Rubber Industries, Ltd.		600		8,569
Toyota Tsusho Corp.		300		7,915

				45,884

Malaysia — 5.7%
Axiata Group Bhd		12,600		27,702
Lafarge Malaysia Bhd		2,100		6,796
Magnum Bhd		5,800		5,649
Malayan Banking Bhd		8,723		27,951

				68,098

Netherlands — 2.0%
Reed Elsevier NV		489		11,148
Unilever NV		293		12,179

				23,327

Norway — 0.8%
Telenor ASA		392		8,987

Singapore — 4.7%
ComfortDelGro Corp., Ltd.		7,000		14,067
Sembcorp Industries, Ltd.		2,000		8,198
Singapore Technologies Engineering, Ltd.		3,000		8,790
United Overseas Bank, Ltd.		1,000		18,358

(See Notes which are an integral part of the Financial Statements)

August 31, 2014


Schedules of Investments

Pyrford Global Equity Fund (continued)


Description	Shares		Value
Common Stocks (continued)

Singapore (continued)
Venture Corp., Ltd.		1,000	$	6,429

				55,842

Sweden — 2.2%
Assa Abloy AB, Class B		202		10,205
Atlas Copco AB, A Shares		356		10,366
Svenska Cellulosa AB SCA, B Shares		217		5,216

				25,787

Switzerland — 10.0%
Givaudan SA		3		4,980
Nestle SA		390		30,268
Novartis AG		273		24,488
Panalpina Welttransport Holding AG		49		6,955
Roche Holding AG		95		27,702
Schindler Holding AG		41		5,926
Syngenta AG		16		5,743
Zurich Insurance Group AG (1)		42		12,672

				118,734

Taiwan — 3.5%
Advantech Co., Ltd.		1,000		9,384
Chunghwa Telecom Co., Ltd.		5,000		15,540
MediaTek, Inc.		1,000		16,711

				41,635

United Kingdom — 7.3%
BP PLC		1,501		12,002
British American Tobacco PLC		216		12,743
GlaxoSmithKline PLC		633		15,495
Legal & General Group PLC		2,792		11,203
Royal Dutch Shell PLC, A Shares		395		15,952
SSE PLC		432		10,887
Vodafone Group PLC		2,736		9,391

				87,673

United States — 28.7%
Altria Group, Inc. (2)		526		22,660
Automatic Data Processing, Inc. (2)		203		16,946
C.H. Robinson Worldwide, Inc. (2)		379		25,871
Coach, Inc. (2)		594		21,877
Exxon Mobil Corp.		501		49,829
General Dynamics Corp. (2)		231		28,471
Home Depot, Inc. (2)		334		31,229
Linear Technology Corp. (2)		571		25,758
McDonald’s Corp. (2)		262		24,555
Microsoft Corp. (2)		816		37,071
Philip Morris International, Inc. (2)		382		32,692
T. Rowe Price Group, Inc. (2)		320		25,918

				342,877

Total Common Stocks (identified cost $1,089,249)				1,142,988

Short-Term Investments — 26.8%

Collateral Investment for Securities on Loan — 24.8%
State Street Navigator Securities Lending Prime Portfolio Fund, 0.150% (12)				296,030

Mutual Funds — 2.0%
State Street Institutional Liquid Reserves Fund, 0.080%		23,348		23,348

Total Short-Term Investments (identified cost $319,378)				319,378

Total Investments — 122.6% (identified cost $1,408,627)				1,462,366
Other Assets and Liabilities — (22.6)%				(269,206	)

Total Net Assets — 100.0%			$	1,193,160


Industry Allocation
Industry	Value			% of Total Net Assets
Aerospace/Defense	$	28,471			2.4	%
Agriculture		68,094			5.7
Auto Parts & Equipment		8,569			0.7
Banks		46,309			3.9
Building Materials		6,796			0.6
Chemicals		27,077			2.3
Commercial Services		37,832			3.2
Computers		27,978			2.3
Distribution/Wholesale		7,915			0.7
Diversified Financial Services		25,918			2.2
Diversified Holding Companies		5,649			0.5
Electric		24,551			2.1
Electronics		6,429			0.5
Engineering & Construction		16,989			1.4
Food		90,442			7.6
Forest Products & Paper		5,216			0.4
Hand/Machine Tools		11,511			1.0
Healthcare-Products		5,536			0.5
Insurance		34,570			2.9
Machinery-Construction & Mining		22,879			1.9
Media		11,148			0.9
Metal Fabricate/Hardware		10,205			0.9
Mining		14,667			1.2
Oil & Gas		161,439			13.5
Pharmaceuticals		90,862			7.6
Retail		77,661			6.5
Semiconductors		59,078			4.9
Software		51,306			4.3
Telecommunications		110,999			9.3
Transportation		46,892			3.9

Total Common Stocks		1,142,988			95.8
Collateral Investment for Securities on Loan		296,030			24.8
Mutual Funds		23,348			2.0

Total Investments		1,462,366			122.6
Other Assets and Liabilities		(269,206	)		(22.6	)

Total Net Assets	$	1,193,160			100.0	%

Pyrford Global Strategic Return Fund


Description	Shares		Value
Common Stocks — 25.3%

Australia — 0.9%
Brambles, Ltd.		6,339	$	56,243
Computershare, Ltd.		4,631		53,286
Woodside Petroleum, Ltd.		1,335		53,239

				162,768

Belgium — 0.1%
Colruyt SA		494		23,562

Canada — 1.0%
Imperial Oil, Ltd. (2)		2,007		106,801
Metro, Inc. (2)		1,156		74,944

				181,745

France — 0.6%
Air Liquide SA		274		35,009
Sanofi		357		39,168
Total SA		566		37,326

				111,503

(See Notes which are an integral part of the Financial Statements)


		BMO Funds

Pyrford Global Strategic Return Fund (continued)


Description	Shares		Value
Common Stocks (continued)

Germany — 0.2%
SAP AG		408	$	31,736

Hong Kong — 2.9%
ASM Pacific Technology, Ltd.		9,900		102,768
China Mobile, Ltd.		13,000		161,451
CNOOC, Ltd.		77,000		154,595
VTech Holdings, Ltd. (2)		8,300		101,741

				520,555

Israel — 0.5%
Bezeq Israeli Telecommunication Corp., Ltd.		20,689		39,103
Teva Pharmaceutical Industries, Ltd.		1,037		54,019

				93,122

Japan — 0.8%
KDDI Corp.		800		46,126
Makita Corp.		900		50,257
Sumitomo Rubber Industries, Ltd.		3,700		52,845

				149,228

Malaysia — 1.4%
Axiata Group Bhd		56,300		123,781
Malayan Banking Bhd		39,463		126,452

				250,233

Netherlands — 0.3%
Reed Elsevier NV		1,169		26,650
Unilever NV		614		25,522

				52,172

Norway — 0.4%
Telenor ASA		3,442		78,914

Singapore — 1.3%
ComfortDelGro Corp., Ltd.		46,000		92,438
Sembcorp Industries, Ltd.		15,000		61,487
United Overseas Bank, Ltd.		4,000		73,432

				227,357

Sweden — 0.9%
Assa Abloy AB, Class B		1,383		69,870
Atlas Copco AB, A Shares		2,380		69,296
Svenska Cellulosa AB SCA, B Shares		1,234		29,662

				168,828

Switzerland — 1.5%
Nestle SA		1,039		80,637
Novartis AG		740		66,379
Roche Holding AG		252		73,482
Syngenta AG		50		17,946
Zurich Insurance Group AG (1)		90		27,155

				265,599

Taiwan — 1.0%
Advantech Co., Ltd.		6,600		61,936
Chunghwa Telecom Co., Ltd.		40,000		124,320

				186,256

United Kingdom — 1.1%
BP PLC		3,255		26,028
British American Tobacco PLC		465		27,432
GlaxoSmithKline PLC		1,266		30,990
Legal & General Group PLC		6,455		25,901
Royal Dutch Shell PLC, A Shares		843		34,044
SSE PLC		929		23,412
Vodafone Group PLC		6,338		21,754

				189,561


Description	Shares or Principal Amount		Value
Common Stocks (continued)

United States — 10.4%
Altria Group, Inc. (2)		2,930	$	126,224
Automatic Data Processing, Inc. (2)		1,221		101,929
C.H. Robinson Worldwide, Inc. (2)		1,730		118,090
Coach, Inc. (2)		3,450		127,064
Exxon Mobil Corp. (2)		2,709		269,437
General Dynamics Corp. (2)		1,201		148,023
Home Depot, Inc. (2)		1,707		159,605
Linear Technology Corp. (2)		3,299		148,818
McDonald’s Corp.		1,560		146,203
Microsoft Corp. (2)		4,042		183,628
Philip Morris International, Inc. (2)		2,107		180,317
T. Rowe Price Group, Inc. (2)		1,920		155,510

				1,864,848

Total Common Stocks (identified cost $3,627,522)				4,557,987

International Bonds — 29.0%

Canada — 11.3%
Canadian Government Bond, 4.000%, 6/1/2016 (11)	$	2,096,000		2,024,000

Germany — 8.8%
Bundesobligation, 2.000%, 2/26/2016 (11)		386,400		522,828
Bundesrepublik Deutschland:
3.500%, 1/4/2016 (11)		374,400		515,040
3.750%, 1/4/2015 (11)		410,900		546,761

				1,584,629

United Kingdom — 8.9%
United Kingdom Treasury Bond:
4.750%, 9/7/2015 (11)		356,400		616,867
8.000%, 12/7/2015 (11)		545,100		990,354

				1,607,221

Total International Bonds (identified cost $5,173,339)				5,215,850

U.S. Government & U.S. Government Agency Obligations — 41.1%

U.S. Treasury Bonds & Notes — 41.1%
1.250%, 8/31/2015 (2)		742,800		751,214
1.375%, 11/30/2015		742,600		753,449
1.375%, 9/30/2018		1,518,800		1,516,605
3.125%, 10/31/2016		1,427,800		1,505,325
5.125%, 5/15/2016		1,244,000		1,343,520
7.250%, 5/15/2016 (2)		1,381,600		1,541,888

Total U.S. Government & U.S. Government Agency Obligations (identified cost $7,409,280)				7,412,001

Short-Term Investments — 25.8%

Collateral Investment for Securities on Loan — 23.4%
State Street Navigator Securities Lending Prime Portfolio Fund, 0.150% (12)				4,223,179

Mutual Funds — 2.4%
State Street Institutional Liquid Reserves Fund, 0.080%		430,580		430,580

Total Short-Term Investments (identified cost $4,653,759)				4,653,759

Total Investments — 121.2% (identified cost $20,863,900)				21,839,597
Other Assets and Liabilities — (21.2)%				(3,815,424	)

Total Net Assets — 100.0%			$	18,024,173

(See Notes which are an integral part of the Financial Statements)

August 31, 2014


Schedules of Investments

Pyrford Global Strategic Return Fund (continued)


Industry Allocation
Industry	Value			% of Total Net Assets
Aerospace/Defense	$	148,023			0.8	%
Agriculture		333,973			1.8
Auto Parts & Equipment		52,844			0.3
Banks		199,884			1.1
Chemicals		52,954			0.3
Commercial Services		158,172			0.9
Computers		115,222			0.6
Diversified Financial Services		155,510			0.9
Electric		23,412			0.1
Engineering & Construction		61,487			0.3
Food		204,665			1.1
Forest Products & Paper		29,661			0.2
Hand/Machine Tools		50,257			0.3
Insurance		53,057			0.3
Machinery-Construction & Mining		69,296			0.4
Media		26,650			0.1
Metal Fabricate/Hardware		69,870			0.4
Oil & Gas		681,470			3.8
Pharmaceuticals		264,038			1.5
Retail		432,871			2.4
Semiconductors		251,586			1.4
Software		215,365			1.2
Telecommunications		697,192			3.9
Transportation		210,528			1.2

Total Common Stocks		4,557,987			25.3
International Bonds		5,215,850			29.0
U.S. Government & U.S. Government Agency Obligations		7,412,001			41.1
Collateral Investment for Securities on Loan		4,223,179			23.4
Mutual Funds		430,580			2.4

Total Investments		21,839,597			121.2
Other Assets and Liabilities		(3,815,424	)		(21.2	)

Total Net Assets	$	18,024,173			100.0	%

Pyrford International Stock Fund


Description	Shares		Value
Common Stocks — 93.5%

Australia — 9.8%
Brambles, Ltd.		770,220	$	6,833,797
Computershare, Ltd.		543,727		6,256,267
Newcrest Mining, Ltd. (1)		266,311		2,815,524
QBE Insurance Group, Ltd.		337,904		3,635,545
Rio Tinto, Ltd.		48,907		2,860,732
Telstra Corp., Ltd. (2)		333,697		1,732,809
Woodside Petroleum, Ltd.		141,539		5,644,528
Woolworths, Ltd. (2)		148,479		5,014,379

				34,793,581

Belgium — 2.5%
Belgacom SA (2)		100,996		3,600,914
Colruyt SA		112,267		5,354,730

				8,955,644

Finland — 1.0%
Kone OYJ, Class B		79,656		3,370,181

France — 7.2%
Air Liquide SA		48,419		6,186,423
Legrand SA		61,579		3,403,956


Description	Shares		Value
Common Stocks (continued)

France (continued)
Rubis SCA		39,407	$	2,377,166
Sanofi		58,819		6,453,316
Total SA		108,259		7,139,372

				25,560,233

Germany — 5.9%
Adidas AG		33,115		2,481,893
Brenntag AG		78,639		4,161,523
Deutsche Post AG		106,034		3,467,062
GEA Group AG		72,550		3,282,111
SAP AG		65,475		5,093,028
Symrise AG		46,558		2,487,371

				20,972,988

Hong Kong — 7.8%
ASM Pacific Technology, Ltd.		452,100		4,693,060
China Mobile, Ltd.		472,500		5,868,107
CNOOC, Ltd.		3,373,000		6,772,070
Power Assets Holdings, Ltd.		595,500		5,424,778
VTech Holdings, Ltd. (2)		386,200		4,734,034

				27,492,049

Ireland — 1.0%
CRH PLC (2)		153,438		3,544,301

Israel — 1.4%
Bezeq Israeli Telecommunication Corp., Ltd.		1,088,301		2,056,948
Teva Pharmaceutical Industries, Ltd.		54,567		2,842,461

				4,899,409

Japan — 8.2%
KDDI Corp.		85,300		4,918,206
Makita Corp.		67,800		3,786,035
Mitsubishi Electric Corp.		450,000		5,631,217
Nihon Kohden Corp.		78,500		4,345,812
Sumitomo Rubber Industries, Ltd.		408,600		5,835,740
Toyota Tsusho Corp.		177,300		4,677,673

				29,194,683

Malaysia — 4.7%
Axiata Group Bhd		2,933,800		6,450,265
Lafarge Malaysia Bhd		544,900		1,763,319
Magnum Bhd		1,625,800		1,583,504
Malayan Banking Bhd		2,112,462		6,768,993

				16,566,081

Netherlands — 4.1%
Koninklijke Vopak NV		114,167		5,853,379
Reed Elsevier NV		186,711		4,256,457
Unilever NV (2)		107,270		4,458,871

				14,568,707

Norway — 0.9%
Telenor ASA		136,222		3,123,153

Singapore — 4.7%
ComfortDelGro Corp., Ltd.		2,339,000		4,700,284
Sembcorp Industries, Ltd.		671,000		2,750,507
Singapore Technologies Engineering, Ltd.		829,000		2,429,158
United Overseas Bank, Ltd.		224,000		4,112,181
Venture Corp., Ltd.		420,000		2,700,132

				16,692,262

Sweden — 3.3%
Assa Abloy AB, Class B		90,848		4,589,681
Atlas Copco AB, A Shares		157,072		4,573,331
Svenska Cellulosa AB SCA, B Shares		98,861		2,376,313

				11,539,325

(See Notes which are an integral part of the Financial Statements)


		BMO Funds

Pyrford International Stock Fund (continued)


Description	Shares		Value
Common Stocks (continued)

Switzerland — 12.3%
Givaudan SA		1,243	$	2,063,430
Nestle SA		144,604		11,222,738
Novartis AG		100,837		9,045,179
Panalpina Welttransport Holding AG		18,607		2,640,915
Roche Holding AG		35,075		10,227,741
Schindler Holding AG		13,317		1,924,913
Syngenta AG		5,453		1,957,152
Zurich Insurance Group AG (1)		15,053		4,541,889

				43,623,957

Taiwan — 3.0%
Advantech Co., Ltd.		390,400		3,663,612
Chunghwa Telecom Co., Ltd.		1,151,000		3,577,321
MediaTek, Inc.		194,000		3,241,933

				10,482,866

United Kingdom — 15.7%
BP PLC		553,055		4,422,292
British American Tobacco PLC		76,590		4,518,308
British Sky Broadcasting Group PLC		233,310		3,383,325
GlaxoSmithKline PLC		226,404		5,542,126
Legal & General Group PLC		1,237,214		4,964,425
National Grid PLC		296,774		4,429,279
Royal Dutch Shell PLC, A Shares		155,474		6,278,701
Royal Dutch Shell PLC, B Shares		130,290		5,505,942
SSE PLC		176,097		4,437,836
Tesco PLC		956,281		3,650,618
United Utilities Group PLC		276,401		4,024,266
Vodafone Group PLC		1,241,702		4,261,970

				55,419,088

Total Common Stocks (identified cost $286,281,457)				330,798,508

Preferred Stocks — 1.0%

Germany — 1.0%
Fuchs Petrolub SE		84,690		3,478,007

Total Preferred Stocks (identified cost $2,771,235)				3,478,007

Short-Term Investments — 10.6%

Collateral Investment for Securities on Loan — 5.2%
State Street Navigator Securities Lending Prime Portfolio Fund, 0.150% (12)				18,436,040

Mutual Funds — 5.4%
State Street Institutional Liquid Reserves Fund, 0.080%		19,080,162		19,080,162

Total Short-Term Investments (identified cost $37,516,202)				37,516,202

Total Investments — 105.1% (identified cost $326,568,894)				371,792,717
Other Assets and Liabilities — (5.1)%				(17,879,462	)

Total Net Assets — 100.0%			$	353,913,255


Industry Allocation
Industry	Value			% of Total Net Assets
Agriculture	$	4,518,308			1.3	%
Apparel		2,481,893			0.7
Auto Parts & Equipment		5,835,740			1.6
Banks		10,881,174			3.1
Building Materials		5,307,620			1.5
Chemicals		16,855,899			4.8
Commercial Services		6,833,797			1.9
Computers		9,919,879			2.8
Distribution/Wholesale		4,677,673			1.3
Diversified Holding Companies		4,865,615			1.4
Electric		9,862,614			2.8
Electrical Components & Equipment		3,403,956			1.0
Electronics		2,700,132			0.8
Engineering & Construction		5,179,665			1.5
Food		29,701,337			8.4
Forest Products & Paper		2,376,313			0.7
Gas		6,806,445			1.9
Hand/Machine Tools		5,710,947			1.6
Healthcare-Products		4,345,812			1.2
Insurance		13,141,859			3.7
Machinery-Construction & Mining		10,204,548			2.9
Machinery-Diversified		3,370,181			1.0
Media		7,639,782			2.2
Metal Fabricate/Hardware		4,589,681			1.3
Mining		5,676,256			1.6
Oil & Gas		35,762,906			10.1
Pharmaceuticals		34,110,822			9.6
Semiconductors		7,934,992			2.2
Software		5,093,028			1.4
Telecommunications		40,323,727			11.4
Transportation		16,661,641			4.7
Water		4,024,266			1.1

Total Common Stocks		330,798,508			93.5
Preferred Stocks		3,478,007			1.0
Collateral Investment for Securities on Loan		18,436,040			5.2
Mutual Funds		19,080,162			5.4

Total Investments		371,792,717			105.1
Other Assets and Liabilities		(17,879,462	)		(5.1	)

Total Net Assets	$	353,913,255			100.0	%

Global Natural Resources Fund


Description	Shares		Value
Common Stocks — 101.5%

Australia — 3.3%
BHP Billiton, Ltd., ADR (2)		564	$	38,707

Bermuda — 3.4%
Bunge, Ltd. (2)		214		18,115
Knightsbridge Tankers, Ltd. (2)		992		12,162
Nabors Industries, Ltd. (2)		347		9,442

				39,719

Brazil — 7.0%
BRF SA, ADR		1,307		34,845
Cosan SA Industria e Comercio		900		18,696
Marfrig Global Foods SA (1)		8,100		27,500

				81,041

Canada — 36.9%
Agrium, Inc.		156		14,762
Athabasca Oil Corp. (1)		5,949		43,333

(See Notes which are an integral part of the Financial Statements)

August 31, 2014


Schedules of Investments

Global Natural Resources Fund (continued)


Description	Shares		Value
Common Stocks (continued)

Canada (continued)
Bankers Petroleum, Ltd. (1)		3,381	$	20,523
Barrick Gold Corp.		423		7,779
Bellatrix Exploration, Ltd. (1)		2,633		20,390
Canadian Natural Resources, Ltd.		475		20,703
Canyon Services Group, Inc.		536		8,114
Crew Energy, Inc. (1)		1,146		11,752
Encana Corp.		389		8,959
First Quantum Minerals, Ltd.		688		15,446
Franco-Nevada Corp.		198		11,156
Goldcorp, Inc.		327		9,179
HudBay Minerals, Inc.		2,425		24,533
Husky Energy, Inc. (2)		270		8,219
InterOil Corp. (1)(2)		438		26,565
Keyera Corp.		275		24,194
MEG Energy Corp. (1)		940		33,483
Painted Pony Petroleum, Ltd. (1)		525		7,025
Pembina Pipeline Corp. (2)		202		9,283
Platinum Group Metals, Ltd. (1)		9,831		10,398
Potash Corp. of Saskatchewan, Inc.		336		11,801
Precision Drilling Corp.		998		12,685
ShawCor, Ltd.		245		13,279
Silver Wheaton Corp. (2)		481		12,030
Suncor Energy, Inc.		638		26,215
Trican Well Service, Ltd.		639		9,233
Trilogy Energy Corp.		337		8,951

				429,990

Cyprus — 1.1%
Deep Sea Supply PLC		8,864		13,014

Finland — 0.4%
Outokumpu OYJ (1)		670		5,176

India — 1.6%
Mahindra & Mahindra, Ltd., GDR		819		19,083

Ireland — 0.8%
Weatherford International PLC (1)(2)		397		9,405

Japan — 1.0%
Nippon Steel & Sumitomo Metal Corp.		4,000		11,318

Jersey — 2.0%
Glencore PLC		3,801		22,868

Marshall Islands — 3.1%
Baltic Trading, Ltd. (2)		2,090		12,269
Star Bulk Carriers Corp. (1)		1,703		23,978

				36,247

Mexico — 1.0%
Grupo Mexico SAB de C.V. (2)		3,200		11,660

Netherlands — 0.9%
Schlumberger, Ltd. (2)		98		10,745

Norway — 1.5%
Marine Harvest ASA (2)		1,294		17,506

Peru — 1.1%
Cia de Minas Buenaventura SA, ADR		854		12,434

United Kingdom — 1.1%
Johnson Matthey PLC		252		13,212

United States — 35.3%
Abraxas Petroleum Corp. (1)(2)		1,602		9,468
Andersons, Inc.		657		45,182
Balchem Corp. (2)		318		16,358
Cabot Oil & Gas Corp. (2)		220		7,379
Cameron International Corp. (1)		165		12,264
CF Industries Holdings, Inc. (2)		70		18,037


Description	Shares		Value
Common Stocks (continued)

United States (continued)
Concho Resources, Inc. (1)(2)		114	$	16,193
Continental Resources, Inc. (1)(2)		50		8,065
Devon Energy Corp.		112		8,447
E.I. du Pont de Nemours & Co. (2)		154		10,181
EQT Corp.		75		7,430
Halliburton Co. (2)		217		14,671
International Paper Co. (2)		189		9,157
Kirby Corp. (1)		187		22,307
Landec Corp. (1)(2)		766		10,058
Monsanto Co. (2)		305		35,273
Pioneer Natural Resources Co. (2)		70		14,605
Raven Industries, Inc. (2)		293		7,811
Royal Gold, Inc. (2)		234		18,193
S&W Seed Co. (1)(2)		2,086		11,786
Southern Copper Corp. (2)		380		12,468
Stillwater Mining Co. (1)(2)		1,837		34,095
Tyson Foods, Inc., Class A (2)		641		24,396
Valero Energy Corp.		362		19,599
Veritiv Corp. (1)		6		267
Zoetis, Inc.		506		17,933

				411,623

Total Common Stocks (identified cost $1,066,943)				1,183,748

Short-Term Investments — 28.4%

Collateral Investment for Securities on Loan — 26.1%
State Street Navigator Securities Lending Prime Portfolio Fund, 0.150% (12)				304,561

Mutual Funds — 2.3%
State Street Institutional Liquid Reserves Fund, 0.080%		26,847		26,847

Total Short-Term Investments (identified cost $331,408)				331,408

Total Investments — 129.9% (identified cost $1,398,351)				1,515,156
Other Assets and Liabilities — (29.9)%				(349,176	)

Total Net Assets — 100.0%			$	1,165,980


Industry Allocation
Industry	Value			% of Total Net Assets
Agriculture	$	75,083			6.4	%
Auto Manufacturers		19,083			1.6
Chemicals		129,682			11.1
Food		122,943			10.5
Forest Products & Paper		9,424			0.8
Gas		24,194			2.1
Iron/Steel		16,495			1.4
Mining		240,946			20.7
Miscellaneous Manufacturing		7,811			0.7
Oil & Gas		349,429			30.0
Oil & Gas Services		77,711			6.7
Pharmaceuticals		17,933			1.5
Pipelines		9,284			0.8
Transportation		83,730			7.2

Total Common Stocks		1,183,748			101.5
Collateral Investment for Securities on Loan		304,561			26.1
Mutual Funds		26,847			2.3

Total Investments		1,515,156			129.9
Other Assets and Liabilities		(349,176	)		(29.9	)

Total Net Assets	$	1,165,980			100.0	%

(See Notes which are an integral part of the Financial Statements)


		BMO Funds

LGM Emerging Markets Equity Fund


Description	Shares		Value
Common Stocks — 95.1%

Bermuda — 5.2%
Credicorp, Ltd. (2)		24,000	$	3,721,680
Giordano International, Ltd. (2)		3,636,000		2,162,820
Jardine Matheson Holdings, Ltd.		52,800		3,181,728

				9,066,228

Brazil — 1.7%
CCR SA		317,800		2,876,314

Cayman Islands — 3.2%
Sands China, Ltd.		653,600		4,258,915
Want Want China Holdings, Ltd. (2)		1,118,000		1,381,983

				5,640,898

Chile — 1.3%
Aguas Andinas SA, Class A		3,753,810		2,347,890

Egypt — 3.0%
Commercial International Bank Egypt SAE GDR		824,991		5,238,693

Hong Kong — 3.2%
SJM Holdings, Ltd.		2,181,000		5,498,899

India — 25.6%
Bata India, Ltd.		131,759		2,788,262
Container Corp. Of India, Ltd.		116,183		2,527,574
Emami, Ltd.		483,398		5,225,128
ICICI Bank, Ltd.		172,670		4,418,764
ITC, Ltd.		1,667,353		9,768,358
Mahindra & Mahindra, Ltd.		176,540		4,087,506
Nestle India, Ltd.		42,410		4,246,591
Titan Co., Ltd.		602,522		3,615,827
Yes Bank, Ltd.		846,430		7,939,815

				44,617,825

Indonesia — 6.7%
Bank Mandiri Persero Tbk PT		6,272,404		5,563,256
Kalbe Farma Tbk PT		21,965,300		3,117,110
Unilever Indonesia Tbk PT		1,124,200		2,981,689

				11,662,055

Malaysia — 1.8%
Public Bank Bhd		519,100		3,175,205

Mexico — 9.4%
Bolsa Mexicana de Valores SAB de C.V.		1,723,761		3,715,971
Grupo Financiero Banorte SAB de C.V., Class O (2)		666,500		4,698,770
Grupo Herdez SAB de C.V.		1,015,546		2,843,925
Wal-Mart de Mexico SAB de C.V. (2)		1,903,919		5,171,560

				16,430,226

Philippines — 10.9%
Metropolitan Bank & Trust Co.		2,408,394		4,747,740
Philippine Long Distance Telephone Co.		75,955		6,010,201
Universal Robina Corp.		2,238,450		8,342,847

				19,100,788

Singapore — 4.4%
Jardine Cycle & Carriage, Ltd.		149,000		5,375,237
Parkson Retail Asia, Ltd.		3,596,000		2,360,770

				7,736,007


Description	Shares or Participation Units		Value
Common Stocks (continued)

South Africa — 6.9%
Cashbuild, Ltd.		178,067	$	2,206,837
Clicks Group, Ltd.		275,289		1,784,717
Discovery, Ltd.		333,930		3,072,798
Life Healthcare Group Holdings, Ltd.		1,192,840		5,007,887

				12,072,239

South Korea — 2.4%
KT&G Corp.		44,070		4,124,703

Taiwan — 1.8%
President Chain Store Corp.		184,000		1,394,289
St. Shine Optical Co., Ltd.		83,000		1,716,064

				3,110,353

Thailand — 4.3%
Advanced Info Service PCL		624,500		4,066,875
Bangkok Bank PCL		328,726		2,109,857
Kasikornbank PCL		199,269		1,409,981

				7,586,713

Turkey — 2.8%
BIM Birlesik Magazalar AS		209,453		4,922,606

Vietnam — 0.5%
Vietnam Dairy Products JSC		177,600		930,106

Total Common Stocks (identified cost $142,664,241)				166,137,748

Preferred Stocks — 2.3%

Brazil — 1.0%
Cia Energetica de Minas Gerais		194,478		1,664,596

Chile — 1.3%
Coca-Cola Embonor SA		1,310,775		2,222,751

Total Preferred Stocks (identified cost $4,640,213)				3,887,347

Participation Notes — 1.8%

United States — 1.8%
Vietnam Dairy Products JSC, Issued by Citigroup Global Markets Holding, Maturity Date 1/20/2015 (1)(14)		601,506		3,157,606

Total Participation Notes (identified cost $3,447,951)				3,157,606

Short-Term Investments — 4.0%

Collateral Investment for Securities on Loan — 1.6%
State Street Navigator Securities Lending Prime Portfolio Fund, 0.150% (12)				2,753,209

Mutual Funds — 2.4%
State Street Institutional Liquid Reserves Fund, 0.080%		4,234,537		4,234,537

Total Short-Term Investments (identified cost $6,987,746)				6,987,746

Total Investments — 103.2% (identified cost $157,740,151)				180,170,447
Other Assets and Liabilities — (3.2)%				(5,509,697	)

Total Net Assets — 100.0%			$	174,660,750

(See Notes which are an integral part of the Financial Statements)

August 31, 2014


Schedules of Investments

LGM Emerging Markets Equity Fund (continued)


Industry Allocation
Industry	Value			% of Total Net Assets
Agriculture	$	13,893,062			8.0	%
Apparel		2,788,262			1.6
Auto Manufacturers		4,087,506			2.3
Banks		43,023,761			24.6
Commercial Services		2,876,314			1.6
Distribution/Wholesale		5,375,237			3.1
Diversified Financial Services		3,715,971			2.1
Diversified Holding Companies		3,181,728			1.8
Food		22,668,058			13.0
Healthcare-Products		1,716,064			1.0
Healthcare-Services		5,007,887			2.9
Household Products/Wares		2,981,689			1.7
Insurance		3,072,798			1.8
Lodging		9,757,813			5.6
Pharmaceuticals		8,342,238			4.8
Retail		18,696,820			10.7
Telecommunications		10,077,076			5.8
Transportation		2,527,574			1.4
Water		2,347,890			1.3

Total Common Stocks		166,137,748			95.1
Preferred Stocks		3,887,347			2.3
Participation Notes		3,157,606			1.8
Collateral Investment for Securities on Loan		2,753,209			1.6
Mutual Funds		4,234,537			2.4

Total Investments		180,170,447			103.2
Other Assets and Liabilities		(5,509,697	)		(3.2	)

Total Net Assets	$	174,660,750			100.0	%

TCH Emerging Markets Bond Fund


Description	Principal Amount		Value
Corporate Bonds & Notes — 74.2%

Bahrain — 2.5%
Batelco International Finance No. 1, Ltd., 4.250%, 5/1/2020	$	200,000	$	201,386

Brazil — 3.8%
Banco Bradesco SA/Cayman Islands, 5.900%, 1/16/2021 (5)(6)		100,000		107,000
Samarco Mineracao SA, 4.125%, 11/1/2022 (5)(6)		200,000		192,900

				299,900

British Virgin Islands — 2.7%
China Cinda Finance 2014, Ltd., 5.625%, 5/14/2024 (5)(6)		200,000		211,387

Canada — 3.8%
Pacific Rubiales Energy Corp., 5.125%, 3/28/2023 (2)(5)(6)		125,000		126,875
PTTEP Canada International Finance, Ltd., 5.692%, 4/5/2021 (5)(6)		150,000		170,842

				297,717

Cayman Islands — 1.4%
Petrobras International Finance Co., 6.875%, 1/20/2040		100,000		113,550


Description	Principal Amount		Value
Corporate Bonds & Notes (continued)

Chile — 2.7%
Empresa de Transporte de Pasajeros Metro SA, 4.750%, 2/4/2024 (2)(5)(6)	$	200,000	$	210,799

Colombia — 4.6%
Bancolombia SA, 6.125%, 7/26/2020 (2)		150,000		162,750
Colombia Telecomunicaciones SA ESP, 5.375%, 9/27/2022		200,000		205,500

				368,250

Costa Rica — 2.6%
Banco de Costa Rica, 5.250%, 8/12/2018 (5)(6)		200,000		207,000

Indonesia — 5.1%
Bank Rakyat Indonesia Persero Tbk PT, 2.950%, 3/28/2018		200,000		199,000
Perusahaan Gas Negara Persero Tbk PT, 5.125%, 5/16/2024 (2)(5)(6)		200,000		207,000

				406,000

Ireland — 1.9%
AerCap Ireland Capital, Ltd., 4.500%, 5/15/2021 (2)(5)(6)		150,000		153,368

Kazakstan — 5.0%
Eurasian Development Bank, 4.767%, 9/20/2022 (5)(6)		200,000		195,300
KazMunayGas National Co. JSC, 4.400%, 4/30/2023 (2)(5)(6)		200,000		201,200

				396,500

Luxembourg — 2.4%
Gazprom Neft OAO Via GPN Capital SA, 6.000%, 11/27/2023 (2)(5)(6)		200,000		191,616

Mexico — 12.9%
Alfa SAB de C.V., 6.875%, 3/25/2044 (5)(6)		200,000		226,000
America Movil SAB de C.V., 6.450%, 12/5/2022 (11)		2,000,000		152,341
Cemex SAB de C.V., 7.250%, 1/15/2021 (2)(5)(6)		200,000		220,250
Empresas ICA SAB de C.V., 8.875%, 5/29/2024 (2)(5)(6)		200,000		208,000
Grupo Idesa SA de C.V., 7.875%, 12/18/2020 (2)(5)(6)		200,000		217,000

				1,023,591

Morocco — 2.7%
OCP SA, 6.875%, 4/25/2044 (5)(6)		200,000		216,500

Netherlands — 4.6%
Indosat Palapa Co. BV, 7.375%, 7/29/2020 (2)(5)(6)		150,000		162,187
Marfrig Holding Europe BV, 6.875%, 6/24/2019 (5)(6)		200,000		203,940

				366,127

Peru — 2.7%
Corp Financiera de Desarrollo SA, 4.750%, 2/8/2022 (5)(6)		200,000		211,500

Turkey — 7.9%
TC Ziraat Bankasi AS, 4.250%, 7/3/2019 (5)(6)		200,000		199,340

(See Notes which are an integral part of the Financial Statements)


		BMO Funds

TCH Emerging Markets Bond Fund (continued)


Description	Principal Amount		Value
Corporate Bonds & Notes (continued)

Turkey (continued)
Turkiye Halk Bankasi AS, 4.750%, 6/4/2019 (5)(6)	$	200,000	$	202,180
Turkiye Is Bankasi, 7.850%, 12/10/2023 (5)(6)		200,000		221,220

				622,740

United States — 4.9%
Braskem America Finance Co., 7.125%, 7/22/2041 (5)(6)		200,000		207,000
Southern Copper Corp., 7.500%, 7/27/2035		150,000		184,872

				391,872

Total Corporate Bonds & Notes (identified cost $5,566,392)				5,889,803

International Bonds — 21.5%

Armenia — 2.0%
Republic of Armenia, 6.000%, 9/30/2020 (5)(6)		150,000		156,750

Azerbaijan — 2.6%
Republic of Azerbaijan International Bond, 4.750%, 3/18/2024 (5)(6)		200,000		206,750

Colombia — 0.9%
Colombia Government International Bond, 8.125%, 5/21/2024		50,000		68,350

Croatia — 2.0%
Croatia Government International Bond, 5.500%, 4/4/2023 (2)(5)(6)		150,000		157,305

Georgia — 2.8%
Georgia Government International Bond, 6.875%, 4/12/2021		200,000		226,500

Hungary — 3.1%
Hungary Government International Bond:
4.000%, 3/25/2019		150,000		154,418
5.750%, 11/22/2023		80,000		88,400

				242,818

Indonesia — 2.8%
Perusahaan Penerbit SBSN Indonesia, 6.125%, 3/15/2019 (5)(6)		200,000		224,000

Paraguay — 2.7%
Republic of Paraguay, 6.100%, 8/11/2044 (2)(5)(6)		200,000		215,000

South Africa — 2.6%
South Africa Government International Bond, 5.375%, 7/24/2044		200,000		208,875

Total International Bonds (identified cost $1,604,352)				1,706,348

Short-Term Investments — 24.3%

Collateral Pool Investments for Securities on Loan — 21.2%
State Street Navigator Securities Lending Prime Portfolio Fund, 0.150% (12)				1,685,968


Description	Shares		Value
Short-Term Investments (continued)

Mutual Funds — 3.1%
State Street Institutional Liquid Reserves Fund, 0.080%		246,796	$	246,796

Total Short-Term Investments (identified cost $1,932,764)				1,932,764

Total Investments — 120.0% (identified cost $9,103,508)				9,528,915
Other Assets and Liabilities — (20.0)%				(1,588,974	)

Total Net Assets — 100.0%			$	7,939,941


Industry Allocation
Industry	Value			% of Total Net Assets
Banks	$	1,298,490			16.3	%
Building Materials		220,250			2.8
Chemicals		640,500			8.1
Diversified Financial Services		576,254			7.3
Diversified Holding Companies		226,000			2.8
Engineering & Construction		208,000			2.6
Food		203,940			2.6
Gas		207,000			2.6
Iron/Steel		192,900			2.4
Mining		184,872			2.3
Multi-National		195,300			2.5
Oil & Gas		804,083			10.1
Telecommunications		721,415			9.1
Transportation		210,799			2.7

Total Corporate Bonds & Notes		5,889,803			74.2
International Bonds		1,706,348			21.5
Collateral Investment for Securities on Loan		1,685,968			21.2
Mutual Funds		246,796			3.1

Total Investments		9,528,915			120.0
Other Assets and Liabilities		(1,588,974	)		(20.0	)

Total Net Assets	$	7,939,941			100.0	%

Ultra Short Tax-Free Fund*


Description	Principal Amount		Value
Municipals — 92.3%

Alabama — 2.1%
Bessemer Governmental Utility Services Corp., 0.350%, 12/1/2030 (3)(5)(6)	$	5,085,000	$	5,085,000
Health Care Authority for Baptist Health, 0.500%, 11/1/2042 (3)		8,675,000		8,675,000
Other securities				1,899,354

				15,659,354

Arizona — 2.0%
Other securities				14,787,577

Arkansas — 0.5%
Other securities				3,680,836

(See Notes which are an integral part of the Financial Statements)

August 31, 2014


Schedules of Investments

Ultra Short Tax-Free Fund* (continued)


Description	Principal Amount		Value
Municipals (continued)

California — 11.2%
Austin Trust, AGM NATL-RE, 0.240%, 8/1/2032 (3)	$	6,920,000	$	6,920,000
Bay Area Toll Authority:
1.000%, 4/3/2017, Call 10/1/2016 (3)		8,000,000		8,027,920
1.150%, 4/1/2024, Call 10/1/2023 (3)		1,750,000		1,765,050
California Municipal Finance Authority, 0.300%, 10/1/2014 (3)		5,000,000		5,000,000
Deutsche Bank Spears/Lifers Trust, 0.320%, 8/1/2047 (3)(5)(6)		11,159,000		11,159,000
Northern California Gas Authority No. 1, 0.787%, 7/1/2019 (3)		7,500,000		7,353,750
Puttable Floating Option Tax-Exempt Receipts, 0.480%, 8/1/2030, Call 9/29/2014 (3)(5)(6)		4,460,000		4,460,000
Puttable Floating Option Tax-Exempt Receipts, NATL-RE, 0.330%, 8/1/2037, Call 8/1/2017 (3)(5)(6)		2,500,000		2,500,000
State of California, FSA, 0.300%, 8/1/2027 (3)(5)(6)		7,465,000		7,465,000
Other securities				27,543,583

				82,194,303

Colorado — 3.7%
E-470 Public Highway Authority, 1.230%, 8/31/2017, Call 3/1/2017 (3)		4,600,000		4,601,104
E-470 Public Highway Authority, NATL-RE, 5.250%, 9/1/2016		100,000		107,947
Goldsmith Metropolitan District, 1.000%, 12/1/2034, Call 9/2/2014 (3)		4,960,000		4,960,000
Puttable Floating Option Tax-Exempt Receipts, 0.400%, 12/1/2028 (3)		7,100,000		7,100,000
Other securities				10,375,603

				27,144,654

Connecticut — 1.0%
JPMorgan Chase Putters/Drivers Trust, 0.260%, 6/1/2015 (3)(5)(6)		4,995,000		4,995,000
Other securities				2,500,000

				7,495,000

District of Columbia — 0.8%
District of Columbia, AGC, 0.300%, 7/15/2017 (3)(5)(6)		5,235,000		5,235,000
Other securities				943,688

				6,178,688

Florida — 5.6%
City of Gulf Breeze, 1.750%, 12/1/2015 (3)		9,000,000		9,140,220
County of Madison, 2.000%, 11/1/2014, Call 9/29/2014		10,500,000		10,501,890
Other securities				21,346,714

				40,988,824


Description	Principal Amount		Value
Municipals (continued)

Georgia — 2.8%
City of Atlanta, 1.605%, 11/1/2018, Call 5/1/2018 (3)	$	2,750,000	$	2,834,013
City of Atlanta, FSA, 0.350%, 11/1/2043 (3)		7,000,000		7,000,000
Puttable Floating Option Tax-Exempt Receipts, AMBAC, 0.300%, 10/1/2024, Call 10/1/2017 (3)(5)(6)		4,000,000		4,000,000
Other securities				6,506,088

				20,340,101

Idaho — 1.3%
Idaho Housing & Finance Association, 0.300%, 1/1/2038, Call 9/2/2014 (3)		9,700,000		9,700,000

Illinois — 9.1%
Chicago Board of Education, 0.320%, 12/1/2041, Call 12/1/2021 (3)(5)(6)		8,665,000		8,665,000
City of Chicago, 0.360%, 1/1/2034, Call 9/2/2014 (3)		12,455,000		12,455,000
City of Chicago, AGM, 5.000%, 1/1/2015		105,000		106,651
County of Cook, 0.300%, 11/1/2031, Call 9/2/2014 (3)		5,000,000		5,000,000
State of Illinois:
3.000%, 2/1/2016		2,085,000		2,142,275
5.000%, 5/1/2017		500,000		545,975
Town of Cicero, 4.000%, 1/1/2016		2,670,000		2,775,145
Town of Cicero, AGM, 4.000%, 1/1/2017		1,900,000		2,026,578
Town of Cicero, NATL-RE FGIC, 4.125%, 12/1/2014		300,000		302,628
Other securities				32,218,368

				66,237,620

Indiana — 4.1%
Indiana Bond Bank, 0.400%, 4/15/2017 (3)(5)(6)		7,000,000		7,000,000
Indiana Finance Authority, 2.200%, 2/1/2016, Call 8/1/2015		4,450,000		4,454,762
Puttable Floating Option Tax-Exempt Receipts, NATL-RE, 0.300%, 7/1/2022, Call 9/2/2014 (3)		5,575,000		5,575,000
Other securities				12,587,922

				29,617,684

Iowa — 0.7%
Other securities				5,052,740

Kansas — 0.1%
Other securities				396,999

Kentucky — 1.4%
Kentucky State Property & Building Commission, AGC, 0.300%, 2/1/2027, Call 2/1/2019 (3)(5)(6)		5,990,000		5,990,000
Kentucky State Property & Building Commission, NATL-RE, 0.250%, 8/1/2021 (3)		2,500,000		2,500,000
Other securities				1,539,880

				10,029,880

(See Notes which are an integral part of the Financial Statements)


		BMO Funds

Ultra Short Tax-Free Fund* (continued)


Description	Principal Amount		Value
Municipals (continued)

Louisiana — 2.6%
East Baton Rouge Sewerage Commission, 0.609%, 8/1/2018, Call 2/1/2018 (3)	$	6,475,000	$	6,500,770
Other securities				12,546,950

				19,047,720

Maryland — 0.9%
City of Baltimore, NATL-RE, 0.270%, 7/1/2020 (3)(5)(6)		5,940,000		5,940,000
Other securities				918,104

				6,858,104

Massachusetts — 0.5%
Other securities				3,647,954

Michigan — 3.6%
Fitzgerald Public School District, BAM:
4.000%, 5/1/2016		1,490,000		1,566,854
4.000%, 5/1/2016		625,000		656,706
4.000%, 5/1/2017		985,000		1,055,063
Michigan Finance Authority:
3.000%, 12/1/2014		120,000		120,840
3.000%, 5/1/2015		160,000		162,157
4.000%, 4/1/2015		135,000		136,837
5.000%, 6/1/2015		1,500,000		1,544,775
5.000%, 7/1/2016		1,000,000		1,062,760
5.000%, 7/1/2016		2,000,000		2,139,020
Other securities				17,835,159

				26,280,171

Minnesota — 0.4%
Other securities				2,886,582

Mississippi — 1.3%
Mississippi Business Finance Corp., 1.200%, 12/1/2036, Call 9/2/2014 (3)		8,000,000		8,000,000
Other securities				1,806,417

				9,806,417

Missouri — 0.7%
Other securities				5,183,635

Nebraska — 0.1%
Other securities				800,927

Nevada — 0.4%
Deutsche Bank Spears/Lifers Trust, FSA AMBAC, 0.270%, 6/15/2022, Call 6/15/2017 (3)(5)(6)		2,720,000		2,720,000
Other securities				175,362

				2,895,362

New Hampshire — 0.2%
Other securities				1,524,156

New Jersey — 8.3%
New Jersey Economic Development Authority:
0.330%, 11/1/2031, Call 9/2/2014 (3)		7,940,000		7,940,000
0.330%, 11/1/2040, Call 9/2/2014 (3)		6,060,000		6,060,000
0.330%, 11/1/2040, Call 9/2/2014 (3)		5,000,000		5,000,000


Description	Principal Amount		Value
Municipals (continued)

New Jersey (continued)
New Jersey Economic Development Authority: (continued)
0.730%, 3/1/2036, Call 9/2/2014 (3)	$	6,150,000	$	6,150,000
1.250%, 5/1/2036, Call 9/2/2014 (3)		8,275,000		8,275,000
1.750%, 2/1/2016, Call 8/1/2015 (3)		3,300,000		3,337,422
1.850%, 2/1/2018, Call 8/1/2017 (3)		500,000		514,950
2.009%, 2/1/2018, Call 8/1/2017 (3)		1,750,000		1,818,985
5.000%, 6/15/2015		1,230,000		1,273,358
5.000%, 6/15/2017		200,000		221,532
New Jersey Economic Development Authority, AGM, 5.000%, 9/1/2014 (3)		125,000		125,034
New Jersey Health Care Facilities Financing Authority:
0.330%, 7/1/2038, Call 9/2/2014 (3)		4,100,000		4,100,000
3.250%, 7/1/2016		515,000		535,327
New Jersey Health Care Facilities Financing Authority, AGC, 0.440%, 7/1/2038, Call 7/1/2019 (3)(5)(6)		7,002,902		7,002,902
New Jersey State Turnpike Authority, 0.524%, 1/1/2017, Call 7/1/2016 (3)		5,000,000		5,009,000
Other securities				2,961,088

				60,324,598

New Mexico — 0.8%
New Mexico Municipal Energy Acquisition Authority, 0.854%, 8/1/2019, Call 2/1/2019 (3)		5,500,000		5,532,450

New York — 4.9%
County of Rockland:
2.000%, 3/17/2015		2,000,000		2,015,500
5.000%, 3/1/2016		350,000		370,678
County of Rockland, AGM, 5.000%, 3/1/2016		2,000,000		2,124,300
Metropolitan Transportation Authority, AGM:
0.312%, 11/1/2022, Call 9/3/2014 (3)(13)		3,800,000		3,654,502
0.318%, 11/1/2022, Call 9/4/2014 (3)(13)		3,100,000		2,981,304
Metropolitan Transportation Authority, AMBAC, 0.300%, 11/15/2023 (3)(5)(6)		2,425,000		2,425,000
Puttable Floating Option Tax-Exempt Receipts, AMBAC, 0.450%, 12/1/2025, Call 9/2/2014 (3)(5)(6)		6,330,000		6,330,000
Other securities				16,384,834

				36,286,118

North Carolina — 0.9%
Other securities				6,866,393

North Dakota — 1.5%
Other securities				11,306,293

(See Notes which are an integral part of the Financial Statements)

August 31, 2014


Schedules of Investments

Ultra Short Tax-Free Fund* (continued)


Description	Principal Amount		Value
Municipals (continued)

Ohio — 1.1%
Lancaster Port Authority, 0.824%, 8/1/2019, Call 2/1/2019 (3)	$	5,000,000	$	5,035,900
Other securities				2,751,292

				7,787,192

Oklahoma — 0.2%
Other securities				1,132,893

Oregon — 0.5%
Other securities				3,558,378

Pennsylvania — 6.2%
Butler County Hospital Authority:
0.250%, 10/1/2032, Call 9/2/2014 (3)		10,645,000		10,645,000
0.250%, 10/1/2042, Call 9/2/2014 (3)		3,070,000		3,070,000
Pennsylvania Turnpike Commission:
0.650%, 12/1/2017, Call 6/1/2017 (3)		100,000		100,392
0.730%, 12/1/2018, Call 6/1/2018 (3)		6,000,000		6,042,420
1.200%, 12/1/2019, Call 6/1/2019 (3)		2,225,000		2,281,493
Puttable Floating Option Tax-Exempt Receipts, FGIC, 0.360%, 6/1/2034 (3)(5)(6)		7,000,000		7,000,000
Other securities				15,959,998

				45,099,303

Puerto Rico — 0.4%
Other securities				3,180,448

Rhode Island — 0.8%
Rhode Island Health & Educational Building Corp., 0.310%, 6/1/2035, Call 9/1/2014 (3)		4,445,000		4,445,000
Other securities				1,111,670

				5,556,670

South Carolina — 0.3%
Other securities				2,406,598

South Dakota — 0.1%
Other securities				359,782

Tennessee — 1.5%
Franklin Public Building Authority, 0.220%, 6/1/2037, Call 9/2/2014 (3)		8,350,000		8,350,000
Other securities				2,649,248

				10,999,248

Texas — 6.0%
Texas Transportation Commission, 0.300%, 4/1/2026, Call 9/2/2014 (3)		9,000,000		9,000,000
Other securities				34,940,971

				43,940,971

Utah — 0.4%
Other securities				3,000,000

Virginia — 0.0%
Other securities				127,086


Description	Shares or Principal Amount		Value
Municipals (continued)

Washington — 0.2%
Other securities			$	1,379,873

West Virginia — 0.1%
Other securities				736,802

Wisconsin — 1.0%
Other securities				7,036,082

Total Municipals (identified cost $672,953,966)				675,052,466

Mutual Funds — 0.3%
Other securities				2,000,320

Total Mutual Funds (identified cost $2,000,000)				2,000,320

Short-Term Investments — 6.0%

Mutual Funds — 1.7%
BMO Tax-Free Money Market Fund, Class I, 0.036% (10)		12,646,866		12,646,866

Short-Term Municipals — 4.3%

Arizona — 0.0%
Other securities				100,463

California — 0.1%
Other securities				498,255

Connecticut — 1.2%
City of New Britain, 2.000%, 10/30/2014	$	7,805,000		7,821,234
Other securities				729,800

				8,551,034

Florida — 0.2%
Other securities				1,553,583

Illinois — 1.3%
State of Illinois, 2.000%, 5/1/2015		7,000,000		7,068,880
Town of Cicero, 2.000%, 1/1/2015		1,500,000		1,507,290
Other securities				1,428,415

				10,004,585

Kansas — 0.0%
Other securities				50,000

Kentucky — 0.1%
Other securities				405,616

Michigan — 0.4%
Fitzgerald Public School District, BAM:
4.000%, 5/1/2015		1,485,000		1,518,412
4.000%, 5/1/2015		570,000		582,637
Michigan Finance Authority, SAW, 2.850%, 8/20/2015		750,000		749,993

				2,851,042

Mississippi — 0.1%
Other securities				901,102

Missouri — 0.1%
Other securities				516,747

New Mexico — 0.0%
Other securities				221,346

New York — 0.6%
Nassau Health Care Corp., 2.250%, 1/15/2015, Call 12/1/2014		4,700,000		4,711,703

(See Notes which are an integral part of the Financial Statements)


		BMO Funds

Ultra Short Tax-Free Fund* (continued)


Description	Value
Short-Term Municipals (continued)

Ohio — 0.0%
Other securities	$	35,037

Pennsylvania — 0.1%
Other securities		460,346

Texas — 0.1%
Other securities		427,320

Total Short-Term Municipals		31,288,179

Total Short-Term Investments (identified cost $43,929,820)		43,935,045

Total Investments — 98.6% (identified cost $718,883,786)		720,987,831
Other Assets and Liabilities — 1.4%		10,192,349

Total Net Assets — 100.0%	$	731,180,180

Short Tax-Free Fund*


Description	Principal Amount		Value
Municipals — 98.7%

Alabama — 0.7%
Other securities			$	698,152

Alaska — 1.0%
City of Valdez, 5.000%, 1/1/2021	$	500,000		591,625
Other securities				473,835

				1,065,460

Arizona — 2.2%
Scottsdale Industrial Development Authority, FSA, 0.890%, 9/1/2045, Call 9/2/2014 (3)(13)		600,000		600,000
Other securities				1,682,780

				2,282,780

Arkansas — 0.9%
Other securities				970,343

California — 11.7%
Abag Finance Authority for Nonprofit Corps., 5.000%, 7/1/2020		500,000		578,800
Bay Area Toll Authority:
1.150%, 4/1/2024, Call 10/1/2023 (3)		500,000		504,300
1.500%, 4/2/2018, Call 10/1/2017 (3)		1,000,000		1,012,360
Carson Redevelopment Agency Successor Agency, AGM, 5.000%, 10/1/2020		675,000		775,703
Lynwood Unified School District, 5.000%, 8/1/2017		500,000		560,400
Northern California Gas Authority No. 1:
0.757%, 7/1/2017 (3)		40,000		39,753
0.787%, 7/1/2019 (3)		500,000		490,250
State of California:
0.809%, 12/1/2017, Call 6/1/2017 (3)		250,000		253,105
0.939%, 12/3/2018, Call 6/1/2018 (3)		500,000		507,805


Description	Principal Amount		Value
Municipals (continued)

California (continued)
Twin Rivers Unified School District, AGM:
3.200%, 6/1/2020, Call 10/1/2014 (3)	$	245,000	$	245,015
3.200%, 6/1/2020, Call 10/1/2014 (3)		295,000		295,056
Other securities				6,829,362

				12,091,909

Colorado — 2.8%
E-470 Public Highway Authority, 1.230%, 8/31/2017, Call 3/1/2017 (3)		400,000		400,096
E-470 Public Highway Authority, NATL-RE:
4.500%, 9/1/2016		15,000		15,971
5.000%, 9/1/2017, Call 9/1/2016		300,000		320,589
Other securities				2,174,546

				2,911,202

Connecticut — 0.6%
Other securities				611,033

Delaware — 0.2%
Other securities				216,855

District of Columbia — 0.1%
Other securities				114,653

Florida — 7.1%
Florida Municipal Power Agency, AMBAC:
0.088%, 10/1/2021, Call 9/4/2014 (3)(13)		250,000		230,676
0.088%, 10/1/2021 (3)(13)		500,000		461,353
Florida Municipal Power Agency, NATL-RE FGIC, 0.123%, 10/1/2027 (3)(13)		25,000		22,813
Other securities				6,606,997

				7,321,839

Georgia — 2.8%
Atlanta Development Authority, 4.000%, 9/1/2020		500,000		557,395
City of Atlanta:
1.605%, 11/1/2018, Call 5/1/2018 (3)		250,000		257,638
6.000%, 11/1/2029, Call 11/1/2019		290,000		348,310
Other securities				1,721,907

				2,885,250

Idaho — 0.2%
Other securities				177,524

Illinois — 10.6%
Adams County School District No. 172, 4.000%, 2/1/2016		600,000		628,392
City of Chicago, AGM, 5.000%, 1/1/2021, Call 7/1/2015		560,000		578,116
Clyde Park District, AGM, 4.250%, 2/1/2019		500,000		535,005
DeKalb County Community Unit School District No. 424 Genoa-Kingston, AMBAC:
0.000%, 1/1/2017		350,000		335,177
0.000%, 1/1/2018		350,000		325,227

(See Notes which are an integral part of the Financial Statements)

August 31, 2014


Schedules of Investments

Short Tax-Free Fund* (continued)


Description	Principal Amount		Value
Municipals (continued)

Illinois (continued)
Illinois Finance Authority:
2.400%, 5/15/2015	$	100,000	$	100,614
4.000%, 10/1/2018		275,000		294,745
4.500%, 11/1/2019		100,000		114,890
5.000%, 8/15/2016		195,000		204,321
5.000%, 7/1/2017		250,000		270,350
5.000%, 2/15/2018		40,000		44,872
5.250%, 8/15/2015		200,000		207,644
5.500%, 8/15/2018		100,000		112,611
Town of Cicero, 5.000%, 1/1/2020		500,000		571,320
Town of Cicero, AGM, 4.000%, 1/1/2017		250,000		266,655
Other securities				6,420,498

				11,010,437

Indiana — 2.6%
County of Lake:
2.000%, 1/15/2017		280,000		280,384
2.000%, 7/15/2017		245,000		245,404
Other securities				2,211,888

				2,737,676

Iowa — 0.7%
Other securities				756,127

Kansas — 0.4%
Other securities				395,172

Kentucky — 1.1%
Other securities				1,091,787

Louisiana — 1.9%
Louisiana Local Government Environmental Facilities & Community Development Authority:
0.809%, 8/1/2018, Call 2/1/2018 (3)		450,000		457,906
4.000%, 8/1/2016		180,000		190,145
Other securities				1,295,423

				1,943,474

Maryland — 0.6%
Other securities				625,267

Massachusetts — 0.8%
Other securities				830,995

Michigan — 7.3%
Fitzgerald Public School District, BAM, 4.000%, 5/1/2018		580,000		628,616
Michigan Finance Authority, 5.000%, 7/1/2016 (4)		725,000		770,501
Michigan State Hospital Finance Authority:
5.000%, 11/15/2018, Call 11/15/2016		200,000		215,794
5.000%, 11/15/2020, Call 11/15/2019		520,000		592,493
Other securities				5,340,971

				7,548,375

Minnesota — 0.7%
Other securities				697,788


Description	Principal Amount		Value
Municipals (continued)

Mississippi — 1.3%
Mississippi Development Bank, 5.000%, 8/1/2019	$	155,000	$	179,939
Mississippi Development Bank, AGC, 4.000%, 7/1/2017		380,000		402,918
Other securities				741,548

				1,324,405

Missouri — 2.7%
Health & Educational Facilities Authority of the State of Missouri:
3.750%, 2/1/2017		45,000		47,749
4.000%, 2/1/2018		255,000		276,190
5.000%, 2/1/2024, Call 2/1/2021		250,000		280,805
Missouri State Environmental Improvement & Energy Resources Authority, NATL-RE, 0.105%, 12/1/2022, Call 9/2/2014 (3)(13)		750,000		690,701
St. Louis County Industrial Development Authority, 2.850%, 9/1/2018, Call 3/1/2016		600,000		606,972
Other securities				899,343

				2,801,760

Nevada — 0.6%
Other securities				673,076

New Hampshire — 0.3%
Other securities				270,145

New Jersey — 2.7%
New Jersey Economic Development Authority:
1.750%, 2/1/2016, Call 8/1/2015 (3)		850,000		859,639
2.009%, 2/1/2018, Call 8/1/2017 (3)		250,000		259,855
New Jersey Higher Education Student Assistance Authority, 4.875%, 12/1/2024, Call 12/1/2019		500,000		542,760
Other securities				1,126,289

				2,788,543

New Mexico — 1.1%
New Mexico Educational Assistance Foundation, 0.927%, 12/1/2020 (3)		540,000		540,994
Other securities				555,381

				1,096,375

New York — 7.0%
County of Rockland, 5.000%, 3/1/2016		500,000		529,540
Metropolitan Transportation Authority, 5.000%, 11/15/2021, Call 11/15/2016		150,000		164,211
Metropolitan Transportation Authority, AGM:
0.312%, 11/1/2022, Call 9/3/2014 (3)(13)		700,000		673,198
0.318%, 11/1/2022, Call 9/4/2014 (3)(13)		475,000		456,813

(See Notes which are an integral part of the Financial Statements)


		BMO Funds

Short Tax-Free Fund* (continued)


Description	Principal Amount		Value
Municipals (continued)

New York (continued)
New York City Transit Auth/Metropolitan Transn Auth/Triborough Bridge & Tunnel, AMBAC:
0.428%, 1/1/2030, Call 9/22/2014 (3)(13)	$	625,000	$	578,606
0.429%, 1/1/2030, Call 9/3/2014 (3)(13)		175,000		161,930
0.432%, 1/1/2030, Call 9/2/2014 (3)(13)		625,000		577,234
New York Mortgage Agency, 5.000%, 10/1/2019		600,000		692,718
New York State Dormitory Authority, NATL-RE, 0.120%, 7/1/2029, Call 9/2/2014 (3)(13)		675,000		632,560
State of New York, AGM, 0.105%, 3/15/2021, Call 9/4/2014 (3)(13)		25,000		23,239
State of New York, NATL-RE FGIC, 0.105%, 2/15/2022, Call 9/4/2014 (3)(13)		530,000		509,177
Other securities				2,237,779

				7,237,005

North Carolina — 1.6%
Other securities				1,665,149

North Dakota — 2.2%
North Dakota Housing Finance Agency:
3.600%, 7/1/2032, Call 7/1/2022		500,000		513,385
3.750%, 7/1/2034, Call 7/1/2022		500,000		517,135
3.750%, 7/1/2042, Call 7/1/2022		225,000		237,956
5.050%, 7/1/2040, Call 7/1/2020		50,000		52,542
Williston Parks & Recreation District, 3.250%, 3/1/2032, Call 9/15/2014		670,000		678,529
Other securities				281,558

				2,281,105

Ohio — 1.5%
Other securities				1,561,400

Oklahoma — 0.4%
Other securities				388,324

Oregon — 0.3%
Other securities				303,693

Pennsylvania — 7.0%
Pennsylvania Turnpike Commission, 1.200%, 12/1/2019, Call 6/1/2019 (3)		600,000		615,234
Pennsylvania Turnpike Commission, AMBAC, 5.000%, 12/1/2024, Call 6/1/2016		250,000		267,085
Pittsburgh Public Parking Authority, NATL-RE:
0.000%, 12/1/2014		100,000		99,500
0.000%, 12/1/2017		50,000		45,559
5.000%, 12/1/2020, Call 12/1/2015		575,000		604,917


Description	Principal Amount		Value
Municipals (continued)

Pennsylvania (continued)
State Public School Building Authority, SAW, 0.904%, 9/1/2018, Call 3/1/2018 (3)	$	750,000	$	752,212
Other securities				4,911,164

				7,295,671

Puerto Rico — 0.5%
Other securities				480,104

Rhode Island — 0.2%
Other securities				250,000

South Carolina — 0.3%
Other securities				291,661

South Dakota — 0.1%
Other securities				100,677

Tennessee — 0.9%
Other securities				960,042

Texas — 5.7%
McLennan County Public Facility Corp., 6.625%, 6/1/2035, Call 12/1/2014		490,000		512,712
Northside Independent School District, PSF, 2.125%, 8/1/2020, Call 2/1/2015 (3)		750,000		750,367
Other securities				4,667,841

				5,930,920

Utah — 0.8%
Salt Lake City Corp., AMBAC, 0.093%, 5/15/2020, Call 9/2/2014 (3)(13)		900,000		848,900

Virginia — 0.3%
Other securities				265,339

Washington — 0.9%
Other securities				957,709

West Virginia — 0.1%
Other securities				120,265

Wisconsin — 3.2%
Arcadia School District, 3.000%, 3/15/2019, Call 3/15/2017		700,000		727,748
City of Menasha:
4.000%, 9/1/2015, Call 9/29/2014		130,000		131,317
4.000%, 9/1/2015, Call 3/1/2015		100,000		100,875
4.300%, 9/1/2015		200,000		203,052
4.400%, 9/1/2017, Call 9/1/2015		500,000		508,950
Wisconsin Health & Educational Facilities Authority:
2.750%, 5/1/2017		130,000		130,962
3.250%, 5/1/2018		200,000		202,548
4.000%, 8/15/2018		300,000		322,071
Other securities				982,127

				3,309,650

Total Municipals (identified cost $101,107,930)				102,186,016

(See Notes which are an integral part of the Financial Statements)

August 31, 2014


Schedules of Investments

Short Tax-Free Fund* (continued)


Description	Shares or Principal Amount		Value
Short-Term Investments — 1.6%

Mutual Funds — 0.9%
BMO Tax-Free Money Market Fund, Class I, 0.036% (10)		949,266	$	949,266

Short-Term Municipals — 0.7%

California — 0.1%
Other securities				100,818

Michigan — 0.3%
Michigan Finance Authority, SAW, 2.850%, 8/20/2015	$	250,000		249,998

New York — 0.3%
Other securities				300,747

Total Short-Term Municipals				651,563

Total Short-Term Investments (identified cost $1,600,652)				1,600,829

Total Investments — 100.3% (identified cost $102,708,582)				103,786,845
Other Assets and Liabilities — (0.3)%				(269,467	)

Total Net Assets — 100.0%			$	103,517,378

Short-Term Income Fund


Description	Principal Amount		Value
Asset-Backed Securities — 19.2%

Automobiles — 8.8%
Ally Auto Receivables Trust, Class A3, (Series 2011-5), 0.990%, 11/16/2015	$	10,632	$	10,635
AmeriCredit Auto Receivables Trust:
Class B, (Series 2012-3), 1.590%, 7/10/2017		1,900,000		1,912,409
Class C, (Series 2012-1), 2.670%, 1/8/2018		2,000,000		2,032,832
Class C, (Series 2012-4), 1.930%, 8/8/2018		2,000,000		2,023,918
Capital Auto Receivables Asset Trust, Class A2, (Series 2013-4), 0.850%, 2/21/2017		1,000,000		1,002,192
CPS Auto Receivables Trust:
Class A, (Series 2012-A), 2.780%, 6/17/2019 (5)(6)		424,562		431,980
Class A, (Series 2012-D), 1.480%, 3/16/2020 (5)(6)		448,565		450,333
Class A, (Series 2013-A), 1.310%, 6/15/2020 (5)(6)		1,182,282		1,182,777
DT Auto Owner Trust, Class A, (Series 2014-1A), 0.660%, 7/17/2017 (5)(6)		579,353		579,507
Ford Credit Auto Lease Trust, Class A3, (Series 2014-B), 0.890%, 9/15/2017		1,420,000		1,421,846
GM Financial Leasing Trust, Class A3, (Series 2014-1A), 1.010%, 5/22/2017 (5)(6)		2,000,000		2,001,834


Description	Principal Amount		Value
Asset-Backed Securities (continued)

Automobiles (continued)
Hyundai Auto Lease Securitization Trust, Class A3, (Series 2014-B), 0.980%, 11/15/2017 (5)(6)	$	2,000,000	$	2,004,910
Santander Drive Auto Receivables Trust, Class B, (Series 2013-1), 1.160%, 1/15/2019		587,000		588,028
Volkswagen Auto Loan Enhanced Trust, Class A3, (Series 2014-1), 0.910%, 10/22/2018		2,000,000		1,998,760
Westlake Automobile Receivables Trust, Class A2, (Series 2014-1A), 0.700%, 5/15/2017 (5)(6)		1,500,000		1,500,139
Wheels LLC, Class A2, (Series 2012-1), 1.190%, 3/20/2021 (5)(6)		239,564		239,820

				19,381,920

Credit Cards — 0.7%
Capital One Multi-Asset Execution Trust, Class A3, (Series 2013-A3), 0.960%, 9/16/2019		1,600,000		1,598,701

Other Financial — 9.7%
Ally Master Owner Trust, Class A2, (Series 2014-4), 1.430%, 6/17/2019		2,000,000		1,999,684
American Homes 4 Rent, Class A, (Series 2014-SFR1), 1.250%, 6/17/2031 (3)(5)(6)		997,025		993,321
Colony American Homes, Class A, (Series 2014-2A), 1.105%, 7/17/2031 (3)(5)(6)		1,986,600		1,973,897
Consumers 2014 Securitization Funding LLC, Class A1, (Series 2014-A), 1.334%, 11/1/2020		1,650,000		1,648,979
Countrywide Asset-Backed Certificates, Class A1, (Series 2007-QH2), 0.395%, 4/25/2037 (3)(5)(6)		549,019		332,324
GE Equipment Transportation LLC, Class A4, (Series 2013-1), 0.900%, 3/24/2021		2,415,000		2,416,425
Hilton Grand Vacations Trust, Class A, (Series 2014-AA), 1.770%, 11/25/2026 (5)(6)		1,909,584		1,908,137
Invitation Homes Trust, Class A, (Series 2014-SFR1), 1.155%, 6/17/2031 (3)(5)(6)		2,000,000		1,991,948
Kubota Credit Owner Trust, Class A3, (Series 2014-1A), 1.160%, 5/15/2018 (5)(6)		1,250,000		1,249,202
NYCTL Trust, Class A, (Series 2014-A), 1.030%, 11/10/2027 (5)(6)		2,000,000		1,999,375
Silver Bay Realty Trust, Class A, (Series 2014-1), 1.156%, 9/17/2031 (3)(5)(6)		2,000,000		1,990,708
SLM Student Loan Trust, Class A5, (Series 2004-5A), 0.756%, 10/25/2023 (3)(5)(6)		1,945,000		1,957,378

(See Notes which are an integral part of the Financial Statements)


		BMO Funds

Short-Term Income Fund (continued)


Description	Principal Amount		Value
Asset-Backed Securities (continued)

Other Financial (continued)
Volvo Financial Equipment LLC, Class A4, (Series 2012-1A), 1.090%, 8/15/2017 (5)(6)	$	710,000	$	711,600

				21,172,978

Total Asset-Backed Securities (identified cost $42,390,605)				42,153,599

Collateralized Mortgage Obligations — 7.6%

Federal Home Loan Mortgage Corporation — 2.1%
2.000%, 1/15/2023, (Series 4315)		1,839,259		1,858,842
2.757%, 5/25/2020, (Series K009)		1,050,594		1,090,069
3.000%, 12/15/2041, (Series 4293)		1,708,467		1,766,891

				4,715,802

Federal National Mortgage Association — 1.3%
1.250%, 6/25/2043, (Series 2013-52)		1,302,884		1,258,775
1.500%, 5/25/2043, (Series 2013-60)		1,649,484		1,586,269

				2,845,044

Government National Mortgage Association — 1.6%
1.800%, 7/16/2037, (Series 2013-179)		1,565,852		1,559,285
2.205%, 1/16/2044, (Series 2014-61)		1,972,296		1,987,910

				3,547,195

Private Sponsor — 2.6%
Banc of America Funding Trust:
Class 1A3, (Series 2007-C), 5.405%, 5/20/2036 (3)		442,135		430,305
Class 2A1, (Series 2005-5), 5.500%, 9/25/2035		875,289		908,963
Chase Mortgage Finance Trust:
Class A1, (Series 2005-S2), 5.500%, 10/25/2035		456,999		483,521
Class A3, (Series 2006-S4), 6.000%, 12/25/2036		338,454		315,360
GSR Mortgage Loan Trust, Class 2A4, (Series 2005-AR5), 2.572%, 10/25/2035 (3)		138,165		137,128
JP Morgan Mortgage Trust:
Class 2A2, (Series 2005-S3), 5.500%, 1/25/2021		387,015		394,507
Class 3A1, (Series 2007-A2), 2.561%, 4/25/2037 (3)		32,302		29,269
Morgan Stanley Mortgage Loan Trust, Class 2A2, (Series 2004-10AR), 2.461%, 11/25/2034 (3)		893,285		922,158
Springleaf Mortgage Loan Trust:
Class A, (Series 2012-1A), 2.667%, 9/25/2057 (3)(5)(6)		424,421		433,134
Class A, (Series 2012-2A), 2.220%, 10/25/2057 (3)(5)(6)		524,880		534,160
Wells Fargo Mortgage Backed Securities Trust:
Class 2A4, (Series 2006-AR7), 2.613%, 5/25/2036 (3)		329,389		308,832


Description	Principal Amount		Value
Collateralized Mortgage Obligations (continued)

Private Sponsor (continued)
Wells Fargo Mortgage Backed Securities Trust: (continued)
Class 2A4, (Series 2006-AR8), 2.619%, 4/25/2036 (3)	$	123,905	$	121,877
Class A1, (Series 2006-AR19), 5.429%, 12/25/2036 (3)		609,405		606,636

				5,625,850

Total Collateralized Mortgage Obligations (identified cost $16,683,797)				16,733,891

Commercial Mortgage Securities — 6.6%

Private Sponsor — 6.6%
Banc of America Commercial Mortgage Trust:
Class A3, (Series 2006-6), 5.369%, 10/10/2045		1,100,000		1,122,751
Class A3, (Series 2007-1), 5.449%, 1/15/2049		126,048		126,046
Bear Stearns Commercial Mortgage Securities Trust:
Class A3, (Series 2007-PW17), 5.736%, 6/11/2050		579,642		587,141
Class A4, (Series 2005-T18), 4.933%, 2/13/2042 (3)		2,237,199		2,263,227
Class AAB, (Series 2007-T28), 5.746%, 9/11/2042		1,043,254		1,056,540
Citigroup Commercial Mortgage Trust, Class A3, (Series 2006-C4), 5.975%, 3/15/2049 (3)		1,943,257		2,061,322
JP Morgan Chase Commercial Mortgage Securities Trust:
Class A3, (Series 2007-CB20), 5.819%, 2/12/2051		111,173		111,255
Class AM, (Series 2005-LDP5), 5.446%, 12/15/2044 (3)		1,650,000		1,735,747
LB-UBS Commercial Mortgage Trust:
Class AAB, (Series 2006-C1), 5.139%, 2/15/2031		67,181		67,516
Class AAB, (Series 2006-C6), 5.341%, 9/15/2039		242,787		247,713
Merrill Lynch Mortgage Trust, Class A6, (Series 2005-CKI1), 5.462%, 11/12/2037 (3)		1,631,063		1,689,564
Morgan Stanley Capital I Trust, Class A4, (Series 2007-IQ15), 6.105%, 6/11/2049 (3)		1,471,630		1,628,846
Wells Fargo Commercial Mortgage Trust, Class A1, (Series 2014-LC16), 1.294%, 8/15/2050		1,756,236		1,750,100

Total Commercial Mortgage Securities (identified cost $14,875,424)				14,447,768

Corporate Bonds & Notes — 51.2%

Advertising — 1.4%
Omnicom Group, Inc., 5.900%, 4/15/2016		1,550,000		1,673,456
WPP Finance UK, 8.000%, 9/15/2014		1,405,000		1,408,191

				3,081,647

(See Notes which are an integral part of the Financial Statements)

August 31, 2014


Schedules of Investments

Short-Term Income Fund (continued)


Description	Principal Amount		Value
Corporate Bonds & Notes (continued)

Agriculture — 0.9%
British American Tobacco International Finance PLC, 1.400%, 6/5/2015 (5)(6)	$	2,000,000	$	2,012,402

Auto Manufacturers — 2.5%
American Honda Finance Corp., 1.125%, 10/7/2016		1,000,000		1,006,390
PACCAR Financial Corp., 1.150%, 8/16/2016		2,000,000		2,019,882
Toyota Motor Credit Corp., 2.050%, 1/12/2017		1,500,000		1,538,559
Volkswagen Group of America Finance LLC, 1.250%, 5/23/2017 (5)(6)		1,000,000		999,065

				5,563,896

Banks — 17.6%
ANZ New Zealand Int’l, Ltd./London:
1.400%, 4/27/2017 (2)(5)(6)		1,000,000		1,001,599
1.850%, 10/15/2015 (5)(6)		1,500,000		1,520,364
Bank of America Corp., 2.000%, 1/11/2018 (2)		1,000,000		1,005,227
Bank of New York Mellon Corp., 2.950%, 6/18/2015		1,000,000		1,021,468
Bank of Nova Scotia, 1.300%, 7/21/2017		750,000		750,446
BB&T Corp.:
2.150%, 3/22/2017		1,000,000		1,022,931
3.200%, 3/15/2016		620,000		642,725
BBVA U.S. Senior SAU, 4.664%, 10/9/2015 (2)		2,000,000		2,080,058
Capital One Financial Corp., 1.000%, 11/6/2015		550,000		551,432
Citigroup, Inc.:
1.250%, 1/15/2016		188,000		189,027
1.550%, 8/14/2017 (2)		1,250,000		1,248,429
4.450%, 1/10/2017 (2)		1,000,000		1,072,808
Credit Suisse/New York, 1.375%, 5/26/2017 (2)		1,000,000		1,000,027
Deutsche Bank AG/London, 1.400%, 2/13/2017		2,000,000		2,004,990
Goldman Sachs Group, Inc., 3.625%, 2/7/2016 (2)		1,000,000		1,038,547
Huntington National Bank:
1.300%, 11/20/2016 (2)		500,000		502,328
1.375%, 4/24/2017		1,000,000		1,002,536
Intesa Sanpaolo SpA, 3.125%, 1/15/2016 (2)		1,840,000		1,888,359
Morgan Stanley:
3.800%, 4/29/2016		500,000		523,172
4.000%, 7/24/2015 (2)		1,000,000		1,031,397
National Australia Bank, Ltd., 0.784%, 7/25/2016 (3)		1,500,000		1,511,520
Nordea Bank AB, 3.125%, 3/20/2017 (5)(6)		1,740,000		1,822,740
PNC Bank NA, 1.125%, 1/27/2017		1,000,000		1,002,311
PNC Funding Corp., 2.700%, 9/19/2016 (2)		700,000		724,521
Royal Bank of Canada, 1.450%, 9/9/2016 (2)		2,300,000		2,330,907
Royal Bank of Scotland PLC, 1.875%, 3/31/2017 (2)		2,000,000		2,014,616


Description	Principal Amount		Value
Corporate Bonds & Notes (continued)

Banks (continued)
SunTrust Banks, Inc., 3.600%, 4/15/2016 (2)	$	1,200,000	$	1,252,357
Svenska Handelsbanken AB, 1.625%, 3/21/2018 (2)		1,900,000		1,902,139
Toronto-Dominion Bank, 1.500%, 9/9/2016 (2)		1,500,000		1,522,559
U.S. Bancorp, 1.650%, 5/15/2017 (2)		1,500,000		1,520,273
Westpac Banking Corp., 1.050%, 11/25/2016 (2)		2,000,000		2,004,560

				38,706,373

Biotechnology — 0.7%
Amgen, Inc., 2.300%, 6/15/2016		1,600,000		1,642,446

Building Materials — 1.0%
CRH America, Inc., 4.125%, 1/15/2016		2,100,000		2,190,229

Chemicals — 0.3%
Rohm & Haas Co., 6.000%, 9/15/2017 (2)		588,000		664,559

Commercial Services — 0.5%
Synchrony Financial, 1.875%, 8/15/2017 (2)		1,000,000		1,007,282

Computers — 1.4%
Apple, Inc., 1.050%, 5/5/2017 (2)		1,500,000		1,502,607
Hewlett-Packard Co., 3.000%, 9/15/2016 (2)		1,430,000		1,485,400

				2,988,007

Diversified Financial Services — 3.4%
American Express Credit Corp., 2.800%, 9/19/2016		1,250,000		1,298,035
BlackRock, Inc., 3.500%, 12/10/2014		1,240,000		1,250,823
Ford Motor Credit Co. LLC:
3.984%, 6/15/2016		1,000,000		1,051,133
4.207%, 4/15/2016		1,000,000		1,050,773
General Electric Capital Corp.:
3.350%, 10/17/2016		2,475,000		2,604,079
4.750%, 9/15/2014 (2)		250,000		250,351

				7,505,194

Electric — 1.4%
Appalachian Power Co., 3.400%, 5/24/2015		1,970,000		2,008,277
Entergy Corp., 3.625%, 9/15/2015		1,000,000		1,027,922

				3,036,199

Engineering & Construction — 0.5%
ABB Finance USA, Inc., 1.625%, 5/8/2017 (2)		1,000,000		1,010,035

Insurance — 2.0%
American International Group, Inc., 5.050%, 10/1/2015		1,030,000		1,079,650
Berkshire Hathaway Finance Corp., 0.950%, 8/15/2016 (2)		625,000		629,517
Berkshire Hathaway, Inc., 1.900%, 1/31/2017 (2)		750,000		766,835
Prudential Covered Trust 2012-1, 2.997%, 9/30/2015 (5)(6)		800,000		818,135
QBE Insurance Group, Ltd., 2.400%, 5/1/2018 (2)(5)(6)		1,000,000		998,306

				4,292,443

(See Notes which are an integral part of the Financial Statements)


		BMO Funds

Short-Term Income Fund (continued)


Description	Principal Amount		Value
Corporate Bonds & Notes (continued)

Machinery-Diversified — 1.4%
John Deere Capital Corp., 1.050%, 10/11/2016 (2)	$	1,000,000	$	1,004,863
Roper Industries, Inc., 2.050%, 10/1/2018		2,000,000		1,999,346

				3,004,209

Media — 1.5%
Comcast Corp., 5.850%, 11/15/2015		1,400,000		1,489,785
DIRECTV Holdings LLC:
3.125%, 2/15/2016		1,255,000		1,297,060
3.550%, 3/15/2015		500,000		508,177

				3,295,022

Mining — 0.7%
Xstrata Finance Canada, Ltd., 2.050%, 10/23/2015 (5)(6)		1,635,000		1,653,479

Miscellaneous Manufacturing — 0.5%
Ingersoll-Rand Global Holding Co., Ltd., 2.875%, 1/15/2019		1,000,000		1,027,158

Oil & Gas — 2.9%
BP Capital Markets PLC, 0.700%, 11/6/2015		1,575,000		1,578,745
Petrobras International Finance Co., 2.875%, 2/6/2015		1,500,000		1,515,150
Talisman Energy, Inc., 5.125%, 5/15/2015		1,825,000		1,882,323
Woodside Finance, Ltd., 4.500%, 11/10/2014 (2)(5)(6)		1,500,000		1,511,777

				6,487,995

Oil & Gas Services — 0.5%
Schlumberger Norge AS, 1.250%, 8/1/2017 (5)(6)		1,000,000		1,001,063

Pharmaceuticals — 3.3%
AbbVie, Inc., 1.750%, 11/6/2017 (2)		1,670,000		1,680,092
Cardinal Health, Inc., 1.700%, 3/15/2018 (2)		2,000,000		1,992,964
Express Scripts Holding Co., 2.650%, 2/15/2017		1,500,000		1,552,155
GlaxoSmithKline Capital, Inc., 0.700%, 3/18/2016 (2)		1,000,000		1,002,814
Zoetis, Inc., 1.150%, 2/1/2016		1,000,000		1,004,243

				7,232,268

Pipelines — 0.5%
Kinder Morgan Energy Partners LP, 3.500%, 3/1/2016		1,000,000		1,036,602

Real Estate Investment Trusts — 0.9%
Health Care REIT, Inc., 2.250%, 3/15/2018 (2)		2,000,000		2,028,022

Retail — 0.8%
Walgreen Co., 1.000%, 3/13/2015		1,680,000		1,684,353

Semiconductors — 0.7%
Intel Corp., 1.350%, 12/15/2017 (2)		1,600,000		1,600,310

Software — 0.8%
Oracle Corp., 1.200%, 10/15/2017 (2)		1,725,000		1,719,549


Description	Shares or Principal Amount		Value
Corporate Bonds & Notes (continued)

Telecommunications — 3.1%
AT&T, Inc.:
1.700%, 6/1/2017 (2)	$	750,000	$	759,799
2.400%, 8/15/2016		1,000,000		1,029,943
British Telecommunications PLC:
1.625%, 6/28/2016		1,500,000		1,517,746
2.000%, 6/22/2015 (2)		1,000,000		1,011,432
Cisco Systems, Inc., 1.100%, 3/3/2017 (2)		800,000		803,078
Verizon Communications, Inc.:
1.350%, 6/9/2017		500,000		500,488
2.000%, 11/1/2016 (2)		750,000		765,061
2.500%, 9/15/2016		500,000		515,792

				6,903,339

Total Corporate Bonds & Notes (identified cost $111,281,461)				112,374,081

Municipals — 1.1%

Texas — 1.1%
Dallas/Fort Worth International Airport, 1.934%, 11/1/2014		1,015,000		1,017,679
Port of Port Arthur Navigation District, 0.190%, 11/1/2040, Call 9/2/2014 (3)		1,500,000		1,500,000

Total Municipals (identified cost $2,516,990)				2,517,679

Mutual Funds — 3.0%
Eaton Vance Institutional Senior Loan Fund, Open-end Cayman Islands Exempted Co., 3.660% (8)		326,711		2,992,673
Fidelity Floating Rate High Income Fund, 3.470%		372,038		3,698,060

Total Mutual Funds (identified cost $6,422,183)				6,690,733

U.S. Government & U.S. Government Agency Obligations — 7.4%

Federal Home Loan Mortgage Corporation — 3.0%
0.500%, 5/13/2016 (2)	$	1,850,000		1,852,375
0.875%, 10/14/2016 (2)		1,500,000		1,508,301
1.000%, 7/28/2017 (2)		2,000,000		1,999,780
1.250%, 5/12/2017 (2)		1,250,000		1,260,903

				6,621,359

Federal National Mortgage Association — 1.4%
0.625%, 8/26/2016 (2)		1,000,000		1,000,943
1.125%, 4/27/2017 (2)		1,000,000		1,005,779
1.250%, 9/28/2016 (2)		1,000,000		1,013,212

				3,019,934

U.S. Treasury Bonds & Notes — 3.0%
0.500%, 7/31/2017 (2)		2,000,000		1,974,922
0.625%, 12/15/2016 (2)		1,025,000		1,024,479
0.625%, 5/31/2017 (2)		1,000,000		993,672
0.875%, 4/30/2017 (2)		1,000,000		1,001,406
1.000%, 8/31/2016 (2)		1,500,000		1,514,591

				6,509,070

Total U.S. Government & U.S. Government Agency Obligations (identified cost $16,098,543)				16,150,363

(See Notes which are an integral part of the Financial Statements)

August 31, 2014


Schedules of Investments

Short-Term Income Fund (continued)


Description	Shares or Principal Amount		Value
U.S. Government Agency-Mortgage Securities — 1.4%

Federal National Mortgage Association — 1.3%
3.107%, 5/1/2041 (3)	$	388,169	$	410,787
3.500%, 4/1/2026		258,483		273,548
4.000%, 11/1/2031		912,989		981,649
5.500%, 11/1/2033		291,321		327,277
5.500%, 2/1/2034		217,400		244,290
5.500%, 8/1/2037 (2)		508,210		568,772
7.000%, 12/1/2015		5,111		5,234
7.500%, 9/1/2015		12,473		12,752
9.500%, 12/1/2024		21,053		21,540
9.500%, 1/1/2025		14,722		14,791
9.500%, 1/1/2025		11,808		11,864
10.000%, 7/1/2020		22,457		22,934
11.000%, 12/1/2015		3		3

				2,895,441

Government National Mortgage Association — 0.1%
7.500%, 8/15/2037		79,307		93,043
9.000%, 12/15/2019		14,608		16,639

				109,682

Total U.S. Government Agency-Mortgage Securities
(identified cost $2,926,380)				3,005,123

Short-Term Investments — 22.5%

Collateral Pool Investments for Securities on Loan — 20.4%
Collateral pool allocation (12)				44,715,045

Mutual Funds — 1.0%
BMO Prime Money Market Fund, Class I, 0.010% (10)		2,146,826		2,146,826

Short-Term Municipals — 1.1%

Michigan — 0.9%
County of Wayne, 2.750%, 6/1/2015	$	2,000,000		2,003,040

New York — 0.2%
County of Suffolk, 1.500%, 3/26/2015		500,000		503,275

Total Short-Term Municipals				2,506,315

Total Short-Term Investments (identified cost $49,368,148)				49,368,186

Total Investments — 120.0% (identified cost $262,563,531)				263,441,423
Other Assets and Liabilities — (20.0)%				(43,884,514	)

Total Net Assets — 100.0%			$	219,556,909

Intermediate Tax-Free Fund*


Description	Principal Amount		Value
Municipals — 98.4%

Alabama — 0.9%
Other securities			$	12,102,980

Alaska — 0.7%
City of Valdez, 5.000%, 1/1/2021	$	5,820,000		6,886,515
Other securities				2,719,299

				9,605,814


Description	Principal Amount		Value
Municipals (continued)

Arizona — 4.7%
Arizona Health Facilities Authority:
1.900%, 2/5/2020, Call 8/9/2019 (3)	$	4,500,000	$	4,500,045
5.000%, 1/1/2019, Call 1/1/2017		175,000		192,407
5.000%, 1/1/2020, Call 1/1/2017		1,400,000		1,530,732
State of Arizona, AGM:
5.000%, 10/1/2023, Call 4/1/2020		1,000,000		1,112,260
5.250%, 10/1/2024, Call 10/1/2019		5,000,000		5,764,750
Other securities				52,214,161

				65,314,355

Arkansas — 1.4%
Other securities				18,937,895

California — 7.5%
Bay Area Toll Authority:
1.000%, 4/3/2017, Call 10/1/2016 (3)		2,000,000		2,006,980
1.300%, 4/1/2027, Call 10/1/2026 (3)		5,000,000		5,037,700
Other securities				98,362,167

				105,406,847

Colorado — 2.7%
City & County of Denver, 5.000%, 11/15/2021		500,000		602,670
City & County of Denver, AGC, 0.210%, 11/15/2025, Call 9/2/2014 (3)		5,000,000		5,000,000
Colorado Health Facilities Authority:
3.000%, 12/1/2015		490,000		496,453
4.000%, 12/1/2016		505,000		534,098
4.500%, 2/1/2020		455,000		499,549
5.000%, 12/1/2014 (3)		1,150,000		1,160,994
5.000%, 9/1/2018		530,000		595,042
5.000%, 9/1/2019		560,000		635,443
5.000%, 2/1/2021		475,000		536,199
5.000%, 12/1/2021		875,000		1,011,517
5.000%, 9/1/2022		750,000		861,630
5.000%, 2/1/2024		420,000		478,426
5.000%, 2/1/2029, Call 2/1/2024		2,000,000		2,208,280
5.125%, 11/15/2020, Call 11/15/2016 (3)		555,000		611,660
5.250%, 1/1/2025, Call 1/1/2020		460,000		536,921
Other securities				21,356,721

				37,125,603

Connecticut — 0.2%
Other securities				2,443,634

Delaware — 0.5%
Other securities				7,316,062

District of Columbia — 0.2%
Other securities				2,664,382

Florida — 7.3%
Citizens Property Insurance Corp.:
5.000%, 6/1/2016		1,265,000		1,360,824
5.000%, 6/1/2019		2,615,000		3,036,250
5.375%, 6/1/2016		250,000		270,558

(See Notes which are an integral part of the Financial Statements)


		BMO Funds

Intermediate Tax-Free Fund* (continued)


Description	Principal Amount		Value
Municipals (continued)

Florida (continued)
Citizens Property Insurance Corp., AGM, 5.000%, 6/1/2016	$	1,040,000	$	1,118,780
City of Gulf Breeze:
1.750%, 12/1/2015 (3)		11,795,000		11,978,766
5.000%, 12/1/2023, Call 12/1/2020		2,000,000		2,269,900
County of Lee, AMBAC, 5.125%, 10/1/2024, Call 10/1/2016 (7)		7,975,000		8,442,175
County of Madison, 2.000%, 11/1/2014, Call 9/29/2014		9,640,000		9,641,735
Other securities				63,869,245

				101,988,233

Georgia — 3.5%
City of Atlanta Department of Aviation:
5.000%, 1/1/2031, Call 1/1/2024		1,000,000		1,150,180
5.000%, 1/1/2032, Call 1/1/2024		2,500,000		2,862,400
5.000%, 1/1/2033, Call 1/1/2024		1,000,000		1,141,490
5.000%, 1/1/2034, Call 1/1/2024		1,000,000		1,137,180
Main Street Natural Gas, Inc.:
5.000%, 3/15/2017		1,320,000		1,429,494
5.000%, 3/15/2021		5,400,000		6,114,798
5.250%, 9/15/2018		250,000		283,803
Other securities				34,964,188

				49,083,533

Hawaii — 0.0%
Other securities				424,262

Idaho — 0.4%
Other securities				6,039,019

Illinois — 10.1%
City of Chicago, 0.360%, 1/1/2034, Call 9/2/2014 (3)		6,545,000		6,545,000
Cook County Township High School District No. 220 Reavis:
6.000%, 12/1/2030, Call 12/1/2023		1,000,000		1,184,600
6.000%, 12/1/2031, Call 12/1/2023		2,035,000		2,400,160
6.000%, 12/1/2032, Call 12/1/2023		2,160,000		2,532,794
6.000%, 6/1/2033, Call 12/1/2023		2,235,000		2,603,663
Illinois Finance Authority:
5.000%, 5/1/2015		2,095,000		2,146,181
6.000%, 10/1/2024, Call 10/1/2021		1,010,000		1,166,318
6.875%, 10/1/2043, Call 10/1/2021		3,000,000		3,610,830
Village of Franklin Park, AMBAC, 5.000%, 7/1/2016, Call 9/29/2014		1,065,000		1,066,331


Description	Principal Amount		Value
Municipals (continued)

Illinois (continued)
Village of Franklin Park, BAM:
4.000%, 10/1/2018	$	425,000	$	453,458
4.000%, 10/1/2019		420,000		444,499
4.000%, 10/1/2020		615,000		649,963
5.000%, 10/1/2022, Call 10/1/2021		730,000		808,687
5.000%, 10/1/2023, Call 10/1/2021		685,000		752,034
5.000%, 10/1/2024, Call 10/1/2021		425,000		463,803
5.000%, 10/1/2025, Call 10/1/2021		920,000		997,998
Other securities				113,988,900

				141,815,219

Indiana — 3.0%
Indiana Finance Authority:
3.000%, 7/1/2019		250,000		260,035
5.000%, 8/15/2020		700,000		783,818
5.000%, 5/1/2029, Call 5/1/2022		4,070,000		4,525,962
5.500%, 5/1/2024, Call 5/1/2019		1,000,000		1,161,680
Other securities				35,627,554

				42,359,049

Iowa — 0.6%
City of Randall, 1.250%, 8/1/2016, Call 2/1/2016		5,500,000		5,504,565
Other securities				2,975,181

				8,479,746

Kansas — 0.4%
Other securities				5,700,480

Kentucky — 0.2%
Other securities				2,563,897

Louisiana — 2.2%
Parish of St. Bernard:
4.000%, 3/1/2020		3,470,000		3,748,502
4.000%, 3/1/2021		3,585,000		3,845,343
State of Louisiana, 0.579%, 5/1/2018, Call 11/1/2017 (3)		7,000,000		7,056,280
Other securities				16,146,638

				30,796,763

Maine — 0.1%
Other securities				1,378,649

Maryland — 0.1%
Other securities				1,863,180

Massachusetts — 1.4%
Commonwealth of Massachusetts, NATL-RE FGIC:
0.090%, 12/1/2030, Call 9/2/2014 (3)(13)		1,350,000		1,196,632
0.090%, 12/1/2030, Call 9/4/2014 (3)(13)		7,375,000		6,537,156
Other securities				11,660,413

				19,394,201

Michigan — 5.0%
City of Detroit, 3.500%, 10/7/2016 (3)		6,500,000		6,500,000

(See Notes which are an integral part of the Financial Statements)

August 31, 2014


Schedules of Investments

Intermediate Tax-Free Fund* (continued)


Description	Principal Amount		Value
Municipals (continued)

Michigan (continued)
City of Detroit Water Supply System Revenue, AGM:
5.000%, 7/1/2018, Call 7/1/2016	$	250,000	$	266,110
5.000%, 7/1/2019, Call 7/1/2016		50,000		52,785
5.000%, 7/1/2020, Call 7/1/2016		720,000		756,778
5.000%, 7/1/2020, Call 7/1/2016		50,000		52,554
5.000%, 7/1/2023, Call 7/1/2016		200,000		210,108
City of Detroit Water Supply System Revenue, BHAC FGIC, 5.500%, 7/1/2035, Call 7/1/2018		1,035,000		1,143,965
City of Detroit Water Supply System Revenue, NATL-RE:
5.000%, 7/1/2016 (3)		725,000		779,360
5.000%, 7/1/2021, Call 7/1/2015		1,530,000		1,581,194
5.000%, 7/1/2027, Call 7/1/2016		5,000,000		5,115,250
Michigan Finance Authority:
3.000%, 11/1/2015		2,000,000		2,048,280
5.000%, 6/1/2016		1,450,000		1,529,170
5.000%, 11/1/2020		2,000,000		2,307,120
Michigan Finance Authority, AGM:
5.000%, 7/1/2029, Call 7/1/2024 (4)		1,500,000		1,636,080
5.000%, 7/1/2030, Call 7/1/2024 (4)		1,500,000		1,629,690
Other securities				44,618,722

				70,227,166

Minnesota — 1.1%
Other securities				14,753,903

Mississippi — 1.0%
Mississippi Business Finance Corp., 1.200%, 12/1/2036, Call 9/2/2014 (3)		8,500,000		8,500,000
Other securities				5,233,121

				13,733,121

Missouri — 2.4%
Other securities				34,136,417

Montana — 0.2%
Other securities				2,771,832

Nebraska — 0.4%
Other securities				6,104,313

Nevada — 1.9%
Las Vegas Valley Water District, 5.000%, 6/1/2028, Call 6/1/2022		5,115,000		5,935,600
Las Vegas Valley Water District, AGM, 5.000%, 6/1/2028, Call 6/1/2016		2,815,000		3,017,004
Other securities				17,534,512

				26,487,116


Description	Principal Amount		Value
Municipals (continued)

New Hampshire — 0.8%
Other securities			$	11,677,331

New Jersey — 2.2%
New Jersey Economic Development Authority:
1.750%, 2/1/2016, Call 8/1/2015 (3)	$	3,000,000		3,034,020
5.000%, 6/15/2015		60,000		62,115
5.000%, 6/15/2019		3,000,000		3,425,940
5.000%, 6/15/2020		1,500,000		1,725,000
New Jersey Higher Education Student Assistance Authority:
3.250%, 12/1/2027, Call 12/1/2022 (7)		2,500,000		2,505,750
4.875%, 12/1/2024, Call 12/1/2019		9,500,000		10,312,440
Other securities				9,481,869

				30,547,134

New Mexico — 1.7%
New Mexico Mortgage Finance Authority, GNMA, 2.600%, 2/1/2043, Call 1/1/2023		1,315,806		1,286,661
New Mexico Mortgage Finance Authority, GNMA/FNMA/FHLMC:
4.200%, 7/1/2028, Call 1/1/2017 (7)		455,000		468,645
5.650%, 9/1/2039, Call 3/1/2019		680,000		715,666
6.000%, 9/1/2039, Call 3/1/2019		880,000		909,718
New Mexico Mortgage Finance Authority, GNMA/FNMA/FHLMC COLL:
4.625%, 3/1/2028, Call 9/1/2021		1,030,000		1,043,874
5.350%, 3/1/2030, Call 9/1/2020		2,415,000		2,582,987
New Mexico Municipal Energy Acquisition Authority, 0.854%, 8/1/2019, Call 2/1/2019 (3)		10,000,000		10,059,000
Other securities				6,726,089

				23,792,640

New York — 4.8%
New York City Transitional Finance Authority, 5.000%, 11/1/2024, Call 11/1/2022		5,715,000		6,899,148
New York State Dormitory Authority:
5.000%, 12/15/2023, Call 12/15/2022		4,590,000		5,569,506
5.000%, 3/15/2027, Call 3/15/2022		11,510,000		13,422,387
New York State Thruway Authority, 5.000%, 3/15/2026, Call 9/15/2021		8,490,000		9,982,202
Rensselaer County Industrial Development Agency, 0.230%, 10/30/2035, Call 9/2/2014 (3)		7,785,000		7,785,000

(See Notes which are an integral part of the Financial Statements)


		BMO Funds

Intermediate Tax-Free Fund* (continued)


Description	Principal Amount		Value
Municipals (continued)

New York (continued)
Other securities			$	22,922,314

				66,580,557

North Carolina — 1.3%
Other securities				18,402,232

North Dakota — 2.4%
North Dakota Public Finance Authority:
4.000%, 6/1/2022	$	2,345,000		2,619,107
4.000%, 6/1/2023		2,440,000		2,733,874
4.000%, 6/1/2024, Call 6/1/2023		2,190,000		2,448,267
4.000%, 6/1/2025, Call 6/1/2023		1,145,000		1,271,477
Williston Parks & Recreation District:
4.500%, 3/1/2020		1,455,000		1,620,041
4.500%, 3/1/2025, Call 3/1/2021		2,525,000		2,734,499
4.625%, 3/1/2026, Call 3/1/2021		2,620,000		2,834,080
Other securities				16,664,914

				32,926,259

Ohio — 2.7%
City of Cleveland:
5.000%, 1/1/2022, Call 1/1/2021		2,320,000		2,644,174
5.000%, 10/1/2024, Call 10/1/2022		460,000		541,770
5.000%, 10/1/2028, Call 10/1/2022		1,075,000		1,231,466
5.000%, 10/1/2029, Call 10/1/2022		1,130,000		1,288,369
5.000%, 10/1/2029, Call 10/1/2022		2,290,000		2,610,943
5.000%, 1/1/2031, Call 1/1/2022		1,270,000		1,380,122
City of Cleveland, AGC, 5.000%, 10/1/2017		425,000		477,313
City of Cleveland, AGM:
5.000%, 1/1/2030, Call 1/1/2022		1,000,000		1,101,570
5.000%, 1/1/2031, Call 1/1/2022		1,000,000		1,090,740
Other securities				26,084,465

				38,450,932

Oklahoma — 1.1%
Delaware County Justice Authority:
3.750%, 9/1/2029, Call 9/1/2017		2,900,000		2,844,146
4.000%, 9/1/2018		415,000		448,515
4.000%, 9/1/2019		740,000		804,831
4.000%, 9/1/2020		700,000		758,898
4.000%, 9/1/2021		805,000		871,268
Other securities				9,207,323

				14,934,981

Oregon — 0.8%
Other securities				11,716,894


Description	Principal Amount		Value
Municipals (continued)

Pennsylvania — 2.5%
Other securities			$	35,724,121

Puerto Rico — 0.6%
Other securities				8,214,542

Rhode Island — 1.0%
Rhode Island Student Loan Authority:
3.950%, 12/1/2017	$	250,000		269,717
4.000%, 12/1/2022, Call 12/1/2021 (7)		2,885,000		2,970,858
4.200%, 12/1/2018, Call 12/1/2017		600,000		647,100
4.250%, 12/1/2020, Call 12/1/2017		500,000		527,225
4.250%, 12/1/2025, Call 12/1/2021 (7)		2,205,000		2,240,633
4.500%, 12/1/2021, Call 12/1/2017		1,000,000		1,056,430
4.750%, 12/1/2028, Call 12/1/2021 (7)		1,000,000		1,026,750
4.750%, 12/1/2029, Call 12/1/2021 (7)		680,000		696,062
Other securities				4,117,419

				13,552,194

South Carolina — 1.3%
Other securities				18,256,202

South Dakota — 0.9%
South Dakota Health & Educational Facilities Authority:
4.250%, 9/1/2023		740,000		812,424
4.500%, 9/1/2018		500,000		536,190
4.500%, 9/1/2020		900,000		975,582
4.500%, 9/1/2021, Call 9/1/2020		1,080,000		1,163,938
4.500%, 9/1/2022, Call 9/1/2020		1,005,000		1,071,762
5.000%, 11/1/2024, Call 11/1/2019		1,000,000		1,105,960
5.000%, 9/1/2027, Call 9/1/2024		1,170,000		1,301,250
South Dakota Health & Educational Facilities Authority, AMBAC, 5.000%, 8/1/2022, Call 8/1/2017		980,000		1,030,539
Other securities				5,076,681

				13,074,326

Tennessee — 1.4%
Tennessee Energy Acquisition Corp.:
5.000%, 2/1/2023		5,185,000		5,896,797
5.250%, 9/1/2021		3,810,000		4,388,549
5.250%, 9/1/2022		250,000		287,790
Other securities				8,512,966

				19,086,102

Texas — 5.5%
Dallas/Fort Worth International Airport:
5.000%, 11/1/2024, Call 11/1/2022 (4)		1,000,000		1,179,400
5.000%, 11/1/2032, Call 11/1/2020		5,000,000		5,588,100

(See Notes which are an integral part of the Financial Statements)

August 31, 2014


Schedules of Investments

Intermediate Tax-Free Fund* (continued)


Description	Principal Amount		Value
Municipals (continued)

Texas (continued)
Dallas/Fort Worth International Airport: (continued)
5.000%, 11/1/2033, Call 11/1/2023	$	2,000,000	$	2,233,240
5.250%, 11/1/2033, Call 11/1/2023		1,200,000		1,373,400
Harris County Cultural Education Facilities Finance Corp.:
0.800%, 6/1/2020 (3)		2,000,000		2,001,060
0.880%, 6/1/2021 (3)		2,400,000		2,402,928
5.250%, 10/1/2029, Call 10/1/2019		1,550,000		1,793,551
Harris County Hospital District, NATL-RE, 5.250%, 2/15/2027, Call 2/15/2017		5,615,000		6,120,462
North Texas Tollway Authority:
0.850%, 1/1/2019, Call 7/1/2018 (3)		1,750,000		1,754,357
5.750%, 1/1/2038, Call 1/1/2018		3,105,000		3,449,065
6.125%, 1/1/2031, Call 1/1/2016		400,000		421,564
North Texas Tollway Authority, AGC, 5.750%, 1/1/2038, Call 1/1/2019		1,725,000		1,964,033
North Texas Tollway Authority, BHAC, 5.125%, 1/1/2028, Call 1/1/2018		500,000		556,150
Other securities				46,839,676

				77,676,986

Utah — 1.3%
Other securities				18,455,351

Vermont — 0.1%
Other securities				2,028,031

Virginia — 0.3%
Other securities				4,538,304

Washington — 1.1%
Other securities				15,231,957

West Virginia — 0.5%
Other securities				6,753,844

Wisconsin — 3.9%
State of Wisconsin:
5.000%, 11/1/2025, Call 11/1/2022 (4)		3,500,000		4,216,520
5.000%, 5/1/2027, Call 5/1/2022		1,500,000		1,765,560
5.750%, 5/1/2029, Call 5/1/2019		1,090,000		1,301,449
6.000%, 5/1/2033, Call 5/1/2019		1,415,000		1,708,230
6.000%, 5/1/2036, Call 5/1/2019		1,965,000		2,338,920
Wisconsin Health & Educational Facilities Authority:
4.750%, 10/15/2029, Call 10/15/2021		605,000		655,808
5.000%, 4/15/2016		1,000,000		1,070,720
5.000%, 8/15/2018		1,000,000		1,113,310


Description	Shares or Principal Amount		Value
Municipals (continued)

Wisconsin (continued)
Wisconsin Health & Educational Facilities Authority: (continued)
5.000%, 6/1/2019	$	845,000	$	881,986
5.000%, 6/1/2019		2,860,000		3,286,741
5.000%, 7/1/2019		990,000		1,119,601
5.000%, 8/15/2019		250,000		286,680
5.000%, 8/15/2019		955,000		1,076,342
5.000%, 8/15/2020		1,060,000		1,202,453
5.000%, 8/15/2021		1,160,000		1,318,514
5.000%, 10/1/2022		750,000		898,440
5.000%, 8/15/2029, Call 8/15/2022		1,700,000		1,896,775
5.000%, 4/1/2032, Call 10/1/2022		4,560,000		5,133,010
5.000%, 8/15/2032, Call 8/15/2022		5,000,000		5,487,200
5.250%, 12/15/2029, Call 12/15/2019		120,000		132,410
5.375%, 8/15/2024, Call 2/15/2020		1,625,000		1,903,948
Wisconsin Health & Educational Facilities Authority, AGM, 5.000%, 7/15/2027, Call 7/15/2021		3,655,000		4,012,532
Other securities				11,483,735

				54,290,884

Wyoming — 0.1%
Other securities				1,669,900

Total Municipals (identified cost $1,326,635,864)				1,378,599,375

Mutual Funds — 0.4%
Other securities				5,898,069

Short-Term Investments — 1.2%

Mutual Funds — 1.1%
BMO Tax-Free Money Market Fund, Class I, 0.036% (10)		15,311,546		15,311,546

Short-Term Municipals — 0.1%

Michigan — 0.1%
Michigan Finance Authority, SAW, 2.850%, 8/20/2015	$	1,000,000		999,990

Total Short-Term Investments (identified cost $16,311,546)				16,311,536

Total Investments — 100.0% (identified cost $1,348,355,881)				1,400,808,980
Other Assets and Liabilities — 0.0%				658,061

Total Net Assets — 100.0%			$	1,401,467,041

(See Notes which are an integral part of the Financial Statements)


		BMO Funds

Mortgage Income Fund


Description	Principal Amount		Value
Asset-Backed Security — 0.3%

Federal Home Loan Mortgage Corporation — 0.3%
0.415%, 8/25/2031, (Series T-32) (3)	$	376,704	$	368,331

Total Asset-Backed Securities (identified cost $376,704)				368,331

Collateralized Mortgage Obligations — 13.4%

Federal Home Loan Mortgage Corporation — 0.1%
5.000%, 5/15/2033, (Series 2791)		114,219		117,529

Federal National Mortgage Association — 0.8%
0.555%, 4/25/2034, (Series 2004-25) (3)		464,864		468,212
4.000%, 10/25/2032, (Series 2003-28)		18,960		19,292
4.000%, 3/25/2041, (Series 2012-21)		612,806		652,112

				1,139,616

Government National Mortgage Association — 0.8%
4.500%, 8/20/2028, (Series 2009-116)		965,000		1,045,395

Private Sponsor — 11.7%
Alternative Loan Trust, Class 1A1, (Series 2004-24CB), 6.000%, 11/25/2034		1,507,695		1,583,621
Banc of America Funding Trust, Class 2A1, (Series 2005-5), 5.500%, 9/25/2035		875,289		908,963
Chase Mortgage Finance Trust:
Class 7A1, (Series 2007-A2), 4.948%, 7/25/2037 (3)		1,054,114		978,838
Class A1, (Series 2005-S2), 5.500%, 10/25/2035		1,370,996		1,450,562
ChaseFlex Trust, Class 4A3, (Series 2005-2), 6.000%, 5/25/2020		288,975		289,665
Freddie Mac Structured Agency Credit Risk Debt Notes, Class M2, (Series 2014-DN1), 2.355%, 2/25/2024 (3)		2,000,000		2,032,350
GSR Mortgage Loan Trust, Class 2A4, (Series 2007-1F), 5.500%, 1/25/2037		368,592		369,902
Morgan Stanley Mortgage Loan Trust, Class 2A2, (Series 2004-10AR), 2.461%, 11/25/2034 (3)		1,648,091		1,701,361
RFMSI Series Trust, Class A2, (Series 2006-S4), 6.000%, 4/25/2036		1,332,385		1,277,135
Wells Fargo Mortgage Backed Securities Trust:
Class 1A2, (Series 2006-6), 5.750%, 5/25/2036		990,328		986,479
Class A1, (Series 2006-AR19), 5.429%, 12/25/2036 (3)		1,134,684		1,129,526
Class A1, (Series 2007-15), 6.000%, 11/25/2037		1,696,450		1,706,972
Class A8, (Series 2007-11), 6.000%, 8/25/2037		1,297,393		1,297,231

				15,712,605

Total Collateralized Mortgage Obligations (identified cost $17,614,461)				18,015,145


Description	Principal Amount		Value
Commercial Mortgage Securities — 7.9%

Private Sponsor — 7.9%
Banc of America Commercial Mortgage Trust, Class A3, (Series 2006-6), 5.369%, 10/10/2045	$	1,000,000	$	1,020,683
Citigroup Commercial Mortgage Trust, Class B, (Series 2014-GC23), 4.175%, 7/10/2047		1,000,000		1,019,762
FREMF Mortgage Trust, Class B, (Series 2012-K19), 4.176%, 5/25/2045 (3)(5)(6)		2,000,000		2,068,020
FREMF Mortgage Trust, Class B, (Series 2014-K37), 4.713%, 1/25/2047 (3)(5)(6)		2,000,000		2,117,122
JP Morgan Chase Commercial Mortgage Securities Trust, Class B, (Series 2014-C20), 4.399%, 7/15/2047 (3)		2,000,000		2,073,936
Morgan Stanley Bank of America Merrill Lynch Trust, Class B, (Series 2013-C13), 4.907%, 11/15/2046 (3)		2,000,000		2,170,670
Wachovia Bank Commercial Mortgage Trust, Class APB, (Series 2005-C18), 4.807%, 4/15/2042		240,808		242,104

Total Commercial Mortgage Securities (identified cost $10,650,686)				10,712,297

U.S. Government Agency-Mortgage Securities — 70.4%

Federal Home Loan Mortgage Corporation — 17.5%
3.000%, 2/1/2029		2,846,545		2,952,775
3.500%, 4/1/2042		125,650		129,535
3.500%, 7/1/2044		1,496,202		1,539,524
4.000%, 10/1/2031 (2)		2,912,643		3,123,570
4.000%, 12/1/2040		708,271		751,436
4.000%, 2/1/2044		3,886,214		4,135,527
4.500%, 9/1/2031		837,663		912,740
4.500%, 3/1/2039		1,113,528		1,213,139
4.500%, 5/1/2039 (2)		2,285,128		2,495,379
4.500%, 7/1/2040		59,691		65,205
4.500%, 11/1/2040		1,546,716		1,685,083
4.500%, 2/1/2041 (2)		2,098,873		2,271,503
5.000%, 12/1/2022		338,045		364,858
5.000%, 1/1/2040		519,714		578,870
5.500%, 11/1/2018		341,029		361,965
5.500%, 10/1/2021		351,336		382,658
5.500%, 7/1/2035		83,344		92,898
6.000%, 12/1/2036		82,204		92,344
6.000%, 12/1/2037		50,440		57,036
6.500%, 9/1/2016		15,816		16,356
7.500%, 4/1/2024		72,958		84,263
7.500%, 4/1/2027		36,610		43,220
8.000%, 8/1/2030		41,482		46,504
8.500%, 9/1/2024		36,568		41,820
9.000%, 6/1/2019		25,468		27,164
9.500%, 2/1/2025		19,364		19,613

				23,484,985

Federal National Mortgage Association — 50.4%
2.558%, 2/1/2044 (2)(3)		4,536,327		4,682,333
3.000%, 8/1/2032		342,079		352,015
3.000%, 5/1/2043 (2)		7,057,113		7,047,945
3.000%, 5/1/2043		2,810,517		2,805,121

(See Notes which are an integral part of the Financial Statements)

August 31, 2014


Schedules of Investments

Mortgage Income Fund (continued)


Description	Principal Amount		Value
U.S. Government Agency-Mortgage Securities (continued)

Federal National Mortgage Association (continued)
3.500%, 7/1/2032	$	761,934	$	799,904
3.500%, 10/1/2042		3,476,092		3,584,314
3.500%, 5/1/2043 (2)		3,688,071		3,815,209
3.500%, 9/1/2043 (4)		2,898,261		2,998,177
3.500%, 10/1/2043		3,844,050		3,963,727
4.000%, 11/1/2031		1,521,648		1,636,081
4.000%, 2/1/2041 (2)		2,480,495		2,632,743
4.000%, 3/1/2041		455,764		483,738
4.000%, 11/1/2041		1,403,627		1,490,864
4.000%, 9/1/2043		1,895,875		2,019,054
4.000%, 5/1/2044		3,974,378		4,218,643
4.500%, 6/1/2039		1,988,236		2,171,991
4.500%, 4/1/2041		6,946,414		7,521,854
4.500%, 8/1/2041 (2)		2,632,107		2,853,493
4.500%, 6/1/2042		1,807,363		1,974,943
5.000%, 5/1/2018		346,504		366,710
5.000%, 5/1/2042 (2)		2,033,308		2,250,911
5.500%, 1/1/2023		305,253		339,034
5.500%, 10/1/2024		474,032		527,802
5.500%, 2/1/2036		389,074		436,773
5.500%, 7/1/2036		770,036		864,517
5.500%, 8/1/2037 (2)		1,356,292		1,517,917
6.000%, 10/1/2016		53,969		55,678
6.000%, 9/1/2021		462,049		501,780
6.000%, 5/1/2039		1,337,084		1,511,939
6.500%, 9/1/2016		33,072		34,142
6.500%, 9/1/2016		69,817		72,072
6.500%, 8/1/2030		719,100		812,140
6.500%, 12/1/2031		40,964		46,966
6.500%, 11/1/2037		193,818		211,487
7.000%, 3/1/2029		88,647		103,999
7.000%, 7/1/2029		260,382		306,603
7.000%, 2/1/2030		185,917		208,985
7.500%, 10/1/2030		36,885		42,458
8.000%, 10/1/2028		324,380		375,227
8.000%, 4/1/2030		70,549		84,475

				67,723,764

Government National Mortgage Association — 2.5%
5.000%, 4/15/2034		517,011		570,090
5.500%, 9/15/2033		1,112,736		1,248,850
6.000%, 12/20/2033		1,265,217		1,454,252
7.000%, 8/15/2031		61,601		69,143
9.500%, 10/15/2024		17,969		19,690

				3,362,025

Total U.S. Government Agency-Mortgage Securities
(identified cost $92,201,386)				94,570,774

Short-Term Investments — 28.7%

Collateral Pool Investments for Securities on Loan — 24.4%
Collateral pool allocation (12)				32,768,731


Description	Shares		Value
Short-Term Investments (continued)

Mutual Funds — 4.3%
BMO Government Money Market Fund, Class I, 0.010% (10)		5,780,283	$	5,780,283

Total Short-Term Investments (identified cost $38,549,014)				38,549,014

Total Investments — 120.7% (identified cost $159,392,251)				162,215,561
Other Assets and Liabilities — (20.7)%				(27,829,174	)

Total Net Assets — 100.0%			$	134,386,387

TCH Intermediate Income Fund


Description	Principal Amount		Value
Asset-Backed Securities — 11.6%

Automobiles — 3.7%
Honda Auto Receivables Owner Trust, Class A4, (Series 2011-2), 1.550%, 8/18/2017	$	3,489,361	$	3,491,476
Hyundai Auto Receivables Trust, Class A4, (Series 2011-B), 1.650%, 2/15/2017		380,847		381,993
Volkswagen Auto Loan Enhanced Trust, Class A4, (Series 2011-1), 1.980%, 9/20/2017		1,494,494		1,500,596

				5,374,065

Credit Cards — 3.2%
Citibank Credit Card Issuance Trust:
Class A7, (Series 2003-A7), 4.150%, 7/7/2017		3,000,000		3,095,217
Class A8, (Series 2004-A8), 4.900%, 12/12/2016		1,150,000		1,164,879
GE Capital Credit Card Master Note Trust, Class A, (Series 2009-4), 3.800%, 11/15/2017		425,000		428,028

				4,688,124

Other Financial — 4.7%
Ally Master Owner Trust:
Class A, (Series 2010-2), 4.250%, 4/15/2017 (5)(6)		2,500,000		2,542,655
Class A, (Series 2010-4), 1.225%, 8/15/2017 (3)		2,000,000		2,014,524
Class A1, (Series 2012-1), 0.955%, 2/15/2017 (3)		2,250,000		2,256,446

				6,813,625

Total Asset-Backed Securities (identified cost $16,927,403)				16,875,814

Commercial Mortgage Securities — 1.9%

Private Sponsor — 1.9%
Wachovia Bank Commercial Mortgage Trust, Class A7, (Series 2005-C20), 5.118%, 7/15/2042 (3)		2,725,716		2,795,225

Total Commercial Mortgage Securities (identified cost $2,800,271)				2,795,225

(See Notes which are an integral part of the Financial Statements)


		BMO Funds

TCH Intermediate Income Fund (continued)


Description	Principal Amount		Value
Corporate Bonds & Notes — 56.6%

Banks — 13.0%
Australia & New Zealand Banking Group, Ltd., 4.500%, 3/19/2024 (5)(6)	$	1,300,000	$	1,351,133
Banco Santander Chile, 1.134%, 4/11/2017 (3)(5)(6)		1,000,000		1,003,721
Bank of America Corp., 0.494%, 10/14/2016 (2)(3)		1,000,000		997,836
Barclays Bank PLC, 0.811%, 2/17/2017 (3)		1,500,000		1,508,244
Goldman Sachs Group, Inc.:
1.436%, 4/30/2018 (3)		1,000,000		1,019,300
4.000%, 3/3/2024		1,000,000		1,031,947
HSBC Holdings PLC, 4.250%, 3/14/2024 (2)		1,000,000		1,040,157
ING Bank NV, 5.800%, 9/25/2023 (2)(5)(6)		1,000,000		1,137,267
Intesa Sanpaolo SpA, 5.017%, 6/26/2024 (5)(6)		800,000		809,039
JPMorgan Chase & Co., 5.125%, 9/15/2014 (2)		2,000,000		2,002,958
Mizuho Financial Group Cayman 3, Ltd., 4.600%, 3/27/2024 (5)(6)		1,000,000		1,059,110
Morgan Stanley:
0.714%, 10/15/2015 (3)		1,000,000		1,003,228
4.100%, 5/22/2023		1,000,000		1,019,813
5.000%, 11/24/2025 (2)		1,250,000		1,343,913
Standard Chartered PLC, 5.200%, 1/26/2024 (2)(5)(6)		1,000,000		1,085,332
Westpac Banking Corp., 0.562%, 5/19/2017 (3)		1,500,000		1,503,423

				18,916,421

Chemicals — 1.2%
Braskem Finance, Ltd., 5.750%, 4/15/2021 (2)(5)(6)		1,600,000		1,690,000

Commercial Services — 1.4%
ADT Corp., 4.125%, 4/15/2019 (2)		2,000,000		2,010,000

Diversified Financial Services — 3.5%
American Express Credit Corp., 0.497%, 6/5/2017 (3)		2,000,000		2,005,214
HSBC Finance Corp., 5.000%, 6/30/2015		1,000,000		1,036,097
Jefferies Group LLC, 5.125%, 1/20/2023		1,000,000		1,085,312
Nomura Holdings, Inc., 1.680%, 9/13/2016 (3)		1,000,000		1,015,769

				5,142,392

Electric — 1.7%
Alliant Energy Corp., 4.000%, 10/15/2014		1,500,000		1,506,663
Entergy Corp., 3.625%, 9/15/2015		1,000,000		1,027,922

				2,534,585

Environmental Control — 1.4%
Waste Management, Inc., 6.375%, 3/11/2015		2,000,000		2,061,420

Food — 1.8%
Delhaize Group SA, 4.125%, 4/10/2019		1,000,000		1,060,867


Description	Principal Amount		Value
Corporate Bonds & Notes (continued)

Food (continued)
H.J. Heinz Co., 4.250%, 10/15/2020 (2)	$	1,500,000	$	1,522,500

				2,583,367

Healthcare-Products — 0.8%
Hospira, Inc., 5.800%, 8/12/2023		1,000,000		1,132,540

Healthcare-Services — 1.1%
Quest Diagnostics, Inc., 4.250%, 4/1/2024		1,500,000		1,547,848

Holding Companies-Diversified — 1.3%
Leucadia National Corp., 5.500%, 10/18/2023 (2)		1,800,000		1,917,436

Insurance — 1.5%
Principal Life Global Funding II, 0.608%, 5/27/2016 (3)(5)(6)		1,000,000		1,004,578
Prudential Financial, Inc., 3.875%, 1/14/2015		1,100,000		1,113,281

				2,117,859

Internet — 0.9%
Expedia, Inc., 5.950%, 8/15/2020		1,100,000		1,245,862

Iron/Steel — 3.7%
Allegheny Technologies, Inc., 5.875%, 8/15/2023		1,000,000		1,104,916
GTL Trade Finance, Inc., 5.893%, 4/29/2024 (2)(5)(6)		1,750,000		1,848,875
Reliance Steel & Aluminum Co., 4.500%, 4/15/2023 (2)		1,000,000		1,041,758
Samarco Mineracao SA, 4.125%, 11/1/2022 (2)(5)(6)		1,500,000		1,446,750

				5,442,299

Machinery-Diversified — 0.7%
Xylem, Inc., 3.550%, 9/20/2016		1,000,000		1,049,949

Mining — 4.0%
Barrick Gold Corp., 4.100%, 5/1/2023 (2)		1,000,000		1,016,017
BHP Billiton Finance USA, Ltd., 0.484%, 9/30/2016 (3)		1,700,000		1,703,357
Freeport-McMoRan, Inc.:
3.100%, 3/15/2020 (2)		1,000,000		1,014,843
3.550%, 3/1/2022 (2)		750,000		754,798
Kinross Gold Corp., 5.950%, 3/15/2024 (2)(5)(6)		1,250,000		1,302,505

				5,791,520

Oil & Gas — 0.7%
Petrobras International Finance Co., 5.750%, 1/20/2020 (2)		1,000,000		1,080,450

Packaging & Containers — 0.8%
Ball Corp., 5.000%, 3/15/2022 (2)		1,100,000		1,148,125

Pharmaceuticals — 3.5%
Merck & Co., Inc., 0.421%, 5/18/2016 (3)		1,500,000		1,504,272
Mylan, Inc., 4.200%, 11/29/2023 (2)		2,000,000		2,094,564
Pfizer, Inc., 5.350%, 3/15/2015		1,400,000		1,436,490

				5,035,326

(See Notes which are an integral part of the Financial Statements)

August 31, 2014


Schedules of Investments

TCH Intermediate Income Fund (continued)


Description	Principal Amount		Value
Corporate Bonds & Notes (continued)

Pipelines — 3.4%
Energy Transfer Partners LP, 4.150%, 10/1/2020 (2)	$	2,000,000	$	2,118,338
Sunoco Logistics Partners Operations LP, 3.450%, 1/15/2023		1,000,000		985,676
Williams Cos., Inc., 4.550%, 6/24/2024 (2)		1,750,000		1,765,780

				4,869,794

Real Estate Investment Trusts — 3.2%
EPR Properties, 5.250%, 7/15/2023 (2)		1,250,000		1,339,388
Hospitality Properties Trust, 4.650%, 3/15/2024 (2)		600,000		626,523
Senior Housing Properties Trust:
4.750%, 5/1/2024		1,000,000		1,029,905
6.750%, 4/15/2020		1,500,000		1,724,455

				4,720,271

Telecommunications — 6.3%
CenturyLink, Inc., 5.625%, 4/1/2020 (2)		1,000,000		1,061,250
Deutsche Telekom International Finance BV, 3.125%, 4/11/2016 (5)(6)		1,500,000		1,552,953
Frontier Communications Corp., 7.125%, 1/15/2023 (2)		1,000,000		1,060,000
Indosat Palapa Co. BV, 7.375%, 7/29/2020 (5)(6)		1,000,000		1,081,250
Motorola Solutions, Inc., 4.000%, 9/1/2024 (2)		500,000		499,992
Telefonaktiebolaget LM Ericsson, 4.125%, 5/15/2022		1,000,000		1,051,477
Verizon Communications, Inc.:
1.761%, 9/15/2016 (3)		500,000		513,814
5.150%, 9/15/2023		2,000,000		2,266,040

				9,086,776

Transportation — 0.7%
Asciano Finance, Ltd., 4.625%, 9/23/2020 (5)(6)		1,000,000		1,067,152

Total Corporate Bonds & Notes (identified cost $79,663,818)				82,191,392

U.S. Government & U.S. Government Agency Obligations — 14.1%

U.S. Treasury Bonds & Notes — 14.1%
1.250%, 2/29/2020 (2)		10,000,000		9,727,340
1.625%, 1/15/2018 (2)		2,275,260		2,449,104
2.000%, 4/30/2016 (2)		5,000,000		5,134,475
4.250%, 8/15/2015 (2)		3,000,000		3,118,008

Total U.S. Government & U.S. Government Agency Obligations (identified cost $20,656,437)				20,428,927

U.S. Government Agency-Mortgage Securities — 12.2%

Federal Home Loan Mortgage Corporation — 8.4%
3.500%, 10/1/2043		3,820,448		3,931,069
3.500%, 2/1/2044 (2)		3,898,787		4,011,677
4.000%, 4/1/2044 (2)		3,935,693		4,168,725

				12,111,471


Description	Shares or Principal Amount		Value
U.S. Government Agency-Mortgage Securities (continued)

Federal National Mortgage Association — 3.8%
3.500%, 9/1/2034 (2)	$	5,000,000	$	5,229,100
5.500%, 8/1/2037 (2)		239,346		267,868

				5,496,968

Total U.S. Government Agency-Mortgage Securities
(identified cost $17,321,427)				17,608,439


Short-Term Investments — 43.9%

Collateral Pool Investments for Securities on Loan — 41.0%
Collateral pool allocation (12)				59,488,303

Mutual Funds — 2.9%
BMO Prime Money Market Fund, Class I, 0.010% (10)		4,217,503		4,217,503

Total Short-Term Investments (identified cost $63,705,806)				63,705,806

Total Investments — 140.3% (identified cost $201,075,162)				203,605,603
Other Assets and Liabilities — (40.3)%				(58,455,782	)

Total Net Assets — 100.0%			$	145,149,821

TCH Corporate Income Fund


Description	Principal Amount		Value
Asset-Backed Securities — 2.5%

Automobiles — 2.5%
Ally Auto Receivables Trust, Class A4, (Series 2011-1), 2.230%, 3/15/2016	$	609,989	$	611,601
Hyundai Auto Receivables Trust:
Class A4, (Series 2010-A), 2.450%, 12/15/2016		760,118		762,894
Class A4, (Series 2010-B), 1.630%, 3/15/2017		2,352,664		2,365,180
Volkswagen Auto Loan Enhanced Trust, Class A4, (Series 2011-1), 1.980%, 9/20/2017		1,271,909		1,277,102

Total Asset-Backed Securities (identified cost $5,022,833)				5,016,777

Corporate Bonds & Notes — 87.3%

Advertising — 0.6%
WPP Finance UK, 8.000%, 9/15/2014		1,225,000		1,227,782

Agriculture — 0.4%
Altria Group, Inc., 10.200%, 2/6/2039		97,000		168,433
Bunge, Ltd. Finance Corp., 8.500%, 6/15/2019		250,000		313,670
Reynolds American, Inc., 7.750%, 6/1/2018		250,000		298,199

				780,302

Auto Manufacturers — 0.9%
Jaguar Land Rover Automotive PLC:
4.125%, 12/15/2018 (5)(6)		1,000,000		1,020,000
5.625%, 2/1/2023 (2)(5)(6)		450,000		476,437

(See Notes which are an integral part of the Financial Statements)


		BMO Funds

TCH Corporate Income Fund (continued)


Description	Principal Amount		Value
Corporate Bonds & Notes (continued)

Auto Manufacturers (continued)
Nissan Motor Acceptance Corp., 0.934%, 9/26/2016 (3)(5)(6)	$	250,000	$	251,665

				1,748,102

Banks — 15.5%
ABN AMRO Bank NV, 1.035%, 10/28/2016 (3)(5)(6)		750,000		757,504
Banco de Costa Rica, 5.250%, 8/12/2018 (5)(6)		800,000		828,000
Banco Santander Chile, 1.134%, 4/11/2017 (3)(5)(6)		1,000,000		1,003,721
BanColombia SA, 6.125%, 7/26/2020 (2)		500,000		542,500
Bank of America Corp.:
1.050%, 3/22/2016 (3)		1,500,000		1,511,508
1.105%, 4/1/2019 (2)(3)		1,000,000		1,008,731
6.875%, 4/25/2018		250,000		291,745
Branch Banking & Trust Co., 0.565%, 10/28/2015 (3)		2,500,000		2,502,180
Citigroup, Inc.:
0.501%, 6/9/2016 (3)		1,000,000		995,887
0.770%, 3/10/2017 (3)		750,000		751,966
Deutsche Bank AG/London, 0.705%, 5/30/2017 (3)		1,000,000		1,001,222
Discover Bank, 7.000%, 4/15/2020		1,000,000		1,199,590
Goldman Sachs Group, Inc.:
1.436%, 4/30/2018 (3)		1,500,000		1,528,950
6.750%, 10/1/2037 (2)		1,000,000		1,235,894
7.500%, 2/15/2019		300,000		362,923
HSBC USA, Inc., 0.530%, 6/23/2017 (3)		1,500,000		1,501,854
ING Bank NV, 5.800%, 9/25/2023 (2)(5)(6)		500,000		568,633
Itau Unibanco Holding SA/Cayman Island, 5.500%, 8/6/2022 (5)(6)		1,400,000		1,445,500
JPMorgan Chase & Co.:
1.281%, 3/20/2015 (3)		1,500,000		1,508,439
4.625%, 5/10/2021		300,000		332,226
Morgan Stanley:
5.500%, 1/26/2020		1,000,000		1,137,598
5.500%, 7/28/2021 (2)		1,000,000		1,150,597
6.000%, 4/28/2015		500,000		517,776
National City Bank/Cleveland, 0.581%, 12/15/2016 (3)		550,000		548,456
PNC Funding Corp., 4.250%, 9/21/2015		1,365,000		1,419,772
Turkiye Halk Bankasi AS, 4.750%, 6/4/2019 (5)(6)		1,000,000		1,010,900
Turkiye Is Bankasi, 7.850%, 12/10/2023 (5)(6)		250,000		276,525
Wachovia Corp., 0.576%, 10/28/2015 (3)		750,000		751,905
Wells Fargo & Co.:
0.435%, 10/28/2015 (3)		1,500,000		1,501,629
1.154%, 6/26/2015 (3)		1,000,000		1,007,432
Wells Fargo Bank NA, 4.875%, 2/1/2015		750,000		763,845

				30,965,408


Description	Principal Amount		Value
Corporate Bonds & Notes (continued)

Beverages — 1.0%
Anheuser-Busch InBev Worldwide, Inc., 5.375%, 11/15/2014	$	1,000,000	$	1,009,993
PepsiCo, Inc., 0.445%, 2/26/2016 (3)		1,000,000		1,002,350

				2,012,343

Biotechnology — 1.3%
Amgen, Inc.:
0.615%, 5/22/2017 (3)		1,000,000		1,002,557
4.850%, 11/18/2014		1,500,000		1,513,815

				2,516,372

Chemicals — 2.6%
Braskem America Finance Co., 7.125%, 7/22/2041 (5)(6)		1,000,000		1,035,000
Braskem Finance, Ltd., 5.750%, 4/15/2021 (2)(5)(6)		500,000		528,125
Dow Chemical Co., 8.550%, 5/15/2019		250,000		318,816
Lubrizol Corp., 5.500%, 10/1/2014		750,000		752,926
Mexichem SAB de C.V., 6.750%, 9/19/2042 (5)(6)		1,500,000		1,665,000
OCP SA, 6.875%, 4/25/2044 (5)(6)		800,000		866,000

				5,165,867

Commercial Services — 2.1%
ADT Corp.:
3.500%, 7/15/2022		1,000,000		895,000
4.125%, 4/15/2019 (2)		500,000		502,500
4.125%, 6/15/2023 (2)		500,000		466,250
4.875%, 7/15/2042		1,000,000		853,750
McGraw-Hill Financial, Inc., 6.550%, 11/15/2037		1,400,000		1,472,775

				4,190,275

Diversified Financial Services — 7.2%
AerCap Ireland Capital, Ltd., 4.500%, 5/15/2021 (2)(5)(6)		2,000,000		2,044,900
Blackstone Holdings Finance Co. LLC:
6.250%, 8/15/2042 (2)(5)(6)		250,000		319,315
6.625%, 8/15/2019 (5)(6)		350,000		419,342
Ford Motor Credit Co. LLC, 1.483%, 5/9/2016 (2)(3)		1,000,000		1,015,066
General Electric Capital Corp.:
0.614%, 7/10/2015 (3)		2,000,000		2,006,468
1.103%, 5/9/2016 (3)		700,000		708,437
4.875%, 3/4/2015		1,000,000		1,023,085
Harley-Davidson Funding Corp., 5.750%, 12/15/2014 (5)(6)		100,000		101,499
Jefferies Group, LLC:
6.500%, 1/20/2043		2,000,000		2,244,010
8.500%, 7/15/2019		250,000		313,313
Legg Mason, Inc., 5.625%, 1/15/2044		750,000		845,165
NASDAQ OMX Group, Inc., 5.550%, 1/15/2020		500,000		556,391
Navient LLC, 7.250%, 1/25/2022		1,250,000		1,398,437
Nomura Holdings, Inc., 1.680%, 9/13/2016 (3)		1,500,000		1,523,653

				14,519,081

(See Notes which are an integral part of the Financial Statements)

August 31, 2014


Schedules of Investments

TCH Corporate Income Fund (continued)


Description	Principal Amount		Value
Corporate Bonds & Notes (continued)

Electric — 1.6%
Dubai Electricity & Water Authority, 8.500%, 4/22/2015 (5)(6)	$	1,000,000	$	1,049,440
Georgia Power Co., 0.551%, 3/15/2016 (3)		500,000		499,817
State Grid Overseas Investment 2014, Ltd., 4.125%, 5/7/2024 (5)(6)		1,500,000		1,566,800

				3,116,057

Environmental Control — 0.1%
Waste Management, Inc., 7.375%, 3/11/2019		250,000		305,087

Food — 3.5%
ConAgra Foods, Inc., 0.603%, 7/21/2016 (3)		2,000,000		2,002,426
General Mills, Inc., 5.200%, 3/17/2015		1,300,000		1,333,377
HJ Heinz Finance Co., 7.125%, 8/1/2039 (5)(6)		1,000,000		1,102,500
Kroger Co., 0.763%, 10/17/2016 (3)		1,000,000		1,003,058
Nabisco, Inc., 7.550%, 6/15/2015		1,500,000		1,582,761

				7,024,122

Forest Products & Paper — 0.2%
International Paper Co., 8.700%, 6/15/2038		250,000		384,282

Healthcare-Products — 1.0%
Hospira, Inc., 5.800%, 8/12/2023		1,000,000		1,132,540
Mallinckrodt International Finance SA, 4.750%, 4/15/2023		850,000		805,375

				1,937,915

Healthcare-Services — 0.7%
Humana, Inc., 8.150%, 6/15/2038		850,000		1,250,623
Quest Diagnostics, Inc., 6.400%, 7/1/2017 (2)		150,000		169,416

				1,420,039

Holding Companies-Diversified — 1.4%
Alfa SAB de C.V., 6.875%, 3/25/2044 (5)(6)		1,000,000		1,130,000
Leucadia National Corp.:
5.500%, 10/18/2023		1,000,000		1,065,242
6.625%, 10/23/2043		500,000		557,017

				2,752,259

Insurance — 4.1%
Aflac, Inc., 8.500%, 5/15/2019		300,000		383,918
American Financial Group, Inc., 9.875%, 6/15/2019		250,000		326,342
Marsh & McLennan Cos., Inc., 9.250%, 4/15/2019		300,000		386,981
MetLife, Inc., 5.000%, 6/15/2015		2,500,000		2,591,115
Primerica, Inc., 4.750%, 7/15/2022		500,000		550,578


Description	Principal Amount		Value
Corporate Bonds & Notes (continued)

Insurance (continued)
Prudential Financial, Inc.:
4.750%, 6/13/2015	$	1,250,000	$	1,290,991
5.100%, 9/20/2014		1,500,000		1,503,080
Voya Financial, Inc., 5.500%, 7/15/2022		1,000,000		1,147,526

				8,180,531

Internet — 1.0%
Expedia, Inc., 5.950%, 8/15/2020		1,000,000		1,132,602
Netflix, Inc., 5.750%, 3/1/2024 (5)(6)		750,000		789,375

				1,921,977

Iron/Steel — 3.5%
Allegheny Technologies, Inc., 5.875%, 8/15/2023		1,000,000		1,104,916
ArcelorMittal:
6.000%, 3/1/2021 (2)		500,000		540,625
7.500%, 10/15/2039		1,000,000		1,092,500
GTL Trade Finance, Inc., 7.250%, 4/16/2044 (2)(5)(6)		2,000,000		2,122,500
Samarco Mineracao SA, 5.750%, 10/24/2023 (2)(5)(6)		1,000,000		1,073,000
Vale Overseas, Ltd., 6.875%, 11/21/2036		1,000,000		1,183,850

				7,117,391

Lodging — 0.6%
Hyatt Hotels Corp., 5.375%, 8/15/2021 (2)		1,000,000		1,133,106

Machinery-Diversified — 0.5%
CNH Industrial Capital LLC, 3.625%, 4/15/2018 (2)		1,000,000		1,012,500

Media — 3.0%
CBS Corp., 8.875%, 5/15/2019		250,000		322,153
DIRECTV Holdings LLC, 6.350%, 3/15/2040 (2)		750,000		931,172
NBCUniversal Enterprise, Inc., 0.771%, 4/15/2016 (3)(5)(6)		1,000,000		1,002,636
Time Warner Cable, Inc., 6.750%, 6/15/2039		1,000,000		1,315,311
Walt Disney Co., 0.544%, 5/30/2019 (2)(3)		2,500,000		2,504,098

				6,075,370

Mining — 2.5%
Barrick North America Finance LLC, 5.750%, 5/1/2043 (2)		1,000,000		1,082,489
Glencore Finance Canada, Ltd., 6.900%, 11/15/2037 (5)(6)		1,000,000		1,204,019
Rio Tinto Finance USA, Ltd., 9.000%, 5/1/2019		100,000		130,265
Southern Copper Corp., 7.500%, 7/27/2035 (2)		1,250,000		1,540,600
Teck Resources, Ltd., 6.250%, 7/15/2041		1,000,000		1,108,592

				5,065,965

Miscellaneous Manufacturing — 1.0%
Tyco Electronics Group SA, 0.437%, 1/29/2016 (3)		2,000,000		2,000,438

(See Notes which are an integral part of the Financial Statements)


		BMO Funds

TCH Corporate Income Fund (continued)


Description	Principal Amount		Value
Corporate Bonds & Notes (continued)

Oil & Gas — 5.3%
Chesapeake Energy Corp., 6.125%, 2/15/2021 (2)	$	500,000	$	568,750
Ecopetrol SA, 7.375%, 9/18/2043		1,000,000		1,280,000
Hess Corp., 8.125%, 2/15/2019		300,000		374,356
KazMunayGas National Co. JSC, 5.750%, 4/30/2043 (5)(6)		1,000,000		996,450
Nabors Industries, Inc., 4.625%, 9/15/2021		1,000,000		1,095,675
Nexen Energy ULC, 5.875%, 3/10/2035		1,000,000		1,176,683
Petrobras Global Finance BV, 4.375%, 5/20/2023 (2)		1,000,000		989,180
Pride International, Inc., 6.875%, 8/15/2020 (2)		1,000,000		1,206,692
Rowan Cos., Inc., 5.400%, 12/1/2042		1,000,000		994,697
Transocean, Inc., 7.500%, 4/15/2031		250,000		298,401
Valero Energy Corp.:
6.625%, 6/15/2037		1,000,000		1,261,926
9.375%, 3/15/2019		250,000		324,516

				10,567,326

Oil & Gas Services — 0.2%
Weatherford International, Ltd.:
9.625%, 3/1/2019		250,000		324,885
9.875%, 3/1/2039 (2)		100,000		158,742

				483,627

Packaging & Containers — 1.4%
Ball Corp.:
4.000%, 11/15/2023 (2)		500,000		481,250
5.000%, 3/15/2022		2,000,000		2,087,500
Bemis Co., Inc., 6.800%, 8/1/2019		250,000		297,472

				2,866,222

Pharmaceuticals — 4.1%
Actavis Funding SCS, 4.850%, 6/15/2044 (2)(5)(6)		1,500,000		1,549,326
Endo Finance LLC, 7.000%, 7/15/2019 (5)(6)		1,500,000		1,601,250
Forest Laboratories, Inc., 4.375%, 2/1/2019 (5)(6)		900,000		970,466
Merck Sharp & Dohme Corp., 4.750%, 3/1/2015		2,500,000		2,555,557
Pfizer, Inc., 5.350%, 3/15/2015 (2)		1,500,000		1,539,096

				8,215,695

Pipelines — 2.2%
El Paso Pipeline Partners Operating Co. LLC, 7.500%, 11/15/2040		250,000		332,050
Energy Transfer Partners LP:
6.500%, 2/1/2042		1,500,000		1,808,464
9.000%, 4/15/2019		250,000		317,904
Kinder Morgan Energy Partners LP, 9.000%, 2/1/2019		150,000		189,748
Rockies Express Pipeline LLC, 6.875%, 4/15/2040 (5)(6)		250,000		267,500


Description	Principal Amount		Value
Corporate Bonds & Notes (continued)

Pipelines (continued)
Williams Cos., Inc., 4.550%, 6/24/2024	$	1,500,000	$	1,513,525

				4,429,191

Real Estate Investment Trusts — 2.1%
Duke Realty LP, 7.375%, 2/15/2015		950,000		978,276
EPR Properties:
5.250%, 7/15/2023 (2)		1,000,000		1,071,510
5.750%, 8/15/2022		1,500,000		1,658,373
Hospitality Properties Trust, 4.500%, 6/15/2023		500,000		513,547

				4,221,706

Retail — 3.0%
Bed Bath & Beyond, Inc., 5.165%, 8/1/2044		2,500,000		2,605,197
Best Buy Co., Inc., 5.000%, 8/1/2018 (2)		750,000		776,250
Kohl’s Corp., 6.875%, 12/15/2037 (2)		150,000		189,557
L Brands, Inc.:
6.950%, 3/1/2033		500,000		526,250
7.600%, 7/15/2037		1,250,000		1,390,625
QVC, Inc., 5.125%, 7/2/2022		250,000		268,821
TJX Cos., Inc., 6.950%, 4/15/2019		250,000		303,069

				6,059,769

Semiconductors — 1.0%
Micron Technology, Inc., 5.500%, 2/1/2025 (5)(6)		2,000,000		2,030,000

Sovereign — 0.6%
Costa Rica Government International Bond, 4.375%, 4/30/2025 (2)(5)(6)		1,000,000		952,500
Republic of Armenia, 6.000%, 9/30/2020 (5)(6)		250,000		261,250

				1,213,750

Telecommunications — 9.9%
AT&T, Inc.:
0.620%, 2/12/2016 (3)		1,500,000		1,504,920
5.100%, 9/15/2014		2,000,000		2,002,960
CenturyLink, Inc.:
7.600%, 9/15/2039		1,000,000		1,022,500
7.650%, 3/15/2042		2,000,000		2,040,000
Colombia Telecomunicaciones SA ESP, 5.375%, 9/27/2022 (2)		800,000		822,000
Frontier Communications Corp.:
8.125%, 10/1/2018 (2)		750,000		876,375
9.000%, 8/15/2031		500,000		542,500
Motorola Solutions, Inc., 5.500%, 9/1/2044		2,500,000		2,600,310
Telecom Italia Capital SA:
6.375%, 11/15/2033		1,500,000		1,550,625
7.200%, 7/18/2036		1,500,000		1,674,375
Telefonica Europe BV, 8.250%, 9/15/2030		1,250,000		1,745,505
Verizon Communications, Inc., 6.400%, 9/15/2033 (2)		2,000,000		2,529,024
Windstream Corp., 7.500%, 6/1/2022 (2)		750,000		818,437

				19,729,531

(See Notes which are an integral part of the Financial Statements)

August 31, 2014


Schedules of Investments

TCH Corporate Income Fund (continued)


Description	Shares or Principal Amount		Value
Corporate Bonds & Notes (continued)

Transportation — 0.9%
CSX Corp., 6.250%, 4/1/2015	$	1,000,000	$	1,032,987
FedEx Corp., 8.000%, 1/15/2019		250,000		311,092
Kazakhstan Temir Zholy Finance BV, 6.950%, 7/10/2042 (5)(6)		500,000		566,250

				1,910,329

Venture Capital — 0.3%
KKR Group Finance Co. II LLC, 5.500%, 2/1/2043 (5)(6)		500,000		561,550

Total Corporate Bonds & Notes (identified cost $162,821,764)				174,861,267

Municipals — 0.3%

California — 0.3%
Metropolitan Water District of Southern California, 6.947%, 7/1/2040, Call 7/1/2020		500,000		599,460

Total Municipals (identified cost $500,000)				599,460

U.S. Government & U.S. Government Agency Obligations — 4.2%

U.S. Treasury Bonds & Notes — 4.2%
3.000%, 8/31/2016 (2)		4,000,000		4,196,720
3.250%, 5/31/2016		4,000,000		4,196,328

Total U.S. Government & U.S. Government Agency Obligations (identified cost $8,389,343)				8,393,048

Short-Term Investments — 20.1%

Collateral Pool Investments for Securities on Loan — 16.1%

Collateral pool allocation (12)				32,099,509

Mutual Funds — 2.5%
BMO Prime Money Market Fund, Class I, 0.010% (10)		5,075,402		5,075,402

U.S. Treasury Bills — 1.5%
0.025%, 1/2/2015 (9)	$	3,000,000		2,999,835

Total Short-Term Investments (identified cost $40,174,658)				40,174,746

Total Investments — 114.4% (identified cost $216,908,598)				229,045,298
Other Assets and Liabilities — (14.4)%				(28,899,808	)

Total Net Assets — 100.0%			$	200,145,490

TCH Core Plus Bond Fund


Description	Principal Amount		Value
Asset-Backed Securities — 0.6%

Automobiles — 0.6%
Hyundai Auto Receivables Trust, Class A4, (Series 2010-A), 2.450%, 12/15/2016	$	4,073,040	$	4,087,914


Description	Principal Amount		Value
Asset-Backed Securities (continued)

Automobiles (continued)
Volkswagen Auto Loan Enhanced Trust, Class A4, (Series 2011-1), 1.980%, 9/20/2017	$	1,701,179	$	1,708,125

Total Asset-Backed Securities (identified cost $5,825,891)				5,796,039

Commercial Mortgage Securities — 0.1%

Private Sponsor — 0.1%
Bear Stearns Commercial Mortgage Securities, Class A4, (Series 2007-T28), 5.742%, 9/11/2042 (3)		500,000		554,630

Total Commercial Mortgage Securities (identified cost $339,242)				554,630

Corporate Bonds & Notes — 51.7%

Advertising — 0.3%
WPP Finance UK, 8.000%, 9/15/2014		2,500,000		2,505,678

Agriculture — 0.3%
Altria Group, Inc., 10.200%, 2/6/2039		81,000		140,650
Bunge, Ltd. Finance Corp., 8.500%, 6/15/2019 (2)		500,000		627,340
Lorillard Tobacco Co., 8.125%, 5/1/2040 (2)		1,000,000		1,388,633
Reynolds American, Inc., 7.750%, 6/1/2018		250,000		298,199

				2,454,822

Auto Manufacturers — 1.3%
Jaguar Land Rover Automotive PLC:
4.125%, 12/15/2018 (5)(6)		4,000,000		4,080,000
5.625%, 2/1/2023 (2)(5)(6)		3,000,000		3,176,250
Nissan Motor Acceptance Corp., 0.934%, 9/26/2016 (3)(5)(6)		5,000,000		5,033,290

				12,289,540

Banks — 8.0%
Banco Bradesco SA/Cayman Islands, 5.750%, 3/1/2022 (5)(6)		2,000,000		2,114,000
Banco de Costa Rica, 5.250%, 8/12/2018 (5)(6)		2,500,000		2,587,500
BanColombia SA:
5.950%, 6/3/2021 (2)		750,000		839,625
6.125%, 7/26/2020 (2)		900,000		976,500
Bank of America Corp.:
1.050%, 3/22/2016 (3)		5,000,000		5,038,360
6.875%, 4/25/2018		250,000		291,745
Citigroup, Inc.:
0.770%, 3/10/2017 (3)		6,000,000		6,015,732
1.194%, 7/25/2016 (2)(3)		3,000,000		3,030,306
Deutsche Bank AG/London, 0.705%, 5/30/2017 (3)		3,000,000		3,003,666
Discover Bank, 7.000%, 4/15/2020		1,000,000		1,199,590
Goldman Sachs Group, Inc.:
1.436%, 4/30/2018 (2)(3)		5,000,000		5,096,500
6.750%, 10/1/2037 (2)		750,000		926,921
7.500%, 2/15/2019		700,000		846,819

(See Notes which are an integral part of the Financial Statements)


		BMO Funds

TCH Core Plus Bond Fund (continued)


Description	Principal Amount		Value
Corporate Bonds & Notes (continued)

Banks (continued)
HSBC USA, Inc., 0.530%, 6/23/2017 (3)	$	4,000,000	$	4,004,944
ING Bank NV, 5.800%, 9/25/2023 (2)(5)(6)		3,000,000		3,411,801
Itau Unibanco Holding SA/Cayman Island, 5.500%, 8/6/2022 (2)(5)(6)		5,000,000		5,162,500
JPMorgan Chase & Co.:
0.683%, 4/23/2015 (3)		1,000,000		1,002,585
1.281%, 3/20/2015 (3)		1,500,000		1,508,439
Morgan Stanley:
5.000%, 11/24/2025 (2)		6,000,000		6,450,780
5.500%, 7/28/2021 (2)		1,500,000		1,725,895
6.000%, 4/28/2015		4,000,000		4,142,212
Royal Bank of Canada, 0.936%, 10/30/2014 (3)		750,000		750,886
Standard Chartered PLC, 5.200%, 1/26/2024 (2)(5)(6)		3,500,000		3,798,662
Turkiye Halk Bankasi AS, 4.750%, 6/4/2019 (5)(6)		3,500,000		3,538,150
Turkiye Is Bankasi, 7.850%, 12/10/2023 (5)(6)		2,250,000		2,488,725
Wells Fargo & Co., 0.435%, 10/28/2015 (3)		5,000,000		5,005,430

				74,958,273

Beverages — 0.5%
PepsiCo, Inc., 0.445%, 2/26/2016 (3)		5,000,000		5,011,750

Biotechnology — 1.1%
Amgen, Inc.:
0.615%, 5/22/2017 (3)		5,000,000		5,012,785
4.850%, 11/18/2014		3,000,000		3,027,630
Gilead Sciences, Inc., 2.400%, 12/1/2014		2,000,000		2,009,722

				10,050,137

Chemicals — 2.5%
Braskem America Finance Co., 7.125%, 7/22/2041 (5)(6)		7,000,000		7,245,000
Dow Chemical Co., 9.400%, 5/15/2039		500,000		832,381
Grupo Idesa SA de C.V., 7.875%, 12/18/2020 (5)(6)		2,750,000		2,983,750
Mexichem SAB de C.V., 6.750%, 9/19/2042 (2)(5)(6)		8,400,000		9,324,000
OCP SA, 6.875%, 4/25/2044 (5)(6)		2,500,000		2,706,250

				23,091,381

Commercial Services — 1.5%
ADT Corp.:
3.500%, 7/15/2022 (2)		2,750,000		2,461,250
4.875%, 7/15/2042 (2)		7,000,000		5,976,250
6.250%, 10/15/2021 (2)		1,000,000		1,060,000
McGraw-Hill Financial, Inc., 6.550%, 11/15/2037		4,000,000		4,207,928

				13,705,428

Computers — 0.2%
Hewlett-Packard Co., 1.174%, 1/14/2019 (2)(3)		2,250,000		2,281,311


Description	Principal Amount		Value
Corporate Bonds & Notes (continued)

Diversified Financial Services — 3.1%
AerCap Ireland Capital, Ltd., 4.500%, 5/15/2021 (5)(6)	$	4,000,000	$	4,089,800
Blackstone Holdings Finance Co. LLC:
6.250%, 8/15/2042 (2)(5)(6)		1,000,000		1,277,260
6.625%, 8/15/2019 (5)(6)		400,000		479,248
Ford Motor Credit Co. LLC:
1.013%, 1/17/2017 (3)		2,000,000		2,014,362
1.483%, 5/9/2016 (3)		4,000,000		4,060,264
General Electric Capital Corp., 0.833%, 1/8/2016 (3)		4,000,000		4,026,900
Harley-Davidson Funding Corp., 5.750%, 12/15/2014 (5)(6)		100,000		101,499
Jefferies Group, LLC:
6.500%, 1/20/2043		5,000,000		5,610,025
8.500%, 7/15/2019 (2)		250,000		313,313
NASDAQ OMX Group, Inc., 5.550%, 1/15/2020 (2)		1,000,000		1,112,781
Navient LLC, 7.250%, 1/25/2022 (2)		1,500,000		1,678,125
Nomura Holdings, Inc., 1.680%, 9/13/2016 (3)		4,000,000		4,063,076

				28,826,653

Electric — 2.0%
Appalachian Power Co., 3.400%, 5/24/2015		2,000,000		2,038,860
CMS Energy Corp., 5.050%, 3/15/2022		1,000,000		1,136,544
Dubai Electricity & Water Authority, 8.500%, 4/22/2015 (5)(6)		1,000,000		1,049,440
Entergy Corp., 3.625%, 9/15/2015		5,000,000		5,139,610
Georgia Power Co., 0.551%, 3/15/2016 (3)		4,000,000		3,998,536
State Grid Overseas Investment 2014, Ltd., 4.125%, 5/7/2024 (5)(6)		5,500,000		5,744,931

				19,107,921

Environmental Control — 0.0%
Waste Management, Inc., 7.375%, 3/11/2019		250,000		305,087

Food — 1.5%
ConAgra Foods, Inc., 0.603%, 7/21/2016 (3)		4,000,000		4,004,852
General Mills, Inc., 5.200%, 3/17/2015		1,500,000		1,538,512
H.J. Heinz Co., 4.250%, 10/15/2020 (2)		3,000,000		3,045,000
HJ Heinz Finance Co., 7.125%, 8/1/2039 (5)(6)		3,500,000		3,858,750
Nabisco, Inc., 7.550%, 6/15/2015		2,000,000		2,110,348

				14,557,462

Forest Products & Paper — 0.0%
International Paper Co., 8.700%, 6/15/2038		250,000		384,282

Healthcare-Products — 1.1%
Hospira, Inc., 5.800%, 8/12/2023		4,000,000		4,530,160

(See Notes which are an integral part of the Financial Statements)

August 31, 2014


Schedules of Investments

TCH Core Plus Bond Fund (continued)


Description	Principal Amount		Value
Corporate Bonds & Notes (continued)

Healthcare-Products (continued)
Mallinckrodt International Finance SA, 4.750%, 4/15/2023	$	6,000,000	$	5,685,000

				10,215,160

Healthcare-Services — 0.1%
Humana, Inc., 8.150%, 6/15/2038		500,000		735,660
Quest Diagnostics, Inc., 6.400%, 7/1/2017 (2)		250,000		282,360

				1,018,020

Holding Companies-Diversified — 0.8%
Leucadia National Corp.:
5.500%, 10/18/2023		4,000,000		4,260,968
6.625%, 10/23/2043		3,000,000		3,342,102

				7,603,070

Insurance — 1.2%
Aflac, Inc., 8.500%, 5/15/2019		700,000		895,808
American Financial Group, Inc., 9.875%, 6/15/2019		250,000		326,342
First American Financial Corp., 4.300%, 2/1/2023		2,000,000		2,047,500
Marsh & McLennan Cos., Inc., 9.250%, 4/15/2019		350,000		451,478
MetLife, Inc., 5.000%, 6/15/2015 (2)		4,500,000		4,664,007
Prudential Financial, Inc., 5.100%, 9/20/2014		1,500,000		1,503,080
Voya Financial, Inc., 5.500%, 7/15/2022		1,000,000		1,147,526

				11,035,741

Internet — 0.5%
Expedia, Inc., 5.950%, 8/15/2020		1,000,000		1,132,602
Netflix, Inc., 5.750%, 3/1/2024 (5)(6)		3,250,000		3,420,625

				4,553,227

Iron/Steel — 2.6%
Allegheny Technologies, Inc., 5.875%, 8/15/2023		2,000,000		2,209,832
ArcelorMittal:
6.000%, 3/1/2021 (2)		750,000		810,938
7.500%, 10/15/2039		1,000,000		1,092,500
Cliffs Natural Resources, Inc., 4.800%, 10/1/2020 (2)		1,000,000		950,924
Glencore Funding LLC:
1.398%, 5/27/2016 (2)(3)(5)(6)		1,500,000		1,508,974
4.125%, 5/30/2023 (2)(5)(6)		2,000,000		2,044,888
GTL Trade Finance, Inc., 7.250%, 4/16/2044 (2)(5)(6)		6,000,000		6,367,500
Samarco Mineracao SA, 5.750%, 10/24/2023 (2)(5)(6)		5,000,000		5,365,000
Vale Overseas, Ltd., 6.875%, 11/21/2036 (2)		3,500,000		4,143,475

				24,494,031

Media — 1.2%
CBS Corp., 8.875%, 5/15/2019		500,000		644,306
Comcast Corp., 6.500%, 1/15/2015		2,500,000		2,555,073


Description	Principal Amount		Value
Corporate Bonds & Notes (continued)

Media (continued)
DIRECTV Holdings LLC, 6.350%, 3/15/2040 (2)	$	1,000,000	$	1,241,563
NBCUniversal Enterprise, Inc., 0.771%, 4/15/2016 (2)(3)(5)(6)		4,000,000		4,010,544
Time Warner Cable, Inc., 6.750%, 6/15/2039		1,100,000		1,446,842
Walt Disney Co., 0.544%, 5/30/2019 (2)(3)		1,000,000		1,001,639

				10,899,967

Mining — 2.8%
Barrick North America Finance LLC, 5.700%, 5/30/2041 (2)		4,000,000		4,242,964
Glencore Finance Canada, Ltd., 6.900%, 11/15/2037 (5)(6)		2,500,000		3,010,047
Newmont Mining Corp., 6.250%, 10/1/2039		2,000,000		2,158,888
Rio Tinto Finance USA, Ltd., 9.000%, 5/1/2019		400,000		521,061
Southern Copper Corp.:
5.250%, 11/8/2042 (2)		5,000,000		4,894,250
7.500%, 7/27/2035 (2)		3,000,000		3,697,440
Teck Resources, Ltd., 6.250%, 7/15/2041		6,050,000		6,706,982
Volcan Cia Minera SAA, 5.375%, 2/2/2022 (5)(6)		1,250,000		1,278,125

				26,509,757

Miscellaneous Manufacturing — 0.6%
Tyco Electronics Group SA, 0.437%, 1/29/2016 (3)		6,000,000		6,001,314

Oil & Gas — 3.4%
Chesapeake Energy Corp., 6.125%, 2/15/2021 (2)		1,000,000		1,137,500
Ecopetrol SA:
7.375%, 9/18/2043		6,000,000		7,680,000
7.625%, 7/23/2019 (2)		500,000		611,600
Hess Corp., 8.125%, 2/15/2019		250,000		311,963
KazMunayGas National Co. JSC, 5.750%, 4/30/2043 (5)(6)		3,000,000		2,989,350
Nexen Energy ULC, 5.875%, 3/10/2035		3,000,000		3,530,049
Pacific Rubiales Energy Corp., 5.125%, 3/28/2023 (2)(5)(6)		750,000		761,250
Petrobras Global Finance BV, 5.625%, 5/20/2043 (2)		4,200,000		4,094,580
Petroleos Mexicanos, 6.375%, 1/23/2045 (5)(6)		2,500,000		3,031,250
Pride International, Inc., 7.875%, 8/15/2040		1,000,000		1,478,479
Rowan Cos., Inc., 5.400%, 12/1/2042		6,000,000		5,968,182
Transocean, Inc., 7.500%, 4/15/2031		250,000		298,401
Valero Energy Corp., 9.375%, 3/15/2019		250,000		324,516

				32,217,120

Oil & Gas Services — 0.0%
Weatherford International, Ltd., 9.625%, 3/1/2019		250,000		324,885

(See Notes which are an integral part of the Financial Statements)


		BMO Funds

TCH Core Plus Bond Fund (continued)


Description	Principal Amount		Value
Corporate Bonds & Notes (continued)

Packaging & Containers — 1.3%
Ball Corp.:
4.000%, 11/15/2023 (2)	$	4,000,000	$	3,850,000
5.000%, 3/15/2022 (2)		7,500,000		7,828,125
Bemis Co., Inc., 6.800%, 8/1/2019		250,000		297,472

				11,975,597

Pharmaceuticals — 1.4%
Actavis Funding SCS, 3.850%, 6/15/2024 (5)(6)		3,000,000		3,040,743
Endo Finance LLC, 7.000%, 7/15/2019 (2)(5)(6)		5,000,000		5,337,500
Merck Sharp & Dohme Corp., 4.750%, 3/1/2015		1,000,000		1,022,223
Pfizer, Inc., 5.350%, 3/15/2015 (2)		4,000,000		4,104,256

				13,504,722

Pipelines — 0.3%
Energy Transfer Partners LP:
6.500%, 2/1/2042		1,000,000		1,205,643
9.000%, 4/15/2019 (2)		250,000		317,904
Kinder Morgan Energy Partners LP, 9.000%, 2/1/2019		250,000		316,246
Rockies Express Pipeline LLC, 6.875%, 4/15/2040 (5)(6)		500,000		535,000

				2,374,793

Real Estate Investment Trusts — 1.4%
Duke Realty LP, 7.375%, 2/15/2015		3,350,000		3,449,709
EPR Properties:
5.250%, 7/15/2023 (2)		5,000,000		5,357,550
5.750%, 8/15/2022		1,000,000		1,105,582
Health Care REIT, Inc., 4.500%, 1/15/2024 (2)		2,500,000		2,643,120
Hospitality Properties Trust, 4.500%, 6/15/2023		1,000,000		1,027,094

				13,583,055

Retail — 1.4%
Best Buy Co., Inc., 5.000%, 8/1/2018 (2)		2,000,000		2,070,000
Brinker International, Inc., 3.875%, 5/15/2023		2,000,000		1,977,376
L Brands, Inc.:
6.950%, 3/1/2033		2,500,000		2,631,250
7.600%, 7/15/2037		6,000,000		6,675,000
QVC, Inc., 5.125%, 7/2/2022		250,000		268,822

				13,622,448

Semiconductors — 0.9%
Micron Technology, Inc., 5.500%, 2/1/2025 (5)(6)		8,000,000		8,120,000

Sovereign — 1.2%
Costa Rica Government International Bond, 5.625%, 4/30/2043 (5)(6)		5,000,000		4,612,500
Republic of Armenia, 6.000%, 9/30/2020 (5)(6)		1,500,000		1,567,500
Republic of Costa Rica, 7.000%, 4/4/2044 (5)(6)		2,000,000		2,140,000


Description	Principal Amount		Value
Corporate Bonds & Notes (continued)

Sovereign (continued)
Slovenia Government International Bond, 5.250%, 2/18/2024 (5)(6)	$	2,500,000	$	2,725,000

				11,045,000

Telecommunications — 6.6%
AT&T, Inc., 0.620%, 2/12/2016 (3)		4,000,000		4,013,120
CenturyLink, Inc.:
7.600%, 9/15/2039 (2)		6,500,000		6,646,250
7.650%, 3/15/2042		6,750,000		6,885,000
Frontier Communications Corp.:
7.875%, 1/15/2027		2,500,000		2,600,000
8.125%, 10/1/2018 (2)		500,000		584,250
9.000%, 8/15/2031 (2)		500,000		542,500
Motorola Solutions, Inc., 5.500%, 9/1/2044		9,000,000		9,361,116
Telecom Italia Capital SA:
6.375%, 11/15/2033		5,000,000		5,168,750
7.721%, 6/4/2038		3,500,000		4,095,000
Telefonica Europe BV, 8.250%, 9/15/2030		1,530,000		2,136,498
Verizon Communications, Inc.:
1.981%, 9/14/2018 (3)		2,000,000		2,106,970
5.150%, 9/15/2023		5,000,000		5,665,100
6.550%, 9/15/2043 (2)		9,000,000		11,608,929
Windstream Corp., 7.500%, 6/1/2022 (2)		1,000,000		1,091,250

				62,504,733

Transportation — 0.4%
CSX Corp., 6.250%, 4/1/2015		2,500,000		2,582,468
FedEx Corp., 8.000%, 1/15/2019 (2)		250,000		311,092
Kazakhstan Temir Zholy Finance BV, 6.950%, 7/10/2042 (5)(6)		500,000		566,250

				3,459,810

Trucking & Leasing — 0.2%
Aviation Capital Group Corp., 4.625%, 1/31/2018 (2)(5)(6)		2,000,000		2,097,004

Total Corporate Bonds & Notes (identified cost $456,315,312)				486,689,179

Municipals — 0.0%

California — 0.0%
Metropolitan Water District of Southern California, 6.947%, 7/1/2040, Call 7/1/2020		300,000		359,676

Total Municipals (identified cost $300,000)				359,676

U.S. Government & U.S. Government Agency Obligations — 15.9%

U.S. Treasury Bonds & Notes — 15.9%
0.125%, 1/15/2023 (2)		4,646,340		4,618,388
0.625%, 7/15/2021 (2)		5,287,150		5,526,309
1.375%, 7/15/2018 (2)		5,526,100		5,957,180
1.750%, 1/15/2028 (2)		1,706,445		1,988,142
1.875%, 7/15/2019 (2)		5,581,000		6,199,486
2.000%, 4/30/2016 (2)		10,000,000		10,268,950
2.000%, 7/31/2020 (2)		10,000,000		10,088,280
2.000%, 9/30/2020 (2)		10,000,000		10,060,940

(See Notes which are an integral part of the Financial Statements)

August 31, 2014


Schedules of Investments

TCH Core Plus Bond Fund (continued)


Description	Principal Amount		Value
U.S. Government & U.S. Government Agency Obligations (continued)

U.S. Treasury Bonds & Notes (continued)
2.000%, 11/30/2020 (2)	$	2,500,000	$	2,510,450
2.000%, 2/15/2023 (2)		15,000,000		14,744,535
2.125%, 1/15/2019 (2)		4,995,270		5,548,261
2.125%, 8/15/2021 (2)		10,000,000		10,060,160
2.250%, 1/31/2015 (2)		5,000,000		5,045,115
2.250%, 11/30/2017 (2)		10,000,000		10,367,580
2.500%, 5/15/2024 (2)		5,000,000		5,071,875
3.000%, 8/31/2016 (2)		15,000,000		15,737,700
3.250%, 5/31/2016		10,000,000		10,490,820
4.000%, 2/15/2015 (2)		7,500,000		7,633,298
4.125%, 5/15/2015 (2)		7,500,000		7,712,842

Total U.S. Government & U.S. Government Agency Obligations (identified cost $149,300,129)				149,630,311

U.S. Government Agency-Mortgage Securities — 27.1%

Federal Home Loan Mortgage Corporation — 16.1%
3.000%, 11/1/2042 (2)		1,785,693		1,779,784
3.000%, 4/1/2043 (2)		7,425,718		7,422,986
3.000%, 4/1/2043		2,146,451		2,148,325
3.000%, 4/1/2043		2,851,661		2,842,653
3.000%, 5/1/2043 (2)		3,750,865		3,737,928
3.000%, 7/1/2043 (2)		14,287,782		14,238,503
3.000%, 9/1/2043 (2)		14,372,119		14,322,549
3.500%, 12/1/2040		1,345,133		1,386,680
3.500%, 12/1/2041		1,493,024		1,539,175
3.500%, 3/1/2042		495,792		511,122
3.500%, 12/1/2042		1,146,952		1,180,162
3.500%, 7/1/2043 (2)		7,039,303		7,243,126
3.500%, 9/1/2043 (2)		14,397,631		14,814,514
3.500%, 11/1/2043 (2)		14,385,327		14,801,854
3.500%, 1/1/2044 (2)		14,512,836		14,933,055
3.500%, 2/1/2044 (2)		14,620,452		15,043,788
4.000%, 4/1/2026		940,786		1,004,082
4.000%, 10/1/2031 (2)		1,456,321		1,561,785
4.000%, 12/1/2039		1,154,321		1,222,668
4.000%, 12/1/2040		467,529		496,022
4.000%, 12/1/2040 (2)		6,436,027		6,817,104
4.000%, 3/1/2041		508,120		538,206
4.000%, 4/1/2041 (2)		10,994,518		11,684,841
4.000%, 8/1/2041		320,872		339,870
4.000%, 11/1/2041		1,211,294		1,283,014
4.500%, 9/1/2031		658,164		717,153
4.500%, 3/1/2039		347,978		379,106
4.500%, 5/1/2039 (2)		1,191,123		1,300,716
4.500%, 2/1/2040		315,512		340,934
4.500%, 11/1/2040		928,030		1,011,050
4.500%, 2/1/2041 (2)		1,836,514		1,987,565
5.000%, 12/1/2022		149,052		160,874
5.000%, 12/1/2035		155,272		171,269
5.000%, 1/1/2038		82,539		90,825
5.000%, 3/1/2038		279,485		307,542
5.000%, 3/1/2038		83,317		91,681
5.000%, 2/1/2039		291,074		320,711
5.000%, 1/1/2040		372,838		415,276
6.000%, 6/1/2037		369,671		415,438
6.000%, 11/1/2037		205,762		231,357
6.000%, 1/1/2038		365,616		410,712

				151,246,005


Description	Shares or Principal Amount		Value
U.S. Government Agency-Mortgage Securities (continued)

Federal National Mortgage Association — 10.5%
3.000%, 3/1/2043 (2)	$	3,802,192	$	3,796,466
3.000%, 7/1/2043 (2)		9,513,027		9,488,864
3.000%, 7/1/2043 (2)		19,079,128		19,030,667
3.000%, 8/1/2043 (2)		14,427,532		14,387,900
3.500%, 7/1/2032		761,934		799,904
3.500%, 5/1/2042		1,759,738		1,814,524
3.500%, 10/1/2042		1,272,938		1,314,933
3.500%, 10/1/2042		1,662,218		1,713,967
3.500%, 10/1/2042		2,152,205		2,219,210
3.500%, 11/1/2042		871,082		898,201
3.500%, 12/1/2042		1,759,004		1,813,767
3.500%, 1/1/2043 (2)		4,619,885		4,786,963
3.500%, 5/1/2043 (2)		18,501,912		19,077,932
4.000%, 11/1/2040		569,988		604,973
4.000%, 1/1/2041		1,011,919		1,074,029
4.000%, 2/1/2041		870,571		924,005
4.000%, 2/1/2041 (2)		4,737,745		5,028,539
4.000%, 3/1/2041		315,049		334,386
4.000%, 11/1/2041		1,052,720		1,118,148
4.500%, 6/1/2039 (2)		1,767,321		1,930,658
4.500%, 8/1/2041 (2)		1,052,843		1,141,397
5.000%, 7/1/2022		711,536		768,577
5.000%, 3/1/2035		596,268		659,039
5.000%, 5/1/2042 (2)		1,355,539		1,500,607
5.500%, 2/1/2034		99,565		111,881
5.500%, 7/1/2036		554,757		622,824
5.500%, 8/1/2037 (2)		1,037,164		1,160,760
5.500%, 6/1/2038		129,222		143,640
6.000%, 12/1/2038		85,799		96,636
6.000%, 5/1/2039		427,031		482,876
6.500%, 10/1/2037		126,143		142,336
6.500%, 11/1/2037		96,909		105,743

				99,094,352

Government National Mortgage Association — 0.5%
4.000%, 10/15/2040		930,516		994,536
4.000%, 12/15/2040		1,318,577		1,408,955
4.000%, 4/15/2041		1,203,739		1,286,246
5.500%, 8/20/2038		228,496		243,969
5.500%, 2/15/2039		113,724		126,285
6.000%, 10/15/2038		45,537		51,255
6.000%, 12/15/2038		153,442		172,708
6.000%, 1/15/2039		77,754		87,521

				4,371,475

Total U.S. Government Agency-Mortgage Securities
(identified cost $249,634,988)				254,711,832

Short-Term Investments — 49.7%

Collateral Pool Investments for Securities on Loan — 45.9%
Collateral pool allocation (12)				431,400,107

Mutual Funds — 2.7%
BMO Prime Money Market Fund, Class I, 0.010% (10)		25,586,741		25,586,741

(See Notes which are an integral part of the Financial Statements)


		BMO Funds

TCH Core Plus Bond Fund (continued)


Description	Principal Amount		Value
Short-Term Investments (continued)

U.S. Treasury Bills — 1.1%
0.025%, 1/2/2015 (9)	$	10,000,000	$	9,999,450

Total Short-Term Investments (identified cost $466,986,005)				466,986,298

Total Investments — 145.1% (identified cost $1,328,701,567)				1,364,727,965
Other Assets and Liabilities — (45.1)%				(424,009,139	)

Total Net Assets — 100.0%			$	940,718,826

Monegy High Yield Bond Fund


Description	Principal Amount		Value
Corporate Bonds & Notes — 97.9%

Advertising — 0.4%
MDC Partners, Inc., 6.750%, 4/1/2020 (5)(6)	$	264,000	$	277,200

Aerospace/Defense — 1.6%
AAR Corp., 7.250%, 1/15/2022		318,000		348,210
Spirit Aerosystems, Inc., 6.750%, 12/15/2020		340,000		362,100
TransDigm, Inc., 6.500%, 7/15/2024 (5)(6)		200,000		205,250
Triumph Group, Inc.:
4.875%, 4/1/2021		320,000		320,800
5.250%, 6/1/2022 (5)(6)		38,000		38,047

				1,274,407

Agriculture — 0.8%
Alliance One International, Inc., 9.875%, 7/15/2021		277,000		278,385
Vector Group, Ltd., 7.750%, 2/15/2021		325,000		347,750

				626,135

Airlines — 0.4%
United Continental Holdings, Inc., 6.375%, 6/1/2018		276,000		291,870

Apparel — 1.1%
Perry Ellis International, Inc., 7.875%, 4/1/2019		479,000		496,963
Quiksilver, Inc., 7.875%, 8/1/2018 (5)(6)		338,000		320,255

				817,218

Auto Manufacturers — 0.3%
Navistar International Corp., 8.250%, 11/1/2021		223,000		232,199

Auto Parts & Equipment — 3.1%
American Axle & Manufacturing, Inc.:
5.125%, 2/15/2019		139,000		143,865
6.250%, 3/15/2021		152,000		161,880
6.625%, 10/15/2022		201,000		217,080
Dana Holding Corp., 6.750%, 2/15/2021		120,000		128,700
Goodyear Tire & Rubber Co.:
7.000%, 5/15/2022		68,000		74,460
8.250%, 8/15/2020		258,000		281,865
Meritor, Inc.:
6.250%, 2/15/2024		270,000		278,775
6.750%, 6/15/2021		110,000		116,875


Description	Principal Amount		Value
Corporate Bonds & Notes (continued)

Auto Parts & Equipment (continued)
Pittsburgh Glass Works LLC, 8.000%, 11/15/2018 (5)(6)	$	469,000	$	503,002
Titan International, Inc., 6.875%, 10/1/2020		459,000		463,590

				2,370,092

Banks — 1.0%
CIT Group, Inc.:
5.000%, 8/15/2022		491,000		519,846
5.375%, 5/15/2020		52,000		56,485
5.500%, 2/15/2019 (5)(6)		189,000		204,475

				780,806

Beverages — 0.2%
Cott Beverages, Inc., 5.375%, 7/1/2022 (5)(6)		187,000		186,299

Biotechnology — 0.6%
STHI Holding Corp., 8.000%, 3/15/2018 (5)(6)		433,000		460,604

Building Materials — 2.8%
Ainsworth Lumber Co., Ltd., 7.500%, 12/15/2017 (5)(6)		485,000		509,250
Builders FirstSource, Inc., 7.625%, 6/1/2021 (5)(6)		268,000		280,730
Gibraltar Industries, Inc., 6.250%, 2/1/2021		314,000		327,345
Interline Brands, Inc., 10.000%, 11/15/2018		231,000		245,438
Louisiana-Pacific Corp., 7.500%, 6/1/2020		439,000		480,705
Vulcan Materials Co., 7.500%, 6/15/2021		259,000		308,857

				2,152,325

Chemicals — 2.9%
Axalta U.S. Coating Systems, 7.375%, 5/1/2021 (5)(6)		300,000		328,500
Chemtura Corp., 5.750%, 7/15/2021		335,000		350,075
Fufeng Group, Ltd., 7.625%, 4/13/2016 (5)(6)		250,000		260,000
Ineos Finance PLC:
7.500%, 5/1/2020 (5)(6)		70,000		75,863
8.375%, 2/15/2019 (5)(6)		215,000		234,081
Ineos Group Holdings SA, 5.875%, 2/15/2019 (5)(6)		250,000		256,875
Kraton Polymers LLC, 6.750%, 3/1/2019		300,000		315,562
PolyOne Corp., 7.375%, 9/15/2020		216,000		233,550
Tronox Finance LLC, 6.375%, 8/15/2020		224,000		231,840

				2,286,346

Coal — 1.1%
Cloud Peak Energy Resources LLC, 6.375%, 3/15/2024		168,000		174,720
CONSOL Energy, Inc., 5.875%, 4/15/2022 (5)(6)		133,000		139,484
Peabody Energy Corp., 6.250%, 11/15/2021		150,000		150,000
SunCoke Energy Partners LP:
7.375%, 2/1/2020 (5)(6)		181,000		194,575
7.375%, 2/1/2020 (5)(6)		70,000		75,250
SunCoke Energy, Inc., 7.625%, 8/1/2019		122,000		129,106

				863,135

(See Notes which are an integral part of the Financial Statements)

August 31, 2014


Schedules of Investments

Monegy High Yield Bond Fund (continued)


Description	Principal Amount		Value
Corporate Bonds & Notes (continued)

Commercial Services — 6.0%
CoreLogic, Inc., 7.250%, 6/1/2021	$	300,000	$	319,500
Deluxe Corp., 6.000%, 11/15/2020		174,000		181,830
DynCorp International, Inc., 10.375%, 7/1/2017		225,000		214,313
FTI Consulting, Inc.:
6.000%, 11/15/2022		68,000		70,635
6.750%, 10/1/2020		316,000		334,960
Great Lakes Dredge & Dock Corp., 7.375%, 2/1/2019		264,000		275,220
H&E Equipment Services, Inc., 7.000%, 9/1/2022		200,000		219,500
Hertz Corp., 6.750%, 4/15/2019		63,000		66,386
Interactive Data Corp., 5.875%, 4/15/2019 (5)(6)		193,000		192,276
Live Nation Entertainment, Inc., 7.000%, 9/1/2020 (5)(6)		200,000		216,500
Monitronics International, Inc., 9.125%, 4/1/2020		412,000		442,900
PHH Corp., 6.375%, 8/15/2021		282,000		284,115
Rent-A-Center, Inc.:
4.750%, 5/1/2021		50,000		45,000
6.625%, 11/15/2020		200,000		200,000
RR Donnelley & Sons Co., 7.000%, 2/15/2022		172,000		188,770
Service Corp. International:
5.375%, 1/15/2022		192,000		199,680
5.375%, 5/15/2024 (5)(6)		259,000		267,741
Sotheby’s, 5.250%, 10/1/2022 (5)(6)		360,000		352,800
United Rentals North America, Inc.:
6.125%, 6/15/2023		70,000		75,075
7.625%, 4/15/2022		110,000		124,025
8.250%, 2/1/2021		57,000		62,985
8.375%, 9/15/2020		300,000		328,500

				4,662,711

Computers — 0.3%
SunGard Availability Services Capital, Inc., 8.750%, 4/1/2022 (5)(6)		258,000		228,330

Cosmetics/Personal Care — 1.5%
Albea Beauty Holdings SA, 8.375%, 11/1/2019 (5)(6)		292,000		319,740
Elizabeth Arden, Inc., 7.375%, 3/15/2021		494,000		465,595
Revlon Consumer Products Corp., 5.750%, 2/15/2021		375,000		382,500

				1,167,835

Diversified Financial Services — 2.0%
Aircastle, Ltd.:
4.625%, 12/15/2018		56,000		57,820
6.250%, 12/1/2019		74,000		80,475
7.625%, 4/15/2020		185,000		213,268
Fly Leasing, Ltd., 6.750%, 12/15/2020		400,000		426,000
Icahn Enterprises LP, 5.875%, 2/1/2022		150,000		157,125
International Lease Finance Corp., 4.625%, 4/15/2021		225,000		230,777
Outerwall, Inc., 6.000%, 3/15/2019		358,000		366,950

				1,532,415


Description	Principal Amount		Value
Corporate Bonds & Notes (continued)

Electric — 1.9%
AES Corp., 7.375%, 7/1/2021	$	42,000	$	48,300
Calpine Corp.:
5.375%, 1/15/2023		134,000		135,507
5.750%, 1/15/2025		122,000		123,373
5.875%, 1/15/2024 (5)(6)		164,000		176,300
GenOn Energy, Inc., 9.500%, 10/15/2018		433,000		462,227
NRG Energy, Inc.:
6.625%, 3/15/2023		446,000		474,990
7.875%, 5/15/2021		50,000		55,125

				1,475,822

Electrical Components & Equipment — 1.1%
Belden, Inc., 5.500%, 9/1/2022 (5)(6)		419,000		436,808
General Cable Corp., 5.750%, 10/1/2022		386,000		386,000

				822,808

Electronics — 0.5%
Viasystems, Inc., 7.875%, 5/1/2019 (5)(6)		363,000		377,520

Engineering & Construction — 1.3%
Abengoa Finance SAU:
7.750%, 2/1/2020 (5)(6)		150,000		164,625
8.875%, 11/1/2017 (5)(6)		200,000		223,500
Dycom Investments, Inc., 7.125%, 1/15/2021		333,000		357,975
MasTec, Inc., 4.875%, 3/15/2023		264,000		258,720

				1,004,820

Entertainment — 3.0%
AMC Entertainment, Inc., 5.875%, 2/15/2022		246,000		254,610
Cinemark USA, Inc., 7.375%, 6/15/2021		200,000		218,500
DreamWorks Animation SKG, Inc., 6.875%, 8/15/2020 (5)(6)		227,000		241,755
National CineMedia LLC, 7.875%, 7/15/2021		502,000		544,670
Penn National Gaming, Inc., 5.875%, 11/1/2021		373,000		359,012
Regal Entertainment Group, 5.750%, 2/1/2025		88,000		88,660
Scientific Games International, Inc.:
6.250%, 9/1/2020		179,000		156,625
6.625%, 5/15/2021 (5)(6)		184,000		160,770
Speedway Motorsports, Inc., 6.750%, 2/1/2019		261,000		274,703

				2,299,305

Environmental Control — 0.3%
Covanta Holding Corp., 5.875%, 3/1/2024		251,000		261,040

Food — 1.8%
Chiquita Brands International, Inc., 7.875%, 2/1/2021		491,000		538,872
Dean Holding Co., 6.900%, 10/15/2017		443,000		485,085
JBS USA LLC:
7.250%, 6/1/2021 (5)(6)		200,000		214,500
8.250%, 2/1/2020 (5)(6)		184,000		198,996

				1,437,453

(See Notes which are an integral part of the Financial Statements)


		BMO Funds

Monegy High Yield Bond Fund (continued)


Description	Principal Amount		Value
Corporate Bonds & Notes (continued)

Forest Products & Paper — 0.9%
PH Glatfelter Co., 5.375%, 10/15/2020	$	118,000	$	122,130
Sappi Papier Holding GmbH:
6.625%, 4/15/2021 (5)(6)		200,000		211,000
7.750%, 7/15/2017 (5)(6)		300,000		329,250

				662,380

Healthcare-Products — 0.7%
Alere, Inc., 6.500%, 6/15/2020		55,000		55,894
Hanger, Inc., 7.125%, 11/15/2018		262,000		272,480
Physio-Control International, Inc., 9.875%, 1/15/2019 (5)(6)		225,000		244,969

				573,343

Healthcare-Services — 4.2%
Acadia Healthcare Co., Inc.:
5.125%, 7/1/2022 (5)(6)		18,000		18,270
6.125%, 3/15/2021		174,000		184,440
Amsurg Corp., 5.625%, 7/15/2022 (5)(6)		236,000		242,490
CHS/Community Health Systems, Inc.:
6.875%, 2/1/2022 (5)(6)		276,000		294,630
8.000%, 11/15/2019		221,000		240,890
Gentiva Health Services, Inc., 11.500%, 9/1/2018		172,000		184,685
HCA, Inc.:
5.000%, 3/15/2024		276,000		281,865
5.875%, 3/15/2022		123,000		134,070
7.500%, 2/15/2022		225,000		262,687
LifePoint Hospitals, Inc., 5.500%, 12/1/2021 (5)(6)		394,000		412,715
Select Medical Corp., 6.375%, 6/1/2021		450,000		469,969
Tenet Healthcare Corp.:
6.750%, 2/1/2020		154,000		165,358
8.000%, 8/1/2020		320,000		346,400

				3,238,469

Home Builders — 2.4%
Brookfield Residential Properties, Inc., 6.125%, 7/1/2022 (5)(6)		215,000		223,869
KB Home:
7.500%, 9/15/2022		54,000		59,130
8.000%, 3/15/2020		186,000		211,110
Meritage Homes Corp., 7.150%, 4/15/2020		275,000		303,187
Ryland Group, Inc.:
5.375%, 10/1/2022		119,000		118,331
6.625%, 5/1/2020		263,000		282,725
Taylor Morrison Communities, Inc., 5.250%, 4/15/2021 (5)(6)		226,000		229,390
Weyerhaeuser Real Estate Co.:
4.375%, 6/15/2019 (5)(6)		119,000		119,446
5.875%, 6/15/2024 (5)(6)		90,000		92,138
William Lyon Homes, Inc., 5.750%, 4/15/2019		257,000		260,855

				1,900,181

Home Furnishings — 0.6%
Tempur Sealy International, Inc., 6.875%, 12/15/2020		409,000		444,788


Description	Principal Amount		Value
Corporate Bonds & Notes (continued)

Household Products/Wares — 1.8%
ACCO Brands Corp., 6.750%, 4/30/2020	$	306,000	$	325,890
Central Garden and Pet Co., 8.250%, 3/1/2018		240,000		248,700
Prestige Brands, Inc., 8.125%, 2/1/2020		200,000		218,000
Spectrum Brands, Inc.:
6.375%, 11/15/2020		28,000		30,240
6.625%, 11/15/2022		14,000		15,225
6.750%, 3/15/2020		492,000		525,210

				1,363,265

Internet — 2.1%
CyrusOne LP, 6.375%, 11/15/2022		241,000		256,063
Equinix, Inc., 7.000%, 7/15/2021		350,000		383,250
IAC/InterActiveCorp, 4.750%, 12/15/2022		478,000		475,610
Netflix, Inc., 5.375%, 2/1/2021		505,000		531,512

				1,646,435

Iron/Steel — 1.4%
APERAM, 7.375%, 4/1/2016 (5)(6)		250,000		255,875
ArcelorMittal, 6.750%, 2/25/2022		106,000		118,847
Commercial Metals Co., 7.350%, 8/15/2018		271,000		307,585
Steel Dynamics, Inc., 6.375%, 8/15/2022		27,000		29,025
United States Steel Corp., 6.875%, 4/1/2021		373,000		405,171

				1,116,503

Leisure Time — 0.9%
Brunswick Corp.:
4.625%, 5/15/2021 (5)(6)		119,000		118,405
7.375%, 9/1/2023		202,000		222,200
NCL Corp., Ltd., 5.000%, 2/15/2018		364,000		374,010

				714,615

Lodging — 1.0%
Marina District Finance Co., Inc., 9.875%, 8/15/2018		60,000		63,375
MGM Resorts International:
6.625%, 12/15/2021		215,000		240,263
6.750%, 10/1/2020		38,000		42,180
7.750%, 3/15/2022		243,000		284,917
8.625%, 2/1/2019		109,000		128,893
Wynn Las Vegas LLC, 5.375%, 3/15/2022		50,000		52,750

				812,378

Machinery-Construction & Mining — 0.5%
Terex Corp., 6.000%, 5/15/2021		381,000		405,765

Media — 3.9%
Block Communications, Inc., 7.250%, 2/1/2020 (5)(6)		422,000		445,210
Cablevision Systems Corp., 8.000%, 4/15/2020		108,000		123,525
CCO Holdings LLC:
5.125%, 2/15/2023		100,000		99,875
7.375%, 6/1/2020		180,000		194,850
Clear Channel Worldwide Holdings, Inc., 7.625%, 3/15/2020		486,000		522,450
DISH DBS Corp., 5.000%, 3/15/2023		242,000		241,395

(See Notes which are an integral part of the Financial Statements)

August 31, 2014


Schedules of Investments

Monegy High Yield Bond Fund (continued)


Description	Principal Amount		Value
Corporate Bonds & Notes (continued)

Media (continued)
Gray Television, Inc., 7.500%, 10/1/2020	$	164,000	$	173,840
Nexstar Broadcasting, Inc., 6.875%, 11/15/2020		301,000		320,565
Numericable Group SA:
4.875%, 5/15/2019 (5)(6)		250,000		254,062
6.250%, 5/15/2024 (5)(6)		260,000		268,450
Sinclair Television Group Inc, 6.375%, 11/1/2021		164,000		175,480
Sirius XM Radio, Inc., 5.875%, 10/1/2020 (5)(6)		235,000		246,163

				3,065,865

Mining — 0.9%
First Quantum Minerals, Ltd., 7.250%, 5/15/2022 (5)(6)		265,000		280,237
FMG Resources August 2006 Pty, Ltd., 6.875%, 4/1/2022 (5)(6)		212,000		231,743
Hecla Mining Co., 6.875%, 5/1/2021		220,000		216,700

				728,680

Miscellaneous Manufacturing — 0.5%
Koppers, Inc., 7.875%, 12/1/2019		359,000		378,296

Office Furnishings — 0.4%
Interface, Inc., 7.625%, 12/1/2018		303,000		319,665

Oil & Gas — 10.3%
Antero Resources Corp., 5.125%, 12/1/2022 (5)(6)		96,000		97,560
Atlas Energy Holdings Operating Co. LLC, 7.750%, 1/15/2021		297,000		304,425
Berry Petroleum Co., 6.750%, 11/1/2020		152,000		159,980
Bill Barrett Corp.:
7.000%, 10/15/2022		80,000		82,800
7.625%, 10/1/2019		300,000		318,000
Bonanza Creek Energy, Inc., 6.750%, 4/15/2021		290,000		305,950
BreitBurn Energy Partners LP, 7.875%, 4/15/2022		55,000		58,575
Calumet Specialty Products Partners LP:
6.500%, 4/15/2021 (5)(6)		315,000		315,787
7.625%, 1/15/2022		139,000		145,950
Chesapeake Energy Corp.:
6.125%, 2/15/2021		14,000		15,925
6.625%, 8/15/2020		318,000		368,085
Comstock Resources, Inc., 7.750%, 4/1/2019		116,000		124,410
Denbury Resources, Inc., 4.625%, 7/15/2023		131,000		127,070
Energy XXI Gulf Coast, Inc.:
7.500%, 12/15/2021		104,000		110,760
7.750%, 6/15/2019		220,000		231,000
EP Energy LLC, 9.375%, 5/1/2020		230,000		260,475
EV Energy Partners LP, 8.000%, 4/15/2019		386,000		401,440
EXCO Resources, Inc., 7.500%, 9/15/2018		305,000		303,475
Gulfport Energy Corp.:
7.750%, 11/1/2020		276,000		298,080
7.750%, 11/1/2020 (5)(6)		7,000		7,560


Description	Principal Amount		Value
Corporate Bonds & Notes (continued)

Oil & Gas (continued)
Halcon Resources Corp., 8.875%, 5/15/2021	$	127,000	$	134,303
Hercules Offshore, Inc.:
6.750%, 4/1/2022 (5)(6)		51,000		46,219
7.500%, 10/1/2021 (5)(6)		256,000		243,200
Linn Energy LLC, 6.250%, 11/1/2019		69,000		71,588
Northern Tier Energy LLC, 7.125%, 11/15/2020		241,000		259,075
Oasis Petroleum, Inc.:
6.875%, 3/15/2022		81,000		88,898
6.875%, 1/15/2023		205,000		224,475
Parker Drilling Co., 6.750%, 7/15/2022 (5)(6)		288,000		300,240
PBF Holding Co. LLC, 8.250%, 2/15/2020		323,000		349,647
QEP Resources, Inc., 6.875%, 3/1/2021		247,000		277,875
Rex Energy Corp., 8.875%, 12/1/2020		340,000		374,000
SandRidge Energy, Inc.:
7.500%, 3/15/2021		226,000		238,430
7.500%, 2/15/2023		104,000		108,680
Seventy Seven Energy, Inc., 6.500%, 7/15/2022 (5)(6)		209,000		216,315
Stone Energy Corp., 7.500%, 11/15/2022		268,000		288,937
Unit Corp., 6.625%, 5/15/2021		404,000		422,180
W&T Offshore, Inc., 8.500%, 6/15/2019		260,000		279,500

				7,960,869

Oil & Gas Services — 3.0%
Calfrac Holdings LP, 7.500%, 12/1/2020 (5)(6)		188,000		200,690
CGG, 6.500%, 6/1/2021		500,000		465,000
Exterran Partners LP, 6.000%, 4/1/2021		131,000		132,965
Gulfmark Offshore, Inc., 6.375%, 3/15/2022		269,000		272,363
Key Energy Services, Inc., 6.750%, 3/1/2021		243,000		247,860
Petroleum Geo-Services ASA, 7.375%, 12/15/2018 (5)(6)		250,000		265,000
PHI, Inc., 5.250%, 3/15/2019		244,000		247,660
Seitel, Inc., 9.500%, 4/15/2019		194,000		208,550
Trinidad Drilling, Ltd., 7.875%, 1/15/2019 (5)(6)		261,000		275,681

				2,315,769

Packaging & Containers — 2.2%
AEP Industries, Inc., 8.250%, 4/15/2019		424,000		441,490
Ardagh Packaging Finance PLC:
6.750%, 1/31/2021 (5)(6)		275,000		281,187
7.000%, 11/15/2020 (5)(6)		70,588		72,176
Berry Plastics Corp., 5.500%, 5/15/2022		245,000		244,694
Exopack Holdings SA, 7.875%, 11/1/2019 (5)(6)		250,000		266,875
Sealed Air Corp.:
8.125%, 9/15/2019 (5)(6)		55,000		60,363
8.375%, 9/15/2021 (5)(6)		300,000		339,000

				1,705,785

(See Notes which are an integral part of the Financial Statements)


		BMO Funds

Monegy High Yield Bond Fund (continued)


Description	Principal Amount		Value
Corporate Bonds & Notes (continued)

Pharmaceuticals — 0.8%
Endo Finance LLC:
5.375%, 1/15/2023 (5)(6)	$	92,000	$	92,000
5.750%, 1/15/2022 (5)(6)		20,000		20,400
7.000%, 12/15/2020 (5)(6)		47,000		50,466
7.250%, 1/15/2022 (5)(6)		200,000		217,750
Salix Pharmaceuticals, Ltd., 6.000%, 1/15/2021 (5)(6)		122,000		132,675
Valeant Pharmaceuticals International, 7.250%, 7/15/2022 (5)(6)		100,000		107,375

				620,666

Pipelines — 2.8%
Atlas Pipeline Partners LP, 6.625%, 10/1/2020		362,000		383,720
Genesis Energy LP, 5.625%, 6/15/2024		243,000		243,304
Holly Energy Partners LP, 6.500%, 3/1/2020		382,000		407,785
Regency Energy Partners LP, 5.750%, 9/1/2020		229,000		247,320
Sabine Pass Liquefaction LLC, 6.250%, 3/15/2022 (5)(6)		337,000		366,066
SemGroup Corp., 7.500%, 6/15/2021		207,000		224,595
Targa Resources Partners LP, 6.375%, 8/1/2022		200,000		218,000
Tesoro Logistics LP, 5.875%, 10/1/2020		109,000		114,722

				2,205,512

Real Estate Investment Trusts — 1.8%
Iron Mountain, Inc., 7.750%, 10/1/2019		250,000		271,562
iStar Financial, Inc., 7.125%, 2/15/2018		220,000		239,800
MPT Operating Partnership LP:
6.375%, 2/15/2022		159,000		171,720
6.875%, 5/1/2021		298,000		321,840
Potlatch Corp., 7.500%, 11/1/2019		344,000		399,040

				1,403,962

Retail — 5.3%
AmeriGas Finance LLC, 7.000%, 5/20/2022		8,000		8,720
AmeriGas Partners LP, 6.500%, 5/20/2021		250,000		265,000
Asbury Automotive Group, Inc., 8.375%, 11/15/2020		516,000		567,600
Claire’s Stores, Inc., 9.000%, 3/15/2019 (5)(6)		256,000		268,160
Dillard’s, Inc., 7.130%, 8/1/2018		320,000		366,400
Ferrellgas LP, 6.750%, 1/15/2022 (5)(6)		308,000		320,320
L Brands, Inc.:
5.625%, 2/15/2022		137,000		147,960
7.000%, 5/1/2020		300,000		341,250
Men’s Wearhouse, Inc., 7.000%, 7/1/2022 (5)(6)		247,000		259,967
Neiman Marcus Group, Ltd. LLC, 8.000%, 10/15/2021 (5)(6)		440,000		476,850


Description	Principal Amount		Value
Corporate Bonds & Notes (continued)

Retail (continued)
Pantry, Inc., 8.375%, 8/1/2020	$	266,000	$	285,950
Penske Automotive Group, Inc., 5.750%, 10/1/2022		236,000		245,440
Sears Holdings Corp., 6.625%, 10/15/2018		289,000		264,435
Sonic Automotive, Inc.:
5.000%, 5/15/2023		103,000		102,228
7.000%, 7/15/2022		161,000		176,697

				4,096,977

Semiconductors — 0.9%
Advanced Micro Devices, Inc.:
7.000%, 7/1/2024 (5)(6)		110,000		112,475
7.750%, 8/1/2020		250,000		264,375
Amkor Technology, Inc., 6.375%, 10/1/2022		268,000		284,750

				661,600

Software — 0.8%
ACI Worldwide, Inc., 6.375%, 8/15/2020 (5)(6)		336,000		351,960
MedAssets, Inc., 8.000%, 11/15/2018		222,000		233,933

				585,893

Storage/Warehousing — 0.4%
Mobile Mini, Inc., 7.875%, 12/1/2020		272,000		295,120

Telecommunications — 10.1%
Altice SA, 7.750%, 5/15/2022 (5)(6)		250,000		266,250
CenturyLink, Inc., 5.800%, 3/15/2022		283,000		299,980
Cincinnati Bell, Inc., 8.375%, 10/15/2020		436,000		475,240
CommScope, Inc., 5.500%, 6/15/2024 (5)(6)		233,000		238,243
DigitalGlobe, Inc., 5.250%, 2/1/2021 (5)(6)		222,000		220,890
EarthLink, Inc., 7.375%, 6/1/2020		168,000		177,660
Fairpoint Communications, Inc., 8.750%, 8/15/2019 (5)(6)		325,000		348,562
Frontier Communications Corp.:
7.125%, 1/15/2023		273,000		289,380
9.250%, 7/1/2021		254,000		301,942
GCI, Inc.:
6.750%, 6/1/2021		109,000		110,703
8.625%, 11/15/2019		425,000		446,250
Hughes Satellite Systems Corp.:
6.500%, 6/15/2019		79,000		87,295
7.625%, 6/15/2021		325,000		368,875
Intelsat Jackson Holdings SA, 5.500%, 8/1/2023		96,000		96,000
Intelsat Luxembourg SA, 7.750%, 6/1/2021		576,000		609,840
Level 3 Financing, Inc.:
6.125%, 1/15/2021 (5)(6)		193,000		204,339
8.625%, 7/15/2020		258,000		287,025
MetroPCS Wireless, Inc., 6.625%, 11/15/2020		330,000		347,737
SBA Communications Corp., 5.625%, 10/1/2019		27,000		28,418
Sprint Capital Corp., 6.875%, 11/15/2028		150,000		147,000

(See Notes which are an integral part of the Financial Statements)

August 31, 2014


Schedules of Investments

Monegy High Yield Bond Fund (continued)


Description	Shares or Principal Amount		Value
Corporate Bonds & Notes (continued)

Telecommunications (continued)
Sprint Communications Inc.:
6.000%, 11/15/2022	$	149,000	$	149,373
7.000%, 3/1/2020 (5)(6)		103,000		115,360
7.000%, 8/15/2020		550,000		589,875
T-Mobile USA, Inc.:
6.125%, 1/15/2022		81,000		84,240
6.633%, 4/28/2021		280,000		295,750
ViaSat, Inc., 6.875%, 6/15/2020		326,000		350,450
Virgin Media Finance PLC:
6.375%, 4/15/2023 (5)(6)		350,000		374,500
8.375%, 10/15/2019		75,000		78,750
Windstream Corp.:
7.500%, 4/1/2023		45,000		48,150
7.750%, 10/1/2021		355,000		388,725
7.875%, 11/1/2017		25,000		28,531

				7,855,333

Transportation — 1.3%
Air Medical Group Holdings, Inc., 9.250%, 11/1/2018		336,000		354,900
Era Group, Inc., 7.750%, 12/15/2022		288,000		310,320
Martin Midstream Partners LP, 7.250%, 2/15/2021		351,000		363,285

				1,028,505

Total Corporate Bonds & Notes (identified cost $73,473,741)				75,995,314

Short-Term Investments — 0.5%

Mutual Funds — 0.5%
BMO Prime Money Market Fund, Class I, 0.010% (10)		369,393		369,393

Total Short-Term Investments (identified cost $369,393)				369,393

Total Investments — 98.4% (identified cost $73,843,134)				76,364,707
Other Assets and Liabilities — 1.6%				1,264,486

Total Net Assets — 100.0%			$	77,629,193

Multi-Asset Income Fund


Description	Shares		Value
Exchange Traded Funds — 56.6%
iShares Gold Trust Fund (1)(2)		92,320	$	1,150,307
iShares International Select Dividend Fund (2)		23,600		913,792
iShares Select Dividend Fund (2)		24,190		1,853,922
iShares U.S. Preferred Stock Fund (2)		45,830		1,835,033
iShares U.S. Real Estate Fund (2)		18,675		1,385,685
JPMorgan Alerian MLP Index Fund		56,090		3,026,616
PowerShares S&P 500 BuyWrite Portfolio Fund (2)		105,480		2,307,902
PowerShares Senior Loan Portfolio Fund (2)		182,970		4,524,848
ProShares Short 20+ Year Treasury Fund (1)		124,740		3,392,928
SPDR Barclays Convertible Securities Fund (2)		44,903		2,296,789


Description	Shares		Value
Exchange Traded Funds (continued)
SPDR S&P Emerging Markets Dividend Fund (2)		22,550	$	914,177
Utilities Select Sector SPDR Fund (2)		21,745		941,124
Vanguard Short-Term Corporate Bond Fund (2)		20,050		1,608,812

Total Exchange Traded Funds (identified cost $25,690,360)				26,151,935

Mutual Funds — 41.9%
Absolute Strategies Fund (1)		153,648		1,713,173
BMO Monegy High Yield Fund (10)		109,960		1,147,979
BMO Short-Term Income Fund (10)		96,988		913,630
Calamos Market Neutral Income Fund		115,312		1,505,978
Dodge & Cox Income Fund		98,821		1,381,519
Fidelity Advisor Floating Rate High Income Fund		422,937		4,199,767
Merger Fund		69,243		1,144,587
PIMCO Commodity RealReturn Strategy Fund		203,211		1,152,207
PIMCO Total Return Fund		167,434		1,840,105
PIMCO Unconstrained Bond Fund		101,323		1,146,971
T Rowe Price International Bond Fund		136,857		1,334,354
TCW Emerging Markets Income Fund		104,773		913,620
Templeton Global Bond Fund		72,124		963,580

Total Mutual Funds (identified cost $19,245,978)				19,357,470

Short-Term Investments — 35.6%

Collateral Pool Investments for Securities on Loan — 34.2%
Collateral pool allocation (12)				15,798,197

Mutual Funds — 1.4%
BMO Prime Money Market Fund, Class I, 0.010% (10)		674,071		674,071

Total Short-Term Investments (identified cost $16,472,268)				16,472,268

Total Investments — 134.1% (identified cost $61,408,606)				61,981,673
Other Assets and Liabilities — (34.1)%				(15,749,300	)

Total Net Assets — 100.0%			$	46,232,373

Government Money Market Fund


Description	Principal Amount		Value
Municipals — 13.7%

Arizona — 2.1%
Maricopa County Industrial Development Authority, FNMA, 0.050%, 9/15/2035 (3)	$	11,505,000	$	11,505,000

California — 6.2%
Abag Finance Authority for Nonprofit Corporations, FNMA, 0.070%, 7/15/2035 (3)(7)		5,000,000		5,000,000
California Statewide Communities Development Authority, FNMA, 0.060%, 12/15/2037 (3)(7)		12,000,000		12,000,000

(See Notes which are an integral part of the Financial Statements)

100


		BMO Funds

Government Money Market Fund (continued)


Description	Shares or Principal Amount		Value
Municipals (continued)

California (continued)
City of Concord, FHLMC, 0.070%, 12/1/2016 (3)(7)	$	4,010,000	$	4,010,000
Santa Cruz Redevelopment Agency, FNMA, 0.060%, 8/15/2035 (3)(7)		12,000,000		12,000,000

				33,010,000

Federal Home Loan Mortgage Corporation — 2.8%
Federal Home Loan Mortgage Corp., 0.080%, 7/15/2050 (3)(7)		9,650,000		9,650,000
Federal Home Loan Mortgage Corp., 0.090%, 9/15/2038 (3)(7)		5,170,000		5,170,000

				14,820,000

Maryland — 2.6%
Prince Georges County Housing Authority, FHLMC, 0.070%, 2/1/2040 (3)(7)		13,900,000		13,900,000

Total Municipals				73,235,000

Mutual Funds — 4.7%
BlackRock Liquidity Funds T-Funds, 0.010%		25,000,000		25,000,000

Total Mutual Funds				25,000,000

Repurchase Agreements — 52.0%
Agreement with Barclays Capital, Inc., 0.030%, dated 8/29/2014, to be repurchased at $25,000,083 on 9/2/2014, collateralized by a U.S. Government Treasury Obligation with a maturity of 8/20/2015, with a market value of $25,500,018	$	25,000,000		25,000,000
Agreement with Deutche Bank Securities, Inc., 0.060%, dated 8/29/2014, to be repurchased at $105,000,700 on 9/2/2014, collateralized by U.S. Government Agency Obligations with various maturities to 10/15/2020, with a market value of $107,100,254		105,000,000		105,000,000
Agreement with Fixed Income Clearing Corp., 0.000%, dated 8/29/2014, to be repurchased at $27,367,859 on 9/2/2014, collateralized by U.S. Government Treasury Obligations with various maturities to 3/31/2019, with a market value of $27,916,406		27,367,859		27,367,859


Description	Principal Amount		Value
Repurchase Agreements (continued)
Agreement with Goldman Sachs Group, Inc., 0.050%, dated 8/29/2014, to be repurchased at $15,000,083 on 9/2/2014, collateralized by U.S. Government Agency Obligations with various maturities to 5/1/2042, with a market value of $15,256,255	$	15,000,000	$	15,000,000
Agreement with Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.050%, dated 8/28/2014, to be repurchased at $50,000,486 on 9/4/2014, collateralized by U.S. Government Agency Obligations with various maturities to 7/15/2027, with a market value of $51,000,886		50,000,000		50,000,000
Agreement with Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.050%, dated 8/29/2014, to be repurchased at $55,000,306 on 9/2/2014, collateralized by U.S. Government Agency Obligations with various maturities to 9/15/2039, with a market value of $56,036,133		55,000,000		55,000,000

Total Repurchase Agreements				277,367,859

U.S. Government & U.S. Government Agency Obligations — 29.6%

Federal Farm Credit Bank — 1.9%
0.080%, 1/20/2015 (9)		5,090,000		5,088,405
0.180%, 1/6/2015		5,000,000		5,000,486

				10,088,891

Federal Home Loan Bank — 12.4%
0.070%, 10/1/2014 (9)		10,000,000		9,999,417
0.079%, 10/22/2014 (9)		2,000,000		1,999,776
0.100%, 2/25/2015 (9)		5,000,000		4,997,542
0.110%, 3/6/2015 (9)		8,293,000		8,288,287
0.118%, 11/27/2015 (3)		10,000,000		9,999,700
0.200%, 7/17/2015		5,000,000		5,000,000
0.200%, 8/17/2015		7,000,000		7,000,000
0.220%, 11/3/2014		10,000,000		10,000,810
0.250%, 1/26/2015		3,830,000		3,832,119
0.250%, 8/27/2015		5,000,000		5,000,000

				66,117,651

Federal Home Loan Mortgage Corporation — 6.8%
0.062%, 10/1/2014 (9)		9,022,000		9,021,534
0.080%, 1/8/2015 (9)		3,000,000		2,999,140
0.110%, 1/16/2015 (9)		3,500,000		3,498,535
0.140%, 1/26/2015 (9)		7,000,000		6,995,998
0.300%, 1/9/2015		6,000,000		6,003,051
0.500%, 9/19/2014		7,900,000		7,901,226

				36,419,484

Federal National Mortgage Association — 5.1%
0.085%, 11/3/2014 (9)		9,324,000		9,322,613
0.090%, 1/2/2015 (9)		3,600,000		3,598,893
0.135%, 11/24/2014 (9)		10,000,000		9,996,850
0.500%, 7/2/2015		4,000,000		4,010,804

				26,929,160

(See Notes which are an integral part of the Financial Statements)

101

August 31, 2014


Schedules of Investments

Government Money Market Fund (continued)


Description	Principal Amount		Value
U.S. Government & U.S. Government Agency Obligations (continued)

Overseas Private Investment Corporation — 3.4%
0.110%, 9/15/2020 (3)(8)	$	8,000,000	$	8,000,000
0.110%, 9/15/2022 (3)(8)		10,000,000		10,000,000

				18,000,000

Total U.S. Government & U.S. Government Agency Obligations				157,555,186

Total Investments — 100.0% (at amortized cost)				533,158,045
Other Assets and Liabilities — 0.0%				22,080

Total Net Assets — 100.0%			$	533,180,125

Tax-Free Money Market Fund


Description	Principal Amount		Value
Municipals — 99.2%

Alabama — 6.7%
Chatom Industrial Development Board:
0.450%, 12/1/2024 (3)	$	8,000,000	$	8,000,000
0.450%, 8/1/2037 (3)		14,200,000		14,200,000
Columbia Industrial Development Board:
0.020%, 5/1/2022 (3)		9,050,000		9,050,000
0.050%, 10/1/2022 (3)		6,000,000		6,000,000
Gadsden Industrial Development Board, 0.040%, 6/1/2015 (3)		2,100,000		2,100,000

				39,350,000

Alaska — 0.9%
City of Valdez, 0.030%, 12/1/2033 (3)		5,305,000		5,305,000

California — 9.6%
Deutsche Bank Spears/Lifers Trust:
0.220%, 8/1/2030 (3)(5)(6)		6,403,000		6,403,000
0.220%, 8/1/2042 (3)(5)(6)		19,622,000		19,622,000
0.220%, 8/1/2048 (3)(5)(6)		9,591,000		9,591,000
State of California:
0.020%, 5/1/2034 (3)		10,000,000		10,000,000
0.110%, 3/1/2035 (3)(5)(6)		10,750,000		10,750,000

				56,366,000

Colorado — 5.2%
Colorado Educational & Cultural Facilities Authority, 0.250%, 3/1/2035 (3)		15,000,000		15,000,000
Colorado Health Facilities Authority, 0.100%, 1/1/2035 (3)		10,120,000		10,120,000
Puttable Floating Option Tax-Exempt Receipts, 0.400%, 12/1/2028 (3)		5,460,000		5,460,000

				30,580,000

Connecticut — 1.5%
Connecticut Housing Finance Authority, 0.040%, 5/15/2039 (3)		8,950,000		8,950,000


Description	Principal Amount		Value
Municipals (continued)

District of Columbia — 0.3%
District of Columbia, 0.200%, 3/1/2026 (3)	$	1,850,000	$	1,850,000

Florida — 12.3%
City of West Palm Beach, 0.200%, 10/1/2038 (3)		27,500,000		27,500,000
County of Brevard, 0.200%, 10/1/2019 (3)		1,605,000		1,605,000
County of St. Lucie, 0.040%, 9/1/2028 (3)		8,000,000		8,000,000
Eclipse Funding Trust, 0.040%, 4/1/2037 (3)(5)(6)		4,700,000		4,700,000
Highlands County Health Facilities Authority, 0.050%, 11/15/2037 (3)		2,500,000		2,500,000
Jacksonville Pollution Control, 0.190%, 9/18/2014		20,000,000		20,000,000
JP Morgan Chase Putters/Drivers Trust, 0.150%, 11/1/2015 (3)(5)(6)		7,400,000		7,400,000

				71,705,000

Georgia — 0.9%
Columbia County Development Authority, 0.150%, 8/1/2018 (3)		1,300,000		1,300,000
Savannah Economic Development Authority, 0.050%, 1/1/2016 (3)		4,085,000		4,085,000

				5,385,000

Illinois — 1.4%
Phoenix Realty Special Account-U LP, 0.150%, 4/1/2020 (3)		8,075,000		8,075,000

Indiana — 6.4%
Barclays Capital Municipal Trust Receipts, 0.100%, 4/1/2030 (3)(5)(6)		7,770,000		7,770,000
County of Posey, 0.300%, 11/18/2014 (3)		20,000,000		20,000,000
Indiana Finance Authority, 0.040%, 2/1/2037 (3)		9,700,000		9,700,000

				37,470,000

Iowa — 2.3%
Iowa Finance Authority:
0.090%, 2/1/2027 (3)		3,250,000		3,250,000
0.100%, 12/1/2042 (3)		10,000,000		10,000,000

				13,250,000

Kansas — 0.9%
City of Burlington:
0.370%, 9/11/2014		2,995,000		2,995,000
0.370%, 9/11/2014		2,300,000		2,300,000

				5,295,000

Kentucky — 2.5%
County of Mason:
0.240%, 10/15/2014 (3)		4,000,000		4,000,000
0.240%, 10/15/2014 (3)		2,675,000		2,675,000
Kentucky Area Development Districts, 0.150%, 6/1/2033 (3)		8,190,000		8,190,000

				14,865,000

(See Notes which are an integral part of the Financial Statements)

102


		BMO Funds

Tax-Free Money Market Fund (continued)


Description	Principal Amount		Value
Municipals (continued)

Louisiana — 4.5%
City of Baton Rouge/Parish of East Baton Rouge, 0.020%, 11/1/2019 (3)	$	5,670,000	$	5,670,000
Louisiana Public Facilities Authority, 0.020%, 12/1/2040 (3)		11,600,000		11,600,000
Parish of St. James, 0.220%, 11/1/2039 (3)		9,000,000		9,000,000

				26,270,000

Massachusetts — 1.2%
BB&T Municipal Trust, 0.150%, 10/1/2028 (3)(5)(6)		7,135,000		7,135,000

Michigan — 1.0%
Michigan Strategic Fund:
0.070%, 6/1/2039 (3)		960,000		960,000
0.100%, 12/1/2030 (3)		3,115,000		3,115,000
Waterford School District, 1.000%, 10/15/2014		1,500,000		1,500,894

				5,575,894

Minnesota — 1.2%
City of Bloomington:
0.100%, 12/1/2015 (3)		330,000		330,000
0.100%, 12/1/2015 (3)		275,000		275,000
City of Ramsey, 0.170%, 12/1/2023 (3)		2,665,000		2,665,000
St. Paul Port Authority, 0.060%, 5/1/2025 (3)		3,960,000		3,960,000

				7,230,000

Mississippi — 4.8%
Claiborne County:
0.400%, 9/10/2014		3,800,000		3,800,000
0.400%, 9/10/2014		4,245,000		4,245,000
Mississippi Business Finance Corp., 0.350%, 5/1/2037 (3)		19,884,000		19,885,133

				27,930,133

Missouri — 0.2%
Greene County Industrial Development Authority, 0.130%, 5/1/2039 (3)		1,205,000		1,205,000

Nebraska — 1.2%
Nebraska Investment Finance Authority:
0.090%, 9/1/2031 (3)		600,000		600,000
0.090%, 12/1/2037 (3)		6,500,000		6,500,000

				7,100,000

New Hampshire — 4.3%
New Hampshire Business Finance Authority, 0.130%, 9/1/2030 (3)		25,000,000		25,000,000

New Jersey — 2.7%
Borough of Wanaque, 1.000%, 2/27/2015		13,071,850		13,097,941
New Jersey Economic Development Authority, 0.030%, 12/1/2027 (3)		2,900,000		2,900,000

				15,997,941


Description	Principal Amount		Value
Municipals (continued)

New York — 4.6%
Binghamton City School District, State Aid Withholding, 1.000%, 1/27/2015	$	9,000,000	$	9,023,849
Frewsburg Central School District, State Aid Withholding, 1.000%, 7/16/2015		2,190,000		2,197,874
Greenwich Central School District, State Aid Withholding, 1.000%, 6/26/2015		2,335,000		2,344,865
Owego Apalachin Central School District, State Aid Withholding, 1.000%, 2/27/2015		11,000,000		11,027,966
Phoenix Central School District, State Aid Withholding, 1.000%, 7/17/2015		2,537,000		2,548,701

				27,143,255

Ohio — 3.6%
County of Warren, 0.230%, 9/1/2015 (3)		5,190,000		5,190,000
Montgomery County Transportation Improvement District, 1.250%, 2/11/2015		4,500,000		4,516,886
Ohio State Higher Educational Facility Commission, 0.110%, 1/15/2046 (3)		11,250,000		11,250,000

				20,956,886

Oklahoma — 0.4%
Tulsa Industrial Authority, 0.250%, 11/1/2026 (3)		2,425,000		2,425,000

Pennsylvania — 3.7%
Barclays Capital Municipal Trust Receipts, 0.140%, 8/1/2038 (3)(5)(6)		11,605,000		11,605,000
Joint Venture Interest Trust Receipts, 0.280%, 5/31/2015 (3)(5)(6)		10,000,000		10,000,000

				21,605,000

South Carolina — 0.9%
South Carolina Jobs-Economic Development Authority, 0.070%, 6/1/2030 (3)		5,000,000		5,000,000

South Dakota — 2.3%
South Dakota Housing Development Authority:
0.130%, 5/1/2048 (3)		6,980,000		6,980,000
0.130%, 11/1/2048 (3)		6,445,000		6,445,000

				13,425,000

Texas — 0.5%
Dallam County Industrial Development Corp., 0.080%, 5/1/2039 (3)		2,800,000		2,800,000

Washington — 3.5%
Barclays Capital Municipal Trust Receipts, 0.100%, 6/1/2039 (3)(5)(6)		16,870,000		16,870,000
Washington State Housing Finance Commission, 0.150%, 7/1/2028 (3)		3,395,000		3,395,000

				20,265,000

(See Notes which are an integral part of the Financial Statements)

103

August 31, 2014


Schedules of Investments

Tax-Free Money Market Fund (continued)


Description	Shares or Principal Amount		Value
Municipals (continued)

Wisconsin — 7.7%
City of Milwaukee, 0.160%, 2/15/2032 (3)	$	15,000,000	$	15,000,000
Raymond School District No. 14, 4.625%, 12/1/2014		1,900,000		1,902,387
Wisconsin Health & Educational Facilities Authority:
0.100%, 12/1/2027 (3)		2,200,000		2,200,000
0.250%, 8/15/2034 (3)		25,754,260		25,754,260

				44,856,647

Total Municipals				580,366,756

Mutual Funds — 0.8%
Federated Tax-Free Obligations Fund, Class I, 0.010%		4,419,621		4,419,621

Total Mutual Funds				4,419,621

Total Investments — 100.0% (at amortized cost)				584,786,377
Other Assets and Liabilities — 0.0%				289,440

Total Net Assets — 100.0%			$	585,075,817

Prime Money Market Fund


Description	Principal Amount		Value
Certificates of Deposit — 27.6%

Banks — 20.9%
Bank of Nova Scotia/Houston:
0.233%, 4/8/2015 (3)	$	25,000,000	$	25,000,000
0.245%, 8/12/2015 (3)		50,000,000		50,000,000
0.391%, 9/19/2014 (3)		14,000,000		14,001,053
Canadian Imperial Bank of Commerce/New York, 0.245%, 8/24/2015 (3)		35,000,000		35,000,000
Credit Suisse New York, 0.510%, 11/17/2014		30,000,000		30,007,005
Nordea Bank AB, 0.235%, 4/14/2015		45,000,000		45,000,000
Rabobank Nederland NY:
0.255%, 11/3/2014		50,000,000		50,000,000
0.267%, 9/3/2014 (3)		35,000,000		35,000,000
Royal Bank of Canada/New York, 0.260%, 2/4/2015 (3)		70,000,000		70,000,000
Skandinav Enskilda Bank/New York:
0.245%, 1/26/2015		45,000,000		45,000,000
0.295%, 10/31/2014		20,000,000		20,000,000
0.300%, 11/18/2014		25,000,000		25,000,000
Swedbank AB/New York, 0.325%, 2/24/2015 (3)		25,000,000		25,000,000
Toronto Dominion Bank:
0.227%, 6/8/2015 (3)		60,000,000		60,000,000
0.240%, 10/29/2014		40,000,000		40,000,000
Wells Fargo Bank NA:
0.226%, 11/18/2014 (3)		50,000,000		50,000,000
0.233%, 4/8/2015 (3)		25,000,000		25,000,000
0.250%, 6/16/2015 (3)		50,000,000		50,000,000

				694,008,058


Description	Principal Amount		Value
Certificates of Deposit (continued)

European Time Deposit — 6.7%
DNB NOR Bank ASA Cayman, 0.050%, 9/2/2014	$	125,000,000	$	125,000,000
Svenska Handelsbanken, Inc., 0.050%, 9/2/2014		100,000,000		100,000,000

				225,000,000

Total Certificates of Deposit				919,008,058

Commercial Paper — 38.7%

Asset-Backed Securities — 14.3%
Chariot Funding LLC:
0.270%, 2/26/2015 (5)(6)(9)		25,000,000		24,966,625
0.270%, 3/24/2015 (5)(6)(9)		25,000,000		24,961,750
0.280%, 11/24/2014 (5)(6)(9)		25,000,000		24,983,667
Jupiter Securitization Corp.:
0.270%, 4/29/2015 (5)(6)(9)		25,000,000		24,955,000
0.280%, 10/9/2014 (5)(6)(9)		15,000,000		14,995,567
0.280%, 10/30/2014 (5)(6)(9)		25,000,000		24,988,528
Liberty Street Funding LLC, 0.130%, 9/22/2014 (5)(6)(9)		50,000,000		49,996,208
Old Line Funding LLC:
0.220%, 10/8/2014 (5)(6)(9)		38,000,000		37,991,408
0.220%, 12/1/2014 (5)(6)(9)		50,000,000		49,972,194
Regency Markets No. 1 LLC:
0.140%, 9/15/2014 (5)(6)(9)		65,000,000		64,996,461
0.140%, 9/22/2014 (5)(6)(9)		57,000,000		56,995,345
Thunder Bay Funding LLC:
0.220%, 10/1/2014 (5)(6)(9)		50,000,000		49,990,833
0.230%, 2/2/2015 (5)(6)(9)		26,250,000		26,224,173

				476,017,759

Automobiles — 1.5%
Toyota Motor Credit Corp., 0.230%, 1/26/2015 (9)		50,000,000		49,953,042

Banks — 1.5%
Macquarie Bank, 0.310%, 1/5/2015 (5)(6)(9)		50,000,000		49,945,750

Beverages — 1.8%
Coca-Cola Co., 0.215%, 3/6/2015 (5)(6)(9)		61,716,000		61,647,444

Consumer Products — 0.9%
Reckitt Benckiser Treasury Services PLC, 0.300%, 11/24/2014 (5)(6)(9)		30,000,000		29,979,000

Foreign Banks — 9.9%
HSBC Bank PLC, 0.237%, 6/9/2015 (3)(5)(6)		50,000,000		50,000,000
Nordea Bank AB:
0.220%, 11/14/2014 (5)(6)(9)		50,000,000		49,977,389
0.225%, 10/23/2014 (5)(6)(9)		30,000,000		29,990,250
Rabobank USA Finance Corp., 0.250%, 10/6/2014 (9)		35,000,000		34,991,493
Skandinaviska Enskilda Banken AB, 0.275%, 2/24/2015 (5)(6)(9)		40,000,000		39,946,222
Swedbank:
0.245%, 10/6/2014 (9)		25,000,000		24,994,045
0.250%, 2/2/2015 (9)		50,000,000		49,946,528
Westpac Banking Corp., 0.226%, 11/3/2014 (3)(5)(6)		50,000,000		50,000,000

				329,845,927

(See Notes which are an integral part of the Financial Statements)

104


		BMO Funds

Prime Money Market Fund (continued)


Description	Principal Amount		Value
Commercial Paper (continued)

Insurance — 1.2%
Prudential Funding, LLC., 0.070%, 9/2/2014 (9)	$	40,000,000	$	39,999,922

Utilities — 3.8%
Florida Power & Light Co.:
0.130%, 9/2/2014 (9)		50,000,000		49,999,819
0.130%, 9/3/2014 (9)		25,000,000		24,999,820
0.130%, 9/4/2014 (9)		50,000,000		49,999,458

				124,999,097

Winding Up Agencies — 3.8%
Erste Abwicklungsanstalt:
0.170%, 11/20/2014 (5)(6)(9)		100,000,000		99,962,222
0.180%, 11/10/2014 (5)(6)(9)		25,000,000		24,991,250

				124,953,472

Total Commercial Paper				1,287,341,413

Funding Agreements — 3.5%

Insurance — 3.5%
Metropolitan Life Insurance Co.:
0.297%, 9/2/2014 (3)(5)(8)		65,000,000		65,000,000
0.310%, 11/3/2014 (3)(5)(8)		50,000,000		50,000,000

Total Funding Agreements				115,000,000

Municipals — 8.1%

Federal Home Loan Mortgage Corporation — 0.4%
FHLMC Multifamily Variable Rate Demand Certificates, 0.090%, 9/15/2038 (3)(7)		12,575,000		12,575,000

Hawaii — 0.6%
Hawaii State Department of Budget & Finance, 0.150%, 3/1/2037 (3)(7)		19,485,000		19,485,000

Iowa — 0.2%
Iowa Finance Authority, 0.090%, 1/1/2039 (3)(7)		6,290,000		6,290,000

Massachusetts — 0.7%
Massachusetts Development Finance Agency, 0.130%, 10/1/2031 (3)		24,550,000		24,550,000

New York — 4.5%
New York City Housing Development Corp., FNMA, 0.050%, 6/15/2034 (3)(7)		49,000,000		49,000,000
New York State Housing Finance Agency, FNMA, 0.050%, 11/15/2038 (3)(7)		56,100,000		56,100,000
RBC Municipal Products, Inc. Trust, 0.250%, 10/1/2014 (3)(7)		44,395,000		44,395,000

				149,495,000

North Dakota — 0.4%
North Dakota Housing Finance Agency, 0.060%, 1/1/2039 (3)(7)		13,155,000		13,155,000


Description	Shares or Principal Amount		Value
Municipals (continued)

Tennessee — 0.3%
Johnson City Health & Educational Facilities Board, 0.120%, 8/15/2043 (3)	$	11,075,000	$	11,075,000

Vermont — 0.3%
BB&T Municipal Trust, 0.380%, 5/1/2027 (3)		7,955,000		7,955,000

Wisconsin — 0.7%
Wisconsin Housing & Economic Development Authority:
0.060%, 3/1/2035 (3)(7)		11,545,000		11,545,000
0.060%, 9/1/2035 (3)(7)		12,370,000		12,370,000

				23,915,000

Total Municipals				268,495,000

Mutual Funds — 3.9%
BlackRock Liquidity Funds TempFund, 0.096%		131,000,000		131,000,000

Total Mutual Funds				131,000,000

Notes-Variable — 3.5%

Automobiles — 0.7%
American Honda Finance Corp., 0.230%, 6/4/2015 (3)	$	25,000,000		25,000,000

Diversified Financial Services — 1.2%
Toyota Motor Credit Corp., 0.234%, 1/14/2015 (3)		40,000,000		40,000,000

Foreign Banks — 1.6%
Bank of Nova Scotia, 1.274%, 1/12/2015 (3)		20,500,000		20,577,725
Westpac Banking Corp., 0.484%, 1/29/2015 (3)(5)(6)		32,000,000		32,031,496

				52,609,221

Total Notes-Variable				117,609,221

Repurchase Agreements — 13.9%
Agreement with Deutsche Bank Securities, Inc., 0.050%, dated 8/29/2014, to be repurchased at $150,000,833 on 9/2/2014, collateralized by U.S. Government Treasury Obligations with various maturities to 8/15/2044, with a market value of $152,696,884		150,000,000		150,000,000
Agreement with Fixed Income Clearing Corp., 0.000%, dated 8/29/2014, to be repurchased at $26,529,027 on 9/2/2014, collateralized by U.S. Government Treasury Obligations with various maturities to 4/30/2020, with a market value of $27,063,103		26,529,027		26,529,027

(See Notes which are an integral part of the Financial Statements)

105

August 31, 2014


Schedules of Investments

Prime Money Market Fund (continued)


Description	Principal Amount		Value
Repurchase Agreements (continued)
Agreement with Goldman Sachs Group, Inc., 0.050%, dated 8/29/2014, to be repurchased at $185,001,028 on 9/2/2014, collateralized by U.S. Government Agency Obligations with various maturities to 8/1/2044, with a market value of $188,179,676	$	185,000,000	$	185,000,000
Agreement with Merrill Lynch, Pierce, Fenner & Smith, Inc., 0.050%, dated 8/26/2014, to be repurchased at $100,000,972 on 9/2/2014, collateralized by U.S. Government Agency Obligations with various maturities to 10/15/2054, with a market value of $101,704,279		100,000,000		100,000,000

Total Repurchase Agreements				461,529,027

U.S. Government & U.S. Government Agency Obligations — 0.8%

Federal Home Loan Bank — 0.8%
0.070%, 10/17/2014 (9)		25,130,000		25,127,752

Total U.S. Government & U.S. Government Agency Obligations				25,127,752

Total Investments — 100.0% (at amortized cost)				3,325,110,471
Other Assets and Liabilities — 0.0%				200,660

Total Net Assets — 100.0%			$	3,325,311,131

(See Notes which are an integral part of the Financial Statements)

106


Notes to Schedules of Investments

The categories of investments are shown as a percentage of total net assets for each Fund as of August 31, 2014. Call dates contained within the Schedules of Investments represent the next possible date the security can be redeemed, at the option of the issuer, determined as of August 31, 2014. Maturity dates contained within the Schedules of Investments represent the stated legal maturity date or mandatory put date. In accordance with Rule 2a-7, securities held in the money market funds provide for the return of principal and interest within 397 days due to a scheduled final maturity date or through specific demand features. Demand features entitle a Fund to receive the principal amount of the instrument from the issuer or a third party (1) on no more than 30 calendar days’ notice or (2) at specified intervals not exceeding 397 calendar days.

A summary Schedule of Investments is presented for this portfolio. A complete Schedule of Investments is available by accessing the SEC’s website, www.sec.gov. For all items listed as “Other securities” in this summary Schedule of Investments, this represents issues not identified as top-fifty unaffiliated holdings in terms of value and issues or issuers not exceeding one percent individually or in aggregate, respectively, as of August 31, 2014. In certain instances, securities for which footnotes listed below may otherwise apply are included in the “Other securities” caption.

(1)	Non-income producing.

(2)	Certain shares or principal amounts are temporarily on loan to unaffiliated brokers-dealers.

(3)	Denotes a variable or floating rate security. Floating rate securities are securities whose yields vary with a designated market index or market rate. These securities are shown at their current rates as of August 31, 2014.

(4)	Purchased on a when-issued or delayed delivery basis.

(5)	Denotes a restricted security which is subject to restrictions on resale under federal securities laws. At August 31, 2014, these securities amounted to:


Fund	Amount		% of Total Net Assets
Mid-Cap Growth Fund	$	1,466,529		0.55	%
Small-Cap Value Fund		1,000,000		1.21
Small-Cap Growth Fund		5,768,684		0.73
TCH Emerging Markets Bond Fund		5,630,209		70.91
Ultra Short Tax-Free Fund		121,185,979		16.57
Short Tax-Free Fund		1,394,109		1.35
Short-Term Income Fund		37,805,414		17.22
Intermediate Tax-Free Fund		12,328,105		0.88


Fund	Amount		% of Total Net Assets
Mortgage Income Fund	$	4,185,142		3.11	%
TCH Intermediate Income Fund		19,982,320		13.77
TCH Corporate Income Fund		35,414,878		17.69
TCH Core Plus Bond Fund		138,779,856		14.75
Monegy High Yield Bond Fund		20,372,674		26.24
Tax-Free Money Market Fund		111,846,000		19.12
Prime Money Market Fund		1,109,488,782		33.36

(6)	Denotes a restricted security which has been deemed liquid based on criteria approved by the Board of Directors of the BMO Funds.

(7)	Securities that are subject to alternative minimum tax of the Intermediate Tax-Free Fund, Government Money Market Fund and Prime Money Market Fund portfolios’ represent 2.82%, 11.58% and 6.76%, respectively, as calculated based upon total portfolio market value.

(8)	Securities have redemption features that may delay redemption beyond seven days.

(9)	Each issue shows the rate of the discount at the time of purchase.

(10)	Denotes an investment in an affiliated entity. Please refer to Note 5, subsection Investments in Affiliated Issuers, in the Notes to Financial Statements.

(11)	Foreign security value denominated in U.S. Dollars, Principal amount listed represents adjusted par in local currency.

(12)	Please refer to Note 2, subsection Securities Lending, in the Notes to Financial Statements.

(13)

Issue represents an Auction Rate Security. An Auction Rate Security is a corporate or municipal bond debt instrument with a long nominal maturity for which the interest rate is regularly reset through a Dutch auction. The rate presented is either the rate set through the auction or the maximum interest rate provided for in the security issuance provision.

(14)	Participation notes are issued by banks or broker-dealers and are designed to offer a return linked to the performance of a particular underlying equity security or market.

The following acronyms may be referenced throughout this report:

ACA — American Capital Access Corporation

ADED — Arkansas Department of Economic Development

ADR — American Depository Receipt

AGC — Assured Guaranty Corporation

AGM — Federal Agricultural Mortgage Corporation

AMBAC — American Municipal Bond Assurance Corporation

AMT — Alternative Minimum Tax

BAM — Build America Mutual Assurance Company

BHAC — Berkshire Hathaway Assurance Corporation

BMA — Bond Market Association

CFC — Cooperative Finance Corporation

CIFG — CDC IXIS Financial Guaranty

CMI — California Mortgage Insurance

COLL — Collateralized

ETF — Exchange Traded Fund

FDIC — Federal Depository Insurance Corporation

FGIC — Financial Guaranty Insurance Corporation

FHA — Federal Housing Administration

FHLB — Federal Home Loan Bank

FHLMC — Federal Home Loan Mortgage Corporation

FNMA — Federal National Mortgage Association

FRN — Floating Rate Note

FSA — Financial Security Assurance Corporation

GDR — Global Depository Receipt

GNMA — Government National Mortgage Association

GO — Government Obligation

HFDC — Health Facility Development Corporation

HUD — Department of Housing and Urban Development

IDC — Industrial Development Corporation

IMI — Investors Mortgage Insurance Company

INS — Insured

LIQ — Liquidity Agreement

LLC — Limited Liability Corporation

LOC — Letter of Credit

LP — Limited Partnership

LT — Limited Tax

MAC — Municipal Assurance Corporation

MBIA — Municipal Bond Insurance Association

MHF — Maryland Housing Fund

MTN — Medium Term Note

NATL-RE — National Rural Utilities Cooperative Finance Corporation

Reinsurance

PCA — Pollution Control Authority

PLC — Public Limited Company

PSF — Permanent School Fund Guaranteed

PUFG — Permanent University Fund Guarantee

Q-SBLF — Qualified School Bond Loan Fund

RADIAN — Radian Asset Assurance

REITs — Real Estate Investment Trusts

REMIC — Real Estate Mortgage Investment Conduit

SAW — State Aid Withholding

TCRs — Transferable Custody Receipts

TLGP — Temporary Liquidity Guarantee Program

TRANs — Tax and Revenue Anticipation Notes

UT — Unlimited Tax

VRNs — Variable Rate Notes

XLCA — XL Capital Assurance

107

August 31, 2014


Statements of Assets and Liabilities		BMO Funds



	Low Volatility Equity Fund			Dividend Income Fund			Large-Cap Value Fund			Large-Cap Growth Fund			Mid-Cap Value Fund
Assets:
Investments in unaffiliated issuers, at value	$	80,141,933	(1)	$	165,462,671	(1)	$	360,873,755	(1)	$	323,154,234	(1)	$	478,300,392	(1)
Cash sweep investments in affiliated issuers, at value		848,192			2,260,802			4,567,614			2,829,759			11,427,237
Dividends and interest receivable		128,904			379,483			615,823			333,942			420,572
Receivable for investments sold		—			—			3,723,082			—			1,012,568
Receivable for capital stock sold		—			63,975			171,391			115,067			117,489
Prepaid expenses		22,165			24,991			33,179			24,530			58,492
Other assets		383			2,188			5,207			5,660			11,369

Total assets		81,141,577			168,194,110			369,990,051			326,463,192			491,348,119

Liabilities:
Payable for capital stock redeemed		53			20,873			83,723			251,827			72,404
Payable for investments purchased		—			—			3,471,943			—			—
Payable for return of securities lending collateral		23,229,986			49,002,695			115,890,935			97,271,919			156,260,314
Payable to affiliates, net (Note 5)		31,280			43,037			201,864			183,185			271,829
Other liabilities		20,151			27,025			39,905			43,799			41,648

Total liabilities		23,281,470			49,093,630			119,688,370			97,750,730			156,646,195

Total net assets	$	57,860,107		$	119,100,480		$	250,301,681		$	228,712,462		$	334,701,924

Net assets consist of:
Paid-in capital	$	48,853,024		$	86,304,822		$	168,021,139		$	140,025,811		$	204,322,730
Net unrealized appreciation on investments		5,689,418			25,820,385			61,040,346			59,721,378			100,034,333
Accumulated net realized gain on investments		3,178,122			6,599,543			20,904,387			28,602,580			30,066,870
Undistributed net investment income		139,543			375,730			335,809			362,693			277,991

Total net assets	$	57,860,107		$	119,100,480		$	250,301,681		$	228,712,462		$	334,701,924

Net asset value, offering price and redemption proceeds per share (unlimited shares authorized, no par value)
Investor class of shares:
Net asset value, offering price and redemption proceeds per share	$	13.20		$	14.29		$	17.04		$	17.94		$	17.66
Advisor class of shares:
Net asset value and redemption proceeds per share	$	13.20		$	14.29		$	17.04		$	17.94		$	17.66
Offering price per share(2)	$	13.89		$	15.04		$	17.94		$	18.88		$	18.59
Institutional class of shares:
Net asset value, offering price and redemption proceeds per share	$	13.22		$	14.32		$	17.06		$	18.06		$	17.63
Retirement class R-3 of shares:
Net asset value, offering price and redemption proceeds per share	$	—		$	—		$	—		$	—		$	17.62
Retirement class R-6 of shares:
Net asset value, offering price and redemption proceeds per share	$	—		$	—		$	—		$	—		$	17.65
Net assets:
Investor class of shares	$	413,349		$	63,687,084		$	131,012,269		$	97,737,988		$	189,015,975
Advisor class of shares		26,002			26,468			26,324			26,679			26,585
Institutional class of shares		57,420,756			55,386,928			119,263,088			130,947,795			145,606,191
Retirement class R-3 of shares		—			—			—			—			26,564
Retirement class R-6 of shares		—			—			—			—			26,609

Total net assets	$	57,860,107		$	119,100,480		$	250,301,681		$	228,712,462		$	334,701,924

Shares outstanding:
Investor class of shares		31,321			4,455,358			7,690,092			5,448,439			10,701,043
Advisor class of shares		1,970			1,852			1,545			1,487			1,505
Institutional class of shares		4,345,002			3,867,804			6,992,059			7,251,712			8,257,232
Retirement class R-3 of shares		—			—			—			—			1,508
Retirement class R-6 of shares		—			—			—			—			1,508

Total shares outstanding		4,378,293			8,325,014			14,683,696			12,701,638			18,962,796

Investments, at cost:
Investments in unaffiliated issuers	$	74,452,515		$	139,642,286		$	299,833,409		$	263,432,856		$	378,266,059
Cash sweep investments in affiliated issuers		848,192			2,260,802			4,567,614			2,829,759			11,427,237

Total investments, at cost	$	75,300,707		$	141,903,088		$	304,401,023		$	266,262,615		$	389,693,296

(1)	Including $22,800,040, $48,095,741, $113,745,995, $95,471,585 and $153,368,207, respectively, of securities on loan. A security on loan value represents both market value and accrued interest.

(2)	Computation of offering price per share 100/95 of net asset value.

(See Notes which are an integral part of the Financial Statements)

108

August 31, 2014


Statements of Assets and Liabilities		BMO Funds



	Mid-Cap Growth Fund			Small-Cap Value Fund			Small-Cap Core Fund (1)			Small-Cap Growth Fund			Micro-Cap Fund (2)
Assets:
Investments in unaffiliated issuers, at value	$	387,964,940	(3)	$	118,113,139	(3)	$	5,152,055	(3)	$	1,145,272,983	(3)	$	2,894,710
Cash sweep investments in affiliated issuers, at value		3,959,857			1,787,767			70,868			19,470,988			43,685
Investments in other affiliated issuers, at value		—			—			—			5,329,500			—
Dividends and interest receivable		156,189			29,358			1,263			267,907			2,633
Receivable for investments sold		1,920,398			222,143			—			5,844,921			—
Receivable for capital stock sold		122,685			96,839			—			433,142			—
Receivable from affiliates, net (Note 5)		—			—			3,534			—			6,328
Prepaid expenses		59,058			51,941			29,379			26,277			21,235
Other assets		24,624			3,512			52			151,755			630

Total assets		394,207,751			120,304,699			5,257,151			1,176,797,473			2,969,221

Liabilities:
Payable for capital stock redeemed		85,484			10,027			—			473,061			—
Payable for investments purchased		508,685			209,265			—			3,345,791			—
Payable for return of securities lending collateral		126,544,942			37,566,524			1,658,788			377,014,080			—
Payable to affiliates, net (Note 5)		213,162			47,531			—			812,498			—
Other liabilities		42,379			26,396			20,725			71,456			17,894

Total liabilities		127,394,652			37,859,743			1,679,513			381,716,886			17,894

Total net assets	$	266,813,099		$	82,444,956		$	3,577,638		$	795,080,587		$	2,951,327

Net assets consist of:
Paid-in capital	$	158,159,981		$	65,674,884		$	3,460,785		$	576,682,786		$	2,582,953
Net unrealized appreciation on investments		80,313,291			12,459,173			162,199			91,050,354			287,668
Accumulated net realized gain (loss) on investments		28,339,827			4,310,899			(44,981	)		127,347,447			80,706
Distributions in excess of net investment income		—			—			(365	)		—			—

Total net assets	$	266,813,099		$	82,444,956		$	3,577,638		$	795,080,587		$	2,951,327

Net asset value, offering price and redemption proceeds per share (unlimited shares authorized, no par value)
Investor class of shares:
Net asset value, offering price and redemption proceeds per share	$	23.93		$	14.40		$	10.38		$	22.31		$	11.49
Advisor class of shares:
Net asset value and redemption proceeds per share	$	23.93		$	14.40		$	10.38		$	—		$	11.49
Offering price per share(4)	$	25.19		$	15.16		$	10.93		$	—		$	12.09
Institutional class of shares:
Net asset value, offering price and redemption proceeds per share	$	24.37		$	14.50		$	10.40		$	22.75		$	11.52
Retirement class R-3 of shares:
Net asset value, offering price and redemption proceeds per share	$	24.34		$	14.48		$	—		$	—		$	—
Retirement class R-6 of shares:
Net asset value, offering price and redemption proceeds per share	$	24.38		$	14.50		$	—		$	—		$	—
Net assets:
Investor class of shares	$	121,928,115		$	65,998,327		$	521,938		$	431,093,179		$	64,512
Advisor class of shares		26,135			25,735			25,745			—			25,957
Institutional class of shares		144,806,569			16,369,403			3,029,955			363,987,408			2,860,858
Retirement class R-3 of shares		26,118			25,724			—			—			—
Retirement class R-6 of shares		26,162			25,767			—			—			—

Total net assets	$	266,813,099		$	82,444,956		$	3,577,638		$	795,080,587		$	2,951,327

Shares outstanding:
Investor class of shares		5,095,437			4,582,852			50,282			19,322,254			5,617
Advisor class of shares		1,092			1,787			2,480			—			2,260
Institutional class of shares		5,941,999			1,129,095			291,360			15,998,347			248,446
Retirement class R-3 of shares		1,073			1,777			—			—			—
Retirement class R-6 of shares		1,073			1,777			—			—			—

Total shares outstanding		11,040,674			5,717,288			344,122			35,320,601			256,323

Investments, at cost:
Investments in unaffiliated issuers	$	307,651,649		$	105,653,966		$	4,989,856		$	1,053,282,129		$	2,607,042
Cash sweep investments in affiliated issuers		3,959,857			1,787,767			70,868			19,470,988			43,685
Investments in other affiliated issuers		—			—			—			6,270,000			—

Total investments, at cost	$	311,611,506		$	107,441,733		$	5,060,724		$	1,079,023,117		$	2,650,727

(1)	Fund inception date is December 27, 2013.

(2)	Fund inception date is September 30, 2013.

(3)	Including $124,202,816, $36,871,233, $1,628,087 and $370,036,205, respectively, of securities on loan. A security on loan value represents both market value and accrued interest.

(4)	Computation of offering price per share 100/95 of net asset value.

(See Notes which are an integral part of the Financial Statements)

109

August 31, 2014


Statements of Assets and Liabilities		BMO Funds



	Global Low Volatility Equity Fund (2)			Pyrford Global Equity Fund (1)			Pyrford Global Strategic Return Fund			Pyrford International Stock Fund			Global Natural Resources Fund (1)
Assets:
Investments in unaffiliated issuers, at value	$	5,148,327	(3)	$	1,462,366	(3)	$	21,839,597	(3)	$	371,792,717	(3)	$	1,515,156	(3)
Cash denominated in foreign currencies		2,488	(4)		42,731	(4)		226,800	(4)		6,002,462	(4)		9,608	(4)
Dividends and interest receivable		9,135			3,865			180,539			1,539,021			1,160
Receivable for capital stock sold		—			—			17,694			493,687			—
Receivable for forward foreign currency contracts		—			—			88			167,020			—
Receivable from affiliates, net (Note 5)		7,012			10,472			3,968			—			—
Prepaid expenses		21,221			29,357			21,997			51,432			29,352
Other assets		91			37			367			3,867			71

Total assets		5,188,274			1,548,828			22,291,050			380,050,206			1,555,347

Liabilities:
Payable for capital stock redeemed		—			—			1,693			12,302			—
Payable for investments purchased		—			35,357			—			5,997,098			20,392
Payable for return of securities lending collateral		1,087,904			296,030			4,223,179			18,436,040			304,561
Payable for foreign tax expense		634			70			335			27,966			37
Payable on forward foreign currency contracts		—			3,704			13,131			1,390,545			—
Payable to affiliates, net (Note 5)		—			—			—			241,346			45,281
Other liabilities		22,190			20,507			28,539			31,654			19,096

Total liabilities		1,110,728			355,668			4,266,877			26,136,951			389,367

Total net assets	$	4,077,546		$	1,193,160		$	18,024,173		$	353,913,255		$	1,165,980

Net assets consist of:
Paid-in capital	$	3,838,348		$	1,115,188		$	16,028,309		$	309,505,559		$	1,085,845
Net unrealized appreciation on investments and foreign currency translation		197,906			50,040			961,389			43,979,520			116,812
Accumulated net realized gain (loss) on investments and foreign currency transactions		18,501			7,510			939,001			(1,004,883	)		(38,349	)
Undistributed net investment income		22,791			20,422			95,474			1,433,059			1,672

Total net assets	$	4,077,546		$	1,193,160		$	18,024,173		$	353,913,255		$	1,165,980

Net asset value, offering price and redemption proceeds per share (unlimited shares authorized, no par value)
Investor class of shares:
Net asset value, offering price and redemption proceeds per share	$	11.47		$	10.74		$	10.54		$	13.11		$	10.73
Advisor class of shares:
Net asset value and redemption proceeds per share	$	11.47		$	10.74		$	10.54		$	13.11		$	10.73
Offering price per share(5)	$	12.07		$	11.31		$	11.09		$	13.80		$	11.29
Institutional class of shares:
Net asset value, offering price and redemption proceeds per share	$	11.50		$	10.76		$	10.64		$	13.14		$	10.77
Retirement class R-3 of shares:
Net asset value, offering price and redemption proceeds per share	$	—		$	—		$	—		$	13.12		$	—
Retirement class R-6 of shares:
Net asset value, offering price and redemption proceeds per share	$	—		$	—		$	—		$	13.15		$	—
Net assets:
Investor class of shares	$	104,968		$	628,469		$	17,115,286		$	81,351,740		$	537,737
Advisor class of shares		25,788			25,578			24,999			24,961			25,951
Institutional class of shares		3,946,790			539,113			883,888			272,486,616			602,292
Retirement class R-3 of shares		—			—			—			24,947			—
Retirement class R-6 of shares		—			—			—			24,991			—

Total net assets	$	4,077,546		$	1,193,160		$	18,024,173		$	353,913,255		$	1,165,980

Shares outstanding:
Investor class of shares		9,149			58,501			1,623,928			6,204,797			50,100
Advisor class of shares		2,248			2,381			2,372			1,904			2,418
Institutional class of shares		343,089			50,101			83,051			20,739,016			55,932
Retirement class R-3 of shares		—			—			—			1,901			—
Retirement class R-6 of shares		—			—			—			1,901			—

Total shares outstanding		354,486			110,983			1,709,351			26,949,519			108,450

Investments, at cost:
Investments in unaffiliated issuers	$	4,950,421		$	1,408,627		$	20,863,900		$	326,568,894		$	1,398,351

Total investments, at cost	$	4,950,421		$	1,408,627		$	20,863,900		$	326,568,894		$	1,398,351

(1)	Fund inception date is December 27, 2013.

(2)	Fund inception date is September 30, 2013.

(3)	Including $1,069,699, $289,630, $4,132,242, $17,450,594 and $299,086, respectively, of securities on loan. A security on loan value represents both market value and accrued interest.

(4)	Identified cost of cash denominated in foreign currencies are $2,483, $42,752, $226,434, $6,016,981 and $9,554, respectively.

(5)	Computation of offering price per share 100/95 of net asset value.

(See Notes which are an integral part of the Financial Statements)

110

August 31, 2014


Statements of Assets and Liabilities		BMO Funds



	LGM Emerging Markets Equity Fund			TCH Emerging Markets Bond Fund (1)			Ultra Short Tax-Free Fund			Short Tax- Free Fund			Short-Term Income Fund
Assets:
Investments in unaffiliated issuers, at value	$	180,170,447	(2)	$	9,528,915	(2)	$	708,340,965		$	102,837,579		$	261,294,597	(2)
Cash sweep investments in affiliated issuers, at value		—			—			12,646,866			949,266			2,146,826
Deposit held at broker		—			—			—			26,444			—
Cash denominated in foreign currencies		2,613,479	(3)		—			—			—			—
Dividends and interest receivable		458,603			107,167			2,854,730			788,920			1,027,553
Receivable for investments sold		435,956			—			—			—			11,731
Receivable for capital stock sold		65,034			—			11,877,372			234,273			197,008
Receivable for daily variation margin		—			—			—			1,679			—
Prepaid expenses		24,912			16,688			32,842			28,828			28,880
Other assets		475			343			1,026			1,011			5,589

Total assets		183,768,906			9,653,113			735,753,801			104,868,000			264,712,184

Liabilities:
Payable for capital stock redeemed		14,140			—			655,513			383,986			262,783
Payable for investments purchased		4,806,151			—			3,401,986			847,197			—
Payable for return of securities lending collateral		2,753,209			1,685,968			—			—			44,715,045
Payable for foreign tax expense		1,395,696			292			—			—			—
Payable for income distribution		—			—			309,875			79,871			100,003
Payable to affiliates, net (Note 5)		106,813			5,553			165,735			20,764			41,960
Other liabilities		32,147			21,359			40,512			18,804			35,484

Total liabilities		9,108,156			1,713,172			4,573,621			1,350,622			45,155,275

Total net assets	$	174,660,750		$	7,939,941		$	731,180,180		$	103,517,378		$	219,556,909

Net assets consist of:
Paid-in capital	$	155,187,570		$	7,119,375		$	729,221,065		$	102,427,062		$	221,119,018
Net unrealized appreciation on investments, futures contracts and foreign currency translation		22,422,660			425,401			2,104,045			1,079,942			877,892
Accumulated net realized gain (loss) on investments, futures contracts and foreign currency transactions		(5,191,965	)		168,749			(133,691	)		1,465			(2,441,361	)
Undistributed net investment income (distributions in excess of net investment income)		2,242,485			226,416			(11,239	)		8,909			1,360

Total net assets	$	174,660,750		$	7,939,941		$	731,180,180		$	103,517,378		$	219,556,909

Net asset value, offering price and redemption proceeds per share (unlimited shares authorized, no par value)
Investor class of shares:
Net asset value, offering price and redemption proceeds per share	$	14.30		$	11.14		$	10.09		$	10.20		$	9.40
Advisor class of shares:
Net asset value and redemption proceeds per share	$	14.30		$	11.14		$	10.09		$	10.20		$	9.40
Offering price per share	$	15.05	(4)	$	11.54	(5)	$	10.30	(6)	$	10.41	(6)	$	9.59	(6)
Institutional class of shares:
Net asset value, offering price and redemption proceeds per share	$	14.33		$	11.16		$	10.09		$	10.21		$	9.42
Net assets:
Investor class of shares	$	62,827,950		$	3,952,909		$	67,617,470		$	25,442,005		$	77,005,963
Advisor class of shares		26,107			25,796			25,045			25,170			25,018
Institutional class of shares		111,806,693			3,961,236			663,537,665			78,050,203			142,525,928

Total net assets	$	174,660,750		$	7,939,941		$	731,180,180		$	103,517,378		$	219,556,909

Shares outstanding:
Investor class of shares		4,394,765			354,711			6,698,203			2,493,304			8,194,334
Advisor class of shares		1,826			2,315			2,481			2,467			2,662
Institutional class of shares		7,800,146			355,073			65,768,326			7,645,944			15,136,088

Total shares outstanding		12,196,737			712,099			72,469,010			10,141,715			23,333,084

Investments, at cost:
Investments in unaffiliated issuers	$	157,740,151		$	9,103,508		$	706,236,920		$	101,759,316		$	260,416,705
Cash sweep investments in affiliated issuers		—			—			12,646,866			949,266			2,146,826

Total investments, at cost	$	157,740,151		$	9,103,508		$	718,883,786		$	102,708,582		$	262,563,531

(1)	Fund inception date is September 30, 2013.

(2)	Including $2,573,332, $1,648,741 and $43,887,448, respectively, of securities on loan. A security on loan value represents both market value and accrued interest.

(3)	Identified cost of cash denominated in foreign currencies is $2,630,023.

(4)	Computation of offering price per share 100/95 of net asset value.

(5)	Computation of offering price per share 100/96.5 of net asset value.

(6)	Computation of offering price per share 100/98 of net asset value.

(See Notes which are an integral part of the Financial Statements)

111

August 31, 2014


Statements of Assets and Liabilities		BMO Funds



	Intermediate Tax-Free Fund			Mortgage Income Fund			TCH Intermediate Income Fund			TCH Corporate Income Fund			TCH Core Plus Bond Fund
Assets:
Investments in unaffiliated issuers, at value	$	1,385,497,434		$	156,435,278	(1)	$	199,388,100	(1)	$	223,969,896	(1)	$	1,339,141,224	(1)
Cash sweep investments in affiliated issuers, at value		15,311,546			5,780,283			4,217,503			5,075,402			25,586,741
Deposit held at broker		412,483			—			—			—			—
Dividends and interest receivable		13,278,616			403,296			1,245,686			2,162,243			7,458,196
Receivable for investments sold		—			47,477			—			—			—
Receivable for capital stock sold		3,379,325			7,657,946			71,058			1,503,155			731,995
Prepaid expenses		58,805			28,935			30,107			28,527			34,782
Other assets		1,071			2,806			6,837			4,693			29,967

Total assets		1,417,939,280			170,356,021			204,959,291			232,743,916			1,372,982,905

Liabilities:
Payable for capital stock redeemed		1,231,824			64,999			165,647			274,649			294,366
Payable for investments purchased		13,941,300			2,987,267			—			—			—
Payable for return of securities lending collateral		—			32,768,731			59,488,303			32,099,509			431,400,107
Payable for daily variation margin		25,722			—			—			—			—
Payable for income distribution		705,411			45,623			68,162			131,611			185,033
Payable to affiliates, net (Note 5)		501,762			65,384			57,464			64,883			327,269
Other liabilities		66,220			37,630			29,894			27,774			57,304

Total liabilities		16,472,239			35,969,634			59,809,470			32,598,426			432,264,079

Total net assets	$	1,401,467,041		$	134,386,387		$	145,149,821		$	200,145,490		$	940,718,826

Net assets consist of:
Paid-in capital	$	1,353,070,234		$	136,898,147		$	168,494,287		$	187,865,635		$	904,073,498
Net unrealized appreciation on investments		52,427,377			2,823,310			2,530,441			12,136,700			36,026,398
Accumulated net realized gain (loss) on investments		(4,159,787	)		(5,320,143	)		(25,864,880	)		145,853			621,244
Undistributed net investment income (distributions in excess of net investment income)		129,217			(14,927	)		(10,027	)		(2,698	)		(2,314	)

Total net assets	$	1,401,467,041		$	134,386,387		$	145,149,821		$	200,145,490		$	940,718,826

Net asset value, offering price and redemption proceeds per share (unlimited shares authorized, no par value)
Investor class of shares:
Net asset value, offering price and redemption proceeds per share	$	11.25		$	9.36		$	10.65		$	13.09		$	11.95
Advisor class of shares:
Net asset value and redemption proceeds per share	$	11.25		$	9.36		$	10.65		$	13.09		$	11.95
Offering price per share(2)	$	11.66		$	9.70		$	11.04		$	13.56		$	12.38
Institutional class of shares:
Net asset value, offering price and redemption proceeds per share	$	11.25		$	9.35		$	10.64		$	13.07		$	11.94
Net assets:
Investor class of shares	$	1,003,132,147		$	105,887,751		$	34,301,068		$	78,346,561		$	517,752,584
Advisor class of shares		2,044,006			25,205			25,216			25,497			25,455
Institutional class of shares		396,290,888			28,473,431			110,823,537			121,773,432			422,940,787

Total net assets	$	1,401,467,041		$	134,386,387		$	145,149,821		$	200,145,490		$	940,718,826

Shares outstanding:
Investor class of shares		89,135,492			11,317,141			3,221,408			5,987,089			43,337,485
Advisor class of shares		181,624			2,694			2,368			1,948			2,131
Institutional class of shares		35,224,649			3,045,169			10,418,760			9,316,130			35,410,803

Total shares outstanding		124,541,765			14,365,004			13,642,536			15,305,167			78,750,419

Investments, at cost:
Investments in unaffiliated issuers	$	1,333,044,335		$	153,611,968		$	196,857,659		$	211,833,196		$	1,303,114,826
Cash sweep investments in affiliated issuers		15,311,546			5,780,283			4,217,503			5,075,402			25,586,741

Total investments, at cost	$	1,348,355,881		$	159,392,251		$	201,075,162		$	216,908,598		$	1,328,701,567

(1)	Including $32,162,239, $58,387,278, $31,505,403 and $423,415,641, respectively, of securities on loan. A security on loan value represents both market value and accrued interest.

(2)	Computation of offering price per share 100/96.5 of net asset value.

(See Notes which are an integral part of the Financial Statements)

112

August 31, 2014


Statements of Assets and Liabilities		BMO Funds



	Monegy High Yield Bond Fund			Multi-Asset Income Fund (1)			Government Money Market Fund		Tax-Free Money Market Fund		Prime Money Market Fund
Assets:
Investments in unaffiliated issuers, at value	$	75,995,314		$	59,245,993	(2)	$	255,790,186	$	584,786,377	$	2,863,581,444
Cash sweep investments in affiliated issuers, at value		369,393			674,071			—		—		—
Investments in other affiliated issuers, at value		—			2,061,609			—		—		—
Investments in repurchase agreements		—			—			277,367,859		—		461,529,027
Dividends and interest receivable		1,349,459			61,064			43,644		385,968		694,313
Receivable for capital stock sold		33,386			194,233			—		—		—
Prepaid expenses		23,418			29,724			19,341		25,638		45,713
Other assets		—			1,170			—		1,000		—

Total assets		77,770,970			62,267,864			533,221,030		585,198,983		3,325,850,497

Liabilities:
Payable for capital stock redeemed		41,563			—			—		—		—
Payable for investments purchased		—			201,828			—		—		—
Payable for return of securities lending collateral		—			15,798,197			—		—		—
Payable for income distribution		39,617			—			3,987		15,888		23,963
Payable to affiliates, net (Note 5)		28,264			14,530			8,492		73,728		432,895
Other liabilities		32,333			20,936			28,426		33,550		82,508

Total liabilities		141,777			16,035,491			40,905		123,166		539,366

Total net assets	$	77,629,193		$	46,232,373		$	533,180,125	$	585,075,817	$	3,325,311,131

Net assets consist of:
Paid-in capital	$	73,357,816		$	45,643,052		$	533,180,125	$	585,075,764	$	3,325,312,901
Net unrealized appreciation on investments		2,521,573			573,067			—		—		—
Accumulated net realized gain on investments		1,758,324			11,688			—		—		22,193
Undistributed net investment income (distributions in excess of net investment income)		(8,520	)		4,566			—		53		(23,963	)

Total net assets	$	77,629,193		$	46,232,373		$	533,180,125	$	585,075,817	$	3,325,311,131

Net asset value, offering price and redemption proceeds per share (unlimited shares authorized, no par value)
Investor class of shares:
Net asset value, offering price and redemption proceeds per share	$	10.44		$	10.27		$	1.00	$	1.00	$	1.00
Advisor class of shares:
Net asset value and redemption proceeds per share	$	10.44		$	10.27		$	—	$	—	$	—
Offering price per share(3)	$	10.82		$	10.64		$	—	$	—	$	—
Institutional class of shares:
Net asset value, offering price and redemption proceeds per share	$	10.44		$	10.27		$	1.00	$	1.00	$	1.00
Net assets:
Investor class of shares	$	40,297,204		$	532,041		$	105,266,679	$	131,174,870	$	1,356,875,154
Advisor class of shares		25,157			25,254			—		—		—
Institutional class of shares		37,306,832			45,675,078			427,913,446		453,900,947		1,968,435,977

Total net assets	$	77,629,193		$	46,232,373		$	533,180,125	$	585,075,817	$	3,325,311,131

Shares outstanding:
Investor class of shares		3,858,049			51,812			105,267,076		131,172,798		1,357,081,564
Advisor class of shares		2,409			2,459			—		—		—
Institutional class of shares		3,573,953			4,446,629			427,913,049		453,930,634		1,968,495,955

Total shares outstanding		7,434,411			4,500,900			533,180,125		585,103,432		3,325,577,519

Investments, at cost:
Investments in unaffiliated issuers	$	73,473,741		$	58,669,506		$	533,158,045	$	584,786,377	$	3,325,110,471
Cash sweep investments in affiliated issuers		369,393			674,071			—		—		—
Investments in other affiliated issuers		—			2,065,029			—		—		—

Total investments, at cost	$	73,843,134		$	61,408,606		$	533,158,045	$	584,786,377	$	3,325,110,471

(1)	Fund inception date is December 27, 2013.

(2)	Including $15,505,800 of securities on loan. A security on loan value represents both market value and accrued interest.

(3)	Computation of offering price per share 100/96.5 of net asset value.

(See Notes which are an integral part of the Financial Statements)

113

Year Ended August 31, 2014


Statements of Operations		BMO Funds



	Low Volatility Equity Fund			Dividend Income Fund			Large-Cap Value Fund			Large-Cap Growth Fund			Mid-Cap Value Fund
Investment income:
Dividend income from:
Unaffiliated issuers	$	1,025,226	(1)	$	3,293,700	(1)	$	4,295,500	(1)	$	2,660,944	(1)	$	4,545,050
Affiliated issuers		137			245			406			289			1,339
Securities lending income		5,928			25,292			60,042			63,486			144,704

Total income		1,031,291			3,319,237			4,355,948			2,724,719			4,691,093

Expenses:
Investment advisory fees (Note 5)		240,796			538,196			1,697,345			1,614,103			2,399,552
Shareholder service fees (Note 5)		1,319			141,600			294,240			224,091			474,669
Administrative fees (Note 5)		44,547			99,566			209,339			199,073			348,001
Portfolio accounting fees		42,107			59,580			94,171			91,250			125,315
Recordkeeping fees		22,889			26,461			71,000			89,131			74,592
Custodian fees (Note 5)		2,272			5,082			10,686			10,166			15,472
Registration fees		31,227			40,571			43,729			36,516			41,269
Professional fees		23,867			22,093			20,046			20,046			20,047
Printing and postage		792			43,323			42,643			41,129			55,056
Directors’ fees		13,128			13,128			13,128			13,128			13,128
Distribution services fees (Note 5):
Advisor class		16			17			17			17			17
Retirement class R-3		—			—			—			—			34
Miscellaneous		8,484			9,045			9,771			10,345			12,233

Total expenses		431,444			998,662			2,506,115			2,348,995			3,579,385

Deduct:
Expense waivers (Note 5)		(117,074	)		(157,390	)		—			—			—

Net expenses		314,370			841,272			2,506,115			2,348,995			3,579,385

Net investment income		716,921			2,477,965			1,849,833			375,724			1,111,708

Net realized and unrealized gain on investments:
Net realized gain on investment transactions from:
Unaffiliated issuers		3,229,841			8,368,683			26,508,955			35,599,369			40,860,457
Net change in unrealized appreciation on investments in:
Unaffiliated issuers		4,593,885			12,350,996			24,547,915			21,291,675			29,950,522

Net realized and unrealized gain on investments		7,823,726			20,719,679			51,056,870			56,891,044			70,810,979

Change in net assets resulting from operations	$	8,540,647		$	23,197,644		$	52,906,703		$	57,266,768		$	71,922,687

(1)	Net of foreign taxes of $51, $18,605, $4,418 and $18,873, respectively.

(See Notes which are an integral part of the Financial Statements)

114

Year Ended August 31, 2014


Statements of Operations		BMO Funds



	Mid-Cap Growth Fund			Small-Cap Value Fund			Small-Cap Core Fund (1)			Small-Cap Growth Fund			Micro-Cap Fund (2)
Investment income:
Dividend income from:
Unaffiliated issuers	$	1,269,815	(3)	$	650,878	(3)	$	15,621		$	2,012,071	(3)	$	20,580
Affiliated issuers		652			360			8			3,120			6
Securities lending income		333,903			44,474			821			2,139,964			—

Total income		1,604,370			695,712			16,450			4,155,155			20,586

Expenses:
Investment advisory fees (Note 5)		1,919,288			493,233			12,446			8,250,067			22,637
Shareholder service fees (Note 5)		292,565			129,462			845			1,133,361			138
Administrative fees (Note 5)		281,853			74,493			2,872			647,014			2,327
Portfolio accounting fees		108,981			52,743			22,121			218,362			28,319
Recordkeeping fees		65,577			26,445			24,970			88,298			27,298
Custodian fees (Note 5)		12,377			3,187			90			38,999			118
Registration fees		35,619			33,174			35,333			52,057			36,058
Professional fees		20,047			20,046			19,421			20,046			21,903
Printing and postage		72,614			53,392			3,516			112,868			3,854
Directors’ fees		13,128			13,128			6,855			13,128			9,373
Distribution services fees (Note 5):
Advisor class		17			17			17			—			17
Retirement class R-3		33			33			—			—			—
Miscellaneous		12,246			10,085			2,019			14,280			8,388

Total expenses		2,834,345			909,438			130,505			10,588,480			160,430

Deduct:
Expense waivers (Note 5)		—			(110,965	)		(112,360	)		—			(132,606	)

Net expenses		2,834,345			798,473			18,145			10,588,480			27,824

Net investment loss		(1,229,975	)		(102,761	)		(1,695	)		(6,433,325	)		(7,238	)

Net realized and unrealized gain on investments:
Net realized gain (loss) on investment transactions from:
Unaffiliated issuers		32,315,790			4,659,447			(45,782	)		140,163,298			84,868
Affiliated issuers		—			—			—			15,903,342			—

Total net realized gain (loss)		32,315,790			4,659,447			(45,782	)		156,066,640			84,868
Net change in unrealized appreciation (depreciation) on investments in:
Unaffiliated issuers		15,050,417			5,656,767			162,199			(43,579,655	)		287,668
Affiliated issuers		—			—			—			(3,312,894	)		—

Total net change in unrealized appreciation (depreciation)		15,050,417			5,656,767			162,199			(46,892,549	)		287,668

Net realized and unrealized gain on investments		47,366,207			10,316,214			116,417			109,174,091			372,536

Change in net assets resulting from operations	$	46,136,232		$	10,213,453		$	114,722		$	102,740,766		$	365,298

(1)	Reflects operations for the period from December 27, 2013 (inception date) to August 31, 2014.

(2)	Reflects operations for the period from September 30, 2013 (inception date) to August 31, 2014.

(3)	Net of foreign taxes of $10,157, $215 and $8,104, respectively.

(See Notes which are an integral part of the Financial Statements)

115

Year Ended August 31, 2014


Statements of Operations		BMO Funds



	Global Low Volatility Equity Fund (2)			Pyrford Global Equity Fund (1)			Pyrford Global Strategic Return Fund			Pyrford International Stock Fund			Global Natural Resources Fund (1)
Investment income:
Dividend income from:
Unaffiliated issuers	$	35,213	(3)	$	29,491	(3)	$	280,416	(3)	$	12,440,832	(3)	$	9,409	(3)
Interest income		31			10			128,956			1,284			4
Securities lending income		185			80			707			4,857			160

Total income		35,429			29,581			410,079			12,446,973			9,573

Expenses:
Investment advisory fees (Note 5)		8,847			4,225			245,636			2,245,364			4,544
Shareholder service fees (Note 5)		205			883			38,994			180,255			859
Administrative fees (Note 5)		1,259			1,056			28,402			316,135			1,049
Portfolio accounting fees		35,446			23,937			50,016			52,713			23,004
Recordkeeping fees		26,829			24,486			25,834			36,030			24,486
Custodian fees (Note 5)		23,085			13,434			29,972			149,999			16,939
Registration fees		36,058			35,333			31,663			39,526			35,338
Professional fees		22,243			19,760			23,433			22,433			19,760
Printing and postage		3,848			15,060			34,740			37,437			3,516
Directors’ fees		9,373			6,855			13,128			13,128			6,855
Distribution services fees (Note 5):
Advisor class		17			16			16			16			17
Retirement class R-3		—			—			—			33			—
Miscellaneous		13,451			3,966			10,278			14,613			4,420

Total expenses		180,661			149,011			532,112			3,107,682			140,787

Deduct:
Expense waivers (Note 5)		(168,871	)		(141,774	)		(189,126	)		(77,259	)		(132,990	)

Net expenses		11,790			7,237			342,986			3,030,423			7,797

Net investment income		23,639			22,344			67,093			9,416,550			1,776

Net realized and unrealized gain on investments and foreign currency:
Net realized gain (loss) on investment transactions from:
Unaffiliated issuers		18,501			7,510			1,101,610			(842,061	)		(38,349	)
Net realized gain (loss) on foreign currency transactions		(1,828	)		(3,028	)		3,027			(58,469	)		(1,316	)
Net realized gain on forward contracts		—			—			49,961			1,903,937			—

Total net realized gain (loss)		16,673			4,482			1,154,598			1,003,407			(39,665	)
Net change in unrealized appreciation on investments in:
Unaffiliated issuers		197,906			53,739			198,546			27,064,501			116,805
Net change in unrealized appreciation (depreciation) in foreign currency translation		—			5			(1,789	)		(16,920	)		7
Net change in unrealized depreciation in forward contracts		—			(3,704	)		(69,044	)		(3,482,488	)		—

Total net change in unrealized appreciation		197,906			50,040			127,713			23,565,093			116,812

Net realized and unrealized gain on investments and foreign currency		214,579			54,522			1,282,311			24,568,500			77,147

Change in net assets resulting from operations	$	238,218		$	76,866		$	1,349,404		$	33,985,050		$	78,923

(1)	Reflects operations for the period from December 27, 2013 (inception date) to August 31, 2014.

(2)	Reflects operations for the period from September 30, 2013 (inception date) to August 31, 2014.

(3)	Net of foreign taxes of $2,583, $71, $14,082, $739,277 and $967, respectively.

(See Notes which are an integral part of the Financial Statements)

116

Year Ended August 31, 2014


Statements of Operations		BMO Funds



	LGM Emerging Markets Equity Fund			TCH Emerging Markets Bond Fund (1)			Ultra Short Tax-Free Fund			Short Tax- Free Fund			Short-Term Income Fund
Investment income:
Dividend income from:
Unaffiliated issuers	$	4,679,859	(2)	$	—		$	—		$	1,686		$	245,659
Affiliated issuers		—			—			3,401			445			1,092
Interest income		215			363,032	(2)		7,816,874			1,400,255			3,786,106
Securities lending income		1,226			848			—			—			61,016

Total income		4,681,300			363,880			7,820,275			1,402,386			4,093,873

Expenses:
Investment advisory fees (Note 5)		1,373,562			40,632			1,348,469			189,452			479,584
Shareholder service fees (Note 5)		130,038			8,451			224,877			50,080			256,888
Administrative fees (Note 5)		141,171			6,264			589,320			70,097			221,718
Portfolio accounting fees		51,405			34,832			281,458			90,264			121,505
Recordkeeping fees		33,505			26,486			27,118			21,834			47,946
Custodian fees (Note 5)		242,457			7,480			32,951			3,571			11,339
Registration fees		45,447			30,003			58,404			39,182			56,995
Professional fees		26,387			25,243			25,113			28,494			24,046
Printing and postage		35,374			3,843			7,290			6,257			36,908
Directors’ fees		13,128			9,373			13,128			13,128			13,128
Distribution services fees (Note 5):
Advisor class		17			16			16			16			16
Miscellaneous		21,714			8,769			17,071			8,047			10,014

Total expenses		2,114,205			201,392			2,625,215			520,422			1,280,087

Deduct:
Expense waivers (Note 5)		(229,042	)		(138,750	)		(307,812	)		(187,228	)		(183,911	)

Net expenses		1,885,163			62,642			2,317,403			333,194			1,096,176

Net investment income		2,796,137			301,238			5,502,872			1,069,192			2,997,697

Net realized and unrealized gain on investments, futures contracts and foreign currency:
Net realized gain (loss) on investment transactions from:
Unaffiliated issuers		(4,075,266	)(3)		168,750			76,998			112,647			63,612
Net realized gain (loss) on foreign currency transactions		(153,442	)		177			—			—			—
Net realized loss on futures contracts		—			—			(27,035	)		(13,557	)		—

Total net realized gain (loss)		(153,442	)		168,927			49,963			99,090			63,612
Net change in unrealized appreciation on investments in:
Unaffiliated issuers		25,014,943			425,407			3,599,872			1,639,651			894,630
Net change in unrealized appreciation (depreciation) in foreign currency translation		40,657			(6	)		—			—			—
Net change in unrealized appreciation (depreciation) in future contracts		—			—			(1,295	)		1,679			—

Total net change in unrealized appreciation		25,055,600			425,401			3,598,577			1,641,330			894,630

Net realized and unrealized gain on investments, futures contracts and foreign currency		20,826,892			594,328			3,648,540			1,740,420			958,242

Change in net assets resulting from operations	$	23,623,029		$	895,566		$	9,151,412		$	2,809,612		$	3,955,939

(1)	Reflects operations for the period from September 30, 2013 (inception date) to August 31, 2014.

(2)	Net of foreign taxes of $458,514 and $292, respectively.

(3)	Net of foreign taxes of $1,322,255, $1,294,100 of which is related to appreciated investments held at year end.

(See Notes which are an integral part of the Financial Statements)

117

Year Ended August 31, 2014


Statements of Operations		BMO Funds



	Intermediate Tax-Free Fund			Mortgage Income Fund			TCH Intermediate Income Fund			TCH Corporate Income Fund			TCH Core Plus Bond Fund
Investment income:
Dividend income from:
Unaffiliated issuers	$	419,555		$	—		$	39		$	—		$	—
Affiliated issuers		4,555			816			935			947			3,634
Interest income		38,495,731			4,540,619			3,514,709			5,788,406	(1)		26,828,922	(1)
Securities lending income		—			31,292			68,627			54,772			364,087

Total income		38,919,841			4,572,727			3,584,310			5,844,125			27,196,643

Expenses:
Investment advisory fees (Note 5)		2,946,708			608,002			556,259			367,751			1,915,221
Shareholder service fees (Note 5)		2,202,597			306,793			90,876			106,337			1,196,988
Administrative fees (Note 5)		708,198			140,600			128,635			136,068			650,528
Portfolio accounting fees		396,269			92,331			75,846			84,855			251,179
Recordkeeping fees		82,055			58,383			44,438			28,975			54,590
Custodian fees (Note 5)		58,748			7,193			6,570			6,931			39,495
Registration fees		117,289			30,922			31,457			38,167			61,018
Professional fees		25,979			26,045			26,046			26,045			26,045
Printing and postage		69,284			25,948			7,930			10,312			47,453
Directors’ fees		13,128			13,128			13,128			13,128			13,128
Distribution services fees (Note 5):
Advisor class		388			16			16			16			16
Miscellaneous		23,721			9,974			9,538			9,396			15,758

Total expenses		6,644,364			1,319,335			990,739			827,981			4,271,419

Deduct:
Expense waivers (Note 5)		(501,263	)		(176,270	)		(134,950	)		(63,801	)		(132,857	)

Net expenses		6,143,101			1,143,065			855,789			764,180			4,138,562

Net investment income		32,776,740			3,429,662			2,728,521			5,079,945			23,058,081

Net realized and unrealized gain on investments and futures contracts:
Net realized gain (loss) on investment transactions from:
Unaffiliated issuers		1,449,295			(892,869	)		984,810			1,655,375			3,011,756
Net realized loss on futures contracts		(888,469	)		—			—			—			—

Total net realized gain (loss)		560,826			(892,869	)		984,810			1,655,375			3,011,756
Net change in unrealized appreciation on investments in:
Unaffiliated issuers		66,413,760			4,722,743			3,813,348			8,680,708			44,095,696
Net change in unrealized depreciation in future contracts		(32,353	)		—			—			—			—

Total net change in unrealized appreciation		66,381,407			4,722,743			3,813,348			8,680,708			44,095,696

Net realized and unrealized gain on investments and futures contracts		66,942,233			3,829,874			4,798,158			10,336,083			47,107,452

Change in net assets resulting from operations	$	99,718,973		$	7,259,536		$	7,526,679		$	15,416,028		$	70,165,533

(1)	Net of foreign taxes of $2,529 and $22,037, respectively.

(See Notes which are an integral part of the Financial Statements)

118

Year Ended August 31, 2014


Statements of Operations		BMO Funds



	Monegy High Yield Bond Fund			Multi-Asset Income Fund (1)			Government Money Market Fund			Tax-Free Money Market Fund			Prime Money Market Fund
Investment income:
Dividend income from:
Unaffiliated issuers	$	—		$	436,818		$	—		$	2,202		$	174,319
Affiliated issuers		151			26,948			—			—			—
Interest income		6,116,333			2,543			443,610			1,663,804			6,641,791
Securities lending income		—			17,874			—			—			—

Total income		6,116,484			484,183			443,610			1,666,006			6,816,110

Expenses:
Investment advisory fees (Note 5)		495,053			42,222			1,152,763			1,548,988			5,040,309
Shareholder service fees (Note 5)		123,161			859			294,231			317,877			3,476,759
Administrative fees (Note 5)		91,585			25,333			191,603			257,276			1,166,780
Portfolio accounting fees		92,844			22,604			121,686			153,667			360,378
Recordkeeping fees		26,179			25,195			25,104			29,707			109,346
Custodian fees (Note 5)		4,682			786			27,244			36,639			166,007
Registration fees		34,963			35,333			68,393			70,279			129,909
Professional fees		28,092			19,421			23,046			28,046			28,046
Printing and postage		43,279			3,518			10,575			11,292			65,549
Directors’ fees		13,128			6,855			13,128			13,127			13,128
Distribution services fees (Note 5):
Advisor class		16			16			—			—			—
Miscellaneous		8,778			2,040			13,395			17,895			46,307

Total expenses		961,760			184,182			1,941,168			2,484,793			10,602,518

Deduct:
Expense waivers (Note 5)		(195,014	)		(89,520	)		(1,555,632	)		(969,405	)		(4,168,103	)

Net expenses		766,746			94,662			385,536			1,515,388			6,434,415

Net investment income		5,349,738			389,521			58,074			150,618			381,695

Net realized and unrealized gain on investments and foreign currency:
Net realized gain on investment transactions from:
Unaffiliated issuers		1,772,230			790			—			38,299			41,143
Net realized gain on capital gains distributions from:
Unaffiliated issuers		—			2,106			—			—			—
Net realized gain on foreign currency transactions		667			—			—			—			—
Net realized loss on forward contracts		(9,347	)		—			—			—			—

Total net realized gain		1,763,550			2,896			—			38,299			41,143
Net change in unrealized appreciation (depreciation) on investments in:
Unaffiliated issuers		780,192			576,487			—			—			—
Affiliated issuers		—			(3,420	)		—			—			—
Net change in unrealized depreciation in foreign currency translation		(113	)		—			—			—			—
Net change in unrealized depreciation in future contracts		(4,681	)		—			—			—			—

Total net change in unrealized appreciation		775,398			573,067			—			—			—

Net realized and unrealized gain on investments and foreign currency		2,538,948			575,963						38,299			41,143

Change in net assets resulting from operations	$	7,888,686		$	965,484		$	58,074		$	188,917		$	422,838

(1)	Reflects operations for the period from December 27, 2013 (inception date) to August 31, 2014.

(See Notes which are an integral part of the Financial Statements)

119


Statements of Changes in Net Assets



	Low Volatility Equity Fund						Dividend Income Fund						Large-Cap Value Fund
	Year Ended August 31, 2014			Period Ended August 31, 2013 (1)			Year Ended August 31, 2014			Year Ended August 31, 2013			Year Ended August 31, 2014			Year Ended August 31, 2013
Change in net assets resulting from:
Operations:
Net investment income (loss)	$	716,921		$	370,229		$	2,477,965		$	2,472,788		$	1,849,833		$	2,067,861
Net realized gain on investments		3,229,841			306,464			8,368,683			1,877,167			26,508,955			16,577,368
Net change in unrealized appreciation on investments		4,593,885			1,095,533			12,350,996			9,509,108			24,547,915			15,745,246

Change in net assets resulting from operations		8,540,647			1,772,226			23,197,644			13,859,063			52,906,703			34,390,475

Distributions to shareholders:
Distributions to shareholders from net investment income:
Investor class of shares		(6,565	)		(2,715	)		(1,195,276	)		(1,014,051	)		(829,422	)		(1,134,378	)
Advisor class of shares		(103	)		—			(129	)		—			(80	)		—
Institutional class of shares		(687,874	)		(237,320	)		(1,192,157	)		(1,359,088	)		(1,018,781	)		(1,399,458	)
Distributions to shareholders from net realized gain on investments:
Investor class of shares		(5,461	)		—			(1,884,074	)		—			(7,402,822	)		—
Institutional class of shares		(366,168	)		—			(1,741,926	)		—			(6,789,521	)		—

Change in net assets resulting from distributions to shareholders		(1,066,171	)		(240,035	)		(6,013,562	)		(2,373,139	)		(16,040,626	)		(2,533,836	)

Capital stock transactions:
Proceeds from sale of shares		15,012,578			51,293,680			19,032,803			34,572,078			43,628,685			68,238,217
Net asset value of shares issued to shareholders in payment of distributions declared		996,074			216,120			5,812,132			2,226,913			15,638,461			2,280,518
Cost of shares redeemed		(7,252,099	)		(11,412,913	)		(30,150,146	)		(15,670,387	)		(59,434,707	)		(38,199,065	)
Redemption fees		—			—			—			710			—			7,400

Change in net assets resulting from capital stock transactions		8,756,553			40,096,887			(5,305,211	)		21,129,314			(167,561	)		32,327,070

Change in net assets		16,231,029			41,629,078			11,878,871			32,615,238			36,698,516			64,183,709

Net assets:
Beginning of period		41,629,078			—			107,221,609			74,606,371			213,603,165			149,419,456

End of period	$	57,860,107		$	41,629,078		$	119,100,480		$	107,221,609		$	250,301,681		$	213,603,165

Undistributed net investment income (distributions in excess of net investment income) included in net assets at end of period	$	139,543		$	115,284		$	375,730		$	361,177		$	335,809		$	473,204

(1)	Reflects operations for the period from September 28, 2012 (inception date) to August 31, 2013.

(See Notes which are an integral part of the Financial Statements)

120


		BMO Funds



Large-Cap Growth Fund						Mid-Cap Value Fund						Mid-Cap Growth Fund						Small-Cap Value Fund
Year Ended August 31, 2014			Year Ended August 31, 2013			Year Ended August 31, 2014			Year Ended August 31, 2013			Year Ended August 31, 2014			Year Ended August 31, 2013			Year Ended August 31, 2014			Year Ended August 31, 2013


$	375,724		$	1,027,700		$	1,111,708		$	1,663,114		$	(1,229,975	)	$	(829,997	)	$	(102,761	)	$	202,380
	35,599,369			11,459,770			40,860,457			33,487,969			32,315,790			34,542,578			4,659,447			6,528,582

	21,291,675			18,565,502			29,950,522			31,739,034			15,050,417			13,444,264			5,656,767			4,897,554


	57,266,768			31,052,972			71,922,687			66,890,117			46,136,232			47,156,845			10,213,453			11,628,516




	(186,519	)		(169,494	)		(780,220	)		(803,820	)		—			—			—			(157,205	)
	—			—			—			—			—			—			—			—
	(590,234	)		(483,791	)		(990,163	)		(856,479	)		—			—			—			(37,412	)


	(7,329,851	)		(7,614,091	)		(25,222,565	)		(5,901,792	)		(14,137,766	)		(5,940,935	)		(4,379,689	)		(634,969	)
	(10,290,180	)		(8,093,209	)		(16,708,841	)		(4,472,560	)		(17,580,845	)		(7,957,170	)		(1,415,121	)		(100,285	)


	(18,396,784	)		(16,360,585	)		(43,701,789	)		(12,034,651	)		(31,718,611	)		(13,898,105	)		(5,794,810	)		(929,871	)


	24,030,180			55,206,748			53,822,119			77,306,643			32,484,772			39,233,359			28,120,471			20,339,973

	18,014,586			16,025,858			42,765,137			11,647,149			31,029,244			13,648,311			5,765,924			927,075
	(66,928,648	)		(63,734,555	)		(104,383,055	)		(65,422,557	)		(60,830,168	)		(63,815,941	)		(11,769,508	)		(8,278,942	)
	—			12,858			174			11,265			—			2,257			—			924


	(24,883,882	)		7,510,909			(7,795,625	)		23,542,500			2,683,848			(10,932,014	)		22,116,887			12,989,030

	13,986,102			22,203,296			20,425,273			78,397,966			17,101,469			22,326,726			26,535,530			23,687,675


	214,726,360			192,523,064			314,276,651			235,878,685			249,711,630			227,384,904			55,909,426			32,221,751

$	228,712,462		$	214,726,360		$	334,701,924		$	314,276,651		$	266,813,099		$	249,711,630		$	82,444,956		$	55,909,426


$	362,693		$	776,514		$	277,991		$	936,666		$	—		$	—		$	—		$	(6,442	)

121


Statements of Changes in Net Assets



	Small-Cap Core Fund			Small-Cap Growth Fund						Micro-Cap Fund			Global Low Volatility Equity Fund
	Period Ended August 31, 2014 (1)			Year Ended August 31, 2014			Year Ended August 31, 2013			Period Ended August 31, 2014 (2)			Period Ended August 31, 2014 (2)
Change in net assets resulting from:
Operations:
Net investment income (loss)	$	(1,695	)	$	(6,433,325	)	$	(4,819,433	)	$	(7,238	)	$	23,639
Net realized gain (loss) on investments, forward contracts and foreign currency transactions		(45,782	)		156,066,640			91,567,019			84,868			16,673
Net change in unrealized appreciation (depreciation) on investments and foreign currency translations		162,199			(46,892,549	)		84,776,370			287,668			197,906

Change in net assets resulting from operations		114,722			102,740,766			171,523,956			365,298			238,218

Distributions to shareholders:
Distributions to shareholders from net investment income:
Investor class of shares		—			—			—			—			—
Institutional class of shares		—			—			—			—			—
Distributions to shareholders from net realized gain on investments:
Investor class of shares		—			(54,356,984	)		(23,357,173	)		—			—
Institutional class of shares		—			(43,245,674	)		(16,465,530	)		—			—

Change in net assets resulting from distributions to shareholders		—			(97,602,658	)		(39,822,703	)		—			—

Capital stock transactions:
Proceeds from sale of shares		3,462,916			236,953,610			169,591,049			3,030,350			3,842,978
Net asset value of shares issued to shareholders in payment of distributions declared		—			92,226,147			38,138,788			—			—
Cost of shares redeemed		—			(248,589,665	)		(186,387,894	)		(444,321	)		(3,650	)
Redemption fees		—			5,665			32,308			—			—

Change in net assets resulting from capital stock transactions		3,462,916			80,595,757			21,374,251			2,586,029			3,839,328

Change in net assets		3,577,638			85,733,865			153,075,504			2,951,327			4,077,546

Net assets:
Beginning of period		—			709,346,722			556,271,218			—			—

End of period	$	3,577,638		$	795,080,587		$	709,346,722		$	2,951,327		$	4,077,546

Undistributed net investment income (distributions in excess of net investment income) included in net assets at end of period	$	(365	)	$	—		$	—		$	—		$	22,791

(1)	Reflects operations for the period from December 27, 2013 (inception date) to August 31, 2014.

(2)	Reflects operations for the period from September 30, 2013 (inception date) to August 31, 2014.

(See Notes which are an integral part of the Financial Statements)

122


		BMO Funds



Pyrford Global Equity Fund		Pyrford Global Strategic Return Fund						Pyrford International Stock Fund						Global Natural Resources Fund			LGM Emerging Markets Equity Fund
Period Ended August 31, 2014 (1)		Year Ended August 31, 2014			Year Ended August 31, 2013			Year Ended August 31, 2014			Year Ended August 31, 2013			Period Ended August 31, 2014 (1)			Year Ended August 31, 2014			Year Ended August 31, 2013


$	22,344	$	67,093		$	72,946		$	9,416,550		$	3,877,981		$	1,776		$	2,796,137		$	2,245,131

	4,482		1,154,598			448,527			1,003,407			(68,620	)		(39,665	)		(4,228,708	)		(1,184,040	)
	50,040		127,713			363,719			23,565,093			15,851,217			116,812			25,055,600			(8,316,829	)

	76,866		1,349,404			885,192			33,985,050			19,660,578			78,923			23,623,029			(7,255,738	)



	—		(37,942	)		—			(3,117,094	)		(829,675	)		—			(642,533	)		(207,555	)
	—		(84,771	)		—			(9,834,761	)		(1,819,570	)		—			(1,571,070	)		(611,939	)


	—		(207,497	)		—			(182,547	)		(187,823	)		—			—			(1,008,412	)
	—		(251,119	)		—			(516,425	)		(372,719	)		—			—			(2,494,946	)


	—		(581,329	)		—			(13,650,827	)		(3,209,787	)		—			(2,213,603	)		(4,322,852	)

	1,116,294		4,647,464			5,269,304			137,260,498			96,121,715			1,087,057			55,250,430			87,803,891
	—		578,848			—			11,973,143			3,047,625			—			2,016,195			4,229,614
	—		(24,479,902	)		(23,590,165	)		(26,906,144	)		(22,117,891	)		—			(30,067,403	)		(14,372,430	)
	—		160			2,371			1,105			19,405			—			741			734

	1,116,294		(19,253,430	)		(18,318,490	)		122,328,602			77,070,854			1,087,057			27,199,963			77,661,809

	1,193,160		(18,485,355	)		(17,433,298	)		142,662,825			93,521,645			1,165,980			48,609,389			66,083,219


	—		36,509,528			53,942,826			211,250,430			117,728,785			—			126,051,361			59,968,142

$	1,193,160	$	18,024,173		$	36,509,528		$	353,913,255		$	211,250,430		$	1,165,980		$	174,660,750		$	126,051,361

$	20,422	$	95,474		$	(40,154	)	$	1,433,059		$	3,123,012		$	1,672		$	2,242,485		$	1,841,549

123


Statements of Changes in Net Assets



	TCH Emerging Markets Bond Fund			Ultra Short Tax-Free Fund						Short Tax-Free Fund
	Period Ended August 31, 2014 (2)			Year Ended August 31, 2014			Year Ended August 31, 2013			Year Ended August 31, 2014			Period Ended August 31, 2013 (1)
Change in net assets resulting from:
Operations:
Net investment income	$	301,238		$	5,502,872		$	7,932,544		$	1,069,192		$	391,697
Net realized gain (loss) on investments, futures contracts and foreign currency transactions		168,927			49,963			208,513			99,090			(98,226	)
Net change in unrealized appreciation (depreciation) on investments, futures contracts and foreign currency translation		425,401			3,598,577			(3,800,296	)		1,641,330			(561,388	)

Change in net assets resulting from operations		895,566			9,151,412			4,340,761			2,809,612			(267,917	)

Distributions to shareholders:
Distributions to shareholders from net investment income:
Investor class of shares		(39,375	)		(516,317	)		(731,013	)		(261,086	)		(138,251	)
Advisor class of shares		—			(33	)		—			(85	)		—
Institutional class of shares		(40,425	)		(4,986,522	)		(7,201,531	)		(808,021	)		(253,446	)
Distributions to shareholders from net realized gain on investments:
Investor class of shares		—			(22,801	)		(41,286	)		—			—
Institutional class of shares		—			(151,283	)		(275,268	)		—			—

Change in net assets resulting from distributions to shareholders		(79,800	)		(5,676,956	)		(8,249,098	)		(1,069,192	)		(391,697	)

Capital stock transactions:
Proceeds from sale of shares		7,044,375			715,858,142			924,397,990			97,083,301			61,897,547
Net asset value of shares issued to shareholders in payment of distributions declared		79,800			1,730,141			2,297,407			360,717			170,015
Cost of shares redeemed		—			(828,296,698	)		(874,742,757	)		(45,045,191	)		(12,036,789	)
Redemption fees		—			—			—			—			6,972

Change in net assets resulting from capital stock transactions		7,124,175			(110,708,415	)		51,952,640			52,398,827			50,037,745

Change in net assets		7,939,941			(107,233,959	)		48,044,303			54,139,247			49,378,131

Net assets:
Beginning of period		—			838,414,139			790,369,836			49,378,131			—

End of period	$	7,939,941		$	731,180,180		$	838,414,139		$	103,517,378		$	49,378,131

Undistributed net investment income (distributions in excess of net investment income) included in net assets at end of period	$	226,416		$	(11,239	)	$	(6,622	)	$	8,909		$	8,924

(1)	Reflects operations for the period from November 29, 2012 (inception date) to August 31, 2013.

(2)	Reflects operations for the period from September 30, 2013 (inception date) to August 31, 2014.

(See Notes which are an integral part of the Financial Statements)

124


		BMO Funds



Short-Term Income Fund						Intermediate Tax-Free Fund						Mortgage Income Fund						TCH Intermediate Income Fund
Year Ended August 31, 2014			Year Ended August 31, 2013			Year Ended August 31, 2014			Year Ended August 31, 2013			Year Ended August 31, 2014			Year Ended August 31, 2013			Year Ended August 31, 2014			Year Ended August 31, 2013


$	2,997,697		$	3,386,050		$	32,776,740		$	32,575,420		$	3,429,662		$	2,767,206		$	2,728,521		$	2,145,110

	63,612			(73,685	)		560,826			(3,361,578	)		(892,869	)		(1,540,416	)		984,810			1,981,832

	894,630			(2,026,172	)		66,381,407			(67,356,305	)		4,722,743			(6,388,703	)		3,813,348			(5,247,188	)

	3,955,939			1,286,193			99,718,973			(38,142,463	)		7,259,536			(5,161,913	)		7,526,679			(1,120,246	)




	(1,256,247	)		(1,712,647	)		(22,706,623	)		(23,188,791	)		(3,299,688	)		(3,834,568	)		(647,658	)		(615,145	)
	(78	)		—			(3,741	)		—			(188	)		—			(126	)		—
	(2,005,611	)		(2,021,847	)		(10,066,376	)		(9,846,588	)		(859,448	)		(1,019,686	)		(2,100,508	)		(1,563,580	)


	—			—			(60,866	)		(5,074,800	)		—			(1,951,829	)		—			—
	—			—			(25,260	)		(2,021,354	)		—			(458,367	)		—			—


	(3,261,936	)		(3,734,494	)		(32,862,866	)		(40,131,533	)		(4,159,324	)		(7,264,450	)		(2,748,292	)		(2,178,725	)


	100,427,213			127,389,547			499,937,409			664,842,210			22,268,324			17,014,959			45,075,688			21,634,731

	2,066,808			2,345,681			24,055,077			29,795,075			3,470,494			6,318,747			2,078,688			1,612,683
	(112,801,171	)		(89,478,755	)		(386,396,874	)		(495,063,164	)		(69,247,065	)		(55,083,897	)		(48,638,537	)		(45,075,562	)
	—			81,477			3,656			46,449			323			604			—			5,971


	(10,307,150	)		40,337,950			137,599,268			199,620,570			(43,507,924	)		(31,749,587	)		(1,484,161	)		(21,822,177	)

	(9,613,147	)		37,889,649			204,455,375			121,346,574			(40,407,712	)		(44,175,950	)		3,294,226			(25,121,148	)


	229,170,056			191,280,407			1,197,011,666			1,075,665,092			174,794,099			218,970,049			141,855,595			166,976,743

$	219,556,909		$	229,170,056		$	1,401,467,041		$	1,197,011,666		$	134,386,387		$	174,794,099		$	145,149,821		$	141,855,595


$	1,360		$	1,360		$	129,217		$	29,735		$	(14,927	)	$	(14,867	)	$	(10,027	)	$	(10,027	)

125


Statements of Changes in Net Assets



	TCH Corporate Income Fund						TCH Core Plus Bond Fund						Monegy High Yield Bond Fund
	Year Ended August 31, 2014			Year Ended August 31, 2013			Year Ended August 31, 2014			Year Ended August 31, 2013			Year Ended August 31, 2014			Year Ended August 31, 2013
Change in net assets resulting from:
Operations:
Net investment income	$	5,079,945		$	4,814,830		$	23,058,081		$	7,378,858		$	5,349,738		$	5,576,540
Net realized gain on investments, forward contracts and foreign currency transactions		1,655,375			1,915,491			3,011,756			1,571,831			1,763,550			1,296,172
Net change in unrealized appreciation (depreciation) on investments, options and foreign currency translation		8,680,708			(6,091,237	)		44,095,696			(14,846,015	)		775,398			(1,081,236	)

Change in net assets resulting from operations		15,416,028			639,084			70,165,533			(5,895,326	)		7,888,686			5,791,476

Distributions to shareholders:
Distributions to shareholders from net investment income:
Investor class of shares		(1,432,467	)		(1,636,381	)		(13,234,133	)		(4,635,264	)		(2,601,595	)		(2,908,171	)
Advisor class of shares		(194	)		—			(186	)		—			(336	)		—
Institutional class of shares		(3,707,733	)		(3,352,961	)		(10,710,355	)		(3,299,551	)		(2,748,257	)		(2,669,033	)
Distributions to shareholders from net realized gain on investments:
Investor class of shares		(514,185	)		(1,254,076	)		(727,136	)		(2,285,432	)		(656,961	)		(16,629	)
Institutional class of shares		(1,686,946	)		(2,148,340	)		(515,877	)		(1,614,822	)		(670,967	)		(13,677	)

Change in net assets resulting from distributions to shareholders		(7,341,525	)		(8,391,758	)		(25,187,687	)		(11,835,069	)		(6,678,116	)		(5,607,510	)

Capital stock transactions:
Proceeds from sale of shares		95,930,303			41,893,564			271,390,794			687,423,075	(2)		20,319,480			35,784,041
Net asset value of shares issued to shareholders in payment of distributions declared		5,697,278			7,175,867			23,068,922			11,745,073			5,726,012			4,919,783
Cost of shares redeemed		(38,906,177	)		(51,086,439	)		(183,620,244	)		(54,889,737	)		(48,106,882	)		(49,882,166	)
Redemption fees		—			899			—			8,290			—			2,258

Change in net assets resulting from capital stock transactions		62,721,404			(2,016,109	)		110,839,472			644,286,701			(22,061,390	)		(9,176,084	)

Change in net assets		70,795,907			(9,768,783	)		155,817,318			626,556,306			(20,850,820	)		(8,992,118	)

Net assets:
Beginning of period		129,349,583			139,118,366			784,901,508			158,345,202			98,480,013			107,472,131

End of period	$	200,145,490		$	129,349,583		$	940,718,826		$	784,901,508		$	77,629,193		$	98,480,013

Undistributed net investment income (distributions in excess of net investment income) included in net assets at end of period	$	(2,698	)	$	(2,272	)	$	(2,314	)	$	(2,314	)	$	(8,520	)	$	(11,861	)

(1)	Reflects operations for the period from December 27, 2013 (inception date) to August 31, 2014.

(2)	Includes $375,619,470 of paid-in-capital received from a non-taxable in-kind subscription merger of the BMO Aggregate Bond Fund effective as of the close of business on August 16, 2013.

(See Notes which are an integral part of the Financial Statements)

126


		BMO Funds



Multi-Asset Income Fund			Government Money Market Fund						Tax-Free Money Market Fund						Prime Money Market Fund
Period Ended August 31, 2014 (1)			Year Ended August 31, 2014			Year Ended August 31, 2013			Year Ended August 31, 2014			Year Ended August 31, 2013			Year Ended August 31, 2014			Year Ended August 31, 2013


$	389,521		$	58,074		$	58,167		$	150,618		$	802,550		$	381,695		$	1,763,066

	2,896			—			—			38,299			94,608			41,143			89,747

	573,067			—			—			—			—			—			—


	965,484			58,074			58,167			188,917			897,158			422,838			1,852,813




	(4,824	)		(11,844	)		(13,732	)		(12,728	)		(15,480	)		(140,697	)		(131,568	)
	(185	)		—			—			—			—			—			—
	(375,937	)		(46,230	)		(44,435	)		(137,890	)		(787,070	)		(240,998	)		(1,631,499	)


	—			—			(88	)		(6,892	)		(21,928	)		(2,658	)		(34,667	)
	—			—			(212	)		(31,407	)		(101,614	)		(3,975	)		(56,585	)


	(380,946	)		(58,074	)		(58,467	)		(188,917	)		(926,092	)		(388,328	)		(1,854,319	)


	46,900,789			1,871,493,091			2,118,546,589			2,324,549,521			3,303,929,906			11,979,493,814			12,517,009,855

	25,811			6,403			3,403			19,647			74,248			59,745			239,821
	(1,278,765	)		(1,903,251,168	)		(1,989,737,089	)		(2,557,891,305	)		(3,229,044,629	)		(12,667,595,505	)		(11,726,163,371	)
	—			—			—			—			—			—			—


	45,647,835			(31,751,674	)		128,812,903			(233,322,137	)		74,959,525			(688,041,946	)		791,086,305

	46,232,373			(31,751,674	)		128,812,603			(233,322,137	)		74,930,591			(688,007,436	)		791,084,799


	—			564,931,799			436,119,196			818,397,954			743,467,363			4,013,318,567			3,222,233,768

$	46,232,373		$	533,180,125		$	564,931,799		$	585,075,817		$	818,397,954		$	3,325,311,131		$	4,013,318,567


$	4,566		$	—		$	—		$	53		$	53		$	(23,963	)	$	(36,280	)

127


Financial Highlights—Investor Class of Shares (For a share outstanding throughout each period)


Period Ended August 31,	Net asset value, beginning of period			Net investment income (loss)				Net realized and unrealized gain (loss)				Total from investment operations				Distributions to shareholders from net investment income				Distributions to shareholders from net realized gain				Total distributions				Net asset value, end of period			Total return (1)(4)			Ratios to Average Net Assets (5)									Net assets, end of period (000 omitted)			Portfolio turnover rate (4)
Period Ended August 31,	Net asset value, beginning of period			Net investment income (loss)				Net realized and unrealized gain (loss)				Total from investment operations				Distributions to shareholders from net investment income				Distributions to shareholders from net realized gain				Total distributions				Net asset value, end of period			Total return (1)(4)			Gross Expenses (2)			Net Expenses (2)			Net investment income (loss) (2)			Net assets, end of period (000 omitted)			Portfolio turnover rate (4)
Low Volatility Equity Fund
2014		$	11.27		$	0.16			$	2.03			$	2.19			$	(0.15	)		$	(0.11	)		$	(0.26	)		$	13.20		19.60	%		1.14	%		0.90	%		1.16	%		$	413		47	%
2013(3)(10)			10.00			0.17				1.15				1.32				(0.05	)			—				(0.05	)			11.27		13.22			1.53			0.90			2.05				620		101
Dividend Income Fund
2014			12.25			0.28				2.50				2.78				(0.27	)			(0.47	)			(0.74	)			14.29		23.52			1.05			0.90			2.18				63,687		45
2013(3)			10.79			0.29				1.46				1.75				(0.29	)			—				(0.29	)			12.25		16.44			1.06			0.90			2.49				56,829		25
2012(3)(9)			10.00			0.16				0.76				0.92				(0.13	)			—				(0.13	)			10.79		9.28			1.15			0.90			2.54				27,647		18
Large-Cap Value Fund
2014			14.54			0.11				3.57				3.68				(0.12	)			(1.06	)			(1.18	)			17.04		26.47			1.23			1.23			0.70				131,012		68
2013(3)			12.21			0.13				2.37				2.50				(0.17	)			—				(0.17	)			14.54		20.65			1.27			1.24			1.00				111,769		71
2012(3)			10.62			0.12				1.57				1.69				(0.10	)			—				(0.10	)			12.21		16.04			1.30			1.24			1.10				76,786		127
2011(3)			9.27			0.09				1.31				1.40				(0.05	)			—				(0.05	)			10.62		15.15			1.29			1.24			0.78				67,845		55
2010(3)			9.42			0.09				(0.12	)			(0.03	)			(0.12	)			—				(0.12	)			9.27		(0.42	)		1.33			1.27			0.85				73,579		82
Large-Cap Growth Fund
2014			15.08			0.01				4.34				4.35				(0.04	)			(1.45	)			(1.49	)			17.94		30.33			1.24			1.24			0.03				97,738		67
2013(3)			14.16			0.06				1.93				1.99				(0.03	)			(1.04	)			(1.07	)			15.08		15.07			1.25			1.24			0.37				92,037		100
2012(3)			11.97			0.01				2.18				2.19				—				—				—				14.16		18.30			1.29			1.24			0.11				103,385		185
2011(3)			9.90			(0.02	)			2.10				2.08				(0.01	)			—				(0.01	)			11.97		20.99			1.29			1.24			(0.14	)			80,508		113
2010(3)			9.64			(0.01	)			0.29				0.28				(0.02	)			—				(0.02	)			9.90		2.94			1.35			1.28			(0.07	)			60,125		121
Mid-Cap Value Fund
2014			16.24			0.04				3.64				3.68				(0.06	)			(2.20	)			(2.26	)			17.66		24.65			1.20			1.20			0.23				189,016		30
2013(3)			13.24			0.08				3.62				3.70				(0.08	)			(0.62	)			(0.70	)			16.24		29.23			1.22			1.22			0.51				191,459		48
2012(3)			11.93			0.09				1.27				1.36				(0.05	)			—				(0.05	)			13.24		11.47			1.25			1.23			0.69				132,283		31
2011(3)			10.30			0.06				1.63				1.69				(0.06	)			—				(0.06	)			11.93		16.35			1.26			1.24			0.47				131,209		37
2010(3)			9.63			0.04				0.69				0.73				(0.06	)			—				(0.06	)			10.30		7.62			1.31			1.27			0.38				121,288		58
Mid-Cap Growth Fund
2014			22.94			(0.14	)			4.19				4.05				—				(3.06	)			(3.06	)			23.93		19.16			1.22			1.22			(0.61	)			121,928		57
2013(3)			20.11			(0.11	)			4.21				4.10				—				(1.27	)			(1.27	)			22.94		21.40			1.22			1.22			(0.49	)			107,410		58
2012(3)			17.78			(0.10	)			2.43				2.33				—				—				—				20.11		13.10			1.25			1.24			(0.52	)			95,884		69
2011(3)			14.42			(0.04	)			3.40				3.36				—				—				—				17.78		23.30			1.30			1.23			(0.21	)			92,911		79
2010(3)			12.62			(0.08	)			1.88				1.80				—				—				—				14.42		14.26			1.26			1.26			(0.58	)			63,584		133
Small-Cap Value Fund
2014			13.57			(0.03	)			2.24				2.21				—				(1.38	)			(1.38	)			14.40		17.36			1.40			1.24			(0.21	)			65,998		43
2013(3)			10.47			0.06				3.34				3.40				(0.06	)			(0.24	)			(0.30	)			13.57		33.16			1.51			1.24			0.46				42,505		74
2012(3)			9.25			0.01				1.21				1.22				—				—				—				10.47		13.19			1.75			1.24			0.11				28,087		58
2011(3)(8)			10.00			(0.01	)			(0.74	)			(0.75	)			—				—				—				9.25		(7.50	)		1.81			1.24			(0.21	)			22,132		21
Small-Cap Core Fund
2014(13)			10.00			(0.02	)			0.40				0.38				—				—				—				10.38		3.80			7.00			1.15			(0.36	)			522		43
Small-Cap Growth Fund
2014			22.21			(0.08	)			3.12				3.04				—				(2.94	)			(2.94	)			22.31		14.44			1.40			1.40			(0.36	)			431,093		82
2013(3)			18.12			(0.17	)			5.59				5.42				—				(1.33	)			(1.33	)			22.21		31.90			1.41			1.41			(0.87	)			412,282		76
2012(3)			17.49			(0.15	)			1.89				1.74				—				(1.11	)			(1.11	)			18.12		10.19			1.46			1.44			(0.83	)			331,307		85
2011(3)			14.03			(0.14	)			3.60				3.46				—				—				—				17.49		24.66			1.46			1.44			(0.90	)			335,200		101
2010(3)			11.92			(0.15	)			2.26				2.11				—				—				—				14.03		17.70			1.54			1.47			(1.18	)			163,225		153
Micro-Cap Fund
2014(12)			10.00			(0.05	)			1.54				1.49				—				—				—				11.49		14.90			6.61			1.35			(0.54	)			64		70
Global Low Volatility Equity Fund
2014(3)(12)			10.00			0.13				1.34				1.47				—				—				—				11.47		14.70			13.52			1.10			1.44				105		29
Pyrford Global Equity Fund
2014(3)(13)			10.00			0.18				0.56				0.74				—				—				—				10.74		7.40			21.38			1.15			3.05				628		7

(See Notes which are an integral part of the Financial Statements)

128


Financial Highlights—Investor Class of Shares (For a share outstanding throughout each period)


Period Ended August 31,	Net asset value, beginning of period			Net investment income (loss)			Net realized and unrealized gain (loss)				Total from investment operations				Distributions to shareholders from net investment income				Distributions to shareholders from net realized gain				Total distributions				Net asset value, end of period			Total return (1)(4)			Ratios to Average Net Assets (5)									Net assets, end of period (000 omitted)			Portfolio turnover rate (4)
Period Ended August 31,	Net asset value, beginning of period			Net investment income (loss)			Net realized and unrealized gain (loss)				Total from investment operations				Distributions to shareholders from net investment income				Distributions to shareholders from net realized gain				Total distributions				Net asset value, end of period			Total return (1)(4)			Gross Expenses (2)			Net Expenses (2)			Net investment income (loss) (2)			Net assets, end of period (000 omitted)			Portfolio turnover rate (4)
Pyrford Global Strategic Return Fund
2014(3)		$	10.34		$	0.02		$	0.36			$	0.38			$	(0.03	)		$	(0.15	)		$	(0.18	)		$	10.54		3.67	%		1.86	%		1.24	%		0.11	%		$	17,115		39	%
2013(3)			10.20			—			0.14				0.14				—				—				—				10.34		1.37			1.60			1.24			0.01				14,096		48
2012(3)(9)			10.00			0.02			0.18				0.20				—				—				—				10.20		2.00			1.70			1.24			0.25				11,780		52
Pyrford International Stock Fund
2014(3)			12.07			0.36			1.27				1.63				(0.56	)			(0.03	)			(0.59	)			13.11		13.69			1.27			1.24			3.12				81,352		6
2013(3)			10.76			0.24			1.35				1.59				(0.23	)			(0.05	)			(0.28	)			12.07		14.98			1.34			1.24			2.23				51,265		15
2012(3)(9)			10.00			0.23			0.53				0.76				—				—				—				10.76		7.60			1.39			1.24			3.55				39,938		13
Global Natural Resources Fund
2014(3)(13)			10.00			0.01			0.72				0.73				—				—				—				10.73		7.30			20.33			1.24			0.13				538		125
LGM Emerging Markets Equity Fund
2014(3)			12.58			0.20			1.71				1.91				(0.19	)			—				(0.19	)			14.30		15.35			1.55			1.40			1.73				62,828		38
2013(3)			13.66			0.22			(0.33	)			(0.11	)			(0.17	)			(0.80	)			(0.97	)			12.58		(1.23	)		1.64			1.40			2.21				41,291		29
2012(3)			15.81			0.36			(1.19	)			(0.83	)			(0.40	)			(0.92	)			(1.32	)			13.66		(5.04	)		1.94			1.43			2.02				17,019		83
2011(3)			16.17			0.08			0.86				0.94				(0.45	)			(0.85	)			(1.30	)			15.81		5.08			1.87			1.50			0.67				11,753		34
2010(3)			14.45			0.03			2.37				2.40				(0.16	)			(0.52	)			(0.68	)			16.17		16.63			2.01			1.50			0.28				12,856		30
TCH Emerging Markets Bond Fund
2014(3)(12)			10.00			0.42			0.83				1.25				(0.11	)			—				(0.11	)			11.14		12.66			3.10			1.00			4.37				3,953		72
Ultra Short Tax-Free Fund
2014			10.04			0.06			0.05				0.11				(0.06	)			(0.00	)			(0.06	)			10.09		1.10			0.59			0.55			0.57				67,617		86
2013			10.09			0.07			(0.04	)			0.03				(0.08	)			(0.00	)			(0.08	)			10.04		0.26			0.57			0.55			0.72				99,168		71
2012(3)			10.06			0.11			0.03				0.14				(0.11	)			(0.00	)			(0.11	)			10.09		1.41			0.62			0.55			1.06				107,582		128
2011(3)			10.07			0.14			(0.01	)			0.13				(0.14	)			(0.00	)			(0.14	)			10.06		1.33			0.65			0.55			1.41				55,069		148
2010(3)(7)			10.00			0.11			0.07				0.18				(0.11	)			—				(0.11	)			10.07		1.82			0.71			0.55			1.25				33,189		83
Short Tax-Free Fund
2014			9.95			0.13			0.25				0.38				(0.13	)			—				(0.13	)			10.20		3.86			0.87			0.55			1.30				25,442		69
2013(3)(11)			10.00			0.08			(0.05	)			0.03				(0.08	)			—				(0.08	)			9.95		0.34			1.06			0.55			1.17				15,240		74
Short-Term Income Fund
2014			9.37			0.10			0.04				0.14				(0.11	)			—				(0.11	)			9.40		1.55			0.68			0.60			1.11				77,006		43
2013(3)			9.47			0.14			(0.09	)			0.05				(0.15	)			—				(0.15	)			9.37		0.55			0.68			0.60			1.45				111,792		51
2012(3)			9.32			0.18			0.15				0.33				(0.18	)			—				(0.18	)			9.47		3.62			0.72			0.60			1.89				90,098		63
2011(3)			9.30			0.25			(0.00	)			0.25				(0.23	)			—				(0.23	)			9.32		2.59			0.78			0.60			2.65				64,882		114
2010(3)			8.97			0.27			0.32				0.59				(0.26	)			—				(0.26	)			9.30		6.61			0.80			0.60			2.95				52,353		50
Intermediate Tax-Free Fund
2014			10.66			0.28			0.59				0.87				(0.28	)			(0.00	)			(0.28	)			11.25		8.29			0.61			0.55			2.58				1,003,132		35
2013(3)			11.30			0.28			(0.57	)			(0.29	)			(0.28	)			(0.07	)			(0.35	)			10.66		(2.67	)		0.61			0.55			2.51				844,129		39
2012(3)			10.75			0.34			0.55				0.89				(0.33	)			(0.01	)			(0.34	)			11.30		8.41			0.70			0.55			3.02				730,555		53
2011(3)			10.87			0.36			(0.09	)			0.27				(0.36	)			(0.03	)			(0.39	)			10.75		2.65			0.88			0.55			3.44				385,220		59
2010(3)			10.28			0.38			0.61				0.99				(0.38	)			(0.02	)			(0.40	)			10.87		9.78			1.08			0.55			3.58				422,804		45
Mortgage Income Fund
2014			9.17			0.20			0.24				0.44				(0.25	)			—				(0.25	)			9.36		4.87			0.92			0.80			2.21				105,888		129
2013(3)			9.77			0.11			(0.38	)			(0.27	)			(0.22	)			(0.11	)			(0.33	)			9.17		(2.81	)		0.88			0.80			1.33				138,914		307
2012(3)			10.04			0.18			0.22				0.40				(0.27	)			(0.40	)			(0.67	)			9.77		4.23			0.93			0.80			1.91				177,442		355
2011(3)			10.09			0.21			0.25				0.46				(0.21	)			(0.30	)			(0.51	)			10.04		4.72			0.93			0.80			2.08				204,664		717
2010(3)			9.49			0.32			0.57				0.89				(0.29	)			—				(0.29	)			10.09		9.49			0.91			0.80			3.24				274,660		383
TCH Intermediate Income Fund
2014			10.29			0.19			0.36				0.55				(0.19	)			—				(0.19	)			10.65		5.37			0.90			0.80			1.77				34,301		118
2013(3)			10.52			0.13			(0.23	)			(0.10	)			(0.13	)			—				(0.13	)			10.29		(0.99	)		0.89			0.80			1.20				45,948		248
2012(3)			10.13			0.18			0.39				0.57				(0.18	)			—				(0.18	)			10.52		5.72			0.92			0.80			1.74				53,044		190
2011(3)			9.90			0.18			0.22				0.40				(0.17	)			—				(0.17	)			10.13		4.07			0.93			0.80			1.78				54,028		445
2010(3)			9.00			0.23			0.86				1.09				(0.19	)			—				(0.19	)			9.90		12.25			0.94			0.80			2.43				65,383		373

(See Notes which are an integral part of the Financial Statements)

129


Financial Highlights—Investor Class of Shares (For a share outstanding throughout each period)


Period Ended August 31,	Net asset value, beginning of period			Net investment income (loss)			Net realized and unrealized gain (loss)				Total from investment operations			Distributions to shareholders from net investment income				Distributions to shareholders from net realized gain				Total distributions				Net asset value, end of period			Total return (1)(4)			Ratios to Average Net Assets (5)									Net assets, end of period (000 omitted)			Portfolio turnover rate (4)
Period Ended August 31,	Net asset value, beginning of period			Net investment income (loss)			Net realized and unrealized gain (loss)				Total from investment operations			Distributions to shareholders from net investment income				Distributions to shareholders from net realized gain				Total distributions				Net asset value, end of period			Total return (1)(4)			Gross Expenses (2)			Net Expenses (2)			Net investment income (loss) (2)			Net assets, end of period (000 omitted)			Portfolio turnover rate (4)
TCH Corporate Income Fund
2014		$	12.39		$	0.44		$	0.91			$	1.35		$	(0.44	)		$	(0.21	)		$	(0.65	)		$	13.09		11.20	%		0.74	%		0.59	%		3.32	%		$	78,347		25	%
2013(3)			13.05			0.41			(0.34	)			0.07			(0.43	)			(0.30	)			(0.73	)			12.39		0.40			0.75			0.65			3.20				35,860		123
2012(3)			12.36			0.47			0.83				1.30			(0.49	)			(0.12	)			(0.61	)			13.05		10.82			0.80			0.79			3.55				47,507		79
2011(3)			12.48			0.49			0.18				0.67			(0.51	)			(0.28	)			(0.79	)			12.36		5.60			0.88			0.80			3.95				17,542		48
2010(3)			11.57			0.50			1.00				1.50			(0.52	)			(0.07	)			(0.59	)			12.48		13.28			1.10			0.80			4.01				15,546		80
TCH Core Plus Bond Fund
2014			11.32			0.31			0.66				0.97			(0.32	)			(0.02	)			(0.34	)			11.95		8.68			0.62			0.59			2.66				517,753		44
2013(3)			11.90			0.30			(0.30	)			0.00			(0.30	)			(0.28	)			(0.58	)			11.32		(0.18	)		0.68			0.61			2.26				463,851		101
2012(3)			11.41			0.40			0.61				1.01			(0.44	)			(0.08	)			(0.52	)			11.90		9.23			0.77			0.77			3.43				94,648		84
2011(3)			11.44			0.46			0.22				0.68			(0.48	)			(0.23	)			(0.71	)			11.41		6.18			0.84			0.80			4.03				62,121		48
2010(3)			10.81			0.40			0.68				1.08			(0.44	)			(0.01	)			(0.45	)			11.44		10.19			0.97			0.80			3.58				39,776		72
Monegy High Yield Bond Fund
2014			10.32			0.55			0.26				0.81			(0.55	)			(0.14	)			(0.69	)			10.44		8.06			1.10			0.90			5.28				40,297		42
2013(3)			10.32			0.57			0.00				0.57			(0.57	)			(0.00	)			(0.57	)			10.32		5.54			1.08			0.90			5.36				48,758		34
2012(3)(9)			10.00			0.35			0.32				0.67			(0.35	)			—				(0.35	)			10.32		6.83			1.10			0.90			5.34				58,898		16
Multi-Asset Income Fund
2014(13)			10.00			0.12			0.25				0.37			(0.10	)			—				(0.10	)			10.27		3.66			1.32			0.80			1.81				532		0	(6)
Government Money Market Fund
2014			1.00			0.00			—				0.00			(0.00	)			—				(0.00	)			1.00		0.01			0.54			0.07			0.01				105,267		—
2013			1.00			0.00			—				0.00			(0.00	)			(0.00	)			(0.00	)			1.00		0.01			0.55			0.13			0.01				133,255		—
2012			1.00			0.00			0.00				0.00			(0.00	)			—				(0.00	)			1.00		0.01			0.56			0.16			0.01				101,548		—
2011			1.00			0.00			0.00				0.00			(0.00	)			(0.00	)			(0.00	)			1.00		0.01			0.55			0.21			0.01				256,327		—
2010			1.00			0.00			—				0.00			(0.00	)			—				(0.00	)			1.00		0.01			0.54			0.28			0.01				353,637		—
Tax-Free Money Market Fund
2014			1.00			0.00			0.00				0.00			(0.00	)			(0.00	)			(0.00	)			1.00		0.02			0.53			0.20			0.01				131,175		—
2013			1.00			0.00			0.00				0.00			(0.00	)			(0.00	)			(0.00	)			1.00		0.02			0.53			0.30			0.01				121,613		—
2012			1.00			0.00			0.00				0.00			(0.00	)			(0.00	)			(0.00	)			1.00		0.04			0.54			0.43			0.03				160,882		—
2011			1.00			0.00			0.00				0.00			(0.00	)			(0.00	)			(0.00	)			1.00		0.07			0.54			0.44			0.06				243,833		—
2010			1.00			0.00			0.00				0.00			(0.00	)			(0.00	)			(0.00	)			1.00		0.30			0.54			0.45			0.29				299,374		—
Prime Money Market Fund
2014			1.00			0.00			0.00				0.00			(0.00	)			(0.00	)			(0.00	)			1.00		0.01			0.45			0.18			0.01				1,356,875		—
2013			1.00			0.00			0.00				0.00			(0.00	)			(0.00	)			(0.00	)			1.00		0.01			0.46			0.27			0.01				1,423,007		—
2012			1.00			0.00			0.00				0.00			(0.00	)			(0.00	)			(0.00	)			1.00		0.01			0.46			0.38			0.01				1,288,067		—
2011			1.00			0.00			—				0.00			(0.00	)			—				(0.00	)			1.00		0.01			0.46			0.38			0.01				1,401,557		—
2010			1.00			0.00			—				0.00			(0.00	)			—				(0.00	)			1.00		0.04			0.46			0.41			0.04				1,412,771		—

(1)	Based on net asset value as of end of period date.

(2)	The contractual and voluntary expense waivers pursuant to Note 5 of the financial statements are reflected in both the expense and net investment income (loss) ratios.

(3)	Redemption fees consisted of per share amounts less than $0.01. Effective February 8, 2012, the Ultra Short Tax-Free Fund discontinued it's redemption fee policy and effective June 14, 2013, the remaining domestic Funds discontinued their redemption fee policy.

(4)	Not annualized for periods less than one year.

(5)	Annualized for periods less than one year.

(6)	Represents less than 0.5%.

(7)	Reflects operations for the period from September 30, 2009 (inception date) to August 31, 2010.

(8)	Reflects operations for the period from February 28, 2011 (inception date) to August 31, 2011.

(9)	Reflects operations for the period from December 29, 2011 (inception date) to August 31, 2012.

(10)	Reflects operations for the period from September 28, 2012 (inception date) to August 31, 2013.

(11)	Reflects operations for the period from November 29, 2012 (inception date) to August 31, 2013.

(12)	Reflects operations for the period from September 30, 2013 (inception date) to August 31, 2014.

(13)	Reflects operations for the period from December 27, 2013 (inception date) to August 31, 2014.

(See Notes which are an integral part of the Financial Statements)

130


Financial Highlights—Advisor Class of Shares (For a share outstanding throughout each period)


Period Ended August 31,	Net asset value, beginning of period			Net investment income (loss)				Net realized and unrealized gain (loss)				Total from investment operations				Distributions to shareholders from net investment income				Distributions to shareholders from net realized gain			Total distributions				Net asset value, end of period			Total return (1)(4)			Ratios to Average Net Assets (5)									Net assets, end of period (000 omitted)			Portfolio turnover rate (4)
Period Ended August 31,	Net asset value, beginning of period			Net investment income (loss)				Net realized and unrealized gain (loss)				Total from investment operations				Distributions to shareholders from net investment income				Distributions to shareholders from net realized gain			Total distributions				Net asset value, end of period			Total return (1)(4)			Gross Expenses (2)			Net Expenses (2)			Net investment income (loss) (2)			Net assets, end of period (000 omitted)			Portfolio turnover rate (4)
Low Volatility Equity Fund
2014(6)		$	12.74		$	0.04			$	0.47			$	0.51			$	(0.05	)		$	—		$	(0.05	)		$	13.20		4.03	%		1.02	%		0.90	%		1.17	%		$	26		47	%
Dividend Income Fund
2014(6)			13.57			0.08				0.71				0.79				(0.07	)			—			(0.07	)			14.29		5.84			1.08			0.90			2.09				26		45
Large-Cap Value Fund
2014(6)			16.23			0.04				0.82				0.86				(0.05	)			—			(0.05	)			17.04		5.32			1.23			1.23			0.83				27		68
Large-Cap Growth Fund
2014(6)			16.81			0.01				1.12				1.13				—				—			—				17.94		6.72			1.24			1.24			0.17				26		67
Mid-Cap Value Fund
2014(6)			16.61			0.01				1.04				1.05				—				—			—				17.66		6.32			1.20			1.20			0.31				27		30
Mid-Cap Growth Fund
2014(6)			22.89			(0.04	)			1.08				1.04				—				—			—				23.93		4.54			1.24			1.24			(0.63	)			26		57
Small-Cap Value Fund
2014(6)			13.99			(0.01	)			0.42				0.41				—				—			—				14.40		2.93			1.46			1.24			(0.14	)			26		43
Small-Cap Core Fund
2014(6)			10.08			(0.01	)			0.31				0.30				—				—			—				10.38		2.98			4.82			1.15			(0.30	)			26		43
Micro-Cap Fund
2014(6)			11.06			(0.02	)			0.45				0.43				—				—			—				11.49		3.89			6.65			1.35			(0.55	)			26		70
Global Low Volatility Equity Fund
2014(3)(6)			11.12			0.05				0.30				0.35				—				—			—				11.47		3.15			11.55			1.10			1.53				26		29
Pyrford Global Equity Fund
2014(3)(6)			10.50			0.06				0.18				0.24				—				—			—				10.74		2.29			15.81			1.15			2.15				26		7
Pyrford Global Strategic Return Fund
2014(3)(6)			10.54			0.00				0.00				0.00				—				—			—				10.54		0.00			2.32			1.24			0.10				25		39
Pyrford International Stock Fund
2014(3)(6)			13.13			0.07				(0.09	)			(0.02	)			—				—			—				13.11		(0.15	)		1.28			1.24			1.95				25		6
Global Natural Resources Fund
2014(3)(6)			10.34			0.00				0.39				0.39				—				—			—				10.73		3.77			13.17			1.24			(0.07	)			26		125
LGM Emerging Markets Equity Fund
2014(3)(6)			13.69			0.08				0.53				0.61				—				—			—				14.30		4.46			1.66			1.40			2.05				26		38
TCH Emerging Markets Bond Fund
2014(3)(6)			10.80			0.12				0.22				0.34				—				—			—				11.14		3.15			2.42			1.00			4.26				26		72
Ultra Short Tax-Free Fund
2014(6)			10.09			0.01				0.00				0.01				(0.01	)			—			(0.01	)			10.09		0.13			0.59			0.55			0.50				25		86
Short Tax-Free Fund
2014(6)			10.17			0.03				0.03				0.06				(0.03	)			—			(0.03	)			10.20		0.64			0.83			0.55			1.29				25		69
Short-Term Income Fund
2014(6)			9.42			0.02				(0.01	)			0.01				(0.03	)			—			(0.03	)			9.40		0.10			0.71			0.60			1.10				25		43
Intermediate Tax-Free Fund
2014(6)			11.16			0.07				0.09				0.16				(0.07	)			—			(0.07	)			11.25		1.46			0.60			0.55			2.41				2,044		35
Mortgage Income Fund
2014(6)			9.35			0.03				0.05				0.08				(0.07	)			—			(0.07	)			9.36		0.86			0.94			0.80			2.38				25		129
TCH Intermediate Income Fund
2014(6)			10.61			0.05				0.04				0.09				(0.05	)			—			(0.05	)			10.65		0.88			0.90			0.80			1.90				25		118
TCH Corporate Income Fund
2014(6)			12.93			0.09				0.17				0.26				(0.10	)			—			(0.10	)			13.09		2.02			0.72			0.59			2.92				25		25
TCH Core Plus Bond Fund
2014(6)			11.82			0.08				0.14				0.22				(0.09	)			—			(0.09	)			11.95		1.85			0.60			0.59			2.74				25		44
Monegy High Yield Bond Fund
2014(6)			10.52			0.14				(0.08	)			0.06				(0.14	)			—			(0.14	)			10.44		0.58			1.17			0.90			5.09				25		42

(See Notes which are an integral part of the Financial Statements)

131


Financial Highlights—Advisor Class of Shares (For a share outstanding throughout each period)


Period Ended August 31,	Net asset value, beginning of period			Net investment income (loss)			Net realized and unrealized gain (loss)			Total from investment operations			Distributions to shareholders from net investment income				Distributions to shareholders from net realized gain			Total distributions				Net asset value, end of period		Total return (1)(4)			Ratios to Average Net Assets (5)									Net assets, end of period (000 omitted)			Portfolio turnover rate (4)
Period Ended August 31,	Net asset value, beginning of period			Net investment income (loss)			Net realized and unrealized gain (loss)			Total from investment operations			Distributions to shareholders from net investment income				Distributions to shareholders from net realized gain			Total distributions				Net asset value, end of period		Total return (1)(4)			Gross Expenses (2)			Net Expenses (2)			Net investment income (loss) (2)			Net assets, end of period (000 omitted)			Portfolio turnover rate (4)
Multi-Asset Income Fund
2014(6)		$	10.24		$	0.06		$	0.05		$	0.11		$	(0.08	)		$	—		$	(0.08	)		10.27		1.03	%		0.99	%		0.80	%		2.17	%		$	25		0	(7)%

(1)	Based on net asset value as of end of period date.

(2)	The contractual and voluntary expense waivers pursuant to Note 5 of the financial statements are reflected in both the expense and net investment income (loss) ratios.

(3)	Redemption fees consisted of per share amounts less than $0.01.

(4)	Not annualized for periods less than one year.

(5)	Annualized for periods less than one year.

(6)	Reflects operations for the period from May 27, 2014 (inception date) to August 31, 2014.

(7)	Represents less than 0.5%.

(See Notes which are an integral part of the Financial Statements)

132


Financial Highlights—Institutional Class of Shares (For a share outstanding throughout each period)


Period Ended August 31,	Net asset value, beginning of period			Net investment income (loss)				Net realized and unrealized gain (loss)				Total from investment operations				Distributions to shareholders from net investment income				Distributions to shareholders from net realized gain				Total distributions				Net asset value, end of period			Total return (1)(4)			Ratios to Average Net Assets (5)									Net assets, end of period (000 omitted)			Portfolio turnover rate (4)
Period Ended August 31,	Net asset value, beginning of period			Net investment income (loss)				Net realized and unrealized gain (loss)				Total from investment operations				Distributions to shareholders from net investment income				Distributions to shareholders from net realized gain				Total distributions				Net asset value, end of period			Total return (1)(4)			Gross Expenses (2)			Net Expenses (2)			Net investment income (loss) (2)			Net assets, end of period (000 omitted)			Portfolio turnover rate (4)
Low Volatility Equity Fund
2014		$	11.28		$	0.18			$	2.05			$	2.23			$	(0.18	)		$	(0.11	)		$	(0.29	)		$	13.22		19.97	%		0.89	%		0.65	%		1.49	%		$	57,421		47	%
2013(3)(11)			10.00			0.10				1.25				1.35				(0.07	)			—				(0.07	)			11.28		13.47			1.28			0.65			1.79				41,009		101
Dividend Income Fund
2014			12.27			0.32				2.51				2.83				(0.31	)			(0.47	)			(0.78	)			14.32		23.87			0.80			0.65			2.43				55,387		45
2013(3)			10.80			0.33				1.46				1.79				(0.32	)			—				(0.32	)			12.27		16.78			0.81			0.65			2.79				50,393		25
2012(3)(10)			10.00			0.19				0.76				0.95				(0.15	)			—				(0.15	)			10.80		9.50			0.90			0.65			2.76				46,959		18
Large-Cap Value Fund
2014			14.56			0.16				3.56				3.72				(0.16	)			(1.06	)			(1.22	)			17.06		26.74			0.98			0.98			0.95				119,263		68
2013(3)			12.24			0.17				2.37				2.54				(0.22	)			—				(0.22	)			14.56		20.95			1.02			0.99			1.24				101,834		71
2012(3)			10.65			0.16				1.56				1.72				(0.13	)			—				(0.13	)			12.24		16.32			1.05			0.99			1.36				72,633		127
2011(3)			9.28			0.11				1.32				1.43				(0.06	)			—				(0.06	)			10.65		15.47			1.04			0.99			1.03				78,877		55
2010(3)			9.43			0.11				(0.11	)			0.00				(0.15	)			—				(0.15	)			9.28		(0.14	)		1.08			1.02			1.09				88,269		82
Large-Cap Growth Fund
2014			15.18			0.06				4.36				4.42				(0.09	)			(1.45	)			(1.54	)			18.06		30.63			0.99			0.99			0.28				130,948		67
2013(3)			14.24			0.08				1.96				2.04				(0.06	)			(1.04	)			(1.10	)			15.18		15.46			1.00			0.99			0.58				122,689		100
2012(3)			12.02			0.05				2.17				2.22				—				—				—				14.24		18.47			1.04			0.99			0.35				89,138		185
2011(3)			9.94			0.01				2.11				2.12				(0.04	)			—				(0.04	)			12.02		21.33			1.04			0.99			0.11				103,598		113
2010(3)			9.67			0.02				0.29				0.31				(0.04	)			—				(0.04	)			9.94		3.17			1.10			1.03			0.18				91,433		121
Mid-Cap Value Fund
2014			16.23			0.08				3.64				3.72				(0.12	)			(2.20	)			(2.32	)			17.63		24.96			0.95			0.95			0.49				145,606		30
2013(3)			13.23			0.12				3.61				3.73				(0.11	)			(0.62	)			(0.73	)			16.23		29.58			0.97			0.97			0.77				122,818		48
2012(3)			11.93			0.12				1.27				1.39				(0.09	)			—				(0.09	)			13.23		11.71			1.00			0.98			0.94				103,596		31
2011(3)			10.29			0.09				1.63				1.72				(0.08	)			—				(0.08	)			11.93		16.72			1.01			0.99			0.71				108,425		37
2010(3)			9.63			0.06				0.69				0.75				(0.09	)			—				(0.09	)			10.29		7.83			1.06			1.02			0.63				99,329		58
Mid-Cap Growth Fund
2014			23.26			(0.09	)			4.26				4.17				—				(3.06	)			(3.06	)			24.37		19.43			0.97			0.97			(0.36	)			144,807		57
2013(3)			20.32			(0.05	)			4.26				4.21				—				(1.27	)			(1.27	)			23.26		21.74			0.97			0.97			(0.24	)			142,302		58
2012(3)			17.93			(0.06	)			2.45				2.39				—				—				—				20.32		13.33			1.00			0.99			(0.27	)			131,501		69
2011(3)			14.50			0.02				3.41				3.43				—				—				—				17.93		23.66			0.98			0.98			0.10				161,539		79
2010(3)			12.68			(0.05	)			1.89				1.84				(0.02	)			—				(0.02	)			14.50		14.49			1.05			1.01			(0.33	)			136,392		133
Small-Cap Value Fund
2014			13.62			0.01				2.25				2.26				—				(1.38	)			(1.38	)			14.50		17.68			1.15			0.99			0.04				16,369		43
2013(3)			10.51			0.09				3.35				3.44				(0.09	)			(0.24	)			(0.33	)			13.62		33.49			1.26			0.99			0.48				13,404		74
2012(3)			9.26			0.03				1.22				1.25				—				—				—				10.51		13.50			1.50			0.99			0.34				4,135		58
2011(3)(9)			10.00			0.00				(0.74	)			(0.74	)			—				—				—				9.26		(7.40	)		1.56			0.99			0.04				2,814		21
Small-Cap Core Fund
2014(14)			10.00			0.00				0.40				0.40				—				—				—				10.40		4.00			6.75			0.90			(0.03	)			3,030		43
Small-Cap Growth Fund
2014			22.55			(0.02	)			3.16				3.14				—				(2.94	)			(2.94	)			22.75		14.69			1.15			1.15			(0.09	)			363,988		82
2013(3)			18.33			(0.12	)			5.67				5.55				—				(1.33	)			(1.33	)			22.55		32.26			1.16			1.16			(0.62	)			297,065		76
2012(3)			17.65			(0.09	)			1.88				1.79				—				(1.11	)			(1.11	)			18.33		10.39			1.21			1.19			(0.59	)			224,964		85
2011(3)			14.12			(0.11	)			3.64				3.53				—				—				—				17.65		25.00			1.21			1.19			(0.56	)			193,655		101
2010(3)			11.97			(0.12	)			2.27				2.15				—				—				—				14.12		17.96			1.29			1.22			(0.93	)			169,036		153
Micro-Cap Fund
2014(13)			10.00			(0.03	)			1.55				1.52				—				—				—				11.52		15.20			6.36			1.10			(0.28	)			2,861		70
Global Low Volatility Equity Fund
2014(3)(13)			10.00			0.07				1.43				1.50				—				—				—				11.50		15.00			13.27			0.85			1.76				3,947		29
Pyrford Global Equity Fund
2014(3)(14)			10.00			0.23				0.53				0.76				—				—				—				10.76		7.60			21.13			0.90			3.33				539		7

(See Notes which are an integral part of the Financial Statements)

133


Financial Highlights—Institutional Class of Shares (For a share outstanding throughout each period)


Period Ended August 31,	Net asset value, beginning of period			Net investment income (loss)				Net realized and unrealized gain (loss)				Total from investment operations				Distributions to shareholders from net investment income				Distributions to shareholders from net realized gain				Total distributions				Net asset value, end of period			Total return (1)(4)			Ratios to Average Net Assets (5)									Net assets, end of period (000 omitted)			Portfolio turnover rate (4)
Period Ended August 31,	Net asset value, beginning of period			Net investment income (loss)				Net realized and unrealized gain (loss)				Total from investment operations				Distributions to shareholders from net investment income				Distributions to shareholders from net realized gain				Total distributions				Net asset value, end of period			Total return (1)(4)			Gross Expenses (2)			Net Expenses (2)			Net investment income (loss) (2)			Net assets, end of period (000 omitted)			Portfolio turnover rate (4)
Pyrford Global Strategic Return Fund
2014(3)		$	10.38		$	0.03	(15)		$	0.43			$	0.46			$	(0.05	)		$	(0.15	)		$	(0.20	)		$	10.64		4.47	%		1.61	%		0.99	%		0.33	%		$	884		39	%
2013(3)			10.21			0.03				0.14				0.17				—				—				—				10.38		1.67			1.34			0.99			0.20				22,414		48
2012(3)(10)			10.00			0.02				0.19				0.21				—				—				—				10.21		2.10			1.45			0.99			0.36				42,163		52
Pyrford International Stock Fund
2014(3)			12.10			0.39				1.27				1.66				(0.59	)			(0.03	)			(0.62	)			13.14		14.00			1.02			0.99			3.32				272,486		6
2013(3)			10.78			0.22				1.40				1.62				(0.25	)			(0.05	)			(0.30	)			12.10		15.29			1.09			0.99			2.63				159,985		15
2012(3)(10)			10.00			0.24				0.54				0.78				—				—				—				10.78		7.80			1.14			0.99			3.83				77,791		13
Global Natural Resources Fund
2014(3)(14)			10.00			0.02				0.75				0.77				—				—				—				10.77		7.70			20.08			0.99			0.39				602		125
LGM Emerging Markets Equity Fund
2014(3)			12.61			0.23				1.71				1.94				(0.22	)			—				(0.22	)			14.33		15.57			1.30			1.15			1.89				111,807		38
2013(3)			13.69			0.26				(0.34	)			(0.08	)			(0.20	)			(0.80	)			(1.00	)			12.61		(1.00	)		1.40			1.15			2.41				84,760		29
2012(3)			15.86			0.37				(1.17	)			(0.80	)			(0.45	)			(0.92	)			(1.37	)			13.69		(4.79	)		1.70			1.18			2.15				42,949		83
2011(3)			16.21			0.09				0.90				0.99				(0.49	)			(0.85	)			(1.34	)			15.86		5.32			1.61			1.25			0.85				37,164		34
2010(3)			14.47			0.09				2.35				2.44				(0.18	)			(0.52	)			(0.70	)			16.21		16.88			1.76			1.25			0.53				46,996		30
TCH Emerging Markets Bond Fund
2014(3)(13)			10.00			0.44				0.84				1.28				(0.12	)			—				(0.12	)			11.16		12.89			2.85			0.85			4.52				3,961		72
Ultra Short Tax-Free Fund
2014			10.04			0.09				0.05				0.14				(0.09	)			(0.00	)			(0.09	)			10.09		1.35			0.34			0.30			0.82				663,538		86
2013			10.09			0.10				(0.05	)			0.05				(0.10	)			(0.00	)			(0.10	)			10.04		0.51			0.32			0.30			0.97				739,246		71
2012(3)			10.06			0.14				0.03				0.17				(0.14	)			(0.00	)			(0.14	)			10.09		1.66			0.37			0.30			1.32				682,788		128
2011(3)			10.07			0.17				(0.01	)			0.16				(0.17	)			(0.00	)			(0.17	)			10.06		1.58			0.40			0.30			1.64				368,540		148
2010(3)(7)			10.00			0.13				0.07				0.20				(0.13	)			—				(0.13	)			10.07		2.05			0.46			0.30			1.52				273,120		83
Short Tax-Free Fund
2014			9.95			0.15				0.26				0.41				(0.15	)			—				(0.15	)			10.21		4.12			0.62			0.40			1.45				78,050		69
2013(3)(12)			10.00			0.10				(0.05	)			(0.05	)			(0.10	)			—				(0.10	)			9.95		0.45			0.81			0.40			1.33				34,138		74
Short-Term Income Fund
2014			9.39			0.13				0.04				0.17				(0.14	)			—				(0.14	)			9.42		1.80			0.43			0.35			1.35				142,526		43
2013(3)			9.48			0.16				(0.07	)			0.09				(0.18	)			—				(0.18	)			9.39		0.91			0.43			0.35			1.70				117,378		51
2012(3)			9.32			0.20				0.17				0.37				(0.21	)			—				(0.21	)			9.48		3.99			0.47			0.35			2.16				101,182		63
2011(3)			9.31			0.26				(0.01	)			0.25				(0.24	)			—				(0.24	)			9.32		2.73			0.52			0.35			2.93				86,591		114
2010(3)			8.98			0.29				0.32				0.61				(0.28	)			—				(0.28	)			9.31		6.87			0.55			0.35			3.19				72,686		50
Intermediate Tax-Free Fund
2014			10.66			0.31				0.59				0.90				(0.31	)			(0.00	)			(0.31	)			11.25		8.50			0.36			0.36			2.77				396,291		35
2013(3)			11.29			0.30				(0.56	)			(0.26	)			(0.30	)			(0.07	)			(0.37	)			10.66		(2.40	)		0.36			0.36			2.70				352,883		39
2012(3)			10.75			0.34				0.55				0.89				(0.34	)			(0.01	)			(0.35	)			11.29		8.41			0.45			0.45			3.10				345,109		55
2011(3)(8)			10.37			0.25				0.38				0.63				(0.25	)			—				(0.25	)			10.75		6.17			0.56			0.50			3.54				166,269		59
Mortgage Income Fund
2014			9.16			0.23				0.23				0.46				(0.27	)			—				(0.27	)			9.35		5.13			0.67			0.55			2.45				28,473		129
2013(3)			9.76			0.15				(0.39	)			(0.24	)			(0.25	)			(0.11	)			(0.36	)			9.16		(2.57	)		0.63			0.55			1.57				35,880		307
2012(3)			10.03			0.21				0.22				0.43				(0.30	)			(0.40	)			(0.70	)			9.76		4.49			0.68			0.55			2.16				41,528		355
2011(3)			10.08			0.24				0.24				0.48				(0.23	)			(0.30	)			(0.53	)			10.03		4.99			0.67			0.55			2.33				47,101		717
2010(3)			9.49			0.35				0.55				0.90				(0.31	)			—				(0.31	)			10.08		9.65			0.66			0.55			3.52				113,314		383
TCH Intermediate Income Fund
2014			10.28			0.21				0.36				0.57				(0.21	)			—				(0.21	)			10.64		5.63			0.65			0.55			2.03				110,824		118
2013(3)			10.51			0.15				(0.23	)			(0.08	)			(0.15	)			—				(0.15	)			10.28		(0.74	)		0.64			0.55			1.45				95,908		248
2012(3)			10.12			0.20				0.40				0.60				(0.21	)			—				(0.21	)			10.51		5.99			0.67			0.55			1.99				113,933		190
2011(3)			9.90			0.20				0.21				0.41				(0.19	)			—				(0.19	)			10.12		4.22			0.68			0.55			2.03				102,730		445
2010(3)			8.99			0.26				0.87				1.13				(0.22	)			—				(0.22	)			9.90		12.65			0.69			0.55			2.69				109,776		373

(See Notes which are an integral part of the Financial Statements)

134


Financial Highlights—Institutional Class of Shares (For a share outstanding throughout each period)


Period Ended August 31,	Net asset value, beginning of period			Net investment income (loss)			Net realized and unrealized gain (loss)				Total from investment operations			Distributions to shareholders from net investment income				Distributions to shareholders from net realized gain				Total distributions				Net asset value, end of period			Total return (1)(4)			Ratios to Average Net Assets (5)									Net assets, end of period (000 omitted)			Portfolio turnover rate (4)
Period Ended August 31,	Net asset value, beginning of period			Net investment income (loss)			Net realized and unrealized gain (loss)				Total from investment operations			Distributions to shareholders from net investment income				Distributions to shareholders from net realized gain				Total distributions				Net asset value, end of period			Total return (1)(4)			Gross Expenses (2)			Net Expenses (2)			Net investment income (loss) (2)			Net assets, end of period (000 omitted)			Portfolio turnover rate (4)
TCH Corporate Income Fund
2014		$	12.37		$	0.45		$	0.91			$	1.36		$	(0.45	)		$	(0.21	)		$	(0.66	)		$	13.07		11.32	%		0.49	%		0.49	%		3.50	%		$	121,773		25	%
2013(3)			13.03			0.44			(0.35	)			0.09			(0.45	)			(0.30	)			0.75				12.37		0.54			0.50			0.50			3.36				93,490		123
2012(3)			12.35			0.49			0.83				1.32			(0.52	)			(0.12	)			(0.64	)			13.03		11.02			0.55			0.54			3.88				91,611		79
2011(3)			12.48			0.52			0.17				0.69			(0.54	)			(0.28	)			(0.82	)			12.35		5.77			0.63			0.55			4.18				76,263		48
2010(3)			11.57			0.53			0.99				1.52			(0.54	)			(0.07	)			(0.61	)			12.48		13.56			0.85			0.55			4.13				52,317		80
TCH Core Plus Bond Fund
2014			11.32			0.33			0.65				0.98			(0.34	)			(0.02	)			(0.36	)			11.94		8.82			0.37			0.37			2.89				422,941		44
2013(3)			11.90			0.32			(0.29	)			0.03			(0.33	)			(0.28	)			(0.61	)			11.32		0.09			0.43			0.43			2.44				321,051		101
2012(3)			11.41			0.43			0.61				1.04			(0.47	)			(0.08	)			(0.55	)			11.90		9.41			0.52			0.52			3.68				63,697		84
2011(3)			11.44			0.49			0.21				0.70			(0.50	)			(0.23	)			(0.73	)			11.41		6.45			0.59			0.55			4.28				47,398		48
2010(3)			10.81			0.42			0.68				1.10			(0.46	)			(0.01	)			(0.47	)			11.44		10.46			0.72			0.55			3.84				35,851		72
Monegy High Yield Bond Fund
2014			10.32			0.58			0.26				0.84			(0.58	)			(0.14	)			(0.72	)			10.44		8.32			0.85			0.65			5.53				37,307		42
2013(3)			10.32			0.59			0.00				0.59			(0.59	)			(0.00	)			(0.59	)			10.32		5.80			0.83			0.65			5.61				49,722		34
2012(3)(10)			10.00			0.37			0.32				0.69			(0.37	)			—				(0.37	)			10.32		7.00			0.85			0.65			5.54				48,574		16
Multi-Asset Income Fund
2014(14)			10.00			0.11			0.27				0.38			(0.11	)			—				(0.11	)			10.27		3.83			1.07			0.55			2.29				45,675		0	(6)
Government Money Market Fund
2014			1.00			0.00			—				0.00			(0.00	)			—				(0.00	)			1.00		0.01			0.29			0.07			0.01				427,913		—
2013			1.00			0.00			—				0.00			(0.00	)			(0.00	)			(0.00	)			1.00		0.01			0.30			0.13			0.01				431,677		—
2012			1.00			0.00			0.00				0.00			(0.00	)			—				(0.00	)			1.00		0.01			0.31			0.16			0.01				334,571		—
2011			1.00			0.00			0.00				0.00			(0.00	)			(0.00	)			(0.00	)			1.00		0.04			0.30			0.17			0.04				244,082		—
2010			1.00			0.00			—				0.00			(0.00	)			—				(0.00	)			1.00		0.09			0.29			0.20			0.09				314,001		—
Tax-Free Money Market Fund
2014			1.00			0.00			0.00				0.00			(0.00	)			(0.00	)			(0.00	)			1.00		0.03			0.28			0.19			0.02				453,901		—
2013			1.00			0.00			0.00				0.00			(0.00	)			(0.00	)			(0.00	)			1.00		0.13			0.28			0.20			0.11				696,785		—
2012			1.00			0.00			0.00				0.00			(0.00	)			(0.00	)			(0.00	)			1.00		0.27			0.29			0.20			0.25				582,585		—
2011			1.00			0.00			0.00				0.00			(0.00	)			(0.00	)			(0.00	)			1.00		0.31			0.28			0.20			0.30				613,935		—
2010			1.00			0.01			0.00				0.01			(0.01	)			(0.00	)			(0.01	)			1.00		0.55			0.29			0.20			0.53				607,761		—
Prime Money Market Fund
2014			1.00			0.00			0.00				0.00			(0.00	)			(0.00	)			(0.00	)			1.00		0.01			0.20			0.18			0.01				1,968,436		—
2013			1.00			0.00			0.00				0.00			(0.00	)			(0.00	)			(0.00	)			1.00		0.08			0.21			0.20			0.08				2,590,312		—
2012			1.00			0.00			0.00				0.00			(0.00	)			(0.00	)			(0.00	)			1.00		0.20			0.21			0.20			0.19				1,934,167		—
2011			1.00			0.00			—				0.00			(0.00	)			—				(0.00	)			1.00		0.19			0.21			0.20			0.19				2,164,483		—
2010			1.00			0.00			—				0.00			(0.00	)			—				(0.00	)			1.00		0.25			0.21			0.20			0.25				2,077,081		—

(1)	Based on net asset value as of end of period date.

(2)	The contractual and voluntary expense waivers pursuant to Note 5 of the financial statements are reflected in both the expense and net investment income (loss) ratios.

(3)	Redemption fees consisted of per share amounts less than $0.01. Effective February 8, 2012, the Ultra Short Tax-Free Fund discontinued it's redemption fee policy and effective June 14, 2013, the remaining domestic Funds discontinued their redemption fee policy.

(4)	Not annualized for periods less than one year.

(5)	Annualized for periods less than one year.

(6)	Represents less than 0.5%.

(7)	Reflects operations for the period from September 30, 2009 (inception date) to August 31, 2010.

(8)	Reflects operations for the period from December 27, 2010 (inception date) to August 31, 2011.

(9)	Reflects operations for the period from February 28, 2011 (inception date) to August 31, 2011.

(10)	Reflects operations for the period from December 29, 2011 (inception date) to August 31, 2012.

(11)	Reflects operations for the period from September 28, 2012 (inception date) to August 31, 2013.

(12)	Reflects operations for the period from November 29, 2012 (inception date) to August 31, 2013.

(13)	Reflects operations for the period from September 30, 2013 (inception date) to August 31, 2014.

(14)	Reflects operations for the period from December 27, 2013 (inception date) to August 31, 2014.

(15)	Computed using the average shares method.

(See Notes which are an integral part of the Financial Statements)

135


Financial Highlights—Retirement Class R-3 of Shares (For a share outstanding throughout each period)


Period Ended August 31,	Net asset value, beginning of period			Net investment income (loss)				Net realized and unrealized gain (loss)				Total from investment operations				Distributions to shareholders from net investment income			Distributions to shareholders from net realized gain			Total distributions			Net asset value, end of period			Total return (1)(4)			Ratios to Average Net Assets (5)									Net assets, end of period (000 omitted)			Portfolio turnover rate (4)
Period Ended August 31,	Net asset value, beginning of period			Net investment income (loss)				Net realized and unrealized gain (loss)				Total from investment operations				Distributions to shareholders from net investment income			Distributions to shareholders from net realized gain			Total distributions			Net asset value, end of period			Total return (1)(4)			Gross Expenses (2)			Net Expenses (2)			Net investment income (loss) (2)			Net assets, end of period (000 omitted)			Portfolio turnover rate (4)
Mid-Cap Value Fund
2014(6)		$	16.58		$	0.00			$	1.04			$	1.04			$	—		$	—		$	—		$	17.62		6.27	%		1.45	%		1.45	%		0.07	%		$	26		30	%
Mid-Cap Growth Fund
2014(6)			23.30			(0.06	)			1.10				1.04				—			—			—			24.34		4.46			1.49			1.49			(0.89	)			26		57
Small-Cap Value Fund
2014(6)			14.07			(0.01	)			0.42				0.41				—			—			—			14.48		2.91			1.71			1.49			(0.39	)			26		43
Pyrford International Stock Fund
2014(3)(6)			13.15			0.06				(0.09	)			(0.03	)			—			—			—			13.12		(0.23	)		1.53			1.49			1.70				25		6

(1)	Based on net asset value as of end of period date.

(2)	The contractual and voluntary expense waivers pursuant to Note 5 of the financial statements are reflected in both the expense and net investment income (loss) ratios.

(3)	Redemption fees consisted of per share amounts less than $0.01.

(4)	Not annualized for periods less than one year.

(5)	Annualized for periods less than one year.

(6)	Reflects operations for the period from May 27, 2014 (inception date) to August 31, 2014.

Financial Highlights—Retirement Class R-6 of Shares (For a share outstanding throughout each period)


Period Ended August 31,	Net asset value, beginning of period			Net investment income (loss)				Net realized and unrealized gain (loss)				Total from investment operations			Distributions to shareholders from net investment income			Distributions to shareholders from net realized gain			Total distributions			Net asset value, end of period			Total return (1)(4)			Ratios to Average Net Assets (5)									Net assets, end of period (000 omitted)			Portfolio turnover rate (4)
Period Ended August 31,	Net asset value, beginning of period			Net investment income (loss)				Net realized and unrealized gain (loss)				Total from investment operations			Distributions to shareholders from net investment income			Distributions to shareholders from net realized gain			Total distributions			Net asset value, end of period			Total return (1)(4)			Gross Expenses (2)			Net Expenses (2)			Net investment income (loss) (2)			Net assets, end of period (000 omitted)			Portfolio turnover rate (4)
Mid-Cap Value Fund
2014(6)		$	16.58		$	0.03			$	1.04			$	1.07		$	—		$	—		$	—		$	17.65		6.45	%		0.80	%		0.80	%		0.71	%		$	27		30	%
Mid-Cap Growth Fund
2014(6)			23.30			(0.02	)			1.10				1.08			—			—			—			24.38		4.64			0.84			0.84			(0.24	)			26		57
Small-Cap Value Fund
2014(6)			14.07			0.01				0.42				0.43			—			—			—			14.50		3.06			1.06			0.84			0.25				26		43
Pyrford International Stock Fund
2014(3)(6)			13.15			0.08				(0.08	)			0.00			—			—			—			13.15		0.00			0.88			0.84			2.36				25		6

(1)	Based on net asset value as of end of period date.

(2)	The contractual and voluntary expense waivers pursuant to Note 5 of the financial statements are reflected in both the expense and net investment income (loss) ratios.

(3)	Redemption fees consisted of per share amounts less than $0.01.

(4)	Not annualized for periods less than one year.

(5)	Annualized for periods less than one year.

(6)	Reflects operations for the period from May 27, 2014 (inception date) to August 31, 2014.

(See Notes which are an integral part of the Financial Statements)

136

August 31, 2014


Notes to Financial Statements		BMO Funds

Organization

BMO Funds, Inc. (the “Corporation”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. As of August 31, 2014, the Corporation consisted of 46 portfolios. As of August 31, 2014, this annual report includes 30 diversified portfolios of the Corporation (individually referred to as the “Fund,” or collectively as the “Funds”) each with differing share class offerings. As of August 31, 2014, the Corporation also consisted of 10 target retirement and 6 target risk portfolios whose annual report is available under a separate cover. BMO Asset Management Corp. serves as the Funds’ investment adviser (the “Adviser”), a Delaware corporation headquartered in Chicago, Illinois that is a wholly-owned subsidiary of BMO Financial Corp.


BMO Fund names as displayed throughout this report	Fund Inception Date	Investment Objective
Low Volatility Equity Fund	September 28, 2012	To provide capital appreciation.
Dividend Income Fund	December 29, 2011	To provide capital appreciation and current income.
Large-Cap Value Fund	September 30, 1993	To provide capital appreciation.
Large-Cap Growth Fund	November 20, 1992	To provide capital appreciation.
Mid-Cap Value Fund	September 30, 1993	To provide capital appreciation.
Mid-Cap Growth Fund	September 30, 1993	To provide capital appreciation.
Small-Cap Value Fund	February 28, 2011	To provide capital appreciation.
Small-Cap Core Fund	December 27, 2013	To provide capital appreciation.
Small-Cap Growth Fund	October 31, 1995	To provide capital appreciation.
Micro-Cap Fund	September 30, 2013	To provide capital appreciation.
Global Low Volatility Equity Fund(1)	September 30, 2013	To provide capital appreciation.
Pyrford Global Equity Fund(1)	December 27, 2013	To provide capital appreciation.
Pyrford Global Strategic Return Fund(1)	December 29, 2011	To maximize total return.
Pyrford International Stock Fund(1)	December 29, 2011	To provide capital appreciation.
Global Natural Resources Fund(1)	December 27, 2013	To provide capital appreciation.
LGM Emerging Markets Equity Fund(1)(2)	December 22, 2008	To provide capital appreciation.
TCH Emerging Markets Bond Fund(1)	September 30, 2013	To maximize total return consistent with current income.
Ultra Short Tax-Free Fund	September 30, 2009	To provide current income exempt from federal income tax consistent with preservation of capital.
Short Tax-Free Fund	November 29, 2012	To provide current income exempt from federal income tax consistent with preservation of capital.
Short-Term Income Fund	November 1, 1992	To maximize total return consistent with current income.
Intermediate Tax-Free Fund	February 1, 1994	To provide a high level of current income exempt from federal income tax consistent with preservation of capital.
Mortgage Income Fund(2)	December 13, 1992	To provide current income.
TCH Intermediate Income Fund(2)	November 19, 1992	To maximize total return consistent with current income.
TCH Corporate Income Fund	December 22, 2008	To maximize total return consistent with current income.
TCH Core Plus Bond Fund	December 22, 2008	To maximize total return consistent with current income.
Monegy High Yield Bond Fund	December 29, 2011	To maximize total return consistent with current income.
Multi-Asset Income Fund	December 27, 2013	To maximize total return consistent with current income.
Government Money Market Fund	May 17, 2004	To provide current income consistent with stability of principal.
Tax-Free Money Market Fund	September 22, 2004	To provide current income that is exempt from federal income tax and is consistent with stability of principal.
Prime Money Market Fund	November 23, 1992	To provide current income consistent with stability of principal.

(1)	Collectively referred to as the “International Funds”.

(2)

Effective March 1, 2014, the BMO Government Income Fund changed its name to the BMO Mortgage Income Fund. Effective April 1, 2014, the BMO Short-Intermediate Bond Fund changed its name to the BMO TCH Intermediate Income Fund. Effective July 29, 2014, the Lloyd George Emerging Markets Equity Fund changed its name to the BMO LGM Emerging Markets Equity Fund.

Significant Accounting Policies

The Funds are investment companies and follow the accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services – Investment Companies. The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements.

Use of Estimates—The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results may differ from those estimates.

137


Notes to Financial Statements (continued)

Investment Valuations—Listed equity securities are valued each trading day at the last sale price or official closing price reported on a national securities exchange, including NASDAQ. Securities listed on a foreign exchange are valued each trading day at the last closing price on the principal exchange on which they are traded immediately prior to the time for determination of Net Asset Value (“NAV”) or at fair value as discussed below. Equity securities without a reported trade, U.S. government securities, listed corporate bonds, other fixed income and asset-backed securities with maturities of 60 days or more, unlisted securities, and private placement securities are generally valued at the mean of the latest bid and asked price as furnished by an independent pricing service. Fixed income securities that are not exchange traded are valued by an independent pricing service, taking into consideration yield, liquidity, risk, credit quality, coupon, maturity, type of issue, and any other factors or market data the pricing service deems relevant. Fixed income securities with remaining maturities of 60 days or less at the time of purchase are valued at amortized cost, which approximates fair value. Investments in other open-end registered investment companies are valued at net asset value. The money market funds use the amortized cost method to value portfolio securities in accordance with Rule 2a-7 under the Act.

Securities or other assets for which market valuations are not readily available, or are deemed to be inaccurate, are valued at fair value as determined in good faith using methods approved by the Board of Directors (the “Directors”). The Directors have established a Pricing Committee, which is responsible for determinations of fair value, subject to the supervision of the Directors. In determining fair value, the Pricing Committee takes into account all information available and any factors it deems appropriate. Consequently, the price of securities used by a Fund to calculate its NAV may differ from quoted or published prices for the same securities. Fair value pricing involves subjective judgments and it is possible that the fair value determined for a security is materially different than the value that would be realized upon the sale of that security and the differences may be material to the NAV of the respective Fund or the financial statements presented.

Securities held in certain funds may be listed on foreign exchanges that do not value their listed securities at the same time each Fund calculates its NAV. Most foreign markets close well before each Fund values its securities, generally 3:00 p.m. (Central Time). The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, may have occurred in the interim.

The Pricing Committee may determine that a security needs to be fair valued if, among other things, it believes the value of the security might have been materially affected by events occurring after the close of the market in which the security was principally traded, but before the time for determination of the NAV (“a subsequent event”). A subsequent event might include a company-specific development (for example, announcement of a merger that is made after the close of the foreign market), a development that might affect an entire market or region (for example, weather related events) or a potentially global development (such as a terrorist attack that may be expected to have an effect on investor expectations worldwide). The Funds have retained an independent fair value pricing service to assist in fair valuing foreign securities. The service utilizes statistical data based on historical performance of securities, markets, and other data in developing factors used to estimate a fair value.

Repurchase Agreements—The Funds’ policy requires the custodian bank to take possession, to have legally segregated in the Federal Reserve Book Entry System, or to have segregated within the custodian bank’s vault, all securities held as collateral under repurchase agreement transactions. Additionally, procedures have been established by the Funds to monitor, on a daily basis, the market value of each repurchase agreement’s collateral to ensure that the value of collateral at least equals the repurchase price to be paid under the repurchase agreement, including accrued interest.

The Funds will enter into repurchase agreements only with banks and other recognized financial institutions, such as broker-dealers, which are deemed by the Adviser (or sub-advisers, as applicable) to be creditworthy pursuant to the guidelines and/or standards reviewed or established by the Directors. Risks may arise from the potential inability of counterparties to honor the terms of the repurchase agreement. Accordingly, the Funds could receive less than the repurchase price on the sale of collateral securities.

Investment Income, Expenses, and Distributions—Interest income and expenses are accrued daily. Dividend income and distributions to shareholders are recorded on the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at fair market value.

The Funds offer multiple classes of shares which differ in their respective distribution, administration and service fees. All shareholders bear the common expenses of the Funds. Dividends are declared separately for each class. No class has preferential dividend rights; differences in per share dividend rates are generally due to differences in class-specific expenses. Income, non-class specific expenses, and realized and unrealized gains and losses are allocated daily to each class of shares based on the value of total shares outstanding of each class without distinction between share classes. Expenses attributable to a particular class of shares, such as shareholder servicing fees, are allocated directly to that class.

Premium and Discount Amortization/Paydown Gains and Losses—Premiums and discounts on fixed income securities are amortized/accreted for tax and financial statement purposes. Gains and losses realized on principal payments of mortgage-backed and asset-backed securities (paydown gains and losses) are classified as part of interest income.

Federal Income Taxes—The policies and procedures of the Funds require compliance with Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), and to distribute to shareholders each year substantially all of their income. Accordingly, no provisions for federal tax are necessary. Withholding taxes on foreign dividends have been provided for in accordance with the applicable country’s tax rules and rates.

When-Issued and Delayed Delivery Transactions—The Funds may engage in when-issued or delayed delivery transactions. The Funds record when-issued securities on the trade date and maintain security positions such that sufficient liquid assets

138


		BMO Funds

will be available to make payment for the commitment to purchase securities. Securities purchased on a when-issued or delayed delivery basis are marked-to-market daily and begin earning interest on the settlement date. Losses may occur on these transactions due to changes in market conditions or the failure of counterparties to perform under the contract.

Futures Contracts—Certain Funds may purchase futures contracts to manage cash flows, enhance yield, and to potentially reduce transaction costs. Upon entering into a futures contract with a broker, the Fund is required to deposit in a segregated account a specified amount of cash or U.S. government securities. Futures contracts are valued daily and unrealized gains or losses are recorded in a “variation margin” account. Daily, the Fund receives from, or pays to, the broker a specified amount of cash based upon changes in the variation margin account. When a contract is closed, the Fund recognizes a realized gain or loss. Futures contracts have market risks, including the risk that the change in the value of the contract may not correlate with changes in the value of the underlying securities.

During the year ended August 31, 2014, the Ultra Short Tax-Free Fund, Short Tax-Free Fund and Intermediate Tax-Free Fund had an average of 4, 3 and 170 short treasury futures contracts outstanding, respectively. Included in the Statements of Operations, the Ultra Short Tax-Free Fund, Short Tax-Free Fund and Intermediate Tax-Free Fund had $(27,035), $(13,557) and $(888,469) in net realized losses on treasury futures contracts, respectively. The Ultra Short Tax-Free Fund, Short Tax-Free Fund and Intermediate Tax-Free Fund had $(1,295), $1,679 and $(32,353) in change in unrealized appreciation/(depreciation) on treasury futures contracts, respectively, for the year ended August 31, 2014.

At August 31, 2014, the following Funds had outstanding futures contracts as set forth below:

Fund

Expiration Date

Contracts

Description

Position

Unrealized
Appreciation
(Depreciation)

Short Tax-Free Fund

December 2014

U.S. 5 Year Note

Short

1,679

Intermediate Tax-Free Fund

December 2014

200

U.S. 5 Year Note

Short

(25,722

)

Options Contracts—Certain Funds may write covered call and put options on futures, swaps, securities, or currencies a Fund owns, or in which it may invest to create investment exposure consistent with their investment objectives. Writing put options tends to increase a Fund’s exposure to the underlying instrument. Writing call options tends to decrease a Fund’s exposure to the underlying instrument. When a Fund writes a call or put option, an amount equal to the premium received is recorded as a liability and subsequently marked-to-market to reflect the current value of the option written. These liabilities are reflected as written options outstanding in the Statements of Assets and Liabilities. Payments received, or made, from writing options with premiums to be determined on a future date are reflected as such on the Statements of Assets and Liabilities. Premiums received from writing options that expire are treated as realized gains. Premiums received from writing options which are exercised or closed are added to the proceeds or offset against amounts paid on the underlying future, swap, security or currency transaction to determine the realized gain or loss. A Fund, as a writer of an option, has no control over whether the underlying future, swap, security, or currency may be sold (called) or purchased (put) and, as a result, bears the market risk of an unfavorable change in the price of the future, swap, security, or currency underlying the written option. The risk exists that a Fund may not be able to enter into a closing transaction because of an illiquid market.

Certain Funds also may purchase put and call options. Purchasing call options tends to increase a Fund’s exposure to the underlying instrument. Purchasing put options tends to decrease a Fund’s exposure to the underlying instrument. A Fund pays a premium, which is included in a Fund’s Statement of Assets and Liabilities as an investment and subsequently marked- to-market to reflect the current value of the option. Premiums paid for purchasing options that expire are treated as realized losses. The risk associated with purchasing put and call options is limited to the premium paid. Premiums paid for purchasing options which are exercised or closed are added to the amounts paid or offset against the proceeds on the underlying future, swap, security, or currency transaction to determine the realized gain or loss.

The Funds did not hold any option contracts on or during the year ended August 31, 2014.

Foreign Exchange Contracts—Certain Funds may enter into foreign currency exchange contracts as a way of managing foreign exchange rate risk. Certain Funds may enter into these contracts for the purchase or sale of a specific foreign currency at a fixed price on a future date as a hedge or cross hedge against either specific transactions or portfolio positions. The objective of foreign currency hedging transactions is to reduce the risk that the U.S. dollar value of these Funds’ foreign currency denominated securities will decline in value due to changes in foreign currency exchange rates. All foreign currency exchange contracts are marked-to-market daily at the applicable translation rates resulting in unrealized gains or losses. Realized gains or losses are recorded at the time the foreign currency exchange contract is offset by entering into a closing transaction or by the delivery or receipt of the currency. Risk may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar.

During the year ended August 31, 2014, the Pyrford Global Equity Fund, Pyrford Global Strategic Return Fund, Pyrford International Stock Fund, and Monegy High Yield Bond Fund had average quarterly notional values of $47,607, $362,242, $30,885,335 and $139,082 on short forward foreign currency exchange contracts and $1,790, $85,895, $5,443,406 and $0 on long forward foreign currency exchange contracts, respectively. Included in the Statements of Operations, the Pyrford Global Equity Fund, Pyrford Global Strategic Return Fund, Pyrford International Stock Fund and Monegy High Yield Bond Fund had $0, $49,961, $1,903,937, and $(9,347) in net realized gains/(losses) and $(3,704), $(69,044), $(3,482,488) and $(4,681)

139


Notes to Financial Statements (continued)

in changes in net unrealized depreciation on forward foreign currency contracts, respectively. At August 31, 2014, the following Funds had outstanding foreign currency exchange contracts:


Pyrford Global Equity Fund
		Contract Amount						Unrealized Depreciation
Settlement Date	Currency	Buy		Sell		Value		Unrealized Depreciation			Counterparty
September 16, 2014	Australian Dollar (AUD)	$	77,448	AUD	87,000	$	81,152	$	(3,704	)	StateStreet Bank London
Pyrford Global Strategic Return Fund
								Unrealized Appreciation (Depreciation)
		Contract Amount
Settlement Date	Currency	Buy		Sell		Value					Counterparty
September 16, 2014	Australian Dollar (AUD)	AUD	302,000	$	281,971	$	281,797	$	(174	)	StateStreet Bank London
September 16, 2014	Australian Dollar	$	268,840	AUD	302,000		281,797		(12,957	)	StateStreet Bank London
September 16, 2014	Australian Dollar	$	142,853	AUD	153,000		142,765		88		StateStreet Bank London

								$	(13,043	)

Pyrford International Stock Fund
								Unrealized Appreciation (Depreciation)
		Contract Amount
Settlement Date	Currency	Buy		Sell		Value					Counterparty
September 16, 2014	Australian Dollar (AUD)	AUD	29,012,000	$	27,217,028	$	27,071,217	$	(145,811	)	StateStreet Bank London
September 16, 2014	Australian Dollar	$	25,826,483	AUD	29,012,000		27,071,217		(1,244,734	)	StateStreet Bank London
September 16, 2014	Australian Dollar	$	31,175,936	AUD	33,232,000		31,008,916		167,020		StateStreet Bank London

								$	(1,223,525	)

Foreign Currency Translation—The accounting records of the Funds are maintained in U.S. dollars. All assets and liabilities denominated in foreign currencies are translated into U.S. dollars based on the rate of exchange of such currencies against U.S. dollars on the date of valuation. Purchases and sales of securities, income, and expenses are translated at the rate of exchange quoted on the respective date that such transactions are recorded. The Fund does not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments.

Reported net realized foreign exchange gains or losses arise from sales of portfolio securities, sales and maturities of short-term securities, sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities other than investments in securities at each reporting period, resulting from changes in the exchange rate.

Offsetting of Assets and Liabilities—Disclosures about offsetting assets and liabilities requires an entity to disclose information about offsetting and related arrangements to enable users of its financial statements to understand the effect of those arrangements on its financial position. The guidance requires retrospective application for all comparative periods presented. As of August 31, 2014, there are no master netting arrangements related to the Funds. The Funds’ Statements of Assets and Liabilities (“SAL”) presents derivative instruments on a gross basis, therefore there are no net amounts and no offset amounts within the SAL to present below. Gross amounts of the derivative instruments, amounts related to financial instruments/cash collateral not offset in the SAL and net amounts are presented below:


	Derivative Assets		Derivative Liabilities
Over the Counter—Fund/Counterparty	Forward Currency Contracts		Forward Currency Contracts			Net Derivative Assets (Liabilities)			Collateral Pledged (Received)		Net Amount
Pyrford Global Equity Fund
StateStreet Bank London	$	—	$	(3,704	)	$	(3,704	)	$	—	$	(3,704	)
Pyrford Global Strategic Return Fund
StateStreet Bank London		88		(13,131	)		(13,043	)		—		(13,043	)
Pyrford International Stock Fund
StateStreet Bank London		167,020		(1,390,545	)		(1,223,525	)		—		(1,223,525	)

140


		BMO Funds


	Derivative Assets		Derivative Liabilities
Exchange Traded—Fund	Futures Contracts		Futures Contracts			Net Derivative Assets (Liabilities)			Collateral Pledged (Received)(1)		Net Amount
Short Tax-Free Fund	$	1,679	$	—		$	1,679		$	—	$	1,679
Intermediate Tax-Free Fund		—		(25,722	)		(25,722	)		25,722		—

(1)

Collateral pledged exceeds amount of liability balance.

At year end, certain Funds covered in this report had investments in repurchase agreements. The gross value and related collateral received for these investments are presented in each applicable Fund’s Schedule of Investments and the value of these investments is also presented in the Statements of Assets and Liabilities. The value of the related collateral received exceeded the value of the repurchase agreements as of August 31, 2014.

Restricted Securities—Restricted securities are securities that may be resold only upon registration under federal securities laws or in transactions exempt from such registration. In some cases, the issuer of restricted securities has agreed to register such securities for resale at the issuer’s expense either upon demand by the Funds or in connection with another registered offering of the securities. Many restricted securities may be resold in the secondary market in transactions exempt from registration. Such restricted securities may be determined to be liquid under criteria established by the Directors. The restricted securities are valued at the price provided by dealers in the secondary market or, if no market prices are available, the fair value as determined in good faith using methods approved by the Directors. The money market funds’ restricted securities are valued at amortized cost in accordance with Rule 2a-7 under the Act.

Additional information on each illiquid restricted security held by the Funds at August 31, 2014 is as follows:

Fund

Security

Last
Acquisition
Date

Total
Acquisition
Cost

Value

Prime Money Market Fund

Metropolitan Life Insurance Co.(1)

5/3/2004

65,000,000

Prime Money Market Fund

Metropolitan Life Insurance Co.(1)

2/1/2010

50,000,000

(1)

Security represents a quarterly floating rate funding agreement with a 90 day put feature whose maturity is extendable per the discretion of the Adviser.

Redemption Fees—The International Funds imposed a 2% redemption fee to shareholders who redeem shares held for 30 days or less. All redemption fees are recorded by the International Funds as paid-in-capital.

Securities Lending—Certain Funds participate in one of two securities lending programs, providing for the lending of corporate bonds, equity, and government securities to qualified brokers, in exchange for the opportunity to earn additional income for participating. State Street Bank & Trust Company and BMO Harris Bank N.A. serve as the securities lending agents for the International Funds and non-International Funds participating in the programs, respectively. The Funds receive cash as collateral in return for the securities and record a corresponding payable for collateral due to the respective broker. The amount of cash collateral received is maintained at a minimum level of 100% of the prior day’s market value on securities and accrued interest loaned. Collateral is reinvested in short-term securities including overnight repurchase agreements, commercial paper, master notes, floating rate corporate notes (with at least quarterly reset rates), and money market funds. The valuation of collateral is discussed in “Investment Valuations” in Note 2 of the Notes to the Financial Statements. When a Fund lends its portfolio securities, it is subject to the risk that it may not be able to get the portfolio securities back from the borrower on a timely basis, in which case the Fund may lose certain investment opportunities. A Fund also is subject to the risks associated with the investments of cash collateral received from the borrower.

Cash collateral received as part of the International Funds securities lending program was invested in the following security as of August 31, 2014:


Description	Value
State Street Navigator Securities Lending Prime Portfolio Money Market Fund, 0.148%	$	28,786,891

141


Notes to Financial Statements (continued)

Cash collateral received as part of the non-International Funds securities lending program was jointly pooled and invested in the following securities as of August 31, 2014 (1):


Description	Value
American Honda Finance Corp., 0.23%, 12/5/2014(2)	$	20,001,820
American Honda Finance Corp., 0.23%, 6/4/2015(2)		19,999,240
American Honda Finance Corp., 0.334%, 11/13/2014(2)		3,501,103
Bank of Nova Scotia, 0.422%, 2/19/2015(2)		3,203,353
Bank of Nova Scotia, 0.245%, 8/12/2015(2)		47,000,000
Barclays Bank PLC, 0.610%, 9/18/2014		10,002,830
Blackrock Liquidity TempFund Money Market Fund, 0.030%		33,653,247
Blackrock Liquidity TempCash Money Market Fund, 0.067%		1,457,300
Canadian Imperial Bank, 0.488%, 11/5/2014(2)		25,012,125
Caterpillar Financial Services, 0.332%, 11/19/2014(2)		20,006,160
Chariot Funding LLC, 0.270%, 3/5/2015(3)		49,899,875
Coca-Cola Co., 0.000%, 3/6/2015(3)		15,977,640
Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A., 0.267%, 9/3/2014(2)		15,000,000
Credit Suisse Group, 0.510%, 11/17/2014		20,011,950
DNB Bank ASA, 0.260%, 10/24/2014(3)		24,951,611
Dreyfus Cash Management Money Market Fund, 0.030%		133,307
Dreyfus Institutional Cash Advantage Money Market Fund, 0.060%		2,359,165
Erste Abwicklungstantal, 0.180%, 11/10/2014(3)		4,996,175
Fidelity Institutional Money Market Fund, 0.044%		136,457,142
General Electric Capital Corp, 0.330%, 7/2/2015		10,109,620
Goldman Sachs Money Market Fund, 0.045%		33,636,562
HSBC Bank, PLC, 0.237%, 6/9/2015(2)		25,000,000
JP Morgan Liquid Asset Money Market Fund, 0.060%		140,700,000
Jupiter Securitization Co., 0.280%, 10/9/2014(3)		4,989,578
Kells Funding, LLC, 0.235%, 11/3/2014(3)		24,960,344
Liberty Strategic Funding, 0.170%, 9/8/2014(3)		24,989,375
Macquarie Bank Ltd., 0.260%, 12/12/2014(3)		8,993,045
Macquarie Bank Ltd., 0.320%, 1/26/2015(3)		19,968,178
Metlife Short-Term Funding LLC, 0.200%, 9/15/2014(3)		28,602,095


Description	Value
Metlife Funding Inc., 0.297%, 11/27/2014(2)	$	20,000,000
National Rural Utilities Co., 0.282%, 5/1/2015(2)		30,006,870
Nordea Bank, 0.210%, 9/25/2014(3)		29,968,325
Nordea Bank, 0.225%, 10/23/2014(3)		19,977,125
Old Line Funding Corp., 0.220%, 12/22/2014(3)		24,971,736
PNC Bank, 0.310%, 1/22/2015(3)		27,500,000
Reckitt Benckiser, 0.370%, 9/12/2014(3)		9,962,897
Reckitt Benckiser, 0.300%, 11/24/2014(3)		20,963,600
Regency Markets LLC, 0.140%, 9/15/2014(3)		39,995,022
Royal Bank of Canada, 0.260%, 2/4/2015(2)		30,006,960
Salisbury Receivables Co., 0.250%, 9/10/2014(3)		20,473,948
Skandinaviska Enskilda Bank, 0.608%, 4/16/2015(2)		36,468,068
State Str Boston Corp., 0.210%, 12/9/2014(3)		29,968,500
Svenska Handelsbaken, 0.000%, 1/16/2015(3)		22,975,448
Svenska Handelsbaken, 0.220%, 2/13/2015(3)		33,170,504
Swedbank Foreningsspar, 0.245%, 10/6/2014(3)		24,969,035
Swedbank Sparbanken, 0.326%, 2/24/2015		22,006,754
Thunder Bay Funding, LLC, 0.230%, 12/15/2014(3)		29,962,816
Toronto Dominion Bank, 0.237%, 2/6/2015(2)		15,000,330
Toronto Dominion Bank, 0.009%, 6/8/2015(2)		11,000,000
Toyota Motor Credit Corp., 0.000%, 1/26/2015(3)		24,967,576
Toyota Motor Credit Corp., 0.234%, 1/14/2015(2)		15,002,565
Wells Fargo Bank, 0.250%, 6/16/2015(2)		50,000,000
Western Asset Institutional Cash Reserves Money Market Fund, 0.054%		88,052,025
Western Asset Institutional Liquid Reserves Money Market Fund, 0.056%		99,000,000
Westpac Banking Corp., 1.033%, 7/17/2015(2)		5,033,780
Westpac Banking Corp., 0.226%, 11/3/2014(2)		30,000,000
Westpac Banking Corp., 0.484%, 1/29/2015(2)		13,240,275
Other		493,076

Total	$	1,600,710,075

(1)	The collateral pool is managed by the fixed income group within the Adviser. Each Fund owns a pro-rata interest in the collateral pool determined by the value of securities on loan for such Fund.

(2)	Floating rate securities are securities whose yields vary with a designated market index or market rate. These securities are shown at their current rates as of August 31, 2014.

(3)	Each issue shows the rate of the discount at the time of purchase.

Commitments and Contingencies—In the normal course of business, the Corporation enters into contracts that provide general indemnifications to other parties. The Corporation’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Corporation that have not yet occurred. However, the Corporation has not had prior claims or losses pursuant to these contracts and expects the risk of loss to be remote.

Other—Investment transactions are accounted for on a trade date basis. Net realized gains and losses on securities are computed on the basis of specific security lot identification.

Fair Value Measurements

Fair Valuation Measurements and Disclosures defines fair value, establishes a framework for measuring fair value in accordance with GAAP, and expands disclosure about fair value measurements. It establishes a fair value hierarchy that distinguishes between (1) market participant assumptions developed based on market data obtained from sources independent of the reporting issuer (observable inputs), and (2) the reporting issuer’s own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs). It also provides guidance on determining when there has been a significant decrease in the volume and level of activity for an asset or liability, when a transaction is not orderly, and how that information must be incorporated into fair value measurement.

Various inputs are used in determining the value of the Funds’ investments. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. These inputs are summarized in the three broad levels listed below:

Level 1—quoted prices in active markets for identical securities. An active market for the security is a market in which transactions occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Common and preferred stocks, options and futures contracts, and U.S. registered mutual funds are generally categorized as Level 1.

142


		BMO Funds

Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Fixed income securities, repurchase agreements, cash collateral received as part of the securities lending program, and securities valued by an independent fair value pricing service are generally categorized as Level 2.

Level 3—significant unobservable inputs, including management’s own assumptions in determining the fair value of investments.

The Funds have adopted Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and International Financial Reporting Standards (“IFRS”) which amends Fair Value Measurements and Disclosures to establish common requirements for measuring fair value and for disclosing information about fair value measurements in accordance with U.S. GAAP and IFRS. Enhanced disclosure is required to detail any transfers into and out of Level 1 and Level 2 measurements and Level 2 and Level 3 measurements and the reasons for the transfers. The Funds did not hold any Level 3 securities as of August 31, 2014. The following is a summary of the inputs used, as of August 31, 2014, in valuing the Funds’ assets:


	Low Volatility Equity Fund
	Level 1		Level 2		Level 3		Total
Common Stocks(1)	$	56,911,947	$	—	$	—	$	56,911,947
Short-Term Investments		848,192		23,229,986		—		24,078,178

Total	$	57,760,139	$	23,229,986	$	—	$	80,990,125


	Dividend Income Fund
	Level 1		Level 2		Level 3		Total
Common Stocks(1)	$	116,459,976	$	—	$	—	$	116,459,976
Short-Term Investments		2,260,802		49,002,695		—		51,263,497

Total	$	118,720,778	$	49,002,695	$	—	$	167,723,473


	Large-Cap Value Fund
	Level 1		Level 2		Level 3		Total
Common Stocks(1)	$	244,982,820	$	—	$	—	$	244,982,820
Short-Term Investments		4,567,614		115,890,935		—		120,458,549

Total	$	249,550,434	$	115,890,935	$	—	$	365,441,369


	Large-Cap Growth Fund
	Level 1		Level 2		Level 3		Total
Common Stocks(1)	$	225,882,315	$	—	$	—	$	225,882,315
Short-Term Investments		2,829,759		97,271,919		—		100,101,678

Total	$	228,712,074	$	97,271,919	$	—	$	325,983,993


	Mid-Cap Value Fund
	Level 1		Level 2		Level 3		Total
Common Stocks(1)	$	322,040,078	$	—	$	—	$	322,040,078
Short-Term Investments		11,427,237		156,260,314		—		167,687,551

Total	$	333,467,315	$	156,260,314	$	—	$	489,727,629


	Mid-Cap Growth Fund
	Level 1		Level 2		Level 3		Total
Common Stocks(1)	$	261,419,998	$	—	$	—	$	261,419,998
Short-Term Investments		3,959,857		126,544,942		—		130,504,799

Total	$	265,379,855	$	126,544,942	$	—	$	391,924,797


	Small-Cap Value Fund
	Level 1		Level 2		Level 3		Total
Common Stocks(1)	$	77,012,959	$	—	$	—	$	77,012,959
Financials/Reinsurance		2,533,656		1,000,000		—		3,533,656
Short-Term Investments		1,787,767		37,566,524		—		39,354,291

Total	$	81,334,382	$	38,566,524	$	—	$	119,900,906


	Small-Cap Core Fund
	Level 1		Level 2		Level 3		Total
Common Stocks(1)	$	3,493,267	$	—	$	—	$	3,493,267
Short-Term Investments		70,868		1,658,788		—		1,729,656

Total	$	3,564,135	$	1,658,788	$	—	$	5,222,923


	Small-Cap Growth Fund
	Level 1		Level 2		Level 3		Total
Common Stocks(1)	$	773,588,403	$	—	$	—	$	773,588,403
Short-Term Investments		19,470,988		377,014,080		—		396,485,068

Total	$	793,059,391	$	377,014,080	$	—	$	1,170,073,471


	Micro-Cap Fund
	Level 1		Level 2		Level 3		Total
Common Stocks(1)	$	2,894,710	$	—	$	—	$	2,894,710
Short-Term Investments		43,685		—		—		43,685

Total	$	2,938,395	$	—	$	—	$	2,938,395


	Global Low Volatility Equity
	Level 1		Level 2		Level 3		Total
Common Stocks(1)	$	3,972,147	$	—	$	—	$	3,972,147
Preferred Stocks(1)		5,827		—		—		5,827
Short-Term Investments		1,170,353		—		—		1,170,353

Total	$	5,148,327	$	—	$	—	$	5,148,327


	Pyrford Global Equity Fund(2)
	Level 1		Level 2		Level 3		Total
Common Stocks(1)	$	1,142,988	$	—	$	—	$	1,142,988
Short-Term Investments		319,378		—		—		319,378

Total	$	1,462,366	$	—	$	—	$	1,462,366


	Pyrford Global Strategic Return Fund(2)
	Level 1		Level 2		Level 3		Total
Common Stocks(1)	$	4,557,987	$	—	$	—	$	4,557,987
International Bonds		—		5,215,850		—		5,215,850
U.S. Government & U.S. Government Agency Obligations		—		7,412,001		—		7,412,001
Short-Term Investments		4,653,759		—		—		4,653,759

Total	$	9,211,746	$	12,627,851	$	—	$	21,839,597


	Pyrford International Stock Fund(2)
	Level 1		Level 2		Level 3		Total
Common Stocks(1)	$	330,798,508	$	—	$	—	$	330,798,508
Preferred Stocks(1)		3,478,007		—		—		3,478,007
Short-Term Investments		37,516,202		—		—		37,516,202

Total	$	371,792,717	$	—	$	—	$	371,792,717

143


Notes to Financial Statements (continued)


	Global Natural Resources Fund
	Level 1		Level 2		Level 3		Total
Common Stocks(1)	$	1,183,748	$	—	$	—	$	1,183,748
Short-Term Investments		331,408		—		—		331,408

Total	$	1,515,156	$	—	$	—	$	1,515,156


	LGM Emerging Markets Equity Fund
	Level 1		Level 2		Level 3		Total
Common Stocks(1)	$	158,551,035	$	—	$	—	$	158,551,035
Thailand		3,519,838		4,066,875		—		7,586,713
Preferred Stocks(1)		3,887,347		—		—		3,887,347
Participation Notes		—		3,157,606		—		3,157,606
Short-Term Investments		6,987,746		—		—		6,987,746

Total	$	172,945,966	$	7,224,481	$	—	$	180,170,447


	TCH Emerging Markets Bond Fund
	Level 1		Level 2		Level 3		Total
Corporate Bonds & Notes	$	—	$	5,889,803	$	—	$	5,889,803
International Bonds		—		1,706,348		—		1,706,348
Short-Term Investments		1,932,764		—		—		1,932,764

Total	$	1,932,764	$	7,596,151	$	—	$	9,528,915


	Ultra Short Tax-Free Fund
	Level 1		Level 2		Level 3		Total
Municipals	$	—	$	675,052,466	$	—	$	675,052,466
Mutual Funds		—		2,000,320		—		2,000,320
Short-Term Investments		12,646,866		31,288,179		—		43,935,045

Total	$	12,646,866	$	708,340,965	$	—	$	720,987,831


	Short Tax-Free Fund(2)
	Level 1		Level 2		Level 3		Total
Municipals	$	—	$	102,186,016	$	—	$	102,186,016
Short-Term Investments		949,266		651,563		—		1,600,829

Total	$	946,266	$	102,837,579	$	—	$	103,786,845


	Short-Term Income Fund
	Level 1		Level 2		Level 3		Total
Asset-Backed Securities	$	—	$	42,153,599	$	—	$	42,153,599
Collateralized Mortgage Obligations		—		16,733,891		—		16,733,891
Commercial Mortgage Securities		—		14,447,768		—		14,447,768
Corporate Bonds & Notes		—		112,374,081		—		112,374,081
Municipals		—		2,517,679		—		2,517,679
Mutual Funds		3,698,060		2,992,673		—		6,690,733
U.S. Government & U.S. Government Agency Obligations		—		16,150,363		—		16,150,363
U.S. Government Agency-Mortgage Securities		—		3,005,123		—		3,005,123
Short-Term Investments		2,146,826		47,221,360		—		49,368,186

Total	$	5,844,886	$	257,596,537	$	—	$	263,441,423


	Intermediate Tax-Free Fund(2)
	Level 1		Level 2		Level 3		Total
Municipals	$	—	$	1,378,599,375	$	—	$	1,378,599,375
Mutual Funds		5,898,069		—		—		5,898,069
Short-Term Investments		15,311,546		999,990		—		16,311,536

Total	$	21,209,615	$	1,379,599,365	$	—	$	1,400,808,980


	Mortgage Income Fund
	Level 1		Level 2		Level 3		Total
Asset-Backed Securities	$	—	$	368,331	$	—	$	368,331
Collateralized Mortgage Obligations		—		18,015,145		—		18,015,145
Commercial Mortgage Securities		—		10,712,297		—		10,712,297
U.S. Government Agency-Mortgage Securities		—		94,570,774		—		94,570,774
Short-Term Investments		5,780,283		32,768,731		—		38,549,014

Total	$	5,780,283	$	156,435,278	$	—	$	162,215,561


	TCH Intermediate Income Fund
	Level 1		Level 2		Level 3		Total
Asset-Backed Securities	$	—	$	16,875,814	$	—	$	16,875,814
Commercial Mortgage Securities		—		2,795,225		—		2,795,225
Corporate Bonds & Notes		—		82,191,392		—		82,191,392
U.S. Government & U.S. Government Agency Obligations		—		20,428,927		—		20,428,927
U.S. Government Agency-Mortgage Securities		—		17,608,439		—		17,608,439
Short-Term Investments		4,217,503		59,488,303		—		63,705,806

Total	$	4,217,503	$	199,388,100	$	—	$	203,605,603


	TCH Corporate Income Fund
	Level 1		Level 2		Level 3		Total
Asset-Backed Securities	$	—	$	5,016,777	$	—	$	5,016,777
Corporate Bonds & Notes		—		174,861,267		—		174,861,267
Municipals		—		599,460		—		599,460
U.S. Government & U.S. Government Agency Obligations		—		8,393,048		—		8,393,048
Short-Term Investments		5,075,402		35,099,344		—		40,174,746

Total	$	5,075,402	$	223,969,896	$	—	$	229,045,298


	TCH Core Plus Bond Fund
	Level 1		Level 2		Level 3		Total
Asset-Backed Securities	$	—	$	5,796,039	$	—	$	5,796,039
Commercial Mortgage Securities		—		554,630		—		554,630
Corporate Bonds & Notes		—		486,689,179		—		486,689,179
Municipals		—		359,676		—		359,676
U.S. Government & U.S. Government Agency Obligations		—		149,630,311		—		149,630,311
U.S. Government Agency-Mortgage Securities		—		254,711,832		—		254,711,832
Short-Term Investments		25,586,741		441,399,557		—		466,986,298

Total	$	25,586,741	$	1,339,141,224	$	—	$	1,364,727,965

144


		BMO Funds


	Monegy High Yield Bond Fund
	Level 1		Level 2		Level 3		Total
Corporate Bonds & Notes	$	—	$	75,995,314	$	—	$	75,995,314
Short-Term Investments		369,393		—		—		369,393

Total	$	369,393	$	75,995,314	$	—	$	76,364,707


	Multi-Asset Income Fund
	Level 1		Level 2		Level 3		Total
Exchange Traded Funds	$	26,151,935	$	—	$	—	$	26,151,935
Mutual Funds		19,357,470		—		—		19,357,470
Short-Term Investments		674,071		15,798,197		—		16,472,268

Total	$	46,183,476	$	15,798,197	$	—	$	61,981,673


	Government Money Market Fund
	Level 1		Level 2		Level 3		Total
Municipals	$	—	$	73,235,000	$	—	$	73,235,000
Mutual Funds		25,000,000		—		—		25,000,000
Repurchase Agreements		—		277,367,859		—		277,367,859
U.S. Government & U.S. Government Agency Obligations		—		157,555,186		—		157,555,186

Total	$	25,000,000	$	508,158,045	$	—	$	533,158,045


	Tax-Free Money Market Fund
	Level 1		Level 2		Level 3		Total
Municipals	$	—	$	580,366,756	$	—	$	580,366,756
Mutual Funds		4,419,621		—		—		4,419,621

Total	$	4,419,621	$	580,366,756	$	—	$	584,786,377


	Prime Money Market Fund
	Level 1		Level 2		Level 3		Total
Certificates of Deposit	$	—	$	919,008,058	$	—	$	919,008,058
Commercial Paper		—		1,287,341,413		—		1,287,341,413
Funding Agreements		—		115,000,000		—		115,000,000
Municipals		—		268,495,000		—		268,495,000
Mutual Funds		131,000,000		—		—		131,000,000
Notes-Variable		—		117,609,221		—		117,609,221
Repurchase Agreements		—		461,529,027		—		461,529,027
U.S. Government & U.S. Government Agency Obligations		—		25,127,752		—		25,127,752

Total	$	131,000,000	$	3,194,110,471	$	—	$	3,325,110,471

(1)	All sub-categories within Common Stocks and Preferred Stocks represent either entire Level 1 or Level 2 evaluation status unless otherwise stated.

(2)	The following is a summary of other financial instruments that are derivative instruments not reflected in the Schedules of Investments, such as futures, forwards and written options, which are valued at the unrealized appreciation/depreciation on the investment.


	Unrealized Appreciation/(Depreciation) On Other Financial Instruments
Fund	Level 1			Level 2			Level 3		Total
Pyrford Global Equity Fund
Short Forward Contracts	$	—		$	(3,704	)	$	—	$	(3,704	)
Pyrford Global Strategic Return Fund
Long Forward Contracts		—			(174	)		—		(174	)
Short Forward Contracts		—			(12,869	)		—		(12,869	)
Pyrford International Stock Fund
Long Forward Contracts		—			(145,811	)		—		(145,811	)
Short Forward Contracts		—			(1,077,714	)		—		(1,077,714	)
Short Tax-Free Fund
Short Futures Contracts		1,679			—			—		1,679
Intermediate Tax-Free Fund
Short Futures Contracts		(25,722	)		—			—		(25,722	)

It is the Funds’ policy to recognize transfers between category levels at the end of the period. As described in Note 2, securities for which market valuations are not readily available are valued at fair value as determined in good faith using methods approved by the Board of Directors. As a result, due to differences in trading volume constituting an active market between August 31, 2013 and August 31, 2014, fair valuation use resulted in transfers between categorization levels.

The following is a reconciliation of transfers between category levels from August 31, 2013 to August 31, 2014:


	Small Cap Value Fund			LGM Emerging Markets Equity Fund
Transfers into Level 1	$	1,266,983		$	—
Transfers out of Level 1	$	—		$	(4,066,875	)

Net Transfers in (out) of Level 1	$	1,266,983		$	(4,066,875	)

Transfers into Level 2	$	—		$	4,066,875
Transfers out of Level 2	$	(1,266,983	)	$	—

Net Transfers in (out) of Level 2	$	(1,266,983	)	$	4,066,875

145


Notes to Financial Statements (continued)

Capital Stock

The Articles of Incorporation permit the Directors to issue an indefinite number of full and fractional shares of common stock, par value $0.0001 per share. Transactions in capital stock were as follows:



	Low Volatility Equity Fund						Dividend Income Fund						Large-Cap Value Fund
	Year Ended August 31, 2014			Period Ended August 31, 2013(1)			Year Ended August 31, 2014			Year Ended August 31, 2013			Year Ended August 31, 2014			Year Ended August 31, 2013
Capital stock transactions in dollars:
Proceeds from sale of shares:
Investor class of shares	$	171,647		$	683,005		$	13,224,438		$	29,891,995		$	25,150,045		$	36,961,243
Advisor class of shares		25,000			—			25,000			—			25,000			—
Institutional class of shares		14,815,931			50,610,675			5,783,365			4,680,083			18,453,640			31,276,974
Retirement class R-3 of shares		—			—			—			—			—			—
Retirement class R-6 of shares		—			—			—			—			—			—

Net proceeds from sale of shares	$	15,012,578		$	51,293,680		$	19,032,803		$	34,572,078		$	43,628,685		$	68,238,217
Net asset value of shares issued to shareholders in payment of distributions declared:
Investor class of shares	$	11,962		$	2,678		$	3,069,583		$	1,002,469		$	8,186,356		$	1,117,618
Advisor class of shares		103			—			129			—			80			—
Institutional class of shares		984,009			213,442			2,742,420			1,224,444			7,452,025			1,162,900

Net proceeds from shares issued	$	996,074		$	216,120		$	5,812,132		$	2,226,913		$	15,638,461		$	2,280,518
Cost of shares redeemed:
Investor class of shares	$	(472,679	)	$	(130,920	)	$	(18,511,998	)	$	(6,801,692	)	$	(33,283,979	)	$	(18,912,331	)
Advisor class of shares		—			—			—			—			—			—
Institutional class of shares		(6,779,420	)		(11,281,993	)		(11,638,148	)		(8,868,695	)		(26,150,728	)		(19,286,734	)

Net cost of shares redeemed	$	(7,252,099	)	$	(11,412,913	)	$	(30,150,146	)	$	(15,670,387	)	$	(59,434,707	)	$	(38,199,065	)
Redemption fees	$	—		$	—		$	—		$	710		$	—		$	7,400

Net change resulting from fund share transactions in dollars	$	8,756,553		$	40,096,887		$	(5,305,211	)	$	21,129,314		$	(167,561	)	$	32,327,070


Capital stock transactions in shares:
Sale of shares:
Investor class of shares		13,778			67,417			1,003,140			2,560,495			1,586,843			2,701,720
Advisor class of shares		1,962			—			1,842			—			1,540			—
Institutional class of shares		1,194,203			4,615,735			436,621			408,020			1,163,302			2,397,607
Retirement class R-3 of shares		—			—			—			—			—			—
Retirement class R-6 of shares		—			—			—			—			—			—

Net sale of shares		1,209,943			4,683,152			1,441,603			2,968,515			2,751,685			5,099,327
Shares issued to shareholders in payment of distributions declared:
Investor class of shares		988			239			239,423			86,492			547,819			85,098
Advisor class of shares		8			—			10			—			5			—
Institutional class of shares		80,500			19,006			213,631			107,132			497,794			88,678

Net shares issued		81,496			19,245			453,064			193,624			1,045,618			173,776
Shares redeemed:
Investor class of shares		(38,422	)		(12,679	)		(1,425,736	)		(571,133	)		(2,129,473	)		(1,389,045	)
Advisor class of shares		—			—			—			—			—			—
Institutional class of shares		(563,773	)		(1,000,669	)		(889,251	)		(755,458	)		(1,663,791	)		(1,426,800	)

Net shares redeemed		(602,195	)		(1,013,348	)		(2,314,987	)		(1,326,591	)		(3,793,264	)		(2,815,845	)

Net change resulting from fund share transactions in shares		689,244			3,689,049			(420,320	)		1,835,548			4,039			2,457,258

(1)	Reflects operations for the period from September 28, 2012 (inception date) to August 31, 2013.

146


		BMO Funds



Large-Cap Growth Fund						Mid-Cap Value Fund						Mid-Cap Growth Fund						Small-Cap Value Fund
Year Ended August 31, 2014			Year Ended August 31, 2013			Year Ended August 31, 2014			Year Ended August 31, 2013			Year Ended August 31, 2014			Year Ended August 31, 2013			Year Ended August 31, 2014			Year Ended August 31, 2013


$	12,686,123		$	17,085,081		$	35,832,822		$	58,406,631		$	21,116,792		$	20,401,672		$	24,383,016		$	11,600,653
	25,000			—			25,000			—			25,000			—			25,000			—
	11,319,057			38,121,667			17,914,297			18,900,012			11,292,980			18,831,687			3,662,455			8,739,320
	—			—			25,000			—			25,000			—			25,000			—
	—			—			25,000			—			25,000			—			25,000			—

$	24,030,180		$	55,206,748		$	53,822,119		$	77,306,643		$	32,484,772		$	39,233,359		$	28,120,471		$	20,339,973

$	7,435,000		$	7,685,452		$	25,867,242		$	6,616,715		$	14,092,847		$	5,929,227		$	4,374,319		$	790,691
	—			—			—			—			—			—			—			—
	10,579,586			8,340,406			16,897,895			5,030,434			16,936,397			7,719,084			1,391,605			136,384

$	18,014,586		$	16,025,858		$	42,765,137		$	11,647,149		$	31,029,244		$	13,648,311		$	5,765,924		$	927,075

$	(30,820,149	)	$	(41,861,208	)	$	(79,938,638	)	$	(37,262,994	)	$	(26,779,668	)	$	(28,606,016	)	$	(8,662,717	)	$	(6,626,048	)
	—			—			—			—			—			—			—			—
	(36,108,499	)		(21,873,347	)		(24,444,417	)		(28,159,563	)		(34,050,500	)		(35,209,925	)		(3,106,791	)		(1,652,894	)

$	(66,928,648	)	$	(63,734,555	)	$	(104,383,055	)	$	(65,422,557	)	$	(60,830,168	)	$	(63,815,941	)	$	(11,769,508	)	$	(8,278,942	)
$	—		$	12,858		$	174		$	11,265		$	—		$	2,257		$	—		$	924


$	(24,883,882	)	$	7,510,909		$	(7,795,625	)	$	23,542,500		$	2,683,848		$	(10,932,014	)	$	22,116,887		$	12,989,030




	767,898			1,189,230			2,128,508			3,819,717			907,538			932,547			1,734,776			915,451
	1,487			—			1,505			—			1,092			—			1,787			—
	682,428			2,700,887			1,064,994			1,276,225			479,115			856,377			259,322			708,320
	—			—			1,508			—			1,073			—			1,777			—
	—			—			1,508			—			1,073			—			1,777			—

	1,451,813			3,890,117			3,198,023			5,095,942			1,389,891			1,788,924			1,999,439			1,623,771


	476,297			580,911			1,669,417			506,252			655,176			301,129			334,940			73,077
	—			—			—			—			—			—			—			—
	674,289			627,570			1,092,060			385,769			774,412			387,504			105,987			12,582

	1,150,586			1,208,481			2,761,477			892,021			1,429,588			688,633			440,927			85,659

	(1,898,220	)		(2,971,408	)		(4,886,569	)		(2,529,909	)		(1,149,370	)		(1,320,280	)		(619,540	)		(539,316	)
	—			—			—			—			—			—			—			—
	(2,188,071	)		(1,503,078	)		(1,467,084	)		(1,924,768	)		(1,430,137	)		(1,596,788	)		(220,511	)		(130,215	)

	(4,086,291	)		(4,474,486	)		(6,353,653	)		(4,454,677	)		(2,579,507	)		(2,917,068	)		(840,051	)		(669,531	)


	(1,483,892	)		624,112			(394,153	)		1,533,286			239,972			(439,511	)		1,600,315			1,039,899

147


Notes to Financial Statements (continued)



	Small-Cap Core Fund		Small-Cap Growth Fund						Micro-Cap Fund			Global Low Volatility Equity Fund
	Period Ended August 31, 2014(1)		Year Ended August 31, 2014			Year Ended August 31, 2013			Period Ended August 31, 2014(2)			Period Ended August 31, 2014(2)
Capital stock transactions in dollars:
Proceeds from sale of shares:
Investor class of shares	$	502,902	$	89,061,771		$	98,969,252		$	59,548		$	96,182
Advisor class of shares		25,000		—			—			25,000			25,000
Institutional class of shares		2,935,014		147,891,839			70,621,797			2,945,802			3,721,796
Retirement class R-3 of shares		—		—			—			—			—
Retirement class R-6 of shares		—		—			—			—			—

Net proceeds from sale of shares	$	3,462,916	$	236,953,610		$	169,591,049		$	3,030,350		$	3,842,978
Net asset value of shares issued to shareholders in payment of distributions declared:
Investor class of shares	$	—	$	51,917,050		$	22,334,250		$	—		$	—
Advisor class of shares		—		—			—			—			—
Institutional class of shares		—		40,309,097			15,804,538			—			—

Net proceeds from shares issued	$	—	$	92,226,147		$	38,138,788		$	—		$	—
Cost of shares redeemed:
Investor class of shares	$	—	$	(127,066,631	)	$	(115,566,655	)	$	(2,299	)	$	(3,650	)
Advisor class of shares		—		—			—			—			—
Institutional class of shares		—		(121,523,034	)		(70,821,239	)		(442,022	)		—

Net cost of shares redeemed	$	—	$	(248,589,665	)	$	(186,387,894	)	$	(444,321	)	$	(3,650	)
Redemption fees	$	—	$	5,665		$	32,308		$	—		$	—

Net change resulting from fund share transactions in dollars	$	3,462,916	$	80,595,757		$	21,374,251		$	2,586,029		$	3,839,328


Capital stock transactions in shares:
Sale of shares:
Investor class of shares		50,282		3,854,998			4,878,011			5,833			9,469
Advisor class of shares		2,480		—			—			2,260			2,248
Institutional class of shares		291,360		6,232,666			3,512,661			287,858			343,089
Retirement class R-3 of shares		—		—			—			—			—
Retirement class R-6 of shares		—		—			—			—			—

Net sale of shares		344,122		10,087,664			8,390,672			295,951			354,806
Shares issued to shareholders in payment of distributions declared:
Investor class of shares		—		2,464,027			1,282,840			—			—
Advisor class of shares		—		—			—			—			—
Institutional class of shares		—		1,879,212			895,949			—			—

Net shares issued		—		4,343,239			2,178,789			—			—
Shares redeemed:
Investor class of shares		—		(5,557,903	)		(5,888,408	)		(216	)		(320	)
Advisor class of shares		—		—			—			—			—
Institutional class of shares		—		(5,289,709	)		(3,507,963	)		(39,412	)		—

Net shares redeemed		—		(10,847,612	)		(9,396,371	)		(39,628	)		(320	)

Net change resulting from fund share transactions in shares		344,122		3,583,291			1,173,090			256,323			354,486

(1)	Reflects operations for the period from December 27, 2013 (inception date) to August 31, 2014.

(2)	Reflects operations for the period from September 30, 2013 (inception date) to August 31, 2014.

148


		BMO Funds



Pyrford Global Equity Fund		Pyrford Global Strategic Return Fund						Pyrford International Stock Fund						Global Natural Resources Fund		LGM Emerging Markets Equity Fund
Period Ended August 31, 2014(1)		Year Ended August 31, 2014			Year Ended August 31, 2013			Year Ended August 31, 2014			Year Ended August 31, 2013			Period Ended August 31, 2014(1)		Year Ended August 31, 2014			Year Ended August 31, 2013


$	590,294	$	4,415,218		$	3,676,630		$	31,495,270		$	13,779,027		$	501,057	$	22,463,042		$	31,153,241
	25,000		25,000			—			25,000			—			25,000		25,000			—
	501,000		207,246			1,592,674			105,690,228			82,342,688			561,000		32,762,388			56,650,650
	—		—			—			25,000			—			—		—			—
	—		—			—			25,000			—			—		—			—

$	1,116,294	$	4,647,464		$	5,269,304		$	137,260,498		$	96,121,715		$	1,087,057	$	55,250,430		$	87,803,891


$	—	$	245,280		$	—		$	3,252,180		$	1,013,012		$	—	$	634,773		$	1,212,603
	—		—			—			—			—			—		1,381,422			—
	—		333,568			—			8,720,963			2,034,613			—		—			3,017,011

$	—	$	578,848		$	—		$	11,973,143		$	3,047,625		$	—	$	2,016,195		$	4,229,614

$	—	$	(1,946,813	)	$	(1,520,674	)	$	(9,726,188	)	$	(8,534,407	)	$	—	$	(9,299,289	)	$	(4,053,135	)
	—		—			—			—			—			—		(20,768,114	)		—
	—		(22,533,089	)		(22,069,491	)		(17,179,956	)		(13,583,484	)		—		—			(10,319,295	)

$	—	$	(24,479,902	)	$	(23,590,165	)	$	(26,906,144	)	$	(22,117,891	)	$	—	$	(30,067,403	)	$	(14,372,430	)
$	—	$	160		$	2,371		$	1,105		$	19,405		$	—	$	741		$	734


$	1,116,294	$	(19,253,430	)	$	(18,318,490	)	$	122,328,602		$	77,070,854		$	1,087,057	$	27,199,963		$	77,661,809




	58,501		422,866			355,108			2,462,877			1,178,343			50,100		1,759,063			2,240,499
	2,381		2,372			—			1,904			—			2,418		1,826			—
	50,101		19,665			154,281			8,170,016			6,982,115			55,932		2,535,369			4,108,033
	—		—			—			1,901			—			—		—			—
	—		—			—			1,901			—			—		—			—

	110,983		444,903			509,389			10,638,599			8,160,458			108,450		4,296,258			6,348,532


	—		23,630			—			255,802			92,175			—		49,708			90,696
	—		—			—			—			—			—		—			—
	—		32,074			—			685,270			184,965			—		108,008			225,486

	—		55,704			—			941,072			277,140			—		157,716			316,182

	—		(185,957	)		(147,009	)		(759,503	)		(737,455	)		—		(696,433	)		(294,931	)
	—		—			—			—			—			—		—			—
	—		(2,128,548	)		(2,124,708	)		(1,332,777	)		(1,168,336	)		—		(1,563,387	)		(751,400	)

	—		(2,314,505	)		(2,271,717	)		(2,092,280	)		(1,905,791	)		—		(2,259,820	)		(1,046,331	)


	110,983		(1,813,898	)		(1,762,328	)		9,487,391			6,531,807			108,450		2,194,154			5,618,383

149


Notes to Financial Statements (continued)



	TCH Emerging Markets Bond Fund		Ultra Short Tax-Free Fund						Short Tax- Free Fund
	Period Ended August 31, 2014(1)		Year Ended August 31, 2014			Year Ended August 31, 2013			Year Ended August 31, 2014			Year Ended August 31, 2013(2)
Capital stock transactions in dollars:
Proceeds from sale of shares:
Investor class of shares	$	3,508,375	$	36,732,240		$	61,561,767		$	16,306,460		$	21,220,235
Advisor class of shares		25,000		25,000			—			25,000			—
Institutional class of shares		3,511,000		679,100,902			862,836,223			80,751,841			40,677,312

Net proceeds from sale of shares	$	7,044,375	$	715,858,142		$	924,397,990		$	97,083,301		$	61,897,547
Net asset value of shares issued to shareholders in payment of distributions declared:
Investor class of shares	$	39,375	$	405,797		$	628,954		$	260,475		$	138,217
Advisor class of shares		—		33			—			85			—
Institutional class of shares		40,425		1,324,311			1,668,453			100,157			31,798

Net proceeds from shares issued	$	79,800	$	1,730,141		$	2,297,407		$	360,717		$	170,015
Cost of shares redeemed:
Investor class of shares	$	—	$	(69,137,516	)	$	(70,151,170	)	$	(6,819,344	)	$	(5,911,359	)
Institutional class of shares		—		(759,159,182	)		(804,591,587	)		(38,225,847	)		(6,125,430	)

Net cost of shares redeemed	$	—	$	(828,296,698	)	$	(874,742,757	)	$	(45,045,191	)	$	(12,036,789	)
Redemption fees	$	—	$	—		$	—		$	—		$	6,972

Net change resulting from fund share transactions in dollars	$	7,124,175	$	(110,708,415	)	$	51,952,640		$	52,398,827		$	50,037,745


Capital stock transactions in shares:
Sale of shares:
Investor class of shares		350,761		3,646,847			6,106,874			1,610,486			2,106,312
Advisor class of shares		2,315		2,478			—			2,458			—
Institutional class of shares		351,019		67,456,820			85,603,651			7,992,310			4,034,951

Net sale of shares		704,095		71,106,145			91,710,525			9,605,254			6,141,263
Shares issued to shareholders in payment of distributions declared:
Investor class of shares		3,950		40,291			62,382			25,728			13,725
Advisor class of shares		—		3			—			9			—
Institutional class of shares		4,054		131,599			165,574			9,882			3,166

Net shares issued		8,004		171,893			227,956			35,619			16,891
Shares redeemed:
Investor class of shares		—		(6,862,097	)		(6,956,539	)		(674,457	)		(588,490	)
Institutional class of shares		—		(75,460,308	)		(79,828,385	)		(3,785,765	)		(608,600	)

Net shares redeemed		—		(82,322,405	)		(86,784,924	)		(4,460,222	)		(1,197,090	)

Net change resulting from fund share transactions in shares		712,099		(11,044,367	)		5,153,557			5,180,651			4,961,064

(1)	Reflects operations for the period from September 30, 2013 (inception date) to August 31, 2014.

(2)	Reflects operations for the period from November 29, 2012 (inception date) to August 31, 2013.

150


		BMO Funds



Short-Term Income Fund						Intermediate Tax-Free Fund						Mortgage Income Fund						TCH Intermediate Income Fund
Year Ended August 31, 2014			Year Ended August 31, 2013			Year Ended August 31, 2014			Year Ended August 31, 2013			Year Ended August 31, 2014			Year Ended August 31, 2013			Year Ended August 31, 2014			Year Ended August 31, 2013


$	39,953,734		$	72,178,622		$	364,844,856		$	540,796,619		$	10,241,607		$	9,419,297		$	3,292,895		$	5,493,709
	25,000			—			2,025,000			—			25,000			—			25,000			—
	60,448,479			55,210,925			133,067,553			124,045,591			12,001,717			7,595,662			41,757,793			16,141,022

$	100,427,213		$	127,389,547		$	499,937,409		$	664,842,210		$	22,268,324		$	17,014,959		$	45,075,688		$	21,634,731


$	1,198,099		$	1,530,044		$	21,553,872		$	26,912,326		$	3,147,040		$	5,611,131		$	617,791		$	590,755
	78			—			3,747			—			188			—			126			—
	868,631			815,637			2,497,458			2,882,749			323,266			707,616			1,460,771			1,021,928

$	2,066,808		$	2,345,681		$	24,055,077		$	29,795,075		$	3,470,494		$	6,318,747		$	2,078,688		$	1,612,683

$	(76,287,660	)	$	(50,767,434	)	$	(274,604,629	)	$	(397,315,574	)	$	(48,913,541	)	$	(43,536,323	)	$	(16,769,338	)	$	(12,118,149	)
	(36,513,511	)		(38,711,321	)		(111,792,245	)		(97,747,590	)		(20,333,524	)		(11,547,574	)		(31,869,199	)		(32,957,413	)

$	(112,801,171	)	$	(89,478,755	)	$	(386,396,874	)	$	(495,063,164	)	$	(69,247,065	)	$	(55,083,897	)	$	(48,638,537	)	$	(45,075,562	)
$	—		$	81,477		$	3,656		$	46,449		$	323		$	604		$	—		$	5,971


$	(10,307,150	)	$	40,337,950		$	137,599,268		$	199,620,570		$	(43,507,924	)	$	(31,749,587	)	$	(1,484,161	)	$	(21,822,177	)




	4,249,193			7,623,118			33,192,008			48,058,167			1,108,326			984,059			314,325			524,112
	2,654			—			181,301			—			2,674			—			2,356			—
	6,417,322			5,825,242			12,102,975			11,073,907			1,288,535			805,288			3,996,817			1,545,561

	10,669,169			13,448,360			45,476,284			59,132,074			2,399,535			1,789,347			4,313,498			2,069,673


	127,378			161,743			1,956,526			2,401,992			338,867			586,926			58,767			56,360
	8			—			323			—			20			—			12			—
	92,157			86,087			226,320			255,723			34,839			73,954			139,049			97,589

	219,543			247,830			2,183,169			2,657,715			373,726			660,880			197,828			153,949

	(8,111,833	)		(5,371,841	)		(25,188,723	)		(35,961,811	)		(5,282,586	)		(4,589,225	)		(1,618,601	)		(1,157,832	)
	(3,875,953	)		(4,083,984	)		(10,214,907	)		(8,780,731	)		(2,194,833	)		(1,218,228	)		(3,049,628	)		(3,155,579	)

	(11,987,786	)		(9,455,825	)		(35,403,630	)		(44,742,542	)		(7,477,419	)		(5,807,453	)		(4,668,229	)		(4,313,411	)


	(1,099,074	)		4,240,365			12,255,823			17,047,247			(4,704,158	)		(3,357,226	)		(156,903	)		(2,089,789	)

151


Notes to Financial Statements (continued)



	TCH Corporate Income Fund						TCH Core Plus Bond Fund						Monegy High Yield Bond Fund
	Year Ended August 31, 2014			Year Ended August 31, 2013			Year Ended August 31, 2014			Year Ended August 31, 2013			Year Ended August 31, 2014			Year Ended August 31, 2013
Capital stock transactions in dollars:
Proceeds from sale of shares:
Investor class of shares	$	53,919,723		$	24,313,889		$	114,749,632		$	407,489,238	(3)	$	8,451,618		$	16,874,929
Advisor class of shares		25,000			—			25,000			—			25,000			—
Institutional class of shares		41,985,580			17,579,675			156,616,162			279,933,837	(3)		11,842,862			18,909,112

Net proceeds from sale of shares	$	95,930,303		$	41,893,564		$	271,390,794		$	687,423,075		$	20,319,480		$	35,784,041
Net asset value of shares issued to shareholders in payment of distributions declared:
Investor class of shares	$	1,936,862		$	2,875,610		$	13,891,430		$	7,069,937		$	3,245,163		$	2,912,182
Advisor class of shares		194			—			185			—			335			—
Institutional class of shares		3,760,222			4,300,257			9,177,307			4,675,136			2,480,514			2,007,601

Net proceeds from shares issued	$	5,697,278		$	7,175,867		$	23,068,922		$	11,745,073		$	5,726,012		$	4,919,783
Cost of shares redeemed:
Investor class of shares	$	(15,801,714	)	$	(36,307,222	)	$	(100,415,863	)	$	(34,613,906	)	$	(20,734,050	)	$	(30,087,524	)
Advisor class of shares		—			—			—			—			—			—
Institutional class of shares		(23,104,463	)		(14,779,217	)		(83,204,381	)		(20,275,831	)		(27,372,832	)		(19,794,642	)

Net cost of shares redeemed	$	(38,906,177	)	$	(51,086,439	)	$	(183,620,244	)	$	(54,889,737	)	$	(48,106,882	)	$	(49,882,166	)
Redemption fees	$	—		$	899		$	—		$	8,290		$	—		$	2,258

Net change resulting from fund share transactions in dollars	$	62,721,404		$	(2,016,109	)	$	110,839,472		$	644,286,701		$	(22,061,390	)	$	(9,176,084	)


Capital stock transactions in shares:
Sale of shares:
Investor class of shares		4,190,850			1,857,816			9,862,490			35,376,092	(2)		807,229			1,606,983
Advisor class of shares		1,933			—			2,115			—			2,377			—
Institutional class of shares		3,285,896			1,353,495			13,431,019			24,347,263	(2)		1,130,466			1,805,652

Net sale of shares		7,478,679			3,211,311			23,295,624			59,723,355			1,940,072			3,412,635
Shares issued to shareholders in payment of distributions declared:
Investor class of shares		152,789			221,261			1,192,359			601,580			310,363			277,914
Advisor class of shares		15			—			16			—			32			—
Institutional class of shares		299,008			331,381			787,425			397,578			237,312			191,703

Net shares issued		451,812			552,642			1,979,800			999,158			547,707			469,617
Shares redeemed:
Investor class of shares		(1,251,448	)		(2,825,617	)		(8,675,580	)		(2,969,808	)		(1,983,873	)		(2,866,607	)
Advisor class of shares		—			—			—			—			—			—
Institutional class of shares		(1,824,554	)		(1,159,027	)		(7,165,043	)		(1,738,380	)		(2,614,008	)		(1,885,638	)

Net shares redeemed		(3,076,002	)		(3,984,644	)		(15,840,623	)		(4,708,188	)		(4,597,881	)		(4,752,245	)

Net change resulting from fund share transactions in shares		4,854,489			(220,691	)		9,434,801			56,014,325			(2,110,102	)		(869,993	)

(1)	Reflects operations for the period from December 27, 2013 (inception date) to August 31, 2014.

(2)

Includes $375,619,470 of paid-in-capital received from a non-taxable in-kind subscription merger of the BMO Aggregate Bond Fund effective as of the close of business on August 16, 2013. The total value received of $375,619,470 from this event was exchanged for 14,853,077 Institutional Class shares and 18,474,576 Investor Class of shares of the Core Plus Bond Fund at time of merger.

152


		BMO Funds



Multi-Asset Income Fund			Government Money Market Fund						Tax-Free Money Market Fund						Prime Money Market Fund
Period Ended August 31, 2014(1)			Year Ended August 31, 2014			Year Ended August 31, 2013			Year Ended August 31, 2014			Year Ended August 31, 2013			Year Ended August 31, 2014			Year Ended August 31, 2013


$	521,100		$	331,672,561		$	505,832,027		$	249,403,510		$	406,138,163		$	3,756,360,212		$	2,694,221,078
	25,000			—			—			—			—			—			—
	46,354,689			1,539,820,530			1,612,714,562			2,075,146,011			2,897,791,743			8,223,133,602			9,822,788,777

$	46,900,789		$	1,871,493,091		$	2,118,546,589		$	2,324,549,521		$	3,303,929,906		$	11,979,493,814		$	12,517,009,855


$	4,824		$	3,643		$	2,953		$	12,678		$	22,240		$	34,293		$	38,372
	185			—			—			—			—			—			—
	20,802			2,760			450			6,969			52,008			25,452			201,449

$	25,811		$	6,403		$	3,403		$	19,647		$	74,248		$	59,745		$	239,821

$	(7,328	)	$	(359,664,123	)	$	(474,128,404	)	$	(239,853,465	)	$	(445,425,181	)	$	(3,822,539,600	)	$	(2,559,321,674	)
	—			—			—			—			—			—			—
	(1,271,437	)		(1,543,587,045	)		(1,515,608,685	)		(2,318,037,840	)		(2,783,619,448	)		(8,845,055,905	)		(9,166,841,697	)

$	(1,278,765	)	$	(1,903,251,168	)	$	(1,989,737,089	)	$	(2,557,891,305	)	$	(3,229,044,629	)	$	(12,667,595,505	)	$	(11,726,163,371	)
$	—		$	—		$	—		$	—		$	—		$	—		$	—


$	45,647,835		$	(31,751,674	)	$	128,812,903		$	(233,322,137	)	$	74,959,525		$	(688,041,946	)	$	791,086,305




	52,076			331,672,561			505,832,027			249,403,494			406,138,163			3,756,360,212			2,694,221,054
	2,441			—			—			—			—			—			—
	4,569,280			1,539,820,530			1,612,714,562			2,075,145,914			2,897,791,743			8,223,133,602			9,822,788,777

	4,623,797			1,871,493,091			2,118,546,589			2,324,549,408			3,303,929,906			11,979,493,814			12,517,009,831


	471			3,643			2,953			12,678			22,240			34,293			38,372
	18			—			—			—			—			—			—
	2,031			2,760			450			6,969			52,008			25,452			201,449

	2,520			6,403			3,403			19,647			74,248			59,745			239,821

	(735	)		(359,664,123	)		(474,128,404	)		(239,853,465	)		(445,425,181	)		(3,822,539,600	)		(2,559,321,674	)
	—			—			—			—			—			—			—
	(124,682	)		(1,543,587,045	)		(1,515,608,685	)		(2,318,037,840	)		(2,783,619,448	)		(8,845,055,905	)		(9,166,841,697	)

	(125,417	)		(1,903,251,168	)		(1,989,737,089	)		(2,557,891,305	)		(3,229,044,629	)		(12,667,595,505	)		(11,726,163,371	)


	4,500,900			(31,751,674	)		128,812,903			(233,322,250	)		74,959,525			(688,041,946	)		791,086,281

153


Notes to Financial Statements (continued)

Investment Adviser Fee and Other Transactions with Affiliates

Investment Advisory Fees—The Adviser receives for its services an investment adviser fee based on a percentage of each Fund’s average daily net assets (“ADNA”) as listed below.


	Fund’s ADNA
Fund	on the first $500 million			on the next $200 million			on the next $100 million			in excess of $800 million
Low Volatility Equity Fund		0.500	%		0.490	%		0.450	%		0.400	%
Dividend Income Fund		0.500			0.490			0.450			0.400
Large-Cap Value Fund		0.750			0.740			0.700			0.650
Large-Cap Growth Fund		0.750			0.740			0.700			0.650
Mid-Cap Value Fund(2)		0.685			0.670			0.570			0.510
Mid-Cap Growth Fund(2)		0.685			0.670			0.570			0.510
Small-Cap Value Fund(3)		0.685			0.680			0.620			0.610
Small-Cap Growth Fund		1.000			1.000			1.000			1.000
Micro-Cap Fund(1)		0.900			0.900			0.900			0.900
Global Low Volatility Equity Fund(1)		0.650			0.640			0.600			0.550
Pyrford Global Strategic Return Fund		0.800			0.790			0.750			0.700
Pyrford International Stock Fund(4)		0.735			0.720			0.620			0.560
LGM Emerging Markets Equity Fund		0.900			0.890			0.850			0.800
TCH Emerging Markets Bond Fund(1)		0.600			0.590			0.550			0.550
Ultra Short Tax-Free Fund		0.200			0.190			0.100			0.100
Short Tax-Free Fund		0.250			0.240			0.150			0.150
Short-Term Income Fund		0.200			0.190			0.100			0.100
Intermediate Tax-Free Fund		0.300			0.290			0.200			0.150
Mortgage Income Fund		0.400			0.390			0.300			0.250
TCH Intermediate Income Fund		0.400			0.390			0.300			0.250
TCH Corporate Income Fund		0.250			0.240			0.150			0.100
TCH Core Plus Bond Fund		0.250			0.240			0.150			0.100
Monegy High Yield Bond Fund		0.500			0.500			0.500			0.500

(1)

Fund inception date is September 30, 2013.

(2)

Effective May 28, 2014. Prior to May 28, 2014, the annual rates were 0.750%, 0.740%, 0.700% and 0.650%, respectively.

(3)

Effective May 28, 2014. Prior to May 28, 2014, the annual rates were 0.750%, 0.750%, 0.750% and 0.750%, respectively.

(4)

Effective May 28, 2014. Prior to May 28, 2014, the annual rates were 0.800%, 0.790%, 0.750% and 0.700%, respectively.


	Fund’s ADNA
Fund	on the first $1 billion			on the next $1 billion			in excess of $2 billion
Small-Cap Core Fund(1)		0.650	%		0.625	%		0.600	%
Pyrford Global Equity Fund(1)		0.600			0.575			0.550
Global Natural Resources Fund(1)		0.650			0.625			0.600
Multi-Asset Income Fund(1)		0.250			0.225			0.200

(1)

Fund inception date is December 27, 2013.


	Fund’s ADNA
Fund	on the first $2 billion			on the next $2 billion			on the next $2 billion			on the next $2 billion			in excess of $8 billion
Government Money Market Fund		0.200	%		0.185	%		0.170	%		0.155	%		0.140	%
Tax-Free Money Market Fund		0.200			0.185			0.170			0.155			0.140
Prime Money Market Fund		0.150			0.135			0.120			0.105			0.090

The Pyrford Global Equity Fund, Pyrford Global Strategic Return Fund and Pyrford International Stock Fund’s sub-adviser is Pyrford International Ltd., an affiliate of the Adviser. The LGM Emerging Markets Equity Fund’s sub-adviser is LGM Investments Limited, an affiliate of the Adviser. The TCH Emerging Markets Bond Fund, TCH Intermediate Income Fund, TCH Corporate Income Fund and TCH Core Plus Bond Fund’s sub-adviser is Taplin, Canida & Habacht, LLC, an affiliate of the Adviser. The Monegy High Yield Bond Fund’s sub-adviser is Monegy, Inc., an affiliate of the Adviser. The Adviser compensates each sub-adviser based on the level of average daily net assets of each respective Fund managed by each sub-adviser.

Contractual Expense Limitation—The Adviser has agreed to waive or reduce its investment advisory fee or reimburse expenses to the extent necessary to prevent class specific total annual operating expenses (excluding taxes, interest, brokerage commissions, other investment related costs, Acquired Fund Fees and Expenses and extraordinary expenses, such as litigation and other expenses not incurred in the ordinary course of a Fund’s business) from exceeding the amounts for the periods set forth below. The Adviser may not terminate this arrangement prior to December 31, 2015, without the consent of the Directors, unless the investment advisory agreement is terminated. The Adviser may voluntarily choose to waive any portion of its fee beyond its contractual agreement. The Adviser can modify or terminate this voluntary waiver at any time at its sole discretion.

154


		BMO Funds


	Annualized Contractual Expense Limitation
Fund	Investor Class			Advisor Class(3)			Institutional Class			Retirement Class R-3(3)			Retirement Class R-6(3)
Low Volatility Equity Fund		0.90	%		0.90	%		0.65	%
Dividend Income Fund		0.90			0.90			0.65
Large-Cap Value Fund		1.24			1.24			0.99
Large-Cap Growth Fund		1.24			1.24			0.99
Mid-Cap Value Fund		1.24			1.24			0.99			1.49	%		0.84	%
Mid-Cap Growth Fund		1.24			1.24			0.99			1.49			0.84
Small-Cap Value Fund		1.24			1.24			0.99			1.49			0.84
Small-Cap Core Fund(2)		1.15			1.15			0.90
Small-Cap Growth Fund		1.44						1.19
Micro-Cap Fund(1)		1.35			1.35			1.10
Global Low Volatility Equity Fund(1)		1.10			1.10			0.85
Pyrford Global Equity Fund(2)		1.15			1.15			0.90
Pyrford Global Strategic Return Fund		1.24			1.24			0.99
Pyrford International Stock Fund		1.24			1.24			0.99			1.49			0.84
Global Natural Resources Fund(2)		1.24			1.24			0.99
LGM Emerging Markets Equity Fund		1.40			1.40			1.15
TCH Emerging Markets Bond Fund(1)		1.00			1.00			0.85
Ultra Short Tax-Free Fund		0.55			0.55			0.30
Short Tax-Free Fund		0.55			0.55			0.40
Short-Term Income Fund		0.60			0.60			0.35
Intermediate Tax-Free Fund		0.55			0.55			0.50
Mortgage Income Fund		0.80			0.80			0.55
TCH Intermediate Income Fund		0.80			0.80			0.55
TCH Corporate Income Fund		0.59			0.59			0.55
TCH Core Plus Bond Fund		0.59			0.59			0.55
Monegy High Yield Bond Fund		0.90			0.90			0.65
Multi-Asset Income Fund(2)		0.80			0.80			0.55
Government Money Market Fund		0.45						0.20
Tax-Free Money Market Fund		0.45						0.20
Prime Money Market Fund		0.45						0.20

(1)

Fund inception date is September 30, 2013.

(2)

Fund inception date is December 27, 2013.

(3)

Share class inception date is May 27, 2014.

For the year ended August 31, 2014, the Adviser chose to voluntarily waive beyond its contractual expense limitations for the following Funds in the following amounts:


Fund	Additional Fees Waived
Government Money Market Fund	$	1,061,458
Tax-Free Money Market Fund		352,345
Prime Money Market Fund		4,057,242

Shareholder Servicing Fees—Under the terms of a Shareholder Services Agreement with the Adviser, each Fund pays the Adviser at the annual rate of 0.25% of average daily net assets of the Fund’s Investor Class shares for the period. The fee paid to the Adviser is used to finance certain services for shareholders and to maintain shareholder accounts. For the year ended August 31, 2014, the TCH Emerging Markets Bond Fund, Short Tax-Free Fund, Intermediate Tax-Free Fund, TCH Corporate Income Fund and TCH Core Plus Bond Fund contractually waived $3,381, $20,032, $501,187, $63,792 and $132,857, respectively, in Shareholder Services Fees. The Adviser also may voluntarily choose to waive any additional portion of its fee. The Adviser can modify or terminate this voluntary waiver at any time in its sole discretion. For the year ended August 31, 2014, the Government Money Market Fund, Tax-Free Money Market Fund and Prime Money Market Fund voluntarily waived $294,231, $304,199 and $3,460,226, respectively, in Shareholder Services Fees.

Distribution Services Fees—Certain Funds are subject to a Distribution Plan (the “Plan”) pursuant to Rule 12b-1 under the Act. The Plan authorizes payments by the Fund to finance activities intended to result in the sale of its Advisor Class and Retirement Class R-3 shares. The Plan provides that the Fund may incur distribution expenses of 0.25% and 0.50% of the average daily net assets of the Fund’s Advisor Class and Retirement Class R-3 shares, respectively. For the year ended August 31, 2014, the TCH Emerging Markets Bond Fund, Short Tax-Free Fund, Intermediate Tax-Free Fund, TCH Corporate Income Fund and TCH Core Plus Bond Fund contractually waived $7, $7, $75, $9 and $1, respectively, in Distribution Services Fees. The Adviser also may voluntarily choose to waive any additional portion of its fee. The Adviser can modify or terminate this voluntary waiver at any time in its sole discretion.

155


Notes to Financial Statements (continued)

Administration Fees—The fee paid to the Adviser is based on each Fund’s average daily net assets with respect to Administration Fee Schedules A & B and the aggregate average daily net assets of all Funds representing Administration Fee Schedule C as listed below.


Administration Fee Schedule A		Administration Fee Schedule B		Administration Fee Schedule C
Annual Rate	ADNA	Annual Rate	ADNA	Annual Rate	ADNA
0.0925%	on the first $250 million	0.1500%	per class(1)	0.0400%	on the first $2 billion
0.0850	on the first $250 million			0.0300	on the next $2 billion
0.0800	on the first $200 million			0.0250	on the next $2 billion
0.0400	on the first $100 million			0.0200	on the next $2 billion
0.0200	on the first $200 million			0.0100	in excess of $8 billion
0.0100	in excess of $1.0 billion

Fund		Fund		Fund
Low Volatility Equity Fund		Mid-Cap Value Fund(4)		Government Money Market Fund
Dividend Income Fund		Mid-Cap Growth Fund(4)		Tax-Free Money Market Fund
Large-Cap Value Fund		Small-Cap Value Fund(4)		Prime Money Market Fund
Large-Cap Growth Fund		Small-Cap Core Fund(3)
Small-Cap Growth Fund		Pyrford Global Equity Fund(3)
Micro-Cap Fund(2)		Pyrford International Stock Fund(4)
Global Low Volatility Equity Fund(2)		Global Natural Resources Fund(3)
Pyrford Global Strategic Return Fund		Multi-Asset Income Fund(3)
LGM Emerging Markets Equity Fund
TCH Emerging Markets Bond Fund(2)
Ultra Short Tax-Free Fund
Short Tax-Free Fund
Short-Term Income Fund
Intermediate Tax-Free Fund
Mortgage Income Fund
TCH Intermediate Income Fund
TCH Corporate Income Fund
TCH Core Plus Bond Fund
Monegy High Yield Bond Fund

(1)

Retirement Class R-6 does not pay an Administrative Fee.

(2)

Fund inception date is September 30, 2013.

(3)

Fund inception date is December 27, 2013.

(4)

Effective May 28, 2014. Prior to May 28, 2014, the annual rate was subject to Administration Fee schedule A. For the period May 28, 2014 through August 31, 2014, these Funds were charged the following Administration Fees per class:


Fund	Investor Class		Advisor Class		Institutional Class		Retirement Class R-3		Retirement Class R-6
Mid-Cap Value Fund	$	72,643	$	10	$	56,343	$	10	$	—
Mid-Cap Growth Fund		47,668		10		57,043		10		—
Small-Cap Value Fund		24,619		10		6,650		10		—
Pyrford International Stock Fund		31,711		10		101,576		10		—

Custodian Fees—BMO Harris is the Funds’ custodian, except for the International Funds, for which State Street Bank & Trust Company maintains custody. BMO Harris receives fees consisting of 0.005% on the first $10 billion average daily net assets, based on the collective net assets of the Corporation custodied by BMO Harris, and 0.0025% on all assets in excess of $10 billion.

Securities Lending—The Funds pay a fee to BMO Harris for its services as the securities lending agent. The securities lending income as shown in the Statements of Operations is net of these fees. The following amounts were paid for the year ended August 31, 2014:


Fund	Fees Paid
Low Volatility Equity Fund	$	1,979
Dividend Income Fund		7,696
Large-Cap Value Fund		18,272
Large-Cap Growth Fund		19,102
Mid-Cap Value Fund		45,749
Mid-Cap Growth Fund		107,876
Small-Cap Value Fund		14,004
Small-Cap Core Fund		267


Fund	Fees Paid
Small-Cap Growth Fund	$	700,231
Short-Term Income Fund		18,157
Mortgage Income Fund		9,401
TCH Intermediate Income Fund		19,638
TCH Coporate Income Fund		16,762
TCH Core Plus Bond Fund		113,209
Multi-Asset Income Fund		5,987

156


		BMO Funds

Fund’s Schedule of Investments. Additional security purchases and the reduction of certain securities shares outstanding of existing portfolio holdings that were not considered affiliated in prior years may result in the Funds owning in excess of 5% of the outstanding shares at period-end. The table below reflects transactions during the period with entities that are affiliates as of August 31, 2014 and may include acquisitions of new investments, prior year holdings that became affiliated during the period and prior period affiliated holdings that are no longer affiliated as of year-end.


Security/Fund Description	Value Beginning of Period		Purchases		Sales Proceeds		Unrealized Depreciation			Value End of Period		Dividends Credited to Income		Net Realized Gain
Cash Sweep Investments in BMO Government Money Market Fund, Class I, 0.010%
Mortgage Income Fund	$	17,015,102	$	105,294,811	$	116,529,630	$	—		$	5,780,283	$	816	$	—

Cash Sweep Investments in BMO Tax-Free Money Market Fund, Class I, 0.036%
Ultra Short Tax-Free Fund		13,695,220		488,088,005		489,136,359		—			12,646,866		3,401		—
Short Tax-Free Fund		284,279		69,219,998		68,555,011		—			949,266		445		—
Intermediate Tax-Free Fund		25,028,602		373,465,387		383,182,443		—			15,311,546		4,555		—

Cash Sweep Investments in BMO Prime Money Market Fund, Class I, 0.010%
Low Volatility Equity Fund		833,988		16,569,952		16,555,748		—			848,192		137		—
Dividend Income Fund		2,734,777		15,417,908		15,891,883		—			2,260,802		245		—
Large-Cap Value Fund		4,135,292		46,728,644		46,296,322		—			4,567,614		406		—
Large-Cap Growth Fund		1,099,141		35,648,006		33,917,388		—			2,829,759		289		—
Mid-Cap Value Fund		11,960,893		100,694,541		101,228,197		—			11,427,237		1,339		—
Mid-Cap Growth Fund		4,667,545		79,087,959		79,795,647		—			3,959,857		652		—
Small-Cap Value Fund		2,443,897		29,570,952		30,227,082		—			1,787,767		360		—
Small-Cap Core Fund		—		3,616,582		3,545,714		—			70,868		8		—
Small-Cap Growth Fund		21,334,766		322,182,494		324,046,272		—			19,470,988		3,120		—
Micro-Cap Fund		—		3,381,591		3,337,906		—			43,685		6		—
Short-Term Income Fund		9,442,679		124,497,368		131,793,221		—			2,146,826		1,092		—
TCH Intermediate Income Fund		8,470,112		141,321,180		145,573,789		—			4,217,503		935		—
TCH Corporate Income Fund		10,773,358		107,686,281		113,384,237		—			5,075,402		947		—
TCH Core Plus Bond Fund		39,385,384		547,669,755		561,468,398		—			25,586,741		3,634		—
Monegy High Yield Bond Fund		4,229,798		41,091,284		44,951,689		—			369,393		151		—
Multi-Asset Income		—		24,272,242		23,598,171		—			674,071		59		—

Investments in Other Affiliates
Fund/Security Description
Small-Cap Growth Fund
Penn Virginia Corp.(1)		15,970,162		285,135		29,786,244		—			—		—		15,903,342
UCP, Inc., Class A		5,705,700		—		—		(940,500	)		5,329,500		—		—

Totals		21,675,862		285,135		29,786,244		(940,500	)		5,329,500		—		15,903,342

Multi-Asset Income Fund
Short-Term Income Fund		—		914,170		—		(540	)		913,630		4,638		—
Monegy High Yield Bond Fund		—		1,150,859		—		(2,880	)		1,147,979		22,251		—

Totals		—		2,065,029		—		(3,420	)		2,061,609		26,889		—

(1)	No longer affiliated as of August 31, 2014.

Interfund Borrowing and Lending—The Funds participate in an interfund lending program. This program allows the Funds to lend cash to and/or borrow cash from other Funds for temporary purposes, although the Money Market Funds cannot participate as borrowers. The program is subject to a number of conditions, including the requirement that the interfund loan rate to be charged to the Funds under the program is (i) more favorable to the lending Fund than the rate it could otherwise obtain from investing cash in repurchase agreements or purchasing shares of a Money Market Fund and (ii) more favorable to the borrowing Fund than the lowest interest rate at which bank short-term loans would be available to the Funds. In addition, a Fund may participate in the program only if its participation is consistent with the Fund’s investment policies and limitations. The Directors are responsible for the oversight of the interfund lending program. The Micro-Cap Fund utilized this program as borrower, and the Prime Money Market Fund as lender for the year ended August 31, 2014. No interfund borrowing or lending balances existed as of August 31, 2014. For the year ended August 31, 2014, the average daily lending balance was $239 and the weighted average interest rate was 0.675%.

Investment Transactions—The Funds, on occasion, may purchase or sell a security with another Fund or client of the Adviser pursuant to procedures approved by the Directors.

General—Certain of the Officers and Directors of the Corporation are also Officers and Directors/Trustees of one or more of the above companies, which are affiliates of the Corporation. None of the Fund officers or interested directors receives any compensation from the Funds.

157


Notes to Financial Statements (continued)

Line of Credit

The Corporation, on behalf of the respective Funds, entered into a $25 million unsecured, committed revolving line of credit (“LOC”) agreement with State Street Bank & Trust Company. The LOC was made available for extraordinary or emergency purposes, primarily for financing redemption payments. Borrowings are charged interest at a rate of 1.25% per annum over the greater of the Federal Funds rate or the London Interbank Offered Rate (“LIBOR”) and includes a commitment fee of 0.12% per annum on the daily unused portion. On September 26, 2013, the amount of the LOC increased to $50 million. All other terms and conditions of the LOC agreement remained in place. No borrowings were outstanding under the LOC at August 31, 2014.

Funds utilizing the LOC agreement during the year ended August 31, 2014 were as follows:


Fund	Average Daily Loan Balance Outstanding		Weighted average interest rate
Large-Cap Value Fund	$	11		1.355	%
Micro-Cap Fund		4		1.350
Short Tax-Free Fund		412		1.357
Intermediate Tax-Free Fund		1,660		1.362
Mortgage Income Fund		18,403		1.350
TCH Intermediate Income Fund		2,993		1.346
TCH Corporate Income Fund		10		1.407
Monegy High Yield Bond Fund		818		1.350
Tax-Free Money Market Fund		63,309		1.352

Investment Transactions

Purchases and sales of investments, excluding short-term U.S. government securities, short-term obligations, and in-kind contributions, for the year ended August 31, 2014 were as follows:


	Other than U.S Government Securities				U.S. Government Securities
Fund	Purchases		Sales		Purchases		Sales
Low Volatility Equity Fund	$	30,788,195	$	22,510,579	$		$
Dividend Income Fund		47,630,701		56,144,223
Large-Cap Value Fund		150,710,838		165,920,623
Large-Cap Growth Fund		143,389,157		186,559,611
Mid-Cap Value Fund		93,232,371		142,528,592
Mid-Cap Growth Fund		145,677,194		176,636,033
Small-Cap Value Fund		44,415,245		27,677,587
Small-Cap Core Fund(2)		4,607,963		1,231,112
Small-Cap Growth Fund		654,749,296		675,445,136
Micro-Cap Fund(1)		4,396,981		1,872,893
Global Low Volatility Equity Fund(1)		4,194,179		432,613
Pyrford Global Equity Fund(2)		1,150,697		68,959
Pyrford Global Strategic Return Fund		3,218,581		14,314,424		7,946,294		15,312,593
Pyrford International Stock Fund		123,825,835		16,546,983
Global Natural Resources Fund(2)		2,422,111		1,316,818
LGM Emerging Markets Equity Fund		88,926,804		55,726,969
TCH Emerging Markets Bond Fund(1)		12,133,529		5,136,204
Ultra Short Tax-Free Fund		598,479,971		737,791,428
Short Tax-Free Fund		112,684,477		60,153,012
Short-Term Income Fund		116,282,139		117,955,470		36,552,058		37,739,305
Intermediate Tax-Free Fund		634,604,554		479,232,949
Mortgage Income Fund		20,282,901		39,615,836		178,042,544		236,244,672
TCH Intermediate Income Fund		135,328,693		118,938,454		40,756,410		54,276,270
TCH Corporate Income Fund		110,246,221		56,470,765		10,489,473		2,083,516
TCH Core Plus Bond Fund		354,950,107		321,826,105		275,278,799		171,239,158
Monegy High Yield Bond Fund		40,115,265		58,715,670
Multi-Asset Income Fund(2)		44,976,328		40,781

(1)

Reflects operations for the period from September 30, 2013 (inception date) to August 31, 2014.

(2)

Reflects operations for the period from December 27, 2013 (inception date) to August 31, 2014.

Federal Tax Information

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. These differences are due in part to differing treatment of net operating loss, foreign currency transactions, paydown gain or loss, market discount accretion, premium amortization, and expiring capital loss carryforwards.

158


		BMO Funds

To the extent that differences arise that are permanent in nature, such amounts are reclassified within the capital accounts, on the Statements of Assets and Liabilities, based on their Federal tax basis treatment; temporary differences do not require reclassification and had no impact on the NAV of the Funds.

The Funds complied with the FASB interpretation Accounting for Uncertainty in Income Taxes, which provides guidance for how uncertain tax provisions should be recognized, measured, presented, and disclosed in the financial statements. Accounting for Uncertainty in Income Taxes requires the affirmative evaluation of tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns to determine whether it is “more-likely-than-not,” (i.e., greater than 50 percent) of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold may result in a tax benefit or expense in the current year.

Accounting for Uncertainty in Income Taxes requires management of the Funds to analyze all open tax years, as defined by the statutes of limitations, for all major jurisdictions, which includes federal and certain states. Open tax years are those that are open for exam by the taxing authorities (i.e., the last four tax years and the interim tax period since then). The Funds have no examinations in progress. For all open tax years and all major taxing jurisdictions through the end of the reporting period, management of the Funds reviewed all tax positions taken or expected to be taken in the preparation of the Funds’ tax returns and concluded that Accounting for Uncertainty in Income Taxes resulted in no effect on the Funds’ reported net assets or results of operations as of and during the period ended August 31, 2014. Management of the Funds also is not aware of any tax positions for which it is reasonably possible that the total amounts of recognized tax benefits will significantly change in the next twelve months.

The difference between book basis and tax basis unrealized appreciation/depreciation is attributable in part to the tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains on investments in passive foreign investment companies, derivatives, foreign currency, and the discount accretion/premium amortization of debt securities.


	Cost of Investments for Federal Tax Purposes			Gross Unrealized Appreciation for Federal Tax Purposes		Gross Unrealized Depreciation for Federal Tax Purposes			Net Unrealized Appreciation for Federal Tax Purposes
Low Volatility Equity Fund	$	75,345,822		$	6,174,966	$	(530,663	)	$	5,644,303
Dividend Income Fund		142,029,340			26,142,710		(448,577	)		25,694,133
Large-Cap Value Fund		304,453,013			61,319,359		(331,003	)		60,988,356
Large-Cap Growth Fund		266,301,432			60,339,723		(657,162	)		59,682,561
Mid-Cap Value Fund		389,691,628			102,209,392		(2,173,391	)		100,036,001
Mid-Cap Growth Fund		311,910,544			86,077,341		(6,063,088	)		80,014,253
Small-Cap Value Fund		107,401,123			14,474,377		(1,974,594	)		12,499,783
Small-Cap Core Fund		5,060,401			313,860		(151,338	)		162,522
Small-Cap Growth Fund		1,080,462,866			150,707,024		(61,096,419	)		89,610,605
Micro-Cap Fund		2,663,634			401,480		(126,719	)		274,761
Global Low Volatility Fund		4,952,008			211,224		(14,905	)		196,319
Pyrford Global Equity Fund		1,408,627			80,545		(26,806	)		53,739
Pyrford Global Strategic Return Fund		20,899,202			1,149,839		(209,444	)		940,395
Pyrford International Stock Fund		326,737,654			52,107,832		(7,052,769	)		45,055,063
Global Natural Resources Fund		1,404,484			119,507		(8,835	)		110,672
LGM Emerging Markets Equity Fund		159,050,315			28,536,948		(7,416,816	)		21,120,132
TCH Emerging Markets Bond Fund		9,103,508			433,791		(8,384	)		425,407
Ultra Short Tax-Free Fund		718,890,348			2,552,736		(455,253	)		2,097,483
Short Tax-Free Fund		102,717,587			1,161,988		(92,730	)		1,069,258
Short-Term Income Fund		262,591,139			1,763,775		(913,491	)		850,284
Intermediate Tax-Free Fund		1,350,021,616			52,089,610		(1,302,246	)		50,787,364
Mortgage Income Fund		159,403,527			3,036,528		(224,493	)		2,812,035
TCH Intermediate Income Fund		201,076,078			2,818,444		(288,919	)		2,529,525
TCH Corporate Income Fund		216,908,598			12,240,413		(103,713	)		12,136,700
TCH Core Plus Bond Fund		1,328,703,861			38,632,886		(2,608,782	)		36,024,104
Monegy High Yield Bond Fund		73,844,185			2,859,912		(339,390	)		2,520,522
Multi-Asset Income Fund		61,399,814			1,066,405		(484,546	)		581,859
Government Money Market Fund		533,158,045	*		—		—			—
Tax-Free Money Market Fund		584,786,377	*		—		—			—
Prime Money Market Fund		3,325,110,471	*		—		—			—

at amortized cost

159


Notes to Financial Statements (continued)

The tax character of distributions reported on the Statement of Changes in Net Assets for the years ended August 31, 2014 and 2013 was as follows:


	2014						2013
Fund	Ordinary Income(1)		Tax-Exempt Income		Long-Term Capital Gains		Ordinary Income(1)		Tax-Exempt Income		Long-Term Capital Gains
Low Volatility Equity Fund	$	1,054,029	$	—	$	12,142	$	240,035	$	—	$	—
Dividend Income Fund		3,240,966		—		2,772,596		2,373,139		—		—
Large-Cap Value Fund		4,017,673		—		12,022,953		2,533,836		—		—
Large-Cap Growth Fund		9,634,030		—		8,762,754		683,427		—		15,677,158
Mid-Cap Value Fund		9,101,983		—		34,599,806		1,660,299		—		10,374,352
Mid-Cap Growth Fund		12,732,841		—		18,985,770		346,052		—		13,552,053
Small-Cap Value Fund		3,255,130		—		2,539,680		370,768		—		559,103
Small-Cap Core Fund		—		—		—		—		—		—
Small-Cap Growth Fund		54,758,306		—		42,844,352		492,972		—		39,329,731
Global Low Volatility Equity Fund		—		—		—		—		—		—
Pyrford Global Equity Fund		—		—		—		—		—		—
Pyrford Global Strategic Return Fund		207,187		—		374,142		—		—		—
Pyrford International Stock Fund		12,984,772		—		666,055		3,209,787		—		—
Global Natural Resources Fund		—		—		—		—		—		—
LGM Emerging Markets Equity Fund		2,213,603		—		—		819,494		—		3,503,358
TCH Emerging Markets Bond Fund		79,800		—		—		—		—		—
Ultra Short Tax-Free Fund		436		5,614,701		169,545		261,157		7,932,544		55,397
Short Tax-Free Fund		93		1,025,728		—		—		391,697		—
Short-Term Income Fund		3,273,149		—		—		3,734,494		—		—
Intermediate Tax-Free Fund		86,987		32,886,448		—		3,884,439		33,035,379		3,211,715
Mortgage Income Fund		4,176,352		—		—		6,346,907		—		917,543
TCH Intermediate Income Fund		2,721,639		—		—		2,178,725		—		—
TCH Corporate Income Fund		5,115,960		—		—		7,280,112		—		1,111,646
TCH Core Plus Bond		23,835,203		—		1,243,013		10,723,926		—		1,111,143
Monegy High Yield Bond Fund		5,891,477		—		830,552		5,605,042		—		2,468
Multi-Asset Income Fund		380,946		—		—		—		—		—
Government Money Market Fund		58,206		—		—		58,379		—		88
Tax-Free Money Market Fund		33,997		174,896		4,302		3,862		802,550		119,680
Prime Money Market Fund		400,645		—		—		1,851,759		—		2,560

(1)

For tax purposes, short-term capital gain distributions are considered ordinary income.

As of August 31, 2014, the components of distributable earnings on a tax basis are as follows:


Fund	Undistributed Ordinary Income		Undistributed Tax-Exempt Income		Undistributed Long-Term Capital Gains		Accumulated Capital and Other Losses			Foreign Currency, Dividend Payable, and Other Components			Unrealized Appreciation on Securities
Low Volatility Equity Fund	$	2,648,197	$	—	$	714,583	$	—		$	—		$	5,644,303
Dividend Income Fund		939,421		—		6,162,104		—			—			25,694,133
Large-Cap Value Fund		3,583,576		—		17,708,610		—			—			60,988,356
Large-Cap Growth Fund		10,067,881		—		18,936,209		—			—			59,682,561
Mid-Cap Value Fund		7,262,602		—		23,080,590		—			1			100,036,001
Mid-Cap Growth Fund		786,583		—		27,852,282		—			—			80,014,253
Small-Cap Value Fund		601,556		—		3,668,733		—			—			12,499,783
Small-Cap Core Fund		—		—		—		(45,670	)		1			162,522
Small-Cap Growth Fund		32,343,926		—		96,443,270		—			—			89,610,605
Micro-Cap Fund		93,567		—		46		—			—			274,761
Global Low Volatility Equity Fund		42,879		—		—		—			—			196,319
Pyrford Global Equity Fund		24,216		—		—		—			17			53,739
Pyrford Global Strategic Return Fund		82,605		—		974,303		—			(1,439	)		940,395
Pyrford International Stock Fund		209,534		—		—		(836,125	)		(20,776	)		45,055,063
Global Natural Resources Fund		1,672		—		—		(32,216	)		7			110,672
LGM Emerging Markets Equity Fund		2,243,294		—		—		(3,881,801	)		(8,445	)		21,120,132
TCH Emerging Markets Bond Fund		395,165		—		—		—			(6	)		425,407
Ultra Short Tax-Free Fund		—		298,636		—		(127,129	)		(309,875	)		2,097,483
Short Tax-Free Fund		12,149		88,780		—		—			(79,871	)		1,069,258
Short-Term Income Fund		127,800		—		—		(2,440,190	)		(100,003	)		850,284
Intermediate Tax-Free Fund		95,247		715,829		—		(2,496,222	)		(705,411	)		50,787,364
Mortgage Income Fund		30,696		—		—		(5,308,867	)		(45,624	)		2,812,035
TCH Intermediate Income Fund		58,135		—		—		(25,863,964	)		(68,162	)		2,529,525
TCH Corporate Income Fund		128,913		—		145,853		—			(131,611	)		12,136,700
TCH Core Plus Bond Fund		182,719		—		623,538		—			(185,033	)		36,024,104

160


		BMO Funds


Fund	Undistributed Ordinary Income		Undistributed Tax-Exempt Income		Undistributed Long-Term Capital Gains		Accumulated Capital and Other Losses		Foreign Currency, Dividend Payable, and Other Components			Unrealized Appreciation on Securities
Monegy High Yield Bond Fund	$	224,167	$	—	$	1,566,305	$	—	$	(39,617	)	$	2,520,522
Multi-Asset Income Fund		5,356		—		2,106		—		—			581,859
Government Money Market Fund		3,987		—		—		—		(3,987	)		—
Tax-Free Money Market Fund		—		15,941		—		—		(15,888	)		—
Prime Money Market Fund		22,193		—		—		—		(23,963	)		—

At August 31, 2014, certain Funds had capital loss carryforwards, which may reduce taxable income arising from future net realized gains on investments, if any, to the extent permitted by the Code and thus will reduce the amount of distributions to shareholders that would otherwise be necessary to relieve the Funds of any liability for federal tax. Pursuant to the Code, such capital loss carryforwards will expire as follows:


									Not Subject to Expiration
Fund	2015		2016		2018		2019		ST		LT		Total
LGM Emerging Markets Equity Fund	$	—	$	—	$	—	$	—	$	1,194,407	$	59,951	$	1,254,358
Ultra Short Tax-Free Fund		—		—		—		—		127,129		—		127,129
Short-Term Income Fund		983,288		216,882		—		—		584,828		621,121		2,406,119
Intermediate Tax-Free Fund		—		—		—		—		2,496,222		—		2,496,222
Mortgage Income Fund		—		—		—		—		1,576,140		1,173,083		2,749,223
Short-Intermediate Bond Fund		4,113,802		—		20,798,157		952,005		—		—		25,863,964

Under The Registered Investment Company Modernization Act of 2010 (the “Modernization Act”), capital losses incurred during the fiscal years beginning after the enactment date of the Modernization Act (December 22, 2010) are carried forward indefinitely and retain the character of the original loss. However, any remaining pre-enactment capital loss carryovers may expire unused, since the post-enactment capital losses are utilized before pre-enactment capital loss carryovers according to the Modernization Act.

During the fiscal year ended August 31, 2014, the Short Tax-Free and TCH Intermediate Income Funds, respectively, utilized $97,640 and $897,798 of capital loss carryforwards.

The Short-Term Income Fund had losses expiring during the fiscal year ended August 31, 2014, in the amount of $906,238.

As of August 31, 2014, the following Funds had post-October losses, which are deferred until fiscal year 2015 for tax purposes, of:


Fund	Post-October Losses
Small Cap Core Fund	$	45,305
Pyrford International Stock Fund		836,125
Global Natural Resources Fund		32,216
LGM Emerging Markets Equity Fund		2,627,443
Short-Term Income Fund		34,071
Mortgage Income Fund		2,559,644

Net capital losses incurred after October 31, and within the taxable year are deemed to arise on the first day of the Fund’s next taxable year.

As of August 31, 2014, the Small-Cap Core Fund had qualified late-year ordinary losses of $365 which are deferred until fiscal year 2015 for tax purposes.

Net late-year losses incurred after December 31, and within the taxable year are deemed to arise on the first day of the Fund’s next taxable year.

Shareholder Tax Information (Unaudited)

Of the ordinary income (including short-term capital gain) distributions made by the Funds during the year ended August 31, 2014, the percentages that qualify for the dividend received deduction available to corporate shareholders and designated as qualified dividend income were as follows:


Fund	Dividend Received Deduction			Qualified Dividend Income
Low Volatility Equity Fund		24.64	%		25.76	%
Dividend Income Fund		85.55			90.46
Large-Cap Value Fund		54.67			58.23
Large-Cap Growth Fund		19.39			20.35
Mid-Cap Value Fund		39.69			40.52
Mid-Cap Growth Fund		100.00			100.00

161


Notes to Financial Statements (continued)


Fund	Dividend Received Deduction			Qualified Dividend Income
Small-Cap Value Fund		51.44	%		53.97	%
Small-Cap Growth Fund		2.16			2.24
Micro-Cap Fund		20.16			21.43
Global Low Volatility Equity Fund		17.70			53.91
Pyrford Global Equity Fund		21.88			95.56
Pyrford Global Strategic Return Fund		52.82			100.00
Pyrford International Stock		—			100.00
Global Natural Resources Fund		100.00			100.00
LGM Emerging Markets Equity Fund		2.17			99.51

For Federal tax purposes, for the year ended August 31, 2014, the Funds designate the following amounts:


Fund	Long-Term Capital Gains		Qualified Short-Term Capital Gains		Qualified Tax-Exempt Dividends
Low Volatility Equity Fund	$	12,142	$	366,418	$	—
Dividend Income Fund		2,772,596		853,404		—
Large-Cap Value Fund		12,022,953		2,169,390		—
Large-Cap Growth Fund		8,762,754		8,857,277		—
Mid-Cap Value Fund		34,599,806		7,331,600		—
Mid-Cap Growth Fund		18,985,770		12,732,841		—
Small-Cap Value Fund		2,539,680		3,255,130		—
Small-Cap Growth Fund		42,844,352		54,758,306		—
Pyrford International Stock		666,055		32,803		—
Ultra Short Tax-Free Fund		169,545		—		5,614,701
Short Tax-Free Fund		—		—		1,025,728
Intermediate Tax-Free Fund		—		—		32,886,448
TCH Corporate Income Fund		2,200,705		—		—
TCH Core Plus Bond Fund		1,243,013		—		—
Monegy High Yield Bond Fund		830,552		497,376		—
Tax-Free Money Market Fund		4,302		33,997		174,896
Prime Money Market Fund		—		22,193		—

For the year ended August 31, 2014, Pursuant to Section 853 of the Code, the following Funds designate income derived from foreign sources and foreign taxes paid, or the amounts determined to be necessary, of:


Fund	Income Derived from Foreign Sources		Foreign Taxes Paid
Global Low Volatility Equity Fund	$	22,722	$	2,257
Pyrford Global Equity Fund		19,885		1,258
Pyrford International Stock Fund		8,391,846		579,515
LGM Emerging Markets Equity Fund		3,048,570		433,222

Of the ordinary income (including short-term capital gain) distributions made during the year ended August 31, 2014, the proportionate share of income derived from foreign sources and foreign taxes paid attributable to one share of stock are:


	Foreign Source Income		Foreign Taxes Paid
Global Low Volatility Equity Fund	$	0.0641	$	0.0064
Pyrford Global Equity Fund		0.1792		0.0113
Pyrford International Stock Fund		0.3114		0.0215
LGM Emerging Markets Equity Fund		0.2500		0.0355

10.

Subsequent Events

Management of the Funds have evaluated the impact of all subsequent events on the Funds through the date the financials were issued, and has determined that there were no subsequent events requiring recognition or disclosure in the financial statements.

162


Results of the Special Meeting of Shareholders (Unaudited)

The special meeting of the shareholders of the BMO Short-Intermediate Bond Fund(1) was held on March 26, 2014.

The matters voted on by the shareholders of record as of February 14, 2014 and the results of the vote at the shareholder meetings held March 26, 2014 are as follows:

To approve an amended and restated subadvisory agreement between the BMO Asset Management Corp. and Taplin, Canida & Habacht, LLC.


	Affirmative		Against		Abstain
Short-Intermediate Bond Fund(1)		11,088,812		1,998		25,925

(1)

Effective April 1, 2014, the BMO Short-Intermediate Bond Fund changed its name to the BMO TCH Intermediate Income Fund.

163


		Report of Independent Registered Public Accounting Firm

The Shareholders and Board of Directors of BMO Funds, Inc.:

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of BMO Low Volatility Equity Fund, BMO Dividend Income Fund, BMO Large-Cap Value Fund, BMO Large-Cap Growth Fund, BMO Mid-Cap Value Fund, BMO Mid-Cap Growth Fund, BMO Small-Cap Value Fund, BMO Small-Cap Core Fund, BMO Small-Cap Growth Fund, BMO Micro-Cap Fund, BMO Global Low Volatility Equity Fund, BMO Pyrford Global Equity Fund, BMO Pyrford Global Strategic Return Fund, BMO Pyrford International Stock Fund, BMO Global Natural Resources Fund, BMO LGM Emerging Markets Equity Fund, BMO TCH Emerging Markets Bond Fund, BMO Ultra Short Tax-Free Fund, BMO Short Tax-Free Fund, BMO Short-Term Income Fund, BMO Intermediate Tax-Free Fund, BMO Mortgage Income Fund, BMO TCH Intermediate Income Fund, BMO TCH Corporate Income Fund, BMO TCH Core Plus Bond Fund, BMO Monegy High Yield Bond Fund, BMO Multi-Asset Income Fund, BMO Government Money Market Fund, BMO Tax-Free Money Market Fund, and BMO Prime Money Market Fund, (each a series of BMO Funds, Inc., collectively referred to as the “Funds”) as of August 31, 2014, and the related statements of operations for the year or period then ended, the statements of changes in net assets for each of the years or periods in the two-year period then ended, and the financial highlights for each of the years or periods in the four-year period then ended. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. The financial highlights for the periods presented through August 31, 2010 were audited by other auditors whose report dated October 21, 2010 expressed an unqualified opinion on those financial highlights.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of August 31, 2014, by correspondence with custodians and brokers or by other appropriate auditing procedures. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2014, the results of their operations, the changes in their net assets, and the financial highlights for the periods specified in the first paragraph, in conformity with U.S. generally accepted accounting principles.

/s/ KPMG LLP

Milwaukee, WI

October 22, 2014

164


Directors and Officers of the Funds

The following tables provide information about each director and officer of the Funds as of August 31, 2014. The address of each director is c/o BMO Funds, 111 East Kilbourn Avenue, Suite 200, Milwaukee, Wisconsin 53202. There are currently 47 separate portfolios or funds in the BMO Funds complex, of which 46 are registered as BMO Funds, Inc. and one is registered as BMO LGM Frontier Markets Equity Fund with the Securities and Exchange Commission. The Funds’ Statement of Additional Information includes additional information about the directors and is available, without charge and upon request, by calling 1-800-236-FUND (3863).


INDEPENDENT DIRECTORS
Name and Age	Position(s) Held with the Corporation	Term of Office and Length of Time Served*	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Director	Other Directorships Held by Director
Larry D. Armel Age: 72	Independent Director	Since September 2006	Retired; formerly, Chairman, Gold Bank Funds, from 2002 to 2005.	47	None
Ridge A. Braunschweig Age: 61	Independent Director	Since October 2009	President and Chief Executive Officer, CPL Industries, Inc. (a manufacturing holding company prior to May 2009 and a family office since May 2009), since January 2012; Executive Vice President and Chief Financial Officer, CPL Industries, Inc., from 2000 to 2012.	47	None
Benjamin M. Cutler Age: 69	Independent Director	Since July 2004	Chairman, CEO and President, USHEALTH Group, Inc. (a health insurance company), since September 2004.	47	None
John A. Lubs Age: 66	Independent Director	Since July 2004	Retired; formerly, Vice Chairman, Mason Companies, Inc. (a footwear distributor), from 2004 to 2010 and Chief Operating Officer, from 2003 to 2010.	47	None
James Mitchell Age: 67	Independent Director	Since March 1999	Chief Executive Officer, NOG, Inc. (a metal processing and consulting company), since 1999; Chairman, Ayrshire Precision Engineering (a precision machining company), since 1992; Chairman, Golner Precision Products, Inc. (a supplier of machine parts), from 2004 to 2008; Chief Executive Officer, General Automotive Manufacturing, LLC (an automotive parts manufacturing company), from 2001 to 2007.	47	None
Barbara J. Pope Age: 66	Independent Director	Since March 1999	President of Barbara J. Pope, P.C. (a financial consulting firm), since 1992; President of Sedgwick Street Fund LLC (a private investment partnership), since 1996; formerly, Tax Partner, Price Waterhouse.	47	None
* Each director serves an indefinite term until he or she retires or otherwise resigns, is removed, dies, or until his or her successor is duly elected. Retirement for a director occurs no later than August 31 following his or her 75^th birthday.

165


		Directors and Officers of the Funds (continued)


INTERESTED DIRECTORS
Name and Age	Position(s) Held with the Corporation	Term of Office and Length of Time Served*	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Director	Other Directorships Held by Director
John M. Blaser** Age: 57	Director and President	Since May 1999	Managing Director of the Adviser, since June 2012; Vice President of the Adviser, from 1998 to 2012.	47	None
Christopher B. Begy** Age: 60	Director	Since August 2013	President, CEO and a Director of BMO Financial Corp. and U.S. Country Head, since August 2013; Chair, BMO Harris Bank N.A., since August 2013; Director of the Adviser, since August 2013; Chief Auditor of BMO Financial Group, from 2001 to 2013.	47	None
* Each director serves an indefinite term until he or she retires or otherwise resigns, is removed, dies or until his or her successor is duly elected. Retirement for a director occurs no later than August 31 following his or her 75^th birthday.
** Mr. Blaser is an “interested person” of the Corporation (as defined in the 1940 Act) due to the positions that he holds with the Corporation and the Adviser. Mr. Begy is an “interested person” of the Corporation due to the positions that he holds with the Adviser and BMO Financial Group.


PRINCIPAL OFFICERS
Name and Age	Position(s) Held with the Corporation	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years
Timothy M. Bonin Age: 41	Chief Financial Officer and Treasurer	Elected by the Board annually; since February 2006	Vice President of the Adviser, since February 2006.
John D. Boritzke Age: 58	Vice President	Elected by the Board annually; since October 2001	Managing Director of the Adviser, since 2012; Vice President of BMO Harris Bank N.A., since 2008; Senior Vice President of the Adviser, 2008 to 2012.
Stephen R. Oliver Age: 63	Chief Compliance Officer and Anti-Money Laundering Compliance Officer	Elected by the Board annually; Chief Compliance Officer, since July 2008; and Anti-Money Laundering Officer, since January 2009	Vice President of BMO Harris Bank N.A., since March 2006, Vice President of BMO Investment Distributors, LLC (formerly M&I Distributors, LLC), since 2007.
Michele L. Racadio Age: 39	Secretary	Elected by the Board annually; since November 2012	Senior Counsel and Vice President of BMO Harris Bank N.A., since 2012; Associate, Godfrey & Kahn, S.C., 2006 to 2012.

166


Shareholder Report Disclosure of Directors’ Approval of Continuation of Contracts

Approval of Continuation of Advisory and Subadvisory Agreements

During the reporting period, the Board of Directors (the “Board”) of BMO Funds, Inc. (the “Corporation”), including the Directors who are not “interested persons” of the Corporation as defined in the Investment Company Act of 1940, as amended (the “Independent Directors”), approved the continuation of the investment advisory agreement (the “Advisory Agreement”) between the Corporation and BMO Asset Management Corp. (the “Adviser”) on behalf of each portfolio of the Corporation (each, a “Fund” and collectively, the “Funds”) and the continuation of sub-advisory agreements (each a “Subadvisory Agreement” and together, the “Subadvisory Agreements”) with: (i) Taplin, Canida & Habacht, LLC (“TCH”) on behalf of BMO TCH Emerging Markets Bond Fund, BMO TCH Corporate Income Fund and BMO TCH Core Plus Bond Fund; (ii) LGM Investments Limited (“LGM”) on behalf of BMO LGM Emerging Markets Equity Fund; (iii) Monegy, Inc. (“Monegy”) on behalf of BMO Monegy High Yield Bond Fund; and (iv) Pyrford International Ltd. (“Pyrford”) on behalf of BMO Pyrford Global Equity Fund, BMO Pyrford Global Strategic Return Fund and BMO Pyrford International Stock Fund, all for an additional year ending August 31, 2015. TCH, LGM, Monegy and Pyrford are referred to herein as a “Sub-Adviser” and collectively as the “Sub-Advisers.”

In connection with its consideration of the Advisory and Subadvisory Agreements, the Board requested and reviewed extensive information provided by the Adviser and the Sub-Advisers in response to requests of the Independent Directors and their independent legal counsel. At Board meetings held on July 8-9 and August 12-13, 2014, the Board met with management of the Adviser and discussed the operations of the Funds and the nature, extent and quality of the advisory and other services provided to the Funds by the Adviser and the Sub-Advisers, as applicable. In evaluating the Advisory and Subadvisory Agreements, the Board members took into account their accumulated experience in working with the Adviser on matters related to the Funds and their ongoing review of information and discussions with the Funds’ portfolio managers throughout the year at Board meetings. The Independent Directors also met separately in executive session with their independent legal counsel to review and consider the information provided by the Adviser regarding the Advisory Agreement, and the information provided by the Sub-Advisers regarding the Subadvisory Agreements.

Based on their review, the Independent Directors and the full Board concluded that it was in the best interests of each Fund to approve the continuation of the Advisory and Subadvisory Agreements. In reaching its decision, the Board considered materials relevant to its review of the Advisory and Subadvisory Agreements, including copies of the Advisory and Subadvisory Agreements, the fees paid to the Adviser and to the Subadvisers, information regarding each Fund’s investment strategy, personnel, compliance program and operations, information regarding the Adviser’s and Subadvisers’ financial condition, and other information provided in response to the requirements of Section 15(c) of the Investment Company Act of 1940, as amended. In their deliberations, the Board did not identify any single factor or group of factors as all-important or controlling but considered all factors together. The material factors and conclusions that formed the basis for the Board’s determinations are discussed below.

Nature, Extent and Quality of Services

In evaluating the nature, extent and quality of the services provided by the Adviser and Sub-Advisers to the Funds, the Board reviewed information describing the resources and key personnel of the Adviser and Sub-Advisers, including the personnel who provide investment management services to the Funds. The Board reviewed information concerning the advisory functions performed for the Funds, as well as other services performed by the Adviser and Sub-Advisers, including managing the execution of portfolio transactions, monitoring adherence to the Funds’ investment restrictions, compliance with Fund policies and procedures and with applicable securities laws and regulations, producing shareholder reports, providing support services for the Board and Board committees, communicating with shareholders and overseeing the activities of other service providers.

Review of Fund Performance

The Board reviewed each Fund’s performance percentile rankings within its Lipper Inc. (“Lipper”) category through May 31, 2014, as provided by the Adviser.

With respect to the Funds that have investment performance histories of one year or less, each Fund ranked in one of the top two quartiles for performance as compared to its Lipper peer group in either the one-year of year-to-date periods, except for the BMO Monegy High Yield Bond Fund. The Board considered the limited performance history of these Funds and, with respect to the BMO Monegy High Yield Bond, considered the Adviser’s explanation that the Fund recently underperformed its peers due to its more conservative, high quality investment strategy as compared to its competitors, but believes that the Fund will produce competitive returns over full market cycles.

With respect to the Funds with performance histories of three years or more, the Board considered that each Fund’s performance history over the year-to-date and one-, three- and five-year (if available) periods was in one of the top two quartiles for performance as compared to its Lipper peer group in at least two of the periods, except for the BMO LGM Emerging Markets Equity Fund, BMO Ultra Short Tax-Free Fund (Class Y) and BMO Mortgage Income Fund. With respect to the BMO LGM Emerging Markets Equity Fund, the Board considered the Adviser’s assessment that the Fund was in the first quartile for the year-to-date period as compared to its peers and that the performance was attributable to actions taken consistent with the Fund’s investment mandates and that the portfolio managers continue to appropriately pursue their strategies. With respect to the Ultra Short Tax-Free Fund, the Board considered that Class I shares of the Fund were in the second quartile for the one- and three-year periods and that the Fund’s performance was within a reasonable range of the

167


Shareholder Report Disclosure of Directors’ Approval of Continuation of Contracts (continued)

median of its peer group for all periods reviewed. With respect to the BMO Mortgage Income Fund, the Board considered that Fund was in the second quartile for the five-year period and was within a reasonable range of the median of its peer group for most periods reviewed.

The Board determined that it was satisfied with each Fund’s performance and would continue to monitor the Funds’ performance results.

Costs of Services Provided and Profits Realized by the Adviser and Sub-Advisers

The Board reviewed information provided by the Adviser from Strategic Insight’s Simfund database comparing each Fund’s contractual advisory fee to the advisory fee of the comparable Morningstar, Inc. peer group. In addition, the Board reviewed information provided by the Adviser from Lipper comparing each Fund’s net expense ratio to the net expense ratio of the comparable Lipper peer group. The Board considered that the Adviser has agreed to contractual expense limitations for the Funds (the “Expense Limitations”), and that the net expense ratios for the Funds take into account the effect of the Expense Limitations. The Board also viewed favorably the Adviser’s money fund fee waivers to avoid a negative yield in the low rate environment. The Board also reviewed the management fees charged by the Adviser to its separate account clients. Although the average separate account fees for certain investment strategies were lower than the advisory fees for Funds with similar investment strategies, the Board noted management’s statements that the Adviser performs significant additional services for the Funds that it does not provide to those other clients, including management for daily liquidity, oversight of the Funds’ other service providers, Board support, regulatory compliance and additional efforts by the portfolio managers.

In reviewing the information, the Board noted that the advisory fees and net expense ratios (for each class) of each Fund were below or within an acceptable range of the median advisory fees and net expense ratios of their respective peer groups.

The Board considered the methodology used by the Adviser in determining compensation payable to its portfolio managers and the competitive environment for investment management talent. The Board also considered the financial condition of the Adviser and certain of its affiliates, and particularly focused on the financial strength of the ultimate parent company of the Advisor and Sub-Advisers, the Bank of Montreal (“BMO”), and BMO’s commitment, financial and otherwise, to the global asset management business and the Funds.

The Board reviewed profitability information it received from the Adviser in connection with the services provided to each Fund and the Corporation as a whole. The materials provided in this regard showed, and the Directors acknowledged, that the Adviser experienced positive net margins with respect to certain Funds and did not experience positive net margins with respect to other Funds.

Economies of Scale

The Board considered the extent to which economies of scale would be realized as the Funds grow and whether the Funds’ fee levels reflect these economies of scale for the benefit of Fund shareholders. The Board considered each Fund’s fee structure, asset size and net expense ratio giving effect to each Fund’s Expense Limitation. The Board also considered the Adviser’s commitment to continue to evaluate advisory fee breakpoints in the future.

Other Benefits to the Adviser and Sub-Advisers

The Board considered benefits that accrue to the Adviser and its affiliates from their relationships with the Funds, including revenue in the form of administration fees, custody fees, shareholder service fees, and securities lending revenue, and that the Adviser and Sub-Advisers engage in soft dollar arrangements in connection with equity security brokerage transactions for the Funds and/or other clients. The Board noted that, other than the services provided by the Adviser and Sub-Advisers pursuant to the Advisory and Subadvisory Agreements and the related fees to be paid by each Fund, the Adviser and Sub-Advisers therefore may potentially benefit from their relationship with each other in other ways. The Board also considered that the success of any Fund could attract other business to the Adviser and that the success of the Adviser could enhance the Adviser’s ability to serve the Funds. The Board concluded that, taking into account these benefits, each Fund’s advisory fee was reasonable.

Overall Conclusions

Based on all of the information considered and the conclusions reached, the Board determined that the terms of the Advisory and Subadvisory Agreements are fair and reasonable and that the approval of the continuation of the Advisory Agreement and each Subadvisory Agreement is in the best interests of each applicable Fund.

168

This report is authorized for distribution to prospective investors only when preceded or accompanied by the Funds’ prospectuses, which contain facts concerning each Fund’s objective and policies, management fees, expenses, and other information.

Proxy Voting

A description of the policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling toll free, 1-800-236-FUND (3863) and by accessing the Funds’ Statement of Additional Information, which is available on the Funds’ website at http://www.bmofunds.com and on the SEC’s website at http://www.sec.gov.

Each Fund’s proxy voting record for the most recent 12-month period ended June 30 is available without charge, upon request, by calling toll free, 1-800-236-FUND (3863) and by accessing the SEC’s website at http://www.sec.gov.

Disclosure of Portfolio Holdings

The Funds file their complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Each Fund’s Form N-Q is available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Shares of the BMO Funds are not bank deposits or other obligations of, or issued, endorsed or guaranteed by, BMO Harris Bank, NA, or any of its affiliates. Shares of the BMO Funds, like shares of all mutual funds, are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other government agency. Investment in mutual funds involves investment risk, including the possible loss of principal.

PRSRT STD

U.S. POSTAGE

PAID

LANCASTER, PA

PERMIT NO. 1793

BMO Funds U.S. Services

P.O. Box 55931

Boston, MA 02205-5931

1-800-236-FUND (3863)

414-287-8555

www.bmofunds.com

BMO Investment Distributors, LLC, Distributor

BMO Asset Management Corp., Investment Adviser


^© 2014 BMO Financial Group		Investment Products are: Not FDIC Insured		No Bank Guarantee		May Lose Value

BMO Target Retirement & Target Risk Funds

Annual Report

August 31, 2014

Target Retirement Funds

BMO Target Retirement 2010 Fund

BMO Target Retirement 2015 Fund

BMO Target Retirement 2020 Fund

BMO Target Retirement 2025 Fund

BMO Target Retirement 2030 Fund

BMO Target Retirement 2035 Fund

BMO Target Retirement 2040 Fund

BMO Target Retirement 2045 Fund

BMO Target Retirement 2050 Fund

BMO Target Retirement 2055 Fund

Target Risk Funds

BMO Diversified Income Fund

BMO Moderate Balanced Fund

BMO Growth Balanced Fund

BMO Aggressive Allocation Fund

BMO Diversified Stock Fund

BMO Aggressive Stock Fund

Table of Contents



Commentaries:
Target Retirement Funds Commentary	2
BMO Target Retirement 2010 Fund	3	BMO Target Retirement 2035 Fund	5
BMO Target Retirement 2015 Fund	3	BMO Target Retirement 2040 Fund	6
BMO Target Retirement 2020 Fund	4	BMO Target Retirement 2045 Fund	6
BMO Target Retirement 2025 Fund	4	BMO Target Retirement 2050 Fund	7
BMO Target Retirement 2030 Fund	5	BMO Target Retirement 2055 Fund	7
Target Risk Funds Commentary	8
BMO Diversified Income Fund	9	BMO Aggressive Allocation Fund	10
BMO Moderate Balanced Fund	9	BMO Diversified Stock Fund	11
BMO Growth Balanced Fund	10	BMO Aggressive Stock Fund	11

Financial Information

Expense Example			12

Schedules of Investments:
BMO Target Retirement 2010 Fund	15	BMO Target Retirement 2050 Fund	19
BMO Target Retirement 2015 Fund	15	BMO Target Retirement 2055 Fund	20
BMO Target Retirement 2020 Fund	16	BMO Diversified Income Fund	20
BMO Target Retirement 2025 Fund	16	BMO Moderate Balanced Fund	21
BMO Target Retirement 2030 Fund	17	BMO Growth Balanced Fund	21
BMO Target Retirement 2035 Fund	18	BMO Aggressive Allocation Fund	22
BMO Target Retirement 2040 Fund	18	BMO Diversified Stock Fund	23
BMO Target Retirement 2045 Fund	19	BMO Aggressive Stock Fund	23

Notes to Schedules of Investments			23
Statements of Assets and Liabilities			24
Statements of Operations			28
Statements of Changes in Net Assets			32
Financial Highlights			36
Notes to Financial Statements			40

Report of Independent Registered Public Accounting Firm			57

Directors and Officers of the Funds			58

Shareholder Report Disclosure of Directors’ Approval of Continuation of Contracts			60


Not FDIC Insured		No Bank Guarantee		May Lose Value


Annual Report — Commentary		BMO Target Retirement Funds

Performance quoted reflects the period from August 30, 2013 (inception date for the BMO Target Retirement 2010, 2020, 2030, 2040 and 2050 Funds) through August 31, 2014

The markets posted solid gains fueled by improving economic data and accommodative monetary policy. The S&P 500^® Stock Index rose 25.2%, outpacing the Russell 2000^® Index return of 17.7%. Foreign markets were also strong as the developed market Morgan Stanley Capital International Europe, Australasia, Far East Index (MSCI EAFE) gained 16.4%, while the Morgan Stanley Capital International Emerging Markets Index advanced 20.0%. The bond market continued to surprise most rate forecasters as the yield on the 10-year U.S. Treasury declined from 2.8% to 2.3% during the period resulting in a return of 5.7% for the Barclays U.S. Aggregate Bond Index.

The BMO Target Retirement Funds participated in the market gains and generally exceeded their respective benchmarks with returns ranging from 12.03% for the BMO Target Retirement 2010 Fund to 19.69% for the BMO Target Retirement 2050 Fund, for the fiscal year ended August 31, 2014. On the fixed income side, all of our core bond, high yield and emerging markets funds outpaced the Barclays U.S. Aggregate Bond Index. This helped offset the weaker results from Vanguard Short-Term Inflation-Protected Securities Index Fund (1%), PIMCO Unconstrained Bond Fund (3%) and Fidelity Advisor Floating Rate High Income Fund (4%) which were positioned more defensively for a rising rate environment which has yet to materialize. In large-cap equities, actively managed funds had a difficult time keeping pace with the Vanguard Institutional Index Fund (25%) as only 3 of 7 funds kept pace, led by Harbor Capital Appreciation Fund (29%) and T. Rowe Price Growth Stock Fund (27%). BMO Low Volatility Equity Fund (20%) and Davis New York Venture Fund (21%) were the biggest detractors. BMO Mid-Cap Value Fund (25%) and Vanguard Mid-Cap Index Fund (25%) led the charge in the mid- and small-cap arena while BMO Small-Cap Growth Fund (15%) and BMO Mid-Cap Growth Fund (19%) were the biggest laggards. Dodge & Cox International Stock Fund (27%) and DFA International Small Company Fund (20%) outpaced the MSCI EAFE Index while Harbor International Fund (13%) was the biggest detractor. Late in the period we initiated positions in Real Estate Investment Trusts (REIT) and commodities by adding the Vanguard REIT Index Fund and the Credit Suisse Commodity Return Fund to further diversify the portfolios.

This current bull market has entered year six, yet many investors remain skeptical and fixated on the negative headlines and what could go wrong rather than following a disciplined investment plan. We continue to follow our discipline and structure well diversified portfolios across the risk spectrum to meet the needs of our investors. We remain overweight in stocks with a focus on large-cap companies while underweight the mid- and small-cap sectors where valuations appear more stretched. On the fixed income side, we are complementing our core managers with a mix of high yield, emerging markets, floating rate and unconstrained managers to weather the likely rise in interest rates that lies ahead, as the economy gains momentum and the Federal Reserve unwinds their easy money policy.


Annual Report — Commentary		BMO Target Retirement Funds


BMO Target Retirement 2010 Fund
Average annual total returns (%)										Expenses (%)*
	1-year		Since inception		Ticker	Cusip		Inception date		Gross	Net
Investor Class (Y)		12.03		12.03	BTRYX		09658L125		8/30/2013	1.32	0.88
Institutional Class (I)		12.32		12.32	BTRIX		09658L158		8/30/2013	1.07	0.63
Retirement Class (R-3)		11.74		11.74	BTRRX		09658L141		8/30/2013	1.57	1.13
Retirement Class (R-6)		12.47		12.47	BTRTX		09658L133		8/30/2013	0.92	0.48
Standard & Poor’s Target Date 2010 Index		10.87		10.87
Lipper Mixed-Asset Target 2010 Funds Index		10.97		10.97

Growth of an assumed $10,000 investment


Portfolio sector allocation**
Sector	Fund (%)
Large-Cap Funds		19.4
Mid-Cap Funds		4.7
Small-Cap Funds		2.2
International Funds		11.2
Fixed Income Funds		59.4
Alternative Funds		1.5
Other Assets & Liabilities, Net		1.6
Total		100.0

BMO Target Retirement 2015 Fund

Cumulative total returns (%)

Expenses (%)*

Since
inception

Ticker

Cusip

Inception

date

Gross

Net

Investor Class (Y)

7.40

BRTAX

09658V750

12/27/2013

1.32

0.88

Institutional Class (I)

7.70

BRTBX

09658V743

12/27/2013

1.07

0.63

Retirement Class (R-3)

7.20

BRTCX

09658V735

12/27/2013

1.57

1.13

Retirement Class (R-6)

7.80

BRTDX

09658V727

12/27/2013

0.92

0.48

Standard & Poor’s Target Date 2015 Index

5.49

Lipper Mixed-Asset Target 2015 Funds Index

5.51

Growth of an assumed $10,000 investment


Portfolio sector allocation**
Sector	Fund (%)
Large-Cap Funds		25.5
Mid-Cap Funds		7.0
Small-Cap Funds		3.2
International Funds		15.3
Fixed Income Funds		44.2
Alternative Funds		1.8
Other Assets & Liabilities, Net		3.0
Total		100.0

The above graphs relate to the Investor Class shares of the Fund. Performance for the Institutional, Retirement R-3 and Retirement R-6 will vary from the performance of the Investor Class shares shown above due to differences in charges and expenses. These graphs illustrate the hypothetical investment of $10,000 in the Investor Class shares of the Fund from each Fund’s inception date to August 31, 2014.

The above expense ratios are from the Funds’ Prospectus dated December 27, 2013, and are inclusive of Acquired Fund Fees and Expenses. See Note 5, subsection Contractual Expense Limitation, in the Notes to Financial Statements for additional information. Net expense ratios reflect contractual fee waivers and/or expense reimbursements if applicable, made by BMO Asset Management Corp., the investment adviser (Adviser). The Adviser may not terminate these fee waivers and/or expense reimbursements prior to December 31, 2015 without the consent of the Board of Directors, unless the investment advisory agreement is terminated. Without these contractual waivers, the Fund’s returns would have been lower. Gross expense ratios are based on estimated expenses for the current fiscal year because these are new funds.

**	Portfolio composition will change due to ongoing management of the Fund. The percentages are based on net assets as of August 31, 2014 and may not necessarily reflect adjustments that are routinely made when presenting net assets for formal financial statement processes.

The Standard & Poor’s Target Date Indexes are designed to measure the performance of an asset allocation strategy that meets the objectives of investors with an approximate corresponding retirement date horizon.

Lipper indices measure the performance of the 30 largest mutual funds in each respective fund category.


Annual Report — Commentary		BMO Target Retirement Funds


BMO Target Retirement 2020 Fund
Average annual total returns (%)										Expenses (%)*
	1-year		Since inception		Ticker	Cusip		Inception date		Gross	Net
Investor Class (Y)		15.43		15.43	BTRDX		09658V404		8/30/2013	1.19	0.94
Institutional Class (I)		15.73		15.73	BTREX		09658V107		8/30/2013	0.94	0.69
Retirement Class (R-3)		15.23		15.23	BTRFX		09658V206		8/30/2013	1.44	1.19
Retirement Class (R-6)		15.98		15.98	BTRGX		09658V305		8/30/2013	0.79	0.54
Standard & Poor’s Target Date 2020 Index		14.16		14.16
Lipper Mixed-Asset Target 2020 Funds Index		13.89		13.89

Growth of an assumed $10,000 investment


Portfolio sector allocation**
Sector	Fund (%)
Large-Cap Funds		30.1
Mid-Cap Funds		8.6
Small-Cap Funds		4.2
International Funds		18.2
Fixed Income Funds		35.5
Alternative Funds		2.2
Other Assets & Liabilities, Net		1.2
Total		100.0

BMO Target Retirement 2025 Fund

Cumulative total returns (%)

Expenses (%)*

Since
inception

Ticker

Cusip

Inception

date

Gross

Net

Investor Class (Y)

7.80

BRTEX

09658V719

12/27/2013

1.19

0.94

Institutional Class (I)

8.00

BRTFX

09658V693

12/27/2013

0.94

0.69

Retirement Class (R-3)

7.60

BRTGX

09658V685

12/27/2013

1.44

1.19

Retirement Class (R-6)

8.10

BRTHX

09658V677

12/27/2013

0.79

0.54

Standard & Poor’s Target Date 2025 Index

5.73

Lipper Mixed-Asset Target 2025 Funds Index

6.47

Growth of an assumed $10,000 investment


Portfolio sector allocation**
Sector	Fund (%)
Large-Cap Funds		33.3
Mid-Cap Funds		9.8
Small-Cap Funds		5.4
International Funds		20.7
Fixed Income Funds		25.8
Alternative Funds		2.5
Other Assets & Liabilities, Net		2.5
Total		100.0

**	Portfolio composition will change due to ongoing management of the Fund. The percentages are based on net assets as of August 31, 2014 and may not necessarily reflect adjustments that are routinely made when presenting net assets for formal financial statement processes.

Lipper indices measure the performance of the 30 largest mutual funds in each respective fund category.


Annual Report — Commentary		BMO Target Retirement Funds


BMO Target Retirement 2030 Fund
Average annual total returns (%)										Expenses (%)*
	1-year		Since inception		Ticker	Cusip		Inception date		Gross	Net
Investor Class (Y)		18.26		18.26	BTRHX		09658V800		8/30/2013	1.28	1.01
Institutional Class (I)		18.55		18.55	BTRJX		09658V503		8/30/2013	1.03	0.76
Retirement Class (R-3)		17.98		17.98	BTRKX		09658V602		8/30/2013	1.53	1.26
Retirement Class (R-6)		18.70		18.70	BTRLX		09658V701		8/30/2013	0.88	0.61
Standard & Poor’s Target Date 2030 Index		16.48		16.48
Lipper Mixed-Asset Target 2030 Funds Index		17.12		17.12

Growth of an assumed $10,000 investment


Portfolio sector allocation**
Sector	Fund (%)
Large-Cap Funds		37.0
Mid-Cap Funds		10.9
Small-Cap Funds		5.9
International Funds		23.0
Fixed Income Funds		19.0
Alternative Funds		3.0
Other Assets & Liabilities, Net		1.2
Total		100.0

BMO Target Retirement 2035 Fund

Cumulative total returns (%)

Expenses (%)*

Since
inception

Ticker

Cusip

Inception

date

Gross

Net

Investor Class (Y)

7.10

BRTIX

09658V669

12/27/2013

1.28

1.01

Institutional Class (I)

7.20

BRTJX

09658V651

12/27/2013

1.03

0.76

Retirement Class (R-3)

6.80

BRTKX

09658V644

12/27/2013

1.53

1.26

Retirement Class (R-6)

7.30

BRTLX

09658V636

12/27/2013

0.88

0.61

Standard & Poor’s Target Date 2035 Index

6.12

Lipper Mixed-Asset Target 2035 Funds Index

7.05

Growth of an assumed $10,000 investment


Portfolio sector allocation**
Sector	Fund (%)
Large-Cap Funds		40.4
Mid-Cap Funds		11.9
Small-Cap Funds		6.5
International Funds		25.1
Fixed Income Funds		10.5
Alternative Funds		3.2
Other Assets & Liabilities, Net		2.4
Total		100.0

**	Portfolio composition will change due to ongoing management of the Fund. The percentages are based on net assets as of August 31, 2014 and may not necessarily reflect adjustments that are routinely made when presenting net assets for formal financial statement processes.

Lipper indices measure the performance of the 30 largest mutual funds in each respective fund category.


Annual Report — Commentary		BMO Target Retirement Funds


BMO Target Retirement 2040 Fund
Average annual total returns (%)										Expenses (%)*
	1-year		Since inception		Ticker	Cusip		Inception date		Gross		Net
Investor Class (Y)		19.81		19.81	BTRMX		09658V859		8/30/2013		1.40		1.01
Institutional Class (I)		20.10		20.10	BTRNX		09658V883		8/30/2013		1.15		0.76
Retirement Class (R-3)		19.42		19.42	BTRPX		09658V875		8/30/2013		1.65		1.26
Retirement Class (R-6)		20.26		20.26	BTRQX		09658V867		8/30/2013		1.00		0.61
Standard & Poor’s Target Date 2040 Index		18.27		18.27
Lipper Mixed-Asset Target 2040 Funds Index		18.59		18.59

Growth of an assumed $10,000 investment


Portfolio sector allocation**
Sector	Fund (%)
Large-Cap Funds		43.2
Mid-Cap Funds		12.7
Small-Cap Funds		7.0
International Funds		26.8
Fixed Income Funds		5.7
Alternative Funds		3.3
Other Assets & Liabilities, Net		1.3
Total		100.0

BMO Target Retirement 2045 Fund

Cumulative total returns (%)

Expenses (%)*

Since
inception

Ticker

Cusip

Inception

date

Gross

Net

Investor Class (Y)

8.40

BRTMX

09658V453

12/27/2013

1.40

1.01

Institutional Class (I)

8.60

BRTOX

09658V628

12/27/2013

1.15

0.76

Retirement Class (R-3)

8.20

BRTPX

09658V610

12/27/2013

1.65

1.26

Retirement Class (R-6)

8.70

BRTQX

09658V594

12/27/2013

1.00

0.61

Standard & Poor’s Target Date 2045 Index

6.32

Lipper Mixed-Asset Target 2045 Funds Index

7.27

Growth of an assumed $10,000 investment


Portfolio sector allocation**
Sector	Fund (%)
Large-Cap Funds		43.1
Mid-Cap Funds		12.6
Small-Cap Funds		7.0
International Funds		26.8
Fixed Income Funds		4.7
Alternative Funds		3.3
Other Assets & Liabilities, Net		2.5
Total		100.0

**	Portfolio composition will change due to ongoing management of the Fund. The percentages are based on net assets as of August 31, 2014 and may not necessarily reflect adjustments that are routinely made when presenting net assets for formal financial statement processes.

Lipper indices measure the performance of the 30 largest mutual funds in each respective fund category.


Annual Report — Commentary		BMO Target Retirement Funds


BMO Target Retirement 2050 Fund
Average annual total returns (%)										Expenses (%)*
	1-year		Since inception		Ticker	Cusip		Inception date		Gross	Net
Investor Class (Y)		19.69		19.69	BTRUX		09658V818		8/30/2013	1.89	1.01
Institutional Class (I)		19.98		19.98	BTRVX		09658V842		8/30/2013	1.64	0.76
Retirement Class (R-3)		19.40		19.40	BTRWX		09658V834		8/30/2013	2.14	1.26
Retirement Class (R-6)		20.24		20.24	BTRZX		09658V826		8/30/2013	1.49	0.61
Russell 3000^® Index		24.74		24.74
Lipper Mixed-Asset Target 2050+ Funds Index		17.57		17.57

Growth of an assumed $10,000 investment


Portfolio sector allocation**
Sector	Fund (%)
Large-Cap Funds		43.2
Mid-Cap Funds		12.6
Small-Cap Funds		7.0
International Funds		26.8
Fixed Income Funds		5.2
Alternative Funds		3.3
Other Assets & Liabilities, Net		1.9
Total		100.0

BMO Target Retirement 2055 Fund

Cumulative total returns (%)

Expenses (%)*

Since
inception

Ticker

Cusip

Inception

date

Gross

Net

Investor Class (Y)

8.50

BRTRX

09658V586

12/27/2013

1.89

1.01

Institutional Class (I)

8.70

BRTSX

09658V578

12/27/2013

1.64

0.76

Retirement Class (R-3)

8.40

BRTTX

09658V560

12/27/2013

2.14

1.26

Retirement Class (R-6)

8.90

BRTUX

09658V552

12/27/2013

1.49

0.61

Russell 3000^® Index

9.23

Lipper Mixed-Asset Target 2055+ Funds Index

7.42

Growth of an assumed $10,000 investment


Portfolio sector allocation**
Sector	Fund (%)
Large-Cap Funds		42.9
Mid-Cap Funds		12.6
Small-Cap Funds		6.9
International Funds		26.6
Fixed Income Funds		4.2
Alternative Funds		3.3
Other Assets & Liabilities, Net		3.5
Total		100.0

**	Portfolio composition will change due to ongoing management of the Fund. The percentages are based on net assets as of August 31, 2014 and may not necessarily reflect adjustments that are routinely made when presenting net assets for formal financial statement processes.

The Russell 3000 Index measures the performance of the largest 3000 U.S. companies representing approximately 98% of the investable U.S. equity market.

Lipper indices measure the performance of the 30 largest mutual funds in each respective fund category.


Annual Report — Commentary		BMO Target Risk Funds

Performance quoted reflects the period from May 30, 2014 (since inception) through August 31, 2014

The domestic markets posted solid gains fueled by improving economic data and accommodative monetary policy. The S&P 500^® Stock Index rose 4.7%, outpacing the Russell 2000^® Index return of 3.9%. Foreign markets were more mixed as the developed market Morgan Stanley Capital International Europe, Australasia, Far East Index declined 1.1%, while the Morgan Stanley Capital International Emerging Markets Index surged 5.9%. The bond market continued to surprise most rate forecasters as the yield on the 10-year U.S. Treasury declined from 2.5% to 2.3% during the period resulting in a return of 0.9% for the Barclays U.S. Aggregate Bond Index.

The BMO Target Risk Funds participated in the market gains and generally performed in-line or exceeded their respective Lipper peer benchmarks with returns ranging from 1.40% for the most conservative BMO Diversified Income Fund to 3.60% for the BMO Diversified Stock Fund. On the fixed income side, our two core funds, BMO TCH Core Plus Bond Fund and PIMCO Total Return Fund posted solid results outpacing the Barclays U.S. Aggregate Bond Index. This helped offset the weaker results from Fidelity Advisor Floating Rate High Income Fund (1%) and PIMCO Unconstrained Bond Fund (1%) which are positioned more defensively for a rising rate environment which has yet to materialize. In large-cap equities, actively managed funds had a difficult time keeping pace with the Vanguard Institutional Index Fund (5%) as only 4 of 9 funds kept pace, led by Harbor Capital Appreciation Fund (7%) and BMO Large-Cap Growth Fund (6%). Vanguard Equity Income Fund (3%) and Davis New York Venture Fund (3%) were the biggest detractors. BMO Mid-Cap Value Fund (6%) and Vanguard Mid-Cap Index Fund (5%) led the charge in the mid- and small-cap arena while BMO Small-Cap Growth Fund (2%) and Goldman Sachs Small Cap Value Fund (3%) were the biggest detractors. On the international side 3 of our 4 developed market funds outpaced the index led by Dodge & Cox International Stock Fund (2%) while our emerging/frontier funds lagged their respective benchmark. Our alternatives allocation was mixed with the strong results from the Vanguard REIT Index Fund (4%) offset by the Credit Suisse Commodity Return Strategy Fund (-5%).

This current bull market has entered year six, yet many investors remain skeptical and fixated on the negative headlines and what could go wrong rather than following a disciplined investment plan. We continue to follow our discipline and structure well diversified portfolios across the risk spectrum to meet the needs of our investors. We remain overweight in stocks with a focus on large-cap companies while underweight the mid- and small-cap sectors where valuations appear more stretched. On the fixed income side, we are complementing our core managers with a mix of high yield, floating rate and unconstrained managers to weather the likely rise in interest rates that lies ahead, as the economy gains momentum and the Federal Reserve unwinds their easy money policy.


Annual Report — Commentary		BMO Target Risk Funds

BMO Diversified Income Fund

Cumulative total returns (%)

Expenses (%)*

Since
inception

Ticker

Cusip

Inception
date

Gross

Net

Investor Class (Y)

1.40

BDVYX

09658L299

5/30/2014

1.05

0.88

Institutional Class (I)

1.50

BDVIX

09658L331

5/30/2014

0.80

0.63

Retirement Class (R-3)

1.40

BDVRX

09658L323

5/30/2014

1.30

1.13

Retirement Class (R-6)

1.50

BDVSX

09658L315

5/30/2014

0.65

0.48

Barclays U.S. Aggregate Bond Index

0.90

Lipper Mixed-Asset Target Allocation Conservative Funds Index

1.47

Growth of an assumed $10,000 investment


Portfolio sector allocation**
Sector	Fund (%)
Large-Cap Funds		11.9
Mid-Cap Funds		2.8
Small-Cap Funds		1.8
International Funds		5.5
Fixed Income Funds		71.6
Alternative Funds		3.5
Other Assets & Liabilities, Net		2.9
Total		100.0

BMO Moderate Balanced Fund

Cumulative total returns (%)

Expenses (%)*

Since
inception

Ticker

Cusip

Inception
date

Gross

Net

Investor Class (Y)

2.00

BMBYX

09658L166

5/30/2014

1.08

0.88

Institutional Class (I)

2.10

BMBHX

09658L190

5/30/2014

0.83

0.63

Retirement Class (R-3)

2.00

BMBQX

09658L182

5/30/2014

1.33

1.13

Retirement Class (R-6)

2.10

BMBTX

09658L174

5/30/2014

0.68

0.48

Barclays U.S. Aggregate Bond Index

0.90

Lipper Mixed-Asset Target Allocation Conservative Funds Index

1.47

Growth of an Assumed $10,000 Investment


Portfolio sector allocation**
Sector	Fund (%)
Large-Cap Funds		23.0
Mid-Cap Funds		5.4
Small-Cap Funds		3.4
International Funds		10.6
Fixed Income Funds		48.9
Alternative Funds		3.5
Other Assets & Liabilities, Net		5.2
Total		100.0

**	Portfolio composition will change due to ongoing management of the Fund. The percentages are based on net assets as of August 31, 2014 and may not necessarily reflect adjustments that are routinely made when presenting net assets for formal financial statement processes.

Barclays U.S. Aggregate Bond Index is an unmanaged index that covers the U.S. investment-grade fixed-rate bond market, including government and credit securities, agency mortgage pass-through securities, asset-backed securities and commercial mortgage-based securities.

Lipper indices measure the performance of the 30 largest mutual funds in each respective fund category.


Annual Report — Commentary		BMO Target Risk Funds

BMO Growth Balanced Fund

Cumulative total returns (%)

Expenses (%)*

Since
inception

Ticker

Cusip

Inception

date

Gross

Net

Investor Class (Y)

2.60

BGRYX

09658L216

5/30/2014

1.07

0.94

Institutional Class (I)

2.60

BGRHX

09658L240

5/30/2014

0.82

0.69

Retirement Class (R-3)

2.50

BGRRX

09658L232

5/30/2014

1.32

1.19

Retirement Class (R-6)

2.70

BGRQX

09658L224

5/30/2014

0.67

0.54

Standard & Poor’s 500 Index

4.69

Lipper Mixed-Asset Target Allocation Moderate Funds Index

2.25

Growth of an assumed $10,000 investment


Portfolio sector allocation**
Sector	Fund (%)
Large-Cap Funds		34.6
Mid-Cap Funds		8.1
Small-Cap Funds		5.1
International Funds		16.1
Fixed Income Funds		30.4
Alternative Funds		4.2
Other Assets & Liabilities, Net		1.5
Total		100.0

BMO Aggressive Allocation Fund

Cumulative total returns (%)

Expenses (%)*

Since
inception

Ticker

Cusip

Inception

date

Gross

Net

Investor Class (Y)

3.10

BABYX

09658L380

5/30/2014

1.16

0.94

Institutional Class (I)

3.20

BABHX

09658L422

5/30/2014

0.91

0.69

Retirement Class (R-3)

3.00

BABRX

09658L414

5/30/2014

1.41

1.19

Retirement Class (R-6)

3.20

BABQX

09658L398

5/30/2014

0.76

0.54

Standard & Poor’s 500 Index

4.69

Lipper Mixed-Asset Target Allocation Moderate Index

2.25

Growth of an assumed $10,000 investment


Portfolio sector allocation**
Sector	Fund (%)
Large-Cap Funds		45.8
Mid-Cap Funds		10.8
Small-Cap Funds		6.9
International Funds		21.3
Fixed Income Funds		9.6
Alternative Funds		4.5
Other Assets & Liabilities, Net		1.1
Total		100.0

**	Portfolio composition will change due to ongoing management of the Fund. The percentages are based on net assets as of August 31, 2014 and may not necessarily reflect adjustments that are routinely made when presenting net assets for formal financial statement processes.

The Standard & Poor’s 500 Index is an unmanaged index of large-cap common stocks.

Lipper indices measure the performance of the 30 largest mutual funds in each respective fund category.


Annual Report — Commentary		BMO Target Risk Funds

BMO Diversified Stock Fund

Cumulative total returns (%)

Expenses (%)*

Since
inception

Ticker

Cusip

Inception
date

Gross

Net

Investor Class (Y)

3.60

BDSYX

09658L257

5/30/2014

1.16

1.01

Institutional Class (I)

3.70

BDSHX

09658L281

5/30/2014

0.91

0.76

Retirement Class (R-3)

3.50

BDSRX

09658L273

5/30/2014

1.41

1.26

Retirement Class (R-6)

3.70

BDSQX

09658L265

5/30/2014

0.76

0.61

Standard & Poor’s 500 Index

4.69

Lipper Mixed-Asset Target Allocation Growth Funds Index

2.81

Growth of an assumed $10,000 investment


Portfolio sector allocation**
Sector	Fund (%)
Large-Cap Funds		53.4
Mid-Cap Funds		12.6
Small-Cap Funds		8.0
International Funds		24.9
Other Assets & Liabilities, Net		1.1
Total		100.0

BMO Aggressive Stock Fund

Cumulative total returns (%)

Expenses (%)*

Since
inception

Ticker

Cusip

Inception
date

Gross

Net

Investor Class (Y)

3.20

BASYX

09658L349

5/30/2014

1.31

1.01

Institutional Class (I)

3.30

BASHX

09658L372

5/30/2014

1.06

0.76

Retirement Class (R-3)

3.10

BASRX

09658L364

5/30/2014

1.56

1.26

Retirement Class (R-6)

3.30

BASQX

09658L356

5/30/2014

0.91

0.61

Standard & Poor’s 500 Index

4.69

Lipper Mixed-Asset Target Allocation Growth Funds Index

2.81

Growth of an assumed $10,000 investment


Portfolio sector allocation**
Sector	Fund (%)
Large-Cap Funds		31.0
Mid-Cap Funds		18.0
Small-Cap Funds		19.9
International Funds		29.9
Other Assets & Liabilities, Net		1.2
Total		100.0

**	Portfolio composition will change due to ongoing management of the Fund. The percentages are based on net assets as of August 31, 2014 and may not necessarily reflect adjustments that are routinely made when presenting net assets for formal financial statement processes.

The Standard & Poor’s 500 Index is an unmanaged index of large-cap common stocks.

Lipper indices measure the performance of the 30 largest mutual funds in each respective fund category.


Expense Example (Unaudited)

For the Six Months Ended August 31, 2014

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six month period ended August 31, 2014 (3/1/14-8/31/14).

Actual Expenses

Hypothetical Example for Comparison Purposes


	Investor									Institutional
Fund	Beginning account value 3/1/14		Ending account value 8/31/14		Annualized Expense Ratio(1)			Expenses paid during period 3/1/14- 8/31/14(1)		Beginning account value 3/1/14		Ending account value 8/31/14		Annualized Expense Ratio(1)			Expenses paid during period 3/1/14- 8/31/14(1)
2010 Fund
Actual	$	1,000.00	$	1,038.50		0.33	%	$	1.69	$	1,000.00	$	1,039.40		0.08	%	$	0.41
Hypothetical (5% return before expenses)		1,000.00		1,023.34		0.33			1.68		1,000.00		1,024.60		0.08			0.41
2015 Fund
Actual		1,000.00		1,052.90		0.33			1.70		1,000.00		1,055.90		0.08			0.40
Hypothetical (5% return before expenses)		1,000.00		1,023.35		0.33			1.67		1,000.00		1,024.61		0.08			0.39
2020 Fund
Actual		1,000.00		1,044.20		0.33			1.70		1,000.00		1,045.10		0.08			0.41
Hypothetical (5% return before expenses)		1,000.00		1,023.34		0.33			1.68		1,000.00		1,024.60		0.08			0.41
2025 Fund
Actual		1,000.00		1,054.80		0.33			1.71		1,000.00		1,054.70		0.08			0.39
Hypothetical (5% return before expenses)		1,000.00		1,023.33		0.33			1.69		1,000.00		1,024.62		0.08			0.39
2030 Fund
Actual		1,000.00		1,048.80		0.37			1.91		1,000.00		1,050.60		0.12			0.62
Hypothetical (5% return before expenses)		1,000.00		1,023.14		0.37			1.89		1,000.00		1,024.39		0.12			0.61
2035 Fund
Actual		1,000.00		1,052.10		0.37			1.92		1,000.00		1,053.00		0.12			0.65
Hypothetical (5% return before expenses)		1,000.00		1,023.13		0.37			1.89		1,000.00		1,024.37		0.12			0.64
2040 Fund
Actual		1,000.00		1,051.90		0.36			1.86		1,000.00		1,053.70		0.11			0.57
Hypothetical (5% return before expenses)		1,000.00		1,023.18		0.36			1.84		1,000.00		1,024.44		0.11			0.56
2045 Fund
Actual		1,000.00		1,062.70		0.36			1.88		1,000.00		1,064.70		0.11			0.60
Hypothetical (5% return before expenses)		1,000.00		1,023.18		0.36			1.84		1,000.00		1,024.42		0.11			0.59
2050 Fund
Actual		1,000.00		1,051.90		0.36			1.86		1,000.00		1,052.70		0.11			0.57
Hypothetical (5% return before expenses)		1,000.00		1,023.18		0.36			1.84		1,000.00		1,024.44		0.11			0.56

(See Notes which are an integral part of the Financial Statements)


		Expense Example (Unaudited) (continued)


	Investor										Institutional
Fund	Beginning account value 3/1/14		Ending account value 8/31/14		Annualized Expense Ratio(1)			Expenses paid during period 3/1/14- 8/31/14(1)			Beginning account value 3/1/14		Ending account value 8/31/14		Annualized Expense Ratio(1)			Expenses paid during period 3/1/14- 8/31/14(1)
2055 Fund
Actual	$	1,000.00	$	1,062.70		0.36	%	$	1.88		$	1,000.00	$	1,064.60		0.11	%	$	0.57
Hypothetical (5% return before expenses)		1,000.00		1,023.18		0.36			1.85			1,000.00		1,024.45		0.11			0.56
Diversified Income Fund
Actual		1,000.00		1,014.00		0.33	(2)		0.84	(2)		1,000.00		1,015.00		0.08	(2)		0.20	(2)
Hypothetical (5% return before expenses)		1,000.00		1,023.34		0.33	(3)		1.68	(3)		1,000.00		1,024.60		0.08	(3)		0.41	(3)
Moderate Balanced Fund
Actual		1,000.00		1,020.00		0.30	(2)		0.77	(2)		1,000.00		1,021.00		0.05	(2)		0.13	(2)
Hypothetical (5% return before expenses)		1,000.00		1,023.48		0.30	(3)		1.53	(3)		1,000.00		1,024.75		0.05	(3)		0.25	(3)
Growth Balanced Fund
Actual		1,000.00		1,026.00		0.33	(2)		0.84	(2)		1,000.00		1,026.00		0.08	(2)		0.20	(2)
Hypothetical (5% return before expenses)		1,000.00		1,023.34		0.33	(3)		1.68	(3)		1,000.00		1,024.60		0.08	(3)		0.41	(3)
Aggressive Allocation Fund
Actual		1,000.00		1,031.00		0.30	(2)		0.77	(2)		1,000.00		1,032.00		0.05	(2)		0.13	(2)
Hypothetical (5% return before expenses)		1,000.00		1,023.49		0.30	(3)		1.53	(3)		1,000.00		1,024.75		0.05	(3)		0.25	(3)
Diversified Stock Fund
Actual		1,000.00		1,036.00		0.36	(2)		0.92	(2)		1,000.00		1,037.00		0.11	(2)		0.28	(2)
Hypothetical (5% return before expenses)		1,000.00		1,023.19		0.36	(3)		1.83	(3)		1,000.00		1,024.45		0.11	(3)		0.56	(3)
Aggressive Stock Fund
Actual		1,000.00		1,032.00		0.21	(2)		0.54	(2)		1,000.00		1,033.00		0.00	(2)		0.00	(2)
Hypothetical (5% return before expenses)		1,000.00		1,023.94		0.21	(3)		1.07	(3)		1,000.00		1,025.00		0.00	(3)		0.00	(3)

(1)	Expenses are equal to the Funds’ annualized expense ratios for the period March 1, 2014 through August 31, 2014, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

(2)	Expenses are equal to the Funds’ annualized expense ratios for the period May 30, 2014 (inception date) through August 31, 2014, multiplied by the average account value over the period, multiplied by 92/365 (to reflect the partial period).

(3)	Expenses are equal to the Funds’ annualized expense ratios for the period May 30, 2014 (inception date) through August 31, 2014, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).


	Retirement Class R-3										Retirement Class R-6
Fund	Beginning account value 3/1/14		Ending account value 8/31/14		Annualized Expense Ratio(1)			Expenses paid during period 3/1/14- 8/31/14(1)			Beginning account value 3/1/14		Ending account value 8/31/14		Annualized Expense Ratio(1)			Expenses paid during period 3/1/14- 8/31/14(1)
2010 Fund
Actual	$	1,000.00	$	1,036.70		0.58	%	$	2.99		$	1,000.00	$	1,040.40		0.00	%	$	0.00
Hypothetical (5% return before expenses)		1,000.00		1,022.07		0.58			2.96			1,000.00		1,025.00		0.00			0.00
2015 Fund
Actual		1,000.00		1,051.00		0.58			3.00			1,000.00		1,055.80		0.00			0.00
Hypothetical (5% return before expenses)		1,000.00		1,022.07		0.58			2.96			1,000.00		1,025.00		0.00			0.00
2020 Fund
Actual		1,000.00		1,043.30		0.58			2.99			1,000.00		1,046.90		0.00			0.00
Hypothetical (5% return before expenses)		1,000.00		1,022.08		0.58			2.96			1,000.00		1,025.00		0.00			0.00
2025 Fund
Actual		1,000.00		1,051.80		0.58			3.02			1,000.00		1,055.70		0.00			0.00
Hypothetical (5% return before expenses)		1,000.00		1,022.05		0.58			2.98			1,000.00		1,025.00		0.00			0.00
2030 Fund
Actual		1,000.00		1,047.90		0.62			3.20			1,000.00		1,050.50		0.00			0.00
Hypothetical (5% return before expenses)		1,000.00		1,021.87		0.62			3.16			1,000.00		1,025.00		0.00			0.00
2035 Fund
Actual		1,000.00		1,049.10		0.62			3.22			1,000.00		1,053.00		0.00			0.00
Hypothetical (5% return before expenses)		1,000.00		1,021.85		0.62			3.18			1,000.00		1,025.00		0.00			0.00
2040 Fund
Actual		1,000.00		1,050.20		0.61			3.16			1,000.00		1,053.70		0.00			0.00
Hypothetical (5% return before expenses)		1,000.00		1,021.92		0.61			3.11			1,000.00		1,025.00		0.00			0.00
2045 Fund
Actual		1,000.00		1,061.80		0.61			3.20			1,000.00		1,064.70		0.00			0.00
Hypothetical (5% return before expenses)		1,000.00		1,021.90		0.61			3.13			1,000.00		1,025.00		0.00			0.00
2050 Fund
Actual		1,000.00		1,050.10		0.61			3.15			1,000.00		1,054.50		0.00			0.00
Hypothetical (5% return before expenses)		1,000.00		1,021.92		0.61			3.11			1,000.00		1,025.00		0.00			0.00
2055 Fund
Actual		1,000.00		1,062.70		0.61			3.17			1,000.00		1,066.60		0.00			0.00
Hypothetical (5% return before expenses)		1,000.00		1,021.92		0.61			3.11			1,000.00		1,025.00		0.00			0.00
Diversified Income Fund
Actual		1,000.00		1,014.00		0.58	(2)		1.47	(2)		1,000.00		1,015.00		0.00	(2)		0.00	(2)
Hypothetical (5% return before expenses)		1,000.00		1,022.08		0.58	(3)		2.95	(3)		1,000.00		1,025.00		0.00	(3)		0.00	(3)

(See Notes which are an integral part of the Financial Statements)


Expense Example (Unaudited) (continued)


	Retirement Class R-3										Retirement Class R-6
Fund	Beginning account value 3/1/14		Ending account value 8/31/14		Annualized Expense Ratio(1)			Expenses paid during period 3/1/14- 8/31/14(1)			Beginning account value 3/1/14		Ending account value 8/31/14		Annualized Expense Ratio(1)			Expenses paid during period 3/1/14- 8/31/14(1)
Moderate Balanced Fund
Actual	$	1,000.00	$	1,020.00		0.55	%(2)	$	1.40	(2)	$	1,000.00	$	1,021.00		0.00	%(2)	$	0.00	(2)
Hypothetical (5% return before expenses)		1,000.00		1,022.23		0.55	(3)		2.80	(3)		1,000.00		1,025.00		0.00	(3)		0.00	(3)
Growth Balanced Fund
Actual		1,000.00		1,025.00		0.58	(2)		1.48	(2)		1,000.00		1,027.00		0.00	(2)		0.00	(2)
Hypothetical (5% return before expenses)		1,000.00		1,022.08		0.58	(3)		2.95	(3)		1,000.00		1,025.00		0.00	(3)		0.00	(3)
Aggressive Allocation Fund
Actual		1,000.00		1,030.00		0.55	(2)		1.41	(2)		1,000.00		1,032.00		0.00	(2)		0.00	(2)
Hypothetical (5% return before expenses)		1,000.00		1,022.23		0.55	(3)		2.80	(3)		1,000.00		1,025.00		0.00	(3)		0.00	(3)
Diversified Stock Fund
Actual		1,000.00		1,035.00		0.61	(2)		1.56	(2)		1,000.00		1,037.00		0.00	(2)		0.00	(2)
Hypothetical (5% return before expenses)		1,000.00		1,021.93		0.61	(3)		3.11	(3)		1,000.00		1,025.00		0.00	(3)		0.00	(3)
Aggressive Stock Fund
Actual		1,000.00		1,031.00		0.46	(2)		1.18	(2)		1,000.00		1,033.00		0.00	(2)		0.00	(2)
Hypothetical (5% return before expenses)		1,000.00		1,022.68		0.46	(3)		2.34	(3)		1,000.00		1,025.00		0.00	(3)		0.00	(3)

(1)	Expenses are equal to the Funds’ annualized expense ratios for the period March 1, 2014 through August 31, 2014, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

(2)	Expenses are equal to the Funds’ annualized expense ratios for the period May 30, 2014 (inception date) through August 31, 2014, multiplied by the average account value over the period, multiplied by 92/365 (to reflect the partial period).

(3)	Expenses are equal to the Funds’ annualized expense ratios for the period May 30, 2014 (inception date) through August 31, 2014, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period).

(See Notes which are an integral part of the Financial Statements)

August 31, 2014


Schedules of Investments		BMO Funds

2010 Fund


Description	Shares		Value
Mutual Funds — 98.4%

Large-Cap Funds — 19.4%
BMO Dividend Income Fund (2)		68,050	$	974,477
BMO Large-Cap Value Fund (2)		47,890		817,009
BMO Low Volatility Equity Fund (2)		44,536		588,766
Davis New York Venture Fund		4,729		194,087
Harbor Capital Appreciation Fund		9,481		581,854
T Rowe Price Growth Stock Fund		10,402		580,979
Vanguard Equity Income Fund		14,600		976,734
Vanguard Institutional Index Fund		8,637		1,591,447

Total Large-Cap Funds				6,305,353

Mid-Cap Funds — 4.7%
BMO Mid-Cap Growth Fund (2)		17,248		420,327
BMO Mid-Cap Value Fund (2)		33,243		586,074
Vanguard Mid-Cap Index Fund		15,720		521,102

Total Mid-Cap Funds				1,527,503

Small-Cap Funds — 2.2%
BMO Micro-Cap Fund (1)(2)		8,447		97,311
BMO Small-Cap Growth Fund (2)		11,392		259,165
Goldman Sachs Small Cap Value Fund		6,075		357,189

Total Small-Cap Funds				713,665

International Funds — 11.2%
BMO LGM Emerging Markets Equity Fund (2)		40,822		584,976
BMO LGM Frontier Markets Equity Fund (1)(2)		12,900		134,934
BMO Pyrford International Stock Fund (2)		73,887		970,876
DFA International Small Company Portfolio		4,788		95,275
Dodge & Cox International Stock Fund		19,990		939,352
Harbor International Fund		12,568		903,606

Total International Funds				3,629,019

Fixed Income Funds — 59.4%
BMO Monegy High Yield Fund (2)		55,882		583,404
BMO TCH Core Plus Bond Fund (2)		640,256		7,644,654
Federated Institutional High-Yield Bond Fund		56,477		583,404
Fidelity Advisor Floating Rate High Income Fund		117,503		1,166,808
PIMCO Total Return Fund		341,949		3,758,018
PIMCO Unconstrained Bond Fund		188,830		2,137,559
TCW Emerging Markets Income Fund		92,594		807,424
Vanguard Short-Term Inflation-Protected Securities Index Fund		64,799		1,620,611
Vanguard Short-Term Investment Grade Fund		90,450		972,340

Total Fixed Income Funds				19,274,222

Alternative Funds — 1.5%
Credit Suisse Commodity Return Strategy Fund (1)		44,432		323,018
Vanguard REIT Index Fund		9,611		162,621

Total Alternative Funds				485,639

Total Mutual Funds (identified cost $26,272,323)				31,935,401


Description	Shares		Value
Short-Term Investments — 1.4%

Mutual Funds — 1.4%
BMO Prime Money Market Fund, Class I, 0.010% (2)		464,442	$	464,442

Total Short-Term Investments (identified cost $464,442)				464,442

Total Investments — 99.8% (identified cost $26,736,765)				32,399,843
Other Assets and Liabilities — 0.2%				62,195

Total Net Assets — 100.0%			$	32,462,038

2015 Fund


Description	Shares		Value
Mutual Funds — 97.0%

Large-Cap Funds — 25.5%
BMO Dividend Income Fund (2)		1,292	$	18,502
BMO Large-Cap Value Fund (2)		1,158		19,761
BMO Low Volatility Equity Fund (2)		982		12,978
Davis New York Venture Fund		164		6,726
Harbor Capital Appreciation Fund		269		16,495
T Rowe Price Growth Stock Fund		295		16,470
Vanguard Equity Income Fund		276		18,456
Vanguard Institutional Index Fund		256		47,258

Total Large-Cap Funds				156,646

Mid-Cap Funds — 7.0%
BMO Mid-Cap Growth Fund (2)		527		12,837
BMO Mid-Cap Value Fund (2)		872		15,381
Vanguard Mid-Cap Index Fund		446		14,771

Total Mid-Cap Funds				42,989

Small-Cap Funds — 3.2%
BMO Micro-Cap Fund (1)(2)		205		2,366
BMO Small-Cap Growth Fund (2)		350		7,959
Goldman Sachs Small Cap Value Fund		157		9,205

Total Small-Cap Funds				19,530

International Funds — 15.3%
BMO LGM Emerging Markets Equity Fund (2)		1,113		15,945
BMO LGM Frontier Markets Equity Fund (1)(2)		292		3,051
BMO Pyrford International Stock Fund (2)		1,768		23,238
DFA International Small Company Portfolio		150		2,978
Dodge & Cox International Stock Fund		521		24,481
Harbor International Fund		331		23,779

Total International Funds				93,472

Fixed Income Funds — 44.2%
BMO Monegy High Yield Fund (2)		821		8,575
BMO TCH Core Plus Bond Fund (2)		9,666		115,417
Federated Institutional High-Yield Bond Fund		830		8,575
Fidelity Advisor Floating Rate High Income Fund		1,665		16,537
PIMCO Total Return Fund		5,136		56,446
PIMCO Unconstrained Bond Fund		2,703		30,601
TCW Emerging Markets Income Fund		1,400		12,205
Vanguard Short-Term Inflation-Protected Securities Index Fund		906		22,663

Total Fixed Income Funds				271,019

(See Notes which are an integral part of the Financial Statements)

August 31, 2014


Schedules of Investments

2015 Fund (continued)


Description	Shares		Value
Mutual Funds (continued)

Alternative Funds — 1.8%
Credit Suisse Commodity Return Strategy Fund (1)		1,015	$	7,380
Vanguard REIT Index Fund		218		3,697

Total Alternative Funds				11,077

Total Mutual Funds (identified cost $582,744)				594,733

Short-Term Investments — 3.0%

Mutual Funds — 3.0%
BMO Prime Money Market Fund, Class I, 0.010% (2)		18,590		18,590

Total Short-Term Investments (identified cost $18,590)				18,590

Total Investments — 100.0% (identified cost $601,334)				613,323
Other Assets and Liabilities — 0.0%				41

Total Net Assets — 100.0%			$	613,364

2020 Fund


Description	Shares		Value
Mutual Funds — 98.8%

Large-Cap Funds — 30.1%
BMO Dividend Income Fund (2)		247,499	$	3,544,190
BMO Large-Cap Value Fund (2)		291,201		4,967,888
BMO Low Volatility Equity Fund (2)		266,913		3,528,590
Davis New York Venture Fund		37,106		1,522,832
Harbor Capital Appreciation Fund		55,683		3,417,281
T Rowe Price Growth Stock Fund		61,047		3,409,472
Vanguard Equity Income Fund		52,844		3,535,239
Vanguard Institutional Index Fund		62,640		11,541,978

Total Large-Cap Funds				35,467,470

Mid-Cap Funds — 8.6%
BMO Mid-Cap Growth Fund (2)		129,698		3,160,729
BMO Mid-Cap Value Fund (2)		193,850		3,417,584
Vanguard Mid-Cap Index Fund		106,680		3,536,429

Total Mid-Cap Funds				10,114,742

Small-Cap Funds — 4.2%
BMO Micro-Cap Fund (1)(2)		50,951		586,957
BMO Small-Cap Growth Fund (2)		92,776		2,110,646
Goldman Sachs Small Cap Value Fund		37,977		2,233,059

Total Small-Cap Funds				4,930,662

International Funds — 18.2%
BMO LGM Emerging Markets Equity Fund (2)		278,717		3,994,019
BMO LGM Frontier Markets Equity Fund (1)(2)		69,109		722,881
BMO Pyrford International Stock Fund (2)		401,135		5,270,909
DFA International Small Company Portfolio		35,330		703,058
Dodge & Cox International Stock Fund		114,769		5,392,987
Harbor International Fund		75,076		5,397,974

Total International Funds				21,481,828


Description	Shares		Value
Mutual Funds (continued)

Fixed Income Funds — 35.5%
BMO Monegy High Yield Fund (2)		123,604	$	1,290,428
BMO TCH Core Plus Bond Fund (2)		1,487,129		17,756,318
Federated Institutional High-Yield Bond Fund		124,920		1,290,428
Fidelity Advisor Floating Rate High Income Fund		259,905		2,580,856
PIMCO Total Return Fund		801,976		8,813,720
PIMCO Unconstrained Bond Fund		414,211		4,688,865
TCW Emerging Markets Income Fund		214,474		1,870,212
Vanguard Short-Term Inflation-Protected Securities Index Fund		140,724		3,519,496

Total Fixed Income Funds				41,810,323

Alternative Funds — 2.2%
Credit Suisse Commodity Return Strategy Fund (1)		243,047		1,766,954
Vanguard REIT Index Fund		48,821		826,056

Total Alternative Funds				2,593,010

Total Mutual Funds (identified cost $89,975,064)				116,398,035

Short-Term Investments — 1.1%

Mutual Funds — 1.1%
BMO Prime Money Market Fund, Class I, 0.010% (2)		1,261,578		1,261,578

Total Short-Term Investments (identified cost $1,261,578)				1,261,578

Total Investments — 99.9% (identified cost $91,236,642)				117,659,613
Other Assets and Liabilities — 0.1%				171,005

Total Net Assets — 100.0%			$	117,830,618

2025 Fund


Description	Shares		Value
Mutual Funds — 97.5%

Large-Cap Funds — 33.3%
BMO Dividend Income Fund (2)		3,240	$	46,404
BMO Large-Cap Value Fund (2)		4,474		76,332
BMO Low Volatility Equity Fund (2)		3,141		41,520
Davis New York Venture Fund		761		31,215
Harbor Capital Appreciation Fund		1,043		64,023
T Rowe Price Growth Stock Fund		1,145		63,927
Vanguard Equity Income Fund		667		44,638
Vanguard Institutional Index Fund		994		183,062

Total Large-Cap Funds				551,121

Mid-Cap Funds — 9.8%
BMO Mid-Cap Growth Fund (2)		2,089		50,920
BMO Mid-Cap Value Fund (2)		3,095		54,560
Vanguard Mid-Cap Index Fund		1,696		56,229

Total Mid-Cap Funds				161,709

Small-Cap Funds — 5.4%
BMO Micro-Cap Fund (1)(2)		858		9,883
BMO Small-Cap Growth Fund (2)		1,736		39,483
Goldman Sachs Small Cap Value Fund		673		39,574

Total Small-Cap Funds				88,940

International Funds — 20.7%
BMO LGM Emerging Markets Equity Fund (2)		4,600		65,920

(See Notes which are an integral part of the Financial Statements)


		BMO Funds

2025 Fund (continued)


Description	Shares		Value
Mutual Funds (continued)

International Funds (continued)
BMO LGM Frontier Markets Equity Fund (1)(2)		1,254	$	13,116
BMO Pyrford International Stock Fund (2)		6,253		82,163
DFA International Small Company Portfolio		661		13,152
Dodge & Cox International Stock Fund		1,855		87,167
Harbor International Fund		1,139		81,927

Total International Funds				343,445

Fixed Income Funds — 25.8%
BMO Monegy High Yield Fund (2)		1,261		13,167
BMO TCH Core Plus Bond Fund (2)		15,336		183,111
Federated Institutional High-Yield Bond Fund		1,275		13,167
Fidelity Advisor Floating Rate High Income Fund		2,652		26,333
PIMCO Total Return Fund		8,251		90,677
PIMCO Unconstrained Bond Fund		4,213		47,693
TCW Emerging Markets Income Fund		2,257		19,677
Vanguard Short-Term Inflation-Protected Securities Index Fund		1,382		34,564

Total Fixed Income Funds				428,389

Alternative Funds — 2.5%
Credit Suisse Commodity Return Strategy Fund (1)		3,864		28,094
Vanguard REIT Index Fund		783		13,244

Total Alternative Funds				41,338

Total Mutual Funds (identified cost $1,563,536)				1,614,942

Short-Term Investments — 2.0%

Mutual Funds — 2.0%
BMO Prime Money Market Fund, Class I, 0.010% (2)		33,092		33,092

Total Short-Term Investments (identified cost $33,092)				33,092

Total Investments — 99.5% (identified cost $1,596,628)				1,648,034
Other Assets and Liabilities — 0.5%				8,980

Total Net Assets — 100.0%			$	1,657,014

2030 Fund


Description	Shares		Value
Mutual Funds — 98.8%

Large-Cap Funds — 37.0%
BMO Dividend Income Fund (2)		217,334	$	3,112,225
BMO Large-Cap Value Fund (2)		329,119		5,614,766
BMO Low Volatility Equity Fund (2)		234,932		3,105,806
Davis New York Venture Fund		62,582		2,568,366
Harbor Capital Appreciation Fund		74,915		4,597,532
T Rowe Price Growth Stock Fund		82,196		4,590,644
Vanguard Equity Income Fund		46,677		3,122,675
Vanguard Institutional Index Fund		71,122		13,104,938

Total Large-Cap Funds				39,816,952

Mid-Cap Funds — 10.9%
BMO Mid-Cap Growth Fund (2)		149,248		3,637,172
BMO Mid-Cap Value Fund (2)		225,996		3,984,303


Description	Shares		Value
Mutual Funds (continued)

Mid-Cap Funds (continued)
Vanguard Mid-Cap Index Fund		123,475	$	4,093,189

Total Mid-Cap Funds				11,714,664

Small-Cap Funds — 5.9%
BMO Micro-Cap Fund (1)(2)		72,640		836,814
BMO Small-Cap Growth Fund (2)		122,457		2,785,903
Goldman Sachs Small Cap Value Fund		47,446		2,789,817

Total Small-Cap Funds				6,412,534

International Funds — 23.0%
BMO LGM Emerging Markets Equity Fund (2)		326,999		4,685,900
BMO LGM Frontier Markets Equity Fund (1)(2)		94,223		985,573
BMO Pyrford International Stock Fund (2)		439,852		5,779,657
DFA International Small Company Portfolio		48,423		963,625
Dodge & Cox International Stock Fund		134,506		6,320,444
Harbor International Fund		83,118		5,976,152

Total International Funds				24,711,351

Fixed Income Funds — 19.0%
BMO Monegy High Yield Fund (2)		61,607		643,178
BMO TCH Core Plus Bond Fund (2)		737,923		8,810,801
Federated Institutional High-Yield Bond Fund		62,263		643,178
Fidelity Advisor Floating Rate High Income Fund		118,747		1,179,160
PIMCO Total Return Fund		390,841		4,295,341
PIMCO Unconstrained Bond Fund		198,707		2,249,362
TCW Emerging Markets Income Fund		110,224		961,155
Vanguard Short-Term Inflation-Protected Securities Index Fund		64,297		1,608,057

Total Fixed Income Funds				20,390,232

Alternative Funds — 3.0%
Credit Suisse Commodity Return Strategy Fund (1)		296,118		2,152,778
Vanguard REIT Index Fund		63,729		1,078,299

Total Alternative Funds				3,231,077

Total Mutual Funds (identified cost $79,614,830)				106,276,810

Short-Term Investments — 0.9%

Mutual Funds — 0.9%
BMO Prime Money Market Fund, Class I, 0.010% (2)		948,046		948,046

Total Short-Term Investments (identified cost $948,046)				948,046

Total Investments — 99.7% (identified cost $80,562,876)				107,224,856
Other Assets and Liabilities — 0.3%				278,024

Total Net Assets — 100.0%			$	107,502,880

(See Notes which are an integral part of the Financial Statements)

August 31, 2014


Schedules of Investments

2035 Fund


Description	Shares		Value
Mutual Funds — 97.6%

Large-Cap Funds — 40.4%
BMO Dividend Income Fund (2)		3,473	$	49,727
BMO Large-Cap Value Fund (2)		5,208		88,843
BMO Low Volatility Equity Fund (2)		3,768		49,817
Davis New York Venture Fund		1,019		41,822
Harbor Capital Appreciation Fund		1,160		71,190
T Rowe Price Growth Stock Fund		1,273		71,083
Vanguard Equity Income Fund		745		49,874
Vanguard Institutional Index Fund		1,120		206,336

Total Large-Cap Funds				628,692

Mid-Cap Funds — 11.9%
BMO Mid-Cap Growth Fund (2)		2,415		58,843
BMO Mid-Cap Value Fund (2)		3,526		62,156
Vanguard Mid-Cap Index Fund		1,928		63,923

Total Mid-Cap Funds				184,922

Small-Cap Funds — 6.5%
BMO Micro-Cap Fund (1)(2)		1,213		13,977
BMO Small-Cap Growth Fund (2)		1,909		43,426
Goldman Sachs Small Cap Value Fund		740		43,527

Total Small-Cap Funds				100,930

International Funds — 25.1%
BMO LGM Emerging Markets Equity Fund (2)		5,173		74,123
BMO LGM Frontier Markets Equity Fund (1)(2)		1,478		15,456
BMO Pyrford International Stock Fund (2)		6,927		91,019
DFA International Small Company Portfolio		779		15,499
Dodge & Cox International Stock Fund		2,098		98,580
Harbor International Fund		1,326		95,320

Total International Funds				389,997

Fixed Income Funds — 10.5%
BMO Monegy High Yield Fund (2)		446		4,655
BMO TCH Core Plus Bond Fund (2)		5,970		71,285
Federated Institutional High-Yield Bond Fund		451		4,655
Fidelity Advisor Floating Rate High Income Fund		938		9,309
PIMCO Total Return Fund		3,253		35,747
PIMCO Unconstrained Bond Fund		1,643		18,604
TCW Emerging Markets Income Fund		887		7,730
Vanguard Short-Term Inflation-Protected Securities Index Fund		496		12,414

Total Fixed Income Funds				164,399

Alternative Funds — 3.2%
Credit Suisse Commodity Return Strategy Fund (1)		4,500		32,718
Vanguard REIT Index Fund		1,015		17,168

Total Alternative Funds				49,886

Total Mutual Funds (identified cost $1,464,616)				1,518,826

Short-Term Investments — 2.0%

Mutual Funds — 2.0%
BMO Prime Money Market Fund, Class I, 0.010% (2)		30,479		30,479

Total Short-Term Investments (identified cost $30,479)				30,479

Total Investments — 99.6% (identified cost $1,495,095)				1,549,305
Other Assets and Liabilities — 0.4%				6,315

Total Net Assets — 100.0%			$	1,555,620

2040 Fund


Description	Shares		Value
Mutual Funds — 98.7%

Large-Cap Funds — 43.2%
BMO Dividend Income Fund (2)		168,343	$	2,410,670
BMO Large-Cap Value Fund (2)		261,118		4,454,670
BMO Low Volatility Equity Fund (2)		182,736		2,415,768
Davis New York Venture Fund		52,938		2,172,565
Harbor Capital Appreciation Fund		59,284		3,638,233
T Rowe Price Growth Stock Fund		64,994		3,629,906
Vanguard Equity Income Fund		35,944		2,404,653
Vanguard Institutional Index Fund		56,415		10,394,956

Total Large-Cap Funds				31,521,421

Mid-Cap Funds — 12.7%
BMO Mid-Cap Growth Fund (2)		121,793		2,968,106
BMO Mid-Cap Value Fund (2)		177,302		3,125,837
Vanguard Mid-Cap Index Fund		94,553		3,134,441

Total Mid-Cap Funds				9,228,384

Small-Cap Funds — 7.0%
BMO Micro-Cap Fund (1)(2)		63,025		726,045
BMO Small-Cap Growth Fund (2)		95,617		2,175,278
Goldman Sachs Small Cap Value Fund		37,081		2,180,346

Total Small-Cap Funds				5,081,669

International Funds — 26.8%
BMO LGM Emerging Markets Equity Fund (2)		258,349		3,702,140
BMO LGM Frontier Markets Equity Fund (1)(2)		77,984		815,715
BMO Pyrford International Stock Fund (2)		341,761		4,490,735
DFA International Small Company Portfolio		43,538		866,399
Dodge & Cox International Stock Fund		104,911		4,929,763
Harbor International Fund		66,294		4,766,547

Total International Funds				19,571,299

Fixed Income Funds — 5.7%
BMO Monegy High Yield Fund (2)		13,897		145,084
BMO TCH Core Plus Bond Fund (2)		146,169		1,745,261
Federated Institutional High-Yield Bond Fund		14,045		145,084
Fidelity Advisor Floating Rate High Income Fund		29,221		290,168
PIMCO Total Return Fund		79,347		872,021
PIMCO Unconstrained Bond Fund		38,416		434,871
TCW Emerging Markets Income Fund		24,852		216,708
Vanguard Short-Term Inflation-Protected Securities Index Fund		11,603		290,197

Total Fixed Income Funds				4,139,394

Alternative Funds — 3.3%
Credit Suisse Commodity Return Strategy Fund (1)		220,431		1,602,532
Vanguard REIT Index Fund		47,440		802,680

Total Alternative Funds				2,405,212

Total Mutual Funds (identified cost $51,773,839)				71,947,379

(See Notes which are an integral part of the Financial Statements)


		BMO Funds

2040 Fund (continued)


Description	Shares		Value
Short-Term Investments — 1.1%

Mutual Funds — 1.1%
BMO Prime Money Market Fund, Class I, 0.010% (2)		752,478	$	752,478

Total Short-Term Investments (identified cost $752,478)				752,478

Total Investments — 99.8% (identified cost $52,526,317)				72,699,857
Other Assets and Liabilities — 0.2%				180,890

Total Net Assets — 100.0%			$	72,880,747

2045 Fund


Description	Shares		Value
Mutual Funds — 97.5%

Large-Cap Funds — 43.1%
BMO Dividend Income Fund (2)		2,429	$	34,789
BMO Large-Cap Value Fund (2)		3,774		64,389
BMO Low Volatility Equity Fund (2)		2,637		34,862
Davis New York Venture Fund		764		31,354
Harbor Capital Appreciation Fund		856		52,548
T Rowe Price Growth Stock Fund		939		52,428
Vanguard Equity Income Fund		519		34,703
Vanguard Institutional Index Fund		814		150,017

Total Large-Cap Funds				455,090

Mid-Cap Funds — 12.6%
BMO Mid-Cap Growth Fund (2)		1,758		42,839
BMO Mid-Cap Value Fund (2)		2,565		45,222
Vanguard Mid-Cap Index Fund		1,365		45,235

Total Mid-Cap Funds				133,296

Small-Cap Funds — 7.0%
BMO Micro-Cap Fund (1)(2)		910		10,479
BMO Small-Cap Growth Fund (2)		1,380		31,394
Goldman Sachs Small Cap Value Fund		535		31,467

Total Small-Cap Funds				73,340

International Funds — 26.8%
BMO LGM Emerging Markets Equity Fund (2)		3,716		53,244
BMO LGM Frontier Markets Equity Fund (1)(2)		1,156		12,092
BMO Pyrford International Stock Fund (2)		4,932		64,808
DFA International Small Company Portfolio		631		12,549
Dodge & Cox International Stock Fund		1,514		71,142
Harbor International Fund		961		69,074

Total International Funds				282,909

Fixed Income Funds — 4.7%
BMO Monegy High Yield Fund (2)		201		2,094
BMO TCH Core Plus Bond Fund (2)		2,109		25,181
Federated Institutional High-Yield Bond Fund		203		2,094
PIMCO Total Return Fund		1,145		12,582
PIMCO Unconstrained Bond Fund		370		4,184
TCW Emerging Markets Income Fund		359		3,127

Total Fixed Income Funds				49,262


Description	Shares		Value
Mutual Funds (continued)

Alternative Funds — 3.3%
Credit Suisse Commodity Return Strategy Fund (1)		3,181	$	23,127
Vanguard REIT Index Fund		685		11,584

Total Alternative Funds				34,711

Total Mutual Funds (identified cost $989,936)				1,028,608

Short-Term Investments — 2.1%

Mutual Funds — 2.1%
BMO Prime Money Market Fund, Class I, 0.010% (2)		22,624		22,624

Total Short-Term Investments (identified cost $22,624)				22,624

Total Investments — 99.6% (identified cost $1,012,560)				1,051,232
Other Assets and Liabilities — 0.4%				3,728

Total Net Assets — 100.0%			$	1,054,960

2050 Fund


Description	Shares		Value
Mutual Funds — 98.1%

Large-Cap Funds — 43.2%
BMO Dividend Income Fund (2)		88,463	$	1,266,785
BMO Large-Cap Value Fund (2)		137,429		2,344,547
BMO Low Volatility Equity Fund (2)		96,025		1,269,446
Davis New York Venture Fund		27,974		1,148,060
Harbor Capital Appreciation Fund		31,210		1,915,383
T Rowe Price Growth Stock Fund		34,171		1,908,424
Vanguard Equity Income Fund		18,888		1,263,614
Vanguard Institutional Index Fund		29,717		5,475,678

Total Large-Cap Funds				16,591,937

Mid-Cap Funds — 12.6%
BMO Mid-Cap Growth Fund (2)		64,414		1,569,758
BMO Mid-Cap Value Fund (2)		93,399		1,646,624
Vanguard Mid-Cap Index Fund		49,686		1,647,104

Total Mid-Cap Funds				4,863,486

Small-Cap Funds — 7.0%
BMO Micro-Cap Fund (1)(2)		33,119		381,526
BMO Small-Cap Growth Fund (2)		50,471		1,148,207
Goldman Sachs Small Cap Value Fund		19,562		1,150,218

Total Small-Cap Funds				2,679,951

International Funds — 26.8%
BMO LGM Emerging Markets Equity Fund (2)		135,567		1,942,676
BMO LGM Frontier Markets Equity Fund (1)(2)		40,321		421,760
BMO Pyrford International Stock Fund (2)		180,042		2,365,758
DFA International Small Company Portfolio		22,963		456,968
Dodge & Cox International Stock Fund		55,242		2,595,805
Harbor International Fund		35,017		2,517,692

Total International Funds				10,300,659

Fixed Income Funds — 5.2%
BMO Monegy High Yield Fund (2)		7,303		76,240
BMO TCH Core Plus Bond Fund (2)		73,604		878,830

(See Notes which are an integral part of the Financial Statements)

August 31, 2014


Schedules of Investments

2050 Fund (continued)


Description	Shares		Value
Mutual Funds (continued)

Fixed Income Funds (continued)
Federated Institutional High-Yield Bond Fund		7,380	$	76,240
Fidelity Advisor Floating Rate High Income Fund		15,355		152,479
PIMCO Total Return Fund		34,749		381,891
PIMCO Unconstrained Bond Fund		16,823		190,433
TCW Emerging Markets Income Fund		8,713		75,973
Vanguard Short-Term Inflation-Protected Securities Index Fund		6,097		152,494

Total Fixed Income Funds				1,984,580

Alternative Funds — 3.3%
Credit Suisse Commodity Return Strategy Fund (1)		115,833		842,107
Vanguard REIT Index Fund		24,929		421,800

Total Alternative Funds				1,263,907

Total Mutual Funds (identified cost $27,911,453)				37,684,520

Short-Term Investments — 1.6%

Mutual Funds — 1.6%
BMO Prime Money Market Fund, Class I, 0.010% (2)		607,458		607,458

Total Short-Term Investments (identified cost $607,458)				607,458

Total Investments — 99.7% (identified cost $28,518,911)				38,291,978
Other Assets and Liabilities — 0.3%				118,093

Total Net Assets — 100.0%			$	38,410,071

2055 Fund


Description	Shares		Value
Mutual Funds — 96.5%

Large-Cap Funds — 42.9%
BMO Dividend Income Fund (2)		1,789	$	25,622
BMO Large-Cap Value Fund (2)		2,780		47,421
BMO Low Volatility Equity Fund (2)		1,942		25,676
Davis New York Venture Fund		563		23,091
Harbor Capital Appreciation Fund		627		38,452
T Rowe Price Growth Stock Fund		687		38,394
Vanguard Equity Income Fund		382		25,558
Vanguard Institutional Index Fund		600		110,484

Total Large-Cap Funds				334,698

Mid-Cap Funds — 12.6%
BMO Mid-Cap Growth Fund (2)		1,358		33,088
BMO Mid-Cap Value Fund (2)		1,801		31,756
Vanguard Mid-Cap Index Fund		1,005		33,314

Total Mid-Cap Funds				98,158

Small-Cap Funds — 6.9%
BMO Micro-Cap Fund (1)(2)		670		7,717
BMO Small-Cap Growth Fund (2)		1,016		23,121
Goldman Sachs Small Cap Value Fund		394		23,175

Total Small-Cap Funds				54,013

International Funds — 26.6%
BMO LGM Emerging Markets Equity Fund (2)		2,748		39,375
BMO LGM Frontier Markets Equity Fund (1)(2)		808		8,449


Description	Shares		Value
Mutual Funds (continued)

International Funds (continued)
BMO Pyrford International Stock Fund (2)		3,632	$	47,730
DFA International Small Company Portfolio		464		9,243
Dodge & Cox International Stock Fund		1,115		52,395
Harbor International Fund		705		50,661

Total International Funds				207,853

Fixed Income Funds — 4.2%
BMO Monegy High Yield Fund (2)		148		1,542
BMO TCH Core Plus Bond Fund (2)		1,101		13,140
Federated Institutional High-Yield Bond Fund		149		1,542
Fidelity Advisor Floating Rate High Income Fund		311		3,084
PIMCO Total Return Fund		562		6,180
PIMCO Unconstrained Bond Fund		204		2,311
TCW Emerging Markets Income Fund		176		1,537
Vanguard Short-Term Inflation-Protected Securities Index Fund		123		3,084

Total Fixed Income Funds				32,420

Alternative Funds — 3.3%
Credit Suisse Commodity Return Strategy Fund (1)		2,343		17,033
Vanguard REIT Index Fund		504		8,531

Total Alternative Funds				25,564

Total Mutual Funds (identified cost $724,879)				752,706

Short-Term Investments — 2.5%

Mutual Funds — 2.5%
BMO Prime Money Market Fund, Class I, 0.010% (2)		19,730		19,730

Total Short-Term Investments (identified cost $19,730)				19,730

Total Investments — 99.0% (identified cost $744,609)				772,436
Other Assets and Liabilities — 1.0%				7,617

Total Net Assets — 100.0%			$	780,053

Diversified Income Fund


Description	Shares		Value
Mutual Funds — 97.1%

Large-Cap Funds — 11.9%
BMO Dividend Income Fund (2)		87,116	$	1,247,502
BMO Large-Cap Growth Fund (2)		97,414		1,759,302
BMO Large-Cap Value Fund (2)		94,034		1,604,220
BMO Low Volatility Equity Fund (2)		80,766		1,067,725
Davis New York Venture Fund		26,017		1,067,736
Dodge & Cox Stock Fund		10,482		1,913,345
Harbor Capital Appreciation Fund		23,039		1,413,909
T Rowe Price Growth Stock Fund		28,343		1,582,969
Vanguard Equity Income Fund		18,581		1,243,039
Vanguard Institutional Index Fund		32,638		6,013,879

Total Large-Cap Funds				18,913,626

Mid-Cap Funds — 2.8%
BMO Mid-Cap Growth Fund (2)		57,987		1,413,145
BMO Mid-Cap Value Fund (2)		91,612		1,615,116
Vanguard Mid-Cap Index Fund		42,888		1,421,729

Total Mid-Cap Funds				4,449,990

(See Notes which are an integral part of the Financial Statements)


		BMO Funds

Diversified Income Fund (continued)


Description	Shares		Value
Mutual Funds (continued)

Small-Cap Funds — 1.8%
BMO Small-Cap Growth Fund (2)		68,323	$	1,554,352
Goldman Sachs Small Cap Value Fund		21,595		1,269,771

Total Small-Cap Funds				2,824,123

International Funds — 5.5%
BMO LGM Emerging Markets Equity Fund (2)		114,702		1,643,674
BMO Pyrford International Stock Fund (2)		167,593		2,202,175
Dodge & Cox International Stock Fund		52,983		2,489,687
Harbor International Fund		34,121		2,453,264

Total International Funds				8,788,800

Fixed Income Funds — 71.6%
BMO Monegy High Yield Fund (2)		408,669		4,266,506
BMO Short-Term Income Fund (2)		335,500		3,160,408
BMO TCH Core Plus Bond Fund (2)		4,702,549		56,148,438
Fidelity Advisor Floating Rate High Income Fund		606,156		6,019,127
PIMCO Total Return Fund		2,367,449		26,018,266
PIMCO Unconstrained Bond Fund		1,604,709		18,165,302

Total Fixed Income Funds				113,778,047

Alternative Funds — 3.5%
Credit Suisse Commodity Return Strategy Fund (1)		434,650		3,159,906
Vanguard REIT Index Fund		139,859		2,366,407

Total Alternative Funds				5,526,313

Total Mutual Funds (identified cost $136,826,427)				154,280,899

Short-Term Investments — 2.6%

Mutual Funds — 2.6%
BMO Prime Money Market Fund, Class I, 0.010% (2)		4,098,825		4,098,825

Total Short-Term Investments (identified cost $4,098,825)				4,098,825

Total Investments — 99.7% (identified cost $140,925,252)				158,379,724
Other Assets and Liabilities — 0.3%				423,403

Total Net Assets — 100.0%			$	158,803,127

Moderate Balanced Fund


Description	Shares		Value
Mutual Funds — 94.8%

Large-Cap Funds — 23.0%
BMO Dividend Income Fund (2)		166,717	$	2,387,381
BMO Large-Cap Growth Fund (2)		192,664		3,479,517
BMO Large-Cap Value Fund (2)		180,243		3,074,940
BMO Low Volatility Equity Fund (2)		153,605		2,030,655
Davis New York Venture Fund		49,150		2,017,118
Dodge & Cox Stock Fund		20,180		3,683,395
Harbor Capital Appreciation Fund		45,132		2,769,733
T Rowe Price Growth Stock Fund		55,174		3,081,481
Vanguard Equity Income Fund		35,074		2,346,443
Vanguard Institutional Index Fund		62,387		11,495,406

Total Large-Cap Funds				36,366,069


Description	Shares		Value
Mutual Funds (continued)

Mid-Cap Funds — 5.4%
BMO Mid-Cap Growth Fund (2)		111,877	$	2,726,446
BMO Mid-Cap Value Fund (2)		177,466		3,128,734
Vanguard Mid-Cap Index Fund		82,573		2,737,292

Total Mid-Cap Funds				8,592,472

Small-Cap Funds — 3.4%
BMO Small-Cap Growth Fund (2)		128,207		2,916,706
Goldman Sachs Small Cap Value Fund		41,052		2,413,871

Total Small-Cap Funds				5,330,577

International Funds — 10.6%
BMO LGM Emerging Markets Equity Fund (2)		218,629		3,132,954
BMO Pyrford International Stock Fund (2)		319,425		4,197,241
Dodge & Cox International Stock Fund		100,861		4,739,439
Harbor International Fund		65,256		4,691,896

Total International Funds				16,761,530

Fixed Income Funds — 48.9%
BMO Monegy High Yield Fund (2)		372,657		3,890,538
BMO TCH Core Plus Bond Fund (2)		3,275,050		39,104,096
Fidelity Advisor Floating Rate High Income Fund		388,568		3,858,484
PIMCO Total Return Fund		1,679,155		18,453,919
PIMCO Unconstrained Bond Fund		1,068,578		12,096,302

Total Fixed Income Funds				77,403,339

Alternative Funds — 3.5%
Credit Suisse Commodity Return Strategy Fund (1)		470,840		3,423,005
Vanguard REIT Index Fund		124,505		2,106,632

Total Alternative Funds				5,529,637

Total Mutual Funds (identified cost $123,477,709)				149,983,624

Short-Term Investments — 3.1%

Mutual Funds — 3.1%
BMO Prime Money Market Fund, Class I, 0.010% (2)		4,993,805		4,993,805

Total Short-Term Investments (identified cost $4,993,805)				4,993,805

Total Investments — 97.9% (identified cost $128,471,514)				154,977,429
Other Assets and Liabilities — 2.1%				3,257,127

Total Net Assets — 100.0%			$	158,234,556

Growth Balanced Fund


Description	Shares		Value
Mutual Funds — 98.5%

Large-Cap Funds — 34.6%
BMO Dividend Income Fund (2)		938,931	$	13,445,494
BMO Large-Cap Growth Fund (2)		1,065,253		19,238,467
BMO Large-Cap Value Fund (2)		1,017,428		17,357,314
BMO Low Volatility Equity Fund (2)		872,676		11,536,771
Davis New York Venture Fund		278,986		11,449,583
Dodge & Cox Stock Fund		113,797		20,771,368
Harbor Capital Appreciation Fund		251,220		15,417,392
T Rowe Price Growth Stock Fund		308,639		17,237,483
Vanguard Equity Income Fund		200,369		13,404,699

(See Notes which are an integral part of the Financial Statements)

August 31, 2014


Schedules of Investments

Growth Balanced Fund (continued)


Description	Shares		Value
Mutual Funds (continued)

Large-Cap Funds (continued)
Vanguard Institutional Index Fund		354,074	$	65,241,660

Total Large-Cap Funds				205,100,231

Mid-Cap Funds — 8.1%
BMO Mid-Cap Growth Fund (2)		616,788		15,031,135
BMO Mid-Cap Value Fund (2)		1,002,542		17,674,818
Vanguard Mid-Cap Index Fund		463,923		15,379,059

Total Mid-Cap Funds				48,085,012

Small-Cap Funds — 5.1%
BMO Small-Cap Growth Fund (2)		740,190		16,839,318
Goldman Sachs Small Cap Value Fund		235,708		13,859,649

Total Small-Cap Funds				30,698,967

International Funds — 16.1%
BMO LGM Emerging Markets Equity Fund (2)		1,254,090		17,971,113
BMO Pyrford International Stock Fund (2)		1,826,450		23,999,553
Dodge & Cox International Stock Fund		570,571		26,811,146
Harbor International Fund		372,079		26,752,446

Total International Funds				95,534,258

Fixed Income Funds — 30.4%
BMO Monegy High Yield Fund (2)		682,744		7,127,846
BMO TCH Core Plus Bond Fund (2)		7,880,309		94,090,892
Fidelity Advisor Floating Rate High Income Fund		593,242		5,890,890
PIMCO Total Return Fund		3,961,321		43,534,918
PIMCO Unconstrained Bond Fund		2,608,330		29,526,293

Total Fixed Income Funds				180,170,839

Alternative Funds — 4.2%
Credit Suisse Commodity Return Strategy Fund (1)		1,953,892		14,204,792
Vanguard REIT Index Fund		632,695		10,705,203

Total Alternative Funds				24,909,995

Total Mutual Funds (identified cost $428,970,093)				584,499,302

Short-Term Investments — 1.4%

Mutual Funds — 1.4%
BMO Prime Money Market Fund, Class I, 0.010% (2)		8,145,234		8,145,234

Total Short-Term Investments (identified cost $8,145,234)				8,145,234

Total Investments — 99.9% (identified cost $437,115,327)				592,644,536
Other Assets and Liabilities — 0.1%				467,407

Total Net Assets — 100.0%			$	593,111,943

Aggressive Allocation Fund


Description	Shares		Value
Mutual Funds — 98.9%

Large-Cap Funds — 45.8%
BMO Dividend Income Fund (2)		321,787	$	4,607,989
BMO Large-Cap Growth Fund (2)		363,836		6,570,875
BMO Large-Cap Value Fund (2)		346,504		5,911,360


Description	Shares		Value
Mutual Funds (continued)

Large-Cap Funds (continued)
BMO Low Volatility Equity Fund (2)		298,578	$	3,947,196
Davis New York Venture Fund		95,880		3,934,895
Dodge & Cox Stock Fund		38,753		7,073,646
Harbor Capital Appreciation Fund		85,324		5,236,351
T Rowe Price Growth Stock Fund		105,274		5,879,547
Vanguard Equity Income Fund		68,641		4,592,085
Vanguard Institutional Index Fund		120,903		22,277,511

Total Large-Cap Funds				70,031,455

Mid-Cap Funds — 10.8%
BMO Mid-Cap Growth Fund (2)		215,002		5,239,598
BMO Mid-Cap Value Fund (2)		342,905		6,045,422
Vanguard Mid-Cap Index Fund		158,412		5,251,344

Total Mid-Cap Funds				16,536,364

Small-Cap Funds — 6.9%
BMO Small-Cap Growth Fund (2)		253,710		5,771,901
Goldman Sachs Small Cap Value Fund		80,359		4,725,084

Total Small-Cap Funds				10,496,985

International Funds — 21.3%
BMO LGM Emerging Markets Equity Fund (2)		427,549		6,126,777
BMO Pyrford International Stock Fund (2)		626,110		8,227,080
Dodge & Cox International Stock Fund		194,271		9,128,776
Harbor International Fund		127,079		9,136,990

Total International Funds				32,619,623

Fixed Income Funds — 9.6%
BMO Monegy High Yield Fund (2)		58,040		605,936
BMO TCH Core Plus Bond Fund (2)		670,164		8,001,758
Fidelity Advisor Floating Rate High Income Fund		38,304		380,356
PIMCO Total Return Fund		335,215		3,684,012
PIMCO Unconstrained Bond Fund		173,919		1,968,767

Total Fixed Income Funds				14,640,829

Alternative Funds — 4.5%
Credit Suisse Commodity Return Strategy Fund (1)		545,510		3,965,861
Vanguard REIT Index Fund		171,669		2,904,641

Total Alternative Funds				6,870,502

Total Mutual Funds (identified cost $104,178,511)				151,195,758

Short-Term Investments — 1.1%

Mutual Funds — 1.1%
BMO Prime Money Market Fund, Class I, 0.010% (2)		1,645,381		1,645,381

Total Short-Term Investments (identified cost $1,645,381)				1,645,381

Total Investments — 100.0% (identified cost $105,823,892)				152,841,139
Other Assets and Liabilities — 0.0%				(10,811	)

Total Net Assets — 100.0%			$	152,830,328

(See Notes which are an integral part of the Financial Statements)


		BMO Funds

Diversified Stock Fund


Description	Shares		Value
Mutual Funds — 98.9%

Large-Cap Funds — 53.4%
BMO Dividend Income Fund (2)		440,191	$	6,303,538
BMO Large-Cap Growth Fund (2)		503,997		9,102,184
BMO Large-Cap Value Fund (2)		476,213		8,124,197
BMO Low Volatility Equity Fund (2)		409,786		5,417,377
Davis New York Venture Fund		130,770		5,366,791
Dodge & Cox Stock Fund		53,121		9,696,137
Harbor Capital Appreciation Fund		116,763		7,165,731
T Rowe Price Growth Stock Fund		143,818		8,032,250
Vanguard Equity Income Fund		94,029		6,290,517
Vanguard Institutional Index Fund		165,515		30,497,749

Total Large-Cap Funds				95,996,471

Mid-Cap Funds — 12.6%
BMO Mid-Cap Growth Fund (2)		293,906		7,162,487
BMO Mid-Cap Value Fund (2)		469,830		8,283,108
Vanguard Mid-Cap Index Fund		217,110		7,197,195

Total Mid-Cap Funds				22,642,790

Small-Cap Funds — 8.0%
BMO Small-Cap Growth Fund (2)		349,163		7,943,454
Goldman Sachs Small Cap Value Fund		110,332		6,487,515

Total Small-Cap Funds				14,430,969

International Funds — 24.9%
BMO LGM Emerging Markets Equity Fund (2)		581,539		8,333,450
BMO Pyrford International Stock Fund (2)		857,447		11,266,855
Dodge & Cox International Stock Fund		267,943		12,590,622
Harbor International Fund		173,796		12,495,916

Total International Funds				44,686,843

Total Mutual Funds (identified cost $109,557,080)				177,757,073

Short-Term Investments — 1.1%

Mutual Funds — 1.1%
BMO Prime Money Market Fund, Class I, 0.010% (2)		1,860,257		1,860,257

Total Short-Term Investments (identified cost $1,860,257)				1,860,257

Total Investments — 100.0% (identified cost $111,417,337)				179,617,330
Other Assets and Liabilities — 0.0%				72,969

Total Net Assets — 100.0%			$	179,690,299

Aggressive Stock Fund


Description	Shares		Value
Mutual Funds — 98.8%

Large-Cap Funds — 31.0%
BMO Dividend Income Fund (2)		132,554	$	1,898,177
BMO Large-Cap Growth Fund (2)		157,699		2,848,051
BMO Large-Cap Value Fund (2)		167,109		2,850,887
BMO Low Volatility Equity Fund (2)		215,828		2,853,253
Davis New York Venture Fund		45,855		1,881,871
Dodge & Cox Stock Fund		20,678		3,774,415
Harbor Capital Appreciation Fund		30,638		1,880,230
T Rowe Price Growth Stock Fund		67,231		3,754,825
Vanguard Equity Income Fund		28,303		1,893,495
Vanguard Institutional Index Fund		30,754		5,666,819

Total Large-Cap Funds				29,302,023

Mid-Cap Funds — 18.0%
BMO Mid-Cap Growth Fund (2)		231,596		5,643,985
BMO Mid-Cap Value Fund (2)		322,225		5,680,830
Vanguard Mid-Cap Index Fund		171,419		5,682,524

Total Mid-Cap Funds				17,007,339

Small-Cap Funds — 19.9%
BMO Small-Cap Growth Fund (2)		414,126		9,421,370
BMO Small-Cap Value Fund (2)		389,497		5,647,713
Goldman Sachs Small Cap Value Fund		64,239		3,777,249

Total Small-Cap Funds				18,846,332

International Funds — 29.9%
BMO LGM Emerging Markets Equity Fund (2)		395,157		5,662,606
BMO Pyrford International Stock Fund (2)		429,704		5,646,314
DFA International Small Company Portfolio		94,622		1,882,978
Dodge & Cox International Stock Fund		160,353		7,534,981
Harbor International Fund		104,402		7,506,524

Total International Funds				28,233,403

Total Mutual Funds (identified cost $61,049,475)				93,389,097

Short-Term Investments — 1.0%

Mutual Funds — 1.0%
BMO Prime Money Market Fund, Class I, 0.010% (2)		920,586		920,586

Total Short-Term Investments (identified cost $920,586)				920,586

Total Investments — 99.8% (identified cost $61,970,061)				94,309,683
Other Assets and Liabilities — 0.2%				204,631

Total Net Assets — 100.0%			$	94,514,314


Notes to Schedules of Investments

The categories of investments are shown as a percentage of total net assets for each Fund as of August 31, 2014.

*	Portfolio composition will change due to ongoing management of the Fund. The percentages are based on net assets at the close of business on August 31, 2014 and may not necessarily reflect adjustments that are routinely made when presenting net assets for formal financial statement purposes.

(1)	Non-income producing.

(2)	Denotes an investment in an affiliated entity. Please refer to Note 5, subsection Investments in Affiliated Issuers, in the Notes to Financial Statements.

(See Notes which are an integral part of the Financial Statements)

August 31, 2014


Statements of Assets and Liabilities		BMO Funds



	2010 Fund		2015 Fund (1)		2020 Fund		2025 Fund (1)		2030 Fund
Assets:
Investments in unaffiliated issuers, at value	$	18,273,428	$	338,723	$	66,046,896	$	938,363	$	62,294,712
Cash sweep investments in affiliated issuers, at value		464,442		18,590		1,261,578		33,092		948,046
Investments in other affiliated issuers, at value		13,661,973		256,010		50,351,139		676,579		43,982,098
Dividends and interest receivable		44,575		613		99,263		919		48,160
Receivable for capital stock sold		20,445		254		169,983		8,860		225,613
Receivable from affiliates, net (Note 5)		14,214		—		3,302		—		—
Prepaid expenses		29,384		33,600		31,158		33,607		30,051

Total assets		32,508,461		647,790		117,963,319		1,691,420		107,528,680

Liabilities:
Payable for capital stock redeemed		25,044		—		15,818		—		1,860
Payable for investments purchased		—		—		92,884		—		—
Payable to affiliates, net (Note 5)		—		18,918		—		18,879		783
Other liabilities		21,379		15,508		23,999		15,527		23,157

Total liabilities		46,423		34,426		132,701		34,406		25,800

Total net assets	$	32,462,038	$	613,364	$	117,830,618	$	1,657,014	$	107,502,880


Net assets consist of:
Paid-in capital	$	25,434,610	$	598,648	$	87,957,471	$	1,597,287	$	78,275,337
Net unrealized appreciation on investments		5,663,078		11,989		26,422,971		51,406		26,661,980
Accumulated net realized gain on investments		957,707		226		2,435,791		1,821		2,092,522
Undistributed net investment income		406,643		2,501		1,014,385		6,500		473,041

Total net assets	$	32,462,038	$	613,364	$	117,830,618	$	1,657,014	$	107,502,880


Net asset value, offering price and redemption proceeds per share (unlimited shares authorized, no par value)
Investor class of shares:
Net asset value, offering price and redemption proceeds per share	$	11.05	$	10.74	$	11.34	$	10.78	$	11.61
Institutional class of shares:
Net asset value, offering price and redemption proceeds per share	$	11.07	$	10.77	$	11.36	$	10.80	$	11.63
Retirement class R-3 of shares:
Net asset value, offering price and redemption proceeds per share	$	11.03	$	10.72	$	11.33	$	10.76	$	11.59
Retirement class R-6 of shares:
Net asset value, offering price and redemption proceeds per share	$	11.08	$	10.78	$	11.38	$	10.81	$	11.64

Net assets:
Investor class of shares	$	7,120,234	$	229,506	$	32,064,399	$	288,879	$	33,058,749
Institutional class of shares		930,387		104,740		3,240,154		2,701		5,286,146
Retirement class R-3 of shares		4,283,061		104,603		23,024,489		2,691		20,328,815
Retirement class R-6 of shares		20,128,356		174,515		59,501,576		1,362,743		48,829,170

Total net assets	$	32,462,038	$	613,364	$	117,830,618	$	1,657,014	$	107,502,880


Shares outstanding:
Investor class of shares		644,186		21,373		2,826,315		26,807		2,848,089
Institutional class of shares		84,028		9,729		285,108		250		454,634
Retirement class R-3 of shares		388,146		9,756		2,032,824		250		1,754,578
Retirement class R-6 of shares		1,816,028		16,192		5,229,967		126,060		4,194,908

Total shares outstanding		2,932,388		57,050		10,374,214		153,367		9,252,209


Investments, at cost:
Investments in unaffiliated issuers	$	14,489,024	$	332,577	$	47,717,471	$	908,539	$	43,364,323
Cash sweep investments in affiliated issuers		464,442		18,590		1,261,578		33,092		948,046
Investments in other affiliated issuers		11,783,299		250,167		42,257,593		654,997		36,250,507

Total investments, at cost	$	26,736,765	$	601,334	$	91,236,642	$	1,596,628	$	80,562,876

(1)	Fund inception date is December 27, 2013.

(See Notes which are an integral part of the Financial Statements)

August 31, 2014


Statements of Assets and Liabilities		BMO Funds



	2035 Fund (1)		2040 Fund		2045 Fund (1)		2050 Fund		2055 Fund (1)
Assets:
Investments in unaffiliated issuers, at value	$	895,499	$	42,772,070	$	607,215	$	22,372,363	$	448,169
Cash sweep investments in affiliated issuers, at value		30,479		752,478		22,624		607,458		19,730
Investments in other affiliated issuers, at value		623,327		29,175,309		421,393		15,312,157		304,537
Dividends and interest receivable		389		10,020		129		4,713		77
Receivable for capital stock sold		6,720		194,195		6,003		161,137		8,310
Receivable from affiliates, net (Note 5)		—		8,106		—		10,806		—
Prepaid expenses		33,608		29,739		33,605		29,423		33,602

Total assets		1,590,022		72,941,917		1,090,969		38,498,057		814,425

Liabilities:
Payable for capital stock redeemed		—		—		—		31,712		—
Payable for investments purchased		—		38,296		1,631		34,711		—
Payable to affiliates, net (Note 5)		18,875		—		18,862		—		18,864
Other liabilities		15,527		22,874		15,516		21,563		15,508

Total liabilities		34,402		61,170		36,009		87,986		34,372

Total net assets	$	1,555,620	$	72,880,747	$	1,054,960	$	38,410,071	$	780,053


Net assets consist of:
Paid-in capital	$	1,493,804	$	50,958,629	$	1,011,722	$	27,707,230	$	750,101
Net unrealized appreciation on investments		54,210		20,173,540		38,672		9,773,067		27,827
Accumulated net realized gain on investments		2,795		1,410,318		1,473		764,849		382
Undistributed net investment income		4,811		338,260		3,093		164,925		1,743

Total net assets	$	1,555,620	$	72,880,747	$	1,054,960	$	38,410,071	$	780,053


Net asset value, offering price and redemption proceeds per share (unlimited shares authorized, no par value)
Investor class of shares:
Net asset value, offering price and redemption proceeds per share	$	10.71	$	11.75	$	10.84	$	11.76	$	10.85
Institutional class of shares:
Net asset value, offering price and redemption proceeds per share	$	10.72	$	11.77	$	10.86	$	11.78	$	10.87
Retirement class R-3 of shares:
Net asset value, offering price and redemption proceeds per share	$	10.68	$	11.72	$	10.82	$	11.74	$	10.84
Retirement class R-6 of shares:
Net asset value, offering price and redemption proceeds per share	$	10.73	$	11.78	$	10.87	$	11.80	$	10.89

Net assets:
Investor class of shares	$	347,779	$	18,089,722	$	154,390	$	11,230,756	$	142,656
Institutional class of shares		3,751		3,601,701		2,714		3,006,849		105,757
Retirement class R-3 of shares		2,671		11,429,544		2,704		6,826,112		54,164
Retirement class R-6 of shares		1,201,419		39,759,780		895,152		17,346,354		477,476

Total net assets	$	1,555,620	$	72,880,747	$	1,054,960	$	38,410,071	$	780,053


Shares outstanding:
Investor class of shares		32,485		1,540,131		14,248		954,689		13,146
Institutional class of shares		350		306,097		250		255,154		9,729
Retirement class R-3 of shares		250		974,821		250		581,242		4,998
Retirement class R-6 of shares		111,979		3,375,311		82,352		1,470,361		43,864

Total shares outstanding		145,064		6,196,360		97,100		3,261,446		71,737


Investments, at cost:
Investments in unaffiliated issuers	$	863,339	$	28,472,944	$	584,286	$	15,500,733	$	432,258
Cash sweep investments in affiliated issuers		30,479		752,478		22,624		607,458		19,730
Investments in other affiliated issuers		601,277		23,300,895		405,650		12,410,720		292,621

Total investments, at cost	$	1,495,095	$	52,526,317	$	1,012,560	$	28,518,911	$	744,609

(1)	Fund inception date is December 27, 2013.

(See Notes which are an integral part of the Financial Statements)

August 31, 2014


Statements of Assets and Liabilities		BMO Funds



	Diversified Income Fund (1)		Moderate Balanced Fund (1)		Growth Balanced Fund (1)
Assets:
Investments in unaffiliated issuers, at value	$	76,598,336	$	79,914,416	$	330,186,581
Cash sweep investments in affiliated issuers, at value		4,098,825		4,993,805		8,145,234
Investments in other affiliated issuers, at value		77,682,563		70,069,208		254,312,721
Dividends and interest receivable		268,988		190,150		444,543
Receivable for investments sold		—		—		146,002
Receivable for capital stock sold		144,874		3,134,543		266,005
Receivable from affiliates, net (Note 5)		13,190		14,532		—
Prepaid expenses		46,421		46,403		50,374

Total assets		158,853,197		158,363,057		593,551,460

Liabilities:
Payable for capital stock redeemed		25,584		104,058		376,862
Payable to affiliates, net (Note 5)		—		—		28,952
Other liabilities		24,486		24,443		33,703

Total liabilities		50,070		128,501		439,517

Total net assets	$	158,803,127	$	158,234,556	$	593,111,943


Net assets consist of:
Paid-in capital	$	140,142,317	$	130,633,107	$	433,673,750
Net unrealized appreciation on investments		17,454,472		26,505,915		155,529,209
Accumulated net realized gain on investments		320,890		379,790		1,890,264
Undistributed net investment income		885,448		715,744		2,018,720

Total net assets	$	158,803,127	$	158,234,556	$	593,111,943


Net asset value, offering price and redemption proceeds per share (unlimited shares authorized, no par value)
Investor class of shares:
Net asset value, offering price and redemption proceeds per share	$	10.14	$	10.20	$	10.26
Institutional class of shares:
Net asset value, offering price and redemption proceeds per share	$	10.15	$	10.21	$	10.26
Retirement class R-3 of shares:
Net asset value, offering price and redemption proceeds per share	$	10.14	$	10.20	$	10.25
Retirement class R-6 of shares:
Net asset value, offering price and redemption proceeds per share	$	10.15	$	10.21	$	10.27

Net assets:
Investor class of shares	$	25,931,434	$	24,928,095	$	184,859,816
Institutional class of shares		29,082,057		17,704,102		79,583,792
Retirement class R-3 of shares		11,582,925		19,949,080		44,646,746
Retirement class R-6 of shares		92,206,711		95,653,279		284,021,589

Total net assets	$	158,803,127	$	158,234,556	$	593,111,943


Shares outstanding:
Investor class of shares		2,556,563		2,443,263		18,022,649
Institutional class of shares		2,865,399		1,734,093		7,753,993
Retirement class R-3 of shares		1,142,678		1,956,432		4,355,531
Retirement class R-6 of shares		9,081,516		9,365,627		27,662,344

Total shares outstanding		15,646,156		15,499,415		57,794,517


Investments, at cost:
Investments in unaffiliated issuers	$	66,845,641	$	62,999,103	$	224,587,702
Cash sweep investments in affiliated issuers		4,098,825		4,993,805		8,145,234
Investments in other affiliated issuers		69,980,786		60,478,606		204,382,391

Total investments, at cost	$	140,925,252	$	128,471,514	$	437,115,327

(1)	Fund inception date is May 30, 2014.

(See Notes which are an integral part of the Financial Statements)

August 31, 2014


Statements of Assets and Liabilities		BMO Funds



	Aggressive Allocation Fund (1)		Diversified Stock Fund (1)		Aggressive Stock Fund (1)
Assets:
Investments in unaffiliated issuers, at value	$	90,139,866	$	105,820,423	$	45,235,911
Cash sweep investments in affiliated issuers, at value		1,645,381		1,860,257		920,586
Investments in other affiliated issuers, at value		61,055,892		71,936,650		48,153,186
Dividends and interest receivable		39,118		15		15
Receivable for capital stock sold		289,967		210,843		165,466
Receivable from affiliates, net (Note 5)		818		—		16,478
Prepaid expenses		46,379		46,599		45,842

Total assets		153,217,421		179,874,787		94,537,484

Liabilities:
Payable for capital stock redeemed		13,084		155,703		—
Payable for investments purchased		349,655		—		—
Payable to affiliates, net (Note 5)		—		3,739		—
Other liabilities		24,354		25,046		23,170

Total liabilities		387,093		184,488		23,170

Total net assets	$	152,830,328	$	179,690,299	$	94,514,314


Net assets consist of:
Paid-in capital	$	105,079,488	$	110,633,878	$	61,922,589
Net unrealized appreciation on investments		47,017,247		68,199,993		32,339,622
Accumulated net realized gain on investments		386,904		564,548		149,845
Undistributed net investment income		346,689		291,880		102,258

Total net assets	$	152,830,328	$	179,690,299	$	94,514,314


Net asset value, offering price and redemption proceeds per share (unlimited shares authorized, no par value)
Investor class of shares:
Net asset value, offering price and redemption proceeds per share	$	10.31	$	10.36	$	10.32
Institutional class of shares:
Net asset value, offering price and redemption proceeds per share	$	10.32	$	10.37	$	10.33
Retirement class R-3 of shares:
Net asset value, offering price and redemption proceeds per share	$	10.30	$	10.35	$	10.31
Retirement class R-6 of shares:
Net asset value, offering price and redemption proceeds per share	$	10.32	$	10.37	$	10.33

Net assets:
Investor class of shares	$	46,520,208	$	63,049,040	$	34,901,687
Institutional class of shares		18,597,795		27,401,178		6,181,687
Retirement class R-3 of shares		31,065,651		16,199,554		12,987,059
Retirement class R-6 of shares		56,646,674		73,040,527		40,443,881

Total net assets	$	152,830,328	$	179,690,299	$	94,514,314


Shares outstanding:
Investor class of shares		4,512,074		6,085,590		3,381,449
Institutional class of shares		1,802,664		2,643,150		598,549
Retirement class R-3 of shares		3,014,968		1,564,601		1,259,069
Retirement class R-6 of shares		5,488,688		7,042,897		3,914,544

Total shares outstanding		14,818,394		17,336,238		9,153,611


Investments, at cost:
Investments in unaffiliated issuers	$	57,230,142	$	57,592,397	$	26,822,622
Cash sweep investments in affiliated issuers		1,645,381		1,860,257		920,586
Investments in other affiliated issuers		46,948,369		51,964,683		34,226,853

Total investments, at cost	$	105,823,892	$	111,417,337	$	61,970,061

(1)	Fund inception date is May 30, 2014.

(See Notes which are an integral part of the Financial Statements)

Year Ended August 31, 2014


Statements of Operations		BMO Funds



	2010 Fund			2015 Fund (1)			2020 Fund			2025 Fund (1)			2030 Fund
Investment income:
Dividend income from:
Unaffiliated issuers	$	393,709		$	1,342		$	1,124,923		$	2,782		$	879,545
Affiliated issuers		331,552			1,418			951,531			3,567			671,658
Interest income		8,060			7			30,732			27			31,036
Excess expense reimbursement from investment adviser (Note 5)		14,377			52			37,600			309			11,669

Total income		747,698			2,819			2,144,786			6,685			1,593,908

Expenses:
Shareholder servicing fees (Note 5)		16,165			94			75,218			119			75,480
Administration fees (Note 5)		18,223			136			81,839			76			83,437
Portfolio accounting fees		51,581			28,154			74,203			28,224			70,110
Recordkeeping fees		47,006			32,670			48,919			32,719			48,184
Custodian fees (Note 5)		1,546			7			5,115			22			4,469
Registration fees		76,604			36,015			76,604			36,015			76,604
Professional fees		17,082			14,600			17,083			14,600			17,082
Printing and postage		8,271			1,343			8,296			1,343			8,292
Directors’ fees		13,128			6,855			13,128			6,855			13,128
Distribution services fees (Note 5)		24,283			135			107,943			9			101,307
Miscellaneous		8,796			806			9,516			803			8,880

Total expenses		282,685			120,814			517,864			120,786			506,973

Deduct:
Expense waivers (Note 5)		(232,507	)		(120,512	)		(291,012	)		(120,618	)		(263,366	)

Net expenses		50,178			302			226,852			168			243,607

Net investment income		697,520			2,517			1,917,934			6,517			1,350,301

Net realized and unrealized gain on investments:
Net realized gain (loss) on investment transactions from:
Unaffiliated issuers		524,009			(85	)		1,040,772			2			421,115
Affiliated issuers		128,922			(115	)		169,534			(18	)		8,088
Net realized gain on capital gains distributions from:
Unaffiliated issuers		167,911			407			698,017			1,816			805,822
Affiliated issuers		312,483			—			1,488,088			—			1,653,607

Total net realized gain		1,133,325			207			3,396,411			1,800			2,888,632
Net change in unrealized appreciation on investments in:
Unaffiliated issuers		64,304			6,146			2,017,617			29,824			3,384,033
Affiliated issuers		1,878,674			5,843			8,093,546			21,582			7,731,591

Total net change in unrealized appreciation		1,942,978			11,989			10,111,163			51,406			11,115,624

Net realized and unrealized gain on investments		3,076,303			12,196			13,507,574			53,206			14,004,256

Change in net assets resulting from operations	$	3,773,823		$	14,713		$	15,425,508		$	59,723		$	15,354,557

(1)	Reflects operations for the period from December 27, 2013 (inception date) to August 31, 2014.

(See Notes which are an integral part of the Financial Statements)

Year Ended August 31, 2014


Statements of Operations		BMO Funds



	2035 Fund (1)			2040 Fund			2045 Fund (1)			2050 Fund			2055 Fund (1)
Investment income:
Dividend income from:
Unaffiliated issuers	$	2,024		$	565,852		$	1,315		$	284,837		$	857
Affiliated issuers		2,903			409,403			1,751			207,529			1,048
Interest income		27			22,167			18			10,704			12
Excess expense reimbursement from investment adviser (Note 5)		131			13,102			129			5,268			59

Total income		5,085			1,010,524			3,213			508,338			1,976

Expenses:
Shareholder servicing fees (Note 5)		187			45,590			90			26,622			94
Administration fees (Note 5)		118			48,803			59			29,850			117
Portfolio accounting fees		28,231			61,358			28,185			51,674			28,149
Recordkeeping fees		32,802			48,925			32,795			48,084			32,740
Custodian fees (Note 5)		23			3,093			17			1,568			11
Registration fees		36,015			76,604			36,015			76,604			36,015
Professional fees		14,600			17,082			14,600			17,083			14,600
Printing and postage		1,343			8,294			1,343			8,290			1,343
Directors’ fees		6,855			13,128			6,855			13,128			6,855
Distribution services fees (Note 5)		8			55,896			9			32,314			72
Miscellaneous		803			8,931			804			8,917			810

Total expenses		120,985			387,704			120,772			314,134			120,806

Deduct:
Expense waivers (Note 5)		(120,695	)		(250,347	)		(120,628	)		(233,216	)		(120,553	)

Net expenses		290			137,357			144			80,918			253

Net investment income		4,795			873,167			3,069			427,420			1,723

Net realized and unrealized gain on investments:
Net realized gain (loss) on investment transactions from:
Unaffiliated issuers		639			209,378			(313	)		115,579			(53	)
Affiliated issuers		(181	)		31,021			(277	)		742			(913	)
Net realized gain on capital gains distributions from:
Unaffiliated issuers		2,345			613,120			2,081			314,203			1,361
Affiliated issuers		—			1,267,971			—			631,682			—

Total net realized gain		2,803			2,121,490			1,491			1,062,206			395
Net change in unrealized appreciation on investments in:
Unaffiliated issuers		32,160			2,643,371			22,929			1,457,751			15,911
Affiliated issuers		22,050			5,874,414			15,743			2,901,437			11,916

Total net change in unrealized appreciation		54,210			8,517,785			38,672			4,359,188			27,827

Net realized and unrealized gain on investments		57,013			10,639,275			40,163			5,421,394			28,222

Change in net assets resulting from operations	$	61,808		$	11,512,442		$	43,232		$	5,848,814		$	29,945

(1)	Reflects operations for the period from December 27, 2013 (inception date) to August 31, 2014.

(See Notes which are an integral part of the Financial Statements)

Year Ended August 31, 2014


Statements of Operations		BMO Funds



	Diversified Income Fund (1)			Moderate Balanced Fund (1)			Growth Balanced Fund (1)
Investment income:
Dividend income from:
Unaffiliated issuers	$	379,588		$	336,386		$	1,096,889
Affiliated issuers		519,494			386,956			1,028,682
Interest income		9,730			11,346			47,395
Excess expense reimbursement from investment adviser (Note 5)		15,822			23,234			49,587

Total income		924,634			757,922			2,222,553

Expenses:
Shareholder servicing fees (Note 5)		16,469			16,000			115,597
Administration fees (Note 5)		25,117			23,460			115,522
Portfolio accounting fees		22,339			22,196			49,112
Recordkeeping fees		18,000			18,000			18,000
Custodian fees (Note 5)		1,788			1,767			6,719
Registration fees		14,427			14,427			14,427
Professional fees		14,600			14,600			14,600
Printing and postage		3,306			3,306			3,306
Directors’ fees		2,574			2,574			2,574
Distribution services fees (Note 5)		14,354			24,482			55,486
Miscellaneous		881			1,096			1,767

Total expenses		133,855			141,908			397,110

Deduct:
Expense waivers (Note 5)		(89,637	)		(93,603	)		(164,416	)

Net expenses		44,218			48,305			232,694

Net investment income		880,416			709,617			1,989,859

Net realized and unrealized gain on investments:
Net realized gain on investment transactions from:
Unaffiliated issuers		218,341			214,968			859,332
Affiliated issuers		20,635			8,190			177,708
Net realized gain on capital gains distributions from:
Unaffiliated issuers		77,364			153,060			842,919

Total net realized gain		316,340			376,218			1,879,959
Net change in unrealized appreciation (depreciation) on investments in:
Unaffiliated issuers		(6,576,357	)		(7,457,166	)		(38,578,480	)
Affiliated issuers		7,701,777			9,590,602			49,930,330

Total net change in unrealized appreciation		1,125,420			2,133,436			11,351,850

Net realized and unrealized gain on investments		1,441,760			2,509,654			13,231,809

Change in net assets resulting from operations	$	2,322,176		$	3,219,271		$	15,221,668

(1)	Reflects operations for the period from May 30, 2014 (inception date) to August 31, 2014.

(See Notes which are an integral part of the Financial Statements)

Year Ended August 31, 2014


Statements of Operations		BMO Funds



	Aggressive Allocation Fund (1)			Diversified Stock Fund (1)			Aggressive Stock Fund (1)
Investment income:
Dividend income from:
Unaffiliated issuers	$	228,709		$	236,345		$	70,906
Affiliated issuers		146,114			94,672			31,409
Interest income		11,577			13,789			6,721
Excess expense reimbursement from investment adviser (Note 5)		13,982			7,213			19,598

Total income		400,382			352,019			128,634

Expenses:
Shareholder servicing fees (Note 5)		29,373			38,790			21,314
Administration fees (Note 5)		36,020			39,468			20,014
Portfolio accounting fees		21,933			23,839			17,533
Recordkeeping fees		18,000			18,000			18,000
Custodian fees (Note 5)		1,727			2,015			1,060
Registration fees		14,427			14,427			14,428
Professional fees		14,600			14,600			14,600
Printing and postage		3,306			3,306			3,306
Directors’ fees		2,574			2,574			2,574
Distribution services fees (Note 5)		38,653			20,293			16,300
Miscellaneous		1,399			1,019			574

Total expenses		182,012			178,331			129,703

Deduct:
Expense waivers (Note 5)		(101,979	)		(90,307	)		(96,806	)

Net expenses		80,033			88,024			32,897

Net investment income		320,349			263,995			95,737

Net realized and unrealized gain on investments:
Net realized gain (loss) on investment transactions from:
Unaffiliated issuers		88,412			176,310			70,431
Affiliated issuers		10,387			(3,562	)		(58,864	)
Net realized gain on capital gains distributions from:
Unaffiliated issuers		289,542			396,622			139,980

Total net realized gain		388,341			569,370			151,547
Net change in unrealized appreciation (depreciation) on investments in:
Unaffiliated issuers		(10,166,158	)		(14,472,725	)		(11,209,888	)
Affiliated issuers		14,107,523			19,971,967			13,926,333

Total net change in unrealized appreciation		3,941,365			5,499,242			2,716,445

Net realized and unrealized gain on investments		4,329,706			6,068,612			2,867,992

Change in net assets resulting from operations	$	4,650,055		$	6,332,607		$	2,963,729

(1)	Reflects operations for the period from May 30, 2014 (inception date) to August 31, 2014.

(See Notes which are an integral part of the Financial Statements)


Statements of Changes in Net Assets		BMO Funds



	2010 Fund			2015 Fund			2020 Fund			2025 Fund			2030 Fund
	Year Ended August 31, 2014			Period Ended August 31, 2014 (1)			Year Ended August 31, 2014			Period Ended August 31, 2014 (1)			Year Ended August 31, 2014
Change in net assets resulting from:

Operations:
Net investment income	$	697,520		$	2,517		$	1,917,934		$	6,517		$	1,350,301
Net realized gain on investments		1,133,325			207			3,396,411			1,800			2,888,632
Net change in unrealized appreciation on investments		1,942,978			11,989			10,111,163			51,406			11,115,624

Change in net assets resulting from operations		3,773,823			14,713			15,425,508			59,723			15,354,557

Distributions to shareholders:
Distributions to shareholders from net investment income:
Investor class of shares		(77,482	)		—			(421,092	)		—			(493,309	)
Institutional class of shares		(10,009	)		—			(42,518	)		—			(90,753	)
Retirement class R-3 of shares		(52,461	)		—			(259,867	)		—			(324,143	)
Retirement class R-6 of shares		(269,837	)		—			(762,614	)		—			(606,727	)
Distributions to shareholders from net realized gain on investments:
lnvestor class of shares		(12,087	)		—			(115,871	)		—			(59,628	)
Institutional class of shares		(1,464	)		—			(11,068	)		—			(10,477	)
Retirement class R-3 of shares		(8,773	)		—			(76,159	)		—			(40,777	)
Retirement class R-6 of shares		(38,129	)		—			(192,888	)		—			(68,328	)

Change in net assets resulting from distributions to shareholders		(470,242	)		—			(1,882,077	)		—			(1,694,142	)

Capital stock transactions:
Proceeds from sale of shares		38,360,846	(2)		874,707			126,533,046	(2)		1,620,763			111,286,419	(2)
Net asset value of shares issued to shareholders in payment of distributions declared		470,242			—			1,882,077			—			1,694,142
Cost of shares redeemed		(9,672,631	)		(276,056	)		(24,127,936	)		(23,472	)		(19,138,096	)

Change in net assets resulting from capital stock transactions		29,158,457			598,651			104,287,187			1,597,291			93,842,465

Change in net assets		32,462,038			613,364			117,830,618			1,657,014			107,502,880

Net assets:

End of period	$	32,462,038		$	613,364		$	117,830,618		$	1,657,014		$	107,502,880

Undistributed net investment income included in net assets at end of period	$	406,643		$	2,501		$	1,014,385		$	6,500		$	473,041

(1)	Reflects operations for the period from December 27, 2013 (inception date) to August 31, 2014.

(2)

Includes paid-in-capital received via non-taxable in-kind transfers of assets and liabilities of a corresponding affiliated unregistered collective investment trust previously managed by the Adviser effective as of September 1, 2013. See Note 4, subsection In-Kind Transfers, in the Notes to Financial Statements for additional information.

(See Notes which are an integral part of the Financial Statements)


Statements of Changes in Net Assets		BMO Funds



	2035 Fund			2040 Fund			2045 Fund			2050 Fund			2055 Fund
	Period Ended August 31, 2014 (1)			Year Ended August 31, 2014			Period Ended August 31, 2014 (1)			Year Ended August 31, 2014			Period Ended August 31, 2014 (1)
Change in net assets resulting from:

Operations:
Net investment income	$	4,795		$	873,167		$	3,069		$	427,420		$	1,723
Net realized gain on investments		2,803			2,121,490			1,491			1,062,206			395
Net change in unrealized appreciation on investments		54,210			8,517,785			38,672			4,359,188			27,827

Change in net assets resulting from operations		61,808			11,512,442			43,232			5,848,814			29,945

Distributions to shareholders:
Distributions to shareholders from net investment income:
Investor class of shares		—			(332,895	)		—			(170,299	)		—
Institutional class of shares		—			(54,556	)		—			(44,843	)		—
Retirement class R-3 of shares		—			(181,348	)		—			(91,202	)		—
Retirement class R-6 of shares		—			(547,677	)		—			(199,894	)		—
Distributions to shareholders from net realized gain on investments:
lnvestor class of shares		—			(43,306	)		—			(21,065	)		—
Institutional class of shares		—			(6,792	)		—			(5,295	)		—
Retirement class R-3 of shares		—			(24,607	)		—			(11,845	)		—
Retirement class R-6 of shares		—			(66,599	)		—			(22,977	)		—

Change in net assets resulting from distributions to shareholders		—			(1,257,780	)		—			(567,420	)		—

Capital stock transactions:
Proceeds from sale of shares		1,577,933			75,680,920	(2)		1,094,155			41,973,156	(2)		1,117,065
Net asset value of shares issued to shareholders in payment of distributions declared		—			1,257,780			—			567,420			—
Cost of shares redeemed		(84,121	)		(14,312,615	)		(82,427	)		(9,411,899	)		(366,957	)

Change in net assets resulting from capital stock transactions		1,493,812			62,626,085			1,011,728			33,128,677			750,108

Change in net assets		1,555,620			72,880,747			1,054,960			38,410,071			780,053

Net assets:

End of period	$	1,555,620		$	72,880,747		$	1,054,960		$	38,410,071		$	780,053

Undistributed net investment income included in net assets at end of period	$	4,811		$	338,260		$	3,093		$	164,925		$	1,743

(1)	Reflects operations for the period from December 27, 2013 (inception date) to August 31, 2014.

(2)

(See Notes which are an integral part of the Financial Statements)


Statements of Changes in Net Assets		BMO Funds



	Diversified Income Fund			Moderate Balanced Fund			Growth Balanced Fund
	Period Ended August 31, 2014 (1)			Period Ended August 31, 2014 (1)			Period Ended August 31, 2014 (1)
Change in net assets resulting from:

Operations:
Net investment income	$	880,416		$	709,617		$	1,989,859
Net realized gain on investments		316,340			376,218			1,879,959
Net change in unrealized appreciation on investments		1,125,420			2,133,436			11,351,850

Change in net assets resulting from operations		2,322,176			3,219,271			15,221,668

Capital stock transactions:
Proceeds from sale of shares		164,350,746	(2)		163,778,537	(2)		592,771,447	(2)
Cost of shares redeemed		(7,869,795	)		(8,763,252	)		(14,881,172	)

Change in net assets resulting from capital stock transactions		156,480,951			155,015,285			577,890,275

Change in net assets		158,803,127			158,234,556			593,111,943

Net assets:

End of period	$	158,803,127		$	158,234,556		$	593,111,943

Undistributed net investment income included in net assets at end of period	$	885,448		$	715,744		$	2,018,720

(1)	Reflects operations for the period from May 30, 2014 (inception date) to August 31, 2014.

(2)

Includes paid-in-capital received via non-taxable in-kind transfers of assets and liabilities of a corresponding affiliated unregistered collective investment trust previously managed by the Adviser effective as of June 1, 2014. See Note 4, subsection In-Kind Transfers, in the Notes to Financial Statements for additional information.

(See Notes which are an integral part of the Financial Statements)


Statements of Changes in Net Assets		BMO Funds



	Aggressive Allocation Fund			Diversified Stock Fund			Aggressive Stock Fund
	Period Ended August 31, 2014 (1)			Period Ended August 31, 2014 (1)			Period Ended August 31, 2014 (1)
Change in net assets resulting from:

Operations:
Net investment income	$	320,349		$	263,995		$	95,737
Net realized gain on investments		388,341			569,370			151,547
Net change in unrealized appreciation on investments		3,941,365			5,499,242			2,716,445

Change in net assets resulting from operations		4,650,055			6,332,607			2,963,729

Capital stock transactions:
Proceeds from sale of shares		154,470,005	(2)		179,199,755	(2)		94,629,572	(2)
Cost of shares redeemed		(6,289,732	)		(5,842,063	)		(3,078,987	)

Change in net assets resulting from capital stock transactions		148,180,273			173,357,692			91,550,585

Change in net assets		152,830,328			179,690,299			94,514,314

Net assets:

End of period	$	152,830,328		$	179,690,299		$	94,514,314

Undistributed net investment income included in net assets at end of period	$	346,689		$	291,880		$	102,258

(1)	Reflects operations for the period from May 30, 2014 (inception date) to August 31, 2014.

(2)

Includes paid-in-capital received via non-taxable in-kind transfers of assets and liabilities of a corresponding affiliated unregistered collective investment trust previously managed by the Adviser effective as of June 1, 2014. See Note 4, subsection In-Kind Transfers, in the Notes to Financial Statements for additional information.

(See Notes which are an integral part of the Financial Statements)


Financial Highlights—Investor Class of Shares (For a share outstanding throughout each period)



Year Ended August 31,	Net asset value, beginning of period			Net investment income			Net realized and unrealized gain			Total from investment operations			Distributions to shareholders from net investment income				Distributions to shareholders from net realized gain				Total distributions				Net asset value, end of period			Total return (1)(3)			Ratios to Average Net Assets (4)									Net assets, end of period (000 omitted)			Portfolio turnover rate (3)
Year Ended August 31,	Net asset value, beginning of period			Net investment income			Net realized and unrealized gain			Total from investment operations			Distributions to shareholders from net investment income				Distributions to shareholders from net realized gain				Total distributions				Net asset value, end of period			Total return (1)(3)			Gross Expenses (2)			Net Expenses (2)			Net investment income (2)			Net assets, end of period (000 omitted)			Portfolio turnover rate (3)
2010 Fund
2014		$	10.00		$	0.20		$	0.99		$	1.19		$	(0.12	)		$	(0.02	)		$	(0.14	)		$	11.05		12.03	%		1.08	%		0.33	%		1.92	%		$	7,120		45	%
2015 Fund
2014(5)			10.00			0.02			0.72			0.74			—				—				—				10.74		7.40			73.54			0.33			1.23				229		29
2020 Fund
2014			10.00			0.18			1.35			1.53			(0.15	)			(0.04	)			(0.19	)			11.34		15.43			0.63			0.33			1.72				32,064		35
2025 Fund
2014(5)			10.00			0.01			0.77			0.78			—				—				—				10.78		7.80			24.60			0.33			0.56				289		22
2030 Fund
2014			10.00			0.15			1.66			1.81			(0.18	)			(0.02	)			(0.20	)			11.61		18.26			0.66			0.37			1.40				33,059		29
2035 Fund
2014(5)			10.00			0.00			0.71			0.71			—				—				—				10.71		7.10			23.63			0.37			0.16				348		29
2040 Fund
2014			10.00			0.14			1.82			1.96			(0.19	)			(0.02	)			(0.21	)			11.75		19.81			0.76			0.36			1.45				18,090		22
2045 Fund
2014(5)			10.00			0.00			0.84			0.84			—				—				—				10.84		8.40			33.37			0.36			0.04				154		35
2050 Fund
2014			10.00			0.14			1.81			1.95			(0.17	)			(0.02	)			(0.19	)			11.76		19.69			1.08			0.36			1.36				11,231		28
2055 Fund
2014(5)			10.00			0.00			0.85			0.85			—				—				—				10.85		8.50			50.05			0.36			0.07				143		123
Diversified Income Fund
2014(6)			10.00			0.03			0.11			0.14			—				—				—				10.14		1.40			0.60			0.33			1.17				25,931		10
Moderate Balanced Fund
2014(6)			10.00			0.04			0.16			0.20			—				—				—				10.20		2.00			0.60			0.30			1.60				24,928		8
Growth Balanced Fund
2014(6)			10.00			0.03			0.23			0.26			—				—				—				10.26		2.60			0.47			0.33			1.14				184,860		6
Aggressive Allocation Fund
2014(6)			10.00			0.02			0.29			0.31			—				—				—				10.31		3.10			0.60			0.30			0.73				46,520		6
Diversified Stock Fund
2014(6)			10.00			0.01			0.35			0.36			—				—				—				10.36		3.60			0.58			0.36			0.42				63,049		3
Aggressive Stock Fund
2014(6)			10.00			0.01			0.31			0.32			—				—				—				10.32		3.20			0.71			0.21			0.26				34,902		5

(1)	Based on net asset value as of end of period date.

(2)	The contractual and voluntary expense waivers pursuant to Note 5 of the financial statements are reflected in both the expense and net investment income ratios.

(3)	Not annualized for periods less than one year.

(4)	Annualized for periods less than one year. Excludes acquired fund fees and expenses of underlying funds.

(5)	Reflects operations for the period from December 27, 2013 (inception date) to August 31, 2014.

(6)	Reflects operations for the period from May 30, 2014 (inception date) to August 31, 2014.

(See Notes which are an integral part of the Financial Statements)


Financial Highlights—Institutional Class of Shares (For a share outstanding throughout each period)



Year Ended August 31,	Net asset value, beginning of period			Net investment income			Net realized and unrealized gain			Total from investment operations			Distributions to shareholders from net investment income				Distributions to shareholders from net realized gain				Total distributions				Net asset value, end of period			Total return (1)(3)			Ratios to Average Net Assets (4)									Net assets, end of period (000 omitted)			Portfolio turnover rate (3)
Year Ended August 31,	Net asset value, beginning of period			Net investment income			Net realized and unrealized gain			Total from investment operations			Distributions to shareholders from net investment income				Distributions to shareholders from net realized gain				Total distributions				Net asset value, end of period			Total return (1)(3)			Gross Expenses (2)			Net Expenses (2)			Net investment income (2)			Net assets, end of period (000 omitted)			Portfolio turnover rate (3)
2010 Fund
2014		$	10.00		$	0.22		$	1.00		$	1.22		$	(0.13	)		$	(0.02	)		$	(0.15	)		$	11.07		12.32	%		0.83	%		0.08	%		2.10	%		$	931		45	%
2015 Fund
2014(5)			10.00			0.05			0.72			0.77			—				—				—				10.77		7.70			73.29			0.08			1.68				105		29
2020 Fund
2014			10.00			0.22			1.34			1.56			(0.16	)			(0.04	)			(0.20	)			11.36		15.73			0.38			0.08			2.11				3,240		35
2025 Fund
2014(5)			10.00			0.08			0.72			0.80			—				—				—				10.80		8.00			24.35			0.08			1.11				3		22
2030 Fund
2014			10.00			0.18			1.66			1.84			(0.19	)			(0.02	)			(0.21	)			11.63		18.55			0.41			0.12			1.70				5,286		29
2035 Fund
2014(5)			10.00			0.05			0.67			0.72			—				—				—				10.72		7.20			23.38			0.12			0.70				4		29
2040 Fund
2014			10.00			0.17			1.82			1.99			(0.20	)			(0.02	)			(0.22	)			11.77		20.10			0.51			0.11			1.45				3,602		22
2045 Fund
2014(5)			10.00			0.04			0.82			0.86			—				—				—				10.86		8.60			33.12			0.11			0.51				3		35
2050 Fund
2014			10.00			0.17			1.81			1.98			(0.18	)			(0.02	)			(0.20	)			11.78		19.98			0.83			0.11			1.48				3,007		28
2055 Fund
2014(5)			10.00			0.03			0.84			0.87			—				—				—				10.87		8.70			49.80			0.11			0.97				106		123
Diversified Income Fund
2014(6)			10.00			0.04			0.11			0.15			—				—				—				10.15		1.50			0.35			0.08			1.41				29,082		10
Moderate Balanced Fund
2014(6)			10.00			0.05			0.16			0.21			—				—				—				10.21		2.10			0.35			0.05			1.82				17,704		8
Growth Balanced Fund
2014(6)			10.00			0.04			0.22			0.26			—				—				—				10.26		2.60			0.22			0.08			1.39				79,584		6
Aggressive Allocation Fund
2014(6)			10.00			0.02			0.30			0.32			—				—				—				10.32		3.20			0.35			0.05			0.96				18,598		6
Diversified Stock Fund
2014(6)			10.00			0.02			0.35			0.37			—				—				—				10.37		3.70			0.33			0.11			0.66				27,401		3
Aggressive Stock Fund
2014(6)			10.00			0.01			0.32			0.33			—				—				—				10.33		3.30			0.46			0.00	(7)		0.51				6,181		5

(1)	Based on net asset value as of end of period date.

(2)	The contractual and voluntary expense waivers pursuant to Note 5 of the financial statements are reflected in both the expense and net investment income ratios.

(3)	Not annualized for periods less than one year.

(4)	Annualized for periods less than one year. Excludes acquired fund fees and expenses of underlying funds.

(5)	Reflects operations for the period from December 27, 2013 (inception date) to August 31, 2014.

(6)	Reflects operations for the period from May 30, 2014 (inception date) to August 31, 2014.

(7)	Please refer to Note 5, subsection Investment Adviser Fee and Other Transactions with Affiliates, in the Notes to Financial Statements.

(See Notes which are an integral part of the Financial Statements)


Financial Highlights—Retirement Class R-3 of Shares (For a share outstanding throughout each period)



Year Ended August 31,	Net asset value, beginning of period			Net investment income			Net realized and unrealized gain			Total from investment operations			Distributions to shareholders from net investment income				Distributions to shareholders from net realized gain				Total distributions				Net asset value, end of period			Total return (1)(3)			Ratios to Average Net Assets (4)									Net assets, end of period (000 omitted)			Portfolio turnover rate (3)
Year Ended August 31,	Net asset value, beginning of period			Net investment income			Net realized and unrealized gain			Total from investment operations			Distributions to shareholders from net investment income				Distributions to shareholders from net realized gain				Total distributions				Net asset value, end of period			Total return (1)(3)			Gross Expenses (2)			Net Expenses (2)			Net investment income (2)			Net assets, end of period (000 omitted)			Portfolio turnover rate (3)
2010 Fund
2014		$	10.00		$	0.19		$	0.98		$	1.17		$	(0.12	)		$	(0.02	)		$	(0.14	)		$	11.03		11.74	%		1.33	%		0.58	%		1.64	%		$	4,283		45	%
2015 Fund
2014(5)			10.00			0.03			0.69			0.72			—				—				—				10.72		7.20			73.79			0.58			1.18				105		29
2020 Fund
2014			10.00			0.15			1.36			1.51			(0.14	)			(0.04	)			(0.18	)			11.33		15.23			0.88			0.58			1.28				23,025		35
2025 Fund
2014(5)			10.00			0.04			0.72			0.76			—				—				—				10.76		7.60			24.85			0.58			0.59				2		22
2030 Fund
2014			10.00			0.13			1.65			1.78			(0.17	)			(0.02	)			(0.19	)			11.59		17.98			0.91			0.62			1.21				20,329		29
2035 Fund
2014(5)			10.00			0.01			0.67			0.68			—				—				—				10.68		6.80			23.88			0.62			0.19				3		29
2040 Fund
2014			10.00			0.11			1.82			1.93			(0.19	)			(0.02	)			(0.21	)			11.72		19.42			1.01			0.61			0.97				11,429		22
2045 Fund
2014(5)			10.00			0.00			0.82			0.82			—				—				—				10.82		8.20			33.62			0.61			0.01				3		35
2050 Fund
2014			10.00			0.11			1.82			1.93			(0.17	)			(0.02	)			(0.19	)			11.74		19.40			1.33			0.61			0.87				6,826		28
2055 Fund
2014(5)			10.00			0.01			0.83			0.84			—				—				—				10.84		8.40			50.30			0.61			0.44				54		123
Diversified Income Fund
2014(6)			10.00			0.02			0.12			0.14			—				—				—				10.14		1.40			0.85			0.58			0.91				11,583		10
Moderate Balanced Fund
2014(6)			10.00			0.03			0.17			0.20			—				—				—				10.20		2.00			0.85			0.55			1.33				19,949		8
Growth Balanced Fund
2014(6)			10.00			0.02			0.23			0.25			—				—				—				10.25		2.50			0.72			0.58			0.89				44,647		6
Aggressive Allocation Fund
2014(6)			10.00			0.01			0.29			0.30			—				—				—				10.30		3.00			0.85			0.55			0.46				31,065		6
Diversified Stock Fund
2014(6)			10.00			0.00			0.35			0.35			—				—				—				10.35		3.50			0.83			0.61			0.16				16,200		3
Aggressive Stock Fund
2014(6)			10.00			0.00			0.31			0.31			—				—				—				10.31		3.10			0.96			0.46			0.01				12,987		5

(1)	Based on net asset value as of end of period date.

(2)	The contractual and voluntary expense waivers pursuant to Note 5 of the financial statements are reflected in both the expense and net investment income ratios.

(3)	Not annualized for periods less than one year.

(4)	Annualized for periods less than one year. Excludes acquired fund fees and expenses of underlying funds.

(5)	Reflects operations for the period from December 27, 2013 (inception date) to August 31, 2014.

(6)	Reflects operations for the period from May 30, 2014 (inception date) to August 31, 2014.

(See Notes which are an integral part of the Financial Statements)


Financial Highlights—Retirement Class R-6 of Shares (For a share outstanding throughout each period)



Year Ended August 31,	Net asset value, beginning of period			Net investment income			Net realized and unrealized gain			Total from investment operations			Distributions to shareholders from net investment income				Distributions to shareholders from net realized gain				Total distributions				Net asset value, end of period			Total return (1)(3)			Ratios to Average Net Assets (4)									Net assets, end of period (000 omitted)			Portfolio turnover rate (3)
Year Ended August 31,	Net asset value, beginning of period			Net investment income			Net realized and unrealized gain			Total from investment operations			Distributions to shareholders from net investment income				Distributions to shareholders from net realized gain				Total distributions				Net asset value, end of period			Total return (1)(3)			Gross Expenses (2)			Net Expenses (2)(7)			Net investment income (2)			Net assets, end of period (000 omitted)			Portfolio turnover rate (3)
2010 Fund
2014		$	10.00		$	0.25		$	0.99		$	1.24		$	(0.14	)		$	(0.02	)		$	(0.16	)		$	11.08		12.47	%		0.68	%		0.00	%		2.31	%		$	20,128		45	%
2015 Fund
2014(5)			10.00			0.08			0.70			0.78			—				—				—				10.78		7.80			73.14			0.00			1.75				174		29
2020 Fund
2014			10.00			0.22			1.36			1.58			(0.16	)			(0.04	)			(0.20	)			11.38		15.98			0.23			0.00			1.97				59,502		35
2025 Fund
2014(5)			10.00			0.05			0.76			0.81			—				—				—				10.81		8.10			24.20			0.00			1.39				1,363		22
2030 Fund
2014			10.00			0.19			1.66			1.85			(0.19	)			(0.02	)			(0.21	)			11.64		18.70			0.26			0.00			1.50				48,829		29
2035 Fund
2014(5)			10.00			0.04			0.69			0.73			—				—				—				10.73		7.30			23.23			0.00			1.06				1,201		29
2040 Fund
2014			10.00			0.18			1.83			2.01			(0.21	)			(0.02	)			(0.23	)			11.78		20.26			0.36			0.00			1.39				39,760		22
2045 Fund
2014(5)			10.00			0.04			0.83			0.87			—				—				—				10.87		8.70			32.97			0.00			0.93				895		35
2050 Fund
2014			10.00			0.18			1.83			2.01			(0.19	)			(0.02	)			(0.21	)			11.80		20.24			0.68			0.00			1.39				17,346		28
2055 Fund
2014(5)			10.00			0.03			0.86			0.89			—				—				—				10.89		8.90			49.65			0.00			0.84				477		123
Diversified Income Fund
2014(6)			10.00			0.04			0.11			0.15			—				—				—				10.15		1.50			0.20			0.00			1.57				92,207		10
Moderate Balanced Fund
2014(6)			10.00			0.05			0.16			0.21			—				—				—				10.21		2.10			0.20			0.00			1.99				95,654		8
Growth Balanced Fund
2014(6)			10.00			0.04			0.23			0.27			—				—				—				10.27		2.70			0.07			0.00			1.54				284,021		6
Aggressive Allocation Fund
2014(6)			10.00			0.03			0.29			0.32			—				—				—				10.32		3.20			0.20			0.00			1.11				56,647		6
Diversified Stock Fund
2014(6)			10.00			0.02			0.35			0.37			—				—				—				10.37		3.70			0.18			0.00			0.82				73,040		3
Aggressive Stock Fund
2014(6)			10.00			0.02			0.31			0.33			—				—				—				10.33		3.30			0.31			0.00			0.66				40,444		5

(1)	Based on net asset value as of end of period date.

(2)	The contractual and voluntary expense waivers pursuant to Note 5 of the financial statements are reflected in both the expense and net investment income ratios.

(3)	Not annualized for periods less than one year.

(4)	Annualized for periods less than one year. Excludes acquired fund fees and expenses of underlying funds.

(5)	Reflects operations for the period from December 27, 2013 (inception date) to August 31, 2014.

(6)	Reflects operations for the period from May 30, 2014 (inception date) to August 31, 2014.

(7)	Please refer to Note 5, subsection Investment Adviser Fee and Other Transactions with Affiliates, in the Notes to Financial Statements.

(See Notes which are an integral part of the Financial Statements)

August 31, 2014


Notes to Financial Statements		BMO Funds

Organization

BMO Funds, Inc. (the “Corporation”) is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. As of August 31, 2014, the Corporation consisted of 46 portfolios. As of August 31, 2014, this annual report includes 10 target retirement and 6 target risk diversified portfolios (individually referred to as the “Fund,” or collectively as the “Funds”), each with Investor, Institutional, Retirement R-3 and Retirement R-6 classes of shares. As of August 31, 2014, the Corporation also consisted of 30 other portfolios whose annual report is available under a separate cover. BMO Asset Management Corp. serves as the Funds’ investment adviser (the “Adviser”), a Delaware corporation headquartered in Chicago, Illinois that is a wholly-owned subsidiary of BMO Financial Corp.


BMO Fund names as displayed throughout this report	Fund Inception Date	Investment Objective
Target Retirement
2010 Fund	August 30, 2013	The investment objective of each Target Retirement Fund is to achieve growth, income, and conservation of capital to varying degrees depending on its proximity to its target date. As the Fund passes its target date, the Fund will reduce its emphasis on growth and increase its emphasis on income and preservation of capital.
2015 Fund	December 27, 2013
2020 Fund	August 30, 2013
2025 Fund	December 27, 2013
2030 Fund	August 30, 2013
2035 Fund	December 27, 2013
2040 Fund	August 30, 2013
2045 Fund	December 27, 2013
2050 Fund	August 30, 2013
2055 Fund	December 27, 2013
Target Risk
Diversified Income Fund	May 30, 2014	To provide total return primarily from income, secondarily from appreciation.
Moderate Balanced Fund	May 30, 2014	To provide total investment return from income and appreciation.
Growth Balanced Fund	May 30, 2014	To provide total investment return from income and appreciation.
Aggressive Allocation Fund	May 30, 2014	To provide total investment return from income and appreciation.
Diversified Stock Fund	May 30, 2014	To provide total investment return primarily from appreciation, secondarily from income.
Aggressive Stock Fund	May 30, 2014	To provide capital appreciation.

The target investment allocation for each of the Target Risk Funds, based on each Fund’s total assets, is set forth below.

Target Risk Fund

Equity

Fixed Income

Money Market Funds

Diversified Income Fund

10%–30%

70%–90%

0%–10%

Moderate Balanced Fund

30%–50%

50%–70%

0%–10%

Growth Balanced Fund

50%–70%

30%–50%

0%–10%

Aggressive Allocation Fund

70%–90%

10%–30%

0%–10%

Diversified Stock Fund

90%–100%

0%–10%

Aggressive Stock Fund

90%–100%

0%–10%

Each Fund seeks to achieve its investment objectives by investing in a mix of BMO Funds and unaffiliated mutual funds. The Funds are designed to provide investors with investment management, asset allocation, and ongoing reallocation over time. Each Fund is considered a “fund of funds” because it invests in other mutual funds. A fund of funds bears its own direct expenses in addition to bearing a proportionate share of expenses charged to the underlying funds in which it invests.

Significant Accounting Policies

The Funds are investment companies and follow the accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, Financial Services - Investment Companies. The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements.

Investment Valuations—Investments in other open-end registered investment companies are valued at net asset value.


		BMO Funds

determined for a security is materially different than the value that would be realized upon the sale of that security and the differences may be material to the NAV of the respective Fund or the financial statements presented.

The Pricing Committee may determine that a security needs to be fair valued. In valuing underlying fund investments, the Funds use the NAVs reported by the underlying funds. An underlying fund may need to fair value one or more of its investments, which may, in turn, require a Fund to do the same because of delays in obtaining the underlying fund’s NAV.

Investment Income, Expenses, and Distributions—Investment income and expenses are accrued daily. Dividend income and distributions to shareholders are recorded on the ex-dividend date. Non-cash dividends included in dividend income, if any, are recorded at fair market value.

Securities of Other Investment Companies & Underlying Fund Investment Risk—The Funds may invest in the securities of other investment companies, including exchange-traded funds, within the limits prescribed by the 1940 Act and the rules promulgated thereunder. Investments in the securities of other investment companies may involve duplication of advisory fees and certain other expenses. By investing in another investment company, a Fund becomes a shareholder of that investment company. As a result, Fund shareholders indirectly will bear the Fund’s proportionate share of the fees and expenses paid by shareholders of the other investment company, in addition to the fees and expenses Fund shareholders directly bear in connection with the Fund’s own operations. The Funds also may invest in investment companies that are not organized under the laws of the United States. The Fund’s risks are directly related to the risks of the underlying funds. It is important to understand the risks associated with investing in the underlying funds.

Other—Investment transactions are accounted for on a trade date basis. Net realized gains and losses on securities are computed on the basis of specific security lot identification.

Fair Value Measurements

Level 3—significant unobservable inputs, including management’s own assumptions in determining the fair value of investments.


Notes to Financial Statements (continued)

accordance with U.S. GAAP and IFRS. Enhanced disclosure is required to detail any transfers into and out of Level 1 and Level 2 measurements and Level 2 and Level 3 measurements and the reasons for the transfers. For the year ended August 31, 2014, there were no transfers in and out of Level 1, Level 2 and Level 3. The Funds did not hold any Level 2 or Level 3 securities as of August 31, 2014. It is the Funds’ policy to recognize transfers between category levels at the end of the period.

The following is a summary of the inputs used, as of August 31, 2014, in valuing the Funds’ assets:


	2010 Fund
	Level 1		Level 2		Level 3		Total
Mutual Funds	$	31,935,401	$	—	$	—	$	31,935,401
Short-Term Investments		464,442		—		—		464,442

Total	$	32,399,843	$	—	$	—	$	32,399,843


	2015 Fund
	Level 1		Level 2		Level 3		Total
Mutual Funds	$	594,733	$	—	$	—	$	594,733
Short-Term Investments		18,590		—		—		18,590

Total	$	613,323	$	—	$	—	$	613,323


	2020 Fund
	Level 1		Level 2		Level 3		Total
Mutual Funds	$	116,398,035	$	—	$	—	$	116,398,035
Short-Term Investments		1,261,578		—		—		1,261,578

Total	$	117,659,613	$	—	$	—	$	117,659,613


	2025 Fund
	Level 1		Level 2		Level 3		Total
Mutual Funds	$	1,614,942	$	—	$	—	$	1,614,942
Short-Term Investments		33,092		—		—		33,092

Total	$	1,648,034	$	—	$	—	$	1,648,034


	2030 Fund
	Level 1		Level 2		Level 3		Total
Mutual Funds	$	106,276,810	$	—	$	—	$	106,276,810
Short-Term Investments		948,046		—		—		948,046

Total	$	107,224,856	$	—	$	—	$	107,224,856


	2035 Fund
	Level 1		Level 2		Level 3		Total
Mutual Funds	$	1,518,826	$	—	$	—	$	1,518,826
Short-Term Investments		30,479		—		—		30,479

Total	$	1,549,305	$	—	$	—	$	1,549,305


	2040 Fund
	Level 1		Level 2		Level 3		Total
Mutual Funds	$	71,947,379	$	—	$	—	$	71,947,379
Short-Term Investments		752,478		—		—		752,478

Total	$	72,699,857	$	—	$	—	$	72,699,857


	2045 Fund
	Level 1		Level 2		Level 3		Total
Mutual Funds	$	1,028,608	$	—	$	—	$	1,028,608
Short-Term Investments		22,624		—		—		22,624

Total	$	1,051,232	$	—	$	—	$	1,051,232


	2050 Fund
	Level 1		Level 2		Level 3		Total
Mutual Funds	$	37,684,520	$	—	$	—	$	37,684,520
Short-Term Investments		607,458		—		—		607,458

Total	$	38,291,978	$	—	$	—	$	38,291,978


	2055 Fund
	Level 1		Level 2		Level 3		Total
Mutual Funds	$	752,706	$	—	$	—	$	752,706
Short-Term Investments		19,730		—		—		19,730

Total	$	772,436	$	—	$	—	$	772,436


	Diversified Income Fund
	Level 1		Level 2		Level 3		Total
Mutual Funds	$	154,280,899	$	—	$	—	$	154,280,899
Short- Term Investments		4,098,825		—		—		4,098,825

Total	$	158,379,724	$	—	$	—	$	158,379,724


	Moderate Balanced Fund
	Level 1		Level 2		Level 3		Total
Mutual Funds	$	149,983,624	$	—	$	—	$	149,983,624
Short-Term Investments		4,993,805		—		—		4,993,805

Total	$	154,977,429	$	—	$	—	$	154,977,429


	Growth Balanced Fund
	Level 1		Level 2		Level 3		Total
Mutual Funds	$	584,499,302	$	—	$	—	$	584,499,302
Short-Term Investments		8,145,234		—		—		8,145,234

Total	$	592,644,536	$	—	$	—	$	592,644,536


	Aggressive Allocation Fund
	Level 1		Level 2		Level 3		Total
Mutual Funds	$	151,195,758	$	—	$	—	$	151,195,758
Short-Term Investments		1,645,381		—		—		1,645,381

Total	$	152,841,139	$	—	$	—	$	152,841,139


	Diversified Stock Fund
	Level 1		Level 2		Level 3		Total
Mutual Funds	$	177,757,073	$	—	$	—	$	177,757,073
Short-Term Investments		1,860,257		—		—		1,860,257

Total	$	179,617,330	$	—	$	—	$	179,617,330


	Aggressive Stock Fund
	Level 1		Level 2		Level 3		Total
Mutual Funds	$	93,389,097	$	—	$	—	$	93,389,097
Short-Term Investments		920,586		—		—		920,586

Total	$	94,309,683	$	—	$	—	$	94,309,683


		BMO Funds

Capital Stock



	2010 Fund			2015 Fund			2020 Fund			2025 Fund			2030 Fund
	Year Ended August 31, 2014			Period Ended August 31, 2014(1)			Year Ended August 31, 2014			Period Ended August 31, 2014(1)			Year Ended August 31, 2014
Capital stock transactions in dollars:
Proceeds from sale of shares:
Investor class of shares	$	8,444,326	(2)	$	227,520		$	36,263,814	(2)	$	298,772		$	34,938,990	(2)
Institutional class of shares		923,868	(2)		102,500			3,583,055	(2)		2,500			5,469,509	(2)
Retirement class R-3 of shares		5,408,352	(2)		102,500			25,200,708	(2)		2,500			22,789,755	(2)
Retirement class R-6 of shares		23,584,300	(2)		442,187			61,485,469	(2)		1,316,991			48,088,165	(2)

Net proceeds from sale of shares	$	38,360,846		$	874,707		$	126,533,046		$	1,620,763		$	111,286,419
Net asset value of shares issued to shareholders in payment of distributions declared:
Investor class of shares	$	89,569		$	—		$	536,963		$	—		$	552,937
Institutional class of shares		11,473			—			53,586			—			101,230
Retirement class R-3 of shares		61,234			—			336,026			—			364,920
Retirement class R-6 of shares		307,966			—			955,502			—			675,055

Net proceeds from shares issued	$	470,242		$	—		$	1,882,077		$	—		$	1,694,142
Cost of shares redeemed:
Investor class of shares	$	(2,064,040	)	$	(1,167	)	$	(8,518,577	)	$	(14,966	)	$	(6,916,070	)
Institutional class of shares		(86,766	)		—			(743,132	)		—			(1,034,034	)
Retirement class R-3 of shares		(1,649,534	)		—			(5,173,982	)		—			(5,574,411	)
Retirement class R-6 of shares		(5,872,291	)		(274,889	)		(9,692,245	)		(8,506	)		(5,613,581	)

Net cost of shares redeemed	$	(9,672,631	)	$	(276,056	)	$	(24,127,936	)	$	(23,472	)	$	(19,138,096	)

Net change resulting from fund share transactions in dollars	$	29,158,457		$	598,651		$	104,287,187		$	1,597,291		$	93,842,465


Capital stock transactions in shares:
Sale of shares:
Investor class of shares		830,271	(2)		21,482			3,561,428	(2)		28,228			3,417,671	(2)
Institutional class of shares		91,093	(2)		9,729			348,726	(2)		250			537,594	(2)
Retirement class R-3 of shares		536,623	(2)		9,756			2,480,350	(2)		250			2,228,554	(2)
Retirement class R-6 of shares		2,340,155	(2)		42,890			6,042,340	(2)		126,860			4,652,066	(2)

Net sale of shares		3,798,142			83,857			12,432,844			155,588			10,835,885
Shares issued to shareholders in payment of distributions declared:
Investor class of shares		8,596			—			50,609			—			51,245
Institutional class of shares		1,101			—			5,051			—			9,382
Retirement class R-3 of shares		5,877			—			31,670			—			33,820
Retirement class R-6 of shares		29,555			—			90,057			—			62,563

Net shares issued		45,129			—			177,387			—			157,010
Shares redeemed:
Investor class of shares		(194,681	)		(109	)		(785,722	)		(1,421	)		(620,827	)
Institutional class of shares		(8,166	)		—			(68,669	)		—			(92,342	)
Retirement class R-3 of shares		(154,354	)		—			(479,196	)		—			(507,796	)
Retirement class R-6 of shares		(553,682	)		(26,698	)		(902,430	)		(800	)		(519,721	)

Net shares redeemed		(910,883	)		(26,807	)		(2,236,017	)		(2,221	)		(1,740,686	)

Net change resulting from fund share transactions in shares		2,932,388			57,050			10,374,214			153,367			9,252,209

(1)	Reflects operations for the period from December 27, 2013 (inception date) to August 31, 2014.

(2)	Includes paid-in-capital and shares, respectively per fund, received via non-taxable in-kind transfer of assets and liabilities of five corresponding affiliated unregistered collective investment trusts previously managed by the Adviser effective as of September 1, 2013.


Notes to Financial Statements (continued)



	2035 Fund			2040 Fund			2045 Fund			2050 Fund			2055 Fund
	Period Ended August 31, 2014(1)			Year Ended August 31, 2014			Period Ended August 31, 2014(1)			Year Ended August 31, 2014			Period Ended August 31, 2014(1)
Capital stock transactions in dollars:
Proceeds from sale of shares:
Investor class of shares	$	375,467		$	21,764,442	(2)	$	152,476		$	13,318,979	(2)	$	147,602
Institutional class of shares		3,500			3,510,144	(2)		2,500			3,088,804	(2)		102,500
Retirement class R-3 of shares		2,500			12,049,884	(2)		2,500			7,322,551	(2)		52,500
Retirement class R-6 of shares		1,196,466			38,356,450	(2)		936,679			18,242,822	(2)		814,463

Net proceeds from sale of shares	$	1,577,933		$	75,680,920		$	1,094,155		$	41,973,156		$	1,117,065
Net asset value of shares issued to shareholders in payment of distributions declared:
Investor class of shares	$	—		$	376,202		$	—		$	191,364		$	—
Institutional class of shares		—			61,347			—			50,138			—
Retirement class R-3 of shares		—			205,955			—			103,047			—
Retirement class R-6 of shares		—			614,276			—			222,871			—

Net proceeds from shares issued	$	—		$	1,257,780		$	—		$	567,420		$	—
Cost of shares redeemed:
Investor class of shares	$	(34,900	)	$	(7,024,739	)	$	(1,440	)	$	(4,013,466	)	$	(8,169	)
Institutional class of shares		—			(446,128	)		—			(578,907	)		—
Retirement class R-3 of shares		—			(2,509,029	)		—			(1,590,524	)		—
Retirement class R-6 of shares		(49,221	)		(4,332,719	)		(80,987	)		(3,229,002	)		(358,788	)

Net cost of shares redeemed	$	(84,121	)	$	(14,312,615	)	$	(82,427	)	$	(9,411,899	)	$	(366,957	)

Net change resulting from fund share transactions in dollars	$	1,493,812		$	62,626,085		$	1,011,728		$	33,128,677		$	750,108


Capital stock transactions in shares:
Sale of shares:
Investor class of shares		35,809			2,130,692	(2)		14,385			1,293,640	(2)		13,900
Institutional class of shares		350			340,527	(2)		250			301,847	(2)		9,729
Retirement class R-3 of shares		250			1,179,810	(2)		250			713,221	(2)		4,998
Retirement class R-6 of shares		116,656			3,708,666	(2)		89,874			1,743,673	(2)		78,219

Net sale of shares		153,065			7,359,695			104,759			4,052,381			106,846
Shares issued to shareholders in payment of distributions declared:
Investor class of shares		—			34,577			—			17,556			—
Institutional class of shares		—			5,638			—			4,600			—
Retirement class R-3 of shares		—			18,930			—			9,454			—
Retirement class R-6 of shares		—			56,459			—			20,447			—

Net shares issued		—			115,604			—			52,057			—
Shares redeemed:
Investor class of shares		(3,324	)		(625,138	)		(137	)		(356,507	)		(754	)
Institutional class of shares		—			(40,068	)		—			(51,293	)		—
Retirement class R-3 of shares		—			(223,919	)		—			(141,433	)		—
Retirement class R-6 of shares		(4,677	)		(389,814	)		(7,522	)		(293,759	)		(34,355	)

Net shares redeemed		(8,001	)		(1,278,939	)		(7,659	)		(842,992	)		(35,109	)

Net change resulting from fund share transactions in shares		145,064			6,196,360			97,100			3,261,446			71,737

(1)	Reflects operations for the period from December 27, 2013 (inception date) to August 31, 2014.

(2)	Includes paid-in-capital and shares, respectively per fund, received via non-taxable in-kind transfer of assets and liabilities of five corresponding affiliated unregistered collective investment trusts previously managed by the Adviser effective as of September 1, 2013.


		BMO Funds



	Diversified Income Fund			Moderate Balanced Fund			Growth Balanced Fund			Aggressive Allocation Fund			Diversified Stock Fund			Aggressive Stock Fund
	Period Ended August 31, 2014(1)			Period Ended August 31, 2014(1)			Period Ended August 31, 2014(1)			Period Ended August 31, 2014(1)			Period Ended August 31, 2014(1)			Period Ended August 31, 2014(1)
Capital stock transactions in dollars:
Proceeds from sale of shares:
Investor class of shares	$	26,863,822	(2)	$	28,973,270	(2)	$	185,451,014	(2)	$	47,489,145	(2)	$	62,275,294	(2)	$	34,988,562	(2)
Institutional class of shares		29,561,175	(2)		17,641,173	(2)		78,542,686	(2)		18,535,936	(2)		26,737,271	(2)		6,119,456	(2)
Retirement class R-3 of shares		11,601,613	(2)		19,840,280	(2)		45,312,699	(2)		30,752,641	(2)		16,824,331	(2)		12,997,586	(2)
Retirement class R-6 of shares		96,324,136	(2)		97,323,814	(2)		283,465,048	(2)		57,692,283	(2)		73,362,859	(2)		40,523,968	(2)

Net proceeds from sale of shares	$	164,350,746		$	163,778,537		$	592,771,447		$	154,470,005		$	179,199,755		$	94,629,572
Cost of shares redeemed:
Investor class of shares	$	(1,300,117	)	$	(4,580,688	)	$	(5,264,270	)	$	(2,404,890	)	$	(1,417,088	)	$	(1,155,494	)
Institutional class of shares		(907,358	)		(293,406	)		(995,252	)		(495,283	)		(296,705	)		(136,908	)
Retirement class R-3 of shares		(173,905	)		(270,336	)		(1,751,595	)		(605,882	)		(1,188,319	)		(415,385	)
Retirement class R-6 of shares		(5,488,415	)		(3,618,822	)		(6,870,055	)		(2,783,677	)		(2,939,951	)		(1,371,200	)

Net cost of shares redeemed	$	(7,869,795	)	$	(8,763,252	)	$	(14,881,172	)	$	(6,289,732	)	$	(5,842,063	)	$	(3,078,987	)

Net change resulting from fund share transactions in dollars	$	156,480,951		$	155,015,285		$	577,890,275		$	148,180,273		$	173,357,692		$	91,550,585


Capital stock transactions in shares:
Sale of shares:
Investor class of shares		2,686,197	(2)		2,896,349	(2)		18,542,806	(2)		4,747,721	(2)		6,224,504	(2)		3,495,352	(2)
Institutional class of shares		2,955,772	(2)		1,763,202	(2)		7,852,261	(2)		1,851,897	(2)		2,672,439	(2)		611,896	(2)
Retirement class R-3 of shares		1,159,950	(2)		1,983,149	(2)		4,529,729	(2)		3,074,328	(2)		1,681,553	(2)		1,299,504	(2)
Retirement class R-6 of shares		9,626,920	(2)		9,723,962	(2)		28,341,116	(2)		5,762,900	(2)		7,332,437	(2)		4,049,316	(2)

Net sale of shares		16,428,839			16,366,662			59,265,912			15,436,846			17,910,933			9,456,068
Shares redeemed:
Investor class of shares		(129,634	)		(453,086	)		(520,157	)		(235,647	)		(138,914	)		(113,903	)
Institutional class of shares		(90,373	)		(29,109	)		(98,268	)		(49,233	)		(29,289	)		(13,347	)
Retirement class R-3 of shares		(17,272	)		(26,717	)		(174,198	)		(59,360	)		(116,952	)		(40,435	)
Retirement class R-6 of shares		(545,404	)		(358,335	)		(678,772	)		(274,212	)		(289,540	)		(134,772	)

Net shares redeemed		(782,683	)		(867,247	)		(1,471,395	)		(618,452	)		(574,695	)		(302,457	)

Net change resulting from fund share transactions in shares		15,646,156			15,499,415			57,794,517			14,818,394			17,336,238			9,153,611

(1)	Reflects operations for the period from May 30, 2014 (inception date) to August 31, 2014.

(2)	Includes paid-in-capital and shares, respectively per fund, received via non-taxable in-kind transfer of assets and liabilities of six corresponding affiliated unregistered collective investment trusts previously managed by the Adviser effective as of June 1, 2014.


Notes to Financial Statements (continued)

In-Kind Transfers—On September 1, 2013, the 2010 Fund, 2020 Fund, 2030 Fund, 2040 Fund and 2050 Fund received an in-kind transfer of assets and liabilities from five corresponding affiliated unregistered collective investment trusts previously managed by the Adviser. The transfer was a non-taxable exchange whereby the Funds issued ownership shares equal to the value of the net assets received as of transfer date. For financial reporting purposes, net assets received and shares issued by the Funds were recorded at value and the collective funds’ historical cost basis was retained as a result of the non-taxable nature of the transfer. The characteristics of the value received are presented as follows:


Fund/Class	Paid-in-capital value received		Shares issued		Fund/Character of value received	Value received
2010 Fund
					Investment cost in affiliated issuers	$	11,302,664
Investor Class	$	6,327,088		632,709	Investment cost in unaffiliated issuers		17,101,716
Institutional Class		693,975		69,397	Net unrealized appreciation in affiliated issuer investments		996,948
Retirement Class R-3		4,639,907		463,991	Net unrealized appreciation in unaffiliated issuer investments		2,723,152
Retirement Class R-6		20,479,098		2,047,910	Other accruals		15,588

Total	$	32,140,068		3,214,007	Total	$	32,140,068


2020 Fund
					Investment cost in affiliated issuers	$	34,450,745
Investor Class	$	28,107,616		2,810,762	Investment cost in unaffiliated issuers		47,067,195
Institutional Class		2,173,379		217,338	Net unrealized appreciation in affiliated issuer investments		4,454,995
Retirement Class R-3		20,012,791		2,001,279	Net unrealized appreciation in unaffiliated issuer investments		11,856,813
Retirement Class R-6		47,552,731		4,755,273	Other accruals		16,769

Total	$	97,846,517		9,784,652	Total	$	97,846,517


2030 Fund
					Investment cost in affiliated issuers	$	27,260,398
Investor Class	$	27,202,497		2,720,250	Investment cost in unaffiliated issuers		36,697,923
Institutional Class		4,372,379		437,238	Net unrealized appreciation in affiliated issuer investments		4,211,060
Retirement Class R-3		16,268,254		1,626,825	Net unrealized appreciation in unaffiliated issuer investments		11,335,296
Retirement Class R-6		31,648,762		3,164,876	Other accruals		(12,785	)

Total	$	79,491,892		7,949,189	Total	$	79,491,892


2040 Fund
					Investment cost in affiliated issuers	$	18,454,805
Investor Class	$	17,249,477		1,724,948	Investment cost in unaffiliated issuers		25,388,103
Institutional Class		2,400,488		240,049	Net unrealized appreciation in affiliated issuer investments		3,297,588
Retirement Class R-3		9,517,093		951,709	Net unrealized appreciation in unaffiliated issuer investments		8,358,167
Retirement Class R-6		26,313,130		2,631,313	Other accruals		(18,475	)

Total	$	55,480,188		5,548,019	Total	$	55,480,188


2050 Fund
					Investment cost in affiliated issuers	$	9,452,021
Investor Class	$	9,543,609		954,361	Investment cost in unaffiliated issuers		13,137,723
Institutional Class		2,387,639		238,764	Net unrealized appreciation in affiliated issuer investments		1,564,670
Retirement Class R-3		5,368,700		536,870	Net unrealized appreciation in unaffiliated issuer investments		3,849,209
Retirement Class R-6		10,694,390		1,069,439	Other accruals		(9,285	)

Total	$	27,994,338		2,799,434	Total	$	27,994,338

On June 1, 2014, the Diversified Income Fund, Moderate Balanced Fund, Growth Balanced Fund, Aggressive Allocation Fund, Diversified Stock Fund and Aggressive Stock Fund Fund received an in-kind transfer of assets and liabilities from six corresponding affiliated unregistered collective investment trusts previously managed by the Adviser. The transfer was a non-taxable exchange whereby the Funds issued ownership shares equal to the value of the net assets received as of transfer date. For financial reporting purposes, net assets received and shares issued by the Funds were recorded at value and the collective funds’ historical cost basis was retained as a result of the non-taxable nature of the transfer. The characteristics of the value received are presented as follows:


		BMO Funds


Fund/Class	Paid-in-capital value received		Shares issued		Fund/Character of value received	Value received
Diversified Income Fund
					Investment cost in affiliated issuers	$	75,850,167
Investor Class	$	26,415,588		2,641,559	Investment cost in unaffiliated issuers		64,720,302
Institutional Class		28,821,852		2,882,185	Net unrealized appreciation in affiliated issuer investments		6,929,213
Retirement Class R-3		11,289,641		1,128,964	Net unrealized appreciation in unaffiliated issuer investments		9,399,839
Retirement Class R-6		90,566,795		9,056,680	Other accruals		194,355

Total	$	157,093,876		15,709,388	Total	$	157,093,876

Moderate Balanced Fund
					Investment cost in affiliated issuers	$	66,392,992
Investor Class	$	27,645,595		2,764,559	Investment cost in unaffiliated issuers		64,684,091
Institutional Class		16,789,517		1,678,951	Net unrealized appreciation in affiliated issuer investments		8,363,841
Retirement Class R-3		19,119,057		1,911,906	Net unrealized appreciation in unaffiliated issuer investments		16,008,638
Retirement Class R-6		92,013,574		9,201,358	Other accruals		118,181

Total	$	155,567,743		15,556,774	Total	$	155,567,743


Growth Balanced Fund
					Investment cost in affiliated issuers		221,375,090
Investor Class	$	183,590,278		18,359,028	Investment cost in unaffiliated issuers		218,199,674
Institutional Class		77,133,582		7,713,358	Net unrealized appreciation in affiliated issuer investments		43,925,600
Retirement Class R-3		44,053,130		4,405,313	Net unrealized appreciation in unaffiliated issuer investments		100,251,759
Retirement Class R-6		279,142,374		27,914,237	Other accruals		167,241

Total	$	583,919,364		58,391,936	Total	$	583,919,364


Aggressive Allocation Fund
					Investment cost in affiliated issuers		51,338,733
Investor Class	$	46,390,430		4,639,043	Investment cost in unaffiliated issuers		54,212,220
Institutional Class		17,787,183		1,778,718	Net unrealized appreciation in affiliated issuer investments		12,139,920
Retirement Class R-3		30,161,125		3,016,113	Net unrealized appreciation in unaffiliated issuer investments		30,935,962
Retirement Class R-6		54,268,537		5,426,854	Other accruals		(19,560	)

Total	$	148,607,275		14,860,728	Total	$	148,607,275


Diversified Stock Fund
					Investment cost in affiliated issuers		54,045,119
Investor Class	$	60,869,355		6,086,936	Investment cost in unaffiliated issuers		58,154,653
Institutional Class		26,118,013		2,611,801	Net unrealized appreciation in affiliated issuer investments		17,316,140
Retirement Class R-3		16,325,182		1,632,518	Net unrealized appreciation in unaffiliated issuer investments		45,384,611
Retirement Class R-6		71,510,638		7,151,064	Other accruals		(77,335	)

Total	$	174,823,188		17,482,319	Total	$	174,823,188


Aggressive Stock Fund
					Investment cost in affiliated issuers		35,079,105
Investor Class	$	33,426,510		3,342,651	Investment cost in unaffiliated issuers		26,466,895
Institutional Class		6,083,059		608,306	Net unrealized appreciation in affiliated issuer investments		12,160,571
Retirement Class R-3		12,747,356		1,274,736	Net unrealized appreciation in unaffiliated issuer investments		17,462,606
Retirement Class R-6		38,881,161		3,888,116	Other accruals		(31,091	)

Total	$	91,138,086		9,113,809	Total	$	91,138,086

Investment Adviser Fee and Other Transactions with Affiliates

Investment Advisory Fees—The Adviser does not receive an investment advisory fee for the services it performs for the Funds. However, the Adviser is entitled to receive an investment advisory fee from each of the BMO Funds that serve as underlying funds.

Contractual Expense Limitation—The Adviser has contractually agreed to waive or reduce fees and reimburse expenses to the extent necessary to prevent class total annual operating expenses (excluding acquired fund fees and expenses, interest, taxes, brokerage commissions, other investment-related costs and extraordinary expenses, such as litigation and other expenses not incurred in the ordinary course of a Fund’s business) from exceeding the levels set out in the table below through December 31, 2015. This agreement may not be terminated prior to December 31, 2015 without the consent of the


Notes to Financial Statements (continued)

Funds’ Board of Directors, unless terminated due to the termination of the investment advisory agreement. Additionally, the agreement does not provide for recoupment by the Adviser of waived fees or reimbursed expenses.


	Annualized Contractual Expense Limitation Exclusive of Acquired Fund Fees and Expenses												Annualized Contractual Expense Limitation inclusive of Acquired Fund Fees and Expenses per the Funds’ Prospectus Dated December 27, 2013
Fund	Investor Class			Institutional Class			Retirement Class R-3			Retirement Class R-6(1)			Investor Class			Institutional Class			Retirement Class R-3			Retirement Class R-6(1)
2010 Fund		0.33	%		0.08	%		0.58	%		(0.07	)%		0.88	%		0.63	%		1.13	%		0.48	%
2015 Fund		0.33			0.08			0.58			(0.07	)		0.88			0.63			1.13			0.48
2020 Fund		0.33			0.08			0.58			(0.07	)		0.94			0.69			1.19			0.54
2025 Fund		0.33			0.08			0.58			(0.07	)		0.94			0.69			1.19			0.54
2030 Fund		0.37			0.12			0.62			(0.03	)		1.01			0.76			1.26			0.61
2035 Fund		0.37			0.12			0.62			(0.03	)		1.01			0.76			1.26			0.61
2040 Fund		0.36			0.11			0.61			(0.04	)		1.01			0.76			1.26			0.61
2045 Fund		0.36			0.11			0.61			(0.04	)		1.01			0.76			1.26			0.61
2050 Fund		0.36			0.11			0.61			(0.04	)		1.01			0.76			1.26			0.61
2055 Fund		0.36			0.11			0.61			(0.04	)		1.01			0.76			1.26			0.61
Diversified Income Fund		0.33			0.08			0.58			(0.07	)		0.88			0.63			1.13			0.48
Moderate Balanced Fund		0.30			0.05			0.55			(0.10	)		0.88			0.63			1.13			0.48
Growth Balanced Fund		0.33			0.08			0.58			(0.07	)		0.94			0.69			1.19			0.54
Aggressive Allocation Fund		0.30			0.05			0.55			(0.10	)		0.94			0.69			1.19			0.54
Diversified Stock Fund		0.36			0.11			0.61			(0.04	)		1.01			0.76			1.26			0.61
Aggressive Stock Fund		0.21			(0.04	)(1)		0.46			(0.19	)		1.01			0.76			1.26			0.61

(1)

As a result of reimbursing expenses inclusive of acquired fund expenses, the Adviser reimbursed amounts in excess of the respective share classes operating expenses. The aggregate excess reimbursement is accounted for as “Excess expense reimbursement from investment adviser” on the Statements of Operations.

Shareholder Servicing Fees—Under the terms of a Shareholder Services Agreement with the Adviser, each Fund pays the Adviser at the annual rate of 0.25% of average daily net assets of the Fund’s Investor Class shares for the period. The fee paid to the Adviser is used to finance certain services for shareholders and to maintain shareholder accounts.

Distribution Services Fees—The Funds are subject to a Distribution Plan (the “Plan”) pursuant to Rule 12b-1 under the Act. The Plan authorizes payments by the Fund to finance activities intended to result in the sale of its Retirement Class R-3 shares. The Plan provides that the Fund may incur distribution expenses of 0.50% of the average daily net assets of the Fund’s Retirement Class R-3 shares.

Administration Fees—Each Fund pays the Adviser at the annual rate of 0.15% of average daily net assets per class (except the Retirement class R-6, which does not pay an Administration Fee).

For the year ended August 31, 2014, the Funds were charged the following Administration Fees per class:


Fund	Investor Class		Institutional Class		Retirement Class R-3
2010 Fund	$	9,699	$	1,239	$	7,285
2015 Fund(1)		56		40		40
2020 Fund		45,131		4,328		32,380
2025 Fund(1)		71		3		2
2030 Fund		45,288		7,764		30,385
2035 Fund(1)		112		4		2
2040 Fund		27,354		4,682		16,767
2045 Fund(1)		54		2		3
2050 Fund		15,973		4,184		9,693
2055 Fund(1)		56		40		21
Diversified Income Fund (2)		9,881		10,930		4,306
Moderate Balanced Fund (2)		9,600		6,515		7,345
Growth Balanced Fund (2)		69,359		29,517		16,646
Aggressive Allocation Fund (2)		17,624		6,800		11,596
Diversified Stock Fund (2)		23,274		10,106		6,088
Aggressive Stock Fund (2)		12,788		2,336		4,890

(1)

Reflects operations for the period from December 27, 2013 (inception date) to August 31, 2014.

(2)

Reflects operations for the period from May 30, 2014 (inception date) to August 31, 2014.

Custodian Fees—BMO Harris Bank N.A. (“BMO Harris”) is the Funds’ custodian. BMO Harris receives fees based on 0.0050% on the first $10 billion average daily net assets, based on the collective net assets of the Corporation custodied by BMO Harris, and 0.0025% on all assets in excess of $10 billion.


		BMO Funds

Investments in Affiliated Issuers—An affiliated issuer is an entity in which the Fund has ownership of at least 5% of the voting securities or any investment in a BMO Fund. Issuers that are affiliates of the Fund at year-end are noted in the Fund’s Schedule of Investments. Additional security purchases and the reduction of certain securities shares outstanding of existing portfolio holdings that were not considered affiliated in prior years may result in the Funds owning in excess of 5% of the outstanding shares at year-end. The table below reflects transactions during the year with entities that are affiliates as of August 31, 2014.


Fund/Security Description	Value Beginning of Period		Purchases		Sales Proceeds		Unrealized Appreciation (Depreciation)			Value End of Period		Dividends Credited to Income		Net Realized Gain(Loss)
2010 Fund*
BMO Low Volatility Equity Fund	$	—	$	43,233	$	126,052	$	108,223		$	588,766	$	8,589	$	14,927
BMO Dividend Income Fund		—		142,102		323,147		293,976			974,477		23,052		64,826
BMO Large-Cap Value Fund		—		159,432		345,066		245,897			817,009		7,840		86,950
BMO Mid-Cap Value Fund		—		125,778		207,760		323,828			586,074		4,447		91,042
BMO Mid-Cap Growth Fund		—		130,772		313,328		260,623			420,327		—		104,064
BMO Small-Cap Growth Fund		—		98,177		268,570		167,257			259,165		—		97,859
BMO Micro-Cap Fund		—		141,909		63,370		12,839			97,311		—		5,933
BMO Pyrford International Stock Fund		—		163,466		305,557		224,309			970,876		47,014		14,558
BMO LGM Emerging Markets Equity Fund		—		104,596		314,402		70,233			584,976		11,764		(22,204	)
BMO TCH Core Plus Bond Fund		—		3,599,083		1,619,459		141,807			7,644,654		179,846		(31,120	)
BMO Monegy High Yield Bond Fund		—		248,909		509,285		23,748			583,404		48,961		14,570
BMO LGM Frontier Markets Equity Fund		—		129,000		—		5,934			134,934		—		—
BMO Prime Money Market Fund		—		9,238,596		9,112,901		—			464,442		39		—

Totals	$	—	$	14,325,053	$	13,508,897	$	1,878,674		$	14,126,415	$	331,552	$	441,405


2015 Fund**
BMO Low Volatility Equity Fund	$	—	$	12,846	$	274	$	406		$	12,978	$	47	$	—
BMO Dividend Income Fund		—		18,879		1,222		837			18,502		82		8
BMO Large-Cap Value Fund		—		19,934		1,007		827			19,761		64		7
BMO Mid-Cap Value Fund		—		15,662		1,093		790			15,381		9		22
BMO Mid-Cap Growth Fund		—		13,685		1,423		540			12,837		—		35
BMO Small-Cap Growth Fund		—		11,247		3,302		133			7,959		—		(119	)
BMO Micro-Cap Fund		—		2,888		592		85			2,366		—		(15	)
BMO Pyrford International Stock Fund		—		24,021		889		115			23,238		164		(9	)
BMO LGM Emerging Markets Equity Fund		—		15,929		793		797			15,945		—		12
BMO TCH Core Plus Bond Fund		—		119,673		5,531		1,287			115,417		852		(12	)
BMO Monegy High Yield Bond Fund		—		14,426		5,768		(39	)		8,575		199		(44	)
BMO LGM Frontier Markets Equity Fund		—		2,986		—		65			3,051		—		—
BMO Prime Money Market Fund		—		399,424		380,834		—			18,590		1		—

Totals	$	—	$	671,600	$	402,728	$	5,843		$	274,600	$	1,418	$	(115	)


2020 Fund*
BMO Low Volatility Equity Fund	$	—	$	1,196,092	$	219,790	$	483,389		$	3,528,590	$	34,526	$	27,512
BMO Dividend Income Fund		—		725,775		288,343		916,743			3,544,190		67,108		105,154
BMO Large-Cap Value Fund		—		1,686,438		647,401		1,162,159			4,967,888		34,601		251,128
BMO Mid-Cap Value Fund		—		717,033		716,173		1,419,248			3,417,584		23,479		452,401
BMO Mid-Cap Growth Fund		—		927,348		966,114		1,278,395			3,160,729		—		413,968
BMO Small-Cap Growth Fund		—		1,158,936		1,935,602		999,069			2,110,646		—		488,448
BMO Micro-Cap Fund		—		733,300		236,914		77,570			586,957		—		13,001
BMO Pyrford International Stock Fund		—		1,189,432		473,269		988,261			5,270,909		210,534		15,643
BMO LGM Emerging Markets Equity Fund		—		1,002,537		970,441		339,770			3,994,019		59,291		(63,776	)
BMO TCH Core Plus Bond Fund		—		9,412,118		3,646,430		343,901			17,756,318		399,994		(85,948	)
BMO Monegy High Yield Bond Fund		—		611,316		1,326,731		52,393			1,290,428		121,876		40,091
BMO LGM Frontier Markets Equity Fund		—		690,233		—		32,648			722,881		—		—
BMO Prime Money Market Fund		—		28,114,886		27,839,343		—			1,261,578		122		—

Totals	$	—	$	48,165,444	$	39,266,551	$	8,093,546		$	51,612,717	$	951,531	$	1,657,622


Notes to Financial Statements (continued)


Fund/Security Description	Value Beginning of Period		Purchases		Sales Proceeds		Unrealized Appreciation (Depreciation)			Value End of Period		Dividends Credited to Income			Net Realized Gain(Loss)
2025 Fund**
BMO Low Volatility Equity Fund	$	—	$	40,407	$	497	$	1,613		$	41,520	$	130		$	(3	)
BMO Dividend Income Fund		—		44,658		858		2,599			46,404		174			5
BMO Large-Cap Value Fund		—		74,177		1,415		3,563			76,332		196			7
BMO Mid-Cap Value Fund		—		54,444		2,946		3,021			54,560		68			41
BMO Mid-Cap Growth Fund		—		52,625		4,073		2,315			50,920		—			53
BMO Small-Cap Growth Fund		—		48,408		8,489		(387	)		39,483		—			(49	)
BMO Micro-Cap Fund		—		10,051		339		179			9,883		—			(8	)
BMO Pyrford International Stock Fund		—		81,885		852		1,135			82,163		1,136			(5	)
BMO LGM Emerging Markets Equity Fund		—		62,565		823		4,177			65,920		—			1
BMO TCH Core Plus Bond Fund		—		191,842		11,855		3,132			183,111		1,506			(8	)
BMO Monegy High Yield Bond Fund		—		23,323		10,066		(38	)		13,167		355			(52	)
BMO LGM Frontier Markets Equity Fund		—		12,843		—		273			13,116		—			—
BMO Prime Money Market Fund		—		1,680,173		1,647,081		—			33,092		2			—

Totals	$	—	$	2,377,401	$	1,689,294	$	21,582		$	709,671	$	3,567		$	(18	)


2030 Fund*
BMO Low Volatility Equity Fund	$	—	$	787,000	$	141,205	$	477,951		$	3,105,806	$	35,610		$	20,382
BMO Dividend Income Fund		—		704,244		236,183		782,960			3,112,225		60,063			89,533
BMO Large-Cap Value Fund		—		1,895,253		547,560		1,272,764			5,614,766		40,249			271,421
BMO Mid-Cap Value Fund		—		1,081,914		619,392		1,366,881			3,984,303		26,465			447,404
BMO Mid-Cap Growth Fund		—		1,335,503		1,072,647		1,157,966			3,637,172		(1	)		448,099
BMO Small-Cap Growth Fund		—		1,546,607		2,021,452		1,083,547			2,785,903		(2	)		479,013
BMO Micro-Cap Fund		—		804,131		70,967		100,674			836,814		—			2,976
BMO Pyrford International Stock Fund		—		1,975,398		534,195		906,925			5,779,657		216,319			6,825
BMO LGM Emerging Markets Equity Fund		—		1,472,807		936,605		341,505			4,685,900		66,407			(55,912	)
BMO TCH Core Plus Bond Fund		—		5,515,359		1,796,454		174,077			8,810,801		174,743			(56,328	)
BMO Monegy High Yield Bond Fund		—		360,397		539,785		22,406			643,178		51,691			8,282
BMO LGM Frontier Markets Equity Fund		—		941,638		—		43,935			985,573		—			—
BMO Prime Money Market Fund		—		25,037,885		25,011,627		—			948,046		114			—

Totals	$	—	$	43,458,136	$	33,528,072	$	7,731,591		$	44,930,144	$	671,658		$	1,661,695


2035 Fund**
BMO Low Volatility Equity Fund	$	—	$	50,203	$	2,314	$	1,928		$	49,817	$	154		$	—
BMO Dividend Income Fund		—		49,465		2,531		2,791			49,727		192			2
BMO Large-Cap Value Fund		—		89,108		4,421		4,157			88,843		231			(1	)
BMO Mid-Cap Value Fund		—		63,789		5,111		3,394			62,156		84			84
BMO Mid-Cap Growth Fund		—		61,868		5,654		2,559			58,843		—			70
BMO Small-Cap Growth Fund		—		60,094		15,708		(585	)		43,426		—			(375	)
BMO Micro-Cap Fund		—		14,313		543		210			13,977		—			(3	)
BMO Pyrford International Stock Fund		—		96,773		6,670		914			91,019		1,355			2
BMO LGM Emerging Markets Equity Fund		—		75,645		6,517		4,977			74,123		—			18
BMO TCH Core Plus Bond Fund		—		85,612		15,746		1,348			71,285		700			71
BMO Monegy High Yield Bond Fund		—		11,017		6,292		(21	)		4,655		185			(49	)
BMO LGM Frontier Markets Equity Fund		—		15,078		—		378			15,456		—			—
BMO Prime Money Market Fund		—		1,662,462		1,631,984		—			30,479		2			—

Totals	$	—	$	2,335,427	$	1,703,491	$	22,050		$	653,806	$	2,903		$	(181	)


		BMO Funds


Fund/Security Description	Value Beginning of Period		Purchases		Sales Proceeds		Unrealized Appreciation (Depreciation)			Value End of Period		Dividends Credited to Income		Net Realized Gain(Loss)
2040 Fund*
BMO Low Volatility Equity Fund	$	—	$	516,406	$	82,222	$	377,240		$	2,415,768	$	28,517	$	17,474
BMO Dividend Income Fund		—		537,091		101,642		585,259			2,410,670		44,807		65,613
BMO Large-Cap Value Fund		—		1,338,499		378,530		1,022,387			4,454,670		32,054		221,578
BMO Mid-Cap Value Fund		—		635,606		158,985		1,060,464			3,125,837		19,905		325,858
BMO Mid-Cap Growth Fund		—		885,115		452,470		870,117			2,968,106		—		322,298
BMO Small-Cap Growth Fund		—		1,027,068		1,415,608		809,445			2,175,278		—		384,554
BMO Micro-Cap Fund		—		656,467		21,722		89,397			726,045		—		1,903
BMO Pyrford International Stock Fund		—		1,514,241		353,084		715,057			4,490,735		164,511		7,414
BMO LGM Emerging Markets Equity Fund		—		971,308		558,600		257,240			3,702,140		52,795		(36,002	)
BMO TCH Core Plus Bond Fund		—		1,138,007		990,656		45,820			1,745,261		50,250		(17,511	)
BMO Monegy High Yield Bond Fund		—		56,722		200,414		5,879			145,084		16,479		5,813
BMO LGM Frontier Markets Equity Fund		—		779,606		—		36,109			815,715		—		—
BMO Prime Money Market Fund		—		12,670,184		12,444,838		—			752,478		85		—

Totals	$	—	$	22,726,320	$	17,158,771	$	5,874,414		$	29,927,787	$	409,403	$	1,298,992


2045 Fund**
BMO Low Volatility Equity Fund	$	—	$	36,559	$	3,085	$	1,368		$	34,862	$	112	$	20
BMO Dividend Income Fund		—		36,042		3,236		1,969			34,789		134		14
BMO Large-Cap Value Fund		—		67,168		5,803		2,983			64,389		166		41
BMO Mid-Cap Value Fund		—		47,069		4,359		2,497			45,222		58		15
BMO Mid-Cap Growth Fund		—		46,950		6,038		1,925			42,839		—		2
BMO Small-Cap Growth Fund		—		43,135		10,883		(529	)		31,394		—		(329	)
BMO Micro-Cap Fund		—		11,064		743		170			10,479		—		(12	)
BMO Pyrford International Stock Fund		—		69,634		5,407		647			64,808		935		(66	)
BMO LGM Emerging Markets Equity Fund		—		54,517		5,172		3,908			53,244		—		(9	)
BMO TCH Core Plus Bond Fund		—		37,965		13,324		491			25,181		270		49
BMO Monegy High Yield Bond Fund		—		5,051		2,944		(11	)		2,094		74		(2	)
BMO LGM Frontier Markets Equity Fund		—		11,767		—		325			12,092		—		—
BMO Prime Money Market Fund		—		1,172,375		1,149,752		—			22,624		2		—

Totals	$	—	$	1,639,296	$	1,210,746	$	15,743		$	444,017	$	1,751	$	(277	)


2050 Fund*
BMO Low Volatility Equity Fund	$	—	$	383,238	$	114,123	$	191,624		$	1,269,446	$	14,473	$	9,215
BMO Dividend Income Fund		—		377,739		108,834		284,999			1,266,785		22,675		33,366
BMO Large-Cap Value Fund		—		904,715		317,578		502,238			2,344,547		16,269		113,229
BMO Mid-Cap Value Fund		—		486,876		175,701		533,018			1,646,624		10,008		161,975
BMO Mid-Cap Growth Fund		—		598,058		312,583		437,553			1,569,758		—		160,551
BMO Small-Cap Growth Fund		—		674,731		815,718		396,391			1,148,207		—		180,681
BMO Micro-Cap Fund		—		383,288		49,155		43,646			381,526		—		3,747
BMO Pyrford International Stock Fund		—		984,190		297,371		341,302			2,365,758		83,269		3,177
BMO LGM Emerging Markets Equity Fund		—		657,140		371,400		126,143			1,942,676		26,346		(27,903	)
BMO TCH Core Plus Bond Fund		—		662,073		590,575		23,134			878,830		25,926		(8,752	)
BMO Monegy High Yield Bond Fund		—		49,779		118,219		2,912			76,240		8,519		3,138
BMO LGM Frontier Markets Equity Fund		—		403,283		—		18,477			421,760		—		—
BMO Prime Money Market Fund		—		8,802,595		8,531,033		—			607,458		44		—

Totals	$	—	$	15,367,705	$	11,802,290	$	2,901,437		$	15,919,615	$	207,529	$	632,424


Notes to Financial Statements (continued)


Fund/Security Description	Value Beginning of Period		Purchases		Sales Proceeds		Unrealized Appreciation (Depreciation)			Value End of Period		Dividends Credited to Income		Net Realized Gain(Loss)
2055 Fund**
BMO Low Volatility Equity Fund	$	—	$	35,179	$	10,449	$	927		$	25,676	$	85	$	19
BMO Dividend Income Fund		—		35,418		11,117		1,290			25,622		103		31
BMO Large-Cap Value Fund		—		64,016		18,740		2,104			47,421		123		41
BMO Mid-Cap Value Fund		—		47,203		17,273		1,807			31,756		32		19
BMO Mid-Cap Growth Fund		—		47,921		16,291		1,598			33,088		—		(140	)
BMO Small-Cap Growth Fund		—		42,996		19,702		712			23,121		—		(885	)
BMO Micro-Cap Fund		—		11,249		3,744		350			7,717		—		(138	)
BMO Pyrford International Stock Fund		—		67,009		19,541		281			47,730		499		(19	)
BMO LGM Emerging Markets Equity Fund		—		57,017		20,250		2,343			39,275		—		165
BMO TCH Core Plus Bond Fund		—		32,421		19,549		282			13,140		164		(14	)
BMO Monegy High Yield Bond Fund		—		4,794		3,250		(10	)		1,542		41		8
BMO LGM Frontier Markets Equity Fund		—		8,217		—		232			8,449		—		—
BMO Prime Money Market Fund		—		1,019,675		999,944		—			19,730		1		—

Totals	$	—	$	1,473,115	$	1,159,850	$	11,916		$	324,267	$	1,048	$	(913	)


Diversified Income Fund***
BMO Low Volatility Equity Fund	$	—	$	25,900	$	71,804	$	193,206		$	1,067,725	$	5,169	$	2,596
BMO Dividend Income Fund		—		35,001		87,601		335,162			1,247,502		7,135		4,244
BMO Large-Cap Value Fund		—		42,651		80,518		585,207			1,604,220		6,926		2,776
BMO Large-Cap Growth Fund		—		40,278		118,674		385,347			1,759,302		—		3,872
BMO Mid-Cap Value Fund		—		29,790		138,764		642,713			1,615,116		—		8,053
BMO Mid-Cap Growth Fund		—		23,815		47,409		533,777			1,413,145		—		221
BMO Small-Cap Growth Fund		—		109,465		67,293		547,853			1,554,352		—		977
BMO Pyrford International Stock Fund		—		55,626		71,813		382,614			2,202,175		—		923
BMO LGM Emerging Markets Equity Fund		—		30,127		126,933		178,615			1,643,674		—		(1,153	)
BMO Short-Term Income		—		169,022		96,492		(24,058	)		3,160,408		11,372		(748	)
BMO TCH Core Plus Bond Fund		—		4,476,228		3,308,862		3,771,472			56,148,438		415,856		(12,096	)
BMO Monegy High Yield Bond Fund		—		204,539		1,382,756		169,869			4,266,506		72,888		10,970
BMO Prime Money Market Fund		—		10,790,675		12,225,389		—			4,098,825		148		—

Totals	$	—	$	16,033,117	$	17,824,308	$	7,701,777		$	81,781,388	$	519,494	$	20,635


Moderate Balanced Fund***
BMO Low Volatility Equity Fund	$	—	$	9,718	$	73,601	$	357,007		$	2,030,655	$	9,718	$	2,175
BMO Dividend Income Fund		—		13,744		130,638		630,838			2,387,381		13,744		5,455
BMO Large-Cap Value Fund		—		13,477		132,876		1,000,749			3,074,940		13,477		3,270
BMO Large-Cap Growth Fund		—		—		199,742		767,728			3,479,517		—		4,711
BMO Mid-Cap Value Fund		—		30,327		234,840		1,216,705			3,128,734		—		4,551
BMO Mid-Cap Growth Fund		—		49,285		213,624		1,138,199			2,726,446		—		(2,043	)
BMO Small-Cap Growth Fund		—		146,885		323,716		976,227			2,916,706		—		(4,546	)
BMO Pyrford International Stock Fund		—		45,884		186,608		699,011			4,197,241		—		3,679
BMO LGM Emerging Markets Equity Fund		—		—		250,663		283,788			3,132,954		—		(2,901	)
BMO TCH Core Plus Bond Fund		—		1,342,771		1,169,274		2,404,223			39,104,096		296,540		(5,244	)
BMO Monegy High Yield Bond Fund		—		53,829		157,413		116,127			3,890,538		53,046		(917	)
BMO Prime Money Market Fund		—		8,599,366		8,161,062		—			4,993,805		431		—

Totals	$	—	$	10,305,286	$	11,234,057	$	9,590,602		$	75,063,013	$	386,956	$	8,190


Growth Balanced Fund***
BMO Low Volatility Equity Fund	$	—	$	54,096	$	180,450	$	2,087,829		$	11,536,771	$	54,096	$	5,405
BMO Dividend Income Fund		—		76,140		509,036		3,765,976			13,445,494		76,141		29,028
BMO Large-Cap Value Fund		—		74,947		487,357		6,850,528			17,357,314		74,947		22,162
BMO Large-Cap Growth Fund		—		—		1,203,834		4,187,507			19,238,467		—		68,864
BMO Mid-Cap Value Fund		—		167,268		945,998		7,636,548			17,674,818		—		61,243
BMO Mid-Cap Growth Fund		—		—		782,147		7,122,763			15,031,135		—		16,144
BMO Small-Cap Growth Fund		—		1,160,267		572,284		6,126,556			16,839,318		—		(10,578	)
BMO Pyrford International Stock Fund		—		563,036		384,593		4,097,460			23,999,553		—		2,449
BMO LGM Emerging Markets Equity Fund		—		—		954,781		1,792,355			17,971,113		—		(26,093	)
BMO TCH Core Plus Bond Fund		—		4,482,339		1,601,747		5,978,175			94,090,892		699,354		(6,442	)
BMO Monegy High Yield Bond Fund		—		127,528		2,435,300		284,633			7,127,846		123,791		15,526
BMO Prime Money Market Fund		—		7,425,526		13,098,793		—			8,145,234		353		—

Totals	$	—	$	14,131,147	$	23,156,320	$	49,930,330		$	262,457,955	$	1,028,682	$	177,708


		BMO Funds


Fund/Security Description	Value Beginning of Period		Purchases		Sales Proceeds		Unrealized Appreciation		Value End of Period		Dividends Credited to Income		Net Realized Gain(Loss)
Aggressive Allocation Fund***
BMO Low Volatility Equity Fund	$	—	$	48,261	$	41,694	$	684,299	$	3,947,196	$	18,272	$	1,263
BMO Dividend Income Fund		—		61,584		155,621		1,213,061		4,607,989		25,791		8,329
BMO Large-Cap Value Fund		—		51,890		64,949		2,160,397		5,911,360		24,968		3,386
BMO Large-Cap Growth Fund		—		87,575		424,721		1,396,531		6,570,875		—		21,661
BMO Mid-Cap Value Fund		—		34,244		117,158		2,335,289		6,045,422		—		2,704
BMO Mid-Cap Growth Fund		—		86,658		226,111		2,260,589		5,239,598		—		(5,975	)
BMO Small-Cap Growth Fund		—		439,969		296,381		1,845,176		5,771,901		—		(15,968	)
BMO Pyrford International Stock Fund		—		446,134		158,568		1,274,693		8,227,080		—		(1,202	)
BMO LGM Emerging Markets Equity Fund		—		197,155		293,979		549,889		6,126,777		—		(3,421	)
BMO TCH Core Plus Bond Fund		—		453,906		1,681,689		363,614		8,001,758		65,175		(3,051	)
BMO Monegy High Yield Bond Fund		—		12,555		378,616		23,985		605,936		11,673		2,661
BMO Prime Money Market Fund		—		6,577,834		7,413,648		—		1,645,381		235		—

Totals	$	—	$	8,497,765	$	11,253,135	$	14,107,523	$	62,701,273	$	146,114	$	10,387


Diversified Stock Fund***
BMO Low Volatility Equity Fund	$	—	$	37,807	$	21,010	$	980,402	$	5,417,377	$	25,101	$	(16	)
BMO Dividend Income Fund		—		35,198		149,916		1,713,092		6,303,538		35,198		7,929
BMO Large-Cap Value Fund		—		34,316		132,672		3,254,021		8,124,197		34,316		7,458
BMO Large-Cap Growth Fund		—		—		260,260		1,974,025		9,102,184		—		11,958
BMO Mid-Cap Value Fund		—		29,267		283,756		3,576,986		8,283,108		—		4,255
BMO Mid-Cap Growth Fund		—		20,101		129,379		3,335,886		7,162,487		—		(6,905	)
BMO Small-Cap Growth Fund		—		553,509		360,201		2,702,168		7,943,454		—		(19,374	)
BMO Pyrford International Stock Fund		—		397,478		97,068		1,679,353		11,266,855		—		289
BMO LGM Emerging Markets Equity Fund		—		217,178		376,164		756,034		8,333,450		—		(9,156	)
BMO Prime Money Market Fund		—		4,551,751		4,282,796		—		1,860,257		57		—

Totals	$	—	$	5,876,605	$	6,093,222	$	19,971,967	$	73,796,907	$	94,672	$	(3,562	)


Aggressive Stock Fund***
BMO Low Volatility Equity Fund	$	—	$	517,581	$	45,105	$	441,272	$	2,853,253	$	10,940	$	1,081
BMO Dividend Income Fund		—		48,177		79,114		522,377		1,898,177		10,403		4,719
BMO Large-Cap Value Fund		—		545,191		117,800		650,711		2,850,887		9,935		5,286
BMO Large-Cap Growth Fund		—		54,846		128,362		795,921		2,848,051		—		9,926
BMO Mid-Cap Value Fund		—		96,312		222,224		2,394,253		5,680,830		—		4,625
BMO Mid-Cap Growth Fund		—		147,358		188,817		2,371,650		5,643,985		—		(5,483	)
BMO Small-Cap Value Fund		—		220,831		211,631		1,197,159		5,647,713		—		1,100
BMO Small-Cap Growth Fund		—		588,227		1,404,557		3,864,558		9,421,370		—		(78,996	)
BMO Pyrford International Stock Fund		—		282,978		82,720		1,085,840		5,646,314		—		(40	)
BMO LGM Emerging Markets Equity Fund		—		374,057		320,401		602,592		5,662,606		—		(1,082	)
BMO Prime Money Market Fund		—		4,151,002		4,098,630		—		920,586		131		—

Totals	$	—	$	7,026,560	$	6,899,361	$	13,926,333	$	49,073,772	$	31,409	$	(58,864	)

*	The Funds initiated security positions effective September 1, 2013, via non-taxable in-kind transfers of assets and liabilities of five corresponding affiliated unregistered collective investment trusts previously managed by the Adviser.

**	Fund inception date is December 27, 2013.

***	The Funds initiated security positions effective June 1, 2014, via non-taxable in-kind transfers of assets and liabilities of six corresponding affiliated unregistered collective investment trusts previously managed by the Adviser.

Interfund Borrowing and Lending—The Funds participate in an interfund lending program. This program allows the Funds to lend cash to and/or borrow cash from other Funds for temporary purposes. The program is subject to a number of conditions, including the requirement that the interfund loan rate to be charged to the Funds under the program is (i) more favorable to the lending Fund than the rate it could otherwise obtain from investing cash in repurchase agreements or purchasing shares of BMO Prime Money Market Fund or BMO Government Money Market Fund and (ii) more favorable to the borrowing Fund than the lowest interest rate at which bank short-term loans would be available to the Funds. In addition, a Fund may participate in the program only if its participation is consistent with the Fund’s investment policies and limitations. The Directors are responsible for the oversight of the interfund lending program. The 2045 Fund utilized this program as borrower, and the Prime Money Market Fund as lender for the year ended August 31, 2014. For the year ended August 31, 2014, the average daily lending balance was $154 and the weighted average interest rate was 0.675%. No interfund borrowing or lending balances existed as of August 31, 2014.


Notes to Financial Statements (continued)

Line of Credit

The Corporation, on behalf of the respective Funds, entered into a $25 million unsecured, committed revolving line of credit (“LOC”) agreement with State Street Bank and Trust Company. The LOC was made available for extraordinary or emergency purposes, primarily for financing redemption payments. Borrowings are charged interest at a rate of 1.25% per annum over the greater of the Federal Funds rate or the London Interbank Offered Rate (“LIBOR”) and includes a commitment fee of 0.12% per annum on the daily unused portion. On September 26, 2013, the amount of the LOC increased to $50 million. All other terms and conditions of the LOC agreement remained in place. No borrowings were outstanding under the LOC at August 31, 2014. The Funds that utilized the LOC during the year ended August 31, 2014 were as follows:


Fund	Average Daily Loan Balance Outstanding		Weighted Average Interest Rate
2010 Fund	$	2,494		1.340	%
2020 Fund		5,661		1.340
2025 Fund		34		1.340
2030 Fund		8,625		1.340
2040 Fund		12,432		1.340
2050 Fund		11,361		1.346
2055 Fund		689		1.340

Investment Transactions

Purchases and sales of investments, excluding short-term U.S. government securities, short-term obligations, and in-kind contributions, for the year ended August 31, 2014 were as follows:


	Other than U.S. Government Securities				U.S. Government Securities
Fund	Purchases		Sales		Purchases		Sales
2010 Fund	$	12,137,256	$	14,583,478	$	—	$	—
2015 Fund(1)		657,631		74,687		—		—
2020 Fund		45,478,713		37,245,804		—		—
2025 Fund(1)		1,713,251		149,699		—		—
2030 Fund		42,925,734		26,776,587		—		—
2035 Fund(1)		1,670,825		206,667		—		—
2040 Fund		22,564,711		14,347,006		—		—
2045 Fund(1)		1,165,673		175,151		—		—
2050 Fund		14,652,120		9,110,816		—		—
2055 Fund(1)		1,140,068		414,224		—		—
Diversified Income Fund(2)		16,871,782		15,321,260		—		—
Moderate Balanced Fund(2)		8,719,883		11,986,915		—		—
Growth Balanced Fund(2)		38,048,277		35,871,487		—		—
Aggressive Allocation Fund(2)		10,051,089		9,041,135		—		—
Diversified Stock Fund(2)		3,527,825		4,751,963		—		—
Aggressive Stock Fund(2)		4,516,849		4,156,726		—		—

(1)

Reflects operations for the period from December 27, 2013 (inception date) to August 31, 2014.

(2)

Reflects operations for the period from May 30, 2014 (inception date) to August 31, 2014.

Federal Tax Information


		BMO Funds

tax returns and concluded that Accounting for Uncertainty in Income Taxes resulted in no effect on the Funds’ reported net assets or results of operations as of and during the period ended August 31, 2014. Management of the Funds also is not aware of any tax positions for which it is reasonably possible that the total amounts of recognized tax benefits will significantly change in the next twelve months.

The difference between book basis and tax basis unrealized appreciation/depreciation is attributable in part to the tax deferral of losses on wash sales.


	Cost of Investments for Federal Tax Purposes		Gross Unrealized Appreciation for Federal Tax Purposes		Gross Unrealized Depreciation for Federal Tax Purposes			Net Unrealized Appreciation for Federal Tax Purposes
2010 Fund	$	26,796,425	$	5,669,695	$	(66,277	)	$	5,603,418
2015 Fund		601,659		13,212		(1,548	)		11,664
2020 Fund		91,521,445		26,372,398		(234,230	)		26,138,168
2025 Fund		1,597,277		54,912		(4,155	)		50,757
2030 Fund		80,796,357		26,671,851		(243,352	)		26,428,499
2035 Fund		1,496,406		58,614		(5,715	)		52,899
2040 Fund		52,610,584		20,225,973		(136,700	)		20,089,273
2045 Fund		1,013,821		42,053		(4,642	)		37,411
2050 Fund		28,591,894		9,763,216		(63,132	)		9,700,084
2055 Fund		747,403		28,238		(3,205	)		25,033
Diversified Income Fund		140,979,389		17,718,135		(317,800	)		17,400,335
Moderate Balanced Fund		128,508,523		26,794,895		(325,989	)		26,468,906
Growth Balanced Fund		437,123,517		156,521,710		(1,000,691	)		155,521,019
Aggressive Allocation Fund		105,859,471		47,299,775		(318,107	)		46,981,668
Diversified Stock Fund		111,430,644		68,226,748		(40,062	)		68,186,686
Aggressive Stock Fund		62,035,755		32,326,511		(52,583	)		32,273,928

The tax character of distributions reported on the Statement of Changes in Net Assets for the years ended August 31, 2014:


Fund	Ordinary Income(1)		Long-Term Capital Gains
2010 Fund	$	468,072	$	2,170
2020 Fund		1,838,615		43,462
2030 Fund		1,687,505		6,637
2040 Fund		1,248,015		9,765
2050 Fund		566,271		1,149

(1)

For tax purposes, short-term capital gain distributions are considered ordinary income.

As of August 31, 2014, the components of distributable earnings on a tax basis are as follows:


Fund	Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Accumulated Capital and Other Losses		Unrealized Appreciation on Securities
2010 Fund	$	521,781	$	902,229	$	—	$	5,603,418
2015 Fund		2,651		401		—		11,664
2020 Fund		1,340,222		2,394,757		—		26,138,168
2025 Fund		7,176		1,794		—		50,757
2030 Fund		837,174		1,961,870		—		26,428,499
2035 Fund		6,601		2,316		—		52,899
2040 Fund		503,403		1,329,442		—		20,089,273
2045 Fund		3,771		2,056		—		37,411
2050 Fund		284,920		717,837		—		9,700,084
2055 Fund		3,574		1,345		—		25,033
Diversified Income Fund		954,733		305,742		—		17,400,335
Moderate Balanced Fund		847,433		285,110		—		26,468,906
Growth Balanced Fund		2,697,772		1,219,402		—		155,521,019
Aggressive Allocation Fund		470,341		298,831		—		46,981,668
Diversified Stock Fund		478,225		391,510		—		68,186,686
Aggressive Stock Fund		174,519		143,278		—		32,273,928


Notes to Financial Statements (continued)

Shareholder Tax Information (Unaudited)


2010 Fund	12.88	%
2015 Fund	13.84
2020 Fund	16.94
2025 Fund	15.02
2030 Fund	21.70
2035 Fund	20.50
2040 Fund	28.81
2045 Fund	26.60
2050 Fund	25.11
2055 Fund	18.41
Diversified Income Fund	5.87
Moderate Balanced Fund	13.03
Growth Balanced Fund	23.09
Aggressive Allocation Fund	44.36
Diversified Stock Fund	59.31
Aggressive Stock Fund	43.53

Of the ordinary income (including short-term capital gain) distributions made by the Funds during the year ended August 31, 2014, the percentages that are designated as qualified dividend income were as follows:


2010 Fund	23.45	%
2015 Fund	21.65
2020 Fund	32.05
2025 Fund	33.40
2030 Fund	41.88
2035 Fund	44.33
2040 Fund	52.50
2045 Fund	56.93
2050 Fund	48.78
2055 Fund	36.18
Diversified Income Fund	6.69
Moderate Balanced Fund	19.56
Growth Balanced Fund	25.72
Aggressive Allocation Fund	49.80
Diversified Stock Fund	68.36
Aggressive Stock Fund	54.53

For Federal tax purposes, the 2010, 2020, 2030, 2040 and 2050 Funds, designate long-term capital gain dividends of $2,170, $43,462, $6,637, $9,765 and $1,149, respectively, or the amounts determined to be necessary, for the year ended August 31 2014.

For Federal tax purposes, the 2010, 2020, 2030, 2040 and 2050 Funds, designate qualified short-term capital gain dividends of $58,583, $352,524, $172,573, $131,539 and $60,033, respectively, or the amounts determined to be necessary, for the year ended August 31 2014.

10.

Subsequent Events

Management of the Funds have evaluated the impact of all subsequent events on the Funds through the date the financials were issued, and has determined that here were no subsequent events requiring recognition or disclosure in the financial statements.


Report of Independent Registered Public Accounting Firm

The Shareholders and Board of Directors of BMO Funds, Inc.:

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of BMO Target Retirement 2010 Fund, BMO Target Retirement 2015 Fund, BMO Target Retirement 2020 Fund, BMO Target Retirement 2025 Fund, BMO Target Retirement 2030 Fund, BMO Target Retirement 2035 Fund, BMO Target Retirement 2040 Fund, BMO Target Retirement 2045 Fund, BMO Target Retirement 2050 Fund, BMO Target Retirement 2055 Fund, BMO Diversified Income Fund, BMO Moderate Balanced Fund, BMO Growth Balanced Fund, BMO Aggressive Allocation Fund, BMO Diversified Stock Fund, and BMO Aggressive Stock Fund (each a series of BMO Funds, Inc., collectively referred to as the “Funds”) as of August 31, 2014, and the related statements of operations and changes in net assets and the financial highlights for the year or period then ended. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of August 31, 2014, by correspondence with the custodian and transfer agents or by other appropriate auditing procedures. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2014, the results of their operations, the changes in their net assets, and the financial highlights for the year or period then ended, in conformity with U.S. generally accepted accounting principles.

/s/ KPMG LLP

Milwaukee, WI

October 22, 2014


Directors and Officers of the Funds


INDEPENDENT DIRECTORS
Name and Age	Position(s) Held with the Corporation	Term of Office and Length of Time Served*	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Director	Other Directorships Held by Director
Larry D. Armel Age: 72	Independent Director	Since September 2006	Retired; formerly, Chairman, Gold Bank Funds, from 2002 to 2005.	47	None
Ridge A. Braunschweig Age: 61	Independent Director	Since October 2009	President and Chief Executive Officer, CPL Industries, Inc. (a manufacturing holding company prior to May 2009 and a family office since May 2009), since January 2012; Executive Vice President and Chief Financial Officer, CPL Industries, Inc., from 2000 to 2012.	47	None
Benjamin M. Cutler Age: 69	Independent Director	Since July 2004	Chairman, CEO and President, USHEALTH Group, Inc. (a health insurance company), since September 2004.	47	None
John A. Lubs Age: 66	Independent Director	Since July 2004	Retired; formerly, Vice Chairman, Mason Companies, Inc. (a footwear distributor), from 2004 to 2010 and Chief Operating Officer, from 2003 to 2010.	47	None
James Mitchell Age: 67	Independent Director	Since March 1999	Chief Executive Officer, NOG, Inc. (a metal processing and consulting company), since 1999; Chairman, Ayrshire Precision Engineering (a precision machining company), since 1992; Chairman, Golner Precision Products, Inc. (a supplier of machine parts), from 2004 to 2008; Chief Executive Officer, General Automotive Manufacturing, LLC (an automotive parts manufacturing company), from 2001 to 2007.	47	None
Barbara J. Pope Age: 66	Independent Director	Since March 1999	President of Barbara J. Pope, P.C. (a financial consulting firm), since 1992; President of Sedgwick Street Fund LLC (a private investment partnership), since 1996; formerly, Tax Partner, Price Waterhouse.	47	None
* Each director serves an indefinite term until he or she retires or otherwise resigns, is removed, dies, or until his or her successor is duly elected. Retirement for a director occurs no later than August 31 following his or her 75^th birthday.


Directors and Officers of the Funds (continued)


INDEPENDENT DIRECTORS
Name and Age	Position(s) Held with the Corporation	Term of Office and Length of Time Served*	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Director	Other Directorships Held by Director
John M. Blaser** Age: 57	Director and President	Since May 1999	Managing Director of the Adviser, since June 2012; Vice President of the Adviser, from 1998 to 2012.	47	None
Christopher B. Begy** Age: 60	Director	Since August 2013	President, CEO and a Director of BMO Financial Corp. and U.S. Country Head, since August 2013; Chair, BMO Harris Bank N.A., since August 2013; Director of the Adviser, since August 2013; Chief Auditor of BMO Financial Group, from 2001 to 2013.	47	None

* Each director serves an indefinite term until he or she retires or otherwise resigns, is removed, dies or until his or her successor is duly elected.
Retirement for a director occurs no later than August 31 following his or her 75^th birthday.

** Mr. Blaser is an “interested person” of the Corporation (as defined in the 1940 Act) due to the positions that he holds with the Corporation and the Adviser. Mr. Begy is an “interested person” of the Corporation due to the positions that he holds with the Adviser and BMO Financial Group.


PRINCIPAL OFFICERS
Name and Age	Position(s) Held with the Corporation	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years
Timothy M. Bonin Age: 41	Chief Financial Officer and Treasurer	Elected by the Board annually; since February 2006	Vice President of the Adviser, since February 2006.
John D. Boritzke Age: 58	Vice President	Elected by the Board annually; since October 2001	Managing Director of the Adviser, since 2012; Vice President of BMO Harris Bank N.A., since 2008; Senior Vice President of the Adviser, 2008 to 2012.
Stephen R. Oliver Age: 63	Chief Compliance Officer and Anti-Money Laundering Compliance Officer	Elected by the Board annually; Chief Compliance Officer, since July 2008; and Anti-Money Laundering Officer, since January 2009	Vice President of BMO Harris Bank N.A., since March 2006, Vice President of BMO Investment Distributors, LLC (formerly M&I Distributors, LLC), since 2007.
Michele L. Racadio Age: 39	Secretary	Elected by the Board annually; since November 2012	Senior Counsel and Vice President of BMO Harris Bank N.A., since 2012; Associate, Godfrey & Kahn, S.C., 2006 to 2012.


Shareholder Report Disclosure of Directors’ Approval of Continuation of Contracts

Approval of Investment Advisory Agreement for BMO Diversified Income Fund, BMO Moderate Balanced Fund, BMO Growth Balanced Fund, BMO Aggressive Allocation Fund, BMO Diversified Stock Fund and BMO Aggressive Stock Fund

At a meeting held on May 7 and 8, 2013 (the “Meeting”), the Board of Directors (the “Board”) of BMO Funds, Inc. (the “Corporation”), including the Directors who are not “interested persons” of the Corporation as defined in the Investment Company Act of 1940, as amended (the “Independent Directors”), considered the initial approval of the investment advisory agreement (the “Advisory Agreement”) between the Corporation and BMO Asset Management Corp. (the “Adviser”) on behalf of BMO Diversified Income Fund, BMO Moderate Balanced Fund, BMO Growth Balanced Fund, BMO Aggressive Allocation Fund, BMO Diversified Stock Fund and BMO Aggressive Stock Fund (each a “New Fund” and collectively the “New Funds”).

During the Meeting, the Board met in person with management of the Adviser, who outlined the objectives and principal investment strategies for each New Fund, including the investment approach and process for selecting funds and managers for the New Funds. Representatives of the Adviser described in detail each New Fund’s strategic asset allocation ranges and mix of proprietary, non-proprietary, actively-managed and passively-managed funds to be included in each investment strategy. The Board and management discussed the current managed asset allocation portfolios (“MAAPs”) sponsored by the Adviser and the proposed conversion of the MAAPs’ assets into the New Funds. The Board then considered the capabilities of the investment team, including performance records of the MAAPs, and the benefits of a mutual fund structure for the MAAP assets. The Board discussed the nature and quality of services to be provided by each investment team, the classes proposed to be offered, the fee and expense structure of each New Fund, the anticipated growth of the New Funds, the potential for economies of scale, the daily pricing and liquidity of the mutual funds and the pricing procedures of the New Funds. The Board, including the Independent Directors, was satisfied with the proposed products, the capabilities of the Adviser and the investment teams to adequately manage the new products, and the relative fees and expenses. The Board also considered that the proposed conversion would be in the best interests of shareholders and that their interests would not be diluted following conversion. The Independent Directors also met separately in executive session with their independent legal counsel to review and consider the information provided by the Adviser regarding the proposed Advisory Agreement for the New Funds.

The Independent Directors considered, among other factors, the Adviser’s long-term relationship with the Corporation and the services the Adviser provides for other funds of the Corporation. The Independent Directors noted that, in evaluating the Advisory Agreement, they were taking into account their accumulated experience as Independent Directors in working with the Adviser on matters relating to the Corporation’s other funds. Based on their review, the Independent Directors concluded that it was in the best interests of the New Funds to approve the Advisory Agreement and, accordingly, recommended that the Board approve the Advisory Agreement. In reaching its decision, the Board considered materials relevant to its review of the Advisory Agreement, including a copy of the proposed Advisory Agreement, information regarding each New Fund’s investment strategy, personnel, compliance program and operations, information regarding the Adviser’s financial condition, and other information provided in response to the requirements of Section 15(c) of the Investment Company Act of 1940, as amended. In their deliberations, the Board did not identify any single factor or group of factors as all-important or controlling but considered all factors together. The material factors and conclusions that formed the basis for the Board’s determinations are discussed below.

Nature, Extent and Quality of Services

In evaluating the nature, extent and quality of the services to be provided by the Adviser to the New Funds, the Board reviewed information describing the resources and key personnel of the Adviser, including the personnel who would provide investment management services to the New Funds. The Board considered the capabilities of the respective investment teams, including performance expectations and capacity. The Board also considered the administrative services that the Adviser would provide for the New Funds and took into account its review of the advisory functions and other services performed by the Adviser for the Corporation’s other funds. The Board also considered the Adviser’s experience in managing new funds.

Based upon this review, the Board concluded that the nature, quality and extent of the services to be provided to the New Funds by the Adviser are expected to be satisfactory.

Performance Information

The Board reviewed performance data for the MAAPs for various periods ended March 31, 2013. The Board concluded that the performance history of the MAAPs was in line with each of the New Fund’s Morningstar Inc. and Lipper Inc. peer group averages.

Costs of Services Provided and Profitability

The Board reviewed information regarding each New Fund’s fees and expenses, noting that the New Funds would not pay a management fee to the Adviser. The Board then reviewed each Fund’s net expense ratio according to its Lipper peer group ranking. The Board considered that the Adviser has agreed to a contractual expense limitation for each New Fund through December 31, 2014 (the “Expense Limitation”), and that the net expense ratio for the New Fund takes into account the effect of the Expense Limitation. The Board noted that all of the classes of the New Funds were within one of the top two quartiles of their peer groups with respect to their net expense ratios.


		BMO Funds

The Board also noted that because the New Funds were newly organized and had no assets, the Adviser did not provide profitability information. The Board considered the proposed Expense Limitation Agreement and concluded that profitability was not expected to be unreasonable.

On the basis of the information provided and in light of the fact that no management fee is paid by the New Funds, the Board concluded that the terms of the Advisory Agreement for each New Fund are reasonable, taking into account the nature, quality and extent of services to be provided by the Adviser.

Economies of Scale

The Board did not consider the extent to which economies of scale would be realized as the New Funds grow because the New Funds would not be paying management fees to the Adviser.

Other Benefits to the Adviser

The Board considered benefits that accrue to the Adviser and its affiliates from their contractual relationships with the New Funds, including administration and custody fees. Taking into account these benefits, the Board concluded that the terms of the Advisory Agreement for each New Fund are reasonable.

Conclusion

After full consideration of the above factors, as well as other factors that were instructive in evaluating the Advisory Agreement, the Board concluded that the terms of the Advisory Agreement are fair and reasonable and that approval of the Advisory Agreement is in the best interests of each applicable New Fund, taking into consideration the nature, extent and quality of services to be provided, proposed fee and expense levels, economies of scale and other benefits to the Adviser.


NOTES


NOTES


NOTES

Proxy Voting

Disclosure of Portfolio Holdings

PRSRT STD

U.S. POSTAGE

PAID

LANCASTER, PA

PERMIT NO. 1793

BMO Funds U.S. Services

P.O. Box 55931

Boston, MA 02205-5931

1-800-236-FUND (3863)

414-287-8555

www.bmofunds.com

BMO Investment Distributors, LLC, Distributor

BMO Asset Management Corp., Investment Adviser

Investment Products are: Not FDIC Insured

No Bank Guarantee

May Lose Value

Item 2. Code of Ethics.

The Registrant has a code of ethics (the “Code”) that applies to the Registrant’s principal executive officer and principal financial officer. During the period covered by this report, there were no amendments to the provisions of the Code, nor were there any implicit or explicit waivers to the provisions of the Code. The Code is filed herewith.

Item 3. Audit Committee Financial Expert.

The Registrant’s Board of Directors has determined that the Registrant has four audit committee financial experts serving on its audit committee, each of whom is “independent” within the meaning of Form N-CSR: Ridge A. Braunschweig, Barbara J. Pope, John A. Lubs, and Benjamin M. Cutler. Under applicable securities laws, a person who is determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including without limitation for purposes of Section 11 of the Securities Act of 1933, as amended, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities that are greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and Board of Directors in the absence of such designation or identification.

Item 4. Principal Accountant Fees and Services.

The aggregate fees for professional services by KPMG LLP during the fiscal year 2014 and 2013 were as follows:

(a)	Audit Fees for Registrant.


		Fiscal year ended August 31, 2014		$613,800
		Fiscal year ended August 31, 2013		$340,800

(b)	Audit-Related Fees for Registrant. These are fees by the Registrant’s independent auditors for assurance and related services that were reasonably related to the performance of the audit of the Registrant’s financial statements.


		Fiscal year ended August 31, 2014		$77,180
		Fiscal year ended August 31, 2013		$53,000

(c)	Tax Fees for Registrant. These are fees for professional services rendered by the Registrant’s independent auditors for tax compliance, tax advice, and tax planning.


		Fiscal year ended August 31, 2014		$167,000
		Fiscal year ended August 31, 2013		$82,000

(d)	All Other Fees.


		Fiscal year ended August 31, 2014		None
		Fiscal year ended August 31, 2013		None

(e)	Audit Committee’s pre-approval policies and procedures.

(1)

The Audit Committee has adopted pre-approval policies and procedures that require the Audit Committee to pre-approve all audit and non-audit services of the Registrant, including services provided to the Registrant’s investment adviser or any entity controlling, controlled by or under common control with the Registrant’s investment adviser that provides ongoing services to the Registrant with respect to any engagement that directly relates to the operations and financial reporting of the Registrant.

(2)

Services approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X: 100% of these fees were approved by the Audit Committee as required pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X.

(f)

None.

(g)

During the last two fiscal years, other non-audit services rendered by the Registrant’s independent auditors to the Registrant, its investment adviser or any entity controlling, controlled by or under the common control with the investment adviser that provides ongoing services to the Registrant included the following:

Statement on Standards for Attestation Engagements No. 16 (SSAE No. 16) examinations for BMO Harris Bank N.A.


		Fiscal year ended August 31, 2014		$183,430
		Fiscal year ended August 31, 2013		$153,000

(h)	Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

Except as noted below, the schedules of investments are included as part of the report to shareholders filed under Item 1 of this Form. The schedules of investments for BMO Ultra Short Tax-Free Fund, BMO Short Tax-Free Fund, and BMO Intermediate Tax-Free Fund, are filed under this Item.

Ultra Short Tax-Free Fund

SCHEDULE OF INVESTMENTS –

As of August 31, 2014


*Description*	Shares or Principal Amount		*Value*
Municipals - 92.3%

Alabama - 2.1%
Alabama Board of Education, 4.000%, 7/1/2020, Call 7/1/2018	$	1,405,000	$	1,524,706
Alabama Private Colleges & Universities Facilities Authority, AGC, 5.000%, 9/1/2015		360,000		374,648
Bessemer Governmental Utility Services Corp., 0.350%, 12/1/2030 (3) (5) (6)		5,085,000		5,085,000
Health Care Authority for Baptist Health, 0.500%, 11/1/2042 (3)		8,675,000		8,675,000

				15,659,354
Arizona - 2.0%
Arizona Health Facilities Authority:
1.900%, 2/5/2020, Call 8/9/2019 (3)		3,250,000		3,250,032
1.900%, 2/5/2020, Call 8/9/2019 (3)		750,000		750,007
2.000%, 2/1/2015		1,000,000		1,006,520
3.000%, 2/1/2016		1,500,000		1,551,480
4.000%, 7/1/2015		140,000		144,182
Arizona School Facilities Board, 4.000%, 9/1/2014		100,000		100,000
Arizona School Facilities Board, AMBAC:
4.250%, 7/1/2015		225,000		231,350
5.000%, 7/1/2018		300,000		340,080
Glendale Industrial Development Authority, 4.000%, 12/1/2014		1,815,000		1,830,264
Industrial Development Authority of the County of Pima, 5.000%, 9/1/2017		250,000		280,188
Maricopa County Industrial Development Authority, 2.000%, 1/1/2016		310,000		314,563
Maricopa County Pollution Control Corp., 1.750%, 5/30/2018 (3)		500,000		503,615
Pima County Industrial Development Authority, 4.000%, 7/1/2016		305,000		309,987
Scottsdale Industrial Development Authority, FSA, 0.890%, 9/1/2045, Call 9/2/2014 (3) (14)		4,075,000		4,075,000
Surprise Municipal Property Corp., AMBAC, 5.000%, 7/1/2015, Call 9/29/2014		100,000		100,309

				14,787,577
Arkansas - 0.5%
City of Bentonville, NATL-RE, 6.400%, 12/1/2014		200,000		202,556
City of Cabot, 2.550%, 6/1/2043, Call 6/1/2023		1,040,000		1,043,266
City of Fort Smith:
1.000%, 5/1/2029, Call 5/1/2024		430,000		430,258
2.375%, 5/1/2027, Call 5/1/2022		450,000		451,210
City of Little Rock, 1.250%, 4/1/2033, Call 10/1/2021		895,000		895,322
City of North Little Rock, 2.625%, 5/1/2016		350,000		355,786
County of Crawford, AGM, 1.850%, 9/1/2024, Call 9/1/2021 (4)		200,000		200,786
University of Central Arkansas, BAM, 2.000%, 9/1/2015		100,000		101,652

				3,680,836
California - 11.2%
Abag Finance Authority for Nonprofit Corporations, 4.300%, 7/1/2016, Call 7/1/2015		100,000		105,444
Austin Trust, AGM NATL-RE, 0.240%, 8/1/2032 (3)		6,920,000		6,920,000
Bay Area Toll Authority:
1.000%, 4/3/2017, Call 10/1/2016 (3)		8,000,000		8,027,920
1.150%, 4/1/2024, Call 10/1/2023 (3)		1,750,000		1,765,050
California Health Facilities Financing Authority, NATL-RE, 0.123%, 7/1/2022, Call 9/2/2014 (3) (14)		1,300,000		1,228,500
California Housing Finance Agency, 0.850%, 8/1/2016		1,500,000		1,502,835
California Infrastructure & Economic Development Bank, AMBAC:
0.220%, 10/1/2017, Call 9/2/2014 (3) (14)		1,175,000		1,175,000
0.220%, 10/1/2018, Call 9/4/2014 (3) (14)		1,525,000		1,525,000
California Municipal Finance Authority:
0.300%, 10/1/2014 (3)		5,000,000		5,000,000
1.125%, 2/1/2017 (3)		1,500,000		1,510,530
California Statewide Communities Development Authority:
0.550%, 9/6/2035, Call 9/2/2014 (3) (5) (6)		1,000,000		1,000,000
3.500%, 11/1/2018		1,000,000		1,025,690


California Statewide Communities Development Authority, AGM:
2.000%, 10/1/2015	190,000	192,025
2.000%, 10/1/2016	120,000	122,209
California Statewide Communities Development Authority, CMI, 2.500%, 8/1/2020, Call 11/1/2016	1,000,000	1,025,230
Carson Redevelopment Agency Successor Agency, 4.000%, 10/1/2017	1,265,000	1,370,805
Chabot-Las Positas Community College District, AMBAC:
0.000%, 8/1/2020, Call 8/1/2016	265,000	216,187
0.000%, 8/1/2026, Call 8/1/2016	175,000	105,637
City of Fresno, NATL-RE FGIC, 5.250%, 6/1/2015, Call 9/29/2014	525,000	526,764
City of Lodi, NATL-RE, 5.500%, 10/1/2017, Call 10/1/2014	175,000	175,709
City of Yucaipa:
3.000%, 9/1/2014	425,000	425,000
3.000%, 9/1/2015	345,000	348,405
Compton Unified School District, AMBAC, 0.000%, 6/1/2016	385,000	376,538
County of San Joaquin:
3.000%, 4/1/2017	150,000	157,490
4.000%, 4/1/2018	285,000	310,852
Deutsche Bank Spears/Lifers Trust, 0.320%, 8/1/2047 (3) (5) (6)	11,159,000	11,159,000
Imperial Community College District, AGM, 0.000%, 8/1/2016	180,000	176,573
Inglewood Unified School District School Facilities Financing Authority, AGM, 5.000%, 10/15/2016	100,000	108,367
Kaweah Delta Health Care District:
4.000%, 6/1/2015	125,000	127,800
4.000%, 6/1/2016	490,000	513,569
Long Beach Bond Finance Authority, 5.000%, 11/15/2015	110,000	115,101
Los Angeles County Metropolitan Transportation Authority, AMBAC, 0.348%, 7/1/2027 (3) (14)	225,000	203,389
Los Angeles County Public Works Financing Authority, NATL-RE, 5.000%, 12/1/2015	100,000	105,807
Lynwood Unified School District, 5.000%, 8/1/2017	1,500,000	1,681,200
Marysville Joint Unified School District, NATL-RE FGIC, 3.875%, 8/1/2016, Call 8/1/2015	40,000	41,130
Mendota Unified School District, 0.000%, 8/1/2018, Call 8/1/2015	1,275,000	1,136,101
Montebello Unified School District, NATL-RE FGIC, 0.000%, 8/1/2016	300,000	292,395
Northern California Gas Authority No. 1, 0.787%, 7/1/2019 (3)	7,500,000	7,353,750
Pittsburg Infrastructure Financing Authority, AGM, 3.000%, 9/2/2014	390,000	390,000
Poway Unified School District Public Financing Authority, 2.000%, 9/15/2015	640,000	641,888
Puttable Floating Option Tax-Exempt Receipts, 0.480%, 8/1/2030, Call 9/29/2014 (3) (5) (6)	4,460,000	4,460,000
Puttable Floating Option Tax-Exempt Receipts, NATL-RE, 0.330%, 8/1/2037, Call 8/1/2017 (3) (5) (6)	2,500,000	2,500,000
Redwood City Redevelopment Agency, AMBAC, 5.250%, 7/15/2015, Call 9/29/2014	220,000	220,334
Richland School District, AGM, 0.000%, 8/1/2015	210,000	208,181
Salida Area Public Facilities Financing Agency:
3.000%, 9/1/2014	460,000	460,000
3.000%, 9/1/2015	715,000	726,726
Santaluz Community Facilities District No. 2, 3.000%, 9/1/2014	755,000	755,000
Sierra View Local Health Care District, 4.600%, 7/1/2015	100,000	102,048
Southern California Public Power Authority, 5.000%, 11/1/2014	1,000,000	1,006,280
State of California, 0.939%, 12/3/2018, Call 6/1/2018 (3)	950,000	964,830
State of California, FSA, 0.300%, 8/1/2027 (3) (5) (6)	7,465,000	7,465,000
Stockton Unified School District, 3.000%, 7/1/2015	430,000	439,486
Successor Agency to the Richmond County Redevelopment Agency, BAM, 4.000%, 9/1/2017	400,000	433,060
Twin Rivers Unified School District, AGM, 3.200%, 6/1/2020, Call 10/1/2014 (3)	2,000,000	2,000,380
Victor Elementary School District, NATL-RE, 0.000%, 6/1/2015	270,000	268,088

		82,194,303
Colorado - 3.7%
Auraria Higher Education Center:
6.000%, 5/1/2015	140,000	144,627
6.000%, 5/1/2016	149,000	160,399
6.000%, 5/1/2017	159,000	176,692
City & County of Denver, AGC:
0.210%, 11/15/2025, Call 9/2/2014 (3)	955,000	955,000
0.450%, 11/15/2025, Call 9/2/2014 (3) (14)	50,000	50,000
0.490%, 11/15/2025, Call 9/2/2014 (3) (14)	850,000	850,000
City of Burlington, 2.000%, 11/1/2015	80,000	81,002
Colorado Educational & Cultural Facilities Authority:
2.000%, 7/15/2015	215,000	215,402
3.000%, 6/1/2016	255,000	259,689
3.000%, 8/15/2016	150,000	156,512


3.000%, 8/15/2017	175,000	184,669
3.000%, 11/15/2017	190,000	200,448
Colorado Educational & Cultural Facilities Authority, XLCA, 5.250%, 6/1/2024, Call 9/29/2014	700,000	701,330
Colorado Health Facilities Authority:
3.000%, 12/1/2014	425,000	426,628
3.000%, 12/1/2014	140,000	140,750
4.000%, 2/1/2017	310,000	327,654
4.000%, 2/1/2018	175,000	187,250
5.000%, 11/15/2014	330,000	333,247
5.000%, 9/1/2020, Call 9/1/2015	670,000	689,638
Colorado Health Facilities Authority, RADIAN, 5.000%, 5/15/2015	245,000	250,660
Colorado Mountain Junior College District, NATL-RE, 3.750%, 8/1/2015	525,000	533,510
Colorado Water Resources & Power Development Authority, NATL-RE, 5.000%, 9/1/2016, Call 9/1/2014	185,000	185,000
Cordillera Metropolitan District, RADIAN, 5.000%, 12/1/2014	175,000	176,118
County of Montrose, 4.000%, 12/1/2017	385,000	414,703
Denver Health & Hospital Authority:
5.000%, 12/1/2019, Call 12/1/2016	200,000	219,328
5.000%, 12/1/2020, Call 12/1/2016	1,730,000	1,897,602
E-470 Public Highway Authority, 1.230%, 8/31/2017, Call 3/1/2017 (3)	4,600,000	4,601,104
E-470 Public Highway Authority, NATL-RE, 5.250%, 9/1/2016	100,000	107,947
Goldsmith Metropolitan District, 1.000%, 12/1/2034, Call 9/2/2014 (3)	4,960,000	4,960,000
Park Creek Metropolitan District, AGC, 5.000%, 12/1/2015	100,000	104,186
Puttable Floating Option Tax-Exempt Receipts, 0.400%, 12/1/2028 (3)	7,100,000	7,100,000
Rangely Hospital District, 5.000%, 11/1/2016	330,000	353,559

		27,144,654
Connecticut - 1.0%
JPMorgan Chase Putters/Drivers Trust, 0.260%, 6/1/2015 (3) (5) (6)	4,995,000	4,995,000
State of Connecticut, 0.350%, 1/1/2017, Call 9/2/2014 (3)	2,500,000	2,500,000

		7,495,000
District of Columbia - 0.8%
District of Columbia Housing Finance Agency, AGM, 5.000%, 7/1/2021, Call 7/1/2015	390,000	400,717
District of Columbia, AGC, 0.300%, 7/15/2017 (3) (5) (6)	5,235,000	5,235,000
Metropolitan Washington Airports Authority, AGC, 0.000%, 10/1/2015	550,000	542,971

		6,178,688
Florida - 5.6%
Brevard County Health Facilities Authority, 5.000%, 4/1/2016	125,000	132,408
Canaveral Port Authority, NATL-RE FGIC, 4.000%, 6/1/2016, Call 6/1/2015	175,000	178,960
Citizens Property Insurance Corp., 4.000%, 6/1/2015	25,000	25,702
City of Atlantic Beach, 2.000%, 11/15/2014	200,000	200,054
City of Gulf Breeze, 1.750%, 12/1/2015 (3)	9,000,000	9,140,220
City of Lakeland, NATL-RE, 0.000%, 10/1/2014	100,000	99,939
City of Melbourne, NATL-RE FGIC, 0.000%, 10/1/2015	120,000	118,454
City of Port Orange, 2.000%, 10/1/2016	265,000	272,971
City of Port St. Lucie:
1.500%, 7/1/2015	475,000	479,850
4.000%, 9/1/2016	100,000	106,474
City of Tampa, 3.000%, 9/1/2016	800,000	837,464
City of Tampa, NATL-RE, 5.500%, 11/15/2014	160,000	161,741
County of Bay, 3.500%, 9/1/2016	230,000	227,689
County of Citrus, XLCA, 0.317%, 1/1/2018 (3) (14)	2,225,000	2,145,131
County of Madison, 2.000%, 11/1/2014, Call 9/29/2014	10,500,000	10,501,890
County of Miami-Dade, XLCA, 4.000%, 10/1/2015	150,000	156,135
Emerald Coast Utilities Authority, NATL-RE FGIC, 0.000%, 1/1/2015	60,000	59,350
Florida Governmental Utility Authority, 2.000%, 10/1/2016	245,000	249,562
Florida Higher Educational Facilities Financial Authority:
4.000%, 4/1/2015	150,000	152,853
4.000%, 4/1/2016	100,000	104,724
Florida Municipal Loan Council, NATL-RE, 5.000%, 10/1/2015	250,000	260,665
Florida Municipal Power Agency, AMBAC:
0.088%, 10/1/2021, Call 9/4/2014 (3) (14)	250,000	230,676
0.088%, 10/1/2021 (3) (14)	325,000	299,879
Highlands County Health Facilities Authority, 5.125%, 11/15/2023, Call 11/15/2016 (3)	750,000	825,352
Hillsborough County Industrial Development Authority:
4.000%, 10/1/2015	750,000	779,018
5.000%, 10/1/2015	130,000	136,422


Manatee County School District, AGM, 4.000%, 7/1/2017, Call 7/1/2015	200,000	203,236
Miami Beach Health Facilities Authority, 3.000%, 11/15/2015	750,000	772,718
Miami-Dade County Expressway Authority, 0.530%, 10/9/2014, Call 9/2/2014 (3) (5) (6)	2,500,000	2,500,000
Mid-Bay Bridge Authority, AGC, 5.000%, 10/1/2016	200,000	212,174
North Sumter County Utility Dependent District, 5.000%, 10/1/2017	225,000	248,578
Northern Palm Beach County Improvement District, NATL-RE, 4.000%, 8/1/2017, Call 8/1/2015	300,000	306,081
Orange County Health Facilities Authority, 3.000%, 8/1/2017	625,000	660,181
Orlando Community Redevelopment Agency:
5.000%, 4/1/2015	500,000	510,265
5.000%, 4/1/2015	1,835,000	1,857,717
Palm Beach County Health Facilities Authority, 5.350%, 10/1/2014, Call 9/29/2014	1,000,000	1,002,670
Palm Beach County School District, NATL-RE, 3.900%, 8/1/2015	100,000	103,384
Southeast Overtown Park West Community Redevelopment Agency, 4.000%, 3/1/2016 (5) (6)	2,000,000	2,090,440
Tradition Community Development District No. 1, AGM:
2.000%, 5/1/2015	1,000,000	1,009,250
2.000%, 5/1/2016	1,500,000	1,528,335
Volusia County School Board, AGM, 3.800%, 10/1/2014	100,000	100,212

		40,988,824
Georgia - 2.8%
Burke County Development Authority, 1.550%, 6/21/2016 (3)	250,000	252,085
City of Atlanta, 1.605%, 11/1/2018, Call 5/1/2018 (3)	2,750,000	2,834,013
City of Atlanta, FSA, 0.350%, 11/1/2043 (3)	7,000,000	7,000,000
County of Bulloch, 2.000%, 9/1/2014	1,035,000	1,035,000
Downtown Dalton Development Authority, NATL-RE, 5.500%, 8/15/2017	200,000	214,116
Fulton County Development Authority, 5.000%, 3/15/2016	1,465,000	1,563,052
Georgia Housing & Finance Authority, FHA, 0.000%, 12/1/2016	870,000	761,354
Georgia School Boards Association, Inc., NATL-RE, 3.750%, 12/1/2015	200,000	208,264
Main Street Natural Gas, Inc., 5.000%, 3/15/2015	95,000	96,944
Milledgeville & Baldwin County Development Authority, AMBAC, 0.657%, 10/1/2016 (3)	655,000	653,742
Municipal Electric Authority of Georgia, NATL-RE, 6.500%, 1/1/2017	45,000	47,201
Private Colleges & Universities Authority:
4.000%, 10/1/2014	100,000	100,234
4.000%, 10/1/2015	1,535,000	1,574,096
Puttable Floating Option Tax-Exempt Receipts, AMBAC, 0.300%, 10/1/2024, Call 10/1/2017 (3) (5) (6)	4,000,000	4,000,000

		20,340,101
Idaho - 1.3%
Idaho Housing & Finance Association, 0.300%, 1/1/2038, Call 9/2/2014 (3)	9,700,000	9,700,000
Illinois - 9.1%
Barclays Capital Municipal Trust Receipts, 0.300%, 12/1/2030, Call 12/1/2021 (3) (5) (6)	4,000,000	4,000,000
Chicago Board of Education, 0.320%, 12/1/2041, Call 12/1/2021 (3) (5) (6)	8,665,000	8,665,000
Chicago Board of Education, AGM, 5.000%, 12/1/2018, Call 12/1/2016	250,000	271,992
Chicago Board of Education, NATL-RE, 5.000%, 12/1/2014, Call 9/29/2014	1,335,000	1,339,339
City of Chicago, 0.360%, 1/1/2034, Call 9/2/2014 (3)	12,455,000	12,455,000
City of Chicago, AGM:
4.250%, 11/1/2018	100,000	111,002
5.000%, 1/1/2015	105,000	106,651
5.500%, 1/1/2016	85,000	90,852
City of Chicago, NATL-RE, 5.250%, 1/1/2016, Call 9/29/2014	135,000	135,452
City of Chicago, NATL-RE FGIC, 0.000%, 1/1/2016	150,000	147,836
City of Decatur, 3.000%, 3/1/2016	250,000	259,162
City of Joliet, 4.000%, 1/1/2015	125,000	126,550
City of Rockford, BAM, 5.000%, 12/15/2017	1,600,000	1,801,040
City of Springfield:
5.000%, 3/1/2016	300,000	315,795
5.000%, 3/1/2017	350,000	384,821
City of Springfield, NATL-RE:
4.000%, 3/1/2015	75,000	76,328
5.000%, 3/1/2015	790,000	804,473
City of United City of Yorkville, AMBAC, 4.000%, 12/30/2014	200,000	202,054
City of Waukegan:
3.000%, 12/30/2015	405,000	415,611
3.000%, 12/30/2016	425,000	442,565
City of Waukegan, AGM, 4.000%, 12/30/2015	535,000	556,025


Cook & Du Page Counties Combined School District No. 113A Lemont Bromberek, NATL-RE FGIC, 0.000%, 12/1/2015	65,000	62,787
County of Cook, 0.300%, 11/1/2031, Call 9/2/2014 (3)	5,000,000	5,000,000
County of Du Page, AGM:
5.000%, 1/1/2016, Call 7/1/2015	100,000	103,793
5.000%, 1/1/2017, Call 7/1/2015	455,000	472,681
De Witt Piatt McLean Counties Community Unit School District No. 18 Blue Ridge, CIFG, 4.000%, 12/1/2015, Call 12/1/2014	400,000	403,668
Eastern Illinois University, AMBAC, 5.000%, 4/1/2015	200,000	204,106
Illinois Finance Authority:
1.300%, 5/8/2017 (3)	2,500,000	2,527,725
2.400%, 5/15/2015	500,000	503,070
2.700%, 5/15/2016	375,000	380,171
4.000%, 5/15/2015	250,000	255,672
4.600%, 11/1/2015 (3)	145,000	150,635
5.000%, 11/1/2014	100,000	100,686
5.000%, 12/15/2016, Call 12/1/2015	260,000	259,150
5.000%, 7/1/2017	140,000	151,396
Illinois Finance Authority, NATL-RE, 5.500%, 11/15/2015	75,000	78,252
Illinois Finance Authority, XLCA, 5.000%, 8/1/2015	50,000	51,605
Kane & DeKalb Counties Community Unit School District No. 302 Kaneland, NATL-RE, 0.000%, 2/1/2016	125,000	123,915
Kane County School District No. 129 West Aurora, NATL-RE FGIC, 5.000%, 2/1/2015	350,000	356,576
Kendall, Kane & Will Counties Community Unit School District No. 308:
3.000%, 10/1/2014	155,000	155,329
4.000%, 10/1/2015	70,000	72,731
Lake County Community Consolidated School District No. 3 Beach Park, NATL-RE, 8.750%, 1/1/2015	850,000	867,025
Lake County Forest Preserve District, 0.635%, 12/15/2020 (3)	450,000	450,063
Lake County School District No. 37 Gavin, FSA, 0.000%, 12/1/2014	400,000	397,924
Mason Hospital District, RADIAN, 7.250%, 12/1/2015	155,000	166,579
McHenry & Kane Counties Community Consolidated School District No. 158 Huntley, NATL-RE:
0.000%, 1/1/2015	25,000	24,983
0.000%, 1/1/2015	75,000	74,639
McHenry County Community Unit School District No. 12 Johnsburg, AGM, 4.000%, 1/1/2018	125,000	135,224
Memorial Park District, 2.500%, 12/30/2015	65,000	66,746
Metropolitan Water Reclamation District of Greater Chicago, 5.000%, 12/1/2023, Call 6/1/2016	250,000	267,400
Northern Cook County Solid Waste Agency, NATL-RE, 5.000%, 5/1/2015	505,000	517,302
Northern Illinois Municipal Power Agency, NATL-RE, 5.000%, 1/1/2023, Call 1/1/2018	515,000	568,122
Quad Cities Regional Economic Development Authority:
3.000%, 10/1/2014	125,000	125,115
3.000%, 10/1/2016	200,000	204,002
Railsplitter Tobacco Settlement Authority, 5.000%, 6/1/2017	20,000	22,101
Saint Clair County School District No. 118 Belleville, AMBAC, 0.000%, 12/1/2014	200,000	198,370
Southwestern Illinois Development Authority, AGM:
4.500%, 12/1/2014	250,000	252,300
5.250%, 12/1/2020, Call 12/1/2017	275,000	301,636
5.250%, 2/1/2023, Call 2/1/2017	1,165,000	1,249,579
St. Clair County Community Consolidated School District No. 90 O’Fallon, AGM, 2.800%, 12/1/2016	145,000	151,165
State of Illinois:
3.000%, 2/1/2016	2,085,000	2,142,275
4.000%, 4/1/2016	200,000	209,158
5.000%, 5/1/2017	500,000	545,975
State of Illinois Unemployment Compensation Trust Fund, 5.000%, 12/15/2019, Call 6/15/2015	150,000	155,552
State of Illinois, FSA, 5.500%, 12/15/2014, Call 9/29/2014	200,000	200,726
Stephenson County School District No. 145 Freeport, BAM, 2.000%, 2/1/2016	220,000	224,563
Town of Cicero, 4.000%, 1/1/2016	2,670,000	2,775,145
Town of Cicero, AGM, 4.000%, 1/1/2017	1,900,000	2,026,578
Town of Cicero, NATL-RE FGIC, 4.125%, 12/1/2014	300,000	302,628
University of Illinois, AGM, 5.000%, 10/1/2018, Call 10/1/2017	1,635,000	1,839,440
Village of Bensenville, CIFG, 5.000%, 4/1/2016	700,000	731,612
Village of Bolingbrook, NATL-RE, 3.875%, 3/1/2015	200,000	201,874
Village of Bourbonnais, 4.500%, 11/1/2015	210,000	216,760
Village of Bridgeview, AMBAC, 3.300%, 12/1/2015, Call 9/29/2014	330,000	330,422
Village of Cary, RADIAN, 4.400%, 3/1/2016	200,000	201,250
Village of Elwood, RADIAN, 4.200%, 3/1/2016, Call 9/29/2014	100,000	100,263


Village of Franklin Park, AMBAC, 5.000%, 7/1/2015, Call 9/29/2014	1,250,000	1,251,812
Village of Franklin Park, BAM, 4.000%, 10/1/2017	95,000	100,317
Village of Glenwood, AGM, 3.000%, 12/1/2014	165,000	165,467
Village of Melrose Park, NATL-RE, 4.300%, 12/15/2015, Call 9/29/2014	220,000	220,396
Village of Melrose Park, NATL-RE FGIC, 0.000%, 12/15/2014	100,000	99,384
Village of Plainfield:
2.000%, 12/15/2015	65,000	66,260
2.000%, 12/15/2016	125,000	128,728
2.000%, 12/15/2017	130,000	134,185
Village of Rosemont, BAM, 2.000%, 12/1/2014	275,000	275,874
Village of Sauk Village, RADIAN, 5.350%, 12/1/2014, Call 9/29/2014	75,000	75,083
Village of South Chicago Heights, NATL-RE FGIC, 0.000%, 11/1/2014	285,000	284,091
Will County Community School District No. 161 Summit Hill, NATL-RE FGIC, 0.000%, 1/1/2015	225,000	223,367
Will County Community Unit School District No. 201-U Crete-Monee, NATL-RE FGIC, 0.000%, 11/1/2014	100,000	99,932
Will County Elementary School District No. 122, AGM, 0.000%, 11/1/2016	130,000	126,931
Will, Grundy, Etc. Counties Community College District No. 525:
5.250%, 6/1/2015	275,000	285,307
5.750%, 6/1/2023, Call 6/1/2018	300,000	334,494

		66,237,620
Indiana - 4.1%
City of Goshen, NATL-RE, 3.800%, 1/1/2018, Call 9/29/2014	615,000	615,787
City of Greenwood, 4.000%, 10/1/2014	100,000	100,234
City of Indianapolis Department of Public Utilities, NATL-RE, 3.500%, 6/1/2017	200,000	213,656
City of Rockport, 1.750%, 6/1/2018 (3)	500,000	502,710
County of Jasper, NATL-RE, 5.600%, 11/1/2016	200,000	216,234
County of Knox, 3.000%, 4/1/2015	200,000	202,068
County of Lake:
2.000%, 1/15/2015	545,000	546,297
2.000%, 7/15/2015	335,000	336,313
2.000%, 1/15/2016	555,000	557,753
2.000%, 1/15/2017	285,000	285,390
Franklin Community Multi-School Building Corp., NATL-RE FGIC SAW, 5.000%, 1/15/2016	250,000	265,625
Gary Community School Corp., SAW:
2.000%, 1/15/2016	255,000	261,036
2.000%, 1/15/2017	520,000	531,133
Indiana Bond Bank, 0.400%, 4/15/2017 (3) (5) (6)	7,000,000	7,000,000
Indiana Finance Authority:
2.200%, 2/1/2016, Call 8/1/2015	4,450,000	4,454,762
3.000%, 10/1/2014	3,250,000	3,256,955
4.000%, 7/1/2015	100,000	102,987
5.000%, 9/15/2016	500,000	542,740
5.000%, 3/1/2017	930,000	1,018,666
Indiana Health & Educational Facilities Financing Authority:
4.100%, 11/3/2016 (3)	100,000	107,558
5.250%, 3/1/2016	710,000	752,387
Indiana Municipal Power Agency, NATL-RE, 5.500%, 1/1/2016	115,000	117,313
Perry Township Multi School Building Corp., AGM SAW, 5.000%, 7/10/2015	2,000,000	2,055,080
Puttable Floating Option Tax-Exempt Receipts, NATL-RE, 0.300%, 7/1/2022, Call 9/2/2014 (3)	5,575,000	5,575,000

		29,617,684
Iowa - 0.7%
City of Coralville:
3.000%, 6/1/2016	250,000	246,858
5.000%, 6/1/2017	50,000	50,314
City of Hills, 4.000%, 8/15/2015	1,690,000	1,743,049
City of Randall, 1.250%, 8/1/2016, Call 2/1/2016	3,000,000	3,002,490
University of Northern Iowa, 4.600%, 7/1/2015, Call 9/29/2014	10,000	10,029

		5,052,740
Kansas - 0.1%
Kansas Development Finance Authority, 3.000%, 11/15/2014	395,000	396,999
Kentucky - 1.4%
City of Owensboro, AMBAC, 0.000%, 1/1/2015	25,000	24,983
City of Russell, 4.000%, 11/1/2015	400,000	416,624
County of Union, 1.100%, 3/1/2016, Call 3/1/2015	1,100,000	1,098,273


Kentucky State Property & Building Commission, AGC, 0.300%, 2/1/2027, Call 2/1/2019 (3) (5) (6)	5,990,000	5,990,000
Kentucky State Property & Building Commission, NATL-RE, 0.250%, 8/1/2021 (3)	2,500,000	2,500,000

		10,029,880
Louisiana - 2.6%
Calcasieu Parish Recreation District No. 1 Ward 3, 2.000%, 1/15/2015	500,000	502,940
City of Bossier City, 2.000%, 10/1/2016	135,000	139,346
City of New Orleans, 4.000%, 6/1/2016	300,000	317,268
City of New Orleans, NATL-RE, 5.250%, 12/1/2014	200,000	202,166
East Baton Rouge Sewerage Commission, 0.609%, 8/1/2018, Call 2/1/2018 (3)	6,475,000	6,500,770
Louisiana Housing Corp., FHA, 2.500%, 12/1/2031, Call 6/1/2020	2,330,000	2,327,530
Louisiana Housing Corp., FHLMC, 1.300%, 7/1/2015, Call 9/29/2014	1,000,000	1,000,210
Louisiana Public Facilities Authority, 0.480%, 7/1/2021, Call 9/4/2014 (3)	1,900,000	1,900,000
Louisiana State Citizens Property Insurance Corp., AMBAC:
5.000%, 6/1/2015	215,000	222,594
5.000%, 6/1/2017, Call 6/1/2016	200,000	214,462
Parish of St. Bernard, 3.000%, 3/1/2015	2,955,000	2,985,082
Regional Transit Authority, NATL-RE FGIC, 0.000%, 12/1/2015	230,000	215,252
State of Louisiana, 0.579%, 5/1/2018, Call 11/1/2017 (3)	2,500,000	2,520,100

		19,047,720
Maryland - 0.9%
Anne Arundel County Consolidated Special Taxing District, 4.000%, 7/1/2015	125,000	128,334
City of Baltimore, NATL-RE, 0.270%, 7/1/2020 (3) (5) (6)	5,940,000	5,940,000
Maryland Community Development Administration:
4.200%, 9/1/2015	475,000	486,595
4.300%, 9/1/2017, Call 3/1/2017	75,000	80,155
Maryland Health & Higher Educational Facilities Authority, 3.000%, 7/1/2015	220,000	223,020

		6,858,104
Massachusetts - 0.5%
Commonwealth of Massachusetts, 0.621%, 11/1/2018, Call 11/1/2017 (3)	750,000	758,437
Massachusetts Development Finance Agency:
2.000%, 10/1/2014	1,000,000	1,000,780
4.000%, 10/1/2015	200,000	206,574
Massachusetts Development Finance Agency, AGM, 4.000%, 10/1/2015	950,000	975,118
Massachusetts Health & Educational Facilities Authority, 1.000%, 11/1/2014 (3)	419,000	419,385
Massachusetts Municipal Wholesale Electric Co., MBIA, 0.105%, 7/1/2018, Call 9/2/2014 (3) (14)	300,000	287,660

		3,647,954
Michigan - 3.6%
City of Detroit, 3.500%, 10/7/2016 (3)	3,000,000	3,000,000
City of Detroit Convention Facility Revenue, NATL-RE, 0.000%, 9/30/2015	605,000	603,252
City of Detroit Sewage Disposal System Revenue, AGM, 5.500%, 7/1/2017	400,000	448,220
City of Detroit Sewage Disposal System Revenue, NATL-RE FGIC, 5.250%, 7/1/2016	265,000	286,067
City of Detroit Water Supply System Revenue, BHAC FGIC, 5.750%, 7/1/2024, Call 7/1/2018	100,000	113,581
City of Detroit Water Supply System Revenue, NATL-RE, 5.000%, 7/1/2021, Call 7/1/2015	1,500,000	1,550,190
City of Iron Mountain, 2.000%, 3/1/2015	230,000	231,647
City of Marquette, AMBAC, 4.000%, 11/1/2014	160,000	160,557
City of Wayne, AMBAC, 4.000%, 10/1/2017, Call 10/1/2015	300,000	307,089
Detroit City School District, AGM Q-SBLF, 5.000%, 5/1/2015	750,000	765,870
Detroit Wayne County Stadium Authority, 5.000%, 10/1/2014	245,000	245,563
Ecorse Public School District, AGM Q-SBLF, 5.000%, 5/1/2016, Call 5/1/2015	100,000	103,007
Fitzgerald Public School District, BAM:
4.000%, 5/1/2016	1,490,000	1,566,854
4.000%, 5/1/2016	625,000	656,706
4.000%, 5/1/2017	985,000	1,055,063
Healthsource Saginaw, Inc., 4.000%, 5/1/2017	200,000	216,468
Michigan Finance Authority:
3.000%, 12/1/2014	120,000	120,840
3.000%, 5/1/2015	160,000	162,157
4.000%, 4/1/2015	135,000	136,837
5.000%, 6/1/2015	1,500,000	1,544,775
5.000%, 7/1/2016	1,000,000	1,062,760
5.000%, 7/1/2016	2,000,000	2,139,020
Michigan State Building Authority, 5.000%, 10/15/2017	30,000	33,937


Michigan State Housing Development Authority, 1.000%, 10/1/2014, Call 9/29/2014	3,100,000	3,100,806
Romulus Tax Increment Finance Authority, AGM, 4.250%, 11/1/2014	400,000	401,964
Star International Academy:
2.900%, 3/1/2015	125,000	125,054
3.150%, 3/1/2016	130,000	130,320
3.400%, 3/1/2017	125,000	125,863
Taylor Tax Increment Finance Authority, AGM:
2.000%, 5/1/2016	1,245,000	1,275,801
4.000%, 5/1/2020, Call 9/29/2014	785,000	786,397
4.000%, 5/1/2021, Call 9/29/2014	600,000	601,008
Village of Holly, BAM, 2.000%, 10/1/2015	160,000	162,605
Waterford School District, AGM, 5.000%, 8/1/2017	870,000	974,826
Wayne-Westland Community Schools, Q-SBLF:
5.000%, 5/1/2017	1,060,000	1,175,667
5.000%, 5/1/2018	800,000	909,400

		26,280,171
Minnesota - 0.4%
Brooklyn Center Independent School District No. 286, NATL-RE, 4.250%, 2/1/2016	300,000	314,595
City of Minneapolis, 3.000%, 7/15/2015, Call 1/15/2015	1,065,000	1,065,298
City of Winona:
2.000%, 7/1/2015	100,000	100,350
2.300%, 7/1/2016	500,000	504,285
Minnesota Higher Education Facilities Authority:
3.000%, 10/1/2014	390,000	390,448
3.000%, 12/1/2014	250,000	250,993
4.000%, 10/1/2015	255,000	260,613

		2,886,582
Mississippi - 1.3%
City of D’Iberville, 2.000%, 4/1/2016	265,000	265,941
Mississippi Business Finance Corp.:
0.350%, 5/1/2037, Call 11/1/2014 (3)	1,200,000	1,200,024
1.200%, 12/1/2036, Call 9/2/2014 (3)	8,000,000	8,000,000
Mississippi Development Bank, 5.000%, 4/1/2018	300,000	340,452

		9,806,417
Missouri - 0.7%
City of St. Louis, NATL-RE:
5.500%, 7/1/2015	500,000	521,320
5.500%, 7/1/2016	360,000	392,037
County of Jackson, AMBAC, 0.000%, 12/1/2015	90,000	87,309
Health & Educational Facilities Authority of the State of Missouri, 3.000%, 2/1/2017	100,000	104,333
Joplin Industrial Development Authority, 3.125%, 2/15/2015	705,000	708,694
Missouri Development Finance Board, 3.000%, 4/1/2016	300,000	309,495
Missouri Housing Development Commission, GNMA/FNMA, 4.700%, 3/1/2035, Call 9/1/2019	410,000	437,191
Missouri State Environmental Improvement & Energy Resources Authority, NATL-RE, 0.105%, 12/1/2022, Call 9/2/2014 (3) (14)	1,750,000	1,611,636
St. Louis County Industrial Development Authority, 2.850%, 9/1/2018, Call 3/1/2016	1,000,000	1,011,620

		5,183,635
Nebraska - 0.1%
Central Plains Energy Project:
4.000%, 9/1/2014	700,000	700,000
5.000%, 12/1/2014	100,000	100,927

		800,927
Nevada - 0.4%
Deutsche Bank Spears/Lifers Trust, FSA AMBAC, 0.270%, 6/15/2022, Call 6/15/2017 (3) (5) (6)	2,720,000	2,720,000
Henderson Redevelopment Agency, AMBAC, 4.600%, 10/1/2014, Call 9/29/2014	175,000	175,362

		2,895,362
New Hampshire - 0.2%
New Hampshire Health & Education Facilities Authority:
3.000%, 7/1/2015	735,000	746,370
3.000%, 7/1/2016	755,000	777,786

		1,524,156


New Jersey - 8.3%
Camden County Municipal Utilities Authority, NATL-RE FGIC, 0.000%, 9/1/2015	185,000	183,886
City of Margate City, 5.000%, 2/1/2018	200,000	223,100
City of Millville, 2.000%, 7/15/2015	1,385,000	1,397,839
Closter Borough Board of Education, 6.125%, 9/15/2014	294,000	294,535
New Jersey Economic Development Authority:
0.330%, 11/1/2031, Call 9/2/2014 (3)	7,940,000	7,940,000
0.330%, 11/1/2040, Call 9/2/2014 (3)	6,060,000	6,060,000
0.330%, 11/1/2040, Call 9/2/2014 (3)	5,000,000	5,000,000
0.730%, 3/1/2036, Call 9/2/2014 (3)	6,150,000	6,150,000
1.250%, 5/1/2036, Call 9/2/2014 (3)	8,275,000	8,275,000
1.750%, 2/1/2016, Call 8/1/2015 (3)	3,300,000	3,337,422
1.850%, 2/1/2018, Call 8/1/2017 (3)	500,000	514,950
2.009%, 2/1/2018, Call 8/1/2017 (3)	1,750,000	1,818,985
5.000%, 6/15/2015	1,230,000	1,273,358
5.000%, 6/15/2017	200,000	221,532
New Jersey Economic Development Authority, AGM, 5.000%, 9/1/2014 (3)	125,000	125,034
New Jersey Health Care Facilities Financing Authority:
0.300%, 7/1/2028, Call 9/3/2014 (3)	400,000	400,000
0.330%, 7/1/2038, Call 9/2/2014 (3)	4,100,000	4,100,000
0.620%, 7/1/2018, Call 9/2/2014 (3)	100,000	100,000
3.250%, 7/1/2016	515,000	535,327
New Jersey Health Care Facilities Financing Authority, AGC, 0.440%, 7/1/2038, Call 7/1/2019 (3) (5) (6)	7,002,902	7,002,902
New Jersey State Turnpike Authority, 0.524%, 1/1/2017, Call 7/1/2016 (3)	5,000,000	5,009,000
Pequannock River Basin Regional Sewerage Authority, 3.000%, 12/1/2014	360,000	361,728

		60,324,598
New Mexico - 0.8%
New Mexico Municipal Energy Acquisition Authority, 0.854%, 8/1/2019, Call 2/1/2019 (3)	5,500,000	5,532,450
New York - 5.0%
City of New York:
0.450%, 8/1/2027, Call 10/3/2016 (3)	1,070,000	1,070,182
5.000%, 8/1/2017	250,000	281,432
City of New York, AGC, 0.200%, 10/1/2021, Call 9/2/2014 (3) (14)	175,000	175,000
City of New York, AGM:
0.050%, 8/1/2026, Call 9/3/2014 (3) (14)	50,000	50,000
0.460%, 6/1/2036, Call 9/3/2014 (3) (14)	675,000	675,000
City of Ogdensburg, 1.250%, 7/31/2015	1,000,000	1,004,060
City of Schenectady, BAM, 3.125%, 5/15/2017	300,000	318,738
County of Rockland:
2.000%, 3/17/2015	2,000,000	2,015,500
5.000%, 3/1/2016	350,000	370,678
County of Rockland, AGM, 5.000%, 3/1/2016	2,000,000	2,124,300
County of Suffolk, AGM, 5.000%, 2/1/2017	1,000,000	1,101,240
Long Island Power Authority, NATL-RE:
5.000%, 5/1/2015	445,000	458,443
5.250%, 12/1/2014	415,000	419,876
Metropolitan Transportation Authority, 0.604%, 11/1/2015 (3)	300,000	300,735
Metropolitan Transportation Authority, AGM:
0.312%, 11/1/2022, Call 9/3/2014 (3) (14)	3,800,000	3,654,502
0.318%, 11/1/2022, Call 9/4/2014 (3) (14)	3,100,000	2,981,304
Metropolitan Transportation Authority, AMBAC, 0.300%, 11/15/2023 (3) (5) (6)	2,425,000	2,425,000
Monroe County Industrial Development Corp., FHA, 0.370%, 8/15/2040, Call 9/4/2014 (3) (5) (6)	1,235,000	1,235,000
New York City Health & Hospital Corp., GO:
5.000%, 2/15/2015	65,000	66,400
5.000%, 2/15/2015	85,000	86,804
New York City Municipal Water Finance Authority, 0.200%, 6/15/2032, Call 9/15/2014 (3)	3,000,000	3,000,000
New York City Transit Auth/Metropolitan Transn Auth/Triborough Bridge & Tunnel, AMBAC:
0.431%, 1/1/2030, Call 9/4/2014 (3) (14)	650,000	600,818
0.432%, 1/1/2030, Call 9/12/2014 (3) (14)	100,000	92,690
New York City Transitional Finance Authority, AGM, 0.490%, 11/1/2027, Call 9/5/2014 (3) (14)	275,000	275,000
New York State Dormitory Authority, AMBAC, 0.200%, 5/15/2022 (3) (5) (6)	2,500,000	2,500,000
Puttable Floating Option Tax-Exempt Receipts, AMBAC, 0.450%, 12/1/2025, Call 9/2/2014 (3) (5) (6)	6,330,000	6,330,000
Rensselaer County Industrial Development Agency, 0.230%, 10/30/2035, Call 9/2/2014 (3)	500,000	500,000


South Plattsburgh Fire District, AGC, 4.250%, 10/1/2014	110,000	110,286
State of New York, NATL-RE FGIC:
0.105%, 2/15/2022, Call 9/4/2014 (3) (14)	280,000	268,999
0.105%, 2/13/2032, Call 9/4/2014 (3) (14)	1,795,000	1,723,306
Upper Mohawk Valley Regional Water Finance Authority, 4.000%, 4/1/2018	65,000	70,825

		36,286,118
North Carolina - 0.9%
North Carolina Medical Care Commission, 0.370%, 6/1/2029, Call 6/1/2020 (3) (5) (6)	1,000,000	1,000,000
Person County Industrial Facilities & Pollution Control Financing Authority, AMBAC, 0.148%, 11/1/2018, Call 9/26/2014 (3) (14)	4,275,000	4,138,803
Wake County Industrial Facilities & Pollution Control Financing Authority, AMBAC:
0.088%, 10/1/2022, Call 10/2/2014 (3) (14)	1,025,000	896,575
0.105%, 10/1/2022, Call 9/4/2014 (3) (14)	950,000	831,015

		6,866,393
North Dakota - 1.5%
Barnes County North Public School District Building Authority:
4.000%, 5/1/2015	500,000	508,480
4.000%, 5/1/2016	520,000	536,697
4.000%, 5/1/2017	545,000	567,601
4.000%, 5/1/2018	565,000	589,205
4.000%, 5/1/2019	590,000	619,122
City of Williston, 5.000%, 5/1/2016	255,000	273,926
City of Williston, AGM, 2.650%, 11/1/2020, Call 5/1/2015	3,675,000	3,689,296
County of Burleigh, 3.000%, 7/1/2015	255,000	258,817
Williston Parks & Recreation District:
2.000%, 3/1/2032, Call 9/15/2014	1,265,000	1,265,468
3.250%, 3/1/2032, Call 9/15/2014	2,960,000	2,997,681

		11,306,293
Ohio - 1.1%
Adams County/Ohio Valley Local School District, 2.000%, 12/1/2014	105,000	105,061
Buckeye Tobacco Settlement Financing Authority, 5.000%, 6/1/2015	50,000	51,326
City of Cleveland, AMBAC, 5.000%, 1/1/2016	220,000	232,753
City of Parma, AMBAC, 5.450%, 12/1/2014	95,000	96,197
City of Trenton, AGM, 2.000%, 12/1/2015	275,000	278,930
County of Erie, XLCA, 4.000%, 10/1/2014	150,000	150,465
County of Richland, AGM:
1.000%, 12/1/2014	100,000	100,055
1.500%, 12/1/2015	130,000	130,896
Lancaster Port Authority, 0.824%, 8/1/2019, Call 2/1/2019 (3)	5,000,000	5,035,900
Montpelier Exempted Village School District, School District Credit Program:
0.000%, 12/1/2014	150,000	149,484
0.000%, 12/1/2015	145,000	142,212
Painesville City Local School District, School District Credit Program, 0.000%, 12/1/2016	840,000	820,873
State of Ohio, 5.000%, 6/15/2015	475,000	493,040

		7,787,192
Oklahoma - 0.2%
Comanche County Hospital Authority, 5.000%, 7/1/2015	680,000	701,597
Stephens County Educational Facilities Authority:
2.000%, 9/1/2014	100,000	100,000
3.000%, 9/1/2014	170,000	170,000
3.000%, 9/1/2015	160,000	161,296

		1,132,893
Oregon - 0.5%
Klamath Falls Intercommunity Hospital Authority, 4.000%, 9/1/2014	355,000	355,000
Port of Morrow:
0.280%, 2/1/2027, Call 9/2/2014 (3)	3,000,000	3,000,000
2.000%, 6/1/2017	200,000	203,378

		3,558,378
Pennsylvania - 6.2%
Bethlehem Area Vocational Technical School Authority, MAC SAW:
0.400%, 9/15/2015	125,000	125,154
0.700%, 9/15/2016	180,000	180,072
1.500%, 9/15/2017	185,000	187,477


Butler County Hospital Authority:
0.250%, 10/1/2032, Call 9/2/2014 (3)	10,645,000	10,645,000
0.250%, 10/1/2042, Call 9/2/2014 (3)	3,070,000	3,070,000
City of Philadelphia Gas Works, AMBAC, 5.000%, 10/1/2014	200,000	200,730
County of Cambria, BAM, 4.000%, 8/1/2016	1,035,000	1,098,611
County of Lehigh, AGM, 5.000%, 7/1/2015	480,000	498,734
Cumberland County Municipal Authority, RADIAN, 5.000%, 12/1/2015	150,000	156,167
Lehigh County General Purpose Authority:
0.250%, 5/15/2021, Call 9/2/2014 (3)	1,970,000	1,970,000
3.000%, 11/1/2015	410,000	419,418
3.000%, 11/1/2016	455,000	471,899
Montgomery County Industrial Development Authority:
5.000%, 11/15/2015	1,000,000	1,050,430
5.000%, 11/15/2016	1,000,000	1,086,470
Norristown Area School District, 3.000%, 10/1/2014	455,000	455,273
Pennsylvania Higher Educational Facilities Authority, RADIAN, 5.000%, 12/15/2017, Call 6/15/2016	300,000	318,702
Pennsylvania Turnpike Commission:
0.500%, 12/1/2017, Call 6/1/2017 (3)	560,000	560,526
0.650%, 12/1/2017, Call 6/1/2017 (3)	100,000	100,392
0.730%, 12/1/2018, Call 6/1/2018 (3)	6,000,000	6,042,420
0.930%, 12/1/2020, Call 6/1/2020 (3)	1,800,000	1,811,250
1.200%, 12/1/2019, Call 6/1/2019 (3)	2,225,000	2,281,493
Philadelphia Authority for Industrial Development, 4.000%, 10/1/2017	1,250,000	1,370,450
Pittsburgh Public Parking Authority, NATL-RE, 5.000%, 12/1/2020, Call 12/1/2015	1,815,000	1,909,434
Pittsburgh Public Parking Authority, NATL-RE FGIC:
0.000%, 12/1/2014	300,000	298,299
0.000%, 12/1/2015	725,000	703,497
Pittsburgh Public Schools, NATL-RE FGIC SAW, 3.500%, 9/1/2015	30,000	30,986
Puttable Floating Option Tax-Exempt Receipts, FGIC, 0.360%, 6/1/2034 (3) (5) (6)	7,000,000	7,000,000
State Public School Building Authority, AGM:
2.000%, 10/15/2014	250,000	250,375
3.000%, 10/15/2015	210,000	214,851
Wayne County Hospital & Health Facilities Authority, AGM, 2.000%, 7/1/2015	395,000	399,740
York County Hospital Authority, AMBAC, 0.081%, 7/1/2021, Call 9/2/2014 (3) (14)	210,000	191,453

		45,099,303
Puerto Rico - 0.4%
Commonwealth of Puerto Rico, AGM, 5.250%, 7/1/2016	100,000	104,053
Commonwealth of Puerto Rico, NATL-RE, 0.000%, 7/1/2016	270,000	241,615
Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority:
5.000%, 4/1/2015	2,000,000	2,017,680
5.000%, 4/1/2016	500,000	496,925
5.000%, 7/1/2018	300,000	320,175

		3,180,448
Rhode Island - 0.8%
Rhode Island Health & Educational Building Corp., 0.310%, 6/1/2035, Call 9/1/2014 (3)	4,445,000	4,445,000
Rhode Island Health & Educational Building Corp., NATL-RE, 5.500%, 4/1/2017	1,000,000	1,111,670

		5,556,670
South Carolina - 0.3%
City of Rock Hill, AGM, 3.000%, 1/1/2015	320,000	322,826
Kershaw County School District, AGC, 5.000%, 12/1/2014	100,000	101,127
Newberry Investing in Children’s Education, 5.250%, 12/1/2015	1,560,000	1,651,603
Orangeburg Joint Governmental Action Authority, NATL-RE, 5.000%, 10/1/2014	300,000	301,089
Piedmont Municipal Power Agency, AMBAC, 0.000%, 1/1/2015	30,000	29,953

		2,406,598
South Dakota - 0.0%
South Dakota Health & Educational Facilities Authority, 3.500%, 9/1/2015	355,000	359,782
Tennessee - 1.5%
Clarksville Natural Gas Acquisition Corp., 5.000%, 12/15/2016	1,750,000	1,884,312
Franklin Public Building Authority, 0.220%, 6/1/2037, Call 9/2/2014 (3)	8,350,000	8,350,000
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, 3.000%, 11/1/2016	510,000	526,621
Tennessee Housing Development Agency, 4.500%, 7/1/2028, Call 1/1/2020	230,000	238,315

		10,999,248


Texas - 6.0%
Andrews County Hospital District, 2.000%, 3/15/2015	870,000	878,117
Central Texas Regional Mobility Authority:
3.000%, 1/4/2016, Call 7/1/2015 (3)	3,000,000	3,006,750
4.000%, 1/1/2015	380,000	383,485
City of Arlington, NATL-RE, 5.000%, 8/15/2034, Call 8/15/2015	270,000	276,480
City of Galveston, 4.000%, 2/1/2015	500,000	506,405
City of Irving, 2.000%, 8/15/2016	140,000	142,965
City of San Marcos, BAM, 2.000%, 11/1/2015	320,000	323,786
Clifton Higher Education Finance Corp.:
3.750%, 8/15/2016	485,000	504,245
5.000%, 8/15/2015	220,000	227,297
County of Jones:
3.000%, 9/1/2014	155,000	155,000
3.000%, 9/1/2015	85,000	87,245
4.000%, 9/1/2016	165,000	173,931
Denton Independent School District, PSF:
0.200%, 8/15/2022, Call 8/15/2016 (3) (5) (6)	4,430,000	4,430,000
2.000%, 8/1/2016 (3)	250,000	256,920
Fort Bend County Levee Improvement District No. 12, AGM, 2.000%, 4/1/2015	420,000	422,692
Fort Bend County Municipal Utility District No. 118, AGM, 2.000%, 9/1/2014	65,000	65,000
Fort Bend County Municipal Utility District No. 138, BAM:
2.000%, 9/1/2015	745,000	756,041
2.000%, 9/1/2016	200,000	204,014
2.000%, 9/1/2017	200,000	205,104
Grand Mission Municipal Utility District No. 1, BAM, 2.000%, 9/1/2016	340,000	347,296
Gulf Coast Industrial Development Authority, 0.600%, 11/1/2019, Call 9/1/2014 (3)	2,350,000	2,350,000
Harris County Cultural Education Facilities Finance Corp., 0.450%, 6/1/2016 (3)	1,000,000	1,001,150
Harris County Health Facilities Development Corp., AGM, 0.490%, 7/1/2031, Call 9/4/2014 (3) (14)	250,000	250,000
Harris County Municipal Utility District No. 167, AGM, 0.000%, 9/1/2014	190,000	190,000
Harris County Municipal Utility District No. 276, AGM, 2.000%, 9/1/2014	215,000	215,000
Harris County Municipal Utility District No. 276, BAM, 2.000%, 9/1/2015	200,000	202,426
Harris County Municipal Utility District No. 383, BAM, 2.000%, 9/1/2015	140,000	141,128
Harris County Municipal Utility District No. 391, AGM:
2.000%, 9/1/2014	25,000	25,000
2.000%, 9/1/2015	125,000	126,144
Harris County Municipal Utility District No. 468, AGM, 2.000%, 9/1/2017	100,000	103,150
Harris Montgomery Counties Municipal Utility District No. 386, 5.000%, 9/1/2015	290,000	299,370
Meadowhill Regional Municipal Utility District, AGM, 2.000%, 10/1/2015	165,000	167,937
North Texas Health Facilities Development Corp., AGM, 5.000%, 9/1/2015	180,000	188,316
North Texas Tollway Authority, 6.000%, 1/1/2020, Call 1/1/2018	250,000	284,343
Northpointe Water Control & Improvement District, AGM, 2.000%, 9/1/2016	300,000	306,261
Northside Independent School District, PSF, 2.125%, 8/1/2020, Call 2/1/2015 (3)	2,000,000	2,000,980
Panhandle-Plains Higher Education Authority, Inc., 1.035%, 10/1/2020, Call 9/2/2014 (3)	380,000	382,018
Round Rock Transportation System Development Corp., NATL-RE, 4.125%, 8/15/2019, Call 8/15/2015	150,000	153,861
Sam Rayburn Municipal Power Agency, 5.000%, 10/1/2014	1,515,000	1,520,712
Spring Creek Utility District of Montgomery County, BAM, 2.000%, 10/1/2017	375,000	384,371
Tarrant County Cultural Education Facilities Finance Corp.:
4.000%, 9/1/2017	550,000	596,816
5.000%, 10/1/2017	1,025,000	1,154,499
Texas Municipal Gas Acquisition & Supply Corp. I, 5.000%, 12/15/2015	150,000	156,885
Texas Municipal Gas Acquisition & Supply Corp. II:
0.520%, 9/15/2017 (3)	190,000	190,032
0.855%, 9/15/2017 (3)	3,050,000	3,061,468
Texas Municipal Gas Acquisition & Supply Corp. III:
5.000%, 12/15/2014	1,000,000	1,011,960
5.000%, 12/15/2015	1,500,000	1,578,900
Texas Transportation Commission:
0.300%, 4/1/2026, Call 9/2/2014 (3)	9,000,000	9,000,000
1.250%, 2/15/2015 (3)	2,650,000	2,656,969
Travis County Water Control & Improvement District No. 17, BAM:
0.000%, 11/1/2016	390,000	385,406
0.000%, 11/1/2017	250,000	243,085
Walnut Creek Special Utility District, MAC, 2.000%, 1/10/2017	255,000	260,011

		43,940,971


Utah - 0.4%
County of Box Elder, 0.220%, 4/1/2028, Call 9/2/2014 (3)	3,000,000	3,000,000
Virginia - 0.0%
Virginia Housing Development Authority, 3.500%, 6/1/2015	125,000	127,086
Washington - 0.2%
Washington Health Care Facilities Authority, 2.500%, 12/1/2017 (5) (6)	900,000	904,734
Washington Higher Education Facilities Authority:
3.000%, 10/1/2014	100,000	100,161
3.000%, 10/1/2015	170,000	173,074
Washington State Housing Finance Commission, 3.000%, 7/1/2015	200,000	201,904

		1,379,873
West Virginia - 0.1%
Berkeley County Building Commission:
3.000%, 9/1/2015	100,000	102,470
3.000%, 9/1/2016	140,000	146,272
3.000%, 9/1/2017	50,000	52,956
City of Princeton, 4.000%, 5/1/2015	430,000	435,104

		736,802
Wisconsin - 1.0%
Birchwood School District, AGM, 3.750%, 10/1/2018, Call 10/1/2014	210,000	210,472
City of Beloit, 3.000%, 5/1/2015	600,000	610,848
City of Menasha:
4.300%, 9/1/2015	265,000	269,044
4.400%, 9/1/2017, Call 9/1/2015	100,000	101,790
4.600%, 9/1/2021, Call 9/29/2014	165,000	165,531
City of Milwaukee, 0.060%, 7/1/2019, Call 9/2/2014 (3)	100,000	100,000
City of Nekoosa, 5.350%, 7/1/2015	160,000	164,320
City of Sheboygan, FGIC, 5.000%, 9/1/2015	375,000	390,525
City of South Milwaukee, 4.000%, 9/1/2017, Call 9/1/2016	100,000	106,763
Sun Prairie Community Development Authority, 0.400%, 8/1/2015	175,000	175,206
Wisconsin Center District:
3.000%, 12/15/2015	200,000	203,686
3.000%, 12/15/2016	615,000	629,323
3.000%, 12/15/2017	635,000	653,625
Wisconsin Center District, NATL-RE:
0.000%, 12/15/2014	205,000	204,643
0.000%, 12/15/2015	135,000	133,661
Wisconsin Health & Educational Facilities Authority:
2.000%, 8/15/2015	390,000	392,707
2.250%, 5/1/2016	100,000	100,356
2.500%, 10/15/2015	180,000	184,421
3.000%, 8/15/2016	320,000	329,299
3.000%, 8/15/2017	410,000	425,256
5.000%, 9/1/2016	375,000	404,351
5.000%, 8/15/2021, Call 8/15/2018	150,000	168,758
5.250%, 12/15/2015	250,000	265,770
Wisconsin Health & Educational Facilities Authority, AMBAC, 5.000%, 12/15/2014	140,000	141,872
Wisconsin Health & Educational Facilities Authority, NATL-RE, 3.750%, 12/1/2014	500,000	503,855

		7,036,082


Total Municipals (identified cost $672,953,966)		675,052,466

Mutual Funds - 0.3%

New York - 0.3%
Nuveen New York AMT-Free Municipal Income Fund, Preferred Shares, 0.670%, 10/1/2017, Call 4/1/2015 (3) (5) (6)	400	2,000,320


Total Mutual Funds (identified cost $2,000,000)		2,000,320



Short-Term Investments - 6.0%

Mutual Funds - 1.7%
BMO Tax-Free Money Market Fund, Class I, 0.036% (10)	12,646,866	12,646,866

Short-Term Municipals - 4.3%

Arizona - 0.0%
Maricopa County Industrial Development Authority, 2.000%, 1/1/2015	100,000	100,463
California - 0.1%
City of La Verne, 2.000%, 5/15/2015	365,000	367,986
Val Verde Unified School District, BAM, 3.000%, 10/1/2014	130,000	130,269

		498,255
Connecticut - 1.2%
City of New Britain, 2.000%, 10/30/2014	7,805,000	7,821,234
Town of East Haven, 1.250%, 7/31/2015	725,000	729,800

		8,551,034
Florida - 0.2%
Southeast Overtown Park West Community Redevelopment Agency:
3.000%, 3/1/2015 (5) (6)	285,000	288,508
3.000%, 3/1/2015 (5) (6)	1,250,000	1,265,075

		1,553,583
Illinois - 1.3%
City of Decatur, 3.000%, 3/1/2015	140,000	141,862
City of Waukegan, 2.000%, 12/30/2014	440,000	441,694
Marion-Clinton Etc Counties High School District No. 200-Centralia, BAM, 3.000%, 12/1/2014	690,000	694,071
State of Illinois, 2.000%, 5/1/2015	7,000,000	7,068,880
Town of Cicero, 2.000%, 1/1/2015	1,500,000	1,507,290
Will County School District No. 88A Richland, 2.000%, 1/1/2015	150,000	150,788

		10,004,585
Kansas - 0.0%
Shawnee County Unified School District No. 450 Shawnee Heights, 2.000%, 9/1/2014	50,000	50,000
Kentucky - 0.1%
City of Covington, AGM, 3.000%, 4/1/2015	400,000	405,616
Michigan - 0.4%
Fitzgerald Public School District, BAM:
4.000%, 5/1/2015	1,485,000	1,518,412
4.000%, 5/1/2015	570,000	582,637
Michigan Finance Authority, SAW, 2.850%, 8/20/2015	750,000	749,993

		2,851,042
Mississippi - 0.1%
Mississippi Development Bank, BAM, 5.000%, 3/1/2015	880,000	901,102
Missouri - 0.1%
Missouri Development Finance Board, 3.000%, 4/1/2015	510,000	516,747
New Mexico - 0.0%
County of Otero, BAM, 3.000%, 12/1/2014	220,000	221,346
New York - 0.6%
Nassau Health Care Corp., 2.250%, 1/15/2015, Call 12/1/2014	4,700,000	4,711,703
Ohio - 0.0%
Field Local School District, BAM, 1.000%, 12/1/2014	35,000	35,037
Pennsylvania - 0.1%
County of Cambria, BAM, 3.000%, 8/1/2015	450,000	460,346
Texas - 0.1%
City of Mission, BAM, 2.000%, 2/15/2015	175,000	176,337


Walnut Creek Special Utility District, MAC, 2.000%, 1/10/2015	250,000		250,983

			427,320

Total Short-Term Municipals			31,288,179


Total Short-Term Investments (identified cost $43,929,820)			43,935,045

Total Investments - 98.6% (identified cost $718,883,786)			720,987,831
Other Assets and Liabilities - 1.4%			10,192,349

Total Net Assets - 100.0%		$	731,180,180

(3)	Denotes a variable or floating rate security. Floating rate securities are securities whose yields vary with a designated market index or market rate. These securities are shown at their current rates as of August 31, 2014.

(4)	Purchased on a when-issued or delayed delivery basis.

(5)	Denotes a restricted security which is subject to restrictions on resale under federal securities law. At August 31, 2014, these securities amounted to:


Fund	Amount		% of Total Net Assets
Ultra Short Tax-Free Fund	$	121,185,979		16.57	%

(6)	Denotes a restricted security which has been deemed liquid based on criteria approved by the Board of Directors of the BMO Funds.

(10)	Denotes an investment in an affiliated entity. Please refer to Note 5, subsection Investments in Affiliated Issuers, in the Notes to Financial Statements.

(14)

Short Tax-Free Fund

SCHEDULE OF INVESTMENTS –

As of August 31, 2014


*Description*	Shares or Principal Amount		*Value*
Municipals - 98.7%

Alabama - 0.7%
Alabama Agricultural & Mechanical University, AMBAC, 3.700%, 11/1/2015	$	200,000	$	201,190
Alabama State Docks Department, NATL-RE, 5.000%, 10/1/2019, Call 10/1/2016		100,000		108,064
City of Birmingham, NATL-RE, 5.000%, 10/1/2014		30,000		30,118
County of Jefferson, AGM, 0.314%, 2/1/2042, Call 9/11/2014 (3) (14)		200,000		158,780
Health Care Authority for Baptist Health, 0.500%, 11/1/2042 (3)		200,000		200,000

				698,152
Alaska - 1.0%
Alaska Housing Finance Corp., NATL-RE:
5.250%, 12/1/2021, Call 12/1/2017		100,000		113,590
5.250%, 12/1/2025, Call 6/1/2015		140,000		144,977
Alaska Industrial Development & Export Authority, 4.000%, 4/1/2017		200,000		215,268
City of Valdez, 5.000%, 1/1/2021		500,000		591,625

				1,065,460
Arizona - 2.2%
Apache County Unified School District No. 20 Ganado, AMBAC, 5.000%, 7/1/2015, Call 1/1/2015		50,000		50,751
Arizona Health Facilities Authority:
1.900%, 2/5/2020, Call 8/9/2019 (3)		250,000		250,002
1.900%, 2/5/2020, Call 8/9/2019 (3)		250,000		250,002
Greater Arizona Development Authority, 5.000%, 8/1/2024, Call 8/1/2018		25,000		26,518
JPMorgan Chase Putters/Drivers Trust, 0.350%, 9/1/2033, Call 9/2/2014 (3) (5) (6)		500,000		500,000
McAllister Academic Village LLC, 5.750%, 7/1/2016		95,000		104,067
Mohave County Elementary School District No. 16 Mohave Valley, AMBAC, 3.375%, 7/1/2015, Call 1/1/2015		100,000		100,128
Phoenix Civic Improvement Corp., 5.500%, 7/1/2019 (13)		100,000		118,038
Pima County Industrial Development Authority, 3.000%, 7/1/2015		250,000		251,010
Salt Verde Financial Corp., 5.000%, 12/1/2016		30,000		32,264
Scottsdale Industrial Development Authority, FSA, 0.890%, 9/1/2045, Call 9/2/2014 (3) (14)		600,000		600,000

				2,282,780
Arkansas - 0.9%
City of Cabot, 2.550%, 6/1/2043, Call 6/1/2023		315,000		315,989
City of Hope, AEDC GTD, 2.850%, 4/1/2015		75,000		75,801
City of Hot Springs, 5.000%, 12/1/2020		245,000		286,508
City of Little Rock, 1.800%, 4/1/2030, Call 10/1/2021		150,000		151,363
City of Springdale, 2.600%, 7/1/2027, Call 7/1/2018		140,000		140,682

				970,343
California - 11.7%
Abag Finance Authority for Nonprofit Corps., 5.000%, 7/1/2020		500,000		578,800
Bay Area Toll Authority:
1.150%, 4/1/2024, Call 10/1/2023 (3)		500,000		504,300
1.500%, 4/2/2018, Call 10/1/2017 (3)		1,000,000		1,012,360
California Health Facilities Financing Authority, 5.000%, 11/15/2021, Call 11/15/2015		100,000		104,710
California Health Facilities Financing Authority, NATL-RE:
0.083%, 7/15/2018, Call 9/18/2014 (3) (14)		100,000		96,144
0.123%, 7/1/2022, Call 9/2/2014 (3) (14)		500,000		472,500
California Infrastructure & Economic Development Bank, AMBAC, 0.220%, 10/1/2017, Call 9/2/2014 (3) (14)		500,000		500,000
California Municipal Finance Authority:
1.125%, 2/1/2017 (3)		350,000		352,457
2.150%, 11/1/2016, Call 11/1/2015 (3)		250,000		250,110
California State Public Works Board:
5.000%, 11/1/2020, Call 11/1/2019		35,000		40,944
5.125%, 10/1/2022, Call 10/1/2019		245,000		285,631


California Statewide Communities Development Authority, 3.500%, 11/1/2018	200,000	205,138
California Statewide Communities Development Authority, AGM, 3.000%, 10/1/2017	200,000	209,906
California Statewide Communities Development Authority, CMI, 2.500%, 8/1/2020, Call 11/1/2016	500,000	512,615
California Statewide Communities Development Authority, FGIC, 4.250%, 11/1/2016 (3)	50,000	53,930
Carson Redevelopment Agency Successor Agency, AGM, 5.000%, 10/1/2020	675,000	775,703
Chino Redevelopment Agency, AMBAC, 4.000%, 9/1/2019, Call 9/1/2016	250,000	260,615
County of San Joaquin, 4.000%, 4/1/2019	225,000	247,788
County of Yolo, AGM:
5.000%, 12/1/2015	180,000	187,126
6.800%, 12/1/2014	170,000	172,251
El Centro Financing Authority, AGM, 4.500%, 10/1/2019, Call 10/1/2016	175,000	184,138
Imperial Unified School District, XLCA, 5.000%, 8/1/2023, Call 9/29/2014	50,000	51,150
Los Angeles County Metropolitan Transportation Authority, AMBAC, 0.348%, 7/1/2027 (3) (14)	125,000	112,994
Los Angeles Unified School District, FGIC, 5.000%, 7/1/2025, Call 7/1/2015	265,000	274,937
Lynwood Unified School District, 5.000%, 8/1/2017	500,000	560,400
Mendota Unified School District, 0.000%, 8/1/2018, Call 8/1/2015	350,000	311,871
Moorpark Community Facilities District No. 2004-1 Moorpark Highlands, AGM, 4.000%, 9/1/2016	340,000	360,550
Northern California Gas Authority No. 1:
0.757%, 7/1/2017 (3)	40,000	39,753
0.787%, 7/1/2019 (3)	500,000	490,250
Northern California Transmission Agency, NATL-RE, 0.353%, 5/1/2024, Call 9/2/2014 (3) (14)	100,000	93,859
Orange Redevelopment Agency, NATL-RE, 4.650%, 9/1/2020, Call 9/29/2014	100,000	100,260
Ravenswood City School District, AMBAC, 5.000%, 8/15/2016, Call 9/29/2014	340,000	347,494
Roseville Natural Gas Finance Authority, 5.000%, 2/15/2015	25,000	25,495
San Bernardino City Unified School District, AGM, 5.000%, 8/1/2017, Call 9/8/2014	75,000	75,040
State of California:
0.809%, 12/1/2017, Call 6/1/2017 (3)	250,000	253,105
0.939%, 12/3/2018, Call 6/1/2018 (3)	500,000	507,805
Stockton Unified School District, AGC, 4.000%, 8/1/2015	50,000	51,644
Stockton Unified School District, AGM, 5.000%, 8/1/2018, Call 8/1/2017	200,000	223,424
Twin Rivers Unified School District, AGM:
3.200%, 6/1/2020, Call 10/1/2014 (3)	245,000	245,015
3.200%, 6/1/2020, Call 10/1/2014 (3)	295,000	295,056
Val Verde Unified School District, BAM, 4.000%, 10/1/2020	350,000	386,687
Val Verde Unified School District, NATL-RE, 5.000%, 1/1/2016, Call 1/1/2015	200,000	202,824
West Contra Costa Unified School District, AGM, 5.000%, 8/1/2018	65,000	75,130

		12,091,909
Colorado - 2.8%
Auraria Higher Education Center:
6.000%, 5/1/2018	169,000	191,894
6.000%, 5/1/2019	178,000	205,312
City of Burlington Co., 3.000%, 11/1/2019	100,000	102,746
Colorado Educational & Cultural Facilities Authority, 3.000%, 11/15/2017	200,000	210,998
Colorado Health Facilities Authority:
4.000%, 10/1/2018	165,000	180,903
4.500%, 2/1/2019	250,000	273,807
5.000%, 11/15/2014	40,000	40,394
County of Montrose:
4.000%, 12/1/2018	175,000	189,532
4.000%, 12/1/2019	200,000	215,564
Denver Health & Hospital Authority, 5.000%, 12/1/2020, Call 12/1/2016	250,000	274,220
E-470 Public Highway Authority, 1.230%, 8/31/2017, Call 3/1/2017 (3)	400,000	400,096
E-470 Public Highway Authority, NATL-RE:
4.500%, 9/1/2016	15,000	15,971
5.000%, 9/1/2017, Call 9/1/2016	300,000	320,589
Regional Transportation District, AMBAC, 5.000%, 6/1/2021, Call 6/1/2015	250,000	258,945
Woodmen Road Metropolitan District, AGM, 3.750%, 12/1/2014	30,000	30,231

		2,911,202
Connecticut - 0.6%
City of Bristol, AMBAC, 5.000%, 10/15/2014	40,000	40,227
Connecticut State Health & Educational Facility Authority, NATL-RE, 5.000%, 7/1/2023, Call 7/1/2017	150,000	164,728
State of Connecticut:
0.930%, 8/15/2018 (3)	250,000	253,435
0.970%, 5/15/2018 (3)	150,000	152,643

		611,033


Delaware - 0.2%
Delaware State Housing Authority, 4.800%, 1/1/2023, Call 7/1/2018	205,000	216,855
District of Columbia - 0.1%
District of Columbia, BHAC, 5.000%, 6/1/2022, Call 6/1/2018	100,000	114,653
Florida - 7.1%
Citizens Property Insurance Corp., 4.250%, 6/1/2017	50,000	54,583
Citizens Property Insurance Corp., AGM, 5.000%, 6/1/2016	50,000	53,788
Citizens Property Insurance Corp., NATL-RE, 5.000%, 3/1/2017	20,000	22,136
City of Cape Coral, NATL-RE, 5.000%, 7/1/2016	185,000	199,539
City of Gulf Breeze, FGIC, 5.125%, 12/1/2015 (3)	50,000	51,606
City of Lauderhill, XLCA, 4.250%, 10/1/2022, Call 10/1/2014	150,000	150,228
City of Margate, AGM, 4.375%, 7/1/2019, Call 7/1/2015	50,000	50,982
City of Miami Gardens, 3.000%, 7/1/2017	250,000	264,970
City of Miami, NATL-RE, 4.375%, 9/1/2016, Call 9/1/2014	100,000	100,000
City of North Port, BAM, 5.000%, 7/1/2020	150,000	174,534
City of Port St. Lucie, 5.000%, 7/1/2020	295,000	350,929
City of Sunrise, NATL-RE, 0.000%, 10/1/2014	130,000	129,966
County of Broward, 5.000%, 10/1/2020	100,000	116,395
County of Broward, AMBAC, 5.000%, 9/1/2020, Call 9/1/2016	100,000	108,034
County of Madison, 2.000%, 11/1/2014, Call 9/29/2014	500,000	500,090
County of Osceola, AGC, 4.000%, 10/1/2015	65,000	67,364
County of Palm Beach, NATL-RE FGIC, 7.200%, 6/1/2015	125,000	131,559
County of Palm Beach, XLCA, 5.000%, 11/1/2022, Call 11/1/2017	50,000	55,215
County of Sarasota, NATL-RE, 5.000%, 10/1/2021, Call 10/1/2015	150,000	156,102
Florida Department of Environmental Protection, AGC, 5.000%, 7/1/2022, Call 7/1/2017	150,000	166,788
Florida Governmental Utility Authority, 2.000%, 10/1/2015	240,000	242,818
Florida HomeLoan Corp., GNMA/FNMA COLL, 3.100%, 1/1/2017	350,000	369,001
Florida HomeLoan Corp., GNMA/FNMA/FHLMC, 4.600%, 1/1/2029, Call 1/1/2020	100,000	105,172
Florida Municipal Loan Council, NATL-RE, 3.625%, 2/1/2015	100,000	101,091
Florida Municipal Power Agency, AMBAC:
0.088%, 10/1/2021, Call 9/4/2014 (3) (14)	250,000	230,676
0.088%, 10/1/2021 (3) (14)	500,000	461,353
Florida Municipal Power Agency, NATL-RE FGIC, 0.123%, 10/1/2027 (3) (14)	25,000	22,813
Highlands County Health Facilities Authority, 6.500%, 11/17/2015 (3)	25,000	26,821
Hillsborough County Industrial Development Authority, 5.000%, 10/1/2021, Call 10/1/2016	200,000	210,294
Miami-Dade County Expressway Authority, 0.530%, 10/9/2014, Call 9/2/2014 (3) (5) (6)	500,000	500,000
Miami-Dade County School Board, NATL-RE FGIC, 5.000%, 5/1/2022, Call 5/1/2017	50,000	54,997
Orange County Health Facilities Authority, 3.000%, 8/1/2017	350,000	369,701
Orange County School Board, AGM FGIC, 5.000%, 8/1/2021, Call 8/1/2016	50,000	53,810
Orlando Community Redevelopment Agency, 4.000%, 9/1/2017	100,000	107,014
Pinellas County Educational Facilities Authority, 5.000%, 10/1/2017	100,000	109,845
Pinellas County Health Facilities Authority, NATL-RE, 0.186%, 11/15/2023, Call 9/2/2014 (3) (14)	200,000	186,205
Southeast Overtown Park West Community Redevelopment Agency, 5.000%, 3/1/2019 (5) (6)	250,000	280,465
St. Lucie County School Board, NATL-RE, 5.000%, 10/1/2020, Call 10/1/2016	70,000	75,016
St. Lucie County School Board, NATL-RE FGIC, 4.300%, 10/1/2019, Call 10/1/2016	250,000	258,322
State of Florida, NATL-RE, 4.000%, 7/1/2015, Call 9/29/2014	100,000	101,258
Sumter County Industrial Development Authority, 5.000%, 7/1/2020	235,000	265,566
Tampa Bay Water, 5.000%, 10/1/2017	40,000	45,354
Tradition Community Development District No. 1, AGM, 2.000%, 5/1/2016	235,000	239,439

		7,321,839
Georgia - 2.8%
Atlanta Development Authority, 4.000%, 9/1/2020	500,000	557,395
Burke County Development Authority, AGM, 0.274%, 1/1/2024, Call 10/2/2014 (3) (14)	410,000	388,117
City of Atlanta:
1.605%, 11/1/2018, Call 5/1/2018 (3)	250,000	257,638
6.000%, 11/1/2029, Call 11/1/2019	290,000	348,310
County of Bulloch, 2.000%, 9/1/2014	500,000	500,000
County of DeKalb, 5.000%, 10/1/2020	150,000	178,073
Fulton County Development Authority:
4.000%, 3/15/2016	50,000	52,641
5.000%, 3/15/2016	150,000	160,040
Gainesville & Hall County Development Authority, 5.250%, 11/15/2015	70,000	73,738


Gwinnett County Development Authority, County Guarantee, 5.000%, 9/1/2014	40,000	40,000
Main Street Natural Gas, Inc.:
5.000%, 3/15/2016	110,000	115,272
5.250%, 9/15/2018	100,000	113,521
South Georgia Governmental Services Authority, NATL-RE, 3.375%, 1/1/2015, Call 9/29/2014	100,000	100,505

		2,885,250
Idaho - 0.2%
Idaho Health Facilities Authority, 6.500%, 11/1/2023, Call 11/1/2018	150,000	177,524
Illinois - 10.6%
Adams County School District No. 172, 4.000%, 2/1/2016	600,000	628,392
Chicago Board of Education, AGM, 5.000%, 12/1/2018, Call 12/1/2016	190,000	206,714
Chicago Transit Authority, 5.500%, 6/1/2019, Call 12/1/2018	105,000	118,411
City of Chicago:
5.000%, 1/1/2018	50,000	54,447
5.000%, 11/1/2018	125,000	142,788
City of Chicago, AGM, 5.000%, 1/1/2021, Call 7/1/2015	560,000	578,116
City of Chicago, AMBAC, 4.000%, 1/1/2017, Call 7/1/2015	50,000	50,937
City of Chicago, NATL-RE, 5.250%, 1/1/2016, Call 9/29/2014	95,000	95,318
City of Des Plaines, AGM, 5.000%, 12/1/2016, Call 12/1/2014	100,000	101,171
City of Springfield, 5.000%, 3/1/2016	350,000	368,427
City of Waukegan, 5.000%, 12/30/2020	250,000	286,487
Clyde Park District, AGM, 4.250%, 2/1/2019	500,000	535,005
Cook & Du Page Counties Combined School District No. 113A Lemont Bromberek, NATL-RE FGIC, 0.000%, 12/1/2015	160,000	154,552
Cook County Community High School District No. 219 Niles Township, 0.000%, 6/1/2015	95,000	94,740
Cook County Community High School District No. 219 Niles Township, AGM, 4.250%, 12/1/2021, Call 12/1/2017	50,000	55,221
Cook County High School District No. 209 Proviso Township, AGM, 5.000%, 12/1/2019, Call 12/1/2016 (13)	50,000	53,877
Cook County Township High School District No. 201 J Sterling Morton, AMBAC:
0.000%, 12/1/2018	170,000	145,699
0.000%, 12/1/2019	100,000	81,253
Cook County Township High School District No. 220 Reavis, 4.000%, 12/1/2017	100,000	108,243
County of Cook, AMBAC, 5.000%, 11/15/2023, Call 5/15/2016	250,000	262,920
County of Winnebago, NATL-RE, 4.250%, 12/30/2019, Call 12/30/2016	50,000	53,901
DeKalb County Community Unit School District No. 424 Genoa-Kingston, AMBAC:
0.000%, 1/1/2017	350,000	335,177
0.000%, 1/1/2018	350,000	325,227
Illinois Finance Authority:
2.400%, 5/15/2015	100,000	100,614
4.000%, 10/1/2018	275,000	294,745
4.500%, 11/1/2019	100,000	114,890
5.000%, 8/15/2016	195,000	204,321
5.000%, 7/1/2017	250,000	270,350
5.000%, 2/15/2018	40,000	44,872
5.250%, 8/15/2015	200,000	207,644
5.500%, 8/15/2018	100,000	112,611
Illinois Finance Authority, AGM, 0.000%, 2/1/2015	120,000	119,512
Illinois Housing Development Authority, AGM, 4.400%, 9/1/2020, Call 9/29/2014	210,000	210,359
Illinois State Toll Highway Authority, 4.125%, 1/1/2020, Call 7/1/2015	100,000	103,259
Illinois State Toll Highway Authority, AGM:
5.000%, 1/1/2022, Call 7/1/2016	100,000	107,897
5.000%, 1/1/2022, Call 7/1/2015	25,000	25,995
Kane Kendall Etc Counties Community College District No. 516, 4.000%, 12/15/2014	30,000	30,325
Kendall, Kane & Will Counties Community Unit School District No. 308, NATL-RE FGIC, 4.250%, 10/1/2020, Call 10/1/2017	50,000	53,493
Lake County Community High School District No. 117 Antioch, NATL-RE FGIC, 0.000%, 12/1/2016	235,000	226,199
Lake County Forest Preserve District, 0.635%, 12/15/2020 (3)	300,000	300,042
McHenry & Lake Counties Community Consolidated School District No. 15, AGM, 0.000%, 1/1/2018	100,000	92,374
Metropolitan Pier & Exposition Authority, NATL-RE FGIC, 0.000%, 6/15/2015	170,000	168,773
Railsplitter Tobacco Settlement Authority:
5.000%, 6/1/2016	50,000	53,453
5.000%, 6/1/2017	95,000	104,978
5.000%, 6/1/2018	40,000	45,152


Southwestern Illinois Development Authority, AGM, 5.250%, 2/1/2023, Call 2/1/2017	250,000	268,150
State of Illinois:
3.875%, 9/1/2017	100,000	106,832
5.000%, 5/1/2017	250,000	272,987
5.000%, 4/1/2020	100,000	111,335
State of Illinois, AGM, 4.500%, 9/1/2020, Call 9/1/2015	100,000	102,353
State of Illinois, NATL-RE FGIC, 5.500%, 6/15/2017	30,000	33,843
Town of Cicero, 5.000%, 1/1/2020	500,000	571,320
Town of Cicero, AGM, 4.000%, 1/1/2017	250,000	266,655
Village of Bensenville, CIFG, 5.000%, 4/1/2016	300,000	313,548
Village of Melrose Park, NATL-RE, 4.800%, 12/15/2020, Call 9/29/2014	310,000	310,697
Village of Oak Lawn, NATL-RE, 3.850%, 12/1/2017, Call 9/29/2014	480,000	480,802
Village of South Chicago Heights, NATL-RE FGIC, 0.000%, 11/1/2014	200,000	199,362
Will County School District No. 88A Richland, 1.100%, 1/1/2017	120,000	119,972
Winnebago County School District No. 122 Harlem-Loves Park, AGM, 0.000%, 1/1/2017	25,000	23,700

		11,010,437
Indiana - 2.6%
Avon Community School Building Corp., AMBAC, 4.500%, 7/15/2019, Call 7/15/2017	75,000	82,191
County of Jasper, NATL-RE, 5.600%, 11/1/2016	100,000	108,117
County of Lake:
2.000%, 1/15/2017	280,000	280,384
2.000%, 7/15/2017	245,000	245,404
Hammond Local Public Improvement Bond Bank, 5.000%, 8/1/2018, Call 2/1/2018	150,000	163,355
Hobart Building Corp., 6.000%, 7/15/2015	100,000	105,021
Indiana Finance Authority:
2.200%, 2/1/2016, Call 8/1/2015	200,000	200,214
4.900%, 1/1/2016	300,000	317,430
5.000%, 5/1/2020	100,000	115,682
5.000%, 8/15/2020	250,000	279,935
5.250%, 10/1/2022, Call 10/1/2021	150,000	180,256
Indianapolis Local Public Improvement Bond Bank, 5.000%, 6/1/2020	100,000	117,558
Jasper Hospital Authority, 5.000%, 11/1/2020	250,000	286,535
Vigo County Building Corp., AMBAC, 4.200%, 7/15/2017, Call 9/29/2014	255,000	255,594

		2,737,676
Iowa - 0.7%
City of Coralville, 3.000%, 4/15/2016	250,000	255,712
City of Randall, 1.250%, 8/1/2016, Call 2/1/2016	500,000	500,415

		756,127
Kansas - 0.4%
Kansas Development Finance Authority, BAM, 5.000%, 12/1/2019	200,000	231,654
Miami County Unified School District No. 416 Louisburg, NATL-RE:
5.000%, 9/1/2016	30,000	32,779
5.000%, 9/1/2016	120,000	130,739

		395,172
Kentucky - 1.1%
Bullitt County School District Finance Corp., NATL-RE, 3.500%, 5/1/2015	25,000	25,526
County of Union, 1.100%, 3/1/2016, Call 3/1/2015	400,000	399,372
Kentucky Housing Corp., 4.000%, 7/1/2028, Call 1/1/2023	440,000	454,467
Kentucky Turnpike Authority, 4.350%, 7/1/2020, Call 7/1/2016	200,000	212,422

		1,091,787
Louisiana - 1.9%
Evangeline Parish Road & Drain Sales Tax District No. 1, AGM, 5.000%, 12/1/2020	400,000	468,280
Louisiana Housing Corp., FHA, 2.500%, 12/1/2031, Call 6/1/2020	170,000	169,820
Louisiana Local Government Environmental Facilities & Community Development Authority:
0.809%, 8/1/2018, Call 2/1/2018 (3)	450,000	457,906
4.000%, 8/1/2016	180,000	190,145
Louisiana Public Facilities Authority, AMBAC:
0.193%, 9/1/2025, Call 9/30/2014 (3) (14)	50,000	44,502
0.193%, 9/1/2027, Call 9/2/2014 (3) (14)	50,000	43,639
Louisiana State Citizens Property Insurance Corp., AMBAC, 5.000%, 6/1/2018, Call 6/1/2016	410,000	438,831
State of Louisiana, 5.000%, 11/15/2020, Call 5/15/2020	110,000	130,351

		1,943,474


Maryland - 0.6%
City of Baltimore, NATL-RE:
0.090%, 7/1/2032, Call 9/5/2014 (3) (14)	50,000	44,448
0.090%, 7/1/2037, Call 9/3/2014 (3) (14)	25,000	22,170
0.098%, 7/1/2020 (3) (14)	50,000	46,692
Howard County Housing Commission, 1.300%, 7/1/2018, Call 1/1/2018 (3)	75,000	75,122
Maryland Community Development Administration, 4.300%, 9/1/2017, Call 3/1/2017	120,000	128,248
Maryland Community Development Administration, GNMA/FNMA, 4.500%, 3/1/2027, Call 3/1/2021	75,000	79,607
Morgan State University, NATL-RE, 6.050%, 7/1/2015	225,000	228,980

		625,267
Massachusetts - 0.8%
Bridgewater-Raynham Regional School District, AGM, 4.000%, 1/15/2017, Call 1/15/2015	50,000	50,617
City of New Bedford, AGM, 3.250%, 10/1/2014	25,000	25,061
Commonwealth of Massachusetts, 0.621%, 11/1/2018, Call 11/1/2017 (3)	500,000	505,625
Massachusetts Development Finance Agency, 0.600%, 9/30/2016, Call 3/30/2016 (3)	250,000	249,692

		830,995
Michigan - 7.3%
City of Ann Arbor, AMBAC, 4.500%, 3/1/2020, Call 3/1/2016	400,000	422,148
City of Detroit, 3.500%, 10/7/2016 (3)	500,000	500,000
City of Detroit Convention Facility Revenue, NATL-RE, 0.000%, 9/30/2015	25,000	24,928
City of Detroit Sewage Disposal System Revenue, AGM:
3.650%, 7/1/2015, Call 9/29/2014	100,000	100,229
5.500%, 7/1/2017	100,000	112,055
City of Detroit Sewage Disposal System Revenue, NATL-RE:
5.500%, 7/1/2015	170,000	177,133
5.500%, 7/1/2016	50,000	54,201
City of Detroit Water Supply System Revenue, AGM, 5.000%, 7/1/2020, Call 7/1/2016	25,000	26,277
City of Detroit Water Supply System Revenue, BHAC, 4.000%, 7/1/2017	100,000	107,898
City of Detroit Water Supply System Revenue, BHAC FGIC, 5.750%, 7/1/2024, Call 7/1/2018	200,000	227,162
City of Grand Haven, NATL-RE, 5.500%, 7/1/2016	100,000	105,702
City of Grand Rapids, 3.000%, 1/1/2015	60,000	60,532
City of Lapeer, AGM, 4.000%, 12/1/2014	50,000	50,449
City of Port Huron, AMBAC, 4.250%, 10/1/2016	100,000	104,841
City of South Haven, AGC, 3.500%, 12/1/2014	75,000	75,575
County of Ottawa, 2.250%, 8/1/2015	60,000	61,160
Detroit City School District, AGM Q-SBLF, 5.000%, 5/1/2022, Call 5/1/2015	100,000	102,550
Detroit Wayne County Stadium Authority, 5.000%, 10/1/2014	500,000	501,150
Dowagiac Union School District, Q-SBLF, 3.000%, 5/1/2016	40,000	41,710
East Branch of the Willow Creek and Branches Drainage District, AGM, 3.800%, 6/1/2017, Call 6/1/2015	40,000	40,888
Fitzgerald Public School District, BAM, 4.000%, 5/1/2018	580,000	628,616
Grand Haven Area Public Schools, Q-SBLF, 2.500%, 5/1/2016	50,000	51,767
Grand Rapids & Kent County Joint Building Authority, 0.000%, 12/1/2015	25,000	24,920
Jackson County Hospital Finance Authority, AGM, 4.000%, 6/1/2016	25,000	26,341
Lake St. Claire Clean Water Initiative, 5.000%, 10/1/2020	150,000	174,501
Michigan Finance Authority, 5.000%, 7/1/2016 (4)	725,000	770,501
Michigan Municipal Bond Authority:
5.000%, 10/1/2015, Call 10/1/2014	70,000	70,252
5.000%, 10/1/2015, Call 10/1/2014	20,000	20,076
Michigan State Building Authority, AGC FGIC, 0.000%, 10/15/2021, Call 10/15/2016	200,000	150,672
Michigan State Hospital Finance Authority:
5.000%, 11/15/2018, Call 11/15/2016	200,000	215,794
5.000%, 11/15/2020, Call 11/15/2019	520,000	592,493
Michigan State Housing Development Authority, 4.600%, 12/1/2026, Call 6/1/2021	65,000	68,737
Montrose Community Schools, NATL-RE Q-SBLF, 6.200%, 5/1/2017	475,000	502,854
Muskegon Public Schools, Q-SBLF, 4.250%, 5/1/2021, Call 5/1/2019	200,000	219,542
Okemos Public Schools, NATL-RE Q-SBLF, 0.000%, 5/1/2016	20,000	19,488
State of Michigan, 5.500%, 11/1/2021, Call 5/1/2019	300,000	349,086
Sturgis Public School District, NATL Q-SBLF, 5.000%, 5/1/2015	40,000	41,235
Taylor Tax Increment Finance Authority, AGM, 4.000%, 5/1/2021, Call 9/29/2014	270,000	270,454
Tecumseh Public Schools, NATL-RE Q-SBLF, 5.000%, 5/1/2017, Call 5/1/2015	100,000	102,731
University of Michigan, 0.250%, 4/1/2015, Call 10/1/2014 (3)	50,000	50,003
Warren Consolidated Schools, AGM, 5.000%, 5/1/2016	220,000	235,719
Zeeland Public Schools, AGM, 2.500%, 5/1/2015	65,000	66,005

		7,548,375


Minnesota - 0.7%
City of Chaska, 5.000%, 2/1/2015	30,000	30,597
City of Minneapolis, 3.000%, 7/15/2015, Call 1/15/2015	300,000	300,084
City of Minneapolis MN/St Paul Housing & Redevelopment Authority, AMBAC, 0.075%, 11/15/2017, Call 9/23/2014 (3) (14)	100,000	96,186
Minnesota Housing Finance Agency, 2.750%, 1/1/2018	190,000	194,931
Rosemount-Apple Valley-Eagan Independent School District No. 196, School District Credit Program, 3.000%, 4/1/2015	20,000	20,332
St. Paul Housing & Redevelopment Authority, NATL-RE, 5.000%, 11/15/2021, Call 11/15/2017	50,000	55,658

		697,788
Mississippi - 1.3%
City of D’Iberville, 2.125%, 4/1/2017	190,000	190,401
Jackson Public School District, AGM, 5.000%, 10/1/2020, Call 4/1/2015	50,000	51,147
Mississippi Business Finance Corp., 1.200%, 12/1/2036, Call 9/2/2014 (3)	500,000	500,000
Mississippi Development Bank, 5.000%, 8/1/2019	155,000	179,939
Mississippi Development Bank, AGC, 4.000%, 7/1/2017	380,000	402,918

		1,324,405
Missouri - 2.7%
Health & Educational Facilities Authority of the State of Missouri:
3.750%, 2/1/2017	45,000	47,749
4.000%, 2/1/2018	255,000	276,190
5.000%, 2/1/2024, Call 2/1/2021	250,000	280,805
Missouri Housing Development Commission, GNMA/FNMA, 4.700%, 3/1/2035, Call 9/1/2019	400,000	426,528
Missouri State Environmental Improvement & Energy Resources Authority, NATL-RE, 0.105%, 12/1/2022, Call 9/2/2014 (3) (14)	750,000	690,701
St. Louis County Industrial Development Authority, 2.850%, 9/1/2018, Call 3/1/2016	600,000	606,972
St. Louis Municipal Finance Corp., AMBAC, 5.000%, 2/15/2019, Call 2/15/2017	450,000	472,815

		2,801,760
Nevada - 0.6%
City of Las Vegas, 5.500%, 4/1/2015	25,000	25,773
City of North Las Vegas, NATL-RE, 5.000%, 10/1/2014	105,000	105,278
Clark County School District, NATL-RE FGIC:
5.000%, 6/15/2021, Call 6/15/2017	100,000	113,023
5.000%, 6/15/2023, Call 6/15/2017	175,000	197,169
County of Clark, 5.000%, 7/1/2015	50,000	51,995
County of Clark, AMBAC, 4.125%, 11/1/2020, Call 11/1/2015	75,000	77,032
Nye County School District, PSF, 4.375%, 5/1/2025, Call 5/1/2015	100,000	102,806

		673,076
New Hampshire - 0.3%
New Hampshire Health and Education Facilities Authority Act, 5.250%, 10/1/2023, Call 10/1/2017	250,000	270,145
New Jersey - 2.7%
City of Passaic, 4.000%, 5/1/2016	275,000	287,045
Morris-Union Jointure Commission, AGM, 4.000%, 8/1/2015	150,000	153,795
New Jersey Economic Development Authority:
1.750%, 2/1/2016, Call 8/1/2015 (3)	850,000	859,639
2.009%, 2/1/2018, Call 8/1/2017 (3)	250,000	259,855
New Jersey Economic Development Authority, NATL-RE FGIC, 5.250%, 12/15/2017, Call 12/15/2015	40,000	42,571
New Jersey Educational Facilities Authority, 5.000%, 7/1/2020, Call 7/1/2018	20,000	23,158
New Jersey Health Care Facilities Financing Authority, 5.000%, 7/1/2016	15,000	16,259
New Jersey Higher Education Student Assistance Authority, 4.875%, 12/1/2024, Call 12/1/2019	500,000	542,760
New Jersey Housing & Mortgage Finance Agency, 4.350%, 10/1/2017, Call 4/1/2015	200,000	202,522
New Jersey State Turnpike Authority, AGM, 5.000%, 1/1/2022, Call 1/1/2015	50,000	50,786
Township of Lyndhurst, XLCA, 3.550%, 10/1/2016	90,000	94,854
Township of Piscataway, 2.000%, 12/15/2014	20,000	20,107
Washington Township Board of Education/Gloucester County, School Bond Reserve Fund, 3.000%, 2/1/2015	20,000	20,228
West Orange School District, NATL-RE, 5.000%, 10/1/2017, Call 10/1/2016	200,000	214,964

		2,788,543


New Mexico - 1.1%
New Mexico Educational Assistance Foundation, 0.927%, 12/1/2020 (3)	540,000	540,994
New Mexico Mortgage Finance Authority, 5.300%, 9/1/2040, Call 9/1/2019	50,000	52,431
New Mexico Municipal Energy Acquisition Authority, 0.854%, 8/1/2019, Call 2/1/2019 (3)	500,000	502,950

		1,096,375
New York - 7.0%
City of New York, 0.520%, 8/1/2021, Call 10/3/2016 (3)	170,000	170,255
City of Yonkers, NATL-RE, 5.000%, 8/1/2018, Call 8/1/2015	100,000	103,348
County of Rockland, 5.000%, 3/1/2016	500,000	529,540
Long Island Power Authority, NATL-RE, 5.000%, 5/1/2017	150,000	165,992
Metropolitan Transportation Authority, 5.000%, 11/15/2021, Call 11/15/2016	150,000	164,211
Metropolitan Transportation Authority, AGM:
0.312%, 11/1/2022, Call 9/3/2014 (3) (14)	700,000	673,198
0.318%, 11/1/2022, Call 9/4/2014 (3) (14)	475,000	456,813
New York City Transit Auth/Metropolitan Transn Auth/Triborough Bridge & Tunnel, AMBAC:
0.428%, 1/1/2030, Call 9/22/2014 (3) (14)	625,000	578,606
0.429%, 1/1/2030, Call 9/3/2014 (3) (14)	175,000	161,930
0.432%, 1/1/2030, Call 9/2/2014 (3) (14)	625,000	577,234
New York Local Government Assistance Corp., AGM, 0.105%, 4/1/2017, Call 9/3/2014 (3) (14)	375,000	367,054
New York Local Government Assistance Corp., AGM GO OF CORP:
0.105%, 4/1/2017, Call 9/4/2014 (3) (14)	25,000	24,407
0.105%, 4/1/2017, Call 9/3/2014 (3) (14)	25,000	24,419
New York Mortgage Agency, 5.000%, 10/1/2019	600,000	692,718
New York State Dormitory Authority, 5.250%, 2/15/2024, Call 2/15/2019	400,000	468,812
New York State Dormitory Authority, NATL-RE, 0.120%, 7/1/2029, Call 9/2/2014 (3) (14)	675,000	632,560
New York State Energy Research & Development Authority, AMBAC, 1.440%, 10/1/2028, Call 9/5/2014 (3) (14)	50,000	50,000
Niagara Falls City School District, AGM, 4.100%, 6/15/2017, Call 6/15/2015	200,000	205,156
Patchogue-Medford Union Free School District, MBIA, 4.250%, 10/1/2016, Call 10/1/2015	100,000	103,378
Peru Central School District, NATL-RE, 4.125%, 6/15/2019, Call 6/15/2015	50,000	51,073
State of New York, AGM, 0.105%, 3/15/2021, Call 9/4/2014 (3) (14)	25,000	23,239
State of New York, NATL-RE FGIC, 0.105%, 2/15/2022, Call 9/4/2014 (3) (14)	530,000	509,177
Triborough Bridge & Tunnel Authority, 0.624%, 1/3/2017, Call 7/1/2016 (3)	500,000	503,885

		7,237,005
North Carolina - 1.6%
City of Charlotte, 5.000%, 6/1/2018	25,000	28,773
County of Burke, AMBAC, 5.000%, 4/1/2019, Call 4/1/2016	95,000	102,104
County of Halifax, NATL-RE, 4.125%, 6/1/2019, Call 6/1/2016	165,000	172,970
North Carolina Eastern Municipal Power Agency, FGIC, 0.084%, 1/1/2025 (3) (14)	275,000	211,154
Person County Industrial Facilities & Pollution Control Financing Authority, AMBAC, 0.148%, 11/1/2018, Call 9/26/2014 (3) (14)	475,000	459,867
University of North Carolina at Chapel Hill:
0.554%, 12/1/2015, Call 6/1/2015 (3)	75,000	75,128
0.854%, 12/1/2017, Call 6/1/2017 (3)	175,000	177,786
Wake County Industrial Facilities & Pollution Control Financing Authority, AMBAC:
0.088%, 10/1/2022, Call 10/2/2014 (3) (14)	200,000	174,941
0.105%, 10/1/2022, Call 9/4/2014 (3) (14)	300,000	262,426

		1,665,149
North Dakota - 2.2%
City of Williston, 5.000%, 5/1/2020	240,000	281,558
North Dakota Housing Finance Agency:
3.600%, 7/1/2032, Call 7/1/2022	500,000	513,385
3.750%, 7/1/2034, Call 7/1/2022	500,000	517,135
3.750%, 7/1/2042, Call 7/1/2022	225,000	237,956
5.050%, 7/1/2040, Call 7/1/2020	50,000	52,542
Williston Parks & Recreation District, 3.250%, 3/1/2032, Call 9/15/2014	670,000	678,529

		2,281,105
Ohio - 1.5%
Avon Lake City School District, NATL-RE, 4.500%, 12/1/2016, Call 6/1/2015	100,000	103,208
Bucyrus City School District, School District Credit Program, 0.000%, 12/1/2017	155,000	150,116
City of Cleveland, AMBAC, 5.250%, 1/1/2018	50,000	56,249
City of Harrison, 4.000%, 11/1/2016	50,000	53,350
City of Marysville, XLCA, 5.250%, 12/1/2021, Call 12/1/2016	150,000	161,797
County of Columbiana, 2.000%, 12/1/2014	120,000	120,454


Liberty Local School District, AGM, 3.500%, 12/1/2017	250,000	268,472
Ohio Housing Finance Agency, GNMA/FNMA COLL, 4.000%, 5/1/2022, Call 5/1/2021	155,000	166,515
Ohio Housing Finance Agency, GNMA/FNMA/FHLMC, 5.250%, 9/1/2028, Call 3/1/2018	65,000	65,511
Painesville City Local School District, School District Credit Program, 0.000%, 12/1/2016	250,000	244,307
Pickerington Local School District, NATL-RE, 4.300%, 12/1/2024, Call 12/1/2016	35,000	36,969
Ravenna City School District, 0.000%, 1/15/2015	135,000	134,452

		1,561,400
Oklahoma - 0.4%
Caddo County Educational Facilities Authority, 2.000%, 9/1/2015	200,000	203,204
Oklahoma Municipal Power Authority, 0.850%, 8/1/2018, Call 2/1/2018 (3)	185,000	185,120

		388,324
Oregon - 0.3%
Port of Morrow:
2.000%, 6/1/2015	200,000	202,024
2.000%, 6/1/2016	100,000	101,669

		303,693
Pennsylvania - 7.0%
Allegheny County Hospital Development Authority:
0.881%, 2/1/2021, Call 11/1/2014 (3)	175,000	174,960
5.375%, 8/15/2029, Call 8/15/2019	225,000	252,805
Allentown City School District, 5.000%, 2/15/2020, Call 2/15/2018	50,000	56,091
Berks County Municipal Authority, 1.550%, 7/1/2022, Call 7/1/2017	350,000	357,483
City of Philadelphia, 5.250%, 8/1/2018	100,000	114,839
City of Philadelphia, AGC, 5.125%, 8/1/2025, Call 8/1/2019	100,000	113,138
City of Philadelphia, AMBAC:
5.000%, 10/1/2017	250,000	282,482
5.000%, 10/1/2023, Call 10/1/2017	100,000	109,813
City of Pittsburgh, AGM, 5.250%, 9/1/2017, Call 9/1/2016	95,000	103,396
Cumberland County Municipal Authority, 5.000%, 1/1/2017	105,000	106,087
Delaware County Vocational & Technical School Authority, BAM:
1.200%, 11/1/2016	140,000	140,178
3.000%, 11/1/2018	120,000	125,154
Delaware Valley Regional Financial Authority, AMBAC, 5.500%, 8/1/2018	100,000	113,740
Lancaster County Solid Waste Management Authority, 5.000%, 12/15/2020	200,000	233,698
Lancaster Industrial Development Authority, 5.000%, 5/1/2020	285,000	308,584
Lehigh County General Purpose Authority, 3.000%, 11/1/2014	195,000	195,649
Monroe County Hospital Authority, 5.000%, 1/1/2017	260,000	279,534
Northampton County General Purpose Authority, 1.450%, 8/15/2020, Call 2/15/2020 (3)	150,000	150,218
Pennsylvania Economic Development Financing Authority:
1.750%, 12/1/2015 (3)	100,000	101,594
5.000%, 3/1/2020	200,000	230,832
Pennsylvania Turnpike Commission:
0.930%, 12/1/2020, Call 6/1/2020 (3)	200,000	201,250
1.200%, 12/1/2019, Call 6/1/2019 (3)	600,000	615,234
Pennsylvania Turnpike Commission, AMBAC, 5.000%, 12/1/2024, Call 6/1/2016	250,000	267,085
Pittsburgh Public Parking Authority, NATL-RE:
0.000%, 12/1/2014	100,000	99,500
0.000%, 12/1/2017	50,000	45,559
5.000%, 12/1/2020, Call 12/1/2015	575,000	604,917
School District of Philadelphia, 5.000%, 9/1/2018	65,000	74,627
State Public School Building Authority, AGM:
5.000%, 6/1/2019, Call 12/1/2016	100,000	108,355
5.000%, 6/1/2024, Call 12/1/2016	200,000	214,314
State Public School Building Authority, FSA, 5.375%, 10/1/2023, Call 10/1/2018	160,000	182,510
State Public School Building Authority, SAW, 0.904%, 9/1/2018, Call 3/1/2018 (3)	750,000	752,212
Wayne County Hospital & Health Facilities Authority, AGM, 2.000%, 7/1/2015	100,000	101,200
York County Hospital Authority, AMBAC, 0.081%, 7/1/2021, Call 9/2/2014 (3) (14)	525,000	478,633

		7,295,671
Puerto Rico - 0.5%
Commonwealth of Puerto Rico, AGC, 5.000%, 7/1/2015	15,000	15,342
Commonwealth of Puerto Rico, NATL-RE:
0.000%, 7/1/2016	120,000	107,384
5.500%, 7/1/2015	15,000	15,035


Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority:
5.000%, 4/1/2015	260,000	262,299
5.000%, 7/1/2018	75,000	80,044

		480,104
Rhode Island - 0.2%
Rhode Island Health & Educational Building Corp., 3.000%, 9/1/2014	250,000	250,000
South Carolina - 0.3%
Fort Mill School District No. 4, South Carolina District Enhancement, 3.000%, 3/1/2015	15,000	15,214
South Carolina Jobs-Economic Development Authority, AGC, 4.250%, 2/1/2018	250,000	276,447

		291,661
South Dakota - 0.1%
City of Deadwood, 4.000%, 12/1/2014	100,000	100,677
Tennessee - 0.9%
Clarksville Natural Gas Acquisition Corp.:
5.000%, 12/15/2015	80,000	83,955
5.000%, 12/15/2016	250,000	269,188
5.000%, 12/15/2019	125,000	141,289
Metropolitan Government Nashville & Davidson County Health & Educational Facs Bd:
0.450%, 10/1/2015, Call 4/1/2015 (3)	150,000	150,000
5.000%, 7/1/2018	220,000	245,817
Tennessee Energy Acquisition Corp., 5.000%, 9/1/2016	65,000	69,793

		960,042
Texas - 5.7%
Central Texas Regional Mobility Authority, 5.750%, 1/1/2015	100,000	101,599
City of Austin, 4.000%, 11/15/2016	200,000	214,820
City of Coppell, 5.750%, 2/1/2023, Call 2/1/2018	50,000	57,920
City of Mission, BAM, 3.000%, 2/15/2017	125,000	131,278
Clifton Higher Education Finance Corp.:
1.950%, 12/1/2015	185,000	187,094
5.000%, 8/15/2017	225,000	244,492
County of Cameron, BAM, 5.000%, 2/15/2020	240,000	279,948
Harris County Cultural Education Facilities Finance Corp.:
0.880%, 6/1/2021 (3)	350,000	350,427
1.100%, 11/15/2015, Call 5/15/2015 (3)	400,000	401,248
Harris County Municipal Utility District No. 156, AGM, 4.750%, 9/1/2016	100,000	107,315
Harris County Municipal Utility District No. 167, AGM, 0.000%, 9/1/2015	70,000	68,902
Houston Higher Education Finance Corp., 0.450%, 11/16/2016, Call 5/15/2016 (3)	75,000	75,025
Lufkin Health Facilities Development Corp., 5.125%, 2/15/2016	100,000	104,757
McLennan County Public Facility Corp., 6.625%, 6/1/2035, Call 12/1/2014	490,000	512,712
Midland Independent School District, PSF, 5.000%, 2/15/2032, Call 2/15/2016	200,000	210,574
Montgomery County Municipal Utility District No. 83, 2.000%, 9/1/2015	100,000	101,183
Nacogdoches County Hospital District, AGM, 2.000%, 5/15/2016	175,000	177,403
New Hope Cultural Education Facilities Corp., 4.000%, 4/1/2018	225,000	240,608
New Hope Cultural Education Facilities Corp., AGM, 4.000%, 4/1/2020	135,000	147,385
North Texas Tollway Authority:
0.850%, 1/1/2019, Call 7/1/2018 (3)	250,000	250,623
5.750%, 1/1/2038, Call 1/1/2018	225,000	249,932
Northside Independent School District, PSF, 2.125%, 8/1/2020, Call 2/1/2015 (3)	750,000	750,367
Nueces River Authority, AGM, 5.250%, 7/15/2018, Call 7/15/2015	45,000	46,792
Panhandle-Plains Higher Education Authority, Inc., 1.035%, 10/1/2020, Call 9/2/2014 (3)	110,000	110,584
Tarrant County Cultural Education Facilities Finance Corp.:
5.000%, 11/15/2014	100,000	100,977
5.000%, 2/15/2022, Call 2/15/2017	90,000	99,095
Texas Municipal Gas Acquisition & Supply Corp. I, 5.000%, 12/15/2015	135,000	141,197
Texas Municipal Gas Acquisition & Supply Corp. II, 0.855%, 9/15/2017 (3)	390,000	391,466
Texas Transportation Commission, 1.250%, 2/15/2015 (3)	75,000	75,197

		5,930,920
Utah - 0.8%
Salt Lake City Corp., AMBAC, 0.093%, 5/15/2020, Call 9/2/2014 (3) (14)	900,000	848,900
Virginia - 0.3%
Greater Richmond Convention Center Authority, NATL-RE, 5.000%, 6/15/2021, Call 6/15/2015	130,000	133,484
Henrico County Economic Development Authority, 4.000%, 11/1/2016	100,000	106,855
Virginia Housing Development Authority, 2.100%, 9/1/2014	25,000	25,000

		265,339


Washington - 0.9%
City of Anacortes, 2.000%, 12/1/2014	30,000		30,128
City of Tacoma, 5.750%, 12/1/2017	100,000		113,668
County of Spokane, AGM, 3.500%, 12/1/2014	30,000		30,246
FYI Properties, 5.000%, 6/1/2020, Call 6/1/2019	165,000		187,683
NJB Properties, County Guarantee, 5.000%, 12/1/2021, Call 12/1/2016	100,000		109,876
Washington Health Care Facilities Authority, 0.000%, 12/1/2017 (5) (6)	125,000		113,644
Washington State Housing Finance Commission, GNMA/FNMA/FHLMC COLL, 5.000%, 10/1/2020	320,000		372,464

			957,709
West Virginia - 0.1%
West Virginia Housing Development Fund, 3.900%, 11/1/2025, Call 11/1/2020	120,000		120,265
Wisconsin - 3.2%
Arcadia School District, 3.000%, 3/15/2019, Call 3/15/2017	700,000		727,748
City of Chippewa Falls, 4.250%, 10/1/2016, Call 10/1/2014	100,000		100,303
City of Menasha:
4.000%, 9/1/2015, Call 9/29/2014	130,000		131,317
4.000%, 9/1/2015, Call 3/1/2015	100,000		100,875
4.300%, 9/1/2015	200,000		203,052
4.400%, 9/1/2017, Call 9/1/2015	500,000		508,950
City of Two Rivers, 3.500%, 4/1/2017	250,000		262,063
State of Wisconsin, 5.000%, 9/1/2020	175,000		209,197
Wisconsin Health & Educational Facilities Authority:
2.750%, 5/1/2017	130,000		130,962
3.250%, 5/1/2018	200,000		202,548
4.000%, 8/15/2018	300,000		322,071
5.250%, 8/15/2017, Call 8/15/2016	65,000		70,195
5.500%, 12/15/2020, Call 12/15/2019	80,000		94,050
Wisconsin Housing & Economic Development Authority, 3.625%, 12/1/2019, Call 6/1/2016 (3)	240,000		246,319

			3,309,650

Total Municipals (identified cost $101,107,930)			102,186,016

Short-Term Investments - 1.6%

Mutual Funds - 0.9%
BMO Tax-Free Money Market Fund, Class I, 0.036% (10)	949,266		949,266

Short-Term Municipals - 0.7%

California - 0.1%
City of La Verne, 2.000%, 5/15/2015	100,000		100,818
Michigan - 0.3%
Michigan Finance Authority, SAW, 2.850%, 8/20/2015	250,000		249,998
New York - 0.3%
Nassau Health Care Corp., 2.250%, 1/15/2015, Call 12/1/2014	300,000		300,747

Total Short-Term Municipals			651,563


Total Short-Term Investments (identified cost $1,600,652)			1,600,829

Total Investments - 100.3% (identified cost $102,708,582)			103,786,845
Other Assets and Liabilities - (0.3)%			(269,467	)

Total Net Assets - 100.0%		$	103,517,378

(3)	Denotes a variable or floating rate security. Floating rate securities are securities whose yields vary with a designated market index or market rate. These securities are shown at their current rates as of August 31, 2014.

(4)	Purchased on a when-issued or delayed delivery basis.

(5)	Denotes a restricted security which is subject to restrictions on resale under federal securities law. At August 31, 2014, these securities amounted to:


Fund	Amount		% of Total Net Assets
Short Tax-Free Fund	$	1,394,109		1.35	%

(6)	Denotes a restricted security which has been deemed liquid based on criteria approved by the Board of Directors of the BMO Funds.

(10)	Denotes an investment in an affiliated entity. Please refer to Note 5, subsection Investments in Affiliated Issuers, in the Notes to Financial Statements.

(13)	Issue represents a convertible capital appreciation bond. These securities are tax-exempt bonds that originate as capital appreciation bonds with zero coupon features at time of issuance and convert to an interest paying bond at a pre-specified rate determined at time of issuance.

(14)

Intermediate Tax-Free Fund

SCHEDULE OF INVESTMENTS –

As of August 31, 2014


*Description*	Shares or Principal Amount		*Value*
Municipals - 98.4%

Alabama - 0.9%
Alabama Board of Education:
3.000%, 6/1/2021	$	305,000	$	314,208
4.000%, 7/1/2021		1,895,000		2,131,761
4.375%, 10/1/2017		200,000		219,176
5.000%, 10/1/2020, Call 10/1/2018		230,000		259,079
Alabama Housing Finance Authority, GNMA, 4.800%, 6/20/2032, Call 12/20/2016 (7)		215,000		221,029
Baldwin County Board of Education, AMBAC, 5.000%, 7/1/2018, Call 7/1/2017		350,000		379,799
City of Birmingham, 0.000%, 3/1/2022 (13)		1,945,000		1,957,759
County of Jefferson, AGM, 0.314%, 2/1/2042, Call 9/11/2014 (3) (14)		454,981		361,209
Health Care Authority for Baptist Health, AGC, 0.550%, 11/15/2037, Call 9/5/2014 (3) (14)		1,700,000		1,700,000
Pell City Special Care Facilities, 5.000%, 12/1/2025, Call 12/1/2021		4,000,000		4,558,960

				12,102,980
Alaska - 0.7%
Alaska Housing Finance Corp., 5.000%, 12/1/2027, Call 6/1/2022		1,375,000		1,599,771
Alaska Municipal Bond Bank Authority, AMBAC, 5.100%, 4/1/2033, Call 4/1/2018		200,000		219,398
Alaska Student Loan Corp., Guaranteed Student Loans, 5.000%, 6/1/2018, Call 6/1/2015 (7)		270,000		279,104
Borough of Matanuska-Susitna, 5.000%, 4/1/2031, Call 4/1/2021		150,000		167,021
City of Anchorage, NATL-RE, 5.000%, 12/1/2024, Call 12/1/2015		440,000		454,005
City of Valdez, 5.000%, 1/1/2021		5,820,000		6,886,515

				9,605,814
Arizona - 4.7%
Arizona Department of Transportation State Highway:
5.000%, 7/1/2031, Call 7/1/2018		440,000		492,501
5.250%, 7/1/2029, Call 7/1/2021		3,000,000		3,528,990
Arizona Health Facilities Authority:
1.900%, 2/5/2020, Call 8/9/2019 (3)		4,500,000		4,500,045
4.000%, 1/1/2015		225,000		227,680
5.000%, 1/1/2019, Call 1/1/2017		175,000		192,407
5.000%, 1/1/2020, Call 1/1/2017		1,400,000		1,530,732
5.000%, 2/1/2022		1,000,000		1,178,450
Arizona School Facilities Board, 5.750%, 9/1/2019, Call 9/1/2018		800,000		927,880
Arizona School Facilities Board, AMBAC:
4.000%, 7/1/2016		250,000		264,043
4.250%, 7/1/2015		575,000		591,226
Arizona Sports & Tourism Authority:
4.000%, 7/1/2018		765,000		830,469
4.000%, 7/1/2019		135,000		147,682
Arizona State University, 6.250%, 7/1/2028, Call 7/1/2018		1,050,000		1,168,776
Arizona Transportation Board:
5.000%, 7/1/2022, Call 7/1/2020		1,260,000		1,465,330
5.000%, 7/1/2023, Call 7/1/2020		1,405,000		1,623,927
City of Avondale, AGM, 4.000%, 7/1/2019		190,000		206,296
City of Glendale, 5.000%, 7/1/2021, Call 7/1/2017		400,000		437,176
City of Glendale, NATL-RE, 5.000%, 7/1/2026, Call 7/1/2017		2,760,000		3,011,712
City of Goodyear:
5.000%, 7/1/2023, Call 7/1/2020		265,000		295,221
5.125%, 7/1/2025, Call 7/1/2020		345,000		384,289
City of Peoria, 4.000%, 7/1/2019		515,000		566,624
City of Tucson, AGM, 5.000%, 7/1/2020		500,000		589,000
Coconino County Unified School District No. 8 Page, NATL-RE, 5.000%, 7/1/2017, Call 1/1/2015		215,000		217,915
Gila County Unified School District No. 10-Payson:
5.000%, 7/1/2015		200,000		207,960
5.000%, 7/1/2018		475,000		532,052


5.000%, 7/1/2019, Call 7/1/2018 (3)	500,000	565,605
5.000%, 7/1/2020, Call 7/1/2018 (3)	600,000	675,144
5.750%, 7/1/2028, Call 7/1/2018	800,000	920,760
Gilbert Public Facilities Municipal Property Corp., 5.500%, 7/1/2026, Call 7/1/2019	825,000	960,877
Glendale Industrial Development Authority, 5.000%, 5/15/2023, Call 5/15/2020	500,000	553,925
Greater Arizona Development Authority, NATL-RE:
5.000%, 8/1/2018, Call 8/1/2015	340,000	353,814
5.000%, 8/1/2019, Call 8/1/2017	250,000	277,373
5.000%, 8/1/2027, Call 8/1/2017	975,000	1,065,324
Madison Elementary School District No. 38, AGM, 4.500%, 7/1/2019	300,000	329,682
Maricopa County Elementary School District No. 33 Buckeye, 5.250%, 7/1/2018	365,000	415,834
Maricopa County Elementary School District No. 8-Osborn, 6.000%, 7/1/2024, Call 7/1/2016	300,000	323,325
Maricopa County Industrial Development Authority:
3.000%, 1/1/2017	315,000	330,259
3.000%, 1/1/2018	325,000	341,399
4.000%, 1/1/2019	200,000	218,312
5.250%, 7/1/2032, Call 7/1/2017	170,000	178,162
Maricopa County School District No. 21 Murphy, 7.500%, 7/1/2021, Call 7/1/2019	220,000	263,932
Maricopa County Unified School District No. 89-Dysart, 6.500%, 7/1/2020, Call 7/1/2018	900,000	1,061,127
Phoenix Civic Improvement Corp.:
5.000%, 7/1/2019	615,000	718,566
5.000%, 7/1/2020, Call 7/1/2018	600,000	680,880
5.000%, 7/1/2026, Call 7/1/2020	1,050,000	1,186,573
Phoenix Civic Improvement Corp., BHAC:
5.500%, 7/1/2027 (13)	500,000	640,860
5.500%, 7/1/2033 (13)	800,000	1,053,272
Phoenix Civic Improvement Corp., NATL-RE FGIC:
5.500%, 7/1/2021 (13)	555,000	673,204
5.500%, 7/1/2028 (13)	100,000	127,594
5.500%, 7/1/2031 (13)	425,000	549,448
5.500%, 7/1/2032 (13)	320,000	414,787
5.500%, 7/1/2033 (13)	395,000	513,500
5.500%, 7/1/2034 (13)	525,000	683,933
5.500%, 7/1/2036 (13)	530,000	691,767
Pima County Industrial Development Authority:
4.500%, 7/1/2020	540,000	549,941
4.500%, 7/1/2021, Call 7/1/2020	1,330,000	1,346,306
4.500%, 7/1/2022, Call 7/1/2020	1,395,000	1,397,664
5.250%, 7/1/2031, Call 7/1/2019	500,000	532,115
6.375%, 7/1/2028, Call 7/1/2018	280,000	291,253
Pinal County Union High School District No. 82 Casa Grande, 5.000%, 7/1/2018	340,000	386,923
Rio Nuevo Multipurpose Facilities District, AGC:
6.000%, 7/15/2020, Call 7/15/2018	240,000	279,017
6.500%, 7/15/2023, Call 7/15/2018	40,000	47,035
Salt River Project Agricultural Improvement & Power District:
5.000%, 1/1/2020, Call 1/1/2018	300,000	341,682
5.000%, 1/1/2032, Call 1/1/2019	1,385,000	1,555,064
Salt Verde Financial Corp.:
5.250%, 12/1/2021	75,000	88,310
5.250%, 12/1/2022	110,000	129,885
Scottsdale Industrial Development Authority:
5.000%, 9/1/2018	250,000	279,247
5.250%, 9/1/2030, Call 9/29/2014	435,000	435,444
Scottsdale Industrial Development Authority, FSA, 0.890%, 9/1/2045, Call 9/2/2014 (3) (14)	1,225,000	1,225,000
Scottsdale Municipal Property Corp., AMBAC, 4.450%, 7/1/2019, Call 7/1/2017 (13)	325,000	354,819
State of Arizona, AGM:
5.000%, 10/1/2023, Call 4/1/2020	1,000,000	1,112,260
5.250%, 10/1/2024, Call 10/1/2019	5,000,000	5,764,750
Surprise Municipal Property Corp., AMBAC, 5.000%, 7/1/2017, Call 9/29/2014	225,000	225,594
Town of Marana, 5.000%, 7/1/2023	450,000	532,323
Tucson & Pima Counties Industrial Development Authorities, GNMA/FNMA/FHLMC, 5.400%, 6/1/2040, Call 12/1/2017 (7)	280,000	294,728
University Medical Center Corp., 5.000%, 7/1/2021	425,000	483,837
University of Arizona, 5.000%, 8/1/2026, Call 8/1/2021	455,000	516,857
Yuma Municipal Property Corp., XLCA:
5.000%, 7/1/2021, Call 7/1/2017	1,900,000	2,078,809
5.000%, 7/1/2023, Call 7/1/2017	1,950,000	2,109,841
5.000%, 7/1/2025, Call 7/1/2017	1,000,000	1,068,030

		65,314,355


Arkansas - 1.4%
Arkansas Development Finance Authority, BAM, 1.000%, 12/1/2021 (4)	500,000	505,610
Arkansas Development Finance Authority, GNMA/FNMA:
4.000%, 1/1/2025, Call 7/1/2021	305,000	320,226
4.000%, 7/1/2025, Call 7/1/2021	625,000	656,200
Arkansas State University:
4.000%, 3/1/2021	390,000	430,513
4.000%, 3/1/2022	1,140,000	1,250,443
4.000%, 3/1/2023	985,000	1,085,519
Baptist Health Medical Center-Heber Springs, AGC, 5.000%, 5/1/2026, Call 5/1/2016	1,140,000	1,194,914
City of Fayetteville, 3.300%, 11/1/2023	2,985,000	3,119,504
City of Little Rock, 1.250%, 4/1/2033, Call 10/1/2021	625,000	625,225
City of Rogers, 4.125%, 11/1/2031, Call 11/1/2021	500,000	516,220
City of Springdale:
3.000%, 11/1/2021	1,000,000	1,049,310
5.000%, 11/1/2028, Call 11/1/2022	1,000,000	1,144,520
City of Stuttgart, AGM, 3.800%, 6/1/2042, Call 6/1/2020	2,395,000	2,389,635
Conway Health Facilities Board, 4.250%, 8/1/2021	605,000	658,555
County of Greene, AGM:
4.000%, 3/1/2019, Call 3/1/2017	840,000	885,461
4.000%, 3/1/2020, Call 3/1/2017	1,430,000	1,503,816
County of Jefferson, AGM, 5.000%, 6/1/2026, Call 12/1/2019	20,000	22,726
University of Arkansas:
5.000%, 12/1/2021	300,000	361,509
5.000%, 12/1/2022	520,000	627,879
5.000%, 12/1/2023, Call 12/1/2022	500,000	590,110

		18,937,895
California - 7.5%
Abag Finance Authority for Nonprofit Corps.:
5.000%, 7/1/2019	300,000	344,466
5.000%, 7/1/2020	515,000	596,164
5.000%, 7/1/2021	200,000	233,372
Abag Finance Authority for Nonprofit Corps., CMI, 5.000%, 4/1/2020	1,000,000	1,167,850
ABC Unified School District, MBIA, 5.000%, 2/1/2021	1,250,000	1,476,125
Anaheim Public Financing Authority, 5.000%, 10/1/2030, Call 4/1/2019	225,000	249,273
Anaheim Public Financing Authority, AMBAC, 4.500%, 10/1/2015	350,000	363,370
Bay Area Toll Authority:
1.000%, 4/3/2017, Call 10/1/2016 (3)	2,000,000	2,006,980
1.300%, 4/1/2027, Call 10/1/2026 (3)	5,000,000	5,037,700
Bellevue Union School District, AGM:
0.000%, 8/1/2030	585,000	266,661
0.000%, 8/1/2031	615,000	263,761
Bonita Unified School District, 5.500%, 8/1/2035, Call 8/1/2021	940,000	1,098,390
Bret Harte Union High School District, 0.000%, 3/15/2015	500,000	496,415
California Health Facilities Financing Authority, 5.000%, 7/1/2037, Call 7/1/2023	2,000,000	2,230,800
California Health Facilities Financing Authority, NATL-RE, 0.123%, 7/1/2022, Call 9/2/2014 (3) (14)	2,700,000	2,551,500
California Infrastructure & Economic Development Bank, AMBAC, 0.220%, 10/1/2017, Call 9/2/2014 (3) (14)	1,000,000	1,000,000
California Municipal Finance Authority, 2.150%, 11/1/2016, Call 11/1/2015 (3)	330,000	330,145
California State Public Works Board, 5.000%, 4/1/2037, Call 4/1/2022	1,000,000	1,106,740
California Statewide Communities Development Authority, CMI, 2.500%, 8/1/2020, Call 11/1/2016	2,100,000	2,152,983
California Statewide Communities Development Authority, NATL-RE, 5.125%, 7/1/2024, Call 7/1/2018	1,500,000	1,685,880
Carson Redevelopment Agency Successor Agency, AGM, 5.000%, 10/1/2021	850,000	984,019
Castaic Lake Water Agency, AMBAC, 0.000%, 8/1/2021	250,000	209,140
Central Union High School District-Imperial County, NATL-RE, 4.000%, 8/1/2019, Call 8/1/2015	670,000	676,546
City & County of San Francisco, 4.625%, 6/15/2030, Call 6/15/2015	350,000	361,036
City of Fairfield, XLCA, 0.000%, 4/1/2022	1,205,000	921,680
City of Madera:
5.750%, 1/1/2026, Call 1/1/2020	1,550,000	1,831,852
6.500%, 1/1/2040, Call 1/1/2020	1,280,000	1,506,483


Contra Costa Transportation Authority, 0.474%, 12/15/2015, Call 6/12/2015 (3)	1,000,000	1,001,200
County of Los Angeles, 0.000%, 9/1/2018	750,000	701,550
County of Los Angeles, AMBAC, 0.000%, 9/1/2020	600,000	508,824
County of San Joaquin, 5.000%, 4/1/2022	350,000	407,151
Delhi Unified School District, AMBAC, 0.000%, 8/1/2019	645,000	595,309
Desert Community College District, AGM, 0.000%, 8/1/2026, Call 8/1/2017	400,000	238,084
Duarte Unified School District, 0.000%, 8/1/2026 (13)	525,000	527,935
East Bay Municipal Utility District, 0.250%, 12/1/2015, Call 6/1/2015 (3)	650,000	650,260
Escondido Union High School District, 0.000%, 8/1/2032, Call 8/1/2025 (13)	1,250,000	1,036,625
Escondido Union High School District, AGC, 0.000%, 8/1/2031	480,000	244,483
Fresno Unified School District, MBIA:
4.600%, 2/1/2016	105,000	111,080
6.000%, 8/1/2026	2,900,000	3,521,412
Imperial Community College District, AGC, 0.000%, 8/1/2028	330,000	186,384
Imperial County Local Transportation Authority, 5.000%, 6/1/2032, Call 6/1/2022	2,000,000	2,177,740
Jurupa Community Services District, 5.000%, 9/1/2029, Call 9/1/2020	375,000	409,399
Kerman Unified School District, NATL-RE, 4.750%, 8/1/2022, Call 8/1/2015	445,000	460,419
Kings River Conservation District, 5.250%, 5/1/2029, Call 5/1/2019	250,000	267,423
Lakeside Union School District/San Diego County, AGC, 0.000%, 9/1/2027	295,000	177,021
Long Beach Bond Finance Authority:
5.000%, 11/15/2017	170,000	187,605
5.000%, 11/1/2025, Call 11/1/2021	1,000,000	1,130,000
5.000%, 11/1/2030, Call 11/1/2021	1,750,000	1,921,832
Los Angeles Community College District, AGM FGIC, 5.000%, 8/1/2032, Call 8/1/2017	1,330,000	1,463,173
Los Angeles Community College District, NATL-RE FGIC, 5.000%, 8/1/2032, Call 8/1/2017	475,000	522,562
Los Angeles Unified School District, 5.200%, 7/1/2029, Call 7/1/2019	605,000	703,288
Lynwood Unified School District, AGM:
5.000%, 8/1/2022	340,000	406,025
5.000%, 8/1/2023	475,000	570,560
5.000%, 8/1/2024, Call 8/1/2023	620,000	737,633
5.000%, 8/1/2025, Call 8/1/2023	760,000	894,930
Mendocino-Lake Community College District, AGM, 0.000%, 8/1/2031, Call 8/1/2026 (13)	300,000	304,119
Midpeninsula Regional Open Space District, 5.000%, 9/1/2029, Call 9/1/2022	2,000,000	2,270,200
Modesto Irrigation District:
5.000%, 7/1/2020	350,000	418,075
5.000%, 7/1/2021	500,000	604,455
Mount Diablo Unified School District, AGM, 0.000%, 8/1/2035, Call 8/1/2025 (13)	1,155,000	865,580
Murrieta Valley Unified School District Public Financing Authority, NATL-RE FGIC, 0.000%, 9/1/2020	500,000	421,770
New Haven Unified School District, NATL-RE, 0.000%, 8/1/2025, Call 9/29/2014	2,000,000	1,149,240
Northern California Gas Authority No. 1:
0.787%, 7/1/2019 (3)	3,000,000	2,941,500
0.877%, 7/1/2027 (3)	1,915,000	1,742,114
Northern California Power Agency:
5.000%, 7/1/2031, Call 7/1/2022	500,000	561,105
5.000%, 7/1/2032, Call 7/1/2022	700,000	781,445
Orchard School District, NATL-RE FGIC, 0.000%, 8/1/2023	590,000	450,943
Pasadena Public Financing Authority, 0.000%, 3/1/2029	2,000,000	1,091,940
Piedmont Unified School District, 5.000%, 8/1/2032, Call 8/1/2019	200,000	229,832
Pioneer Union Elementary School District, NATL-RE, 5.000%, 8/1/2021, Call 8/1/2016	315,000	342,978
Roseville Joint Union High School District, 0.000%, 8/1/2022	305,000	244,223
San Bernardino City Unified School District, AGM, 5.000%, 8/1/2015, Call 9/8/2014	105,000	105,057
San Francisco International Airport, 5.000%, 5/1/2024, Call 5/1/2021	1,040,000	1,220,825
San Gorgonio Memorial Health Care District, 6.500%, 8/1/2015	310,000	328,098
San Jose Financing Authority, 5.000%, 6/1/2039, Call 6/1/2023	1,435,000	1,609,611
San Miguel Joint Union Elementary School District, AGM:
0.000%, 6/15/2020	415,000	335,557
0.000%, 6/15/2021	490,000	377,099
0.000%, 6/15/2022	505,000	367,696
Santa Ana Unified School District, 0.000%, 8/1/2021	500,000	413,740
Santa Ana Unified School District, AGM, 5.500%, 8/1/2030, Call 8/1/2018	930,000	1,065,343
Santa Barbara County College Elementary School District:
0.000%, 8/1/2027	365,000	228,833
0.000%, 8/1/2031	470,000	242,186
Santaluz Community Facilities District No. 2, 3.000%, 9/1/2015	995,000	1,008,751
Sierra View Local Health Care District:
3.800%, 7/1/2017	370,000	389,240


4.700%, 7/1/2016	250,000	263,880
4.875%, 7/1/2018, Call 7/1/2017	900,000	973,287
5.250%, 7/1/2022, Call 7/1/2017	1,580,000	1,695,956
5.250%, 7/1/2023, Call 7/1/2017	250,000	266,938
5.300%, 7/1/2026, Call 7/1/2017	350,000	370,657
State of California:
0.809%, 12/1/2017, Call 6/1/2017 (3)	2,500,000	2,531,050
5.000%, 11/1/2025, Call 11/1/2020	250,000	293,723
5.250%, 9/1/2025, Call 9/1/2021	2,045,000	2,466,270
6.000%, 3/1/2033, Call 3/1/2020	1,550,000	1,916,373
Successor Agency to the Richmond County Redevelopment Agency, BAM:
5.000%, 9/1/2021	310,000	357,712
5.000%, 9/1/2022	300,000	345,345
5.000%, 9/1/2023	300,000	345,702
Tahoe Forest Hospital District:
5.500%, 8/1/2027, Call 8/1/2018	1,345,000	1,532,520
5.500%, 8/1/2035, Call 8/1/2018	1,000,000	1,111,020
Tulare Union High School District, NATL-RE, 0.000%, 8/1/2019	380,000	336,862
Twin Rivers Unified School District, AGM, 3.200%, 6/1/2020, Call 10/1/2014 (3)	1,625,000	1,625,097
Upland Community Facilities District, 3.000%, 9/1/2017	530,000	540,202
Vallejo City Unified School District, MBIA:
5.400%, 2/1/2015	275,000	278,696
5.900%, 8/1/2018	350,000	387,975
5.900%, 8/1/2025	1,225,000	1,377,745
Walnut Creek Elementary School District Contra Costa County, 0.000%, 9/1/2023	1,560,000	1,134,869
Watereuse Finance Authority, 5.500%, 5/1/2036, Call 5/1/2024	2,635,000	3,089,564
West Contra Costa Unified School District, AGM-CR NATL-RE FGIC, 0.000%, 8/1/2025	310,000	210,732
West Kern Water District, 5.000%, 6/1/2028, Call 6/1/2021	1,500,000	1,663,455
Whittier City School District, NATL-RE, 4.000%, 8/1/2015	355,000	365,455
Whittier Union High School District:
0.000%, 8/1/2025, Call 8/1/2019	300,000	192,339
0.000%, 8/1/2034, Call 8/1/2019	500,000	171,120
Windsor Unified School District, AGM:
0.000%, 8/1/2020	105,000	86,286
0.000%, 8/1/2023	240,000	163,150
0.000%, 8/1/2024, Call 8/1/2023	330,000	219,467
0.000%, 8/1/2025, Call 8/1/2023	270,000	168,982
0.000%, 8/1/2026, Call 8/1/2023	330,000	194,116
0.000%, 8/1/2028, Call 8/1/2023	420,000	218,009
Yosemite Community College District, AGM:
5.000%, 8/1/2028, Call 8/1/2018	1,845,000	2,073,503
5.000%, 8/1/2032, Call 8/1/2018	1,285,000	1,417,997

		105,406,847
Colorado - 2.7%
Auraria Higher Education Center:
6.000%, 5/1/2022, Call 11/1/2019	211,000	238,770
6.000%, 5/1/2023, Call 11/1/2019	225,000	254,612
6.000%, 5/1/2024, Call 11/1/2019	238,000	267,998
City & County of Denver, 5.000%, 11/15/2021	500,000	602,670
City & County of Denver, AGC:
0.210%, 11/15/2025, Call 9/2/2014 (3)	5,000,000	5,000,000
0.450%, 11/15/2025, Call 9/3/2014 (3) (14)	1,350,000	1,350,000
0.490%, 11/15/2025, Call 9/2/2014 (3) (14)	550,000	550,000
City & County of Denver, XLCA, 5.000%, 11/15/2023, Call 11/15/2015	1,410,000	1,489,665
Colorado Educational & Cultural Facilities Authority:
5.000%, 9/1/2020 (13)	1,060,000	1,225,752
5.000%, 9/1/2021 (13)	865,000	1,005,338
6.250%, 3/1/2042, Call 3/1/2020	2,000,000	2,215,740
7.400%, 12/1/2038, Call 12/1/2018	500,000	564,845
Colorado Educational & Cultural Facilities Authority, XLCA, 5.250%, 6/1/2024, Call 9/29/2014	2,950,000	2,955,605
Colorado Health Facilities Authority:
3.000%, 12/1/2015	490,000	496,453
4.000%, 12/1/2016	505,000	534,098
4.500%, 2/1/2020	455,000	499,549
5.000%, 12/1/2014 (3)	1,150,000	1,160,994
5.000%, 9/1/2018	530,000	595,042


5.000%, 9/1/2019	560,000	635,443
5.000%, 2/1/2021	475,000	536,199
5.000%, 12/1/2021	875,000	1,011,517
5.000%, 9/1/2022	750,000	861,630
5.000%, 2/1/2024	420,000	478,426
5.000%, 2/1/2029, Call 2/1/2024	2,000,000	2,208,280
5.125%, 11/15/2020, Call 11/15/2016 (3)	555,000	611,660
5.250%, 1/1/2025, Call 1/1/2020	460,000	536,921
Colorado Mountain Junior College District, NATL-RE, 3.750%, 8/1/2016	400,000	409,480
Commerce City Northern Infrastructure General Improvement District, AGM:
5.000%, 12/1/2020	785,000	908,049
5.000%, 12/1/2021	725,000	845,923
5.000%, 12/1/2022	1,185,000	1,399,532
County of El Paso, GNMA/FNMA, 5.450%, 12/1/2039, Call 12/1/2016 (7)	291,726	312,599
Denver Health & Hospital Authority, 5.500%, 12/1/2019	1,195,000	1,405,368
E-470 Public Highway Authority, NATL-RE, 5.000%, 9/1/2016	250,000	268,640
Moffat County School District No. Re001 Craig, AGM, 5.250%, 12/1/2027, Call 12/1/2017	500,000	553,070
Public Authority for Colorado Energy, 5.750%, 11/15/2018	740,000	810,655
Rangely Hospital District, 6.000%, 11/1/2026, Call 11/1/2021	2,000,000	2,325,080

		37,125,603
Connecticut - 0.2%
City of New Haven, AGM, 5.000%, 8/1/2023	2,060,000	2,443,634
Delaware - 0.5%
City of Wilmington, 5.000%, 10/1/2025, Call 10/1/2023	3,715,000	4,508,524
Delaware State Housing Authority:
0.000%, 7/1/2031, Call 7/1/2021	1,720,000	787,984
5.000%, 1/1/2026, Call 7/1/2019 (7)	300,000	320,217
5.200%, 7/1/2029, Call 7/1/2018	1,655,000	1,699,337

		7,316,062
District of Columbia - 0.2%
District of Columbia, 5.000%, 10/1/2025, Call 10/1/2021	1,865,000	2,098,610
District of Columbia, AGM:
5.000%, 6/1/2022, Call 12/1/2017	250,000	282,757
5.000%, 6/1/2023, Call 12/1/2017	250,000	283,015

		2,664,382
Florida - 7.3%
Citizens Property Insurance Corp.:
5.000%, 6/1/2016	1,265,000	1,360,824
5.000%, 6/1/2019	2,615,000	3,036,250
5.375%, 6/1/2016	250,000	270,558
Citizens Property Insurance Corp., AGM, 5.000%, 6/1/2016	1,040,000	1,118,780
City of Boynton Beach, AGM, 5.000%, 11/1/2027, Call 11/1/2021	1,000,000	1,137,600
City of Fort Pierce, AGC, 5.875%, 9/1/2028, Call 9/1/2018	1,000,000	1,151,690
City of Gainesville, AMBAC, 5.500%, 8/1/2017	1,000,000	1,081,290
City of Gulf Breeze:
1.750%, 12/1/2015 (3)	11,795,000	11,978,766
5.000%, 12/1/2023, Call 12/1/2020	2,000,000	2,269,900
City of Lakeland, AGM, 5.250%, 10/1/2028	1,250,000	1,538,525
City of North Port, 5.000%, 7/1/2022	200,000	235,796
City of Port St. Lucie, AGC, 6.250%, 9/1/2027, Call 9/1/2018	500,000	578,220
City of Sunrise, 4.000%, 10/1/2019	540,000	582,919
City of Sunrise, NATL-RE:
0.000%, 10/1/2019	905,000	848,256
0.000%, 10/1/2020	975,000	885,563
0.000%, 10/1/2021	175,000	153,839
City of Tampa, 5.250%, 11/15/2026, Call 5/15/2020	2,000,000	2,335,380
City of Tampa, AMBAC, 0.000%, 4/1/2021	460,000	386,888
County of Bay, 3.500%, 9/1/2016	315,000	311,834
County of Brevard, AMBAC:
5.000%, 7/1/2015	355,000	364,550
5.000%, 7/1/2016	910,000	974,446
County of Broward, AGM, 5.000%, 4/1/2033, Call 4/1/2023 (7)	740,000	822,754
County of Lee, 5.000%, 10/1/2029, Call 10/1/2022	2,000,000	2,319,120
County of Lee, AMBAC, 5.125%, 10/1/2024, Call 10/1/2016 (7)	7,975,000	8,442,175


County of Madison, 2.000%, 11/1/2014, Call 9/29/2014	9,640,000	9,641,735
County of Miami-Dade, 5.500%, 10/1/2026, Call 10/1/2020	1,900,000	2,258,264
County of Miami-Dade, AGC:
0.000%, 10/1/2021	610,000	486,609
5.000%, 4/1/2029, Call 4/1/2019	350,000	383,628
5.000%, 10/1/2029, Call 10/1/2019	400,000	441,356
County of Miami-Dade, BHAC, 6.000%, 10/1/2023, Call 10/1/2018	1,000,000	1,200,930
County of Miami-Dade, NATL-RE BHAC-CR, 5.000%, 10/1/2030, Call 10/1/2017 (13)	475,000	524,775
County of Miami-Dade, XLCA, 5.000%, 7/1/2021, Call 7/1/2016	320,000	342,906
County of Polk, NATL-RE, 5.000%, 12/1/2016	625,000	682,025
County of Sarasota, NATL-RE, 5.000%, 10/1/2021, Call 10/1/2015	930,000	967,832
County of St. Johns, AGM:
5.000%, 10/1/2020	1,625,000	1,921,920
5.000%, 10/1/2021	1,110,000	1,319,790
Emerald Coast Utilities Authority, NATL-RE FGIC:
5.000%, 1/1/2020, Call 1/1/2017	1,000,000	1,080,370
5.000%, 1/1/2022, Call 1/1/2017	970,000	1,049,123
5.250%, 1/1/2026, Call 1/1/2016	1,000,000	1,029,760
Florida HomeLoan Corp., GNMA/FHLMC/FNMA, 5.000%, 7/1/2028, Call 1/1/2020	580,000	618,060
Florida HomeLoan Corp., GNMA/FNMA/FHLMC:
4.450%, 1/1/2030, Call 7/1/2021	495,000	521,770
5.000%, 7/1/2021, Call 1/1/2016 (7)	315,000	325,524
5.250%, 7/1/2028, Call 1/1/2018	1,520,000	1,599,207
Florida Municipal Power Agency, 5.500%, 10/1/2019	250,000	300,313
Highlands County Health Facilities Authority:
5.000%, 11/15/2015	400,000	423,096
5.125%, 11/15/2023, Call 11/15/2016 (3)	500,000	550,235
Hillsborough County Industrial Development Authority, 5.000%, 10/1/2021, Call 10/1/2016	295,000	310,184
Key West Utility Board, NATL-RE, 5.000%, 10/1/2023, Call 10/1/2016	1,015,000	1,093,805
Lee County Industrial Development Authority, 5.000%, 11/1/2025, Call 11/1/2020	2,000,000	2,203,220
Lee County School Board, 5.000%, 8/1/2028, Call 8/1/2024 (4)	2,500,000	2,925,775
Orange County Health Facilities Authority, 5.250%, 10/1/2035, Call 10/1/2018	300,000	332,259
Orlando-Orange County Expressway Authority, AGM, 5.000%, 7/1/2025, Call 7/1/2022	3,500,000	4,126,430
Pinellas County Educational Facilities Authority:
3.000%, 10/1/2014	580,000	580,858
4.000%, 10/1/2016	350,000	369,505
Polk County Housing Finance Authority, GNMA, 5.000%, 9/1/2029, Call 8/1/2020	150,000	159,932
Putnam County Development Authority, AMBAC, 5.350%, 5/1/2018 (3)	765,000	861,872
Southeast Overtown Park West Community Redevelopment Agency, 5.000%, 3/1/2018 (5) (6)	2,405,000	2,670,344
St. Lucie County School Board, AGM, 5.000%, 7/1/2022, Call 7/1/2021	2,500,000	2,869,550
Town of Davie:
5.000%, 4/1/2021	615,000	702,865
5.000%, 4/1/2022	830,000	955,064
Tradition Community Development District No. 1, AGM, 2.000%, 5/1/2017	1,000,000	1,020,330
University of North Florida Financing Corp., 5.000%, 11/1/2026, Call 11/1/2017	4,285,000	4,723,527
Volusia County Educational Facility Authority, AGM, 5.000%, 10/15/2029, Call 10/15/2021	730,000	802,744
Volusia County Educational Facility Authority, RADIAN, 4.625%, 10/15/2028, Call 10/15/2015	500,000	504,220
Volusia County School Board, 5.000%, 8/1/2031, Call 8/1/2024	2,350,000	2,691,643
Volusia County School Board, AGM, 5.000%, 8/1/2027, Call 8/1/2017	210,000	228,955

		101,988,233
Georgia - 3.5%
Atlanta Development Authority, 4.000%, 9/1/2020	2,065,000	2,302,041
Burke County Development Authority, 1.400%, 4/1/2015 (3)	135,000	135,829
Carroll City-County Hospital Authority, County Guarantee:
5.000%, 7/1/2023, Call 7/1/2020	2,790,000	3,108,172
5.000%, 7/1/2024, Call 7/1/2020	1,640,000	1,817,727
City of Atlanta Department of Aviation:
5.000%, 1/1/2031, Call 1/1/2024	1,000,000	1,150,180
5.000%, 1/1/2032, Call 1/1/2024	2,500,000	2,862,400
5.000%, 1/1/2033, Call 1/1/2024	1,000,000	1,141,490
5.000%, 1/1/2034, Call 1/1/2024	1,000,000	1,137,180
City of Atlanta, NATL-RE FGIC, 5.500%, 11/1/2022	1,000,000	1,216,210
Cobb County Kennestone Hospital Authority, 5.000%, 4/1/2031, Call 4/1/2021	3,000,000	3,340,410
County of DeKalb, 4.500%, 12/1/2024, Call 12/1/2015	250,000	260,735
East Point Building Authority, XLCA:
4.500%, 2/1/2025, Call 2/1/2016	500,000	503,440
5.000%, 2/1/2017	875,000	918,050


Floyd County Hospital Authority, County Guarantee:
5.000%, 7/1/2020	1,335,000	1,578,304
5.000%, 7/1/2021	1,155,000	1,376,621
5.000%, 7/1/2027, Call 7/1/2022	1,250,000	1,440,100
Fulton County Development Authority:
5.000%, 3/15/2016	1,615,000	1,723,092
5.250%, 3/15/2024, Call 3/15/2019	1,120,000	1,264,984
Georgia State Environmental Loan Acquisition Corp., 4.000%, 3/15/2021	5,000	5,034
Glynn-Brunswick Memorial Hospital Authority, NATL-RE FGIC, 4.500%, 8/1/2015	865,000	891,979
Jefferson City School District, SAW, 5.250%, 2/1/2029, Call 2/1/2021	1,350,000	1,571,143
Main Street Natural Gas, Inc.:
5.000%, 3/15/2017	1,320,000	1,429,494
5.000%, 3/15/2021	5,400,000	6,114,798
5.250%, 9/15/2018	250,000	283,803
Private Colleges & Universities Authority, 5.000%, 10/1/2020	575,000	641,804
Richmond County Hospital Authority:
5.250%, 1/1/2029, Call 1/1/2019	1,150,000	1,240,608
5.375%, 1/1/2029, Call 1/1/2019	940,000	1,020,737
South Fulton Municipal Regional Water & Sewer Authority, BAM:
5.000%, 1/1/2023	800,000	951,432
5.000%, 1/1/2024	1,000,000	1,199,400
5.000%, 1/1/2025, Call 1/1/2024	700,000	828,114
South Georgia Governmental Services Authority, MBIA, 5.000%, 1/1/2020, Call 9/29/2014	300,000	306,885
Spalding County, 6.125%, 9/1/2028, Call 9/1/2018	700,000	819,938
Valdosta & Lowndes County Hospital Authority, County Guarantee, 5.000%, 10/1/2025, Call 10/1/2021	2,940,000	3,370,739
Winder-Barrow Industrial Building Authority, AGM, 5.000%, 12/1/2029, Call 12/1/2021	1,000,000	1,130,660

		49,083,533
Hawaii - 0.0%
City & County Honolulu, NATL-RE FGIC, 5.000%, 7/1/2024, Call 7/1/2015	120,000	124,094
University of Hawaii, 6.000%, 10/1/2038, Call 10/1/2019	250,000	300,168

		424,262
Idaho - 0.4%
Boise-Kuna Irrigation District:
5.875%, 6/1/2022, Call 6/1/2018	200,000	224,720
7.375%, 6/1/2034, Call 6/1/2018	340,000	395,002
Canyon County School District No. 131 Nampa, School Bond Gty, 5.000%, 9/15/2023	1,000,000	1,160,610
Idaho Health Facilities Authority, 6.500%, 11/1/2023, Call 11/1/2018	515,000	609,497
Idaho Housing & Finance Association, 5.150%, 7/1/2022, Call 9/29/2014 (7)	345,000	345,231
Idaho Housing & Finance Association, AGC, 5.250%, 7/15/2026, Call 7/15/2018	2,965,000	3,303,959

		6,039,019
Illinois - 10.1%
Bureau County Township High School District No. 502, BAM, 6.625%, 10/1/2043, Call 12/1/2023	3,400,000	4,223,412
Chicago O’Hare International Airport, AGC, 5.250%, 1/1/2026, Call 1/1/2020	775,000	890,196
Chicago O’Hare International Airport, NATL-RE, 5.250%, 1/1/2024, Call 1/1/2016	1,925,000	2,033,974
Chicago Park District, 5.000%, 1/1/2023, Call 1/1/2022	1,060,000	1,227,120
Chicago Transit Authority, AGC:
5.250%, 6/1/2019, Call 6/1/2018	260,000	287,141
5.250%, 6/1/2022, Call 6/1/2018	3,250,000	3,523,617
City of Chicago, 0.360%, 1/1/2034, Call 9/2/2014 (3)	6,545,000	6,545,000
City of Chicago, AGM-CR FGIC, 5.000%, 1/1/2023, Call 1/1/2017	200,000	217,034
City of Chicago, NATL-RE, 5.530%, 1/1/2020, Call 1/1/2016 (13)	1,000,000	1,059,040
City of Springfield:
5.000%, 12/1/2022	905,000	1,047,700
5.500%, 3/1/2032, Call 3/1/2018	1,000,000	1,124,670
City of Springfield, AMBAC, 4.000%, 12/1/2014	25,000	25,161
City of Springfield, NATL-RE:
5.000%, 3/1/2018, Call 3/1/2017	1,000,000	1,092,750
5.000%, 3/1/2020, Call 3/1/2017	100,000	108,580
5.000%, 3/1/2022, Call 3/1/2017	650,000	706,270
Cook County Community Consolidated School District No. 65 Evanston:
0.000%, 12/1/2027, Call 12/1/2024	300,000	180,129
0.000%, 12/1/2029, Call 12/1/2024	400,000	213,804


0.000%, 12/1/2030, Call 12/1/2024	1,130,000	571,701
0.000%, 12/1/2031, Call 12/1/2024	1,500,000	713,295
Cook County Community High School District No. 219-Niles Township, FSA, 5.000%, 12/1/2025, Call 12/1/2017	1,405,000	1,577,562
Cook County School District No. 103 Lyons, AGM, 0.000%, 12/1/2021	850,000	699,958
Cook County School District No. 124 Evergreen Park, BAM, 4.000%, 12/1/2020	450,000	497,538
Cook County School District No. 144 Prairie Hills, AGM:
0.000%, 12/1/2028	2,830,000	1,476,666
0.000%, 12/1/2029	2,580,000	1,270,882
Cook County School District No. 159 Matteson-Richton Park, FSA, 0.000%, 12/1/2016	300,000	288,702
Cook County School District No. 83 Mannheim, 5.625%, 6/1/2033	2,660,000	3,179,019
Cook County Township High School District No. 201 J Sterling Morton, AMBAC, 0.000%, 12/1/2019	675,000	548,458
Cook County Township High School District No. 220 Reavis:
6.000%, 12/1/2030, Call 12/1/2023	1,000,000	1,184,600
6.000%, 12/1/2031, Call 12/1/2023	2,035,000	2,400,160
6.000%, 12/1/2032, Call 12/1/2023	2,160,000	2,532,794
6.000%, 6/1/2033, Call 12/1/2023	2,235,000	2,603,663
County of Cook:
5.000%, 11/15/2023	1,000,000	1,176,370
5.250%, 11/15/2023, Call 11/15/2020	350,000	400,390
County of Cook, AMBAC, 5.000%, 11/15/2023, Call 5/15/2016	270,000	283,954
County of St. Clair:
5.250%, 10/1/2024, Call 10/1/2019	700,000	787,647
5.250%, 10/1/2027, Call 10/1/2019	1,150,000	1,271,509
5.500%, 1/1/2038, Call 1/1/2023	825,000	919,256
DeKalb County Community Unit School District No. 424 Genoa-Kingston, AMBAC, 0.000%, 1/1/2020	600,000	513,906
DeKalb County Community Unit School District No. 428 DeKalb:
0.000%, 1/1/2025, Call 7/1/2020	400,000	263,744
0.000%, 1/1/2028, Call 7/1/2020	1,000,000	534,410
DeKalb Kane & LaSalle Counties Etc Community College District No. 523 Kishwaukee, 0.000%, 2/1/2035, Call 2/1/2021	470,000	140,840
Deutsche Bank Spears/Lifers Trust, 0.140%, 12/1/2030 (3) (5) (6)	4,265,000	4,265,000
Du Page County School District No. 12 Roselle, NATL-RE, 5.000%, 1/1/2016	440,000	466,114
DuPage County School District No. 16 Queen Bee, NATL-RE FGIC, 0.000%, 11/1/2019	530,000	454,305
Frankfort Square Park District, AMBAC, 0.000%, 1/1/2022	670,000	501,281
Illinois Finance Authority:
1.300%, 5/8/2017 (3)	1,000,000	1,011,090
2.700%, 5/15/2016	375,000	380,171
4.000%, 10/1/2016	345,000	362,988
5.000%, 5/1/2015	2,095,000	2,146,181
5.250%, 3/1/2019	250,000	285,200
5.250%, 11/15/2022, Call 11/15/2017	1,450,000	1,579,673
5.250%, 2/15/2030, Call 2/15/2020	250,000	266,920
6.000%, 10/1/2024, Call 10/1/2021	1,010,000	1,166,318
6.000%, 8/15/2041, Call 8/15/2021	2,665,000	3,067,362
6.875%, 10/1/2043, Call 10/1/2021	3,000,000	3,610,830
Illinois Finance Authority, AGC, 5.250%, 8/15/2019	250,000	274,955
Illinois Finance Authority, AGM:
0.000%, 1/1/2020	950,000	819,688
0.000%, 1/1/2021	255,000	216,967
5.150%, 1/1/2019	420,000	483,958
Illinois Finance Authority, AMBAC, 6.000%, 2/1/2022, Call 2/1/2018	335,000	372,721
Illinois Housing Development Authority, 4.950%, 8/1/2021, Call 2/1/2016 (7)	1,820,000	1,881,807
Illinois Housing Development Authority, AGM, 4.400%, 9/1/2020, Call 9/29/2014	500,000	500,855
Illinois Housing Development Authority, GNMA/FNMA COLL, 2.450%, 6/1/2043, Call 1/1/2023	1,000,514	952,529
Illinois Municipal Electric Agency, MBIA, 5.250%, 2/1/2019, Call 2/1/2017	1,000,000	1,106,690
Illinois Municipal Electric Agency, NATL-RE FGIC, 5.250%, 2/1/2024, Call 2/1/2017	1,830,000	1,999,000
Illinois State Toll Highway Authority, 5.500%, 1/1/2033, Call 1/1/2018	320,000	359,805
Kane & DeKalb Counties Community Unit School District No. 302 Kaneland, NATL-RE FGIC, 0.000%, 2/1/2023	5,450,000	4,111,480
Kane Cook & DuPage Counties School District No. U-46 Elgin, AMBAC, 0.000%, 1/1/2023	1,000,000	763,990
Kane McHenry Cook & De Kalb Counties Unit School District No. 300, 5.250%, 1/1/2033, Call 1/1/2023	900,000	1,000,485
Knox & Warren Counties Community Unit School District No. 205 Galesburg, 6.125%, 1/1/2036, Call 1/1/2021	1,435,000	1,614,920


Lake County Community Unit School District No. 116 Round Lake, XLCA, 4.500%, 1/15/2018, Call 1/15/2015	500,000	504,970
Lake County School District No. 33, XLCA:
0.000%, 12/1/2026	525,000	299,786
0.000%, 12/1/2028	335,000	171,192
Lake County School District No. 38 Big Hollow, AMBAC, 0.000%, 2/1/2019	200,000	179,720
McHenry & Kane Counties Community Consolidated School District No. 158 Huntley, AGM-CR FGIC, 0.000%, 1/1/2024	500,000	358,485
McHenry & Kane Counties Community Consolidated School District No. 158 Huntley, NATL, 0.000%, 1/1/2021	1,900,000	1,575,803
McHenry & Kane Counties Community Consolidated School District No. 158 Huntley, NATL-RE:
0.000%, 1/1/2017	20,000	19,723
0.000%, 1/1/2017	190,000	182,752
McHenry County Community High School District No. 154 Marengo, NATL-RE FGIC, 0.000%, 1/1/2018	325,000	306,706
McHenry County Community Unit School District No. 12 Johnsburg, AGM:
4.000%, 1/1/2019	265,000	288,455
5.000%, 1/1/2020	550,000	623,419
5.000%, 1/1/2021	810,000	919,139
5.000%, 1/1/2022	895,000	1,015,673
Metropolitan Pier & Exposition Authority, NATL-RE:
0.000%, 6/15/2023 (13)	3,470,000	3,531,419
0.000%, 12/15/2023	855,000	621,311
Metropolitan Pier & Exposition Authority, NATL-RE FGIC, 0.000%, 6/15/2020	440,000	379,834
Northern Illinois Municipal Power Agency, NATL-RE, 5.000%, 1/1/2020, Call 1/1/2018	2,215,000	2,467,776
Railsplitter Tobacco Settlement Authority, 5.250%, 6/1/2021	1,120,000	1,323,672
Southern Illinois University, NATL-RE, 0.000%, 4/1/2017	500,000	467,110
Southwestern Illinois Development Authority, AGC, 5.750%, 2/1/2029, Call 2/1/2019	1,025,000	1,198,194
St. Clair County Community Unit School District No. 187 Cahokia, AGM, 5.000%, 1/1/2020	630,000	680,602
St. Louis Regional Airport Authority, 6.000%, 12/1/2024, Call 12/1/2018 (7)	745,000	798,640
State of Illinois:
5.000%, 1/1/2015	300,000	304,395
5.000%, 1/1/2015	250,000	253,663
5.000%, 1/1/2015	600,000	608,790
5.000%, 1/1/2016	500,000	526,185
5.000%, 3/1/2020	500,000	556,440
5.000%, 4/1/2024, Call 4/1/2023	500,000	546,990
5.000%, 6/1/2024, Call 12/1/2016	360,000	384,941
5.000%, 1/1/2025, Call 1/1/2016	275,000	285,139
5.250%, 6/15/2034, Call 6/15/2019	3,595,000	4,022,230
6.500%, 6/15/2022	440,000	516,252
State of Illinois, AGM, 5.000%, 4/1/2028, Call 4/1/2023	3,205,000	3,484,123
Stephenson County School District No. 145 Freeport, AMBAC, 0.000%, 1/1/2018	425,000	400,418
Tazewell County School District No. 51 Washington Central, NATL-RE FGIC, 9.000%, 12/1/2025	165,000	244,042
Town of Cicero:
5.000%, 1/1/2020	1,000,000	1,142,640
5.000%, 1/1/2021	1,000,000	1,150,430
Village of Bolingbrook, AGM, 5.000%, 1/1/2025, Call 1/1/2020	1,425,000	1,612,929
Village of Bolingbrook, NATL-RE:
0.000%, 1/1/2020, Call 1/1/2015	15,000	11,714
0.000%, 1/1/2020, Call 1/1/2015	185,000	143,275
Village of Bourbonnais, RADIAN, 4.375%, 11/1/2017	275,000	292,798
Village of Elwood, RADIAN:
0.000%, 3/1/2024, Call 3/1/2016	250,000	155,693
0.000%, 3/1/2026, Call 3/1/2016	1,280,000	708,749
Village of Franklin Park, AMBAC, 5.000%, 7/1/2016, Call 9/29/2014	1,065,000	1,066,331
Village of Franklin Park, BAM:
4.000%, 10/1/2018	425,000	453,458
4.000%, 10/1/2019	420,000	444,499
4.000%, 10/1/2020	615,000	649,963
5.000%, 10/1/2022, Call 10/1/2021	730,000	808,687
5.000%, 10/1/2023, Call 10/1/2021	685,000	752,034
5.000%, 10/1/2024, Call 10/1/2021	425,000	463,803
5.000%, 10/1/2025, Call 10/1/2021	920,000	997,998
Village of Hoffman Estates, 5.250%, 12/1/2025, Call 12/1/2018	300,000	347,130


Village of Justice, AMBAC:
0.000%, 1/1/2015	545,000	540,417
0.000%, 1/1/2021	635,000	477,444
Village of Melrose Park, NATL-RE FGIC, 0.000%, 12/15/2015	155,000	149,843
Village of South Chicago Heights, NATL-RE FGIC, 0.000%, 11/1/2016	505,000	480,270
Will County Community School District No. 161 Summit Hill, NATL-RE FGIC:
0.000%, 1/1/2017	750,000	703,530
0.000%, 1/1/2019	695,000	604,803
Will County Community Unit School District No. 201-U Crete-Monee, NATL-RE FGIC:
0.000%, 11/1/2020	2,000,000	1,700,680
0.000%, 11/1/2021	300,000	241,896
0.000%, 11/1/2022	250,000	190,648
Will County Community Unit School District No. 209-U Wilmington, NATL-RE, 5.750%, 1/1/2023, Call 1/1/2016	1,025,000	1,090,180
Will County School District No. 114, NATL-RE FGIC:
0.000%, 12/1/2017	870,000	788,942
0.000%, 12/1/2020	1,180,000	910,358
0.000%, 12/1/2023	900,000	585,846
Will County Township High School District No. 204 Joliet, 6.250%, 1/1/2031, Call 1/1/2021	500,000	603,195
Will County Unit School District No. 200-U Beecher, AMBAC, 5.000%, 11/1/2018, Call 11/1/2015	545,000	567,906
Will, Grundy, Etc. Counties Community College District No. 525:
5.000%, 6/1/2038, Call 12/1/2023	150,000	164,154
5.250%, 6/1/2036, Call 12/1/2023	3,400,000	3,860,428
5.750%, 6/1/2023, Call 6/1/2018	315,000	351,219
5.750%, 6/1/2028, Call 6/1/2018	170,000	187,435

		141,815,219
Indiana - 3.0%
Anderson School Building Corp., AMBAC, 5.000%, 7/15/2026, Call 1/15/2016	680,000	700,692
Carmel Redevelopment Authority:
5.000%, 7/1/2023, Call 7/1/2020	350,000	394,517
5.000%, 2/1/2027, Call 2/1/2016	545,000	581,450
Carmel Redevelopment Authority, NATL-RE, 5.000%, 7/1/2021, Call 7/1/2016	450,000	488,205
City of Greenwood:
4.000%, 10/1/2017	225,000	239,810
4.250%, 10/1/2020, Call 10/1/2018	820,000	879,688
4.625%, 10/1/2024, Call 10/1/2018	520,000	552,656
City of Rockport, 1.750%, 6/1/2018 (3)	1,500,000	1,508,130
Concord Community Schools Building Corp., AGM, 5.000%, 7/15/2025, Call 7/15/2018	1,000,000	1,134,930
County of Knox, 4.000%, 4/1/2018	250,000	265,563
Crown Point Multi School Building Corp., AGM SAW, 5.000%, 1/15/2022, Call 7/15/2017	1,000,000	1,082,780
Damon Run Conservancy District:
4.500%, 1/1/2018	215,000	234,449
4.500%, 7/1/2018	220,000	242,801
Dyer Redevelopment Authority, CIFG:
5.250%, 7/15/2021, Call 7/15/2015	650,000	675,766
5.250%, 7/15/2023, Call 7/15/2015	1,225,000	1,272,689
East Chicago Multi School Building Corp., SAW, 6.000%, 7/15/2016	670,000	723,392
Fishers Redevelopment District:
5.125%, 7/15/2026, Call 1/15/2020	1,875,000	2,154,075
5.250%, 7/15/2023, Call 1/15/2020	1,605,000	1,877,930
Franklin Township-Marion County Multiple School Building Corp., SAW, 5.000%, 7/10/2021	580,000	704,509
Greencastle School Building Corp., SAW:
3.000%, 1/15/2016	625,000	646,212
4.000%, 7/15/2018	680,000	741,968
Hammond Local Public Improvement Bond Bank, 5.000%, 2/15/2015	1,090,000	1,110,982
Indiana Bond Bank, 0.710%, 10/15/2022 (3)	1,650,000	1,532,124
Indiana Development Finance Authority, 4.700%, 10/1/2015 (3) (7)	800,000	835,536
Indiana Finance Authority:
3.000%, 7/1/2019	250,000	260,035
4.900%, 1/1/2016	350,000	370,335
5.000%, 8/15/2020	700,000	783,818
5.000%, 5/1/2029, Call 5/1/2022	4,070,000	4,525,962
5.250%, 10/1/2024, Call 10/1/2021	710,000	840,427
5.500%, 5/1/2024, Call 5/1/2019	1,000,000	1,161,680
Indiana Finance Authority, AMBAC, 4.550%, 12/1/2024, Call 12/1/2016	1,750,000	1,815,257
Indiana Health & Educational Facilities Financing Authority, AGM, 5.250%, 11/1/2023, Call 5/1/2018	500,000	557,035


Indiana Health Facility Financing Authority, AMBAC, 0.105%, 5/1/2031, Call 9/9/2014 (3) (14)	600,000	501,211
Indiana Municipal Power Agency, 5.250%, 1/1/2024, Call 1/1/2019	500,000	568,770
Indiana Municipal Power Agency, NATL-RE, 5.000%, 1/1/2037, Call 1/1/2017	1,850,000	1,938,374
Indianapolis Airport Authority, 4.000%, 1/1/2020	255,000	277,672
Indianapolis Local Public Improvement Bond Bank, 5.000%, 1/1/2021	175,000	201,325
Indianapolis Local Public Improvement Bond Bank, NATL-RE, 5.250%, 7/1/2022	500,000	595,590
Marion High School Building Corp.:
4.000%, 7/15/2019	455,000	506,802
4.000%, 7/15/2020, Call 1/15/2020	935,000	1,036,681
4.000%, 7/15/2021, Call 1/15/2020	375,000	411,158
Merrillville Multi-School Building Corp., NATL-RE, 0.000%, 1/15/2015	750,000	744,015
Michigan City School Building Corp., NATL-RE SAW, 5.000%, 1/15/2025, Call 7/15/2017	2,000,000	2,215,100
North Central Campus School Building Corp., AGM, 5.250%, 7/15/2022, Call 7/15/2018	1,000,000	1,101,820
Porter County Jail Building Corp., AGM, 5.500%, 7/10/2021	200,000	228,218
Rush County Elementary School Building Corp., SAW, 5.250%, 7/15/2021, Call 1/15/2019	565,000	647,976
South Bend Community School Corp., NATL-RE SAW, 4.125%, 7/15/2019, Call 7/15/2017	450,000	488,934

		42,359,049
Iowa - 0.6%
City of Coralville, 2.000%, 6/1/2015	250,000	250,310
City of Randall, 1.250%, 8/1/2016, Call 2/1/2016	5,500,000	5,504,565
Iowa Finance Authority, GNMA/FNMA, 5.500%, 7/1/2036, Call 7/1/2015 (7)	390,000	414,441
Iowa Finance Authority, GNMA/FNMA/FHLMC, 5.000%, 1/1/2038, Call 1/1/2019	620,000	674,399
Johnston Community School District, AGM, 5.000%, 7/1/2027, Call 7/1/2022	1,455,000	1,636,031

		8,479,746
Kansas - 0.4%
City of Salina, 5.000%, 10/1/2018, Call 4/1/2016	350,000	373,873
County of Sedgwick/County of Shawnee, GNMA/FNMA/FHLMC, 5.875%, 6/1/2039, Call 6/1/2017 (7)	90,000	98,272
Kansas Development Finance Authority:
4.000%, 11/15/2015	225,000	235,303
5.000%, 11/15/2020, Call 11/15/2019	800,000	922,160
5.000%, 3/1/2031, Call 3/1/2020	1,000,000	1,086,320
5.750%, 11/15/2034, Call 11/15/2014	600,000	604,176
Kansas Development Finance Authority, FSA, 5.250%, 11/1/2028, Call 11/1/2018	475,000	544,264
Sedgwick & Shawnee Counties, GNMA/FNMA COLL, 5.650%, 12/1/2036, Call 12/1/2014 (7)	680,000	722,752
Wyandotte County-Kansas City, 5.000%, 9/1/2032, Call 9/1/2022	1,000,000	1,113,360

		5,700,480
Kentucky - 0.2%
Kentucky Economic Development Finance Authority, 5.000%, 6/1/2016	855,000	914,662
Kentucky State Property & Building Commission, NATL-RE FGIC, 5.000%, 3/1/2022, Call 3/1/2017	1,500,000	1,649,235

		2,563,897
Louisiana - 2.2%
City of Bossier, 5.000%, 10/1/2031, Call 10/1/2024 (4)	1,160,000	1,339,069
City of New Orleans:
5.000%, 6/1/2021	800,000	934,152
5.000%, 12/1/2021	500,000	584,115
5.000%, 6/1/2022	450,000	524,246
5.000%, 12/1/2022	725,000	847,445
5.000%, 6/1/2023	500,000	581,380
5.000%, 12/1/2024	765,000	897,544
Lafayette Public Trust Financing Authority, AGM:
4.000%, 10/1/2020	690,000	752,866
4.000%, 10/1/2021	675,000	733,428
Louisiana Housing Corp., GNMA/FNMA/FHLMC:
4.750%, 6/1/2027, Call 6/1/2020	1,100,000	1,183,952
5.200%, 6/1/2039, Call 6/1/2017 (7)	70,000	70,869
6.550%, 6/1/2040, Call 6/1/2018	575,000	595,712
Louisiana Local Government Environmental Facilities & Community Development Authority, AGM, 4.100%, 10/1/2038, Call 10/1/2024	550,000	561,842
Louisiana Public Facilities Authority, 2.875%, 11/1/2015	800,000	813,040
Louisiana Stadium & Exposition District, 5.000%, 7/1/2023	800,000	960,288
Louisiana State Citizens Property Insurance Corp.:
3.000%, 6/1/2015	370,000	374,540
3.000%, 6/1/2016	545,000	561,088


Parish of St. Bernard:
4.000%, 3/1/2020	3,470,000	3,748,502
4.000%, 3/1/2021	3,585,000	3,845,343
Port New Orleans Board of Commissioners, 5.000%, 4/1/2032, Call 4/1/2023 (7)	725,000	774,452
Regional Transit Authority, NATL-RE FGIC, 0.000%, 12/1/2021	300,000	214,335
State of Louisiana:
0.579%, 5/1/2018, Call 11/1/2017 (3)	7,000,000	7,056,280
5.000%, 6/15/2031, Call 6/15/2023	1,000,000	1,141,730
5.000%, 6/15/2032, Call 6/15/2023	1,000,000	1,139,260
Terrebonne Parish Consolidated Government, 5.875%, 3/1/2024, Call 3/1/2019	495,000	561,285

		30,796,763
Maine - 0.1%
City of Portland, 5.000%, 7/1/2022	300,000	341,109
Maine State Housing Authority, 3.850%, 11/15/2029, Call 11/15/2021	1,000,000	1,037,540

		1,378,649
Maryland - 0.1%
Maryland Health & Higher Educational Facilities Authority:
3.000%, 7/1/2016	450,000	464,076
5.750%, 7/1/2034, Call 7/1/2021	775,000	874,494
Montgomery County Housing Opportunites Commission, 5.000%, 1/1/2043, Call 7/1/2022	485,000	524,610

		1,863,180
Massachusetts - 1.4%
Commonwealth of Massachusetts, NATL-RE FGIC:
0.090%, 12/1/2030, Call 9/2/2014 (3) (14)	1,350,000	1,196,632
0.090%, 12/1/2030, Call 9/4/2014 (3) (14)	7,375,000	6,537,156
Massachusetts Development Finance Agency:
5.000%, 7/1/2015	925,000	954,295
5.000%, 1/1/2023, Call 1/1/2017	650,000	706,296
5.000%, 7/1/2025, Call 7/1/2021	1,425,000	1,656,919
Massachusetts Educational Financing Authority:
4.000%, 1/1/2016	435,000	453,718
4.750%, 1/1/2016	320,000	337,411
5.000%, 1/1/2017	390,000	425,615
5.100%, 1/1/2018 (7)	185,000	203,167
5.250%, 1/1/2019	630,000	717,494
Massachusetts Health & Educational Facilities Authority, 5.000%, 7/1/2024, Call 7/1/2019	3,105,000	3,588,573
Massachusetts Housing Finance Agency, 3.700%, 12/1/2027, Call 6/1/2022 (7)	2,585,000	2,616,925

		19,394,201
Michigan - 5.0%
Alma Public Schools, Q-SBLF, 5.000%, 5/1/2021	890,000	1,038,140
Berrien Springs Public Schools, NATL-RE, 4.250%, 5/1/2016, Call 5/1/2015	560,000	571,161
Charter Township of Northville:
2.000%, 4/1/2016	370,000	375,535
4.000%, 4/1/2021	400,000	435,404
4.000%, 4/1/2022	240,000	259,361
City of Battle Creek, BAM, 5.000%, 6/1/2033, Call 6/1/2018	1,000,000	1,100,010
City of Detroit, 3.500%, 10/7/2016 (3)	6,500,000	6,500,000
City of Detroit Convention Facility Revenue, NATL-RE, 0.000%, 9/30/2014	495,000	494,911
City of Detroit Sewage Disposal System Revenue, AGC NATL-RE, 5.250%, 7/1/2023, Call 7/1/2017	95,000	101,484
City of Detroit Sewage Disposal System Revenue, NATL, 0.000%, 7/1/2020	110,000	85,148
City of Detroit Sewage System Revenue, NATL-RE:
5.250%, 7/1/2022, Call 7/1/2017	1,250,000	1,333,275
5.500%, 7/1/2015	100,000	104,196
City of Detroit Water Supply System Revenue, AGM:
5.000%, 7/1/2018, Call 7/1/2016	250,000	266,110
5.000%, 7/1/2019, Call 7/1/2016	50,000	52,785
5.000%, 7/1/2020, Call 7/1/2016	720,000	756,778
5.000%, 7/1/2020, Call 7/1/2016	50,000	52,554
5.000%, 7/1/2023, Call 7/1/2016	200,000	210,108
City of Detroit Water Supply System Revenue, BHAC FGIC, 5.500%, 7/1/2035, Call 7/1/2018	1,035,000	1,143,965
City of Detroit Water Supply System Revenue, NATL-RE:
5.000%, 7/1/2016 (3)	725,000	779,360
5.000%, 7/1/2021, Call 7/1/2015	1,530,000	1,581,194
5.000%, 7/1/2027, Call 7/1/2016	5,000,000	5,115,250


City of Grand Rapids, 5.000%, 1/1/2034, Call 1/1/2023	735,000	841,972
City of Warren, NATL-RE, 4.200%, 10/1/2018, Call 10/1/2015	250,000	256,870
City of Wyandotte, NATL-RE, 4.500%, 10/1/2014 (7)	600,000	600,942
Coloma Community School District, Q-SBLF, 3.000%, 5/1/2021	905,000	954,775
Fitzgerald Public School District, BAM, 4.000%, 5/1/2019	2,065,000	2,249,714
Grand Rapids & Kent County Joint Building Authority, 5.125%, 12/1/2014	415,000	420,059
Hartland Consolidated Schools, AGM Q-SBLF:
5.250%, 5/1/2026, Call 5/1/2021	1,625,000	1,839,922
5.250%, 5/1/2027, Call 5/1/2021	600,000	677,046
5.250%, 5/1/2028, Call 5/1/2021	1,575,000	1,779,262
Holland School District, AGM, 3.750%, 5/1/2034, Call 5/1/2024	1,835,000	1,855,717
Howell Public Schools, Q-SBLF, 4.250%, 5/1/2024, Call 5/1/2022	1,000,000	1,114,610
Jackson County Hospital Finance Authority, AGC, 4.500%, 6/1/2026, Call 6/1/2020	415,000	433,758
Jenison Public Schools:
5.000%, 5/1/2021	500,000	586,595
5.000%, 5/1/2022, Call 5/1/2021	560,000	654,718
Kent Hospital Finance Authority, 5.000%, 11/15/2029, Call 11/15/2021	1,000,000	1,110,780
Lansing Board of Water & Light, 5.000%, 7/1/2037, Call 7/1/2021	1,000,000	1,114,070
Lansing School District, Q-SBLF:
5.000%, 5/1/2019	1,000,000	1,148,620
5.000%, 5/1/2020	1,825,000	2,124,975
Livonia Public Schools School District, BAM, 5.000%, 5/1/2021	1,600,000	1,869,536
Michigan Finance Authority:
3.000%, 11/1/2015	2,000,000	2,048,280
5.000%, 6/1/2016	1,450,000	1,529,170
5.000%, 11/1/2020	2,000,000	2,307,120
Michigan Finance Authority, AGM:
5.000%, 7/1/2029, Call 7/1/2024 (4)	1,500,000	1,636,080
5.000%, 7/1/2030, Call 7/1/2024 (4)	1,500,000	1,629,690
Michigan Public Educational Facilities Authority, 5.250%, 6/1/2015	65,000	65,995
Michigan Public Power Agency, NATL-RE, 5.250%, 1/1/2017	375,000	411,349
Michigan State Building Authority, NATL-RE FGIC:
0.000%, 10/15/2021, Call 10/15/2016	1,500,000	1,130,040
0.000%, 10/15/2023, Call 10/15/2016	1,600,000	1,080,752
Michigan State Housing Development Authority, 5.625%, 10/1/2031, Call 10/1/2020	850,000	931,498
Plymouth-Canton Community School District, Q-SBLF:
4.000%, 5/1/2019	1,000,000	1,117,800
5.000%, 5/1/2021	450,000	532,526
River Rouge School District, Q-SBLF:
5.000%, 5/1/2020	1,700,000	1,979,429
5.000%, 5/1/2021	1,155,000	1,347,250
State of Michigan, AGM, 5.250%, 9/15/2022, Call 9/15/2017	285,000	318,345
State of Michigan, FSA, 5.250%, 9/15/2021, Call 9/15/2017	2,100,000	2,349,690
Taylor Tax Increment Finance Authority, AGM:
3.000%, 5/1/2017	875,000	911,627
3.000%, 5/1/2018	855,000	893,937
3.000%, 5/1/2019	340,000	355,507
3.250%, 5/1/2020	90,000	94,461
Warren Consolidated School District, FSA, 5.000%, 5/1/2015	650,000	669,415
Wayland Union School District, AGM Q-SBLF:
5.000%, 5/1/2024, Call 5/1/2018	500,000	549,490
5.250%, 5/1/2019, Call 5/1/2018	400,000	450,604
Wayne State University, AGM, 5.000%, 11/15/2025, Call 11/15/2018	515,000	577,773
Western Township Utilities Authority, 4.000%, 1/1/2021	1,200,000	1,318,668

		70,227,166
Minnesota - 1.1%
City of Minneapolis, 6.375%, 11/15/2023, Call 11/15/2018	325,000	383,597
City of Minneapolis, AGC, 6.500%, 11/15/2038, Call 11/15/2018	1,070,000	1,239,488
City of Minneapolis/St Paul Housing & Redevelopment Authority, 4.000%, 8/15/2019	445,000	497,176
City of Minneapolis/St Paul Housing & Redevelopment Authority, AGM, 5.000%, 8/15/2025, Call 8/15/2020 (3)	215,000	246,063
City of Minneapolis/St Paul Housing & Redevelopment Authority, NATL-RE, 0.090%, 8/1/2027, Call 9/2/2014 (3) (14)	375,000	338,621
City of Winona, 3.750%, 7/1/2021	170,000	178,240
Dakota County Community Development Agency, GNMA/FNMA/FHLMC COLL:
3.450%, 6/1/2020	105,000	111,632
3.650%, 6/1/2021, Call 12/1/2020	70,000	69,492


Fairmont Independent School District No. 2752, School District Credit Program, 5.000%, 2/1/2020, Call 2/1/2019	150,000	173,354
Mahtomedi Independent School District No. 832, School District Credit Program, 3.000%, 2/1/2016	250,000	259,550
Minneapolis & St. Paul Housing & Redevelopment Authority, 5.250%, 8/15/2025, Call 8/15/2020	275,000	320,180
Minneapolis-St Paul Metropolitan Airports Commission, AMBAC, 5.000%, 1/1/2015	410,000	416,347
Minnesota Agricultural & Economic Development Board, AGC, 5.000%, 2/15/2017	1,400,000	1,531,474
Minnesota Higher Education Facilities Authority:
3.000%, 10/1/2014	400,000	400,864
4.000%, 10/1/2016	250,000	259,178
5.000%, 10/1/2017	250,000	274,532
5.000%, 10/1/2018	220,000	246,068
5.000%, 10/1/2019	400,000	454,940
Minnesota Housing Finance Agency:
3.900%, 7/1/2030, Call 1/1/2022	800,000	848,088
4.000%, 7/1/2040, Call 1/1/2022	1,200,000	1,258,704
5.000%, 7/1/2038, Call 7/1/2018	30,000	30,325
5.500%, 7/1/2048, Call 1/1/2017 (7)	470,000	483,809
Minnesota Housing Finance Agency, GNMA, 2.600%, 9/1/2042, Call 7/1/2022	1,432,083	1,400,505
Minnesota Housing Finance Agency, GNMA/FNMA COLL:
2.250%, 12/1/2042, Call 1/1/2022	876,697	838,271
5.000%, 1/1/2031, Call 7/1/2021	870,000	926,289
Minnesota Housing Finance Agency, GNMA/FNMA/FHLMC COLL, 4.250%, 7/1/2028, Call 1/1/2020	310,000	326,405
Northern Municipal Power Agency, AGC, 5.000%, 1/1/2019, Call 1/1/2018	150,000	168,732
Northfield Hospital & Skilled Nursing, 5.500%, 11/1/2015	900,000	933,759
Pillager Independent School District No. 116, School District Credit Program, 4.000%, 2/1/2024, Call 2/1/2021	125,000	138,220

		14,753,903
Mississippi - 1.0%
Mississippi Business Finance Corp., 1.200%, 12/1/2036, Call 9/2/2014 (3)	8,500,000	8,500,000
Mississippi Development Bank:
3.125%, 10/1/2023	200,000	203,726
5.000%, 10/1/2023	2,750,000	3,210,212
Mississippi Development Bank, AGM, 5.000%, 7/1/2020, Call 7/1/2017	520,000	567,726
Mississippi Home Corp., GNMA/FNMA, 5.500%, 6/1/2036, Call 6/1/2015 (7)	95,000	95,854
Mississippi Home Corp., GNMA/FNMA/FHLMC, 6.750%, 6/1/2039, Call 6/1/2018	395,000	422,800
Rankin County School District, FSA, 5.000%, 10/1/2014	730,000	732,803

		13,733,121
Missouri - 2.4%
Bi-State Development Agency of the Missouri-Illinois Metropolitan District, 5.000%, 10/1/2033, Call 10/1/2022	4,000,000	4,539,160
Cass County, 5.000%, 5/1/2015	880,000	893,033
City of Kansas City:
5.000%, 9/1/2021, Call 9/1/2019	500,000	567,865
5.000%, 9/1/2022, Call 9/1/2019	340,000	384,945
5.000%, 9/1/2023, Call 9/1/2019	300,000	339,201
5.000%, 9/1/2032, Call 9/1/2019	1,000,000	1,100,840
City of Sikeston, NATL-RE, 6.000%, 6/1/2015	1,300,000	1,349,673
City of St. Louis, AGM, 5.000%, 7/1/2020, Call 7/1/2017	1,885,000	2,066,224
City of St. Louis, NATL-RE, 5.500%, 7/1/2016	280,000	304,917
County of Boone, 5.750%, 8/1/2028, Call 8/1/2018	500,000	562,120
County of Jackson, AMBAC, 5.000%, 12/1/2018, Call 12/1/2016	1,000,000	1,085,410
Health & Educational Facilities Authority of the State of Missouri, 5.000%, 2/1/2024, Call 2/1/2021	1,050,000	1,179,381
Independence School District, SAW, 5.250%, 3/1/2030, Call 3/1/2021	2,000,000	2,319,900
Joplin Industrial Development Authority, 3.125%, 2/15/2016	885,000	901,417
Missouri Housing Development Commission, 5.000%, 11/1/2027, Call 11/1/2019	665,000	707,128
Missouri Housing Development Commission, GNMA/FNMA/COLL, 5.000%, 9/1/2039, Call 3/1/2019	205,000	211,068
Missouri Housing Development Commission, GNMA/FNMA/FHLMC:
3.800%, 5/1/2025, Call 5/1/2021	955,000	995,081
4.000%, 5/1/2027, Call 5/1/2021	925,000	970,732


Missouri Joint Municipal Electric Utility Commission, NATL-RE, 5.000%, 1/1/2017, Call 1/1/2016	500,000	530,775
Missouri State Environmental Improvement & Energy Resources Authority, 5.750%, 1/1/2029, Call 1/1/2019	750,000	859,245
Missouri State Health & Educational Facilities Authority:
3.000%, 2/15/2015	1,785,000	1,798,548
3.500%, 2/15/2017	1,430,000	1,494,936
3.750%, 2/15/2018	950,000	1,005,755
5.250%, 10/1/2031, Call 10/1/2021	1,000,000	1,089,190
Missouri State Health & Educational Facilities Authority, AGM, 5.000%, 11/15/2015	750,000	791,625
St. Louis County Industrial Development Authority, 2.850%, 9/1/2018, Call 3/1/2016	2,900,000	2,933,698
Stone County Reorganized School District No. 4 Reeds Spring, SAW:
5.000%, 3/1/2030, Call 3/1/2020	1,000,000	1,155,850
5.000%, 3/1/2031, Call 3/1/2020	750,000	860,160
5.000%, 3/1/2032, Call 3/1/2020	1,000,000	1,138,540

		34,136,417
Montana - 0.2%
County of Yellowstone, 5.250%, 9/1/2034, Call 9/1/2017	1,400,000	1,509,466
Montana State Board of Regents:
5.000%, 11/15/2022, Call 11/15/2021	200,000	235,624
5.000%, 11/15/2023, Call 11/15/2021	250,000	292,540
5.000%, 11/15/2024, Call 11/15/2021	375,000	438,004
5.000%, 11/15/2025, Call 11/15/2021	255,000	296,198

		2,771,832
Nebraska - 0.4%
Lancaster County Hospital Authority No. 1, 5.500%, 1/1/2030, Call 1/1/2020	1,000,000	1,106,580
Lincoln County Hospital Authority No. 1, 5.000%, 11/1/2032, Call 11/1/2021	2,000,000	2,187,100
Nebraska Public Power District:
5.000%, 1/1/2025, Call 1/1/2018	750,000	839,220
5.000%, 1/1/2026, Call 1/1/2018	750,000	838,703
5.000%, 1/1/2032, Call 1/1/2022	1,000,000	1,132,710

		6,104,313
Nevada - 1.9%
City of North Las Vegas, NATL-RE, 5.000%, 10/1/2014	750,000	751,988
City of Reno, AGM, 6.000%, 6/1/2028, Call 6/1/2018	200,000	216,868
Clark County School District, AMBAC, 5.000%, 6/15/2019, Call 6/15/2017	1,600,000	1,783,936
County of Clark, 5.000%, 7/1/2028, Call 7/1/2019	2,180,000	2,434,602
County of Clark Department of Aviation:
5.000%, 7/1/2029, Call 7/1/2024	1,200,000	1,391,784
5.000%, 7/1/2030, Call 7/1/2024	1,000,000	1,150,680
County of Clark, AGM, 5.000%, 7/1/2024, Call 7/1/2019	275,000	311,946
County of Clark, AMBAC, 5.000%, 11/1/2024, Call 11/1/2016	410,000	447,974
County of Washoe:
5.000%, 2/1/2033, Call 2/1/2019	3,920,000	4,236,344
5.500%, 2/1/2028, Call 2/1/2019	1,000,000	1,096,850
Las Vegas Valley Water District, 5.000%, 6/1/2028, Call 6/1/2022	5,115,000	5,935,600
Las Vegas Valley Water District, AGM, 5.000%, 6/1/2028, Call 6/1/2016	2,815,000	3,017,004
Nevada Housing Division, GNMA/FNMA/FHLMC:
4.400%, 4/1/2029, Call 10/1/2021	2,400,000	2,552,856
4.500%, 10/1/2039, Call 4/1/2019	325,000	328,686
5.375%, 10/1/2039, Call 4/1/2019	780,000	829,998

		26,487,116
New Hampshire - 0.8%
New Hampshire Business Finance Authority, 0.300%, 10/1/2040, Call 9/2/2014 (3)	5,000,000	5,000,000
New Hampshire Health & Education Facilities Authority, 0.250%, 10/1/2030, Call 9/2/2014 (3)	3,130,000	3,130,000
New Hampshire Housing Finance Authority:
4.500%, 1/1/2029, Call 7/1/2020	1,105,000	1,141,089
4.800%, 7/1/2028, Call 1/1/2022	1,830,000	2,001,270
6.000%, 7/1/2038, Call 1/1/2018 (7)	390,000	404,972

		11,677,331
New Jersey - 2.2%
City of Passaic:
3.000%, 5/1/2015	400,000	405,232
4.000%, 5/1/2017	280,000	297,116


JPMorgan Chase Putters/Drivers Trust, 0.180%, 6/1/2021 (3) (5) (6)	1,420,000	1,420,000
New Jersey Economic Development Authority:
0.330%, 11/1/2031, Call 9/2/2014 (3)	890,000	890,000
1.250%, 5/1/2036, Call 9/2/2014 (3)	3,230,000	3,230,000
1.750%, 2/1/2016, Call 8/1/2015 (3)	3,000,000	3,034,020
5.000%, 6/15/2015	60,000	62,115
5.000%, 6/15/2019	3,000,000	3,425,940
5.000%, 6/15/2020	1,500,000	1,725,000
New Jersey Higher Education Student Assistance Authority:
3.250%, 12/1/2027, Call 12/1/2022 (7)	2,500,000	2,505,750
4.875%, 12/1/2024, Call 12/1/2019	9,500,000	10,312,440
New Jersey Housing & Mortgage Finance Agency, 4.250%, 10/1/2032, Call 10/1/2021	795,000	833,947
New Jersey Transportation Trust Fund Authority:
5.000%, 6/15/2022	500,000	578,675
5.250%, 12/15/2023, Call 12/15/2018	1,355,000	1,566,096
New Jersey Transportation Trust Fund Authority, BHAC:
0.000%, 12/15/2024	100,000	70,281
0.000%, 12/15/2028	100,000	58,090
New Jersey Transportation Trust Fund Authority, NATL-RE, 0.000%, 12/15/2027	230,000	132,432

		30,547,134
New Mexico - 1.7%
City of Santa Fe, 4.000%, 6/1/2025, Call 6/1/2022	655,000	700,863
New Mexico Finance Authority:
5.000%, 6/1/2024, Call 6/1/2018	375,000	424,916
5.000%, 6/1/2026, Call 6/1/2018	2,395,000	2,703,500
5.700%, 6/1/2026, Call 6/1/2018	465,000	540,958
5.800%, 6/1/2027, Call 6/1/2018	825,000	951,959
5.875%, 6/1/2028, Call 6/1/2018	250,000	292,033
New Mexico Finance Authority, NATL-RE, 5.250%, 6/15/2023, Call 6/15/2017	1,000,000	1,111,860
New Mexico Mortgage Finance Authority, GNMA, 2.600%, 2/1/2043, Call 1/1/2023	1,315,806	1,286,661
New Mexico Mortgage Finance Authority, GNMA/FNMA/FHLMC:
4.200%, 7/1/2028, Call 1/1/2017 (7)	455,000	468,645
5.650%, 9/1/2039, Call 3/1/2019	680,000	715,666
6.000%, 9/1/2039, Call 3/1/2019	880,000	909,718
New Mexico Mortgage Finance Authority, GNMA/FNMA/FHLMC COLL:
4.625%, 3/1/2028, Call 9/1/2021	1,030,000	1,043,874
5.350%, 3/1/2030, Call 9/1/2020	2,415,000	2,582,987
New Mexico Municipal Energy Acquisition Authority, 0.854%, 8/1/2019, Call 2/1/2019 (3)	10,000,000	10,059,000

		23,792,640
New York - 4.8%
Byron-Bergen Central School District, AGM SAW, 3.000%, 6/15/2018	1,215,000	1,296,514
City of New York, AGC, 0.200%, 10/1/2021, Call 9/2/2014 (3) (14)	100,000	100,000
County of Monroe, MBIA, 6.000%, 3/1/2015	225,000	231,023
County of Rockland, 2.000%, 3/17/2015	3,100,000	3,124,025
Long Island Power Authority, BHAC, 5.000%, 12/1/2021, Call 12/1/2016	600,000	652,500
Metropolitan Transportation Authority, 0.630%, 11/1/2019, Call 5/1/2019 (3)	1,400,000	1,400,420
Metropolitan Transportation Authority, AGM:
0.312%, 11/1/2022, Call 9/3/2014 (3) (14)	100,000	96,171
0.318%, 11/1/2022, Call 9/4/2014 (3) (14)	300,000	288,513
0.708%, 5/15/2018, Call 11/15/2017 (3)	4,000,000	4,026,200
New York City Industrial Development Agency, ACA, 4.400%, 11/1/2016	675,000	730,222
New York City Transitional Finance Authority, 5.000%, 11/1/2024, Call 11/1/2022	5,715,000	6,899,148
New York City Transitional Finance Authority, AGM, 0.490%, 11/1/2027, Call 9/5/2014 (3) (14)	750,000	750,000
New York City Transitional Finance Authority, NATL-RE FGIC, 5.000%, 7/15/2024, Call 1/15/2017	435,000	476,725
New York Liberty Development Corp., 5.000%, 10/1/2015	350,000	363,661
New York Mortgage Agency, 5.000%, 10/1/2019	500,000	577,265
New York State Dormitory Authority:
5.000%, 12/15/2023, Call 12/15/2022	4,590,000	5,569,506
5.000%, 3/15/2027, Call 3/15/2022	11,510,000	13,422,387
5.000%, 3/15/2028, Call 3/15/2019	625,000	711,344
New York State Dormitory Authority, NATL-RE, 0.120%, 7/1/2029, Call 9/2/2014 (3) (14)	3,275,000	3,069,088
New York State Thruway Authority, 5.000%, 3/15/2026, Call 9/15/2021	8,490,000	9,982,202
Rensselaer County Industrial Development Agency, 0.230%, 10/30/2035, Call 9/2/2014 (3)	7,785,000	7,785,000
State of New York, NATL-RE FGIC:
0.105%, 2/15/2022, Call 9/4/2014 (3) (14)	245,000	235,374
0.105%, 2/13/2032, Call 9/4/2014 (3) (14)	2,630,000	2,524,955


Suffolk County Judicial Facilities Agency:
4.000%, 11/1/2014	500,000	502,485
5.000%, 11/1/2015	1,000,000	1,045,110
Upper Mohawk Valley Regional Water Finance Authority:
4.000%, 4/1/2020	295,000	324,503
4.000%, 4/1/2021	360,000	396,216

		66,580,557
North Carolina - 1.3%
Charlotte-Mecklenburg Hospital Authority, 5.000%, 1/15/2021, Call 1/15/2017	850,000	918,000
County of Catawba:
4.000%, 10/1/2025, Call 10/1/2021	585,000	641,570
5.000%, 10/1/2022, Call 10/1/2021	500,000	595,585
5.000%, 10/1/2023, Call 10/1/2021	1,000,000	1,183,230
5.000%, 10/1/2024, Call 10/1/2021	835,000	982,010
5.000%, 10/1/2026, Call 10/1/2021	440,000	510,607
County of Chatham, County Guarantee:
5.000%, 12/1/2022	200,000	243,508
5.000%, 12/1/2023	200,000	246,218
County of Cumberland, 5.125%, 12/1/2028, Call 12/1/2019	250,000	287,880
County of Union:
5.000%, 12/1/2026, Call 6/1/2023	1,390,000	1,640,964
5.000%, 12/1/2027, Call 6/1/2023	1,645,000	1,934,981
North Carolina Capital Facilities Finance Agency, 2.000%, 5/1/2015	260,000	261,118
North Carolina Eastern Municipal Power Agency:
4.200%, 1/1/2019	1,710,000	1,904,136
6.000%, 1/1/2022	300,000	373,965
North Carolina Eastern Municipal Power Agency, AGC, 6.000%, 1/1/2019	430,000	463,261
North Carolina Housing Finance Agency, 4.250%, 1/1/2028, Call 7/1/2021	890,000	935,799
North Carolina Medical Care Commission:
3.000%, 10/1/2014	700,000	701,596
4.000%, 6/1/2020	470,000	506,171
5.000%, 6/1/2027, Call 6/1/2022	500,000	566,760
North Carolina Municipal Power Agency No. 1, 5.000%, 1/1/2030, Call 1/1/2019	400,000	451,240
Orange County Public Facilities, 5.000%, 10/1/2026, Call 10/1/2022	1,130,000	1,335,389
Raleigh Durham Airport Authority, 5.000%, 5/1/2036, Call 5/1/2020	1,555,000	1,718,244

		18,402,232
North Dakota - 2.4%
Barnes County North Public School District Building Authority:
4.000%, 5/1/2021	635,000	661,353
4.500%, 5/1/2030, Call 5/1/2021	1,515,000	1,561,510
4.500%, 5/1/2033, Call 5/1/2021	1,850,000	1,896,990
City of Dickinson, 5.000%, 10/1/2025, Call 10/1/2021	2,240,000	2,451,837
City of Grand Forks:
4.000%, 12/1/2019	535,000	578,827
5.000%, 12/1/2032, Call 12/1/2021	1,000,000	1,065,510
City of West Fargo, 3.000%, 5/1/2023, Call 5/1/2017	185,000	182,079
City of Williston, 2.500%, 11/1/2015, Call 11/1/2014	1,150,000	1,151,357
North Dakota Housing Finance Agency:
3.600%, 7/1/2032, Call 7/1/2022	3,235,000	3,321,601
3.750%, 7/1/2034, Call 7/1/2022	1,215,000	1,256,638
4.125%, 1/1/2026, Call 1/1/2021	980,000	1,029,774
North Dakota Public Finance Authority:
4.000%, 6/1/2022	2,345,000	2,619,107
4.000%, 6/1/2023	2,440,000	2,733,874
4.000%, 6/1/2024, Call 6/1/2023	2,190,000	2,448,267
4.000%, 6/1/2025, Call 6/1/2023	1,145,000	1,271,477
North Dakota State Housing Finance Agency, 5.250%, 1/1/2029, Call 7/1/2019	1,485,000	1,507,438
Williston Parks & Recreation District:
4.500%, 3/1/2020	1,455,000	1,620,041
4.500%, 3/1/2025, Call 3/1/2021	2,525,000	2,734,499
4.625%, 3/1/2026, Call 3/1/2021	2,620,000	2,834,080

		32,926,259
Ohio - 2.7%
Brookfield Local School District, AGM, 5.000%, 1/15/2030, Call 1/15/2018	400,000	434,216


City of Cleveland:
5.000%, 1/1/2022, Call 1/1/2021	2,320,000	2,644,174
5.000%, 10/1/2024, Call 10/1/2022	460,000	541,770
5.000%, 10/1/2028, Call 10/1/2022	1,075,000	1,231,466
5.000%, 10/1/2029, Call 10/1/2022	1,130,000	1,288,369
5.000%, 10/1/2029, Call 10/1/2022	2,290,000	2,610,943
5.000%, 1/1/2031, Call 1/1/2022	1,270,000	1,380,122
City of Cleveland, AGC, 5.000%, 10/1/2017	425,000	477,313
City of Cleveland, AGM:
5.000%, 1/1/2030, Call 1/1/2022	1,000,000	1,101,570
5.000%, 1/1/2031, Call 1/1/2022	1,000,000	1,090,740
City of Middleburg Heights, 5.125%, 8/1/2031, Call 8/1/2021	1,000,000	1,066,040
Cleveland Heights & University Heights City School District:
0.000%, 12/1/2024	400,000	293,376
0.000%, 12/1/2025	600,000	422,706
Cleveland-Cuyahoga County Port Authority, 5.000%, 10/1/2022, Call 10/1/2020	1,000,000	1,165,820
County of Franklin, 5.000%, 11/1/2023, Call 11/1/2019	300,000	337,932
County of Hamilton, 5.000%, 12/1/2029, Call 12/1/2021	975,000	1,101,038
County of Hancock, 5.750%, 12/1/2026, Call 6/1/2021	1,120,000	1,317,882
County of Lorain, AMBAC:
0.318%, 10/1/2030 (3) (14)	4,350,000	3,926,754
0.320%, 10/1/2030 (3) (14)	500,000	454,425
County of Lucas, 5.000%, 11/15/2022, Call 11/15/2021	895,000	1,047,293
County of Richland, AGC, 6.000%, 12/1/2028, Call 12/1/2018	250,000	280,923
Delaware City School District, 5.250%, 12/1/2038, Call 6/1/2023	1,240,000	1,402,142
Liberty Local School District, AGM:
2.500%, 12/1/2016	555,000	574,281
4.500%, 12/1/2018	885,000	996,413
New Albany Community Authority:
4.000%, 10/1/2020	590,000	659,685
5.000%, 10/1/2022	1,000,000	1,187,390
5.000%, 10/1/2023, Call 10/1/2022	1,105,000	1,298,784
Ohio Higher Educational Facility Commission:
4.000%, 1/15/2015	500,000	506,760
4.000%, 12/1/2020	1,050,000	1,119,804
4.000%, 12/1/2021	795,000	848,511
4.000%, 12/1/2022	845,000	898,641
Ohio Housing Finance Agency, GNMA/FNMA/FHLMC COLL, 5.200%, 9/1/2029, Call 9/1/2018	1,715,000	1,866,726
Ohio State Turnpike Commission, 5.250%, 2/15/2033, Call 2/15/2023	1,330,000	1,527,212
Ohio State Water Development Authority, 5.000%, 6/1/2022	1,100,000	1,349,711

		38,450,932
Oklahoma - 1.1%
Blanchard Municipal Improvement Authority, BAM, 4.000%, 5/1/2039, Call 5/1/2022	315,000	317,470
Cleveland County Independent School District No. 2 Moore, 1.500%, 5/1/2015	2,915,000	2,941,264
Cleveland County Justice Authority, 5.750%, 3/1/2029, Call 3/1/2015	200,000	205,490
Cushing Educational Facilities Authority, 5.000%, 9/1/2022	2,000,000	2,314,660
Delaware County Justice Authority:
3.750%, 9/1/2029, Call 9/1/2017	2,900,000	2,844,146
4.000%, 9/1/2018	415,000	448,515
4.000%, 9/1/2019	740,000	804,831
4.000%, 9/1/2020	700,000	758,898
4.000%, 9/1/2021	805,000	871,268
Oklahoma Housing Finance Agency, GNMA:
2.500%, 3/1/2022	750,000	758,805
3.300%, 3/1/2031, Call 3/1/2022	1,815,000	1,848,850
Oklahoma Housing Finance Agency, GNMA/FNMA/FHLMC, 6.500%, 9/1/2038, Call 9/1/2018	405,000	433,265
Oklahoma Housing Finance Agency, GNMA/FNMA/FHLMC COLL, 5.250%, 9/1/2029, Call 3/1/2019	75,000	77,652
Pittsburg County Economic Development Authority, AMBAC, 4.000%, 12/1/2017, Call 12/1/2015	300,000	309,867

		14,934,981
Oregon - 0.8%
Astoria Hospital Facilities Authority, 3.000%, 8/1/2015	760,000	772,874
City of Portland, 5.000%, 6/15/2027, Call 6/15/2022	1,000,000	1,149,800
City of Tigard, 5.000%, 8/1/2029, Call 8/1/2022	690,000	793,831


City of Woodburn:
0.000%, 3/1/2020	1,380,000	1,182,012
0.000%, 3/1/2021	1,215,000	1,007,867
Clackamas & Washington Counties School District No. 3, NATL-RE FGIC School Bond Guarantee, 0.000%, 6/15/2023	2,000,000	1,631,900
Clackamas County School District No. 115, NATL-RE, 0.000%, 6/15/2027, Call 6/15/2016	350,000	210,840
Klamath Falls Intercommunity Hospital Authority:
5.000%, 9/1/2021	250,000	288,998
5.000%, 9/1/2022	505,000	582,886
Port of Portland, 5.500%, 7/1/2031, Call 7/1/2021	3,000,000	3,433,740
State of Oregon Housing & Community Services Department, 4.750%, 7/1/2036, Call 7/1/2016 (7)	655,000	662,146

		11,716,894
Pennsylvania - 2.5%
Allegheny County Hospital Development Authority, 5.375%, 8/15/2029, Call 8/15/2019	215,000	241,570
Central Bradford Progress Authority, 5.375%, 12/1/2041, Call 12/1/2021	500,000	561,185
City of Philadelphia, AGM, 5.250%, 12/15/2023, Call 12/15/2018	755,000	870,923
City of Pittsburgh:
4.000%, 9/1/2016	415,000	441,867
4.000%, 9/1/2021	750,000	826,305
City of Pittsburgh, AGM, 5.250%, 9/1/2018, Call 9/1/2016	250,000	270,745
Clarion County Industrial Development Authority, 1.050%, 5/1/2016, Call 11/1/2015	3,000,000	3,003,450
Kiski Area School District, AGM SAW, 4.000%, 3/1/2021	1,450,000	1,596,943
Lancaster Industrial Development Authority:
5.000%, 5/1/2021	360,000	389,808
5.000%, 5/1/2022	430,000	461,622
Lehigh County General Purpose Authority, 4.000%, 11/1/2019	555,000	610,278
Montgomery County Industrial Development Authority:
5.000%, 11/15/2016	1,500,000	1,629,705
6.250%, 11/15/2029, Call 11/15/2019	715,000	820,091
Montgomery County Industrial Development Authority, FHA, 5.000%, 8/1/2024, Call 8/1/2020	1,350,000	1,565,635
Pennsylvania Economic Development Financing Authority:
1.250%, 5/1/2017 (3)	500,000	500,805
1.750%, 12/1/2015 (3)	1,400,000	1,422,316
5.000%, 1/1/2023, Call 1/1/2016	3,200,000	3,392,544
Pennsylvania Economic Development Financing Authority, AGM:
0.000%, 1/1/2020	600,000	522,888
0.000%, 1/1/2021	600,000	498,864
5.000%, 1/1/2022	305,000	347,630
Pennsylvania Turnpike Commission:
0.000%, 12/1/2034, Call 12/1/2020 (13)	365,000	385,498
0.730%, 12/1/2018, Call 6/1/2018 (3)	2,850,000	2,870,149
1.030%, 12/1/2021, Call 6/1/2021 (3)	5,000,000	5,064,700
4.000%, 12/1/2023, Call 12/1/2019	200,000	210,322
5.000%, 6/1/2021, Call 6/1/2019	715,000	816,423
6.000%, 12/1/2036, Call 12/1/2020	975,000	1,141,530
Philadelphia Gas Works Co., 5.250%, 8/1/2019, Call 9/29/2014	400,000	401,188
Pittsburgh Public Schools, BAM SAW, 5.000%, 9/1/2024, Call 9/1/2022	1,000,000	1,173,750
Sayre Health Care Facilities Authority, 0.932%, 12/1/2024, Call 12/1/2017 (3)	225,000	206,829
St. Mary Hospital Authority:
5.000%, 11/15/2017, Call 11/15/2014	1,025,000	1,034,574
5.250%, 11/15/2016, Call 11/15/2014	250,000	252,493
State Public School Building Authority, AGM, 3.000%, 10/15/2015	500,000	511,550
State Public School Building Authority, SAW, 0.904%, 9/1/2018, Call 3/1/2018 (3)	1,675,000	1,679,941

		35,724,121
Puerto Rico - 0.6%
Commonwealth of Puerto Rico, AGC, 5.000%, 7/1/2015	210,000	214,792
Commonwealth of Puerto Rico, NATL-RE, 5.500%, 7/1/2015	1,940,000	1,944,481
Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority:
5.000%, 4/1/2015	2,800,000	2,824,752
5.000%, 4/1/2016	2,255,000	2,241,132
5.000%, 7/1/2018	150,000	160,087
5.000%, 7/1/2021	125,000	131,480
6.250%, 7/1/2026, Call 7/1/2016	225,000	234,819


Puerto Rico Industrial Tourist Educational Medical & Environmental Control Facilities Financing Authority, NATL-RE, 4.250%, 10/1/2024, Call 10/14/2014	150,000	144,395
Puerto Rico Infrastructure Financing Authority, BHAC, 5.500%, 7/1/2021	275,000	318,604

		8,214,542
Rhode Island - 1.0%
Rhode Island Health & Educational Building Corp., 3.000%, 9/1/2014	1,250,000	1,250,000
Rhode Island Housing & Mortgage Finance Corp., 4.000%, 10/1/2040, Call 10/1/2021	1,395,000	1,460,969
Rhode Island Student Loan Authority:
3.950%, 12/1/2017	250,000	269,717
4.000%, 12/1/2022, Call 12/1/2021 (7)	2,885,000	2,970,858
4.200%, 12/1/2018, Call 12/1/2017	600,000	647,100
4.250%, 12/1/2020, Call 12/1/2017	500,000	527,225
4.250%, 12/1/2025, Call 12/1/2021 (7)	2,205,000	2,240,633
4.500%, 12/1/2021, Call 12/1/2017	1,000,000	1,056,430
4.750%, 12/1/2028, Call 12/1/2021 (7)	1,000,000	1,026,750
4.750%, 12/1/2029, Call 12/1/2021 (7)	680,000	696,062
Town of Cumberland:
4.000%, 3/15/2024	795,000	897,722
4.000%, 3/15/2026, Call 3/15/2024	460,000	508,728

		13,552,194
South Carolina - 1.3%
City of Rock Hill, AGM:
5.250%, 1/1/2026, Call 1/1/2022	730,000	856,115
5.250%, 1/1/2028, Call 1/1/2022	475,000	552,596
County of Dorchester:
5.000%, 10/1/2022	480,000	575,784
5.000%, 10/1/2026, Call 10/1/2022	400,000	468,240
County of Florence:
5.000%, 11/1/2025, Call 11/1/2020	2,000,000	2,280,000
5.000%, 11/1/2030, Call 11/1/2020	500,000	559,110
Laurens County Water & Sewer Commission:
5.000%, 3/1/2029, Call 3/1/2017	415,000	448,590
5.000%, 3/1/2032, Call 3/1/2017	1,000,000	1,066,770
Orangeburg Joint Governmental Action Authority, NATL-RE, 5.000%, 10/1/2014	625,000	627,269
Piedmont Municipal Power Agency, AGM:
5.000%, 1/1/2030, Call 7/1/2021	450,000	505,449
5.750%, 1/1/2034, Call 7/1/2021	1,000,000	1,162,500
Scago Educational Facilities Corp. for Pickens School District, AGM, 5.000%, 12/1/2020, Call 12/1/2016	300,000	331,050
South Carolina Jobs-Economic Development Authority, 5.000%, 7/1/2022	1,735,000	2,004,133
South Carolina State Housing Finance & Development Authority, 5.000%, 1/1/2028, Call 7/1/2019	235,000	251,866
South Carolina State Housing Finance & Development Authority, AGM, 5.500%, 7/1/2037, Call 7/1/2016 (7)	715,000	746,503
South Carolina State Public Service Authority, 5.500%, 1/1/2038, Call 1/1/2019	1,000,000	1,136,290
South Carolina Transportation Infrastructure Bank, AMBAC, 5.250%, 10/1/2020	250,000	300,535
Spartanburg Sanitation Sewer District:
5.000%, 3/1/2030, Call 3/1/2023	1,500,000	1,713,750
5.000%, 3/1/2031, Call 3/1/2023	1,250,000	1,422,125
St. Peters Parish-Jasper County Public Facilities Corp., AGM, 5.000%, 4/1/2031, Call 4/1/2021	900,000	991,980
Trustees of the South Carolina Heritage Trust, XLCA, 4.000%, 8/1/2015	250,000	255,547

		18,256,202
South Dakota - 0.9%
City of Rapid City:
5.500%, 12/1/2022, Call 12/1/2019	225,000	245,916
6.750%, 12/1/2031, Call 12/1/2019	500,000	554,675
7.000%, 12/1/2035, Call 12/1/2019	750,000	836,985
South Dakota Health & Educational Facilities Authority:
4.250%, 9/1/2023	740,000	812,424
4.500%, 9/1/2018	500,000	536,190
4.500%, 9/1/2020	900,000	975,582
4.500%, 9/1/2021, Call 9/1/2020	1,080,000	1,163,938
4.500%, 9/1/2022, Call 9/1/2020	1,005,000	1,071,762
5.000%, 11/1/2024, Call 11/1/2019	1,000,000	1,105,960
5.000%, 9/1/2027, Call 9/1/2024	1,170,000	1,301,250


South Dakota Health & Educational Facilities Authority, AMBAC, 5.000%, 8/1/2022, Call 8/1/2017	980,000	1,030,539
South Dakota Housing Development Authority:
3.750%, 5/1/2018	500,000	531,800
3.900%, 11/1/2030, Call 11/1/2023	535,000	547,407
South Dakota Housing Development Authority, FHLMC COLL, 3.550%, 11/1/2033, Call 11/1/2022	2,355,000	2,359,898

		13,074,326
Tennessee - 1.4%
Franklin Public Building Authority, 0.220%, 6/1/2037, Call 9/2/2014 (3)	2,700,000	2,700,000
Metropolitan Government Nashville & Davidson County Health & Educational Facilities Board, 5.000%, 11/1/2027, Call 11/1/2021	500,000	559,185
Metropolitan Nashville Airport Authority, 5.000%, 7/1/2017	435,000	483,985
Tennessee Energy Acquisition Corp.:
5.000%, 2/1/2023	5,185,000	5,896,797
5.250%, 9/1/2021	3,810,000	4,388,549
5.250%, 9/1/2022	250,000	287,790
Tennessee Housing Development Agency:
4.000%, 7/1/2025, Call 1/1/2021	930,000	967,395
4.000%, 7/1/2039, Call 1/1/2024	1,000,000	1,089,450
4.125%, 1/1/2025, Call 1/1/2021	915,000	972,782
4.500%, 7/1/2028, Call 1/1/2020	540,000	559,521
4.750%, 7/1/2027, Call 1/1/2017 (7)	190,000	193,758
5.000%, 7/1/2023, Call 7/1/2017 (7)	375,000	393,386
5.000%, 1/1/2027, Call 7/1/2019	575,000	593,504

		19,086,102
Texas - 5.5%
Capital Area Cultural Education Facilities Finance Corp.:
5.000%, 4/1/2019	1,000,000	1,124,930
5.250%, 4/1/2021, Call 4/1/2020	400,000	458,024
Centerville Independent School District, PSF:
5.000%, 8/15/2027, Call 8/15/2019 (4)	330,000	373,415
5.000%, 8/15/2028, Call 8/15/2019 (4)	300,000	338,718
Central Texas Regional Mobility Authority, 0.000%, 1/1/2025	1,000,000	639,960
City of Arlington, NATL-RE, 5.000%, 8/15/2034, Call 8/15/2015	60,000	61,440
City of Galveston, 4.625%, 2/1/2024, Call 2/1/2021	1,130,000	1,210,422
City of Houston, AMBAC, 0.000%, 9/1/2019	400,000	366,680
City of Houston, XLCA, 0.313%, 7/1/2032 (3) (7) (14)	450,000	413,957
City of San Antonio, 0.450%, 11/1/2017 (3)	1,600,000	1,600,336
City of San Marcos:
4.500%, 11/1/2028, Call 11/1/2022	600,000	643,998
5.000%, 11/1/2033, Call 11/1/2022	1,215,000	1,304,047
Corpus Christi Business & Job Development Corp., 5.000%, 9/1/2022	1,000,000	1,184,850
County of Bowie, AGM:
4.000%, 8/1/2021, Call 8/1/2016	1,275,000	1,333,013
4.000%, 8/1/2024, Call 8/1/2016	1,315,000	1,369,270
County of El Paso, 5.000%, 2/15/2026, Call 2/15/2017	1,000,000	1,083,530
County of Wise, 8.000%, 8/15/2034, Call 8/15/2021	4,000,000	4,722,560
Cypress-Fairbanks Independent School District, PSF, 5.000%, 2/15/2034, Call 2/15/2021	675,000	771,876
Dallas County Utility & Reclamation District, AMBAC, 5.100%, 2/15/2020, Call 2/15/2017	350,000	379,985
Dallas Independent School District, PSF, 5.000%, 8/15/2034, Call 8/15/2015	1,000,000	1,041,100
Dallas/Fort Worth International Airport:
5.000%, 11/1/2024, Call 11/1/2022 (4)	1,000,000	1,179,400
5.000%, 11/1/2032, Call 11/1/2020	5,000,000	5,588,100
5.000%, 11/1/2033, Call 11/1/2023	2,000,000	2,233,240
5.250%, 11/1/2033, Call 11/1/2023	1,200,000	1,373,400
Denton Independent School District, PSF, 0.200%, 8/15/2022, Call 8/15/2016 (3) (5) (6)	3,450,000	3,450,000
Denver City Independent School District, PSF, 5.000%, 2/15/2032, Call 8/15/2016	1,000,000	1,069,310
Forney Independent School District, PSF, 6.000%, 8/15/2037, Call 8/15/2018	1,840,000	2,140,803
Georgetown Independent School District, PSF, 5.000%, 8/15/2025, Call 8/15/2020	645,000	762,106
Grand Parkway Transportation Corp., 0.000%, 10/1/2030, Call 10/1/2028 (13)	1,000,000	752,730
Gulf Coast Waste Disposal Authority, AGM:
5.000%, 10/1/2029, Call 10/1/2022	1,430,000	1,599,984
5.000%, 10/1/2030, Call 10/1/2022	1,505,000	1,674,884
Harris County Cultural Education Facilities Finance Corp.:
0.800%, 6/1/2020 (3)	2,000,000	2,001,060


0.880%, 6/1/2021 (3)	2,400,000	2,402,928
5.250%, 10/1/2029, Call 10/1/2019	1,550,000	1,793,551
Harris County Health Facilities Development Corp., AGM, 0.490%, 7/1/2031, Call 9/4/2014 (3) (14)	100,000	100,000
Harris County Hospital District, NATL-RE, 5.250%, 2/15/2027, Call 2/15/2017	5,615,000	6,120,462
Harris County Municipal Utility District No. 374, AGM, 5.000%, 9/1/2036, Call 9/1/2019	550,000	617,441
La Vernia Higher Education Finance Corp.:
4.375%, 8/15/2015	200,000	203,148
4.750%, 8/15/2016	180,000	184,401
5.000%, 8/15/2017	150,000	157,190
5.000%, 8/15/2018	150,000	159,363
Little Elm Independent School District, PSF, 5.000%, 8/15/2020, Call 8/15/2016	1,145,000	1,246,825
Lower Colorado River Authority, BHAC, 5.250%, 5/15/2028, Call 5/15/2018	675,000	767,779
Midland Independent School District, PSF:
5.000%, 2/15/2031, Call 2/15/2016	1,405,000	1,480,322
5.000%, 2/15/2032, Call 2/15/2016	1,050,000	1,105,514
Nacogdoches County Hospital District, AGM:
3.000%, 5/15/2018	495,000	517,052
3.000%, 5/15/2019	510,000	530,885
New Hope Cultural Education Facilities Corp., AGM, 4.000%, 4/1/2024	440,000	468,824
North Texas Tollway Authority:
0.850%, 1/1/2019, Call 7/1/2018 (3)	1,750,000	1,754,357
5.750%, 1/1/2038, Call 1/1/2018	3,105,000	3,449,065
6.125%, 1/1/2031, Call 1/1/2016	400,000	421,564
North Texas Tollway Authority, AGC, 5.750%, 1/1/2038, Call 1/1/2019	1,725,000	1,964,033
North Texas Tollway Authority, BHAC, 5.125%, 1/1/2028, Call 1/1/2018	500,000	556,150
Northside Independent School District, PSF, 2.125%, 8/1/2020, Call 2/1/2015 (3)	2,250,000	2,251,102
Red River Authority, NATL-RE, 4.450%, 6/1/2020	150,000	161,963
Sabine River Authority, MBIA, 4.950%, 3/1/2018	345,000	372,852
Sam Rayburn Municipal Power Agency, 5.000%, 10/1/2018	230,000	263,272
San Antonio Municipal Facilities Corp., 5.000%, 8/15/2036, Call 8/15/2021	500,000	545,245
Sienna Plantation Levee Improvement District, BAM, 4.000%, 9/1/2020	400,000	448,564
Texas Municipal Gas Acquisition & Supply Corp. III, 5.000%, 12/15/2021	2,000,000	2,330,860
Texas State Turnpike Authority, AMBAC, 0.000%, 8/15/2031, Call 9/29/2014	1,000,000	363,920
University of Houston, AMBAC, 5.000%, 2/15/2022, Call 2/15/2015	285,000	290,994
Upper Trinity Regional Water District, AGM:
4.000%, 8/1/2020	200,000	216,838
4.000%, 8/1/2021	170,000	183,394

		77,676,986
Utah - 1.3%
Central Utah Water Conservancy District:
5.000%, 10/1/2026, Call 10/1/2019	850,000	982,685
5.000%, 10/1/2028, Call 10/1/2019	1,000,000	1,148,770
City of Draper, 5.000%, 5/1/2032, Call 5/1/2022	325,000	368,456
City of Riverton:
5.250%, 12/1/2034, Call 6/1/2023	1,455,000	1,658,191
5.250%, 12/1/2036, Call 6/1/2023	2,150,000	2,432,854
Jordan Valley Water Conservancy District:
5.000%, 10/1/2025, Call 10/1/2019	335,000	389,414
5.000%, 10/1/2026, Call 10/1/2019	350,000	403,350
5.000%, 10/1/2028, Call 10/1/2019	385,000	439,670
Uintah County Municipal Building Authority, 5.300%, 6/1/2028, Call 6/1/2018	1,350,000	1,434,456
Utah Housing Corp.:
5.250%, 7/1/2028, Call 1/1/2017 (7)	505,000	518,423
5.800%, 7/1/2028, Call 1/1/2017 (7)	1,110,000	1,146,586
Utah Infrastructure Agency, AGM:
5.400%, 10/15/2036, Call 10/15/2021	1,000,000	1,119,370
5.500%, 10/15/2030, Call 10/15/2021	1,300,000	1,479,088
Utah State Board of Regents, 5.000%, 8/1/2031, Call 8/1/2020	1,030,000	1,136,646
Utah Transit Authority, 1.350%, 6/15/2017, Call 12/15/2016	3,745,000	3,797,392

		18,455,351
Vermont - 0.1%
Vermont Housing Finance Agency, 4.000%, 11/1/2043, Call 5/1/2023	1,880,000	2,028,031
Virginia - 0.3%
Greater Richmond Convention Center Authority, NATL-RE, 5.000%, 6/15/2021, Call 6/15/2015	550,000	564,740


Virginia College Building Authority:
5.000%, 3/1/2023, Call 3/1/2020	745,000	860,274
5.000%, 3/1/2024, Call 3/1/2020	1,755,000	2,005,930
Virginia Small Business Financing Authority, 4.250%, 11/1/2021, Call 5/1/2020	1,000,000	1,107,360

		4,538,304
Washington - 1.1%
Chelan County Public Utility District No. 1, NATL-RE, 0.000%, 6/1/2024	210,000	153,842
Grays Harbor County Public Utility District No. 1, AGM, 5.250%, 7/1/2019, Call 7/1/2015	425,000	442,791
King County Housing Authority:
5.200%, 5/1/2028, Call 11/1/2018	660,000	710,635
5.500%, 12/1/2028, Call 12/1/2018	1,000,000	1,103,560
King County Public Hospital District No. 2, 5.250%, 12/1/2028, Call 12/1/2020	200,000	228,612
King County Public Hospital District No. 4, 7.250%, 12/1/2038, Call 12/1/2014	650,000	651,937
Mason & Kitsap Counties School District No. 403 North Mason, School Bond Gty, 5.000%, 12/1/2035, Call 12/1/2023	2,025,000	2,273,164
Port of Bellingham, 5.250%, 12/1/2022, Call 12/1/2020	1,060,000	1,172,530
Snohomish County Public Utility District No. 1, 5.000%, 12/1/2021, Call 6/1/2020	1,000,000	1,163,700
State of Washington:
4.000%, 7/1/2018	1,495,000	1,667,060
4.100%, 7/1/2022, Call 1/1/2019	440,000	477,330
Washington Health Care Facilities Authority:
0.000%, 12/1/2017 (5) (6)	575,000	522,761
5.000%, 2/1/2023, Call 2/1/2021	1,000,000	1,142,070
Washington State Housing Finance Commission, GNMA/FNMA/FHLMC COLL:
3.050%, 6/1/2022 (7)	750,000	762,427
3.050%, 12/1/2022 (7)	200,000	203,504
3.150%, 6/1/2023, Call 12/1/2022 (7)	330,000	335,999
3.150%, 12/1/2023, Call 12/1/2022 (7)	150,000	152,727
3.300%, 6/1/2024, Call 12/1/2022 (7)	20,000	20,449
3.450%, 6/1/2025, Call 12/1/2022 (7)	845,000	870,063
Whidbey Island Public Hospital District:
5.000%, 12/1/2021	520,000	595,228
5.000%, 12/1/2022	510,000	581,568

		15,231,957
West Virginia - 0.5%
City of Princeton:
4.000%, 5/1/2016	715,000	734,770
5.000%, 5/1/2017	875,000	948,054
West Virginia Hospital Finance Authority, 5.750%, 1/1/2044, Call 1/1/2019	2,500,000	2,746,975
West Virginia Hospital Finance Authority, AMBAC, 5.000%, 6/1/2019, Call 6/1/2016	1,565,000	1,679,573
West Virginia State Hospital Finance Authority, AMBAC, 5.000%, 6/1/2018, Call 6/1/2016	600,000	644,472

		6,753,844
Wisconsin - 3.9%
Central Brown County Water Authority, AMBAC, 5.000%, 12/1/2023, Call 12/1/2015	515,000	545,503
County of Milwaukee, 5.000%, 12/1/2020, Call 12/1/2019	100,000	116,098
Monroe Redevelopment Authority, 5.500%, 2/15/2029, Call 2/15/2019	500,000	535,315
Northern Ozaukee School District, AGM, 3.350%, 3/1/2015, Call 9/29/2014	405,000	405,697
State of Wisconsin:
5.000%, 3/1/2023, Call 9/1/2021	2,000,000	2,372,460
5.000%, 11/1/2025, Call 11/1/2022 (4)	3,500,000	4,216,520
5.000%, 5/1/2027, Call 5/1/2022	1,500,000	1,765,560
5.750%, 5/1/2029, Call 5/1/2019	1,090,000	1,301,449
6.000%, 5/1/2033, Call 5/1/2019	1,415,000	1,708,230
6.000%, 5/1/2036, Call 5/1/2019	1,965,000	2,338,920
Wisconsin Center District, AGM:
5.250%, 12/15/2023	205,000	240,457
5.250%, 12/15/2027	1,570,000	1,856,729
Wisconsin Health & Educational Facilities Authority:
4.750%, 10/15/2029, Call 10/15/2021	605,000	655,808
5.000%, 4/15/2016	1,000,000	1,070,720
5.000%, 8/15/2018	1,000,000	1,113,310
5.000%, 6/1/2019	845,000	881,986
5.000%, 6/1/2019	2,860,000	3,286,741
5.000%, 7/1/2019	990,000	1,119,601
5.000%, 8/15/2019	250,000	286,680


5.000%, 8/15/2019	955,000		1,076,342
5.000%, 8/15/2020	1,060,000		1,202,453
5.000%, 8/15/2021	1,160,000		1,318,514
5.000%, 10/1/2022	750,000		898,440
5.000%, 8/15/2029, Call 8/15/2022	1,700,000		1,896,775
5.000%, 4/1/2032, Call 10/1/2022	4,560,000		5,133,010
5.000%, 8/15/2032, Call 8/15/2022	5,000,000		5,487,200
5.000%, 7/1/2034, Call 7/1/2024	2,500,000		2,714,025
5.250%, 8/15/2018, Call 8/15/2016	500,000		536,545
5.250%, 4/1/2023, Call 4/1/2018	365,000		400,558
5.250%, 12/15/2029, Call 12/15/2019	120,000		132,410
5.375%, 8/15/2024, Call 2/15/2020	1,625,000		1,903,948
Wisconsin Health & Educational Facilities Authority, AGM, 5.000%, 7/15/2027, Call 7/15/2021	3,655,000		4,012,532
Wisconsin Housing & Economic Development Authority, 5.750%, 11/1/2025, Call 5/1/2020 (7)	1,605,000		1,760,348

			54,290,884
Wyoming - 0.1%
County of Laramie, 5.000%, 5/1/2027, Call 5/1/2021	1,000,000		1,108,400
Wyoming Municipal Power Agency, Inc., 5.500%, 1/1/2028, Call 1/1/2018	500,000		561,500

			1,669,900


Total Municipals (identified cost $1,326,635,864)			1,378,599,375
Mutual Funds - 0.4%
BlackRock Long-Term Municipal Advantage Trust, 6.584%	56,500		639,015
BlackRock Muni Intermediate Duration Fund, Inc. 5.661%	55,000		798,600
BlackRock Municipal Bond Trust, 6.300%	38,400		598,656
BlackRock Municipal Income Quality Trust, 6.146%	47,800		667,288
BlackRock Municipal Income Trust, 6.460%	47,000		655,650
BlackRock MuniHoldings Quality Fund, Inc., 6.183%	80,000		1,048,000
BlackRock MuniYield Quality Fund, Inc., 6.291%	50,000		763,000
Eaton Vance Municipal Income Term Trust, 4.905%	42,000		727,860


Total Mutual Funds (identified cost $5,408,471)			5,898,069

Short-Term Investments - 1.2%

Mutual Funds - 1.1%
BMO Tax-Free Money Market Fund, Class I, 0.036% (10)	15,311,546		15,311,546

Short-Term Municipals - 0.1%

Michigan - 0.1%
Michigan Finance Authority, SAW, 2.850%, 8/20/2015	1,000,000		999,990


Total Short-Term Investments (identified cost $16,311,546)			16,311,536

Total Investments - 100.0% (identified cost $1,348,355,881)			1,400,808,980
Other Assets and Liabilities - 0.0%			658,061

Total Net Assets - 100.0%		$	1,401,467,041

(3)	Denotes a variable or floating rate security. Floating rate securities are securities whose yields vary with a designated market index or market rate. These securities are shown at their current rates as of August 31, 2014.

(4)	Purchased on a when-issued or delayed delivery basis.

(5)	Denotes a restricted security which is subject to restrictions on resale under federal securities law. At August 31, 2014, these securities amounted to:


Fund	Amount		% of Total Net Assets
Intermediate Tax-Free Fund	$	12,328,105		0.88	%

(6)	Denotes a restricted security which has been deemed based on criteria approved by the Board of Directors of the BMO Funds.

(7)	Securities that are subject to alternative minimum tax represent 2.82% of the Intermediate Tax-Free Fund’s portfolio as calculated based upon total portfolio market value.

(10)	Denotes an investment in an affiliated entity. Please refer to Note 5, subsection Investments in Affiliated Issuers, in the Notes to Financial Statements.

(13)	Issue represents a convertible capital appreciation bond. These securities are tax-exempt bonds that originate as capital appreciation bonds with zero coupon features at time of issuance and convert to an interest paying bond at a pre-specified rate determined at time of issuance.

(14)

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors of BMO Funds, Inc.

We have audited the accompanying statements of assets and liabilities of BMO Ultra Short Tax-Free Fund, BMO Short Tax-Free Fund, and BMO Intermediate Tax-Free Fund (each a series of BMO Funds, Inc., collectively referred to as the “Funds”), including the summary schedules of investments, as of August 31, 2014, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the years or periods in the two-year period then ended (collectively, the “financial statements”), the financial highlights for each of the years or periods in the four-year period then ended (the financial statements and financial highlights are included in Item 1 of this Form NCSR), and the schedule of investments in securities as of August 31, 2014 (included in Item 6 of this Form NCSR). These financial statements, financial highlights, and schedules of investments in securities are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements, financial highlights, and schedules of investments in securities based on our audits. The financial highlights for the periods presented through August 31, 2010 were audited by other auditors whose report dated October 21, 2010 expressed an unqualified opinion on those financial highlights.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements, financial highlights, and schedules of investments in securities are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and schedules of investments in securities. Our procedures included confirmation of securities owned as of August 31, 2014, by correspondence with custodians and brokers or by other appropriate auditing procedures. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements, financial highlights, and schedules of investments in securities referred to above present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2014, and the results of their operations, the changes in their net assets, and the financial highlights for the periods specified in the first paragraph, in conformity with U.S. generally accepted accounting principles.

/s/ KPMG LLP

Milwaukee, Wisconsin

October 22, 2014

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end management investment companies.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end management investment companies.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to open-end management investment companies.

Item 10. Submission of Matters to a Vote of Security Holders.

Not applicable.

Item 11. Controls and Procedures.

(a)

The Registrant’s principal executive officer and principal financial officer have reviewed the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service providers.

(b)

There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the Registrant’s second fiscal quarter of the period covered by this report that materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a) (1)

Code of Ethics. Filed herewith.

(a) (2)

Certifications required pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

Filed herewith.

(a) (3)

Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable to open-end management investment companies.

(b)	Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

BMO Funds, Inc.

/s/ John M. Blaser

By: John M. Blaser

President

(Principal Executive Officer)

October 22, 2014

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

/s/ John M. Blaser

By: John M. Blaser

President

(Principal Executive Officer)

October 22, 2014

/s/ Timothy M. Bonin

By: Timothy M. Bonin

Treasurer

(Principal Financial Officer)

October 22, 2014